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Tlie.
Illi1nerct31
Volume 136
firtantiuf
lirtintrie
New York, Saturday, June 17 1933.
Number 3547
The Financial Situation
HE eyes of the people of the entire earth have
naturally been centered upon the World Monetary and Economic Conference which began its sessions at London on Monday of the present week,
with representatives of 67 nations present by invitation. In the nature of things progress has been
slow. The matter of the inter-Allied debts to the
United States cropped up unexpectedly at the very
beginning, notwithstanding the United States has
insisted that these debts must be excluded from the
agenda. The British Prime Minister, Ramsay MacDonald, thought it a good time to make incidental
reference to the same by saying that it was to be
deeply regretted that these debts could not form
one of the topics before the conference ended, inasmuch as in his view the question of the war debts
"must be dealt with before every obstacle to general
recovery has been removed," and he insisted that
"it must be taken up without delay by the nations
concerned." "Lausanne," he insisted, "has to be
completed and this vexed question settled once for
all in the light of present world conditions." He
added: "This conference is a sequel to the work
done at Lausanne last year when by a conditional
agreement on how to deal with war debts and reparations, Europe was saved from immediate financial
collapse. It will be remembered that having finished its own immediate work at Lausanne, the Conference reported that for the clearance of the world
crisis a wider conference should be called and that
the League of Nations should be invited to take that
in hand without delay." But circumstances forced
a change of policy, and the United States in particular (though Mr. MacDonald would not say so)
was adamant in its refusal to have the war debts
intertwined in any way with purely monetary and
economic questions.
Following Monday's incidental reference to the
war debts, these war debts took a concrete form in
the action of the different governments in dealing
with the debt payments due on June 15. The result
in this latter case was that Great Britain decided
to take advantage of the inflation rider of the Farm
Relief Bill and make a "token" payment of $10,000,000 in silver bullion, at the rate of 50c. an ounce,
on the $75,950,000 debt payment due on June 15.
This meant a saving on the amount paid, according
to Washington authorities, of $2,757,000. The metal
was obtained in India, and in British money the
payment was £1,756,000, which at Wednesday's quotation of 3614c. an ounce would amount to
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$7,243,000. It was also figured out that had England elected to buy American exchange abroad at the
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prevailing rate of about 85% of the gold dollar at
par the British authorities would have saved 13%
less than by making the payment in silver.
President Roosevelt's statement in announcing
Great Britain's action, and undertaking to interpret
it, pointed out that the British Government had announced the payment to the United States of $10,000,000 in silver, with a note indicating that this
payment was to be considered "as an acknowledgment of the debt, pending a final settlement." The
President observed that "such payment does not of
course in any sense prejudice the freedom of either
government in any subsequent discussion of the entire debt question, which will take account of this
and other debt payments." Most graciously the
President took occasion to say: "In a spirit of cooperation, I have, as Executive, noted the representations of the British Government with respect to
the payment of the June 15 instalments, inasmuch
as the payment made is accompanied by a clear acknowledgment of the debt itself. In view of these
representations and of the payment, I have no personal hesitation in saying that I do not characterize the resultant situation as a default."
Mr. Roosevelt took pains, however, to say that "as
a matter of information to the American public, I
want to make it clear that the Economic Conference
now being held in London does not include in its
program any consideration of the debts owed by
various governments to the United States. The
American delegates have been instructed not to discuss debts with the representatives of any of the
debtor governments. This is in accordance with the
further principle that I have felt important, that
the debts be considered on their merits and separate
from other international economic questions."
The President of course did what was right and
proper in the circumstances. It quickly appeared
that the French Government would again default on
its indebtedness, just as it had on Dec. 15 last, but
that Italy would pay $1,000,000 out of $13,545,000
due to the United States, and that Finland was the
only nation to meet its obligations in full, paying
$148,592.
Washington advices, on June 14, stated that the
silver to be received from England would be placed
in the Treasury and minted into silver dollars if
this was regarded as necessary by the Secretary of
the Treasury. The law says that "The Secretary
shall cause silver certificates to be issued in such
denominations as he deems advisable to the total
number of dollars for which such silver was accepted
in payment of debts. Such silver certificates shall
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Financial Chronicle
be used by the Treasurer of the United States in payment of any obligations of the United States."
OWEVER, these debt matters have been entirely subordinate to the larger question of
the stabilization of the American dollar in terms
of foreign currencies, and in particular those of
Great Britain and France. The question of the
stability of the American dollar is the one of deepest
and of most intimate concern. It is indeed the vital
point in the general stabilization of currency values.
Moreover, it is a complex question, as well as a
vital one—to Great Britain perhaps more so than
the United States. The United States has actually
engaged in debasing the value of the gold dollar for
the purpose of impairing the purchasing power of
the dollar, hoping thereby to bring about a rise in
commodity and general values, this last being with
the idea of causing inflation so as to arrest the longcontinued deflation.
The United States deliberately passed off the gold
standard in defiance of constitutional provisions
and in repudiation of its pledged faith so as to inaugurate a new economic era. Ours is a scheme of
social and economic reform. Great Britain, on the
other hand, was, in September 1931, forced off the
gold standard against the herculean efforts of her
officials to prevent anything of the kind. But having once departed from the gold basis, it has found
to its surprise that certain definite advantages have
accrued. In face of the decline in the foreign exchange value of the pound sterling, commodity
prices at home in Great Britain have remained remarkably steady. On the other hand, the depreciation in the foreign exchange value of the pound has
been of inestimable service in stimulating trade
with the Far East—with the countries on a silver
basis, and those whose units of value have themselves suffered depreciation. The British textile
trades• almost immediately enjoyed a great revival
with the Far East, as we showed in our cotton goods
review at the time.
It has been a sort of anomaly with the pound sterling having lost little of its purchasing power at
home, but with the decline in its foreign value enabling it to send goods correspondingly cheapened
to markets previously closed to British goods. In
cotton textiles Great Britain was at once enabled to
compete with Japan so long as Japan undertook to
keep on the gold basis, and it is a significant fact
that while Great Britain suspended gold payments
in September 1931 Japan found itself obliged to
abandon the gold basis the following January
(1932).
Having gained this unique advantage, with a unit
having a certain value at home and a different value
abroad, her statesmen are naturally desirous of retaining it, and we should not by any action of ours
seek to deprive her of it. And certainly we should
not by any action of ours undertake to bring pressure to bear to force abandonment of such advantage. In an Associated Press dispatch from London of last Saturday, published in the morning
papers on Sunday, June 11, the correspondent, after
reporting that three of the great Powers had opened
currency talk before the beginning of the World
Monetary and Economic Conference on Monday,
went on to say:
"British financial quarters are showing almost as
much interest in the stabilization of the Japanese
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June 17 1933
yen as in the stabilization of the American dollar.
Depreciation in Japanese currency is more severe
than in any other major money, and there has been
a storm of protest from British commercial interests competing with Japanese goods in the Far East
and even in the British Isles.
"Indications in monetary quarters are even that
stabilization of the dollar, pound and yen may become a vital issue. The Americans are chiefly interested in establishing the dollar relation to the
pound, while the British are regarded as unlikely
to commit the pound to a definite level without a
similar commitment for the yen."
The foregoing states the situation accurately. It
is trade that Great Britain has at stake, and if stabilization of the American dollar or the pound
sterling should jeopardize such trade the British
authorities could hardly be expected to give willing
assent. The same circumstance will explain why
the British authorities have been constantly interposing obstacles to the rise in the foreign value of
the pound sterling. It is a well-known fact that
London has become a huge depository for refuge
funds—funds seeking safety with the result that
there has been a growing tendency for the pound
sterling to rise to its old gold value of $4.8665 and
constant resort has had to be had to operations
'by the Exchange Equalization Fund to prevent anything of the kind. The reason has been simply that
any such recovery would be detrimental to the trade
with the Far East, where depreciation in the pound
sterling is essential to the continuance of such
trade.
We are very much afraid that our Government
and our representatives in London are having no
proper conception of these inherent difficulties surrounding the general problem of stabilization. Besides this, it is a serious question whether stabilization, if actually carried to the point of an agreement for valuing the depreciated American dollar
in terms of the currency units of the leading countries of the world—it is a question even if such an
agreement were reached it could be carried out for
any definite period of time. In the early part of
the present week all the leading foreign exchanges
again turned strongly against the United States,
which means that the dollar kept becoming more
and more depreciated in terms of the leading European exchanges. On Thursday, however, there was
a sudden change, and these foreign exchanges once
more turned downward, lessening to that extent the
depreciation of the dollar. The explanation offered
in advices from London was that agreement on the
principle of stabilization of the dollar and the pound
sterling had been reached. At first it was stated
that the rate had not been settled, but later the
reports came that it was generally believed that stabilization would be at the rate of $4.05 a pound, but
that rumors put the range between $4.03 and $4.07.
A cablegram from the "Evening Post" foreign service from London, June 15, stated that although the
American delegation to the Economic Conference
had denied a rumor that a dollar stabilization agreement had been finally reached, it had been learned
that the dollar was to be temporarily stabilized at
84c. as the first fruit of the negotiations between
representatives of the central banks and treasuries
of the United States, Great Britain and France held
behind the scenes of the Conference. On that basis
the new value of the dollar, it was figured, would be
about 85c. However, it was emphatically denied at
Volume 136
Financial Chronicle
Washington that any rates of stabilization had been
agreed upon.
But it seems to us that the question of the new
rates, whatever the figures may be, is less important
than the question whether the rates, when once fixed
can be maintained. And in view of the provisions
of our own laws it would appear to be a real question whether stabilization at rates fixed between
the different countries themselves is really a possibility. The reader should bear in mind that agreement as to rates is only one part of the problem.
The President, after he gets his plan for stabilization settled, is required under the law to fix the gold
content of the new dollar. That perhaps may be
considered a part of the stabilization process itself.
But after his investigation and discussions have
led to the fixing of the rates he is required by subdivision (2) of Section 43 "by proclamation to fix
the weight of the gold dollar in grains nine-tenths
fine and also to fix the weight of the silver dollar
in grains nine-tenths fine at a definite fixed ratio
in relation to the gold dollar at such amounts as
he finds necessary from his investigation to stabilize
domestic prices or to protect the foreign commerce
against the adverse effect of the depreciated foreign
currencies." All of which would not be so bad if
he was not also required "to provide for the unlimited coinage of such gold and silver at the ratio
so fixed."
The nub and the rub is in the requirement for the
unlimited coinage of silver. With this requirement
in force, will not the United States immediately
become the dumping ground for all the surplus silver in the world, in addition to the large masses of
new silver that may be produced from time to time?
And this being so, will not the United States immediately drop to a silver basis on the level with China,
where the price of silver will be the controlling factor, all agreements for stabilization between the
United States and the other leading countries to the
contrary notwithstanding? Will not all the surplus
supplies of silver for which India has been trying
to find an outside market find immediate lodgement here. The pound sterling is at present anchored to the Indian rupee at the rate of one shilling
and six pence per rupee. Is that ratio to be changed?
If so, we have heard of no suggestion to that effect.
And if there is to be no change, how is the United
States to carry the load all by itself, unassisted by
India or Great Britain or any other leading country? Must we not, therefore, inevitably drift to a
silver basis with all that that involves, and very
quickly, too? At all events, stabilization, whatever
the rates agreed upon, and however carefully devised, would seem out of the question so long as
silver coinage on an unlimited basis continues an
indisputable requirement.
--•-MONG the numerous Congressional measures
which have found their way to the Federal
statute book the present week may be mentioned
what is known as the Glass-Steagall banking bill,
approved by both houses of Congress on June 13,
and signed by the President yesterday (June 16).
President Roosevelt went out of his way to tell
Carter Glass that in Mr. Roosevelt's estimation the
new measure was the best banking law since the
Federal Reserve System was created, and he invited
the Virginia Senator to be present to receive the pen
used in the signing of the Act. In this we feel our-
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4133
selves obliged to differ with the President. In our
view the new Act is more likely to undermine the
Federal Reserve System and to work for its ultimate
destruction than to strengthen and improve it. In
this we do not have in mind those provisions which
embody some evidently needed reforms in banking
practice,or design the Reserve Board to use its power
to prevent speculation with Reserve credit and seeing to it that member banks may not lend to their
officers; or the provision that authorizes the removal of bank officers for "unsafe or unsound practices," or the requirement that member bank officers
shall not be directors of investment houses. Nor
would we quarrel with the general purpose to control bank affiliates with the idea (1) to separate as
far as possible national and member banks from
affiliates of all kinds; (2) to limit the amount of
advances or loans which can be obtained by affiliates
from the parent institutions with which they are connected, and (3) to install a satisfactory examination
of affiliates, working simultaneously with the present system of examination applicable to the parent
banks.
Some restrictions of that kind were clearly called
for, though there is much of a debatable character
in the correctives provided in the new law for dealing with the practices referred to. It is open to
question, too, whether the new Act does not go too
far in requiring that after one year from enactment
of the law no member bank shall be affiliated in any
manner with any underwriter or distributor of
securities, and in making it unlawful after the expiration of one year for any person or firm engaged
in underwriting or distributing securities to engage
in "the business of receiving deposits subject to
check or to repayment upon presentation of a pass
book, certificate of deposits or other evidence of
debt." Not unlikely proper correctives could have
been achieved by less drastic means.
The overwhelmingly objectionable feature is the
guaranty of bank deposits, or insurance of deposits,
as the provision is called. In its operation this
guaranty of bank deposits cannot act differently
from the numerous StateS bank guaranties which
have all ended in failure and which all merit condemnation because they penalize in their ultimate
operation the conservative and carefully managed
bank, for the benefit of the slovenly and criminally
managed institution. In this instance, too, the
burdens in the setting up of the pool or original
fund are not to be light. The underlying strength
of the Federal Reserve System is in a measure impaired by requiring the Reserve banks to contribute
an important part of this original guaranty fund
out of their accumulated surplus. In addition, the
Government itself is required to make a large contribution, and the member banks themselves are
likewise called upon for a considerable sum.
We are told that the insurance or guaranty fund
may ultimately reach $2,000,000,000, but that at the
start there is to be a pool of $450,000,000 to $500,000,000. On the basis of $450,000,000 the pool will
be made up of $150,000,000 from a Treasury fund
which, it is asserted, has been paid in from the Federal Reserve System over a number of years—in
other words, will come out of the public crib; $150,000,000 more is to be taken directly from the surplus
of the Federal Reserve banks, weakening them to
that extent, as the present amount of their surplus
is $278,599,000. The remaining $150,000,000 is to
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Financial Chronicle
be provided by the participating member banks.
These participants will pay the temporary corporation 1 2 of 1% of their total deposits, half of this
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sum immediately, and half on later demand. Onehalf of 1% of any increase in deposits will also be
paid in. If the pool needs more money before July 1
1934, each member may be assessed not more than
the total already paid.
When the permanent corporation comes into
effect, on July 1 1934, participants will purchase
stock equal to
of 1% of their deposits, and likewise later pay the same percentage on any increase
of deposits. In addition,"whenever" the pool equals
or falls below 1 of 1% of the total deposit liabili4
ties, participants shall be assessed the same proportion of their deposits. Under the terms of the fund
deposits of an individual will be insured up to
$2,500 until July 1 1934, at which time a "Federal
Deposit Insurance Corporation" will furnish 100%
insurance on deposits up to $10,000; 75% •between
that sum and $50,000,and 50% on sums over $50,000.
Obviously such provisions will be calculated to
drive many institutions out of the Reserve System,
instead of holding them within the System. Congress cannot interpose its authority against the
establishment of State banking systems by the
States themselves, and it is a question how far it
can interfere with the distribution of securities
across State borders by banks organized under State
law. The New York "Journal of Commerce" reports
that the insurance clause in the Glass-Steagall Act
will be fought in the courts as soon as it goes into
effect. Suit would be brought by some stockholder
of one of the large New York banks seeking to enjoin
the bank from setting aside the insurance reserves
required by the Act. The ground taken would be
that the Act confiscates property of stockholders in
the large banks for the benefit of depositors in
smaller institutions, and that it violates the Constitution. The American Bankers' Association, in
a telegram to President Roosevelt, advised him that
the Association would fight to the last ditch the
deposit guaranty provisions as unsound, unscientific, unjust and dangerous, adding that overwhelming opinion of experienced bankers is emphatically
opposed to deposit guaranty, which compels strong
and well-managed banks to pay the losses of the weak
institutions.
This is as it should be, for the effect of the whole
scheme is to subvert the Federal Reserve System
from its original purpose, and President Roosevelt,
in declaring the new Act as the best banking law
since the Federal Reserve System was created, must
have had in mind simply the provisions for correcting the abuses which recent investigation has shown
had grown up in the operation of the banks and of
the Reserve System. Most important of all, the
double liability of stockholders in banks is to be
removed as far as further issues of stock are concerned. Think of the guaranteeing or insuring of
bank deposits and then relieving the capital stock
of its double liability! Carter Glass himself made
the statement, saying: "We have written into the
bill a provision which does not undertake to interfere with existing liability, but which obviates the
double liability for future issues of stock."
NE of the developments of the week has been
the possibility of a strike being inaugurated
by the railroad brotherhoods on the railroads of the
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June 17 1933
United States. On Thursday, June 15, the Railway
Executives' Association gave the required notice
that an additional cut of 12 % in wages would be
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made, effective the coming Nov. 1. The notice said
that the temporary reduction of 10% now in force
would be made permanent, and that an additional
cut of 12 % would be imposed. The Railway Labor
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Executives' Association, through its Chairman,
A. P. Whitney, made immediate response by saying
the proposed cut would be opposed even to the extent
of an actual quitting of work at the time referred to,
namely, Nov. 1.
The 10% reduction originally came into effect
Feb. 1 1932, and was for a period of one year. It
was then continued for another period of nine
months, with notice to be given June 15 if a change
from the 10% reduction was contemplated.
The railroad Managers should not be deterred by
talk or threats of that kind. Under the Railroad
Control Bill, which has just become a law, the railroads are restricted in reducing the number of men
employed, whether they have any need for them or
not, and they really have no alternative but to further reduce the pay scale under existing conditions.
The best and strongest managed railroads of the
country have found themselves unable to meet their
expenses and ordinary fixed charges. Several of
the large railroad systems have, as a consequence,
been obliged to seek refuge in the courts and to go
through the process of receiverships. If the country is to enjoy enduring activity once more, it is
necessary that these rail carriers should once more
be placed firmly on their feet. There is no escaping
from this conclusion.
The railroad managers, however, should not content themselves by collective action where the outcome will depend entirely upon the will and whim
of the executive heads of the Railway Labor Association. These latter may always be depended upon to
oppose any decrease in the rate of pay, whether the
proposition has merit or not. Instead, each road
should take the matter up with its own employees—
that is the method really contemplated in the complicated provisions for dealing with labor controversies contained in the Transportation Act of 1920.
Many of the employees are really sensible men and
would be quick to recognize the necessity of yielding
to the request for a further lowering of the wage
scales; indeed, would feel it their duty to respond
favorably to the request, and to respond quickly.
And the good influence thus likely to be exerted by
the employees of one system upon other bodies of
employees is• not to be overlooked. On the other
hand, with the arrangements confined to the heads
of the Railway Labor Executives' Association there
is likely to be much dilly-dallying, with repeated
threats that the union labor on all the railroads in
the United States will be called out unless the request for further decreases in the rate of pay is
withdrawn.
HE Federal Reserve condition statements this
week are like those in all recent preceding
weeks in showing further acquisitions of United
States Government securities, but without bringing
about an extension in the volume of Reserve credit
afloat or an increase in the amount of currency in
circulation. The proceeds of these purchases of
United States securities simply go to swell the reserves of the member banks, and this, in turn, serves
Volume 136
Financial Chronicle
to reduce the occasion for their availing of the facilities of the Federal Reserve System and borrowing at
the Reserve bank. The 12 Reserve institutions have
enlarged their holdings of Government securities in
amount of $20,841,000 during the week, but, on the
other hand, member bank reserve account with the
Federal Reserve banks has run up during the week
from $2,203,889,000 to $2,281,378,000, and, simultaneously, their borrowing at the Reserve banks, as
reflected by the discount holdings of the latter, have
been reduced from $276,665,000 to $253,762,000. At
the same time the holdings of acceptances of the 12
Reserve banks have also been further reduced, and
for the same reascon, that is, by the banks themselves carrying the acceptances in their own vaults,
the further decrease during the week having been
from $11,411,000 to $10,200,000.
As a result, the aggregate volume of Reserve credit
outstanding, as measured by the total of the bill and
security holdings, has been reduced during the week
from $2,204,708,000 to $2,200,030,000, notwithstanding that the Reserve System has taken over $20,841,000 of additional United States securities. The
experience in this respect is a repetition of that of
all previous weeks. And for the past four weeks,
during which holdings of United States securities
have been increased from $1,836,598,000 May 17 to
$1,932,444,000 June 14, the discount holdings of the
12 Reserve banks, reflecting member bank borrowing, have been reduced from $330,225,000 to $253,762,000, and the acceptance holdings have fallen
from $77,543,000 to $10,200,000.
As a consequence, the grand total of the bill and
security holdings during these same four weeks, and
which constitute a measure of the volume of Reserve
credit outstanding, has been reduced from $2,249,770,000 May 17 to $2,200,030,000 June 14, notwithstanding the acquisition of $95,846,000 of United
States Government securities in the same period of
four weeks. The Reserve account of the member
banks, on deposit with the Reserve institutions, is
now $2,281,378,000 as against $2,114,283,000 May 17.
Simultaneously, the amount of Federal Reserve
notes in circulation keeps steadily contracting as
these notes are returning from circulation after the
huge amount put afloat during the period of the
bank holidays. During the past week the amount of
Federal Reserve notes in circulation* has been further reduced from $3,163,689,000 to $3,118,379,000.
When the total of these Reserve notes was at its
height, on March 15, during the period of the
bank holidays, the amount of Reserve notes outstanding was no less than $4,292,702,000. As against
this week's further contraction of $45,310,000 in
Reserve notes in circulation, there has been again
a partial offset in an increase in the amount of
Federal Reserve bank notes in circulation from
$104,884,000 to $113,264,000. This last continues to
be a growing item, and, as is well known, no cash
reserves are required against these Federal Reserve
bank notes. It should be added that in the total
money in circulation there has been a decrease during the week in amount of $44,000,000, the larger
part of which has been in the contraction in Federal
Reserve note circulation. Gold reserves continue
to expand, notwithstanding that no foreign gold of
consequence is now arriving, and the total of these
gold holdings has moved up further from $3,521,985,000 to $3,532,790,000.
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With gold holdings larger and liability on account
of Federal Reserve notes outstanding again diminished, the ratio of total gold reserves and other cash
to deposit and Federal Reserve note liabilities combined is again somewhat higher, having risen from
68.1% to 68.3%, notwithstanding the greater liability on deposit account, the latter due mainly to
the increase in member bank reserves, which last
constitutes the principal item in the deposit liabilities. The holdings of United States Government
securities as part collateral for Federal Reserve
notes were reduced during the week from $505,900,000 to $467,900,000.
HAT the tide has changed in corporate affairs
is evident from the fact that sprinkled with
announcements of further reductions and omissions
of dividend declarations by corporate entities, some
announcements of increases in dividend payments
and resumption of the same appear. The National
Steel Corp. has the present week increased the quar2
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terly dividend on its capital stock from 12 c.ashare
to 25c. a share, and MacAndrews & Forbes Co. has increased the quarterly dividend on its common stock
from 25c. a share to 40c. a share: Pie Bakeries, Inc.,
4% on the 7%
on June 10 declared a dividend of 13
first payment on said stock
cumul. pref. stock, the
4% was paid.
since July 1 1932, when the same 13
Universal Leaf Tobacco Co. declared an extra dividend of $1 a share in addition to the regular quarterly dividend of 50c. a share on the common stock,
and the New York & Honduras Rosario Mining Co.
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also declared an extra dividend of 37 c. a share in
addition to the regular quarterly dividend of 25c. a
share on its capital stock. The Marine Midland
Corp. reduced the quarterly dividend on common
from 20c. a share to 10c. a share, and the Minnesota
Power & Light Co. reduced the quarterly dividend
on its 7% cumul. pref. stock from $1.75 a share to
87%c. a share, and the quarterly dividend on the
cumul. pref. stock from $1.50 a share to 75c. a
share. On June 15 the City Investing Co. decreased
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its dividend on the common stock from 1 % a
share to 1% a share, and the General Baking Co.
likewise reduced its dividend on the common stock
from 50c. a share to 25c. a share. The Electric AutoLite Co. again omitted the quarterly dividend on its
common stock, after having omitted the same last
March.
T
HE stock market this week after its long cntinued
period of rising prices suffered some downward
reaction, though apparently this has been without
any modification of the general feeling of optimism.
Growing activity in all lines of trade and industry is
still the underlying feature of strength in the market,
though there have been very extensive profit taking
sales and somewhat of a sobering sense has come as
to the possibility of an uninterrupted upward course
of prices. The depreciation in the foreign value of
the American dollar has likewise been less of a
stimulating agency than previously. Early in the
week, as the pound sterling and the French franc
continued to rule more and more strongly against
New York the stimulus from that source was still in
evidence and occasioned some sharp upward reactions
in stock prices, but on Thursday the foreign exchanges
declined all around and reports had it that an agreement had been reached between the United States
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4136
Financial Chronicle
and Great Britain for fixing the new value of the
pound sterling at $4.05 to $4.07. Speculators then
began to reason that if this be so foreign exchange
fluctuations must henceforth play a much smaller part
in affecting the course of market values. At any
rate the course of stock prices has been more or less
continuously ragged ever since Friday of last week
and moved distinctly lower on Thursday with declines in the case of the active specialties reaching
several points, though this weakness was modified
for the better on Friday.
Bond prices have also moved lower the present
week, at least in the case of the low priced specialties.
In the railroad issues, the weakness was especially
in evidence on Thursday and this doubtless was to
some extent due to the notice given on that day by
the Railway executives to the Railway labor unions
that a further reduction in the wages of union labor
had been determined upon to become effective on
Nov. 1, when the agreement for the present 10%
reduction will terminate. On the other hand, the
car loading returns have become more and more
favorable in their comparisons with last year and
this has been a feature of great strength with some of
these stocks, notably New York Central, where the
increases in the loadings as compared with a year ago
have been especially large. The consumption of
electrical energy is also continuing to run well ahead
of last year and for the week ended Saturday June 10
the production of electricity by the electric light and
power industry of the United States was reported at
1,541,713,000 kilowatt hours in comparison with
1,435,471,000 hours in the corresponding week of
1932, showing an increase of 7.4%, the largest ratio
of increase yet disclosed in any of the weekly returns.
The iron and steel trade also continues its forward
movement and the "Iron Age" now reports the steel
mills of the country engaged to 47% of ingot capacity
of the industry as compared with 44% last week
and with only 15% at the beginning of April, though
this has been accompanied by the statement that
"selling orders have halted to some extent owing to
uncertainty as to the precise way in which the provisions of the Industrial Recovery Act, which are intended to insure a higher level of values, are likely
to operate and likely to be enforced," The commercial markets have been in most instances, as was
the case last week, more quiescent without being
distinctly weak except in the case of cotton where
there is uncertainty as to what the processing tax is
to be and how it is to be applied. Spot cotton here
in New York was quoted on June 15 at 8.95c. as
compared with 9.25c. on Friday of last week, but
closed yesterday at 9.25c. The July option for wheat
in Chicago closed yesterday at 73 8c. against 75%c.
on Friday of last week, while September corn in
Chicago closed yesterday at 47%c.• against 483/2c.
the close the previous Friday. The spot price for
rubber yesterday here in New York was 5.18c. against
6.32c. on Friday of last week. Silver in London has
moved within narrow limits and the price yesterday
was 193. pence per ounce against 19 7-16 pence on
Friday of last week. Of the stocks dealt in on the
New York Stock Exchange 461 touched new high
levels for the year during the week and one stock
dipped to a new low level. On the New York Curb
Exchange the record is 297 new highs for the year
and 10 new lows. The oil stocks held up better than
most other stocks on the order of the Texas Railroad
Commission cutting down production in the East
June 17 1933
Texas field. The call loan rate on the Stock Exchange
again ruled unchanged at 1%.
Trading has been somewhat diminished, but large
nevertheless. On the New York Stock Exchange
the sales at the half-day session on Saturday last were
2,786,440 shares; on Monday they were 5,812,000
shares; on Tuesday 6,303,780 shares; on Wednesday
5,548,395 shares; on Thursday 4,892,780 shares, and
on Friday 5,710,376 shares. On the New York Curb
Exchange the sales last Saturday were 737,315
shares; on Monday 1,328,509 shares; on Tuesday
1,280,497 shares; on Wednesday 1,080,450 shares;
on Thursday 831,925 shares, and on Friday 910,580
shares.
As compared with Friday of last week, prices are
quite generally lower. General Electric closed yesterday at 215 against 243 on Friday of last week;
%
North American at 31% against 313 ; Standard Gas
4
& Electric at 173 against 17%; Consolidated Gas of
New York at 573 against 583/8; Pacific Gas & Electric at 273/ against 283j; Columbia Gas & Electric
at 233/ against 223; Electric Power & Light at 12
against 113/; Public Service of New Jersey at 505
2
%
against 543; International Harvester at 363/i against
4134; J. I. Case Threshing Machine at 77 against 853/2;
Sears, Roebuck & Co. at 32 against 34 8; Montgomery Ward & Co. at 213/ against 245 8; Woolworth
/
at 41% against 423/ Safeway Stores at 523' against
2
;
55%; Western Union Telegraph at 51% against 573';
American Tel. & Tel. at 1233 against 12334; International Tel. & Tel. at 15% against 18%; Brooklyn
Union Gas at 78% against 84; United States Indus5
trial Alcohol at 45% against 47%; American Can at
873/ against 92%; Commercial Solvents at 173
4
against 1934; Shattuck & Co. at 9% against 113/g,
and Corn Products at 72 against 74.
Allied Chemical & Dye closed yesterday at 1123
4
against 119% on Friday of last week; Associated Dry
Goods at 1134 against 13 8; E. I. du Pont de Nemours at 725 against 79%; National Cash Register
%
1
"A" at 17% against 183s; International Nickel at
/
1634 against 18; Timken Roller Bearing at 273
%
against 263 ; Johns-Manville at 45 against 41;
A
Gillette Safety Razor at 1434 against 153'; National
Dairy Products at 2034 ex-div. against 22%; Texas
Gulf Sulphur at 263 against 28%; American &
4
Foreign Power at 143/ against 173 ; Freeport-Texas
%
at 33% against 37 8; United Gas Improvement at 21
against 215s; National Biscuit at 52% ex-div. against
/
5434; Coca-Cola at 89 against 93; Continental Can
at 55% against 583/2; Eastman Kodak at 7834 against
80; Gold Dust Corp. at 213/i against 2334; Standard
Brands at 19 against 20; Paramount Publix Corp.
certificates at 1A against 1%; Westinghouse Elec.
& Mfg. at 43 against 47; Drug, Inc., at 5234 against
2
5734; Columbian Carbon at 563/ against 603/2;
Reynolds Tobacco class B at 42% ex-div. against
4532; Lorillard at 203 ex-div. against 223'; Liggett
%
& Myers class B at 88 against 943 ;and Yellow Truck
4
& Coach at 534 against 63 .
%
The steel stocks have also moved lower, United
States Steel closed yesterday at 52% against 55%
on Friday of last week; United States Steel preferred
at 93 against 95 8; Bethlehem Steel at 28% against
303/; and Vanadium at 213 against 2534. In the
2
4
auto group, Auburn Auto closed yesterday at 573'
against 675 ; General Motors at 2
%
534 against 273/2;
Chrysler at 26% against 243'; Nash Motors at 18
against 213 ;Packard Motors at 5 against 69/s; Hupp
%
Motors at 534 against 6%; and Hudson Motor Car
Volume 136
Financial Chronicle
at 103 against 12. In the rubber group, Goodyear
/
Tire & Rubber closed yesterday at 323i against 363/i
on Friday of last week; B.F. Goodrich at 13% against
4
16%,and United States Rubber at 12% against 143 .
The railroad shares have held up better than might
have been expected in view of the threat of a strike
by the railroad brotherhoods against further reductions in wages and some stocks have been distinctly
strong on increases in train loadings compared with
1932. Pennsylvania RR. closed yesterday at 26
against 273/2 on Friday of last week; Atchison Topeka
2
2
& Sante Fe at 623/ against 643/; Atlantic Coast Line
4
at 423 against 45; Chicago Rock Island & Pacific at
43 against 53.; New York Central at 363 against
35%; Baltimore & Ohio at 19 against 21%; New
Haven at 223 against 24 8; Union Pacific at 1083/i
4
4
against 110%; Missouri Pacific at 43 against 6%;
4
Southern Pacific at 21% against 243 ; MissouriKansas-Texas at 123 against 143; Southern Ry. at
/
20% against 235 8; Chesapeake & Ohio at 381 2 against
/
3932; Northern Pacific at 213 against 22%, and
Great Northern at 20 against 21%.
The oil stocks gave been weak with the rest of the
market. Standard Oil of N. J. closed yesterday at
353/i against 373/i on Friday of last week; Standard
Oil of Calif. at 323/ against 338; Atlantic Refining
at 25 against 27, and Texas Gulf Sulphur at 26%
against 28%. In the copper group, Anaconda
Copper closed yesterday at 14% against 173. on
Friday of last week; Kennecott Copper at 17
2
against 203.; American Smelting & Refining at 303/
against 13k; Cerro
4
against 36; Phelps-Dodge at 113
de Pasco Copper at 223 against 263/2, and Calumet
& Hecla at 63 against 83'.
TOCK EXCHANGES in all the leading European financial centers were dull this week, with
the trends irregular in every case. There was much
uncertainty in London, Paris and Berlin regarding
the course of the World Monetary and Economic
Conference, which opened at London, Monday, and
the overshadowing problem of the war debt instalments due June 15 added to the prevailing unsettlement. Turnover was very small, in these circumstances, with the initial price trend downwards.
When it appeared, Wednesday, that arrangements
for token payments on the debts had been made by
several leading countries,prices recovered somewhat
in London. Stocks of silver mining companies were
especially in demand when it was indicated that the
British payment will be made in that metal. The
markets gained only a little confidence, however,
from the proceedings at the World Monetary Conference, and most investors preferred to await further indications at this gathering. European business indices, meanwhile, show little change of any
consequence.
The London Stock Exchange was unusually quiet,
Monday, with the price trend irregular. British
funds opened firm, but heaviness developed later
and small recessions were registered at the close.
Most of the industrial issues also lost a little ground.
The international section was fairly active, with the
trend favorable in reflection of hopeful reports from
New York. Business was restricted, Tuesday, as
the market preferred to await definite indications
of the war debt negotiations. British funds improved slightly, and there were also some good features among the home industrial issues. AngloAmerican trading favorites again advanced. Fur-
S
4137
ther improvement was registered, Wednesday, on
the London Stock Exchange. The reports that a
tentative agreement had been reached on the war
debt problem were considered a favorable omen, and
prices were strong in most departments of the market. British funds were sharply stimulated, and a
number of good advances were recorded among industrial securities. The international group also
tended to advance, although late reports from New
York caused a recession which modified the gains.
The tone, Thursday, was again cheerful, as the war
debt instalment news was confirmed. British funds
showed modest gains, and most of the industrial
stocks again advanced. Silver mining company
shares were in good demand on the announcement
that the British "token payment" on the war debt
will be made in the white metal. International
issues receded on unfavorable advices from New
York. The trend yesterday was irregular. British
funds receded, while industrial issues were very
uneven. The international issues dropped in reflection of the trend in New York.
The Paris Bourse was quiet in the initial session
of the week, and it was noted in reports that investors and speculators alike apparently preferred
to await some indications of developments at the
London Economic Conference. The price tendency
was downward most of the day, but a small upturn
at the close wiped out most of the losses. The trend
improved, Tuesday, but transactions were again on
a small scale. Currency stabilization discussions
at London produced a good impression, and occasioned the advance in securities. Bank stocks were
in greatest request, but other issues also reflected
the improved sentiment. The tone, Wednesday, was
irregular, with business again quite dull. Rentes
advanced a little, but most other securities drifted
slowly downward. Thursday's dealings reflected
little change on the Paris market. There was again
some investment demand for rentes, but equities
were neglected and prices moved lower both in the
French and international lists. Prices again declined on the Bourse, yesterday, with trading on a
very small scale.
Trading on the Berlin Boerse was very modest in
Monday's session, more interest being displayed in
reports from the London Monetary Conference than
in the trend of securities. Prices were soft in most
departments of the market, and sizable recessions
were registered in some issues. The downward
movement was continued during most of Tuesday's
dealings on the Boerse. Bonds were in supply, while
bids were lacking, and prices receded throughout
the list. Stocks dropped slowly, with the more important issues off between 1% and 2% points. The
sagging tendency was continued Wednesday, and
gained momentum as the session progressed.
Strained relations with Austria and uncertainty regarding the outcome of the London Conference
caused persistent liquidation, and losses were
heavier than on previous days. Dealings Thursday
were unusually small in volume, and price changes
also were narrow. Most of the changes, however,
were again toward lower levels. Further declines
were reported in a dull session yesterday.
() days ago, when $143,605,294 in war debt inlments were due the United States Government from 13 nations, the situation with regard to
the settlements reached a phase that was distinctly
TWsta
4138
Financial Chronicle
new and in many ways perturbing. Conversations
with regard to the war debt instalments were held
principally by representatives of the British and
American Governments, with most other debtor
States carefully observing the tendency of the negotiations with the obvious intention, in many instances, of gaining all possible advantage for themselves. It appeared finally, on June 14, as already
noted further above, that notes had been exchanged
between the. British and American Governments the
previous day, providing for payment by Great
Britain of 20,000,000 ounces of silver, against the
instalment of $75,950,000 due on June 15, this payment to be considered "as an acknowledgment of the
debt, pending a final settlement." The payment was
made in this form under the authority of the
Thomas amendment to the Agricultural Relief Act,
which provided for acceptance of silver at not to
exceed 50c. an ounce, in payment of principal or
interest on the war debt instalments due within six
months of passage of the Act. The British payment
was computed at the full authorized value of 50c.
an ounce, and is thus stated officially to amount to
$10,000,000, although the metal admittedly cost the
British Government only $7,200,000. Other nations
that elected to make partial payments on their
June 15 debt instalments were granted the same
privilege, and in every case silver was tendered and
accepted at the rate of 50c. an ounce. Altogether,
the United States Government will receive against
the June 15 instalments of $143,605,294, some
22,309,185 ounces of silver, valued officially at
$11,154,592.50. Finland alone, among the debtor
nations, decided to pay the full sum due, amounting to $148,592. Results of the Anglo-American
negotiations regarding the war debts were made
public by President Roosevelt in Washington, and
by Chancellor of the Exchequer Neville Chamberlain
in London, in statements issued late June 14, in the
way already detailed in the earlier portion of this
article.
Announcement of default by France, for the second time, was made in a note to the United States
Government, sent by Paris on June 15. "The French
Government," the note said, "had hoped that the
June 15 payment would not have fallen due without
an arrangement for the settlement of war debts
having been reached, answering the conditions set
forth in the motion of the Chamber of Deputies,
Dec. 13. The circumstances, unfortunately, have
not yet permitted realization of this hope, but the
French Government still thinks that within the
shortest possible time a solution should be found
to the problem of intergovernmental debts in the
interest of economic restoration of the world, and
notably in view of maintaining and also developing
the results already achieved and in so large a part
due to France's sacrifice of her own claims. The
French Government consequently is obliged to defer
payment of the sum due June 15. But it intends in
no way to break unilaterally engagements freely
entered into, and desires to renew to the United
States Government the assurance that it is always
ready to give by all opportune means the most
active help in finding a satisfactory solution."
ROVISIONAL plans for an early and probably
temporary de facto stabilization of the rela1
tive international values of the United States dollar,
the British pound sterling and the French franc are
p
June 17 1933
reported to have been laid in London as a result of
conversations among the bank of issue officials of
the three countries, held in conjunction with the
World Monetary and Economic Conference. Hasty
conclusions with regard to any such provisional
arrangements appear to be unwarranted, as Secretary of the Treasury Woodin issued a statement in
Washington, Thursday, in which he remarked emphatically that the suggestions in London "must be
exploratory only." Any agreement on this subject
will be reached in Washington, not elsewhere, the
Secretary added. Secretary of State Cordell Hull,
as the leader of the American delegation in London,
also denied the published reports of an immediately
impending stabilization agreement. Political and
financial circles in London, however, were reported
to be "strongly under the impression that de facto
stabilization has been brought much nearer achievement."
Currency discussions were started in London lat t
week by Governor George L. Harrison of the Federal Reserve Bank of New York, Governor Montagu
Norman of the Bank of England, and Governor
Clement Moret of the Bank of France. These conversations were generally viewed as a part of the
World Monetary and Economic Conference, even
though they were initiated last Saturday, two days
before the Conference opened. Reports that the
bank officials have reached a preliminary understanding have persisted, with $4 to $4.05 mentioned
in most accounts as the rate of de facto stabilization
of sterling-dollar exchange. The London-Paris rate
mentioned in most London dispatches is 86 francs to
the pound sterling. Mr. Woodin declared Thursday
that "any proposal concerning stabilization would
have to he submitted to the President and to the
Treasury, and no suggestion of such a proposal has
been received here."
IN AN atmosphere of skepticism rather than of
hopefulness, delegates of 66 nations assembled
at London, Monday,for the start of the long-awaited
World Monetary and Economic Conference. King
George opened the meeting with a speech of warm
welcome to the 168 fully accredited delegates and
the small army of their secretaries and assistants.
He remarked not only on the size of the conference,
which includes virtually every civilized country in
the world, but also on the magnitude of the tasks
facing the gathering. The crisis is one which all
realize and acknowledge, King George said, and he
appealed to the nations to co-operate for the sake
of the ultimate good of the whole world. In a far
lengthier speech, Prime Minister Ramsay MacDonald of Great Britain, as President of the Conference, struck much the same keynote. Leaders of
the various delegations followed, one after another,
with addresses in which profound emphasis was
placed on the need for a common understanding in
order to combat the economic ills which sorely beset
the world. The earnestness of these declarations
and the determination to succeed which most delegates expressed somewhat improved the atmosphere
of the Conference as the week wore on. There was,
however, little diminution of the skepticism regarding the development of an economic panacea at the
meeting. The initial speeches occupied the formal
sessions almost entirely during the week now ending.
While these formalities were in progress private
meetings were held by experts on trade and finance.
Volume 136
Financial Chronicle
4139
echoed the sentiment regarding the need for a settlement of the war debts uttered by Mr. MacDonald
the previous day. General Smuts refrained from
making specific proposals, but urged swift and
effective relief for the distressed world. Viscount
Ishii declared that Japan is ready to co-operate in
restoring the gold standard and removing trade barriers, and expressed especial interest in solution of
the silver problem. Baron von Neurath spoke at
length regarding the need for permitting payment
of international indebtedness in goods and services.
With the extensive German reparations payments
of the last 10 years obviously in mind, Baron von
Neurath declared that the causes of the depression
are not purely economic. He alluded also to the
need for general disarmament. M. Malinoff depicted the distress of Bulgaria under her load of
debt and depressed prices for agricultural products.
Senor Ferrara referred specifically to the distress
caused in Cuba by the high duties of other countries
on sugar and tobacco, and presented a draft convention for tariff limitation. M. Koc urged the lowering of trade barriers and stabilization of currencies.
Uruguay, according to Senor Cosio,favored regional
and national-group methods of agreement on production and trade. Sir Atul Chatterjee declared in
favor of large-scale public works and foreign lending by the capitalist lands.
Secretary of State Cordell Hull presented the
ECRETARY OF STATE CORDELL HULL, as
the leading representative of the United States, views of the United States Government in a long
was scheduled to make the first of the delegation address on Wednesday. "The success or failure of
addresses when the conference reassembled Tues- this Conference will mean the success or failure of
day morning, but Mr. Hull was not ready, and it statesmanship everywhere, and a failure at this
was made known that his speech would not be de- crucial time would long be conspicuous in history,"
livered until the following day. Almost all the Mr. Hull declared at the outset. He described the
American delegates absented themselves from the effects of the depression rather vividly and appealed
session on Tuesday, and the Conference was soon in general terms for an end of economic nationalabuzz with rumors regarding the significance of ism, but made no specific proposals. "Has not the
these incidents. In most quarters it was assumed time come for nations to cease erecting tariff barthat Ramsay (MacDonald's references to the war riers, with their excesses, rank discriminations, and
debts occasioned the delay in Mr. Hull's address and hate-breeding reprisals and retaliations?" Secretary
the absences. It was indicated unofficially, how- Hull asked. "This Conference should proclaim that
ever, that some changes had to be made in the speech economic nationalism is a discredited policy," he
of the American Secretary of State, and that it had added. Vigorous international co-operation at the
been physically impossible to obtain authorization Conference will be the first step toward recovery,
from Washington in time for the schedule.
Mr. Hull proclaimed, and he expressed the opinion
To Premier Edouard Daladier of France fell the that plans and methods will readily take form if
honor of making the first of the addresses from a the nations are determined to that end. Immediate
national viewpoint. He was followed in rapid suc- adherence by all countries to the' tariff truce
cession, Tuesday, by Finance Minister Guido Jung arrangement was suggested. The Conference must
of Italy, General Jan Christian Smuts of South face the problems of currency stabilization and the
Africa, Viscount Kikujiro Ishii of Japan, Baron removal of restrictions on foreign exchange dealings,
Konstantin von Neurath of Germany, Alexander Mr. Hull remarked.
Malinoff of Bulgaria, Orestes Ferrara of Cuba,
Chancellor of the Exchequer Neville Chamberlain,
Adam Koc of Poland, Pedro Cosio of Uruguay, and as the leader of the British delegation, made an
Sir Atul Chatterjee of India. Most of the addresses even longer speech, but in this address some specific
were short, in keeping with the desire of the Con- proposals were mentioned. Mr. Chamberlain spoke
ference leaders to save as much time as possible and in great detail on the successive steps which the
get down to fundamentals.
British Government considers necessary for overPremier Daladier dwelt on the current disorgan- coming the depression. Wholesale prices must be
ization of international finance and trade and the increased, and for this purpose money must be kept
abrupt fall of agricultural prices during the depres- cheap, he declared. Central banks should co-operate
sion. He urged an end to monetary war and insta- in extending credit and business men should see to
bility, so that exchanges in commerce can have the it that the cheap credit is used, he added. Settleindispensable guarantee of monetary security. Not ment of the war debts and reparations problems
only currency restoration, but the free movement of also were viewed by Mr. Chamberlain as essentials
gold were advocated by the French leader. Finance to recovery. "Adjustment of the factors which
Minister Jung emphasized the need for the inter- caused the breakdown of the gold standard in the
national flow of capital from countries with surplus past and which, if not corrected, would inevitably
funds to those that desire to borrow. Signor Jung lead to a repetition of the process in the future,"
in an effort to map the course of the future discussions. On one of the most important subjects, that
of currency stabilization, banking experts conferred
even before the World Conference was formally
opened.
The size of the parley and its importance were
emphasized in countless reports from London this
week. But observers also were struck by the strong
undertone of pessimism which marked the meeting.
"Everybody participating wants so much," a London dispatch to the New York "Times" remarked.
"Few have any strong hope of attaining whatthey desire," it was added. Although the gathering includes
almost all countries of the world, with their diverse
aims and interests, its work may be simplified somewhat by the formation of several groups of States,
which may be expected to act in unison on some important problems. Thus, a group of 10 Balkan and
Baltic countries met at Bucharest, Rumania, two
weeks ago and arranged a common program on their
mutual agricultural problems. The Scandinavian
countries also are likely to consider the conference
problems from a common viewpoint. Much progress
toward a general delineation of aims also was made
during the preliminary conferences at Washington,
attended by special delegations of 11 countries at
the invitation of President Roosevelt.
S
4140
Financial Chronicle
June 17 1933
was among the proposals of the British leader. The sible to get on their feet financially. His own coungold standard must be so administered in the future, try, Dr. Benes said, is much interested in obtaining
he continued, that wide fluctuations in the purchas- agreements for the regulation of production and
ing power of gold,in so far,as they arise from mone- prices of agricultural products. Finance Minister
tary causes, will be to the greatest possible extent Imredy, of Hungary, confined his address to an
prevented. Excessive tariffs must be reduced and exposition of the financial difficulties of his counnot merely held at present levels, it was maintained. try. The fall in exports led to the default on
Mr. Chamberlain also assailed import quotas, State Hungary's foreign debts, he said, and he urged resubsidies and every form of unnatural arrangement duction in the debt service as well as extension of
which tends to limit the flow of international trade. the period of amortization. Premier Colijn, of
Great Britain is ready, Mr. Chamberlain said, to Holland, spoke chiefly of the need of currency staexamine proposals for temporary exceptions to the bilization to avoid competitive devaluation and furmost-favored-nation clause in trade treaties. He ther moratoria. Senor Tomas le Breton, of the Arurged the Conference to study means for promoting gentine, urged tariff stability and warned against
the easy flow of capital, to the end that exchange commercial discrimination.
restrictions can be abolished.
The formal addresses were continued, Thursday,
Among the speakers who followed, Wednesday, but in the session of that day the Conference also
was Foreign Commissar Maxim Litvinoff, of the began the task of naming the subcommittees on variSoviet Union, who made a deep impression by con- ous problems. Prime Minister Richard B. Bennett,
trasting the Russian readiness to buy goods of other of Canada, addressed the gathering on the wheat
nations with the high tariffs and quota arrange- problem, in which his country is keenly interested,
ments of many other countries. The Russian Min- and said that the vast wheat surplus can be dealt
ister urged the Conference to study the stabilization with only by international agreement. Finance
of tariffs and the granting of equal trade treatment, Minister Alberto J. Pani, of Mexico, urged the Conregardless of political prejudices. He doubtless had ference to study the rehabilitation of silver. Fiin mind the present economic warfare between nance Minister T. V. Soong, of China, injected a
Great Britain and Russia, resulting from the trial political note into the gathering by declaring bluntly
and imprisonment of several British engineers that China does not subscribe to any Japanese
earlier this year. The import program of Russia "Monroe Doctrine" in the Far East. He also exwould be enlarged if credits were available, and pressed the hope that the Conference will raise and
Russia might buy of the outside world up to $1,000,- stabilize silver prices, thus increasing the purchas000,000 worth of raw materials and manufactures in ing power of Far Eastern countries on a silver curthe near future in that event, M. Litvinoff declared. rency basis. Joseph Connolly, Minister of Lands
"To be still more definite," he added, "the Soviet and Fisheries of the Irish Free State, urged the
Union could in the near future absorb about $200,- gathering to stabilize currencies and suggested that
000,000 worth of ferrous metals; $100,000,000 worth the Bank for International Settlements be made a
of materials for the textile, leather and rubber in- clearing house for international transactions.
dustries;$400,000,000 worth of machinery,including Tewfik Rushdi Bey, of Turkey, declared his Governrailway equipment to the value of $100,000,000; $85,- ment is in agreement with the Russian proposal for
000,000 worth of agricultural goods, including breed a pact of economic non-aggression.
stock; $50,000,000 worth of consumers' goods, such
As these declaartions by the various delegates
as tea, cocoa, coffee and herrings, and $50,000,000 were drawing to a close, the Steering Committee of
worth of new ships, chiefly for industrial purposes, the Conference began to select members for the more
such as fishing, seal hunting, dredging and so on. important subcommittees. The United States was
The significance of these figures will be more evi- considered to have won a signal victory through the
dent if it is realized that they amount to from 25% selection of James M. Cox as Chairman of the vitally
to 66% of existing world stocks in respect of such important monetary committee. Finance Minister
metals as alunjinum, nickel, copper and lead; to Guido Jung, of Italy, was mad Vice-Chairman,
100% in the case of some of the consumers' goods I while Finance Minister Georges Bonnet, of France,
have mentioned; to a third of the annual world ex- was named Raporteur. As the head of the Economic
port of machinery, and 100% of last year's total Committee Premier Hendryx Colijn, of Holland, was
shipbuilding output." M. Litvinoff concluded with selected, while Herr Krogman, of Germany, was
a proposal for a world pact of economic non- chosen Vice-Chairman. This Committee was left to
aggression.
name its own Raporteur. Mr. MacDonald, as ChairChancellor Engelbert Dollfuss, of Austria, spoke man of the Conference, announced these appointthe same day, And announced acceptance by his ments in the plenary session, and they were approved
country of the tariff truce arrangement. He empha- unanimously. The plenary session then was adsized the difficulties of debtor nations and suggested journed, and Mr. MacDonald offered congratulathe creation of an international organization to tions on the "most business-like and expeditious prohandle negotiations over commercial debts. For- ceedings." Before the session ended, however, Foreign Minister Paul Hymans, of Belgium, urged re- eign Minister Hymans, of Belgium, was named as
duction of tariff barriers and remarked that his Vice-Chairman of the Conference, to serve in any
country had taken a leading step in that direction absences of Mr. MacDonald. No plenary session
when Belgium, Holland and Luxemburg joined, last was held yesterday, and the delegates concentrated
year, in an agreement for the progressive reduction on the formulation of plans in the two subcomof tariffs. The great nations, he declared, must take mittees.
the lead in any solution of the monetary problem.
Foreign Minister Edouard Benes, of Czechoslovakia,
IPL0MATIC relations between Germany and
emphasized the importance of a free flow of capital,
Austria are going steadily from bad to worse,
without which many countries will find it impos- owing to the attempts of the German Nazi leaders
D
Volume 136
to promote their own Fascist doctrines in the small
neighboring State, and the natural resentment felt
by Chancellor Engelbert Dollfuss and his associates
of the Austrian Government. The difficulties began
last month, when German Nazi speakers were requested by Austrian officials to return to their own
country. Chancellor Hitler retaliated by placing
a heavy visa fee on the passports of Germans who
wished to visit Austria. The Austrian Government
took similar measures. There were reported attempts last Sunday to assassinate several leaders
of the Austrian Heimwehr, and the Austrian Nazis
retaliated by a campaign of violence, which ended
in the closing by the police of all Austrian Nazi
headquarters. Chancellor Dollfuss, who was in
London for the opening of the World Monetary and
Economic Conference, was said in the British capital to have appealed, Tuesday, for aid by the great
Powers in his fight against Nazi terrorism. In a
long conversation with British officials, Chancellor
Dollfuss is said to have indicated his belief that the
Austrian Nazis were acting under orders from Berlin, and he expressed fears of a coup by the Fascists.
The strain in the relations of Germany and Austria was increased, Wednesday, when German secret
police arrested Dr. Erwin Wasserbaeck, press attache of the Austrian Legation in Berlin, and ordered him to leave the country. This action involved
the question of diplomatic immunity, but the German Foreign Office stated that "officially, it knew
nothing of the matter." In other quarters it was
learned that Dr. Wasserbaeck was deported in retaliation for the arrest and deportation by Vienna of
Theodore Habitht,National-Socialist press representative in the Austrian capital. Herr Habicht is not
an officially accredited representative of Germany,
and his deportation is thus regarded as a quite different matter from the German action with regard
to Dr. Wasserbaeck. Chancellor Dollfuss made
preparations, early this week, for an immediate return to Austria from London, but he postponed his
departure, and this was considered a reassuring
sign. During the visit of the Austrian Chancellor
to London, negotiations are said to have taken place
regarding the $40,000,000 credit promised to Austria
by the leading nations of Europe at the Lausanne
parley, last year, but not yet extended. In a London
report of Thursday, it was stated that the loan
finally will be made in the near future.
FTER some delay and uncertainty over the last
week-end, President Niceto Alcala Zamora
again turned to Manuel Azana, the strong man of
the Spanish Republic, to end the Cabinet crisis which
developed when Premier Azana resigned last week.
The Socialist leader, Indalecio Prieto, was requested
by President Alcala Zamora, last Saturday, to form
a new regime, but the task was given up as hopeless
by Senor Prieto after a day of political conferences
and negotiations. Senor Alejandro Lerroux, leader
of the Moderates in the Cort,es, informed the President that has party could not form a regime. The
President turned, late last Sunday, to Marcelino
Domingo, a Radical Socialist, but this attempt also
failed. Senor Azana then agreed to name a new
Government, and he published his list of Cabinet
members on Monday. The reinstated Premier, a
Madrid dispatch to the New York "Times" said,
now intends to use his power to execute the church
laws, taking from 80,000 monks and nuns the right
A
4141
Financial Chronicle
to teach, and establishing the seizure of Church
property. "The Premier will put other radical laws
into effect as well, it may be stated authoritatively,
as he believes this to be the best way to win back
votes for the election which must come some day,"
the dispatch added. Other political leaders in Spain
denounced Premier Azana's regime as a dictatorship, and there were rumors thereafter that President Alcala Zamora may resign. The Cabinet list,
as given out by the Premier, follows:
Premier and Minister of War—Manuel Azana, Republican Action Party.
Minister of the Interior—Casares Quiroga, Gallegan Party.
Foreign Minister—Fernando de los Rios, Socialist.
Minister of Justice—Alvaro de Albornoz. Radical Socialist.
Minister of Education—Domingo Barnes, Radical Socialist.
Minister of Agriculture—Marcelino Domingo, Radical Socialist.
Minister of Labor—Francisco Largo Caballero, Socialist.
Minister of Public Works—Indalecio Prieto, Socialist.
Minister of the Navy—Luis Companys Catalonian.
'
Minister of Finance—Agustin Binuales, Republican Action.
Minister of Industry and Commerce—Jose Franchy Roca, Federal
HERE have been no changes in the present week
in the discount rates of any of the foreign
central banks. Present rates at the leading centers
are shown in the table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Rate in
Date
afeet
June16 ?established.
Courant.
Austria__
Belgium_ __
Bulgaria__
Chile
Colombia.._
Csechoslovakia___
Danzig_ _ ..
Denmark..
England__
Estonia__
Finland__
France.___
Germany _ _
Greece
PreSous
Rate.
5
314
84
434
5
Mar. 23 1933
Jan. 13 1932
May 17 1932
Aug. 23 1932
Sept. 19 1932
6
234
014
54
6
314
4
5
2
514
534
24
4
7
Jan. 25 1933
July 12 1932
June 1 1933
June 30 1932
Jan. 29 1932
May 27 1933
Oct. 9 1931
Sept. 31 1932
May 29 1933
43,4
5
34
214
64
6
2
5
9
Country.
Holland
.
Hungary—
India
Ireland_ _
Italy
Japan _____
Lithuania._
Norway
Poland —_ Portugal__
Rumania.
South Africa
Spain
Sweden _ _ _
Switzerland
Rase In
Effect
Date
June16 Established.
34 May 11 1933
4)4 Oct. 17 1932
34 Feb. 16 1933
3
June 30 1932
4
Jan. 9 1933
4.38 Aug 18 1932
7
May 5 1932
334 May 231933
6
Oct. 20 1932
6
Mar. 14 1933
6
Apr. 7 1933
4
Feb. 21 1933
6
Oct. 22 1932
3
June 1 1933
2
Jan, 22 1931
P+erims
Rate.
24
5
4
34
5
5.11
714
4
7)4
634
1
5
614
34
24
In London open market discounts for short bills
on Friday were M%,as against /@,746% on Friday
of last week, and 9-16@/% for three months'
bills, as against 7-16@% on Friday of last week.
Money on call in London yesterday was %%. At
Paris the open market rate remains at 23.i% and in
Switzerland at 1 2%.
The Bank of Englanil statement for the week
ended June 14 shows a gain of £508,912 in gold
holdings and as this was attended by a contraction
of £3,442,000 in circulation, reserves rose £3,951,000.
The Bank now holds £188,246,456 which is the largest
amount ever held. This is the fifth successive week
in which a new high has been established. Public
deposits rose £2,686,000 and other deposits £2,834,349. Of the latter amount, £2,392,421 was to bankers'
accounts and £441,928 to other accounts. Loans on
Government securities fell off £880,000 and those on
other securities increased £2,491,373. The latter
consists of discounts and advances and securities
which increased £1,888,068 and £603,305 respectively. The proportion of reserve to liability is at
47.21%, up from 46.31% a week ago. In the same
week last year the ratio was 37.15%. The rate of
discount is unchanged at 2%. Below we furnish a
comparison of the different items for five years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1933
1932
• 1931
1930
1929
June 14
June 15
June 17
June 18
June 19
£
£
£
£
£
Circulation
a 375,021,000 357,425,646 352,265,813 359,247,209 360,303,589
Public deposits
11,611.000 20,567,650 15.017.431 16,577,610 21,263,029
Other deposits
143,477,651 121,532,965 105,126,756 94,018,787 91,791,652
Bankers accounts_ 104,802,420 87,546,253 71,445,689 58,331,534 56,237,157
Other accounts__ _ 38,675,231 33,986,712 33,681,067 35,687,253 35,554,502
Govt. securities
75,408,503 68,774,656 30,845,906 46,475,547 35,401,855
Other securities
24,322,947 38,401,756 37,439,253 23,739,444 32,352,586
Disct. dr advances_ 12.961,256 12,690,490 '9,395,435 7,098,791
7,596,498
Securities
11,361,691 25,711.266 28,043,818 16,640,653 24,756,088
Reserve notes dr coin 73,225.000 52,794,285 69,720,990 58,242,318 63,197,028
Coln and bullion__
188,246,456 135,219,931 161,986,803 157,489,527 163,500,617
Proportion of reserve
to liabilities
47.21%
37.15%
58.03%
55.88%
52.66%
91,, C7.,
Bank rate
,
2 ,,
01107
*101
011 07
a On Nov. 29 1928 the fiduciary currency was amalgams ed with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
4142
Financial Chronicle
HE Bank of France in its statement for the week
ended June 9 shows an increase in gold holdings
of 44,252,954 francs. Total gold holdings are now
at 81,105,942,264 francs in comparison with 80,974,192,885 francs last year, and 56,138,495,179
francs the previous year. Credit balances abroad,
French commercial discounted and creditor current
accounts record increases of 78,000,000 francs, 115,000,000 francs and 983,000,000 francs, while bills
bought abroad and advances against securities register
decreases of 77,000,000 francs and 29,000,000 francs
respectively. Notes in circulation reveal a contraction of 835,000,000 francs, reducing the total of notes
outstanding to 83,781,944,280 francs. A year ago
circulation aggregated 81,737,376,580 francs and the
year before 77,011,976,530 francs. The proportion
of gold on hand to sight liabilities stands at 78.12%
as compared with 74.37% last year and 56.29% the
previous year. Below we furnish a comparison of the
various items for three years:
T
June 17 1933
ican Acceptance Council for bills up to and including three months are M% bid and /% asked; for
four months, Y bid and M% asked; for five and
i%
six months, 1% bid and'
N% asked. The bill buying
rate of the New York Reserve Bank is 2% for bills
running from 1 to 90 days; 23/8% for 91 to 120 days,
and 23/2% for bills due in 121 to 180 days. The
Federal Reserve banks' holdings of acceptances
have dropped during the week from $11,411,000 to
$10,200,000. Their holdings of acceptances for
foreign correspondents also decreased during the
week from $35,436,000 to $35,031,000. Open market
rates for acceptances are as follows:
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid.
Bid.
Asked.
Asked.
Bid.
Asked.
1
1
34
—90Derr"— —60Days— —30Days—
Bid.
Asked.
Bid.
Asked.
Bid.
Asked
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
1% bid
1% bid
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Chanaes
for Week.
Francs
Gold holdings
Credit bale. abroada French commercial
bills discounted
b Bills bought abroad
Adv, agent securs
Note circulation_ _ _ _
Cred. curr. sects
Proportion of gold
on hand to sight
liabilities
June 9 1933.
Prance
June 10 1932. June 12 1931.
Francs
Francs
+44.252,954 81,105,942,264 80,974,192,885 56,138,495,179
+78,000.000 2,534,332,255 5,007,611,591 5,572.776,941
+115,000,000 3,061,435,032 3,258,275,496 4,695,881,776
—77,000,000 1,413,564,986 3,334,950,257 20,584,497,817
—29,000,000 2,708,544,218 2,765.721,774 2,865,948,792
—835,000,000 83,781,944.280 81,737,376.580 77,011,976.530
+983,000,000 20,046,215,902 27,146,625.007 22,718,852,254
—0.06%
78.12%
74.37%
56.29%
a Includes bills purchased in France. b Include) bills discounted abroad.
EW changes of any importance have been recorded
in the New York money market this week, the
dominent influence being still the open market policy
of the Federal Reserve Banks. Purchases of United
States Government securities by these institutions
are continuing and new credit is thus being put out,
despite the very obvious plethora of available supplies. Time loans against stock and bond collateral
hardened a little early this week, as the demand for
this kind of accommodation is increasing rapidly.
Call loans on the New York stock Exchange were 1%
for all transactions of the week, whether renewals or
new loans. In the unofficial street market call loans
were reported transacted every day at Yi%,or a concession of Y from the official level. No changes
i%
occurred in the commercial money market. Brokers'
loans increased 3,000,000 in the week to Wednesday
night, according to the usual report of the Federal
Reserve Bank of New York.
F
in detail with
rates on the
DEALINGExchange from call loanday, 1% has
Stock
day to
been
the ruling quotation all through the week for
both new loans and renewals. The market for time
money has shown very little improvement this week.
There has been an occasional transaction in 90-day
money at 1%, but aside from this there has been no
business. Rates are nominal at %%@1% for 30
days, 1% for 60 to 90 day periods and 1©lh% for
four months and 131@,13/2% for five and six months.
There has been only moderate demand for commercial paper this week, though the supply of paper is
still short and insufficient to go around. Rates are
13'@1%% for extra choice names running from 4 to
6 months and 2@231% for names less known.
been a fairly good market
THERE has acceptances this week, butfor prime
bankers'
paper is
short
and insufficient to meet the requirements.
again
Rates are unchanged. The.quotations of the Amer-
been no changes
in the
THERE have ratesscheduleFederalthis week banks.
rediscount
of the
Reserve
The following is the
of rates
now in effect
for the various classes of paper at the different Reserve banks:
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
Wert on
June 16.
3
234
3
3
314
334
3
3
314
334
3%
3
Date
Established.
Prentous
kale.
June 1 1933
May 26 1933
June 8 1933
June 10 1933
Jan. 25 1932
Nov. 14 1931
May 27 1933
June 8 1933
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
June 2 1933
334
3
3%
334
4
3
34
314
4
4
314
exchange is irregularly firm,
STERLING exchange situationThursday, butafter
having dropped sharply on
the
entire foreign
is
in a state of
chaos pending the final conclusions of the World
Economic Conference which began in London on
Monday. At the moment it seems highly probable
that the financial experts of Great Britain, France,
and the United States now conferring in London on
the stabilization program will decide on some form
of temporary stabilization for the sterling-dollar rate
around $4.00, possibly $4.05. The more important
news reports of events in London having a bearing
on the future of exchange will be found in other
columns. In Monday's trading sterling went as high
.193/s, the highest level to be reached since the
as 4
suspension of gold by England in September 1931.
The range for sterling this week has been between
4.013/i and 4.19 for banker's sight bills, compared
with a range of between 4.004 and 4.137 last week.
4
The range for cable transfers has been between 4.02
and 4.193/8, compared with a range of between 4.009
and 4.14 a week ago. Trading and the fluctuations
this week have been of the wildest and most erratic
character. Speculative trading has been active in
New York, London, Paris, and other leading centers.
Strictly commercial transactions have also been more
in evidence than for many weeks, but the major
gyrations in quotations have been due chiefly to
speculative influences, to such an extent that it
would seem that the British authorities have asked
the London banks and the Stock Exchange Committee
to discourage such transactions and to limit exchange
to commercial purchases. Undoubtedly such a policy
would be necessary in an organized plan of stabiliza-
Volume 136
tion. It would seem that there is no possiblity of
the establishment of a common fund to effect steadiness' of exchange such as Great Britain has created in
in the Exchange Equalization Fund. Each country
will act independently in adopting whatever measures may be found necessary to keep the three major
units, the pound, the dollar, and the franc, within
agreed limits. Undoubtedly the French and American authorities will follow the suggestions formulated by the British Treasury and request their
banking institutions to confine foreign exchange operations as far as practicable to commercial requirements and to discourage speculative movements.
The machinery for such control has been set up
here since the gold moratorium and has been functioning in Great Britain since the abandonment of
gold in September 1931. The Bank of France, as
has been frequently shown, is empowered to control
its local market at all times. Bankers are inclined
to feel that any steps toward stabilization which may
be effected in London in the immediate future will
be only preliminary to more concerted and far-reaching plans which may be developed after the close of
the Economic Conference. Much of the dollar selling
this week originated in New York, and did not in
any way represent a concerted foreign drive against
the dollar. Much of the selling, especially on Saturday last and in the early part of this week, represented American investing in commodities abroad
in anticipation of a further advance in commodity
prices. Undoubtedly the high premium on gold in
London also induced transfers of dollars, movements
which of course tend to give firmness to sterling and
the European currencies and to depress the dollar
as measured by the foreign units. There has also
been some movement of capital away from the
United States to the London market and not all of
this is foreign money.
It is likewise said in the market that American
exporters are leaving their balances on deposit
abroad, especially in London, an operation which
also has a tendency to make the pound firmer with
respect to the dollar. Foreign exchange operators
in every market continue to display the greatest confidence in sterling and funds are flowing to London
from all quarters of the world so that open market
money rates continue excessively easy. It is also
evident that the London authorities have lifted all
restrictions on new loans and the banks there are
free to assist industrial financing to an extent not
possible since 1931. Gold continues to flow to London to take advantage of the high prices in the open
market. India, South Africa, Australia and Canada
are all selling gold in London, the only free gold
market in the world. The greater part of the open
market offerings are taken from day to day for Continental account, but most of these purchases, it
would seem, are left on deposit in London vaults.
For the past three weeks and especially this week the
British Treasury working through the Exchange
Equalization Account has been a heavy purchaser
of open market gold. These purchases are disguised
in the phrase "taken for an unknown buyer." Call
money in the open market was in plentiful supply
this week at %%. Two-months' bills are quoted
%% to
%, three-months' bills M% to 9-16%,
four-months' bills 9-16% -to %%, and six-months'
3
bills %% to 4%. On Saturday last £100,000 of
gold was available in the open market and taken for
Continental account. Bars were quoted 122s 6d.
4143
Financial Chronicle
On Monday £790,000, gold was available in the
open market, of which the British authorities took
£640,000 and the remainder was sold for Continental
/
account. Bars were quoted 122s. 21 2d. On Monday the Bank of England bought £472,001 in gold
bars. On Tuesday £400,000 was available, of which
the British authorities took £150,000 and the rest
went to Continental account. Bars were quoted
122s. 2d. On Wednesday £675,000 was available,
of which an "unknown buyer" (the British authorities) took £440,000. Bars were quoted 122s. id.
On Thursday £680,000 was available in the open
market,the bulk of which was secured by an unknown
buyer. Bars were quoted 122s. 2d. On Friday
020,000 was available, which was taken for Continental account. Bars were quoted 122s. id. The
British authorities are believed to have acquired
between the first of the year and the week ended
June 2 not less than £62,459,289 of gold. Since
January the Bank of England has increased its gold
holdings approximately 08,000,000. This week the
Bank of England shows an increase in gold holdings
of £508,912, the total standing at the record high of
£188,246,456, which compares with £135,219,931
a year ago, and with the minimum recommended by
the Cunliffe committee of £150,000,000.
At the Port of New York the gold movement for
the week ended June 14, as reported by the Federal
Reserve Bank of New York consisted of imports of
$210,000 chiefly from Latin American countries and
of an export of $1,445,000 to Germany. There was
a decrease of $1,445,000 in gold ear-marked for foreign account. In tabular form the gold movement
at the Port of New York, as reported by the Federal
Reserve Bank was as follows:
GOLD MOVEMENT AT NEW YORK, JUNE 8-JUNE 14, INCL.
Exports.
Imports.
81,445,000 to Germany.
8210,000 Chieflyfrom Latin
American countries.
8210,000 Total
81,445,000 Total.
Net Change in Gold Earmarked for Foreign Account.
Decrease, 81,445,000.
The above figures are for the week ended Wednesday evening. On Thursday and Friday there were
no imports or exports of the metal and no change in
gold held earmarked for foreign account. There
have been no reports during the week of gold having
been received at any of the Pacific ports.
Canadian exchange continues at a severe discount.
On Saturday last, Montreal funds were at a discount
of 91 %, on Monday at 9%%, on Tuesday at
4
1038%, on Wednesday at 10%, on Thursday at
113/%, and on Friday at 11%%.
2
Referring to day-to-day rates, sterling exchange
on Saturday last was firm. Bankers' sight was
/
4.123(@4.16; cable transfers, 4.121 @4.16%. On
Monday sterling soared to 4.193/8. The range was
4.141 @4.19. for bankers' sight and 4.14%@4.193'
4
for cable transfers. On Tuesday sterling reacted to
the favor of the dollar. Bankers' sight was 4 093/2©
.
4.153, cable transfers 4.0934@4.15%. On Wednesday sterling was irregularly firm. The range was
4.08%@4.14% for bankers' sight and 4.083'@
4.14% for cable transfers. On Thursday sterling
suffered a sharp drop. The range was 4.013/
2
@
4.075 for bankers' sight and 4.02@4.073 for cable
A
4
transfers. On Friday sterling was a trifle firmer,
the range was 4.033.@4.083 for bankers' sight and
4.033/@4.08% for cable transfers. Closing quota2
tions on Friday were 4.079/ for demand and 4.073/2
g
4144
Financial Chronicle
June 17 1933
for cable transfers. Commercial sight bills finished
XCHANGE on the countries neutral during the
at 4.07, 60-day bills at 4.06, 90-day bills at 4.058 ,
%
war, while largely inactive so far as the New
documents for payment (60 days) at 4.06, and seven- York market is concerned, reflects the violent swings
day grain bills at 4.07. Cotton and grain for payment in sterling and the dollar. Exchange on Amsterdam,
closed at 4.07.
the most active of the neutrals, fluctuates widely.
In the short session of Saturday last the guilder
XCHANGE on the Continental countries is moved up 45 points to 49.40 and the range has been
utterly confused as a result of the demoraliza- between 47.75 and 49.40. Par is 40.20. The feeling
tion of dollar exchange and the general uncertainty in Amsterdam seems to be that Dutch gold policy is
of the exchange situation which must continue until entirely dependent upon the results of the Economic
the outcome of the World Economic Conference is Conference in London. For some weeks past Holland
fully known. As noted above, the French authorities has lost gold, particularly to France. This loss seems
are agreeing to work in close co-operation with to have been halted last week. On April 18 gold
British and American banking authorities to main- holdings-of the Netherlands Bank totaled 956,000,000
tain a stabilization rate between dollars, pounds and florins and on June 6 aggregated 835,000,000 florins.
francs. Official French utterances point to a de- The loss is ascribed to fears that Holland might
termination on the part of Paris to adhere to plans of abandon the gold standard. The Netherlands Bank
deflation so far as France is concerned and indicate note circulation now has gold cover of 89.4%. The
a firm intention to remain on the gold standard. It drain on Switzerland's gold also seems to have come
seems quite unlikely that the French will consider to an end for the time being. The Swiss franc
any devaluation in the franc. During the past two fluctuated less widely this week, between 22.95 and
weeks it has been quite evident that the Bank of 23.70. Dollar parity is 19.30. The Bank of France,
France has been lending support to the Swiss and it is believed, is active in supporting the two neutral
Dutch units in order to protect the gold holdings of gold currencies, Swiss francs and Holland guilders.
these two neutral nations, which on numerous oc- The fluctuations in the Scandanavian currencies are
casions have expressed their desire to stand firmly due to the movements in sterling, to which these
by France in maintaining the integrity of the gold units are attached. Spanish pesetas are dull but
standard. Francs have fluctuated widely during the firm, fluctuating with the French franc.
week in terms of the dollar, but the franc is much
Bankers' sight on Amsterdam finished on Friday
easier with respect to sterling. Dollar-franc trans- at 48.45, against 48.99 on Friday of last week; cable
actions have been a minimum in this market. Much transfers at 48.46, against 49.00, and commercial
of the gold taken in the London open market for sight bills at 48.35, against 48.85. Swiss francs
Continental account is believed to be owned by closed at 23.25 for checks and at 23.26 for cable
French interests. The hoarding of gold and bank transfers, against 23.54 and 23.55. Copenhagen
notes by French nationals is believed to be spreading. checks finished at 18.19 and cable transfers at 18.20,
This week the Bank of France shows an increase in against 18.39 and 18.40. Checks on Sweden closed
gold holdings of 44,252,954 francs, the total standing at 20.99 and cable transfers at 21.00, against 21.28
on June 9 at 81,105,942,264 francs, which compares and 21.29; while checks on Norway finished at 20.64
with 80,974,192,885 francs a year ago and with and cable transfers at 20.65, against 20.76 and 20.77.
28,935,000,000 francs in June 1928 when the franc Spanish pesetas closed at 10.24 for bankers' sight
was stabilized.
bills and at 10.25 for cable transfers, against 10.39
The minor European currencies are all firm with and 10.40.
-4respect to the dollar. This is merely a sympathetic
XCHANGE on the South American countries is
reflection of the movements in sterling and francs.
practically at a standstill. Quotations while
German marks are purely nominal, as all exchange
higher are of course nominal as all foreign exchange
transactions are under strict restriction by the
in the Southern reReichsbank. Various items relating to the German and foreign trade transactions
publics are under regulation of government exchange
plans on foreign debt payments which may have a
bearing on the future of mark exchange will be found control boards. When the World Economic Conference concludes its sessions it is believed that these
in other columns.
The London check rate on Paris closed on Friday countries will promptly relax present exchange reat 86.10, against 85.81 on Friday of last week. In strictions. In recent weeks there has been a decided
New York sight bills on the French centre finished tendency in this direction. There is greater freedom
on Friday at 4.74, against 4.78% on Friday of last and more activity between London and the South
week; cable transfers at 4.743, against 4.79 and American cities since restrictions were imposed on
commercial sight bills at 4.7332, against 4.783/ exchange in New York. Thern pound is favored as
2
.
Antwerp belgas finished at 16.84 for bankers' sight against the dollar since March, and in recent weeks
bills and at 16.85 for cable transfers, against 16.99 Latin American interests have been converting their
and 17.00. Final quotations for Berlin marks were dollar deposits into sterling.
Argentine paper pesos closed on Friday nominally
28.63 for bankers' sight bills and 28.64 for cable
at 303 for bankers' sight bills, against 303/b on Fritransfers in comparison with 28.35 and 28.40. Italian
lire closed at 6.283/ for bankers' sight bills and at day of last week; cable transfers at 31.10, against
6.29 for cable transfers, against 6.33 and 6.333'. 31.10. Brazilian milreis are nominally quoted 7.95
Austrian schillings closed at 14.25, against 16.25; for bankers' sight bills and 8.00 for cable transfers,
exchange on Czechoslovakia at 3.61, against 3.64; against 7.95 and 8.00. Chilean exchange is nominally
on Bucharest at 0.75, against 0.80; on Poland at quoted 63/s, against 63/s. Peru is nominal at 19.25,
13.75, against 13.75, and on Finland at 1.78, against against 19.25.
1.83. Greek exchange closed at 0.69 for bankers'
XCHANGE on the Far Eastern countries is of
sight bills and at 0.70 for cable transfers, against
course seriously affected by the demoralized
state of the dollar and the leading European cur0.683/2 and 0.69
E
E
E
E
Financial Chronicle
Volume 136
rencies. Quotations nevertheless are largely nominal
and trading is limited. Japanese yen are especially
firm when it is considered that early this year the
Japanese authorities frequently asserted that they
would be well satisfied if they held the yen around
2
203/ (par is 49.85). This week the yen ranged
between 25.50 and 26.31. The Chinese units are
ruling high owing to the higher prices of silver,
which was quoted in New York this week at from
363/i cents to 3532 cents a fine ounce. The Indian
rupee is firm and fluctuates with sterling to which it
is anchored at the fixed rate of one shilling six pence
per rupee.
Closing quotations for yen checks yesterday were
2532, against 25 8 on Friday of last week. Hong
/
Kong closed at 29 7-16@29%, against 29 7-16@
293/2; Shanghai at 26%@263/2, against 26 5-16@
%
263 ; Manila at 50, against 50; Singapore at 47%,
against 4831; Bombay at 30%, against 313/g; and
Calcutta at 30%, against 313/g.
pURSUANT
to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JUNE 10 1933 TO JUNE 16 1933, INCLUSIVE.
Noon Buying Rate for Cable Transfers fn New York,
Value In Crated States Money.
Country and Monetary
tinIt.
June 10. June 12. June 13. June 14. June 15. June 18.
g
$
$
g
$
g
EUROPEAustria,schilling
142666* .143750* .143333* .143366* .142368* .139000*
Belgium, belga
170158 .171070 .171000 .168583 .167716 .168500
Bulgaria, ley
008025* .007925 .008100 .007900 .008000* .008033*
Czechosloyakta, krone .036438 .036675 .036512 .036025 .035875 .036042
Denmark, krone
184018 .185781 .184372 .182433 .181350 .181275
England, pound
sterling
4.136583 4.149000 4.144000 4.085892 4.060750 4.071666
Finland, markka..... .018240 .018400 .018283 .018066 .018000 .018025
France,franc
048091 .048271 .048181 .047457 .047183 .047306
Germany, reichsmark .287520 .288736 .287730 .284346 .284808 .285930
Greece, drachma
006802 .006993 .006990 .007000 .006945 .006866
Holland, guilder
.491150 .493550 .492253 .484572 .481836 .483150
Hungary. pengo
.206666* .208333 .210500 .211666 .215900* .212500*
Italy, lira
063626 .083989 .063755 .062878 .062585 .062790
Norway, krone
.208481 .210292 .209291 .206976 .205784 .206227
Poland, zloty
137333 .137875 .138125 .137083 .137550 .137500*
Portugal, escudo
037612 .038200 .037520 .037580 .037506 .037150
Rumania.leu
007420 .007350 .007475 .007500 .007310 .007366
Spain, peseta
104492 .104915 .104579 .102989 .102335 .102378
Sweden,krona
.213233 .214215 .213492 .210569 .209153 .209072
Switzerland, franc... .236133 .236746 .236485 .233142 .231900 .232236
Yugoslavia, dinar
.016875 .018860 .016725 .016525 .016550 .016300
ASIAChinaChefoo dollar
263750 .268333 .268458 .262708 .260208 .257291
Hankow dollar__ -- .263750 .268333 .266458 .262708 .260208 .257291
Shanghai dollar
.265000 .269375 .267031 .263593 .261718 .258593
Tientsin dollar
263750 .268333 .266458 .262708 .260208 .257291
Hong Kong dollar
295000 .300937 .295312 .293125 .292500 .288750
310687 .312800 .310865 .306650 .305440 .303800
India, rupee
257250 .260700 .261050 .256250 .254550 .252187
Japan, yen
Singapore (8.8.) dollar .478500 .486875 .480625 .473750 .472500 .468750
NORTH AMER..907185 .904010 .902604 .895729 .892812 .888854
Canada, dollar
.999212 .999212 .999212 .999212 .999162 .999212
Cuba, peso
Mexico. peso (silver). .278025 .278080 .277640 .278040 .278040 .277761(
Newfoundland, dollar .904625 .901625 .900000 .892750 .890000 .886250
SOUTH AMER.Argentina, peso (gold) .707996 .713602 .713218 .704076 .704102* .7006394
Brazil, mlireis
.076350 .076350 .076466 .076350 .076350* .0763504
.075000 .075000 .075000 .075000 .075000* .0750004
Chile. peso
.556666* .551686 .559166 .555000 .556666* .5566664
Uruguay, peso
.862100 .862100 .862100 .862100 .862100* .8621004
Colombia, peso
OTHER
3.290000 3.307500 3.298333 3.250833 3.231666 3.235000
Australia. pound
New Zealand, Pound.3.298333 3.315416 3.306250 3.259166 3.240000 3.243333
Rnnth A trim. nound 4.086875 3.096666 4.097500 4.039375 4.0111250 41124175
•Nominal rates. firm rates not available.
-$-.-
HE following table indicates the amount of gold
bullion in the principal European banks as of
June 15 1933, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of-
1933.
1932.
1931.
1930.
1920.
£
£
£
£
£
England... 188,246,456 135,219,931 161,986,803 157,489,527 163,500,617
a__ 648,847,538 647,793,543 449,107,961 351,199,884 292,879,354
France
77,896,650 123,449,950
36,742,000
85,261,750
Germany b
16,697,800
96.962,000
98,832,000 102,432,000
90,150,000
90,377.000
Spain_ __ - 56.301,000 55,434,000
57,461.000
60,905,000
70,606,000
Italy
37,498,000
35,995,000
80,572,000
71,536,000
38,408,000
Netherlands
34,281,000
41,350,000
72,666,000
28,023,000
76,322,000
Nat.lielg'm
27,207,000
23,155,000
80,463,000
70;450,000
19,845,000
Switzerland
13,296,000
13,500,000
11,444,000
12,031.000
13,002,000
Sweden__9,551,000
9,570,000
8,032,000
9,591,000
7,397,000
Denmark_
8.132,000
8,144,000
6,581,000
6,569,000
8,155,000
Norway ...
Total week_ 1,259,079,794 1,230,548,474
........ ........, 1 ORT one. ocn I on, eol, n10
980,448,414
911,917,361
002 71C11 AIM
OM (11.7 *21
531 721
1:114..ro n.,r
814, '
,These are the gold ho dings of the Bank of France as reported in the new form of
statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of wh eh the present year is £1,078,450.
4145
The World Economic Conference and the War
Debt Question.
The most ardent well-wishers of the World Economic Conference at London can hardly feel that
much progress has yet been made. The King's
speech at the opening session was a dignified and
earnest plea for co-operation, and Prime Minister
MacDonald, who followed, pleaded strongly for an
abandonment of the extreme nationalistic policies
which have contributed to bring the world to its
present economic plight. Mr. MacDonald's unexpected reference to the war debts, on the other
hand, injected into the discussion a question which
by common consent, it was understood, was not to
be brought up and which President Roosevelt had
specifically insisted should not appear in the agenda,
and which the American delegation, accordingly,
had been given no authority to discuss. The action
of representatives of several other countries in reinforcing Mr. MacDonald's unexpected remarks, together with the new situation which has arisen in
connection with the debt payments due on Thursday,
has obviously deflected the whole course of the Conference proceedings from the lines which they were
expected to follow, at the same time that reports of
action, or contemplated action, by other Powers or
groups of Powers have raised the question whether
the decisions or recommendations of the Conference,
whatever they may ultimately prove to be, will be
generally observed.
Mr. MacDonald's intrusion of the war debt issue
was not softened by his prefatory remark that the
question, which was declared to be "in the front
rank of importance," "cannot be dealt with here
because obviously this Conference is not constituted
in such a way as to enable it to consider and settle
the matter." The debt question, however, he continued,"must be dealt with before every obstacle to
general recovery has been removed, and it must be
taken up without delay by the nations concerned.
Lausanne has to be completed and this vexed question settled once for all in the light of present world
conditions. This Conference is a sequel to the work
done at Lausanne last year, when by a conditional
agreement on how to deal with war debts and reparations Europe was saved from immediate financial
collapse." The reference to Lausanne looks in two
directions. The World Economic Conference, as
Mr. MacDonald went on to point out, was called by
the League of Nations in pursuance of a recommendation agreed upon at Lausanne which indicated
the subjects that should be discussed. From this
list of subjects the war debts were deleted, at the insistence of Mr. Roosevelt, when the Conference
agenda was finally drawn up. Only in a general
way, however,did Mr. MacDonald allude to the other
and prior decision at Lausanne by which the settlement of reparations was made dependent upon a
-a settle"satisfactory" settlement of the war debts
ment whose satisfactoriness, as everybody understood, depended upon substantial concessions by the
United States.
The shaft which Mr. MacDonald launched was
driven further by other speakers at subsequent sessions. Guido Jung, Italian Finance Minister, referred to the war debts as one of the "major problems," characterized the reparations agreement at
Lausanne as "the armistice," and urged that a final
settlement was now required. General Jan Christiaan Smuts, Deputy Premier of South Africa, told
4146
Financial Chronicle
the Conference that "it is essential not to waste
time in the discussion of intergovernmental debts,"
declared that the debt question was "settled at Lausanne," that the agreement "will stand" and that
"there is no going back on it," asserted that the Lausanne Conference "placed the gravest responsibility
where it belonged—on the shoulders of the United
States," and affirmed that the United States "failed
to fall in line." A "rearrangement" of the debts
was called for by a Polish delegate.
The injection of the debt issue was obviously disconcerting to the American delegation, but Secretary Hull, in his speech at a dinner to the visiting
delegates on Monday night, made no reference to
the subject. Interest in the matter was intensified,
however, by reports that the British Cabinet was
anxiously considering what should be done about
the debt instalment due on Thursday, and by the
announcement of Neville Chamberlain, Chancellor
of the Exchequer, in the House of Commons, that
negotiations were proceeding with the United States.
The outcome of the negotiations appears in the notes
made public on Thursday and in Mr. Roosevelt's
explanatory statement. The British Government,
in an extended communication through Ambassador
Lindsay at Washington, recalled the circumstances
attending the debt payment of last December and
the subsequent negotiations, emphasized the alleged
connection between debt payments and falling
prices, stated its conclusion that the June payment
"could not be made at this juncture without gravely
imperiling the success of the Conference and involving widespread political consequences of a most
serious character," and proposed an immediate payment of $10,000,000, "as an acknowledgement of the
debt pending a final settlement." It was announced
at the same time that the payment would be made in
silver bullion at the rate of 50 cents an ounce, as
permitted under the Thomas amendment to the Agricultural Relief Act, thereby saving $2,800,000. The
British note concluded with the hope that the United
States would be prepared to "enter upon formal
negotiations for an ultimate settlement of the whole
war debt question," and asked to be informed of the
time and place for the negotiations to begin.
The Acting Secretary of State, William Phillips,
replying for President Roosevelt, noted the British
payment "as an acknowledgement of the debt," but
stated that the President "by no means concedes
some of the statements concerning the world-wide
economic cause and effect" contained in the British
note, "especially in so far as they affect the Economic Conference," and pointed out "the well-known
fact that it is not within his discretion to reduce
or cancel the existing debt owed to the United States,
nor is it within his power as President to alter the
schedule of debt payments contained in the existing
settlement." "Such power," the note added, "rests
with the Congress." The proposal of "further representations concerning the entire question of the
debt" was met by the suggestion that such representations be made at Washington "as soon as convenient." "Any results of such a discussion of the
debt question," the reply concluded, "can be submitted for the information or the consideration of
the Congress when it next meets."
In a public statement issued on Thursday, Mr.
Roosevelt explained that he had "noted" the British
representations "in a spirit of co-operation", and declared that "in view of those representations and of
June 17 1933
the payment I have no personal hesitation in saying
that I do not characterize the resultant situation as
a default." The sole right of Congress to alter "the
amount and method of payment" of the British debt
was, however, acknowledged and the resolution of
December 1931, declaring that the debts should not
be canceled or reduced, was cited. On the other
hand, the statement claimed for the President the
right, constitutionally and "in accordance with the
terms of the policy" which he had set forth, to entertain representations regarding the entire debt settlement. As a matter of public information there was
added the statement that consideration of the debt
question is not included in the program of the Economic Conference, and that the American delegates
"have been instructed not to discuss debts with the
representatives of any of the debtor Governments.
This is in accordance with the further principle that
I have felt important, that the debts be considered
on their merits and separate from other international economic questions."
In the face of Prime Minister MacDonald's wholly
unwarranted action in thrusting the debt question
into the Economic Conference after an agreement
that it should be kept out, and of the declared policy
of Congress that the debts, in consequence of the
Hoover moratorium, should under no circumstances
be reduced or canceled, Mr. Roosevelt has done the
only thing that was open to him, and has not only
accepted an insignificant payment on account of a
debt whose obligation is acknowledged, but has also,
agreed to open negotiations which shall cover the
whole ground of the debt settlement. The only important purpose of the negotiations, clearly, is the
substantial reduction if not the cancellation of the
debt, since it will not be seriously contended that the
method by which the debt is paid in instalments over
a series of years counts very heavily in the British
objections.
France, as was expected, has defaulted outright
on its June debt payment, as have Belgium, Poland,
Hungary, Lithuania, Estonia and Jugoslavia. The
total amount received from the paying countries
seems likely not to exceed 8% of the amount due.
The only country to meet its Obligation in full is
Finland, which paid $148,582. All the payments
accepted or offered, it is stated, are in silver.
It remains to be seen whether Mr. Roosevelt's
course with the debts has helped or hindered the influence of the United States at London. The proceedings of the Conference are, naturally, too inchoate as yet to warrant comment upon the possible
outcome, but doubts are freely expressed as to
whether the American delegation has been given
sufficient authority to enable it to exercise the
leadership that has been expected. A comparison
of the speeches delivered on Wednesday by Neville
Chamberlain and Secretary Hull shows that while
Mr. Chamberlain indicated a number of points at
which tariffs, quotas and other trade problems might
profitably be attacked, Mr. Hull confined himself
to a sweeping arraignment of nationalistic policies
and the pronouncement of generalities. It is known,
of course, that the American delegation is not impowered to offer specific tariff concessions, and it
is debarred from discussing the debts, yet the former
question is one of the most important on the agenda,
and the latter, while perhaps not destined for much
more public discussion, cannot well be removed from
the open background of debate now that it has been
•
Volume 136
Financial Chronicle
4147
introduced. Such remarks as that of Premier Ben- sioners, who will take them into consideration when
nett of Canada on Thursday, who told the Confer- dealing with future applications for the renewal or
ence that the accumulated wheat carry-over "can issue of licenses.
be effectively dealt With only by international agreeIt is asserted that the establishment of a Transments involving a possible reduction of the acreage port Advisory Council implements the recommendacrop" mean little unless the Ottawa agreements are tions of the Royal Commission on Transport and the
to be open to revision and Canada, Australia and Salter Conference, and, given a reasonable amount
Argentina support restriction. What is needed at of co-operation with the interested parties, the Counthe moment is some clear indication that the Powers cil could probably do much to foster the proper coof Europe, whether large or small, really desire to ordination of transport in the national interest. The
see the Conference succeed. The fact that only 11 Council is to consist of 22 members representative of
States, in addition to the eight represented on the local authorities, industry and various branches of
committee which organized the Conference, had on transportation, and it is of interest to observe that
Monday adhered to the tariff truce of May 12, and while the operators of mechanically-propelled
that pending bills in the French Chamber of Depu- vehicles are to have five members, the railway comties are seriously menacing important American ex- panies are to have only two.
ports of fruit to France, would seem to show that
An important feature of the bill contained in
by no means a majority of the nations are ready to Part II proposes to remedy an existing situation to
abandon their high protection policies, and that the the effect that it is illegal for the railway companies
United States will have a hard task in obtaining to charge composite or flat rates. The bill seeks to
trade concessions even if it is actually prepared to modify the British Railway Act, 1921, to the extent
make any itself.
that it will be open to the Railway Rates Tribunal to
sanction such rates, subject to their taking into any
Rail and Highway Regulation in England.
consideration any representations which may be
Since our own Government is confronted with the made by shippers who consider that they are likely
problem of providing the necessary legislation for to be affected detrimentally by the introduction of
regulating the transportation of freight over the vast any particular charge. Since the "average" rates
system of highways in this country by motor trucks, have proved to be very desirable from a railway aild
it might be expedient at this time to analyze a bill commercial point of view, it is indicated that the
recently introduced in the British House of Com- relief in that direction will be of considerable assistmons by the Minister of Transport. This bill was ance. While the general outline of the bill is a satispresented by the British Government in order to give factory initial step in the direction of adjusting comlegislative effect to certain recommendations of the petition between the motor truck operators and the
Slater Report for regulating freight transported by railways, it is intimated that there is little indicamotor trucks, and to relax in the case of the railways tion of the manner in which the licensing authorities,
certain restrictions which are now regarded as no namely, the traffic commissioners, will be enabled to
longer appropriate. Its main provisions are for the control the level of freight charges by motor trucks
licensing and regulation of motor trucks; the grant- and, without some measure of control, the railway
ing of power to the railway companies to make such companies will still be in an unsatisfactory position
freight charges as are agreeable to the shipper con- as compared with motor truck companies.
cerned; and the establishment of a Transport Advisory Council to advise the Minister on the co-ordiA Tax Which Will Discourage Savings.
nation, improvement, and the development of transOne of the peculiar effects of the strenuous period
portation. So far as the licensing and regulation of through which the country is passing is the prevailmotor trucks is concerned, the provisions of the bill ing opinion that many old-time and well-tried prinfollow very closely the recommendations of the Sal- ciples of thrift should be thrown into the discard.
ter Conference, which was discussed at some length Encouragement of thrift under all circumstances has
in the Sept. 3 1932 issue of the "Chronicle," pages been regarded as most commendable, especially in a
1544 to 1545, inclusive.
period of hard times, in order to form a foundation
With regard to the necessity of obtaining a license, for recovery and rebuilding. To-day, however, the
it is inferred that this is an obligation to which few admonition is to keep money in circulation rather
important truck operators will object, since in many than to practice self-denial and put away a portion
instances it will safeguard their position by protect- of one's income from whatever source in preparation
ing them from irresponsible competition. Further, for another rainy day, and thus to meet obligations
it is pointed out that the condition which will be which are sure to accrue. To spend, even to the exattached to the license as to the necessity for main- tent of impairing savings already accumulated, is
taining the truck in a serviceable condition will pro- commended.
tect the community generally.from defraying the cost
One effect of such propaganda is to influence the
of repairs due to excessive wear and tear of the roads lawmakers, who have authority to impose high taxes,
caused by badly constructed or badly maintained to find new sources of taxation in order that a larger
motor trucks. By the introduction of three distinct amount of public funds may be obtained to be dissitypes of license, it is clear that the Government is pated by all manner of pretexts. From municipal
endeavoring to discriminate carefully between the councils, boards of education, State Legislatures
and
contract carrier and the private operator, and it has Congress the common effort appears to be to relieve
also adopted the proposal that existing operators thrifty citizens of their savings and to expend the
should automatically receive licenses for an initial funds thus obtained by appropriations which will
period. With respect to the charges for conveyance, distribute the savings of the comparatively few
wages and general conditions of service, the bill pro- among others who had not taken the usual discreet
vides only for the compulsory furnishing of evidence precautions to prepare for the inevitable needs of the
as to rates and service conditions to traffic commis- future.
4148
Financial Chronicle
In Philadelphia, which is the mother of mutual
savings fund societies, it is proposed that City Council shall impose a tax upon deposits of all mutual
savings banks of that city, personal property of mutual insurance companies, and building and loan
associations.
Funds of such institutions have been invested in
securities of a high type on which low rates of interest are paid, safety being the inducement rather than
a high income,and the interest paid to depositors and
allowed to members of insurance companies and
building and loan associations is still lower as the
costs of operation and the hazard of investment must
be cared for out of income.
The author of the measure presented in Philadelphia has estimated that a four mills tax would
yield an annual revenue to the municipality of
$16,000,000, which, of course, appeals to those who
have the authority to expend public funds.
A tax upon mutual savings banks would tend to
divert savings to the Postal Savings System and to
the savings departments of the local commercial
banks. At times like the present nothing should be
done which will force banks holding the savings of
the people to sacrifice securities in order to meet an
unusual withdrawal of deposits. The lessons of 1931
and 1932 should not so quickly be forgotten.
' The 116th annual statement of the Philadelphia
Saving Fund Society, as of Jan. 1 1933, shows aggregate deposits of $319,284,105, the largest in the history of the society. Of the 72,133 depositors nearly
41,000 are females, largely thrifty housewives who
do the family banking. There are three other large
societies of the kind in the Quaker City.
June 17 1933
Of the 72,133 depositors in the Philadelphia Saving
Fund, 58,522 are native born. The remainder came
from 29 other countries, Russia leading with 3,441,
Ireland following with 2,224, Italy with 1,927, and
Germany with 1,742, the list fairly representing the
character of depositors in the other savings institutions.
Philadelphia has one other important resource
which it proposes to tap, at least to meet current expenses. For the purpose of purchasing the Philadelphia Rapid Transit Co. and all of the underlying
corporations, some holding perpetual franchises, a
sinking fund was established which in 1957 was to be
applied to such purchase. The fund now exceeds
$4,000,000, and owing to the present emergency it is
proposed to apply this fund to meet current obligations. The plan may be feasible, as other measures
are under consideration for purchase by the city of
the street railway system, which would supplement
an investment of over $125,000,000 in elevated and
subway roads on the part of the municipality.
Pennsylvania has a tax of four mills upon income
from "money at interest," but this does not apply
to deposits in mutual savings funds, the annual distributions to depositors being profits and not interest, because the depositors are practically the owners of such savings banks, although the management
is vested in the courts, which have the power of appointing managers. Action in Philadelphia may set
a precedent,as in some other States there are savings
banks similarly organized. Consequently, the result
of the effort in Pennsylvania to tax savings of mutual companies in the Keystone State is being closely
watched.
Gross and Net Earnings of United States Railroads for the
Month of April
The month of April may be said to have marked the
turning point in the course and character of the
monthly returns of earnings of United States railroads—although the results of the change for the
better are only partly in evidence in the compilations
for that month which we present below. During the
month of March business activity in this country was
almost at a complete standstill. Banking operations
were of course entirely suspended during the period
of the bank holidays or moratoria and general trade,
already close to the vanishing point after over three
years of growing depression, was through these bank
suspensions brought one point nearer to utter extinction for the time being. In April, however, all this
was changed, in fact a complete transformation occurred. The banks once more resumed their normal
functions, and business by degrees also increased.
The improvement, however, did ndt all come at once.
It made very rapid progress in the steel trade and
textile trades also showed early revival of activity.
Some other lines were slow to follow suit. Then also
it took time to get plant and machinery in readiness
for the larger scale of operations. For that reason,
even with trade recovery palpably in evidence in
many directions, particularly towards the close of
the month, the presence of the regenerative influences referred to is not indicated in improved results
of gross revenue. The fact is they were not in operation long enough.
The long continued trade paralysis, while it was
clearly reaching its termination, had not yet actually
terminated. The volume of traffic over the railroads
as a consequence did not even equal the diminutive
traffic of the corresponding month of 1932, and accordingly the gross revenues of the roads suffered a
further shrinkage, on top of the previous contraction of all the years back to 1929. We may however
expect this situation to change very quickly now that
the train loadings are beginning to run well above
the figures of the previous year.
The chief favorable feature, therefore, in our earnings statement for the month of April is that which
has appeared in several of the previous monthly exhibits, namely the reduction in expenses which the
managers have succeeded in bringing about. Nevertheless the savings in expenses, while general and decisive, did not suffice completely to offset the further loss in the gross revenues for the month. The
record for the month,compared with the poor results
for April 1932, is a loss of $40,180,139, or 15.02%, in
the gross revenues and a decrease of $3,676,793, or
6.54%, in the net earnings before the deduction of
the taxes. The ratio of expenses (not including
taxes) to earnings is 76.87% for April 1933, as
against 78.96% for April 1932. It is in this control
over the expenses, coming at a time when traffic and
gross revenues are almost certain to expand that a
bright vista appears to open up for the railroads in
coming months.
Except that the change in the tide appears now to
have come, the record for the month of April the
present year would have to be regarded as an exceed-
Financial Chronicle
Volume 136
ingly dismal one. It marks the culmination of a long
series of successive decreases without a parallel in
the railroad history of this country. For the falling
off in the gross of$40,180,139 in April for the present
year comes after $101,649,162 loss in April 1932;
$81,461,009 loss in April 1931 and $63,195,964 loss
in April 1930, while the further shrinkage in the net
of $3,676,793 in April 1933 comes after a falling off
in the net in April 1932 of $22,922,356; a falling off
of $23,885,970 in 1931 and a falling off of $34,815,878
in April 1930. As a result of these successive losses,
gross earnings for the month in 1933 are down to
$227,300,543 as against $513,076,026 in April 1929,
a contraction of over 55%, while the April net at
$52,585,047 for 1933 compares with $136,821,660 in
Apri11929, a reduction in this last instance of nearly
60%. The amount of the gross for the month the
present year is the smallest of any month back to
1912 and the amount of the net the smallest of any
month of April since 1920.
Inc. (+) or Dec. (—).
1932.
Month of April—
1933.
—480 0.20%
242,180
Miles of road (188 roads)_ __ _
241,680
Gross earnings
9227,300,543 $267,480,682 —340,180,139 15.02%
Operating expenses
174,715,496 211,218,842 —36,503,348 17.28%
78.98%
—2.09%
Ratio of expenses to earnings_
76.87%
Net earnings
$52,585,047
956,261,840
—$3,676,793
6.54%
In analyzing the various traffic statistics for the
month, there is much evidence of a larger traffic and
a larger tonnage in certain directions, with little of
the same kind of evidence in other directions where
no great resumption of activity has yet occurred,
and many signs to indicate that as a whole the total
volume of traffic, as already stated, did not, after all,
equal the heavily reduced traffic of the previous year.
As it happens automobile production in April 1933
ran above that for April of the previous year, but
nevertheless fell far below the output for the years
preceding, back to 1929. According to the Bureau
of the Census the production of motor vehicles in the
United States in April 1933 was 181,029, against
148,326 in April 1932 and comparing with 336,939 in
April 1931; 444,024 in April 1930 and 621,910 in
April 1929.
The iron and steel statistics also show relatively
small recovery as far as actual production is concerned, after the enormous shrinkage in the years
preceding: That is simply because the larger output
did not follow immediately after the piling up of
operations on a larger scale, or at least not with the
same degree of expedition. The make of iron in the
United States in Apri11933 as a matter of fact proved
actually smaller than in April the previous year, having, according to the compilations of the "Iron Age,"
fallen to 623,618 tons, which compares with 852,897
tons the make of iron in the United States in April
1932; 2,019,529 tons in April 1931; 3,181,868 tons in
April 1930 and 3,662,625 tons in April 1929. Steel
production did show some increase in April over the
same month last year, but it was relatively small,
and the calculated monthly output for April 1933 is
put at 1,362,856 tons against 1,259,629 tons in April
1932, but comparing with 2,722,479 tons in April
1931; 4,109,492 tons in April 1930 and 4,938,025 tons
in April 1929.
The coal movement likewise failed to equal that
of the preceding year. Only 19,523,000 tons of
bituminous coal were mined in the United States in
April 1933, against 20,300,000 tons in April 1932;
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
1933 reached only 2,891,000 tons, against 5,629,000
4149
tons in April 1932; 5,700,000 tons in April 1931 and
comparing with 7,885,000 tons in April 1923. We
need hardly say building and construction work continued on a very restricted scale and the cut of
lumber likewise remained small, notwithstanding
numerous signs of greater activity in the lumber
trade. The F. W. Dodge Corporation reports that
the construction contracts awarded during the month
of April 1933 in the 37 States East of the Rocky
Mountains involved an estimated outlay of only $56,573,000, as against $121,704,800 in April 1932;$336,925,200 in April 1931; $482,876,700 in April 1930
and no less than $642,060,500 in April 1929. The cut
of lumber, as already stated, was also reduced notwithstanding that both orders and shipments heavily
increased. This was part of the policy to improve
the conditions of the lumber trade. The Lumber
Manufacturers' Association reports that for the four
weeks ended April 29, 589 identical mills showed an
output of 422,132,000 feet the present year as against
472,963,000 feet in the same four weeks of 1932, that
is production was 11% below that of 1932; when comparison is carried further back it is found that the
1933 figures are 53% below the record of comparable
mills for the same period of 1931.
The Western grain movement, as it happens, ran
well above that of the previous year. The great improvement in market values induced farmers to ship
their grain to market with great readiness where
previously it had been withheld because of the extremely low levels of prices prevailing. We analyze
the grain movement in our customary way further
below and need only say here that for the four weeks
ended April 29 1933 the receipts of wheat, corn, oats,
barley and rye at the Western primary markets
reached 45,642,000 bushels, as against only 29,243,000
bushels in the corresponding four weeks of 1932,
when, however, the movement was exceptionally
small; in the same period of 1931 primary receipts
were 43,582,000 bushels and in 1930 43,511,000
bushels.
The composite result of all this is seen in the
statistics showing the loading of revenue freight on
all the railroads of the United States. This shows
plainly that notwithstanding the slightly larger
movement of certain articles and commodities the
tonnage movement as a whole fell below that of the
previous year. For it appears that for the five weeks
in April only 2,504,745 cars were loaded with revenue
freight on the railroads of the United States in April
1933 against 2,774,134 cars in 1932; 3,757,863 cars
in the corresponding five weeks of 1931; 4,561,634
cars in the same five weeks of 1930 and 5,041,077 cars
in the similar period of 1929.
Of course with railroads as a whole showing a large
further falling off in their gross revenues, on top of
the heavy losses of preceding years, the same is true
with reference to the separate roads and systems.
There are only three roads altogether which have to
their credit an increase amounting to over $100,000
in gross earnings and these are all relatively minor
roads. On the other hand in the case of the net earnings the showing is quite different. There the savings in expenses have come into affect the results
and we have a quite lengthy list of roads with improved net earnings in the face of heavily reduced
gross earnings. The Southern roads, and in particular the Southern Railway, are particularly distinguished in that way. The Southern Railway has
maintained an unbroken record in that respect in
4150
Financial Chronicle
June 17 1933
all recent months. With gross reduced in amount N Y N II
Decrease.
Decrease.
& Hartford- _ _ 81.678.404 Maine Central
$242,735
1,445,359 Great Northern
of $248,355, the net earnings of the company for Reading Co Western_ _
233,166
Del Lack &
_ _ 1,262.526 Bangor & Aroostook_ _ _ _
213,751
Erie (3)
1.175.487 Western Maryland
212,090
April show an increase of $700,909. In March the Lehigh Valley
1.138.235 Pittsburgh & Lake Erie_
196.055
184.274
company,in face of a loss in gross of $1,196,678, was Chicago Bu21 & Quincy_ _ 1,085.510 Pere Marquette
Union Pacific (4)
917.960 Atlantic Coast Line
180.684
Central RR of N
903.010 Los Angeles & Salt Lake
176,860
able to show a gain in net of $27,564; for February Missouri Pacific J
855.393 Chesapeake & Ohio
169.747
Delaware & Hudson_ _ _ _
821.516 Chic St P Minn & Omaha
165,794
the Southern Railway, while reporting a decrease in Chicago & North Western 799.511 Minn St Paul St 88 Marie 163.894
Boston
139,912
773.796
gross of $849,085, showed a gain of $301,108 in net; Chic R & Maine (2)... 740,260 N 0 Tex & Mexico (3)__ 137,895
I & Pacific
Alton
Illinois Central
622.093 Colorado Southern (2)__
136.853
back in January the company reported a gain of Long Island
608.820 Central of Georgia
134.103
Wabash
527.664 Yazoo
134.069
$691,789 in net notwithstanding a falling off of Louisville & Nashville__ _ 502.712 Lehigh& Miss Valley.. _ -- 127.603
& New England_ _
St Louts
-San Fran (3)_
470.392
119.070
$476,673 in gross. For the four months of the calen- Norfolk & Western _ - 469.825 Seaboard Air Line
Monongahela
117.799
Northern Pacific
434,250 Texas & Pacific
115.718
dar year ending with April, the improvement in net Missouri-Kansas-Texas__ 399,291 St Louis Southwestern
115.304
NY Chicago & St Louis_
332,096 Grand Trunk Western
113.267
reaches $1,721,370, notwithstanding a shrinkage in Chic Milw St P & Pacific 324,948 Detroit Toledo & Ironton 102.609
N Y Ontario & Western_
268.163
Chicago Great Western_
256.075
the gross earnings in the large sum of $2,770,791.
Southern Ry
Total (67 roads)
248.355
$39,023,476
Other Southern roads also have creditable records
a These figures cover the operat ons of the New York Central and
in that respect for the month of April. Thus the At- leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville ndianapolis & Terre Haute. Including
lantic Coast Line shows $371,283 gain in net, with is a the Pittsburgh Sc Lake Erie and the Indiana Harbor Belt, the result
decrease of $4,638,929.
$180,684 loss in gross; the Louisville & Nashville
When the roads are arranged in groups, or geo$193,788 gain in net with $502,712 loss in gross; the graphical divisions, according to their location, the
Seaboard Air Line $120,553 gain in net, with $119,- distinctive feature this time is the fact that while
070 loss in gross and the Florida East Coast $117,892 each of the three leading districts, the Eastern Disgain in net, on an increase of $83,886 in gross.
trict, the Southern District, and the Western DisAs far as the great East-and-West trunk lines are trict, and also each of the different regions grouped
concerned, the New York Central also has a quite under these districts, repeat previous experience and
notable record in that respect. The Central itself re- continue to show losses in the gross earnings, there
ports $714,671 increase in net, notwithstanding are two exceptions where on this occasion there is
$4,443,992 decrease in gross. Including the Pitts- an improvement in the net earnings in face of the
burgh & Lake Erie and the Indiana Harbor Belt, the continued shrinkage in the gross. The two excepresult is an increase of $710,039 in net in face of a tions are the Southern region in the Southern Disdecrease of $4,638,929 in the gross. The Pennsyl- trict with an increase in net of $2,488,581, or 29.07%,
vania Railroad shows for the month $5,852,419 de- and the Northwestern region in the Western District
crease in gross and $1,340,646 decrease in net. The which shows $902,640 gain in net, or 24.12%. Of
Baltimore & Ohio has increased its net $301,416 not- course these exceptions reflect the improvement in
withstanding $2,021,658 loss in gross. The Erie re- net results worked by the savings in the expense acports $1,175,487 decrease in gross and $347,209 de- counts. Our summary by groups is given below. As
crease in net. Among roads in other parts of the previously explained, we group the roads to conform
country which have managed to convert a loss in the to the classification of the Inter-State Commerce
gross into gains in net, may be mentioned the Chi- Commission. The boundaries of the different groups
cago, Milwaukee, St. Paul & Pacific which has added and regions, are indicated in the footnote to the
$627,280 to its net, though having lost $324,948 in table.
gross. In the same section of the country the Great
SUMMARY BY DISTRICTS AND REGIONS.
Gross Earnings
District and Region.
Northern has enlarged its net by $457,583, while yet
1932.
1933.
Inc.(+)or Dec.(-)
Month of April.
$
Eastern District$
$
%
having suffered a decrease of $233,166 in gross. The New England region (10 roads)____ 10,673,416 13,819,072 -3,145,656 22.76
44,548,076
Great Lakes region (30 roads)
-11,012,854
Northern Pacific, on the other hand,reports $434,250 Central Eastern region (25 roads) 45,833,162 .55,560,930 -11,192,932 19.82
57,026,094
19.63
increase in gross and $319,272 decrease in net. In
101,054,654 126,406,096 -.25,351,442 20.06
Total(65 roads)
Scnahern District
quite a few instances results in that regard vary
31,713,550 33,731,576 -2,018,026 5.98
Southern region (30 roads)
13,030.454 13,801,725
-771,271 5.59
widely in the same sections of the country. In the Pocahontas region (4 roads)
44,744,004 47,533,301 -2,789,297 5.87
Total(34 roads)
following we show all changes for the separate roads
Western District
for amounts in excess of $100,000, whether increases Northwestern region (17 roads)._ 25,289.863 27,881,225 -2,591,362 9.29
Central Western region (24 roads)_ 36,602,618 43,334,320 -6,731,711 15.53
or decreases, and in both gross and net.
19,609.404 22,325,731 -2,716,327 12.17
Southwestern region (28 roads)
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH OF
APRIL 1933.
Increase.
Decrease.
New York Central
14714,671 Pennsylvania
81.340.646
Southern Ry
700.909 Lehigh Valley
860,938
Chich Milw St P & Pac_ _
627.280 NY Nil & Hartford_ _ _
849.507
Great Northern
457.583 Del Lack & Western_ _ _
638,461
Atlantic Coast Line
371.282 Atch Top & Santa Fe (3)
603.308
Baltimore & Ohio
301.416 Missouri Pacific ___
584.351
Illinois Central
259.056 Delaware & Hudson_ __ _
526.944
Internat Great Northern
195.213 Central RR of N J
495,900
Louisville & Nashville_ __
193.788 Southern Pacific (2)_ _ _ _
362,669
Cm N 0 Texas & Mexico
188,016 Norfolk & Western
355,481
NY Chicago & St Louis_
166.900 Erie (3)
347,209
Nash Chatt & St Louis__
Northern Pacific
160.928
319,272
Wheeling & Lake Erie.. _ _
133.683 Long Island
289.239
Chic & Illinois Midland_
122.855 Chc Burl & Quincy
284.976
Seaboard Air Line
-San Fran (3). _
120.553 St Louis
273.717
Florida East Coast
117.892 Boston & Maine
263,977
Term RR Assn of St L..
-Texas
108.139 Missouri
-Kansas
257,547
Minn St P & S S IVIarie_ _
106,691 Chicago Great Western _ _
198.958
N Y Ontario & Western..
164,870
Total(18 roads)
$5,046,855 Bangor & Aroostook__ _ _
139.939
Reading Co
123,045
Total(28 roads)
$9.280,954
a These figures cover the operat ons of the New York Central and
leased lines
-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including the Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result
is an increase of $710,039.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF APRIL 1933.
Increase.
Decrease.
Internat Great Northern $201.929 Pennsylvania
35,852.419
138.391 New York Central
Chic & Illinois Midland_
103,242 Southern Pacific (2)___
Wheeling & Lake Erie_ _ _
2.198.767
Baltimore & Ohio
2,021.658
$443,562 Atch Top & Santa Fe (3) 1,821.737
Total (3) roads)
Total (69 roads)
81,501,885
93,541,285 -12,039,400 12.87
Total all districts (168 roads)
227,300,543 267,480,682 -40,180,139 15.02
District and Region.
Net Earnings
Month of April. -Mileage-1933.
1932. /no.(+)Or Dee(-)
Eastern District$
$
New England region._ 7,268 7,290 2,748,012 4,097,060 -1,349,048 32.93
Great Lakes region_ __ 27,234 27,363 8,895,142 10,707,668 -1,812,526 16.93
Central Eastern region 25,463 25,473 12,248,001 13,636,611 -1,388,610 10.18
Total
59,965 60,126 23,891,155 28,441,339 -4,550,184 16.00
Southern District
Southern region
39,781 40,051 8,559,454 6,070,873 +2,488,581 29.07
Pocahontas region__ _ 6,088 6,137 4,876,385 5,260,763 -384,378 7.31
Total
Western District
Northwestern region
Central Western reg'n
Southwestern region
Total
45,869 46,188 13,435.839 11,331,636 +2,104,203 15.66
48.819 48,761
53,923 53,843
33,104 33,242
3,741,553
7,597,601
3,918,899
2,838,913 +902,640 24.12
8,842,096 -1,244,495 14.07
4,807,856 -888,957 18.49
135,846 135,846 15.258,053 16,488,865 -1,230,812 7.46
Total all distrlets
241.680 242,160 52,585,047 56,261,840 -3,676,793 6.54
NOTE.
-We have changed our grouping of the roads to conform to the classification 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.
Great Lakes Region -This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region -This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkentbutg, W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to Its mouth.
SOUTHERN DISTRICT.
Southern Region.
-This region comprises the section east of the Mississippi River
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.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg,
W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
WESTERN DISTRICT.
Northwestern Region.
-This region comprises the section adjoining Canada lying
west of the Great Lakes Region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Repion.-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. MUIR to Kansas City and thence to El Paso and by the
Mexican bounds'y to the Pacific.
Southwestern Region.
-This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
As already indicated, the Western grain traffic in
April the present year was much larger than in April
1932, when it fell far below that of the corresponding
period in the three years immediately preceding.
Not alone was the movement of wheat larger in April
1933, but the increases extended in greater or less
degree to all the different cereals. The receipts of
wheat at the Western primary markets for the four
weeks ended April 29 1933 aggregated 15,058,000
bushels, as against 12,642,000 bushels in the same
four weeks of 1932; the receipts of corn 16,650,000
bushels, against 9,279,000 bushels; of oats 7,301,000
bushels,against 4,850,000; of barley 5,350,000 bushels
against 2,067,000, and of rye 1,283,000 bushels,
against 405,000 bushels. For the five cereals, wheat,
corn, oats, barley and rye, combined, for the four
weeks of April the present year, the receipts reached
45,642,000 bushels, as compared with only 29,243,000
bushels in the four weeks of April 1932; 43,582,000
bushels in the same four weeks of 1931; 43,511,000
bushels in 1930 and 43,811,000 bushels in the corresponding period of 1929. The details of the Western
grain movement in our usual form are set out in the
table we now present:
WESTERN FLOUR
4 Weeks Ended Flour
Wheat
Apr. 29.
(bbls.)
(bush.)
Chicago
1933
760,000 1,703,000
1932
588.000
836,000
Minneapolis
1933
4,917,000
1932
2,312,000
Duluth
1933
3,052,000
1932
451,000
Milwaukee-.
1933
61,000
254,000
1932
36,000
225,000
Toledo
1933
183,000
1932
683,000
Dstroll1933
59,000
1932
92,000
Indianapolis dt Omaha
1933
11,000
966,000
1932
850,000
.It. Louis
1933
595,000 1,050,000
1932
589.000 1,783,000
Peoria
1933
273,000
108,000
1932
197,000
125,000
Kansas CUy1933
57,000 1,963,000
1932
38,000 4,288,000
St. Joseph
144,000
1933
1932
271,000
Wichita
1933
607,000
1932
688,000
Sioux City
1933
52,000
1932
38 000
-Total all
1933
1932
AND GRAIN RECEIPTS
Oats
Corn
Barley
(butts)
(bush.)
(bush.)
Rye
(bush.)
4,700,000 1,168,000 1,016,000
3,717,000 1,798,000
306,000
320,000
59,000
1,163,000 1,154,000 2,439,000
321,000
343,000
673,000
480,000
186.000
30,000
3,000
171,000
3,000
997,000
318,000
405,000
244,000
4 Mos. Ended Flour.
April 29.
(bbls.)
St. Louis
1933
2,291,000
1932
2,463,000
Peoria
902,000
1933
1932
912,000
Kansas City
1933
224,000
1932
150,000
St. Joseph
1933
1932
Wichita
1933
1932
Sioux City
1933
1932
Total all
1933
1932
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
Bye.
(bush.)
4,055,000 6,205,000 2,771,000
8,361,000 4,187.000 1,773,000
433,000
541,000
53,000
13.000
454,000
976,000
801,000 1,123,000
3,000
Wheat.
(bush.)
571,000 4,841,000
615,000 4,593,000
11,333,000 4.087,000
26,144,000 2,824,000
922,000
728,000
539,000 1,851,000
891,000 1,054,000
812,000
920,000
90,000
74,000
4,000
28,000
2,000
4,000
1,000
453,000
197,000
712,000 1,566,000
184,000
458,000
91,000
33,000
4.000
1,000
2,193,000
4,963,000
The Western livestock movement, on the other
hand,appears to have been considerably smaller than
in April last year. The receipts at Chicago embraced
only 10,179 carloads in April 1933, against 11,282
carloads in April 1932 and at Kansas City and
Omaha only 4,016 and 2,720 carloads respectively, as
compared with 4,785 and 3,603 cars in April 1932.
As to the cotton movement in the South, this, too,
fell below that of April 1932 both as regards gross
shipments overland and the receipts of the staple at
the Southern outports, but more particularly in the
case of the latter. At the Southern outports the receipts of cotton aggregated 302,984 bales in April
1933 as compared with 348,872 bales in April 1932,
but against only 184,785 bales in April 1931; 185,664
bales in April 1930; 230,269 bales in 1929, but comparing with no less than 330,258 and 490,556 bales,
respectively, in April 1928 and 1927. Gross shipments of cotton overland were 27,095 bales in April
1933, as against 27,869 bales in April 1932; 67,332
bales in April 1931;46,607 bales in 1930;47,514 bales
in 1929;54,395 bales in 1928 and 81,489 bales in April
1927. In the following table we give the cotton port
movement in April and since Jan. 1 for the three
years 1933,1932 and 1931:
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR THE MONTH OF
APRIL AND FROM JAN. 1 TO APRIL 30 1933, 1932 AND 1931.
376,000
124,000
1,098,000
464,000
62,000
2,000
Port.
Galveston
Houston, &a
Corpus Christi
Beaumont
New Orleans
Mobl'e
Pensacola
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
Since Jan. 1.
Month of April.
94,000
190,000
363.000
501.000
14,000
1,000
10,000
29,000
18,000
62,000
48,000
64,000
70,000
15,000
19,000
3,405,000 2,221.000
1,588,000 1,141,000
8,000
1,000
2,000
2,178,000
893,000
701,000
260,000
194,000
112,000
25,000
2,000
1,465,000
991,000
421,000
178,000
98,000
314,000
1,000
1,767,000
590,000
296,000
102,000
525,000
310,000
265,000
108,000
8,000
13,000
2,000
6,000
289,000
305,000
72,000
142.000
1,000
43,000
3,000
2,000
Corn
Wheal
4 Mos. Ended Flour
(bbls.)
(bush.)
Apr. 29.
(bush.)
Chicago
2,847,000 2,541,000 17,333,000
1933
2 621,000 3,871,000 18,512,000
1932
Minneapolis
16,878,000 2,526,000
1933
10,747,000 1,954,000
1932
Duluth
315,000
6,836,000
1933
14,000
1,374,000
1932
Milwaukee
184,000
308,000 2,417,000
1933
230,000
519,000 2,085,000
1932
Toledo
775,000
20,000 2,295,000
1933
4,713,000 1,305,000
1932
Detroit
109.000
309,000
1933
95,000
468,000
1932
Indianapolis dt Omaha
11,000 3,002,000 10,470,000
1933
8,000 6,107,000 6,550.000
1932
Oats
(bush.)
Barley
(bush.)
3,646,000 2,111,000
6,408,000 1,342,000
Rye
(bush.)
470.000
178,000
2,773.000 4,941,000 1,316,00()
1,573,000 2,836,000
993,000
349,000
31,000
704,000
122.000
781,000
399,000
673,000 2,015,000
715,000 1,919,000
127,000
27,000
1,356.000
2,336,000
6,000
46,000
3,000
27.000
218,000
336,000
228,000
277,000
92,000
116,000
5,604,000
3,743,000
16,000
1,000
22,000
0.1
6 479,000 51.057,000 51,472,000 20,288,000 10,985,000 2,848,000
6 384.000 69.485.000 44.813.000 19.848.000 8.259,000 1,779.000
398.000
103,000
1,757,000 15,058,000 16,650,000 7,301,000 5,350.000 1,283,000
1,448,000 12,642,000 9,279,000 4,850,000 2,067.000
405,000
4151
Financial Chronicle
Volume 136
1933.
Tnts.1
1932.
4,605
182
8,678
6,446
1,673
3,125
563
48,931
60,657
2,165
2,975
168,490
34,444
6,034
10,306
401
8,126
1,947
2,026
2,072
298
302084
348.872
65.174
93,338
4,704
97.238
17,258
1931.
1933.
1932.
1931.
410,823 737,331 242,998
720,184 795,812 353.005
15,596
26,027
21,915
4,750
10,628
2,470
563,315 1,025,232 387,356
86,913 201,564 181,597
13,637
25,969
9,998
78,294 134,500
21,946
5,801
6,926
39,719
35,791
26,859
3,612
13,430
25,954
22,065
812
16,067
15,068
11,014
1,621
29,035
9,596
10,479
5,061
68
5,574
1,585
23,248
26.277
1,922
948
77,280
25,539
4,900
13,564
184.785 1.916.492 2.998.641 1,431.758
RESULTS FOR EARLIER YEARS.
As already remarked further above, the 1933 loss in earnings ($40,180,139 in gross and $3,676,793 in net) comes after
$101,649,162 decrease in gross and $22,922,356 decrease in net
in April 1932 and this in turn follows $81,464,009 loss in gross
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
Financial Chronicle
June 17 1933
Net Earnings.
Gross Earnings.
Year.
Year
Preceding.
Increase or
Decrease.
Year
Given.
Year
Preceding.
Increase or
Decrease.
F
Year
Given.
11111111011111111111111111
$
$
$
$
$
$
109,998,401 104,598,565 +5,399,836 31,548,660 30,137,596 +1,411,064
142,884,383 115,863,354 +27,021,029 42,521,549 33,639,112 +8,882,437
134,513,535 165,058,478 -30,544,943 37,441,989 47,537,110 -10,095,121
196,993.104 175,071,604 +21,921,500 62,380,527 50,787,440 +11,593,087
225,856,174 197,024,777 +28,831,397 66,725,896 62,409,630 +4,316,266
218,488,587 226,002,657 -7,514,070 64,768,090 66,709,729 -1,941,639
220,678,465 216,140,214 +4,538,251 57,960,871 63,888,490 -5,927,619
245,170,143 220,981,373 +24,188,770 60,122,205 58,082,336 +2,039,869
-625,524
236,531,600 245,048,870 -8,517,270 59,398,711 60,024,235
237,696,378 241,090,842 -3,394,464 67,515,544 59,266,322 +8,249,222
288,453,700 237,512,648 +50,941,052 93,092,395 57,396,538 +25,695,857
+60,155
326,560,287 288,740,653 +37.819,634 93,318,041 93,257,886
369,409,895 319,274,981 +50,134,914 89,982,415 91,678.695 -1,696,280
388,697,894 370,710,999 +17,986,895 44,850,096 89,943,898 -45,093,802
401.604,695389,487,271 +12,117,424 612,875,447 44,716,664 -47,592,111
433,357,199 402,281,913 +31,075,286 57,658,213 1,863,451 +55,795,762
416,240,237 432,106,647 -15,866,410 80,514,943 57,474,860 +23,040,083
521,387,412 415,808,970 +105578442 118,627,158 80,386,815 +38,240,343
474,094,758 522,338,874 -48,242,116 101,680,719 122,974,961 -21,294,242
472,591,665 474,287,768 -1,696,103 102,861,475 97,471,685 +5,389,790
498,448,309 472,629,820 +24,818,489 114,685,151 102,920,855 +11,764,296
-774,126
497,212,491 498,677,065 -1,464,574 113,643,766 114,417,892
473,428,231 497,865,380 -24,437,149 110,907,453 113,818,315 -2,910,862
513.076,026474,784.950 +38,291,124 136,821,660 110,884,575 +25,937,085
450,537,217 515,733,181 -63,195,964 107,123,770 141,939,648 -34,815,878
369,106,310 450,567,319 -81,461,009 79,144,653 103,030,623 -23,885,970
267,473,938 369,123,100 -101649162 56,263,320 79,185,676 -22,922,356
97 znn FAR 907 Aim 029 -40 120 119 52.555 047 58 251 640 -5878.793
Note -Includes or April 91 roads In 1906 91 In 1907; In 1908 the returns were
based on 153,007 miles of road; In 1909, 233,829: In 1910, 239,793; in 911, 244,273;
In 1912, 236,722; In 1913, 240,740; In 1914, 243,513; in 1915, 247,701: n 1916, 246.615; In 1917, 248,723; in 1918, 233,884; in 1919, 232,708: in 1920, 235,121; In 1921,
235,570; In 1922, 234,955; in 1923, 234,970; In 1924, 235,963; In 1925, 236,664;
In 1926, 236,518; In 1927, 238,183; in 1928, 239,852; in 1929, 240,956; in 1930,
242,375; in 1931, 242,632; in 1932. 241.976; In 1933. 241.680.
1
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 coraparison 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 wotild, 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 full 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
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 1920 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
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:
C.
00000000000000000000000000004.
AWWWWWWWWWWW ..........
ooggl
AM. 00W,
,
IOCA.WWo+0000...105011AWN.OCM,.
,
4152
The Course of the Bond Market.
Bond prices made little headway this week, the averages
showing that Aaa bonds were firm or fractionally higher,
while the lower grades lost some ground on Wednesday,
Thursday and Friday in sympathy with stocks. The
reason for this movement was unofficial news of a plan to
stabilize the dollar during the term of the Economic Conference. News having a direct bearing on the longer term prospects for the bond market has not been much in evidence
this week, and the general situation remains the same, namely, that bond prices are more or less marking time pending
developments regarding inflation and other important
problems.
The largest amount of new financing undertaken by the
present Administration in Washington was completed this
week, with the allotment of $623,000,000 in 5-year 23s%
-months certificates.
Treasury notes and $460,000,000 in 9
The latter replaced a maturity at $374,000,000, making a
net addition to the public debt of $709,000,000, and bringing
the nation's outstanding interest-bearing debt to well over
$22 billion. Government bond prices were steady this week,
usually varying not more than an eighth of a point in a day.
The average price of the long term Treasury issues stands
at 103.43, compared with a high this year of 103.82. The
steadiness in government issues aided Aaa corporate bonds to
maintain their prices. At the same time short term money
rates have increased slightly, 60-90 day paper and 6 months
obligations showing higher quotations since June 7. The
Federal Reserve banks purchased an additional $21,000,000
of government securities.
Railroad bonds have been inclined to be reactionary, but
the losses have not been large. Relative stability has been
exhibited by high grade bonds, price changes for Atchison,
Topeka & Santa Fe 4s, 1995, Union Pacific 4s, 1947, Pennsylvania 4s, 1948, being limited to fractions. Features of
strength have been the obligations of the Denver & Rio
Grande Western, the 5s, 1955, advancing from 24 to 283/2,
the 5s, 1978, from 30% to 33, and the 4s, 1936, from 47 to
493. Northern Ohio 5s, 1945, gained 6 points, from 29 to
35. Obligations of the Chicago, Milwaukee, St. Paul &
Pacific were extremely active, particularly the 5s, 1975, and
5s, 2000. The net changes, however, were small. Developments affecting the railroad bond market included further
improvement in traffic as measured by carloadings and incications of May earnings larger than those of April and of
May, last year. Railroad management is now contemplating a move for further reduction in wages at a meeting between executives and employees to be held in July.
After exhibiting strength in the early part of the week,
utility bonds wavered somewhat on Wednesday and turned
soft on Thursday. Speculative issues and those in the lower
investment groups of course have been the leaders on both the
up and the down sides. International Tel.& Tel.bonds have
been quite conspicuous in these movements. In the general
weakness on Thursday, New York Traction bonds moved
contrary to the trend owing to renewal of unification proposals. High grade issues held up well. Net changes for the
week on some of the leading issues have been as follows:
Pacific Gas & Electric 432s, 1957, from 943 to 95, Central
3
Power & Light 5s, 1956, from 603/ to 55%, Interstate
Power 5s, 1957, from 553' to 574, and International Tel.
3
& Tel. 5s, 1955, from 47M to 45%.
The reaction in the latter part of the week canceled earlier
gains for industrial bonds and fractional losses on the average
in many active issues are evident compared with a week
earlier. A few broader declines have been witnessed while some
bonds have remained untouched in the decline. Steels have
held well, National Steel 5s closing above a week earlier, as
does Bethlehem obligations, others showing fractional declines. Tire and rubber issues have been steady. Oils
show mainly fractional to one-point changes. United Drug
5s, off 9'A to 61, have been a weak feature, reflecting various
new rumors on this company and its affiliates.
In contrast to the wide fluctuations of the past few weeks,
activity in the foreign bond market during the week ended
June 16 has been confined, with few exceptions, to minor
movements. Among the outstanding features has been
the upward swing of the German Government 5Ms and 7s,
presumably under the assumption that these issues will be
exempt from the recently declared moratorium. Salvador
bonds have been strong following the announcement that an
agreement has been reached whereby 20% of customs revenues will be applied to external debt service. The Haiti 6s
have been one of the wearket spots in the list, falling some 8
points, establishing a new low for the year. The obligations
of the Republic of Finland have advanced several points.
Moody's computed bond prices and bond yield averages
are given in the tables below:
MOODY'S BOND YIELD AVERAGES.?
(Bated on ledisidual Closing Prices.)
MOODY'S BOND PRICES.*
(Based on Average Yields).
1933
Daily
AVIIMPU.
June 16
15
14
13
12
10
9
8
7
6
5
3
2
1
MatlyMay 26
19
12
5
Apr. 28
21
14
13
7
1
Mar.24
17
3
Feb. 24
17
10
3
Ian. 27
20
13
6
4153
Financial Chronicle
Volume 136
AG
120
120 Downes by Ratings.
120 Domestics
by Groups
P. U. Indus.
Sic.
Aaa.
Aa.
.
A
Bea.
RR.
86.77
86.91
87.04
87.17
87.04
86.77
86.64
86.51
86.38
86.12
86.25
85.99
85.87
85.35
105.20
105.03
104.85
104.68
104.68
104.33
104.16
104.33
104.16
103.99
104.16
103.99
103.82
103.82
93.85
93.85
93.99
94.14
94.14
94.43
94.43
94.58
94.58
94.29
94.14
94.14
93.99
93.55
83.60
83.72
83.85
83.85
83.72
83.60
83.48
83.48
83.60
83.11
83.23
82.87
82.87
82.02
70.43
70.81
71.00
71.29
71.00
70.52
70.15
69.77
69.31
69.13
69.40
69.31
68.94
68.9
85.61
85.74
85.87
86.12
85.99
85.87
86.12
86.38
86.12
85.99
86.12
85.99
85.61
84.85
82.50
82.74
82.87
82.99
82.74
82.50
81.90
81.66
81.54
81.18
81.30
81.42
81.18
80.84
92.68
92.68
92.68
92.82
92.82
92.53
92.25
91.96
91.81
91.53
91.67
91.25
91.11
90.83
85.10 103.99
84.10 103.32
82.74 102.30
79.68 99.36
77.11 99.68
74.67 97.78
93.26
92.25
90.55
87.30
85.35
83.35
Stock
85.87
85.10
85.48
87.83
89.17
85.48
89.31
90.83
92.68
92.53
92.39
91.81
92.25
90.69
94.58
82.99
89.72
71.38
81.78
80.72
79.34
76.67
74.46
72.16
Excha
73.95
72.65
72.85
75.82
77.33
72.06
76.25
79.45
81.54
80.49
81.18
81.07
81.90
79.34
83.85
71.87
7885
54.43
68.04 84.47
66.98 83.35
65.62 81.66
62.56 78.55
58.32 74.36
55.73 71.38
nge Clo sed.
54.80 71.09
53.28 70.62
53.88 71.38
57.24 73.65
58.52 74.57
54.18 69.59
57.98 73.15
60.60 75.50
62.48 77.77
61.34 76.25
62.95 76.25
63.11 75.09
64.31 75.71
81.58 71.96
71.29 86.38
53.16 69.59
67.88 78.99
37.94 47.58
80.84
80.14
79.11
75.92
74.05
72.06
90.27
89.31
87.69
84.85
83.35
81.30
74.67
73.25
73.35
78.10
80.49
76.35
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
71.96
87.69
65.71
81.90
79.91
80.14
82.14
82.74
78.44
83.11
84.97
86.25
85.48
88.38
86.64
87.56
86.38
92.82
78.44
85.61
62.09
76.67
59.72
70.52
66.21
75.61
74.46
74.77
77.88
79.11
74.67
78.77
81.30
83.23
82.88
83.11
82.99
83.85
81.68
87.17
74.15
32.62
57.57
100.00
99.84
99.52
101.64
102.30
99.04
102.98
106.51
105.89
105.37
105.54
105.03
105.54
104.85
106.07
97.47
103.99
86.81
HUM 1933
Low 1933
High 1932
Low 1932
Year Ago
June 16 1932
63.82 90.55
Two Years Ago
June 17 1931
88.10 106.96
44.25
56.25
AU
120 Domestics by Ratings
120
1933
DomesDaily
Baa.
A.
Aa.
den.
As/rages. tie.
June 16__
is...
14__
13__
I2__
10__
s__
5--
Weekly
May 26..
19_.
12._
Apr. 28._
21_ _
14_ _
13_ _
Mar.24__
17__
Feb. 24._
I7__
10__
Jan. 27-20...
13_
6._
5.66
5.65
5.64
5.63
5.64
5.66
5.67
5.68
5.69
5.71
5.70
5.72
5.73
5.77
4.44
4.45
4.46
4.47
4.47
4.49
4.50
4.49
4.50
4.51
4.50
4.51
4.52
4.52
5.15
5.15
5.14
5.13
5.13
5.11
5.11
5.10
5.10
5.12
5.13
5.13
5.14
5.17
5.91
5.90
5.89
5.89
5.90
5.91
5.92
5.92
5.91
5.95
5.94
5.97
5.97
6.04
5.79
5.87
5.98
8.24
6.47
6.70
4.51
4.55
4.61
4.79
4.77
4.89
5.19
5.26
5.38
5.62
5.77
5.93
6.61
6.72
6.69
6.49
6.29
6.70
6.32
6.10
5.94
6.81
5.95
5.96
5.89
6.07
5.63
6.75
5.99
8.74
4.75
4.76
4.78
4.65
4.61
4.81
4.57
4.48
4.40
4.43
4.42
4.45
4.42
4.40
4.39
4.91
4.51
5.75
5.73
5.79
5.76
5.58
5.48
5.76
5.47
5.36
5.23
5.24
5.25
5 29
5.26
5.37
5.10
5.96
5.44
7.03
6.06
6.15
6.27
6.51
6.72
6.95
Stock
6.77
6.90
6.88
6.59
6.45
6.96
6.55
6.26
ti.08
6.17
8.11
6.12
6.05
6.27
5.89
6.98
6.34
9.23
5.38
6.51
8.43
Low 1933
High 1933
Low 1932
High 1932
Yr. AgoJune16'32 7.89
2 Yrs.Atto
June17'31 • 5.56
120 Domestics
by Groups.
RR.
ao
For.
P. U. /fides. lice.
6.00
5.98
5.97
5.96
5.98
6.00
6.05
6.07
6.08'
6.11
6.10
6.09
6.11
6.14
5.23
5.23
5.23
5.22
5.22
5.24
5.26
5.28
5.29
5.31
5.30
5.33
5.34
6.36
9.68
9.58
9.60
9.57
9.69
9.80
9.78
9.71
9.77
9.78
9.72
9.62
9.62
9.68
6.14
5.84
7.39
6.20
5.93
7.51
6.29
6.07
7.67
6.58
6.34
8.05
6.76
6.73
8.63
6.96
7.03
9.02
Exe.ha nge Clo MM.
6.70
7.06
9.17
6.84
7.11
9.42
6.83
7.03
9.32
6.38
6.80
8.79
6.17
6.71
8.60
6.54
7.22
9.27
6.16
6.85
8.68
6.89
6.62
8.31
6.41
5.72
8.06
6.55
5.72
8.21
5.60
6.55
8.00
5.55
6.66
7.98
5.48
6.60
7.83
6.97
5.55
8.18
5.69
5.47
7.04
8.97
7.22
9.44
6.30
5.59
7.41
7.68
12.96 10.49
5.40
5.47
6.59
5,81
5.93
6.10
9.66
10.08
10.07
9.89
1020
10.58
6.05
6.22
6.20
6.03
5.98
6.35
6.95
5.80
5.70
5.76
5.69
5.67
5.60
5.69
5.22
6.35
5.75
8.11
10.83
11.02
10.80
10 76
7.60
14.17
7.13
7.09
7.07
7.04
7.07
7.12
7.16
7.20
7.25
7.27
7.24
7.25
7.29
7.34
11.23
5.75
5.74
5.73
5.71
5.72
5.73
5.71
5.69
5.71
5.72
5.71
5.72
5.75
5.81
8.94
7.12
11 19
11.ut
0
111.4
10.05
10.20
9.83
9.85
9.82
9.98
9.57
11.19
9.86
15.83
7.47
99.52
show either
• Nots.-These prices are computed from average yield on the basis of one "Meal" bond 4)(% coupon. maturing In 31 years) and do not purport to the relative
the average level or the average movement of actual price quotations. They merely serve to Illustrate in a more comprehensive way the relative levels and
movement of yield averages, the latter being the truer picture of the bond market.
Moody's index of bond Micce
t The last complete Ilst of bonds used In (=outing these indexes was published in the -Chronicle" on Jan. 14 1933. page 222. For
by months back to 1928, refer to the "Chronicle" of Feb.6 1932. page 907.
85.74
68.22
86.64
95.48
82.99
4.34
4.78
5.74
7.37
5.67
5.04
5.96
Text of Wagner Bill as Enacted into Law Establishing National
Employment System Under Department of Labor.
As we indicated in our issue of June 10, page 4016, President Roosevelt signed on June 6, the Wagner bill, passed by
Congress, establishing a National employment system under
the Department of Labor. The act provides for a coordinated system between the Federal Government and the
States for the establishment of employment agencies and
authorizes an appropriation of $1,500,000 for the next fiscal
year and $4,000,000 annually thereafter. The following is
the text of the new law:
[S. 510]
AN ACT
To provide for the establishment of a National employment system and for
co-operation with the States in the promotion of such system, and for
other purposes.
Be it enacted by the Senate and 1101148 of Representatives of the United
States of America in COnoress assembled, That (a) in order to promote the
establishment and maintenance of a National system of public employment
offices there is hereby created in the Department of Labor a bureau to be
known as the United States Employment Service, at the head of which shall
be a Director. The Director shall be appointed by the President, by and
with the advice and consent of the Senate, and shall receive a salary at the
rate of $8,500 per annum.
(b) Upon the expiration of three months after the enactment of this
Act the employment service now existing in the Department of Labor shall
be abolished; and all records, files, and property (including office equipment) of the existing employment service shall thereupon be transferred to
the United States Employment Service; and all the officers and employees
of such service shall thereupon be transferred to the United States Employment Service created by this Act without change in classification or compensation.
See. 2. The Secretary of Labor is authorized, without regard to the
civil service laws, to appoint and, without regard to the Classification Act
of 1923, as amended, to fix the compensation of one or more assistant
directors and such other officers, employees, and assistants, and to make
such expenditures (including expenditures for personal services and rent
at the seat of Government and elsewhere and for law books, books of reference, and periodicals) as may be necessary to carry out the provisions of
this Act. In case of appointments for service in the veterans' employment
service provided for in Section 8 of this Act, the Secretary shall appoint
only veterans of ware of the United States.
Sec. 3. (a) It shall be the province and duty of the bureau to promote
and develop a National system of employment offices for men, women, and
juniors who are legally qualified to engage in gainful occupations, to maintain a veterans' service to be devoted to securing employment for veterans,
to maintain a farm placement service, to maintain a public employment
service for the District of Columbia and, in the manner hereinafter provided,
to assist in establishing and maintaining systems of public employment
offices in the several States and the political subdivisions thereof in which
there shall be located a veterans' employment service. The bureau shall
also assist in co-ordinating the public employment offices throughout the
country and in increasing their usefulness by developing and prescribing
minimum standards of efficiency, assisting them in meeting problems
peculiar to their localities, promoting uniformity in their administrative
and statistical procedure, furnishing and publishing information as to opportunities for employment and other information of value in the operation of the system, and maintaining a system for clearing labor between the
several States.
(b) Whenever in this Act the word "State" or "States" is used it shall
be understood to include the Territories of Hawaii and Alaska.
Sec. 4. In order to obtain the benefits of appropriations apportioned
under Section 5, a State shall, through its legislature, accept the provisions
of this Act and designate or authorize the creation of a State agency vested
with all powers necessary to co-operate with the United States Employment
Service under this Act.
Sec. 5. (a) For the purpose of carrying out the provisions of this Act
there is hereby authorized to be appropriated (1) the sum of $1,500,000 for
the fiscal year ending June 30 1934, (2) $4,000,000 for each 'fiscal year
thereafter up to and including the fiscal year ending June 30 1938, (3) and
thereafter such sums annually as the Congress may deem necessary. Seventyfive per centum of the amounts appropriated under this Act shall be apportioned by the Director among the several States in the proportion which
Financial Chronicle
4154
their population bears to the total population of the States of the United
States according to the next preceding United States census, to be available
for the purpose of establishing and maintaining systems of public employment offices in the several States and the political subdivisions thereof in
accordance with the provisions of this Act. No payment shall be made in
any year out of the amount of such appropriations apportioned to any State
until an equal sum has been appropriated or otherwise made available for
that year by the State, or by any agency thereof, including appropriations
made by local subdivisions, for the purpose of maintaining public employment offices as a part of a State-controlled system of public employment
offices; except that the amounts so appropriated by the State shall not be
less than 25% of the apportionment according to population made by the
Director for such State for the current year, and in no event less than $5,000.
The balance of the amounts appropriated under this Act shall be available
for all the purposes of this Act other than for apportionment among the
several States as herein provided.
(b) The amounts apportioned to any State for any fiscal year shall be
available for payment to and expenditure by such State, for the purpose
of this Act, until the close of the next succeeding fiscal year; except that
amounts apportioned to any State for any fiscal year preceding the fiscal
year during which is commenced the first regular session of the legislature
of such State held after the enactment of this Act shall remain available
for payment to and expenditure by such State until the close of the fiscal
year next succeeding that in which such session is commenced. Subject to
the foregoing limitations, any amount so apportioned unexpended at the
end of the period during which it is available for expenditure under this
Act shall, within 60 days thereafter, be reapportioned for the current fiscal
year among all the States in the same manner and on the same basis, and
certified to the Secretary of the Treasury and Treasurers of the States in the
same manner, as if it were being apportioned under this Act for the
first time.
Sec. 6. Within 60 days after any appropriation has been made under
authority of this Act, the Director shall make the apportionment thereof
as provided in Section 5 and shall certify to the Secretary of the Treasury
and to the Treasurers of the several States the amount apportioned to each
State for the fiscal year for which the appropriation has been made.
Sec. 7. Within 60 days after any appropriation has been made under the
authority of this Act, and as often thereafter while such appropriation
remains available as he deems advisable, the Director shall ascertain as to
each of the several States (1) whether the State has, through its Legislature
or its Governor, as the case may be, accepted the provisions of this Act
and designated or authorized the creation of an agency to co-operate with
the United States Employment Service in the administration of this Act in
compliance with the provisions of Section 4 of this Act; and (2) the
amounts, if any, which have been appropriated or otherwise made available
by such State and by any agency thereof, including appropriations made by
local subdivisions, in compliance with the provisions of Section 5 of this
Act. If the Director finds that a State has complied with the requirements
of such Sections, and if plans have been submitted and approved in compliance with the provisions of Section 8 of this Act, the Director shall deter-mine the amount of the payments, if any, to which the State is entitled under
-the provisions of Section 5, and certify such amount to the Secretary of the
Treasury. Such certificate shall be sufficient authority to the Secretary
of the Treasury to make payments to the State in accordance therewith.
Sec. 8. Any State desiring to receive the benefits of this Act shall, by
the agency designated to co-operate with the United States Employment
Service, submit to the Director detailed plans for carrying out the provisions of this Act within such State. In those States where a State Board,
Department, or Agency exists which is charged with the administration of
State laws for vocational rehabilitation of physically handicapped
persons,
such plans shall include provision for co-operation between such Board,
Department, or Agency, and the agency designated to co-operate with the
United States Employment Service under this Act. If such plans are in
conformity with the provisions of this Act and reasonably appropriate and
adequate to carry out its purposes, they shall be approved by the
Director
and due notice of such approval shall be given to the State Agency.
1
Sec. 9. Each State Agency co-operating with the United States Employment Service under this Act shall make such reports concerning its operations and expenditures as shall be prescribed by the Director. It shall be
the duty of the Director to ascertain whether the system of public employment offices maintained in each State is conducted in accordance with
the rules and regulations and the standards of efficiency prescribed by the
Director in accordance with the provisions of this Act. The Director may
revoke any existing certificates or withhold any further certificate provided
for in Section 7, whenever he shall determine, as to any State, that the
co-operating State Agency has not properly expended the moneys paid to it
or the moneys herein required to be appropriated by such State, in accordance with plans approved under this Act. Before any such certificate shall
be revoked or withheld from any State, the Director shall give notice in
writing to the State Agency stating specifically wherein the State has failed
to comply with such plans. The State Agency may appeal to the Secretary
of Labor from the action of the Director in any such case, and the Secretary
of Labor may either affirm or reverse the action of the Director with such
directions as he shall consider proper.
Sec. 10. During the current fiscal year and the two succeeding fiscal
years the Director is authorized to expend in any State so much of the
sum apportioned to such State according to population, and so much of the
unapportioned balance of the appropriation made under the provisions of
Section 5 as he may deem necessary, as follows:
(a) In States where there is no State system of public employment
offices, in establishing and maintaining a system of public employment
offices under the control of the Director.
(b) In States where there is a State system of public employment offices,
but where the State has not complied with the provisions of Section 4, in
establishing a co-operative Federal and State system of public employment
offices to be maintained by such officer or Board, and in such manner as
may be agreed upon by and between the Governor of the State and the
Director.
The authority contained in this Section shall terminate at the expiration
of the period specified in the first paragraph of this Section, and thereafter
no assistance shall be rendered such States until the Legislatures thereof
provide for co-operation with the United States Employment Service as
provided in Section 4 of this Act.
Sec. 11. (a) The Director shall establish a Federal Advisory Council
composed of men and women representing employers and employees in equal
numbers and the public for the purpose of formulating policies and discussing problems relating to employment and insuring impartiality, neutrality, and freedom from political influence in the solution of such problems. Members of such Council shall be selected from time to time in
such manner as the Director shall prescribe and shall serve without compensation, but when attending meetings of the Council they shall be allowed
necessary traveling and subsistence expenses, or per diem allowance in lieu
thereof, within the limitations prescribed by law for civilian employees in
the executive branch of the Government. The Council shall have access to
all files and records of the United States Employment Service. The director
shall also require the organization of similar State Advisory Councils composed of men and wcinen representing employers and employees in equal
numbers and the public.
(b) In carrying out the provisions of this Act the Director is authorized
and directed to provide for the giving of notice of strikes or lockouts to
applicants before they are referred to employment.
Sec. 12. The Director, with the approval of the Secretary of Labor, is
hereby authorized to make such rules and regulations as may be necessary
to carry out the provisions of this Act.
Sec. 13. The Postmaster-General is hereby authorized and directed to
extend to the United States Employment Service and to the system of ernployment offices operated by it in conformity with the provisions of this
Act, and to all State employment systems which receive funds appropriated
tinder authority of this Act, the privilege of free transmission of official
mail matter.
Approved June 6 1933.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, June 16, 1933.
There is still voluminous and cumulative evidence that the
country is doing better. The prospects for success at the
World Economic Conference appear to be good. And the
Industrial Recovery Bill is expected to help trade materially.
Both wholesale and retail business continues to improve, although the movement forward is at a slower pace. Employment is increasing and wages are rising. Mills and factories
are doing a better business. Steel production increased to 47%
of capacity and electric power output is still mounting. Railroad loadings are larger than last year and there is a gain in
coal output as compared with a year ago. Stocks and commodities,though of late weaker,have been active. Textiles,
such as cotton, woolen and worsteds show further improvement. There is a general repricing of stocks by retailers
who for many weeks have been selling far below replacement
costs. There has been a good business in shoes, furniture
and rugs in spite of higher prices. The price is no longer a
factor. What the consumer wants is quality.
Automobile sales in May exceeded those of the same month
last year. Electric ranges and washing machines have
been in good demand. The recent cold sped did not affect
the sale of summer sportwear. In men's wear, tropical
worsted suits, linen knickers, slacks and non-transparent
white serge trousers have been in best demand. In the wholesale line women's apparel has been the most active. Sales
of men's work clothing have been the largest in two years
June 17 1933
and stocks are near the vanishing point. Orders for clothing
and garments for fall delivery are the largest in years.
Lumber production is increasing, but is not sufficient to
keep up with orders. The brewing industry is operating at
capacity. The glass industry shows improvement. In
the Chicago district the steel ingot operations continued at
42% of capacity. Implement makers and the automobile
industry were good buyers.
In the stock market, stocks on the 12th inst. advanced
on the average nearly 3 points, with transactions of 5,812,000
shares. The course of foreign exchange influenced the
market to a great extent. The dollar again was lower.
Considerable pessimism enveloped the opening of the World
Economic Conference, but at the close of the day the feeling
was more hopeful. Bonds were higher. On the 13th inst.,
stocks after being strong most of the session turned downward
late in the day with such leaders as American Telephone,
Allied Chemical, United States Steel, American Sugar,
American Can, Corn Products, Consolidated Gas, J. I.
Case and du Pont under particularly heavy pressure. Trading was active, the transactions totaling 6,303,780 shares.
On the other hand there were some stocks that showed advances, including Union Pacific, Central of New Jersey,
Norfolk, General Mills and Johns-Manville.
On the 14th inst. stocks were very weak early, but rallied
towards the close and ended irregularly lower after trading in
5,548,345 shares. The late decline in the dollar after early
weakness and some recovery in grain and cotton helped
steady the market. Stop loss orders were caught on the
decline. Public utility issues and rails averaged 1 to 2 points
lower, and declines were general in such stocks as oils, coppers
foods, chemicals and motors. Bonds were weak most of the
day, but rallied with stocks in the late trading, especially the
low-grade issues. Sales were $15,000,000.
On the 15th inst. stocks declined anywhere from 1 to 7
points with U. S. Steel, American Can, American Telephone,
American Smelting, American Sugar, Auburn Consolidated
Gas, Atchison, Delaware & Hudson, Union Pacific and
Lackawanna under heavy pressure. Contributing factors
in the decline were the proposed measures by France, England and the United States to secure at least temporary
monetary stabilization during the London parley, weaker
grain and cotton markets and a rise in the dollar. The sales
reached 4,892,780 shares. Bonds were irregular with sales
of $11,900,000.
To-day securities, both stocks and bonds, after early weakness turned and rallied briskly towards the end. Trading
was active with some 5,710,376 shares being sold. Another
dip in the dollar on denial that the United States was entering
an agreement for currency stabilization and the adjournment
of Congress brought in considerable buying. However the
close was slightly under that of the previous day with pivotal
shares 1 to 2 points lower.
As to the weather, over the week end it was very warm
with a heavy electrical storm early Saturday morning. On
the 12th inst. temperatures here were 73 to 90 degrees.
Lower temperatures prevailed in the Lake region, the Ohio
and middle Southern Plain States, Oklahoma and Northwestern Texas. On the 13th inst. the temperatures dropped
to 61 to 68 degrees at New York. Showers occurred in the
Atlantic and Gulf States, and cooler conditions were reported from the Mississippi River eastward to the Atlantic
Coast. It was warmer over the Canadian Northwest. Here
on the 14th inst. it was much cooler with the temperatures
50 to 65 degrees. It was warmer in the plain States, the
upper Mississippi Valley and upper Lake region. It was 47
to 68 degrees here on the 15th inst. In the Ohio Valley,
the southern lake region, the upper and lower Mississippi
Valleys, the plain States and in the interior of the Middle
Atlantic and North Atlantic States the weather was warmer.
Baltimore had 50 to 72 degrees; Boston, 48 to 64; Chicago,
46 to 76; Cleveland,48 to 66; Detroit, 50 to 64; Kansas City,
'62 to 88; Los Angeles, 58 to 80; Milwaukee, 52 to 84; Montreal, 50 to 68; Oklahoma City, 58 to 100; Phoenix, 78 to
104; Pittsburgh, 4() to 68; Portland, Me.,48 to 66; Portland,
Ore., 58 to 76; Salt Lake City, 68 to 94; San Francisco, 42
to 60; Savannah, 60 to 78; Seattle, 54 to 74; St. Louis, 56
to 80, and Winnipeg, 54 to 84.
Moody's
Daily Index
of Staple Commodity
Rises Sharply, Then Falls.
Prices
Prices of the chief raw commodities, as mirrored by
Moody's Daily Index of Staple Commodity Prices, have
been influenced largely by legislative and political developments and advanced to new high levels during the first half
of the week under review, declining sharply afterward. A
high point of 123.8 was reached on Wednesday, representing
an advance of 57.3% from the low of February. The close
was at 120.1, a loss of 1.5 for the week.
Of the fifteen commodities comprising the Index, seven
declined in price, four advanced, while copper, lead, cotton
and coffee were unchanged. A decline of over 1 cent a pound
in rubber was the most important single change, with hides,
sugar, wheat, cocoa, silk and silver also contributing to the
decline. Hogs, scrap steel, wool and corn advanced moderately.
The movement of the Index number during the week, with
comparisons, is as follows:
June 9
Fri.
June 10
Sat.
Mon. June 12
Tues. June 13
Wed. June 14
Thurs. June 15
June 16
Fri.
121.6
122.7
123.7
123.8
121.8
120.1
120.1
2 wks. ago. June 2
Month ago, May 16
Year ago, June 18
19321High, Sept. 6
Low, Dec. 31
1933 High, June 13
Low, Feb. 4
120.9
115.3
81.2
103.9
79.3
123.8
78.7
Loading of Railroad Revenue Freight Continues
Ahead of 1932.
The first 15 roads to report loadings on lines for the week
ended June 10 1933 had a total of 243,620 ears, as compared
with 219,392 cars in the previous week (which included
Memorial Day) and 214,939 cars in the corresponding period
in 1932. Included among the railroads showing substantial
increases over the same week a year ago were the Pennsyl-
4155
Financial Chronicle
Volume 136
vania System and the New York Central Lines. Comparative tables follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Reed from Connections.
Loaded on Lines.
Weeks Ended.
Ateh. Top. & Santa Fe
Chesapeake & Ohio RY
Chicago Burlington dr Quincy RR.
Chicago M.St. P.& P. By
Chicago d: Northwestern Ry
Chicago R. I. & Pacific By
Gulf Coast Linos & subs
International Great Northern_
Missouri-Kansas-Texas Lines_ _ _
Missouri Pacific RR
New York Central Lines
Norfolk & Western Ry
Pennsylvania System
Pere Marquette By
Wabash By
June 10 June 3 June 11 June 10 June 3 June 11
1933. 1933. 1932. 1933. 1933. 1932.
18,312
19,855
13,919
17,292
14,574
12,791
1,543
4,888
4,736
12,850
41,164
16,665
55,407
4,748
4,876
16,218
17,477
12.451
15,740
13,428
12,320
1,731
4,382
4,155
11,970
36,894
15,277
48,701
4,243
4,405
18.457 3,858 3,772 3,152
15,404 8,376 7,871 5,372
12,843 5,849 5,570 4,674
14,919 6.000 5,761 5,525
13,125 7,754 7.332 6,028
13.053 7,753 7,577 7,292
946 1,127
2,443
865
1,769 1.402 1,442 1,573
4,537 1,981 1,922 2,315
11,728 7,160 6.963 6.189
34,443 51,074 47,235 43.787
12,537 4.010 3.603 3,119
50,340 34,492 30,895 29,105
4,362
•
4,979 6,868 6,312 6,179
243,620 219.392 214,939 147,442 137,201 125,437
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Weeks Ended
Illinois Central System
St. Louis-San Francisco By
Total
June 10
1933.
June 3
1933.
June 11
1932.
23,941
12,341
22,666
11,231
22,677
11,385
36,282
33,897
34,062
Loading of revenue freight for the latest full week-that is,
-totaled 508,234 cars, acfor the week ended on June 3
cording to figures compiled by the Car Service Division of
the American Railway Association. This was a decrease of
33,075 cars below the preceding week. It was, however, an
increase of 60,822 cars above the same week in 1932, but a
decrease of 252,850 cars under the same week in 1931. Both
1933 and 1932 includes Memorial Day holiday. Comparisons showed that all commodities for the week of June 3
showed increases over the corresponding week last year with
the exception of merchandise less than carload lot freight.
Details for the week ended June 3 1933 follows:
Miscellaneous freight loading for the week of June 3 totaled 196.382 cars,
a decrease of 11,009 cars under the preceding week, but an increase of
26,196 cars above the corresponding week in 1932. It was, however, a
'decrease of 110,615 cars under the same week in 1931.
Loading of merchandise less than carload lot freight totaled 147.992
cars, a decrease of 18,412 cars under the preceding week, 6,818 cars below
the corresponding week last year and 76,039 cars under the same week
two years ago.
Grain and grain products loading for the week totaled 34,204 cars, a
decrease of 135 cars below the preceding week, but 10,899 cars above
the corresponding week last year. It was however, 225 cars below the
same week in 1931. In the western districts alone, grain and grain products
loadings for the week ended June 3 totaled 24,423 cars, an increase of 10,075
cars above the same week last year.
Forest products loading totaled 22,783 cars, 174 cars above the preceding
week, and 6,364 cars above the same week in 1932, but 10,392 cars belew
the corresponding week in 1931.
Ore loading amounted to 8,517 cars, a decrease of 1,582 cars below the
week before, but an increase of 6,332 cars above the corresponding week in
1932. It Was, however, a decrease of 22,233 cars below the same week
in 1931.
Coal loading amounted to 78,632 cars, a decrease of 2,283 cars below the
preceding week, but an increase of 15,536 cars above the corresponding
week in 1932. It was, however, a decrease of 29,052 cars below the same
week in 1931.
Coke loading amounted to 4,591 cars,454 cars above the preceding week.
and 1,580 cars above the same week last year, but 1,368 cars below the
same week two years ago.
Live stock loading amounted to 15,133 cars, a decrease of 282 cars below
the preceding week, but an increase of 733 cars above the same week last
year. It was, however, a decrease of 2,926 cars below the same week two
years ago. In the western districts alone, loading of live stock for the week
ended on June 3 totaled 11,561 cars, an increase of 855 cars compared
with the same week last year.
All districts reported increases in the total loading of all commodities
compared with the same week in 1932. All districts reported reductions
compared with the same week in 1931.
Loading of revenue freight in 1933 compared with the two previous years
follows:
1931.
1932.
1933.
2.873,211
2,266,771
Four weeks in January
1,910,496
2,243,221
2,834,119
Four weeks in February
1,957,981
2,936.928
Four weeks in March
2,280.837
1,841,202
2.774,134
3,757,863
Five weeks in April
2,504,745
2,958,784
Four weeks in May
2.088.088
2,127.841
447,412
761.084
Week ended June 3
508,234
Total
10.850.499
12,100,463
16,121,989
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended June 3. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the-week ended
May 27. During the latter period a total of 77 roads showed
increases over the corresponding week last year, the most
important of which were the Pennsylvania System, the
Baltimore & Ohio RR., the Southern Ry. System, the New
York Central RR., the Chicago Milwaukee St. Paul &
Pacific Ry., the Chesapeake & Ohio Ry., the Louisville &
Nashville RR.,the Norfolk & Western Ry.,and the Erie RR.
June 17 1933
Financial Chronicle
4156
-WEEK ENDED MAY 27.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
Railroads.
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
1932.
1931.
1933.
1,281
2,915
7,644
1,175
2,479
10,200
675
1,735
2,830
7,477
707
2,616
10,415
617
1,282
3,339
8,996
781
3,207
12,386
583
324
4,438
9,286
2,618
2,111
10,741
975
293
4,293
9,637
1,996
2,511
9,623
1,171
26.369
26.397
30,574
30,493
29,524
4,566
7,839
10,908
173
1,309
7,017
1,754
18,228
1,640
238
267
4,599
7,917
10,860
179
1,274
7,016
973
17,349
1,805
444
286
7.882
10,829
14.089
199
2,022
9,511
2,025
22,790
1,924
532
366
5,849
5,189
12,459
1,651
828
6,345
66
23,381
1,902
32
172
6.166
5,056
11.141
1,625
885
6,155
26
21,724
1,841
41
268
53,939
52.702
72,169
57.874
54,928
454
1,229
7,328
30
297
284
1,450
3,545
6,909
3,201
4,146
4,863
4,393
1,191
4,876
3,710
509
1,332
7,307
29
249
154
1,979
2.503
5,928
3,218
4.130
4,422
3,260
891
5,189
1,945
508
2,114
8,728
57
618
309
1,945
4,536
7,503
3,128
4,830
5,695
5,149
1,475
5,989
3,543
853
1,710
8,962
41
87
1,822
679
5,067
7,024
209
6.900
3,598
4,269
734
6,155
2,246
808
1.595
8,159
44
87
1,317
896
4,828
6,020
250
6,954
2,931
3,330
552
6,935
1,780
47,906
43,045
56,127
50,356
Grand total Eastern District... 128,214
122,144
168,870
138,723
24,076
1,662
195
4,703
659
209
66
987
52,539
10,372
4,082
34
2,689
23,012
759
97
6,010
4
186
59
1,129
52.498
11,435
3,836
47
2,809
29,695
4,159
185
8,914
3
291
130
1,214
69,633
16,014
7,429
42
3,060
12.439
1,375
5
9,343
35
26
9
2,264
32,604
13,533
1,445
102,273
101,881
140,769
76,507
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & Hartford
Rutland
Total
Group B:
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Pittsburgh & Shawmut
Pitts. Shawmut &Northern
Total
Group C:
Ann Arbor
Chicago Ind. & Louisville
Cleve. Um Chic. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore LineDetroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis_
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling & Lake Ede
Total
Allegheny DistrictBaltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Central RR.of New Jersey....
Cornwall
Cumberland & Pennsylvania...
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup A:
Atlantic Coast Line
Cllnchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air Line
Southern System
Winston-Salem Southbound-
3,429
1933.
1932.
1933.
Group B:
Alabama Tenn. & Northern_
Atlanta Birmington & Coast._
At!.& W.P.
-West.RR.of Ma
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
New Orleans-Great Northern
Tennessee Central
17,642
14,052
901
2,754
17,081
11,689
1,023
2,494
20,751
17,840
1.330
3,583
7,892
3,343
1,023
502
6,050
2,910
941
451
35,349
32,287
43,504
12,760
10,352
8,664
924
522
152
43
1,474
536
342
6,780
18.295
165
7,832
694
468
120
54
1,5•0
448
333
6,462
16.846
156
11,815
1,366
859
130
59
2,245
595
498
9,417
23,269
190
3,894
1,252
781
270
71
974
813
4,150
2,787
10,847
660
3,421
892
589
203
51
776
574
3,766
2,325
8,024
632
50.443
26,499
34,983
21,253
37,897
Total
•Figures of preceding week. x Estimated. y Includedn Gulf 00551 LInes.
Slight Increase Noted in Wholesale Price Index of
United States Department of Labor for Week Ended
June 10.
The Bureau of Labor Statistics of the U. S. Department
of Labor announces that its index number of wholesale prices
for the week ended June 10 stands at 64.0 as compared with
63.8 for the week ended June 3, showing an increase of
approximately 0.3 of 1%. The Bureau continued:
These index numbers are derived from price quotations of 784 commodities, weighted according to the importance of each commodity and
based on average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ended May 13, 20, 27 and June 3 and 10, 1933.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF MAY 13,
20, 27 AND JUNE 3 AND 10 1933.
(1926=100.0)
1932.
1931.
142
611
596
3,616
.228
651
880
331
759
15,085
15,129
122
155
1,856
2,841
573
312
195
580
535
2,830
175
571
832
284
640
16.578
13,202
146
120
1,685
2,666
500
343
245
775
677
4,240
299
937
1,123
440
927
21,164
21,626
141
227
2,225
3,311
999
657
1932.
1033.
155
600
950
2,074
159
449
1,275
278
719
8,325
3,451
310
236
1,314
2,207
332
415
128
531
787
1,630
165
388
950
212
694
6.815
2,802
284
174
1,091
1,565
264
389
43,890
41,882
60,013
23,249
18,869
Grand total Southern Distrfct._
81,787
76,865
110,456
49.748
40,122
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific.
Chic. Bt. Paul Minn.& Omaha.
Duluth Missabe & Northern...
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul & 5. 5. Marie..
Northern Pacific
Spokane Portland & Seattle_
782
14,137
2,222
16.889
3.665
3,896
270
3,767
317
8,354
507
1,965
4,065
7.171
1,013
1.618
13,390
2,289
15,489
3,085
554
485
3,227
294
7,014
507
1,962
3,652
7,333
1,217
1,467
20,190
2,787
19,806
3,943
10,966
973
4,956
307
10,531
635
2,509
5,249
8,804
1.175
1,712
7,499
2,220
5,825
3,089
58
357
3,833
128
1,798
297
1,298
1.667
2,026
1.283
1,464
6,267
1,735
5,524
2,678
78
325
2,825
128
1,931
325
1,123
1,842
1,948
835
69,020
62,116
94,298
33,070
29,028
17.315
2,813
168
13,334
11,567
1,973
688
•1,749
.312
1,058
425
89
13,990
249
370
9,521
248
1,053
18,361
3,369
139
13,692
12.412
2,229
640
1.273
155
1,056
537
211
14,844
260
347
10,321
151
1,165
24,587
3,358
224
17,596
15,894
2,572
1,069
1,933
459
1,066
605
232
18,590
322
259
12,852
146
1.235
4.080
1,405
33
5.382
5,535
1,698
896
1,912
5
724
198
94
3,217
255
905
6,641
4
1.367
3,465
1,678
15
4,672
6,229
1,560
562
1,413
16
668
240
20
3,212
196
636
5,118
3
1,010
76,922
81,162
102,999
34,351
30,713
189
124
105
2,325
152
116
136
2,723
271
182
165
x2,675
2.920
401
153
949
2,500
291
109
1.004
4,331
68
1,644
1,233
244
502
80
4.164
12,209
50
104
7,092
2.020
1,571
190
1,664
1,243
75
512
50
4,294
11,827
36
106
7,592
1,904
4,014
370
1,847
2,120
150
710
115
4,494
15,962
36
79
9,360
2,984
1,592
735
1,148
600
606
194
248
2,025
7,184
19
111
2.872
1,538
1,749
532
1,263
908
462
187
221
2,136
6,217
18
75
2,842
1,778
5,473
3,979
1,785
23
5.341
3,340
1,907
15
7,962
4,530
2,292
35
2,498
3.227
1,963
51
2,600
3,347
1.665
43
47,744
44,794
60,353
31.034
29.947
Total
Total
Central Western District
Atch. Top.& Santa Fe System.
Alton
46,286 Bingham & Garfield
Chicago Burlington & Quincy
130,738 Chicago Rock Island & Pacific_
Chicago & Eastern Illinois....
Colorado & Southern
• Denver & Rio Grande Western_
10,651 Denver & Salt Lake
598 Fort Worth & Denver City.1 Northwestern Pacific
8,744 Peoria & Pekin Union
39 Southern Pacific (Pacific)
13 St. Joseph dt Grand Island17 Toledo Peoria & Western
2,455 Union Pacific System
28,493 Utah
13,147 Western Pacific
483
1
Total
3,043
67,685
Total Loads Received
from Conner:Sims.
Total Revenue
Freight Loaded.
Railroads.
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
yHouston & Brazos Valley
International-Great Northern__
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield di Madison
Midland Valley
Missouri dr North ArkansasMissouri-Kansas-Texas Lines._
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
ySan Antonio Uvalde de Gulf..
Southern Pacific in Texas & La.
Texas & Pacific
Terminal RR. Assn.of St. Louis
Weatherford Min. Wells& N. W
Total
Electricity Production Up 7.4%.
For the sixth successive week output of electricity for the
week ended June 10 was greater than a year ago, the increase
being 7.4% over the week ended June 11 1932. Starting
with an increase of 0.5% for the week ended May 6 1933,
each succeeding week has shown a larger gain over the
corresponding week of 1932. The New England output was
14.5% larger than a year ago.
According to the Edison Electric Institute, output of
electricity by the electric light and power industry of the
United States for the week ended June 3 was 1,541,713,000
kwh., compared with 1,461,488,000 kwh. in the preceding
week and 1,435,471,000 kwh. in the same period in 1932.
The Institute's statement follows:
Week Ended
PER CENT CHANGES.
May 13. May 20. May 27. June 3. June 10.
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
All commodities
49.0
59.1
75.8
54.0
61.3
77.9
70.8
72.6
71.8
59.0
50.9
59.9
77.9
55.3
61.2
77.9
71.1
72.9
71.9
58.9
52.4
60.3
78.9
58.2
61.0
78.1
71.5
73.2
71.9
58.8
53.2
61.0
79.9
57.5
61.1
78.2
71.8
73.2
71.9
59.2
52.5
61.0
80.9
58.7
60.8
78.7
72.9
73.8
72.4
59.5
62.3
63.0
63.3
63.8
64.0
Major Geographic DivisionsNew England
Middle Atlantic
Central Industrial
Southern States
Pacific Coast
Week Ended
June 10 1933.
Week Ended
June 3 1933.
Week Ended
May 27 1933.
+14.5
+7.2
+10.0
+10.9
--5.3
+12.1
+7.1
+7.3
+12.9
-2.3
+11.2
+4.3
+5.4
+15.8
-7.3
+4.8
+7.4
+5.8
Total United States
-Specific information on the trend of electric power production is now
Note.
available for the Southern States through the addition of another geographic region
Financial Chronicle
Volume 136
In the weekly reports of electric power output. This major economic division includes the territory south of the Potomac and Ohio rivers and the States of Arkansas,
Oklahoma, Louisiana and Texas.
The region formerly described as the Atlantic Seaboard has been changed to the
"Middle Atlantic" area and includes the States of Maryland, Delaware, New
Jersey and the central and eastern portion of New York and Pennsylvania.
No changes have been made in New England, the Pacific Coast, or the Central
Industrial region which, as before, is outlined by Buffalo, Pittsburgh, Cincinnati,
St. Louis and Milwaukee.
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January, 1930, is as follows:
Week of-
1933.
Week of-
1933
Under
1932.
1931.
Week of-
1932.
1,495,116,000 Jan. 16 1,602,482,000 Jan, 17 1,716.822,000
1,484,089,000 Jan. 23 1,598,201,000 Jan. 24 1,712,786,000
1,469,636,000 Jan. 30 1,588,967,000 Jan, 31 1,687,160,000
1,454,913,000 Feb. 6 1,588,853,000 Feb. 7 1,679,016,000
1,482,509,000 Feb. 13 1,578,817,000 Feb. 14 1,683,712,000
1,469,732,000 Feb. 20 1,545,459,000 Feb. 21 1,680,029,000
1,425,511,000 Feb. 27 1,512,158,000 Feb. 28 1,633,353,000
1,422,875,000 Mar. 5 1,519,679,000 Mar. 7 1,684,125,000
1,390,607,000 Mar. 12 1,538,452,000 Mar. 14 1,676,422,000
1,375,207,000 Mar, 19 1,537,747,000 Mar. 21 1,682,437,000
1,409,655,000 Mar. 26 1,514,553,000 Mar. 28 1,689,407,000
1.402,142,000 Apr. 2 1,480,208,000 Apr. 4 1,679,764,000
1,399,367,000 Apr. 9 1,465,076,000 Apr. 11 1,647,078,000
1,409,603,000 Apr. 16 1,480,738,000 Apr. 18 1,641,253,000
1,431,095,000 Apr. 23 1,469,810,000 Apr. 25 1,675,570,000
1,427,960,000 Apr. 30 1 A54,505,000 May 2 1,644,437,000
1,435,707,000 May 7 1,429,032,000 May 9 1,637,296,000
1,468,035,000 May 14 1,436,928,000 May 16 1,654,303,000
1,483,090,000 May 21 1,435,731,000 May 23 1,644,783,000
1,493,923,000 May 28 1,425,151,000 May 30 1,601,833,000
1,461,488,000 June 4 1,381,452,000 June 6 1,593,662,000
1,541,113,000 June 11 1,435,471,000 June 13 1,621,451,000
June 18 1,441,532,000 June 20 1,609,931,000
June 25 1,440,541,000 June 27 1,634,935,000
July 2 1,456,961,000 July 4 1,607,238,000
001‘, 0 1 q.ai 720 Anil Tula, 11 1 R03 713 OM
a Increase over 1932.
DATA FOR RECENT MONTHS.
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
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
Joh, R
Month of-
1933.
1931.
1932.
January_ ___ 6,480,897,600 7,011,736,000
February.
__ 5,835,263,000 6,494,091,000
March
6,182,281,000 6,771,684,000
April
6,024,855,000 6,294,302,000
May
6,219,554,000
June
6,130,077,000
July
6,112,175,000
August
6,310,667,000
September.6,317,733,000
October _
6,633,865,000
November --6,507,804,000
December_
6,638,424,000
1930.
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
7,166,066,000
7,099,421,000
7,331,380,000
6,971,644,000
7,288,025,000
6.7%
7.1%
7.5%
8.4%
6.1%
4.5%
5.7%
6.4%
10.6%
6.9%
5.3%
4.5%
4.8%
2.6%
1.5%
80.5%
22.2%
23.3%
a4.5%
05.8%
a7.4%
___ _
1933
Under
1932.
Total
77L49 119 000 66 063 060000 RO 467 000 non
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%.
"Annalist" Monthly Index of Business Activity
Record Second Largest Gain on Record During
May.
The "Annalist" index of business activity for May shows
an increase of 7.3 points, the largest on record with the
exception of the increase which occurred from June to July
1919. The preliminary index for May is 64.6, as against
57.3 for April and 52.9 for March. In noting this under
date of June 16, the "Annalist" continued:
This rise was predominantly the result of an unprecedented increase in
the adjusted index of cotton consumption, which advanced from an April
figure of 75.3 to 100.7 for May. There were also substantial increases
recorded by the adjusted indices of steel ingot, pig iron, electric power and
automobile production and by the adjusted index of freight car loadings.
The adjusted indices of bituminous coal production and zinc production
showed only small gains, but none of the components of the combined
Index declined.
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 1928.
TABLE I-TIIE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS.
Afar/.
April.
March.
15.5
16.2
49.3
62.2
52.8
27.2
72.9
51.4
88.9
40.0
Combined index
*64.6
57.3
52.9
• Subject to revision. a Based on an estimated output of 6,845,000,000 kilowatt
hours, as against the Geological Survey total of 6,451,000,000 kilowatt hours for
April and 6,650,000,000 kilowatt hours for May 1932. 5 Based on Cram's "Automotive Reports" estimate of 230,000 cars and trucks in the United States and
Canada, as against the Department of Commerce total of 189,284 cars and trucks
In April and 193,370 cars and trucks in May 1932.
-THE COMBINED INDEX SINCE JANUARY 1928.
TABLE II
95.0
94.2
91.2
95.0
90.0
89.0
86.4
83.1
82.4
79.5
76.1
76.1
52.9
57.3
'64.6
1929.
105.5
106.1
104.3
108.8
110.1
108.9
109.9
108.1
107.3
105.7
96.9
92.1
1928,
0000000000VW
NWCANN0900..0,[0=CO
1930.
6L46;o.-4;D4.L46
1931.
82.8
62.6
61.6
58.5
52.9
52.9
52.0
55.5
60.4
60.0
59.7
59.2
, 4MmeicOttioeScOuivi
A-nnoorp.nnromm
February
March
April
May
June
July
August
September
October
November
December
• Subject to revision.
1932.
57.2
56.5
Ve4000.,
ON.OMM.-.0
1933.
January
"Annalist" Weekly Wholesale Price Index Higher
-Is Tenth Consecutive
During Week of June 13
Gain.
A rise of 0.6 point carried the "Annalist" weekly index of
wholesale commodity prices up to 93.5 on June 13 from
92.9 (revised) the week before. The current gain marks
the tenth consecutive week of advance for the index, the
present rise having started from 81.7 on April 4. The
"Annalist" further noted:
The week's gain, however, was much more than offset by the drop of the
dollar to 82.4 cents from 83.6 a week ago; the index on a gold basis consequently declined to 77.0 from 77.6. Its failure to respond fully to the
drop in the dollar reflected largely the revolt in the Senate against the
President's economy program and the delay in the adjournment of Congress.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation-(1913=100).
9.6%
8,021,749,000 7.6%
7,066,788,000 10.1%
7,580,335,000 8.7%
7,416,191,000 4.3%
___ _
7,494,807,000
___ _
7,239,697,000
7,363,730,000
__ -7,391,196,000
7,337,106,000
7,718,787,000
_
___ _
7,270,112,000
7,566,601,000
.._ __
Pig iron production
25.7
18.1
Steel ingot production
39.8
27.6
Freight car loadings
54.7
53.0
Electric power production
a65.8
62.9
Dittli61/10U8 coal production
57.5
55.7
Automobile production
548.3
41.0
Cotton consumption
100.7
75.3
Wool consumption
67.5
Boot and shoe production98.0
Zinc production
--42
.4
42.0
4157
June 13 1933. June 6 1933. June 14 1932.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
83.9
97.7
*97.5
95.9
99.5
107.0
95.5
78.7
a82.5
97.8
a95.4
95.9
99.3
107.0
95.5
a78.1
64.0
91.0
68.2
135.4
96.0
107.3
96.0
79.7
a92.9
All commodities
87.3
93.5
All commodities on gold basis_b
a77.6
77.0
o Preliminary. a Revised. b Based on exchange quotations for France, Switzerland, Holland and Belgium.
The advance of the index, on a United States dollar basis, was due almost
entirely to the rise in the grains and flour and in cotton and the textiles;
without these a loss would have been recorded instead. Wheat prices
benefited by a bullish government crop report and further dry weather
In the winter wheat belt. No. 2 red going to $1.00% at New York from
96%. Cotton advanced to 9.40 cents for spot from 9.15, in consequence
both of the Bankhead amendment, providing funds for leasing land regardless of a processing tax, and of continued heavy consumption here and
abroad. The passage of the Industrial Recovery Act was a stimulating
influence for the textiles.
Other gains were less important. Refined sugar prices were advanced to
4.60 cents from 4.50, although raw sugar declined. Spot hides went to
12% from 12 for heavy native steers, union leather advancing to 34 cents
from 33. Tin rose to 45% from 423.-42%, in response partly to the drop
in the dollar and partly to reports of improving business. Chicago steers
at $7.06 made a net gain of 4 cents for the week. Advances were also made
by butter and eggs, potatoes, lemons, cocoa and lead.
Hogs dropped 18 cents to $4.62 for the Chicago average, because of very
heavy offerings, the heaviest with the exception of a week in January.
since March 1931. The meats were generally lower, while apples and
oranges also declined. The fuels and the metals, except tin and lead.
were unchanged, although advances are reported as probable in the near
future for steel and gasoline.
Increase of 3 2-3% Reported in Retail Food Prices from
Apr. 15 to May 15 1933 by United States Department
of Labor.
Retail food prices in 51 cities of the United States, as
reported to the Bureau of Labor Statistics of the United
States Department of Labor, showed an average increase of
about 3 2-3% on May 15 1933, when compared with Apr. 15
1933, and an average decrease of 732% since May 15 1932.
The Bureau's weighted index numbers, with average prices
in 1913 as 100.0, were 101.3 for May 15 1932;90.4 for Apr. 15
1933; and 93.7 for May 15 1933. Under date of June 17 the
Bureau continued:
During the month from Apr. 15 1933, to May 15 1933, the following
articles increased in average price for the month: Cabbage, 30%; onions.
22%; navy beans, 16%; lard, 13%; evaporated milk, 12%; butter, 11%;
strictly fresh eggs and flour. 10%; cheese and potatoes. 6%; margarine and
sugar.4%;sliced ham,corn meal and oranges,3%;round steak,sliced bacon
canned red salmon, bread, rice, canned tomatoes and prunes, 2%; sirloin
steak, rib roast, chuck roast, pork chops, vegetable lard substitute and
canned corn, 1%; and leg of lamb and hens, less than .5% of 1. Decreases
were shown in average prices of the following: Fresh milk, corn flakes, tea,
coffee and bananas, 1%. The following articles showed no change in the
month: Plate beef, rolled oats, wheat cereal, macaroni, pork and beans,
canned peas and raisins.
Changes in Retail Prices of Food by Cities.
During the month from Apr. 15 1933, to May 15 1933, all of the 51 cities
from which prices were received showed increases in the average cost offood:
Atlanta, Butte, Dallas, Detroit, Indianapolis. Jacksonville, Minneapolis,
New York, Portland (Oreg.), St. Louis, Seattle, and Washington. 5%;
Baltimore, Birmingham, Buffalo. Chicago, Cleveland, Columbus, Denver,
Fall River, Louisville, Memphis, Newark, Norfolk, Omaha, Philadelphia,
Pittsburgh, Providence, Richmond, and Salt Lake City. 4%; Cincinnati,
Little Rock, Milwaukee, New Haven, New Orleans, Portland (Me.).
Rochester, St. Paul, San Francisco, and Scranton. 3%;Boston, Bridgeport,
Houston, Kansas City, Los Angeles, Manchester. Savannah, and Springfield (Ill.), 2% and Charleston (S. C.), Mobile, and Peoria, 1%.
For the year period May 15 1932, to May 15 1933. all of the 51 cities
showed decreases: Charleston (S. C.), and Norfolk, 14%; Newark, 12%;
Memphis, New Haven, and St. Paul. 11%; Atlanta, Fall River. Indianapolis, and Minneapolis. 10%; Bridgeport, Buffalo, Cleveland, Philadelphia,
Portland (Oreg.). Rochester. Savannah and Scranton. 9%; Birmingham,
Chicago. Jacksonville, Little Rock, Manchester, New Orleans, New York
and Portland (Me.),8%; Boston, Columbus, Dallas. Los Angeles, Mobile.
Omaha,Providence, Richmond and Salt Lake City,7%;Butte. Cincinnati.
Milwaukee, Pittsburgh, St. UMW. Seattle, Springfield (III.) and Washington. 6%;Baltimore, Kansas City, Louisville, Peoria and San Francisco..
5%; Denver, 4%: and Detroit and Houston, 2%.
Trend of Business in Hotels During April According to
Horwath & Horwath-Decline of 20% Noted in
Total Sales from Year Ago.
Horwath & Horwath, in their survey of business in hotels
during April, state that "total sales declined 20% from
April 1932; room sales, 21%, and restaurant sales, 19%.
The occupancy was 48%," which according to the survey,
"compared with 53% a year ago; the rate was down 13%,
practically no improvement over the declines cf recent
months." Continuing, the survey further noted:
The hotel industry shared in the countrywide upswing in business during
April, and the comparison with the corresponding month of last year was
the best since Septenaber 1931. Beer sales had a marked effect on the
restaurant department, but room sales too showed a much smaller drop
than usual and made the largest seasonal increase in occupancy over March
In four years. However,room sales continue at an unsatisfactory level even
though occupancy is holding up fairly well and in 25% of the hotels reporting
it has actually increased.
Beer sales added from 7 to 10% to the restaurant sales of hotels in States
where its sale is legal, but even without beer sales hotel restaurants show
Improvement,
Washington is the only group that did not make a better comparison with
last year in April than in March,and that is because March had the inauguration. Texas, where no beer was sold, showed for the first time in many
months, a greater decrease in the restaurant sales than in the room sales.
Cleveland and Detroit were still under the handicap of banking conditions
during April.
DECREASES IN SALES FROM THREE YEARS AGO.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Ayr.
%
55.0
New York
52.2
Chicago
. 46.4
Philadelphia_ _45.6
Washington
- 54.0
Cleveland
51.0
Detroit
48.4
Ca.ifornia
All Other Reports 48.2
%
52.6
53.4
52.1
44.2
50.5
54.7
48.9
49.1
%
52.6
54.4
54.4
43.5
52.0
39.3
48.3
47.4
%
50.7
54.8
53.3
44.3
50.7
48.4
51.5
49.1
%
51.4
50.8
53.7
40.1
53.8
59.3
55.8
49.7
%
53.7
58.8
60.0
36.3
58.7
60.0
57.5
55.3
%
53.5
50.9
53.4
45.6
53.2
60.8
55.2
52.3
ao A
sn 2
48.9
50.1
50.8
55.1
q.......1
June 17 1933
Financial Chronicle
418
51.5
•
The following analysis was also issued by Horwath &
Horwath:
TREND OF BUSINESS IN HOTELS IN APRIL 1933, COMPARED WITH
APRIL 1932.
Total
-20
-21
-19
Room Rate
Percent ol
April. Inc. (-I-)
1932. Dec. (-)
Occupancy.
April
1933.
a
49
33
70
52
45
48
55
53
%
47
56
40
74
63
53
48
58
57
2.00411•2
WINCOC44
Sales.
Analysis by Cities In
Which Horimuh & Percent ofInc.(+)or Dec.(-)
Horwath Offices
Rooms. Restauet.
Total.
Are Located.
cc
..
%
-14
-10
-18
New York
-17
-24
-21
Chicago
-17
-25
-21
Philadelphia
-18
-15
-17
Washington
-23
-29
-26
Cleveland
-43
-55
-38
Detroit
-15
-20
-17
California
-18
-16
-17
Texas
-18
-19
-19
All others reporting
48
53
Total kilowatt-hours generated
Additions to Supply
Energy purchased from other sources
Net international imports
Total
Deductions from Supply-Energy used in electric railway depts
Energy used in electric and other depts
Total
Total energy for distribution
Energy lost in transmission, distribution, dce.
Kilowatt-hours sold to ultimate consumers
Sales to Ultimate Consumers (Kwh.)Domestic service
-Small light and power (retail
Commercial
Large light and power (wholesale)
Municipal street lighting
Railroads-Street and interurban
Electrified steam
Municipal and miscellaneous
23,963,415 24,362,675
Total ultimate consumers
As reported by the U. S. Geological Survey with deductions for certain plants
not considered electric light and power enterprises.
Further Improvement in the Report of Insolvencies in
May.
The improvement that has taken place recently in the
matter of business failures, is further strengthened by the
May report. The number of such defaults in the United
States, according to the records of Dun & Bradstreet, Inc.,
for the month just closed, was 1,909 with liabilities of $47,971,573. This is the lowest number for any month in the
past four years. In May of last year, there were 2,788
similar insolvencies, that being the highest number ever
recorded for May. In the two preceding months, this year
the reduction was trifling, there being 1,921 business failures
in April and 1,948 in March.
The marked improvement in the matter of these insolvencies, first appeared in March. For the three Spring months
of this year there were 5,778 business defaults, compared
with 7,766 for the three Winter months just preceding, the
reduction for the Spring months being 1,988 in number,
equivalent to a decline of 25.6%. For the same time a
year ago the number was only 393 less, equal to a decline of
4.4%.
Liabilities, too, are lower than they have been for any
month since September 1931. The amount for May this
year at $47,971,573, compares with $83,763,521 for May
1932, and for a number of months during these trying times
since 1929, the amount was even higher than it was for the
record last mentioned.
Liabilities.
Number.
May
1933.
Retail
Wholesale
C.
Month of April
1932
P
Ch6pi.
1933.
3,111,827,000 3,388,537,000 -8.2
+0.6
2,881,170,000 2,863,757,000
5,992,797,000 6,252,294,000
4.2
154,221,000
28,099,000
179,182,000 -13.9
38.362,000 -26.8
182.320,000
217.544,000 -16.3
55.517,000
94,745.000
73,152,000 -24.1
102,384,000 -7.5
175,536,000 -14.4
150,262,000
6.024,855,000 6,294,302,000 -4.3
985,129,000
+5.2
1,036,771,000
4,988,084,000 5,309,173,000 -6.0
997,674,000 -1.8
929,905,000
984,169.000 1,071,466,000 -8.1
2,442,684,000 2,605,394,000 -7.0
193,179,000 -7.6
178,584,000
352,864,300 -9.8
318,326,000
44,270.000 +19.2
52,788,000
44.326,000 +16.5
51.648,000
74,751,715,000 83,432,201,000
Total kilowatt-hours generated
2,628,846.000 2,815,053,000
purchased energy (net)
Energy used in electric ry. and other depts._ 1,986,968,000 2,281,370,000
75,393,595,000 83,965,884,000
Total energy for distribution
Energy lost in transmission, distribution,&c. 13,662,090,000 14,030,716,000
Kilowatt-hours sold to ultimate consumers61,731,505,000 69,935,168,000
$1,777,941,400 $1,941,587,000
Total revenue from ultimate consumers
Important Factors
35.3%
41.0%
energy generated by water power
Per cent of
1.50
1.47
.
Average pounds of coal per kilowatt-hour_ _
Domestic Service (Residential Use)590
596
Avge. ann. consumption per customer (kwh.)
5.880.
5.57c.
Average revenue per kilowatt-hour (cents)._
$2.79
$2.77
Average monthly bill per domestic customer
-10.4
-6.6
-12.9
-10.2
-2.6
-11.7
-8.4
+1.0
--1.9
--0.7
1932.
1933.
1931.
1,152
130
1932.
1931.
$15,841,978
5,035,098
April
March
February
January
1,282
1,987
1,570
$20,877,074 $35,586,225 $25,069,472
466
161
672
129
552
126
$19,020,791 $30,077,030 $18,506,051
8,073,708 18,100,266
9,795,689
1,909
2,788
2.248
$47,971,573 $83,763,521 $53,371,212
1,921
1,948
2,378
2,919
Total trading
Manufacturing _ _
Agents & brokers
Total May......
4,988,084,000 5,309,173,000 -6.0
Total sales to ultimate consumers
Total revenue from ultimate consumers__ $142,511,600 $153,363,600 -7.1
--12 Mos.Ended April 30-- P. C.
Change.
1932.
1933.
x Kilowatt-Hours Generated (Net)44,122,286,000 54,006,678,000 -18.3
By fuel
+4.1
30.629,429,000 29,425,623,000
By water power
33,473,600 33,496,400
Total generating capacity in kilowatts
Number of Customers
496,614
503,090
Farms in Eastern area (Included with domestic)
203,222
207.550
Farms in Western area (included with commercial-large)._
19,719,228 20,027,195
Domestic service
3,651,827 3,719,555
light and power
Commercial-Small
521,039
551,949
Large light and power
71,321
63,976
All other ultimate consumers
--I3
Sales of Electricity to Consumers in April 1933 Off
6% as Compared with Corresponding Period Last
-Total Revenue 7.1% Lower.
Year
The following statistics, covering 100% of the electric
light and power industry, were released by the Edison
Electric Institute on June 9 1933:
-Hours Generated (Net)x Kilowatt
By fuel
By water power
BASIC INFORMATION AS OF APRIL 30.
1932.
1933.
24,048,200 24,159,700
-Steam
Generating capacity (kw.)
8,968,000 8,885,800
Water power
450,900
457,400
Internal combustion
2,816
2,951
2,732
3,458
2,383
2,347
2.563
3,316
$51,097,384 $101,068,693 $60,868,135
48,500,212 93,760,311 60,386,550
65,576,068 84,900,106 59,607,612
79,100,602 96,860,205 94,608,212
-MAY.
FAILURES BY FEDERAL RESERVE DISTRICTS
Number.
1933. 1932. 1931.
Boston (1)
New York (2)
Philadelphia (3)
Cleveland (4)
Richmond (5)
Atlanta (6)
Chicago (7)
St. Louis (8)
Minneapolis (9)
Kansas City (10)
Dallas (11)
San Francisco (12)
United States
214
476
87
145
124
oo
249
59
54
92
63
258
322
701
103
240
165
134
329
128
77
131
95
363
1933.
1932.
1931.
237 $3,924,584 $4,982,083 $5,014.756
524 11,841,359 30,215,106 11,854,289
108 2,848,184 5,300,854 1,254.386
191 6,620,076 6,709,579 5,934,319
149 3,875,986 2,032,935 2,296,923
138 2,570,666 2,351,315
370,979
276 7,227,686 11,142,819 9,968,642
104 1,414,285 8.062,615 3,148,548
754,882
71
590,157 1,256,100
113 1,595,439 3.027,577 4,561,233
70 1,297,219 2,330,312 3,908,589
268 4,201,213 7,018,169 3,802,448
1 909 2.788 2,248847.971,673 $83,763,521 $53,371,212
National Fertilizer Association Reports Commodity
Prices Slightly Lower During Week Ended June 10.
Wholesale commodity prices declined slightly during the
week ended June 10, according to the index of the National
Fertilizer Association. This index declined one point and
now stands at 60.7. (The three-year average 1926-1928
equals 100.) This is the first decline since March 25. The
index is nine points higher than a month ago and 11 points
higher than a year ago. Continuing under date of June 12,
the Association said:
During the latest week five of the groups in the index advanced, two
declined and seven showed no change. The advancing groups were foods,
textiles, miscellaneous commodities, metals and fertilizer materials. The
miscellaneous commodities group showed the largest gain and the other
advancing groups were only slightly higher. The declining groups were
fuel, including petroleum and its products, which declined only slightly,
and grains, feeds and livestock, which declined sharply due to lower
prices for most grains, feedstuffs, cattle, hogs and sheep.
Twenty-four commodities advanced during the latest week. This is
the smallest number of advances in many weeks. During the preceding
week 50 commodities advanced. During the latest week 27 commodities
declined. This is the largest number of declining commodities in several
weeks. During the preceding week there were only nine declines. Among
Financial Chronicle
Volume 136
the important commodities that advanced were cotton cloths, wool, burlap,
silk, which advanced sharply, butter, sugar, flour, Chicago wheat, oats,
heavy melting steel, copper, tin, silver, hides, rubber,leather and tankage.
The declining commodities included raw cotton, linseed oil, lard, fancy
flour, beans, corn, Kansas City wheat, rye, alfalfa hay, other feedstuffs,
cattle, hogs, sheep, zinc, rosin, coffee and cottonseed meal.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (19264928=100).
•Ir
Latest
PreWeek
June 10 reline
Week.
1933.
Per Cent
Each Group
Rears to the
Total Index.
Group.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
61.6
48.4
47.3
65.9
62.7
84.4
71.9
73.9
75.2
50.4
87.2
64.7
65.9
90.2
100.00
All groups combined
60.7
Month
Ago.
Year
Apo.
61.2
48.5
49.8
55.6
61.9
84.4
71.9
73.4
75.2
50.4
87.2
64.6
65.9
90.2
60.5
48.4
49.3
51.1
60.0
84.4
71.6
70.3
75.2
51.6
87.2
63.7
62.4
90.2
58.9
64.0
40.3
40.8
59.5
87.7
72.4
71.0
80.0
35.9
87.6
67.8
71.9
92.2
60.8
59.8
59.6
Recovery in New York State Factory Employment
Continued During Period from Middle of April to
Middle of May.
Factory employment in New York State increased 3.2%
from the middle of April to the middle of May,and total wage
payments rose 5.8%,according to a statement issued June 10
by Industrial Commissioner Elmer F. Andrews. These increases, like the April gains, were unusual for this period
of the year, for both in April and in May the normal course
of employment and payrolls in the State's factories is downward. Returns from 1,534 representative factories which
report each month to the Division of Statistics of the State
Labor Department form the basis for this analysis. The
statement also contained the following:
The May improvement brought the State index of factory employment to
57.1 (preliminary), and the index of total factory payrolls to 42.4 (preliminary). These index numbers are computed with the average for the
three years 1925-1927 taken as 100. As compared with a year ago, the
number of employed factory workers in the State was about 1% lower, and
the total amount of wages paid out was 5.6% less.
Unlike the April movement, which was not a general one, the upward
tendency this month was widespread. Nine major industry groups had increases in employment, while two showed decreases. New York City factories did not show as good an improvement as the State as a whole, the
volume of employment rising 1% over April, while wage payments declined
slightly.
Metal Employment Continues Higher.
The previous month's gain in metal employment spread in May to include
all industries comprising the group. Reporting firms in this group re-employed approximately 5,760 persons this month. Additional workers were
being recalled by the brass, copper and aluminum; iron and steel; sheet
metal and hardware; firearms, tools and cutlery; cooking, heating and ventilating apparatus; instruments and appliances; and automobiles and airplanes divisions. Silverware and jewelry; structural and architectural iron;
machinery and electrical apparatus; boat and ship building; and railroad
equipment and repair shops, which had not taken on help during April, joined
the upward trend in May. Divisions in which particularly impressive increases in numbers employed occurred were the silverware and jewelry; brass,
copper and aluminum; iron and steel; firearms, tools and cutlery; automobiles and airplanes; and business instruments and other instruments and
appliances.
Textile Mills Continue Busier.
Textile employment during May recorded another sharp increase, rising
more than 7% above the April level. Gains were again reported by the silk
and silk goods; knit goods; woolens, carpets and felts; cotton goods; and
miscellaneous textile branches. Reporting firms in the textile group as a
whole recalled about 2,050 operatives this month.
Upward Trend in Food Concerns.
The volume of employment in the food and tobacco group again moved
higher in May. In the beverages division, where working forces had been
doubled during April, concerns were continuing to take on help. Gains continued also in the meat and dairy products and candy industries. In the
tobacco industry, some recovery was shown from last month's severe drop,
and employment in bakery products concerns turned upward. Flour, feed
and cereals, canning and preserving, and sugar and other grocery concerns
operated below last month's level.
4159,
rolls, however, showed a slight decline. An increased volume of employment continued to be reported by the metals and machinery; food and
tobacco; textiles; and furs, leather and rubber goods groups. Stone, clay
and glass; chemicals, oils and paints; water, light and power; and printing
and paper goods concerns, which had shown decreases last month, joined the
recovery this month. In the clothing and millinery group, seasonal losses
were taking place. Men's furnishings, miscellaneous sewing, and laundering
and cleaning factories, however, went against the group tendency and reported gains. Makers of wood products continued to report improvement
over previous months.
Employment and Payrolls Up in, Five Up-State Centers.
All major up-State industrial districts, excepting Rochester, reported increases in both employment and payrolls during May. In Rochester, seasonal
dullness in men's clothing shops caused declines in numbers employed and in
payrolls. A sharp advance in operations in metal concerns was the chief
factor in the improvement in Buffalo, Syracuse and Albany-Schenectady-Troy.
In Utica, there were increased operations in textile mills as well as in metal
factories. Binghamton shoe and metal firms were busier this month
than last.
Increased Activity Shown in Official Production and
Trade Returns, Says S. H. Logan, General Manager
of Canadian Bank of Commerce.
"With complete returns now available," states S. H. Logan,
General Manager of the Canadian Bank of Commerce, "it is
clear that the incipient upturn in business activity to which
we referred last month, and which continued throughout
May, was of such an extent as to offset most, if not all, of the
ground lost in the first quarter of the current year, when
production, distribution and trade as a whole declined about
15% below the corresponding period of 1932. It is noteworthy, also, that this upturn does not owe its origin entirely
to seasonal influences, or to the inflationary plans in the
United States. Mr. Logan, under date of June 8, added:
Last year there was practically a progressive slump in general business,
ending in a sharp drop in April, which was followed by a marked rise in
May. This year, however, a slight improvement was already noticeable in
the latter part of March, when monetary conditions in the United States
were uncertain, and Mr. Roosevelt's monetary program could, at best, have
been only in the embryonic stage. The clearest single clue to this improvement is the rise in the general commodity price level which commenced in
February.
"That there has been an almost unbroken record of increasing activity this
spring is shown not only in official production and trade returns, but also
in private reports from various sources. Considerable interest was aroused
by the publication of the official reports on steel and automobile production
In April, from which it was seen that there were gains in both directions,
particularly in respect of automobiles, the output of which was about 20%
higher than in the corresponding month of 1932. But what these reports
have not, of course, shown is, first, that there has been some further expansion of the steel mills' operations, and, secondly, that according to one
private report the increase in automobile production, the benefits of
which were felt by many allied industries (the activity of one of the largest
has for the past three months been such as to demand a full working force),
was soundly based in that it was in response to a greater public demand.
So far the improvement in demand and the consequent production of goods
has centered, as is natural under such conditions as the present, upon those
of a consumption class rather than those of a capital character, but we learn
also of some increase in the enquiry for the latter, notably Machinery, which,
it is to be hoped, will be translated into orders. Wheat exports in May were
considerably larger than in April, when they were of such comparative small
volume as to account for most of the decline in the total export trade, which
was the lowest for any month of the current year. While the May overseas
shipments of Canadian wheat were slightly less than a year ago, they represented about 50% of world exports, a proportion much larger than normal.
Unsettled weather throughout May delayed spring planting over most of the
country, rendering fully 15% of the new wheat crop in Western Canada
more than usually susceptible to frost damage, and causing some alteration
in the program in the Eastern Provinces. The risks of this development
are, however, completely overshadowed by the benefits derived from the
heavy rains, notably in the dry areas of Alberta and Saskatchewan. The
live stock market was strong and active throughout the month. Exports
of cattle continue in good volume, and. quotations for Canadian bacon advanced in British markets. Cold storage supplies of beef, pork and mutton
on May 1 were lower than on the same date last year. The price of hides
and calfskins made noticeable gains, values being more than doubled within
the month. Demand in the textile markets was active and prices strong,
particularly in the early part of the month. The non-ferrous base metals
made steady price gains; the advance in tin was the most spectacular, reaching the highest point in three years, owing to increased consumption and
the decision of the five major producing countries to continue curtailment
for another year. Consumption of copper is rising, and demand on the
Continent of Europe was active and prices higher. Lead and zinc also
shared in the general rise. Silver, on the other hand, reacted from the high
level attained in April."
Seasonal Decline in Cie thing and Millinery.
The usual seasonal decline in employment in clothing and millinery Jac.
tories, which had been delayed this year because of unusual advances In
some of the branches during April, occurred in May. Reductions in working
forces were again reported by the men's clothing and men's furnishings industries. The women's clothing, women's underwear, and women's headwear
Employment and Payrolls in Pennsylvania Factories
branches, which had recorded increases last month, succumbed to seasonal
Increased During May as Compared with April
influences and let go help this month. Miscellaneous sewing and laundering
According to Federal Reserve Bank of Philadelphia.
and cleaning establishments went counter to the general group movement and
showed gains.
Factory employment in Pennsylvania showed an additional
Other Industries Move Upward.
increase of 5.4% and wage payments 13% from April to
All the branches comprising the furs, leather and rubber goods group
May, according to indexes compiled by the Philadelphia
reported employment higher than in April. The stone, clay and glass; chemi- ,
Federal Reserve Bank from about 780 representative reports
cals, oils and paints; printing and paper goods; and pulp and paper groups,
In all of which declines had been noted during April, recorded increases in
covering 211,000 factory workers whose weekly payroll in
personnel in May. Makers of wood products, who had reported little or no
May totaled $3,213,000. All manufacturing groups and
employment changes last month, showed increases this month. In water,
most of the individual industries reported pronounced gains
light and power plants a few additional persons were laid off.
Improvement in New York City Continues.
Factory employment in New York City continued to advance during May,
with the number of persons employed rising an additional 1%. Total pay-
in the month, and a number of lines employed larger forces
and had heavier payrolls than a year ago. The Bank, under
date of June 15, continued:
Financial Chronicle
4160
Since March, when productive activity reached the lowest level in the
past 11 years, employment has risen almost 7% and payrolls 19%. It is
estimated on the basis of these changes that the number of wage earners
in Pennsylvania factories in the two months following the banking crisis
was increased by almost 37,000 so that in May approximately 596,000 wage
earners were employed, drawing an average weekly payroll of over $8,900,000 or about $1,400,000 a week more than in March.
Operating time in May, as measured by employee-hours worked in
about 75% of the reporting companies, was increased further by nearly
16%. all manufacturing groups sharing in this gain. Compared with
March, Pennsylvania factories in May increased their operations by 24%.
May schedules also were about 28% higher than a record low level reached
In July last year.
These additional gains in employment, payrolls and working time during
May werelquite unusual, since ordinarily beginning with April manufacturing activity shows gradual seasonal recessions. The table below gives
a record of changes between April and May in the past 11 years.
Per Cent of Change.
Changes in May as Compared
With April.
Employment.
EmployeeHours.
Payrolls.
+9.4
+1.2
1923
1924
-4.1
-5.8
1925
-0.8
+0.2
-1.9
-1.4
1926
-2.3
-2.3
1927
+3.9
+4.1
1928
+0.2
-0.6
+1.5
+1.1
1929
-3.1
-1.7
-3.8
1930
-6.3
-2.4
-5.9
1931
-9.9
-5.2
-10.0
1932
+15.7
+13.0
+5.4
1933
The factory employment index in May was 58.1% of the 1923-25 average
or 6% lower than a year ago. The payroll index at 36% was less than 7%
below that in May 1932. Adverse monthly comparisons with last year's
figures have been growing narrower, owing partly to exceptional current
gains and partly to a declining trend that was in progress last year. Groups
comprising textile, stone, clay and glass, and leather and rubber products
In May exceeded last year's level in employment and payrolls.
Delaware manufacturing industries also reported a gain of 5% in employment and over 13% in payrolls and employee-hours worked during May.
All manufacturing groups participated in these increases. The largest
percentage gains in operating time occurred in metal, textile, and lumber
products, transportation equipment, and stone, clay and glass products.
FACTORY EMPLOYMENT AND WAGE PAYMENTS BY CITY AREAS.
Prepared by Department of Research and Statistics of the Federal Reserve Bank
of Philadelphia.
(City areas are not restricted to corporate limits of cities given here.)
Payrolls.
Employment.
Per Cent Change
Compared With
May
Indexes.
Allentown-BethlehemEaston
Altoona
Erie
Harrisburg
HazeIton-Pottsville
Johnstown
Lancaster
Newcastle
Philadelphia
Pittsburgh
Reading-Lebanon
Scranton
Sunbury
Wilkes Barre
Williamsport
Wilmington
York
50.9
47.6
49.8
55.6
73.8
34.7
59.2
42.3
65.3
50.6
62.8
60.2
48.9
83.0
48.5
70.7
82.8
April
1833.
May
1932.
+6.3
-1.4
+2.9
+9.7
+4.7
+03
+11.9
+1.7
+6.4
+5.4
+2.8
+7.3
+5.2
+20.1
+3.0
+4.9
+6.0
Per Cent Change
Compared With
May
Indexes.
-1.2
-12.3
-15.6
-13.7
+11.5
-24 6
+20.2
-8.5
+12.9
+20.4
+22.8
+54.4
+17.8
+24.9
+9.9
+7.1
+14.8
+25.8
+14.0
+39.4
+14.0
+10.7
+15.6
32.1
23.7
29.7
37.8
43.1
28.1
31.1
27.1
47.8
24.2
34.9
49.7
25.2
58.0
26.9
54.8
54.9
+6.3
---2.0
-7.0
-10.8
+22.4
-13.9
+10.2
-5.6
-5.4
+12.0
April
1933.
May
1932.
+0.6
-32.7
-21.4
-11.7
+8.3
+38A
-11.9
+23.7
-4.2
-3.2
-6.4
+28.8
-27.8
+5.6
-18.0
+3.8
FACTORY EMPLOYMENT AND WAGE PAYMENTS IN DELAWARE
COMPARISON WITH THE PREVIOUS MONTH BY INDUSTRY.
Prepared by Department of Research and Statistics of the Federal Reserve Bank
of Philadelphia.
Per Cent Change May 1933
Compared with April 1933,
No.
of
PayPlants. EmployEmploys
ment.
Hours.*
All manufacturing industries
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone, clay and glass products
Lumber products
Chemical products
Leather and rubber products
Paper and printing
•Based on reports from 44 plants.
48
9
3
8
3
4
3
8
5
+13.6
+23.6
+12.5
+16.5
+2.0
+36.5
+27 1
+2.6
+11.8
+3.8
+5.0
+6.8
+12.9
+1.7
+1.2
+71.1
+23
+6.6
+3.8
+3.0
+13.4
+26.4
+16.1
+17.0
+6.7
+36.3
+25.8
+5.5
+8.0
+6.4
FACTORY EMPLOYMENT AND WAGE PAYMENTS IN DELAWARE
COMPARISON WITH PREVIOUS YEARS FOR ALL MANUFACTURING
INDUSTRIES.
Prepared by Department of Research and Statistics of the Federal Reserve Bank
of Philadelphia
Payrolls.
Employment.
1933
1933
Indexes
Comp'd
Comp'd
indexes.
with '32
with 32
1931. 1932. 1933.
%.
1931. 1932. 1933.
%.
January
February
March
April
May
June
July
August
September-October
November.December
Average
87.1
87.6
88.1
86.9
86.3
85.6
84.4
83.2
81.2
74.5
74.9
76.0
79.3
78.5
75.9
74.8
72.6
71.5
69.8
68.1
72.1
70.9
71.6
73.5
83.0
73.2
73.4
74.3
71.5
69.6
73.1
-7.4
-5.4
-5.8
-7.0
+0.7
77.0
79.9
81.7
79.7
81.1
78.0
68.7
68.9
64.1
81.0
54.7
56.4
57.8
59.5
57.2
52.8
49.4
48.5
45.9
44.7
47.9
48.0
46.7
49.3
70.9
50.6
46.9
48.5
44.4
42.6
48.3
-18.9
-18.5
-22.4
-19.3
-2.2
June
17 1933
Higher Prices for Commodities in Kansas City Federal
Reserve District Aided Conditions and Prospects
-Wholesale and Retail Trade During
in District
April Smaller than in April 1932.
In reviewing conditions in the Tenth (Kansas City) Federal Reserve District, the Federal Reserve Bank of Kansas
City notes that "conditions and prospects in the District have
been greatly helped during the past six weeks by higher
prices for many Tenth District commodities, particularly
agricultural, and by general rains which have relieved the
drouth conditions that prevailed throughout this area." The
Bank, in its June 1 "Monthly Review," continues:
Grain prices advanced rapidly during April and the first two weeks of
May, with most classes now selling well above prices prevailing a year ago,
and at about double the recent lows. Livestock values lagged somewhat in
April, but increases the forepart of May were substantial.
-Hides, wool, lard, and butterfat have advanced rapidly in recent weeks
and are now selling well above last year's quotations. Poultry and egg prices
have failed to show any marked improvement. Flour and millfeed quotations
responded to the changes in grain prices. In the mineral lines zinc ore adVanced $5 and lead ore $7.50 per ton during April, and crude oil prices,
which were unchanged for the month, dropped abruptly the first week of
May to a flat price of 25c. per barrel, regardless of grade.
Crop growth and spring work have been retarded recently by frequent
rains and cool weather, and sunshine and higher temperatures are needed
at present for best results.
Trade at both wholesale and retail establishments expanded in April, but
dollar sales were somewhat smaller than a year ago. Thirty-two department
stores in the District reported their April sales as 18% larger than in
March, and but 8.8% smaller than a year ago. These favorable comparisons
were due in part to the lateness of Easter this yea'.
April production of flour and cement, and shipments of zinc ore and lead
ore exceeded the totals for the preceding month this year or the corresponding month last year, whereas the output of bituminous coal and crude oil
showed declines. Building operations, with the exception of a slight improvement for the month in residential construction, are at a standstill.
Marketing, of all classes of grain, except wheat, and all species of livestock were somewhat heavier in April than in the preceding month, but considerably below the normal April movement for all items but sheep and lambs.
Business failures in the District, both as to number and amount of liabilities involved, were substantially smaller in April than in the corresponding
month last year. Fifty-three selected member banks reported a slight increase in loans and a 3.6% increase in net demand deposits for the four
weeks ended May 10.
We quote as follows from the "Review" as to wholesale
and retail trade conditions in the Tenth District:
Retail.
Dollar sales of merchandise at 32 department stores located in Tenth District cities were 18% larger in April than in March, and 8.8% smaller than
in April 1932. The decrease, as compared to the corresponding month a year
ago, was the smallest decrease from the corresponding month of the preceding
year reported since June 1931. The relatively favorable showing made in
April was influenced, to a large extent, by the fact that Easter fell in April
this year and in March last year. Cumulative sales for the four months of
the current year were 18.7% less than in the first dour months of 1932.
Inventories declined 1.1% in April, and at the close of the month were
24.1% lighter than one year earlier. Collections improved somewhat during
the month, amounting to 34% of amounts outstanding at the close of March,
as compared to collections of 31.7% in March this year and 34.8% in
April 1932.
1Vholesale.
For the fourth consecutive year, April dollar sales of dry goods, hardware,
furniture, and drugs declined as compared to the preceding April, and
groceries registered their third decline. Declines in dollar volume this year
compared to last year amounted to 25% for dry goods, and 7.3%, 11.4%,
19.6%, and 16.1%, respectively, for groceries, hardware, furniture, and
drugs. Compared to March, sales of dry goods declined 5.9%, whereas, in
the two previous years they increased. Sales of hardware and furniture increased more than the usual seasonal amount, and those of groceries and
drugs showed but slight variation, as usual, the former registering an 0.3%
increase and the latter a 1.6% loss.
Exclusive of a decrease of 6.1% reported by wholesalers of furniture, inventory changes during April were fractional, with all lines reporting reductions for the year. Stocks on hand April 30 showed the following contractions since April 30 1932: Dry goods, 14.8%; groceries, 17.1%; hardware,
16.1%; furniture, 26.8%, and drugs, 20.2%.
Seasonal Improvement Noted in Most Lines of Business
in Richmond Federal Reserve District During
April and First Half of May-Department Store
Sales Showed Best Record Since July 1931.
"Business in the Fifth (Richmond) Federal Reserve District in April and the first half of May showed seasonal improvements in most lines," according to the Federal Reserve
Bank of that place, "and there were some signs of revival
more marked than seasonal trends alone account for." In
Its "Monthly Review" of May 31, compiled May 22, the Bank
continued:
In banking, rediscounts for member banks at the Federal Reserve Bank of
Richmond declined moderately last month, at a time when member bank
needs for loans to finance crop planting might have been expected to cause
an increase in rediscounts. Federal Reserve notes in actual circulation decreased somewhat more than seasonally. Cash reserves at the Reserve bank
rose between April 15 and May 15. Reporting member banks in leading
cities decreased their loans last month, but increased their investments in
securities by about the same amount. Bank deposits rose, demand deposits
at the middle of May exceeding those of mid-May a year ago. The reporting
banks reduced their borrowing at the Reserve bank to a very low point.
Debits to individual accounts in four weeks ended May 10 showed a seasonal
decline in comparison with debits in the preceding four weeks this year, and
were also materially lower than debits in four weeks ended May 11 1932.
J
.
4.
Volume 136
Wholesale and retail trade conditions In the Richmond
District were reviewed by the Bank as follows:
Department store sales in the Filth Federal Reserve District in April 1933
averaged only 4.9% less than sales in April 1932, the best record made in
any month since July 1931. The relatively favorable comparison with last
year was due chiefly to the difference in the dates of Easter in 1933 and 1932,
but the April gain in sales over March sales was somewhat larger than the
change in the Easter date accounts for. Baltimore made the best record in
the Fifth District last month, with a decrease of only 2.2%, and Washington, which is showing the effects of recent reductions in Government wages
and salaries, made the worst record, with a decrease of 8.7%. Retail trade
in Washington held up longer than in other cities, but that city has now lost
much of the advantage it had over other centers. Cumulative sales in the
Richmond District in the first four months of this year averaged 19% less
than sales in the first four months of 1932, Richmond making the best record.
Stocks of merchandise increased slightly in most of the reporting stores
during April, but at the end of the month averaged 18.8% lees in selling
value than stocks in the same stores on April 30 1932. The stores turned
their stocks .35 times in April, and between Jan. 1 and April 30 this year
stocks were turned an average of 1.108 times, a lower figure than 1.127
times stocks were turned in the first four months of 1932.
Collections were slower in April 1933 than in April 1932, the reporting
stores collecting 23.5% of outstanding receivables last month in comparison
with 27.1% collected in April last year. All of the cities for which individual figures are available showed lower percentages for the current month.
New Business at Lumber Mills Largest Since 1930.
Lumber orders at the sawmills received during the week
ended June 10 exceeded those of preceding weeks, bringing
the record to the highest since October 1930, according to
telegraphic reports to the National Lumber Manufacturers
Association from regional associations covering the operations of 636 leading softwood and hardwood mills. Production and shipments also continued to increase, being
approximately 7 and 9% higher than in the preceding week
and overtopping every week since October 1931, adds the
Association, which further goes on to say:
Total orders were 255,793,000 feet: shipments, 221.715.000 feet: Production, 167,081.000 feet, hardwood figures (about 10% of the total) being
partially estimated. For the 23 weeks of 1933 to date softwood orders
were 10% above those of corresponding period of 1932. During the week
ended June 10 they totaled 220,928,000 feet, including 128,856,000 feet
reported by 180 Douglas fir mills. This is the best West Coast order
report received since April 1931 and even then 40 more mills were included.
All regions showed excess of orders over production except the Northern
Pine, whose output is seasonally active. Softwood orders were 44%
and shipments 23% above production.
Compared with corresponding week of 1932. softwood production was
larger by 39%, shipments by 71% and orders by 87%. All reporting
regions showed excess of all three items over last year except Northern
Pine, whale orders were lower.
Unfilled orders at 353 softwood mills were 85% heavier than on corresponding date of 1932 and gross stocks were 25% lighter.
Forest products carloadings at 22.783 cars continued their upward
movement during the week ended June 3, despite its containing a holiday.
They were 174 cars more than in the preceding full week and 39% above
loading of similar week of 1932.
Lumber orders reported for the week ended June 10 1933 by 410 softwood
mills totaled 220.928.000 feet, or 44% above the production of the same
mills. Shipments as reported for the same week were 189.054.000 feet,
or 23% above production. Production was 153,442,001) feet.
Reports from 240 hardwood mills give new business (preliminary estimate) as 34.865,000 feet, or 156% above production. Shipments (preliminary estimate) as reported for the same week were 32,661,000 feet, or
139% above production. Production (preliminary estimate) was 13,639.000 feet.
Unfilled Orders.
Reports from 353 softwood mills give unfilled orders of 626,503,000 feet,
on June 10 1933, or the equivalent of 24 days' production, as compared
with 338,634,000 feet, or the equivalent of 13 days' average production
on similar date a year ago.
Last week's production of 398 identical softwood mills was 148.076,000
feet, and a year ago it was 106,832.000 feet: shipments were respectively
184,753.000 feet and 108,205.000, and orders received 209.930,000 feet
and 112,126,000 (hardwood identical mills reports incomplete).
4161
Financial Chronicle
The commercial failure record in the Fifth District in April was relatively
good, the number of insolvencies being the lowest for any April since 1923
and the liabilities involved being the smallest in amount for any April since
1920. Employment conditions registered improvement during April and May
for the first time since the depression began, and there were even a number
of wage advances in certain lines of industry. Coal production in April
declined seasonally in comparison with March, but on a daily basis equaled
April 1932 output, and stocks of coal in bins of commercial consumers and
retail yards are materially smaller than stock on hand a year ago. The
textile industry in the Fifth District made distinct progress last month, increased orders at better prices stimulating additional running time and the
employment of more workers. A number of textile mills have recently raised
their wage scales. South Carolina led all States for the second month in
active spindle hours of operation per spindle in place during April. Cotton
prices rose further in late April and the first half of May, and reached the
highest point since the middle of 1931. Tobacco factories produced more
cigarettes, smoking and chewing tobacco, and snuff in April this year than
in April 1932. Retail trade in department stores during April showed
somewhat more than the seasonal increase over March trade, and wholesale
trade was also better than in other recent months, but collections in bath
retail and wholesale lines were materially slower than collections in April
last year, probably reflecting the unfavorable influence of frozen deposits
in unlicensed or closed banks this year. Construction continues in very
small volume, but permits issued in leading Fifth District cities in April
totaled more than for any other month since last fall. Agricultural prospects
in the Fifth District as a whole are better than they were at this time last
year. Crops are coming up to good stands, there is plenty of moisture in
the soil in most of the District, and more fertilizer has been used this year
than in 1932, all of these factors indicating favorable prospects in so far as
physical yield is concerned.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 180 mills reporting
for the week ended June 10:
Shipments.
New BUSitt4S.r.
Fed.
Un.shipped Orders.
Fed.
Fed. Coastwise and
Domestic cargo
intercoastal. 45,091,000
delivery _
60,440,000 Domestic cargo
19,151,000
_223,980,000 Export
delivery
Export
21,572,000
32,552,000
102,953,000 Rail
Rail
39,352,000 Foreign
7,492,000
95,132,000 Local
Local
7,492,000 Rail
422,065,000
Total
Total
128,856,000
Production for the week was 83,518.000 fear.
Total
104,286,000
Southern Pine.
The Southern Pine Association reported from New Orleans that for
104 mills reporting, shipments were 35% above production and orders
45% above production and 7% above shipments. New business taken
during the week amounted to 39.362,000 feet (previous week 40.357.000
at 100 mills), shipments 36,665,000 feet (previous week 35.303,000). and
production 27.237,000 feet (previous week 26.631.000). Production was
44% and orders 64% of capacity, compared with 46% and 70% for the
previous week. Orders on hand at the end of the week at 102 mills were
96,910.000 feet. The 102 identical mills reported an increase in production
of 25% and in new business an increase of 56%. as compared with the same
week a year ago.
Western Pine.
The Western Fine Association reported from Portland. Ore., that for
105 mills reporting shipments were 13% above production and orders 27%
above production and 13% above shipments. New business taken during
the week amounted to 49,152,000 feet (previous week 49.704.000 at 123
mills), stipments 43,558,000 feet (previous week 45,301,000). and production 38,560.000 feet (previous week 36,958.000). Production was 31%
and orders 39% of capacity, compared with 26% and 35% for the previous
week. Orders on hand at the end of the week at 105 mills were 155,563.000
feet. The 103 identical mills reported a gain in production of 23% and
in new business a gain of 85%,as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis. Minn., reported
production from 7 mills as 3,363.000 feet, shipments 3.434,000 feet and new
business 2.760.000 feet. The same mills reported production 124% above
and new business 16% below that of the same week last year.
Northern Hemlock.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported softwood production from 14 mills as 764,000 feet,
shipments 1311,000 and orders 798.000 feet. Orders were 12% of capacity compared with 11% the previous week. The 14 identical mills
reported a gain of 95% in new business, compared with the same week a
Year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute of Memphis. Tenn., gave preliminary estimate of production from 226 mills as 13,049.000 feet, shipments 30,669,000 and new business 33,496,000. Production was 28%
.
and orders 72% ofcapacity.compared with 28% and 62% the previous week
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reported hardwood production from 14 mills as 590,000
feet. shipments 1,992,000 and orders 1.369,000 feet. Orders were 29%
of capacity, compared with 42% the previous week. The 14 identical
mills reported a gain of 136% in production and a gain of 291% in orders.
compared with the same week last year.
Consumption of .Crude Rubber in May 1933 Highest
Since the Same Month in 1929—Inventories Again
Fall Off.
Consumption or crude rubber by manufacturers in the
United States for the month of May amounted to 44,580
long tons, which is the highest consumption figure for any
one month since May 1929. This compares with 26,226
long tons for April this year, and represents an increase of
70%, according to statistics released by the Rubber Manufacturers Association to-day. Consumption for May 1932
was reported to be 30,957 long tons. Consumption for
first five months 1933 amounted to 133,398 long tons as
compared with 149,449 long tons for same period 1932.
The Association reports imports of crude rubber for May
were 27,556 long tons, an increase of 41.6% .over April
but 14.5% below May 1932. Total domestic stocks of
crude rubber on hand May 31 are estimated at 364,459 long
tons, which compares with April 30 stocks of 382,167 long
tons. May stocks show a decrease of 4.6% as compared
with April of this year, but were 8.2% above the stocks of
May 31 1932.
The participants in the statistical compilation report
43,342 long tons of crude rubber afloat for the United States
ports on May 31 compared with 30,745 long tons afloat on
April 30 this year, and 50,453 long tons afloat on May 31
1932.
May reclaimed rubber consumption is estimated to be
7,770 long tons, production 8,366 long tons, stocks on hand
May 31, 13,734 long tons.
Shipments of Pneumatic Casings and Tires Continued
to Exceed Production During April 1933—Inventories Decline.
Shipments of pneumatic casings for the month of April
1933 amounted to 3,653,943 casings, an increase of 74.7%
over the preceding month but was 1.2% below April 1932,
according to statistics released by the Rubber Manufacturers
Association, Inc. Production of pneumatic casings for
April 1933 amounted to 3,123,494 casings, an increase of
Financial Chronicle
4162
June 17 1933
53.3% over March but was 11.2% below April 1932. Pneumatic casings in the hands of manufacturers April 30,
amounted to 6,773,724 units, a decrease of 7.1% under
March 31 stocks, and 31.2% under April 30 1932. The
of 589,436,000. The June 1 condition is given as 64.0%
of normal, which compares with a condition of 64.7% of
-year (1921-1930)
normal in 1932, 84.3% in 1931 and a 10
average condition of 75.0%. The condition of spring wheat
actual figures are as follows:
on June 1 is placed at 84.9% of normal as against 84.5%
a year ago and 67.9% two years ago and with a 10-year
(1921-1930) average of 85.8%. The report is as follows:
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS.
(From figures estimated to represent 100% of the Industry.)
Shipments.
Inventory.
3,653,943
2,091,878
3,697.630
April 1933
March 1933
April 1932
Production.
3,123,494
2,037,899
3,516,861
6,773,724
7,289,976
9,845,820
The Association, in its bulletin dated
gave the following data:
June 12 1933,
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND INNER
TUBES (BY MONTHS).
[From figures estimated to represent 80% of the industry.]
Inner Tubes.
Pneumatic Cas lags.
Inven107g.
Shipmeats.
Invengory.
OutPut.
Shipmeats.
5,789,476
5,901.557
5,831,981
5,418,979
1933
January
February
March
Amil
Output.
1,806,277
1,871,498
1,630,319
2,498,795
2,077,268
1,833,970
1,673,502
2,923,154
4,957,298
5,085,321
5,095,340
4.951,399
1,674,557
1,778,818
1,506,141
2,282,298
2,028,100
1,681,853
1,521,736
2,440,555
7,806,889 8,507,894
Total
1932
January
February
March
April
May
June
July
August
September_ _ _ _
October
November_ _ _ _
December
6,329,417
7,337,796
7,902,258
7,876,656
7,502,953
x3,999,260
4,962,285
5,327,179
4,876,878
5,500,784
5,963,554
6.115,487
Total
1931
January
February
March
April
May
June
July
August
September
October
November
December
7,241,814 7,672,244
2,769,988 2,602,469 6,175,055
3,098,976 2,042,789 7,007,567
2,936,872 2,363,323 7,558,177
2,813,489 2,958,014 7,552,674
3,056,050 3,406,493 7,130,625
4,514,663 18,051,932 x4,139,358
2,893,463 1,923,276 4,779,814
2,471,381 2,123,890 4,901,884
2,030,976 2,465,828 4,602,160
2,054,913 1,439,309 4,970,898
1,842,836 1,369,038 5,329,819
1,586,145 1,454.960 5,399,551
2,718,508 2,803,369
3,056,988 2,182,405
2,801,602 2,148,899
2,579,768 2,708 186
2,727,462 3,0921593
4,222,816 17,21 371
2,349.761 1,727.750
2,198,560 2,002,347
2,081,146 2,478,234
1,749,188 1,326,824
1,604,071 1,262,634
1,423,376 1,378,924
29,513,246 30,328,536
32,067,732 32,200,820
7,165,846
7,628,520
8,011,592
8,025,135
8,249,858
8,357,768
7,935,565
7,117,037
6,526,762
6,640,062
6,335,227
6,219,776
Total
x Revised.
2,939,702
3,188,274
3,730,061
3,955,491
4,543,003
4,537,970
3,941,187
3,124,746
2,537,575
2,379,004
2,000,630
2,114,577
2,995,479
2,721,347
3,297,225
3,945,525
4,332,137
4,457,509
4.369,526
3,967,987
3,145,488
2,281,322
2,309,971
2,225,036
7,551,503
9,936,773
8,379,974
8,330,155
8,438,799
8,403,401
7,671.801
7,019,217
6,476,191
6,658,913
6,495,708
6.337,570
2,898,405
3,132,770
3,559.644
3.693,222
4,329.731
4,286,467
3,964,174
3,548,335
2,759,431
2,461,578
1,954,915
2,077,704
3,249,734
2,720,135
3,031,279
3,708,949
4,224,594
4,317,543
4,664,964
4,240,403
3,320,103
2,250,494
2,075,716
2,213,261
38.666,376 40,017,175
38,992,220 40,048,552
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLID AND CUSHION TIRES
AND OUTPUT OF PASSENGER CARS AND TRUCKS.
Production. x
Consumption.
Cotton
Fabrics
(80%)
Crude
Rubber
(80%)
Gasoline
(100%)
Passenger
Trucks
Cars
(100%) (100%)
(Gallons.)
Calendar years:
(Pounds.)
(Pounds.)
1929
208,824,653 598,994,708 14,748,552,000 4,811,107 810,549
1930
158,812,462 476,755,707 16,200,894,000 2,939,791 569,271
1931
151,143,715 456.615,428 16,941,750,000 2,036,567 435,784
1932
128,981,222 416,577,533 15,698,340,000 1,196,357 245,285
First four months:
1929
85,113,769 238,728,041 4,415,964,000 1,913,554 287,163
1930
60,246,090 177,549,867 4,766,640,000 1,284,195 227,880
872,280 178,140
1931
54,025,056 159.837,081 4,930,842,000
433,054 95,016
1932
47,050,444 147,941,483 4,691,232,000
472,914 85,136
1933
31,987,173 109,170,116 4,543,686.000
111,318 22,154
Month of Jan. 1933
7,899,233 27,368,276 1,110,564,000
94,517 15,595
Month of Feb. 1933
7,263,337 25,123,700 979,608,000
106,472 18,752
Month of Mar. 1933
6,364,276 21,508,416 1,186,122,000
160,678 28,606
Month of April 1933 10,460,327 35,169.724 1,267,392,000
I These figures include Canadian production and cars assembled abroad the
parts of which were manufactured In the United States.
WHOLESALE PRICES OF COMMODITIES.
Average Prices.
Commodity.
Apr.
1933.
All commodities
Crude rubber (cents per pound)..
Smoked sheets (cents per pound).
Latex crepe (cents per pound).
Tires (dollars per unit)
Balloon (dollars per unit)
Cord (dollars per unit)
Truck and bus (dollars per unit)_ _ Tubes, inner (dollars per unit)
Mar.
1933.
Apr.
.036
.042
.030
.037
.031
.041
7.69
3.89
21.48
2.25
8.75
4.55
25.16
2.25
8.48
4.46
24.29
1.96
Index Numbers,
192100.
Apr. Mar. Apr.
1932. 1933. 1933. 1932.
60.4
7.4
7.3
8.5
37.4
34.9
40.9
35.1
40.0
60.2 65.5
6.3
6.6
6.2
6.4
7.4
8.3
41.3 39.3
39.7 38.5
47.8 48.9
41.1 39.7
40.0 34.7
Agricultural Department Report on Winter Wheat,
Rye, &c.
The Crop Reporting Board of the United States Department of Agriculture made public on Friday, June 9, its
forecasts and estimates of the grain crops of the United States
as of June 1, based on reports and data furnished by crop
correspondents, field statisticians and co-operating Boards
(or Departments) of Agriculture. This report shows that
the production of winter wheat is now placed at only 337,485,000 bushels, which compares with 462,151,000 bushels
harvested last year, 787,465,000 bushels harvested two
years ago and a five-year (1926-1930) average production
-The June 1 condition of64.0% for winter wheat indicates
Winter Wheat.
a crop of 341,017,000 bushels, which would be the smallest crop since 1904.
On May 1 condition indicated a crop of 337,485,000 bushels. Production
in 1932 was 462,151,000 bushels and the 5-year average production (1926-30)
was 589,436,000 bushels.
Abnormally hot and dry weather since June 1 caught the crop in a critical
stage of development since in a large part of the winter wheat belt it was
In either the milk or the dough stave. The Crop Reporting Board has not
attempted to evaluate the effect of weather since June 1. and the report
relates strictly to the condition as reported on June 1.
The severe winterkill not only left a greatly reduced acreage for harvest,
but much of that left standing is in poor condition. Part of the crop lacks
vitality and some of the stands are thin, uneven and weedy. Although
wheat improved during the early part of May,it declined during the latter
Part of the month.
-The condition of all spring wheat on June 1 is 84.9%
All Spring Wheat.
of normal, which is only slightly higher than the June 1 condition a year
-year average of 85.8%. Durum wheat, which is
ago, but .9 under the 10
Planted later than other spring wheat, shows a condition of 84.5% and
other spring wheat 84.9%. Spring wheat seeding began from a week to
ten days later than average in the principal spring wheat States but favorable weather during the seeding period enabled farmers to complete sowing
but little later than in an average season. Generally cool temperatures
during May have been favorable for growth, and the crop shows a heavy
stand in the chief spring wheat areas.
In the Pacific Northwest a large acreage originally planted to winter
wheat and subsequently abandoned has been seeded to spring wheat.
While the June 1 condition and the acreage shown by the March intentions
report might be interpreted to indicate a crop slightly below average, it
should be borne in mind that the outturn is largely dependent upon weather
conditions after June 1. The first report on indicated production will be
made as of July 1
-The condition of oats on June 1 was 78.7% compared with 78.9%
Oats.
-year average (1921-1930) of 82.2%.
on June 1 1932 and the 10
Seeding was later than usual in the important oat-producing States and
seriously delayed in the central and eastern corn belt area. Early growth
was from 2 to 4 weeks late. In the Southern States, especially Texas,
-year average. Considerable acreage has
conditions are much below the 10
been drowned out in low places in the East North Central States. However, in the West North Central States June 1 condition was somewhat
-year average. Comments indicate
better, but still below the June 1 10
that there are many weedy fields.
Barley.-Condltion of barley on June 1 1933, 80.4%, was somewhat
-year average of 84.4%, due principally to adverse weather
below the 10
-where planting was delayed
conditions in the eastern corn belt States
and also in some of the important Western States.
-Minnesota, the Dakotas, Wisconsin and
In the principal barley States
-year average. Nebraska
California-the June condition was below the 10
Is the only important State where the June 1 condition was approximately
the same as the 10
-year average.
Rye.
-The estimated June 1 condition of rye is 73.7% of normal, a
decline of 1.9 from the May 1 condition. This condition forecasts a production of 30,374,000 bushels as compared to 30,102,000 bushels, the May 1
estimate, and to 40,570,000 bushels, the five-year average production.
The 1933 acreage of rye remaining for harvest of 2,854,000 is the smallest
harvested since 1914 due to the low acreage seeded in the fall of 1932 in
the Dakotas, Minnesota and Nebraska, and larger than average abandonment in these States. The indicated yield per acre is higher than that
Indicated last month in North Dakota and Montana, but these increases
are offset by a decrease in the indicated yield per acre in South Dakota.
-Corn planting is extremely late this year in the Mississippi and
Corn.
Ohio Valleys, largely because of excessive rainfall during May, which not
only prevented planting but also retarded the preparation of fields. Only
about one-third of the corn acreage in Illinois was planted by June 1,
whereas planting is usually near completion on that date. In Indiana
planting was about 50% completed by June 1 and in Ohio about 60%•
Conditions in eastern Iowa and Missouri were similar to those in Illinois.
The lateness of planting in the eastern corn belt indicates that yields In
that area are likely to be below average even with favorable conditions
during the remainder of the season.
-Hay crops as a whole were in somewhat better condition on
Hay.
June 1 than they were a year ago, although wild hay and alfalfa are exceptions.
The condition of all tame hay is generally reported higher than a month
ago except in the Southeast, the United States average being 80.0% or
4.7 above May 1, 3.1 above June 1 1932, but 2.7 below the 1921-1930
June 1 average.
The comparatively high condition of all clover and timothy hay (82.0%)
contributed largely to the higher condition of all tame hay compared with
June 11932. In most of the important clover-timothy States the condition
of this hay crop is above both the corresponding figures for June 1 1932
and the average for 1924-1930.
Alfalfa shows effects of winter thinning in several of the important
alfalfa States and its condition on June 1 was only 79.5% compared with
-year (1921-1930) June 1 average of 86.7%.
83.5% June 1 1932 and a 10
Pasture.
-Although the United States condition of pastures on June 1
(81.5%) was 2.5 points below the 1921-1930 average, it was 4.0 above
June 1 1932 and 10.0 above May 11933.
The greatest improvement since May 1 was in the important dairy
States of the North and East and extending south to the northern edge of
the cotton belt. Substantial improvement was also made from May 1
to June 1 in most of the States of the Northern Plains and the Pacific
Northwest and in Utah and Idaho.
Early Potatoes.
-Handicapped by excessive rains in April, the early
Potato crop in 10 Southern States in the forepart of May met with a reverse
situation of weather that was generally too hot and dry. Rainfall the last
week in May afforded relief to some areas, chiefly in portions of the South
Central States. The condition of the early crop in the 10 States declined
from 75.9% of normal on May 1 to 69.9% on June 1, which is below the
average for June 1 (73.9), although a little better than the reported condition one year ago (67.3). The commercial or shipping crop of early potatoes in these States shows less decline in condition during May than does
the farm crop for local use. The reported condition of the commercial
crop was 73.6% on June 1 compared with 77.7% on May 1 and the farm
crop 67.6 compared with 74.8.
GENERAL CROP REPORT AS OF JUNE 1 1933.
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:
Croy.
Winter wheat___
Rye
Peaches, total
crop
Pears, total crop_
Yield per Acre
Bushels).
Total Production
(Million Bushels).
Acreage for
Harvest 1933.
Indicat.
Indicat. Average
Per Cl. Acres Average
1926- 1932. June 1 1921- 1932. June 1
of
in
1933. a
1933. a 1930.
1932. 000s. 1930.
589
40.6
____
462
39.9
341
30.4
22.9
80.5 27,096
87.3 2,854
22.1
13.7
12.2
14.7
12.6
12.6
10.6
23.3
Condition June 1.
Average
1933
1932
1921-30 1931
Per Cent. Per Cent. Per Cent. Per Cent.
Crop.
82.2
844
82.4
82.6
82.7
82.3
c80.8
86.7
84.0
65.9
62.5
sea
envoznotno>0.000.7,enN.o7
wonmuurnmntsnt.c...c
75.0
85.8
Wheat-Winter
All spring
Durum, four States
Other spring, United States
Oats
Barley
Rye
Hay, all
Hay, all tame
Hay, wild
All clover and timothy hay b
Alfalfa hay
Pasture
Apples
Peaches
'Poore
64.7
84.5
84.7
84.0
78.9
82.3
80.4
77.4
76.9
79.7
74.6
83.5
77.6
58.5
51.7
AIR
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
MA
a Indicated yield and production increase or decrease with changing Conditions
during the season. b Except in Southern States. c Short-time average.
WINTER WHEAT.
Production.
Condition (June 1).
Aver.
'21-'30 1932
75.0
64.7
Of
C40,
.
.2
03Cno- Nc0t.21
,
%
79
84
85
80
74
75
77
72
67
73
74
63
74
50
86
84
85
87
77
62
67
80
79
59
71
51
39
168
•73
50
37
i 25
&85
76
97
157
66
1 66
% %
86
80
83
88
84
85
75
84
76
76
66
73
79
90
80
81
79
87
75
84
74
57
74
81
51
76
68
50
81
87
79
85
82
77
78
80
73
81
65
75
74
69
78
70
78
73
78
70
57
78
69
54
64
59
76
78
88
80
83
65
76
42
57
49
90
87
91
82
94
73
80
83
87
86
81
76
United States
,
0 01
01030C'40'403 0
,
0Cn.4W11.0i
Ca
Wba
,
.400 0;0120 11200O
01,
,4011 N01E
140
1933
WOO
StateNew 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
Alabama
Arkansas
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
Average
1926-30
Indicated
1933
1932
Bushels.
3,916,000
1,008,000
13,335,000
32,308,000
22,976,000
21,750,000
16,584,000
702,000
3,423,000
4,250,000
14,851,000
4,921,000
24,600,000
106,398,000
908,000
4,940,000
6,253,000
1,276,000
3,572,000
760,000
703,000
2,835,000
2,584,000
60,000
248,000
43,626,000
29,580,000
12,380,000
14,996,000
1,100,000
4,383,000
1,320,000
609,000
3,128,000
19,000
30,175,000
15,020,000
10,674,000
Bushels.
4,593,000
980,000
15,947,000
33,022,000
21,930,000
23,664,000
14,310,000
644,000
2.544,000
3,472,000
16,016,000
2,740,000
27,310,000
56,696,000
1,404,000
6,464,000
7,398,000
1,586,000
3,910,000
568,000
593,000
3,538,000
2,760.000
48,000
270,000
25,432,000
15,810,000
7,378,000
9,392,000
476,000
2,104,000
990,000
11,032,000
2,945,000
52,000
10,735,000
3,825,000
9,324,000
64.0 589,436,000 462,151,000 341,017,000
RYE.
Aver.
'21-30 1932
StaleNew 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
Colorado
Utah
Washington
Oregon
United States
%
85
90
88
81
82
84
83
84
82
89
83
79
80
85
77
90
88
85
85
89
83
80
82
81
78
72
85
91
90
84
92
82
91
%
84
87
88
81
79
77
86
84
86
87
63
75
86
71
70
88
84
82
79
78
67
73
75
78
59
55
70
91
84
56
93
87
93
82.4
80.4
1933
%
83
88
85
81
78
81
78
73
76
83
75
70
67
72
84
88
86
85
84
81
64
68
83
79
52
44
80
79
67
54
85
76
81
Production.
Average
1926-30
1932
*-"S't8487:trul=ronKSggS=82=4,1874V1
Condition (June 1).
mwt4
sato.7
w21.,"*....*1-41.1:141. TE
A.cp ,
wt.4 ow
0.
DF. .7%'$"?
P: 4`P.PP."PPPP.P.P
4Pr.rrso.
§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§§
gl.ww
a.cnts, tol01;-'0.00:0,03tog
a
4163
Financial Chronicle
Volume 136
Indicated
1933
Bushels.
232,000
442,000
1,580,000
390,000
1,020,000
686,000
1,688,000
2,728,000
4,424,000
495,000
136,000
7,990,000
3.472,000
2,033,000
247,000
42,000
196,000
462,000
154,000
496,000
42.000
102,000
172,000
116,000
54,000
14,000
572,000
36,000
76,000
91,000
26,000
48,000
112,000
73.7140,570,000 39,855,000 30,374,000
Spring Wheat MM.
Oats.
Barley.
Condition (June 1).
CondWen (June 1).
Condition (June 1).
Aver.
'21-'30 1932
Aver.
1933 '21-'30 1932
%
%
Stale%
%
91
85
90
91
Maine
New Hampshire ------92
89
80
91
Vermont
92
__
-Massachusetts - __
92
__
__
__
Rhose Island
89
__
__
__
Connecticut _ _ _
84
83
81
82
New York
87
__
__
__
New Jersey_
86
83
78
Pennsylvania_ _ a88
78
69
80
Ohio
80
78
78
76
78
Indiana
79
76
76
82
Illinois
82
89
84
Michigan
84
89
88
88
Wisconsin
88
88
86
89
87
Minnesota__
87
84 1 78
Iowa
87
72
68
60
78
Missouri
85
86
North Dakota_ 85
82
85
82
90
South Dakota_ 84
84
84
80
87
Nebraska
72
76
75
71
Kansas
86
Delaware
83
Maryland
Virginia82
83
__
__
__
West Virginia
North Carolina ------79
South Carolina ------78
74
__
__
__
Georgia
Florida72
80
__
__
Kentucky__
------78
Tennessee
------74
__
__
Alabama
__
76
__
__
__
Mississippi_ _ _ _
75
Arkansas
---.74
--Louisiana-70
Oklahoma
69
__
Texas
86
87
iii
Montana
gi
91
86
92
Idaho
91
93
85
91
Wyoming
92
88
80
77
87
Colorado
81
71
New Mexico
87
80
88
Arizona
93
88
Utah
92
93
94
91
92
93
Nevada
89
83
86
82
Washington
92
84
90
Oregon
88
83
California
United States 85.8
a Short-time average
84.5
84.9
82.2
Aver.
1933 '21-'30 1932
%
95
90
91
83
80
87
80
80
82
72
71
75
83
89
90
89
51
82
89
78
86
85
78
80
70
74
65
61
37
65
69
58
54
42
47
51
64
80
93
92
80
75
93
93
94
89
90
80
%
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
78.9
78.7
1933
%
89
%
90
%
93
88
94
90
84
890
. 86
81
79
86
82
89
87
89
81
85
85
85
73
78
86
86
76
78
83
83
89
89
90
67
81
89
80
58
82
95
86
63
66
79
74
90
86
84
74
83
83
85
62
85
83
86
84
87
86
a81
76
77
--
81
80
76
77
81
83
--
--
--
70
68
88
92
94
87
82
89
94
94
85
90
82
51
55
85
92
91
76
80
91
94
94
87
91
79
48
42
87
85
89
83
41
83
88
91
86
85
68
84.4
82.3
80.4
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 9 is as follows:
-The acreage sown to wheat in the 27 foreign countries for which
Wheat.
estimates are available is 139,048,000 acres compared with 141,291,000
acres for the 1932 harvest and 139,318,000 acres for the 1931 harvest. The
wheat acreage in 17 European countries which represent about 90% of the
total European acreage (excluding Russia) is now reported at 67,252.000
acres compared with 66,257,000 acres in 1932 and 67,264,000 acres in 1931.
The official Canadian report dated May 30 stated that the seeding of
spring wheat was nearing completion throughout the West. The season
is late, but germination has been favored by the ample moisture supply.
There are many reports of decreased acreage of spring wheat, which would
seem to substantiate the 5.6% decrease indicated on the basis of farmers'
"Intentions to plant" report issued May 10. Early sown wheat is well
above ground and growing rapidly, but the hot weather with limited rainfall
during the first week in June showed the need of frequent rainfall for
normal development. Conditions to date indicate a crop somewhat larger
than that of a year ago.
In Europe the fall-sown grains generally came through the winter in
good condition and abandonment was small in most countries. Present
reports indicate a larger harvest in the Danube countries, but it now appears that the yields in the southern and western European countries will
not equal the high yields obtained last year. Government reports from
Italy indicate prospects for a good crop in that country, but smaller than
last year's record crop. Unofficial reports are predicting some decrease
in the French crop despite an increase in acreage. Present prospects in
Spain are less favorable than earlier in the season and now an about average
crop is expected. The German official crop report as of June 1 reported
an above average condition for both winter and spring wheat.
Estimates of the areas sown to the individual grain crops in Russia are
not available, but the total area sown to all spring grains up to June 1 is
reported at 194,900,000 acres compared with 185,700,000 acres sown up
to the same date last year. An official crop report concerning conditions
during the last ten days of May reported average to above average conditions over the greater part of the principal grain regions.
The estimate of the Indian crop has been increased about 6,700,000
bushels during the past month and is now placed at 347,163,000 bushels
compared with last year's second estimate of 339,621,000 bushels. The
first estimate of 1933 production in Japan is 38,227,000 bushels compared
with 31,336,000 bushels in 1932.
In Argentina weather conditions have been favorable for the preparation
of the land, for seeding and for germination of the wheat. Moisture
conditions of the soil have been quite satisfactory in most areas. Precipitation in the wheat zone from May 1 to May 24 was about equal to the 28
year average for the entire month. No official estimate has been made
of the area intended for wheat in 1933-34, though no significant change
from last year's total wheat area is expected by the Bureau's Argentine
representatives. Prospects for the 1933-34 wheat crop in Australia continued unfavorable during most of May due to lack of moisture and reports
continue to indicate a smaller acreage than last year. Severe drouth
continues in South Africa.
Rye.
-The 1933 rye area in 14 European countries is reported at 22,131,000 acres compared with 22,040,000 acres in the same countries last year.
The winter area in Germany, the most important producing country aside
from Russia, is reported at 10,936,000 acres compared with 10,830.000
acres in 1932. The condition of the crop on June 1 was above average,
but below the condition on June 1 1932. The estimate of area sown in
Poland. which ranks next to Germany in importance, is not available.
An official report indicated an above average condition there on May 5.
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Financial Chronicle
Czechoslovakia and France, also important rye-producing countries, reported slightly smaller areas this year.
WHEAT AND RYE—ACREAGE, 1930-31 TO 1933-34.
Crop Year.
Crop and Country.
1930-31.
Wheat—
United States—Winter
Spring
Canada
Mexico
Total (3)
Europe (17)
North Africa (5)
Asia (3)
Total, 28 countries
Rye-United States
Canada
Europe (14)
Total, 16 countries
a Intentions to plant.
1931-32.
1932-33.
1933-34.
Acres.
Acres.
Acres.
Acres.
39,463,000 41,357,000 33,656,000 27,096,000
21,677,000 13,987,000 21,521,000 a20,986,000
24,898,000 26,201,000 27,182,000 25,685,000
1,104,000
1,179,000
1,216,000 1,501,000
87,254,000 83,046,000 83,463,000 74,946,000
66,001,000 67,264,000 66,257,000 67,252,000
10,448,000 9,821,000 10,609,000 9,987,000
33,790,000 34,531,000 36,139,000 34,945,000
197,493,000 194,662,000 196,468.000 187,130,000
3,543,000 3,060,000 3,271,000 2,854,000
774,000
600,000
1,448,000
778,000
23,252,000 22,096,000 22,040,000 22,131,000
28,243,000 25,934.000 26.085,000 25,585,000
French Wheat Harvest Less Than Domestic
Consumption.
Paris advices June 10 (to the New York "Times") stated
that the Bureau of Agriculture announced that day that
because of the drouth the wheat harvest would total only
603,000,000 bushels this year. It was further stated:
If this estimate should prove true, it will be the first time in this century
that France's wheat harvest has been less than the average estimated
consumption of 620.000,000 bushels.
Prairie Provinces Back Wheat Curb.
Winnipeg advices May 31 to the New York "Journal of
Commerce" said:
Governments of the three Prairie Provinces have pledged their support
to the principle of curtailing wheat production or controlling of exports
for the purpose of stabilizing prices, and have offered to co-operate with the
Dominion in achieving such an objective.
Proposals made by the three wheat growing Provinces with specific
application to the coming world Economic Conference in London were
wired to Premier R. 13. Bennett.
Spain Loans Wheat Farmers Not Over 50,000,000
Pesetas—Overproduction Causes Temporary Withdrawal of 250,000 Tons from Market.
Because of overproduction of wheat in Spain and the
difficulty experienced by Spanish wheat farmers in disposing
of their large surplus at reasonable prices, the Government
by a recent decree has authorized temporary retirement
from the market of 250,000 tons of wheat by payment of
loans to wheat holders not to exceed 50,000,000 pesetas, it
is stated in a report to the Commerce Department's Foodstuffs Division from Assistant Trade Commissioner A. H.
Cramer, Madrid. The Department's advices continued:
The quantity of wheat withdrawn from the market will be allocated among
the different provinces by the Ministry of Agriculture, Industry and Commerce according to the present surplus on hand as theresult of the approaching harvest.
To provide cash for present holders of large quantities of wheat, the
Government has authorized loans to such groups or individuals meeting
the requirements of the present decree who deposit wheat in warehouses
designated for that purpose.
The amount of these loans will be calculated at the rate of 20 pesetas
for each 100 kilograms of wheat deposited, and may not exceed 25,000
pesetas to each holder.
Loans will be confined to persons actually producing wheat or who have
obtained wheat from rents, leases, or partnerships, but loans will not be
made to merchants or intermediaries.
(Peseta equal to about 19 cents at par.)
(1 kilogram equal to 2.20 pounds.)
(One bushel of wheat equals 60 pounds.)
New York State Milk Control Board Called Unconstitutional in Case Argued Before Court of Appeals
—No Decision Expected Before July—Governor
Lehman, in Letter on Milk Prices, Says He Has
No Jurisdiction Over Policies of Board.
The question of the right of the New York State Milk
Control Board to set minimum prices was argued before
the Court of Appeals in Albany on June 13 in the case of
Leo Nebbia, a Rochester grocer, who was fined for giving
away a loaf of bread with a milk sale. His attorney maintained that the Act establishing the Board and defining its
powers was unconstitutional since it deprived persons of
property without due process of law. Henry S. Manley,
counsel for the Board, and State Attorney-General Bennett,
declared that the law was constitutional. No decision in
the case is expected before July. In a letter from Governor
Lehman to Captain Emil Greenberg, Chairman of the Special
Milk Committee of the Community Councils of New York,
made public by the Governor on June 10, he stated that
he had no authority to prescribe rules for the Milk Control
Board and also was unable to appoint a legislative committee
to investigate the milk industry. In replying to a letter
June 17 1933
from Captain Greenberg the Governor said he had considered this communication most carefully, and continued:
In the main your letter alleges that the consumers of milk in New York
City now find themselves in a disadvantageous position; first, because of
regulations of the Milk Control Board of the State of New York, and
second, because of the order of the Commissioner of Health of the City of
New York with respect to the sale of loose milk.
With regard to the sale of loose milk in the City of New York, it must
be clear to you that the Governor of the State of New York is not in any
way empowered either to approve, disapprove or supervise any action taken
or contemplated by the Commissioner of Health in accordance with his
discretionary judgment.
The Milk Control Board of the State of New York was created by Chapter
158 of the Laws of 1933. I am sending you herewith a copy of the Act.
I will appreciate your reading and studying it carefully. This Act declares as part of the policy of the State that the severe and increasing
disparity between the prices of milk and other commodities has impaired
the agricultural assets of the State.
Before the enactment of this law the Legislature held several public
hearings which were very largely attended and at which opportunity
was given to all organizations and individuals to present their views. It
is unfortunate that your organization did not send representatives to these
hearings to present your views. Thorough consideration was given the
bill, both by the legislative committees and by the Legislature itself.
The Milk Control Board is in no 801190 a direct agency of the Governor.
nor may the Governor personally prescribe and execute what he might
consider to be proper rules or policies in different instances.
You further urge that I appoint a legislative committee to investigate
every angle of the milk industry. This likewise is beyond my legal powers.
Legislative committees, as you know, are appointed by the Legislature.
I assure you that I am as vitally concerned in not having the consumers
of milk in the State burdened by unreasonable retail prices as I am in
having the farmers obtain a fair price for their milk. My interest in
both is very deep. I am transmitting your letter to the Milk Control
Board for its consideration.
Eastern Tea Producers Act for Crop Regulation—
Ceylon, India and Dutch East Indies Plan Legislation.
From the New York "Herald Tribune" we take the following (Canadian Press) from Kandy, Ceylon, May 26:
Tea producers of Ceylon. India. and the Dutch East Indies are seeking
legislative authority to regulate production in accordance with demand
for the next five years. Their united move will decrease the amount of
tea available for export in the three countries by 120,000 pounds annually.
Ceylon took the first step in the plan designed to bring back prices to a
remunerative level. The Ceylon Government on April 23 passed an ordinance making control effective as from April 1 and limiting exports during
the first year to 85% of the 1929 figure.
Production of Flour Continues to Exceed Corresponding Month in 1932.
General Mills, Inc., in presenting its summary of flour
milling activities from figures representing approximately
90% of all flour mills in the principal flour-producing centres,
reports that 5,802,085 barrels of flour were produced during
the month of May 1933, as against 6,013,692 barrels in the
preceding month, 5,568,721 barrels in March 1933 and
5,224,780 barrels in May 1932.
During the 11 months' period ended May 31 1933 flour
output totaled 61,651,917 barrels, as compared with 65,474,377 barrels during the 11 months ended May 31 1932.
The summary of General Mills, Inc., follows:
PRODUCTION OF FLOUR.
(Number of barrels.)
Month of
May 1933.
Northwest
Southwest
Lake Central and Southern
Pacific Coast
nprowl tntal
Month of IlMos. End. 11 Mos. End.
May 1932. May 31 '33. May 31 '32.
1,459,244
2,072,553
1,909,954
360,334
1,315,400
1,871,613
1,739,215
298,552
15,128,792
22,043,326
21,204,006
3,275,793
17,211,026
22,878,010
21,054,796
4,330,545
5.802.085
5.224.780
61.1151 017
65.474.377
Activity in Domestic Cotton Mills Highest in Several
Years—Nears All-Time Record High Levels.
Domestic cotton mill activity is now at the highest level
in several years and compares favorably with the all-time
record high levels established in the late Winter of 1926-27,
according to the New York Cotton Exchange Service.
With very large orders for goods on hand and with stocks
of goods at the mills very low, it is expected that mill activity will continue very high through the summer, even
allowing for some contraction of activity through organization of the industry under the Industrial Recovery Bill.
Under date of June 12 the Exchange Service also said:
It appears probable that world consumption of American cotton this
season will be around 13,800,000 to 14,000,000 bales, compared with
12,506,000 last season, 11,113,000 two seasons ago, 13,021,000 three
seasons ago and 15,226.000 four seasons ago, while consumption of foreign
cottons this season will be about 10.800.000 to 10.900,000 bales, as against
9,658,000 last season, 11,317,000 two seasons ago, 11,881.000 three seasons
ago and 11.115,000 four seasons ago.
British Indian Import Duties Increased on Non-British
Cotton Piece Goods.
The Department of Commerce at Washington stated on
June 10 that effective June 7 British Indian import duties
were increased on non-British cotton piece goods (other than
Volume 136
Financial Chronicle
fents of not more than nine yards in length) to 75% ad
valorem from the previous rate of 50% ad valorem, with
plain gray now subject to a specific minimum duty of
6% annas per pound as against the former specific alternative of 53 annas per pound, according to a cablegram from
Trade Commissioner George C. Howard, Calcutta. It is
added that the anna at present exchange equals approximately 1.9 cents.
Fertilizer Tag Sales During May Above Recent Previous
Years, According to New York Cotton Exchange
Service.
Fertilizer tag sales in the nine principal cotton-growing
States during May were larger than those in the corresponding month in the previous three years, according to
the New York Cotton Exchange Service. Under date of
June 6 the Service continued:
Tag sales during May this year totaled 174,000 short tons, compared
with 95,000 in May last year, 129,000 two years ago and 153,000 three
years ago. The total for the season from Dec. 1 to May 31 was 2.252.000,
as against 1,834,000 for the corresponding period last season. 3,109,000
two seasons ago and 4.449.000 three seasons ago.
The States covered by the above figures are North Carolina, South
Carolina, Georgia, Alabama, Mississippi, Tennessee, Louisiana, Arkansas
and Texas.
Japanese Adopt India Cotton Ban—Spinners' Federation Approves Boycott as Retaliatory Measure.
From the New York "Evening Post" we take the following
from Osaka (Japan), June 13:
The Cotton Spinners' Federation to-day unanimously approved a boycott against Indian raw cotton.
This action was in retaliation against a recent 50% increase in duties
levied by India against non-British cotton cloths.
It follows by a few days a statement by a Foreign Office spokesman
that the Japanese Government was considering methods of effectively
checking "the British Empire's aggressive tariff and general commercial
policies against Japan."
It has been predicted that as a result of the differences between Japan
and India, American raw cotton may replace Indian goods in the Japanese
market, in which it once held primacy.
Newspapers have reflected a wave of anti-British feeling among Japanese
industrial and commercial interests as a result of the increase in the cotton
cloth tariffs of India. The Japanese view is that these increases mean the
death of the Indian textile trade.
Pay Increased by Textile Mills—Connecticut Firms
Seek More Help.
With a revival in the textile mills in North Grosvenordale,
Conn., and the Lawton Mills in Plainfield, the Grosvenordale Mills, which employ 1,300, announced that they have
raised wages between 10 and 123/2% and can use 650 more
workers who are trained in the textile trade, it is stated in
advices from Hartford, June 12, to the New York "HeraldTribune," which continued:
The mills are working on an order for 1,000.000 yards of shirting for the
United States Marine Corps., which will take three months to complete.
The Lawton Mills, which employ 900. announced they have room for
between 200 and 300 more employees.
Wages Increased at Four Cotton Mills of Goodyear
Tire & Rubber Co.
Effective June 13, wages of more than 4,000 workers in
four cotton mills of the Goodyear Tire & Rubber Co. were
increased 10%. Associated Press advices from Akron,
Juno 12, said:
It was not indicated whether the raise was a restoration of previous
cuts. The mills affected are at Rockmart,Cedartown and Cartersville. Ga..
and Bedford. Mass. Workers on an hourly basis and on piecework schedules
will be given the increase.
Waterbury Clock Co. Increases Wages.
Approximately 2,000 employees of the Waterbury Clock
Co. and the Ingersoll Waterbury Co. of Waterbury, Conn.,
received notice on June 8 of a 5% wage increase, we learn
from the Hartford "Courant" of June 9. In connection
with the notice of the wage increase, which became effective
immediately, the management disclosed a big gain in production activity.
Shoe Workers Receive 5% Wage Increase—Action by
Endicott-Johnson Corp. Affects 17,000.
Wages of the 17,000 employees of the Endicott-Johnson
Corp., shoe manufacturers, were increased 5% effective
June 12.
Increase in Salaries by Brown Shoe Co.
A 5% salary increase for all factory and office employees
of the Brown Shoe Co. went into effect on June 12 we learn
from advices from St. Louis. Approximately 10,000 workers
were affected by the action.
4165
4,000 Steel Workers Returned to Work in Pennsylvania.
Advices from Pittsburgh, Pa., June 9, to the New York
"Times" said that 4,000 were called back to work in
McKeesport, Pa., by the National Tube Co. F. W. Waterman, President, said a marked general improvement in the
steel industry made possible the increase in operations,
planned for next week.
Scrap Steel Prices Advanced in Pittsburgh and
Youngstown.
The following, from Youngstown, Ohio, June 13, was
noted in the New York "Times" of June 14:
The leading scrap iron dealer in this territory has advanced the price of
No. 1 heavy melting steel scrap to $13 a ton, an increase of 50 cents. No. 2
is quotable from $12 to $12.50 and hydraulically compressed sheets at the
same figure.
According to Associated Press advices from Pittsburgh,
Pa., June 13, No. 1 heavy melting steel scrap was quoted on
June 13 at $11.75 to $12.25 a ton, an advance of 50 cents.
The quotation was reported firm.
Petroleum and Its Products—Drafting of Code Holds
Industry's Attention as Crude Prices Begin Upward Movement—East Texas Output Legally Cut
to 550,000 Barrels Daily—Independents Move to
Bar "Monopoly" Under New Governmental Control
Rule.
As crude oil prices begin an upward swing in reaction to the
cut in East Texas allowable output from more than 800,000
barrels to a new daily figure of 550,000 barrels, the attention
of the industry has been diverted to Chicago, where petroleum
leaders and association officers are gathered at the invitation
of the American Petroleum Institute to draft the code which
is to be presented to President Roosevelt as the creed by
which the industry wishes to operate.
As the Chicago conference got under way on Thursday,
President Roosevelt received a request from three Independent associations, namely, the Independent Petroleum
Association Opposed to Monopoly, the Independent Petroleum Association of Texas, and the Independent Petroleum
Association of California. In this message, the Independent
interests made six recommendations tending to prevent the
control of the industry by monopolies. These recommendations are:
1. Sub-division of the oil industry into four sections—
production, transportation, refining, marketing; 2. Seperate
trade agreements for each sub-division; 3. Barring of any
one firm from participating in the presentations of codes for
more than one of the sub-divisions; 4. Fixation by the Interstate Commerce Commission of reasonable pipe-line transmission rate; 5. Elimination of pipe-line monopolies through
regulation of holding companies; 6. An embargo on foreign
oil.
Meanwhile,in Chicago,the delegates attending the A.P.I.
meeting were told by President Axtel J. Byles of the Institute that if the petroleum interests themselves did not take
steps to correct their situation they would "awake to find
their industry nationalised." The aim of the proposed code
was expressed in the first article as follows:—
"In order to eliminate unfair competition in the production
of crude petroleum, to insure the conservation of the resources
of the country, to increase employment, to establish fair and
adequate wages, to enlarge the purchasing power of persons
related to this industry, to improve the standards of labor,
to protect the consuming public from excessive prices, to
avoid premature abandonment of wells of settled production, and to so restore the American petroleum industry
that it may promote the general welfare and common prosperity of the American people, and to accomplish and effectuate the policies set forth in the National Industrial Recovery Act, this code of fair competition governing the production of crude oil is adopted."
-established in
The code in general follows the-principles
the Industrial Act concerning the right of labor to practice
collective bargaining. It is also held that production of
petroleum in excess of the aaxixnum allotment set by the
President sha I constitute unfair competition. Also that
anyone receiving or selling illegal oil shall also be guilty/of
unfair competition. It is farther provided that no one shall
be permitted to drill without a permit from the President,
and that the sale of petroleumr.at less than the actual cost of
production is contrary to the "policy of conservation."
It is suggested that the President establish minimum prices.
In the opinion of one of the leaders, Harry F. Sinclair, the
petroleum industry will take advantage of the opportunity
to "get together legally" and work out its problems. This
4166
Financial Chronicle
is:something, he pointed out, which it has not been able to
do in the past. Attempts to control the industry through
voluntary agreements has failed in every instance, thus
bringing about the present low level of nearly all phases of
the petroleum industry.
The change in the East Texas allowable from the former
figure of 826,000 barrels to the present legal limit of 550,000
barrels was ordered by the Railroad Commission following
the hearing on June 12, at which operators and petroleum
engineers testified that the high rate of production was causing a high rate of decline in bottom-hole well pressure. The
lower rate of production has already led to the posting of a
500. price by one small company, the Bell Oil & Gas Co., for
Oklahoma crude, an advance of 25c. and an advance of 15c.
for Panhandle Texas crude. The Tide Water Oil Co. has
posted a 10c. advance in the Conroe field.
However, it is felt that there cannot be a general price
advance in crude as long as production still exceeds demand.
While the East Texas cut in output is a long step in the right
direction oil men point out that even under the new order,
the State's total output is considerably in excess of current
market requirements, and will force oil into storage. The
State's total legal output is now 1,150,000 barrels daily,with
the market requirements estimated at not more than 900,000
barrels.
Despite the cut of almost 300,000 barrels daily, producers
hold to their belief that the big East Texas field is headed
for oblivion, in so far as its effect on the nation's petroleum
industry is concerned. Estimates place its "life" as a major
factor at no longer than September.
An immediate upward revision of crude prices would benefit
second quarter statements of the oil companies, as it would
modify to some extent the inventory write-downs. The last
three price revisions, all reductions, occurred on Dec. 16
1932, when prices were posted at 53c. to 77c. a barrel; a
range of 28e. to 52c. on Jan. 18 of this year, and the last
change to a flat price of 25c. on May 6 of this year. Following the May 6 cut some companies posted as low as 10c., but
this price did not obtain over any extended period.
The industry in general does not look for any "over-night"
recovery, but rather for a more extended period of readjustment, but this time based upon a substantial plan which can
be effectively worked out under official supervision both of
trade groups and governmental agencies.
Price changes follow:
June 15
-Bell OU & Gas Co. advances Oklahoma crude price 25c. a
barrel to new price of 50c., and also posts 15c. advance in Panhandle
Texas crude.
June 15
-Tide Water Oil Co. posts 10c. advance in Conroe crude.
June 16-Danciger 011 & Gas Co. posts 10c. advance for East Texas
crude,the new price being 35c.
June 17
-Effective at 7 a. m. to-day, the White Eagle Oil Corp., subsidiary of Socony-Vacuum, will pay 52c. for Kansas crude of 40 gravity
and above, this being a 27c. increase and restores prices to level in effect
Jan. 10 1933.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
61.37 Eldorado, Ark.,40
$ .52
Corning,Pa
.25-.35
.85 Rusk, Tex., 40 and over
.23
Illinois
.47 Salt Creek, Wyo.,40 and over
Western Kentucky
.23
.42 Darst Creek
.07
Mid-Cont., Okla.,40 and above- .25-.50 Midland District, Mich
1.05
Hutchinson, Tex.,40 and over.. .25-.35 Sunburst, Mont
Spindletop, Tex., 40 and over...... .25-.35 Santa Fe Springs, Calif.,40 and over .75
.75
Winkler, Tex
.25-.35 Huntington, Calif., 26
1.75
Smackover, Ark., 24 and over
.20 Petrolia, Canada
REFINED PRODUCTS
-GASOLINE PRICE STRUCTURE STRENGTHENS AS CRUDE TREND IS HIGHER-STANDARD OF
OHIO ADOPTS NEW PRICE BASIS
-CHICAGO SPOT DEMAND
STRONGER-FUEL OILS SPURT AS TEMPERATURE DROPS
IN EAST.
June 17 1933
scramble to secure the available stocks. One of the more
unusual features of the spectacular buying move was the
fact that many large refiners were represented as buyers,
rather than sellers.
There has been a good movement locally of Pennsylvania
lubricating oils, with prices well maintained.
The announcement last week of the new "code" to be
put into effect by Standard of Indiana, under which they
expect that many trade "ills" will be cured, was followed
this week by a statement by Standard of Ohio, to the effect
that a new policy of determining retail prices of gasoline is
to be established by the latter company. Standard of Ohio
expresses the belief that the new price formula will stabilize
the market and help eliminate unfair practices and "cutthroat" competition in the Ohio oil industry.
The new plan, which went into effect June 14, is declared
to be in line with the Federal idustrial recovery measures.
It seeks to assure dealers, agents and jobbers a fair margin
of profit, and to end "chaotic" conditions which are causing
heavy losses to oil companies. W. T. Holliday, President
of the Ohio company, states:
All prices of gasoline, wholesale and retail, sold by this company, will
be based rigidly upon low wholesale tank-car prices, delivered, in Ohio.
All prices will be adjusted currently to changes in the wholesale tank-car
market, and variations up and down will be by one-quarter of a cent
per gallon.
A discount of two cents a gallon for cash will be allowed. This cash
discount is given to meet the practice of secret discounts recently prevalent
and to eliminate the high cost of carrying charge accounts for a commodity
sold in such comparatively small amounts.
Price changes follow:
June 14
-New price basis adopted by Standard of Ohio result in increase
of ;.f,c. in two leading grades, and Xc. on low grade. Actual advances
at service stations are 2 c to 234c., but 2c. discount is allowed on cash
sales.
June 16
-Standard Oil Co. of Indiana advances tank wagon and service
station gasoline prices %c. a gallon on all grades throughout its territory.
Gasoline, Service Station, Tax Included.
3.128
*3.1734 New Orleans
New York
$ 152 Cleveland
12
.18
Philadelphia
Denver
Atlanta
19
115 San Francisco:
Detroit
Baltimore
.16
17
144
Third grade
Houston
Boston
.16
195
Above 65 octane__ 185
Buffalo
.172 Jacksonville
133
219
Premium
Kansas City
Chicago
12
14
125 St. Louis
Cincinnati
• .1734 Minneapolis
•Less 2 cents cash discount.
White, Tank Car, F.O.B. Refinery.
Kerosene, 41-43 Water
$ 02 M-.03341New Orleans,ex__ _.3.0336
New YorkChicago
0434-.0334
Tulsa
(Bayonne) _3.0444-.05341 LO8 Ang.,ex__ .004-.06
.03
North Texas
Fuel Oil, F.O.B. Refinery or Terminal.
Gulf Coast C
$ .65
California 27 plus D
N.Y.(Bayonne)3.75-1.00 Chicago 18-22 D .4234-.30
Bunker C
$ .75
.60 Philadelphia C
.70
1.65 New Orleans C
Diesel 28-30
Gas Oil, F.O.B. Refinery or Terminal.
Tulsa
3.0131
N. Y.(Bayonne)I Chicago3.0134 I
28 plus 0 0_3.0334-.04 / 32-36 00
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
Chicago
$ 04-.0434
N. Y.(Bayonne)
N. Y.(Bayonne)
Shell Eastern Pet-S.0434 New Orleans,ex_ .04-.0434
Standard Oil, N.J.Arkansas
.04-.0434
Motor, U. S___$.05
New York
05-.07
Colonial-Beacon- .05 California
Stand. Oil, N. Y_ .0510
.0435 Los Angeles, ex_ 0436-.07
z Texas
Tide Water 011 Co .05
05-.0534
0475 Guld ports
Gulf
Richfield Oil (Cal.) .0534
05-.0534
.05 Tulsa
Republic 011
Warner-Quin. Co.. .0534
Pennsylvania_ __
.0534
Richfield "Golden." a "Fire Chief," 3.0510.
Oil Production Limit Pact Renounced by Rumanians
Cite United States Failure to Limit Production to
2,000,000 Barrels Daily-Message of Renunciation.
Rumanian producers have renounced the production limit
that they accepted at the international oil conference in
Paris, France, last January due, it was said, to the failure
of the international oil groups to obtain a limitation of the
United States' production level to 2,000,000 barrels daily.
The New York "Times" of June 3, according to a wireless
from Paris June 2 said:
The Rumanian Oil Association, in notifying the international interests
The gasoline price structure throughout the country, and of its decision to-day (Juno 2), declared that it was appointing a special
especially along the Eastern seaboard, is showing signs of commission for the purpose of co-operating with the other European oil
in order that the
growing strength, with many indications pointing to an interestsagreement should Rumanian action in withdrawing from the interdisrupt the European market as little as possible.
national
early advance. The settlement of many local price wars,
The Rumanian interests took advantage of a clause they introduced
at the conference held here in April, under which they made their acceptespecially in the New Jersey area, has had a beneficial effect,
but the underlying reason for the stronger tone is the fact ance conditional upon effective limitation being obtained in the United
States.
that crude is tending upward,and the definite price advanced,
The big American producing companies were represented at both Paris
when posted, should be immediately reflected throughout the meetings and agreed to use their efforts to obtain the limitation of American
production, but the independent American producers maintained a rerefined list.
calcitrant attitude, refusing to come within the terms of the international
There was a noticeable improvement in spot kerosene sales understanding.
The Rumanians originally accepted a limit of 1,850 tons and in April
this week, attributable to the unexpected cold snap which
they obtained a slight increase over that figure. Before the international
the East has been undergoing. Kerosene prices here con- accord was reached, the Rumanian output, exclusive of the international
tinue to range between 43 c. to 5c. for 41-43 water white. concerns there, reached 2,400 tons and presumably they may be expected
4
return to
Fuel oils also benefitted by the change in the weather. toRumanian the neighborhood of that total.expressed their willingness to
national interests, however,
Grade C bunker continues at 75c. a barrel and Diesel at negotiate for a renewal of limitation at any time the American producers
agreed to it.
$1.65 a barrel, both quotations for bulk lots at refineries.
The Chicago market developed great activity this week
Rumania's withdrawl from the international accord was
when the fact became apparent that spot lots of gasoline contained in a telegram from C. Osiceanu, President of the
were scarce. Prices advanced from 3/20. to Yic. a gallon Rumanian Oil Association, to M. Arnott, an official of the
for tank ear lots, and even this did not deter buyers in the oil conference. The text of the telegram, published in Paris
4167
Financial Chronicle
Volume 136
on June 7, was contained in a wireless to the New York
"Times" of June 8, as follows:
Replying to your telegram, to our deep regret we have noted that
American production has risen above 2,000,000 barrels a day, agreed upon
as the limit, and likewise we have noted the continued fall ir prices. In
view of this situation, which is injurious to our position, and even though
we favor the principal of collaboration, we cannot prevent Rumanian
companies from defending their interests.
As persons who have at the cost of heavy sacrifices maintained the
agreement undertaken, we must notify you that, unless the American
production is immediately reduced to 2,000,000 barrels a day, we shall
feel obliged to our great regret to consider the possibility of discontinuing
further collaboration in which we have taken part with equal sincerity
and sacrifice.
Crude Oil Production Increased During Week Ended
June 10 1933-Motor Fuel Inventories Off 1,500,000
Barrels.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
June 10 1933 was 2,709,350 barrels, compared with 2,675,650
barrels per day during the preceding week, a daily average
of 2,681,250 barrels for the four weeks ended June 10 and
an average daily output of 2,183,450 barrels for the week
ended June 11 1932.
Stocks of motor fuel oil at all points fell off 1,500,000
barrels, or from 56,147,000 barrels to 54,647,000 barrels
during the week ended June 10 1933, as against a decline
of 680,000 barrels during the previous week.
Reports received for the week ended June 10 1933 from
refining companies controlling 91.6% of the 3,856,300 barrel
estimated daily potential refining capacity of the United
States, indicate that 2,253,000 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
31,076,000 barrels of gasoline and 125,070,000 barrels of
gas and fuel oil. Gasoline at bulk terminals, in transit
and in pipe lines, amounted to 20,061,000 barrels. Cracked
gasoline production by companies owning 95.4% of the
potential charging capacity of all cracking units averaged
473,000 barrels daily during the week. The reportfor the week
ended June 10 1933 follows in detail:
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures In Barrels.)
Week
Ended
June 10
1933.
Week
Ended
June 3
1933.
Average
4 Weeks
Ended
June 10
1933.
454,950
106,450
42,950
46,900
18,000
158,700
58,450
836,800
65,200
50,100
25,300
29,950
117,300
41,050
91,650
15,700
30,450
5,600
2,550
36,000
475,300
401,150
107,650
45,300
47,850
18,050
157,800
58,600
837,500
82,250
49,200
25,100
29,900
115,500
42,350
90,650
16,700
28,250
5,950
2,550
36,050
477,300
425,150
107,550
43,900
47,850
19,000
159,200
58,450
823,450
74,200
50,000
25,750
29,950
115,200
41,600
90,100
16,150
28,900
5,800
2,550
36,050
480,450
Oklahoma
Kansas
Panhandle Texas
North Texas
West central Texas
West Texas
East central Texas
East Texas
Conroe
Southwest Texas
North Louisiana
Arkansas
Coastal Tel(118 (not including Conroe)
Coastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Week
Ended
June 11
1932.
434,200
95,100
51,350
50,800
25,050
179,350
56,950
330,400
350
5.5,300
29,600
34,150
113,050
33,050
109,350
17,550
34,350
7,350
2,900
36,450
486,800
-Daily Average
Crude Oil Output Declined in April 1933
Production 252,000 Barrels Below March-Total
Inventories of All Oils Lower.
According to reports received by the Bureau of Mines,
Department of Commerce,the production of crude petroleum
in the United States during April 1933, totaled 65,313,000
barrels, or a daily average of 2,177,000 barrels. This represents a decrease of 252,000 barrels from the daily average
of the previous month and is practically the same as the daily
average in February. The material decline in production in
April was due largely to the shut-down of the East Texas
field, which extended from April 6 to April 24. However,
the production-.of that field during the first part of the
month and after it was re-opened under a new proration
plan was high and the total output for the month was
10,467,000 barrels. Production in the Oklahoma City field
averaged 104,000 barrels daily, hardly more than half of the
March figure; this decrease resulted primarily from the
shut-down of April 1 to April 17. The upward trend of
production in Kansas and the Louisiana Gulf coast was
continued. Daily average production in the Kettleman
Hills field was unchanged. but the majority of the other
important fields in California increased and the daily average
for the State rose to 475,000 barrels from 433,000 barrels in
March. The Conroe field of Texas showed a material gain in
output in April following an increase in the number of
producing wells.
The substantial decline in crude production and an increase
of 101,000 barrels in daily average crude runs were reflected
in crude stocks, which decreased about 5,200,000 barrels in
April following an increase of 6,648,000 barrels in March.
Daily average runs to stills of domestic crude rose to
2,197,000 barrels from 2,087,000 barrels in March but daily
average runs of foreign crude declined from 106,000 barrels
in March to 97,000 barrels in April.
The percentage yield of gasoline remained unchanged at
43.%, but the gain in crude runs resulted in an increase in
motor fuel output from 1,044,000 barrels daily in March to
1,086,000 barrels daily in April. Imports of gasoline were
negligible but exports totaled 3,256,000 barrels. The indicated domestic demand for motor fuel was 30,176,000
barrels, a daily average of 1,006,000 barrels. This represents
a substantial increase over March, due to seasonal influences,
but is 3.3% below a year ago. Stocks of motor fuel, which
had increased steadily for several months, declined 862,000
barrels during the month, amounting to 59,694,000 barrels
on April 30. The domestic demand for fuel oils continued
to decline, but that for lubricating oils showed a substantial
gain. Exports of wax continued high, with the total for the
first four months of 1933, 18% above 1932.
The refinery data of this report were compiled from
refineries with an aggregate daily recorded crude oil capacity
of 3,409,010 barrels. These refineries operated during April
at 67% of their capacity, given above, compared with
a ratio of 63% for March.
SUPPLY AND DEMAND OF ALL OILS.
(Thousands of barrels of 42 U. S. gallons.)
April
1933.
Total
2 709.350 2.675.650 2.681.250 2.183.450
-The figures indicated above do not include any estimate of any oil which
Note.
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS. AND GAS AND FUEL
OIL STOCKS, FOR WEEK ENDED JUNE 10 1933.
(Figures in barrels of 42 gallons each.)
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
Dtstrta.
Reporting.
Potential
Rate.
644,700
East coast
144,700
Appalachian
434,900
Ind., Ill., Ky
Okla., 3Can., Mo. 459,300
315,300
Inland Texas
555,000
Texas Gulf
Louisiana Gulf__ 146,000
89,300
-Ark -North La.
Rocky Mountain 152,000
915,100
California
Total.
638,700
135,000
424,000
390,000
177,700
542,000
142,000
79,000
138,000
866,100
%
99.1
95.0
97.5
84.9
56.4
97.7
,97.3
88.5
90.8
94.6
%
Daily OyerAverage. Med.
472,000
81,000
310,000
234,000
90,000
426,000
112,000
32,000
42,600
454,000
aMotor
Fuel
Stoat.
Gar and
Fuel Oil
stoat.
73.9 16,252,000 6,854,000
60.0 1,997,000
880,000
73.1 7,976.000 3,970,000
60.0 4,773,000 3,333,000
50.6 1,526,000 2,228,000
78.6 5,463,000 6,466,000
78.9 1,302,000 1,877,000
40.5
253,000
606,000
30.4 1.205.000
677,000
52.4 13,900,000 98,179,000
Totals week:
June 10 1933 3,856,300 3,532,500 91.6 2.253,000 63.8 c54647000 125,070,000
June 3 1933_ _ 3,856,300 3,532,500 91.6 2.187,000 61.9 d56147000 125,046,000
a Below are set out estimates of total motor fuel stocks on U. B. Bureau of Mines
basis for week of June 10 compared w th certain June 1932 Bureau figures:
56,430,000 barrels
A.P. L. estimate of B.Of M.basis, week June 10 1933.13
69,135,000 barrels
U. S. B. of M. motor fuel stocks. June 1 1932
61,558,000 barrels
B. of M. motor fuel stocks, June 30 1932
U. S.
b Estimated to permit comparison with A. P. I. Economics report, which is on
Bureau of Mines basis.
c Includes 31,076,000 barrels at refineries. 20,061,000 bulk terminals, In transit
and pipe lines, and 3,510,000 barrels of other motor fuel stocks.
d Revised downward in California district by 240,000 barrels due to transfer by
reporting company, starting new series of figures. The figure published last week
for June 3 is comparable with prior weeks, while the above figure will be comparable
with subsequent weeks.
New Supply
Domestic:
Crude petroleum
Daily average
Natural gasoline
Benzol a
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply, all oils
Daily average
Increase in stocks, all oils
Demand
Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand
Daily average
Excess of daily average domestic
production over domestic demand
Stocks (End of Month)
Crude petroleum:
East of California
California_ c
Total refinable crude
Natural gasoline_d
Refined products_c
Mar.
1933.
April
1932.
Jan.- Apr Jars
-Apr.
1932.
1933.
65.313
2,177
2,674
89
68,076
2,269
75,302
2,429
2,771
88
78,161
2,521
67,717
2,257
3,102
105
70.924
2,364
265,642
2,214
10,864
360
276,866
2,307
264,274
2,184
12,790
449
277,513
2,293
2,910
1,354
72,340
2,411
3,803
1,506
83,470
2,693
7,691
4,683
83,298
2.777
11,913
5,650
294,429
2,454
19,286
15,797
312,596
2,583
1,4,449
8,114
2,643
538
3,052
76,789
2,560
75,356
2,431
80,655
2,689
2,939
6,732
67.118
2,237
2,137
5,418
67,801
2,187
2,867
8,899
8,446
22,946
7,772
27,745
70,016 262,046 273,353
2,184
2,334
2,259
32
334
293,891 309 544
2,558
2,449
30
123
34
296,983 301,799 328,719
39,516 39.909 42,547
336,499 341,708 371,266
3,590
4,345
3,548
248,558 247,840 260,064
296,983
39,516
336,499
3,590
248,558
328,719
42,547
371,266
4,345
260,064
Grand total stocks, all oils
588,647 593,096 635,675 588,647 635,675
Days' supply
249
244
240
230
236
Bunker oil (included above in do2,826
mestic demand)
13,102
2,812
11,119
3,436
a Based upon production of coke reported to Coal Division by those by-product
coke plants that recover benzol products. b Decrease. c California heavy crude and
residual fuel included under refined products. d Includes motor blends held at
natural gasoline plants.
Financial Chronicle
4168
PRODUCTION OF CRUDE PETROLEUM BY STATES AND PRINCIPAL
FIELDS.
(Thousands of barrels of 42 U. S. gallons.)
March 1933.
April 1933.
Total. DaUyAo.
Arkansas
California:
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California_
Colorado
Illinois
Indiana:
Southwestern
Northeastern
Total Indiana
Kansas
Kentucky
Louisiana-Gulf Coast
Rest of State
Total Louisiana_ _ _ _
Michigan
Montana
New Mexico
New York
Ohio-Central & Eastern
Northwestern
Total Ohio
Oklahoma-Okla. City
Seminole
Rest of State
Total Oklahoma...
Pennsylvania
Tennessee
-Gulf Coast
Texas
West Texas
East Texas
Rest of State
Total Texas
West Virginia
Wyoming-Salt Creek
Rest of State
Total Wyoming._ _ _
U. S. total
Total. Dathat%
Jan:
April
1932.
Jan.April
1933.
956
32
949
30
3,669
3,938
1,797
2,211
1,618
8,637
14,263
71
284
60
74
54
287
475
3
9
1,846
1,925
1,509
8,135
13,415
87
314
60
62
49
262
433
3
10
7.049
8,224
6,293
33,679
55.245
320
1,158
7,272
9,799
7,975
36,203
61,249
442
1,727
193
2
.51
4
1_ __ _
197
2
52
2
51
12,900
116
3,597
119
3,564
1,504
12
380
12
350
4,321
36
1,127
41
1.238
3,404
30
924
29
865
7,725
66
2,051
70
2,103
1,733
14
441
15
464
623
5
159
159 jii,:t 5
4,294
38
1,175
1,092 Au 36
1,010
9
272
8
245
1,064
9
278
9
264
318
3
84
3
79 „A
1,382
12
362
12
343
16.734
200
6,207
104
3,102
12,925
110
3,419
102
3,062
23,292
196
6,073
193
5,796
52,951
506
399 15,699
11,960
3,879
33
1,011
33
992
1
---------------16,576
146
4,1
154
4,613
19,422
160
4,974
164
4,911
48,919
560
349 17,360
10,467
27,244
233
7.217
241
7.235
1.099 112,161
908 34,072
27,226
1,130
9
286
9
288
2,429
21
633
19
564
1,331
11
347
11
338
3,760
32
980
30
902
276
11
287
11,451
1,986
3.570
3,220
6,790
1,850
843
4,523
1,218
1,181
353
1,534
13.203
15,233
24,620
53,056
4,183
2
12,547
21,895
40,084
28,676
103,202
1,311
2,801
1,881
4,682
265,642
264,274
2
50
65.313
2,177
75,302
2.429
June 17 1933
Gasoline Price in Denver, Colorado, Cut.
Effective June 5, the retail price of gasoline in Denver,
Colo., was reduced 1 to 13. cents a gallon. The Denver
"Rocky Mountain News" of June 6 reported the reductions
as follows:
Led by the Continental Oil Co., gasoline companies throughout the city
reduced to 16 cents a gallon the price of standard fuel and to 18 cents the
price of high-test gasoline.
The cut, according to oil officials, was made to bring Denver prices In
line with the mid-continent price scale. No reduction was made in the
"blue" gas price of 14 cents.
Cash Discount on Retail Sales of Gasoline Discontinued by Pennsylvania Companies.
Announcement was made June 5 by the Atlantic Refining
Co. and the Standard Oil Co. of Pennsylvania that the
discount of 2 cents per gallon for cash on the service station
price of gasoline has been eliminated. The Philadelphia
"Ledger" of June 6, in noting this, continued:
The Atlantic Refining action applies to Pennsylvania and Delaware,
while that of the Standard of Pennsylvania has become effective at all
points in Pennsylvania where the discount was in effect. This includes
almost the whole State, with the exception of the metropolitan Philadelphia area.
The principal refiners in the Pittsburgh district also announced removal
of the 2-cent discount June 5.
Wyoming Retail Gasoline Price Lowered.
A general reduction of 1 cent in the retail price of "regular"
gasoline to 16 cents was announced for Wyoming June 5 by
major distributing companies and independents immediately
fell into line, according to Associated Press advices from
Cheyenne June 5. No reduction was made in the tank wagon
price, which continues at 14 cents.
NUMBER OF WELLS COMPLETED IN THE UNITED STATES.s
April
1933.
Oil
Gas
Dry
March
1933.
April
1932.
472
48
257
486
57
284
792
81
297
-Apr.
Jan.
1933.
-Apr.
Jan.
1932.
2.082
259
1.119
2,673
399
978
4.050
3.460
1.170
827
777
Total
a From "Oil & Gas Journal" and California office of the American Petroleum
Institute,
Daily Production Allowable in East Texas Oil Field
Reduced to Approximate 560,000 Barrels by Order
of Texas Railroad Commission.
The Texas Railroad Commission on June 13 authorized
a reduction of one-third in the East Texas oil field production
allowable, according to Associated Press advices from
Austin, June 13, which continued:
For several weeks the production has been approximately 820,000 barrels
daily. The new allowable was estimated to be from 550,000 to 575,000
barrels daily. The new order is effective at mid-night June 13.
It was provided that no well should "produce leas than 20 barrels per day
of the limit fixed by statute for marginal wells."
Wells now will be permitted to produce each day 10% of one hour's
Potential based upon the bottomhole pressure tests made with the field
flowing. Under the old order the allowable was 15% of one hour's potential.
Previous to the allowable of 820,000 barrels daily, the
East Texas daily output was fixed at 791,000 barrels by the
Railroad Commission. This order had been in effect since
April 24 but due to the increase in the number of wells in
the field the Commission issued a statement on June 2 stating
that the output allowable is 820,000 barrels. The Commission's order, effective April 24, was noted in our issue of
May 6, page 3060.
Crude Oil Price Advanced by Bell Oil & Gas Co.
Advices from Tulsa, Okla., June 13, to the New York
"Times" said:
The Bell Oil & Gas Co. announced to-night that it was advancing the
price of crude oil in Southern Oklahoma and Northern Texas to 50 cents a
barrel for 40 gravity, and in Gray County, Tex. to 35 cents.
Fuel Oil Price Advanced Along Pacific Coast.
Richfield Oil Co. announced fuel oil had been advanced
10 cents a barrel to 75 cents at San Francisco, and raised
proportionately along the Pacific Coast, we learn from
Associated Press advices from San Francisco June 5. The
increase was followed by several other oil companies.
Price of Gasoline in Tank-Cars Raised-Action Taken
by Standard Oil Companies of New Jersey and
Pennsylvania.
The Standard Oil Co. of New Jersey increased the tankcar price of United States grade motor gasoline Yi cent a
gallon on June 6 at Baltimore and Norfolk. The new price
is now 5 cents a gallon.
At Philadelphia the price of gasoline in tank-cars was also
increased Yi cent a gallon by the Standard Oil Co. of Pennsylvania.
Kerosene Price Advanced by New Jersey Standard
Oil Co.
The price of kerosene has been advanced Yi cent a gallon
to 5 cents a gallon, at refineries, by the Standard Oil Co. of
New Jersey.
State of Wyoming to Investigate Oil Companies, Following Complaints of Excessive Prices and Improper
Valuation of Output for Tax Purposes.
An investigation of all oil companies doing business in the
State of Wyoming has been ordered by the State Board of
Equalization, as the result of complaints received by the
Governor and other State officials that oil companies were
charging excessive amounts for gasoline and that oil produced was being improperly valued for tax purposes. As a
consequence, on June 2 the Board ordered all producers,
refiners or marketers of crude or refined oil to appear before
the Board on Aug. 15 with complete records of their operations for each month of the last five years. A Cheyenne
dispatch of June 7 to the New York "Journal of Commerce,"
from which the foregoing is taken, quotes the following
text of the Board's order to the companies:
1. That each and every corporation, association and individual produdng
crude oil and (or) gas and the by-products thereof within the State of
Wyoming during the last five years submit to the board of equalization of
the State of Wyoming within the ensuing 30 clays from the date of this
order, separately, for each month in said five-year period:
(a) Complete data relative to the posted prices for oil in each field
operated in Wyoming:
(b) All contracts governing the gale of the oil produced in each field
operated in Wyoming;
(c) Complete data relative to any and all bonuses paid by the purchasers of oil so produced, over and above the posted prices, including cash
bonuses, and any and all bonuses of any other kind or character;
(d) Complete data and information relative to exchange made by producers and refiners of oil produced in Wyoming, for oil produced in Wyoming or elsewhere, with the necessary additional data to evidence the value
of both oils so exchanged for the purpose of determining the values and
payments of bonuses;
(e) Full data relative to prices paid to each and every royalty holders
for oil so produced, including Government and State royalty oil;
(f) Full data relative to prices paid for royalty oil as distinguished from
Other oils, including Government, State and other royalties;
(6) Full data showing any and all connection or affiliation between producers and purchasers of crude petroleum.
(h) Complete data showing whether the purchases of the crude was a
refiner, a broker, a pipeline carrier or generally one who would obtain
an enhanced value for the crude oil purchased through the handling thereof;
(i) Generally all data evidencing the full value of crude oil returned for
assessment and taxation purposes and the methods utilized by producers
and refiners in arriving at values returned to them,
2. That each and every refiner and purchaser of crude oil purchased in
the State of Wyoming submit to the board of equalization of the State of
Wyoming within 30 days from the date hereof, for each month of the
five-year period proceeding the date of this order a full and complete
statement of all oil purchased in each oil field in the State of Wyoming, the
name of the producer and (or) vendor, the amount paid each vendor and
generally all data which will evidence in detail the actual purchase price of
all crude oil so produced and marketed within the State of Wyoming during
each month of said five-year period.
3. That each and every producer and refiner of crude petroleum produced
within the State of Wyoming furnish within the ensuing 30-day period
to the Board of Equalization of the State of Wyoming in complete detail
for each month during the five year period immediately preceding the date
of this order.
Financial Chronicle
Volume 136
most of the month. Production decreased in the Kettleman
Hills and Oklahoma City fields but remained practically
unchanged in most of the other districts. In spite of the
decreased output, stocks continued to increase and totaled
34,167,000 gallons on April 30, compared with 31,594,000
gallons on hand April 1. The Bureau further reports as
follows:
(a) Full data relative to quantity, quality and cost of all oil in storage.
(b) Full data relative to the quantity, quality and cost at the well and
cost at point of storage of all crude oil placed in storage in each of said
months and of all crude oil withdrawn from storage in each of said months.
(c) Full data relative to quantity, quality and cost of oil in storage on
June 1 1933.
4. That each and every refiner of crude petroleum, wholesaler and
retailer of the refined products and by-products of crude petroleum (including road oil and fuel oil), furnish to the board of equalization of the State
of Wyoming within 30 days from this date in complete detail for each
month in the five-year period immediately preceding the date of this order;
(a) Full data as to the amount and quality of crude oil refined:
(b) Full data as to refined and other products obtained from such oil so
refined:
(c) Full data as to gross prices at which all refined products and byproducts of crude oil so refined, were sold by each of said refiners and
marketers, including total sale prices.
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
Prod uaion.
April
1933.
Oklahoma Proration Hearing Postponed to June 28
Rise in Crude Price Might Cancel Hearing Entirely.
The Oklahoma Corporation Commission on June 8 postponed until June 27 a hearing on the plan to force all Oklahoma prorated oil wells to reduce putput to 25 barrels a day.
The hearing was originally scheduled for June 9, but according to Tulsa advices to the New York "Journal of Commerce"
it was delayed because of protests of oil companies. and in
the belief that a rise in crude prices within the next two weeks
may obviate the necessity for a hearing at any time.
Portland Cement Shipments Continued to Exceed
Output in May-Inventories Again Declined.
According to the United States Bureau of Mines, Department of Commerce, the Portland cement industry in May
1933 produced 6,266,000 bbls., shipped 6,748,000 bbls. from
the mills, and had in stock at the end of the month 20,060,000
bbls. Production of Portland cement in May 1933 showed a
decrease of 9.4% and shipments a decrease of 15.9%, as
compared with May 1932. Portland cement stocks at mills
were 21% lower than a year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared with
the estimated capacity of 164 plants at the close of May
1933 and of 165 plants at the close of May 1932.
RATIO OF PRODUCTION OF CAPACITY.
May 1932. May 1933. Apri/ 1933:Mar. 1933. Feb. 1933.
The month
The 12 months ended_
27.4%
26.0%
30.2%
38.9%
18.9%
26.2%
16.1%
26.7%
I
I
13.4%
27.1%
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN MAY 1932 AND 1933. (IN THOUSANDS OF BARRELS).
6,913
Total
6,266
8.020
1932.
1933.
5,508
1,792
3,029
2,211
3,561
1,759
3,435
1,344
685
378
1,101
591
onlAWON
W0,00,.4
1933.
W00.000.
1932.
1,579
430
642
454
377
560
440
567
333
181
848
55
...N.W.W
1933.
1,334
610
471
586
821
718
822
476
208
105
538
224
bacn.wc:Cob.m..fco
1932.
Eastern Pa., N. J., & Md
New York & Maine
Ohio, Western Pa. d: W. Va
Michigan
Wis., III., Ind. dc Ky
Va., Tenn., Ala., Ga., Fla. dr La.
Eastern Mo.. Ia., Minn.& S. Dak
W.Mo.. Neb.. Kans., Okla. dc Ark
Texas
Colo., Mont., Utah, Wyo.& Ida_
California
Oregon and Washington
Stocks at End
of Month.
Shipments.
0.WWOCACP.A.
1
WW.N.CAN14.WoPM
,WWW0C.40000WWW.
Production.
,4.0WW0WON=NNO
Distrta,
6,748 25.394 20,060
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT BY MONTHS,IN 1932 AND 1933 (IN THOUS. OF BARRELS).
Month.
Production.
1932.
January
February
March
April
May
June
July
August
September
October
November
December
5.026
3,971
4,847
5,478
6,913
7,921
7,659
7.835
8,210
7,939
6,462
4,248
1933.
2,958
2,777
3,684
4,183
0,2.'6
Shipments.
Stoats at Elul of
Month.
1932.
1933.
1932.
3,393
3,118
3,973
6,536
8,020
9.264
9.218
10,968
9,729
8,743
4,782
2,835
2,502
2,278
3,510
4,949
6.748
25,778
26,657
27,545
26,496
25,394
24,043
22,512
19,398
17.878
17,084
18,788
20,205
1933,
20,624
21,125
21,298
820,542
20,060
Total
80,579
76,509
a Revised.
presented are compiled from reports for May
-The statistics above
Note.
received by the Bureau of Mines from all manufacturing plants except four, for
which estimates have been included in lieu of actual returns.
April Output of Natural Gasoline Lowest Since Sept.
1926 Inventories Again Increase.
The production of natural gasoline continued to decline
and in April 1933, reached the lowest point since Sept. 1926,
according to the United States Bureau of Mines, Department
of Commerce. The total output for the month was 112,300,000 gallons, a daily average of 3,740,000 gallons. The
daily average represents a decrease of 10,000 gallons from a
month ago, and is 14% below a year ago. Production in
East Texas fell off materially as the field was shut down for
4169
Stocks End ofMO:
Jan.
April
1932.
April
1933.
March
1933.
24,000 28,600
2,700
3,000
111,100 136,100
9,500
8,300
112,100 121,400
13,400 17,800
6,900
5,200
18,500 19,800
160,700 194,400
7,719
803
10,780
836
8,774
1,062
164
1,132
2,897
6,059
599
9.926
511
9,781
793
114
1,096
2,715
112,300 116,400 456,300 537,200
4,440
3,750
3,800
3,740
2,771 10,864 12,790
2,674
91
106
89
89
34,167
31,594
814
752
Appalachian
5,300
Illinois, Kentucky,Indiana_
700
Oklahoma
27,100
2,100
Kansas
Texas
28,500
Louisiana
3,200
Arkansas
1,400
Rocky Mountain
4,400
California
39,600
Total
Daily average
Total (thousands of bbls.)
Daily average
March
1933.
Jan.
April
1933.
6,300
700
29,800
1,900
29,900
3,200
1,300
4,900
38,400
Large Sales of Lead at Higher Prices-Zinc Active
Copper Trade Hesitates.
"Metal and Mineral Markets" in its issue of June 15
observes that passage of the Industrial Recovery Bill overshadowed all other developments in the market for nonferrous metals in the last week. Discussions among copper
producers aimed at arriving at some plan to be presented
in Washington to carry out the provisions of the measure
have taken place, but, so far, little or no progress has been
made. Lead again was the most active of all the metals,
a large tonnage changing hands at higher prices. Zinc was
in good demand, though prices showed some irregularity.
Tin made a new high for the movement during the seven-day
period, and advances also took place in silver and quicksilver. Copper sold in a moderate way only, with prices
unchanged so far as first hands were concerned. The same
publication says:
Copper Holds at Sc.
Copper prices in the domestic market underwent no change in the last
week, holding on the basis of Sc. per pound, delivered Connecticut. Owing
to the presence of some resale material at concessions, some operators
thought the market looked a little easier. Weakness in foreign quotations
acted as a damper. However, domestic producers regarded the situation
as firm, and so far as first-hands were concerned no one appeared to show
any anxiety about the price structure. The Industrial Control measure
has been designed to raise wages and prices, it is pointed out.
Preliminary conversations among producers held during the week disclosed that the task of regulating the copper industry under present conditions will be the biggest job ever attempted by the group, and some
time may elapse before the new set-up can be completed. This no doubt
accounts for the quiet in the market in the last week. Speculators in
copper realize that unsettling of prices will not be countenanced during
the "period of the emergency."
The foreign market eased off almost daily. The Economic Conference
and rumors of dissension among American producers have been holding
the attention of European traders, and operations were greatly restricted.
Yesterday prices abroad ranged from 7.575c. to 7.70c., c.i.f. basis,indicating
to what extent the market abroad May vary in one day.
Deliveries of copper in the United States during May were every bit
as large as early reports indicated. Consumers took at least 35.000 tons
of the metal during the month, a sharp increase over the April deliveries.
Consumption of copper, which takes in virgin and scrap metal, amounted
to about 50,000 tons during the last month. Specifications are still coming
through at a good rate. though new bookings have tapered off in the last
week.
Mine output of copper in Ontario-metal in blister and ore-totaled
24,424,005 pounds in the first quarter of the current year,against 16,637.886
Pounds in the same period last year, according to the Ontario Department
of Mines.
Good Sales of Lead.
Demand for lead was strong throughout the past week, although trading
activity moderated somewhat yesterday. Total sales for the seven-day
period exceeded 11,000 tons. Prices were advanced on Friday to 4.20c..
New York, the contract settling basis announced that day by the American
Smelting & Refining Co., and 4.05c., St. Louis. Corroders were the
principal buyers, with ammunition, tin-foil and mixed-metal interests
each acquiring a fair tonnage. The highly satisfactory sales volume of
the week was attributed principally to the belief that buyers anticipated
a continuation of the improvement that most of them have experienced
recently in the outlet for their products. Speculation, however, enters
into the situation, particularly in connection with the Industrial Recovery
Act. Although the details of the immediate future in various industries
may not be clear, general opinion seems to be that prices of the metals
will not recede below current levels. As to the slightly more distant future:
one important interest in the trade has stated that under the new legislation it seems that business will be done on the basis of quality of product,
service and friendship.
The extent to which buyers are acquiring metal for forward positions,
in marked contrast to the hand-to-mouth buying tactics of the not
-sodistant past, is revealed by the current level of sales for July shipment,
which stands at about 30,000 tons, according to statistics circulating in
the industry. Sales for June shipment total about 26,000 tons, already
exceeding the May total of about 23,600 tons.
Trading in Tin Moderates.
Trading in the domestic tin market was in good volume early last week
but tapered off during the last few days. Prices ranged from 44.75c. to
45.75c. for Straits, with the lower figure applying to the bulk of yesterday's
business. Day-to-day fluctuations in the selling basis, as well as price
movements during the daily trading period, were more pronounced than
4170
Financial Chronicle
usual, chiefly as a result of the marked instability of sterling exchange
and numerous changes in the London price of the metal. Although the
volume of domestic trading has been fair so far this month, the opinion
has been expressed that it must improve somewhat if the total for the
month is to equal that for May. Reports from abroad indicate that the
present level of tin prices has aroused some criticism, the contention being
that stocks have not been released as the price of the metal advanced,
which action was originally promised by the syndicate.
Chinese tin. 99%, was quoted as follows: June 8, 41.75c.; June 9,
41.375c.; June 10, 41.375c.; June 12, 41.25c.; June 13, 41.50c.; June
14, 41c.
Zinc Continues Active.
Activity in zinc continues, sales during the week that just ended accounting for slightly more than 5,000 tons, a total well above the average.
Early in the period 4.30c, prevailed on nearby business, with July forward
bringing from 4.325c. to 4.35c., St. Louis. Several parcels involving nearby
and forward material brought 4.375c. Toward the close, however, buying
interest fell away and the market on prompt zinc settled at 4.30c. Galvanizers were the principal buyers. Zinc concentrate in the Tri-State
district held firm at $30 per ton for Prime.
Steel Demand Still Rising as Output Reaches 47% of
Capacity, Says "Iron Age"
-Prices Unchanged.
Demand for steel continues to expand and ingot production
has advanced from 44 to 47% of capacity, an increase of
three points, according to the "Iron Age" of June 15. Output
has risen from 42 to 46% at Chicago and from 32 to 35%
at Pittsburgh, with gains also reported at Buffalo, in eastern
Pennsylvania and in the South. The only setback is a temporary one in the Cleveland-Lorain district, where a decline
from 65 to 63% will be wiped out before the close of this
week, continues the "Age," which further reports as follows:
A still further expansion of steel output is fore-shadowed by blast furnace
resumption. In the Youngstown area a steel company stack has been
lighted and in the Pittsburgh district four Steel Corp. furnaces and one
Independent steel company unit will go into blast before the week end.
Steel companies are deferring action on prices for forward delivery pending
final enactment of the Industrial Recovery Bill. Producers of sheets and
strip steel have withdrawn recently announced third quarter quotations,
but in some cases have accepted orders for delivery until July 31,subject to
price revision in case labor costs increase. Present prices on wire products
have been extended by some producers through July and the larger tin plate
consumers are covered for their major requirements until fall, but with these
exceptions mills are accepting no business for specification after June 30.
The effect of the pending industrial control legislation is entirely conjectural. While a general wage advance seems a certainty and at least
moderate price increases are regarded as inevitable, the iron .and steel
Industry is marking time for the present. It is possible that when new
prices are named they will be limited to current orders, or to 30
-day commitments at the most.
The reluctance of producers to take forward business has militated against
speculative buying. It is possible, however, that some of the tonnage now
being taken against second quarter contracts exceeds present needs. In
this connection, it should be noted that only a moderate enlargement of
consumers' stocks would add materially to the demand on the mills. Protective action of this sort,although probably not widespread,is not confined
to steel users. The resumption of operations by a large pipe mill, primarily
to replenish stocks, was presumably influenced by the prospect of higher
costs later in the summer.
Although control legislation may have speeded up buying, and demand
remains unbalanced, with little support coming from the railroads, construction or the oil industry, there is no gainsaying that steel consumption
is still increasing. June sales of automobiles are moving contrary to the usual
seasonal trend, and retail deliveries this month may set a new high mark
for the year. More steel tonnage is now being placed by makers of medium
and high-priced cars, and mills believe the flow of business from the automotive trade will remain at a fairly high level until at least the middle of July.
Tin plate specifications are the heaviest in more than three years and
production is sustained at a 90% rate. An export order for 200,000 boxes of
tin plate has added to producers' large domestic backlog.
Fabricated steel awards, at 3,950 tons, are among the lowest of the year,
comparing with 11.800 tons a week ago. Revival of demand from both the
construction industry and the railroads still awaits Governmental action.
Scrap is steady in most districts and heavy melting grade has advanced
at Detroit and Buffalo. Iron ore prices have been reestablished at the level
that has prevailed since 1929. A water movement of 15,000,000 to 16,000,000 tons of ore is predicted, as compared with 3,567.985 tons handled on the
Lakes in 1932. Cast iron pipe has been marked up $3 in the Chicago district,
following similar advances in the East and in the South. An advance in
boiler tube quotations, recently predicted, has not yet materialized.
Pig iron producers have taken third quarter contracts but are turning
down fourth quarter business. Current shipments are running ahead of
those of May. In some cases melters are now taking July shipments,
indicating that their operations are expanding. Prices are steadily growing
firmer and furnaces are showing less disposition to invade each other's
territories.
The "Iron Age" composite prices are unchanged,finished steel at 1.892c.
a lb., pig iron at $15.01 a gross ton and steel scrap at $9.92 a ton.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
June 13 1933, 1.8920. a Lb.
Based on steel bars, beams, tank plates.
One week ago
1 8920
wire rails black pipe and sheets.
One month ago
1.867c. These products make 85% of the
One year ago
1.970c.I United States output.
Law.
High.
1933
I.867c. Apr. 18
1.948c. Jan. 3
1932
1.9260. Feb. 2
1 977c. Oct. 4
1931
1.945c. Dec. 29
2.037e. Jan. 13
1930
2.0180. Dee. 9
2 273c, Jan, 7
1929
2.283c. Oct. 29
2.317c, Apr. 2
1928
2.2170. July 17
2.2860. Dec. 11
1927
2.212c. Nov. 1
2.402c. Jan. 4
Pig Iron.
June 13 1933, $15.01 a Gross Ton.
Based on average of basic iron at Valley
One week ago
$15.01 furnace foundry Irons at Chicago,
One month ago
Philadelphia, Buffalo, Valley and Sir14.41
One year ago
mIngham.
14.01
Low
High.
$13.56 Jan. 3
1933
$15.01 May 29
13.56 Dec. 6
1932
14.81 Jan, 5
15.79 Dec. 15
1931
15.90 Jan. 6
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
19.71 Jan. 4
17.54 Nov. 1
1927
June 17 1933
Steel Scrap.
Based on No. 1 heavy melting stee
June 13 1933. 89.92 a Gross Ton.
One week ago
$9.92 quotations at Pittsburgh, Philadelphia
One month ago
9.83 and Chicago.
One year ago
7.00
High.
Low.
1933
$9.92 June 6
$6.75 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
7.62 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
"Steel" of Cleveland in its summary of the iron and steel
markets, on June 12 stated:
Steelmakers, besieged with inquiries for prices for third quarter, still
are unable to commit themselves, owing to uncertainties as to how the
Wagner law will affect their costs. It now appears that they will limit
contracts to one month, or even shorter periods, after July 1 and until
the industrial situation becomes clearer.
Prospects for wage advances in July are becoming more definite; employee representation plans for contracts between employers and employees
on wages and working conditions are being fostered by federal legislation.
Steelmakers regard the situation as highly unsettled, with all indications
pointing to a further upswing in prices.
Meanwhile, demand for iron and steel continues to broaden, imparting
strength to the markets. At Pittsburgh four more blast furnaces were
blown in during the week, and three others there are being prepared for
early operation. Three additional stacks in the Buffalo district will resume shortly.
Steelworks operations in the past week advanced one point to a national
average of 48%. Production of ingots in May rose 36% to a daily average
of 74,148 gross tons. The most notable improvement last week was a
5
-point rise to 35% at Pittsburgh.
Though the Edgar Thomson rail mills finished the rolling of rails, seven
open hearths were continued to supply sheet bars for the leading interest's
sheet and tin plate mills.
Sheet specifications at Pittsburgh are the heaviest in two years. One
northern Ohio sheet interest has raised its operating schedule for June to
100%. Tin plate mill operations hold close to 90%; export inquiries are
heavier, including one for 40,000 tons.
Farm implement orders are increasing, enabling some of the Middle
Western manufacturers to schedule operations this summer. Reflecting
a stronger demand for wire, the leading interest is opening all departments
of its works at Farrell, Pa., on regular 8
-hour turns.
Railroads continue to buy sparingly; the Norfolk & Western is to place
10,000 tons of rails this week. In structural steel, awards for the week
shrank to 5,499 tons,including 2,000 tons for a bridge in Wyandotte county
Kans., and 1.500 tons for a tin mill building for the Inland Steel Co. at
Indiana Harbor, Incl. For a health center in New York, 3,225 tons have
been awarded tentatively: and for the Rip Van Winkle bridge at Hudson.
N. Y., 12,000 tons are about to be placed.
In plates, Richfield Oil Co.. Los Angeles, has awarded 1,500 tons for
storage tanks; and the Pan-American Refining Co. is negotiating a large
tonnage for refineries at Texas City, Texas. Oakland, Calif., has purchased 1,500 tons of cast iron pipe. Cast pipe prices have been advanced
$3 a ton at Chicago and Birmingham.
Pig iron already released in the Great Lakes district for June shipment
represents a heavier tonnage than all shipments in May. The movement
of coke is the best in 15 months. Renewed buying of scrap is expected
at Chicago.
Lake Superior iron ore prices have been re-established at last year's
levels-the fifth consecutive season they have been in effect-on large
purchases by steelworks.
"Steel's" iron and steel composite this week is up 16 cents to $28.75,
on increases in sheet prices at Pittsburgh; the finished steel composite has
advanced 20 cents to $45.30; and the scrap composite is up 9 cents to $9.46.
Steel ingot production for the week ended June 12 is
placed at about 46% of capacity, according to the "Wall
Street Journal" of June 13. This compares with a shade
under 44% in the preceding week and slightly below 42%
two weeks ago. The "Journal" further reports as follows:
U. S. Steel is estimated at 37% %,against 363 % in the preceding week
and a little over 35% two weeks ago. Independents are credited with
a rate of 53%, compared with about 51% in the week before and 48%
two weeks ago.
The following table gives the percentage of production for the corresponding week of previous years, with the approximate changes from the week
immediately preceding:
Industry.
1932 a
1931
1930
1929
1928
1927
x Not available.
U. S. Steel.
374-1S4
68 -3
96 - Si
73 -3
74 -134
39
72
100
76
78
-1
-3
-3
-234
Independents.
37 -ISI
64 -3
94 - Si
7034-2)6
70
Steel Backlog Up 65,241 Tons.
Unfilled orders on the books of the United States Steel
Corp. at May 31 totaled 1,929,815 tons, which is an increase of 65,241 tons since April 30, when the tonnage was
only 1,864,574 tons. At May 31 1932 the backlog was
2,177,162 tons, it having decreased from 2,326,926 tons
at April 30 1932. Below we show the monthly figures since
January 1928. Figures for earlier periods appeared in the
"Chronicle" of April 14 1928, page 2243.
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION
End of
Month.
January ___
February __
March
April
May
June
July
August
September _
October
November _
December
1933.
1932.
1931.
1930.
1929,
1928.
1,898,644
1.854.200
1,841,002
1,864,574
1,929,815
2,648.150
2,545,629
2,472,413
2.326,926
2,177,162
2,034,768
1,966,302
1,969,595
1,985,090
1,997,040
1,968,301
1.968.140
4,132,351
3.965,194
3,995,330
3,897,729
3,620,452
3,479,323
3.404,816
3,169,457
2,144,833
3,119,432
3,933,891
2.735.353
4,468,710
4.479.748
4,570,653
4,354,220
4.059,227
3,968,064
4,022,055
3,580,204
3,424,338
3,481,763
3,639,636
3,943,596
4,109.487
4,144,341
4,410,718
4.427,763
4,304.167
4,256,910
4,088,177
3,658,211
3,902,581
4,086,562
4,125,345
4.417.193
4,275,947
4,398,189
4,335.206
3,872.133
3,416,820
3,637,002
3,570,929
3,624.04£
3,698,368
3,751,037
3,643,002
3,976,710
Anthracite Shipments Gained During May 1933.
Shipments of anthracite for the month of May 1933, as
reported to the Anthracite Institute, Primos, Pa., amounted
to 2,507,797 net tons. This is an increase, as compared with
shipments during the preceding month of April, of 46,878
net tons, and when compared with May 1932, shows a decrease of 392,82 net tons. Shipments by originating carriers
(in net tons) are as follows:
Month ofReading Co
Lehigh Valley RR
Central RR.of New Jersey
Del., Lack. & Western RR
Del. & Hudson RR.Corp
Pennsylvania RR
Erie RR
N. Y., Ont.& Western Ry
Lehigh & New England RR
Total
4171
Financial Chronicle
Volume 136
May 1933. April 1933. May 1932. April 1932.
991,116
652,890
462,587
584,336
785,844
360,682
393,910
373,458
448,410
196,743
189,216
169,032
659,653
325,005
280,282
278,305
680,642
274,370
353,085
291,808
516,375
347,432
284,278
238,716
423,960
307,849
256,610
269,112
218,940
244,179
195,409
177,871
124,257
138,039
125,159
263,730
2,507,797
2,460,919
2,900,669
5,013,909
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS.)
May 27
1933.
June 4
1932.
1933.
1932.
1929.
-a
Bitum. coal
Weekly total 4,912,000 5,115,000 3,640,000 122,369,000 127,425,000 221,878,000
939,000
979,000 1,702,000
Daily aver_ - d910,000 853,000 687,000
Pa. anthra.-b
Weekly total 597,000 688,000 523,000 18,829,000 21,623,000 31,012,000
146,500
168,300
241.300
Daily aver_ _ 119,400 114,700 104,600
Beehive coke
359,100
361,700 2,750,000
9,000
8,900
11,200
Weekly tote
2,740
20,833
2,720
1,500
1,483
1,867
Daily aver__
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dr.dge coal, local sales, and colliery fuel. c Subject
to revision. d Based on 5.4 working days.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS)
Week Ended
Stale.
May 27
1933.
May 20
1933.
May 28
1932.
May 21
1932.
.4
MN,.MC-C,
.00Nt-CAW
....
§§§§§§§§§§§§§§§§§§§§§§§§§
,..i...e.itz.;.va.ia.iw..:06.5,6,
,
i
Alabama
140,000 139,000 152,000 134,000
19,000
16,000 16,000
Ark. and Oklahoma_
19,000
49,000
46,000
69,000
83,000
Colorado
Illinois
463,000 429,000 117,000 120,000
Indiana
175,000 186,000 172,000 172,000
45,000
51,000
43,000
42,000
Iowa
60,000
74,000
64,000
Kansas and Missouri
60,000
Kentucky-Eastern_ 472,000 463,000 385,000 403,000
Western
95,000 156,000 158,000
88,000
18,000
21,000
20,000
21,000
Maryland
3,000
3,000
Michigan 2,000
1,000
23,000
28,000
Montana
24,000
26,000
17,000
19,000
New Mexico
16,000
19,000
12,000
13,000
North Dakota
15,000
16,000
78,000
74,000
Ohio
288,000 285,000
Penna. (bitum.)__ - _ 1,465.000 1,393,000 1,185,000 1,247,000
50,000
47,000
49,000
49,000
Tennessee
10,000
12,000
Texas
14,000
13,000
24,000
23,000
Utah
37,000
29,000
Virginia
147,000 157,000 112,000 122,000
23,000
26,000
Washington
17,000
19,000
W. Va.--Southern b 1,110,000 1,150,000 1,047,000 1,060,000
Northern c
315,000 , 308,000 407,000 395,000
58,000
59,000
Wyoming
55,000
54,000
Other States
1,000
5,000
1,000
1,000
May 30
1931.
MMOt.VVWCONN
Decline in Bituminous Coal and Anthracite Output
During Week Ended June 3 1933 Due to the
Observance of Memorial Day.
Production of soft coal during the week ended June 3 1933
is estimated at 4,912,000 net tons, as against 5,115,000 tons
in the week of May 27. The decline in output
-203,000
-was due to the occurrence of the Memorial Day
tons or 4%
holiday on May 30, according to the United States Bureau
of Mines, Department of Commerce. The average daily
rate was 6.7% higher than that in the preceding week, and
32.5% above that for the corresponding week last year.
Production of anthracite during the week ended June 3
amounted to 597,000 net tons, and for the first time since
March, was higher than in the corresponding week of 1932.
Anthracite production declined also in total, because of the
holiday( a full holiday in the hard coal fields), but showed a
gain in daily rate of 4.1% over the preceding week. The
Bureau's statement follows:
Calendar Year to Date.
Week Ended.
June 3
I933.c
May 1923
Averace.a
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 bitum. coal_ 5,115,000 5,050,000 4,250,000 4,298,000 6,549,000 10,878,000
Penn. anthracite... 688,000 664,000 729,000 698,000 1,386,000 1,932,000
.
rnfol nr.ol
n QAQ nnn m IIA nnn A Wm nnn 4 WA nnn 7 AAA nnn 12 11111nnn
a Average weekly rate for entire month. b Includes operat ons on the N. & W.,
C. & 0. Virginian, K.& M.and B. C.& G. c Rest of State, including Panhandle
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended June 14, as reported by
the Federal Reserve banks, was $2,209,000,000, a decrease of
$11,000,000 compared with the preceding week and of $36,000,000 compared with the corresponding week in 1932.
After noting these facts, the Federal Reserve Board proceeds
as follows:
On June 14 total Reserve bank credit amounted to $2,212,000,000, a
decrease of $2,000,000 for the week. This decrease corresponds with
decreases of $44,000,000 in money in circulation and $44,000,000 in unexpended capital funds, non-member deposits, &c., and an increase of
$2,000,000 in monetary gold stock, offset in part by an increase of 177,000,000 in member bank reserve balances and a decrease of $9,000,000 in
Treasury currency, adjusted.
Bills discounted decreased $7,000,600 at the Federal Reserve Bank of
Cleveland, $5,000,000 at New York and $23,000,000 at all Federal Reserve
banks. The System's holdings of bills bought in open market declined
$1,000,000. while holdings of United States Treasury notes increased
67,000,000 and of Treasury certificates and bills $13,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the
different items, was published in the May 31 1930 issue of
the "Chronicle," on page 3797.
The statement in full for the week ended June 14, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
4230 and 4231.
Beginning with the statement of March 15 1933, new
items were included, as follows:
1. "Federal Reserve bank notes in actual circulation," representing the
amount of such notes issued under the provisions of paragraph 6 of Section
18 of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund-Federal Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption of such notes.
3, "Special deposits-member banks" and "Special deposits-non-member banks," representing the amount of segregated deposits received from
member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks
and in actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve bank notes.
Change in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
June 14 1933, were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (-I-) or Decrease (-)
Since
June 14 1933. June 7 1933. June 15 1932.
$
$
$
254,000,000 -23,000.000 -242,000,000
10,000,000 -1,000,000
-56.000,000
1,932,000,000 +20,000,000 +240,000,000
15,000,000
-1,000.000
TOTAL RES'VE BANK CREDIT...2,212,000,000 -2,000,000
Monetary gold stock
4 318,000,000
+2,000.000
Treasury currency adjusted
1,980,000,000 -9,000,000
Money in circulation
Member bank reserve balances
5,723,000.000 -44,000,000
Unexpended capital funds, non-mem-2,281.000,000 +77,000,000
• her deposits, &c
504,000,000 -44,000,000
-58,000,000
+409,000,000
+148,000,000
+256,000,000
+180.000,000
+61,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Beginning with the returns for June 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday,before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows an increase of $83,000,000, the total of these
loans on June 14 1933 standing at $782,000,000 as compared
with $331,000,000 on July 27 1932, the low record for all
time since these loans have been first compiled in 1917.
Loans "for our account" increased from $675,000,000 to
$754,000,000, and loans "for account of out-of-town banks"
from $17,000,000 to $22,000,000 but loans "for account of
others" decreased from $7,000,000 to $6,000,000.
Financial Chronicle
4172
June 17 1933 •
Loans and Investments—total
6 993.000,000 6,970,000,000 6,645,000,000
A summary of the principal assets and liabilities of the reporting member
banks, in 90 leading cities, that are included in the statement, together with
changes for the week and the year ended June 7 1933. follows:
Increase (+) or Decrease (—)
Since
June 8 1932
June 7 1933. May 311933.
Loans—total
3,517,000,000 3,459,000,000 3,824,000,000
Loans and investments—total----16.485,000,000
1 840,000,000 1,777,000,000 1,759,000,000
1 677,000,000 1,682,000,000 2,065,000,000
Loans—total
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
June 14 1933. June 7 1933. June 15 1932.
On securities
All other
3,476.000.000 3,511.000,000 2,821,000,000
Investments—total
2,398,000,000 2,443,000.000 1,878.000,000
1,078,000,000 1,068,000,000 943,000,000
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
907,000,000
40,000,000
856,000.000
38,000,000
742,000,000
40,000.000
Net demand deposits
Time deposits
Government deposits
5,869,000,000 5,758,000.000 5,013,000,000
687,000,000 687,000,000 758,000,000
87,000,000 166,000,000
76,000,000
Due from banks
Due to banks
76,000,000
85,000.000
77,000,000
1 474,000,000 1,398,000,000 1.093,000,000
Borrowings from Federal Reserve Bank_
675.000,000
17.000,000
7,000,000
364,000,000
31.000,000
7.000,000
782,000,000
699,000,000
402,000,000
588,000,000
194.000,000
539,000,000
160,000,000
306,000.000
96,000,000
On demand
On time
Loans and investments—total
Chicago.
1,198,000,000 1,197,000,000 1.392,000,000
641,000.000
640,000,000
911,000,000
333,000,000
334,000,000
308,000m0 308,000,000
525,000,000
386.000.000
557,000,000
557,000,000
481,000.000
351,000,000
206.000,000
350,000,000
207,000,000
300,000,000
181,000.000
Reserves with Federal Reserve Bank
Cash in vault
217,000.000
33,000,000
200.000,000
32,000,000
206,000,000
16,000,000
Net demand deposits
Time deposits
Government deposits
928,000,000
359,000,000
6,000,000
903,000,000
356,000,000
7,000,000
916,000,000
382,000,000
31,000,000
Due from banks
Due to banks
238,000,000
260,000,000
219,000.000
274,000,000
141,000,000
290,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Borrowings from Federal Reserve Bank
5,000.000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
The Federal Reserve Board resumed on May 15 the
publication of its weekly condition statement of reporting
member banks in leading cities, which had been discontinued
after the report issued on March 6, giving the figures for
March 1. The present statement covers banks in 90 leading
cities instead of in 101 leading cities as formerly, and shows
figures as of Wednesday, June 7, with comparisons for
May 31 1933 and June 8 1932.
Licensed member banks formerly included in the condition
statement of reporting member banks in 101 leading cities,
but not now included in the weekly statement, had total
loans and investments of $726,000,000 and net demand,
time and Government deposits of $678,000,000 on June 7,
compared with $721,000,000 and $677,000,000, respectively,
on May 31.
As is known, the publication of the returns for the New
York and Chicago member banks was never interrupted.
These are given out on Thursday, simultaneously with the
figures for the Reserve banks themselves and cover the
same week,instead of being held until the following Monday,
before which time the statistics covering the entire body of
reporting member banks in 90 cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on June 7:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on June 7 shows increases for the week of
$59,000,000 in loans and investments, $65,000,000 in net demand deposits
and $12,000,000 in reserve balances with Federal Reserve banks, and decreases of $7,000,000 in time deposits, $37,000,000 in Government deposits
and $16,000,000 in borrowings from Federal Reserve banks.
Loans on securities increased $42,000,000 at reporting member banks
In the New York district and $29,000,000 at all reporting banks. "All
other" loans declined $12.000.000 in the New York district and $3,000,000
at all reporting banks, and increased $7,000,000 In the Boston district and
$5,000,000 in the Chicago district.
Holdings of United States Government securities increased 138.000,000
in the St. Louis district, $15,000.000 in the New York district and 665.000.000 at all reporting member banks. Holdings of other securities declined
$17,000,000 in the St. Louis district. 610.000,000 in the New York district
and $32,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $60,000,000 on June 7. the principal change of the week
being a decrease of $6.000,000 at the Federal Reserve Bank of Atlanta.
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 $726,000,000 and net demand, time and Government deposits of $678,000,000 on June 7, compared
with $721,000,000 and $677.000.000, respectively, on May 31.
Investments—total
U. S. Government securities
Other securities
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
Loans on secur. to brokers & dealers;
754,000,000
For own account
For account of out-of-town banks_ _ 22,000,000
6,000,000
For account of others
Total
On securities
All other
+59,000,000
—105,000,000
8,511,000,000
+26,000,000 —1,353,000,000
3,742,000,000
4,769,000,000
+29,000,000
—3,000,000
—484,000.000
—869,000,000
7,974,000,000
+33,000,000 +1.248,000.000
5,013,000,000
2,961,000,000
+65.000,000 +1,194,000.000
+54,000,000
—32,000,000
1,636,000,000
194.000,000
+12,000,000
—11,000,000
+114,000.000
+14,000,000
10,983,000.000
4,275,000,000
181,000,000
+65,000,000
—7,000,000
—37,000,000
+730,000,000
—285.000.000
+79,000,000
1,451,000.000
2,969,000,000
+118,000.000
+157,000,000
+338.000.000
+418,000.000
60.000,000
—16,000,000
—90.000.000
T. W. Lamont of J. P. Morgan & Co. Sails for Europe.
Thomas W. Lamont, a partner in J. P. Morgan & Co.,
sailed with Mrs. Lamont on the White Star liner Majestic
on June 14. He is quoted as saying:
"I am going away for a two months' holiday in France and England.
There will be no conferences and no business—it will be an absolute holiday
on which I hope to get the rest I feel I need."
World Monetary and Economic Conference—Formal
Opening of the Conference on June 12 with Address
of Welcome by King George to Delegates of 66
Nations—Monarch Voices Hope for Success of
Gathering in Solving Vital Problems.
The World Monetary and Economic Conference was
formally opened in London on June 12 with an address of
welcome by King George to the delegates of 66 nations who
attended the initial session in the building of the Geological
Museum. The King read his speech in alternate French and
English. He began with a reference to the economic distress
that resulted in the conference and the feeling of deep
responsibility which he experienced in welcoming the delegates to London. In referring to the League of Nations,
the King said that "without the League and without the
ideals of the League, I doubt whether this great meeting
could ever have taken place." There followed another
welcome to delegates of nations not members of the League.
In conclusion, the King mentioned rising unemployment
figures and their "meaning in terms of human suffering"
and declared: "Now is the opportunity to harness this new
consciousness of common interests to the service of mankind." After the King had finished his address an interpreter
translated it into French. The text of the King's welcoming address, as reported by the Associated Press from
London on June 12,follows:
Gentlemen, at this time of widespread economic stress, it is with a feeling
of deep responsibility that I welcome you to this country.
I believe this to be the first time in history that any sovereign has presided
at the opening of a conference of all the nations of the world. I wish
to express my satisfaction that such a gathering has been possible and my
confidence that this common endeavor will lead to beneficial results.
I welcome the representatives of the States, members of the League of
Nations. I have always followed the work of the League with keenest
appreciation and interest. The League has convened this conference and
• has prepared the way for it through the valuable services of the expert
committee.
Without the League and without the ideals of the League I doubt whether
this great meeting could ever have taken place.
I welcome no less cordially the representatives of those States who are
not members of the League. I recognize the spirit of helpful co-operation
which has brought them to join in these discussions. I further wish to
add a special welcome to the representatives of my dominions and of my
Indian Empire.
At this point the King addressed the delegates in French. A translation
of his words follows:
-It is with very profound emotion that I see around me this august
assembly which seems so vast, but which represents an infinitely vaster
conception—the hope and wishes of the entire world. The world is in an
unquiet state, and for you gentlemen who from to-day begin the work of
restoration, the task is heavy. It will not be achieved except through goodwill and sincere co-operation.
"Messieurs les delegues. I extend my hand to you and with all my heart
I wish that your efforts will be brought to a happy result, which the peoples
of the world await with impatience.
The King then returned to English.
"I fully recognize the magnitude of the tasks of this conference, but there
is evidence of a real desire to reach agreement which gives me hope. All
nations are suffering from a common ill. This is shown only too clearly
by the rise in the figures of unemployment. The meaning of these figures
in terms of human suffering has been my constant concern in recent years.
as it has been the concern of every one of you here to-day upon whom the
responsibility of government has rested.
In the face of a crisis which all realize and acknowledge, I appeal to you
all to co-operate for the sake of the ultimate good of the whole world. It
cannot be beyond the powers of man so to use the vast resources of the
world as to insure the material progress of civilization.
No diminution in those resources has taken place. On the contrary
discovery, invention and organization have multiplied their possibilities to
such an extent that abundance of production has itself created new problems.
Volume 136
Financial Chronicle
And together with this amazing material progress there has come a new
recognition of the interdependence of nations and of the value of collaboration between them. Now is the opportunity to harness this new consciousness of common interests to the service of mankind.
In the firm belief that mutual consultation is the first step toward right
action, I inaugurate this conference. I shall follow your deliberations with
the closest interest and attention and I pray that the results of your labors
will set the world once more on the path of prosperity and ordered progress.
The address of the King was broadcast throughout the
world as were other events on the opening day of the conference. We quote, in part, a description of the opening
ceremonies as given by the London correspondent of the
New York "Times" on June 12:
The future Geological Museum in which the meeting is being held is
one of the newest and most modern buildings in London. It has been
temporarily fitted up for its present use under the supervision of the staff
of the League of Nations recalling the arrangements of the League itself
in Geneva.
A huge, well-lighted room colored gray and green, flanked by many
committee rooms and with a spacious basement fitted up with telegraph,
telephone and writing facilities for newspaper representatives houses the
conference. The delegates, seated in alphabetical order under the French
version of their designations, occupy the body of the hall The men who
carry out to the world news of the deliberations occupy long desks at the
back and sides—almost two-thirds of the available space. The platform is
small and plain with merely the Chairman's reading desk on it.
To-day the King's crimson-covered chair and small table on which
rested his gold and silver microphone which carried his utterance of welcome
to the greatest audience ever reached throughout the world rested behind
and above the Chairman's desk.
Before 3 o'clock the delegates and reporters were in their places. A
gong sounded. The entire assembly rose as his Majesty,escorted by Mr.
MacDonald. Joseph Avenol. Secretary-General of the conference, and
Sir Eric Drummond, Secretary-General of the League, followed by the
King's Equerry, Sir Clive Wigram, entered through a door beside the
platform and took their places. The King, wearing black morning dress
with a white carnation in his buttonhole, walked to his seat, bowed to the
assembly, took his speech from his pocket and began to read it while the
audience remained standing.
World Monetary and Economic Conference—Initial
Address by Premier McDonald as Chairman—
Reviews Ills and Then Interjects Question of War
Debts—Says "Lausanne Must Be Completed."
King George's address of welcome to the delegates at the
World Monetary and Economic Conference on June 12 was
followed by a speech by Prime Minister Ramsay MacDonald
of Great Britain, Chairman of the conference. The Prime
Minister in his speech introduced a note rather unexpected—
a plea for reconsideration of the entire question of war
debts. The agenda of the conference had contained no
mention of the debts, and this omission had been insisted
upon by the United States as an essential condition of her
participation in the conference.
Mr. MacDonald began with a review of the scope of the
conference and pointed out the tremendous reduction in
world employment, lowered standards of living, closed
factories and bankrupt State treasuries, and declared that
"the world is being driven into a state of things which may
well bring it face to face once again with a time in which
life revolts against hardship and the gains of the past are
swept away by the forces of despair." Then, to the surprise
of most of his hearers, the Prime Minister launched into the
matter of the debts, and said:
•
Behind the subjects I have just mentioned is another in the front rank
of importance. It cannot be dealt with here because obviously this Conference is not constituted in such a way as to enable it to consider and settle
the matter. I refer to the question of the war debts, which must be dealt
with before every obstacle to general recovery has been removed, and it
must be taken up without delay by the nations concerned. Lausanne has
to be completed and this vexed question settled once for all in the light of
present world conditions.
No official comment on the portion of Mr. MacDonald's
address dealing with the war debts was made by any member
of the United States delegation, but it was generally reported
that the subject was distinctly displeasing, while in Congressional circles in Washington the Premier's remarks were
severely criticized. Secretary of State Hull, head of the
American delegation to the London conference, issued a
statement in which he expressed renewed confidence that
the conference will take action that "will point the way to
steady and not too distant improvement in the world's
economic situation." The text of Secretary Hull's statement follows:
I think that everybody must be encouraged by the auspicious opening
of the Conference. Success or failure of the gathering must, of course, be
dependent upon the spirit of the Conference.
After the sympathetic words of his Majesty the King. which plainly mirrored his deep concern for the distress of all peoples of the world and his confidence in the ability of mankind to so use the vast resources of the world
to insure the material progress of civilization, followed by the Prime Minister's summary of methods which are required to meet the problems set
forth in the agenda, it is very evident that the British Government shares
the faith of the American Government In the capacity of this Conference
to aid materially in the process of restoration.
Prime Minister MacDonald's Address.
The text of Prime Minister Ramsay MacDonald's opening
address to the conference on June 12 follows, as contained
4173
in an Associated Press dispatch from London to the New
York "Times":
On behalf of his Majesty's Government in the United Kingdom I offer
you all a most hearty welcome to London. I hope your stay here will be
Pleasant, above everything else profitable in results, and that when you
leave you will have carved the name of the London Economic Conference
among those great international gatherings which have brought blessings
to mankind.
The purpose of our meeting is of the gravest importance. His Majesty
himself has opened the conference in a gracious speech which showed his
keen appreciation of our work and his deep concern for our success. and
I propose to offer him in your name an expression of our gratitude for the
honor done to us and the interest he has taken in our objects.
Sixty-seven governments have been invited, ten who are not members
of the League, and the importance attached to our purpose is recognized
by the fact that practically every government invited has accepted the
Invitation,
There is greater authority gathered in this hall to-day than has perhaps
ever been brought under one roof in the world's history.
Conference Faces Tremendous Task.
The economic life of the world has for years been suffering from a decline
which has closed factories, limited employment,reduced standards of living,
brought some States to the verge of bankruptcy and inflicted upon others
recurring budgets that cannot be balanced. The machinery of international commerce, upon which the vigor of the human life of the.world
and the prosperity of the nations depend, has been steadily slowed up.
The markets are there, the labor to supply them is there, but the labor
is not employed and the markets are not filled. When we had less efficient
equipment for the making of wealth our national incomes were greater.
All the machinery of prosperity is there but it is slowing down. It is not
working.
The briefest reference to the astounding facts will show the magnitude
of the problems before us and at the same time direct our thoughts to the
points of attack.
Since 1929 prices have fallen and have kept well below the levels at
which production can be remunerative. They have fallen irregularly,
moreover, and have distorted the normal relationships upon which economic
activity is pivoted. The fall in prices has added oppressively to the burden
of the world's indebtedness. In 1932, compared with 1929. production
of raw materials had fallen 30% and exchange between town and country
had been tragically limited.
National income has fallen seriously everywhere—in some countries by
40 and 50%. The general crisis, accentuated by restrictions, by tariffs,
quotas and exchange control, has reduced international trade between 1929
and 1932 to less than three-quarters in volume, exchanging at about half
price.
The gold standard has had to be deserted more generally than has been
the case in time of peace since it was erected into the international measure
of exchange and inevitably, irrespective of fiscal policies and of forms of
governments, unemployment has mounted up until the world figure, issued
by the International Labor Office, has reached 30,000,000.
This cannot go on. The world is being driven into a state of things
which may well bring it face to face once again—for it has happened on
scales of varying extent before now—with a time in which life revolts
against hardship, and the gains of the past are swept away by the forces
of despair.
In this drama of deterioration governments and State policy have played
an important part.
War Debt Question Must Be Settled.
Behind the subjects I have just mentioned is another in the front rank
of importance. It cannot be dealt with here because obviously this
conference is not constituted in such a way as to enable it to consider and
settle the matter. I refer to the question of the war debts, which must
be dealt with before every obstacle to general recovery has been removed.
and it must be taken up without delay by the nations concerned. Lausanne
has to be completed and this vexed question settled once for all in the
111
light of present world conditions.
This conference is a sequel to the work done at Lausanne last year when,
by a conditional agreement on how to deal with war debts and reparations,
Europe was saved from immediate financial collapse. It will be remembered
that, having finished its own immediate work at Lausanne, the conference
reported that for the clearance of the world crisis a wider conference should
be called and that the League of Nations should be invited to take that in
hand without delay. Lausanne indicated the subjects which ought to be
dealt with and the general steps which should be taken to prepare for the
conference.
The Council of the League moved at once. In the intervening months
of preparation and negotiation the work assigned to us has not been made
lighter nor easier. Indeed, the problems which compose our agenda have
In some respects been intensified on both the political and economic fields.
and we have been advised from some quarters that we should postpone
this meeting until circumstances more promising for its success have arisen.
What prospect is there that these circumstances can arise if the situation
is left to right itself or if all that can be done is that each nation independently should take measures to protect itself against catastrophe?
Indeed, one cause of the later phases of the deterioration is the fact
that the nations, left to pursue a policy of national protection, have been
driven to resort to measures which, while offering some temporary relief
from the pressure which threatens them, add to the general stagnation of
world trade and so intensify the influences which increase our trouble.
If the world is left to right itself without international effort and international agreement, how long is the process of recovery to be? How dark
are the depths of misery and the unsettlements which have still to be
gone through?
Peril in Policy Purely National.
No one who has surveyed the facts and watched their progress can doubt
for a moment that the experiences of the last few years have proved that
a purely national economic policy in this modern world is one which, by
impoverishing other nations, impoverishes those who pursue it. No
nation can permanently enrich itself at the expense of others. Mutual
enrichment is a condition of individual enrichment.
Nationalism in the sphere of politics may be essential to human freedom.
Self-sufficient nationalism in economics is the death knell of advancing
prosperity.
The nearer we can make the world an economic unit the better will it
be for each nation. In any event international co-operation is our best
way to national recovery, and the nation which looks after itself in an
international frame of mind will not only lead the world in enlightenment
but in well-being.
We are here therefore to pursue the better course of international agreement.
The Council of the League, on the advice of the Lausanne conference,
appointed a very able and most representative body of experts to report
p
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Financial Chronicle
upon an agenda for our business, and it is before you and will be made
the basis for your deliberations.
The heartiest thanks of this conference are due to those experts for the
work and the ability they have embodied in this report.
The agenda deals only with government policy in relation to recovery,
and no one must think of it as being a complete program. We do not profess to touch upon internal machinery and the transactions of business, for
Instance, hours of labor and rates of wages in relation to production, the
destructive effect of speculation and gambling on recovering national credit,
or the part played by the middleman in his different activities upon the
lowering of wholesale prices.
We are concentrating on what primarily belongs to the responsibilities
of governments as to common action. When we have done our part the
various governments must face their own problems of internal industrial
policy in co-operation, where that is possible or necessary, with the International Labor Office.
My thanks are due to the League of Nations for the honor they have done
me by inviting me to preside over the conference. I have accepted the
Invitation knowing full well how formidable is the work, but relying upon
the trust and co-operation of the whole body of delegates and upon the
invaluable experience and help of Joseph Avenol, head of the League
Secretariat, and his staff from Geneva.
Mr. Avenol we greet for the first time since his appointment as SecretaryGeneral of the League. He will shortly be taking up his duties and we
wish him many years of high endeavor successfully accomplished.
Fate of Generations May Hang on Result.
I am sure that we are all aware of heavy responsibilities which are upon
us and that we have met determined to make the conference a success.
The fate of generations may well depend upon the courage, sincerity and
width of view which we are to show during the next few weeks.
As the experts have reminded us: "It will not in our judgment be
possible to make substantial progress by piecemeal measures; a policy of
nibbling will not solve this crisis."
Have we come to deliberate and to decide as though our respective
nations were isolated units in the world? Then we shall fail and the
world which looks upon us to-day with expectations will have to drain a
bitter cup of disappointment.
Have we come knowing that the permanent good of each is dependent
upon the permanent good of all, and determined to co-operate in coming
to agreements which will make a renewal of prosperity possible? Then
we shall succeed, and expectations of the world will be justified.
We must not fail.
The men who succeed must face their work in the spirit of conquerors.
We give to the world as the note of our first meeting that we are determined to succeed.
Nor can we delay. Rapidity of agreement is essential to success. Let
the world know that we can show decision and give leadership.
Our program is intricate and raises subjects upon which we hold views
hitherto unreconciled. And yet the needs of the day are so pressing, the
experiences of these years have been so illuminating and so tragic, that
surely we must approach our work with fresh and flexible minds.
Dogmas of Past Answered by Facts.
The facts of our time have answered many of the stiffest theories and
dogmas of the past. Statesmanship to-day will be judged by what it
devises to dispel the stern realities of the present and to anticipate the
requirements of tha future.
I think that I express the wishes of the great body of delegates when
I say that we have not come to discuss mere economic theories and generalities but to make practical proposals to meet urgent necessities. I should
therefore invite each delegation to submit its proposals in terms that are
definite so that we may enter without loss of time into an examination of
what can be translated into action, and begin deliberations on what each
of us can do in co-operation with the others either for the emergency or
for more permanent purposes.
Let this London conference put new heart and new confidence into the
world and let it mark the end of the years of undertainties and of policies
which have brought this distress upon us all.
Let us see to it that before we disperse we shall have revived hope and
energy and opportunity. For those the world waits, and it is in our
power to provide them.
World Monetary and Economic Conference—Secretary
Hull Urges Liberal Economic Policies as Means of
Progress—Address at Dinner Given Delegates by
British Government.
The "breadth, depth and liberality" of economic policies
will determine financial and commercial supremacy of the
future, Secretary of State Cordell Hull, head of the United
States delegation to the World Monetary and Economic
Conference, said in an address on June 12 in London at the
British Government's dinner in honor of the delegates to
the conference. Mr. Hull responded to the welcoming
address of Prime Minister MacDonald, and in referring to
the friendly rivalry of London and New York indicated his
conviction that only liberal economic action can work for
substantial progress. The text of Secretary Hull's address,
as issued by the State Department at Washington on June
12,follows:
Permit me, in behalf of each of the visiting delegations, including my
own, from every part of the world to offer the lasting thanks of each for
the exceedingly cordial and friendly reception by our official and other
brethren of Great Britain. I cannot begin to express in sufficient terms
the unboundd appreciation I know each of the visiting delegations feels
as we proceed to enjoy the proverbial hospitality of this historic nation
and its Government.
No country has contributed more to the political and cultural advancement of the world than Great Britain. All others have received much
inspiration from your achievements, which are unsurpassed in the history
of nations. Your country has given more to the leadership and organization of the world's economic life than any other country.
I was thrilled this afternoon by the trenchant address of his Majesty
the King. No more appropriate. sound or effective statement of the
objects and purposes of the World Monetary and Economic Conference
could possibly have been made.
We each and all are greatly indebted to his Majesty for the clear and
concise contribution to the solution of the present crisis which he has so
generously offered. I must also express my admiration for the firmness
June 17 1933
with which the Prime Minister presided, which gives me hope that the
business of the conference will be dispatched with the speed that the tragic
plight of the world demands.
The nations of the world have met here to take common counsel relative
to the common objective of peace and prosperity. In this modern age,
the economic interests of all countries are reciprocal. Under these conditions, countries are disposed to go forward or backward together in every
economic sense. The tendency is that, regardless of any differing ideals
and aspirations,for the most part they share prosperity and panic together.
The ties of commerce unite nations second only to the ties of race.
In my judgment, the most lasting world accord depends chiefly upon
the sort of economic policies the nations maintain. International commerce
Is the real peacemaker of the world.
Great Britain has demonstrated also that there is no more useful nor
productive source of national wealth than a prosperous commerce. The
chief purpose of commerce is to multiply human comforts and to diminish
human burdens. Greatly to restrict or abolish commerce between nations
therefore is almost as insane as to abolish the steam engine or the cotton
gin or similar invaluable agencies of human comfort.
All past experience teaches that the power and influence of a nation
are judged more by the extent and character of its commerce than by any
other standard; that in each of the ages of the past those countries which
displayed the most enterprise in commercial pursuits have led the van in
the march of civilization.
The Phoenicians were the first to establish world contacts as a commercial
People. They had no land or natural resources; they occupied a small
strip of barren territory on the shores between the mountains of Lebanon
and the sea. They became a great trading people, with the result that
out of commercial profits they built up the great cities of Tyre and Sidon
and Carthage.
The then-known world paid tribute to them as they planted their colonies
on both sides of the Mediterranean, finally establishing trading posts as
far northwest as your own British Isles. This was 800 B. C.
The center of world finance and commerce later moved from Tyre and
Carthage to Rome; thence to Venice and Genoa, thence to Spain and to
Holland; thence to London, with some keen but friendly rivalry with New
York since the war. Which great metropolis shall retain this world position
as the center of finance and commerce will measurably depend upon the
breadth, depth and liberality of its economic policies.
I know of no more appropriate moment at which I would call back the
spirits of these wonderful pioneering industrialists, tradesmen and financiers
and invoke the great example of vision, determination and broad economic
practices they exhibited when they resolutely went out into the world and
really laid the foundations for the restoration on an unprecedented scale
of world commerce following the long night of the Dark Ages. They
did not wait for subsidies or bounties from governments, but they struck
out and founded and developed a solid and enduring structure of finance
and commerce between nations.
The British people, by these unexampled achievements of finance and
commerce, to-day offer to this monetary and economic conference a most
appropriate and stimulating background. They proclaimed and practiced
those broad economic policies which must for ever constitute the basis for
the most satisfactory relationships between nations and for the most
desirable progress of civilization itself.
While I thus call back the spirits of the great founders of modern commerce between nations as offering the most sane encouragement to this
conference, I would also recall the traditional advice offered by Cardinal
Woisey to King Henry VIII, that a country can become great by peace
rather than by war, and supplement it with the suggestion that in these
modern days this emphatically includes economic peace.
World Monetary and Economic Conference—Steering
Committee of Representatives of 16 Nations
Named by Chairman.
Routine business of the World Monetary and Economic
Conference on June 12, the first day of the session, consisted principally in the addresses by King George and
Premier MacDonald, and the acceptances of the credentials
of the various delegates. The Chairman then named a
working bureau or steering committee, consisting of the
representatives of 16 nations, as follows:
Argentina, China, Czechoslovakia, France, Germany, Great Britain,
Hungary, Italy, Japan, Mexico, the Netherlands, Spain, Sweden, the
United States, the Soviet Union and Canada.
This committee was selected to expedite the business
before the conference and to assist in planning the daily
program.
List of Countries Attending World Monetary and Economic Conference at London.
The countries attending the International Monetary and
Economic Conference at London are the following, according
to Washington advices, June 13, to the New York "Times":
Members of the League of Nations: Abyssinia, South Africa, Albania,
Argentina, Australia, Austria. Belgium, Bolivia, Bulgaria, Canada, Chile,
China, Colombia, Cuba. Czechoslovakia, Denmark, Dominican Republic,
Estonia, Finland, France, Germany, Greece, Guatemala, Haiti, Honduras, Hungary, India, Iraq, Irish Free State, Italy, Japan, Latvia,
Liberia, Lithuania, Luxemburg, Mexico, Netherlands, New Zealand,
Nicaragua, Norway, Panama, Paraguay, Persia, Peru, Poland, Portugal.
Rumania, Salvador, Siam, Spain, Sweden, Switzerland, Turkey, United
Kingdom, Uruguay, Venezuela and Jugoslavia.
Countries not members of the League, invited by the organizing committee resolution of Oct. 3 1932:
Afghanistan, Brazil, Costa Rica, Ecuador, Egypt, Hedjaz, Iceland,
United States of America, Union of Socialist Soviet Republics.
World Monetary and Economic Conference—Representatives of Nine Nations Address London Parley
at Second Session—Urge End of Nationalism and
Economic Co-operation—Germany Finds Political
Issues More Important Than Trade Questions-War Debts Still to the Fore.
The second session of the World Monetary and Economic
Conference, held in London on June 13, heard delegates from
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Financial Chronicle
nine nations denounce present chaotic industrial and social
conditions, and demand that the meeting arrive at a common
and satisfactory solution. Secretary of State Hull, heading
the United States delegation, was expected to address the
conference at this meeting, but postponed his speech after
he discovered that last-minute revisions could not be completed in time. Those who did speak were united in praising
Prime Minister MacDonald's denunciation of economic nationalism, delivered on the preceding day. Most of the
speakers appeared to have much the same message, as they
stressed the confusion arising from monetary instability,
tariff barriers and falling levels of prices.
Those who addressed the conference on June 13 were
Premier Edouard Daladier of France; Finance Minister
Guido Jung of Italy; General Jan Christian Smuts of South
Africa; Viscount Kikujiro Ishii of Japan; Pedro Cosio of
Uruguay; Baron Konstantin von Neurath, Foreign Minister
of Germany; Colonel Adam Koc of Poland; Orestes Ferrara y
Marino, Secretary of State of Cuba, and Alexander Malinoff
of Bulgaria. Signor Jung and General Smuts bath mentioned the necessity for the settlement of the war-debt
question, and in this respect echoed the statements made by
Premier MacDonald on the opening day of the conference.
Baron von Neurath, on the other hand, emphasized the
interdependence of political and economic problems, and
warned the delegates that the London parley would meet with
little success unless the disarmament conference at Geneva
reached an agreement. An abstract of the various addresses
on June 13, as cabled on that date by the London correspondent of the New York "Times," follows:
Spokesmen of high tariff countries expressed abhorrence at trade barriers
and spokesmen of countries clinging precariously to the gold standard
emphasized the need of resuscitating it. All dwelt upon the gravity of the
depression, almost leaving the impression that the nations represented at
the conference were unanimous in their eagerness for constructive action
and in their readiness to repudiate the exclusive policies which divided the
world and diminshed its trade.
Yet this appearance of agreement did not entirely conceal the divergencies of mind. Some speakers were at pains to demonstrate that their
countries had done all they could to repair the damages of the world slump,
plainly suggesting that the sources of the trouble must be sought elsewhere.
Political Issues Emphasized.
Nor could politics be kept out even though General Jan Christian Smuts
of South Africa did urge that the conference's task should be treated as
strictly technical and be left to committees of experts. Viscount Ishii
of Japan, thinking perhaps of the Chinese boycott of Japanese goods,
said there could be no political peace without ecdnomic peace. Baron
von Neurath, German Foreign Minister, thinking of the German demand
of equality and treaty revision, said the conference could achieve no satisfactory results until "the great pending political problems" were solved.
The war debts, which were mentioned in Prime Minister MacDonald's
opening speech yesterday, returned to-day when Finance Minister Jung of
Italy and General Smuts compared this conference to that at Lausanne,
where the liquidation of debts was begun. General Smuts said the Lausanne parley "placed the gravest responsibility where it belonged—on the
shoulders of the United States."
Premier Daladier of France, the first speaker, emphasized the disorganization of finance and trade and urged currency stabilization with the
restoration of the free movement of gold. How, he asked, could goods be
exchanged when the measure of value was unstable? Ile proposed also to
"organize and supervise" agreement among producers to adjust production
to consumption,extending the principle of steel and chemical agreements to
-hour week by international agreement
agriculture. He suggested the 40
and extensive public works to mobilize hoarded capital.
Signor Jung spoke first of the war debts as "the preliminary problem"
requiring solution and then attacked the theory of stimulating trade by
expanding credit.
"We do not consider it possible," he said "to give a sound stimulus to
credit merely by acting on its supply. It is not logical to deplore an
excess of productive equipment while promoting expansion of that equipment by a forced Injection of credit."
Finance Minister Jung stressed the need for a renewal of international
lending and said Italy's "corporative" or guild organization had succeeded
In co-ordinating productive activities, thus meeting on a national scale
the problems the conference faces on a world scale.
Smuts Warns of Dangers.
General Smuts refrained from making specific proposals, discussing
Instead the general plight of the world, which caused him to fear for the
future "of our European system and civilization itself." He admonished
the conference not to become a mere debating assembly but "a council of
action" seeking "swift and effective" relief for the distressed world.
General Smuts urged the conference not to make too much of political
difficulties, saying "the world calls for courageous leadership and thinks
it does not always get it from politicians. Hence," he said, "the issues
ought to be referred to technical committees and the conference should
ignore 'merely national or sectional points of view' and concentrate its
forces for a fight for economic and social recovery."
Viscount Ishll said Japan was anxious to co-operate in the restoration
of the gold standard and the removal of trade barriers and hoped the immediate result of the conference would be "an efficacious arrangement" to
lower tariff walls. He asserted Japan concurred in a policy of cheap money
and easy credit on an international basis and was interested in proposals
for "solution of the silver problem." But the Japanese appparently are
against tariff reduction by regional agreement, for Viscount Ishii urged
"unrestricted application" of the most-favored-nation clause.
Pedro Coale of Uruguay commended the British method in meeting
economic difficulties, even going so far as to say the Ottawa agreements
paved the way for tariff reductions in other countries. He cited with
approval Neville Chamberlain's recent statement to the House of Commons
principal objectives of
on the British economic policy which defined the
and the reducthe conference as raising price levels, currency stabilization
tion of trade barriers.
4175
The urgency for quick action was emphasized by Sir Atul Cbatterjee of
India when presenting a resolution from the International Labor Conference,
now in session at Geneva, asking cessation of economic warfare, stable
price levels, large-scale public works and agreements for providing capital
for countries lacking it.
German Sees Political Issues.
The speech by Foreign Minister von Neurath of Germany, which was
interpreted by some as being a compromise between Nazi and Nationalist
views, stressed the need for paying debts In goods and services but brought
In prominently the political considerations which General Smuts was so
anxious to relegate. Declaring that the causes of the slump were not
purely economic. Baron von Neurath pleaded for understanding of the
German nation, which "is struggling hard to put its own house in order."
He alluded to disarmament in contending that Germany had given "a
new impulse" to the arms conference, and brought in the Four-Power
pact, which he described as a statesmanlike proposal from the head of the
Italian Government, which Germany had supported. He contended
Chancellor Hitler's Reichstag speech was calculated "to create an atmosphere of reassurance and pave the way to a return of confidence."
He said that above the economic problems were "great political tasks,
upon the solution of which the success of this conference is largely dependent." Thus the Germans refuse to forget political aims in discussing
economic issues.
Cuba Urges Tariff Cuts.
Orestes Ferrara of Cuba went further than any speaker in getting down
to concrete cases. He presented a draft convention for tariff limitation
which would fix maximum rates for specific commodities. What interests
Cuba specially are duties on sugar and tobacco, which Senor Ferrara said
varied from 150 to 700%.
The viewpoint of an agricultural debtor country of Southeastern Europe
was put by Alexander Malinoff of Bulgaria, who said that as a result of
the slump the national income of his country was one of the lowest in the
to
world, amounting to about $7 per capita last year. Without a return
the free movement of goods and services it would be impossible, he said,
for Bulgaria and countries similarly situated to meet their financial obligations to foreigners.
Adam Hoc of Poland explained that his country maintained the stability
and
of her economy amid world economic disorder by cutting expenditures
the
adhering to the gold standard, but said this effort was hampered by
trade barriers of other countries. He considered currency stabilization of
and
first importance, and urged the abolition of exchange restrictions
the
readjustment of farmers' debts. Regarding tariffs, he suggested that
agreements, pointing out
conference provide a definite scheme for bilateral
that this was particularly Important for agricultural countries, which were
most injured by others' policies of seeking national self-sufficiency.
Invitation to Assist World Monetary and Economic
Conference in Advisory Capacity Declined by
International Chamber of Commerce.
The International Chamber of Commerce was reported
on June 5 to have sent a letter to the organization committee
of the World Monetary and Economic Conference declining
an invitation to assist in an advisory capacity. A Vienna
account, June 5 to the New York "Times" added:
the
Labor through the International Labor Office, agriculture through
Institute of Agriculture and finance through the World Bank will particiIndustry and
pate in the conference, although they will have no votes.
commerce as represented by the International Chamber have been asked
agrito be available for consultation. It is recognized that labor and
chamber
culture are on a treaty basis and thus have a special status. The
however,feels it is composed of busy men for whom a stay of several months
fruitIn London waiting to be called on would be a sacrifice and possibly a
less one.
in a week
The United States delegation, led by Silas Strawn. will sail
or two for -home.
Poland Urges Stabilization as First Problem of World
Monetary and Economic Conference.
Advices as follows were reported from London, June 12
to the New York "Times":
privately
The Polish view of the world economic situation as presented
most urgent
to-day by Poland's delegates to the conference is that the
dollar even if
task facing the conference is stabilization of the pound and
only on a provisional basis.
She
Poland is one of the few countries remaining on the gold standard.
which
has done so by economies, control of imports and reductions in pay
which
lowered the standard of living contrary to the procedure of countries
devalued their currencies.
Poland's delegates are economic and financial experts, politicians being
excluded. According to her spokesman she hopes the conference will adhere
strictly to economic subjects.
The viewpoint of the agricultural bloc which recently met in Bucharest
will be represented by Commerce Minister Madgearu of Rumania.
Cost of the London Conference Put at MorelThan
$4,125,000.
PIM di
The following from London, June 14, is:from the New
York "Times":
The estimated cost of the World Economic Conference is modestly put at
E1,000,000 [the pound was quoted at $4.12 9-16 yesterday].
The French delegation has just received a credit of 2,000,000 francs
[franc quotation, 4.79 cents]. About a dozen delegations of the principal
nations probably will need similar credits to cover their expenses in London,
thus accounting for more than $1,000,000 among them.
The remaining 54 delegations are expected to manage on about $50,000
each, or $2,700,000 among them.
Expenses of French Delegation at World Monetary and
Economic Conference.
On June 13 Associated Press advices from Paris said:
The expenses of the French delegation at the World Monetary and
Economic Conference were estimated at 2,000,000 francs, alnlost $100.000,
in a bill to-day which asked for an appropriation of that amount. Parliament is expected to approve the bill quickly.
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Financial Chronicle
International Labor Conference Urges World Monetary
and Economic Conference to Stabilize Currencies.
A Geneva cablegram (copyright) June 9 to the New York
"Herald Tribune" said:
The International Labor Conference to-day called upon the World
Monetary and Economic Conference to stabilize currencies, increase purchasing power and prevent disastrous fluctuation of prices. American
observers concurred in the resolution.
The conference's program "for vigorous resumption of economic activity"
lists five points which the workers of 44 countries urgently ask the London
conclave to initiate. They include:
First, the restoration of stable National and international monetary
conditions.
Second, the establishment of a system of International co-operation to
prevent fluctuations of price level.
Third, the cessation of economic warfare among nations.
Fourth, an increase of the general purchasing power and maintenance
of an adequate worker's standard of living: and
Fifth, the circulation of idle capital by the institution of large-scale
public works policies.
In the first American speech ever delivered in the labor hall, Edwin S.
Smith, Massachusetts Commissioner of Labor and Industries, offered the
support of the United States to the resolution.
Outline of Program and Summary of Chief Aims at
World Monetary and Economic Conference.
From United Press advices from London (as given in the
"Wall Street Journal" of June 12), we take as follows the
outline of the program at the World Monetary and Economic
Conference:
I. Monetary and Credit Policy.
1. Conditions under which a restoration of a free international gold
standard would be possible.
2. Currency policy to be followed prior to such a general restoration.
3. Functioning of the gold standard.
(A) Relation between political authorities and central banks.
(B) Monetary reserves.
(I) Lowering of cover ratios.
(II) Other methods of economizing gold.
(III) The gold exchange standard.
(IV) Distribution of monetary reserves.
(C) Co-operation of central banks in credit policy.
4. Silver.
II. Prices.
1. Disequilibrium between prices and costs.
2. Measures of restoring equilibrium.
III. Resumption of the Movement of Capital.
1. Abolition of foreign exchange restrictions.
2. Existing indebtedness.
(I) Short-term debts.
(II) Long-term debts.
3. Capital movements.
IV. Restrictions on International Trade.
1. Economic causes and effects.
2. Exchange restrictions, clearing agreements. Ac.
3. Indirect protectionism.
4. Possibility of abolition of restrictions.
V. Tariff and Treaty Policy.
1. Tariff policy.
(A) Cessation of tariff increases.
(B) Reduction of tariffs.
(C) Special aspects of the tariff problem.
(D) Method of procedure.
2. Most
-favored-nation clause.
(A) Permanent exceptions.
(B) Temporary exceptions.
VI. Organization of Production and Trade.
1. Economic agreements.
2. Wheat.
3. Other products
4. Transport.
Major Aims of Nations.
Plans for the economic salvation of the world that will be offered were
almost as numerous as delegates. In brief, the major nations wish:
The United States—Stabilization of currencies. Reduction of tariffs.
Increase in world commodity prices.
Great Britain—Settlement of war debts. Stabilization of currencies.
Reduction of trade barriers. Increase in commodity prices.
France and Italy—Universal return to the gold standard. Settlement
of war debts.
Germany—Reduction of debt charges.
Japan—Outlawing of economic boycott. Continuance of the depreciation of the yen.
World Monetary and Economic Conference—Add
by Secretary of State Hull, Chancellor of Exchequer
Neville Chamberlain, Maxim Litvinoff, and Delegates from Six Other Nations—Hull Attacks Trade
Barriers and Asks End of Economic Nationalism—
Chamberlain Demands Tariff Cuts, Bank Cooperation and End of Unfair State Subsidies,—
Soviet Delegate Proposes World Economic NonAggression Pact and Offers $1,000,000,000 in Potential Russian Orders.
The third meeting of the World Monetary and Economic
Conference at London on June 14 was the occasion for
speeches by nine delegates, including Secretary of State
Hull, representing the United States; Neville Chamberlain,
British Chancellor of the Exchequer, and Maxim Litvinoff,
head of the Soviet Russian delegation. Secretary Hull spoke
in general terms regarding the evils of economic nationalism
and of barriers to trade. He denounced high tariffs and trade
barriers and declared that they must be overcome by mutual
June 17 1933
agreement. He also said that economic nationalism is a
"discredited policy" from which the conference must turn
aside, and he called for the supplementing of efficient home
markets with capacious foreign markets. He concluded by
promising at a later date to give practical suggestions for
promoting widespread business recovery.
Mr. Chamberlain offered the conference practical suggestions from the British viewpoint regarding the lines on which
action should be taken. He cited as objects to be attained
the raising of prices, the lowering of tariffs by equal sacrifices, the elimination of unfair State subsidies, the stabilization of currencies by restoration of a satisfactory gold standard, close co-operation between central banks, and the
elimination of exchange restrictions and customs quotas.
M. Litvinoff startled the conference when he proposed a
pact of economic non-aggression, and particularly when he
mentioned that Soviet Russia offers a market for $1,000,000,000 of goods, which he detailed and specified. Other
delegates who spoke on June 14, in addition to those listed,
included Chancellor Engelbert Dollfuss of Austria,Edouard
Benes, Foreign Minister of Czechoslovakia; Paul Hymans,
Belgian Foreign Minister and the delegates of Argentina,
Hungary and Holland.
Secretary of Treasury Woodin Denies Reports of Currency Stabilization Agreement by United States
Delegates to World Monetary and Economic Conference.
A statement was issued at Washington on June 15 by
Secretary Woodin denying to reports that a currency stabilization agreement had been entered into on the part of
United States delegates to the World Monetary and Economic
Conference. Secretary Woodin's statement was made public
at the White House, as follows:
"Various reports from London published to-day concerning an agreement
by American delegates to stabilization in some form have been brought to
my attention. Such reports cannot be founded in fact.
"Any proposal concerning stablization would have to be submitted to the
President and to the Treasury and no suggestion of such a proposal has been
received here. The discussions in London in regard to this subject must be
exploratory only and any agreement on this subject will be reached in
Washington, not elsewhere."
World Monetary and Economic Conference—James M.
Cox of United States Chosen to Head Monetary
Commission—In Formal Statement, Says He Has
Always Favored Sound Money.
James M. Cox, member of the United States delegation
to the World Monetary and Economic Conference at London, was named president of the Conference's important
monetary commission on June 15. Georges Bonnet of
France was chosen for the office of rapporteur and Guido
Jung of Italy and Victor Kienbock of Austria were elected
Vice-Presidents. The selection of Mr. Cox for the key
position on the Commission, which will frame the policies
.
on stabilization, silver and other monetary questions, was
generally regarded as a tribute to the United States, particularly since the competition for the post had been keen, with
a strong faction seeking the election of M. Bonnet as President. After the personnel of the commission had been named
Mr. Cox issued through the League of Nations a statement
expressing his personal belief in sound money. The text
of that statement follows:
I am very happy to be able to accept this appointment although I am
fully aware of the responsibility it entails. It is an especial pleasure to
me to have such distinguished collaborators as Finance Minister of France
Bonnet and Finance Minister of Italy Jung.
As every one knows, I have always favored a sound monetary policy
and I thoroughly understand the French view of this question. Already
I have had important conversations with M. Bonnet which have made me
certain there is no essential divergence of our views in regard to restoring
financial and monetary order in the world. I feel certain Signor Jung and
all other members of the financial and monetary commission will collaborate
with us whole-heartedly in attaining this end.
A statement also issued on June 15 by Finance Minister
Bonnet said:
The French point of view, which is a most definite one on the monetary
problem, is well known. It has been stated by M. Daladier and myself
when speaking in the Chamber of Deputies and at the conference. A
return to monetary stability is an indispensable condition to a return of
confidence, which alone can put an end to the present crisis.
I have been given the occasion for expressing with the greatest frankness
these ideas to the various delegations, especially members of the British and
American delegations, when we discussed the constitution of the bureau
commissions of the conference. After that they agreed to appoint me rapporteur of the monetary commission and it stands to reason that I shall
apply the same ideas in the exercise of the new duties.
In connection with the choice of the commission, we quote
the following,from London advices to the New York "Times"
on June 15:
These two statements formed part of the compromise reached before the
bureau met. In the private bureau meeting M. Bonnet nominated Mr.
Cox with a warm tribute to him. Secretary of State Hull nominated Signor
Jung and Neville Chamberlain of Great Britain nominated M.Bonnet.
Volume 136
Financial Chronicle
It is the first time that a United States delegate will preside in any
committee organized under the League of Nations, let alone a commission
so big that it is really a conference in itself, and League officials are gratified
by this precedent. The only other such League offices American delegates
have held have been the vice presidency of the opium conference in 1931 and
rapporteur of the recent meeting of the permanent opium advisory committee.
From what League officials have heard and seen of Mr. Cox and their
experience with M. Bonnet and Signor Jung, they believe the monetary
commission is exceptionally well officered and starts under the most favorable auspices.
International Labor Conference, Meeting at Geneva,
-Hour Week Until
Votes to Defer Debate on 40
Next Year.
•
Debate on the 40-hour week as a measure agairat the
world depression will not be conducted by the International
Labor Conference until 1934, in accordance with a vote of
69 to 55 to defer action at the meeting of the Conference
in Geneva on June 13. A wireless dispatch to the New
York "Times" stated that a commission was created to
-hour
prepare a questionaire for the Governments on the 40
week, and that the replies will provide information for next
year's debate on the draft convention.
British Idleness Reduced 114,755 in Month to 2,582,879.
The following wireless message from London, June 10, is
from the New York "Times":
A very favorable impression has been made in business quarters by the
latest labor returns which show that in the month ended May 22 the
number of unemployed declined 114,755 to 2,582.879. These figures relate
to working people on official registers.
The decline is the largest since January, while the improvement has
been continuous since that month. The total number of unemployed has
declined in that period by 320,186. The present unemployment total is
the lowest since May two years ago, with the exception of one week before
Christmas 1931.
Nearly all industries show a decline in unemployment, but those showing
greatest improvement are building, general engineering, lighter metals
trades and iron and steel industries. There also has been some improvement
in textile, woolen and clothing trades.
4177
negotiations
As the situation shaped up following publication of the notes.
undertaken at
looking to a possible re-adjustment of the British debt will be
conferences in Washington within the next few weeks. . ..
Note Exchange With Britain.
debt
The documents made public in connection with the Anglo-American
Phillips by
situation were the British note, delivered to Acting Secretary
Ambassador, late Monday afternoon
Sir Ronald Lindsay, the British
President, and
[June 12]; Mr. Phillips's reply, written at the direction of the
the explanatory statement by President Roosevelt,
full payment
The British note linked Great Britain's failure to make
to the course of
with efforts to make commodity prices rise, and pointed
reparations last
markets upward following the Lausanne agreement on
Summer. by which Germany was relieved of 90% of its war.indebtedness
IP Mt
to the allied countries.
would
It contended that the success of the World Economic Conference
delegates were "hampered and harassed by
be seriously endangered if the
war debts.".8
doubts about the possibilities of a satisfactory settlement of
held, would
Payment of a further instalment at this juncture, the British
made toward settlement
be interpreted to mean that no progress had been
an acknowlof the perplexing problem. It referred to the partial payment as
with the
edgment of the debt pending a final settlement and concluded
as possible..
request that negotiations for revision be undertaken as soon
of the importance
The American reply took issue with the British position
emphasized
of war debts in relation to the economic conference. It then
schedules or
the fact that Congress alone had the power to alter the debt
start negotiato reduce or cancel the debts. It closed with the invitation to
tions at Washington as soon as convenient.
Word "Accept" Is NotlUsed.liiIIIEMI.
"receive."
Mr. Phillips's note avoided any use of the words "accept" or
that
It informed the British Ambassador that the President "notes also
big
accompanying this communication is a payment of $10,000,000." in
public, in rePresident Roosevelt in his supplemental statement to the
ferring to the $10,000,000, said that such payment did not "in any sense
prejudice the freedom of either government in any subsequent discussion
of the entire debt question, which will take account of this and_other.debt
payments."
Saying that difficult and protracted discussion of the debt problem must
be avoided now, the President referred to the Congressional resolution of
December, 1931. ratifying the Hoover moratorium of that year, which said
specifically that the debts should not be canceled or reduced.
Discusses Matter With Press.
At the President's conference with the newspaper correspondents this
afternoon, he discussed the war debt problem. The conference assembled
at 3:30 o'clock. half an hour before simultaneous publication of the notes
here and abroad.
The President read to the newspaper men the British note, the reply
by this government and his own statement. As he read, he occasionally
explained some of the points made in the formal documents,and emphasized
his determination that debts should not be used for bargaining at the World
Payment by Great Britain of $10,000,000 in Silver—
Represents Installment on $75,950,000 Due June 15
on Debt—Text of Notes Exchanged Between United Economic Conference.
The President stressed with a gesture and by raising his voice the sentence
States and British Government.
personal hesitation in saying
made in his explanatory statement that "I have no as a default."
On June 14 the State Department at Washington
that I do not charatterize the resultant situation
He indicated that the debt negotiations would probably not be started
public texts of notes exchanged between the United States
instalment due June 15 until the World Economic Conference had reached some definite conclusions.
and Great Britain on the $75,950,000
from the British Government on its war debt to the United
States. In the British note of June 13 signed by the British Payment of $10,000,000 in Silver by Great Britainito
United States on War Debt—Chancellor Chamber-.
Ambassador, Sir Ronald Lindsay, it was stated that "His
lain's Announcement in House of Commons.
hoped that the United States
Majesty's Government had
Coincident with an announcement at Washington on June 14
Government would have been able to accede to the request
by President Roosevelt of a payment of $10,000,000 in
of His Majesty's Government to postpone payment of the
silver by Great Britain on its war indebtedness to the United •
June instalment pending discussion of war debts as a whole.
States, Neville Chamberlain, British Chancellor of the
He observes that that does, however not appear possible.
announcement in the House
the note, "could not be made at Exchequer, made a similar
The June installment says
of Commons. President Roosevelt's statement is given
this juncture without gravely imperiling the success of the
in these columns to-day. The silver payment
Conference and involving widespread political consequences elsewhere
(representing the June 15 interest instalment on the debt),
of a most serious character." Sir Ronald added that it is
accepted by the United
the view that "the installment should be considered and the Chancellor said, would be
that the
war debts, upon States at 50 cents per fine ounce, and he added Governdiscussed as part of the general subject of
British Government had acquired this silver from the
which they are anxious to resume conversations as soon as
ment cf India. In stating that the Chancellor's announcethey can be arranged." Continuing he said:
ment was received in the House with great interest and satisIn the mean time, In order to make it perfectly clear that they do not
the suspension of the June payment as in any way prejudicing an
faction, a copyright cablegram June 14 from London to the
regard
ultimate settlement. His Majesty's Government proposes to make an immeNew York "Herald Tribune" further said:
diate payment of 810,000,000 as an acknowledgement of the debt pending a
final settlement.
Along with the correspondence a statement bearing thereon
was given out on June 14 by President Roosevelt (which we
publish elsewhere in this issue) in which he said:
"In a spirit of co-operation I have as Executivi3 noted the representations
of the British Government with respect to the payment of the June 15
installment inasmuch as the payment made is accompanied by a clear
acknowledgment of the debt itself. In view of those representations and of
the payment I have no personal hesitation in saying that I do not characterize the resultant situation as a default.
The President likewise said:
Under my Constitutional power, and in accordance with the terms of
the policy which I have set forth, I can entertain representations of the
British Government concerning the entire debt settlement and the British
Government has requested that such opportunity be afforded. I have.
therefore, suggested to them that such representations be made in Washington as soon as convenient.
As we also note elsewhere to-day in the British House of
Commons on June 14 the Chancellor of the Exchequer
Neville Chamberlain announced the agreement on the part
of the two nations for the $10,000,000 payment in silver on
June 15. A Washington dispatch June 14 to the New York
"Times" said:
When it arrives the payment will be accepted and credited to the British
account. Great Britain will pay in sliver at the rate agreed to by the United
States of 50 cents an ounce. The value of the payment on a gold basis.
therefore is about $7,200,000. .. .
The satisfaction was all the greater because, with silver selling on the
market at 36 cents au ounce. it is estimated that the actual cost to the
British Government will be only approximately 87,200.000. or 9.48%
of the sum due.
The Chancellor announced that the Government already had acquired
the necessary silver from India; and during the discussion which followed
his statement, Sir Robert Horne. a former Chancellor of the Exchequer.
and now Chairman of the Burma Corp., which is largely Interested in silver
mining, said, amid the laughter of the House: "I am perfectly certain
that the Chancellor has been able to acquire the silver with which he
proposes to pay at a much less price than that"(meaning 50 cents an ounce).
From the London cablegram June 14 to the New York
"Times" we take the following:
The House of Commons was crowded at 10 o'clock to-night when Mr.
Chamberlain rose to make his promised statement regarding the results
of the debt
-payment negotiations. The Members were in a cheerful
mood, for rumors of the nature of the statement had already circulated
and only the details were lacking. The Chancellor of the Exchequer
himself evidently shared the prevailing good humor.
He began by thanking the House for its forebearance witn the repeated
delays in making it acquainted with the progress of the exchanges with
the United States. Then he reviewed the progress of the negotiations
at Washington since the payment of the last debt instalment in November.
Explains British Steps.
That instalment had been paid, he said, because it was felt that payment
would facilitate negotiations for a settlement of the debt. Those negotiations had been begun, he emphasized, even before the present United
States Administration took office, and he paid especial tribute to the
Prime Minister's recent visit to Washington as having established invaluable good feeling on both sides.
4178
Financial Chronicle
Mr. Chamberlain stated under four heads the British viewpoint after
the British had learned that their request for postponement of the June
instalment had proved impossible of acceptance.
First, some settlement was necessary if the ECODOMIC Conference was
to succeed. Second, if no settlement were made, the Lausanne agreement
would lapse, with disastrous consequences. Third, if Britain paid again
there was no reason why she probably would not be called upon to continue
paying forever and ever. Fourth, she, nevertheless, "could not contemplate" repudiation.
Thereupon, the offer of "token" payment had been decided upon, and
now it had been accepted. At this point Mr. Chamberlain read with
evident satisfaction a passage from President Roosevelt's reply to the
British note, in which the President, after noting the acknowledgment
of the debt in the British offer, said he had personally no hesitation in
saying he did not characterize the resultant situation as default. The
House loudly cheered this statement.
The climax came when Mr. Chamberlain added that the Government
proposed to make the payment in silver acquired from the Government
of India, which metal the United States would accept at 50 cents per fine
ounce. Renewed cheers greeted this announcement, which, according
to expert financial opinion, will still further reduce the cost of the payment
by Britain. The sterling expenie is figured as actually £1,756,000.
All Express Approval.
In the brief debate that followed there was expressed, even by the
Government's opponents, only satisfaction with the result achieved.
Sir Samuel Cripps. Labor member from Bristol, congratulated both Mr.
Chamberlain and Mr. Roosevelt on the way the situation had been handled.
Sir Robert Horne expressed Unionist relief that Britain had evaded the
embarrassment of default, "which would be apt to be contagious."
Winston Churchill, as former Chancellor of the Exchequer, extended
his congratulations to Mr. Chamberlain, Even James Maxton, Left
Wing Laborite, who is against almost everything this government does,
after noting that the device adopted was the ordinary one, whereby a
debtor which could not pay asks its creditors to accept something "on
account," remarked that, after all. Britain was getting six months in which
the debt could be fully discussed and he hoped a settlement would be
reached.
Simultaneously with Mr. Chamberlain's statement in the House of
Commons, there was issued a White Paper containing the documents
in the case. They comprised, in this order, a cable message from Sir
Ronald Lindsay, Ambassador to Washington, to Sir John Simon, Foreign
Secretary, conveying the American call for payment issued June 10; a
message from Sir John on June 13 to Sir Ronald, containing the British
note regretting the American inability to postpone the payment and
offering immediate payment of $10,000,000 as "an acknowledgment of
the debt pending final settlement"; a cable message of to-day's date from
Sir Ronald to Sir John containing the President's reply, and the final cable
message from the Ambassador to the Foreign Secretary giving the text
of the President's public statement.
Prior to his announcement in the House on June 14,
Chancellor Chamberlain on the previous day (June 13)
made known in a statement before the House that he would
have a debt announcement to make on the 19th.
The Chancellor's announcement in the House on June 13
follows:
This afternoon I said I was not in a position at the moment to make
a statement, but that I hoped this evening at 10 o'clock to be able to say
what are the intentions of the Government as regards the June instalment
on the war debts due the American Government.
I am sorry to say that even now I am not in a position to make a complete statement on the subject.
I can say this much to-night, that there has been a lengthy exchange of
views between the British Government and the United States Government,
and as a result the British Ambassador at Washington to-day handed to the
State Department a note setting forth the British proposals concerning the
June instalment.
We expect to receive the President's reply to-morrow.
We have no reason to suppose that it will be other than satisfactory to
us, but as it has not yet reached us I am not in a position to state its terms.
I understand, however, that an arrangement has been made whereby
it will be possible for the debate to be adjourned about 10 o'clock to-morrow
night and I then hope for the last time that I shall complete the statement
upon all documents which have been exchanged between us and the American Government.
The following is the address of Neville Chamberlain in
the House on June 14, as contained in Associated Press advices from London June 14 to the New York "Times":
This House will remember that the last instalment of the debt due on
Dec. 15 was the subject of an exchange of notes between ourselves and the
American Government.
In our note, Dec. 11 last, the British Government set out at some length
their convictions that continued payment of the intergovernmental obligations was a fatal barrier to the recovery of the world.
The British Government's standpoint on this matter was reinforced
by the Preparatory Committee for the World Conference, which at the outset of its report stated that the problem of intergovernmental debts was not
included because it lay outside the terms of reference to the Committee.
They went on, however, to say that in their opinion it is essential that
the question should be settled, as settlement would relieve the world of
further anxiety concerning the disturbing effects of such payments on
financial economy and currency stability.
They added that until there was such settlement, or definite prospect
of such settlement, these debts would remain insuperable financial and
economic barriers to the restoration of the world.
We, therefore, attach the greatest importance to the early resumption
and successful conclusion of the negotiations upon that point. We had
hoped that the discussions with America last year might have led to some
arrangement which would have obviated the necessity for payment on
Dec. 15.
Political Change in America.
We had. however, to take into account the political situation in the
of America. The Administration had been defeated at the
United States
election and was carrying on without being able to exercise effective
authority until the new President took office.
IS We were, however, informed that the United States Government would
be prepared to review the whole situation with us without loss of time
and we were assured that the prospects of a satisfactory approach to the
whole question could be greatly increased by the payment on Dec. 15.
In these circumstances we felt that the right course was to allow time
for negotlationiby making a payment on that date, and we explained in
June 17 1933
our note of Dec. 11 that this payment was not to be regarded as a resumption of the annual payments contemplated by the existing agreement, and
we announced our intention of treating it as a capital payment of which
account should be taken in any final settlement.
We added that the procedure adopted must obviously be exceptional
and abnormal, and we urged upon the United States Government the importance of an early exchange of views with the object of concluding the
proposed discussion before Dec. 15 in order to obviate the risk of a general
breakdown of existing intergovernmental agreements.
Negotiations were accordingly started, even before the new Achninistration was inaugurated and they have been pursued ever since. On the
occasion of the Premier's visit to Washington, he and the President made
preliminary explorations of the situation.
As stated in the communique issued at that time,"with the most friendly
spirit progress is made. After the Prime Minister's departure these conversations can well continue in London and Washington."
Good-will Established.
The visit of the Premier to Washington established an atmosphere of
understanding and good-will on both sides which has been of utmost 1,alue
throughout our subsequent conversations.
As was made clear at that time the Premier's journey was undertaken
only for the purpose of elucidating our position, and, indeed, it was not
possible in the time at his disposal to arrive at a final conclusion, even if
he had desired to do so.
In these circumstances his Majesty's Government had hoped that it would
be possible for the Government of the United States to accede to their request that the payment of the June instalment be postponed pending
discussions of war debts as a whole.
They maintained this hope up to a very recent date. In the end It
became clear that it could not be realized. They therefore had to decide
upon their course of action in these circumstances as they found them.
Considering their decision, the Government felt they must have regard
as to its effects, not only upon this country, but upon the whole world.
The Conference now sitting in South Kensington was recognized by all
as most momentous in character, and delegate after delegate has already
urged most disastrous consequences would ensue if it failed and the necessity
for a sense of confidence if it was to succeed.
We had already made a payment in December in the hope that It would
pave the way for a settlement before another payment became due. If
we paid again, there would appear to be no reason why we should not be
called upon to make payments of a similar kind indefinitely.
It seemed to us impossible to contemplate that this country should
continue to make payments of this magnitude while under the Lausanne
provisional agreements we had suspended corresponding claims upon our
own debtors.
To Save Lausanne Pact.
Further payments would therefore have necessitated putting an end to
the Lausanne agreement and reopening all the vexed questions of reparations
and war debts, which were provisionally settled, and plunging the world
once more into a condition of uncertainty and despair from which it was
rescued last year.
These considerations appeat to the Government to be of such fundamental
importance as to outweigh all others. On the other hand, we felt the strongest objection to any course would have placed us in a position of having
repudiated our obligations.
In our view, the proper way to treat the June instalment was to consider it as merged in the body of the debt which we have already discussed
informally, and as to which we were prepared to enter upon formal negotiations as soon as they could be arranged.
We therefore decided, in order to make perfectly clear our view that
suspension of the June payment did not and was not intended to prejudice
the ultimate settlement which we proposed,to make payment of $10,000,000
as an acknowledgment of the debt pending final settlement.
I have to say that the President, while formally taking note of our
communication, has issued a statement which shows that he has appreciated
the spirit in which our proposal was made and has expressed himself in terms
which I propose to read to the House and which. I am sure, will give as
much satisfaction to the House as they have given to the Government.
Quotes President Roosevelt's Statement.
After remarking that such a payment does not in any sense prejudice
the freedom of either Government in any subsequent discussion of the entire
debt question, which will take account of this and other debt payments,
he adds in a later passage:
"It seems the part of fairness and wisdom to postpone formal representations on the debt subject until later. Meanwhile, the World Economic
Conference is beginning under most favorable auspices and it is vitally
necessary that during the opening days of the Conference difficult and
possibly protracted discussion of the debt be avoided.
"In a spirit of co-operation, I have as Chief Executive noted the representations of the British Government with respect to the payment of the
June 15 instalment. Inasmuch as the payment made is accompanied by a
clear acknowledgment of the debt itself, in view of the representations and
of the payment. I have no personal hesitation in saying I do not characterize
the resulting situation as a default."
I only add that we propose to make this payment in silver 1cheersl and
which we have been informed by the United States Government will be
accepted at 50 cents per fine ounce. The Government has acquired this
silver from the Government of India.
Various documents exchanged between the Governments have been
printed and will be available in the vote office this evening. From them
it will be seen that the Government have asked when and where formal
negotiations about the whole debt question can be begun and that the President has suggested that they be taken up at Washington as soon as convenient.
I trust that the House will feel satisfied, as we on this bench feel satisfied that this very difficult and delicate problem has been adjusted.
It is a good augury for the success of the World Economic Conference
and it may prove to be the first step toward complete and final settlement
of the whole question of war debts.
Payment of $10,000,000 in Silver by Great Britain to
United States on War Debt—Statement by President Roosevelt--American Delegates at Monetary
and Economic Conference Instructed Not to
Discuss Debts,
On June 14 a statement was issued by President Roosevelt
regarding a payment of $10,000,000 by Great Britain on its
war debt to the United States. In this announcement
President Roosevelt took occasion to ttate:
As a matter of information to the American public, I want to make it
clear that the Economic Conference now being held in London does not
Financial Chronicle
Volume 136
include in its program any consideration of the debts owed by various
governments to the United States. The American delegates have been
instructed not to discuss debts with the representatives of any of the
debtor governments.
The President further said that "it seems the part of
fairness and wisdom to postpone formal representations on
the debt subject until later." The following is President
Roosevelt's announcement of June 14:
The British Government has to-day announced a payment to the United
States of $10,000,000 with a note indicating that this payment is to be
considered "as an acknowledgment of the debt, pending a final settlement." It has, in its accompanying note, pointed out circumstances that
have induced it to take this action.
Such payment does not, of course, in any sense prejudice the freedom
of either government in any subsequent discussion of the entire debt
question, which will take account of this and other debt payments. I
announced in November 1932 a policy to the effect that a debtor may at
any time approach a creditor with representations concerning the debt
and to ask for readjustment of the debt or its terms of payment.
Under such circumstances, the debtor government makes such representations as it deems of importance with respect to the desirability of
any readjustment in the terms already agreed upon.
The British Government availed itself of this principle following the
payment of the Dec. 15 payment, and I had informal discussions concerning the debt with the British Ambassador even before my inauguration.
On the occasion of the visit of the Prime Minister of Great Britain, in
April, further exploration of the subject was made by us and additional
discussions were held by the experts of the two governments.
Time and circumstances would not permit any definitive conclusions
in these discussions because at the moment both governments were vitally
concerned in making preparation for the World Monetary and Economic
Conference in London. It seems the part of fairness and wisdom to
postpone formal representations on the debt subject until later. Meanwhile, the World Economic Conference is beginning under favorable
auspices and it is vitally necessary that during the opening days of the
Conference difficult and possibly protracted discussion of the debt be
avoided.
In a spirit of co-operation, I have, as Executive, noted the representations
of the British Government with respect to the payment of the June 15
instalments, inasmuch as the payment made is accompanied by a clear
acknowledgment of the debt itself.
In view of those representations and of the payment I have no personal
hesitation in saying that I do not characterize the resultant situation
as a default.
Beyond this, the law and the Constitution do not permit me to go.
The American public understands clearly that the settlement under which
these debts are now being paid was made under the authority of Congress
and that Congress alone has the right to alter the amount and method
of payment of this debt. Further than this, the Congress, in December
1931. in approving the moratorium in June of that year, specifically set
forth that the debt should not be canceled or reduced.
Under my constitutional power, and in accordance with the terms of
the policy which I have set forth, I can entertain representations of the
British Government concerning the entire debt settlement, and the British
Government has requested that such opportunity be afforded. I have.
therefore, suggested to them that such representations be made in Washington as soon as convenient.
As a matter of information to the American public. I want to make it
clear that the Economic Conference now being held in London does not
include in its program any consideration of the debts owed by various
governments to the United States. The American delegates have been
instructed not to discuss debts with the representatives of any of the
debtor governments.
This is in accordance with the further principle that I have felt important, that the debts be considered on their merits and separate from
other international economic questions.
I have further informed the British Government that such representations
and suggestions as may be made to me by the British representatives when
they discuss the problem in Washington will be submitted to the Congress
for information and consideration when the Congress next meets.
June 15 Payments By Foreign Governments on Debts
to U. S.—Finland Only Nation to Pay Instalment
in Full—Great Britain, Italy, Czechoslovakia.
Latvia, and Rumania Make Partial or "Token"
Payments—France and Six Other Nations Default
—All Funds Paid in Silver.
Only about 8% of the June 15 instalment totaling $143,605,294 due from foreign Governments on war debts to the
United States was paid to the Treasury Department on
June 15. The payments made on that date totaled $11,359,592, as follows:
Great Britain
Italy
Czechoslovakia
Rumania
$10,000,000 1 Latvia
1,000,0001Finland
180,0001
25,0001 Total
$6,000
148,592
$11.359,592
The instalments due from 13 nations June 15 were:
Great Britain
France
Belgium
Czechoslovalda
Estonia
Finland
Hungary
1
Due.
$75.950,0001Italy
40,738,568 1Latvia
6,325,0001Lithuania
1,500,0001Poland
284,3221Rumania
148,5921Jugoslavia
28,2601
Due.
$13,545.438
118,961
132,091
3,559,062
1.000.000
275,000
It is stated that all the advances accepted and the payments offered were in silver at the rate of 50 cents an ounce.
It was likewise said that the following seven nations made
no payment nor offer of payment:
Belgium
Estonia
France
Hungary
Lithuania
Poland
Jugoslavia
In the Washington account June 15 to the New York
"Times" it was stated:
4179
with
The extent of the defaults to-day was emphasized by comparison
Italy,
what occurred last December, when six nations—Great Britain.
in full a total of
Czechoslovakia, Finland, Latvia and Lithuania—paid
$98,685,910.63 and only five nations—Belgium, Estonia, France, HunagrIr
instalment
and Poland—defaulted, their combined indebtedness for that
.
being $24,996,511.85.. .
are politically
Of the nations that defaulted, Poland and Jugoslavia
Entente
affiliated with France. The solid front expected from the Little
intention
was broken several days ago when Czechoslovakia announced its
payment
of making a token payment. Rumania's surprise offer of a partial
to-day further broke down this line-up.
Situation Is Complicated.
problem had
As the situation shaped up to-day, however, the whole debt
any
reached one of its most complicated stages, with little promise that
of the defaulting nations would make further payments unless some pro-adjustment
debt
gram leading to a general revision were worked out by the
conferences to be held here soon with representatives of Great Britain.
effecting
The fact that all the nations made their payments in silver, thus
had not
a substantial saving, came as somewhat of a surprise. Officials
been informed of this plan as late as yesterday.
Czechoslovakia and
Payments in silver by Britain, Italy, Finland,
Rumania would roughly represent shipments of 22,700.000 ounces of the
metal.
The actual payment by Great Britain consisted of the earmarking In
Bombay of 20,000,000 ounces of silver for the United States Treasury.
Great Britain guaranteed safe delivery of the silver in the United States.
of
The Italian account was settled by the deposit of 2,000,000 ounces
silver at the assay office in New York. Finland's payment will represent
297,184 ounces, Rumania would send 50,000 ounces and Czechoslovakia
360.000 ounces.
Payment in silver was permitted by the Thomas amendment to the Farm
Relief Bill, which authorized the President to accept payment of war
debts in that metal at a price not to exceed 50 cents an ounce. What
the debtor nations have paid for the silver is not definitely known, but if
it was around 35 cents an ounce they have saved about 30%•
From the Associated Press accounts from London June 15
we take the following:
Foremost among the envoys who appeared at the State Department was
Ambassador Lindsay of Great Britain, smiling his pleasure at the agreement
under which Great Britain paid $10,000,000 on its instalment of $75,950,000
as an acknowledgement of the debt pending final settlement.
He visited Acting Secretary Phillips to discuss means of transferring
that amount and for preliminary conversations on the review of Great
Britain's funding agreement which President Roosevelt, in announcing the
British payment, said would occur later this summer. . . .
Ambassador Rosso of Italy handed Phillips a formal note proposing he
said, that Italy pay about $1.000,000. The Rome Government owed $13,545,000. In considering this tender, it was made clear that the administration was measuring it by the same policy as the partial satisfaction of Great
Britain's obligation.
Czechoslovakia, too, offered a partial payment, understood to be
$180,000. However. Assistant Secretary Moley, who talked with Minister
Veverka, was understood to have held for an even $200,000. The total
Czechoslovakian installment was $1,500,000.
Finland, the only one of the 13 debtor nations to meet its obligation in
full, notified the government it was paying its $148,592 in silver.
State Department officials announced late to-night the Government had
accepted a $6,000 partial payment for Latvia. This amounted to approximately 5% of its due payment of $118,961.
French Call Or Cut Reiterated.
Ambassador de Laboulaye presented the French Government's formal
decision to default for a second time. The French payment due to-day was
$40,738,000 and last December the Paris Government declined to meet an
instalment of $19,000,000.
reThe note which the diplomat handed to Acting Secretary Phillips
iterated the statements then made that the debts should be scaled down to
the present level of reparations, about 10 cents on the dollar.
De Laboulaye talked for ten minutes in an anteroom with Ambassador
a
Patek of Poland, his nation's diplomatic ally. Patek, too, brought
notification of default. His country's payment due was $3,559,000. The
to the extent of $4,427.000.
Warsaw Government was already in default
Belgium several days ago made known informally that she would be
unable to meet her obligation of $6,325,000, because reparations payments
to
from Germany had virtually stopped. In December the nation declined
pay an instalment of $2,125.000 for the same reason.
Other Nations' Actions.
Among other nations, Estonia, $284,322, has no diplomatic representatives here and communications are made either through the consular officers
in New York or through the American legation in its capital.
A Secretary of the Lithuanian legation notified Mr. Phillips of a default
on that country's $130,073 payment.
Jugoslavia. owing $275,000, was regarded as certain to default.
Although Minister Davila of Rumania presented a note at the State
Department early in the day informing the Washington Government his
nation would default on its $1.000,000 payment, the legation received a dispatch later from Bucharest saying it had decided to pay $25,000 on account.
This, it was understood, was decided upon so that Rumania might be
Placed in a preferred position when the time comes to review its debtfunding
agreement with the United States.
Elsewhere we give the notes on the debt exchanged between the United States and Great Britain. We also refer
in another item to the default by the French Government.
Payment of $10,000,000 in Silver By Great Britain
to U.S. Reported to Have Saved Latter $2,800,000—
Treasury Likely to Mint Silver Into Dollars.
In the decision to make a "token" payment of $10,000,000
in bullion silver at the rate of 50 cents an ounce on the
$75,950,000 debt payment due to-morrow, Great Britain
has saved $2,800,000, according to estimates prepared Aby
government officials on June 14, according to Washington
accounts on that date to the New York "Times" from which
the following is also taken:
[Britain paid 20,000,000 ounces of silver, which cost, according to information from London, an average of 36 cents an ounce, totaling £1,756,000,
or $7,200.000.1
In London it was disclosed that the metal was obtained in India.
4180
Financial Chronicle
Had England elected to buy American exchange abroad at the prevailing
rate of about 85% of the par gold dollar, they would have saved 13% less
than by making the payment in silver. At the prevailing rate of the American dollar abroad England could have purchased sufficient exchange for
$64,557,500 gold to meet the $75,950,000 payment which is due to-morrow.
The $10,000,000 payment through the purchase of exchange would have
represented $8,500.000.
In the decision to pay in silver the British Government has taken advantage of the so-called Thomas amendment to the Agricultural Relief Act.
This act provided for the acceptance of silver at not to exceed 50 cents an
ounce, in payment of the principal or interest now due or to become due
within six months from any foreign government or governments on account
of indebtedness to the United States.
The silver to be received from England will be placed in the Treasury and
minted into silver dollars, if this is regarded as necessary by the Secretary of
the Treasury.
The same paper reported the following from London,
June 14:
The Financial News estimates that with silver at 36 cents an ounce the
saving to Great Britain, compared with a gold-dollar payment is 40%,
while President Roosevelt's willingness to accept silver at 50 cents represents
a saving to Britain of 28% on the token payment itself.
The installment due to-day at par is £15,500,000, or. at current rates, a
trifle more than £18,000,000, against which Britain pays £1,756,000. Had
the token of $10,000,000 been paid with the dollar still on gold, the cost
would have been about £3,000,000. At current rates it would have
been £2,440,000.
France Defaults on June 15 War Debt Installment Due
United States.—Note Delivered by Ambassador
Laboulaye to State Department at Washington.
With the failure of the French government to meet the
June 15 installment of $40,738,568 due on its debt to the
United States, Associated Press cablegrams from Paris on
that date stated that the French government had sent the
following note to Ambassador Andre de Laboulaye at
Washington for delivery to the State Department:
The French government had hoped that the June 15 payment would not
have fallen due without an arrangement for settlement of the war debts
having been reached, answering the conditions set forth in the motion
of the Chamber of Deputies December 13.
The circumstances unfortunately yet have not permitted realization of
this hope, but the French government still thinks that within the shortest
time a solution should be found to the problem of intergovernmental
debts in the interests of the economic restoration of the world and notably
in view of maintaining and also developing the results already achieved
and in so large a part due to France's sacrifice of her own claims.
The French government consequently is obliged to defer payment of
the sum due June 15. But it intends in no way to break unilaterally
engagements freely entered into, and desires to renew to the Federal government the assurance that it is always ready to give by all opportune
means the most active help to finding a satisfactory solution.
From the Associated Press cablegrams from Paris June 15
we also quote:
The default came on the day of the Bank of France's weekly statement,
which showed 81,000,000,000 francs in gold (currently about $3,890.000.000)
now are held in its vaults.
The formal note announcing the default, which was cabled to Washinton
to-day, was reported to have blamed the present situation on the results
of the Hoover war-debt moratorium. It was said to refer to the Lausanne
agreement of a year ago, reducing Germany's reparations 90%, and to
Indicate the hope that a similar reduction be made in the French debt to
the United States.
Obligation Recognized.
It was reported that the note also said France had hoped new arrangements could have been completed before to-day. France made it plain that
the obligation was recognized, but that "deferment" of both the June
payment and last December's overdue $20,000,000 interest installment
were necessary at this time.
Latvia Makes Partial Payment of 5% on Debt to United
States.
Under date of June 15 Associated Press advices from
Washington said:
Arthur B. Lute, Consul General of Latvia, said to-day his government
had made a partial payment of 5% of its war debt obligation to the United
States Government.
Lule said he did not know whether the United States authorities had
accepted the Latvian token.
Arrangements for the payment were conducted by the government in
Latvia, he said. A war debt payment of $118,961 was due from Latvia
to-day.
R. W. Morrison Upholds Deflated Dollar—United States *
Delegates to World Monetary and Economic Conference Sees Little Chance of a Return to Parity.
There is not the "slightest belief" in the United States
that the dollar will be returned to its old gold parity, according to Ralph W. Morrison of Texas, a member of the
United States delegation to the World Economic Conference.
A cablegram from London,June 10 to the New York "Times"
reported that in an interview that day he said a return to
the old gold parity "would mean the greatest fall in prices
we have even seen because all these people who have run
to property would immediately run back to the dollar." The
cablegram went on to say:
He explained that as long as Americans had confidence in United States
property and "were not sure what is going to be done with the money
situation," and "continue running as now," from money to securities and
property, the dollar would drop futher. He held the present value of the
dollar reflected business men's estimates of President Roosevelt's probable
use of his powers.
June 17 1933
Until the tariff situation was improved and people were again dealing
with each other fairly, Mr. Morrison predicted "any stabilization will be
purely temporary."
Internal Benefit Seen.
He strongly backed Secretary Hull's views on the international as against
the national elements of the whole problem, saying in answer to a question
as to wheather the administration had not been seeking to depress the
dollar.
"I think the administration has felt some move in that direction would
be beneficial to our internal situation. There are two very distinct points
in this situation—internal and external, or international.
"Our people at home are very much more concerned for the moment
with the internal situation than with the external. They do not realize
as yet that after all is said and done the external, or international, situation
is the one that brings about the internal situation.
"We have lots of people at home who think the trade barriers should
be pushed higher and higher. They do not realize what they are doing,
Those of us who think things should be done with moderation point out
that millions are workless under the highest barriers we have ever had. It
is not having any more effect than water on a duck's back."
Tariff Cuts Discussed.
He thought the probability was that the United States would now try
to handle the entire question of tariff reductions through the Tariff Commission's power to reduce duties 50%•
"It is hard to see how we are going to hold the dollar at one price, the
pound at another, the franc at another and the mark at another," Mr.
Morrison said. He denied that this cold be performed exclusively by
central bank operations. though "their advice should be sought."
He indicated a trend toward further depreciation of money in various
countries as a preliminary to stabilization by saying:
"The internal necessities of correcting the financial structure of various
countries require very decided deflation of the currencies of most countries."
He thought this was the only permanent advantage any one would gain
from depreciation.
He gave very strongly the impression that the American policy was
to seek a solution of the debt problem in its various phases through currency depreciation, making the "debtor able to pay when he would be
unable to pay otherwise." In this and other things, however, it was hard
to distinguish whether he was giving the delegation's or his own personal
views.
Jesse Isidor Straus, New United States Ambassador
to France, Presents Credentials to President
Le Brun.
Jesse Isidor Straus, new United States Ambassador to
France, arrived in Paris to assume his duties, on May 31,
and was welcomed by representatives of the French Government and the Ministry of Foreign Affairs. In replying to
this welcome, Mr. Straus, speaking in French, said that he
was pleased at setting foot in France and at the same time
pledged himself to promote mutual confidence and good will
between France and the United States. Ambassador Straus
presented his credentials to President Lebrun on June 8,
on the day (it was noted in a Paris message to the New York
"Times") when Franco-Anglo-American talks on disarmament'were taking place there. The Paris advices, June 8, to
the "Times" continued:
Declaring that as long as he enjoyed the confidence of the American
President and people he would work to strengthen the good relations between
France and the United States, Mr. Straus said:
"President Roosevelt has indicated the attitude of co-operation that the
United States of America is ready to take with respect to the legitimate
preoccupations of Europe on disarmament and consequent economic readjustment. Your words in reply have caused us to await with confidence the
acts of the French Government which will give reality to these projects."
Responding, President Lebrun declared:
"France received with satisfaction President Roosevelt's offer to the
nations of Europe to seek a common solution of great existing problems.
Our nation will continue to associate its efforts with any policy that would
permit new results to be secured while at the same time insuring guarantees
to the peoples necessary to their security."
Mr. Straus was conveyed to the Elysee Palace by officials of the Presidential protocol, who called for the Ambassador at the Embassy this morning. Accompanied -by the members of the Embassy staff, he was driven by
auto to the Elysee, where in the courtyard entry platoons of Republican
Guards in State regalia rendered military honors. Then he was ushered
before President Lebrun and personally introduced. by Pierre Becq de Fouquires, Chief of Protocol.
Joseph Paul-Boncour, the Foreign Minister, was present when Mr. Straus
formally placed his official credentials in the hands of the French President.
In his formal speech the Ambassador said that America's deep friendship
for France called for deep understanding from France.
"We are ready to co-operate as we have before in the expectation that
France, as she has before, will work with us," he declared. "In that spirit
I present my credentials."
After the declarations, IL Lebrun and Mr. Straus conversed informally
for a quarter of an hour before the latter returned to the Embassy fully
qualified and empowered to enter upon his official duties.
The appointment of Mr. Straus to his new post was noted
in our issue of March 25, page 1974.
Decrease in Unemployed in Germany.
Berlin advices June 9 to the New York "Times" said:
The number of registered unemployed in Germany declined 212,000 in
the second half of May, at the end of which the Reich Labor Bureau rePorted 5,000,000 jobless. This figure is a round 1,000,000 below the
maximum unemployment for the year 1932-33, and about 60,000 less than
the minimum unemployment in the year preceding.
The rate of improvement in the second half of May was considerably
above that in the first half when the registered unemployed decreased 80,000
and in the second half of May 1932, when the decrease was 93.000.
While the earlier reduction of unemployment was attributable chiefly
to seasonal labor demands, three-quarters of the re-employment in the
second half of May is credited by the Reich Labor Bureau to general busi-
Volume 136
Financial Chronicle
4181
ness:improvement. At the end of May approximately 240.000 young men
werelemployed on voluntary labor service.
Aug. 25 1933. The bonds cadbe exchanged against long-term 1938 debentures at the ratio of 450 markslin bonds against 500 in debentures.
Germans Fix Rules on Conversion Fund—Foreign
Debtors' Money to Be Deposited Is Ordered Carefully Invested—Moratorium Viewed in Berlin as
Basis for Negotiating the Best Terms.
for Conversion Administration During Germany's Transfer Moratorium.
The following Berlin cablegram June 12, is from the New
York "Times":
pi The directorate for the administration of the conversion fund into which
Provisional statutes governing the administration by the
Reichsbank of the conversion fund into which German
debtors will make their payments during the operation of
the transfer moratorium have been drafted, according to
Berlin advices June_11.toAthe New York "Times" which
further said:
Reichsbank Names Directors
Germans are to pay interest and amortization charges on foreign debts
during the transfer moratorium was appointed by the Reichsbank to-day.
It consists of Rudolf Brinkmann and Bernhard Goner, directors of the
Reichsbank, and Ernst Kritzler, banker.
The Reichsbank also appointed as trustees, Will Koehler and Ernest
Rauschenbusch, counselors of the Reichsbank,,
They will go into effect on July 1 with the partial suspension of transfers
direcabroad, and their application will be under the direction of a trustee
Independent of Bankers, London Unit Is Formed to
will apply
torship to be designated by the Reichsbank. The calendar year
Safeguard Claims of Holders of Long-Term German
for this
for the administration of the conversion fund. The balance sheet
Bonds.
Reichsbank's directorate not later
calendar year trust be submitted to the
From the New York "Journal of Commerce" we take the
than March 311934.
Sound Investment Prescribed.
following from London, June 12:
committee
The regulations laid down for the administration of the conversion fund
Satisfaction is general over the formation of a strong London
commercial
The
prescribe that it is to be carefully invested according to sound
to safeguard the interests of holders of long-term German bonds.
nature and
it is
principles. This proviso is interpreted as being of a provisional
formation of the committee is considered a slap at the bankers how,
as may be reached between
contingent upon such subsequent agreements
held, did not adequately protect the interests of bondholders.
foreign creditors and the Reichsbank.
The banks are charged with preferring to guard their own standstill
For the present the right to make any transfers and the determination
bills to the detriment of the interests of private bondholders. Those who
A petition
Dr.
of their scope and character remain vested in the central bank.
ostensibly represented bondholders at the Berlin conference with
for liquidating the conversion fund can be presented only by the ReichsHjalmar Schacht did not act on behalf of private investors, it is held.
would proceed to declare the fund
investment
bank, whereupon the Reich Government
The new committee was formed from insurance interests,
is
dissolved and its functions terminated. The Reich Government also
trusts and Council of Foreign Bondholders in default of action expected
exthe ultimate arbiter In disputes arising over losses through fluctuating
but not taken by the banks.
adthe apathy
changes and questions involving profits that may have accrued in the
The move is considered extremely important. It is held that
ministration of the fund.
of the bankers will have political reactions, strengthening the anti-banking
the future.
campaign of labor with much unpleasantness for
Statutes Permit Modifications.
permit any
In their present form the statutes are sufficiently elastic to
modifications that may be conceded to foreign creditors in their coming
Commercial Transactions with Germany Not Affected
ReichsLondon negotiations with Dr. Ilja'mar Schacht, President of the
by German Transfer Moratorium.
partial
bank. The total German foreign debt affected by the present
The following was issued June 10 by the United States
transfer moratorium is variously estimated as ranging between 16,000,000.0 believed to repreDepartment of Commerce:
000 and 20,000,000,000 marks, of which 4,000,000,00 is
and other
moratorium on transsent foreign private investments in Germany—in industrial
Ii, The German Government has announced a general
leaseholds, &c.—which also fail undtr
debts
stocks, industrial plants, real estate,
fers of foreign exchange to pay the service on all long-and short-term
standstill
cablegram to the Finance and
the partial transfer moratorium but are not included in the
contracted prior to July 1931, according to a
Commerce
category.
Investment Division of the Bureau of Foreign and Domestic
shrinkThe Reichbank's returns for the first week of June show a further
from Assistant Commercial Attache D. P. Miller, Berlin.
which is accounted for by bean
exporters
age of 14.000,000 marks in its gold reserves,
Current commercial transactions are not affected and American
that the
heretofore.
imports of raw products and advancing Prices• It is not believed
may continue to ship to Germany and receive payment as
abroad this
been in force
Reichsbank will be called on to make excessive interest payments
being limited only by the exchange restrictions which have
Standmonth or that the full effect of the moratorium on its reserves will be felt
since the middle of 1931. Credits included in the recently renewed
until July.
still Agreement are not affected by the moratorium.
Seen.
will pay the interest
Concessions on Plan
Under the terms of the moratorium German debtors
tactical
conversion
The transfer moratorium is regarded here primarily as a mere
in reichsmarks at the current rate of exchange into a special
determined.
negotiations from the
step designed to enable Germany
fund. The method for releasing these funds has not been
most favorable possible standpoin:. begin c°nCrete
t
result in
There is reason to expect the coming Loudon discussions will
Withfrom which
Payment of Young (German Government) Bonds
substantial exceptions to the moratorium and oher alleviations
out Premium for Exchange Depreciation.'
and probably other bondcertainly the Dawes and Young bondholders,
holders also, will benefit.
Under date of May 29, Paris advices to the New York
The moratorium is tactical in that it creates a fait accompli, from the
"Evening Post" said:
full gravity of which bondholders can escape only by voluntarily accepting
paid in paper
June 1 coupons of the 534% Young Plan bonds will be
such partial concessions as the Reichsbank agrees t grant' thereby transe
exchange depreact into a mutual agreedollars, sterling and Swedish crowns without premium for
ferring the present one-sided German moratorium
franc, florin, lira
ciation, while bearers of the French, Swiss and Belgian
ment and sparing Germany the odium of summary repudiation.
usual, according to a deand reichsmark coupons will receive interest as
The position is substantially identical with the shert-terin debts crisis
as trustee for the
cision taken by the Bank for International Settlements,
in 1931, when Germany first imposed the de facto moratorium by forbidding
sanction
German Government's obligation.
the trasnfer of short-term liabilities without the Reichsbank's
the rights of bondholders
The Bank for International Settlements reserves
and then proceeded to negotiate the friendly standstat agreement embodyto pay a suppleIn the first category and stands on its request to the Rellik
ing terms which creditor banks accepted voluntarily in the conviction that
BF no expectation,
Gorman conmeat on the basis of the gold clause. There is little
they could obtain nothing better. To-day it seems that any
especially since formal
accepted
however, of inducing the Reich to change its policy,
cessions mitigating a complete moratorium on the bonds n111",be
American abandonment of the gold clause.
for similar reasons by the bondholders' representatives in London.
no
So there will be created the fiction of a mutual agreement. But as
,
really comprehensive representation of bondholders will be poesible it is
Dresdner Bank to Cut Capital.
reP
expected that the German Government. after inducing such representatives
will legalize the conBerlin, June 10,copyright advices to the New York
as can be got together to approve certain concessions.
moratorium.
cessions in Germany as it has already legalized the provisional
"HeraldiTribune" said:
•—
.
considered
the
Preferential treatment of Dawes and Young bondholders is
According to an invitation for the general meeting of shareholders of
almost certain.
administration will propose reduction of capital from
Dresdner Bank the
Items bearing on Germany's transfer moratorium ap- 220.000.000 reichsmarks to 150.000,000 while reserves will be cut from
treasury
30.000,000 to 15,000,000 recichsmarks. "Tilka," the amortization
peared in our issue of June 3, pages 3997 and 3998.
for commercial credits which offers banks the possibility of distributing
credits beyond the hope of collection.
over a long period the writing off of
German Banks Prepare to Cut Interest Rates—Perwill not be made use of.
sonal Loans to Be at 6% After July 1, Credit
Institutes Decide.
Criticism of Government Acts by Berlin Officials
,
'Prim
Copyright advices from Berlin June 11, are taken as follows
from the New York "Herald Tribune":
The first steps toward a general reduction of interest rates were proclaimed to-day at the annual meeting of the Association of German Credit
Institutes, operating under public law. Herr Diaz, Nazi administrator of
the party's office for foreign trade and shipping, as Chairman, reiterated
-expressed views on the importance of the general lowering
the Nazi's oft
of interest rates to the reconstruction of the German economy.
The fact that loan capital yields 7 to 8% and more while productive
capital attains 3 to 4% at the utmost means a reversion to natural conditions.
The pre-war condition with savings capital seeking productive investment
must, it is felt, be re-established.
The unanimously passed resolution proclaims that from July 1 the insti%,
tutes mentioned will lower interest rates on personal credits to
including all additional charges, based on the present Reichsbank discount,
able to lower them to 6%. Open or hidden comand they hope soon to be
missions making credits expensive will no longer be levied. Long-term
credits and mortgages should not bear more than 43. %. Including administration expenses.
The Association will urge all credit economy groups to follow its example.
The Central Association of German Banks and Bankers will discuss the
problem at a meeting in Berlin to-day.
Creditors of the 1931 Treasury bonds of the City of Heidelberg have been
granted a respite to the end of March 1935, involving a 10% repayment on
Banned.
Under date of June 9 the New York "Times" reported
the following from Berlin:
Criticism of Government measures hereafter will be a penal offense if
made by any official of the municipal administration of Berlin, according
to a new rescript issued by the Nazi State Commissioner.
"Municipal officials who, not long ago, belonged to Left organizations or
sympathized with them," says the rescript,"are exhibiting lack of requisite
reserve in their dealings with the public. They voice adverse criticism of
the Government measures and thus tend to lower Government leaders in
public esteem."
The Chief Burgomaster ordered "relentless proceedings against any such
machinations," which he said would be punished as subversive and Marxist
propaganda.
New Standstill Pact Adopted—Germany's Short-Term
Creditors Said to Have Agreed to Terms Presented
in London.
The New York "Sun" of last night reported the following
(United Press) from London June 16:
Germany's short term creditors adopted a new standstill agreement with
Germany to-day.
Financial Chronicle
4182
Although the meeting of German representatives and short-term creditors was outside the immediate activities of the world economic conference,
the agreement was hailed as greatly assisting the conference's program to
clarify international debt perplexities.
Immediately after the signing of the new agreement, the German representatives went into conference with long-term creditors.
Faced with the exchange moratorium declared by the Reichsbank, which
becomes effective July 1, American, Dutch. Swiss. British. French and
Scandinavian banks agreed to renounce their right to repayment of capital
in foreign currencies on approximately 80,000,000 marks (approximately
$22,792,000) that will fall due before the standstill agreement expires in
February, 1934. They agreed also to accept a reduction in interest rates
from an average of 4 %
to 4 %•
The creditors have approximately 3,600.000,000 marks (approximately
$1,025,640,000) in short-term investments frozen in Germany.
Option Given to Creditors.
The creditors were given the option of receiving these capital payments
in the form of registered marks, which are currency that can only be reinvested in Germany. Acceptance of registered marks would imply a waiver
of foreign currency, and it was expected that many creditors would refrain
from drawing these capital repayments.
The sacrifices of the creditors were expected to facilitate efforts to induce
Germany to remove the Dawes and Young plans loans from the impending
moratorium. It was believed that Germany would continue to meet service
on both these loans even after the moratorium becomes operative.
Unless Germany keeps up her payments on the Dawes loan, the Dutch
are prepared to adopt the severest reprisals, including, if necessary, confiscation of all German private property in Holland, it was reported to-day.
American
National
Conference Adopts Resolution
Calling on President Roosevelt to Intercede with
German Government in Behalf of Persecuted Jews.
Resolutions urging President Roosevelt to intercede with
the German Governnaent on behalf of victims of antiSemitic persecution were adopted at Washington on June 5
by the American National Conference Against Racial
Persecution in Germany, which met at the call of James W.
Gerard of New York. The resolution was introduced by
Representative Hamilton Fish of New York and requested
the intercession of the United States "in the interest of
humanity, justice and world peace." We quote further
from Washington advices to the New York "Times" on the
date mentioned:
It approved the position taken by the group of New York lawyers headed
by Elihu Root and Bainbridge Colby in petitioning the State Department
to intervene in behalf of the judges and lawyers of Jewish blood who have
been dismissed from their positions and forbidden to practice in German
courts.
Declaring that "the present is a critical time, and there are many victims of religious and racial persecution in Germany, who because of superior
attainments and qualities of fine citizenship would make valuable additions to our commonwealth," the conference, in another resolution,
asked the government "temporarily to relax the immigration barriers in
favor of such persons and urged the passage of such measures as will effect
this result."
Creation of a fund in America to aid "destitute victims of German
oppression," and enable others to find homes in other lands was recommended.
Appeal was made to the British Government, having the guardianship of Palestine as the national home for Jewish people, "to open the
doors of that land for such victims of this oppression as may care to enter
that country."
Hitler Jewish Policy Attacked in Senate as "Sickening
and Terrifying"—Senator Robinson's Criticism Is
Endorsed by Other Senators—Calls Anti-Semiticlam a Peril to Peace.
Condemnation of "persecution" of Jews in Germany by the
Hitler Government was voiced in the United States Senate
on June 10, with the attack led by Senator Robinson of Arkansas, the Democratic floor leader, and with general agreement expressed by other Senators. Among those who Sharply
criticized anti-Semitic action in Germany were Senators
Metcalf, Hatfield, Copeland and Walsh. Senator Robinson,
In a prepared address, said the Hitler program was "sickening and terrifying," and declared that such methods could
only result unfavorably to Germany. He expressed the hope
that world opinion might influence Germany so that "the
Iron grip of racial hatred may be relaxed and the Jews again
be permitted to enjoy fair freedom." This address, in part,
was as follows:
One of the unsolved mysteries of history is the recurrence of movements
marked by intolerance and persecution. Admittedly forms of physical torture practiced during the Middle Ages no longer are resorted to save in rare
instances; nevertheless, in the larger aspects the manifestations of cruelty
differ now only slightly from those of primitive times.
It is both surprising and disappointing to one familiar with the character
and disposition of the German people to take note of the alarming persecution of Jews which during recent months has occurred in many parts of
Germany. Apparently the conditions referred to originate in political policy
supported by general public opinion. It is my conception of the German
citizen that he is liberal in opinion and not usually disposed to act
oppressively.
Making due allowance for the exaggeration and misrepresentation which
Inevitably color reports of cruel incidents, there appears conclusive evidence
that the Nazi Administration has startled and shocked mankind by the severe
policies enforced against Jews.
The evidence to which reference is made is found: (1) In addresses delivered by German officials, including Chancellor Hitler and his minister of
propaganda, Dr. Goebbels ; (2) in the editorial policies of many newspapers;
(3) in the remarks of speakers to mass meetings of German citizens; (4) in
June 17 1933
the Nazi songs, and (5) in the legislative and administrative political
Program.
The most regrettable circumstance is disclosed in what appears to be the
attitude of a large majority of the German citizens, which, while resulting
in cruelty toward individuals of Jewish blood, also appears to support the
policy of driving Jews from their occupations and of denying them the opportunity to earn their living.
It is sickening and terrifying to realize that a great people whose advance
during thousands of years has been marked by notable achievements in the
arts and sciences, should respond to impulses of cruelty and inhumanity,
which when they have spent their force will have lowered German civilization in the opinion of all peoples with whom Germany must have social and
commercial relations throughout the future.
It is not suggested that the United States intervene or attempt to determine the domestic policies of the German people. Such cruel policies will
bring their own penalties. They will result in loss of international prestige,
in moral reaction among the Gerinan people of far-reaching effect, in loss
of trade and commerce.
Growing Tension Between Austria and Germany—
Bomb Outrages in Vienna Charged to Nazi Demonstrators — Austrian Government Orders Nazi
Meeting Places Closed and Hitlerites Expelled from
Army—Reported Appeal by Chancellor Dollfuss
for Aid of Great Britain, France and Italy to
Avert German Coup.
Nazi demonstrations in Austria and repressive measures
imposed by Austrian authorities in an effort to quell these
outbreaks, attributed directly to the influence of the Hitler
faction in Germany, caused a strain in the diplomatic relations between the two countries during the past week.
This culminated on June 13 when Chancellor Englebert
Dollfusi of Austria, who was attending the World Monetary
and Economic Conference in London, was credited in newspaper reports with having appealed to the British Foreign
Office for British intervention against Germany. The
same accounts said that Chancellor Dollfuss made similar
representations to the French and Italian delegations, but
added that the Austrian Legation in London would not
admit that such requests had been made
The incident which precipitated the dispute was an
attempt on June 11 to assassinate Dr. Richard Steidle,
Tyrol Heimwelhr leader, and Dr. Anton Rintelen, Governor
of Styria. On the following day Austrian Nazis began
demonstrations in Vienna, with a mass meeting held outside
the university. While this was in progress a bomb was
tossed into the shop of a Jewish woman jeweler. Before
she could throw it back into the street it exploded and she
was killed instantly, while eight other persons were injured.
Other bombs were found by police in Vienna and in Innsbruck. As a consequence of these bomb outrages (for which
responsibility was disclaimed by the Nazis), all the Nazi
headquarters throughout Austria were ordered closed immediately, and Minister of War Vaugoin on June 13 ordered
the immediate expulsion of all Nazi soldiers from the army
and the deportation of many German Nazi agitators.
Among the houses closed by the Austrian authorities was
that in Brannau where Adolf Hitler was born.
Dispatches from Berlin on June 13 said that the German
Government had instructed its Minister in Vienna to enter
a sharp protest against the arrest in Austria offormer German
diplomatic attaches.
Poland Curbs Imports—Bans Some Products from
Four Countries Including United States.
Associated Press advices June 11 from Warsaw said:
The Polish Government to-day prohibited importation of a list of products
from the United States, Argentina, South Africa and Australia. The
products included oil seed, wool, tanning and chemicial products, raw
annimal fat, solid fats, linen and cloth and shoewear.
The prohibition will be effective until the new Polish customs tariff
is fixed on Oct. 10.
League Financial Experts Recommend
Cut in
Greek
Costs.
Under date of June 3, the New York "Times" reported
the following from Athens:
Recommendations for reduction of expenditures by both government
departments and private citizens, and the development of Greek products
have been made by the League of Nations Committee on Greek finances.
The Government is not expected to further a proposal for an increase in
taxes which has been made by the experts.
A full report will be made to the League's financial commission in London
before the economic conference.
New Turkish Law Affects Import Trade—General Increase in Tariffs Causes Halt in Orders for Foreign
Goods.
A wireless message from Istanbul, June 6, is taken as
follows from the New York "Times":
The Turkish Government has promulgated a new tariff law which
temporarily has paralyzed the import trade of Turkey. The law provides
a general heavy increase in many duties, particularly on manufactured
goods, and hits importers especially hard because it came into force without
previous warning on May 31.
Volume 136
Financial Chronicle
the
At first the custom houses, being without exact instructions on
Now.
application of the law,refused to allow the withdrawal of any goods.
are
when clearance of imported merchandise is again permitted, importers
of it
marking time in the hope that the law will be modified or appllcation
postponed.
duties
The customs law in force up to May 31 laid down that import
the excould be increased or reduced only on three months' notice, with
extraception of certain articles required of "vital necessity or under
proordinary circumstances." The new law states simply that the delay
vided for in the preceding law is not to be observed.
take into account the plight of private
Even if the Government does not
has contrade, it is difficult to see how the commercial treaties that it
nearly every
cluded can easily be set aside. These have been made with
-favored-nation clause.
country trading with Turkey and contain the most
'The renewal of the Ottoman Bank concession for a period of 19 years
was signed in Angora yesterday.
Italian Railway Bonds Far Oversubscribed—Novel
Prize Award to Buyers—Increases Demand for New
Issue.
Under date of June 11, the New York "Herald Tribune"
reported the following (copyright) from Rome, Italy:
% bonds, issued by the Italian State
A loan of 500.000,000 lire in
Railways for the purpose of financing their large plans of electrification
as
which will be undertaken almost immediately, was a great success,
almost 1,500,000,000 lire was subscribed for in a few days. The bonds
which were issued by a consortium of credit for public works is redeemable
in 20 years.
In addition there are three annual prizes of 1,000.000 lire each offered to
bondholders and the loan as a novel feature, consisting of drawing yearly
one
for 1,000 first class tickets available during the summer period for
month anywhere on State railways. The number of persons who subscribed
Italy.
to the railways loan is the highest ever recorded for any public loan in
totalling 200,000 against 112,000 for the last loan floated by the Institute of
25,000 for the many loans
Industrial Construction and an average of
Issued by the Italian Government during the war.
of
The present program provides for the electrification of all main lines
comthe Italian system at a cost of 4,620,000,000 lire and the work will be
electrifying two longitudinal
pleted in 12 years. The plan first aims at
lines between Milan, Reggio and Calabria and lines between Turin and
Trieste. Realization of the plan means the electrification of 2,715 miles
miles
of railways, bringing the total with those already electrified to 4,104
or 60% of the Italian State Railways network.
Italy is carrying out this huge program of electrification mostly for
economic purposes in order to reduce her heavy coal bill. As a result of the
electrification work executed in the last 10 years imports of coal for use
by railways has decreased by 428.000 tons yearly.
An item on the loan appeared in our issue of June 10,
page 3999.
Annulment of Ruling of Exchange Control Cornmission of Argentina Requiring Dollar Drafts to
Be Covered by Export Receipts.
Finance Minister Alberto Hueyo of Argentina has ordered
the annulment of the recent ruling of the Exchange Control
Commission regulating dollar operations, following a protest
by the United States Embassy and American banks that the
regulation discriminated against dollar transactions. The
foregoing is from a cablegram from Buenos Aires, June 9, to
the New York "Times," which also said:
The membership of the Commission will be increased from three to five
-to avoid a repetition of the situation, in which the absence of two members
-gave the remaining member autocratic power to govern exchange.
The Commission issued a ruling May 31 that Argentine banks could not
sell dollar exchange, except that arising from the sale of bills covering
exports to the United States. It forbade arbitrage operations from dollars
Into other currencies, but permitted arbitrage from other currencies into
dollars.
As Germany and other European nations have been quoting merchandise in
dollars, a large amount of dollar exchange arising from recent heavy American purchases of Argentine raw materials was being used to pay for imports.
tions of European goods.
An item bearing on the action of the Exchange Control
Commission in limiting dollar exchange allotments appeared
in our issue of June 10, page 4001.
Agreement Reached to Convert Blocked Milreis Into
American Dollars.
Printed copies of an agreement that has been reached
between a committee representing American holders of about
125,000,000 of blocked currencies in Brazil and represent°,
tives of the Brazilian Government and the Banco do Brasil,
providing for the settlement of these claims, are being cirnulated among American firms holding these frozen balances
in Brazil. As to the agreement an announcement June 15
said:
The agreement provides for the payment in American dollars of all bal.ances of $50,000 or more by the Banco do Brasil, which will issue 72 monthly
-drafts or notes, dated July 1 1933, guaranteed and endorsed by the Government of Brazil and payable monthly for six years. The conversion rate
agreed upon is 13.985 mikeis to the dollar.
A feature of the agreement is a provision that all American firma having
blocked balances on June 30 1933 of not more than $50,000 or 685,000 mikeis
will be paid off within 90 days at the full official rate of 13.3 milreis to the
-dollar. The firm of Haskins & Sells will represent the Banco do Brasil in
-determining these amounts.
Dr. Numa de Oliveira and Mr. Valentim Boucas represented the Brazilian
Government and the Banco do Brasil, and the American parties to the
agreement were represented by E. P. Thomas, President, National Foreign
Trade Council, General Palmer E. Pierce, Chairman, and James S. Carson
'of the Council on Inter-American Relations.
4183
relThe signatories for Brazil agreed that no more favorable agreement
or the
ative to exchange shall be made by Brazil with any other country
nationals of any country, and that Brazil will not make any other arrangeagreement.
ment which may interfere with the progressive fulfillment of this
They promise that American parties to the agreement shall receive sufficient
life of the agreement.
dollar exchange for current needs during the
In announcing the successful conclusion of the negotiations the American
representatives recount that the owners of about $16,000,000 of currency
delegates
blocked in Brazil had their representatives meet the American
Pierce
early this month and selected Mr. Thomas, Mr. Carson and General
point out that American exporters and
to negotiate the agreement. They
investors in Brazil, who will obtain the repatriation of funds, which in some
cases have been held up for well over a year, have obtained a conversion
rate of only 5% over the official rate, which is considered a very fair arrangement in view of the recent quotations on the so-called "Black Bourse"or
bootlegger exchange, at as high as 21 mllreis to the dollar.
The American committee is quoted as saying:
Too much emphasis cannot be laid on the great importance of this agreeBrazil to
ment, not only in the restoration of about $25,000,000 frozen in
trade use or dividends here, but in the favorable position it gives American
with Brazil with a greatly imfirms to resume their normal trading position
This
proved prospect of their future drafts for sales being met at maturity.
will be welcome news to hundreds of American exporters who have either
have
withdrawn from trading with Brazil during the last year or who
minimized their transactions to risks of exchange and detention of their
funds.
The committee announces that it will continue this work
with other South American countries where similar blocked
balances are impeding inter-American trade.
Brazil Pays E216,639 on June Debt Service.
Under date of June 13 a cablegram from Rio de Janeiro
to the New York "Times" said:
the
The Bank of Brazil forwarded to London to-day £216,639 to cover
Government's June debt service.
Nicaragua Bars Foreclosures Six Months and Cuts
Interest.
A radio message from Managua (Nicaragua), June 11 to
the New York "Times" said:
Because of the acute economic situation. Congress has passed a law
prohibiting the foreclosure of mortgages for a period of six months and
interest on the mortgages has been reduced to 9% from the hitherto prevailing rates of 12 to 18%. In cases of foreclosure. only 6% interest can
be collected.
It is believed the depression will continue until the price of coffee,
Nicaragua's chief export, increases.
President Sacasa of Nicaragua Vetoes Bill to Create
New Pensions.
From the New York "Times" we take the following from
Managua (Nicaragua), June 14:
President Sacasa vetoed to-day a bill to create new pensions and also
a measure to permit the burial of prominent persona in cathedrals. The
latter measure, he stated, was contrary to sanitary and hygienic principles.
Two Protective Committees Protest Plan to Pay Interest on Colombian Bonds in One-Third Cash
and Two-Thirds Scrip.
Two committees for the protection of American holders
of Republic of Colombia bonds issued statements within the
last week in which they recommended that American bondholders refuse to accept an offer of settlement of interest on
the basis of one-third cash and the remainder in scrip. One
statement was issued on June 13 by Lawrence E. de S.
Hoover, Secretary of the Independent Bondholders' Committee for Republic of Colombia, while the other was issued
on June 13 by Richard Washburn Child, former U. S. Ambassador to Italy and Chairman of the Republic of Colombia
Bondholders' Committee. Mr. Child's statement said:
"The Colombian Bondholders' Committee of which I am chairman has
viewed with disfavor unnecessary and premature attempts to force negotiations upon Colombia while that country was at war. Now with equal disfavor this Committee, when the war is over, regards one-sided attempts
of Colombia to force American bondholders to take or leave an offer of
settlement of the interest account on the basis of a third in cash and the
remainder in scrip. Investigation leads this Committee to believe that the
capacity of Colombia to pay is not sufficiently complimented by this offer.
The offer made through Colombia's fiscal agents comes at the moment,
when similar unilateral offers, point to the necessity for the Federal Corporation for Foreign Bondholders just created by the Securities Bill and now
awaiting action by the President. It is obvious that the injustice to the
holders of Colombian Government bonds extends also to the bonds of Colombian departments and municipalities for this unilateral dealing naturally
tends to draw resources and equities from one class of bonds to put them at
the service of another. It tends to depress the price of bonds and hence to
allow traders to purchase below true values in the hope of profiting by
repatriating the securities. Unfortunately Americans as well as Colombians engage in this quite against the interest of our American bondholders.
"When the President acts to set up the Federal Corporation for Foreign
Bondholders for which we make no claim whatever to speak,everyone knows
that there will be additional protection to all American bondholders of external loans. Any haste on the part offoreign public or semi-public debtors
to force settlements in advance of the operation of this Federal Corporation
may appear as inappropriate and as forestalling the benefident action for
defense of the interests of Americans now made possible under the New Administration."
The statement by Mr. Hoover pointed out that Colombia
has an active trade balance, with an export excess "substantially above the amount required to meet service payments to the American bondholders. Furthermore, Colom-
4184
Financial Chronicle
bia produces annually approximately $6,000,000 worth of
gold which, taken at the current rate of appreciation of the
value of gold, will mean that the value of this gold was raised
to approximately $7,200,000, or twice as much as the total
amount of interest due to the American holders of the National bonds.
Mr. Hoover intimated that the Colombian suggestion was
probably made in order to keep the price of the bonds at a
low level so that Colombian citizens might buy the bonds at
depreciated prices and tender them to Colombian banks in
payment of their debts. He urged that President Roosevelt
immediately create the Corporation for Foreign Security
Holders, as provided in Title II of the Securities Act, to
assist American bondholders in this and other similar
problems.
Salvador Agrees to Devote 20% of Customs Revenues
to Bond Service.
It was announced on June 15 that prolonged negotiations
by the Bondholders Protective Committee with the Republic
of El Salvador have been successful in obtaining an agreement by the Republic to apply 20% of its customs revenues
from Jan. 1 1933, to Dec. 31 1934 to the service on its
external bonds. These bonds comprise the following issues:
Customs first lien 8% sinking fund gold bonds, 6% sterling
bonds and 7% sinking fund gold bonds. The announcement
further said:
The amount agreed upon, subject to certain deductions in the event the
total revenues of the Government in any one year amount to less than
12,000.000 colones, is expected to provide interest in full on the bonds of
series A and series B, and one-half of the amount of the interest on the
bonds of series C.
It is understood that pursuant to the agreement with the Republic,
these interest payments will be made only with respect to deposited bonds.
Deferred interest bearing certificates will be subsequently issued with
respect to the unpaid coupons for the series B and 0 bonds during the period
of the temporary adjustment. These certificates are to be redeemed commencing July 1 1935 from customs revenues during the next ensuing eight
years, and are to bear interest at the rate of 4% per annum from the date
of the unpaid coupons.
Negotiations with respect to these payments have continued for more than
a year and it was not until May 5 1933, that this agreement was finally
signed with the Republic. A member of the committee went to El Salvador
to conclude the agreement, which has now been ratified by the Congress of
the Republic.
Bondholders who have not yet deposited their bonds may do so by forwarding them to Manufacturers Trust Co. or to the New York Trust Co..
depositaries.
J. Lawrence Gilson is Chairman of the Committee, of which the other
members are R. W. Hebard, Fred LaViS. F. J. Lisman and Montgomery
Schuyler. Douglas Bradford, 120 Wall St., is Secretary.
June 17 1933
debtors, public and private. The Chamber calls on the governments of the
world to adhere to the same standards in such matters as have long been
expected of business men of all nations."
Another resolution urged a substantial reduction in armaments as a
necessary preliminary for permanent improvement of the world's economic
and financial conditions. Frederick Sentener van Vlissingen a Utrecht,
Holland, was elected President.
Siam Opens Favorable Fiscal Year—Exchange Still
Handicaps Trade with United States.
Although Siam opened the new fiscal year with several reassuring factors, exchange fluctuations continue to be a
severe handicap to immediate business transactions with the
United States, according to a radiogram to the Commerce
Department's Regional Division from Commercial Attache
C. E. Brookhart, Bangkok. The Department's announcement of May 23 further said:
The new fiscal year, beginning April 1933, opened with several favorable
factors. A detailed statement of budgetary operations showed a strong
financial position, including a balanced budget. Constantly heavy shipments of rice indicated a continued favorable balance of trade and a good
foreign demand.
The third Government rice forecast for the present crop estimates an exportable surplus of 1,760,000 tons of rice and rice products, it was reported.
Included in the plans for relief to Siamese farmers are measures to
extend
land ownership, assist the co-operative movement and credit
conditions, and
to extend storage facilities.
Stock Exchange Adopts Measures to Protect Holders
of Deposit Certificates for Matured Bonds and to
Assure Fair Treatment for Dissenting Bondholders.
Safeguards to protect holders of deposit certificates for
matured bonds and to provide for fair treatment of nonassenting bondholders in readjustment plans have been
adopted by the New York Stock Exchange, according to
an article in the New York "Sun" on June 16, which states:
At the request of the exchange the bondholders' committee for
Rudolph
Karstadt, Inc., first mortgage collateral 6s of 1943,submitted to the following agreement:
"Neither the depositary nor the committee shall be liable for any action
taken in good faith in the belief that any bond or other evidence of
indebtedness, coupon, certificate of stock or other document or signature is
genuine,
and any loss or liability of the depositary or the committee, caused
otherwise than by bad faith, shall be conclusively deemed to be part
of the
expenses of the committee as herein provided for."
The chief purpose of this agreement is to guard against the invalidation of
any certificate of deposit In the event of discovery of some fault in the
bond
deposited against issuance of the certificate when it might be impossible
to trace the certificate representing that particular bond.
The danger of a fault in the bond is most likely in the case of bonds
that
have been declared payable as a result of default. As
Loans Arranged Between China and British Boxer out a few months ago in segregating matured unpaidthe exchange pointed
bonds and weeding
Fund to Be Used for Railway Construction and
many of them from the list, negotiability may be impaired by maturity.
If title to the bond by the depositary is challenged and the bond taken
Rehabilitation of Steamship Line.
The Department of Commerce at Washington reported, on away, the cost of replacing it may be charged as a general expense to all
holders of certificates of deposit, whose certificates thereby are kept good.
June 10, that arrangements have been completed whereby
As in most recent cases, the exchange has placed a check on the expenses
British Boxer Indemnity Fund will make a loan of of the committee for Karstadt bonds by requiring an agreement that if
the
charges exceed
amount of
£360,000 to the China Merchants' Steamship Co. for the de- assessments will1% of the principal independentthe deposited bonds the
be submitted to an
arbitrator unless passed
velopment of the company, according to a radiogram to the upon by a competent court.
To minimize the possibility of coercion of bondholders to join in the plan,
Commercial Attache Julean
Commerce Department from
the exchange
asking for statements from corporations
Arnold, Shanghai. The Department's announcement added: regarding the recently has been
treatment of non-assenters. This is brought out publicly
in the Karstadt case in the following section of the listing application for
money, approximately $1,240,000, will be
It is belie)ed in China that the
certificates of deposit:
used principally for the purchase of equipment to rehabilitate vessels owned
"The company has made the following statement with respect to the
by the company, although additional vessels may be purchased.
position of non-assenting bondholders, in the event that the plan is conIn addition to the loan to the shipping company, the trustees of the
summated:
indemnity fund approved a loan of £4,500,000 (about $18,000,000 at cur"'Rudolph Karstadt Aktiengesellschaft does not intend to make the
rent exchange) for the completion of the Chiuchow-Shiukwan section of the
capital repayment of $75 or RM 315 for each $1,000 bond called for by the
Canton-Hankow railway. All important materials must be manufactured in
plan of readjustment to non-assenting bondholders, or to authorize the
the British Empire, if capable of being furnished from that source.
trustees for the bonds to make such capital repayment out of any security
held by them for the bonds, although the company understands that to the
International Chamber of Commerce, at Concluding extent that dollars or reichsmarks now in the hands of such trustees are
Session of Seventh Congress in Vienna, Adopts applied to such capital repayment a corresponding pro rata amount is to be
Resolution Warning Defaulting Debtor Countries set aside by such trustees and earmarked as specific security for nonof Loss of Credit—Chamber Opposes Trade Favor- assenting bonds. to current payments of interest and
"'With regard
amortization
the
ites—Only Italy and India Vote Against Modifi- consummation of the plan of readjustment, the company points afterthat
cation of Most-Favored-Nation Clause in Treaties. such payments may be made only with the assent of Germanout
foreign
The International Chamber of Commerce closed its seventh exchange authorities, and that the company is unable to state whether
any distinction will
Congress at Vienna on June 3 by adopting 19 resolutions, the assenting bonds. be made by such authorities between assenting and nonmost important of which was that approving modification
"'From the company's own point of view it recognizes that in fairness to
of the most-favored-nation clause in trade treaties. Vienna assenting bondholders it should not give non-assenters preference over
assenters in the payment of interest or amortization and consequently it
advices to the New York "Times," reporting this, added:
does not plan to give any such preference.
There were two dissenters to the most-favored-nation action. Italy con"'With respect to interest payments the company will, after the considered the preamble of the resolution reflected on her secret trade treaty
summation of the plan, endeavor, in so far as its financial condition will
permit and subject to the approval of the foreign exchange authorities, to
with Hungary. India opposed the resolution regarding the status of foreign
make the same interest payments on non-assenting bonds as are made on
companies. India's delegate intimated she wanted all the tariff and other
the assenting bonds.
protection she could get.
"'With reference to amortization payments the company points out that
One resolution warned debtor countries which defaulted or threatened
the present indenture requires sinking fund moneys to be applied to the
to default to bring pressure on creditors that capital markets would be
redemption of bonds by call by lot, whereas moneys allocated to the retireclosed against them. It recognized, however, that debtors must be allowed
ment of assenting bonds under the re-organization plan are to be applied
to pay in goods and services. One passage reads:
to the purchase (if obtainable at less than the redemption price) of deposit
"The Chamber believes many statesmen pay insufficient attention to
certificates for assenting bonds. The company does not, in the event of
the effect of interference with the processes of international investments
the consummation of the plan of readjustment, plan to pay the sinking fund
by the manipulation of monetary standards. Whatever ends may be aimed
called for by the indenture, but merely to make the amortization payments
at or served by such manipulations, currency depreciation and the abandoncontemplated to be made by the readjustment plan, which, as noted, are
ment of the provision inserted in debt agreements for the express protection
to be applied, to the extent that they are allocated to the bonds only to the
of the creditor must impair faith in the written and spoken words of the
retirement of deposit certificates for assenting bonds'."
Volume 136
Chicago Stock Exchange Suspends Lloyd Maxwell.
The suspension of Lloyd Maxwell under Article No. 15
of the Constitution, was announced on June 9 by the Chicago
Stock Exchange.
New York Commodity Exchange Suspends Member
for Ninety Days.
The Board of Governors of Commodity Exchange, Inc.,
announces that, pursuant to Section No. 52 of the By-Laws
of the Exchange, Nelson S. Robinson has been suspended
from all privileges of membership for a period of ninety days,
commencing on June 15 1933, for a violation of Trading
Rule 10 of the rules of the Exchange. The privileges under
Commission Law Rule 1 conferred on the firm of H. M.
Henderson & Co., of which Mr. Robinson is a partner, are
accordingly suspended for the same period.
Attorney General's Office Begins Semi-Public Inquiry
Into Causes of Michigan Bank Failures.
A semi-public grand jury investigation into the causes of
bank failures started Wednesday, June 14, with State and
bank officials faking questioners from the Attorney General's
office, according to advices by the United Press from Detroit
on June 15, which continuing said:
Rudolph E. Reichert, State Banking Commissioner, the first witness,
has been asked to detail the banking developments in Michigan from the
stock market crash in 1929. to the closing of the banks last Feb. 14.
Appointed by his colleagues on the Circuit Court Bench, Judge Harry B.
Keidan is sitting as the lone grand juror. The inquiry was requested by
Attorney-General Patrick II. O'Brien and receivers of bank holding companies.
The inquiry will be divided into three major sections.
The first will include questioning of Governor Comstock, Reichert, and
banking officials. Directors of the bank's holding companies will be questioned during the second phase,and the third part will be concerned with the
management of the closed First National and Guardian banks.
Bulgarian Government to Pay 50% of Coupon Due
July 1 on 7% Settlement Loan of 1926.
Speyer & Co. and J. Henry Schroder Banking Corp., as
American Fiscal Agents, have been informed by the trustees
of the Kingdom of Bulgaria 7% settlement loan of 1926 that
the Bulgarian Government has transferred in sterling and
'
dollars, from December 1932 to May 1933, approximately
41% of the amount required for payment of the coupon due
on July 1. In order that this coupon may be paid at 50%,
the trustees are arranging with the paying agents to utilize
the whole of these remittances and to draw upon the reserve
funds for the balances required. An announcement issued
by Speyer & Co. on June 14, continued:
As directed by the trustees, Speyer St Co. and J. Henry Schroder Banking
Corp. will be prepared to make a part payment to the holders of the July 1
1933 coupons of the dollar bonds on or after that date at the rate of $17.50
for each $35 coupon, and $8.75 for each $17.50 coupon, upon presentation
of such coupons at either of their offices for the stamping of such payment
thereon, and such coupons will be returned to the bondholders, to be reattached to the bonds, in order that their claim to the balance may be
preserved.
New York Stock Exchange Rules 7% Settlement Loan
1926 Dollar Bonds of Kingdom of Bulgaria be
Dealt in "Flat" on Exchange.
The following announcement was issued by Ashbel Green,
Secretary on the New York Stock Exchange, on June 14:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
June 14 1933.
Notice having been received that payment of $17.50 per $1,000 bond will
be made on July 1 1933 on account of the interest then due on Kingdom
of Bulgaria 7% settlement loan 1926 Dollar bonds, due 1967:
The Committee on Securities rules that beginning June 15 1933, and
until further notice the said bonds shall be dealt in "flat"; that the bonds
be quoted ex-interest $17.50 per $1,000 bond on July I 1933, and thereafter to be a delivery must carry the July 1 1933, coupon stamped as to
payment of $17.50 per 31.000 bond, and subsequent coupons. Such
coupons must be securely attached and bear the same serial number as the
bond.
ASHBEL GREEN. Secretary.
Rumania to Pay 50% on Aug. 1 Interest on Monopolies
Institute Bonds.
From the "Wall Street Journal" of June 16 we take the
following:
Announcement that only 50% of the interest due Aug. 1 on the Rumanian
Monopolies Institute 78, 1959, would be transferred abroad, will mark
the first irregularity on this stabilization loan. In contrast with many
other foreign dollar bonds, no reserve fund is held by the fiscal agents
any deficiencies
here from which to make up, to the extent of such fund,
a three months' reserve to
in remittances. Terms of the loan provided
of this fund was unknown yesterday
be kept in Rumania, but the status
could hope for more
and it appeared problematical whether bondholders
Aug. 1 coupons.
than 50% of their
aggregate amount of
The loan was floated in 1929 to an equivalent
$101,000,000. of which $10,000.000 was offered in this market and the
by the Swedish Match
remainder in Europe. except for $30.000,000 taken
was organized in that year to acquire all
Co. The Monopolies Institute
4185
Financial Chronicle
salt
monopolies then operated by the Kingdom, including the tobacco,
the Institute
and match monopolies, assets of which were transferred to
In exchange for proceeds of the loan.
interest on the
The Rumanian Government guaranteed principal and
annuity
bonds. Revenues of the Institute, together with the $3,000.000
under
from the Swedish Match Co. for the match concession, were pledged
Stock Exchange and closed Thursday
the bonds, which are listed on the
of 32.
at 428% off .f4, compared with a high for the year of 45 and low
Statement Made by W. W. Aldrich of Chase National
Bank Regarding Reports Bearing on Auction Sale
of Securities Held as Collateral for Loans from
Bank to Continental Shares, Inc.
The following statement was made on June 13 by Winthrop
W.Aldrich, Chairman of the Governing Board and President
of The Chase National Bank of New York, with reference to
statement appearing in certain of the morning newspapers in
regard to the auction sale on June 12 of securities held as
collateral for loans from the bank to Continental Shares, Inc.:
be "on behalf
There was published this mornings statement purporting to
were not
of certain stockholders of Continental Shares, Inc." whose names
for immediate
given, containing certain misleading inferences which call
correction.
National
It was implied, without being directly stated, that The Chase
adopted in the
Bank had discouraged a policy on the part of the corporation
to reduce bank loans. Directly
early part of 1931 ofselling securities in order
largest
the contrary is true. The Chase National Bank, the company's
management. but
creditor, had consistently urged upon not only the former
its pledged
the present management, a policy of reasonable liquidation of
management, these
Portfolio. but except for a brief period under the old
suggestions were virtually disregarded.
the banks took
The statement says that"when the management elected by
and decided
charge of the company they investigated carefully the portfolio
It says further "the
It would be a mistake to sell any further securities."
no securities
banks were consulted in respect to this policy and accordingly
statements are
were sold after the new management took charge." These
misleading to the extent that they suggest that The Chase National Bank
had any
was one of the banks in question. The Chase never took part in nor
voice or connection with the election of the present management or any
to the
director of the company, nor ever made any suggestion of any kind
company that it would be a mistake to sell any further securities.
loans
The statement that The Chase National Bank agreed to extend the
year the
of the corporation until Jan. 2 1934 is untrue. In January of this
bank expressed its willingness to extend upon definite terms and conditions.
none of which were ever complied with.
Yesterday (June 16) Associated Press advices from Cleveland said:
A half
-million shares of stock posted by Continental Shares, Inc.,for two
June
loans approximating $12,000,000 will be auctioned publicly here onof the
27. leaving the once powerful Cyrus S. Eaton concern but a fraction
assets it at one time figured at $156,000,000.
The sale will follow by 15 days the auction in New York for $23,000,000
Chase
of 190 parcels of similar collateral the Continental deposited with the
National Bank to secure a $27,000,000 loan. Its conclusions will leave in
Continental's portfolio lees than 375,000 shares of the total of approximately
2.625.000 shares it held in 28 banking and industrial concerns on Dec. 31
1932.
will mean the
The June 27 sale, financial circles here said, probably
dissolution of the company in which thousands of persons bought more
than $100.000.000 in stock. It will be held to satisfy a loan of 17,978.300
owed to a syndicate of 14 banks that named the Cleveland Trust Co.
Union
trustee, and another $3,578,000 owed a group of six banks with the
Trust Co. as trustee.
Market Value of Bonds Listed on the New York Stock
Exchange-Figures for June 1 1933.
The New York Stock Exchange issued the following announcement on June 9 showing the total market value and
the average market price of all listed bonds on the Exchange:
As of June 11933. there were 1,547 bond issues aggregating $40,844,422,market
268 par value listed on the New York Stock Exchange, with a total
value of $32,997,675,932.
This compares with 1,552 bond issues aggregating $40,948,359,418 par value listed on the Exchange, May 1 with
a total market value of $31,354,026,137.
In the following table listed bonds are classified by governmental and industrial groups, with the aggregate market
value and average price for each.
Market
Value.
515,290,627,127
4,101,857,262
6.901,967,050
3,240,519,261
2,149,741,699
1,312,963,533
All bonds
$101.59
68.45
64.95
86.28
68.93
57.12
$32,997,675,932
United States Government
Foreign Government
Railroad industry (United States)
Utilities (United States)
Industrial (United States)
Foreign companies
Average
Price.
880.79
The following table, compiled by us, shows the total
market value and the total average price of bonds listed on
the Exchange for each month since Jan. 1 1932:
Market
Value.
1932Jan. 1
Feb. 1
Mar, 1
Apr. 1
may 1
June 1
July 1
Aug. 1
Sept. 1
Oct. I
837,848.488.806
38,371,920,619
39,347,050,100
39,794.349,770
38.89 ,630,468
36,856,628,280
37,353,339,937
38,615.339,620
40,072,839,336
40.132.203.251
$72.29
73.45
75.31
76.12
74.49
70.62
71.71
74.27
77.27
77.50
Market
Value,
Average
Price.
1932
Nov. 1
Dec. 1
$39,517,006.993
38,095,183,063
876,38
73.91
1933
Jan. 1
Feb. 1
Mar, 1
Apr. 1
May 1
lune 1
831,918,066,155
32,456,657.292
30.758,171,007
30,554,431,090
31,354,026,137
52 007 575 022
877.27
78.83
74.89
74.51
76.57
51370
Average
Price,
4186
Financial Chronicle
Total Short Interest on New York Stock Exchange
During May 1933.
The compilation of the New York Stock Exchange showing the short interest on stocks during May was issued by
the Exchange on June 10. Under the ruling of the Exchange
made Sept. 16 1932, calling for weekly instead of daily reports of the short positions of members (as noted in our issue
of Sept. 24 1932, page 2083), the figures show the short
position at the opening of business on Mondays. The highest total for the month was reported on May 22 at 1,610,893
as compared with 1,464,874 on April 3, which was the
highest total reported for that month. The announcement,
as issued by the Exchange, follows:
The following statistics, which have been compiled from information
secured by the New York Stock Exchange from its members, show the
total short interest existing at the opening of business on each Monday
during May 1933:
May 1
*1,415,330IMay 22
1.610,893
May 8
1.457,114 May 29
1,419.854
May 15
1,523,257
* Last published figure.
Court Grants Delay in Liquidation of Globe & Rutgers
Fire Insurance Co. Pending Efforts to Reorganize
Company.
Justice Alfred Frankenthaler held in abeyance on June 10
in the New York Supreme Court his decision on an order of
liquidation of the Globe & Rutgers Fire Insurance Co.,
remarking that recent market advances had augmented
the value of the company's holdings by several millions and
conditions were such that a reorganization plan might be
adopted which would restore the solvency of the corporation.
He withheld his decision at the suggestion of George S.
Van &Amick,State Superintendent of insurance, who applied
for the order of liquidation early in April, but wrote Justice
Frankenthaler June 7 of the improved financial condition
of the company and said that progress was being made by
the reorganization committee in overcoming objections made
by some of the larger creditors to its rehabilitation plan.
Justice Frankenthaler in explaining his decision to give the
insurance company more time said:
June 17 1933
The desirability of rehabilitating the company so as to preserve the
good-will, with its advantageous agency and other relationships, seems
obN Ions. The company has been in business for 34 years and has been an
outstanding company in the field, having built up numerous agency and
brokerage relationships. It is estimated by officers of the company that
it has a total of approximately 4,000 agents and brokers with whom it
does business.
The New York Supreme Court has authorized the submission of a plan
of reorganization to policyholders and creditors of the company. This
plan has been prepared and approved by a committee consisting of the
undersigned individuals, certain of whom are stockholders and directors
of the company and one of whom is an insurance broker. These individuals
consented to act as a committee without compensation to co-operate with
the Superintendent of Insurance and the management of the company
in effecting the rehabilitation of the company.
The Alternative to Reorganization.
The policyholders and creditors face this situation: If they fail to unite
In a plan of reorganization of the company, the assets of the company will
be liquidated by the Superintendent of Insurance of the State of New York
over a considerable period, so that whatever the amount the policyholders
and creditors finally receive, there will almost certainly be great delay before
any substantial payments are made, and the amount payable upon liquidation will not include any item representing the value of the company's going
business and agency relationships, which value will be finally and irrevocably lost.
On the other hand, if the policyholders and creditors join in a plan of
reorganization, the company will be in sound condition and in writing new
business will be in a position to take the fullest possible advantage of its
net-work agency and brokerage relationships. The essential basis of the
plan herewith submitted is the conversion of claims of creditors and policyholders into preferred stock. It would appear, based upon the pro forma
balance sheet furnished by the company that the asset value of the preferred
stock should be about $85 per share, on the basis of conversion of claims in
the amount therein assumed.
It is clear to the committee that the consummation of this plan is in the
best interests of the policyholders, creditors, employees and stockholders
of the company and is also In the public interest.
Outline of Plan.
The committee, which consists of H. E. Bllkey, Charles Dana, William
Gilmour, Charles Hayden and A. H. Swayne, then submits the following
"outline of plan":
Exchange of Claims of Policyholders and Creditorsfor Preferred Stork.
The company will create a new issue of $6 dividend preferred stock,
entitled to a preference over the common stock on liquidation or dissolution
of $104 per share and accrued cumulative dividends and redeemable in
whole or part at the same price. Policyholders and creditors of the company (other than holders of uncanceled policies under which no loss has
occurred) will be entitled to convert their claims into shares of this preferred
stock at the rate of $100 of claims for one share of preferred stock.
By assenting to the plan (a) a policyholder or creditor (except the holder
of an unadjusted claim for loss) agrees that the amount of his claim shall
be the amount shown on the books of the company in accordance with
principles laid down by the Supreintendent of Insurance of the State of
New York, provided, however, that claims for return premiums on policies
(other than reinsurance) canceled on or after March 25 1933 (the date et
the rehabilitation order), if converted into preferred stock, through acceptance of the plan, shall be computed on a pro rata basis: and (b) the holder
of an unadjusted claim for loss simply agrees to accept shares of preferred
stock on the above basis for the amount of his claim as finally determined
or adjusted, and reserves his right to assert his claim in accordance with
his policy and the rules of law applicable thereto.
No fractional shares of preferred stock will be issued, but in lieu thereof
scrip certificates will be issued in the ratio of 1-100th of a share for each
even dollar of claims, adjustments for amounts of less than one dollar to be
made in cash. Such scrip certificates will be exchangeable during a period
of five years for full shares when assembled in appropriate amounts, but
will not entitle the holder thereof to dividends or to vote or to any other
rights whatsoever, except to exchange for full shares as aforesaid.
The time allowed by the Court has now expired. In the interval favorable market conditions have resulted in Increasing the value of the securities
in the company's portfolio to the extent of many millions of dollars. Progress
has been made in procuring assents to a proposed plan of reorganization.
Developments in Washington have enhanced the possibility of the enactment of legislation which may enable the company to obtain further aid
from the Reconstruction Finance Corporation.
The Court is in receipt of a communication from the Superintendent
of Insurance dated June 7 1933, which recognizes the hopeful aspect of the
situation and reads, in part, as follows:
"I am advised that progress is being made by the committee(the reorganization committee) in overcoming objections made by certain of the larger
creditors to its original plan. The results of the negotiations now being
carried on with those cieditors may have an important bearing on whether
or not the plan of reorganization can succeed.
"In these circumstances and particularly in view of the improved financial condition of the company by reason of the enhancement of the market
value of its securities which would seem to make some plan of rehabilitaVoting Rights.
tion possible and appropriate, it would be agreeable to me if you should
The holders of the preferred stock will be entitled to elect a majority
time being your determination on the applicailecide to withhold for the
of the board of directors until less than 30.000 shares (about one-fourth of
tion for liquidation."
the total estimated issue) remain outstanding and thereafter will be enUnder these circumstances, the interests of creditors, policyholders and
titled to elect one-third of the board of directors; and the holders of the
stockholders being adequately protected with the Superintendent in control
common stock will have the right to elect the remaining members of the
of the assets of the insurer under the order of rehabilitation and with no
board. A vote of two-thirds of the members of the board of directors will
new business being written, it is manifest that the opportunity for a rebe required for the redemption of shares of preferred stock otherwise than
organization of the stairs of the company should be kept open and that .
through the sinking fund hereinafter described. Except as aforesaid, the
no determination of the motion for an order of liquidation should be made
holders of each class of stock will have such voting rights as are given by
at this time. The motion will accordingly be held in abeyance pending the
statutes of the State of New York.
communication from the Superintendent of Insurance,
receipt of a furhter
Retirement of Preferred Stock.
The preferred stock will be redeemable as a whole or in part at the option
Proposed Plan of Reorganization of the Globe & of the company, upon not less than 30 days prior notice, at $104 a share and
accrued cumulative dividends.
Rutgers Fire Insurance Co.
Mandatory retirement will be provided for through a sinking fund to be
The reorganization committee of the Globe & Rutgers set aside on March 1 in each year, beginning March 1 1935, in an amount
Fire Insurance Co. on May 6 sent out to policyholders and equal to 10% of the net earnings of the company for the preceding calendar
to
Year remaining after deduction
creditors of the company the plan of reorganization preferred stock outstanding at theof an amount equalyear$6 per share of
and the amount
end ofsuch calendar
which, the committee hopes, will be accepted by a sufficient of any unpaid accumulated preferred stock dividends for previous years.
number so that the committee can demonstrate to the This fund will be applied to the purchase of preferred stock if obtainable
at
any unexpended
Supreme Court of New York that the plan can be made as or below the redemption price,to the redemption balance amounting to
of shares of preferred
much as $20,000 to be applied
effective and the company again be made a going institu- stock by lot.
tion. The committee's statement follows:
Other Preferred Stock Provisions.
The preferred stock will have an arbitrary low par value in order that the
Rehabilitation Proceedings.
company will have a sufficient surplus to permit it to resume the writing of
The business and affairs of Globe & Rutgers Fire Insurance Co. are
business under the regulations of the Superintendent of Insurance of the
now in the hands of the Superintendent of Insurance of the State of New
State of New York. It will be preferred as to assets and dividends over
order entered in the New
York for the purpose of rehabilitation, under an
the common stock. It will be entitled to semi-annual dividends at the rate
York Supreme Court on March 25 1933, pursuant to the rehabilitation
of $6 per share per annum, such dividends to be cumulative after two
provisions (Article XI) of the New York insurance law. Although the
years from the date of issue of the first share issued. This stock will be
court order authorizes the Superintendent, as rehabilitator, to conduct
entitled to $104 per share and accrued cumulative dividends in the event of
the business, he is not at present actually writing new policies.
liquidation or dissolution.
The need for rehabilitation arose from a decrease in the indicated market
Legislation Permitting Reconstruction Finance Corporation to Aid Firs
value of bonds and stocks in the portfolio of the company, and from the
Insurance Companies.
circulation of alarming rumors which caused a "run" on the cash of the
company through increase in demand for return of unearned premiums,
A bill permitting the Reconstruction Finance Corporation to purchase
notwithstanding the company's strong cash position at the time. The bond
preferred stocks of fire insurance companies has become law. The Reconstruction Finance Corporation may be asked to aid in the consummation
and stock portfolio of the company consists of securities of companies which
represent a cross-section of American business and which at the time of the
of the plan by purchasing an issue of prior preferred stock which would
be created for the purpose of converting its present secured loan to the
entry of the rehabilitation order on March 25 appeared to have abnormally
values.
company of $10,000,000 principal amount or so much thereof as may be
low indicated market
Volume 136
Financial Chronicle
permitted by law into prior preferred stock. If this is done the new issue
of preferred stock which is being offered to other creditors and policyholders of the company would be in all respects subordinate to this new issue
of prior preferred stock and all of the terms and provisions of the new
issue of preferred stock may be modified so far as may be required by the
Reconstruction Finance Corporation, except that no change may be made
in the amount of the preference of the new preferred stock over the common
stock as to dividends and as to assets in the event of liquidation or dissolution or in the redemption price thereof.
Authorization of New Preferred Stock.
A meeting of stockholders of the company for the purpose of authorizing
the new preferred stock, reducing the par value of the existing common
stock, and making the other changes in the capitalization of the company
Incident to the plan will be called as soon as the committee deems practicable.
Declaring Plan Operative.
Because of the world-wide ramifications of the company's business and
rapidly changing conditions, it has been impracticable to obtain an exact
statement of the assets and liabilities of the company. In formulating this
plan the committee has utilized and relied upon figures supplied by the
officers of the company, which they state to have been carefully compiled
on the best information available. The plan may be declared operative
by the committee (which may act by vote of a majority of its members
as it may then be constituted) when the holders of such amount of claims
as the committee deems sufficient shall have assented to the plan; and
such action may be taken in the committee's discretion in the light of the
circumstances then existing and irrespective of changes in conditions.
After the committee has declared the plan operative, the committee will
request the Supreme Court of the State of New York to authorize the
company to resume the writing of new business. When such authorization
is granted the company will resume its business.
Pro Forma Statement of Assets and Liabilities After Giving Effect to Assents
to Proposed Plan of Reorganization.
Assets—
Bonds, stocks and mortgages
$23,311.000
Cash in banks and office
807,000
Accounts receivable and outstanding agents' balances
532,000
Mixed Claims Commission award (as estimated by attorneys
handling claims—total claims $4,050.000)
2,600,000
Due from reinusring companies for losses and return premiums
817,000
Interest accrued
150,000
Total _ _ ______________________________________________$28,217,000
Liabilities—
Reserve for losses and less expense
$1,456,000
Reserve for return and (or) unearned premiums
4,544,000
Reserve for interest on borrowed money
146,000
Reserve for unpaid expenses
400,000
Borrowed money, fully secured
11.180.000
Totalliabilities
Excess of assets over liabilities (net worth)
$17,726,000
10.491,000
Total
$28,217,000
Assuming conversion of $12,387,000 in claims into preferred stock, the
estimated number of preferred shares outstanding would be 123,870, so
that the above estimated net worth of $10,491,000 would represent $84.69
per share of preferred stock.
The above statement is based on the balance sheet of March 24 1933.
which has been prepared on the best information available at present,
adjusted (1) to reflect market value of bonds and stocks at May 5 1933
(except stocks of American Home Fire Assurance Co.and Golden Hill Building Co., controlled companies, taken at fair value, constituting less than
10% of total); (2) to give effect to reinsurance of business of Canadian
branch and of risks of Stuyvesant Insurance Co.; (3) to reflect changes to
April 19 1933. in cash, accrued interest receivable and payable, and losses
Incurred and decrease in reserve for unearned premiums on assumed reinsurance contracts; (4) to give effect to offsets and also to claims against
reinsuring companies arising through cancellation of direct policies, and
(5) to give effect to the assent to the plan of reorganization in respect of 90%
of outstanding losses and reserve for unearned premiums other than on assumed reinsurance contracts and also sundry items; but expenses in rehabilitation have not been included. While 90% of such outstanding
losses and reserve has been taken for the purposes of the foregoing statement,
the plan is not contingent upon the assent of the holders of any predetermined percentage of claims.
President Jameson of Globe & Rutgers Fire Insurance
Co. Advises More Power for Junior Officers—Holds
Concern Solvent—Securities in Portfolios Show
Large Appreciation in Value.
A willingness to turn a larger share of the company's responsibility over to the junior officers and the conviction
that the company is now in a financial condition which
warrants its early reopening for business were expressea
June 3 by E. C. Jameson, President. Mr. Jameson's statement follows:
Detailed figures have been presented to the Court demonstrating that
the company is now entirely solvent and shows a substantial excess of
assets over liabilities on the basis of market values for securities at the
close of business on May 29. The market value of the company's portfolio
has increased by over $7,000,000 since rehabilitation proceedings were
begun by the Insurance Department on March 24. Policy holders, brokers
and agents have shown fine co-operation in working out the plan of reorganization which calls for the conversion into new preferred stock of the
major part of the company's indebtedness. If this support continues, and
reports that I receive from all parts of the country indicate that it will
continue. I am confident of the reorganization of the company on an
exceptionally sound basis.
Subject to the approval of the Court, there is every reason to expect
that the company can reopen for business without undue delay, and consideration is now being given to the question of future management. I
propose to continue my active connection with the company and a large
interest therein, but the junior officers of the company who have served
so ably in the past should in future assume a larger share of the major
responsibility.
Outstanding Bankers' Acceptances, May 31, Totaled
$668,811,328—Volume Reduced by $28,002,029 in
Month.
Bankers acceptances outstanding as of the close of business
May 31, experienced a drop in volume amounting to $28,002,029, according to Robert H. Bean, Executive Secretary
4187
of the American Acceptance Council, whose announcement
yesterday (June 16), said:
This reduction more than wiped out the gain in volume which was reported for the previous month and left the grand total at $668,811,328.
Compared with the figures for outstanding bills as of May 31 1932, this
shows a reduction of $118,603,422.
While the months of May and June are normally periods of contracting
'volume, the rise during the month of April gave ground for the belief in a
further rise for the current month. Practically the entire reduction in
May. came, however, in the volume of bills outstanding against goods in
domestic warehouses plus a drop of over $9,000,006 in the volume of bills
based on goods stored in or shipped between foreign countries. The warehouse credit bills experienced a reduction of $15,353,911, while typical
foreign bills fell off in volume to the amount of $9,146,852.
In the other classifications the changes in volume were unimportant.
Import acceptances declined $797.000, export bills $2,870,000 and bills
for the purpose of creating dollar exchange $778,000. The only classification showing any improvement this month was that for bills financing domestic shipments. This type of bill increased in volume $944,000.
By comparison with the total bills outstanding a year ago, the current
volume is off $118,603,422 but a large part of this is due to the fact that
seven prominent accepting banks of a year ago have since March 1, been
closed and are now out of the acceptance business, thus removing as many
active participants in the acceptance business whose grand total of bills
amounted at times to more than $40,000,000.
The current report of the Council reveals some substantial changes in the
volume of bills held or purchased by accepting banks. At the end of April,
the own and others bills total of reporting accepting banks amounted to
$403.000,000, while at the end of May these same banks reported holdings
of $505,000,000, an increase of $102,000,000 for the month. This was
divided into $275,000,000 of their own bills held and $229,000,000 of other
banks bills.
Not in many months have the accepting banks held such a large volume
of their own bills which normally find their way immediately upon acceptance into the discount market. These banks now make practically the
whole market, as the Federal Reserve total of bills for their own account,
on the last report, reached the unprecedented low figure of $11,000.000,
while the volume of bills held for foreign account were only slightly in excess
of $40.000,000. Of the total of $504,000,000 in bills held by accepting
banks, $400,000.000 are held by New York City Banks, bankers and agencies of foreign banks.
The statistics, supplied by Mr. Bean, follow:
TOTAL OF BANKERS DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
May 31 1933.
May 31 1932.
$43,016,249
575,444,756
9,925,501
1,410,481
373,222
3,548,571
37,096,792
1.082.982
2,868,357
1,350,000
1,229,652
19,466,794
$46,024,900
634,243,058
14,125,198
11,141,659
2,227,234
6,581,655
46,283,478
1,823,115
1,188,606
900,000
580,955
22.294,892
$668,811,328
Grand Total
Decrease
Aprfi 29 1933.
$45,523,707
546,104,773
10,038,266
1,221,745
1,346,562
4,686,087
34,070,275
1,410,421
2,443,686
1,150,000
1,242,359
19,583,447
Federal Reserve District.
1
2
3
4
5
6
7
8
9
10
11
12
$696,813,357
$28,002,029
$787,414,750
$118,603,422
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
May 31 1933.
Apra 29 1933.
May 31 1932.
$103,133,762
$77,338,604
$76,541,570
Imports
183,683,700
Exports
176,499.160
173,628,571
17,943,233
10,273,846
Domestic Shipments
11,218,237
188,822,403
199,314,595
Domestic Warehouse credits _ _ -173,468,492
9,872,333
14,623,874
Dollar Exchange
9,094,299
Based on goods stored in or
shipped between foreign coun268,725,586
234.007,011
tries
224.860,159
CURRENT MARKET QUOTATIONS ON PRIME BANKERS ACCEPTANCES.
June 15 1933.
Days.
30—
60—
90—
Dealers'
Dealers'
Buying Rate. Selling Rate.
35
35
'X
M
)
,,
g
sA
Days.
120
150
IRO
Deaths'
Dealers'
Buying Rate. Selling Rate.
u
1
I
%
TA
Ruling on Grain Futures Act by Unites States Circuit
Court of Appeals—Fourth Amendment to Federal
Constitution no Bar to Enforcement of Act.
The fourth amendment to the Federal Constitution,
guaranteeing citizens against unreasonable search and seizure
of their persons and papers, is not a bar to enforcement of the
Grain Futures Act, the U. S. Circuit Court of Appeals at
Chicago declared in an opinion on June 6. From the Chicago "Tribune" we also quote:
The Court had already upheld District Judge James H. Wilkerson in
refusing the Bartlett Frazier Co., grain brokers, an injunction to restrain
the Grain Futures Administration and the Chicago Board of Trade from
requiring the firm to report the futures operations of its customers. Yesterday's opinion, written by Judge Samuel Alschuler, elaborates upon the
previous ruling.
Public Interest Is Cited.
"Appellants invoked the fourth amendment as a shield against the requirement that they subject their books and records to the inspection of the
Department [of Agriculture] and the making of the reports," states the
opinion.
"The amendment cannot be applied to regulations which require reports
and disclosures in respect to a business,which is affected with a public interest.
so far as such disclosures may be reasonably necessary for the due protection of the public. Were it otherwise, railroads and public utilities generally could not be required to make reports or to subject their records to
inspection by agents of the Government.
Points to Income Taxes.
"Indeed, where public interest requires it. the right of visitation and die.,
closure has been extended even to business not charged with a public
Interest, as witness the taxing power, where the requirement of income re
4188
Financial Chronicle
Porte and the right to inspect private books and papers have been definitely
upheld.
"Assuming that by the declared statutory purpose of preventing corners
and speculation in grains the public interest is subserved, this purpose
would be seriously embarrassed if the Government were powerless to require
the information without regard to whether traders such as the appellant
were suspected of or charged with breaking the law. Indeed, the very
requirement of the Information would of itself have a tendency to discourage the unlawful manipulation at which the act is aimed."
The earlier ruling of the same Court was referred to in
our issue of March 25 last, page 1998.
Benjamin Anderson Jr. of Chase National Bank of
New York Declares We Must Get Back to Gold—
Sees Need of Lowering of Tariffs and Stabilization
of Exchange at London Conference—Points to
Dangers in 'Planned Economy"—Urges Trying Out
on Small Scale of New Radical Measures.
The statement that "we must get back to gold" was made
by Benjamin M. Anderson Jr., Ph.D., Economist of the Chase
National Bank of the City of New York, before the Pilgrims
of the United States, at a dinner given in honor of Sir Josiah
Stamp, on Thursday evening, June 8, at the Plaza Hotel,
this city. "One of the most important objectives of the London Economic Conference is precisely this," said Dr. Anderson, who went on to say:
June 17 1933
the
punitive in their nature, and which can easily go so far as to impair
facilitate
efficiency of existing economic machinery which is necessary to
incident to
revival. We must be clear as to our objectives. If, as an
revival measures, or if, as contributing to revival measures, we can end
old abuses and can improve the general economic system, so much the better.
But we must not permit the present unhappy state of the world and the
present flux of bewildered political opinion to be capitalized by those who
advocate new and untested economic theories in the making of hazardous
experiments. This sick economic world of ours is a patient in a hospital,
not a subject for experimentation in a laboratory. And if, as I believe is the
case, we can cure this patient by tried and tested measures, surely we have
no right to discard those tried and tested measures and to turn the patient
over to a new school of physicians who have some theories that have never
been known to work.
In medicine, when radical new measures are proposed, it is at least the
common practice to try them out on animals first, and then, after long
and careful experimentation, to try them out tentatively on human beings.
We must certainly ask the new schools of economic practitioners to try
things out on a small scale first, tentatively and cautiously, before they
ask us to transform the whole economic system radically.
Continuing, Dr. Anderson said, in part:
Addressing the gathering under the title "A Planned
Economy and a Planned Price Level," Dr. Anderson said
that "to my mind, the great and vital problem confronting
the United States and the world to-day is that of getting
many millions of men back to work, getting business going
again, getting goods moving throughout the country and
throughout the world, increasing enormously the volume of
production in the world, so that the volume of consumption
may also be greatly increased. But among the proposals
which purport to have this economic revival for an objective
there are not a few which really look toward different ends.
There are, as usual, social revolutionaries who like to fish
In troubled waters, who would seek radically to recast the
whole economic system, to shatter the sorry scheme of things,
and 'then re-mould it nearer to the heart's desire.'" Dr. Anderson added:
Old Economies and New Economies.
We have heard a great deal about the failure of the so-called old economics, and the need for new doctrines. I think it can safely he said that
there has been no failure of the old economics in this post-war period,
because so little of what the old economics advocates has been done. The
old economics taught, and teaches, that tariffs should not be unduly high,
and that goods should move with reasonable freedom across national borders.
The post-war period has seen a steadily mounting body of tariffs and other
trade barriers, choking the flow of goods across national borders.
The old economics taught that excessive credit and artificially cheap
money would generate great speculation and the piling up of unsound debts
which could not be paid and which, in their qualitative deterioration and
collapse, would create crisis and panic. But we spent the post-war years,
especially from 1922 into 1928, in an altogether unprecedented expansion
of credit at artificially low interest rates, with rediscount rates held below
the market instead of above the market as the old rules prescribed, and we
generated a credit bubble and a speculative bubble, the collapse of which
has brought us untold disaster.
John Stuart Mill knew the dangers both of excessive tariffs and of excessive credit. No new economics was needed to avert them.
The old economics taught that international debts must be paid primarily
with goods and services. It taught that the debtor country, in the period
when it was borrowing, would have an import surplus, but, that when it
began to repay, it must have an export surplus, sending out more goods than
it consumed, and it taught that a creditor country, when the time came to
receive payments, must receive an import surplus, a so-called adverse bal.
anon of trade. But the old economics also knew, what the new economics
seems unwilling to admit, namely, that it was good for a creditor country
to receive an excess of imports, that the term "adverse balance of trade"
under these circumstances was a meaningless and misleading phrase. The
old economics taught that when goods come into a country in payment of
debts they do not reduce the ability of the country to buy the products of
its own labor, but, rather increase its total income and its total consumption. The foreign goods coming in in payment of debts are sold in the
creditor country, and the proceeds in money are not taken out but, rather,
are turned over as income to people within the creditor country, increasing
their incomes by the same amount in money as the goods which come in in
payment of the debts, and leaving them with undiminished buying power
for their domestic products. But the new economics seems to be returning
to seventeenth and eighteenth century policies with respect to these matters,
seems to be afraid of goods, afraid of production, afraid of income, and
afraid of an abundance of goods for consumption.
The old economies knew very well that it was absurd to try to expect
any definite equivalents in imports and exports as between two particular
countries. It understood triangular and quadrangular trade. It knew that
if a country's general balance of trade with the whole world was in proper
adjustment to its creditor or debtor position things were going right, and
that nothing need be done about it. The new economics seems to be veering strongly toward the notion that the volume of exports and imports with
every particular country must be regulated, and that trade must be discouraged with every country which does not buy more from us that it sells
to us. It is not pleasant to see this recrudescence of sixteenth and seventeenth century fallacies
The old economics taught that there is no such thing as a general overproduction. It taught that the power to consume grows out of the power
to produce, that consumption grows out of production. A man producing
one commodity, as automobiles, contributes to the supply of automobiles, to
be sure, but equally contributes to the demand for wheat, for silk, for cotton
and for other commodities which he wants. And the man producing cotton
or cotton goods contributes to a supply of these things, but also to demand
for silk, for sugar, for automobiles and for other things which he wants.
The old economics recognized that things could be produced in wrong proportions, scone things too much, others too little, and that then great abnormalities and distortions would come. The old economics recognized that
when you had overproduction of certain things and underproduction of other
things, the terms of exchange between them could be so deranged that the
buying power of the producers of the excessive commodities would sink
very low, and then even the underproduced commodities would seem to be
overproduced, because they could not be sold. But it sought the remedies
in better balance and better proportion, and not in a general contraction of
all production. The old economics saw purchasing power growing out of
production, and it held that a good equilibrium among the various elements
of production meant large aggregate purchasing power, which could take
care of large aggregate production. The new economics separates production and buying power. It looks on goods on the one hand and buying power
on the other hand as separate and independent things, and it proposes
artificial increases of buying power through currency and credit manipulations.
Whatever else measures of this sort might accomplish, they would not,
in the near future, restore production and consumption in the world, or set
men to work. And there are many more moderate proposals which, while
they might or might not be meritorious in themselves, if adopted in a
tranquil time, when the general economic machinery is functioning well,
would, none the less, interfere with economic revival if adopted to-day.
These are schemes for the redistribution of wealth, which schemes may or
may not have merit, considered as long-pull measures, but they certainly
are not revival measures. There are other proposals, growing out of the
righteous anger of honest men who have discovered inquitiy, whict are
A Planned Economy.
One of the most dangerous of the proposals of the new economics is that
of a so-called planned economy. Economic life as we have known it has
been, in large measure, an unconscious thing, in the sense that no mind or
no group of minds has seen the whole picture, and certainly no one mind
or group of minds has directed the whole picture. Intelligence runs through
it, but it is the intelligence of individuals or organizations seeking their
own particular wages or their own particular profits, seeing their own sources
of supply, seeing their own markets, but not seeing with any great clearness
the movements of the system as a whole.
of recent
There is likely to be, as a result of the unfortunate developments
be.
years, and the unsound theories of recent years, a needless controversy
over the
tween England and the United States, in this London Conference,
particular rate at which the pound sterling and the dollar are finally stabildesirable,
ized. We have the feeling in this country that a high sterling is
for
and our British friends have the feeling that a low sterling is desirable
jockeying regarding
them, each feeling that it has an advantage to gain by
this point. I am convinced that, from our point of view, the all-important
thing is a strong and steady sterling, and that the particular rate is far less
important than prompt settlement of the matter. We want a sterling which
can bear its accustomed load in international commodity financing and in
facilitating the flow of goods.
The notion that we must fix a price level which we desire and England
a price level which she desires, and then try to adjust the gold stabilization
rate to these price levels, seems to me a very dangerous notion, which can
only lead to prolonged debate and interfere with the settlement. The fear
that, if the rates are fixed too high for any particular country, that country
may have to undergo some further downward price adjustment is not one
which I should suppose need be considered, unless the rate were fixed very
high indeed. Prompt settlement at London, including the lowering of tariffs
and the stabilization of exchange, accompanied by a good modus vivendi
regarding the interallied debts to be reached in separate negotiations, should
cause such a radical upswing in general confidence and such a general rise
in the level of world prices as to mean that the only difference for any
country in a higher or lower rate of stabilization would be in the extent to
which its prices rose, rather than the fact of a rise itself.
The Gold Standard Rules.
In this London Conference, questions will doubtless arise regarding the
so-called "rules of the game" for the gold standard. I hope that our British
friends will not ask us to repeat the errors which we made from 1922 to
1928, in generating an immense expansion of credit which, unneeded by
commerce, went into securities, real estate, excessive foreign loans and instalment finance. I hope that they will put their emphasis upon the great
fundamental that neither the gold standard nor any other monetary standard
can work well if you have (a) excessive tariffs and trade barriers, and (b)
the gigantic creation of international debts. If only gold and securities
are free to move across international borders, the securities turn bad after
awile, and then there is not enough gold. That is quite true. But if
trade barriers are moderated sufficiently so that there can be an adequate
flow of goods throughout the world, so that countries which are in debt
can increase their exports to the point necessary to pay their debts, then
there is plenty of gold. The mobility of goods can supplement gold, and
credits can be safely extended because the goods against which they are
extended can move from producer, through the markets, to consumer. In
that case, a moderate revolving fund of credits can keep going a great
volume of trade, while, with the excessive trade barriers, even a vast and
growing body of long-term credits cannot permanently maintain trade.
Volume 136
Financial Chronicle
AUTOMATIC VERSUS CONSCIOUS CONTROL.
Political Conflicts and Compromises.
I have indicated that economic planning cannot be done on strict economic
lines. It inevitably involves political compromises and the conflict of
political purposes which will make the plan an economic disharmony. There
will be conflicts among different trades, steel wanting higher prices, the
railroads wanting lower steel rail prices. There will be conflicts between
labor and capital. There will be political manoeuvres and pressures. Congressmen and Senators, under bombardment from their constituents, will be
spending an ever increasing amount of energy in putting political pressure
upon the co-ordinator to favor this or that or the other special interest—and
the Oongresmen and Senators are sufficiently overburdened with private
affairs at the present time not to welcome much more of this kind of thing.
Let us hope that the Administration will use these vast new powers with
the greatest caution, in the most tentative manner, try them out on a very
small scale, and extend the application very gradually. A sudden sweeping
application could create a fearful chaos.
Overburdening Washington.
Let us bear in mind, too, the limitations upon nervous and physical energies
in Washington, and let us have in mind that we must not put an unbearable
burden upon the ultimate co-ordinator, the President of the United States,
whose great abilities and high courage we recognize, and at whose immense
social energies we marvel, but of whom we must not demand superhuman
things.
Fortunately, our economic system is not a closely fitted mechanism, but,
rather, a very loosely articulated and flexible organism. A closely dovetailed mechanism would break down in short order if called upon to carry
out all the conflicting purposes and if subject to all the conflicting control
mechanisms which the different schools of economic theory and the different
political forces are simultaneously applying to it. But a loose and flexible
organism can stand a great deal of abuse and can respond to a great many
contradictory purposes. If our Administration can succeed in its main objectives at the London Conference, we can stand a good deal of experimentation, and even a good many unsound policies in domestic matters. They will
do harm, but they won't be fatal.
Lower Tariffs and a Resumption of the Gold Standard Essential.
In the present state of world fear and apprehension, reciprocal tariff
reduction seems to be about the only way that the matter is politically feasible. I believe that it is perfectly feasible and desirable, from the standpoint of economics, for us to lower our tariffs and restore our gold standard,
whether other countries go along with us or not, and that we should speedily
find ourselves with a rapidly growing trade, with our currency held in high
esteem throughout the world, and with our position, both relatively and absolutely, enormously improved, if we were the only country that did it. We
should get a greatly increased proportion of world trade, export and import,
we should greatly strengthen our own internal economy, and we should
stimulate the world as a whole. Other countries, moreover, would follow
our example.
The view has been expressed that, if the London Conference fails and we
turn to the plan of controlled economy in the United States, we must then
raise our tariffs in order to protect the rising costs which this would involve. This seems to me to be particularly erroneous. I think that, in this
case, we should all the more need lower tariffs to protect our consumers
against excessive price increases by trade associations, free from the operation of the Sherman Law, and to protect the trade associations themselves
from the strangling effect of one another's activities upon their markets.
I have in mind here a remark made to me several years ago by a British
economist, that England didn't need to have a Sherman Law because she
had free trade, but that, in the absence of free trade, she of course would
have to have one.
PLANNED ECONOMY VERSUS PLANNED PRICE LEVEL.
There is another line of thought and body of proposals, in many ways
different from that which I have just been describing, which would not seek
to regulate prices, wages and industrial activity bit by bit, but which feels
that enough is accomplished if, by currency and credit manipulations, we
control the general average of commodity prices, leaving general industrial
decisions to individual enterprises. There are some minds capable of trying
to combine price-fixing and industrial regimentation with the notion of currency and credit manipulation designed to make all prices rise, but I do
not know any clear economic theorist who would do so, and I should say that
the two general notions are economically contradictory, and that a scheme
which combines them is a political rather than an economic synthesis.
It is very important that we should recognize that the vast powers which
our Congress is giving the President, in legislation adopted or pending, do,
in fact, represent political compromise rather than consistent
economic
planning, and that the simultaneous exercise of all these powers would get
us into hopeless chaos. We must distinguish between the political legislation and the Administrative economic programme under the powers, if
we
are to see clearly or to hope for any good outcome. The President does not
need to do all the things that he has authority to do, and there is every
reason for believing that he intends to do only those things which he
believes
to be necessary to get the business machinery working. He has himself indicated very clearly, in connection with the agricultural legislation, that he
regards it as experimental, intends to apply it experimentally, and, if
it
does not work well, to acknowledge it promptly. This experimental attitude
is good, within limits. The danger comes if there are so many experiments
that they breed uncertainties, and if business men must be constantly altering their plans as the news from Washington varies from day to day.
Greater Volume and More Employment.
There are those who believe that the way to start business going is to
raise prices and wages by whatever method this could be accomplished, and
that, In particular, a rise in the prices of manufactured goods and a rise in
wage rates in factories should be the starting point. I think this view very
definitely wrong. I think that what the factories need is greatly increased
volume, and that what labor needs is, first of all, greatly increased employment. The price rises that we want to come first are in foodstuffs and in
raw materials. Ultimately, as employment increases and as raw materials
and foodstuffs rise, the aggregate of buying power in the country would be
so greatly increased that the prices of manufactured goods and the wages of
factory laborers can rise also, but this should be a later step, brought about
by natural dorms, by the markets, rather than a first step artifically forced.
To get rising prices of manufactures, or even rising wage rates, before there
Is an increase in employment and an increase in volume of production, is
merely to choke off demand, and to add to the misery of the millions of
unemployed the additional burden of a rising cost of living.
4189
PRICE LEVELS, DEBTORS AND THE GENERAL ECONOMIC PICTURE.
I want to say something about that school of economic thought which sees
all our difficulties in terms of the price level, the general average of commodity prices, and which believes that if we could stabilize the general
average of commodity prices we should solve all our economic problems.
They do not agree among themselves as to which price level is to be stabilized. Some wish to take the general average of commodity prices at wholesale, others would take the cost of living average, which would involve retail prices and rentals and perhaps wages of domestic servants, and should,
of course, include physicians' fees and things of that sort. Still others think
in terms of a larger number of things which are bought and sold, including
real estate itself and even stocks and bonds, and would snake their price
level wider than the commodity price level. But, in general, this school
maintains that if we keep the price level stable we should avoid all trouble.
Rising prices generate speculation and unsound credits, falling prices rob
debtors, and, if they go too far, make it difficult, and in many cases impossible for debtors to pay their debts. The solution, from the standpoint
of this school, is to strike at prices—not at particular prices, but at the
general average.
Exclusive concentration upon the commodity price level as a criterion of
credit and currency policy must necessarily lead to failure to use credit and
currency policy properly with respect to other and at times much more important phases of the economic situation. Thus, in 1928 and 1929, after
years of overexpansion of credit which had generated an absolutely wild
stock market boom, we were told by the advocates of commodity price
stabilization, notably Professor Cassel, that we should not tighten money
rates to check the stock market boom because commodity prices had not
risen, and that we should, in fact, increase the volume of credit because
commodity prices had moved down moderately. Whatever may be said of
commodity price stabilization as one among several goals of credit policy,
there are many other things also to be considered in the rest of the econamio
situation in determining credit policy. Exclusive preoccupation with commodity prices can lead only to disaster.
It is usual for adherents of this school to use the terms "value of money"
and "general level of prices" as if the one were merely the opposite side of
the other. When prices have risen, they say that the value of money has
fallen, and, when prices have fallen, they say that the value of money has
risen. There is no harm in this if they are merely giving a definition of
the value of money, though I don't think that such a definition is very useful. But there is great harm in this if they conclude from the fact that
the general average of prices has risen or fallen that money is somehow or
other to blame and that the remedy is to be found in currency manipulation.
It may or may not be true that the cause of a rise or fall in the average
of prices is due to money. A rise in prices may be due to the fact that the
world has increased its consumption of goods and decreased its production
of goods, as was true during the war, so that goods become scarce and dear.
It may be due, on the other hand, to money itself, as was the case from the
middle 'Nineties down to the war time, due to the fact that the world's production of gold increased enormously, and that gold itself was cheapened.
But the great fall in prices from 1929 to the present is, in my view, much
more due to non-monetary causes than to monetary causes, and I think that
the remedy is to be found very much more in non-monetary measures than
in monetary measures. From the end of the war on, the world was busy
in multiplying tariffs and other trade barriers which operated to prevent
the marketing of goods. But, from 1922 on to 1929, we offset that by
creating an unsound fabric of credit, which made it possible for lending
countries to extend vast foreign loans to debtor countries, selling them goods
without receiving goods in payment, and which enabled the debtor countries
to consume far more goods than they could afford to consume, on credit.
Then, with the smash in 1929, these credits ceased, and repayments began
to be demanded, and then the effect of the trade barriers, which prevented
the normal marketing of goods, promptly manifested themselves, and the
great international staples fell violently in price because they no longer had
markets. Later, and more slowly, declines in other prices came, as the
decline in the purchasing power of the producers of the great international
staples made it impossible for them to absorb, in accustomed amount, the
manufactured goods they were used to buying.
Price Raising Versus Price Stabilization.
An interesting development of this school's line of thought is the doctrine,
widely current to-day, that we should radically raise the level of commodity prices. In 1920, proposals were made that we should stabilize the
prices then existing, and the doctrine was that it doesn't matter where prices
are, so long as they are fixed, either a rise or a fall being regarded as an
evil, but to-day we are being told that prices should be radically raised, and,
in particular, that they should be raised to the level of 1928, this average
being considered one that would be fair to debtors and creditors, or being
considered one that somehow or other has a sacrosanct quality, for reasons
not definitely stated.
Let me say that the effort to reach the 1926 level of commodity prices
from the present level would involve a rise of about 66%, and that such a
rise, put through by methods of currency manipulation in a short period of
time, would involve all the evils against which the adherents of the price
stabilization school have so eloquently warned us. It could come about only
as the result of an immense speculative movement, in the course
of which
some prices would rise very much more than others. There would
develop
a new great unbalance in the price and cost system, and an
immense instability in general economic life. There would develop also a
great new
group of speculative debtors. You cannot extend credit
without creating
debt. Credit and debt are opposite sides of the same shield.
Every creditor
has a debtor. Every debtor has a creditor. If we ease
the burden of existing debtors by this method, it would only be to
transfer that burden to another group, and we should have at that time the same
kind of instability
that we had in 1929, the same imminent disaster
of violent reaction, and
the same cry from ruined debtors for more credit
and more currency manipulation. The adherents of the doctrine of relief
from the present situation
by currency and credit manipulation must
set themselves much more modest
objectives than the 1926 price level if we are to
avoid disaster. . . .
I am convinced that, if the London
these trade barriers down, that there Conference is successful in getting
will come a great rise in commodity
prices throughout the world. Each country
will be able to dispose of those
commodities which are most depressed in
excess within its borders, with an immenseprice because produced in great
lift to the buying power of the
producers of those things. The countries
will balance one another, equilibrium will he restored, an immense
widespread growth of employment will
create additional payrolls and additional
an immense increase in the utilization buying power on the part of labor,
of existing plant and equipment will
create additional buying power for
shareholders and partners in businesses,
income growing out of increased production
will support an immensely in-
4196
Financial Chronicle
•creased consumption, and prices will rise. We shall not need to force an
expansion of credit. Expanding industry will invite an expansion of credit.
I should be greatly concerned if we set as our objective any particular
level of prices. How far prices can safely rise without generating unreasonable speculation and unsound credits is not something we can tell about in
advance. The tests of whether we have a wholesome situation are not to
be found in any particular level of prices, but, rather, in whether there is
a good balance among prices, full employment, and things of that kind.
Finally, I am very sure that no technique exists, even in theory, through
which, by means of credit and currency manipulation, we could reach a
particular price level and hold it. There are some to whom money is a
very simple matter, and the question of monetary control is a very simple
matter. They believe that by merely manipulating the quantity of money
.or the quantity of money and credit, you can raise or lower prices as you
please or you can hold them steady if you wish. It doesn't matter whether
your money is sound gold money or irredeemable paper money. The question of quality makes no difference at all. It is purely a question of quantity.
And the question of whether the credits are sound credits, based on moving
goods for which markets exist, or whether they are unsound speculative
credits based on fictitious values of real estate and securities, or an unusable
plant and equipment, makes no difference.
To my mind, on the other hand, the question of the quality of money and
the quality of credit is all important. I do not believe that sound money
'is possible which is not definitely linked to precious metal of fixed weight
and fineness. I have no confidence whatever in the possibility of a managed
piper currency divorced from gold. It has been a great satisfaction to me
to see recent statements from Mr. Chamberlain in England to this same
effect, and from President Roosevelt, in his joint communique with the
Italian representative, Sig. Jung, that he, too, believes that gold must be
restored as the standard of value.
Paper money, divorced from gold, without change in quantity, can
fluctuate enormously in value, whether measured in the foreign exchanges
or in the commodity price level at home. I think that the worst possible
state that the world could get into would be a welter of incontrovertible
paper in the main commercial countries, none of them anchored to gold, none
trusted by the nationals of other countries, fluctuating in their relations day
by day, introducing an incalculable speculative risk into every transaction,
foreign or domestic.
Retires from Investment Business—
Federal Securities Act Held Responsible for Action.
'Associated Press advices from San Francisco, June 9, said:
Peirce, Fair & Co.
r Charging that bis firm has been "legislated" out of business by the new
Federal Securities Act. Harry H. Fair, President of Peirce, Fair & Co.,
to-day announced the retirement of the San Francisco securities house from
the investment banking field.
,
11 "There is now no limit to the liability incurred In a normal underwlriting
transaction of even the highest character and we consider the risk too
great to enable us to make a living," he said.
The company has been in business since 1916.
Offering of $100,000,000 or Thereabouts of 91-day
Treasury Bills—To Be Dated June 21 1933.
Tenders to a new offering of 91-day Treasury bills to the
amount of $100,000,000 or thereabouts were invited by
Secretary of the Treasury, William H. Woodin, on June 14.
The bids will be received at the Federal Reserve Banks, or
the branches thereof, up to 2 p. m., Eastern standard time,
Monday, June 19. Tenders will not be received at the
Treasury Department. The bills will be dated June 21
1933, and will mature Sept. 20 1933. On the maturity
date the face amount will be payable without interest. They
will be sold on a discount basis to the highest bidders, and
will be used to meet an issue maturing on June 21 of $100,569,000. Secretary Woodin's announcement continues in
part:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000. $10.000, $100.000. $500.000. and $1,000,000
(maturity•value).
No tender for an amount less than $1.000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by'an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on June 19 1933,
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will(be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve banks in cash or other immediately available funds
on June 211933.
)A.The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the Milted States or any of its possessions.
Subscriptions to $900,000,000 Combined Offering of
Treasury Notes and Certificates Totalled $5,659,599,900—$1,083,540,800 Allocated—Subscriptions in
t%
Case of TA% Notes $3,306,416,900 and on Y
Certificates $2,353,184,000.
The combined'offering of Treasury notes and certificates,
amounting to $900,000,000, or thereabouts, has been over-
June 17 1933
subscribed more than six times. Secretary of the Treasury
William H. Woodin announced on June 15 that subscriptions
amounting to $5,659,599,900 have been received to the offering, and $1,083,540,800 allocated. The Government's
latest financing, which consists of *500,000,000, or there% Treasury notes (Series B-1938)
abouts, of five-year
dated and bearing interest from June 15 1933 and due June
15 1938, and $400,000,000, or thereabouts, of nine-months
% certificates of indebtedness (Series TM-1934) dated
and bearing interest from June 15 1933 and due March 4
1934, was noted in our issue of June 10, page 4005. Secretary Wooclin's announcement said that subscriptions on the
offering of 27 % notes amounted to $3,306,415,900 and the
A
allotments were $623,441,800, including $179,018,000 exchange subscriptions, and on the 4% certificates the subscriptions were 82,353,184,000 and allotments $460,099,000
including $152,673,000 exchange subscriptions. In his
announcement of the offering, June 6, Secretary Woodin
stated that subscriptions for which payment was tendered
in Treasury certificates of indebtedness of Series TJ-1933,
maturing June 15 1933, and cash subscriptions for amounts
up to and including $10,000, would be allotted in full. The
Treasury Department issued the following preliminary
statement on the results of the offering on June 10:
Secretary Woodin to-day announced the subscription figures and the basis
of allotment for the June 15 o:fering of five-year 2%% Treasury notes of
Series B-1938, maturing June 15 1938, and of nine-month 94% Treasury certificates of indebtedness of Series TM-1934, maturing March 15 1934.
Reports received from the Federal Reserve banks show that for the offering of 2% Treasury notes of Series 5-1938, maturing June 15 1938, which
was for $500,000,000, or thereabouts, total subscriptions aggregate over
$3,300,000,000.
Of these subscriptions, $179,493,000 represents exchange subscriptions,
In payment for which Treasury certificates maturing June 15 1933 were
tendered. As previously announced, such exchange subscriptions, as well
as cash subscriptions in amounts up to and including $10,000, were allotted
In full.
Allotments on cash subscriptions exceeding $10,000 were made as follows:
Subscriptions in amounts over $10,000 but not exceeding $100,000 were
allotted 45%, but not less than $10,000 on any one subscription; subscriptions in amounts over $100,000 but not exceeding $1,000,000 were allotted
20%, but not less than $45,000 in any one subscription; subscriptions in
amounts over $1,000,000 but not exceeding $25,000,000 were allotted 10%,
but not less than $200,000 on any one subscription, and subscriptions in
amounts over $25,000,000 were allotted 5% but not less than $2,500,000
on any one subscription.
Reports received from the Federal Reserve banks show that for the offering of % of 1% Treasury certificates of Series TM-1934, maturing March 15
1934, which was for $400,000,000, or thereabouts, total subscriptions aggregate over $2,350,000,000.
Of these subscriptions, $152,773,000 represents exchange subscriptions, in
payment for which Treasury certificates maturing June 15 1933 were tendered. Such exchange subscriptions, as well as and) subscriptions in amounts
up to and including $10,000, were allotted in full.
Allotments on cash subscriptions exceeding $10,000 were made as follows: Subscriptions in amounts over $10,000 but not exceeding $100.000
were allotted 70%, but not less than $10,000 on any one subscription; subscriptions in amounts over $100.000 but not exceeding $1,000,000 were
allotted 35%, but not less than $70,000 on any one subscription; subscriptions in amountts over $1.000,000 but not exceeding $25,000,000 were
allotted 10%, but not less than $350,000 on any one subscription; and
subscriptions in amounts over $25,000,000 were allotted 8%, but not less
than $2,500,000 on any one subscription.
Further details as to subscriptions and allotments will be announced when
final reports are received from the Federal Reserve banks.
The final statement showed that subscriptions and allotments were divided among the Federal Reserve Districts
and the Treasury as follows:
NOTES BEARING 2%.
Total
Subscriptions.
Allotted.
7a
Reserve District—
$1.473,130,200 $270,991,700
New York
253,140,800
57,712,500
Boston
303,005,600
44,410,500
Philadelphia
28,768,100
174.732,900
Cleveland
77.930.700
15.912.300
Richmond
185,370.500
29,911,300
Atlanta
88.016.200
441,458,800
Chicago
74.176,200
17,395,700
St. Louts
25.868,500
8,399.000
Minneapolis
60,053,800
16,516,100
Kansas City
17,264,200
83.052.900
Dallas
153,431.600
27,422,600
San Francisco
1,063.400
Treasury721,600
$3.306,415.900 M23,441.800
Total
* Includes $179,018,000 exchange subscriptions which were allotted in
full.
CERTIFICATES BEARING ;(%.
Total
Total
Allotted,
Subscriptions.
Reserve District—
41.412,857.500 $271,868,500
Now York
30.085,000
188,555.000
Boston
26,286,500
136,623,500
Philadelphia
16,057.000
105,235.000
Cleveland
80,194,500
13,161,500
Richmond
14,312.500
85,694.500
Atlanta
48.738,500
202,540.000
Chicago
6,713,000
31.893.000
St. Louis
7,361.000
24,522.500
Minneapolis
8.326.500
23,589.000
Kansan City
10,749.000
39,863.500
Dallas
5,458,000
21.534.000
San Francisco
82.000
82,000
Treasury
$2,353,184.000 *$460.099,000
Total
•Includes $152,673,000 exchange subscriptions which were allotted in
full.
Volume 136
Financial Chronicle
Honorary Degree of. Doctor of Laws Conferred Upon
President Roosevelt by Rutgers University—Unable to Attend Commencement, Sends Message.
Rutgers University at its 167th commencement held at
New Brunswick, N. J., on June 10, conferred the honorary
degree of Doctor of Laws upon President Roosevelt. Due
to pressure of duties at Washington, President Roosevelt
was unable to attend the commencement, although he had
accepted the invitation of the Board of Trustees of the
University to be present to receive the degree. On June 10
he telephoned the following message to President Robert C.
Clothier of Rutgers expressing his regret at his inability to
attend, according to advices from New Brunswick, N. J.,
to the New York "Times":
I am personally honored to receive the honorary degree of Doctor of
Laws from Rutgers University. I doubly appreciate this honor not only
because Rutgers is what it is to-day but also because of its Dutch tradition
in the old days of New Jersey and New York.
It is with real regret that I receive this degree in absentia. Were it at
all possible, I would be happy indeed to be with you in person. With the
Congress about to conclude the business of this most extraordinary session
and with other important and pressing affairs reqtiring my attention, I am
virtually imprisoned here just now.
I sincerely hope you will understand and will extend felicitations for me
to the trustees, faculty, graduates, visitors and students of Rvtgers.
According to the paper previously quoted, Dr. Clothier
read the following citation in awarding the degree:
Franklin Delano Roosevelt—First citizen of this Commonwealth, one who
has dedicated his life to the service of his countrymen; politician whose
conception of public life is that of lofty public service; statesman who has
proved that friendship and candor are more effective in international
diplomacy than subtlety and strategy; you have been called to the Presidency of this nation in order that by courage and imagination and initiative
you might lead your fellow countrymen out of the shadows which have
encompassed them into the light of a new and better day. We welcome
you to the fellowship of the Dutch tradition in which this University was
founded. In testimony of that fellowship and in evidence of the admiration
and confidence in which the nation holds you. I confer upon you the degree,
honoris causa, of Doctor of Laws.
Senate Adopts Resolution Providing for New "Liberty
Loan of 1933"—Holders of Bonds Issued to Finance
World War Would Be Asked to Exchange Holdings
for Refunding Bonds Bearing Lower Rate of Interest.
By a vote of 69 to 1 the Senate at a night session June
10 adopted a resolution introduced by Senator Bone (Democrat) of Washington, requesting Secretary of the Treasury
Woodin to call upon holders of United States Government
bonds (especially those issued to finance the World War),
to exchange their holdings for new bonds of an issue to be
known as the new "Liberty Loan of 1933" bearing a lower
rate of interest. The one Senator to vote against the resolution was Senator Logan (Democrat) of Kentucky. The
Associated Press accounts from Washington, June 10,
pointed out that the resolution is not compulsory upon the
Treasury head. Regarding the resolution the Associated
Press also said:
It sets forth in "whereases." that the British Treasury successfully
converted its wartime obligations from 5% to 33i% to effect a £38000000
annual saving in interest charges. It says also that France accomplished
a substantial reduction in the same way and that a reduction in the service
costs of United States obligations "is consistent with a program of national economy."
The resolution reads as follows:
Whereas the Government of the United States finds it necessary to undertake a program of public works in order to afford employment for Its unemployed citizens, and current revenues are insufficient to provide adequate
funds for this program; and
Whereas groat sums of money are being paid to the holders of war-time
and other Government obligations to maintain a rate of interest in excess
of that now justified by the credit of the Government of the United States
of America; and
Whereas the British Treasury has successfully converted its war-time
obligations from a rate approximately 5% per annum to a rate of less than
3% per annum, effecting a sating of £38.000,000 a year by an appeal
for voluntary reduction in interest paid to the holders of its bonds; and
Whereas the French Treasury, by appeal to the patriotism of the French
bondholders, also succeeded in bringing about a substantial reduction in
the interest rate on its outstanding obligations; and
Whereas the Government of the United States has demonstrated Its
ability to borrow at less than the present average price of its outstanding
obligations, particularly war-time obligations; and
Whereas an appeal to patriotic holders of Government obligations,
particularly war-time obligations, to convert their bonds into new bonds
bearing a lower and more equitable yield would, if successful, tend to
equalize the burden which must be borne by all sections of the country in
the hour of national difficulty; and
Whereas practically all other elements of the country, excepting only the
.
creditors of the Government of the United States, have either been called
upon or compelled to contribute toward the maintenance of the national
credit; and
Whereas reduction of the interest burden would strengthen the national
credit and greatly increase the borrowing power of the Government of the
United States; and
Whereas the Government of the United States is faced with the immediate
necessity of finding additional sources of revenue with which to pay interest
on expenditures made necessary by the national emergency; and
Whereas many of the holders of Government obligations pay no taxes
on the income derived from these obligation; and
Whereas creditors of the Government of the United States have generally
been insistent upon rigid national economy, not, however, including reduction in interest on Government obligations; and
4191
Whereas such a reduction is consistent with a program of National
economy and with prevailing prices for Government money; therefore be it
Resolved, That the Senate of the United States request, and it hereby,
does request, the Secretary of the Treasury of the United .States to call
immediately upon holders of United States Government bonds, particularly
those issued to finance the World War, to exchange their bonds for new
bonds of an issue to be known as "the New Liberty Loan of 1933." and
bearing a lower rate of interest, which would effect a saving as nearly as
possible sufficient to service such additional loans as may be made necessary
-works program, and by such other emergency needs
by the pending public
of the Government as the President may see fit to prescribe, such conversion loan to bear interest, however, at a rate not less than the rate paid
to depositors in United States Postal Savings Banks.
In a statement made to the Senate on June 10, regarding
the resolution, Senator Bone said:
•
I wi-h to say to Senators who have come in since I spoke a little earlier
in the evening and discussed this resolution, being Senate Resolution 85.
that I content myself now with saying that this resolution merely invites
the Secretary of the Treasury to call upon the holders of United States.
Government bonds, particularly those bonds issued to finance the war.
asking them—not demanding of them, but asking them—to agree to a
refunding of those bonds at a lower interest rate so that they may share in
the burdens that the Government has been compelled to place upon the
veterans and the wage-workers of the country in the compensation cuts
of veterans and in the salary cuts of wage earners. I t ee no reason why we,
should not do that, in view of the fact that we have placed this burden on
the soldiers and on the wage-workers.
The British and French Governments sent out a call asking that the
holders of war bonds of those two countries turn them in and accept bonds
paying a lower rate of interest, and that was done: it was accomplished.
The resolution that I have prepared, and on which I am going to ask for
a vote, simply follows the technique and formula employed by the British
and French Governments in the fall of last year, by which the English'
Government saved asmomoo by the voluntary bringing in of bonds and:
their refunding by the Government. What I am seeking to do by this
resolution is to ask the Secretary of the Treasury to do that. It is at best,
a mild gesture for the Senate to make in this hour of peril. It certainly
cannot be said to be a very radical or a very drastic step to ask the bondholders of the country to share some of the burdens which all citizens now
have to carry.
President Roosevelt Expresses Thanks to Those
Employed in Construction of New Swimming Pool.
President Roosevelt, who took -his first plunge in the new
White House swimming pool on June 3, took occasion to express his thanks, on the previous day, to the workmen who
were employed in its construction. The President is quoted
as saying:
I just wanted to express ray very personal and informal thanks to you all
from the top to the bottom. You have shown a fine spirit in this work and
have demonstrated that you know how to build pools. It was a splendid job.
I built a pool once myself, and did all the designing and all the work,
and when I had completed it the pool fell in. The pool that you built will
stand up.
I want you men to know that this pool will be a big help to me, as it
will be about the only air I can get. It will be one of the greatest pleasures
for me during my stay in the White House. I am very grateful for the deep
personal interest you have taken in the work. The contractor [James Baird]
was a fellow-farmer of mine from Dutchess County. I am going to christen
the pool to-morrow.
As noted in our issue of April 15, page 2527, Congress
passed a resolution authorizing the construction of the White
House swimming pool, funds for the construction of which
were provided through subscriptions to newspapers.
Vice-President Signs Bill for Relief to New Mexican
Indians.
.
The Pueblo relief bill, providing $761,000 to reimburse
New Mexican Indians for land lost to white settlers,. was
signed by Vice-President Garner on May 24. The measure
now needs only the approval of President Roosevelt to become effective.
President Roosevelt in Letter to Senator LaFollette
Endorses St. Lawrence Waterway Treaty—Says
Project Can Be Made Part of Public Works Promo.
Public approval of the St. Lawrence waterway treaty was
expressed by President Roosevelt in a letter to Senator
LaFollette, made public by the latter on June 8. In his
letter the President endorsed the resolution passed by the
House which would award all power rights to New York
State in return for expenditure by that State of approximately
$89,000,000 to pay the Federal Government's share of the
cost of the power project in connection with the waterway.
The letter from the President read:
THE WHITE HOUSE.
Washington, June 8 1933.
My Dear Senator:—I do not hesitate to tell you—and I do so with complete consistency—that I favor the resolution relating to the St. Lawrence
power development passed by the House. I also favor the ratification of
the Great Lakes-St. Lawrence deep waterway treaty.
The joint resolution protects the people of the State of New York. who
own the land under water in the St. Lawrence River as far out as the international boundary. The resolution means, in effect, that the Conkreit
will see to it that the State of New York, in paying for the power part of
the development, will pay only for that part and will thus be able to insure
cheap electricity for the consuming public.
The treaty itself has been endorsed by both major political parties.
The beginning of the work of construction at an early date can be made
an essential part of the national public works program and will furnish.
employment to thousands of people.
4192
Financial Chronicle
The above are simple facts and I have no objection to your use of this
otter if you so desire.
' Very sincerely yours,
FRANKLIN D. ROOSEVELT.
In making public the letter, Senator LaFollette issued a
statement in which he said:
By his statement the President has indicated his ardent desire for the
building of the St. Lawrence waterway. Forty-five million people living
In the landlocked mid-continent will be overjoyed by the statement of
President Roosevelt that in so far as he can assist to accomplish it, their
dream of an outlet to the sea shall be realized.
Once more Franklin D. Roosevelt has taken his stand on the side of
the people and against the power of the special interests—the Morgans,
the Morgan-controlled railroads and the power trust—who are fighting
desperately to beat the joint resolution and the treaty.
Bill to Legalize 11 to 12% Wine Postponed for Consideration Until Next Session of Congress.
The Lea bill, which would legalize the manufacture and
sale of 11 to 12% wine, was deferred for consideration by
the next session of Congress when on June 12 the House
Ways and Means Committee voted 11 to 9 to postpone
action on the measure until the January session. Chairman
Doughton said that there was no chance of enacting the bill
during the current session and that there were differences
of opinion regarding what the bill should contain. Provisions
of the measure, as outlined in Associated Press Washington
advices of June 12, follow:
The bill, indorsed by Major A. V. Dalrymple, Federal Prohibition Administrator, as something that would increase respect for the Eighteenth
Amendment, would have permitted public sale of naturally fermented
wines, which now may be manufactured in homes,and taxed the new beverage 20 cents a gallon.
The measure, however, would have forbidden the addition of sugar to
Increase the alcoholic content. Since Eastern grapes were said to contain
less sugar than those produced in California and Western States, differences
over that provision were described by committee members as having influenced the decision to delay action.
Congress Passes and President Roosevelt Signs GlassSteagall Bank Bill as Agreed on in Conference—
New Legislation Amends Federal Reserve and
National Bank Acts—Deposit Insurance Plan
Carried in Measure—Passage Followed Administration's Action in Yielding to Compromise Measure—
Contains Branch Banking Provisions—Divorces
Bank Affiliates—Creates Federal Open Market
Committee—Payment of Franchise Tax by Federal
Reserve Banks no Longer Required, Double Liability Against Bank Stockholders Removed Against
Future Issues.
The Glass-Steagall bank bill which was passed by Congress
this week, was signed yesterday,(June 16) by President
Roosevelt. According to Associated Press accounts from
Washington, members of the Senate and House banking
committees who worked for months on this legislation surrounded Mr. Roosevelt as he penned his name, despite
protests that had been received against the bill. These
accounts also said:
Senator Carter Glass of Virginia beamed happily as he saw the measure
for which he had fought so stubbornly go into the statutes. One of the
pens used soon was proudly fondled by him.
Twenty years ago in the House, Mr. Glass battled through the Federal
Reserve Act as Chairman of the House Banking Committee.
"This is almost as important as the Federal Reserve Act," said Senator
Glass to-day. "It supplements and strengthens that Act."
The Glass-Steagall bank bill, which would have died for
lack of agreement on details between the two houses had
Congress adjourned last Saturday night (June 10), went
through both houses on June 13 in quick time, and without
even a record vote in the Senate.
The Washington correspondent of the New York "Herald
Tribune" observing this on June 13, further noted:
It contained the deposit insurance provisions, effective January 1 1934,
on deposits up to $2,500. The Administration, while finally acquiescing in
the bill in its present form, would have been satisfied to let the permanent
banking reform legislation go over until next winter. It provides for
sweeping reforms in the banking structure of the nation and will forbid acceptance of deposits by security-selling banks. The vote in the House was
191 to 6. With even Senator Huey P. Long, Democrat, of Louisiana, standing aside, the bill was passed in the Senate without even a record vote.
In the same paper it was stated that President Roosevelt's
intervention on June 12 broke the conference deadlock on the
bill and this "sweeping measure for permanent banking reform" it was added would be placed before the House for approval on June 13 carrying a compromise proposal for Federal guaranty of bank deposits.
.•
It was stated in a Washington dispatch June 13 to the New
York "Times" that assurance of the President's approval of s
the measure was given when he telephoned his congratulations to Senator Glass. The "Times" dispatch of June 13
added:
He told the Virginian the bill was the best banking law since the Federal
Reserve System was created, and invited him to be present to receive the
Pen used in the signing. . . .
June 17 1933
Representatives Beck, McGugin, McFadden and Kvale were dour of the
House dissenters. The identity of the other two was not disclosed.
Senator Glass and Representative Steagall were warmly praised in their
respective houses. Senator Walcott declared it was "one of the rare
privileges" of his life to have been associated with Senator Glass in the
three-year fight for the legislation, while Representative Goldsborough asserted that the name of Mr. Steagall should be "inscribed" in an outstanding place.
The Senate also added $150,000,000 to the Deficiency Bill to take care
of the Government's contribution to the insurance fund.
Vandenberg Drops Fight.
Opposition expected from Senators Vandenberg and Long, who had previously objected because the date of establishing the deposit insurance fund
.
had been postponed to Jan. 1 1934, faded when it was discovered that the
President might "by proclamation fix an earlier date" if he desired.
These words, said Mr. Vandenberg, "create the possibility of immediate
insurance if the situation requires," while Mr. Long said he "gave his approval" to the conference report last night.
The deposit insurance pool, most controversial feature of the bill, was
not approved by Senators Walcott and Townsend, Republican Senatorial conferees. Heartily endorsing the severe restrictions thrown around banking
practices in other parts of the bill, they refused to sign the conference report
because of objection to the insurance scheme.
Nor is Senator Glass enthusiastic over the new venture in banking laws.
When he was asked if the bill would not reach toward a unified banking
system, he replied:
"That's the only thing that appeals to me in the deposit insurance provisions."
Mr. Glass and the other two Senators have concentrated their attention
upon sections of the bill requiring National banks to divorce security affiliates within a year, making private banking houses divest themselves either
of investment or deposit business in the same period, and authorizing Statewide branch banking where State laws expressly permit.
Glass Tells of Yielding.
But, as Senator Glass said on the floor, "the executives of the Government" and the majority of the Senate sub-committee had to discard original
opposition to the insurance plan when "we realized, as sensible men, it was
a problem from which we °mid not escape."
The House, he pointed out, had passed a deposit-guarantee bill by "an
overwhelming vote," and there the sub-committee had told the "executives"—which presumably meant President Roosevelt and Secretary Woodin
—that it was better to solve the subject "in a cautious way instead of being
run over and stampeded."
The insurance pool is scheduled to be started Jan. 1, with a "Temporary
Federal Deposit Insurance Fund," to which will be admitted Federal Reserve member banks licensed by the Secretary of the Treasury and State
non-member banks approved as to solvency, first by State banking authorities and second by the corporation administering the fund.
Under the terms of the fund, deposits of an individual will be insured up
to $2,500 until July 1 1934, at which time a "Federal Deposit Insurance
Corporation" will furnish 100% insurance on deposits up to $10,000, 75%
between that sum and $50,000, and 50% on sums over $50,000.
State banks which participate in this scale must become members of the
Federal Reserve System by July 1 1936, or relinquish the benefits.
$2,000,000,000 Fund Is Passible.
The insurance will be made possible at the start by a pool of $450,000,000
to $500,000,000. While the exact amount has not been determined, the
original sum is susceptible of expansion to $2,000,000,000.
On the basis of $450,000,000, however, the pool will be made up of $150,000,000 from the Treasury; $150,000,000 from the surplus of the Federal
Reserve Banks and $150,000,000 from the participating banks.
These participants will pay the temporary corporation one-half of 1%
of their total deposits, half of this sum immediately and half on later demand. One-half of 1% of any increase in deposits will also be paid in.
If the pool needs more money before July 1 1934, each member may be assessed not more than the total already paid.
When the permanent corporation comes into effect on July 1 1934,
participants will purchase stock equal to one-half of 1% of their deposits
and likewise later pay the same percentage on increase of deposits.
In addition "whenever" the pool equals or falls below one-fourth of 1%
of the total deposit liabilities, participants shall be assessed the same proportion of their deposits.
As explained by Senator Walcott, a bank with $1,000,000 deposits would
pay the temporary fund $5,000 as a participant and pay $1,000 additional
if its deposits increased $200,000.
The initial payment of this bank to the permanent fund would be $5,000,
and if the pool of perhaps $20,000,000,000 decreased $50,000,000 the bank
would be assessed $2,500. These sums, he stated, would constitute the bank's
responsibility as a beneficiary under the insurance arrangement.
Whether the temporary deposit insurance corporation would be liquidated
upon organization of the permanent corporation could not be established
from a reading of the bill, which says nothing definite on that point. This
leaves temporarily unsettled the question whether a participant would have
to pay one-half of 1% twice.
State bank defenders forced the conferees to abandon the idea of having
the Federal Reserve Board administer the insurance fund, and to substitute
a board made up of the Comptroller of the Currency and two civilians of
varied political faiths, named by the President and confirmed by the
Senate.
Opposing the bill's strong tendency toward a single banking system, the
State bank champions insisted that the board must not be placed in a position to drive all banks into the Reserve system through certifying admissions to the fund.
In fact the bill, officially named the "Banking Act of 1933," specifically
states that the fund shall not "discriminate, in any manner, against State
non-member, and in favor of nation or member, banks."
Many reforms are provided in the bill, principally that the Reserve Board
can use its power to prevent speculation with its credit, that member banks
may not lend to their officers, that bank officers may be removed for "unsafe or unsound practices," and that member bank officers shall not be
directors of investment houses.
Interest payments are forbidden on demand deposits and may be limited
on time deposits by the Reserve Board.
The Banking Act, culmination of years of work, was strongly demanded
in both houses, chiefly because of the deposit insurance feature. Nearly
one-third of the House membership had signed a pledge not to adjourn until
the bill passed.
The measure, Representative Steagall assured his House colleagues, would
"prevent bank failures, with depositors walking the streets."
Volume 136
Financial Chronicle
According to the Washington account June 13 to the
"Herald Tribune" the virtually unanimous approval of the
bill, presumed to have been sidetracked not more than twentyfour hours before, surprised and mellowed the Senate as
Senator Long arose to say:
I am going to give my approval to the report because I find that it places
State banks on the same footing with member banks of the Federal Reserve
System and places the administration of the insurance of bank deposits under
the control of an independent unit, the Comptroller of the Currency, Mr.
O'Connor, and two other members to be appointed by the President.
The same account said:
The bill places general restrictions upon the operating policy of the Federal Reserve Banks with the intent to limit them to the extention of credit
for ordinary business purposes, and to make plain that their resources are
not to be used to support speculation. The Reserve Board is given power
,
to oversee and direct such use of the resources of the banks.
It provides for the creation of a Federal open-market committee of the
twelve member banks to supervise open-market operations of the Federal
Reserve Banks and the relation of the Federal Reserve System with foreign
banks in accordance with regulations adopted by the Federal Reserve Board.
This, in effect, legalizes and gives official recognition to the present openmarket committee. The act also gives the Federal Reserve Board power to
supervise all relations and transactions of any kind entered into by Federal
Reserve Banks with foreign banks and bankers.
To control bank affiliates, the legislation is aimed at the following objectives:
(1) To separate as far as possible National and member banks from
affiliates of all kinds.
(2) To limit the amount of advances or loans which can be obtained by
affiliates from the parent institutions with which they are connected.
(3) To install a satisfactory examination of affiliates, working simultaneously with the present system of examination applicable to the parent
banks. . . .
The bill undertakes to broaden the National banking laws by giving National banks all powers possessed by State banks of deposit and discount
organized in the States in which such National banks are located, except in
so far as they may be prohibited by Federal legislation.
National banks are to be permitted to purchase and sell investment securities for their customers to the same extent as heretofore, but hereafter they
are to be authorized to purchase and sell such securities for their own account only under such limitations and restrictions as the Comptroller of
the Currency may prescribe, subject to certain definite maximum limits as
to amount. The limitations as to dealing in investment securities are not
to take effect until two years after the approval of the act.
Authorization is given for the establishment of branch banking by National banks in States with statutory provision expressly permitting branch
banking by State institutions.
From the June 13 account from Washington to the New
York "Journal of Commerce" we take the following:
Other features of the bill as it goes to the President are as follows:
The requirement of the payment of a franchise tax to the United States by
Federal Reserve Banks is eliminated, as of July 1, last.
Morris Plan banks and other incorporated banking institutions of like
character and mutual savings banks are made eligible to membership in
the system.
State member banks are made subject to the same limitations and conditions with respect to purchasing, selling, underwriting and holding of investment securities and stock as are applicable in the case of National
banks.
Federal Reserve Board is empowered to fix the percentage of individual
member bank capital and surplus which may be represented by loans secured by stock or bond collateral. . . .
Prohibits member banks from acting as the medium or agent of any non.
banking corporation, partnership or other in making loans on stocks, bonds
and other investment securities to brokers or dealers therein.
Member bank officers are prohibited from securing loans from their own
institutions and limitations upon loans or extensions of credit by member
banks to their affiliates are imposed.
In our issue of May 27 (page 3633) we noted that the Glass
Banking Bill had passed the Senate on May 25 without a
record vote, and that the House, on May 23, by a vote of 262
to 19 had passed the Steagall Bill; both bills, as we indicated
carried deposit insurance provisions and controversy Over
this portion of the legislation served to delay final Congressional action. According to Washington advices June 5
to the "Times" President Roosevelt at that time notified
Senator Glass and Representative Steagall that he would
veto the bill if the Vandenberg amendment for an immediate,
temporary deposit insurance fund was retained as then
written. These advices went on to say: The President's
views, it was learned to-night, were expressed in letters
couched in determined language.
Representatives of the Senate and House conferred on the much disputed
bill again this afternoon, but ended their secret meeting deadlocked over the
Vandenberg proposal, which was recently affixed by the Senate.
The Senate conferees were willing to postpone establishment of the temporary insurance fund from July until about October, in order to allow
banks time to qualify, but insisted on restrictions being thrown around admissions to the benefits. House conferees, on the other hand, demand adjustment of the fund so that all banks could share in the insurance. . .
President Roosevelt has never shown any enthusiasm for the measure. Secretary Woodin is unalterably opposed to it and is said to be strongly supported by Governor Black of the Federal Reserve Board and Under-Secretary
Acheson.
In spite of efforts to drive the bill along, unexpected obstacles have been
set up at every turn. So it seems now that banking reform, which had been
anticipated as major legislation following the banking crisis, will not go
through.
Senator Vandenberg, author of the amendment, does not purpose, however, to submit without a struggle. He has told friends that if the amend-
4193
the
ment is thrown out in conference, he will press it as an amendment to
first principal bill presented by the administration. There was a probability
National
that he would seek to attach his temporary insurance fund to the
Industry Recovery Bill should the amendment be defeated in the GlassSteagall conference.
He believes that both houses of Congress sincerely desire his plan for
temporary but immediate insurance of all deposits up to $2,500, the benefits
being open, as he describes it, "to all Federal Reserve member banks and
all State banks which are qualified as solvent by State banking authorities."
Vandenberg Criticizes Woodin.
rising in the Senate this afternoon, Senator Vandenberg made
Suddenly
a short but very critical speech about Mr. Woodin, remarking that the Secretary, who now opposes the amendment, recently advocated a 100% guarantee for deposits in all banks.
"I understand that the Treasury Department and perhaps even higher
authority recommended the rejection of my amendment," he stated. "This
is utterly inconsistent with the Treasury's own attitude on the same subject
within the past two weeks.
"I want to lay down a plan warning that we must have an explanation
of the proposition which came from the Secretary of the Treasury two weeks
ago if it now develops that the thoroughly limited proposition upon which
the Senate has agreed is to be rejected upon the Treasury's recommendation."
Mr. Vandenberg read a newspaper account stating that Mr. Woodin, on
May 19, proposed an immediate guarantee for all bank deposits during the
emergency, the machinery to be administered by the Reconstruction Finance
Corporation.
"Within the past two weeks the Secretary of the Treasury appeared before
the Senate Banking and Currency Committee proposing, not a limited insurance such as is included in the amendment which the Senate adopted, but
a complete 100% guarantee," the Senator continued.
"What is the difference- between the proposal which the Senate passed
and the proposal which the Secretary of the Treasury submitted? As nearly
as I can discover, the difference is that the Secretary proposed to charge the
entire hazard against the Treasury and the taxpayers of the United States,
whereas the formula the Senate approved requires a primary bank contribution and a primary bank responsibility behind the insurance.
"In other words, the Secretary is in no position to complain that the
limited insurance proposed by the Senate is in any degree a hazard to the
public credit when he himself within the past two weeks proposed four
times as much of a charge against the public credit in this connection."
At the time the conference deadlock was broken on June
12, when the President was said to have intervened, the
"Herald Tribune" reported the following from Washington:
Agreement Filed in House.
The conference agreement, which was filed in the House by Representative Henry B. Steagall, Democrat, of Alabama, Chairman of the House Banking and Currency Committee, was reached after he and Representative T.
Alan Goldsborough, Democrat, of Maryland, had called at the White House
and gone over the bill with the President.
-To show the temper of the House, Representative John Rankin, Democrat, of Mississippi, announced to-day that a round-robin was being signed
by members pledging themselves to stay in session until bank insurance
legislation had been passed.
No announcement was forthcoming from the White House after the visit of
the Representatives, who evidently sought the conference with the President. This measure never has been specifically included in the Administration's emergency program, but it is understood the President was informed
of the sentiment in Congress in favor of some action and advised that favorable action would remove an obstacle to adjournment.
The conference agreement amounts to a compromise on the Vandenberg
amendment, written into the Glass bill on the floor of the Senate. This
amendment would have made deposit insurance immediately effective on
amounts up to $2,500. The compromise would put such a program in operation next January 1, with the graduated scale of insurance on larger deposits provided in both House and Senate versions of the bill made effective
July 1 1934. . . .
Other points of difference between the Senate and House bills were ironed
out to provide for the following:
Banks outside of the Federal Reserve System are entitled to the benefits
of the insurance provision without application for membership in the system,
but only after certification to the Federal Deposit Corporation by accredited
State banking authorities and after examination as to their solvency by the
corporation itself. However, the benefits will not be extended to nonmember banks after July 1 1936, unless they become members of the Reserve system.
Branch banking by National banks will be limited to States which have
statutory provisions "expressly" permitting branch operations by State institutions, a situation existing now in fewer than ten States.
Senator Arthur H. Vandenberg, Republican, of Michigan, author of the
amendment for immediate application of the deposit guaranty to amounts
not in excess of $2,500, said he was disappointed in the conference agreement, but reserved judgment as to whether he would oppose the conference
report. Senator Huey P. Long, Democrat, of Louisiana, who has fought the
branch-banking feature, said that he had not altered his determination to
oppose the legislation despite the very limited form of branch banking provided.
Divorces Bank Affiliates.
As a general banking reform measure based on the investigation initiated
by Senator Carter Glass, Democrat, of Virginia, immediately after the stock
market crash in 1929, the proposed legislation virtually divorces National
banks from security affiliates and withholds the deposit insurance feature
from private banking institutions. Senator Glass has explained the bill as
designed (1) to separate as far as possible National and member banks from
affiliates of all kinds, and (2) to limit the amount of advances or loans
which can be obtained by affiliates from the parent institutions.
In a statement made before the Senate on June 13 (which
we give elsewhere in this issue), Senator Glass referred to a
provision in the bill relating to double liability of stockholders in banks, as to which Senator Glass said, "we have
written into the bill a provision which does not undertake to
interfere with existing liability, but which obviates the
double liability for future issues of stock."
4194
Financial Chronicle
Adjournment of First Session of Seventy-Third Congress—Session Marked By Enactment of History
Making Legislation—President Roosevelt Expresses
Thanks to Congress.
The first session of the Seventy-third Congress called by
President Roosevelt on March 5 to convene March 9 to deal
with the monetary crisis, adjourned in the early morning
hours of June 16. The Senate adjourned sine die at 1:12
a. in. Eastern Standard Time, the House having voted to
adjourn without a roll call at 12:40 a. m. The conclusion
of the session came after the Senate had finally yielded on
the controverted program for veterans' pensions in the Independent Offices Appropriation Bill, to which we refer in
another item. The session accomplished what is described
as "a history making record of legislation," passing (we
quote the Associated Press) every vital bill submitted by
the President and starting the Government on new enterprises. Indicating the legislation enacted the Associated
Press yesterday (June 16) said:
Eighty-one of the approximately 8,100 bills introduced were passed By
both houses. Thirty-five of that number originated in the Senate.
Both houses also passed ten joint resolutions.
Approximately 2,000 bills went into the Senate's hopper, while 6,000
were introduced by Representatives.
The extra session of Congress, which adjourned tonight has given the
Federal government powers intimately affecting directly, or indirectly,
every person in the country.
It took Congress only a day or two after it assembled to vote President
Roosevelt power to reopen the nation's banks virtually on his own terms.
That measure also suspended domestic gold payments for the time and
continued the embargo on gold shipments abroad. As it turned out, this
was the prelude for the definite departure from the gold standard, the
abrogation of the gold payment clause in contracts and the inflation measure
itself.
Almost any of the measures already signed or awaiting signature would
have required of an ordinary session of Congress months of argument before
reaching a decision.
Outstanding enactments of the special session include:
Economy authorizations providing for reduction of approximately $350.000,000 in veterans' compensation and $125,000,000 in the pay of government employees.
Beer and wine bill, legalizing beverages with an alcoholic content of 3.2%•
Gigantic three-in-one measure authorizing inflation; giving the Secretary
of Agriculture unprecedented power to raise farm prices and providing
$2,000.000,000 to refinance farm mortgage's.
Tennessee valley authority, ending the twelve-year controversy over
Muscle Shoals.
Civilian Conservation Corps bill to put 275,000 unemployed to work in
the national forests.
Industrial control bill to allow industry, through government suasion,
if necessary, to enter agreement limiting production, raising wages and reducing working hours.
Glass-Steagall banking reform measure, looking toward a unified national banking system.
Wagner-Peyser bill, setting up a Federal-State employment system.
Railroad measure to rehabilitate the carriers under the direction of a
Federal co-ordinator.
Home mortgage bill, providing $2,000,000.000 for refinancing mortgagee
on small homes.
Resolution abrogating the gold-payment clauses in existing or future
contracts.
Securities act, requiring registration of securities offered for sale.
Measures putting Federal agricultural credit institutions under the
Farm Credit Administration.
The $3,300,000,000 public works program, passed as a part of the industrial control bill.
Measure voting 16500,000,000 for direct relief grants to states.
The $3.500,000.000 deficiency bill which provided the funds for many of
the ventures previously decided upon.
Yesterday (June 16) it was made known that President
Roosevelt sent to Congress in its last hour to-day a letter
expressing his appreciation of the work done during the
special session. The letter was read in the Senate by VicePresident Garner and in the House by Speaker Rainey
according to United Press accounts from Washington. The
President's letter said:
"Before the adjournment of the special session I want to convey to you
and to the members of the House of Representatives an expression of my
thanks for making possible on the broad average a more sincere and wholehearted co-operation between the legislative and the executive branches of
the United States government than has been witnessed by the American
people in many a long year.
"This spirit of teamwork has in most cases transcended party lines. It
has taken cognizance of a crisis in the affairs of our nation and of the world.
It has grasped the need for a new approach to problems both new and old.
It has proven that our form of government can rise to an emergency and
can carry through a broad program in record time.
"I am certain that the American people are appreciative of the work of
this special session of the Seventy-third Congress.
"Please let me add that the past few months have given to me very
special pleasure in the renewal of old friendships and the forming of new
friendships among the House of Representatives. To each and every one
of you I send my best wishes for a well-deserved and happy holiday during
the coming months."
President Signs Independent Offices Appropriations
Bill, After Winning Battle With Congress on Cuts
in Veterans' Compensation—Senate and House
Both Accepted Administration's Compromise Proposal, Thus Enhancing Prospects of Balanced
Federal Budget.
After a struggle of almost two weeks between President
Roosevelt and an opposing faction in Congress in the matter
of the Federal economy program as it related to cuts in
June 17 1933
veterans compensation payments, the President won a
decisive victory when early in the morning of June 16 the
Senate accepted the President s compromise plan by a vote
of 45 to 36, and thus passed the Independent Offices Appropriation Bill. The House previously had rejected by a vote
of 208 to 177 a substitute plan sponsored by Senators Steiwer
and Cutting which would have dealt much more liberally
with slashes in presumptive disability cases than did the
administration proposal. The Independent Offices Appropriation Bill, after its approval by both branches of Congress,
immediately went to the President, and ho signed it yesterday
afternoon (June 16), thereby enacting into law one of the
most bitterly contested measures considered by Congress
during its special session, and assuring the likelihood of a
balanced budget.
Until the evening of June 15, the struggle between the
administration forces in Congress and those who were seeking
to liberalize the economy regulations and to curtail reductions
in veterans' compensation continued in virtual deadlock.
Each day it appeared as if some arrangement could be reached
whereby Congress would agree to the President s proposals,
and thus allow the special session to adjourn, but each day
the Senate contested the issue. As described in the
"Chronicle of June 10 (pages 4012 and 4013), the Senate
on June 2 passed the Independent Offices Bill but included
in the measure approximately $170,000,000 more for veterans'
payments than had originally been planned by the administration. On Juno 6 the President issued an executive order
which liberalized certain of the regulations, and it was hoped
that this action migh ; satisfy Congress. Thii administration
plan was adopted by the House on June 10 by a vote of 243
to 154 and the bill was sent to compromise with a committee
from the Senate. On June 12 the Senate also returned the
bill to conference, and on June 13 refused to approve a
slightly revised measure reported by the conference committee. On June 14 the Senate by a vote of 51 to 39 passed
an amendment restricting compensation cuts which, while
not so drastic as the original Connally amendment, nevertheless would have lessened appreciably the possible Federal
savings under the Economy Act. On the following day
(June 15), the House refused by a vote of 208 to 177 to
approve that amendment, and instead held its ground on
the administration's compromise proposal.
The administration's compromise plan for reduction of
veterans' benefits was adopted by the House of Representatives on June 10 by a vote of 243 to 154. This compromise
replaced the Senate s Connally amendment which limited all
compensation reductions to 25% and restored all "presumptive" cases to the rolls. Previously on the same day
the House, by a vote of 238 to 160, adopted a special rule
to forbid any amendments to the plan agreed upon earlier
by the President and the House veterans' committee. After
the House had approved the compromise proposal, the Independent Offices Bill, of which it was a part, went to conference with the Senate. The House had meanwhile rejected
46 other Senate amendments to the bill, but the conferees
were instructed regarding only the veterans' section, and
thus were permitted to use their judgment in reaching an
agreement on the other items.
Provisions of the new amendment, as summarized in
Washington advices to the New York "Times" on June 10,
follow:
"Presumptives" are continued on the rolls pending re-examination of
their case histories to determine whether disability is traceable to war
service, and the President is authorized to set up a special examining board
in as many places as he sees fit.
Members of the boards will not be required to have civil service ratings,
nor shall a majority of them have been employed by the Veterans' Administration on the date the plan is approved.
All "reasonable doubt" will be given to the veterans. If dissatisfied
with findings of the board, veterans may appeal through such appellate
procedure as the President may prescribe.
Payments at 75% of those now made to the "presumptive" veterans
will continue until Oct. 31, unless the beneficiaries are previously removed
by the boards.
Death claims on yearly renewable insurance on which premiums were
Paid to the date of death, as well as emergency officers' retirement pay,
can be adjudicated if filed prior to Mar. 20 1933,
Burial Expenses Provided.
Burial expenses where a veteran died prior to Mar.20 1930 are atithorized
to be paid.
The boards are empowered to postpone the discontinuance of benefits
on Oct. 31, provided they are satisfied the individual case has merits
tending to prove "service connection."
Orphans and widows of "presumptives" are continued on the beneficiary
rolls without reduction, and where the orphan is attending school the
benefit age limit is raised from 16 to 21 years. This action was taken by
President Roosevelt in a separate Executive order.
ihni uction of paents to those who are directly service-connected is
Reduction
to 2
5% payments
Claims previously filed and which are found to be legitimate can be paid
to the veterans, provided payment does not continue beyond June 30 1933;
further appeal is limited to one judiciary action.
•
Volume 136
Financial Chronicle
The care of Spanish War veterans was left entirely to the President.
who promised yesterday in a letter to members of the committee that he
would grant liberal compensation to them.
The same dispatch described the House debate on the
compensation question on June 10
Representative Busby of Mississippi attempted to block consideration
of the amendment when it was first called up in the Rouse to-day, on the
ground that it was not the amendment provided for in the rule granted
yesterday. He was overruled by Speaker Rainey.
Democrats defended the compromise as "the best that could be done for
the veterans," while the Republicans charged that they had been "betrayed"
In their support of the Economy Act.
Representative Pou, Chairman of the Rules Committee and a member
of the veterans' conference committee, told the House:
"I felt that the first regulations were a grave mistake and that they
should be liberalized. There were 700.000 men separated from the rolls
by the President's orders.
"But now the burden of proof is on the government when a veteran is
dropped. All reasonable doubt will be given to him.
"I want to say that I can go home and look my people in the face with
a better feeling for my part In this compromise: and my colleagues can
do likewise."
Bacharach Charges Betrayal.
Representative Bacharach of New Jersey quoted from a recent speech
by Representative McDuffie of Alabama, who said at the time that when
the original'veterans' economies were approved the President did not mean
to reduce payments to service-connected disabled veterans. He said the
Republicans supported the bill, but now found they had been betrayed.
Mr. Bacharach cited the case of a veteran in his district whose compensation was reduced from $70 to $20 amonth. He said relatives of the man
had to Pay $2 a day for an attendant to care for him.
The issue of veterans' compensation was debated for six
hours in the Senate on June 12, and the Independent Offices
Appropriation Bill, containing the provisions for cuts in
veterans' payments, was finally sent to conference. This
action followed discussion of a new veterans' amendment
which was sponsored by Senators Cutting and Steiwer, and
which would have made the President's compromise plan
more liberal with respect to "presumptive" disability World
Was cases, and also would have placed a 25% limitation upon
cuts in Spanish-American War compensation In the amendment it was proposed to stipulate by law some of the promisse
contained in the President's letter to the House Democratic
Steering Committee regarding presumptive cases. It was
unofficially estimated that the amendment would cost
$135,000,000 to $140,000,000, while the Connally amendment, for which it was offered as a substitute, would have
cost more than $170,000,000. The compromise administration plan provided increased expenditures for veterans
amounting to about $100,000,000.
On the night of June 12 President Roosevelt was reported
to have told five Democratic members of the conference
committee, who visited him at the White House that unless
a compromise on veterans' benefits satisfactory to him were
• arranged he would deliver a veto message in person and
broadcast it to the country. The Senate action and debate
on June 10 were described as follows, in Washington adviees
of that date to the New York "Times":
The Senate debated the veterans' issue for six hours and twenty minutes
this afternoon, the time being principally occupied by a small group inslating that the Chamber stand its ground.
The hands of the Senate conferees were virtually tied when veterans'
spokesmen led by Senators Steiwer and Cutting extracted from Senator
Byrnes,chairman of the conferees for the upper house, a promise that should
they find It necessary to yield they would report to that chamber that it
might direct their actic .
The Cutting-Stelwer substitute was offered in conjunction with a motion
by Mr. Steiwer that would have forced the Senate conferees to insist on
the new proposal and accept no change or alteration.
Senator Byrnes objected to such procedure and was backed by Senator
Robinson of Arkansas, Democratic floor leader. Both argued that under
the order of such a motion a conference would be an empty gesture, leaving
the whole measure deadlocked.
Senator Byrnes pointed out, in addition, that everything embraced in
the Cutting-Steiwer amendment was within the scope of the conference
and might be agreed upon even without a directing motion.
Toward the end of the debate Senator Stelwer became obviously angry
at the refusal of the Democratic majority to accept what several members
had termed "dictation" by the veterans' group, and in return alluded to
"White House influences."
Then Senator Cutting charged that the number of proposed Senate
conferees had been reduced from five to three in order, through the process
of selecting conferees according to seniority on the appropriations Committee, that Senator Steiwer might be barred as one of the group.
Senator Byrnes countered this by immediately moving that five conferees be appointed. Accordingly, the Senate conferees were designated as
Senators Glass, Byrnes. Russell, Hale and Steiwer.
Senator Long suggested that since the position of the veterans' advocates
had been made sufficiently clear, it was unnecessary to press for a vote
on the Steiwer motion.
After conferences among the so-called independents Senator SteRyer
withdrew his motion, but the Senate conferees evidently felt that they were
to insist on the essentials of the Steiwer-Cutting proposal.
4195
contended that the policy of the government in forcing sick
veterans to leave hospitals, where 15,000 beds are empty,
and in giving preference over veterans to men in the reforestation corps, was "little short of inhumanity." The Black
motion to recommit was adopted by the Senate at that time
without further discussion of the Steiwer-Cutting compensation plan.
On June 14 after several hours further discussion on the
floor,(marked by a clash between Senators Reed and Glass),
the Senate passed by a vote of 51 to 39 the Steiwer-Cutting
amendment, imposing restrictions in compensation cuts by
an estimated total ranging from $100,000,000 to $160,000,
000. The Senate action again transferred the center of
interest to the House, where it was freely predicted that if
the House should also approve the Steiwer-Cutting amendment the bill would be vetoed by President Roosevelt.
Features of the Senate debate on June 14, as described by
the "Times" Washington correspondent on that date,follow:
The Senate vote followed a desperate effort by Mr. Roosevelt's spokesmen to gave the House compromise. They used every conceivable argument, including announcement of the waiting veto, in an effort to bring
members of the President's party into line. They tried, even, to make an
outright party issue of the dispute.
They had some success and won over several Senators who joined the proveteran revolt when the bill was first before the Senate. Notable among
them were Senators Clark and Connally, both of whom pleaded with their
colleagues to face the situation and vote actual benefits to the veterans
rather than run headlong into a veto.
Before the vote on the real issue came to a head Senator Byrnes offered
an amendment restoring to the pension rolls at not less than $15 a month
all Spanish War veterans over the age of 55 who saw at least ninety days'
service and who are 50% disabled and without means of support. This
was adopted on the representation of Senator Byrnes that the President
would accept it.
Refuse a Concession.
But the advocates of the Steiwer-Cutting amendment refused to be
tempted by this additional benefit under the House and White House
compromise. They insisted on their proposal, which limits to 25% the
reduction in the pay of any World War or Spanish-American veteran on
the pension rolls on March 20 with service-connected disabilities and forbids
any reductions in the compensation of widows and orphans.
This amendment also radically changes the so-called presumptive clause
by placing the burden of proof on the government in a resurvey of any
veteran's case.
The debate, which continued for almost eight hours in a continuous
repetition of the arguments already heard over and over again, was at times
sharp.
Senator Robinson pleaded with the Senate not to wreck the administration's program at this point.
"The veterans will receive," Senator Byrnes said, "$100,000,000 more
under the compromise bill than they would have received under the first
regulations. Let's be practical."
He then offered the amendment protecting Spanish-American War
veterans with the promise that "if this amendment goes to the House the
House will accept it and if it goes to the President the President will sign
the bills."
A further plea for deference to administration wishes was made by Senator
Connally, author of an amendment once approved by the Senate, limiting
cuts in service-connected disability cases to 25%. He pleaded that "legislation is a matter of accommodation and compromise," and told the Senate
that the House and the President "can't be butted out of the way."
Mr. Glass said he would oppose the Cutting-Steiwer amendment because
he felt "that no man who will not fight for his own country is worth Living
In the country."
Against these arguments, the Republican and Democratic opponents of
the administration and the compromise launched an avalanche of attack.
Senators Cutting and Steiwer were assisted by Senators LaFollette, Norris,
Long and Johnson, and finally the conservative Senator .Reed. On the
Democratic side Senators Walsh, Copeland and Trammell took up the
cudgels for the veterans' bloc.
Senator Dill sought harmony by pointing out that there was virtually
no difference between the Cutting-Steiwer amendment and the House
amendment, only to bring from Senator Cutting an inquiry why the
President, then, was unyielding.
Before the House met on June 15, a caucus meeting of
Democratic members voted 170 to 35 to uphold President
Roosevelt's compromise proposal. After the House was
called into session, and the Steiwer-Cutting amendment was
brought to a vote, the House by a vote of 208 to 177 defeated
the amendment, and thus again threw the Independent
Offices Bill into the hands of a conference committee.
President Roosevelt Signs Railroad Relief Bill, Providing for Federal Co-ordinator to Reorganize Transportation System and Effect Certain Carrier
Consolidations—Measure Received Final Congressional Approval on June 9.
The administration's Railroad Relief Bill, (the bill "to
relieve the existing National emergency in relation to interstate railroad transportation") creating a co-ordinator to
bring about consolidations and effect economies in carrier
operation, became a law yesterday (June 16) when President
On June 13 the Senate administered what was generally Roosevelt affixed his signature to the measure. It received
construed as a defeat for administration proposals by voting, the final approval of Congress on June 9, when both the
48 to 31, to recommit the bill to conference. The vote was House and Senate adopted a conference report; the House
taken on a motion by Senator Black as a result of his objection action on the conference report was noted in our issue of
to the action of Senate conferees in eliminating an amend- June 10 (page 4017). The bill was approved in virtually
ment to provide for hospitalization of non-service connected the same form as originally introduced into Congress early
cases of World War and other veterans. Senator Black in May, after the conference committee on June 8 had
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Financial Chronicle
eliminated a House amendment which would have authorized
telegraph company mergers with the approval of the InterState Commerce Commission. This amendment was said
to have been rejected for two reasons: first, because of opposition likely to arise in Congress at a proposal to consolidate
the two competitive telegraph systems in the United States
(Western Union and Postal), and, second, the fact that no
hearings were held on the question of telegraph mergers,
and the conferees believed that the topic was too important
to be passed upon hastily.
The legislation was introduced in Congress on May 4
after a special message on the subject from President Roosevelt. It was favorably reported by the Senate Inter-State
Commerce Commission on May 19 and was passed without
a record vote by the Senate on May 27. In the House, a
favorable report was issued by the Inter-State and Foreign
Commerce Commission on June 1, and the bill was approved
by the House without a record vote on June 5. It then went
to conference, and was finally approved by Congress on
June 9, as mentioned above. Previous references to the
measure may be found in our issues of May 6 (page 3087),
May 27 (page 3649), June 3 (page 3834) and Juno 10 (page
4017). An abstract of the principal features of the legislation, as contained in Washington advices to the New York
"Times" on June 9, follows:
The measure provides for the establishment of a comparatively simple
system of railroad control, headed by a Federal Co-ordinator of Transportation, who will work in co-operation with the roads themselves and with
labor to effect economies, but not at the expense of wage earners.
The Co-ordinator will be, in effect, a dictator of transportation, named
by the President with the advice and consent of the Senate, but appeal
from his decisions may be taken to the Inter-State Commerce Commission
Unless revoked by the commission, the orders of the Co-ordinator will
have all the force and effect of orders by the commission.
Three Co-ordinating Bodies.
The bill provides that, operating with the co-ordinator, there shall be
three co-ordinating committees, one each in the Eastern, Southern and
Western groups of railroads, each group to be designated by the coordinator.
Each of these committees will contain seven members, five representing
the major roads, one representing steam railroads with operating revenues
In 1932 less than $1,000,000 and another representing electrical systems
not connected with steam railways.
The votes of railroads through these committees will be on the basis
of mileage, but "no railroad system shall have more than one representative
on any such committee." Railroads will be assessed $1.50 a mile to cover
the expenses of this set-tip.
The co-ordinator and the committees are directed to act as follows:
1—To encourage and promise or require action on the part of the carriers
which will (a) avoid unnecessary duplication of services and facilities of
whatsoever nature and permit the joint use of terminals and trackage
incident thereto or requisite to such joint use: provided that no routes now
existing shall be eliminated except with the consent of all participating
lines or upon order by the co-ordinator; (b) control allowances, accessorial
services and the charges therefrom and other practices affecting service or
operation, to the end that undue impairment of net earnings may be prevented and (c) avoid other wastes and preventable expense.
2—To promote financial reorganization of the carriers, with due regard
to legal rights, so as to reduce fixed charges to the extent required by the
public interest and improve carrier credit.
3—To provide for the immediate study of other means of improving
conditions surrounding transportation in all its forms and the preparation
of plans therefor.
The bill specifically states that wherever necessary to carry out the orders
of the co-ordinator, the anti-trust laws may be set aside during such time
as those orders are in effect.
Labor Hostility Withdrawn.
Any order handed down by the co-ordinator will be effective within
twenty days. Violations of such orders will be punishable by a minimum
fine of $1,000 and a maximum fine of $20,000, with each day of violation
constituting a separate offense.
This bill was strongly opposed by labor organizations until a section was
written into it definitely assuring railroad workers that economies would
not be made at their expense. On this point the bill as passed is quite
definite.
It stipulates that labor committees may be organized in each of the
three basic regions designated for co-ordinating committees and that these
committees must be apprised and consulted regarding any changes in operations affecting personnel.
Beyond those advisory provisions the bill then states the "labor guarantee." in effect, as follows:
Payrolls may not be decreased more than 5% in any one year, the month
of May 1933 being considered the base period, and such decreases may come
about only through "death, normal retirements or resignation."
Furthermore, no employee "shall be deprived of employment such as •
he had during said month of May or be in a worse position with respect
to his compensation for such employment, by reason of any action taken
• pursuant to the authority conferred by this title."
Con•
gress Approves $3,600,000,000 Deficiency Appropriation Bill—Largest Peacetime Appropriation
Measure Includes $3,300,000,000 for Public Works
—Bank-Deposit-Guarantee Fund Added.
The Deficiency Appropriation Bill, carrying total authorized expenditures approximating $3,600,000,000, was approved by the Senate on June 15 and sent to President
Roosevelt for his signature. The conference report on the
revised measure had been approved by the House without
a record vote on the preceding day. The bill was originally
passed by the House on June 10 by a vote of 287 to 84,
and in that form it included a total of about $3,450,000,000.
The Senate Appropriations Committee accepted the measure
on the same day, and on June 13 the Senate passed the bill,
June 17 1933
without a record vote, but added almost $200,000,000 in
additional appropriations. On June 14 the House disagreed
to some of these added expenditures, and sent the measure
to conference, where differences between the two branches
of Congress were quickly adjusted.
The bill is the largest peacetime appropriation measure in
the nation's history, and its largest item is the sum of
$3,300,000,000 to finance the public works section of the
National Industrial Recovery Bill and the Tennessee Valley
Development. Among the other important items is one
provided for by a Senate amendment, setting aside $150,000,000 for the deposit-insurance fund under the GlassSteagall Bank-Reform Bill; one for $8,000,000 for earthquake, fire and tornado loans by the Reconstruction Finance
Corporation; one for $250,000 for a George Rogers Clark
memorial at Vincennes, Ind., and an appropriation of $100,000 for expenses of the Senate Banking Committee's investigation into stock exchanges and banking firms. These
miscellaneous items were added by the Senate as amendments
to the original bill. The largest appropriations included in
the original measure are summarized below, as quoted from
Washington adviees to the New York "Herald Tribune"
on June 10:
Chief among the items gathered together in the bill to provide the cash
for outlays necessary to carry out the authorizations of Congress sines
March 7, were $40,000.000 for the new farm credit administration;
$50,000.000 for subscriptions to paid-in surplus of Federal mortgage banks,
under the farm mortgage act; $50,000,000 under the home owners loan act
of 1933: $1,500,000 for the newly created Federal employment agency, and
$15,000.000 for payments to Federal land banks to meet reduction In
interest rates brought about under the farm mortgage law.
An additional $125,000 P71111 provided for the expenses of the American
delegation to the World Economic Conference in London, and $265.000
was tagged for the administration of the securities act.
In its essence the bill amounts to an appropriation for blanket authorization in the industrial control act. The fact that this was made In the form
of a direct appropriation chargeable to the Treasury of the United States
served to raise the accusation of the unbalanced budget despite assertions
that taxes had been provided to amortize the borrowings.
The Items making up the bill, as listed in the report of the House Appropriations Committee. are:
House of Representatives, six additional police for the
new House office building and expenses for uniforms
and equipment
$9,535.00
National industrial recovery and Tennessee Valley
authority
3.300,000,000.00
Farm Credit Administration
Revolving fund section 5, farm credit act of 1933
40,000.000.00
Administrative expenses, establishment and supervision
of production credit corporations and production
credit associations
3,000,000.00
Federal Trade Commission, administration of securities
act of 1933
265,000.00
Federal Home Loan Bank Board, encouragement of
osi
savings and home financing
150,000.00
District of Columbia. payment of judgments
11.278.71
Interior Department, private relief act
1.000.00
Department of Justice, payment of audited accounts for
prior fiscal years
16,981.26
Department of Labor, United States Employment Service:
o carry out the act for the establishment of a national
employment system
1,500,000.00
Department of State
International monetary and economic conference, to
supplement the appropriation of $150,000 previously
made for expenses of the conference
125.000.00
Mixed Claims Commission, United States and Germany,
administrative expenses
35,700.00
Treasury Department
Subscriptions to paid-in surplus of Federal Land Banks
under Section 23 of of the emergency farm mortgage act
of 1933
50.000.000.00
Payments to Federal Land Banks to meet reductions in
Interest rate on mortgages (5% to 4 %)under Section
24 of the emergency farm mortgage act of 1933
15.000,000.00
Subscriptions to preferred shares in Federal Savings and
Loan Associations under Section 5 (G) of the home
owners' loan act of 1933
50,000,000.00
Damage claims, sundry departments, settled under the
provisions of existing law and certified to Congress for
payment
5,125.28
Judgments against United States
-41
Under the public vessels act
39.762.35
Court of Claims
137.106.75
Audited claims allowed by the Comptroller General in
accordance with existing law and certified to Congress
for appropriations
134.419.09
Total
$3,459.480,908.44
President Names Mediation Board in Railroad-Employee
Dispute.
President Roosevelt on June 12 issued a proclamation
creating a board of three mediators to investigate and to
report within thirty days in connection with disputes between the Kansas City Southern Railway Co., the Texarkana
& Fort Smith Railway Co. and the Arkansas Western Railway Co. and certain of their employees.
National Industrial Recovery Bill Passes Congress and
Is Signed by President—House and Senate Approve
Conference Report—Measure Provides Federal
Control for Revival of Industry and $3,300,000,000
Program of Public Works—Provision Affecting Tax
Exempt Securities Dropped—New Tax Features of
Measure.
The final stamp of Congressional approval was placed on
the Administration's National Industrial Recovery Bill on
June 13, when the Senate, by a vote of 46 to 39, approved a
conference report on the measure. The same report had
Volume 136
Financial Chronicle
been approved by the House on June 10. The bill in its
completed form was immediately signed by Vice-President
Garner and Speaker Rainey and was sent to the President,
who affixed his signature to the measure on June 16. The
President's statement on signing the bill is given in another
item.
The National Industrial Recovery Bill, providing Federal
control for the revival of industry and a Government-sponsored public works program costing $3,300,000,000, was
introduced in Congress on May 17, following a special message from President Roosevelt. It was passed by the House
of Representatives on May 26 by a vote of 323 to 76. On
June 9 the Senate, by a vote of 57 to 24, passed the bill after
making several drastic changes, including a radical alteration
of the tax provisions. The bill then went to conference,
where an agreement was reached, and final passage of both
House and Senate followed. Previous references to the
measure, with an outline of its principal features and a description of the debate preceding its adoption, were given in
our issues of May 20 (page 3461), June 3 (pages 3828-3830),
and June 10 (pages 4011-4012). Under date of June 13,
Associated Press advices from Washington, stating that the
new legislation is intended to provide jobs for thousands of
idle men and inject new life into sluggish industry, cited the
following as the main features of the measure:
Gives President Roosevelt and his administrators wide power to promote self
-regulation of industry under Federal supervision as a means of
curtailing overproduction, improving wages, shortening hours and thus
increasing prices and employment.
Authorizes a $3.300,000.000 bond issue to finance construction of Federal,
State, local and public-benefiting private projects to create new employment.
Invests the President with authority to work out codes of fair competition to be accepted by industry voluntarily, with additional power
for the Chief Executive to compel adoption of the codes and subject violators to a $500 fine.
Provides the President with power to license an industry so as to force
unwilling minorities into line.
The bond issue will require $220.000,000 annually for financing. To
meet this cost the following new taxes are provided:
New Taxation.
A tax of 1-10 of 1% on corporation net worth, with a 5% additional
assessment on earnings above 123 %; a 5% tax on corporation dividends
to be deducted at the source; an increase of tic. in the present gasoline
tax: three-year extension of corporation consolidation return authority
with increase of 1% in incotne tax rate on consolidated returns, instead
of the present three-quarters of 1%.
Extends for one year, also, all special excise taxes voted by last Congress and makes administrative changes in the tax law to prevent carrying
over into subsequent years stock and bond losses which exceed the gains
in the year in which they occur. These apply to both corporations and
individuals.
Provides for publicity for income tax returns under regulations to be
drawn by the President.
The public works program, as finally agreed upon,includes, among other
general work, the following:
Construction, repair and improvement of public highways and parkways, public buildings, conservation and development of natural resources,
prevention of soil or coastal erosion, development of water power and
transmission of electrical energy, river and harbor improvements and
flood control.
Low-cost housing and slum-clearance projects, dry-docks, naval vessels
permitted under the London Treaty, heavier-than-air craft and technical
construction for the Army Air Corps.
The Public Works Administrator, the Senate amendment for a board
of three having been eliminated, would be empowered to make grants
to States and municipalities for construction and improvement projects
up to 30% of the cost of labor and materials.
The President is authorized to institute proceedings before the Tariff
Commission and to embargo or limit imports where they interfere with
the purposes of the Act in raising wages and prices.
It also authorizes $100,000,000 for distribution by the farm-relief administrators.
In passing the National Industrial Recovery Bill on June 9
by a vote of 57 to 24, the Senate radically amended the tax
section of the measure. By a vote of 45 to 37 the Senate on
the same day had voted to end the tax exemption accorded
income from Federal, State and municipal bonds, after this
provision had been proposed as an amendment by Senator
Clark. That amendment provided that henceforth the
income from these securities should be included in the "gross
income" reported each year in income tax returns. This
provision was later eliminated, a reference thereto appearing
in another item in this issue of our paper.
The Senate also on June 9, by a vote of 55 to 27, adopted
an amendment by Senator La Follette designating income
tax returns as public records and providing publicity for
corporate and personal income tax returns. The Senate
likewise recorded itself against the manufacturers' sales
tax, voting 57 to 28 against a joint proposal of Senators
Reed, Walsh and Byrd to substitute a 14% levy for a large
group of special excises now in effect, with exemptions specified for farm produce, food, clothing and medicine. Among
the other amendments voted by the Senate on June 9 were
the following, as listed by the Washington correspondent of
the New York "Times" on that date:
4197
Allowing the President to make public works loans to counties and
municipalities regardless of State constitutional bans against their borrowings.
Removing the limitation of 30% imposed by the bill upon the amount
the President might grant to States and their subdivisions for public
works projects.
Basing the $400,000.000 road-building allotment upon existing law
Instead of upon the House formula, which would give a larger share to the
more populous States.
Sustaining the Finance Committee in striking out the "buy American"
provisions inserted by the House.
By Senator Robinson of Arkansas. allocating $100,000,000 from the
Industry Bill's funds for land leasing under the Agricultural Relief Act.
-owned cotton as well as money
By Senator Smith, allowing Government
to be used in paying for land leases in the cotton States of the South.
By allowing the Secretary of Agriculture to publish any information
he deemed necessary to carry out the policies of the Farm Relief Act.
Some Senators held that this would allow a prediction of prices.
Allocating $25.000,000 under the bill for loans to homesteaders.
Description of the action in the Senate on June 9 previous
to passage of the bill and its transmission to conference committee follows, as given in a dispatch to the "Times":
In a record vote of 51 to 29, the Senate withstood an effort by inflationists to write into the measure a provision to finance the $3,300,000,000
public works program through an issue of currency instead of by flotation
of bonds.
By a ballot of 57 to 20 it squelched a La Follette amendment bearing
Roosevelt sanction, allocating to the New York Power Authority, as
the agent of the State, the right of control of power developed along such
sections of the St. Lawrence River as would accrue to the 'United States
when and if the Great Lakes-St. Lawrence Waterway treaty with Canada
was adopted.
The allocation would be made in consideration of New York's share
in the cost of the projected seaway.
From the very moment that the public works section was openedTfor
-night Senators
amendments at 11 a. m. until the tax section was reached to
were on the alert to see that ample provision was made for projects in
their localities.
Attendance was better in the Chamber than at any other time since
consideration began.
Amendments were offered and accepted specifying various sorts of
bridge work, sewer extensions, street light installation, prosecution of
treaty works on the Rio Grande, completion of public or semi-public
hospitals now under construction, and any number of other building operations as works which should be included.
The flood of amendments continued for hours, until the Senate finally
put its foot down on a proposal to allow the Government to advancelmoney
for improvement of amusement parks.
During this field day for amendments the Senate adopted one offered
by Senator Russell, allowing the President to make public works loans to
counties and municipalities regardless of State constitutional bans against
their borrowings.
Also while in the adopting mood the Senate accepted an amendment
offered by the Finance Committee to base the $400,000,000 road-building
allotment upon existing law instead of upon the House formula, which
would give a larger share to the more populous States.
On June 10 the bill was sent to a confeernce committee,
which was quick in reaching an agreement and reporting
back to Congress. The report was adopted on the same day
by the House, but the Senate failed to act on it before
adjourning until Monday, June 12. The conference committee lost little time in striking out of the bill the provision
that would have applied normal income tax rates to previously tax-exempt securities. Otherwise, the committee
gave its general approval to the Senate tax plan rather than
the House income tax increases. Action of the committee
was summarized as follows in Washington advices of June 10
to the "Times":
They had to adjust in all more than 100 amendments.
Speed of action on the tax-exempts was promoted in part by unhappy
repercussions to-day on the bond market, and also by the belief of Administration leaders that this provision must be quickly and surely eliminated to prepare a propitious market for the $3,300,000,000 in public
works securities contemplated under the Recovery Bill. . ..
Agreement on the Industrial Recovery Bill as reached by the conferees
early in the evening maintained the major intent of the measure to establish
a Federal control under which private industry might work out its own
salvation.
Besides deleting the Clark amendment to tax income from hitherto taxexempt securities, the conference report recommended as follows:
1. The Senate tax plan, proposing 1-10 of 1% corporate stock tax:
application of normal income tax rates to dividends: increase of tic. in
the gasoline tax, and changes in the present law to plug up the loopholes
in the taxing system indicated in recent testimony before the Senate Banking
and Currency Committee.
2. Modification of the LaFollette amendment requiring publicity for
income tax returns to provide that the President, in his discretion, might
make such returns public under rules and regulations to be determined
by him.
3. Modification of the Borah amendment prohibiting price-fixing and
monopolistic practices under the bill to exclude price-fixing from such
prohibition.
4. The Senate embargo plan authorizing the President to use either
the embargo-quota system or import licenses to prevent imports:adversely
affecting the bill's effects.
5. Special authority for the President to deal with the oil industry,
empowering him to prohibit shipment in inter-State commerce of petroleum
or petroleum products produced or withdrawn in violation of State laws
or regulations.
6. The House Labor provisions, outlawing the "yellow-dog" contract.
and permitting workers to bargain collectively with employers through
representatives of their own choosing.
7. The Senate amendment limiting the industrial license enforcement
provision to one year.
On June 12 Senator Harrison of Mississippi, Chairman of
the Finance Committee, presented to the Senate the report
of the conference committee, which had been considering
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Financial Chronicle
the controversial features of the National Industrial Recovery Bill. There was little discussion at this time, however,
since the Senate adjourned for the day shortly thereafter,
having agreed to vote on the conference report the following
day.
The final Senate vote on the conference report on June 13
was preceded by several hours' debate, in which Senators
Borah, La Follette and Clark attacked various provisions
of the revised measure, while these were defended by Senators Wagner and Harrison. A description of that discussion,
as contained in Washington advices to the New York "Herald
Tribune" on the date mentioned, follows:
Discussion of the industrial control and public works bill was opened by
Senator Borah soon after the Senate met at 11. He centered his attack
on the conference report on the fact that as the bill now stands and as
It came from conference, it removes the inhibition of the anti-trust laws
and that the anti-trust laws "are suspended as to any provision of these
codes."
The Idaho Senator dwelt on the fact that the conference committee has
emasculated the Borah amendment which, as first adopted by the Senate,
provided that such code or codes as agreed on by industry should not permit combinations in restraint of trade, price-fixing or monopolistic prices.
He pointed out that reference to combinations in restraint of trade or
price-fixing had been knocked out and the language now forbids only
"monopolies or monopolistic practices."
"It must be," said Senator Borah,"that those sponsoring the legislation
are of the opinion that either price-fixing or combinations in restraint of
trade are not monopolistic practices."
Moreover, he pointed out, under the bill any violation by an individual
of a code, even it it permitted combinations in restraint of trade or pricefixing, would be punishable as a misdemeanor. The net effect was that
there would be no remedy left the public against price-fixing or combinations in restraint of trade in the law of the United States.
Senator Borah contended the bill had been framed in the interest of
great companies and concerns and against the interest of the small concerns. He emphasized that big interests are insistent that they must
be able to fix prices and make combinations in restraint of trade or the
blll is "worthless."
Senator Borah and Senator Robert F. Wagner (Dem.), of New York,
sponsor of the bill, engaged in an animated discussion. Senator Wagner
contended that the public would be protected against monopolies.
The bill," he said, "makes a declaration of law that there cannot be
monopolies or monopolistic practices, and the Government can go into
court and enjoin monopoly or monopolistic practices."
Re held that if combinations in restraint of trade or price fixing were
prohibited, then even such price agreements as would do away with "cutthroat competition" or would fix minimum wages would be prevented.
Senator Borah read, among other things, a telegram from an independent oil company in Nebraska declaring that under the bill as it stands
the powerful oil concerns plan to drive the independents out of business.
Senator Wagner replied that the legislation was not in the interest of
the large concern but in the interest of the small concern.
Further elaborating his views, Senator Borah contended that what the
cost of production was in the industries would never be known, even if
an attempt was made to establish an accounting system. Senator Wagner
thought an accounting system could be established. Senator Borah held
It impossible.
After a speech by Senator James Hamilton Lewis (Dem.), of Illinois,
In which he reiterated his views against cancellation,reduction or revision
of the war debts, Senator LaFollette took the floor and scored the conference report. He was severe in criticizing the Senate conferees, headed
by Senator Pat Harrison (Dem.), of Mississippi. charging virtual betrayal
of the Senate in yielding to the House without a fight on certain features
of the Senate bill.
Senator Bennett C. Clark (Dem.), of Missouri, son of the late Speaker,
likewise scored the action of the conferees. He objected to surrender of
his amendment for taxation of Income from tax-exempt securities.
Senator Harrison, Chairman of the Finance Committee, concluded the
debate with a brief appeal for adoption of the conference report. He
defended the course taken by the conferees.
Executive Departments of Government Rush Plans to
• Start Operative Machinery Under National Industrial Recovery Bill—Cabinet Officers Confer with
President—Expenditures of $381,000,000 Already
Authorized by Budget Director Douglas.
Within a few holm after final Congressional approval
has been given the National Industrial Recovery Bill on
June 13, executive branches of the Government were actively
engaged in the completion of plans for putting the measure
into immediate and effective operation. Secretary of the
Interior Ickes, Secretary of Agriculture Wallace, and Secretary of Labor Perkins met at the White House with President
Roosevelt to discuss steps to be taken. This meeting was
Also attended by General Hugh Johnson who, according
to the press, has been chosen to be Federal Public Works
Administrator, and who has been organizing the necessary
machinery for the past few weeks. Secretary of Commerce
Roper would also have been present, but was unable to go
to the White House for this conference because of a previous
engagement.
Newspaper correspondents on June 13 also said that Director of the Budget Douglas has authorized expenditures of
$381,000,000 for public buildings throughout the country,
And that the Treasury has been advertising for bids on new
post offices and other Federal buildings. The $381,000,000
specified represents the estimated cost of Federal projects
for which plans and specifications have been completed
and which are ready to be undertaken immediately. Further
Account of Government plans for public works are quoted
June 17 1933
below from a Washington:dispatch to the New York "Times"
on June 13:
An additional $400,000,000 is set aside in the public works program
for construction of Federal highways, thus making up a spending plan of
$781,000,000 which was described in an official source as the "immediate
partial program for Federal construction this summer." There probably
would be additions to the $381,000,000 for buildings in the next few weeks,
it was explained.
Swift advancement of the building program will be the policy of the
Treasury Department. The Treasury Is ready to start work on 15 to 20
projects scattered in all parts of the country.
The Industrial Control Administration will supervise the general construction program co-ordinating the activities of the various departments.
The Treasury already has asked bids on 10 comparatively small projects,
chiefly postoffices and improvements. This marks the first activity in
that direction under the Roosevelt Administration.
The beginning of the public works program will be the signal for new
Treasury security issues in the next few months. The June 15 allocation
of notes and certificates, offered in the amount of $900,000,000, probably
will be around $1,000,000,000. With about $100,000,000 in interest to
be met and $373,856,000 in maturing certificates the Treasury will have
more than half a billion dollars for extraordinary purposes and to finance
the excess of expenditures over receipts.
On Aug. 15 there will be a maturity of $469,089,000 in certificates and
$451,447,000 falling due on Sept. 15. It IS believed, however, that there
will be offerings in large amounts prior to that time, if the policy is pursued
of getting a huge volume of cash into use for unemployment relief by the
beginning of October.
The belief prevails that the Treasury will offer $2,000,000,000 in securities
to obtain new money prior to Jan. 1 1934. In addition there will be a
large volume of refinancing of certificates and bills.
President Roosevelt In Signing National Industrial
Recovery Act Describes it as Most Important
Legislation Ever Passed by American Congress.
The National Industrial Recovery Act was termed "the
most important and far-reaching legislation ever enacted
by the American Congress" by President Roosevelt as he
affixed his signature to the measure yesterday (June 16).
In a formal statement issued at the time the bill was signed
the President remarked that it represents "a supreme effort
to stabilize for all time the many factors which make for
the prosperity of the nation and the preservation of American
standards." The text of the President's statement follows:
"History probably will record the National Industrial Recovery Act
as the most important and far-reaching legislation ever enacted by the
American Congress.
"It represents a supreme effort to stabilize for all time the many factors
which make for the prosperity of the nation, and the preservation of American standards.
"Its goal is the assurance of a reasonable profit to industry and living
wages for labor with the elimination of the tyrannical methods and practices
which have not only harrassed honest business but also contributed to the
ills of labor.
"While we are engaged in the establishment of new foundations for
business which ultimately should open the return to work for large numbers
of men, it is our hope through the so-called public works section of the law
to speedily initiate a program of public construction that should early
re-employ additional hundreds of thousands of men.
"Obviously, if this project is to succeed it demands the wholehearted
co-operation of industry, labor and every citizen of the nation."
Treasury Department Blocks Proposal in National
Industry Recovery Bill (Clark Amendment) Which
Would Have Prevented Issuance of Tax Exempt
Securities—Government Protested Plan as Jeopardizing New $900,000,000 Treasury Issue.
. How the Government's new $900,000,000 financing was
jeopardized by a Senate amendment to the National
Industry Recovery Act proposing to end the issuance of
tax-exempt securities, and how the Treasury helped to obtain
elimination of this amendment was disclosed on June 12,
according to Washington advices on that date to the New
York "Times" which also had the following to say:
The Senate adopted Friday night [June 9) the amendment providing
that income from all governmental securities should be taxable. At that
time the Treasury had just received subscriptions more than five times in
excess of the $900,000,000 asked for its June 15 financing.
Presumably the tax exemption clause in the offering had much to do with
its enthusiastic reception.
The securities were not deliverable until June 15, however,and according
to Treasury officials subscribers could not be compelled to accept them
with the tax-exemption clause abrigated.
High officials got busy on the telephone and long but emphatic discussions
with House and Senate leaders ensued. As a result the amendment was
eliminated Saturday by the conference committee.
Legislative leaders are understood to have planned to exert considerable
pressure for elimination of the clause anyway, but the Treasury cativity
added stimulus.
-months'
The $500,000,000 in five-year 27 % notes and $400,000,000 in 9
ft% certificates were offered with the following provision:
"The Treasury notes and Treasury certificates of indebtedness will be
exempt, both as to principal and interest, from all taxation (except estate
or inheritance taxes) now or herafter imposed, by the United States, any
auateriry.Hy of the possessions of the United States or any local taxation
St tho ot a
.
Former Secretaries Mellon and Mills fought consistently for a constitutional amendment to eliminate tax exemption of securities.
Such an amendment would have added about $675,000,000 to the taxable income of individuals and corporations making tax returns next year.
From the same paper (June 13), we take the following:
The Clark Amendment.
The fact that the Clark amendment to the Federal Industrial Control
Bill was dropped in conference caused the municipal banking fraternity
to breathe easier yesterday and resulted in spirited bidding for all of the
Volume 136
Financial Chronicle
new issues on the calendar, The amendment, which would have taken
away the tax-exempt feature from Federal. State and municipal bonds,
caused an almost complete cessation of business in the municipal market
on Saturday. While security rather than tax exemption is the primary
consideration with many large buyers of municipal securities, it is also
true that removal of the exemption feature would immediately call for a
complete change of market level in relation to corporate securities.
The offering of the new 8900,000,000 Government issue
was noted in these columns June 10, page 4005.
Unanimous Support for Operation of National Industrial Recovery Act Asked by H. I. Harriman,
President of Chamber of Commerce of United
States, and R. L. Lund, President of National
Association of Manufacturers.
Immediately after final Congressional approval of the
National Industrial Recovery Bill on June 13, appeals to
industry to give its unanimous support to the operation of
the measure were made by Henry I. Harriman, President
of the Chamber of Commerce of the United States, and
Robert L. Lund of St. Louis, President of the National
Association of Manufacturers,an organization which hitherto
had been consistently hostile to some of the provisions of
the project. Mr. Lund, in a brief statement, said:
"The Recovery Act In its final form represents a marked improvement
over the bill as it originally passed the House. While industry urged
adoption of certain safeguarding amendments,some of which were adopted.
it has at all times been in sympathy with the declared objectives of the
legislation.
"The modification of the Borah amendment makes it clear that the
rigid restrictions of the anti-trust law are not to apply in future. Industry
has a right to be encouraged by this action. It will now have an opportunity
to police itself against ruthless competition in the form of unregulated price
cutting.
"I am convinced that the administration of the measure will be in safe
hands and that we should co-operate to the fullest extent to insure the
successful operation of the Act. We have every assurance that the law will
not be so administered as to upset existing satisfactory employment relations.
is
"In this case, as in many others, the character of administration
the
as Important as the terms of the statute. With full confidence in
I urge that manufacturers
earnestness and fariness of the administrator.
Ingive their wholehearted co-operation to him and to the President in
creasing employment and speeding up the business recovery which is already
clearly under way."
Mr. Harriman's statement, made public soon after the
Senate had approved the conference report, follows:
"To-day's passage of the National Industrial Recovery Act constitutes
a most important step in our progress toward business rehabilitation.
It should begin immediately to bring about a large measure of reemployment
and an increase in buying power throughout the country.
"The Act will permit legitimate business enterprise to lift itself above
the destructive competition which has prevented recovery and which has
been threatening to bring about complete economic demoralization.
"With reasonable opportunity to work together, business enterprises
might earlier have mitigated the effects of the depression. Continued
denial of that opportunity, with a consequently great amount of business
wreckage, would inevitably have renewed an era of mergers and combinations that followed earlier depressions and would have given rise to problems
which the country, in the public interest, should be spared. This Act now
permits through voluntary agreements public benefits heretofore denied.
"The Act permits the preservation of individual business units by giving
them a chance to prove their own ability under fair competitive conditions.
It provides the opportunity for the individual business unit to succeed upon
its merits and upon its degree of ability in management.
"The Act will permit American firms, determined to protect American
standards of living, from being forced through cutthroat competition to
lower standards. It will permit them successfully to meet unfair competition from unscrupulous minorities in their industries which has been carried
on at the expense of large numbers of employees.
"An immediate and widespread participation by industry and commerce
in the benefits supplied by the Act will quickly put large numbers of men
to work and will immediately act as a spur to business generally. Some
largo industries already are ready to submit their codes. Others should
prepare to do so immediately.
"The Industrial Recovery Act is of necessity a long and complicated
measure and there are provisions in the Act which I should have been
very glad to have seen eliminated or changed.
"The Chamber of Commerce of the United States has consistently stood
Comfor the real open shop and I appeared before the Ways and Means
mittee of the House of Representatives to urge that that principle be contained in the bill.
the
"I have been assured by those who will undoubtedly administer
fairly
Act that it is their intention to see that the provisions of the law are
industry
and impartially administered both for the interests of labor and
of employers
and that the Act will not be used unfarily against any group
or employees."
Increasing Federal Expenditures Ascribed to Depression by National Industrial Conference Board—
Decline in Federal Tax Collections—Largest Single
Expenditure in 1932 Was $500,000,000 for Capital
of Reconstruction Finance Corporation.
The effects of the depression on Federal expenditures,
receipts, and debt are emphasized in a study entitled "Federal Finances, 1923-1932," made public June 12 by the
National Industrial Conference Board. This report shows
that the depression was the cause of increases in expenditures
with
for the fiscal year ended June 30 1932, as compared
Board
1929, totalling $1,189,000,000. It is stated by the
depression
that besides causing increased expenditures, the
influence in lessening Government
had an even greater
revenues. Federal tax collections declined $1,539,000,000
4199
from 1929 to 1932. In the same period the net debt of the
United States increased $2,483,000,000. The Board states
that the largest single expenditure for 1932 that resulted
from the depression was $500,000,000 for the capital stock of
the Reconstruction Finance Corporation. This expenditure
was in the nature of a capital advance, and the entire amount
is theoretically repayable to the Treasury. Such losses as
result from the operations of the Corporation, however, will
tend to reduce the repayments. The $125,000,000 subscription to the capital stock of the Federal Land Banks is
also classified as an expenditure resulting from the depression. Except for the depression, there would doubtless have
been no occasion for the Government to participate in an
increase in the capital stock of these banks. The Board
also says:
Net advances on account of the Agricultural Marketing Fund amounted
to $136,000.000 for 1932. There was no comparable expenditure for 1929.
Although the Agricultural Marketing Fund did not owe its existence to the
depression, the entire range of activities of the Federal Farm Board and its
subsidiary and allied organizations was influenced by the unusual conditions that developed. This was particularly true of the operations of the
Grain and Cotton Stabilization Corporations.
Expenditures for public works, including advances to the States for road
construction, increased from $201,000.000 for 1929 to $507,000,000 for
1932. Legislation enacted for the purpose of alleviating the effects of the
depression through construction activities and a speeding up of projects
for which provision had been made were the principal reasons for the
increase of more than $300,000,000.
The postal deficit for 1932 was $203.000,000. an increase of $117,000,000
over that for 1929. It is a fair assumption that all or practically all of this
increase resulted from a marked change in business conditions between
the two years.
Expenditures other than those attributable to the der ression, or affected
by it. were $31,000,000 less for 1932 than for 1929. Exclusive of tax refunds.
there was an increase in expenditures so classified amounting to $81.000.000.
The effects of the depression on expenditures and receipts of the Federal
Government first showed themselves clearly in the figures for 1931. In
the two years 1931 and 1932 expenditures increased from $3.994,000,000
for 1930 to $5,007,000,000 for 1932; receipts dropped from $4,178.000.000
to $2,121,000.000; and net debt rose from $15,985,000.000 to $19,225,000,000. It is noteworthy that tax receipts, the main source of Federal
revenue, fell off sharply from $3,468,000,000 to $1,789,000,000. Roughly
one-half of the Federal revenue is derived from income taxes on individuals
and corporations. In the last two years income tax receipts dropped from
$2,411,000.000 for 1930 to $1,057,000,000 for 1932. Customs receipts
also declined to a very low point in consequence of the collapse of world
trade. Revenue from tobacco taxes,on the other hand, has not been greatly
affected by the depression. In 1930 the tobacco taxes yielded $450,000,000.
and in 1932 only a little less than $400,000,000.
President Roosevelt Signs Home Owners Mortgage Relief Bill—Creates Home Owner's Loan Corporation
—Limit of Homes to Be Aided $20,000 in Value—
Statement Issued By President Roosevelt.
Final Congressional action on the Administration's Home
Owners Loan bill, making $2,000,000,000 available for the
refinancing of mortgages of small home owners, was taken
on June 9 when both the Senate and House approved the
conference report on the measure. President Roosevelt
signed the bill on June 13. The bill passed the House on
April 28 by a vote of 383 to 4; as was indicated in our issue
of June 10(page 4014),it passed the Senate on June 5 without
the formality of a record vote. An item bearing on the Senate
action appeared in our issue of June 10, page 4014. President Roosevelt signed the bill on June 13 in the presence of
members of the Federal Home Loan Bank Board and Senator
Robinson of Arkansas. A statement issued by the President
in affixing his signature to the new legislation said that
"the Act extends the same principle of relief to home owners
as we have already extended to farm owners." The following
outline of the principal features of the new legislation was
contained in Associated Press dispatches of June 9 from
Washington:
Promising aid to all owners of homes worth $20,000 or less and housing
four families or less, the bill establishes a quasi Federal agency to be known
as the Home Owners' Loan Corporation. This Corporation may have a
capital of $200,000,000 subscribed in full by the Treasury.
Then the Corporation may issue up to $2,000,000,000 in 4% bonds,
guaranteed by the Government as to interest, but not as to principal.
When an individual homeowner discovers he no longer can carry his
home under his existing mortgage, he may ask aid of the Corporation during
three years after the bill becomes law. The Corporation will ask the
mortgage holder to reduce the size of the mortgage and, then, trade him
4% bonds for the mortgage.
This mortgage will be replaced with a new one held by the Corporation
and bearing 5% interest. Interest and principal may be paid in monthly,
quarterly, semi-annual or annual instalments on a mortgage extending
not more than 15 years.
In no case may the Corporation accept a mortgage for more than 80%
of the value of the home, or for more than $14.000. Should the homeowner be in extreme difficulty, the Corporation may grant him a threeyear moratorium on principal payments. Extensions of time for payments
of both principal and interest may be granted if the Corporation finds that
circumstances justify.
Cash advances up to 50% of the value may be made on any borne against
which there is no other indebtedness. This, however, will carry 6% interest against the the 5% on outright mortgages.
President Roosevelt's statement made at the time of the
signing of the bill follows:
Financial Chronicle
4200
"In signing the 'Home Owners' Loan Act of 1933,' I feel that we have
taken another important step toward the ending of deflation which was
rapidly depriving many millions of farm and home owners from the title
and equity to their property.
"The Act extends the same principle of relief to home owners as we have
already extended to farm owners. Furthermore, the Act extends this
relief not only to people who have borrowed money on their homes but also
to their mortgage creditors.
"It will, of course, take a little while to set, up the machinery necessary
to carry the principles of the Act into effect. In the meantime, I appeal
to morvgage creditors and all others who have claims against home owners
and ask them, until full opportunity has been given to make effective the
refinancing provisions of the Home-Mortgage Act, that they abstain from
bringing foreclosure proceedings and that they abstain from seeking to
dispossess the home owners who are in debt to them.
"go-operation between the officials of the Home Owners Loan Corporation, the mortgagors and the mortgagees during the next few months will
make many foreclosures unnecessary, and will do substantial justice to all
parties concerned."
In another item we give a statement by William F.
Stevenson, Chairman of the Federal Home Loan Bank
joard,bearing on the new legislation.
—41
,—
Analysis By W. F. Stevenson of Home Owners Loan Act.
A statement bearing on the functions of the Home Owners
Loan Corporation, created under the Home Owners' Loan
Act of 1933, (which as we indicate in another item in this
issue was signed by President Roosevelt on June 13) was
issued on June 13 by William F. Steyenson, Chairman of the
Federal Home Loan Bank Board. In explaining the provisions of the new law Mr. Stevenson stated that "localities
not now served by their own thrift and home-financing institutions are eligible to form Federal savings and loan associations, such associations to be organized by the Board."
Mr. Stevenson's statement follows:
"The object of the Home Owners' Loan Corporation, soon to be created
by the Board, is the relief of home owners who are in financial distress because of overdue mortgages, taxes and assessments which cannot be relleved through the customary borrowing channels. Its main offices will be
in the Department of Commerce Building, Washington. but it will have
managers and agents in every State.
"Information will be given the press, from time to time, covering the
names of the newly appointed agents and the addresses of officers of the
Corporation. Every reasonable effort will be made to make the legislation
effective.
"Citizens seeking relief should bear in mind certain facts regarding
procedure, which are briefly listed herein. Application will be made direct
to the nearest agency created for the extension of relief in the several States,
and the Corporation's agents will be supplied with forms and applications
and full information, and it is hoped this procedure may get under way
within the next week or 10 days.
Value of Home Not to Exceed $20,000.
"The Home Owners' Loan Law, just approved, empowers the Corporation to deal with home owners who occupy their homes, or who still hold
them as homesteads, although temporarily not occupying them. The
assessed value of such homes must not exceed $20,000.
"Homes will be eligible for loan applications although they may be
incidentally employed for some other use, such as gardening or a small
business, but no home built for more than four families is eligible.
"While no clear line is drawn between farm homes and city or village
homes, typical farm loans should be handled by the Federal Land Banks
and not the new organization.
"The law contemplates primarily the refunding of mortgages and not
their liquidation in cash. Only those mortgages which are of record on the
date of the signing of the law, not mortgages thereafter made, are eligible.
The government aid is designed for those home owners already in distress
and facing foreclosure or inability to refinance their obligations.
"The Act authorizes taking up mortgages on homes by the exchanging
of bonds of the Corporation, interest on which is guaranteed by the United
States, at 4% for a period of 18 Years.
"These bonds will cover the mortgage due, and the Act permits payment in cash of any accrued taxes, assessments, necessary repairs and
maintenance, and the incidental costs of the transaction; provided the total
amount does not exceed $14,000,or 80% of the value of the property, whichever is smaller—all of this to be refunded in a single mortgage and paid off,
principal and interest, over a period of 15 years.
"An interest rate of 5% is charged, and the owner may have an extension
on the principal for a three-year period, It is possible to so refund not only
a first mortgage but a second, or any other lien, up to a total of 80% of
value. Note that in order to bring about this refunding, it is necessary for
the lender to accept the bonds of the Corporation in lieu of the mortgage
now held.
"In addition to the refunding of mortgages up to 80% the law provides
for making loans in cash on homes not otherwise encumbered for payment
of accrued taxes, assessments, necessary repairs and maintenance, but not
exceeding 50% of value.
"Moreover, loans are authorized to take up mortgages in cash when
the owner of the mortgage will not accept bonds, and the owner cannot
obtain funds elsewhere in ordinary lending channels, and such loans shall
be carried at a 6% interest Vote and paid off, principal and interest, over a
-year period.
15
,
Loans Not to Exceed 40% of Value of Property.
"Loans cannot exceed 40% of the value of the property.
"But no large volume of mortgages can be liquidated in cash under
this clause; because most homes are mortgaged for more than 40% and also
because sufficient funds are not available to take over any large percentage
of the home mortgage indebtedness of the country.
Capital of Corporation $200,000.000.
"The Corporation is to have a capital stock of $200,000,000 subscribed
for and to be paid by the United States Treasury, and it has authority to
issue $2,000,000,000 of bonds, running 18 years, at 4% interest with the
interest, but not the principal, guaranteed by the United States Government.
"The market of the Corporation's bonds will be held up, among other
things, in that any person owing the Corporation may pay his debt in bonds
at face value.
June 17 1933
Appraisals.
"In view of present unsettled conditions as to real estate values, the
appraisal problem is a difficult one for the Corporation. It is directed
that the Federal Home Loan Bank Board shall make rules for property
appraisals to carry out the intent of the Act and the relief of the distressed
home owner.
"It is necessary that a fair value appraisal be reached and definite regulations will be issued to accomplish this purpose.
Federal Savings and Loan Associations.
"Localities not now served by their own thrift and home-financing
institutions are eligible to form Federal Savings and Loan Associations,
such associations to be organized under regulations promulgated by the
Board.
"These rules and regulations are now being prepared, and it is the expectation of the Board to make available all forms for the organization and operations of the savings and loan associations within three or four weeks.
"Persons interested in organizing such associations should communicate
with the Federal Home Loan Bank Board in Washington. These association
are to represent co-operative mutual savings funds and substantially all
of the funds will be loaned on homes in the respective communities. Organization will be by Federal charter, but operation and management will
be local.
"The Act stipulates that the United States may subscribe to and pay
for stock in the associations up to $100,000 in any one association, paying
for same, dollar for dollar, as association members pay money therein.
"These new associations will be members of the Federal Home Loan
Bank System and may obtain additional funds from that source for lending
on homes.
"The Act contemplates the encouragement of thrift; the creation of a
helpful, co-operative financial structure extending direct to the heartstones
of the nation and the extension of emergency aid to thousands of home
owners who are to-day harassed and burdned by the mortgage-money
stringency.
"To the extent of its available funds, which, however, do not approach
the whole estimated home loan indebtedness of the nation, it is the Board's
purpose to administer the law sympathetically and promptly, extending
all the aid that is possible to every section of the country."
Nomination of Walter H. Newton as Member of Federal
Home Loan Bank Board Confirmed by Senate Over
Protest—Was Formerly Secretary to Former President Hoover.
The Senate on June 10 approved the nomination of Walter
Newton of Minnesota, a former Secretary to former President Hoover, to be a member of the Federal Home Loan
Bank Board, over sharp objections from Senator Norris who
called it a "slap in the face to progressive Republicans."
Confirmation was by a vote of 43 to 30. President Roosevelt
nominated Mr. Newton on June 8, keeping a promise he
made it is reported to the former President on inauguration
day. At that time Mr. Hoover is said to have requested
President Roosevelt to take care of Mr. Newton, who retired
from Congress to serve the last President. With regard to
the Senate's action of June 10, Associated Press advices
from Washington, said:
Just before the vote Senator Stephens of Mississippi took the floor to
attack Mr. Newton. The Senator said the two essential qualifications
he sought in a man for holding office were ability and character.
"I do not question Mr. Newton's ability," he said. "I challenge him
on the second essential."
Mr. Stephens asserted two names for District Attorney had been sent
to the White Ilouse in the previous Administration with the approval of
the Justice Department.
"Only one name reached Mr. Hoover," the Senator said. "Mr. Newton
told me the other unfortunately got lost. His failure to call upon the
Department of Justice for another slip indicated he did away with it.
He was unfaithful and untrue to his own chief, President Hoover."
Senator Norris in assailing the candidate said:
"1 dont' believe you could find a single progressive Republican in this
body who would be willing to be quoted as favorable to this nominee.
While this man was at the White House, all sorts of machinations went
on there to the detriment of what is known as the progressive Republican
wing."
The Senator had no respect for a "man who allies himself with what
I believe a very bad organization and who makes political pies and political
plums his career."
Senators Wheeler of Montana and Long of Louisiana joined in the
assailing of Mr. Newton.
Federal Land Bank of St. Paul Resumes North Dakota
Loans to Farmers—Had Temporarily Discontinued
Loans Following Enactment of Law Affecting
Foreclosures.
The following is from the St. Paul "Pioneer Press" of
June 8:
The Federal Land Bank of St. Paul has resumed the making of new
loans to farmers of North Dakota, F. H. Klawon, President, announced
Wednesday.
On instructions from Washington, the Federal Land Bank had discontinued making of loans to North Dakotans following enactment of a North
Dakota law barring deficiency judgments after foreclosure on real estate
mortgages.
1•• "The Federal Land Bank of St. Paul is now in a position to make new
loans In the State of North Dakota under the terms of the Federal Loan
Act and the Emergency Farm Mortgage Act of 1933 which was recently
enacted," Klawon said in a statement. "It has been determined that
Senate bill No 3 enacted by the 1933 session of the North Dakota Legislature while a bar to the entry of a judgment for deficiency remaining after
foreclosure of a real estate mortgage, is not a bar to the remedy existing
before foreclosure of suing on the note and realizing on all the leviable real
and personal property owned by the mortgagor, thereafter foreclosing such
mortgage for any balance remaining.
"This will make it possible for the farmers of North Dakota who have
security to offer which meets the usual requirements of the Federal Farm Loan
system to procure loans as usual through active national farm loan associa
Volume 136
tions, and in those areas where there are no active farm loan associations to
procure direct loans as provided for in the Act as recently amended."
Mr. Klawon said that the Bank, in order to get complete information to
farm loan association officers as quickly as possible, is arranging to hold
a series of meetings with association secretary-treasurers of national farm
loan associations and county agents next week.
"At these meetings," Mr. Hlawon said. "complete information concerning the new activities of the Bank will be explained to association officers
so that they may in turn transmit the information to all interested farmers."
Legal Staff of Farm Credit Administration Rules as
to Effect on Federal Land Bank Loans of Arkansas
Mortgage Foreclosure Law.
State laws which prohibit the taking of deficiency judgments after all the debtor's property has been applied to
payment of the mortgage debt, need not be a barrier to the
granting of Federal Land Bank loans if the laws of the
State are otherwise favorable to the collection of the full
amount of the lien, in the opinion of the legal staff of the
Farm Credit Administration. Announcement to this effect
was made on June 5 by Henry Morgenthau Jr., Governor
of the Farm Credit Administration, in making public his
reply to Governor J. M. Futrell of Arkansas, who had asked
his opinion as to the effect on Federal Land Bank loans of
a statute recently passed by the Legislature of that State.
The Arkansas Governor was informed also that a study
of the law governing the administration of the Land banks
indicated no reason for objection to State laws which for
a limited emergency period such as two years would empower courts to grant continuance of mortgage foreclosure
sales or confirmation of them, or extend the time of redemption, if the purpose of these statutes is to prevent sales
"on a markedly unfair and unreasonable basis."
The questions raised by the Governor of Arkansas had
also come to Governor Morgenthau and other officials of
the Farm Credit Administration in connection with laws
forbidding deficiency judgments or otherwise limiting the
rights of creditors in other States.
Mr. Morgenthau revealed that before decision was reached
in response to Governor Futrell's inquiry he had communicated directly with the Arkansas Governor, with the
result that Dr. W. H. Abington, the member of the Arkansas
Legislature who introduced the bill limiting foreclosure
rights in that State, had come to Washington and reported
to the members of the legal staff of the Farm Credit Administration on the situation in that State. In his letter
to Mr. Morgenthau, Governor Futrell said the Arkansas
law was now being tested in the Supreme Court and that
if it was upheld he would, if necessary, call a special session
of the Legislature to modify or repeal it. Members of
the North Dakota delegation in Congress have also consulted Mr. Morgenthau about a North Dakotalaw forbidding
deficiency judgments which raised similar questions. Mr.
Morgenthau said:
I wish to make it plain that we have no intent or desire to dictate or
even to suggest the lines which legislation or court procedure should follow
in any of the States. Those are purely matters of State concern. We
do, however, have a very grave responsibility to act within the limits
laid down by Federal law in passing upon the character of the security
offered to the Land banks and of the loans made by them. We must
also protect the interests of the present borrowers who are partners in the
Land Bank system and those who have invested in Land Bank securities.
We must consider their interests as well as those of applicants for loans
in interpreting the law by which we are governed. With those considerations always held in mind we are anxious to enable the Land banks to
render as great a service as possible to all who are in need of credit.
The text of the opinion embodied in his letter to the
Governor of Arkansas has been transmitted to all of the
12 Federal Land banks, Mr. Morgenthau said. The text
of the letter to Governor Futrell was made public as follows
on June 5 by the Farm Credit Administration:
I have your letter of May 22 in which you refer to a recent Act of Legislature of the State of Arkansas requiring mortgagees to agree to bid at
foreclosure sales the amount of the debt, interest and costs.
It is, of course, no part of the proper function of the Farm Credit Administration to take action which would unnecessarily limit the legislatures
of the individual States in making such regulations with respect to their
own procedure as may seem to them warranted by existing local circumstances: and every effort will be made so far as possible to adjust the procedure outlined by the Farm Credit Administration for the loaning of funds
on mortgages to the legislation and customs in various parts of the country.
You will appreciate, however, the importance of the substantial rights of
investors in Federal Land Bank bonds and the consequent necessity that
any decision made by the Farm Credit Administration must have in view
also the adequate protection of such investors.
The question raised in your letter has been considered in relation not
having
only to the Arkansas legislation but also to that in other States
has
the same or a similar purpose, and the Farm Credit Administration
statements of the limits fixed by the Federal
formulated the following
of farm loans:
law under which it acts in the matter
Wherever under State law it is possible for the mortgagee to reach and
personal property owned by the mortrealize on all the leviable real and
possible also for him to foreclose
gagor at the time of the foreclosure, and question, legislation which prein
on the land subject to the mortgage
property
vented a deficiency judgment entitling the mortgagee to reach
standpoint
acquired subsequent to the foreclosure would seem, from the the making
Administration, to present no obstacles to
of the Farm Credit
Commissioner and the Federal Land banks.
of loans by the Farm Loan
4201
Financial Chronicle
In a period of emergency such as the present, and for some limited
Period such as two years pending the time when Federal relief measures
can become effective, there would seem to be no objections to legislation
so modifying procedural law as to authorize courts to grant continuances
from time to time of mortgage foreclosure sales or confirmations of the
same or extensions of the period of redemption, the purpose being to
prevent sales on a markedly unfair and unreasonable basis.
Details of procedural law of the States are, of course, entirely within
their control. This observation would apply to such legislation as that
embodying reasonable provisions fixing the time within which answers
may be filed, and the particular times within court terms at which orders
of sale and confirmations of the same may be applied for.
Finally it may be stated that legislation which, by its terms, does not
apply to loans made or held by the United States or any agency thereof,
would, of course, be of no concern to the Farm Credit Administration.
I am sorry for the delay in answering your letter, but I am sure you
will appreciate the time which questions of such importance and difficulty require.
Loans of $2,672,536 to Farmer's Co-Operative Associations Authorized by Federal Farm Board From
Feb. 28 to April 30.
Henry Morgenthau Jr., Governor of the Farm Credit
Administration, announced on June 3, that new loans
totaling $2,672,536.97 were authorized to be made to
farmers' co-operatives from the Federal Farm Board's
revolving fund during the two months' period from Feb. 28
1933 to April 30 1933.
Mr. Morgenthau added:
Of this total sum authorized, cash amounting to $1,308,448.02 was
advanced to the co-operatives. The amount of loans for each association
approved during this period is given on the following pages.
On Feb. 281933,the co-operatives owed the Farm Board a total of $157.236,323.35. Between Feb. 28 and April 30 this amount was increased by
advances on both old and new commitments amounting to $3,132.529.87,
and decreased by repayments of $3.998,544.15. leaving the co-operatives
owing a total of $156,370.309.07 on April 30 1933. The amount owed by
individual associations is also indicated on the schedule of loans.
Hereafter the Farm Credit Administration will announce once a month
similar information concerning loans to co-operatives.
The following statement shows commitments made from the Federal
Farm Board's revolving fund to farmers' co-operatives from Feb. 28 1933
to April 30 1933, and the total loans outstanding as of April 30 1933
Total Loans
New
CommitmerUs. Outstanding.
Name and Address.
$268,084.23
Ala. Farm Bureau Cotton Assn., Montgomery, Ala_
Alabama-Florida Co-operative Peanut Assn., Mont14,550.00
gomery, Ala
Alamo Co-operative Milk Producers Assn., San
10,562.61
Antonio, Tex
71,454,735.78
$440,455.40
Amer. Cotton Co-operative Assn., New Orleans, La
73,482.15
Charles, La
American Rice Growers Assn., Lake
265,845.75
Arizona Pimacotton Growers Assn., Phoenix, Ariz_
254,599.34
Arkansas Rice Growers Assn., Stuttgart, Ark
4,000.00
Arnegard Potato Growers Assn., Arnegard, N.Dak_
Ilattletown Co-operative Fruit Exchange, Berry16,800.00
ville, Va
117,563.39
Big Horn Co-oper. Marketing Assn., Basin, Wyo..
7,638.55
Blair Apple Growers Assn., Blair, Kan
49 912.13
Cafeteros de Puerto Rico. Ponce, Porto Rico
12,000.00
Calavo Growers of California, Los Angeles, Calif_
89,112.00
Calif. Cotton Co-oper. Assn., Ltd., Bakersfield, Calif.
2,460,690.65
Calif. Grape Control Board, Ltd., San. Fran., Cant.
155,884.36
Calif. Peach & Fig Growers Assn., Fresno, Calif
385,658.50
Calif.Prune 5, Apricot Growers Assn.,San Jose. Calif.
1,267,257.02
California Raisin Pool, Fresno, Calif
3,510.62
Calloway, Neb_
Calloway Co-operative Creamery,
248,627.33
38,000.00
Challenge Cream ez Butter Assn., Los Angeles, Calif_
2,211.42
Cassia Potato Growers Co-oper. Assn., Burley, Ida
Chautauqua & Erie Grape Growers Assn., West175,103.40
field, N.Y
Cllntondale Fruit Growers Co-oper. Assn., Clinton175,000.00
dale, N. Y
19,000.00
Coasol. Badger Co-operative, Shawnee, Wis
111,381,28
Colorado Bean Growers Assn., Trinidad, Colo
410,000.00
200,000.00
Co-oper. Grange League Federation, Ithaca, N. Y.
1,725,000.00
Ohio
Co-operative Pure Milk Assn., Cincinnati,
82,284.39
Dairy a, Poultry Co-opers., Inc., Chicago, Ill
Dairymen's Co-oper. Creamery of Boise Valley,
120,000.00
Caldwell, Ida
3,750,000.00
Dairymen's League Co-oper. Men.,Inc., N.Y.C.
609,536.75
300,000.00
Eastern Dark Fired Tob. Assn., Springfield, Tenn_ _ _
4,914.14
44,023.14
Eastern Shore of Va. Produce Exch.,Onley, va
8,830.31
Creamery, Inc., Eatonton, Ga_
Eatonton Co-oper.
38,491.02
Egyptian Seed Growers Exchange, Flora, Ill
8,200.00
Enid Co-oper. Creamery, Inc., Enid, Okla
31,115.17
5,000.00
Farmers Equity Co-op. Creamy Assn., Orleans, Neb.
19,200.00
Farmers Equity Union Creamery Co., Lima, Ohio56,680.15
Farmers Federation, Inc., Asheville, N.C
15,768.860.24
Farmers Nat. Grain Corp., Chicago, III
789,379.64
Farmers Nat. Grain Corp.(drouth relief) Chic.. Ill
6,181.00
Farmers Union Co-oper. Creamery, Billings, Mont_
82,786.01
Farmers Union Co-oper. Produce Assn., Colony, Kan.
1,546.51
Comm.Co.,St.Paul, Minn
Farmers Union Poultry
2,179,606.49
Florida Citrus Exchange, Tampa,Fla
3,930.00
Florida Truck Growers Assn., Bradenton, Fla
665,433.62
Fruit Growers Union Co-oper., Sturgeon Bay, Wis..
2,934,149.95
Fruit Industries, Ltd., San. Francisco. Calif
299,195.46
Co-oper. Assn., Atlanta, Ga.
Georgia Cotton Growers
12,456.83
Georgia Peanut Growers Exch., Inc., Albany, Ga_
169,797.05
Gt. Lakes Fruit Indust.. Inc., Benton Harbor, Mich_
2,505.45
Newberg. Ore
Growers Co-operative Assn.,
9,600.00
Growers Co-oper. Grape Juice Co., Westfield, N. Y_
12,664.98
Assn., Greensboro, N.C_
Guilford Dairy Co-oper.
100,000.00
Hastings Potato Growers Assn., Hastings, Fla
30,657.09
Idaho Egg Producers, Caldwell, Ida
Idaho Grimm Alfalfa Seed Growers Man., Black28,000.00
foot, Ida
13,540.00
Illinois Fruit Growers Exch., Centralia, III
16,040.38
.
Indiana Poultry Co-oper., Inc., Indianapolis, Ind_
49,383.19
Interstate Assoc. Creameries, Portland, Ore
6,500.00
Jay Cty. Farm Bureau Co-oper. Assn., Portland, Ind.
Kentucky Blue Grass Seed Growers Co-oper. Assn.,
932,160.98
30,000.00
Ky
Winchester,
2,977,875.00
300,000.00
Land O'Lakes Creameries,Inc., Minneapolis, Minn
55,796.50
Louisiana Cotton Co-oper. Assn., New Orleans, La
186,500.00
Lower Col. Co-oper. Dairy Assn., Astoria, Ore
75,471.33
Magtex Fig Association, Houston, Tex
2,670.93
Maine Potato Growers, Inc., Fort Fairfield, Me
211,789.40
150,000.00
Maryland Tob. Growers Assn., Baltimore, Md
5,700.00
Marlon Vegetable Growers Marion, N. Y
3,782.38
2,500.00
Miami Valley Cooper. Milk Prods. Assn., Dayton,0.
87,536.86
Michigan Producers Dairy Co., Adrian, Mich
106,488.83
Mid-South Cotton Growers Assn.. Memphis, Tenn
Minkloka Potato Growers Co-oper. Assn., Inc.,
1,622.94
Rupert, Ida
2,800.00
Miss. Farm Bureau Federation, Jackson, Miss
Mo. Val. Blue Grass Seed Growers Assn., Platte261,573.05
burg, Mo
32,046.95
Nionetta Asparagus Growers Assn.. Monetta, S. C._,
50.000.00
Montana Bean Growers Assn., Billings, Mont
39,680.42
States Honey Prod. Assn., Boise, Ida
Mountain
0
4202
Financial Chronicle
New
Commitments.
Name and Address—
Mushroom Co-oper. Canning Assn., Kennett
Square, Pa
Nat. Cheese Producers Federation, Plymouth, Wits_
National Fruit & Vegetable Exch., Chicago, Ill
Nat. Livestock Marketing Assn., Chicago, Ill
43,000,1)
National Pecan Marketing Assn.. Jackson, Miss
38,515.93
National Producers Feeder Pool, Chicago, Ill
Nat. Wool Marketing Corp., Boston, Mass
64,598.71
N.C.Cotton Growers Co-oper. Assn., Raleigh, N.C_
N. Das.-Mont. Wheat Growers Assn., Grand
Forks, N. Dak
152.23
North Platte Val. Co-oper. Cheese Co., Gering, Neb.
Nor. Wis. Co-oper. Tob. Pool, Madison, Wis
Northwest Grain Assn., Minneapolis, Minn
Ohio Farmers Co-oper. Milk Assn.(new)Cleveland,0. 650,000.00
Ohio Farmers Co-oper. Milk Assn.(old)Cleveland, 0.
0. K. Co-oper. Milk Assn., Inc., Okla. City, Okla_
Oklahoma Cotton Growers Assn., Okla. City, Okla_
Orchard Grass Seed Growers Co-oper. Assn., Louisville, Ky
Pinto Bean Growers Assn., Trinidad, Colo
Plains Co-operative Inc., Plainview,'lex
Poultry Prod. Assn. of Texas, San Antonio, Tex
3,000.00
Producers Creamery, Marion, Ind
Producers Mutual Exch. of N. C., Durham, N.C_
Producers Produce Co., Inc., Chillicothe, Mo
Rice Growers Assn. of Calif.. Sacramento, Calif
Rio Grande Valley Citrus Exch., Weslaco, Tex
Rio Grande Vegetable Co oper. Assn., Westtaco. Tex_
Sacramento Val. Walnut Growers of Calif., Live
Oak, Calif
San Dimas Lemon Assn , San Dimas, Calif
Shelby Cty. Milk Producers Assn., Memphis, Tenn_
S. C. Cotton Growers Co-oper. Assn., Columbia, S.C.
S. C. Packing Corp.
-Co-open, Fairfax, S. C
S. C. Tob. Growers Marketing Assn., Florence, S. C.
1,900.56
Sodus Vegetable Growers, Sodus, N.Y
6,150.00
South Shore Co-oper, Assn.. Silver Creek, N. Y
South Miss. Dairy Prod. Assn., Laurel, Miss
Southern Idaho Bean Growers Assn., Twin Falls, Ida.
Southw. Irrig'd Cotton Growers Assn., El Paso, Tex_
Southw. Poultry Assoc., Brownwood, Tex
Soy Bean Marketing Assn., Chicago. III
Staple Cotton Co-oper. Assn., Greenwood, Miss
Stayton Canning Co. Co-oper., Stayton, Ore
Stemming District Tob. Assn., Henderson, Ky
Sun Maid Raisin Growers of Calif., Fresno, Calif_
Texas Cert. Cottonseed Breeders Assn., Dallas, Tex_
Texas Cotton Co-over. Assn., Dallas, Tex
The Dalles Co-oper, Growers, The Danes, Ore
Tulsa Milk Producers Co-oper. Assn.. Tulsa, Okla_
Uintah Farm Bureau Co-oper. Assn., Vernal, Utah
Union Fruit Co., Paonla, Colo
8,000.00
United Dairy System, Inc., Springfield, Mass
United Dairymen's Association, Inc., Seattle, Wash
Upper Snake River Val. Dairymen's Assn., Idaho
Falls, Ida
Utah Fruit & Vegetable Growers, Inc., Salt Lake
20,000.00
City, Utah
Utah Poultry Producers, Salt Lake City, Utah
30,000.00
Valley Co-oper. Fruit Exch., Winchester, Va
Valley of Va. Co-over. Milk Producers Msn., Harrisburg, Va
Va. Co-over. Peanut Man., Inc., Suffolk, Va
Washington Canners Co-oper., Vancouver, Wash _
Washington Cty. Co-over. Creamery Co., Linn, Kan_
Wathena Apple Growers Assn., Wathena, Kan
Wayne Co-oper. Cherry Growers, Inc., Sodus, N. Y_
Wenatchee-Okanogan Co-op. Fed., Wenatchee, Wash 300,000.00
W.Va. Poultry Co-oper. Man., Parkersburg, W. Va_
Western Dark Fired Tob.Growers Assn.,Murray, Ky.
Wis.Potato Growers Exchange, Waupaca, Wis
Wolcott Vegetable Growers, Wolcott, N. Y
3,150.00
Woodstock Co-over. Fruit Each., Woodstock. Va.._
Total Loans
Outstanding.
21.356.85
78,412.85
105,380.49
4,055,011.72
354,775.64
91,580.33
17.656,699.95
74,036.50
223,429.16
63,637.23
667.079.50
16,986.49
430,000.00
9,591.95
388,722.06
444.88
42,112.28
9,415.51
182,743.51
30,000.00
4,850.07
102,169.62
361,250.00
14,456.06
41,479.91
19,014.00
15,000.00
89,595.49
98,499.71
47,180.90
718,866.81
7,316.52
17,983.09
49,829.24
42,000.00
5,000.00
127,985.70
10,958,841.27
10,926.55
115,184.74
4,484,287.48
24,127.40
429,626.79
34,890.19
35,666.61
5,250.00
16,500.00
764,560.65
70,000.00
16,913.75
27,000.00
45,850.00
9,149.50
38,578.55
12,642.49
8,797.95
14,299.78
11,579.78
283,970.67
1,450.00
15,260.00
62,672.536.97 $156,370,309.07
Total
Reduction in Interest Rates on Loans by Reconstruction Finances Corporation—Dividend Rate on Preferred Stock in Banks Also Reduced.
Jesse H. Jones, Chairman of the Reconstruction Finance
Corporation, announced on June 10 that the directors of
the Corporation have authorized another reduction of one
half of 1% in interest rates and also a reduction to 5%,for
the first five years, of the dividend rate on preferred stock
in banks. As a result of the action of the directors the rate
to 5%;
of interest on loans to railroads is reduced from
the interest on loans to banks, trust companies, building
and loan associations, insurance companies, mortgage loan
companies, credit unions, joint stock land banks, live stock
credit corporations and agriculture credit corporations is reduced from 5 to 432%. Rates on closed banks are reduced
from 4A to 4%. The Corporation has also agreed to buy
preferred stock in banking institutions with a dividend rate of
5% instead of 6% as at present. Chairman Jones states that
"to enable the Corporation to make this interest reduction,
Secretary Woodin has agreed to reduce the interest charge to
the Corporation by the Treasury from 33/b to 3%. The announcement of Mr. Jones follows:
The Directors of the Reconstruction Finance Corporation have authorized
another reduction of one-half of I% in interest rates and also a reduction
to 5%, for the first five years, of the dividend rate on preferred stock in
banks.
A condition precedent to the reduction in interest rates, is that the banks.
insurance companies, mortgatge companies, etc., shall pass the interest
reduction along to their borrowers, and that all borrowing corporations, including railroads, shall, if they have not already done so, adjust their
salaries, fees, and operating expenses in keeping with the conditions that
have made it necessary for them to borrow from the Corporation, and in
a manner acceptable to the Corporation.
This reduction will give the railroads a rate of5%,and all other borrowers,
except closed banks,a rate of 4A %. Closed banks will get a rate of 4%.
The Directors are also considering a further reduction of one-half of 1%
to railroads which pay their loans within a period of two or three years.
This extra reduction, if made, would be at the time of payment of the indebtedness to the Reconstruction Finance Corporation.
Mb
The principal purpose in reducing the dividend rates on preferred stock
is to encourage them to strengthen their capital structure where
to banks
desirable but not actually necessary. A great many banks have indicated
that they would be willing to issue preferred stock and sell it to the R. F. O.
If the dividend rate was lower. The Corporation having heretofore estab•
June 17 1933
lished a rate of 6%. it is believed by the Directors that a 5% rate on preferred stock to banks will cause many of them to avail themselves of the
Opportunity to increase their capital and be in a better position to extend
credit and further aid in getting business started on a normal basis.
To enable the Corporation to make this interest reduction, Secretary
Woodin has agreed to reduce the Interest charge to the Corporation by the
Treasury from 33 to 3%.
Interest reductions will be adjusted to all borrowers regardless of the rate
that the notes bear, and the Directors have no doubt but that all borrowers will readily meet the conditions imposed, as was recently the case when
the Southern Pacific Railroad reduced salaries, attorney's fees, etc., on
receiving a large loan.
The present decrease follows a reduction in rates made
by the Corporation last December and referred to in our
issue of Dec. 31, p. 4482.
Atlee Pomerene, Former Chairman of Reconstruction
Finance Corporation Defends Latter—Says Loans
Were Made Where "Critically Needed"—Declares
There Is "Still too Much Hoarding"
The Reconstruction Finance Corporation staved off disaster to the United States in 1932, the most critical year of
the depression, said Atlee Pomerene, former Chairman of
the corporation, in an interview in Cleveland on June 11.
A dispatch from that city to the New York "Times" said:
do not like to think what might have happened to the country if
the President had not provided for the relief of our people by the means
provided in the Reconstruction Finance Act," Mr. Pomerene said. in his
Cleveland law office, to which he returned in March.
Mr. Pomerene defended the Corporation from criticism on the score
of "too many and too large loans to railroads, finance and big business."
He said that loans were made where they were "critically needed," reiterated
his assertion that publication of R. F. C. loans had seriously damaged,
or threatened damage, to loan recipients, and blamed the depression on
bankers for "restricting credit when they had money to lend."
Mr. Pomerene became Chairman of the R. F. C. in August 1932, by
interim appointment of President Hoover as the fourth Democrat on the
board. His name was submitted to the limited States Senate, with that
of Charles A. Miller, Republican Board member, in January by President
Hoover. The Senate refused to confirm either appointment and Mr.
Pomerene's term expired when the Democratic administration took office.
"There was a bit of a flare-up when I said two months ago that publicity
given to It. F. C.loans was detrimental, but I still think so and I'll continue
to say so," Mr. Pomerene declared.
Mr. Pomerene said he had not closely followed the work of the R. F. C.
since the end of his term but that he was "greatly heartened" by the effect
of the work of President Roosevelt's administration. He said he believed
that industrial, agricultural and financial conditions were improving "although there is still too much hoarding, which brings serious danger to
our financial system."
"This depression was caused by hoarding, principally hoarding by banks,"
Mr. Pomerene declared, slapping his desk. "For weeks we were paying
out money to banks but instead of lending it out in turn banks kept it in
the vaults to 'preserve liquidity.' Why one bank I hoard of was 110%
liquid.
"Critics ignored the fact, when they spoke of the corporations loans to
railroads, banks and the like, that those institutions were simply media
through which loans were made for the benefit of thousands of borrowers,
depositors and holders of securities," he said.
"Up to May 8 1933 a total of 6,108 banks and trust companies had
received loans, some of them two or three loans. These banks had a total
of depositors estimated at 20,000.000.
"Building and loan associations receiving loans totaled 974. Those
associations represented 2.500,000 members.
"Up to June 1 the Corporation loaned 8201,291,000 for self-liquidationg
projects in thirty-five States and Territories. The amount was estimated
to have provided 291,785,000 man-hours of labor."
R. M. Hutchins, President of University of Chicago,
Named Head of Federal Advisory Employment
Council—Plans for Operation of New Law Described by Secretary Perkins-21 States Have
Pledged Co-operation with Federal Government.
Robert M. Hutchins, President of the University of
Chicago, has been appointed Chairman of the advisory
committee to be organized in connection with the new
Federal employment service, according to an announcement
by Secretary of Labor Frances Perkins on June 13. Senator
Robert F. Wagner of New York, William Green, President
of the American Federation of Labor, and Henry I.
Harriman, President of the Chamber of Commerce of the
United States, have also been invited to serve on the committee, the announcement said. Miss Perkins described
plans for carrying out the provisions of the law providing
for co-operation between State employment offices and
the Federal employment system, and said that since enactment of the Federal law 21 of the 24 States having employment offices have accepted the new system and pledged
their co-operation. These include New York, Connecticut,
New Jersey, Pennsylvania, Delaware and New Hampshire.
Miss Perkins continued:
Job analysis will be one of the major features of the new plan. No
longer will the old sign "Men Wanted" be the lure for a horde of applicants
who may or may not be especially qualified or even able to meet the demands of the available jobs, but specific information concerning the work
to be done and the degree of training or experience required will be provided in advance, and only those applicants sent to a plant or factory
who have at least a chance of employment.
In order most effectively to administer its assistance to the State employment offices and to perform its inter-State functions, the Federal
service probably will establish several regional clearing houses with field
supervision.
•
Volume 136
Financial Chronicle
"The new challenge to industry," Miss Perkins said in
an address made on June 13 before the graduating class of
the National Catholic School of Social Service, "is to find
away to build up the purchasing power of the American
people to balance the producing power of our great engineering systems." She added:
6 Co-operating in the unification of our own country is sure to result.
As we look forward to a period in which hours of labor are shortened
and wages and remuneration are more satisfactory and complete, we look
forward also to participation in social wealth, the kind of thing we think
of to-day under the limited terms of recreation, education and public
health, but which have infinite possibilities because in the investment of
wealth in these enterprises thore goes the building up of the culture and
physi Me of our whole civilization.
--...-
a
ate Military Affairs Committee Conducts Hearings
on Purchase of 200,000 Kits for Reforestation
Corps—War Department Says It Could Have
Bought, Material at $100,000 Saving—Committee
Report Finds No Evidence of Improper Motive,
but Considers Too Much Was Spent on Contract.
Charges that Robert Fechner, Director of the Civilian Conservation Corps, purchased 200,000 toilet kits at a price of
$1.40 each when the similar articles could have been bought
by the War Department for a total approximately $100,000
less than was paid, were aired before the Senate Military
Affairs Committee in a series of hearings from June 2 to
June 7. The investigation was approved by the Senate on
June 1, after Louis M. Howe, Secretary of President Roosevelt, had given testimony before the Military Affairs Committee at his own request. Mr. Howe also testified before
the Committee on June 6.
After hearing the testimony of numerous witnesses, the
Military Affairs Committee reported on June 10 that there
was no evidence to "sustain a charge of corruption or improper motive" in the purchase of the kits. The report said
that the amount of $1.40 charged was a fair price for the
material purchased, but added that so large a sum should
not have been spent. It recommended that in the future
emergency purchases for the Conservation Corps be passed
upon by the Comptroller-General as to the "reasonableness
of the price proposed." With regard to a contention by the
War Department that no competitive bids were called for
in this instance, the Committee recommended that "steps be
taken" to prevent a recurrence of such a situation. According to testimony by Mr. Fechner, on June 2, he made a contract with Be Vier Corporation, of New York City, for
200,000 kits at $1.40 apiece, and in so doing relied for his
authority on a letter from Mr. Howe, dated May 16. This
letter was reported to have said that Mr. Howe had seen
army kits (sold at approximately 85c. apiece), and that they
were "inferior" to the articles made by the Be Vier Corp.
Mr. Fechner said that he understood the Be Vier Corp. was
to make a profit of approximately 15% on the sale of the
kits to the Government. Army officers who appeared before
the Committee on June 2 criticized purchase of the kits as
extravagant and wasteful.
On the following day (June 3) Richard B. Bevier, President of the company that sold the kits, told the Senate Committee that he had originally gone to see Mr. Howe with a
letter of introduction from Basil O'Connor, of New York,
former law partner of President Roosevelt. Mr. Howe, he
said, had referred him to Mr. Fechner, who signed the order
for the articles. F. W. Lowery, Assistant to Budget Director
Lewis W. Douglas, testified that he had examined the material displayed by Mr. Bevier and had sent him to Mr.
Fechner, since the latter was opposed to the cheaper materials supplied by the Quartermaster-General, and was
anxious to obtain a higher quality of kit for the men in the
reforestation camps.
When Mr. Howe appeared before the Military Affairs Committee, on June 6, he denied categorically that he had
directed Mr. Fechner to sign the contract with the Be Vier
Corp., but said that he referred the matter to Mr. Fechner
on the basis of a study made by Mr. Lowery. He added that
by his action he meant only to recommend that the affair be
placed in Mr. Fechner's hands rather than in the Jurisdiction of the War Department. Mr. Howe offered a formal
statement, which read as follows:
Mr. Chairman and Gentlemen of the Committee: I have read the testimony I gave at my last hearing, and I see nothing which would appear to
need correction. To clear the whole matter up, I would like to make this
brief summary of the very small part I took in the whole matter.
A Mr. Sevier, whom, to the hest of my recollection, I had never met
before and whom I have not seen nor communicated with in any way since,
appeared at my office with a letter from Mr. Basil Wilmer from New
York, a personal friend of mine, which stated that Mr. Bevier thought he
could save the Government a great deal of money, and would I hear him a
few moments.
4203
I have standing orders with my secretary that letters bearing introductions from Senators, Congressmen or personal friends to automatically give
them the first convenient appointments without reference to me, as I would
see them in any event.
Under this rule my secretary did not bother me with information that
Mr. Bevier had a letter of introduction from anybody. When he appeared
I had no knowledge that he came on with any introduction whatever, nor
did I know this until I looked up the letter in the files after reading the
newspapers stating that he had come with a letter of introduction from
Mr. O'Connor.
I therefore testified quite frankly at the previous meeting that I had no
idea why Mr. Bevier came to me. I can assure you that the letter of introduction played no part in the whole affair.
I asked the visitor, whose very name I was unaware of when he came,
what he wanted, and he presented two exhibits of kits, one which he explained was being furnished by the army and the other which he said his
firm could furnish for less money for the Conservation Corps.
It is not any part of my duties to investigate the purchases made by any
part of the Government, and I accordingly called up the Director of the
Budget and asked him if he would send. someone over immediately to look
into the whole matter.
He sent over Mr. Lowery, who, he assured me, was one of his best investigators. I explained to Mr. Lowery the statements the gentleman had made,
but told him I was unable to verify them because I neither had time nor was
it my duty to so do but that I would appreciate his looking into the whole
'
matter to find out if Mr. Bevier's articles were the most advantageous to
the Government and to report to Mr. Fechner regarding the accuracy of
Mr. Bevier's
That was the last connection I had with the whole matter, with the exception that I was called up later and told by Mr. Lowery, who said he had
reported to Mr. Fechner, and that Mr. Fechner expressed doubts as to Mr.
Fechner's authority to order what seemed to be the most advantageous
purchase.
As I knew nothing of the circumstances, I did not feel competent to write
a letter on the matter to Mr. Fechner, but suggested to Mr. Lowery that he
write the letter that Mr. Fechner wanted, which would give him the assurance, and send it over to me.
When the letter arrived by messenger I took it to the President, explained
the situation, and there being, of course, no doubt of Mr. Fechner's authority
under the law, the President approved the letter and it was forwarded to
Mr. Fechner. This letter is on your record, and merely tells Mr. Fechner
that if he considered it the most advantageous thing to do, he has authority
under the law to make the purchase.
At the same time, however, the reading of this letter indicated to me very
clearly that Mr. Lowery had investigated the matter of Bevier's
Otherwise I cannot see how he or anyone else would have sent such a letter
to me for my signature.
It should be noted in this connection that Mr. Lowery said in the draft
of the letter he gave me that "such things as tooth brush, shaving brush,
comb, razor and blades, shaving soap, toilet soap, can be purchased in the
form of a kit containing more items and of much higher quality, at a considerably less price than they would cost if purchased singly, or if procured
through the War Department in their regular manner of purchase and issue
for soldiers."
I thought no more about this matter until the Committee requested me to
make a statement of my connection with the affair. I appeared and gave
substantially the facts which I now quote In this condensed form.
I never directly nor indirectly attempted to influence any decision in this
matter. I had no knowledge of the correctness or incorrectness of Mr.
Bevier's claims, nor did I advise directly or indirectly anybody concerned
with the matter as to the course to pursue. It was not my affair, and my
duty consisted in seeing that it was referred to the proper officials for investigation and action.
I do consider it my duty, however, to see anyone who comes to me with a
proposal which, on its face, is to the best interests of the Government.
In Mr. Bevier's claims to me he definitely said these articles could be
bought in kit form with a considerable saving to the Government, and could
be bought cheaper than the army could purchase the same articles. That
is why I took the action I did.
(Signed) LOUIS McHENRY HOWE.
The Committee concluded its questioning of witnesses on
June 7. The principal testimony on that day was offered by
Richard B. Sevier, who said that his company has sold toilet
materials to the War Department for 15 years, and In that
period has made an average profit of only 2% on gross turnover. Answering the contentions of the Quartermaster Corps
that the kits involved in the contract were priced at too high
a figure, he said that his company has participated in previous sales to the army for the Conservation Corps prior to
May 15 1933, and he declared that he would be willing to sell
to the Government the kits in question at a price 10% lower
"than the price at which the same quality of nationally advertised branded merchandise has been purchased by the
Quartermaster Corps of the United States Army for the
Civilian Conservation Corps, at or prior to May 15 1933, the
date on which this contract was signed."
House Resolution Authorizes Judiciary Committee
to
Sift Bankruptcy Cases—Directs Study of Receiverships in Federal Courts—Said to Be Aimed
at
Certain Banks,
The House of Representatives on June 12 by a
vote of
125 to 29 approved a resolution authorizing the
Committee
on Judiciary to investigate the
appointments, conduct,
proceedings and acts of receivers, trustees and
referees in
bankruptcy. The resolution, which was sponsored
by
Representative Celler of New York, directs the
Judiciary
Committee to make its report not later than Jan. 31
1934.
Under its provisions the Committee will inquire into
the
action of any district judge in promulgating any rule or
practice of the court appointing the same person or
corporation
4204
Financial Chronicle
as a receiver in all cases of bankruptcy. It was intimated
that the resolution was aimed at certain banks alleged to
enjoy a monopoly in the handling of such cases. House
debate preceding its adoption was described as follows in
Washington advices of June 12 to the New York "Times":
Representative McFadden of Pennsylvania, who opposed the investigation as planned, said the Irving Trust CO. of New York was "one of the
inside institutions."
Three judicial districts were mentioned during the heated debate that
preceded the adoption of the resolution—one in Florida. one in California
and one in Illinois. The names of judges who may be involved were not
disclosed.
The resolution, sponsored by Representative Collier of New York, seeks
information that would aid Congress in passing necessary remedial legislation.
In the event any Federal Judge comes within the scope of the investigation, the Committee has authority to inquire into his action in the promulgation of any rule of practice which permits the appointment of the same
person or corporation as receiver in any class of cases.
The inquiry is also directed to ascertain if the Court has set up rules
of Practice which directly or indirectly interfere with or prevent the control
of bankrupt estates by creditors "according to the spirit and letter of the
bankruptcy statutes."
The Committee is authorized to hold hearings in any part of the United
States and at any time. The investigation must be concluded and a report
made not later than Jan. 31 1934.
Urging adoption of the resolution. Representative Smith of Virginia
said, without mentioning names, that he had evidence of a district judge
in the West who had made his son the beneficiary of such cases. The son
in one year, he added,realized more than $200,000 as a result of the
appointments.
Mr. Smith said he believed that the overwhelming majority of district
Judges were "clean" and would welcome the inquiry.
Opposing the investigation, Representative Hancock (Rep.) of New York,
argued that it would serve no good purpose and would mean that a Committee of Congress during the adjournment would be going about the
United States "prying into the business of the courts of the United States."
Representative Martin (Rep.) of Massachusetts, also opposed the inquiry as "wholly unnecessary," while Representative Cochran (Dem.)
urn, said the proper agency to make the investigation was the
ent of Justice.
p
Corps Has Enrolled 250,000—Cash Bonuses
d System of Penalties Provided by Executive
der.
A total of 250,000 men has already been enlisted in the
Forest Conservation Corps, according to an announcement
by Robert Fechner, director, on June 10. This number
includes 235,000 of the 275,000 who are to be placed in
forest camps by July 1 and who had been enrolled by June 8,
as well as 15,000 civilians needed to supervise the work in
the camps. On the following day (June 11)it was announced
that President Roosevelt had approved an executive order
providing wage increase of between $6 and $15 a month for
13% of the corps and instituting a new penalty system for
minor offenses. Under the provisions of this order not more
than 5% of the authorized strength of any conservation corps
company may be paid a cash allowance of $45 a month,
while an additional 8% may be paid $36 a month. These
higher allowances will go to those who do the best work,
while others will continue to receive the present flat cash
allowance of $30 a month. Penalties which were authorized include admonition, suspension of privileges, substitution of specified duties within the camp instead of the regular
work, or deduction of not more than three days' cash allowances a month. In his announcement on June 10, Mr.
Fechner said:
ation
"Reports reaching this office make it certain that the President's program of 275,000 men in forest camps by July 1 will be completed on schedule
time.
"The big task now is that of establishing the men in forest camps. Special
trains are being used when necessary to speed the work.
"The army's schedule calls for the movement of 175,000 men into the
forests during the next three weeks."
Great Northern Railway to Get Loan of $6,000,000
From Reconstruction Finance Corporation—Denver & Rio Grande Western Reduces Amount of
Loan.
The Inter-State Commerce Commission on June 13 approved a loan of $6,000,000 to the Great Northern Railway
from the Reconstruction Finance Corporation the proceeds
to be used for the purpose of paying interest on funded debt
which is due July 1. At the same time the Commission
modified its report and certificate dated March 23 last,
approving a loan of $2,250,000 to the Denver & Rio Grande
Western by reducing the total to $2,000,000 at the request
of the company. The road advised the Commission that,
due to operating economies and improvement in its business
in the latter part of May,it will require a further advance of
only $1,000,000, instead of $1,250,000 to meet its interest
maturities on July 1 of the $2,250,000 originally authorized
1,000,000 has been advanced. The carried told the Commission that with this aid and the continuation of the upward
trend in business already manifest, it will be able to meet all
June 17 1933
operating expenses and fixed charges for the 12 months
ending with June, 1934.
Elimination of Preventable Waste Saved Railroads
Millions of Dollars, M. J. Gormley, President of
American Railway Association Tells Annual Convention of Association's Freight Claim Division
Held in Louisville, Ky.
Millions of dollars have been saved by the railroads
through elimination of preventable waste and every effort
within their power is being made by the rail carriers to
continue to make such savings, M. J. Gormley, President
of the American Railway Association, on June 7 told the
annual convention of the Freight Claim Division of that
Association held in Louisville, Ky. Mr. Gormley continued:
I doub, if it 123 possible to find any phase of railroading in which efforts
waste. Large
have not been applied with success in the elimination of
the
savings have been made through the better use of fuel not only through
older
Utilization of new and improved locomotives but in connection with
dollars through
locomotives as well. The railroads are saving millions of
such a seemingly small thing as the scientific treatment of water used in
their
locomotive boilers. Scientific treatment of cross ties, adding to
life. represents another economy. The telephone and telegraph departments
or the various railroads show since 1927 a saving of $35.000 000 in capital
Investment due to improvements which made unnecessary capital expenditin es of that amount. Other economies which the telegraph and telephone
annual
departments have effected in various years since 1927 represent an
saving in operadng costs of $9.500,000.
from
The railroads in 1920 paid almost $120.000.000 in claims resulting
loss and damage to freight shipments. Such paymema In 1932 totaled less
vigorous and
than $18,500,000. This reduction has resulted from the
through
continuing efforts of the railroads, individually and collectively,
their organizations handling claim matters. This reduction certainly can
be considered as an elimination of preventable waste.
which
Through the development of improved mechanical construction
has made possible the building and economical use of freight cars of its eater
capacity and locomotives with greater tractive power, than those formerly
in operation, the railroads have been able to eliminate aaste. Had there
been no increase in the size of freight cars, for instance, it would have
the
required the handling of more than 48.000.001) carloads to have moved
1929 carload traffic, whe eas in fact it was handler. in 36.821.868 carloads.
In other words, the use of larger cars made possible the handling of the
would
1929 tonnage of carload traffic in 11.000,000 lees carloads than
have been handled had the average capacity per car in use in 1909 been used.
high
There has also been a reduction in locomotive ownership since the
the
point of ownership on Oct. 1 1924, amounting to 20.1%. During
tractive
same period there has been an innease of 17.1% in the average
of the railroads to
capacity per locomotive. The results of the efforts
eliminate preventable waste can be stated as follows:
Had there been no reduction in the unit cost of railway operation as
have
between 1920 and 1929, railway operating expenses in 1929 would
been greater than they were by $1,212.899,000.
liad there been no reduction in the unit cost of railway operation as
have
between 1923 and 1929, railway operating expenses in 1929 would
been greater than they were by $521,003,000.
in the elimination
Not only have the railroads made vast strides forward
of waste from a financial standpoint, but they have also made a record
in the elimination of waste as the most valuable thing in the world which
is not equalled by any other industry. I refer to human life. In 1921.
seven
passengers killed in train accidents totaled 100. In 1930 there were
passenger fatalities in train accidents: in 1931 there were tour and in 1932
only one. The railroads have a safety record unequalled by any other
means of transportation.
the
Despite all that has been done by the railroads in connection with
that the
elimination of waste, it is by no means our intention to indicate
to-day
Possibilities in this connection have been exhausted. There are
and always must be in an undertaking the size of the railroads, further
exploration.
Opportunities for savings which require constant and thorough
Comment on Salaries of Executives of
Life Insurance Companies.
The following, with regard to salaries of executives of life
Insurance companies, was issued under date of June 1 by the
Alfred M. Best Co., Inc., New York, insurance publishers and
reporters:
Because of the publicity that has been given in the newspapers to the
subsalaries of executives of certain life insurance companies, one of our
scribers suggested that we draw up some authoritative figures on the subject,
together with any comments that seemed to us necessary. It was decided
that the comparison would be most valuable if it was made by representative
groups of companies. The first group consists of the five largest companies,
including the Metropolitan, Prudential, New York Life, Equitable and Mutual
of New York. The second group consists of the three largest stock companies, being the Travelers', Aetna and Connecticut General. The assets
of Group 2 on the average are $430,000,000, approximately, as compared
with $2,200,000,000 for Group 1. The third group is composed of five wellknown mutual life companies, including the Provident Mutual and the
National Life of Vermont. These companies average about $200,000,000 in
assets. The fourth group is made up of a number of smaller companies, the
assets averaging $24,000,000. There are seven companies in the group, and
all but one are stock companies.
Most of the publicity, of course, has been given to the salaries paid by
the companies in the first group, since, naturally, these are the largest. The
Metropolitan has paid President Ecker $200,000 a year, and the average
presidents' salary for the five companies is $135,000. The first five executive
officers of each company receive on an average $70,000 yearly. It is a
remarkable fact, however, that it is this group that shows the greatest
economy on any relative basis. After several tests, we decided to relate
payments directly to insurance in force, so that our figures bear a direct
comparison with the dividends paid by the companies. The average for
Group I is 1 4/10 cents spent yearly per $1,000 insurance for the Presidents'
salaries, and this is all the policyholder would gain if that official were
discharged and no one took his place. The salaries of the first five officers
come to 3 3/5 cents.
Group 2, consisting of the largest stock companies, is considerably smaller
on an average than Group 1, assets being about one-fifth. These companies
are operated, however, with great economy, and again the President is paid
Volume 136
Financial Chronicle
officers is
only 1 4/10 cents, and the total of the first five highest paid
only five cents per year per $1,000.
class, with
Group 3, consisting of well-known mutuals, are operated, as a
the
greatest economy. The average assets of this group are $200,000,000,
average salary
the average salary paid the President is only $41,000, and the
their smaller size,
paid the first five executives is $23,000. Yet, because of
spends 4 9/10
on a relative basis, the showing is less favorable. This group
cents on the Presidents' salaries and 14 cents on other salaries.
on our
It is the fourth group that makes the least favorable showing
comparison, partly because the companies are smaller and therefore cannot
be operated with the same relative economy, and partly because on the
average they are not operated so economically in fact. This group of companies, with $24,000,000 in assets, pays an average salary to the President
of $23,000 per year. This salary represents a considerably larger part of
the salary paid than it does in a larger company, for the other salaries in
this group average between $7,000 and $8,000. Expressed on a relative
basis, 21 cents on each $1,000 policy is for the President and 53 6/10 cents
represents the salary paid the first five executive officers. Even these
figures, while large enough to make a noticeable difference in dividends, for
example, are but a small portion of the average $30 premium. Most of the
companies in the group are non-participating, issuing insurance at flat
guaranteed rates, with no dividends.
It is interesting to note, however, that if the Metropolitan Life Insurance
Co. paid President Eeker on the same relative basis he would get $3,000,000
per year.
It seems to us, therefore, that the criticism on expenses has been rather
misdirected. About the only fair ground on which the salaries may be
criticized is that they have not been reduced during the past two or three
years in line with current economic conditions. Nevertheless, the life companies and their managements are not particularly to blame for this state of
affairs, because the former National Administration brought all possible
pressure to bear to keep up salaries and wages in concerns that were able to
pay them. Because of the strong condition of the life companies, they were
under no economic compulsion to reduce either wages or salaries, and few,
of them did so until just recently. This idea is based upon incorrect economic principles, however, which fact is now becoming more generally real.
ized, and the life companies are revising their schedules, both salaries and
wages, in line with current conditions. If there is to be any criticism of
the amount of such salaries, it must be directed toward the smaller companies which have always, relatively speaking, paid much higher salaries
than the large companies.
As a class, we believe life company executives are underpaid, rather than
overpaid. Comparison with other financial institutions, such as banks,
brokerage partnerships, and so forth, or with large industrial enterprises,
Indicate this. It should be noted that the average assets of the first five
companies are over $2,000,000,000, and if the management can get an extra
.1 of 1% interest return, this amounts to $2,000,000 a year. Conversely, a
comparatively trivial mistake in judgment could cost the policyholders many
millions of dollars. It is good economy for such large corporations to command the best brains available in their respective fields.
An item, relating to salaries of executives of insurance
companies, was given in our issue of April 15, page 2537.
E. K. Bartholomew of Wood, Struthers & Co. on
Future of Railroads at Convention of American
Institute of Banking Says When Business Recovers Roads in Most Cases Can Haul Traffic
More Cheaply Than Ever Before—Not a Single
Locomotive Ordered in United States in 1932.
When business recovers the railroads can haul traffic in
most cases more cheaply than ever before in history and as a
result be in a position to report astonishing gains and net
earnings, Eliot K. Bartholomew of Wood, Struthers & Co.,
New York City, told the investment conference of the
convention of the American Institute of Banking Section,
American Bankers Association, at the Palmer House in
Chicago on June 15. Operating efficiencies, he said, show
remarkable improvement.
Picturing the falling off in the volume of railroad freight
traffic as a reflection of the relapse in general industrial
activity, Mr. Bartholomew quoted figures showing that "not
a single locomotive was ordered in the United States in 1932
and the purchase of steel rails fell to one-third of those for
1883," which, he said, was the previous low record for 50
years. Mr. Bartholomew went on to say:
"The railroads of 1932 carried only half the volume of freight they carried three years earlier. The railroads themselves can not solve this problem
but must await a recovery in general business. They can, however, put
their houses in order so that as business recovers they will be in a position
to take advantage of it. This the rail carriers have been doing in a very
Important way. Even in the face of sharply declining traffic, indices of
operating efficiency the past throe years have been showing in many cases
remarkable improvement over any previous records set by the railroads.
One reason for this has been the scrapping of obsolete equipment and the
use of more modern. The savings from use of modern power are amazing.
A large eastern railroad which bought 10 modern locomotives two years
ago estimates that they have already paid for themselves."
He described the progress being made in stream-line, light
weight, higher speed motor driven trains and in air cooled
and air conditioned passenger coaches which are being developed in the passenger business. These changes, he said,
will permit the roads to comepte more effectively with airplanes and buses. One road, he said, has a train under
construction for passenger service to give a maximum speed
as high as 110 miles an hour.
While State and National legislation affecting railroads
for many years has not generally been of a kind favored by
the railroads themselves, the recent trend has been more
satisfactory, he said, citing State legislation to put truck
4205
operations on a more equitable basis:with the railroads and
also the Federal Administration's proposed railroad relief
bill, providing for a railroad co-ordinator whose duties would
be to increase operating efficiency and eliminate waste.
He also spoke favorably of the feature to repeal the recapture
clause of the Transportation Act.
The speaker also cited legislation of the opposite character,
as presented in a recent State bill. He continued:
The provisions of this bill provided that a track man carrying a bell by
day and a lantern by night lead all trains across crossings; that conductors
to
must smile when answering questions; that it would be a misdemeanor
serve eggs more than one day old on pullman cars;that trains be required
hitchhikers, and that trains crossing
to stop at any time when flagged by
preservers.
rivers wider than 25 feet be equipped with life boats and life
Legislation of this sort, it is true, carries legislative possibilities to the
very close to
ridiculous, but often bills are actually passed which come
being almost as absurd.
Paul E. Zimmermann of Chicago at Convention of
Changes
Says
Association
Bankers'
Illinois
Incorporated in Federal Statutes Establish in
Government So Many Unusual Things as to Call
for Watchfulness.
In his annual address as President of the Illinois Bankers'
Association at Chicago on June 6 Paul E. Zimmermann,
Vice-Chairman of the Oak Park Trust & Savings Bank of
Oak Park, stated that "several years ago we heard much
of the 'new era.' Then we heard of 'just around the corner.'
Now we are enthusiastic over the 'new deal.' But I appeal
to you, as bankers, practical men dealing with a very practical problem, to keep your feet on the ground. I am not
discouraging hope. May we never lose hope or faith. At
the same time, we must not permit either hope or faith to
obscure the virtues of hard work and sound thinking." Mr.
Zinunennann continued in part:
Right now things are developing which are so stupendous in their possibilities and so intricate in their ramifications that many of us find them
almost beyond our perception. The reactions which will come from the
application of these ideas, many of which have already been incorporated
in our Federal statutes, will undoubtedly create problems of which, at the
present time, we are unaware. I am not going to attempt to discuss these
matters with you in this brief presentation. I don't feel that any of us
have the same vision regarding them that is possessed by those who have
sponsored them. They are full of controversy. They establish in Government so many unusual things that it behooves all of us to be constantly
alert to observe the changes and to foresee, if possible, those of the nearer
future so that we can always be prepared. In view of what has taken place,
let us heed the warnings to keep our affairs in such shape that if the reaction
is detrimental, we will have provided a buffer to absorb any shock that
might disturb us. At the same time we want to be ready to take advantage,
for ourselves and our institutions, of any profitable reaction that might
impend. Our duty is to run our banks safely; and to keep them open;
to protect the deposits that have been entrusted to us, and to encourage
agriculture, industry and commerce by investing those deposits safely and
wisely.
In order that the sound institutions which are now operating can retain
their positions, we must more and more take our communities into our confidence. We must never again permit an impetuous stampede to wreck
the lives, the hopes and the fortunes of the people.
The depositors as a whole must come to feel that they have a real responsibility in relation to their respective banks. They must be taught
more about sound banking methods and functions, so that having a thorough understanding of their part in the banking structure, they will not
stampede at the first sign of trouble, perhaps founded only upon an idle.
but fast spreading rumor.
We have before us the effects of managed inflation; of currency and
other obligations, both governmental and private, not redeemable or payable in gold; of a closer supervision of all lines of commerce, industry and
finance by the Federal Government; of the enormous financial activities
of that government both in order to maintain government functions and
in order to relieve distressed individuals and business. There may be a
danger that these matters will result in the exercise of greater bureaucratic
powers and the development of more governmental interference and competition. Or, perhaps they will serve simply to prime the pump and start
business back to a sane recovery. Who knows? International problems
add further complications and of course they have their own reactions
upon our business and financial systems, reactions which in some cases
are of paramount importance.
There are certain lessons which have been taught that are hard for us
to renounce. In our economics we have learned of such things as the law
of supply and demand; also the law of diminishing returns, and others of
similar import. These, we have been taught, are natural laws and that
natural laws take precedence over man-made statutes. Perhaps we have
been following false gods. Maybe we have been kneeling before the golden
calf. Nevertheless, it is hard for us to admit that. It is hard for us to
believe that it is possible to set up new and different standards suddenly
and without adequate preparation and control of their reactions.
Certainly many of the evils which have befallen us in the past are due to
an accumulation of mistakes—either mistakes made by our legislators and
acquiesced in by us—or mistakes made by all of us. Whether or not a
bigger mistake is going to be made, or is being made to correct the errors
of the past, is something that the future alone will tell.
There are certain things, however, which we know and must prepare
for. The investment of large stuns of money in various enterprises by the
government must be financed. The cost of government itself must be met.
Deferred debts must eventually be paid or charged off. Government in
the past has not proven to be nearly as competent in the management of
business enterprises as individuals who have risked their capital and are
spurred by an incentive for profit. The wherewithal for these things must
be found. Are we going to take it from business and individual enterprises
and contribute to government to the end that eventually we will all be
working for the government? Or, are we going to go control the developments in progress that after the government has succeeded in bringing
us to a more or less permanent stabilization that it will retire from these
enterprises and turn them back to the people?
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Financial Chronicle
Experience does not produce much ground for such a hope. We appredate that the governmental agencies in permitting banks to reopen after
the nationwide banking holiday, considered soundness as the sole essential.
Therefore, we are all sound to-day, and we must retain that condition for
the future. We must be ever alert to see that we compete with each other
on the same basis and that new institutions which must fill some of the vacancies which have been created, operate on the same competitive basis
with us.
This can best be accomplished by sound, well considered legislation.
While on the subject of legislation. may I take this opportunity to urge
most earnestly your continued and vigorous support of the State Banking
Act so carefully prepared by our Legislative Committee? One thing we
must remember is that the more we bankers agree and co-operate with
each other, the more rapid will be our collective progress. Fear, greed,
selfishness and stupidity have been responsible for much of our past troubles
Instead of courage, cheerfulness and patience and a readiness to work out
our problems together.
We must be careful that we are not again deluded by rapidly rising
security prices. We must encourage sound local business enterprises, but
the
in the extension of credit, we must be more careful than ever that
principal is loaned to sound and competent management. We must
same careful management that we provide
demand of our borrowers the
forour banks.
Wage Cut—
Railroads Give Notice of New 12
Proposed Reduction Would Be in Addition to
Present 10% Deduction—Rail Unions Plan Fight,
But Compromise Is Expected.
The General Managers' Committee of the railroads in
the United States, after a conference at Chicago June 15,
served notice on the 22 standard railway labor associations
that the employers planned a 223/% basic wage reduction,
effective Nov. 1, when the present voluntary 10% reduction
agreement expires. The New York "Herald Tribune" in
a dispatch from Chicago dated June 15 further states:
While the Managers—represented by W. F. Thiehoff, of the Burlington;
C. D. Mackay, of the Southern, and J. G. Wolber. of the New York Central—were drafting their announcement in the Transportation Building,
the heads of 11 major railroads were meeting at the Blackstone Hotel for
the regular spring conference of the executive committee of the Association
of Railway Executives. Present were L. A. Downs. President of the
Illinois Central; General W. W. Atterbury, President of the Pennsylvania;
Hale Holden. Chairman of the board of the Southern Pacific; L. W.Baldwin,
President of the Missouri Pacific; J. D. Bernet,President of the Chesapeake
& Ohio; Daniel Willard, of the Baltimore & Ohio; John J. Gorman, of
the Rock island; A. C. Needles, of the Norfolk & Western; W. R. Cole,
of the Louisville & Nashville; E. N. Brown, of the St. Louis-San Francisco,
and J. J. Peliey, of the New Haven.
Earnings Show Increase.
At the conclusion of this meeting it was announced that earnings were
increasing. General Atterbury declared that the Pennsylvania "was In
the black for the first six months of the year." Mr. Downs observed
that "June looks like a good month. Freight loadings are up 11%."
Mr. Holden said that "May net operating income will show a considerable
increase over the same month last year." Mr. Bernet stated that the
C.& 0. would report an increased net profit for May.
Apparently there was no such optimism at the Transportation Building.
After several hours of discussion Mr. Thiehoff emerged and announced
the plan for a cut. He stated that representatives of the labor organizaa
tions were to be asked to meet at the Palmer House here July 12 for
conference with the managers.
Mr. Thiehoff, "a
"Under an agreement made last December," said
deduction of 10% from the pay checks of employees is effective to Nov. 1
of pay were
1933, and by that agreement notices of an intent to change rates
to be given on or after June 15 1933.
Parley Called for July 12.
Under
"The deduction arrangement automatically terminates Nov. 1.
the existing law the matter must be first handled In conference between
representatives of management and representatives of employees. The
notices given will put the procedure required by law in motion, looking
to a definite disposition, and for this purpose the conference has been
called at Chicago July 12.
"The managers' proposal will bring the rates of their workers more nearly
in line with living costs and with rates paid in other industries. Unlike
the peaks
other industries, the railroads have not reduced basic rates from
established in prosperous years, such basic rates still being in effect subject
to a 10% deduction from pay rates."
The notice served on the labor bodies this afternoon follows, in part:
"We hereby give notice, pursuant to memorandum of agreement and
In accordance with the provisions of the Railway Labor Act and the existing
agreement with the employees represented by your organization, of our
intention to reduce all basic rates of pay on and after Nov. 1 1933, in
the following respect, to wit: (a) By reducing the basic rates so as to
incorporate therein the present deduction of 10%:(b) by further reducing
the
the basic rates so as to include an additional reduction of 121 %Lot
now existing basic rates."
Labor Calls It Trading Talk.
According to a prominent railroad labor leader in Chicago, the 22%%
cut is "so much trading talk."
"We will not take it," announced J. G. Luhrson, head of the train
when
dispatchers. "It's a pretty bad thing to come out with now right
things are getting better all around."
to remain anonymous, came the
From another leaders, who preferred
statement that the labor groups would enter the July conference with
an Insistence that the basic wage be restored. But he hinted that there
would be give and take, "as it should be in these days," and that while
the railroad
the managers would come in with a request for a 223. % cut
workers would start off by asking for a restoration of their 10%. This
official predicted that matters would be adjusted amicably on the basis
of the 10% cut being made permanent.
"We'll be satisfied with that," he said.
Engineers Vote Opposition.
Cleveland voted
The Brotherhood of Locomotive Engineers meeting at
the railroads
unanimously in convention on June 15 to fight any efforts of
former wages,
to reduce wages and to Insist upon restoration of their
expires.
Oct. 1, when a present agreement for a 10% deduction
June
17 1933
Alvanley Johnston, grand chief engineer, announced he had appointed
A. 0. Smith, assistant grand chief engineer, to represent the brotherhood
at a meeting of the Railway Executives' Association June 16 in Chicago.
The meeting was called by A. F. Whitney, chairman of the association.
who said the session was intended for a discussion of the railroad control
bill recently enacted by Congress.
Switchmen Urged to Resist.
The Switchmen's Union of North America, in convention at Buffalo.
June 15, was told by its president that wage increases were necessary to
bring:prosperity back.
Rail Unions to Ignore Wage Cut—Spokesmen Refuse
to Consider Reduction—Won't Attend Conference.
An Associated Press dispatch from Chicago June 16 stated:
Spokesmen for the million union workers on America's 201 class 1 railroads declared to-day that they would ignore the demands of their employers for a 22%% reduction in wages to replace a 10% temporary reduction in effect until November 1.
Sentiments of the employees were expressed at a conference of the Railway Labor Executives Association, comprising twenty-one unions. Many
of the union leaders said that the railroads were not serious in the wage cut
demand.
Alexander F. Whitney. president of the Brotherhood of Railway Trainmen and chairman of the labor executives' association, declared that the
unions would not recognize the demands in any way, not even so far as to
attend the wage conference requested by the roads for July 12.
"The present 10% deduction to which it is now suggested a 123. % cut
be added expires at mid-night Oct. 31." he said. "At that time wages
go back to a 100% basis under existing agreements, which do not call for
any conference on the matter."
Few Unions Are Notified.
Mr. Whitney said that only a few unions had received notification of the
desired cut. He indicated that if any formal consideration would be given
to the demand, it would not be until all the unions had been notified.
"Reduction of wages now would do more to hinder recovery than any
other thing," he said. "Any industrial or political leader will tell you
that. However, I believe that most of the railroads will refuse to break
away from President Roosevelt's program of maintaining wages."
House Passes Bill to Prevent Distribution of National
Guard Units Throughout the Army in Time of War.
The House of Representatives, on June 5, by a vote of 169
to 1, approved the James Bill amending the National Defense
Act of 1916, and sent the measure to the Senate for approval.
'The bill provides that units inducted into the Federal service
must be retained intact so far as this is possible, and that
when the emergency is over they must be discharged as a
unit and their National Guard identity resumed. Representative James explained to the House that in the World
War and Spanish-American War National Guard units called
into the Federal serivce were broken up and scattered
throughout the regular army, and that each man was later
given his discharge as an individual, with the result that
much time was required to reunite National Guard units.
Navy Department Orders Five-Day Week on Shore
Stations in Economy Move.
A five-day week at all shore stations, effective June 25,
was ordered by the Navy Department as an economy measure
on June 5. The order applies to the civilian field service of
the Marine Corps as well as the Navy Department, and is
expected to avoid discharges by spreading available work.
Petition Asks Senate Investigation of Senator Huey
Long—Challenges"Qualifications" to Be a Senator
and Alleges Subornation of Perjury.
A petition asking for an investigation of the "behavior'
of Senator Huey Long of Louisiana, and of "his qualifications" to be a Senator, was filed with the Senate on June 10
by Samuel T. Ansell, who acted as counsel for tho Senate
Committee which investigated the election of Senator Overton of Louisiana. In his petition, Mr. Ansell alleged that
Senator Long, who acted as counsel for Mr. Overton in the
election case, sought to dominate and to control the subcommittee which was making the investigation. Further
allegations in the petition follow, as given in Associated Press
Washington advices on June 10:
He asserted Senator Long "manipulated witnesses, suborned perjury.
suppressed the truth and otherwise obstructed the investigation."
Mr. Angell described Senator Long's appearance at the hearing and
his speech and manner,saying hel"was abusive to the chairman and counsel," and that on several occasions he "alluded, in excuse for such misconduct," to his immediately previous "indulgences."
"The petitioner," Mr. Ansell continued, "Is advised and believes that
his (Long's) assuming to act as counsel for the said Overton was inconsistent
with his status and prejudicial to his duty as a Senator of the United
States."
The petition set forth that Senator Long had "packed" the hearing
room and surrounded the sub-committee and its aides "with his armed,
turbulent and intimidating henchmen." He alone was responsible for
the conduct and management of the Overton campaign.
Mr. Angell then charged that Senator Long "devised and supervised
the operation of corrupt and fraudulent means and agencies whereby the
so-called election of Mr. Overton was corruptly and fraudulently controlled
and determined."
Volume 136
inancial Chronicle
Income from Securities in Trust for Maintenance of
Insurance Policies Held Taxable by United States
Supreme Court Under Revenue Acts of 1924-26.
By a 5 to 4 decision, the U. S. Supreme Court ruled on
May 29 that income from securities set aside in trusts and
used to pay premiums on life insurance policies also placed in
trust for the benefit of others is taxable as individual income under the revenue acts of 1924 and 1926. Associated
Press advices from Washington had the following to say regarding the Court's findings:
The cases were those of Frederick B. Wells, of Minneapolis, and Irenee
case,
du Pont, of Granogue, Del. The Court's decision was in the Wells
that of Du Pont presenting a similar principle.
The Government's contention, which was upheld, was that the income used
in paying the premiums was subject to higher surtaxes as a part of Jodi.
vidual returns and not to the lower taxes as the income of the trusts.
Probably millions in taxes were involved in the decision because of the
extent to which such trusts existed while the 1924 and 1926 acts were in
effect Justices Van Devanter, McReynolds, Sutherland and Butler dissented
in the Wells case.
Du Pont, in 1923, executed nine trust agreements for the benefit of his
wife, their nine children and other members and relatives of his family.
The trusts included thirty-two insurance policies on Du Pont's life and a
quantity of stock.
Income from the stock was used in the payment of taxes, etc., some of it
going to payment of premiums on the policies forming part of the trust.
The latter sums, the Commissioner of Internal Revenue ruled, constituted a
part of Du Pont's income and as such was subject to Federal taxes. The
3d Circuit Court of Appeals sustained the Commissioner.
Noting that the Supreme Court in its conclusions sustained
the validity of Section 219 (h) of the Revenue Acts of 1924
and 1926 providing that the income of a trust Altai be con:
sidered as income to the creator of the trust when applied to
the maintenance of insurance on his life the New York
"Journal of Commerce" gave the following account of the
ruling:
4207
war inflation, and what he termed "The Great Inflation"—
as to which latter he said:
of
The cheap money policy of the last half of 1927, the indecisive policy
in the
1928, and the Board's [Federal Reserve] veto of a dear money policy
first half of 1929—these are the causes of the great superMflation of that
period and of all the disastrous consequences.
Mr. Leffingwell likewise discussed "the great deflation"
between Dec. 31 1929 and March 1 1933, and noted that
"nothing comparable to the collapse of prices and the deflation of credit which had taken place had occurred in the
memory of living man." Continuing, under the caption "The
Present Administrations' Sound Decisions," Mr. Leffingwell
said:
and vigorous
Under these circumstances the suspension of gold payments
necessary.
and persistent monetary management to expand credit became
beneficial
Already these sound decisions of the Administration are having a
they already
effect. If the Federal Reserve banks combat the deflation now,
occur.
have the means to combat an excessive reinflation if it should
later on,
The problem of to-day is to arrest the disastrous deflation. If,
recrudescence, the Federal
the excesses of '27-'29 should show any sign of
Reserve authorities, enlightened by their own errors of that period, should
know how to deal with them.
Mr. Leffingwell observed that "it is evident that the Federal Reserve System failed to control the inflation, and has
as yet failed to control the deflation." According to Mr. Leffingwell,"12 scattered banks, each with Its Governor and its
Chairman of its Board of Directors, loosely ruled by a Board
ight in Washington, composed of men of diverse opinions,
1not provide the country with an organization well adapted
to act promptly and decisively. Some remedy must be found
for this." In discussing remedies, Mr. Leffingwell commented on branch banking and capital issues, and on the
latter subject said, in part:
4
The section was inserted in the Revenue laws to prevent evasion of taxes
by means of provisions allowing the distribution of the income to the grantor
or its use for his benefit.
Rules on Life Insurance.
"A policy of life insurance is a contract susceptible of ownership like any
other chose in action," Justice Cardozo ruled. "It is 'not an assurance for
a single year with a privilege of renewal from year to year by paying the
annual premium.' It is 'an entire contract of assurance for life, subject to
discontinuance and forfeiture for non-payment of any of the stipulated
premiums.'
"Insurance for dependents is to-day in the thought of many a pressing social duty. Even if not a duty, it is a common item in the family budget,
kept up very often at the coat of painful sacrifice, and abandoned only under dire compulsion. It will be a vain effort at persuasion to argue to the
average man, that a trust created by a father to pay premiums on life
policies for the use of sons and daughters is not a benefit to the one who
will have to pay the premiums if the policies are not to lapse. Only by
closing our minds to common modes of thought, to everyday realities, shall
we find it in our power to form another judgment.
"By and large, the purpose of trusts for the maintenance of policies, is to
make provision for dependents, or so at least the lawmakers might not unreasonably assume. Trusts to give insurance to creditors are beneficial to
the grantor, by reducing his indebtedness.
"Trusts for the preservation of policies of insurance involve a continuing
exercise by the settlor of a power to direct the application of the income
along predetermined channels.
Makes Distinction.
"In this they are to be distinguished from trusts where the income of a
fund, though payable to wife or kin, may be expended by the beneficiaries
without restraint, may be given away or squandered, the founder of the
trust doing nothing to impose his will upon the use.
"A particular expense, which for millions of men and women has become
a fixed charge, as it doubtless was for Wells, an expense which would have
to be continued if he was to preserve a contract right, was to be met in a
particular way. He might have created a blanket trust for the payment of
all the items of his own and the family budget, classifying the proposed
expenses by adequate description.
"If the transaction had taken such form, one can hardly doubt the validity of a legislative declaration that income so applied should be deemed
to be devoted to his use. Instead of shaping the transaction thus, he picked
out of the total budget an item or class of items, the cad of continuing
his contracts of insurance, and created a source of income to preserve them
against lapse.
"Congress does not play the despot in ordaining that trusts for such uses,
if created in the future, shall be treated for the purpose of taxation as if
the income of the trust had been retained by the grantor. It does not play
the despot in ordaining a like rule as to trusts created in the past, at all
events when in so doing it does not ease the burden backward beyond the
income of the current year."
Statement to Senate Investigating Committee by R. C.
Leffingwell of J. P. Morgan & Co. and Formerly
Assistant Secretary of the Treasury—Discusses
War Inflation, Super-Inflation, Defects in Federal
Reserve System, Remedies, &c.—Commends Present
Administration's Suspension of Gold Payments
and "Persistent Monetary Management"—Record
of Private Bankers.
At the close of the Senate inquiry into the affairs of J. P.
Morgan & Co., on June 9, a statement was presented to the
Senate Banking and Currency Committee by R. C. Leffingwell, a partner In the Morgan firm and formerly Assistant
Secretary of the Treasury. Mr. Leffingwell discussed the
The provision of bank credit, beneficiently facilitated by the Federal Reserve Act, to meet seasonal and transitional requirements of business, industry and agriculture, is most necessary. But at least as important and helpful is the mechanism for providing that permanent capital which is the
very foundation of our economic life. . . .
It is necessary and desirable to preserve the complex and on the whole
useful mechanism for the creation and distribution of investment securities
and the permanent investment of thrifty citizens in them. It is not wise to
destroy the investment securities market, the bankers, brokers, dealers and
holders of such securities because some people speculated in them.
"The creditable record of private bankers" is also referred
to by Mr. Leffingwell, who, in part, stated:
The banking business of private bankers, the receiving of deposits, the
has
making of loans, buying and selling of exchange, making of acceptances,
on the whole been conservatively conducted, and in spite of casualties private
abroad, over a
bankers have given a good account of themselves here and
banking
period beginning a couple of hundred of years before corporate
New
began. In London, Paris, Vienna, Berlin, Hamburg, Amsterdam and
York, private bankers have for generations made important contributions to
enterthe economic development of the world, to the development of business
that of
price, and sound finance. Their record is not less creditable than
Governincorporated banks, in spite of all the benefits and immunities and
ment aid conferred upon the latter. _
In full, Mr. Leffingwell's statement follows:
I. HISTORICAL.
IVar Inflation. During the war production was stimulated to meet war
needs, and currency and debts were created to represent not wealth created
but wealth and life destroyed. In America alone the public debt was in2
/
creased from 114 billion to 281 billion dollars, currency was increased 50%,
and bank credit 70%.
America Doubly a Creditor. America was before the war a creditor on
current account ; that is, she had a big export surplus. This export surplus
was immensely increased during the war. America continued to have a great
export surplus after the war. At the end of the war, America, previously a
debtor on capital account, had become the creditor of Europe on capital
account by the repurchase of foreign-held American securities, by her acquisitions of gold, and by the acquisition by the American Government and the
American people of obligations of European governments issued for war purposes. The first great anomaly of the post-war world was this, that a creditor
country on capital account was a creditor country also on current account.
Europe must pay America not only for the net export of goods from America,
but also the interest on Europe's net debt to America. To some extent
Europe achieved this by gold exports to the United States. For the rest
she had to go deeper into debt to America. This problem was clearly stated
in President Wilson's message to Congress of Dec. 2 1919.
Perhaps the proper thing for anyone to do, who understood this situation,
was just to do nothing; to reject it, to say that the political and economic
set-up left by the war and treaties of peace was impossible, that nothing
could be done about it. Perhaps a reasonable man would have followed Rip
Van Winkle and taken a long sleep in the Catskills, or at least with Thoreau
would have rejected the system and retired to Walden Pond.
Reconstruction. That is, however, not the way men behave. It is not for
them to file a non possumus, to declare that conditions created by governments, by their wars and their treaties of peace and their settlements—or
unsettlements—of reparations and war debts—are impossible. It is not for
them to say that the burden of debts, public and private, governmental and
Intergovernmental, is excessive, and that therefore they refuse to carry on.
No, the man of affairs, the public-spirited man, yes, even the far-seeing
man, decides to carry on in spite of these adverse conditions, and knows
he is fighting an uphill fight. He knows, too, that it is better to fight
than to lie down and quit.
So, after the war, after the treaties of peace that did not bring appeasement, men of good will, men of mark in all countries, set to work to rebuild
the war-wrecked world so that men might live in peace, in hope, and if all
should go well, in plenty again.
4208
Financial Chronicle
June 17 1933
cheap money policy intended to continue the business boom was not well
One great task was to restore the currencies of the world to stability, so
calculated to discourage the purchase of stocks. This well-meant effort to
that business might be resumed between men and men, between nation and
keep money cheap and plentiful and yet control its use was responsible for
nation, in terms of honest money, instead of being retarded or prevented
the stock market excesses of the first eight or nine months of 1929 and for
by the lack of stable units of exchange.
the resultant crash in October and November.
Return to Gold. America first returned to the gold standard after the
The Great Inflation.. The cheap money policy of the last half of 1927, the
war in June 1919, seven months, or thereabouts, after the fighting stopped.
indecisive policy of 1928, and the Board's veto of a dear money policy in the
We lost gold in the last half of 1919 and the first quarter of 1920, and
first half of 1929—these are the causes of the great superinflation of that
were obliged to raise the discount rate to 6% in January and 7% in June
period and of all the disastrous consequences. Cheap credit was let loose
of 1920, to halt the expansion of credit which had gotten out of hand when
from the central reservoir in 1927, for a beneficent purpose but in excessive
war controls were eliminated, and to protect our gold reserve. A sharp
volume; and for two full years, until August 1929, the one and only certain
and painful deflationary process of adjustment began in 1920 and continued
cure, dear money, was not used. Like water, the credit flowed whither it
for a couple of years, but the inflow of gold due to our creditor position on
would, according to the laws of its nature, and the admotions of the Federal
current and capital account was promptly resumed, and, a new structure of
Reserve Board were as idle as those of King Canute addressed to the waters
prosperity and expansion of currency and credit was founded upon it.
of the sea.
Gold, however, could not serve to settle the whole world's debit balances
It is axiomatic that you cannot make money cheap and plentiful and preto the United States in perpetuity. There isn't enough gold. It was evident
vent its flow according to the laws of its nature. When cheap credit is
that the prosperity of American industry and agriculture depended, first,
created at the central reservoir, it is the central reservoir which is responsible
upon maintaining a free flow of loans and credits to Europe as a bridge
for the consequences, and not the people who use it. The people of this
to pass over the chasm between war and peace, and, second, upon a gradual
world in that regrettable period were like marionettes dancing on an invisible
adjustment of our economy to the fact that our creditor position on capital
wire, subtly influenced by the excessive volume of cheap money. Irresistibly,
account made it necessary for us to prepare to receive increasing payments
farmers, merchant, business men and bankers responded to it, urkeasoningly
in goods and services; that is, to reduce tariffs and subsidies and to permit
as they would to a drug. Equally and, instantly they responded to the use
the rest of the world to pay us what was owed.
of dear money as a curative when at last, too, late, it was employed in
Constructive Foreign Loans. It proved to be well within the power of
August 1929.
banking leadership to build the bridge, to arrange the loans and credits, and
Economic Peace Made Impossible by Governments. Aside from these
rebuild the currencies. One by one, buttressed by loans or banking credits,
monetary errors, why did the well thought-out plans for sound currencies,
Austria in 1923, Germany in 1924, England in 1925, Belgium in 1926, Italy
aided by loans and credits extended by bankers, and for price stabilization
in 1927, France in 1928, and Japan in 1930, returned to the gold standard,
under the guidance of the central banks, fail? Because the bankers were
bankers and American investors. No one of these
with the aid of American
building a bridge from the treaties of peace to economic peace, and, it was
loans or banking credits was a thoughtless loan, or made for anything less
not possible for the bankers, the private bankers or the central banks, to
than the most constructive of all possible purposes, the restoration of the
bring about that economic peace. It was not in their field. There they had
world after the war to sound currencies and sound finance, the rebuilding
urged lower tariffs, higher tariffs were enacted, and later embargoes were
of a solvent world to trade it. In all financial history there is no instance
erected and ultimately exchange controls. Where they had urged readjustof more serious, planned, thoughtful and constructive effort in the field
af reparations and war debts, only inadequate and dilatory adjustments
finance than this American contribution to world reconstruction MtMIL4
of
"3cere effected. Europe was obliged to stop buying our goods when we stopped
post-war decade.
making her fresh loans to buy them with. Above all, the unwillingness of
The Central Banks Take Command. The financial effort to construct a
the United States to accept the implications of its creditor position and
bridge over the chasm between a war-time organization of the world and its
receive payment, in part, at least, of the sums due it in goods and services,
peace-time organization was shared by the central banks of the world. Capimade economic peace impossible. At the far end of the bridge, 10 years
tal issues and private banking credits were necessary at the first stage in
after the Armistice, was found not peace but war, economic war. And so
each country, to unlock the doors as it were. But as one country after
confidence, without which loans and credits are fruitless, was destroyed.
another was restored to the gold standard, with the aid of private loans
Inflation Stopped. When the inflation was stopped by the delayed action
and credits, the role of the central banks became more important, and that
of the central banks in the summer of 1929, the relative stability of the
of other bankers less important. So far as the political authorities and
commodity price level over a period of years preceding the stock market
policies of their respective governments permitted, central banks, with their
collapse of 1929, encouraged the belief that the stock market boom and break
immense power over the price and volume of currency and credit, and conseof the year 1929 were more or less isolated phenomena, and that after purgquently over the level of commodity prices, then dominated the reconstrucing our system of the consequences of these excesses it would be possible, as
tion effort, rather than private banking and capital issues.
it was clearly desirable, to go forward at about the same level of prices and
Deflation and Stabilization. Though the phrase "managed money" has
wages without much delay. To this end every effort of the Government in
been anathema to the principal central bankers of England, France and Amerpower in Washington was bent; and every effort of the industries, the
ica, those of England and America did address themselves to the problem of
railroads, the utilitiss, and the bankers supported the effort of the
monetary management, and had a right and duty to do so. Because of the
Government.
war, prices had risen to something like 250% of the pre-war level, and it
Critical Periods of the Depression. The increases in central bank discount
was evident that should it be necessary, as some believed, to submit to a
rates in the summer of 1929 stopped the inflation, and the Hatry crisis in
below the pre-war level the gravest disaster and
deflation of prices to or
London precipitated the panic of 1929. The efforts to avoid that panic's
human suffering must be endured. After the deflation of 1920-1921, which
degenerating into a general depression appeared to be measurably successful
was deemed to be sufficient and complete, monetary management by the
until June 1930, when the Hawley-Smoot tariff here and retaliatory tariffs
central banks was directed to the highly desirable end of arresting the
throughout the world signaled a renewed collapse, which continued until the
deflation at about 150% of the pre-war level, and this was accomplished
end of 1930. After 1930 people looked forward again to the end of the
with a high measure of success over a period of years so far as America was
depression, but were rudely awakened in the summer of 1931 by the Credit
concerned.
Anstalt failure in Austria, the German moratorium, and the abandonment
During this period (say 1922-1927), business in this country was good,
of gold by Great Britain. This was followed by the run on the dollar and
commodity prices were fairly stable, though slowly sinking elsewhere, and
a terrifically rapid deflation of bank deposits here. The passage of the
speculation in stocks, though it gave concern to some, had, not yet got out
Glass-Steagall Bill at the beginning of 1932 and the active open-market
of bounds. A vast superstructure of member bank deposits was erected on
policy conducted for some months, followed by the Lausanne agreement in
the base provided by the Federal Reserve System's gold holdings. Far from
regard to reparations, resulted in some considerable improvement in the
being sterile, the gold increased and multiplied itself in bank credit, which
summer of 1932. It was, however, brought to a close by President Hoover's
grew immensely in volume and velocity. Looking backward, it seems that
Des Moines speech in which he said, that we had been within two weeks of
this period must be regarded as one of latent gold inflation here—an inflagoing off the gold standard. The controversy with European governments
tion based upon gold imports but kept under control by monetary manageabout the Dec. 15 war debt payments further disturbed confidence, and the
ment to some extent. Gold was paid out by the Federal Reserve banks in
publication in January 1933 of the loans by the Reconstruction Finance
the form of gold certificates, and thus kept out of the reserves. Such inflaCorporation started runs on banks which were in debt to it. Thus, year
tion as did take place, so far as concerned commodities, was of a negative
after year some untoward event upset the best laid plans for recovery.
sort; that it, American prices were kept stable when world prices were
Everyone had supported the efforts of governments and of central banks to
falling.
arrest the forces of deflation at the end of 1929, again in 1930, again in
England's Difficulties. America had gold in plenty, and a creditor position
1931, and again in 1932, for all well understood the importance to the human
on international account, but that was not true on the whole of European
race of making the effort, and believed that success might be achieved.
countries, which one by one returned to the gold standard. It turned out,
The Great Deflation. However, the force of the post-war deflation, held
furthermore, that in the case of England the wage level and the price level
in check by central banking monetary policy until 1929, once that policy
had become arbitrary and inelastic in consequence of the dole and the attibroke down, proved overwhelming and devastating beyond the foresight of
tude of the trade unions. Thus the restored gold standard did not work in
the most pessimistic. Between Dec. 31 1929 and March 1 1933 (prior to
England in the old-fashioned way. That way was, when gold was flowing
the banking holiday), bank deposits in this country were deflated from
out, to raise the bank rate, reduce prices and wages, and curtail imports
$55,000,000,000 to approximately $39,000,000,000, or by about $16,000,and extend exports. In fact, the general strike which followed hard after
000,000. To this total must be added an estimated amount of $4,000,000,000
England's return to the gold standard pretty much eliminated any question
representing deposits in banks which have not re-opened subsequent to the
of defending England's gold by a dear money and deflationary policy. Inbanking holiday. The deflation was world-wide. It proceeded in a vicious
deed, no one wanted a deflation policy, and it was the clear policy of the
downward spiral of falling commodity prices, falling wages, falling employcentral banks, including our own, to arrest the deflation where it was.
ment, falling bank loans and investments, and falling bank deposits. When
Cheap Money Policy. In the forepart of 1927 it became apparent that a
the banks lost deposits they called loans and sold investments. When they
new deflation was setting in. The Governors, or Deputy-Governor, of ths
called, loans and sold investments they lost deposits. Unless this vicious
four principal banks of issue met in America towards the mid-year, and
spiral of deflation could be broken, an endless chain of bankruptcies, foreapparently determined to renew their efforts to arrest the deflation and hold
closures, unemployment and starvation must have occurred. Nothing comthe line where it was. Following that conference, an active cheap money
parable to the collapse of prices and the deflation of credit which had taken
policy was embarked upon by the Federal Reserve System, in a thoughtful
place had occurred in the memory of living men. We had reached a level
and statesmanlike though hazardous effort to prevent a world-wide deflation
so low that the burden of indebtedness created during the war and the postof prices. In the last five months of 1927 and the first seven months of
war decade had become intolerable.
1928, our gold stock was reduced by some $500,000,000 by net exports and
The Present Administration's Sound Decisions. Under these circumearmarkings of gold for foreign account. In the last five months of 1927
stances the suspension of gold payments and vigorous and persistent monetary
the Federal Reserve bank's total bills and securities rose from $953,831,000
management to expand credit became necessary. Already these sound deto $1,598,842,000, considerably more than a 60% increase. This increase
cisions of the Administration are having a beneficial effect. If the Federal
in credit went into the securities market, there having been on the whole a
Reserve banks now combat the deflation, they already have the means to
falling off in general business, or, at any rate, no increased demand for
combat an excessive reinflation if it should occur. The problem of to-day
credit in business, agriculture, he.
is to arrest the disastrous deflation. If later on the excesses of 1927-1929
Corrective Steps Inadequate. The steps taken in 1928 to check this inflashould show any sign of recrudescence the Federal Reserve authorities, ention were halting and inadequate, and when, at the beginning of 1929, some
lightened by their own errors of that period, should know how to deal
Federal Reserve banks sought to invoke the classical remedy of dear money,
with them.
their proposed increases in rates were vetoed by the Federal Reserve Board
Ir. REMEDIES.
Washington. The Board hoped, by admonition and by discrimination
In
Fundamentally, the depression must be attributed to the inflation and the
against banks making loans on collateral securities, to control speculation
deflation on the one hand, and to the failure of the governments to make
without making money dear for commerce, industry and agriculture. But a
economic peace on the other. The plans, to which our Government is now
Volume 136
Financial Chronicle
comcaitted, for arresting the deflation and bringing about some rise in
prices, and /or lowering trade barriers, are sound and wise and go to the
root of the matter.
No banking legislation or supervision or management can protect the
public or the community against the deterioration of bank assets or security
values incident to such a deflation as has been in progress. Banks and railroads have been more the subject of legislation and supervision than any
other American business activities. The losses of the public in banks and
railroads have probably exceeded their losses in any other field. Without
extenuating misconduct or errors of judgment, these losses are due in the
main to the deflation.
Nevertheless, every effort should be made to perfect the mechanism, and
while recognizing that no mechanism can be proof against such a deflationary
disaster as has befallen mankind, we should learn the lessons of adversity
and devise such remedies as we can and such precautions as we can against
the recurrence of known evils. Passing therefore from the fundamentals
(monetary policy and trade policy) to the machinery, the following suggestions present themselves:
Defects in Federal Reserve System. It is evident that the Federal Reserve System failed to control the inflation, and has as yet failed to control
the deflation. Ultimately the New York discount rate was raised to 6% in
August 1929, but the country paid dearly for the months of delay and
indecision in the superinflation of that year. Similarly, the Sy dem has
been unable to evolve and operate and persist in an effective policy to
counteract the deflation in the last three years. Its anti-deflationary policy
has found only hesitant, tardy and intermittent expression in action. In
matters of monetary management, in the control of inflation and deflation,
a stitch in time saves nine. Twelve scattered banks, each with its Governor
and its Chairman and its Board of Directors, loosely ruled by a Board of
eight in Washington, composed of men of diverse opinions, do not provide
the country with an organization well adapted to act promptly and decisively.
Some remedy must be found for this.
Branch Banking. The arguments for and against branch banking have
been exhaustive, and it is not necessary or appropriate in this memorandum
to review them. The banking business is like the insurance business, in
that it depends for its soundness on averaging risks. The smaller the business and the more localized the risks, the leas chance there is to average them.
One reason why the depression has had graver consequences for us in America
than for some other countries less fortunately situated is this, that we have
subdivided our banking resources into relatively small localized unite. There
are advantages of local independence and autonomy in the unit banking
system, but we are paying heavily the price of them.
Capital Issues. The malpractices of the inflation era have emphasized the
demand for reform in regard to capital issues. However, it is essential in
guarding against the recurrence of these evils not to take steps which might
retard or prevent recovery from the depression. The history of all depressions indicates that recovery began when prime capital issues became salable
again, and not before. The wheels do not begin to turn as long as borrowers
are dependent on short commercial loans. Only when investment capital is
again obtainable do business and industry enter upon new undertakings or
expand the old. So long as they are dependent on commercial credits, business and industry seek by economies on capital and current account to
reduce their expenditures, and if possible their bank loans. Only when the
bond market develops will they start going.
The provision of bank credit, beneficently facilitated by the Federal Reserve Act, to meet seasonal and transitional requirements of business, industry and agriculture, is most necessary. But at least as important and helpful
Is the mechanism for providing that permanent capital which is the very
foundation of our economic life.
Without the citizen's thrift and savings, on the one hand, and the mechanism for the creation and distribution to thrifty investors throughout the
land of capital issues, the country would be plunged back into the Middle
Ages. Our banks would be frozen solid, for the loans they have made to
meet seasonal, occasional and transitional requirements of business enterprise, could not be liquidated if the mechanism for providing permanent
capital were wrecked. It is necessary and _desirable to preserve the complex and on the whole useful mechanism for the creation and distribution of
Investment securities and the permanent investment of thrifty citizens in
them. It is not wise to destroy the investment securities market, the bankers, brokers, dealers and holders of such securities, because some people
speculated in them.
Handling Securities by Banks. Opinion has advanced to the point where
it seems to be thought that the banks and trust companies should discard
their securities affiliates with greater or less expedition, and withdraw from
the issue and distribution of capital issues. It seems, however, that such
banks should still be permitted within the limits of the present law to buy,
sell, and own bonds, and to underwrite them and lend upon them. Otherwise
there is serious danger of impairing the machinery for the necessary capital
issues to bring about recovery from the depression.
By Private Bankers. The great commercial banks, directly or through
their affiliates, have in the past 20 years or thereabouts to a large extent
occupied the field of capital issues, purchased and absorbed some private
issuing and distributing houses, and by their competition driven others out
of business or restricted their opportunity for profit and therefore their
resources. The corollary to the suggestion that the commercial banks should
dispense with their affiliates and withdraw from the capital issues business
seems to be that private bankers, issuing houses and dealers should be encouraged to resume their former place in the national economy to the end
that the old machinery for handling capital issues may be recreated, and
so recovery from the depression facilitated.
Private Bankers' Deposits. To withdraw the right of issuing houses to
receive deposits from their private clientele would impair their usefulness.
Any concern devoting itself exclusively to capital issues faces peculiar difficulties, for it must have a considerable capital and yet it is without a
"bread and butter" business such as ordinary deposit banking and acceptance business provides. Private bankers do not and should not use their
deposits in their capital issues business. They should keep their deposits
Invested in Government securities, call loans, time loans, &c. But to require
Investment bankers to give up their deposit business would reduce their day
to day earning power and reduce such bankers to the level,of mere bond
brokers, and therefore make them to some degree dependent on the commercial banks. It is important to preserve the private bankers as independent issuing houses, wholly separate from and not mere dependencies of
the commercial banks, as they would become if they were required to give
up their banking business.
Investment bankers should therefore continue to be permitted to receive
deposits within the limitations imposed by the New York State law. That
law prevents them from soliciting deposits from the general public, from
advertising themselves as bankers, and from paying interest on deposits of
less than $7,500. Thus they deal only with a limited clientele and not with
4209
the small depositor who is especially and properly the ward of the
Government.
III. CORPORATIONS AND PARTNERSHIPS.
The growth of corporations has been very rapid in the last hundred years.
It would have been impossible to build railroads and telegraphs and bridges,
to build our great commercial banks, our great industrial organizations,
unless the capital of the general public could be enlisted for their development. To enlist the capital of the general public in these enterprises it
was necessary to develop the corporate form of organization, and necessary
that the corporation should receive certain priceless gifts from the State:
the very right to exist as a body corporate; the right of perpetual succession;
the right to solicit subscriptions to capital stock from the general public;
and total or partial exemption from personal liability; the right to delegate
the management to salaried men not the owners.
Creation of Corporations. Corporations were a strange new kind of beings,
the very creatures of the State. They were artificial contrivances, necessary
and desirable to meet the needs growing out of the industrial revolution, but
whose powers and the manner and extent to which they might be exercised
were in the nature of the case determined by the State. The State which
creates them has not only the right but the duty to regulate and control
them to the best of its ability.
Aids to Incorporated Banks. Incorporated banks, chartered by the State,
received not only the rights and privileges conferred upon all corporations,
but certain very special ones such as the right to appeal to the public, for
capital and deposits, as institutions supervised by the National or State
Government, and the right to call themselves "National" or "State" banks.
The Federal Reserve System lends money to incorporated banks in time
of need, and may create currency to that end. The National Government
thus added to the charter powers conferred upon incorporated banks, the
most extraordinary special privilege conferred upon any group, viz., the
right to have currency and credit created for their use.
Then a year or more ago, the Government, recognizing its responsibility
to the depositors in the institutions which it had created, regulated and
aided, wisely determined, to grant further aid to incorporated banks, and
created the Reconstruction Finance Corporation for that purpose, among
others.
Nevertheless, seven thousand incorporated banks closed their doors in
the decade following 1920, and in the last two and a half years thousands
more have closed their doors.
Private Initiative. Notwithstanding the great benefits of incorporation,
there is something else that is priceless in the life of the people. That is
the individual enterprise of the merchant, manufacturer, business man and
banker, who alone, or in partnership with others, risks his own capital, his
own good name, his own effort, and all that he has in the world in his
business. They ask nothing of the State except the right to continue to live,
the right to life, liberty and the pursuit of happiness, the right to attend
to their own affairs for their own good and that of their fellow men.
The growth of corporate enterprise has been drying up individual independence and initiative, drying up the life of the big town and' the small
town, and the hamlet. We are becoming a nation of hired men, hired by
great aggregations of capital, theoretically controlled by absentee stockholders, who are, however, so numerous and whose individual interest is
generally so small that their control is inarticulate and difficult to express.
This corporate growth in large measure was inevitable and no doubt desirable. To attempt to reverse it would be like turning back the hands of
the clock.
But do we wish to go further and accelerate it? Not merely to grant
charters and franchises and immunities and subsidies to corporations, but
by law and regulation to stamp out private enterprise and private initiative,
the activities of private business men and private bankers, who are ready
and willing still, in spite of the subsidized competition of corporate enterprise, to stake their own capital instead of that of the public, give their own
time and attention to the management of their own businesses?
Private bankers seek and receive no charter from the State. They do not
solicit capital from the public, but venture their own capital. In New York
they do not solicit nor receive deposits from the general public. They may
not hold themselves out as bankers to the public. They do a private banking
business with their private clients, who number perhaps a few hundreds as
compared with the tens and hundreds of thousands of depositors of the great
incorporated banks.
The Creditable Record of Private Bankers. The banking business of
private bankers, the receiving of deposits, the making of loans, buying and
selling of exchange, making of acceptances, has on the whole been conservatively conducted, and in spite of casualties private bankers have given a good
account of themselves here and abroad, over a period beginning a couple of
hundred of years before corporate banking began. In London, Paris, Vienna,
Berlin, Hamburg, Amsterdam and New York, private bankers have for generations made important contributions to the economic development of the
world, to the development of business enterprise and sound finance. Their
record is not less creditable than that of incorporated banks, in spite of all
the benefits and immunities and government aid conferred upon the latter.
Merchants of Securities. Issuing bankers are really merchants of securities. Some of them are wholesale merchants like ourselves who have no
salesmen, and others are retail merchants. Private bankers are not investment trusts. It is not their function to lock up their money, much less the
money of their depositors, in investment securities. Their good will and
ability to do business depend upon their experience in judging what are
good, sound issues, and what are proper prices. Their money, their reputation and their good will are at stake in every operation. If they make errors
of judgment, their ability to do future 'business is impaired. When they
handle an issue for any government or corporation, they weigh the pros and
cons, the merits of the issue, and they follow it up afterward in the effort
to protect investors. When they go on boards, of directors, they do it not
to obtain advantages for themselves, but with a sense of their responsibility
toward investors in securities of companies which they have sponsored.
IV. Co/feu:stoic.
All our effort in the war period was to help win the war. All our effort
in the first post-war decade was to rebuild the world upon the ruins left
by the war.
After the war the most heroic efforts were made by bankers and investors,
financiers and business men, economists and experts to erect a tolerable world
upon the ruins. The gold standard was reconstructed throughout the world.
New debts, new loans and new credits were granted in the effort to restore
and support the gold standard' and to restore and revivify trade.
However, governments in one country or another, or in all countries, failed
to do their part. The intergovernmental debts resulting from the war were
only tardily, and then not sufficiently, reduced. Tariffs and other trade
barriers were increased. Taxes and loans were raised to meet the uneconomic expenditures of governments. Armaments were not reduced. The
comprehensive rearrangement of the map of the world by the treaties of
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Financial Chronicle
peace involved many political and economic maladjustments, and little was
done to solve them. Russia was ostracized and was carrying on an economic
and political war against our civilization. China continued her civil war,
or ware, and later Japan and China became involved in military operations.
Hindsight. Looking back, it is easy to see the errors which were made.
It is easy to see that our super-prosperity from 1914 to 1929 grew out of
the war itself, and out of the maladjustments which the war left behind it.
Yet while we were living through the period it seemed that with effort, forethought and courage we were going to be able to build a better world; that
our Federal Reserve System created in 1914 had put an end to the banking
panics which had periodically arrested every previous era of prosperity in
modern history; that, possessed of a great continent with all the climates
and all the natural resources, inhabited by an adventurous and hardy and
industrious people; with the extraordinary development of communications,
of telephone and telegraph and radio, of motor cars and of roads, electrical
power and all the manifold extensions of human activity; we had indeed
entered upon a new phase in the life of the American people.
Even when the panic came in 1929, no one had any conception of the
length and depth of the depression which it heralded. Some took a gloomier
view than others, but we know none who had imagination and vision and
knowledge sufficient to foresee then, in October and November 1929, the
gravity and extent of the catastrophe impending. The extent of the inflation and the extent of the deflation were both beyond our reckoning.
Efforts to Meet the Difficulties. At the outset of the panic we spent our
strength and our resources in the effort to stem the disaster. We formed a
group of leading banks to maintain an orderly stock market, and prevented
what doubtless otherwise would have been a general moratorium in 1929.
From that day to this our time and strength and money have been devoted
to the effort to retard or arrest the disaster, to assist this or that firm or
company in trouble, with what losses to ourselves is evident.
Again in 1932 we helped to form the American Securities Investing Corporation which was, we think, a constructive factor in the bond market.
We have made mistakes. Who has not? Our boast is that our effort
during the whole post-war decade was constructively conceived towards the
rehabilitation of America and the world after the war; that our record in
the past three and one-half years, beginning with the panic, has been one of
strenuous effort to mitigate the disaster; that we have, through thick and
thin, run a sound bank on sound banking principles, and protected our
depositors; and that the service of the securities we issued in the whole
post-war period, aggregating some billions of dollars, in spite of lamentable
depreciation in market quotations in consequence of the depression, has
with few exceptions been maintained under conditions of world-wide
disaster.
Yes, we have made mistakes; but were we more mistaken than are those
prophets of evil, those defeatists, who accept the present level of employment, of prices, of conunodities and securities, as final or look for even a
lower level ahead? Were we, after all, wrong in our judgment that it would
be possible to build a new and better world on the ruins left by the war?
We think not. We do not think our hopes and plans were foolish or thoughtless or ill-considered. We hope that the constructive plans of the Administration will lead us all out of the deflation, and, by wise monetary management, by lowering trade barriers and by reducing armaments, will justify
our hopes rather than the fears of the defeatists.
Balance Sheet as of March 31 of J. P. Morgan & Co.
and Drexel & Co. Presented to Senate Committee—
Increase in Market Values as of April 30 Also
Shown.
The balance sheet of J. P. Morgan & Co., as of March 31,
certified by Price, Waterhouse & Co., was placed before
Senate Banking and Currency Committee on June 9. It
includes Drexel & Co., its Philadelphia affiliate according to
Associated Press accounts from Washington, which gave the
figures as follows:
Assets.
Cash on hand
Cash on deposit with banks and bankers
United States Government securities
State and municipal bonds and bills (at market values)
Loans, less reserves
Advances and overdrafts, less reserves
Investments in stocks, bonds, &c. (at market value)
Interest accrued but not collected
Banking premises and other real estate
Liability of customers under acceptances
Total assets
Deposits
Loans payable
Interest and expenses accrued and unpaid
Sundry liabilities
Acceptances outstanding
Special reserve fund
Partners' accounts
Contingent liabilities (not added):
Contracts to purchase foreign exchange
Contracts to sell foreign exchange
Guarantees outstanding
$161,744.13
40.052,988.01
146,071.407.50
1,895,874.95
73,831.227.52
4,956.782.97
26,407,966.75
1,804,902.07
9.661,304.12
12,993,092.42
$317,837,290.44
$238,739.982.08
19.000.000.00
635,497.38
457,149.67
13,123.740.47
1,000.000.00
44,862,920.84
10,227,667.89
11,714,951.52
60,500.00
Total liabilities
$317,837,290.44
The auditors attached a note saying that on April 30, the market values
have increased as follows over those shown in the audit of March 31:
United States Government securities
$908.741
Investments. in stocks, bonds, &c
5,584.604
Collateral for loans in respect of which the reserves referred
to in the balance sheet are based on market values of
March 31
2.068.305
Total increase
$8,561,650
Comparative figures of assets and liabilities of J. P.
Morgan & Co. and Drexel & Co. as submitted to the Senate
investigating committee were given in our issue of May 27,
page 3660.
Senate Inquiry Into Affairs of J. P. Morgan & Co.—
Partners in Banking House Directors on 89 Boards.
Associated Press advices from Washington, June 11
(copyright) are taken as follows from the New York "Herald
Tribune:"
Senate investigators of J. P. Morgan & Co. to-day disclosed evidence
that members of the banking firm are directors of 89 corporations and
banks, with total assets of more than 818.000,000,000.
June 17 1933
The statistics gathered to show the extent of the firm's influence and
placed in evidence at the closing of the hearing Friday, but just made
available for publication to-day, probably will be used by those members of
the investigating committee who plan legislation to limit the concentration
of power through financial channels.
The same batch of evidence contained a consolidation list of the selected
clients to whom Morgan & Co sold stock from 1927 to 1929, showing a
total of 700 individuals and corporations.
Elaborate charts showing the extent of directorships held in banks and
corporations by Morgan partners were submitted by Ferdinand Pecora.
committee counsel.
Tracing the "corporate relationship of J. P. Morgan & Co., they showed
that partners of the firm and its Philadelphia affiliate, Drexel & Co,
serve as directors of 89 corporations and banks which have 537 other
directors.
These "non-partner directors" serve on the boards of 2,305 other companies, the tables showed.
"The list of non-partner directors," the introduction to the charts said.
"discloses that 12 appear on the four 'selected lists' of J. P. Morgan & Co.
and eight have secured loans from J. P. Morgan & Co. or Drexel & Co.
The tables disclosed Morgan partners serve as directors in the following:
Fifteen banks and trust companies, with total assets of $3.811.411,000.
Seven miscellaneous holding companies, of which three have total assets
of $83,786.475, while the others are not recorded.
The railroad companies,of which nine have total assets of $3,436,666,000.
Five public utility holding companies, with total assets of $3,404,555.000.
Eight public utility operating companies, with total assets of $2,818.147,000.
Thirty-eight industrial companies, of which 29 have total assets of
$6,037,644.000.
Six insurance companies, of which five have total assets of $337,187,000.
The 89 corporations and banks holding Morgan or Drexel partners on
their boards of directors are:
Operating Companies—(Continuedi
Banks and Trust Companies.
Second and Third Street Pass. Ry. Co.
Bankers Trust Co.
Diamond States Telephone Co.
Bank for Savings of the City of N. Y.
Consolidated Gas Co. of New York.
Discount Corporation of New York.
Wyoming Valley Water Supply Co.
Guaranty Trust Co. of New York.
Industrial Companies.
New York Trust Co.
John-Manville Corp.
City Bank Farmers Trust Co.
Amer. Radiator & Stand. Sanitary Corp.
Girard Trust Co.
General Electric Co.
Fidelity Philadelphia Trust Co.
Pennsylvania Co. for Insurance on Lives Kennecott Copper Corp.
Standard Brands, Inc.
and Granting Annuities.
Montgomery Ward & Co.
Maine Line Trust Co.
Beaver Coal Corp.
Germantown Trust Co.
American Pulley Co.
Philadelphia Savings Fund Society.
Sharp & Dohne, Inc.
Integrity Trust Co.
Stonaga Coal & Coke Co.
Western Savings Fund Society.
J. I. Case Threshing Machine Co.
Northern Trust Co.
Miscellaneous Holding Companies, Associated Dry Goods Co.
Lehigh Valley Coal Corp.
American Foreign Securities Co.
Phila. Steel & Wire Corp.
American Securities Investing Corp.
First Security Co. of the City of N. Y. Keystone Watch Case Corp.
Texas Gulf Sulphur Co.
Foreign Finance Corp.
Phelps Dodge Corp.
Richmond-Washington Co.
Continental Oil Co.
Willow Corp.
United States Steel Corp.
United States Guarantee Co.
Crowell Publishing Co.
Railroad Companies.
International Agricultural Corp.
Atchison Topeka & Santa Fe Ry. Co.
International Harvester Co.
Chicago 5c Erie RR. Co.
Lamont, Corliss dr Co.
Hudson River Ry. Co.
Lehigh &
Southwestern Construction Co.
National Ry. of Mexico.
Charles E. Hires.
New Jersey & New York RR. Co.
New York & Middle Coal Field Rail- Markles Corp.
road & Coal Co. (controlled by Lehigh General Asphalt Co.
General Motors Corp.
Valley RR. Co.)
New York Susquehanna & West. RR.Co. Phila. & Reading Coal & Iron Corp.
Baldwin Locomotive Works.
Northern Pacific RR. Co.
General Steel Castings.
Reading Co.
Cerro de Pasco Copper Corp.
Western Pacific RR. Co.
Highland Coal Co.
Utilities Companies.
Public
National Storage Co.
Holding Companies.
International Telephone & Telegraph Co. Bellevue Stratford Hotel Co.
De Bardelben Coal Corp.
United Gas Improvement Co.
Pullman Co.
United Corporation.
150 William Street Corp.
Columbia Gas & Electrie Co.
Insurance Companies.
Niagara Hudson Power.
Aetna Insurance Co.
Operating Companies.
Association of Phila. and subsidiaries
Fire
Bell Telephone of Pennsylvania.
Frankford and Southwark Philadelphia Pennsylvania Fire Insurance Co.
No. British dr Mercantile Insur. Co., Ltd.
City Passenger Ry. Co.
Royal Exchange Assurance Co.
Philadelphia Electric Co.
(American branch).
Public Service Corp. of New Jersey.
Transportation Mutual Insurance Co.
Senate Inquiry Into Affairs of J. P. Morgan & Co.—
List of Those Subscribing to Niagara Hudson.
In its issue of June 2 the "Wall Street Journal" said:
A brief list of Morgan clients who subscribed to units of Niagara Hudson
Corporation was put into the record of the Senate banking and currency
sub-committee. The list included Harvey C. Couch, now a director In
Reconstruction Finance Corporation and Owen D. Young, Chairman of
General Electric.
The list follows:
1,500
Thaddeus R. Beal
1,000 H. C. McEldowney
1,000
George T. Bishop
1,000 R. B. Mellon
3,000
500 S. Z. Mitchell
Samuel T. Bodine
500
Charles S. Brewer
500 E. B. Morris Jr
500
Morris Clothier
500 William H. Putnam
500
B. C. Cobb
4,000 J. Henry Roraback
500
Harvey C. Couch
500 Charles S. Ruffner
7,000
Arthur V. Davis
2,000 It. P. Stevens
4,000
.
1,000 0'P Van Sweringen
Charles Day
2.000
W. C. Dickerman
1,000 E. L. West
1,000
Samuel Ferguson
500 John L. Wilkie
6,000
Philip G. Gossier
1,000 Owen D. Young
C. E. Groesbeck
2,000 J. P. Morgan & Co. and Bonbright
& Co
George H. Howard
10,000
2,500
T. N. McCarter
500
Total
Ural H. McCarter
56,500
500
Senate Inquiry Into Affairs of J. P. Morgan & Co.,
Two Lists of Those Invited to Participate in Johns
Manville Stock—Partners Bought at 473/2—Others
at 5732.
A list of persons invited by J. P. Morgan & Co. to buy
Johns-Manville stock at 473/ was placed in the record June 9
of the Senate investigation into the affairs of the banking
firm. Another list was made up of those participating in
the stock at 57
Associated Press advices from Washington, June 9, as given in the New York "Times" added:
George Whitney,a Morgan partner, said when the stock was distributed.
June 9 1927. the market was "about $78."
He added that the $47.50 list was composed of Morgan partners and
their families and that the second was another "select list."
William H. Woodin and Owen D. Young were among those to whom
the stock was offered at 57%.
The purchases were made in June 1927. before Mr. Woodin held public
office. He now is Secretary of the Treasury and demands for his resignation and impeachment have been made because of his being on such lists
made public earlier.
Others on the 573 price list included Norman H. Davis, Walter S.
Gifford, Charles D. Hines, Charles E Mitchell, John J. Reskob, Silas H.
Strewn, Gerard Swope, Garrard B. Winston and Clarence M. Woolley.
Shares Offered at 57%.
The list of those to whom stock was sold at $57.50 per share follows:
Shares.
Nine.
Shares.
Name.
500
1,000 Daniel E.Promeroy
Walter It. Aldridge
2,000
C. Potter
George F.Baker Jr
5,000 William
800
Sosthenes Behn
1,000 John W. Prentiss
2.500
Stephen Birch
1,000 Seward Prosser
1,000
Cornelius N. Bliss
1,000 John J. Raskob
1,000
Edward F. Carey
1,000 Samuel W. Reyburn
500
Arthur C. Choate
1,500 W. G. Ross
1,000
Patrick E. Crowley
1,500 John D. Ryan
1,000
Norman H. Davis
500 Franz Schneider Jr
230
Drexel & Co
250 Alfred P. Sloan Jr
1,000
Giovanni Fummi
500 John A. Stephens Jr
300
Silas H.Strewn
A. EL Franklin
Philip
500
1,000
Harvey D. Gibson
500 Gerard Swope
1,000
Walter S.Glifford
1,500 Myron C. Taylor
5.000
Reginald Holladay
SOO Walter C. Teagle
1,000
Albert H. Harris
1,200 William Boyce Thompson
4,000
Allen Wardwell
Charles Hayden
500
1,300
Charles D. Hines
1,000 J. Dupratt White
1,000
Cornelius F. Kelley
500 Albert Wiggin
Lamont, Cornea & Co
1,000 Sir Frederick Williams Taylor___.. 2,000
250
John McHugh
300 Garrard B. Winston
500
Donald R. McLennan
250 William H. Woodin
1.000
Charles E. Mitchell
1,000 Clarence M. Woolley
1,000
George K. Morrow
2,500 Owen D. Young
John E. Oldham
1,000
List of 47% Offerings.
The group to whom the stock was sold at $47.50, the cost to Morgan &
Co.. follows:
Shares.
Name.
Name.
Shares.
11,000
Alice M.Anderson
8,500 H. G. Lloyd
17,500
F. D. Bartow
8,500 R. C. Leffingwell
35,000
Beech Corporation
18,500 Theodore F. Merseles
10,000
Thomas Cochran
26,200 Morgan et Me
15,000
Henry I'. Savison
1,500 Morgan, Grentell & Co
1,500
Drexel & Co
4,000 Henry S. Morgan
55,500
Martin Egan
500 J. P. Morgan
11,000
Frederick Ewing
500 J. S. Morgan Jr
1,500
Marla T. Ewing
200 Anne S. Morrow
3,000
William Ewing
2,400 Constance C. Morrow
14,000
Dwight W. Morrow
William Ewing, trustee for Grace
1,100
V. Ewing
600 Dwight W. Morrow
700
Dwight W. Morrow
William Ewing, trustee for Jane
700
Ewing
600 Dwight W. Morrow
4,000
Elizabeth C. Morrow
William Ewing, trustee for Jessie
1,500
V. Ewing
600 Elizabeth R. Morrow
250
William Ewing,trustee for William
Vernon Munroe
35
Ewing Jr
500 Jane Taylor Price
20,500
Thomas S. Gates
10,000 Charles Steele
20,500
Perry E. Hall
500 E.T.Stotesbury
500
Thomas S. Lamont
1,500 Francis F. Ward
20,500
Thomas W. Lamont
10,000 George Whitney
Senate Inquiry Into Affairs of J. P. Morgan & Co.-Participation of Judge Kephart in Special Lists
on Same Terms as Others on Firm's Lists.
J. P. Morgan & Co., in a statement to Ferdinand Pecora,
Counsel to the Senate Banking and Currency Committee on
June 9, said the participation of Judge John W. Klephart of
Pennsylvania on Morgan selected client lists was on "exactly
the same terms" as that of other prominent men who bought
stock on invitation. Associated Press advices from Washington indicating this on June 9, continued:
The statement was in the form of a memorandum delivered to Mr.
Pecora by George Whitney. Morgan partner.
Mr. Pecora had asked about Judge Kephart's participation at the request
of Governor Gifford Pinchot, who has demanded Kephart's resignation.
The text of the Whitney memorandum:
"Regarding John W. Kephart's transactions with Drexel & Co. in
United Corporation and Allegheny Corporation.
"Our transactions with Judge Kephart were in the usual course of business and conducted on exactly the same terms as with our customers in
both United Corporation and Allegheny Corporation and in advance of
dates of confirmation, customers of Drexel & Co. accepted invitations to
subscribe which had previously been made to them.
"In the case of United Corporation, on Jan. 17 1929. Drexel & Co.
confirmed to Judge Kephart his prior order for 200 units of United Corporation. On the same date Drexel & Co. confirmed to Mrs. Florence M.
Kephart her prior order for 100 units. On the same date Judge Kephart
deposited with Drexel & Co. his check for $22,500.
"On Jan. 21, Judge Kephart instructed Drexel & Co. to charge the cost
both of his own and Mrs. Kephart's units to his account, and the interim
receipts registered in their respective names were mailed to Judge Kephart.
"On Feb. 5 1929. Drexel & Co. confirmed to Judge Kephart his prior
order for 300 shares of Allegheny Corporation common stock at $20 per
share. On Feb. 15 1929, Drexel & Co. received the Philadelphia National
Bank's check to the order of Mrs. Florence M. Kephart, endorsed by her
to Drexel & Co.,in the amount of $6,000. On April 151929.the certificates
were delivered to Judge Kephart."
An item bearing on the participation of Judge Kephart
in the Morgan offerings, appeared in our issue of June 3,
page 3845.
-Suspension of Holidays and Opening of Banks for
Business.
Since the publication in our issue of June 10 (page 4028)
with regard to the banking situation in the various States
the following further action is recorded:
DISTRICT OF COLUMBIA.
In regard to the new Hamilton National Bank of Washington, D. C., which is being formed through the union of
4211
Financial Chronicle
Volume 136
seven local restricted banks, the Washington "Post" of
June 13 stated that reports of the general subscription committee for stock in the proposed Hamilton National Bank
to the organization committee for the institution on June 12
were so assuring that the latter body had decided to proceed
with the completion of details for the official set-up of the
new bank.
In making this announcement. however, Edwin C. Graham. selected
President for the proposed bank,refused to announce a date for Its opening
until the stock necessary for its organization,$1,250,000.is fully subscribed.
Mr. Graham impressed upon the general subscription committee the
necessity for completing the sale of stock as early as possible.
The organization committee, meeting at the main office of the Federal
American National Bank & Trust Co., which is to be the main office of
Hamilton National Bank of Washington, reviewed the stock-selling campaign to date and appointed a subcommittee to report on possible additions
to the directorate of the new bank to be announced later.
Another committee was named to pass on the assets of the seven local
restricted banks to form Hamilton National Bank of Washington. These
are Federal-American National Bank & Trust Co., District National Bank,
Potomac Savings Bank, Washington Savings Bank, Northeast Savings
Bank, Woodridge-Landon Savings & Commercial Bank and United States
Savings Bank.
A third committee was selected to decide which of the ten buildings
of the banks concerned In the plan would be retained as branches of the
new institution. . . .
Capt. Chester Wells, Chairman of the general subscription committee,
reported a new total of $1,050,000 subscribed to the $1.250,000 worth of
stock necessary to open the prospective bank. Describing this as encouraging, Capt. Wells, nevertheless, urged those contemplating subscribing
to do so at once in order that the realization of the proposed bank may be
hastened and that 50% of the deposits now withheld in the seven participating banks may be made available to depositors.
CONNECTICUT.
Plans which have been underway for some time looking
toward the formation of a new bank to take over the liquid
assets of the defunct Mechanics Bank of New Haven, Conn.,
have failed to receive the approval of the State Bank Commissioner and have consequently been abandoned, according
to an announcement by the depositors' committee on June 6,
signed by Donald A. Adams, Chairman. According to the
New Haven "Register" of June 9, approval to distribute a
cash dividend of 10% to depositors of the closed bank was
granted to James E. Wheeler, the receiver, that day on a
motion presented before Judge Ernest A. Inglis in the
Superior Court and preparations were begun at once for the
payment of the money, which was expected to approximate
$1,000,000. We quote furthermore from the paper mentioned, as follows:
There are about 15,000 accounts to be handled and the expectations are
that the payment will be made within two weeks at the latest. Every effort
will be made to have the distribution as speedy as possible.
A request for advice on the payment of dividends on certain class of accounts,such as to depositors owing the bank or on treasurer's checks, cashier's checks and similar accounts, was taken under consideration in the
Superior Court yesterday (June 8) and the receiver must delay these payments until a decision is reached by the court.
The dividend, approved to-day, will be the first to be paid by the bank
since it closed a year ago. The receiver feels highly confident that another
substantial dividend will be paid before the end of the year.
Since the bank went into receivership. Mr. Wheeler and his assistants
have met with fine success in collecting loans, regarded as poor, and in
carrying on the affairs of the institution so that excellent gains were made.
The receiver's semi-annual report, announced recently, showed an advance
in the inventory of over $460.000.
The prospect of better business conditions is reflected in the confidence
that the receiver feels in the status of future dividends.
IDAHO.
That the First National Bank of Lewiston, Idaho, and
its eight affiliated institutions had reopened, was reported
in a dispatch by the Associated Press from Lewiston on
June 7, which said:
Banking facilities and "frozen" deposits have been restored to a wide
region in central Idaho and Southeastern Washington with reopening of
the First National Bank of Lewiston and its chain of eight affiliated institutions. The banks have been operating on a restricted basissince the NaJonal
banking holiday was proclaimed in March.
The affiliated banks include the Clarkston State Bank and the Bank of
Asotin County in Washington and the First National Bank of Grangeville.
Craigmont State Bank. First Bank of Genesee, Farmers' Bank of Kendrick,
First Bank of Culdesac and the Bank of Reubens. in Idaho.
ILLINOIS.
The Thomson State Bank of Thomson, Illinois, was
authorized by Edward J. Barrett, State Auditor of Illinois,
on June 10 to reopen on June 12. Mr. Barrett said that with
the opening of the Thomson bank,621 of the 704 State banks
in Illinois, closed during the moratorium last March, will
be in operation. According to the Chicago "Tribune" of
June 11, it was learned at the Auditor's office that 93% of
the deposits of banks at the time of the moratorium are now
ree. The paper quoted continued:
It is estimated that the hanks of the State had deposits of $707,000.00
at the time banks were closed at the procatmation of President Roosevelt.
Of this sum approximatPly $741.000,000 has been released in the reopened
banks.
There are 83 banks still in suspension in the State. Of these 67 are
downstate and 16 are in Cook county. It is estimated the banks in suspension have deposits of about $56,000,000.
4212
Financial Chronicle
All of the banks reopened by the State Auditor are operating without
restr ctions. None of the banks authorized to reopen has since closed.
Banks which are reopened fell into two classes, State Auditor Barrett
said. In the first class were those banks which were given immediate
permission after examination. In the second class were banks which were
required to make capital adjustments before receiving authorization.
Some of the 316.000.000 was raised by banks of the second class in order
to get approval for reopening. Of the 83 banks still in suspension more than
a dozen will be granted authorization to reopen shortly. the State Auditor
said. These are now making capital adjustments. Others may be opened
-ater.
The Hardware State Bank of Lovington, Ill., was authorized to open on an unrestricted basis on June 8, according
to the Chicago "Journal of Commerce" of that date.
Two more Illinois State banks—the Farmers' & Merchants' State Bank of New Baden and the Bank of Yates
City at Yates City, were to reopen on an unrestricted basis
on June 15, according to an announcement by Edward J.
Barrett, State Auditor of Illinois.
INDIANA.
South Bend, Ind., advices on June 8 to the Indianapolis
"News" stated that the American Trust Co. and the Union
Trust Co. of South Bend, both of which have been in liquidation since 1931, had announced that they will reopen for
business under plans approved by the Indiana banking
authorities. The dispatch went on to say:
The banks are the American Trust Co. and the Union Trust Co. which
have been in liquidation since 1931. With the St. Joseph Loan & Trust Co.,
the St Joseph Savings Bank, the Merchants' National Dank and the Citizens Savings & Trust Co. again in operation, in addition to the First Bank
& Trust Co.. which have never been closed, except during the moratorium,
financial conditions in South Bend appear unusually bright.
IOWA.
More than half of the banks in Iowa which had two-thirds
of the total deposits Dec. 311932, the date of the last call
for statements of condition, have re-opened without restrictions since the National banking holiday was lifted, it was
announced by D. W. Bates, Deputy Superintendent of
Banks of Iowa, according to the Des Moines "Register" of
June 12, which continued:
Of the 812 banks in the State, 433 are operating without restrictions.
These banks had $261,000,000 in deposits at the close of 1932.
The remaining 379 banks are operating under S. F. 111, if State or
private banks, or are operating under conservators, if National banks.
The deposits in these banks, Dec. 31 1932, totaled 3127,000,000.
The banks operating as usual, therefore, constitute 54% of the total
number, and have 67% of the deposits.
LOUISIANA.
Organization of a new bank at Gretna, La., to replace
the Gretna Trust & Savings Bank, under the title of the
First National Bank of Jefferson Parish, has been approved
by the Comptroller of the Currency and the Reconstruction
Finance Corporation and arrangements have been completed
to make available 70% of the deposits in the old ins itution.
The New Orleans "Times-Picayune," from which this is
learnt, printed the following statement, issued June 6, by
the Gretna Trust & Savings Bank:
The organization of the First National Bank of Jefferson parish, which
will succeed the Gretna Trust & Savings Bank, is nearing completion, the
plan of organization having been definitely approved by the comptroller
of the currency and by the Reconstruction Finance Corporation.
The 3100.000 of capital of the new bank required to be raised locally has
been subscribed and the United States Treasury Department, through the
Reconstruction Finance Corporation, has authorized its subscription for
3100,000 of preferred stock.
The Reconstruction Finance Corporation has also authorized a loan to
the Gretna Trust & Savings Bank of an amount sufficient to permit it to
make available 70% of its depositors' deferred balances through the new
bank. This will be in addition to the 5% already made available.
Before the new bank can open, there remain a number of legal details
to be announced. However, it is hoped that it will be possible to make
a definite announcement shortly.
MARYLAND.
A plan for the reorganization of the Baltimore Trust Co.
of Baltimore, Md., was announced on June 12 by Howard
Bruce, Chairman of the board of directors. It contemplates
the formation of a new National bank with minimum
capital, surplus and undivided profits of $2,000,000. The
capital is to consist of at least $1,000,000 in preferred stock
and $500,000 in common stock, while paid-in surplus,
reserves and undivided profits are to be at least $500,000
at the start. Preferred stock of the new bank, which will
be known as the Baltimore National Bank, has been subscribed for by the Reconstruction Finance Corporation.
The Baltimore "Sun," authority for the foregoing, continued
as follows:
Through a loan from the Reconstruction Finance Corporation funds are
made available to pay an additional 10% to all unsecured depositors and
to pay in full all deposits of less than $10 each immediately the plan becomes
operative. After the payment of this 10%, which is in addition to the 5%
already made available, the Baltimore Trust Co. will have about $2,400,000
in cash to cover all deposits whose preferential position is in litigation.
The remaining 85% of unsecured deposits will be represented by certificates of indebtedness which mature July 1 1938, but will be payable in
June 17 1933
instalments at various intervals in the meantime as assets of the trust
company are liquidated. These certificates vrill bear interest at the annual
rate of 2% on unpaid balances, payable at maturity.
The reorganization plan was approved during the day by the Board of
Directors of the truct company following its approval by John J. Ghingher,
State Bank Commissioner.
The plan provides for the formation of an advisory committee consisting
of seven members. Four of these „John K. Shaw. Louis Eliasberg, II. G.
Fant and T. Newton Weatherby, will represent the unsecured depositors
and creditors; two, George L. Radcliffe and Herbert A. Wagner, will
represent subscribers to the tuaranty fund, and one, Jonathan K. Voshell,
will represent the stockholders.
This committee will have for five years an irrevokable proxy to vote the
majority of stock of the Baltimore Trust Co. The majority membership
may be changed at the pleasure of a majority of the depositors and creditors.
The effect of this arrangement is that the Baltimore Trust Co. during its
period of liquidation will be under the control of depositors and creditors.
After the certificates of indebtedness have been paid in full and other
liabilities of the old bank have been settled, further proceeds of liquidation
of the old bank will be applied to the payment of the guaranty fund certificates. Any assets remaining after retirement of the guaranty fund certificates will be distributed to the stockholders of the old bank.
At least 50,000 shares of common stock of $10 par value will be issued
and sold at $20 a share. This stock will be privately subscribed, principally
by depositors of the trust company, it is stated. The proceeds will be applied
$10 to capital, $8 to surplus and $2 to reserves and undivided profits.
Adoption of the plan will not operate to release any stockholder of the
Baltimore Trust Co. from his statutory liability.
We learn from the Baltimore "Sun" of June 10 that
Thomas B. Finan of Cumberland, Md., has been appointed
receiver for the Citizens' National Bank of Frostburg, Md.
Mr.Finan, it was stated, was appointed by the United States
Comptroller of the Currency, upon the termination of a
conservatorship under which the bank had been operating
since March 17. E. G. Hitchins had served as conservator.
The reopening June 12 of two Maryland banks on a 100%
basis was indicated in the Baltimore "Sun" of June 11,
which said in part:
One of these is the St. Michaels Bank,St. Michaels, Md.,which has completed a plan of reorganization, reducing its capital from 320,000 to 58,000
and immediately increasing it again to $25,000 through the sale of new stock.
Depositors of this bank will receive certificates of beneficial interest for
30% of their deposits, the balance of 70% being made immediately available. J. Vernon Johnson is President of this bank and W. D. J. Morris.
Cashier. The bank has deposits of about $275,000.
The Seat Pleasant Bank at Seat Pleasant will also open on a full basis as
a new bank with $25,000 capital and $25,000 paid-in surplus. This bank
has been organized out of the assets of the Southern Maryland Trust Co.
at Seat Pleasant, as provided for under the Maryland emergency banking
act. Walter J. Hayward is President and Leo J. Noughton Cashier.
The St. Michaels Bank at St. Michaels, Md., has reopened on a 100% basis, following the completion of a reorganization plan, according to a statement by John J.
Ghingher, State Bank Commissioner for Maryland. Baltimore advices yesterday, June 16, to the "Wall Street
Journal," reporting the matter, furthermore said:
Under the plan depositors will receive 70% of their deposits and the
other 30% in certificates of beneficial interest. The institution increased
its capital to $25,000 through the sale of new stock and has deposits of
about 3275.000.
MICHIGAN.
The Old-Merchants National Bank & Trust Co. of Battle
Creek, Mich., with deposits in excess of $11,000,000 and
total resources of more than $17,000,000 as of the date of
its last report, Dec. 31 1932, was closed on June 13, according to advices from Battle Creek on that date to the New
York "Journal of Commerce," which added:
The Comptroller of Currency presumably will appoint a conservator
at once after which the bank's reopening is expected perhaps exchanging
some portion of the deposits for stock.
W. J. Smith, the Chairman of the Board, stated that since the bank reopened following the general moratorium in March, there had been a persistent withdrawal of deposits. This forced the bank to pay out large
amounts of cash and made it non-liquid.
Late advices from Chicago to the "Wall Street Journal,"
June 14, stated that a conservator had been appointed for
the institution and that the bank had been fully licensed
to resume operations after the banking holiday.
One year in advance of the date the amount is due, the
Citizens' Bank of Big Rapids, Mich., will release to depositors
on July 11 another $70,000 of deposits impounded under a
depositors' reorganization agreement, according to a dispatch
by the Associated Press from that place on June 9, which
continued:
The disbursement will make a total of 3210.000 released to depositors
by the bank since its reorganization and reopening July 11 1932.
Depositors of the Union Guardian Trust Co. of Detroit,
Mich., will be asked to approve a reorganization plan, continuing the company as a fiduciary institution and liquidating
the banking department. Detroit advices on June 13 to
the "Wall Street Journal," reporting this, went on to say:
Under the plan, capital of the reorganized company would be provided
by setting aside $1,000,000 from cash and bankable assets, to be held in
escrow. All assets not otherwise pledged would be placed in a trust fund
to be liquidated for the benefit of depositors, as well as future earnings
of the fiduciary business.
Surplus, after payment of its 311,958,974 Reconstruction Finance
Corporation loan, also would be placed in the trust fund. Collateral with
book value of about $31,000.000 has been pledged against the loan.
4213
Financial Chronicle
Volume 136
to
The company's deposit liability at the time of the closing amounted
deposits.
$26,570,000. Participation certificates would be issued for 100% of
the Michigan State Bankihg
The plan has been approved,in principle, by
the total
Commissioner and by depositors representing more than 40% of
in addideposit liability. Approval of 65% of deposit liability is necessary,
tion to sanction of the State Banking Commissioner and the Wayne Circuit
Court.
Depositors will be asked to vest power in a committee to carry out the
reorganization. Alvan Macauley, President of Packard Motor Car Co.,
has been appointed temporary Chairman of the committee.
A plan for a new National bank in Detroit, Mich., was
submitted to Federal officials in Washington on June 14 by
a committee representing depositors of both the First National Bank-Detroit and the Guardian National Bank of
Commerce (part of whose assets were taken over by the new
First National Bank of Detroit), according to a Washington
dispatch on the date named, appearing in the Detroit "Free
Press," from which we also take the following:
Secretary of the Treasury William H. Woodin and his executive secretary,
Walter J. Cummings, were in conference tonight upon its feasibility. They
plan to continue their negotiations with the committee tomorrow.
The committee placed a draft of its plan before Mr. Cummings and
Jesse H. Jones, Chairman of the Board of Directors of the Reconstruction
Finance Corporation.
The Detroit group comprised Col. Frederick M. Alger, Henry Sheldon,
Emory Clark. Sidney T. Miller, Jr., and E. A. McDonald. It was understood at the Reconstruction Corporation that the plan involved the delayed
liquidation of the remaining assets of the two closed banks in Detroit.
Col. Alger said tonight that he represented a group of individuals who
had been depositors in the closed banks and that be could not discuss his
plan for rebuilding the financial structure in Detroit—until it had reached
a more advanced stage with the Government agencies involved.
J. F. T. O'Connor, Comptroller of the Currency, was out of the city
and any final decision must await his return. With this idea In mind,
the committee intends to stay here until Friday.
At the Reconstruction Corporation offices it was stated that the new
bank proposed in the plan submitted to-clay would not interfere with the
National Bank of Detroit. Instead it would provide a privately financed
nstitution as compated to one 50% supported by the Government.
MINNESOTA.
That the following Minnesota banks have now reopened
on an unrestricted basis was noted in a Minneapolis dispatch
on June 12 to the "Wall Street Journal": Security State
Bank of Hammond, State Bank of Hanska at Hanska, and
Security State Bank of Waseca.
NEW JERSEY.
Concerning the affairs of three Atlantic City, N. J.,
banks, advices from that place on June 14, appearing in the
New York "Herald Tribune," said:
The Atlantic County Freeholders to-day authorized the acceptance of
$102,836 in preferred stock in the Guarantee Trust Co., the Equitable
Trust Co. and the Bankers' Trust Co. in lieu of the County funds which
are tied up in these three banks, which have been operating on a restricted
basis since the beginning of the banking holiday.
This action was taken In response to a request from the banks that the
depositors signify their willingness to accept preferred stock.
The First National Bank & Trust Co. of Kearny, N. J.,
which had been closed since March 3, reopened for unrestricted business on June 15. A dispatch from Kearny on
June 12 to the New York "Herald Tribune," indicating the
reopening, said in part:
Steps for the reopening of the bank were the resale of $120,000 of common
stock and the subscription of a $300,000 issue of preferred stock. The
sale of the latter was completed last Thursday night (June 8) when the
Kearny Common Council, in special session, voted to take up the unsubscribed balance of $47,850 of the preferred stock.
Chester P. Rogers, receiver for the closed New Jersey
National Bank & Trust Co. of Newark, N. J., announced
on June 10 that through an arrangement with the Reconstruction Finance Corporation and J. F. F. O'Connor,
Comptroller of the Currency, he would begin within a
month to pay depositors 50% of their accounts. The payments, it was said, would total $3,000,000. A Newark
dispatch to the New York "Herald Tribune," from which
this is learnt, quoted Mr. Rogers in a statement as saying:
Although several efforts have been made to reorganize this bank and
plans for its rehabilitation have been submitted to the Comptroller of the
Currency, it has been impossible to effect satisfactory arrangements whereby
the bank might be reopened.
To alleviate the local financial stringency and place in the hands of the
creditors the greatest possible amount of funds, the Reconstruction Finance
Corporation was approached. The collections from assets and stock assessments available to general creditors have been augmented by an advance
by the Reconstruction Finance Corporation to the extent necessary to
distribute the 50% dividend.
As of the date of closing there was $13,756,229.14 of liabilities; $7,322,405.18 was in the form of secured accounts, including among others thrust
department funds secured by a pledge of bonds, and bills payable, obligations and rediscounted items to the Federal Reserve Bank of New York, the
R. F. C. and the National Credit Association, secured by the best assets.
Now $9,007,686.16 has been collected by the receivership.
that will work to
Bankers in Nassau County have formed a committee
Stream,it was announced
safeguard depositors of the closed Bank of Valley
that the majority of the bank's directors
to-day (June 14), with a statement
into a pool to be liquihad signified their intention to turn all their assets
a substantial equity
dated for the benefit of creditors. It was said there was
Co., which in turn Is
In the bank building, owned by the Boval Realty
has been offered to the village eJ
owned by the directors. The building
Valley Stream at a low price.
include the Valley
Other assets which may be turned over to the pool
with a $51,000
Stream Coke & Supply Company's plant, valued at $200,000
by the directors and
mortgage against it, and the office building owned
Electric Co. under option to buy at
occupied by the Queensborough Gas &
$50,000.
$100,000. This building carries a mortgage of about
bank has planned to
In the meantime the depositors' committde of the
contest the bankruptcy petitions filed by three directors.
Advices from New Rochelle, N. Y., to the New York
"Times" on June 9 stated that the reorganization committee
letters to
of the National City Bank of that place had sent
outlining a plan of reorganizathe bank's 11,000 depositors
the
tion which had been approved by the Comptroller of of
that on Apr. 4 last the net value
Currency. It stated
proeach dollar of deposits was about 80 cents. The plan
a
it was said, for a new bank with a new Board and
vides,
liquidate the old institution. Denew name which shall
capital.
positors will be required to provide $450,000 of
their deposits will be paid to them when
Thirty per cent of
old one
the new bank is opened, and as liquidation of the
more will be paid.
goes on
OHIO.
Concerning the affairs of the unlicensed First-Central
Trust Co. of Akron, Ohio, a dispatch from that place under
date of June 10, printed in the Cleveland "Plain Dealer,"
on
stated that an order for withdrawal of all "free money"
not later than June 21, with a
deposit with the institution
day
deadline for deposits set for June 14, was issued on that
by John R. Eckler, the conservator. We quote
(June 10)
further from the dispatch as follows:
nt Ira J. Fulton, is
The order, coming from State Banking Superintende
of Akron men to
expected to be followed by early liquidation as efforts
materialize.
either reorganize or form a new bank have failed to
as well as funds
Remainder of the 1% balances of Feb. 25 still undrawn
order.
put in segregated accounts since are included in the
the ReconMeanwhile rubber industry leaders are awaiting word from
to come from
struction Finance Corporation on a new bank proposal
Washington.
bank functions have
Carrying of the free money accounts and other
conservatorship, a procedure
been handled out of "frozen" funds under the
costly to depositors with funds tied up there.
a close an Akron
With the passing of the First-Central will come to
parent of many
banking chapter begun in 1863 when the old First National,
of late 1931 brought
mergers and combines, was started. The merger
Akron what was termed a $75,000,000 institution.
& Savings
Akron will have two licensed banks, Firestone Park Trust Barberton
cities,
Bank and the Dime Savings Bank, with both suburban
and Cuyahoga Falls, without banking facilities.
We learn from the Cleveland "Plain Dealer" of June 13,
that seven new directors were placed on the Board of the
National City Bank of Cleveland, Ohio, in preparation for
with
the expansion of the institution and its plan to release,
Reconstruction Finance Corporation, about
the aid of the
Co.
$50,000,000 to depositors of the unlicensed Union Trust
Trust Co. of Cleveland. The new directors are:
and Guardian
County Relief Committee.
A. V. Cannon, attorney and Chairman of the
Cleveland • Electric
E. G. Crawford, Vice-President and Secretary,
Illuminating Co.
& Co.
Henry G. Dalton. senior partner, Pickands, Mather
Hanna Co.
Howard M. Hanna, Chairman of the Board, M. A.
George M. Humphrey, President, M. A. Hanna Co.
Ashland.
Thomas W. Miller, President, Faultless Rubber Co. of
Co. and active
Windsor T. White, former executive of the White Motor
In several Cleveland companies.
Commenting on the new board, which will consist of 19
members, C. B. Reynolds, President of the National City
Bank, said:
our customers
We believe it to be to the best interests of the bank and of
bank's affairs.
to have a small board of directors, closely identified with the
to have all
Our directors will direct in fact as well as in name. The plan is
rotation of such
members of the board assigned to barious committees. A
familiar with the
activities will enable all members to keep constantly
bank's affairs.
The personnel of the board includes representatives from a large range
of Cleveland's leading industries. The experience and judgment of these
men in their respective businesses they represent will be reflected in the
bank's policies and management.
The present members of the directorate who will continue
to act (seven members retire) were named in the paper
mentioned as follows:
NEW YORK STATE.
A. Z. Baker, President, Cleveland Union Stock Yards Co.; J. S. Crider.
trustee, Society for Savings, and Treasurer, Dow Chemical Co.; Ralph
Gallagher, President, East Ohio Gas Co.;E.L. Geismer, Vice-President and
General Manager, Stearn Co.; Edgar A. Hahn, attorney; W. T. Holliday.
President, Standard Oil Co.of Ohio; William A. McAfee,attorney; Henry C.
Milligan, President, Republic Stamping & Smelting Co. of Canton; Reynolds, Hiram S. Rivitz, President, Industrial Rayon Co.; C. H. Strong,
Vice-President and Manager, William Taylor Son & Co., and Harvey E.
Stuliler, Vice-President and Treasurer, North American Refractories Co.
A dispatch from Valley Stream, L. I., to the New York
"Times," on June 14, with reference to the affairs of the
closed Bank of Valley Stream, contained the following:
The new directors furnish representation on the Board to both the Union
and Guardian, as well as to the First National Bank which had been pro-
The closing of this bank on June 11 1932 was noted in the
"Chronicle" of June 18 last, page 4409. Our last reference
to its affairs appeared in our issue of Aug. 13 last, page 1109.
Continuing, the "Plain Dealer said in part:
4214
Financial Chronicle
posed as a successor of the Union and Guardian and whose functions the
National City has undertaken.
Dalton, White, Hanna and Miller were on the Union Trust Board. Dalton
was also on the Board of the Guardian, and Crawford was a member of the
reorganization committee of the Guardian. Cannon and Humphrey were
active in the organization of the First National Bank, and Cannon was to
have been Chairman of Its Board.
On June 7 Ira J. Fulton, State Superintendent of Banks
for Ohio, issued an order to pay within the next three weeks
a 10% dividend, amounting to $3,200,000, to depositors of
the defunct Ohio Savings Bank & Trust Co. of Toledo, Ohio,
one of the four leading Toledo banks which closed their
doors on Aug. 17 1931. The order to pay the dividend, said
the Toledo "Blade" of June 8, means "virtual collapse of
the present plan to reorganize and reopen" the institution.
"The collapse of this plan does not mean, however, that some
other plan cannot be worked out later, such as the organization of a new bank out of the remaining assets of the old."
We quote further in part from the paper mentioned, as
follows:
Already some of the biggest interests in the Ohio have under consideration
an entirely new plan, it was revealed Thursday (June 8).
The decision does mean, however, that the more than $3,000,000 of
depositor's money realized from the liquidation up to this time will not
be
held longer. . . .
It is known that as early as last December the State felt a dividend
should be paid out of the money on hand but, In the interests of the plan
to reopen and reorganize, the payment was delayed. officials said Thursday.
The committee led by E. M. Amos that has been working for the reopening spent months in an effort to bring about the realization of the plan.
The decision of the Reconstruction Finance Corporation not to buy
the
debentures of $2,000,000 provided in the plan and the many weeks offurther
negotiation that seemed in prospect, resulted in the decision of Mr. Fulton
to pay the dividend now.
"We cannot hold depositors' money forever," he said.
Details of the new plan that is under consideration are not disclosed but,
as tentatively outlined, it will result in a much stronger institution if those
behind it are successful. Just now it is in the preliminary stages, those
working on it say. The payment of the dividend will not interfere
with
this plan, they added.
The 10% dividend will be paid before July 1 ,William J. Konzen, examiner in charge, said Thursday. It will require between two and three weeks
to figure the amounts due each of the more than 90,000 depositors.
The reopening on an unrestricted basis by July 1 of the
Lorain County Savings & Trust Co. of Elyria, Ohio, and
the resignation of its President, Arthur B. Taylor, are
indicated in the following dispatch from Elyria on June 12
to the Cleveland "Plain Dealer":
The resignation of Arthur B. Taylor, Chairman of the bank management
committee of the American Bankers' Association. as President of the Lorain
County Savings & Trust Co. here was announced to-day (June 12).
President of the bank for more than twenty years, Taylor stepped from
the Presidency of Elyria's largest bank, which has been on a restricted basis
since Feb. 27, just as the institution took steps to reopen by July 1.
Having obtained a large enough loan to raise its cash reserves to the
requirements of the State Banking Department, the institution was preparing tonight to mail waivers to its 10,000 depositors, asking them to
waive 40% of all deposits over $50 as the final requirement for obtaining
a license from the State Banking Department.
Directors of the bank accepted Taylor's resignation without comment.
Taylor, who was President of the Ohio Bankers' Association in 1928-29,
also declined to comment on his resignation.
The directors irtunediately met to elect a successor. Their choice has
been submitted to the State Banking Department for approval, James A.
Hewitt, conservator, announced.
OREGON.
The First National Bank of The Danes, Ore., closed
since Oct. 21 1932, is being liquidated, according to the Portand "Oregonian" of June 5, which continuing said:
This decision was reached yesterday (June 4) by the depositors'committee
after meetings with M. C. Wilde, National bank examiner. Liquidation
will be started immediately. The bank is in charge of Oscar Carlson,
Federal receiver. The depositors' committee worked for months in an
attempt to arrive at a reorganization plan acceptable to the Comptroller
of Currency, but failed. When closed the bank had deposits of around
$1,500,000.
VIRGINIA.
June 17 1933
ruin or undue harassment." Judge Gunn also emphasized that "time shall
not be the most important element in the administration of the receivership, but such reasonable time shall be taken as may be required by economic
conditions and business needs." . . •
John T. Wilson, President of the Bank of Commerce & Trusts, and his
co-receivers went to the American Bank at 4:15 o'clock and took charge
of the institution. . . .
The American Bank operated its main office and seven branches when
the national bank holiday occured. Denied a license to reopen, It conducted a restrictive trust account business until receivers formally took
charge of the bank yesterday.
Shortly after J. A. Salle, Jr., filed his suit, alleging the bank was insolvent
and asking for a receivership, the operating expenses of the American Bank
were sharply curtailed. A force of some 200 officers and employees VMS
reduced to about 90.
The appointing of receivers brought to a climax a case of tremendous interest to Richmond, the bank having 53.0(0 depositors and having contributed a large share to the City's progress and development.
The management of the bank turned over control of the institution
several weeks ago to depositors. through the election by stockholders of a
board majority representing the depositors' protective committee. Harris
Hart, Chairman of the committee, later was chosen Chairman of the Board.
The bank strove mightily to form a new bank of $1,000,000 capital, with
the R. F. C. subscribing $500,000 in preferred stock conditional upon the
raising of $500,000 common stock and $100.000 surplus here. It was the
purpose of Mr. Hart's group, representing $3.000.000 in deposits, to have
a new bank designated as liquidator of the old institution.
Logan R. Ritchie, chief of the State's banking examiners, is widely
known in Virginia bank circles. The State Corporation Commission.
which asked for naming of receivers, agreed to give Mr. Ritchie a furlough
if Judge Gunn saw fit to name him as a receiver. Sherlock Bronson of the
law firm of Tucker, Mays, Bronson and Satterfield, originally was named
receiver for the bank, Judge Gunn rescinding his order two months ago to
permit time for the bank's friends to suggest a plan of reorganization.
75% Return Foreseen.
Federal and State examiners then went into the bank and spent six
weeks at their task. Their examination showed the bank's deposit liabilities to be $10,863.843, with loans and discounts amounting to $15,224.821.
The bank's capital structure VMS wiped out, examiners reported, and they
estimated losses and doubtful assets at more than $6.000,000. If the bank's
real estate holdings can be liquidated at valuations placed by the examiners,
depositors ultimately may realize more than 75 cents on the dollar, an analysis of a digest of the report indicated.
Mr. Ritchie was in charge of the examination, assisted by Federal associates. Ritchie was recommended to Judge Gunn as one familiar with
the bank's condition and admirably equipped, because of his detachment,
to serve as a receiver.
The State Corporation Commission, in asking for a receivership, stated
that the bank "is borrowing relatively high the bulk of its assets are frozen,
permanent and unliquid so that It is unable to meet the demands made
upon it in the usual course of business, and in addition to this. a large
part of its best and most desirable assets have been pledged as security
for its borrowed money."
The Corporation Commission deemed a receivership necessary "for the
protection of the public and for its depositors and other creditors." . • •
A second order issued by Judge Gunn consolidated into one bill the
separate actions filed by WaBerstein, Goode and Evans in behalf of J. A.
Salle, Jr.: by Cary and Allen in behalf of eight depositors, and by the State
Corporation Commission, and to be hereafter termed the suit of the State
Corporation Commission against the American Bank & Trust Co. of
Richmond.
According to Associated Press advices on June 14, representatives of the depositors' committee of the American
Bank & Trust Co. of Richmond were given encouragement
on June 13 by the Reconstruction Finance Corporation that
further loans might be granted the bank by the corporation.
The dispatch went on to say:
They were told, however, that the application for a loan must come
from the bank's receivers.
This was learned after the depositors' representatives and corporation
officials had declined (June 13) to discuss the nature of their conference.
One of the representatives was Warren Gay. Richmond lawyer. They
talked with Jesse H. Jones, Corporation Chairman, and members of the
Corporation's legal staff.
It was said at the corporation offices that the corporation now holds
only $6,000,000 of the bank's collateral and that it was considered likely'
that the bank has other good paper on hand on which a cash loan might
be granted.
The depositors' representatives were understood to be seeking to obtain
some immediate relief for depositors whose funds have been frozen since
Mar. 6 in the closed institution. They said they did not represent the
receivers.
WISCONSIN.
We learn from the Richmond "Times Despatch" that the
Reopening on an unrestricted basis of seven Wisconsin
State Corporation Commission of Virginia on June 7 authorized the suspension of business on the part of the Brunswick State banks was reported in advices on June 12 to the "Wall
Bank & Trust Co. of Lawrenceville, Va., for a period of Street Journal" from Minneapolis, Minn.: The institutions
60 days, beginning that date and ending Aug. 5. This are Union Bank of Blair, Bank of Cameron at Cameron;
State Bank of Drummond at Drummond; State Bank of
action was taken at the request of the Board of Directors.
Receivership for the closed American Bank & Trust Co. Gilman at Gilman; Poplar State Bank at Poplar; First State
was ordered on June 9 by Judge Julien Gunn, who named Bank of Prairie Farm,and First State Bank at Solon Springs.
as receivers Logan R. Ritchie, Sherlock Bronson and the
Bank of Commerce & Trusts of Richmond. Bond in the Additional List of Banks Licensed to Resume Operations
in Second (New York) Federal Reserve District.
sum of $200,000 each was required of Mr: Ritchie and Mr.
Bronson, while the bond of the Ba,. k of Commerce & Trusts
The Federal Reserve Bank of New York issued the follow.
ing list, on June 14, supplementing its statement of June 7
NM fixed at $100,000. The Richmond "Dispatch" of June
10, from whose report of the matter, the above is taken, (noted in our issue of June 10, page 4031), showing additional
continuing said in part:
banking institutions in the Second (New York) District
Judge Gunn laid down four instructions to the receivers,stressing prudent
which have been licensed to resume full banking operations
administration, just and fair treatment of debtors, consideration to borrowers that "will not wreck, endanger or jeopardize the business interests
or financial circumstances of such persons" and "to ever bear in mind
that the interest and welfare of a large and substantial part of the people
of Richmond and its vicinity are involved and affected."
The Court especially enjoined the receivers to permit borrowers to
"liquidate their indebtedness without undue personal sacrifice, financial
FEDERAL RESERVE BANK OF NEW YORK
[Circular No. 1244. June 14 1933.1
MEMBER BANKS,
NEW YORK STATE
Falconer—x The First National Dank of Falconer.
Volume 136
Financial Chronicle
NEW JERSEY
Kearny—The First National Bank & Trust Co. of Kearny.
Bank in Buffalo Branch territory.
GEORGE L. HARRISON, Governor.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
A New York Stock Exchange membership was sold June 12
at $215,000. The previous transaction was on June 9 at
$200,000. On June 13 arrangements were made for the
transfer of three memberships; two at $225,000 each, and
one at $250,000, and on June 16 another membership was
sold at $250,000.
Arrangements were made f- or the sale of two New York
Curb Exchange memberships at $50,000, an increase of
$1,000 over the ast previous sale. The dates of the sale
were June 15 and 16.
The New York Cotton E- xchange membership of the
estate of Alex.P.Eccles was sold June 12 to E.J.Schwabach,
for another, for $20,000, an advance of $100 over the last
previous sale, and on June 13 the membership of W.Hustace
Hubbard was sold to Homer W. Orvis for another for
$21,500.
Arrangements were comple- ted June 10 for the sale of
three seats on the Commodity Exchange, Inc., at new high
prices as follows: Jacques Westphalen to Joseph Klingenstein for another at $2,850; Jerome Lewine, extra, to E. J.
Schwabach for another at $2,900, and Thomas Barton to
Jerome M.Bijur for another at $3,000; on June 12 by Harold
L. Bache, of an extra membership, to R. Henry Hirsch for
another at $3,200; June 13, the membership of Robert B.
Stearns to Donald Bayne for another at $3,700, and that of
Edmondo Gerli to E. A. Canalizo for another at $3,500;
on June 14 the membership of Jean D. Virnot to Frederic
C. Zanes for another at $3,700, and on June 15 the membership of J. P. T. Armstrong to W Charming Burbank for
another at $3,700.
A membership on the Chic- ago Curb Exchange was sold
June 12 for $1,600, off $50 trom the last previous sale.
Two Chicago Board of Trade memberships sold at $9,500,
up $500 from the previous sale. The first sale took place
on June 12, while the second one sold June 13,
The Board of Managers has ordered the New York Cocoa
Exchange to be opened for all purposes on the remaining
Saturdays in June and on all the Saturdays in July, the
Exchange announced on June 15. The Exchange had been
closed for two Saturdays in June in line with the usual
policy of closing on Saturdays during the summer months,
as noted in our issue of June 10, page 4031.
Dr. Jules I. Bogen, Editor of the New York "Journal of
Commerce"and Professor of Finance at New York University,
will be the speaker at the June meeting of the New York
Financial Advertisers, which will take the form of a dinner
to be held at the Waldorf-Astoria, Tuesday, June 20, at
6 p. m. The subject of Dr. Bogen's address will be "The
Banking Outlook, with Special Reference to Banking Legislation." The Executive Committee for the Financial Advertisers' Convention to be held in New York, Sept. 11th
to_15th, will make a report on its progress at the meeting.
The regular quarterly divid- end of 45 cents per share was
declared on June 15 on the capital stock of the Chemical Bank
& Trust Co., payable July 1 1933 to stockholders of record
June 19 1933.
As a result of the resignatio- n of Charles 0. Ireland, VicePresident in charge of the Dorchester office, who leaves on
June 15 to assume the presidency of the First National Bank
of Islip, Long Island, the Manufacturers Trust Co. of New
York announces the following transfers, all to become effective on Thursday:
Paul R. Bellows, Vice-President in charge of the Willoughby office, will
be placed in charge of the Dorchester office.
Edmund J. Bettis, Assistant Secretary at the Willoughby office, will be
placed in charge of that office.
Thomas Olsen, Assistant Manager at the Nostrand office, will become
Assistant Manager at Willoughby.
Effective June 8, the Bank of the Manhattan Company of
New York reduced its surplus and undivided profits from
$36,931,700 to $31,931,700, a $5,000,000 change. Following
the Change the company now has surplus of $25,000,000, undivided profits of $6,931,700 and capital of $20,000,000.
4215
Rudolf S. Metz, a partner in Ladenburg, Thalmann & Co.,
New York, brokers and bankers, died on June 8 at the age
of 60. Mr. Metz, who was born in Germany, joined Ladenburg, Thalmann in 1909. He became a member of the firm
in 1921. Mr. Metz had been a member of the New York Stock
Exchange since March 1923. He was an officer and a
director of a number of companies.
Lincoln S. Hession was appointed Deputy Comptroller of
the Emigrant Industrial Savings Bank, New York, on June 8.
Mr. Hession has been connected with the bank 16 years.
The Golden Cross of the Order of the Phoenix, a decoration established by the Greek Republic in 1926, has been conferred upon Joseph C. Rovensky, Vice-President of The Chase
National Bank of New York, for meritorious service to the
Greek Government. The gold medallion was conferred
through His Excellency Charalambos Simopoulos, Minister
of the Greek Republic in Washington. An announcement
says:
This decoration is the successor of the old monarchial Order of George I,
which was abolished in 1925 following the dissolution of the royal regime.
The term "Order of the Phoenix" was derived from the hero of Greek
Mythology who, in ancient times, was said to have been born from the fire
and was also allied with the famous legend of the phoenix bird whose young
arise from the ashes of the funeral pyre of their ancestors.
In August of 1932, Mr. Rovensky was decorated by order of the King of
Italy with the title of Knight Commander of the Order of the Crown of
Italy.
The officers and directors of The First National Bank of
Cooperstown, N. Y., announce the death on June 1 1933 of
Charles A. Scott, a Vice-President and a Director of the institution. Mr. Scott had been associated with The First National Bank for more than thirty years.
Charles H.Fitch, Edwin T. Missert and Walter P. Hooper
have resigned as Vice-President and Assistant Secretaries, respectively of the Manufacturers & Traders Trust Co. of
Buffalo, New York, it was announced on June 12. The
Buffalo "Courier" of June 13, from which this is learnt,
went on to say:
They have formed a new company to be known as Fitch. Missert & Hooper
Inc., business and financial counsel with offices in the M. & T. Building.
Mr. Fitch. who is President of the company, has been associated with the
Manufacturers & Traders Trust and the Peoples Bank of Buffalo prior to
the merger of the two, for the past 19 years in the loaning and credit functions of both Institutions.
Mr. Mann has been with the two institutions for the past 18 Years.
while Mr. Hooper before his association with the bank was engaged In the
analytical branch of the Investment banking field and for many years prior
to that time was an executive In the Buffalo office of Ernst & Ernst.
Depositors of the defunct National Bank of Rensselaer at
Rensselaer, N. Y., on June 7 were to receive a second dividend
of 30%, according to an announcement on June 5 by Herbert
Hall, the receiver for the institution. The "Knickerbocker
Press," in reporting the matter, went on to say in part:
. . . "The distribution of the second dividend at this time is evidence of the general strong financial conditions of the Albany district, its
banks and its people," Mr. Hall said. "In spite of extremely difficult times
we have found that depositors of the bank have evidenced a confidence which
has helped greatly in liquidation. The assets of the bank have been collected with no foreclosures of mortgages where the taxes and interest were
paid and the property was well cared for."
Mr. Hall disclosed that $115,000 had been borrowed from the Reconstruction Finance Corporation for this dividend, and that $65,000 of this had
been returned as a result of the successful liquidation. He pointed out
that there are still bank assets consisting mostly of mortgages which will
take time to liquidate, but which will eventually bring a third dividend
and probably pay depositors 100%. The first dividend, paid last October,
was for 50% and released $350,000.
The National Shawmut Bank of Boston has declared a
quarterly dividend of 25 cents payable July 1 to stock of
record June 20, according to Boston advices on June 15 to the
"Wall Street Journal", which added:
Previously the bank paid 50 cents quarterly, the annual basis thus being
reduced from $2 to El. In connection with this action, it was stated that
while the rate of dividend heretofore paid is being earned, the directors
believe that a reduction is sound policy.
The newly organized Pilgrim Trust Co. of Boston, Mass.,
opened on Monday of this week, June 12 at 31 Milk Street
that city, where it plans to conduct a general banking business and a vault and safe deposit service. The new institution begins with a capital of $200,000 and surplus of $100,000.
The Boston "Transcript" of June 9, from which the above
information is obtained, named the officers of the new trust
company as follows: George B. Wason, Chairman of the
Board, formerly President and Chairman of the Liberty Trust and Vice-President and a Director of the
Beacon Trust and the Atlantic National Bank; Allan H.
_
4216
Financial Chronicle
Sturges, organizer and President of the new bank and
formerly serving in official capacities in the Liberty Trust,
Beacon Trust and Atlantic National; J. Henry Miley, VicePresident and Treasurer, formerly Assistant Treasurer of
the Liberty Trust and Vice-President of the Beacon Trust
and Atlantic National and Alfred Johnson, formerly associated with the above three banks, Assistant Treasurer.
Reference was made to the organization of the new bank
last year in our issues of Oct. 1, Oct. 20 and Dec. 24, pages
2280, 2939 and 4332, respectively.
Stockholders of the Hudson National Bank of Hudson,
Mass., have approved a proposal of the directors to double
the capital and set aside half of it in reserves. The Boston
"Transcript" of June 8,from which this is learnt, continuing
said in part:
The action was entirely voluntary on the part of the directors and stockholders and is in keeping with present conditions. The directors stated
that it was their desire to build a bulwark of reserves, through capital donations, that would unquestionably fortify the safety of their depositors.
Robert T. Dawes, Ralph Fieldsend„ G. Woodbury Parker, Louis Shindler
and Carlton B. Wheeler have been added to the Board of Directors.
At the end of June 1929, following a revision of its bond list, the bank
had a capital of $100,000, surplus of $100,000 and undivided profits of
$80,000. In the following three years, to June 1932, the bank charged off
over $170,000 for depreciation of loans and securities and had surplus of
$50,000 and undivided profits of $22,361. Capital was unchanged.
A new issue of 1,000 shares of stock has been underwritten by directors
and others at par, $100. The action of shareholders in voting a reduction
in the par of the prospective 2,000 shares, from $100 to $50, will allow
$100,000 to be transferred from capital to reserves Following this the
bank will have $272,361 of capital, surplus and undivided profits.
On June 8 the First National Bank in Latrobe, Latrobe,
Pa., was granted a charter by the Comptroller of the Currency. The new bank, which succeeds the First National
Bank of Latrobe, is capitalized at $150,000. Jos. C. Head
and Paul H. Miller are President and Cashier, respectively,
of the new institution.
The Comptroller of the Currency on June 8 issued a
charter to the First National Bank of Sewickley, Sewicklei,
Pa. The new bank, Which is capitalized at $100,000, succeeds
the First National Bank of Sewickley. Eugene Murray is
President of the new bank and F. A. Nash. Cashier.
The Farmers' & Mechanics' Bank of Northumberland, Pa.,
will make a fourth payment of 5%, or $8,559, to 1,116 depositors on June 27, making the total paid them 50%, according to the Philadelphia "Ledger" of June 10.
Announcement was made on June 9 by Dr. William D.
Gordon, State Secretary of Banking for Pennsylvania, that
the Shrewsbury Savings Institution at Shrewsbury, Pa.,
would make a fourth advance payment of 10%, amounting
to $132,558, to 2,456 depositors on June 27, according to the
Philadelphia "Ledger" of June 10, which added:
This will make a total of 45% paid depositors.
Murdoch P. Claney, Executive Vice-President, and David
W. Charles, Assistant Treasurer of the closed Merlon Title
& Trust Co. of Ardmore, Pa. on June 3 were found "guilty"
of defrauding the institution, by a jury which had deliberated more than 24 hours. The verdict was returned before
Judge George C. Corson, sitting in the Montgomery County
Court at Norristown, Pa. Claney was convicted on 48 of 183
counts and found "not guilty" on 6, while Charles was found
"guilty" on 11 indictments of 38 counts and acquitted on 27.
The Philadelphia "Ledger" from which the above is taken,
went on to say in part:
Immediately after the poll was completed, Monroe Anders and J. H.
Egans, attorneys for the bankers, moved for a new trial. Judge Corson in.
structed them to file the motions in writing and released the defendants
under bail pending disposition of the motion.
They were charged originally with defrauding the bank of about $50,000.
All of the conspiracy charges except one, on which the two men went on
trial, were ignored. The one on which they were convicted involved a
$2,107 check sent to the bank on stock.
The Merion Title & Trust Co. which had branches in Narbeth and BalaCynwyd, closed Oct. 28 1931. The assets as of July 31 that year were reported at $11,478,000. Last November the State Banking Department's
inventory set the assets at only $3,049,000.
When the trial opened on May 1 the courtroom was crowded and big
crowds attended the first few sessions. On one occasion a threat to clear
the room was made by Judge Williams when a State witness was cheered.
Three weeks were occupied by the State in presenting its testimony.
Witnesses said Claney opened "straw" accounts at the bank in the names
of Mrs. Caroline McClure Waite, his sister-in-law; Miss Ethel Entriken, his
secretary, and others.
Money borrowed from these accounts, it was testified, was used to play
the stock market. Charles, it was testified, signed the treasurer's checks,
on which the money was advanced.
June 17 1933
An indictment for alleged conspiracy to defraud the
Citizens' National Bank of Frostburg, Md., of approximately
$80,000, was returned on June 7 against Emery G. Hitchins,
President of the bank; Paul L. Hitchins, director and attorney, and Frank Watts, cashier. The indictment, which
in addition to the charges of conspiracy, alleges two counts
of false entry against the defendants,concluded an investigation of the bank's affairs by the United States Grand Jury,
which was discharged after returning the indictment. Watts
and Paul L. Hitchins had already been Indicted separately
in connection with false entries and misapplication of the
bank's funds. The Baltimore "Sun" of June 8, from which
the above information is obtained, also said in part:
The investigation began last March and resulted in the indictment against
Watts, charging him with false entries totaling $40,000. The indictment
against Paul L. Hitahins was returned Tuesday (June 6), the day on which
the Grand Jury was scheduled to conclude its term. . . .
Traced to January 1928.
The conspiracy count against the three bank officials alleges that the
conspiracy began in January 1928, "to permit and cause to be made loans"
by the bank on "inadequate or improper security or on no security at all
of large sums of money and credits to the said defendants and each of them,
said sums being far in excess of the amount which the said debtors were
able to repay."
The count then rehearses forty-eight overt acts of the alleged conspiracy,
each act charging one or another of the defendants with discounting notes
for sums ranging from $100 to $15,000.
The false entry counts allege that the books of the bank failed to show
that the defendants had borrowed more than the legal limit as directors.
We learn from the Richmond "Dispatch" of June 6, that
the Bank of Critz at Critz, Patrick County, Va., has been purchased by the Piedmont Trust Co. of Martinsville, Va., according to an announcement on June 5 at the offices of the
Virginia State Corporation Commission.
Timothy P. Sexton, heretofore a Vice-President of the
Fidelity Trust Co. of Indianapolis, Ind., became President
of the institution on June 5 as a result of acquiring a controlling interest in the institution through purchase of the
stock of James McNulty, who has retired from the Presidency. The Indianapolis "News" of June 5, from which the
above information is obtained, went on to say in part:
Mr. Sexton has been associated with the trust company since it was organized in 1909 and has served in various capacities of employment, most
recently being Vice-President. Mr. McNulty had been President of the
company since Jan. 1 1924. He became associated with the company Feb.
1 1910.
The trust company has total resources of $1,752,503.53. Its capital is
$100,000 and for surplus and undivided profits it has $150,000. It owns
its own banking house and office building at 148 East Market Street.
Mr. Sexton began his career in the bank as a receiving teller. Later, he
was manager of the savings department and then head of the real estate
department. His next advancement was to the Secretary-Treasurership and
at the death of J. Albert Smith, he was made Vice-President. He is the
only living member of the original group of nine incorporators of the bank.
In other activities, Mr. Sexton organized and is Secretary of the Provident Building & Loan Association. Also, he is Treasurer of the Prudential
Saving & Loan Association. . . .
Absorption by the First National Bank of Chicago, Ill.,
of the trust business of the First Union Trust & Savings
Bank of that city (its former affiliate), was ratified on
June 9 by the directors of the two institutions. The action
completes the consolidation of the two institutions which
began last March, when the First National Bank took over
the banking business of the First Union Trust & Savings
Bank. Under the consolidation the First Union Trust & Savings Bank becomes extinct and the business of both institutions will be carried on under the charter and title of the
First National Bank. The Chicago "Tribune" of June 10,
from which the foregoing is taken, continuing said:
. . . The First National has received the approval of the Federal Reserve Board for the exercise of fiduciary functions in connection with the
trust business, Mr. Traylor said.
The First Union Trust & Savings Bank was formed in 1928 when the old
Union Trust Co. was merged with the First National Bank. The First National took over the commercial business at that time and the savings and
trust business was handled by the affiliated State institution.
The complete consolidation of the First National and the First Union
Trust & Savings Bank had been under consideration for several months.
Final action was delayed by the abnormal conditions existing early this
year and the National bank moratorium in March.
Advices to the New York "Times" in the matter, dated
June 13, contained the following:
Under the final terms of consolidation of the First National Bank of
Chicago and the First Union Trust & Savings Bank, the stock held by the
latter institution in the First Trust Joint Stock Land Bank has been sold
for $1 to the First Chicago Corporation, all of whose stock is trusteed for
the benefit of the stockholders of the First National.
In a letter to stockholders, M. A. Traylor, President of the First National,
said the First Chicago Corporation, in addition to the land bank stock, had
$2,500,000 in cash and marketable securities and $1,000,000 in slower
securities. It had no borrowed money.
Stockholders have been called to ratify the consolidation on June 17
(to-day).
Volume 136
Financial Chronicle
Capital, surplus and undivided profits of the First National will remain
unchanged under the merger at $25,000,000, $15,000,000 and $3,000,000,
respectively.
Reference was made to the consolidation of these banks in
our issue of March 11 and March 18, pages 1690 and 1836,
respectively.
fr
The Chicago "Tribune" of June 10 stated that no dividend
action was taken the previous day by the directors of the
First National Bank of Chicago and the directors of the
Continental Illinois National Bank & Trust Co. of that city
also failed to take any action on dividends. Both institutions passed their dividends three months ago. The action
was taken, it was said, in accordance with the instructions
of the Comptroller of the Currency who advocated a policy
of conservation of National bank resources.
The First National Bank of New London, Wis., capitalized
at $75,000, was placed in voluntary liquidation on May 31
1933. The institution was taken over by the Farmers' State
Bank of New London, which subsequently changed its title
to The First State Bank of New London.
The Ames National Bank of Ames, Iowa, was placed in
voluntary liquidation as of March 31 last. The institution,
which was capitalized at $50.000, was absorbed by the Ames
Trust & Savings Bank of the same place.
That depositors of the defunct American State Bank of
Springfield, Neb. are receiving a dividend is indicated in the
following advices from that place on June 5, appearing in
the Omaha "Bee":
E. II. Luikart, receiver for the failed American State Bank here, has announced another 10% dividend of $13,496.56. This brings the total returned to 35%, or $134,964.
Effective April 20 last, the First National Bank in Ardmore, Okla., went into voluntary liquidation. The institution, which had a capital of $200,000, was succeeded by the
First National Bank in Ardmore.
Robert H. Sykes, a well known attorney of Durham, N. C.,
and past President of the Commercial Law League of America, has succeeded Otto F. Wilde as President of the Depositors' National Bank of Durham,according to the Raleigh
"News & Observer" of June 9, which went on to say:
Mr. Wilde, who was named President of the bank when it was organized
early in the year, tendered his resignation recently in order that he might
devote his full time to work in the Comptroller's office in Washington.
The Comptroller requested his services in the reorganization and liquidation of banks which failed to open following the March holiday, and he was
granted a leave of absence by the Depositor's National directors. Mr. Wilde
was connected with the Comptroller's office before coming to Durham.
As of June 6 1933, the Citizens' National Bank in Marietta,
Ga., capitalized at $100,000, went into voluntary liquidation.
The institution has been taken over by the First National
Bank of Marietta.
Depositors of the defunct Exchange Bank of Tallahassee,
Fla., on June 6 received a 10% dividend aggregating $15,000,
according to Associated Press advices from Tallahassee on
that date, which added:
The closed bank previously paid a 20% dividend.
Effective May 29 1933, the Farmers' National Bank of
Brenham, Tex., with capital of $100,000, went into voluntary
liquidation. It was succeeded by the Farmers' National
Bank in Brenham.
Directors of the Crocker First National Bank and Crocker
First Federal Trust Co. of San Francisco have declared the
regular semi-annual dividend of $7 per share, payable July 1
1933 to stockholders of record June 28 1933. The disbursement, applicable to 60,000 shares of capital stock, covers the
15th semi-annual dividend since the consolidation of the
Crocker and First National banks in 1926 and the 9th since
the increase in the rate from $13 to $14 per annum in July
1929.
Declaration of a dividend of $750,000 for the quarter ending July 1 1933, or at the annual rate of *3,000,000 on the
capital stock of the Bank of America National Trust & Savings Association (head office San Francisco, Calif.), and the
Institution of a policy of restoring salaries to a normal basis
beginning with the employees in the lower pay brackets, were
announced June 13 following a meeting of the Board of
Directors.
4217
The Board's actions were the first steps to carry into effect
the policy of conducting business "on a normal basis" which
was announced by A. P. Giannini, Chairman of the Board,
upon his return from the East last Saturday. The upward
revision of salaries announced by the bank will immediately
effect 2,200 employees of the institution through the restoration of a normal salary basis in the first adjusted bracket.
According to an announcement by Mr. Giannini, this is the
first move in a program which will restore to employees their
former rate of pay. An announcement in the matter goes on
to say:
"As far as the Bank of America is concerned," Mr. Giannini said, "the
depression is over and it will be our policy to place our operations on a
normal basis. The action of directors in voting a dividend on the bank
stock and in ordering salary increases are directly in line with this program.
"During the latter period of the depression directors suspended dividends
in order that all earnings might be devoted to augmenting surplus and reserves. In addition employees co-operated with the management's economy
program by accepting a salary reduction on a graduated scale, but to-day
we are on the right road back to good times and the unusual means which
were employed to meet unusual conditions are not longer entirely necessary
or desirable. Now that business is definitely on the ilptrend it is right
and proper that employees should share in the improvement through salary
increases and that dividends should be resumed.
"With the salary increase just ordered by the Board, more than 57% of
the employees of the bank are now on their normal salary basis. It is our
hope and expectation that the resulting increase in purchasing power will
add impetus to California's march toward prosperity."
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Stocks have been alternately strong and weak during the
most of the present week,and while the general tendency was
upward during the first half, there was a sharp break on
Thursday that erased a goodly part of the early gains. During the fore part of the week, industrials, rails and steel
shares were prominent in the upswing,and there was a modest
demand for the utilities and gold mining shares. Considerable realizing was apparent from time to time, but this was
readily absorbed until Thursday when the selling became so
persistent that it dominated the trading during most of the
session. Public utilities displayed moderate strength and
so did the tobacco shares. Call money renewed at 1% on
Monday and continued unchanged at that rate on each and
every day of the week.
While the stock market continued its activity until the
close of the two-hour session on Saturday, most prices were
below the finals of the preceding session due, to some extent,
to week-end profit taking. The steel stocks were in good
demand and showed considerable strength throughout the
day, being stimulated by the action of the directors of
the National Steel Corp. in voting to double the dividend on
the capital stock. The recapitalization plan of Armour
caused renewed activity in that group and there was substantial improvement in the tobacco shares due to the rumor
that the price of cigarettes would be increased. Gold stocks
were comparatively weak and made little progress. Public
utilites, on the other hand, attracted a good deal of buying,
many popular issues breaking into new high ground, particularly Consolidated Gas, which topped 60, followed by
%
American Water Works, which soared to 327 at its top
for the day. The market held strong until the close, and
while the rails and industrial shares were inclined to ease off,
the utilities held their gains. The day's advances, while
comparatively small, included a number of the speculative
favorities. Among these were such stocks as Air Reduction,
%
2 points to 62; Allied Chemical & Dye, 27 points to 117;
American Car & Foundry, 27% points to 25; American &
4
4
Foreign Power 7% pref.,23 points to 353 ;American Water
Works, 27% points to 387%; Andes Copper, 4 points to 12;
Armour Ill. pref., 27% points to 62; Bethlehem Steel pref.,
27% points to 67, Consolidated Gas, 27% points to 607%;
Federal Mining & Smelting, 3 points to 75; Homestake
Mining Co., 27% points to 248; Ingersoll-Rand, 57% points
to 737%; International Business Machines, 47% points to
1287%; Norfolk & Western, 27% points to 1463 ;Peoples Gas,
4
4 points to 72; J. I. Case pref., 17% points to 79; Curtis
Publishing Co., 37% points to 277%, and Brooklyn Union
Gas, 17% points to 857%.
New tops were recorded by many of the speculative
favorites on Monday, and while the gains were moderate,
the upward swing was fairly steady throughout the session.
Specialties were in demand and large blocks of pivotal shares
moved upward from 1 to 4 points. Elsewhere in the list,
4218
Financial Chronicle
June 17 1933
the gains were smaller. Amer. Tel. & Tel. was the out- standing changes of the day were generally on the side of the
standing feature of the public utilities as it broke through decline and included among others, Allied Chemical & Dye
127 and United States Steel attracted renewed speculative 6 points to 112, American Can (4) 334 points to 873 ,Ameri%
attention as it moved smartly upward to a new peak above 57. can Smelting 6% points to 28, Amer. Tel. & Tel. 63 points
4
Considerable short covering was in evidence and this was, in to 121, Bethlehem Steel pref. 4 points to 66, J. I. Case Co.
a measure, responsible for the rapidity of the advance. The 634 points to 7734, Consolidated Gas
434 points to 5634,
noteworthy gains were Air Reduction, 2 points to 84; Allied Delaware & Hudson 5 poin s to 72, duPont 434 points to 72,
Chemical & Dye, 434 points to 12134; American Can, 334 Homestake Mining 2434 points to 215, Ingersoll Rand 7
points to 953/2; American & Foreign Power (7) Pref., 53% points to 65, International Business Machine 5 points to 127,
points to 4134; Amer. Tel. & Tel., 83/i points to 13134; Norfolk & Western 334 points to 14134, Peoples Gas 5 points
Anchor Cap pref., 434 points to 873 ; Brooklyn Union Gas, to 67, Postal Telegraph & Cable pref. 534 points to 22,
%
334 Points to 8834; J. I. Case, 434 points to 88%; Consol- Southern Pacific 434 points to 21, United Fruit 434 points
idated Gas, 334 points to 6334; Curtis Pub. Co., 2 points to 513 ,United States Steel 434 points to 5134, Ward Baking
4
to 30; Detroit Edison, 534 points to 89; Eastman Kodak, pref. 434 points to 33, Western Union Telegraph 63.4 points
3 points to 8434; duPont, 334 points to 8134; General Out- to 5034, Worthington pref. 434 points to 40 and Sears Roedoor Advertising "A", 9 points to 2234; Ingersoll Rand, buck 5 points to 2934.
334 points to 765 ; International Business Machine, 434
%
Irregularity, due to selling, was the outstanding feature
points to 133; Ludlum Steel pref., 5 points to 5534; Republic of the early trading on Friday, but most of the market
Steel pref., 334 points to 46; Shell Union Oil pref., 434 points leaders again moved ahead in the rally which developed
to 4834; Standard Gas & Electric pref. (6), 4 points to 60; around 2 o'clock. Some of the more active stocks like
United Fruit, 43 points to 58; United States Industrial Chrysler showed unusual strength, though, as a whole, the
Alcohol, 334 points to 50% and United States Steel, 2% list fluctuated over a wide range. Public utilities advanced
points to 58%.
around 2 points during the forenoon and then moved downStocks sagged about 2 points during the first hour on ward. Railroad shares acted in a similar fashion and the
Tuesday but rallied around mid-session and moved briskly oil, food and chemical stocks were off about a point. Steel
forward under the guidance of the railroad shares, the gains issues were moderately higher, but mining stocks had a
ranging from fractions to 4 or more points due, in part, to hard time of it, particularly Homestake Mining, and at
the improvement in car loadings and to the better outlook one time was off about 14 points. The principal changes
for May operating results. Union Pacific attracted con- on the side of the decline included among others, American
siderable speculative attention and there was an excellent Can pref., 2 points to 130; American Smelting, 234 points to
demand for Delaware & Hudson, Pennsylvania, New York 3034; Brooklyn Union Gas, 53 points to 7834; Consolidated
4
Central, Atchison and Chesapeake & Ohio. Toward the Gas pref., 234 points to 9434; Firestone pref. (6), 534 points
end of the final hour, the trend again turned downward, to 68; General Gas & Electric pref., 434 points to 1534;
and while the losses were not especially noteworthy, most Peoples Gas, 2 points to 65; Reading Co., 5 points to 45;
of the pivotal stocks were under the preceding finals as the Republic Steel, 4 points to 37, and Standard Gas & Electric
market closed. Those listed on the side of the decline pref. (7), 6 points to 35. The market was firm at the close.
included such prominent issues as Allied Chemical & Dye
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY, WEEKLY AND YEARLY.
334 points to 11834, American Can 334 points to 92, American Sugar Refining (2) 334 points to 6534, Amer. Tel. & Tel.
Stale.
Stocks.
Railroad
United
Total
Week Ended
434 points to 12734, Armour Ill. pref. 434 points to 5834,
Number of and Missal. Munigtgal &
Bond
States
torn Bonds.
June 16 1933.
Bonds,
Shares.
Bonds.
Sales.
Brooklyn Union Gas 234 points to 8634, J. I. Case Co. 4
$821,900 $7,729,900
2,786,440 $5,417,000 $1,491,000
points to 8434, duPont 334 points to 7834, Homestake Saturday
2,657,000
Monday
9,812,000
571,000 13,040,000
5,812,000
%
4,038,000
Mining Co. 434 points to 24434, Ingersoll Rand 35 points Tuesday
6,303,780 11,234,000
797,000 16,069,000
Wednesday
3,961,000
5.548,395 10,734,000
320.200 15,015,200
to 73, Loew s pref. 3 points to 68, National Distillers 334 Thursday
3,610.000
4,892,780
9,985,000
887,000 14,482,000
2,683,000
5,710,376
9,210,000
648,000 12.541.000
points to 7134, National Steel 2% points to 4134, North Friday
5
Total
31.053.771 556.392.000 $18,440,000 $4,045,100 $78.877.100
American 234 points to 33%, United States Industrial
Alcohol 2% points to 48 and Vanadium Steel 234 points to
Jan. 110 June 16.
Sales at
Week Ended June 16.
New York Stoc.k
2934. There were some gains, but these were largely among
1933.
1932.
Exchange.
1932.
1933.
the miscellaneous industrials and specialties.
4,925,293
291,045,394
Stocks
-No. of shares. 31,053,771
170,386,519
Bonds:
Heavy selling movements characterized the dealings on
$247,643,300
$4,045,100 $15,755,850
Government bonds_ _ _
$364,148,400
Wednesday, and while there were occasional rallies from the State dr foreign bonds. 18,440,000 15,112.000
355,447,500
358.395.000
944,608,900
Railroad & misc. bonds 56,392,000 22,672,000
707,559,300
lows, the closing quotations were not changed to any very
Total
$78,877,100 $53,539,850 $1,547,699,700 $1,430,102,700
great extent, though there were a few stocks that moved
slightly higher in the final upturn. In the early trading,
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
leading shares moved over a wide range but with little net
change. In the general list, prices showed considerable
Philadelphia.
Baltimore.
Boston.
Week Ended
irregularity due to selling during the morning transactions.
June 16 1935.
Shares. Bond Bales. Shares. Bond Sales. Shares. Bond Sales
Public utilities were slightly stronger, the early heaviness
$100
46,330
1,762
44,427
$1,000
in this group indicating an accumulation of overnight selling Saturday
4.000
77,042
$4,000
5,185
Monday
8,000
83,140
91.040
93.339
9,500
MOO
4,047
10,000
orders which was generally absorbed as the day progressed. Tuesday
83,336
98,436
500
1.000
4,992
Wednesday
13,000
62,683
15,000
62,530
1,600
3,535
1,500
Johns-Manville was especially strong and moved steadily Thursday
2,000
11,850
14,107
4,014
2,000
forward to a new top at 4734. Prominent among the stocks Friday
395,979
827,000 372,281
$15,700
Total
23,335
835,500
closing on the side of the decline were Air Reduction, 434
points to 7934; American & Foreign Power (6) pref.. 4 points Prey. week revised 486,110 544.500 394,551 $40.600 25,335 $35,200
to 28; American Tobacco (5), 334 points to 84; Baldwin
Locomotive pref., 334 points to 3434; Bon Ami, 5 points to
THE CURB MARKET.
69; Byers & Company, 434 points to 6134; J. I. Case pref.,
Vigorous bullish demonstrations characterized the trading
3 points to 79; Crucible Steel, 33 points to 4634; Endicott on the curb market during the forepart of the week and
4
Johnson pref., 4 points to 112; Homestake Mining Co., 43
4 many active issues among the utilities, specialties and oil
points to 2393 ;Illinois Central pref., 4 points to 37; National shares recorded sizable gains. As the week progressed,
4
Supply pref.,43 points to 54; Norfolk & Western,434 points dealings slowed up to some extent, though the turnover
4
to 146; Peoples Gas, 3 points to 72; Reading Company (1), continued fairly large. Some irregularity was apparent
234 points to 52; Standard Gas & Electric, 3 points to 55; from time to time and there were frequent periods of profit
Universal Leaf Tobacco, 234 points to 4834; and Remington taking, though as a rule, this was readily absorbed and
Rand 1st pref., 234 points to 32.
made little impression on the trend of the market. Aviation
Renewed selling and diminished buying interest were the Issues had a brief spasm of buoyancy on Tuesday and so did
features of the trading on Thursday. There was a modest the oil shares but the improvement was not maintained. On
demand at times for railroad stocks and some interest was Thursday practically every group was in supply and the
displayed in the specialties group, but the outstanding market market showed a sharp decline all along the line. On Saturleaders were fractionally to 3 or more points off on the day. day stocks were active from the initial hour, and while
American Can, for instance, broke into new low ground on prices were irregular, there were a number of new high records
the reaction and other pivotal issues were unable to resist the registered among the so-called pivotal issues. Electric Bond
sharp selling. Gold mining stocks also were down and so & Share was one of the outstanding strong stocks as it
were the specialties and miscellaneous issues. The out- moved briskly forward to a new top on large transactions.
Volume 136
Financial Chronicle
Other strong issues were American Gas & Electric, Humble
Oil, Brazilian Light & Traction, American Superpower,
Atlas Corp., United Light & Power and Singer Manufacturing Co., the latter breaking into new high ground for the
year. In the industrial group, Great Atlantic & Pacific
Tea Co. was the feature and there was considerable interest
manifested in the food stocks like Swift & Co., Internationa)
High Grade Food Products and Libby, McNeil & Libby, the
last named stock moving to a new peak. Singer Manufacturing Co. led the upswing among the specialties and reached
a new top, and there was a good demand for stocks like
Parker Rust Proof and Mead-Johnson. Columbia Gas &
Electric ran up about 5 points to a new peak and Commonwealth Edison was up about 2 points at its top for the day.
Aluminum Co. of America was also in good demand and so
were Hiram Walker and a sizeable number of the miscellaneous specialties. Oil shares moved higher under the guidance
of Humble Oil which improved about 2 points and Gulf Oil
of Pennsylvania was also a strong spot. Stocks moved
vigorously upward on Monday as most of the speculative
element shifted to the buying side. Public utilities were in
demand at higher prices and many of this group broke into
new high ground for the movement, the strong issues including such prominent stocks as Columbia Gas & Electric pref.
which jumped 5 points to 138, and Commonwealth Edison
which gained more than 2 points and crossed 71. Oil stocks
moved ahead under the stimulus of the prospect of Federal
regulations, Creole Petroleum making a new top on a 1
point gain, while Humble Oil and Gulf Oil of Pennsylvania
advanced about 2 points each. Investment trusts were
strong as the market moved upward under the leadership of
Selected Industries A which surged forward 3 points to 65.
Aviation issues were the outstanding tr • ing favorites on
Tuesday and a number of substantial gains were recorded
in this group. Pan American Airways, for instance, advanced 2 points to 423% and General Aviation moved ahead
over a point to 103/2. Public utilities surged forward toward
the end of the session, though the gains were not especially
large at any time. Columbia Gas & Electric pref. made the
best showing as it registered a gain of 5 points at 135. Electric Bond & Share was off in the morning but improved to
41% before the session closed. Other high class utilities
that were in brisk demand included such prominent stocks
as American Gas & Electric, Columbia Gas pref., Electric
Power 2nd pref., and Pacific Light pref. Oil shares and
mining stocks were off on the day. Heavy selling pressure
developed during the afternoon session on Wednesday and
prices declined from 4 to 6 or more points under the avalanche
of liquidation. Aluminum Co. of America broke about 5
points to 86 and recovered a part of its loss, and numerous
other popular stocks like Cord Corporation, A.0. Smith and
Parker Rust Proof declined from 2 to 4 or more points.
Miscellaneous stocks also slid backward, particularly Atlantic
& Pacific Tea Co. which was in supply and dropped 3 points
to 167, and Driver Harris which had a similar dip to 173%.
Public utilities were off in many instances, though there
were occasional stocks in this group that moved against the
trend. Oil shares were weak and so were the mining stocks,
Roan Antelope yielding over a point while Newmont dropped
3 points to 415 . Following a strong upward movement
%
during the forenoon on Thursday, curb stocks ran into
considerable selling and many prominent speculative issues
moved sharply downward. As the day progressed there was
a moderate rally, though the recovery was in no way uniform
as a number of market favorites continued under pressure
until the close of the session. Aluminum Co. of America
dropped off 2 points and then recovered its loss, but A. 0.
Smith was one of the weak features and dropped about 3
points on the day. Public utilities moved around to a considerable extent, though the changes were generally within
a comparatively narrow range. Oil stocks were moderately
strong and issues like Humble Oil and Gulf Oil of Pennsylvania showed gains of about a point. Gold mining stocks
were heavy, Lake Shore and Pioneer both recording losses
for the day.
The curb market was moderately strong during the early
trading on Friday, but eased off around noon time and again
started upward in the afternoon, though the volume of sales
showed very little improvement. The late upturn was under
the leadership of the public utilities which continued fairly
active throughout the session. Oil shares made little progress in either direction and specialties held close to the
previous finals. Mining stocks, on the other hand, were
moderately strong and moved above the previous close during
4219
most of the session. The changes for the week were generally
on the side of the decline,the losses including many prominent
speculative issues, among which were Aluminum Co. of
America 93 to 86, American Beverage 23 to 23/2, American
%
Gas & Electric 433% to 423/2, American Laundry Machine
%
163% to 153/2, American Light & Traction 24 to 225 ,American Superpower 73/2 to 73%, Atlas Corporation 173/2 to 15,
Brazil Traction & Light 143 to 143/, Central States Electric
8
%
3
45/2 to 3%, Cities Service 43/s to 43/8, Consolidated Gas of
Baltimore 643/i to 613/2, Cord Corporation 11% to 10%,
Creole Petroleum 63% to 6, Deere & Company 213 to 193/2,
%
Electric Bond & Share 35 to 333/2, Ford of Canada A 123/2
to 103%, Gulf Oil of Pennsylvania 573j to 5234, Hudson Bay
5
Mining 9% to 7%, Humble Oil 76% to 76, Intenational
Petroleum 143/2 to 14%, New Jersey Zinc 493/2 to 49, New
York Tel. pref. 1153/2 to 1153%, Niagara Hudson Power 13 to
3
12%, Parker Rust Proof 52 to 43%, Pennroad Corporation
3% to 3, Singer Mfg. Company 152 to 150, A. 0. Smith 51
to 453%, Standard Oil of Indiana 293/8 to 293/2, Swift & Company 23% to 19, Teck Hughes 6% to 53/2, United Gas Corporation 43% to 43/2, United Light & Power A 7% to 73%,
United Shoe Machinery 493% to 49 and Utility Power 23/2
to 2%.
A complete record of Curb Exchange transactions for the
week will be found on page 4250.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Juno 16 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Socks
(Number
Of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
737,315 $2,314,000
1,328,509 3,900,000
1,280,497 5,119,000
1,080,450 3,597,000
831,925 3,302,000
910,580 3,094,000
$56,000 $2,658,000
125,000 4,702,000
137.000 5,541,000
157,000 3.937,000
156,000 3,645,000
168,000 3,350,000
6,169,276 $21,326,000 $1,708,000
$799.000 $23.833,000
Sales at
New York Curb
Exchange.
Week Ended June 16.
1933.
Jan. Ito June 16,
1932.
Stocks—No. of shares_
6,169,276
4,925.293
Bonds.
Domestic
$21,326,000 $15,755,850
Foreign government...
1,708,000 15,112,000
Foreign corporate___.
799,000 22,672,000
Total
Total.
$288,000
677,000
285,000
183,000
187,000
88,000
$23,833,000 $53.539,850
1933.
1932.
41,862,203
170.386,519
$423,917,000
19,219,000
20,814,000
$364,148,400
358,395,000
707.559.300
$463,950,000 81.430,102,700
COURSE OF BANK CLEARINGS.
Bank clearings this week will show an increase 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 17),
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 4.3%
above those for the corresponding week last year. Our
preliminary total stands at $5,569,949,347, against $5,340,145,878 for the same week in 1932. At this center there is
a gain for the five days ended Friday of 9.6%. Our comparative summary for the week follows:
Clearings—Returns by Telegraph.
Week Ending June 17.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1933.
1932.
83,260,963.776 82,976,679,870
173,067,839
191,004,692
221,000,000
221,000,000
191,000,000
171,000.000
50329,879
56,430,398
55,600,000
56,400.000
83.673.000
87,876,000
No longer will re port clearings.
65,657,753
68,724,618
37,635,748
75,000,000
46,412,945
60,637,807
34,687,491
51,854,547
15,478,000
23,096,140
Per
Cent.
+9.6
—9.4
0.0
+11.7
—10.8
—1.4
—4.8
—4.5
—49.8
—23.5
—33.1
—33.0
Twelve cities, five days
Other cities, five days
$4,235,506,431
447,783,025
24,039.704,072
515,274.520
+4.8
—13.1
Total all cities, five days
All cities, one day
$4,683,289,456
886,659,891
$4,554,978,592
785.167.286
+2.8
+12.9
Tnfill all eltIm for week
E5 MO 040 347
35 340 145 878
-4.l5
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last
day of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous, the week ended June 10. For
that week there is an increase of 1.4%, the aggregate of
clearings for the whole country being $4,613,455,334, against
$4,549,725,340 in the same week in 1932. Outside of this
city there is a decrease of 7.9%, the bank clearings at this
center recording a gain of 6.6%. We group the cities accord-
4220
Financial Chronicle
SUMMARY OF BANK CLEARINGS.
Week Ended June 10 1933.
1933.
Federal Reserve Discs.
$
let Boston- __ _12 cities
212,221,963
2nd New York12 "
3,184,583,746
3rd Philadelphia 9 ••
223.228,846
gth Cleveland.-- 5 "
157.287,802
79,608,525
566 Richmond_ _ 6 "
81,083,093
8th Atlanta_ ___10 "
260,563,400
7th Chicago.___18"
79,428.004
8th St. Louis.... 4 "
74,850,939
9th Minneapolis 7 "
82,043,303
1066 Kansaseity 9 "
11th Dallas.... 5 "
38,519,254
142,040,480
12th San Fran_ _13 "
$
196,580,071
2,994,418,981
231.260,372
177,141,487
102,969,558
85,985,718
315,710,963
85,617,946
72,288,003
91,532,760
37.968,328
158,273,143
110 wiles
Total
Outside N. Y. City
4,613,455,334
1,513,760,125
4,549,725,340 +1.4
1,641,799,099 -7.9
318,991,894
983,893,321 +20.1
Canada
32 cities
1931.
1930.
$
-6.9
409.967,332
+8.4 5,580,038,013
-3.5
456,932,495
-11.2
295,117,775
-22.7
139,714,470
-6.7
115,366,588
-17.5
636,744,766
-7.2
123,557,419
+3.8
98,702,657
-10.4
132,403,090
-3.8
49,643,343
-9.1
240,438.465
$
606,909,934
7,644.290,729
580,608,018
413.215.698
169,157,068
149.648,926
840.229,028
188,763,688
125,203,345
185,788,526
66,165,553
321,959,226
8,257,520,302 11,190,939,639
2,833,980,753 3,719,764,298
353 3 8
. 3 .601
436,555,317
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended June 10.
Clearings at
1933.
Inc. or
Dec.
1932.
$
$
%
First Federal Reserve Dist rIct-Boston.508,448
Me.-Bangor 857,536 -23.0
1,233,891
Portland
2,207,424 -44.1
-Boston_ _ 186,416,144 168,258,668 +10.8
Mass.
479,673
Fall River _ _ _ _
672,650 -28.7
284,141
Lowell
310,815 -8.6
New Bedford._
497.614
573,740 -13.3
Springfield_
2,687,536
3,027,342 -11.2
Worcester
2,093,464 -44.0
1,172,578
Conn.- Hartford
7,744.103
7.360.587 +5.2
New Haven.__
3,084,905
5,001,001 -38.3
R.J.-Providence
7,803,000
8,039,300 -2.9
N.H.-Manchear
311,930
377,544 -17.4
Total (12 cities)
212,221,963
198,580,071
+6.9
1931.
1930.
$
703,990
2,822,130
369,093,341
1443,266
521,315
933,039
3,993.805
3,033,230
9423,618
6,130.167
11,528,700
540,731
760,477
3,980,816
450,971,062
1.287,511
528,193
999,800
4,381,175
4,150,775
16,275,409
7,589,466
14,199,000
786,250
409,867,332
505,909,934
Second Feder al Reserve D Istrict-New York-Albany_ _
N. Y.
5,408,586
4,029,221 +34.2
5,140,537
6,797.634
720,523
1,007,851
690,022 +4.4
k.,Binghamton__.
1,344,117
20,352,111 (23,240,018 -12.4
Buffalo
33,740.626
55,822,496
538.292
, Elmira
1,121,598
631.327 -14.7
954,316
424,772
Jamestown
702,481 -39.5
1,046,943
1.326,702
+6.6 5,423,539,549 7,471,175,341
New York._ _ _ 3,100,695,209 2,907,926,241
6,580,627
8,556,887 +0.4
Rochester
9,962,979
11,868.446
3,474,314 -10.3
3,118,157
6,859,691
4.425,336
Syracuse
3,919,457
+0.5
3,901,641
3,232,987
Conn.
-Stamford
5,246,747
428,151
559,480 -23.5
807,319
N. J.
-Montclair
855,852
16,825,395
20,122,612 -16.4
Newark
33,230,850
38,498,254
25,571,466
22,584,737 +13.2
Northern N.J.
42,779.438
43,543,133
Total(12 cities) 3,184,582,746 2,994,418,981
+6.4 5.560.036.013 7,644,290,729
Third Federal Reserve Dist rIct-PhIlad elphIa.581,591
320,986
429,472 -25.3
Pa.
-Altoona ..b
b
b
b
Bethlehem_ _
258.470
349,191 -26.0
747,614
Chester
698,902
1,212,578 -42.4
2,619,099
Lancaster
214,000,000 220,000.000 Philadelphia
2.7 436 000 000
. .
2,904,415
2,045,396 -52.7
967,644
Reading
1,675,120
2,001,976 -16.3
3,971,182
Scranton
1.513.153
-4.4
1,583,457
2,949,282
Wllkee-Barre„
1,724,312
1,023,370
1,13.5,302 -9.9
York
N.J.
2.771,200
-Trenton.._
2,503,000 +10.7
4,435,000
Total(9 cities)_
223,228.845
231.260,372
-3.5
1,378,000
b
1,021,946
2,111,361
558,000,000
, .
3 787 114
4.969,017
3,224 657
2,228,923
3.887,000
455,932,495
580,608,018
Fourth Feder al Reserve D istrict-Clev eland.-13
b
Ohlo-Akron
b
b
b
b
b
b
Canton
55.014,187
34,782,835
38,414,759 -9.5
Cincinnati
41.780,103
55,562,491 -24.8 100.740,860
Cleveland
7,427,000 -11.3
13,544,400
6,589.400
Columbus
994,095
1,004,429 -1.0
1,407,564
Mansfield
b
b
b
Youngstown
13
-Pittsburgh _
Pa.
73,141,569
74,732,788 -2.1 124,410,764
13
13
89,450,347
141,269,035
17,288,500
1,820,790
b
183,386,926
157,287,802
177,141,487 -11.2
295,117,775
413,215,598
Fifth Federal Reserve Dist ric t.
-Rich mood.-596.843
W. Va.-Hun'g'n
97.378
373.802 -73.9
Va.-Norfolk
2,608,000
4,489,175
3,057,603 -14.7
Richmond __
31,783,577
27,043,178
25,870,138 +4.5
1,714,410
3. C.
833,758
1,119,286 -25.5
-Charleston
74,629,115
Md.-Baltimore_
36,176,629
52,563,158 -31.2
D. C.-Waal:vivo
12,849,582
26,501,550
19,985.611 -35.7
1,154,554
4,310.183
43,103,000
2,436,000
89,532,540
28,620,791
Total(5 cities).
Total(7 citles)_
79,608,525
102,969,598 -22.7
Sixth Federal Reserve Dist rict-Atlant
Tenn.
3,434,804
-Knoxville
2,469,654
Nashville
9,28.5,146
10,125,387
-Atlanta
28.600,000
26,300,000
2a.
1,045,499
803,941
Augusta
Macon
575,038
635,916
Ela.-Jacksonvle
9,270,525
8,727,754
kla.-Birm'g'm _
11,503,174
8,441,188
952,575
Mobile
828,625
b
VIles.-Jackson
b
118,862
112,333
Vicksburg
r..a.-NewOrleans .16,000,000
27,838,390
Total(10 cities)
81,083,093
85,985,718
Week Ended June 10.
Clearings at
1933.
139,714,470
189,157,068
a.
-39.1
+9.0
+8.7
+30.0
-9.6
-5.9
+36.3
+15.0
b
+5.8
-42.5
2.000,000
12486,161
34,708,229
1.258,509
795,837
12,769,746
13.480,266
1,474,058
b
136,296
38,256,486
3,125,000
22,110.641
42,635.881
1,564,807
1,883,844
12,818.040
19,363,063
1,847,610
b
205.289
44,094,751
-5.7
115,385.588
149,648,926
Inc. or
Dec.
1932.
1931.
1930.
Seventh Feder al Reserve D strict-- Chi cagoMich.- Adrian_ _
Ann Arbor__ -530,351 --0.7
526,690
801,051
Detroit
55,788.585 -29.8 111,599,531
39,158,672
Grand Rapids_
2,710,755 --67.7
876.029
4,492,888
1,124.800 --51.9
Lansing
541,279
2.865,801
974,014 --48.8
Ind.
-Ft. Wayne
518,423
2,404,946
11.875.000 --28.8
8,451,000
16,483.000
IndianaPollsSouth Bend..
1,126,975 -62.0
428,150
2,505,458
Terre Haute
2,814.653 -10.9
2,507,672
4,229,637
14,975,639 -22.0
Wis.-Milwaukee
20,638,852
11,688,707
Iowa-Cad. Ran.
839,773 -76.9
193,712
2,467,779
Des Moines_
5,388,951 -25.1
6,495,669
4.034.767
Sioux city
+4.8
2,058,871
4,048,847
2,158,554
Waterloo
942,148 -64.0
111.-Bloom'ton
1,379.219
338,712
Chicago
185,800.334 209.790,343 -11.4 441,473,023
524,910 -18.3
Decatur
1.070.583
429,081
2.214,310 -19.9
Peoria
2.987,149
1.773,690
Rockford
2,583,794
470,857 -10.7
420,445
1,560,028 -53.9
Springfield....
718,483
2,219,528
Total (18 cities)
Inc.or
Dec.
1932.
June 17 1933
918,779
151,481,289
,5,222,596
3,451,670
I 3.498,545
23,252,000
2,546,582
4,917,849
32,463,752
3,043,204
8,084,908
6,139,811
2,023,450
581,140,486
1,268,842
4,852.848
3,248.778
2,673,639
315,710,963 -17.5
636,744,755
840,229,028
Eighth Faders I Reserve Dia trict-St. Lo U1S--•
Ind.- Evansville
a
a
Mo.-St. Louis...
59,900,000 -21.2
47,200,000
Ky. Louisville_
15,877,897 +28.6
20,425,082
Tenn.
9,331,482 +23.5
-Memphis
11,524,922
111.-Jacksonville
a
a
Quincy
508,567 -45.7
278,000
a
87,900,000
22,329,582
12,527,741
a
800.096
a
125,300,000
43,539,856
18,696.762
a
1,227,070
-7.2
123,557.419
188,763,688
Ninth Federal Reserve Dia trict-Minn (moons
Minn. Duluth.
5,145,000 +4.8
5,392,787
Minneapolis.
45,699,473 +13.1
51.683,000
St. Paul
16,615.202 -19.7
13,340,011
No. Dak.-Fargo
1,732.462 -18.5
1,411,679
S. D.
628.712 -21.8
-Aberdeen
491,436
Mont.- Billings.
424,430 -23.8
323,380
Helena
2,022,724 +9.2
2,208,646
6.748,211
65,304,022
20,494,584
2,090,391
895,511
562,532
2,807,306
7,286,408
85,707.587
25,122,069
2,133,778
1,106,572
663,820
3,183,111
98,702,557
125,203,345
Total(4 cities).
Total(7 cities)_
260,562,400
79,426,004
85,617,946
72,268.00
3
+3.6
Tenth Federal Reserve Dist act-Kansa
Neb.- Fremont_
157.827
81,273
Hastings
Lincoln
1,874,877
1,690,971
20,264,202
Omaha
20,335,005
Kan.- Topeka
1,787,312
1,459,773
Wichita
3,873,225
1,933,958
Mo.-Kan. City.
59,346,402
52,598,830
St. Joseph_
2,714.348
2,998,328
Colo.
-Colo. Spgs.
761,981
520,712
Pueblo
752,576
444,453
City-61.2
275,270
355,864
-9.8
+0.3
-18.3
-50.1
-11.4
+10.5
--31.7
--40.9
3.075,283
34,407.781
2,814,853
4,349,355
81,226,560
3.940,987
1,148,126
1,164,875
3,576.131
41,497,715
3,372,454
6.917,402
121,542,098
5,586.5813
1,446415
1,493,861
91,532,750 -10.4
131,403,090
185,788,528
Eleventh Fade ral Reserve D 'strict-Dail asTexas- Austin- _
970.868 -5.3
919,806
26,172,211
Dallas
+0.8
28.371,320
Fort Worth...
8,511,337 -19.5
5,239,911
Galveston
1,586,000 +12.2
1,757,000
La.
2,745,912 -18.7
-Shreveport2,231,217
1,827,487
34,988,128
7,439.466
2,120,000
3.268,262
1,474,089
38,139,222
9,535,751
2,560,000
4,458.511
49,643,343
56,165,553
Total(9 cities)_
Total(5 cities).
74,850,939
82,043,303
36,519,254
37,966,328
-3.8
Twelfth Feder al Reserve D istrict.-San Franc isco.Wash.
31,538.793
21,811,827 -21.2
-Seattle
17,198,639
10,521,000
Spokane
5,337,000 -25.9
3,955,000
Yakima
443,786 -42.0
896,000
257,175
Ore.
30,177,877
-Portland_ 18,203,278 -2.8
15,754,864
12,970,524
Utah.
8,771,644 -1.0
-S.L. City
8,680,279
Calll.-L. Beach_
2.930,722 -1.2
5,450,628
2,898,982
Los Angeles_
No longer will report clear'
4,898,755
2,916,034 -18.8
Pasadena
2,373,237
8.259,489
Sacramento__ _
8,296.298 -38.5
3,872,288
San Diego _
No longer will report cleani nire•
San Francisco.
87.087,082 -•4.5 128.827,337
83,160,212
2,343,373
San Jose
1,430,539 -15.1
1,214,780
1,668,576
Santa Barbara.
1,018,926 -14.4
872,675
1,637,533
897,884 -11.7
SantaMonica_
793,059
1445.600
1,128,163 -10.4
Stockton
1,011.270
189,809,518
2,583,252
2,155,584
2,032,473
2,112,300
240,435,465
331,959,226
43,466,567
12,346.000
1,062,872
36.985.159
17,632,621
6,966,071
5,926 637
8,880:172
Total (13 cities) 142,040,460 156,273,143
Grand total (110
Cities)
4,813.455,334 4,549,725,340
-9.1
Outside New York 1,512,760,125 1,641.799,099
-7.9 2,833,980,753 3,719,764.298
+1.4 8,257,520,302 11190939,639
Week Ended June 8.
a
1933.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William...
New Westminster
Medicine Hat_ _ _
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert.-Moncton
Kingston
Chatham
Sarnia
Sudbury
Total(30 cities)
$
95,603,072
113,587,659
40,623,085
15,828,820
4.889,171
4,837,429
2.618,170
3,971,164
5402,341
1,417,082
1,684,332
2,513,399
9,098,078
2,996,750
330,978
356,112
1,242,855
581,194
755,503
664,083
443,670
225.998
509,550
842,365
1,253,613
2,360.110
255,004
609,960
672,745
502.588
467,800
567,237
316.991.895
1932.
0 1 4.0
.
0.
,
05MojetwwMWOW...-.4.4.
as. w..mw.-m-4mw.-ocrozwy.-wwwwm..w.w.mw wp0.....p.o.moWwww000-40.-4.-mmwOmp,m
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,
.
-4...mloWW.P.WwMWm - w w-...la
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,
.40-40-4w00000cmw.-m-4wma.wwwm..mom00000
ing to the Federal Reserve districts in which they are located,
and from this it appears that in the New York Reserve
District, including this city, the totals show a gain of 6.4%,
and in the Boston Reserve District of 6.9% but in the
Philadelphia Reserve District there is a loss of 3.5%. In
the Cleveland Reserve District the totals are smaller by
11.2%, in tne Richmond Reserve District by 22.7% and in
the Atlanta Reserve District by 5.7%. The Chicago Reserve District records a decrease of 17.5% and the St. Louis
Reserve District of 7.2% while the Minneapolis Reserve
District has an increase of 3.6%. In the Kansas City Reserve District the totals show a diminution of 10.4%, in
the Dallas Reserve District of 3.8% and in the San Francisco
Reserve District of 9.1%.
In the following we furnish a summary of Federal Reserve
districts:
Inc. or
Dec.
%
+28.8
+44.8
-20.4
+33.3
-4.8
+7.8
-0.4
+6.1
-8.0
-15.3
+20.5
-17.2
+115.3
+6.6
-11.8
+8.3
-22.4
+4.7
-15.2
+7.4
+2.1
+17.5
-11.5
18.1
3.2
5.8
-12.3
-14.5
+3.1
+25.4
+5.4
+13.8
263,893,321 +20.1
1931.
1930.
$
135,114,830
123,952,583
82,607,158
17.872,385
7,743.789
7.280,257
3,325.430
5,971,491
9,644,402
2.538,392
2.829,923
3.398,499
6.944.417
4,478,112
540,797
571.835
3,058,792
1,029,041
1,272,693
834,915
960,923
317.903
887,129
1,055,651
1,535,443
5,459,415
459,807
1,292,031
1.061,627
618,075
818,167
1,325,425
$
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
2.080.686
3,213,956
5,348,382
3,812,701
452,087
448,570
1,893,118
778,932
1,102.167
856,248
840,028
236.284
775.782
888,904
1,513,193
3,537,934
389,189
927,104
716,837
553,323
576,712
897.607
353,338,501
436,555.317
•No clearings available. b Clearing House not functioning at present.
•Estimated.
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for May 1933
and 1932,and the eleven months of the fiscal years 1932-1933
and 1931-1932:
General Funds.
—Month of May——July 1 to May 311931-32.
1932-33.
1932.
Receipts—
1933.
$
$
Internal revenue:
$
$
Income tax
16,436,232 22,674,735 599,604,899 895,978.640
Miscell. internal revenue-- 93,501,924 36,270,105 751.374,359 457,008,257
Total
109,938,156 58,944,840 1,350,979,258 1,352,986,897
Customs
20,515,215 18,003,525 227,804,532 310,379,420
Miscellaneous receipts:
Proceeds of Government
owned securities:
13,437
Principal—foreign ()Wig_
65,820,737
Interest—foreign oblig
1,435,462
707,806
55,582
54,633
Railroad securities
19,852,211
29,959,394
480,323
19,060,240
All others
20,855,660
18,423,170
2,006,302
Panama Canal tolls,
_ 1.569.181
39,969,983
39,177,685
3,023,349
4,088,567
Other miscellaneous
155,225,992 82,513,921 1,733,678,317 1,744.687,335
Total
Expenditures—
General
187,943,859
Public debt—Interest
24,144,441
Sinking fund
6,896,300
Refunds of receipts—Customs 2,372,095
Internal revenue
6,968,321
Postal deficiency
Panama Canal
814,464
Reconstruction Finance Corp.
Subscription to stock of Federal land banks
Farm Credit Administration_
354,725
Agricultural marketing fund
22,524,114
(net)
Distribution of cotton and
wheat for relief
306,739
Adjusted-service elf. fund_
Civil Service retirement fund_
Foreign Service retirem't fund
Dist. of Columbia (see note 1)
Total
252,325,058
186.638,402 2,090,953,523 2,311,798,321
14,538,268 583,513,318 498,488,296
30,000,000 425,660,300 385,299,200
16,011,201
12,522,845
1,160,254
52,556,347
74,071,050
6,774,700
87,247,954 170,018,811
20,000,000
9,827,343
10,042,216
821,025
500,000,000
158,579,075
a242,545
354,725
9,500,823
74,243,740
a3,252,831
119,764,838
34,216,186
100.000,000 200,000,000
20,850.000
20,850,000
215,000
416,000
9,500,000
7,775,000
428,012,547 3,422,613,038 4,390,087,800
97,099,066 345,498,626 1,688,934,721 2,645,400,465
Excess of expenditures
Special Funds.
Receipts—
Applicable to public
-debt retirements:
Principal—foreign oblig_
Interest—foreign Wang_
From estate taxes
From franchise tax receipts
(Fed. Res. banks & Fed.
intermediate credit bks.)
From forfeitures, gifts, &c.,
Other
2,090.721
31,553,763
1,363,350
1,000
2,088,941
59,589,338
25,582,064
7,435,619
35,943,900
18,943,437
64,500
65,067,545
7,435,619
54,887,337
65,132,045
1,508,156
Excess of receipts
Excess of expenditures
21,294
42,500
25,517,270
3,598,877
Total
2,011,418
20,500
24,640,307
3,598,877
Expenditures—
Public-debt retirements
Other
2,088,941
2,090,721
Total
5,346,678
4,702,001
39,549,981
Summary of General & Special Funds.
Total general fund recelpts_155,225,992 82,513,921 1,733,678,317 1,744,687,335
Total special fund receipts._ 2,090,721
25,582,064
59,589,338
2,088,942
Total
157,316,713 84,602,863 1,793,267,655 1,770,269,399
Total gen. fund expenditures_252,325,058 428,012,547 3,422,613,038 4,390,087,800
Total sp'l fund expenditures_ 3,598,877
65,132,045
54,887,337
7,435,619
Total
255,923,935 435,448,166 3,477,500,375 4,455,219,845
Excess of expenditures
98,607,222 350,845,303 1,684,232,720 2,684,950.446
—Month of May—
Trust Funds.
1932.
1933.
Receipts—
$
$
District of Columbia
1,244,673
1,712,556
Government life-insur. fund_ 5,049,878
5,330,337
457,511
Other (see note 2)
3,073,275
9,835,709
Total
Expenditures—.
Dist. of Columbia (see note 1)
Government life-insur. fund:
Policy losses, &c
Investments
Other (see note 2)
7,032,521
July 1 to May 311932-33.
1931-32.
$
$
31,756,731
34,658,700
65,182,449
66,021,958
41,987,024
6,189,440
138,926,204
106,870,098
3,412,794
3,743,484
29,667.191
34,238,243
2,190,112
4,284,102
4.242,495
1,575,611
3,617,267
3,234,809
21,439,666
43,671,037
45,954,557
20,104,640
47,139,876
6,677,260
14,129,503
Total
12,171,171
140,732,451
108,160,019
Excess of expenditures__ 4.293,794
1,806,247
1,289.921
5,138.650
a Excess of credits (deduct).
Receipts and expenditures for June reaching the Treasury In July are Included.
Note 1,—Expenditures for the District of Columbia representing the share of the
United States are charged against the amount to be advanced from the general fund
until the authorized amount is expended. After that they are charged against the
revenues of the District under trust funds. For total expenditures the items for
District of Columbia under general fund and under trust funds should be added.
Note 2.—Since July 1 1932 deductions from salaries creditied to the Civil Service,
Foreign Service, and Canal Zone retirement funds and the earnings from investments of such funds and of the adjusted service certificate fund have been classified
as receipts, whereas prior to that date such items were used to offset expenditures
for the respective funds.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
May 31 1933 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of May 311933.
Attetd-Gold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities—
$
$
847,752,281.35 Gold ctfs. outstanding..1,240,154,839.00
2,384,709,924.97 Gold hind, Fed. Res've
Board (Act of Dec. 23
1913, as amended
June 21 1917)
1 756,768,445.89
Gold reserve
156,039,088.03
Gold In general fund_ _.. 79,499,833.40
3,232,462,206.32
3 232,462,206.321 Total
Total
Note.—Reservo against $346,681,016 o U. S. notes and $1,202,950 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
4221
Financial Chronicle
Volume 136
A asels—
Silver dollars
Total
Assets—
Gold (see above)
Silver dollars (see above)
United States notes..
FederalReserve notes....
Fed. Rea. bank notes..
National bank notes_..-Subsidiary silver coin
Minor coin
Silver bullion
Unclassified—
Collections, dro
Deposits in:
Federal Reeve banks_
Special depositaries,
sect sales of Treas.
bonds, Treas. notes
and ctfs. of lndebt_
Nat and other bank
depositaries—
To credit of Treasurer of U. S
To credit of other
Gov't officers. _
Foreign depositaries—
To credit of Treasurer of U. S
To credit of other
Gov't officers_
Philippine treasury—
To credit of Treasurer of U. S
SILVER DOLLARS.
Liabitities—
$
$
507,135,882.00 Silver Ms. outstanding.. 479,058,859.00
Treasury notes of 1890
outstanding
1,202,950.00
Silver dolls. in gen. fund 26.874,073.00
507,135.882.00
507,135,882.00
Total
GENERAL FUND.
Llahliftter—
$
$
79,499,833.40 Treasurer's checks outstanding ______
566,996.16
26,874,073.00
5,011,809.00 Dopes. of Gov't officers:
5,605,605.29
Post Office Dept
21,306,855.00
Board of Trustees,
138,069 00
Postal Savings Sys
16,242,472.50
tem11,824.493.45
5% reserve, law5,532,381.89
57,921,842.10
ful money
22,989,451.30
22,765,971.02
Other deposits__ _
Postmasters, clerks of
1,725,980.16
courts, disbursing
46,295,863.19
officers, &c.
83,125,563.91
Deposits for:
Redemption of Fed.
Res. notes (5%
43,987,151.32
fund, gold)
287,505,000.00
Redemption of Fed.
Res. bank notes(5%
6,242,000.00
fund, lawful money)
Redemption of Nat.
7,445,980.62
bank notes (6%
fund, lawful money) 40,233,699.54
18,856,494.67
Retirement of adci'l
circulating notes.
1,350.00
980,711.64
Act May 30 1908....
Uncollected items. ex3,058,616.17
1,086,861.47
changes, da,
226,679,094.79
364,431,210.
964.274.65 Net balance
591,110,305.66
591,110,305.66
Total
Total
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
and Federal Reserve bank notes are
the retirement of outstanding National bank
paid into the Treasury as miscellaneous receipts, and these obligations are made.
under the Acts mentioned, a part of the public debt. The amount of such obligations to-day was $117.848.209.
$985,315 in Federal Reserve notes and $16,216,028 In National bank notes are
In the Treasury in process of redemption and are charges against the deposits for
the respective 5% redemption funds.
Public Debt of the United States—Complete Return
Showing Net Debt as of March 31 1933.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Mar.31 1933,
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 1932:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Mar.31 1933. Mar.31 1932.
$
647,420,772
492,926,476
Balance end of month by daily statements, &c
Add or Deduct—Excess of deficiency of receipts over
—17,890,254 —31,258,186
or under disbursements on belated items
475,036,222
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Certificates
Settlement on warrant checks
Total
616,162,586
27,601,293
104,241,947
4,212,850
1,411,480
23,257,611
92,079,489
4,486,340
2,000,484
137,467,570
+337,568.652
Balance, deficit(—)or surplus(+)
INTEREST
-BEARING DEBT OUTSTANDING.
Interest Mar.311933.
Payable.
$
Title of I can—
Q.
-J. 599,724,050
2s Consols of 1930
Q.
-F.
48,954,180
2s of 1916-1936
25,947,400
Q -F.
2s of 1918-1938
Q.
-M.
49,800,000
3s 01 1961
28,894,500
Q.
-J.
3s convertible bonds of 1946-1947
J -S 2,360,182,000
Certificates of indebtedness
-J. 1,392,227,350
J.
31.(s First Liberty Loan, 1932-1947
-D.
5,002,450
45 First Liberty Loan, converted 1932-1947_ _ J.
-D. 532,490,450
44s First Liberty Loan, converted 1932-1947..J.
3,492,150
-1947..J.
-D.
4y4s First Liberty Loan. 2d cony., 1932
A -O. 6,268,095,250
4)45 Fourth Liberty Loan of 1933-1938
758,983,300
451s Treasury bonds of 1947-1952
1,036,834,500
45 Treasury bonds of 1944-1954
489,087,100
3.45 Treasury bonds of 1946-1956
454,135,200
354s Treasury bonds of 1943-1947
352,994,450
34a Treasury bonds of 1940-1943
544,916,050
3s Treasury bonds of 1941-1943
821,400,500
3)45 Treasury bonds of 1946-1949
764,488,000
2siAA Postalr:
3 T eas
Treasury bo s o .9dz-1955
s u
51
52,697,440
Savings bonds
3,575,092,200
Treasury notes
Treasury :eries maturing—
b 111 , s
Apr. 21926 1I99 333333
c75,090,000
c75.032,000
ppr.
c80,020,000
c75,228,000
May 10 1933
May 17 1933
c75,202,000
c60.074.000
May 24 1933
May 31 1933
c100,613,000
June 7 1933
c75,216,000
June 21 1933
c100,569,000
June 28 1933_
c100,158,000
Apr. 13 1932
Apr. 27 1932
M
May 11 1932
May 18 1932
May 25 1932
June 1 1932
June 29 1932
Aggregate of interest-bearing debt
Bearing no Interest
Matured, interest ceased
Total debt
Dedua Treasury surplus or add Treasury deficit
Net debt
121,823,924
+494,338,662
Mar.31 1932.
599,724,050
48,954,180
25,947,400
49,800,000
28,894,500
2,567,688,800
1,392,231,850
5,002,450
532,491,650
3,492,150
6,268,106,950
758,983,300
1,036,834,500
489,087,100
476,412,250
355,356.450
577,536,550
821,403,500
800,424,000
36,247,260
795,547,200
c50,175,000
c50,937,000
c76.399.000
c75,689,000
c62,851,000
c101,412,000
c102,169,000
20,991,640,520 18,189,798,090
289,170,751
269,947,609
81,654,105
46,972,245
a21,362,465,376 18,506,717,944
+337,568,652 +494,338,662
h21,024,896,724 18,012,379,282
a Total gross debt March 31 1933 on the basis of daily Treasury statements was
$20,362,464.177.21 and the net amount of public debt redemptions and receipts
in transit, &c., was 51,198.75.
b No reduction is made on account of obligations Of foreign governments or other
Investments.
c Maturity value.
4222
Financial Chronicle
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 31 1933:
GOLD.
The Bank of England gold reserve against notes amounted to £185,988,667
on the 24th inst. as compared with £185,988.501 on the previous Wednesday.
Yesterday the Bank of England announced the purchase of £343,171
in bar gold.
In the open market a substantial amount of gold has been dealt with.
Of the £800,000 offered yesterday about £500,000 was secured for a destination not disclosed; however, the demand from the Continent continued
and most of the supplies available during the week were taken by Continental buyers, but as regards prices, the premium over franc parity has
almost disappeared.
Quotations during the week:
Equivalent Value
Per Fine
of £ Sterling.
Ounce.
13s. 10.55d.
May 25
122s. 5d.
May 26
122s. 6d.
13s. 10.44d.
13s. 9.99d.
May 27
122s. 10d.
13s. 9.43d.
May 29
123s. 3d.
May 30
13s. 8.87d.
123s. 8d.
May 31
123s. 10d.
135. 8.65d.
13s. 9.65d.
Average
123s. Id.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 22d inst. to raid-day on the 29th inst.:
Exports.
Imports.
Germany
£1,420
£49,673 Germany
190.464
Netherlands
618,798 Netherlands
France
27,252
1,632.717 France
7,400
Switzerland
352,068 Switzerland
Iraq
1,024,741
19,639 Italy
Portugal
600
31,805 Other countries
Egypt
186,131
United States of America..
84,621
British South Africa
767.078
Peru
17.553
British India
1,218,831
British Malaya
36,505
Australia
58.556
Canada
200,820
Other countries
37,274
£1,251,877
£5,312,069
The SS. Narkunda which sailed from Bombay on the 27th inst. carr'es
gold to the value of about £577,000, of which £540,000 is consigned to
London, £11.000 to Amsterdam, and £6,000 to Marseilles.
The Southern Rhodesian gold output for April last amounted to 53,559
fine ounces as compared with 49,929 fine ounces for March 1933 and 46,487
fine ounces for April 1932.
SILVER.
The market has shown a steadier tendency, fluctuations in prices having
been on rather a narrower scale. The week opened quietly, quotations
easing slightly in the absence of demand, but a recovery followed on a
renewal of support from America and speculators, with the Indian Bazaars
also inclined to buy.
Most of the supplies were from sales on Continental account, but the
higher prices attracted some selling by China. The market is still very
uncertain, although the tone appears quite steady at the moment.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 22d inst. to mid-day on the 29th inst.:
Exports.
Imports.
Soviet Union (Russia)
£110,000 Germany
£1.360
Germany
56,069 France
1,139
Netherlands
32 550 Yugoslavia
122,500
France
5.892 United States of America- 32,780
United States of America
5.062 Other countries
755
Belgium
2,397
Egypt
3,900
3,200
Syria
Iraq
6.100
British India
27,053
Australia
11,328
Other countries
5,365
£158,534
£268.916
Quotations during the week:
IN NEW YORK.
IN LONDON.
liar Silver per Oz. Standard.
(Cents per Ounce .999 Fine.)
Cash Deli,. 2 Mos. Deli,.
24%
May 25- _.18 11-16d.
May 24
184d.
33 13-16
May 26_ _ _18 hd.
18 9-16d. May 25
33%
May 27-- _1874d.
18 15-16d. May 26
May 27
34%
May 29......18 15-16d.
19d.
34%
May 29
May 30_ _ _18 15-16d.
19d.
May 30
Holiday
May 31- _ _19 1-16d.
-id.
193
Average__ _18.833d.
18.896d.
The highest rate of exchange on New York recorded during the period
from the 25th inst. to the 31st inst. was $4.023-I and the lowest $3.89.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)May 22. May 15. May 7.
Notes in circulation
17550
17559
17585
10941
Silver coin and bullion in India
10912
11044
2626
Gold coin and bullion in India
2637
2626
3915
Securities (Indian Government)
4010
3983
The stocks in Shanghai on the 27th inst. consisted of about 136,400,000
ounces in sycee. 257,500,000 dollars and 6.960 silver bars as compared
with about 141,400,000 ounces in sycee, 255,000,000 dollars and 5,900
silver bars on the 20th inst.
We have also received this week the circular written under
date of June 7 1933:
GOLD.
The Bank of England gold reserve against notes amounted to £186,331,837 on the 31st ult., an increase of £343,170 as compared with the
previous Wednesday.
Further purchases of bar gold have been announced by the Bank of
England, the total acquired during the week being £316.847.
In the open market substantial amounts of gold have been available.
Purchases on Continental account continued, but most of the supplies
were taken for destinations not disclosed.
Quotations during the wek:
Per Fine
Equivalent Value
Ounce.
of £ Sterling.
June 1
122s 11d.
13s. 9.88d.
June 2
122s. 5d.
13s. 10.55d
June 3
122s. 4d.
13s. 10.67d.
June 6
122s. 6d.
13s. 10.44d.
June 7
122s.
13s. 11.12d.
Average for the above five days
122s. 5.2d.
13s. 10.53d.
June 17 1933
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 29th ult. to raid-day on the 2d inst.:
Exports.
Imports.
Germany
£235,875
£69,862 Netherlands
194,233
115,594 France
Netherlands
17,352 Switzerland
19,800
France
148,292 Other countries
994
Switzerland
Iraq
14.547
90.862
U. S. A
64,709
British West Africa
140,910
British South Africa
886,677
British India
170,382
Australia
24.300
British Malaya
19.136
New Zealand
12,800
Hongkong
422.512
Canada
12,126
Other countries
£450.902
£2,210,061
Shipments of gold from Bombay last week amounted to about £933,000.
The SS. Carthage carries £808,000 consigned to London and £29,000 to
Marseilles and the SS. President Garfield £96,000 consigned to Marseilles.
SILVER.
The market has been steadily supported during the past week and as
sellers have been more hesitant prices have shown some improvement.
There has been a fair speculative demand, and the Indian bazaars have
also bought, while America, without being disposed to press, continued to
give support. Supplies have again been forthcoming from Continental
sources, and, at the higher prices China sold, while some resales were made
by speculators.
At about the present level, the undertone appears fairly good, but the
market remains very sensitive.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 29th ult. to mid-day on the 2d inst.:
Exports.
Imports.
£131,546 Denmark
Soviet Union (Russia)
21,519 U. S. A
Germany
9,946 British India
Iraq
5,840 French Possessions in India
Portuguese East Africa_ _ _ _
2.754 France
France
13,783 Irish Free State
Australia
15,521 Other countries
Canada
2,920
Other countries
£2.345
91,060
55,651
10.550
2.971
1,221
1,796
£165,594
£203,829
Quotations during the week:
IN NEW YORK.
IN LONDON.
(Per Ounce .999 Fine.)
-Bar Silver per Oz.Std.Cash Deify. 2 Mos. Delic
35%c.
18 15-16d. May 31
June 1____18Aid.
June 1
35%c.
19 N .
June 2. _ __19 1-16d.
June 2
35%c.
193-icl.
June 3_ _ _ _19 7-16d.
June 3
35%c
193-jd.
June 6__19%d.
June 5
35 13-16c
19%cl.
June 7_ _ _19 3-16d.
June 6
35%c.
Average for
the above
19.212d.
5 days_ _19.162d.
The highest rate of exchange on New York recorded during the period
from the 1st inst. to the 7th inst. was $4.063-I and the lowest $3.973-.
INDIAN CURRENCY RETURNS.
May 31.
May 22.
(In Lacs of Rupees)
17.569
17,559
Notes in circulation
10.921
10,912
Silver coin and bullion in India
2.645
2.637
Gold coin and bullion in India
4.003
4,010
Securities (Indian Government)
May 15.
17.550
10.941
2,626
3,983
The stocks in Shanghai on the 31st ult. consisted of about 136.000,000
ounces in sycee, 262.500.000 dollars and 6,960 silver bars, as compared
with 136.400,000 ounces in sycee, 257,500,000 dollars and 6,960 silver bars
on the 27h ult.
Statistics for the month of May las, are appended:
Bar Silver
Bar Cold
Cash DeliCy. 2 Mys.' May. per Fine Oz.
2014d.
20 9-16d.
1245. 8d.
Highest price
181d.
183-16d.
122s. 5d.
Lowest price
19.046d.
19.097d.
123s. 4.54d.
Average
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
TVed.,
Tues.,
Thurs.,
Fri.,
Mon.,
sal.,
June 10. June 12. June 13.
Silver, per oz._ 195-ltd. 19 7-16d. 19 7-16d.
Gold, p.fine oz. 1228.6d. 122523-46. 1228.2d.
723-i
Consols, 234% Holiday.
72%
British 334%9834
W.L
9834
Holiday.
British 4%1094
Holiday.
10934
1960-90
French Rentes
68.50
68.10
(in Paris)3% fr. Holiday.
French War L'n
(in Paris) 5%
Holiday.
107.40
107.90
1920 amort
June 14. June 15. June 16.
19 7-16d. 19 9-16d. 1911d.
1228.1d. 122s.2d. 1228.1d.
7334
7334
7334
9934
110
9934
11034
9934
1103-4
68.80
59.70
69.00
108.20
109.00
109.30
The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz. (Cu.)
3634
3634
3634
363.4
3534
3534
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
June 12 June 13 June 14 June 15 June 16
1933. 1933. 1933.
1933. 1933. 1933.
Francs. Francs. Francs. Francs, Francs. Francs.
Bank of France
12,400 12,500 12,200 12,200 12,200
1,670 1,680 1,670 1,640 1,610
Banque de Paris et Pays Bas___
375
375
Banque d'Unlon Parlslenne____
372
368
221
230
254
244
Canadian Pacific
232
Canal de Suez
18,750 18,780 18,790 18,445
2,605
2,605 2,620
Cie Distr d'Electricitie
2,580
Cie Generale d'Electricitie
2,270 2,270
2,270 2,240 1,155
54
Cie Generale Transatlantique„.
.54
53
53
542
530
544
532
Citroen B
1,160 1,160 1,150 1,140 1,130
Coniptoir Nationale d'Escompte
Coo Inc
280
290
290
356
349
358
355
Courrieres
828
828
825
815
Credit Commercial de France
4,860 4,720 4,870 4,890 4,870
Credit Fonder de France
2,250 2,270 2,250
2,230 2,220
Credit L3onnals
2,610
2,620 2,620 2,590 2,550
Distribution d'Electricitie is Par
2,880 2,870 2,880 2,850 2,800
Eau' Lyonnais
760
742
-760
760
Energie Electrique du Nord ...1,008 1,010 1,012 1,006
Energie Electrique du Littoral-'tine 10
Hungarian Defaulted Coup
Hungarian Itai Bk 734a.'32
Koholyt 634s. 1943
-D_ _
Karstadt 6s, 1943 C
Land M 13k, Warsaw 88,'41
Leipzig Oland Pr. 6345,'46
Leipzig Trade Fair 75, 1953
Luneberg Power. Light &
43
48
Water 7%. 1948
46
Mannheim & Paint 7e, 1941 43
28
31
Munich 75 to 1945
29
Manic Bk, Hessen. 7sto '45 26
Municipal Gas &
Corn
32
Recklinghausen, 75, 1947 28
58
Nassau Landbank 634a,'38 56
Nat Central Savings 13k of
Hungaix 735e, 1962_ 1 3812 40
National Hungarian & Ind.
Mtge. 7%. 1945
- -- 3812 40
31
Oberpfalz Elea 7%. 1946.. 26
Oldenburg-Free State 7%
26
30
to 1945
Porto Alegre 7%, 1968.__ 123
Protestant Church (Ger25
29
many) 76, 1946
78
Prov 135 Westphalia 65,'33
48
Prov.Bk Westphalia 6%'36 38
43
RhineWestph'aElect 7%'36 40
28
Rio de Janeiro 6%, 1933.. j27
48
634.,'46 45
Rom Cath Church
40
R(3 Church Welfare is, '443 38
70
Saarbruecken M Bit 65, '47 74
1 1712 20
Salvador 7%. 1937
Santa Catharine (Brasil)
1712 19
8%. 1947
15
16
Santander (Colom)75. 1948
Sao Paulo (Brazil) 65 1947 / 1912 21
'32 r 47
Saxon Public Works5%,
53
54
Saxon State Mtge 6a. 1947 51
270
Stem & Ilaiske deb 65, 2930 1250
38
Stettin Pub Utli 7a, 1946.. 36
29
1 25
Tucuman City 75, 1951_
38
Tucuman Prov. 7s, 1950.. 34
Vesten Else Ry 7., 1947_
1 16
20
Wurtenbsirg 7.. to 1945 _
28
32
MonlinercialandA,XiscellatteonsBms
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, June 10 to June 16, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Allen Industries corn
Preferred
Apex Electrical Mfg
City Ice & Fuel
10
Clark Fred G corn
...°
Cleve Builders Supply.
Cleve-Cliffs Iron pref.. •
Cleve Elec III 6% pref--100
100
Cleve Ry ctIs dep
16
5
38
3%
15%
5
20
3i
3
22
106%
38
3%
16
6
22%
%
3
24
107
40
13
1,206
170
234
300
42
215
135
263
Range Since Jan. 1.
Low.
High.
Jan
6
Jan 16
4
Feb
6
9% Apr 22%
%
34 Jan
3 June
3
22
May 24
9534 Mar 110
Apr 43%
29
June
June
May
June
June
June
June
Jan
Feb
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, June 10 to June 16, both
inclusive, compiled from official sales lists:
1234
1434
8
16
53
78
7
82
7
70
934
5
130
1635
12
1934
2834
1135
135
3935
36
3
1734
12
19
10
16
12
1434 1634
8
8
20
16
234 235
53
50
76
76
80
78
6
734
8235 85
734
7
6534 70
21
21
21
21
8
8
914 14
535
5
6
734
15
15
130 130
1635
14
14
12
15
13
19
20
8
8
12
12
2835 32
5
5
107-4 1034
1135
11
2
1
814 814
3914 4234
3735
35
3
3
1635 18
1135 12
21
21
24
19
6
6
10
9
135
1
12
12
Low.
Mar
3
1,275
635 Mar
1,213
Mar
5
15
1.088
634 Feb
Feb
1
100
May
23 41
5 76 June
Apr
53 69
34 Feb
343
393 7035 Apr
435 May
820
498 5734 May
20 1734 Apr
10 1034 May
635 Apr
100
214 Mar
605
134 Apr
180
23-4 Feb
1,222
20 12 June
25 130 June
5 June
330
Apr
7
615
Apr
5
15
Feb
565 10
Apr
5
10
Feb
25 10
474 1535 Mar
5 June
25
Feb
8
25
Apr
7
75
35 A.
1,730
Apr
5
50
1,156 1934 Mar
Apr
410 20
3 May
25
173 13 May
Jan
4
175
Apr
5 15
Mar
9
1,115
Apr
1
12
Apr
3
200
35 Jan
2,240
43
234 Jan
High.
AA A
Aluminum Industries_ .. __•
Amer Laundry Machlne_20
•
Amer Products pref
Amer Roiling Mill com__25
Burger Bros
•
Carey (Philip) pret____100
Champ Coated SDI pret_ 100
100
Champ Fibre prof
4,
Chumgold Corp
Chi Gas & Elec pref____100
Cincinnati Street Ry____50
50
On & Sub Bell Tel
Cln Union Stock Yards_ •
*
City Ice & Fuel
•
Cohen (Dan) Co
•
Crosley Radio A
•
Dow Drug com
20
Eagle-richer Lead
•
Early & Danielcom
100
First National
•
Formica Insulation
•
Gibson Art corn
100
Gruen Watch wet
•
Hobart Mfg
•
Julian & Kokenge
40
Kahn Part A
•
Kroger corn
*
Leonard
•
Lunkenheimer
•
Manischewitz corn
•
Magnavox Ltd
•
Meteor Motor
Procter & Gamble new__•
100
Pure 011 6% prof
Randall B
•
Rapid Electrotype
•
Richardson corn
•
United Milk Crate A
10
Card
US Playing
•
US Print & Lith com
50
Preferred
•
US Shoe corn
•
Waco Aircraft
Range Since Jan. 1.
.
A
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sate
Par. Price. Low. High. Shares.
ilEiliEggg4EgVegg44gggggggggaqi4ggliEgilig
Ask.
Bid
29
26
Anhalt 7s to 1946
Argentine 5%, 1945. MOO
76
pieces
2312
Antioaula 8%, 1946
Austrian Defaulted Cou pons 170
Bank of Colombia. 7%,'47 3012 Wiz
Bank of Colombia. 7%,'48 I 3012 3212
37
33
Bavaria 6348 to 1945
Bavarian Palatinate Cons
20
16
Cit. 7% to 1945
23
Bogota (Colombia) 634,'47 21
I 1112
Bolovia 6%. 1940
161 10
Buenos Aires Scrip
47
Brandenburg Elec. 6e, 1953 45
52
Brazil Funding 5%,11-'51 50
British Hungarian Bank
3912
138
630, 1962
Brown Coal Ind. Corp
58
56
6355, 1953
Call (Colombia) 7%, 1947 I 1512 1612
Callao (Peru) 734%, 1944 1 10
Ceara (Brazil) 8%, 1947._ 19
City Savings Bank, Buda3312 35
pest, 7s, 1953
Deutsche lik 6% '32 unat'd 1 74
Dortmund Mun URI 65,'48 29
15
1 10
Dulsberg 7% to 1945
25
Duesseldorf 711 to 1945_ _ 22
East Prussian Pr. 6a, 1953. 3814 3914
European Mortgage & Investment 7355, 1966._ I 5312 5512
French Govt. 5159. 1937._ 110
112
}tench Nat. MR111443.65;52 108
24
28
rankfurt 75 to 1945
so
German Atl. Cable 7a, 1945 47
German Building & Land28
24
bank 635%, 1948
70
65
Haiti 6% 1953
Hamb-Am Line 614e to '40 6212 6512
Hanover Flare Water Wk..
27
23
6%. 1957
Housing & Real Imp 7$,'48 3112 3312
3412
Hungarian Cent Mut 7517 1 33
Hungarian Discount & Ex33
Bank 7s, 196_3 r 31
change
IFlat prlce.
Bid
Ark.
I 55
76
171
34
31
17
13
45
50
5312
51
2412 26
• No par value.
.
WM..1
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of June 16
1933:
High.
A
139
91
51
58
47
99
24
116
115
92
105
164
131
172
207
116
66
17
19
Low-
8 May
Jan
4
168
1235 June
33.4 Jan
137
235 Feb 1034 May
236
335 Feb 16 June
59
Jan 5635 JIlike
65 30
Apr
Apr 98
55 96
Jan
Mar 33
230 26
25 4734 Apr 7434 June
Jan
9
Apr
6
150
June
Apr 71
10 25
June
234 June
1
100
710 1034 Feb 3735 June
Mar 75 June
10 34
8 June
Mar
4
20
435 JIIrie
235 Jan
50
234 Jan
35 Apr
7,095
Feb 25 June
191 14
434 June
234 Apr
50
635 Apr 1234 May
200
634 June
467
13-4 Feb
May
9
Feb
6
52
7 June
Mar
1
590
5 May 1434 June
200
May
7
3 May
10
Apr 1934 May
8
50
735 June
Apr
2
1,115
Mar 132 June
50 110
634 June
Apr
3
200
,
335 June
Jan
1
310
3 May
35 Apr
260
Jan
39 2034 May 24
59-4 Jan 1435 May
445
2 June
2 June
25
ay, June
100
134 June
1,476 2
234 Apr 4434 June
7 June
Mar
1
1,633
Apr 25 June
10 10
Jan 2035 June
310 10
8 June
Feb
6
200
1334 Feb 3834 May
1,055
2 June
35 June
200
635 Feb 1534 June
250
334 May
35 Apr
135
Feb
834 Jan
7
50
June
Feb 12
3
25
May
60 1734 Feb 50
A
16.
8
7
1034 1234
10
10
15
16
55
5534
98
98
33
33
7434 7434
635 735
71
71
13-4
134
3135 3735
75
75
8
8
434 435
134
35
23
25
435 435
1234
12
5
534
9
8
634
5
13
1434
7
7
1834 1834
635 794
132 132
535 6
3
334
235 234
2
034 2134
1234 13
2
2
334 33-4
41
4434
435 635
25
25
19
20
8
6
32
3334
1
1
1494 153-4
235
235
8
8
12
12
45
45
AX
June June June June June
15.
14.
13.
12.
10.
Per Cent of Par
138
138
139
139
138
Reichsbang (12%)
91
91
92
93
93
Berliner Handols-Cesellschaft (5%)
51
51
51
51
51
Commers und PrIvat Bank 6. 0
59
59
59
60
60
Deutsche Bank und Disconto-Gesellschaft
47
48
48
49
49
Dresdner Bank
99
99
99
99
Deutsche Reichsbahn(Ger Rye) pref(7%)- 99
25
25
26
26
Aligetneine F.lektrszitaets-Gesell (A E 0)„.. 26
115
116
115
114
113
Berliner Kraft u Licht (10%)
116
116
117
117
115
Dessauer Gas (7%)
93
93
98
94
94
,
Gesfuerel (5%
105
104
104
105
100
Hamburg Elektr-Werke (834%)
165
166
167
168
168
Siemens & Hawke(7%)
132
133
134
134
135
I GI Farbenindietrie(7%)
175
176
176
___
(734%i...180
Salzdetfurth
210 208
212 212
213
RheinIsche Braunkohle(10%)
117
118
119
120
119
Deutsche Erdoel(4%)
69
69
71
70
71
Mannesmann Roehren
17
18
18
18
18
Hapag
18
18
19
19
19
Norddeutaoher Lloyd
7
Cleve Worsted Mills com_•
Corr McKin SU vtg com100
Non-voting common_100
•
Cliffs Corp V T C
*
Dow Chemical corn
100 98
Preferred
Federal Knit Mills com___• 33
FirestoneT&Rub 6% Pf100
634
•
Foote-Burt corn
General T & Rub com__-25
*
Geometric Stamping
Goodyear T & Rub com__• 3235
let preferred
•
8
10
}lane Bros Co
•
Harbauer common
India Tire di Rub com____•
Interlake Steamship cam_•
•
Jaeger Machine corn
Kelley Isld L & Tr com___•
5
6
Lamson Sessions
8
*
Medusa Cement
Miller W'sale Drug com_.•
Mohawk Rubber pref_ _100
Murray Ohio Mfg corn.. __*
•
Myers F E & Bros
10
National Acme com
National Carbon pref.._100 132
National Refining com__25
3
•
National Tile corn
•
Nestie-LeMur class A_
Nineteen Hund Corp cl A_•
• 1234
Ohio Brass B
0........
Ohio Confection class A _ _ .
3
Peerless Motor corn
• 43
Richman Bros corn
5
*
Selberling Rubber com
100
Preferred
*
Selby Shoe corn
8
Sheriff Street Mkt coin..*
Sherwin-Williams com__25 3234
1
Stand Textile Prod coin__•
Thompson Products Inc__•
Van Dom Iron Wks com_ •
8
4
Weinberger Drug
West Res Inv 6% pr pf 100
Youngstown S Ac T prof 100 45
Range Since Jan. 1.
&O.
THE BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange resumed trading on Friday,
April 29 1932,after having been closed by Government decree
since Sept. 18 1931. Closing prices of representative stocks
as received by cable each day of the past week have been
as follows:
June
Sates
Friday
Last Wears Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Lew. HOB. Sharer.
A
June 10 June 12 June 13 June 14 June 15 June 16
1933. 1933.
1933.
1933.
. 1933.
Francs. Francs. Francs. Francs. Francs. Francs.
54
53
54
---89
90
88
88
90
1,060
1,080 1,080
1,080
1,050
HOLT620
630
620
DAY
"ail
810
830
830
830
945
909
880
861
-556
350
360
360
360
440
450
460
460
470
1,340
1,330
1,310
1,280
1,250
892
870
860
850
-665
1,010
1,010
1,010
1,010
91
91
92
93
1.J59
1,160
1,190
1,190
1,200
68.80 69.70 69.00
68.10 68.50
107.40 107.90 108.20 109.00 109.30
79.50 80.10
77.90 78.20
76.10
85.30
84.10 84.50 84.70
83.30
1,710 1,670
1,740
1,770
1,750
1,350
1,390
1,399
1,540
1:E40
1,540
1,538
-iio
530
550
550
550
76
77
77
77
78
131
136
139
140
143
2,825
---2,855
2,850
2,895
580
587
580
587
18,700 18,900 18,700 18,400 18,5130
180
191
190
187
-iii 5
900
920
920
920
190
190
180
190
190
_--_
76
79
76
78
AA
French Line
Calories Lafayette
Gaa in Bon
Kuhlmann
L'Alt Liquide
Lyon (P. L M )
Mines de Courrleres
Mines des Lena
Nord Hy
Orleana Ely
Paris, France
Pathe Capital
Pecbiney
Remus 3%
Rentes 5% 1920
Renee 4% 1917
Rentes 414% 1932 A
Royal Dutch
Saint Gobain C & C
Schneider dt ('le
Societe Andre Citroen
Societe Ft ancalse Ford
Societe Generale Fonciere
Societe Lyonnais°
Societe Marsellaise
Sues
Tubize Artificial Silk prof
Union d'Electricitie
Union des Mines
Wagon-Lite
Stocks
4223
Financial Chronicle
Volume 136
• No par value.
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange, June 10 to June 16, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
9
9
American Credit Indem_10
49
51
• 49
Brown Shoe corn
11
11
12%
Coca-Cola Bottling corn_ _1
1% 1%
Consol Lead & Zinc A. •
5
7% 735
Curtis Mfg com
18
18
Ely & Walker D Oda com25
434 5
Ham-Brown Shoe com_ _25
47-4
2
2
Hussmann-Ligonier coin_ _•
50
45
International Shoe com___. 45
100 11135 11135 11235
Preferred
19% 23
Johnson-S-9 Shoe com„..• 23
935
8
8%
Lac-Christy Clay Pr come
1735 17%
20
Laclede Steel corn
• 39% 39% 40
McQuay-Norris corn
8
8
•
Moloney Electric A
9%
9
Mo Ptld Cement com_ __25
17
17
Natl Bearing Metals corn •
16% 17%
• 1635
National Candy corn
10
9
•
Rice-Stix D Gds com
4%
4
4
•
Scullin Steel prof
29
26
Southern Acid & Sul corn •
S'western Bell Tel pref_100 11635 116% 117%
935 1035
935
Stlx, Baer & Fuller com__•
1035 1235
Wagner Electric corn_ _ 15 10%
100 so
90
90
Preferred
• No par value.
Range Since Jan. 1.
Low.
High.
May
9 June
5
50
June
Apr 51
18 29
634 May 12% June
105
2 May
10 250 Mar
735 June
d% Apr
70
Mar 18 June
6
60
5 June
2% Feb
936
Feb
1
25
June
Mar
225 26
87 102% Jan 11235 June
May 23 June
55 16
935 June
3 May
270
Jan 18 June
35
9
110 2435 Mar 40 June
8 J111113
20
6
May
June
4% Feb 11
145
435 Apr 17 June
30
310
535 Mar 17% June
Feb 10 June
3
525
4
41 June
Apr
360
1
65 15
May 29 June
216 10935 Apr 11735 June
5% Feb 1035 June
73
435 Apr 12% June
1,291
ao 75 Mar so June
5096
'
4224
Financial Chronicle
Foreign Trade of New York-Monthly Statement.
Merchandise Movement at New York.
Month.
Imports.
Exports.
Customs Receipts
at
New York.
1932.
July
August__ _
September
October _ _
November
December_
1931.
1932.
1931.
1932.
1931.
$
37.656,849
43.067,631
48.988.212
54,474,928
51,826,170
52,453,858
84.823.090
81.423.455
94,872,016
92,059.201
86,585,105
87,837,295
35,157,319
31,607.397
38.988.907
38,279.461
38,899,469
38,645,035
67.058,129
459,208,716
67,749.087
65,352,268
51,967,285
55,939,911
7.764.834
11.864.718
14,253,710
13,883,709
13,273,841
11,000.515
$
17.237.635
20.162.713
21,683,259
18.506,473
15,161,993
15,902,204
1933.
January __ 49,266,867
February _ 42,911,432
1933.
1932.
1933.
1932.
38,168,036, 44,388,825 10,670,817 13,177,166
36,186,782 47,040,635 8,865,580 12,756,949
Total..... 380,645,947661,374.62 293,932,4061458,704,856 91,517,724 134,588,393
June 17 1933
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh.
10 Camden Finance Co.. Camden, N. J
24
59 Philadelphia Life Insurance Co., par $10
2
50 Central-Penn National Bank, par 310
27
30 Integrity Trust Co. par $10
84
25 Real Estate-Land Title & Trust Co., par $10
SA
35 Pennsylvania Co. for Insurances on Lives & Granting Annuities, par 510_ 30
15 Industrial Trust Co., par $10
12
100 units Delaware-Montgomery Counties Co. for Guaranteeing Mortgages
25
1,000 Boone County Coal Corp., common
500.
15 Leeds & Lippincott 7% preferred A
24
BondsPer Cent.
$1,000 A. M. Greenfield & Co. 6Si% debenture, due 1944, ctf. of deposlt
8 flat
$3,000 Atlantic City Embassy Theatre 6%, Ist serial
18 flat
$9,400 Crusaders Realty Co., Inc., due July 1 1938
$2 lot
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
10 Angel International Corp
5 The Como Mines
$ per Sit.
50.10
$0.19
Movement of gold and silver for eight months:
DIVIDENDS.
Gold Movement at New York.
Month.
Imports.
1932.
Silver-New York.
Exports.
1931.
1932.
1931.
Imports.
Exports.
1932.
1932.
213.623
738.218
781.308
353.207
478,353
872.429
533,848
272,409
554.106
650,348
397 704
541,384
1933.
1932.
1933.
1932.
January -- 111.598.294 19,067,937
5,750107,842.041
February _ 20,423,202 7,221,315 21,491,0251128,185,769
1933.
872.419
134,305
1933.
541,384
38,986
Total_ _ _ 255,469,984 143,840,461 63,112,280701,779,441
4,443,858
3,530,169
2.484.659
10.268.482
16.170.722
10.759,539
811,521
82,953,565
10.926,608
25,844.790
35.034,945
25.656.339
6,840,308
13.248,219
current week.
Then
we follow
with a second
table in
which have not yet been paid.
The dividends announced this week are:
Name of Company.
National Banks.
-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
une 8
-First National Bank in Sewickley, Sewickley, Pa
$100,000
President, Eugene Murray; Cashier, F. A. Nash. Will
succeed the First National Bank of Sewickley, Pa.
June 8
-First National Bank in Latrobe, Latrobe, Pa
150,000
President, Jos. C. Head; Cashier, Paul H. Miller.
Will succeed the First National Bank of Latrobe, Pa.
VOLUNTARY LIQUIDATIONS.
June 5
-The Farmers' National Bank of Brenham, Texas
8100,000
Effective May 29 1933. Lig. Agent, A. L. Niebuhr,
Brenham, Texas. Succeeded by the Farmers' National Bank in Brenham, Texas.
June 7
-The Ames National Bank, Ames. Iowa
50,000
Effective March 31 1933. Lig. Agent, H. W. Stafford, Ames, Iowa. Absorbed by Ames Trust &
Savings Bank, Ames, Iowa.
June 9
-Citizens National Bank in Marietta, Ga
100.000
Effective June 6 1933. Lig. Agent, J. R. Fowler,
Marietta, Ga. Absorbed by the First National
Bank of Marietta, Ga.
June 9
-The First National Bank in Ardmore, Okla
200.000
Effective Apr. 20 1933. Lig. Agent, Frank S. Gates.
Ardmore, Okla. Succeeded by First National Bank
at Ardmore, Okla.
June 9
-The First National Bank of New London, Wisc
75,000
Effective May 311933. Lig. Agent, Frank L. Zang.
New London, Wisc. Absorbed by Farmers State
Bank of New London, which has changed its title
to the First State Bank of New London.
BRANCHES AUTHORIZED UNDER ACT OF FEB. 25 1927.
June 6
-The Riggs National Bank of Washington, D. C. Location of
branch, southwest corner of Connecticut Avenue and Morrison
Street, N. W., Washington, D. C. Certificate No. 832A.
June 9
-National Bank of Detroit. Detroit, Mich. Location of branch.
No. 5061 Woodward Avenue, Detroit, Mich. Certificate
No. 833A.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per 511.
-40ths Huron Holding Corp.(N. Y.), dep. ctfs.. pat 51
202 20
61c. per oh.
300 parts Ws. of beneficial interest in Chatham Phenix Corp. (N. Y.)
$35 lot
50 Madison Mortgage Corp.(N. Y.), 8% 1st pref. and $100 scrip dividend,
due Dec. 31 1933
5167 lot
20 Madison Mortgage Corp. (N. Y.). 7% 1st pref. and $35 scrip dividend,
due Dec. 31 1933
$76 lot
70 Madison Mortgage Corp.(N. Y.), common, no par
$63 lot
50 Adlon Building & Loan Assn. (Pa.)
$121 lot
170 Yellow Taxi Corp. of New York (N. Y.), no par
$200 lot
50 Bond & Mortgage Guarantee Co
$4 Si per sh.
1 American Woman's Realty Corp., corn. (N. Y.). Par $50; 1 American
Woman's Realty Corp., pref. (N. Y.), par UM 10 Bowman-Biltmore
Hotels Corp., COM. (N. Y.), no par; 10 Bowman-Biltmore Hotels Corp.,
1st pref. (N. Y.). par $100; 3 Coldstream Golf Club Corp., pref. (N. Y.),
par $100; $500 note due March 1 1930, with interest at 5%; $600 note
due Oct. 27 1928, with Interest at 6%;51,000 note due Sept. 28 1928, with
interest at 6%; $200 account receivable against J. C. Sullivan; $900 account receivable against Charlotte Boykin
$18 lot
200 The Union Cigar Co.(Md.), temp. ctfs.. par $10
$10 lot
100 American Elevated RR. Co., corn. (N. J.). par $RC 45 Blue Bell 011
Co., Houston, Tex.. par $5; 500 Interstate 011 .4 Refining Co. of Texas
Del.). par $1; 164 Turnbow 011 Corp. (Del.), no par; 100 Turnbow Production Co. (Del.). par $1; 3 Elgin First Independent 011 Co., Elgin, Tex.
(Texas), par $10; 100 G. Boissonnault Co. (Del.), no par; 500 Penn Seaboard Steel Corp.(N. Y.), no par; 100 Penn Seaboard Steel Corp.(N. Y.),
V. t. c. stamped, no par
$45 lot
BondPer Cent.
$4,000 Canterbury School, Inc. (Conn.), 1st mtge. gold, series "A," 5%,
due Oct. 15 1952 registered
$280 lot
By R. L. Day & Co., Boston:
Stocks.
Shares.
$ Per Share.
20 New England Industries, corn.. par $100; 100 part. pref., par $100
$15 lot.
12 Ludlow Manufacturing Associates
78
2 President Suspender Co., lot pref., par $100
20
50 Great Northern Paper Co., par $25
22(
25 Fitchburg Gas & Electric Co., v. t. o., par $25
404
Island Public Service Co.. pref
30 Rhode
234
25 George E. Keith Co., 1st pref., par 5100
19
BondsPer Cent.
83M & Int.
$1,000 John P. Squire 5 Ms, June 1947
510,000 New England Southern Mills 78, Dec. 1933, ett. dep
15 flat
$1,000 Springfield fly. Co. lot mtge. 58, 1935, cif. dep
$104 lot
In the
first we bring together all the dividends announced the
which we show the dividends previously announced, but
S
23.472.951 1,000.328
18.058,424
32,500
35.000 28,890.327
35.000 398,471,056
8,560 4.934,936
5,570 32,622.524
July
August_ _
September
October
November
December_
Dividends are grouped in two separate tables.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Railroads (Steam).
Avon, Geneseo & Mt. Morris,34% gtd- $1.45 July I Holders of rec. June 25
$14 Aug. 1 Holders of rec. June 30
Canada Southern (s-a)
$14 July 3 Holders of rec. June 23
Joliet & Chicago, guaranteed (quar.)
$1.10 July 15 Holders of rec. June 16
Little Schuylkill Navigation (s -a.)
564 Aug. 1 Holders of rec. July 17
Mahoning Coal,corn.(quar.)
$14 July 1 Holders of rec. June 23
Preferred (s-a)
New London Northern, (quar.)
524 July 1 Holders of rec. Juno 15
$14 Aug. 1 Holders of rec. June 30
Pittsburgh & Lake Erie
Western N.Y.& Penna.,5% pref.(s.-a.) 134% July 3 Holders of rec. June 30
511.4 July 3 Holders of rec. June 30
Semi-annual
Public Utilities.
$1
July 15 Holders of rec. June 15
Amer. Dist. Teleg., corn.(quar.)
$1
July 15 Holders of rec. June 15
Preferred (quar.)
July 1 Holders of rec. June 15
Arkansas Power & Light Co.,$7 pf.(au.) 580
July 1 Holders of rec. June 15
50c
$6 preferred (guar.)
14% July 1 Holders of rec. June 20
Cairo Water, 7% pref. (quar.)
Canadian Fairbanks Morse, pref.(guar.) 514 July 15 Holders of rec. Juno 30
July 1 Holders of rec. June 17
Carolina Power & Light Co., $7 pf.(qu.) 870
July 1 Holders of rec. June 17
750
$6 preferred (quar.)
Central Illinois Light Co.,6% pref.(qu.) 13-4% July 1 Holders of rec. June 15
7% preferred (quar.)
14% July 1 Holders of rec. June 15
Cincinnati Gas & El.,5% pref.(quar.)- - 14% July 1 Holders of rec. Juno 15
Cincinnati Newport & Covington Light
$134 July 15 Holders of rec. Juno 30
& Traction Co. (quar.)
$1.125 July 15 Holders of rec. June 30
543.4 preferred (quar.)
Continental Passenger fly. (s.-a.)
5234 June 30 Holders of rec. May 31
July 15 Holders of rec. June 30
Detroit Edison Co., cap. stock (quar.)._ $1
Electrical Securities Corp., pref. (guar.) $14 June 30
Electric Power Associates, Inc
100
Aug. 1 Holders of rec. July 15
Class A and common
500
July 1 Holders of rec. Juno 15
Fall River Elec. Light (guar.)
Foreign Light & Power Co.
$14 July 1 Holders of rec. Juno 20
56 1st preferred (quar.)
Illinois Pow. & Light Corp., 6% & $6 pr of. div. action d eferred.
International Utilities Corp.,$7 pf.(qu.) $14 Aug. 1 Holders of rec. July 150
873-ic Aug. 1 Holders of rec. July 150
$34 preferred (quar.)
434c July 15 Holders of rec. July 10
$14 preferred (quar.)
Kansas Utilities Co., 7% pref. (quar.).. $14 July 1 Holders orrec. Juno 21
Kentucky Utilities Co., 6% pf. (au.)... 1 M % July 15 Holders of rec. Juno 26
Manchester Gas Co. (quar.)
July 1 Holders of rec. June 20
50c
131% July 1 Holders of rec. June 20
7% Preferred (quar.)
$34 July 1 Holders of rec. June 23
Middlesex Water Co.,7% pref.(s-a)
Minnesota Power & Light Co.
874c July 1 Holders of rec. June 10
7% preferred (quar.)
750
July 1 Holders of rec. June 16
$6 preferred (guar.)
Mississippi Power Co., $7 pref. (quar.). $14 July 1 Holders of rec. June 25
$134 July 1 Holders of rec. June 20
86 preferred (quar.)
Missouri Pow. & Light, 56 pref. (guar.) $14 July 1 Holders of rec. June 20
Aug. 1 Holders of rec. July 15
Mohawk-Hudson Pow.,$7, 1st pf.(qu.)- $14
514 July 1 Holders of roe. Juno 16
$7,2d pref. (guar.)
July 15 Holders of rec. June 30
Mountain States Tel. & Tel. (quar.)-$2
National Pow.& Light Co., $6 pref. ((iu) $14 Aug. 1 Holders of rec. July 8
New England Power, 6% pref. (quar.)- 14% Juno 25 Holders of rec. June 18
Newport Elec., 6% pref. (quar.)
% July 1 Holders of rec. June 15
Pennsylvania Pow.& Lt., $7 pf.(quar.)- $134 July 1 Holders of rec. June 15
$134 July 1 Holders of rec. June 15
$6 preferred (quar.)
$14 July 1 Holders of rec. June 15
$5 preferred (auar.)
Pensylvanla Teleg..6% pref.(quar.) _ _
13.4% July 1 Holders of rec. Juno 15
$1
July 1 Holders of rec. June 20
Philadelphia & Darby Icy. Co.(s -a.).
Philadelphia Co., corn. (quar.)
25e. July 25 Holders of rec. July 1
25c. Sept. 1 Holders of rec. Aug. 10
5% preferred (s.
-a.)
Public Service Co. of Colo., 7% pf.(me.) 58 I-30. July 1 Holders of rec. June 15
50c. July 1 Holders of rec. Juno 15
6% preferred (monthly)
5% preferred (monthly)
41 2-3c. July 1 Holders of rec. June 15
Rockville-Willimantic Ltg. Co.
14% July 1 Holders of rec. Juno 15
7% preferred (quar.)
South. Ind. Gas & El. Co.,7% pt. (qu.)_ 14% July 1 Holders of rec. June 19
6% preferred (guar./
13-4% July 1 Holders of rec. June 19
6.6% preferred (quar.)
1.65% July 1 Holders of rec. Juno 19
6% preferred (s.-a.)
3% July 1 Holders of rec. June 10
$yi
July 25 Holders of rec. Juno 30
Standard Gas & Elec. Co.$6 pf.(quar.)
$7 preferred (quar.)
$134 July 25 Holders of roe. June 30
Standard Pow.& Lt. Corp. pf.(quar.)
- $14 Aug. 1 Holders of rec. July 15
$1m July 1
Telluride Power Co., pref. (guar.)
Union Passenger Ay.(s.-a.)
July 1 Holders of rec. Juno 15
$4
Western Massachusetts Cos
50c June 30 Holders of rec. June 16
Wisconsin Hydro-Elec. Co. 6% pf. (qu.) 13-4% July 1 Holders of rec. June 15
Bank & Trust Companies.
Bank of New York & Trust Co.(quar.)_. $34
Brooklyn Natl. Bank (initial liquid.)- - - $4
Brooklyn Trust Co., capital stock (qu.).
1%
Fifth Ave. Bank (quar.)
86
Special
$10
First National Bank (attar.)
$25
Fulton Trust Co. (guar.)
$3
New Rochelle Trust Co.(N. Y.)(qu.)_ _
75e
United States Trust Co
$15
W.New Briglat'n Bk.(Staten LsI.N.Y.)
52
July
Holders of rec. Juno 23
Juno 2 Holders of rec. Juno 26
July
Holders of rec. Juno 24
Holders of rec. June 30
July
July
fielders of rec. June 30
July
Holders of rec. June 24
July
Holders of rec. June 26
July
'folders of rec. Juno 15
July
Holders of rec. Juno 20
July 10 Holders of rec. Juno 30
Fire Insurance Companies.
Aetna Fire Ins. Co. ((mar.)
40c
Boston Ins. Co. (s -a.)
$4
Semi annual
$4
Hartford Fire Ins. Co.(quar.)
500
Ins. Co.of No. America (s-a)
$I
Providence Washington Ins. Co.(quar.)20e
July 1 Holders of rec. Juno 12
July 1 Holders of rec. Juno 20
Oct. 2 Holders of rec. Sept. 20
July 1 Holders of rec. Juno 15
July 15 Holders of rec. June 30
June 28 Holders of rec. June 15
Miscellaneous.
Acme Steel Co. (guar.)
25c July 1 Holders of rec. Juno
Air Reduction Corp (quar.)
July 15 Holders of rec. Juno
75e
Aluminum Co. of Amer., pref
373-40 July 1 Holders of rec. Juno
Aluminum Goods Mfg. Co., corn.(qu.)-10c July 1 Holders of rec. June
20
30
15
20
Name of Company.
4225
Financial Chronicle
Volume 136
When
Per
Cent. Payable.
Books Closed
Days Inclusire.
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (concluded).
Miscellaneous (Continued).
1% July 1 Holders of rec. June 15
Reece Button Hole Machine Co.(quar.)Amer. Brake Shoe & Fdy. Co.corn.(qu.)
15o June 30 Holders of rec. June 23
5401% July 1 Holders of roe. JUDD 15
Reece Folding Machine Co.(quar.)
I Preferred (guar.)
I%% June 30 Holders of rec. June 23
Riee„Stix Dry Goods Co., 1st pref(qu.). $134 July 1 Holders of roe. June 15
Amer. Discount Co. of Ga.(quar.)
7540 July 1 Holders of roe. June 20
8754c July 1 Holders of reo. JUDO 15
•2d preferred (quar.)
6%% preferred (s.-a.)
$1.62 July 1 Holders of rec. June 20
75e July 1 Holders of reo. June 24
Richman Bros. (guar.)
Amer. Equities Co.,corn.(initial)
July 15 Holders of rec. June 20
25e
% July 1 Holders of roe. JUDO 23
rm. June 22
Rike-Kumler,87%tpreferred (quar.)
2154 July 1 Holders of
American Express Co
250 July 3 Holders of ree. June 16
Riverside Silk Mills, Ltd., class A (quar.)
200 Aug. 1 Holders of rec. July 15
American Mach. & Fdy. Co., corn.(qu.)
300 July 1 Holders of rec. June 20
Ross Gear & Tool Co., common (quiz.)..
50o Oct. 1 Holders of rec. Sept. 15
American Stores Co.(guar.)
Savannah Sugar Rots. Corp., corn. (qtr.) 5134 Aug. 1 Holders of roe. July 15
500 Dee. 1 Holders of rec. Nov. 15
Extra
El% Nov. 1 Holders of rec. Oct. 14
Common (guar.)
50e Jan 1'34 Holders of rec. Dec. 15
Quarterly
134% Aug. 1 Holders of rec. July 15
July 1 Holders of roe. June 20
Preferred (guar.)
154%
Barber(W. H.), 7% pref. (guar.)
% Nov. 1 Holders of roe. Oct. 14
$1% July 1 Holders of rec. June 26
Preferred (guar.)
Bird & Son, Inc.(guar.)
154% July 1 Holders of rec. June 20
Sayers ddScovill,6% pref.(quiz.)
6% July 1 Holders of rec. June 15
Boots Pure Drug Co., ord. reg.
June 15
$1 July 1 Holders of rec. June 20
lakQuarterly
6% July 8 Holders of rec.
Amer. dep. rec. for ord. mg
h$1 July 1 Holders of rec. June 20
Second National Investors Corp.,$5 Pf—
.1940 June 16 Holders of rec. May 24
Extra
15e July 1 Holders of roe. JULIO 16
ShawmutlAssoolation (quar.)
$13.4 June 30
Boston Storage Warehouse Co.(guar.)
51H June 30 Holders of roe. June 10
Singer mtg. co.(guar.)
500 July 1 Holders °firm. June 23
Bucyrus-Erie Co., 7% pref. (guar.).
1 3354 June 15 Holders of rec. June 5
Staley (A.E.) Mfg. Co.. prof.(s.-a.)-July 7 Holderept7ec. June 23
3%
Builders Exch. Bldg. Co. of Balt.(s-a)
A 5o June 22 Holders of rec. June 12
Holders of roe. June 20
Sunshine Mining Co. (guar.)
25e July 3
Building Products, Ltd., class A & B(qu)
12540 July 15 Holders of rec. July 5
250 July 1 HoldersFot. June 19
SuperheatenCo. (guar.)
Burt (F. N.) & Co., corn. (quar.)
4
13
1
19
1)4% July 1 Holders,ot . June 31 Teek Hughes Gold Mines,Ltd.(guar.)-- Itre Aug. 30 Holders of rec. July 23
Preferred ((Mar-)
Holders of rec. June
50o June
Aug. 15 Holders:of rec. July
Textile Banking Co.(guar.)
Canadian Converters, Ltd., corn.(guar.) 50e
40e July 1 Holders of rec. June 20
50o July 1 Holders:of'rec. June 20
ThirdiNat.lInv&stors Corp.,corn.(guar.)
Canadian Westinghouse, Ltd. (quar.)
250 July 1 Holders of rec. June 23
$154 June 30 Holders:creme. June 20
Thompson'(JohniR.)r(quar.)
Canfield Oil Co.. Pref. (inar.)
be June 30 Holders of rec. June 17
250 July 1 Holders:of free. June 19
Tintle;Standard Mining Co. (quar.).....
Cannon Mills Co
July 1 Holders of rec. June 30
Title dtMtge. Guarantee Co.(N.0.)(s-a) SI
Chase Brass & Copper Co., el. A pf.(qu.) 5154 June 30 Holders of reo. June 20
$154 July 3 Holders of rec. June 15
$13.4 July 1 Holdersfreo. June 20
Toronto mtge. Co.(guar.)
Chicago Towel Co., pref. (guar.)
40o June 30 HoldersIof rec. June 24
Cincinnati Union Stockyards,com. (qu.)
Trumbull-Cliffs Furnace Co., pref. (qu.) 5134 July 1 Holders of roe. June 20
$134 June 30
City Ice & Fuel Co., corn.(quar.)
50o June 30 Holders'orree. June 19
Union Twist Drill Co., pref. (quar.)__
50c July 15 Holders of tee. JUDO 22
er
1% July 1 Holder+ff eo. June 26
City Investing Co., eons. (guar.)
United ,Fruit Co., cap.stock (quar.)..
El% July 1 Holders of rec. June 20
154% July 1 Holders,ofiee. June 26
Preferred (quar.)
United Loan Corp. (quar.)
July 1 Holders of rec. June 15
75e
,ofg.June 20
July 1 Holders
250
Claude Neon El. Prod., corn.(quar.)
UnitedNilk.Prod.,$3 prof.(guar.)
. June 20
Preferred (guar.)
July 1 Holders of
35e
United.Shoe;Machinery Co., corn.(qu.). 6254e July 5 Holders of roe. June 20
3754c July 5 Holders of reo. June 20
Aug. 15 Holders:ofsec. Aug. 1
Consolidated Oil Corp., pref.(quar.)....
82
Preferred((guar.)
Continental Assurance (lum%)
50o June 30 Holders,of roe. June 15
United,States)&iForeign Security, pref_ h$154 June 10 Holders of rec. JUDO 1
500 Aug. 1 Holders of rec. July 19
Cream of Wheat(guar.)
July 1 Holders ofYee. June 24
500
Universal Leaf,Tobacco Co..com.(an.).
$1 Aug. 1 Holders of rec. July 19
July 15 Holderslof rec. July 5
Cudahy Packing, corn.(guar.)
62540
Extra
25e June 20 Holders of rec. June 12
Davenport Hosiery Mills, Inc., com.(qu) 12540 July 1 Holders oftree. June 20
Washington Oil Co. (guar.)
500 June 30 Holders of reo. June 20
Preferred (quar.)
8134 July 1 Holders of reo. June 20
Weedern& Co. (guar.)
Debenhams Securities, Ltd., pref. div. o milted.
Western Grocers, Ltd., pref.(guar.)- — $134 July 15 Holders of roe. June 30
25e July 31 Holders of rec. June 30
Westinghouse Air Brake,Co.(quar.)_ _
Delsel-Wemmer-Gilbert,7% prof. 8 -a)- 354% July 1 Holders of roe. June 15
(.
52 July 1 Holders of rec. JUDO 15
Diamond Shoe Corp., corn.(guar.)
150 July 1 Holders of rec. June 20
Will & Baumer:Candle Co.,Inc., pf.(qu.)
500 July 1 Holders of roe. June 20
154% July 1 Holders of rec. June 20
6)4% preferred
Winn & Lovett Grocery Co.. el. A (qu.)..
6% 2d preferred (5.-a.)
134% July 1 Holders of rec. June 20
300 July 1 Holders of rec. June 20
Preferred (lum.)
Diversified Trust Shares, C
5510 June 30
Dominion Rubber Co., Ltd., pref.(qu.)- $ig June 30 Holders of reo. June 20
Below we give the dividends announced in previous weeks
Duplan Silk Corp.,8% pref.(guar.)
$2 July 1 Holders of reo. June 19
Eagle Warehouse & Storage (guar.)
July 1 Holders of ree. June 26
$1
and not yet paid. This list does not include dividends anEarly & Daniel Co., corn.(guar.)
250 June 30 Holders of rec. June 20
Preferred (guar.)
$IX June 30 Holders of rec. June 20
nounced this week,these being given in the preceding table.
Electric Auto-Lite Co.—No corn. dividen d action taken.
7% preferred (quar.)
J uly 1 Holders of roe. June 23
1)4%
Books Closed
When
Per
Empire Safe Deposit Co.(N. Y.)(quar.) $23.4 June 29 Holders °fosse. June 22
Days htelsortss.
Share. Payable.
Vams of Company.
Endicott-Johnson Corp., coin. (quar.)
75e July 1 Holders of roe. June 19
Holders of roe. June 19
Preferred (quar.)
$134 July 1
Railroads (Steam).
Eureka Standard Canso!. Mln. Co.(q11.)
3o June 30 Holders of rec. June 17
2454 July 1 Holders of roe. June 15
Albany & Susquehanna(s-a)
Fanny Farmer Candy Shops,corn.(qu.)25c July 1 Holders of rec. June 15
$454 Jan. 1 Holders of rec. Dec. 15
(semi annual)
Preferred (quar.)
600 July 1 Holders of roe. June 15
$154 Aug. 1 Holders of rec. June 30
Atchison Topeka & Santa Fe, prof
Fear (Fred) & Co.(guar.)
50c June 15 Holders of roe. June 5
$254 July 1 Holders of rec. June 12
Atlanta Birm.& Coast, pref. (s-a)
Fourth Nat. Investors Corp., corn. (qu.)
400 July 1 Holders of rec. June 20
$434 Sept. 1 Holders of reo. Aug. 20
Atlanta & Charlotte Air Line(s-a)
Fundamental Investors, Inc. (Initial).—
2c July 1 Holders of roe. June 12
500 July 1 Holders of roe. May 31
Bangor & Aroostook. corn.(quar.)
Gannett Co., Inc.. $8 prof. (guar.)
$114 July 1 Holders of rec. June 15
$154 July 1 Holders of rec. May 31
Preferred (quar.)
General Baking Co.,$8 pref.(guar.)_ _
July 1 Holders of roe. June 24
$2
500" July 1 Holders of rec. June 15
Beech Creek (quar.)
General Cigar Co.,corn.(guar.)
Aug. 1 Holders of roe. July 17
$1
$2% June 30 Holders of rec. May 31
Boston & Albany..
Preferred (guar.)
$114 Sept. 1 Holders of rec. Aug. 23
$2.125 July 1 Holders of roe. JUDO 204
Boston & Providence (guar.)
Preferred (guar.)
3114 Dec. 1 Holders of rec. Nov.24
$2.125 Oct. 1 Holders of roe. Sept.20s
Quarterly
Globe Underwriters Exchange, Inc., ord.
200 June 26 Holders of roe. June 17
July 1 Holders of rec. June 15
Burlington Cedar Rapids & North.(s.-a.) $3
Special
$1 June 26 Holders of rec. June 17
$1 July 10 Holders of rec. June 30
Hanes(P. H.) Knitting Co.. pref.(au.)- sot July 1 Holders of rec. June 20
Carolina Clbachtield & Ohio (guar.)
5134 July 10 Holders of rec. June 30
Guaranteed certificates (guar.)
Household Finance, corn. A & B (guar.)- 750
Holders of roe. June 30
July 15
62540 July 1 Holders of rec. June 8
Chesapeake & Ohio (guar.)
Preferred (guar.)
$1.05 July 15 Holders of roe. June 30
July 1 Holders of roe. June 8
$3
Howes Bros. Co., 7% pref. (guar.)
Preferred (semi-annually)
114% June 30 Holders of rec. JUDO 20
& Pittsburgh. guar (quiz.).. 87%0 Sept. 1 Holders of roe. Aug. 10
Cleveland
6% preferred (quar.)
154% June 30 Holders of rec. June 20
500 Sept. 1 Holders of rm. Aug. 10
Special guaranteed (guar.)
Hunts, Ltd., class A and B (Misr.)
12540 July 3 Holders of roe. June 17
87%0 Dee. 1 Holders of reo. Nov. 10
Guaranteed (guar.)
Ideal Cement Co. (guar.)
July 1 Holders of rec. June 15
25e
500 Dee. 1 Holders of reo. Nov. 10
Special guaranteed (quar.)
Independent Pneumatic Tool (guar.)
July 1 Holders of roe. June 24
250
$254 June 30 Holders of rec. May 31
-a.)
Continental Passenger Ry. (s.
Internat. Button Hole Sew. Mach. Co
July 1 Holders of rec. June 15
2%
July 5 Holders of rec. June 16
& Michigan 8% prof.(Cum.).— $1
23
Dayton
July 1 Holders of rec. June
InternationalCarriers, Ltd. (guar.)---- 50
Holders of rec. June 16
July
$1
-a.)
Delaware RR. Co. (s.
Interns. Cigar Mach. Co., corn. (guar.) 37540 Aug. 1 Holders of rm. July 15
July 5 Holders of rec. June 20
32
-a.)
Det. 1111I5 & Southwestern (s.
400
Interstate Hosiery Mills Co
Aug. 15 Holders of rec. Aug 1
Holders of rec. Dec. 20
Jan.
52
Semi-annual
Oct. i Holders of rec. Sept. 15
$2
Intertype Corp., 1st pref.(guar.)
Holders of roe. June 20
$1.61 July
Elmira & Williamsport (s-a)
Irving Air Chute Co.(guar.)
July 1 Holders of roe. June 20
Illo
June 22
Erie & Pittsburgh 7% guaranteed (guar.) 8754c Sept. I Holders of reo. Aug. 31
Island Creek Coal Co., corn.(quar.).. 50o
July 1 Holders of rec.
Dec. 1 Holders of reo. Nov.30
87540
7% guaranteed (guar.)
Preferred (quar.)
$114 July 1 Holders of rec. June 22
Holders of reo. Aug. 31
800 Sept.
Guaranteed betterment (quiz.)
Kahn's (E.) Ins., let pref. (guar.)
$114 July 1 Holders of me. June 20
Holders of reo. Nov.30
800 Dec.
Guaranteed betterment (guar.)
Holders of roe. July 1
19.90!
L'Alr Liquide, Series 0, bearers shares
$254 July 1 Holders of rec. July 1
Georgia RR.& Banking (guar-)
19.90/ July 8 Holders of roe. June 3
American deposits receivable
June 2 Holders of rec. June 10
$2
-a.)
Grand Rapids & Indianapolis (s.
of roe. July 20
Latorus (F. & R.) & Co.,634% pt.(au) 1%% Aug. 1 Holders
June 1 Holders of rec. June 13
$3
Greene (N. Y.)(s.
-a.)
3e
July 20 Holders of rect. July 10
Lucky Tiger Comb. Gold Min.(qu.)
Holders of rec. June 12
July
$2
Hllnots Central 4% leased line
2% July I Holders of rec. June 24
LYcoming Mfg. Co.. 8% pref. (quar.)
Holders of rec. June 8
July
N.J.4% gtd.(qu.).. $1
July 15 Holders of rec. June 30a Lackawanna RR.of
MacAndrews & Forbes Co., corn.(quar.) 40e
25-4% Aug. 1 Holders of rec. Aug. 1
154% July 15 Holders of rec. June 30a Louisville!lend.& St. L.5% Pf.(s-a)
Preferred (guar.)
Aug. 1 Holders of rec. Aug. 1
54
Common (m a)
21540 June 30 Holders of rec. June 16
Mfg. Finance Co., 7% prof
(aa) $15( July 10 Holders of reo. July 3
Mill Creek & Mine Hill Nay.& RR.
July 1 Holders of rec. June 22
Marlin Rockwell Corp., corn. (sPeelan
250
July 1 Holders of rec. June 1
$2
-a.)
Mobile & Birmingham pref.(a.
June 25 Holders of reo. June 15
10
Mascot 011 Co.(guar.)
334% July 1 Holders of rec. June 6
Morris & Essex (5.-a.)
Aug 1 Holders of rm. July 15
McCall Corp., corn. q(uar.)
50o
154% July 1 Holders of roe. June 6
Morris & Essex
July 1 Holders of rec. June 20
McKee (A. G.) Co., class B (guar.).— 500
Nashville & Decatur 754% gtd. (8.-a.)... 93%e July 1 Holders of rec. June 20
Holders of rec. June 22
July 1
MoQuay Norris Mfg. Co., oom.(quar.)- 750
$254 July 1 Holders of rec. June 15
New York & Harlem (5.-a.)
Mead, Johnson ec Co., pref. (0.-a.)
350 July 1 Holders of rec. June 15
5255 July I Holders of me. June 15
Preferred (8.-a.)
3754e June 30 Holders of rec. June 15
Merchants & Miners Tramp.(quar.)
& West'n,5% gtd.(quar.).... $154 July 1 Holders of rec. June 15
rec. June 17
N.Y.Lack.
Merck Corp., pref.(guar.)
July 1 Holders of
$2
$2 June 19 Holders of rec. May 31
Norfolk & Western common (quar.)
Minneapolls-Honeywell Regulator
3)4 Aug. 1 Holders of rec. July 20
11,4% July 1 Holders of rec. June 20
North Carolina
6% preferred (guar.)
Sept. 1 Holders of reo. Aug. 21
gtd. (quiz.) 81
North. RR.of New Jer.4%
July 15 Holders of roe. July 1
25e
Morris, Philip & Co., Ltd.(guar.)
Doe. 1 Holders of roe. Nov.20
$1
4% guaranteed (guar.)
Morristown Seeur. Corp., $5 pref. (5.-a) 8254 July 3 Holders of reo. June 15
July 1 Holders of rec. June 15
July 3 Holders of roe. June 22
Worcester,8% Pref.(guar.). 2%
8% pref.(guar.)-- 2%
Norwich &
Murphy (G. C.) Co.,
$1% July 1 Holders of me. June 17
July I
Old Colony (guar.)
Murray (J• W.) Mfg., 8% prof. (quar.) 2%
31% Oct. 2 Holders of rec. Sept. 25
July 1 Holders of rec. June 15
110
Peterborough (s.-a.)
Nation Wide Securities Co.(Md.)
July 1 Holders of ree. June 22
550
Philadelphia Bait.& Washington (s-a)— 81)4 June 30 Holders of rec. June 15
National Battery Co., prof. (quar.)..
75o Oct. I folders of rect. Sept. 15
-a.)
315f June 30 Holders of rec. June 15
Pitts. Bess.& Lake Erie corn.(s.
National Casket, pref. (guar.)
154% Dec. 1 olders of rec. Nov. 15
July 1 Holders of rec. June 16
6% preferred (guar.)
Nat. Dairy Prod. Corp., corn. (quar.)— 30e
20e
July 1 Holders of rec. June 24
Pittsburgh Fort Wayne I Chicago (qu.) 1)4% July 1 'olders of rec. June 10
National Fin. Co.(Balt.),8% pf.
134% July 5 Holders of roe. June 10
July 1 Holders of rec. June 24
200
7% preferred (guar.)
Class A & B (guar.)
Holders of rec. Sept. 9
July 15 Holders of rec. June 30
25e
Quarterly
134%
National Fuel Gas Co.(quar.)
134% Oct. 3 Holders of rec. Sept. 9
7% preferred (guar.)
National Grocers, Ltd., 7% 2nd pref.._ 154% July 1 Holders of rec. June 20
134% Jan.2•34 Holders of rec. Dec. 9
151% June 30 Holders of ree. June 16
Quarterly
Co.,6% pf.(guar.)
Natl. Licorice
1%% Jan.4'34 Holders of reo. Dee. 9
250
7% preferred (guar.)
June 30 Holders of reo. June 20
National Steel Corp. (guar.)
-a.) $1% July 1 Holders of rec. June 15
Pittsburgh McKeesport & Yough.(s.
Newberry (J. J.) Realty Co.
& Aabtabula1,4% Aug. 1 Holders of reo. July 17
Pittsburgh Youngstown
6)4% series A pref. (guar.)
154% Aug. 1 Holders of rec. July 17
7% preferred (quar.)
114% Sept. 1 Holders of rec. Aug. 21
6% series B Preferred (quar.)
250
July 29 Holders of rec. July 18
134% Deo. 1 Holders of ree. Nov.20
7% preferred (guar.)
New York & Bond.Roe. Mug.(guar.)
600 July 13 Holders of roe. JUDO 22
37540 July 29 Holders of rec. July 18
Reading Co.,2d preferred(quit.)
Extra
July 1
$4
June 15 Holders of rec. June 12
$3
Rensselaer & Saratoga,corn.
Northwestern Yeast Co.(quar.)
50e July 1 Holders of rec. June 17
June 1.5 Holders of roe. June 6
30o
Sussex (s-a)
Oahu Sugar Co., Ltd. (extra)
June 30 Holders of roe. June 20
3c
834% July 1
Terman Rya.. pref.(final)
Occidental Petroluem
July 1 Holders of rec. JUDO 15
$3
Tunnel RR.of St. Louis(s
-a)
Ontario Mfg. Co., common.(quar.)---- 1234e July 1 Holders of rec. June 20
5134 July 1 Holders of rec. June la
Union Pacific common (guar.)
2134 July 1 Holders of roe. June 20
Preferred (guar.)
50 July 1 Holders of reo. June 15
United N.J. RR.& Canal Co.(guar.) - $254 July 10 Holders of rec. June 20
F1[1111108 of Calif., corn. (quar.)_..
Pacific
$254 Oct. 10 Holders of rec. Sept. 20
Quarterly
Paton Mfg. Co.. Ltd., pref. (guar.) - 3154 June 15 Holders of roe. May 31
32% July I Holders of roe- June 19
32 June 30 Holders of rec. JUDO 20
Valley RR.of New York(s-a)
Penna.-Conley Tank Car Co., pref.(qu.)
$354 July 1 Holders of rec. June 30
lo June 20 Holders of roe. June 10
Ware River. gtd.(s-a)
Oil & Gas Co., Ltd
Petroleum
$114 July 1 Holders of roe. June 15
West Jersey & Seashore, corn. (8.
Aug. 1 Holders of roe. July 15
500
-a.)
Phila. Insulated Wire Co.(s-a)
July 10 Holders of rec. June 30
$154 Jan 1'34 Holders of me. Dec. 15
500
Common (s.-a.)
Phoenix Fin. Corp.,8% pref.(guar.)
$114 July 1 Holders of rec. June 15
6% special guaranteed (8.-a.)
% Dee. 1 Holders 01 roe. Nov. 15
Pie Bakeries, Inc., pref.(quar.)
piggly Wiggly, Ltd.(Can.),7% pf.(s-a) 354% July 15 Holders of rec. June 30
Public Utilities.
& Box Co., 7% prof.(qu.) 1)4% June 15 Holders of reo. June 1
Pollock Paper
Alabama Power Co.,$7 pref.(quar.)_.... 315( July 1 Holders of rec. June 15
Procter & Gamble Co., common (quar.). 3734e Aug. 15 Holders of roe. July 25
$154 July 1 Holders of rec. June 15
$8 preferred (guar.)
2% July 15 Holders of roe. June 23
8% preferred (guar.)
51% Aug. 1 Holders of me. July 15
$5 preferred (guar.)
$2 JUDO 14 Holders of reo. June 8
Providence Building Co. (5.-a.)
Holders of rec. June 12
Amer. Pow.& Light Co., $6 pref. (qu.). 3754c. July
Provincial Paper Co.,7% pref. (quiz.).... lx% July 3 Holders of reo. June 15
Holders of rec. June 12
315(e. July
$5 preferred (quar.)
500 July 1 Holders of rec. June 20
Co., common (quar.)
Bath Packing
4226
Financial Chronicle
Per
When
Share. Payable.
Books Closed
Days Inclusive.
June 17 1933
Per
When
Boots Closed
Name of Company.
Share. Payable.
Days Inaustos.
5.14 Public Utilities (Continued).
Public Utilities (Continues).
A erican Gas dr Elec., com.(guar.)
250 July 1 Holders of rec. June 9
_
Lone Star Gas Corp. common (quar.)
1160 June 30 Holders of rec. June 15
Common (s-a)
12% July 1 Holders of rec. June 9
6% preferred (guar.)
6% preferred (quar.)
5134 June 30 Holders of rec. June 15
134% Aug. 1 Holders of roe. July 8
Long Island Ltg. Co.7% pt. A (go.).... 134 % July 1 Holders of rec. June 16
Amer.Superpower, 1st pref. (guar.) _
3135 July 1 Holders of rec. June 10
6% preferred 13 (guar.)
American Telep. & Teleg. Co.(guar.).- _
134% July 1 Holders of rec. June 16
$235 July 15 Holders of rec. June 20
Lynchburg & Abingdon Telep. Co.(8.-a.) $2
July 1 Holders of rec. June 15
Amer. Water Works & Elec. Co., Inc.—
Marlon Water Co. 7% pref. (guar.).— 134% July 1 Holders of rec. June 20
Common (quar.)
250. Aug. 1 Holders of rec. July 7
M ern phis Nat. Gas Co..57 pref. (guar.). $134 July 1 Holders of rec. June 20
Preferred (quar.)
$134 July 1 Holders of rec. June 9
Memphis Pow. dr Lt. Co.. $7 Pf• (qu.)
Appalachian Elec. Pow., $7 pref. (quar.) $135 July 1 Holders
$135 July 1 Holders of rec. June 17
of rec. June 5
$6 preferred (gone).
Atlantic & Ohio Teleg. Co. (guar.)
$1 34 July 1 Holders of rec. June 17
$134 July 1 Holders of rec. June 16
Metropolitan Edison $7 pref. (quar.)--- $135 July 1 Holders of rec. May 31
Attleboro Gas Light Co.(quar)
$3 July 1 Holders of rec. June 15
56 preferred (guar.)
$135 July 1 Holders of rec. May 31
Bangor Hydro-Elect. Co., 7% pf. (qu.)
% July 1 Holders of rec. June 10
$5 Preferred (guar.)
$14 July 1 Holders of rec. May 31
6% Preferred (quar.)
135% July
Holders
Mississippi River Power 6% pref. (qu.). 135% July 1 Holders of rec. June 15
Battle Creek Gas Co. $6 Pref. (quar.)__. $1.35 July 1 Holders of rec. June 10
1
Miss. Vali. Pub. Serv.,6% pref. B Kuhl_ 135% July 1 Holders of rec. June 21
Bell Telephone Co.of Canada (quar.)--- fr$134 July 15 Holders of rec. June 20
Monongahela Valley Water Co.
Bell Telep. of Pa. 634% pref. (gust.).... 134% July 15 Holders of rec. June 23
of rec. June 20
7% preferred (guar.)
134% July 15 Holders of rec. July 1
Boston Elevated Ry.,co m.(quar.)___. _
$134 July 1 Holders of rec. June 10
Monongahela West Penn Public Service,
Brazilian 'Frac., Light & Power, Ltd.—
7% cum. preferred (guar.)
134% July 1 Holders of rec. June 15
Preferred (quar.)
$135 July 3 Holders of rec. June 15
Nassau dr Suffolk Ltg. Co..7% pf.(qu.)- 134% July 1 Holders of rec. June 16
Bridgeport Gas Light Co.(guar.)
60e June 30 Holders of rec. June 16
New Eng. Gas & El. Assoc. 5535 pf.((lu.) $135 July 1 Holders of rec. May 31
Brit. Col. Pow., el. A. (quar.)
0.500 July 15 Holders
New Eng. Pow. Assoc., corn.(guar.)-500 July 10 Holders of rec. June 30
Brooklyn dr Queens Tran Corp., pt.(gtf) $134 July 1 Holders of rec. June 30
of rec. June 15
6% preferred (guar.)
134% July 1 Holders of rec. June 10
Brooklyn Union Gas Co. (quar.)
$134 July 1 Holders of rec. June 1
$2 preferred (guar.)
500 July
Holders of rec. June 10
Buffalo Niagara & Eastern Pow. Corp.—
New Fngland Tel & Tel. Co
$134 June 3 Holders ot rec June 10
Preferred (guar.)
40e. July 1 Holders of rec. June 15
New Hampshire Pow., pref. (quer.)- -- $2
July
Holders of rec. June 15
$5 preferred (quar.)
$135 Aug. 1 Holders of rec. July 15
New Jersey Pow. & Lt. $6 pref. (go.)... $134 July
Calgary Power Co., Ltd., corn. (quar.) $1.35 July 3
Holders of rec. May 31
Preferred(guar.)
Calif. Elec. Generating, 6% pref. (qu.) 134% July 1 Holders of rec. June 15
Holders of rec. May 31
$134 July
Holders of rec. June 5
New Jersey Water Co. pref.(guar.).. $135 July
Canada Northern Power Corp., Ltd.—
Holders of rec. June 20
New York Mutual Telep. Co.(s.-a.)750 July
Common (guar.)
Holders of rec. June 30
200 July 25 Holders of rec. June 30
New York Pow. & Lt $6 prof. (gust.)... 5134 July
Holders of rec. June 15
7% preferred (guar.)
134% July 15 Holders of rec. June 30
7% Preferred (guar.)
Carolina Tel. & Tel. Co. (guar.)
Holders of rec. June 15
134% July
$234 July I Holders of rec. June 24
New York Steam Corp.,$7 pref.(quer.)- 81 54 July
Central Illinois P. Serv. Co., Ltd.
Holders of rec. June 15
$6 preferred (guar.)
$135 July
Holders of rec. June 15
56 & 6% preferred (quar.)
500. July 15 Holders of rec. June 20
New York Telep. Co.. pref. (quar.)
$135 July 1 Holders of rec. June 20
Central Kansas Power 7% pref.(quar.)
% July 15 Holders of rec. June 30
New York Transportation Co.(quar.i
50c June 2 Holders of rec. June 15
7% preferred (quar.)
135% Oct. 15 Holders of rec. Sept. 30
Newark Telep. Co.(Ohio)6% pref.(au.) 135% July 1 [folders of rec. June 30
7% preferred (guar.)
134% 1-15-34 Holders of rec. Doe. 31
Northern Ontario Power Co., Ltd.—
6% preferred (quar.)
134% July 15 Holders of rec. June 30
Common (guar.)
500 July 2 Holders of rec. June 30
6% preferred (guar.)
134% Oct. 15 Holders of rec. Sept. 30
6% preferred (quar.)
135% July 2 Holders of rec. June 30
6% preferred (guar.)
135% 1-15-34 Holders of rec. Dec. 31
Nor. States Pow. Co.(Del.) 7% pf.
Cm.& Suburban Bell Telep. Co.(guar.)
134% July 2 Holders of rec. June 30
$1.12 July 1 Holders of rec. June 20
6% preferred (guar.)
135% July 2 [folders of rec. June 30
Citizens Pass. Ry.(Phila., Pa.)
$
334 July 1 Holders of rec. June 20
Northwestern Telegraph Co. (s.
Citizens Water Co.(Washington, Pa.)
-a.)— -- 5134 July
Holders of rec. June 15
Nova Scotia Light & Pow. Co., Ltd.
7% Preferred (guar.)
$134 July 1 Holders of rec. June 20
Common (quar.)
13750 July
Clinton Water
Holders of rec. June 17
orks, 7% pref. (quar.) 134% July 15 Holders of rec. July 1
Ohio Edison Co., 55 pref. (quar.)
$IX July
Columbus Ry.,Pow.& Lt.. corn.(quar.) $2
[folders of rec. June 15
July 1 Holders of rec. June 15
56 preferred (guar.)
6% preferred (guar.)
Holders of rec. June 15
$134 July
134% July I Holders of rec. June 15
$6.60 preferred (guar.)
$1.65 July
Holders of rec. June 15
634% preferred (quar.)
136% July 1 Holders of rec. June 15
$7 preferred (quar.)
5135 July
Holders of rec. June 15
Commonwealth & Southern Corp.—
$7.20 preferred (guar.)
51.80 July
$6 preferred (quar.)
Holders of rec. June 15
$135 July 1 Holders of rec. June 9.
Ohio & Mississippi Telep. Co.(annual)... $235 July
Holders of rec. June 16
Commonwealth Utilities prof. A (quar.)_ $14 July 1 Holders of rec. June
15
Ohio Public Service Co. 7% pref. (mo.)- 58 1-3c July
Preferred B (quar.)
Holders of rec. June 15
$135 July 1 Holders of rec. June 15
% preferred (monthly)
50c July
Preferred C (quar.)
Holders of rec. Juno 15
$135 Sept. 1 Holders of rec. Aug. 15
5% preferred (monthly)
41 2-3c July
Commonwealth Water & Light Co.
Holders of rec. June 15
Ottawa Light, Heat & Power Co.—
57 preferred (guar.)
$135 July 1 Holders of rec. June 20
Common (guar.)
5134 June 3 Holders of rec. June 15
$6 preferred (quar.)
$135 July 1 Holders of rec. June 20
635% preferred (guar.)
135% July
Connecticut Elect Service. corn. (quar.)
Holders of rec. June 15
750 July 1 Holders of rec. June 15
Otter Tall Power Co.(Del.), $6 Pr.(qu.) 5134 July
Consol. Gas of Baltimore corn.(gust.)..
900 July 1 Holders of rec. June 15
5534 preferred (guar.)
Preferred A (quar.)
$134 July 1 Holders of rec. June 15
Pacific & Atlantic Telep. (s.
$101 July
-a.)
5
Preferred D (quar.)
Holders gf rec. June 15
y
$1 Pt July 1 Holders of rec. June 15
Pacific Tel.& Tel., corn.(guar.)
$135 June 3 Holders of rec. June 20
Preferred E (guar.)
$135 July 1 Holders of rec. June 15
Preferred (quar.)
Consolidated Gas Co. of N. Y. pref.(qu.) $134 Aug. 1 'folders
$134 July 1 Holders of rec. June 30
of rec. June 30
Peninsular Telep. Co., (quar.)
Consol. Gas, El Lt. dr Pow. Co.of Bait.
250 July
Holders of roe. June 15
7% preferred (quer.)
Common (guar.)
134% Aug. 1 Holders of rec. Aug. 5
90e July 1 Holders of rec. June 15
7% preferred (guar.)
5% preferred series A (guar.)
154% Nov. 1 Holders of rec. Nov. 5
134% July 1 Holders of rec. June 15
7% preferred (quar.)
14% 2-15-3 Holders of rec. 2-5-34
6% preferred series D (guar.)
134% July 1 Holders oh roe. June 15
Penn Central Light & Power Co.—
534 % ;referred series 1)(guar.)
134% July 1 Holders of rec. June 15
$5 preferred (quar.)
Consumers Gas Co.of Toronto (aux.).- $235 July 1 Holders
[folders of rec. June 10
$14 July
of rec. June 15
52.80 preferred (guar.)
Consumers Power Co..$5 pref. (quar.)700 July
Holders of rec. June 10
$14 July 1 Holders of rec. June 15
Penna. Gas & El. Co., $7 pref.(go.).... $135 July
6% preferred (guar.)
Holders of rec. June 20
134% July 1 Holders of rec. June 15
Penn. Telep. Corp., pref.(quar.)
$135 July
6.6% preferred (guar.)
Holders of rec. June 15
1.65% July 1 Holders of rec. June 15
Penmylvania W.& Pow. Co., oom.(au.)
75c July
7% preferred (quar.)
[folders of rec. June 15
134% July 1 Holders of rec. June 15
Preferred (guar.)
6% pre/erred (monthly)
$135 July
Holders of rec. June IS
50e July I Holders of rec. June 15
Peoria Water Works Co.7% pf.
6.6% preferred (monthly)
135% July
Holders of rec. June 20
550 July 1 Holders of rec. June 15
Philadelphia Co. $6 prof.(oust )
$135 July
Continental Gas dr Electric Corp.—
Holders of rec. June 1
5.5 preference
$1 34 July
Common (quar.)
Holders of rec. June 1
420. July 1 Holders of rec. June 13a Phila. Elec.
Pow. Co.,8% Pf• (guar.). _7% preferred (quar.)
500. July
Holders of rec. June 10
% July 1 Holders of rec. June 13a Ponce Elect.
Co.. 7% pref. (guar.)
Dayton Power & Light Co.6% pf.
Holders of rec. June 15
154% July
50c July 1 Holders of rec. June 20
Porto Rico Power Co., Ltd., pref.(quar.) $135 July
Diamond State Tel. Co..534% Pt.(qu.)- 155% July 15 Holders
Holders of rec. June 15
of rec. June 20
Providence Gas Co., corn.(guar.)
Duke Power Co., common (guar.)
250. July
Holders of rec. June 15
1% July 1 Holders of rec. June 15
Public Service Corp. of N.J. corn.(qu.).
70c June 3 Holders of reo. June 1
Preferred (guar.)
134% July 1 Holders of
8% preferred (guar.)
Duquesne Light Co 5% 1st pref.(guar.) 135% July 15 [folders of rec. June 15
2% June 3 Holders of rec. June 1
rec. June 15
7% IN eferred (guar.)
% June 3 Holders of rec. June 1
Eastern N. J. Pow. Co.,6% Pr. (quar.). 135% July 1 Holders of rec.
June 15
$5 preferred (guar.)
$135 June 3 [folders of rec. Juno 1
East Tennessee Teleg. Co.(s.
$1.44 July 1 Holders of
-a.)
Cumulative preferred (monthly)
Eastern Gas & Fuel Assoc.,6% pf.(qu.). 134% July 1 Holders of rec. June 16
500 June 3 [folders of roe. June I
rec. June 15
Public Service Co. of Oklahoma,
434% preferred (quar.)
$1.125 July 1 Holders of rec. June 15
7% prior lien stock (quar.)
El Paso Elec. (Del.). 7% pref. A (qtr.)
[folders of rec. June 20
134% July
134% July 15 Holders of rec. June 30
6% prior lien stock (guar.)
$6 preferred 13 (guar.)
135% July
Holders of rec. June 20
'
$134 July 15 Holders of rec. June 30
Public Service El. & Gas 00. 7% (au).. 134% June 3 [holders of rec. June 1
El Paso Elec. (Texas), 6% pref. (au.).- 134% July
Holders of rec. June 30
$5 preferred (guar.)
Electric Bond & Share Co.$6 pref.(qu.) $135 Aug.
$134 June 3 Holders of rec. June 1
'folders of rec. July 8
Queensborough Gas & El.6% pf.(qu.) 5.5 preferred (guar.)
Holders of rec. June 16
% July
$134 Aug.
Holders of rec. July 8
Richmond Wat. Wks. Corp.6% pf.(qu.) 135% July
Empire & Bay State Teleg 4% gtd.(au.) $1
Holders of rec. June 20
Sept.
Holders of rec. Aug. 21
Ridge Ave.Pass. Hy.Co.(guar.)
4%,
$3
July
Holders of rec. June 15
UArallteed (quar.)
Dee.
$1
Holders of roe. Nov. 20
Rochester Tel. Corp.(guar.)
$IX July
[folders of rec. June 20
Elizabeth & Trenton Elk.
$1
Oct.
Holders of rec. Sept. 20
635% preferred (guar.)
$135 July
5% preferred (s.-a.)
Holders of rec. June 20
$134 Oct.
Holders of rec. Sept. 20
Savannah Elec. & Pr..8% pref. A (qu.).
2% July
Holders of rec. June 16
Elizabethtown Water Consol.(s-a)
32
June 3 Holders of rec. June 20
14% July
734% preferred B (guar.)
Holders of rec. June 16
Empire Power Corp.$6 pref.(q uar.)..-- $134 July
Holders of rec. June 16
7% preferred C (altar.)
135% July
Engineers Public Service Co.
Holders of rec. June 16
6)4% preferred B (gear.)
155% July
55 preferred (guar.)
Holders of rec. June 16
$134 July
Holders of rec. June 19
Scranton Elec. Co., pref.(guar.)
5135 July
5535 preferred (gear.)
Holders of rec. June 5
$135 July
Holders of rec. June 19
2d & 3d Sts. Pam Hy. Co., gtd.(guar.)$6 preferred (gear.)
$3
July
Holders of rec. June 1
$134 July
Holders of rec. June 19
Shenango Valley Water Co.6% pf.(gu.) 134%
Escanaba Pow.& Trac.6% pref.(qu.).. 14% AUg.
Holders of rec. Aug. 20
Holders of rec. July 27
6% preferred (guar.)
14% Dee.
Holders of rec. Nov. 20
6% preferred (guar.)
134% Nov.
Holders of rec. Oct. 27
South Carolina Pow. Co. $6 pf.(quar.).. $134 July
Holders of rec. June 15
6% Preferred (quar.)
135% -1-'34 Holders of rec. Jan. 27
South Pitts. Water Co.,5% prof. (S.
Frankford & Southwark, Phila. City
-a.)- 134% Aug. 1 Holders of rec. Aug. 10
7% preferred (guar.)
Passenger Ry
IX % July 15 Ifolders of rec. July 1
$435 July
Holders of rec. June 1
6% preferred (guar.)
Georgia Power Co. $6 pref. (guar.)
135% July 15 Holders of rec. July 1
$135 July
Holders of rec. June 15
Southern Calif. Edison Co., Ltd.—
$5 preferred (quar.)
Holders of rec. June 15
$134 July
Original preferred (guar.)
Germantown Passenger Hy.,(guar.).--- $1.3135 July
2% July 15 [holders of rec. June 20
Holders of rec. June 15
535% series C preferred (guar.)
Gold & Stock Telegraph Co.((wan).—
14% July 15 Holders of rec. June 20
35 July
Holders of rec. June 30
Southern Canada Power Co.. Ltd.
Green & Coats St., Phila. Pass. By.(qu.) $134 Juiy
Holders of rec. June 22
6% preferred (aunt.)
Greenwich Water dr Gas Systeros134% July 15 Holders of rec. June 20
Southwestern Bell Tel., 7% prof.
6% preferred (guar.)
(guar.) 134% July 1 Holders of rec. June 20
134% July
Holders of rec. June 20
Southwestern Gas & El. 00.8% pf.(qu.)
Cull Power Co. $6 pref. (quar.)
2% July 1 Holders of rec. June 15
$1 34 July
Holders of rec. June 20
7% preferred (guar.)
135% July 1 Holders of rec. June 15
Hackensack Water Co. cl. A (guar.) ---- 43350 June 30 Holders
of rec. June 16
Springifeld Gas & El. Co. pf. A (goat.).. $135 July 1 Holders of rec. June 15
Honolulu Gas Co. (monthly)
150 July 1 Holders of rec. June 15
Syracuse Ltg. Co., Inc..8% pref. (gust.)
Illinois Bell Telep. Co.(guar.)
2% Aug. 15 Holders of rec. July 31
$2
June 30 Holders of rec. June 29
634% preferred (quar.)
Indiana Mich. Elec. Co.,7% pf. (goat.). 134% July
154% Aug. 15 [folders of rec. July 31
1 Holders of rec. June 5
6% Preferred (guar )
1 4% Aug. 15 [folders of rec. July 31
6% preferred (guar.)
134% July 1 Holders of rec. June 5
Taunton Gas Light (quar.)
Indianapolis Power & Light Co.
5134 July 1 [folders of rec. June 15
Telephone investment (monthly)
200 July 1 Holders of rec. June 20
61.4% preferred (guar.)
155% July 1 [folders of rec. June 5
Tennessee Eleo. Pow. Co.,5% pt. (Qu.)% July 1 Holders of roe. June 15
Indianapolis Water Co.,5% pref. A (au.) 134% July 1 Holders
6% preferred (guar.)
14 V. July 1 Holders of rec. June 15
Internat. Hydro-Elec. System, Pf. (qui 87350 July 15 Holders of rec. June 10a
of rec. June 27
7% preferred (guar.)
International Teleg Co.
% July 1 Holders of rec. June 16
$135 July 1 Holders of roe. June 30
(gm.)
7.2% preferred (guar.)
Jamaica Public Service Co.. Ltd.—
51.80 July 1 Holders of roe. June 15
6% preferred (monthly)
Common (guar.)
500 July 1 Holders of rec. June 15
250 July 3 Holders of rec. June 15
7.2 preferred (monthly)
7% preferred (guar.)
600 July 1 Holders of res. June 15
IX % July 3 Holders of rec.S.June 15
Toledo Edison Co. 7% pref.(monthly)__ 58 1-3c July 1 Holders of rec. June 15
Jersey Central Power & Light Co.
6% preferred (monthly)
7% preferred (guar.)
50c July 1 [folders of rec. June 15
135% July 1 Holders of rec. June 10
5% preferred (monthly)
6% preferred (guar.)
41 2-50 July 1 [folders of rec. June 15
135% July 1 Holders of rec. June 10
Union Elec. Lt. & P. of III,. 6% pf.(qu.) 134% July 1 [folders of rec. June 15
534% preferred (guar.)
135% July 1 Holders of rec. June 10
Union El. Lt.& Pow.(Mo.)6% pf.(gu.) 13.4% July 1 Holders of rec. June 15
Joplin Water Works Co., 6% pref. (go.) 134% July 15 Holders of rec.
July 1
7% preferred (guar.)
Kansas City Pow & Lt.. p1.11..(quar.)
134% July 1 Holders of rec. June 15
5135 July 1 Holders of rec.
Union Traction Co.(8.-a.)
Kansas Elec. Power Co.. 7% prof.(q11.)- 134% July 1 Holders of rec. June 14
750 July 1 Holders of rec. June 9
June 15
United Corp. common (quar.)
100 July 1 Holders of roe. May 29
6% preferred (guar.)
135% July 1 Holders of rec. June 15
Preferred (quar.)
Keystone Public Service pref.(guar.)._
75c July 1 [folders of rec. May
700 July 1 Holders of rec. June 15
United Gas & Elec. Corp., prof. (guar.). 154% July 1 Holders of rec. June 29
Kings County Lighting (guar.)
18
$135 July 1 Holders of rec. June 19
United Gas "rapt. Co.common (quits.)..
300 June 30 Holders of rec. May 31
7% preferred (guar.)
134% July 1 Holders of rec. June 19
$5 preferred (guar.)
$135 June 30 holders of rec. May 31
6% preferred (guar.)
July 1 Holders of rec. June 19
135%
United Light & Railways (Del.)
5% preferred (guar.)
1 X% July 1 Holders of rec. June 19
6.36% preferred (monthly)
550 July 1 Holders of rec. June 15
Louisville G.& E.(Del). A&B cm.(qu.) 4335e Juno 24 Holders of rec. May 31
Vermont & Boston Telep. (annual)
$4 July 1 lfolders of roe. June 16
Name of Company.
Name of Corn poor.
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Public Utilities (Coneludsd).
Virginia El. & Pr. Co., $6 pref (guar.)...
Virginia Pub. Serv.,7% pref.(quer.).
6% preferred (quar.)
West Kootenay Pow. & U.Co., pt.(qu.)
West Penn. Electric, class A (guar.).-- West Penn Power Co.,6% pref. (quar.)_
7% preferred (quar.)
West Phila. Passenger Ry.(s-a)
Western Public Service Co
Westmoreland Water Co.(quar.)
Wichita Water Co..7% Pret• (quar.)
Wisconsin Pub. Ser. Corp. 7% pt. (cgt.)6 % preferred (quar.)
6% preferred (guar.)
June 20 Holders of rec. May
July 1 Holders of rec. June
July 1 Holders of rec. June
July 3 Holders of rec. June
June 30 Holders of rec. June
Aug. 1 Holders of rec. July
Aug. 1 Holders of rec. July
July 1 Holders of rec. June
July 15 Holders of rec. June
July 1 Holders of rec. June
July 15 Holders of rec. July
June 20 Holders of rec. May
June 20 Holders of rec. May
June 20 Holders of rec. May
Banks and Trust Companies.
500.
Bank of the Manhattan Co.(quar.)
$131
Central Hanover Bk.& Tr. Co.(qu.)__
350.
Chase National Bank (quar.)
20e.
Continental Bank & Trust Co.(guar.).$5
Guaranty Trust Co.(quar.)
250.
Irving Trust Co. (guar.)
25c.
National City Bank of N.Y
National Bank & Trust Co.(qu.). 37 Mc
Public
$15
United States Trust Co.(guar.)
July
July
July
July
June
July
July
July
July
Fire Insurance Companies.
Agricultural Ins. (Watertown) (guar.).Birmingham Fire Ins. Co.of Ala. (s-a) Federal Ins. Co. (.I. City, N.J.) (s
-a)Glen Falls Ins. Co.(quar.)
Halifax Fire Ins. Co., cap. stk. (s a)
Phoenix Ins. Co.(Hartford) (quar.)-
July 1 Holders of rec. June
June 30 Holders of rec. June
July 1 Holders of rec. June
July 1 Holders of rec. June
Holders of rec. June
July
July
Holders of rec. June
50e
25e.
$1
40e
450
50e.
1 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
30 Holders of rec. June
1 Holders of roe. June
1 Holders of rec. June
1 Holders of rec. June
1 Holders of reo. June
Name of Company.
31
10
10
23
17
5
5
15
15
20
1
31
31
31
15
19
16a
16
12
9
10
20
20
24
15
20
15
10
15
Miscellaneous.
500 July 1 Holders of rec. June 15
Abbott Laboratories (quar.)
30e June 30 Holders of rec. June 21
Abraham & Straus, Inc., corn.(guar.).
5c. July 1 Holders of rec. June 19
Affiliated Products, Inc.(month.)
% July 3 Holders of rec. June 15
Agnew Surpass Shoe Sts.,Ltd..pref.(qu.)
% July 1 Holders of rec. June 12
(qu.)....
Allied Chem. & Dye Corp., pref.
50e June 30 Holders of reo. June 15
Aluminum Mfg.,Inc.,cont.(quar.)
500 Sept.30 Holders of rec. Sept. 15
Common (quar.)
50o Dec. 31 Holders of rec. Dec. 15
Common (quar.)
5131 June 30 Holders of rec. June 15
Preferred (quar.)
3131 Sept.30 Holders of rec. Sept. 15
Preferred (quar.)
$131 Dec. 31 Holders of rec. Dec. 15
Preferred (quar.)
131% July 1 Ilolders of rec. June 15
Amer. Bakeries Corp.,7% pref.(qu.)75e July 1 Holders of rec. June I20
American Bank Note Co. pref. (quar.)
131% July 1 Holders of rec. June 16a
American Can Co. pref.(quar.)
50c July 1 Holders of rec. June 12
American Chicle Co.(guar.)
25e July 1 Holders of rec. June 12
Extra
$134 July 1 Holders of rec. June 15
American Cigar Co., prof. (attar.)
7 3-5c June 30
American Composite Trust Shares
131% Sept. 1 Holders of me. Aug. 25
American Envelope Co.7% pf.(quar.)
1 M % Doe. 1 Holders of reo. Nov.25
7% preferred (quar.)
10e. July 10 Holders of ree. June 30
American Factors, Ltd.(monthly)
25e July 1 Holders of roe. June 17
American Hardware (quar.)
25e Oct. 1 Holders of reo. Sept. 16
Quarterly
25e 1-1-34 Holders of roe. Dec. 16
Quarterly
25e July 1 Holders of rec. Jane 15
American Hawaiian Steamship (guar.).25e July 1 Holders of rec. June 14a
American Home Products(monthly)_- 373ie Sept. I Holders of rec. Aug. 24
American Hosiery Co.(quar.)
25e. June 30 Holders of rec. June 15
-Maize Prods. Co. coni.(qu.)
Amer.
$14 June 30 Holders of rec. June 15
Preferred (guar.)
5131 July 1 Holders of rec. June 15
American Mfg. Co.. prof. (quar.)
75e June 30 Holders of rec. June 9
American Safety Razor Corp.(guar.)
3% July 1 Holders of rec. June 16
American Snuff Co., corn. (quar.)
% July 1 Holders of rec. June 16
(quar.)
Preferred
500 June 30 Holders of rec. June 15
American Steel Foundries, pre
50c July 1 Holders of rec. June 15
American Stores Co.(quar.)
50e July 3 Holders of rec. June 5
American Sugar Refining Co.,('om.(qu )
$131 July 3 Holders of reo. June 5
Preferred (quer.)
123.4e July 1 Holders of rec. May 31
American Thread Co., prof. (s.
-a.)
American Tobacco Co., Prof.(quar.)-- 131% July I Holders of rec. June 10
37310. July 1 Holders of rec. June 15
American Wringer Co. (quar.)
July 3 Holders of reo. June 24
$1
Amoskeag Co.. common (e-a)
$231 July 3 Holders of refs. June 24
Preferred (s-a)
15e. July I Holders of rec. June 20
Anchor Cap Corp., corn. (quar.)
3131 July 1 Holders of rec. June 20
$631 preferred (quar.)
50e. June 30 Holders of rot. June 15
Apponaug Co., coin. (quar.)
3131 July I Holders of rec. June 10
Armour air Co. of Del., pref.(quar.)
12310 July 1 Holders of rec. June 15
Asbestos Mfg. Co., corn. (quar.)
Associated Breweries of Canada, Ltd.
$131 July 1 Holders of rec. June 15
Preferred (quar.)
June 30 Holders of rec. June 2(1
Associates Investment Co., corn. (qual.) $1
$131 June 31) Holders of rec. June 20
Preferred (quar.)
50e. July 1 Holders of rec. June 20
(quar.)
Auburn Automobile Co.
80e. July 1 Holders of rec. June 15
Axton-Fisher Tobacco Co. el. A(qU.)400. July 1 Holders of rec. June 15
Class B (quar.)
$131 July 1 Holders of rec. June 15
Preferred (quar.)
25c July 1 Holders of rec. June 20
Babcock & WilcoN Co
15e June 30 Holders of me. June 15
-a.)
Bankers Invest. Trust of Amer.(s.
30e. June 30 Holders of rec. June 15
Semi-annually
50 June 20 Holders of rec. May 31
Bandini Petroleum Co.(monthly)
734% July 1 Holders of rec. June 12
Bankers TrustCo.(quar.)
$131 July I Holders of reo. June 26
Barber(W.11.). pref.(quar.)
3131 Oct. 1 Holders of roe. Sept.26
Preferred (quar.)
Beatrice Creamery Co.,pref.(quar.)-- - $131 July 1 Holders of rec. June 14
75e July 1 Holders of rec. June 12
Beech-Nut Packing Co.. corn. (guar.).15e. July 1 Holders of roe. June 20
Bickford's, Inc., coin. (quar.)
62140. July I Holders of roe. June 20
Preferred (quar.)
3131 July 1 Holders of roe. June 26
Bird & Son, Inc., new corn.(quar.)
Block Bros. Tobacco.6% prof.(quar) -. El M June 30 Holders of rec. June 20
250. July 1 Holders of rec. June 15
Bohn Aluminum & Brass Co.corn.(qu.).
$1
July 31 Holders of rec. July 15
Bon-Arni Co., class A (guar.)
50c July 1 Holders of roe. June 1
Class H (quar.)
131% July 1 Holders of rec. June 15
Borg Warner,7% prof.(quar.)
25e Jan. 12 Holders of rec. Jan. 12
Bornot. Inc., class A
$1.4 June 30 Holders of roe. June I
Boston Wharf Co.(s-a)
25e June 30 Holders of ree June 20
Briggs & Stratton Corp. (qual.)
15e July 1 Holders of rec. June 15
Brillo Mfg. Co., Inc., common (quar.)
500 July 1 Holders of rec. June 15
Class A (quar.)
tr20c. July 3 Holders of rec. June 15
Brit. Amer. Oil Co.,Ltd.(quar.)
British American Tobacco Co., Ltd.
10d. June 30 Holders of rec. June 3
Ordinary stock (interim)
3% July 1
British Controlled Oilfields, Ltd.,7% O.
20c. July 1 Holders of rec. June 19
Broad Street Investing Co.,Inc
221,50. July 1 holders of rec. June 20
Bucyrus-NIonighan Co., el.A
Si
July 1 Holders of roe. June 15
Burger Bros., 8% pref. (quar.)
Oct. 1 Holders of roe. Sept. 15
$1
8% preferred (guar.)
400 July 1 Holders of roe. June 15
Columba Sugar Estates, common
500 July 1 Holders of rec. June 21
California Ink Co., Inc. (quar.)
July 3 Holders of rec. June 15
$2
Canada l'ermanent Mtge. (quar.)
Canners. Ltd., 1st vf. (altar.)- $131 July 3 Holders of rec. June 15
Canadian
50 July 3 Holders of rec. June IF
Cony. preferrenee
Canadian Car & Foundry, pref. (quar.)_ 0440. July 10 Holders of roe. June 26
1%% June 30 Holders of rec. June 17
Canadian Celanese Ltd.,7% prof
551 June 30 Holders of rec. June 17
7% preferred
$14 July 4 Holders of rec. June 17
Canadian Cottons, Ltd., pref. (quar.)750. July 1 Holders of rec. June 15
Caned. General Elec. Co., coin.(quar.)_
July 1 Holders of rec. June 15
Preferred (guar.)
2% July 1 Holders of reo. June 20
Canadlan Oil Co., Ltd. 8% pref. (quar./
75e. July I Holders of rec. June 19
Capital Admin. Co.. Ltd. pt. A (guar.)- 25e. July 1 Holders of rec. June 21
Carpel Corp.(quar.)
rfo15% June 19 Holders of rec. May 23
Carreras, Ltd.,ord. reg. cl. A
zw15, June 26 Holders of rec. June 1
7
Amer. dep. rec,for reg. A
zro157 June 19 Holders of rec. May 23
Ordinary register el. B
zro15‘7 June 26 Holders of rot. June 1
Amer.dep. rec. for Dreg
87310. Jan. 81 Holders of me. Jan. 14
Cartier, I50., 7% pref
July 1 Holders of rec. June 12
$1
Case(J.I.) Co., pref.(quar.)
375.50. July 1 Holders of rec. June 20
Central Aguirre (quar.)
4227
Financial Chronicle
Volume 136
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Cont(nued).
June 30 Holders of rec. June 17
Celanese Corp. of Amer.7% 1st pt.(au.) $5
15.4% July 1 Holders of rec. June 17
7% cum. series prior pref. (quar.)_ _
100. Aug. 15 Holders of reo. Aug. 5
Centrifugal Pipe Line corti.ormi.stk.(qu.)
100. Nov. 15 Holders of reo. Nov. 6
Capital stock (quar.)
Champion Coated Paper Co.
131% July 1 Holders of rec. June 20
7% preferred (guar.)
% July 1 Holders of rec. June 20
7% special pref.(quar.)
331% July I Holders of rec. June 30
Chapman Knitting Mills, 7% Prof(s-a)
500 July 1 Holders of rec. June 8
Chesapeake Corp., corn. (attar.)
June 29 Holders of rec. June 8
$1
Chesebrough Mfg. (quar.)
50e June 29 Holders of roe. June 8
Extra
$1
July 1 Holders of rec. June 20
corn.(quar.)
Chicago Dolly News,
5131 July 1 Holders of rec. June 20
Preferred (quar.)
5231 July 1 Holders of rec. June 15
Chicago June. Hy.& Un. a. Yds.(qu
$131 July 1 Holders of rec. June 15
6% preferred (quar.)
25e. July 1 Holders of rm. June 15
Chickasha Cotton Oil Co.(special)
% July 1 Holders of rec. June 20
Securities 7% pref. (guar.).
Christiana
Citizens Wholesale Supply 7% pf.(qu.) 8731e July 1 Holders of rec. June 29
75e July 1 Holders of rec. June 29
6% preferred (qual.)
50o July 1 Holders of rec. June 20
Clorox Chemical Co.,el. A (quar.)
Cluett Peabody & Co., Inc., pref. (qu.). $131 July 1 Holders of rec. June 20
3135 July I Holders of rec. June 12
Co.,class A (s.-13.)
Coca-Cola
$131 July 1 Holders of rec. June 12
Common (quar.)
July 1 Holders of rec. June112
Coca-Cola Internat. Corp. corn.(quar.)_ $3
July 1 Holders of rec. June 12
$3
Class A (s.
-a.)
Colgate-Palmolive-Peet Co., pref.(qu.) - $131 July 1 Holders of rec. June 10
40c July 1 Holders of roe. June 15
Colombo Sugar Estates, corn. (guar.)._
350 July 1 Holders of rec. June 15
7% preferred (quar.)
250 June 30 Holders of roe. June 10
Colt's Patent Fire Arms Mfg. Co.(qu.)-131% June 30 Holders of rec. June 10
Commercial Credit Co.,631% Pt. (qu.)4331e June 30 Holders of rec. June 10
7% 1st preferred (quar.)
50e June .00 Holders of rec. June 10
8% preferred B (quar.)
50c. June 30 Holders of rec. June 20
Commercial Credit Trust, Pref.(qu.)
Commercial Investment Trust Corp.
500 July 1 Holders of roe. June 5a
Common (quar.)
n$131 July 1 Holders of rec. June 50
Cony. pref. opt.ser.(guar.)
300 June 30 Holders of rec. June 2
-a.)Commercial Solvents Corp. corn. (s.
150 June 30 Holders of rec. June 15
Community State Corp.,$5 cl. A
$1 June 30 Holders of rot. June 25
Confederation Life Assoc. (guar.)
$1 Sept. 30 Holders of rec. Sept.25
Quarterly
Si Dec. 31 Holders of rec. Doe. 25
Quarterly
250. June 30 Holders of rec. June 14
Congress Cigar Co.,corn.(guar.)
1734e July 1 Holders of rec. June 20
Consolidated Paper, pref.(qual.)
July 1 Holders of rec. June 190
51
Continental Baking, pref. (quar.)
July
34
Cottrell(C. B.)& Sons Co.(annUal)-6% preferred (qual.)
6% preferred (Qum.)
8% preferred (qual.)
1 44:% °1u lty 1
2 % Jti -•14
11
Courtaulds, Ltd.. Amer. dep. rec. pt. reg.: j l y 8 Holders of roe. July 8
25e June 24 Holders of rec. June 14
Crowell Publishing (quar.)
581 July 1 Holders of rec. June 13
Crown Willamette Pa. Co., 1st pt.(qu.).
10c. July 15 Holders of ree. July 5
Crum & Forster (quar.)
June 30 Holders of rec. June 19
$2
Preferred (quar.)
50e. July 1 Holders of rec. June 20
DeLong Hook & Eye Co.(quar.)
25e. July 1 Holders of rec. June 20
Extra
7310 July 1
Deposited Bank Shares, mrles 13-1
-a.). e231% July 1 Holders of ree. May 15
Deposited Bank Shares, N. Y., A (s.
Co., Inc.
Devoe & Reynolds
July 1 Holders of rec. June 20
1st and 2d pref. (quar.)
July 20 Holders of rec. June 30
Dome Mines, Ltd. (quar.)
July 20 Holders of rec. June 80
Extra
July 3 Holders of rec. June 15
Dominion CIM.9 CO.. COCO.(quar.)
July 3 Holders of rec. June 15
(guar.)
Preferred
July 1 Holders of rec. June 15
Dominion Stores, Ltd., common (quar.)
July 3 Holders of rec. June 15
Dominion Textile Co., Ltd., corn.(qu.)July 1. Holders of rec. June 30
Preferred (quar.)
Holders of rec. May 27
July
Draper Corp.(quar.)
Holders of rec. June 20
July
Driver-Harris Co., 7% prof. (quar.)..
July
Duncan Mills.7% preferred (qual.)
July 1 Holders of rec. June 19
Duplan Silk Corp.,8% pref.(quar.) _ _
E.I. duPont de Nemours & Co.
$114 July 25 Holders of rec. July 10
Debenture stock (quar.)
Eastern Steamship Lines, Inc., pf. (q11.) 87Sic July I Holders of rec. June 16
$134 July 1 Holders of rec. June 16
1st preferred (quar.)
Eastern Steel Prod., Ltd., prof. (quer.). $131 July 1 Holders of rec. June 15
$315 July 31 Holders of rec. June 30
prof.(s.-a.)
Eastern Theatres Ltd.,7%
75e July 1 Holders of rec. June 5
Eastman Kodak Co., common (quar.)
$131 July 1 Holders of rec. June 5
Preferred (guar.)
July 1 Holders of rec. June 10
u2%
Ecuadorian Corp., Ltd., pref.(s-a)
250. July 1 Holders of rec. June 20
Electric Contr. & Mfg. Co.(quar.)
50c July 1 Holders of rec. June 10
(guar.).Electric Storage Battery Co.
50e July 1 Holders of me. June 10
Preferred (quar.)
Emerson's Bromo-Seltzer, Inc-.
50e July 1 Holders of rec. June 15
Class A dr B common (qual.)
50e July 1 Holders of roe. June 15
Preferred (quar.)
25e July 1 Holders of rec. June 15
Equitable Office Bldg. Corp.(quar.)- --131% July 1 Holders of rec. June 15
7% preferred (quar.)
8o June 30 Holders of roe. June 26
Equity Trust Shares registered
80 June 30
10e June 30 Holders of rec. June 15
Falconbridge Nickel Mines
d50o July 1 Holders of rec. June 15
Faultless Rubber Co.,corn.(guar.)
15e July 1 Holders of rec. June 21
Federated Dept. Stores (quar.)
200 June 30 Holders of rec. June 19
Filene's (Wm.) Sons, (quar.)
$13.4 July 1 Holders of rec. June 19
Preferred (quar.)
(Balt.),7% pf.(qu.) 4331c July 15 Holders of roe. July 5
Finance Co. of Amer.
831c July 15 Holders of rec. July 5
7% preferred class A (guar.)
100 July 15 Holders of rec. July 5
Class A & B (guar.)
$214 July 1 Holders of roe. June 17
Finance Co.of Pa.(quar.)
iSo June 29 Holders of rec. June 15
Fifth Ave. Bus Securities Corp.(quar
6231e July 1 Holders of rec. June 2
First National Stores. Inc., corn.(qu.)
20e July 1 Holders of rec. June 2
8% preferred (quar.)
131% July 1 Holders of rec. June 2
7% lot preferred (quar.)
SI M July 1 Holders of rec. June 15
Flershelm Shoe Co pref. (qual.)
114% Aug. 1 Holders of rec. July 14
Freeport Texas,6% pref.(quar.)
750 July 1 Holders of rec. June 20
Frick Co.. Inc.,6% prof.(quar.)
815.4 July 1
pref.(quar.)
Fuller Brush Co..7%
Galland Mercantile Laundry Co.(quar.) 8730 July 1 Holders of rec. June 15
12e June 19 Holders of rec. May 27
Garner Royalties Co
General American Investors Co., be
$134 July 1 Holders of me. June 20
$6 preferred (quar.)
500 July 1 Holders of rec. June 16
-a.)
General Amer. Transp. Corp. (s.
10e July 25 Holders of ree. June 30
General ElectrIc Co.,corn.(quar.)
15e July 25 Holders of rec. June 30
special (quar.)
5131 July 1 Holders of rec. June 140
(quar.)
General Mills, Inc., prof.
General Motors Corp..$5 prof. (quar.)- $114 Aug. 1 Holders of rec. July 10
5134 July 1 Holders of rec. June 17
General Printing Ink Corp., pref. (qu.)_
25e July 1 Holders of rec. June 10
General Ry. Signal Co.. corn.(guar.)-- $114 July I Holders of rec. June 10
Preferred (quar.)
15e July 1 Holders of rec. June 20
Gibson Art Co. (guar.)
25e June 30 Ho.ders of rec. June 5
Gillette Safety Razor Co.,corn.(guar.)._
515.4 July 1 Holders of rec. June 10
$5 preferred (qual.)
515 July 1 Holders of rec. June 16
Glidden Co prior preference (guar.)... _
4
$135 June 30 Holders of rec. June 17
Gold Dust Corp., pref.(quar.)
3710 July 1 Holders of rec. June 10
Goldblatt Bros., Inc. (guar.)
45e June 30 Holders of rec. June 30
Goodman Mfg.Co.(quar.)
50e July I Holders of rec. June 1
Goodyear Tire dr Rubber Co.57 pref....600 July 3 Holders of rec. June 15
Goodyear T. dr Rub. of Can., corn. (qu.)
tr$15( July 3 Holders of rec. June 15
Preferred (quar.)
50e June 30 Holders of rec. June 20
Gorton Pew Fisheries Co., Ltd.(guar.)75e. July 1 Holders of rec. June 20
Gottfried Baking Co., Inc.. el. A (quar.)
75e. Oct. 1 Holders of rec. Sept. 20
Class A (quar.)
131% July 1 Holders of rec. June 20
Preferred (quar.)
134% Oct. 2 Holders of rec. Sept. 20
Preferred (qual.)
154% in.2 '34 Holders of rec. Dee. 20
Preferred (guar.)
3% June 30 Holders of rec. June 28
Grace(W. R & Co.,8% prof. (e.
-a.)
3% Dee. 29 Holders of rec. Dec. 27
6% preferred (s.
-a.)
25e June 30 Holders of rec. June 15
Granite City Steel Co.(quar.)
Grant(W.T.) Co., common (quar.)_...
25e July 1 Holders of rec. June 12
Great Western Electro Chemical Co% July I Holders of rec. June 20
e% 1st preferred (qual.)
Great Western Sugar Co. pref. (quar.).
5131 July 1 Holders of rec. June 15
4228
Name of Company.
Financial Chronicle
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Guarantee Co.of North Amer.(guar.).- $134 July 15 Holders of ree. June 30
Gurd (Chas.)& Co., pref.(guar.)
$134 July 1 Holders of rec. June 15
lialold Co. common (guar.)
250 July 1 Holders of ree. June 16
Common (extra)
250 July 1 Holders of rec. JUDO 15
7% preferred (guar.)
134% July 1 Holders of rec. June 15
Hamilton United Theatres, Ltd., pf.(qU) $134 June 30 Holders of rec. May 31
Harumermill Paper Co 6% pref. (qu.).- 134% July 1 Holders of reo. June 15
Hanna(M.A.) Co.$7 pref.(awn)
$114 June 20 Holders of rec. June
Hannibal Bridge Co., Corn.(quiz.)
$2
July 20 Holders of rec. July 10
Quarterly
$2
Oct. 20 Holden, of reo. Oct. Al
Harbauer Co., 7% pref (guar.)
114% July 1 Holders of reo. June 21
7% preferred (guar.)
134% Oct. 1 Holders of rec. Sept. 21
7% preferred (guar.)
% 1-1-'34 Holders of roe. Dec. 21
Hardesty (It.), 7% pref. (guar.)
134% Sept. 1 Holders of reo. Aug. 16
7% preferred (guar.)
134% Dee. 1 Holders of reo. Nov. 15
Hazel Atlas Glass Co.(guar.)
750 July 1 Holders of reo. June 17
Extra
250 July 1 Holders of reo. June 17
Heath (D. C.)& Co.. pref.(guar.)
$114 June 30 Holders of rec. June 28
Helme(Geo. W.) Co.,common (guar.).
- $154 July 1 Holders of rec. June 10
Preferred (guar.)
$134 July 1 Holders of reo. June 11)
Hercules Powder common (quer.)
675443 June 24 Holders of rec. June 13
Hershey Creamery Co., 7% pref. (1.-a.) $3.14 July I Holders of reo. June 15
Heyden Chemical Corp. Pref. (gust.)... $134 July 1 Holders of rec. June 20
Hubbard. Spencer. Bartlett & Co.(mo.)
100 June 80 Holders of reo. June 23
Hickok 011, 7% pref. (qua?.)
134% July 1 Holders of reo. June 24
Hollinger Consolidated Gold Mines
01% June 17 Holders of reo. June 2
Homestake Mining Co. (monthly)
75e June 26 Holders of reo. June 20
Honolulu Plantation Co.(monthly)....
2541 July 10 Holders of rec. June 30
Horn& Hardart Baking (guar.)
$134 July 1 Holders of rec. June 20
Humble 0114 Refining (guar.)
50c July 1 Holders of rec. June 1
Huron & Erie Mtge. Corp.(guar.)
$134 July 3 Holders of rec. June 15
Huylers of Del.. Inc..7% pref.(guar.).. $1
July 1 Holders of rec. June 16
Hygrade Sylvania Corp. common (au.).
60o July 1 Holders of rec. June 10
vim preferred (guar.)
$134 July 1 Holders of rec. June 10
Ideal Financing Assoc.. $8 Pref.(guar..
$2 July 1 Holders of reo. June 15
)
50o July 1 Holders of reo. June 15
$2 cony. preferred (guar.)
Class A (guar.)
12340 July 1 Holders of reo. June 16
Imperial Tobacco Co. of Can. ord.
r134% June 30 Holders of rec. May 31
Indiana General Serv. Co.,6% Pt.(qui- 134% July 1 Holders of rec. June
Industrial Cotton Mills.7% pref.(guar.) 134% Aug. 1 Holders of rec. July 20
750 July 1 Holders of roe. June 19
Industrial Rayon Corp.(guar.)
Ingersoll-Rand Co.. pref. (s. )
$3
July 1 Holders of rec. June 8
-a
Intern/WI Business Mach.(guar.)
$154 July 10 Holders of reo. June 22
International Harvester C,o.,com. (qu.)15c July 16 Holders of rec. June 20
International Nickel of Can.(quar.)
$134 Aug. 1 Holders of rec. July 3
International Salt Co.,cap.stook (aunt). 3734o July 1 Holders of roe. June 16
International Shoe, corn. (guar.)
60o
July 1 Holders of reo. June 15
Preferred (monthly)
50c
July 1 Holders of reo. June 16
Preferred (monthly)
50o
Aug. 1 Holders of roe. July 15
Preferred (monthly)
50o
Sept. 1 Holders of reo. Aug. 15
Preferred (monthly)
500
Oct. 1 Holders of roe. Sept. 15
Preferred (monthly)
600
Nov. 1 Holders of reo. Oct. 15
Preferred (monthly)
500
Deo. I Holders of reo. Nov. 15
Intertype Corp. 1st pref. (5.-a.)
$2
July 1 Holders of reo. June 15
2d preferred (8.-11.)
$3
July 1 Holders of rec. June 16
Investors Corp.of R.I..28 prof.(guar.). $154 July 1 Holders of rec. June 20
Jewel Tea Co.,corn (guar.)
7543 July 15 Holders of reo. June 30
Jones & Laughlin Steel Corp.7% pf.(qu)
260 July 1 Holders of reo. June 13
Katz Drug Co., pref.(guar.)
$134 July 1 Holdere of rec. June 15
Kekaha Sugar Co.(monthly)
100 July 1 Holders of rec. June 25
Kimberly-Clark Corp. 6% pref. (quar.)- $134 July 1 Holders of rec. June 12
Klein (Emil D.)Co..common (quar.)12 Mc July 1 Holders of roe. June 20
Koppers Gas & Coke Co., pref. (guar.)_
2134 July 1 Holders of res. June 12
Kresge (S. S.) Co. pref. (guar.)
2134 June 30 Holders of rec. June 15
Kroger Grocery & Baking,6% p1. (qu.). 134% JULY 1 Holders of reo. June 20
7% preferred (quer.)
IM% Aug. 1 Holders of rec. July 20
Lambert Co. (quarterly)
$1
July 1 Holders of rec. June 17
Land Title Bldg. Corp.(guar.)
500 June 30 Holders of rec. June 15
Landers Frary dr Clark (guar.)
37540 June 30
Quarterly
37340 Sept.30
Quarterly
37340 Doe. 31
Langendorf United Bakeries cl. A
2541 July 15 Holders of rec. June 30
Lazarus(F.& R.)& Co.(guar.)
100 June 30 Holders of reo. June 30
Lehigh Portland Cam. Co.. M.(gust.)... /18734o. July 1 Holders of reo. June 14
Lehman Corp.. OLP. stook (guar.)
600 July 6 Holders of reo. June 23
Liggett & Myers Tob. Co.. Pt. (aunt.).-. $114 July I Holders of res. June 12
Linde Air Products, pref.(guar.)
3154 July 1 Holders of reo. June 20
Lincoln National Life Ins. Co.cap.stook
60o. Aug. 1 Holders of roe. July 26
Capital stock
700. Nov. 1 Holders of reo. Oct. 26
Lindsay Light Co., pref. (guar.)
1741o. June 19 Holders of roe. June 10
Link Belt preferred (aunt.)
$134 July 1 Holders of reo. June 15
34c June 30 Holders of rec. June 30
Lock Joint Pipe Co.(monthly)
Preferred (guar.)
$2
July 1 Holders of reo. July 1
Loew's, Inc., common (guar.)
25c June 30 Holders of rec. June 17
60e Aug. 1 Holders of roe. July 180
Loose Wiles Biscuit Co., corn. (gust.)..
Preferred (guar.)
$141 July 1 Holders of reo. June 190
Preferred (guar.)
$134 Oct. 1 Holders of reo. Sept. 185
Lord & Taylor, common (guar.)
$214 July 1 MMus of reo. June 17
Lorillard (P.) Co. common (guar.)
30c July I Holders of rec. June 15
$134 July 1 Holders of rec. June 15
Preferred (guar.)
Loudon Packing, common (quiz.)
260. July 1 Holders of reo. June 24
Lunkenheimer Co.. pref.(guar.)
$134 July 1 Holders of rec. June 21
$134 Oct 2 Holders of reo. Sept.=
Preferred(guar.)
250 June 30 Holders of roe. June 16
Mack Trucks, Inc., common (quar.)
Magnin (1.) & Co..8% pref. (gust.).... 134% Aug. 16 Holders of reo. Aug. 5
6% preferred (guar.)
134% Nov. 15 Holders of reo. Nov. 8
Major Corp. shares
10340 June 30
750. July 1 Holders of roe. June 15
Mapes Consol. Mfg. Co.,(guar.)
Extra
25o. July I Holders of reo. June 15
Mathieson Alkali Works. COM.(gU.).3754c. July 1 Holders of reo. June 12
Preferred NUM./
$131 July 1 Holders of reo. June 12
May Dept.'Store Co.(guar.)
250 Sept. 1 Holders of reo. Aug. 15
MeClatchy Newspaper. 7% pref.(guar.) 43340 Sept. 1 Holders of rec. Sept. 1
7% pretrred (guar.)
43340 D. 1 Holders of reo. Deo. 1
McColl Frontenac Oil Co., Ltd., pt.(au) 3134 July 15 Holders of reo. June 30
McKeesport Tin Plate Co. (guar.)
July 3 Holders of ree. June 16
21
Mead Johnson & Co.(guar.)
750. July 1 Holders of rec. June 15
Merchants & Miners Transp.(qua?.)... 37340 June 30 Holders of reo. June 15
Mesta Machine Co., cons.(guar.)
150. July 1 Holders of reo. June le
Preferred (guar.)
$151 July 1 Holders of reo. June 16
Metal & Thermit Corp., corn.(gum.) - $1
Aug. I Holders of reo. July 20
Metropolitan Coal.7% pref.(guar.).144% June 30 Holders of reo. June 23
Mitchell (J. S.) & Co.. prof. (guar.).
- $134 July 3 Holders of rec. June 16
Mohawk Min. Co. cap. stk. (liquidat'g)
$6 July 20 Holders of reo. June 24
Monaghan (Victor) Co., pref.(guar.)
$134 July 1
Monroe Chemical Co., $334 pref. (qu.). 87340 July 1 Holders Of reo. June 15
Monsanto Chemical Works(guar.)
31340. July 1 Holders of roe. June 10
Moore(W m.) Dry Goods Co.(duer.)-- $134 July 1
Quarterly
$154 Oct. 1
Quarterly
$134 1-1-'34
Morris (Philip) Consol., Inc.(gnat.).... 4344c July 1 Holders of reo. June 20
On account of accumulations
43340 July 1 Holders of reo. June 20
Morris Sc. & 10o. to $1 Sta., 7% p1.(41U.) 134% July 1
7% preferred (guar.)
134% Oct. 1
7% preferred (guar.)
134% 1-244
Morris Finance Co.,corn. A (guar.)
9134 June 30 Holders of rec. June 20
Common B (guar.)
27340 June 30 Holders of rec. June 20
7% preferred (guar.)
134% JUDO 30 Holders of rec. June 20
Motor Finance Corp.,8% pref.(quiz.)..
2% June 30 Holders of reo. June 23
Mountain Producers Corp.(guar.)
200 July 1 Holders of reo. June 155
Mutual Chem Co. of Am..8% of.(qu.)- 14% JUDO 28 Holders of rec. June 15
Myers(F. E.) & Bros. Co. pref.(guar.). $134 June 30 Holders of roe. June 16
National Biscuit Co.common (guar.).
70c July 15 Holders of rec. June 165
National Breweries. Ltd., corn.(guar.)._
40e. July I Holders of roe. June 16
Preferred (guar.)
44c. July 1 Holders of rec. June 15
National Candy Co., com.(aunt.)
250. July 1 Holders of reo. June 12
1st & 2nd preferred (guar.)
$134 July 1 Holders of rec. June 12
National Dairy Prods.,$7 pf. A & B (qu.) $134 July 1 Holders of rec. June 16
National Finance Corp. of Am.com.(qu)
15e July 1 Holders of rec. June 10
6% preferred (guar.)
15o July 1 Holders of rec. June 10
160 July 1 Holders ox reo. June 10
6% preferred (extra)
Name of Company.
June 17 1933
Per
When
Share. Payable.
Books Closed
Days lisclinise.
Miscellaneous (Continued).
National Distillers Prod pref.(qu.).
82140. July
Holders of rec. June 10
National Grocers. Ltd.. 7% 2d pref
Holders of reo. June 20
$134 July
National Gypsum Co. 7% prof. (quar.)- $114 July
Holders of rec. June 17
National Lead Co., corn.(guar.)
$134 June 3 Holders of reo June 16
Preferred B (guar.)
$1 34 Aug.
Holders ,if reo. Jnly 21
National 011 Products,$7 pref.(gust.).. $114 July
Holders of rec. June 20
Semi-annual
$1
July
Holders of reo. June 20
Extra
$1
July
Holders of rec. June 20
National Standard Co.(guar.)
300 July
Holders of rec. June 20
National Sugar Refining Co.of N.J.._. 150e
July
Holders of rec. June 1
NationalTea Co., cons.(guar.)
I6o. July
Holders of rec. June 14
New England Grain Prod., A pref.(qu.)- 5134 July 1 Holders of reo. July 1
N.J.& Hods. Riv. Sty.& Ferry (5.
$3
July
Holders of roe. June 30
-a.)
N. Y. Ship Bldg. Corp. part. all. (qu.).10o. July
Holders of reo. June 20
Founders shares (guar.)
10o. Jury
Holders of reo. June 20
UM July
Preferred (guar.)
Holders of roe. June 20
Newberry (J. J.) Co., corn. (gust.)....
16o July
Holders of roe June 10
Niagara Share Corp. of Md.Class A $8 preferred (guar.)
Holders of reo June 16
5134 July
Class A $6 preferred (guar.)
Holders el reo Sept. 15
$134 Oct.
Class A $6 preferred (guar.)
an2'3 Holders of roe Dee. 15
$1
Nineteen Hundred Corp., class A (guar.) 600. Aug. 1 Holders of reo Aug. I
Class A (guar.)
60o. Nov. 1 Holders of reo Nov. 1
Noranda Mines(interim)
550e July 1 Holders of rec. June 13
North Amer. Co., coin.(guar.)
/2% July
Holders ot reo. June
Preferred (guar.)
750. July
Holders of rem June 5
North Central Texas 011 pref.(quar.)
Holders of reo. June 10
134% July
Northern Pipe Line Co. cap. stk.(5.
25e July
Holders of rec. June 9
-a.)Norwalk Tire & Rubber Co., pref. (qu.) 8734° July
Holders of reo. June 29
Novadel-Agene Corp., corn. (quiz.).... $134 July
Holders of roe. June 20
Preferred (guar.)
July
Holders of rec. June 20
Oahu Sty.& Land Co.(monthly)- - 200 June 2 Holders of re*. June 10
Ohio Finance Co., common (guar.)
250 July
Holders of rec. June 10
2% July
8% preferred (guar.)
Holders of reo. June 10
011stocks, Ltd
100. June 28 Holders of rec. June 15
July
Omnibus Corp. pref.(guar.)
Holders of rec. June 16
$2
Owens Illinois Glass Co.,6% pref.(qU.)- $1 34 July
Holders of rec. June 15
Page-Hersey Tubes, Ltd., corn. (ax!.)
75e. July
Holders of reo. June 20
Preferred (guar.)
$134 July
Holders of reo. June 20
Parke Davis & Co. (guar.)
250. June 3 Holders of roe. June 19
Penney (J. C.) Co.,common (gust)
300 June 34) Holders of rec. June 20
Preferred (guar.)
$134 June 30 Holders of rec. June 20
Peoples Collateral Corp..8% Pf. (13-a)--2% June 20 Holders of reo. June 20
.
% June 30 Holders of reo. June 20
7% preferred (s-a)
Semi-annual
June 30 Holders of reo. June 20
$1
Peoples Drug Stores, Ino., corn.(guar.).
250 July 1 Holders of reo. June 8
300 June 31) Holders of reo. June 20
Perfection Stove Co.(guar.)
Pet Milk Co. pref.(guar.)
9134 July 1 Holders of roe. June 10
Philadelphia Dairy Prod., prof.(gust.)
$134 July 1 Holders of reo. June 20
Pioneer Gold Mines of Brit. Col., Ltd.
Quarterly
1z15e. July 8 Holders of rec. June 10
Pittsburgh Plate Glass Co.(guar.)
15e. July 1 Holders of rec. June 10
Pratt
-Lambert Co
12340 July I Holders of rec. June 16
Premier Gold Mining Co., Ltd
1,30. July 3 Holders of reo. June 12
750 June 20 Holders of reo. June 10
Prentice-Hall,Inc., pref.(guar.)
Prudential Investors, $6 prof.(quiz.)
$14 July 15 Holders of rec. June 30
July 15 Holders of rec. July I
Quaker Oats Co.,corn.(guar.)
$I
July 15 Holders of reo. July 1
Quaker Oats(guar.)
21
Preferred (guar.)
$134 Aug. 31 Holders of reo. Aug. 1
3o Aug. 1 Holders of rec. July 15
Quarterly income Shares. Inc
Relkume Mfg. Co.(III.) pref.((Plan)
5134 July 1 Holders of roe. June 21
me July 1 Holders of roe. JUDO 17
Reynolds(R. J.)Tobacoo Co..com.(gur.)
750 July 1 Holders of roe. June 17
Class B (guar.)
Rich's, Inc., 634% preferred (guar.)... 134% June 80 Holders of roe. June 15
Royal Baking Powder Co.. corn.(guar.).
250 July 1 Holders of reo. June 6
% July 1 Holders of reo. June 15
6% preferred (guar.)
Royal Dutch Petroleum Co (fins))
6%
RuudMfg. new common (guar.)
250 Sept.15 Holders of reo. Sept. 5
% July 3 Holders of rec. June 24
Sabin Robbins Pap. Co.,7% pf.(qu.)_ -Safeway Stores. Inc., common (guar.)
760 July 1 Holders of roe. June 19
% July 1 Holders of rem June 19
7% preferred (guar.)
8% preferred (guar.)
134% July 1 Holders of reo. June 19
St. Louis Bridge, 1st pref.(s-a)
July 1 Holders of reo. June 15
$3
s134 July 1 Holders of reo. June 15
2d preferred (s-a)
Mo. June 30 Holders of reo. June 16
Scott Paper Co.. corn.(guar.)
Soovill Mtg. Co.(quer.)
250 July 1 Holders of rec. June 16
Selected Indust., Inc.,$554 pr.stk.(gu.)- $13s July 1 Holders of rec. June 16
60. July 10 Holders of roe. June 20
Shattuck (Frank G.) Co.(guar.)
Shaeffer(W. A.) Pen, pref.(guar.)
July 20 Holders of reo. June 30
$2
Oct. 20 Holders of roe. Sept.30
$2
Preferred (guar.,
714% July 8
Shell Transport & Trading. corn
Sioux City Stkyds.. $6 Pf.(guar.)
37540, Aug. 15 Holders of reo Aug. 15
26 preferred (guar.)
37340. Nov. 15 Holders of reo. Nov.15
3o June 30 Holders of ree. June 15
Siseoe Gold Mines, Ltd.(guar.)
South Penn 011 Co.(guar.)
200 June 30 Holders of reo. JUDO 15
40e July I Holders of reo. June 12
South Porto Rico Sugar Co.corn.(qu.)
2% July I Holders of reo. June 12
Preferred (guar.)
South West Penn Pipe Lines(guar.) ...- $1
July 1 Holders of rec. June 15
Southern Acid & Sulphur Co.,Inc..
Common (guar.)
50e. Sept. 15 Holders of reo. Sept. 10
Prof. (qua?.)
$134 July 1 Holders of reo. JUDO 10
250 June 30 Holders of reo. June 15
Spartan Foundry (guar.)
1043 June 30 Holders of rec. June 15
Extra
July 1 Holders of me. June 20
Spartan Mills(s-a)
$4
115o June 30 Holders of rec. June 16
Spencer Kellogg & Sons, Inc.. eons.(qU.)
260. July 1 Holders of reo June 6
Standard Brenda, Inc .corn.(guar.).
$134 July 1 Holders of reo. June
$7 preferred, series A (guar.)
25o June 20 Holders of rec. May 27
Standard 011 of Nob (qual.)
Standard 01101 Ohio $5 pref.(gust.).... 8134 July 15 Holders of reo. June 30
Starrett (L. S.) Co..6% prof. (qual.)... 134% June 30 Holders of reo. June 19
State Theatre Co.of Boston, pref. (gu.)_
$2
July 1 Holders of rec. June 22
Stand.011 hxport Corp..5'7, pf. (11.-a.)
- $234 June 30 Holders of reo. June 9
Stein (A.)& Co., pref.(guar.)
2134 July 1 Holders of rec. June 15
Stlx, Boer & Fuller,7% pref.(gust.).... 43340 June 30 Holders of reo. June 16
SuezCanal
z510
Supertest Petroleum Co., pref. A (qu.)-- $134 July 3 Holders of reo. June 15
Preferred B (guar.)
3734o. July 3 Holders of reo. June 16
Sylvanite Gold Mines, Ltd.
2% June 30 Holders of reo. May 31
Bonus
hof 1% June 30 Holders of reo. May 31
Tacony-Palmyra Bridge, ol. A (gust.)...
250 June 30 Holders of reo. June 10
Texas Corp.(guar.)
250. July 1 Holders of reo. June 25
ThrLft Stores, Ltd., corn.(initial)(qu.)
100 July 1
Time, Inc. (guar.)
3740 June 30 Holders of reo. June 23
Extra
1234e June 30 Holders of reo. June 23
Todd Shipyards Coro (guar.)
250. June 20 Holders of reo. June 5
Torrington Co. (quer.)
60.3. July 1 Holders of rec. June 16
'I'd-Continental Corp.,26 pref.(guar.)
3134 July 1 Holders of rec. June 16
Telco Products Corp.(guar.)
62140 July 1 Holders of reo. June 10
'Puckett Tobacco Co.. Ltd., pref.(rm.).- $134 July 15 Holders of roe. June SO
Underwood Elliott Maher Co.,corn.(go.) 1234c June 30 Holders of reo. June 124
Preferred (guar.)
$154 June 30 Holders of reo. June 120
Union Carbide & Carbon Corp
2541. July 1 Holders of reo. June 2
United Aircraft & Trans. Corp., pt.(go.)
750 July 1 Holders of rec. June 10
United Carbon,corn.(guar.)
250 July 3 Holders of rem June 16
7% preferred (guar.)
% July 3 Holders or rec. June 16
United Companies of N.J.(guar.)
$234 July 10 Holders of reo. June 20
United Dyewood Corp., pref.(aunt.)
5154 July 1 Holders of rec. Juno 19
United Elastic Corp.(guar.)
10e June 24 Holders of reo. June 9
United Piece Dye Works, pref.(qu.)---- $134 July 1 Holders of rec. June 20
U.S. Foll Co., cl. A & B cons.(qual.)
Sc. July 1 Holders of rec. June 15a
Preferred (guar.)
$1 34 July 1 Holders of roe. June 155
United States Gauge Co.(5.-a.)
$134 July 1 Holders of rec. June 20
7% preferred (s.-a.)
144% July 1 Holders of fee. June 20
United States Gypsum, eons. (gust.)...
250 July 1 Holders of roe. June 15
Preferred (guar.)
$134 July 1 Holders of roe. June 16
U.S. Pipe & Foundry Co.. oom.(guar.). 12360. July 20 Holders of reo. June 30
Common (guar.)
12360. Oct. 20 Holders of reo. Sept.30
Common (guar.)
12360. 1-20-34 Holders of reo. Dec. 30
1st preferred (guar.)
300. July 20 Holders of reo. June 30
1st preferred (guar.)
30e. Oct. 20 Holders of rec. Sept. 30
1st preferred (guar.)
300. 1-20-34 Holders of roe. Doe. 30
4229
Financial Chronicle
Volume 136
When
Per
Share. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
250 July 1 Holders of rec. June 20
U.S.Playing lard Co lutist.)
United States Tob. Co., corn. (guar.) _ _ _ $1.10 July 1 Holders of rec. June 19
Preferred (guar.)
$14 July 1 Holders of rec. June 19
2% July 1 Holders of rec. June 15
Upressit Metal Cap.8% pref. (guar.)_ _
12'4c. July 1 Holders of rec. June 15
Vortex Cup Co.. corn.(quar.)
6234c. July 1 }folders of rec. June 15
Class A (quar.)
5111 July 20 Holders of rec. July 7a
Vulcan DetInnIng Co , pref (quar.)
$14 July 1 }folders of rec June 20
Wagner Elec. Corp., pref.(quar.)
60c. June 30 Holders of rec. June 20
Walalua Agricultural Co
1H% July 1 Holders of rec. June 20
Walgreen Co.. 6 Si% pref (quar.)
Builders of rec. June 17
25c July
cum pre! (quar.)_
Ward Baking Corp
Holders of rec. June 15
30c July
Waukesha Motor Co (quar.)
Wesson Oil & Snowdrift Co., Inc.—
125ic July 1 Holders of rec. June 15
Common (quar.)
,
$115 July 1 Holders of rec. June 20
Western Maryland Dairy $6 pref. (citi.)& Stat.. % pref.(qu.)._ 1H% July 1 Holders of rec. June 20
Western Tablet
300 July 1 Holders of rec. June 15
Westmoreland, Inc.(quar )
Westvaco Chlorine l'roducts Corp.
1'4% July 1 Holders of rec. June 15
7% preferred (quar.)
White Rock Mineral Springs Co.—
50c July 1 Holders of rec. June 20
Common (quar.)
$I% July 1 Holders of rec. June 20
1st preferred (quar.)
July 1 Holders of rec. June 20
$2
2nd preferred (quar,)
6214c June 30 Holders of rec June 20
Wilcox Rich Corp , cf. A.(quar.)
$155 Aug. 1 Holders of rec. July IS
Winstead lioslery Co.(quar.)
SI 14 Nov. 1 Holders of rec. Oct. 15
Quarterly
251ic. July 1 Holders of rec. June 10
Wiser Oil (Oust.)
25e July 1 Holders of rec. June 10
Quarterly
250 net. 2 Holders of rec. Sept. 12
Quarterly
250 Jan2'34 Holders of roe. Dee. 12
Quarterly
35c June 30
Wolverine Shoe & Tanning,semi-annual _
Woolworth (F. W.) & Co., Ltd.—
Amer dep rec for ord. Ohs (interim) stals.6(1 June 22 Holders of rec. May 26
u5c. July 1 Holders of rec. June 10
Wright IIargreaves Mines, Ltd
25e July 1 Holders of rec. June 20
Wrigley (Wm.) Jr. Co.(monthly)
250 Aug. 1 Holders of rec. July 20
hlont lily
15c. July I Holders of roe. June 10
Yale & Towne Mfg. Co (quar.)
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JUNE 10 1933.
* Captfal.
Clearing House
Members.
Bank of N. Y. & Tr. Co_
Bank of Manhattan Co__
National City Bank_.
Chemical Bk.& Tr Co__
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Ilan. Bk. & Tr. Co
Corn Each. Bk. Tr. Co
First National Bank_....
Irving Trust Co
Continental Bk. & Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title(lust. & Trust Co
Marine Midland Tr. Co_
Lawyers Trust Co
New York Trust Co_ _ _ _
Corn'l Nat Bk.& Tr. CO_
Public Nat.Bk. dr Tr.Co.
t The New York Stock Exchange has ruled that stock will not be quoted exdividend on this date and not until further notice.
I The New York Curb Exchange Annociation has ruled that stock will not be
Quoted ex dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. s Payable In stock.
I Payable In common stock. g Payable( n scrip. h On account of accumulated
dividends. I l'ayable in preferred stock.
m Amer. Cities Power & Lt. Corp. pay 1-32 of 1 sh. of class B stock or cash at the
option of the holder. The corporation must receive notice within 10 days after
holders of record date to receive cash.
n Dividend of Commercial Investment Trust is at the rate of 1-52 of 1 u.h. of
corn. stock per all, of cony. pref., opt, series of MI,or in cash, at the option of the
holder.
o Unilever. Ltd.: the amount of silver will be fixed according to the rate of sterlingguilder exchange on April 28.
p Blue Ridge Corp declared a div. at the rate of 1-32d of one share of the common
stock of the corporation for each share of such preference stock. or, at the option of
such holders (providing written notice thereof Is received by the corporation on or
before May 15 1933) at the rate of 75c. per share in cash.
r In the ease of non residents of Canada a deduction of a tax of 5% of the
amount of such dividend will be made.
I'Payable In Canadian [uncle.
U payable in United States funds.
A unit.
w Lees deduction for expenses of depositary.
s Lean tax.
y A deduction has been made for expenses.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
$
$
$
$
9,194,000
89,791.000
9,354,200
6.000.000
31,783,000
249,049,000
20.000.000 e31,931,700
55,933.000 2829,487,000 153,848.000
124.000,000
25,138.000
266,704.000
46,119,500
20,000,000
35.893,000
90.000.000 1176,676.800 b934.095.000
95,827,000
189,964,000
20,297,500
32.035,000
43,943,000
550,605,000
64,023.700
21,000.000
20,809,000
176,414,000
22,493,500
15,000.000
8,487,000
413.025.000
10,000,000 g72,579,800
49,265.000
322.152,000
62,764,900
50,000,000
1,657,000
23,164,000
5,756,300
4,000,000
76,444,000
148,000.000 h58,163,800 c1,196,370,000
2,674,000
40,886.000
3,639,900
500.000
50,234,000
25.000.000 162,202,700 d569,342,000
251,000
22,954.000
20,481,100
10.000.000
5,139,000
41,137,000
5,549,000
10.000,000
1,641,000
7,983,000
2,145,400
3,000.000
14,504.000
197,675,000
22,104,000
12.500,000
1,353,000
45,992,000
8,669,400
7,000.000
29,029,000
38,722,000
4,439,300
8.250,000
617.185.000
Totals
Time
Deposits,
Average.
*Surplus and Net Demand
Deposits,
Undivided
Profits.
Average.
755.37.5.500 6.205_511.000
657.113.000
* As per official reports: National. March 31 1933; State. March 31 1933; Trust
Companies, March 31 1933. e As of June 8 1933. f As of May 3 1933. g As of
April 14 1933. h As of May 25 1933. 1 As of April 10 1933.
(a) Includes deposits In foreign branches as follows: 5187.540,000; (b) $50,286,000:
(c) $69,114,000; (d) $28,078,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended June 9:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. JUNE 9 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES
.Loaus,
Disc. and
Investments.
Cash.
Res. Dep., Dep Other
N. F. and Banks and
Elsewhere. Trust Cos.
s
$
17,913,700
2,578,122
Manhattan—
Grace National
Trade
Brooklyn—
Peonies National_ __ _
$
96,700
102,225
1,377,000
489,879
5.418.000
88.000
321,000
Gross
Deposits.
$
$
1,118,200 15,968,400
246,228 2,682,850
55,000
4,840.000
TRUST COMPANIES—AVERAGE FIGURES.
Loans.
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Oros:
Deposits.
Manhattan-County
Empire
Federation
Fiduciary
Fulton
United States
$
$
$
16,321,700 *2,708,800 2,143,900
53.947,200 *2,727,900 15,492,800
401,690
52,038
5,679,678
365,201
*646,277
9,271,305
962,000
17,891,100 *2,397,000
71,043,751 5,400,000 22,559,998
S
18.270,900
2,093,300 63,742,000
565,962 5,176,111
513,597 9,166.328
461,400 17,083,000
71,470,409
Brooklyn—
Brooklyn
RInvw remntv
87,112,000
22 525 083
2,600,000 21,970,000
1.409.894 7.619.792
99,000 97,188,000
24.940.551
• Includes amount with Federal Reserve as follows: County, $2,383,600; Empire,
$1,805,700; Fiduciary, $215,067; Fulton, $2,255,000.
Condition of the Federal Reserve Bank of New York.
14 1933, in
The following shows the condition of the Federal Reserve Bank of New York at the close of business Juno
comparison with the previous week and the corresponding date last year:
June 14 1933. June 7 1933. June 151932.
$
Resources (Concluded)—
$
$
706,231,000 685,546,000 417,947,000 Due from foreign banks (tee note)
11,986,000 F. R. notes of other banks
4.712,000
2,598,000
Uncollected Items
Gold held exclusively agst. F.R. notes_ 708.829,000 690.258,000 429,933,000 Bank premises
All other resources
94,524,000
154,095,000 128,802,000
Gold settlement fund with F. R. Board
Total resources
Gold and gold certificates held by bank_ - 143.583,000 153,483,000 190,315,000
Resources—
Gold with Federal Reserve Agent
Gold redemption fund with U.S. Treas'y_
Total gold reserves
1,006,507,000
972,543,000
June 14 1933. June 7 1933. June 151932.
$
$
$
1,273,000
1,395,000
1,417,000
5,401.000
6,995,000
6,516,000
84,858,000 121,924.000
109,392,000
14,817,000
12,818,000
12,818,000
23,304,000
26,241,000
27,464,000
2,068,640,000 2.012.215,000 1,783,867,000
714,772,000
MN/tries—
656,931,000 671,817,000 574,175,000
71,960,000 F. R. notes in actual circulation
51,168,000
53,582,000
F. R. bank notes In actual circulation_ - - reserves and other cash
1,095,871,000 1,061,188,000 786,732,000 Deposits—Member bank—reserve acc't__ 1,070,491,000 1.017,087,000 912,267.000
Total gold
203.000
8,220,000
11,965,000
Government
19,143,000
14,232,000
2,782,000
Foreign bank (see note)
3,000,000
3,000,000
Redemption fund—F. R.Sank notes
6,311,000
6,062,000
deposits—Member bank
Special
Bills discounted:
1.572,000
1,421,000
64,010,000
Non-member bank
24,547,000
23,968,000
Secured by U.S. Govt. obligations- - 22,725,000
10,122,000
10,157,000
37,735,000
Other deposits
39,158,000
34.803.000
Other bills discounted
1,102,878,000 1,057,544,000 954.338,000
Total deposits
63,705,000 101,745,000
58,771,000
bills discounted
Total
79,661,000 109,487.000
100,951,000
Deferred availability items
59,182,000
58,530.000
58.530,000
23,724,000 Capital paid in
3,577,000
3,275,000
BM bought In open market
75,077,000
85,058,000
85,058,000
Surplus
U. S. Government securities'
11,608,000
8,437,000
10,710,000
184,552,000 185,410.000 184,634.000 All other liabilities
Bonds
76,361,000
265,346,000 264,124,000
notes
Trea.3ury
2,068,640,000 2,012,215.000 1,783,867,000
Tots hliablllties
294,557,000 439,964,000
297.276.000
Certificates and bills
Other cash5
Total U. S. Government securities
89,364,000
88.645,000
747,174,000
2,942.000
744,091,000
4,347.000
812,162,000
815,720,000
Other securities (see note)
Total bills and securities (see nole)
700,959,000 Ratio of total gold reserves dc other cash•
3,988,000
to deposit and F. R. note liabilities
combined
Contingent liability on bills purchased
for foreign correspondents
830,416,000
62.3%
61.4%
51.5%
11,234,000
11,639,000
33,311,000
• -Other cash" does not Include F R. notes or a bank's own F R. bask notes.
NOTE.—Beginning with the statement of Oct. 17 1925, two new Items were added In order to show separately the amount of balances held abroad and amounts
Bank debentures,
earnings assets," previously made up of Federal
cnanged
In addition, the caption
due to foreign correepondents, caption. -Total earnings "All other"Total blue sari securities." The tatter term wasIntermediate Creditaccurate description wasthe total
of
adopted ass more
assets" to
and lie
so "Other securities,"
wider time provisions or soctioa 13 sad it of time Fedemi iteeeree Aot, welch it was stated are the only Items Included
the discount acceptances and securities acquired
et
tba sin
4230
Financial Chronicle
June 17 1933
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,June 15,
showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present and results for the System
the
as a whole in comparison with the figures for the seven preceding weeksand with
The
those of the corresponding
second table shows the resources and liabilities separately for each of the twelve banks. The Federalweek last year. stateReserve note
ment (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount Agents
of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 14 VW.
June 14 1933. June 7 1933. May 311933. /1/ty 24 1933, May 17 1933. May 10 1933. May 3 1933. Apr. 26 1933 June 151932.
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U.S.Treas
5
E
$
$
35
$
$
$
$
2,816,469,000 2,787,074,000 2,813,639,000 2,832,714,000 2,731,939,000 2,706,758.000 2.665,104,000 2.671,746,000 1,897,307,000
42,908,000
45.524.000
44,353,000
46,338,000
62,500.000
48,915,000
63,871,000
57.633.000
54,824,000
-Gold held exclusively agst. F. R. notes 2,859,375,000 2,832.598,000 2,857,992,000 2,879,052,000 2,786,763,099--2,764,392,000 2.727,604.000 2.735,617.000 1,946.222 000
.
Gold settlement fund with F. R. Board
427,674,000 436,613.000 409,834,000 359,464,000
Gold and gold certificates held by banks- 245,741.000 252.774,000 252,072,000 260,718.000 346.260.000 341,268.000 321,318.000 307,419,000 283,224,000
334,485.000 338,474,000 394.648.000 353,302,000 331,749,000
Total gold reserves
3,532,790,000 3,521.985,000 3,519.898.000 3.499.234.000 3,467.508.000 3,442,134.000 3.435.570.000 3,396,338,000 2,561,195,000
Reserves other than gold
a
a
a
a
a
a
218.764.000 222,713,000
Other cull*
293,254,000 290,192,000 286,770,000 308.706.000 303,983,000 315,910,000
276,423,000
—
Total gold reserves and other cash__ 3,826,044,000 3,812,177,000 3.806.668,000 3.807.940,000 —
3,771,491,000 3,758,044,000 3.654.334,000 3,619,051,000 2,837,618,000
Non-reserve cash
a
a
a
a
a
a
93.551,000 106,105,000
Redemption fund—F. It. bank notes - -7,242,000
7,242,000
6.242,000
6,242,000
3,618.000
4,518,000
4,992,000
3,293.000
Bills discounted:
Secured by U. S. Govt. obligations__
55,553.000
55,335,000 5 66.014.000
64,472.000
97,976,000
72.082,000
73,379,000
93.434,000 202,225,000
Other bills discounted
198,209,000 221,330,000 b 235,960,000 247.693,000 256.846,000 266.159.000 302,126.000 291,567.000 294,014,000
Total bills discounted
253,762,000 276,665,000 301,974,000 312,165,000 330,225,000 338,241.000 400,102,000 385.001.000 496,239,000
BWs bought In open market
10,200,000
11,411.000
19,862,000
42.662,000
65.661,000
77,543,000 112,607,000 144,152,000 177.450,000
U.S. Government securities—Bonds
441,103,000 441,071,000 430,606,000 420,992,000 421,595,000 421,576,000
429,056,000
441,188,000 675,532,000 656,593,000 629,583,000 594,482,000 588,922.000 588.972,000 421,476.000 194,997,000
Treasury notes
506,083,000
683.509,000
Special Treasury certificates
1,068,154,000
Other certificates and bills
807,747,000 794,968,000 791,914,000 801,523,000 821.124.000 826,676,000 826.730,000
909,513,000
—
1,692,207,000
Total U. S. Government securities 1,932,444,000 1,911,603.000 1,889,578,000 1,861.712,000
5,611,000
1,835,598,000 1,837.193.000 1,837,278,000 1,837,072,000
Other securities
3,624,000
.5,029,000
4,823,000
5,386,000
5,641.000
5,464,000
5,404,000
5,451,000
Foreign loans On gold
2,259,718,000
2,200.030,0002,204.708,000 2.216,237,000 2.221,925,000 2,249.770.000 2,293,505,000 2.387.173,000
Total bills and securities
2,404,974,000
Clold held abroad
3,645,000
3.832,000
3.810,000
Due from foreign banks
3.815,000
3.593.000
3.656,000
15,500,000
3,662,000
3.662,000
3.656.000
18,848,000
19.282.000
Federal Reserve notes of other banks
15,143,000
17.921.000
19.471.000
17,637.000
19,095,000
20,355,000 418,230,000
407,388,000 334,699,000 316,047,000 316,172,000 359,775,000 316,398,000 337,157,000 318,392,000
Uncollected items
58,083,000
54,312,000
54,312,000
Bank premises
54,255,000
54.255.000
54.250,000
54,250,000
42,316,000
54,251,000
54,134,000
52,603,000
49,300,000
AU other resources
48,020.000
47.146,000
44.673,000
44,490.000
44.949.000
46,242.000
5,635,110,000
6.570,299,000 6.485.530,000 6,466,427,000 6,475,194.000 6,507.985,000 6,492,504.000 6.597,883.000 6.576.202.000
Total resources
LIABILITIES.
2,575,799,000
3,118,379.000 3,163,689,000 3,203,102,000 3,221,429,000 3,299.995,000 3,349,753,000 3,395.369,000 3,424.114.000
F. R. notes In actual circulation
F. R.bank notes in actual circulation --- 113,264,000 104,884,000
96,280,000
84,211,000
56,059,000
74,218,000 a62.835,000
36.798.000
banks—reserve amet_ 2,381,378,000 2,203,889,000 2,166.721,000 2.194,390,000 2,114,283,000 2,089,115,000 2,033,939,000 2,135,808.000 2,101,243,000
Deposits—Member
46,422,000
32,173,000
Government
72,328,000
37.668,000
2,695,000
42,467.000 144.406,000
37,165,000
31,260,000
8,410,000
42,208.000
Foreign banks
7,848,000
27.272,000
60,122,000
15.867.000
23,021,000
26,810,000
22,943,000
83,449,000
90,942,000
Special deposits: Member bank
83,637,000
80,512,000
81,904,000
86.045,000
87,467,000
77,664,000
18,334,000
18,671,000
Non-member bank__
18,059,000
17.641,000
17,461.000
18,354,000
17,642,000
16,155.000
Other deposits
43.010.000
44.732,000
45,180,000
45.347.000
56,511.000
34,368,000
50.539,000
51.849,000
46,859,000
—
2,481,003,000 2,432,615,000 2,393,773,000 W392,817.000 2,320,454,000 2.309,541,000 2.360.101,000 2,345,451,000 2,198,428,000
Total deposits
Deferred availability items
399,701,000 328.902.000 318.082,000 322.322,000 359,558,000 316,346,000 331,621,0%0 315.218.000 411,713,000
Capital paid In
147,563,000 150,052,000 150,271,000 150.287,000 150,217,000 150,229,000 150,107.00(1 150,330,000 154,809,000
Surplus
278,599,000 278,599,000 278,599,000 278,599,000 278,599,000 278,599,000 278..99,000 278.599.000 259,421,000
All other liabilities
31,790,000
26,789,000
26,320,000
25.947.000
25,529.000
34,940,000
21,944,000 a25,201,000
25,692,000
Total liabilities
6,570,299,000 6,485,530,000 6,466,427,000 6.475,194.000 6.507.985,000 6.492.504,000 6,597.883.000 6.576.202.000 5,635,110,000
Ratio of gold reserve to deposits and
F. R. note liabilities combined
62.8%
63.0%
62.9%
62.3%
59.6%
54.0%
61.8%
58.8%
60.8%
Ratio of total reserve to deposita and
F. R. note liabilities combined
63.5%
64.8%
62.7%
Ratio of total gold reserves & other cash to
deposit Ox F.R. note liabilitles combined
68.3%
68.1%
68.0%
67.8%
59.4%
66.4%
67.1%
Contingent liability on bills purchased
35,436,000
for foreign correspondents
35,031,000
36.731,900
42.189.000
36,770,000
41,340.000
38,886,000
48.280.000 102,212,000
$
Maturity Distribution of Bills and
Short-Term Securities
-1-15 days bills discounted
18-30 days bilis discounted
81-60 days bills discounted
d1-90 days bills discounted
Over 90 days bills discounted
$
$
$
$
$
$
$
$
167,914,000
17,844,000
46,819,000
15,639,000
5,546,000
181.962,000
20,062,000
48,089,000
21,039,000
51,513.000
192,071,000
24,148,000
41,687,000
36,416,001)
7.652,000
195,699,000
22.195,000
26,813.000
61,411.000
6,047,000
212.662.000
22.485.000
23.570.000
64.943,000
6,565.000
215,315.000
22.711.000
28,606.000
64.701.000
6.908,000
255,564,000
27.458.000
47.382,000
62.530,000
7,168,000
254,905.000
24,725,000
48,636,000
49,133,000
7.602,000
354,211,000
36,911,000
44,680,000
36,272,000
24,165,000
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market
81-60 days bills bought in open market
61-90 days bills bought In open market
Over 90 days bills bought In open market
253,762,000
4,708,000
1,314,000
1,333,000
2.845,000
276.665.000
3,960,000
3,504.000
724.000
3,222,000
1.000
301,974,000
12,479,000
5,239,000
842,000
1,302,000
312,165,000
33,563,000
3,677,000
3,870,030
1.552.000
330,225,000
65,036.000
4,533,000
2,634,000
5,340,000
338.241,000
75,017,000
28,705.000
3,819,000
5,016.000
50,000
400,102.000
73,716.000
60.400,000
4,252.000
5,734.000
50,000
385.001.000
71,214,000
74,240,000
26,022,000
5.923.000
51,000
496,239,000
26,979,000
9,793,000
1,761,000
27,128,000
Total bills bought in noen market__
1-15 days G. S. certificates and bills_
18-30 days U. S. certificates and bills__
81-80 days U. S. certificates and bills_
61-90 days U. S. certificates and bills__
Over 90 days certificates and bills
10,200,000
131,975,000
40,738,000
53,227,000
159,796,000
422,011,000
11.411,000
107,725.000
28,988.000
76.550.000
158.896.000
422.809,000
19,862,000
127,625.000
37,500,000
81,288,000
111,646,000
433,855,000
42.662,000
71,450,000
97,775,000
62,638.000
141,796.000
427,864.000
—
77,543,000
86.600,000
127,875,000
73,238,000
127,956.000
405.455,000
112,607,000
95.500,000
70,750,000
120,975.000
72,100,000
467,351,000
144,152.000
52,400,000
86,600.000
164.360,000
56,000,000
467,370,000
177,450.000
91,438,000
85,300,000
210,875,000
54.550.000
467,350.000
65,661,000
36,550,000
74,000,000
175,025,000
208,750,000
573,829,000
Total U.S. certificates and bills
1-15 days municipal warrants
18-30 days municipal warrants
81-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
807.747,000
3.501,000
25,000
10,000
38,000
50,000
794,968.000
4,906.000
25,000
10,000
38.000
50,000
791,914,000
4,738,000
25,000
10.000
801.523.000
5,174,000
127,000
25,000
10.000
50.000
3,624,000
5,029,000
4,823,000
Total municipal warrants
Pednal Reserve Notes—
Issued to F. B. Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent as Security
for Notes Issued to Bank—
By gold and gold certlfleates
Gold fund—Federal Reserve Board
By eligible paper
U. 8. Government securities
Total
50.000
821,124.000 826,676.000 826.730.000
5,192,000
5,401.000
5,201.000
51.000
127,000
51.000
152.000
25,000
152,1100
10.000
10.000
10.000
27,000
50.000
50.000
— ---5,386,000
5,641,000
5.464.000
5,404.000
—
-----
909,513,000 1,068,154,000
4,791,000
5,211,000
785,000
178,000
35 000
35,000
27,000
5.451.000
----
5,611,000
3,380,077,000 3,419,635,000 3,436.872,000 3,471,471,000 3,556,404,000 3,613,316.000 3,671,321.000 3,715.341.000 2,791,931,000
261.698,060 255,946.000 233,770,000 250.042,000 256,609,000 263.563,000 275,952,000 291.227.000 216,132,000
— ---3,118,379,000 3.163.689.0003.203.102.000 3,221,429,000 3.299,995.000 3.349.753,000 3,395.369,000 3,424,114,000 2,575,799,000
_—
-------1,478,034,000 1,468,639.000 1,466.704,000 1,457,279.000 1,381.104.000 1,379.924.000 1,323,269,000 1,317.411,000 831,342,000
1,338,435,000 1,318,435,000 1,346,935,000 1,375,435.000 1,350,835.000 1,326,835,000 1.341,835,000 1.354.335.000 1,065,965,000
150,570,000 162,422,000 190,397,000 217.760,000 240.447.000 292,811,000 371,749.000 417.659.000 519,313,000
467,900,000 505,900,000 480,900,000 471,900,090 413.400.000 633,400.000 659,400,000 650.500,000 401,700,000
3,434,939,000 3.455.398.000 3.484.936,000 3.522.374000 3 00.1 700 0110 1 019 ayn nnn 3 Rim 253 (100 3.750.003 non 2.81[8.320.000
•"Other cash" does not inoluderederal Reserve noted or a Bank's own Federal Reserve bank notes.
a Now included in "other cash." b Revised.
WEEKLY STATEMRNT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE Olt BUSINESS JUNE 14 1933
Two Ciphers (GO) omitted.
Federal Reserve Bank of—
Total.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago, St, Louis. Altnneap. Kan.City. Dahlia. 3551r5s.
—
RBSOURCES.
$
$
$
$
$
3
$
1
S
$
$
$
$
Gold with Fed. Res. Agents__ 2.816,469.0 231,929,0 706,231,0 172,000,0 210,770,0 132,835,0 98,550,0 788,197.0 125,955,0 60,146,0 88,290,0 21,303,0 180,263,0
Gold redm.fund with U.S.Treas.
42,906,0 4,888,0
2,598,0 4,360,0 6,855,0 1,180,0 2,891,0
4,810,0 1,323.0 2,067,0 2,782,0 1,282,0 7.870,0
iell
Gold held excl. agst. F.R.notee 2.859,375.0 236,817,0 708,829,0 176,360,0 217,625,0 134,015,0 101,441,0
62,213.0
Gold Rettlerril fund with F.R.Bd 427,674.0 22,937,0 154,095,0 11,030.0 36,182.0 14,288,0 11,409,0 793,007,0 127,278,0 15,327.0 91,072,0 22,585,0 188,133,0
90,495,0 18.640,0
16,945,0 9,586,0 26,741,0
Gold & gold Ws. held by banks. 245,741,0 22,172,0 143,583,0 13,803,0 4,826,0 4,484,0 4.440,0
7,624,0 1,561,0
1,408,0 13,059,0 5,943,0 22,838,0
Pest., enarl
•Iq c29 70011901 090 A 1 Ana 117 non, Inq none Agg n Imo •Tov n ...• non n
on• •nds n • An A.o. n no nAo n lot •-•,. rt 00 11.111 n•••• •••n n
,
4231
Financial Chronicle
Volume 136
Weekly Return of the Federal Reserve Board (Concluded).
$
$
293,254,0 21,802,0
RESOURCES (Concluded)>ther cash.
Cleveland Richmond Atlanta.
Phila.
New York.
Boston.
Total.
Two Ciphers (00) omitted.
58,771,0 40,186,0 47,309,0 15,050,0
814,0
691,0
304,0
3,275,0
253,762,0 11,301,0
625,0
10,200,0
$
5
9,869,0 21,916,0
930,859,0 161,069,0 83,288,0 132,462,0 47,983,0 259,628,0
200,0
50,0
100,0
100,0
100,0
2,000,0
3,341,0
12,323,0
611,0
2,108,0
244,0
5,889,0
1,390,0
9,759,0
582,0 4,915,0
3,926,0 26.510,0
15,664,0
1,187,0
9,547,0
342,0
441,188,0 20,705,0
683,509,0 39,082,0
3
$
4,340,0 11,386,0
$
$
39,733,0 13,590,0
Total gold reserves&other cash 3,826,044,0 303,728,0 1,095,871,0 226,919,0 283,319,0 169,184,0 131,734,0
150,0
3,000,0
292,0
250,0
7,242,0 1,000,0
Redem.fund-F.R.bank notes_
dills discounted:
616,0
23,968,0 7,248,0 6,979,0 2,102,0
55,553,0 3,557,0
Sec. by U.S. Govt.obligations
34,803,0 32,938,0 40,330,0 12,948,0 8,931,0
198,209,0 7,744.0
Other bills discounted
Total bills discounted
Bills bought in open market_ __ _
U. EL Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
St. Louis. ifinneap. Kan.City. Dallas. San Fran.
Chicago.
I
$
$
$
$
89,364,0 25,726,0 24,686,0 16,397,0 14,445,0
2,719,0
285,0
6,133,0 11,149,0
283,0
234,0
4,508,0 31,425,0
338,0 1,822,0
63,853,0 14,167,0 16,990,0 12,242,0 17,091,0 25,488,0
85,706,0 26,705,0 18,535,0 22,810,0 13,856,0 49,816,0
184,552,0 30,192,0 35,182,0 10,453,0 10,273,0
265,346,0 52,454,0 68,757,0 20,425,0 20,017,0
807,747,0 43,700,0
297,276,0 58,652.0 76,883,0 22,839,0 22,388,0
138,572,0 29,858,0 20,875,0 25,506,0 15,493,0 55,705,0
Total U.S. Govt.securities_ 1,932,444,0 103,487,0
3,624,0
3ther securities
Bills discounted for, or with
(-).other F. R. banks
747,174,0 141,298,0 180,822,0 53,717,0 52,678.0
2,942,0
525,0
288,131,0 70,730,0 56,400.0 60,558,0 46,440,0131,009,0
107,0
50,0
Total bills and securities
2,200,030,0 115,413,0
292,0
Due from foreign banks
3,832,0
353,0
18,848,0
Fed. Rea. notes of ether banke._
Uncollected Items
407,388,0 46,994,0
54,312,0 3,280,0
Bank premises
718,0
ill other resources
52,603,0
812,162,0 182,823,0 228,822,0 69,071,0 62,567,0
378,0
149,0
133,0
1,417,0
420,0
6,516,0
406,0
880,0 1,281,0 1,070,0
109,392,0 31.839,0 40,812,0 35,184,0 10,505,0
12,818,0 3,394,0 6,929,0 3,238,0 2,422,0
27,464,0 5,006,0 1,856,0 4,213,0 5,186,0
305,032,0 73,734,0 62,874,0 71,990,C 51,286,0 164,256,0
267,0
111,0
111,C
14,0
21,0
519.0
291,0 1,640,0
785,0 1,666,6
2,955,0 1,005,0
53,627,0 15,785,0 10,991,0 19,897,0 14,079,0 18,283,0
7,605,0 3,285,0 1,746,0 3,559,0 1,792,0 4,244,0
942,0 1,537,0 1,362,0
699,0 1,658,0
1,962,0
6.570,299.0 471,778,0 2,068,640,0 451,099.0 563.246,0 282,320,0 213,767,0 1,304,559,0 255,698,0 161,456,0 230,677,0 117,179,0 449,880,0
Total resources
LIABILITIES.
V. R.notes in actual circulation_ 3,118,379,0 221,833,0 656,931,0 240,871,0 314,976,0 142,955,0 124.715,0
2,195,0
53,581,0 5,523,0 4,165,0
P. R. bank notes in act'l circa]) 113,264,0 12,159,0
Deposits:
Member bank-reserve account 2,281,378,0 145,853,0 1,070,491,0 113,574,0 140,642,0 68,854,0 49,888.0
11,965,0 3,042,0 2,694,0 4,948,0 3,254,0
Government
46,422,0 3,562,0
296,0
837,0
330,0
2,782,0
887,0
Foreign bank
617,0
8,410,0
Special-Member bank
6,062,0 7,793.0 8,957,0 5,848,0 2,811,0
83,449,0 3,898,0
204,0
493,0 2,228,0
1,421,0 1,690,0
Non-member bank
18.334,0
10.157,0
269,0 4,587,0 3,889,0 1,896,0
Other deposits
43,010,0 5,010,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,481,003,0
399,701,0
147,563,0
278,599,0
31,790,0
158,940,0 1,102,878,0
47,008,0 100,951,0
58,530,0
10,550,0
85,058,0
20,460,0
10,711,0
828,0
805,623,0 142,464,0 89,981,0 111,954,0 35.650.0230,426.0
976,0 2,444,0
870,0
216,0
791,0
30,344,0
307,429,0 65,801,0 42,656,0 78,007,0 49,106,0 149,077,0
7,601,0 2,368,0 2,251,0 1,682,0 1,174,0 1,881,0
591,0
245,0
194,0
245.0
1,099,0
287,0
285,0 5,948,0
32,141,0 3,645,0 1,270,0 4,791,0
767,0
169,0
6,482,0 3.395,0 1,485,0
197,0
630,0 6,788,0
4,352,0 4,112,0 1,123,0
359,104,0 79,608,0 48,979,0 85,091,0 51,440,0 165,052,0
53,314,0 18.043,0 10,491.0 19.355,0 15,571,0 19,774,0
12,999,0 4,027,0 2,821,0 4,247,0 3,887,0 10,551,0
8,719,0 19,701,0
39,497,0 10,186,0 7,019,0 8,263,0
936,0 1,932,0
897,0
3,678,0 1.154,0 1,374,0
127,255,0 158,210,0 86,097,0 58,349,0
30,073,0 40.662,0 34,215,0 10,244,0
15.800,0 13,932,0 5,440,0 4,779,0
29,242,0 28,294,0 11,616,0 10,544,0
2,335,0 3,007,0 1,997,0 2,941,0
6,570,299,0 471,778,0 2,068,640,0 451,099,0 563,246,0 282,320.0 213,767,0 1,304,559,0 255.698,0 161,456,0 230,677,0 117,179,0 449,880,0
Total liabilities
Memoranda.
Ratio of total gold reserves and
Other cash• to deposit & F. R.
72.0
59.9
73.9
note liabilities combined
79.8
62.3
61.6
68.3
Contingent liability on bills pur11,234,0 3,752,0 3,537,0 1,394,0 1,251,0
chased for for'n correspondents
35,031,0 2,608,0
,
•"Other cash" does not Include Federal Reserve notes or a Bank's own Federal Reserve 0 nk notes.
79.9
72.5
59.9
67.2
55.1
65.6
4,645,0
1,215,0
822,0
1.036,0
1,036,0
2,501,0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Boston. New York.
Two Ciphers (001 omitted.
$
$
federal Reserve notes:
Issued to F.R.13k. by F.R.Agt. 3,380,077,0 237,695,0
Held by Fedi Reserve Bank. 261,698,0 15,862,0
Phila.
Chicago.
Cleveland. Richmond Atlanta.
$
$
$
St. Louts. Minneap. Kan.City. Dallas. San Fran.
$
$
$
$
$
s
$
$
739,197.0 257,343,0 330,630,0 152,010,0 147,240,0
82,266,0 16,472,0 15.654,0 9,055,0 22,525,0
833,831,0 153,715,0 93,161,0 122,492,0 38,138,0 274,625,0
28.208,9 11,251,0 3,180,0 10,538,0 2,488,0 44,199,0
In actual circulation
3,118,379,0 221,833,0
Collateral held by Agent as security for notes Issued to bks:
Gold and gold certificates
1,478,034,0 70,912,0
1,338,435,0 161,017,0
Gold fund-F.R.Board
Eligible paper
150,570,0 11,387,0
U. S. Government securities
467,900,0
656,931,0 240.871,0 314,976,0 142,955,0 124,715,0
805,623,0 142,464,0 89,981,0 111,954,0 35,650,0 230,426,0
484,131,0 97,450,0 107,270,0 49,330,0 21,550,0
222,100,0 74,550,0 103,500,0 83,505,0 77,000,0
38,158,0 18,040,0 30,260,0 8,053,0 5,185,0
68,000,0 100,000,0 12,000,0 44,000,0
436,197,0 42,255,0 29,146,0 21,490,0 18,803,0 99,500,0
352,000,0 83,700,0 31,000,0 66,800,0 2,500,0 80,763,0
9,411,0 1,753,0 3,872,0 5,750,0 4,434,0 14,267,0
56,000,0 27,000,0 30,900,0 30,000,0 13,000,0 87,000,0
3,434,939,0 243,316,0
744,389,0 258,040,0 341,030,0 152,888,0 147,735,0
853,608,0 154,708,0 94,918,0 124,040,0 38,737,0 281,530,0
Total collateral
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Two Ciphers (00) omitted.
Federal Reserve bank notes:
Issued to F. R. Bk.(outatdg.)
Held by Fed'I Reserve Bank_
$
In actual circulation
Collat.pledged agst.outst. notes:
Discounted & purchased bills_
U.S. Government securities__
Boston. New York.
64,274,0
10,693,0
6,280.0
757,0
113,264,0 12,159,0
53,581,0
5,523,0
168.365,0 20,000,0
Total collateral
$
$
139,634,0 14,280,0
26,370,0 2,121,0
18,391,0
149,974,0 20,000,0
Chicago.
Cleveland Richmond Atlanta.
Phila.
s
$
SS. Louis. Minneap Kan.City. Dallas. SanFran.
$
$
$
$
a
$
$
7,780,0
3,615,0
2,902,0
725,0
35,720,0
5,376,0
$
320,0
104,0
900,0
109,0
1,000,0
130,0
2,160,0
1,184,0
4,000,0
1,556,0
791,0
870,0
976,0
2,444,0
5,000,0
5,000.0
4,165.0
2,195,0
30,344,0
216,0
16,919,0
64,274,0
8,000,0
1,030,0
2,500,0
40,000.0
327,0
5,000,0
2,000,0
1,000,0
115,0
2,200,0
64,274,0
8,000.0 16,919.0
3,530.0
40,000,0
5,327,0
2,000.0
1.000,0
2,315,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement" and Include
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were Included with loans, and some
of the banks included mortgages In Investments, Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on securities
being given. Furthermore, borrowing at the Federal Reserve Is not any more subdivided to show the amount secured by U.S. obligations and those secured by commercht
paper, only slump total being gtven. The number of reporting hanks formerly covered 101 leading cities, but was reduced to 90 cities after the declaration of bank holidays
or moratoria early in March 1933. Publication of the weekly returns for the reduced number of cities was omitted In the weeks from March 1 to May 10, but a summary
of them Is to be found In the Federal Reserve Bulletin. The figures below are stated In round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JUNE 7 1933 (In millions of dollarsl•
Federal Reserve District-
On securities
All other
$
1,138
$
7,914
650
3,742
4,769
Loans-total
251
399
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Ean.City. Dallas. San Fran.
Phila.
3
982
$
1,097
4,002
522
2,002
2,000
264
258
$
$
$
438
294
482
355
$
1,683
814
215
161
211
210
893
398
416
88
127
49
112
58
153
66
144
211
682
314
304
$
1,484
485
171
177
238
247
60
111
57
120
$
I
$
7,974
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
Boston. New York
3
16,485
8,511
-total
Loans and investments
..-.....
..I... frnm V 15
Total.
1/.1.11.
' 488
3,912
460
612
143
127
670
223
133
271
145
790
5,013
2,961
299
189
2,600
1,312
212
248
400
212
97
46
80
47
417
253
123
100
69
64
161
110
92
53
463
327
1,636
194
10,983
4,275
181
1,451
2,969
106
16
725
378
7
157
161
897
49
6,187
1,074
94
130
1,455
69
10
597
262
10
117
167
76
16
601
367
8
80
168
25
10
178
127
2
76
60
20
.5
142
127
4
60
59
221
43
1,061
474
8
283
332
37
8
259
157
1
83
93
20
5
162
140
49
12
327
160
1
135
163
27
7
210
124
4
81
77
89
13
534
885
42
140
157
14
c
a
9
1
27
lIA
'I
101
77
4232
Financial Chronicle
„tr Simaid a
.-1Tf'
STOCKS.
Week Ending June 16.
Tanuntrrt
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
Including Postage6 Mos.
12 Mos.
Dnited States, U. S. Possessions and Territories
$10.00
$6.00
In Dominion of Canada
11.50
6.75
South and Central America, Spain, Mexico and Cuba.__ 13.50
7.75
Great Britain, Continental Europe (except Spain), Asia.
Australia and Africa
15.00
8.50
The following publications are also issued:
MONTHLY PUBLICATIONS
COMPENDIUMS-BANK AND QUOTATION RECORD
PUBLIC UTILITY-(semi-annually)
RAILWAY & INDUSTRIAL-(four a year) MONTHLY EARNINGS RECORD
STATE AND MUNICIPAL--(11e1111-an11.)
The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record Is $6.00 per year each; for all the others is
$5.00 per year each. Foreign postage extra.
-On account of the fluctuations in the rates of exchange.
NOTICE.
remittances for foreign subscriptions and advertisements must be made
in New York funds.
Terms of Advertising
45 Cents
Transient display matter per agate line
On request
Contract and Card rates
-In charge of Fred. H. Gray, Western Representative.
CRICatio Orrice
208 South La Salle Street. Telephone State 0613.
LONDON OFFICE-Edwards te Smith, 1 Drapers' Gardens, London, E. C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce. New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Business Manager, William D. HIM:
President and Editor. Jacob Seibert;
Treas., William Dana Seibert; See., Herbert D.Seibert. Addresses of all. Offlee of Co,.
Wall Street, Friday Night, June 16 1933.
-See page 4217.
Railroad and Miscellaneous Stocks.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list:
STOCKS.
Week Ending June 16.
Sales
for
Week.
RailroadsPar) Shares.
20
Beech Creek RR _ __ _50
20
Caro Clinch & 0160_100
Central RR of N J._101)
900
Chic Indpls & L pt__100,
30
70
Chic St P M & 0___100
250
Cob Se Sou let pref_100,
30
100
2d preferred
210
100
Cuba RR pret
500
1
Duluth S S A
300
100
Preferred
500
•
Havana Elec Ry
Hudson & Manh pt..100 1,400
600
111 Cent preferred__ _100
Interboro Rap Tr etts.•
100
70
lot Rye of Cent Ametfs•
130
Common
Preferred
100
70
40
Market St Ry
100
500
M St P&SSM pt 100
50
Leased line
10
NashChatt&StL.J0
20
440
NatRysofMexlstpf.1001
NOT&MOX
60
10
10
Northern Central..50
Pacific Coast 1st pf_100
10
120
100
2d preferred
830
Phila Rap Transit _50
90
Preferred
50
400
Rutland RR pre(___100
200
5ouRyM&Octfsl0
Ind. & Misc.Amer Comm Alcohol rts
Am Mach & Mets etts.•
Amer Radiatort& Stan
Sanitary pref....._100
Art Metal Construct_10
Asso Dry Gds 1st pf 1
Austin Nichols prior A
Barker Bros pret_100
Bigelow Beard Carpet.*
Blumenthal&Co prefl
Burns Bros pee!....100
•
Class II
5
Class A
Chile Copper
25
City Stores class A____*
Certificates
Class A certificates_
Cob Fuel&Iron pret 100
Comm Cr pret (7)-25
Crown Wmette 1st prat
Dresser Nlfg ci A
Class B
Elk Horn Coal pret_ _50
Eng Pub Serv pre (6).•
Fairbks Co pre( ctts_100
Fash Park Assoc prefl
Fed Min & Smelting 1
•
Food Machinery
Franklin Simon prat 100
Freport Tex Co prof 100
Greene Cananea Cop100
Guantanamo Sugpfd109
.
Hamilton Watch
Harbls-Walk R pfd 1
1
Hat Mfg class A
t.lass A preferred.!
Helme (G W) pref__1
Houdallle-Hersh cl A.
Kelsey-Hayes Whl el 131
Kresge Dept Stores •
Laclede Gas pret___1
Common
100
Maillruton & Co pref 1
Martin Parry Corp___•
Mengel Co pref
1
Omnibus Corp preLl
Outlet Co
•
Preferred
1
PM Tel & Tel pret_l
Panhandle Prod & Re
100
preferred
Penn Coal & Coke...5
Phoenix Hosiery pf.1
.1
Pierce-Arrow Co pf.
Pitts Terminal Coal 100
100
I Preferred
Revere Cop & Br pf 100
Shell Transp & Trad_E2
69,800
100
L
Range for Week.
Lowest.
$ per share.
28 Juno 13
60%June 10
84 June 12
11 %June 15
4 June 10
26%June 15
25 June 12
14 June 13
1%June 14
134June 12
1%June 16
40 June 13
37 June 14
7 June 12
3%June 10
5 June 14
12 June 15
1 %June 15
33.4June 14
10 June 10
41 June 13
134June 13
10 June 16
72 June 14
4%June 15
4%June 12
2 June 14
5%June 13
11 June 14
35%June 12
2 June 16
4 June 15
Highest.
Range Since Jan. 1.
Lowest.
Highest.
$ per share. $ per share.13 per share.
28 June 13 26
Feb 26
Juno
61 June 13 42
Jan 61
June
91 June 13 38
Apr 91 June
12 June 13 6
May 15
May
4 June 10 1
June 434 June
30%June 12 1234 Apr 3134 June
25 June 121 10
Mar 25 June
1534June 12, 23.4 Jan 16
June
1%June 12
34 Feb 134 June
2%June 15
34 Feb 234 June
2%June 10
3.4 June 234 June
43 June 15 2734 Apr 43 June
41 June 12 16
Mar 43
May
7 June 12 7 June 7 June
3%June 12 134 Mar 33.4 May
5%June 16 134 Mar 534 June
15 June 10 434 Apr 15 June
2%June 12'
34 Feb 234 June
434June 131
% Apr 434 Juno
10 Juno 10 4
Apr 1234 June
41 June 13 13
Jan 46
May
1%June 12
34 May 234 June
14%June 13 9
Feb 1434 June
72 June 14 69
Feb 72
June
4%June 15 134 Feb 634 June
4%June 13 1
Feb 434 June
4 June 12 2 June 4
June
6%June 15 534 June 634 June
12 June 14 6
Jan 163.4 May
35%June 12 8
Jan 36
May
2I5June 15
4 June 15
2 June
% Feb
2% June
5% June
100105 June 13 105 June 13, 8134 Apr 105
May
390 634June 151 73(June 12' 334 Feb 7% June
Feb 53
200 5034June 16 5134June 12 18
May
60 243iJune 1 25 Juno 14 13
Feb 25 June
390 15 June 10 1634June 12 5% Apr 16% June
990 183June 16 1934June 10 6% Apr 20 June
Apr 35% Feb
10 35 June 15 35 June 15' 24
230 934June 15 103.4June 13' 1% Jan 13 June
May 331 June
800 2%June 16 3 June 12 1
300 474June 16 434June 16'
34 Apr 5 June
Apr 19
June
380 1434June 16 19 June 15 6
1,250 4 June 12 43.4June 14 134 Jan 434 June
Si Mar 134 June
10,800 115June 16 134June 10
50 43-iJune 14 5 June 14 434 June 5 June
Apr 50 June
90 42 June 15 47 June 12 16
100 23 June 13 23 June 13 1834 Mar 2314 June
May 42 June
20 42 Juno 14 42 June 14, 17
1534June 16 18 June 12 6% Feb 18
3
June
2,2
734June 16 9%June 12 2% Mar 10% June
234June 14 5 June 10
2,56
% Apr 6 June
4
50 June 16 55 June 13 20% Apr 55 June
6 June 1
63June 12 2% Apr 635 June
160 734June 14 10 June 12 3
Feb 11
June
Mar 75 June
200 75 June 1 75 June 10 15
100 15 June 12 15 June 12 615 Apr 15 Juno
Jan 49 June
50 45 June 16 49 June 12 12
700 1175.4June 16 125 June 14 97
Apr 127 June
260 24 June 16 3034June 14 8% Feb 30% Juno
50 30 June 14 30 Juno 14 5
Feb 34 Juno
May
510 534June 12 6 June 12, 234 Apr 6
20 85 June 12 85 June 12 48
Mar 8934 June
1,630 33iJune 1
15 Mar 6 Juno
6 June 14
30 25 June 12 25 June 12 534 Apr 25 June
1012334June 13 123%June 13 1163.4 Mar 125
May
1.4001 11 June 16 1434June 12 434 Apr 15 June
700 4%June 15; 5 June 12 2
Mar 5% May
79
4%June 10 534June 13 1
Mar 6% May
593.4June 12 5934June 12 3734 Apr 61
Jan
20 70 June 15 80 June 14 50
May 80 June
180 19 June 13 22 June 13 3
Feb 22
June
34 Jan 3
100 134June 16 1 %June 16
May
590 303.4June 10 3534June 13 22
Jan 36% May
100 81 June 12 81 June 12 64
Jan 81
June
Apr 42
30 39 June 12 40 June 12 22
Jan
10 101 June 12 101 June 12 100
Apr 105
Feb
60107 June 15 1073.4June 10 10134 May 110
Jan
110
400
20
600
2,500
110
280
140
10%June
3 June
45 June
18 June
23.jJune
10 June
45 June
173.LJune
141 15 June
15' 33June
13 45 June
12 19 June
12 3 June
15 123-iJune
13 49 June
16 1834June
10 534
14
M
13 25
12 4
12
34
12 4
13 7
15 11%
June 17 1933
Jan
Feb
Mar
Apr
Feb
Jan
Feb
Mar
15%
5
45
19
4
15
49
1834
June
May
June
June
June
June
June
Juno
Range for Week.
Sales
for
Week.
Lowest.
Range Since Jan. 1.
Highest.
Lowest. I Highest.
Indus. & Misc. (Conc.) Shares. $ per share. $ per share.
Per share.$ Per shore.
Sloss-Shoff St & Ir. _100
500 2734June 12 28 June 12 7
Jan 29
June
Preferred
100
330 30 June 16 36 June 12 sg Feb 36
June
Southern Dairies cl A.
1834June 12 18%June 12 394 Jan 181-4 June
200
Spear & Co pret
100
20 30 June 1 30 June 15 20
Jan 30
June
Sperry Corp et&
1 72,100 4%June 15 634June 13 234 May; 6% June
United Dyewood pf_100
10 50 June 13 50 June 13 2734 Jan' 50 June
S Distributing pt_100
100 20 June 13 20 June 13 734 Jan' 20
June
US Gypsum prof ___100
20 113 June 12 113 June 12 10134 Jan 115
June
S Tobacco pret _..100
30 128%June 13 128%June 13 125
Mar 13034 Mar
Univ Leaf Tob pret.100
50 112 June 13 112 June 13 96
Apr 112
June
Union Pipe & Had pf100
90 10 June 14 1434June 12 4
Apr 1434 June
Van Raalte let prof.100
10 3034June 15 3034June 15 2034 May 3834 Feb
Va Iron Coal & Coke100
50 10 June 16 13 June 12 234 Feb 15
May
Preferred
100
10 30 June 13 30 June 13 30 June 30 Juno
Vulcan Detinning pf 100
250 100 June 12 100 June 12 5
757
Feb 15
pr 0
883410034 May
0
5
Walgreen Co pret
12 85 June 14
100
170 81 June
Apr
Jan
Webster Elsenlohr pf 100
60 58 June 15 58 June 15 50
Jan 61
May
Wells Fargo & Co..._1 2,060 134June 16 334June 10
% Apr 334 June
Wheeling Steel pref.100
100 47 June 12 47 June 12 15
Feb 47 June
•No par value.
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, June 16.
Maturity.
Dec. 15 1933 __
Mar. 15 1834_
Sept.15 1933...
Aug. 1 1934....
Feb. 1 1938._ .
Dec. 15 1936._
Apr. 15 1936_
Int.
Rate.
Si%
134%
23.4%
2,5%
24%
214%
Asked.
100.ss
100 ss
,
100"ss
101" s
100.ss
101.ss
101"n
MarurUs.
Int.
Rate.
100"31
MO'
,f
100"12
101"32
100.ss
101.ss
10111,,
Bid
tune 15 1938...
May 2 1934...
June 15 1935_..
Apr. 15 1937._
Aug. 1 1936._ _
Sept.15 1937...
Aug. 15 1933_
Dec. 15 1933.....
2%%
3%
3%
3%
%
3%%
4%
41 %
4
Bill.
Asked.
1002.n 100"n
102.3, 102uss
103.st
101",, 101..ss
1020112 102..ss
102"8, 102uss
100"n 100"s,
102
102.11
U. S. Treasury Bills-Friday, June 16.
Rates quoted are for discount at purchase.
Bid.
June
June
July
July
July
July
21 1933
28 1933
5 1933
12 1933
19 1933
25 1933
Asked.
0.35%
0.35%
0.35%
0.35%
0.35%
0.35%
0.05%
0.05%
0.10%
0.10%
0.10%
0.10%
Bid.
Aug. 2 1933
Aug. 9 1933
Aug. 16 1933
Aug. 23 1933
Aug. 30 1933
Sept. 6 1933
0.35%
0.35%
0.35%
0.35%
0.35%
0.35.7-
Asked.
0.10%
0.10%
0.10%
0.10%
0.10%
0 10%
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. June 10 June 12 June 13 June 14 June 15 June 16
First Liberty Loan
High
3;5% bonds ot 1932-47__ILow_
Close
(First 3 3610
Total sales in 11.000 units._ _
Converted 4% bonds otilligh
1932-47 (First 4s)..... Low.
Total sales in SLOW units- _
Converted 434% bond, High
of 1932-67 (First 43(s) Low_
Close
Total sales in $1,000 units...
Second converted 44% High
bonds of 193247 (Firatl Low.
Close
Second 4345)
Total sales in $1,000 units.- _
Fourth Liberty Loan
{High
434% bonds of 1933-38._ Low_
Close
(Fourth 4ge)
Total sales in 31,000 units...
(High
Treasury
43-4s. 1947-52
Close
Total sales in 31.000 units...
High
45. 1944-1954
{Low_
Close
Total sales in 31,000 unit,...
High
334s, 1948-1956
Low_
Close
Total sales in $1.000 units...
(High
Low_
asis. 19434947
Close
Total sales in 11.000 Units...
{High
38. 1951-1955
Low.
Cloee
Total 80144 in $1,000 units_ _ _
{High
Low.
33.6s. 1940-1943
Close
Total sales in 113000 unit,...
(High
315s, 1941-43
Low_
Close
Total sales in $1.000 Units...
3348. 1948-1949
102ust
102
102uss
225
10luss
101 1.st
101"n
3
102"n
1021033
1021.31
42
103
102"ss
102"ss
79
109"ss
109uss
109s.ss
21
106.ss
106.ss
106.n
21
1041.st
101"ss
1041.ss
133
102.ss
102.n
102.3s
45
981.ss
98"ss
160
102.ss
102.ss
102.1t
6
102.ss
102 as
,
102.8
46
100
low.
100
(HighlosC
Total sales in 11.000 units_ __
35
102s.ss 102"n 102",, 102",,
102",, 102"n 102". 102",,
102",, 102"n 102"n 102uss
54
23
24
71
101",, 102
101"ss
101 us, 102
- 101"ss
1010n 102
101..ss
2
2
2
10i3i3;
102..8
19
103
102",,
102":,
197
109"ss
109"ss
109"ss
10
106.ss
106.ss
106.ss
29
1011.os
1011.ss
1011.ss
7
102.ss
102.ss
102.ss
11
98.
2ss
982
.ss
98..ss
23
102.ss
102.ss
102.ss
33
102.ss
102.st
102.ss
18
100.ss
99"ss
100
167
161;
102,.22
102..n
42
102'n
102"n
103.82
160
110
109..n
110
31
106.n
106.n
106.n
64
102-1;ss
102.ho
9
103,n
103
103.n
28
110
110
110
13
107.n
108.n
106'n
62
104"n
101..n 101..n
104",,
25
10
102"n 102"n
1021.n
102"12 102.4,
167
2
98"n 08..32
98"n 08"32
98"n 98"n
59
100
102.42 1021'n
102'n 10203,
102.4, 102un
7
9
102"33 1021.31
102.n 102"n
102"n 102"n
14
10
100'n 100.n
100
100'n
100'n 100'n
189
5
102.'n
102uss
19
103.,,
103
103.1s
135
110.n
109"ss
110.,,
190
106”ss
106.ss
106.8
107
101"ss
10i",,
104"n
47
102"n
102"82
102"n
7
98un
98"ss
237
102uss
102"ss
1021.,,
16
102un
1020n
1021.,,
8
10(Pss
1001ss
100.11
86
1021.n
102uss
102un
45
102uss
102."
102.ss
60
102
102
102
1
103.ss
102"ss
103,st
66
110.ss
110
110.1,
24
106uss
106.st
106"st
30
104ust
104"st
104"ss
45
102un
102"st
102",,
7
981111
98..ss
98..ss
182
102un
102"n
102"n
40
102uss
102"n
1021...
15
100..1
100.11
100.is
77
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
5 1st 434s
194th 434s
7 Treas. 434s
2 Treas. 334s 1940
1 Tress. 334,
102[0.1 to
102"ss to
109mil to
102'n to
99". to
1021.n
102"s.
109,111
102'811
99"ss
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.03404.0834
for checks and 4.0374@4.0834 for cables. Commercial on banks. sight.
4.07; 60 days, 4.06; 90 days, 4.0514, and documents for payment 60 days,
4.0615. Cotton for payment, 4.07.
To-day's (Friday's) actual rates for Paris bankers francs were 4.68©
4.741.4 for short. Amsterdam bankers' guilders were 47.760 48.45.
,
Exchange for Paris on London, 86.10, week's range, 86.12 francs high
and 85.95 franca low.
The week's range for exchange rates follows:
Cables.
Checks.
Sterling. Actual4.19
High for the week
4.1915
Low for the week
4.0115
4.02
Paris Bankers' Francs
High for the week
4.8634
4.8615
Low for the week
4.67
4.6634
Germany Bankers' Marks
29.25
29.23
High for the week
28.40
28.25
Low for the week
Amsterdam Bankers' Guilders
49.75
49.71
High for the week
47.74
47.73
Low for the week
4233
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
•
tar- FOR
PAGE PRECEDING.
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
June 10.
Monday
June 12.
Tuesday
June 13.
8
8
88
7
7
7
7
2912 30
30
10
9 8 1058
7
732
4 7312 7714
3514 3414 3614
1212 123 123
8
4
1312 134 14
4
8
1638 163 177
127
8 127 127
8
8
215
8 2112 227
8
913
fits 94
19
1912 193
4
1712 167 1814
8
303
8 293 3113
4
18
*1514 18
77
8 83
78
4
8
l84 193 2014
293 *263 28
4
194 20
205
8
5214 524 5314
23
2112 2132
8
l4's 1312 153
5
6
71
*6
8
115
1
11
1
*3
3
3
3'2
1418 1412 143 lSlz
8
*29
2912 2918 308
612 67
8
612 67
8
914 1018
94 1014
1
1
1
118
343 36
4
35
363
4
11
1114 114 12
177
8
1712 17
17
145 147
•140 147
2518 257
8 2518 263
4
*43
47
45
46
1314 1314 1414
13
13
4 114
112
134
5214 212
218 218
4
1463 1463 147 14714
4
*8012 82
*8012 82
23
2458
223 24
4
*212 418
414 5
2718 2818 2712 2812
5
8
75
8 78
5
7 2 75
2278 2314 2278 25
2712 2838
•25
29
28
•1912 28
•26
.20
231 .2012 2313
5438
.5012 53
53
*32
33
33
373
4
*30
30'4 303 3213
3
318
314 312
378 418
34 4
15
*10
124
.9
14
147
8
•1312 15
13
8 112
13
8
112
212 23
4
212 212
244 2514 2418 2578
2178
224 2418 23
4
3112 323
3118 32
*3012 3612 *3012 3612
11
117
8
11
11
*4
438
412 412
8
8
*1214 153 •1312 153
109 112
10812 111
69
67 8 69
,
*68
4
4 12
..4% 414
Friday
June 16.
STOCKS
NEW YORK STOCK
EXCHANGE.
_ ----_
PER SHARE
/tangs Since Jan. 1
-share lots.
On basis of 100
Highest.
Lowest.
Par $ per share 3 per share $
Railroads
$ per share Shares.
61
633 90,100 Atch Topeka & Santa Fe....100 3438 Feb 25 7114June 5
4
4June 3
100 50 Apr 3 793
Preferred
66
2,700
66
40
44
17,900 Atlantic Coast Line RR-100 1612 Feb 25 4812June 2
100
814 Feb 27 23 June 3
174 2014 121,300 Baltimore & Ohio
4June 6
912 Apr 5 203
Preferred
100
5,500
4
213 24
50 20 Jan 5 3512June 13
1,900 Bangor & Aroostook
*31
32
8
100 685 Jan 4 96 June 14
130
Preferred
95
95
100
6 Apr 19 1814June 2
100 Boston & Maine
16
*14
93
8June 8
312 Mar 29
814 814 4,000 Brooklyn & Queens Tr_ No par
Preferred
No par 3534 Apr 19 x.59 June 15
700
60
*50
4
36
383 82,700 BkIrn Manh Transit_No par 213 Feb 25 40 June 15
8
84
*82
500
56 preferred series A _No par 64 Mar 2 8312June 13
312June 6
12 Jan 11
4,200 Brunswick Tel'& Ry Seel° par
13
4 2
712 Apr 3 174June 13
25
137 1532 255,000 Canadian Pacific
8
Caro Clinch & Ohio stpd_ ..100 5014 Apr 4 70 June 2
*66
73
8June 8
25 243 Feb 28 x417
8
3712 39 128,800 Chesapeake & Ohio
4June 8
12 Apr 18
23
100
200 Chic & East Ill Ry Co
*2
25
8
338June 7
100
12 Apr 5
500
6% preferred
212 212
118 Apr 6
512June 3
34 418 8.500 Chicago Great Western-100
212 Apr 5 1314June 3
100
Preferred
814 1018 11,400
614June 8
1 Apr 6
418 5
36,800 Chic Milw St P dr Pao_ _No par
95
8June 8
112 Feb 28
100
Preferred
83 95,200
4
75
8
114 Apr 5 1038May 19
54 612 43,800 Chicago dr North Western..100
2 Apr 5 1614June 3
100
2,400
Preferred
11
11
914May 5
2 Apr 5
44 10,200 Chicago Rock Isl dr Pacific_ 100
4
100
312 Apr 10 1314May 5
7% preferred
2,500
4
63
4 7
73
4 73
714 714
814
8
April
1158May 18
100
6% preferred
4 2,100
6
6 38
55
8 53
612 658
658 65
8
4June 5
100 1514 Feb 24 343
220 Colorado & Southern
274
4
2912 3012 2712 2712 2712 283 *26
114 Feb 24 1058June 12
612 712 12,300 Consol RR of Cuba pref_ _100
614 9
8
712 83
914 1012
100 3738 Feb 25 804June 13
44,600 Delaware & Hudson
75
75
807
8 7414 7812 7112 785
8 70
3714June 13
4
8
3518 3714 337 3614 3118 3512 3014 323 95,700 Delaware Lack & Weotern..50 1714 Feb 25
4June 12
2 Feb 28 123
1012 3,300 Deny & Rio Or West pref 100
115
8 1034 1112 10
8 11
11
117
8June 13
100
33 Apr 4 145
4
14,800 Erie
8
4
1358 145
8 123 1318 1112 134 103 1112
412 Apr 4 184June 2
100
First preferred
5,900
1412 15
17
8 16
1612 175
1712 18
100
212 Apr 4 14 June 2
Second preferred
400
"83 1312
8
8
13 .113 1214 *812 13
13
8Sune 1
100
438 Apr 5 237
8
4 185 223
8
8 185 2014 64,800 Great Northern prof
2312 2012 223
22
912June 2
18 Mar 31
4
600 Gulf Mobile & Northern_100
9
918
9
9
9 18 •812 912 *8
100
Preferred
212 Mar 31 2012Juoe 7
19
1,100
*16
1612 18
19
19
20
20
_100 1112 Feb 27 19 June 13
8 1512 1818 1414 1614 20,100 Hudson dr Manhattan
174 183
175 19
8
100
812 Apr 5 3314June 3
63,200 Illinois Central
4
8 2718 3114 2512 29
3012 317
8 283 307
4Mny 25
RR Sec ctf8 series A-1000
412 Apr 18 193
100
*124 12s
*1512 17
1712 *154 17
17
44 Feb 27 1018June 15
8
83
8 93 51.000 Interboro Rapid 'Fran•t 0_100
8
83 1018
4
818 95
838 9
100
612 Feb 27 21 May 31
1614 173
4 9,500 Kansas City Southern
8
173 20
4
194 2012 183 19
Preferred
100 z12 Mar 31 3014June 6
2512 1.200
263 2714 25
4
28
2712 2912 28
50
85 Feb 24 2114June 3
8
2014 1818 2014 1714 1812 32,500 Lehigh Valley
4
193 2118 19
9,000 Louisville A4 Naahville____100 2114 Jan 3 55 June 13
4 5014 5314 4714 51
5014 523
55
52
1
410 Manhattan RY 7% guar_100 12 Mar 18 24 4May 23
2412 2414 2414
2112 2112 2018 23
24
6 Jan 3 1612May 24
1412 1514 133 15
4
14
154 13 4 1414 26.300 Manh RY Co mod 5% guar.100
,
8 June 9
14 Mar 3
Market St By prior pref _100
200
6
*314 614
71
6
*6
712 *6
'Wane 7
18 Jan 23
114
1
1
1
1
1'8
78 8,200 Minneapolis & St Louis_ _100
4
13 Mar20
312May 29
300 Minn St Paul & SS Marie.100
4
"212 3
*212 23
*3
212 21
3'2
53 Jan 3 1612June 2
4
8 1112 1378 41,00 MO-Kan-Texas RR____No par
1412 151
131 2 15'8 1314 147
100 1112 Jan 3 32 June 6
Preferred settee A
9,600
28
31's 29
30
2814 305
8 26
30
118 Apr 1
712June 8
100
4
4 3 19,500 Missouri Pacific
4
518 51
5
618 658
5g
11 June 8
100
138 Apr 1
Cony preferred
4
814 9
612 918
64 73 25,400
9
1014
8June 8
13
18 Jan 3
2,500 Nat Rys of Mexico 2d pref _100
*78
1
3
4
4
3
4
8
4
14
3
4
100 14 Feb 25 38 June 15
3414 37 349.700 New York Central
8
353 373
8
4 353 3714 3514 38
8June 8
100
218 Jan 25 125
6,200 NY Chic & St Louis Co
934 11
814 9
9
1112
1114 1212
1912June 8
23 Apr 11
8
100
Preferred series A
1512 13.800
177
8 14
4 16
173 183
4
4 1612 173
50 100 Mar 31 1584June 13
810 NY dr Harlem
4
150 1583 155 1583 x150 150 *13212 148
4
100 1118 Feb 27 274June 13
2412 2618 23
2612 213 24'i 64,200 NY NH & Hartford
4
8
2514 273
100 18 Apr 4 4812May 31
Cony preferred
44
44
43 4312 4112 4113 1,800
4512 47
4June 1
7 Jan 4 143
52
14,400 NY Ontario & Western_100
123 1312 1212 13 4 11
4
,
12
1314 14
2 8N1ay 29
3
14 Mar 15
No par
NY Railways pre(
112 15
8 1,900
114
112 13
4
14
15
8
114
100
12 Apr 4
212June 7
1,000 Norfolk Southern
8
2
2
2
2 12 *13
4 2
215 23
100 11112Mar 2 152 May 27
14212 1444 14012 145
2,300 Norfolk & Western
148 15012 146 147
100 74 May 9 834 Jan 5
Preferred
"8012 82
*8012 82
*8012 82 .8012 82
8
100
95 Apr 5 2558June 3
2214 53,800 Northern Pacific
8
2112 233
2314 2518 227 24
4 20
1 Jan 25
5 June 12
100
Coast
*212 5
240 Pacific
*212 5
*212 6
5
5
4
50 133 Jan 3 2914June 13
2714 112,700 Pennsylvania
8
8 25
283
284 2914 273 284 26
8 June 8
100
7 Feb 17
2
7
500 Peoria & Eastern
7
*6
*7
714 *4
7
7
100
3 2 Mar 3 2712JUne 7
7
1,300 Pere Marquette
22
24
233 233 *16
4
254 254 24
100
6 Jan 3 3214June 5
Prior preferred
25
25
700
29
*257 29
8
2812 29 .25
100
412 Feb 28 3014June 7
Preferred
28
*2212 28
*2212 277
*25
*26
28
8
612 Apr 19 25 June 1
2312
100 Pittsburgh & West Virginia 100
2312 231 •___. 231 *1812 231 *19
5334 44
50 2312 Apr 5 56 June 1
48
4,100 Reading
52
51
51
534 56
4June 12
50 25 Apr 25 373
1st preferred
600
34
34
3412 3412
*28
33 .34
387
s
50 2312 Mar 31 3414June 13
2d preferred
33
3214 3214 324 3214 1.100
3414 3414 33
312June 12
314
73 Jan 30
27
8 3
23
8 23
4 6,900 St Louis-San Francisco-100
3
318
3
8June 7
43
100
1 Apr 17
1st preferred
4
4 14
378 4
312 4
3
3 12 3,600
54 Mar 15 1412June 13
13
1412 •10
12
*9
12
*9
11
300 St Louis Southwestern_ _ _ _100
100 12 June 7 15 June 13
15
15
15
15
15
110
Preferred
15 .15
20
No par
14 Jan 3
112June 8
13
8
112
114 13
8
118
13
8
1
118 52.800 Seaboard Air Line
13
4June 8
23
214 218
215 218
100
3 Mar 25
8
212 238
Preferred.
218 3.400
8June 2
254 2678 2414 2618 21
100 1113 Feb 25 273
253
4 2118 233 122,700 Southern Pacific Co
8
225 2412 2114 2414 184 2278 106,500 Southern Railway
8
2334 25
100
44 Mar 2 2553lune 2
5 4 Jan 3
35 June 3
3114 3212 2912 32
100
7
313 34
4
2752 29's 13.400
Preferred
100 15 Apr 24 33 May 31
8
*3114 3612 *3212 3612 *3112 357 *3012 3612
Texas & Pacific
115
8 1012 1012
44 Feb 25 1212June 3
912 1112
100
11
9
9
2,900 Third Avenue
4June 8
35
8 4
43
*4
412
33
4 4
312 32
112 Jan 10
600 Twin City Rapid Tram No par
1234
13
9
57 Apr 19 15 June 8
2
.1312 1518 1312 1312 13
100
Preferred
70
11014 11712 110 11412 1083 1143 10714 111
4
4
100 614 Apr 5 11712June 13
61,600 Union Pacific
70
71
*7012 7312 *703 732 1.100
100 58 Apr 6 7112May 31
Preferred
694 71
2
412June 7
113 Jan 4
4
414
312 312
3
312
27
8 3
2,000 Wabash
100
$ per share $ per share 3 per share $ per share
8
673
4
,
633 654 6414 67 2 653 694 65
4
4 6812 6812
69
693
6712 70
6712 68
4
4412 47
453 4778 423 4612
4
4518 46
8
203 2214
2212 2138 23
215
8 21
21
2812 2614 28
8 27
26
2712 26 4 283
,
34
8
8 347 3512 33
8
*347 3512 347 35,
8
96
96
94
89
"82
91
94
89
17
*16
18
*16
1712 *17
18
*16
8
83
2
*812 87
8
8
9
812 83
4
59
8 58
58
5614 56 4 *57
,
*5512 577
8
4 374 393
3612 373
8 37
3912 3814 393
82
*8214 8314 8312 8312 82
83
83
214 212
238 25
8
214 212
212 258
4
8 155 163
8
16
174 1618 173
1553 16
73
66
73
*68
73
*66
73
*66
8
8
4 387 403
394 4014 39
4012 394 413
14 214
4 *212 23
2
*214 23
4
212 212
3
314 314
3
*314 33
4 *314 4
4
412 43
8
478 5
44 47
8
43
4 47
12
124 1112 123
12
4 113 1212 11
4
58
8 6
54 534
514 512
518 6
8 92
,
83
,
812 914
74 9 4
7 4 812
3
64 73
8
7
738
714 778
612 7
1358
12
1212 13
12
1212 134 13
518 53
8
518 512
514 534
412 518
74
7
29
912
73
34
12
123
4
1612
•11
203
4
.9
19
17
2812
•1512
712
183
4
*263
4
19
505
8
*2112
14
Thursday
June 15.
Wednesday
June 14.
Sales
for
the
Week.
3 per share
6214 663
4
68
67
4312 46
8
1918 217
27
24
33
32
95
94
16
16
814 9
x5512 59
3712 40
82
82
214
2
143 1618
4
73
*66
3814 4014
312
*2
212 212
8
418 45
1014 114
438 558
814 94
63
2 714
12
1314
412 5
118 Apr
4 Feb 27
552 Jan 12
1 Apr 22
17 Mar 2
8
6 June :
1278June 13
1812June 13
5 June 2
9 June 1
Industrial & Miscellaneous
*30
40
40
*3018 394 *30
Abraham dr Straus
No part 1318 Feb 23
40 .30
40
38 .32
.33
Preferred
4
1001 *9112 10014 *95 1001 *954 10038 •953 10014 *953 10014
4
1001 80 Mar 3
*9112
104 113
2
912 11
83 1014 135,300 Adams Express
4
No pall
3 Feb 28
4
94 123
914 9'2
94 93
70 .64
Preferred
8
68
64 64
100j 39 Apr 11
65
657 68 .64
170
64
65
*64
164 1914 165 18
No par1
8 Apr 7
8 193 194 174 19
8
8
13,100 Adams Mills
8 2018 207
183 203
4
8 1012 1112 10, 11,
54 Apr 15
3
4
8
934 103 44,600 Address Multigr Corp-No par1
8
958 1012 101 1112 10 4 117
8
No par1
134 Feb 21
718 84
612 73 14,700 Advance Rumely
8
8
811
814 83
4
818 918
812 87
8
9
94
83
8 9
15,700 Affiliated Products Ino_No par
712My 26
3
914 94
4
9 4 1014
104
93 1014
10
7912 82
No par1 4712 Feb 25
7714 8212 7714 7914 23.100 Air Reduction Inc
8312 85
84
8 80
813 827
8
3
3 14
314
24 318
12 Feb 28
3
212 2s 6,100 Mr Way Eleo Appliance No par
312
3
3
3
2212 1812 21
8 20
2218 237
1614 1912 152.800 Alaska Juneau Gold Min.....iOl 111g Jan 14
23
237
2 2314 24
No part
638 64
612 612
1 Jae 5
7
618 614
3.300 A P W Paper Co
7
712
6
5
6
33 84.700 Allegheny Corp
4
4 Apr 4
43
4
34 412
No par
412
33
4 44
4
3
414 43
414 412
Pre/ A with $30 warT.100l
1 Apr 5
1014
9
93
4
812 83
103
4 10
4
64 714 7.400
104 10
10
11s Apr 17
9
9 14
Pref A with $40 WalT-100
9
03
2 10
9
63
4 7
2,000
10
934 10
10
114 MAY 30
Pre A without ware__ 100
812 81z
63
4 64 1,600
914 10
91
8 938
10
938 1014
10
•Bid and asked prices, no sales on this day, a Optional sale. s Sold 15 days. x Ex-dividend. it Ex-rights.
35 June 7
90 May 26
1234June 13
68 June 13
8June 12
207
114June 13
912.1une 13
111
4May 1
85 June 13
4 May 23
2478June 8
712June 12
5 June 8
113
8June 8
11 June 8
107
8June 9
514 514
113 1238
3
1612 173
*34 4
'
73
4 8
512 6
114 1213
175 18
8
*37
8 44
74 8 4
,
Ai
512 57
8
113 127
4
175 iSIs
8
8 4
37
Vs 8
4 2 41
,
1118 1214
16
16
33
4 4
738 7
3
*3
3'2
1012 123
8
16
17
*3
4
7
73
8
Preferred A
34 37
8 2,200
912 11
49.300 Western Maryland
125 134 2,700
8
2d preferred
.314 34
600 Western Pacific
612 7
Preferred
4,600
1
1001
1001
1001
100
PER SHARE
Rano for Preston.
,
Year 1932,
Lowest.
Highest.
per share $
1778 June
35 July
98 May
4
324 June
6
June
912 June
50 June
4 July
27 July
8
2314 June
114 June
3112 June
12 Apr
714 May
39 July
93 July
4
12 July
12 May
114 June
213 May
34 June
118 May
2 May
4 Dec
113 May
314 Dec
2 May
412 June
1
Dec
32 July
812 June
112 May
2 May
25 May
8
2
May
512 May
2 May
212 Dec
8 May
43gJune
4 May
214 June
214 Jun
5 Jun
5 June
712 May
9 Sept
4 June
24 Dec
is Jan
12 Dec
114 May
314 June
112 May
212 May
4 Feb
83 June
4
112 May
2 June
8214 May
6 May
117 July
8
35 July
8
18 Dec
14 Dec
57 June
65 July
512May
1 Mar
612 June
72 May
per share
Jan
94
Jan
86
44 Sept
213 Jan
8
4112 Jan
353 Aug
4
91 Sept
194 Sept
1014 Mar
58 Mar
504 Mar
8
783 Mar
218 Aug
2052 Mar
70 Feb
3112 Jan
3 Aug
14
5 Aug
bes Aug
154 Jan
412 Aug
8 Aug
1412 Aug
Jan
31
163 Jan
8
2712 Jan
244 Jan
294 Sept
1112 Jan
9212 Sept
457 Sept
8
9 Jan
111 Sept
4
1578 Aug
1012 Aug
Jan
25
10 Sept
1512 Sept
30 4 Jan
3
247 Sept
8
1412 Jan
1438 Mar
1514 Sept
2514 Sept
2914 Sept
3814 Sept
463 Mat
8
203 Mar
4
9 Jan
3 Aug
8
43 Sept
4
13 Sept
24 Sept
Jan
11
Jan
26
7 Sept
8
365 Jan
8
93 Sept
4
153 Jan
2
12712 Aug
315 Jan
8
4
783 Jan
153 Sept
4
1
Feb
31 Sent
4
135 Sept
8112 Dec
2512 Sept
312 Sept
233 Jan
8
514 Sept
114 June 18 Aug
312 June 26 Aug
212 June 24 Aug
6 Dee 214 Aug
94 June 5214 Sept
15 July 33 Jan
15 May 38 Sept
52 May
65 Jan
8
1 May
93 Jan
4
8
3 May 137 Sept
84 Dec 2011 Jan
4 Jan
1 Sept
13 Sept
8
14 Jan
SlzJune 3752 Jan
24 May 184 Sept
4
3
July 233 Sept
13 Nov35 Sept
3 7 May 14 Mar
8
412 June
l's Dec
7 June 244 Jan
274 July 944 Feb
40 May 7138 Aug
%June
414 Aug
6 :an
I June
112 May 113 Sept
2
2 May 1114 Sept
414 Aug
4June
8 May
4
87 Aug
8
10 June
68 July
14 May
22 June
12 June
812 Dec
114 June
414 May
304 July
12 June
74 June
7 Dec
8
18 May
84 May
38 June
14 June
245 Aug
8
98 Mar
94 Sept
73 Sept
8
303 Mar
14 Sept
478 Aug
1612 Mar
6312 Sept
312 Sept
1652 Jan
4 Ma •
35 Sept
8
814 Sept
8 Sep.
8 Sept
I
New York Stock Record-Continued-Page 2
4234
June 17 1933
IV- 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 10.
Monday
June 12.
$ per share $ Per share
1912 1912 1914 22
117 1204 1163 12112
4
120 120 211918 11914
20
20 4 19 4 20 4
3
3
3
*1512 15 4 154 15 4
3
3
714 8
74 84
31
31
3178 3212
36 4 37
3
37 4 39 4
3
3
1914 19 4 19
3
1912
224 23
23
254
*45
4838 r47
4812
64 84
54 614
*34
38
3673 367
8
3012 3114 30 4 32
3
*95_ *90
__
913 4 93
9112 - 3
95 4
*130 134
133 4 133 4
3
3
23
25
244 2512
4112 4112 4112 42
Tuesday
June 13.
Wednesday
June 14.
Thursday
June 15.
Friday
June 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share
21
2274
118 12233
119 119
1953 2112
1513 1512
812
31
32
374 394
1912 2014
243 25 4
4
3
47
4812
54 5 6
7
35
3673
30 4 3214
3
954 953
8
914 954
130 134
2414 25 4
3
40 4 42
3
PER SHARE
Range Mad Jan 1.
on harts of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share Shares. Indus. &MIscell.(Con.) Par $ per share $ Per share $ per
share $ per share
20
21
*21
2212 17
730 Allegheny Steel Co_ _No par
2012
8June 13
5 Mar 30 227
5 May 15 Sept
11512 12134 111 118
110 1143 108,000 Allied Chemical & Dye_No par 70 4 Feb 27 1223
4
3
3June 13
4212June 8814 Sept
11912 11912 117 11912 *1173 11912
8
800
Preferred
100 115 Apr 21 1214 Feb 1
961/ Apr 120 Des
1812 2012 1612 194 1612 1818 58,900 Allls-Chalmers Mfg---No par
8 Feb 27 2112June 13
4 June 15 3 Sept
3
'1514 1512 1512 1818 181s 17
8.000 Alpha Portland Cement No par
53 Jan 10 1818June 15
4
411: AprJuly 12,8 Jan
0
64 712
6
67
8
4 16,000 Amalgam Leather Co_ _NO par
51/
84June 12
as Feb 21
Sept
3014 3018 30
30
*28
30
1,400
7% preferred
5 Feb 23 3212June 12
100
4 Dec 10 Mar
38 4 38
3
36
39
3714 19,100 Amerada Corp
34
No par 184 Mar 2 393
4May 12
12 Jan 223 Sept
4
1834 194 18
19
1618 173
4 4.800 Amer Agric Chem (Del) No par
714 Mar 1 20 3MaY 31
3
312June 1512 Sept
224 24
2112 2312 20
213 19,500 Amerlean Bank Note
4
8 Mar 2 257
10
sJune 12
5 May 2212 Sept
474 48
4618 4618 46
410
46
Preferred.
7
50 34 Apr 7 49 3June 2
28 June 47 Feb
512 5 4
44 54 7,300 American Beet Sugar_No par
3
54 512
67
1 Jan 30
3June 7
14 Apr
24 Aug
*31
36
32 32
32
33
370
7% preferred
3May 16
4
100
23 Jan 5 423
1 Apr
9 4 Aug
3
31
313
4 2714 31
28
2812 5.800 Am Brake Shoe & Fdy_No prr
918 Mar 3 3214June 13
61 June 177 Sept
4
*954 _
*95
_ *95
20
Preferred
8.1une 13
100 60 Mar 28 953
40 July 90 Feb
89 8 - 3
3 93- 8614 - -3
4
91 3 86 - -713 162,200 American Can
18 8June 13
25 4918 Feb25 957
294 June 73 4 Mar
7
133 4 133 4 *130 134 z130 130
3
3
300
Preferred
931k June 129 Mar
1333
4June 12
10.) 112 Feb 27
223 254 22
4
233
4 2014 214 29,000 American Car & Fdy___No par
614 Jan 23 25 4June 13
3
314 June 17 Sept
40
3712 2,300
4113 38 3812 35
Preferred
100 15 Feb28 424May 31
15 Dec 50 Aug
5 s 54 *414 512
3
514 512
5
*47
5
8 53
4
Vs 4 s
600 American Chain
7
DUMar 81
No par
612May 31
17 Apr
s
714 Sept
*153 16
4
*143 18
4
14 8 1438 *1234 1712 •133 1712 *14
3
3
18
312Ma3' 1 1514June 7
7% Preferred
100
100
7 June 26 Jan
46
4
84 4812 z48 484 4714 48
4612 481 s 4714 4513 4612 3,800 American Chicle.
'
No par 34 Mar 2 4812June 9
18 June 38 Nov
*512 64
5 8 54
7
5 3 5 8 *4
7
7
5 8 *4
7
512 *413 54
200 Amer Colortype Co
61sJune 7
10
2 Feb 24
2 July
814 Sept
32 323
4 3214 3414 334 343 y3014 324 293 333
3
4
3 264 314 59,200 Am Comml Alcohol Corp_20 13 Feb 27 353
4May 27
11 May 27 Sept
54 5 s
3
5
5
47
8 514
413 412 3.500 Amer Encaustic Tiling_No par
44 4 8
44 51/
3
1 Jan 6
534June 1
0 Dec
4
5 Jan
11
11
11
113 1236 11
11
4
103 104
11
4
4 1012 1012 1,300 Amer European See's__No par
4June 13
3 3 Apr 1 123
7
23 Apr 153 Sept
4
4
1712 184 177 194 1713 194 1614 184 1414 173
g
4 134 157 245.200 Amer & For'n Power_ __No par
3
3 6 Feb 27 194JUne 12
7
2 May 15 Sept
4113 40
35
37
39
447
8 384 397
3 36
3814 3312 3814 11,800
Preferred
8June 13
No par
714 Apr 4 447
5 May 3812 Jan
2373 244 2514 2714 23
27
2113 24
213 24
4
19
2112 7,500
2d preferred
No par
44 Apr 4 2714June 12
23 May 2114 Aug
4
29
30
3012 34
32
35 3 27
3
33
26
291s 24
2414 8,100
86
_ _ _No par
614 Apr 4 3538June 13
33 June 33 Jan
4
114 117
3 117 117
3
8 114 117
3 11
114 210 4 103
4 1.500 Amerpreferred...- - - __10
4 1014 103
3
Hawaiian S als Jan 5 1212June 7
3 May
612 Aug
1412 143
1413 1213 134 124 134 103 114 15,800 Amer Hide & Leather-No par
4 144 1414 14
4
21/ Mar 2 16 June 6
---1 May
67 Sept
2
4838 4812 4812 471s 484 46't 43
4514 42
444 39
413
4 4.500
47 May 27 Sept
Preferred
100 1313 Feb 14 49 June 6
3914 394 39 4 40
3
3912 4014 z383 394 381s 3812 373 3814 6,400 Amer Home Products__No pox 2911Mar 1 4212May 31
4
4
25 June 5134 Mar
0113 124 114 12
4
11
12
10
11
973 103
4
812 9 8 17,200 American Ice
7
No par
3 4 Feb 24 1314May 27
3
34 Dec 214 Mar
51
51
*504 51
50 50
46 46
*464 494 45
4512
600
8% non-sum pret
100 25 Feb 15 56 May 29
35 Dec 88 Mar
12 8 123
3
4 124 13
7
124 13 3 114 13
94 1233 10
11
95,000 Amer Internal Corp_ __No par
7
21i June 12 Sept
414 Feb 27 13 8June 13
114 13
3
las
114
8
14 13
14 114
14 14
1
118 5,600 Am L France & Foamite No par
13
8June 3
4 Apr 21
14 Jan
3 Aug
4
*6
74 *6
7
3
*(ils 7 4
6
512
6
512
413 412
170
Preferred
7 June 3
114 Jan 3
1 July
100
414 Aug
2014 21
2378 2214 233
4 21
2012 213
4 2012 2318 19
2114 29.500 American L000motIve_No par
8June 13
5 3 Jan 3 237
7
34 July 1514 Aug
*46
50
*47
a48
49
504 45
487
8 4512 4512 443 46
4
3,300
Preferred
4
100 173 Jan 3 53 June 3
174 Dec 49 Sept
1913 19 4 183 1912 187 19 4 1812 194 174 103
3
8 164 18
3
3
3
40,200 Amer Mach & Fdry Co.No par
4June 10
71/June 2214 Jan
4
83 Feb 27 193
53, 533
5
54
433 53,
44 413
5
514
4
4
2,700 Amer Mach & Metals-No par
6 June 2
1 Jan 27
1 June
33 Mar
4
193 197
4
4 19
204 193 20 4 174 19 8 1514 1814 144 1678 44,400 Amer Metal Co Ltd___No pas
3
3
3
als Feb 24 22 May 29
112June
914 Aug
*85
71
7113 *65
*61
71
*60
70 *60
70
*60
70
100
8% cony preferred
8June 7
5 Jan 4 657
/
1
4
81/June 32 Aug
22
2212 2212 24
244 27
2512 254 254 2512 2318 25
1,280 Amer News Co Ine____No par 17 Jan 20 30 Feb 6
14 July 33 Jan
134 143
4 143 154 14 4 1512 134 15
8
3
10
1433 1114 1433 188,800 Amer Power & LIght_No par
4 Feb 27 15127une 13
3 June 1714 Sept
37
3712 z364 394 383 40 4 36
4
3
3812 32
3613 30
34
6.100
$6 preferred
3
No par
94 Apr 5 40 4June 13
154 June 58 Jan
33 z3114 34
31
33
344 31
324 2814 3112 274 294 9,100
85 preferred
8J12ne 13
No par
10 July 493 Jan
9 Apr 1 343
4
15
153
3 1518 1512 14 4 1512 134 154 13
3
144 1234 14 203,200 Am Red & Stand San'y No par
43 Feb 27 1512June 12
3
34 June 1214 Sept
19
191/ 1913 2014 19
2014 1712 193
3 1618 1876 154 173 78,700 American Rolling Mill
4
534Ma3' 2 2012June 6
3 May 1812 Sept
25
3314 3312 3314 3378 3312 34
3312 3416 3314 334 33
33
3,700 American Safety 1141102 No par 204 Apr 6 3418.7une 14
133
3June z2914 Mar
*34 4
312 312
3 4 37
3
3
312 3 4
3
313 312
2
3
900 American Seating v t o..No par
512MaY 31
7 Mar 20
3
8 June
4
33 Sept
4
114 13
8
1
13
1
13
8
1
114
8
114
las
138 8,800 Amer Ship & Comm.
lls
184June 6
la Apr 8
...No par
12 Apr
7 Sept
3
204 21
1812 20
20
20
104 2114 1,690 Amer Shipbuilding Co.No par 114 Mar 3 2114June 16
1812 184 1834 20
10 June 254 Jan
36
367
a 35 4 37
3
43
s 334 38
3 4 373
343
3 29
28
313 86,800 Amer Smelting & Retg_No par 104 Feb 25 3712June 8
4
514 May 2714 Sept
814 813
4 8212 84
84 8414 834 84
80 80
77
1,300
77
Preferred
22 June 85 Jan
100 31 Jan 10 844June 13
*60
59
62
60
613 613
4
4 5912 5912 604 6012 *57
600
58
2d preferred 6% cum_ 100 204 Jan 2 613
4June 13
15 July 55 Feb
47
47
4612 47
47
47
48
47
46
4614 245
454 2,000 American Snuff
218 June 364 Aug
25 3212 Jan 10 4734May 29
4
*105 106 *105 106
105 10518 105 106 *101 106
108 106
70
Preferred
100 10218 Jan 9 106 Feb 23
90 Jan 106 Sept
197 20
3
194 204 193 204 17
194 1718 la
8
164 174 30,200 Amer Stee 1 Foundrles_No par
44 Feb28 2112June 8
3 May 154 Sept
70 70
*70
73 *72
73
21112 7112 8912 6912
160
Preferred
34 July 80 Feb
100 374 Mar 28 z7112June 15
*46 - 8
*70--- 463 47
4167
4
47 4714 47
4712 :47
4714 4413 4614 2,600 American Stores
20 May 363 Mar
No par 30 Feb 27 4712June 14
4
6714 6712 6714 89
654 674 6214 6512 60
633
13.800 Amer Sugar Refining
4 5714 60
13 June 3914 Jan
100 2112 Jan 19 70 June 7
*103 105 4 •10212 105
3
10518 10512 105 4 1053 •10513 105 4 1051s 10512
3
4
100 50 Jan lg 106 June 8
3
700
Preferred
45 May 90 Aug
16
163 *154 1512 154 18
8
1414 154 1373 144 1313 144 5,600 Aal Sumatra Tobacco__No par
6 Jan 13 164June 2
234 Apr 104 Aug
1224 12412 1233 13112 1274 132
4
1264 1294 121 12834 12012 125 252,900 Amer Telep & Teleg
69 4 July 1373 Feb
100 8812 Apr 18 132 June 13
1
8
89 893
4 8814 89
874 807 8512 804 82 4 7,900 American Tobacco
874 8814 84
3
3
3
25 49 Feb 23 89 4June 10
401/June 863 Mar
4
• 914 9312 91
924 90
9373 87
92
823 8912 834 863 59,300
4
s
Common class B
44 June 89 Mar
4
-25 505 Feb 25 9378June 13
14
*1123 11212 11212 1124 112 11212 *111 11212 1124 11212 1114 1124
3
700
4Mar 1 117 Jan 14
Preferred
100 1023
9514 June 11816 Oct
1612 154 154 *12
*154 1712 *1512 17 .16
*1178 1478
15
100 Am Type Founders.--No par
4 June 25 Jan
44 Apr 10 1914May 13
33 3312 33
33
30
31
25
27
27
274 2112 26h
530
Preferred
1012 July 70 Jan
100 10 Apr 6 3312June 9
36
37
4012 364 39 4 353 383
3833 354 41
378 97.400 Am Water Wks & Elec.No par 107 Apr 7 41 June 12
3
8
4 33
11 May 3412 Mar
8
31
324 33
35 3 334 354 3112 347
7
3 29
334 28
314 73,200
3June 12
Common vet tr etfs_No par
94 Apr 4 357
11 May 31 Mar
77
77
79
794 7912 80
*7612 77
763 763
3
1,300
1st preferred
3 7412 75
26 June 75 Jan
No par 35 Mar 24 80 June 13
114 1212 124 1312 124 137
8 114 13
11
127
8 1012 114 68,200 American Woolen
8June 13
No par
312 Mar 2 137
l's May 10 Sept
46
4812 4918 507
8 494 5238 48
5113
3
13
Preferred
Jan
24 2 8
3
214 214 2 2 33 2 2 48 5034 4638 4912 34,800 Am Writing Paper ctts_No 100 22113 Feb 16 524June 16 154 May 3974 Sept
2
212 34 11,500
23
14
par
314June
h Feb 8
214 Aug
713 8
84 83
4
84 9
3
83
4 512
512 87s
5
84 8 8 1,720
Preferred certificates No par
2 July
912June 14
Si Feb 17
8 Aug
84 83
4
83
4 94
83
3 94
74 83
8
84 7 4
3
87
8 74 11,900 Amer Zinc Lead & Smelt__ _1
7
114 May
9 8June 7
214 Feb28
64 Sept
*50
513 *48
4
513
4 5113 513 *4518 493 *4513 493 *40
4
4
4
200
463
4
Preferred
10 June 35 Aug
25 20 Feb 21 5212June 8
0163 17 .3 173 18
4
3
8
17 6 183
3
3 164 1712 144 164 123 1514 290,100 Anaconda Copper Mining_50
4
3 June 193 Sept
4 Feb28 184June 2
6
•1514 1512 154 1512 1512 154 144 15
14
13
14
13
800 Anaconda Wire & CableNo par
3 Apr 15 Sept
418 Jan 8 1512June 8
21
22
213 22 4 2112 221
3
3
1912 21
1912 204 1812 1914 9,300 Anchor Cap
No par
8 Jan 20 244May 27
514 May 174 Mar
*84
87
84
88
*83
84
82
83 .82
110
82
84
82
$8.50 cony preferred_ No par 824 Jan 11 88 June 12
40 May 76 Sept
12
12
•97 1212 *93 11
8
4
*9 4 11
3
*107 11
300 Andes Copper Mining„No par
3
9 3 94
7
24 Feb 7 1412June 3
13
8May
9 Sept
2633 27
27
2712 27
3
27 4 2612 27 8 26
3
2714 253 2718 9,100 Archer Daniel.. MIdi'd_No par
8
4June 13
y
Apr 154 Sept
936 Mar 3 273
*102 ___ 102 10213 102 102
102 102 •102h ---- •10214 ____
110
7% preferred
85 Apr 10014 Oct
100 95 Feb 23 1024.1une 12
784 7814 784 794 79
7912 78
7812 78
7614 6.600 Armour & Co (Del) pref _WO 41 Jan 3 82 June 6
75
78
24 May 81 Aug
54 7
3
44 512
512
5
4 4 516
3
41
4 5
44 43 208.300 Armour of Illinola class A__25
4June 6
4
73
as June
14 Feb 28
24 Sept
3
4
28 38
3
3
3
3 14
27
3 313
8
24 27 127,600
412June 6
24 3
Class B_
%June
25
3 Feb 20
4
2 Sept
60
6812 5512 63
5814 6112 5512 581a 55
52
58
41,500
56
31/ May 154 Aug
Preferred
7 Feb 27 6810Ju0e 10
100
44 44
413 47
3
413 4 3
5
44 44
o 3June 6
312 41s
314 34 5,900 Arnold Constable Corp_No par
14 Jan 19
1 May
34 Aug
4 *47
63
8 812
64 7
3
*614 6h
614 614
53
4 58
7 June 12
160 Artloom Corp
3 64
2 Mar 27
No par
las Dec
6 4 Sept
3
44 44
412 412
44 43
3
3 3 43
7
314 3,000 Associated Apparel Ind No par
3
4
3
314 3 4
4 Apr 17
614June 6
%June
3 Aug
134 1313 131, 134 134 133
4 1232 13
12
1234 11
114 8,900 Associated Dry Goode
1
312 Feb 20 1412June 2
3 May 11 Sept
497
*14
3 18
18 '18___
18
184 19
19
40 Associated Oil
*1812
-26
6 4 Mar 24 20 May 31
3
812 July 1814 Aug
*15
20
*19
20 •1812 20
*12
20
*18
18
*15 -20
412 Mar 22 19 June 6
All 0& WI SS Lines-No par
43 Dec 1214 Aug
5
'•15
25 *18
*17
21
21
*12
25
*12
20
*1714 25
Preferred
412 Apr 11 20 June 2
100
5 4 Dec 15l2 Jan
3
284 27 8 274 2833 263 284 2412 267
3
4
8 244 274 2412 2618 107,700 Atlantic Refining
3June 12
25 123 Feb28 283
84 Feb 217 Sept
3
6
313 32
4
314 324 31
32
2714 3012 2514 293
4
6,900 Atlas Powder
4 243 26
8June 12
No par
9 Feb 14 327
7 Dee 254 Feb
*76
76
78
76
76
76
75
85
7513 75
350
*75
75
Preferred
100 80 Apr 5 7635J0ne 9
451/June 794 Jan
74 8
74 7 3
7
64 74
8
64
3
64 64
513 816 8,000 Atlas Tack Corp
37 Aug
818May 31
No par
llg Feb 27
1 July
6812 72
6912 71
69
73 4 66
3
7012 5912 88
4
54
623 119,400 Auburn Automobile
3
No par 3114 Feb28 73 4June 13
284May 1514 Jan
*33
4 4
*3
14 4
34 34
314 314
2
24 3
33
1,400 Austln Nichols
3
4 Feb 2
12 Feb 176 Sept
4 June 8
No par
1214 124 1214 124 1214 137
8 124 134 1184 1272 1033 12 313,800 aviation Corp of Del (The)._5
54 Feb 27 13 sJune 13
7
113June
8 4 Dec
7
12
11
11
1112 11
114 1014 11
10
83 10 144,300 Baldwin Loco Worke_No par
11
4
2 May 12 Aug
34 Apr 12 1212June 8
37
3812 37
38
'373 38
4
344 3512 324 354 284 33
2,400
8 May 374 Aug
Preferred
912 Apr 4 4112June 7
100
*85 111
*85
95
*8712 --_ 86
95
60 Bamberger (L) & Co pref _100 6814 Feb28 8712J00e 14
874 *8612 95
62 July 99 Feb
*87
278 3
3
318
3
8 3
318
27
840 Barker Brothers
*24 3
8
24 27
1/ Apr
314June 8
so Jan 4
3h Aug
No par
8 e 9h
7
9
93
3
8 4 914
3
818 9
8
714 813 70,700 Barnsdal Corp
9
Mann° 12
83 June
2
7 Sept
3 Mar 2
6
354 374 363 3812 364 383
4
3 3512 37
12,700 Bayuk Cigars Inc
4
354 3814 343 36
2 Dec 13 Feb
No pa
34 Jan 6 381/June 12
*76
78
76
79 8 *70
7
80 *70
60
1s3 preferred
*70
80
80
*70
80
30 Dec 59 Jan
100 27 Jan Di 80 May 31
214 2112 214 2212 224 224 20 4 224 2112 243
3
4Ju0e 15
4 2012 2212 10,300 Beatrice Creamery
1012 Nov 431/ Jan
7 Mar 2 243
50
*79
95
*79
95
*79
95
*79
904 *79
95
*79
95
Preferred
82 Dec 95 Jan
100 45 Feb 24 85 May 25
64
03412 85
65h
65
6514 *64
65
64
262
6212 1,700 Beech-Nut Parking Co
62
2914 May 45 8 Dec
20 45 Jan 5 (3512June 10
3
8
83
3
7 4 84
3
7 4 84
3
81/June 9
30,400 Belding Heminway Co-Vo par
63 74
7
24 Jan
814 7
3
63
4 712
84 Sept
312 Feb 20
yy
ma 7812 *7734 80
yy
*77h 793 *77
8018 •7618 78as
4
200 Belgian Nat RY11 part pref____ 624 Apr 7 7818Ju0e 12
5733 June 624 Dec
1718 17 8 1718 1838 1712 1812 1612 173
3
8
8 1514 1714 1434 163 106,100 Sandia Aviation
412 May 1834 Jan
64 Feb 27 1812June 13
5
244 2473 24
2412 244 25
2414 224 2318 21
23
2212 6,500 Beet & Co
6 4June 247 Feb
3
3
No par
9 Mar 2 25 June 8
3014 31
307 314 303 317
3
8
3June 12
s 284 314 2713 293
4 2714 294 105,200 Bethlehem Steel Corp.. No par 1014 Mar 2 317
7 June 294 Sept
14
67
68
884 69
6914 72
69
7014 64
703
4 66
6712 11,300
1614 July 74
7% preferred
Jan
100 2514 Feb28 72 June 13
2 1512 15 8 14
1518 157
7
1512 134 144 134 1514 123 1412 15,200 Blew-Knox Co
4
312 Feb28 16 June 8
333 June 10 Aug
No par
4.154 17
17
17
•1612 174 15
1612 *1514 16
1514 16
814 June 14 Feb
150 Bloomingdale Brotliers_No par
633 Feb28 17 June 12
*75
90
*65
90
*65 _ __ *65
*65
49 Dec 61
90
90 •65
Preferred
90
Jan
100 53 Jan 25 65 May 18
47
484 47
483
4 4414 4
4June 11
8
43 8 4612 z43
3
47 June 2214 Jan
8
39,500 Bohn Aluminum & 13r_No par
4014 44
46
91/ Mar 2 481
*85
70
70
*65
70
74
69 69
400 Bon Aml claim A
66 66
74
31 June 55 Nov
*67
No par 62 Feb 23 74 June 13
4 may
1 Aug
14 Nov
14 Jan
lit preferred
100
---- ---- --547 li- -iiis 0 "al Iiii -5i7 lisi "iiig 3554 -52r4 iii 6- 4
2
20 July 434 Mar
,8
3June 13
2,100 Borden Co (The)
25 18 Feb 27 367
184 193
164 164 1614 20
8 174 1918 163 18as 154 1712 61,700 Borg Warner Corp
3 e May 144 SePr
3
4
512 Feb28 20 June 1
10
*212 24
23
3 23
3
2
4 23
3
h Apr
14 Sept
3 June 14
23
8 212 2,900 Botany Cons Mills elms A-50
212 3
4
23
4 23
4 Apr 17
4
1212 1333 123 1312 124 1338 114 124 11
4June 1
2 4 June 113 Mat
7
8
124
4
914 103 84,500 Briggs Manufacturing-No par
2 8 Feb24 133
3
*Bid and asked prices. no 22Iea on this day. a Optional WO. rib-dividend. p Es-rights. e Cash sale.
New York Stock Record-Continued-Page 3
4235
or- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
June 10.
Monday
June 12.
Tuesday
June 13.
Wednesday
June 14.
Thursday
June 15.
Friday
June 16.
Sales
for
the
Week.
STOOKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
,is
Since Jan. 1
On basis of 100-share tots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ Per share $ Per share $ Per share $ Per share $ per share Shares. Indus.& Miscell. (Con.) Par $ per share $ per share $ per share $ per share
7
1512
No par
714 Feb 28 15 8June 7
4 May 1012 Jan
*1512 153
4 1512 153
4 1512 1534 *1534 1612 1512 1512 15
700 Briggs & Stratton
83
77
783
4 6,400 Brooklyn Union Clas.-No par 6312 Apr 5 8812June 12
46 June 894 Mar
84 85 4 853 8812 8614 88
/
1
4
3
4
/ 8412 8412 *75
1
4
1,500 Brown Shoe Co
51
51
*49
50
No par 2812 Mar 3 514Jtme 12
/
1
23 July 36 Feb
511 511 517 *51
/
4
52
5012 5012 51
/
4
8h
712 8
2,200 Bruns-Balke-Collender_No par
154 Mar 3 114May 26
/
1
11 July
/
4
8
*9
/ 912
1
4
9
3
412 Sept
9
/
1
4
8
/ 9
1
4
812 8 4
/
1
4
734 8
814 0
/ 10.700 Bucyrus-Erie Co
1
4
/
1
4
10
2 Feb 27
9 4June 15
3
8
/ 87
1
4
812 8
734 8
112 June
812 858
8
/
1
4
7 Sept
14
111 1478 12
/
4
1318 11,500
/ 1314 1212 13 *1112 12
1
4
13
1314 12
Preferred
6
212May 10 Sept
2 Feb 23 1478June 15
/
1
4
/
1
4
60
120 7% preferred
100 2012 Mar 31 63 May 18
58
60 6278 *56
35 June 80 Sept
*57 58
58
59
57 *55
57
No par
/ Apr 15
1
4
4
/
1
4June 8
414 438
414 41
4h 412
314 3 21,900 Budd (E G) Mfg
/
1
4
h Apr
34 4
3
33
4 4
318 Sept
23
2118 23
19
19
200
3h July 14 Jan
2512 2512 27
271 *23
2712 *22
7% preferred
100
3 Mar 16 2712June 12
412 4
/
1
4
4
412 24,600 Budd Wheel
412 5
No par
1 Feb 8
512June 8
514 512
518 513
412 514
5s May
4 Jan
/
1
4
31 Jan
4
4
312 312
700 Bulova Watch
412June 1
11 Apr
/
4
No par
%Mar 2
3
3 4 3 4 *312 4
3
33
4 38
*3 8 38
5
938 1018
912
812 94
/ 5,600 Bullard Co
1
4
No par
23 May
10
1018
9
/ 10
1
4
8
/
1
7
/ 8
1
4
212 Feb 17 103
4May 27
8 Sept
18
1512 1714 85,200 Burroughs Add Math-NO Par
6 June 1314 Aug
/
1
4
1734 18
1818 1914 1738 1812 16
17 4 191
3
61 Feb 14 1912June 12
/
4
412 518 4,300 Bush Term_
.51 514
/
4
8 June 8
6
61
4h 58
No par
1 Apr 1
3 Dec 204 Mar
5
/ 64
1
4
/
1
614 6
/
1
4
8
6
74
3
600
7 Dec 65 Mar
8
Debenture
100
1 Apr 3
912June 1
*8
11
*712 121
*8
912 *8
912
18
16
16
120 Bush Term Bldgs gu pref-100
*19
21
1918 20
19
20
1814 1814 16
712 Apr 26 233 Jan 5
1214 July 85 Jan
4 July
17 Sept
238 213
2 2 213
3
212 213
23
2 24
24 2h
13
4 214 1,700 Butte & Superior Mining-10
1 Feb 10
2 8June 2
7
14 312
314 312
5
12 Mar 31
314
2
/ 3
1
4
414June 2
3
24 23
/
1
4 9,400 Butte Copper & Zino
2 Sept
Is Apr
33
8 312
3
57
57 Sept
514 512 9,300 Butteriek Co
7
712June 13
138 June
5
/ 7
1
4
114 Apr 10
512
512 67
8
No par
5
6
/ 712
1
4
/
1
/ 2612 2034 243 41,800 Byers Co (A M)
1
4
4
812 Feb 25 2838June 13
7 May 2458 Sept
No par
2612 2712 264 27h 2558 2838 2514 2738 22
190
61
6218 6434
Preferred
65
66 68
6112 6212 61
100 3018 Mar 2 68 June 13
3514 May 69 Sept
64
*6312 64
24
2012 2218 9,200 California Packing-No par
2434 2512 2412 2514 23h 2438 21
734 Mar 2 2612May 12
4 June 19 Sept
/
1
4
24 25
138 11 22,300 Callahan Zino-Lead
14 11
/
4
/
4
17
178 2
1h 178
10
14 Jan 19
214June 5
18 June
118 Sept
2
218
2
77 Sept
813 834
2 Feb 7
938JUne 2
11 May
518 7 52,100 Calumet & Hula Cons Cop_25
8
81
/
4
8
/
1
4
634 77
84
714 8
9
94 6,700 Campbell W & C Fdy-No par
/
1
2 Feb 28 111
/
4June 12
212 June
9 Aug
/
1
4
10 104 1014 113
/
1
4 1034 1112
934 103
4
9
912
/
1
/ 194 1638 18 31,300 Canada Dry Ginger Ale
1
4
/
1
6 June 15 Sept
1934 20
20 214 1912 2138 1812 194 17
/
1
5
712 Feb 25 23 May 31
1018 June 23 Sept
28
26
2612 2,200 Cannon MUM
28h 2914 28
/ 294 29h 29
1
4
/
1
/
1
No par 14 Feb 2 3112May 29
/
1
4
/ 2814 284 27
1
4
91 Sept
41 Feb 24 1012June 13
1012 10
3,300 Capital Adminis el A
No par
Vs Apr
*10
1018
/ "83
1
4
4 9
912 102
93 10
8
9
/ 9
1
4
31
*29
31
2912 2912 *29
33 *29
32
28 2912 *29
300
Preferred A
19 June 32 Aug
50 2518 Jan 18 2912June 10
4
100 3012 Feb 27 9014June 13
163 June 6534 Sept
4
/
1
8312 8512 84 888 844 9014 8114 8614 767 8412 7412 793 455,600 Case (J D Co
75
7612 75 75
1,370
Preferred certificates---100 41 Feb 27 83 June 13 30 May 75 Jan
79 83
77 82
7712 79 *7612 791
/
1
4
512 Mar 2 2314June 12
438 June 15 Jan
2218 23
2218 2314 2114 2314 20 2214 1812 2138 19h 2034 70,500 CaterpMar Tractor---No par
114 June 124 Sept
/
1
8
/
1
/
4
8June 5
/ 307 3234 30 3234 294 33
1
4
2912 323
4 2818 311 130,100 Celanese Corp of Am--No pax
4h Feb 27 333
3118 32
12 Mar lb
500 Celotex Corp
No par
47
8May 17
% Aug
3 Jan
/
1
4
*4
4
/
1
4
414 414
4
4
314 314
314 314
318 318
2
2
3,000
Certificates
No par
h Feb 4
314May 18
/ Dec
1
4
2 Feb
/
1
4
258 2
/
1
4
212 258
2
/ 27
1
4
2
/ 2
1
4
/
1
4
214 214
71 Mar
760
Preferred
100
112 Jan 5
7
/
1
4May 17
1l Dec
6
63
4
5
/ 614
1
4
6
/ 7
1
4
61 64
/
4
/
1
61 63
614
/
4
4
6
738June 2012 Sept
4 2812 2913 2834 294 2814 29
2834 295
8 2714 2814 4,900 Central Aguirre Asao-No par 14 Jan 3 3014May 5
29
293
/
1
2 Apr 19
238 June
71June 12
/
4
614 Jan
558 61
/
4
6
/ 7h
1
4
614 7
5
/ 614 8,900 Century Ribbon MIlls_No par
1
4
618 6
/
1
4
614 652
70
100 52 Feb 27 85 June 16
55 Dec 85 Jan
85
74
85
Preferred
*7018 85 *7018 843 *70h 8478 *70 85 *75
4
312June 1512 Sept
2112 254 2118 23 75,600 Cerro de Pasco Copper_No par
/
1
2614 27
2614 2738 25
/ 2758 2312 26
1
4
58 Jan 4 2758June 13
1 Jan 9
58 Dec
4
/ 514
1
4
638June 13
338 Feb
43
4 512 24,300 Certain-Teed Products_No par
51
512 6
514 6 4
6
63
8
614
,
200
100
4 Mar 27 25 June 12
4 Dec 183 Aug
/
1
4
*20 25
25
25 *22
25 *23 254 *2012 30 *2012 30
7% preferred
/
1
3
No par
718 Mar 3 227
8June 13
11 Oct 284 Feb
177 193 13,000 City Ice & Fuel
4
2012 2118 2114 2234 2214 2278 21
2212 1912 21
710
Preferred
100 45 Apr 7 69 June 13
43 Nov 68 Jan
/
1
4
68 68
6712 672 65 4 6614 6712 69
3
67 68 *66 69
/
1
4
5
1612 Aug 3018 Sept
16
200 Checker Cab Mfg Corp
71 Mar 23 20% Jan 18
/ 16
1
4
*1612 171 *1612 1714 *1612 1714 1612 164 *___ 16
/
4
No par 141 Jan 3 40 June 13
478 June 42034 Sept
/ 39
1
4
355 3714 40,800 Chesapeake Corp
8
36
3712 364 3834 384 40
/
1
/
1
/
1
375 394 36
8
814 0
7l4 814
218 Mar 31
9
5aune 6
1 May
634 Jan
8
/ 9
1
4
83
4 9
512 738 12,800 Chicago Pneumat Tool.No par
834 0
2012 2114 20 20
1,000
Cony preferred
No par
5h Feb 28 2414June 6
24 June 1214 Sept
8
20 204 2114 211
/
1
4
/
1
177 18
2078 207
61 Jan 4 2238May 31
6 Dec 14 Mar
4 2,790 Chicago Yellow Cab_ No par
13
/ 1434 141 1614 1512 167
1
4
/ 1518 163
1
4
15
16
17
18
2,900 Chickasha Cotton CM
10
2413 24 24
5 Mar 2 24 4June 10
3
5 June 1212 Sept
2212 2434 24
204 21
22
2214 2214 221
714
2 Feb 28
Mauna 3
2,400 Childs Co
No par
512 7
112June
8 Sept
•714 712
714 8
7
714 77
714 7'2
5 June 213 Sept
5
734 Mar 3 2758June 15
4
/
1
02412 2514 244 2534 2458 257
2438 265i 2558 2758 2434 2712 447,000 Chrysler Corp
14 July
2 Jan
No par
/ Feb 28
1
4
2 June 13
/
1
4
11 134
/
4
14 17
/
1
112 134 29,100 City Stores
14 2
/
1
134 2
134 2
110 Clark Equipment
No par
5 Mar 24 117
8June 3
314 July
8 4 Jan
3
11
11
*5
103
4
*74 11
/
1
*10
11
*74 11
/
1
11
11
400 Cluett Peabody & Co No par 10 Jan 27 29 4May 31
3
10 Apr 22 Mar
*20
*23
24
2412 25
25
24
24
2412 2458 *2212 24
Preferred
30
.100 90 Jan 4 100 June 2 90 June 96 Feb
*9712 1197 *97 1197 *97 1197s 97 97 *91
*9012 - -6,300 Coca-Cola Co (The) --No par 7312 Jan 3 9318June 10
684 Dec 120 Mar
89
89
/ 91
1
4
894 90
/ 8712 1
4
9318 931 29112 923
/
4
9012 92
Class A
4158 July 50 Mar
No par 44 Apr 19 4712June 1
47 47
*46
600
4612 4612
46's 46h 461
461 484 45
/
4
47
1014 Dec 314 Mar
7 Mar 30 22 June 2
19 2014 194 20
/
1
4
/
1
/
1
1934 20
1812 1982 1714 188 164 1712 13,200 Colgate-Palmolive-Peet No par
100 49 Apr 3 82 June 6 65 June 95 Mar
400 6% preferred
•7912 82 *7912 81
8012 •79 80
79 81
*79 80
80
4Jnne 7
2 /May 1078 Mar
1
4
No paT
3 Apr 4 133
1234 1314 123 1312 1214 13
8
4
93 1114 13,000 Collins & Alkman
4
1012 12
104 113
/
1
7
100
Non-voting preferred_ _100 638May 17 7018June 2 55 June 80 Mar
*69
75 *69
75
75
*69
76
*69
75
69 69 *65
9 Jan 124 Oct
SisMay 10 12 Jan 4
*8
1012 *712 1012 *712 1034 1012 101
*8
200 Colonial Beacon 011 Co_No par
1218 *8
12Ia
312 Apr 4 15 June 6
/
1
4
2% July 1478 Sept
144 143
/
1
4 13
/ 1384 11
1
4
13
/ 1012 1214 19,600 Colorado Fuel & IronNo par
1
4
/ 147
1
4
1418 144 12
1312 May 417s Mar
6014 62
6014 617
40,900 Columbian Carbon v t o No par 2318 Feb 27 6314Ju0e 13
603 63
8
,
4
58'8 6O7
s 551 5812 543 57
414 May 147s Aug
6 Mar 27 20 Jima 13
/
1
4
1738 1818 177 1814 19
Columb Piet Corp v t o_No pa
17
/ 1818 161 1718 7,900
1
4
20
17
/ 19
1
4
9 Mar 31 27 June 12
414 June 21 Sept
2238 2438 2434 27
2612 22
24
27
24
/ 253
1
4
8 2214 24 390,300 Columbia Gas & EleoNo par
100 59 Mar 2 83 June 12 40 Apr 797 Aug
8114 8114 83 83 *83
Preferred seriesA
400
841 *83 8413 82
7912 7912
83
378June 11 Mar
4 Feb 27 1412June 2
123 13h 1234 131
4
123 14h 127 1412 13
4
143
8 1238 1334 55,700 Commercial Credit---No par
1184 July 28 Sept
*29
31
Class A
50 16 Feb 27 3118June 14
30
30
31
3012 31
3118 31
1,200
30
30
31
1012June 21 Sept
*2112 23
22
25 1818 Mar 21 24 June 6
22
Preferred B
23
2314 •23
330
24
23 23
23
23
85
*84
8June 13 40 June 75 Nov
85
80 4 80 4 8418 843 *84 85 *84
8
*8012 85
3
3
60 6)4% first preferred__-100 70 Mar 24 843
1078June 27 Mar
4June 13
/
1
4
33, 3312 3314 3712 36
8
373
4 343 36
3534 30,400 Comm Invest Trust___No par 18 Mar 3 373
8
/ 3318 3512 33
1
4
5512June 82 Nov
91
91
9214 9212 9258 925
Cony preferred
No par 84 Jan 4 977 Jan 31
1,400
91
8 9258 927
89
9214 91
88 June 102 Dec
100 1033 Jan 18 1114 Mar 1
6Ii% 1st preferred
4
312 May 133 Sept
4
1918 2018 1934 2012 1914 2014 1814 19
9 Feb 25 2012Jtme 12
8
/ 1818 193
1
4
2 1718 185 179,500 Commercial Solventallo par
158June
518 Aug
618June 12
11 Apr 1
/
4
a5
558
512 618
5
/ 618
1
4
414 5 927.600 Commonw'Ith & Sou_ _ _No par
5
/ 54
1
4
3
45ti 514
2734June 6812 Mar
574 58
/
1
/ 58 59
1
4
5814 588 54
5612 51
53
49
5018 6,800
36 preferred seriesNo par 21 Apr 4 6012June 7
5 May 12 Sept
9
9
912 10
11
11
3 Apr 4 11 June 13
11
11
/
4
600 Conde Nast Publio'ne_No par
108 10% '712 111
612 June 1214 Sept
163 17
8
16
738 Jan 31 1814June 14
1634 16
1738 16
181 1612 174 16
/
4
/
1
17
72,500 Corueoleum-Nairn Ino_No par
4 May 11 Sept
17h 17
/ 171 1718 17
1
4
64 Feb 24 18 June 7
/
4
No par
17
x153 1612 1534 1534 *1234 1512
4
900 Congress Cigar
Pt Dec 244 Jan
1712 18
17
312 Apr 6 rakoune 7
1818 17
17
/ 16
1
4
15
1614 1312 1434 5,200 Consolidated CIgar----No par
17
17 June 60 Mar
59
130
*61
64
*6012 63 *60 63
Prior preferred
100 31 Apr 5 65 June 8
59 60 *59 6334 59
4May 29
1 June
5 Jan
/
1
4
53
412 47
44 47
/
1
1
14 Jan 4
/
1
8
438 434
414 43
8
3
/ 4
1
4
/
1
4
3
/ 418 2,500 Coup]Film Indus
1
4
57 Mar 21 1434May 29
25* June 111 Mar
/
4
111 1234 1014 113 12,900
13
13
/ 12
1
4
/ 13
1
4
1212 1312
1112 127
4
Preferred
No par
3112June 6814 Mar
64
611 6418 5912 623
61
/
4
583 61
4
4 56
604 56
/
1
5814 236,400 Consolidated Gas Co--_No par 40 Apr 3 6418June 13
721,June 994 Dec
9212 9312 923 93
9012 91
9012 92
4
9312 948 1,700
Preferred
91
91
No Par 880 Apr 24 99 Jan 3
4 Dec 107a J111)
31
354 4.700 Consol Laundries Corp_No par
bh Jan 10
412 4
/
1
4
4h 434
4
414 , 4
414
438 412
2 Apr 17
/
1
4
4 June
9 Aug
123 13
4
/ 13h 1438 1312 1412 1234 14
1
4
No par
5 Mat 3 1412June 13
122 1418 1134 1312 449,600 Consol 011 Corp
100 05t2 Mar 1 10218June 15
79 Feb 101 Sept
*99 104 "994 102h *994 10218 *9912 1021 1021 10218 *99h 104
100
8% preferred
/
4
/
4
14 Mar
258June 7
2
2h
178 214
112 134
14 11 70,700 Consolidated Textlie___No par
/
1
/
4
14 Mar 1
15 Aug
s
11 2
/
4
11 11
/
4
/
4
SaJune
2 Feb
/
1
4
8
878
7
/ 12,50C Container Corp class A
1
4
20
14 Jan 10 10 June 12
9
7
10
9
93
4
73
3 812
78 8 4
3
412June 12
4 may
11 Jan
/
4
14 Feb 15
Class B
No par
314 312 26,000
312 334
37
412
4
41
/
4
312 44
/
1
312 4
8 Sept
1534 16
2 MaY
/
1
4
153 16
4
3 Mar 1 1712May 27
s
1514 153
4 137 1512 1334 1514 1238 1334 11,700 Continental Bak class A No per
17
2h 2
12 Apr
14 Aug
2h 214
/
1
4
212June 7
/
1
2
214
112 14 17,500
/
1
Class B
12 Jan 5
218
14 2
/
1
No par
8
57 *5712 597
247 June 4734 Mar
56
8 58
58
58
60
3,600
6018 59 60
58
100 36 Jan 3 6212May 29
Preferred
17IJune 41 Mar
5814 5878 57 4 60
3
58 60
56
684 55
/
1
573
4 544 5612 32,600 Continental Can Inc
20 354 Feb 23 60 June 12
1018 1018
9 4 10
3
/
1
4
9
/ 1014
1
4
9
/ 9
1
4
9 Apr
/
1
4
95
8 94
84 Feb 25 1034May 31
Sts Sept
3
84 912 3,900 Conn Diamond Fibre
5
2012 2714 284 27
4 28
6 May 2514 Aug
/
1
4
27 273
4 2814 283
/
1
28
2434 2612 13400 Continental
. _2.50 104 Mar 28 2912June 13
312 3
/
1
4
338 4
3
/ 3%
1
4
53,800 Continental Insurance4 June 8
/May
1
4
334 Sept
I Mar 27
Motors_ __No par
13
15
1314 14
/ 1234 14
1
4
334June
938 Sept
1413 143
4 1414 147
-38 124 14 173,800 Continental 011 of Del_No par
478 Mar 3 15 May 31
/
1
7614 7112 744 6938 7278 49,500 Corn Products RefinIng____25 4538 Feb 25 783
/ 7518 784 73
1
4
/
1
/
1
8June 13 244 July 5538 Sept
74
75
/ 7434 77
1
4
99IJune 140 Oct
/ 134 13534 135 135
1
4
4
134 135
13312 1334
280
4
13512 13512 1353 136
100 11712 M V 15 1453 Jan 21
Preferred
6
612
63
8 7
63
4 712
112 May
732 Sept
612 714
618 6'4
712June 13
514 612 37,100 CotY Inc
No par a2 Mar 24
37
35
/ 3614 3578 3758 34
1
4
3314 36
33
35
33 34
40,400 Cream of Wheat °Us_ _ No par 23 Feb 25 37
1312 June 2612 Oct
/
1
4June 13
1112
812 10
4 11
6,800 Crosley Radio Corp
13
14
1212 1334 12h 13
11 14 113
214 Mar 28 1434June 8
214 May
7 Sept
/
1
4
_No par
4 493 523
4
4 4814 52
513 533
4
4514 5212 23,600 Crown Cork & Seal
51
52
503 54
4
No par 1414 Feb 27 5518June 6
x7 8 May 237 Dec
7
8
35
/ 35 3518 35
1
4
*35h 3612 36
36
3614 3612 *35
3514 1,000
1738 Jun
3012 Nov
$2.70 preferred
No par 241 Feb 27 38 May 16
43
4 53
8
414 4
/ 21,900 Crown Zellerback vi o_No par
1
4
liJune
3 Aug
47
52
,
1 Apr 10
512 6
6 June 10
53
4 6
5
/ 6
1
4
2014 21
2412 2512 2514 2614 2434 2614 2334 2434 1934 24
8,100 Crucible Steel of Amertca-100
6 May 2314 Jan
9 Mar 2 2614June 12
4912 497
48
8 49
491 461 4812 4614 4812 4218 48
/
4
/
4
48
/
1
4
14 Dec 4978 Jan
530
Preferred
100 16 Feb 27 55 June 2
312 3
/
1
4
3
/ 334
1
4
3
314
212 3
21
278
24 24 60,500 Cuba Co(The)
No par
12 June
34 Sept
h Feb 21
438June 7
37 Aug
8
4 9
814 87
7
812
lh Jan 16 1112May 29
/ 9h
1
4
83
65
8 7 23,400 Cuban-American Sugar__ _ _10
/
1
4
9
9 14
8
/ May
1
4
55 *52
55
50
5012 49
51
50
511
/
4
300
Preferred
100 10 Jan 9 68 June 5
57 58 *52
312 May 26 Aug
4
4938 52
4 54
553
4 513 54
4
473 493 11,300 Cudahy Packing
4
4
50 2034 Feb 21 5912June 8
20 May 354 Mar
5512 5812 543 553
2238 27h 28
321 2612 2938 2512 2712 2214 26
/
4
22
2412 37,000 Curtis Pub Co (The)
-__No par
6h Mar 3 32 ,Iune 12
/
1
4
7 June 31
Jan
63 66
5812 5812 57
58
6112 63
55
5512 5,100
Preferred
No par 80 Feb 23 66 June 12
37 Dec 86 Jan
/
1
4
55
/ 62
1
4
7
312 334
3
3
/
1
4
2
/ 318 177,800 Curtiss-Wright
1
4
314 3 4
3
1
1h Feb 23
378June 8
78 May
314 Sept
34 3 4
3
312 3
6
62
2
6
614
55
2 638
512 5
/
1
4
11 Mar
5
538
4
/ 518 22,100
1
4
Class A
434 Sept
1
2 Mar 30
63
4June 8
1638 1612 1758 155 1612 1518 16
8
/ 144 15
1
4
6,600 Cutler-Hammer Ino___No par
43 Jan 6 1758June 13
4
1614 164 16
312 May 12 Sept
*5
618
5
/ 55
1
4
8
512 512
5
5 14
47
8 514
5.
518
700 Daveca Stores Corp
4June 3
6
11 Feb 23
/
4
63
214 Oct
7 Sept
/
1
4
47 Jan 10
____ __- ---- ---- ---- ---- ---- ______ Davison Chemical
No par
4Mar 27
9 Sept
/
1
4
1 May
*214 4
*212 8
*414 8
•2
/ 8
1
4
20 Debenham Securities
112May 20
5 June 12
b
b
1 June
238 Dec
414 4
/
1
4
14
/ 15
1
4
/
4
1312 14
s
16
141 1412
6,800 Deere at Co prof
20
614 Feb 24 16 June 13
64 June 1514 Jan
/
1
1514 1578 147 1512 15
*8512 00
87 89
8312 89
87 89
85
85
82 82
2,200 Detroit Edison
100 48 Apr 3 89 June 12
U July 122 Jan
/ 2414 24
1
4
24
*22
24 "2012 2312 *21
2412
300 Devoe & Raynolda A_No per 10 Mar 1 2418June 9
7 May UN Oct
4
233 2334 *23
23
2438 24
2412 2418 2412 24 24
2278 2236 2318 3,700 Diamond Match
No par 171 Feb 28 25 May 13
12 Apr 1918 Sept
24
*28
2812 *281 2812 2$4 2814 '2814 2812 *2814 2812 2814 2814
/
4
'
1
2013 May 2634 Dec
200
Participating preferred-25 2618 Feb 27 284 Apr 29
32
3318 '3212 341 301 3312 26
3112 2578 2812 136.400 Dome Mines Ltd
No par 12 Feb 28 3434June 8
/
4
/
4
712 Jan 127 Dec
8
321 33
/
4
204 2014 194 204 1938 20
/
1
/
1
/
1
1812 1912 2185 18
8
/ 18
1
4
18
3,200 Dominion Stores Ltd- _No par 1013 Feb 27 21 June 7
1114 June 1812 Sept
174 1412 1718 145 154 63.500 Douglas Aircraft Co Ina No par 1014 Feb 14 18 June 8
/
1
/
1
16
5 June 18 s Sept
1
4
5
174 1 / 18
/
1
163 173
4
4 17
56t2 5712 57
5758 5612 58 , 543 57
4
521s 55
No par 29 Mar 31 5812June 9
51
54
61,700 Drug Ine
23 May 57 Feb
712 758 '74 8
718 71
/
4
67
8 7
7 Apr 10 104May 29
s
31a Sept
*714 77
7
/ 7
1
4
/
1
4
500 Dunhill International_Ne par
/
1
5 Dec
8
•Bid and asked Priem no salee on this day. a Optional Sale. z Ex-dividend. e Cash sale. V Et-rights.
New York Stock Record-Continued-Page 4
4236
June 17 1933
, - FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
q9
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
June 10.
Monday
June 12.
Tuesday
June 13.
Wednesday
June 14.
Thursday
June 15.
Friday
June 16.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share lots.
on basis of 100
I. ivhes.
Lowest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Indus. & M/scell. (Con.) Par 9 per share 9 per s,are 9 per share 9 per share
512 June 15 Sept
912 Apr 22 1912June 13
Duplan Silk
No par
87 May 10152 Nov
Duquesne Light lot pret_100 90 May 4 10218June 13
77
9May 27
1 June
612 Sept
1 18 Mar 30
Eastern Rolling MIlls_No par
3514 July 873 Jan
4
Eastman Kodak kN J)_No par 46 Apr 4 85 June 12
99
Jan 125 Oct
100 110 May 2 130 Mar 20
6% cum preferred
3 June
97 Sept
8
318 Mar 2 15 June 9
Eaton Mfg Co
No par
22 July 593 Feb
4
El du Pont de Nemours___20 3218 Mar 2 8312June 2
803 June 10518 Aug
4
100 9712 Apr 20 11312June 15
6% non-voting deb
Canna 12
218 Sept
Is June
3 Feb 4
8
EitIngon Schild
No par
214 May
1212 Jan
4 Mar 29 23 June 12
61-i% cony lot pref____100
8June 8
8.2 June 323 Mar
4
5 10 Apr 4 263
Elec Auto-Lite (The)
61 June 10014 Feb
100 7814 Mar 29 88 Jan 5
Preferred
12 June
212 Jan
41aJune 16
1 Jan 3
3
Electric Boat
312June 7
%June
4 Jan
1 Feb 14
Elee & Mus Ind Am shares__
23 July
4
16 Sept
8June 13
318 Feb 27 153
Electric Power & Light No par
103 July 64 Jan
4
712 Apr 4 3612June 12
No par
Preferred
4June 13
8% July 5512 Jan
614 Apr 5 323
No par
$6 preferred
125 June 3314 Mar
8
Elea Storage Battery No par 21 Feb 16 50 June 6
23
4June 6
3 Aug
4
18 Jan
Is Jan 4
par
Elk Horn Coal Corp _No
16 July 3714 Sept
Feb 27 6018June 12
56
2,000 Endicott-Johnson Corp____50 26
56
4 5514 57
4
59
5912 5918 6018 .5712 592 563 563
98 May 115 Nov
30
100 107 Feb 17 117 June 6
Preferred
112 112 *112 11512 .112 11512
116 116
.110 116
116 116
4 June 25 Feb
4June 12
4 Feb 23 143
1114 1314
93 1214 12,900 Engineers Public Serv_No par
4
12
1314 133 14 4 1314 1412 1214 14
3
3
16 July 51 Feb
1512 Apr 7 47 June 13
4113 4112 3,700
$5 cony preferred__ __No par
43
42
43
44
42
4312 43
47
43
44
8June 12
18 July 57 Mar
15 Apr 4 497
4114 4114
1,300
No par
43
48
48
48
45
$559 preferred
46
47
497
8 4712 49
4May 31
1013 Dec 19 Jan
612 Mar 27 123
11
14,300 Equitable Office IlIdg_No par
12
x11
1152 10
*11
1118 1133 1214 1112 1214 11
2 June
714 Mar
3 Apr 4 1112May 31
83
8 83
2 2,600 Eureka Vacuum Clean_No par
4 9
08% 9
10
*83
9
103
8 10
1018 10
414 May 31
12 May
212 Sept
78 Mar 1
5
37
8
318 314 3,600 Evans Products Co
4
34 37
33
4 33
3% 4
4
33
3 4
93 Jan
115 Jan
110 Exchange Buffet Corp_No par 10 Jan 4 1012June 7
10
1012 10
*10
11
*10
11
10
10
*10
11
*10
258June 8
1 Sept
13 Sept
4
8May 17
7
300 Fairbanks Co
25
2
2
*2
214
*2
3
*2
3
*2
3
15, 11
814June 13
1 June
4 Aug
1 Feb 23
*538 7 4
40
100
4 8
*5
Preferred
813 *53
77
8
7 8 814 *53
5
3
3
718 7 4
618 Aug
214 Dec
*612 734
800 Fairbanks Morse & Co_No par
213 Mar 23 1114June 2
8
8
912
9
9
9
9
812 912 *8
4
10 Dec 473 Mar
35
130
100 10 Feb 25 42 June 3
35
Preferred
*3512 38
*3512 38
36
35 35
*3212 38
36
3 June 8
17 Sept
8
5 Jan 26
8
12Ju..e
8 1,600 Fashion Park Assoc__No par
23
8 238 *214 27
25, 27
234 3
23
8 23
8
212 212
814 Dec 22 Jan
4
43 Apr 6 1412June 12
11
2,400 Federal Light & Trae
15
12
11
13
12
1412 1413 1412 •12
118 1212 13
30 June 64 Mar
60
60 .52
Preferred
No par 38 Apr 20 54 Feb 18
60 .52
*46
60
60 •55
*5618 60
*55
35 Feb
8
3June 12
113 May
%Mar 16
97
84
19,800 Federal Motor Truck No par
73
8
8
7 4 88
3
818 93
0
718 73
734 97
4
412June 6
238 Aug
12 May
3 Feb 27
4
312 35
8
312 33
4
312 35
8
3 8 312 2,700 Federal Screw Works_No par
,
312 312
312 312
8
63
4June 12
214 Dec 103 Mar
Ps Feb 25
514 538
414 5
512 53
16.100 Federal Water Serv A No par
4
5 8 63
512 6
612
4
6
3June 7
612 June 153 Sept
712 Feb 27 243
23
450 Federated Dept Stores_No par
23
23
23
23
233
4 23
*2314 24
2312 2312 *23
4June 13
6 May 273 Jan
26% 233 2512 8.200 Fidel Phen Fire Ins N y_..2.50 1014 Mar 27 283
4
4 23
2612 273
2613 267
26
4
4
28
273 283
53 June
9 June 1
812 Mar
5 Mar 22
60 Fifth Ave Bus Sec Corp.No par
*83
8 8% *83
8 8%
•812 9
*812 10
812 812 *812 10
7 Mar 1612 Sept
9 Apr 5 1613 Apr 25
*2112 30
Filene's Sons
No par
35
*2112 30
.20
35
8
*20
35
*203 35 .21
75 June 94 Jan
10
100 81 Ay 11 86 Jan 16
85
Preferred
95
85
*85
95
*85
*8412 95
95
•86
95
.87
4June 12
1012 June 187 Aug
3
918 Apr 4 253
8
21
2334 1913 217 37,700 Firestone The & Rubber___10
3
247 2538 247 253
4 243 2558 22% 237
45 July 68 Aug
100 42 Mar 3 75 June 7
73
2,200
Preferred series A
74
7411 7414 7412 69
74
74
7412 747
7412 75
4June 12
35 July 5412 Dec
6512 63
648 7,100 First National Stores__No par 43 Mar 3 683
663 6712 6713 68% 67
4
684 6514 6613 64
54 Aug
111 Feb
Fisk Rubber
No par
23 Aug
8
14 Feb
lot preferred
100
2 Aug
Is Oct
lot pref convertible
100
10 Feb
414 Apr
712 Feb 7 1613June 13
*1214 19
100 Florshelm Shoe class A_No par
*1214 19
;121'4 -nil- ;12F4 - 1- -la; -161- ;1121.2 20
- 8
3
118
63 July 99 Nov
100 80 Apr 19 97 Jan 10
10
6% preferred
x92
92
*8613 9112
•88
95
*88
95
*88
95
2 June
814 Sept
212 Feb 28 19 June 7
127 133
8
4 2,700 Follansbee Bros
No par
8
155
127 15
1712 18
17
1712 15
1612 173
3 May
157 Sept
8
412 Feb 28 1953June 13
1712 29,600 Faster-Wheeler
No par
1918 1618 1818 14
177 18
8
177 1914 1818 1938 17
8
8June 15
1 July
714 Aug
par
2 Feb 27 185
No
4
*1112 12
127 1313 12
8
1512 1512 18% 1514 173 36,200 Foundation Co
1214 13
8
1014 June 223 Sept
1 1353 Mar 1 2614June 13
12.800 Fourth Nat Invest w w
24
23
233 24
3
237 2414 2414 2614 2413 26
2312 25
47
8June 6
1 July
57 Aug
3 Mar 29
4
37
No par
37
8 412
312 33 39,800 Fox Film class A
4
4
43
4
4%
45,
37
8 430
10 May x285 Nov
8
10 161 Feb 28 4012June 2
3712 32
3612 327 343 37,400 Freeport Texas Co
37% 3814 35
38
39
3738 39
Oct
218 May 26
9 Jan 9 31 June 13
30 Fuller(GA) prior pref_No par
*1714 42
31
*1713 35
*2118 35
•1718 2713 27% 2713 31
3 June 32 Feb
4 Jan 19 23 Juno 13
No par
250
$6 2d pref
23
21
21
*1112 21
18
21
21
•1514 1512 1512 18
312 Sept
312June 10
4 June
1 Feb 27
23
212 212 1,500 Gabriel Co (The) cl A_ _No par
3
212 212
33
8 312 *314 33,
314
3
512 Dec 17 Jan
612 Jan 20 20 June 1
300 Gamewed Co (The) __No par
15
16
153 16
14
15
15
1514 16
1614 1612 16
3
12 June
512 Sept
2% Feb 28 11 June 14
No par
9
918
938 1038 45,000 Gen Amer Investors
918 93
8
9
1058
93 11
3
4
93 11
26 June 71 Sept
Preferred
No par 42 Feb 23 80 Juno 13
600
78
78
*61
78
*7518 77
77
77
77
80
79
80
912 June 353 Mar
5 13% Feb 28 373,June 10
3413 41,800 Gen Amer Trans Corp
3512 373
3 353 367
363 x31
4
4
8 369 373
8 33% 35 4 34
3
3June 2
43 June 1512 Jan
4
8
45 Mar 3 173
No par
1353 1518 18,700 General Asphalt
1633 167
8 1612 1718 1612 17
1518 165
8 1514 16
10(3 Juno 195 Mar
8
5 13 Jan 3 2014May 29
18% 1912 19
1913 1818 1938
184 187
8 173 184 16% 1713 27,000 General Banking
90 June 106 Sept
38 preferred
No par 99114 Mar 30 108 June 15
180
107 108
107 108
•105_
*10513 _
107 107 *108
_ __
4May 24
83
5 Aug
12 June
2% Feb 6
5
65, 5,900 General Bronze
7
6
-13
712 - 7712 7 4
3
6
78
714 7
67
8 712
1112June 9
5 Sept
14 May
114 Mar 31
No par
912 1053
9% 1058
812 18,700 General Cable
7
94 10
8
94
,
73
3 912
113 May 1112 Sept
214 Feb 27 23 June 9
2,700
Class A
No par
133 16
8
16
18
16
20 2013 19 2012 19% 193 *16
4
3
3% June 25 Sept
612 Mar 30 46 June 9
100
1,600
7% cum preferred
30
40
413
37
37
3014 36
304 334 27
38
39
8June 12
20 June 383 Mar
8
No par 29 Jan 3 417
13,300 General Cigar Inc
3
8 39 4 413
3
38% 40
40
417
8 413 417
4 39
4012 3812 39
75 June 106 Dec
Mar 15 112 Jan 25
40
7% preferred
100 100
106 106
10518 10538 *105 110
•10518 110 *10518 110 *10518 110
813 May 2618 Jan
1078 Apr 26 25 June 13
No par
237 24 3 24
a2214 241
2112 2313 2014 22% 326,900 General Electric
3
2434 237 25
10% July
117 Sept
3
Special
10 1118 Apr 20 12 Jan 12
6,800
1178 12
113 12
4
117 11% 113 117
113 117
4
8 117 12
1938 May 4012 Mar
No par 21 Feb 24 3812June 12
367
8 3412 363
2 3314 3518 50,100 G nen.' Foods
35
373 3814 3714 3812 3612 38
4
3June 6
23 Feb
4
3 July
3
27
ss Apr 1
23 24
30.700 Gen'l Gas & Elm A___ _No par
238 212
258
233 23
13
4 2
8
2
2
24
23,
4
3 June 248 Jan
3% Apr 3 1612June 6
400
Cony pref series A No par
8
13
14
*12
147 *10
*1213 15
•1258 15
145 1514 14
5.4 July 30 Aug
7 Apr 20 1612June 8
No par
30
97 pref class A
*13
1612 *___ 1612
15
•15
18
.1313 1612 1612 1613 15
54 July 40 Feb
5 Apr 6 20 June 10
No par
20
98 pret class A
153 154
20
20 •16
40
*16
40
*155 29
4
40
*17
18.8 Apr 25 Mar
2414 Jan 9 3414June 12
3 3,800 Gen Mal Edison Elec Corp__
.... 3352 335
8 3313 3312 3314 333
3414 3414 .341a
34
34
28 May 4812 Sept
No par 3512 Mar 3 6012June 13
24,500 General /kiln,
5712 6012 5613 59
5514 56
554 56
56 .
6
012 563 583
4
76 July 9612 Dec
Preferred
100 9213 Mar 28 104 June 6
800
10114 10114 10114 10118 10114 10114 clOt 101
101 10114 *101 10113
7% June 2438 Jan
10 10 Feb 27 28,4June 13
2412 257 708.800 General Motors Corp
8
27
2814 253 273
2718 2738 274 28
3 24% 27
5614 July 8714 Mar
No par 6512 Mar 3 90 June 8
95 preferred
1.800
88
8812 88
883
4 8714
883
4 88
89 89
885 884 88
4 June
9 Feb
Jan 9 24 June 13
518
183
4 1,100 Gen Outdoor Adv A_ No par
18% .14
•1513 193
24
*1612 185 .13
4 15
2212 20
25 Nov
8
4 Jan
1018June 12
212 Mar 1
No par
Common
713 8
73 101
4
814 814 *711 8'4 4,200
912 10,
3
8
912
212 July 14 Jan
314 Jan 4 17 June 10
General Printing Ink_ No par
680
4
17
123 13
1313
17
5
13
8
153 163
4
4 164 1614 123 15
el
sr -. --sme 2.
o
2712 June 60 Feb
31 Mar 18 654June .5
pa
No
:: $6 preferred
6
50
56
68
*57
60
65
•58
68
•60 1 68
.04 -z 120
1 May
814June 12
7ls Aug
2 Apr 6
512 638 22,300 Gen Public ServIce
No par
63, 8
63
8 714
6
673
7 4 814
3
714 8
613 July 2853 Jan
1314 Jan 3 3814May 13
.._No par
13,900 Gen Railway Signal..
355 38 4 3418 35 4 3212 35
3012 33
34
3714 35
37
,
3
65 July 90 Jan
Jan 11 80 May 2
4
100 693
6% preferred
*7712 98
*7712 98
.78
98
*78
98
*79
98
*7712 98
3 June 12
14 May
214 Sept
% Feb 16
1
218 212 58.000 Gen Realty & Utilities
23
5
23
8 27
214
238
218 3
2
2% 3
5 June 163 Sept
4
512 Jan 19 18 June 14
No par
$6 preferred
143
4 3.500
14
16
16
•14
15
15
17
18
177
17
173
8June 3
8
14 June 153 Sept
213 Feb 27 143
8,400 General Refractories- _NO par
12
1312 *II
1314 1312 1338 1313 13
1212 133
4 12
14
93 Feb 17 31 June 14
8 Mar 27 Aug
130 Gen steel Castings pref No par
3012 31
35
*31
_
*31 .__ *31
*31
31
31
95 Ala" 20 2014 Jan 11
10% Jan 244 Mar
4 1514 16% 1412 1612 135 1518 145,300 Gillette Safety Razor-No par
16
3147 15 8 1513 15 4 1514 -- 8 -3
45 June 7213 Aug
4
No par 472 Apr 19 75 Jan 9
5712 5712 1,600
Cony preferred
.59
62
59
61
60 60
5712 60
60 60
33 Aug
4
%June
No par
3 Feb 9 6 14June 8
4
Girnble Brothers
33
4 412 15,100
412 518
5 8 57
5
513 53
5
53
8
538 512
Jan
63 Dec 31
2
Preferred
100
514 Mar 1 25 June 2
500
*1812 2218 *181 20
*2114 24 .2214 24
214 2214 *1814 24
3 a June
1018 Sept
No par
3% Mar 2 1512June 13
40,400 Glidden Co (The)
14
13
145
1318 145
5 147
14
14% 1514 147 1512 13
35 Apr 76 Sept
June 14
100 48 Apr 22 80
Prior preferred
520
7613 7612
80
7513 7512 76
7612 76, 7912 79, 80
78
4
2
8 Aug
23 May
8
No par
3 Feb 16 13 May 27
8 2 912 21,700 Gobel (Adolf)
,
11
1112 10
s 1012 11
919 10 4
3
3 113
8 1012 113
8.4 May 2053 Sept
12 Feb 27 2412June 13
57,400 Gold Dust Corp v t c.. _ _No par
234 237
23
233
3 2313 2413 2212 2413 2018 2418 20% 22
70 July 10112 Dec
No par 100 Jan 18 104 June 12
$6 cony preferred
100
8
*997 104
•100% 104
104 104 •101 105 *101 105 *10114 104
8
123 Sept
3June 8
214 May
No par
3 Mar 2 177
2
2
15% 123 143 78,400 Coodrich Co (B F)
1638 17
1618 1712 163 173
1612 14
3
8 15
7 May 3314 Sept
Preferred
100
9 Feb 214 5338June 7
4.300
447
42
46
48
48
483
4 45
497
2 48
494 483 50
4
512 May 2934 Aug
914 Feb 27 3814June 7
7
4
5 373
3138 333 86,700 Goodyear Tire & Rubb_No par
36
367
8 35
353
36% 37
4 323
3
333 363
4
19% June 6912 Aug
No par 273 Mar 2 77 June 7
4
5
1St preferred
7514 9.400
74
75 4 75 4 75 4 7612 7513 76
3
743 75
76
3
3
75
3
714 Jan 30 4 Sept
75, Apr 4 1712June 12
No par
2
4
1412 1612 1613 1712 16
17
1453 163
8 133 1512 123 143 102,000 Gotham Silk Hose
5014 Jan 70 2 Oct
,
100 41 Apr 3 65 June 16
Preferred
40
66
65
75
•63
73 .65
73
63 63
.65
73 .65
453 Jan
414June 8
1 May
1 Apr 3
1
38,900 Graham -Paige Motors
37
253 3
312
4
334 4
33
4 4
3
3 2 38
3
5
37 Mar 2 1553June 13
2% June 1138 Sept
8
14
124 13% 105 1212 31,700 Granby Cons M Sm & Pr__100
133 14
1418 1413 1538 1312 148
95 Mar
314 June
353 Mar 2 1018June 6
7.600 Grand Union Co tr ctts_No par
73
8 8
812
8, 9%
7
85
8 9
85
8
93
8
8
87
22 June 3514 Mar
No par 2212 Apr 5 3413 Jan 9
Cony pref series
3114 3112 2,400
32, 3212 3212 321 2 32
2
33
3
2
3 2 3112 32
23
6% June 17 Sept
1118 Mar 24 25 June 8
No par
300 Granite City Steel
*2213 247 •24
8
2412 2412
2478 2414 247 .23
25
*2412 25
1413 May 3014 Mar
4
No par 153 Feb 28 3518June 9
344 347 2347 35
32
8
34
34
313 3313 31
4
30,4 3114 4,100 Grant (NV T)
5 June 1314 Jan
518 Feb 27 1418May 31
1318 1312 134 1312 1318 135
4 1118 1214 19,100 Gt Nor Iron Ore Prop No par
8 1214 1313 12
123
12 Aug
67 Jan 19 291sJune 6
314 Apr
247 36,400 Great Western Sugar No par
8
2738 2818 2718 2734 2534 2714 2414 2614 24
2618 23
48 June 83 Aug
Jan 3 106 May 31
100 7213
340
Preferred
.105 106 .105 106
105 1057 106 106 210312 10312 102 10314
25 Sept
3%June 2
% Apr
58 Mar 3
No par
27
27
3
3
25
4 214 50,200 Gr1gsby-Grunow
3
214 25
13
24 213
3May 29
1 Sent
43
18 Mar
14 Jan 23
3
3 18
27
8 3
272 3
214 27s 5,200 Guantanamo Sugar.... No par
34 335
314 3 8
3
2i June 2118 Sept
13
6% Feb 27 2712June
No par
2514 26
2512 27
8
27
2712 253 2618 2418 2412 233 2312 4,300 Gulf States Steel
12 July 40 Oct
100 1614 Jan 16 64 June 12
Pr
Preferred
180
*5613 60
.5612 60
•62
64
6012 64 .563 64
69
4
59
15 May 23 Jan
25 15 Mar 18 22 May 25
3
20 3 20 3 203 21
3
3
2112 2112 213 2113 2012 2012 *2012 2212 1,300 Hackensack Water
28 Apr
19 May
8
25 25 Apr 8 287 Jan 12
40
7% preferred class A
28
28
28
*2612 28
*2712 28
2713 2712 28
28 .27
414 Aug
6 June 9
3 July
3
118 Feb 28
No par
36,100 Hahn Dept Stores
3
418 5
5
58
3
44 5
3
538 5 4
3
514 538
38 43
3018June 6
718 July 28 Aug
9 Apr 1
100
Preferred
24
900
30
30
24
40
295 293
28
28
•29
4 28
28
11, Jan
8
313 July
812June 13
318 Feb 27
10
73
*64 712 7,000 Hall Printing
7
7
7
812
8%
712 75
•67
7
20 Oct 30 Mar
30 Hamilton Watch pref._ ..100 15 Feb 11 30 June 8
25
25
30
•22
30
30 •22
30
*25
30
*25
*22
33 May 70 Jan
170 Hanna(M A) Co $7 pt_ No par 4512 Jan 4 7712June 15
7714 774 7712 7712 7712 7712
77
76
77
77
75
75
18 Sept
3June 10
7 May
6.3 Feb 25 227
227
8 2112 227
8 1912 215
8 19
215
1553 19
23.700 Harbison-Walk Refrac.NO par
8 22
207 227
8
2 Sept
Is Dec
1.
14June 6
18 Apr 3
1
13
112 37.300 Hartman Corp class B_No par
7
8
113
1
114
114
13
8
114
1
14
1
4 Mar
%June
214June 6
14 Mar 18
No par
Class A
114 3,400
14 2
133 138
1
13
3 14
17
8 2
17
8
153
rights.
• 1110 and asked prices, no sales on this day. a Optional sale. z Ex-dlvidend. y
$ per share $ per share 9 per share
.18
19
19
19
1912 1912
9913 9912 102 102 a100 10218
7I5
7
7
67
8 714
6%
80
8134 8112 85
8212 84(3
121 121 *118 121 *118 121
14
1458 14
8
143
4 133 143
8
7812 807
8 7918 813
4 781s 827
110 110
11034 1107 *11032 1103
8
4
33
27
8 358
23
3 414
3
1653 1918 19
23
18
1912
2458 2558 247 263
2438 26
8
85
85
85 85
8412 85
332
3% 312
314 312
3
3
3
3
3 18
27
3 314
12
125
8 13
1414 14
1518
3218 333
4 333 3612 3414 3612
4
3234
28
293
8 2918 31
31
a47
4812 473 49
2
47
477
8
15
8 17
8
112 17
153 1%
$ Per share 9 per share
1918
*16
1912 *16
4
9912 9912 *963 9912
619 653
6% 63
4
79
813
8
7912 82
121 121 *118 121
1212 1313 1112 1312
4
75
793
3 713 777
4
11034 1103 111 11312
23
4 318
25
8 3
1714 1714
1712 18
8
2214 243
4 2014 243
84
8313 84% 84
33
4
3
3 14
3
234 3
25
8 27
8
1414
13% 15
10
33
2913 3218
32
8
28
3012 2412 285
4 4234 4334
4512 463
112
114
112 13
4
$ per share Shares
1918
200
*16
170
100 100
552 64 4,000
77
80
16,000
100
118 118
1118 1218 26,600
7114 7412 18,200
110 11212 1,100
214 23 71.300
4
1518 1514
7,500
203 223 100,700
8
4
540
85
85
372 412 32,700
23
2 252 22,400
1073 1214 272.900
253 28% 8.900
8
217 238 10,100
8
428 4534 4,600
14
114 4.540
New York Stock Record-Continued-Page 5
4237
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HICH AND LOW SALE PRICES
Saturday
June 10.
Monday
June 12.
Tuesday
June 13.
Wednesday
June 14.
Thursday
June 15.
Friday
June 16.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share tots.
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Shares. Indus. & Miscell. (Con.) Par $ Per share $ per share $ per share $ per share
112 Nov
10
Jan
Hawaiian Pineapple Co Ltd_20 __ ____ __ ____ ____ __
No par
3 Feb 27
4
314hlay 31
312 Sept
234 278
214 23
4
218 212
2
2 3 10,700 Hayes Body Corp
8
23
4 27
8
234 27
8
4 June
*91
92
400 Helme (0 W)
25 6912 Jan 16 93 June 8
50 June 815 Sent
93
8
*87
9318 9014 9014 91
9212 .9112 93 .88
3 Mar 20 1018June 12
No par
43 June
4
*1012 16
300 Hercules Motors
812 Jan
*9
10
*1012 16 .1012 16
10
1018 *1012 20
4 3612 397 17,200 Hercules Powder
8June 8
137 Aug 2912 Sept
8
4018 42
425
8 383 413
4
No par 15 Feb 27 433
41
4212 24112 4212 40
8
7012 June 95
100 85 Apr 5 106 June 12
$7 cum preferred
Jan
•103 105
103 106
10314 10314 10314 10314 103 10314
150
105 105
4312 July 83 Mar
5512 567
8 52
5218 4,000 Hershey Chocolate____No par 3518 Mar 29 58 June 1
5518 56
5414 56
553 56
4
55
57
57 June 83 Mar
8318
600
Cony preferred
No par 643 Apr 5 8518June 8
.4
85 85
8314 8212 8312 •82
.8314 85
8314 8314 83
--------------------14 Apr
134 Jan
Hoe (R)& Co class A_No par
No par
312 Jan 4 10 June 2
314 Dec 1212 Aug
8
778 10
812 87
8
812 914
77s 83 11,200 Holland Furnace
73
8 8
77
s 8
21I4 Dec 103 Mar
214 Mar 2 1012June 7
8
8
712 84 33,100 Hollander & Sons (A) No par
2
814 87
9,
2 934
97 1014
93 104
4
812 9,
201 222
4
4
1,900 Homestake Mining
100 145 Jan 18 250 June 8 110 Feb 183 Dec
248 248
249 249
24412 24412 2393 2393 215 233
614 628
63
4June 9
1 May
412 Sept
8
1 Mar 2
8
5 8 6,
3
8
512 53
4
43
8 53 26,000 Houdallle-Hershey cl B No par
64 63
4
63
8 63
4214 June 5718 Jan
4May 6 5114 Jan 12
.4812 50
*4812 50
4912 4814 4914
900 Household Finance part pf_50 433
50
50
4812 4812 48
83 May 2814 Sept
4
8
4 2712 313
4 2714 29
23,200 Houston 01101 Tex tern ctfs100
814 Mar 13 3314June 12
4 283 313
3112 3118 3314 3014 323
31
614June 13
45
8
518 20,800
118 May
53 Sept
8
8 57
8
552 57
8
53
Voting trust ctfs new__ __25
17 Feb 28
8
58 58
3
7
57
8 6
5 8 614
7
4June 7
47 Dec 1612 Jan
8
2312 213 2212 1912 20
8
7,900 Howe Sound v t o
245
8 24
243
4 22
25
512 Jan 3 253
24
2414 24
97 1112
8
914 1012 36,700 Hudson Motor Car____No par
125
8 1012 12
27 May 11h Jan
8
1212 12
3 Feb 28 1314June 8
12
123
8 12
514 6
5
512 638
512 26,800 Hupp Motor Car Corp
112 May
714June 8
53 Jan
8
8
612 7
lh Mar 3
614 67
10
6,
2 64
,June 6
%June
218 Sept
13
4 17
8
112 13
4
114
13
8 5,300 Indian Motocycle_ __ __No par
14 Mar 18
25
13
4 17
8
13
4 17
8
134 2
Apr
1
28 Nov
10
lig Apr 11
414June 10
4
414
4
37
8 414
418
312 328
314 33
8
314
314 2,400 Indian Refining
6812 613 6528 85,500 Industrial Rayon
4
No par 24 Apr 4 7112June 13
71s June 40 Sept
675 6812 6712 697
8
8 683 7112 6612 6912 64
4
65
71
4June 12
143 Apr447 Sept
4
73
6112 66
32,100 Ingersoll Rand
No par 1914 Feb 27 763
68
737
8 74
763
4 73
7512 68
10 June 27, Sent
41
4118 40
41
40
41
3612 39
36
37
36
3714 5,500 Inland Steel
No par 12 Feb 27 42 June 7
78 Sept
814 87
8
712 83
8
612 73
8
6
7
17,100 Inspiration Cons Copper_ __20
2 Feb 25
912June 2
828 85
8
814 84
3 May
*
1 June
8 1,800 Insuranshares Ctrs Ino_No par
37
eJune 8
37g Jan
314 312
314 312
114 Mar 29
34 312
312 312 •318 33
328 328
35
314 July
4
4
412 Jan 10
81g Sept
37
8 418
33
312
3
33
8 2,600 Insuranshares Corp of Del__ _1
Apr 5
4 4
3
lh
328
312 32
33
8 38
8
312 312 .3
314
318
318 .2
358June 7
14 Apr
318 Aug
2h
No par
%Met 21
1.000 Intercont'l Rubber
10 4
3
9
10
83
8 914 19,000 Interlake Iron
152 July
828 8h
1114 10
No par
218 Mar 1 1114June 13
714 Sept
812 10
10
212 23
318 312
3
4 7,400 Internal Agricul
33
4June 6
3
3 18
314 312
328
28 3
7 Feb 17
g
312 Aug
No par
'4 AD
33 Apr 15 Aug
1814 1814 .17
16
14
1514 1312 1312
1814 183 183
4
4 16
900
Prior preferred
100
5 Jan 3 18hJune 13
124 128
5212 July 117 Mar
12912 133
13012 13312 127 127
3
125 129
19,500 Int Business Machines-No par 753 Feb 28 135 8June 13
8
13312 1353
4
114 May
7hJune I
6h
7
65
5 7
612 67 11,800 Internet Carriers Ltd
512 Jan
64 718
67
7
1
27 Jan 16
8
7
728
3
5aJun
2814 2812 283 2912 2814 287
2814 2612 30
18h Jan
618 Mar 2 30 4June 16
3
8
263 303 16.200 International Cement--No par
4
8 27
h May
17g Jan
34 Jan 10
18 Apr 13
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- --- ______ Inter Comb Eng Corp__No par
6 Jan 5
412 Nov21
Jan
138 Apr 12
Cony preferred
No par
393 4114 3912 4118 3914 41h 377 40
8
354 39
3414 37 139,700 Internet Harvester
8June 13
10 2 July 3418 Aug
3
No par
135 Feb 28 413
•111
_ .11112 _ 112 112 .112 113 *11212 1131 .1127 _ .
68h Jtm 108
8
Jan
100
100 80 Jan 5 112 June 13
Preferred
934 1012
858 104
1018 _1018 1012 1114 104 11
712 -- 27,900 lot Hydro-El Sys ol A_No par
812
228 Jun
1152 Mar
212 Apr 4 1114June 12
37
43
4 43
4
412 45
8
43
4 5
412 43
4
43
8 2,300 lot Mercantile Marins_No par
53 lune 6
8
7
,Jufle
414 Aug
114 Jan 4
428 5
1728 1818 173 185
4
1714 187
153 1714 1514 1612 444,100 lot Nickel of Canada_ _No par
634 Feb 27 187
sJune 13
312May 1212 Sept
s 1628 177
•101 103
104 104 .102 104
102 102
50 June 86 Mat
10112 101h .101 107
300
Preferred
100 72 Jan 11 104 June 14
_•1212 15h 1312 13h .1518 1512 12h 1212 1312 14
13
10h 1072
17 June 8
8June 12 Sept
150 Internal Paper 7% pref
100
212 Jan 4
412 434
53
4 6
534 6
45
8
512
338 312 4,300 Inter Pap & Pow al A__No par
6 June 10
12 June
428 5
12 Apr 21
43 Aug
3
2% 3
sJune 6
23
4 278
23
14 Apr 1
33
Ii May
4 318
212 234
228 23
112 214 4,700
Class B
No par
2 Aug
4 Apr
23
17
g 2
228 212
13
4 2
4June 6
112 Sept
212
214 212
112 17g 17,000
23
Class C
No Par
14 Jan
15
1414 1512 111 1312 12,900
15 4 1412 1512 147 1514 1428 15
3
8
17 June 7
Preferred
100
2 Apr
13 Dec 1228 Sept
4
1012 10
12
1218 1218 1214 11
11
11
1114 *10
1012
900 lot Printing Ink Corp_No par
312 Feb 2
1214June 8
3 Dec
83 Mar
4
68 68
.67
*6712 70 .6712 70
6712 6712
68 June 10 224h Jan 45 Nov
70 .68
70
60
Preferred
100 35 Apr 1
2511 22412 243
26
26
2312 2418 2,900 International Salt
2712June 6
9 4 June 2312 Feb
3
253 2512 2512 2612 25
No par 135 Mar 2
7 50
.49
50
49
4714 49
x46
463
4 44
2014 July 4428 Jan
45
5114June 7
4912 50
2,800 International Shoe__ No par 243 Jan
2
3112 33
3012 33'z 27
712 July 26 Sept
3312 35
34
29
37 June 9
8,900 International Sliver
100
934 Feb 2
36s 3412 36
58h 59 4 6014 64
6112 623
597 6212 54
26 May 65 Feb
3
62
65
5812
65 June 13
1.430
100 241251 ar
7% preferred
183 1914 1812 197g 1818 19% 17
8
191
15
181g
1414 16' 497,300 Inter Telep & Teleg_ _No par
518 Feb 28 2118June 7
2s May 158 Sept
63
4 7
8
63
7
634 7
814 65
6h 65
8
11± May 11
7 May 18
Jan
6,000 Interstate Dept Stores_No par
112 Mar 2
528 6
32.8 29
*32
32
2912 30 •295 30
30
30
18 June 5212 Jan
.25
31
160
Preferred
100 12 Apr 7 34 May 26
6s 7
712
8
8
*614 7h
*612 7
21 Dec
7 Apr
7
8 4 .7
,
1,900 IntertYpe Corn
814June 13
No par
174 Jan 24
2818 283
4 28
28
2712 2812 2712 2812 2714 2712 2714 28
sJune 5
1014 Apr 2012 Aug
2,600 Island Creek Coal
1
11 Feb 27 297
407 41
42
42
40
42
40
40
39
39
37
1518 May 35 Feb
3712 1,300 Jewel Tea Ine
o
No par 23 Feb 27 43 May 29
40
4112 40
41
447
4314 48
4338 4758 4318 4614 155,500 Johns-Manville
42
10 May 3328 Sept
No par 1214 Mar 2 48 June 14
0 Jan
79
80
8112 86
*7712 80
*7712 80
80
80
85
86
45 July 99
320
100 42 Apr 6 86 June 15
Preferred
8 7912 793
80 80
8014 8128 •79h 807
4 77
Jan
77
77
79
8June 12
30 July 84
650 Jones & Laugh Steel pref_100 35 Feb 1 813
59514 105
100 100
*98 105 *100 105 *100 105 *100 105
9012 Apr 1133 Jan
20 K C P & List pref sec B No par 100 June 10 110 Jan 17
4
51
9
914
714 8
9
9 14
8
918
7
sJune 9
3 May
714
238 Mar 15
93
914 Mar
67 12,600 Kaufmann Dept Storm $12.50
8
157 18,
8
4 15 8 163
8
5
8 151 16,
8 143 153
1314 137 40,800 Kayser (J) & Co
43 July 143 Sept
4
s 1314 15
8
8June 12
2
25
67 Feb 27 163
2
5
5 18
434 518
412 47
4
45
8
4
418
312 4
512June 7
5
la Mar 2
15,300 Kelly-Springfield Tire
28
28
25
25
277 2812 .264 28
25
25 .21
8
25
No parl
6 Feb 28 3118June 2
6% pret
1,000
-ith June 2412 Sept
---- ---- --__ ____ ____ ---- ---- 8% preferred
100
7 June 24 Sept
_ _8% __ ____ __ ____ ---- ----- ---- ---- --__ ---- ---- ---pref certlfs of depoel _
t100
20 Jan 5312 Oct
6% preferred
.714 814 .ii, It, 5712 812 .714 8
.714 814
ilk KelseyHayesWheelconv.cLA ii 2 Feb 27 8 May 12
.
)
714
7
-14
1014 107e 1014 103
4
912 1018
2
914 97
83 10
4
No par
2h Mai 103 Feb
4 1018 103
58,000 Kelvinator Corp
3h Feb 28 1114June 3
47
47
47
48
47
47
47
48 .4812 50
17 July 38 Feb
*48
50
120 Kendall Co pt pf ser A_No parj 30 Jan 10 50 May 1
8 203 2158 193 203
2014 21
2012 213
8
75 Feb 28 22 June 2
8
4 163 20
47s June 1914 Sept
No parj
4
165 184 185,900 Kennecott Copper
8
57 Apr 6 1812June 8
18
1812 18
18
18 .15
18
612 Dec 1912 Jan
18
18
17
.15
17h
No par
600 Klmberley-Clark
412 47
5
5h
518 55
8
5
518
h Apr
5 Sept
614June 7
1 Apr 3
42 514
No par
374 418 7,100 Kinney Co
1918 1918 20
203 20 8 2018 21
8
4
,
3 June 19 Aug
213
4 203 22
1918 205
8 1,490
No par
45s Feb 14 22 June 6
Preferred
1414 143
4
153
4 14% 1514
1412 15
15
65 July 19 Jan
8
123 1418 92,600 Kresge (55) Co
4
512 Mar 2 158 June 13
10j
135, 15
10434 105 .10018 104
10012 101 .10012 105 .102 105
88 May 110 Mar
10018 10018
100 88 Apr 4 105 June 14
110
7% preferred
397 397
8
8 37
18 June 37
393 39
4
14 3812 3812 38, 38,
37
Jan
35
36
No par, 27 Jan 17 40 June 9
800 Kress (S H) & Co
14 Jan 3
1n May
91s Jan
__ _ ___ Kreuger & Toll (Am etfs)---- 1-32 Jan 26
_
- ---- - - ----- ----- ------- - - ---29 li
8 31 12
303 8 3118 30h 123
2918 31 2918 297 33,900 Kroger Groo & Bak-No VaIl 1412 Feb 28 323sJune 12 10 May 18s Mar
;
3712 3818 3818 3855 3814 40% 3818 395
8 3718 387
25 May 58h Jan
8 347 363 48,500 Lambert CO (The)
8
No par 2218 Mar 2 4014June 13
.714 10
00
12
8
9
.74 9
2 May
8
.7
7
7
7 Aug
52
3 Feb 8 8 June 12
No °'i
200 Lane Bryant
97
95 10
10
9
8
lh Apr
10
9" 10
83
4
812 Sept
73
4 83
8 8,300 Lee Rubber & Tire
SI
33
4Mar 2 11 June 7
1814 17
1712 17
1838 1712 18
57 Jan 5 19 June 8
17
1818 1814 1814 1814
Ps Apr 11 Aug
2,800 Lehigh Portland cement_.sol
*6818 85 .6818 80 .8818 80
75
40 Dec 75
Jan
•69
75
•69
75 .69
100 34 Feb 9 75 June 7
7% preferred
45 Aug
35, 37
1 May
8
312 4h
33
8 37
414 512
512June 15
3h 412 28.100 Lehigh Valley Coal____No pa?1
1 Jan 13
312 3%
14 July
712 1014
1112 Aug
912 11
83
212 Apr 10 11 June 15
9
9
812 9
4 9 2 7,200
50
94 912
Preferred
,
8 69
71
67
6938 6518 6734 6412 857 14.100 Lehman Corp (The)_. No par 3712 Feb 28 71 June 13
3013 June 517 Sept
674 6814 6814 707
8
8
21
2034 21
6 May 2414 Mar
218
2118 22
19
2112 213
4 2155 23
207 10,500 Lehn & Fink Prod Co
8
5 14 Feb 27 2314June 6
95 Sept
2912 30
293 30 4 283 3114 2811 3012 2818 30
8
3
4
253 283 110,700 Libby Owens Ford Gla.2 No par
4
4
434 Mar 1 3284June 2
354 May
94
94
89
933 93 4 93
92
.811
88 .86
3214 June 6512 Oct
4
3
9314 91
800 Liggett & Myers Tobasmo_25 49 Feb 16 94 June 10
9412 953
933 95 8 923 9412 88
8
3
3418 May 674 Sept
9212 87
9112 87
8912 20,700
25 494 Feb 16 9584June 9
Series B
•13011 140 *13012 135 513012 134
134 134 .132 13818 .12818 137
Oct
100 121 Mar 22 134 June 14 100 May 132
600
Preferred
194 195
8 1914 1938 19
193
8 185 194 191 1912 181s 1812 2,700 Lily Tulip Cup Corp__No par 13 Apr 6 2112May 16
8
14 June 21 Mar
22
227
8 2214 227
8 2218 243
8 22
2212 2112 2214 20
812 Apr 193 Aug
20
2
7,000 Lima L000mot WorksNo par 10 Jan 17 24hJune 13
16h 163
4 17
18
1612 1712 16
61 June 14 Mar
1712 17
17
.15
17
1,500 Link Belt Co
No par
84 Apr 17 19 May 29
3258 3355 3214 343
33
34
313 33
8
285 325g 27
8
30
iMay 25
9 May 22 Mar
24,700 LIquld Carbonic
No par 104 Feb 25 368
2Ih 221
2218 24
22
223
2155 237
8 207a 23
x193 21
2
1314 May 373 Sept
4
51,900 Loew's Incorporated___No par
812 Mar 22 24 June 13
71
*65
711
68
68
007
71
68 .65
687
8 65
65
39 July 80 Sept
No par 35 Apr 4 72 June 8
300
Preferred
37
37
35
37
37
4
414
4's
314 37
3
314 19,600 Loft Incorporated
414June 8
lh June
5 Sept
No par
18* Feb 24
33
4
33
4
312 312
33
3 4 33
3
312 33
II Feb 28
34 312
41211 lay 29
710 Long Bell Lumber A No par
,
14 May
27 Aug
8
3114 401
397 40
8
3814 393
39
39
4 3814 39
37
38
1618 July 383 Feb
8
25 194 Feb 27 4012June 12
5,100 Loose-Wiles Bisoutt
•117 120 *117 120 .118 120 .118 120 *118 120 .118 120
98 July 118
Oct
100 113121May 9 120 Jan 14
7% let preferred
2214 23
8 2112 225 X20% 22
8
193 21
4
225 23's 221* 233
s
60,000 Lorillard (P) Co
9 May
No par 103, Feb 16 23hJune 13
1828 Sept
•105 _
_210314 10314 104 104
•105 _
.105 _ _ •105 _
7318 Jan 10818 Sept
200
7% preferred
100 87h Feb 23 104 June 16
27 28
7
234 2
78
212 1
23
4 3
12
212 211
2
12 Jan
214 July
212 2,200 Louisiana Oil
3hJune 3
No par
ill Jan 5
163 .1212 167 •12
4
8
15
15 .10
167 *12
167 .12
Jam
167
40
3 Dec 18
8
Preferred
100
312 Feb 24 19 May 26
2312 25'
23
2414 22
20
2114 215 231
8
244 21
2314 27,200 Louisville Gas & El A_No pa
3
812June 2328 Mai
137s Apr 8 25 4June 13
178g 163 173
163
1614 17
4
s 1512 165
8 133 157
4
8 1212 143, 14,300 Ludlum Steel
1
4 Feb 28 178
*June 12
112 Jan 1128 Set:
,
552
58 .50
571 *45
56
5512 551 *52
55
*45
52
100
Cony preferred
No par 141$ Mar 28 5518June 12
612 Jan 26 Sep
20
1912 197
20
1912 1912 •193 201
4
20
227a 2128 2212 3,900 MatiAndrew8 dr Forbes
10
9h Feb 16 227sJune 15
912 Aug
1514 Fe
•70h 90 .7012 851 .701 8512 .7012 85 2 8512 851 .7012 85
20
6 7 preferred
,
100 74 Apr 18 8512June 15
57 May 80 Sell
12
36
363
383 38 8 374 40 4 3712 39'g 3552 39
8
,
3
23418 37
No par 1313 Feb 27 4014June 13
48,500 Mack Trucks Inc
10 June 283 Sep
4
14 60 607
60
5812 59
6014 61
8 59
5552 585
8 5212 5312 8,100 Macy (R HI Co IneNo par 24h Feb 25 613sMay 31
17 June 6012 Jaz
2
418 44 *312 43
4
4
033
8 4
4
4 12
4
4
2,200 Madison Su Gard•t s_No par
las Mar 30
412June 12
218 Jan
412 Sell
17
1612 16'r 1312 15
1612 1612 1614 163
4 16
1312 14
3,700 Magma Copper
No par
53 Mar 2 18 June 2
2
412 Apr 133 Sep
4
8
37
4
314 3
44 44
7
3
3
414
23
4 3
3'I
7,800 Mallinson (H R)& Co..No par
h Jan
7 Feb 15
s
414June 6
4 Sep
3
3
33
8 3t2
3
3h
3
3
212 3
212 212 1,770 Manati Sugar
100
14 Jan 4
4 June 6
24 Sep
h Mar
714 8
.712 7
52
74 7
3
7
612 712 •5
8
8
712
Preferred
390
100
38 Jan 6
9 18June 6
314 Sep
14 AD
84 884
852 83
912 97
2
83
4 84
8h 87
8
112 Jan 3
97
83
4 83
530 Mandel Bros
No par
eJune 10
1 Dec
4h Sep
17
1412 161 .1452 153
8 137 137
1814 1828 1712 1812 17
8
8 1,400 Manhattan Shirt
26
9 Ain
512 Apr 1
183
4June 9
312 June
4
23
4 31
312 33
*23
4 312
23
23
3
4
212 212 3.200 Maracaibo 011 Explor_No par
12 Jan 18
4 June 12
',June112 Atli
1112
9 2 11
,
91g 978
1012 1112 1114 1112 11
811 918 55,900 Marine Midland Corp
54 hlar 31
10
2
1112 Jan 9
6'June 143 Atli
18h 1814 183
8 1714 177
1712 1814 17h
8 16
•17
18
1678 2,500 Marlin-Rockwell
No par
6 Feb 27 2014June 3
4
53 May 133 Sept
4
114
13g
14
11
13
4
1
114 112
14
1 14
h
No par
%May 5
118 56.600 Marmon Motor Car
21/June 6
Is Apr
311 Sein
163
4 1514 16
145 153
8
16h
16
165
16
4 13
16
143 19,200 Marshall Field & Co
s
No par
414 Jan 30 18hJune 3
3 July 1312 Jai
8 2914 30
2752 3012 26
3012 307 23014 30h 304 313
29
15,400 Mathleson Alkali Workallo par 14 Feb 27 3212June 5
8
9 June 207 Mai
__ •101
_ •107
_ •101
_
_ _ __
_
•107
-- •107•107
100 10018 Jan 20 105 Apr 29
Preferred_
Jac
89 4 Apr105
3
297
27 8 5 29
2418 27
2911 2914 29 29
29 2412 --26
5,400 May Department 5tores-2
93 Feb 24 30 June 2
4
912June 20
Jaz
528 .4
518 .4
,2
5
4h
54 5
,
No par
14 Apr 10
3
500 Maytag Co
1 July
*512 53
4 *5,2 5 4
57
81une 7
6 Aui
4 *93 12 .10
4
123 123
8
123 1258 123 123
8
4
1214 10
10
1,100
Preferred
No par
3h Apr 4 1214June 12
3 Apr 1012 Sept
*40
48
40
40
.40
*40
48
4212 40
48
.40
40
Pr1Or preferred
No par 15 Apr 5 4212June 8
2218 Dec 3514 Jar
500
$ Per share $ per share $ per share
$per
share $ per share $ per share
-
• ilid and asked prices. no sales on this day. a Optional sale. e Cash sale. s Sold 15 dale. 2 El-dividend
r Ex-rights.
4238
New York Stock Record-Continued-Page 6
June 17 1933
gar" FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING
.
PER SHARE
PER SHARE
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Sales
STOCKS
Range Since Jan. 1
Range for Previous
for
NEW YORK STOCK
-share lots.
On basis of 100
Year 1932.
Saturday
Monday
Tuesday
Wednesday Thursday
the
Friday
EXCHANGE.
June 10.
June 12.
June 13.
June 14.
June 15.
Week.
June 16.
Highest.
Lowest.
Lowest.
Highest.
$ Per share 8 Per share $ per share $ per share 8 per share $ per share Shares. Indus. & Miscall.(Con.) Par $ per share $ Per Aare $ per share
$ per share
24
26
264 27
/
1
/ 267 2712 2512 26
1
4
8
253 26% 2518 2512 6,100 McCall Corn
4
No par 13 Mar 3 2712June 12
10 May 21 Jan
31, 413
434 434
38 4
3
27: 31
3
27 13,100 McCrory Stores clams A No par
*
2
34
478June 8
4 Apr 15
612 Dec 16 Apr
5 4 5 4 *5
3
3
6
.512 514 *312 412 *312 5
*3
Class B
100
312
No par
6 Jan 5
114 Jan 13
5 Dec 19 Jan
16
1634 1512 163
4 143 143
4
4 13
13
1014 103
4
Cony preferred
3
9 4 9 4 1.500
3
212 Mar 17 21 Jan 9
100
20 Dec 62 Feb
77
7% 7%
8
818
7%
712 77 •74 77
712 1,600 McGraw-Hill Pub Co_No par
7
818June 12
2
3 Apr 4
/
1
4May
71i Jan
32
/ 3314 3212 333
1
4
3014 327
2812 3118 2534 2912 25
2712 91,700 McIntyre Procupine Mines--5 18 Mar 16 33:June 12
3
13 May 214 Dec
82 8314 831: 847: 837: 8512 83 84 x7814 803
771 794 7,700 McKeesport Tin Plate_No pat 444 Jan 4 8512Jwie 13
28 June 6214 Feb
512 57
8
514 5 4
3
514 54
44 5
/
1
4
4% 515
/
4
33
4 41 38,100 McKesson .15 Robbins
61:June 7
114 Mar 2
5
1I June
61: Sept
1614 167: 164 17
1512 167
4 14
/
1
153
4 1212 144 12
1314 7,500
Cony prof series A
33 Mar 3 1778June 8
8
50
3% May 23 Feb
14 24
2
214
2
214
178 2
114 1% 47,400 MoLellan Stores
17
23
4June 6
No par
4 July
14 Feb 24
4 Mar
•154 17
1514 1678 16
17
17
17
1612 *8
15
1612
230
8% cony pref set A
218 Jan 16 2114June 7
100
7 Dec 36 Mar
2218 224 223: 2238 2214 2214 2112 22
2112 2112 20
20t2 1,100 Melville Shoe
84 Feb 27 2212June 5
No pa
774 Dec 18 Jan
84 84
712 84
84 1038
918 10
9
814 9 26,900 Mengel Co (The)
95
8
2 Mar 1 1038June 13
1
1 July
5 Aug
17
17
1778 20
1812 194
1814 1814 18
17
183
4 17
6,500 Mesta Machine Co
7 Feb 24 20 June 12
5
514 May 1912 Jan
*19 21
*16
1912 '
319
1912 1912 1912 *19
20 20
20
200 Metro-Goldwyn Plot pref--27 1312 Mar 1 2014June 7
14 June 2214 Jan
8
814
8
838
85a
8
712 814
6% 77
512 612 19,900 Miami Copper
934June 2
Mar 3
118 June
14
6
614 Sept
1134 117
1114 12
113 12
1012 115* 1012 111s
4
93 1014 27,600 Mid-Continent Petrol-No par
33 Apr
34 Mar 2 12 June 12
4
MI Sept
1514 153
16
4
163* 1514 174 143 157
8 133* 1512 13
1438 12,300 Midland Steel Prod--No par
3 Mar 2 1718June 13
2 June 123* Sept
70 70 *68
70 *65
70 *65
70 *65
70 *60
66
100 8% cum lst pre:
100 26 Mar 3 70 June 9
25 June 65 Sept
211 217
/
4
22
22
217 22
8
2134 214 *2134 22
20% 2112
900 Minn-Honeywell Regu.No par 13 Apr 4 22 May 29
11 June 23 Jan
/
1
4
33
4
33* 4
44
33
314 38
44
3
3
34 54,100 Minn Moline Pow Impl No par
414June 12
74 Feb 3
%June
34 Aug
204 223
/
1
2134 2512 26
273
224 224 2012 2012 20
2012 2,200
Preferred
4June 13
6 Feb 7 273
No par
4 Dec 145 Aug
2
1534 1534 1538 16
15% 167
* 153 1612 153 168 1458 1512 9,800 Mohawk Carpet Mllla_No par
4
7 Jan 23 1714June 7
512 June 14 Sept
4812 49
49 50
4912 51
4812 50
/
4
/ 471 4815 4712 4712 5,800 Monsanto Chem Wks-No par 25 Mar 3 51 June 13
1
4
1338 May 303 Mar
4
2434 253: 2438 253
8 24
23 244 2012 235
33
4 2012 2214 288,500 Mont Ward & Co Ine-No par
83 Feb 25 2538June 10
312 May 1615 Sept
4812 4812 4812 4812 4814 4812 4814 4813 48 48
1,000 Morrel (J) & Co
47 47
No par 25 Jan 6 50 June 2
20 May 354 Mar
/
1
11 1%
/
4
112 11
/
4
112 11
/
4
114 14
114 13:
1
114 18,500 Mother Lode Coalltion_No par
218June 2
18 May
18 Jan 9
34 Aug
17
17
13
178
11 178
/
4
112 158
112 134
13
14 Jan 5
1% 9.000 Moto Meter Gauge&Eq No par
2 May 16
14 Apr
14 Sept
2318 2418 24
2578 2434 26
2212 2414 22 24
1912 215 10,900 Motor Products Corp-No pox
8
738 June 2938 Sept
7 4 Mar 1 26 June 13
8
93 1014
93* 93*
9 4 1038
3
9
93
818 912
738 87 25,300 Motor Wheel
4
112 Mar 1 1038Jtme 12
No par
2 June
65 Sept
9% 10
914 94
77
94 93*
8
9
712 8
7
5,300 Mullins Mfg Co
2 June 133 Jan
11 Mar 21 1014June 8
/
4
No par
/
1
233* 2478 244 25
2334 2334 20 231
19
21
18
184
910
Cony preferred
No par
5 June 2712 Sept
5 Mar 21 25 June 9
*153 164 163* 1612 16% 1614 153 153
4
15 *104 14
15
900 MuneIngwear Ino
5 Mar 30 18 June 2
No par
7 Aug 15% Sept
97 104
9% 104
/
1
94 10
/
1
84 91
81 93*
/
4
73
4
4 83 52,600 Murray Corp of Amer
158 Feb 25 11 June 7
10
21: July
97 Mar
*17
1812 *16
1812 *1512 1812 *1514 18
*1534 173
1514 1514
100 Myers F & E Bros
No par
8 Jan 25 20 May 5
74 June 19 Feb
21
2112 207 21% 207 2178 1912 207s 19
*
20
173 18% 50.800 Nash motors co
4
No par 11% Apr 12 2212June 8
8 May 1934 Sept
63
4 64
612 61:
65: 718
612 67
64 678
8 618 10,000 National Acme
53
71:June 13
10
14 May
l's Feb 28
514 Sept
64 612
612 634
61
, 7
614 64
63
4 6'2
6
6
2,800 National Bellaa Hess prat--100
834June 6
14 Jan 27
18May
5 Sept
5414 547
5414 563
4 5512 563
4 543 561
: 5334 56 25138 54 37,500 National Biscuit
4June 12
10 3112 Feb 25 563
2014 July 46% Mar
.13612 13712 *1354 138 *13512 138 .13534 138 *13614 138 *13614 138
/
1
7% corn prof
2
100 118 Mar 3 1387 Jan 10 101 May 14214 Oct
1812 19
1812 2012 19
2078 183* 1978 1534 197
1632 1834 92,700 Nat
51: Mar 2 20 8June 13
7
2614 Dec 183 Sept
4
23
2312 2318 235* 2212 2312 214 2258 205* 2212 2195s 21 126.700 Nat Cash Register A___No par
Dairy Prod
No par 1012 Feb 27 2358Jime 12
148s June 313 Mar
3
17
17
134 178
4
11 18
134 134
/
4
14 138
112 112 2,200 Nat Department Stores No par
2118June 6
12 Mar 15
4June
21: Aug
*5
678
67
6% *412 5
41 413
/
4
5
/ 68 *512 634
1
4
440
Preferred
100
14 Dec 10 Aug
14 Feb 23 10 June 6
7018 7214 701: 754 7112 75
70% 75
681 73% 231,300 National Distil Prod---No Par 1674 Feb 15 7512June 12
/
7018 743
4
4
13 June 2714 Aug
.
372
79
76
8134 *77 80
80 801 *75 80
763 763
4 1,600
4
$2.50 preferred
4June 12
40 24 Feb 8 813
201* May 3212 Feb
*1012 1114 *1114 1412 *1114 14
11
11
*1012 114 10
10
300 Nat Enam & Stamping_No par
38 July
5 Feb 2 1314May 31
818 Sept
*1104 115 *11214 115
/
1
112 11278 *110 115 112 112 *110 115
300 National Lead
100 4314 Feb 23 11278June 13 45 July 92 Jan
*114 120 *11312 120 *115 120 *1137 120 116 116 *11612120
8
100
Preferred A
100 101 Mar I 1174MaY 29 87 July 125 Mar
•95 1084 *90 998 *90 993 *90 993 *90 993 *90 993
4
4
Preferred B
4
61 July 105 Jan
100 76 Feb 23 971:June 8
1774 187: 1834 20
1914 204 1741 193
8 164 183
4 1514 1738 104,200 National Pow & Lt_.--No par
658 June 20* Sept
678 Apr I 2038June 13
8
49 4 5112 49 4 .52
3
3
48 50
34 4712 493
8 46
494 454 4814 59,085 National Steel Coro___No gar 15 Feb 27 52 Jane 12
1312 July 33% Sept
28
2874 2512 281: 271: 2814 247: 274 23
2612 2214 25
15,800 National Supply of Del
60
312 June 13 Sept
4 Apr 6 2838June 12
*54
59
59 59
583 59
4
54 54
4 50
563* 563
51
380
Preferred
131: May 394 Aug
100 17 Feb 23 6014June 3
612 7
6
64
514 57
434 512
4
6
412 5
53:
11,100 National
811 Jan 6
10
412 July 1978 Aug
114May 3
2014 2034 2038 207
2 20 4 217 2•2014 2134 1918 2078 1812 1912 29,200 National Surety
:
3
Tea Co
No par
612 Jan 4 2178June 13
7
3's May 10 5 Aug
9
9
*84 9
/
1
818 818
818 818
74 vz *74 74
400 Nelener Bros
/
1
912June 6
11: Jan HS
No par
112 Apr
518 Jan
104 104 10
104 1018 103
/
1
4 10
1018
914 10
84 8% 5,400 Nevada Consol Copper_No pa
2 May 1014 Sent
/
1
4
4 Feb 28 1138June 2
.5
5
47
4 5
45
47s 5
45
45
3 44
3
4
412 1,700 Newport Industries
6 June 1
138 Mar 29
1
112 June
3 4SePt
*1558 1678 *15 8 171
3
5
1612 18
1612 174 16
16
15% 1538 2,100 N Y Air Brake
No par
64 Apr 4 19 May 13
414 June 1412 Sept
97
97 11
*8
934 103
4 10
1058
514 97
*8
11
850 New York Dock
4J00e 13
100
5 Apr 25 103
81s Dec 10 Sept
19
19
19
19
20 20
*1612 20
1614 1614 *14
20
180
Preferred
100
612 Mar 30 20 June 13
20 Apr 30 Aug
17
2
178 28
2
258
2
11 178 69,800 NY Investors Inc
/
4
24
13
4 21
4June 12
No pa
18 Apr 3
23
4June
314 Aug
8
/ 81
1
4
814 83
84 57
8
9 10
9 4 1114 1112 1278 49,700 NY Shipbldg Corp part stk_ _1
3
134 Jan 4 1278June 16
1% Dec
64 Feb
.74 747 *724 747 *72
757 773
743
73
76
78
80
7% Preferred
75
0
100 31 Jan 9 80 June 16 20 June 57 Mar
*92
944 *92
/
1
9412 *95
9512 9514 9612 x96
98 *86
98
90 N Y Steam $6 pref
No par 80 Mar 24 101 Jan 9 70 May 100 Oct
100 100 *10014 10612 *10012 10612 102 102 *9814 103 *9814 10612
100
$7 1st preferred
No Par a934 Apr 25 110 Jan 11
90 June 10918 Mar
30 4 313* 3012 3112 22934 3112 2834 3012 27
3
295
8 26
27% 35,500 Noranda Mines Ltd
Na par 17 Jan 14 3212June 8
/
1
4
10 4 May 2138 Sept
3
318 33
3312 357
30% 341
3212 35
8
8 3614
2934 3238 299,800 North American Co_ - No par 154 Apr 4 3614June 13
1334 June 434 Sept
/
1
45 45
444 4414 4412 447 0312 4412 444 441 4418 4418 1,100
/
4
/
1
Preferred
50 32 Feb 28 46 Jan 12
251: July x48 Sept
7
/ 75*
1
4
714 73*
71
712 812
814
64 8
3
63
4 714 223,100 North Amer Aviation
812June 13
5
11 May
/
4
4 Feb 27
6% Dec
*71
72
71
71
*6112 74
72 72
72
72
72
72
500 No Amer Edison pref __No par 48 Apr 19 744 Jan 16
49 July 88 Sept
8
81 *712 9
/
4
'
37
812 *7
8
*714 712 *6
8
200 North German Lloyd
258 June
5 May 18 10 June 7
8 Jan
*333* 3812 *333* 3812
*354 42
4
.3siz 40 *3812 418
3812 3812
10 Northwestern Telegraph _ _ _ 50 263 Apr 27 43 June 5
15 June 33 Aug
4
358 3 4
3
358 38
314 312
3% 33
34 34
214 34 9,100 Norwalk Tire & Rubber No par
37:June 7
4 Feb
14 Feb 23
21: Aug
1412 147
1412 15
1412 1514 1318 154 134 147
j 12
14 169,800 Ohio Oil Co
No par
5 Jan 11 Aug
434 Feb 27 1514June 13
612 67:
612 74
534 63
514 61:
4
5
57
41: 54 54,500 Oliver Farm Equip-J*7e par
718June 12
12 Apr
1% Feb 27
4 Aug
3034 30 4 2812 3014 2812 2912 *25
3
27 *24
27
23% 25
1,800
Preferred A
4June 9
No par
24 May 1014 Aug
/
1
314 Feb 28 303
614 61
614 678
612 63
4
64 812
8
64
5,000 Omnibus Corp(The)Vte No par
512 57
14 Jan
144 Mar 2
712June 2
454 Mar
13
131 •1214 1234 123 123
4
4 12
12
11
1114 10
10
800 Oppenheim Coll & Co
-No par
97 Jan
3 June
212 Feb 28 15 June 2
*6
84 *6
7
*6
6
7
6
*6
8% *6
50 Orpheum Circuit Inc pref_100
83
4
7 June 9
314 June 15 Sept
138 Jan 30
2013 211: 2012 2212 214 22
2038 224 1814 2114 18
1938 42,300 Otis Elevator
No par 1018 Feb 27 2212.1une 12
9 May 224 Jan
*101 102 *101 102 10214 10214 103 103
102 110 *102 110
20
Preferred
100 9312 Apr 5 103 June 14
90 May 106 Nov
77
84
8'2 9
83
914
73
4 9
7% 88
6
738 79,800 Otis Steel
No par
14 May
914June 13
114 Mar 1
914 Sept
1912 1938 19% 2038 2012 2134 1953 1953 187 194 1712 20
8
4,200
Prior preferred
100
24 Feb 28 2114June 13
34 May 20 8 Sept
3
75
7634 75
76% 7512 7938 7418 7754 72
67
76
744 43,500 Owens-Illinois Glass Co--25 311 Mar 3 793
8June 13
12 June 4214 Nov
/
4
2814 29
293 3012 294 304 28
8
2934 271: 2912 264 28 36,000 Pacific Gas & Electric
1678 June 37 Feb
25 20 Apr 7 3114 Jan 11
3412 36
353 374 36
4
374 344 3612 3334 357
324 343 33,100 PaCIlio US Coro------No par 254 Mar 31 43% Jan 11
20 4June 471 Aug
8
/
4
26
2712 26
2634 *244 25
244 253
4 2212 23
2112 2334 1,400 Pacific Mllls
1001 6 Feb 21 28 June 8
314 May 14 Aug
86 863
8 8612 9012 90 9014 90 90
891: 8912 87
88
1,120 Pacific Telen & Taloa
1001 65 Mar 3 9012June 12
58 June 1044 Mar
64 63:
/
1
4
64 6
6
61
/
4
538 6
5
54
44 58 209,000 Packard Motor Car-No par
63
4June 8
11 Mar 24
4
112 July
54 Jan
'10
12 *10
12
1012 1012 *9
10
*9
10
*9
10
100 Pan-Amer Petr & Trans new_SI 8 June 2 1012June 13
Class B
-.51 114 Mar 2 124 Feb 18
71- July 1412 Sept
4
2212 2312 2254 14.12 iiix WI! 225 iii, ii Ill
4
: ii li 1,iiiii Park-Tilford Inc
No pat1 6 Jan 20 2912May 27
2 Apr 10 Sept
.21: 212
24 24
24 23:
2
23:
2
2
114 14 1,400 Parmeiee'Franspor$a'n_Noparl
;Mar 21
2 4MaY 31
3
4June
2 Jan
214 314
2 8 318
7
278 3
28 24
3
23
8 212
3
212 212 3,700 Panhandle Prod & Ref_No par
38 Apr 18
31:June 9
14 Dec
114 Jan
134 17
178
18
138 18
112 134
114 15
8
1
11 16.200 Paramount Publix ctfs. ---10
/
4
18 Apr .
212June 6 ---- --- -- __ - -36 3 4
3
3
312 3 4
3
312 34
34 3 s
3
24 34
3
24 2 4 16,900 Park Utah C M
34 Jan 9
3/June 2
7
58 Apr
112 18
11
2 Sept
112 13*
112 158
11 158
/
4
114 112
118 138 17,000 Pathe Exchange
No par
14 Jan 4
2 June 6
14 May
114 Aug
412 438
412 47
43* 47
4% 5
4
41
33
4 4
8,000
Preferred class A----No part
114 Jan 2b
538June 7
584 Feb
114 June
1834 195
1814 19
178 1918 1612 18
15
1738 148* 154 57,000 Patin° Niines & Enterpr No par
532 Jan 16 2014June 9
91: Sept
31: July
278 3
3
314
318 34
3
34
27: 3
274 27
: 7,100 Peerless Motor Car
454 Apr
3
44 Feb 16
314June 7
%June
47% 48
4738 4875 48
5114 481 50
/
4
46
474 50
/
1
48
13,700 Penick & Ford
No par a5l2 Feb 27 5114June 13
16 June 3284 Mar
397
387 397
39
391 40
/
4
3718 393
38
393
/
4
4 371 38 23,000 Penney (.1 C)
No part 194 Ma' 2 4012June 8
13 May 341s Mar
*10412- r- *104 - _ *1035* ____ *10512
__ *10512 -.. - *10512 - -- -- -Preferred
go Jan 4 c1044 Feb 17
1
60 June 91 Mar
54 - /
5
1
4
512 - 354
5
512 5 8
47 .8 512
438 618
43 4 6 24:200 Penn-Dixie Cement...-No par
638June 1
12 Apr
12 Jan 25
212 Aug
3
.15
20 *15 20
20 2018 '
318
20% 2018 2012 2012 21
1,000
Preferred series A
100
8 Nov
44 Mar 2 214May 31
8 Sept
*2334 40 *24 283 *24
4
283 *24
283 *24
4
284
283 *24
4
Peoples Drug Stores
-No par 108 Jan 26 28 May 29
12 Oct 161/ May
_ _ *86
*86 100 *86
___ *86 . __ *86
- --- --6/
1% oonv preferred---_100 65 Apr 11 78 May 31
5018 July 95 Feb
*86- 12 7312 - 7
68 7i
75 8 7414 7614 70 72
67
70
63 dila 13,400 People's0 L & C(Chic)_100I 413* Api 18 78 Jan 9
137 134 137 14
39 July 121 Jan
8
14
14
13
134 13
1234 2.100 Pet Milk
12
13
No purl 64 Feb 2 1514June 8
5 Dec 12 Jan
/
1
4
1134 121
12
1338 123 1334 113 134 1214 1314 1138 1212 57,300 Petroleum
4
Corp of Am_No par
234 May
71: Sept
44 Jan 3 1334June 13
1334 14
133 1438 14
1434 1278 14
1114 1334 1012 123* 53,300 Phelps-Dodge Corp
25
378 June 11% Sepr
44 Jan 4 1512June 1
•33 36
3418 344 35
35
35
35 *3312 36
3312 34
800 Philadelphia Co 6% pref.-50 25 Apr 11 35 June 8
18 June 41 Mar
*60 62
62 62
*64 69 *6318 70 *63
6512 *6212 6512
100
$6 preferred
No par 47 May 12 62 June 8
57
48 June 76 Sept
618
6
614
6
614
512 6
58 614
54 25,800 Phil& & Read C&I--- _No par
5
°sauna 7
2 June
24 Feb 27
774 Sept
1438 143* 144 1412 14
/
1
143* 133 144 1212 13
1214 3,200 Phillip Morris & Co Ltd----10
12
8June 9
74 74
7 June 13 Aug
8 Feb 33 147
94 9 4 •75 10
3
8
3
8
8
*84 9
300 Phillips Jones Corp
*812 9
4June 12
No par
312 Apr 124 Sept
3 Feb 8
93
'35 60 *35 60 *35 60 *35 50 *35
50 .35
50
Preferred
10 Apr 32 Feb
14
1412 1418 147
14
15
13% 1412 13
1438 113* 1312 106,200 Phillips Petroleum
No1002 June
444Jan 4 15 June 13
par
84 Sept
812 84
84 9
9
914
812 94
812 87
8
812 84
690 Phoenix Hosiery
2 Nov
914June 13
14 Mar 15
5
91: Aug
*6
9 4 *6
7
8
*6
7
7
7
*6
7
*6
7
101) Pierce-Arrow class A--No par
114 June
11: Apr 18 10 June 6
9 Jan
112 14
112 134
Hs 134
14 14
114 14
1
14 32,700 Pierce 011 Corp
14 Jan
134June 12
14 Jan a
25
34 Sept
1012 1012 11
13
1214 13
*9
1114 1114 *12
13
15
1,200
Preferred
100
9 Aug
3 Jan
12
371 Feb 27 13 June 12
14 2
2
212
24 23:
2
24
2
214
13
4 2 55.200 Pierce Petroleum
212JUne 12
No pat
is Jan 23
111: Sept
4 May
2134 2214 22 244 23
2412 2212 23 8 2112 234 204 22
7
12,700 Pillsbury Flour Mills.--No par
9 Dec 2212 Jan
/
1
4
941 Feb 24 2412June 13
*473* 50
473* 478 *353 50 .47
4
49% 4612 461
49 *46
200 Pirelli Co of Italy Amer share' 334 Apr 4 4784.june 12
21 June 3144 Mar
173* 17 4 17
3
1812 *1234 1712 *15
17
1712 1712 15
1,400 Pittsburgh Coal of Pa-----100
15
3 May 113* Sent
4 Feb 25 1912.1une 2
*40
45
4514 45
4514 4538 *44
4514 *38
45 *38
45
400
Preferred
100 17 Jan 25 46 June 9 17 Dec 40 Jan
7 4 83
3
83
s 83
s
4
85
8 9
8
83*
8
8
7
/ 74 4,800 Pittsburgh Serew & BoltNo par
1
4
47 Aug
2 Apr
9 June 13
11 Feb 16
/
4
37
37
37
•36
3
'35
39 •35
39 *35
39 *35
39
10 Pitts Steel 7% cum pref
91* June 248 Sept
100 1014 Jan 6 3814May 26
4
*5
512
512 512
512 512 *5
43
5 11
3
44
412 43
800 Pittsburgh United
64June 3
4 Dec
25
3 Feb 6
4
3 4 Sept
4
57
584 541 577
57 4 57
1
/
4
54
55
52
5312 50 .50's
540
Preferred
4June 12
14 May 64 Sept
100 1544 Feb 27 583
•Bid and asked prIcee, no sales on this day
a Optional sale. a Ex-dividend and ex-Manta. •Sold 15 days. 8 Hz-dividend
e Cash sale
8 Ex rhrhta.
New York Stock Record-Continued-Page 7
4239
D5 -FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS ...eST, SEE SEVENTH PAGE PRECEDING.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
June 10.
Monday
June 12.
Tuesday
June 13.
Wednesday
June 14.
Thursday
June 15.
Friday
Juno 16.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Stowe Jan. 1
On basis of 100-share lots.
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
per share $ per share
per share $ per share Shares. Indus. & Miscell. (Con.) Par $ per share $ per share
$ per share $ per share $ per share $ per share
38 Apr 1
12 Dec
No par
33
3 Sept
4MaY 19
213 214 1,340 Pittston Co (The)
212 2s
258 258
25
234
2
/ 24
1
4
3
238 234
634 Feb 24 17 May 31
838 Nov 1213 Sept
5
4
4 1414 1618 1318 143 54,100 Plymouth 011 Co
15
1512 154 1612 15$8 1614 14% 153
/
1
918June 13
134 Apr 3
14 May
No par
63 Sept
8
3
8% *7% 812
7 4 7 4 4,200 Poor & Co class B
3
8
814 8%
812 838
812 918
Pe Mar 23
8 June 6
64
114 May
63 Sept
8
512 513 2,300 Porto Rio-Am Tob el A-No par
6
6%
612 7
63
4 68
612 612
4 May 17
se Feb 27
578
234 Aug
No par
38 May
Class B
218 212 2,800
2% 3
278 3
3% 338
312 312
3
/ 312
1
4
134 July 1712 Sept
3
4 Feb 27 40 4June 7
27% 1934 2414 44,300 Postal Tel& Cable7% prei 100
2612 2814 22
2834 2534 293
4 2614 293
268
538Mar21 1438June 13
34 June
94 Sept
25
1458
500 Prairie Oil& Gsa
14% *14
1438 *14
*127 1314 1314 1312 1414 1453 *13
8
512 June 1214 Sept
7 Mar 22 20 June 13
25
1913 1912 1812 1812 3.100 Prairie Pipe Line
21
19% 1912 20 •18
18
1814 19
314 33
8 9,800 Pressed Steel Car
512June 8
314 3%
%June
4 Aug
se Jan 21
No par
334 4
418
438
4
/ 08
1
4
48 4.58
238June 17 Sept
100
3 Jan 27 18 June 7
Preferred
400
1014 10%
1412 1412 *1112 13
16
1614 *14
*14
1634 *15
1978 June 4238 Jan
No par 1938 Feb 28 50 Apr 20
4118 4218 4018 4112 39% 40% 18,600 Procter k GUMMI
4134 4238
4178 4212 4218 43
81 July 10312 Dec
5% prof (ser of Feb 1 '29)100 97 Apr 18 10412 Jan 12
110
101 101
101
101 101 *10012
1008 10078 101 102 *100 101
2 May 19
1% Mar
14 Jan 3
MaY
114 2,800 Producers & Refiner. Corp.-50
1
112 112
1% 1%
134 178 *178 2
18 17
1 May
934 Mar
3 Feb 2 10 June 5
50
*214 10
10
Preferred
10
*2
9
*2
*812 912
912 912 *812 91
28 July 60 Mar
52 40,600 Pub Ser Corp of N J.__No par 3314 Apr 4 5718June 13
50
3
54 5713 5213 55 4 50% 54
5414 5534 5514 57
62 June 90% Sept
83%
84
No par 68 Apr 18 8812 Jan 31
*81
84 *81
$5 preferred
843 *81
.84 87 *81
*8212 87 3
7112June 1024 Aug
100 80 Apr 4 10138 Jan 24
6% preferred
300
*97 100
96
96
95 95
*9408 97 *95 97
95 95
921k May 114 Mar
100 917 Apr 17 11212 Tan 2
7% preferred
500
10412 10412 105 105 •10412 105
104 104 105 105
*10312 105
100 107 Apr 25 125 Jan •9 100 July 13014 Mar
*11518 ---- -----8%Ipreferred
*11512 122 *11513
*120 125 *11512
*118 125
83 June 10312 Dec
300 Pub See El & Gas pt $5_No par 8912May 3 10312 Jan 11
•91
97 *93 97
9714 971
*9514 99 *9714 99
1012 June 28 Sept
8,ro par
812 Jan 4 4712June 13
3
44 47'2 4334 45 4 42 4513 4013 43% 38,600 Pullman Inc
4414 4518 4413 46
27 June
77
878June 13
613 Aug
2% Mar 2
No par
7
8 41,500 Pure 011 (The)
838
8
8'2
814
834
838 87
814 812
517 518
50 Jan 80 Aug
100 30 Mar 3 62 Jan 12
350
8% cony preferred
54 *5012 53
54
5312 54'2 53
53
5338 *53
57 Feb 24 2.278May 27
438May 1578 Mar
No par
203
4 1738 1913 21,500 Purity Bakeries
213
20
21
18
2114 2214 21
2114 223
212May 1312 Sept
1014
8
818 914 642,000 Radio Corp of Amer___No par
3 Feb 23 1114June 13
934 103
1038 103
4 104 101
/
1
4 1014 1114
10 June 3278 Jan
50 1314 Feb 28 40 May 31
4
Preferred
36's 3434 3638 323 3438 5,000
4 3438 357
3612 35
*337 343
35
4June 13
358May 2338 Sept
Preferred B
No par
613 Feb 28 253
8
2378 2478 2312 2412 2313 2534 2212 24'2 1934 2314 183 2112 48,900
33
534June 8
113 June
738 Sept
No par
1 Mar 31
43
4 5
4 18.200 Radio-Keith-Orph
5
4
4
438
4 51
43
4 5I
418 July x1211 Aug
4May 26
4
5 Feb 23 173
164 1414 1512 14,400 Raybestos Manhattan_No par
1612 15
1638 167
8 1614 167
8 16
1638 15
21e July
813 Sept
10
512 Feb 27 2078June 12
16
27,200 Real Silk Hosiery
al738 19
16
1812 15
207
17
183
4 1878
19 2034
7 June 30 Sept
100 25 Jan 4 60 May 16
Preferred
3
3
170
55
59 4 59 4
55
60 60
*55 60 *56 60
55 55
18 Apr
17
14 Sept
212May 17
14 Jan 3
No par
3,400 Eels(Robt)& Co
18
2
2 14
18 18
2
2
2
214
214 213
Cl Dec
75s Sept
100
118 Jan 3 12 June 13
714 8
930
1st preferred
8
8
1078 107
8
8
8
8% 87
8
87 12
912June 12
1 May
713 Aug
213 Feb 23
1
63
4 8 43,200 Remington-Rand
8
9
713 812
8% 9'2
9
938
812 84
4 June 29 Aug
74 Feb 27 3412June 7
100
32
29
3114 1,300
let preferred
31
*32
344 3414 32 32
/
1
33'2 34 34
5 June 3113 Aug
120
100
8 Feb 27 3212June 6
2d preferred
31
30 4 32
3
*28
33 *2514 33 *2514 33 *2514 33
31
111 Apr
3 2 Sept
7
6 0une 7
3
138 Feb 28
4
434 42,500 Reo Motor Car
5
43
4 514
538
5% 57
512 57
538 538
17g June 1372 Sept
4 Feb 27 1918June 12
1738 1438 16 163.200 Republic Steel Corp- __No par
1718 1738 173 1918 177 187
8
8 1612 1814 15
5 June 287 Sept
100
9 Feb 28 47 June 13
43
35
40
14,900 6% cony preferred
4212 4434 41
4218 4313 4212 46
47
44
604 Reps
22 J
1 July
114 Jan 10 15 june 2
2
*812 1012 1,000 Revere Copper & Brass_No par
9
9
8
1038 11
1012 107
*1012 103
107 11
8
2 Dec 1212 Aug
214 Mar
No par
213
8 1912 1912
100
Class A
*20 22 .21
2138 *19
2138 *19 2138 *19
8June 9
538 July 117 Sept
s
177 11.300 Reynolds Metal Co
No par
6 Feb 27 193
8
1912 19
19
191
1812 1914 1712 185s 1734 1914 17
No par
122 Feb 28 1112June 14
3 Feb 1278 Sept
5,800 Reynolds Spring
1112 1038 11
934 1012 1038 1112 11
938 9
*913 934
3
431 4434 x4138 433 131,700 Reynolds(R J) Tob class B_10 2612 Jan 3 46 June 12
2612 June 4014 Jan
8
4312 4512
45 4512 45 46
46
45
10 60 Jan 5 6234 Jan 24
64 May 7118 June
23.,
Class A
*60 61
6013 60'z 60 60
6012 61
*6012 61
6013 61
14 Feb 21
3 June 8
132 July
14 June
134 2%
113 2 42,100 Richfield 011 of Calif_ _ _No par
134 2
214 213
213 234
213 238
4 July 12 Oct
No par
613 Feb 25 15 June 8
133 133
8
100 Batter Dental Mfg
15
*13
15
*1314 15 *1314 15 *1212 15 *12
2 Apr 8 107
8.Itme 8
112 May
94 Aug
5
7
8'4 12,600 Rossia Insurance Co
5
713 8%
1014 1012
8% 9 8
93 10's
4
9
10'8
1218 Apr 2334 Sept
2618 5,200 Royal Dutch Co(NY shares) 1738 Mar 2 285aJune 12
2733 2614 2614 25
28
2818 27% 2858 2713 28
27
438 July 1738 Sept
10
613 Feb 27 2478Jttne 13
2413 2118 23
1912 21
46,400 St Joseph Lead
22
2234 234 23
2338 227 24
3018 July 5914 Mar
5712June 6
No F
o 2 4Mar
r 1
4 55
1
5412 551
5614 55 5658 5238 5558 5012 5438 5014 5278 26,500 Safeway Stores
60 May 90 Oct
460
6% preferred
8914 897
;. 1b 90 May 11
g
89 897 *8918 90
88
88 *87 88 a86 88
5 100 June 13 69 June 99 Oct
260
7% preferred
99 100 *99 998 997 99%
97 97
97 8 98
7
9812 100
71 Feb
912May 29
114 July
314 Apr 3
67
678 1,400 Savage Arms Corp____No par
77
7 4 77
3
*68 712
8
8
8
81
8s
71 22,800 Schulte Retail Stores_.."To par
12 Dec
4 Jan
9 4May 26
3
%Mar 3
712 8
6
738 8'4
814 83
838 834
8
81
5 Oct SO Jan
100
34 Apr 25 30 May 26
Preferred
*1114 25
50
*1114 25
27 27
*25
27
25 25
*83 25
4
18 May 42 Feb
No par 28 Jan 24 40 May 29
4012
403 *39
8
100 Scott Paper Co
391 *39 401 *39
*387 39
8
39
39
39
8
63 Apr 203 Dec
4
294 31's 2812 3038 27% 293 30,700 Seaboard 011 Co of Del_No par 16 Feb 13 3312May 29
31
32
3113 3212 3013 32
2% Jan
438May 29
1 Apr
*312 418 *313 4
118 Feb 25
41
No par
1,020 Seagrave Corp
4
*3% 4
4
4
4
438
9 8 June 3734 Jan
7
293 32 162,800 Sears, Roebuck & Co No par 12% Feb 25 3538June 12
4
8
3338 3538 3218 3438 2912 337
a3414 3518 343 3538
12 July
5 June 7
3 Aug
414
1
114 Feb 28
334 4
312 334 3,200 Second Nat Investors
4
418 414
4
438
418 414
2114 June 3618 Aug
1 24 Feb 24 4612June 13
Preferred
4638 44 44
200
*44
4612 *44
46
*44
4612 4612 461 *44
18 May
1 Aug
No par
Is Mar 28
3 8June 2
3
2
/ 23
1
4
202 234
214 238
17
3 212 30,500 Seneca Copper
212 234
2% 234
538June 7
113 June
113 Feb 4
53 Jan
2
1
518 53
8
412 31,600 Serval Inc
518 53
8
4
5
412 5
414 434
514
4
538 Apr 8 113
4June 12
5 May 123 Mar
No par
1114 1153 1114 1134 1114 1134 10 4 1138 1018 11
3
93 1018 26,900 Shattuck (F 0)
4
112 July
734 Sept
No par
112 Feb 23 1014June 6
9
9%
914 7,400 Sharon Steel Hoop
9% 1014
9
9% 10
9 8 1014
3
913 98
178 June
712June 9
7 Sept
213 Feb 27
No par
Dohme
6
6%
738
678 7
6
/ 6%
1
4
714
5% 614 10,000 Sharpe &
7
7
1118 July 3014 Jan
Cony preferred ser A_No par 2114 Mar 2 3812June 12
700
38
38 *35
38
3714 3714 3813 38% 3714 3812 37
*35
838June 2
8% Sept
24 Apr
313 Feb 17
No par
6% 67 50,800 Shell Union Oil
3
6% 7%
734 8
a732. 818
73
4 8
7% 7 4
3
18 May 654 Sept
100 2812 Mar 28 4978June 3
Cony preferred
1,500
4718 4212 43
4414 45
45
/
1
4734 4812 4713 4912 *454 47
18 June
118 Aug
- -Shubert Theatre Corp-No per
234 June 135s Sept
18'8.KUCe 15
No par --43 jib 28 - - s
-iiTe 164 l6 Tic "Flit 117 "1612 18
9
6
*
1538 1712 143 16 - - ;645 Simmons Co
, 8
47 Feb 28 123
8June 2
314 Apr
712 Aug
10
ni8 1138 1138 1134 10% 115s 1012 107 978 10% 958 i0'4 9.000 Simms Petroleum
8
55 Sept
212 Feb
978June 2
3 Feb 20
25
93
5,000 Skelly 01: Co
7
8
8
8%
87
8 918
918 97
9
8% 8%
12 Jan 3313 Sept
100 22 Feb 28 38 June 13
Preferred
37 38
500
39
*3712 39
*37
38
38
3714 373
38
38
178 Dec
713 Sept
4MaY 31
43
118 Mac 31
418
438
3
4% 413
338 3,100 Snider Packing Corp-No par
418 412
4
414
414 4%
514 May 1214 Sept
6 Mar 23 1214June 12
35
1014 1114 223,100 Socony Vacuum Corp
12
1114 11
1138 1138 1112 1214 117 1214 11
35 June 87 Sept
86
85
700 Solvay Am Invt Tr pref...100 58 Feb 25 87 June 7
81
86
87 87
*87 88
87 87
87 87
413 Apr 184 Sept
8June 3
7
343
331 343 x33
313 18,900 So Porto Rico Su r___No pox 15 8 Jan 12 353
8
3
32
3373 30 4 3214 3033 3214 30
8613 May 11212 Dec
100 112 Jan 4 127 June 7
30
Preferred
125 127 *122 123 *124 133 *125 133 *125 133 125 125
15 4 June 3234 Feb
3
25 1713 Apr 7 28 Jan 11
2414 52,700 Soutt n Calif Edison
2514 23
2638 24
2434 261s 25
263
26
273
8 25
114 May
3 Feb
7 4June 10
3
114 Feb 28
*4
7
600 South. 'Dairies 21 B__No par
612 612 •3% 7
702
7
7
7 4 734
3
7
412 July 12 Jan
4 Jan 18 11 June 8
9
9
300 Spaldh. (AG)& Bros-No par
1078 107
*1012 14
8
8 1078 107
*1012 14
•1012 12
25 Dec 95 Jan
100 2518 Mar 28 54 June 13
45
70
*36
45 •36
1st preferred
54 *4018 61
*36
50 *4018 50
50
844 Mar
954 Mar
44 Feb 18 15 June 3
15
10 Spang Chalfant&Co InoNO par
15 •12
*12
15 •12
18
19
14
14 *12
*14
15 Nov 4812 Jan
100 174 Feb 9 50 June 13
90
50
50
50 50
Preferred
55
50 50 *50
55
46
46
'
246
1 May
5 Sept
8 June 12
612 114
$4 Feb 28
73
5% 612 72,000 Sparks Withington- _No par
8
4
6% 73
612 6a
612 8
12 July
138 Apr
4 June 9
12 Jan 10
No par
*212 312
160 Spear & Co
2
2
312 31
*2
312
4
4
4
4
1912June 3
71
par
1212 181 x1718 17% 16 16% 4,900 Spencer Kellogg & Sons No rico 5 Apr 10 16 June 12 8 May 11 Sept
19
18
18
18
18
181
878 Sept
3 Dec
Jan 3
No
*13
1312 1,200 Spicer Mfg Co
14
14
15
151
15% 151
*1512 16
1514 16
91 June 18 Sept
No par 1114 Mar 21 3212June 12
50
Cony preferred A
3112 27 '27
317 *27
*3013 3212 3014 3202 3238 3228 *27
%May
5 Aug
1 Feb 28 1138June 2
87
el
-May-Stern Co_No par
712 814 2.100 Spiegel
9
*812 912
934
912 92
93
4 9
3
838 June 1778 Aug
No par 1334 Mar 2 2112May 27
19
20% 1812 1938 100,200 Standard Brands
1938 201
2038 21
2038 21
2012 21
No par 121 Feb 18 124 May 4 110 June 123 Dec
Preferred
*12214 125 *12214 125 *12214 125 *12214 125 *12214 125 *12214 125
78 July
2 Jan
9 June 12
1 Jan 3
5.2 612
512 yi
8,400 Stand Comm Tobacco_No par
512 6
712 9
718 9
412 613
7% June 3414 Mar
5% Mar 31 2212June 13
18
2114 14% 19% 129,300 Standard Gas & El Co- No par
22
20 4 193 2212 20
3
1734 1834 19
4
914 June 414 Jan
83 Apr 3 2578June 13
8
No par
2034 2438 1918 2134 35,400
2234 243
Preferred
8 2238 2312 23 257
2178 233
21 July 6212 Aug
No par 17 Apr 4 61 June 13
55
2,000
*51
55 •50
58
61
55
56
$6 cum prior pref
4512 4512 4612 50
28 June 75 Jan
55
a60
60 66
. No oar 20 Apr 4 66 June 13
6,400
6114 55
6318 64
/
1
$7 cum prior prof
574 60
554 56
/
1
278June 2
h June
214 Aug
12 Mar 31
2
2
212 21
8
214 238
3,500 Stand Investing Corp_ NO par
2
23
214 238
214
*218
9914 10014 9814 9814 1,100 Standard Oil Export pref-100 9212 Mar 3 102 June 8 x81 June 10013 Dec
100 100 10014 10112 997 997 *9812 100
1518 June 3178 Sept
8
333 3438 3418 35
8
323 3434 3218 3412 3118 327 73,300 Standard 011 of Calif- No par 1912 Mar 3 35 June 12
4
34% 35
7 Apr 164 Aug
22 22
22
22
*2212 24
*2212 24
600 Standard 011 of Kansas_-_10 1238 Apr 4 2614May 31
*2212 25
2312 24
1978 Apr 373 Sept
3712 34
3512 163,600 Standard Oil of New Jersey_25 2234 Mar 3 383sJune 12
8 363 3814 35% 3712 34
4
3718 3738 3738 383
534 Sept
3 July
4 Feb 16 1112June 14
*9
1138
10
700 Starrett Co (The) L 13 No par
4 1112 1112 10
10
9 4 103
3
*914
4
*93 10
18 May
24 Sept
8June 13
58 Jan 11
37
2% 3
23
4 318
14,500 Sterling Securities el A-No par
3
3
37
8
3
14 3 4
3
278 3
3
% July
4 Sept
734June 13
112 Feb 10
57
No par
5% 5% 4,300
53
4 6
6
6%
57
Preferred
6
6 14
614 73
4
1312 June 26 Aug
34
33% 3318 •33% 331
preferred__ -50 20 Mar 2 36 M.Ly 24
3,300
34
Convertible
36
3318 3418 35
*3318 35
178 May
811 Sept
212 Feb 24
918June 7
10
5% 738
73
4 814
614 6% 22,100 Stewart-Warner Corp
818 8%
812
818 813
8
4% July
732 Sept
8June 12
No par,53 Feb 27 177
8 1412 1714 13% 153 136,300 Stone & Webster
16% 1712 1478 167
4
1538 1714 163 177
213 May 1334 Sept
113 Mar 20
83aune 6
6
6%
50,580 Studebaker Corp (The) No par
5% 6
613 6%
8 7
6% 7
65
6% 7
100
9 Apr 3 3818June 5 30 Nov 10472 Mar
33
30
30's
Preferred
I 280
3212 3212 32
3378 337 337
35 *32
35
2484 Apr 3978 Oct
No 886/ 35 Feb 25 4412 L. y 31
43
42 43
42
421
4338 44% 43
1.500 Sun Oil
44 *43 44
44
100 89 Mar 16 100 June 6 68 July 92 Dec
99
*98
99 *98
99
Preferred
99 99 *98
100
100 100 100 100
7 June 1412 Sept
74 Feb 17 19'. May 17
1734 1712 1712
4
600 Superheater Co(The)_No par
*1538 19
1838 1838 183 1838 183 184 17
338June 2
14 Jan
2 Sept
34 Jan 4
No par
4 3
212 '23 37.600 Superior 011
4
23
27
234 31
314
8
23
4 3%
234 27
214 May
94 Sept
2 Feb28 10 June 1
100
84 93
818 8%
7
3
8
5,100 Superior Steel
918 938
914 938
928 938
614June 7
41
13 July 11 Jan
8
1 Mar 22
4
438 5
418 414 2,000 Sweets Co of Amer (Tha)_ __50
478 5
412 53
5r8 57
4'2
14 Mar
3 June 7
1 Sept
Is Apr 6
No par
2
112 17
2
2
2
8 2,900 Symington Co
212 238
23
4 234
234 234
4 June 7
h May
234 Aug
14 Apr 11
.
3
33
318 33
No par
3
314
212 28
Class A
234 23
212 23
4 2,100
6 July 1334 Mar
84 Feb 17 15 June 3
No par
11138 1212 2,900 Telautograph Corp_
8
1234 13
127 131
134 1312 135
1314
1334 14
43 Sept
41
No par
1 May
13 Feb 28
63
4June 2
5
s
514 6
538
47 13,30 Tennessee Corp
8
e588 6
514 53
518 638
25 1034 Feb 2 1 2312June 13
,
914 June 1814 Bent
2114 2234 20
213 107,150 TelU18 Corp (The)
4
2234 20
2218 2253 2212 2318 2238 231
12 July 2638 Feb
2818 261 2712 53,400 Texas Gulf Sulphur_ _ _ NO par 1514 Feb 20 3058June 10
2714 287s 27
3038
3
293 3038 2912 3018 29
I% Mar 3
10
612May 29
4 Aug
414 412 0,80 Texas Pacific. Coal & Oli
112 Apr
412 518
4 51
43
538 553
533 555
518 512
34 Mar 31 1118June 12
211 June
813 Sept
.
934 10%
912 1012
9% 10
98.30 Texas Pacific Land Trust_ __I
918 1118 1014 1078
914
9
I Feb 15 193
4June 1
1612 13
2 Apr 10 Nov
16
1534 11,200 Thatcher Mfg
164 1718 1612 1738 1653 1818 1538 17
No par 2738 Feb 6 4312June 2 2218 Apr 32 Dec
4212 41
41
401 4014
/
4
$3.60 cony pref
600
*41
4218 4012 4013 40
*4038 4214
238 Mar 31 1212 June 1
218 Dec
814 Sept
No par
1112 1112 1118 1112 1018 1014 10% 1013 1,300 The Fair
ills 1178
1178 117
100 33 Feb 28 55 June 9 88 July 85 Jan
7% preferred
*5712 75 *5712 75
70 *572 75 *5712 75
75 *55
3
.55
No par
I Feb 28
re June
4 Sept
8 June 8
6
714
512 7 20.900 Thermold Co
63
4 712
714 77
7
7 12
738 738
10 May 17 Dee
11
1 10 May 1 2018June 13
19
1,700 Third Nat Investors
20% 1938 1938 1953 1938 19
*1814 1918 1918 19% 19
•Bid and asked prices no sales on this day. L. Optional sale. z Ex-dividend. v Es-rights. e Cash sale.
New York Stock Record-Concluded-Page 8
4240
_ c-e- FOR SALES DURING THE WEEK OF STOCKS NU"
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 10.
Monday
June 12.
$ per share $ per share
12
13
13
13
1414 14% 14% 1538
43
434
434 512
521
35
237 237
8
7 8 73
5
4
712 77
8
40
4018 40
41
•14
25
*14
25
56214 65
*62
65
614 63
4
6% 634
263 287
4
8 29
3114
Tuesday
June 13.
Wednesday
June 14.
Thursday
June 15.
$ per share
14
1412
1412 1512
512 5 4
3
524
35
71
8
4114 44
515
2212
562
65
63
4 77
30
313
4
$ per share
1334 1334
1314 1412
518 512
35
525
712 8
413 43
4
514
20
*62
65
718 738
2814 3012
$ per share
133
8
13
13% 14
53
63
4
52234 32
73
4 8%
43
4412
515
20
*62
65
6% 73
27
30
Friday
June 16.
June 17 1933
ECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sines Jan. 1
On basis of 100 share lots.
Lowest.
$ per share Shares.
123 1278
1,400
4
4
1214 133 17,100
53
4 614 209,700
*21
100
30
71
8 138,000
4214 423
4 3,500
515
20
65
*62
4
614 63 125,900
264 285 121,500
8
____ ____ ______
Highest.
PER SHARE
Range or Previous
Year 1932.
Lowest.
Highest.
Indus. & Marcell.(Cond.) Par $ per share a Per share $ per share $ per share
Thompson (J 7t)
25
1512June 2
63 Mar 18
4
712 Nov
163 Mar
4
Thompson Products IncNo par
3
5% Jan 6 15 8June 12
234 June 10 Feb
Thompson-Starrett Co_No par
3 June
3
4June 15
22 Mar 3
63
214 Aug
$3.50 cum pref
No par 12 Jan 10 237
8June 12
12 June 171z Sept
Tidewater Assoc 011
318 Jan 13
85
No par
8June 15
55 Sept
2 Apr
Preferred
100 23i2 Apr 6 4412June 15
20 Feb 60 Sept
Tide Water OR
Apr 20 16 June 5
914
No par
5 June 10 Aug
Preferred
100 45 Feb 2 65 June 1
30 Feb 62 Sept
Timken Detroit Axle
778June 13
10
112 Mar 22
2 July
64 Sept
Timken Roller Bearing_No par 13 4 Feb 23 313
3
4June 13
74 July 23 Jan
Tobacco Products Corp No par ____ ____ __ ____ ____ __
27 Jan
8
63 Mar
8
Class
No par --------------------65 Jan
9 Mar
3
753 7 8
7
73
4 i
7.1 i33
/
i8
7 4 - ".1
-64 - 5- 283.100 'Transamerica Corp__ _No par
Ei
7'
. I's
2
8June 13
258 Mar 2
83
2% Jan
718 Sept
12
1214 1112 12
11
12
912 11
3.600 Transue & Williams Elt'1 No par
838 9
91z 1014
27 Mar 21 1214June 10
8
24 July
812 Sept
63
4 715
6% 714
612 7 42,500 TM-Continental Corp_ _No par
712
714 813
7
7
77
23 Feb 27
4
818June 13
112 May
512 Sept
72
72
571
72
71
72
74
74
75
75
573
x75
700
6% preferred
No par 41 Apr 8 275 May 16
42 Jan 72 Sept
3312 3312
3312 34
337 3412 34
8
36
353 373
4
8
8 347 36
14,300 Trico Products Corp_ _ No par 2018 Feb 25 373
8June 15
193
8May 3112 Mar
3
52
*2
27
8
27
8 27
218
2
238 23
8 1,300 Truax Traer Coal
2% 218
3IsJune 2
12 Apr 4
No par
4 May
318 Jan
113 1218 12
8
123
3
4
4 113 1212 10 4 12
1012 1214
9
105 63,400 Truscon Steel
8
4June 12
10
2 Mar 3 123
2 Apr
714 Aug
278 27
8
23
238 3
27
4 3
3
3
4
37 32.100 Ulen & Co
8
3
No par
4 June 15
84 Jan 16
318 Aug
12 May
31
31
23012 317
317 3212 30
313
4 29
30
29
2912 6.900 Under Elliott Fisher Co No par
73 July 2438 Sept
914 Feb 24 32I2June 13
1878 2212 2038 23
1914 2012 1912 21
19
21
8 9,70., Union Bag & Pap Corp_No par
1838 207
64 Jan 13 23 June 12
512 Juno 1138 Aug
, 4014 4I% a404 417
3914 401
384 4112 3712 397
3618 387 108.100 Union Carbide & Carb_No par 193 Feb 24 41%June 12
8
1512 May 36% Mar
1718 1712 174 1814 18
19
173 18% 167 188 1618 1712 60.600 Union Oil California
8
812 Mar 2 19 June 13
25
8 July 153 Sept
8
2034 2114 2114 2218 217 22
8
2012 2118 19
2118 1818 1934 9,000 Union Tank Car
No par 1012 Feb 21 224June 2
113 June 1914 Jan
4
331 35
8 323 347
333 35% 333 365
4
4
30
333
4 2918 313 449,600 United Aircraft & Tran_No par 1612 Mar 2 3658June 13
4
612 May 3438 Sept
.63
64% 65
644
66
66
64 4 64,4 6212 63
562
[
65
1,200
6% prof series A
50 5112 Mar 1 66 June 13
3014 May 58 Dec
2314 2414 2414 263
8 247 2578 24
253
8 223 2412 22
4
2310 44,000 United Biscuit
11 July 2812 Mar
100 1312 Feb 24 2638June 12
100 101
*92 110
100 100
997 100 *100 10514 *100 10618
2
210
Preferred
75 July 103 Mar
100 92 May 2 10112June 6
2518 2818 25 4 2638 2514 2614 24% 2514 23
4
,
243 222
2318 16,100 United Carbon
8June 8
No par 1014 Feb 25 273
65 June 18 Sept
*
4 Jan 4
'18 Nov
18 Jan 3
1
14 Jan
37 Jan 13
Preferred
64 Feb 2
100
218 May 20 Jan
WIT III; -1312
-1514 1412 1214 1338
115 13
8
11
1218 838,300 United Corp
47 Mar 31
1412June 13
312 June 14 Sept
No par
38
383 4012 40
39
8
387
407
39 4 37
3
13,300
3914 37
38
Preferred
8June 13
407
No par 247 Apr 1
20 June 3934 Sept
512 512
538 6
5
8 1,400 United Dyewood Corp_
412 47
5%
5
54 538
5
6 June 12
34 Feb 17
100
% Apr
3% Sept
512 57
53
8
6
512 5 4
4
3
514
412 5,400 United Electric Coal_ No par
412 5 4
5
3
6 June 12
1 Mar 31
218 July
67 Aug
53 8 54
5612 58
3
544 58
5418 56 4 513 5514 5118 537 29,800 United Fruit
,
4
No par 2314 Jan 3 .53 June 12
1014 June 3238 Aug
2138 2238 2318 2418 2318 2412 21% 2338 21
2014 2134 144,200 United Oas Improve-No par
23
2412Ju3e 13
914 June 22 Sept
14 Mar 31
593
93
943
94
4 9314 9314 94
94
*9238 94
9312 9312
600
Preferred
No par 85 May 1 100 Jan 9
70 June 99 Dee
5312 4
312
*3
312 4
312 34
600 United Paperboard
312 312
3% 3%
4 June 13
100
4 Jan 23
3 Aug
It nee
4
11
12
51212 1314 1238 1314 1218 1212 1214 13
133 14
8
2,700 United Piece Dye Wka.No par
33 June 11% Sept
8
312 Mar 3 1412June 2
584 ____ *81
93
81
81
70
80
74
*74
74
89
190 6% preferred
6412 June 9312 Jan
100 50 Apr 19 81 June 6
37
34 4
34 4
3
3
3
3 4 414
334 37
314
23
4 338 14,000 United Stores class A__No par
414June 13
38 Feb 28
4 Slay
3 Jan
*5212 75
55212 65
.523 75
*5212 65 .5212 64
8
*53
75
Preferred class A _ _ _ _No par 45 Mar 21 5212June 6
27 Jan 4814 Mar
43 43
43
4312 427 4412 43 4 464 4518 477
8
3
4612 32,500 Universal Leaf Tobacco No par 2112 Apr I 477
8 45
8June 15
11 May 31 Scut
28
28
25
34
29
35
34
30
*32
34
32
160 Universal Pictures lst pfd_ 100 10 Apr 24 35 June 13
337
8
104 Dec 50 Jan
318 314
23
8 23
27
23
8 34
8 3
8
214 212
138 21s 15,100 Universal Pipe & Rad__No par
314June 9
14 Apr 4
218 Aug
12 Apr
1718 18
17
177
1612 1734 163 1714 1412 167s
8
1312 15 2 30.900 U S Pipe & Foundry
,
8June 9
185
20
818 Mar 1
714 June 1818 Sept
177 177
8
1714 18
174 1712 16% 17
173 18
4
17
17
3.900
1st preferred
No par
1112 June 1638 Aug
1234 Apr 10 19 Slay 26
534 41
53
418 6
5
414
5
512 *312 5
3,400 US Distrlb Corp
538
6 June 13
2 June
No par
2 Feb 23
518 Dec
17
2
17
178 2
13
4
17
s
112
l7
o
138
13
s 112 3,400 U S Express
218June 8
100
14 Jan
3 Jan 30
8
114 Sept
•I518 16
16
18% 1912 2312 20
213
4 1918 20
1718 19
9,104. U S Freight
7 Feb 16 2312MaY 13
No par
312 May 158 sent
97 1012
9
912 1134
9
912
9
912 1012
912 10
7,700 US & Foreign Seour-No par
4June 13
13 June
3% Feb 23 113
614 Sept
*73
*7212 79
77
57212 79
74
77
7212 74
70
700
7212
Preferred
28 June 64 Sept
No par 3812 Mar 28 77 June 12
4112 41
4214 40
41
414 40
413 23918 4112 38
4
3934 13,900 U S Gypsum
1012 June 27 Sept
20 18 Feb 25 4214June 3
107 113
8
938 104
8
11
8 103 11 18 11
914
912
838 9 8 4,300 U S Hoff Mach Corp_ _No par
sJune 8
,
3 Apr
4
15 Apr 3 117
6 Sept
4634 483
8 4714 5114 473 5014 4818 49
4
4614 504 4414 4712 89,100 U S Industrial Aloohol_No par 1312 Feb 28 54 May 27
131, June 3614 Sept
124 1314 1114 1212 11
1412 147
s 1314 1418 1312 14
1218 16.500 US Leather v t o
No par
16 June 8
114 May
714 Sept
23 Mar 1
24
2314 241
2218 2318 2018 2218 204 203
2438
4 1812 203 12,300
4
Class A v t o
sJu11e 8
No par
314 June 16 Sept
414 Feb 25 247
72
*70
*70
*70
72
72
570
72
*70
200
72
70
70
Prior preferred VI 0
4434 June 7018 Sept
100 30 Feb 23 70 Slay 28
1178 1334 12
812 9
8 8 117
7
1312 1012 12% 10% 1134 82,900 US Realty & Impt__No par
2 June 113 Sept
212 Feb 28 1312June 14
4
1414 1513 15
1512 1318 143
1433 15
4 1114 131
8
1012 127 72,800 U S Rubber
4June 8
No par
14 June 1014 Aug
2% Feb 27 153
2812 2912 28
297
283 3012 2614 2812 25
4
2712 25
26
18,100
1st preferred
318 June 2034 Aug
100
512 Feb 23 31I4June 6
55 4 52% 547
3
544
52
545
8 48
5112 43
49,700 US Smelting Ref & Min _50 1312 Jan 3 553
43% 47
50
41nue 10
10 June 223 Aug
52
52
513 52
4
5214 52
52
5112 5112 5112 5112 52
1,500
Preferred
31 July 457 Aug
60 3912 Jan 4 56 June 8
8
5518 5614 584 581
5614 583
4 55
574 5112 557
8 51
533 356000 U S Steel Corp
3
2114 June 5234 Feb
100 2338 Mar 2 53 4June 13
94
96
95
95
977
9412 95 4 03
972
96
3
91
9314 11,700
Preferred
5112 June 113 Feb
100 53 Mar 2 9778June 13
80 8 8112 8012 804 7912 81
3
8014 8134 8112 813 *8114 82
3,400 U S Tobacco
4
No par 59 Jan 9 85 Apr 20
65 June 68 Apr
84
7
818
8
4
818 87
8
712 84
612 73
53
4 63 130,200 Utilities Pow & Lt A_ No par
4
17 A pr 18
8
8 8June 13
7
112 May 1038 Jan
17
17
17
8 2
2
13
138
4 2
11 14,700 Vadsco Sales
112
13
8
134
No par
3 Jan 6
8
21sJune 7
112 Sept
'4 Mar
51212 2112 *1914 2112
2112 *1914 2112 *20
2112 2112 2112
100
Preferred
4
243 Mar 20
12 June 20 Jan
100 161a Jan 11
2512 267
8 26
3
4 2218 2512 2118 24
75,700 Vanadium Corp of Am_No par
273
8 25% 2
74 2
318 2
6
514 May 233 Sept
758 Mar 2 2734June 8
4
4
418
4
5%
5
54
3
5
58
5%
3
514 4,090 Van Raalte Co Ins
5
5
4June 13
2 Dec
No par
8May 5
53
13
7 Feb
30
8
2514 2514 26
2414 2478 247 *25
24
200
2614 2512 25'2
7% lot pre/ stamped-- _100 147
851ay 11 2614June 15
12
314
3
23
334 312
4 318
38 3
3
22
4 3
8May 16
12 Mar
212 234 5,800 Virginia-Carolina Chem No par
37
3 Feb 23
8
238 Aug
14
1414 1412 1412 1334 143
8 1312 1312 *1118 13
11
123
4 2,600
6% preferred
318 Feb 1114 Aug
8
100
33 Mar 2 1514June 8
*54
58
5518 5518 55
*53
*52
55
55
55
55
*48
200
7% preferred
20 Apr 6934 Nov
100 3534 Mar 31 5518June 12
*8138 85
84
84% 847
*83
8 84
85
583
30 Virginia El & Pow $6 pf No par 6514 Apr 17 85% Jan 25
847
8 844 844
60 June 90 Sept
64
64
61
.55
663
6012 55
4 6112 65
3,70t Vulcan Datil:ming
58
5034 56
74 July 347 Aug
100 124 Feb 25 6778June 8
9
8
2,800 Waldorf System
94
94
4
912 91
914 912
918 93
734 8
55 Mar 29 10 June 6
No par
8
718 May 19 Jan
57
514 612 20.900 Walworth Co
612 7
64 7
67
64 734
8 7
64
84 June
7 Apr 5
No par
8
714June 6
43, Aug
143 145
2
8 1438 143
3
4 1418 14 4 1312 14
511
123 *10
12
8
1.500 Ward Baking class A_ _No par
214 May 1014 Jan
218 Mar 15 15 June 8
314 314
314 314
33
314 314
3
8 33
5,200
33
4
8
Class B
24 3
2% Jan
3 May
4
58 Apr 13
No par
4 June 6
37
37
39% 33
35
34
35
3712 33
3612 *33
3814 5.200
Preferred
12 May 4012 Mar
100 1112 Apr 17 394June 13
5
53
8
3
5
518 5 4
43
43
4 534
8 5 148,200 Warner Bros Pictures
58
3
534 6
612June 6
4 June
412 Sept
1 Feb 25
5
•14
20
*12
1612 174 51612 1712 1612 18
20
15
15
1,000
$3.85 cony prof
4 June 20 Feb
414 Feb 7 18 June 1r
No par
43
8 47
8
4
212 27 14,900 Warner Quinland
43
8
33
4
8
33
3
4 4%
32 4
,
8June 10
No par
47
5 Mar 21
8
214 Aug
It May
7
1418 14
8 1414 1614 14 4 16
1414 147
1514 1712 1538 174 57,400 Warren Bros
3
838 Sept
14 May
212 Feb 25 1734Ju11e 16
No par
28
28
203
8 2712 2914 2712 317
2712 283
4 28
3138 1,680
s 28
Convertible pref.-No par
8June 3
2 June 1712 Jan
712 Feb 14 317
s 1614 167s 16
1612 167
163
4 16
4
163
4 153 167
8 143 16
12.300 Warren Fdy & Pipe_ _ _ _No par
4
5 Feb 20 17342une 3
714 May 1414 Sept
4% 413 3.400 Webster Eisenlohr
412 5
5
514 512
5
4
8
514 57
53, 53
1 Jan 18
No par
5 May
8
6 June 6
2 Jan
1938 197
8 19 4 20
3
193 2012 19
8
7,300 Wesson 011 & Snowdrift No par
1912 1712 18
1934 219
7 Mar 3 22 Slay 29
8% July 20 Sept
533 533
4
54
4 54
54
54
5312 5312 533 533
54
4 54
4
900
Cony preferred
No par 40 Mar 3 54 Juno 8
423 July 5812 Sept
4
56, 6812 5514 58
8
565 587
3
8
5714 4814 52% 111.100 Western Union Telegraph_100 1714 Feb 25 64I4June 7
8 55 8 583
s 49
123 June 50 Feb
8
2634 2814 2812 3018 29
275 19,800 Westingh'se Air Elrake_No par 114 Jan 3 3114June 13
2918 26
3114 2814 2912 27
914 Apr 18% Sept
4614 4738 4633 4812 4812 4914 4514 483
8 4318 47
41
4514 144.200 %Westinghouse El & Mfg_ _ _ 50 193 Feb 25 4914June 13
8
1534 June 4312 Sept
58112 86
86
8 823 823 *8112 8212 8112 8212
5823 893
83
4
4
160
1st preferred
4
50 6012 Feb 2 86 June 12
5212 June 82 Sept
10
10
10
113
4 1118 123
8 1114 1112
915 1114
8,200 Weston Eleo Instruml_No par
913 10
312 Feb 27 1238June 13
212 Apr
914 Feb
514
1812 *14
1812 1812 1812 *18
___.
*12
100
23
516
23
Class A
No par
10 Mar 31
1314 Apr 19 Jan
1812June 13
72
6114 6212 64
66
8 72
69
713 73
7118 713
8
700 West Penn E'er: class A _No par 30 Apr 22 73 June 14
71
25 May 80 Sept
*713 747
o
4
730
4 747 75
717
a75
7212 774 7214 7512 70
8
76
Preferred
4June 14
100 37 Apr 4 773
Jan
22 June 76
64
64
8814 65
6318 68
67
5912 64
370
65
64
65
6% preferred
20 June 70 Jan
100 3312 Apr 6 8814June 13
106 10614 106 106
108 108
109 109 *108 11018 *108 11034
70 West Penn Power pref- --100 92 Apr 13 110 Jan 12
Oct
80 June 111
94
*93
933 9334 94
94
8
95
100
95
9314 9314 95
94
6% preferred
100 81 Apr 3 101 Jan II
6812 June 1013 Mar
4
914 3,500 West Dairy Prod el A_ _No par
918 918
9
8% 9
11
9 12 113
4
4 103 1112 10
4June 12
312 Nov
212 Apr 5 113
1612 Mar
3
314
414
3
378 418
312 37
3
334
3 14 12,800
3
Class B v t o
1 June
No par
8
43 Star
414June 12
7 Mar 31
8
1738 173
8 1612 17
4,700 Westvaco Chlorine ProdNo par
147 1612 16
153 1618 1412 15
8
163
8June 7
3 June 1238 Mar
5 Mar 3 183
20
2012 521
1912 2018 1,300 Wheeling Steel Corp
22
21
21
2034 2034 *2012 22
No par
5 June 15 Sept
74 Jan 4 21 June 13
5___ _ 2134 5_ _ _ _ 214 213 2134 5___ 2314 5_ _ _ 234 5____ 213
.
100 White Motor
4
67 June 274 Sept
8
4June 13
50 14 Jan 25 213
_
.. _
_ . 4
__ _ _ _
_ ___
--------------------193 Nov 24
__ ____ .
Certificates of deposit
4
Oct
27
26 - - -12 24 .
27
26
6.714 - -12
2 5 -2:114 iii ii
38
11,900 White Rock Mln Spr et( No par 113 Apr 1
28
-2
11 July 2812 Mar
2
2812June 13
5218 214
24 212
27
23
4 33
2% 234 14,700 White Sewing Machine_No par
318
31
212 23
24 Aug
4 Apr
3 8June 13
3
12 Jan 20
567
8
712 8
9
9 12 58
5612 6%
600
9
8
7
Cony preferred
No par
3 Apr
4
912June 13
2% Sept
118 Jan 14
47
47
45
47
438 47
44 433
4
414 412
434 6,700 Wilcox 011 tic GM
24 May
512June 2
814 Aug
5
2 Mar 2
.25
26
*25
26
*2514 26
25
2514 2514 2514 52514 26
300 Wilcox-Rich ol A conv_No par 15 Mar I
2131211ay 31
1312 June 2012 Mar
37 Sept
4 May
, Mar 30
is
23 Jan 4
s
__
Cony preferred
100 12 Feb 14 1712 Jan 24
6 June 25 Jan
5 134 83, - ,4 834 -9'.1 734 6
12
814 / 20,900 Wilson & Co Inc
812
73
714 - -7/
No par
13 Mar
%June
4
% Jan 3 11 June 7
19
193
8 1712 1934 17
1812 15
34 173
4 1412 1612 133 16
18,400
Class A
47 Sept
4
15 May
8
No par
4 Jan 3 22 June 6
13212 64
60
62
58
62
58
60
54
3,900
4
5812 553 57
Preferred
11 June 31 Mar
100 19 Mar 2 694June 2
4314 4434 43 4 444 40
4212 43
3
34 43 4 405 43
3
39
8
42
91,300 Woolworth (F W)Co
4June 12
22 June 455* Mar
10 2518 Apr 8 443
3334 35
3214 33
3312 37
33
35 4 3218 3512 27
3
3334 37,200 Worthington P & M
100
5 May 24 Sept
8 Mar 2 37 June 13
3
49 4 49 4 *45
3
49 4 548
3
493
47
4712
4 47
*4412 4712 *42
200
Preferred A
Jan
1412 June 41
100 14 Mar 15 51 June 7
4
4412 443 45
542
4412 447 *42
4434 40 40
535
40
Preferred B
700
12 May 31 Sept
100 14 Feb 28 47 June 6
18
19
515
516
19
20
51714 20
37 Apr
170 Wright Aeronautloal_No par
20
174 174 518
1812 Seat
6 Apr 5 24 May 27
49
49
49
493
4 49
49 4 49
49
3
48
491
464 4712 3,000 Wrigley (Wrn) Jr(DeB_No par 3412 Feb 28 6014MaY 25
25'allee 57 Jan
*193 21
4
*193 21
4
*19 4 21
3
197 20
*18
21
21
*18
300 Yale & Towne Mfg Co
15 Sept
612 July
7 Jan 20 22 June 2
25
47
834 634
614
512 612
Vs
634
533 50,600 Yellow Truck & Coach ol 13_10
65
6
8 638
73 Sept
11 June
8
4
7 June II
2% Mar 2
39
.38
38
36
3812 38
36
38
3618
170
3712 3712 *30
Preferred
12 May 4018 Sept
100 18 Mar 2 401aJune 6
163
8 1534 16,2 15
8 1312 15
15 8 157
157 1733 1612 173
3
11,200 Young Spring & Wire_No par
8
sJune 12
117 Sept
3 June
8
312 Mar 30 173
8 31
3234 273 313
3
4
303 314 30 4 323
28
3014 2514 28% 38,000 Youngstown Sheet & T _No par
8June 12
4 May 2712 Sept
712 Feb 28 323
212 212
2
2
2,2
21 2
24
2
2
4,800 Zenith Radio Corp._.No par
2
2
2
12 May
4May 31
2
Jun
12 Fen 27
23
97 Mar
65
8 714
,2
633 7
63
8 83
67
8
8
633 634
6
512 618 31,800 Zonite Products Corp
4 Dec
712June 12
1
338 Feb 21
-ff.;
no
HT.&
,I. ni ).1004 II 2,
11. I tv
• 1314 la 1 44K5 1 1.1,
i ,/911.18 I.1
On.
• -1,11 sovqn I vs
r Et 11v1 1.r1,1
v f, ,
12 149ta
i En-vmrrant0.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
4241
interest"—ezeept for income and deformed bonds.
On Jan. I 1909 the Exchange mahOd of gaoling bonds was changed and prices are now "and
r.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 16.
3
t
..., a.
Puce
weer•-
,.
Range
'
lN
31nce
Range or
Jae. 1.
Last Sale. 4
—
—
High
High No. Low
Ask Lou
Friday
June 16.
BONDS
N. YYSTOCK EXCHANGE
Week Ended June 16,
1..."
v
ta
_ ,..
24
-Z;
Price
Friday
June 16.
Week's
Range or
Last Sale.
4;
E.:
az'
Range
mnes
Jan, 1,
High .'Jo Low
Ask Low
Bid
High
11
53
524 5012
4213 55
Dominican Rep Cunt Ad 54s '42 IN 8 49
42 June'33 ____
50
3518 92
1940 A 0 40
441 99,331103"n
1st ser 5548 of 1926
4212 22 03414 4212
4212 4178
9 101 102 %,
,
2d series sink fund 548_1940 A 0 41
4 22
383
8
375 6512
188 993,4, 103
Dresden (City) external 78_1945 NI N 3712 Sale 38
93 110
8
.1/1077 Sale 10814 10914 34
1 1011,3002
Dutch East Indies exti 68_1947 .1
34
9314 112
M 13 10812 Sale 10812 112
1962
40-3ear external 6s
7
9138 110
30-year ext 550____Mar 1953 M 8 ____ 110 10912 110
672 001%21031,n
8
9212 110
288 1031..11141
30-year exti 54s____ Nov 1953 MN ___. 110 10914 110
64
2
26
Sale 94
43
339 99 41107"n El Salvador (Republic) 88 A-1948 J .1 64
,
4
J .1 --------------------322 3518
247 980
. Certificates of deposit
.10511
50
2
9213 65
229 97 4,102 .. Estonia (Republic of) 78____1967 J J 50 Sale 50
,
,
67
10
684 67
, .Finland (Republic) ext 618_1945 M 5 6714 ___ 6618
783 931,4 991
76
5918 76
36
103 98 102nn
External sinking fund 75.1954) M S 75 Sale 71
6712
6712 26
57
8
3
5 673 Sale 635
107 9544102,1n
External sink fund 648_1956 NI
21
65
54
8
65
519 125 41 10043
External sink fund 55413....1958 F A 6414 Sale 637
,
68
6
657 68
8
Finnish Mun Loan 6545 A__1954 A 0 6718 Sale 65
68
24
55
68
External 6545 series B_ ..1954 A 0 6718 Sale 6414
State & City—See note below.
287
8 34
22% 51
973 9734 Frankfort (City of) s 1 548__1953 M N
2612 Sale 26
4
Slay 1957 M N --------972 Feb'33 ____
N Y City 4545
12812 177 120 133%
French Republic ext1 745_1941 1 I) r12714 Sale 12318
113 811212 131
External 7s of 1924
1949 J D 127 Sale 12312 128
Foreign Govt. &Municipals.
32
33
13
1718 3412 German Government Interns1947 F A __ _ 36
Agric Mtge Bank a f 6s
4714 1280
3514 6414
1718 r3513
35
18
tional 35-yr 545 of 1930_1965 J D 4212 Sale 41
4
Sinking fund 65 A __ Apr 15 1948 A 0 323 Sale 3212
682
68
5338 86%
63
30
73
73
German Republic extl 78_1949 A 0 6618 Sale 5812
3
723 72
_. 1963 M N 71
Akershus (Dept) ext
7 14% German Prov & Communal Bke
14% 20
58_Antionula (Dept) coil 7e .A,.1945 J .1 1212 Sale 14
71
29
2634 654
1412 30
618 1413
(Cons Agile Loan)634s A.1958 J D 27 Sale 27
4
133 Sale 13
1945 J J
External s 1 78 aer B
49
6
45
64
45
55
14
1954. M N 49
4
8
63 14
13
Gras (Municipality) 88
15
13
1945 J J
External s f 78 aer C
107 1180 1013 107
4
1412 58
6
1412 Gt Brit & Ire(UK of) 5548_1937 F A 10614 Sale lO47s
4
133 Sale 1312
1945 J J
External,f 7a sec D
14
F A --------10514 Jan'33 ____ 105% 10514
11
6
14
Registered
1957 A 0 1118 Sale 11
External, f 7, 1st tier
a9114 177 072 0114
s
14
44% fund loan £ opt 1980_1990 M N 08914 Sae a887
14
5
7
External sec e 1 713 2d ser 1957 A 0 13 Sale 13
1212
1312
438 1313 Greater l'rague— See "Prague"
7
8
External sec 8 f 7e 3d ser 1957 A 0 133 Sale 7558
23 May'33 ____ old
2318 32
284
8 30
783
71
83
76'2
Greek Government steer 78_1964 M N
75
Antwerp (City) external 58...1958 J D
22
4
IA 22
_ ___ 21
6318
1968 F A
6
41
Sinking fund sec 65
6318
7
Argentine Govt Pub Wks 68_1960 A 0 62 8 Sale 61
68
a7318 25
781s
Haiti (Republic)5 f 6s series A'52 A 0 7012 Sale 68
Argentine Nation (Govt of)—
3012 26 a261 69
4
6414 46
6414 Hamburg (State) 68
41
1946 A 0 303 Sale 2614
Sink funds 6s of June 1925-1959 J I) 6314 Sale 06114
14
2814
2412 60
2814 Sale 2412
6318 61
4013 6318 Heidelberg (German) extl 748'50 J J
Exti s f 6s of Oct 1925
1959 A 0 6212 Sale 61
62
5
62
65
47
62
637
54 04018 637 HeLsingfore (City) eat 63.4s....1961 A 0 64
4
External 8 f 68 series A___ _1957 NI 5 623 Sale a6014
'25
1
3
15 4 25%
2518 --__ 25
,
64 4 50 040 4 6414 Hungarian Muni° Loan 750 1945 J .1
3
External 68 series 13_ _Dec 1958 J D 6312 Sale 613
2018 23
61%
63
33
Unrnatured coups attached__ J J --------23 June'32 _-__
8
40 s 6318
Eat] at 65 of May 1926...1960 M N 6214 75
8
265
4
2638
19
6012
63
78 a40% 631 1
External s t 75 (coup)_-_ _1946 J J 2612 Sale 2638
External s f 68 (State Ry)_1960 M S 6214 Sale
1612 1612
62% 26
4014 623
Unmatured coups attached. J .1 ---- ---- 1612 May'33 ---4
4
Ext! 58 Sanitary Works_ _1961 F A 623 Sale 6018
24
4
,
30 8
8
324
6318 19
61
6318 Hungarian Land M hist 7.54s '61 M N 30 -.— 305
41
N 6214 64
Eat'65 pub wke May 1927 1961 M
26
3018
32
2312 32
38
77
58
5714
Sinking fund 7548 ser 13
1951 M N 32 lab
Public Works extl 5545_1962 F A 56 Sale 56
3312 June'33 ____
3114 45
8
323 37
2
497 76
6
76
Hungary (Kingd of) e f 745_1944 F A
Argentine Treasury 55 .C.. _1945 NI 5 74 ___. 76
75% 438812
1
__ a8812 a8812
88
8212 180
71% 8313 Irish Free State exti s f 58_1960 NI N
Australia 30-yr 68__ _July-- 1955.8 1 80 Sale 80
15
4
943 154
93 101
82
Italy (Kingdom of) extl 7s_ _1951 J D 94 Sale 93
86
7214 83
External 53 of 1927_ _Sept 1957 M 5 8012 Sale 8012
944 101
3
4
983 95 4 June'33 __
78
197
6818 79
Italian Cre0 Consortium 78 A'37 M 8 96
7614 Sale 745
N
434s of 1928
External g
1956 M
9214 13
875 97
8
91
38
8512 95
External sec 8 f 7,ser IL 1947 IN 8 92 Sale 92
1943 J 1) 90 Sale a86
Austrian (Govt) 8 t 7s
88
34
8412 9512
3
85 4 Sale 85
58
32 049
64% Italian Public Utility eat! 78_1952 J
Internal sinking fund 78_1957 J 1 58 Sale 5514
83
119
4514 833
80 Sale 80
4
3514 59 a34
Japanese Govt 31)-yr St 650_1954 F A
89
35 sale 034
1945 F A
Bavaria(Free State) 6 545
4
354 733
64
713
6712 Sale 70
3
95 4 49 09212 10212
Eat'sinking fund 545_ _ 1965 M N
1949 M 5 96 Sale 9312
Belgium 25-yr ext.! 6548
933
4 47 a883 98
Jugoslavia (State Mtge Bank)—
J 94 Sale 92
4
External 6 f 6s
1955.8
12 /15
8
2212 227 June'33 ____
99
1957 A 0 20
54
Sale 98
Secured a f g 7s
8 10812
947
External 30
51
1955 1 D 98
-year, 78
37
34
15
64
96 10712 Leipzig (Germany) e t 75
26
99
1947 F A
37 Sale 34
97
98
Stabilization loan 7s
19541 65 N 97
4
5812
5812
9914 604
Lower Austria (Prov) 74s 1950 J D 5714 60
Bergen (Norway)—
11618 186 0101 120
_
65
116 11612 11418
80
80 June'33
Lyons (City of) 15
90
-year 65_1934 MN
Eat'sink funds 58- -Oct 15 1949 A 0 78
116
142 01014 120
30
82 __Marseilles (City of) 15-yr 63_1934 Si N 116 Sale 114
82
63
2 Sale 82
External sinking fund 55 1960 NI 5 8
1412 21
72 1413
323
8 30
2612 60
1954 J D 13 Sale 13
Medellin (Colombia)6413
Berlin (Germany),f 654e__. 1950 A 0 03214 Bale 2714
5 June'33 ____
213 5
214 _-__
97
33
2418 57
Mexican Irrig Asetng 454s_ _1943 M N
External, 1 88___June 15 1958 J D 3278 Sale 26
____
2512
5
'25'2 2512
15
Mexico (US) exti 55 of 1899 £ '45 Q 1 --------26 Apr'30 ____
26
0 21
1945 A
Bogota (City) male f 813
9
318 _--6 June'33 ____
4 83
133
1945 ----------Assenting 55 of 1899
10 Sale 1112
4
133
4
Bolivia (Republic of) extl 88_1947 M N
3 57
57
13
8
s
3 57 May'33 --- 1214 119
312 1214
AssentIng 6s large
External secured 78 (ftat)_1958 J .1 10 Sale 10
214 8
_ 8 June'33 ____
____ _ _
1214 146
918
31 1214
Sale
Assenting 48 of 1904_ ._
912
Externals 178(flat)
1969 M 8
5
5
____
_- -12 5 June'3
56
_____
Assenting 45 of 1910_
4 116
45 010114 120
Bordeaux (City of) 16-yr 88_1934 54N 116 Sale 1143
23
3 8
40
Assenting 43 of 1910 large ----------------8 June'33 ___82
1838 40
Brazil (U Sot) external 85_1941 J D a34 Sale 34
612
9
24 7
6
61s Sale
3712 147
Assenting 45 of 1910 small__ _ _ ____
3
15 4 3712
External 8 f 64e of 1926..1957 A 0 34 Sale a31%
•
•
373 105
4
Treas 6501'13 assent(large)'33 J J
4
4
143 373
External et 648 of 1927 1957 A 0 34 Sale 03234
•
•
•
Small
3314 68
1213 3314
78 (Central Ry)
1952 J D 2738 Sale 2758
90
8512 78
80
50
23
724 Milan (City, Italy)(At!654s 1952 A 0 85 Sale a8312
46
Bremen (State of) extl 75_1935 NI S 49 Sale 48
6412 7312 Minas Cleraes (State) Brazil—
7312 15
4
M is 7214 Sale 703
1957
Brisbane (City) 8 f be
65
34
34
12
8 31 Sale 32
1958 M
7212 17
External e f 654e
7212 Sale 7012
7
83 s 7214
Sinking fund gold 58
1958 F A
34
.51
1111 34
1959 NI 5 3118 Sale 31
7638
7018 784
Ext sec 654s series A
-year s f (ia
20
1950 J D 7614 Sale 7614
5
2818
125 2818
7
25
2912 45
8
287 Sale 283
3014 Montevideo (City of) 7s___ _1952 .1 D 2818 30
2418
Budapest (City) esti 5 f 88 1962 .1 D
2514
8
11
25
2514
28
25
6014 37
External 8 f (is series A__ _1959 M N
56 Sale 55
37
617
Iluence Aires(City) 854s 2 B 1955 J J
7113 81
7812 25
77
7713 80
5838 541 June'33 _-__
3714 54% New So Wales (State) extl 58 1957 F A
Externals f 63 ser C-2
1969 A 0 52
7812 59
71
7712 Sale 76
8012
Apr 1958 A
53 June'33 ____
External 5 f 58
344 53
External e f 6s ser C-3_
1960 A 0 ---- 46
9312 129
8112 934
38
36 a33
1943 F A 9214 Sale 9214
Norway 20-year ext 8s
36
Buenos Aires (Prey) extl 60_1961 M S 19
16
_
8115 933
4
4
933 104
1944 F A 9214 Sale 914
32 Sale 3312
-year external 88
20
Stpd (Sep 1 '33 coup On)1861 M S
2012 35
31
27 a8012 92
92
3618
6
8
175 3618
1952 A 0 91 Sale 9012
30
-year external 65
2912 -- 34
1961 F A
External 51 854e
8
8858 22 a74i2 883
8
3653 12
1965 J D 88 Sale 875
-years f 534s
40
3658
Styli (Aug 1 '33 coup 00)1961 F A 3512 Sale 33
21
8618 29 417212 87%
2112 30
211 18
19
External s 1 58. Mar 15 1963 M s 8618 Sale 85
2318
14
Bulgaria (Kingdom) 8 f 78_ _1967 J J
4
83
7414 83
2314 68 02112 2712
2112 Sale 2112
Municipal Bank extl s I 58_1967 J D 81 Sale a79
Stabil'n 8 t 74e_Nov 15 196864 N
83
8212 83 May'33 ____ a76
Municipal Bank extl 6 t 68_1970 .1 0 79
2812
8
5212
26
304 26
27
18 Sale 1712
35
19
11 r20
Nuremburg (City) int! 68_1952 F A
Calchte Dept of(Colombla)7 48'46 J J
25
70
35
7014
152
86
1953 M 5 65 Sale 6514
88
79
Oriental Bevel guar (Se
Canada (Dom'n of) 30-yr 48.1960 A 0 85 Sale 85
6614 24
3112 663
4
6114 Sale 6114
99
M N
098 Sale 098
91
1958
Eat! deb 548
9018 10111
1952 M N
be
88
80
4
8712
87
90
8
973 Sale 097
9313 100% Oslo (City) 30
89
-year, 1 68_1955 M N 87
98
4548
1936 F A
8 10
697
J 6978 Sale 6978
69
86
1954 .1
Carlsbad (City) 5 f 88
96
5
8.5 1023
4
9
1615
813 1812 Panama (Rep) extl 534s......1953 .1 D 954 Sale 9512
Cauca Val (Dept) Colom 754s '46 A 0 16 Sale 16
4 45
313
1814 46
31 Sale 29
Extl s f Es ser A __May 15 1953 M N
Central Agric Bank (Germany)—
24
143
612 1518
52
194
3914 75
Sale 48
78 '47 M 5 12 Sale 12
Pernambuco (State of) eat'
Farm Loan ,t 7e_Sept 151900 M S 4914
334 1313
1312 62
4214 111
3212 67
Peru (Rep of) external 711._ _1959 NI 5 13 Sale 12
Farm Loan s f 68_ _July 16 1960 .1 .1 33 Sale 36
814
312 11%
113 240
812 Sale
42
159
3212 6673
Nat Loan extl a file let ser 1960 J D
Farm Loan e f 68_ _Oct 15 1961 A 0 38 Sale 36
32 113
75,2
1158 45
8
381
4418 82 0
10 Sale 10
Nat loan extl 8 f 68 2d ser_1981 A 0
Farm Loan Os ser A Alm 15 1938 A 0 4012 Sale
5512 30
5212 69
8
1518 Sale 147
2012 72
4
53 2012 Poland (Rep of) gold &L....1940 A 0 5514 Sale 55
Chile Otem—Ext1 ,f 78_1942 NI N
5812 81
5114 5813
229
17
5
17
Stabilizat1on loans f is.. _1947 A 0 573 Sale 87
External sinking fund (is 1960 A 0 1214 Sale 1214
8 34 059
667
69
1714 208
47 1714
1950 J J 6614 Sale 66
1214 Sale 1238
External !link fund g 88
Ext sinking fund 6s__Feb 1961 F A
2
4
243
94 2434
4
243
1714 185
47 1714 Porto Alegre (City of) 88
1961 .1 D 2312 26
1214 Sale 1214
Ry ref ext 8 f (is
Jan 1961 .1 J
25
36
4
83 25
3
23 4
17
5
2212
67
17
1412
J
Extl guar sink fund 745_1986 .1
Ext sinking fund 68__Sept 1961 M 5 1214 Sale
9012 93
897
1714 36
5
1714 Prague (Greater City) 748_19.52 M N -- _ - 8 91 Mar'33
External sinking fund 68_1962 M S 1214 Sale 12%
8373
8
323
28
77
17
13 Sale 1212
5
17
(Free State) W 8He '51 Si 5 3112 Sale 2914
Pruesla (F
sinki
I
External sinking fund 65_ _1903 M N
3112 148
2713 01 2
,
1714 65
714 1714
1952 A 0 30 Sale 28
External a f 613
Chile Mtge ilk 6548 June 30 1957 J D 01212 Sale 01212
88
19
95
32
97
20
173 Sale 1578
912 20
Queensland (State) extle 17s 1941 A 0 95 Sale 9238
St 84a of 1926__June 30 1061 .1 D
87
78
3
83%
1612 90
8314
8314 86
812 1612
25
1947 F A
-year external 1311
Apr 30 1961 A 0 1412 Sale 1412
Chun 8 f 65
4
43
41
41
714
1214 14
1212
16% 38
612 163 Rhine-Slain-Danube 78 A....1950 NI 5 4112 45
8
1962 M N
Guar a f 68
2814 31
27
13
12
8
294
4% 13
Rio Grande do Sul eat]8 f 85_1946 A 0 2612 Sale 2612
1960 M S 107 Sale 12
Chilean Cons Mimic 78
,
818 25-'s
28 3 90
8
214
2
12 r25
External sinking fund 6s...1968 .1 I) 2612 Sale a253
Chinese (Ilukuang RY) 511_1951 J D 18-- 21%
2912
9
2912 42
88
95
88
2514 Sale 251
1
81
88
External 8 t 713 of 1920...,. _1966 NI N
Chrlattania (Oslo) 20-yr 5 f 68 '59 M 5 8012 5731
29
12
30
19
8% 30
30
External s f 78 munic loan_1967 J I) 25 Sale 25
Cologne(('ity) Germany6 4181950 M S 2912 Sale 29
2412 30
9
4
2413
4053 227
38 Sale 363
8
243 23
18% 4058 Rio de Janeiro 25
-year sr 88_1946 A 0 23
Colombia (Rep)(is
Jan 1961 1 J
2412 164
41% 190
8
65 2412
2114 Sale 22
1613 4114
1953 F A
External e f 6 Me
Eat 8 f Os of 1928_ _Oct 1961 A 0 39 Sale 368
'28
32
8 58
863
82
1u15 3212 Rome (City) extl 03'4s
92%
1952 A 0 08418 Sale 84
Colombia Mtge IMnIt(i548 of 1947 A 0 31 ..... 32
8
32
95
193 33
24
31 Sale 31
8
904 1045
8
91 Sale 91
Sinking fund 76 of 1926_ _1946 M N
Rotterdam (City) exti 85_1964 M N
3
30%
r45
32
9
3012 Sale 3012
45
44 Sale 4012
18114 036
Sinking fund 78 of 1927...1947 F A
Roumania (Monopolies) 7e 1959 F A
1
70
59
30
4
,
55 2
7312 Saarbruecken (City) 55
7212
5312 Sale 5314
1953 .1 J
1952 J D 6812 70% 70
Copenhagen (City) 5e
6718 24
24
27
1018 24
22 Sale 22
8774 Sao Paulo(City)s f 88_ _Mar 1952 NI N
58
1953 M N 6613 67'z 66
25-yeer g 4345
22
17
20 Sale 20
2214 20
714 23,2
20 Sale 20
_1957 F A
4
103 22
External a f 64s of 1927_ _1957 M N
Cordoba (City) eati s f
28
10
1438 2834
8
203 30,
%
30
24% 34% San Paulo (State) extl 8 If 8s_1936 J J 25 Sale 25
1
7e_Externals f 73_ _ _ _Nov 15 1937 MM 20
3812
57
23
1312 23
93
3 8 3812
2
243 40
2114 Sale 2114
4
External sec s f fie
1950 J J
Cordoba (Prov) Argentina 7.1942 J J 33
48 all% 23
23
External a f 7s Water L'n_1958 NI 5 2278 Sale 21
Costa Rica (Republic)—
22
6
28 Sale 2738
918 23
23
88
2313 30
2112 Sale 21
External el (is
1968.8 J
76 Nov 1 1932 coupon on,.1911 MN
1914
14
201 17 May'33 ____
15
4
4 83
883
50% 683
Secured 8,78
1940 A 0 6612 Sale 85
78 May 1 1936 coupon 00_1951 _ _
90
_--- 90
2412 38
92
12% 2614
8
Santa Fe (Prov Arg Rep) 78_1942 Si 5 0213 Sale 227
4
78% 90
7
Cuba (Republic) 5801 I904 1944 M ii 843...
85
_ 85
394 77%
13
413
40
397 45
3 07914 9314 Saxon Pub Wks(Germany) 78'45 F A
External 58 of 1914 ser A_ _1949 F A
76
- 76
80
76
36
32
8
Gen ref guar 8148
347 Sale 32
37
1
6912
62
76
1951 M N
1949 F A
External loan 4548
10 a6312 7514 Saxon State Mtge Ion 7s_ 1945 J D 53 Sale 52
75
7412
53
52
9
Sinking fund 5545 Jan 15 1953 J J 75 Sale a7312
50
32
103
50
4
53
62
10
08
Sinking fund g 845_ _Dec 1946 J D 52 Sale 52
Public wka 5I4s June 30 1945 J D 4914 Sale 463
14
2412
2113 26
20
Serbs Croats & Slovenes 8e 1962 M N
2112 24
CUndinamarea (Dept) Colombia
19
1818 Sale 18
48
2153 54
213 20
1212 2158
1018 1914
External sec 78 ser II
19
1982 M N
1959 51 N
External 8 f 6548
90 12
4
3
99(4 Silesia (Prov of) extl 78
455
4134 14
40
88
1958 J D 4112 Sale 41%
Czechoslovakia (Rep of) 8e_ _1951 A 0 ____ 923 90
92
s
923 913
8512 9812 Silesian Landowners Assn 518_19 7 F A
3
32
12
313 Sale 3012
,
30% 501
,
1952 A C) 89
Sinking fund 88 ser 13
908 102
J 90 Sale 8958
11818
75
Solutions (City of) int! 68_1936 NI N 117 Sale 117
5 100 el18 8
92%
,
-year exti Be__ _ _1942 J
Denmark 20
31
84
47
57%
87% Styria (Prey) external 78_1946 F A
4812 48
45
69
5
48
1055 F A 8312 8458081
External gold 648
58% 77
75% 200
4218 4218
__ 4218 May'33 ____
Unmatured coups attached__ F A __ _
External g 45413_ ..Apr 15 1962 A 0 7412 Sale la73
_9312 73
88
Sweden external loan 54s 1954 MN 93 Sale 92%
9 3
87
Deuterbe Ilk Am part elf 62_1932
7312 35
7034 72111 7212
70% 85 4w1tzerland Goys Pitt 514e 19411 A 0 11818 Sale all5
12014 140 010212 114
Stamped extd to Sept 1 1935... ___
Accrued interest payanie 81 52. Linage rate of 34.8605 • Look under hot of Matured Bonds ou page 4246
r 15813 sale a Deferred delivery. t —Sales State and
City securit es occur very rarely on the New York Stock Exchange and usually only at long intervals, dealIngs in
of
NOT E.— SW*8nd City Securities
5
such securities being almost entirely at private sale over the eounter• 1/4 and Asked quotations, however, by active dealers In the-to securities will be found on a 1,31)112page under the general head of "QuotatIone for Unlisted Securities ••
i:went
Bid
U. S. Government.
Flint Liberty Loan—
102"32
J D 102142 Sale 102
354% of 1932-47
- 101,433102
.,
J D 10113
Cony 4% of 1932-47
,
-1 D 102231 Sale 102 23 1021131
Cony 44% of 1932-47
102
Sale 102
J 1.1 102
2d cony 455% of 1932-47
Fourth Liberty Loan—
,
,
A 0 103" Sale 102,3n 103 32
434% of 1933-38
,
,
1947-1952 A 0 110 n Sale 1092.3, 110 33
Treasury 4558
1944-1954 J D 106142 Sale 1061,, 106"n
Treasury 40
411041%3
M s104",, Sale 104,
1946-1955
Treasury 3%8
,
1
1943-1947 .1 D 102,,n Sale 102 42.102,..
Treasury 34e
.
Treasury 38_ _Sept 16 1951-1955 M 81 981,32 Sale 9811 98"32
102141 Sale 1021.2 102 133
Treasury 34e June 15 1940-1943 J D
Treasury 354s Mar 15 1941-1943 M 13 102143 Sale 102132 102143
990, 100 3
,
Treasury 34e June 16 1248-1949 .1 D 1003,, Sale
.ia
New York Bond Record—continued—Page 2
4242
BONDS
N. Y STOCK EXCHANGE
.
Week Ended June 16.
r,,
*
1.,.
ut
2.14,
Foreign Govt. & Municipal'.
Sydney (City) 51 5558
1955 F A
Taiwan Elec Pow g 1 5%8_1971 1 J
Tokyo City 58 loan of 1912.1952 M 5
External St 5)48 guar
1961 A 0
Tolima (Dept of) esti 78
1947 NI N
Trondhjem (City) lot 5;0_1957 M N
Upper Austria (Prov)
_1945 J D
External a 1 6 Ma_June 15 1957 1 D
7s_Uruguay (Republic) esti 88 1946 F A
Externals f 6s
1960 M N
External 8 f ea.__ May 1 1964 M N
Venetian Prov Mtge Bank 78 '52 A 0
Vienna (City of) eati a f 6&..1952 NI N
Unmatured coupons attached_ NI N
Warsaw (City) external 78_1958 F A
Yokohama (City) esti 6s_ _ _1981 .1 D
Railroad
Ala Gt Sou 1st cons A 68_1943 .1 D
let cons 45 ser B
1943 J D
Alb & Susq 1st guar 33.0_1946 A 0
Alleg & West let gu 4s
1998 A 0
Alleg Val gen guar g 48
1942 NI S
Ann Arbor iota 48_ __July 1995 Q J
Atch Top &S Fe—den g 48_1995 A 0
Registered
A 0
Adjustment gold 48_ _July 1995 Nov
Stamped
July 1995 MN
M N
Registered
Cony gold 4s of 1909_1955 1 D
Cony 48 of 1905
1955 J D
Cony g 4s issue of 1910_1960 1 D
Cony deb 4 Hs
1948 1 D
Rocky Mtn Div let 4s_ _ _1985 1 J
Trans
-Con Short L let 45_1958 J J
Cal-Aria 1st & ref 4.35s A_1962 M 8
Atl Know & Nor lot g Ss 1946 1 0
Atl & Charl A L let 4348A 1944 1 1
1st 30-year 58 series B
1944 1 1
Atlantic City 1st Cons 48- - -1951 1 1
atl Coast Line lot cons 4s July'52 M S
General unified 436e A _ .1964.1 D
.
L & N coil gold 45..._Oct 1952 MN
All & Dan lot g 40
1948 1 1
2d 4s
19482 1
All & Yad lot guar 4s
1949 A 0
Austin &N W let gu g 55_1941 1 1
Bait & Ohio 1st g 48___July 1948 A 0
Registered
July 1948 0 1
20
-year cony 410
1933 M S
Refund & gen 55 series A.1995 2 0
let gold 58
July 1948 A 0
Ref dr gen 8a series C____1995 1 0
P L E & W Va Sys ref 4
8-1941 91 N
Soutbw Div lot 58
1950 1 1
Tol & CM Div 1st ref 48 A.1950 1 1
Ref & gen 56 series 13
2000 m 8
Cony 434s
1960 F A
Bangor dr Aroostook 1st 68_1943 1 1
Con ref 48
1951 1 /
Battle Crk & Stur lot gu 38_1989 1 13
Beech Creek lot gu g 4a
1936 1 1
2d guar a 5s
1936 1 1
Beech Crk ext 1st g 3Hs___ _1951 A 0
Belvidere Del cons gu 33.4s.1943 1 1
Big Sandy lot 4s guar
1944 1 D
Boston & Maine let 68 A C_1967 NI 5
let Al 5s series 11
1955 M N
let g 4 Ks ser JJ
1961 A 0
Beaton & NY Air Line 1st 48 1955 F A
Bruns dr West 1st gu g 48_1938 1 J
Buff Roch & Pitts gen g 58_ _1937 M 5
Consol 454s
1957 MN
Burl C R & Nor lot dr coil 56_1934 A 0
Price
Friday
June 16.
Week's
Range or
Last Said,
Bid
Ask Low
High
7712 80
7818
76
62 sale 60
64,
8
53
55
54
54
65 Sale 61
69
14
1512 15
1512
7212 Sale 72
7212
____ 60
55
55
49 May'33
5818 60
42 june,
415 50
8
33
38 Sale 3512
40
38 Sale 3512
3912
a983 Sale 98
4
983
4
984 995g 58
60
05112 Sale a5112 a5112
3814 Sale 36
3818
64 Sale 64
723
8
.3
,d n
itzt
Range
Since
Jan. 1.
I ;7. .
37
BONDS
N. Y, STOCK EXCHANGE -` t
,_
1
Week Ended June 16,
4. a.
-
No. Low
High
17
66
781s
15
3318 6438
9
26
54
33
3312 69
4
8
1612
6
61
7514
2
4514 6212
____
44 r56
2112 42
227
.
1512 40
116
163 3912
4
16
94 100
27
56
6818
1
5038 05112
35
35
417
s
11
357 74
11
8312 43
83
80
82
75
8312
6912 76
68
7018
3
60
7018
853 843
853
4
4
4
10
82
78
87
70
80
6512 June'33 _ __
65
6512
9312 95
9514 June'33
89
9814
26
2912 2718
3
31
2212 31
93 Sale 92
9312 356
823 97
4
90
91 May'33 ____
8912 9112
85
8512 86
76
8612
8714
7
875
8 22 a7518 8812
85 Sale 85
____
80 Aug'32 ____ _ - -__
82 Sale 84
84
2
73 -84
8
-_-- 817 8414 June'33 ____
72
8412
_
82
80 Mar'33 _ __
73
80 8
3
9234 Sale 92
94
123 a79
9512
82
8214 84
6
73
84
85
953 Sale 953
4
97
14
4
89
97
96
9612 96
8
8714 99
97
----- 10313 Feb' ---- ---- ---31
82 - 85
81
Oct'32 ____ —
_
3
6712 --873
4 _ .._ 87 4
91
,
91
65
65 May'33 ___
75
65
-,— 843 Sale 843
4
4
66
853
4 63
853
4
75 Sale 75
785
8 81
51
785
8
6712 Sale 6712
70
53
45
717
8
38 Sale 38
4378 42
1314 437
8
3612
9
8
3512 Sale 3512
3612
44 Sale 44
44
1
20
44
____ 85
81 June'33 ____
75
81
8414 Sale
-------.
6112 Sale
923 Sale
4
7012 Sale
7812 7918
80 Sale
7058 Sale
60 Sale
4914 Sale
93 10112
72 Sale
55 17
-------____ 75
_
85-7512 90
737 Sale
8
7318 747
8
6412 Sale
6012 Sale
-------90
95
58 Sale
52 Sale
83
75
843 100
8
May'33 ____
5
63
663
4 98
90
923 146
4
7012
75
57
7912
8012 25
80
8212 45
7012
7112 12
60
6514 34
48
5312 812
93
93
1
72
77
18
61
Feb. __
31
87
1
87
100
Jan'30 ____
71 May'33 ____
--____ ____
90 Feb'33 ____
72
7412 40
7414
7412
2
65
45
71
6012
61
5
843 Mar'33 ____
4
88 May'33 ____
58
62
33
5112
53
3
June 17 1933
1—
74
72
86
80
68
9234
77
82
8212
7112
6712
53
96
77
.
_-87
_ _
71
____- 71
__
_
871- --4 9712
53
77
6412 76
48
71
5
0 64
843 8434
4
85
8912
333 623
8
4
45
60
3318
a7918
3712
6111
55
4512
3434
2512
88
65
____
80
Chicago de Erie let gold 58._1982 M N
Chicago Great West lot 4s__1959 Ni 5
Chic Ind dr Loulsv ref 6s____1947 J J
Refunding gold 68
1947 J .1
Refunding 48 series C
1947 .1 .1
lot & gen 55 series A
1966 MN
1st dr gen 6s series 13_Nfay 1968 J J
Chic Ind dr Sou 50
-year 43_1956 J J
Chic L S & East lot 4148_1969 J D
Chl M de St P gen 4s sec A 1989 J .7
Gen g 3)45 ser B___Nfay 1989 J J
Gen 4)4s ser C
May 1989 J J
Gen 41'4s sec E
May 1989 J I
Gen 4548 ser F
May 1989 J .1
Chic Milw St P & Pac 5s A-1975 F A
Cony adj to
Jan 1 2000 A 0
Chic & No West gen g 3Hs_1987 NI N
Q F
Registered
General Is
1987 M N
Stpd 48 non-p Fed Inc tax '87 NI N
Gen 4K8 stpd Fed Inc tax.1987 NI N
Gen to stpd Fed Inc tax..,.1987 M N
Sinking fund deb 5s
1933 M N
M N
Registered
15
-year secured g 63.68_1936 M S
1st ref g 5s
May 20372 D
lot & ref 4(.4o stpd NlaY 2037.1 13
lot & ref 4)45 ser C MaY 2037 J D
Cony 434s series A
1949 SIN
Chic R I & P Ry gen 48
1988 1 J
2 J
Registered
Refunding gold 48
1934 A 0
Secured 410 series A
1952 M 5
1960 M N
Cony g 41is
Ch St L & N 053June 15 1951 1 D
1 D
Registered
Gold 3)45
June 15 1331 1 0
Memphis Di, 1st g 40_ __Him .1 D
Chic T H & So East let 5ii_ _1989 J D
Me gu 5a
Dec 11980 M S
Chic Un Stan 1st gu 4345 A_1963 J 1
1st 58 series 11
1963 J .I
Guaranteed g 5s
1944 J D
let guar(1145 series C
1963 1 1
Chic & West Ind con 4s
1952 1 1
151 ref 534s series A
1962 M 5
Choc Okla & Gulf cons 55„.1952 MN
CM II &D 2d gold 4 Hs__ _1937 J J
C St L &C 1st g 4s_Aug- 1936 Q F
2
Registered
August 2 1936 Q F
Chi Lab & Nor 1st conga 48_1942 MN
Cin Unlon Term lot 4 Ha_2020 J J
lot mtge 6s series p
2020 J 1
1st mtge g 5s series C
1957 MN
Clearfield & Mali Mt gu 58....1943 1 /
Cleve Cln Chi & St L gen 4s_1993 1 D
1993 J D
General 5s series B
Ref & Inapt 6s ser C
1941 2 2
Ref & Inapt 6s ser D
1963 2 2
Ref & inapt 4)4o ser E
1977 1 J
Cairo Div 1st gold 4s_ _1939 1 J
CM W dr M Div 1st g 4E1_1991 1 1
St L Div lot coil tr g 4s
1990 NI N
Spr & Col Div Iota 4s
1940 NI 5
W W Val Div lot g 4s... _1940 J J
C C C dr I gen cons g 60_1934 1 J
Clev Lot dr W con lot g 5 1933 A 0
8
Cleveland & Mahon Vale 5.5 1938 1 J
Clev dc Mar lot gu g 4 )4s.....1935 M N
Clev & P gen gu 43.4s ser 11 1942 A 0
SeriesB 3)4s
1942 A 0
Series A 434o
1942 J J
Series C 3)4*
1948 NI N
Series D 334s
1950 A F
Gen 454s ser A
1977 F A
Cleve Sho Line let 101 4J-0-1961 A 0
Cleve Union Term lot 5348..1972 A 0
lat s f 58 series 11
1973 A 0
let Of guar 434e series C 1977 A 0
Coal River Ry let gu 4s_ _1945 1 D
Cob & South ref dr ext 4)48.1935 M N
General mtge 4 Hs set A 1980 M N
Col & It V 1st ext g 45
1948 A 0
Col he Tel let ext 45
1955 F A
Conn & Possum Rh lot 40_1943 A 0
,
Consol Ry non-cony deb 4s 1951 1 J
1955 J J
Non-conv deb 48
1955 A 0
Non-cony deb 4s
Non-cony deb 4s
1956 1 J
Cuba Nor Ry 18t 5145
1942 1 13
Cuba RR let 50
-year 5a g 1952 1 1
let ref 734s series A
10361 13
let lien & ref Os ear B
19361 13
Price
Friday
June 16.
—
Bid
Ask
--- 90
38 Sale
55
51
40
56
48
40
37 Sale
37
44
70
75
-_-- 96
56 Sale
53
44
57 Sale
5712 Sale
64 Sale
3514 Sale
15 Sale
8
465 Sale
____ ___
5814 Sale
5812 Sale
573 100
4
65 Sale
•
*
70 Sale
32 Sale
30 Sale
4
293 Sale
1912 Sale
Week's
lianas or
Last Sale.
.3
el
,
r
Range
mom
Jan. 1.
Low
thigh No. Low
High
90 May'33 __-_ 08614 9454
38
43
106
20
49
52 June'33 ____
28
52
44 May'33 ____
44
44
4118
45
7
33
45
363
4
3712 60
9
3712
37
3928 27
12
40
75 June'33 ____
6112 75
95 May'33 ____
9418 9918
56
6012 36
38
63
5612
5612
5512
2
35
57
62
52
40
64
5712
623
4 16
40
64
64
65
11
38
53
3434
3912 1742
11
41
14
1714 2816
314 18
46
4714
9
34
52
47 Aug'32
8
54
5812 48
56 16
55
5812 20
36
5812
6318 June'33 --__
47
6318
62
65
8
40
6812
•
*
*
•
•
6312
70
2
14
435 743
8
3012
3612 62
15
40
27
3134 265
15
36
263
4
3112 128
15
35
18
22 1473
412 26
603 Sale 5818
4
603
4 51
--------6418 Sept'32 ____
2612 Sale 2512
293 311
8
2714 Sale 2612
297
8 74
125 Sale 12
8
1512 310
90
75 June'33 ____
75
--------6412 May'32
47 ---- 8515 MaY'31
_ 50 May'33 ____
65
6
0
58
57 - 62
43
37 Sale 37
40
58
,
97 Sale 96 8
9712 17
10312
10312 105
1033
8
6
1003 Sale 9912 1003
4
4
7
112 1127 112
8
113
31
72
5
70
71, 71
2
85 Sale 84
85
7
505
3 _- - 50 May'33 ---88 - - 88 June'33 __
91
5
9018 ___ 95 8 Feb'33 __
--------97
Oct'32 ____
83
Jan'33 ____
____--1 8 96 Juno 33 ___
98 10 -7103 Sale 10228
103
7
103 Sale 10212 103
82
-.:- ..-..--- 72 May'33 ____
73 Sale 75
753
4
17
86 Apr'33 ___
__— 99
74
3
74 ,--- 73
733 Bale 733
11
4
75
4
6412 Sale 6412
6714 115
8814 ____ 89
89
2
70 Sale 68
70
3
65
80
75
75
1
46 BO
36
62
4
143 413
4
91 10112
95 108
9254 102 2
,
1033 114
8
597 78
8
66i2 90
50
50
85
88,
5
95
0558
_
_ _
t.
-32 gi
03 100 2
,
9612 10514
9614 1031 2
72
72
68
78
85
885
8
49
74
75
47
37
6812
85
89
60
72
66
80
--------5610 Aug 32 ____
____
50
68,2
_
30
1812 33
6
20
72
78
"ill
____
95 May'33 ____
10014 101
95 10121
98 ---- 97
'2
983
4 10
95
983,
8014 June'33 ____
8018
8014 8014
Feb'33 -__
96 9712 99
99
99
97 ____ 98
9614 98
98
86
__
Jan'33 ____
86
86
97 101 96 Mar'33
90
98
84
8614 90
Apr'33 ____
84
86
86
Oct'32
____ 83
--------81
Oct'32
80
797
78
s
797
s
1
75 ;ii
81 Sale 80
82 2 23
,
6012 83
77 Sale 7512
78
35
64
78
742 Sale 73
8
745
8 43
494 74 4
,
90
93
91
90
5
8612 91
8412
86
8314 86
16
6712 86
6414 6612 683
4
69
11
48
6912
92 -___ 94
94
6, 8518 94
887 9014 9014
8
9014
1
go 92
90 Dec'30 ____ ____
72
77
__
5214 Sale 5214
38 -5214
49
1
50 Sale 50
50
1
40
51
20
____ 4612 Sept'32
50 Sale 50
50
i
4578 :;0
40
3312 Sale 33
62
10
41
8
387
8 36
a30 Sale 303
15
4131
31 Sale 2912
395
8 24
15
3915
2512 Sale 2514
3312 16
11
3312
Canada Sou cons gu 6a A
1982 A 0 84
8978 84 May'33 _ _
7878 8512
Canadian Nat guar 4 i13- -- _195-1 NI 5 883 0014 8914
4
7914 911.
9018
30
-year gold guar 4 34a_1957 1 1 885 Sale 8828
8
905 127
8
793 9015
3
Guaranteed gold 4 Hs _ _ _1988 J 13 89 Sale 8918
907
8 41
79 4 907
2
8
Guaranteed g 58
July 1969 1 1 94 Sale 94
955
8 63 a8412 955
8
Guaranteed a 68
Oct 1969 A 0 9418 Sale 94
955
8 93
8
955
84
Guaranteed g 50
1970 F A
94
97
9514
9412
12 a8428 9514
Guar gold 43a__June 15 1955 1 D 913 Sale 913
4
4
r95
80
803 r95
4
10543 F A 8918 Sale 8918
Guar g 454e
9110 80
9118
80
Guar g 434e
Sept 1951 NI 5 8918 90
895
8
91
39
793 91
4
Canadian North deb 8 1 7o. _ 1940 1 13 1012 Sale 10012
8
9654 10478
,
102 8 191
25
-year et deb 630
1946 1 1 1025 Sale 10214
103
21
8
9412 107
10-yr gold 4 Ha_ _ _Feb 15 1935 1 . 9712 Sale 9712
1
9712 24
90
99
Canadian Pac Ry 4% deb stock
66 Sale 6512
68
135
49
8812
Coll tr 414*
1948 NI S 76 Sale 7418
78
27 055 T79
fis equip tr ctN
1944 1 1 90 Sale 90
91
20
8013 91
Coll tr g 5s
Dec 1 1954 1 0 7914 Sale 79
5818 85 4
8014 91
3
Collateral trust 434o
1960 J 1 74 Sale a7318
7618 26
5312 77
Car Cent 1st con, g 4s
1949 1 1
15
15 Mar'33 _
14
15
Caro Clinch dr° let 30-yr 68_1938 1 1) 92
9314 92
9314
80
9314 10
lot & cons g 8a ser A_Dec lb '52 1 /
3 92 Sale 90
92
11
88
92
Del & Hudson 1st & ref 48 1943 M N 782 Sale 773
8
4
7938 92
673 84,
4
4
Cart A Ad 1st gu g 48
1981 1 0 62
68
60 Feb'33 _
53
60
to
96
9412
1935 A 0 94
9614
12
91
97
Cent Branch U P 1st g 48_1948 1 D 45
4712
2
24
47 a47
4712
Gold 6)48
1937 M N 9114 Sale 9114
92
18
79
93 5
,
Central of Oa 1st g 5s_ _Nov 1945 F A 47
May'33 ____
59
41
32
42
13 RR & Bridge lot ECU g 48_1938 F A 92
___ 9211 Dec'32 ____ ____ ____
Consol gold 6s
3
1945 SIN
20
2212 2314
2312
5
9 4 25
Den & HG let cons g 411
1938 1 1 4914 gale 4512
5134 245 a2612 5131
Ref dr geo 534s series B 1959 A 0 10
13
13
1115
17
3
13
Consol gold 414s
1036J 1 5012 90
515
8
52
18
27
53
Ref dc gen 58 series C__ _ _1059 A 0
97 Sale
8
1112 27
212 13
928
Den & R 0 West gen Si Aug 1955 F A
2812 Sale 243
8
313 1142
814 3134
4
Chatt Div pur money g 48.1951 1 D 22
25
22
22
2
15
23
Ref & Impt Sneer B_ _Apr 1978 A 0 33 Salo 3028
3812 426
11
3812
Mac & Nor Div lot g 58_1948 1 J
23 ____ 9314 June'31 ____ ____ ____ Des M & Ft D let gu 4s
1935
Mid Go dr All Div Stir m 55'47 1 J
2212
_ 10212 Nov'31 ____ __ .... __ _
1 J 22
Certificates of deposit
32 June'33 ___
30
1
33
4
Mobile Div let g to
1948 1 J
2712 -33
33
1
24
33
33
- Des Plaines Val let gen 4 Hs_1947 M 8 55 Sale 55
55
i
45
55
Del & Mac 1st lien g 4s
1955 1 D 28
Oct'32 ____ ____
35
34
__
Cent New Endl lot 5u-45_1981 / 1 65
6678 65
67
7
55
683
4
Second gold 419
11
25 June'33 ____
15
1995 1
30
25
_25
8.1937 PA N
Cent RR & 13kg of Oa can 5
41
50
4612
45
2
25
48
Detroit River Tunnel 4 145_1981 M N 80
847 86 May'33 _
8
75
86
Central of N J gen g 5s.. 1987 1 1 9512 Sale 9512
9
82
96
96
Dui Missabe Ar Nor gen 58 1911 1 1 102. _ 1013 May'33 ____ 1011s 1031 i
4
Registered
1987 0 l ____ 95
90 May'33 ____
83
90
Dul &Iron Range 1st 5s
1937 A 0 10218 10312 102
1023
4
6
99 10234
General 45
1987 1 1 73
77
7612 77 Mar'33 ____
7712 Dui Sou Shore & Atl g 50_ _1937 / 1 23
4
313 273 ' 30
8
11
12
30
Cent Par lot ref gu g 481949 F A 8014 Sale 793
_
91
6312 8612 East Ry Minn Nor Div let '48 A 0 82
83
8
-4e
87
87
84
87
87
3
F A78 Jan'33 __
Registered
78 4 7834 East T Va & Ga Div 1st 56.1958 M N 86
,
_
3
4
9114 86
87
7
65
8931
Through Short L 1st gu 48_1954 A 0 ____ 76
80
80 June'33 _ _ _ a64
Elgin Joliet & East 1st g 68_1941 M N 90
____ 84 May 33 ____
78 4 891a
,
Guaranteed g Est
1980 F A 69 Sale 69
71
95
45
7212 El Paso & SW let to
Igns A 0
61
Feb'33 ____
61
72
Charleston dr Say'h 1st 78-1936 1 _.
____
1
. Erie & Pitts g 311 334e aor B 1910 1 1
- --__ Ill June'31 _ __
92
86 Aug'32 -----------__ Ghee & Ohba let con g 68_1939 M PI 108 Sale 105
10612 22 a1001515in714
series 3%s
C
104)11 1 823 — — 883 Feb'33 __ _ _
4
8
8
883 8818
Registered
1989 M N
104 June'33 __ _ 101 12 101
Erie RR 1st cony g 4.1 prior_ _1996 1 1 83 gale 83
8312 34
6712 811s
General gold 4148
1992 M 8 10112 Sale 100
8758 10312
10112 69
Registered
1996 1 1
__ 797 5712 June'32 _ _
_
Registered
M 8
92 May'33 ____
9012 92
let conaol gen lien g 48_1994 1 1 60 Sale 60
62
15 in' -di
: .
Ref & inapt 4 He
1993 A 0 91 Sale 907
8
9111 48
80
933
4
Registered
41
1996 1 1 ____ I 57
Jan'33 ____
41
41
Ref & Inapt 45411 ser
_1995 1 1 89 Sale 89
9312
79
9112 64
Penn roll trust gold 4s
1951 F A 99 Sale 99
9918
99
8
99
Craig Valley lot 5o .May 1940 J J 90
B_90
(I4
90 May'33 ____
95
50-year cony 4s series A_ _1953 A 0 54 Sale 53
57
54
3012 57
Potts Creek Branch let 48_1948 J J 85
___ 81 June'33 ____
81
81
Series 11
1953 A 0 543 55
4
56
543
9
4
303a 5611
It dr A 131y lot con g 43_1989 1 J 94 Sale 94
94
5
8484 96
Gen cony 48 aeries I)
1953 A 0 _
____ 40 Mar'33 ____
40
4
018
2d consol gold 4s
1989 1 J 80
83
2
83
ggi2
83
87
Ref & impt to of 1927
1967 m N 4812 Sale 4712
2014 505
53
287
8
Warm Soling V 1st g 58-1941 M S _ _ 100
93 May'33 __
93
93
Ref & Inapt Snot 1930_1975 A 0 4814 Sale 4712
20i2 56
531 440
Chic & Alton RR ref g 38_1949 A 0 ig Sale 4712
30
483
4 13
50
Erb,&Jersey 1st 5 f 6a
1955 J 1 9612 Sale 9218
9613 11
9618
81
Chic Burl dr 0—Ill Div 310_1949 J J 86 Sale 8512
80
91
853
4 19
Genessee Itiver 1st it 60,1957 1 1 93 ___
89 June'33 ____
75
902
4
Registered
1 1
84 Dee'32 ____
__ Fla Cent & Pen let cons g 58 1943 1 1 25
_ __
23
___
25
2
15
25
Illinois Division 48
1949 J 1 95 Sale 9412
R7i2 -9512 25
9812 Florida East Coast let 4 H5_1959 1 I
5304 _ __ 55 June'33 ____
344 55
General 45
1958 m 8 87 Sale 87
90
9312
42
78
let dr ref 58 series A
8513 gale
1974 NI 5
14
85
8
3
1112 66
1977 F A
let dr ref 414* ser B
8712 Sale 87
8712 25
68
8712
Certificates of deposit
8
8 Sale
19
2
10
1312
bit & ref 55 set A
1971 F A
95 Sale 943i
7614 9312 Fonda Johns & Cloy 151 4 tie 1952 91 N
951 1 29
558 9
312 078
97 May'33 _
8
Chicago & East 111 lot 6s. _1934 a 0 51
74
573 June'33 ____
4
32
58
(Amended) let cons 4 Hs__1982 VI N
4
6
4
214 6
47a 5
CA E III Ry (new co) gen 5.3_1951 M N
12 Sale 10
13
286
33 125 Fort St U I) Co let g 4%4__1941 1 J-----87 Nov'3 ____ _--- ---4
8
reamh sales
a Deterred delivery
• Look under Ilat of Matured Bonds on Page 1215
New York Bond Record-Continued-Page 3
BONDS
N. Y STOCK EXCHANGE
Week Ended_June 16,
;3
&lee
Friarlt
June 16.
Week's
Range or
Last Sale.
4
co
a
Range
gthed
Jan. 1.
Ask Low
High
High No. Low
Bid
2
88
95
95
95
Ft W & Den C let 11 510_1961 ID 9014 100
5414 81
80
80
13
FremiElk & Mo Val let 68__1933 AO
•
Galy Hous & Fiend let 58___1933 AO
5% 18
12
18
18
18
Ga & Ala Ry 1st cons be Oct 1945 J J 14
Ga Caro & Nor let gu g 381929
4
18
25
25
2812 23
Extended at 6% to July 1 1934 Ii 23
r45 May'33
2312 40
Georgia Midland let 33....__1946 AO
100 Jan'31
Gouy & Oswegatehle 1st 5s__1942 J D
9612
94
,
-51
84 June'33
Or R & I ext lat gu g 4lis__1941 J J 84
96% 1043
10214 97
4
Grand Trunk of Can deb 78_1940 AO 101 Sale 101
1007
3
93 4 101%
8 67
10018 Sale 100
-year a f 6s
15
1936 M
96 Nov'30
Grays Point Term let 55
1947 JD
45% 82
7918 242
Great Northern gen 75 ser A_1936 J J 7614 Sale 76
8 22
783,
4
663 80
lst & ref 4%0 aeries A
1961 J J 78% Sale 7812
66
77
8 17
773
7512
78
74
Stpd (without Jly 133 coup)
114
71
74
39
/
General 5)4a series B
1952 J J 6573 Sale 6534
4012 7312
6912 25
General fa series C
1973 J J 65111 Sale 6438
82
66
37
6614
General 414a aeries D
1976 J J 64 Sale 64
81
66
34
67
General 410 series F
1977 J J 6214 Sale 6214
30 May'33
30
30
Green Bay & West deb Ws A___ Feb
3% 9
8 June'33
4
8
Feb
Debentures ctfs B
90 Aug'32
Greenbrier Ry 1st gu 4s__1940 MN
2212 597
9 56
Gulf Mob & Nor let 510 B 1950 AO 53 Sale 53
5212 34
53
23
let mtge 58 series C
1950 AO 50 Sale 50
1
45
45
4212 45
Gulf & S list ref & ter beFeb 1952 J J
4014 4014
40'4
4014
Stamped (July 1 '33 coupon on) J J
Hocking Val let cons g 430.1999
Housatonic Ry cons g 5s __1937 MN
H & T C 1st g 58 Int guar
1937 .1 .1
Houston Belt & Term let 58_1937 J J
Bud & Manhat let be ser A_1957 FA
Adjustment Income be Feb 1957 AO
92
71
89
95
8214
3312
94 a9238
7
8
923
_
90
79 May'33
1
89
89
100
95
5
Sale 90
8412 59
Bale 82
Sale 55
5912 136
84
79
8512
78
72
391a
99
80
89
93
8
887
4
593
78% 82
8114 May'33
87
Illinois Central let gold 4a 1951 ▪ J 82
79 Feb'33
86
7812 793
4
let gold 310
1951 J J
72 May'33
72
72
Extended let gold 3143_1951 AO
_ 73 Mar'30
let gold 38 sterling
1951 MS
8 11 -EU ;144
r747
Collateral trust old 48
1952 AO 66 Sale 66
7112 49
45
8
687 697
7212
8
Refunding 4s
1955 MN 40
5412 Dec'32
65
Purchased lines 314e
1952 J J 55
18
61
40 6212
Collateral trust gold 45_1953 MN 58 Sale 58
81
14
52% 81
Refunding fai
.1955 MN 79 Sale 79
6
4
873
6018 90
15
87 Sale 87
-year secured 6)4s g___1936
6312 sale 5314
6212
5712 177
30
40
-year 4 he
Aug 1 1966
65 May'33
50% 65
Cairo Bridge gold 45
1950
,
58 Feb'33
60 4
68
5812 62
Litchfield Div let gold 38_1951
58
63%
5818 -- -- 58 Apr'33
Louley Div de Term g 3He 1953
6114 58 June'33
6014
58
58
Omaha Div let gold 38_1951
65 a58 May'33
53
6912
40
St Louis Div & Term g 38_1951
62 63
63 Feb'33
Gold 3%s
1951
8
585 Nov'32
Springfield Div lst g 33j3_1951
8012 15
60 " ;
2
1
i6
Western Linea let g 48
-561 tife 79
1951
HI Cent and Chic St L & N ()6618 80
8
387 6615
63 Sale 63
Joint let ref 5s series A
1963
59
27
6212
37
57 Sale 57
let & ref 43.s series C
1963
80 Dec'31
Ind Bloom & West let ext 4s 1940
71
80
75 Nov'32
65
Ind III & Iowa let g 45
1950
42
37 June'33
Ind & Louisville let gu 413_1956
85
9512
Ind Union Ry gen bs ser
2
9512
9212 9914 9512
85 May'33
90
85
Gen & ref bs series II
1965
18% 40 4
40
72
,
35 Sale 36
int & Grt Nor let 6s ser A_1952
14
3
186
1412
11 Sale 1218
Adjustment 138 ser A_July 1952
33
4
3512
16
2512 32
31
lst 58 series 11
1956
4
3214
3518
16
30 Sale 30
lst g 5a series C
1956
3314 52
12
52
51 Sale 49
lot Rys Cent Amer 1st 5s B 1972 MN
50
9
50
50
50
53
37
let coil trust 6% g notes_ 1941 MN
6
55
25
1st :len & ref 610
5214
55
4
1947 FA 513 53
Iowa Central let gold 5s
1938
2
2
6
5
r6
7
5
Certificates of deposit
3D
1
4
212 312 212
lat&ref g 48
52 65
3
1951 MS
James Frank dc Clear 1st 4s 1959 J D
KaIA&G R 1st gu g 5a
1938
Kan & M 1st gU g 4s
1990 A 0
K C Ft S & M Ry ref g 4s 1936 A 0
Certificates of deposit
A
Kan city Sou let gold 38...1950 A
Ref &'mot 53
Apr 1950
Kansas City Term 1st 48_1960
Kentucky Central gold 48_1987
Kentucky St Ind Term 410_1961
Stamped
1961 .1
Plain
1961
68
5
6612
6512 68
65 _--- 103 Mar'31
913 72 May'33 _
4
13
56
52 Sale 51
_
4212 527 54 June'33
8
29
65
63 Sale 62
22
7214 Sale 72
73
93
91
91 Bale 897
8
80
9112 80 June'33
84 Aug'31
75 June'33
89 Apr'30
-
19
7014
Lake Erie de West let g 58..1937 J 2 70 Sale 70
_ 5514 5812 June'33
2d gold 68
1041 J
7718 17
Lake Sh & Mich Bog 310.._1997 J D 77 Sale 76
74
74 May'33
Registered
1997 J D
70
65 June'33
Lehigh & N Y 1st gu g 03..1945 M S 62
4
793 83 Nov'32
Leh Val Harbor Term gu 5s 1954 FA 70
79
71 May'33
71
Leh Val NY 1st gu g 046_1940 J
493
4 37
Lehigh Val (Pa) cons g 4
8-2003 MN 47 Sale 47
44 June'33
_
MN
Registered
16
53
General cons 4 345
MN 49 Sale 49
2003
62
5
4
603 61
General cons ba
2003 MN 68
6
90
89
90
Leh V Term Ry let gu g 5a 1941 AO 89
90
Lex & East 1st 50-yr 51i gu-1965 AO 83
8912 June'33
Little Miami gen 45 aeries A_1967. MN
- 9112 May'32 ---9218 May'33
Long Dock consol g 68
1935 AO 93 100
Long Island
977
2
8
8
General gold 4e
1938 J D 9718 977 9714
1
9012
90
9012 9012
Unified gold 48
1949 M
1011e
5
1934 • D 101 10114 101
Debenture gold 58
96
9512 11
95
-year p m deb be
20
1937 MN 95
89
8
6
Guar ref gold 4s
1949 MS 89 Sale 883
49 Sale 49
5412 188
Louisiana & Ark let 66 ser A_I969
8
75%
743 Sale 74
3
Louis & Jeff Mtge Co gd g 4s 1945 M
3
Louisville & Nashville be_ _ _1937 MN 102 -- -- 10112 102
93
4
78
Unified gold 4s
1940 J J 923 Sale 9214
82 Apr'33
.• 1
Registered
9412 21
93
1st refund 514/1 series A__2003 AO -55- 92
8414
1
Ist & ref 5s series II
2003 AO 8212 Sale 8212
8012 74
1s1 & ref 430 series C
2003 AO 7312 sale 7912
87 Apr'33
Gold 58
1941 AO
56 Apr'33
Paducah & Mem Div 48_.1946 FA
60
58
5612
3
St Louis Div 2d gold 38..1980 MS 56
8012 ---- 82 May'33
Mob & Monte Ist g 4148.1945 M
8
697 66
22
70
67
South Ry joint Monon 48_1952 J
85 83114
8318
82
7
N
All Knoxy & Cm Dly 4a 1955
8
1934 J J 1007 -- -Mahon Coal RR let be
Manila RR (South Lines) 4e 1939 MN 49% Sale
51
1959 MN 45
let ext 48
Manitoba S W Coloniza'n 56 1931 • D 7212 84
NW let 330_1941 22
Man 011 &
Max Internal 1st 48 ant& _ _1977
Michigan Central Detrolt & Bay
1940 J J
City Air Line 4s
Jack Laos & Sag 310._ 1951 MS
8184 86
1952 MN
let gold 3340
78
Ref & 'mot 4345 ser C...1979 J J 60
1940 AO 60 Sale
of NJ 1st °xi 68
Mid
65
Mil& Nor 1st ext 414e (1880)1934 • D 62
55
D 47
1934
Cons ext 434s (1884)
49
MI1 Spar & N W let gU 43-1947 MB 47
?Cash sales
a Deferred delivery
60
-60
31%
32
a48
47
83
7414
"55
68
76
5612
54
6712
74
94%
82
75
58
55
7134
7212
46
7014
5812
82
77
65
-59?,
25
28
3214
33
89
79
7114
52
44
54
62
94
8912
-56T, 101
95I 9834
8
873 91
97 10112
90 IOU
7912 91%
20
56
70
753
4
9614 rI03
81% 9418
77
85
6513 9412
6312 8712
697 8012
8
87
88
58
70
43
58
82
85
40
70
75
8318
8
1007 June'33
4
493
53
5112 Jan'33
70 May'33
47 Feb'33
2 Sept'32
9514
8
a493
60
70
47
98 Aug'31
79 May'26
83
82
75
7412
60
601a
50 May'33
70 Nov'30
48
4712
16 "
55- li"
61
54
75
40
9
62
50
50
6
10114
8344
5112
7512
47
-ii; 50
BONDS
N. Y. STOCK EXCHANGE
Week Ended1June 16. mg
E
t2
t
4243
Ask
1314
Mllw & State Line 1st 3148_1941 j j
Minn & St Louis lot cons 56_1934
5% 10
1934 MN
Ctfa of deposit
214 4
let & refunding gold 4s_...1949 MS
214 3
Ref & ext 50-yr bs ser A1962 Q F
Q F
Certificates of deposit
MStP&SSMcong 4sintgu '38 3, 4412 Sale
8
1938 2J 275 32
let eons ba
497
8
1st cons bs gu as to lot.__.1938I, 44
lat & ref 68 series A
1946 J J 23 Sale
25
1949 MS 1714 Sale
-year 5348
1st ref 534s ser B
1978 J J 64 Sale
1st Chicago Term a f 45 1941 MN 82
8014
Mississippi Central let Ss__.1949 J J 75
Mo-Ill RR let 5s aer A
1959 23
Mo Kan & Tex 1st gold 48_1990 J D
-K-T RR pr lien be ser A_1962 J J
510
40
-year 4s series B
1962 J J
Prior lien 4345 ser D
1978 J J
Cum adjust be ser A_Jan 1967 AO
Mo Pac 1st & ref 5s ser A
1965 FA
General 48
1975 MS
1st & ref be series F
1977 M
let & ref 5e ser 0
1978 MN
Cony gold 5348
1949 MN
1st ref g 5s series H
1980 A0
1st & ref 5s ser I
1981 FA
Mo Pae 3d 78 ext at 4% July 1938 MN
Mob & Bir prior lien g 5s_ 1945 3'
J J
Small
let M gold 48
1945 3,
• J
Small
Mobile & Ohio gen gold 48_1938 M
Mongomery Div let g 58_1947 FA
Ref &'mot 4 lis
1977 M
Sec 5% notes
1938 M
Mob & Mal let gu gold 4s 1991 M S
1937 I,
Mont c 1st ell 60
1st guar gold 58
1937 J J
Morris & Essex 1st gu 3348-2060 J D
Constr M be ser A
1955 MN
Constr M 410 ser B
1955 MN
Week's
Range or
Last Sale.
Pried
Friday
June 16.
Low
40
26
17
84 Sale
7812 Sale
7512 Sale
4
513 Sale
32 Sale
4
143 Sale
3114 Sale
3112 Sale
8
113 Sale
31
4
333
31 Sale
6512 Sale
91
60
90
57
8
597
42
55
40
75
73
14
25
7
11
1112 Sale
4
743
65
8
____ 897
76
75
79
72
8
743 90
Nash Chalk & St L 48 ter A__1978 FA
8512 90
N Fla & S let gu g Ee
1937 FA
Nat Ry of Mex pr lien 43.4s 1957 J J
1
3%
Assent cash war rct No. 4 on
-Guar 48 Apr '14 coupon 1977 A 45
3
2 4 414
Assent cash war rct No. Son
Nat RR Mex pr lien 434s Oct '26
314 Sale
Assent cash war rdt No. 4 on
let consold 4s
1951 K-45
8 3%
25
Assent cash war rct No. 4 on
Naugatuck RR let g 4
8-.1954 MN 6612
____
New England RR cons 5s 1945
6612 ____
Consol guar 45
1935
A
N 2 Junction RR guar let 48.1986
NO de NE 1st ref & lmpt 4348 A '52
65
8
687
New Orleans Term let 4a
1953
26
N 0 Tex & Mex n-c Inc 68_1935 A 0 21
29
let 58 series B
1954 A 0 27
27
A
35
1st be sears C
1956
A
2312 25
let 434e series D
1956
8
287
A 0 27
let 514s series A
1954
8712 90
N & C Bdge gen guar 4 34s.. 1945
8
NYB&MBletcong58._1935 A 0 1003 101
N Y Cent RR cony deb 6a__1935 MN
Consol 48 series A
1998 FA
Ftef & knot 4348 neries A 2013 AO
Ref & Impt 5n series C_ __ _2013 AO
N Y Cent & Hud Ely M 314s 1997 J J
Registered
1997 3,
1934 M
Debenture gold 48
1942 1
-year debenture 4s
30
Ref & Impt 4 Ms ger A
2013
Lake Shore roll gold 3;40_1998 FA
Registered
1998 FA
Mich Cent coil gold 3546_1998 FA
Registered
1998 FA
N Y Chic & St L 1st g 48
1937 AO
Refunding 534e aeries A_1974 A 0
Ref 434s series C
1978 MS
3-yr 6% gold notes
1935 A0
NY Connect let go 43.4s A.1853 P A
1953 P A
let guar ba series 13
N Y Erie let ext gold 4s 1917 MN
N Y Greenw L gu g 5a1946 MN
N Y & Harlem gold 3346_2000 MN
NY Lack & W ref 434e B
1973 MN
NY & Long Branch gen 48..1941 M
1939 AO
NY&NE Bost Term 4s
NYNH& n-c deb 48_1947 M
Non-cony debenture 330_1947 MS
Non-cony debenture 3348_1954 A0
Non-cony debenture 0..1955 J J
N
Non-cony debenture 4a
1956
Cony debenture 334s
1956 22
Cony debenture 68
1948 22
.1 J
Registered
Collateral trust Os
1940 AO
N
Debenture 4s
1957
let & ref 434e ser of 1927 1967 JD
Harlem Ft & Pt Chen 1,1 48 1954 MN
High No
Jan'33
7
6
312
4
33
3
3
2
3
24
4412
46
2512
3
25 8
45
4712
2412
20
1714
1912
62
651s
9538 Dec'30
75 June'33
25 June'33
85
4
833
80
77
73
70
76
7412
4 a57
513
35
32
14
8
193
3514
3012
3414
3112
14
1012
35
33
31
35
6512
6512
95 Aug'31
40 May'33
53 Aug'32
50
47
28 Mar'33
15 May'33
11
11.
1112
11
65 Aug'33
4
933 Jan'33
92
Jan'33
76
76
69 May'33
7312
74
7512 June'33
68 May'33
18 July'28
4
23
312
4
123 July'31
4 June'33
5
16
7
4
75
3
9
10
16
21
36
57
13
37
71
43
503
237
38
306
27
178
1
1
12
22
23
11
Sale
53 Sale
62
60
60 Sale
____ 5478
a81 Sale
76
8
553
69
89
60
54
Nord Ry ext sink fund 6148 1950 AO
Norfolk South 1st & ref A 58_1961 FA
N
Norfolk & South let gold 58_1941
Nod & West RR Impt&ext fis '34 FA
N & W Ry let cons g 411_1996 A0
Registered
1966 AO
DIv'l let lien & gen g 4a._1944 3,
Pocah C & C joint 46
1941 Jo
North Cent gen & ref 58 A 1974 M
Gen & ref 41'4e ser A
1974 M
North Ohio let guar g 5a
1945 A0
North Pacific prior lien 411_1997 Q
Registered
Q
Gen lien ry & Id g 341..lan 2047 Q F
Registered
Jan 2047 Q F
Ref & limpt 4
series A__2047 3 J
Ref & Impt 6a series B__2047 J J
Ref & Impt 5a serial C__2047 J J
Ref de !mot fa aeries D__2017 J J
Nor By of Calif guar g 6e_1938 AO
108
84
58
Sale
Sale
Sale
Sale
Sale al0612 108
2813
85
80
73
76
59
3712
1938
3712
4
373
15
3712
3712
7312
47
28
718
414
414
64
4
933
90
7018
67%
60
60
r72
15
1212
1312
65
3
93 4
92
7813
69
74
7512
85
.
--jig -Its
4
1
5
68
41
24
60
86
15
6812
59
5113
55
a3212
1812
7
18
1813
3
1812
1814
5012
1
62
60
55
53
85 Nov'32
7312
73
75
67
51
5012 Sale 5018
4112
4712 4112
46
8
8
457 Sale 457
Jan'33
64
8
613 _
5212
5012 Sale 5012
16
3914 Sale
34 Sale
31 Sale
95 Sale
993
96
85 - -6114 76
8
847 _---
7
4
3
2%
46
2712
50
2412
21
6518
60
85
42
71
175
312
34
81 Sale
771
75
5912 Sale
70 Sale
s
677
8
____ 693
4
ix
118
112
24
18
2812
612
a813
37
-56is 60
4
8212
4
803
7312
74
6414
60
6612
7012
79
7713
70 Apr'33
82
80
7518 June'33
5612
64
7012
70
651s No1/32
69
69
57 Apr'33
80
80
42
3614
7
37 8
33
3412
29
95
95
96
96
84 Apr'33
6312 June'33
84 Mar'33
90 Nov'32
76 June'33
9512 July'29
60
60
50 May'33
54
5312
6312 June'33
61
60
55 June'33
85
82
So May'33
84
84
8314
8
653
73
69
89
87
Sale
Sale
Sale
Sale
Sale
High
40
99
16
8
813
7312
6112
68
7814
Range
Since
Jan, 1.
Leto
40
412
314
22 Apr'28
378
4
7112 Nov'32
68 Mar'33
79 Nov'32
92 Nov'32
50
4912
8
687
8
687
20 June'33
30
2812
30
29
2612
26
2918
2612
8912 Aug'32
101
101
NY 0& W ref g 4sJune
1992 MS
15
'
1955
General 4s
N Y Providence & Boston 49 1942 AO
NY & Putnam 1st eon gu 48.1993 A0
N Y Snag & West 1st ref 58_1937 .1 .1
2d gold 4 348
1937 FA
General gold fut
1940 FA
Terminal hit gold be
1943 MN
N Y W Ches & B 1st ser I 410'46I,
,
•Look under Ile* of Mat ..rld Bonds on n.a. 4246
,
04Q
68
-5549
20
1612
16%
163
4
17
66"
7012
20
30
30
2712
31
15
15
1
16
2
25
53
2
98
315
77
2
9
100
322
236
2
2
"55- 101"
46
57%
3412
39
68%
70
60
64
3412
60
8212
74
64%
7012
8013
7413
84
75 8
5
65
73%
66
57
66
14
12
514
87
89
861
4
51%
84
71
.57
80
4312
39
3712
97
100
89
6312
88
-55
7
9
3
52
2
14
16
14
76
-.1544
44
45
45
43
67
80
59
8
347
45
8224
60
50
5712
6478
6312
55
85
80
84
3812
75
90
6018 62
43
66
56
84
2312
33
1613
64
31
22
4
983 110 2
7
6
8
3
5
19
19 Sale 19
10212 June'33
_
103
4 55
983
4
4
973 Sale 973
9418 Jan'33
_
9918 61
9914 Sale 9818
9612
963 98
4
963
4
87 Aug'32
85 Aug'32
8
29
36
35 Sale 287
8812 78
83 Sale 83
80 May'33
-55T4 Sale 6014
4 93
613
65
Jan'33
72% 73
73%
7514 17
8114 Sale 8112
8414 138
7912 80
7
66
80
80% 20
66
78
79
9514 Oct'31
75
51
4112
46%
64
55
6
10112
87
94%
9312
8912
4
193
10412
10014
9418
10111
9914
-ii73
7453
48
6612
50
60
5913
6614
36
8712
8212
62
88%
7512
,
85 2
81
8014
New York Bond Record-Continued-Page 4
4244
June 17 1933
;
Price
Week's
Range
BONDS
....
8
Prize
Wee.k's
^
Range
Friday
Range or
,c1
.
Since
N. Y. STOCK EXCHANGE t..
Friday
t
Range or
`F:4
Since
June 16.
Last Sale.
571,
4
Jan, 1.
Week Ended June 16.
...a. June 16.
Last Sale.
re )1
Jan. 1.
BO
High No. Low
Ask Low
High
Rid
Ask Low
High No. tow
High
55 June'33 __-55
Og & L Chem let gu g 48-1948 J ..1 42
3812 55
4
Southern Ry lot cons g 53_1994 J .1 833 Sale 83
85
55
86
80
_ ---_
__ 97 Mar'32 ____ _
Ohio Col:meeting Ry 1st 48_1943 M 5
Registered
.7 .1 ____ 83
5812 Apr'33 __
5812 59
86-Ohio River RR let IC 58--- -1936 I D ---- 100 86 May'33 ---55
Devel & gen 4e series A___1956 A 0 49 Sale 47
139
53
17
451
5914
General gold be
70
85
1937 A 0 --------85 May'33 ---,
Devel & gen 65
20
7212
1956 A 0 61 Sale 61
693
4 91
8418 9612
9112 16
Oregon RR & Nay corn g 48_1946 J D 9112 Bale 9018
Devel & gen 614s
743 178
1956 A 0 69 Sale 68
4
2137 78
8
10212 12
Ore Short Line let cons g 55_19/6 J 1 102 103 102
99 105
Mem Div let g 55
74
1996.1 .1 60
5818 May'33 __
40
5818
10512 28 100 107
8
Guar stpd cons 58
St Louts Div let g 45
1946 J J 104 1047 10412
6212
65
1951 J .1 00
6212
2
36
6212
Ore-Wash RR & Nay 45
80
85
75
89
1961 1 J 84 Sale 8312
East Tenn reorg lien g 58_1938 M 5 75
80 80 May'33 __
60
80
Mobile & Ohio coil tr 45.A938 M S 38
49
4912
51
20
10
5318
4
823
4
3
Pac RR of Mo lot ext g 4s 1938 F A 823 Sale 8234
7312 8614 Spokane Internet let g Ss_ 1955.1 J
25
2812 28
18
I
28
30
85
85 May'33 ---2d extended gold 55
75
85
Staten Island Sty 1st 434s..1943 J D --------60 May*32 ____ ____ __ __
1938 J 1 80
75 ____ 87 SePt'32 ---Paducah & Ills let a f g 430.1955 .1 J
Sunbury & Lewiston lot 45_1936 J .2 --------97 Nov'31 ____ ---_ ____
10412 10512 1053
8
1053
4
Paris-Orleans RR ext 6s-1968 M 5
9 0
. 1- 9611 0612
M
454
Paulista Ry 181 ref s f 7s....1942 M S 454 ____ 4518
1
36
Tenn Cent let 138 A or 13_ _1947 A 0 44 Sale 44
46
54
25
11
4614
Pa Ohio& Det let &ref 4345A '77 A 0 86 Sale 86 May'33 _--71
88
Term Assn 01St L lst g 43-s 1939 A 0 10012 Sale 10012 10058
96 10114
1
4
,
964
3
Pennsylvania RR cons g 0_1943 MN 96 2 ____ 963
95 4 100
4
1
1st cons gold 53
1944 F A
9714 987 973
8
9111 100 4
12
8
99
993
4 72
Consul gold 45
91 1005
1948 M N 9814 Sale 98
8
Gen refund s f g 4s
1953 1 J 8012 Sale 80
68
8414
66
82
98
23
975 9712
8
48 sterl stpd dollar May 1 1948 M N 97
90 10012 Texarkana & Ft 8 let 5045 A 1950 P A
59
80
17
75 Sale 75
80
Consol sinking fund 4348_1960 F A 10312 Sale 10212 1034 34
9412 10412 Tex & NO con gold bs
00
65
1943
J
_ _ 61 June'33 ___
8812 226
8
7318 9114 Texas & Pao 1st gold bs
General 41.45 series A
1965 1 D 863 Sale 8614
857 100
8
5
9618
2000
D -95 - -18 96
97
1968 j D 92 Sale 92
96
90
General 58 series B
78
974
2clinc55(lar'28cp on)Dec2000 Mar
95 Mar 29 ___
----108
4 104
4
15
-year secured 634s
1936 F A 1033 Sale 1023
Gen & ref 59 series B
95 10412
6 4211 -70
8912
8
1977 A 0 -6612 6 685
894 29
73
9212
40-year secured gold 5s
1964 M N 86 Sale 86
Gen & ref be series C
4314 7018
4
1979 A 0 6612 6912 69
6978
797 186
8
Deb g 4345
56
797
8
1976 A 0 7512 Sale 7514
Gen & ref bs series D
70
1980
43
D 6714 Sale 673
13
4
70
813
8 84
General 4 yis ser D
68
8512 Tex Pac-Mo Pac Ter 5445 A 1964 M 5 6218 80 63
1981 A 0 81 Sale 8012
50
63
2
63
593
8
5
Peoria dr Eastern let cons 45_1940 A 0 57 Sale 57
30
6214 Tol dr Ohio Cent 1st gu Ss....19353
86
90
8612 93
90 May'33
14 Sale
514
8
5
9
13
4 9
Income 4s
April 1990 Apr
Western Div lot e bs
1935 A 0 8412 89
85 85
85 May'33
8312 77 June' ---Peoria & Pekin 17n 1st 512s__1974 F A 79
33
693 79
4
General gold 55
1935
D _
73
80
8212
75 Feb'33 __
61 2 37
,
Pere Marquette let ser A 5&1956J J 5912 Sale 58
283 6412 Tol St L & W 50
4
44
61
-year g 45
1950 A 0 60% 90
61
2
61
8
5418
5418 ---- 535
5
let 4s series B
28
1956.' J
544 Tol WV & 0 gu 4345 ser B 1933 J 1
10014 100 4
,
--- --_ 10014 Feb'33
5212 Sale 5212
567
s 65
let g 414s aeries C
28
1st guar 45 series C
57
1980 M 8
1942 M 5 -__ _
9618 Apr'3I ____ ---- ---4
100
993 Sale 99
50
Phila Ball & Wash 1st g 45_1943 MN
94 101
Toronto Ham & Buff 1st g 481946 .1 D 56 80
8034
6 80 Feb'33__
94 June'33 ____
95
94 100
General 5s series B
1974 F A 93
Union Pac let RR & Id gr 45 1947.1 J
90 4 1004
54
9812 Sale 974
3
9912 5i
____ 8514 June'33 ____
General g 434s series C. _1977 1 J 87
88
81
Registered
8
8
937 99,
__ _ 95 94 May'33
J -I
25
19
Philippine Ry let 30-yr a f4s '373 J 2414 Sale 2414
19
1st lien & ref 4s
2512
9312
June 2008 M S -5714 Sale a86
8712 55 a78
Gold 4.1.45
95
1967.1 J
90 Sale 8812
9018 63 a75
8
PC C & St L gu 4345 A
4
993
4
1 9933 102
4
1940 A 0 100 1007 993
1st lien & ref 55
1395 1053
June 2008 M
4
102
10014 Sale 100,4
41
99
1
Series B 434e guar
94 10112
1942 A 0 100 10012 99
40
-year gold 4s
1968 1 D 823 Sale 823
4
4
4
8714 34 9692 8018
____ 9934 Feb'33 ____
Series C 434e guar
993 993 U NJ RR & Can gen 4s
4
4
1942 MN 100
96 1°°13
1944 M 8 95
9912 9812
98'2 16
9814 95 Feb'33 ____
95
Series D 45 guar
95
1945 MN 94
1933.1 i
100 July'3I„____ ____ Utah & Nor 1st ext 45
Series E 434e guar gold
1949 F A 55 --__ 8512 Oct'32
Vandalla cons g 4s series A 1955 F A.. -53- --___ 85
85 ''.Apr'33
8
Series F 48 guar gold
1953.1 D 94 -___ 917 Dec'32 ____ _ .
Cons s f 4s series B
85
85
1957 M ^ 85 _ _ 85 June'33
1957 MN 91 -___ 92 May'33 _--Series G 4s guar
92 - -12 Vera Cruz & P asst 4 Ms
92
1933 2 F
318 112 4
138 92
1.
6
5
5
Series H cons guar 4s_ _ _ -1960 F A 91 -___ 80 Apr'33 ___- _ __
95 85 May'33
Virginia Midland gen bs
80
1936 MN 86
9213 ---- 96 May'33 ---Belles I cons guar 4 Ms_ _1963 F A
5118 9812 Va & Southwest lot gu 65 2003.1 .2 76
77
00
7618 June 33
80
Series, cons guar 4 Ms
9412 9812
9258 ---- 95 June'33 ---1964 MN
1st cone 58
3612 6673
667
8 15
1958 A " 6418 Sale 64
.
9218 23
General M 5s series A
1970 J D 904 sale 9034
76
9218 Virginian Ry 1st 55 series A-1962 M N 9512 Sale 95
84
9612
054 61
9212 25
Gen mtge guar 5 ser B..1975 A 0 90 Sale 90
7612 9212
let mtge 434s series B
8912
85 May'33
1962 MN 854, 88
78
_
,
8712
8712
3
Gen 43.4e series C
69
1977.1 2 84 4 85
8812
Wabash RR 1st gold 58
1939 M , 6612 Sale 6612
N
69
43
73
47
4
Pitts McK &Y 2d gu 0s
1934 J .1 994 10014 993 Mar'33 __-9938 993
2d gold 5s
4
493 49
4
51
1939 F ^ 48
16
33
53
Pitts Sh & L E 1st g 58
1940 A 0 --------100 May'33 ----100 102
Deb 6s aeries B registered 1939 J J
let consul gold be
19433 J ---- ---- 100 Mar'33 ____ 100 10012
let lien 50-year g term 48.1954 J ------- 3713 Apr 33
3712 3712
Pitts Va & Char 1st Is
1943 MN 65 -__ 9 • Nov'32 ____ . _
Det & Chic Ext 1st 5s_ _ _1941 .7 J '55i4 68/8 6214 Feb'33 __::
62
624
55 -66
2
60
594 59
PItta & W Va 1st 41.s ser A_1958 J D 58
Des Moines Div let g 48 1939 J J 30
,,c',
35
Jan'33
45
594
59%
5 -let 51 4345 series B
4
30
60
1958 A 0 5
272 '''
Omaha Div let g 334e,_1941 A 0 32
_
32
39
32
1
5912 20
1st M 4345 series C
A 0 59 Sale 59
1960
30
6018
Toledo & Chic Div g 45_1941 M S
41
55
Pitts Y & Ash 1st 4s ser A.1948.2 D 9014 _-__ 8512 Oct'32 ____ ____ ____ Wabash Ry ref & gen 536e A 1075 M 13 55_ 55 May'33 __ _
53 174
14 if; 14
4
al
173 654
4
____ ____
let gen be series B
1962 F A --------90 July'32
Ref&gen 5s(Feb'32 coup)B '76 F A
512 173
8
1738 82
15 Sale 15
8
Providence Secur deb 4s_1957 M N 35 ---- 713 JUIY'31 ---4
17
Ref & gen 4345 aeries C
1978 A 0 1312 17
1517
53
-, g.
, 4-,
.;,
,.
2_
June'33
Providence Term lot 4s__ 1956 M 13 80 -__ 80 Je'33 ____
oo oo
Ref & gen .55 series D
1980 A 0 15 Sale 14
1712 68
--* 50
-2
Warren lot ref Bug 3Ms_
2000 F A
50
___ 50 Feb'33
8018
14
Reading Co Jersey Cen coil 48 '61 A 0 so Sale 80
66
804 Washington Cent let gold 4s1948 @ M
4
-- - _ 52 Feb'33 __ - a513 52
8818 30
Gen & ref 4,14s se
series A_1997 1 1 88 Sale 8712
as
753 91
4
Wash Term let go 3 Ms
-1945 F A -.,..,.- 8764
l39
111
8791
8714 -2
Gen & ref 434s series 13_1997 J J 864 884 5
84
78
5
584
9112
lot 40-year guar 48
924 95
1945 F A
_ 9312 9312 May'33
Oct'30 ____ ____ ____ Western Maryland let 4s
Rensselaer &Saratoga 6s
1941 M N --------113
53
1952 A 0 -6§ sale 68
69
45 52 70%
_
_ let & ref 5 Ms
40 Sept'32 ____ _
32
38
Rich &Merch let g 45
1948 M N
78
1977 J J
series A
4
78
39
77 Sale 753
994 9712 May'33 ---Richm Term Ry 1st gu 55_1952 J J 97
oi% --- West N Y & Pa let g 55
9712
9914 103
1 J
03
103
1937102 103
5
11
Rio Grande Juno let gu 58_1939 .1 D 633 -___ 69 June'33 ____
63
69
General gold 48
7938 8514
1943 A 0
8212
85
2
824
84
1 Dee'32 ____ ____ ____ Western Pac lot Ss ser A_1946 M 132012 4312
Rio Grande Sou let gold 48_1949 .1 , ---- -___
4312 218
3912 Sale 36
712 APr'28 --2
Guar 45 (Jan 1922 coupon) '40 J J ---_
_ West Shore 1st 4s guar
67
783
4
2361 1 J 7712 Sale 77
78
57
72
10 -i5 Rio Grande West 1st gold 4a_1939 .1 J 09 Sale 69
72
644 74
Registered
2361 J J
5
70
70 Sale 70
524 41
50 Sale 50
let con & coil trust 4s A1949 A 0
2512 5212 Wheel & L E ref 414s ser A _1966 M S
65
80
80 June'33 __
90
264 97
R I Ark & Louis let 434e.,..,1934 M 73 23 Sale 2112
1818 3212
Refunding 55 series B......1966 M S 80
di
6312 80
1966
6212 Apr'33 _ -560
4912
40 2
,
Rut-Canada let gu g 48
,
19/9 J J 45 2 54
5
3558 5112
RR let coul 4s
consul
70
8312
1949 M
- -5
83
83 8212
5514
5514
55, 56
4
Rutland 1st con 4345
5
1941 J J
39
554 Wilk & East 1st gu g 58
ts% 45
1942 I D 81
3618
85
5
38
3618 40
Will & S F let gold be
1938 1 0
82
85
9
85
5 Sale 85
84 June'33 ____
90
St Jos & Grand Isl 1st 45
1947 1 .1
70
90
Winston-Salem S B let 45_1960 J .1 2
7834 99
813
4
1 4
64
88 191,
4
St Lawr & Adr let g be
1996.1 J 64 Sale 64
1
643 043 Wis Cent 50-yr lot gen 4s 1949 J J 82 ____ 813
4
4
1538 Sale 153
8
7
50
65 June'33 ____
70
2d gold 6s
1996 A 0
64
68
sup & Dul dB,& term lot 4s'36 M N 121 14 12
6
147
s
14
2
St Louis Iron Mt & SouthernWor & Coma East 1st 4;48_1943 J .1
- .
•
--- ---•
45 ____ 854 Sept'31 ____ •
•
1933 M N
111v ez 0 DIY let g 45_
J 54
St L Peor & N W 1st gu 55 June' ---55
2812 55
33
58.1948 J
INDUSTRIALS.
•
44
20
1812 Sale 18
•
St L
•
-San Fran pr lien 4s A....19503 .1
8
21
Abitibi Power & Paper lst 5s 1953.2 D
17 Sale 17
,
194 43
813 204 Abraham & Straus deb 5;0_1943
Certificates of deposit ---- ,-..
9312 12
A 0 92 Sale 92
2012 32
Prior lien 5s series B
10
21
19503 j 1912 Sale 1912
9312 I
With warrants
80
1812 Sale 1814
10
8
70
8
204 56
5312 70 ,
934 2012 Adams Express coil tr g 48_1948 M S 687 7112 687
Certificates of deposit
iiig iii A 1612 Sale 16
64
10312 83
19
92 10312
Con M 4348 series A
6938 207 Adriatic Elec Co extl 7s____1952 A 0 1024 ____ 103
8
45
3
46
1812 150
1512 Sale 15
Certlfs or neposit stamped__ __ _
64 20
2412 46 1
Albany Ferrol. Wrap Pap 08_1948 A 0 4112 44
a54 Sale 52
64
65
St L S W 1st g 4s bond etfe_1989 5.1604 167
7
_
49
25% 61, ,
65
N 6012 67
Allegany Corp coil tr bs____1944 F A
2
55
Ilz ally 5712
4212
'
2sg 45 Inc bond ctfs Nov ._I989 J J 404 Sale 4014
4
3338 44
Coll & cony be
1949 2 D 48 Sale 48
5
29
303
28
43
43 Sale 41
6
let terminal & unifying 58_1952 ./ J
19
4512
Coll & cony bs
1950 A 0 .2412 Sale 2214
43
89
36 Sale 36
1884 Sale 854
J
Gen & ref g 56 ser A
31
3
7
12
1990.1
65
37
89
Allis-Chalmers Mfg deb 65_1937 M N
11
55
5212 62
Alptne-Montan Steel 1st 78955 M S 1.55 Sale 54
_1
443 Sale 443
4
4
4512
St Paul & K C Sh L 1st 4;45_1941 F A
III I
7 .228
49%
75
11
72
72 gale 704
1
St P & Duluth bet con g 4e.,1968 J D 75 ---- 75
70
8012 Amer Beet Sug cony deb 68_1935 F A
2614 72
45
•
2
St Paul E Gr Trk lot 4348_1947 J .1 45 Sale 45
45
50
•
American Chain deb s f 68_1933 A 0
4
10018 46
91
St Paul Minn & Man con 90_1933 J .1 100 Sale 992
6
89 10018 Amer Cyanamid deb Ss__ 1942 A 0 91 Sale 90
7912 93
19
100
4
1st consol g Cs
573 682
4
238 58' ,
8
2
4
89 1120
1933 J J 100 10018 993
Am & Foreign Pow deb 58_2030 M S Ir51, Sale 51
10018 70
69
65 reduced to gold 4 Ma_1933 J J 100 Sale 994
36
884 10018 American Ice a f deb 5s
52
72
1953 J D 06 Sale 6514
4
iit
1 D ---- 1004 983 June'33 _ --92
Registered
983 Amer I GI Chem cony 5345_1949 M N(,82 Sale 81
4
64 81
55
54
82 June'33 ---86
Mont ext lot gold 48
78 Sale 77
1937 J D 81
75
83
Am Internet Corp cony 5345 1949 1 J
793
4 52
6612 81
7412
747
Pacific ext au 45 (sterling)_1940 .1 .1 -___ 80
8
2 10214 1054
105
5
70
747 Amer Mach & Fdy of 65
8
1939 A 0 103 105 10214
10012 34
8
8
St Paul Un Dep lot & ref 55_1972 J .1 987 Sale 987
89 101
Amer Metal 534% notes...... 1934 A 0 87 Sale 84
ao 91 1
57
57
4
974 214
Am Sm & It let 30-yr Sc ser A '47 A 0 97 Sale a953
78
98,
4
5 5
673
4 24
S A & Ar Pass Ist gu g 4s_ I943 J .1 67 Sale 67
54
6912 Amer Sug Ref 5-year (4-...1937 J .1 105 Sale 10412 10514 19 1023 1053
8
4
8
Santa Fe Pres & Phen 151 58_1942 M 5 8558 947 90 May'33 ---10212 22 a9612 10312
82
90
Am TeleP & Teleit cony 45-1936 M S 10218 Sale 102
1
100
Say Fla & West 1st g 6s
94 100
1931 A 0 9812 100 100
30
-year coil tr 58
1946 3 D 105 Sale 10412 10514 75 100 10712
_
Oct'31 ____ _
193 A 0 95 100 101
let gold be
103
116
93 10712
35
-years f deb 511
1960 1 .1 10212 Sale 102
Scioto V & N E let gu 4s
545 1943 SIN 1063 Sale 1054
NO M N 9212 9612 91 June'33 --107
8
98
160
20
-years t 5145
9912 109 2
,
•
Seaboard Air Line let g 48_1950 A 0
•
84
110
99 110
Cony deb 4 1.4e
. 8 Sale 10718
19393 1 710
•
•
Gold 45 stamped
1950 A 0
8
•
8
9212 1074
Debenture 55
1965 F A 1023 Sale al013 1024 337
Certlfs of deposit stamped__ A 0 1512 1612 1612 June'33 ---3
1612 Am Type Found deb 65_ _1940 A 0 5612 5912 5912
35
62
1
5912
27
43
8
5
412 Sale
12 5
Adjustment 55
Am Wat Wks & El coil tr - 8_1934 A 0 95 Sale 93
Oct 1949 F A
744 963
s
954 78
6
Refunding do
a•
1959 A 0
81
49
35
81
1179 Sale 7812
Deb g 6s series A
1975 M N '
412 Sale
44
8
Certificates of depoalt ---- --2
838
6
..
1
139
7,4
10
let & cons Cs series A
714 Sale
23 1014 Am Writing Paper let g 651947 J .1 4313 Sale 43
4
4512 53 021 14 4512
1945 M i
29
8
9
8 Sale
14 912 Anglo-Chilean Nitrate 7o..1045 M N II 8 Sale
Certificates of deposit ____ ___
..
8
103
4 23
218 13
Atl & Birm 30-yr 1st g 4s 1933 M S
•
*
85
•
Ark & Mom Bridge & Ter 14_1964 M 5 --------85 Apr'33 ____
80
Seaboard All Fla lot gu Se A 1935
89
88
77
67
Armour & Co (III) let 4148_1939 1 D 873 Bale 8658
4
412 53
4 52
Certificates of deposit
1
614 Armour & Cool Del 5345_1943 J .1 86 Sale 80
,
64 26
A 0
8712 171
71 18 8712
Series II
823
4
1935
65 614
8414
Armstrong Cork cony deb 58_1940 J D 8314 91
8
6
412 512 5
F A
Certificates of deposit
1
103
Associated 011 6% g notes1935 M S KO 10314 103
4
512
3 10012 1034
9614 ____ 984 Feb'33 ____
Atlanta Gas L let be
98 4 98 4
,
,
1947 J D
So .fs No Ala cone gu g 55___I936 F A 9712
8914 Oct'32 ____
_ __
___ Atl Gulf & W 1 SS coil tr bs 1959 I J
35
57
4
52 Sale
Gen cons guar 50
6 88
88
-year 55_1963 A 0 86 i5 88
1
97 1034
10212 33
Atlantic Refining deb 5s
1937 .1 .3 10212 Sale 10218
So Pac coil 4s(Cent Pac coil) .'49 J D 574 Sale 574
60
64
40
6012 Baldwin Loco Works let 55 1940 M N 96 4 98
7918 95
95
95
1
6838 146
let 4345 (Oregon Lines) A 1977 NI 18 65 Sale 65
9014 90%
63
8
707 Batavien Pets guar deb 4;45_1942 J J 945 Sale 945
8
40
95
8
20-year cony ba
85
86
88
5
1934 J D 86
83
92
8714 88
10
92
90
Belding-Hemlnway 6s
1936 .1 J 864 98
Gold 4345
594 125
3812 597 Bell Telep of Pa 58 merles 13..1948 J J 105 1 Sale 105
1968 ni 8 54 Sale 54
10618 25 101 III
Gold 4348 with warrants_1969 M N
5712 156
5312 Sale 534
37,4 59
let & ref 68 series C
4
10612 44 10012 11138
4
1960 A 0 1053 Bale 1053
Gold 4345
5712 248
54 Sale 53
1981 M N
364 69
86
Beneficial Indus Loan deb 65 1948 M El 8512 Sale 8412
75
59
19
San Fran Term let
_1950 A 0 82 Sale 81
4
8212 23 4703 85
Berlin City Else Co deb 634e 1951 J D 4714 Sale 4212
3512 70%
494 67
So Pac of Cal 1st eon gu 968 1937 NI N
9712 102
99
____ 9714 Apr'33 --__
45_Deb sinking tuna 6 Ms
35
694
4012 65
1959 F A a3712 Sale a3712
So Pac Coast 1st gu g 4s
1937 J .1 --------96
Jan'30 ____ ____
__
84 a3414 644
8
40
Debenture 65
1955 A 0 38 4 Sale 357
So Pee RR let ref 45
1955 J J 724 Sale 723
4
77
51
6358
60 a79
-Berlin Elec El & Underg 61451956 A 0 3412 Sale a31.
353
4 39 028
____ ____ Beth Steel let & ref Sc guar A '42 M N 94 4 Sale 9314
Stamped (Federal Utx)- _ _1955 .3 J --------9213 May'30 ___
71
95
32
95
30
96%
-year p m & Impt of 65_1936 J J 9612 Sale 95
79
967
8 94
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 16.
E'g
t.
t
-....
4 Z.
-.
-.
'CACI
11194
1
5 1)9fmrr,, Is
leery
• Look indor itsr or Mstur•d Bends on oage 4246
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 16.
's
t9
h
.7.; cr.
June 16.
Ask
__
17
20-15
15
5
Bid
1950 M S
Bing & Bing deb 634s
1934 A 0
Botany Cons Mills 634s
A 0
Certificates of deposit
Bowman-13M Hotels lst 713__1934
M S
Swap as to pay of $435 pt red
B'way & 7th Ave 1st cons 58_1943 J D
J D
Certificates of deposit
Brooklyn City RR lot bs _ _1941 J J
13klyn Edison Inc gen 58 A__1949 J J
1952 J J
Gen mtge bs series E
Bklyn-Manh It T sec 68_ __ _1968 .1 1
Bklyn Qu Co & Sub con gtd bs '41 M N
1941 J J
1st bs stamped
1950 F A
Bklyn Union El 1st g bs
Illtlyn Un Gas 1st cons g 58_1945 M N
lot lien & ref 68 series A _ _1947 M N
1936 2 J
Cony deb g 5h5
1950 1 D
Debenture gold 58
1957 M N
let lien & ref series 13
Buff Gen El 434s series B-1981 F A
1952 A 0
Bush Terminal let 48
1955 J J
Consol bs
Bush Term Bldge 55 gu tax ex '30 A 0
1945 M N
By-Prod Coke let 530 A
Week's
Range or
Last Sale.
Price
Friday
.,1;
El
ei
Rance
Since
Jan. 1.
Hien No. Lo210
Low
8
20 June'33 ____
5
1712 19
1514
418
5
1414
1312
High
21
1812
15
i B.
Price
Week's
4
Range or
Friday
h
Last Sale.
...,27. June 16.
--Bid
Ask Low
High
98
4
Water 1st 4s___1952 J J 953 9714 9534
Hackensack
33
Hansa SS Lines 6s with warr_1939 A 0 32 Sale 3112
Harpen Mining 6s with stk purch
49
46
war for com.stock of Am ohs'49 J J 4414 49
2918 3712 24 May'33
_
Havana Elec consol g 58_ 1952 F A
1118
1118
912 11
Deb 530 series of 1926__1951 M S
2514
24
Hoe(R)& Co 1st 854s ser A_1934 A 0 2414 28
2312 June'33
29
Holland-Amer Line 6s (fiat)_1947 M N 24
4
653
Houston Oil sink fond 534s__1940 M N 62 Bale 6112
4
443
4
Hudson Coal lot s f Is ser A.1962 1 D 413 Sale 41
4
10314
1949 M N 10314 1033 10314
Hudson Co Gas lot 858
10412
8
Humble Oil & Refining 5s--1937 A 0 1047 Sale 103
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 16.
4245
4
c3
:iz' c•
Range
dine.
Jan. 1.
No. Low
High
5
8
923 9811
57
29
61
6
39
7212
18 02412
____
4
412
412 May'33 _
_
___
314 1112
2
2
10
24
10
912
10
812 --7
127 2514
8
912 12
912
1
714 912 872
2
____
177 2312
6512 7512
2
74
8
8
____ 737 715
62
38
70
10034 108
44
106
4
10514 1053 105
60
2712 45
10618 19 100 108
4
1033 Sale 105
1 1013 10814
8
8414 98
9212 228
92 Sale 9012
25 1003 10412
8
56
60
7012 60 May'33 ____
55
___
--------50 Nov'32 ____
5
105 8 17 10058 10714
8
1956 1 D 1055 Sale 105
75
87
10 ____Telephone 5s
Illinois Bell
82
8114
8
815 82
30
93 10312
4 103
1940 A 0 103 Sale 1023
4
Illinois Steel deb 430
4 19 1013 112
1073
4
1073 Sale 107
2634 5812
3012 33
8
8
1127 ____ 1123 May'33 ____ 108 11718 Ilseder Steel Corp mtge 681948 F A 3014 Sale a2814 Feb'33 --__
8
955 9612
9612
1936 M N ____ 97
Ind Nat Gas & 011 ref 5s
--------158 Feb'33 ____ 158 158
8738
41
66
87
1978 A 0 8514 8614 8514
Inland Steel 1st 43.0
93 105
2
101
100 101 101
87
65
7
85 Sale 85
8614
1981 F A
1st M of 430 ser B
4
9778r1073
4 21
104 Sale 10314 1033
644
47
65
64
4
8
9712 10512 Interboro Rap Trail 1st 58 1966 J J 6012 Sale 573
10112 Sale 10112 10112
•
•
1932 A 0
42
6712
-year 68
10
4912 June'33
47
46
2712
14
2712 13
25
2534 28
Certificates of deposit ____ ____
5
8 21
247
3314
4
173 Sale 18
•
•
1932 M S
-year cone 7% notes
19
6412
28
10
43
40 Sale 39
25
52
63
70
6812 64
_ 64
Certificates of deposit
37
3
6912
7473
6918
6912 72
11
32
70
70
8
697 6614
___1951 M N 66
Interlake Iron let 55B
4
14 100 1063 lot Agric Corp let & coll tr Ss
105
8
Cal0& E Corp unt & re 155_1937 NI N 1045 Sale 104
3812 59
/3
Stamped extended to 1942_ __ M N 5112 583 59 June'33 _--4 8612
623
8612 34
1940 J .1 86 Sale 85
Cal Pack cony deb Is
105 a50
83
83
9412 lot Cement cony deb 55__1948 M N 80 Sale 79
35912 23 a81
Cal Petroleum cone deb s t bs '39 F A 8918 9112 89
8
2414 523
5012 275
96
3 a83
Internet Hydro El deb 68_1944 A 0 34412 Sale 4412
9412
1938 MN 93 Sale 93
Cony deb 5 t g 530
19 02912 5212
50
1941 A 0 4712 Sale 4712
Inter Mere Marine of
Camaguey Sugar etre of deposit
39
6112 27
6314
4
4
1, 13
68_Internet Paper 58 ser A deB_1947 1 J 583 Sale 58
2
13
1314 10
10
_
1942 _
for let 7s
4312
4
10
393 323
1955 M 9 34 Sale 32
Ref of 13s series A
1024 2412
3
2214
21
25
Canada SS L 1st & gen 65_1941 AO 20
1712 537a
4614 411
4
lot Telep & Teleg deb g 444s 1952 J J 413 Sale 4214
108
Cent Dist Tel let 30-yr 5s_1943 J D 10514 106 10512 June'33 ____ 102 107
8
547 688
8
2018 647
8
1939 J J 4912 Sale 473
Cony deb 434o
3 100
106
Sale 10514
Cent Hudson 0 & E bs_Jan 1957 M 9 106
49
516
18
4
55,4
1955 F A 453 Sale 4418
75
Debs 5e
50
21
66
Cent Ill Elec & Gas 1st 55_1951 F A 6112 Sale 6212
86
75
1
8
857
8
7012 9614 Investors Equity deb Se A 1947 .1 D 8412 8612 857
9614 10
MN 9614 Sale 9512
1941
Central Steel let got 8s
80
8612 13
4- 85
8612
1948 A 0 831
5712
Deb 58 ser B with warr
26
5712 63
1948 M 9 .52 Sale 5118
Certain-teed Prod 530 A
037 841284
8412
1
12
75
86
1948 A 0 84
Without warrants
532
6312 95
05
Chesap Corp cony 55 May 15 '47 M N 9012 Sale 8912
97 1057
3
10312 15
Sale 103
Ch G L & Coke let gu g 58-1937 J 1 103
9812 10412
17
1144305er 13_1957 1 J 102 Sale 10112 102
K C Pow & Lt
Chicago Railways let 58 stud
96 105 4
3
4 10112 59
1961 F A 10112 Sale 1003
•
1st M 430
•
•
•
F A
Sept I 1932 20% part. pd
72
87
95
27
8
31
25
48
4812 Kansas Gas & Electric 4348_1980 1 D 8312 857 86
1943 A 0 4712 Sale 4614
Childs Co deb be
1512 25
1378 4114
M N 15 Sale 15
69
Karstadt (Rudolph) lst 86_1943
27
89
65
1947.3 .1 59 Sale 58
Chile Copper Co deb Is
4
8 13
2914 457
433
457
s
90 100
Keith (B.F.)Corp. 1st 13e__ _1946 M 5 4318 46
0612 55
1968 A 0 9618 Sale 9514
Cln G & E let Si 48 A
25
32
61
62
1942 A 0 5712 Sale 5712
Kelly-Springfield Tire 6s
38
38
1940 .1 J 36 --- 38 Apr'33 ____
Clearfield Bit Coal 1st 4s
8
55
8
767
767
5
__ Kendall Co 53.40 with warr 1948 NI S a75 Sale 74
__ ____ ____
____ ____
1 .1 28
series B
Small
1940
6478 7012
8
677 65 May'33 ____
48
48 a32 -Keystone Telep Co 1st 5s_.1935.3 J 40
48
-1938.3 J 44 Sale 43
Colon 011 cony deb 613
8
36
8212 11
63
Kings County El L dr P 5s 1937 A 0 10418 10514 104 May'33 -- -- 1013 108
8
Colo Fuel & Ir Co gen of 68_1943 F A 603 Sale 59
121
4 1153 135
4
1997 A 0 121 124 121
Purchase money 6s
1912 45
48
40
35 Sale 35
1934 F A
Col Indus 1st & coil 55 gu
8
74
6812 77 2
7212 Sale 7214
,
Kings County Elev 1st g 48_ _1949 F A
89313
60
89
87
3
Columbia 0& E deb Is May 1952 M N 85 4 Sale 85
99 10512
4
Kings Co Lighting let 58___ _1954 J J 1013 106 102 June'33 ___
6812 89
r8612 83
58
Apr 15 1952 A*0 85 .-- 8412
Debenture
110
1 110 11412
1954.3 J __ 110 110
First and ref 634s
8
6812 877
8612 233
Salo 84
Debenture Is
Jan 151981 1 J 8412
75
70 June'33 --_- 042
87
84 3100 Kinney(CR)& Co 7 S2% notes'38 J D 78
4 16
903
90
Columbus By P& L 1st 4%5 1957 J J 90 Sale
3114 7612
7612 22
Kreege Found'n Coll tr 65_1936 1 D 07418 Sale 7418
9712 108
8 24
4 1015
8
1942 A 0 1015 Sale 1003
Secured cony g 530
Kreuger & Toll class A ctfs of dep
8 48
147
4
4
10
3
147
1959 M S 133 Sale 133
for sec 5 1 g 55
97 10314
1
4
4
Commercial Credit of 68 A 1934 Si N 1003 101 10034 1003
96 100
9912 20
4
4
Coll tr 8 1 5%% notes__ 1935 J J 973 9912 973
75
93
93
4
1st 58 A_ _1950 M 9 93 Sale 92
8
44
4
955 1047 Lackawanna Steel
101
Comm'l Invest Tr deb 530_1949 F A 10012 Sale 9914
7918 96
16
91
Laclede G-L ref & ext 58._ 1934 A 0 9012 Sale 9014
8
Computing-Tab-Rec 8 1 6s 1941 J J 10618 1073 107 May'33 ____ 104 10818
48
29
66
4
673
1953 F A 6218 Sale 6218
Coll & ref 554e series C
97 10112
Conn By & L lst & ret 34 W1951 1 J 95_ _- 97 Mar'33 ---s
487 6612
11
63
Coll & ret 554s series D_1960 F A 63 Sale 63
95 10112
95 Mar'33 ____
1951 1 J 9718 100
Stamped guar 4348
212 13
914 Sale
1114 196
8
85
Lautaro Nitrate Co Ltd 68 1954 I .1
Consolidated Hydro-Elec Works
7712 90
5
8712
8
Lehigh C & Nay of 454e A_ _1954 1 J 87 Sale 853
3012 613
3512 17
8
of Upper Wuertemberg 78_1956 .1 J 35 Sale 305
88
78
87 June'33 -___
3
Cons Sink Bled 455s ser C_1954 1 J 853 88
23
13
5
6, 23,8
Cone Coal of Md let & ret 58_1950 J D 19 Sale 19
8
9978 9978
__ 997 May'33 ____
1934 F A
9812 10714 Lehigh Valley Coal 1st 5s
4 100
8
Consol Gas(N Y) deb 534s_1945 F A 1053 Sale 10412 1053
2
45
5618
5618
5614 64
2
1944 F A 9935- 60,
lot & ref 8 f Is
8
8712 1017
9614 136
Debenture 430
1951 J 13 9614 Sale 9512
9
42
4
20
423
43
43
1954 F A 40
let & ref of 55
93 10512
4
. 1023 119
Debenture 58
1957 1 J 10212 Sale 1011
2
1618 4212
40
40 Sale 40
1964 F A
lot & ref 01 55
97 1053
4
4
Consumers Gas 01 Chic gu be 19361 D 1003 10212 101 June'33 ____
1
22
40
4
41
413 40
1974 F A 41)
let & ref of 58
97 107
8 20
1033
8
Consumers Power lot bs C1952 NI N 104 Sale 1023
7234 June'33 --__
73
57
Secured 6% gold notes_ _ _1938 J 1 7018 75
73
35
11
69
60
Container Corp 181 68
1946 1 D 6514 70
22 11758 12612
8
125
Liggett & Myers Tobacco 78_1944 A 0 1243 Sale 12312
50
8
5
497 50
4
163 54
15
-year deb 55 with warr_1943 1 13 48
1951 F A 110 Sale 10914
110
63 102 11012
58
7312
12 365
72
72
74
8
705
Copenhagen Telep Is-Feb 15 1954 F A
48
8212 36
8412
1941 A 0 75 Sale 75
4 20 101 10412 Loew's Inc deb of 618
8
Corn Prod Retg 1st 25-yr s 15s'34 M N 1025 10318 10212 1023
8 55
7812 9014
873
4
1952 J D 853 Sale 85
8
997 Lombard Elec 75 ser A
79
8 46
997
8
Crown Cork & Seal of 65__ _1947 J D 9914 Sale a985
11014
1 010212 114
1944 A 0 11012 11214 11014
Lorillard (P) Co deb 78
80
58
79
13
Crown Williamette Paper 68_1951 1 J 7812 Sale 7812
90 10214
10214 39
1951 F A 10114 Sale 100
56
67
313
6612 15
Crown Zellerbaeb deb Sew w 1940 M S a66 Sale 6412
9414 10612
46
•
Louisville Gas dc El(Ky)58_1952 MN 10012 Sale 10012 102
•
•
•
Cuban Cane Prod deb 68___ _1950 1 1
El Pow
Lower Austria Hydro
4 15 100 107
1043
4
Cumb T & T let & gen 5s.... 1937 .1 J 10418 1043 10418
6
42
47
53
8
1944 F A 465 Sale 4612
lots 16348
94 10212
5
101
Del Power & Light lot 4 He_1971 J J 101 Sale 9914
41
215 62
47
8
4
J D 4118 Sale 393
4
893 99
5
McCrory Stores Corp deb 5346'41
4
933
4
3
let & ref 434s
1989 1 J 93 4 Sale 933
55
2312
342
8
9512 1013 McKesson & Robbins deb 550'50 IYI N 48 Sale 4712• 55
4
101
let mortgage 434s
1989 J J 10014 Sale 09
1942 A 0
88 100
10
Menet! Sugar let e t 734s
91
9034
4
Den Gas & El L 1st & ref s t bs'51 M N 903 93
25
5
312 29
Certificates of deposit- 1812 2514 24
88 89634
92
2
9912 02
Stamped as to l'enna tax_1951 M N 92
•
0
8518 1033
Stamped Oct 1931 coupon 1942 K4
1941) A 0 101 Sale 10012 10114 36
Detroit Edison be ser A
2712
3
25 June'33 --__
26
18
32
4
863 103
Certificates of
8
100
1955 J 13 997 Sale 9834
Gen & ref Is series B
29
41
120
40
deposit-2
8418 10312 Manhat Ry(NY)cons g 48_1990A 0 37 Sale 36
9912
1962 F A 90 10012 9912
Gen & ret 5.9 series C
3312 3712 3212
2238 35
3412 11
of deposit_
75 100
9312 27
Certificates
Gen & ref 434s series 13_ _1961 F A 9118 Sale 91
8
175 31 14
31 June'33 _- 15 2514 31
2013 .1 8 40
84 103
993
21 48
8
1952 A 0 9914 Sale 983
Gen & ret Is series E
4
8934 893
4
4
4
703 9114 Manila Elec RR 8, Lt of be_ _1953 M 9 7114 873 893 Mar'33 ---9114 103
Dodge Bros cony deb 68.__1940 M N 90 Sale 90
7312 Mfrs Tr Co ate of partic In
65
7212 Sale 7212
73
11
Dold (Jacob) Pack let Os_ _1942 NI N
65
40
65
5
65
70
90
57
2
A I Namm & Son 1st as_ 1943 .1 D 61
90
1942 J .1 90 Sale 90
Donner Steel 1st ref 75
254 5712
33
50
43
7312 Marton Steam Shovel of 6o.1947 A 0 4712 Sale 46
76
72
7012 Sale 70313
Duke-Price Pow lot 6s eer A_1968 M N
.57
71
6
7558
9718 10538 Market St By 7s ser A_April 1940 Q J 7018 sale 70
10234 40
Duquesne Light let 430 A 1007 A 0 103 Sale 102
30
63
35
65
90 107
2
Mead Corp lot 6s with warr_1945 M N 60 Sale 58
10314
4
1033 Sale 103
1et.N1 g4343 series 11_ _ _ _1957 M 9
8 12
1047
87 105
1957 A 0 103 Sale 103
Meridionale Elec lot 78 A
99
5
82
87
86
90
•
•
Metr Ed let & ref bs ser C 1953 1 .1 87
•
•
East Cuba Sug 15-yr of g 734o '37 Si S
7112 90
7812 11
1968 M 8 75 4 7812 76
3
95 10412
8
let g 4348 series D
4-- 10118 10114
Ed El III Ilklyn lot cons 418_1939 .1 J 1013
77
28
65,8 77
Metrop Wat Sew & Dr 5346_1950 A 0 77 Sale 7612
Ed Elec(N Y) let eons 858.1995 .1 .1 11012 120 110 May'33 ____ 108 120
11
1812 May'33 --__
40
1812
35
4
683 Met West Side El(Chic)48_1938 F A 12
3712 53
El Pow Corp (Germany) 63-4* '50 M IS 36 Sale 3514
2 63312 67,
37 12
37
3
1956 1 D ___ 36
33
68
11
Mlag Mill Mach let a t 75
38
8
397 3614
let sinking fund 6348_ _ ..1953 A 0 33
80
96
96
72
Midvale St & 0 coil tr a f fe 1936 M S a96 Sale 9514
Ernesto Breda Co 1st M 70_ _1954
84
63
7814 29
7712 Sale 77
72
79
80
2
7718
79
Milw El Ry & Lt 101 58 B-1961 1 D
77
With stock purchase warrants. F A
62
7814 34
83
7712 Sale 76
1971 1 J
1st mtge 5s
60 88812
8312 Sale 8112
88612 22
7312 Montana Power let 58 A
1943 .1 .1
63
7312 13
1942 M S 7212 Bale 7212
Federal Light & 'I'r let 5e
6
45
6518
6518
64
12 68
66
1962 1 D 64
5
65
69
72
72
Deb Is series A
1942 M 9 68
let lien s 1 Is etamped
66
7712 Moutecatint Min dr Agrio7512 June'33 ____
1942 M 9 7212 78
let lien as stamped
9812 49 08714 9812
4
973
1937 1 J 97113 102
16
48
65
65
Deb g 78
J D 65 Sale 6212
1954
30-year deb Os aeries 13
2
7858 8712
87
98
29
4
81
98
Montreal Tram 1st & ref 5e 1941 .1 J 843 8612 87
Federated Metals ,f 78_ _ _1939 J 13 98 Sale 95
5914 36934
8 17
93 10038
995
Gen & ret 0158 series A 1955 A 0 68 ____ 6912 June'33 __-1946 J J 9912 Sale 9912
Flat deb 8 f g 7s
11 / 130N
4
1
.
____ 685 Feb'33 ____
8
•
•
1955 A 0
*
B
Oen & ref e f 58 ser
•
1931 NI S
Fisk Rubber let of tis
4
4
573 573
4
98
___ 573 May'33 _--93
94 102
Oen & ref of 43.4s ser C 1955 A 0
.
Framerican Ind Dev 20-yr730 42 J J 98 Sale 97
4
863 May'33 _--_
45
9
4
661 663
4
60104 5018
1955 A 0 ____ 35
Gen & ref et Is ser D
_1942 M N 45 Salo 45
Francisco Bug let e 1 734o,_
8912 45
8
78
1939 J J 8012 Sale 865
8912
Morris & Co lots t 434s
40
8
403 Dec'32 __
80
Mortgage-Bond Co User 2_1966 A 0 25
68
70
8
4
Gannett Co deb 68 eer A _ _ _1943 F A 70 Sale 693
84
85
1:1 -ii- ---1934 J D 8312 Sale 83
4
Murray Body 181 6340
3$
Gas & El of Berg Corona g 54119 J D 103 1043 103 June'33 _-__ 103 103
4
9 8 107
993 June'33 _-_
52
6
45
60
4
1
/
75
Mutual Fuel Gas 1st gag 58_1947 MN 98 100
.
Oeleenkirehen Mining _ _1934 M 9 ____ 631,8 52
85
2
75
85
9972 85
84
76
84
84
85
2
85
84
Mut Un Tel gtd 68031 at 5% 1941 M N
Investors deb 58A1952 F A
6sGen Amer
97 10112
3
1940 A 0 101 Sale 100 4 10114 34
Gen Baking deb of 534e
52
38
74
74
Namm (Al)& Son__See Mfrs Tr
1947 J .3 73 Sale 7112
Gen Cable let of 53.45 A
5812 23
4 10214
6
61
96 10214 Nassau Else go g 45 etpd_1951 .1 J 5712 Sale 5712
5912
Gen Electric deb g 3148._ _ _1942 F A 100 10214 1013
3414
35
10
53
1942.3 0 62
6114
6114 May'33 ____
2914 6212 Nat Acme 1st of Be
80
Gen Elec(Germany) 7e Jan 15'45 1 J 3412 36
33
26
2812 5711 Nat Dairy Prod deb 63(8_1948 F A 893 Sale 8918
9012 235
4
774 91
1940 1 D 3214 Sale 32
At deb 6348
9014
Sale 2918
69
8
8 74
25
9014 254
1958 A 0 90 Sale 89
307
8
557 Nat Steel let cell be
11148 M N 307
20-year s t deb 85
2 10212 107
8 10318 28 101 105
Newark Consol Gas cone 58.19481 D 10212 ____ 10312 10312
4
,
1040 1 A 1023 Sale 1025
Gen Petrol lot of be
82
85
85
28
4
8
713 8812 Newberry(1)Co 53.4% notes '40 A 0 380 Sale 7812
85
80
J 85
86
1939.3
Gen Pub Sore deb 53411
76
28
New Eng Tel & Tell. A1952 1 D 106 Sale 10514
47
10712 89 100 1113e
Gen Steel Cast 534e with wart '49 J J 73 Sale 73 • 78
•
1961 M N 1013 10212 1013
4
let g 4 Sie series 13
•
9612 10711
10212 44
4
Gen Theatres Equip deb 68 1940 A 0
412 27
3
334 Sale
1960 A 0 8212 Sale 81
95
76
NJ Pow & Light let 434e
1
6
32
83
Certificates of deposit
4
8518 New Orl Pub Serv 151 58 A1952 A 0 60 Sale 60
4 41
4312 6411
8
613
37
3
39 4 15
Good hope Steel & Ir eec 76_1945 A 0 333 393 37
1955 1 13 60 Sale 60
01
91
First & ref be series 11
101
4414 5412
62
40
1 90 Sale 90
63
Goodrich(B F') Co let 6)4,..,..1947J
1951 F A 5918 Sale 5918
63
55
N Y Dock let gold 4s
4
703 246 03312 71
4
83
1945 .1 D 6814 Sale 68
Cony deb 68
193s A 0 4212 Sale 4212
44
28
8
873 201
29
Serial 5% notes
68
44
88
Goodyear Tire & Rubb let 581957 MN 87 Sale 8614
8512
2
NY Edison let & ref 1334e A.1941 A 0 11112 Sale 11118
7412 87
5
85
4 22 1061 115
1113
8
Gotham Silk Hoelery deb 68_1930 J D 803 8512
•
let lien & ref be series B1944 A 0 106 Sale 10514
•
1
/
52 10114 1084
106
Gould Coupler lst if 6&.,,1940 F A
let lien & ref be series C..._1951 A 0 10514 Sale 105
3 24
3Ths 6S3
8
683
10614 25 101 1001,
Gt Cone El Pow (Japan) 78._1944 F A 65 Sale 65
8
N Y Gas El Lt II & Pow g be 1948 J D 108 Sale 1073
10 1017 11238
60
3
31
80
108
8
19502 J 56 Bale 5512
lot & gee s 1 6 48
42
75
8
Purchase money gold 48_ _1949 F A 10114 102 1003, 10214 64 69314 103
4
743
Gulf states Steel deb 554e__ _1942 .1 D 75 Sale 7412
-.
,Cash sales
6 Deferred delivery. •Look under 1181 of matured Bonds on pace 4246. z Holland-Amer. Line (Is 1947 sold on May 3 at 29 "Cash.'
New York Bond Record-Concluded-Page 6
4246
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 16.
... a.
....
=t
..,a,
NY L E & W Coal & R115%5'42 M N
NY L E & W Dock & Imp S.'43 J J
N Y Rye Corp Inc es_ _Jan 1965 Apr
Prior lien (38 serles A
1965 1 J
NY & Rlchm Gas 1st es A_-1951 M N
NY State Rye let cons 4348 A '62
Certificates of deposit
MN
50-yr 1st cons 610 ser B__1962
Certificates of deposit
N Y Steam es ser A
1947 M N
let mortgage 5s
1951 M N
let M bs
1956 M N
NY Telep 1st & gene f 4348_1939 MN
N Y Trap Rock 1st 1321
1946 J D
Nlag Lock &0 Pow 1st be A_1955 A 0
Niagara Share deb 534s. _1950 M N
Norddeutsche Lloyd 20-yrs fes'47 M N
Nor Amer Cem deb 6345 A 1940 M 5
North Amer Co deb be
1961 F A
No Am Edison deb bs set A_1957 M 5
Deb 5348 ser s___Aug 15 1963 F A
Deb bs series C___Nov 15 1969 MN
Nor Ohio Trac & Light 613_1947 M 5
Nor States Pow 25-yr bs A_1941 A 0
1st & ref 5-yr 6s ser B_....1941 A 0
North W T 1st fd g 434s gtd_1934 1 J
Norweg Hydro-El Nit 5348 1957 MN
Price
,Fridall
June 16.
RU1
____
--- 412
57
100
2
Week's .
Range or
ii
Last Sale. et
Ask Lour
High
95
75 May'33
95 100 June'31
Sale
414
4
53
Sale 57
59
101 100 May'33
4
No. Low
High
___75
75
____ ____
_
58 _- 412
534
42
32
60
____
98% 10514
212 June'33 ____
2 ___- 112 Apr'33 __-_
107 Sale 1053
13
4 107
1007
8 42
1008 Sale 100
10012 Sale 99
10014 27
103% Sale 10212 103% 120
62
60
15
64
55
99 Sale 99
1003
8 18
6012 Sale 60
634 55
4112 45
39 Sale a39
2218 24
2212
24
34
83 8 Sale 82
7
844 76
7814
18
7414 Sale 7414
7712 Sale 7714
33
79
73 Sale 73
7312 28
9712 Sale 9712
9712
2
10012 Sale 99
10012 69
38
104
103% 101 10314
93 Sale 93
93
1
793 Sale 7812
4
8012 20
Ohio Public Service 730 A_1946 A 0 98 100
96
99
16
94
1st & ref is series B
2
1947 F A 94 sale 94
Old Ben Coal 1st ea
2514 30
17
33
1944 F A
30
9634 Sale 9514
Ontario Power N F 1st 58_1943 F A
97
50
Ontario Transmission 1st 5
8_1945 M N 9118 97
93 June'33 ____
Oslo Gas & El Wks extl 5s-1963 M 5 80 ___ 80
3
8018
Otis Steel 1st M 66 ser A.._1941 M 5 3712 Sale 3712
117
43
Owens-Ill Glass s f g te
2
10112
1939 1 J 101% 10112 10118
Petrillo Coast Co 1st g 5411946 J D 3312 ---- 32'2 June'33 ____
Pacific Gas & Elgen & ref - A '42' J 104 Sale 04
76
105
be
Pac Pub Serv 5% notes- --1936 4I 5 68
6984 a71
70
2
Pacific Tel & Tel 1st 513
8 10518 37
1937 1 .1 10518 Sale 045
Ref mtge 5s series A ' 1952 M N 10312 Sale 10358 10414 24
Pan-Am t'erCo(of Cal)conv 68'40 J D
•
Certificatos of deposit
._34
12 37 37 June'33 ____
8
35
31
Paramount-Irway 1st 510-1951 1 J 3258 Sale 325
Certificates of deposit
3214 Sale 3214
3
3234
Paramount-Fern's-Lasky 68_1947 J D 14 Sale 1314
1514 50
Certificates of deposit_ ____ ____ 133
------------133
4
4
deposit
4
133
Paramount Pubilx Corn b Sis 1950
1312 Sale 1312
67
15
Certificates of deposit
1518
3
1314 Sale 1314
Park-Len 1st leasehold 634s 1953
Certificates of
- 1012 Sale 1012
3
1112
Parmelee Trans deb 613
deposit-1944 A0 24 Sale 24
2412
5
Pat & Passaic CI & El cons 5131949 M S 103 10612 104 May'33 ___
76
Pathe Exch deb 78 with warr 1937 M N 76 Sale 73
6
Pa Co go 3448 coll tr A reg 1937 M 5 --------87 Nov'31 __-Guar 334s coll trust ser B.1941 F A
75 _--- 7514 May'33 ____
Guar 35413 trust ctfs C
__ 73 May'33 ____
1942 J D 73
Guar 3348 trust Ws D- _ _1944 .1 D 78
__ 80
3
80
847g 83 j , __ _
000 33
Guar 4s ser E trust ctts
75 1952 M N
1963 MN 84 Sale 86
Secured gold 45.18
88
24
Penn-Dixie Cement 1st 68 A 1941 M 5 57
63 60
33
521
Pennsylvania P & List 434s 1981 A 0 89% Sale 8712
90
122
Peop Gas L & C Is; cons 66_1943 A 0 10512 110 10814 1083
4 13
Refunding gold be
4
1947 M 5 973 Sale 96%
43
98
11 5
Registered
- 96
Oct'32Philo, Co sec 5s series A____1967 J D 84 Sale 8312
85
83
Phila Elec Co 1st & ref 4348_1967 M N 102 sale 102
50212 47
1st & ref 48
1971 F A 94 Sale 935
111
8
94
Phlia & Reading C dr I ref 5s 1973 1 J 5814 Sale 58
5918 18
Cony deb es
1949 M S 46 Sale 46
128
50
Phillips Petrol deb 534s__ _1939 1 D 8312 Sale 82
82
85
Pillsbury F1'r Mills 20-yr 68_1943 A 0 102 Sale 102
23
103
Pirelli Co (Italy) cony 75. _1952 M N 1003 Sale 1003
8
8 1003
*
1
Pocah Con Collieries 1st 11 f bs'575 J 61
67 May'33 ____
75
Port Arthur Can & Dk 68 A_1953 F A 653 71
4
6512 June'33 ____
1st m fis series B
1953 F A 6512 71
71 May'33 ____
Port Gen Elec 1st 430 ser C 1960 NI 5 6012 Sale 5912
638 124
Portland Gen Elec 1st 5e
1935 J J 9818 9812 100
8
10014
Porto Rican Am Tob cony 65 1942 1 J 3918 Sale 39
27
47
Postal Teleg & cable roll 5
8_1953 J J 4112 sale 38
4314 862
Pressed Steel Car cony g 58_1933 1 .
s
1
Pub Serv El & Gist & ref 43413'67 1 0 10118 Sale 10012 10118 43
1st & ref 434s
1970 F A 101 Sale 10018 101
53
let & ref 48
3
1971 A 0 9512 Sale 95
85
95
Pure 011 8 f 534% notes
1937 F A 78
80
80
12
84
5 I 534% notes
1940 M S 77% Sale 7718
57
81
Purity Bakeries a f deb bs_ _1948 1 J 82% Sale 8212
64
84
Radio-Keith-Orpheum part paid
Ws for deb es & corn stk 1937 MN ---- ----60 Dee'32 ____
Debenture gold es
1
1941 1 D 17 Sale 17
17
94
22
Remington Arms 1st a f 6s-1937 M N 93 sale 93
Rem Rand deb 5448 with war '47 M N 6212 Sale 62
668 92
Repub I & 5 10-30-yr bs s f 1940 A 0 86 89
87
86
4
Ref & gen 53413 series A_1953 1 J 68
717 72
7318 15
8
Revere Cop & Brass es ser A 1948 M S 724 Sale 723
764
8
4
Rheinelbe Union 8 f 7s
47
34 Sale 3018
34
1946 1 .1
Rhine-Ruhr Water series 6_1953 1 J 25 Sale 25
273 109
4
RhIne-Westphalla El Pr 7s 1950 M N 43 Sale 4214
52
43
Direct mtge es
3612 85
1952 M N 35 Sale 3214
Cons M (Ss of 1928
1953 F A 3318 34
333
8
355* 31
Coo M es of 1930 with wart
3512 107
"55 A 0 a34 Bale 3218
Richfield 011 of Calif 68
1944 MN
•
•
MN
Certificates of depcelt
2612 27
3
2918
28
Rims Steel 1st s f 7s
5
bl
463
4
1955 F A 45
46
Roch CI & El gen M 530ser C'48 34 5 103 Sale 103
1
103
Gen mtge 4449 series D
1977 M 5 ____ 898 914 Apr'33,_ __
Gen mtge 5s series E
21
1962 M S 101 Sale 9912 100
Roch dc Pitts C & I p m 53_1948 M N 99 103 a5712 May'33 __,._
Royal Dutch 4s with warr 1945 A 0 903* Sale 908
91
34
Ruhr Chemical s f es
1948 A 0 40 Sale 4112 a42
4
St Joseph Lead deb 534s. _1941 M N
St Jos Ry Lt Ht & Pr 1st -58_1937 MN
St L Rocky Mt & P55 stpd-1955 J J
St Paul City Cable cons 553_1937 1 .1
Guaranteed 54
1937 1 J
San Antonio Pub Serv 1st 68 1952 1 .1
Schulco Co guar 634s
19481 1
Stamped (July 1933 coup on)
Guar s f 630 series B
1946 -A0
Stamped
Sharon Steel Hoop at 5348_1948 F A
Shedl Pipe LIne at deb 5e___1952 M N
Shell Union Oil a f deb be __lea] M N
Deb be with warrants_ _1949 A 0
Sh1nyeteu El Pow let 1334a_1952 J 0
Siemens & Halske at 7a__1935 J J
Debenture s f 634s
1951 34 5
Sierra & San Fran Power 58_1949 F A
Silesia Elea Corp s f634a__1948 F A
Ellieslan-Am Corp coil tr 76_1941 F A
Sinclair Cons Oil lb-yr 78_1937 M 8
let Ilen 644e series B
1938 J D
Sinclair Pipe Line s I be
1942 A 0
Skelly 011 deb 5)4s
1939 M 13
Solvay Am Invest 131 ser A_1942 M 8
South Bell Tel & Tel let s f ba '41 .1 1
Invest Bell Tel let & ref 58_1954 F A
C Cash Vtle1§. a Deferred delivery
101 Sale 1007
8 10312
8014 88
80
80
3918 41
40
40
51
60
48 Apr'33
63
50 May'33
51
85
90
88
85
39
36 June'33
36
3612 43
33 June'33
____ 40
40 June'33
40
40 June'33
____ 47 45
46
8334 82
82
84
7712 sale 7712
79
78 Sale 78
7912
55 Sale 55
6312
74 Sale 74
74
50 Sale 50
5212
97 Sale 97
97
3112
28 Sale 28
34 Sale 33
39%
10018 Sale 9912 100
99 Sale 97
9812
10112 Sale 10118 10212
7612 Sale 7612
79%
94% Sale 9418
9712
104% Sale 104
104%
10512 Sale 105
1055
8
Range
Sines
Jan. 1.
302
2
1
____
7
____
__
____
14
37
52
62
11
1
37
3
11
45
97
62
38
44
52
50
17
I
212
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 16.
r.3
Il t
4a.
Southern Colo Power es A..1947 .1 J
Stand 011 of NJ deb fe Dec 15'46 F A
Stand 011 of N Y deb 4 Sis_ A951 J D
Stevens Hotel 1st 63 aeries A_1945
Studebaker Corp 6% g notes 1942 J D
Syracuse Ltg Co let a be.... _1951 1 D
Tenn Coal Iron & RR gen 58_1951 J J
Tenn Copp & Chem deb 6513 1944 M 5
Tenn Elec Pow let es
1947 J D
Texas Corp cony deb 5e_
1944 A 0
Third Ave Ry let ref 48
1960 J J
Adj Inc bs tax-ex N Y_Jan 1960 A 0
Third Ave RR ling be
19375 J
Tobacco Prods (N .1) 6348_2022 MN
Toho Elec Power 1st 7s 1955 M S
Tokyo Elec Light Co Ltd1.1 6. dollar series
1953 J D
Trenton 0 & El 1st g _ _ _1949 M 5
Truax-Traer Coal cony 6148-1943 M N
58Trumbull Steel Islet 6s
1940 M N
Twenty-third St Ry ref 56_1962 1 J
Tyrol Hydro-Elec Pow 7348_1955 MN
Guar sees f 7s
1952 F A
June 17 1933
Price
Friday
June 16.
Week'.
Range or
Last Sale.
•,3
,..c 3
50
Range
Since
Jan. 1.
Ask Low
Htoh Vo Lots
Bid
Nigh
70
74
74
7412 10
59
81
104% Sale 10414 105
120 100 105
9914 Sale 9812
993 157
8814 100
•
•
•
36 Sale 3518
3912 89
2014 4418
106 108 106 Jun'e33 ____ 103 110
104 Sale 104
104
1
07 10414
65
77
76 June'33 ____
Si)
76
8018 Sale 793
4
8212 58
72 10014
a93 Sale 9112
9212 170
7714 93
5112 53
51
53
106
36
53
33 666
31 Sale 2914
205 33
8
8
8712 887 874
8812 12
83
90
99 Sale 985
8 100
236
89 102
6612
6718 Sale 6612
6
41
6612
112 112
98 109
90 10412
90 104
9812 106
3878 63
947 105
53
72
2818 60
611
4
5912 102
5518 Sale 54
30
1018 28 8
,
103
-- 03
103
2 10212 10614
60
89
38
1513 38
35
36
6
35 -64
87
793 Sale 7912
4
8014 24
3912 8014
613 89%
4
15 May'33 ____
23
15
15
57
84%
60
60 June'33 ____
55
8312
---- 88 10714
5818 60
624
5812
5812
5
50
90% 1043
4
98 10612 U11gawa Elec Powers f 7.._1945 M 13 64 Sale 64
70
14
3712 70
86
93
Union Elec Lt & Pr(Mo)
6314 81
Gen mtge golds.
55
94 10412
1967 A 0 1017 Sale 1015s 103
Un E L& P (III) let g 53413A 1954 1 J 102 Sale 1011z 102
20 100 105
90 105
Union Elev Ry (Chic) bs
27
20 May'33 ____
1458 20
1945 A 0 15
86 104
Union Oil 30-yr 1314 A__May 1942 F A 10412 Sale 104
4
10414 16
995 105 4
3
14
33
let lien s r bs ser C___Feb 1935 A 0 1003 ___ 10018 10012 12
8
9812 1005
4
93% 1014
Deb 511 with
92
_ __Apr 1945 J D 90 Sale 8912
13
924
75
89% 10(84 United Biscuit of Am deb 68_1942 M N 10012 10112 100
10018 20
warr9512 101
64
8018 United Drug Co (Del) 5s
70
193
43
1953 M 5 61 Sale 59
7112
912 43
United Rye St List g 48
20
16
16
16
2214
10
14
1934 I J
99 103
U 5 Rubber 1st & ref baser A 1947 1 J 63 Bale 6014
6512 192
2914 6812
23
34
United 58 Co 15
8812 81 May'33 ____
75
-year 13s. - _1937 MN 83
88
9914 1063 Ull Steel Works Corp 6%8 A.1951 3 D 30 Sale I 27
4
32
119
2612 504
60% 8812
Sec s f 6%s series C
3212
2512 80
1951 1 D 29___ 2912
8
101 107
%
29
27
29
Sink fund deb 634s ser A,,1947
1 2712 27
25
5912
10014 1083 United Steel Wks of Burbach4
•
9918 a9918
93% 9952
Esch-Dudelange s f 78_ _1951 A 0 9618 99
5
25
387 Universal Pipe & Rad deb- 19313 J D 27 Sale 27
32
9
10
32
6+3
25
373 Unterelbe Power & Llght 68_1953 4 0 3412 3714 30
4
66%
3714 10
30
3214 323 Utah Lt & Tree 1st & ref 58_1944 A 0 6912 Sale 6718
4
71
24
5212 7214
412 17
Utah Power & Light 1st bs...1944 F A
74 Sale 74
76
34
5712 77
1012 15
Utica Elec L & P 1st s f g 58_1951 1 .1 1023
4 _-- 00 May'33 ____ 100 105
)
53 17
4
Utica Gas & Elec ref & ext 6.1957 J 1 10412 io8 0412 105
3
99% 10814
712 15% Util Power & Light 534s
Sale 33
40
156
1318 41
1947 1 13 37
Deb 58 with warrants.
3614 358
32 Sale 32
12
1959 F A
37
a8
18
Deb 58 without warr
_ 1458
1959 F A 2518 ---- 18 June'33
18
63 25
4
101 10614 Vanadium Corp
707
8 33
345 7112
of Am cony 58'41 A 0 64% Sale 6418
4712 78
Vertientes Sugar 1st ref 75_1942
---- --13 Sale 13
1718 17
Certificates of deposit
____
112 1718
75 78
1418
Victor Fuel 1st a f bs
1418 10
10t2 1412
19531 J ___ 14
73
74
Va Elec & Pow cony 5345_1942 M 5 100 1043 100
102
4
19
95 1055
.
78
823 Va Iron Coal & Coke 1st g bs 1949 M S 5318 ___ - 57 June'33 ___
8
473 57
s
80
8312 Va Ry & Pow 1st & ref 59
9712 103
1934 ./ 1l01 Sale 100g. 10112 44
743 90
4
Walworth deb 6345 with ware '35 A 0 25 Sale 18
25
2
10
21
3
412 6512
2312
40
Without warrants
25
6
A 0 21
1614 25
76
96%
1st sinking fund gs ser A__1945 A 0 2712 Sale 2612
3414 78
812 3414
103 114
Warner Bros Met deb 6.__ 1939 M 5 a3112 Sale 31
36'x 128
12
38
90 107% Warner Co 1st es with warr_1944 A 0 1812 22
1918
22
5
10
2512
--r- _-_-Without warrants
22
A 0 21
40
22
1
1258 2412
68
351g 24
Warner-Quinlan Co
13t2 3814
M 5 27 Sale 3012
97 10512 Warner Sugar Refln deb e5-1939 J D 105% ___ 106 June'33 ____ 10212 106
let 75__1941
90 100
Warren Bros Co deb 68
74
74
55
30
1941 M S 70 Sale 62
48
67
Wash Water Powers f 56.-1939 J 1 10314 10412 103% May'33 _ _ 10012 106
3211 51
Westchester Ltg 5s stpd gtd_1950 J 13 10414 106 1053
4 106
12 102 11012
6718 5614 West Penn Power ser A 58-19411 M 5 104% Sale 104
1047
18 10018 108
95 104
1st bs series E
1963 M S 104 108 104
105
21 10014 109%
51995* 101
1st sec 58 Berton G
9912 107
1956 1 D 104 10412 10312 ,104'2 40
60
69
Western Electric deb 513
98
81 102
53
1914 A 0 97 Sale 97
50
71
Western Union coil trust 58.1938 1 .1 85 Sale 85
87
18
87
52
71
71
Funding & real est g 4348_1950 M N 6712 Sale 6712
702 32
3712 7314
4312 70 4
3
15
92
-year 634s
1936 F A 92 Sale 89
112
55
94
94 101 18
25
-year golds.
74
93
3612 79
1951 / D 7212 Sale 704
18
52
30
-year 53
75
77
363 78 4
1960 M 5 72 Sale 701 1
4
,
1618 54
Westphalia Un El Power 68.1953 1 J 2618 Sale 253
4
277
85
2312 56
Wheeling Steel Corp 1st 534s 1948 J .1 80 Sale 80
831
14
52
8318
97 105 4
3
let & ref 434e series B
Sale 69
713
30
1953 A 0 69
8
4158 737
9714 1055s White Sew Mach es withwarr '38 1 J 3618 ___ a27 Mary3 ____ a27
37
90% 10012
Without warrants
J J 40 Sale 40
40
1
2212 40
683 8512
4
Partin s f deb es
48
3712
33
2
3712
1940 M N
22% 40
631 83
Wickwire Spencer St'l let 78_1935
55
84
Ctf dep Chase Nat Bank ____ .-5
5
518 8
2
118 8
7s(Nov 1927 coupon) Jan 1935
----Ctf dep Chase Nat Bank__ MN
7
8 6
5
6 Sale
6
5
812 -2312 Willys-Overland et 63Is
35
1933 141 5 44 Sale 472 June'33 ____
795*
58 10018 Wilson & Co
47
97
84
97
1st s f (Ss A_ _1941 A 0 9714 Sale 95
4112 6712 Youngstown sheet & Tubs 8 , .2 J
791 Sale 7712
--5 78
80
114
52
80 4
3
55
9
0
1st mtge s f bs ser B
90
80
521 8014
1970 A 0 79 Sale 7814
75
30
493 78
2412 6618
24
574
a42
77
(Negotiability Impaired by Maturity)
31
7011
304 70 4
,
F..,
MATURED BONDS.
82
Range
70
Price
Week's
tt
N. Y. STOCK EXCHANGE u R
Friday
Sitsce
1,1
Range or
1912 32
Week Ended June 16.
Jars. 1.
June 16.
Last Sale.
.,a
sZ
3712 47
9612 107
Foreign Govt. & Municipals.
NW No Loto
Rid
High
Ask Lots
9914 99 4 Mexico Trees es assent large '33.3 J
35
3
712 Sale
72
,
2
712
87
96 10514
Small
1 .1
712 912 712
72
,
1
3,
4 8
5157 2 a5712
,
Railroad.
83
93
Bait & Ohlo cony 41-is
38
62
9514 131
67
1933 M S 95 Sale 9112
9514
Chic & No West deb 58_1933 M N 8214 85% 85 May'33 ____
88
58
81 10312
Registered
80
59
M N --------80 May'33 ____
Gaiv lions & fiend 1st 5.8..-1933 A 0 80
93
84%
79
80
55
5
8414 80
307 42
Norfolk South 1st & ref 5s A.19131 F A
8
818
812 Sale
812
6
2
% 9
42
51
St Louis Iron Mt dc Southern
3538 54
5312 134
,
Riv &0 131% let g 4s
1933 M N 5012 Sale 5012
55
50
7414 92
Seaboard Air Line let g 411-19511 A 0 1712 19
17 17
8
17 June'33 ____
25
tsis Mt
50
Gold 4s stamped
1812 19
1950 A 0 1512 1778 1512
2012 50
Refunding 48
9
13
812 21
7
3
1950 A 0
7 4 Sale
28
AU & 131rm 30-yr 1st g 4s_1933 M S 13
50
19
16
6
16
1812
9
40
58%
16
47
Industrials
69
Abitibi Pow & Paper 1st 58..1953 1 13 2012 Sale 20
85
2312 41
104 24
83
American Chain deb s f 6,.,..1933 A 0 60
65
38
64
7014
2
673
4
65
63% 8334 Chic Rye be stpd 20% part paid_ F A 613 Sale 6114
62
49
13
62
4
Cuban Cane Prod deb 6s
28
65
418
4% Sale
5 4 139
3
1950 J J
3* 614
95
East Cuba Sug 15-yr if 6730'37 M 5 1518 Sale 1412
74
8
,
21 18 4
183
4 58
8212 Fisk Rubber lets 183
50
76
45
111
76
1941 M 5 703* Sale 69
Gen Theatres Equip deb 68_1940 A 0
9158 102
7
1
4
85
6
418 Sale
47 1518
5912 Gould Coupler 1st s f 68
30
1518 23
1218
1218 13
1940 F A
32
4318 Interboro Rap Tran 13s
12
2812
4
28'2 279
1932 A 0 263 Sale 23
9014 10012
6112 71
10
-year 7% notes
6912 64%
69'2 141
1932 M 5 66
5
34
5
2913
8312 9812 Menet' Sugar 1st. f 7348
2912
29
1942 A 0 24
25
9912 103%
Stmpd Oct 1931 coupon_ 1942 A (1 18
2
4
25
24
25
a
597 8012 Pan-Am Pet Co (Cal) cony 6s'40 J D 3712 Sale 3712
251 $97
8
.
392 14
87
9712 Pressed Steel Car cony g bri .1933 J J 54 Sale 54
59
35 I. 69
15
Richfield 011 of Calif 68
32%
99 107
21
45
32
1944 M N 28 Sale 28
25
100 10712 Stevens Hotels series A
24
10
22
19 Sale 19
1945 1 J
•Look under list of Matured Bonds on thls page.
-_
Matured Bonds
a
Financial Chronicle
Volume 136
4247
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, June 10 to June 16, both inelusive, compiled from official sales lists:
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High Shares.
11
1531 32,150
Bastian-Blessing CO com • 1134
Bend ix Aviation cone- _• 15% 1434 1835 23,950
Range Since Jan. 1.
Bergho'f Brewing Co--1 16
15
1834 57,100
90
Blnks Mfg ci A cony pref•
1%
I%
High.
StocksLow.
Burg-Warner Cory own. 10 16% 16% 1934 42,950
60
100
7% preferred
8534 90
RailroadBrach &
9
931
150
9
Jan 112 June Bright Sons(E .1) cem--•
215 80
Boston & Albany
104 110
100 104
50
Star Electric c113_ *
A
%
Feb
375 53% May 70
63%
11/0 62% 62
Boston Elevated
•
131
134
100
Class A
Boston & MaineWire51
6
Feb 22% June Brown Fence &
1835 20
Ci A 1st pfd stpd
100
81%
350
•
834 10%
Class A
25 12
17
100
May
17
17 June
1st pref class A
250
*
4
431
Class B
15 10
Apr 25
19
May
Class S let pref stpd_100
19
4,800
Bruce Co (ELI coin
9% 13
• 10%
15
8
21
Apr 25 June Bunte
21
Class C it pref stpri.100
4
20
4
Bros common10
15 14% Jan 35 June Butler
Class D lot pre!stpd.100
30
30
10
531
5
631 13,350
Brothers
90 17
Feb 45 June Canal Cons)
42
39
100 39
Prior pref stpd
2% 3%
70
Co cony pf_ •
20 12835 Apr 138 June
136
136 138
Boston & Prov
350
Castle& Co(AM)com 10
17
20
Chicago Jet By & Union
Central III PS pref
25
26%
•
60
Jan 87 June Cent-III
8 82
85% 8535
100
Stockyards pref
135
750
1
1%
1%
Secur corn
1
135
51
20e
Jan
1% June
East Olass St ors com.11/0
8
8
50
Convertible preferred_.
•
15
Jan
8
June Central Ind Power pref..100
7
1st preferred
7
7
134
13
10
13
30 I7c
Apr
100
Adjustment
234 June Central Pub Serv
2% 234
A
A
500
Corp A.1
7%
6
9%
160
331 Apr
10 May
Maine Central
Central Pub (It1122
10 15
May 25
22
June
100
Preferred
•
A
A
1
3,500
Class A
27
793 11A Mar 27 June
N Y N Haven & Hartford_
25
1
60
Vt
35
A
15 74
Apr 80 June Cent c common
Northern RR
78% 78% 80
13 W Ut1188
June
10 78
Norwich&Wor pref D__100
88
May 88
Common
234 335 5,400
•
2%
87
60 73
June
85
Mar 91
100
Old Colony RR
710
Prior lien preferred.
22% 27
.54) 25% 24% 29% 2,188 10
Pennsylvania RR
preferred
Feb 29% June
20
480
15
• 15
9435 97
June
60 89
Feb 97
Vermont & Mass
100
%
300
Chic City & Con Ry corn_.%
Chicago CorpMiningCommon
334 434 37,250
•
334
51% 834
57%
935 June
566
(7alumet & Hecla
1% Feb
Preferred
24% 28% 3,95
1,910
25
Copper Range
IA Apr
6% June Chicago Electric Mfg A_ • 26
431
435 3
%
•
20
331 334
865
35 Jun
2% June Chicago Flex Shaft com _ _5
Isle Royal Copper
1%
134 2%
8
6
25
1135 12%
9
Apr
55
Mohawk ei thing
25 12%
13% Feb Chic N 5 & Milw com__100
90
A
35
15 850
Nipiaaing Mines
Jan
3 June t 'hi & N W
234
234 234
635 735 3,950
Ry corn ...ire
70a
650
Jan
1% 11,543 200
North Butte
134 June Chic Rapid Tr
50
44
35
25 40e
1% June Chicago Yellowpr pf A__100
Apr
25
Old Dominion Co
I
1
1334 19
Cab cal)-.
4,100
•
170
934 Jan
Pond Creek Pocohontais Co
16
17
1734 June Cities Service Co corn-•
335 534 31,700
4%
Quincy Mining
2
3% 2.395 300 Feb
2
4% June Cluh Aluminum Uten Co •
31
A
1% 1,950
150
Union Ld & Cop Min Co 25
Sc
25c 250
Jan 40
c Mar commonwealth Edison 100
65% 72% 8,900
135
135
325 31e
Jan
Utah Apex el bang
1% June Construct Mat'l $335 pref." 69
50
2% 235
Utah Metal & Tunnel__ _1
250 Jan 78c May
65e 74c
85
Lon-umere Co-5
Common
34
A
1%
550
Miscellaneous100
6% prior pret A
5
5
10
1%
135
600 250 Mar
25
Amer Pneu Service
1% June Continental Steel com____•
8
10
3,950
9
3% 334
106
1
May
Preferred
Apr
4
5 10%
9% 12% 59,550
50
734 Feb 25 - - craneCorp
May Cord c
23
181 preferred
20
50 20
o_
7,916 5635 Apr 13235 June
Amer Tel & Tel
WO 124% 12131 13234
25
8%
Common
8% 934 4,000
134 Mar
0% 3,872
935 June
8
Anioskeag Mfg Co
831
100 43
43
46
384
Preferred
Andes Petroleum
5o A pr 33e June Curtis Lighting Inc com__.
210 33c 30.175
5 28e
20
335 335
217
Bigelow Sanford Carpet •
6
18% 1935
Feb 1935 June Curtis
160
5
Mfg Co corn
635 7
22 28
58
Preferred
Feb 58
June
55
5
6
Dayton Rub Mfg A com__.
40
12
35
Boston Personal Prop Trust
7
10%
Mar
12 June De
13
1335
200
Meta Inc pref
.580
1% Jan
Brown Co preferred_ .
13 June Dexter Co (The) com_ _5
10% 13
10%
3
335
230
60
Brown Durrel Co com___
Jan
335 June Eddy Paper
335 335
134
20
Corp (The)._•
631
735
Emit Gas & Fuel AnonEU.° Household Util Corp 5 11
1035 13% 4,400
12
854
Common
33( Apr
12 June Fitz Sim &Co(D&D)corn• 10
• 1035 10
7
12
.
200
5835 58% 64
6% cum pref
100
6
834 5,550
7
13.---•
64
'
AP
510 64
355 35% Apr69 Jun
Dec Godchaux Sugar Cl corn_ _• 23
4 A % prior preferred___ 62% 62% 66
2234 2735 3.800
1131 1234 2,635
13 June Goldblatt Bros Inc
5
Jan
Eastern Steamship Lities.• 12
135
131 2
20.450
Great Lakes Aircraft el A.
Economy Grocery Stores__ ... 1535 1535
15 12% Jo
16% May Great Lakes D & D____• 16
15
18
2.700
634 133
Jan
Edison Elee Ilium
154 160
Mar 183
100 iii
135
1
1% 20.300
•
9%
9
Employers Group
10
690
5
Jan
10 June Greyhound Corp corn
•
2
28,300
Grigsby Grunow Co corn.
134 3
22% 23%
727 1334 Mar 2334 June
General Capital ( r-iri).--.
23
631 834 4,600
common_ _10
2
2
Georgian Inc pref cl A_20
35
1
Mar
2 June Hall Printing
8
8%
500
162
Gilchrist Corp
135 May
7 June Ilart-Carter Co cony pfd..*
631
3
% 7
19
20
50
& Co common.__•
Gillette Safety Razor. •
1435 1631
3,430
2035 Jan Hormel
934 Apr
4% 6% 11,600
Houdaille-Hershey el B__•
531
3
3
20
Hathaway Bakeries class A
1
Apr
3 June
•
11
1434
600
Clas A
s
2435
34 12
ilYgrade Sylvania I amp co
24
Feb 2431 June
635
635 631
Co cap___25
500
11
11
Int Button-Hole Mach__10
100
835 Feb
,
11
June Illinois Brick Tool v t c__•
13% 1334
350
Pneum
935 10%
International Hydro Elec.
459
234 Apr
10% June ILdep
500
73.4
Iron Fireman Mfg v t e___•
735
754
7
7
55
Libby McNeil & Libby_
1% Feb
7 June9 10%
9
45
Jefferson Electric com.......•
25
Loews Theaters
5% 535
5
May
8
25
Jan Kalamazoo stove corn...* 30
3735 9.850
28
26
common...1 36
2734 1,550
Mass Utilities Assoc v t o.•
134 Apr
2%
3% June Katz Drug Co
231 311 4,923
200
5
6
3435 2,950 1534 Feb 3435 June Kellogg Switchboard com10
22
Merganthaler Linotype 100 31
334 335
15
National Service Co
1
172 40e Mar
1
1% May Ken Had Tube S, L corn A•
20
25
12
Ky (Itil Jr cum pref____50
3% 3%
65
N E Public Service
Mar
4
Jan
134
1034 13
600
40
10 40 June 40 June Kestone Slit Wire corn_• 11
New Eng G & E Codl A
40
41
h
A
1
10 39% June 39% June La Salle Ext Univ corn_ __5
Preferred
39% 39%
Libby McNeill & Libby
, New Eng Tel &Tei___.100 9131 91
95
784 67
June 95
June
5% 735 17,790
10
Common
6%
1,88
Pacific Mills
53( Mar 283( June
100 23
2234 2735
450
1%
1% 2
corn.
13
68
Railway Light & Seeur Co.
8
13
Mar 13 June Lincoln Printing Co co
231 3
450
82
8
8
434 Jan
Reece Button Mach Co 100
935 June Lindsay 1.1ght Co com 10
3
3%
350
Lindsay Nunn Pub 82 prof*
9% 10
1,81
Shawmut Assn tr otts..._.•
935
634 Jan
10
May
250
331 4
4
Lion 011 Ref common..
.
535 Feb 17% June
1434 17% 5,24
Stone & Webster
40
15
15%
• 1934
Swift & Co
7
Feb
2335 June Loudoncram
1834 2335 5,82
uet Packing com...-•
'm
2831 3235 3,550
corn
6 30
450 22
Torrington Co
3534 39%
Apr 40 June
• 36
Union Twist Drill
80
6
Mar 1231 June
5 1035
1034 1034
•
4
5
600
McGraw Elee corn
United Fouirdere corn__ - _•
1% 2% 5,253
A Apr
2
2% June ..
40
3935 3934
•
U Shoe Mach Corp
2,654 33
26 4834 48% 50
Jar
50 June McQuay-Norris Mfg
650
_
McWilliams Dredg com_• 1331 1331 15
Preferred
40 30% Jan 32
3135 31 A
Jan
25
4
435
com_•
200
Venezula Mex 011 Corp 100
225 25e Mar
1%
134 June Manhattan- Deartin
1%
21,400
Waldorf System Inc
735 1335
165
531 Feb 1335 June Marhail Field common_.• 1434 1231 17
35 1% 1,250
35
Waltham Watch prof
16
18%
30
935 Feb
1835 June Meadows Mfg Co corn.....•
500
1% 2
13.4
Prior preferred
48
50
100
Apr 50 June Mer & Mfrs Sec A com__.•
285 29
Warren Brea Co
• 1734
1435 1734 6,115
234 Feb 17% June M Lekelber_rv's Food Prod535 734 12,700
1
6
,..011110011
Warren (S I))
7
731
50
4
May
7% June
A
A 25,000
35
234 235
Westfield Mfg Co et: of dep
235
70
1
JAW
3 May Middle West UM! new..'
s cooz pre! A
d.
a
500
235 3
Midland UnitedBonds
•
131
135 235 2,150
Common
64
65
39,000 31
A moekeag Mfg Co 64_1948
Feb 65 June
3% 4%
1946Convertible preferred._•
200
Broan Co 535s
3834 June
38
98H 98
38M
1:
0°° 9137
009
9388
Chic Jet fly it Uri Stk 5is 40
May 9834Feb Midland Utilities Co
4
4
70
100
6% prior lien
East Mass St By40
5% 534
100
7% prior lien
31
29
12,000 24
1948 31
Series A 435s
Jan 35 June
235
235
50
Preferred 6% A
194833
35
100
Series B 5s
4,000 25
Jan 35
June
preferred 7% A
100
40
134 1%
3134 3131 2,000 29
Series D 6s
1948
Apr 33
Feb millemilart Inc
21
200
18
cony pfd •
•No par value.
400
• 11%
Modine Mfg Co corn
1135 1234
1
1
150
Morgan Lithograph corn.
•
9% 10
120
-Record of transactions at Messer Loather Corp com •
Chicago Stock Exchange.
Muskegon Motor Spec A.
7
31
•
Chicago Stock Exchange, June 10 to June 16, both in- Nachman Springrd com* 835 6% 10
835
350
elusive, compiled from official sales lists:
National Battery Co pref.*
24
24
50
35
Nati Elea Power A com_ •
1
3,250
Sales
Friday
1
7% cumul pref
131
•
170
Last Week's Range for
Range Since Jan. 1.
Nati Leather corn
235 234 4,400
10
2%
of Prices.
Week.
Sale
Nati Rep Inv Trust cum
Par. Price. Low. High. Shares.
StocksLow.
High.
cony preferred
•
100
A
A
Nat'l Sec Inveat Cocoa:LA
2%
234 2%
750
35
35%
200 2134 Jan 3531 June National-Standard com_.• 2134
Abbott Laboratories cora_•
21
22
450
34
38
950 10
Feb 38
Acme bteel Co cap etk._25 34
June Natl Union Radio com......1
134 3
1%
5,000
631 8
80
5
Adams (J D) Mfg coin_ •
Apr
8
June Noblitt-Sparke Ind com._• 2634 25
2631 2,500
3
334
3
400
•
1
Feb
Adams Royalty corn
334 June North Amer Car com__•
63.4 735
635
750
9% 1034
100
Ainsworth Mfg Corp comb°
7
May 1034 June No Amer Lt it Pwr com_ •
5% 635
650
-Amer Mohawk el A_ _5
A
All
11
134 June Northweet Bancorp corn__•
1
550
A May
934
935 13
2,350
1231 2435 6,750
• 23
4
May 24% June Northwest Rug corn
Allied Producta Corp cl A.
8
8
•
100
320
1031 13
l'ub Serv pref 100
234 Apr 1331 June No West Utll 7% prel_100
American
535 6
20
A
35
950
A Mar
Amer-Yvette Co Inc corn.'
35 June
Prior lien pref
9
100
9
10
431 534 9.250
431
2
Asbestos Mfg Co com____1
Ayr
735 June Parker Pen Co corn
10
635 7
200
Assoc Tel UtilPenn Gas it Elee A com_ •
7% 9
650
•
1
31 1% 6,600
Common
34 Apr 131 June Perfect Circle (1 he) Co' 2234 22% 26% 1,100
•
135
30
135
A May
434 Jan Plies Vill n terfront com_ _.5
$6 cony pref A
2% 335
2,000
23.4
1
1
310
1
Apr
Automatic Washer cony pf•
1
Apr Prima Co common
• 2434 2234 2635 15,250
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
3
634
12
1
634
70
434
A
134
Feb
Feb
May
Apr
Feb
Jan
Jan
June
June
1531
1834
1835
334
19%
90
10
1
131
June
June
June
June
June
June
June
June
June
434
1
454
4
134
5
13
734
14%
31
5
7
A
Feb
Jan
Jan
June
Feb
Apr
Apr
May
Mar
Feb
May
Mar
10%
4%
13
4
631
3%
20
3334
2
8
16
1
June
May
June
June
June
June
June
Jan
June
June
June
June
A Feb
A June
1
Feb
835 Feb
Mar
5
Si Jan
1
1234
33.4
335
A
114
A
6
2
%
50
A
1
June
35 June
5
27
21
M
May
June
May
May
Feb
5
Apr
29%
535
Feb
May
635
June
1
Ara
1055
June
35
Apr
22
Feb631
Feb
1(4
82
Mar
Mar
2%
June
June
June
Feb
Apr
May
June
May
May
May
Jan
June
A
132
6
434
Apr
Apr
Apr
Jar.
1%
5
12
1234
May
May
May
June
3
15
235
4
1
4%
2
131
3
434
A
1031
A
634
35
%
335
335
12
1
33(
33.4
6%
3
3%
4
1735
A
144
614
4
A
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Feb
May
Apr
Mar
Jan
Feb
Feb
Mar
Jan
Apr
Feb
Mar
Feb
Mar
Apr
Feb
May
Mar
Feb
10
53
4
7
6
1334
335
7%
13%
12
835
2735
2
20
231
334
8%
831
21
631
14%
8
1434
7%
1034
3735
2734
7
435
25
133
,
1
134
May
Jan
June
June
May
June
June
June
May
June
June
June
May
May
June
June
June
June
June
June
May
June
June
May
June
June
May
June
May
June
June
131
1
134
2
135
10
8
Feb
Jan
Feb
Jan
Feb
Mar
Feb
734
2%
4%
6%
431
18
38
June
May
May
Apr
M aY
June
May
134
2334
7
14
434
35
%
Apr
Feb
Jan
Mar
Feb
Jan
May
6
3935
16%
5
18
134
254
June
June
may
June
June
June
June
may
231 Feb
A Jan
A Feb
734 June
% May
3% May
34 May
35 Apr
234 June
5% June
134
3
35
1
5
635
A
134
1%
3%
14
A
1
A
May
434
Feb
8
Feb
231
,
Jan
4
Jan 2134
Apr 14%
Feb134
Jan 10
so
Mar
Apr
Feb
June
Mar
May
June
May
10
June
24
June
1
June
131 June
3
May
734
31
35 Mar
A Mar
234
Feb
22
A may
3
935 Mar 2634
235 Apr
8
134 Apr
734
5
Feb14
235 Jan
834
•2
Mar
6
5
Apr 12
3
Apr
834
5
May
9
16
Jan 2634
1
Feb
335
10
Feb 28
10
June
June
June
May
June
Jnue
June
June
May
June
June
May
June
June
June
June
Feb
May
June
June
June
June
Financial Chronicle
4248
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Process Corp corn
•
Public Service of Nor 111
Common
•
Common
100
8% preferred
100
7% preferred
100
Pub UM See $7 pref
*
Quaker Oats Co
Common
•
Preferred..
100
Railroad Shares com
•
Rath Packing Co com__10
Raytheon Mfg Co corn •
Reliance Internet Corp A_*
Reliance Mfg Co
Common
10
Rollins Hoe Mills cony pf •
Ryerson & Sons Inc corn.'
3angamo Mee corn
•
3eaboard Util Shares____'
Roars. Roebuck & Co orom •
Sivyer SU Castgor corn.....'
30 Colo Pow A com
25
kruthern Union Gas cora.
•
Twest'n G & El 7% pf 100
itandard Dredge cony pf-•
Common
•
3torkline Fur cony pfd__25
3t udebaker M Ord cl A- *
•
Common
3uper Maid Corp com.....'
3wift International
15
Iwift & Co
25
Tel BO & Sh•
Class A
Thompson (J R) com___25
CransTr Corp of Am corn.*
i() Wacker Drive $6 pref- •
4
34
4
34
3634
62
70
154
18
X
3134
234
6
34
34
314
28
1931
1234
12
15
18
5%
31
2954
6
5
1
5434
334
234
6
34
34
3
27
1834
High.
5,450
1
Apr
634 May
39
3834
66
7334
154
2,850
250
270
130
30
18
18
3734
40
131
Apr
Apr
Apr
Apr
June
Jan
48
Jan
47
Jan
85
Jan
95
131 June
Feb 130
400 63
Apr 117
620 106
2
34 Jan
1,850
27
250 1554 Jan
8
1,950
134 Jan
3%
150
1% May
18.34 11,350
10
15
850
19
170
6
131
5,150
3554 10,400
100
6
534
160
250
1
10
543.4
431 1,650
250
214
734 2,200
5,850
2
134 3,730
434 9,700
3234 24,250
23
40,900
4
4
1231 14
114
13,4
%
%
100
3,200
we
20
800
4
4%
4
Hilted Gas Corp com____1
1,100
41%
J 8 Glypeum
20
z39
18,450
1454 21
• 16
78 Rad & Tel corn
IX 234 4,900
Hail Radio Prod com ' 2
334 7,350
234
2
Jell & Ind Corp
•
9,250
5
7
Convertible preferred
' 5%
100
234 231
Itilities P & L n v com
•
831 1,200
7
Tortes Cup Co from
•
7
400
•
23%
Class A
z23
Valgreen Co common____• 1834 1734 19% 10,300
80
82
50
634% preferred
100
1,450
Vard (Monts) & Co al A_• 76
7534 79
31 z37
140
Vaukesha Motor Co com_'
Vayne Pump Co
300
•
13,4 231
Common
5
100
5
Convertible preferred_ •
50
Western P L & T cl A_
Si
•
15
12
1334
1,060
Vieboldt Stores Inc com_ •
1,900
3
Mama 011-0-Matio com•
334
Visconsin Bank Shares
Common (new)
73,4 734 1,650
•
100
134 134
rates-Amer Mach pt pf_ •
234 2,900
2
'smith Radio Corp cons....
Bonds)hicago City Rye 58_1927
Certificates of deposit__1hicago Railways
1st mtge 5s
1927 6131
1st mtge 5s cal of dep'27 60.14
08
2 So La Salle St Bides,."
10R11
Low.
5
120 130
111 115%
111
134
1
131
23
23
23
6
53.4 7
33,4 334
18
Range Since Jan. 1.
6
5
731
5
34
1334
4
23,4
34
42
34
94
334
34
34
14
1234
7
Feb
Mar
Mar
Jan
Mar
Feb
May
June
Jan
Feb
Mar
Mar
JaIl
May
May
Apr
Feb
Feb
Apr
1
5% Mar
g May
31 June
1814
15
20
654
154
3554
6
534
134
5434
531
4
8
2
135
434
3234
23
4
June
Jan
June
May
May
June
June
June
May
May
May
June
Jan
June
May
June
May
May
May
June
June
June
June
June
June
isg June
13,4 June
.31 Feb
2
18
(3)4
34
X
134
1
434
17
1134
753,4
6734
12
Jan
Mar
Feb
Jan
Feb
Mar
Feb
Feb
Mar
Feb
May
Feb
Feb
4%
42
22
23,4
334
7
231
1034
2434
20
82
79%
37
June
June
May
June
June
June
June
June
May
May
Mar
June
June
31
1
34
4
2
Mar
Mar
June
Apr
May
2%
6
1
1314
454
June
June
Apr
June
June
3
Apr
34 Jan
34 Mar
Jan
10
231 May
234 May
459,4 Mar
Mar
42
5734 June
5654 June
81% 6134
6054 62
2,000
3,000
Mar
49
4834 Mar
61% June
62 June
13.000
1814 Feb
283( Apr
28
* No par value. z Ex-dividend.
-Record of transactions at
Toronto Stock Exchange.
the Toronto Stock Exchange, June 10 to June 16, both inclusive, compiled from official sales lists:
Stocks-
Friday
Last Week's Range for
Week.
of Prices
Sale
Par. Price. Low. High. Shares.
1.40
1.00
Abitibi Pr & Paper com_ *
5
5
6% preferred
100
31
31
Alberta Pacific Grain pf 100
6% 8
Beatty Bros corn
•
101 102%
Bell Telephone
100 101
Blue Ribbon Corp com--_•
5
19% 19%
634% preferred
50
Brazilian T, L & Pr com__* 15% 14% 17%
1.50
1.70
Brewers & Distillers
• 1.50
4% 4%
B C Packers com
•
1534 1534
Preferred
100
2331 2634
B C Power, A
• 24
531 6%
B C Power, B
6
15%
15
Building Products, A..--• 15
33
35
Burt (1' N)Co corn
25 33
534 634
Canada Bread com
534
•
57
57
1st preferred
100
25
B preferred
25
100
7
6
6
Canada Cement com
32
30
31
Preferred
5% 5%
Canada Steamship pref_100
14
12
Can Wire & Cable, B_
•
634 734
Canadian Car & Foundry.
16
16
Preferred
25
6
7
Canadian Canners corn_ __*
714 834
734
Cony pref
7154 73
let preferred
100
17
1734
Can Dredg & Dock corn •
116 122
Can General Elec com_ 50
Preferred
50 5754 .57% 57.34
sg
Can Industrial Alcohol A.
5
•
4
4
•
11
11%
Canadian 011 corn
•
93
93
Preferred
100
Canadian Pacific Ry____25 1634 15% 1934
814 11
Cockshutt Plow corn
9%
•
9
8
834
Consolidated Bakeries_ _ -•
2%
2
2
Consolidated Industries..'
117 13234
Cons Mining & Smelting 25 122
180 18234
100 181
Consumers Gas
7
6
Cosmos Imp Mills cora___*
23
21
Dominion Stores corn_ __ • 21
1
134
134
Easy Washing Mach corn.'
11% 12
Fanny Farmer COM
Ford Co of Canada, A__ • 11% 1031 14
4% 5%
General Steel Wares corn.'
100 102
Goodyear T & R pref _ _100 101
314 434
331
Gypsum, Lime & Alabast_•
23
,
1 3
Ham United Theatres cm25
60
60
100 80
Preferred
5% 6
534
Hinde & DauChe Paper...'
10
9
•
Hunts Limited, A
90
90
lot Milling. A, pref.__ _100
102 102
Milling let pref100
Internet
International Nickel corn.* 18.30 17.40 20.70
11% 13
International Utilities, A-•
334
3
•
3
Sales
Friaay
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Kelvinator of Can corn_ •
Preferred
100
Laura Secord Candy corn."
Loblaw Groceteriaa, A...'
•
Maple Leaf Milling com •
Preferred
100
Massey-Harris corn
•
Monarch Knitting pref_100
Moore Corp corn
•
A
100
100
Muirheads Cafeterias corn *
Ont Equit Life 10% 1 100
11•
Orange Crush corn
Orange Crush 2d pref. -•
Page-Hersey Tubes corn_ •
Photo Engravers & Elec
Pressed Metals corn
Riverside Silk Mills, A_ _ _•
Russell Motor pref. __100
SimPson's Limited, B____•
Preferred
100
Stand Steel Cons corn _ _*
Steel Coot Canada com__•
25
Preferred
Sterling Coal
100
Tip Top Tailors com
*
Preferred
100
Union Natural Gas
•
Walkers, Hiram, corn....'
Preferred
West Canada Flour Mills.*
Weston, Ltd., Geo
Preferred
100
Winnipeg Electric corn_ •
100
Preferred
Bank
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
100
4
70
41
43
1334
,
13%
1211
6
14
431
534
,
40
1131 1131
90
95
100
134
6%
7
2
2
60
13
12%
1534
1534
35
6
6
34
38
3%
2534 2531
3134
32
1
8
93-4
60
60
4%
5.34
1734
12%
1334
7%
3534
4231
80
83
3
934
146
157
165
188
26314
16334 155
185
146
160
165
198
Loan and Trust
Canada Permanent__ _100
Huron & Erie 20% paid..'
Toronto General Trusts 100
150
15
150
Range Since Jan, 1.
Low.
High.
431 June
31 Mar
140
431
10 55
May 70 June
70
Jan 4334 June
70 36
43%
June
2,312 1034 Apr 14
14
250 1034 Mar 13% May
13
7 June
3 May
130
634
May
Apr 16
5
40
15
234 Mar
654 June
6% 3,430
Apr 40 June
25 20
40
5
Mar 1334 June
1,666
1334
Apr 95 June
70 65
9.5
June
Apr 101
48 70
101
2 June
X Feb
125
131
5 May
152
7% June
714
2 June
34 May
35
231
2 June
34 Apr
65
2
Apr 66 June
1,110 40
66
8
Apr 15
May
30
1334
8
Apr 1414 Jan
305
14
Mar 1531 June
7
125
15%
Jan
May 45
5 28
35
5 June
35
635 June
6
Mar 37 June
180
6
36
5 June
1
Jan
169
331
,
653 1431 Feb 29 June
28
Mar 32 June
105 25
32
134 June
1
125
June
1
1
Mar 12 June
875
12
May 70 June
15 35
67
534 June
234 May
534 3,365
May
4
Mar 19
1834 38,016
9% Mar 15% May
1434 4,841
4
831 May
Feb
135
7%
1,832 1634 Mar 43 June
43
65 67
May 83 June
83
4 June
200
1% May
4
5
Apr
25
9% June
934
1.53
161
169
200%
270
16334
186%
160
15
150
135
57
84
248
15
186
29
120
124
123
Si
228
12334
152
Apr
Apr
Apr
Apr
Apr
Apr
Apr
154
161
169
20034
270
16334
18634
23 120
May 165
11 1231 May 18
11 138
Mar 167
June
June
June
June
June
June
June
June
Jan
Jan
•No par value.
5734 5734 $5,000
56% 5634 2,000
28
June 17 1933
Range Since Jan. 1.
Low.
High.
June
1,680 15c Mar 1.75
Jan
534 June
1
210
Apr 32
May
10 20
8 June
3% Jan
35
Apr 102% June
534 80
6 June
1
Apr
200
Feb 20 June
20 10
7% Mar 17% June
131.666
May
18,205 550 Jan 2.05
6 June
1
Apr
203
Jan 20 June
6
15
455 14% Apr 26% June
634 June
331 Feb
310
June
235 1034 Apr 16
Feb 35 June
775 20
7 June
134 Jan
820
Jan
Mar 68
15 40
7 May 25 June
42
7% May
,
1
23 Feb
2,781
Apr 34 June
152 13
914 May
234 Mar
5
Apr 14 June
7
55
734-June
Apr
3
595
9% Apr 17% June
30
7 June
2% Mar
276
934 June
Apr
3
380
Apr 75
May
45 46
Mar 18% May
480 10
Feb 123 June
15 100
June
Mar 58
20 51
6 June
134 Mar
2,405
534 June
31 Mar
634 Apr 1234 May
140
Jan
May 96
7 79
Apr 1931 June
9
23,811
June
334 Feb 11
945
10 June
Jan
2
565
234 June
34 Apr
60
Mar 135 June
4,769 54
Jan 18234 June
72 170
7 June
2
Apr
320
485 12% Feb 23 June
134 June
1
June
205
217
8% Jan 12 June
Apr 143,4 June
6
10,784
5% June
31 Mar
550
Apr 102 JIM
120 80
13,4 Feb
534 June
3.309
,
ao 134 May 3 June
May 60 June
30 46
7
May
231 Mar
65
434 Mar 10 June
33
Jan 90 June
10 84
4
Jan 1021 May
20 98
Ma 20.70 June
66,031 8.15
534 Apr 13 June
635
334 June
1% May
100
-Record of transactions at the Toronto
Toronto Curb.
Curb, June 10 to June 16, both inclusive, compiled from
official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
5
5
Beath & Son(W D)A_
•
434 414
Biltmore Hats common..'
331
234
Bissell Co(T E)common.'
1.45 1.75
Brewing Corp common..'
9
•
11
9
Preferred
834
83,4 9
Can Bud Breweries corn..'
27
25
Canada Malting Co
• 2531
24
21
Canada Vinegars com
• 21
3%
33
Canadian Wineries
3%
*
7
7
Can. Wire Bound Boxes A* ____
6
6
Consolidated Press A
•
6
234 214
Cosgrave Export Brew_ _10
sy,
854 9
Distillers Corp Seagram&•
2314 2354 26
Dominion Bridge
•
1%
Dom Motors of Can- _ - _10
1%
13,4
33,4
3
Dorn Tar & Chem corn _ •
15
15
Dufferin P&Cr Stonepfd100
5
4
English Elec of Can B ----•
10014 110
Goodyr Tire & Rub com_.• 101
731 1034
734
Hamilton Bridge Corn...."
40
39
Preferred
100
1.75 2.00
Honey Dew common_
•
15
13
•
Preferred
Ilumberstone Shoe torn..' 2194 2134 2134
9% 10
Imperial Tobacco ord_ __IS
20
65
85
435
437
866
3,053
320
125
145
50
125
4,230
695
210
110
10
40
247
1,885
103
450
40
30
290
3
33,4
2
15o
31
531
1334
1334
13,4
334
3
13,4
4
1494
1
1
5
134
40
23,4
35
350
5
1431
7
Feb
5 June
434 June
Jan
May
3% June
2.00 May
Jan
Mar 1534 May
Apr 10
May
Mar 3136 may
May
Jan 25
Jan
4 June
9
May
Mar
June
Apr
6
Jan
394 May
Feb
9% May
Feb 26
May
Apr
3 May
Apr
4 May
Jan 2334 June
Feb
5 June
Mar 110 June
Apr 1034 June
June 40 June
Mar
2.00 June
Mar 15 June
Jan 2136 June
J11110
Feb
10
353
,
2234
1434
6
13
2
76
11
6
40
1514
234
6
95
2334
15
3834
24
1431
6
1454
2
76
11
7
40
18
234
7
100
2335
ii
1,417
235
130
170
285
50
75
75
940
10
793
185
85
25
80
30
2634
1694
534
4
6
Apr 3831
Mar 2434
Mar 143,4
6
June
Jan 1434
2
Mar
Mar 78
Jan
11
Apr
8
Apr 45
Feb 18
Apr
3
June
8
Apr 100
Feb 27
May 15
1731
18
12
334
1134
16
1134
72
2.50
3
3
1731
18
133,4 9,181
250
331
1334 21,628
1734 12,079
1,695
1234
119
73
25
2.50
100
3
75
334
845
1934
10
18
no
OR
Montreal L H & P Cons__*
National Breweries corn..'
National Steel Car Corp--•
Ontario Silknit common_ _•
Power Corp of Can corn •
*
Rogers Majestic
Robert Simpson pref_ _100
•
Robinson Cons Cone
Service Stations corn A-_.•
100
Preferred
Shawinigan Wat & Pow..'
Standard Pav & Mat com_•
•
Stop & Shop
Tamblyns Ltd (G) pro:4_100
Toronto Elevators com_ •
United Fuel Invest pred100
Oil
•
British American 011
Drown Dominion Oil Co_ _*
•
imperial Oil Ltd
international Petroleum_ _*
31cColl Frontenac Oil corn'
100
Preferred
forth Star Oil corn
5
5
Preferred
'rattle Cities Oil A
•
3upertest Petroleum ord_ _•
Common
•
Inn
--.----• •
3,
•No par value.
359
2234
2
631
1535
9
12
11%
1834
1134
73
OR
10
%
4634
5
234
16
9%
%
6
82
1234
434
73-4 Jan
134 Feb
731 Apr
1034 Mar
7% Mar
5434 Apr
750 Apr
1.75 Apr
X Apr
1134 Mar
1134 Mar
03
Jan
June
June
June
June
June
June
May
June
May
June
June
June
June
June
may
June
133,4 June
334 June
1334 may
1714 June
1234 May
80 June
2.60 June
3.50 June
311 June
20 June
June
18
98
June
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, June 10 to June 16, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Bankers Securities pref__50
Bell Tel Co of Pa pref__100
Budd (E G) Mfg Co
•
Budd Wheel Co
•
ao
Cambria Iron
Camden Fire Insurance--5
Central Almon
100
Con Tract of NJ
Electric Storage Battery100
6%
11234
3%
334
431
33
1334
2
2
20
43
6%
114
4%
534
33
1314
2
22
48%
Range Since Jan. 1.
Low.
High.
8% Feb
400
834 June
175 106% Mar 114% Jan
4% June
2,700
34 Mar
34 Mar
534 June
800
20 33
Apr 3431 Jan
200
9
Apr 14 June
234 May
700
14 Apr
82 17
Mar 22 June
391 2134 Feb 49% June
Financial Chronicle
Volume 136
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Low.
High.
June
Jan
Apr
June
June
June
300
90
500
800
5,600
2,345
18
82
17%
25
sy,
834
Mar
May
Jan
Mar
May
Feb
200
Mitten Bank See Corp 25
1
1
Preferred
700
134
25
134
Pennroad Corp v t a
331
•
3% 3% 19,900
29% 11,800
Pennsylvania RR
50
26
Penns Salt Mfg
75
41
50
40
Phila Elec of Pa $5 pref-• 10035 100% 101
300
1,300
Phi's Elec Pow pref
25 31% 31% 31%
100
Phila Insulated Wire___-* 21
22
21
Phila Rapid Transit_
231 2% 1,000
50
350
7% preferred
so 5% 5% 5%
495
Phiia & Read Coal & Iron_•
546 6%
300
Philadelphia Traction_ _50
2234 23%
36
%
1%
13%
25%
93
28%
1931
1%
3
2%
15
1% June
Feb
2 May
Feb
3% June
Mar
Jan 29% June
Mar 46
May
Apr 10334 Jan
Jan
Apr 23
Feb 22 June
2% June
Mar
6
Jan
Feb
6% June
Feb
Mar 23% June
Fire Association
10
Horn & Hard (Phi's) com •
Horn & Hard(NY)com_•
Insurance Co of N A_
10
Lehigh Coal & Navigation*
Lehigh Valley
50
•
Range Since Jan. 1.
Reading RR
50
Reliance Insurance
10
Shreve El Dorado Pipe L 25
Tacony-Palmyra Bridge__*
Tonopah-Belmont Deve1.1
Tonopah Mining
1
Union Traction
50
United Gas Impt com____•
Preferred
•
Victory Insurance Co_ _10
Warner Co
•
Westmoreland Coal
•
22%
42
10%
34
'
34•
6
21%
94
2%
BondsElec & Peoples tr ctfs 4s '45
Phila Elm (Pa) 1st 544_1966
30
94
25%
43
14
21
29
90
22%
41
10%
18%
16
54%
400
6
4% 1,300
30
18%
7t• 3,700
7,100
1
900
834
2436 40,000
305
94%
400
6
3,20
4
2
5%
54%
5
4
18%
%
%
6
2136
93%
536
2%
5%
20
106
2534 Jan
3% Apr
1
Jan
18% June
) Jan
41
41 Jan
3% Mar
14
Mar
86
May
3% Feb
1
Mar
4
Mar
3031
99
25%
43
14
21
54% May
6 June
5 May
3034 Jan
"44 June
134 Apr
12% Jan
2431 June
99% Jan
6 June
4
June
5% June
2236 June
Ap
22% $13,600 15
2,100 102% Mar 110% Feb
107
•No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, June 10 to June 16, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Stocks-
Range Since Jan. 1.
Low.
High.
Appalachian Corp
•
40c
50c
Arundel Corp
• 21
2034 2331
Atl Coast Line (conn)_60
40
40
Baltimore Tube pref....-100
634 631
43%
Black & Decker corn
434 534
•
Preferred
10
10
Ches & Pot Tel of Blt pf 100 1153-4 11534 11531
Commercial Credit com__
13% 1334
Preferred B
23
25
23
634% 1st preferred__100 84
84
84
7% preferred
23
25
23
Consol Gas E L & Power_• 6434 62
70
6% preferred ser D__100 109
109 109
534% pref wiser E__100 102
10134 103
5% preferred
9934
100
98
Emerson Br Sells A w I_ •
2134 22
Fidel & Guar Fire Corp_10 10
10
10
Fidelity & Deposit
50 3534 3534 38
Finance Serv coin cl A 10
4
4
544
165
1,644
934
65 133.4
4
100
1
4,425
25
5
32 112
25
43-4
140 1834
20 70
17 1834
974 43
40 10334
50 97
78 9134
50 1531
434
105
111 15
15
234
Jan
Apr
Apr
June
Feb
May
Apr
Apr
Mar
Mar
Mar
Apr
Apr
Apr
Apr
Apr
Mar
Mar
June
50e
2434
40
631
7
11
11634
1334
23
84
23
70
11034
107
102
2434
1134
39
434
June
May
May
June
May
May
Feb
June
June
June
June
June
Feb
Jan
Jan
Jan
May
June
Apr
Houston Oil prof
100
Mfrs Finance corn v t__-25
1st preferred
25
2d preferred
25
Maryland Cas Co
Merch & Miners Transp_•
Monon W Penn PS pref_25
Mt Vern-Woodb Mills pf__
Common
New Amsterdam Ca Ins_
s
Northern Central
50
Penns Water & Power....*
United Rys & Electric_50
17 84 Fidel & Guar new_ _10
Western Md Dairy Corp pi
482
20
50
13
4,125
200
125
218
15
1,289
48
250
320
8,168
100
231
40c
6
2
134
1934
10
934
1
7
63
40
8a
151
60
Mar
Mar
May
Mar
Mar
Jan
Mar
Mar
May
Apr
May
Mar
June
Mar
May
7
1
934
3
5
33
16
3234
4
1734
7334
60
14o
7
69
June
Jan
Feb
Apr
June
June
June
June
June
Jan
June
Jan
Feb
June
June
Bonds
Baltimore City
413 sewerage Impt___1961
45 annex impt
1951
Macon Dubl & Say 5% '47
United Ry & Eliot 68 flat
1949
Income 48 flat
1st 4.•
1949
•No par value.
6
334
32
30
1434
531
66
6
75e
734
231
341
3134
15
30
4
1334
73
5634
80
534
66
95
94
34
14
7
754
736
234
5
3234
16
3236
4
17
7336
5934
8c
7
69
95
94
35
$1,000
500
3,000
1434 1434 2,000
10,000
1
1
14
1434 19,000
87
May 10234 Feb
94 June 101
Feb
1634 Apr 35 June
834 Apr
34 Apr
834 Apr
1434 June
134 Feb
1431 June
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, June 10 to June 16, both
inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range. for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
VII
I
734
6
35
4
30
7
1334
154
1134 36,430
715
1934
4
100
834
70
25c 5,800
938
6%
450
3
634
434
715
1,113
3334
11,570
9
800
8
1634 1,410
2.34 3,242
lie 1,000
10
70
24
395
334
400
14
150
152 15.920
02.
934
18
4
7%
160
531
3441
4
30
7
736
1334
2
44)
10
2034
2%
14
134
•-•
10
g
2
3
65
g
234
Low.
High.
ggVagg,'4"W&FIgr,CCIFigg PO4°,'42,114g?,Fdd'ar'&7,8.
srawsww Ttrworring
63-4
434
50
232
434
1434 2,130
1534 3,013
825
8
2634 4,534
272
834
734 4,212
70
5
231 15,800
2234
775
85
10
85
236
500
334
540
66
°
XX
•
•
Lone Star Gas
$
Mesta Machine Co
Nati Fireproofing Corp_.
Preferred
50
25
Phoenix 011
Pittsburgh Brewing50
Preferred
50
Pittsburgh Forging Co_ __•
Pittsburgh Plate Glass_25
Pgh Screw & Bolt Corp.....•
Pittsburgh Steel Fdy-_100
5
Plymouth Oil Co
1
Rennet Co
1
San Toy Mining
•
Standard Steel Spring_
United Eng & Fdy com_ •
25
U S Glass Co
Vanadium Alloy Steel__ •
12
14
8
434
4
12
13
74
2231
8
641
$
234
20
85
2
3
65
•-•
Stocks-
Arkansas Nat Gas Corp_ •
10
Preferred
•
Armstrong Cork Co
131aW-KnOX Co
•
Clark (D L) Candy Co
•
Columbia Gas & Elec._ •
Devonian 011
10
Duquesne Brewing com_5
•
Electric Products
Fort Pittsburgh Brew_ _1
Harbison-Walker Refract_*
Preferred
100
Independent Brewing_ _50
Preferred
50
Koppers Gas & Coke p1100
Range Since Jan. 1.
8
5
15
1534
8
2634
9
734
5
5%
2234
85
3%
441
67
June
June
May
June
June
June
June
June
June
Mar
June
June
Mar
Mar
June
1134
1934
4
836
2543
10
40
4%
3336
9
8
1634
234
60
10
24
334
14
1341
June
June
June
June
June
Mar
May
June
June
June
June
May
June
June
June
June
June
June
June
4249
Sales
Fr Wag
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High Shares.
Westinghouse Air Brake..*
Westingh Elec & Mfg_ 50
Western Pub Serv v t c_.•
8%
UnlistedCopperweld Steel Co.. •
General Motors Corp......10
Gulf Oil Corp
25
Leonard Oil Develop......21
Lone Star Gas 6% PLAN
636% preferred
100
Pennroad Corp
•
Pennsylvania RR
50
Radio Corp of America •
United States Steel_ __ _100
26% 3134 1,873
1,310
4434 49%
10,246
7% 10
9
27%
54
1
87
83
336
2631
9%
52%
936
28%
59
134
90
83
3%
29%
11%
58%
2,980
1,805
3,600
475
40
20
160
1,357
2,337
1,922
Range Since Jan. 1.
High.
Low.
12% Jan
1936 Feb
4% Mar
31% June
49% June
10 June
5
9%
2636
75c
55
80
1
13%
731
23%
10 June
28% June
59 June
134 June
Apr
Feb
Jan
Jan
Apr
Jan
Apr
Feb
May
Feb
so
June
83
4
29%
11%
58%
June
June
June
June
June
• No par value.
-See page 4223.
Cleveland Stock Exchange.
Cincinnati Stock Exchange.
-See page 4223.
St. Louis Stock Exchange.
-See page 4223.
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, June 10 to June 16,
both inclusive, compiled from official sales lists:
Stocks-
JUL.
F ruusy
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Associated Gas & Elec A_•
Alaska Juneau
Barnsdall Corp A
5
Bohm Chic*. 011 A
10
Bway Dept Store pref_100
•
Byron Jackson
California Bank
25
•
Chrysler Corp
20
Citizens Natl Bank
Claude Neon Elec Prod_ •
Consol Oil Corp
Douglas Aircraft Co
*
Emsco Derrick & Equip_ •
Globe Grain dr Mill com 25
Goodyear Tex Mills Pref100
Goodyear Tire & Rub pf100
Hal Roach Studios 8% pf25
•
Hancock Oil corn A
Internet' Reinsur Corp 10
Los Ang Gas& Elec pref100
Los Aug Investment Co_10
Mortgage Guar Co
100
Pac Finance Corp com_10
Pref C
10
Pacific Gas St Elec com_25
25
6% 1st preferred
•
Pacific Lighting corn
Pac Mutual Life Im3ur_ _10
Pao Pub Sexy N V corn •
•
1st preferred
Pac Western 011 Corp_ _ _ _*
Republic Petroleum Co_10
Richfield Oil Co cora_ *
25
Preferred
19
734
344
434
1234
68
7
7
1
7
2334
431
6
2%
134
31
Range Since Jan. 1.
Apr
Apr
Mar
Jan
Apr
Feb
Apr
Mar
Mar
Jan
Jan
Jan
Apr
Mar
Feb
Mar
Jan
Feb
June
Apr
Jan
Feb
234
23%
8
534
45
6
38
26%
38
1134
1336
1734
6
11
90
65
7
734
9
98
534
15
June
June
May
May
Feb
June
Jan
June
Jan
May
June
June
May
June
June
may
May
May
Jan
Jan
June
June
4
834
20
2131
2534
19
136
2%
234
Mar
Apr
Apr
Apr
Mar
Mar
June
May
Mar
1% Feb
31 Feb
% Jan
831
8%
3034
2534
43
2936
234
5
634
334
2%
2
June
Apr
Jan
Jan
Jan
Jan
June
June
June
June
June
June
3,900 35
42%
434
8
300
134
300
4
2634 5,600 1734
32
430 30
600 22%
2534
2,400 1934
22
1,300 1734
2034
100 21
21
600 1134
26
34% 2,600 20
25 20
2834
434
8% 44,100
100 100
125
1831 10,800
934
Mar 4534
Mar
834
Mar
4
Apr 2734
May 4051
Apr 2734
Apr 24%
Apr 2236
May 24%
Feb 2634
Feb 3434
Apr 2831
Apr
834
Apr 200
Feb 1854
Jan
June
May
Jan
Jan
Feb
Jan
Jan
Feb
June
June
June
June
Feb
June
2%
23%
7%
434
40
6
3631
26%
3236
1134
1334
1734
434
1036
8836
68
7
736
1
90
444
15
104)
600
300
3,200
odd 5
1,500
50
300
600
1,000
800
800
1,300
100
odd 3
odd 5
odd 78
1,200
600
137
700
72
1
14
3%
13.4
3234
1
3236
9%
26
6
534
1131
234
6
6034
22
534
331
31
82%
1
8
6%
834
28%
23%
36
2344
2
434
5%
2%
134
54
831
8%
28%
2334
3734
2431
231
5
634
334
234
136
4,900
200
200
100
200
450
1,400
300
800
3,100
4,600
2,000
3834
Sec lot Natl Bk of L A 25 4034
7%
Shell Union 011 Corp com•
3%
3%
•
Signal 011 & Gas A
2234
So Calif Edison Ltd com25 2334
31%
Original preferred_ _25
25%
25
7% preferred A
25 21% 21%
6% preferred B
1934
536% preferred C........25 19%
21
So Calif Gas 6% pref...._25 21
2234
Southern Pacific Co_ _100
3134
Standard Oil of Callf____• 32
28%
Title In & Trust Co......25
634
•
6%
Transamerica Corp
120
Union Bk St Trust Co_100
1634
25 1634
Union Oil of Calif
• No par value.
High.
Low.
254
1754
7%,
336
40
431
3
634
2434
29%
1034
1256
15
4
1034
8836
68
7
7
34
87
334
15
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, June 10 to June 16,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Salo
of Prices.
Par. Price. Low. High Shares.
Alaska Juneau Gold MM.._
Anglo Calif Nat Bank of SF
Assoc Insurance Fund
Atlas Imp Diesel Engine A_
Bank of Calif N A
Bond & Share Co Ltd
Byron Jackson Co
Calamba Sugar
7% preferred
California Copper
Calif Cotton Mills coin
Calif Ink Co, A
Calif Ore Power 7% prof......
Calif Packing
Calif Water Service pref _
Calif West Sts Life Icecap..
Voting trust
Caterpillar Tractor
Clorox Chemical Co
Coast Cos G & E 6% tat pf
Cons Chem Indus, A
Crown Zellerbach v t c........
Pref A
Prof B
Emporium Capwell Corp....
Fireman* Fund Indemnity_
Flremans Fund Ins
Food Mach Corp corn
Forster & Kielser corn
Galland Merc Laundry_
Gen Paint Corp A corn.._....
Golden State Co Ltd
Haiku Pine Co Ltd corn......
Halkue Co Ltd prof
Hawaiian C & S Ltd
Home F & M Ins
Honolulu Oil Corp
Honolulu Plantation
Range Since Jan. I.
Low.
17% 23% 5,089 1131
8%
10% 1134 5,341
Ji
650
2
2%
2
4% 6% 3,580
536
15 101
140 140
144
1,035
4% 434
1
19,607
4
6
1934
1134
34
934
2134
70
1634
15
19%
19%
67
4%
32
31
634
44
12%
1%
8
235
24
Jan
High.
Apr
Feb
Feb
Feb
Mar
23%
20
3
6%
152%
5%
6
June
Jan
June
June
Jan
June
June
may
18%
1731
34
434
17
7734
2036
70
16%
15
18
1931
67
21%
4%
32
31
20% 2,695
205
17%
34 7,470
1,695
10
18
20
7736
25% 10,199
25
70
339
1934
150
17
23% 24,386
20
712
68%
37
22%
3,025
6
27,876
1,413
3936
487
38
8
11
34
31
12
74
834
63
13
1
534
13
57
11
1
734
7
Mar
Mar
Jan
Jan
Mar
May
Mar
Apr
Apr
June
Feb
May
May
Mar
Feb
Mar
Mar
2234
1834
31
10
18
85
25%
70
31%
31
2334
20
79
32%
6
3936
38
June
June
June
June
May
Jan
June
June
Jan
Jan
June
June
Jan
June
June
June
June
6
15
44
12
1%
33
4
736
2
431
4235
22
15
43
6%
15
46
14%
231
33%
4
10
2%
4%
4434
24
15
43
2,065
15
567
4,079
730
30
200
6,682
655
50
515
993
645
15
234
1234
34%
5%
1
2634
331
331
31
134
2734
18
834
30
Feb
Apr
Mar
Jan
Jan
Mar
May
Apr
Mar
Apr
Jan
Apr
Feb
Mar
631
16
46
1434
234
35
434
10
3%
634
45
24
15
43
June
Feb
June
June
June
May
June
June
June
June
Apr
June
June
June
4250
Financial Chronicle
Friday
Sates
Last Week's Range for
of Prices.
Sale
Week."
Stocks (Concluded) Par. Price. Low. High. Shares.
Hunt Bros A corn
Investors Assoc
Jantzen Knitting Mills_
Langendorf Utd Bak A
13
Leslie Calif Salt Co
L A Gas & Elec Corp pref
Lyons Magnus Inc B
10
8
831
8
6
735
12
1331
331 531
20
23
88
9034
1
1
Range Since Jan. 1.
Low.
Iligh.
720
121
1,286
1,079
2,229
1,640
65
200
2
231
2
431
331
1131
8331
1
Feb
Mar
Apr
Feb
June
Feb
May
June
1036
831
735
1331
531
23
9831
1
June
June
June
June
June
June
Jan
June
31
631
231
sg
66
34
4
25
22
6
15,350
1
120
631
1,501
231
200
63(4,
66
10
38
3,832
4
35
26
35
22
85
2,100
7
31
335
35
231
60
15
2
11
731
335
Mar
Feb
Feb
Jan
Jan
Feb
Feb
Mar
Apr
Apr
1
631
231
631
6631
38
5
26
22
7
June
June
June
June
June
June
May
June
June
June
Occidental Insurance Co
____
15
Oliver United Filters A _ _ _ _
835
85i
B
331
33-i
Pacific Gas & Electric com- 28
2731
6% 1st preferred
2331 23%
2131
531% preferred
Pacific Light Corp corn_ _
33
33
6% preferred
81
83
Pac Pub Serv non-vot com_
131
1%
Non-voting preferred_ _ _
43
43.4
Pao Tel & Tel corn
88
8531
6% preferred
10531 105
Paraffine Cos corn
,
2231 2136
Phillips (Pete)
1334
Pig 'n' Whistle pref
1
15
195
935
1,165
431
3,135
3031 11,810
24
4,461
1,039
2131
3731 3,280
84
765
231 16,403
12,235
6
90%
775
10735
129
25
5,369
14
300
1
150
8%
3%
31
2031
2131
1931
2535
77
35
2
67
9936
831
931
34
May
15
Jan
931
Feb
5
Apr 31
Mar 253-1
Mar 2331
Mar 43
May 9331
Mar
23-4
Apr
6
Apr 9031
Apr 110
Feb 25
May
1431
1
Feb
June
June
June
Jan
Jan
Jan
Jan
Jan
June
June
June
Jan
June
June
Jan
8831
Magnavox Co Ltd
31
Magill (I) & Co corn
Merchants Cal Mach corn _
Market St fly prior prof ___
Mere Amer Realty 6% Prof ______
Natomas Co
35
North Amer Invest Co__
______
6% preferred
536% preferred
22
North Amer Oil Cons
Railway Equip & Rlty ser 2
Preferred
Rainier Pulp az Paper Co
___ _
Richfield oil common
136
_31
7% Preferred
ROOS Bros common
334 335
10
1
1
50
14
14
110
134 235 10,489
34
1,240
131
531 531
187
San Joaq L & P7% pr pref_
76
793
62
6% prior preferred
Schlesinger & Sons(13F)com
1
Shell Union 011 Co
635
734
48%
Preferred
Socony Vacuum Corp
1135
Southern Pacific Co
21
23
So Pac Golden Gate A_ _
8
8
B
534
Spring Valley Water Co
_
__
5
Standard Oil Co of Calif
3135
32
___
Telephone Inv Corp
Tide Water Assoc 011 Co
6% preferred
Transamerica Corp
Union 011 Co of Calif
Union Sugar Co common
7% preferred
United Aircraft
Wells Fargo Ilk & Un Tr
Woatarn Ilna .6. RtAn1
731
42
731
131 Mar
Feb
1
Jan
6
31 Jan
31 Feb
Jan
2
33.4
1
14
3
231
531
June
Feb
June
June
June
June
Jan
June
June
June
June
June
June
June
June
June
June
17
35
1,680
3,075
6
284
7,611
987
724
300
____
75
60
31
4
3834
631
113£
431
431
234
20
May
May
Jan
Feb
Jan
Feb
Feb
Jan
May
Apr
Feb
97
62
13.4
831
49
1234
27
831
631
531
35
26
460
263£
735 8% 7,149
41
787
4331
674 334 183,888
223£
335
24
434
Apr
Feb
Apr
Mar
31
Feb
831 June
4431 Jan
831 June
7
935
62
134
831
4831
1231
2031
831
631
531
35
1635 18.31
4% 434
1631
16
36
3035 30
195 205
201
11
1014 1214
17
______
13,403
931
131
420
55 1135
17
___158 165
3 940
554
Feb 1831 June
435 June
Mar
Apr 17 June
Feb 36 June
Apr 21031 Jan
1254 June
Feb
June 17 1933
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, June 10 to June 16,
both inclusive, compiled from sales lists:
Stocks-
JC083
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Admiralty Alaska Gold. _1
140 16c
Altar Cons Mines
1.85
11,75
1.50
Andes Petroleum
22e 320
1 300
Bancamerica Blair
1
334 335
Barry Hollinger
1
120 170
Como Mines
1
150 150
Continental Shares
• 190
150 450
Davison Chemical
1
•
131
131
Detroit & Canada Tun_ •
10c 200
Dividend Shares
1.25
25c
1.25
Duquesne Brew A pref w 15
73.4 735
Eagle Bird Mine
33£
1
231 33.1
Eldorado Gold
2.25
2.25
1
Elizabeth Brewing
231 436
1
334
Fade Radio
234
2
1
234
Falstaff Brewing
143-4 1735
1
1531
Fidello Brewing
431
1
434 654
Flock Brewing
43.4
4
4
2
Fuel Oil Motors
170 230
10 190
General Electronics
331 4
4
1
Gold Cycle
1431 1531
10
Helena Rubinstein pref_ •
7
7
Hoover) Auto Type
154
1
254
1
Howey Gold
800 850
1
Huron Holding ctfs of dep 1
31
31
Internat'l Rustless Iron_ .1 32c
250 380
1
Kildun Mining
336 4.31
334
Krueger Brewing
1 20
1931 2131
Lessings
5
634 634
Lock Nut
131
131
1
131
Macassa Mines
450 74e
1 550
N Y Title & Mtge
23£
2
1
Paterson Brew
5
4
4
1
Paramount Publix
% 134
1
10
Petroleum Conversion _5
31
35
Phoenix 011
300 300
25c
3631
Pittsburgh Brew pref. _50
35
Polymet Mfg
234 3
3
1
Railways new
1
1
1
Renner
234
2
1
Roseville Ale
934 10
•
1654 1636
Preferred
25
Shortwave & Tele
35
.34 450
1
Siscoe Gold
1.40
1.40
1
Standard Brewing
435 535
•
434
Standard UM
1.60
1.45
50e
Sylvanite Gold
1.20
1.20
1
Sylvestre CU!A
1
1
•
United Cigar
31
400
1 450
Van Sweringen
250 250
*
131 2
Victor Brewing
1
134
•
%
31
1
Western Television
1
635 731
A
734
5
gi
34
31
Willys-Overland
4
4
Preferred
100
Wing Aero
140 150
10 15c
Zenda Gold
350 480
1 350
• No par value.
Range Since Jan. 1.
Low.
High.
12,000
50 Mar 190 Feb
9,300 1.25
June 1.85
June
23,500
50 Jan 32e June
300
1% Mar
33£ June
70 Apr 170 Feb
4,500
8c May 200 May
500
4,800 100 Feb
31 May
2,300 150 May
234 June
700 10c
Jan 20c June
500 840 Feb 1.25
June
50
731 June
731 June
6,100 2.20
Feb
314 June
100 1.30
Feb 2.25
June
19,600
235 May
431 June
14,900
Jan
2
334 May
7
6,900
May 2031 May
24,200
454 June
63-4 June
5,300
4 June
54 June
16,000 100 Jan 280 Feb
7,300
4 May
231 Jan
831 Mar 1531 May
200
200
235 Mar
7 June
1,100
1
331 May
June
1,000 560 Mar 850 June
400 130 Apr
54 Juno
24,500 100 Feb 380 June
18,4001.00
Mar 4.50
June
6,000 1331 Apr 2131 June
100
4
May
634 June
700
135 May
131 May
12,000 190 Jan 74o June
500
136 Feb
235 Jan
1,800
4 June
5 June
19,300 120 Mar
23£ June
600 380 Apr
131 Feb
50 June 300 June
500
20 2031 May 39
June
3,000
2 May
3 June
500
31 Apr
331 Jan
134 May
700
234 June
300
1
Jan 10 June
250
394 Jan
1631 June
3,100 150 Apr
31 June
100 1.01
Mar 1.60
Apr
2,400
331 May
554 May
500 74o Feb 1.65
June
100 1.04
May 1.20
June
200
% Feb
135 Jan
67,500
130 Feb
K June
500 12e
Jan 34o June
2.600
131 June
2 June
12,200
% Apr
1
June
18,700
2
Jan
734 June
39,600
60 Mar
35 June
200
4 June
5
May
1.200
tic May
Feb
1
4,000
9e
Jan 480 June
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (June 10 1933) and ending the present Friday,(June 16, 1933). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Friday
Sates
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
Week Ended June 16.
Stocks-
Indus. & Miscellaneous.
Acetol Products class A_ •
Acme Steel Co
25
Acme $1 ire v t c
,
25
Aero Supply Mfg cl A......_
Class i3
•
Agfa Anse° corn
1
Ainsworth Mfg corn
10
Alt investors coin •I O.-•
Convertible preferred.._•
‘Varrants
Alabama GI Southern..-.50
Allen Industries
•
Alles & Fisher corn
•
Allied International Inv.
33 cony preferred
•
Allied Mills :no
•
Allied Products A cam_ •
Aluminum Co common_
6% preference
100
Aluminum Goods Mfg Co •
Aluminum Ltd
Common
•
6% preferred
100
Series C warrants
Series Li warrants
Amer Beverage Corp...... 5
American Book Co......i00
Amer British & Cont1.-..•
Amer Capital Corp
Common Cl B
•
Amer Commercial Alcohol
Rights
American Corp corn
Amer CYstiaaddClass B non-vol
•
Amer Equities corn
1
Amer Dept Stores Corp.....
Amer Founders Corp_-_ -•
7% preferred el B
50
8% tot pref series D...50
American Hard Rubber 100
American Investors
Warrants
Amer Laundry Machine..20
American Mfg Co
100
American Meter Co
*
Amer Pneumatic Serv_
American Salamandra_ _50
5
Amer Thread pref
•
Anchor Post Fence
Arcturus Radio Tube.... .1
•
Armstrong Cork com
Art Metal Works
5
Assoc Eleo Industries
£1
Amer dep rots
•
Assoc Rayon coin
8
234
3331
5
36%
8%
9
231
535
,
8
231
1435
31
3331
2
3%
5
3635
9
9
4%
5%
1031
3%
17
34
40
3
335
100
100
200
100
3,000
200
700
2,800
400
2,300
395
200
200
200
8
9
431 531 2,700
3,000
19
13
8435 8134 9535 11,150
74
350
z72
935 935
100
Range Since Jan. 1.
Low.
2% Feb
Apr
13
234 Mar
734 June
36 Feb
,
331 June
I% Feb
54 Jan
554 Mar
54 Jan
8
Jan
2 June
331 June
High.
5 June
36% June
9 June
10 June
4% June
531 June
10% June
335 June
June
17
1
June
40 June
3 June
4 June
3%
3
13
373£
37
7%
Mar
Apr
June
Feb
Mar
Apr
9
7
19
9554
74
931
June
May
June
June
June
June
13
20
2
2
1%
34
34
Mat
Feb
Apt
Apr
Mar
mar
Jan
4831
47
21
20
554
53
1
June
June
June
June
Mar
May
June
42
46
1631
1631
2%
44
1
4831
47
21
20
254
46
1
1,400
300
354
96
1,300
120
100
135
134
700
Jan
1% June
231
231 20,700
% 8,900
231 June
X June
2% June
35 June
12
335
113£
331
35
135
1831
19%
10
431
131
15%
16
10
131
7
331
131
35
12
2%
1435 53,300
1,000
336
3,400
1 31
231 31,400
125
2035
75
20
100
10
531 4,400
136 4.200
650
163
,
1
23
27
100
10
200
131
100
7
900
335
7,400
235
1,400
131
1434 8,500
431 6,500
331
334
331
4235
46
231
44
34
12%
3%
31
1%
431
135
1535
23
2
331
5%
1,500
6.600
113£
235
%
%
8
9
10
2
'Is
634
10
5
1
4
231
31
34
431
35
Feb
Jan
Jan
Apr
Apr
May
June
Apr
Mar
Feb
Feb
May
June
Mar
Apr
Feb
Feb
Mar
Mar
2% Apr
14 Apr
1531
335
1%
234
2034
20
10
5%
154
16%
23
10
131
7
3%
2%
131
1536
4%
June
June
June
June
June
June
June
June
June
June
June
June
June
June
May
June
June
May
May
4
June
5% June
Sates
Friday
Last Week's Range for
Week.
of Prices.
Said
Stocks (Continue) Par. Price. Low. High. Shares.
Atlantic Coast Fisheries- •
23£
Atlas Plywood Corp
435
454
• 1531 14%
Atlas Corti own
4131
23 preference A
•
6%
Warrants
731
3
Automatie-Vot Mach. •
454
Aviation Secure of N E__1
Axton Fisher Tob el A...10 53
52
Babcock & Wilcox
49
100 50
Bellanes Aircraft v t a.. __1
231
Beneficial Indus Loan--• 13% 1231
7
•
Bickfords Inc corn
2031
82.50 cony pref
•
•
Bliss (E W) Co
3%
3%
Blue Ridge Corp
3%
Common
3%
• 35
6% opt eonv pref
3434
Boston dr Maine RR
40
Prior preferred
100 40
Botany Consol Mills
1
•
31
•
Bourlois Inc
4%
Bower Roller Bearing- •
8%
•
Brill Corp class A
2
•
1
Class 13
Ballo Manufacturing.-r
831
8%
British Amer Tobacco Ltd
Amer deposit rota bearer_
21
British Delanese Ltd235
Am dep rets reg stui
Brown Co6% pref
100 1131 10
BUrCO Inc
53 cony pref
•
30
Warrants
34
Burma Corporation
Am dep rots for reg abs...
2%
231
Butler Brothers new.... _10
535
5%
Cable Radio Tube v
Si
Si
Carnation Co
1531
• 15%
Carrier Corp
•
835
931
Celanese Corp of America
7% let partic pref__..100 z90
z87
7% prior preferred.....100 z8131 z81%
Celluloid Corp corn
g
•
8
let preferred
41
41
Centrifugal Pipe Corp.. •
4%
Cherie Corp corn
11%
•
Chicago Corp corn
1
335
Childs Co pref
100 2035 20
Cities Service 00011:0011 -.•
3%
4%
Preferred
• 22% 21%
Prefered B
23i
231
•
Preferred BB
1931
•
City Auto Stamping Co....• 1531 15
Claude Neon Lights
1
13.4
Cleveland Tractor
3%
3%
•
Colt's Patent Fire Arms_25
1435
Columbia Pictures
19
•
Range Since Jan. 1.
Low,
High.
600
235
1,000
631
1831 125,100
700
42
8% 29,700
200
3
200
454
450
55
51
200
700
2%
1335 3,000
200
735
200
2031
4%
1,000
1
135
5%
33
2%
14
354
2554
25
114
:834
4
1534
1
Jan
Apr
Apr
Mar
Feb
Jan
May
Feb
Jan
May
Apr
May
Apr
Feb
2% May
6% June
18% June
4354 May
834 June
335 June
434 June
Jan
55
June
55
235 May
13% June
734 June
204 June
4% June
431
3654
6,300
8,700
I% Mar
2134 mar
4% June
36% June
40
191
435
834
231
1
1035
100
1,400
1,100
100
300
100
2,200
22%
31
2%
73
,
5
34
34
6%
Jan
June
Apr
May
May
Jan
Feb
40
1%
4%
9
331
154
1134
June
June
June
May
May
May
Apr
2134
600
16
Mar
21% June
2%
12
4,000
100
1
3
Apr
May
2% May
12 June
30
54
100
1,100
30 June
34 May
30 June
31 May
2%
654
31
1631
11%
2,000
2,800
200
800
8,300
1%
154
4
554
4
Feb
Feb
Jan
Mar
Feb
2%
6%
34
18
11%
950
96
325
84%
1,500
11
200
41
600
431
300
12
431
300
100
21
535 207,300
3,600
27
700
331
140
2235
800
1735
Ig 8,300
700
4%
1435
100
200
1935
27
51
2
20
24
7
34
654
s2
1034
1
5
5
34
1%
8
841
Apr
Apr
Apr
Jan
Jan
Apr
Mar
Mar
Feb
Mar
Apr
Apr
May
Apr
Mar
Jan
Feb
08 June
8634
June
50 June
434 June
June
12
4% June
June
21
8% May
May
30
33£ June
May
25
18 June
June
2
454 June
153-4 may
191 June
4
June
June
June
May
June
Ma y
1394
•
Sales
Friday
Lasi Week's Range for
Week.
Sale
Of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Consolidated Aircraft._•
Consol Automatic MerchCommon v t c
$3.50 preferred
•
Consol Retail Store
Consol Theatres v t c
•
Cooper-Bessemer
•
•
$3 pref class A w w
5
Cord Corp
1
Corroon & Reynolds
Courtlauds Ltd
Amer dep rcts ord.__.£1
25
Crane Co corn
Crocker Wheeler Elea_-•
Crown Cork Internal A..
Cuneo Press corn
Davenport Hosiery Mills.*
•
Deere& Company
Detroit Aircraft Corp__ •
•
Dictaphone corn
Dixon (Jos) Crucible...100
•
Doehler Die-Casting
•
Dow Chemical
10
Driver-Harris Co
100
7% preferred
Hubner Condenser corn
Duval Texas Sulphur____.
Eastern Utll Invest A...."
Easy Wash Mach el B____•
•
Eisler Electric Corp
Elea Power Assoc corn _ _ _1
Class A
1
Electric Shareholding
Common
•
$6 cum pref with warr *
Ex-Cell-0 Air & Tool__ •
Fairchild Aviation
•
Fajardo Sugar
100
Fanny Farmer CandY
•
Fansteel Prod Co
•
Fedders Mfg class A
Federal Bak Shops
Federal Capital Corp__ *
Federal Mogul Corp
E D Corporation
•
Ferro Enamel Corp
•
Flat Amer dep rts
Film Inspection Mach__ •
First National Stores-.
7% 1st preferred_ __100
Fisk Rubber Co
Preferred
100
•
Flintokote Co ci A
Ford Motor Co Ltd
Amer dep rcte ord reg.
Ford Motor of Can el A_.
•
Class 11
Ford Motor of France
Amer dep rcts
Foremost Dairy Prods__•
•
Cony preferred
Foundation Company
•
Foreign shares
Franklin (H H)Mfg
7% preferred
100
Garlock Packing
•
General Alloys Co
•
General Aviation Corp. 1
Gen Elec lid AM dev rcts •
General Fireproofing
•
•
Gen Rayon A stock
Gen Theatres Equipment
$3 cony preferred
•
General Tire & Rubber_ _25
Gilbert (A C) common__ •
Glen Alden Coal
•
Globe Underwriters
2
Goldblatt Bros
Gold Seal Electrical
1
C.odchaux Sugars cl B
*
Gorham Inc common A_ *
$3 pref. with warn
•
Gorham Mfg corn v t _.
•
Grand Rapids Varnish_ •
Gray Telep l'ay Station_ •
GS Alt & Pao TeaNon-vol corn stock --•
7% 1st preferred____100
Great Northern Paper...25
Greenfield Tap & Die__ •
Greyhound Corp corn_ __.•
Grocery Stores Prod vtc 25c
1
Guardian Investors
Hall Lamp Co
•
Happiness Candy Stores...
Hazel Atlas Glass Co....25
Hazeltine Corp
•
Helena Rubenstein
•
Ileyden Chemical
10
ey wood Wake field new 25
Hires(C E) class A
•
Holophane Co corn
•
Horn (A C)Co corn
Horn & Harden corn....'
Huyler's of Delawarepref stamped. _100
-Hydro Electric Securitles_*
Hygrade Food Prod new_ _5
•
Ilygrade Sylvania
Imperial Chem Industries
Amer dep record reg __El
Imperial Tobacco of Can.5
Imp Tob of Gt Brit & Ireld
Amer dep rec ord shs_ Ll
Indus Finance v t c
10
Insurance Co of No Am_ 10
Internati Cigar Mach _ _•
International Products...'
Internatl Safety Razor B_•
Interstate Equities Corp.]
50
23 Cum pref ser A
Interstate Hosiery Mills_
Irving Air Chute new..._1
Jonas & Naumburg com _ _•
Jones di Laughlin Steel-100
Klein (D Emil) corn
Kleinert Rubber corn _.__•
Kolster-Brandes Ltd
£1
Amer shares
Lakey Foundry & Mach _ _•
1
Letcourt Realty new
•
l'referred
Lehigh Coal & Navigation •
Lerner Str Corr.
-Common
•
100
6343' pref w w
Libby-McNeil & Libby.10
•
Louisiana Land & Explor.
•
Mange) Stores corn
6x '.. pre! with warr-100
•
Mapes Consul Mfg
4251
Financial Chronicle
Volume 136
8.34
14,400
6.%
5,700
900
36
1034
134
6%
9
654
634
15
1936
36
11
523%
17%
174
134
9%
834
6%
5535
435
2%
5%
41
6
43%
10
Low.
High.
Mar
834 June
i. Jan
i
34 May
'III Jan
June
1
Mar
1
454 Mar
43% Feb
34 Apr
74 June
1
1
134
134
735
1854
1234
2
June
June
June
June
June
June
734
Mar
Mar 10
Fel
83%
734
Jan
Apr 15
Apr1234
Max
2134
"re
Jan
May 11
May 43%
Feb5
Mar 58
Feb24
June 67
134
Fel
Feb235
2%
Apr
534
Jan
Apr
1%
Apr 1234
1134
Apr
June
May
June
May
May
June
June
June
June
June
June
June
June
June
June
May
June
June
June
June
June
9%
5934
5
2%
65
10
3
6
1
234
435
8
13%
1434
134
June
June
June
June
June
June
May
June
May
June
June
May
June
May
June
80 10834 Mar 113
110 110
A Apt
7%
534 7% 44,500
3,100 18
Jan 46
38
46
1,400
134 Feb
7
5% 6
May
June
June
June
100
134
1%
1% 4,700
1
63-4 734 1,700
300
17% 18%
12% 40,800
10
600
1% 2
6%
9
634
6%
15
1134
17
%
11
39
4
52
17
65
1
I%
2
4%
134
9
8%
6%
55
434
2
64
10
2%
6
1
7%
9%
8%
734
15
1234
21%
%
11
39
4%
57
24
67
1%
235
2%
5%
135
1254
11%
9%
59%
435
2%
65
10
274
6
1
234
12%
Range Since Jan. 1.
474 434
734
1035 13%
14%
14
34
4,400
900
7,300
5,900
300
500
19,700
14,700
50
10
400
1,900
2,700
20
2,700
2,000
1,300
1,300
2,700
14,400
23,200
4.300
400
100
4,600
800
100
200
100
200
400
10
100
20,500
300
2,000
434
434
254
234
9%
6
534
34
5
35
134
30
3%
50
hi
34
34
136
34
236
2%
254
35
134
34
22
10
13%
234
34
%
4%
334
1034
9
34
Mar
Apr
Feb
Apr
Mar
June
Apr
Jan
Feb
Feb
June
Mar
June
Mar
June
434 4%
9% 1234
23
19
9,900
9,600
175
254 Feb
434 Feb
936 Feb
5
13
26
June
June
June
June
434 Jan
1% May
3 June
3%
1
334
334
134
3
300
2,900
400
3
Ma
34 May
1
May
3%
154
334 4%
1%
134
8%
7
9%
9
I% 234
8% 9%
83.1 9
8
9
214 10
1,600
1,40
250
600
5,100
7,2(0
2,400
200
6,800
2%
34
3
4
%
2%
6
234
34
Mar
Jan
May
Mar
Mar
Jan
Jar
Feb
May
4%
1%
8%
934
2%
10
9
9
10
June
June
June
June
June
June
June
June
June
31 5,200
%
2,375
81
72
100
2% 2%
10,100
1354 16
5% 634 1,800
50
27% 2754
154 20.100
4.000
634 834
100
2
2
600
19
16
9,400
15
20
900
434 6
250
15
16%
34
23
1%
6%
4
27%
34
2%
2
9%
6
434
834
Feb
Apr
Feb
Apr
Feb
June
Jan
Apr
June
Jan
Jan
June
Apr
34
,
87
234
1734
634
2734
1%
834
5%
19
20
6
2034
June
June
June
June
June
June
June
June
June
June
June
June
Feb
234
2
834
854
4
34
73
15
:651
3-6
7%
1736
16
400 128
162 175
Feb 181% May
162
Jan
150 118
Mar 124
120% 119% 120%
150 11
22
May
Apr 23
20
4% June
100
334 334
1% Apr
215 May
1% 1% 6,200
I% June
900
2
May
1% 1%
% Jan
1%
134 June
400
54 June
154
.4
134
1,800
1% Mar
7% June
5
755
June
h Mar
700
%
34
34
May 67% June
61% 59% 83% 10,500 44
100
336 June
1% Mar
3% 3%
134 June
300
% Mar
1% 1%
June
8
Apr 15
400
15
14
234 June
234 June
100
254 254
1934 Feb
50 17
Apr
18
18
1% June
134 June
100
1%
134
1% May
100
134
134
134 June
975 17% Jan 25% June
22% 2234 2534
z22%
7%
534
24%
554
41
25
234
254
1%
19%
7
1%
7%
1-4
154
1074
22
23
734 8%
5% 6%
24% 24%
5
8%
5%
8%
300
2,100
2,700
100
500
200
20
3%
2%
13
June
Mar
Mar
Feb
4% May
634, Feb
27
8%
7%
27
June
June
May
June
5% June
934 June
2034
900
3
800
43%
900
100
25
4
4,400
234
100
1% 11,900
23% 2,100
1434
500
94 3,700
2% 9,000
50
160
10
800
9%
800
15
A
25
15
34
1%
%
9
7%
4%
34
19
10
2
Feb
Apr
Mar
Mar
Feb
Mar
Jan
Apr
Jan
Apr
Feb
Jan
Feb
Apr
2034
3
44
28
4
234
13.4
24
14%
815
2%
52
10
934
June
June
June
June
June
June
June
June
June
May
June
May
Feb
June
34
154
800
1,80
1,300
300
654
10% 14
14,200
34
34
%
3
554
Mar
Jan
May
Apr
Apr
1%
134
235
735
14
June
May
June
May
June
100
7% 7%
38
400
37
5% 8% 14,000
2
3,700
1
1%
100
I%
14
50
14
100
33
33
4
17
1%
54
1%
916
21
Jan
Feb
Feb
Apr
June
Jan
Feb
734
38
8%
2%
1%
14
33
June
May
June
May
June
June
June
2074
2
41
25
234
2%
134
1935
14
7
1%
46%
10
7%
34
1%
1%
Sales
Friday
Last Week, Range for
Week.
of Prices.
Said
Stocks (Continued) Par. Price. Low. High. Shares.
Nlarion
•Steam Shovel_ _ 2
Maryland Casualty
134
Mavis Bottling el A
40%
Mayflower Assoc
McCord Radiator & Mfg
Class B
Mead Johnson & Co corn •
Mergenthaler Linotype •
134
Merritt Chapman & Scott•
•
Mesabi Iron Co
10
134
Michigan Sugar
8%
Midland Steel Prod
Midvale Co
Minn-Honey Reg Iret--10
0
Mississippi River Fuel
Warrants
Mock Judson Voehringer.*
•
Modine Mfg Co
Montgomery Ward & Co
•
Class A
Moody's Investors Service
Participating preferred.' 22%
•
Moore Corp Ltd
100
7% A preferred
.
Moore Drop Forging
Morgan Lithograph
54
•
Muskogee Co
•
Nat American Co
•
g%
National Aviation
1
Natl Belles Hess com
334
National Bond & Share_• 3334
..*
National Container 52 pf.
Natl Dairy Prod pref A_100
3
Nat Investors common___ I
New 534% preferred_ _1
Warrants
154
2%
National Leather corn...'
1
1
Nat Service common
334
Cony part preferred_ _ _*
• 11
Natl Steel Car Ltd
9
Nat Steel warrants
Nations'Sugar Refining- •
•
34
Nat Toll Bridge A corn
13-4
1
Nat Union Radio corn
Nelson (Herman) Corp_ 5
•
Newberry (J J) Co
100
7% preferred
.
New England Grain Prod__ ___ _4
134
New Mexico & Ariz Land_ 1
*
New Process Co
N Y Merchandise Co _ _ _ _* 12
New York Shipbuilding
874
1
Founders shares
7
Niagara Share of Md el B-5
• 1534
Niles-Bement-Pond
Nitrate Corp of Chile
%
CUR for ord B sbares---154
Noma Electric Corp
•
Northam Warren pref
Northwest Engineering__ •
Novadel-Agene Corp- _ _• 48
•
Ohio Brass class B
5
63%
011stocks Ltd
*
Outboard Motors cl B_
•
Class A cony pref
Overseas Securities Co__ •
1
334
Pacific East Corp
Pan-American Airways_ 10 3954
634
Paramount Motors
• 2054
Parke Davis & Co
10
Parker Pen corn
• 43%
-Proof
Parker Rust
"
Patterson Sargent
Pender (D) Grocery A. •
•
Class B
3%
Pennroad Corp new v t 0_1
100 6534
Pepperell mfg
Philip Morris consol A._25
Phillip Morris Inc
10
Phoenix Securities
1
13%
Common
.
$3 cony pref ser A __ _10 22%
*
454
Pierce Governor
Pilot Radio & Tube el A- •
Pines Winterfront
5
.
Pitney-Bowes Postage
•
4%
Meter
Pittsburgh Plate Glass__25 30
1%
.5
Potrero Sugar new
Powdrell & Alexander....'
* :1831
Pratt & Lambert
•
Prentice Hall
•
Process Corp corn
Propper McCallum Hosiery
.
Mills corn
•
854
Prudential Investors
Public Utll Secutitles•
335
27 panic pref
Pub Util Holding corn
•
Without warrants
74
Iii
Warrants
$3 cum preferred
•
10
3%
Pyrene Mfg Co
•
Quaker Oats com
Railroad Shares Corp_- •
Railway & ULU Invest CIA'
Rainbow Lumin Prod
•
Class A
34
.
.3-4y
Class B corn
Raytheon Mfg v t a
53-4
•
Reeves (Daniel) corn
•
Reliable Stores Corp
3%
Reliance International- _.•
Reliance Management_ _ _•
Republic Gas common...'
10
154
Reybarn Co
•
Reynolds Investing
54
•
Richman Bros Co
1%
5
Roosevelt Field Inc
Ronda International
34
Royal Typewriter
•
Runerroid Co
•
Safety Car Heat&LIght 100 36
534
10
St Regis PaPer COm
100 50
7% preferred
Schiff Co corn
• 1254
Schulte Real Estate
•
Scotten Dillon Co
10
Scoville Mfg Co
25 22
Securities Corp Gen
•
7
Seaboard Util Shares new 1
54
Securities Allied Corp_ _ _.*
• 35
Seeman Bros Inc
Segal Lock & Hardware..'
I%
•
s
Selberling Rubber
Selected Industries 100
Common
1
334
25
$535 prior stock
Allotment certificates... :58
Sentry Safety Control. _ _ _•
54
&ton Leather Co
• 1134
2,300
5
4
600
4% 5
134 21,600
134
300
4034
40
2
4%
60
.57
27
3454
134 2
1% 1%
8% 12
26
26
6934 70
200
400
350
3,700
400
400
900
100
50
Range Since Jan. 1.
Low.
High.
5% June
% Feb
1% Apr
54 Jan
jjune
un
451
4
0 Junune
27
Mar ! ee
1
38%
20
34
A
%
134
11
5%
Feb
Feb
Apr
Jan
May
May
Apr
Mar
Apr
2
2
434
5
11% 13
100
150
300
1% Jan
4% June
1134 June
75
78
540
Feb
400 14
23
400 10 June
11
10 73 June
73
% May
100
15
34 June
200
34
7% June
100
734
34 Jan
1,300
1
4% Apr
5,300
9%
% Jan
49,100
4
Feb
500 :20
35%
100 10% Feb
20
200 7634 Feb
92
Feb
33.4 8,700
Apr
75 24
40%
34 Apr
4,000
2
% Feb
2% 4,700
1% 9,500
34 Mar
Feb
600
334
450 11
June
13%
34 Feb
1,100
13%
39% 2,300 224 Feb
7,300
34 June
34
2% 2,700
36 Jan
2% Mar
100
4
200 10
Apr
15%
50 65
May
7934
100 10
Feb
20
3,400
34 Jan
1%
100
9% June
10
100 12
May
12
June
June70
2
13
5
June
46% Feb
22%
10
73
15
%
734
34
834
3
33%
20
89
2'%
40
134
2%
%
334
11
9
3754
54
134
4
15
7934
20
1%
10
12
May
69
34% June
25.4 June
MaMay
" June
1
June
12
June0 mu
86%. Juneia
2
6
7
15
934
9
1734
6,400
8,700
3,400
134 Jan
Apr
3
4% Apr
June
June
June
23
11
73
15
June
June
May
June
June
934 May
4
June
7131
3 i
2
r
92
4
6
46
3
23.4
j e
Jun
une
June
June
June
m ay
June
2% May
May
141 June
61
June
h u
397-4 June
Nim
1294q Juaan
JuneMay
79% June
e
2054 June
1
10
12
June
May
9% June
Julie
17% June
8,100
300
1%
100
37
200
73.4
53% 3,700
500
13%
300
6%
1,700
1%
300
235
400
5
4% 12,500
4235 2,000
734 3,000
2134 3,100
100
6
52% 3,450
100
20%
317
2934
700
13
42,200
670
65% 70%
100
24
24
2,700
335 4
I o
;6
2834
2
34%
6
3
%
134
34
1%
20
274
12%
334
2054
10%
15
10
134
2654
15
1%
Jan
Ma
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Apr
Apr
Feb
Feb
Mar
Ma)
Mar
Apr
Mar
June
Mar
Feb
Mar
Feb
54 June
2
Jan
40% June
8% May
53% June
June
16hq June
4
154 June
2% June
June
4%
5
4234 June
83( May
22% May
May
7
54 June
20% June
29% June
13 June
3% June
7754 May
June
24
June
1% 3% 19,900
1,500
2134 2235
500
534
435
1
1% 2,700
100
3
3
Its
974
134
34
3
Mar
Feb
Apr
May
June
:
4
3
June
23 June
6% June
May
2
3 June
4
53-4 10,900
33% 4,520
30
300
134 1%
100
26% 2634
100
z18 3% :1834
50
15% 15%
100
43.4 4%
2
13
54
8
10
10
434
Feb
Feb
Mar
Feb
Jan
Apr
June
535
33%
2%
26%
20
1554
654
June
June
June
June
June
June
May
3
9
Apr
June
34
1%
37
734
48
12%
634
134
2%
4
3%
39
574
2034
6
42
20
29%
10
134
2%
9
300
9,300
334
3%
50
35 May
Feb
3
1
Apr
334 June
11,400
341
9,300
731
3-1
734 774 1.000
300
3% 4
40
120 120
600
1
1%
2,300
3.41
in
In
1%
2
64
%
34
1
7n
7%
May
554
Mar 125
Mar
I%
June
3
500
134
2,000
800
534
100
24%
100
3%
900
4
100
2%
r3-4 5,800
600
2%
% 5,400
200
44%
1% 1,500
1,900
1 34
200
9%
100
31
300
45%
6% 65,500
700
56
200
13
1,100
1%
100
1934
420
22%
1,000
11
1% 4,000
100
16
1,100
38
1% 5,500
7
2,500
g
A
2
15%
54
154
54
34
h
54
25
54
34
554
15%
16%
154
1254
6%
35
18
975
2
34
Apr
Feb
Feb
Jan
Apr
Feb
May
Feb
Apr
Mar
Mar
Jan
Mar
Mar
Feb
Feb
Mar
Mar
Feb
May
Jun
Feb
Apr
An
Feb
28
Jan
54 Jan
1% Apr
I%
54
8
24%
5
4
3
%
254
%
44%
154
154
10%
31
4754
674
56
13
254
1934
24
11
154
16
38
1%
7
May
May
June
June
June
June
June
June
June
June
June
June
June
May
June
June
June
May
June
May
June
June
June
June
June
June
3
4% 20,600
56
59%
650
65
1,250
s58
35
34 2,200
11% 6,900
9
74
33
2654
34
14
Fe
Mar
Mar
Jan
Apr
4%
6054
65
%
1154
June
June
June
June
June
34
34
534
2434
335
3%
2%
%
1%
34
4234
134
%
9%
31
36
434
50
12%
1
1934
22
7
34
16
35
134
5
Feb
Jan
Mar
June
Apr
June
June
June
June
June
June
June
4252
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
WStocka (Concluded) Par Price. Low. High. Shares.
Shenandoah Corp
Common
1
$3 cony pre(
25
Sherwin Williams com 25
6% preferred AA_ _100
Singer Mfg
100
Smith (L C) & Corona
Typewriter v CO
•
Smith(A 0)Corti
•
Southern Corp common_ •
Southwest Dairy Prod_ __•
Spanish dt Gen Am dep...£1
Speigel Nfay&Stern pfd 100
Stahl-Meyer corn •
•
Standard Cap & Seal. _5
Standard Investing Corp
55% cum cony pref____•
Starrett Corporation new 1
6% pref new
10
Stein Cosmetics corn
Steel Co of Can ord
Stein & Co corn
•
6% preferred
100
Stetson (John 13)
•
stinnes(Hugo)
•
Stutz Motor Car
•
Sun Investing Co
•
53 cony preferred
•
Swift & Co
25
Swift Internacional
15
Taggart Corp common. •
Tastyeast Inc class A____•
Technicolor Inc corn
•
Thermoid Co 7% pref__100
Tobacco & Allied Stocks •
Tobacco Products Export-•
Todd Shipyards
•
Torrington Co of Me.
._.°
Transoont Air Trans
•
Trans Luz Pict Screen
Common
1
TM-Continental warrants__
Triplex Safety Glass
Am
rcts ord reg..£1
Tubize Chatillon Corp
1
Class A
1
Tung-Sol Lamp Wks.--.•
$3 cony preferred
•
Union Tobacco Co
United Carr Fastener corn •
United Dry Docks
•
United Engine & Fdy_
United Founders
1
United Profit Sharing__._•
10% preferred
10
United Shoe Mach com_25
Preferred
25
United Stores Corp v t c •
U S Dairy Prod B corn...•
U S Envelope Co
100
US Finishing corn
•
U Foil class B
1
US & Internatl Secur
•
1st pref with ware
•
U S Lines Inc pref
U S Playing Card com_ 10
S Radiator Corp
•
7% preferred
100
U El Rubber Reclaiming..'
U S Stores v t c com
•
United Wall Paper Fact_ *
Universal Insurance__ _20
Universal Pictures
•
Utah Radio Prod
•
Utility Equities common...
Priority stock
•
Utility & Indus Corp..._'
Cony preferred
•
Van Camp Packing
7% Preferred
25
Waco Aircraft Co
•
Wagner Elec Corp
15
Waitt & Bond class A_
•
Class B stock
•
Walgreen common
•
Hiram Walker-Gooderham
& Worts Ltd corn
•
Cumulative pref
•
Watson (John Warren)._•
Wayne Pump Co
•
Convertible preferred.
.•
Western Air Express_ _10
Western Auto Supply
Class A common
•
Western Cartridge
6% preferred
100
Western Maryland Railway
7% 1st preferred_ _100
West Va Coal & Coke
White Sewing Machine
Deb rights
•
Wil-low Cafeterias new 1
Williams(R C)& Co
•
Woolworth (F W) Ltd
Amer dip rots for ord she
Public Utilities
Alabama Power $7 pref..•
$6 preferred
•
Am Cities Pow & Lt
Cony clams A
2$
New class B
1
Amer Common'Ith Power
Class A common
•
Common class 13
•
$7 1st pref ser A
Amer & Foreign Pow warr_
Amer Gas & Elea corn
•
Preferred
•
Amer L & Tr com
25
Amer Sts Pub Serv cl A. _•
Am Superpower Corp corn*
1st preferred
•
Preferred
•
Arkansas P & L $7 pref _•
Assoc Gal & EleoNew common
.1
Class A
•
$5 preferred
•
Warrants
Assoc Telep URI cora_ ___•
Bell Telep of Can
100
Brazilian Tr L & P ord___•
Buff Niag dr East Pow...25
$5 1st preferred
•
Cables & Wireless LtdAm dep rein A ord shs_f
Am deo rcts 13 ord shs.E1
Cent Bud G & E vtc__ •
Cent A So'west Util57 prior lien pref
Range Since Jan. I.
Low.
High.
Friday
Sates
Last lVeek's Range
for
Public Utilities
Sale
of Prices.
Veek.
(Concluded)
Par. Price. Low. High. Shares.
June 17 1933
Range Since Jan. 1.
Low.
High.
3*4
Cent States Eke new coml.
3%
44,000
154 Feb
451 June
$7 preferred
20
100
20
50 12
June
Jan 20
6% preferred x-warr_100 19
19
18
325
6
Apr 18 June
Cony pref opt ser '29.100 1536 1535 22
175
Jan
22 June
7
Cities Sell, PA L 57 pf __• 22
22
22
50 11
Mar 24
May
150
Cleve Elec Ilium corn.-.• 31
32
1,100 20% Mar 32% Jan
30
Columbia Gas & Elec4% 5
200
Feb
6 May
1
Cony 6% 9rer
112% 135
100 118
5,000 88
Apr 135 Juno
4534 45% 5235 2,900 11% Fob 5251 June Commonwealth Edison.100 6951 67
73
5,400 50
Apr 82% Jan
2% 235
% Jan
300
254 May Common & Southern Corp.
35 1%
131
1,000
June
1% June
Warrants
34 1% 266,600
III Apr
134 June
2,600
54 June Community Vat Serv newl
34
114 Jan
51
131
134 136
600
2% June
34 May
40% 43
100 15
Apr 43
June Community P & List pref'
12% 1236
100 1234 June 1236 June
9
9
10%
2;6 Apr 14
June Consol GE L&P Bait cam • 81% 61% 70% 8,300 43% Apr 7016 June
500
28% 2835
100 17% Apr 29% June Cont'l G & E
66
pr pf_100
64
75 3551 May 66
June
Duke Power Co
69
65
300 38% Apr 69 June
10
17% 17% 17%
100
Feb 20
June East Gas & Fuel Assoc...' 1031
6
1051 11% 1,900
4
Mar 12% June
1
11,900
2
% Apr
2
June East States Pow corn 13._•
356 431 13,700
3%
4% June
134 Mar
34
2% 331 2,700
ill Apr
3% June
$7 preferred series A_ •
2736 30
550 16
May 30 June
1
2
235 2,200
54 Feb
24 June East Util Assoc corn
750 1335 Apr 22;6 Jan
• 1936 1931 1931
2736
26
325 26
June 27% June
•
Cony stock
435 4% 3,700
135 Apr
5 June
8
8%
100
431 May
8% June Edison El Ilium Bost _100
162 162
10 132% May 174% Jan
z80 z80
50 70
Jan
Mar Elec Bond & Share com...5 32% 3035 41% 737,800 10
80
Feb 414 June
50
8% 951
8% Feb
9% June
$5 cumul preferred....' 52
52
59% 2,500 22% Apr 5951 June
156 1%
900
% Apr
1% June
$6 preferred
66
4,900 25
• 5556 55
June
Apr 66
13% 164 4,300
16
8% Feb 17% Jan Electric Pwr & Lt 24 pi A • 25
29
25
775
June
4% Feb 29
200
5
1% Feb
5
June
5
Option warrants
531 735 5,800
651
751 June
1% Feb
35
35
35
200 21
Feb 35
June Empire Dist El 6% pref 100
16
17
100
Mar 18% June
6
234 60,100
18
1931
Feb
2356 June Empire Gas & Fuel
7
28% 2735 32% 15,500 12% Feb 32% June
14
13
6% preferred
50
100 13
6
Apr 21
ay
4
436
900
36 Apr
456 June
7% preferred
20
20
50
100
7% Apr 25 June
Tie
16 Apr
35
56 2,100
June
8% preferred
22
150 10
20
100 20
Mar 25 June
735
5,500
7
2% Feb 10% May Empire l'ow part stk_
931
1531 1531
100
656 Mar 15% June
•
34
29
25
550
5
Feb 34
June Empire I'ub Serv A
ri
200
711
•
June
54 Juno
32
32
100 22
Jan 37
May European Electric Corp
1%
1%
151
1,700
56 Jan
June
1%
5
Class A
6% 12,200
5
10
651 June
2% Mar
20% 20% 2031
100 10% Fe
21
June
Option warrants
18,400
% Apr
June
it 1
1
36% 36%
50 30
Ma
3656 June Florida P & L $7 pref____• 27
550 12
31
27
Mar 3354 Jan
4,400
535
5% 5%
2% Jan
635 May Gen Pub Serv $6 pref____• 4636 4636 50
530 1854 Mar 50
June
Georgia Pow $6 pref
64% 685i
275 43% Apr 7014 Jan
• 65
2% 336 3,800
3% June Hamilton Gas corn v t c_ _1
1% Mar
34
34
% 1,400
35 Jan
3i June
3% 2,400
% Apr
95
3% June Hartford El Light
55
50 4835 Ma
55
Jan
57
Illinois P & I. $6 pref.__ _• 244 2151 2756
800 1835 Apr 3451 Jan
10
10
600
1031 May
5% Feb
6% cum preferred_ _100 26
2351 27
200 26
June
June 27
12
1556 9,900
12%
2
Apr
16
May Internet Hydro-Elec28
27% 30
1,500
June
8;6 mar 30
$3.50 cony preferred
1,425 11
2154 26%
• 22%
Apr 26% June
8
9%
8%
600
935 June Internet! utility
134 Jan
200
19
20
716 Jan 20 June
Clam A
600
10% 11
•
June
5
Apr
11
36
h:
14 14,700
June
May
Clean B
56
2%
1
251 351 33,300
34 Feb
334 Juno
6
700
14 Feb
6
May
Warrants
2,600
3-1
N
54 Feb
36
35 June
156
1%
154
1,600
51 Mar
1% June Interstate l'ow $7 prof •
19
190
23;6
556 Ma
23% Juno
20
20
100 20 June 20 June Italian Superpower A____•
5,900
235
2% 3
36 Feb
3 Juno
IN
2% 145,100
2% June
Warrants
36 Apr
54
51 Mar
34 2,500
June
1
2%
244
800
56 Mar
251 June Long Island Ltg6
6
30
651 May
• 13% 13% 15% 40,800 10
June
6
Common
Slay
1536 June
49
48
49%
1,12
30% Mar 49% June
7% preferred
73% 7835
130 59
100 73%
Apr 82% Feb
31
31%
5
30% Mar 31% June
25 4834 Apr 74
6% pref class B
68
68
100
Jan
34
16 Jan
51 6,10
51 June Marconi Wirel T of Can..
131 2% 84,000
51 Apr
1%
2% June
2
256
1,900
24 June
Feb
1
MassUtilAssocvtc
5,700
235
254 336
•
1% May
3% June
751 74
7%
100
756 June Memphis Nat Gee new 5
7% June
434 551 2,100
435
2% Feb
8% May
5% 7
2,20
5%
36 Feb
June Middle West Util corn..'
7
51 May
54
4 Jan
35
51 9,100
z755 834
3,10
24 Apr
$6 cony pret A
8% Juno
600
•
2% 3%
51 Apr
351 June
156 2
135
2,900
June Miss River Power pref.100
2
.16 Jan
8856 89
30 75
June
Apr 89
48% 46% 52
1,600 17% Mar 52
June Mohawk & Bud Pwr 1st pf•
76
25 68
78
Feb
May 85
111
116
1,200
116 June Monongahela West Penn
16 Jan
19
19
23
1,100
8
Mar 23
Pub Serv 7% pref__ _25
June
50 1416 June 14% June
1456 14%
316 3%
20
14 May
3;6 June Montreal Lt, lit & Pr_ _ _ _• 3136 3116 35
400 21% Apr 35
June
956 935
100
956June 10
June Mountain Sts Tel & Tel 100
10 80% Apr 100 June
100 100
400
131
51 May
116 June National P
1,000 34
$6 prof..'
7216
70
Apr 72;6 June
100
34
June Nev Calif Elec corn _ __ _100 12
1
36
% June
100
12
12
June
9
15
May
2% 334
500
54 Jan
356 June New England Pow Assn
7
50
7
3
Jan
June
7
56 preferred
860 2834 Apt 5756 June
5755
• .52
51
635 635
50
1
Fe
656 June New England Pub Serv2
2%
20
2
256 June
June
$6 prior lien
20 19% Feb 29% June
29
2956
•
335
6,40
44 June
Apr
$7 prior Hen
20 2256 Feb 305i June
•
30% 30%
49
46
47
62
Apr 49
25
June N Y Steam Corp corn600 35
45
43
Jan
Feb 45
•
235 3%
2%
WO
Feb
1
316 June N Y Telt* 635% pref._100
,
150 109% Apr 116% Jan
11551 11534
5
136 Apr
5%
7% 5,800
7;6 June Niagara Bird Pow
35
36
56 Jan
34 87,500
156 June
Common
12% 1551 91,100
8% Mar 16% Jan
15 1231
51
% 135 33,400
56 Jan
June
2
Class A opt warrant....
16,900
135 2
June
1%
Tat Apr
2
11
11
13
1,800 10
May
13% June
Class B opt warr
1,300
4
4
135 Mar
June
,
5
5
1056 1035 12
200
734 Apr 12
June
Class C opt warrants....
35
% 5,000
31 Feb
34 June
6
8
100
Jun
6
8 June Nor Amer Lt & l'ower_ _50
700
2
JUI1C
5% 735
Apr
3
3
400
;6 Ma
3 June
$6 preferred
125
1131 12
74 Mar
•
1354 Feb
17% 19% 2,500 1136 Feb 20
17%
June Nor Am Util Sec corn_
1
800
135
56 Mar
•
136 June
Nor States Pow corn A_100 40% 4035 46% 5,60
23% Apr 46% June
17
30,100
335 Feb 17
1551 14
May Ohio l'ower 6% pref...100
1)0 75
8135 8135
May 8156 June
735 Feb 14
1,800
10% 1035 13
May Oklahoma Nat Gas pref 100
150
635
454 Jan
8% 651
651 June
800
%
31 Jan
156 Apr Pacific 0& E 6% lit p126 23% 2335 24
%
1,900 21% Apr 2551 Jan
2
2
2%
400
24 May Pacific Lts $6 pref
Mar
34
26 78
83%
82
• 82
Jan
Slay 94
200
554 6
6
Ma
1
June Pacific Pub Serv15% 1551
100 11% Fe
15% Apr
1st preferred
100
5
57
4 Apr
5
5
5 June
•
Pa Gas A Elec class A_
300
8
7
51
Jan
•
18
20
200
June Pa Water & Power Co. •
9% Jan 20
200 39
5935
57
8
Apr 60
Philadelphia Co corn
1,900 z5
1731
13
Mar
•
1711 June
64
64
25 5335 AP
64
June Pub Serv of Nor Ills
38
150 22
38%
Apr 4331 Jan
•
Puget Sound P &
4931 50
110 40
Nfa
50
June
450 12
$5 preferred
2151 20
2534
urT
Apr 2% Ju i
28
1
1% 1%
100
156 June
54 Jun
$0 preferred
17
21%
17
180
8
Mar
June
Ry & is Seem. corn
1135 13
175
535 Apr
• 1136
June
13
600
36 June
51 June Rochester G & E 6% pt 100
%
83% 83%
50 80
87
Mar
Ma
135 2%
MOO
51 May
231
24 June Shawinigan Wet & Pow- •
,
13% 1835
825
Feb 16% June
8
11% 1135 13
1,200
4
Mar 13
June Sou Calif Edison
7% preferred series A.25 2534 2535 25%
900 2254 Apr
18
1,400 11% Jan 16% June
16%
6% pref tier B
25 2134 2134 22
1,725 18% May
516% preferred C
100 1716 Mar 2756 Jan
2031 20%
2
2
So Calif Gas6% pref A _ _25
100 20
2534 25%
une
Apr 3574 JFeb
24
180 37
5935 5935 65
Apr 6516 Jan Southern Colo Power A.25
GOO
5
61441 MayJu16, no
Jun
2
5335 55
20 3616 Apr 5656 Jan Southern Nat Gas corn...*
1
6,600
June
49
1
35
Iii Ma
34
Southern Union Gas
116 14
100
54 May
•
3236 3235 36%
400 2516 Feb 3636 June Standard Pr dr Lt com
June
1056 1656 4,600
311 May
• 103-4
5
056 Juno
6% 19,800
3
5%
Feb
Common class B
June
700
10
2% May
15%
•
Preferred
3916 49
1,700 16
• 45
Apr 33423
34 6,900
35
ris Mar
36
% Juno Swiss Amer Mee pref
JuneJan
3116 32
100 1814 Ma
,
rs
35 27,900
44 June Tampa Electric Co
'is Mar
31% 1,000 19% Apr 441.41 June
30
•
1% 1%
1% June Union Gas of Canada__ •
100
156 June
435 4% 3,500
1% Apr
691 44:1
8% 13% 12,900
1351 June United Corp warrants
256 Apr
9%
435 631 14,600
436
151 Ma
50
88,200 17% Mar 50 June United Gas Corp corn newl
4135 40
335 47 147,000
%
4%
1% Fe
87
300 694 Apr 91% Jan
89
Pref non-voting
3356 4131 12,400 13
• 37
Fe
2235 21% 28% 14,800 12
,
Apr 26% June
Option warrants
135 1% 23,100
i t'
l ll
414 : uu e
31 Fe
15i
234 235
400
1
Apr
235 June United Lt Pow com A..•
June
631 931 90,400
636
2
Ma
936 June
6% 9% 443,700
256 Mar
7%
Common clas 13
200
12
•
2%
12%
235 1-'el, 124 June
(3931 7434
800 52
Apr 7435 June
73
$6 cony 1st pref
• 3051 2914 4154 11,500
834 AD
43
50
2,000 15
Apr 50 June US Elec Pow with warr •
41,600
151
% Apr
2
Ju
4 june
131
z38 236
5
35
Apr 38
May
Warrants
14
June
51 4,200
'is Apr
3-4
Util Pow & Lt corn
2% 314 44,400
34 Apr
2% 3% 7,200
154 May
3% June
2%
Class 13 v t c
700
2
7
Mar
8
1% 24 30,600
1
24 June
Apr
7% preferred
675
23
100 23
54 Apr 2751 jju e
2731
3 4 J ue ee
4,590
64 10%
Slay
3
1035 June
he
Ist Apr
31 20,300
% June
Former Standard 011
56 Mar
1% June
% 1% 5,100
31
Subsidiaries
325 70
93
92
92
Feb 93 June Borne Scrymser Co
June
1034 10%
100
25 1031
13
6
Jan
6
1435 13% 18% 30,700
Feb 1634 June Buckeye I'lpe Line
36
500 25
50 38
Jan
393-4 June
3931
1,900 15% June 2251 Jan Chesebrough Mfg
193 20%
20
,
1
110 110
June
100 71
25 110
Apr 115
80
80
300 75
80%
Apr 92% Jan Eureka Pipe Line
150 20
100 2834 2834 2931
Mar 2951 June
Rumble Oil& Ref
73
9,300 40
87
25 78
Mar 87 June
1
200
1
Apr
131 June Imperial 011(Can) COUD--• 1035
20,500
1035 12
May
634 Mar 12
I. Feb
• 10% 10)6 11%
"le 39,50
3-4
nie June
Registered
400
Apr 114 June
13% 15
10% Apr 15
1,80
June Indiana Pipe Line
June
500
7
33-4 Feb
10
8
7%
National Transit...__12.50
1,800
834 951
8%
10
May
5% Apr
856 Ma
24% 27%
2756 June N Y Tran.sit
456 June
800
3
Feb
5 3% 3% 496
356
21
32%
3%
21
32
90
150
431
22%
3435
90
15935
4,500
1,900
3,425
10
200
1%
12%
12%
80
90
Feb
5
May 22;6
Mar 3956
May 91%
Mar 159%
June
June
May
June
June
'uManre
Volume
Sales
Friday
Last Week's Range for
Former Standard 011
Week.
of Prices.
Sale
Subsidiaries
Par Price. Low. High. Shares.
(Concluded)
Northern Pipe Line
10
Ohio Oil Co 6% pref...
South Penn Oil
25
Southern Pipe Line
10
So'west Pa Pipe Line.-_50
Standard 011 (Indlana
25
Standard 011 (KY)
10
Standard Oil (Neb)
25
Standard 011(Ohio) corn 25
Swan Finch 011corn
25
Other 011 Stocks
Amer Maracaibo Co
Arkansas Nat Gas corn..._•
Common claim A
•
Preferred
100
Carib Syndicate
25c
Colon Oil Corp corn
•
Columbia Oil& Gas vte...•
CoEden 011 Co
Common
•
Ctfs of deposit
Preferred
100
Prof ctfs of deposit.
.100
Creole Petroleum new..
__5
Crown Cent Petrol corn _ _ •
Darby Petroleum com___.
Derby 011 & Ref corn....'
Gulf MCorp of Penna__25
Indian Ter Ilium 011Non.voting class A
Class 13
•
International Petroleum_'
Kirby Perroluern _
Leonard Oil Develop___25
Lion 011 Ref.ning
•
Lone Star Gas Corp
Mexico Ohio ()11 Co
•
Mich Gt1.9 & On Corp_ _•
Middle States PetrolClassA vtc
•
ClassByte
•
Mountain & Gulf 011_
I
Mountain Producers.
._10
National Fuel Gas
•
New Bradford 011 Co.
..25
Nor Cent Texas 011
5
Nor European Oil corn...'
Pacific Western Oil
•
Paritepec 011 of Voile._ •
Petroleum Corp of Amer
Stock purchase warr_
Producers Royalty
1
Pure 011 Co 6% pref___100
Red Bank 011 Co
•
Reiter Foster 011
•
Richfield Oil prof
25
Root Refining Co
New cony prior prof..10
Ryan Consol Petrol
•
Salt Creek Consol 011.__10
Salt Creek Prod Assn_..10
Savoy 011 Co
5
Southland Royalty Co....5
Sunray ()II
5
Tenon Oil& Land Co....'
Venezuela Petrol
NVoodley Po •oluein
54
164
294
154
15
23
1
3
2%
3%
255
1%
2
6
555
34
s%
524
1455
155
34
955
4%
255
1
555
15%
155
34
34
5£
5i
36
34
44
755
5
854
3.4
Mining
Bunker 1111i & Sullivan_ _1.0 3455
Vot trust ctts
10
Ilwana NUKubwa Copper
American shares
1%
1
Chief Consol Mining... _1
liii
Comstock Tun& Grain Col
Consol Copper Mines._ _5
15O
Cresson Corm!(I M
34
1
155
Cusi Mexican Mixing..50c
Eagle Plctier Lead Co_ _20
Evans Wallower I.ead corn'
34
Falcon Lead Mines
1
Goldfield Consol Mines.10
34
Heela Mining Co__ __ ._25
655
8%
Hollinger C011801 0 M.Bud Bay Min & Smelt_ __•
755
Iron Cap Copper Co_ _10
Kerr Lake Mini's
4
Kirkland Lake G M Ltd_ 1
Lake Shore Mine* Ltd_ I 37
Mining Corp of Can
•
N Y Honduras Itosario_10 17
New Jersey Zinc..
25 49
Newmont Mining Corp 10 37
Niphosing Minos
2%
Ohio Copper Co
its
13
Pioneer Gold Mines Ltd..
Premier Gold Mining
135
1
Roan Antelope Copper_
1755
Rights w I
34
St Anthony Gold Mines...1
54
Shattuck Denn Mining_ __5
3
So Amer Gold & Plat
_5
Standard Sliver Lead
_1
54
555
Teck-Flusbes Mines
1
Tonopah Belmont Devel_.
55
Tonopah Mining Co
3.4
1
315
United Verde Extension 50e
155
Utah Apex Mining
5
Wa'ker Mining
1
Wenden Copper Mining I
35 righ t-I argreaves Ltd..•
534
Yukon Gold Co
Range Since Jan. I.
High.
Low.
555
83
164
554
34
29
154
15
23
24
1,700
655
85
400
17% 2,500
300
5%
34
50
3055 74,500
8,600
17
400
15%
750
26
400
3
4%
70%
11
23
4
2455
17
84
11
1555
1
Apr
Apr
Feb
Apr
Feb
Mar
Mar
Apr
Mar
Jan
654
85
18
6
34
304
1750
174
2655
3
June
June
June
May
June
June
June
June
June
June
%
3
155 23,300
4,000
3% 19,400
455 1,000
2% 48,900
235 9,500
255 14,400
'so
154
51
2
55
55
34
Mar
Feb
Mar
Feb
Feb
Feb
Apr
155
555
,
4
455
24
231
2
May
June
June
June
June
June
June
1,300
44 6
515 23,300
,
4
700
11
1255
13
1,700
10
73.4 54,300
6
7% 1,800
900
555
65e
1,600
154
19,400
50% 59
34
14
3
250
455
55
255
55
24
Feb
Jan
Jan
Jan
May
Feb
Feb
Mar
Mar
6
555
1255
13
735
15
655
24
59
June
June
June
June
June
June
June
June
June
300
3% 455
100
45: 4.50
144 1651 33,900
135 174 2,600
13.4 21,200
50
,
100
3%
33
11% 19,100
9
400
3% 355
455 455 4,000
14
155
.834
55
55
I%
44
2
1
Apr
Jan
Feb
Jan
Apr
Apr
Apr
Feb
Feb
550
5%
164
2
155
455
1155
5
455
May
June
June
June
June
June
June
Apr
June
6,500
255 4
1
155 2.800
500
55
35
555 635 4,400
3,800
15% 19
155 1% 1,700
300
255 250
hs
55 11,900
6
654 1,000
50 14 5.200
54
4
34
254
10
55
55
is
3
55
Jan
Jan
Jan
Jan
Feb
Jan
Apr
Jan
Ma
Ma
4
154
55
634
20
155
255
34
655
150
June
June
Apr
June
May
June
May
Feb
June
June
io, Jar
in Nla,
Apr
54 Jan
34 A rr
'34 Jon
*is
14
45
234
15
24
June
June
May
June
June
June
355
2
1%
115
40,300
150 13,000
610
384
500
24
1,900
34
54
74 15' 3,700
36
21
300
5,000
1,100
3,600
1,000
2,400
11,000
3,300
9,800
500
355
55
4
3
4
3%
55
64
55
14
-y
Feb
Feb
Feb
June
Feb
Jan
Apr
Jan
Mar
525
175
1435
15
Jan
Apr
29,400
900
6,100
8,700
10,500
64,200
100
4,10
102,700
18,600
751 3,100
94 7.600
955 25,900
200
2
200
55
7,900
55
40% 17,500
24
100
17%
200
3,100
50
17,100
45
6.700
3
or 52,000
14% 104,800
155 76,700
19% 2,400
Tie 32,500
•so 70,900
34 1,100
2
2,800
55 13,500
554 655 43,000
500
IS
2.800
9,100
800
1,000
16,000
80,400
9,200
4
55
34
34
,
Jan
Mar
Mar
Apr
Jan
Jan
Apr
Feb
Apr
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Apr
Feb
Ma
Mar
Jan
Jan
Jan
Apr
Mar
June
Jan
Feb
Mar
Feb
Feb
May
Mar
Mar
Jan
Jan
Jan
Jan
Feb
455
3
54
74
1
5
1
855
74
255
32
36
135
55
55
1%
4
1
654
34
55
518
64
84
7
2
55
35
,
354
24
17
484
34%
250
54
93.5
15
174
h
34
3
155
5
455
1
155
555
155
94
14
39
39
155
35
1
2
35
1%
655
1
s,
34
44
4
'is
'ii
2%
555
255
3.4
55
34
2535
755
2654
1154
1
'so
3%
'so
735
55
'so
15
55
'so
855
'II
4
1%
54
55
'it
855
iso
June
5
4
Julie
1
June
935 June
155 June
555 June
155 June
1354 May
155 June
24 May
43
40
May
May
155 June
4 June
155 May
25( June
5-4 June
15% June
754 June
155 June
1“1 June
'is May
855 June
955 May
955 June
255 June
155 June
55 Feb
4154 June
235 June
1854 June
514 June
464 June
355 June
55 June
15 June
14 May
2255 May
Tis June
55 June
455 June
24 June
55 Apr
655 June
55 June
155 June
6 June
1% June
154 June
'so June
655 June
1
June
Bonds
Alabama Power Co
83
85
$9,000 75
1946 85
hot & ref 55
Apr 10034 Jan
25,000 6654 Apr 97
1951
let & ref fis
7735 744 78
Jan
77
7755 5,000 61
Apr 95
lot Si ref Is
1956 77
Jan
71
68
9,000 5855 Apr 894 Jan
1968 71
1st dr ref be
1967 6755 634 6754 80,000 54
ist & ref 4 Sis
Apr 8135 Jan
95
Aluminum Co,f deb 5a '52 95
964 53,000 80
Apr 99
Jan
Aluminum Ltd deb 58_1948 73
73% 27,000 4754 Mar 80 June
72
Amer & Com'wealths Pow
255 44 32,000
55 Apr
Cony deb Os
2%
1940
455 June
154 June
16,000
351 5
4
1953
8
5548
Jan
3
May
55.1
654 7,000
S
Am Common Pow 555e '53
Jan
80
Apr 85
2,000 64
78
Amer & Cont Corp 5s 1943 78
Slay
z1255 Apr 34
2755 32
48,000
Am El Pow Corp deb 6a '57 29
June
87 123,000 69
Apr 92
Amer (1 & El deb 5e-2028 8555 85
Jan
Apr 3650 June
33% 36% 135,000 13
Am OAS & Pow deb 65_1939 34
Apr 3354 June
26
1953 26
32% 30,000 11
Secured deb 5s
6655 234,000 3255 Apr 6755 June
63
Am Pow & Lt deb 65._20111 63
Apr 98% June
os% 9655 19,000 83
Am Radiat deb 45511...1947
Apr
66
68
27,000 33
71
June
Am Roll Mill deb 58 _1948
Apr 824 May
notes-Nov 1933 8034 80
80% 125,000 45
43.4%
Apr 45
45
45
3,000 22
Amer Seating cony 65_1936 45
June
1938 10055 100% 10055 8,000 9655 Jan 10055 June
Amer Thread 55511
864 874 15,000 7155 Apr 97% Jan
Appalachian El Pr 55_1956 87
101% 101%
Appalachian Power 58.1941
Apr 105
7,000 94
Feb
2024 78
79
Apr 8555 Feb
30.000 63
75
Deb 68
4253
Financial Chronicle
136
Bonds (Conitnued)-
Said
I.'law,
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Arkaassa Pr & Lt Is. 1956 7655
Associated Elec 43-4,..1953 3455
Associated Gas & El Co
1938 1955
Cony deb 554s
Registered
1948 1954
Cony deb 455s
1949 1715
Cony deb 4555
Cony deb 55
1950 19
Deb 58
1968 1855
Registered
Cony deb 554s
1977 2034
Assoc Rayon 55
1950
Assoc Simmons Hardware
1933
635s
Assoc T & T deb 54s ASS 38
Assoc Telep Utll 545_1949 1855
1933 27
6% note,
Atlas Plywood 5358_ ..I943 51
Baldwin Loco Wks 5555'33 85
81
Ctfs 0 /deposit
Bait & Ohio 5s ser F._1996 5955
Bell Telep of Canada
1st NI 58 series A___1955 944
1st NI 55 series B___I957 94%
1st M 5s ser C
1960 95
Bethlehem Steel 6s
1998
Binghamton L H & P 55'46
Birmingham Elec 454s 1968 703.5
Birmingham Gas 5s...1959
Blackstone Valley G Si
1939
Boeton Comm'Gas 55_1947
Broad River Pwr be A_1954 44
Buffalo Gen Elec 55_1939 10555
1956
Gen 6, ref 58
Canadian Nat Ry 75_.1935 101
Canada Northern Pr 58 '53
Canadian Pac Ry 65..1942 934
Capita Admints 55_ _1953
764
Wth warrants
Without warrants
Carolina Pr & Lt 55___1950 74%
Caterpillar Tractor 55.1935
Cedar Rapids M & P5*'53 93
Cent Ariz Lt & Pwr 55_1960
Cent German Power
1934
part ctfs 6s
Central III Pub Service
58 series E
1956
1st & ref 4548 ser F.1967 61
1968 6655
58 series G
455s series H
1981 60
C ent SI alne Pow 5.8 D1955
435s series E
1957 86
Cent Ohio L & P 5s
1950 66
Cent Power Sager D._1957 64
Cent Pow & Lt lst 58_1956 55%
Cent Pub Serv 54s
1949
350
With warrants
4
Without warrants....
Cent States Elec ha.. _1948 5055
Deb 53is Sept 15 1954
504
With warrants
Without warrants....
Cent States P & L 54e '53 414,
Chic Dist Elec Gen 455s '70 75
Deb 545
1935
Chic Pneu Tool 55.58__'42 53%
Chic Rys 58 Mfg
1927 614
Cincinnati St fly 555s 1952
65 series II
1955
Cities Service 55
1966 39
Cony deb 58
1950 41
Cities Service Gas 5548 '42 59
Cities Serv Gas Pipe L '43 71
Cities Serv P Si L 545 1952 4194
548
19411 41%
Cleve Elec Ill 1st 58.-1939 104%
series A
1959
5s series B
1961
Commerz und Privet
Bank 555s
1937 4955
Commonwealth Edison
1st M 55 series A_ 1953 99%
1st lit 5s series B-1954 10055
1st 43.4* series C
1956 94
1st 15I 455s series D.1957 9255
1960 9254
4 555 series E
let 151 48 series F
1981 8255
5548 aeries 0
1962 10155
Com'wealth Subsid 555s'48 75
Community Pr & Lt 5s1957 5455
Connecticut Light & Power
1954
13-34 series IS
44s series C
1056
58 series D
1962 105
Conn River Pow Sc A 1952 9755
Consol G, E L & P434,'35
Consol Gas El Lt &P (Baltl
515s series I
,
1952
455s serial G
1969 10454
4558 series It
1970
1st ref a f 45
1981 95%
Consol GM (Bait City/
5s
1939
Gen mtge 448
1954
Consol Gas Util Co1st & coil Os ser A_ _1943 43
Deb 655s with wart 1943 11
Consumers Pow 4555..1958 9854
lst & ref 5a
1936 104
Cont'l Gas & El 55_ _ _1958 59%
Continental 011 5558...1937
Crane Co 5s_...Aug 1 1940 83
Crucible Steel deb 58.1940 64
Cuban Telephone 734* 1941
Cudahy Pack deb 53551937 964
Sinking fund
_1948 103
Cumber 'd Co P&L 445'56 83
Dallas Pow & Lt 65 A.1949 1044
5s series C
1952
Dayton Pow d, Lt 55..1941 10455
Del Elec Power 5%5_1959
Denver Gas & Elec 58_1949 9855
Derby Gas & Elec 55 1948 7254
Del City Gas Os see A 1947 92
fss let aeries B
1950
Detroit & Intl Bridge
78
1952
75 ctfs of dep
1952
6555
855
Aug 1 1952
6558 ctle of dep_ _ _ _1952
Dixie Gulf Gee 655e 1937
With warrants
8555
East Utilities Invest
55 with warrants...1954 16
Edison Elm DI (Boston)
1934 101%
2-year be
5% notes
1935 10255
Elea Power & Light 58_2030 47
Elmira Wat Lt & RR 5356
7655 7855 28.000
3455 3855 127,000
Range Since Jan. 1.
High.
Low.
Apr
62
2554 Apr
9055
4754
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
May
Mar
Apr
Jan
26
2550 Jan
Jan
27
2655 Jan
Jan
28
Jan
27
Jan
25
354 Jan
Jan
52
6
15
5
11
27
50
4855
32
Mar
Feb
Mar
Apr
Mar
Apr
Apr
Feb
15
4155
2455
5355
51
94
92
66
87
8555
87
99
85
5894
40
Feb
Apr
Mar
May
Apr
May
Feb
1004 Jan
Jan
100
10055 Jan
105% June
102
Jan
Jan
80
5735 Jan
8,000 101
104
5.000 9955
105
21,000 274
46
2.000 101
1065i
1,000 994
10455
16,000 98
101
6,000 59
76
9615 227.000 704
Apr
Apr
Apr
Feb
Mar
Apr
Mar
Mar
104
105
48%
10754
10655
102
76%
96%
June
Jan
Jan
Jan
Jan
Jan
June
June
Apr
Apr
Apr
mlar
Star3-4
774 AD
7755
7755
7655
984
9854
93%
Feb
Feb
June
June
Jan
Apr
1854
22
Is%
al755
18 .
1835
1755
al935
39
2355 60,000 13
1,000 1254
22
214 39,000 1255
2150 630,000 114
2255 505,000 1355
2255 928,000 13
2054 8.000 .14
16
2455 68,000
96,000 33
43
15
38
al650
2555
49
8415
81
5955
15
415.5
2055
2955
51
89%
89
6455
3,000
78,000
308,000
11,000
19,000
14,000
22.000
128,000
944
94
9455
los%
8655
70
48
96
9650
96
105%
863.4
71%
50
67,000
55,000
13.000
2,000
1,000
24,000
24,000
10355
105
424
10555
10455
100%
74
9235
7655
76
74
98
93
8355
77
77
7654
984
9350
8355
3755 3755
,
10.000
10.000
71,000
17,000
29,00
8,000
1,00
517
674
54
8886
3755 Jun
13,000
61,000
28,000
46,000
3,000
3,000
20.000
25,000
101,000
52
4854
52
48
85
81%
534
49
42
Apr
Apr
AD
AD
May
Slay
Apr
Apr
Apr
355 a451 22,000
4,000
4
4
4955 5255 155,000
3.4
274
Jan
Jan
Apr
6755
594
64%
5955
8935
84
634
64
55%
504
5255
4154
7455
82
52
61%
60
63
39
3955
584
6955
41
4055
10455
106
107
694
61
68
60%
89%
86
67
65
6055
54 309,000 28
5255 5,000 29
70,000 2355
44
39,000 58%
77
82% 11,000 74
64.000 234
55
58,000 47
62
64
10,000 41%
13,000 4835
65
46
39,000 2454
43% 825,000 2455
5934 58.000 52
7655 19,000 54
4355 141,000 25
2534
4215 148,00
105% 29,000 1155
7,00 10255
106
16,00 102
107
4955 52% 78,000
29,000
30,000
23,000
33,0001
36,000
141,000
44,000
55,000
34,000
Slay
Julie
Jan
Jan
June
June
June
June
6415
Jan
79%
73%
78
73
101
93%
76
75
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5 June
44 Mar
5255 June
Apr 54
5255
Apr
Apr 45
Apr 844
Apr 594
55
Jan
Mar 64
May 65
Apr 65
Mar 46
Mar 4555
Feb 61
78
Jan
Apr 4335
Apr 4355
Mar e10734
Apr 1084
AD 110
June
June
June
Jan
Jan
June
June
June
June
May
May
June
June
June
June
May
Jan
Jan
6551
Jan
4755
An
x9155
92
s8354
8315
82
7455
95
57
365,5
AP
Apr
Apr
Apr
Apr
AD
Apr
Apr
Apr
10834 Jan
10534 Jan
10250 Jan
1014 Jan
101
Jan
93% Jan
106% Jan
864 Jan
5755 June
9954
9950
9255
91
9055
82
101
73%
54
101
10050
94
93%
9254
82%
10255
76
5750
1074
10151
105
97
10255
1,000 10255 Mar 11034 Jan
10755
10151 3,000 9734 May 10555 Feb
10534 12,000 9755 May 10755 Feb
Jan
77,000 89
May 100
98
102% 45.000 99% Slat 10455 Feb
9755
10455
100%
9555
1,000
97%
1044 10,000
100% 30,000
63,000
96
105 105
10355 10355
42
11
9750
los%
5855
9855
83
64
764
9655
103
83
103%
101
10355
82
9854
7255
91
8155
3
1
8
5%
June 10655 Jan
Jan
Apr 106
Slay 10755 Jan
May 99% Jan
2,000 10254 May 108%
1,000 9715 Apr 107%
Jan
Jan
Jan
Apr
Apr
Mar
Apr
Mar
Apr
Apr
Apr
Mar
Mar
Apr
Apr
May
Apr
Apr
Apr
May
Mar
May
42
1255
104%
106
653.5
98%
8555
,
7255
7935
97
105
914
10855
1034
10654
85
1025(
7454
9855
91
June
June
Jan
Jan
June
June
June
May
June
June
June
Feb
Jan
Feb
Jan
June
Jan
Jan
Jan
Jan
54 Nfar
55 Jar
3
Mar
2
Jan
455
3
950
515
June
June
June
June
56,000 21
46
4
1254 61,000
9855 63,000 9055
10455 31.000 100
6455 304,000 37
98% 45,000 92
854 36,000 65
6855 38,000 25
784 20,000 555.5
43,000 87
97
24,000 9955
105
8355 5.000 72%
10455 8,000 100
101
1,000 9834
10454 68,000 99
84% 10,000 60
11,000 98%
100
73
2,000 60
29,000 75
93
82
11,000 68
4% 28.000
3
12,000
954 6,000
1,000
515
854 86
9,00
1554 1655 46,000
101%
101%
46%
74
97%
98
9555
89
102
39,000
102% 75,000
54 505,000
74
1,000
70
934
9955
9555
21
67
Apr
87
Jan
Feb
23
Jan
Apr 103% Jan
Apr 10354 Jan
June
54
An
Jan
Slay 88
4254
Bonds (Contfnued)El Paso Elec 5s A
1950
El Paso Nat Gas 6345_1943
With warrants
Empire Dist El 5s---1952
Empire 011 & Ref 6451942
Registered
Ercole Marelli Eleo Mac
854e with warr-1953
European Elm 6145-1966
Without warrants
European Mtge Inv 79 C'87
Fairbanks Morse deb 58.'42
Farmers Nat Mtge 7s..1963
Federal Sugar Ref 6s..1933
Federal Water Serv 5411'54
Finland Residential Mtge
Banks 6s
1961
Firestone Cot Mills 50.'48
Firestone Tire & Rub 55'42
First Bohemian Glass
Works 7s
1957
Flak Rubber 654s_
1931
Certificates of deposit-.
1941
Si ctfs of deP
Fla Power Corp 5345.1979
Florida Power & Lt 5s 1954
Clary El& Gas Sager A 1934
Gatineau Power 1st 5s 1956
Deb gold 65 June 15 1941
Deb 135 series 13
1941
General Bronze 6s_ __ _1940
Gen Motors Accept Corn
5% serial notes_ __ _1934
5% serial notes
1934
5% serial notes
1936
General Pub eery 63_1953
Gen Pub Util 634s A.1956
2-yr cony 6555
1933
General Rayon IA A 1948
Gen Refactories 5s_ _ _1933
Certificates of deposit..
Gen Vending 68 x-w_1937
elan Wat Wks & El Si 1943
fis series B
1944
Certificates of deposit-.
Georgia Power ref 5s...1967
Georgia Pow & Lt 53.-1978
Gesture' deb Ss
1953
Without warrants
Gillette Safety Razor 55'40
Glen Alden Coal 4a___1965
Glidden Co 5555
1935
Gobel (Adolf) 646_1935
With warrants
Grand(F& W)Prop 6s1948
Certificates of deposit_ _ _
Grand Trunk Ry 64s 1938
Grand Trunk West 0.1950
Great Nor Pow 5s._ _ _1935
Great Western Power Ss'46
Guardian Investors 55 1948
Guantanamo & West 65 '58
Gulf Oil of ea 5a
1937
6s
1947
Gulf Swope otil 5e..1956
4555 series 13
1961
Hackensack 5% ater 56_1938
5s series A
1977
Hall Printing 555s.....1947
Hamburg Electric 75_1935
Hamburg El st Und 6565'38
Hanna (M A) 68
1934
Hood Rubber Is
1936
Houston Gulf Gate
634s with warr___1943
1st as
1943
Hone L & P 1st 4565 E 1981
1st & ref 4.56s ser D.1978
5s aeries A
1953
Hudson Bay M & 858.1936
HYgrade Food Products& series A
1949
Idaho Power Se.
1047
Illinois Central RR 415834
II. Northern UPI 58.._.1957
III Pow & L 1st 65 sir A '63
let & ref 556s sec 13_1954
Ist & ref t's ear C--1966
8 f deb 1556s..May 1957
Independent 011&Gas
Indiana Electric Corp& series A
1947
6345 series B
1953
58 series C
1951
Indiana General San 5s'41.
,
1
Indiana Hydro-Elec 55 '58
Indiana & Mich Else1st & ref Si
1955
58
1957
Indiana Service ba....._ 1963
tat & ref 58
1960
Indianapolis Gas 5s A.1952
Ind'polis P & L 58 sir A '67
Intercontinents Pow 651948
With warrants
Withour warrants
International Power Bea
Secured 6365 ser C_ _1955
75 series E
1057
7s series F
1962
International Salt 56..1961
International Sec 81_1947
Interstate Ir & Steel 5%8'46
Interstate Nat Gas 6s 1936
Without warrants
Interstate Power be....191H
Debenture 88
1952
Interstate Publio Service
65 series D
1956
414s series F
1958
Invest Co of Am 5e
1947
With warrants
Iowa-Neb L & P 54--.1957
aria- B
5si
1951
Iowa Pow & Lt 4155 A 1958
Iowa Pub Serv 5s_ _1957
laaroo-Hydro-Elect 7s 1952
Italian Superpower of Del
Dabs & without war '63
Jacksonville Gas 58..._ 1942
Jamaica Water Sup 554655
Jersey C P& L 58B-1947
456s gelled C
1961
Jones Laughlin Steel 58 '39
Kansas Gas & Elec 65.2022
1947
Kansas Power &
Kansan Power & Light1955
&sertec A
1957
5s amiss B
Financial Chronicle
Friday
Salm
Last Weer* Range for
gals
of Priem.
Week.
Pries. Low. High
81
79
81
58
57
49
58
5634
4854
48%
1,000
58
21,000
59
4914 52,000
48% 4,000
70
63
70
63
324
65
34
63
314
604
33
9
34
64%
32%
6554
33
9
39%
5351
87
9131
5255 5334 17.000
87
87% 58.000
29,000
91 • 92
5634
57
70
62
564
57
69
62
64%
62
58%
60%
75%
64
67
51
7356
63
61
60
5354
7514
66%
85%
63
6454
51
7354
63
63
102 102
102
1024 103
103
103% 103% 103%
75
75
3315
3255 31
4135 4115 44
50
60
8,000
21,000
15,000
48,000
17,000
2,000
1,000
111,000
400
18,000
68.000
58,000
28,000
140,000
Range Sows Jan. 1.
LOW.
65
Mph.
Apr
8655
Jan
40
37
28%
4854
Apr
Apr
Apr
June
60
60
52%
4856
May
May
May
June
63
June
764 Feb
60
23
48
24
254
18
Mar
Apr
Apr
Mar
Jan
Apr
70%
36
674
33
9
39%
38
68
71
Jan
Mar
Apr
6335 June
884 May
92% June
60
37
36
40
44
48
Jan
Mar
Feb
Feb
Apr
Max
65%
60%
604
75%
6451
70
Jan
June
June
June
May
Jan
Mar
Apr
Mar
Mar
Apr
72
76
69
68
63
Jan
June
June
June
June
38,000 3535
28,000 5954
41,000 39
16,000 39
8,000 z4335
3,000 100% Mar 1034
16,000 100% Mar 103
8,000 100
Mar 104
Apr 75
1,000 65
Mar 3455
33,000 12
16,000 1734 Mar 45
Mar 60
10,000 20
Jan
Jan
June
June
June
June
June
Feb
Feb
Jan
June
June
June
5234
1035
16
7735
6234
90%
4
525(
1015
154
75%
60
9056 5,000
4
1,000
55,000
55
1034 1,000
16
3,000
79 210,000
624 6,000
90%
2
3815
10
104
60
40
June
May
Mar
Apr
Apr
Apr
Apr
9054
54
60
18
16
90%
624
June
Feb
MAY
Feb
June
Jan
June
93%
55
90%
36
92%
5455
9054
403(
944
56%
9155
13,000
14,000
79,000
19,000
314
89
45
75
June 6934
Apr 102
Apr 58%
Apr 9155
Jan
Feb
May
June
78
80
8,000
55
Apr
84)8 May
1,000
23,000
15,000
2,000
5,000
29,i I I
35,000
31,000
65,000
14,000
5,000
8
94
50
89
93
264
1254
92
92
50
153
Mar
Apr
Apr
Apr
May
Apr
Jan
Apr
mar
Apr
Apr
23,000
14,000
34,000
3,000
43,000
18,000
14,000
98
904
49
82%
43
92
44
Mar Raw Feb
Apr 99
Feb
Mar 71
June
Apr 86% Jan
Apr 724 Jan
Jan 99
Apr
Feb 6854 June
40% 5,000
60
45,000
92
6,000
92
9,000
17,000
100
106 100.000
21%
31%
794
7816
88
77
Mar 4055
Mar 60
Apr 964
Apr 9814
May 104
Mar 109
600
12,000
73,000
1,000
138,000
90,000
83,000
29,000
21,000
41
8534
33
85
52
50
4534
38
8455
Apr 65 June
May 10264 Jan
Apr 694 June
May 10014 Feb
Apr 77
Jan
Apr 72% Jan
Apr 71
Jan
Apr 60% Jan
Mar 994 June
66
76
75
65%
99%
61
7635 7,000
77% 8,000
34,000
70
99% 1,000
11,000
66
57
62
4834
98
49
Apr 91
Feb
Apr 91
Jan
Apr z7814 Jan
Mar 105
Jan
Jan
May 76
3555
3451
734
87
89%
97%
30%
31%
73%
86%
7,000
92
9934 2,000
42,000
36
26,000
36
4,000
74
874 69,000
80
94
124
14
65
7334
Jan
API' 99
may 105
Jan
Apr 36 June
Apr 36 June
Apr 83% Jan
9654 Jan
AP
98
98%
100%
484
100
99
7851
71%
955 9%
97% 9856
69%
65
9856 99
100% 10116
434 50
24
21
100 100%
99 100
7734 7931'
714 72
100
96
69
70
564 564
97% 97
68)( 64
69
38
50
91
91
92
9934 9954
1014
102
384
50
61Si
70
66Si
61Si
52%
99%
76
7715
70
58
98%
61%
93
69%
65
61
52%
a98
10054
96
70
72
5855
98
684
65
99
65%
93
7234
69
64
5454
994
a5
as
6%
82
8354
58
60%
5734
39%
66
59
80%
7935
804
85
81
83
58
60%
8,000
17,000
21,000
13,000
18,000
16,000
156 Jan
1% Jan
78
8134
70
744
40
21
Jun
June
May
Mar
mar
Apr
Jan
June
:Jan
Jan
June
May
Feb
Jan
Jan
Jan
June
June
Jan
Jan
Jan
June
10 June
6% June
01
96
90
85
60
6755
Feb
Jan
Jan
May
June
June
Feb 105% Mar
104 104
10,000 103
Jan
81
55% 60% 64,000 384 An
39% 42% .33,000 2034 AP
43% Jan
6334 87% 39.000
90.000
5834 63
70
7754
77
8615
80
7934
48
46%
99
9556
8934
103
80
78% 764
53
464
99
97
89%
82
87
84
8434
59%
66
1,000
1,000
1034 Feb
1004
695(
101
108%
50
27
101%
10051
82
74
1.000
70
28,000
81
80
8,000
864 2,000
3,000
82
80% 15,000
55
4751
10034
97
91
104
81
78
4
635 Apr
Apr
45
65
63
6334
74
60%
71
72.000 37%
9.000 3014
5,000 98
22.000 86
59,000 80%
17,000 101
2,000 69
13,000 65
9455 955( 3,000
8614 8815 10,000
83
71
Mar
Apr
May
May
Apr
Apr
78% Jan
Jan
72
75
84%
84%
92%
83%
88%
Jan
Jan
Jan
Jan
Jan
Feb
Apr 55
Apr 51
May 102
Apr 1014
Mar 964
Apr 104
Apr 853.5
May ao
June
Jan
Jan
Jan
Jan
June
Jan
Feb
Apr
May
954 June
90 June
Bonds (Continued)
-
June 17 1933
Friday
Batas
Last Wears Range for
Week.
Sale
of Prime.
Price. Low. High. 8
Rasps Sisal Jas. 1.
Low.
Herb.
Kentucky Utilities Co
1st M 55
1961 73
Mat 75
Feb
71% 7334 25,000 55
615sserlesD
5,000 67
1948
88
Apr 93
Feb
85
1955
5158 series F
Apr
2
2
7834 7831 1,000 56 •A pr s8034 Feb
tis series I
30,000
7456 Jan
1969 73
74
71
Kimberly-Clark 515....1943
12,000 72
Apr 84 June
823( 84
Koppers0& C deb 5.1947 76
764 24,000 72
m pr 794 Jan
Aar
75
7
0
Sink fund deb 545_1950 80
40,000
May
7934 80
Kresge(SS)Co 5s___ _1945
2,000 77
91
91
Apr 8963
8,000 664 Mar 90
Certificates of deposit...
8715 92
Jan
Laclede tlas 5555
1936 --a4 65 68 43,000 47 Mar 7334 June
Larutan Gas 855s_ _1935
5854 Aan 9455 June
J pr
9255 9434 8,000 22
Lehigh Pow Seem 8s 2026 79
784 80% 75,000
Leonard Teitz 7555_ _ 1946 27
28
27
Ja
5.000 27 June 6831 j n
88
Lexington Utilities 55 1952 68% 6854 6934 6,1300 5654 Apr 723-4 Jan
Libby MoN & Libby 5a '42 65
65
73% 54,000 4656 Mar 77 June
Lone Star Gas &
19,000 84
91
89
1942 90
May 97
Mar
Long Island Ltg 6s._1945 89
Apr 100
Jan
8835 91% 9.000 80
Los Angeles Goa & Elea
5345 series E
10054 10031
1,000 99
1947 1005(
Mar 104
Feb
2
2
536s series F
1004 101
4,000 224, may 1106x Feb
03
1943 101
5155 series I
101 101
25,000 9854
Jan
1949
5e
1939
104% 10435 1,000 10055 Mar 1065' Jan
let & gen 5.
1961 95% 95% 9735 17,000 4921)6
103% Jan
Los Angeles Pacific 45_1950
50
50
6,000
June
May
Louisiana Pow & Lt 551957 8534 8434 86
40,000 734 May 984814
Louisville G & E 6s A.1937
100 100% 8,000 99
Mar 10234 Jan
455s series C
9415 95% 5,000 8934 May 102
20
1961
A
Feb
Manitoba Power 1 4s..1961 44
43
46% 42,000
4656 June
Mansfield Min & Smelt
7s with warranta_1941
49% 49% 2,000 47
Apr 54
Feb
Mass Gas Co
Sink fund deb 54-1955
81% 82% 65,000 ng Apr 944 Jan
6355
66,000 75
90
1948 88% 88
Apr 99
Jan
McCord Rad & Mtg
33
Oa with warrants.
32
6,Si'
..1943
84 Apr 33 JIM
Melbourne El Supply
95% 2,000 92
755s
95
1946
Jan 9555 May
2,000 81 May 103
Memphis Power & Lt 56'48
95
96
Jan
Metropolitan Edison
4s series E
74% 19,000 68
Jan
1971 74% 73
Apr 86
5s series F
85% 29,000 79
1962 84% 84
Apr 9755 Feb
Middle States Pet 6568 45
7,000 2734 Mar 53 June
5034 53
Middle West Utilities
58 ctfs of deposit.
331 Mar 1434 May
..1932 114 1055 11% 14,000
Si ctfs of deposit.
12
62,000
..1933 1156 11
334 Mar 14
May
51; ctfs of deposit_ _1934 1155 1116 11% 9,000
334 Mar 1435 May
58 ctfs of deposit..._1935 1151 104 11% 30,000
434Msr 14
may
Milwaukee Gas Lt 4115'87
97
97% 14,000 91
Are 10234 Jan
Minneap Gas Lt 4145_1950 80% 7954 82% 84,000 7234 Apr 99
Jan
Minn Gen Eleo 55_ _ _1934 102% 1023,4 10234 14,000 100
Mar 103% Feb
Minn P & L 44s
14,000 87
77
Jan
Apr 81
1978 75% 75
bs
6,000 86
82% 84
1955
Apr 87
pr
Jan
44
Mississippi Pow 5s...1955 67
9,000
Jan
6531 67
7314 l y
90 man
Mhis Pow & Lt 5s
7451 36,000 50
1957 70
70
79
m
Apr83
Miss River Fuel Si 1944w it h warrants
5,000
8955 91
Without warrants
Feb 18855 May
8834 8854 8854 50,000 79
j
Miss River Pow let fee_ 1961 101% 10156 101% 30,000 98
May 0556 an
Missouri Pow & Lt 535s '5.5
4,000 3 ,4 A
85
84
77
9
224 Feb
V 92
Missouri Public Sere &'47 56
5754 6,000
55
Monon West Penn Pub Sec
1st lien & ref 5555 B 1963 7334 69% 76
38,000 48
Apr 76
Jan
Montreal L H & P Conlst&refssserA_..195l 92% 9255 94% 62,000 84
Feb964 Jan
20,000 82
93
5s series B
1970 92% 92
Feb 953,4 Jan
Munsons8 Line641.1937
With warrants
9% 12% 98,000
8
Feb 16
10%
May
43,000 94% May 10334 Jan
Narragansett Elm Si A '57 99% 9915 100
20,000 96
&series B
994 100
Jan
Apr 5103
1957
500 9854 Jan 101
Nassau & Suffolk Ltg 55 '45
100 100
Jan
Nat Pow Lt 85 A_ 2028
Jan
7734 7954 78,000 60
Deb Si series B -.2030 6734 6734 71 111,000 41
Jan
Ms/ 8745
u
Nat Public Service 55 1978
23% 73,000 II% Apr 2314 Jan
19
Certificates of deposit-- 19
National Tea 56
97
97% 11,000 834 Jan 9734 June
1935 97
5,000 80
Nebraska Power 85 A-2022 86% 8631 90
Apr 98% Jan
96% 9,000 88 • May 10156 Jan
1st M 436s
96
1981 96
NeWner Bros Realty f's '48 45
49% 21,000 17
Apr 494 May
45
Nevada-Calif Elea 55.19511 60% 59% 62% 59,000 4754 Apr 894 Jan
N E Gas & El Assn 511 1947 56% 56% 59% 76,000 37
Apr 6934 June
Cony deb &
38
58% 26,000 3744 A pr 2
Apr 132
Jan
55
0
1948 56
Cony deb Si
Jan
1950 56% 55% 59 163.000 3731
New Rag Pow Assn 68_1948 61% 6031 63% 185,000 3534 Mar 6354 June
Debenture 545- - _1954 63% 62% 67% 169,000 40
Mar 6834 June
Ja
New ON Pub Barr 415s'35 52
Apr
55% 37,000 40
52
32,000 25% Apr 4914 Jan
&series A
32% 37
1949 35
2.000 624 May 82
NY Cent Eleo 5545._1950
64
Jan
64
3.000 88
95
NY Penns & Ohio 434a '35 95
Apr 95
95
Jan
N Y P&L Corp let 4353'67 89% 89% 90% 191,000 82
Apr 99
Jan
37,000 684 Als' 9144 Jan
NY State0& E 4348_1980 77
7534 79
Apr 105
94% 9434 1,000 80
Jan
556s
1962
NY & Weetch'r Ltg 4s 2004 90.51 89
Apr 974 Jan
90% 5.000 82
1,000 100
Apr 105
100% 100%
Debenture 55
Feb
1954
106 106% 5,000 101
Niagara Falls Pow 65.1950 106
Mar 10815 Jan
101% 102
3,000 96
&series A
May 106
Jan
1959 102
Nippon Elea Pow 6345 1953 57
56
Feb 61 June
60% 100,000 35
No American Lt & Pow
95
95
7,000
1934 95
96% Jan
MayA34
83
senai notes
2.000
85
Jan
1936
91
510 Berko A
Jan
41 277,000 268818) APr 46
1955 3955 33
p
Nor Cont Util 5%5.-1948 26% 26% 33
12,000 22 May 36% Jan
Nor Indiana G & E 86.1952
88
2,000 7834 May tovi Feb
88
Northern Indiana PS
lit& ref 5s ser C. _1968
76% 2,000 5955 Apr 804 Feb
76
Feb
Si series D
Apr 91
u
33,000 59
1969 75% 7554 77
4365 series E..
71% 9,000
.....1970 71% 70
8514 Jan
Nor Ohio Pow & Lt 545'61 92% 9234 533.4 15,000 877700
MaymAps 103% Jan
Nor Ohio Tr dc Lt 55._1956
4,000
89
88
10034 Jan
Jan
No States Pr 554% notes'40 88% 88
13,000
91
Mar 92
Refunding 4}ie....1961 89
Apr 97% Jan
88% 89% 61.000 75
Jan
N'western Elee 6s._1935 77% 77% 77% 1,000 7755 June 93
N'western Power 6s A 1960 15% 13% 1834 5,000
18 June
14
Certificates of deposit__ ...... 14
1
5,000 18
Fe r 14 June
A pb
N'western Pub Bert 6.196? 65
64% 6615 16,000 65
Jan
AM 75
Ogden Gas 5s
1945 91% 90% 91% 4,000 85
Apr 10114 Feb
Ohio Edison let 5s. -1960 87% 87
Jan
Apr 98
88% 58,000 73
Ohio Power let Sc B-1952 99
99 100% 32,000 9014 May 104% Jan
1s1 & ref 456s set D 1966 92% 92
92% 33,000 81
Apr 9934 Jan
Ohio Public Service Co
6s serles C
89
84
49,000 75
1953 89
Apr 9554 Jan
1st & ref 5s sir D.-.1954 82% 80% 82% 7,000 64
Mar 8914 Jan
556s series E
Jan
8,000 70
1961
Apr 90
80% 84
Okla Gm & Elea 58_ .19130
83% 47,000 70% Apr 914 Jan
81
Okla Pow & Water 58 1948 63
Mar 594 Jan
51% 53
9,000 35
Osgood Co 65 with warr '38
1,000 2554 May 30 Juno
30
30
Feb
Oswego Falls 65
13,000 36
50
63
1941
52
AD
Feb
Pacific Coast l'ow 55_1940
83% 8731 9,000 7951 May 93
Pacific Gal & El Go
1st 6.series B
1202
Mar 11234 Jan
py
1941 107% 10755 10734 9,000 101
10834 Jan
lat & ref 5a ser C.._ 1962 103% 1034 10454 37,000
55 series D
1986 10154 1004 101% 19,000 9434may mast Jan
lit & ref 450 E...._1957 95
Apr 10155 Jan
38,000 86
9451 95
lit & ref 454s F
Mar 1014 Jan
29,000 go
1980 94% 9456 95
Pat Inv &without war .'48
764 Jan
73
713.4 7,000 84
AD
1084 Feb
Pac Ltg & Pow 58...J942
1,000
1073.4 10736
0
Pao Pow & Light 54.-1955 614 61% 6215 59.000 148
3 M
ATT 7134 Jan
Pacific Western 00 63511 43
72 June
With warrants
37,000 5714 AP
70% 704 72
76
Penn Cent L & P 4195 1977 74% 74
30,000 60Api 80% Feb
78
rch
Ma) !8)
784 78% 6,000
Ss
1979
Bonds (Cantlnued)-
4255
Financial Chronicle
Volume 136
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Price. Low. High.
Range Sines Jan. 1.
Low.
High.
Bonds (Concluded)
-
Sales
Priekal
Lau Week's Range for
West.
Of Prices.
Sale
Price. Low. nigh.
Range WIC* Jan. I.
Low.
High.
Union Else Lt & Power
9634 40,000 8794 Apr 9939 Jan
95
1957 (inx
434s
Mar 34% Mar
3434 3434 20,000 29
Jan
10,000 9234 Apr 106
loo 101
1967
5 series B
7134 13,000 5139 Apr 74% Jan
71
69
Feb
Apr 103
87,000 98
Un Gulf Corp 5s_July 1'50 10134 100 al02
Jan
Mar 103
16,000 95
100% 102
Jan United Else(NJ)46_1949 101
Apr 82
7639 39,000 53
75
7434
8,000 7034 May 83% Feb
Apr 75% Jan United Else Serv7s._ 1956 7434 74% 76%
65% 673-4 63,000 45
Jan
40
429-4 15,000 35
May 66
May 103% Feb United Industrial 6 301941
30,000 85
94% 94% 97
Jan
4034 42,9 30,000 35% May 68
1945 41
1st (1s
Feb
Mar 104
16,000 96
98% 100
June
79,000 27% Apr 60
Jan United Lt & Pow 6s...-1975 5134 51% 60
Apr 100
4,000 81
85
84
May
15,000 54% Mar 74
71
69
1st 5lis.___AprU 1 1959 71
Jan
8,000 9934 Apr 108
103% 104
59% 64,000 2939 Apr 5934 June
1974 54% 54
Debit 6395
Ian
9549 95% 954i 2,000 9454 May 101
56
58,9 112,000 3191 Apr 58% June
1952 56
Un Lt & Ry 530
Mar 97,1 Feb
5,000 90
9439 95
Jan
Apr 80
1962 71% 71% 75% 20,000 64
13s serifs A
June
17,000 2539 Apr 55
50% 55
1973
Jan
6e eerier A
AP
79% 22,000 66
7834 78
98% 99% 56,000 8734 Apr 10544 Jan U 8 Rubber
9934
may
Apr 1110
96,000 68
99% 100
-year6% notes-- _1933 100
3
sH Apr
839 May
4
8% 82,000
5%
9234 9334 13,000 9234 June 9434 June
6% serial notes._.1936 92%
106% 10734 20,000 10234 Mar 15054 Jan
9334 18,000 50;9 Apr 95% June
Feb
63-4% serial notes 1934 93%
22,000 10154 Mar 108
106% 105% 10
6%
Feb 80 June
4,000 27
76
73
63-9% serial notes_1936 73
4,000 4334 may 60% Jan
56% 57
Apr 78 June
73% 11,000 25
67
639% serial notec_1937 67
Feb 78 June
3,000 27
72
67
639% sons! notes_1938 67
9534 May 104% Jan
100 100% 8,000
100
June
Feb 76
3,000 27
67
67
8)4% serial notes...1939 67
June
Feb 76
73% 7334 5,000 25
1940
834% serial notes
Jan 76% Jan
72% 26,000 65
7274 a70
so 6334 5,000 45 Apr 63% June
68 4.. _2022 60
Apr 9534 June Utah Pow & Lt
95
9339 9534 6,000 82
1,000 53 May 70 June
70
70
1944
15,000 6334 Feb 81 June
43-4s
81
81
80
Feb
Apr 103
6634 97% 14,000 92
May 59% Jan Utica Gas& Else 58.-1952
30% 27% 3034 14,000 28
94% 94% 1.000 9434 June 103,9 Jan
Apr 75 June
1956
58 D
7434 12,000 41
70
70
14
16% 5,000 10% Feb 2434 May
Jan Van Camp Packing 68.1948 14
May 100
9034 2,000 82
9031
Jan
5,000 89 May 101
96% 97
Apr 89% Jan Va Elea & Power 58-1955 97
85% 8334 86% 42,000 74
Jan
9,000 57
May 77
6831 69
May 8634 Jan Va Public Serv 5348 A 1946 69
80% 3,000 65
80
80
Apr 7154 Jan
6634 19,000 54
63
1950 63
1st ref Ss ser B
Apr 106% Feb
104% 4,000 102
103%
Apr 6214 Jun
6134 5,000 43
61
1946
65
85
84% 8539 5,000 80% May 9954 Feb Waldorf-Astoria Corp
Mar 13% May
9,000
5
934
834 11
1954
7s with warrants
Jan
52
Ap
60
5931 59,1 5934 8,000
10 May
234 Feb
1.000
8
8
Certificates of deposit. _
Jan
1937 92% 92% 9234 17,000 9054 Apr 97
Apr 6634 Jan Ward Baking Co 68
2,000 44
60
59
Mar 9439 Feb
88% 12,000 78
58_1958 883i 88
104 10434 118,000 98% May 10634 Feb Wash Gas Light
Jan
2,000 sayi May 91
86
86
Jan Washington Ry & Es 4s '51
20,000 5319 Apr 70
48
44
Apr 102% Jac,
93% 9434 10,000 87
AV 95% Jan Wash Water Power 56_1960
88% 8834 4,000 85
June
17,000 4439 May 71
71
Jan West Penn Else 58...- 2030 65% 6536
25,000 10339 Apr 119
109% 109 112
Jan
May 101
96% 8,000 93
96
West Penn Pwr 4s 1L1961
62 138,000 35% Apr 62 • June
56
Apr 100,4 Jan West Texas Utll 55 A.1957 56
39,000 68
84% 86
85
Jan Western Newspaper Union
Apr 98
11,000 61
87
84
June
32;9 6,000 z21
Feb 35
30
1944
Cony deb 65
Apr 4034 Jan
7539 75% 2,000 60
Western United Gas & Else
Apr 9134 Jan
74% 7534 23,000 61
Apr 89% Feb
81
8334 25,000 64
1955 82
1st 534s see A
Jan
56,000 6034 Apr 93
7449 76
76
101% 101% 5,000 99
May 104% Jan
1931
97% 9731 9834 154,000 8034 Apr 107% Jan Wheeling Electric 55..
Jan
7,000 97
Mar 103
9954 10094
Feb Wisconsin Elea Pow 581954
93% 21,000 7534 Apr 100
93
Feb
5.000 70
Apr 91
Wisc-Minn Lt ds Pow 58'44 85% 8539 86
Jan
75
763( 8,000 6234 May 89
7634 Feb Wise Pow & Lt 511 E- -1956
5,000 5234 An
67
66
66
4,000 59
76
May 89% Jan
75
1958
58 series F
7739 Jan
AP
19,000 54
69
67
68
Jan
9.000 81
May 97
86
85
Jan Wise Pub Serv Os A_ _1952
Apr 8039
65% 45,000 42
65% 64
Jan
May 89
Apr 67% Jan Yadkin River Pow 58.1941 8534 8534 85% 16,000 75
64 122,000 47
62
61
Jan
Apr 92
6,000 78
87
86
1937
Jan York Railways Ss
66
45)( AP
58% 6234 79,000
60
mar 63 Jan
57% 90,000 40
57% 54
Foreign Government
And MunIMPallvlev
Jan
Apr 85
9,000 71
1988 81
Quebec Power Se
80
81
Jan Agri° Mtge Bk (Colombia)
2,000 8834 May 100
Queue Boro G & E 434s -'58 89% 89% 91
4,000 1734 Apr 35
35
Mar
35
1946
Jan
713
May 87
73% 3,000 72
1952 73% 73%
5345 A
Mar
Mar 35
34% 5,000 16
34
1974
7s
Republic Gas Co
June 5734 Jan
Apr 24% June Baden externs 7...._1951 3139 28% 33% 25,000 28
2439 18,000 14
20
68
June 15 1945
2,000 2554 Feb 38
37
37
May
13
Apr 24,1 June Buenos Aires(Prov)7398'47
19% 24% 31,000
Certificates of deposit.._
1934
3,000 34
May 40 June
39
38
Jan
Mar te
73-48 stamped-1947 39
37% 38% 5.000 25
Rochester Cent Pow Se '53
Mar 3539 June
35% 6,000 19
35
April 1952
Mar 108% Feb
7s
Rochester Ry di Lt 58_1954 10434 103 10431 8,000 100
9,000 2934 May 37
June
3434 37
1952
Jan
7s stamped
Ruhr Gas Corp 6348-1953 3434 33% 3834 44,000 33% June 67
7
Mar 15 June
1334 14% 15,000
1948
31% 19,001) 23% May 6019 Jan Cauca Valley 7s
Ruhr Housing 6Hs_ _- 1958 2934 29
Jan Cent Bk of German State &
Apr 102
9834 43,000 90
Safe Harbor Wet Pr 450'79 9834 97
Jan
44% 4739 59,000 3639 May 66
Apr 1634 Jan
Prov Banks 61 B-1951
7
13
60,000
11
St Louis Gas dc Coke 8s'47 11%
June 55
23,000 28
Jab
28
28
1952
May 83% Jan
68 series A
1,000 :65
San Antonio Pub Serv 58'58
75% 7531
Mar 75
Jan
7034 74,1 24,000 58
1955
Jan Danish 534s
Mar 105
101 102% 15,000 9734
Sauda Falls 50 A
1955 101
Jan 68
1,000 57
66
66
may
lo53
Jun
As
0774 Jan
42
3,000 40
Saxon Pub Works 65-.1937
40
Danzig Port & Waterways
Schulte Real Estate(3e 1935
May 54
Jan
10,000 37
as 41
Apr 11
7
1952 383-4
June
11
11
2,000
25
-year 65'0
Without warrants
2634 30% 84,000 2654 June 6214 Jan
14,000 5.5H Apr 72,4 Feb German Coos Manic 711.'47 29
Scripps (E U) deb 5345 '43 6539 6539 67
May 6139 Jan
2934 162,000 26
Apr 5034 Jan
1947 2634 26
58._ 1949
42% 44
26,000 30
Secured 88
Seattle Lighting
Mar
10,000 5334 May 61
57
55
Apr 70
June Hanover (City) 75-1939
70 156,000 49
67
Shawinigan W & P 454s'67 68
36,000 28
may 54,9 Jan
Apr 7034 June Hanover(Prov)63is--1646
28% 30
434s series B
67% 70% 33,000 50
1968 68
Mar 78
39,000 67
June Indus Mtge Bk (Finland)
let 5e eeriee C
1970 7434 74% 78
Arne
Mar 75
14,000 59
75
71
98,000 48% Mar 70
June
1st mtge Cole 1 7s-1944
6634 70
let 43 series D. 1970 68
-ft
4
Feb
2,000
934 June
Apr 82
7% 8
7,000 135
June Lima 6348
_1958
Sheffield Steel 5Hs
1948 7734
7734 79%
10,000
9
June
3 May
634 9
Feb 40
634
9,000 23
May
CUB of deposit
Sheridan Wyo Coal 68.1947 3734 37% 40
1,000 1034 Mar 21
June
17% 17%
Apr 66
61
61
4,000 48
Jan Medellin 75 see E___-1951
South Carolina Pwr Ss 1957
Mar 33% June
2834 33% 7,000 17
1951 31
Mendoza 7345
Southeast P & L 65...2026
Without warrants
7044 6934 7239 250,000 41)4 Mar 8214 Jan Mtge Bk of Bogota 75.1947
May 10634 Jan
10049 101% 68,000 94
(Roue of May 1927)..... ------ 32% 3339 8,000 1839 Feb 3334 June
Sou Calif Edison 58._1951 101
Mar 33% June
17,000 20
33
32
Issueof October 1927...
1952 10034 10039 10149 33,000 9434 Apr 10534 Jan
Refunding tes
8
Ayr 1534 June
15,9 17,000
15
May
34 Jan Mtge Bk of Chile 65_1931
Refunding 58 June 1 1954 10035 100% 101;9 20,000 94
Jan Parana (State) Brazil
Feb 108
104% 105 100,000 101
Gen & ref 58
1939 105
Jan 1654 June
15,000
5
16
May 9954 Jan
1958 1449 14
90
92% 8,000 80
7s
Sou Calif Gas Co 5s...1957
Jan 19
7
50,000
19
June
Jan Rio de Janeiro 6395
may 103
1959 1534 14
10034 10034 3,000 94
1952
5358 series B
Apr 95
Jan Russian Govt
1961 8539 83% 8534 9.000 79
1st & ref 434s
Apr
2
4
634 June
634 176,000
1919
534
MAY 8934 Feb
83% 15,000 72
634s
Sou Calif Gas Corp 56_1937 8331 83
139 Mar
5% June
4
534 470,000
439
May 9274 Jan
83% 83% 5,000 75
Sou Counties Gas 43961968
639s certificates_-1919
2
Mar
6
June
4% 6 246,000
Apr 5239 June
5
1921
51
1,000 34
51
Sou Indiana Ry 45.-1951 51
534s
139 Apr
5,9 June
439 549 168,000
639s certificates____1921
Southern Natural Gas 65'44
Apr 63 June Saarbrueeken 7s
103% 103,9 2,000 10339 Jan 103% May
55,000 39
1935
Unstamped
6034 60% 63
434 Jan 12;1 June
Apr 82% Jan Santiago 78
931 12% 14,000
1961
934
Southwest G & E S.A.1957 7734 77% 8239 38,000 60
4
Mar 13,4 June
13% 19,000
Jan
Apr 82
10
1949 10
58 series B
1957 77
77
80% 4,000 52
7s
Sou'west Lt & Pow 53.1957 6934 69% 7249 15,000 50% May 7244 June
Mar 43 May
38
41
17,000 26
Sou'west Nat Gas 65-1945 39
Deferred delivery. c o d Certificates of deposit. eons Con• No par value. a
Apr 66% June
64
2022
66% 37,000 32
S'west Pow & Lt as
Convertible. e See note below. in MortFeb solidated. cum Cumulative. cony
6,000 5539 Apr 70
S'west Pub Serv Os A.1945 6634 65% 67
June gage. n Sold under the rule. n-v Non-voting stock. r Sold for cash. •I e Voting
85
1942 85
85% 12,000 69,9 Mar 86
Staley Mfg Co 6s
Mar 73 June trust certificates.
w w With warrants.
z Ex-dividend.
w I When issued.
Stand Gas & Elec 68.-1935 6834 6839 70% 98,000 35
Apr 73 June
67
70% 69,000 35
1936 67
Cony 13s
ir it Without warrants.
54
62 147,000 28H Apr 62
June
1951 54
Debenture 64
a Sea alphabetical list below for "Deferred delivery" sales affecting the reels
60 152,000 2834 Apr 60
June
Debenture es_Dee 1 1966 5534 55
Apr 72% June for the year:
72
1,000 63
72
Stand Investing 530_1939
Apr 72
72
400 61
72
June American Manufacturing. pref., Feb. 7, 30 at 4339.
1937
55 ex-warrants
58 156,000 21354 Apr 59
June
Stand Pow & Lt 68.-__1957 5134 51
Apr 3234 Jan Arkansas Natural Gas, cum., Class A, March 15.400 at 34.
1939 21% 18,000 10
Stand Telep 534s___1943 1934
Associated Gas & Elec. 5s 1968, registered, Mar. 29. 81,000 at 13.
Stinnes (Hugo) Corp
Apr 65
38
22,000 32
Jan Beneficial Industrial Loan corn, April 19, 200 at 8.
35
7s without warr Oct 1'36 37
42,000 2939 May 5919 Jan
35% 38
7. without warr. ..1946 37
Central States E,ectrio 58 1948, Aprll 7, $16,000 at 2734
101 101% 8,000 9934 Apr 10239 Jan
Sun Oil deb 5398
1939
100% 101
13,000 100% June 108% Feb Cities Service, corn.. April 13, 100 at 134.
1954
534s
98
600 95% June 100
98
Feb Commonwealth Edison Si, serial A. 1953. Aprll 24, 55,000 at 91.
1940
Sun Pipe Line te
Jan Commonwealth Edison 4345, series C 1956, April 24, 82.000 at 83.
May 84
139% 70% 32,000 59
Super Power of Ill 4318.'68
Apr 8334 Jan
70
48,000 60
1970 6934 69
let 4358
86
7,000 7634 May 9354 Jan General Bronze Corp. 8s. 1940, April 10, $7.000 at 43.
85
1961
1st (3s
13,000 913)4 Apr 10434 June Indiana Electric Si, series 0, 1951, Feb. 1. 87,000 at 80.
Swift & Co let me f 58 1944 10334 103,1 104
Mar 9834 June International Petroleum, Feb. 2, 200 at 834.
9874 34,000 87
1940 9834 98
5% notes
Mar 106% Jan Jersey Central Pow & Light 534% pref.. May 29, 25 at 58.
4,000 96
101 101
Syracuse Lt Se ser B._1937
.
May 108% Feb Letcourt Realty Corp., pref. Apri 4. 100 at 239
104% 104% 12.000 101
1954 1043-4
535s
Niagara
-Hudson Power class B option warrants March 21, 10.
9.
74
16,000 63 May 95% Jan Peoples Light & Power Se. 1979, April 18, $2.000 at 3
71
Tennessee Elm, Pow 581956
Apr 94
77% 8,000 70
77
Jan San Antonio Public Service 5s, 1958, May 3. $1,000 at 64.
Teunessee Pub Serv 55 1970 77
Jan 814( Feb Syracuse Lighting 5345, 1954, Feb. 1,, $1.000 at 10914.
37,000 69
Terni Hydro Eire 634s 1953 7234 7141 75
Feb 67,1 June Union American Investment Ss w. w. 1948. April 12. 31 000 at 72
55
5734 9,000 48
Texas Cities Goa lia__I945 55
Apr 90
54,000 88
Jan United States Rubber Os, 1933, May 19, $8,000 at 1003-4.
81
78
Texas Elea Service 55.1960
Western Newspaper Union 6e, 1945. March 16. 81.000 at 21.
24,000 1134 Feb 28 June
28
24
Texas Gas Utii Re--1945 24
Apr 92
Jan
84% 8634 34,000 70
•See alphabetical list below for -Under the rule- sake eliciting tbe range for
Texas Power Lt 58.-1956 8434
Apr 8234 Jan the year:
79
3,000 68
76
2022
6s
Apr 104
Jan Associated Telephone 51.50 preferred, Feb. 9, 100 at 1934.
1937 9734 9734 9834 83,000 90
58
Chicago District Electric 634e. 1963, Feb. 2, $7,000 at 9534.
1934
Thermold Co Os
4,000 2654 Apr 50 June Cleveland Electric Illuminating 58 1939, June 1, 51,000 at 10734.
45
SO
45
With warrants
Jan Crown Central Petroleum coin., April 24, 67 at 1.
21,000 4454 Apr 69
Tide Water Power 58 1979 613-4 60% 63
Narragansett Electric 5s, series B, 1957, J.17, $1,000 at 104.
1962 92)9 92% 93 111,000 8054 Apr 9954 Jan
Toledo Edison Se
Apr 3
30
87,000 20
27
4% MaY New York & Westchester Ltg 5111954, Mar. 27,85,000 at 10654.
Twin City Ran Tr 650'52 27
Jan 37
June Southwestern Public Barytes 64, A, 1945. Feb. 14, $1.000 at 70.
40,000 15
31,9 37
1944 35
Ulan Co neb Os
AD 10034 June Tennessee Public) Service Si. 1970. Jan. 13.111.000 at 9559.
100% 100% 15,000 92
Union Atlantic 4345_1937
Penn Dock & Warehouse
1949
65 ctfs of dep
1971
Penn Electric 98
Penn Ohio Ed
68 ser A withoU warr 50
Deb 534s series B.-1959
Penn-Ohio P & L 534e 1954
1956
Penn Power Se
Penn Pub Serv Os C _1947
Penn W at dc Pow 5a....1940
1968
4Hs series B
1960
Penne Telep 55
Peoples Gas Lt & Coke
1981
48 series B
1957
6s series C
Peoples Lt & Pwr 5e 1979
Phila Electric CO 5s-1966
Phila Dec Pow 5148-197
2
Phila Rap Transit 6s_1962
Phila Suburban Counties
Gas & Electric 4346_1957
Piedmont Hydro El Co
let & ref 830 el A-1980
Pittsburgh Coal 6s.___1949
Pittsburgh Steel 68_1948
Pomerania Elea ds___1953
1939
Poor & Co 68
Portland Gas & Coke 5s'40
Potomac Edison be E_1956
1961
4% series F
Potomac Elea Power 55 '36
Power Corp of N Y1942
6,0series A
1947
5,9s
Power Securities 65-1949
American series
Procter & Gamble 430'47
Prussian Elea deb 65._1954
Pub Serv (N H)4395 B1957
Pub Serv of N J pet title -Pub Serv of Nor Illinois
1956
1st & ref 58
1968
5 series C
1978
4345 series D
let & ref 439e ser E_1980
let & ref 4348 ser F.1981
1937
634e series G
1952
6%a series FI
Pub Serv of Oklahoma1461.
& series C
1957
58 series D
Pub Serv Sub 51-9s A.1949
Puget Sound P dr L 519e'49
let & ref 55 ser C...1950
1st ds ref 4,9s ser D_1950
4256
Financial Chronicle
June 17 1933
Quotations for Unlisted Securities-Friday June 16
Port of New York Authority Bonds.
d
Public Utility Bonds.
Ask
Bid
Bayonne Bridge 48 series C
75
85
J&J 3 80
1938-53
Inland Terminal 4 he 8er D
Geo. Washington Bridge1936-60
M&S 70
46 series B 1936-50._ _J&D b5.25 5.00 Holland Tunnel 4h a series E
434s ser B 1939-53_ _M&N b5.25 5.00
1933-60
MI481 04.75
Arthur Kill Bridges 434s
aeries A 1933-46
IMES
Ask
90
80
4.50
U S. Insular Bonds.
Philippine Government
-Bid
4o 1934
97
4s 1946
88
4359 Oct 1959
88
440 July 1952
88
55 April 1955
94
5s Feb 1952
94
534s Aug 1941
100
Hawaii 4348 Oct 1958
94
A ,k
100
92
92
92
100
100
103
100
Bla
Honolulu 5a
95
U S Panama 38 June 11981. 102
2s Aug 1 1936
991L
28 Nov 1 1938
9912
Govt of Puerto Rico
4348 July 1958
92
58 July 1948
98
Federal Land Bank Bonds.
4e 1957 optional 1937_1%1,4N
48 1958 optIonal 1938.M&N
the 1956 opt 1936____J&J
434e 1957 opt 1937____J&J
434s 1958 opt 1938 ....MAN
58 1941 optional 1931..M&N
414s 1933 opt 1932___J&D
Bid Ask
83 84
83 84
8312 8412
8312 8412
831. 8412
9312 9412
10012 101
434s
434s
4348
434s
430
4348
430
1942
1943
1953
1955
1956
1963
1954
opt 1932__M&N
opt 1933____J&J
opt 1933____J&J
opt 1935.___J&J
opt 1938.......J&J
opt 1933____J&J
opt 1934...Ade-I
Bid
8814
8814
8512
8512
8512
8814
8814
New York State Bonds.
Bid Ask
Canal & Highway
55 Jan & Mar 1933 to 1935 63.20
bs Jan & Mar 1936 to 1945 63.50
58 Jan & Mar 1948 to 1971 83.70
Highway Imp 414s Sept '63
Canal Imp 434e Jan 1964 _ _ _
Can dr Imp High J & M 1965
Barge CT 434s Jan 1945...
83.50
63.50
83.50
83.50
Bid
World War Bonus
4 hs April 1933 to 1939._
4348 April 1940 to 1949._
Institution Building
48 Sept 1933 to 1940
4o Sept 1941 to 1976
Highway Improvement
48 Mar & Sept 1958 to'57
Canal Imp 48 J & J '60 to'67
Barge C T 48 Jan 1942 to '46
63.20
63.40
83.40
83.50
83.50
83.50
83.50
Ask
98
103
10012
10012
fild
Amer P S 5 he 1948.M&N
4684
Atlanta C L 5s 1947 _ _J&D 9512
Cen C & ES
1933._ F&A
16
let lien toll tr hs'46J&D 472
lit lien coil tr 68'46.M&S 463
4
Fed P 5 let 65 1947___J&D 1912
Federated CBI 5359 '57 MIMS 4514
Ill Wat Ser let 5s 1952.J&J 74
Iowa So UM 534s 1950_J&J
5212
1.OUl9 Light 1st be 1953 _Ad40 10114
Ask
Bid
493 Newp N & liam be '44.J&J 791:
4
N Y Wet Ser 5s 1951_81454N
723
4
Oklahoma Gas as 1940_
21
72
5112 Old Dom Pow 5e_May 1651 59
5314 l'arr Shoals P 56 1952_ _A&O 4912
23 Peoples L & I'S he 1941 J&J 41
50 4 Roanoke W W as 1950.J&J 5612
,
7712 United Wat Gas & E 58 1941 7912
558 Western P E4 5 hs 1960.F&A 51
4
101
--- Wheeling Electric 5s 1941_
Ask
743
4
7514
6112
44
- -12
58
Public Utirty Stocks.
Par
Arizona Power pref _ _100
Assoc Gas dr El orig pref__•
$6.50 preferred
•
$7 preferred
•
Atlantic City Elec 56 pref.*
Ask
Bangor Hydro-El 7% p1_100
8914 Broad River Pow pf ___ _100
8914 Cent Ark Pub Seri/ pref.100
861
: Cent Maine Pow 6% p1..100
8612 Cent Pub Serv Corp pref..'
8812 Consumers Pow 5% pref_•
6% preferred
89 4
,
100
89 4
6.60% preferred
,
100
Dallas Pow & Lt 7% pref 100
Derby Gas dr Elec $7 pref..•
Essex-Hudson Gas
100
Ask
Foreign Lt & Pow units..
Gas & Elec of Bergen__ _100
Hudson County Gas....100
Idaho Power 6% pref
•
7% preferred
l(N)
Inland Pow & Lt pref_100
Jamaica Water Supply p1.50
100
102
Ask
30
214 5
5
7
7
5
8512 88
95 100
22
44
5812 6212
-3
4
14
77
74
85 8712
87
89 2
,
94
_
48
53 143
42 4 46 3
91
95
143
71
66
7712 81
2
1814 solz
Bid
Par Bid
Kansas City Pub Serv pref •
Metro Edison $7 pref B .._•
6% preferred ser C
•
Mississippi P & L $6 pref._• 49
631'
Miss River Power pref__ 100 :87
Mo Public Serv prof.. 100
6
Ark
53
52
‘
r
92
11
Nassau & Suffolk Ltg pf 100 261
65
Newark Consol Gas.__ _100 92
New Jersey Pow & Lt $6 pi• 6112 60
N Y & Queens EL & P pf100 991: 05
Pacific Northwest P 8_
•
6% preferred
100
Prior preferred
9
100
Philadelphia Co $5 pref. 50 53
Somerset Un MO Lt_ .100 68
South Jersey Gas& Elec_100 146
Tenn Elec Pow 6% pref.100 57
United G & E(NJ) pref 100 45
Wash Sty & Elec corn....100 275
5% preferred
100 at
Western Power 7% pref 100 7212
10
9
11
72
_
59
49
85
---
Investment Trusts.
New York City Bonds.
Ask
Par Bid
Par Bid
Ask
Bid Ask
Bid Ask
Administered Fund
1 15.65 16.80 Major Shares Corp
2
,8
038 May 1935
86
88 a434s June 1974
8112 83,2 Amer Ilankstocks Corp___• 1.24 1.42 Mass Investors Trust
.
4
• 1734 16
d3ha May 1954
811: 831
76 a434s Feb 15 1978
: Amer Brit & Cont
74
14 Mohawk Investment Corp
$6 pref _• 12
36
3712
a334s Nov 1954
76 a434s Jan 1977
74
8112 8312 Amer Business Shares
1.52 1.68 Mutual Invest Trust "new" 1.01 1.08
a4s Nov 1955 & 1956
78 a434s Nov 15 1978
76
8112 8312 Amer Composite Tr Shares_
re 414 National Shawmut Bank
27
25
ats M & N 1957 to 195981 a43(e March 1981
78
81 2 8312 Amer & Continental Corp...
,
4
414 5, National Trust Shares
63
8 74
,
a4s May 1977
81 a4 hs M & N 1957_ ...... 85
78
87
National Wide Securitiee Co 3.41 3.51
21
Am Founders Corp 6% p150 18
a4a Oct 1980
81 a4 ha July 1967
78
87
85
7% preferred
Voting trust certificates.._
4
50 183 21
10
1012
r4 he Feb 15 193310 1940.... 86.50 6.25 a4 hs Dec 15 1974
87
85
N Y Bank & Trust Shares..
Amer & General Sec el A__•
11
6
338 378
a4 he March 1960
82 a4 34s Dec 1 1979
82
85
87
12 2 No Amer Bond trust Ws... 79
Class 11 coin
82,1
a434s Sept 1960
8112 8312
:3 preferred
42 No Amer Trust Shares
32
1.89
_
at he March 1962 & 1964.__
811 8312 ails Jan 25 1935
:
96
95
Amer Ineuranetocks
17: 27
: Series 1955
2.42 2:70
a434s April 1966
8112 831, 068 Jan 25 1936
95
96
Assoc Standard 011 Shares__
Series 1956
43: Ws
2.42 2.70
8112 8312 cras Jan 25 1937
a4 ha April 15 1972
96
95
Bancamerica-lilafr Corp_ _
40
4
33
s 33 Northern Securities
100 35
a Interchangeable. ti Basis.
Registered coupon (serial). dCoupon.
Bankers Nat Invest's Corp • 10
14
Bancsicilla Corp
2
214 011 Shares Inc units
512
New York Bank Stocks.
Basic Industry Shares
3.16 - - - Old Colony Inv Tr corn......'
112
Par Bid
Ask
British Type Invest A _I
.95 1.20 Old Colony Trust Assoc Sit •
Par Bid Ask
734 -8-3
;
Bank of Manhattan Co_20 30
Bullock
32 Lafayette National
8
133 143 Pacific Southern Invest p1.. 1212
:
25
9
6
Bank of Yorktown
100 15
Class A
50 28
25 Nat Bronx Bank
33
3
5
Bensontiurst Nati
100 25
Class B
34
National Exchange
231 2512
:
25 1612 1912 Central Nat Corp class A_
34 2
Chase
Class B
20 297 311: Nat Safety Bank & Tr__ _25
8
di: 212 Petrol & Trad'it Corp cl A _• 10
6
8
13
Citizens Bank of Bklyn_100
Century Trust Shares
163 181s Quarterly Inc Shares
4
95
1.39 1.511
City (National)
a, _- Representative Trust Shares 8.91 9.37
Chain &Gen Equities
20 34
25
36 Penn Exchange
9
•
5
Comm'i Nat Bank & Tr_100 134 144 Peoples National
Chartered Investors com •
Is
4
100
6 Royalties Management
80
Preferred
Public Nat Bank & Tr_ _25 293 313
• 60
_4
4
Fifth Avenue
614
Chelsea Exchange Corp A.._
100 1220 1270
Second Internal Sec cl A..0
5
2
II
,
iii
First National of N Y__ _100 1490 1540 Sterling Nat Bank & Tr...25 1412 1712
Class B
Class B common
22 2
•
Flatbush National
Consolidated Equities Inc__
6% preferred
100 35
41
Textile Bank
50 IS
38
23
Fort Greene
Securities Corp Gen 16 pf • 420
Corporate Trust Shares__ _ 2.31
100
25 Trade Bank
100 17
22
Grace National Bank._
12 4
Series AA
2.26
Selected American Shares__ 2.57 2 a
_ 20() Washington Nat Bank 100
.
Kingsboro Nat Bank _ .100-- - 54
Accumulative series
Selected Cumulative Shs___ 6.59 7.23
_ _100 44
2.26
40
Yorkville(Nat Bank of)
.100 30
Series AA mod
2.32 2:30 Selected Income Shares_
3.53 4.00
Series ACC mod
2.32 2.39 Selected Man Trustees She _
6
612
Trust Companies.
Shawmut Association coca.*
Crum & Foster Ins Shares
01: 934
• 1414 15
Common B
15 Spencer Trask Fund
10 13
Par Bid .4sk
Par Bid
Ask
14
7% preferred
73 Standard All Amer Corp___ 4.15 4.40
16
100 70
Bence Comm Italians Tr100 142
25 303 323
4
County
4 Crum & Foster
Standard Amer Trust Shares 2.95 3.15
Ins corn_.•
Bank of New York & Tr_100 360 375 Empire
24
20 22
8% preferred
82 State Street Inv Corp
78
• 5612 61,
4
Bank of Sicily Trust
20 10
100 260 270
12 Fulton
Cumulative Trust Shares... 3.95
Super Corp of Am Tr She A 2.92
_
Bankers..
10 6314 65 4 Guaranty
100 303 308
,
Depoelted Bank Slur ser A.. 2.43 2 7
AA
- 70
.
2.10 2.35
Bronx County
20 121. 16
10 21
2212 Deposited
Irving Trust
2.97 3.30
Insur She A
3.07
Brooklyn
100 133 143 Kings County
100 1900 2000
HIS
Diversified Tristee Sits B._
2.10 2 30
.
754
52
,
3.00 3.25
5
5.85 6.35
Central IIanover
20 177 193:
8
20 1311:13512 Manufacturers
5.75 6.25
Chemical Bank & Trust_AO 3912 4112 New York
25 94
97
1.24 1.34 Supervised Shared
Dividend Shares
1.42 1.54
Clinton Trust
50 40
50 Title Guarantee & Tru8t_20 2312 2512 Equity Trust
2.90 3.20
Shares A
Colonial Trust
100 12
16
514 5534 Trust Fund Shares
Fidelity Fund Inc
33: 4
Cont Bk & Trust
20 30
4
10 153 17 4 Underwriters Trust
40
)
First Commonstock Corp..
• 1.19 1.36 Trust Shares of America...
27
8 33
8
Corn Exch Bk & Trust__ _20 591, 611, United States
100 1600 1650
Five-year Fixed Tr Shares.. 3.97 _ Trustee Stand Investment C 2.20 2.50
Fixed Trust Shares A
• 8.67 _
2.14 2.40
7.09
Trustee Standard 011 She A
43.4
Guaranteed Railroad Stocks.
.
8
Fundamental Tr Shares A..
418 13
414 - 8
47(Guarantor In Parenthesis.)
•
4
41: Trustee Amer Bank She A... 2.40
Shares B
Dividend
Fundamental Investors Inc. 1.91 2.11)
Series B
1.1(1 1726
Bid.
Ask.
Par in Dollars.
General Investors Trust __•
438 5 Trusteed N Y Bank Shares. 1.40 1.60
Guardian Invest pref w war
9
12 20th Century °rig series
1.05
Alabama & Vicksburg (111 Cent)
65
Clude-Winmill Trad Corp_ _• 35
6.00
Series B
2.65 3 00
Albany.?, Susquehanna (Delaware.?, Hudson) 100 11.00
160
170
559 ((Sc Two-year Trust Shares
Huron Holding Corp
13% 1538
Allegheny dr Western (Buff Hoch & Pitts)
73
78
Incorporated Investors_ ___• 1612 18
6.00
Beech Creek (New York Central)
25
30
Independence Tr Shares. • 2.20 2.45 United Bank Trust
50
2.00
4
5
Boston & Albany (New York Central)
105
110
100
8.75
Indus & Power Security ___• 1312 15 United Fixed Shares ser Y
8
2'8 27
Boston & Providence (New Haven)
131
8.50
100
1.35 1.50 United Insurance Trust _ _
V t a units
212 314
Canada Southern (New York Central)
43
48
3.00
Internet Security Corp(Am)
100
U S & British International
Caro Clinchtleld & Ohio(L & N AC L)4% ___ _ 100
61
4.00
614% preferred
100 1812 23
Preferred
• 12
16
Common 5% stamped
68
-72
100
5.00
6% preferred
100 1812 23 US Elec Lt di Pow Shares A
l53 1614
4
Chia Cleve Clot & St Louis pref(N Y Cent)...100
60
66
Investment Co of America_•
5.00
1
11
3
3.02 3.12
Cleveland & Pittsburgh (Penneylvanla)
60
63
3.50
9
7% preferred
60
11
100
Voting trust ctfs
1.09 1.18
Betterman stock
34
..._ _
Investment Fund of N J__
2.00
2
50
3 Un N Y Bank Trust C
418 438
Delaware (Pennsylvania)
32
35
2.00
Investment Trust of N Y.
418 518 Un Ins Tr She ser F
17$ 23
s
Georgia RR & Banking (L & N. A C L)
140
135
Investors Tnistee Shares... 4.80 _ U S Shares ser II
100 10.00
37
438
Lackawanna RR of NJ (Del Lack & Western).100
64
80
4.00
Low Priced Shares
51
:
Universal Trust Shares.... 2.9: 3.04
Michigan Central (New York Central)
600
100 50.00
Morris & Essex (Del Lack & Western)
--iii
60
3.875
50
New York Lackawanna dr Western(DL & W)_100
5.00
80
85
Telephone and Telegraph Stocks.
Northern Central (Pennsylvania)
78
4.00
73
50
Old Colony (N Y N H & Hartford)
7.00
83
88
100
Par Bid
Ask
Ask
Par Bid
Oswego & Syracuse (Del Lack & Western)
4.50
62
57
60
Cuban Telephone
100_ 40
Northw Bell Tel Dr
.9 1 06
%100 3104:: 10016
Pittsburgh Bees & Lake Erie(U S Steel)
1.50
26
80
7% preferred
100 - .
3
0 38 Pac &
Teleg U S 1,
7
4_25
Preferred
3.00
50
60
:
Empire & Bay State Tel_100 371
Porto Rico Telephone..
.100
Pittsburgh Fort Wayne & Chicago (Penn)
110
120
100
7.00
Franklin Teleg $2.50......100 24
__ Roch Telco $6.50 1st p1.100 9418 98
Preferred
140
145
7.00
100
Int Ocean Teleg 6%-- -.101
1212 18
2 60'!!: 7:0_, So & Atl Teleg $1.25____25
Rensselaer & Saratoga (Delaware & Iludson)-10
105
110
6.90
0
Lincoln Tel & Tel 7%
Tri States Tel dr Tel $8._• 75
80
St Louis Bridge 1st pref (Terminal RR)
101
110
6.00
100
New York Mutual Tel_ _100 1212 - Wisconsin Telep 7% pref100 104 10;
2nd preferred
3.00
53
"lip
Tunnel RR St Louis (Terminal RR)
3.00
105
100
Jersey RR & Canal(Penns)
United New
201
207
100 10.00
Valley (Delaware Lackawanna & Western)...100
5.00
Sugar Stocks.
78
85
vthkeburg Shreveport & Pacific (Ill Cent)
53
5.00
60
Preferred
5.00
53
60
Pari Bid I Ask
Ash
Par! Bid
Warren RR of N J (Del Lack dr Western)
100 61
3.50
42
46
Fajardo Sugar
50
67! Sugar Estates Oriente p1100 -- 1
West Jersey & Sea Shore (Penn)
3.00
52
Haytian Corp Amer
57
3
4 18
•
,
d Last reported market.
• No par value.
Defaultod.
En-stock dividends.
s Ex-dividend
•
4257
Financial Chronicle
Volume 136
Quotations for Unlisted Securities-Friday June 16-Concluded
Aeronautical Stocks.
Chain Store Stocks.
Par
par Bid Ask
45k
Par Bid
.Alexander Indus 8% pf _100 _ _ 10 Southern Air Transport__•
100 8212._
Melville Shoe pref
•
3 Swallow Airplane
912 1234 Aviation Sec Corp (N E)_ •
pref
100
Miller (I)& 80111
MockJuds&Voehringerpf 100 37
13 112 United Aircraft Transport
•
Central Airport
9
0
Murphy (Sc)8% pref 100 85
Preferred x ware
3
1
•
Nat Shirt Shope (Del)
12 1
Khmer Airplane de Mot_ I
25
100 17
Preferred
Warner Aircraft Engine__ _•
--_
NY Merchandise 151 p1.100 74
•
414
Piggly-Viliggly Corp
--Reeves (Daniel) pref.__.100 109
Insurance Companies.
Rogers Peet Co com____100 25_
ii
100 as
Schiff Co pref
Par
Par Bid Ask
Aetna Casualty & Surety.10 4914 5114 Importers & Exp of N Y__25
Aetna Fire
10 3234 343
4
5
Aetna Life
10 1835 1835 Knickerbocker
Agricultural
25 4414 4914
5
Industrial Stocks.
American Alliance
10 137 157 Lincoln Fire
8
5
American Colony
37
1 57g Lloyds Ins of Amer
10
Ask American Equitable
Par Bid
Par Bid
Ask
5
913 1212
5
5 American Home
__ Macfadden Public're pf___• 1135 137
Alpha Portl Cement pf__100
4 8 67 Majestic Flre
7
20
5
2
100 96 101
4612 Merck Corp 38 pref
44
100 70American Book 84
812 914 Maryland CasualtY
American of Newark ____2 A
25
21
National Licorice com_ _100 16
50 15
4
Bliss(E W)lot pref
American Re-insurance_ _ 10 3034 333 Mass Bonding dc Ins
National Paper & TYPe-100
217
2d pref B
10
19
85 1035 Merchants Fire Asaur com10
8
American Reserve
10
20
New Haven Clock pref 100 10
30
Bohn Refrigerator pf___100 15
20 Merch & Mfrs Fire Newark 5
American Surety
25 18
10
New Jersey Worsted p1..100 3914
Bon Aml Co B corn
• 30
Automobile
10 1914 2114 Missouri States Life
• 18
2411
Brunsw-Balke-Col pref_ _100 5114 ___ Ohio Leather
10
100 11
Burden Iron pref
35 Okonite Co $7 pref
100 20
2 4 334 National casualty
3
Baltimore Amer
234
10
• 11
20
Publication Corp corn
25 2914 3934 National Fire
Bankers & Shippers
2
National Liberty
100 7412 8212 Boston..
Canadian Celanese
• 13
$7 let preferred
16
100 414 439
20
National Union Fire
Preferred
cons_100282
86
• 1513
Carnation Co corn
• 1514 17 Riverside Silk Mills
8
10 1375 157 New Amsterdam C3.9---.10
Carolina
10
• 10
- Rockwood & Co
Preferred $7
New Brunswick Fire
100 8112
City of New York
100 106 116
10
Preferred
100 40
2
_
Chestnut & Smith cons____•
.
7 8 107 New England Fire
7
Colonial States Fire
10
412
Preferred
100 _- - 10 Rolls-Royce of America__.• ..-- 1
8
5
Connecticut General Life_10 295 315 New Hampshire Fire-- 10
20
278 375 Rosy Theatres unit
Color Pictures Inc
Vs 3 New Jersey
4 Consolidated Indemnity_ __ 5
, 13
s
10
Common
12 ___
Columbia Baking com____•
5
3 Continental Casualty
10 Ills 1318 New York Fire
•
re
12.50
1
Preferred A
17
5
let preferred
•
14 Northern
Cosmopolitan
10 11
7.
•
2 50
100 2512 32
2d preferred
North River
Ruberold Co
Congoleum-Nairn $7 pf 100 10015103Eagle
27 Northwestern National_25
5
17
5
• ____
1
/ Splitdorf Beth Elec
• _ _
Crosse & Blackwell com
91 1015
5
Excess
25
2
100 ____
Crowell Pub Co $1 com_.• 2 4 ii- Standard Textile Pro
Pacific Fire
,
.4
0
10
Class A
100
5
$7 preferred
100 80
10 5712 63 Phoenix
Federal
5
2
Class B
100
Preferred Accident
4
4
Fidelity de Deposit of Md_20 333 353
i. 114 Stetson (J B) Co pref ____25 1113 1413 Firemen..
De Forest Phonofilm Corp__
518 618 Providence-Washington __I
5
Taylor Milling Corp
Doehler Die Cast pref
8
•
5
5
• 19
5 143 157 Public Fire
Franklin Fire
2
12 15
5 General Alliance
Taylor Wharton Ir&St corn •
Preferred1350 par
10
515 715 Rochester American
•
Preferred
100
612
3
Dry-Ice Holding Corp____•
4
7
5 24 4 263
3
Glens Falls Fire
4
2
Eiseman Magneto corn... • _
115 414 Globe dc Republic
_ 4 Tenn Products Corp pref _50
.
71. 1012 St Paul Fire & Marine
5
...10
100 38
Preferred
45
8 15 TubizeChatillon cupt
100
75 Security New Haven.
Globe & Rutgers Fire._..25 65
25
Gen Fireproofing 17 pf_100 2512 35i.
4
Great American
10 153 1714 Southern Fire
13
5 23
Graton & Knight corn
4 Great Amer Indemnity..-_5
13
4 3 Unexcelled Mfg, Co
455 653 Springfield Fire & Marine 25
•
25
2
•
Preferred
3
4
100 1714 193 Walker Dishwasher com
8
5
10 127 147 Stuyvesant
Bellies Fire
100
Herring-Hall-Mary Safe_100 1612 20 White Rock Min Spring4
4
60 143 393 Sun Life Assuranee
Hamilton Fire
100 7812
Howe Scale
$7 1st preferred
3
4 2
100
4
4
10 253 273
Hanover Fire
100
$10 24 pref
100 75
912
Preferred
5
100
4
4
10 123 143 Travelers
Harmonla
4 Woodward Iron
_
Industrial Accept corn_
100
112 4
4
4
10 413 433
Hartford Fire
100 413 4713 Hartford Steam Boiler_ _ _1
Preferred
4
___•--- 2612 Worcester Salt
100 2312
4514 4814 II 13 Fidelity & Guar Co___2
4
100 5112 --. Home
. Young (I S) Co com
Locomotive Firebox Co.__•
335
5
5 183 2018 U S Fire
100 81
Marfadden Public'ns com _5
7% preferred
3
--- Home Fire Security
112 -10
13
4 254
2.50
4
10 1014 113 Westchester Fire
Homestead Fire
412 7
10
Hudson Insurance
Ask
Par Bid
Butler(James)cam
7
8 114
100
312 714
100
Preferred
52
Diamond Shoe pref
100 45
45
Edison Bros Stores pref_100 41
Fan Farmer Candy Sh pf__• 21
26
9
4
Fishman(M II) Stores--•
Preferred
100 40 80
Kobacker Stores pref_. 100 17
___
Lord & Taylor
100 100
___
let preferred 6%
100 7512 ___
Sec preferred 8%
10
7512 ___
1
Bid
2
As
5
2
4317 4612
112
1
Bid
13
Ask
17
5
7
255
17
5
358
37
5
5
13
8 23
8
35 55
5
2014 233
4
24'g 283
4
47
8 67
s
5
335 53
51
4618
41
3812
137
4
14
87
33
137
8
7
7
4414
1435
6812
713
481
/
4
51.
4212
137
9
16
137.
36
157.
97
8
493
4
163
5
7312
283
4
4914
93
4
2112
383
4
5114
113
4
2312
34
30
107 112
233 253
4
4
4
814 10,
76
71
5
47
8 67
420 470
366
381
5
.57
8 65
4
25 4 273
,
8
183 201
8
Industrial and Railroad Bonds.
Adams Express 45 '47_J&D
American Meter (is 1946___
Amer Tobacco 4s 1951 F&A
Am Type }Ara 68 1937 M&N
Debenture 65 1939__M&N
Am Wire Fab 75 '42__m,ts
Bid 1
641.
7955
9634
49
45
45
Ask
67
._
981.
55
50
54
Merchants Refrig 65 1937_ _
N 0 Or No RR 55'55_Fda
N Y & Hob Ferr Ss'45 J&D
N Y Shipbdg 54 1940_51.4N
Pierce Butler &P 8%5 1942
Prudence Co Guar Coll
534e, 1961
Bid
85
e23
6()
63
Ask
_
g12
e3
7
Bear Mountain-Hudson
4714
River Itridge 78 1953 Adz() 7412
Chicago Stock Yda 55.1981 62. Realty Asses Sec 138'37.J&J
28
24 81 Broadway 53.45 'bO_A&O 53
-Consul Coal 4$.s 1934 M&N
19
501.
Consul Mach Tool 7e.1942
e67
8 955 So Indiana Ry 4a 1951..F&A
___ Stand Text Pr 61.4s '42 M&S 20
Consul Tobacco 4s 1951.... 931
Struthers Wells TitusvilleEquit Office Bldg 5s l952... 584 61 4
6140 1943
,
31
.13
1412
Haytian Corp 8. 1938
65
___ Tol Term RR 4;0•57.M&N 7612
Hoboken Ferry 5s1946
US Steel 55 1951
114
Journal of Comm 6)-4e.1937 65
72
Kane City Pub Serv 68 1951 2512 28 Witherbee Sherman (11 1944
Certificates of deposit....
e5
Loew's New Brd Prop69 Woodward Iron 58 1952-1
J&D 65
e27
(Is 1946
I
__
-
Par
100
100
100
Par Bid
312
Bond & Mortgage Guar_20
Empire Title & Guar___100 --__
Guaranty Title & Mortgage- 50
4
Home Title Insurance_ _25
15
International Germanic Ltd
Ask
5
30
80
6
20
All
Par Bid
Lawyers Title & Guar__100 1514 1714
33
4 .514
20
Lawyers Mortgage
2
1
278 478
10
National Title Guaranty 100
NY Title & Mtge
50
32
57
5312
27
40
_-___
8
34
Chicago Bank Stocks.
Par Bid IAsk
Amer Nat!lank & Trust _100 80-__ First National
Central Republic
2
100
3 Harris Trust & Savings
Continental III Ilk & Tr_100 7912 8112 Northern Trust Co
1
Realty, Surety and Mortgage Companies.
Ask
Bid
123 133
245 280
365 375
New York Real Estate Securities Exchange
Bonds and Stocks.
Bid
Active Issues.
BondsAlbany Metropolitan Corp.
1938
8
Colonial Hall Apts ctfs____
ga_Crossways Apts Bldg ctf.s_
1939
Drake, The 68
10 East 40th St Bldg 6,1940
18-20 East 41st St Bldg 6540
80 Fifth Ave Bldg Os 1940...
Greenwich Lodge Apts Bldg
614s 1935
Harding Court Apts Ws
79 Madison Ave Bldg.85 '40
Majestic Ants 6s 1943
Merchants Nat. Prop. (is
953 w. w
13
17
10
19
21
15
25
___
__
23
24
22
....
1812
16
___
15
2014 ___
___
20
14
Active Issues.
Ask
17
Bid
Ask
Bonds (Concluded)
Mortgage Bond Co. of N.Y.
27
__
51.68
New Weston Hot Ann (15 '40 17
New Weston Hot Ann elf,. 12
NY Athletic Club 681946......23
Part Central Hotel Annex
123 1317
4
certificates
63
Postum Bldg. 610 1943
1112
4
Rosy Theatre 61 s '40
_
1214 .
Savoy Plaza Corp 65 Ws
15
301 East 38th St. Bldg. Ws_
73
80
Yarick St. Sta. P.O. 85 '41_
134 Waverly Place Apts. ctfs 1713
Stacks
Beaux Arts Apts.,Inc., units
8
11
Other Over-the-Counter Securities-Friday June 16
Short Term Securities.
Railroad Equipments.
I
Bid
Bid I
Ask
ag
,
Allis-Chal Mfg 55 May 1937 8714 8875 Slag Pet 41.45 Feb 15 '34 35 101
___
Union 011 ba 1935--__F&A 16038 ___
Amer Metal 5145 1934_ A&O 8315 86
Amer Wat Wks 58 1934 A&O 95
9534
Water Bonds.
Ask
84 Ilunt'ton W let135'54__M&S
1st m be 1954 ser B__M&S
82
58 1962
76
77 Joplin W W5s'57 ser AM&S
Kokomo W W ba 1958.J&D
95
97 Monm Con W 1st 55'58 J&D
86 it.lonon Val W 5 tis '50_ J &J
85
80 Richm W W 1st Ss'57_M&N
85
77
79 St Joseph Wat 55 1941_A&O
871. 8913 South Pitts Water Co
let 58 1955
F&A
90 94
let & ref 58, ser A.J&J
60
90
94
1st & ref 58 80 ser B_J&J
85
90 Terre 'Ile WW Os'49A J&D
1st m 55 1956 ser 13_ _J&I)
85
90
82 85 Texarkana W let 55'58 FAA
80 Wichita Wat 1st 65 '49 M&S
77
let m Ss '56 ser
86
.F&A
82
B_let m 55 1960 ser C_M&N
7412 761
Bid
Alton Water ba 1956__A&O 81
Ark Wat 1st 5a A 1958.A&O 80
Aebtabula W W Se '58_A&O 73
Atlantic Co Wet 58'68 M&S 75
Biro WW 1st 5 Sis A'54A &O
1st m ba 195. iter 11..J&D
1st 58 1957 series C_F&A
Butler Water 55 1957__A&O
City of Newcastle Wat Eas'41
City W (Chat) be B '54 J&D
let be 1957 series C _Ild&N
Commonwealth WaterF&A
let ba 1956 II
let m 581557 ser C_F&A
Davenport W Sa 1981 J&J
J&J
ES l.,t Int liV 5a'42_
1st m 69 1942 ear B J&J
let 58 1980 ser D___F&A
Atlantic Coast Line 65
Equipment 61.48
Baltimore & Ohio 85
Equipment 414s dr 5s....
Buff Roch dr Pitts equip 65_
Canadian Pacific 41.48 & 68
Central RR of NJ 8e
Chesapeake & Ohio (la
Bid Ask
Equipment 6345
9214 9412
Equipment 5a
80 83
Chicago & North Went 6s
78
80
Equipment 6345
75
80
Chic R I & Pao 4%5 & 55....
73
76
Equipment Os
77
79
Colorado & Southern (is
..
82 85
Delaware &Hudson ea --81
84
Erie 4145 .58
90
92
Equipment 8a
Great Northern 611
941. 98
Equipment 55
90
93
Hocking Valley 55
90
93
Equipment 65
99
95
Illinois Central 414s & 55_ -80
.
Equipment Os
75
Equipment 75 & 8145
93
9112 85
8113 85
• No par value. 4 Last
ii
Bid
6.25
6.00
7.50
7.50
7.50
6.25
5.50
4.75
4.75
4.75
10.00
10.00
12.00
12.00
6.00
5.00
9.00
9.00
5.75
5.75
5.25
5.50
7.00
7.00
7.00
Ask
5.25
5.00
6.50
6.50
6.00
5.50
4.50
4.25
4.25
4.25
8.00
8.00
8.50
8.50
5.00
4.25
7.50
7.50
5.00
5.00
4.75
4.75
8.00
6.00
6.00
Kanawha & Michigan 65___
Kansas City Southern 5345.
Louisville .k Nashville fia-Equipment 63.48
Minn St P & SS M 41.48 dc 55
Equipment 63.45 & 75____
Missouri Pacific 630
Equipment 65
Mobile dic Ohio 5s
New York Central 4%s & 55
Equipment 65
Equipment 75
Norfolk & Western 434u...
,.
Northern Pacific 78
Pacific Fruit Express 7e._
Permaylvania RR equip 55._
Pittsburgh & Lake Erie 63.4s
Reading Co 4 %a dr be
St Louts & San Fran 55
Southern Pacific Co 4345
Equipment 75
Southern Ry 434s dr 55
Equipment 65
Toledo & Ohio Central 85
Union Pacific 75
reported market.
Bid
6.00
8.50
8.50
6.50
12.00
12.00
12.00
12.00
12.00
7.00
7.00
7.00
4.50
5.00
4.50
5.25
6.50
4.75
13.00
5.75
5.75
12.00
12.00
8.50
4.50
Ask
5.50
7.00
5.50
5.50
8.50
8.50
8.50
8.50
8.55
6.00
8.00
6 00
3.00
4.50
3.50
4.50
5.75
4.25
8.50
6.25
6 25
8.00
8.00
5.50
3.50
e Defaulted. 5 Ex-dividend.
4258
Financial Chronicle
June 17 1933
Current Earnings—Monthly, Quarterly, Half Yearly
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, qua terly or half
-yearly,that have appeared the present week. It covers all classes of corporate entities, whether rail
roads, public utilities,industrial concerns or any other class and character of enterprise or undertaking. It is all
Inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand the present week.
It includes also those given in our issue of June 10, June 3 and some of those given in our issue of May 27. The
object of this index is to supplement the information contained in our "Monthly Earnings Record," which has
been enlarged so as to embrace quarterly and semi-annual statements as well as monthly reports. The "Monthly
Earnings Record" was absolutely complete up to the date of issue, May 26, embracing every monthly,semi-annual
and quarterly report which was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the
list, representing companies which had not yet made up their returns when the May number of the "Monthly
Earnings Record" was issued.
Issue of Chronicle
Name of Company—
When Published. Pam
Advance Bag & Paper Co., Inc
June 3_3909
Aero Supply mtg. Co., Inc
June 17__4269
Agfa Ansco Corp
June 10_4089
Akron Canton & Youngstown
June 3_3888
Alabama Great Southern_
May 27_3706
Alabama Power Co
May 27_3708
Alabama Water Service Co
June 3..3893
Alaska Juneau Gold Mining Co
June 10_4076
Algoma Central & Hudson Bay Ry.
CoJune 17_4263
Altofer Bros. Co
June 17_4269
Alton RR
June 17.4259
Alton & Southern.
May 27__3704
Aluminum Goods mfg. Co
June I74269
Aluminium, Ltd
June 17__4269
Alles & Fisher. Inc
June 3__3910
Allied Products Corp
June 17_ 4269
Amalgamated Sugar Co
June 10__4090
American Beet Sugar Co
June 10__4090
American Bemberg Corp
June 10__4090
Amer. British & Continental Corp June 174270
American Business Shares, Inc
June 10__4090
Amer. Car & Fdy. Motors Corp
June 3__3910
Amer. Coal Co. of Allegheny CountyJune 17__4270
American Cyanamid Co
June I7__4170
American Equities Co
June 17__4270
American Gas & Electric Co
June 10__4083
American Gas & Power Co
June 10..4080
American Glanzstoff Corp
June 10_ 4091
Amer. I. G. Chemical Corp_-.May 27__3724
Amer. La France & Foamite Co
June 3__3894
American Public Service Co
May 27.-3708
American Seating Co
June 10 _4076
American Service Co
June 3__3910
American Tel & Tel. Co
June 10 _4076
American Thread Co
June 3_39I0
Amer. Water WE..& Elec. Co.,IncJune 10_4076
Amoskeag Mfg. Co
June 17__4271
Ann Arbor RR. Co
May 27_3714
Arkansas Natural Gas Corn
May 27_3723
Arrow-Hart & Hegeman El. Co
June 3..3911
Art Metal Works
June 3_3911
Arundel Corp
June 3_3893
Associated Gas & Electric Corp
June 3.-3905
Associated Oil Co
May 27-3708
Associated Rayon Corp
June 10_4091
Atchison Topeka & Santa Fe Sys
June 3..3892
Atchison Topeka & Santa Fe
June 3_3888
Atlanta Birmingham & Coast
June 3__3888
Atlanta Gas Light Co
May 27__3708
Atlanta & West Point
June 3_3888
Atlantic City
June 3__3888
Atlantic Coast Line
June 3__3888
Atl. Gulf & West Indies SS. Lines-..June 3_3894
Autocar Co
June 10.4091
Autosales Corp
June 17__4271
Babcock & Wilcox Co
June 3_3912
Baltimore & Ohio
June 3..3888
Baltimore & Ohio Chic. Term
June 3...3888
Bangor & Aroostook RR.Co
June 3..3893
Bangor Hydro-Electric Co
June 17_4260
Barcelona Trac. Lt. & Pr. Co., Ltd June 3__3894
Baton Rouge Electric Co
June 3__3894
Beaumont Sour Lake & Western
June 3_389I
Belt Ry. of Chicago
June 3_3889
Bessemer & Lake Erie
June 3..3889
Bickford's. Inc
June 3..3912
Bing & Bing. Inc
May 27..3708
(E. W.) Bliss Co
June 17A272
Boston Elevated Ry
June 17.4260
Boston & Maine
May 27_3706
Boston Revere Beach & Lynn RR
June 3_3892
Bourjois Incorporated, New York June I7__4272
Brill Corp
June 3..3912
Brillo mfg. Co
May 27_3708
Brit. Columbia Pulp & Pr. Co., Ltd June 17__4272
British Columbia Telephone Co._ June 3..3905
Broad River Power Co
June I7__4260
Brooklyn Eastern District Terminal_May 27._3704
Brown Co., Portland, Maine
June 17__4272
Brown Shoe Co., Inc
June 3_3894
Brunswick Term & Ry. Sec'ties Co_June 3__3894
Buffalo General Electric Co
June 10__4076
Bulova Watch Co., Inc
June 10__4092
Bunker Hill & Sullivan Mining &
Concentrating Co
May 27..3708
Burlington-Rock Island
June 3__3889
Bush Terminal Co
May 27_3708
Butterick Co
June 10__4076
California Water Service Co
June 3__3894
Cambria & Indiana
June 3...3889
Canada Northern Power Corp
June 3_3894
Canadian International Investment
Trust, Ltd
June 17__4273
Canadian International Paper Co June I7__4273
Canadian Locomotive Co., Ltd
June 10._4092
Canadian National Rys
June 3..3893
Canadian Nat'l Lines in New Eng
June 3_3889
Canadian 011 Cos., Ltd
June I7__4273
Canadian Pacific Ry. Co
June 3_3893
Canadian Par. Lines in Maine
June 3_3889
Canadian Pac.Lines in Vermont__June 3__3889
Canadian Power & Paper Investments, Ltd
June 17_4273
Carnation Co
June 10__4092
Issue of Chronicle
Name of Company—
When Published. e PO4
Caterpillar Tractor Co
June 17..4260
Central of Georgia
June 3..3889
Central Indiana Gas Co
May 27_3708
Central & South West Utilities Co May 27__3709
Central RR. of New Jersey
June 3__3889
Central Vermont Ry., Inc
June 17__4260
Central West Public Service Co
June 10_4084
Charleston & Western Carolina__ _June 3..3889
Checker Cab mfg. Corp
May 27__3709
Chesapeake & Ohio Ry
May 27_3704
Chester Water Service Co
June 3..3894
Chicago Burlington &Quincy
June 3__3889
Chicago & Erie
May 27_-3705
Chicago & Eastern Illinois
June 3__3889
Chicago Great Western
June 3..3889
Chicago & Illinois Midland
June 3..3889
Chicago Indianapolis & Louisville_ _June 3..3889
Chicago Junction Rys. & Union
Stockyards Co
May 27__3726
Chic. Milw. St. Paul & Pacific
June 3__3889
Chicago & North Western
June 3..3889
Chicago River & Indiana
June 3_3889
Chicago Rock Island & Gulf
June 3__3889
Chicago Rock Island & Pacific
June 3__3889
Chicago St. Paul Minn.& Omaha_ _June 3..3889
Cinc. New Orleans & Texas Pacific.
.May 27__3706
City Stores Co
May 27_3709
Claude Neon Electrical P'ductsCorp.June 17__4274
Cleveland Terminals Bldg. Co
June 10__4093
ClInchfield Coal Corp
June 3__39I3
Clinchfield
June 3..3889
Coca-Cola Co
June 33894
Colorado & Southern
June 3._3889
Columbia Pictures Corp
June 3_3894
Columbus & Greenville
June 3__3889
Commonwealth Securities Co
June 17..4274
Commonwealth & Southern Corp
June 3...3902
Connecticut Power Co
June 3__3894
Consolidated Gas Utilities Co
June 10__4085
Consolidated Publishers, Inc
June 10.
.4093
Consolidated RRs. of Cuba
June 3..3892
Consumers Co
June 17_4275
Consumers Power Co
May 27__3709
Continental Diamond Fibre Co
May 27..3709
Continental Gas & Elec. Corp
June 10..4076
Cosgrove-Meehan Coal Corp
June 10_4094
Creole Petroleum Corp
June 17..4276
Crosley Radio Corp
May 27..3727
Crows Nest Pass Coal Co., Ltd
June 17__4276
Cuba Co
June 3_3894
Cuba Northern Rys
June 3_3893
Cuba RR
June 3..3893
Cuban Tobacco Co.. Inc
June 10__4094
Davis Coal & Coke Co
June 17..4277
De Beers Consol. Mines, Ltd
June 3..3914
Delaware & Hudson
May 27_3705
Delaware Lackawanna & Western_ Ju ne 3_ _3889
De Long Hook & Eye Co
June 17..4277
Denver & Rio Grande Western RR_June 3__3893
Denver & Salt Lake
June 3...3889
Detroit Edison Co
June 17_4260
Detroit & Mackinac
June 3__3889
Detroit Terminal
June 3_3889
Detroit Toledo & Ironton
June 3...3890
Detroit & Toledo Shore Line
May 27-3705
Diamond Match Co
June 3_3894
Diamond Shoe Co
June 17..4277
Dominion Textile Co., Ltd
June 10__4094
Missabe & Northern
Duluth
June 3__3890
Duluth South Shore & Atlantic_
June 3__3890
Duluth Winnipeg & pacific
June 3_.3890
Duquesne Light Co
June 10_4076
East Kootenay Power Co., Ltd
June 17 4265
Eastern Gas & Fuel Associates
May 27..3709
Eastern Massachusetts St. Ry. Co. May 27 3709
Eastern Steamship Lines, Inc
June 10__4076
Eastern Utilities Associates
June 10..4077
East Kootenay Power Co
June 104076
Electric Power Associates
June 10__4094
El Paso Electric Co
June 3..3894
Elgin Joliet & Eastern
June 3__3890
Empire Gas & Electric Co
May 27..3709
Empire Gas & Fuel Co
June 10_4085
Empire Oil & Refining Co
May 27..3727
Emporium Capwell Corp
June 3_3895
Engineers Public Service Co
June 3_3895
Equitable Office stag. Corp
June 3..3915
Erie Lighting Co
June 3..3895
Erie RR. Co
June 3..3893
Evans Products Co
May 37..3709
Fall River Gas Works Co
June 10__4077
Famous Players Canadian Corp..
Ltd
June 3_3915
Fanny Farmer Candy Shops, Inc..
.June 17__4277
Farr Alpaca Co
May 27..3709
Federal Mining & Smelting Co
June 17..4268
Federated Capital Corp
June 17..4271
Fiat, Turin, Italy
June 10__4096
Firestone Tire & Rubber Co
June 17 4161
First Chrold Corp
June 10._4077
First National Stores, Inc
June l0...4080
Florida East Coast
June 3..3890
Florida Power Corp
June 3..3906
Fonda Johnstown & Gloversville...June 17__4260
Ft. Smith & Western
June 3_3890
ISM of Chronicle
Name of Company—
When Published. Page.
Ft. Worth & Denver City
June 3..3889
Ft. Worth & Rio Grande
June 3_3891
Ford Motor Co
June 3_3915
Ford Motor Co. of Canada
June 10__4080
Foster &Kleiser Co
June 3_3916
Foundation Co
June 3..3894
Foundation Co. of Canada, Ltd _ _ _ _June 17_.4278
(Robert) Gair Co., Inc
June I7__4278
Galveston Electric Co
June 17_4261
Galveston Houston El. Ry
June 17..4261
Galveston Wharf
May 27...3705
General Motors Corp
June 3_3895
General Outdoor Advertising Co
June 10..4077
General Paint Corp
June 17..4279
General Stock Yards Corp
June 17..4279
Georgia
June 3__3890
Georgia & Florida RR
June 3..3893
Georgia Power Co
May 27..3710
Georgia Southern & Florida
May 27__3706
(H. C.) Godmart Co
June 17__4279
Gorham Mfg. Co
June I7__4279
Grand Trunk Western
June 3...3890
Great Northern
June 3__3890
Great Western Sugar Co
June 10__4097
Green Bay & Western
June 3._3890
Greyhound Corp
June 10_4097
Greif Bros. Cooperage Corp
June 10__4077
Grigsby-Grunow Co
June 10__4077
Group No. 1 Oil Corp
June 10__4098
Group No. 2 Oil Corp
June 10__4098
Gulf Coast Lines
June 3_3893
Gulf Colorado & Santa Fe
June 3_3888
Gulf Mobile & Northern
June 3..3890
Gulf Power Co
June 10__4077
Gulf & Ship Island
May 27_3705
Gulf States Utilities Co
June 3..3895
Gypsum Lime & Alabastine, Ltd
June 3_3916
Hagerstown Light & Heat Co. of
Washington County
May 27..3710
Hathaway Bakeries, Inc
June 10._4098
Haverhill Gas Light Co
June 10_4077
Heyden Chemical Corp
June 10__4098
Holland Furnace Co
June 10__4098
Hollinger Consol. Gold Mines, Ltd.
.June 10_.4099
Holly Sugar Corp
June 17__4280
Horn & Hardart Co
June I7__4280
Houston Electric Co
June 17_ _4261
Hudson & Manhattan RR
May 27..3710
Humble 011 & Refining Co
June 10..4099
Illinois Bell Telephone Co
June 10._4077
Illinois Central System
May 27_3705
Illinois Central RR
May 27..3705
Illinois Terminal
June 3__3890
Illinois Water Service Co
June 10_4077
Independent Pneumatic Tool Co...
.June 17_4280
Indiana Harbor Belt RR
June 17__4260
Indian Territory ilium. Oil Co
June 10_4099
Inland Investors, Inc
June 17__4280
Insuranshares Ctfs., Inc
June 3_3895
Interborough Rapid Transit Co._ _June 10__4077
International Great Northern
June 3..3890
International Hydro Elec. System_June 17__426I
International Rys. of Central Amer_June 3_3893
International Tel. & Tel. Corp
June 17..4261
Iowa Public Service Co
May 27_3720
Jamaica Public Service, Ltd
June 10_4078
Kansas City Southern
June 3..3890
Kansas Oklahoma & Gulf
June 3..3890
(Rudolph)Karstadt, Inc
May 27..3729
Keith-Albee-Orpheum Corp
May 27..3730
(B. F.) Keith Corp
May 27..3731
Kelsey Haves Wheel Co
June 10__4077
Ken ucky Securities Corp
June 3_3895
Kentucky Utilities Co
May 27..3710
Keystone Public Service Co
June 10__4086
Keystone Telephone Co. of Phila
May 27..3720
Key West Electric Co
June 3..3895
Kidder Participations, Inc
June 10__4077
Kidder Participations, Inc., No. 2 June 10..4078
Kidder Participations, Inc., No. 3 June 10__4078
Kresge Department Stores. Inc
May 27__373I
Lake Superior & Ishpeming
June 3_3890
Lake Terminal
May 27..3705
Landers, Frary & Clark
June 17..4281
Langton Monotype Machine Co
June 17_4281
Lawbeck Corp
June 17_4281
Lee Rubber & Tire Corp
June 3..3895
Lehigh & Hudson River
June 3._3890
Lehigh & New England
June 3__3890
Lehigh Valley Coal Co
May 27_3731
Lehigh Valley Coal Sales Co
May 27..3732
Lehigh Valley RR
June 3.-3899
May 27_3720
Lehigh Valley Transit Co
Leslie California Salt Co
June 17__4261
June 3..3895
Lexington Utilities Co
Lexington Water Power Co
June 17...4261
Liggett Bldg.. Inc
June 10..4101
June 17..4282
Lindsay Nunn Publishing Co
May 27.-3710
Loblaw Groceterias, Ltd
London Street Ry. Co
June 3.-3907
June 3.-3891
Long Island
June 3-3893
Los Angeles & Salt Lake
June 3.-3890
Louisiana & Arkansas
June 3-3890
Louisiana Arkansas & Texas
Louisiana & North West RR
May 27-.3716
Financial Chronicle
Volume 136
Issue of Chronicle
Name of CompanyWhen Published. Pape.
Louisiana Oil Refining Corp
June 10__4078
Louisville & Nashville RR
June 10__4079
Lowell Gas Light Co
June 10._4085
McGraw-Hill Publishing Co
June 17_4261
McIntyre Porcupine Mines, Ltd
June 10__4101
Mahoning Coal RR
June 3__3893
Maine Central
May 27.3706
Manhattan-Dearborn Corp
June 17__4283
Manila Electric Co
June 3.._3895
Manitoba Power Co
June 10__4078
Maracaibo 011 Exploration Co
May 27-3733
Martel Mills, Inc
June 17__4261
Massachusetts Utilities Associates_June 3__3907
Massey Harris Co.. Ltd
May 27._3733
(Oscar) Mayer & Co., Inc
June 17__4283
Mead Corp
May 27-3733
Mesta Machine Co
May 27_3733
Mexican Light & Power Co
June 3.3895
Mexico Tramways Co
June 3_3895
June 17_.4261
Mid-Continent Petroleum Corp
Middle States Petroleum Corp
May 27..3743
June 10..4076
Midland Valley
Minneapolis Gas Light Co
June 17_4266
Minneapolis & St. Louis RR
June 10__4081
Mississippi Central
June 3__3890
Mississippi Power Co
June 10__4078
Missouri Edison Co
May 27..3721
Missouri Illinois
June 3._3890
Missouri-Kansas-Texas Lines
June 3_3890
Missouri & North Arkansas
June 3__3890
Missouri Pacific
June 3__3891
Mobile & Ohio
June 3_3891
Monongahela
June 3_3891
Monongahela Connecting
May 27_3705
Mother Lode Coalition Mines Co
May 27..3734
(Philip) Morris & Co., Ltd
June 3..3917
Mountain Producers Corp
June 10__4101
Mueller Brass Co
June 17_4283
Muller Bakeries, Inc
June 17_ 4284
Murray Corp.of America
June 10_ 4078
(G. C.) Murphy Co
June 3._3917
(F. E.) Myers & Bro. Co
May 27_3710
Nashville Chat. & St. Louis
June 3__3891
National Air Transport, Inc
June 17..4261
National Bond & Share Corp
June t7_4284
National Fireproofing Corp
May 27_3734
National Railways of Mexico
May 27_3707
National Securities Investment Co _June 17__4284
Neptune Meter Co
June 3_3918
Nevada California Electric Corp
May 27._3710
Nevada Northern
June 3.3891
New Bedford Gas & Edison Lt. Co June 104O86
New Bradford Oil Co
June 17..4285
Newburgh & South Shore
May 27_ 3705
New Jersey & New York
May 27_3705
New Mexico & Arizona Land Co
June 17__4285
New Orleans Great Northern
June 3_3891
New Orleans & Northeastern
May 27__3706
New Orleans Texas & Mexico
June 3__3891
New River Co
June 3_3918
N. Y. Central Electric Corp
May 27_3721
New York Central RR
June 17__4260
New York Chicago & St. Louis
May 27__3705
New York Connecting
June 3. 3891
New York New Haven & Hartford--May 27_3706
New York Ontario & Western
May 27..3706
New York Railways Corp
June 10_ A078
N. Y. & Richmond Gas Co
June 3..3895
N.Y. State Elec. & Gas Corp
May 27_3710
N. Y. State Railways
June 10__4078
N. Y. Susquehanna & Western
May 27..3705
New York Telephone Co
May 27__3710
N. Y. Water Service Corp
June 3_3895
N. Y. Westchester & Boston Ry--.May 27 3710
Niagara Falls Power Corp
June 17_4261
Niles-Bement-Pond Co
May 27..3734
Norfolk Southern
June 3_3891
Norfolk & Western
May 27..3707
North American Cement Corp
May 27_3711
North American Co
June 17...4266
North American Edison Co
May 27._37Il
North American Gas & Elec. Co
May 27..3722
Northern Alabama
May 27._3706
Northern Pacific
June 3_3891
Northern Pennsylvania Power Co ..June 3_3908
Northern States Power Co.(Del.)._June 10..4078
Northern States Power Co.(Minn.).June 10__4078
North Penn Gas Co
June 3_3908
Northwestern Pacific
June 3_ _3891
Northwestern Public Service Co._ June 10_ _4086
North West Utilities Co
June 3_390K
Nova Scotia Light & Power Co., Ltd June 17__4267
Ohio Edison Co
May 27..37l1
June 10 .4078
Ohio Water Service Co
Old Colony Investment Trust
June 17_4285
Old Dominion Power Co
May 27. 3711
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Current
Year.
$
2,804,154
2,050,000
15,550
164,604
1,964,820
264,700
193,326
Period
NameCorered.
Canadian National
1st wk of June
Canadian Pacific
1st wk of June
1st wk of June
Georgia & Florida
Minneapolis & St Louls
Ist wk of June
Southern
1st wk of June
St Louis So'western System 1st wk of June
1st wk of June
Western Maryland
4259
Ism of Chronicle
Name of CompanyWhen Published. Page.
Oklahoma City Ada-Atoka
June 3_3891
(The) Orange & Rockland Elec. Co May 27_3711
Oregon Short Line
June 3_3892
Ore.-Washington Ry. & Nay. Co .June 3_3892
Ore.
-Washington Water Service Co.
.June 3._3895
Ottawa Light Ht.& Pr. Co., Ltd. _June 10..4086
Otter Tail Power Co. of Del
June 10__4086
Pacific Fruit Express Co
June 3__3919
Pacific Northwest Public Service Co.June 17_ _4267
Pacific Telephone & Telegraph Co June 17..4262
Pan American Foreign Corp
June 3__3919
Pan American Petroleum Co
June 3._3919
Panhandle & Santa Fe
June 3__3888
Park & Tilford, Inc
May 27_3711
Parmelee Transportation Co
June 3__3895
Patine Mines & Enterprises Consoi'dJune I9__4078
Peerless Motor Car Co
June 3_3895
Penn Central Lt. &Pr.Co
May 27._3711
Pennsylvania Electric Co
June 17__4267
Pennsylvania RR
June 3__3891
Pennsylvania RR. Regional System_May 27_3720
Pennsylvania Rubber Co
June 3__3919
Peoria & Eastern Ry. Co
May 27_3717
Peoria & Pekin Union
June 3_3891
Pere Marquette Ry
May 27_3705
Philadelphia Co
June 10...4078
Phila. & West Chester Traction Co May 27._3711
Philippine Railway
June 10__4076
Phoenix Hosiery Co
May 27__3735
Pittsburgh & Lake Erie RR
June 17__4260
Pittsburgh & Shawmut
June 3_3891
Pittsburgh Shawmut & Northern. _June 3__3891
Pittsburgh Sub'ban Water Serv. Co_June 3_.3895
Pittsburgh United Corp
May 27_.3736
Pittsburgh & West Virginia
June 3__3891
once Electric Co
June 3_3895
Postal Telegraph-Cable Co
June 17__4261
Postal Telegraph & Cable Corp
June 17__4262
Public Service Co. of Colorado
June 10..4087
Public Service Co.of New HampshireMay 27..3723
Puget Sound Power & Light Co_
_June 3_3895
(The) Pullman Co
June 17__4261
Pyrene Mfg.Co
June 3.3919
Quincy Market Cold Storage & Warehouse Co
June 3_3920
Railway Express Agency,Inc
June 3__3897
Reading Co
May 27_3705
Reiter-Foster 011 Corp
June 10__4103
Remington Arms Co
May 27_3711
Reynolds Spring Co
June 10_ A078
Richfield Oil Co
May 27_3736
Richmond Fred'ksburg & Potomac_ June 3__3891
Ritter Dental Co
May 27__3711
Roanoke Gas Light Co
May 27_3711
Roch. Sc L.Ontario Water Serv.CoJune 3__3897
Rolls-Royce of America, Inc
June 17__4286
Rossville Alcohol & Chemical Corp_May 27..3736
Royal Dutch Co
June 3_3900
Russeks Fifth Avenue. Inc
June 10__4104
Rutland RR
June 17_ _4260
St. Joseph & Grand Island
June 3__3892
St. Louis Brownsville & Mexico
June 3_3891
St. Louis San Francisco
June 3..3891
St. Louis San Francisco & Texas _ June 3_3891
St. Louis Southwestern Ry. Lines
May 27._3707
San Antonio Uvalde Sr Gulf
June 3._3891
San Diego & Arizona
June 3_.3891
San Diego Consord Gas & Elec. Co June 10__4078
Savannah Electric & Power Co
June 3..3897
Schulco Co., Inc
June 17__4262
Schulte Real Estate Co
June 10..4104
Scovill mfg. Co
June 3_3920
Scranton Spg.Brook Water Sere. Co.June 3__3896
(E. W.) Scripps Co
June 3_3921
Seaboard Air Line Ry
June 17__4262
Seattle Gas Co
.May 27_3711
Serve!. Inc
June 3..3897
Shell Transport & Trading Co., Ltd_June 17..4262
Shell Union Oil Co
May 27._3711
Sierra Pacific Electric Co
June 10_ A079
Signal Oil & Gas Co
June 10__4104
Sioux City Gas & Electric Co
May 27._3723
Snia Viscose
June 3_3921
Snider Packing Corp
May 27_.3737
Solvay American Investment Corp_June 10_ _4105
Soo Line System
May 27_3707
South Bay Consolidated Water Co Juue 3__3897
South Carolina Power Co
June 10_4078
Southern Bell Tel.& Tel. Co.,Inc...May 27._3711
Southern Colorado Power Co
June 10__4079
Southern Ice Co
June 3..3921
Southern Indiana Gas & Elec. Co. June 10_ _4079
Southern Pacific
June 3..3892
Southern Pacific Lines
May 27..3707
Southern Pipe Line Co
May 27_3737
Southern Pacific SS. Lines
June 3._3892
Precious Inc.(+) or
Year.
Dec.(-).
$
$
2,950,215 -146,061
2,223,000 -173,000
14,550
+1,000
142,141
+22,463
1,601,440 +363,380
253,611
+11,089
187,45.5
+5,872
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
The include all the Class I roads in the country.
Orals Earnings.
IMO Of LhrOntCle
When Published. Page
NOM of CompanySouthern Public Utilities Co
June 10__4087
Southern Ry
May 27..3706
Southwest Pipe Linea
May 27_3737
Southwestern Light & Power Co._ _June 3...39111
Spokane International
June 3_3892
Spokane Portland Seattle
June 3__3892
Square D Co
June 10__4105
Southern Canada Power Co., Ltd
June 17__4262
(E. R.) Squibb & Sons
June 10_4105
Standard Cap.& Seal Corp
May 27_3711
Standard Commercial Alcohol Co
June 3.3922
Standard Screw Co
June 10__4105
Staten Island Edison Corp
June 3__3897
Staten Island Rapid Transit
June 3__3892
Starrett Corp
June 10_4106
(A.) Stein & Co
June 10__4106
Stutz Motor Car Co. of America_ _ _ _June 10__4107
Sullivan Machinery Corp
June 174287
Superior Oil Corp
June 17..4262
June 3__3922
Swedish Ball Bearing Co
Stromberg-Carlson Tele. Mfg. Co.._June 3__3922
Sweets Co. of America
June 3__3897
Tampa Electric Co
June 10__4079
June 3_3892
Tennessee Central
(The) Tennessee Electric Power Co May 273712
June 3_3892
Term RR. Assoc. of St. Louis
Texarkana and Ft. Smith
June 3__3890
Texas Mexican
June 3_3892
Texas & New Orleans
June 3_3892
Texas Pacific Lard Trust
June 10_ _4107
Thatcher mfg. Co
June 3__3897
Third Avenue Railway System
June 3__3897
Thompson Products, Inc
June 17_ _4262
Tishman Realty & Constr.Co.,Inc June 10__4107
Tobacco Products Export Corp
June 10..4107
Todd Shipyards Corp
June 17__4287
Toho Electric Power Co., Ltd
June 10..4087
Toledo Peoria & Western
June 3_3892
Toledo Terminal
June 3...3892
Tonopah Mining Co. of Newark
June 17..4288
Transamerica Corp
June 3__3901
Tung-Sol Lamp Wks. Inc
June 3__3922
Wks..
Union sag& Paper
May 27__3737
Union RR.of Penne
June 3_3892
Union Pacific Co
June 3_3892
Union Tobacco Co
June 17_ _4288
Union Twist Drill Co
June 3._3923
Union Water Service Co
June 17__4262
United Dyewood Corp
May 27_3737
United Light & Power Co
June 10__4079
United Light & Railways Co
June 10__4079
United Piece Dye Works
June 3..3923
United Profit Sharing Corp
June 3..3923
United Securities. Ltd
June 10__4087
United Shoe Machinery Corp
May 27_3713
United States Corp.
May 27_3738
U. S. Finishing Co
June 3.3923
United States Foil Co
June 10_4108
United States Glass Co
June 10__4108
Unive sal Pictures Co., Inc
June 3__3924
Utah
June 3__3892
Utah Idaho Sugar Co
June 10__4108
Utic Gas & Electric Co
May 27_3724
Van Sweringen Corp
June 10_4109
Virg la Electric & Power Co
June 3..3897
Vire ian
June 3__3892
Waitt & Bond, Inc
June 17__4289
Wal t.h Ry
May 27__3706
Wait Aircraft Co
June 3__3897
Waltham Watch Co
June 17..4289
Warner Bros. Pictures, Inc
June 111__4079
Wa. .1. Quinlan Co
May 27_3712
Water Service Co., Inc
June 17_ _4262
Weber Showcase & Fixture Co
June 17_ _4286
Weinberger Drug Stores Inc
June 17_4289
West Virginia Water Service Co_ _ _ _June 10__4079
We t!rn Air Express Corp
June 3..3924
Western Grocers, Ltd
June 17_ _4289
Westa.rn Maryland Ry. Co
June 3__3893
Wet nne N. Y. Water Co
June 3__3897
Western Pacific
June 3__3892
Western Public Service Co
June 3..3897
We tern Ry. of Alabama
June 3__3892
Western Pr. Lt. & Telephone Co_May 27_ _3724
Western Union Telegraph Co
June 17_ _4262
Weston Electrical Instrument Corp-June 3_3898
Whe3ling & Lake Erie
June 3.3892
June 10__4109
(S. S.) White Dental Mfg, Co
Wichita Falls & Southern
June 3_3892
May 27..3714
Willys-Overland Co
Winnipeg Electric Co
June 10__4079
Winston-Salem Southbound Ry. Co_May 27_3718
Yazoo & Mississippi Valley
May 27._3705
York Railways Co
May 27._3712
Yukon Gold Co
June 3.3924
Zimmerknit Co., Ltd
June 17.A290
Inc.(+)or Dec.(-).
Net Earnings.
Month.
1932.
January
February
March
April
May.
June
July
4turuet
Am:member
October
November
December
January
1.%Aft lUtrY
Mareh
April
1931.
45.940.685
57,375.537
67.670,702
56.263.320
47.429.240
47,008.035
46.125.932
62.540.800
83,092,939
98,336,295
63.966,101
57.854.695
1433.
45.603.287
41.460,593
43,100,029
52,585.047
$
72.023.230
66.078.525
84,706.410
79,185.676
81.052.518
89.688.856
96,983,455
95,070.808
92.153.547
101,914.716
66,854.615
53,482,600
1932.
45.964.987
56.187,604
68.336,042
56.261,640
AMOURS.
Per Cent.
-26,082,545
8.702,988
17.035,708
22.922,356
33,623.278
42.680.821
50,857.523
-32.530,008
9,060.608
3,578.421
2,888,514
+4.372.095
-36.24
13.11
20.18
28.97
41.41
47.58
52.43
-34.12
9.83
-3.51
4.32
+8.17
-361,700
14.727.011
25,256,013
-3.676.793
0.76
26.21
-36.95
6.54
Length of Road.
Month.
1932.
January
February
March
April
May
June
July
August
September
October
November
December
January
February
NI arch
April
274.976.249
266.892.520
289.633.741
267.473.938
254.382.711
245 860.615
237 462.789
251.761.038
284,724.582
298,076,110
253.223,409
245,751,231
1933.
228.889,421
185,897,862
219,857,604
227,300,543
1931.
365.522.091
336.182.295
375.617.147
369.123.100
368,417.190
369.133.884
376 314.314
363,778.572
364.385,728
362,551,904
304,829.968
288.205.766
1932.
274,890.197
231,978.621
288,880,547
267,480,682
Inc. (+1 or
Dec.(-).
90.545.842
69.289 775
-85.983 406
-101 649 162
-114 034 479
-123273.369
-138.851.525
112.017,534
79.661,146
- 475.794
-51.606.559
--42.4154.535
--46.000,776
--46.080,759
__00,022,941
--40,180,139
1932.
MSc..
244.243
242.312
241.996
241.876
241.995
242 179
242.228
242 208
242 292
242,031
241,971
241.1406
1933
241.881
241.189
240,911
241,680
1931.
Mites.
242.365
240.943
241,974
241,992
242,163
242,527
242.221
242 217
242 143
242,024
242,027
241.950
1932.
241.991
241,447
241,4 49
,
242,160
Net Earnings Monthly to Latest Dates.
Alton
Mat,1933.
Gross from railway- - - $1,085,373
Net from railway_
Net after rents
158.846
From Jan 1Gross from railway... 4,986,069
Net from railway_
Net after rents
254,525
Central Vermont
May
Gross from railway_ _ _
Net from railway.. _ _
Net after rents
From Jan. 1
Gross from railway...
Net from railway__ _ _
Net after rents
1932.
1931.
1930.
$1,151,309 $1,687,863 82.153.970
220.047
421.229
212.535
-35.003
-73,411
167,024
6.013.861
1,240,268
15,416
8,157.627
1,553,538
205,205
10.297,284
1,648,572
164,114
1933.
1.449,512
25,180
1932.
$478.185
27.456
-1,426
1931.
$641,795
13,766
7,909
1930.
8708.232
93,696
77,670
1.851.622
42.065
2,217,531
151,076
17.352
2,914,334
366,864
358.624
3,186,180
478,770
398,706
Financial Chronicle
4260
June 17 1933
Rutland RR.
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports to the Commission.
Netrev,from ry. oper.
Railway tax accruals_ __
Uncollectible ry. revs___
E.& it. facility rents*.
$22,936
19,384
83
11,268
$65,302
21.527
Central Vermont Ry., Inc.
Net ry. oper. income_
Miscall. & non-oper. inc.
$14,736
6,339
Gross income
Deduc. from gross inc._
$21,075
35,436
Month of MayRailway oper.income.-Non-operating income__
1933.
$9,541
42,228
1932.
$10,159
40.618
1931.
$719
44.332
1930.
$77,669
55,469
Gross income
Deductfrom gross inc_ _ -
151.769
149,250
$50,777
147.481
$45.051
132,362
$133,138
132,465
(89.03%)
469
$536,865
655.930
$561,110
526,455
Net income
def$543,834 def$459,653 def$119,065
Ratio of ry. oper. exps.
to revenues
93 19%) (87.41%)
) ( .
(97.73%
Ratio of oper. exps. and
(97.09%) (89.837)
taxes to revenue
(101.93
4
457
Miles of road operated
(84.27%)
$172.595
716.429
$272.943
732.595
2,616
$39,505
79.364
178
43.903
$165,546
86,529
528
15.088
$46,390
7.338
$3.866
25,490
$93,577
29.620
$53,729
36,301
$29,356
142,551
$113,194
$23,339
$14,361 Inc$17.428
Net (deficit)
* Credit balance.
igeLast complete annual report in Financial Chronicle May 13 '33, p. 3335
(86.77%)
INDUSTRIAL AND MISCELLANEOUS CO'S.
Bangor Hydro-Electric Co.
$343,282
217.828
$34.654
74,1
(86.74:
1
Gross earnings
Oper.expenses & taxes
-Month of April- -12 Mos. End. April 301932.
1933.
1932.
1933.
$161.845 $1,968,104 $2.206,452
5149,259
73,517 876,075
67,722
958,662
Gross income
Interest, &c
$81.5.37
26,229
$88,328 $1,092,029 $1,247,790
25.617
307,106
299.293
Net income
Preferred stock dividend
$55,308
$62,711
$784,923
308,546
1933.
$43,021
38.248
1932.
$57,443
49,418
1931.
$70,660
58,185
1930.
$71,000
61,116
Net revs. from oper...
Tax accruals
$4,774
2,750
58,024
4,000
$12,475
4.500
Operating income___ _
Other income
$2,024
357
$4,024
1,968
$7.975
3,783
$9.884
4,800
$5,084
5,214
Gross income
Deduc. from gross Inc..
$2,381
18,574
35,993
16,334
$11,758
28,057
$10,298
31,641
Net income (deficit).$16.193
4 Mos. End. Apr. 30
$175,314
Operating revenues
158,344
Operatng expenses
Net revs, from oper
Tax accruals
$507,543
$344,278
Balance
ra"Last complete annual report in Financial Chronicle Feb. 25 '33, p. 1373
Boston Elevated Ry.
-Month of April1932.
1933.
Receipts$2,015,444 $2,300,644
From fares
From operation of special cars, special motor
1.114
1,330
coaches and mall service
From advertising in cars, on transfers, privileges
28,128
44.686
at stations, &c
2,437
3.958
From rent of equipment, tracks and facilities
5.328
5,905
From rent of buildings and other property
5,457
609
From sale of power and other revenue
$10,341
$16,298
$21,343
$299,644
238,414
$332,725
256.466
Total receiptsd from direct operation of the road- $2,053,578 $2.361.767
14,610
14,326
Interest on deposits, income from securities, &c
$61,230
18.000
$76,258
19,200
$57.058
21,145
$2.067.905 32.376,377
Total receipts
Cost of Service
$235,283
Maintaining track, line equipment & buildings... $178,062
244,240
307,783
Maintaining cars,shop equipment. &c
164,114
128,440
Power
Transportation expenses (incl. wages of car service
798,595
622,882
men)
6,658
6,315
Salaries and expenses of general officers
103,300
74,475
Law expenses, injuries and damages and insurance
104.763
82,623
Other general operating expenses
112,639
134,883
Federal, State and municipal tax accruals
103,363
103,363
Rent for leased roads
231,824
230,995
Subway, tunnel and rapid transit line rentals
323,127
338,872
Interest on bonds and notes
5,763
7.156
Miscellaneous items
$23,079
16,000
Operating income
Other income
$5,970
1,968
$7.079
6,603
$43,230
14,493
Gross income
Deduc. from gross inc
$7,938
65,444
$13,683
69,876
$57,723
114.715
mist
Net income (deficit).$56.992
$46.260
$30.825
356.192
rgrLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1371
Indiana Harbor Belt RR.
-Month of April- -4 Mos. End. Apr.301932.
1932.
1933.
1933.
$603,310
$612,193 $2,239,338 $2,590,722
414.834
1,413,600
1,790,282
352.177
Railway oper. revenues_
Railway oper. expenses-
Net rev,from ry. oper.
Railway tax accruals...
Uncollectible ry. revs....
Eq. & it. facil. rents...
$251.133
50,020
4
39,342
$197,358
40,953
136
56.898
$825,738
170.648
29
190,754
$800,440
165,682
140
194,791
Net ry. oper. incomeMiscell. & non-op. Inc__
$161,766
3,236
$99,369
7.034
$464,305
12,206
$439,826
22,232
Gross income
Deduc. from gross inc._
$165,002
42,392
$106,404
43,069
$476.512
170.203
$462.058
171,786
Net Income
$63,335
$306.308
$290,271
$122,610
larLast complete annual report in Financial Chronicle June 3 '33, p. 3900
(The) New York Central RR.
(includingiAlliLeased Lines)
-Month of April- -4 Mos. End. Apr.301932.
1933.
1932.
1933.
Railway oper. revenues..$20,403.986 $24.837,712 $82,593,235$106.171,265
Railway oper. expenses- 15,380,028 20,528,692 63,367,286 82,744.085
Net rev. from ry. op-- $5,023,957 $4,309,020 $19,225,948 $23.427,179
Railway tax accruals- 2,425,343
9,717,079 10,730.127
2,605,061
20,866
Uncollectible ry. revs.-5,748
44,464
10,681
Eq. & it. facility rents-- 1,172.437 1.329,302 4,672,580 5,132,450
3363.974 $4,815,422 $7,520,135
2.080,072 7,341,571
9.192,621
Gross income
$3,209,542 $2,444,046 312,156,993 316,712,757
Deduc. from gross inc.- 5,057,104 5,144,522 20,233,211 20,732,084
Net deficit
$1,847,561 12,700,475 $8,076,217 $4,019,327
131 Last complete annual report in Financial Chronicle June 3 '33 p. 3898
-
-Month of April- -4 Mos. End. Apr.301932.
1933.
1933.
1932.
$895,242 11,091,296 33,492,148 $4,372,801
958,290 3.274.598 3,943,541
820,643
Railway oper. revenues_
Railway oper. expenses_
Net rev.from ry. oper.
Railway tax accrualsUncollectible ry. revs___
Eq. & it. facility rents*.
$74,599
78,774
33
109,113
1133,006
91,668
Net ry. oper. Income_
Misc. & non-oper. Inc__
1104.904
53.967
Gross income
Deduc. from gross Inc
$158,871
93,963
$2,152,311 $2,497,217
Total cost of service
120,840
84,406
Excess of cost of service over receipts
tarLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1369
Broad River Power Co.
1933.
1932.
$2,266.009 32,594.864
377.969
363.572
12 Months Ended March 31Electric revenues
Gas revenues
$2,643.978 $2,958,436
Total operating revenues
1,029,091
1.400.278
Operating expenses
110.731
113,991
Maintenance
249,762
200,648
renewals and replacements
Provision for retirement,
379,052
419,278
Taxes
$921,197
$778,386
Operating income
40.877
36,398
Other income
$962.074
692,276
107,139
45,179
Cr2,872
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest during construction
$814.785
640,783
119,220
65.102
Cr9,565
1084756
$120,353
Net income
This statement gives no effect to a rate reduction ordered by the South
Carolina Railroad Commission, which is being contested in the Courts.
On the present basis of earnings this order would reduce the income approximately $170,000 per annum: in addition, there has been a suggestion of a
substantial reduction in rates for industrial users.
tZPLast complete annual report in Financial Chronicle June 3 '33, p. 3905
Caterpillar Tractor Co.
-Month-1932
1933-5 Mos.-1932
Period End. May 31- 1933
Net sales
$1,168,468 31.388,904 54,270,752 36,638,034
Net loss after taxes,
436,298
453,589
61,809 prof.25,746
deprec., int., &c
'Last.complete annual report in Financial Chronicle Feb. 11 '33, p. 1020
Detroit Edison Co.
'The) Pittsburgh & Lake Erie RR.
121,722
1217.550
312,667
33
444,456
$429,259
358,216
9
513.163
1163,060
57,427
$349,306
220,381
$584,197
234.132
$220.488
97,820
$569,687
363,881
$818,330
389,683
Net income
$64,907
$122,667
1205.806
$428,646
* Credit balance.
complete annual report in Financial Chronicle May 27 '33, p. 3712
tat Last
-
$645,040
137,497
$234,398
211,318
$16,970
11,000
Net ry. oper. income- $1,420,428
Misc. & non-op.income_ 1.789,113
$948,497
303,457
$476,377
132,099
Balance
Depreciation
Fonda Johnstown & Gloversville RR.
Month of AprilOperating revenues
Operating expenses
$123,197
146,537
$674
Net income
def$97,481 def$96.704 def$87,311
Ratio of ry. oper. exps.
to revenues
(94.38%) (94.26%) (97.85%)
Ratio of oper. exps. and
(97.86%) (97.88%) (99.87%)
taxes to revenue
Miles of road operated
457
457
457
5 Mos. End. May 31
$296,410
Railway oper.
def$36,114
363.335
240.455
Non-operating income
208,709
209.608
Gross income
Deductfrom gross bac-
-Month of April- -4 Mos. End. Apr.301932.
1932.
1933.
1933.
$334,664
$999,470 $1,316,532
$261,592
269,362
959,964
1,150,985
238,658
Railway oper. revenuesRailway oper. expenses.
(And Subsidiary Utility Companies)
1932.
1933.
12 Months Ended May 31$39,267,789 $44,688,322
Total electric revenue
1,900.072
1,786,105
Steam revenue
456,971
405,710
Gas revenue
Dr2,690
1,559
Miscellaneous revenue
$41,461,163 $47,042.675
Total operating revenue
47.571
161,769
Non-operating revenue
Total revenue
Operating & non-operating expenses
$41,622,932 $47,090,246
29,651,339 31,516,927
Gross corporate income
Interest on funded & unfunded debt
Amortization of debt discount & expense
Miscellaneous deductions
311,971,593 315,573,319
6,337,870 5,808,631
193.438
197,022
46,411
35,247
$5,401,453 $9.524.838
Net income
"Last complete annual report in Financial Chronicle Jan. 21 13, p. 484
Financial Chronicle
Volume 136
Federal Mining & Smelting Co.
Tons Produced-Quarters Ended
April 30 1933.
Jan. 31 1933.
Apr. 30 1932.
Feb. 1933
4.338
Nov. 1932
3.585 Feb. 1932
3,932
Mar. 1933
3,915
Dec. 1932
3.896
Mar. 1932
4.265
Apr. 1933
Jan. 1933
3.941
4.238
Apr. 1932
4,027
Total
12,194
Total
Total
11,719
12,224
Net Losses Before Depletion, Depreciation, Income Taxes and Year-End
Write-Offs-Quarters Ended
Apr. 30 1933.
Jan. 31 1933.
Apr. 30 1932.
Feb. 1933----$41.020
Nov. 1932- - _$21,572 Feb. 1932_ ___$44,981
Mar. 1933.._ 13.324
Dec. 1932_..._ 41,254
Mar. 1932- -- 41,423
Apr. 1933____ prof.40 Jan. 1933___ 31,631
Apr. 1932__ - - 48,278
Total
$54,303
Total
Total
$94,458
134,682
kirLast complete annual report in Financial Chronicle Mar.11 '33, p. 1724
Firestone Tire & Rubber Co.
(And Subsidiaries)
6 Mos. Ended April 301933.
1932.
1931.
Net profit after int., deprec.. Liberian
development, expenditure Federal
taxes. &c
loss$1,575,917 $1,639,739 $2,908.553
Shs. coin, stock outstanding (par $10) 1.986,189 2,050,487 2.154.861
Earnings per share
Nil
$0.04
$0.56
Harvey S. Firestone, Chairman,says: "Loss is caused by general business
decline, bank holiday, and cut-price t're war. Outlook for the future is
encouraging. Operations since April 1 have been on a profitable basis
and volume is now running ahead of the same period of last year.
ra'Last complete annual report in Financial Chronicle, Dec. 3'32, p. 3852
4261
International Telephone & Telegraph Corp.
(And Associated Companies)
Quar. End. Mar.311933.
1932.
1931.
1930.
815,539.853 318.789,986 $24,165,338 325,685,887
Earnings
Expenses
13.550,922 15.359.860 18,938,931 19.776.871
Net earnings
61.988,930 $3,430,125 35,226.407 85,909.016
Charges of assoc'd cos
1,400,743 1.298,501
951.668
1,411.451
Int.on debenture bonds_ 1.442.437
1.442,437
1,442.437 1,143.826
Net income
$689,186 $2,832,302 63,353.739
loss$854.251
Stock outs. (no par) (Ineluding shares to be
6.399,092 6,399.970 6,642.508 5,871.739
issued)
Earnings per share
$0.11
Nil
$0.43
$0.57
12rLast complete annual report in Financial Chronicle May 27 '33, p. 3715
Lexington Water Power Co.
12 Months Ended March 31Operating revenue
Operating expenses
Maintenance
Provision for retirement-renewals & replacem'ts
Taxes
1933.
1932.
62,019,885 31,722.045
304,881
638,168
12,845
7,667
262,330
262.330
333,499
211.145
Operating income
Other income
61.106.330
564
$596,734
630
Gross income
Interest on fuLded debt
Interest, on unfunded debt
Amortization of debt discount and expense
$1,106.894
872.364
49,836
43.152
3597.365
875,000
359,547
43,211
Net income
Galveston Electric Co.
-Month of Mar- -12 Mos. End. May 311932.
1 933,
1933.
1932.
6-3.079
$245.133
$19,310
$314,509
15,123
163,746
13. 01
9
203,427
2,663
2.756
31.315
47,030
Gross earnings
Operation
Maintenance
Total oper. expenses
Balance
Taxes
$15,957
3.352
1,648
$17,786
5,292
1,956
$195,062
50,071
18,420
$250.457
64.051
Net oper. revenue_x_
$1,703
$3.336
$31,651
x Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Last payment was Jan. 31 1933 and interest for four
months since then not declared or paid is $5,600 and is not included in this
statement.
Note -The entire electric light and power business was sold in Aug.
1931, and subsequent earnings are from operation of the street railway
business. Current monthly and cumulative earnings are compared with
street railway department earnings for the previous year.
6141.541 lossE680,393
McGraw-Hill Publishing Co.
(And Subsidiaries)
Quarter Ended March 311932.
1933.
1931.
Net loss after all charges
630,706
$100.427prof$373.022
112Y-Last complete annual report in Financial Chronicle June 17'33, p.4282
Martel Mills, Inc.
26 Weeks Ended April 1
Net loss after depreciation, idle plant cost and
other charges
1933.
1932.
$25,919
641,108
Mid-Continent Petroleum Corp.
3 Months Ended March 311933.
1932.
Net loss after charges, depreciation, depletion,
surrendered leaseholds, inventory, adjust., &c__ 31.469.928 31,035.738
rarLast complete annual report in Financial Chronicle April 15'33, p. 2623
National Air Transport, Inc.
Galveston-Houston Electric Railway Co.
----Adcmth of May- -12 Mos. End. May 311932.
1933.
1933.
1932.
$17,939
$20.334
$218,126
$303,559
12,604
9,576
125,287
4,309
3,430
43,767
Gross earnings
Omation
Maintenance
Total oper. expenses._
Balance
Taxes
$13,006
4,933
1,815
$16.913
3.420
2,034
$169.054
49.071
21.578
Net operating revenue
Interest (public)
63,118
5.108
$1.386
5,108
327,493
61.322
Deficit_ x
$1,990
$3,721
$333,829
x Interest on income bonds and notes has not been earned or paid and
3277,701.73 for 21 months since Sept. 1 1931 is not included in this statement; also. interest receivable on secured income notes since Oct. 20 1932
In the amount of $113.08 is not included.
Note.
-lo Aug. 1931 certain property was sold and bonded indebtedness
was subsequently reduced. Twelve months ending gross earnings are
compared with corresponding earnings for the previous year. Twelve
months ending expenses and interest are not comparable with the previous
year.
Houston Electric Co.
Gross earnings
Operation
Maintenance
Taxes
-Month of May
---12 Mos.End. May 311932.
1933.
1933.
1932.
$162,969
3181.331 81.963.504 $2.450.488
93,649 1.001,628 1.210,264
83,094
29.474
22,580
281,359
383.253
21.309
18.216
216.102
249.395
Net operating revenue
Int. & amort. (public).._
$39,078
22,439
$36,897
24,829
$464,414
284.057
$607.575
309.824
Balance x
$12,067
$180.356
$16.639
$297.750
x Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Interest not declared or paid to May 31 1933 amounts
to_421.200 and is not included in this statement.
During the last 32 years, the company has expended for maintenance a
total of 13.35% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total
of 9.69% of these gross earnings.
3 Months Ended March 311933.
1932.
Net profit after expenses and taxes
$37.260 loss66,750
Earns, per sh. on 650,000 sh. cap. stk. (no par)
$0.06
Nil
Company states that due to sale of investments, no deduction was made
for Federal taxes in first quarter of 1933.
Niagara Falls Power Co.
(And Subsidiary Companies)
Period End. Mar.31- 1933-3 Mos.-x1932. 1933-12 Mos.-x1932.
Operating revenues
32,156,864 32,355,448 39.421,268 611.571.456
Operating expenses
415.093
1,483,624 2.226.388
358.684
Retirement expense_ _
107,107
108,862
445,601
527.736
Taxes
519,043
579.913 2.148.702 2.143.139
Operating income.._-- 31.174.029 $1.251.581 35.343.341 36,674.192
Non-oper. income (net)_
24,701
34.703
144.206
360.250
Gross income
31.208.732 31,276,282 $5,487,547 $7,034,443
Interest on funded debt389.136
454,220
1,647.098
1,836.990
Miscall. deductions......
86,428
33,950
333.303
840,642
Net corporate income_ 6720.562
3800.718 $3,507.147 64,356,810
Bal. avail, for coin. stk_
720.562
800.718 3.507.147 4.356,810
x 1932 figures have been changed to give effect to major adjustments
made later in the year.
"Last complete annual report in Financial Chronicle April 22'33, p. 3798
and April 39 '33, p. 2974.
Postal Telegraph-Cable Co.
(Includes land lines only.)
-Month of April- -4 Mos. End. Apr.301932.
1933.
1933.
1932.
1.867,284 6.454,142 7.799,717
Teleg.& cable open revs. 1,662,282
109,955
Repairs
356.074
83,650
418.938
All other maintenance_ _
232,683
206.744
840,296
928.686
1.466.060 4,946.544 6.080.946
Conducting operations.._ 1.196,349
General & miscell. exps56.912
67.365
244.026
279,111
Total teleg. & cable oper.
1,876,064 6,386,939 7.707,681
1,543.655
expenses
Net teleg. and cable
operating rev
Uncollec. operating revs.
Taxes assign, to oper
118.627
20,000
45,500
-8.780
15,000
50.000
67.203
70.000
182.000
92,035
47.500
200.000
International Hydro-Electric System.
Operating income_
n
No-operat ng income
53.127
2,972
def73,780 def184,797 def155.465
3.919
10,767
20.907
Consolidated Statement of Profit and Loss and Surplus Three Months Ending
March 31 1933.
Operating revenue
$14,674.168
Other income
836.266
Net loss on exchange
129.259
Total revenue
$15.381.175
Operating expenses and taxes
5.660,060
Maintenance
784.319
revenue, including other income
Net
$8.936,796
Int. on funded debt and other interest of subsidiaries
3,381.167
Int.on funded debt of International Hydro-Electric System_ _- _
450.000
Depreciation
1.364.861
Amortization of discount and expense
221,601
Reserve for income tax
533.411
Dividends on preferred and class A stocks of subsidiaries
2.124.746
Minority interest in earnings of subsidiaris
368.556
Balance, surplus
$492,451
Earned surplus-beginning
8,558,427
Total
$9,050.879
Dividends on preferred stock
122.838
Earned surplus. March 31
$8,928,040
1:2W-Last complete annual report in Financial Chronicle Apr. 22 '33, p. 2191
Gross income
Deduc from gross inc
56.099
216.129
def69.860 def174.031 def134.557
215.673
866.495
852.510
Net deficit
Inc. bal. transf. to loss
4160,030
160,030
Leslie-California Salt Co.
Period End. Mar. 31- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
$40,318
$51.776
Net income after charges
$142,212
$154.488
Earns. per sh. on 116.250
shares common stock..
$0.35
$0.45
$1.22
$1.33
arLast complete annual report in Financial Chronicle Oct. 8 '33, p. 250
3285,534 $1,040,526
285,534
1,040,526
$987,067
987,067
(The) Pullman Company.
-Month of April- -4 Mos.End. Aprll30Sleeping Car Operations 1933.
1933.
1932.
Berth revenue
$2,271,837 $3,030,.287 89,551.791 613,471,401
Seat revenue
391,749 1,166.784
287,591
1,744,964
Charters of cars
44.288
59,428
226,491
299.700
Miscellaneous revenue
141
308
163
2.154
Car mileage revenue
186,279
195,204
706.091
847,889
Contract revenue
-Dr
def89,956
55.779
135.891
369,605
Total revenues
32.880,094 63,621.199 $11,515,431 815.996,505
Maintenance of cars_ _ _ _ 1,638,965
1,781,971
6.243,131
7.625.610
All other maintenance
34.500
34.764
137.519
141,569
Conducting car oper
1.289,496
1,774.055
5,234,985 7.360.083
General expenses
225.917
234,977
885,093
973.796
Total expenses
$3,188,880 33.825,769 $12.500,729 816,101,059
Net deficit
$308.785
$204,569
8985.297
$104,554
Auxiliary Operations
Total revenues
60.936
77.041
250.011
324.404
Total expenses
68,606
69,873
268,809
281.564
Net rev, or deficit_ _ _ def$7.669
.
67.168 defil 8,798
342.839
Total net deft t
Taxes accrued
Operating deficit
6316,454
135.528
$197.401 $1.004.095
189,015
.584,107
$61,714
763,411
$451,983
6388.416 61.588.203
$825.125
Financial
4262
June 17 1933
Chl"()Ilick
Water Service Companies, Inc.
Pacific Telephone & Telegraph Co.
-Month of April--4 Mos.End. April 301932.
1932.
1933.
1933.
Operating revenues
$4,182,645 $4,802,619 $16,676,852 $19,371,678
187,500
Uncoil. oper. revenues_
49.500
185,373
46,773
Operating revenues- $4,229,418 $4,852,119 $16,862,225 119,559,178
Operating expenses
2.808,296 3.242,510 11,545,443 13,713.966
Net oper. revenues--- $1.421,122 $1,609,609 $5,316,782 $5,845,212
Rent from lease of oper.
282
71
properties
1,997.701
1,956,373
508,256
Operating taxes
500,339
12 Month, Ended March 31Total income
Administrative expenses & taxes
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount & expense
Miscellaneous deductions
1933.
$94,472
4,538
49,001
16,062
5,825
1,395
1932.
$160,182
4,269
50,000
57.459
5.951
1,158
$41,344
$17,651
Net income
far'Last complete annual report in Financial Chronicle June 3 '39, p. 3909
Net oper. income__ -- $920.854 $1,101.353 $3,360,691 $3,847.511
-Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1547
LW
FINANCIAL REPORTS.
Postal Telegraph & Cable Corp.
"Shell" Transport & Trading Co., Ltd.
-Year Ended Dec. 31 1932.)
(Annual Report
1930.
1931.
1933.
1932.
3 Afos. End. Mar.31$6,230,668 $7,627,117 $8.864,166 $9,624,541
Earnings
Oper., gen. exp., taxes
6,309,696 7,199,284 8,509,653 8,645,247
and depreciation
Gen. int, and charges of
202,533
6.625
7.207
76,735
associated companies_
633.378
633,378
617,057
611,070
Int.on collateral trust 5s
Net loss
Div. on 7% non-cum.
pref. stock
1766,832
$196.432
$285.490prot$143.383
534.266
5390,883
*285,490
$196.432
$766,832
Balance, deficit
rgrLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2069
Schulco Co., Inc.
Quar. End.Mar.31Rentals earned
Expenses, &c
1933.
$150.731
113,090
1932.
$220,862
113,976
1931.
$220.768
114,601
1930.
$264,097
144,011
Net incomefrom oper_
Other income
$37.641
2,289
$106,885
44,425
$106,167
26,245
5120,087
23.398
Total income
int. accrued on bonds
139,931
73,938
S151.311
80.242
$132,412
86,310
$143,485
115.236
528,249
$46,102
$71.069
Net inc. before taxes_ def$34,007
rLast complete annual report in Financial Chronicle May 13 '33, p. 3361
Southern Canada Power Co., Ltd.
Month of May- -8 Mos. End. Map 311932.
1933.
1932.
1933.
$173,424 $1,430,736 $1,519,922
$167,279
565.983
503,302
63,829
61.012
Gross earnings
Operating expenses
$953,939
$927,434
$109.595
U06,267
Net earnings__
-Last complete annual report in Financial Chronicle Dec. 2'32, p. 3857
Ka
Superior Oil Corp.
(And Subsidiaries)
1932.
1933.
3 Afos. End. Mar.31x$143.436 x$230,530
Gross income
101.513
140,055
Expenses, interest, &c
236.744
1 116,091
Depreciation
Depletion
32,608
15,886
Int, on notes & accept's24
Other non-oper. ens_
Cost of unproven lease8.655
8.420
holdssurrendered &c_
Expired leases, dry holes.
&c
Loss on sale of cap,assets
and other adjustments
1931.
$382,675
222.092
433,981
208,187
1930.
$822,270
444.729
f 93,500
1163,000
82,769
96.039
$577.623 prof$38.273
$148,991
1137.040
Net loss
x Includes other income of $30.642 In 1933 and 32.811 in 1932.
Ia"Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2628
Thompson Products, Inc.
1932.
1933.
Month of May-$81.829 loss$17,622
Net profit after taxes. interest, depreciation. &c_ _ _
For the five months ended May 31 1933. net profic was $33,346 after
taxes. interest, depreciation. dsc.. equivalent after dividend requirements
on 7% preferred stock, to eight cents a share on 263.160 no par shares of
common stock.
ri'Last complete annual report in Financial Chronicle May 6 '33, p. 3178
Union Water Service Co.
(And Subsidiaries)
12 Months Ended March 31Operating revenues
Operating expense
Maintenance
General taxes _
1933.
$487,507
137,669
13,947
56,545
1932.
$509,054
142,071
15,255
56,976
Net earnings
Other income
$279,347
1,074
$294.752
1,557
Gross corporate income
Interest on long-term debt
Miscellaneous interest charges
Amortization of debt discount & expense
Interest charged to construction
Provision for Federal income tax
Provision for retirements & replacements
Miscellaneous deductions
$280,421
142.093
129
3,757
Cr225
12,146
33,750
2,028
$296,309
144,294
162
2,879
Cr849
6,959
34.493
2.165
$106,207
$86,743
Net income
36,000
30,000
Dividends on preferred stock
report in Financial Chronicle May 27 '33, p. 3723
farLast complete annual
Western Union Telegraph Co., Inc.
-Month of April- -4 Mos.End. Apr.30-.
1932.
1933.
1932.
1933.
Teleg.& cable oper. revs. 36,330.007 17,079.691 $24,659,276 329.177,253
1,777.233 2.105,929
492,354
402,408
Repairs
803,455 2.782.706 3.344,072
674,557
All other maintenance
3,742,818 4.552.812 15,255,082 18,467,634
Conducting operations
1,602,315
1.230.335
389.406
291,448
General and miscell exp_
Total teleg. and cable
6.238.027 21.045.356 25.519.950
5,111.231
operating expenses_
Net telegraph & cable
operating revenues- 11,218.777
44,310
Uncollec. operating revs.
289,833
Taxes assign. to oper'ns_
$841,664 $3,613,920 $3,657,303
172,615
31.859
131.298
1.159.333
1,170.666
292.666
$8.84,634
1.341.917
1517.139 12.281,972 32,355.339
592.112
1,720.395
183,733
$2.226,551
Gross income
708,333
Deduct.from gross inc_
$700,872 $4,002.367 $2,947.450
719,743 2.835,592 2,878,233
Operating income_ ___
Non-operating income__
$869,217
$1.518,218 def$18,871 $1,166,775
Net income
Income balance trans69,217
1.166,775
ferred to profit and i068 1,518,218 def18,871
V"'Last complete annual report in Financial Chronicle April 1 '33, p. 2130
-YEAR ENDED DEC. 31.
INCOME ACCOUNT
1929.
1930.
1931.
1932.
£148.495
£306,693
£262,513
£278,719
2,426,329 2.341,157 4.767,722 6,379,479
Interest received
Dividends received
Total income
Expenses
£2,705,048 E2,603.670 £5,074,415 £6,527.974
44,588
46,411
175,662
43.691
Profit
Pref. dividends (5%)
2d pref. diva.(7%)
Ordinary dividends
Rate paid
£2,661,457 £2,557,259 £4,898.753 £6,483,386
100,000
100,000
100,000
100,000
350,000
700,000
668,260
700,000
1.809.102 4,22..238 6,030.340
1,809,102
(73%)
(17.5%)
(25%)
(755%)
£3,046
£9,285
£52,355 1oss£51,843
249,934
240.650
237,604
198.090
Balance
Brought forward
£240,650
£198,089
£249,935
£250,445
BALANCE SHEET DEC. 31.
1931.
1930.
1929.
1932.
Assets-Property (shares, &c.)__C29,242.973 £34,822,603 £30,382,602 £26,613.208
103,213
246,283
96.256
29.925
Debtors and loans
1.894.700 1.709,391 4,495.400 6,250,704
Dividends due
9,771,679 10.462,500
15,311.903 9.68..601
Investments
214,574 4.406,-86 1,168,482
241,770
Cash
Carried forward
£16,721,271 £46,674,454 £49,152,124 £44,588,109
Total
Liabilities
Capital
£36,121,361 £36,121,361 £36,121,361 41,121,361
8.131,609 8.131.609 8,131,609 6,881.60J
Reserve. &c
36,619
77,457
36,888
Creditors
33.784
61,005
65.857
74.428
58.303
Unclaimed dividends..
26,000
26,000
25,000
25,000
Pref. dividend accrued
291,666
291.666
145.833
2d pref. div. accrued291.667
2.059,642 2,007,192 4,471,172 6,270,990
Profit balance
£46,721,271 £46,674,404 Z49.162,124 E44,588,109
Total
-V. 136, p. 3554.
Seaboard Air Line Railway.
(Annual Report-Fiscal Year Ended Dec. 31 1932.)
L. R. Powell, Jr., and Henry W. Anderson, Receivers,
state in substance:
Funded Debt.
-During the period Jan. 1 1932 to Dec.311932,equipment
trust certificates matured in the aggregate principal amount of 33,350,000
-year plan of financing, these equipment
As provided by the receivers' 3
trust certificates are all exchangeable for receivers' certificates, and as of
Dec. 31 1932 all except $455,300 of such certificates maturing in 1932 had
been surrendered for exchange for receivers' certificates. The receivers are
continuing to make deliveries of receivers' certificates in 1933 in exchange
for the additional 1932 equipment trust maturities, together s ith the
maturities for other years embraced in the plan, as the same are surrendered
for exchange.
The receivers have purchased, and are continuing to purchase, the
matured dividend warrants appertaining to the equipment trust certificates
that are not exchangeable for receivers' certificates under the plan, as such
dividend warrants become due; and appropriate adjustment of interest
has been or is being made with respect to equipment trust certificates surrendered for exchange under the plan, at the time such ermhanges occur.
During the year installment payments aggregating $50.0(0 were made
on the purchase price of 778 freight cars acquired from the Richmond Car
Corp. under a conditional purchase agreement.
No 1932 interest has been paid on any of the underlying bonds. Interest
-year
was not paid in 1932 on the company's general mortgage bonds, 3
secured notes or indebtedness to the Secretary of the Treasury of the
United States for loans under Section 210 of the Transportation Act
In April 1932, pursuant to authority of the Court, the receivers entered
into a new contract with the Worthington Pump & Machinery Corp.,
providing for an extension of payment until Jan. 1 1936 of the agreed
balance of $37,219 and a reduction In the interest rate from 6% to 4% per
annum from and after Oct. 1 1930. The indebtedness represented by the
above mentioned contract represents the balance of the purchase price of a
Diesel electric power plant installed by the Machinery Corp. at South Boca
(Irande, Fla., in 1929.
Plan of Receivers of Seaboard Air Line Ry. for Three-Year Adjustment
Finances and Offer to Holders of Certain Equipment Obligations and
of Receivers' Certificates, Series A.
The above mentioned plan was promulgated by the receivers in 1932.
pursuant to decrees of United States District Courts for the Eastern District
of Virginia and the Southern District of Florida. Of the 115,038,000
principal amount of 3-vear receivers' certificates authorized to be issued
under the plan, $12,848,000 principal amount had been issued to Dec. 31
1932, leaving 52,190.000 principal amount remaining to be issued as of
that date. Substantial exchanges have been made since Dec. 31 1932
and the receivers are still engaged in making deliveries of receivers' certificates issuable in exchange for maturing equipment trust certificates.
-It was stated in the 1931 report that all claims had
Status of Claims.
been referred to a special master for a determination as to their status and
"as to their validity, amount or right of priority." At the close of 1932 the
special master had recommended and the Court had approved priority for
claims aggregating $1,449,314, but at the close of 1932 none of these claims
had been paid. The total amount of claims which eventually may be
accorded priority may approximate $2.800,000. but the special master and
the court have not yet passed upon a large number of claims. At the close
of the year, application was pending before the Reconstruction Finance
Corporation for a loan of $1.500,000 to assist in the payment of such claims
as are accorded priority by the Court.
-Pursuant to authority of the Court, the receivers have
Leased Lines.
remained in the possession of and are continuing to °perste the lines of
the Seaboard-All Florida Ry., Florida Western & Northern RR. and
East & West Coast 10.) said lines constituting the so-called Seaboard-All
Florida properties). Application is now pending before the I.-8. C. Commission for authority to abandon approximately 45.65 miles of the East at
West Coast Ry., authority for such proposed abandonment having already
been granted by the Court. Effective Jan 4 1933. Henry W. Anderson
Florida
was appointed one of the receivers for the so-called Seaboard-All
properties vice E. W. Smith. resigned.
Seaboard receivers purchased $275,000
Pursuant to Court authority the
principal amount of Seaboard-All Florida Ry.. Florida Western & Northern
KR., and East & West Coast Ry. receivers' certificates to provide funds
for the payment of taxes accrued prior to the Seaboard's receivership on
the lines of those companies.
-At the close of the year, of the owned and leased freight
Equipment.
cars on line 4.20% were awaiting repairs as compared with 2.53% at the
close of 1931; of the owned and leased locomotives 13.06% were in need of
repairs,8.93% requiring classified repairs and 4.13% minor running repairs,
ff..mpared with 7.80%, 5.53% and 2.27%. respectively, at the close of
tr4;
4263
Financial Chronicle
Volume 136
Equipment retirements in 1932 include, among other retired units, 12
locomotives, 2,280 freight train cars, 11 passenger train cars and 89 units
of work equipmeat, all of which had become obsolete or were worn out,
and the Seaboard's retirement charge on this particular equipment was
made against depreciation reserves and profit and loss.
ozpenses.-The prevailing business depression and loss of
Revenues
traffic to unregulated truck and water carriers resulted in a decrease of
$11.563,330. or 27.33%, in gross revenues compared with the previous
year. Freight revenue decreased $9,077,642 or 26.69%. Passenger
revenue decreased $1,496,910 or 35.26%. Operating expenses decreased
$8.263,052 or 23.18%. Transportation expenses were reduced $4,079,199
or 25.67% •
Notwithstanding the drastic decline in gross revenues the transportation
ratio was 38.43 in 1932 compared with 37.57 in 1931.
In Ex Parte No.103 the I.-S. C.Commission authorized certain emergency
Increases in rates effective Jan. 4 1932 and continuing until March 31 1933
on inter-State traffic. Similar increases became effective on varying
subsequent dates on certain of the intra-State traffic. For 1932 such
emergency rates yielded the Seaboard approximately $580,000, none of
which was required to be deposited with the Railroad Credit Corporation.
With certain exceptions the time within which such emergency increases on
inter-State rates will continue in effect has been extended by the Commission to Sept. 30 1933. Extension on intra-State rates depends on action
of the State authorities.
Railway tax accruals amounted to $2,332,615 in 1932 compared with
$3,172,499 in 1931, a decrease of $839,884.
-S. C.ComAnandonments.-It was stated in the 1931 report that the I.
mission had authorized the abandonment of 8.86 miles of line between
Leonton. Fla. and Covington, Fla., 41.53 miles between Archer. Fla and
Cedar Key, Fla., and 9./0 miles between Lawrenceville. Ga. and Loganvilla, Ga. All of the foregoing mileage has been abandoned and removed.
Operation has been discontinued over tne 2.70 mllis of line from SmithVereen Siding, Fla. to St. Marks, Fla., mentioned in ths 1931 report.
The I.
-S. C. Commission in 1932 also authorized the a aandonment of
18.95 miles between Andrews, S. C. and Lanes. S. C., also Royster Spur,
near Bartow. Fla., 3.42 miles. Such mileage has been abandoned and
nearly all of it has now been removed.
-S. C. Commission for
Applications have been filed in 1933 with the I.
authority to abandon 45.65 miles of the East & West Coast Ry., a wholly
owned subsidiary, from Arcadia. Fla., to Manatee. Ha.; the remaining
20.81 miles of the Covington Branch from Leonton, Fla. to St. Marks
Junction, Fla., and 5.01 miles of the Wannee Branch from Bell, Fla. to
Wannee, Fla.
The I.
-S. C. Commission in 1933 authorized the abandonment of 22.67
miles of the Raleigh & Charleston RR.,a wholly owned subsidiary, between
peration thereover has
Lumberton, N. C. and Lake View, S. C., and 2
been discontinued.
It was stated in the 1931 report that the Savannah & Statesboro Ry.,
a subsidiary, was placed in receivership in 1931 and 1-1. W. Purvis was
2
r
o 3
or
s oa au, t
cianThissfon d crnsiTzed t 4e r A9zilt oafbamnajonnlitnheh4
i
rtirltectIcetzer
i
line
and operations hava been discontinued.
After exhaustive studies the foregoing lines were found to be unprofitable
with no appareat prospects for improvement in the future. Additional
branch lines are now being studied and it is probable that applications for
abandonment of additional unprofitable mileage will be filed with the
I.
-S. C. Commission in 1933.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1930.
x1931.
1929.
x1932.
4,479
4.495
4,490
4,424
Average Juliet; operated_
Revenue tons carried_ _ _ 8,772,640 13.415.649 16.216,61.5 16,579,146
1.33 cts.
1.33 cts.
1.39 cts.
1.38 cts.
Rev, per ton per mile__ _
742.741
1,025.100
1,539,158
704,269
Passengers carried
Passengers carried 1 m_.122,807,911 130,625,638 166,684,684 206,h90.391
3.25 cts.
3.43 cts.
3 49 cts.
2.23 cts.
Rev. per pass. per mile
x Combined corporate and receivers' accounts.
INCOME ACCOUNT CALENDAR YEARS.
x1931.
1930.
1929.
x1932.
Operating Revenues$24,936,536 $34.014,178 $39,190,861 $44,707,056
Freight
4,245,198
2,748.288
5.723,695
Passenger
7,239.320
1.121,728
1,133,685
1.679.069
1,056,547
Mall
1.482.396
1,734,863
1,034,344
2,412,446
Express
1,440,165
964,620
1,895,945
2,114,017
Other
Total oper. revenues_ _$30,740,335 $42.303,666 $49,679,049 558,151,908
Operating Expenses-7,166,258
7.272,643
Maint• of ways & struct_ 5.136,818 6.936.608
Maint. of equipment__ _ 6.788,09 8,328.002 9,303,580 10,224,458
2.083.392
2,338,125
Traffic
1,656.859
2,382.759
11,814,510 15.893.709 18,467.953 20,161,359
Transportation
372,000
518,283
Miscellaneous operations
666.914
762,312
2,097.597
1,695,157
2,023.942
General
2.143.916
77,999
207,685
316,900
Transp.for investm't _Cr
359,890
Total oper.e cpenses_ _$27,386,854 $35,649,906 $39,649,874 $42,587.557
x1932.
Net operating revenues.. 3,353,481
2,332,615
Taxes
Uncollectible ry.revenue
10,559
1929.
1930.
:1931.
6,653,759 10,029,175 15,564,350
3,172,499 3,397,977 3,715,004
18,937
20,730
19.668
Operating income_ __ _ $1.010,307 53,461,592 $6,610.468 $11,830,410
1,211.456
471,844
999.161
502,673
Other income
Gross income
$1,512,980 $3,933,436 $7,609,629 $13,041,866
Deduct
751,271
672,942
728,600
Hire of equip.-Dr. bal _
660,666
120.486
113,414
154,343
140,811
Joint facility rents
7,396,428 7.887,279 7,351,491
Interest on funded debt_ 7,323,267
1,343,519
1,260,646
1.264,728
784,684
Int. on equip. obligat'ns
2,174,370
2,206,852
807,761
802,423
tient for leased road__ _ _
92,539
263,656
692,329
1,329,318
Miscellaneous
Net deficit
$9,528,179 $7,110,753 $1,598,633sur$1011.663
x Combined corporate and receivers' accounts.
GENERAL BALANCE SHEET DECEMBER 31.
1932.
1931.
$
$
Assets239,192,859 243.129,652
Invested in road and equipment
759
Sinking funds
104,891
63,343
Deposits in lieu of mtge. property sold
3,560.979 4,167,975.
Miscellaneous physical property
Investments in affiliated companies:
9,586.920 9,586.920
Stocks, pledged
10.934,671 10,948,517
Bonds, pledged
4,207,499
1,926,190
Notes, pledged
4.888,883 7,222.233
Advances
4,228.750 3.774,291
Other investments
2,375.116 6,777,558
Cash
400,000
Demand loans and deposits
3,161.197
Time drafts and deposits
164,303
275,090
Special deposits
190,822
188,597
Loans and bills receivable
1,399,451
1,002,797
Traffic and car service balances receivable
201,532
235,464
Net balance receivable from agents and conductors
1.210,679
1,217,151
Individuals and companies
229,130
188,317
United States Government
84,107
65,315
Other companies for claims
2.492,966 3,769,619
Materials and supplies
282,491
172,594
Interest and dividends receivable
3,909
871
Rents receivable
27,878
69,377
Other current assets
63,955
61,820
Workingfund advances
142,212
151,638
Other deferred assets
62,413
62,356
Rents prepaid
152,705
148,417
Insurance premiums prepaid
86,878
92,401
Claims in suspense
1,054,319
1.154,304
Other unadjusted debits
290,033.021 296,912,050
Total
Liabilities-61,179,262 61,179,262
aCommon stock
23,894,100 23.894.100
Preferred 4-2% stock
37,300
37,300
Preferred 6% capital stock
14,910.200 22,682,000
Equipment obligations
28,715.000 28,715,000
Mortgage bonds proprietary companies
96,622,500 96,622,500
Seaboard Air Line bonds
_ 14,443,888 14.443.888
Secretary of Treasury of United States
1,085,986
-Notes_- Union Switch & Construction Co.deferred payment 1,078.405
987.500
Richmond Car Corp. deferred payment
14.872
37,220
Other miscellaneous obligations
13,323,000 4.000,000
Receivers' certificates
354,364
325,544
Non-negotiable debt to affiliated companies
1,450,647
1,406,806
Traffic and car service balance payable
4,338,298 6,218,592
Audited accounts and wages payable
429,705
353.090
aviiscellaneous accounts payable
14,626 335 7.418,601
13m9
:
Interest matured unpaid
13,889.
Grants in aid of construction
11,517,462 11,679,466
Funded aebt matured unpaid
2.582,230
3,291,664
Unmaturea interest accrued
865,391
851,687
Unmatured rents accrued
81,555•
Other currentliabilities53,088
726,581
752,459
Other deferred liabilities
1,998.317
903.604
Tax accruals
14,347,683 13,711,235
Accrued depreciation on equipment
19,026.
19,026
Reserve for outstanding stock of proprietary cos.._
3,802,733 3,062.048
Other unadjusted credits
835,398
820329
Additions to property through income and surplus_
4,200
4.205
Funded debt retired through income and surplus_ _
21,678.279 8,159,086.
Profit and loss, deficit
290,033,021 296.912,050
Total
-V. 136, p. 3717.
a 2,600.321 shares, no par value.
General, Corporate and Investment News
STEAM RAILROADS.
Surplus Freight Cars -Class I railroads on May 14 had 581,956 surplus
freight, cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was a decrease of 34,908 cars compared with April 30. at which time there
were 618.864 surplus freight cars.
Surplus coal cars on-May 14 totaled 220,53e, a decrease of 16,483 cars
below the previous period, while surplus box cars totaled 293,573. a decrease
of 20.127 cars compared with April 30.
Reports also showed 28.802 surplus stock cars, a decrease of 826 compared
with April 30, while surplus refrigerator cars totaled 13,112. a decrease of
144 for the same period.
-Present high railroad rates
Matters Covered in the Chronicle" of June 10.
invite competition, according to Inter-State Commerce Commissioner
Joseph B. Eastman-Opinion warns against rate war with competing
waterways, p. 4018.
-Unification Approved.
Atlantic City RR.
-V. 135. P. 4381.
See Pennsylvania RR. below.
-Removed from List.
Boston & Maine RR.
The New York Curb Exchange has removed from unlisted trading
privileges the pref. stock B C and D and pref. stock (all of the par value of
-V. 136, p. 4082.
$100) "stamped."
Chicago & North Western Ry.-Exchange Seeks Source
of Decline in Securities on Reorganization Rumor-Report
Denied by Road.
Ruiners of an impending reorganization of the road, which were described
later as unfounded by officers of the road, caused a sharp break in its
securities June 8.
Owing to the severity of the decline the business conduct committee
of the New York Exchange immediately looked into the circumstances
surrounding the break. If the committee finds evidence of a bear raid.
or of the circulation of false rumors, a,formal investigation will be ordered.
A statement was made by Arthur S. Pierce, Vice-President of the comlans for reorganization. The statement follows.
ve aV ng
pnt dr e
anyh onpha d to meet our July interest requirements, which
1
amount to about $542.000. There is no change in our situation and there
-V. 136, p. 3716.
Is no truth to rumors of reorganization."
Duluth Missabe & Northern Ry.-Bonds Called.
There have been called for redemption as of July 1 a total of $522,000
gen. mtge. 5% gold bonds due Jan. 1 1941, at 105 and int. Payment will
be made at the New York Trust Co., 100 Broadway. N. Y. City.
-V.136.
p. 2789.
Algoma Central & Hudson Bay Ry. Co.(& Subs.).Period
Railway receipts
Steamship receipts
-Years End, Dec. 31- 6 Mos.End, Year End.
1931.
Dec. 31 '30. June 30'30.
1932.
$661,643 51,767,896
$766.920 51,165,683
267,699
128,050
148,501
269,207
Gross revenue
$1,034,619 $1,293,733
Railway working exps_
731,567
1.097,640
Steamship working exp_
226.260
129,660
General management _ _ _
85,230
82,397
Taxes
40.601
45,081
Net lcss
Other income:
Int. A.E.T. bonds_
Int on inv. & dep__ _
.
Amt. written back being
in excess of tax and
bond requirements.
Rental-Montreal River
leased lands
Transf. from res. for
French Govt. taxes
Miscellaneous
$810,144 $2,037,103
635,499
1,618,937
132,263
239,93R
47,073
111,702
20,762
42,154
$49.040
$61,047
13.413
3,750
37,420
12,500
6.000
117
586
418
2
12
Gross income
loss$23.010 loss513,292
Miscellaneous expenses_
14,720
17,546
$24,881
11.042
5130.132
12.862
22,500
27.415
45,000
59,542
1,206
Joint net
loss$37.730 loas$30,838
Int. on A. C. & H. B.
Ry. bonds (5%)
Rent A. C. Terminal__ _
149,781
1.
49,781
Interest accrued on unpaid rental
8,737
Accr. int. on 5% mtge.
Inc. deb.stk. & /or hds
515,425
515,425
Net deficit
$25,454 prof.524.372
$711,673
$696,043
513,839
13117,270
252,000
124.818
504.000
249,635
$362.980
$836,365
4264
Financial Chronicle
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1931.
Assets$
$
Prop. & invest. in
Preferred stock.- 500,000
affiliated cos_ _.19,252.607 19,244,691 Common stock___ 4.207,550
Marls & supplies_ 374,249
419,026 5% mtge. inc. def.
Debtors & debit
stk and/or bds.10,308,500
balances
237,190
321,864 2d mtge.6% 50-yr.
Invest. British War
318,800
gold bonds
Loan
236.403
244,005 Equip. Ott. obits_ _ 224,000
Cash
79,081
90,255 Creditors & credit
1,525,511
Deficit
balances
1,407,716
698,043
Accrued rental_ _ _ 295,818
Accrued Interest 1,030,850
Depreciation res've 1,603,377
Capital surplus... 1,572,839
Total
21,587,245 21,015,884
134, p. 1573.
Total
1931.
500,000
4,207,550
10,308,500
318,800
256,000
1,566,887
137,300
515,425
1,615,198
1,590,224
21,587,245 21,015,884
Great Northern Ry.-Holders of More Than 60% of
Manitoba Bonds Accept Plan.
-William P. Kenney, President
announced June 12 that holders of more than 60% of the
$41,963,000 of 4, 43/ and 6% consolidated mortgage gold
bonds due July 1 1933 of St. Paul Minneapolis & Manitoba
Ry.,assumed by the Great Northern, have already deposited
their bonds under a plan (V. 136, p. 3530), providing for the
extension of the maturity to July 1 1943, with interest at
5% and a cash payment of $38.10 per $1,000 bond, giving
an effective yield of 53/2%. In addition, holders of a substantial amount have indicated an intention to assent.
The plan for extension has received the approval of the I.
-S. C. Commission, as well as the consent of over 96% of the holders of Great Northern
By. 1st & ref. mtge. bonds. Holders of the consolidated bonds desiring
to accept the extension are urged to make deposit promptly with J. P.
Morgan & Co., New York. depositary, or First National Bank of St.
Paul. St. Paul, Minn.,sub-depositary.
Independent of the call for deposit of $41,963,000 consolidated mortgage gold bonds of the St. Paul Minneapolis &
Manitoba Ry., the First National Bank of New York announces that it "will purchase at the principal amount thereof
and accrued interest any of the above mentioned bonds not
deposited for extension under the plan and agreement dated
May 6 1933 which may be tendered to it prior to or on
July 1 1933."
$6,000,000 Loanfrom R. F. C. Approved.
The request of the road for a three-year loan of $6,000.000 from the Reconstruction Finance Corporation was approved June 13 by the I.
-S. C.
Commission. The road proposes to apply the proceeds of the loan toward
meeting interest on bonds due July 1 in the amount of $8,824,426
Listing of Certificates of Deposit for Bonds.
The New York Stock Exchange has authorized the listing of certificates
of deposit for St. Paul Minneapolis & Manitoba By. consol. mtge. gold
bonds, due July 1 1933. as follows: 313,344.000 6s, $20,797,000 4s and
$7,822,000 4s. All of the outstanding bonds are listed on the New York
Stock Exchange.
Statement of Net Incomefor the First Three Months of 1933.
Total railway operating revenues
$10.489,095
Total railway operating expenses
9,657.548
Railway tax accruals_
1,591.397
,
Uncollectible railway revenues
1,860
,Sc joint facility net
-(Net debit)
563,655
Net railway operating deficit..
Total other non-operating income
$1,325,366
349.907
Total deficit _
Total other deductionsfrom income
$975,459
4,872,419
Deficit
$5.847,878
General Balance Sheet March 31 1933.
SW,LiablittiesAssets3791,573,862 Capital stock
$248,719,050
•Inv. in rd. equip., &c
5,173,883 Premium on capital stock_ __
81,268
Cash
10,000 Grants in aid of construction
371,023
Demand loans and deposits353,869,719
70,000 Total long-term debt
Time drafts and deposits.1,570 Loans & bills payable_ __ _
1,000,000
Special deposits
485,821
155,951 Traffic & car serv. bal. pay_
Loans & bills rec., unfunded
3.164,848
Traffic & car serv. bals. rec_
947,937 Audited accts. de wages payMIscell. accounts payable__
1,186,832
Net bids. receiv. from agents
327,925
and conductors
422,965 Interest matured unpaid__
2,234
4,793,124 Dividends matured unpaidMiscell. accts. receivable
Materials and supplies
6,114,146 Unmatured interest accrued 3,993,839
89,054
Lot. & divs. receivable
207,503 Other current liabilities__
20,327,236
13,868 Deferred liabilities
Other current assets
60,762,003
20,328,143 Unadjusted credits
Total deferred assets
8,053,547 Total corporate surplus_ _ _ _ 143,485,647
Total unadjusted debits.___
Total
-V.136, p. 3904.
$837,866,503
Total
3837,866,503
Kansas City Southern Ry.-Rail Mediation Board
Named.
President Roosevelt on June 12 issued a proclamation creating a board
of three mediators to investigate and report within 30 days regarding
disputes between the Kansas City Southern By., the Texarkana & Fort
pilth By. and the Arkansas Western By. and certain of their employees.
Frank R. Douglas was appointee June 15 as a member or the board uy
'president Roosevelt -V. 138, p. 3338.
'Meridian & Bigee River Ry.-Seeks Reorganization.
This company has filed in the Federal District Court for the Southern
District of Mississippi a petition stating that it is unable to meet its debts
and desires to effect a plan of reorganization.
The I.-S. C. Commission has added the name of W.E. Hopkins of Meridian, Miss., President of the company, to its panel of standing trustees
,from which appointments may be made by the Court.
-V.136, p. 839.
Missouri Pacific RR.
-Bondholders Granted Right to
Intervene in Bankruptcy.;. Federal Judge Faris at St. Louis on June 7 granted leave to the Guaranty
Trust Co. of New York and Benjamin F. Edwards. trustees for the 1St &
ref. mtge. to file an intervening petition in bankruptcy proceedings recently
instituted by the road to effect a reorganization.
In their petition the trustees state the purpose of their intervention is to
protect the rights of holders of $304,045,000 1st & ref. bonds of various
series which were issued under tho mortgage.
, Pointing out the road defaulted recently in payment of interest and principal or some obligations, the petition asks that revenue and profits of the
road be impounded from the mortgaged property, which includes practically
'the entire system, and then be segregated as the Court may determine for
the benefit of the bondholders.
In an order granting leave, for filing the petition, Judge Faris gave the
Failroad company 20 days in which to answer and set a hearing on issues
'In the petition for June 27.
Faces $4,000,000 Tax Liens.-'
Tax liens of more than $4,000,000 were filed at St. Louis June 12 against
the company by Louis J." Becker, Deputy Collector of Internal Revenue.
The suits, filed in-Federal District Court, seek to collect $3,906,199 additional.bbrporationliicomelaxee with interest' at 6% for the years 1920-
June 17 1933
24-25-26-28-29 and 1930. The suit also asks $205,527 additional corporation taxes for the years 1929 and 1930 from the Missouri Pacific RR.
Corp. in Nebraska.
Petition Seeking Order to Appoint Trustee Denied.
The U. S. Supreme Court has denied a motion filed by B. W. Lansdown
and others for a writ of mandamus directed to Judge Fads and the Federal
District Court at St. Louis ordering them to show cause why a trustee
should not be appointed for the road.
-V.136. p. 3904.
-Operations Again Profitable.
New York Central RR.
Following a meeting of the directors June 14. Frederic E. Williamson,
President, indicated that, as a result of the improvement in business,
the company will show a deficit of only $380,000 in May, compared with
a net loss of over $4,000,000 a year ago. This result was arrived at on a
very conservative accounting basis, with the President of the road pointing
out that the figures could have properly shown the Central operating
at a profit during the month. Regarding June, indications are that a
net profit of $1,000,000 will be shown for the month. This will be accomplished if the present improvement is sustained throughout the balance
of the period.
Mr. Williamson stated that as a result of further economies the road is
in a position to carry 80% of the improvement in gross revenues into net
income. The results for May have been the best since last fall, when the
spurt in car loadings enabled the road to show a profit after charges.
The company will continue its policy of scrapping obsolete equipment.
Last year, according to Mr. Williamson, a total of 10,000 freight cars
and 600 locomotives were scrapped, and a similar amount will probably
be scrapped this year. Since the road had ample equipment to take
care of the peak business in 1929, it will be unnecessary to purchase any
-V. 136. p. 3904, 3898.
new equipment for the time being.
-Ordered by Court
New York Chicago & St. Louis RR.
to Settle Notes Despite Plea of Bankruptcy Peril.
The company was ordered on June 9 to pay $139.050 and interest from
last October to the Garden Investing Co., Inc., by Justice William Harman
Black of the N. Y. Supreme Court. who declined to countenance the road's
plea that payment now might throw it into bankruptcy and would be
against the public interest. The plaintiff had charged that the railroad had
not paid its notes when they fell due last October.
"I can see no reason why, on these papers, the result here should be
different," Justice Black wrote. "The defendant has failed to live up
to its contract to pay, and however unfortunate this may be, this Court
has no right to abrogate the terms of a contract.
In its defense the railroad had maintained not only that it would be bad
policy to embarrass it by insisting upon payment, but that the conditions
under which loans had been received from the Reconstruction Finance
Corporation barred it from making such payments.
A special loan of $5,600,000 was received from the R. F. C. last December permitting payment of only 25% of the debts in litigation, plus $600.000
-S. C. Commission authorized the road to
interest. At the same time the I.
extend payment of the remaining 75% of the prnicpal for three years providing 75% of the noteholders agreed. Consent has been obtained from
92% of the noteholders, according to the road.
Justice Black granted judgment in two similar suits against the road,
one of $51,500 by the Bond & Finance Corp. and the other of 38,000 by
Berthilde D. Bullowa.
Road to Appeal Judgment.
Counsel for the road announced that the company would appeal from
Judgments ordered by Justice Black. Other judgments that have been
-V. 136, p. 3527
entered against the road also have been appealed.
-Unification of Lines on Southern
Pennsylvania RR.
New Jersey Authorized.
Agreement by the Pennsylvania RR. and the Reading Co. to unify
operation of their lines in southern New Jersey was approved by the
I.
-S. C. Commission June 10. The plan already has received the approval
of the New Jersey Public Utilities Commission.
The lines affected are those between Camden and Atlantic City. Ocean
City, Wildwood, Cape May and other terminal points. The general
plan provides for the joint use of tracks, stational and other facilities,
wherever possible, and the elimination of needless parallel lines. Instead
of competing services there will be co-ordination, which will include train
schedules. The estimated annual savings in operating costs are placed
at $1,600,000.
Features of the plan include the abandonment of the Reading Co.'s
terminal in Camden, for which the Pennsylvania terminal will be substituted, and the construction of a union station in Atlantic City. Among
the advantages seen by railroad officials and the New Jersey Public Utilities
Commission are the elimination of a large number of grade crossings, a
saving to the State of New Jersey in carrying out the program for such
elimination' prevention of further substantial financial loss to the railroads,
due to duplication of service, and other benefits which it is believed will
result without depriving passenger and freight traffic of reasonable transportation facilities.
The order and certificate issued authorizes:
(I) The Atlantic City RR. to acquire control of the West Jersey &
Seashore RR. by assignment of lease now held by the Pennsylvania RR.
(2) The Pennsylvania RR. to acquire control of the Atlantic City RR.
by purchase of capital stock.
(3) The Pennsylvania RR, and the Reading Co. to assume obligation
and liability by guaranteeing certain payments in respect of $4,587,000
of 1st consol. mtge. gold bonds, $11,586,450 of common capital stock
and $104,000 of special guaranteed capital stock of the West Jersey &
Seashore RR.
(4) The West Jersey & Seashore RR.. the Pennsylvania RR., as lessee,
and the Atlantic City RR. as prospective lessee, to abandon certain portions of the West Jersey & Seashore RR. in Cape May County, N. J.
(5) The Atlantic City RR. to abandon certain portions of its line of
railroad in Camden, Gloucester and Atlantic counties, N. J.
(6) The Atlantic City RR. to operate under trackage rights over certain
tracks of the United New Jersey RR. & Canal Co. in Camden County,
N. J.
(7) The Atlantic City RR., the Wildwood & Delaware Bay Short Line
RR. and the West Jersey Sz Seashore RR. to construct certain tracks
connecting existing facilities and to operate over an industrial track,
dismissing the application as to the construction of other tracks and the
operation over another industrial track; all in Camden,Atlantic, Cape May
and Gloucester counties, N. J.
Month of May to Show Profit.
Stating that the business outlook seems to him to be very promising,
General W. W. Atterbury, President. said that his road for June will
show "enough net after depreciation and all charges to put us in the black
for the first six months of this year.
"Our carloadings are up 14% for the first 14 days of June compared
with a year ago. For May we were in the black after depreciation and all
other charges for the first time this year," the General said.
"Both freight and passenger business are better," he said, "but our best
increase is in freight. While there is some upturn in heavy commodities,
the improvement in freight so far is largely multiplication of relatively
small shipments. The big increase is in coal, ore and similar items which
-v. 136, p. 3717.
we expect are just commencing to show up."
Reading Co.
-Unification of Lines in Southern New Jersey
-V.136, p. 3904.
Authorized.
-See Pennsylvania RR.above.
St. Louis-San Francisco Ry.-Trustee Panel Enlarged.
The I.
-S. C. Commission has named five additional men from St. Louis,
Mo., to the list already announced from which the courts may name a
trustee to operate the properties of the company in its reorganization under
the voluntary bankruptcy laws. The additional names include W. R.
Gentry, Joseph W. Jamison, J. M. Kern, one of the receivers; Luther
Ely Smith. and Brad L. Wllliams.-V. 136, P. 3904.
Seaboard Air Lines Ry.-Surrender of Leased Line.The receivers have,applied to the I.
-S. .0. Commission for authority
for the cessation of operation of the property of the Georgia Florida &
Alabama, a leased line extending from Richland, Ga., to,Carrabelle, Fla.,
181 miles, with a branch of 11 miles. The application said the court has
directed the receivers to disaffirm the lease and surrender the line to the
G. F. & A. company for operation.
-V. 136. p. 3717.
Financial Chronicle
Volume 136
Tennessee Central Ry.-Removed from List.
-
-Preferred Dividends.
Carolina Power & Light Co.
The directors have declared a dividend of 87 cents per share on the $7
cum. pref. stock, no par value, and a dividend of 75 cents per snare on the
$6 cum. pref. stock, no par value, both payable July 1 to holders of record
June 17. This compares with 88 cents per share on the $7 pref. and 7..)
cents per share on the $6 pref. stock paid on April 1 last. Previously.
regular quarterly distributions of $1.75 per share on the $7 pref. and $1.50
-V. 136. p. 2066.
per share on the $6 pref. stock were made.
The New York Curb Exchange has removed from unlisted trading
privileges the voting trust certificates representing common stock (no
par).
-V. 136, p. 2065.
Waco Beaumont Trinity & Sabine Ry.-Loan Denial
Sustained.
The I.-S. C. Commission has sustained the decision of its finance
division denying application of the receiver'for a $3,750,000 loan from
the Reconstruction Finance Corporation.
The original application in this proceeding, filed March 9 1932 by the
Waco and Paul T. Sanderson, its receiver, was for a loan of $8,983,285.
By successive amendments to the application the amount sought was
reduced to $3,500,000 and was later increased to $3,750.000.
The Commission also denied the petition of the Kansas City Southern
By. and other carriers asking cancellation of an outstanding certificate
authorizing the Waco line to extend its road between Waco and Port
Arthur, Tex., which would have been built from proceeds of the loan.
V. 136, p. 3340.
-Removed -fro,*
',Central Public Service Corp.
List.
he New York Curb Exchange has removed from unlisted trading
prof. stock(
privileges the
$5). $6 pref. stock (par $5) and $7 pref.
stock (par $5) V. 136. p. 3341.
".Central West Public Service Co. ilm.ometfrom List.
p
The I.
-S. C. Commission after further consideration, including oral
arguments, has affirmed the ruling of its finance division denying approval
for a Reconstruction Finance Corp. loan of $768,000 to receivers of the
company.
-V. 136, p. 3532.
See Pennsylvania RR. above.
-V. 136. p. 2795.
PUBLIC UTILITIES.
Connecticut Gas & Coke Securities Co.
-Reduces Div.
A quarterly dividend of 10 cents per share has been declared on the
common stock, no par value, payable July 1 to holders of record June 15.
Previously the company made quarterly payments of 20 cents per share on
this issue.
-V. 125, p. 2144.
Matters Covered in the "Chronicle" of June 10.
-Weekly production of
electricity continues to show a larger percentage gain over corresponding
period in 1932.
"",Adriatic Electric Co.-Rorrtret---
Traction Co. of N. J.-Remorrel-fress-Isietahe New York Curb Exchange iis removed from unlisted trading
fvileges the capital stock (par 8100)1.-V. 136. p. 3341.
Detroit Edison Co.(& Su s.).
-Earnings.
-
he New York Curb Exchange has removed from unlisted trading
privileges the National City Bank American depository receipts for bearer
,2
capital stock. par-100 lire.
shar
-V. 128, p. 3681.
American & Foreign Power Co., Inc.
-Dissolves Six
Subsidiary Charters in New York.
-
For income statement for 12 months ended May 31 see"Earnings Department" on a preceding page.
-V.136, p. 3532.
-Earnings.
East Kootenay Power Co., Ltd.
-
This company, supervised and controlled by the Electric Bond & Share
Co., has dissolved six of its Latin-American subsidiaries which were incorporated under New York law, it was learnt on June 9.
The companies affected were: Empress Guatemalteca de Electricidad,
Inc.; Empresa Electricadel Ecuador, Inc.: South American Power Co.,
Inc.: Companhia Brasileira de Force Electrica, Inc.; Brazilian Electric
Power Co., Inc., and Cuban Electric Co.. Inc.
Formal notice of the dissolution of the companies was given in advertisements as prescribed by State laws. The action was effective as of
June 2, countersigned by Mr. Flynn and Frank S. Sharp, Deputy Secretary
of State. It was stated that the companies had complied with Section
105 of the State Corporation law permitting the dissolution.
It was explained that the incorporation of the companies in New York
State had originally been undertaken to protect the names of the units
here. Companies by the same name have been incorporated elsewhere
by the American & Foreign Power Co., Inc., and will continue to function
as before, the threat of any other group taking the names having been
removed.
-V. 136, p. 3155.
Year End. Mar.31Gross earnings
Oper. taxes and maint
Interest
Net income
Previous surplus
Total surplus
s
i
Preferred
ssociated Gas & Electric Co.-Admitted.-to-biodv-..
Output Gains.
-
$69,925
72.033
$76.887
65.146
$102,820
32,326
$72,216
$72,216
$141,958
70.000
$142,033
70.000
$135,146
70.000
I Paso Electric Co. (Del.).-Removed-faantiatitt,--
The first monthly gain in electric output in almost two years was reported
on June 10 by the Associated System for the month of May in comparison
with the same month of last year. Net output for the month excluding
sales to other utilities, aggregated 213,951,932 units (kwh.), an increase
of 22,400,064 units, equal to 11.7% over May 1932. However, in the 12
months ended May 31,electric output of the Associated properties amounted
to 2,473.354,029 units, a decrease of 163,892.482 units or 6.2% below the
year ended May 311932.
During the week ended June 3, net output of the System amounted to
47,406,662 units, a gain of 5,361,874 units or 12.8% over the same week
'of 1932.
Gas sendout for the month of May from Associated properties aggregated
1,359,549,900 cubic feet a decrease of 0.04%, while sendout during the
12 months ended May 31 totaled 16.848.429.900 cubic feet, a drop of
1.3% from the corresponding period of a year ago. Improvement in the
demand for gas developed during the week of June 3, however, with a
sendout of 299,452,800 cubic feet, an increase of 2.2% over the same week
-V.136, p. 4083.
.of last year.
moved from unlisted trading
he New York Curb Exchange has
r lieges the A 7% pref. stock (par $100) V. 136. p. 2972.
General Water, Gas & Electric Co.
-Transfer Agent.
The City Bank Farmers Trust Co. has been appointed transfer agent
for 200,000 shares of $3 pref. stock and 1,000.000 shares of common stock;
also for scrip certificates for fractional shares of common stock and purchase warrants for common stock of the company.
New Securties Ready.
See General Water Works & Electric Corp. below.
-V. 136. p. 3159.
General Water Works & Electric Corp.-Plan Consummated-New Securities Ready.
-
'
"Blackstone Valley Gas & Electric Co.-Remeoed-from-.
$258
71.958
James P. Corr of Taunton, Mass., holder of the bond of this company,
on Feb. 27 purchased the property a the company for $1,500 at auction at
Bristol County- Court House in Taunton. Mr. Corr said he intended to
continue to operate the line. It runs a bus service between Taunton and
Middleboro.
The line was estbalished June 27 1898.and operated electric cars between
Taunton, East Taunton and Middleboro. When the Eastern Massachusetts Street By. Co. motorized its Taunton system last summer, the
East Taunton line also doscontinued electric railway service.
Mr. Corr said he would purchase new busses to be used over the line and
would revise the present passenger service between Taunton and Middleboro.
When organized the line had a capital of $50,000.-V. 110.9. 275.
he New York Curb Exchange has admitted to unlisted trading privileges the new common stock, par value $1 issuable share for share, in
exchange for old common stock, no par, 'Welch has been removed from
unlisted trading privileges.
The protective committee formed on May 28 1930 to represent holders
of let consol. mtge. 5% gold bonds announces that it has received from
the New York Railways Corp. an offer to purchase the bonds of this issue
at4100 flat for each $1,000 bond with coupons maturing June 11930. 0.
The committee consists of Edward C. Delafield. Chairman; Frank
Coenen, William Carnegie Ewen and Roger H. Williams, with A. M.
Massie as Secretary, and City Bank Farmers Trust Co. as depositary.
The committee has approved the offer, and state that all holders of bonds
of this issue who have not heretofore deposited their bonds are urged to
do so forthwith, if they desire to obtain the benefits of the proposition.
The $100 per bond to be paid is to be without deduction for the compensation and expenses of the committee and their counsel.
"Each holder of a certificate of deposit for bonds deposited thereunder
will be conclusively deemed to have assented to such proposition and all
the terms thereof unless, on or before July 12 1933, he shall have filed
with the depositary written notice of his dissent therefrom, specifying
the date or dates and the number or numbers of the certificate or certificates of deposit held by him," state the committee. "All holders of
bonds of said issue who have not heretofore deposited their bonds are
urged to do so forthwith, if they desire to obtain the benefits of the above
proposition."
There are $5,058,000 face amount of the Broadway & Seventh Ave.
let consol. mtge. 5% bonds outstanding. The company is a subsidiary
-V. 136, p. 3340.
of the New York Railways Corp.
1930.
$585.730
230.880
252.030
East Taunton Street Ry.-Sale.-
The directors on June 13 declared dividends of 58 cents per share on
the $7 cum. pref. stock, no par value, and 50 cents per share on the $6
cum. pref. stock, no par value, both payable July 1 to holders of record
June 15. Like amounts were paid on these issues on April 1 last.
Previously, the company made regular quarterly distributions of $1.75
per share on the $7 pref. and $1.50 per share on the $6 pref. stock.
V. 136. p. 2066.
Broadway & Seventh Avenue RR.
-New York Rys.
Corp. Offers to Purchase Bonds.
1931.
$541.811
188,569
276,355
Total
Total
$5.810,997 $5,807,878
$5.810,997 $55,807,878
-V. 134. p. 4491.
x 30,000 shares of no par value.
Arkansas Power & Light Co.
-Preferred Dividends.
-
Broad River Power Co.
-Earnings.
-
1932.
$480.511
175,976
234,610
$72,216
$71,958
$72,033
$65,146
Balance Sheet March 31.
Liabilities1933.
Assets1932.
1933.
1932.
Plant investment-35,478,715 $5,487,059 Funded debt
$2.123,000 $2,148.000
Balances owing by
Demand notes pay 2,048,738 1,954,248
employees
Accounts payableon
22,785
17,218
8,257 Prov.for Dominion
8,502
stock subscrip__
49
49 & provincial inSinking fund cash28,998
come taxes
22,948
Cash
14,354
9,181
31,081
Accts.receivable_ _
39,109 Interest accrued on
51,845
Mats.& supplies__
53,158
bonds,&c
4,477
83,822
Preferred stock__. 1.000,000 1,000,000
Prepaid accounts &
deferred expense
19,088
12,520 x Common stock
150,000
150.000
773
Deferred repairs...
730 Reserve for deprec. 175,450
175,450
Profit and loss
72.218
71,958
American Water Works & Electric Co., Inc.
-Output.
-
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136, P. 3905.
1933.
$425,388
145,722
279,408
Surp.carried forward_
The power output of the company's electric subsidiaries for the month
of May totaled 140,341,781 kwh., against 116.345.707 kwh. for the corresponding month of 1932. and 119.032,028 kwh.in April 1933.
For the five months ended May 31 power output totaled 615,127.083
kwh., as against 630.932,931 kwh. for the same period last year.
President H. Hobart Porter said: "The general revival of business in the
territory served by our companies, as evidenced by the increase in the
output of electric power, as well as of water pumped, justifies us in anticipating a substantial improvement in earnings in the coming months."
V. 136. p. 3531.
e New York Curb Exchange has removed from unlisted trading
'Alleges the mortgage and coll. trust 5% gold bonds, series A, due April
1951; jet & gen. mtge. 5% gold bonds, due Jan. 1 939. and mtge. &
coll. trust 5% gold bonds, series B, due April 1 1952. V. 136. p. 2066.
The New York Curb Exchang has removed from unlisted trading
eges the class A stock (no par) V. 136. p. 4084.
Milwaukee RR.
Chicago North Shore
-Reconstruction Finance Corporation Denial Affirmed.
-
West Jersey & Seashore RR.
-Unification Approved.
-
1
4265
Wiley F. Carl. Chairman of the readjustment committee announces that
the plan and agreement of readjustment dated Aug. 27 1932 (V. 135. P.
2173) has been consummated and the new securities of General Water Gas
& Electric Co. are ready for delivery.
A. D. McNab of 120 Broadway, N. Y. City, is Secretary for the committee.
-V. 136, p. 2068.
Georgetown Gas Light Co.
-New Director.
C. 11. Pope. Vice-President and Treasurer of the Mummy Trust Co.
and President of the District of Columbia Bankers' Association, Washington, D. C., has been elected a director, succeeding George B. Fraser,
resigneil.-V. 122, p. 213.
avana Electric Itt Utilities Co.-ftesomes14peorhietn-he New York Curb Exchange has removed from unlisted trading pri the 6% 1st pref. stock (par $100) and the preference stock (no par
. 136, p 2797.
.
llinois Power Co.--Romoved-fre/miyiekThe New York Curb Exchange has removed from unilited trading privithe 1st mtge.5% gold bonds series A due June 1 1933. V.136. p.3342
N"-411inois Power & Light Cor .-Defers Dividends.
-
The directors on June 9 decided to d er action on the quarterly dividend
due July 1 on the 6% cum. pref. stock, par $100, and on the quarterly
dividend due Aug. 1 on the $6 cum. pref. stock, no par value. The last
regular quarterly payments of $1.50 per share were made on April 1 and
May 1. respectively.
•
In a letter to the stockholders, the company states that the above
action was taken in view of the fact that market conditions have
not permitted a refunding of its notes, which now total
addition, the company has a bond maturity of $660,000$2,550,000. In
coming due in
the next six months.
-V. 136. p. 3720.
nternational Hydro-Electric System.-Ltrtf71171---.
cThe New York Stock Exchange has authorized the
listing of 858.197 shares
of lass A stock (par $25) in substitution for an•equal number of
shares of
class A stock without par value'now outstanding, and listed, with authority
to add to the list, 570,000 additional shares upon official notice of
In conversion of outstanding convertible 6% gold debentures. issuance
additional shares upon official notice of issuance in conversion'144.799
of
standing preferred stock-convertible 33.50 series (cumulative), outand
66,673 additional shares upon official' noticyf issuance upon exercise o
tsta
ounding class A stock purchase warrants.
,
Financial Chronicle
4266
.-For income statement for three months ended March 31 see
Earnings
"Earnings Department" on a preceding page.
Comparative Consolidated General Balance Sheet.
Mar.31 '33. Dec. 31 '32.
Mar.31 '33. Dec. 31 '32.
• Assets- 7%4- $
$
Liabilities$
$
Capital assets..522,694,823 522,510,924 Cony. 6% gold
Securities dc obitdebentures... 30,000,000 30,000,000
20,411,221 20,359,194 Funded indebtI gatIons
Cash In escrow
edness of subs.255,589,694 254,732,500
1. for construct'n
62,540 Notes payable.. 6,346,081 9,838,081
62,540
Cash
6,832,668 8,458,554 Accts. payable__ 5,172,018 4,191,033
Accts. & notes
Accr. int. pay'le 2,986,257 2,133,530
receivable_ __ _ 7,367,432 7,162,432 Divs. accrued &
1,073,632 1,004,727
payable
Inventories _ _ _ _ 3,067,654 3,254,173
Due to Internat.
Sinking funds &
574,927
250,571
Paper dc Pow.
restricted deps
1,564,948 1,838,247
Duefrom officers
Co
89,932 Deprec. reserve_ 42,757,122 41,891,860
and employees
88,883
Def. assets, &c_ 2,329,808 2,547,188 Res. for conting. 4,983,087 4,905,542
Pref. and el. A
Disct.& esps.on
stock of subs_ 128,017,435 128,017,435
bds.. &c.,secs. 17,910,996 18,116,417
MM.Int. In cap'l
& surp. of subs 23,098,580 23,078,488
83.50 pref. stock
7,239,950 7,239950
(no par)
Class A (no par) 29,079,933 29,079,933
Class B (no par) 20,000,000 20,000,000
Corn. (no par)_ _ 2,000,000 2,000,000
Paid In surplus_ 12,484,173 12,484.173
Earned surplus*. 8,928,040 8,558,427
r F.
-T4
581,320,955 580,791,930
Total
-V. 136, p. 4085.
Total
581,320,955 580,791,930
-Earns.
International Telephone & Telegraph Corp.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
It was announced after the meeting of directors June 15 that gross revenues, particularly in the telegraph and cable business, had shown an upward trend in recent weeks, and that a further factor favorable to the corporation is the recent strengthening of foreign exchanges in terms of United
-V. 136. p. 3715.
States dollars.
r
nterstate Telephone Co.-Itemoved-from-Ifist:---.".4.111e New York Curb Exchange has removed from unlisted trrg priviV. 134.
1 es the 1st mtge. 5% gold bonds, series A, due April 1 196
P.4158.
-Earnings.
Lexington Water Power Co.
For income statement for 12 months ended March 31 see "Earnings
-V. 136. Ilo• 3907.
Department" on a preceding page.
,
-Tenders.
Los Angeles Ry. Corp.
Bank of Los Angeles, trustee, Los Angeles.
The Security-First National
Calif.. will until 10 a. m.on June 22 receive bids for the sale to it of let and
ref. mtge. 5% bonds, due Dec. 1 1040 to an amount sufficient to absorb
-V. 134, p. 4492.
$112,179 now al the s nk_ng fund.
-Dividend Decreased.
.. -....Manchester (N. H.) Gas Co.
A quarterly dividend of 50 cents per share has been declared on the
of record June 20. This compares
common stock, payable July 1 to holders
with $1 per share paid on April 1 last and with $2 per share previously
.
each quarter.-V. 138. p. 2422.
.
`
z -- "` Massachusetts Power & Light Association.-ReMMIVr1
York Curb Exchange has removed fromlisted trading privi1=
leges the $2 pref. stock (no par) and the common stoino par) (with warr.
.-V. 133, P. 2267. 1288.
ants)
June 17 1933
and to non-controlled companies; losses on abandoned properties and miscellaneous investments, miscellaneous surplus adjustments, &c., &c.
Consolidated income account of Middle West Utilities Co. and subsidiaries for the year 1932 as audited by Arthur Andersen & Co. shows consolidated operating revenues of $66,751.860, of which over 75% was derived
from sale of electricity. Non-operating revenue amounted to $1,651,428
additional.
After deducting operating expenses, including maintenance, provision
for depreciation as determined by the operating companies and taxes, also
interest and amortization on the funded debt of subsidiaries and dividends
on the pref. stocks of subsidiary companies (exclusive of $2,391.799 accrued
and unpaid dividends on cumulative pref. stocks of subsidiary companies
on which dividends have been discontinued), &c., the balance of income
available to the Middle West Utilities Co. amounted to $3,241,461.
After interest on the serial gold notes paid prior to the receivership only.
and general interest paid only to secured creditors, &c., and after also
deducting a loss of nearly $4,000.000 on the liquidation of brokerage accounts, syndicate participations and miscellaneous trading operations, all
prior to receivership, there was a consolidated deficit for the year 1932
of $2,799,582.
In conclusion. the receivers state that in the past 10 years over $288,000,000 has been spent in the building of new utility properties by the
operating subsidiaries of Middle West Utilities Co., and that, although
the earning power of the operating companies it owns is at present at a low
ebb, the properties are in good condition and under improved conditions
should recover a considerable degree of their former earning power.
However, until the normal earning power is more definitely established,
it is impossible to effect any permanent reorganization. Meanwhile
efforts will be concentrated upon the most economical operation of the'
properties, and the rebuilding of their earning power and upon the conservation of assets to assure the greatest ultimate recovery.
"As soon as may be practicable," say the receivers, "attention will be
directed to the formulation of a reorganization plan which will recognize
equitably the claims of the creditors and securities holders of Middle West
-V. 136, p. 4086.
Utilities Co."
-Earnings.
Minneapolis Gas Light Co.
1931.
1932.
Years Ended Dec. 31Total revenue including non-operating income_ --- $4,578,600 $4,613,085
2,440,214
2,456,927
Operating expense
333,911
353,828
Local taxes
195,000
195,000
Depreciation_
$1,572,845 $1,643,960
538.974
545,802
7,994
Gross income
Interest & amortization
Other deductions
Net income before Federal taxes, pref. diva., &c_ $1,027,043 $1,096,992
Balance Sheet Dec. 311932.
Liabilities
Assets
$10,000,000
823,749,883 Funded debt
Fixed assets
187,500
626,200 Liability to banks
Invest. In Minn. Sub. Gas Co
98.517
412.483 Accounts payable
Cash
605,303
369,061 Accrued liabilities
Accounts receivable
49.758
274,655 Consumers meter & exten. dep
& supplies
Materials
8,280
1,834,982 Due to affil. company
Due from affil. company_
8,453
Prepaid & deferred charges.- 1,185,358 Unadjusted credits
Reserves
1,725,501
1,437,000
$7 preferred stock
1,427,600
$6 preferred stock
Common stock
2,200,000
10,293,244
Capital surplus
Earned surplus
191,494
Total
-V. 136. p. 1885.
$28,232,620
Total
$28,232,620
-Halves Dividends.
".Minnesota Power 8c Light Co.
The directors on June 14 declared a dividend of 87% cents per share
on the 7% cum. pref. stock, par $100, and a dividend of 75 cents per share
on the 6%, cum. pref. stock, par $100. both payable July 1 to holders
of record June 15. Previously, the company made regular quarterly
distributions of $1.75 per share and $1.50 per share, respectively, on the
-V. 134, p. 3981.
7% and 6% pref. stocks.
-First Report of Receivers.
Middle West Utilities Co.
Edward N. Hurley and Charles A. McCulloch,receivers, have submitted
describing
to Federal Judge Walter C. Lindley their first formal report companies
their active management of the company and its 71 subsidiary
- ew Bedford Gas & Edison Light Co. Off LtT:since the date of the receivership. April 15 1932.. Accompanying the report
are certified statements prepared by Arthur Andersen & Co., independent
he New York Curb Exchange has removed from unlisted trading
accounts
auditors appointed by the receivers, showing income and surplus the year
pr vileges the capital stock (par $25)-V. 136, p. 4086.
of Middle West Utilities Co. and its subsidiary companies for
sheets, the
ended Dec. 31 1932 and individual and consolidated balance the history
--Tenders.
New York Steam Corp.
consolidated statements being published for the first time in
The corporation has asked sealed tenders of series A preferred stocks,
of the Middle West System.
which it will purchase until $41,930 is exhuasted. The stock will be bought
declining gross earnings of the operating comIn spite of continuously
City
The
panies during the first year of their administration. the receivers point out 'on July 1 at the lowest price not exceeding $105. m. onNational
June 23.-V.
and financial
Bank, as fiscal agent, will receive tenders until 10 a.
that through the centralization in Chicago of executiveprogram of control
stringent
operating
p. 2974.
136,
of all companies and the inauguration of a
economies, annual savings and reductions in expense of the operating subwith the year
-Earnings.
Niagara Falls Power Co.
sidiaries alone already exceeded $10,000,000 as compared administrative
ended Dec. 31 1931; while in addition the executive andwhich for 1931
For income statement for 3 and 12 months ended March 31 see "Earnings
of Middle West (the holding company) alone,
expense
Department" on a preceding page,
amounted to $2,092,000, had been progressively reduced to an estimated
,
,
Benner .She t March 31.
total for 1933 of only $500,000.
1932.
1933.
1932.
1933.
of the Middle West System has materially
The financial condition
total improvement in
Liabilities$
Assets$
strengthened since the date of receivership, with a
bank and other
Fixed capital
89,729,723 84,214,238 xCommon stock..35,575,565 35,575,565
over $10.000,000 represented by a reduction incash position of
liquidity of
34,361,250 29,152,250
2,669 Funded debt
3,700
Sinking fund
indebtedness of over $6,000,000 and an improvement in
Miscell, Investm'ts 1,081,967 6,039,110 Adv.from MM.cos 250,000 4,554,500
approximately $4,000,000.
159,146
1,248,180 1,140,810 Accounts payable. 205,352
Cash
kept on a cash basis for the receivership which during
Separate books are
1,044,690 1,371,026 Subscrip. to stock
Accts. receivable
the period from date of receivership. April 15 1932, to April 1 1933 showed
533,790 of But.. Niagara
Marketable secure. 535,440
a surplus of cash receipts over disbursements and an improvement in
dr Eastern Power
660,000
Adv. to MM.cos
cash of $317,000.
33,495
15,840
Corp.for empl...
318,845
Mat'lls & supplies. 286,898
The receivers state that for reasons outside their control National Electric
988,245
718,352 Taxes & rents accr. 987,651
350,254
Prepayments
several others of the original groups comprising the Middle
Power Co. and
Interest accrued.. 478,424 ' 411,904
Empl. subscrib. to
West System, in which Middle West Utilities Co. had a book investment
total assets,
Res. for retire, of
stk. of Buffalo;
of over $100,000,000, or almost one-third of its thus detachedhave been
from the
bankruptcy, and
plant & property 9,385,253 9,067,757
Niagara dr East.
Put in separate receivership or ultimate realization from these assets is
346,639
8,005 Other reserves.... 482,883
1,735
Power Corp_ _ _ _
receivers' supervision. While
Capital surplus... 5,722,958 5,722,958
Unamort. debt disc
is believed that very substantial values remain in Middle
problematical, it
9,178,492 9,950,277
1,888,086 1,585,696 Profit & loss
& expense
West's control of well-located operating utility properties serving over
Miceli, del. debs.
32,974
32,396
900,000 customers in 18 States.
to evaluate the perNo attempt has as yet been made by the receivers chiefly of controlling
96,641,649 95,962,736
Total
96,641,649 95,962,736
Total
manent assets of Middle West Utilities Co., consisting would require exten-V. 1:36. P. 2994.
equity stocks in operating utility subsidiaries. This
x Represented by 742,241 shares (no par).
companies. Such
sive appraisals of the physical properties of the operating earning power has
appraisals, the receivers believe, should be deferred until
-Northern States Power Co. of Wis.-Dividend Deferred.
"
stabilized and until economies and operating efficiencies put into effect
The directors recently decided to defer the quarterly dividend due June 1
in
in the past year have been more adequately reflectedany the future net
on the 7% cum. pref. stock, par $100. The last regular quarterly payment
reorganization
earning power of the operating companies upon which
% was made on this issue on March 11933.-V. 132, p. 2584.
of
plan must finally be based.
situation are
For this reason creditors and investors in the Middle Westan indication
-Listing.
North American Co.
balance sheet exhibits submitted not as
cautioned to view the
statements
The New York Stock Exchange has authorized the listing on or after
or assurance of present or ultimate values, but merely as interimat the close
July 1 of 156,691 additional shares (no par) common stock, on official
of book values as they existed at an intermediate stage, i. e., West propnotice of issuance as a stock dividend, making a total of 8,028,720 shares
of 1932, of the adjustment period through which the Middle
applied for.
erties are passing.
also emphasize that the balance sheets as of Dec. 31 1932
The receivers
Income Statement 12 Months Ended March 31 (Company Only.)
reflect large deficiencies in accrued depreciation reserves of the operating
the receivers
1932.
1933.
companies. Although these are being substantially increased,the first 835
,
found it impracticable to correct within the short period of past years.
$1,880,932 $2,547,971
Interest received and accrued
of
months of the receivership all the accumulated deficiencies Middle West
11,360,531 17,005.199
it Dividends
391,094
As of Dec. 31 1932. the consolidated book value of all the
Profits realized on investments
485,339
properties not within separate receivership or bankruptcy groups amounted
536,000
Other credits
to approximately $492,000.000, against which there was a depreciation
$13,777,463 $20,429,604
reserve of only $11,050,000, or 2.24%•
Total gross income
its subsidiaries
822.925
Although the book values of Middle West's holdings in concurrence of
687,206
Expenses and taxes
1,250,000
1,250,000
left substantially unchanged, the receivers, with the
are
Interest on debentures
enormous total of
270,119
195,505
Arthur Andersen & Co., recognized and provided for an at the close of
Other interest paid and accrued
56,047
accumulated losses and deficiencies which were obvious
56,038
Amortization of discount and expense on debens-as of Dec. 31 1932
1932, with the result that the consolidated balance sheetadjustments made
owing to
$11.588,713 $18.030.512
reflects a reduction in consolidated surplus in this total are: AppreciaBalance for dividends and surplus
during 1932 of over $160,500,000. Included
x Includes stock dividends received from non-subsidiary companies taken
management from inter-company
tion and profits taken under the former
up at amount not in excess of charge in respect thereof to surplus of issuing
covering investcapital transactions, now written off; reserves for losses and receivership
companu: 1932, $1,327,611; 1933,$125,080.
ments in and advances to companies now in bankruptcy
Balance Sheet March 31 (Company Only).
1933.
1932.
1933.
Liabilities$
$
Assetsstocks & bonds_184,418,949 164,807,780 6% cumul. pref.
30,333,900
stock
Loans & advances:
To sub. cos__ 23,873,408 60,435,024 a Com. stock 76,841,700
342,180
Scrip
To others.... 2,152,858 1,917,089
Div. payable In
Accts. receivable:
common stock 1,536,730
From sub,and
1,110,400 5% debentures_ 25,000,000
741,171
affiliated cos_
14,359 Notes and loans
19,780
From others__
payable
3,196,982 3,258.521
Cash
Dep. of subs. &
U.S.Govt.securs 2,500,137
Mill. cos. for
Disct. & exp. on
1,045,585
interest
1,559,742 1,615,781
debentures_
66,190
Due to sub. cos_
Office furniture
54,750
1 Accts. payable_ _
1
and misc. prop
208,333
AccrAnt.on debs.
Accrued div. on
455,003
pref. stock_
25,254
Divs. unclaimed
rtes, for conting. 42,475,157
902,584
Other reserves
Capital surplus _
Undivided profs. 39.175,654
1932.
$
. .
30 333 900
69,700,680
253,460
1,742.408
25,000,000
13,022,243
492,659
3,454,697
39,849
208,333
455,008
23,973
12,000,000
233,757
33,587,719
42,610,266
218,463,030 233,158,958
Total
218,463,030 233,158,958
Total
a Represented by 6,995,414 shares in 1932 and 7,718.388 shares in 1933
-V. 136. p. 3721.
(no par value)
-Earnings.
Nova Scotia Light & Power Co., Ltd.
1929.
1930.
1932.
1931.
Calendar Years51,884,799 51,932.767 51,912,359 51,851,871
Gross earnings
1,152.490 1.106,226
1,211.530
1.122,414
Operating expenses
149.181
146,881
138,647
165,425
Taxes
175,000
183,259
219,781
227,918
Bond & coupon interest_
3,433
36.761
19,976
34.553
Sundry interest
175.000
135.000
135.000
135,000
Depreciation
Bal.for res., diva., &c.
Preferred dividends_ _ _ _
Common dividends__ __
Balance
-V.136, p. 4086.
$199,483
75,000
138.092
$207.833
75.000
138,092
$257,968
46,408
138,092
$243,029
45,000
34.523
def$13,609
def$5,259
573.468
$163,506
-Defers Pref. Div.
1.
" 1)hio Associated Telephone Co.
"
The directors have decided to defer the quarterly dividend due July 1
to and incl.
on the 7% cum. pref. stock, par $20. From April 1 1932
April 11933, regular quarterly distributions of 35 cents per share were made
on this issue.
The directors also voted to defer the quarterly dividend due June 1 1933
on the 6% cum pref. stock, par $100. The last regular quarterly payment
of $1.50 per share was made on this issue on March 1 1933.-V.134. p.2522.
-Bonds Called.
41
''Ohio State Telephone Co.
The company has called for redemption as of July 1 1933 a total of $30,000
of consol. & ref. mtge. s C. gold bonds dated July 1 1914. Payment will
be made at par and int. at the Bankers Trust Co., sinking fund trustee,
-V. 136. p. 3344.
16 Wall St., N. Y. City.
..,Oregon Electric Ry.-Bondholders' Committee.
The company having defaulted, principal ($1,951.000) and interest. on
Its outstanding first mortgage 5% bonds.due May 1.the following protective
committee has been formed: Ralph E. Williams, Chairman, C. Hunt
Lewis, and Harry Daniel. Counsel: Teal, Winfree, McCulloch & Shuler.
Secretary: Elbert H. Greene, 86 Sixth St., Portland. Ore.
Irving Trust Co., New York. depositary.
Earnings For Calendar Years.
Deficit.
Net aft. Tax. 0th.Inc. Int.. &c.
Gross.
5407,269
$301,118
1933(4 mos.). -$ 78,032 def$107,451 $1.299
1,486.517
6.208
1,017.568
261,383 def 475,157
1932
1.256,293
7.708
784,505
466,084 der 479,496
1931
1,284,731
7,271
751,828
639.889 def 540,174
1930
1.176,395
7.565
714,804
778,814 def 469,156
1929
-V.132. P. 1798.
(& Subs.).-Earning8.Pennsylvania Electric Co.
1929.
1930.
1931.
a1932.
Calendar Years
59.465.631 510,596,972 511.007.199 $10,876,477
Operating revenues
5.468.796
4,953.625
4,381,142 4,602,327
Operating expenses
524,339526,432
661.158
512.717
Maintenance
Prov. for retire., of fixed
732,438
542.234
703,958
523.718
capital
Taxes incl. prov.for Fed.
296,281
504.547
212.930
463,263
income taxes
Operating income.._
Other income
$3,584,790 54.261,801
297,946
436,737
54,498.423 $3,991.358
141.960
98,996
54.021.527 $4,559,748 54.640,383 $4,090.354
Gross income
712.512
776.854
1.831.981
Int. on funded debt.. _ _ _ 2,005.892
unfunded debt to
Int. on
8.521
8,588
121,962
165,965
public
Amortiz. of debt disc. &
71.611
132.726
expense
Cr88,730
Cr63,024 Cr120,874
Cr7,705
Int. during construction.
$1,724,649 $2,597,217 $3,975,883 53,457.984
Balance
852.000
956,250
860,000
Divs, on corn. stock_ _ _ _
$864,649 $1,640,967 $3,123,882 $3,457,984
Balance
a Includes operations of Penelec Coal Corp., merged Dec. 31 1932.
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
$
LiabilitiesAssets
9,000,000
& property_69,105,430 69,206,042 314% gold notes_
Plant
802,591
1,775,003 8,450,971 Adv.from stkhold's
Investments
35,534,500 34,580,500
262,064 Funded debt
Cash & spec. deps.. 707,088
15,677 Due to stockholder 2,057.950
21,583
Notes receivable_
Accts. receivable 1,068,197 1,677,393 Cony, gold notes
5,225,000
due 1933
315,074
Mat'ls & supplies_ 247,522
Mat.'d bonds and
Due from attn. co. 7,977,231
28,493
bond interest_ _
17,750
Accrued int. rec
Adv. from finance
Balances in closed
113,000
company
19,488
banks
Bonds maturn dur6,560
Misc. der(' debits_
ing 1933
90,500
Unamort. debt db3.
181,711
1,073,251 1,091,788 Accounts payable_ 224,901
and expense_ _
141,500
68,614 Other curr. liabils_
56,969
Prepayments
590,695
650,614
93,307 Accrued taxes_ _
Suspense
585,381
Accrued interest
598,389
44,075
Mlscell. accruals.
239,675
Consumer deposits 230.365
199,947
Misc. unad. cred
14,269
5,781,554 5,408,629
Reserves
24,460
Contrib. for extens
Capital stock_ _21,515,680 21,523,000
Capital surplus... 6,487,974 5,233,616
Corporate surplus_ 3.385,680 2,762.900
Total
82,076,061 81,180,929
82,076,061 81,180,929
Total
-V. 135. P•
x Represented by 850,000 shares no par) common stock.
3857.
-Earnings.
Postal Telegraph & Cable Corp.
For income statement for throe months ended March 31 see "Earnings
Department" on a preceding page.
A statement issued by the company says: "Since the end of the first
trend.
quarter operating revenues have reflected an upwardfrom the For the ten
revenues in
weeks ended on May 31 the improvement was 11%
-V. 136. p. 3344.
the ten weeks immediately preceding.
4267
Financial Chronicle
Volume 136
-Annual Report.
Pacific Northwest Pub/ic Service Co.
Franklin T. Griffith, President, in his remarks to stockholders says in
part:
Earnings -Following is a consolidated summary of the net earnings of
the company and subsidiaries for the years 1932 and 1931:
Decrease.
x1931.
x1932.
510.988.826 512.260.091 $1,271,265
Gross revenues
855.761
7,006,299
6.150,537
Oper. exp., maint. & general taxes
Net earnings (before int., amort.
$415,503
and provision for depreciation).. $4.838.288 $5.253.792
x The above figures are exclusive of operations of Seattle Gas Co. Company disPosed of its controlling interest in the Seattle Gas Co.in the latter
part of 1932, and for comparative purposes operations of that company
have been excluded from the above figures for both 1932 and 1931.
-During the years 1930 and 1931, Albert
Pepco Stocks Offered in Exchange.
E. Pe'rce & Co. through its Oregon office, sold for cash or exchanged for
Northwest Public Service Co., outstanding in
preferred stocks of Pacific
this territory, Central Public Service Corp. $4 preferred stock to the extent
of approximately 155,000 shares distributed to about 9,000 stockholders.
In Dec. 1932, an independent brokerage company, known as Consolidated Securities Co., acquired all the prior preferred and first preferred
stocks of Pacific Northwest Public Service Co.. formerly held by Central
shares
Public Service Corp., and offered these stocks in exchange for allOregon
of Central Public Service Corp. $4 preferred stock sold by the In conduring the years 1930 and 1931.
office of Albert E. Pierce & Co.
nection with this transaction Pacific Northwest Public Service Co. disposed
of the common stock of the Seattle Gas Co. theretofore owned by it.
This offer of exchange of Pacific Northwest Public Service Co. preferred
stocks for the preferred stock of Central Public Service Corp. was made
under date of Dec. 19 1932, and is being accepted at a very satisfactory
rate, more than 125,000 shares of the preferred stock of Central Public
Service Corp. having been deposited under the terms of the offer of exchange as of March 15 1933. This comprises approximately 80% of all
of the Central Public Service Corp. stock originally sold in this territory
and it is confidently expected that sufficient stock will be deposited for
exchange on or before June 1 1933, to permit the offer to be consummated.
Under date of Nov. 1 1932, a voting trust agreement was made by
Central Public Service Corp. whereby 175.810 shares, out of a total outstanding of 176.800 shares, of the common stock of Pacific Northwest
& Trust
Public Service Co., were deposited with the Security Savings 1942, but
Co. of Portland, Ore., in a voting trust which runs until Nov. 1
terminated after Nov. 1 1937, provided that all accumulation of
may be
Pacific
dividends on the first preferred and prior preference stocks of vests in
Northwest Public Service Co. have been paid. The voting TrustNational
Chairman of the Board of the United States
J. C. Ainsworth,
Bank, E. B. MacNaughton, President of the First National Bank, and
Franklin T. Griffith. President of the Pac Cc Northwest Public Service
Co.. all of Portland. Ore., full voting power for all purposes. Successors
to any of the voting trustees must be residents of Oregon. Oregon stockUpon completion of the exchange now being offered towill be
holders, a majority of all preferred stocks of the companytrust fullheld by
control
citizens of Oregon and during the continuance of the voting
of the corporation will be vested in citizens of Oregon. during the year
New Financing.-Another problem confronting officers General Electric
was the maturity of 57.500,000 4% gold notes of Portland
a bank
Co. due Jan. 1 1933. This maturity was met from the proceeds of bank
loan in like amount, bearing 6% interest and due Jan. 1 1934. This
mortgage note of Portland General Electric
loan was secured by a general
The
Co. for $7,500,000 bearing 7% interest and maturing Aug. 1 1935.
issued
loan agreement contains the provision that definitive notes may be
are used to reduce the
and sold at not less than 98 provided the proceeds
amount of the bank loan.
Consolidated income Account for Calendar Years
1931.
x1932.
$10,951.084 514.469,536
a
n-o trevene e
?rrating ing ruvenue
51.051
37.742
510.988.826 $14,520.586
Total revenue
Operating expenses, maintenance and general taxes 6.968.167 8,313.715
$4,020.659 $6,206,872
Net earnings
3,489,250 3.917.141
Interest and other charges
Net income before provisions for retirement, &c_ $531,409 52.289,730
489,363
747.785
Balance Jan. 1 1931
341,042
Divs.rec. on pref.stocks of Central Gas & Elec. Co.
188,457
Int. on notes & accts. rec. from affiliated cos_ _ _
$1,808,696 $2,779,093
Total surplus
Divs, on pref. stocks of Pacific Northwest Public 1,261.834
1.591,801
Service Co
15.096
Direct surplus Items
Cr.162,646
Sundry charges and credits
584.553
Provision for retirements
63,408
Amortization of debt discount and expense
$701.977
5531.762
Balance. Dec.31 1931
x Exclusive of results of operations and surplus (deficit) of Seattle Gas
of under certain exchange
Co. Common stock of this company disposed 1932(from date acquisition
agreements, as of Nov.30 1932. Deficit at Jan. 1
by Pacific Service Co.) amounted to 545.809.
-Balance, Jan. 1 1932. $747,785: Net
Consolidated Surplus Account.
of
income (as above), $531.409; Dividends received on preferred stocks reGas & Electric Co.. $341,041: Interest on notes and accounts
Central
$188.457; Total.$1,808.693: Dividends
ceivable from affiliated companies,
on preferred stocks, $1,261,834: Direct surplus items (net). $15.096;
Surplus balance. Dec. 31 1932, 5531,762.
Consolidated Balance Sheet Dec.31.
1931.
1932.
1931.
1932.
$
Liabilities-$
$
AssetsPreferred stock_ 24,553.345 26.5.53,811
Plants & franch_104.785,320 112,954,957
70.678 Common stock_ 5,680,000 3.000,000
71.529
Investments__ _
701.977
531,762
Earned surplus_
Sinking funds &
3.514 Capital surplus_ 4.383,629 4,519,217
2,104
special depot).
833,150 Min. stockhold.
574,575
Cash
nt. In capital
18,468
Working funds_
11,944
11,756
of subsidiaries
Accts. dr notes
_ _ _ 1.303,176 2,135,320 Funded debt...70,694,700 82,161,200
receivable_
621,758 1,036,929 Real estate &
Mali's & supprs
equip. porch.
Rec, from affil242,110
obligations_
4,288,882
iated cos
401,242
263,061
Accts. payable.
Unamort. debt
disc. & exps__ 4,243,115 4,522,029 Accr. int. & prof.
939,643 1,589,492
dividends_
Prepayments1,408,088
Accrued taxes.. 1,327,691
tos. premiums,
603,055
664,781
32,548 Derd liabilities_
96,776
taxes, &c___ _
91.306
235,069 Pay.to aMI.cos_
232.157
Def. deb. items_
164,249
94.338
Def. cred. items
2,562,159 4,907,496
Reserves
111,948,976 126,113,076
Total
-V. 135. p. 4560.
rotal
111,948,976 126,113,076
-Protective Committee.
...,St. Louis Gas & Coke Corp.
H. M. Byllesby & Co. and Central Republic Co. announce that the receivership of the corporation and the default in bond interest make it advisable that prompt action be taken to protect the interests of the bondholders
and formulate a plan for the reorganization of the corporation. Accordingly a committee is now being formed with the co-operation of the bankers
-V. 136. p. 4087.
to provide for such action.
an Joaquin Light & Power Corp. Beffeet.
y unlisted trading
fr
he New York Curb Exchange has removed .
privileges the 7% cum. prior pref. stock (par $1001 -V. 135. P. 4035.
Schenectady (N. Y.) Ry.-To Operate Buses.
The New York P. S. Commission on June 7 authorized receivers of the
company to substitute buses for trolleys on the Albany-Schenectady line
with a consequent elimination of 334 grade crossings between the two city
lines.
4268
Financial Chronicle
-passenger buses now being used to transport employees of the
Eight 40
General Electric Co. and the American Locomotive Co. will be substituted
for the present inter-urban trolley cars.
The change from trolleys to buses will being a reduction in the fares
between Albany and Schenectady. At present the one way trolley fare
Is 50 cents. The one way bus fare will be 35 cents.
Commutation tickets will be issued at the rate of two-thirds of the oneway fare. It is proposed also to issue commutation books of 16 rides,
good for 30 days, on account of the number of people who have work only
two or three days a week.
Fifty school tickets, each good for a ride within one zone, will be sold for
$2.50.—V. 134. p. 2909.
June 17 1933
take such action as you may consider necessary in view of the issue with
which your company is confronted. That issue, vital to your company,
to the American chemical industry and to the people of the United States,
Is whether you will permit the domination of your company by powerful
foreign chemical interests, with which your company is to-day competing
in the markets of the world, or whether you will support the management
of your company in maintaining the American chemical industry for American capital and American labor.
In an endeavor to induce stockholders to assist them in the furtherance
of their own plans, a self-appointed committee purporting to represent
stockholders has attempted to utilize the publicity which has arisen in regard
to the discussions which the company has had with the New York Stock
Exchange. The discussions with the Exchange have related to the request
Shanghai Telephone Co.—Income Tax Ruling
by the Exchange that the'company make public further details concerning
The Commissioner of Internal Revenue has agreed that interest on bonds
its operations, which, if published, the management has believed would be
and dividends on stock of this company are to be regarded for tax purposes
beneficial to competitors and therefore detrimental to the interests of stockas income from sources without the United States during the year 1933.
holders. As to many matters which have been considered, the Exchange
and the management are in agreement and, as to others, discussions with
Such income, when received by a non-resident alien, is not subject to U. S.
the Exchange are being continued. A separate report in this regard will
Income tax during the year 1933.
be made to you at an early date.
The following is taken from a letter received by the Shanghai Telephone
The plans of the above-mentioned committee have nothing whatsoever
Co. from the Commissioner's office under date of May 25 1933:
to do with the company's relations with the New York Stock Exchange, as
"Inasmuch as it has been shown to the satisfaction of the Commissioner
WO shall demonstrate to you.
that less than 20% of your gross income has been derived from sources within the United States since your incorporation, July 29 1930, you have met
While80% of your company's common stock is owned by American stockthe requirements of Section 119(a) (1)(B) and (2)(A) of the Revenue Act
holders, the remaining 2007 is owned by Solvay & Cie. of Belgium, one of
the most powerful chemical companies in the world. This is the principal
of 1932, for the year 1933. Consequently the interest on your bonds and
holding which the committee represents. Most of this stock is registered
the dividends on your stock paid during the year 1933 should be treated as
in the name of Solvay American Investment Corp., a subsidiary of Solvay
income from sources without the United States, and such income paid dur& Cie. of Belgium, and in the names of private bankers in escrow and was
ing 1933 to non-resident alien individuals is exempt from Federal income
used as collateral and otherwise to obtain from American investors $40,tax. Therefore you are not required to withhold any tax from the interest
000,000 largely for the purpose of building European chemical plants
on your bonds paid during 1933 to non-resident alien individuals."—
which compete with your company in the markets of the world. Solvay &
V. 136, p. 3163.
Cie. of Belgium retained control of the voting rights. The balance of the
Southern California Gas Co.—Rates Reduced.—
stock controlled by Solvay & Cie, is registered in the name of Mutuelle
Solvay of America, Inc., another American subsidiary.
The company's gas rates were reduced by approximately $1,000.000
Solvay & Cie, is closely associated with and has a substantial interest
annually in a formal order of the California RR.Commission on June 13.
In 1. G. Farbenindustrie, the great govrenment-subsidized chemical trust
The order, effective as of June 1, followed the offer of the company for a
of Germany. Solvay & Cie. is also associated with and is represented on
reduction of that amount after it had obtained a temporary restraining order
the board of directors of Imperial Chemical Industries, Ltd., the governfrom the Federal Court enjoining an interim reduction of $500.000 annually
ment-subsidized British chemical trust. Both the German I. G. Farbenordered last November.
Industrie and the British Imperial Chemical Industries, Ltd., are leading
The Commission's order provides that the company shall refund to
factors in the international cartels which have sought and now seek to
consumers about $375,000,representing the difference between the amounts
dominate the world trade in nitrogen, dyestuffs and other chemicals.
collected since Dec. 1 last and the rates ordered in the interim order.
Solvay & Me, directly and through its European ramifications, has sought
There were no formal findings of value, rate base or rate of return but
and now seeks to dominate the world's alkali market. It is from these
the decision said: "With this reduction of rates in effect, the company
European organizations that Allied Chemical & Dye Corp. and other
will find itself on an earning basis in harmony with the distressing times
American Chemical companies wrested the American market. The
now being experienced."
American chemical industry is to-day fighting to maintain that market for
Members of the Commission, however informally estimated the new
rates would represent a return of about 64% to the company as compared
American capital and American labor against the organized, combined
and ruthless attacks of foreign competition.
with 7% or greater which utilities in the State generally have been allowed.
(New York -Times.")—V. 136, D. 2975.
Gordon Auchincloss, one of the members of the above-mentioned committee of "stockholders" of the company, is President and a director of
Southern United Gas Co.—Deposits.—
Sovay American Investment Corp. and a director of Mutuelle Solvay of
The reorganization committee (Clarence I. Worcester, Chairman) anAmerica, Inc. and has been for many years the principal representative in
this country of Solvay & Cie. of Belgium.
nounces that the time within which bonds may be deposited under the
The issue which has been raised by the committee is not a new one with
reorganization plan (V.136, p. 2799) has been extended by the committee,
the company. When Allied Chemical Sr Dye Corp. was formed In 1920, a
under the plan, until further notice. The committee reserves, however,
the right to terminate the time without notice.—V. 136. p. 4087.
substantial amount of the stock of its alkli-producing subsidiary. The
Solvay Process Co. of Syracuse, N. Y., was owned by Solvay & Cie. of
Union Water Service Co.—Earnings.—
Belgium and its associate, Brunner, Mond & Co., Ltd. of England (now
Imperial Chemical Industries, Ltd.). The Solvay Process Co. was also
For income statement for 12 months ended March 31 see "Earnings
allied by a "community ofinterest" agreement with these foreign companies
Department" on a preceding page.—V. 136. p.3723.
whereby technical information relating to the production of alkali was exWater Service Companies, Inc.—Earnings.—
changed. Solvay & Me. of Belgium and its associate, Brunner, Mond &
Co., Ltd. of England, became stockholders of the company through the
For income statement for 12 months ended March 31 see "Earnings
exchange ofstock which they held in The Solvay Process Co. Subsequently,
Department" on a preceding page.—V. 136, p. 3909.
Solvay dr Cie. of Belgium purchased the stock of Allied Chemical & Dye
Corp. held by Brunner, Mond & Co., Ltd. of England.
Because of the rapid strides which the American chemical industry had
made,it soon became apparent that the "community of interest" agreement
was more to the advantage of the above-mentioned foreign companies than
to Allied Chemical & Dye Corp. and the agreement was therefore terminMatters Covered in the "Chronicle" of June 10—(a) The New Capital
ated by the management. It became equally apparent that the directors
Flotations in the United States during the month of May and Since the
nominated by Solvay & Cie. of Belgium and who had been elected to the
January, p. 3967: (b) New Pierce Arrow models announced, li•
first of
board were not acting solely as representatives of stockholders but were
3978: (c) Tube and tire prices advanced by leading companies—Tires up
seeking information for use by their own vast organizations which were
734 to 10%—Sears Roebuck takes action, p. 3978:(d) Lead price advanced,
actively competing with the company. It was also evident that the foreign
p. 3984; (e) Copper, tin, platinum, quicksilver and silver advance—Lead
directors on the board desired to entangle the company in foreign alliances,
and zinc active, p. 3984: (f) Steel production rate rises to 44%—Price of
repugnant to the spirit with which the company was estanlished, contrary
scrap again advances, p. 3985:(g) Large increase in steel output, p. 3986.
to the laws which govern this country and opposed to those commercial
considerations upon which the company's future success depended.
Corp.—Liman of-New Stock.
On Jan. 10 1927. Dr. Wm. H. Nichols, dean of the American chemical
The New York Stock Exchange has authorized the listing of 760,213
Industry,founder of Allied Chemical & Dye Corp.and chairman ofthe board
sh es ofcommon stock(par $10)on official notice ofissuance,in substitution
wrote to Armand Solvay, head of Solvay & Cie., as follows:
equal number)f shares of common stock without par value now
for an
"I perhaps cannot too strongly stress the fact that in the part I played
outanding and listed
ts
in the formation of the 'Allied' company, I had in the forefront of my mind
th (establishment of a great American chemical industry which should
Consolidated Comparative Balance Sheet,
make the country independent in case of war and add to its prosperity in
Mar.31'33 Dec. 31'32
Mar.31'33 Dec.31 '32
times of peace, as well as to be reasonably profitable to its stockholders.
Liabilities—
$
$
Assets—
$
$
That these objects have been and are being measurably attained—that the
536,620 Bank loans
1,500,000 1,500,000
Cash
414,588
company has had uncommonly able management—does not admit of a
Accounts payable. 471,274
Govt.,&a., market569,737
doubt. 80% of its stockholders are Americans who have no chemical in69,172 Accrued charges— 128,878
56,407
able securities_
123,509
terest in conflict with their Allied interests.
Supply contr. oblIg 114,606
124,413
Notes, accts. rec.
"The directors represent equally all the stockholders—foreign as well
(less reserve)___ 2,381,359 2.272,574 Prov.for Inc. taxes
18,658
51,408
as domestic—those having outside chemical interests and those not. But
2.440,803 2,457,179 Pur. money obi*.
Inventories
they only represent stockholders as such—that is, to the extent of their
maturing s.
-a___
10,100
127,809
155,823
Deferred charges
8,681
interest in this company. And if any stockholders have any chemical inDeferred Income_
8,426
Invests. & advs.
12,043
terests outside of the Allied, the directors do not represent them in such
Res, for coining.
(less reserves):—
Interests. Quite the contrary. The limit of the directors' duty is to do
and Insurance—
79,694
44,374
Agents' & empl.
their best for the holdings of stock in this company and not for those held
Min. Int. In pref.
stock notes and
outside it.
744,481
749,631 stock of subs.__ 812,692
818,499
accounts
"As an important American institution. its control must be kept in
x Plant & equiv.__ 4,548,179 4,639,405 y Capital stock___ 8,500,000 8,500,000
America—and without chance of foreign entanglements or foreign dictaPaid-In surplus__ 384,858
Pat tor., devel.exp.,
378,901
tion. Otherwise the best results for all will be impossible.
3,717,469 3,702,265 Earned surplus__ 2,401,914 2,451,103
dre
good-will,
"The carrying out of policies requires time and the support of the stockholders without divided allegiance.
Total
14,431,098 14,582,673
Total
14,431,098 14,582,673
"American associates on the board have no conflicting interests and In
x After depreciation and amortization. y 760,213 shares at assigned
all their thoughts and acts have never had aught in mind but the success of
value.—V. 136, p. 3347.
the company.
"Remembering some of my former experiences with others, I may frankly
Air Conditioning Industries, Inc.—R oistrar
say that the large interests in the German cartels, in the great new English
merger, and in other chemical companies in other lands, coupled with the
The Chase National Bank of the City of New York has been appointed
evident desire for a world consortium that would give all the wotld's trade,
registrar for the capital stock.
outside America, to others than the Allied—all this does give us considAllied Brewing & Distilling Co., Inc.—Transfer Agent.
erable anxiety. We are led to feel that perhaps you regard these other
interests as more important to you than this company, which to us is all
The Continental Bank & Trust Co. of New York has been appointed
important.
transfer agent for 500,000 shares of the capital stock.—V. 136. P. 3910.
"The effect of a consortium would certainly be to hobble this company
In the interest of the huge German cartel and of the new British monopoly.
Allied Chemical & Dye Corp.—Statement by Orlando F.
For this company to bind itself by consortiums not to sell in markets where
Weber, President—Fight Laid to Foreign Rivals—Stock Exchange prices are advantageous would not be only to violate American law but to
Controversy Is Screen, According to President—Trade Secrets In- violate Its duty to its stockholders,80% of whom could not be compensated
any
volved.—A charge that behind the screen of the controversy byThereoutside advantageous."
interests
of
has now been
between the New York Stock Exchange and the corporation on the board ofdirectors.eliminated all representation foreign favored
The management of the company has not
the presence on the
foreign chemical interests subsidized by governments abroad and does not now favor American Investmentcompany's directorate of any
Corp. or any other subsidiary
representative of
are driving to obtain control of the corporation was made of Solvay & Cie. Solvay
of Belgium. The management believes that it might now
in a letter sent June 14 to its stockholders by President be disastrous to the company in the conduct of its business to have repreworld competitors participate in the
Orlando F. Weber,in response to advertisements attempting sentatives of the company's principal As directors, such representatives
company's directing management.
to align the stockholders against the management. The would have available information from which competing projects could be
move of the stockholders' committee, Mr. Weber says, is far Inaugurated, competitive maneuvers instituted and selective attacks made.
Under the laws of the State in which the company is incorporated, such
more than a threat to the management. He says it is a representatives would have the right to inspect every record of the company in its minutest detail including the costs of every product which the
threat to the entire country, both in time of war and of company produces.
The committee by implication challenges the stowarship of the managepeace, recalling that only since the World War has this counment in the conduct of
stockholders.
try made itself independent of the rest of the world for its The management, whichthe affairs of the company for the the company
you have retained in office since
nitrogen, dyestuffs and other necessary chemicals. Mr. was incorporated, welcomes that challenge and in answer[submits a summary of the company's progress during the past 12 years:
Weber's statement follows:
On Jan, 1 1921, at the beginning of its first year, the company's gross
We wrote to you on June 6 1933. that we would at an early date imam a
assets amounted to $282.743,000. Since that time,in addition to two stock
statement of the utmost importance. Accordingly, we now present to
dividends of 5% each, the company has paid cash dividends in excess of
you the facts upon which you will be able to base your judgment and to
$160.000,000 and has continued to pay during the depression the dividends
INDUSTRIAL AND MISCELLANEOUS.
Volume 136
Financial Chronicle
on its common stock at the same rate maintained since 1926 without impairment of its liquid position. In the 12 years of its existence, the company's total gross assets, carried mainly at cost, have nevertheless increased
to $408,536,000. In addition, the funded debt, purchase money obligations, and bank loans, which at the company's organization totaled $17,000,000, have been liquidated in their entirety.
No new financing has been require either through the borrowing of funds
or the sale of the company's stock. The capacity of the company's plants
has been substantially increased. Equipment, regardless of age, has been
supplanted by new facilities when improved processes have been demonstrated. A large plant for the fixation of nitrogen and the manufacture of
nitrate of soda has been constructed at Hopewell, Va.
Notwithstanding substantial expansion of the company's plants, there
has been no material increase in the net book value of its property, as shown
by the following comparison:
Dec. 31 '20. Dec. 31 '32.
Real estate, plants, equipment, &c
$141,370,952 $222,990,044
Depreciation reserve
54,513,403
129,257,567
Net property
$86,857,549 $93,732,477
The company's total reserves increased from $72,900,000 on Jan. 1 1921
to $191,400,000 at Dec. 31 1932. In 1931, in view of the extraordinary
economic conditions prevailing, $40,000,000 was transferred from surplus to
contingency reserve for the protection of the company's assets, including
U.S. Government and other marketable securities. The difference between
cost of U. S. Government and other marketable securities and current market value thereof is approximately $8,000,000 and the remainder of the
$40,000,000, amounting to $32,000,000, is now available for release to
surplus or for transfer to some other reserve.
Surplus increased in the 12 years from $126,300,000 to $159,400,000
after payment of all dividends and after the transfer to reserves in 1931 of
the $40,000,000 heretofore mentioned. In that period cash and U. S.
Government and other marketable securities increased from $22,600,000
on basis of present market value to $110,000,000. The payment of the
dividends and increase in the cash position have been effected without
general salary and wage reductions.
The company has maintained its strong sales position in the markets
which it serves. Selling prices of the company's products under stress of
competition, including foreign, have declined; the decrease in selling prices
since 1921 is equivalent on the basis of sales volume for 1932 to a reduction
in income of over $50,000,000 per annum.
Prior to the Great War, basic industries in the United States were dependent upon foreign sources of supply for their necessary chemicals.
Chile was the sole producer of nitrate, an essential ingredient of fertilizers
in time of peace and explosives in time of war. It was necessary for textile
manufacturers to obtain their dyestuffs from Germany. To-day Allied
Chemical & Dye Corp., through its subsidiaries, is the largest manufacturer of nitrogen, acids, dyestuffs and coal tar distillates in this country.
Through the construction of the company's plant at Hopewell, Va., the
nation is entirely independent of foreign supplies of nitrogen in times of
peace or of war. All dyestuffs essential to the textile industry are now
produced in the United States.
Except for C. W. Nichols, none of the committee of "stockholders" is
the record holder of a single share of the company's stock. Mr.Nicholsis
a son of the late Dr. Wm. H. Nichols, whose statement of principles we
have above set forth. For a period Mr. Nichols was a director of the company. While a member of the board he did not indicate that he in any way
disagreed with the basic considerations which Dr. Nichols had expressed.
In 1931 Mr. Nichols was not re-elected to the board. In so far as we are
aware, none of the other members of the committee is experienced in the
Industrial management of chemical companies.
In this letter we have confined ourselves to a statement of the facts which
underlie the proposals of the committee for "stockholders" believing that
it is our duty to you to make such a statement. We urge you to consider
these facts carefully. We cannot believe that the company's stockholders
will desire to turn over the management of the greatest American chemical
enterprise, even in part, to representatives of those foreign-subsidized
cartels which are now engaged in a bitter struggle with the company in the
markets of the world.
The special meeting of stockholders which the self-appointed committee
proposes to call for Aug. 10 1933, to elect themselves to the board of directors, or to designate others to represent them, has not yet been called.
If and when such a meeting is called, we will send you a form of proxy for
your use so that you may vote for the continuance of the present management.
Stockholders' Committee Replies to Mr. Weber.
Rogers S. Lamont, Secretary of the stockholders' committee, said in
reference to the statement by Mr. Weber:
"Mr. Weber undertakes to draw a red herring across the real trail. The
stockholders' committee is not attempting to obtain control of the Allied
Chemical & Dye Corp. for any interest.
"The committee believes three or four new and representative directors
will be able to force a change in the attitude of the management toward the
stockholders. The committee believes that this will result in immediate
compliance by the management with the request of the New York Stock
Exchange to furnish information to stockholders and will prevent the company's stocks from being struck from the list, and will assure compliance
with any proper request which may be made In the future by the Stock
-V.136, p.4089.
xchange to furnish information to stockholders."
Aero Supply Mfg. Co., Inc.(& Subs.).
-Earnings.
Calendar Years
Net sales
Cost of sales
Selling expense
Administrative and general expenses
$290,00
272.549
16,625
47,775
$566,9
.
88
518,649
43.077
87,495
Net loss from sales
Other income (net)
$46,879
7,249
$82,234
5.918
Net (loss)
Depreciation and obsolescence
$39,629
77,065
Allied Newspapers, Ltd.-Remmertfrtimfrist.--he New York Curb Exchange has removed from unlisted trading
privileges the Guaranty Trust Co.yf New York American depositary
reipts for ordinary registered shares (par El).
ec
Allied Products Corp.(& Subs.).
-Earnings.
Calendar Years1932.
1931.
1930.
1929.
Consolidated net Inc---- loss$48,715
$30,922
$15,102 $1,030,155
Depreciation
125,290
126,079
153,830
138,149
Federal tax
90.594
Net loss
$95,157
$174.006
$138,728prof$801,411
Class A dividends
43,750
175,000
175,000
Common dividends
75.000
37.500
Balance, loss
$174,006
$138,907
$388,728 sur$588.911
Consolidated Balance Sheet Dec. 31.
Liabilities1931.
Assets
1932.
1932.
1931.
Cash & Govt.secs_ 3286,179 $126,541 Accounts payable_ $31,909
$46,757
12,980
143,362
434,855 Accruals
Receivables
13,251
1,491
409,294 Land contr. pay_
367,206
Inventories
2,509
9,923
Cash value insur_
9,923
23,892
18,396 Res, for conting
x Class A stock_ _ _ 1,883,200 1,927,200
Due from officers..
22,819
•Inv. in Corcoran
y Common stock
750,500
750,000
Brown Lamp.. 1,097,697 1,097,697 Capital surplus,..,,. 1,250,664 1,210,710
2,603 Prof. & loss surp-def.106.888
Other investments
57,497
89,286
Flied assets
1,668,791 1,777,428
80,739
Deferred charges
64,756
102,082
Licenses, contr.,&c 101,582
Total
$3,833,781 $44,049,635
Total
$3,833,780 $44,049,635
* Carried at net book value of assets which are accordingly eliminated
from consolidated balance sheet.
x Represented by 42,800 shares (no par) in 1932 and 43,800 shares
(no par) in 1931. y Represented by 75,050 shares (par $10) in 1932
and by 75,000 shares ($10 par) in 1931.-V. 134, p. 3099.
Altorfer Bros. Co., Peoria, 111.-Earnings.
Calendar YearsNet sales
Cost of sales
Administration and general cost
Depreciation_
Other charges
Total
$1,236,453 $1,424,277
Total
$1,236,452 $1,424,277
a After depreciation and obsolescence of $623.791 in 1932 and 549,036
in 1931. b Represented by 20,013 shares class A stock and 393,961 shares
-V. 132, p. 3340.
class B stock.
Allied Distributors, Inc.
-Investment Trust Average
Establishes New High for Year.
The investment trust average compiled by this corporation registered a
new high record for the current year to date, with the leverage group
registering a gain of 92%. compared with he average prevailing on Jan. 1
1931, whereas during the same period the general stock market average
registered a gain of only 28%•
The average for the common stocks of the five leading management
trusts, influenced by the leverage factor, stood at 19.22 as of June g. compared with the average of 18.88 on June 2, an Increase of 1.8%. The low
for the current year to date was 8.22 on March 31.
The average of the non-leverage stocks stood at 14.83 as of the close
June 9, compared with 15.14 at the close on June 2, a decrease of 2%.
1932.
1931.
$1.592,743 $2,310.688
1,190,514
1.668,959
458,880
842,248
101,703
13,356
49,492
Operating loss
Other income
$171,710
$250,011
13.908
Net loss_
$171,710
$236,103
Balance Sheet Dec. 31.
Liabilities1931.
1932.
1932.
Assets1931.
$134,552 $100,920 Notes payable__ $150,000
Cash
$50,000
191,659 Accts. payable__
212,848
61,250
Receivables
163,428
584,673 Tax accruals
Inventories
366,302
20,400
20,400
Fixed assets
1,045,192 1,101,633 Miscell. accruals...
19,483
6,598
16.358 Capital stock
18.284
z1,781,694 1,781,694
Other assets
97,227 Deficit
96,045
Patents
97,689 sur104,366
34,016
51,912
Deferred chargesTotal
Total
$1,935,137 $2,126,486
$1,935,137 $2,126,486
Represented by 26,718 shares of convertible preference stock (no par)
.--V. 134. p. 3461.
and 153,282 shares of common stock (no par)
Aluminum Co. of America.
-Preferred Dividend.
The directors on June 13 declared a div Mend of 373i cents per share
on the 6% cum. pref. stock, par $100. payable July 1 to holders of record
June 15. A similar distribution was made on April 1 last, while in each
of the four preceding quarters a payment of 75 cents per share was made.
Previously the company paid regular quarterly dividends of $1.50 per share
on this issue.
-V. 136 p. 2800.
Aluminum Goods Mfg. Co.
-Earnings.
1932.
Calendar Years1931.
1930.
1929.
$5,914,141 $9,290,941 $10,847,973 $14,426.511
Net sales
8,031,888
9,454,468 12,777.435
Cost of sales & expenses.. 5,539,336
Profit from operationOther income
$374.806 $1,259,053 $1,393,505 $1.649.076
231,270
267,568
275.262
316,334
Total income
Income taxes
Depreciation
$606.076 $1.526,621
46.354
149,358
452,017
471,037
Net income
Sur.& undiv. prof. Jan. 1
$107.705
908,700
$906,226
1,529 607
81,668,767 $1,965,410
201.996
294,319
486,761
$980.010 $1.671,090
2.005,774
1.785.087
$1.016,405 $2,435,833 $2,985,784 $3.456.177
Total surplus
Dividends paid
629,255
1,423,585
1,437.985
1,437,893
Adjust. of primr years'
Income taxes
Cr45,926
103,547
18.192
12.510
$76,316
78,317
Net loss for the year
$116,694
$154,631
Condensed Consolidated Balance Sheet Dec. 31.
Assets1931.
Liabilities1932.
1932.
1931.
$41,455 $178,356 Accts. payable_ _
$44,224
Cash
$7,797
99,010
Accrued items_ _
Marketable securs.
2,671
11,784
5,000
Reserves
1,345
Notes receivable
1,174
408
b Capital stock-. 1,759,390 1.759,390
Interest receivable
34,298
48,107 Deficit
Accts. receivable
531,177
355,869
241,425
186,416
Inventory
6,494
2,185
Deferred charges
a Property, plant
773,42
699,572
and equipment
7,694
13,065
Other assets
8
Recapitalization
58,347
48,972
expenditures _ _ _
Leasehold purchase
43,800
43,800
option
9,293
prepd. bldg. lease.
9,192
Impts. to leasehold
34,733
30,555
property
865
790
Patents
21,733
21,733
Good-will
4269
The average of the mutual funds closed at 10.84 compared with 10.58 on
June 2, an increase of 2.4%.-V. 136. P. 4089.
Surplus and undivided
profits Dec. 31---Shs. com. out. (no par)_
Earnings per share
Assets
Cash
Accts. receivable
Notes receivable
Inventories
Treasury stock_ _
Accrued int. rocInvest. (at cost). _
Real estate
a Buildings
b Mach'y & equip_
Other assets
Deferred charges
$433,075
$908,700 $1,529,607 $2,005,774
1.114,920
1,179,595
1,193,290
1,198.244
$0.10
$0.77
$1.40
$0.84
Balance Sheet Dec. 31,
1932.
1932.
1931.
1931.
Liabilities
1,114,219 1,652,987 Accounts payable.. 180,076
208,415
638,436 Dividends payable 111,522
557.997
353.879
37,867 Accrued labor and
44,494
commissions__ _
2,224,102 2,801,626
81,404
77,402
949,774
46,354
301,920 Income taxes pay_
142,608
52,655 Accrued local taxes 141.272
54,908
193,124
4,230,638 4,247,89b c Common stock._14,224,840 14,224,840
302,894 Surp. & undivided
303,225
3.329,101 3,437,300
protts
433,075
908,700
1,738,164 1,934,647
615,347
641,974
56,171
58.766
Total
15,218,543 16,108,968
Total
15,218,544 16,108.968
a After depreciation of $1,319,918 in 1932 and $1,203,791 in 1931.
I, After depreciation of $4,636,836 in 1932 and $4,316.704 in 1931. c Represented by 1,200,000 no par shares.
-V. 135. p. 4036.
Aluminium, Ltd.(& Fully Owned Subs.).
-Earnings.
Calendar Years1932.
1931.
1930.
1929.
Gross earns,after deduct.
all exp. incident to oper $1,897,728 $1,831,173 $2,748,941 $44.208,059
Interest
1,445.079
1,200.033
Exchange losses
205.706
188,575
Sundry adjustments_ __ _ xCr291,598
Cr84,519
Res,for deer. & deplet- _ 1,468,676
1.465.972
1,624,545
1.593,623
Res. for income taxes_
34,043
155.829
235.415
Divs. accr. on pref. stock y227,500
780,000
442.000
Balance. surplus- _def$1,157.634 df$1,752,932
8526.567 $2.379.020
Previous surplus
1.110,027
3,102,958
2,687,163
308,143
Sundry adj. not affecting
years' operations
def60,107
def110,772
Additional provision for
anticipated losses_
240.000
P. •!‘ L. sur. Dec. 31_ _def$107,715 $1,110,027 $3,102.959 $2,687.163
Shs. com. outst.(no par)
592.699
592,299
572,678
572,678
Earnings per share
NO
Nil
$4.15
$0.92
x Gain from purchase and retirement of preferred stocks and bonds.
y Dividends paid in 1932 on preferred stock. $292.500: less $65.000 for
amount accrued at Dec. 31 1931; balance as above.
4270
Financial Chronicle
Consolidated Balance Sheet Dec. 31.
1932.
Assetsd Land, pits, &c_34,610,006
a Invests.in & adv
to other cos_ _14,038,200
Deferred charges__ 2,397,173
Indem. deposits__
115,515
Sinking fund bal__
20,258
b Inventories
11,335,017
Accts. receivable__ 3,410,372
Marketable secure. 1,418,020
Cash
922,864
Total
1931.
1932
Liabilities$
34,671,410 Preferred stock_ _ _12,765,600
e Common stock_25,634,519
15,699,879 Preferred stock of
2,800,415
Sprostons, Ltd_
1,000
168,441 5% gold bonds_ _ _18,884,000
20,244 Bonds,subsidiaries 2,198,115
9,567,518 C Notes
1,500,000
4,558,802 Deferred liabilities
440,757 Accrued items__
173,243
1,446,114 Accts. & bills pay_ 6,883,712
Pref.stock div__
Tax reserve
92,786
Exchange loss res.. 168,842
Other reserves _ _ _ _
275,322
def107,715
Surplus
68,287,426 69,373,584
Total
1931
%The New York Stock Exchange has authorized the listing of 10,00(6
shaVes of common stock (par $20) on notice of issuance, in exchange for
10,000 shares of common stock of Maister Laboratories, Inc. (par $20)
with authority to add 41,293 shares of common stock upon notice of'
issuance pursuant to offer to stockholders to subscribe tzuch additional
stock; making the total amount appliedfor 247,761 shares)
Maister Laboratories, Inc. (Md.) is the owner of
uable processes.
acquired from Dr. Hanns Maisteefor the manufacture of vitamin yeast
and other products. The directors of American Commercial Alcohol
Corp. have valued this stock at more than $300,000. For details of rights
to stockholders, see V. 136, p. 4090.
The New York Curb Exchange has admitted to unlisted trading privileges
the rights of common stockholders to subscribe for additional shares of
common stock (par $20),"when, as and if issued."
Consolidated Balance Sheet March 311933.
3
13,000,000
25,622,518
1,000
19,400,000
2,237,058
1,500,000
751,034
147,260
5,073,632
65,000
129,608
240,000
90,444
1,110,027
Liabilities
Cash
$836,500
$216,004 Notes payable to bank
539,612
Notes & accepts. rec.-trade
45,839 Trade acceptances
Total accounts receivable
191,540
522,897 Total accounts payable
Inventories
2,082,021 Provision for containers in cusFixed assets
tomers' hands
14,009
5,837,671
1,653
Total prepaid & deferred items 423,038 Prov. for stock warrants
Provision for contingencies_ _
. .
400,000
,
Good-will, trade-marks, for3,894,950
mulae, &c
1 Capital stock
2,586,241
Capital surplus
Earned surplus
862,965
68,267,426 69,373,584
a Less accounts required due Oct. 31 1934, against which advances are
to be applied. b At cost or market, whichever is the lower. c Given for
property purchased and due 1932, 1933. 1934 and 1935. d After depreciation, depletion and amortization of $12,755,263 in 1932 and $11,324,577
in 1931. e Represented by 592,699 no par shares in 1932 and 592,299 in
1931.-V. 136, p. 4090.
---(kluminum Manufacturers, Inc.-Rentered-ffem-hist.- The New York Curb Exchange a removed from unlisted trading
pr. lieges the common stock (no par).
V 136
Total
1888
American Beet Sugar o.
-Cash Position Improved
No Action on Proposal to Change Name, &c.
-New Director.
The company's cash position at the present time is considerably better
than it was at this time last year, President S. W.Sinsheimer stated at the
annual stockholders' meeting held on June 13. He said that new financing
was needed to meet debenture maturities in 1935.
Due to the lack of a quorum no action was taken on the proposals to
change the company's name, to change the common stock to a stated
par value from no par value and to authorize an increase or decrease in
the number of directors by resolution passed by a vote of a majority of the
whole board of directors.
Under the present contracts with sugar selling at four cents a pound
both the farmers and the company were able to "eke out a living." it was
stated.
Irving Hale has been elected a director, succeeding Edwin Buckley.
-V. 136, p. 4090.
-Earnings.
American British & Continental Corp.
Calendar Years
-1932.
1931.
Dividends
$165,705 \ $457.335
144,119
379,238
Interest
Miscellaneous471
3,257
6,
1930.
$547,585
463,606
39,344
- Total income
$313,081
General & administrative expenses
64.124
Interest on debentures
}
2
29,475
Amortiz. of disct. on debentures
Refund of taxes under deb. covenants
Interest on loans
7,006
Taxes
$843,044 $1,050,534
86,495
89,416
1237,0661
268,242
1 16,000f
2,303
1,156
9,863
16.903
Net income for the year
Dividends paid on preferred stock-
$12,475
$4490,161
286,232
$675,973
599,845
312.475
$203,929
$76,128
Balance at Dec. 31
Balance Sheet Dec. 31.
1931.
1932.
AssetsS
3
Cash
2,843,774
338,610
Investments
x2,010,6811y14543286
U.S. Govt. sec_
x408,0001
Corp.'s own secure.
(at cost)
848,270
Sundry loans
209,768
429,536
Accts. receivable,
accr. int., &c_
28,954
128,559
Office turn. & fixt_
1,726
Deferred charges
337,333
218
Other assets
z1
Total
5,501,396 16,625,320
1931.
1932.
S
LiabilitiesS
74,238
Accounts payable_ 1 98,386j
1
88,948
Int. accr. on debs_ J
Prov. for assm't on
part paid fore'n
40,950
stock
5% gold debs, due
4,269,500 5,000,000
1953
Capital stock. _ _ _ 1111,092,560 55,000,000
15,825,766
Capital surplus_(
636,370
Income account_
Total
5,501,396 18,625,320
a Represented by 91.439 shares no par 1st pref. stock (1931. 100,000
shares) and 600,000 no par shares common stock in both years. x Market
value. y Cost. z Carried by management for purposes of this statement
at $1.
New Exchange Offer.
-
June 17 Ig33
(
American Commercial Alcohol Corp.-friet1177--
$9,127,472
(
American Cyanamid Co. & Subs.).
-Earnings.
-
Total income
$33.454.168 $5,436,966 $3,793,922 $8,843,134
Research. process & market development exp_ 1,176,023
1,998,630
1,265.250
879,715
Int. and discount paid
520,994
289,912
363,790
438.216.
Miscellaneous charges
85,407
85,641
Deprec. and depletion
2,262,805
1,551,156
1,529,512
2,636,327
Prov.for income tax_ _ _ _
5,035
3,346
1,293
185,134
Minor. stockholders' int.
in net inc. of subs_ __ _
84,000
128,698
Net income
Preferred dividends
Common dividends
$3349,725
-Earnings.American Coal Co. of Allegany County.
1931.
1,341,444
$109,734
44,146
213,227
35.299
25.365
1930.
1,373,3E0
4301,451
50,922
213,748
36,320
1929.
1.474,791
$418,595
50,850
207,347
35.895
loss$268,082loss$208,303
2,904
Dr4,679
03,12 I
25 995
xFire insurance recov__ _
75.123
$461
5,001
40,308
129.455
$124,503
10,898
52,007
1932.
1.306,940
$23,343
38,076
217.503
35,845
Operating profit
Royalties (net)
Other income (net)
Gross profit
Federal taxes
loss$246,767 loss$37.142
$175,225
16,500
3187.408
9,500
Net income
Dividends
loss$246 767 loss$37,142
191 756
71.456
$158,725
242,006
$177,908
244,950
367.042
$83,281
Deficit
$228,898
3318.223
Shares of capital stock
48.910
48.254
outstanding (par $25)
47.644
47.674
$3.62
Earns. per share on com$3.29
Nil
Nil
x Fire insurance recovery on Crane Creek Mine dry cleaning plant
use and occupancy, &c.
Balance Sheet Dec 31.
1931
AssetsLtatrUities1932.
1931.
1932.
$1,191,100 $1,191,850
aLand & coal seams
Capital stock
91,815
mine dev., &c._$1,525,586 $1,739,897 Accounts payable..
bLease hold & tim9,508
Federal taxes
47,844
ber rights
420,183 Dividends payable
384,337
1,625,437
Cash
16,814
18,414 cSurplus
Marketable secure. 847,805
924,011
Accts. rec., &c_
108,060
85,461
Inventories
46,985
82,400
Unexp. ins. prem.
suppl. & prepaid
9,944
taxes
17,687
25,972
25,887
Other assets
Total
$2,965,504 $3,293,920
Total
138,639
9,942
47,874
1,905,814
52,965,504 $3,293,920
a After depreciation and depletion. b After depletion. c Including
$308 650 (1.3117,900 in 1931) applied to retirement of treasury stock,
V. 135. p. 3859.
$520,803
$548,669 44,618,099
3.141
3,450,031
Balance, surplus
$520,803
$349,725
$548.669 $1,164,925
She, combined class A &
B stock outst.(no par) 2,570,137
2.470,159
2,470,159
2,470,119'
Earnings per share
$0.21
$0.14
$0.22
$1.86.
a Comprising $931,351 as net income of companies prior to acquisition
by American Cyanamid Co., and $3,686,749 accruing to company.
Consolidated Surplus Account Year Ended Dec. 311932.
Earned
Capital
Surplus.
Surplus.
Total.
Surplus as at Dec. 31 1931
$3,329,409 $7,026,657 $10,356,066
Net income for year 1932,as above_ _ _
349,725
349,725
Excess of par value over cost of bonds
purchased for retirement
114,833
114,833
Total
$3,679,134 $7,141,490 $10,820,625
From which deduct:
Charges applicable to prior years in
respect of development expenditure, taxes and other adjustments
333,004
35,174
168,179
Loss on dismantled plants writ. off..
100,861
100,861
Surplus as at Dec. 31 1932
$33.546,130 $7,005,454 $10,551,584
Consolidated Balance Sheet Dec. 31.
1932.
Assets
a Land, bldgs., &c.21,346,963
Notes & accts. rec. 2,863,590
Cash
4,283,131
Marketable scour.. 1,500,375
Other inv. & adv_ 1,873,284
Inventories
7,810,148
Stk. pur. contract.. 1,024,500
License, pats., &c_ 5,000,000
Deferred charges
464,398
Good-will
1
-Defers Dividend.
••■•••••American Cast Iron Pipe Co.
Calendar Years
Coal produced (net tons)
Income from mine prop_
Taxes
Depreciation
Depletion
Equipment write-off_ _ _
$9,127,471
.End. -Years End. June 30Year Ended 18 Mos
PeriodDec. 31 '32. Dec. 31 '31.
1931.
1930.
Net operating profit- _ _ _ $3,094,064 $4,338,811 $2,969,326 $7,513,518
Divs., int. & discount__
239,201
523,801
642,364
719,642
Other income (net)
120,902
574,353
182,233
609,974
1931.
Total
1932.
$
Liabilities22,300,220
3,315,276
3,499,152
1,952,985
1,423,079
8,207,797
1,024,500
5,000,000
624,027
1
See Atlas Corp. below.
-V. 136, p. 3165.
The directors have voted to defer the semi-annual dividend due July 1
on the 6% cum. pref. stock. par $100. A distribution of 13i% was made
on this issue on Jan. 3 1933. as against regular semi-annual dividends of
3% previously paid.
-V. 136, p. 495.
Total
-V.136. p. 4090.
46,166,389 47,347,038
1931.
$
b Capital stock-24,701,370 24,701,590
c Preferred stock...
4,000
Funded debt
5,069,400
Min.int.in sub.cos. 1,804,252
Pur. mon. oblig'ns 278,830
Accts. pay., accr.
wages and taxes 1,945,658
Accr. int. on funded debt
73,780
Res. for canting
1,736,356
Prov.for Fed. tax1,158
Earned surplus
3,546,130
Capital surplus
7,005,455
Total
4,000
5,627,900
1,808,361
208,548
2,194,889
82,680
2,358,698
4,326
3,329,409
7,026,657
46,168,389 47,347,038
a After depreciation and depletion of $333,194,839 in 1932 and $32,966,076
in 1931. b Represented by 65,943 shares of class A common (no par) and
2,404,194 (2,404.216 in 1931) shares of class B common (no par), including
shares reserved for stocks not yet presented for exchange, but excluding
207,905 (207.883 in 1931) shares of 13 stock held by a subsidiary company.
-V. 135, P. 1166.
c Called for redemption 4()shares.
ft.....
dAmerican Founders Corp. A.Laittut kr
he New York Curb Exchange has admitted to unlisted trading privileges
th new common stock par value $1, issuable snare for share in exchange
forAmericaleyk no par value, which has been remov from unlisted
old commonoc
removed
trading privileges
V. 136. p. 2612.
quities Co.
-Initial Dividend.
An initial quarterly dividend of 25 cents per share has been declared on
the common stock. par $1, payatle July 15 to holders of record June 30.
Calendar Years1932.
1931.
1930.
Interest earned
$368,338
$524,924
$706,161
Cash dividends
148,574
436,761
313,562
Miscellaneous income
21,424
Total income
•$516.912
Net loss on sales of securities
Operating expense
118,095
Interest
10,429
Organization
$838,486
224,340
644
697
31,164,346
85,607
240,021
37,636
22,037
Net profit
$388.388
$612,805
$779,042
Statement of Surplus Account, Jan. 1 1932 to Dec. 311932.
Jan. 1 1932
Deficit as at
$12,839,214
Surplus arising from reduction in amount of capital stock to
81.464,531
20,798.910
Balance, surplus
Net losses on sale of securities
Less reserves provided in respect thereof
Reserve for depreciation in value of investments
as at Dec. 31 1932
$7,959,696
$1.367,043
1,063,477
$303,566
1,201,112
1,504,678
$6,455,017
Net earnings transferred from income account
Less-Miscellaneous surplus charges (net)
Balance as at Dec. 31 1932
$388,388
37,774
350,614
$6,805.632
Financial Chronicle
Volume 136
Comparative Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
$
$
Liabilities$
Assets26,883
94,129
329,562 Accts. payable,&c.
107,162
Cash
68,470
1,294,000 1,190,000 Due to sub. cos...
Loans receivable
Marketable securs. 796,482 2,512,358 Liab. for sec. purchased but undeInvest. In subs. &
129,746
livered
in cos.where sub20,149
Deferred income.
stantial minority
22,925.461
hits, are held_ _y5,926,109 4,916,530 Capital stock andl
capital surplus_ lx8,270,162{c1f121339214
in stocks
Invests.
Earned surplus_ _J
subject to syndi580,811
cate agreements
Accts. receiv., accrual and other
71,743
129,471
assets
662,020
Treasury stock_
Unadjusted debits 179,538
4271
which will eventually result in a total of 9.418.588 new common shares
being issued.
Under the plan it is reported that there will be immediately outstanding
4.418.588 shares of new common stock and rights to purchase the additional
5,000.000 shares will be distributed at the same time.
The preferred stockholders v, ill receive seven shares of new common
stock for each share held. This, in addition to compensating the preferred holder for the stock, affords a means of satisfaction of the 817.50
per share of accumulated dividends on the issue. Altogether the 571,703
preferred shares will be exchanged fcr 4.001,921 new common shares.
Holders of class A stock of the Illinois company will receive one new
common share for each eight class A shares held and in addition will receive
the right to purchase one share of common stork for $12.170 per share within
five yentas and another option to purchase one-half of one new share on the
basis of $15 per share within a similar period. This offer will involve
exchange of 2,000.000 class A shares for 250,000 new commons saares,
with the later issuance of 3.000.000 common shares.
Holders of class B stock are to be offered ore new common share for each
12 B shares held and also are to be given the right to purchase two-thirds
of a share of new common at the rate of $12.50 per share within five years
and another right to purchrse one-third of one new common share at the
rate of 815 per share within five years.
Under the contemplated plan 4,418 588 shares of the new common
stock will be immediately ontstanding, 3.333.333:re to he sold for $12.50
a share within five years and 1,666.666 shares are to be sold for $15 within
a similar period.
Besides the elimination of *10.000 000 or 817.10 a share unpaid dividends
accumulated on the sllinnis 7% Preferred stock, it is understood that down,
-V. 136. p. 660.
ward revisions of fixed assets will be made.
8,432,762 10,263,024
Total
8,432,762 10,263,024
Total
x Represented by 1,464.530 shares of common stock (par Si) in 1932
(1,528,364 shares no par In 1931)•
y Includes securities to be delivered to new company provided for in
plan of readjustment of General Water Works & Electric Corp. (dated
Aug. 27 1932), in exchange for securities of such new company in event of
and upon consummation of said plan.
-Investments are valued on the basis of an appraisal as of Dec. 31
Note.
1932 made by the directors. In the case of such investments as, in the
opinion of the directors, give to the company a control or other position of
-Capital De"Atlantic-Roseville Corp., Newark, N. J.
advantage, the cost or estimated depreciated value thereof has been used. The remaining investments have been reduced to market prices (in some
creased.
-V. 136, p. 3165.
instances estimated).
The corporation recently decro-se i the authorized capitalizatinn from
-To Buy Bonds of
14.000 shares, divided into 1,000 shares of pref. A stock, par $100 each:
American-Hawaiian Steamship Co.
1,000 shares of pref. B stock, par $100 each: 3.000 shares of pref. C stock,
Subsidiary.
Par $100 each, and 9,000 shares of common stock of no par value, to 250
The company announced June 11 that it had arranged to acquire all the
shares, all of one class. There were outstanding 1,000 shares of pref. A
$1,143,000 outstanding 6% serial mortgage bonds of its wholly owned
stock, 1,000 shares of pref. B stock, 806 shares of pref. C stock, and 9,000
subsidiary, the Williams Steamship Co. "It is anticipated," said an an shares of common stock, which have been exchanged for 217.06 shares of
nouncement by J. D. Tomlinson, Vice-President, "that the bankruptcy
the new capital stock on the following basis: One share of new capital
proceedings affecting the Williams Steamship Corp. will be terminated
stock for each 10 shares of pref. A and pref. B stock, one share of new
-V. 136. p. 3910.
shortly upon a basis satisfactory to all its creditors."
stock for each 100 shares of pref. C stock, and one share of new capital
stock for each 1.000 shares of common stock.
merican Paper Goods Co.
The company's office is located at 290 Ferry St.. Newark, N. J.. with
"144434"
re
edfrom
d
e= i n unlisteri trading
FR
: r
he New York Curb Exchange I
W. S. Landes as President.
V. 133. p. 3259.
p ileges the common stock (par $25)
Atlas Corp. New Exchange Offer Made to Stockholders of
- Six Subsidiaries.
-Extra Distribution-May Sales.
American Stores Co.
-Floyd B. Odium, President of Atlas Corp.,
dividend of 50 cents per share
The directors on June 14 declared an extra
on June 13 sent letters to stockholders of the following sub:.
on the capital stock, no par value, payable Dec. 1 1933 to holders of record
sidiary companies: American, British & Continental Corp.,
Nov. 15. A similar extra distribution has been made in December of each
year since 1926.
Aviation Securities Corp., Chain Store Stocks, Inc., FedThe directors also declared two regular quarterly dividends of 50 cents per
erated Capital Corp., National Securities Investment Co.
share, payable Oct. 1 1933 and Jan. 1 1934 to holders of record Sept. 15
and Dec. 15 1933, respectively.
and Securities-Allied Corp., stating that Atlas Corp. has
5 Wks. Ended--5Mos.Ended
agreed until the close of business on June.27 1933 to accept
a. 4 '32.
1 nt
,,ne 3"
%*9
.Arno • '
tenders of the shares of these subsidiary companies in exSales
810,363,100 $11,601,826 $45,741,265 851,928,103
-V. 136, v. 3348, 2801.
change for common stock and (or) option warrants of Atlas
'SI
- rnm "..American Vitrified Products Corp. Reect frotn-List.
he New York Curb Exchange has removed from unlisted trading
)-V. 136, p. 330.
.
.
p ileges the preferred stock (par 8100)1
merican Writing Paper Co., Inc.he
1 New York Stock Exchange has authorized the listing of common
-'
'
st k voting trust certificates representing 200.000 shares of common stock
(par $1) upon official notice of issuance in substitution for voting truss
certificates for common stock without par value now outstanding and list
Exchange also authorized the listing of 90,000 shares of preferr
stock without par value and 200.000 shares of common stock par $1 per
share, upon distribution of such stock to the holders of voting trust certificates, upon termination of the voting trust agreement on Dec. 31 1933.
Pro Forma Consolidated Balance Sheet as at Dec. 311932.
(After giving effect to changes proposed by board of directors on Apr.27'33.)
LiabUille-sAssets$235,068 Accounts payable:
Cash
$122,217
Trade creditors
Notes & accts. rec., less res.... 485,371
4,885
Sundries
. 41,679
Notes receivable (secured)._ _
21,693
Inventories
836,888 Accrued wages and expenses__
5,154,500
7,421,912 Funded debt
Fixed assets
x2,231,650
1 Preferred stock
Good-will, trade-marks, dic___
197,252
18,604 Common stock (par $1)
Investments
1,415,163
98,636 Capital surplus
Taxes, insurance, &c
9,199
Other prepayments
$9,147,361
Total
$9,147,361
Total
x Represented by 89.266 shares (no par).
-For the past five years the character and amount of
Annual Output.
the annual output of the company has been as follows: Tons of fine writing,
book, cover and specialty papers:
37,000 tons
62,000 tons i 1931
1928
25.000 tons
60,000 tons 1932
1929
54,000 tons
1930
The estimated output for the year 1933 is 25,000 tons of fine writing,
-V. 136. p. 4091.
book, cover and specialty papers.
-Earnings.
Amoskeag Mfg. Co.
1929.
1930.
1931.
1932.
Calendar Years$10,245,295 $16,461,697 $19,802,345 $30,283.466
Gross sales
7,349,859 16,065.253
6,469.596
Materials purchased..
4.839.630
8.156,636
5,847,385
5,985,643
3.700.874
Labor
2,247,731
1,784,738
1,737.425
1,260,068
Expenses
668.259
619.120
518,519
378.241
Taxes
957,796
673,658
695.095
374,705
including labor_
Repairs,
157,168
356,861
56,915
28,521
New machinery
255.103
41,016
49,019
Bad debts, net
3,674.799
1,213,388
330.376
404.372
Decrease in inventory
Manufacturing loss __
Net interest paid
Net loss
$790,135
420.091
$1.210,226
$255,901
526.767
$759.179pf$1.700.246
634,712
586,210
$782,668 $1,345.389p31,065,534
Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
3
Liabilities$
$
$
Assets3,101
277
Plant account_ _14,360,301 14,374,142 Accounts Payable_
Cash & accts. rec. 6,928,037 8,104,672 20-yr.6% gold bds 11,769,300 12,463,000
2,810,806 3,215.178 Profit & loss res've 12,326,743 13,230,714
Inventories
Total
24,099,144 25,693,992
24.099,144 25,693,992
Total
-V. 136. p. 2976.
•ceiss„,„.
-Plans to Simplify Capital Structure.
Armour & Co. (Ill.).
The company on June 9 issued the followiag announcement:
"The directors of Armour & Co. of Illinois the parent controlling enterprise of all the Armour units, at a meeting to-day discussed the question of submitting to the stockholders of the company a proposal to
simplify the capital structure of the Illinois compan,. The board authorized the management of the company to consider and formulate a tentative
at a
plan for submission to the board at a meeting to he held plan later date.
before such a
is ready for
It Is expected that several weeks will elapse
consideration.
plan whereby preferred stock and the A and B common stocks of this
A
company will be exchanged for a new common stork, was tentatively approved by directors of the company at a special meeting held on June 9,
chicago dispatches state. According to the tentative schedule of the
stork etchange, 571,703 preferred shares. 2.000.000 class A shares. and
2,000.000 class B shares aggregating 4,571,703 combined shan.g now outstanding, are to be exchanged for stock, and rights to purchase stock,
Corp.
The terms on which the shares of subsidiary companies can
be tendered are as follows:
-For each share of 1st pref.
-American. British & Continental Corp.
1.
$6 cumul. stock 11-10 shares of common stock of Atlas Corp.
-For each share of capital stock 1 1-10
-Aviation Securities Corp.
2.
shares of common stock of Atlas Corp.
-For each share of common stock, 8-10ths
-Chain Store Stocks, Inc.
3.
of a share of common stock of Altas Corp.
-For each share of $1.50 cumul.
-Federated Capital Corp.
4.
stock, one share of Atlas common: for each allotment certificate (first
series) of Federated Capital Corp.. one share of Atlas common and 6-10tha
of an option warrant, each option warrant giving the holder the right to
purchase from Atlas at $25, one share of Atlas common; for each allotment
certificate (second series) of Federated Capital Corp., one share of Atlas
common and 3-Jetta of an option warrant of Atlas Corp.; for each share
of common stock of Federated Capital Corp., 3-10ths of an option warrant
of Atlas Corp.
-For each share of 6% cumul.
-National Securities Investment Co.
S.
pref. stock, 2 6-10 shares of Atlas common; for each share of common
stock of National Securities Investment Co., 1-3rd of an option warrant
of Atlas Corp.
-For each share of non-voting common
-Securities-Allied Corp.
6.
stock, one share of Atlas common and 1-5th of an option warrant,
In lieu of fractional shares, the Atlas Corp. will deliver non-dividend,
bearing scrip exchangeable on or before April 30 1934 in integral amounts
for full shares without cost. After that date, scrip not so exchanged will
entitle the holder thereof to cash.
The letters to the stockholders point out that "No commissions will
be paid by Atlas Corp. to any bank, broker or investment house for any
services they may elect to perform in connection with the tender of shares
-V. 136, p. 4091.
hereunder."
-Annual Report.Autosales Corp. (Del.).
Edwar d M P. e..urphy. Chaim man states:
The statement of income and profit and loss shows the results of the
operation of corporation from Sept. 1 1932 to Dec. 31 1932. and the result.a
of the ope•ation of the predecessor corporation (the New York corporation>
from Jan 1 1932 to ,mg. 31 19: 2.
Campo atire Income Statement for Stated Periods.
9 3.
Jan. 1 '32- Sept. 1 '32- -Yea.s End. Dec.311
1932.
Aug.31 '32. Dec 31 '32.
Period8172,799
$592,131
$419,333
$930.645
Gross collections
Cost of sales (including
395,151
113.519
281,631
627.239
.
Oper.& gen. exps.-lncl.
243,312
73.954
169,358
293.050
depreciation
Deducts, from inc. (net)
5.684
17,209
15,165
11.525
depreciation.. _
incl.
$20.359
$63,540
$43 182
Balance Sheet Dec. 311932.
Liabilities
Assets
$33,2181 Accounts payable
Cash
6,668 Notes payable
Accounts recelv.-agents_._ _
16,980 Accr. Int. on 6% cony. notes_
Collections in transit
43,623 6% cony. notes
Inventories-salable mdse_ _
833.525 Deposits by agents
aVending & Weigh. machines
Res. for reorganization exp._
Raw material & parts (at
85,756 cCapItal stock
estimated usable value)_ _ _
9 Capital surplus
Miscellaneous investments_
500 Net loss-Sept. 1 to Dec. 31
Treas. stk. (100 shs. at cost).
1932
54,502
bFIxed assets
14,033
Deferred charges
1
Contracts, pats. & good-vrill.
Net loss
$4.809
$21,936
4,469
550
110,000
1,579
532
214,687
755,441
20,359
Total
$1,088.815
si.ass,sia
Total
a After reserve for lost. damaged and surplus m clines of 870.478.
b After depreciation reserve of 3127,426, c Represented by 366,328 no
-V. 135, p. 2179.
par shares.
Aviation Corp. (Del.).
-Record Poundage Carried.
American Airways, Inc.. a subsidiary, carried 27,h04 pounds of air express in May, a new high mark for one month. The total was 27.8%
above that of April. the former record month. when 19.234 pounds were
carried, and 101% more than the 13.732 pounds in May 1932.
For the first five months of this year the poundage. 92.853, was IA9.6%
larger than the 37,599 pounds in the corresoonding period in 1932.-V,
136. D• 4091.
-New Exchange Offer.
-AviationSecurities Corp.
See Atlas Corp. above.
-V. 136. p. 1553.
4272
Financial Chronicle
.... - Aviation Securities Corp. of New England.
",
-Admitted-'
•
The New York Curb Exchange has admitted to unlisted trading privileges
11Th new capital stock (par S1). issuable share for share in exchange for old
capital styc (no par), which has been removed from unlisted trading
privileges. V. 136, p. 2613.
abcock & Wilcox, Ltd.-ffemoved-from-List.-
The New York Curb Exchange has removed from unlisted trading
privileges the Guaranty Trust Co. of New York American depositary
receipts for ordinary registered shares (par £1)
.-V. 136. p. 3912.
Baldwin Locomotive Works.
--Bookings Gain.
Business booked by Baldwin Locomotive Works and affiliated companies
for May. as shown by a consolidated report, amounted to $732,000. compared with $538618 in April and $473,000 in May 1932. This is the
first time that consolidated orders have shown an increase over the corresponding month of the preceding year since November 1931.
Bookings for the first five months of 1933 amount to $2,771,000, against
*3.463.000 in corresponding period of 1932.
Shipments in May on consolidated basis amounted to $504.000. compared with *458,000 in April. and $1.283.000 in May 1932. For first five
months shipments amounted to $2,758,000. against $5,576,000 in corresponding period of 1932. (Philadelphia "Financial Journal")
-V.136, P•
3912.
'....."-gaxter Laundries, Inc.-Rem.oved from-List-be New York Curb Exchange has rea_os_red from unlisted trading
p leges the class A common stock (no par) V. 136, p. 2247.
(I.) Benesch & Sons Co., Inc.
-Removed from List.
The New York Curb Exchange has removed from unlisted trading
privileges the capital stock (no par).
-V. 130, p. 4245.
Bird & Son, Inc., East Walpole, Mass.
-Earnings.Calendar Years1932.
1931.
Loss after providing for possible losses on bad
accounts and reduction in value of portfolio____ $484,034 p1$416.095
Comparative Balance Sheet Dec. 31.
1932.
1932.
1931.
1931.
Assets5
$
Casb & market.sec 3,272,042 3,166,798 Accounts payable,
Notes & accts. rec_ 841,500 1,099,975
taxes. Arc
355,645
556,945
Inventories
1,482,882 1,701,105 Res. for replaceInvest,in affil. cos. 379,458
ments & conting 492,942
436,542
399,895
Real estate, mach.,
Common stock and
& equip.(less res) 5,905,136 6,391,293 surplus
12,498,752 13,232,286
Deferred charges
66.321
66,706
Good-will
1,400,000 1,400,000
Total
13,347,340 14,225.773
-V.136, P. 2248.
Total
13,347,340 14,225,773
(E. W.) Bliss Co.
,
-Earns.
(& Subs.). Brooklyn, N. Y.
Calendar Years1932.
z Total earnings
1068$166.485
Depreciation
445,030
Carrying charges on unused & idle property
690.250
Federal taxes
Other deductions
640.382
Minority interest
Cr.285
1931.
1930.
1929.
$454,773 $1,328.404 ;3,383.517
297,042
417,492
545,681
383.728
825.510
489.903
249.989
Boss Bolt & Nut Co
June 17 1933
-Chicago.-Merged.
See Lock Nut Corp. of America.
-V. 124. p. 3635.
-Earnings.
-Bourjois, Inc.(& Subs.).
1932.
1931.
Calendar YearsGross profit from operation
162,105,308 $2,482,481
Selling, shipping and general expenses 1,575,673
1,758.351
1930.
$2,591.913
1.785,660
Profit from operations
Income charges, net
$529.635
67,504
$724,130
21,434
$806,253
32,176
Net inc.before prov.for Fed.inc.tax
Provision for Federal income tax_ _ _ -
*462,131
64,055
*702,696
84,144
$774,077
87.395
*398.076
1.779,646
*618.552
1,506,135
*686,681
1,056,943
Net income for the year
Surplus at beginning of the year
Gross surplus
Preference dividends
Common dividends
Other charges, net
*2.177,723 $2,124,687 $1.743,623
133.709
147.804
121,640
98,056
196.112
98,056
1,124
17,792
$1,945,958 $1,779,646 $1,506.135
Surplus at end of year
Consolidated Balance Sheet Dec. 31.
1932.
1931.
Liabilities
1931.
1932.
Assets
Cash
$520,392 $292,683 Installment on 1st
mortgage
$20,000
$20,000
2,771
Notes receivable..
3,081
51,255
33,909
649,864 Accounts payable_
Accts. receivable_ _ 605,402
Dividends payable
526
689
U.S. Treasury bills
84,404
99,989 Fed. income tax._
64,055
and certificates_
44,722
177,824 Accrued accounts.
18,297
Finished goods_ _ - 253,774
339,403 First mtge,on land
Materials & inumrs 303,060
and building_ _ _
60,000
40,000
Value of ins, on life
739,170
40,703 y Preference stock 719,130
47,033
of officers
392,225
450,555 zCommon stock.. 392,225
x Plant property_ _ 420,776
95,762
102,580
9,501 Capital surplus...
9,701
Investments
Prof.& loss surplus 1,945,958 1,779,646
Good-will, trademarks, recipes &
formulae
1,105,833 1.105,833
Prepaid & deferred
79,078
87,397
charges
Total
53,356,450 $3,248,103
Total
$3,356,450 $3,248,103
z After depreciation of S119.813 in 1932 (1931, $88.472). y Represented
shares (no par) in 1932 (1931. 49278 shares of no par value).
by 47,942
z Represented by 392,225 shares (no par).-'!. 135, p. 1658.
-Final Instalment Due June 30.
Bovril, Ltd.
The final instalment of 5s. per share on the 150.000 shares of preference
stock, par El,which were offered to shareholders last December at 24s. 9d.,
will become due and payable on June 30. The balance of the price was
paid as follows: 2s. 6d. per snare upon application (Dec. 15 1932), 7s. 3d.
on allotment and 58. on Feb. 28 and April 29 1933.
,The stockholders late last year increased capitalization by the creation of
an issue of 250,000 additional shares of preference stock, increasing the
authorized amount of this issue to 1,200,000 shares, par £1.-V. 135
P. 822.
-New Financing ApBrewing Corp. of Canada, Ltd.
proved.The shareholders on March 15 last ratified proposals of the directors
to borrow money from others than bankers. See V. 136. p. 1379.
--Defers Dividend.
Net income
def31,941,863 def$225.998
$85,403 *2.097.944 "...Bridgeport Machine Co.
Previous surplus
11,453.945 16.137.693 18,086.866 16.466.653
The directors have voted to defer the quarterly dividend due July 1 on
Surplus account capital_
the 7% cum, pref. stock, par $100. Regular quarterly distributions of
625.430
625,430
627.550
Special res. for carrying
1%1% were made on this issue on Jan. 1 and April 1 last.
3.423.891
During 1932, the company only paid two quarterly dividends on the
charges
-V. 136.
pref, stock, the July 1 and Oct. 1 payments having been passed.
Total
$12,935.972 $16,537,124 $18,797,699 $19,192.147
p. 2428.
Adjust,ofinventory.&c.
993,752
1,024,304
Cr86,115
Write-off of good-will__ _ 2,389.710
-Removed from List:
'British Aluminum Co., Ltd.
e
Reduction in net values
The New York Curb Exchange has removed from unlisted trading
of bldg., mach'y, &c._ 3,659,548
privileges the Guaranty Trust Co. of New York American depositary
Deductions from surplus
receipts for ordinary registered shares (par £1).
(net)
4,612,156
853.773
Dividends paid (cash)..
366,262
540.992
562,722
British Columbia Pulp & Paper Co., Ltd.-Earnings.Dividends paid (stock)_
104,761
469,280
1931.
1930.
1929.
Calenciar Years1932.
Divs. paid to min.int. in
$363.446
$671,903
$599.776
Operating profits
loss$76,205
affiliated company._ _
1.125
310.123
316.585
Bond interest
321.740
303.389
Surplus, bal. Dec. 31- $5,039,186 $11,453,945 $16,763,122 $18,714,416
200,000
300,000
220,000
Depreciation
Nil
Nil
Nil
Earns. per share on com_
$5.88
x22.000
Investments writeoff
2.911
14,102
it After deducting all expenses incidental to operation, including ordinary
Income taxes
17,345
258
repairs and maintenance.
$41.216
$40,691
Net income
1064379,853 def$171.588
Condensed Consolidated Balance Sheet Dec. 31.
29.200
38,934
38,934
Preferred dividend
1932.
1931.
1931.
1932.
Liabilities$
$
Assets$
3
$2.282
$1,757
Surplus
def$379,853 def$200,788
Bank loans
1,158,500 1,735,000
Cash, notes and ac58,440
56.158
54,401
Previous surplus
def142.348
407,878
counts reedy_ _ _ 1,294,618 2,545,522 Accounts payable_ 280,365
Dividends decared
158,157
Due from salesmen
S58.440
P.and L. balance- ---def$522,201 def$142.348
$56,158
62,214 Reserve for contin& other empl__
x Provision to write down Dominion Government guaranteed bonds to
151,085
132,144
gencies & taxes_
Inventories
2,585,640 4,406,657
market value.
Investments
385,897 1,290,176 Accr. prop. taxes_ 165,224
Lawrence Killam, Pres., says in part:
1,146
.
54.593
224.804 Unclaimed diva_ _
Deferred charges._
Interest on the 6% first mortgage sinking fund gold bonds has been paid.
Spec. res. relating
x Land, buildings
The payment due to the trustee Nov. 1 1932, for sinking fund purposes,
5,067,506
to war facilities_
and equipment. 5,879,467 11,537,880
has been waived by instructions to that effect of 51% of the bondholders.
2,275
3,514
Minority interests_
Good-will & letters
At a formal meeting of the holders of the 7% general mortgage sinking
4,450,420 4,596,380
y1,047,987 3,487,271 Capital stock
patent
fund gold bonds, the trust deed relating thereto was amended to authorize
Surplus
5,039,186 11,453,945
the postponement of interest payable in the years 1932 and 1933, until
Nov. 1 1934-interest to accrue at 7% on payments so deferred-and
11,248,203 23,554,525
11,248.203 23,554,525
Total
Total
authorizing the cancellation of payments due to the sinking fund on these
x After depreciation of $9,346,427 in 1932 and $9.641,186 in 1931.
bonds from 1932 to 1934 inclusive.
y Patents and patent rights.
-V. 136. p. 3912.
Balance Sheet Dec. 31.
(
••••••••• Booth Fisheries Co. (Del.).-Reorganizati on Operative.
1931.
Liabilities1932.
1931.
1932.
Assets
$50,000
Millar Brainard, chairman of the reorganization committee, announces
3532,769 $710,055 Bank loan
Inventories
131,079
that the reorganization plan has been declared operative and will now be
129,718
217,437 Accounts payable. 212,723
Receivables
submitted to the Federal Court for approval.
1,600
224,375 Income tax reserve
Govt. guar. bonds 246.375
It is stated that assent has been received from approximately 94% of
50.073
33,210
Cash
82,918 Bond int. accrued_
49.535
the 1st mtge. bondholders and the banks have acted unanimously in
x Properties
7,114,638 7,093,093 1st mtge. bonds_ _. 3.321,000 3,321,000
granting their assent. Also, over 83% of the preferred stock has been
71,675 Gen, mtge. bonds_ 1,445,400 1,445,400
Investments
71,675
deposited under the plan and over 79% of the common stock. In de556,200
23,451 Preferred stock... 556,200
Deferred charges
32,612
claring the plan operative the committee is desirous of giving to security
Deficit
522,201
142,348 Common stock... 3,000,000 3,000,000
holders who have not heretofore deposited an opportunity of joining in
Contingency res._
10,000
10,000
deposits of let mtge. bonds and prethe plan and to that end states that
Deferred liability. 120,992
ferred and common shares will be accepted for a reasonable further period.
Total
( he reorganization plan was outlined in V. 136, P.2977)•
ES 699,525 58,565,352
Total
$8,699,525 $8,565,352
x After reserve for depreciation and depletion of $1,834,669 in 1932 and
New Corporation Organized-Takes Over Reorganized Busi$1.845,083 in 1931.-V. 136, P• 3912
.
ness.Chairman Millar Brainard of the reorganization committee announced
Brown Co., Portland, Me.-Earnings.growing out of the reorganised Booth FishJune 15 that the new company
-Inter-company items eliminated.]
ilneluding Brown Corp., Quebec.
eries Co. will be named the Booth Fisheries Corp. It has leased to the Pacific American Fisheries, Inc., with an option to purchase, its canneries
1932.
1931.
Years Ended Dec. 31throughout Alaska.
$2.031.869 $2,128,810
Loss before deprec. and depletion, int., &c
1,062.886
Booth Fisheries Corp. will, it is said, have boat lines, maintaining regular
1,399.575
Depreciation and depletion
1.184,530
schedules, on the Great Lakes and Canadian lakes and carrying not only
1,298.337
Interest on funded debt
163.323
248,261
the company's products but passengers and freight, it will also operate
Other interest and amortization
four modern cold storage warehouses at Chicago, St. Louis, Minneapolis
$4,442,608 $5,074,984
and St. Paul. Other cold storage warehouses, designed for the freezing
Total loss
4,920,692
and storing of fish and fish products, will be operated throughout the
Non-recurring profit on sale of capital assets
United States and Canada at most of the company's producing and selling
S154,292
$4,442,608
branches.
Loss for the year
Two months' proportion of div. on pref. stock paid
The present reorganization is drastic, whereby assets not useful in con100,000
tinuing the business have been sold or otherwise disposed of; overhead and
Feb. 1 1931
fixed charges materially reduced; unprofitable branches closed; the salmon
*254.292
$4,442,608
Loss fOr year
properties leased; and salaries and wages adjusted, and a bonus system
-V. 136. p. 3725.
installed.
Note.
-Discount on Canadian exchange was 16% on Nov. 30 1932.
the Brown Corp.
If applied to
current items
-Organized--Takes Over Reorgan- a book reservethe about $121,000in the balance sheet oflike amount taken
Booth Fisheries Corp.
would be set up and a
of
--See hitter co. above.
of Booth Fisheries Co.
from surplus.
ized Business
Consolidated Balance Sheet Nov. 30.
1932.
1932.
1931.
$
Assad49,498,791 49.897,839 Notes pay., current 2,150,000
Plants
Timberlands
15,795,431 15,859,488 Long-term obllg.
Secs. of attn. cos._ 2,808.258 2,808,257 due within 1 yr_ 280,900
552,521
Cash
735,530 Accounts payable
Accts. & notes rec. 1,580,712 2,149,433 and payroll_ _ _ _ 708,616
Inventories
5,331,386 10,453,171 Propertytaxpayable 584,921
Accr.int.,taxes, &o 461,082
Prepayments, pulp23,211
309,604
611,723 Continuing loanswood
32,934
Other securities...
83,770 Long-term oblig'ns 225,000
21,425,500
Bonds
Prepayments, in469,401 6% Pref stock__ _10,000,000
surance & taxes. 124,746
_10,000,000
1,361,895 Common stock. .10,000,000
Cash in escrow_
25,696,940
Suspense
71,603 2,777,495 Reserves
4,549,864
Surplus
Total
76,105,986 86,808,004
-v.134. 9. 1584.
Total
280,900
Canadian International Investment Trust, Ltd.
Feb. 28'33. Feb. 29 '32. Feb. 28'31. Feb. 28'30.
Years Ended3172.356 $238.124 $268,129 8202.451
Gross revenue
17.876
20,656
19.878
17.914
General expenses
56.917
104,000
105,218
94,673
Interest and bond clIsc't_
553,874
Net income
Preferred dividends
1931.
2,450,000
457,878
38,562
300,000
23,032,000
10,000.000
20,000.000
25,334,644
4,360,344
76,105,986 86,808,004
-Erie Co.
-Preferred Dividends.
Bucyrus
The directors on June 13 declared a dividend of 50 cents per share on the
7% cum. pref. stock, par $100, payable July 1 to holders of record June 23.
A similar distribution was made on April I. last, while on Jan. 3 1933 a
payment of $1 per share was made. Previously, the company paid regular
quarterly dividends of 21.75 per share on this itame.-V. 136. p. 3726.
Bulova Watch Co.
-Balance Sheet March 31.1932.
1933.
LiabilitiesAssets1933.
1932.
z $3.50 cony. pref.
:Land,machinery,
$2,750,000 $2,750,000
equipment, &c_ 3334,707 $414,972 stock
900.000
900,000
1,203,744
Cash
609,630 y Common stock
726,517
Accounts payable. 148,095
U.S.Govt. bonds_ 152,281
Notes & accts. rec. 1,879,429 3,485,424 Due officers, sales41,457
19,953
men, &c
Inventories
1,033,659 1,777,750
14,122
11,782
Investment
4,828
4,825 Accrued liabilities_
Real estate mortNotes receivable
44,505
42,317
68,703 gages payable._
(not current)...
44,728
878.711 1,967,643
Surplus
Cash val. officers'
55,514
63,850
life Insurance- _ _
9,594
Funds in closed bk.
Unamort.Impts. to
15,388
18,891
leasehold Prop
8,538
8,820
Prepaid Items....
$44,750,830 $6,444,246
y Represented by 275,000 no par shams. z Represented by 50.000 no par shares.
Our usual comparative income statement for the year ended March 31
1933 was published in V. 136, 9. 4092.
Total
$4,750,830 $6,444,246
Total
x After depreciation of $487,735 in 1933 and $383,544 in 1932.
from
unte Brothers.c
The New York Curb Exchange IT removed from unlisted trading
eges the common stock (par $10). V. 136. p. 2979.
Tvil
-Further Reduction in Dividend.
N.) Burt Co., Ltd.
The directors have declared a quarterly dividend of 25 cents per share
common stock, par $25. payable July 1 to holders of record June 19.
on the
This compares with 50 cents per share paid on April 1 last and with 60
-V.136. 1). 1204•
cents per share in each of the three preceding quarters.
),Cady Lumber Corp.-RcrnatfediranrbiSt:="
he New York Curb Exchange has removed from unlisted trading
p ilys the common stock (no par) and the 7% cony. pref. stock (par
$100). V. 126. 9. 2317.
'Canada Bread Co.-ReMSVEd frOM tig?"•he New York Curb Exchange has reTved from unlisted trading
eges the 7% preferred stock (par $100). V. 136. p. 1890.
prtil
(& Subs.).
-Earns.
Canadian International Paper Co.
1931.
1930.
1932.
Calendar Years230,227.722 $25,493,739 $32.199,751
Gross sales
286,554
Profit on bonds & debs. redeemed
789.799
Profit on exchange_
$30,514,276 $26,283.538 232.199,754
Total income
26,864,478 21,752,668 26,587.672
Cost of sales & expenses (net)
1.561,239
Int. on 1st mtge. bonds & prior liens_ 1,495,932 1,531,499
2,061,565
950.493 1.061.672
Other interest
2,232,239
Interest on obligations ofsubs
._
525.228
Depletion
1.116.560 1,527.876
1.854.291
Depreciation
175.066
176,418
123,769
Amort. of disc. & exp. on funded debt
Cr522,219
Non-recurring items
Balance added to surplus__ _...._ _less.$4.694,522
5.341,504
Surlpus-Jan. 1
Total surplus
Dividends
4273
Financial Chronicle
Volume 136
3755,900 21.859,745
5.785.603 4,225,858
$646,982 $6.541.504 $6,085,603
300.000
600,000 1,200,000
-
$59.769
$112,250
x68,992
$127,659
100,000
$144,251
98.277
$45,974
$27,659
$43,258
Surplus (sub. to inc. tax) 259,769
x Nine months' dividends only, the payment of pref. cliv. (No. 12), due
March 1 1932 (requiring $22,688). having been deferred.
-Only income received from cash dividends and actual interest
Note.
earned has been considered as revenue.
Comparative Balance Sheet.
Feb. 28'33. Feb.29'32.
Feb. 28'33. Feb. 29'32. LiabilitiesAssets375
375
Accounts payable_
Cash at banks and
82,372 Reserve for income
44,195
loans on call....
6,000
tax
378
Accta. receivable._
42,187
38,042
Bond int. accrued.
Apr.int. on bonds
26,899 5% 1st coll. trust
19,784
held
bonds, series A. 1,826,000 2,025,000
Invest., at cost a3,786,033 3,889,881
113,541 5% preferred stock 1,815,000 1,815,000
Deferred charges._ 109,128
120,012
b Common stock__ 120,012
104,119
Profit & loss surp_ 160.059
33,959.487 84,112,694
$3,959,487 34,112.694 Total
Total
a Market value at Feb. 28 1933, $2,286,900. b Represented by 120,012
-V. 135, p. 470.
no par shares.
Canadian National (West Indies) Steamships, Ltd.
Removed from List.
The New York Curb Exchange has removed from the list the 25-year
bonds, due March 1 1955.-V. 131, p. 119.
-Earnings.
Canadian Oil Companies, Ltd.(& Subs.).
Earnings for Year Ended Dec. 31 1932.
2359.389
Operating profit for year
218.579
Depreciation on bldge., sub-stations, plant, mach. & equip
5% guaranteed gold
$140,810
1,081.039
Net profit
Previous surplus
81.221.849
160.000
Total surplus
Preferred dividends
Common dividends
143.754
3918.085
Surplus Dec.31
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
8
Liabilities$
Assets
156,746 Bank advances...
100,893
Cash
398,476
1,177,035 Payables
1,018,558
Receivables
152 Depreo. reserves 3,739,665
105
Freight claims.....
1,851,057 1,894,196 Bad debt reserves_ 100,000
Inventory
918,085
35,326 Surplus
24,704
Deferred
957,581 Preferred stock_ _ _ 2,000,000
958,893
Real estate
6,378,227 6,336,958 a Common stock__ 3,176,212
Plant & equipml.
10,332,438
10,332.438 10,557,995 Total
Total
-V. 136. p. 663.
a Represented by 143,764 no par shares.
1931.
$
100.000
465,387
3,635,357
100,000
1,081,039
2,000.000
3,176,212
10,557,995
-Earns.
Canadian Power & Paper Investments, Ltd.
1929.
1930.
1931.
1932.
Calendar Years2275,206
$329,607
2336.942
$209,549
Revenue
241,012
def5.668
def2.823
x Prof.realized from inv. def298,395
2334,119
126,562
620
122.917
'8323.939
45,446
1,517
125,000
8516,218
30.372
1.032
125,000
def$339.187
$84,021
104,167
2151,976
125,000
2359.813
109,181
def$339.187
Surplus for year
Profitfrom purch.& cancellation of debentures
Add-Previous balance- y559.370
x Burp, carried forw'd 2220,183
def$20,146
226.975
3250.632
y520,391
y268,525
Gross revenue
Expenses
Taxes
Interest on debentures
Exchange on deb. int
Interest on loans
def$88,846
7.928
Net income
Preferred dividends-
120,000
18.885
103.527
Cr34,090
y545,507
2519.157
Earns. per sh. on 100,000
$2.51
$0.27
Nil
Nil
ohs. of corn. stk. outfit.
x Less appropriation to Investment reserve. y Adjusted.
Balance Sheet Dec. 31
1931.
1932.
LiabUitIts1931.
1932.
Assets$1,193,790 $1,812,283
$6,621 Call loans
$9,013
Cash
Acc'ts pay. & seer.
33,070
Acceta receivable_
2,257
8,788
Invest. securities_x7,241,704 8,203,269 liabilities
50,000
50,000
Accr. int. on debs_
Accrued revenues
133,318 5% dabs., series A 2,400,000 2,400,000
38,255
thereon
2,500.000 2,500.000
783 Preferred stock
898
Prepaid chargesy950,000 y950,000
Common stock
559,451
220,184
Surplus
$559,451
8547.367
$46,982 $5,341,504 $5.785,603
Surplus Dec. 31.
-The above statement for 1931 and 1930 is exclusive of New
Note.
Brunswick International Paper Co. and International Power & Paper Co.
of Newfoundland, Ltd., which were acquired as of Dec. 311931.
Consolidated General Balance Sheet Dec. 31.
a1931.
Assets1932.
37,322,740 38,273.991
Total
$7,322,740 $8,273,991
Total
2143,686,874 2144,408,244
b Plants, properties & &c
x The aggregate value of these investments based on available market
2,535,516
1.481,947
Securities & investments (book value)
estimated fair values at Dec. 31 1932 was 22.875,040.
quotations or
399,233
684,469
Cash
-V. 134, P. 2153.
Represented by 100.000 shares of no par value.
Accounts receivable:
1,662,976
1,927.805
From Inter. Paper Co.for sales of newsprint_ ..
-Earnings.
Caterpillar Tractor Co.
1,974,6621,985,046
From others
For income statement for month and 5 months ended May 31 see "Earn17,964,450 23,806,950
Inventories
-V.136. p. 3541.
ings Department" on a preceding page.
14.055
15.933
Due from affiliated companies
50.000
50,000 . --- Central Aguirre Associates.
Deposit with provincial government
-To Increase Capital.
1. "
18,587
3,736
Deposit with trustee
The stockholders will vote June 26 on increasing the authorized capital
1.303,187
1,958,968
Def. assets, prep. & def. exp. appl. to fut. oper--V.136, p.4093.
stock, no par value,to 820,000 shares from 720.000 shares.
6,028.700
exp. on securities issued
6.178,423
Disc. &
-To Operate at 100% of
Century Ribbon Mills, Inc.
8175.638,239 2182,501,520
Total
Liabilities
Capacity-Earnings Improve.
93,563,858 97.049.955
Funded debt
Treasurer Irving Levy says: "All our plants will operate at 100%
3,494,000
5.110.625
Bank loans secured
of capacity as soon as they can be placed in operation. We are placing
1.361,210
2,162,773
Accounts payable
in operation a plant at Hanover, Pa., which has been idle for many years.
567,410
444,763
Accrued interest
"For the first five months of 1933 we will show a profit although we
2.941,169
456.373
Due to International Paper Co
reported a loss for the first quarter of 262.000. The second quarter should
733,823
9,500
to affiliated companies
Due
show profit of more than $100,000 to bring the six months earnings to
Depreciation reserve
13,302,543
11,721,566
between $40,000 and $50,000. These results are without including any5.026,637
5,446,140
Profit on sale of properties, &c
thing for appreciation in the value of our stocks of raw silk and manu305,831
496,322
Reserve for contingencies
factured merchandise."
332,455
299.680
Other reserves
Our bank loans are now at the lowest point in our history. On June 2
Preferred stock Int. Pow. & Paper Co. of Newwe owed the banks $75,000 and held approximately $250,000 in cash. Our
10,122,320
foundland. Ltd. (2,080,000 abs. par value £1) 10,122,320
Inventories of finished goods are at the lowest point in our history.
10,000,000
19,000,000
Capital stock
In May and June both our ribbon sales and our factoring business were
33.840.000 33,840,000
Paid-in surplus
ahead of last year. We attribute the large increase in business to the de4.6,981
5,341,504
Earned surplus
pleted stocks of our customers and to general improvement In the business.
8175.638.239 $182,501,520 -V. 136. p. 3541.
Total
Chain Store Stocks, Inc.
-New Exchange Offer.
a Effect being given to:(1) Acquisition of New Brunswick International
Paper Co. of Newfoundland, Ltd.,
See Atlas Corp. above.
-V. 136. p. 497.
Paper Co. and International Power &
accordance with agreement of April 21 1932. (2) Issue by New Brunswick
in
-Retail Sales During May Large.
Chevrolet Motor Co.
International Paper Co. of $12,500,000 1st mortgage 6% gold bonds,
Chevrolet dealers reported the sale at retail of 65,761 new cars and trucks
due 1961, actually issued on Jan. 7 1932. b After property reserves of
In May, the largest single month's retail deliveries since June 1931, said
in
$23,803,017 in 10.12 and 224,679.011 all 1931
W. S. Knudsen, President and General Manager.
figures have been stated at parity
Note.-ln the above balance sheet,
In May 1932 the figure was 48,210 units, and in April this year, 53,936
of exchange without adjustment of differences between Canadian and
units.
currencies.
135, v. 471.
-V.
other
4274
Financial Chronicle
Retail sales for the five months ended May 31 1933 totaled 226,388
new cars and trucks, as compared with 209,792 in the corresponding period
of 1932.-V. 136, p. 4093.
Chicago Mill & Lumber Co.
-Reorganization Plan.
-
June 17 1933
Net profit for the six months ended June 30, according to official opinion,
will be in excess of common stock dividend requirements for the period at
the annual rate of $1. On this basis net profit should exceed $145.473,
compared with $246,764 for the six months ended June 30 1932.
Consolidated Earnings for Calendar Years.
1931.
1932.
1930.
1929.
Gross prof. on rentals,
sales & royalties rec'd
from sublicensees, &c.. $1,516,306 $1.832,305 $1,860,326 $1,399,173
Selling, admin.& general
expenses
971,832
816,616
882.920
615,489
Other deductions (net)
113,596
216,937
90,419
118,575
Prov. for Fed. inc. tax
81,982
82,095
115.412
84,646
Irvin L. Porter. Chairman of the bondholders' committee,recently announced that the reorganization plan of the committee had been assented
to by over 94% of the bondholders, and that the plan has been declared
operative.
The committee consists of I. L. Porter. Chairman: F. B. Hitchcock,
Ray L. Junod, Philip W. Moore, Austin Jenner, Secretary, 33 So. Clark
St., Chicago. The depositary is First Union Trust & Savings Bank,
Chicago. Winston, Strewn & Shaw, Chicago, are counsel.
A brief synopsis of the plan follows:
The immediate goal which the plan, endeavors to attain is to keep alive
this old established and valuable business, in the belief that with a revival
Net profit from oper
$400,659
$664,894
$743.418
$608,619
of trade and industry in this country this particular business will return
Profit from sale of capital
once more to the position that it has heretofore occupied for so many years.
stk. oflicensee co.,less
To carry out such a plan, the company's properties will be divided into two
Fed. inc. tax thereon_
110,221
classes. Into one class will fall the properties which may be operated even
in these times with a minimum of cost to the bondholders but with a good
Net profit
$664,894
$743,418
$400,659
$718.840
possibiiity of some profit under present volume of business. The balance
Shs. corn. stk. outstandof the properties will be placed with the trustee under the indenture covering
ing (no par)
265,595,
262.550
264,234
205,580
the first mortgage bonds for operation or disposal as opportunity may ofer
Earnings per share
$1.42
$2.40
$2.72
$3.38
and good judgment may deem best. The heavy bank debt of the company
Note.
-Data for the year ended Dec. 31 1929 do not include operations
has been greatly scaled down. Should the operations prove profitable,
of Electrical Products Corp. of Oregon or Electro Therepy Products Corp.,
all of the profits after the service upon the remainder of the bank debt accrue
Ltd., which were acquired during 1930 and are included in the figures for
to the bondholders and to a limited degree to the management. For the
that year.
next five years opportunity is given to the present owners of the equity
Consolidated Balance Sheet Dec. 31.
In Chicago Mill Rz Lumber Corp. to purchase the bondholders' interest in
this business at a price that will return to the bondholders all of their
Assets1932,
1931.
Liabilities1932.
1931.
original investment in the bonds plus interest accruals to the date of such
Cash, accts. rec. it
Accts. pays., diva.
purchase.
Inventory
$1,430,988 $1,102,518 & Fed. Inc. tax.. $232,120 $324,980
In general, the plan provides for toe acquisition by the trustee for the
Sundry accounts,
Mtge. obligations_
85,000
85,000
bondholders of all of the company's properties now under the mortgage
inv., erc
403,347
544,228 Res.for maint. and
securing the bonds and the formation of two new companies. One of the
Investm't in rental
losses on Neon
companies (referred to as the "timber company") will take title to the
equipment
signs, gen. con1,173,181 1,480,217
fixed assets to be used in future operations and may also take title if it so
Land, buildings &
tingencles, &c.._ 240,871
307,015
desires, to the remaining fixed assets watch are to be liquidated. Two
equipment
578,744 Deferred income_
546,224
104,662
148,675
classes of stock will be authorized. All of the class A btock of the Timoer
Patent rights and
Def.gross prof.,est. 1,823,144 2,774.414
company will be delivered to the trustee for the present first mortgage
good-will
47,371
62,475 Res. for maint.,
bondholders at the rate of 10 shares for each 31,000 bond outstanding.
Neon Sign rental
commis.& losses 933,354
978,296
Class A stock will have priority in liquidation over class B atom as to
contr. (contra)_ 2,756,499 3,752,710 Minority interest_
971
816
assets up to $109 per share, and as to dividends up to $6 per share. PurDeferred charges
141,576
164,488 Preferred stock_ __ 353,700
366,800
chase warrants will be issued to Chicago Mill & Lumber Corp. evidencing
x Corn. stk. & surp 2,725,517 2,699,230
the right to purchase all of the class B stock of the Timber company during
a period of five years from May 1 1933 at a price sufficient to provide funds
Total
Total
$6,499,186 $7,685,381
$88,499,185 $7,685,381
for the retirement of all of the class A stock and payment to the present
x Represented by 262,550 no par shares in 1932 and 265,595 in 1931.
first mortgage bondholders of an amount equal to the par value of their
-V. 136, p. 1891.
interest thereon at 6% per annum.
present bonds, plus
An operating company will be organized to continue the manufacturing
business of the present company and 87%% of the stock of the operat.ng
Cleveland Terminals Buildings Co.-Bal. Sheet Dec. 31.
company will be owned by the Timber company, which in turn will be
1931.
1932.
1931.
1932.
100% owned by the present bondholders. In order that there may be an
Assets
Liabilities
incentive to the management to put forth its bets efforts for the success of
Land at cost_ _ _ 1,900,597 1,900,597 Capital stock.
$10,000
10,000
the company, the board of directors of the Timber company will be emBuilding sites__ 16,475,000 16,475.000 1st mtge, gold
powered to set aside from the Timber company's holdings, not to exceed
bonds
Leasehold int_ _
610,000
610,000
10,500,000 10,500,000
173 % of the stock of the Operating company for the management. At
1st mtge. leaseBuildings after
the end of each of the first 10 fiscal years, or until all of such 175i% of
hold sink. Id,
depreciation__ 35,985,973 36,329,790
Operating company stock has been delivered, the board of directors of the
Construction in
6% bonds_ _ 6,044,600 6,059,600
Timber company may deliver to the management, an amount of such
progress
80,174 1st mtge. 5)4%
73,455
stock equal, at its book value, to not to exceed 17%% of the net earnings
Bldg. eq ulpm't,
serial gold bds 8,000,000 7,700,000
of the Operating company for that year.
turn. &c.After
2d mtge. 6% g.
The bank creditors, to whom there is now owing $2,160,000, and interest
bonds
depreciation
206,617
518,896
270,000
270,000
partially secured by pledge of current assets, will receive $432,000 in cash,
y Listed stics. at
Note pay. (sec.) 23,350,000 23,350,000
$400,000 of secured notes of the Operating company, and $100,000 of pref.
Cost
33,876,079 36,071,627 Other notes pay.
186,934
stock of the Operating company, which pref. stock is to be convertiole at
z Common stock 7,500,000 7,500,000 Mat'd bond int_
716,030
any time within five years into 10% of the common stock of the Operating
Notes rec.for adv
248,581
250,000
250,000 Accts. payable_
171,858
company.
Notes receiv. for
Matured interest
The $1,400.000 Chicago Mill & Lumber Corp. debentures now outstandrentals
on notes pay- 2,166,495
443,800
705,000
ing and two notes of the corporation for the sums of $121,490 and $247,490
Open account...178,800 Agree to purch.
respectively, will be canceled.
Cash
land fee
291,092
187,601
300,000
Tne pledgee of $700,000 of the above debentures and the $121,490 note
Special dep. for
Options to purch
will receive $10,000 in cash and $40,000 in pref. stock cony. into 23%
int., taxes., 4rc
land fee
112,423
174,091
70,000
70,000
of the common stock of the operating company.
Special deposit
Accrued Habil_
1,697,304 1,237,011
Underwriters of the first mortgage bond issue loaned the Chicago Mill &
pledged as coil
Due Van SwerinLumber Corp. 3150,000 under an agreement dated Nov. 17 1931 taking as
to note pay_ _ 1,124,350
gen Corp. for
security therefor the pledge of certain current assets. Holders of this
Other spec. depadvances_ _
321,458
27,131,765 27,133,524
obligation will receive secured notes of the operating company for $150,000.
Rentals, &c.,rec.
103,256
247,532 Capital surplus_ 20,194,198 24,818,039
Stated briefly, the plan provides that the bondholders acquire all of the
Demand notes
securing their bonds and,in addition, a controlling interest
fixed assets now
(unsecured)_ _ 1,112,000 1,112,000
in an operating company with a net worth of approximately $1.000,000
Real estate mortPro Forma Balance Sheet-Feb.28 1933(Operating Company).
gage account_
130,000
135,000
Lia/diftfesAssets
Accrued interest)
338
9, {
423
$8,047
$177,626 Accrued wages
Cash
Accr. dividends_
8,153
44,737
61,760 Accounts payable
Marketable securities at cost_
Misc. accounts_
7.978
6,943
Accrued taxes
37,594
287,355
Accounts dr notes receivable
Accts, rec. for
742,114 Notes payable (quarterly beInventories
construct. wk.
106,815
550,000
89,250 ginning Aug. 1 1934)
Sundry investments
117,457
Inventories ____
71,668
7,820
267,121 Def'd liab.-accr. taxes 1933_
Other assets
Prepaid expenses
140,000
26,606 Preferred stock (1,400 shs.)
Deferred charges
& def. charges
118,657
176,296
75,000 Common stock (8,750 shs.)._ _ 938,633
Mach'y, logging & yard equip_
Total
100,509,184 102,401,755
Total
100,509,184 102,401,755
$1,726,834
$1,726,834
Total
Total
x Represented by 100 no par shares. y Quoted value Dec. 3 1932,
-V. 131, p. 3535.
$2.633,671 (Dec. 31 1931, 53,703,922). z 100% of company separately
operated at cost.
;0 .
'",Chicago Stadium Corp.
Our usual comparative income statement for the year ended .Dec. 31
ved from the list 31.750,000 1st
The Chicago Stock Exchange has re
1931 was published in V. 136, p. 4093.
rtgage 6% sinking fund gold bonds. V. 136, p. 664.
Chrysler Corp.
-Sales High .-
Sales to distributors and dealers of Chrysler motors during the first five
months of this year increased 27% over the same period of last year, according to figures just compiled by the corporation. The total number of
passenger and commercial cars sold was 151,220 this year as against 119,105
last year.
During the week ended May 27 retail sales by Chrysler motors reached
the highest weekly total since July 1929. The number of units delivered
to the public was only 2% below the number of units delivered in the same
period of 1929. As of June 1 field stocks of Chrysler-built cars were only
half of what they were in May 1929. It is estimated that since sales are
nearly equal to the May 1929 rate dealers are getting twice the turnover
of four years ago.
Estimates made by the statistical department of the corporation show
that retail deliveries of the three largest selling cars in the lowest price field
amount to more than two-thirds of the total of all the automobiles delivered.
In this price market Plymouth sales to distributors and dealers for the first
five months were 55% greater than in the same period of last year.
Shipments of Dodge passenger cars in five months of 1933 totaled 27.362
cars or more than Dodge passenger car shipments for 12 months of 1932,
said Van Der Zee, General Sales Manager of Dodge Brothers Corp.
Deliveries of Plymouth cars to consumers in the week ended June 3
were 6.269, an increase of 3% over the previous week and of 80% over
the corresponding week a year ago.
Expansion plans for the De Soto Motor Corp. and the Plymouth Motor
Corp. were announced on June 10 by Byron C. Foy, President of the
De Soto company. To provide larger manufacturing facilities, said to
be necessitated by increased sales, operations of De Soto have been removed
from a plant that it shared with Plymouth to larger quarters in another
Chrysler Corp. factory.
B. E. Hutchinson. Chairman of Plymouth Motor Corp. announced
-acre factory in Detroit will permit an
that work completed at the 40
-acre tract,
output of 40.000 cars a month. On a part of the Chrysler 60
-V.136, p. 4093.
new facilities will be built for the "drive-away" of cars.
-Dividend Again Reduced.
City Investing Co.
Toe directors on Ju.e 15 declared a dividena of 1% on the common stock,
par $100, payable July 1 to holders of record June 26. This compares with
paid on this issue on Jan. 16 last, and with 2%% on Jan.4 and July 11
1% %
1932.-V. 135. p. 4563.
Claude Neon Electrical' Products Corp., Ltd.
Tenders-Annual Report.
The corporation is asking for offers of 7% cumul. pref. stock, par $20,
for retirement. As of Dec. 31 there was $353,700 par of this issue outstanding.
-Litigation Settlement.
Commander-Larrabee Corp.
-V. 136, p. 3169.
See General Mills, Inc. below.
Commercial Credit Co., Baltimore.
-Earnings Increase.
Consolidated net income for May covered full dividend requirements on
all issues of preferred stocks and on the class A. convertible stock, with
$90.186 left for the 1,000.000 shares of common stock outstanding. This
compares with net for the common stock of $17,302 in April and $77,737
In May 1932.
Consolidated gross purchases of the company for May were the largest
since June 1932, and were 40% ahead of April and 16% ahead of May 1932.
Operating expenses other than interest were $17,503, or 5.13% less in
May than in April, and 5131,503 or 28.91% less than for May 1932.
Collections, past dues and repossessions have shown decided improvement
during May over April, and also over May 1932.-V. 136. p. 3913.
-Resumes
Connecticut General Life Insurance Co.
Dividend.A quarterly dividend of 20 cents per share has been declared on the
capital stock, par $10, payable July 1 to holders of record June 15. A
similar distribution was made on Jan. 3 last, as against 30 cents per share
previously each quarter.
Three months ago the dividend was omitted because of the ruling of
insurance commissioners during the moratorium period.
-V. 136, P. 2249.
Commonwealth Securities, Inc.
-Earnings.
Calendar YearsInc. from dive. & int_ __
Interest
General expenses
Provision for taxes other
than Federal
1932.
$98,407
148,488
46,367
1931,
$361,540
111,860
97.743
1929.
1930.
$945,543 $1,489,051
264,035
153,395
103,204
109,508
28,438
46,000
Profit before security
$151,938
transactions
$054,201 $1,055,813
108498.447
Comparison of indicated market values and book values of the corporation's investments at the beginning and end of the year ended Dec. 31
1932, is set forth below:
$21,469,255
Market depreciation Dec. 31 1931
7,624,070
Net loss on securities sold
14.871,958
Market depreciation Dec. 31 1932
Total shrinkage during Period
$026,774
Financial Chronicle
Volume 136
4275
Profit and Loss Dec. 31 1932.
Other
Loss on
- Dividends
Income
Security
Deficit.
Paid.
Net.
Transactions.
$820,965 $1.329,753 $9.182,596
Balance Dec. 31 1931--- $8,673.807
Transact, for year ended
Dec. 311932:
Restoration of portion
of res. for invest. &
Cr6.797,297
purchase of note_ _ _Cr6,797,297
7.624.070
Loss on security trans. 7.624,070
Net loss exclusive of
security transactions
96.447
96.447
as shown above_
United Corporations, Ltd. Holders of the said bonds have been requested
to surrender without delay their bonds, accompanied by subscription
warrants and free stock warrants appertaining thereto, and in the case of
coupon bonds, together with coupons for interest payable on and after
Feb. 15 1933, to Montreal Trust Co. at 511 Place d'Armes, Montreal,
Canada. for cancellation in accordance with the provisions of the resolution.
Upon such surrender holders of the said bonds of the company will, in
addition, be entitled to receive a cheque payable in Canadian funds repre-year 5% cumul. income
senting 1% of the principal amount of the 20
bonds of United Corporations, Ltd. to which such holders are respectively
entitled.
-V. 136, p. 3913.
$724,518 $1,329.753 $10,105,816
Balance Dec.31 1932- $9,500,581
Reserve for Investments.
Provided as of Dec. 31 1931:
$20.633,019
For investments
836.236
For purchase of note-Goodyear Shares, Inc
The New York Stock Exchange on June 14 suspended the stock from
trading until further notice. Richard Whitney. President of the New
York Stock Exchange, issued the folowing statement:
"The stock of Continental Motors was suspended from dealing on the
Exchange this morning pending investigation of the circumstances surrounding the recent distribution of treasury stock of the company."
W. R. Angell, President issued the following statement:
"At a hearing of the listing committee of the New York Stock Exchange
Tuesday afternoon, in connection with an application to list additional
shares of the company's authorized but unissued stock, the committee concluded, on such information as was then before it, to suspend dealings in
the company's stock pending further investigation.
"Request of the committee for further information will be complied with
and at an early date the officers of the company will be given a further hear-V. 136. p. 4093.
ing for which they have asked."
$21,469,255
Less: Portion restored to profit & loss acct. as shown above-- 6,797.297
$14,671,958
Reserve as shown by balance sheet
Balance Sheet Dec. 31.
1931.
1932.
LiabilUie.s1932.
1931.
Assets$132,191 $365,264 Notes payable to
Cash
banks (secured).$2,337,328 $1,605,000
542,141
Notes de accts. rec. 578,816
6,000
10,303
Investments
a2,727,517 3,522,309 Accounts payable_
540,286 1,343,374
Reserves
Prepaid interest on
5,235 Uncalled synd.com 1,268,374 1,296,869
368
bank loans
Accr. int. and cor2,049
24,164
porate taxes_ _ _ _
6% pref.stock _ _ 9,045,400 9,045,400
Paid-in capital__ _ b318,853 b318,853
Deficit
10,105,816 9,182,596
-Dealings in Shares SusContinental Motors Corp.
pended.-
From the New York "Sun",June 16, we take the following:
Continental Motors Corp. disposed of more than 300.000 shares of additional stock in the seven or eight weeks before the Stock Exchange suspended trading in the shares.
The decision to halt trading resulted from the failure of the company's
president to answer questions on a number of statements included in the
prospectus, according to a representative of John J. Bergen, 40 Wall St.,
who was promoting the distribution on a national basis.
Company officials expect to receive another hearing by the committee
Total
$3,438,892 $4,434,949
Total
$3,438,892 $4,434,949
on stock list on Monday.
a After deducting reserves of $14,671,958 (1932 $20.633.020). b RepreUntil April 27 this year the Stock Exchange quotation sheets showed
sented by 318,853 (no par) shares.
2.112.143 share of Continental Motors listed. On that date the number
-As of March 15 1932, Commonwealth Securities, Inc., surNote A.
increased to 2,113,143 shares and as the stock selling campaign proceeded
rendered its 20% interest in the capital stock of Goodyear Shares, Inc., and
the number of outstanding shares rose from week to week as shown in the
received 20% of the net assets of Goodyear Shares, Inc. In connection
following table:
with that transaction the corporation issued notes payable in the amount
2.303,546
2,113,143 May 25
April 26
of $1,950,000 which have since been reduced to $1,422,000.
2.324,677
2,113,143 June 1
April 27
Note B.
-Provision has been made in this balance sheet for the full com2,336,422
2,122,000 June 8
May 4
mitments on syndicate participations and the market values used in respect
2,415.963
2 227.081 June 13
May 11
thereof in the schedule of investments represent the estimated values of
2,286,906
May 18
this corporation's participations after its commitments are fully paid.
The 303,820 additional shares were listed under the authority granted to
As of the date of this balance sheet the corporation had deposited securities
the company the last time it applied for listing, in Nov. 1922. At that time
having an indicated market value of $104,250 with certain of the syndicate
it listed 300,000 shares of no par stock issued and outstanding and was
managers as additional collateral.
authorized to add 1,460,845 on notice of issuance in exchange for outstanding $10 par stock and 737.155 additional shares on notice of issuance and
Removed from List.
payment in full, with a statement of the property acquired or disposition
The New York Curb Exchange has removed from unlisted trading
of the proceeds. Complying with this requirement, it advised the exchange
134, . 1586.
-V.
value.
privileges the conunon stock, no
that the stock was sold to provide additional working capital.
Beyond this record of the rise in the amount listed on the exchange
Consolidated Gold Fields of South Africa, Ltd.
there was no indication that the company was marketing new stock. The
Removed from List.-jiall 64p1111
circular put out by the broker offered the stock "as a speculation," with
the price "at the market.' The amount outstanding was shown at
The New York Curb Exchange has removed from unlisted trading
2,113,000 shares, with a footnote to the effect that "the corporation plans
privileges the Guaranty Trust Co. of New York American depositary
to sell its authorized but unissued stock from time to time as may be adreceipts for ordinary registered shares (par £1)
visable for the development of its business.
continue the sale of stock was indicated
the corporation
Consolidated Ice Co. of Pittsburgh.-Ittn44tam-.. byThat application filedplanned to Stock Exchange in the middle of May
Ice
with the
the
•
500,000 additional shares, which would have made a total of
for listing
3,000,000 shares, the authorized amount of capital. It was at a hearing
The New York Curb Exchange has removed from unlisted tr ip
on this application that the exchange challenged a number of statements
vileges the common stock (par $50) and 6% pref. stock (par $50). V.
in the circular, according to an associate of Mr. Bergen.
135, p. 3696.
He said that the committee asked Mr. Angell to justify the statement
that Continental has been a "vital" part of the automobile business for
'
-a
e irial.-- or uners Co.(& Subs.).
-Earnings.
more than 30 years. Referring to a statement that "Continental furnishes
Calendar Years1929.
1931.
1930.
1932.
engines to 53% of all the companies building trucks," it demanded figures
Total sales
$12,392,740 $16,188,339 $22,345,108 $23.146.617
on the number of engines sold and the names of the customers. It asked
2,363,931
3,153.102 x3,732,812
Oper. and other Inc_ _ _ _ 1,683,111
similar information on the claim that "Continental has provided engines
Admin.& gen. expenses_ 1,143,409
1,556,833
1,624,262
1,484,113
to almost 300 different manufacturers of industrial machinery and to
Deprec. & depletion- _ _
709,463
730,210
687,993
719.710
many makers of buses and boats."
Bad accts. written off_ _
221,847
The circular made no reference to 1933 earnings, but estimated a profit
Interest and discount,,,,,,
521,481
690,080
602,808
561.753
of $2,000,000 for 1934.
Federal taxes
92.000
13,026
Net profit
Prior pref. dividends_
Preferred dividends_
loss$931,892 loss$442.700
210,000
Deficit
Previous surplus
Income tax refund
Adj. of res. for conting_ _
Apprec. of capital assets
Adj. acct, red, of bonds_
Total surplus
Misc. charges
$931,892
1.155.324
$652,700
1.900,683
122,579
246,699
274.982
74.786
$592.712 $1,597.751
442,427
452,467
$95.524
420,000
157.500
$853,034
330,000
315,000
$481,976 sur$208.034,
2,419,851
2,403.211
30,882
47,840
14.525
187.378
2.298
$1,988,014 $2,844,030
424,179
87.331
$140,245 $1.155,325 $1,900,683 $2,419,851
Surplus Dec.31
Nil
Nil
$0.69
Earns, per sh. on corn_ Nil
a Including net profit from sale or disposal of capital assets.
Comparative Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Liabilities
Assets$
$
I.d., bldgs., eqpt.$19,529,951 20355,398 6% prior pref. stk. 7,000,000 7,000,000
37,423 7% cum. pref _ _ _ 4,500,000 4,500,000
12,500
Real est. contracts
Common stock. _ _ 5,897,885 5,897,885
Due from subscr.to
3,583,750 Com.stk.subscr.for
3,583,750
common stock_
1,644,493 1,952,114
2,500,000 2,500,000 Perch,oblig
Good-will
310,932 Res. for special as194,392
Deferred charges
sess ment &c_
,
86,937
80,047
27,490
Dep.in closed bits_
Res. for conting_
122,580
Due from subscr.
Accts. payable__ _ 949,940
540,609
to gold notes_ _ _ 915,000
Notes payable,,,,,,,, 1.220,607 1,225,392
3,367
Sundry investmls.
403,023 Accrued expenses_ 609,217
256,825
613,930
Cash
109,000
4,066,338 3,549,787 Def. notes pay_
Receivables
557,013 Funded debt
458,218
6,465,100 6,255,600
Investments
1,574,340 1,829,905 1st mtg.6% notes 915,000
Inventories
Earned deficit _
1,581,218
487,308
Capital surplus,,,,. 1,721,462 1,642,633
Total
29,538,424 32,927,233
29,538,424 32,927,233
Total
a After reserve for depreciation and depletion of $8,075,990 in 1932 and
$7,448,344 in 1931.-V. 135. p. 4564.
-New
Consolidated Investment Corp. of Canada.
Bonds Ready.
Secretary, J. E. Ardron, June 15 ins notice to the holders of the 30
-year
434% 1st collat. trust gold bonds, series A, stated in substance:
The plan of reorganization dated Feb. 13 1933, was duly sanctioned by an
extraordinary resolution passed at an adjourned meeting of the holders of
the bonds duly held on April 24 and the sale of the undertaking and assets
of the company to United Corporations, Ltd. has been carried out as
sanctioned by the resolution.
The Montreal Trust Co. as trustee has released the whole of the mortgaged premises described In the trust deed from the hypothec, mortgage,
-year
pledge and charge created by the trust deed and has received the 20
5% cumul. income bonds and the class A shares and class B shares of the
United Corporations, Ltd. to which the holders of the series A bonds are
entitled under the plan for distribution among such holders on the basis
$100,
bonds
set out in the plan, namely: For eachof 20 principal amount of bonds of
-year cumul. Income
of
the company. $70 principal amount A share, and two class B
shares of
United Corporations, Ltd., one class
Controls 175 Patents.
The corporation owns or controls 175 U. S. patents, with another 325
applications pending at the Patent Office in Washington.
Pres. W. R. Angell states that this wide array of patents, all of which
are in force, covers almost every phase of design of the passenger and
,
truck motor field, the Divco low-aisle delivery vehicle. aircraft engines.
Argyle single sleeve valve engine which Continental owns. and Diesel
-V. 136. p.4093.
engines of various types. &c.
-Revaluation of Assets
Continental Oil Co. (& Subs.).
-D. J. Moran, President, states:
and Reserves.
At the annual meeting held on May 9, the stockholders approved the
revaluation of the assets and reserves of the corporation, resulting in a
net reduction of $61,409,121, and adopted resolutions to amend the certificate of incorporation to change the stock from shares of no par to shares
of a par value of$5 each and to reduce the capital from $128.846,867 to $23.692,967, by reducing the capital represented by the 4,738,593.3 shares of
capital stock outstanding.
The following statements are submitted showing in detail the property
accounts of the corporation and relative reserves for depreciation and depletion at Dec. 311932, before an after giving effect to the recent revaluation of these accounts.
Stock certificates representing the new $5 par value shares of the corporation are now available for exchange at the stock transfer department of
the Guaranty Trust Co. of New York, 140 Broadway, New York. N. Y.
Property Accounts at Dec. 31 1932 (Before Giving Effect to Revaluation)
Reserves. Net Value.
Gross Value.
Leases, w-Ils and equipment:
$47.235,040 $31,404.458 $15,830.581
-Leaseholds
Producing
111,609
Intangible development costs_ _ _ 45,961.739 45.850,130
31,433,341 20,050.671 11,382.669
Wells and equipment
$124,630,121 $97,305,260 $27,324.860
Total producing
6,684.042
6,684,042
Non-producing-Leaseholds
851,347
851.347
Intangible development costs_ _ _
455,323
455,323
Wells and equipment
Total non-producing
$7.990,712
$851,347 $7,139,365
Total leases, wells & equipment_ _$132,620,834 $98.156,608 $34,464,225
Oil pipe lines and crude oil storage
5.157,731
13,302,038
8,144.306
facilities
1,419,615
2,900.287
Natural gasoline and gas facilities_ _ _ 4,319,903
1.089,850
-Real estate 1,089,850
Refineries and terminals
28.453,833 17.274.989 11,178,844
Refinery equipment
452,134
1,119,988
667.853
Texas City terminal facilities
$30,663,673 $17.942,843 $12,720.829
Total refineries and terminals
1.634,364
1,445.581
3,079.945
Tank cars and equipment
2.778,780
985.649
1.793,130
Marine equipment
Marketing stations, facilities &equip12.375,420
12,375,420
-1estate
ment
Stations and equipment
25,172.584 10,758,928 14.413,655
Total marketing stations, facilities
and equipment
$37,548,004 $10.758.928 $26.789.076
3.724.475
Other fixed assets
1,722.925
5,447.400
Total property accounts
$229.760.580$142,245.913 $87.514,666
4276
Financial Chronicle
Properly Accounts at Dec. 31 1932 (As Revalued by the Management as of
Oct. 31 1932 with Subsequent Additions at Cost).
Gross Value.
Reserves. Net Value.
Leases, wells and equipment:
Producing-Leaseholds
$11.762,746 38.294.909 33,467,836
Intangible development costs... 22,375,770 22.375.770
Wells and equipment
14,814.556
9,742.463
5,072,092
Total producing
$48.953,073 $40,413,144
Non-producing-Leaseholds
1,730,600
Intangible development costs__ _
176,014
176.014
Wells and equipment
156.909
Total non-producing
$2,063,524
3176.014
$8,539.928
1,730.600
156,909
$1.887,509
June 17 1933
Baltimore Action Again Asks Receiver for Company.
-
A now petition for a receiver for the company was filed June 13 in Circuit
Court 2 at Baltimore. Officials of the company were notified to show by
June 20 why it should not be granted.
The action was filed by George L. Guglo of Columbus. Ohio, who brought
the first action more than a year ago in the name of a stockholders' committee. That action was dismissed. The one brought at the present
timo asks that an injunction against interference and an accounting be
authorized.
The suit alleged operating losses of $714,987 for the first three months
of the year and that securities had been sold in the same period at a loss
of 3741,978, despite an increase of $6,987,421 in their market value during
the period.
It also said that officials of the trust had failed to take action to halt
a sale of stocks held by the Chase National Bank as collateral at auction
June 12
Total leases, wells and equipment __351.016,597 340.589.158 $10,427,438
Oil pipe lines and crude oil storage
Other Assets to Be Sold June 27.facilities
7,316,116
4,312,742
3,003,374
Natural gasoline and gas facilities_
A large part of the assets of the company will go on the auction block at
2,069,350
1.300,129
769,221
Refineries and terminals
Cleveland on June 27 to satisfy bank loans approximating $12,000,000.
-Real estate
653.910
653,910
The collateral to be sold is to satisfy one loan of $3,978,000 for which the
Refinery equipment
16,710,049
9,505,575
7,204.473
Union Trust Co. was syndicated manager, and another of $7,978,000 in
Texas City terminal facilities
739,645
541.050
198,594
which the Cleveland Trust Co. was a participant and served as depository.
S.39anks participated in the first loan and 14 in the second.
p x bw
i
Total refineries and terminals_ $18.103.605 $10,046,626 $8,056,979
-V. 136. p•
Tank cars and equipment
1,595,204
665,748
929,456
Marine equipment
1,890,017
662,630
1. ' ----.- Continental Steel Corp.-Removed from List.
227 387
Marketing stations, facilities & equipThe New York Curb Exchange has removed from unlisted trading
ment
-Real estate
6,898,953
6,898.953
privileges the 7% pref. stock (par $100)7V. 136. v. 664.
Stations and equipment
16,940.963
7.268,869
9.672,094
Total marketing stations, facilCopeland Products, Inc.
-J ne Sales Show an Increase.
ities and equipment
$23,839,917 37.268.869 $16,571,048
With orders now on hand. June sales are showing a substantial increase
Other fixed assets
2,913,883
aver June of last year. with every indication that July volume will be
1,122.526
1,791,357
well ahead of last year.
-V. 136, p. 4093.
Total property accounts
$108,744,694 365,968.431 342.776.262
-V.136, p. 3352, 3330.
Creole Petroleum Corp. (8r Subs.).
-Earnings.
Calendar Years1932.
1931.1929.
Continental Shares, Inc.
Gross operating income_ $7.184.078 33.954.733 34,191,i07 55,797,692
-Collateral Sold.Costs, oper.& gen.exp__ 2,307,944
2.922,910
1,757.694
2,519,979
"All but 11,742 shares of the 1.837,373 shares of various stocks, repre34,527
51.436
34,000
38.830
senting securities pledged for a loan by Chase National Bank were sold Taxes depl.
Deprec.,
& amort_ 1,439.475
1,562.925
659,228
at auction June 12 to the Chase National Bank. The amount realized
677.608
Royalty to Venezuelan
on the sale was $23,409,342. The Bank of Montreal purchased the 506
Government
233.735
319.470
shares of Bank of Nova Scotia at $240.50 a share and A. E. Ames & Co.
Lesson inv.in stock_
a1.787,500
acquired the 1.236 shares of Canadian Bank of Commerce at 128. Loeb.
Loss on exchange
1,487,584
Allsberg & Berliner bought 10,000 B. F. Goodrich common of the total of
Retirements-Plant_
41.473
76,567
65,000 shares sold, the balance going to the Chase Bank interests.
Canceled & surr. leases
2,239,205
16.810
The amounts of shares sold, the total bids accepted and the average
price per share are as follows:
Notoper.income
31,856.26310644685820 31,507,049 52.241,804
Bid
A
Non-oper. income (net)_
218,981
175.208
157,996
192.385
Shares.
Stock--!.
Accepted.
Share.
Loss applic. to min. int.
146
160
95,000 Republic Steel common
31,708,125 $17.98
50,000 Cliffs Corp
625,000
12.50
Profit for period
32.075,4041oss$4510,465 $1,665.045 $2,434,189
62.368 U. S. Rubber common
939.262
15.06
Shs. cap,stock outstand65.000 II. F. Goodrich common
1,110.200
17.08
ing (no par)
6.974.356
6,974.356
6,524,391
24,500 Harbison-Walker Refractories common
5,977.873
557,375
22.75
Earns, per share (no par)
$0.30
Nil
$0.41
$0.25
54,796 Youngstown Sheet & Tube common
1.769,362
32.29
98,400 Firestone Tire & Rubber common
a Of Menda Oil Corp.
2,521,500
25A
76,000 Goodyear Tire & Rubber common
2,878,500 37A
Balance Sheet Dec. 31.
350.900 Lehigh Coal & Navigation common
4,430,112
12A
1931.
1932.
1932.
1931.
448.667 United Light & Power B
5,047,503
1131
AssetsLiabilities$
$
$
8
40,000 International Paper & Power A
245.000
61
YTotal fixed assets50,222,565 48,089,250 'Capital stock__ ..58,078,546 58,078,546
170,000 International Paper & Power B
510,000
3
Mall & supplies__ 2,123,201 2,005,940 Accounts payable_ 621,073
480,603
300,000 International Paper & Power C
787.500
2'%
Inventories
Other curr. Ilabil__
313,921
61.288
31,945
20.997
506 Bank of Nova Scotia
121,693 240.50
Accts. receivable
419,786 Accrued liabilities_ 177.481
1,503,279
118,830
1,236 Canadian Bank of Commerce
158,208 128
Other curr. assets.
212,532 Capital de surplus
88,508
Cash
of minority lots.
144,450
396,093
19,640
19,480
1,837,373
Total
$23,409,342
Prepd. & del. chgs.
14,936 Deficit
4 018,367 7,139,027
80,806
The sale took place after Federal Judge John C. Knox denied an apStock invest. In
plication of Burke Patterson for a restraining order to prevent the Chase
affiliated cos__ _
53,219
National Bank from selling the securities.
Miscell. securities_ 380,157
379.763
On behalf of certain stockholders who were not in sympathy
with the sale of the collateral pledged against bank loans,
the following statement was issued:
During the early part of 1931 the management of Continental Shares,
Inc.. because of unsettled conditions, adopted the policy of selling securities in order to reduce bank loans. Certain securities were earmarked
for sale and the plan contemplated payment of $1,000,000 per month
on the bank loan. When the management elected by the banks took
charge of the company, they investigated carefully the portfolio and
decided that it would be a mistake to sell any further securities. The banks
were consulted in respect to this policy and accordingly no securities were
sold after the new management took charge. During this period the
company was offered as high as $50 per share for its United Light & Power B
stock and $25 per share for the Lehigh Coal & Navigation stock, both of
which offers were declined.
As part of the policy of carrying the company's obligation, the banks,
including the Chase National Bank, holding 90% of the bank loans agreed
to extend the loans of the company until Jan. 2 1934. However, at a
general meeting of the bank creditors, held on April 27 1933, the Chase
National Bank, without any warning to the management, declared that
it would not carry out its agreement to extend the loan, and at that time,
Mr. Aldrich of the Chase National Bank criticized the present management. Immediately thereafter Harris Creech, President of the Cleveland Trust Co., and Corliss Sullivan. Chairman of the Board of the Central
United National Bank of Cleveland, resigned from the board of directors.
On June 1 1933 the Chase National Bank published notice that it would
sell the collateral which it held on the Continental Shares, Inc.. loan at
public sale on June 12 1933. In the short space of time between the
date of notice of the sale and the date of sale, it was impossible for the
company to negotiate for the sale of the large blocks of stock held at the
Chase National Bank. The management were confident that they could
secure much higher prices if they were given time to do so.
In spite of the sales of collateral made by the Chase National Bank,
the company still holds its position in Goodyear Tire & Rubber Co.. in
the Sherwin-Williams Co. and through its ownership in the Cliffs Corp.
holds its position in the steel companies in the Middle West.
According to a statement issued the latter part of April 1931 by the
directors of the company, the assets in the portfolio of Continental Shares,
Inc., were worth in the neighborhood of
following statement was $10, .The made by Winthrop W.
Aldrich, Chairman of the Governing Board and President
of the Chase National Bank, with reference to foregoing
statement in regard to the auction sale on June 13:
There was published this morning a statement purporting to bo "on
behalf of certain stockholders of Continental Shares, inc." whose names
were not given, containing certain misleading inferences which call for
immediate correction.
It was implied, without being directly stated, that the Chase National
Bank had discouraged a policy on the part of the corporation adopted in
the early part of 1931 of selling securities in order to reduce bank loans.
Directly the contrary is true. The Chase National Bank, the company's
largest creditor, had consistently urged upon not only the former management, but the present management, a policy of reasonable liquidation
of its pledged portfolio, but except for a brief period under the old management, these suggestions were virtually disregarded.
The statement says that "when the management elected by the banks
took charge of the company they investigated carefully the portfolio and
decided it would be a mistake to sell any further securities." It says further "the banks were consulted in respect to this policy and accordingly
no securities were sold after the new management took charge." These
statements are misleading to the extent that they suggest that the Chase
National Bank was one of the banks in question. The Chase never took
part in nor had any voice or connection with the election of the present
management or any director of the company, nor ever made any suggestion of any kind to the company that it would be a mistake to sell
any further securities.
The statement that the Chase National Bank agreed to extend the loans
of the corporation until Jan. 2 1934 is untrue. In January of this year
the bank expressed its willingness to extend upon definite terms and conditions, none of which were ever complied with.
Total
Total
54,910,157 51,579,589
54,910,157 51,579,589
x Represented by 6,974.356 shares of no par value. y After deducting
depreciation, depletion, and amortization of $9,386,508 in 1932 and
38.270,098 in 1931 and includes organization costs of $6,342.
Admitted to List.-
The New York Curb Exchange has admitted to unlisted trading privileges
the new capital stock par value $5 issuable, share for share, in exchange
for old capital stock no par value, which has been removed from unlisted
trading privileges.
-V. 136, p. 3512.
Crompton & Knowles Loom Works.-Bal. Sheet Dec. 31.
AssetsFixed assets
Inventories
Cash & receivable.
Patent rights, &c_
Miscell assets _ _ _ _
1931.
1932.
1932.
1931.
Liebliffies$
$
$
$
2,954,331 3.912,811 Preferred stock__ 2,967,800 2,967,800
1,856,726 1,337,510 'Common stock _ _ 6,000,000 6,000,000
3,283,225 3,144,276 Accounts payable
1,750,000 1,750,000 and accrued..... 118,920
177.649
862,417
939,596 Surplus
1,610,980 1,938,746
Total
Total
10,706,700 11,084,195
10,706,700 11.084,195
x Represented by 240,000 shares of no par value.
-V. 134, p. 4499. ..
-Earnings.
Crow's Nest Pass Coal Co.
Years End. Dec. 311932.
Profit on lands, timber
operations, &c
$68,512
Profit on coke and coal
operations
loss30.899
Total
Previous surplus
Conting. nab. reserve.
Adj. of Canadian taxes_
Refund income tax
337,613
def27,378
1930.
1929.
352.605
376,147
$79,423
1oss23,470
101.345
201,385
$29,135
2,984
$177,492
115,632
$280.808
68,345
155.234
Cr2,515
332,119
1,688
3293,124
10,611
$506,901
18,572
279,530
372.698
2,832
Total
Pros', for Dom. inc. tax_
Adjust. of B. C. Govt.
taxes prior years
Adjustment of deprec. on
underground plant_
lies, for exhaust, of coal
areas
Dividends paid
Balance
1931.
$13,067
976
2.989
1.528
248,472
53.292
186.354
def$236,381 def$213,732
sur$2,984 sur$115.632
Comparative Balance Sheet Dec. 31.
Assets
1932.
Liabilities1931
1932.
1931.
Cash
3310,927 3350,852 Accts. payable.... 5130,021 3151.765
Accts. receivable_ _ 276,476
369,136 Prov.for Dominion
Inventories
150,352
Income taxes...
177,772
1,785
976
Secs. & ohs. owned 1,610,112 1,610,066 Cap,stock paid up 6,212,667 x6,026,313
Unexpired Maur_
9,928
14,815 Deficit
422,735
27,378
Mines, real estate,
plant & equt p_ _ _ 3,563,133 3,628,943
Total
Total
$5,920,928 $6,152,484
$5,920,928 $6,152,484
x After deducting $186,354 for distribution on capital
account.
-V. 136,
p. 3169.
Crystal Spring Bleaching & Dyeing Co.
-Sale.
-
Sale of the company's plant at Freetown. Mass., by Attorney Fernald L.
Hanson, trustee was authorized on April 13 by Referee in Bankruptcy
Charles P. Ryan. The sale is to be made free of Hens, with tho liens to be
attached to the proceeds by the trustee.
The plant has not yet been appraised and no date has been set for the
sale, but Mr. Hanson stated that he is open for negotiations for private
sale, subject to confirmation by Mr. Ryan.
In the bankruptcy schedule of the company assets are listed as of uncertain value, no appraisal having been made, and liabilities arc listed at
$392.564.-V. 90, p. 1557.
-Seven Trustees Conduct Business.
Curtis Publishing Co.
The will of Cyrus H. IC. Curtis, entered for probate on June 12 at Norristown, Pa. created a board of seven trustees to administer the afafirs of
this company.
The trustees are his daughter, Mary Louise Curtis 13ok: his grandsons,
Cary W. Bok and W. Curtis Bolt; George Horace Lorimer, President of the
Curtis Publishing Co.: John C. Martin, President of the Curtis-Martin
Newspapers; Charles A. Tyler, Treasurer of the latter, and W. D. Fuller.
The will says in part: "Believing that the BUCCESS of the Curtis Publishing Co. will be promoted and best insured by the continuance, as far as
possible, of the present management and policy, it is my wish that during
the continuance of this trust my common stock of the Curtis Publishing
Co. be retained by my trustees and shall not be sold unless some extraordinary contingency shall arise making it desirable to sell, and then only
-V. 136. p. 4094
in the event that my trustees shall unanimously agree."
-Earnings.
Davis Coal & Coke Co.(& Subs.).
1929.
1930.
1931.
1932.
Calendar Years$1,217,587 $1.837,952 $2,386,903 $2.739,119
Sales
Oper. costs, sell. & gen.
2.476,496
2,192,671
1,757,310
1,222,544
expenses, taxes, &c
Empl. group life insur.&
9,162
10,413
9.628
6,540
Indus. relation activs_
Depletion, depreciation,
149,211
108,300
04,717
91,754
royalties & amortiz'n.
6104,250
675,518
Profit from operations def$102,950 def$23.702
166,227
164,411
159,724
139,823
Net inc. fr. other sources
Profit before interest..
Prey. for Federal taxes,
contingencies, &c_
Net income
Dividends declared
Profit & loss adjust
4277
Financial Chronicle
Volume 136
6270,477
6136,022
6239.929
7,100
21,400
22,550
636,873
$128,921
$247,927
Cr4,865
Dr11,661
6218,529
162.693
Cr8,992
$36,873
664,829
6117,261
Balance, surplus
641,738
Shares of capital stock
53.091
52.547
52,400
outstanding (par $100)
$4.11
62.45
Earns, per sh.on cap.stk.
60.70
Consolidated Balance Sheet Dec. 31.
Condensed
1932.
1931.
1932.
Assets
Cap. stock outstg_ 5,240,024
x Coal lands,leaseCur. nab. (incl.
holds, mining
co.'s estimate of
rights, plant ez
Federal taxes on
equipment
8,025,436 8,112,943
94,321
Income)
Securities owned... 2,854,375 2,825,392
Current assets__ 1,118,267 1,031,831 Res. for contIng.
317,861
18,859
49,118
Deferred charges__
3,000,000
Capital surplus_
Prof.& loss surplus 3,394,991
Total
12,047,197 11,989,024
x After reserves.
Total
Cr5,413
1.253.340
54.242
64.57
1931.
5,254,651
94,093
287,028
3.000,000
3,353,253
12,047,197 11,989,024
Removed from List.
-
The New York Curb Exchange has removed from unlisted trading
privileges the capital stock (par 3100).-V. 134, P. 4500.
-Earnings.
De Long Hook & Eye Co.
The tentative set-up calls for the creation of four separate divisions.
retailing
The presumption is that they will comprise a manufacturing unit,a
unit, a foreign concern and a general holding company.
The "Boston News Bureau" of June 13 stated:
While the prospective decentralization of Drug, Inc.. may be delayed
some time yet, because of involved legal details growing out of taxes and
other matters,some thought has been given to the number and the identity
of the "pieces" into which Drug, Inc., stock, numbering 3,501,499 shares,
may be split.
shares
One scheme discussed is rumored to be as follows: for every 100 shares
Co., 50
of Drug, Inc., would be exchanged 50 shares of United Drug Vick Chemical
of Bristol-Myers, 10 shares of
of Sterling Products, 10 shares
and five shares of Life Savers.
Such a program would constitute a reversal of the process by which Drug.
Inc., was evolved out of the original merger in early 1928 of Sterling Products, Inc., and United Drug, with subsequent acquisitions through 1930.
In early 1929 Life Savers, Inc.. entered the new drug combination on
a basis of one share of Drug for 3.7 shares of Life Savers. Earnings of the
American business then acquired were running at a rate of about 41.200.000
earnings
to $1,300,000 annually. It is understood that in recent years out, and
of this unit have held up very well, as new lines have been put
have declined without proportionate reduction in
as raw material costs
retail prices of the company's product.
Bristol-Myers came in during the late summer of 1929, on the basis of
latter
1% share of Drug, Inc., for each share of Bristol-Myers. The Ipana
company was earning about 61,600,000 annually. It manufactures
Ingram's shaving cream, Sal Hepatica and Gastrogen tablets.
toothpaste,
Vick Chemical Co., one of the most substantial of the manufacturing
has been
units acquired, was merged in the middle of 1930. The company declining
earning at the rate of about $3,000,000 annually with a slightly
tendency beginning to be in evidence. For each share of Vick. 57-100
share of Drug. Inc., was given.
Until it is definitely confirmed that the split-up will be along the lines
outlined above, and until recent earnings of the constituent companies are
known, it will be almost impossible to place a market value on the new
shares to issue. Broadly speaking, the earnings of the constituent companies other than United Drug-viz., companies which manufacture and
do not retail-declined only 7.8% from 617.382,670 in 1930 to $16,023.977
In 1932. It will be particularly difficult to appraise United Drug until
the disposition of the cash proceeds from sale of Boots stock is determined.
-V. 136, p. 3914.
."hDuplan Silk Corp.-Capitatization Decreased.
the capital
represented by
The stockholders on May 29 voted to reduce
outstanding common stock to $1,750,000 from $3,500,000.-V. 136,a.3542.
-Sale.
Dwight Mfg. Co.
Walter E. O'Hara, Treasurer of the Textile Machinery & Supply Co. of
Fall River, recently announced the purchase from the Nashua Manufacturing Co.of all of the machinery,equipment and suppplies of the Somersworth, N. H., plant formerly owned and operated by the Dwight Manufacturing Co. The purchase does not include the bleaching and finishing
plant located at Somersworth, N. H. The bleachery will be continued in
operation, under new management to be announced later.
The Somersworth plant was purchased about six months ago by the
Nashua company and a small amount of the machinery was moved from
Somersworth to the Nashua's plant at Nashua. N. H. The greater part
of the machinery has now been sold to Textile Machinery & Supply Co.,
and Nashua will cease all operations in Somersworth.
The Somersworth plant is to be liquidated and sold unless it is possible
to dispose of all of the machinery and equipment to a prospective purchaser
-V. 135. D.
with whom, it is said, negotiations are now being carried on.
4221.
-The di[Including De Long Hook & Eye Co., Ltd., Canada.]
-Dividend Omitted.
"‘Electric Auto-Lite Co.
m..
1931.
1930.
1932.
Years End. Mar. 311933.
rectors on June 13 voted to omit the dividend on the comNet prof. after deprec ,
int. on bonds,amortiz,
mon stock, par $5, action on which was due at this time.
of bond disct. & esti- •
At the meeting held on March 15 1933 action had been
638.543
$48,513
$53.843
$42,665
mated Fed. Inc. taxes_
$33.60
65.03
64.56
Earnings per share
$3.99
deferred until this week.
-V. 136. p. 3914.
A distribution of 30 cents per share was made on the
--Earnings.
Diamond Shoe Corp.
1930.
1931.
1932.
Notstated 617,442,993 $18,071,748
882,344
557.640
$259,411
364,637
554,904
498.006
Calendar Years,
Sales
Net profit after Federal taxes
Dividends paid
659,634
def$105.226
Balance, surplus
210,000
209.850
Elba. com. stock outstanding (no par)
61.78
60.40 •
Earnings per share
Condensed Consolidated Balance Sheet :Dec. 31.
1932.
Liabilities
1931.
Assets1932.
$436,312 4961,243 Accts. payable &
Cash
accrued expense 4858,407
377,221
Accts. receivable
226,778
23,561 Accept, under letMisc. accts. receiv
58,170
29,295
Mdse. inventories_ 2,384,140 2,174,563 ters of credit.. _ _
91,524
Dividends payable
Adv. to assoc. cos.
121,744 Res,for taxes (incl.
on mdse. purch_ 283,968
taxes on current
111.734
Other assets
169,830
earnings)
60,423
Real est., inach'y,
Real estate mtge.
fixtures, leaseh'd
2,966,264 installments due
&c
impts.,
3,145,785
25,000
within one year.
Leaseh'ds, at cost,
20,810
517,351 Mars' secur. dep's
less amortization 530,131
19,223 Deposits on leases
Dep. on leases, to
18,490
11,447
& sub-leases__ _
Prepaid rentals, In88,242 Real est. mtge. pay 715,750
_
surance,
99,424
.
Good-will
1 644% turn. pf stk. 1,664,400
1
6% cumul. 2d pref.
1,100,000
stock
a Common stock_ 917,000
588,387
Paid-in surplus_
Earned surplus_ _. 1,470,385
6327,440
210,000
63.31
1931.
4640,495
113.994
97,335
50,000
20,872
15,983
540,750
1,736,000
1,100,000
920,000
550,107
1,575,611
Total
Total
$7,352,828 $7,361,149
47,352,828 $7,361.149
a Represented by 209.850 no par shares in 1932 and 210,000 in 1931.
-V.135, p. 4221.
Distillers Co., Ltd. -Ret,,,outd ft tiararrThe New York Curb Exchange has removed from unlisted trading
American depositary
vileges the Guaranty Trust Co. of Nework Am
receipts for ordinary registered shares (par fl).
Il
(Jos.) Dixon Crucible Co.
-Bala ce Sheet Dec. 31
1932.
Assets$
448,034
Cash
Investments
675,868
Accts.& bills rec.- 420,927
Due from subs. cos 506,458
11,819,7745
Real estate
1
MachY. & equip...)'
Prods. di materials 3,115,734
Adv. pay. de def.
29,608
assets
1932.
1931.
1931.
$
$
Liabilities358.140 Capital stk. outst'g 5,000.000 5,000,000
810,882 Surplus & reserves 1,600,483 3,694,279
1,903,644
1,145,069 Reserves for deprec
Due to subs. cos__ 243,992
2,523,498 Notes payable.... 100,000
103,016
2,171,098 Accounts payable_
71,928
93,092
3,687,854
99.509
7,016,404 10,794,030
Total
-V.134, p. 4501.
Total
°minion Textile Co., Ltd.- es
o New York Curb Exchange hasimoved from unlisted trading
leges the 7% pref. stock (par 6100). V. 136, p. 4094.
-Planning Reca pit ization.-The following is
Drug, Inc.
taken from the "Boston News Bureau" of June 10:
The directors are understood informally to have agreed upon a program
of decentralization of management, which will involve the segregation of
the various constituent companies under separate management, and the
distribution of separately capitalized concerns to shareholders of Drug, Inc.
In its practical aspects the proposal is well advanced, but the complicated
legal details have yet to be worked out.
he capital stock, no par value, wi
hew York stock Exchange on June 26,
be stricken from the list of the
1
.-V. 136, p. 3914.
Ever Ready Co., Ltd.
Guaranty
he New York Curb Exchange has removed from the list the registered
,
,
Co. of N) York American depositary receipts for ordinary
shares (par 5s.).
-May Sales.
Exchange Buffet Corp.
1933.
Month ofMaySales
-V. 136. p. 3353.
6291.658
1932.
$366.499
--Earnings.
Fanny Farmer Candy Shops, Inc.
1929.
Calendar YearsProfits for year
Federal & State taxes
1932.
6189,724
42,000
1931.
$278.721
46,000
1930.
$407.809
66.810
6529,661
85.541
Net profit
Prov. for deprec. in mkt.
value of securities_
Sink, fund redemp. of
preferred shares
Cost of com. shs. purch_
Preferred dividends....- _
Common dividends._
$147,724
6232,721
6340.999
8444,120
71,737
9.764
7,792
36,919
49,498
50.138
52,621
50.236
39,267
99,879
42,906
100.000
48,953
100.000
$244,931
6145,472
643.750 def628,300
63.95
62.98
61.93
61.12
Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Assets-$408,975 $259,536 Accts. payable &
Cash
$14,628
accrued charges. 423,057
7,928
6,526
Accts.receivable
42,000
46.469
Res. for taxes......
Govt. & municipal
33,876
626,366
603,800 Dividends payable
bonds
763,821
11,342 b Capital stock..- 763,821
'
11,290
.
Accrued Interest _
1,326,095 1,282,344
193,492 Surplus
165,516
Inventories
Shs. of E. E. Fair15,000
5,000
child Corp
a Real est., bldgs..
433,477
490,681
equipment, &c
Prepaid & deferred
31,699
25.484
charges
500,000
500,000
Goodwill dr leaseh
Balance, surplus_ _Earns.per sh.onc om.stk.
$2,188,850 42,107,263
Total
$2,188,850 42,107,263
Total
a After depreciation reserve of 6468,847 in 1932 and 8402,590 in 1931.
b Represented by 15,375 (15,757 in 1931) no par preferred shares and
-Y. 135, P. 4390.
98,603 (99.577 in 1931) no par common shares.
7,018,404 10,794,030
..-"E
p
common stock on Jan. 2 1933 and on July 1 and Oct. 1 1932,
as compared with $1 per share previously each quarter.
-V. 136, p. 3170.
mporium Capwell Corp.-00+kt.--
-Earnings.
Federal Mining & Smelting Co.
For income statement for three months ended April 30 see "Earnings
-V. 136, p. 1724.
Department" on a preceding page.
uro
Enamel Corp.-Adimithisel.4*.Liet.New York Curb Exchange has admitted to listing 122,000 shares
-V. 136, p. 2076.
on stock (no par).
the
co
50 Broadway Building (Lower Broadway Properties,
-Suspension of Sinking Fund Payments for Five Years.
Inc.).
With a view to maintaining interest payments at the regular rate and to
forestall the need for any costly proceedings of reorganization or foreclosure,
Frederick C.Tanner. President of Lower Broadway Properties, Inc., owners
of 50 Broadway Building, New York, has submitted to holders of the com-
4278
Financial Chronicle
pany's first mortgage 6% sinking fund gold loan certificates, due March 1
1946, a plan and agreement for suspension of
under which
they are asked to waive sinking fund paymentsamortization of five years
for a period
ending Dec. 31 1938. The company is not at present in default under its
first mortgage or as to taxes. This action has been made necessary due to
the sharp decrease in rental income from the building, the sole asset of the
company, resulting from the adverse real estate, financial and general
business conditions, Mr. Tanner states in a letter sent to holders of the
certificates.
Under the plan, which is expected to enable the company to maintain
interest payments on the certificates at the regular rate, all surplus cash
earnings in excess of ordinary operating requirements during the five-year
period will be held in escrow for the ultimate benefit of the certificate
holders and upon the expiration of the period of the proposed postponement
sinking fund payments will be resumed and postponed payments made up
as rapidly as earnings permit. No dividends will be paid on any class of
the company's stock until sinking fund requirements are brought up to
date. During the past year operating expenses have been reduced to a
minimum consistent with the class of service necessary in this building
and substantial savings have been effected in taxes.
The prompt co-operation of certificate holders in this plan, which in the
opinion of the management is constructive and to their best interests, is
requested and they are asked to make deposit with Manufacturers Trust
Co., depositary. Holders of a substantial number of the outstanding
certificates have already given their approval to this program, it is stated.
-V.122, p. 1461.
Federated Capital Corp.
-Earnings.
-.--Year Ended Apr.30'31 to -Year End. April 30PeriodDec. 31 '32. Dec. 31 '31.
1931.
1930.
Dividends
$44,524
$28.120
$190.225
$181.165
Interest
52,223
25,573
1,415
21,760
Profit on sale of secur
loss809.019
494.161
Miscellaneous income,40
681
Total income
General exps. & taxes
$96,786
30,676
$53,692 def$625.757
35,4.46
143.504
Net profit for year - _
Preferred dividends_
Common dividends
$66,110
$18,246 def$769.261
91,744
84,931
$706.146
162,756
June 17 1933
Foundation Co. of Canada, Ltd.
-Earnings.
Years End. April 30
1932.
1931.
1933.
1930.
Operating profits
$388,782
$324,614
$270.135
$224,707
Common dividend
74,025
84.600
84,600
Prior year Fed.tax. Dr..
5,421
Tax reserve
18,000
12,506
21,877
20,202
Depreciation
141.968
145,920
124,245
120.589
Balance,surplus
Previoussurplus
Amt.set lip as goodwill_
$66,287
637,733
$30,721
607,012
X99,223
507,790
$158,060
349,729
1
Profit and loss, balance $701,020
$607,013
$637,734
$507,790
Earned per ch. on no par
common stock
$1.24
$2.86
$2.17
$0.78
Consolidated balance Sheet .4pril 30.
Assets1932.
933,
Land, plant, & ..81,821,711 $1,621,637 Liabittiles1933.
1932.
Good-will
1 x Common stock__ $710,000 8710,000
1
Inventorle
293,048
20,693 Accounts payable_
63,654
29,030
Sundry %estm'ts
315,000
6,000 Bank band
133,000
14,000
Ace, s recelv_ __ 554,564
10,574
501,762 Dividend payable_
U -mpleted contr
12,654
80,728 Tax reserve
17,200
51,176
Cash
113,787 Deprec. reserve._ 747,641
609.689
136,323
288,636
348,054 Res.against contr_ 388,953
Investments
172,125
24,043
Accrued interest
3,106 Insurance reserve_
31,032
3,827
637,734
10,154 Surplus
Deferred charges
704,020
8,197
Total
$2,790,957 82.905,924 Total
$2,790,957 $2,905,924
x Represented by 84,600 no par shares.
-Y. 135, p 305.
Film Corp.
-To Change Capitalization.
The corporation proposes to reduce the authorized Class B common stock
from 100.000 shares to 16.650 shares and the class A common stock from
4,900.000 shares to 404,276 2-3 shares, each six shares of each class to be
exchanged for one new share of each class. It is also proposed to increase
the authorized class A common stock to 2,800.000 shares.
-V. 136, p. 3916.
$543,390
145,943
180,251 "(H.H.) Franklin Mfg. Co.
4
-Plans Readjustment.
The readjustment committee (below) in a letter to holders of the preBalance, surplus
$18,246 def$945,936
$66,110
$217,195
ferred and common stock states:
Earns, per sh. on average
In view of the present financial condition of the company, including its
shs. com,stk. outat'g_
Nil
Nil
Nil
$1.84
indebtedness to various banks and continued operating losses, the underx Loss on sale of securities for period ended Dec. 31 1931 amounted to
signed, at the request of holders of substantial amounts of both classes of
$3,605,846 and has been charged to surplus account. The same procedure
stock, have agreed to act as a committee with the object of formulating
was adopted for 1932 but the company does not report the figures.
and carrying out such measures as may seem to them to be beat adopted
to accomplish a readjustment of the affairs of your company on a basis
Comparative Balance Sheet Dec. 31.
satisfactory to its creditors and stockholders.
Assets1931.
1932.
Liabilities1932.
1931.
The committee will endeavor to work out as quickly as possible a comInvestments
$1,101,554 $1,315,362 Capital stocks.._}x32,192,5571$3,3015,221
prehensive plan of readjustment.
U. S. Govt. moor_ 100,719
Deficit
1 992,833
In order that the committee may be In a position to carry such a plan
Cash in banks_ ___ 1,028,733 1,038,970 Scrip etts,for cornInto effect quickly, it is most important that substantially all of the stock
Int. & diva. rec.__
24,581 corn stock
28,405
2,778
(both preferred and common) be deposited immediately under the deposit
Prepaid expenses_
Accrued expenses_
1,121
750
agreement, dated June 8 1933. Accordingly, you are urged to deposit
Prov. for Fed. tax_
65,000
63,748
promptly your stock certificates with City Bank Farmers Trust Co..
State fran. tax_...
2,225
22 William St., New York, N. Y., depositarY•
Committee.
-Ernest B. Warriner, Chairman (former Pres., Yosemite
Total
$2,260,532 112,378,914
Total
$2,260,532 $2,378,914
Holding Corp.), New York; 0. Everett Bacon (partner, Spencer. Trask &
x Represented by 122,320 shares of 6% cum, pref. stock and 249,999
Co.). New York; B. C. Milner Jr. (Chairman, Onondaga Silk Co., Inc.).
shares of common stock.
W. S. Robinson, Secretary, 63 Wall St.. New York.
lak Oswald L. Johnston, Secretary, in report to stockholders for 1932 stated:
'
Another letter was sent to stockholders, signed by H. H. Franklin.
$1,In the past year, as a result of offers of exchange by Atlas Corp., the
Pres.of the company,and other large stockholders, approving the formation
number of shares of stock of company held by others than Atlas Corp.
of the committee and urging other stockholders to deposit their stock
and its affiliated group of companies, has now been reduced to approxiwith
mately 14,500 shares of pref. stock and approximately 108,000 shares of
The largea
stockholders already concurring in the refinancing step state
common stock. The independent operation and identity of company,
that the purposes of the committee are in the best interests of the stockhowever, will be continued until such time, if at all, as it may seem adholders, and its formation and efforts give hope of working out a readjustvisable to merge or otherwise consolidate with Atlas Corp.
ment of the affairs of the company on a basis satisfactory to its creditors
and stockholders. Bank loans aggregating $2.088,000 represent the comNew Exchange Offer.
pany's main indebtedness. All current bills for materials have been met
See Atlas Corp. above.
-V. 135. p. 2344
promptly and usual cash discounts taken for several months past. The
statement says that while the Franklin company has consistently main"''"'',Firestone Cotton Mills.
-Sole of-Mill:business
The purchase of the (above company's Newburyport, Mass.) plant was tained its normal percentage of car class, during the depression years and
has held its position in the fine
the unprecedented length of the
announced recently by Walter E. 0'FI:15 Treasurer of the Textile Machin1,
business depression has put a severe drain on resources so as to require
ery & Supply Co. of Fall River, Mass It was stated that the purchase
new financing and readjustment of the company's financial structure.
was made for cash, but the price was
made known. No announcement
There are approximately 6,000 individual stockholders of the Franklin
was made as to whether the plant may be operated, sold as a unit,or liquicompany, whose holdings constitute Franklin's present capitalization of
dated in small units.
$5,511,200 of cumulative preferred stock and 300,535 shares of no par
The sale included all land, buildings and machinery owned by the Firecommon stock.
stone Cotton Mills, located at Newburyport. This plant was installed
,
"Franklin businesif has increased rapidly this spring," Mr. Franklin
in 1924, and was equipped for the manufacture of tire fabrics.
said, "reaching a peak in May that was 60% ahead of May last year.
,The Firestone company had not operated the Newburyport plant during
Outlook for coming months points to a summer's level well ahead of 1932."
the past three or four years, inasmuch as they have been able to produce a
The sales record of Franklin has paralleled the automobile industry's trend
sufficient amount of tire fabric for the Akron plants in the two other mills
In a way that will insure Its future proportionate share of the potential
they operate in New Bedford and Fall River. The plant is equipped with
volume in prospect, officials believe. When operating at capacity the
30.200 spindles. When in operation, it employed approximately 400 hands.
Franklin works employ approximately 2,500 men.
-V. 127, p. 1258.
Within the past year Franklin has expanded its market by producing
the air-cooled Olympic model, selling in the medium price class. The
Firestone Tire & Rubber Coe-Earnings.
Twelve was also added to sell in the upper price group. The widely known
For Income statement for 6 months ended April 30 see "Earnings DeAirman model is newly priced at $1,935.-V. 134. p. 333.
partment" on a preceding page.
-V. 136, p. 2250.
-Offer of Exchange.
Frontenac Breweries, Ltd.
First National Stores, Inc.
-Sales.
See National Breweries, Ltd . below -V. 125, p. 526.
Period Ended May 271932,
1933.
Decrease.
Sales
$7,926,932 $8,158,748
$231.846
The Massachusetts food index number (a weighted average) for May
-Initial Dividend.
Fundamental Investors, Inc.
1933 is not yet available, but it is estimated that tonnage sales of First
An initial dividend of 2 cents per share has been declared on the voting
National Stores have increased approximately 3% for the four weeks ended
trust certificates, payable July I to holders'of record June 12.-V.
May 27, compared with last year.
During May 90 retail grocery prices in the company's line were increased
(Robert) Gair Co., Inc. (ofe Subs.).
--Earnings.
and 26 were decreased.
-V. 136. p. 4096, 4080.
Earnings for Period from June 21 1932 (Date of Inception) to Dec. 31 1932.
.`"Oii Fischman 8c Sons. lirmovtdvI.)
f,o m b;ot.
$43,245
Gross profit
he New York Curb Exchange has removedfrom unlisted trading
Provision for depreciation
319,397
p
wen the class A stock (no par). The stock has also been removed
Interest on bonds of subsidiary company
10,000
from tile Philadelphia Stk Exchange. V. 135. p. 1170.
e
Stock
Loss for period
$288 52
Fisk Realty Corp.
-Transfer Agent.
Exclusive of special adjustments made at the time of the recilon
The Chase National Bank of the City of New York has been appointed
on JUJU) 20 1932, the operating loss for the period from Jan. 1, to June 20
transfer agent for the common stock.
1932, was $627.083. and that of the recapitalized company, from June 21
to Dec. 31 1932, was $286,151.
Fisk Rubber Co.
-New Securities and Cash Ready-Time
Statement of Capital Surplus for Period June 21 1932 to Dec. 31 1932.
for Deposits Extended. Amount allocated to capital surplus pursuant to resolution of
Orrin G. Wood, Chairman of the reorganization committee, announces
$7,240,724
board of directors at a meeting held Aug. 2 1932
that delivery of cash and new securities as provided under the adopted plan
Loss on sale or disposal of capital assets
18,713
of reorganization will be made on and after June 12.
Cost of income notes and capital stock purchased and held in
An extension of time to July 12 1933 for deposit without penalty of he
treasury in excess of par value of income notes, $IO per share
1st mtge. 8% bonds, 534% sinking fund gold notes and Claims against the
for pref. stock and $1 per share for common stock
1,247
company Is also announced by the committee.
-V. 136. p. 4096.
Balance, Dec. 31 1932
$7,220,764
Fisk Rubber Corp.
-Registrar.
The Chase National Bank of the City of New York has bean appointed
Consolidated Balance Sheet Dec. 31 1932.
regsitrar for the common and preferred stocks -V. 136, p. 33.54.
Assets
LtabltUtesCash
$634,245 Accts. pay., incl, acer. payroll $502,412
Worth Properties Corp.
-Removed from List. -s
Trade & misc. accts. & notes
20,792
Accrued taxes
nhe 1Vca 6, p 2
lto Stoc161xchange has removed from the list the 1st mtge.
receivable (less reserve) _ _
882,374 a Accr. int. on let mtge. Ws_
10,000
s
.
Marketable securities(market
Iles. for difference between
val. Dec. 31 1932 839,000)163,125
14,250 rental pay. to Jan. 11939.
ster & Kleiser Co.-Reesseved-ftwes-beet.Inventories
400.000
1,190,679 a 1st mtge. 6s of subsid
The New York Curb Exchange has removed from unlisted trading
Sundry investments
45,364 a 6% pref. stock of subald
650.000
p vileges the common stock (par $10) and the 7% pref. stock (par $100)
b Capital assets
10,570.673 40-year 6% Income notes... _ 2,326,350
-V. 136, p. 3916.
Good-will
1,861,080
1 c Preferred stock
Fourth National Investors Corp.
-Smaller Dividend.
565,160
- Deferred charges
95,946 d Common stock
The directors on June 9 declared, out of income, before profit or loss on
7,220,764
Capital surplus
286,152
sale of securities, a dividend of 40 cents per share on the common stock,
Deficit (earned)
par $1, payable July 1 to holders of record June 20. This compares with
Total
$13,433,532 Total
813,433,532
55 cents per share paid on Jan. 1 last. 60 cents per share on July 1 1932.
and 55 cents per share on Jan. 1 1932 and on July 11931.
a0bligation as to principal, Interest and dividends restricted to Bogota
The liquidating value of the common stock as of June 8 was $29.75 per
Paper & Board Corp. b After depreciation of $5,684,345. c Represented
share, as against $21.66 on March 31 1933 and $24.18 per share on Dec. 31
by 186,108 (no par) shares. d Represented by 565,160 (no par) shares.
1932.-V. 136, p. 2618.
. 135. p.4565.
.7ort
7IF
-The
-Halves Common Dividend.
\General Baking Co.
.
directors on June 15 declared a quarterly dividend of 25
-cents per share on the common stock, par $5, payable July 1
to holders of record June 24. This compares with quarterly
payments of 50 cents per share made on this issue from April 1
1931 to and incl. Apr. 1 1933.
Chairman Frederick H. Frazier statss that during the second quarter
sales showed steady improvement over the first quarter and continuance of
this upward trend will mean increased earnings. The company has acquired
-year 534% debentures, leaving a balance of
since Jan. 1. $842,000 of its 10
53,943,000 outstanding. Cash after this expenditure totals 64,039,000.
against 54.288,000 at the beginning of the year after payment of Jan. 2
-V. 136, p. 3354.
dividends
General Electric Co. (Allgemeine Elektrizitaets Ge-Debentures Calledfor Redempaon.sellschaft), Germany.
The National City Bank of New York, as trustee, is notifying holders
-year sinking fund 7% gold debentures, due Jan. 15 1945, that 5333.000
of 20
of these debentures have been selected for redemption at 105 on July 15 1933.
Debentures drawn for redemption are required to be surrendered with all
interest coupons maturing subsequently to July 15 next, at the head office
of the National City Bank of New York, 55 Wall St., N. Y. City. Interest
on drawn debentures will cease to accrue on the redemption date.
It was also announced that $45,500 of these debentures, previously
-V. 136.
called for redemption, had not been presented on June 8 last.
p.3545.
-To Discontinue Operations in
General Fireproofing Co.
Canada.,
Under the provisions of "The Companies Act," the General Fireproofing
Co. of Canada. Ltd., a subsidiary, announces that it will make application
to the Secretary of State of Canada, under Section 30 of the said Act, for
acceptance of the surrender of its charter on and from a date to be fixed
-V. 136, p. 1024.
by the Secretary of State.
eneral Laundry Machinery Corp.
-Removed from List.
The New York Curb Exchange has removed from unlisted trading privi-year sinking fund gold debentures du une 1 1937 (with
leges the 634% 10
V. 134. p. 1203.
and without warrants)and certificates of deposit therefor
General Mills, Inc.
-Litigation Settlemen .James F. Bell, President, announced June 12 the settlement of the suit
brought by the company in the District Court for the Eastern District of
Missouri against the Commander-Larabee Corp. for infringement of the
trade-mark "Bisquick" belonging to General Mills, Inc. Pursuant to the
settlement, final judgment was entered in the U. S. District Court at
St. Louis, Mo. on June 10 1933. enjoining further infringement of the
trade-mark "Bisquick." The counter suit for damages filed by Commander-Larabee Corp. against General Mills, Inc. was dismissed. Mr. Bell
stated that the settlement between the two companies was made on the
-V. 136.
basis of partial reimbursement of the expense of the litigation.
D. 3728.
-No. of Stockholders Decline.
General Motors Corp.
The total number of General Motors common and preferred stockholders
for the second quarter of 1933 was 366,084 compared with 372,284 for the
first quarter of 1933 and with 359,046 for the second quarter of 1932.
There were 348,224 holders of common stock and the balance of 17.860
represents holders of preferred stock. These figures compare with 354,516
common stockholders and 17,768 preferred for the first quarter of 1933.
The total number of stockholders of both classes by quarters since 1917
follows:
4th Quar.
Year1st Quar. 2nd Quar. 3rd Quar.
2,920
2,669
2,525
1,927
1917
4,739
3,615
3,737
3.918
1918
18,214
12,358
8,012
1919
12.523
36.894
31,029
1920
26,136
24,148
66,837
65,324
49,035
1921
59,059
65,665
1922
71,331
72,665
70,504
68,063
68,281
1923
67,417
67.115
66,097
69,428
1924
71,382
70.009
1925
50,917
58,118
60,414
60,458
50,369
9
19 6
47,805
53,097
54,851
66.209
1927
57,595
57,190
56,520
71.682
1928
71,185
70,399
72,966
1929
198,600
140,113
125,165
105.363
263.528
249,175
1930
243,428
240,483
1931
313,117
285.655
293,714
286,378
365.985
364,401
345.194
1932
359,046
:366,084
1933
372,284
x Preferred stockholders of record April 10 1933, and common stockholders of record May 11 1933.
Frigidaire Reports 42% Gain.
The Frigidaire Corp., a subsidiary on June 14, announced that household
refrigerator sales last month were 42% higher in dollar volume than in
May 1932. Its two plants at Dayton, Ohio, are running at peak schedule.
-V. 136, P. 4097.
with 10,000 persons employed, the announcement said.
-Earnings.
General Paint Corp.
Nov.30'32. Nov. 30'31. Nov.30'30. Dec. 31 '29.
1930.
1931
Dec.31 '29.
1932.
Years EndedSales,less returns St allow $2.266,462 $3,972,972 $4,969,909 57,006.468
812,969
2,418 loss131,438
Profit from operations... loss101,150
41,785
66,418
Income credits
Gross income
loss$101,150
Deproc. & mzintenance.
112 463
Inc. charges incl. Fed.
taxes & non-recurring
65,491
charges
Applicable to min.int. of
12,025
subsidiary companies_
$2,418 loss$89,653
124.944
111,861
5879.387
177.302
108,076
116.985
159,109
Cr3,386
15.866
34,629
5214,132
$347,440 prf5508,347
5201,129
169.413
170,785
169,413
173.242
Nil
Nil
Nil
$2.01
Balance Sheet Noe. 30
LiabilUies1932.
1931.
1932.
1931.
$91,654 Notes payable__ __ 5125,000 5275,000
$68,634
75,184
505,764 Accounts payable_
333,151
103,280
41,886
48,314 Mortgages Payable
57,943
42,737
800,662 1,037,540 Accrd. prop. taxes,
payroll, &c
41,650
62,889
53,042
51,704
243,065 Curr. Install. on
194,806
mortgagee, &c
1,294
5,929
39,215
486
710,042 1,615,220 Deferred income
71.880 Res. tor dismant.
65,541
ling &c
66.468
53,662
77,176
Res.for contlng_ _.
51,182
yeapital stock_ _ _ _ 3,197,065 3,197,065
def1,212,817
Surplus
9,593
Net loss
Class 11 stet. outstanding
Earnings per share
Assets
Cash
Notes & accts. rec_
ACCt8. rec.(subs.)_
Inventories
Other assets
Investments
sLand,bidgs.,mach
equip., &c
Patents,&c
Deferred charges
4279
Financial Chronicle
Volume 136
Total
52,359,659 83,740,794
52,359,659 $3,749,794
Total
x After depreciation of $608,492 in 1932 and 5611,677 in 1931. y Reprecony. class A stock and 169,413 shares of
sented by 80 000 shares cuntul.
class 11 stock (no par) -V.136, p.155
'Generçil Refractories Co.
Operativ
ote Refunding Plan Declared
epooita-
With apthxiin,st41i 95% of the outstanding notes on deposit, the committee representing the two-year 6% gold notes due March 1 1933 and the
company have declared operative the plan dated Jan. 25 (V. 136. p. 851)
providing for the refunding of the notes. Ss provided in the plan, the
company has deposited with New York Trust Co , trustee under the indenture securing the notes, the amount required to pay the interest due March 1
1933 On the notes.
Holders of certificates of deposit for the notes may obtain immediate
payment of the interest to which they are entitled by presenting their car-
tificates to New York Trust Co., depositary, joint announcement by the
committee and the company states. It is expected that permanent bonds
of the company's new issue of $6.000,000 five-year 6% first mortgage cumulative income bonds will be ready for delivery on or after July 11933.
Additional deposits of notes will be received up to July 1 1933 by New
York Trust Co.. or by Pennsylvania Co.for Insurances on Lives and Granting Annuities, Philadelphia, or Continental Illinois National Bank & Trust
Co., Chicago. sun-depositaries. Holders of a substantial amount of notes
,e
not yet deposited has indicated their intention to accept the plan, the
committee states.
The New York Curb Exchange has admitted to unlisted trading privi-year 5% notes due March 1 1933.
leges the certificates of deposit for 2
issued in accordance with plan and deposit agreement dated Jan. 25 1933.
-V. 136. p. 4070.
-Earnings.
General Stockyards Corp.
Calendar YearsDiv. revenue-Com.stks
Preferred stocks
Interest revenue
1932.
$333,871
15,000
7,514
1931.
5694.033
33,000
1,521
1930.
$489,140
22,500
5,333
1929.
$451.946
19,500
5.722
Total revenue
Expenses
Taxes
$356.385
20,004
1,920
$728,555
17.422
1,410
$516,974
11,488
2,683
$477.168
14,074
5,653
Net income
Surplus, beginning of yr.
$334,461
965,466
$709,723
602,468
$502,802
501,217
$457,442
400,775
Total surplus
$1,299,927 51.312,191 $1.004,019
161.552
154,725
142,606
$6 div. cony. pref stock_
240,000
192,000
192,000
Common dividends
$858.217
165,000
192,000
5602,468
356.296
246,171
$501,217
356,296
144.920
* Balance, surplus.. _ _
* Paid-in
*Earned
Earns, per sh. on 64,000
abs. common stock_ _ _
$965,320
356.296
609,024
$965,466
356,296
609.170
$4.57
$5.33
$8.67
$3.00
Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
AssetsInv., corn. stocks_$4,160,321 54,160,321 b Preferred stock _$2,475,000 52,475,000
148,954 c Common stock__ 1,408,297 1,408,297
148,954
Inv., pref. stocks_
85,673
82,221
420,589 Dividends declared
292,179
Cash
1,410
1,856
384,481
205,982 Tax liability
a Treasury secur
53,240
UnadJ. credits....
356,296
Paid-in surplus_ _ _ 356,296
609,170
Earned surplus_ _ _ 609,024
$4,985,934 $4,935,846
Total
Total
54,985,934 $4,935,846
a Represented by 4.686 shares (1931. 2,385 shares) pref. stock reacquired. b Represented by 27,500 shares, no par value. e Represented
by 64,000 shares, no par value.
-V. 136. p. 1894.
Glidden Co.
-May Gross Sales.
Month of MayGrosssales
-V 136, p. 3728.
•
1932.
1933.
$2,583,000 $2,096,000
Increase.
$487,000
-Special Dividend.
Globe Underwriters Exchange, Inc.
The directors have declared an extra special dividend of $1 per share on
the common stock, no par value, payable June 26 to holders of record
June 17. During 1932 the following distributions were made: 20 cents
per share on May 2 and 15 cents per share on Dec. 30.-V. 136, P. 2077.
-Earnings.
(H. C.) Godman Co.(& Subs.).
Year End. 11 Mos.End. Year End.
PeriodNov. 26 '32 Noy. 28 '31. Dec. 27 '30.
Netssles
$8,803.449 510.329.787
n102,924 loss1580 435
Profit from oper. before int. & deprec_loss1529758
233,213
188,958
213.071
Depreciation provided
150.416
75.271
63.657
Interest paid
Net loss
Dividends paid
$1,806,487
$161,303
$964,064
538,125
5161,303 $1 502189
51.806.487
Loss for the year
x Includes net profit from disposal of capital assets of $30,826.
Comparative Consolidated Balance Sheet.
Nov. 26'32.Nov. 28'31
Nov.26'32.Nov.28'31. LiabilitiesAssets$218,260 $508,089 Notes pay. to bks- $650,000 $1,500,000
Cash
842 Accts. pay., accrd.
Notes receivable
292.296
payrolls, &c.._ 288,172
1,900
11,330
Miscell. invests...
Accts.rec.,less res. 1,455,465 2,057,394 Acerd. State & local
37,839
39,481
taxes
28,821
10,763
Due from employ_
300,000
6% 1st pref.stock_ 300,000
Real estate leased
7% 2d pref. stock_ 3,138,900 3,138,900
to outsiders_ _ _ 100,425
76,000 yCommon stock__ 2,000,000 4,084,321
76.920
Ctfs. of deposit__
2,281,588 3.757,310 Capital surplus_ _a1,897,037
Inventories
59,813
det1,746.674
2,265,741 2,734.272 Surplus
xCapital assets
248,541
Deferred charges__ 146,421
56,566,915 59,413,168
Total
56,566,915 $9,413,168
Total
a Arising from reduction of stated value of common stock. a Less
reserve for depreciation of $1,364,191 in 1932 and 51.878,296 in 1931
-V.135. p. 2661
y Represented by 171 174 shares of no par value.
-ProGoodyear Tire & Rubber Co., Akron, Ohio.
duction Stepped Up.
With thousands of men returning to work because of increased public
buying the company disclosed plans for an immediate and substantial
increase in its newspaper advertising appropriation. Production has been
stepped up to 24 hours six and even seven days a week.
"Between April 1 and May 31, 2,500 men and women were added to
the Goodyear payrolls in Akron. Other thousands returned to work at
-V. 136, p. 3729.
our plants in Los Angeles and in Gadsden, Alabama.
--Earnings.
Gorham Mfg. Co.
1930.
1931.
1932.
1933.
Years End. Jan.31x Gross profit from sales $912,897 $1,758,389 $2.344,870 $3,662.406
2.306.270
1.941.877
1,474,265
Commercial expenses... 1.133,413
$402,993 $1.356,136
$284,124
Profit from operationslos.s$220,516
256.479
87,804
86.380
87,810
Other income
1190,798 $1,612.616
$370,504
Gross income _____ __loss$132,706
Int., cash disc. on sales,
prov. for shrinkage of
285,381
363.067
340.689
inventories, fic
296,501
15.000
145.000
Provision for Fed. taxes..
51,182.235
5112.731
Net income for year,. loes$429,208
529.814
2.000
1st preferred dividends
366.590
384.857
Common dividends
370.232
175.373
Deficit
$272,126 sur$813,645
5340.418
5604.581
Previous surplus
2,167.256
2,714.901
2.165,520
2,163,475
Approp. to reflect book
value ofinvest. in Gorham, Inc
Cr.140,206 Dr.283,040
Trans.from cap. stock-- 3,858.750
Total surplus
$5,559.895 $1,540,017 $2,442,775 $2,980.901
Additional reserve set up
as of Jan. 31 1933- _
a990,676
Trans. to res. for special
50,000
contingencies
266.000
Stock dividend
279.300
Surplus
y$4,519,219 01,540.017 252,163,475 42,714.901
Shs. com. stk. outstand185,580
194,859
'194.859 i. 194,859 1 '
Nil
,
Rarnings_per share
$0.16 'W. I $0.58' 1 r $6.37
c
-ommon CtiMc at $15 per share
"Vro reflect inveitment in Gorlitim, In7. (book value approximately $20 per share). x After deduction for depreciation. y Includes earned surplus of $1,075,643. z Earned surplus.
4280
Financial Chronicle
Balance Sheet Jan. 31.
Assets1933.
1932.
1933.
1932.
Cash
11.382,575 51,100,709 Accts. payable and
Notes & accts. rec.,
sundry accruals- $98,755 $141,824
leas reserve
854,428 1,007,464 Dividends payable
78,869
840
Inventories
1,524,665 1.939,561 Reserve against inInv. (book value). 983,123 1,831,761
ventory loss, &c. 540,510
450,634
U. S. Govt. secur.. 508,772
797,510 Contingent liab___ 244,651
260,324
Plant property (dea Common stock_ 1,914,673 5,773,423
preciated)
1,782,708 1,892,537 Capital surplus_ __ 3,443,577
625,503
Expends.applic. to
Earned surplus__ 1,075,642 1,540,017
future operat'ns.
37,725
40,728
Contingent assets_ 244,652
260,324
Total
57,318,649 58,870,594 Total
$7,318,649 $8,870,594
a Represented by 194,859 shares (no par value).
-V. 136, p. 2251.
Graham-Paige Motors Corp.
-Sales Higher.
Retail deliveries of Graham cars for the week ended June 4 totaled 257
units,exceeding by 17 units the total ofretail deliveries for the corresponding
week of 1932. according to Vice-President Robert C. Graham.
-V. 136,
P. 3546.
June 17 1933
certificate holders. Prior to May 16, the first date on which the mortgage
because of the grace period, could be enforced, the income is to be placed
in escrow in a special bank account; thereafter. its assignment to the corporate trustee is irrevocable.
With respect to the managerial fee of % provided for in the agreement,
the committee says that "it is estimated that this fee will effect an economy
as compared to the charges made for management prior to the mortgage
default."
"We point out by way of comparison," the notice continues, "that a
receiver appointed by the courts of New York is entitled, in addition to
his necessary expenses, to a fee which in the discretion of the court may
be fixed to a maximum of 5% upon the sums received and disbursed by
him. This agreement and accompanying arrangements are designed to
avoid, for the present at least, a receivership of the property and the very
large expenses, together with loss of business prestige and good-will, so
frequently attendant upon the appointment of receivers.
"Unless and until some convincing reason develops to warrant the appointment of receivers, it is the opinion of the committee that this arrangement should provide bond certificate holders with all of the essential
protection of a receivership at greatly reduced expense and will further
permit of unbroken continuity of management which the committee
presently believes is able and experienced."•
To forestall any premature and ill-advised efforts to force a receivership
the corporate trustee, with the approval of the committee, has instituted
a formal foreclosure proceeding.
Halsey, Stuart & Co. are acting as depositary for the committee in New
York and Chicago and the Pennsylvania Company for Insurances on Lives
and Granting Annuities, Philadelphia. is sub-depositary. R. W. Wilson,
15 Broad Street, New York, is secrettry of the committee and Frueauff.
Robinson & Sloan are acting as its counsel.
-V. 127, p. 2544.
Humble Oil & Refining Co.
-New Officers, Ate.
w.w Fondren, F. P. Sterling and J. S. Bonner, all of whom had been
W.
connected with the company since its organization in 1917, on June 12
tendered their resignations as Vice-Presidents and as directors under the
terms of the new retirement plan.
At the organization meeting It. L. Blaffer was re-elected President and
Treasurer and H. C. Weiss, Executive Vice-President. They were chosen
for these positions last week on the resignation of W. S. Parish to become
Chairman of Standard 011 Co. of New Jersey. Other new officials elected
included E. E. Townes, Vice-President and Oeneral Counsel; Wallace E.
Pratt. Vice-President in charge of the geological and land department.
and John R. Surnan, Vice-President in charge of production.
-V. 136.
p. 4099.
Hamilton Manufacturing Co.
-Transfer Agent.
The Continental Bank & Trust Co. of New York has been appointed
transfer agent for 100,000 shares of the common stock and regUtrar for
200.000 shares of series A preferential participating stock.
The Manufacturers Trust Co. has been appointed transfer agent for the
class A preferential participating stock and registrar for the common stock
-V.128, p. 2640.
'".Harris-Seybold-Potter Co.-Rennyvertfranrbist:The New York Curb Exchange has removed from unlisted trading privi1 es the 7% cumul. pref. stoc)_without warrants attached (par $100).
and the common stock (no par). V. 136, p. 334. `
,
Hazel
-Atlas Glass Co.
-Registrar.
The Guaranty Trust Co. of New York has been appointed registrar for
434,474 shares of common stock.
-V. 136. p. 3729.
oily Oil Co. &moved frOffrftgt•-•
"- he New York Curb Exchan e has remov from unlisted trading priviremoved
leges the capital stock( par $5) V. 135, P. 1502.
Holly Sugar Corp.( Subs.).
-Earnings.
eal Cement Co.-nt
Refret-Lwiet..Years End. Mar. 31 1933.
1932.
1931.
1930. Ilagur New York Curb Exchange . removed from unlisted trading
The
par).. !,s
Operating profit
$763,244 loss$48,047 loss$132,381 51,409,911
p ivIleges the common stock (no
V. 136, p. 1895.
Depreciation _
537,654
602,850
753,196
807,900
Interest, &c
242,014
210,981
316,980
llinois Brick Co. Rtmstm..41-irr"- List.
406,507
Prey. for possible losses
he New York Curb Exchan has removed from unlisted trading privion accts. & supplies_
133.492
le s the capital stock (par $25) V. 136. p. 1026.
Loss on agric. oper., &c..
143,000
Federal taxes
2,321
Incorporated Inves
9,000
-Dividend Rate Decreased.
s.
The directors on Juno 15 declared a semi-annual dividend of 25 cents per
Net loss for year
518.744
$995,371 .1,345,558prof$186.505
share in cash, payable July 15 to holders of record June 20. Previously,
x Previous surplus
3.418,781 4,590,139 6,003,322 6,118.087
the company had made regular quarterly distributions of 25 tents per share.
Adjust. of deprec
1,536,433
A semi-annual dividend of 234% In stock was paid on April 20 1933 and on
Miscellaneous credits_ _
19,656
43,675
April 15 and Oct. 15 1932.-V. 136, p. 2805.
Surp. of sub. not heretofore included
50,023
Independent Pneumatic Tool Co.
-Report.
Calendar YearsTotal
1932.
1930.
1929.
1931.
$3,450,059 55.150,857 34.701,439 56,304,593
Gross profits
$628,612 51.447,581 $2,304,773
$392,841
Divs. on 7% pref.stock_
111,300
222,600
Sell., adm. & gen. ezp
567,425
459,311
Reduction of prop. values
841.327
823,439
to eliminate revaluaOperating profit
561,187
def$66,469
tion of mach. moved
5624,142 51,463,446
Miscellaneous (net).68,852
to new plant_
81,458
59.777
12,801
1,032,166
Adjust, of securities_
606,770
Total income
$130.039
Misc.chgs.& adjust _ _ _ _
$14.989
$683,918 $1,476,247
93,139
78,671
Reserve for income tax_ _
5,634
74.590
144,381
Miscellaneous charges
24,210
x Surplus
12,251
20,635
33.450.059 83,418.781 34.590.139 56,003.322
x Includespaid-in surplus.
-V. 135, p. 637.
Net profit
$100,195
$2,737
$588,693 $1,331,865
Dividends
x
x
Electrochemical Co. a...wed him.
x
900,000
Shares of capital stock
he New York Curb Exchange )E removed from unlisted trading
outstanding (no par)_
pr vilerres the capital stock (par $100). V. 134. p. 2351.
187,849
187 849
187,849
180,000
Earns.per sh.on cap.stk_
$6.53
$0.01
37.39
$33.13
Horn & Hardart Co.
x Company during 1932 paid dividends of $2 per share as compared
-Earnings.
-Calendar Yearswith $2.50 per share in 1931 and $4 per share in 11930 (amounts not avail1932.
1931.
1930.
1929.
Gross operating revenue317.294.947 519.143,521 518.592.797 817.436.155
able).
Material costs, salaries,
Comparative Balance Sheet Dec. 31.
wages, & other oper.
AssetsLiabilities1931.
1932.
1931.
1932.
expense
14,347,889 15,334,155 14,954,302 14,066.703
Pats. & tr.-marks_ $921,725 $930,235 Accounts payable. $27,968
$35,000
Maintenance and repairs
289.068
336,900
335,734
x Real estate, bldg.
309.007
Dividends payable
93,925
93,925
machinery,&c__ 597,826
658,852 Reserve for taxes__
9,492
Operating profit
$2,657,989 83,472,466 $3,302,762 83,060.444
Cash
215,703
99,377 y Com.stk. equity 3,923,186 4,302,195
Other income
47,653
122.799
142,091
U. S. Govt. secs.- 955,292 1,294,420
173,665
Working fund adv.
12,134
17,995
Total income
$2,705,642 $3,595,265 53,444,852 83,234,109
Accts. & notes rec. 149,188
190,045
Deprec.and
780.880
736,631
660,053
604,563
Inventories
1,106,058 1,162,371
N. Y. Stateamortiz__franchise Az
Sundry accts. rec.
2,396
2,540
Federal income taxes..
372.030
449,214
423,935
354.827
Adv. to ernpl., &c.
54,371
54,665
Prepaid expenses_
30,239
30,252
Net income
51.552.731 82.409,420 $2,360,864 82,274.719
Demolition of bidgs. &
Total
$4,045,078 $4,440,610 Total
54,045,078 $4,440,610
impts. to leased prop.
x After reserve for depreciation of 51,177,711 in 1932 and $1,112,961
written off. &c. (net)
4,385
246,928
In 1931. y Represented by 187,849 shares of no par value.
-V.136. p.2620.
Preferred dividends_ _ _ _
196,000
196,000
196,000
196.000
Common dividends
1,328,061
1.400,066
1.400.067
1.400.066
-Earnings.
Inland Investors, Inc.
Calendar Years1932.
1931.
1930.
Balance to surplus_ _ _
528,670
$760,413
8813.353
$431,725
Income from dividends & interest-$87,179
$209.835 x$294,964
Ohs. com. stock outstdg.
Profitfrom sale ofsecurities
loss70,061
29,325
(no par)
560,024
560,024
560,024
5600)24
Earnings per share
$2.42
$3.86
$3.95
$3.27
Total income
$17,118
$239,160
$294,964
Expenses
Balance Sheet Dec. 31.
24,885
43,201
49,698
1931.
1932.
1932.
1931.
Net profit
Assets
10047,767
8195,959
5245, _266
Liabilities
$
5
Dividends paid or provided for_ _ _ _(57jic.)57,500($1.85)185000($2.40)240000
y Property
12,178,908 12,741,570 x Preferred stock_ 2,800,000 2,800,000
Charges resultingfrom reduction ofseInvestments
32,500
53,000 Common stock... 3,501,440 3,501,440
curities owned to indicated market
Current assets_ _ _ _ 1,274.004
945,402 Empl. subset, to
values at Dec.31
Deferred charges__ 136,010
417,738
453
163,988 common stook__
7,800
Due from empl.for
Real estate mtges_ 2,168,000 2,168,000
Deficit
$65,267
$406,779 sur.$5,266
subscr. to comCurrent liabilities_ 1,146,725 1,435,745
Previous balance Dec.31
424,140
825,654
mon stock
y830.920
3,214 Deferred credits
105
24,848
52,187
Common cap. stk.
4,005,011 3,976,340
Surplus
Surplus Dec. 31
8358.873
purch. for resale
$424.141
8830.920
to employee*
x Less loss on sale of securities. y Less capital surplus applied ($4,000.34,338
24,948
000 of which arose from reductions in stated capital during 1931).
Total
13,646,477 13,941,513 Total
13,646,477 13,941,513
Balance Sheet Dec. 31.
x Represented by 560,024 no par shares. y After reserve for depreciation
Assets1932,
Liabilities1931.
1931.
1032.
of $5,990,933 in 1932 and $5.127,041 in 1931.-V. 135. p. 4566.
Cash on deposit.... 525,830
$40,292 Accounts payable_
$625 $479,596
Market. securities. 1,435,544 1,863,274 Notes pay.to banks 100,000
°skins Manufacturing Co.-Ronereekirenr-Isioiw-Accrued dive. and
Accrued items__ __
275
992
he New York Curb Exchangeiss removed from unlisted trading
int, on securities
11,616
25,445 Dividends payable
25,000
12,500
p vileges the capital stock (no par). V. 136, P. 1384.
Common stock _ _x1,000,000 1,000,000
.
Surplus
424,140
358,873
'Hotel St. George (Clark Henry Corp.), Brooklyn.
Total
51,472,990 $1,929,011
Total
51,472,990 $1,929,011
Foreclosure Proceedings.
x Represented by 100,000 (no par shares.
-V. 135. p. 140.
The protective committee for the lit mtge. 5,4% serial gold bond
certificates, series A,is notifying holders of these certificates that important
ntercolonial Coal Co., Ltd.
-Smaller Payment.
steps have been taken designed to safeguard their security and intones.
A semi-annual dividend of 50 cents per share has been declared on the
Including specific arrangements to minimize expenses in dealing with the
common stock. par $100, Payable July 3 to holders of record Juno 21.
situation created by the defaults which took place under the mortgage on
This compares with $1 per share paid on Jan. 3 last and with 50 cents per
May 1 1933. The committee headed by Alvin J. Schlosser. reports deposits
share on Jan. 2 and July 2 1932.-V. 135. p. 4392.
of approximately $1400,000 and urges additional deposits in order to enable
it to continue effective action in the situation.
International Button-Hole Sewing Machine Co.
The committee states that the corporate trustee under the mortgage
Regular Dividend.
has declared the entire principal amount of the mortgage and the outstanding
bond certificates due and payable. With the co-operation of the ownership
The directors have declared the regular quarterly dividend of 2% on
interests, an agreement has been executed whereby the net income from
the capital stock, par $10. payable July 1 to holders of record June 15.
the mortgaged property from May 1 forward has been segregated and
An extra distribution of 1% was made on April 1 last in addition to the
account in trust for the benefit and security of all bond
set apart in a special
usual quarterly payment.
-V. 136, p. 1896.
1e
he
.--T
-New Director.
International Paper & Power Co.
Gordon Auchincloss of the law firm of Auchincloss & Duncan was elected
a director of the International Paper & Power Co. and of the International
Paper Co., its subsidiary, on May 17, to fill vacancies, it was announced
on June 15.
Mr. Auchincloss is also a director of the Chase National Bank -V.136.
p. 2983.
-Former President
"--International Re-Insurance Corp.
-.. Resigns as One of Rreceivers.Carl M. Hansen,of Philadelphia-former President on June 14, withdrew
as one of the three receivers for the concern. He asked Chancery Court at
Wilmington, Del., for permission to withdraw and Chancellor J. O. Wolcott
granted it before the Court went into a hearing on the petitions of several
Judgment creditors asking that both Mr. Hansen and George De B. Kelm,
of Edgewater Park, N. J., be removed as receivers.
The petition seeking the removal of Mr. Kelm as receiver was withdrawn.
An agreement was made whereby Haskins & Sells and Hess & Co. with-V. 136. p. 3917.
draw as accountants.
-Sales.
Interstate Department Stores, Inc.
Sales For Month and Four Months Ended Matt 31
1933-4 Mos.-1932. Decrease.
Decrease.
-Month-1932.
1933
$222,320155,122,421 $6.127.145 $1,004.724
$1,752,284
$1,529,964
-V. 136. p. 4100.
-Sales exclude groceries and leased departments.
Note.
-Off List.
Investment Co. of America.
The Chicago Stock Exchange has removed from the list 175,000 shares
common stock (no par), because of discontinuance of Chicago transfer
-V. 136, p. 1727.
agent and registrar.
-Record Resources.
Investors Syndicate.
-year
Resources of Investors Syndicate reached a new high in the 39
history of the company, when they totaled $51.070,306 on May 31. This
is an increase or $597,216 for the first five months of 1933. of $2,414,766 over
May 311932. and compares with total assets of $30,444,994 as of Sept. 30
-V. 136. p. 3729.
1929, the beginning of the depression period.
-Production.
Island Creek Coal Co.
-1933.
Coal Output (Tons)
279,116
January
292,116
February
249,143
March
215,856
April
315,919
May
-V. 136, p. 2983. 2622.
1932.
285,245
274.145
327,707
244,243
246,172
1931.
375,078
285,901
323,220
300,349
336.262
(Rudolph) Karstadt, Inc.(Rudolph Karstadt Aktiengesellschaft).
-Listing of Certificates of Deposit for Bonds.
The New York Stock Exchange has authorized the listing of certificates
of deposit for $13,793,000 1st mtge. coll. 6% sinking fund bonds. due
Nov. 1 1943 on official notice of issuance, on deposit of bonds under the
bondholders' protective agreement. The certificates of deposit are or will
-V. 136, p. 3729.
be issued by 13111on, Read & Co.
-Shipments Top Full Year's Record
Kelvinator Corp.
for 1932.
In announcing that electric refrigerator shipments of the corporation
for the eight months and nine days of the current fiscal year 1933, to date.
at the close of business yesterday, had passed the total for the full year
1932. It. W. Burritt, Vice-President in charge of sales, made public figures
showing how Kelvinator has recently augmented its contributions to railroad freight traffic.
An average of 80 carloads of refrigerators daily were shipped from the
company's plant at Detroiticturing May, he said, this figure not including
motor, L.O.L. (less than carload lots) or steamship transport via the Great
Lakes. This figure was double that for May 932. This continuous stream
of traffic, which is being maintained during June, has been distributed
throughout the entire country. With the recently growing volume of freight
from other factories, it has helped to swell tho total of "miscellaneous
freight" in recent carloading reports of Class lsrallroads to a figure showing
an appreciable gain over the corresponding loanidgs of a year ago.
According to Mr. Burritt, sales of Kelvinator products passed the 1932
total on Thursday. When the last car rolled out of the Kelvinator plant
yesterday afternoon, the actual shipment figures had also surpassed the
1932 total with a moderate margin to spare. Kelvinator Corporation's
fiscal year begins on October 1. Consequently, with nearly four months
to go before the year ends, Mr. Burritt said prospects are favorable that
final 1933 figures on unit shipments will surpass by a substantial figure
the 1932 total which until this year had been the Corporation's record
volume
r Announces Price Advance.
-
The first price advance to be made in the-electrical refrigeration industry
since 1929 was announced on June 14 by the corporation through President
George W. Mason. He said that the company had been able to maintain
present low price levels onlylibecause of rigid economies in manufacture
coupled with the greatest volume of buying orders ever received in the
company's history which had enabled the company to cut manufacturing
costs materially.
In a statement to the corporation's 160 distributors and 5,000 dealers,
Mr. Mason said:
"On March 21, we announced that we would guarantee for 40 days only
the present exceptionally low prices on all Kelvinator models, although we
cautioned that such prices might be increased after the 40-day guarantee
bad expired. This guarantee expired on April 29, but since then we have
been able until now to continuo those exceptionally low prices because of the
pronounced upturn in refrigerator orders. This, we were able to do in the
face of tremendous increases in the cost of raw materials. For example,
there have been the following increases since March 21: Copper. 35%;
steel. 12%;lead, 16 2-3%; tin, 42%;rubber. 41%, and zinc. 30%.
"Purchases of new material are now on a 'price at time of delivery' basis.
Obviously, with our lower priced inventories of raw materials rapidly
disappearing in the face of Increased buying of all Kelvinator refrigerator
models, an increase in prices of Kelvinator products is in order.
"rhe new prices will go into effect on June 28.
"The upturn in prices of Kelvinator models, following a general increase
in prices of many basic commodities, is in our opinion significant of a broad
scale and fundamental change of American business conditions for the
better. It is the first pronounced improvement to manifest itself in the
-V. 136. p. 4100.
electrical refrigeration industry in four years."
"-..,,Kentucky Rock Asphalt Co.(Del.).-K425.entucky BfiNalosled,trinn List.
1
The Now York Curb Exchange..2 removed from unlisted trading
the common stock (no par) V. 132, P.
pr
C
,Keystone Steel & Wire Co. Rumoved froet-e-e New York Curb Exchange has remyi from unlisted trading privi..."1
elges the 7% cumul. pref. stock (par $100). V. 135, p. 2663.
-New Director.
Kinner Airplane & Motor Corp., Ltd.
A. 0. Fiehelson has been elected a director to fill the vacancy caused
by the resignation of W. 11. Khmer several months ago.
-V. 134.p. 3107.
'Kresge Department Stores, Inc.-bistiftf",
he New York Stock Exchange has authorized the listing of 243.525
sh res of stock (par $1) in substitution for a JJke amount of common stock
without par value now outstanding and listet
oposal to reduce the capital
The stockholders on May 16 approved a
from 950.000 shares, of which 250,000 shares (par $100) are preferred
stock, and 700,000 shares are common stock without par value, to 290,000
shares of which 40,000 (Par $100) shall be preferred and 250,000 (par $1)
shall be common stock, each share of common without par value to be
converted into common stock par $1 each. The stockholders also approved
a proposal to write off the present deficit of $351,131 and by such further
amounts, if any, as the d:rectors may from Cme to time determine, and
the charg'ng of the amounts of all such write-offs to capital surplus arising
from the reduction of capital.
As a result of this procedure, capital will be reduced by $5,113,501. This
amount will be transferred to capital surplus account, and the present
-V. 136. p. 3731.
deficit of $301,131 will be written off there against.
4281
Financial Chronicle
Volume 136
-Subs. Retires Pref. Stock.
Kroger Grocery & Baking Co.
All of the outstanding preferred stock of the Foltz Grocery & Baking Co.,
approximately 5,500 shares, were recently called for redemption as of
June 1 1933 at 110 and dive, at the Provident Savings Bank & Trust Co..
-V. 136, p. 3917.
Cincinnati, Ohio.
Landers, Frary & Clark Co., New Britain, Conn.
1931.
1932.
$301,934 $1,083,766
371,993
377,851
Calendar YearsProfit after reserve adjust
Depreciation
1929.
1930.
$1,440,395 $2,728,645
391,540
375,734
$711,773 $1,064,661
6,488.941
5,873,602
$2,337.105
6,041.836
Net earnings
Surplus on Jan. 1
def$75,915
4,905,374
Total
Dividends
$4,829,458 $6,585,374 $7,553,602 $8,378,940
1,890,000
1,680,000
1,680,000
1,050.000
Profit & loss surplus__ $3,779,458 $4,905,374 $5,873.602 $6,488,940
Shares of cap. stock out420.000
420,000
420.000
420,000
standing (par $25)_ _ _
$2.53
$5.56
$1.69
Nil
Earn, per sh. on cap.stk.
Balance Sheet Dec. 31.
1931.
1932.
1931.
1932,
S
s
LiabilitiesAssets
10,500,000 10,500,000
Plant, mach.& eq. 4,278,968 4,529.304 Capital stock
1,536,194 2,064,322 Accts, pay. accr.
Inventories
375,962
taxes and exp.__ 294,967
922,097
1,333,070
Cash
Res. for contingU. S. bonds and
550,000
5.50,000
encies
Treasury notes_ 5,748,064 6,249,600
3,779,458 4,905,374
612,939 Surplus
Inv. In other secs_ 460,797
158,843
163,343
Invest, in subsids_
Accts. & notes rec_ 1,316,207 1,606,333
100,000
Certifs. of deposit_ 200,000
87,897
87,782
Prepaid expenses_
Total
15,124,425 16,331,337
Total
15,124,425 16,331,337
Removed from Curb Exchange.
The New York Curb Exchange has removed from unlisted trading
privileges the capital stock (par $25).-V. 136, p. 2079.
-May Sales.
Lane Bryant, Inc.
-May-1932.
1933
$1.089,288
$1,090,968
-V. 136, P. 3357.
Increased 1933-5 Mos.-1932.
$5,383,703
$1,680 I $4,509,249
Decrease.
$874,454
-Earnings.
Lanston Monotype Machine Co.
Feb. 28 '33. Feb. 29 '32. Feb. 28 '31. Feb. 28 '30.
Years Ended$862,790
$576.227
$230,072
loxs$79,069
x Net earnings
12,916
101,766
sale of tram.stk
Prem.on
12,360
Adj. of deprec. prior yrs_
14,736
Adjust, of treas. stock
4,137,501
4.532,593
4.557.741
4,468,582
Previous surplus
$4,404,249 $4,889.578 85,121.180 $5,013,208
Total
390.000
480,000
395,671
310,620
Dividends
39.318
46,212
Obsolete mach. writ. off_
37.227
51,296
Fed. taxes (prior years)_
25,324
4,610
Adjustment
$4,089.019 $4,468.583 $4,557,741 $4.532,593
P. & L. surplus
Shs. of cap. stk. outstd g
60.000
60,000
56,743
56,441
($100 par)
$14.38
$9.60
$4.05
Nil
Earnings per share
x After depreciation and taxes.
Condensed Comparative Balance Sheet.
Feb. 28 '33 Feb. 29 '32
Feb. 28 '33 Feb. 29 '32
$
$
AssetsReserve for Federal
1,272,423 1,505,562
Cash
25,000
Income taxes__
Accts. receivable_ _11,433,7491 541.168
J 1,229,424 Reserve for unNotes receivable
3,151
3,262
claimed dim__
1,450,314 1,425,630
Inventories
5,644,100 5,674,300
403,120 Capital stock
403,000
Investments
4,089,019 4,468,582
Surplus
Dominion of Can.
27,184
106,332
5% bonds
12,783
2,026
Deferred charges
Inv. in & adv. to
295,498
348,844
affiliated cos_
716,885
645,812
x Fixed assets..
y Rights, french.,
pat'ts & impts 4,073,880 4,013,760
9,736,381 10,171,033
Total
9,736,381 10,171,033
Total
After deducting reserve for depreciation of $2,026,523 in 1933 and
in 1932. y After amortization of $1.353,975 in 1933 and
$1,942,311
$1.297.018 in 1932.-V. 136, p. 1028.
-July 31
La Salle Fire Insurance Co., New Orleans.
Fixed as Last Day for Filing Claims in Receivership Proceedings.of
Judge Michael Provosty of the Civil District Court for the Parish
Orleans, La., on June 6 issued an order fixing July 31 as the last day for
filing claims against the company with the receivers, Clay W. Beckner and
-V. 126. p. 3131.
S. Sanford Levy. at New Orleans.
-Earnings.
Lawbeck Corp.
An income account for the year ended Dec. 31 1932 is given under Manhattan-Dearborn Corp. below.
Consolidated Balance Sheet Dec. 31 (incl. Subs.).
1931.
1932.
Liabilities1931.
1932.
AssetsCash in banks.,..._ $514,631 $1,022,620 Bank loans-due
on demand _ _ _ _1351,866,000 $3,550,000
Beal estate loans a5,348,366 8,449,730
Due Mar. 15 '33 1,500,000
Accr. int, on real
108,774
6,967
Accounts payable_
116,018
estate loans_ _ __
Cum. pref. stock__ 5,000,000 5,000,000
Def. exp. on real
300,000
x300,000
Common stock_
6.303
estate loans_ _
300,000
raid-1n surplus__ _ 300,000
Accts. rec., prep.
297.217
83,642 Earned surplus__ _ 268,397
taxes, Acc
Inv. in & adv. to
wholly owned
subs. not consol. 2,755,121
Real estate owned_ 500,926
$9,241,364 $9,555,991
Total
Total
$9,241.364 $9,555,991
a Including $1.632,000 6% real estate 1st mtge. bonds carried at par
agreement. b Secured by real estate mortgages and bonds
under resale
having a face value of $4.746,896. x Represented by 300,000 no-par shares.
-V. 134. p. 3990.
-To Consider Dividends
Lehigh Coal & Navigation Co.
Semi-Annually.
It is announced that the company will consider dividends semi-annually
in April and October instead of quarterly as heretofore. It had been toe
policy to deride at the Juno meeting dividends payable at the end of August.
A distribution of 10 cents per share was made on the no par common
stock on Feb. 28 and on May 31 last, compared with 20 cents per share on
Aug. 31 and Nov. 30 1932 and 25 cents per share on Feb. 29 and May 31
1932.-V. 136. 0. 3173.
(The) Lehman Corp.
-Grants Stock Option.
The company in a notice to the New York Stock Exchange on June 9
stated:
"Pursuant to the agreement made by this corporation in its listing application to your Exchange, covering the listing of 1,000,000 shares of its autnorized capital stock witnout par value, you are hereby notified that pursuant
to an agreemen dated as of May 10 1933 the corporation granted to an
officer an option on 3,000 shares of such capital stock at 860 per share,
such option to terminate on Dec. 31 1934. The liquidating value of the
stock at the close of business on May 10 1933 was $69.27 per share."
V. 136. p. 168.
Financial Chronicle
4282
Leslie-California Salt Co.
-Extra Dividend-Quarterly
Rate Also Increased-Earnings.
The directors have declared an extra dividend of 20 cents per share on
the capital stock, no par value, payable June 24 to holders of record June 15.
The directors also declared a quarterly dividend of 35 cents per share,
payable Sept. 15 to holders of record Sept. 1. This compares with quarterly
distributions of 20 cents per share made each quarter from Dec. 15 1930 to
and incl. June 15 1933.
For income statement for 3 and 9 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 135, p. 2502.
"---
ibbey-Owens-Ford Glass Co.-fristiltrr--
The New York Stock Exchange has authorized the listing of 226,060
authoriz
additional shares of common stock (voting), without par value, on official
notice ofissuance upon the exercise of the right of conversion by the holders
of the company's 5% convertible serial gold notes, making the total amount
applied for 2,593,112 shares. Comparative Balance Sheet.
Mar.31'33. Dec.31'32
Mar.31'33. Dec.31'32.
.4ssereS
Liabilities
5
aLand, bldgs., &c.20,443,830 20,759,113 bCorrimon stock_ _14,572,013 14,572,013
421,256
Gas properties_ _ __ 778,261
803,8771Accts. pay., &c_ _ _ 201,631
Cash
1,688,128 1,717,232 Accrued taxes, in310,490
U. S. Govt. secur_ 1,648,506 2,212,034 • surance, &c.._ 406,244
Notes, accept. &
Gold notes6,527,000 8,084,500
147,380
accts. receivable 1,020,229 1,103,814 Unpaid payrolls._ 114,450
Inventories
2,641,995 2,779,764 Reserve for contingencies, &c__ 1,549,645 1,504,748
Investments
c2,257,615 2,257,753
Other assets
814,291
386,653 Earned surplus... 5,327,075 4,703,971
Empl. stk. subscr_ 507,938
507,938 Paid In surplus___ 3,312,351 3,312,351
Patents rights, etc
1,500
Deferred assets
408,317
528,532
June 17 1933
bolts, nuts and auxiliary lock nuts. In the 10
-year period 1923 to 1932
inclusive average sales of 5616,232 per year were recorded which resulted
in operating profits averaging $79,254 per year. These figures include
the depression years of 1931 and 1932 when normal business volume decreased 50% and prices generally were 33% less.
Production at the rate of 500,000 per day of the patented unit lock nut
"Chapnut" with its world-wide non-competitive market should give the
Lock Nut Corp. of America an operating profit of not less than $400.000
per annum which should result in net earnings of at least $300,000 per year.
Officers.
-Dr. A. R. L. Dohme, Chairman, Baltimore. Md.; Harley E.
Burns, Pres. & Treas., Chicago; C. J. Johnson, Sec.,
Directors.
-The above officers together with the following constitute
Chicago.
the board of directors: L. J. Emery of Baltimore, Md.; William C. Wolf
of Chicago, Ill.; C. C. Stein, Federal Glass Co.. Columbus, Ohio.
Balance Sheet.
AssetsLiabilities
Cash
$27,972 Notes Payable
$8,005
Accounts and notes receivable_ _ 33,717 Accounts payable
54,766
Advances to salesmen
2,950 Accrued payroll, interest, &c
4,169
Inventories
98,569 Accrued taxes (estimated)
18,973
Machinery and equipment
4,269
482,020 Contract payable
Unexpired Ins. & prepaid charges 4,273 Deferred obligations
33,314
Leasehold
7,679 Bond issue
-6% due Mar. 1 1934 70,000
Registered trade-marks, trade
Common stock
890,000
names, &c
54,314
Chapman patents and trademarks at cost
190,000
Total
-V. 136, P. 1896.
$881,498
Total
$881,498
MacAndrews & Forbes Co.
-Dividend Rate Increased.
The directors on June 15 declared a quarterly dividend of
40 cents per share on the common stock, par $10, payable
32,010,408 33,056,710
Total
32,010,408 33,058,710
Total
July 15 to holders of record June 30. This compares with
a After depreciation. b Represented by 2,331.522 no par shares.
C After reserves for shrinkage of 51 405,000 on March 31 1933 (Dec. 31
25 cents per share paid on this issue on Jan. 16 and April 15
1932, $1,250.000).-V. 136, p. 4101.
iast.-V. 136, p. 2807.
-Ceases Writing Lincoln Fire Insurance Co. of N. Y.
'•McGraw Electric Co.-kmessd..f.ramSist."
Texas Risks.
The New York Curb Exchange h73e_movedfffm unlisted trading
privileges the old common stock (no par). V. 136, p. 2254.
The company has ceased writing bilsiness in Texas, is cancelling the
contracts of general agents and will shortly retire from that State. it is
reported. George W. Blossom, William A. Blodgett and 0. F. Wallin, "
--..Manufacturers Finance Co., Salt.
-Dividend Reduced.
the United States managers of the company for direct business, have --
arranged with Cravens, Dargan & Co. of Houston to handle the collection
of agency balances, adjust losses and attend to other details, as the Lincoln
Fire will carry its business in the State to expiration. Cravens, Dargan
& Co. are general agents of the Eagle, Star & British Dominions, which is
under the same management as the Lincoln Fire company-("Journal of
Commerce").
-.-V. 135, p.308.
-Earnings.
Lindsay Nunn Publishing Co.(& Subs.).
-1932.
Calendar Years
Gross revenues, less refunds, rebates
& allowances
$676.176
Operating expenses
558.158
$907,635 $1,715,623
719,262
1,456,216
1931.
1930.
Net profit from operations
Miscellaneous income
$118.019
2.856
$188,374
50,134
$259,407
23,837
Total income
Miscellaneous expenses and losses_ _ _ _
Federal income tax
Loss on Herald-Times Corp. stock_
$120,874
73.147
$238.508
138,437
$283,244
140,075
18,165
1,198.329
Net profit •
Dividends on preference stock
$47,727df$1,098.258
18,253
$125,004
79,368
Profit and losssurplus
Previous surplus
Discount on treasury bonds purchased
at less than par
Surplus adjustments
$47,727df$1,11e.512
880,548
120.711
545,636
84,957
56,590
Dr.899
112,390
2,862
14,486
Dr.4.3613
Balance Dec.31
def$775,332 def.$880,548sur3120,712
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
Assets1932.
:Plant & equipml $178,118 $203,263 yPreference stock- $982,170 $982,170
:Common stock_ 1,675,289 1,675,289
Excess of Invest.
15-yr. secured 6%
over net worth of
debentures
1,029,000 1,110,000
subs, at date of
780
acquisition
2,227,662 2,227,662 Equip. notes DayNotes payable_ _ _ _
44,000
10,720
Circurn lists, goodTrade accts. pay_ .
13,821
55,877
will, advertising
456,186 Misc, accruals pay.
963
4,740
contracts, &c.
458,186
Fed. inc. tax pay
5,746
2,988
Cash surr. val. life
16,953 Accrued lot. on
insurance policy
25,231
22,200
2,080 6% bonds
20,580
Investments
13,358
10,364
17,942
Misc. curs. Habil_
Cash on deposit &
17,034 Deferred credits to
on hand
20,435
33,228
29,715
134,486
income
Notes receivable_ _1 51,723
775,332
880,548
159,529 Deficit
Accts. receivable f
15,803
10,611
Inventories
13,370
12,395
MUM. curs. assets_
5,802
5,338
Deferred charges
$3,001,059 $3,052,149
Total
Total..$3,001,059 $3,052,149
x After depreciation of $79,147 in 1932 and 568.028 in 1931. y Represented by 32,739shares(no par). z Represented by 50,000 shares (no par).
-V.135, p. 141.
-Stock Offered.-Arthur
Lock Nut Corp. of America.
Bancker & Co., New York, recently offered 310,000 shares
A
of common stock at market. , circular issued by the
bankers affords the following:
Transfer agent, Guaranty Trust Co. of New York. Registrar, Commercial National Bank & Trust Co. of New York.
Organization.
-Corporation was created and chartered Jan. 7 1933 in
Delaware by amending the charter of the Boss Bolt & Nut Co. of Chicago,
and by acquiring all the patents of the Chapman Self Locking Nut Co.(Md.)
The plant of the Boss Bolt & Nut Co. has been successfully operating
for the past 10 years. It is one of the largest bolt and nut works in the
West. It makes a full line of bolts, nuts, rivets and lag screws; also manufacturing lock nuts and auxiliary lock nuts, known as the "Ross Lock Nut"
which are used extensively on rolling stock of the principal railroads of
this country. This company has maintained for many years a leading
position in the bolt and nut industry and has many customers among
leading railroad and industrial companies.
Chapman Self Locking Nut Co. was organized as a common law trust
for the purpose of producing and marketing a single piece unit lock nut
which bears the registered trade-mark "Chapnut."
Capitalization.
Common stock (par $1)
1,000,000 shs.
7% cum. pref. stock (par $100) authorized but unissued
2,500 els.
1st mtge. 6% gold bonds due March 1 1934, authorized and
outstanding
$70,000
Common Stock Distribution.
-(a) 190,000 shares of the common stock
were issued to the Chapman Self Locking Nut Co. in payment of all patents,
trade-marks and patent pending applications granted to this company
on the unit lock nut trade-marked "Chapnut." (b) 475,000 shares have
been issued in exchange for all of the common and pref. stock of the Boss
Bolt & Nut Co., thereby acquiring all of the assets and liabilities of that
company. (e) 335,000 shares have been sold to Arthur Bancker & Co.,
New York, N. Y., for cash and under option. The proceeds from the
sale of these shares will be used by the corporation as working capital
and to retire the $70,000 1st mtge. 6% gold bonds on or before maturity,
March 11934.
-This business, as operated by the Boss Bolt & Nut Co., showed
Profits.
very satisfactory profits in normal years from its manufacture of ordinary
A dividend of 21% cents per share has been declared on the 7% cum.
pref. stock, par $25, payable June 30 to holders of record June 16. Previously the company made regular quarterly distributions of 43% cents
per share on this issue.
-V. 136. p. 1029.
Manville Jenckes Co.
-Successor Organized.
-
See Manville Jenckes corp. below.
-V. 136, P. 4101.
cGraw-Hill Publishing Co.,lnc.-Ann.ualRep.prt 1932.
Bank Loans Funded-Reduction in Stated Capital James
McGraw, Chairman, and Malcolm Muir, resident,
state in part:
During 1930, when our volume of business and net earnings were at the
peak, efficient operations demanded that we consolidate our New York
offices, which were then located in four buildings. The obvious inefficiency
and high cost of publishing our magazines, books and catalogs in so many
different locations made this move essential.
At that time an adequate plan for financing the new building was made,
which would not necessitate the use of McGraw-Hill reserves. Conditions
changed so rapidly, however, that commitments made to us could not be
fulfilled and it was necessary for UB to use some of our own resources and
bank credit to complete the financing. Because of the splendid history
and strong position of the company, the banks agreed to extend an open
line of credit until conditions in the investment market permitted the permanent funding on terms advantageous to the company.
As conditions have not yet improved to the point where there is a market
for this type of funding operation, we have requested our bankers to fund
the obligations held by them. As of April 1 1933 our banks accepted the
collateral notes and income notes shown on the balance sheet of April 1
1933 in exchange for an equal amount of obligations of this company
formerly held on a demand basis. As a result of this funding of bank debt,
you will observe that our current assets, conservatively valued, are almost
two and one-half times our current liabilities as of April 11933.
The balance sheet of April 1 1933 also gives effect to a proposed reduction
of the stated capital with respect to the common stock of the company,
from 810,517,925 to $3,000,000. This reduction of stated capital has been
recommended by the directors and will be acted upon by the stockholders
at the annual meeting to be held June 26 1933. When approved by the
stockholders, there will result a capital surplus of $7,517,925 which will be
available for writing down assets of the company or setting up reserves
against assets in such amount as the board of directors may from time to
time in their discretion deem advisable.
Despite the virtual standstill of the capital goods industries with which
the prosperity of the company is so intimately associated, and the drastic
curtailment of advertising expenditures by business generally, which reduced
volume by 36% in 1932, it is gratifying to report that close supervision
and control of expenses held operating losses to $239,187.32 in 1932 and
830,706.24 in the first quarter of 1933. These figures include full interest
payable upon all obligations. They contain the full loss in the first 15
months of the operation of our new building and all costs in the development
of the publication "Business Week" the results of which were previously
reflected in development reserves.
Cash and securities on hand as of April 1 1933 are $498,060 less than
they were at the beginning of 1932. Capital disbursements in the period
Include the retirement of $242,800 of the bank loans, settlement of the leases
of offices vacated upon completion of the new building, payment of capital
obligations concerned with the building, and other retirements of debt in
excess of the reduction in cash. Careful control and constant budgeting
of cash, despite the decrease in volume, have made it possible to finance
all requirements through working funds without borrowing money for
publishin r. operations or impairing the credit position we have always
maintained.
Consolidated Income Account For Calendar Years
1932.
1931.
1930.
1929.
Gross revenues
$7,249,207 $10.125,153 $13,105,750 $13,378,141
Operating expenses, incl.
Federal taxes
7,230,245
9,344,638 11,185,296 11,104,284
Operating income_
Other income
$18,962
54,437
Total income
Depreciation
Interest
Minority interest
$73,399 51,045,956 52,277,125 $2,562,002
97.461
104.986
163,602
292,855
6,086
27,298
15,625
19.731
72,706
122.954
150,782
Net profit
Common dividends
loss$239,187
$780,515 $1,920,454 $2,273,857
265,441
356,671
288,145
•
$869,702 52.021,887 32,231,993
750,000
1.200,000
1,200,000
Surplus
$119,702
def$239,187
$821,887 51,031,993
Earns. per sh. on 600,000
shares (no par)
$1.45
Nil
$3.72
$3.37
-Revaluation of fixed assets
Adjustments to earned surplus.
(including depreciation for the year)
$1,406,256
Charge off of all amortizable costs in connection with the
tenanting of the McGraw-Hill Building and branch offices,
and provision to cover estimated loss upon unsettled lease_ _
323,188
Creation of a reserve fully covering advances to employees in
connection with their loans to banks on account of purchase
of company stock and for life insurance to protect the com144,015
pany upon the advances
Miscellaneous adjustments and reserver, no portion of which
63.695
affect current operations
Loss for year (as above, $239,187); earned surplus at Jan. 1
1.938.556
1932, 34,114.899; earned surplus at Dec. 31 1932
•
.
V
Condensed C
onsolidated
1932.
1931.
Assets
$
630,907
784,420
Cash
Acc'ts & notes rec _ 643,416 1,369,202
U.S. Govt., mimic.
98,341
196,490
& railroad bonds
Inventories
945.587 1,071,651
Other assets
297,418
368,159
Due from empl. on
subsoil!). to cap.
88,449
stock of subs_
Inv.in assoc. cos- 841,049
716,500
Invest. in unimproved r'l estate
1,043,851
Notes of employees 809,220
Prepaid & def.exp.
81,941
Land, bldg. and
building equip__ 2,000,000 5,699,328
Fixed assets
548,035 y959,589
Meg. titles, copyrights, subscrip.
lists,book plates,
trade marks and
10,712,317 10,898,115
good-will
Balance Sheet Dec. 31.
1932.
Liabilities$
269,643
Acc'ts payable_ _ __
Accrued liabilities- 308,074
Notes payable a__ 2,629,220
Deferred liabilities z 165,000
Oblig. assumed in
connection with
contract of bldg.
Accts. payable for
purchaseof print
trig plant
Mtge. on bldgs_
Reserves
694,480
Minority stockh'rs'
1,058,033
Interest
Deferred income_ _
7,300
x Common stock..10,517,925
Surplus
1,938,556
1931.
$
245,351
331,497
125,000
2,016,206
163,254
3,800,000
733,273
1,146.750
1,597
10,517,925
4,114,899
17.588,230 23,195,754
Total
Total
17,588,230 23,195,754
a Secured by marketable securities and investments in associated and
subsidiary companies. $1,750,000; secured by employees' notes and collateral, $809,220; due by subsidiary, $70,000. x Represented by 600,000
no par shares. y After reserves for depreciation of $1,069,065. z Includes
purchase money obligations payable from 1934 to 1938.
Condensed Consolidated Balance Sheet April 1 1933
Giving effect to the funding of bank debt and to proposed reduction of
stated capital.]
LiabilitiesAssets$
5
Cash
357,200
432,054 Secured notes payable
Marketable securities (market)
65,000
50,796 Notes payable by subsidiaries.
250,948
Accts. & notes rec.(less res.)._
836,938 Accounts payable
Inventories (at cost or lower)_ _
266,660
900,046 Accr'd liabilities & tax prey
Secured accts. rec., due after
d Coll. notes, due 1934-1935.... 1,150,000
one year
760,287
446,675 e Inc. notes, due April 1 1935_
Deposits, misc, sees., invenDef'd liabilities (1934 to 1938).. 183,750
Res. for contin.& unfilled subs 697,029
tories, adv's to authors &
employees (less rec.)
108,355
273,019 Deferred income
1,070,765
Prep'd & deferred expenses__ _
66,130 Minority interest
Inv't in & adv's to assoc. co's_
3,000,000
850,086 b Common stock
7.517,925
c Notes of employees
760,287 Capital surplus
1,900,429
a Real estate
2,000,000 Earned surplus
Machinery & equipment
1
Magazine titles,copyrights,d‘c.10,712,317
Total
Total
17,328,348
17,328,348
a After deducting $3,800,000 for mortgage due Jan. 1 1942. b Repre
sented by 600.000 no par shares. c Secured by 46.637 shares of company
stock pledged against income notes (per contra). d Secured by the investments in the associated and subsidiary companies. e Secured by employees'
notes and collateral (per contra).
-V. 136, p. 1212.
Manhattan-Dearborn Corp.
-Report.
The corporation owns over 99% of the common stock of The Lawbeck
Corp. (see above)
Income Accounts for Year Ended Dec. 31.
Manhattan Dearb. Corp. Lawbeck Corp & Subs.
Particulars1932.
1931.
1932.
1931.
Income: Int. on real est.
loans. &c
$365,572
$235,672
$105.001
Inter-co. interest
loss97.438
99,363
97,438
Dividends received..__
$25,030
2,662
69,267
Comma,earned on real
estate loans
29,993
20.919
Miscellaneous income_
6.115
24,213
3,484
17,486
Int. paid by M.D.Corp.
on oblig. held by Lawbeck
loss68,907
prof68,907
Total income
Interest charges
loss$19,665
3101,234
$551,329
181,837
$371,880
253,088
Inc. after int. charges_ loss$19,665
Administrative expenses.
78.021
$101,234
86,628
3369,492
98.312
$118,792
121,742
Net profit before reflecting losses on sec. loss$97,686
Loss on sale ofstocks and
bonds
Adjust, of owned secur_
62.125
314,605
$271,180
loss$2,950
176,680
267,203
Net loss for year
$159,811
Previous surplus
2,486,264
Surp. arising from: Purchase & cancellation
of 27,003 she. of stk.
Reduct.Instated value
of ohs. tr. $32 to $20
20 027
.
3429,278prof$271.180
3,362,478
597,217
$22,977
920,194
613.060
36,986,264
zTotal surp.at Dec.31def$326.453
x Includes capital surplus.
$2,486,264
three months from Dec. 31 1929 to and including Dec. 31
1931.-V. 136, p. 2807.
-Earnings.
Martel Mills, Inc.
For income statement for 26 weeks ended April 1 see "Earnings Department" on a preceding page.
-V. 132, p. 2210.
-Planfor Refinancing Guaranteed
Maryland Casualty Co.
Bonds.
-See United States Fidelity & Guaranty Co. below
and V. 136, p. 3732.
-Smaller Dividend.
Massachusetts Investors Trust.
The trustees on June 12 declared a quarterly dividend of 19 cents per
share, payable June 30 to holders of record June 15. , This compares with
20 cents per share paid on March 31 last.
During 1932 the following distributions were made: 27 cents per share
in cash and 1% in stock on March 31: 21 cents per share on June 30; 21
cents per share on Sept. 30 and 20 cents per share on Dec. 31.
The current dividend, amounting to $208,811, is payable to the largest
number of shareholders of record, approximately 18,000.
It is announced that all securities owned during the period are paying
dividends. The following nine companies reduced their dividends during
the period: Consolidated Gas Co. of New York, Edison Electric Illuminating Co. ofBoston, Detroit Edison. Northern States Power A, Hershey
Chocolate, General Foods, Eastern Utilities Associates, Public Service
Corp. of N. J., and Standard Oil Co. of Calif. These reductions amounted
to $9,450, or approximately 9-10 of 1 cent per share on the outstanding shares
of the trust.
-V. 136. p. 1897.
-Earnings.
(Oscar) Mayer & Co., Inc.
Years EndedNov. 12 '32. Nov. 21 '31. Nov. 29 '30. Nov. 30'29.
$149,066
$176,146
$377,702
Profits on operations_ _ _
$158,820
30,500
23,610
60.000
Fed. & State inc. taxes__
a22,500
Discount on preferred &
Cr5,525
common stock purch_
bCr8,810
3145,131
Balance
18.739
1st pref. dive., 7%
26,254
2d pref. dive.,8%
Addit. assessment Federal
income tax
Adjustment of Wisconsin
State income tax
Prem.on pref stk. purch
Adjust. of prop, value to
eliminate increase on
appraisal in '919
368.852
$323,227
26.348
36,262
Balance
Previous balance
3260.617
1.225,711
def$268,714
1,486,329
$125,456
27.575
36,560
$145.646
26,346
37,056
2,071
8,500
1,409
$59,250
1,166.462
372,336
1,094,126
Balance end of year.. $1,217,615 $1,486,329 $1,225,712 31,166,462
a Federal income taxes only. b Discount on pref.stock purchase only.
Comparative Balance Sheet.
LiabilitiesNov .12'32. Nov.21'31.
AssetsNov.12'32. Nov.21'31.
$98,205 $120,662
Cash
13239,688 $194,850 Accts. payable_ _ _
15,469
Accts. receivable... 513,653
611,483 Dividends payable
79,866
110,941
Fed. & local taxes_
Balances due on
345,100
370,600
722 1st pref. stock_ _
employ. stk. sub
305
439,700
Inventories
754,436
829,569 2d pref. stock........ 415,500
24,886
22,451 Common stock..._ 1,199,700 1,199,700
Investments
1,217,615 1,486,329
29,536
22,326 Surplus
Prepayments
x1,793,480 2,061,999
Properties
Total
$3,355,985 $3,743,400
Total
$3,355,985 $3,743,400
x After depreciation of 31.067,253.-V. 134. p. 4334.
-New Officer, &c
Mercantile Acceptance Corp. of Calif.
President It. G. Snodgrass, in announcing the creation of the office of
Executive Vice-President, commented on the selection of C. Roy Warren
to fill this position, stating that this appointment was to complete their
management organization.
This corporation was formed in 1923 with an original capital of $30.000.
which has been steadily increased to a capital and surplus which now
exceeds $1,500,000. This development has been possible through the
steady acquisition of competing finance companies, principal among which
were the Industrial Finance Co. of Ukiah, Santa Rosa Finance Co., Northen California Mortgage Co., Merchants Security Corp., Peoples Finance
& Thrift Co. of Eureka, California Finance & Loan Corp. of Burlingame,
Industrial Finance Co. of Pittsburg, Central Counties Finance Corp.,
Inc., of San Luis Obispo. San Joaquin Finance Corp. of Fresno.
In addition to absorbing the above companies,the Mercantile Acceptance
Corp. of California recently acquired control of the San Joaquin Securities
Corp. of Visalia. This latter company has a capital and surplus of about
-V. 136. p. 1029.
,3300,000 and is operated as a subsidiary.
-Sells Control of Batterman
""Mercantile Stores Co., Inc.
Store.
Earlier this year, the corporate stock of the Batterman Co., Brooklyn,
N. Y., had been sold to Henry L. Batterrnan, son of the founder of the
store.
-V. 136. p. 1029.
-Earnings.
-Mid-Continent Petroleum Corp.
For income statement for 3 months ended March 31 see "Earnings
-V. 136. p. 3357.
Department" on a preceding page.
3,440,004
Total
$2.326,453
Divs. paid on pref. stock
Additional res. for losses 2,000,000
3868,397
300.000
3897.217
300,000
$568,397
$597,217
4,500.000
Balance Sheet Dec. 31 1932 (Not Consolidated).
AssetsLiabilities
Cash in banks
$1,478,973 Miscellaneous accts. payable__
$44,042
Listed stocks
-at market
178,750 y Capital stock (no par)
5,721,049
8,961 Capital surplus
Sundry receivables
z486,264
z Invest, in wholly owned subs 4,424,860 Earned, deficit
159,811
Total
Total
$6,091,544
$8,091,544
x Representing ownership ofreal estate equities at cost including operating
advances. Properties and otner assets. $14,009.940; less
-1st mortgages
and accrued interest. $9,358,325; balance, 34.651.616; participation in
let mtge. of Raymond-Commerce Corp., 3450.000: equity in real estate
(subject to mortgages of $87.500), $101.049; other real estate loans and
equities. $32,391; total, 35.266.056. Investment in Lawbeck Corp., at
cost: common stock. 299,745 shares out of a total 300.000 shares, $2.098,215; pref. stock. 1.130 shares, $41.407; total. $7.404,678; less-rmerve for
losses in realization of assets (as determined oy the board of directors)
less charges there against in 1932 of 35,520,181. $2.979,818. y Authorized
661,667 snares; issued. 286,667 shares at declared value of $20 per share,
,
-4,131 shares. 312.290. z As ad$5.736,3 0; less
-treasury stock at cost
justed Dec. 31 1931, 2.486,264, less-provision for losses charged thereagainst per resolution of the board of directors, $2,000,000.-V. 134, p.
3991.
Manville Jenckes Corp.
-Organized.
-This company was incorp. in Delaware June 10 1933, with an authorized
capitalization of 290,000 shares (no par), consisting of 80.000 shares 1st
pref. stock, 90,000 shares 2nd pref. stock. and 120,000 shares corn. stock.
Company will succeed the Manville Jenckes Co. per reorganization plan
In V. 136. p. 2984.
-Dividend Halved.
Midland Corp.
-The directors
on June 14 declared a quarterly dividend of 10 cents per
share on the common stock, par $10, payable June 30 to
holders of record June 20. This compares with 20 cents
per share paid each quarter from March 31 1932 to and including March 31 1933,and with 30 cents per share paid every
4283
Financial Chronicle
Volume 136
-Preferred Dividend.
Midland Steel Products Co.
A dividend of 1% was declared on the 8% cum. 1st pref. stock, par $100
on June 14, payable July 1 to holders of record June 16. A similar payment
was made on this issue on April 1 last, as against regular disbursements
of 2% each quarter from April 1 1930 to and incl. Jan. 1 1933.-V. 136.
p.2807.
-Rights.
Moto Meter Gauge & Equipment Corp.
The common stock holders of record June 19 1933, will be offered the
right to subscribe at $1.50 per share for common stock, par value $1, to the
extent of one share for each 23 shares held. Rights will expire on July 10.V. 136, p. 3358.
-Earnings.
Mueller Brass Co.
Earnings for Fiscal Year Ended Nov. 30 1932.
Sales
Returns and allowances
Freight allowed
Cash discounts allowed
Cost of goods sold
Finished goods inventory decrease
Selling, administrative and general expenses
Other deductions (net)
$1,714:404
6 6
7 8
3
27,851
15,496
1,360,495
149,097
317 999
91 53
7
Net loss
3309.851
Pro Forma Balance Sheet Nov. 30 1932.
[Giving effect to (a) the acquisition by Mueller Brass Co. of certain
assets of Sky Specialties Corp. in exchange for 25,007 shares of common
stock of Mueller Brass Co. and (b) retirement of notes payable to banks in
amount of $172,500, which transactions have been consummated subsequent
to Nov. 30 1932.1
AssetsLiabilities
Cash
$663.948
$181,785 Accounts payable
Marketable securities
7,497 Accrued interest
7,901
Cash surrender val, of life ins.
6,969 Patent purchase contract
6,000
Notes & accounts receivable__
159,291 1st mtge. serial gold bonds,6% 769.100
Inventories
250,839 Reserves
21,667
Other assets
245,787 7% preferred stock
292,660
aLand, buildings & equipment 1,810,267 bCommon stock
143,842
Pats., trade-marks & licenses_
11,779 Appree'n of permanent assets_
354,878
Deferred assets
60,499 bCapital surplus
1,069,723
Total
$2,734,716
$2,734,716
Total
After depreciation reserve of $1,439,227. b On Dec. 27 1932 the
stockholders approved the change n character and designation of the
4284
Financial Chronicle
common shares of the company from non-par value to par value of $1.00
per share. This balance sheet reflects as of Nov. 30 1932 the changes in
common stock and surplus accounts resulting from this action.
-V. 136.
p.337.
Muller Bakeries, Inc.
-Earnings.
Years Ended Oct. 31Gross profitfrom sales
Selling, delivery, advertising, adminis.& gen.exps.
Other deductions (net)
Extraordinary expenses
Provision for Federal income tax
See Dwight Manufacturing Co. above.
-V. 136, p. 671, 168.
National Breweries, Ltd.
-Exchange Offer.This company has offered to exchange its preferred and common stock
for preferred and common stock of Frontenac Breweries, Ltd., a subsidiary, on a share-for-share basis.
-V. 135, p. 2504.
1932.
$443,508
369.225
14,683
8,146
4,823
1931.
$515,152
407,320''National Candy Co.-Revirovediron't, rigt.18,915
ahe New York Curb Exchange has removl from unlisted trading
15.044
privileges the 7% 1st preferred stock (par $100).. V. 136, p. 3358.
561
Net income for the period
$46,630
Statement of Surplus Accounts Oct. 31 1932.
Capital Surplus
Capital surplus
-Nov. 1 1931
Adjustment of capital items
$73,311
$200,714
8,656
Capital surplus at Oct. 31 1932
Current Surplus-Current surplus, Nov. 1 1931
Net profit for the fiscal year ended Oct. 31 1932 (as above)_ _ _ _
Adjustment of Federal income tax liability for prior year
Adjustment of reserve for doubtful accounts
$209,370
Total
Dividends on preferred stock
$197,197
43,874
Earned surplus Oct. 31 1932
Combined surplus Oct. 31 1932
Balance Sheet Oct. 31.
Assets1932.
1931.
LiabilitiesCash
$59,889
$70,514 Accts. payable and
U.S. Govt. seeurs. 200,000
175,000
payroll
Municipal securs.
Accrued int.,taxes,
and accrued int_
1,684
insurance, &e_
.
Accts.receivable__
12,592
14,168 Dividend payable_
Inventories
31,004
34,876 Total funded debt_
Investments and
Reserves tor conother assets_ _
35,132
36,000
tingeneles
a Land, bldgs.,ma7% pret. stock_ _ _
chinery & equip_ 937,233
974,427 b Non-par val.stk.
Good-will
233,816
233,816 Surplus
Deferred charges__
22,167
22,135
$153,322
362,691
150,325
46,630
37
205
1931.
1932.
$13,348
$9,326
13,841
10,848
341,500
366,000
112,319
618,900
60,068
362,692
128,457
632,400
60,068
351,039
13,644
Total
$1,533,516 $1,560,935
Total
$1,533,516 $1,560,935
a After depreciation of $360,513 in 1932 and $318,137 in 1931. b Represented by 20,235 shares class A stock and 39,833 shares class B stock.V. 132. p. 1434.
Nashawena Mills.
-Approves Mortgage on Mill A.
The stockholders on June 5 voted favorably on the recommendation of
the directors to give to William Whitman Co., Inc. a mortgage on the
building and equipment on Mill A. The mortgage does not bear interest
and does not add to the total indebtedness of the mill, but is, in effect,
security against endorsement for current loans.
The company's Mill B, which is not affected by the mortgage, will be
sold, and all the company's operations concentrated in Mill A. President
W. W. Coriell says that the management prefers to sell Mill B as a complete
unit. They are negotiating with several possible buyers on this basis.
The mill which was formerly Manomet No. 2 has 2,00(1 Draper automatic
looms and is set up to make 305 to 60s yarns and fabrics requiring such
counts, but can make up to 80s and 90s yarns.
Relative to current business, the management stated at the meeting
last week that considerable improvement had materialized in the last 60
days, necessitating expanded operations and the recalling of 300 of the
company's employees who had previously been laid off
-("American Wool
and Cotton Reporter").
-V. 136, p. 3918.
National Air Transport, Inc.
-Earnings:-
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 135, p. 3534.
National Bond & Share Corp.
-Asset Value-Stock
Decreased.At the close of business May 31 1933, on which date the first quarter of
the current fiscal year ended, the assets of the corporation taken at market
values were distributed as follows: Cash and U S. Government securities,
11.7%; bonds and pref. stocks, 19.9%; common stocks, 68.4%.
Alter provision for the dividend of° cents per share payable June 15
25
and for Federal taxes estimated under the law in effect May 31 1933, the
net asset value at the close of business May 31 1933 of the 187,200 shares
of the capital stock then outstanding was $39.48 per share.
At the annual stockholders' meeting held April 17 1933 the retirement
of 6,000 shares of the capital stock was authorized and was effected by the
reduction of capital from $4,830.000 to $4,680,000 and the number ofshares
issued and outstanding from 193.200 to 187,200.
Earningsfor Years EndedFeb. 28 '33. Feb. 29 '32. Feb. 28 '31.
Interest on bank balances
$30.417
$7,575
$3.211
Interest on bonds
74.759
99,466
82,964
Cash dividends
258,266
261,917
222,500
Total
Expenses
Provision for State taxes
$308,675
29,820
8.346
$344,250
32,675
14,367
$388,149
29,776
13,275
.Ket income
Dividends
$270,510
188.100
$297,208
197.350
$345,098
200.000
Balance
$99,858
$145.098
$82,410
Notes.
-(a) Realized net loss from sales of securities (computed
on the basis of average cost) has been charged against capital
surplus in the amount of
$1.230,932
(b) Aggregate unrealized depreciation in value of securities
owned as compared with cost: As of Feb. 29 1932
1,289,133
As of Feb. 28 1933
955,812
Decrease during period
$333,320
Statement of Surplus Year Ended Feb. 28 1933.
Capital surplus: Balance, Feb.29 1932
$2,665,448
Amount transferred from capital upon retirement of 6,800
shares of the co.'s own capital stock
170.000
$2.835.448
Deduct: Net loss from sales of securities during the year
1,230.932
ended Feb.28 1933
Cost of 200 shs. of the corporation's own cap, stock retired4,100
Cost of 5,500 shares of the corporation's own capital stock
held in treasury
105,487
Balance, Feb. 28 1933
Surplus income: Balance, Feb.29 1932
Net income for the year ended Feb. 28 1933
June' 17 1933
Nashua Manufacturing Co.
-Sells Dwight Equipment.-
$1,494,928
402.874
270,509
-Listing.----National Distillers Products Corp.
IThe New York Stock Exchange has authorized the listing of 13,281 addi1 shares of common stock without par value, as follows: (a) 12,000
shares on official notice of issuance and payment in full and (b) 1,281 shares
official notice of issuance upon the conversion of shar of preferred stock,
making the total amount applied for 522,701 shares.
Authority for and Purpose of Issu .
The directors at a meeting held May 25 1933, authorized the issuance of
12,000 additional shares of common stock at $27.50 per share upon the
exerchle of a 90
-day option theretofore given in connection with and at the
time of a previous sale of 40,000 shares of common stock at the price of
$25 per share and heretofore issued and listed. The entire proceeds of
the additional 12,000 shares of common stock will be net to the corporation
and will be used for expansion and development purposes.
By reason of the granting of the option and the issuance of the 12,000
additional shares covered thereby at the price of $27.50 per share, the
corporation is required to reserve an additional 1,281 shares of common
stock for the purpose of effecting the conversion of the preferred stock.
Sales Output.
Calendar Years
3 Months
Mar.31 '33.
1931.
1932.
• 1930.
$977,357
$3,404,467 $4,057,756 $2,784,850
Whiskey
53,537
408,034
653,357
Cherries
810,359
-V. 136, p. 3918.
'National Ice & Cold Storage Co. of Calif.-Interest
Deferred.
The interest payable on the 6% gold bonds on June 1 and Dec. 1 1932,
June 1 1933 and June 1 1934, has been deferred in payment, without interest
thereon, to on or before Dec. 1 1942, in accordance with the terms and
provisions of a supplemental indenture executed on June 1 1932. All
holders of bonds whose bonds have not been endorsed are requested to
forward their bonds with the above coupons attached, to the Investment
Registry, Ltd., 6, Grafton St., New Bond St., W.I., London, England,
for the purpose of permitting the trustee to make the required endorsement
thereof and to substitute the deferred interest certificates for the above
referred to coupons. (London "Stock Exchange Weekly Official Intelligence.")
-V.122, p. 224.
-June 15 Int. Paid.
National Press Building Corp.
On petition of Lawrence B. Campbell, receiver, Judge James M. Proctor
of the Supreme Court of the District a Columbia has authorized that the
semi-annual interest payment June 15 on the first mortgage 5%% bonds be
made. The amount of the interest payment will be $177.892.-V. 135,
p. 4044.
-Annual Report.
National Securities Investment Co.
Oswald L. Johnston, Secretary, in statement to stockholders for 1932
says:
In the past year, as a result of exchange offers by Atlas Corp.,the number
of shares of6% preferred stock held by others than Atlas Corp. and its affiliated group of companies, has now been reduced to approximately 24,000
shares. The independent operation and identity of company, however,
will be continued until such time, if at all, as it may seem advisable to
merge or otherwise consolidate with Atlas Corp.
Income Account Year Ended Dec. 31 1932.
$217,200
Dividends
113,487
Interest
Total
Operating management
Legal
Stock transfer and registrar
$330,687
46,185
6,700
10.797
$267,003
x Net income
x Net income is after all expenses but before adding profits or deducting
losses on sales of securities and adjustment-of security valuations to market.
Such profits,losses and adjustments are treated asadditions to or deductions
from surplus.
Balance Sheet at Dec. 31 1932.
Assets
$1.271.152
in banks
Cash
100,969
U. S. Government obligations, at market
69,635
Due from brokers & other current accounts receivable
com. stock of Amer.,
Holdings of 5% gold debs.. $6 1st pref. &
British & Continental Corp., carried at market value Dec. 31
z1,193,918
19321
Portfolio holdings at values based on market or bid prices,
Dec. 31 1932 y:
303,507
Bonds and notes
1,795,613
Preferred stocks
3,362,029
Common stocks
Syndicate participations, &c., carried at market value of under134.447
lying securities at Dec. 31 1932
4,633
Prepaid expenses
Total
Liabilities
Due to brokers, accounts payable. &c
Balance applicable to capital stocks x
$8,235,905
$249.489
7,986,416
$8,235,905
Total
x Represented by 138,957 shares of 69 cumulative preferred stock and
939,144% shares of common stock. The indicated asset value of the
preferred stock is $57.47 per share. Cumulative dividends in arrears
since Aug. 15 1931. In addition to the above outstanding 6% cumulative
preferred and common stock, there are: 89.0803 shares of common stock
reserved against outstanding warrants, expiring Dec. 31 1933 for the right
to purchase common stock at $15 per share, and 250,000 shares of common
stock reserved against outstanding manager's warrants. expiring Dec. 31
1938 for the right to purchase common stock at prices ranging from $15
to $20 per share.
y Where such valuations were in excess of available bid prices, valuations
are based on market prices of such Atlas Corp. securities as would have
been obtained by acceptance of recent exchange offers.
z If such holdings in directly controlled company are valued at the asset
values reflected in its certified statement of financial condition, the indicated asset value of the preferred stock of National Securities Investment
Co. would be $61.44 per share.
Exchange Offer.-
Deduct: Dividends declared
Provision for prior year's Federal income tax
$673,384
See Atlas Corp. above.
-V. 134. p. 4335.
188,100
7,500 "
-The
.National Steel Corp.
-Increases Dividend Rate.
directors on June 10 declared a quarterly dividend of 25
$477.784
Balance. Feb. 28 1933
Comparative Balance Sheet,
AssetsFeb. 28'33.Feb.29'32. LiabilitiesFeb. 28'33. Feb. 29'32.
Cash in banks_ _ __ $569,218 $1,162,499 Capital stock_ _ y$4,830,000 $5,000,000
Securities owned
8,525
Reserve for taxes_
1,025
x6,245,707 6,921,772 Discount unearned
at cost
1,476
Divs. rec. & int.
46,925
Div. payable
48,350
43,236
accrued
34,901 Capital surplus_
1,494,928 2,665,448
1
Furniture Sr fixt's_
1 Income surplus_
477,784
402,874
$6,858,163 $8,119,173
Total
Total
$6,858,163 $8,119,173
x M of Feb. 28 1933, the aggregate market value of securities owned was
less than their cost by $955.813. y Represented by 187.700 shares of no
-V. 133, p. 4226.
par value
cents per share on the capital stock, par $25, payable June 30
to holders of record June 20. This compares with 12M
cents per share paid on March 30 last and on Sept. 30 and
Dec. 30 1932, 25 cents per share paid on March 30 and
June 30 1932, and 50 cents per share each quarter from
March 10 1930 to and incl. Dee. 10 1931.
Chairman, E. T, Weir stated:
The company has no obligations or back payments carried over from
the depression, and consequently is in a position to share current earnings
Increases with stockholders. Earnings in the second quarter amply justify
the increased dividend. The company is in
Financial Chronicle
Volume 136
with cash holdings the largest in its history. In addition, the sinking fund
requirements due oa. 1 and a large part of the 1934 requirements already
have been taken care of.
-V. 136. P. 4102, 3175.
avigazione Generale Italiana.-Removed from List.
The New York Curb Excnange has removed from unlisted trading
privileges the National City Bank American depository receipts for bearer
shares capital stock, par 500 lire.
New Bradford Oil Co.
-Earnings.
-
11.212,909 11,757,653
Total
Total
11,212,909 11,757,653
x Represented by 300,000 no par shares, of which $4,000,000 capital
securities at cost. The market
and $474,543 earned surplus. y Investment
value of the securities as of Feb. 1 1933 was approximately $4.311,251.
z This reserve represents realized net profits after taxes for sale of securities
as follows: From date of organization to Feb. 1 1932, $746,050, loss for
year ended Feb. 1 1933, $205,560; discount on 4;4% debentures, $155,405;
net reserve as above, $695,895.-V. 134, p. 2356.
$1,277,255 $1,014,267
299,320
283,296
155,455
162,973
46,935
93,785
9,485
5,902
183,940
413,744
287,742
223,089
345,920
349,951
Totalincome
Production expense
Field and general administration expense
Taxes paid
Other expenses
Profit and loss
Depreciation on equipment
Depletion of oil reserve
$204,605
29,524
$175,080
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
."Ontario Manufacturing Co.
-Resumes Dividend.
The directors have declared a quarterly dividend of 125.6 cents per share
on the common stock, no par value, payable July 1 to holders of record
June 20. Quarterly distributions of Mce amount were made on thit issue
from April 1 1932 to and incl. Dec. 31 1932; none since.
-V. 136, p. 1899.
1032.
$365,411
37,465
S327,945
Loss from operations
Minority interest of sub. co.'s share of loss
Net loss
1931.
$776,099
238,168
1932.
$997,175
280,080
Calendar YearsCrude oil sales
Other income
Assets
301,386
558,822
Cash
Corp.& Libly bds 699,944 1,620,293
Accounts, notes dr
116,476
90,886
interest receiv
168,724
147,245
Mat'ls & supplies_
Invest. in common
528,920
and pref.stocks. 1,993,593
Deferred assets _
225,980
156,171
a °Mends & leases 6,682,480 6,904,145
b Field equipment 981,500 1,176,776
1931.
53,132
Accounts payable_
31,397
Dividends payable
14,674
35,232
Contracts payable 632,010
15,062
11,611
Deferred items_ _ _
Reserve for taxes_
28,668 c239,544
Min.int.in sub.cos. 2,093,657 2,273,529
Capital & surplus_ 8,568,435 8,356,392
-% Pan American Petroleum & Tran port Co.
Nerv-Bireeter,
Acquire Properties Close to New Texas Refiner
11,380,451 10,972.892
Total
Total
11.380,451 10,972,892
a After depletion of $8,807,928 in 1932 and $8,693,967 in 1931. b After
depreciation of $11,682,491 in 1932 and $11,554,213 in 1931. c Includes
-V.132, p. 4779.
reserve for contingencies.
-Earnings.
New Mexico & Arizona Land Co.
Calendar YearsRentals
Interest
Other
1932.
$40,718
810
1,341
1931.
$42,033
361
281
Total income
Expenses
Taxes
Interest
$42,869
6,813
31,510
339
$42,675
6,452
36,367
2,897
Deficit
AssetsLands
Current assets _ _
U. S. Treas. notes
Deferred assets_ _
1930.
$35,159
302
1,006
1929.
$31,961
148
575
$36,467
6,733
35,009
3,248
$32.684
8,325
35,391
1,064
$12,096
$8,523
$3,041
prof$4,207
General Balance Sheet Dec. 31.
1931.
1932.
1932.
Liabilities1931.
744,695 $825,257 Capital stock
$1.000.000 $1.000.000
10,626
518
49,098
25,474 Current liabilities_
32,687
29,493
Deferred liabilities
45.478
62,377
60.185
130,554
130,204 Deficit
Total
$969,825
-V. 135, p. 1000.
$980,935
Total
$969,825
$980,935
New River Co.-Renroved4r.ora-Liet--
The New York Curb Exchange has removed from unlisted trading
privil es the 6% preferred stock (par $100) and the common stocs (par
V. 136, p. 3918.
$100)
ew York & Honduras Rosario Mining Co.
-Extra Div.
The directors on June 16 declared an extra dividend of 37% cents per
share in addition to a regular quarterly dividend of 25 cents per share on the
capital stock, par $10, both payable July 29 to holders of record July 18.
Three months ago, a distribution of 37% cents per share was made, as
against 25 cents per share in preceding quarters. A special dividend of
25 cents per share was also paid on Apr. 23 and Dec. 30 1932, and one of
1234 cents per share on Jan.301932.-V. 136, p. 2438.
-75
-Cent Pref. Div.
Niagara Wire Weaving Co., Ltd.
The directors have declared a dividend of 75 cents per share on the $3
cum. pref.stock, no par value, payable June 30 to holders ot record June 23.
The last payment was on June 30 1932. on which date a quarterly distribu-V. 135, p. 2184, 2664.
tion of like amount was made.
Norfolk & Mobjack Bay Steamboat Co. (Va.).-Discontinues Line.
The Virginia Corporation Commission on March 14 granted authority to
the company to discontinue its line from Norfolk to points on the East.
North, Ware and Severn Rivers.
W.M. Mintner, receiver, and J. A. Cheatham, Manager,stated that the
company had no money with which to operate and that any further paying
service probably will have to be done with smaller boats. Motor bus and
truck competition was blamed primarily for the failure of the boat service.
The line is 45 miles long and touched Norfolk, Old Point, Williams Wharf,
Philpotts Wharf, Hicks Wharf, Bayside, Brown's Wharf, Bailey's Severn
and Greenway, Va.
111
-Extra Distribution.
Oahu Sugar Co., Ltd.
An extra dividend of 30 cents per share has been declared on the common
stock, par 320, in addition to the regular monthly dividend of 5 cents per
share, both payable June 15 to holders of record June 6. An extra distribution of 20 cents per share was made on Dec. 15 last.
-V.135. P. 3534.
-Acquisition.
Onondaga Silk Co., Inc.
-Earnings.
Old Colony Investment Trust.
•
Total income
Interest--ser. A debs
Interest ser. B debs__ _
Expenses
Net income from interest & diva
Realized profit on invest
Provision for Fed, taxes
thereon
Net earnings for year
Previous surplus
Total surplus
Dividends
Reserve to reduce invest.
to market value
Discount on debentures..
Feb. 1 '33. Feb. 1 '32.
$182.531
$135,681
390,505
212,405
Feb. 2 '31.
$218.836
404,758
$348,086
191,284
97,331
4,049
$573,036
214,585
108.900
11,768
$623,595
225,000
112,500
30.448
$55,422
$237,782
sees
$255,647
$55,422
419,122
$237.782
301,340
$255.647
285,693
$474,544
$539,122
120,000
$541,340
240,000
$419,122
$301,340
$474,544
Balance
x Profits realized from sale of securities and shown in the
account in the balance sheet below under footnote z.
reserve
The company has committed itself to the expendituire of several million
dollars for the acquisition of crude oil producing properties, Vice-Chairman
E. G. McKeever told the stockholders at the annual meeting held on
June 13.
An exhaustive survey of fields in Texas has been made, Mr. McKeever
said, with the object of acquiring properties as close as possible to the
company's refinery under construction at Texas City, which will have
a capacity of approximately 25,000 barrels daily. The total expenditure
on the refinery project will be about $6,250,000.
L. L. Stephens succeeded E. J. Bullock as a director. Both are directors
of the Standard Oil Co. of Indiana, the parent concern.
The stockholders approved a change in the date of the annual meeting
to the second Thursday in April.
-V.136,P• 3359.
ParamountPublix Corp.
-Trustees Not To Be Moved.
Federal Judge Frank J. Coleman on June 14, denied a motion to remove
the three trustees in bankruptcy and to remove the matter of the Paramount
bankruptcy from the jurisdiction of Federal Referee Nenry K. Davis. The
motion was brought by Samuel Zirn, counsel for minority bondholders.
The trustees are Charles D. Mlles, Charles E. Richardson and Eugene
W. Leake. Mr. Zirn contended that all three were involved with banks
which are participants in an alleged $10.000,000 preference in the Paramount matter.
Mr. Zirn contended Mr. Hilles's link with the banks was shown by the
fact his name appeared on three of the favored client lists of the Morgan
firm as revealed by the Senate Banking Committee investigation. He
declared that Mr. Leake was involved with the Chase National Bank,
which, he said, was the owner of the chief competitor of Paramount, Fox
Films Corp. Mr. Richardson, he pointed out, had formerly been a Vice
President of Fox Films and of the Chase National Bank.
-V. 136. p. 4103.
ark & Tilford, Inc.
• pt,.
The New York Stock Exchange has authorized the listing of 218,722 shares
e
o capital stock (par $1) on official notice of issuance in substrion for
the 218,722 sharesof capital stock without par value now listed.
The board of directors and the stockholders approved of th eduction
of the capital of the company by the difference between the present stated
capital and the par value of the capital stock of $1 par value per share
amounting to $3,059,608 and to set up in the capital surplus account the
amount of such reducdon in capital. No write-down of assets of the
company is now contemplated but if any future write-downs are to be
made same will be done in conformity with standard methods of accounting.
-V. 136, P. 3735
.
"-,.Peck, Stow & Wilcox Co.
,
he New York Curb Exchange,s removed from unlisted trading
eges the capital stock (par $25). V. 133, p. 972.
p
Peerless Cement Corp.-Remered-frmtrtflr=
he New York Curb Exchange )s removed from unlisted trading
privileges the common stock (no par). 'V. 133, p. 814.
I
-Reduces Capitalization.
Pelzer Manufacturing Co.
The stockholders have voted to reduce the authorized capital stock from
75,000 shares of $100 par value to 75,000 shares of $5 par value. The
amount of the reduction, $7,125,000, is to be transferred from capital to
surplus.
-V. 132, p. 1051.
Pennsylvania Dock & Warehouse Co.-Rmytorea-freme
The New York Curb Exchange has removed from unlisted trading
piivllegss the leasehold mtge. 6% Biasing fund gold bonds due Aug. 1
1949)V.136, p. 2083.
,
Ickwick Corp.-R,emoved from•LisL.-The New York Curb Exchange has removed from unlisted trading
r
privileges tne common stock Z. $10). 7% preferred stock (par $10) and
8% preferred stock (par $10). V. 136, p. 2988.
""'--Pie Bakeries,Inc.- ividend Resumption.
The directors on June 10 declared a dividend of 1%% on the 7% cum
pref, stock, par $100. payable July 1 1933 to holders of record June 15
The last regular quarterly distribution at this rate was made on July 1 1932.
-V. 136, p. 1566.
-May Shipments.
Pierce Arrow Motor Car Co.
The company shipped 45% more cars in May than it shipped in April
of this year, according to a statement issued by Roy H. Faulkner. VicePresident in charge of sales. This year's May shipments also were 5% in
excess of May shipments in 1932. Mr. Faulkner further stated that
despite this increase schedules released for June are 100% in excess of
June 1932.
"Further evidence of definite recovery of the fine car market," says
Mr. Faulkner,"is seen in the fact that the company for the first five months
Feb. 1.'30
of this year has sold 67% more of the Pierce-Arrow models retailing at
$339,027
$4,000 and up than we did in the same period last year, and the renewed
306.491
interest in chauffeur-driven cars is particularly encouraging.'
In substantiation of its optimistic outlook, the company introduced
$645,518
three new models last week-a convertible sedan, a convertible coupe
225,000
roadster and a sport coupe. All three models are offered in both the eight
112,500
and twelve cylinder lines. These cars, ranging from $2,795 to $3,500 in
24,975
price, are in the June production and will be on display in the dealers'
sales rooms.
-V. 136. P. 3735.
$
283, 420
3Pierce, Butler & Pierce Mfg. Corp.-Rmstmed-frotrrtist
562,209
Tne New York Curb Exchange has removed from unlisted trading
p
eges the 8% preferred stock (par $100) and the common stock (par
57 227
'
11) V. 136, p. 3735.
$788.024
Pines Winterfront Co.
-Changes in Personnel.
540,594
W.
O'Neill has been elected President to succeed J. F. Raleigh. Mr.
O'Neill was also elected Treasurer.
$1.328,618
S. Sidney Stein was elected Secretary and L. E. Norbert is Vice-President
240,000
and Assistant Treasurer. Officers retiring were
H. Crawford, VicePresident, and Charles A. Pipenhagen, Chairman and Secretary-Treasurer.
290,000
Two directors, Paul H. Davis, and B. F. Stein were re-elected. The fol300,000
lowing four new directors were elected: May Adler, E. J. Pollak. L. E.
Norbert and W. L. O'Neill. Paul H. Davis and B. F. Stein were re-elected
$498,618
to the board. The seven directors not re-elected were: Charles A. Pipenhagen, A. H. Ruttier, H. H.Crawford, J. J. Hyman, J. A. Raleigh. W.J.
investment
Scown and H.C. Watts.
-V.135, p. 145.
The company on June 14 purchased the plant of the R. & H. Simon Co.
at Easton, Pa., it is reported. The Onondaga company has been affiliated
with the Simon company for the last three years and has operated the two
companies over that period. The Onondaga concern has plants at Ogdens-V. 136, p. 3358.
burg and Syracuse, N. Y.
Years EndedInterest
Dividends
4285
A list of the securities held in the company's portfolio is given in the
report.
Comparative Balance Sheet Feb. 1.
1933.
1932.
1932.
1933.
Liabilities$
$
Assets
$
3
y Bonds
2,673,021 2,982,945 4%% debentures_ 6,031,200 6,729,800
13,434
11,270
y Pref. stocks__ _ _ 2,657,076 2,844,880 Awed int. on debs
5,097,343 5,064.178 Res. to reduce iny Corn. stocks _
595.296
y Mlscell. stocks_ _ 705,697
798,712
vest, to mkt. val z695,895
35,132 Common stock dr
Cash
56,532
x4,474,543 4,419,121
23,240
31,805
surplus
Accrued interest._
4286
Financial Chronicle
Pioneer Mill Co., Ltd.
-Extra Dividend.
-
An extra dividend of 30 cents per share has been declared on tne capital
stock, in addition to the regular monthly dividend of five cents per share.
both payable July 1 to holders of record June 21. An extra distribution
of like amount was made on Dec. 1 last.
-V. 135, P. 3535.
Plymouth Fund, Inc.
-Stock Offered.
-
Plymouth Distributors,
New York. are offering the class A shares
of this trust (at the market). A circular states in substance:
Inc.,
Dividends exempt from present normal Federal income tax. Trust
Co. of New Jersey, registrar and custodian. United States Corporation
Co., Jersey City, transfer agent.
Plymouth Fund, Inc., a Delaware corporation, has been organized to
make available to individual investors the services of independent and
competent investment counsel on a plan, both economical and equitable.
which carefully safeguards and protects the investor's interests.
Investment Management.
-The investment management of Plymouth
Fund, Inc., is under the sole and undivided direction of the Cambridge
Associates, Inc., Boston.
Investment Restrictions.
-The certificate of incorporation provides
the corporation shall under no circumstances do any of the following:that
(1 Borrow money from any person, firm or corporation.
(2) Loan money to any person, firm or corporation, except secured
call loans" which may be made in accordance with the provisions of the
certificate of incorporation.
(3i Buy securities on margin or on any part payment plan.
(4 Sell securities short.
(5 Incur any obligations by reason of participation in syndicate operations.
(6) Invest more than 10% of its capital and paid-in surplus in the securities of any one corporation, except only United States Government obligations.
Investment Limitations.
-The corporation may invest its funds only in
the following securities:
(1) United States Government obligations.
(2) Stocks, bonds or other securities listed on the New York Stock
Exchange.
(3) Stocks, bonds or other securities listed on the New York Curb
Exchange.
(4) Bank stocks of New York City banks, which are members of the
New York Clearing House Association.
(5) Call loans in the New York market secured by 125% market value
of stocks, bonds or other negotiable securities of the same class as specified
above.
Capitalization.
-The capitalization consists of5.400,000 shares of common
stocks, all with equal voting rights, divided as follows:
5,000,000 shares Class A stock authorized and to be outstanding.
400,000 shares class B stock authorized and issued to Plymouth Distributors, Inc.
Rights and Priorities.
-The class A stock is entitled to the following rights
and priorities:
(1) To all interest and dividends received in cash on all securities held
in the portfolio.
(2) To 90% of the net realized profits derived from the purchase and sale
of the securities in the portfolio.
(3) To the entire amount of capital, surplus and accumulated reserves
applicable to class A shares on the dissolution of the corporation, whether
voluntary or involuntary.
(4) To require the corporation to repurchase the class A shares at any
time at their net liquidating value without cost or penalty.
The class B stock is entitled to 10% of the net realized profits
from the purchase and sale of the securities in the portfolio. The derived
class B
stock has no other claim to the assets of the corporation.
Offering Price and Liquidating Value.
-The offering price of the class A
shares is computed as follows: The sum of the (1) market value of the
underlying property of the fund determined by taking the closing sales
prices therefor on the previous business day on which the New York Stock
Exchange was open (or lacking any sales on that day, the average of the
closing bid and asked prices, and whenever unusual conditions exist, the
values may be taken at more frequent intervals during that day), exclusive
of the 10% of appreciation profits accruing to class B stock. plus (2) minimum Stock Exchange commissions, plus (3) a premium of 94% on the
aggregate items (1) and (2) above to cover the cost of issuance and distributions, plus (4) all cash held for distribution to class A stock, all more
fully set forth in the certificate of incorporation; divided by the number of
class A shares outstanding. The offering price will be adjusted to not more
than the next higher even cent.
The liquidating value of the class A stock is computed as follows: The
sum of (1) the market value of the underlying property of the fund determined by taking the closing sales prices therefor on the first full business
day on which the New York Stock Exchange and Curb is open next succeeding the date on which such class A shares are presented for purchase
(or lacking any sales, the average of the closing bid and asked prices),
exclusive of the 10% appreciation profits accruing to class B stock, minus
(2) Minimum Stock Exchange commissions and taxes, pluci (3) cash held
for distribution to class A stock, all more fully set forth in the certificate
of incorporation; divided by the number of class A shares outstanding.
Termination -Plymouth Fund, Inc. has a perpetual charter issued by
the State of Delaware. The present contracts with investment counsel
'
and with the distributor run for a minimum period of 10 years to 1943.
Pond Creek Pocahontas Co.
-Coal Out
of-Coal mined (number of tons)
-V. 136. p. 3360.
May 1933. April 1933. May 1932.
159.104
83,863
110,352
---Pratt & Whitney Co.
-Reduces Capitalization.
The company on March 15 last filed an amendment to its certificate
of incorporation reducing the authorized capital stock from 250,000 shares
of no par value to 50,000 shares of no par value, and the stated capital
from $6,000,000 to $3,000,000. One new share was issued in exchange for
every eight shares of old stock held.
-V. 131, p. 1907.
'
Railroad Shares Corp.-*Offrtst.Th?..,
Philadelphia Stock Exchange nas removed from the list the common
. V. 134, p. 2542.
R ytheon Manufacturing Co.-SiocEg Listed.-
'".--"
tThe Chicago Stock Exchange has approved the apnliciation of the COM
pany to list voting trust certificates representing 138.915 shares of6% noncumulative preferred stock ($5 par) and voti2trust certificates representing 254.676 shares of common stock (50c. par)
The voting trust certificates for 115.762 co
on stock (no par) have been
removed from the list.-V. 136. P.4103.
Reconstruction Bond Portfolio.
-New Trust Formed.
-
Announcement is made of the formation of the Reconstruction Bond
Portfolio, a managed trust fund confining its purchases to domestic listed
bonds, with preference given to those held by large Institutional investors.
The portfolio is divided into two classes: (1) better bonds of the second
grade class which are selling materially below par value; (2) lower grade
bonds, some of which are of companies now in receivership.
The board of managers of the Portfolio, of which the Empire Trust Co.
is trustee, consists of: Gerhard Kuehne, former Vice-Pros, of New York
Title & Mortgage Co.; H. Bertram Lewis, Vice-Pros, of Commercial Credit
Co. of Baltimore; Roy S. Monger, formerly associated with F. J. Lisman &
Co.; Benjamin N. Leak, formerly syndicate manager of F. J. Lisman & Co.
A circular issued by the bankers further states:
Participating certificates, issued by Empire Trust Co., as trustee, in
registered form, are terminable by the holders within three years of their
deposit date and transferable by assignment of the right to terminate.
The trust terminates July 1 1958 or prior thereto on 60 days' notice at
$1,000 for each participation, or with the consent of the holders of a majority of the outstanding participations at the termination value. The
distributable income, payable Feb. 1 and Aug. I, is exempt from present
normal Federal Income Tax,
-The Reconstruction Bond Portfolio is comprised of obligaThe Portfolio.
tions of railroad, utility and industrial organizations representing a fair
cross section of enterprise and activity in the United States, with preference
given to obligations held by the large insurance companies and other institutional investors: and the participating certificates issued by the Empire
Trust Co., as trustee, represent a unified participation in a known and
flexibleportfolio which may be converted into cash or obligations of the
United,States Government, whenever changing conditions so warrant.
June 17 1933
The Reconstruction Bond Portfolio may acquire prime obligations, but is
not confined to the purchase of those selling at peak prices, on the premise
that price does not necessarily reflect intrinsic worth, and that while such
obligations offer limited or no possibilities of appreciation, any adverse
change in economic conditions can cause only a downward trend in their
price. On the other hand, obligations which have been unduly depressed
and have discounted all known unfavorable factors may enhance in value
with improvement in the status of the particular obligors or in general
economic conditions.
Opportunity Bonds.
-A careful study of security markets will at all times
reveal obligations selling out of line with their actual value, and this is
especially true during periods of economic readjustment. At such times
values are often disregarded, making it possiole to obtain time tested and
highly marketable income producing obligations of well established organizations with demonstrated stable earning power, at extremely low prices.
Obligations of this type are included to the extent of not more than 4% of
the entire resources of the Reconstruction Bond Portfolio in the issues of
one obligor at the time of a deposit, and are designated Opportunity Bonds.
Reconstruction Bonds.
-The drastic liquidation which usually occurs in
the obligations of substantial enterprises with financial problems or which
are in the process of reorganization. depresses their prices to levels below
their intrinsic worth, and temporarily distorts the normal relationship in
price between the underlying and junior issues. The careful selection of
such obligations is especially desirable when they are held in substantial
amounts by institutional investors, whose efforts in the protection of their
own interests must of necessity inure to the benefit of all other holders.
Obligations of this class often afford unusual possibilities for profit, but
because of the uncertainty of income over an indefinite period they are
unsuitable for individual purchase. However, when such securities are
coupled with income producing obligations in the Reconstruction Bond
Portfolio, a practical method is provided for those seeking profit or capital
recovery, to obtain an income during the reconstruction period. Such
securities are designated Reconstruction Bonds,and not more than 45%
of the entire resources of the Reconstruction Bond Portfolio, to the extent
of not more than 8% in the issues of one obligor, may be represented by
this type of obligation at the time of a deposit.
Administration.
-All transactions for the account of the Reconstruction
Bond Portfolio must be consummated by the trustee. All the income is
distributed to the holders of Participations, after charges, including the
annual fee of the trustee of %' of 1% of the value of the Reconstruction
Bond Portfolio. All appreciation in the value of the securities becomes a
part of the Reconstriction Bond Portfolio, from which an amount equal
to one-fourth of the appreciation as realized is invested in participations
for the compensation of the management, to be held by the trustee until the
termination of the entire trust. These unusual provisions make possible
a unity of interest between the participants and the management, thus
assuring conscientious administration, and through equitable compensation
on an accomplishment basis, an incentive for constant vigilance and supervision.
Issuance Price.
-The original Participations were issued by the Empire
Trust Co., as trustee, in the ratio of one Participation for each $1,000
par value of Eligible Obligations deposited, the cost of which, as evidenced
by documents satisfactory to the trustee, prorated to the several Participations, plus taxes, established their issuance price. The net worth of the
Reconstruction Bond Portfolio prorated to the outstanding Participation,
phis taxes, always determines the issuance price of a Participation.
The Participating Securities Corp.. 32 Broadway, New York, is offering
the participating certificates.
-Extension of Bonds
Richmond Mortgage & Loan Corp.
Sought.
Due to inability of home owners to refinance maturing mortgages, the
corporation recently asked holders of its collateral trust bonds to agree to
the extension of the maturity date of their bonds, with the corporation
paying all expenses of collection and distribution.
The corporation, in the readjustment plan, proposes as often as funds
are accumulated,to pay 5% on account of principal in any series and accrued
interest at 6% on such distribution. The bonds are secured by first mortgages on improved real estate, with no farm loans made.
In a letter to bondholders, Vice-President John H. Harton stated in part:
"The property owner faces the problem of providing for maturing principal at a time when there is practically no available means for doing so,
and when there prevails a general demoralization in values and a curtailment
In business activity."
The plan will not be declared effective until 85% of all outstanding bonds
have been deposited.
The corporation's balance sheet as of Feb. 28 1933 showed collateral
trust bonds secured by 1st mtge, notes amounting to $8,255,100. It also
held secured notes of 3397.000.-V. 131. p. 1908.
-Removed from List.
iver Raisin Paper Co.
he New York Curb Exchangeys removed from unlisted trading
#
vileges the capital stock (no par). V. 135, p. 1005.
oan Antelope Copper Mines, Ltd.-A.cliziiikil-to-List.The New York Curb Exchange has admitted to unlisted trading privileges
th rights of holders of American hares to subscribe for additional American
shar,"when,as and if issued
es
Rights.
Holders of record June 12 1933 of American shares issued by the Irving
Trust Co. will receive the right to purchase one new American share for
each 15 American shares held at 84s. per American share. Rights expire
June 28 1933.-V. 136. p. 3920.
-Earnings.
Rolls-Royce of America, Inc.(& Subs.).
1931.
1932.
Calendar YearsNet sales-Chassis, new and used cars, maint., &c- $1,276,613 $2,049,486
2,058,054
1,252,744
Cost of sales
546,217
267,509
Selling and advertising expenses
Operating loss
Other income
3243,640
7,419
3554,785
14,749
Net loss
Interest on funded debts
Amortization of bond discount, &c
$236,221
173,910
21.396
$540,035
175,828
29,617
$431,527
1,921,127
$745,481
840,229
313,085
49,451
Logs for year
Deficit at beginning of year
Special adjustment of inventories
Miscellaneous debits to deficit
-Net
5,748
Total deficit
Profit on retirement of Rolla-Royce 7% bondsDeficit at end of year
Consolidated Balance
Assets
1931.
1932.
Cash
$70,452
$86,641
Marketable sees.
at market value.
6,375
Notes & accts. rec. 186,532
156,786
Inventories
991,287
786,167
a Land, buildings,
machinery, dtc _ _ 655,757
742,247
b Land & bldgs.,Brewster St Co.,
Inc
1,759,162 1,789,946
7% bonds In treas.
1,080
Tr. names, Patle,
good-will, Ste
1,336,579 1,352,869
Deferred charges
40,338
50,893
$2,358,402 $1,948,246
27,119
33,958
$2,324,444 31,921,127
Sheet December 31.
Liabilities-1931.
1932.
$34,000
Notes payable____ $28,000
-trade 129,729
Accts. pay.
136,385
Customers' depos_
80,266
61,133
Wages, insurance,
69,158
taxes, dm
88,075
Int.on funded debt 258,168
113,812
Funded debt
2,837,700 2,874,100
Res. for Fed. taxes
93,966
& contingencies_ 104,190
Preferred stock__ 3,500,000 3,500,000
c Common stock__ 175,000
175,000
Deficit
2,324,444 1,921,127
Total
Total
$4,857,551 $5,155,560
$4,857,551 $5,155,560
a After depreciation of 82,256,001 in 1932 and 82,240,784 in 1931.
b After depreciation of $212,158 in 1932 and 8181,374 in 1931. c Represented by 35,000 no par shares.
Notes.
-(a) Dividends on the 7% pref. stock have not been paid from
August 1921 to August 1926 and from November 1927 to November 1932.
(b) Interest of $127.365 on the I5
-year sinking fund 7% gold bonds
1937, for the period from March 1 1931 to Sept. 1 1932 is in arrears and is
included in accrued interest. Sinking fund payments, to the trustee, of
Volume 136
....
-year sinking fund 7% gold bonds 1937, of $13,000 due Sept. I 1931
the 15
and $202,166 due Sept. 1 1932 are also in arrears.
(c) Interest of $88,500 on the purchase money mtge. 5% bonds 1937,
for the period from June 30 1931 to Dec. 31 1932, is in arrears and is included in accrued interest. Instalment of principal of $50,000 due Dec.31
1931 on the purchase money mtge. 5% bonds 1937, has been postponed
to Dec. 31 1937 and instalment of principal of $50,000 due Dec. 31 1932
has not been paid.
(d) According to information received from officials of the company
-year sinking fund 7% gold
interest of $14,000 due Jan. 1 1933 on the 15
-V.135, p. 4569.
notes 1941 has not been paid.
Russell
-Payment
Mfg. Co., Middletown, Conn.
to
Creditors.
*
Superior Court Judge Rufus Booth, upon application of T. M. Russell
and D. R. Weeden, as receivers of the company, recently authorized the
payment to creditors of 123. %, which makes a total of 20% paid since
the beginning of the receivership last June. This leaves $480,000 of outstanding indebtedness. The receivers report that further payments will
-V. 134, p. 4508.
probably be forthcoming at an early date.
Samson Corp.
-Renews Exchange Offer.
This corporation recently renewed its offer to exchange its preferred stock
the remaining Samson Tire & Rubber Co. common stock outstanding.
for
There were approximately 5,000 shares of the stock which were not exchanged under the offer which terminated May 28 1931.
The basis of exchange under the new offer is one share of the 6% noncumul. pref. stock for each share of Samson Tire & Rubber Co. common
stock.
-V. 134. p. 864.
Samson Tire & Rubber Co.
-Exchange
-V. 131, p. 2912.
See Samson Corp. above.
4287
Financial Chronicle
Offer Renewed.
-Dividends.
Savannah Sugar Refining Co.
The directors have declared regular quarterly dividends of $1.50 per
share on the common and $1.75 per share on the pref. stock, both payable
Aug. 1 to holders of record July 15. Similar amounts were also declared
on the respective stocks. payable Nov. 1 to holders of record Oct. 14.
-V. 136. p. 1567.
B. F.) Schlesinger & Sons, Inc.-Beermetfrom-List.-:
The New York Curb Exchange has removed from unlisted trading
vilegesSha class A common stock (no par), and the 7% cum. pref. stock
par $100). V. 132, p. 3166.
Schu co Co., Inc.
-Earnings:
For income statement for 3 months ended March 31 see "Earnings Deartment" on a preceding page -V. 136, p.3361.
'.Schulte
record June 15. This compares with 25 cents per share previously paid
each quarter.
-V. 135. P. 3369tanley Works.-Remova ham List:h3_
The N
New York Curb Exchange t removed from unlisted trading
privileges the common stock (par $25). V. 134, p. 4675.
-N w Chairman.
-Warner Corp.
Stewart
At a meeting of the newly elected board of directors the following new
officers were elected: R. J. Graham, Chairman, a large stockholder, to
succeed L. H. La Chance, who becomes a Vice-President J. E. Otis Jr.,
Vice-President of the Alemite Corp., a subsidiary. Vice-President. and
F. A. Biter, General Sales Agent of the Alemite Corp.. Vice-President.
C. B. Smith was re-elected President. V. R. Bucklin, Vice-President,
was re-elected and named Treasurer. T. T. Sullivan, Vice-President.
was re-elected and also named Secretary.
The following directors have been elected to the executive committee:
Eugene V. R. Thayer, C. B. Smith and V. It. Bucklin.-V. 136. p.4106.
Strawbridge & Clothier.-fiertertertiftrixisk
he New York Curb Exchange has gemoved from unlisted trading
privileges the 7% pref. stock (par $100, -V. 134. P. 4337.
-Earnings.
Sullivan Machinery Co.
1929.
1930.
1931.
1932.
Calendar Years$495,965 $2,041,003
Ices$937,453loss$1023009
Earnings
591.771
489,041
411,712
Depreciation reserves._ 292,064
160.000
1,778
Reservefor Fed.taxes
300,528
109,238
Res. for contingencies_
Net loss
Dividends
Empl. profit sharing_
$1.229,517 $1,543,959
$295,381 sr$1.289,232
741.556
466,587
124.669
$761,968 sur$423,007
Deficit
$1,229.517 $1,543.959
4,413,255
5,175,223
2,539,746
1,310,229
Total surplus
192,678
193,662
186,774
Shs. cap. stk. outstand'g
186,774
Nil
$6.68
Nil
Nil
Earnings per share
Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Liabilities$
$
Assets
$
$
204,955
658.284
715,165 Accounts payable.. 119,132
Cash
3.286
20,923
833,014 Accrued taxes____
Accts. receivable_ _ 705.759
789,224 1,202,382
137,425
318,498 Reserves
Notes receivable
6,637,352 6,637,353
39,856 y Capital stock
Marketable secure. 100,442
1,310,229 2,539,746
7,535
14,957 Surplus
Accrued interest
Inventories
3,584,807 4,733,822
Prepayments
33,898
53,770
Depos. under royalty contracts
4,000
109,643
Investments
62,640
x Fixed assets_
3,535,266 3,816,002
Retail Stores Corp.-Iristi
The New York Stock Exchange has approved the listing of 1,138,711
shares of common stock (par $1) on official notice of issuance in substitution
for 1,138,711 shares of common stock without par value now listed
ey reThe directors and the stockholders at the meetings at which
8.876,862 10,587,723
Total
Total
8,876,862 10,587,723
spectively approved the amendment to the certificate of incorporation
x After depreciation of $5,240,641 in 1932 and $5,525,037 in 1931.
also approved the reduction of the capital of the company by the difference
-V. 134, p. 3012.
y Represented by 186,774 shares (no par).
between the present stated captial allocated to the outstanding no par
shares of the common stock and the $1 par value of the shares, amounting
Superior Oil Corp.
-Earnings.
to the sum of $8.188,195 and to set up in the capital surplus account on
For income statement for 3 months ended March 31 see "Earnings Dethe books of the corporation the amount of such reduction in capital.
partment" on a preceding page.
The capital surplus which would thus be created would be utilized to offset
The statement of earnings appearing in "Chronicle" of April 22 is for the
the deficit created by the reduction in the book value of the Schulte Real
fourth quarter of 1932 and not, as stated, for the first quarter of 1933.
Estate Co., Inc., common stock to $1 on the books of the corporation
-V. 136, p. 2810.
and the "reserve for revaluation of investments and real estate."
No further write-down of assets of the company is now contemplated
-Interest Not Paid.
-Butte Canal Co.
but if any future write-downs are to be made game will be done in con- " Sutter
-V. 136, p. 3554.
The company on June 6 applied to the California RR. Commission for
formity with standard methods of accounting.
authority to execute an agreement with its first mortgage gold bondholders
h
eaboard Utilities Shares Corp. 9ffrinstr
for the modification of its financing obligations. The plan follows failure
of the company to meet its semi-annual interest payments, due March 1.
The hiladelphia Sto -1c,Exchange has removed from the list toe commo
V. 136. p. 2627 .
on $945,000 of outstanding 1st mtge. bonds.
The plan suggests bondholders accept a rate of interest graduating from
Second National Investors Corp.
- 3)1% for 1933 to 5)4% for 1935. For this waiver of full interest the bond-Accumulated Div.
holden; will be given several guarantees, including an assessment against
The directors on June 9 declared, out of income, before profit or loss on
sale of securities, a dividend of $1 per share on the $5 cum. cony. pref.
stockholders if necessary, the application of income from new service areas
stock, $1 par value, payable July 1 to holders of record June 20. This
to payment of bond interest and an assurance of no dividend to stockdistribution is to be applied against dividends in arrears. On Jan. 1 last
holders during the three-year period.
Agricultural conditions and poor farm prices were given as reasons for
a dividend of $1.15 per share was paid on this issue on account of accumu-V. 116, p. 2399.
lations, as compared with $1.25 per share on July 1 1932. $1.10 per share
the company's failure to earn fixed charges.
on Jan. 1 1932, $1.25 per share on July 1 1931 and $1.25 per share each
Tennessee Products Corp.-eff beetomquarter to and incl. Oct. 1 1930.
The liquidating value of the pref. stock at the close of business on June 8
The Chicago Stock Wange has removed from the list 300,000 shares
was $62.33 per share, as against $44.71 on March 31 last and $50.33 on
common stock (no par)) bseatisia-of discontinuance .of.....chisego-sransfer
Dec. 31 1932.-V. 136, p. 4104.
asess-su&scassr.Wr- . 133, p. 2448. ..
Securities-Allied Corp.
-New Exchange Offer.
Bee Atlas Corp. above.
-V. 135. p. 2350.
Isaac) Silver & Bros. Co., Inc. RA,
•
..he New York Curb Exchange has remd from unlisted trading
privileges the 7% cunv. pref. stock (par $100Ø-V. 134. p. 3293.
Sinclair Refining Co.
-Acquisition.
It was recently announced that the offer by this company to purchase
business of the Long Oil Co.(of Kansas) had been accepted
the assets and
by a sufficient number of stockholders of the latter concern to complete
the transaction at the tendered price of $235,900.
The stockholders of the Long company also voted to dissolve the compage. preferred stock of the Long Oil Co. was liquidated at $50 a share.
The Sinclair-Prairie 011 Co., chief stockholders, on March 15 purchased
all but a few shares of common stock not heretofore owned by it at $5
a share.
The Long company's obligations were assumed by the Sinclair company.
The Long Oil Co. had 11 bulk plants and 75 owned and leased service
stations between Solomon. Kan., and Kansas City.
-V. 136, p. 1734.
''Sloss-Sheffield Steel & Iron Co.
-Plan to Extend Underlying Bonds Effective.
The plan for a five-year extension of the maturities of Alabama Co.
-year gen. mtge. 6% bonds and Alabama Consolidated Coal & Iron
20
-year 5a was declared operative June 7 by W. W. Lanahan & Co.,
Co. 30
Baltimore.
Both issues of bonds matured May 1, and as a result of acceptance of
the plan by bondholders, it was announced that the coupons payable
on that date will now be paid.
The plan applies to $552,400 of the Alabama Co. gen. 6s and $711,000
of the Alabama Coal & Iron 58.
The Safe Deposit & Trust Co. Baltimore. is depositary for the Coal
& Iron issue and the Equitable Trust Co. depositary for the Alabama
Co. bonds. See also V. 136, p. 3177, 2628.
•
Southeastern Merchandise Market, Inc. Reconstruction Finance Corporation Loan.
A central market for the display and sale of textiles and associated
products at Charlotte, N. C., was assured June 8 when the Reconstruction
Finance Corporation agreed to loan up to $175,000 by the purchase of
first mortgage bonds of the Southeastern Merchandise Market, Inc., a
company yet to be incorporated to carry out the project. More than
1,000 textile manufacturing plants, or similar plants, are within a radius
Charlotte, according to
a 160 miles offor display of oducts. Director Harvey Couch, with no
central market
-Acquires Interest in Pipe Line.
•
1•• ••*Texas Corp:
The acquisition by this corporation of a 4% interest in the Great Lakes
Pipe Line Co., gasoline carrier from Oklahoma to Chicago, Minneapolis
and St. Paul. was made through the purchase of a part of the 20.8% interest
of the Barnsdall Corp. The acquisition will increase the movement through
the line, which never has been run to its capacity of approximately 30.000
barrels daily, it is stated.
The Texas Corp. proposes to build a line from its West Tulsa refinery to
connect with the Great Lakes Pipe Line Co. terminal near that city.
Other companies with a proprietary interest in the Great Lakes line are
Continental Oil Co., Mid-Continent Petroleum Corp. Skelly Oil Co.,
'
-V. 136. p. 3362.
Pure Oil Co. and Phillips Petroleum Co.
-May Sales Increase.
Thermoid Co.
Sales of the Thermold Co. and wholly owned subsidiaries for the month
of May 1933 showed an increase of 36% over the preceding month and an
increase of more than 18% as compared with the same month of 1932.
President R. J. Stokes reported. The Southern Asbestos Co., a 95%
owned subsidiary, reports sales for May 1933 as 98% above April 1933 and
60% ahead of the same month in 1932. Another subsidiary, the Woven
Steel Hose & Rubber Co. continues to run at capacity production.,
"We are running two eight-hour shifts in the Stokes Asbestos Co., one of
our manufacturing subsidiaries, thus furnishing more emplorment in this
-V.136. p.4107.
division than at any time since 1930," said Mr.Stokes.
-Dividend Reduced.
Third National Investors Corp.
The directors on June 9 declared, out of income, before profit or loss on
sale of securities, a dividend of 40 cents per share on the common stock.
Par $1, payable July 1 to holders of record June 20. A distribution of
45 cents per share was made on Jan. 1 last, as against 50 cents per share
in Jan. and July 1932.
The liquids log value of the common stock as of June 8 was $24.40 Per
share, as compared with $17.50 per share on March 31 last and $19.65 per
share on Dec. 31 1932.-V. 136. p. 4107.
Thompson Products, Inc.
-Earnings.
For income statement for month and 5 months ended May 31
"Earnings Department" on a preceding page.
--V. 136, p. 4107
ett
hurber Earthen Products Co.-Rrm
from zraft:-.2The N
York Curb Exchange as removed from unlisted trading
leges the capital stock (par $8).
."tew
•
-Quarterly Dividends.
Southern Acid & Sulphur Co.
The directors on June 6 declared two quarterly dividends of 5)) cents per
common stock, no par value, payable June 15 and Sept. 15
share on the
to holders of record June 10 and Sept. 10, respectively. A similar distribution was made on March 15 last, as compared with 75 cents per share paid
on Dec. 15 1032.-V. 136. p. 1902.
-Smaller Quarterly Dividend.
-N• Spencer Trask Fund, Inc.
The directors have declared a quarterly dividend of 12% cents per
on the capital stock, no par value, payable June 30 to holders of
share
p
see
obacco Products Corp. Del.). fitireUtral frvin fyi€2._
-he New York Curb Exchange has
oved from unlisted trading
privileges the old common stock (par $1)-.V. 136. v. 3362.
Todd Shipyards Corp.(& Su s.).
-Earnings.Year End. March 31- 1933.
1932.
1931.
1930.
Net earns, from oper___ $913,449 $1,333,954 $1,508,504 $1,981,475
Reserve for deprecia'n-_
510,755
638.538
580,525
581.726
Federal income tax
143.370
Net income
Dividends
$402,693
207.619
$695,415
626,582
Balance
Shs.cap.stk.out.(no par)
Earns.per sh.on cap.stk
$195,074
217.686
$1.85
$68,833
217.686
$3.19
$927,980 $1,256,379
861,093
865.152
$66,887
217,679
$4.26
8391.227
217.679
$5.77
Financial Chronicle
4288
Consolidated Balance Sheet March 31.
1932.
1933.
1932.
1933.
Assets
$
Liabilities$
$
a Property, &C....15,819,583 15,719,659 b Stated capital de
Cash
1,088,699 1,008,498
20,558,805 20,257,634
equity
Accts.& notes rec_ 1,971,073 2,365,431 Accts. pay., &c
1,380,478 1,576,223
Work in progress
135,333
142,500
148,866 Pur. money mtge_ 115,000
Mat'ls & supplies_ 1,865,170 2,006,573 Adv.on det'd notes
Empl.stock acct
115,485
108,725
365,380
364,238
received
Marketable securs. 365,516
975,869
385,516 Conting's reserved 500,000
Mortgage, &c., rec 778,524
747,357
Miscel. investml_ 110,434
200,343
Deferred charges
143,316
141,230
Total
22,843,008 23,067,711
22,643,008 23,087,711
Total
a After depreciation of $8,396,350 in 1933 and $8,049,205 in 1932.
b Represented by 217,686 no par shares.
-V. 136, p. 1392.
Tonopah Mining Co. of Nevada.
-Earnings.
Calendar Years
Net earnings
Explor. & devel. expense
Net income
Dividends
1932.
loss$92
8,083
1931.
$9,083
2,400
loss$8,175
$6,683
1930.
$15,981
10,490
1929.
$208.777
15.743
$193,033
$5,491
_ (15)150,000
Balance,surplus
$43,033
$5,491
1°8858,175
$6,683
Profit and loss surplus_ _ 2,609,168 2.638,196 a2,645,815 2,811,542
Earnings per share on
1,000,000 sits. capital
stock (par $1)
$0.19
Nil
$0.005
$0.006
a After deducting $171.218 loss on sale of 2,546 shares of Tonopah &
Goldfield RR. Co. common stock.
Balance Sheet Dec. 31.
1931.
Assets1932.
1932.
1931.
LiabilitiesCash
$15,170
$6,386
$18,354 Accounts payable$22,963
Depos. with Nev.
1,787
Accrued wages_
3,279
3,124
Indus. Comm
206
206 Accrued taxes____
Cash In closed bk.
1,976
Capital stock
1,000,000 1,000,000
Accts.receivable
10,014 Surplus
2,609,198 2,838,196
8.685
Indus.& RR.elks.
Other stocks
3,527,141 3,527,440
Inventory
5,636
84,760
Prepaid insurance_
40
20
Loans to sub. co
15,000
Inv. of salvaged
plant & equip
37,060
37,617
Total
$3,618,689 $3,658,432
-V.135. p. 1008.
Total
$3,618,689 $3,658,432
2061 Broadway, New York.
-Depositary.
The Continental Bank & Trust Co. of New York has been appointed
depositary for the protective committee for $222,000 of 2061 Broadway
lit leasehold mtge. 63-i% serial gold loan.
Tyler Building (19 John Street Corp.), New York.
Protective Committee.Birger L. Johnson, Chairman of the protective committee for the 1st
mtge. 6% sinking fund gold loan, Oct. 1 1953. announces that certificates
in excess of 85% of the total outstanding amount of this loan have been
deposited under the plan of reorganization which the protective committee has heretofore approved.
"In order to afford a further opportunity to holders who have not as
yet deposited their certificates under the deposit agreement and plan,
the committee has fixed a period expiring on the close of business July 1
1933, within which further deposits will be accepted."
In addition to Mr.Johnson, the protective committee consists of Stephen
G. Duncan and Dutro Plumb, with Howard Peterson, Sec. The New
York Trust Co. is depositary and Chapman, Snider, Duke & Radebaugh
are counsel.
-V. 121, p. 1687.
Union Tobacco Co.
-Earnings.
Calendar YearsIncome-Dividends and interest_ _
Salaries, rents, interest, &c., expenses
1932.
$178,751
47.588
1931.
$90,598
31.267
1930.
$60,814
69.530
Net income
Other expenses
$131,163
$59,331
108858,716
56,257
Net income
Previous surplus
-Revaluation of securities
Credits
Other credits
$131.163
75.561
$59,331 def$64,973
140,775
14,365
143,750
169,846
1,865
Total surplus
Loss on sale of securities
Prov. for unrealized loss on invest.. _ _
1,886
$208,610
105,274
7,093,877
$75,561
$389,398
375,032
$14,365
$75,561
def$6.990,540
Comparative Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Assets$
$
325,000
19,134 Notes payable____ 199,485
Cash
58,964
655
853
Stocks of other cos.d2,321,911 9,595,908 Accounts payable_
14,881
Accrued interest_ 166
No. Va. Corp112,271
-_ __ 106,915
Reserve_ _
Subscrip.to pref.
(see contra)_
1,000,000 1,000,000 tin. Prof. Sharing
Corp. payable in
Accts. receivable
235
418 common stock__
c60
(less reserve).- Pref, stock subscr.
21,894
Interest receivable
10,000 shs. (see
Mach.,furniture de
1,000,000 1,000,000
contra)
fixtures (less re413 Pref. 7% stock _ 4,000,000 4,000,000
413
serve)
a Class A stock_ ._ 4,314,900 4,314,900
763.916
b Common stock.... 764,016
def6,990,540
75,581
Surplus
Res.for Unit.Prof.
7,411
8,490
Shar.coupons,&c
Surplus Dec.31
3,403,244 10,615,873
3,403,243 10.615,872
Total
Total
a 176.496 shares (no par value) with a declared value of $25 per share
less $3,900 shares in treasury. b 764,016 no par shares, declared value
$1 per share in 1932 and 763,916 in 1931. a After reserves of $890. d After
deducting reserves for reduction to market value of $7.093,877.
Note.
-No dividends have been declared on the outstanding preferred
7% cumulative stock issued at various dates subsequent to Ot. 7 1929.
Investments in Securities of Other Companies, Dec. 31 1932.
-MarketShares or
Amount.
Par Value.
Price.
DescriptionCost.
1,075 Philip Morris Consol.,Inc.
$2,418.75
common ($10 par)
$10,000.50
23-i
32,300 Philip Morris & Co., Ltd..
262,437.50
capital
628,832.80 83-i
$2,021,000 Tobacco Products Corp.
of N. J. 654% coll, trust
debs., due Nov. 1 2022.-- 7,882,504.47 9474 1,917,423.75
372.250 Tobacco Products Corp.
of Del., common
886,111.83
i
139.593.75
300 United Cigar Stores Co.of
3-g
8,338.51
37.50
America, common
Total
$9.415,788.11
$2,321.911.25
Note.
-All of the above securities were pledged with the Guaranty Trust
Co. of New York at Dec. 31 1932, as collateral to a loan.
W. B. Ryan, Jr., President, in letter to stockholders,
dated May 25, states in substance:
The balance sheet as of May 15 1933. gives effect to (a) retirement of
18.400 shares of the 1st pref. cum. 7% stock of company through the
purchase thereof at $100 per share in exchange for 63-i% collateral trust
June 17 1933
debentures of Tobacco Products Corp. of N. J. at the principal amount
of such debentures plus accrued interest, and (b) termination of the agreement relating to underwriting the sale of 10,000 additional shares of such
preferred stock of company.
The retirement of such preferred stock and the cancellation of such
underwriting agreement, after the payment or providing for payment of
all debts of company, were authorized by the vote of the holders of a maJority of the stock of company entitled to vote, taken at a stockholders'
meeting held on May 31 1932. At the time of such meeting there were
outstanding against company (a) a claim for additional Federal income
taxes for 1928 in the amount of $62,637 plus accrued interest, which claim
after long negotiation with the Bureau of Internal Revenue, was compromised by the payment by company on Jan. 16 1933, of the sum of
$47.438 plus accrued interest and (13) an indebtedness to Guaranty Trust
Co. of New York arising out of a loan which at Dec. 31 1931, amounted
to $325.000, and which was thereafter reduced out of income of company
and by the application of the proceeds from the gradual sale at 95 or better
of 260 of the 6X% collateral trust debentures of Tobacco Pt oducts Corp.
of N. J. This loan was finally paid in full on May 1 1933. 'ithe time of
the above mentioned meeting there were also outstanding against company
certain claims which were in dispute and which were unllquidated in amount.
The retirement of the first preferred cumulative 7% stock to which the
balance sheet as of May 15 gives effect was consummated after provision
had been made for payment of these unliquidated claims.
The officers decided to omit the annual meeting this year on account
of the absence of important questions to be submitted to stockholders
and the expense which the holding of such a meeting would have involved.
The directors who would ordinarily complete their terms of office this year
will therefore continue in office until the election and qualification of their
respective successors in accordance with the by-laws of the company.
Statement of Income and Deficit for the Period from Jan. 1 to May 15 1933.
$16,150
Dividends received
40,368
Interest received
Total income
Expenses
Net income for period
Deficit, Jan. 1 1933
Loss on sale of securities
Provision for contingencies
Total deficit
Cancellation of portion of reserve for unrealized loss on invest
Reduction of reserve for unrealized loss on investments
Deficit, May 15 1933
$56,518
4,318
$52,200
6.990,540
224
20,040
$6,958.604
94,300
13.755
$6,850,549
Balance Sheet, May 15 1933.
LiabilUiesAssets
$655
$40,090 Accounts payable
Cash
62,094
17 Reserves
Accounts receivable
418,242 Res.for U.P.Shan Corp.cows. 7.186
c Inv. In stocks of other cos_
413 U. P. Sher. Corp., payable in
Property
460
common stock
2,160,000
7% preferred stock
4,314,900
a Class A stock
764,016
b Common stock
6,850,549
Deficit
$458,762
Total
$458,762
Total
a Represented by shares of no par value at declared value of $25 per
share. b 764,016 shares (no par). c After reserve for reduction sO marked
value of $1,115,041.
Investments in Stocks of Other Companies May 15 1933.
-Market
Cost. Price. Amount.
Shares.
Description
1,075 Philip Morris Consol., Inc., common
$2,150
$10,000 2
($10 par)
323,000
32,300 Philip Morris & Co., Ltd.. capital.... 628,832 10
93,062
372,250 Tobacco Products Corp. of Del.,com. 886,111
30
8,338 .10
300 United Cigar Stores Co.of Am.,com.
$418,242
$1,533,283
Total
-V. 134, p. 3654.
-Sept. 30 Fixed as
Union Indemnity Co., New Orleans.
Last Dayfor Filing Claims in Receivership Proceedings.
Judge Michael Provosty of the Civil District Court for the Parish of
Orleans, La., on June 5 issued an order fixing Sept. 30 as the last day for
filing claims against the company. All claims should be filed with the
receivers as New Orleans. Receivers are Clay W. Beckner and S. Sanford
1431 3r.
,
The receivers are authorized to refer all claims filed by parties whose
Interests are In Texas to the ancillary receiver appointed in that State,
and to take similar action with all claims filed by parties in other States in
which ancillary receivers have been appointed -V. 136. P. 2811.
for
-Plan'
United States Fidelity & Guaranty Co.
Refinancing Guaranteed Bonds.Further details in connection with the plan for refinancing the mortgage
companies whose bonds are secured by mortgages guaranteed by the
United States Fidelity & Guaranty Co. and the Maryland Casualty Co.
have been made public by the group of bankers headed by MacKubin,
Goodrich & Co., Stein Bros. & Boyce, and Baker. Watts de Co., all of
Baltimore, sponsors of the plan which they state is progressing satisfactorily
and has met with favorable response from the bondholders.
In carrying out the refinancing of the mortgage companies whose bonds
are secured by mortgages guaranteediby the United States Fidelity & Guaranty Co., two new mortgage companies have been chartered, Allied Mortgage Companies. Inc., the securities of which will be issued in exchange
to holders accepting option No. 1 of the plan, and Associated Mortgage
Companies. Inc.. which will issue securities in exchange to holders accepting option No. 2.
The new mortgage companies will be wholly owned subsidiaries of the
United States Fidelity & Guaranty Co. and their boards of directors will
include officers of the present mortgage companies.
The companies whose bonds are secured by mortgages carrying the
United States & Fidelity guarantee are: Aetna Mortgage Corp., Baltimore
Bonded Mortgage Co. of Baltimore; Chesapeake Mortgage Co.. Baltimore
Federal Mortgage Co., Dallas; Federal Mortgage Co. Asheville, N. C.
Mortgage Co.
Florida First Mortgage Corp.. Orlando, Fla.; Guaranteed
Minneapolis; Standard Mortgage Co., Asheville, N. C.; Security Mortgage
Co., Atlanta, Ga.; Stockton Mortgage Co., Jacksonville, Fla.; Sun Mortgage Co. Baltimore; United Mortgage Corp., Asheville, N.C., and United
States Miartgage Bond Co., Detroit.
Six of the mortgage companies whose bonds are secured by mortgages
guaranteed by Maryland Casualty Co.. also will be refinanced loy exchange
for issues of two new mortgage companies operating under each of the two
ptions. These companies are: Guaranty Mortgage Co., Lumbermens
pa
inance Corp.(now Installment Mortgage Co.), National Bond & Mortgage
Trust Co. of Ill. (now National Bond & Mortgage Co., of Chicago), Seaboard Mortgage Co., Security Bond & Mortgage Co. and United States
Mortgage Bond Co.
In the case of the nine remaining mortgage companies carrying the Maryland Casualty guarantee, each will form separate new mortgage companies
Into whose bonds the bonds of the old companies will be exchanged. These
companies are: Calvert Mortgage Co. Caroline Mortgage Co., Continental
'
Bond & Investment Co., Continental Mortgage Co. of Baltimore, Franklin
Bond & Mortgage Co.. Memphis. Lincoln Finance Co.(now Standard Bond
& Mortgage Co.), Potomac Mortgage Co., American Mortgage Co. and
Realty Bond & Mortgage Co.
The First National Bank of Baltimore has been named depositary for
the bonds of companies whose mortgages are guaranteed by the United
States Fidelity Guaranty Co. and the Maryland Trust Co. is depositary for
issues having the guarantee of Maryland Casualty Co. Holders are urged
to make prompt deposit of their holdings. See also V. 136, 13• 3738.
F
United States Lines Co.
-New Director.
Herbert Fleishhacker Jr. of San Francisco has been elected a director of
this company. He is a Vice-President of the Anglo-California National
flank -V. 134. p. 4338.
-Unfilled Orders.
United States Steel Corp.
See under "Indications of Business Activities" on a preceding page.
Charters Unit in Delaware to Consolidate Non-Operating
Realty Properties.
The corporation, on June 15, announced that it had organized a subsidiary' to consolidate non-operating real estate properties owned by its
subsidiaries in various States. The new subsidiary, which is called the
United States Steel Corp. (of Delaware) filed incorporation papers on
June 15 for a charter in Dover, Del. and will have an authorized capital
stock of 100,000 shares of no par value. The parent company, which has
the same name, is incorporated in New Jersey.
The following statement was issued by the parent company:
"The corporation has organized as a subsidiary the United States Steel
Corp. (of Delaware) as a medium for the transference to a common corporate entity various and sundry detached parcels of real estate and property now owned by various of its subsidiary companies, and also for such
subsequent use in holding property interests as may be from time to time
required or decided upon."
The new subsidiary is authorized to manufacture, buy, sell and deal in
iron, steel and other kinds of mineral and metallic compounds. It is
authorized also to deal in coal, coke, limestone and other products. Officers of the parent company said, however, that these broad powers were
sought merely as a formality and that the real purpose of the new company
was to co-ordinate the miscellaneous real estate properties under one
-V. 136. p. 3738.
management.
-The
-Extra Distribution.
Universal Leaf Tobacco Co.
directors on June 14 declared an extra dividend of $1 per
share in addition to the usual quarterly dividend of 50 cents
per share on the common stock, no par value, both payable
Aug. 1 to holders of record July 19. Regular quarterly distributions of 50 cents per share were made on this issue from
Aug. 1 1932 to and incl. May 1 1933, as against 75 cents per
share each quarter from May 2 1927 to and incl. May 1 1932.
in addition, a 35% stock dividend was paid on Sept. 10 1929.
The company made the following statement:
i
While the current fiscal year does not end until June 30, the present
ndlcations are that earnings for the common stock will be in excess of
86 a share. This, together with the very liquid position of the company,
-V. 135. p. 2187.
justified this extra disbursement to stockholders.
sY
Knitting Co.-Removed-Pews-14dr.--
Curb
he New York Cb Exchange has emoved from unlisted trading
p vileges the common stock (par $100) V. 134, p. 2170.
Waitt 8c Bond, Inc.-Earni gs.1929.
1932.1930.
Calendar Yearsa Manufacturing profit_ $581.106 $1.209,i43 $1.240,098 $1,303,447
745.614
737.151
700,413
Sell., adm. & gen. exp-526,461
$566.296
$494,484
$509.330
Operating profit
$54,645
31.211
32.971
22.561
Other income
647.283
$597,507
8527.454
$531.892
Total income
$101,928
55,443
54,745
24,826
Interest paid
13.750
52,338
54,113
55,332
Prov. for Federal taxes_
9,987
62.040
30.589
Write down of invent__ _
$489,726
$418.597
$389.692
Net profit
847.602
787,093
729.875
694.221
Previous surplus
723,913
Total surplus
$771,514 81,083.913 31,148.472 81,276,819
37,926
Prem.& disc,on bds.red.
14,251
52.543
Miscell. adjustments_
196,475
200,000
200.000
Class A stock dividends_
200,000
260.000
240,000
160.000
Class B stock dividends_
40.000
$729,875
Surplus, bal. Dec. 31.. $531.514
$723,913
$694.221
$1.46
$0.94
$1.09
Earns.per sh.on cl.B stk.
Nil
a After deducting cost of goods sold, incl. materials, labor, factory expenses and depreciation. b Includes dividends on 4,400 shares of class
A stock of company.
-V. 136. p. 1220.
Waltham Watch Co.
-Earnings.
Calendar YearsGross profits
Taxes, interest, depreciation, new
machinery, &c
1932.
$374,999
1931.
loss31.526
1930.
$952,485
634,414
578.423
775,704
Net loss
3259.415
$579,950prof$176,781
Balance Sheet Dec.31.
1932.
1931.
1931.
1932.
$
LiabilitiesAssel3$
Plant
3,437,007 3,437,007 1st mtge.6% bds.,
1943
Inventory
1,534.000 1,534.000
480,827
237,417
Cash & receivables 3,308,429 3,054,862 7% prior pref.stk_ 1,700,000 1,700,000
6% pref. stock... 5,000,000 5,000,000
Cost of 5,299 abs.
Accounts payable.
65,731
_
71,408
prior pref _
18,071 sin. 6%. 2,525,802 2,525,602 Res. for Fed., &c.
taxes
180,085
179,850
pref
233,476
Be,. for bad debts. 233.476
28,797 she. cl. B
Res, for deprec1,590,000 1,325,000
common
Rea. for bond and
Trademke., Pats.,
74,487
88,914
note discount. _ _
2,290,090 2,290,090
&e
Profit & lose Burp. 1,440,765 1,677,742
11,798,546 11,788,389
Total
Total
11,798.546 11,788,389
-There are issued and outstanding 70,000 shares common class
Note.
-V.136, p.3556.
B and 25,000 shares common class A. all of no par value.
Warner Bros. Pictures, Inc.
-Earnings.
For income statement for 26 weeks ended Feb.25 see last Chronicle,June
10. page 4079.
Consolidated Balance Shed.
Feb. 25 '33. Feb. 26 '32.
Feb. 25 '33. Feb. 26 '32.
LiabtlittesAssets
b Pref. stock_ 5,670,885 5,670,885
a Property acct.
145,586.704 159.069,975 c Common stock 19,006,722 19,008,722
3.078,433 4,047,253 Notes payable__ 1,018,580 1,306,525
Cash
409,458 Purchase money
93,792
Notes receivable
obligations__
818,773
884,973
Accts. rec., &o_ 1,584,823 1,865,157
99,240
Inventories- -- 9,831,662 12,754,212 Pref, dive. parte
Accts. payable._ 6,058,374 4,951,028
Rights and seen.
Sundry accruals 3,882,342 4,182,302
unprod., less
134,087
106,145
reserve
764,895 1,017,190 Due to attn. cos_
Royalties pay'le 1,241,033
852,579
Prod. and royl ,
238,192 Adv. pay to film,
38,765
adv., less res_
deposits, &c._
303,912
407,318
Mtge. & special
Deferred income
917,707
323,040
accts. rec., less
321,459 Remit from forin
486,519
reserve
subs, held in
Dep.to sec.contr.
abeyance... _
278.225
338,629
& skg.fd. dep. 1,973,619 2,271,733
Purchase money
Investments and
or contr.oblig.,
3,645,105 7,835,795
advances
matur, serial
8,549,829 8,896,119
Good-will
after one year 1,052,717 1,543,817
Deferred charges 1,008,937 3,264,141
Mtge.& fund dt. 93,962,417 100,295,476
Sub. proper. of
cap.stock and
681,559
surplus
882,898
Res,for contIng. 1,444,383 1,680,774
Capital surplus_ 58,325,484 62,082,698
Operating deficit 16,158,097 2,816,361
Total
176,639,083 201,578,884
176,639,083 201 578,884
Total
a After depreciation and amortization. b Represented by 103,107 no-par
by 3,801,344 shares, par $5.-V. 136, P. 1906
shares. c Represented
-Listing 55,000 Shares Under Option.
Walworth Co.
The New York Stock Exchange has authorized the listing of 55,000
additional shares of common stock without par value on official notice of
4289
Financial Chronicle
Volume 136
Issuance and payment in full and sale, upon exercise of options, making
the total amount of common stock applied for 429,000 shares.
Directors on June 5 1933 authorized the issue and sale of 55,000 shares
of the common stock. Of the 55,000 shares, 25.000 shares are to be sold
under an option at not less than $5.50 per share on or before June 30 1933.
The balance of 30,000 shares are to be sold under an option and at the
following prices. Not less than $9.50 per share if sold on or before Sept. 20
1933 and not less than $10 per share if sold on or before Dec. 15 1933.
The proceeds received from the sale of common stock will be added to
the working capital of the company and will be utilized by the company
for general corporate purposes -V. 136. p. 3739.
-Deposits of Securities.
Warner Co.
The company reports that assents to its plan for readjustment of its debt
and capital structure have been received to date in the amount of$2,573,000.
representing 44.1% of the outstanding bonds: also 50% of the outstanding
first preferred stock and 38.2% of the common stock. Assurances offurther
substantial deposits at an early date are in hand, and the three committees
have extended the deposit date in order to give those who have not yet
deposited an opportunity to do so. The expiration date has not yet been
fixed by the committees.
The New York Curb Exchange has removed from unlisted trading
privileges the common stock (no par), common stock purchase warrants
-V. 136.
and the $7 1st pref. stock (no par) with and without warrants.
p.3739.
-Sale Approved.
Washington Post.
Justice Proctor of the District Supreme Court has signed an order ratifying the sale of the Washington "Post" to the Washington Post Publishing
Co., incorporated in Delaware.
Eugene Meyer,former Governor of the Federal Reserve Board,announced
June 12 that he was the sole stock owner of the Washington "Post," which
was sold at auction June 1 for $825,000. Mr. Meyer will be President of
the new company formed to control the paper, Mrs. Meyer Vice-President
and Floyd R. Harrison, Secretary-Treasurer.
Mr. Meyer,in a statement,said: "It will be my aim and purpose steadily
to improve the 'Post' and to make it an even better paper than it has
been in the past. It will be conducted as an independent paper devoted to
the best interests of the people of Washington and vicinity and hopes to
have their interest and support. I think I should in this connection make
it clear that in purchasing the 'Post' I acted entirely on my own behalf,
without suggestion from or discussion with any person, group or organization".
-V.136. p. 3924.
-Rights.
(John Warren) Watson Co.
Holders of the common stock and deferred common stock of record
June 22 will be offered the right to subscribe at par (100%)for new income
debentures due Aug. 1 1983 in the ratio of$3 principal amount of debentures
for each five shares of conunon or deferred common stock held, subject to
the stockholders' approval on July 21 1933.
The Committee on Securities of the New York Curb Exchange has ruled
that the common stock be not quoted "Ex" said rights on June 22, and
not until further notice, and that all deliveries after June 22 and until
further notice, carry due bills for the rights. See also V. 136, p. 3924.
-Reduces
Wayne Knitting Mills, Ft. Wayne, Ind.
Capitalization.
The company recently filed an amendment to its articles of incorporation
reducing authorized capital stock from 40,000 shares of pref.and 40,000
shares of common stock, both of $50 par value, to 18.000 shares of preferred
at 850 each and 40,000 shares of common at 825 each.
Weber Showcase & Fixture
-Earnings.
Calif.
Co., Inc.,
Los Angeles,
Income Account Year Ended Dec.311932.
Operating loss on sales before depreciation, taxes, inventory
mark-downs, &c
Depreciation
Inventory mark-downs
Taxes
Provisions for doubtful accounts sold in 1932
Additional provisions for doubtful accounts sold prior to 1932_ _
Losses in connection with invest. in & advances to affil. cos..... _
$38,965
71.434
88,055
20,963
23,143
101,084
27,863
Total loss, 1932
Profit and loss surplus Dec. 31 1932
$371.506
66,895
Profit and loss deficit Dec. 31 1932
-V. 133. p. 2777.
$304.611
-Earnings.
(&
Weinberger Drug Stores, Inc. Subs.).
1932.
8118,526
13,634
17,000
1931.
$126.236
9,254
16.500
Net profit
Dividends paid
$87,892
72,934
$100,482
72,253
Balance,surplus
Previous surplus
$14,958
130,478
$28.229
102,249
Calendar YearsOperating profit
Other deductions
Provision for Federalincome tax
8130.478
$145,436
Balance, surplus Dec.31 1931
$1.32
$1.21
Earnings per share
Condensed Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Assets
$70.255 Accts. pay.for pur$93,573
Cash
chases, exps.,&c $98,770 $109,163
Customers' accts.
18,241
Accr'd rent & taxes z21,985
receiv. de credit's.
3,000
26,061 Res. for minting__
12,599
debit balances
546,000
520,992 z Capital stock _ __ 546,000
512,154
Inventory
81,951
81,951
Capital surplus_ __
Cash surr. value of
130,478
1,914 Profit & loss surpl_ 145,437
5,119
life insurance
79,962
81,351
Other assets
Permanent assets. 178,543 y177,071
1
1
Pats. de trade mks.
9,575
13,804
Deferred assets_ _ $895,143 $885,834
Total
Total
$895,143 $885,834
x Represented by 75,629 in 1932 (75,702 in 1931), shares of no par value.
y Less reserve for depreciation $62,494 in 1932 ($40,751 in 1931). z Only
taxes.
-V.134, p.2549.
).Western
Canada Flour Mills, Ltd.-Ronasoed4coffrfrest--
The New York Curb Exchange has removed from unlisted tr
loges the 63% pref. stock (par $100) and the common stock (no par).
-V.136, p.3924.
Western Grocer Co. (Iowa)
.-4ft-'bd,.he Chicago Stock Exchange has removed from the list 105.000 shares
of Chicago transfer
n stock ($25 par), because of discontinuance
V. 134. p. 4050.
estfield Manufacturing Co.-Remosfreel-few#444.he New York Curb Exchange as removed from unlisted trading
prFeileges the common stock (no par). V. 135, p. 2669.
Western Grocers, Ltd.
- arnings.Calendar YearsProfits
Depreciation
Income tax
1932.
$141,136
39.731
13,000
1931.
$121,671
36,113
7,355
1930.
$133,777
35,763
8,000
1929.
$193,170
35.762
11,500
Net income
Preferred dividend
$88,404
83,601
$78,204
83,601
890,014
83.601
8145.908
83,601
Balance, surplus
Previous surplus
Tax adjustment
$4.803
372,909
defS5,397
378,307
86.413
371,799
95
862.307
309,491
$377,712
$372,909
$378,307
$371,798
$0.28
Nil
$0.38
$3.67
Profit & loss surplus_ Earns, per sh. on 16,943
she.corn.stk.(no par)
4290
AssetsCash
Merchandise
Accts. receivable
Advances on merchandise & sundry debtors._
Prepaid insurance,
interest, &c
Inv. in Nash Simington Co., Ltd.
shares
Real estate, not in
use for warehouses, & other
investments...._
Real estate & bldgs
Plant & equipment
Financial Chronicle
Comparative Balance Sheet Dec. 31.
1932.
1931.
LiaMattes1931.
1932.
$70,495 $114,915 Bank loans,secured $976,500
1,013,691
877,732 Acceptances & ac940,199
982,526
counts payable_ 384,062 $433,552
Divs. on pref. sits..
20,900
20,900
lies, for conting.-- 100.000
39,068
41,206 Divs. previously
declared & still
17,028
16,999
unclaimed
635
604
7% cum. pt shares 1,194,300 1,194,300
a Common shares_ 1,022,863 1,022.863
969,878
372,909
Surplus
277,713
39,825
817,034
69,756
39,825
884,259
87,665
Total
$3,976,973 $3,045,129
Total
$3,976,973 33,046,129
a Represented by 16,943 no par shares.
-V. 135. p. 2508.
Westinghouse Electric & Manufacturing Co.
-Refrigerator Business Sets New High Record in March.
Receiving more orders for refrigerators in May than in any previous
month of its history, R. C. Cosgrove, Manager of the refrigeration Department. announces that the Mansfield, Ohio, works and the East Springfield, Mass., refrigeration division are now operating at capacity 24 hours
a day.
Furthermore, Mr. Cosgrove revealed that orders, in the first few days of
June, were being booked at the rate of 850 units a day. In March the optimistic trend in refrigeration business was first noted in a Westinghouse
announcement of an unusually large volume of ousiness being booked.
Approximately 400 more workers are now on the payroll of the company's
Mansfield works than were maintained during the war-time peack of
employment in 1918. due entirely to the necessity for electric refrigerator
production.
Both the Mansfield and the East Springfield works are now operating
a full 24 hours daily to complete about 8,800 back orders and to build up
a surplus to care for anticipated continuous demand during the next few
months. Due to the increased employment. Mr. Cosgrove asserted that
back orders would be filled within the next few weeks.
The present refrigerator situation is a most healthful one, Mr. Cosgrove
explained, because distributors' stocks throughout the country are very
low and orders being received at headquarters are to fill actual sales rather
than to anticipate requirements.
-V. 1.36, D. 3364.
June 17 1933
Worthington Pump 8c Machinery Corp.
-Expands.
-
This company and the Gamon Meter Co. have consolidated their operations in the manufacture and sale of meters in the newly organized Worthington-Canton Meter Co. All manufacturing operations will be concentrated in the Canton plant.
-V. 136, D. 3364.
J. S.) Young Co.-Removed-from-hist:ne New York Curb Exchange has removed from
Prlvile
unlisted tradin
.
D
stock (par $100) and the common stock (par $100).
Zimmerknit Co., Ltd.(& Subs.).
-Earnings.
-
Years Ended Dee. 311932.
Gross trading profits for year, after deduction of
operating and administrative expenses, without
providing for depreciation
$4552:02805
Bond interest
Bond discount
1,500
Transfer
reserves set up Dec. 31 1930, not
required
Surplus
Previous deficit
1931.
$2,675
41,228
1,500
Cr7,272
$5.755 def$32,781
32,781
Total deficit
$ 27,026
Consolidated Balance Sheet Dec. 31.
Assets-Liabilities1931.
1932.
1932.
Land,b1dgs.,maeh.,
Preference stock__ $250,000
equipment,&o__ $831,322 $824,590 a Common stock._ 369,899
Good-will
1 Deficit
1
27,026
Prepaid dt deferred
1st mtge. and coll.
expenses
3.839
trust 6s
2,984
250,000
Discount on 1st
2d mtge, and coll.
mtge bonds- 12,000
13,500 trust 6s
500,000
Cash
425 Res.for conting.dio
298
29,495
Receivables
183,217 Accts. payable and
208,867
Inventories
accrued charges_ 132,731
512,309
582,081
Ins.-dep. and cash
Bank (secured)
149,441
surrrender value
31,813
37,007
$32.781
1931.
$250,000
369,899
32,782
250,000
500,000
33,582
111,521
87,473
Total
Total
$1,654,540 $1,569,695
51,654,540 $1,569,696
Represented by 65,880 no par shares.
-V. 135. . 14 .
CURRENT NOTICES.
- the annual meeting of the Financial Advertisers Association of New
At
(S. S.) White Dental Mfg. Co.
England held in Boston the following officers and directors were elected
-Balance Sheet.
The balance sheet as of Dec. 31 appearing under the name of F. W. for the ensuing year: Ralph M. Eastman, State Street Trust Co., Boston,
Woolworth Co. in "Chronicle" of June 10, p. 4109, is that of S. S. White
President; Roy H. Booth Jr.. National Shawmut Bank, Boston, Rex T.
Dental Mfg. Co. and should have appeared under that company's name
Crandall, Webster & Atlas National Bank, Boston, and Stanley E. Clark.
with the income statement in the adjoiit column.
ng
-V. 136. p. 4109
Estabrook & Co., Vice-Presidents: Henry I. Hewitt, Kidder, Peabody &
*---.."‘ W itman & Barnes, Inc.- o Change Capital
-Expan- Co., Secretary; and Edward F. Messinger. Merchants National Bank,
sion.
Boston, Treasurer, Charles W. Earle, Louis W. Munro, Mark Hanna,
Aa
al meeting of the stockholders will be held to consider changing
Frank L. Torney, John II. Wells, Gilbert E. Woods, Joseph F. Moriarty,
the company's capital structure to 300,000 shares of common stock, par
Lindley A. Bond and George Wilshire were elected directors.
$2.50. from 100,000 shares of no par stock, and to approve an agrent
made between the corporation and the Latrobe Tool Co. of Latrobe, Pa.,
Paul Bestor, former Federal Farm Loan Commissioner and member of
whereby Whitman & Barnes, Inc. will acquire substantially all of the
the Reconstruction Finance Corporation, will become associated with the
assets of the Latrobe company and its subsidiaries.
In this manner Whitman & Barnes, Inc.. will broaden its line of cutting
Prudential Insurance Co. of America. The appointment was recently antools, now comprising drills. reamers, milling cutters, punches, &c., to
nounced at the company's home offices in Newark, N. J. Recognized as an
include taps, dies and machine knives for woodworking, &c. President
authority on the farm loan situation, Mr. Bognor will serve in a supervisory
W. H. Eager announced.
capacity in that phase of the Prudential's investment activity, thus parThe directors of the Latrobe Tool Co. have called a special meeting of
stockholders for July 7 to vote on ratification of the agreement with the
ticipating in the executive direction of the Prudential's Canadian and
Whitman & Barnes directors.
-V. 134. p. 2363.
American farm loan investments, which comprised on June 1 1933, nearly
----...
(M. J.) Whittall Associates, Ltd., Worcester, Mass.
- 37,000 individual loans for a total of 1110r0 than $195,000,000.
- Eberstadt & Co., Inc., has announced the opening of a department
P.
Requests Bondholders to Accept Default on Interest Due.
for wholesale and retail distribution of investment securities. The departIn a letter to holders of its 10
-year sinking gold debentures 0 company
has requested them to accept the default of interest payment due June 1 to
ment will consist of a group of former members of the Chase Harris Forbes
conserve its working capital. If the default is refused the firm will meet
sales organization, recently dissolved, and will be managed by E. H.
the payment. The letter is as follows:
Robinson, recently downtown sales manager of that organization, and
"During the past three years, due to the fact that the M. J. Whittall
include Robert A. Blvins, Bernard E. Davidson, Homer Hill, Albert E.
Associates, Ltd., manufacture rugs and carpets of a high quality and price
range, the volume of our business has suffered a very material shrinkage.
Tait and Lester timing.
"Early in April the Associates engaged the services of Ernst dr Ernst,
-G. W. Peck. formerly President of Emery, Peck & Rockwood Co.,
accountants, to make a critical survey and investigation of all activities
of the trust. After careful consideration of the reports and adoption of the
announces the formation of a new corporation under the name of G. W.
recommendations made by the firm of Ernst Sr Ernst, the Associates feel
Peck & Co. with offices at 231 South La Salle St., Chicago. Ill., for the
warranted in their confidence Mkt the future operation of the business
purpose of carrying on a general securities business.
merits the full and hearty co-operation of the debenture holders.
The business of Emery, Peck & Rockwood Co., is being discontinued.
"One of the recommendations made by Ernst & Ernst is that payment of
interest, due to the debenture holders June 11933, be postponed to conserve
-Chase Harris Forbes Corp. has sold its entire interest in Chase Harris
the working capital. Therefore, no deposit has been made with the trustee
Forbes. Ltd., London. The company has been acquired by London interests
for payment of this interest.
and its name will be changed to Balfour, Boardman & Co. White, Weld &
"Salaries and wages and all other expenses have been reduced to a miniCo. have acquired a substantial interest in Balfour, Boardman & Co. who
mum in every department. Employees, including executives, salesmen,
will be White, Weld & Co.'s London correspondent.
office employees and workers in the factory, have accepted substantial
-D. Francis Sullivan. formerly manager of the Municipal Trading
reductions in and re-arrangement of the executive personnel of the organizaDepartment of William R. Compton & Co.. Inc., and L. Albert Gjobye,
tion have been made effective, improved methods have been introduced
for the past 11 years with Peabody, Smith & Co., Inc., announce the
and the operation of the business in the future will be conducted in accordance with a well planned system of budgetary control.
formation of Sullivan & Gjobye with offices at 60 Broad Street, New York,
to specialize in municipal and corporation bonds.
"During the past year all manufacturing operations have been consolidated at the main plant in Worcester with material saving in operating costs
-Ovid L. Meyer. for nine years in charge of the Secruties Department of
Whitten has consistently maintained the high quality of its product despite
American Water Works & Electric Co., Inc.. and later of Ovid L. Meyer
the tendency on the part of our competitors to lower quality during this
& Co., is now associated with Donny & Co.,50 Broadway, N. Y.,in charge
period of depression-therefore, Whittall reputation for quality still leads
of sales.
the trade.
.
"For these reasons the Associates are of the opinion that Whitten, with
-Ferry K. Heath. formerly Assistant Secretary of the Treasury, has
a continued and steady increase in orders during the past three months,
become associated with the New York Stock Exchange firm of Harriman
is in an excellent position to-day, to take advantage of a return to better
& Co. and will participate in the management of their Washington, D.0..
business which we have good reason to look forward to in the light of
office.
measures taken by our Government.
-Richard Roelofs Jr., and Thomas F. Lennon,formerly with Dominick &
"We are prepared to furnish to a committee representative of the bond
Dominick, are now associated with Estabrook & Co., members of the
holders such information and assistance as it may require. Meanwhilewe
New York Stock Exchange, in charge of their Stock Exchange Department.
are carrying forward the program outlined above and expect to render to
the bond holders a favorable report at the next interest date."
-V. 136,
National headquarters of the Drug Institute of America, Inc., have been
P. 3180.
established in the McGraw-Hill Building, 330 West 42nd Street, New York
City, under the direction of Wheeler Sanunons, acting managing director.
. Williams Steamship Co.
1
-Offer to Bondholders.
, -The New York Stock Exchange firm of Frank B. Cahn & Co. anSee American-Hawaiian Steamship Co. above.
-V. 136, p. 4109.
nounces the opening of a branch office at Atlantic City, N. J., in the
Ambassador Hotel, under the management of George W. Pennington.
---,Whittall Can Co., Ltd.
-Resumes Dividend.
The directors have declared a quarterly dividend of 1%% on the 61.i%
The New York Stock Exchange firm of Sydeman Bros. announce the
cum. cony. pref. stock. par $100, payable July 1 1933 to holders of record
removal of their main office to 30 Pine Street. The firm also holds memberJune 15. This is the first distribution on the pref. stock since July 2 1931 on
ship on the New York Curb Exchange and Chicago Board of Trade.
which date the last regular quarterly payment of like amount was made.-Thomas S. Hood,formerly Vice-President and Secretary of Indianapolis
-V. 136. p. 2630.
Bond & Share Corp., has become associated with M. P. Crist dc Co., Inc.,
investment security dealers of Indianapolis, as Vice-President.
'--, Wisconsin Bankshares Corp.
-Omits Dividend.
The directors on June 15 voted to omit the semi-annual dividend ordin-Orvis Brothers & Co., members New York Stock Exchange, announce
arily payable about July 15 on the common stock. On Jan. 16 last a semithe opening of a branch office at New Rochelle in the Pershing Square
annual distribution of two cents per share was made,as against four cents per
Building, under the management of Richard F. Wallace.
share on March 31 and on June 30 1932 and five cents per share previously
-G.L. Ohrstrom & Co., Inc., has prepared a comprehensive analysis of
each quarter.
first mortgage bonds of natural gas operating utilities with earnings for
President Walter Kasten stated: "While earnings of the corporation for
1932 and current quotations.
the last six months have been satisfactory, conservatism suggests that no
dividend action be taken at this time because of the relatively slack demand
Kennedy. Hall & Co., dealers and brokers in general market securities,
for bank credit and prevailing low money rates, and to further strengthen
have moved their offices from 120 Broadway to 40 Wall Street where they
the reserves of the corporation. This is in line with the policy recommended
will occupy larger offices.
to all national banks by the Federal Government. We anticipate satisfactory earnings for the remainder of the year.'
-Holt, Rose dr Troster, New York, have issued a special chart on the
Federal and New York State tax requirements and par values of New
H. R. Burling has been appointed a Vice-President and a Director.
York City bank stocks.
V. 136, p. 2812.
•
-George A. Searight has been elected Vice-President in charge of the
-Correction.
(F. W.) Woolworth Co.
trading department of W. L. Adams & Co., Inc.,63 Wall Street, New ork.
The balance sheet appearing under this company's name in last week's
"Chronicle," page 4109, is that of S. S. White Dental Mfg. Co.
-James Talcott. Inc., has been appointed factor for Rutger Silk Oa
-V. 136,
Inc., New York City, distributors of ens.
p. 4109.
Financial Chronicle
Volume 136
4291
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, June 16 1933.
COFFEE on the 12th advanced 2 to 10 points on Santos
contract and 7 to 13 points on Rio with sales of 8,000 and
2,750 bags respectively. Active buying by European interests and a decline in the dollar were the bullish influences.
Cost and freight offers were Sc. lower and the spot market
was dull. On the 13th inst. prices advanced on Santos
contract 4 to 12 points and 11 to 16 on Rio, under Wall
Street and European buying. Business was more active
with sales of 22,000 bags of Santos and 13,500 bags of Rio.
In the cost and freight market there was no change, basis
Santos 4s being quoted at 8.40 to 8.70c. and Rio 7s at 7.10c.
Spot was weak at 9 to nic. for Santos 4s. On the 14th
inst. there was a further advance in futures of 2 to 8 points
except on July Santos which showed a decline of 7 points.
Wall Street was a good buyer. The market was broader.
Sales were 21,250 bags of Santos and 19,500 bags of Rio.
Cost and freight offerings were generally unchanged with
basis Santos 4s ranging from 8.35 to 8.70c. for prompt
shipment; Rio 7s, 7.10c. and 7-8s 7c. for June shipment.
Spot business was quiet with Santos 4s unchanged at 9 to
934c.; Rio 7s 73'c. and Victoria 7-8s 7)4c. On the 15th
inst. futures declined 8 to 15 points with trade interests the
principal sellers. The market lacked support. The weakness of securities and other commodities contributed to the
weakness. Cost and freight offers were unchanged with
business dull. The spot market was quiet with basis Santos
4s at 9 to 9he.; Rio 7s 73'c. and Victoria 7-8s, 7%c. Today prices declined 6 to 8 points on Rio and 12 to 15 points
on Santos. Cables to the Exchange stated that the National Coffee Department would retain 40% of the current
coffee crop and permit only 60% to reach world markets.
Final prices for the week are 7 to 10 points on Rio contract
but 1 to 25 points lower on Santos except on December
which is 11 points higher.
Rio coffee prices closed as follows:
Spot(unofficial)December
July
51 nom.1March
7
September
5.61 nom. May
5.59@nom.
5.50@ 5.51
5.5101
Santos coffee prices closed as follows:
Spot (unofficial)
July
September
December
9.0054
7.92@nom.1March
7.810 7.82 May
7.726
7 64 @nom.
7.59@ _ _
COCOA to-day ended 6 to 10 points lower on heavy
.
selling. July ended at 4.26c.; Sept. at 4.46c.; Oct. at 4.52c.;
Dec. at 4.67c.; Jan. at 4.72c.; March at 4.89c. and May at
5.03c. Exports from the Gold Coast during the first half
of June were placed at 5,660 tons against 4,437 for the same
period last year. Final prices are 32 to 38 points lower than
a week ago.
SUGAR on the 12th inst. declined 5 to 7 points on futures
under heavy liquidation and hedge selling by Cuba. The
report from Washington that no immediate action would
be taken on tariff changes induced heavy selling. Raws
followed futures downward. Some 4,000 tons of Cuba
loading June 14 sold at 1.40c. c. & f., and there was a rumor
that 5,000 bags sold at 1.37e. but this lacks confirmation.
Withdrawals of refined were good. On the 13th inst. prices
after declining 3 to 5 points early rallied on a Washington
report that discussions were held between the Cuban Ambassador and the State Department on reciprocal trade
negotiations. The closing was 2 points lower to 1 point
higher. Cuban interests were selling most of the day.
On the 14th inst. futures ended unchanged to 1 point higher.
At one time prices were 3 to 5 points higher. Trading was
light were there was enough liquidation to cause a setback.
Raws were unchanged at 3.35c. delivered. Refined was
4.60c. with good withdrawals. On the 15th inst. prices fell
4 to 6 points with Cuban interests heavy sellers and raws
easier at 3.35c. delivered. Sales were larger, i.e. 41,900
tons. Most of the activity was in Dec. Refiners still
quote 4.60c. and withdrawals were good. To-day futures
closed unchanged to 1 point higher. Raw sugar was available
at 1.35c. Wall Street bought. Final prices are 11 to 12
points lower for the week.
Sugar prices closed as follows:
Spot • unofficial)
July
September
December
January
1.35@
1.32@ _
March
1.3451.35 May
1.41@
1 42@1.43
1.48a _1.52@ _
LARD.
-On the 12th inst. futures declined 2 to 5 points
with the run of hogs large. The hog market was weak and
10c. lower. On the 13th inst. prices were unchanged to
3 points lower, except on December, which was 15 points
higher. Heavy hog receipts and selling by packing interests
were the depressing influences. Cash lard was weaker.
Prime, 6.75 to 6.85c.; refined to Continent, 68c.; South
American, 7%c. Futures on the 14th inst. ended at a
decline of 12 to 20 points, with grain weaker and some
scattered liquidation. The hog run continued large. An
increase of 7,000,000 to 8,000,000 pounds is looked for in
lard stocks for the first half of June. No exports were
reported. Hogs were off 15c., with the top $4.70. Cash
was easier, with prime 6.55 to 6.650.; refined to Continent,
65 to 630.; South American, 6% to 7c. Futures on the
%
4
15th inst. followed the reactionary trend of grain and other
commodities. The closing was irregular, 3 points lower to
3 points higher. Liverpool was off 6d. to 9d. Exports
were small. Lard stocks showed an increase of about 13,000,000 pounds. Total stocks since Oct. 1 1932 are 44,593,000 pounds, against 31,450,000 pounds on May 31 1933,
and 48,962,000 pounds on June 14 1932. Hogs were 5c.
lower, with the top $4.60. Total receipts for the Western
run were 93,800, against 74,400 on the same day last year.
Prime lard was 6.45 to 6.55c.; refined to Continent, 63c.;
%
South American, 63' to 7c. To-day prices closed 15 points
lower owing to the weakness of grain and other commodities.
Final prices are 15 to 40 points lower for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
fon.
Tues.
Wed. Thurs.
Fri.
6.47
July
6.45
6.42
6.30
6.22
6.07
6.67
6.62
September
6.60
6.47
6.40
6.25
December_
6.65
6.70
6.62
6.47
6.45
6.30
Season's Low and When Made.
Season's High and When Made.
July
May 12 1933 July
6.95
3.92
Feb. 21 1933
September_ _ _ _7.12
May 18 1933 September
4.02
October
October
7.07
4.57
PORK was steady; mess, $20; family, $19.25, nominal;
fat backs, $15.25 to $15.70. Beef, firm; mess, nominal;
packet, nominal; family, $12 to $12.50; extra India mess,
nominal. Cut meats, strong; pickled hams, 4 to 6 lbs.,
%
63/sc.; 6 to 8 lbs., 65 c.; 8 to 10 lbs., 63'c.; 14 to 20 lbs.,
12c.; 22 to 2 lbs., 103'c.; pickled bellies, clear, f. o. b.
New York,6 to 8 lbs., 110.;8 to 10 lbs., 10%c.; 10 to 12 lbs.,
103 c. Butter, creamery, firsts to premium marks and
%
higher score than extras, 193/i to 23c. Cheese,flats, 17 to
21%e. Eggs, mixed colors, checks to special packs, 10 to
16%c.
-Linseed was rather quiet for bulk but a fair deOILS.
mand was reported in some quarters for five-barrel lots at
9.9c. Local crushers were quoting 8.9c. for tanks but are
understood to be shading that price 2 points. Cocoanut,
Manila, Coast, tanks, 33" to 3Wic.; tanks, New York, spot,
3Y
2c. Corn, crude, tanks, f.o.b. Western mills, Sc. Chinawood, N. Y., drums, carlots, delivered, 73/i to 7Yic.; tanks,
spot, 7.2 to 7.6c.; Pacific Coast, tanks, 7c. Olive, denatured, spot, Greek drums,66c.; Spanish drums,68 to 69c.;
shipment carlots, Greek and Spanish,64 to 65c. Soya bean,
tank cars, f.o.b. Western mills, 5.6 to 5.75c.; carlots, delivered, drums, N. Y., 7.1 to 7.7c.; less than carload, 7.5
to 8.1c. Edible, olive, $1.35 to $1.55. Lard, prime, 10c.;
extra strained winter, 8%c. Cod, Newfoundland, nominal.
Turpentine, 44 to 463'c. Rosin, $4.15 to $5.05.
COTTONSEED OIL sales to-day including switches 31
contracts. Crude S. E., 120 under July bid. Prices closed
as follows:
Spot
June
July
August
September
5.45@ Bid
5.455.55
5.45o5.52
5.50 5.60
5.54@5.58
October
November
December
January
5.59@5.67
5.64@5.74
5.72@5.76
5.77@5.81
PETROLEUM.
-Conditions in crude oil are improving and
refinery products are stronger. The situation in East Texas
4292
Financial Chronicle
is being watched very closely. The attitude of some is that
the industry is continuing to improve regardless of developments in East Texas but the general belief is that a out in the
allowable crude oil production would cause a more rapid
recovery. The next order for the East Texas field is expected
to allow an output of 600,000 bbls. daily. The Bell Oil &
Gas Co. raised Mid-Continent oil 50e. and the Texas Panhandle price structure 15e. Gasoline was stronger. Local
refiners are expected to advance prices shortly and the
Middle West tank market shows improvement. Fuel oils
were generally steady with spot grade C bunker 75e. refinery. Diesel oil showed more activity at $1.65 same basis.
Domestic heating oils were quiet but steady. Kerosene
was firm at 43 to 5c., tank cars, refineries. The Tide
%
Water Oil Co.increased Conroe crude oil 10e.late in theweek.
Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications," in an article entitled "Petroleum
and Its Products."
RUBBER on the 10th inst. closed 1 to 15 points higher on
renewed buying by commission houses. Other strengthening
factors were the rise in sterling and the decline in the dollar.
London was 1-32 to 1-16d. higher. June closed at 6.450.;
July at 6.47e.; Sept.,6.73c.; Oct.,6.81e.; Dec.,6.95 to 6.98c.;
Jan., 7.05e.; March, 7.23e. Sales were 1,620 tons. On the
12th inst. after early firmness futures reacted and ended at
a net decline of 8 to 15 points. July closed at 6.35c.; Aug. at
6.46e.; Sept. at 6.58 to 6.60e.; Oct. at 6.68c.; Dec. at 6.87 to
6.88e.; Jan. at 6.95c.; and March at 7.10c. Malayan dealers'
stocks were 33,383 tons at the end of May as compared with
30,206 tons at the end of April and 42,563 tons at the end of
A
to 34c. lower at 63 c. for
May last year. Actuals were
June-July ribs and 7c.for thin pale crepe. London was 5-32d.
to 3-16d. lower. Singapore was unchanged. On the 13th
inst. prices ended 13 to 18 points lower with other commodities weaker. The strength of the dollar did not help
matters. Selling here against purchases abroad of cheaper
rubber was a feature. There was a good deal of profit taking
by nervous longs. The Rubber Manufacturers Association
figures for April showed an increase of 74.7% in sales over
March but were still slightly below April, 1932. It must be
remembered however that in March the industry was almost
at a standstill because of the banking holidays. Closing
prices were: July, 6.20c.; Sept., 6.40c.; Oct., 6.55c.; Dec.,
6.72 to 6.73c.; Jan., 6.80e.; March, 6.95e. and May, 7.15e.
There was little doing in actuals. Sellers asked 3 3-16e. while
buyers' views were 3 1-16c., for June-July standards. London was unchanged to 1-16d. lower and Singapore declined
1-8d. to 5-32d.
On the 14th inst. futures showed a decline at the close of
42 to 51 points after sales of 6,900 tons. There was a report
during the day that Britain had abandoned its plans regarding restriction but later on this was denied and cable
advices stated that British Government had not changed its
attitude toward holding down the output. London declined Xd. Very favorable statistics were issued by the
Rubber Manufacturers Association. It put the consumption in May at 44,580 tons against 26,226 tons in April.
This is the largest monthly total since May 1929. For the
five months the total is 133,398 tons against 149,449 tons
in the same period last year. Imports in May were 27,556
tons, an increase of 41.6% over April but a decline of 14.5%
as compared with May 1932. Domestic stocks on hand at
the end of May were 364,459 tons against 382,167 tons at
the end of April. This is a decline of 4.6% from last month
but 8.2 above the figures of May 1932. The amount
afloat to this country was 43,342 tons at the end of the month
against 30,745 tons at the end of April and 50,453 tons at
the end of May last year. July closed at 5.75c.; Sept. at
5.95 to 6c.; Oct. at 6.10c.; Dec.at 6.30 to 6.35c.; Jan.,6.37c.;
and March, 6.50c. On the 15th inst. prices closed 19 to 27
points lower on the reported agreement to peg the dollar
at$4 to sterling during the remainder of the London Economic
conference. A decline in stocks also helped. So did the
weakness of cotton, the sharp recovery in the dollar and a
drop in sterling and other foreign exchange. Actuals were
quiet and lower with June-July ribs being held by dealers
at 5%e., and pale crepe at 634c. June closed at 5.45c.;
July at 5.48c.; Sept. at 5.75c.; Oct. at 5.85e.; Dec. at 6.03
to 6.05c.; Jan. at 6.11e. March at 6.25c., and May at
6.45e. London was 1-164. to 3-32d. higher but Singapore
declined 5-16d. to 11-32d. To-day prices ended 30 to 35
points lower. The decline in other commodities counted for
more than anything else. Final prices show a decline for
the week of 115 to 123 points. July ended at 5.15e.; Sept.
June 17 1933
at 5.41c.; Oct. at 5.50c.; Dee. at 5.70c.; Jan. at 5.77c., and
March at 5.90 to 5.95c. Sales were 884 lots.
HIDES, after an early decline on the 10th inst., rallied
and closed 5 to 25 points higher. There was a better demand
for spot hides and prices were steady. Trade houses were
good buyers. Sales were 800,000 pounds. June ended at
12.500.; Sept. at 13.200.; Dec. at 13.45c., and March at
13.65c. On the 12th inst. prices moved within comparatively narrow range and closed irregular at a decline of 25
points to an advance of 7 points. June ended at 12.25c.;
Sept. at 13.10 to 13.20c.; Dec. at 13.41 to 13.45e., and
March at 13.72 to 13.80e. Spot hides were unchanged.
A sale of 3,200 heavy native steers was reported at 123.'e.
Leather manufacturers are purchasing only to fill immediate needs. On the 13th inst. prices declined 30 to 36
points owing to general liquidation and a lack of buying
power. June closed at 11.95c.; Sept. at 12.80 to 12.95c.;
Dec. at 13.05 to 13.15c., and March at 13.40e. On the
14th inst. there was a further decline of 35 to 50 points
owing to renewed liquidation by longs and some scattered
short selling. There was a good deal of profit-taking on
the decline in securities and other commodity markets.
Sales were 3,720,000 pounds. Spot hides were easier;
packer native steers and butt brands, 123.e.; Chicago, light
native cows, 123,e.; New York City calfskins, 9-12s, $2.10;
5-7s, $1.50; 7s, $1.35. Futures ended with June at 11.55e.;
Sept. at 12.45c., and Dec. at 12.55 to 12.65c. On the 15th
inst. another sharp reaction took place and prices ended at
a decline of 55 to 65 points owing to weakness in securities
and an easier spot situation. Other commodities were
generally lower. June closed at 110.; Sept. at 11.90 to 12c.;
Dec. at 11.95c., and March at 12.25e. To-day prices declined 25 to 40 points. Actuals were quiet. June closed
at 10.60c.; Sept. at 11.50 to 11.600.; Dec. at 11.70c., and
March at 11.90 to 12.10e. Final prices show a decline for
the week of 145 to 160 points.
OCEAN FREIGHTS continued quiet.
CHARTERS included sugar from Cuba, first half July, Marseilles, 13s.
3d.; Cuba to United Kingdom-Continent, 12s.; Cuba, July, Bordeaux, 14s.;
London, 138.; 2 discharges. Grain booked:7 loads to Italy-New York, 7c.,
and about 20 from Montreal at Sc. and 9c.; some loads to Italy. Montreal,
j5
8c.; New York, 7c.; 7 loads. Greece, 113ic,,..•. 2 loads to Hamburg. 6c;
3 to west Italy, 7c, wheat: 27,000 qrs. 10, Montreal, June, Limberick
or corn, is. 9d. Coal reported prompt Hampton Roads, part cargo at
$1.25 for West Italy. Trips: West Indies, round about, 80c.; same about
$l; prompt north Hatteras, West Indies round, 60c. Cotton; New York,
June loading to Liverpool, 18c. per cwt.
-There was a little better demand for domestic
COAL.
coal and prices have been fairly steady. The industrial
demand was slow. Bituminous carloadings last week according to the National Coal Association reached 5,425,000
tons against 3,975,000 tons a year ago. The total for three
weeks to June 10th was 15,471,000 tons against 11,865,000
a year ago. Lake loadings to June 3rd totaled 5,158,000 tons
against 3,820 tons a year ago. Hampton Roads steamer
loadings to June 3 were 7,196,000 tons a decrease as compared
with last year of 166,000 tons.
TOBACCO was in better demand. Barns throughout the
lower part of Georgia will be fired up this week and curing of
the 1933 crop will get under way according to reports to the
United States Tobacco Journal. The feeling in South Georgia
is much better. Retailers in California reported a better
demand. The Puerto Rico leaf crop now being harvested
is estimated by the Department of Commerce will be somewhere around 15,000,000 lbs. or more than double that of
last year.
SILVER futures on the 10th inst. advanced 35 points on
the average with sales of 3,175,000 ounces. June ended at
37.13e.; Sept. at 37.74 to 37.78e.; Oct. at 38.03e.; Dec. at
38.690.; Jan 38.94c. and March 39.44e. On the 12th inst.
futures fluctuated within narrow range, and ended at a rise
of 4 to 15 points. Trading was fairly active with sales of
7,650,000 ounces. The outside spot market was Xd.
higher at 363id. July closed at 37.200.; Sept. at 37.75 to
/
37.80c.; Oct. at 38.10e.; Nov. at 38.500.; Dec. at 38.80e.;
Jan. at 39.050. and March at 39.55e. On the 13th inst.
futures closed 60 to 80 points lower with sales of 5,475,000
ounces. A lower stock market caused liquidation. The
New York bar quotation was off Yie. to 3634c. while London was unchanged at 19 7-16d. July closed at 36.40c.;
Aug. at 36.75c.; Sept. at 36.90 to 37.100.; Nov. at 37.75c.;
Dec. at 38c.; Jan. at 38.30e. and March at 38.90e. On the
14th inst. prices ended irregular 15 points lower to 1 point
higher after moving most of the day without definite trend.
3
Sales were 6,875,000 ounces. Bar silver declined /c.
4e.
here to 36)1 while London was unchanged for the third
day in succession at 19 7-16d. July closed at 36.40e.;
Aug. at 36.65c.; Sept. at 36.91 to 36.95c.; Oct. at 37.25 to
Volume 136
Financial Chronicle
37.35c.; Dec. 37.84e.; Jan. 38.15e. and March 38.75c. On
the 15th inst. closed 60 to 80 points lower in sympathy with
the decline in stocks and commodities generally. Sales were
328 contracts. July ended at 35.75 to 35.85c.; Sept. at
36.25c.; Oct. at 36.55c.; Dec. at 37.05c.; March at 37.95c.
Ac. to
and May at 38.55c. The outside price was down 5
353'c. but London advanced Ad. to 19 9-16d. To-day
silver declined with other commodities and ended 10 to 15
points lower after sales of 4,800,000 ounces. July closed at
35.70c.; Sept. at 36.10 to 36.15c.- Oct. at 36.40c.; Nov. at
'
36.700.; Dec. at 36.95o. and March at 37.85c. Final prices
are 109 to 149 points lower than a week ago.
COPPER was steady both here and abroad. The demand,
though still small, was better than it has been for a week.
Sales were freer at 8c. for domestic delivery. Sales abroad
were larger, and prices ranged from 7.60 to 7.80c. In London on the 14th inst. spot standard declined 13s. 9d. to
£35 17s. 6d.; futures off 12s. 6d. to £36 2s. 6d.; sales 100 tons
of spot and 1,400 tons of futures; electrolytic unchanged at
£40 10s. bid and £41 10s. asked; at the second London session
standard dropped 3s. 9d. on sales of 650 tons of futures.
Futures here were easier with July selling at 6.65c.; Aug. at
6.74 to 6.75c.; Sept. at 6.88c. and Dec. at 7.05 to 7.15c.
4
TIN reached 453 c. during the week but on the 14th inst.
prices decline of /c. and at the close of the day Straits was
quoted at 45 to 453'c. London on that day declned £2 5s.
to £3 5s. at the first session but there was a recovery of 12s.
6d. at the second session. Futures here were off 75 to 85
points, but there was no trading. On the 15th inst. came the
sharpest reaction in weeks when London dropped and sterling
exchange weakened. Straits tin was no better than 43X to
43/c. A weaker stock market also caused selling. At the
first session in London on that day prices fell 17s. 6d., but
there was a further decline of £3 at the second session.
LEAD was rather quiet. Consumers are nearly covered on
their needs for June and July. Prices were firm at 4.20c.
New York and 4.05c. East St. Louis. London on the 14th
.
inst. declined 5s. to £13 3s. 9d. for spot and £13 10s. for
futures with sales of 50 tons of spot and 1,000 tons of futures.
ZINC was quiet at 4.30c. East St. Louis. Sales last week
were estimated at 5,150 tons against 4,000 in the preceding
week. London was off 5s. on the 14th inst. to £16 13s. 9d.
for spot and futures with sales of 1,400 tons of futures.
STEEL operations again increased, but the reluctance of
producers to take orders for forward delivery has checked
the demand to some extent. Makers are unwilling to
quote for third quarter delivery until the outlook becomes
clearer under the new law. According to the "Iron Age"
operations increased to 47% of ingot capacity against 44%
a week ago. Production in the Chicago district was at the
rate of 46% as compared with 42% last week. Pittsburgh's
operations were at 36% against 32, and expansion was also
noted in Buffalo, eastern Pennsylvania and at the South.
In Youngstown the production averaged 52% of capacity.
Independent makers refused to do business for third quarter
delivery, although inquiries were large.
PIG IRON continued quiet but steady. There were reports that $15.50 eastern Pennsylvania had been paid.
Production is being increased quite rapidly and at Pittsburgh five furnaces were started. Shipments against old
orders were larger.
-Boston wired a government report on June 12
WOOL.
saying "Good combing territory wools are moving freely
with prices showing a strengthening tendency. Strictly
coming 48-50s quarter-blood territory wools are strong with
some recent sales closing at 60c., scoured basis. Strictly
combing 56s three-eighths blood territory wools bring
mostly 61e. to 62c., scoured basis. Receipts of domestic
wool at Boston during the week ended May 30 estimated by
the Boston Grain and Flour Exchange amounted to 5,592,400 lbs."
WOOL TOPS futures to-day ended 20 to 100 points lower
with Dec., 86c., and Jan., 86.10e.
SILK on the 10th inst. closed 13 to 17 cents lower. Most
of Friday's gain was lost. Opening prices were stronger on
short covering but profit-taking rapidly gained control.
June closed at $2.05; July at $2.01 to $2.03; Aug. at $2.01;
Sept. and Oct. $2.01 to $2.04; Nov. $2.01 to $2.02; Dec.
$2.02 to $2.04 and Jan. $2.01. On the 12th inst. all of Saturday's losses were regained and more when prices advanced
13 to 20c. Japanese cables were better than due. Sales
for the fourth day in succession were over 2,000 bales, being
4,020 bales. June closed at $2.18 to $2.26; July at $2.19 to
$2.21; Aug. at $2.20 to $2.21; Sept. at $2.21; Oct. $2.20 to
$2.21 and Nov. Dec. and Jan. $2.21. On the 13th inst.
8 to
prices declined ' 13 cents with sales of 2,710 bales. The
weakness in other commodities and lack of support had their
effect. June closed at $2.10; July at $2.07; Aug. at $2.07
to $2.09; and Sept. to Jan. inclusive $2.08. On the 14th
inst. the market was erratic opening at losses of 4 to 10 cents
then rallying only to decline again. The close was unchanged
after sales of 3,190 bales. Japanese markets were weak.
The close was with June at $2.10 to $2.12; July at $2.07 to
$2.08; Aug.$2.07; Sept. $2.08; Oct. $2.08 to $2.09; and Nov.,
Dec. and Jan. at $2.08. On the 15th inst. futures under
heavy liquidation declined 9 to 17 cents with sales of 3,240
4293
bales. The weakness of securities and other commodities
helped. June closed at $2.; July at $1.98 to $2.01; Aug. at
$1.90 to $1.97; Sept. at $1.92 to $1.93; Oct. $1.92 to $1.96;
Nov. $1.92 to $1.96; Dec. $1.96 and Jan. $1.94 to $1.95.
To-day futures closed unchanged to 9 points lower. Japanese
cables were sharply lower. July ended at $1.90 to $1.94;
Aug. at $1.90 to $1.92; Sept. at $1.90 to $1.91; Oct. $1.91;
Nov. $1.91 to $1.92; and Dec. and Jan. $1.92. Final prices
are 24 to 28 points off for the week.
COTTON
Friday Night, June 16 1933.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
72,682 bales, against 86,064 bales last week and 88,978 bales
the previous week, making the total receipts since Aug. 1
1932, 8,338,534 bales, against 9,514,011 bales for the same
period of 1932-33, showing a decrease since Aug. 1 1932 of
1,175,477 bales.
Sat.
Receipts atGalveston
Texas City
Houston
Corpus ChristiNew Orleans- _ - _
Mobile
Jacksonville
Savannah
Charleston
Lake Charles
Wilmington
Norfolk
Baltimore
Thurs.
Wed.
Tues.
Mon.
1,375
1,998
6,803
1.514
1,675
4,907
259
1.443
917
2,940
80
2.244
900
3,177
299
6.53
263
1,731
iii)5
606
1.253
43
4,435
1,224
-Li§
-ii
"468
-584
-ifli
2,026
--
iri
47
PrdmIxtlibramAr_ 11_959
. 93
__
157
-
127
--
20
113
88
R.029 17_fion
AMR
0_91R
99
-
ii8
14
iog
51
i'i
Total.
Fri.
1.244
642
7.862
14
2.797
777
36
729,
4,369
1,400
36
35
385
20_2911
14,609
642
21.876
695
18.307
4,687
36
2,474
6.871
1,400
352
354
385
79649
The following table shows the week's total receipts, the
total since Aug. 1 1932 and stocks to-night, compared with
last year:
1931-32.
1932-33.
Receipts to
June 16.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
rTn non 0 non GOA
r
r
1933.
1932.
1,820 2,262,942 559,851 557,389
524 243 044
23 827
23 114
3.60 3,161.5 0 1.420.620 1.1.1).411
48,662
131 428.853
54.943
18,498
25.9t.
.902 2,005.364 875.702 983,517
14,606 1,969,580
Galveston
642 243.527
Texas City
Houston
21 870 2779.993
695 299,966
Corpus Christi
29,338
Beaumont
18,307 1,860,305
New Orleans
606
Gulfport
4,687 324,107
Mobile
134,144
Pensacola
9.280
36
Jacksonville
2.474 157,496
Savannah
37,001
Brunswick
6,871 190,119
Charleston
1,400 170,232
Lake Charles_ _
53,873
352
Wilmington
54,718
354
Norfolk
8.689
---Newport News _ _ _
New York
Boston
15,560
385
Baltimore
Philadelphia
nl_...1-
Stock.
4,751
21
1.370
1.592
8
230
190
636
499,082
72,444
27,763
328,758
43,410
133.027
138,007
52,821
65.139
933
24,806
77
121.159
29,749
1,857
117.993
17,071
232.429
53.794
75.340
15,589
40.007
100,059
55,885
11,585
49.348
198.412
19,345
2,863
203,590
14.328
3,488
5,389
156.887
.
OA 'TOO el GI A 111 1 .1 0011 EEO .3 00n ctn...
•
•
•
•
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1932-33. 1931-32. 1930-31. 1929-30. 1928-29. 1927-28.
3,060
6,664
1,314
9.038
14.609 • 1.820
4,767
1,940
2,589
3,726
3,608
21.870
6,723
5,444
9,637
9,902
7.473
18,307
2,127
550
444
4,751
1,003
4,687
9,391
736
1,165
2,210
1.370
2.474
Galveston---Houston
New Orleans..
Mobile
Savannah _ _ _ _
Brunswick _
Charleston_
Wilmington
Norfolk
Newport News
All others_ _ _ _
Total this wkn.___ a ____.•
6.871
352
354
1,592
230
190
170
122
440
8,001
64
581
78
43
658
955
128
3,158
1,320
1.096
1,797
2,353
1,366
72.682
24.783
16,977
538
36,511
18.466
26.447
cot
0.400 000•010 0•Inc.
.
n non e0 A i'l El A nil 0 rIlldl Ale 0 1110
•
•
•
•
•
•
•
The exports for the week ending this evening reach a total
of 162,440 bales, of which 28,097 were to Great Britain,
25,175 to France, 37,132 to Germany, 11,590 to Italy, nil to
Russia, 27,687 to Japan and China, and 32,759 to other
destinations. In the corresponding week last year total
exports were 81,775 bales. For the season to date aggregate
exports have been 7,450,053 bales, against 8,057,092 bales
in the same period of the previous season. Below are the
exports for the week:
Exported to
Week Ended
GerJune 16 1933. Great
Exports from- Britain. France. many.
Galveston
Houston
Corpus Christi
Texas City
New Orleans__
Lake Charles_ _ _
Mobile
Jacksonville..
Pensacola
Savannah
Charleston
Norfolk
--
Total
Total 1932
Total 1931
3,086
8,321 16,928
1,320 1,615
1,503
____
5,157
5.960
925
1,471
950
2,960
____
200
Japana
Russia. China. Other.
-__ 12,306 4,393
5,534 2,026
____ 12,088 21327
7,234 7,974
-570
86 -----------____
____
482343 ____
903 --------3,928
7585
-674
----------------___ 1,650 1,592
687
7,531
1,468
-
Italy
6,611
436
Total.
27,345
73,872
3,591
825
14,844
2.145
17,567
------------200 1,668
75 3,116
----------------9,571
28,097 25,175 37,132 11,590
____ 27,687 32,759 162,440
5,577 14,022 11,521
4,074 13,719 1,650
____ 26,704 10,179 81,775
____ 15,074 10,802 46,410
13,772
1,091
Financial Chronicle
4294
From
AuG. 1 1932 W
June 16 1033. Great
Exportsfrom-- Britain. France
Galveston_ _ Houston _ _ _
Corp. Christi
Texas City_ Beaumont___
El Paso
New Orleans_
Lake Charles
Mobile
Jacksonvllle _
Pensacola _ _ _
Panama City
Savannah _
Brunswick_
Charleston_ _
Wilmington _
Norfolk
Gulfport_New York__
Beaton
Philadelphia_
Los Angeles_
San Francisco
Seattle
Total
Exported to
Germany.
Japan &
Italy. Russia China. Other.
Total.
604,044310,61' 1,841,213
452,974406,258 2,263,914
80,414 42,615 295,018
11,084 23,229 166,068
3,032
10,840
15,372
15,372
331,716 123,357 356,552209,207 ____ 356,627 159,1691,536,628
30,623 16,720 126,616
10,327 29,788
28,283 10,874 ____
45,493 19,671 334,282
86,400 18,469 142,500 23.749j
24,125
24
7,600
____
3,699 1,336 ____
11,466
93,418
5,366 3,147
23,529
181
58,998 2,197 ___
15,133
4,980
_
10,153
17,397 6,263 227,715
125,259 2,350
68,668 7,778 ____
36,819
---------5,700 1,702
18,718
10,699
____
---------2,000 10,109 214,331
79,070
____ 123,152
32,508
2,250
6,208 24050
33,728
543
229
136 ____
8,167
22,746 1,907
606
506
100
3,588
300 1,031
2,004
6
3,931
320 3,559
__ ____
52
123
100
23
---------105,947 9,480 132,603
11,486
368
5,322
41,034
517
37,951
100 --_
____
50
2,413
440
435
5
-___ ____
257,311214,757 266,750 186,841
264,532347,447 538,736253,967
41,373 64,278
47,485 18,853
61,347 2,901
46,110 21,397
1,689 1,020
4,434
665
1,327,527823,426 1,765.633742,654
__ -___ ____
____
_ _ __ 1,764,977 10358367,450,053
_ _ _ 3,185,475 948,721 8,057,092
Total 1932_ _ 1,265,197 60,221 1,566,026631,452
Total 1931_ _ 1.064.331 929.404 1.653.141 465.929 29:279 1,474,184 739,8126,356,080
-It has never been our practice to include in the
-Exports to Canada.
NOTE.
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is impossible to give
returns concerning the same from week to week, while reports from the customS
districts on the Canadian border are always very slow in coming to hand. In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of April the exports to the Dominion the present season
have been 12,850 bales. In the corresponding month of the preceding season the
exports were 16,771 bales. For the nine months ended April 30 1933 there were
147,924 bales exported, as against 155,886 bales for the nine months of 1931-32.
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
Other
GerGreat
June 16 at
- Britain. France. many. Foreign
Galveston
New Orleans_ _
Savannah
Charleston _ _ _
Mobile
Norfolk
Other ports..*_
3.000
7,533
Leaving
Bloc/c.
34,866
-
8,254 22,610 61,233
9,029 12,864 59,293
3,642 7.222 45.920
4,200 113,280 3,516,278
1,109 88,036 1,574 186
2.200 67.479 3,031.340
4,000 14,000
8,610 10,783
500
3,000
_
Total 1933.... 16,983
5,741
Total 1932_ _
Total 1931.- 8,495
Total.
533.351
843,522
114,493
53,794
200 6:ioo 115,059
40,007
-866 45;666 1,816,052
2,000
5,254
1-7.
,150
4,150
-2.
2,000
Coastwise.
1*o
7:666
3,500 26,500
32,180
3.500
* Estimated.
SPECULATION in cotton for future delivery has been
rather active, with prices of late showing a decided reactionary trend. The lack of definite action by Washington
regarding acreage plans and the reported plan to peg the
dollar at least temporarily caused heavy selling. On the
10th inst. prices advanced 17 to 18 points on the news from
Washington that the Bankhead amendment, which provides
funds for leasing of cotton acreage, had passed the Senate.
There was heavy profit-taking on the advance, however, and
the market reacted and ended at about the bottom prices
of the day, i.e., 5 to 0 points higher. Buyers included the
trade, New Orleans, Liverpool, the Continent and the Far
East. The South was a seller. Worth Street reported a
good demand and firmer prices.
On the 12th inst. prices closed 9 to 16 points higher, owing
to a bullish estimate of domestic consumption for May, a
stronger stock market, and rather heavy buying. Liverpool,
after being closed since last Thursday, was 20 to 24 points
better than due. The Cotton Exchange Service put the domestic consumption for May at 635,000 bales against 471,000
bales in April and 333,000 bales in May last year. This is
an increase of 164,000 bales over the Government April figure and 302,000 bales over that for May last year. For the
season thus far the total is 4,853,000 bales against 4,265,000
bales a year ago. It estimated the world's consumption
for the season at 13,800,000 to 14,000,000 bales. The trade,
Wall Street, Liverpool and the Far East were buying. Early
prices were down 6 to 9 points on general liquidation and
some hedge selling.
On the 13th inst. prices declined 7 to 13 points, under
heavy pressure to sell, especially from the South. The
market lacked support. The trade, however, continued to
buy, and this, together with stronger outside markets, caused
some early steadiness. The stock market was weaker, and
the dollar firmer. Another depressing factor was the lack
of definite action by Washington regarding acreage plans.
The weather was generally favorable, with scattered rains
falling over the belt, but more general precipitation is needed
over the area west of the Mississippi Valley. Meantime the
Census report on domestic consumption was about what was
expected. On the 14th inst. fluctuations were within narrow limits, and the ending was irregular, i.e., two points
lower to one point higher. Reports of a better demand for
textiles from mill centers and less hedging against Red
June 17 1933
Cross cotton contributed to the steadiness of prices. The
trade and professional operators were the chief buyers.
The Census Bureau estimated the consumption in May at
620,909 bales of lint and 76,084 bales of linters against
470,685 bales and 54,731 bales, respectively, in April and
332,372 bales and 50,941 bales in May 1932. The amount
held in consuming establishments on May 31 was 1,394,607
bales of lint and 296,860 bales of linters against 1,367,956
bales and 277,361 bales, respectively, on April 30 and
1,463,126 bales and 318,850 bales on May 31 1932; in public
storage and compresses, 7,320,977 bales of lint and 55,474
bales of linters compared with 8,151,546 bales and 63,287
bales on April 30, and 7,614,500 bales and 50,122 bales on
May 31 1932. Imports in May were 8,648 bales against
7,337 bales in the previous month and 22,664 bales in May
last year; exports, 591,647 bales of lint and 20,288 bales of
linters against 436,400 bales and 15,275 bales in April, and
500,871 bales and 11,603 bales in May last year. Spindles
active in May numbered 24,571,498 against 23,416,680 in
April and 21,633,036 in May last year. Consumption is the
largest in any month since October 1929, when it was
639,759 bales.
On the 15th inst. prices ended 38 to 44 points lower. Except for moderate rallies during the day, the market displayed a reactionary trend, and the ending was at about the
lowest prices of the day. Stop loss orders were caught on
the way down, and these hastened the decline to some extent.
A Washington report that the agricultural adjustment administration had egreed upon a processing tax of 4c. a
pound on cotton caused a good deal of selling early, but
later this was denied and considerable buying followed.
Renewed liquidation, however, together with the extreme
weakness of securities, and some other commodities, offset
all bullish factors. The weather was ideal.
To-day ended 19 to 28 points higher. Closing prices were
about the best of the day. The late recovery in stocks and
a decline in the dollar stimulated demand. The trade was a
good buyer. And a good demand was reported from speculative interests. The South and Far East were selling.
Worth Street was only fairly active, but prices were firm.
Final prices are 3 to 9 points lower for the week. Spot
cotton ended at 9.25c. for middling, or unchanged from a
week ago.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
June 22 1933.
15-16
1-Inch &
Inch,
longer.
.08j
.08
.08
.08
.08
.08
.07
Differences between grades established
for deliveries on contract June 22 1933
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
.24
.24
.24
.24
.24
.20
.18
White
Middling Fair
68 on
Strict Good Middling..
do
.51
Good Middling
do
40
Strict Middling
do
.26
Middling
do
Basis
Strict Low Middlingdo
28 off
Low Middling
do
56
*Strict Good Ordinarydo
91
*Good Ordinary
do
1 26
Good Middling
Extra White
40 on
Strict Middling
do do
20
Middling
do do
Even
Strict Low Middling_-- do do
28 off
Low Middling
do do
.56
.08
.24
Good Middling
Spotted
.25 on
.081
.24
Strict Middling
do
Even
Middling
.20
.081
do
28 off
*Strict Low Middling-- do
50
*Low Middling
do
91
.08
.20
Strict Good Middling_ __Yellow Tinged
Even
.08
.20
Good Middling
do do
22 off
.20
.08
Strict Middling
do do
38
*Middling
do do
59
*Strict Low Middling.., do do
.90
*Low Middling
do do
1.26
.08
Good Middling
.19
Light Yellow Stained_ .84 off
'Strict Middling
do
do
do -- .60
*Middling
do
do
do -- .89
.07
.19
Good Middling
Yellow Stained
.54 off
Strict Middling
do do
.90
Middling
do do
1 25
.08
.20
Good Middling
Gray
22 off
.08
.20
StrIct Middling
do
43
Middling
do
07
*Good Middling
Blue Stained
60 off
*Strict Middling
do do
90
*Middling
do do
1 25
' deliverable on future contracts.
,
Cot
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 10 to June 16-Middling upland
Sat. Mon. Tues. Wed. Thurs, Fri.
9.35
9.45
9.40
9.35
8.95
9.26
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Saturday_ _ _
Monday _ _ _
Tuesday
_
Wednesday_
Thursday _ _
Friday
Total week _
Since Aug. 1
Futures
Market
Closed.
Quiet, 10 pts. adv__
Quiet, 10 pts. adv_ _
Quiet,5 pts. dec__-Quiet.5 pts. dec.--lila,40 pts. dec_
Wet,30 pts.adv _
Barely steadyFirm
Barely steady _ _
Steady
Easy
Steady
SALES.
Spot. Contr
100
Total.
100
100
100
93,211 236.500 329.711
Financial Chronicle
Volume 136
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
June 10.
Monday,
June 12.
Tuesday,
June 13.
Friday,
June 16.
Wednesday, Thursday,
June 14.
June 15.
June
Range __
9.22n
8.80n
9.08n
Closing. 9.19n
9.23n
9.32n
July
Range. 9.22- 9.34 9.16- 9.40 9.24- 9.39 9.16- 9.30 8.85- 9.24 8.91- 9.13
Closing. 9.25- 9.26 9.37- 9.40 9.28- 9.27- 8.85- 8.87 9.13-
4295
-that is,
AT THE INTERIOR TOWNS the movement
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
-is set out in
corresponding period of the previous year
detail below:
Movement to June 16 1933.
Towns.
Ship- Stocks
nzents. June
16.
Season. Week.
Receipts.
Week.
Aug.
Range __
9.34n
9.330
8.91n
Closing. 9.31n
9.43n
Sept.
Range...-- - 9.39- 9.54 9.50- 9.50
9.44n
9.45n
8.99n
9.540
Closing_ 9.41n
Oct.
Range... 9.47- 9.60 9.41- 9.66 9.49- 9.65 9.41- 9.56 9.10- 9.49
Closing_ 9.49- 9.50 9.62- 9.63 9.52- 9.53 9.53- 9.54 9.13- 9.17
Nov.
Range _ _
9.60n
9.19n
9.60n
9.70n
Closing. 9.56n
Dec.
Range... 9.63- 9.76 9.57- 9.80 9.65- 9.80 9.57- 9.69 9.25- 9.62
Closing_ 9.64- 9.66 9.78- 9.79 9.68- 9.69 9.67- 9.26- 9.30
(1934)
Jan.
Range__ 9.70- 9.82 9.64- 9.88 9.73- 9.87 9.65- 9.75 9.31- 9.69
Closing. 9.70- 9.72 9.86- 9.73- 9.74- 9.31- 9.32
Feb.
Range -9.82n
9.82n
9.38n
9.92n
Closing _ 9.79n
March
Range.. 9.85- 9.96 9.80-10.04 9.87-10.02 9.79- 9.93 9.46- 9.85
9.46- 9.52
Closing_ 9.88- 9.99-10.00 9.92- 9.90n
April
Range-9.97n
9.56n
10.060
9.88n
Closing - 9.66n
May
Range.. 10.03-10.12 9.95-10.15 10.02-10.17 9.95-10.06 9.61-10.00
10.13-10.15 10.04-10.05 10.05-10.06 9.67- 9.68
Closing_ 10.04-
9.19n
9.279.16- 9.37
9.35- 9.31
9.42n
9.30- 9.51
9.50- 9.51
9.35- 9.51
9.58 9.65n
9.50- 9.71a
9.72 9.79n
9.71- 9.8
9.86 -
n Nominal.
Range of future prices at New York for week ending
June 16 1933 and since trading began on each option:
Range Since Beginning of Option.
Range for Week.
Option for
June 1933
July 1933_
Aug. 1933
Sept. 1933._
Oct. 1933__
Nov. 1933
Dec. 1933_ _
Jan. 1934..
Feb. 1934
Mar. 1934._
Apr. 1934_
May 1934-..
8.85 June 15 9.40 June 12
9.39 June 12 9.54 June 12
9.10 June 15 9.66 June 12
9.25 June 15 9.80 June 12
9.31 June 15 9.88 June 12
9.46 June 15 10.04 June 12
9.61 June 15 10.17 June 13
6.02 Nov. 28 1932 9.18
5.75 Dec. 8 1932 10.00
6.00 Dec. 3 1932 8.96
6.07 Dec. 8 1932 9.59
5.93 Dec. 8 1932 9.68
6.50 Feb. 21 1933 8.97
6.30 Feb. 6 1933 9.83
6.35 Feb. 6 1933 9.91
6.62 Feb. 24 1933 8.18
6.84 Mar. 28 1933 10.04
8.91 May 22 1933 9.80
9.47 May 26 1933 10.22
May 31 1933
Aug. 29 1932
May 12 1933
May 31 1933
May 31 1933
May 16 1933
May 31 1933
May 31 1933
Apr. 29 1933
May 31 1933
May 27 1933
May 31 1933
THE VISIBLE SUPPLY OF COTTON to-night, as made
. Foreign stocks as
up by cable and telegraph, is as follows
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
June 16-1931.
1930.
1933.
1932.
Stock at Liverpool
bales 658,000 600,000 836.000 742,000
Stock at London
Stock at Manchester
100,000 190,000 202,000 141,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
758,000
790,000 1,038.000
883,000
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
358,000
217.000
9,000
88.000
47,000
918,000
700,000
942,000
719.000
1.676,000 1,490,000 1,980,000 1,602,000
Total European stocks
96,000 127,000
86,000
51,000
India cotton afloat for Europe
99.000
American cotton afloat for Europe 421,000 236,000 118,000
96.000
93,000
74,000
Egypt, Brasil,&c.,afl't for Europe 89.000
415,000 571,000 627,000 512,000
Stock in Alexandria. Egypt
941,000 863,000 928,000 1.265.000
Stock in Bombay, India
Stock in U. S. ports
3.629,558 3.662,222 3.098,819 1,702.468
Stock in U. S. interior towns..
1,442,027 1,476,605 943,151 687,981
U. S. exports to-day
13,403
31,240
4,094
Total visible supply
8.730.825 8,446,921 7.878,373 6,091,449
Of the above, totals of American and other descriptions are as follows:
350,000 280,000 412,000 293.000
55,000 114,000
84,000
58,000
846.000 662.000 823,000 614,000
421,000 236.000 118.000
99.000
3,629,558 3.662.222 3.098,819 1,702,468
1,442,027 1.476.605 943,151 687,981
31,240
4,094
13,403
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe_
Egypt, Brasil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
6,774,825 6,434,921 5.492.373 3,454,449
Total East India, &c
Total American
308,000
320,000
424.000
45,000
72,000
86,000
89.000
415,000
941,000
76.000
38.000
51,000
93,000
571,000
863,000
118,000
83,000
119,000 105,000
96.000 127,000
74,000
96.000
627,000 512.000
928.000 1,265.000
449,000
1.956,000 2,012,000 2,386,000 2,637,000
6,774,825 6.434.921 5.492,373 3,454.559
8,730,825 8,446,921 7,878,373 6,091.449
Total visible an P y
6.18d.
4.31d.
4.75d.
7.81d.
Middling uplands, Liverpool _ _ _ _
9.25c.
5.25c.
8.85c, 14.05c.
Middling uplands, New York
9.10d.
7.20d.
8.65d. 13.50d.
Egypt. good Sakel, Liverpool_ _
.L
Peruvian, rough;ot. verpool5.358
3.94d.
3.96d.
5.55d.
Broach , fine. LiverpoM
4.07d.
5.87d.
4.61d.
6.90d.
Tinnevelly. good. Live p_ol
Continental imports for past week have been 50,000 bales.
The above figures for 1933 show a decrease from last
week of 142,317 bales, a gain of 283,904 over 1932, an
increase of 852,452 bales over 1931, and a gain of 2,639,376
bales over 1930.
Receipts.
Shippunts.
Week. Season. 'Week.
•
2
38
63
28
-___
____
____
____
224
1
343
8
____
I
8
83
___
50
3
147
27
112
17
50
36
17
3
1,271
386
mocks
June
17.
Ala., Birming'm
163
42,028
Eufaula
350
12,908
Montgomery.
101
40,833
Selma
243 60,515
Ark.,Blytheville
604 189,053
Forest City
23,465
29
Helena
69,444
58
Hope
255
55,166
Jonesboro _
92
20.406
Little Rock_
1,118 159,037
Newport_
11
50,617
Pine Bluff _ _
1,009 132,246
Walnut Ridie
39 66,458
Ga., Albany
6
I,385
Athens
100
27,650
Atlanta
633 232,782
Augusta
- 2,494 144,633
Columbus_
____
24,509
Macon
74
21,112
Rome
81
13,211
La., Shreveport
226
81,049
Miss,Clarksdale
963 134,318
Columbus
56
16,314
Greenwood
512 135,091
Jackson
216
37,841
Natchez --------8,711
Vicksburg.-587
36,608
Yazoo City
29
32,352
Mo., St. Louis_ 4,081 174,058
N.C,Greensb'ro
178
29,102
Oklahoma15 towns*
2,036 737,027
S.C., Greenville 4,000 164,259
Tenn.,Memphis 26,63 2,002,911
Texas, Abilene_
____
90,091
Austin
63 23,909
Brenham
40
17,945
Dallas
531 100,622
Paris
151
54,721
Robstown
____
6,511
San Antonio_
90
11,848
46,801
Texarkana 192
Waco
272
76.144
5,060 37,605
2,855 96,802
35,336359,790
____
330
96 1,886
52 2,568
2,330 15,402
697 4,998
__ _
151
100
457
359 13,760
1,109 4,974
516 15,921
48 6,237
481 54,112
75 46,612
501 31,825
43 15,061
55 35,910
____ 9,637
94 1,762
1,627 50,019
63 11,370
2,197 42,401
55 5,072
200 3,409
200 40,595
1,717 165,322
2.713102.205
300 23,790
133 37.929
____ 11,101
1,123 70,236
408 73,793
291 7,916
1,291 73,319
650 21,132
112 4,782
245 10,950
579 16,687
1,280
798
299 20,935
i
580 36,755
13 621,222
848 169,782 1,459 83,13b
4,6712,055.904 11.930302,723
405
5
71 56.348----I
28,491
28
209, 2,265
19,996
85 4,863
71
942 14,327
971 144,806
589 4,953
311 97,951
____I
454
.....I 31,137
if
17,915
___
551
18j 65,629
290 8,654
81,962
57 6,681
AQ 2170 inc an,
on IQQ1AA01107
In 12A15 A9R 210 225271<MR n
Te.Q1
as Mama
326 9,033
216 6,087
1,334 42,088
894 35,245
2,055 24,029
257 12,560
812 26,807
865 11,579
11 2,584
2,449 48,860
101 10,307
1,699 32,453
312 3,853
342 2,361
200 45,960
4,516238,150
4,415 99,701
___ 11,92
364 36,263
350 13,552
3,891 42,371
2,442 24,598
872 6,719
3,196 48,714
545 21,391
145 4,700
404 9,592
514 11,266
3
4,081
536 20,550
74,296
12,663
39,368
88,923
120,081
33,911
77,91
59,521
21,162
191,770
48,577
179,382
47,135
5,316
39,109
85,661
186,840
58,71
32,788
14,649
112,301
198,046
23,028
170,697
44,337
12,589
41,229
47,283
146,387
21,373
*Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
during the week 36,181 bales and are to-night
34,578 bales less than at the same period last year. The
receipts at all the towns have been 38,181 bales more than
the same week last year.
decreased
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
June 16 for each of the past 32 years have been as follows:
25.30c. 1909
11.40c.
24.50c. 1917
9.25c. 1925
1933
12.85c. 1908
29.75c. 1916
1932
5.35c. 1924
9.85c. 1907
12.90c.
8.95c. 1923
1931
29.10c. 1915
13.40c. 1906
11.20c.
13.45c. 1922
22.40c. 1914
1930
9.15c,
12.35c. 1905
18.80c. 1921
1929
11.85c. 1913
.2.00c.
11.90c. 1904
21.00c. 1920
39.25c. 1912
1928
12.40c,
15.60c. 1903
16.90c. 1919
1927
32.75c. 1911
9.38c,
15.15c. 1902
18.20c, 1918
30.40c. 1910
1926
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:
-1931-32-1932-33Since
Since
June 16Week. Aug. 1.
Week. Aug. 1.
Shipped151,996
1.280
4.081 174,829
Via St. Louis
52
25,203
5,053
via Mounds, dm
583
Via Rock Island
470--§5
8,150
16,920
611
Via Louisville
3.636 166,087
3.385 150,872
Via Virginia points
3,600 416,437
2,000 310,570
Via other routes, &c
Total gross overland
Deduct Shipments
Overland to N. Y., Boston. &c
Betvreen interior towns
Inland &c.,from South
American
-
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
u. S. interior stocks
U. S. exports to-day
Movement to June 17 1932.
Total to be deducted
Leaving total net overland*
10,077
658,714
8,661
768,456
385
311
8,943
16,027
10,973
181,962
636
194
2,089
26.072
12,190
204,324
9,639
208,962
2,919
242.586
438
449.752
5,742
525,870
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this week has been 438 bales, against 5,742 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 76,118 bales.
-1931-32
-1932-33
In Sight and Spinners'
Since
Since
Week.
Aug. 1.
Takings.
Aug. 1.
Week.
Receipts at ports to June 16
72,682 8,338.534 24,78.3 9.514,011
5,742
Net overland to June 16
525.870
449,752
438
South'n consumption to June 16.-105,000 4,505,000 75,000 3.967,000
Total marketed
178,120 13,293.296 105,525 14,006,881
Interior stocks in excess
42,335 *21,310
686,378
*36.181
Excess of Southern mill takings
over consumption to June 1_ _
143,314
513,472
Came into sight during week
Total Insight June 16
141,939
-_-_ 13,478.935
North.spinn's'takings to June 16- 18,446
910.034
* Decrease.
Movement into sight in previous years:
WeekBales.
Since Aug. 11931-June 21
76.540 1930
1930
-June 22
97,354 1929
1929
-June 23
108.037 1928
84,215
15,206,731
9,605
900,686
Bales.
13.650,094
14,500.462
15,332,175
4296
Financial Chronicle
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
June 16.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
Orleans__ _New
•
Mobile
Savannah
Norfolk
Montgomery_ _ _
Augusta
Memphis
Houston
Little Rock__
Dallas
Fort Worth _ _ _ _
9.00
9.17
9.00
9.23
9.37
8.95
9.39
9.15
9.10
9.06
8.85
8.85
9.10
9.23
9.08
9.28
9.43
9.00
9.43
9.20
9.15
9.12
8.90
8.90
9.20
9.32
9.17
9.40
9.53
9.10
9.53
9.25
9.25
9.21
9.00
9.00
9.10
9.23
9.07
9.28
9.43
9.00
9.43
9.20
9.15
9.11
8.85
8.85
8.70
8.85
8.65
8.87
9.03
8.55
9.05
8.75
8.75
8.69
8.45
8.45
8.95
9.07
8.93
9.13
9.13
8.80
9.25
9.00
9.05
8.96
8.75
8.75
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
June 17 1933
and 100,667 bales in 1932. The distribution for May 1933 follows: United Kingdom.
2.160; Netherlands, 269; Belgium. 745; France, 3,041: Germany, 9,216; Italy, 750;
Spain, 100; Canada, 1,308; Japan, 2,564; Panama, 35; South Africa, 100.
WORLD STATISTICS.
The world's production of commercial cotton, exclusive of linters, grown in 1932,
as compiled from various sources was 22,771,000 bales, counting American in
running bales and foreign in bales of 478 pounds lint, while the consumption of
cotton (exclusive of linters in the United States) for the year ending July 31 1932,
was approximately 22,896,000 bales. The total number of spinning cotton spindles,
both active and idle is about 161,000,000.
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING MAY.
On June 13 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 May months ended May 31 1933:
COTTON SEED RECEIVED. CRUSHED AND ON HAND (TONS).
Crushed
On Hand at Mills
Received at Mills.
Aug. 1 to May 31. Aug. 1 to May 31.
May 31.
Stale.
1933.
Saturday,
June 10.
Monday,
June 12.
Tuesday, Wednesday, Thursday,
June 13. June 14.
June 15.
Friday,
June 16.
June(1933)
9.17 -- 9.31- 9.32 9.23- 9.22- 8.87 Bid. 9.06- 9.08
July
August _ .._
September
October .... 9.43- 9.58- 9.59 9.48- 9.43 9.48- 9.49 9.13- 9.14 9.31November
December_ 9.57- 9.73- 9.63- 9.64- 9.28- 9.29 9.46- 9.48
Jan.(1934) 9.64 Bid. 9.79 Bid. 9.70 Bid. 9.71 Bid. .9.32- 9.33 9.52 Bid.
February _
9.79 Bid. 9.94 Bid. 9.85 Bid. 9.86 Bid. 9.45 Bid. 9.67 Bid.
March
April
9.94 Bid. 10.09 Bid. 10.00 Bid. 10.01 Bid. 9.59 Bid. 9.80B9.81A
May
Tone
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Spot
Steady.
Steady.
Steady.
Steady.
Options_ _ _ Barely stdy Steady.
CENSUS REPORT ON COTTON CONSUMED AND
ON HAND,&c., IN MAY.
Under date of June 14 1933 the Census Bureau issued its
report showing cotton consumed in the United States, cotton
on hand, active cotton spindles and imports and exports of
cotton for the month of May 1933 and 1932. Cotton consumed amounted to 620,909 bales of lint and 76,084 bales of
linters, compared with 470,685 bales of lint and 54,731 bales
of linters in April 1933 and 332,372 bales of lint and 50,941
bales of linters in May 1932. It will be seen that there is
an increase over May in 1932 in the total lint and linters
combined of 313,680 bales, or 81.84%. The following is the
official statement:
MAY REPORT OF COTTON CONSUMED, ON HAND. IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
(Cotton In running bales, counting round as half bales, except foreign, which Is In
500
-pound bake.)
Cotton Consumed
DaringYear
United States
Cotton-growing States._
New England States
All other States
Included Above
Egyptian cotton
Other foreign cotton
Amer.
-Egyptian cotton
Not Included A bore
Linters
Cotton on Hand
May 31
-
Cotton
Ten
In Con- in Public Spindles
Months turning Storage
Active
Ended Establish- db at Corn- During
May. May 31. moils
presses
May.
(bales). (bales). (bales). (bales). (Number).
1 1933 620,909 4,838,910 1,394,607 7,320.977 24,571,498
1 1932 332,372 4,264,742 1,463.126 7,614.500 21.633,036
1933 514,221 4,037,509 1.104,702 6.848.842 17,189,090
1932 287,657 3,518,450 1,146,660 7,154,664 16,023,830
1933 90,453 671,531 238,981 269.945 6.705,908
1932 35,102 607,697 262,163 251,802 4,881,614
50,924 202.190
1933 16,235 129,870
676,500
1932 9,613 138,595
727,592
54,303 208,034
9,319
6,908
3.976
3,205
1,142
612
70.128
67,353
33,714
36,919
14.571
11,185
26,890
28,816
29,040
23,120
6,121
5,688
33,161
26,861
4,588
6,893
5,659
12,626
1933 76,084
1932 50.941
539,262
552.648
296,860
318.850
55,474
50.122
1933
1932
1933
1932
1933
1932
Imports of Foreign Cotton (500-1b. Bales).
Country of Production.
Egypt
Peru
China
Mexico
British India
All other
Total
10 Mos. End. May 31.
May.
1933.
1932.
1933.
1932.
500
75
18,705
41
1.266
9
2,473
170
54,964
3,597
42,898
8
2,107
817
58,319
2,115
6,140
20,436
15,801
1,483
8.648
22.664
104,391
104,294
4,954
187
2,932
Exports of Domestic Cotton Excluding Linters
(Running Bales-See Note for Linters).
Country to Which Exported.
May.
10 Mos. End. May 31.
1933.
United Kingdom
France
Italy
Germany
Spain
Belgium
Other Europe
Japan
China
Canada
All other
1932.
109,036
50,015
62,933
166.980
21,457
12,731
52,948
82,828
8,523
13.077
11,119
123,070 1,226,510 1,214,345
39,107
768,269
424,181
46,360
691.422
587,927
86,878 1.589,525 1,431,174
22,533
274,587
253,991
7,018
158,284
121,773
28.401
452,578
330,971
85,989 1,445,069 2.126,002
32,442
241,584
995,846
20,196
144,159
166.464
8.877
120,844
245,193
1933.
1932.
Total
591.647
500,871 7,112,831 7,897,867
Note.-LInters exported, not included above, were 20,288 bales during May in
1933 and 11,603 bales in 1932; 145.211 bales for the 10 moa. ending May 31 In 1933
Alabama..
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
1932.
1933.
1932.
261,585 373,605 250,698 364,371
41,339
48,358
34,588
27,683
359,971 527,096 330,711 484,420
48.913
79,128
47,896
75,044
348,857 454,278 322,347 442,007
178,381 251,028 173,340 248,668
511,351 725,691 471,400 683,195
235,660 255.974 236,873 250,911
349,259 376,000 351,779 334,392
226,356 234,749 224,393 232,347
407,746 486,788 334,192 438,848
1,423,287 1,628,619 1,449,515 1,453,745
56,945
75,866
57,328
75,502
1933.
20,981
193
37,068
4,238
36,687
7,379
64,248
3,566
37,283
4,260
82,919
149,040
32
1932.
9,903
7,068
31,485
5,284
13,650
3,012
43,577
6,070
40,403
3,307
48,168
188,033
415
Un'ted States
4 434 977 5.517.180 4.286.077 5.124.789 447 804 400 278
* Includes seed dent oyed at mills but not 300,024 tons and 24.784 tons on band
Aug. 1. nor 52,264 tons and 40,173 tons reshipped for 1933 and 1932 respectively.
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT AND ON
HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. 1 to
May 31.
Shipped Out
Aug. 1 to
May 31.
On Hand
May 31.
Crude oil, IN_ __ 1932 33 .29,523,581 1,337,271,231 1,301,819,377 .
181,279,178
8,086,071 1,624,387.547 1,566,314,324
1931-32
85,134,000
Refined oil, lbs_ 1932-33 a628.420.148 51144818,411
a779,446,874
1931-32 277,836,530 1,396,832.766
707,438,993
Cake and meal, 1932-33
1,938.871
114,656
1,846,352
207,175
tons
1931-32
2,307,690
146,888
149,548
2,305,030
Hulls, tons
1932-33
1,220,079
162,773
89,242
1,293,610
1931-32
1,448,746
47,723
1,296,096
200,373
Linters. running 1932-33
679,997
235,521
174,424
741,094
bales
836,215
1931-32
175,904
741,727
270.392
Hull fiber, 500- 1932-33
17,472
4.138
4.728
16,882
lb. bales
32.772
1931-32
3,564
4,264
32,072
Grabbots. motes
dm., 500-1b.
1932-33
24,203
15,250
30,603
8,850
bales
1931 32
30.066
12.475
23.514
19.027
.
Includes 4,182,006 and 13.265,139 pounds held by refining and manufacturing
establishments and 7,235,770 and 14,456,380 pounds in transit to refiners and
consumers Aug. 1 1932 and May 31 1933, respectively.
a Includes 4,652,177 and 4,142,513 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments and
5.598,691 and 3,674,285 pounds In transit to manufacturers of lard substitute,
oleomargerine, soap, dm. Aug. 1 1932 and May 311933, respectively.
b Produced from 1,245,953,681 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR NINE MONTHS ENDED
APRIL 30.
Item1933.
1932.
Oil-Crude, pounds
31,711,479
30,651,399
Refined, pounds
7,021,029
4,991,101
Cake and meal, tons of 2,000 pounds
143,899
200,784
Linters, running bales
124,763
89.064
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening denote that generally the
weather during the week has been favorable for cotton,
although temperatures in some parts have been rather low
the past few days.
Texas.
-The general condition of the cotton crop in this
State is good to excellent, though it has been too dry in
some western localities. Plants are squaring in the north
and blooming in the south, with fields generally clean.
Memphis, Tenn.
-The weather has been favorable and
conditions are improving.
Rain. Rainfall.
Thermometer
Galveston. Tex
3 days 0.91 in. high 88 low 68 mean 79
Amarillo, Tex
dry
high 98 low 58 mean 78
Austin, Tex
2 days 0.40 In. high 94 low 58 mean 76
Abilene, Tex
1 day 0.30 in. high 100 low 56 mean 78
Brenham, Tex
3 days 1.78 in. high 92 low 58 mean 75
Brownsville, Tex
2 days 0.08 in. high 92 low 68 mean 80
Corpus Christi, Tex
3 days 1.66 In. high 90 low 64 mean 77
Dallas,Texhigh 94 low 62 mean 78
Del Rio, Tex
2 days 376 in. high 94 low 62 mean 78
El Paso, Tex
1 day 0.60 in. high 98 low 62 mean 80
Henrietta, Tex
2 days 0.44 in. high 98 low 56 mean 77
Kerrville, Tex
3 days 0.28 in. high 94 low 46 mean 70
Lampasas, Tex
2 days 0.12 in. high 96 low 46 mean 71
Longview, Tex
1 day 0.08 in. high 98 low 52 mean 74
Luling, Tex
3 days 0.94 in. high 90 low 58 mean 78
Nacogdoches, Tex
2 days 0.58 in. high 88 low 50 mean 69
Palestine. Tex
2 days 0.38 In. high 92 low 56 mean 74
Paris,Texlow 48 mean 72
high 96
San Antonio, Tex
7
1
4 days 1 2 in. high 96 low 62 mean 79
ea
Taylor, Tex
2 days 0.24 in. high 96 low 54 mean 75
Weatherford, Tex
1 day 0.04 in. high 94 low 50 mean 72
Oklahoma City, Okla
1 day 0.14 in. high 100 low 58 mean 79
Eldorado, Ark
2 days 1.04 in. high 94 low 53 mean 74
Fort Smith, Ark
2 days 1.10 in. high 96 low 56 mean 76
Little Rock, Ark
2 days 0.90 in. high 94 low 54 mean 74
Pine Bluff, Ark
2 days 0.49 in. high 94 low 52 mean 73
Alexandria, La
I day 0.64 In. high 92 low 57 mean 7n
Amite, La
high 96 low 51 mean 79
New Orleans, La
in. high 92 low 64 mean 80
2 days
Shreveport, La
3 days 0.13 In. high 96 low 58 mean 77
Columbus, Miss
high 93 low 52 mean 73
dry
Meridian, Miss
2 days 1.85 in, high 90 low 56 mean 73
Vicksburg, Miss
2 days dO0. in. high 88 low 58 mean 73
lry
Mobile, Ala
high 91 low 60 mean 66
Birmingham, Ala
1 day 1.40111. high 92 low 52 mean 72
Montgomery. Ala
2 days 0.02 in. high 94 low 58 mean 76
Gainesville, Fla
3 days 0.83 in. high 93 low 59 mean 76
Jacksonville. Fla
4 days 2.80 in. high 88 low 64 mean 76
Miami, Fla
4 days 7.52 in. high 92 low 70 mean 81
dry
o1
.
Financial Chronicle
Volume 136
Pensacola. Fla
Tampa. Fla
Savannah, Ga
Athens, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Thomasville, Ga
Charleston, S.0
Greenwood, S.0
Columbia, S. C
Conway, S. C
Asheville, N. C
Charlotte, N. C
Newbern, N. C
Raleigh, N.0
Weldon, N. C
Wilmington, N.0
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
Rain.
1 day
5 days
6 days
2 days
2 days
2 days
3 days
1 day
2 days
2 days
2 days
2 days
2 days
3 days
1 day
1 day
1 day
1 day
2 days
2 days
2 days
Rainfall.
0.46 in.
1.28 in.
2.80 in.
0.38 in.
1.04 in.
0.03 in.
0.18 in.
0.38 in.
1.86 in.
0.10 in.
0.11 in.
0.18 in.
0.54 in.
0.62 in.
0.43 in.
0.02 in.
0.43 in.
0.50 in.
0.27 in.
0.78 in.
1.06 in.
Thermometer
high 86 low 64 mean 75
high 90 low 66 mean 78
high 93 low 59 mean 76
high 95 low 54 mean 75
high 90 low 56 mean 73
high 90 low 56 mean 73
high 90 low 54 mean 72
high 92 low 54 mean 73
high 90 low 59 mean 75
high 94 low 50 mean 72
high 92 low 58 mean 75
high 95 low 48 mean 77
high 92 low 44 mean 68
high 95 low 51 mean 73
high 100 low 57 mean 79
high 100 low 54 mean 77
high 101 low 45 mean 73
high 92 low 54 mean 73
high 91 low 56 mean 75
high 94 low 54 mean 74
high 90 low 52 mean 71
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gaugeAbove zero of gauge..
Above zero of gauge_
Above zero of gauge_
June 18 1933. June 17 1932.
Feel.
Feet.
2.6
17.4
11.2
17.2
9.8
9.2
13.4
9.9
17.0
47.1
Dallas Cotton Exchange Weekly Crop Report.
The Dallas Cotton Exchange each week publishes a very
elaborate and comprehensive report covering cotton crop
conditions in the different sections of Texas and also in
Oklahoma and Arkansas. We reprint this week's report,
which is of date June 12, in full below:
TEXAS.
WEST TEXAS.
Abilene (Taylor County).
-Weather last week has been very favorable
for planting and cultivating the crop. Still too dry west of Colorado, Tex.
Crop in this territory has made very satisfactory progress.
Floydada (Floyd County).
-Most all cotton that will be planted in this
territory has already been planted. Very little up,and we are needing rain
badly. The past week has been dry and hot.
Haskell (Haskell County).
-This territory needs rain to perfect stands on
late planted cotton. About three-fourths of county up to a splendid
stand. Stands on balance of crop will be irregular to none at all. Farm
work has progressed satisfactorily past 10 days. No insect complaint so far.
Snyder (Scurry County).
-Nolan. Scurry and Mitchell Counties and west
dry. About sufficient moisture to bring up 50% of crop. Dawson. Martin
and Howard Counties still drier. Very poor state of cultivation all over
above section.
Stamford (Jones County).
-Have had another week of dry hot weather
.
right up to now. But we need rain badly account practically all the
cotton has been planted since the rain and is standing in loose dirt and
drying rapidly. About 80% of the cotton will come up, the balance will
have to have rain to bring it up. Consider crop conditions favorable but
must have rain at once to keep it up to normal.
NORTH TEXAS.
Wills Point (Van Zandt County).
-Good progress made the past week
in chopping and working out the crop. Practically all cotton planted,
80% chopped. Weather extremely hot Friday and Saturday. A good
rain fell Sunday, this will greatly benefit corn and will do no harm to
cotton. We are on average 15 days late and the crop does not look so
promising in this section, but with favorable conditions we may overcome
some of the lateness.
CENTRAL TEXAS.
Brenham (Washington County).
-Weevils showing up in early cotton,
and some farmers poisoning. Fleas also reported. Otherwise, the crop
is doing well. Fields clean. Believe a good rain in a week would be
beneficial, though no cotton needing it at present. Early fields blooming
with some small bolls. Acreage same as last year.
Cameron (Milam County).
-Weather past week favorable. Had light
shower last night, which is favorable to young cotton just chopped. Some
complaint of lice and honey-dew on account of cold nights. Need hot
dry weather.
-Cotton crop in this section continues favorNavasota (Grimes County).
able. An inch rain, however, would be very acceptable. Cotton blooming
freely and most of crop clean. A few reports of fleas and grasshoppers,
though not serious so far.
Teague (Freestone County).
-Crops are about two weeks late, all in good
state of cultivation. About 10% increase in acreage. Deterioration
heavy this past week account of honey-dew and lice and flea. Some
boll weevil. An excellent rain Saturday afternoon, June 10. About
85% chopped out. Nights too cool.
SOUTH TEXAS.
Gonzales (Gonzales County) -Cotton acreage Gonzales County about
10% increase over last season. 90% planted before recent rains, this
cotton in good condition and fruiting. Balance 10% planted after late
rains, plant small. All acreage making fair to good stands. Condition
To continue
about 70%, will average 10 days later than last season.
normal growth and prevent excessive shedding need good rain now. Expect
cotton at Gonzales about July 10.
first bales new
EAST TEXAS.
-Crop making excellent progress. Weather
Palestine (Anderson County).
has been ideal during past week, clear and hot, with beneficial showers
Saturday and to-day. Planting finished. 90% up. 75% chopped out
to good to average stands. Plant is healthy and has good appearance. Fields
clean and farmers up with work. Crop will make best progress with
continuation of clear hot weather.
OKLAHOMA.
-Weather favorable. Progress good. 75%
Hugo (Choctaw County).
chopped and clean. 25% foul, stands good. Weevils reported in wooded
Plants three to seven inches high, growth slow.
sections.
-Temperatures of 100 to 108 deg, daily past
Mangum (Greer County).
week has proven very hurtful to young cotton plants. Latest plantings
where up are dying from excessive heat. Looks now as if our acreage
will be cut from earlier estimates to about same as last year and could be
even less unless we get relief from such weather. Expect good part this
land where cotton is dying to be planted to late feed crop, if at all.
4297
-Past week favorable with exception of
Wynnewood (Garvin County).
latter half which was entirely too hot for any vegetable life. Temperature
100 to 105 deg Good state of cultivation. Rain needed, very light
trace of rain, but not enough to do any good.
ARKANSAS.
-Clear and hot all this week. 95%
Ashdown (Little River County).
chopped, plant small and sickly, about as it should be at this date in May.
No complaint of insects, plant too small for them to make their appearance.
Magnolia (Columbia County).
-Crop made good progress past week.
Chopping about 75% complete. Weather clear and hot. ideal for clearing
crop of grass. Some complaint of lice and wire worms Most early cotton
beginning to put on squares. Will take another week dry weather to
cultivate crop properly. Corn needing rain at this time. If Government
puts on acreage reduction campaign, farmers this territory will respond.
-The dry hot weather following the heavy
Newport (Jackson County).
rains and overflows three weeks ago has baked the ground to such an
extent that it has been impossible to obtain stands over a considerable
area. Unless it rains within the next two or three days there will be at
least a 10% loss in acreage. The sandy land crops are well cultivated
and growing nicely, though rain would be very beneficial.
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week froni
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
Week
1933.
1932.
1931.
Stocks at Interior Towns.
1933.
IReceiptsfrom Plantations
1931.
1932.
1933.
Mar.
17. 48,558125,715 68,139 1,932,2471,908,51011.379.376
24
78,838 130,968 61.736 1,903.091 1,872.8781.349,018
31_. 71,916115,587 53.101 1.874,180 1,847,155 1.312,856
Apr.
1
55,548 93.799 40.4261.839.230 1,812,832 1,264,845
14.. 56.769 62,040 52.1191,806,8961, 1,096 1,213,990
21.. 80,344 76.159 33,3721,772,69 1,747,7671,175.730
92,386 86,624 37,7291.739,0381.710.8201,136.594
May
1.709,661
5-- 90,027 53,102 31.268 1,672,791 1,664,13511.112,593
1,622,896 1.091.370
101.074 62.170 27.481
19__ 118,296 37,336 20,5161,624,351 1.588,1051,060,746
26_. 79,667 54.967 18,911 1,566,9691.554,722 1.037,599
June
88.978 64,258 20,902 1,521,226 1,526,1801,009,231
86,064 30,591 18,6001,478,208 1,497,9151 973,071
16_ _ 72,682 24,783 16,9771,442,027 1,476,605 943,151
1932. 1931.
16,666 73,109 26.762
49,682 95,336 31,378
43.005 89.864 16,9341
20.358
24,435
46,143
68,729
59.476
30.3041 1.264
Ni)
42.
49.6871 37,196
60,6
6,4071 6.731
64.204 20.931 6.2511
69,856 2,745
Nil
Nil
22.27 21.584
43,245 35,716
43,046 2,326
36,501 3,473
NU
Nil
Nil
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1932 are 8,304,336 bales;
in 1931-32 were 10,127,141 bales and in 1930-31 were8,857,662
bales. (2) That, although the receipts at the outports the
past week were 72,682 bales, the actual movement from
plantations was 36,501 bales, stock at interior towns
having increased 36,181 bales during the week. Last year
receipts from the plantations for the week were 3,473
bales and for 1931 they were nil bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1931-32.
1932-33.
Week.
Week.
Season.
Season.
8,583,138
8,873,142
Visible supply June 9
7,791,048
6.892.094
Visible supply Aug. 1
84.215 15.206.731
.
141,939 13,478,935
American Insight to June 16 _
29.000 1.956,000
48,000 2,458.005
Bombay receipts to June 15.473,000
11,000
3.000
343.000
Ocher India ship'ts to June 15
964,800
800
1,000 1,415,000
Alexandria receipts to June 14
495,000
9,000
11,000
510,000
Other supply to June 14*b_...
Total supply
Deduct
Visible supply June 16
9,085,881 25,660.783 8,709.353 26,322.825
8,730,825 8.730,825 8.446.921 8,446.921
355,056 16,929.958
262.432 17,875.904
Total takings to June 16_a__ _
282,256 12,603,158
195,432 13,287.904
Of which American
72.800 4,326,800
67.000 4.588 000
Of which other
• Embraces receipts in Europe from Brazil, Smyrna. West Indies. &c.
embraces since Aug. 1 the total estimated consumption by
a Th's total
Southern mills, 4.505,000 bales in 1932-'33 and 3,967,000 bales in 1931-'32
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 12,424,958 bales in 1932-33 and 13,908,904 bales in
1931-32, of which 8,098,158 bales and 9,320.904 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years have been as follows:
1932-33.
'
June 16
Receipts al
-
Bombay
Week.
Since
Aug. 1.
1931-32.
Week.
1930-31.
Week.
Since
Aug. 1.
48,000 2,458,000 29,000 1,956,000 25,000 3,181,000
For the Week.
Exports
from
-
Since
Aug. 1.
Since Aug. 1.
Graft Cont- Jaws&
Great I Conti- Japan te,
Britain. neat. IC9ana. Total. Britain. I neat. 1 China. I Total.
Bombay
1932-33._
1931-32_ _
1930-31 _ _
Other India
1932-33_ _
1931-32_ _
1930-31.
1
16,000 46,000 62,000 48,0001
2,000 1,000 19,1.1 22,000 19,000
4,000 1,000 21,000 35.000 12,200
1
1
7,000 4,000
11,000 112,0001
3,000 93,000
7,000 139,000
3.0°0
Total all
1932-33._
1931-32._
1930-31 _ _
1
7,000 20,000 46,000 73,000 160,0001 638,0001,056,0001,854,000
2,000 4,000 19,000 25,000 112,000 382,000 840.000U,334.000
4.00(1 17.000 21,000 42,000 261,000 1,091,0001,702.0003,054,000
277,0001,056,000 1,381,000
132,000 840,000 991,000
643,0001.702,0002,467,000
361,000
250,000
448,000
473,000
343,000
587,000
4298
Financial Chronicle
June 17 1933
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
19,000 bales. Exports from all India ports record an increase
of 48,000 bales during the week, and since Aug. 1 show an
increase of 520,000 bales.
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:
Baia.
SAVANNAH
-To Hamburg-June 9
-Ruddy,165
165
To Lisbon-June 9
-Ruddy, 75
75
To Liverpool
-June 10-Sundance, 1,576
1,576
To Manchester
-June 10-Sundance, 1.300
1.300
CORPUS CHRISTI
-To Liverpool-June 10
-Tripp,811
811
To Manchester
-June 10
-Tripp. 509
509
To Bremen-June 10
-Tripp, 86
86
To Havre
-June 11-West Harshaw, 1,565
1,565
To Dunkirk-June 11-West Harshaw,50
50
To Antwerp
-June 11-West Harshaw,50
50
To Ghent
-June 11
-West Harshaw,90
90
To Gdynia-June 11-West Harshaw,430
430
-West Hika, 1,468
PENSACOLA-To Bremen-June 10
1.468
To Rotterdam-June 10
-West Hika,200
200
CHARLESTON
-To Liverpool
-June 12-Sundance,1,810
1.810
Alexandria, Egypt,
1931-32.
1932-33.
1930-31.
To Mamchester-June 12-Sundance, 1.150
1,150
June 14.
To Bremen-June 14-Jethou,6,611
6,611
LOS ANGELES
-lanai Maru, 1,300
-To Japan-June 12
1,300
Receipts (Cantars)NORFOLK
-City of Newport News,200.. _ _ -To Havre
-June 14
200
This week
4.000
5,000
80,000
To Bremen-June 14
-City of Newport News.436
436
Since Aug. 1
4,920 332
6,830.854
6,90).530
MOBILE-To Liverpool
-Gateway
-May 31, Yalta, 776_. _June 6
-Colonial, 2,664
City, 50_. _May 22
3,490
This Since
This Since
This Since
-Colonial 288 1,667
To Manchester
-May31-Yaka,1,379_ _May 22
Export (Bales)
Week. Aug. 1. Week. Aug. 1
Week. Aug. 1.
To Genoa
-May 30
-Ida So,687
687
To Bremen-May 31-Arizpa, 2,718....May 24-Delfshaven,
To Liverpool
8 000 145.415 7,000 196.829 5.000 124.033
3,780
6,498
To Manchester,&c
6,000 114.335
144.253
112.291
To Hamburg
-May 31, Arizpa. 9
9
To Continent and India _ _ 11,000 445,047 11,006 546,654 11.000 526,935 •
To Rotterdam-May 31, Arizpa, 100_ __May 24-Delfshaven,
To America
1,000 34,506 2,000 45.781 1,000 20,902
1,300
1,300
To Antwerp
-May 31, Arizpa, 142
142
Total exports
26.000 739,303 20,000 933.517 17.000 784.161
To Havre
-May 31, Wacosto.850-June 2, San Pedro, 100...
950
To Ghent
-June 2, San Pedro, 50
50
Note.
-A canter is 99 lbs. Egyptian bales weigh about 750 Pounds.
To Gdynia-May 24, Delfshaven, 100
100
This statement shows that the receipts for the week ended June 14 were
To Hamburg-May 24, Delfshaven, 1,024
1,024
4,000 canters and the foreign shipments 26,000 bales.
To Japan-May 28, Siamese Prince. 1,650
1,650
482
MANCHESTER MARKET.
-Our report received by TEXAS CITY-To Bremen-June 13, Liberator, 482
To Japan-June 7, Hanover, 343
343
cable to-night from Manchester states that the market in LAKE CHARLES-To Havre-June 14, Endicott, 1,096
1.096
both yarns and in cloths is steady. Demand for India is
To Dunkirk-June 14, Endicott, 375
375
To Ghent
-June 14. Endicott, 300
300
improving. We give prices to-day below and leave those
To Antwerp
150
-June 14, Endicott, 150
for previous weeks of this and last year for comparison:
To Rotterdam-June 14, Endicott, 224
224
-June 8, Uganda, 5,960
5,960
JACKSONVILLE-To Liverpool
1933.
1932.
Total
162,440
83i Lbs. Shirt- Cotton
834 Lbs. Shirt- Cotton
ings, Common Middrg 32$ Cop
324 Cop
ings, Common Midas
-Current rates for cotton from
COTTON FREIGHTS.
UpFds
Twist.
to Finest.
Twist.
to Finest.
Uprds
d.
5. d.
March
17.... 8340 914 8 3
24-- 8340 934 8 3
81.__. 8340 954 8 3
April
7_. 8%0 934 8 3
14__ gym 934 8 3
31___ 83(0 934 8 3
28.... 83(010
83
May
5..... 834010
83
12.... 95401044 8 5
lg.__ 95401054 8 5
28_ 9 01034 8 5
June-7
2..... 93401054 87
9.... 93401054 8 7
18._ 93401034 8 7
s. d.
d.
d.
s. d.
S. d.
d.
08 6
08 8
036
5.28
5.13
515
83(01034 8 0 0 8 8
854010
8 0 08 3
8540 934 8 o 0 s $
5.51
5.15
086
08 8
08 6
08 8
5.28
5.37
5.30
5.53
111140
8540
8340
8)(0
08 3
08 4
08 4
08 4
4.73
5.00
4.95
4.82
086
090
090
4® 9 0
5.89
6.19
5.96
6.07
8 0 934
7410 914
73(0 934
7110 914
0 08 3
0 08 3
0 08 3
0 ® 83
4.53
4.58
4.53
4.45
0 92
09 1
09 1
6.37
8.12
6.18
7340 834 80 ® 83
7310 834 8 0 0 8 3
7340 814 80 0, 8 3
4.10
4.09
4.31
934
954
954
93j
80
8 I
8 1
8I
8
8
8
8
4.81
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 162,440 bales. The shipments in detail, as made
upirom mail and telegraphic reports, are as follows:
Bales.
-June 8
-West Harshaw, 1,914; San
GALVESTON-To Havre
2,469
Pedro,555
-West Harshaw, 120
-June 8
120
To Antwerp
-West Harshaw,419-June 13-SvanTo Rotterdam-June 8
1,193
hild, 774
-Liberator,
To Bremen-June 9-Neidenfels, 2,379_ _ _June 13
4.210
1,831
617
-San Pedro,617
To Dunkirk-June 8
100
-San Pedro, 100
-June 8
To Ghent
1,324
To Bremen-June 10-Warra, 1,324
1,459
-Ida, 1,459
-June 14
To Venice
150
To Gdnyia-June 10-Warra, 150
341
-Ida.341
To Trieste-Junt. 14
-Ferndale.381_ - _June 14-Kirishima Maru,
To Japan-June8
10.756
10.375
226
-June 14
-Ida, 226
To Fiume
-Ferndale, 550---June 14-Kirishima
To China-June 8
1,550
Maru, 1,000
75
-Velma Lykes,75
To Cartagena
-June 14
251
To Gdnyie.-June 13-SvanhUd,251
2,226
-June 14-Munorway, 2,226
To Mexico
278
To Copenhagen-June 13-Svanhild,278
HOUSTON-To Manchester-June 10-Helmstrath, 2,240
2,810
-Tripp, 570
June 13
-Tripp,
-June 13
-June 10-HeIrostrath,3,472
To Liverpool
5,511
2.039
-June 9-Skagern, 6,460; San Pedro, 3,138--To Havre
13,206
14-Waban. 3,608
June
-Hanover, 2,338__ -June 10-Fernglen.
To Japan-June 9
7,432
5,094
-Hanover, 1,456-June 10-Fernglen,
To China-June 9
4,656
3,200
-San Pedro, 1,158-June 14-StureTo Dunkirk-June 9
3,722
holm, 2,564
601
-June 9
-San Pedro.379_ _ June 14-Waban,222
To Antwerp
-San Pedro,700---June 14-Waban,3,190 3,890
-June 9
To Ghent
7.234
-Liberator, 7,234
To Bremen-June 10
-West Ekonk,
-Ida. 1,592--June 15
-June 12
To Venice
3.528
1,936
-West Ekonk,200 3,105
-Ida,2,905-,-June 15
To Trieste-June 12
324
-West Ekonk, 100224_ _June 15
-Ida,
To Plume
-June 12
To Rotterdam-June 14-Waban,1,386---June 13-Svanhild,
3,212
1,826
370
-June 14-Stureholm, 370
To Oslo
17
-West Ekonk, 17
-June 15
To Naples
1,953
14-Stureholm, 1,953
To Gothenburg
-June
--June 13-SvanTo Gdynia-June 14-Stuzeholm, 2,551.
3,658
hild, 1,107
322
To Copenhagen-June 13-Svanhild,322
4,000
-Ida,4,000
To Canada-June 14
1,000
To Genoa
-June 15
-West Ekonk, 1.000
3.321
-June 13-Munorway. 3.321
To Mexico
653
-Tripp,653
-June 7
-To Liverpool
NEW ORLEANS
850
-Tripp,850
-June 7
To Manchester
399
To Venice
-June 8-Idan, 399
204
To Trieste-June 8-Idan,204
300
-June 8-Idan. 300
To Fiume
450
-June 9-Stureholm, 450
To Gothenburg
2,584
-June 9-Stureholm, 2,584
To Gdynia
700
To Dunkirk-June 9-Stureholm, 700
100
-June 14-Contessa, 100
To Buenaventura
75
-June 7-Tivives,75
To Port Barrios
400
-June 10-Turrialba, 400
To Porto Colombia
7.059
To Bremen-June 10-Lawbeath, 7,059
319
-June 10-Lawbeath, 319
To Oporto
526
To Hamburg-June 10-Lawbeath. 526
225
-June 10--Lawbeath, 225
To Royal
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High SandDensity. ord.
Liverpool .250. .250.
Trieste
Flume
Manchester.25o. .25e.
Antwerp .350. .50e.
Barcelona
Havre
.250. .40o.
Japan
Rotterdam .350. .50o.
Shanghai
Genoa
Bombay:
.400. .550.
Oslo
Bremen
.480. .81e.
Stockholm .420. .57c.
Hamburg
•Rate is OD812. I Only small lots.
High Stand
High SandDensity. ant.
Density. ord.
.750, „900,
.500. .850. Piraeus
.500. .850. Saionica
.75o. .90o.
.500. .850.
.350. .500. Venice
Copentegen.380. .530.
•
•
•
•
Naples
.40s. .550.
.40o. .55e.
.400. .550. Leghorn
.350. .50e. Gothenberg.420. .570.
.350.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
June 2.
June 9. June 113.
46,000
29,000
56.000
652,000 651,000 658,000
354,000 356,000 350,000
48,000
44,000
59,000
25,000
26,000
18,000
150.000 186.000 199,000
76.000
98,000 111,000
May 26.
58,000
649.000
353,000
31,000
12,000
134,000
60,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
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,
Mid.Upl'ds
Tuesday, Wednesday. Thursday,
Small
imilliti,
HOLIDAY.
Moderate
demand,
More
demand,
A fair
business
doing.
8.21d.
Market, 1
12:15
P. M.
8.24d.
6.24d.
8.33d.
Friday,
A fair
business
doing.
8.18d.
Futures.{
Market
opened
steady,
steady,
Steady,
Steady,
Steady,
2 to 4 pts. 7 to 9 pts. I to 8 pts. 2 to 4 pts. 12 to 15 pts
decline.
advance, advance, advance, advance.
Market, I
4
P.M. 1
Steady,
Quiet but
Steady,
Quiet,
Quiet but
2 pts. 5 to 7 pts.
steady,4to4 to 5 pts. steady,4to
decline.
5 pts. adv. advance. 5 pts. adv. advance.
Prices of futures at Liverpool for each day are given below:
Sat.
June 10
to
June 16.
Mon.
Tues.
Wed.
Thurs,
Fri.
12.1582.12.15 4.0012.15 4.I 112.15 4.0012.18 4.0012.15 4.00
New Contract. d.
d. d.
J122(1933)___
5.94
October
5.94
January (1934)
5.9
March
HOLD. 6.11
May
DAY. 6.03
July
October
December
.
January (1935)
..
March
_
May
d.
5.88
5.88
5.91
5.95
5.98
cf.
5.97
5.97
8.11
6.04
6.07
d.
5.93
5.92
5.98
5.99
6.02
d.
5.97
5.98
5.99
8.03
6.06
d.
5.97
5.96
6.00
6.04
8.07
d.
6.06
8.05
8.09
6.12
6.15
d.
5.99
5.98
8.02
8.06
8.09
d.
5.91
5.90
5.94
5.97
8.00
d.
5.93
5.93
5.98
5.99
8.02
6.07.- _ 6.12..- 6.16-- 6,18..- 6.11
6.08..- 6.13-- 8.17.... 8.19_ .... 8.12
8.11.... 8.18.... 8.20- -- 8.22_ _ 8.15
BREADSTUFFS.
Friday Night, June 16 1933.
FLOUR advanced 5c, early in the week on most grades,
but demand was slow. On the 12th inst. standard patents
advanced 5c., family flour 10c., and Seminola 20c. The
strength of wheat had its effect. Later on bakers' patents
and Seminola fell 10c:
WHEAT reflected the rally in the dollar in foreign exchange and a sharp decline in securities, and shows a
decline for the week. Early in the week prices were at
new highs for the season on abnormally hot weather and
reports that the crop had been damaged. On the 10th inst.
prices ended 1% to 1%c. higher or a little under the high
Volume 136
Financial Chronicle
4299
for the day. They were at new highs for the season and lower. On the other hand, there were reports of damage
the best seen for several years. Intense heat and reports by chinch bug in the Southeast, and rain is badly needed
of crop damage from many sections caused heavy buying. in some parts of the belt. Final prices show a decline for
The Government report put the condition of winter wheat the week of 1% to 1%c.
as of June 1st at the record low of 64%, the acreage
DAILY CLoSING.PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
yield at 12.6% and the crop at 341,000,000 bushels or
No.2
5734 5534
5834 5834 57% 57
16,000,000 under private estimates and only 4,000,000 above
CLOSING PRICES OF CORN FUTURES IN CHICAGO.
DAILY
the total estimated on May 1st. The spring wheat conSat Mon. Tues. Wed. Thurs. Fri.
dition was estimated at 84.9% against 84.5% a year ago July
44
45
46% 45% 44% 45
48
49
483( 47 X
4854 47
and 84.5% the 10 year average. Last year's crop of September
December
514 5134 5134 503 5194 50%
winter wheat was 462,000,000 bushels.
Season's Low and When Made.
Season's High and When Made.
On the 12th inst. prices after early weakness rallied July
Feb. 28 1933
25
4834
May 12 1933 July
Feb. 28 1933
May 12 1933 September -2634
and ended at a net rise for the day of 1% to 1%c. on September -50
Apr. 28 1933
38%
December----52
May 12 1933 December
further reports of damage to the crop from Kansas and
OATS early in the week advanced on fears concerning
Nebraska and nearly all sections of the Ohio Valley.
Stronger securities markets and a further decline in the the condition of the crop and the strength of securities, but
dollar caused considerable buying. Eastern interests were declined later with a weaker stock market and heavy
good buyers. Prices are now at the highest level seen liquidation. On the 10th inst. prices moved into new high
4
since 1931. Sentiment was decidedly bullish. All eyes ground. The closing was 11 to 1%c. higher. Heavy buywere on the World Economic Conference in London. More ing was attributed to fears over the condition of the crop.
4
favorable weather in the spring and winter wheat belts On the 12th inst. the closing was 1 to %c. higher, in
caused some selling and an early decline. The visible response to the advance in wheat and the strength of the
supply in the United States last week increased 1,706,000 stock market. Prices reached the highest level seen since
bushels and is now 117,713,000 bushels against 116,007,000 1931. Scattered selling caused an early decline. On the
1
2
in the previous week and 168,129,000 in the same week 13th inst. prices declined / to %c., despite unfavorable
last year. On the 13th inst. prices declined % to %c. crop reports and some new buying. Heavy liquidation outunder increased selling and the overbought condition of weighed everything else. On the 14th inst. prices closed %
the market. And the uncertainty as to what might happen to %e. lower, following the break in other grain. Damage
at Washington and London held bulls in check. The reports had little or no effect. On the 15th inst. prices advanced 1
4to %c. in response to the rise in corn. Buying
Secretary of Agriculture's statement that it would be
was rather active.
difficult to convince farmers that they should reduce
To-day prices ended % to %c. lower, despite bullish crop
their acreage in view of the present high level of prices,
news. The weakness of other grain counted for more than
had a depressing influence.
anything else. Final prices are 1 to 2%c. higher, however,
On the 14th inst. prices declined 1% to 1%c. on the
unfavorable foreign political news, and considerable long for the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
liquidation. Unfavorable crop reports received little attenSat.
Mon.
Tues.
Wed.
Thurs.
Fri.
tion. The Argentine has instructed its delegates to the No.2 white-- 39-40 3934-4034 39-40 3834-3934 3834-3934 3834-3934
London conference to oppose any move to reduce acreage.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
A lower stock market and weakness of sterling exchange
Sat. Mon. Tues. Wed. Thurs. Fri.
July
29
29
28% 28% 28% 28$
caused some selling. Winnipeg ended slightly lower but September
3034 30
3034 2934 3034 2934
showed some independent strength on reports of hot dry December
32
3234 32
3134 31% 3134
weather from the prairie Provinces. On the 15th inst.
Season's High and When Made.
Season's Low and When Made.
July
June 12 1933 July
2934
16
Mar. 3 1933
prices ended 1% to 11
4c. lower. There was much selling September -3034
June 12 1933 September
Feb. 28 1933
on the proposed processing tax. The stock market was December--32%
June 12 1933 December
253(
May 22 1933
lower and sterling declined.
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
To-day the market ended at a decline of % to 11
4c. July
2834 29
2834 27% 2834 27%
Fluctuations moved within a range of nearly 2e. a bushel. October
2934 3034 2934 2934 2934 28%
Nervousness over the processing tax announcement, and
RYE followed other grains to some extent, but on the
a poor foreign demand caused the weakness. Eastern
whole showed some independent strength. On the 10th inst.
Interests were selling and there was some foreign liquidaprices advanced % to %c. on the strength of other grain.
tion. And the decline in stocks had a certain effect. Prices
rallied at one time on an improved technical position and The Government put the crop at 30,400,000 bushels, or
bullish crop news from the American and Canadian North- 102,000 bushels less than a month ago. It compares with
west. but selling increased on the bulges. Final prices 39,855,000 last year. On the 12th inst. prices followed other
grain upward, and ended 11 to 178c. higher. Trading was
4
/
are % to 1%c. lower than a week ago.
more active, with commission houses good buyers. Prices
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
are now the highest seen since 1931.
Sat. Mon. Tues. Wed. Thurs. Fri.
On the 13th inst. rye showed a certain amount of indeNo.2 red
10054 99% 9954 9734 9634 915.4
pendence, and again moved into new high ground for the
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
season. It showed more resistance to pressure than other
Sat. Mon. Tues. Wed. Thurs. Fri.
July
76
77
/ 77$ 75
grain, and ended steady unchanged to 1
74
73%
4c. lower. Eastern
September
78
79
79
77
76
76
South Dakota reports stated that the crop was badly damDecember
80K 82
81
8034 7934 7834
aged, and that much was being cut for hay. On the 14th
Season's High and When Made.
Season's Low and When Made.
July
7734
June 12 1933 July
43%
Dec. 28 1932
inst. prices followed wheat downward, and ended 1% to
September ---80
June 12 1933 September
Jan. 3 1933
1%c. lower. On the 15th inst prices advanced on good
December-8234
June 13 1933 December
68%
Apr 28 1933
buying to close spread with wheat. The ending was % to
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
%c. higher. To-day prices ended % to %c. lower, in re640 65
July
64% 645 64,1 6434
sponse to the decline in wheat and other grain. Final prices
66
October
67
67
66
66
66
are 1 to 1%c. higher, however, for the week.
4
87 4 88
December
68% 67
68
67
INDIAN CORN followed other commodities downward DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
after being stronger with wheat earlier in the week. The July
615 63
62q 6134
61
63
64% 64
weather was generally favorable. On the 10th inst. prices September
63
6.3q 63
$
65
67% 67
66
67
66
were dominated by the action of wheat and wound up at a December
Season's High and When Made.
Season's Law and When Made.
net advance of % to %c. On the 12th inst. prices ended July
June 13 1933 July
6334
31
Dec. 28 1932
June 13 1933 September _Al%
%c. higher. Like in wheat there was an early decline on September __ _65%
Apr. 1 1933
December___68%
June 13 1933 December.... ..55
May 5 1933
better weather and larger receipts, but later came a rally
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
of about 1c. from the bottom when securities advanced and
Sat. Mon. Tues. Wed. Thurs. Fri.
the dollar dropped and the closing was at about the top July
5034 51
4934 483(
4934 49
5234 5334 5234 5134 5134 50%
of the day. The visible supply increased 3,470,000 bushels October
for the week to 39,768,000 bushels against 36,298,000 bushels DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
In the previous week and 19,330,000 in the same week last July
38th 38t 37% 3634 361 35
year. This is the largest total since early in 1928. Primary September
40% 40
39% 38% 38
37
42
42
43
---- 41
40
receipts were 1,769,000 bushels against 2,027,000 in the December
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG,
previous week and 178,000 in the same week last year.
Sat. Mon. Tues. Wed. Thurs. Fri.
Shipments were 454,000, against 385,000 in the previous July
37% 37
37% 3734 3734 36
October
3934 3954 3951 39
week and 230,000 in the same week last year.
3854 37%
Closing quotations were as follows:
On the 13th inst. prices followed those of wheat and
1
ended at a decline of % to /
2
c. There was only a fair
GRAIN.
demand at best and consisted mainly of switrhing from Wheat, New York
Oats, New York
July to September and December. On the 14th inst. prices
No. 2 red, c.i.f., domestic
9134
No. 2 white
3834-3934
Manitoba, No. 1, f.o.b. N. Y..._ 7234
ended at a loss of % to lc. responding to the weakness
No. 3 white
Rye, No. 2,f.o.b. bond N.Y 3734-3834
543t
In wheat. Crop accounts were mixed, but good rains and Corn, New YorkChicago, No.4
nom.
No. 2 yellow, all rail
warmer weather would benefit the crop over a large area.
5534 BarleyNO.3 yellow, all rail
N.Y.,4734 lbe. malting__ 463(
5534
The east was selling July early against purchases of
Chicago. cash
30-55
September while cash interests were taking the July
FLOUR.
and selling September.
String Patents high protein_ _25.00-$5.45 City mIlls
$64547.15
On the 15th inst. prices advanced % to %c., and good Flaring Patents
4.85- 5.10 Rye flour patents
4.70- 4.95
Clears, first
4.75- 5.00 Seminole, bbl.. Nos. 1-3
buying believed to be inclosing out spreads between corn Soft winter spring
5.20- 5.60
straights
3.95- 4.70 Oats goods
1.95
and wheat. The forecast was for another hot spell. To-day Hard winter straights
4.70- 5.00 Corn flour
1.60- 1.70
Hard winter
5.00- 5.20 Barley goods
prices ended lc. lower under liquidation and professional Hard winter patents
clears
4.45- 4.60 Coarse
2.35
selling. Primary receipts were heavy, and cash markets Fancy Minneapolis, patents._ 6.45- 7.15 Fancy
pearl Noe.2,4 & 7._ 4.00- 4.50
4300
Financial Chronicle
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures'collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour.
Wheat.
Oats.
Corn.
Rye.
Barley.
Chicago
Minneapolis_
Duluth
Milwaukee__
Toledo
Detroit
Indianapolis St. Louis
Peoria
Kansas City_ _
Omaha
St. Joseph._
Wichita
Sioux CityBuffalo
.196185.80 lbs. bush.56 lbs. bush.Ibush.32 lbs. bush.481bs.bush.58108.
174,000
51,0001 166,000
374,000 2.951,000
447,000
„1• 1
315,00d 813,000
783.000
1,028.000
198,0001 244,000
1,153,000 1,210,000
355,000
12.11
42,0001 458,000
10,000
90,000
610,000
2,000
1.0001
118,000
22,000
20,000
9,000
12,000
24,000
8,0001
11,000
34,000
164,000
318,000
366,000
68,000
2,000
102,000
530,000
4.0001
2,00
42,000
71,000
18,000
40,000
433,00th
48,111
12,''' 1.114,I . I
398,0001
176,111
470,000
727,0001
103.111
71,000
278,0001
5400 11
4,000
5,000
181,111
37,111
2,000
67,000
89,000
2,242,111 1,210,000
60,000
Tot. wk.'3
Same wk., '32
Same wk., '31
340,000
330,000
322,000
Since Aug. 1
1932
1931
..,.,,,
8,391,000
4,840,000
5,789,000
9,816.000
1,216,000
2,957,000
2,319,000
824,000
1,146,000
Flour. I
Oats.
Corn.
1Vheat.
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, June 9, and since July 2 1932 and July 1
1931, are shown in the following:
Totl wk.'33 271,009 3,125
Since Jan.1'33 8,854,006 31,417,
87,000
2,146,000
92,000
2,023,000
0
282,000; 4,124.04 10
Week 1932._
Since Jan 132 7,352,000 58,050,
107,000
2,123.000
194,000
153,000 402,000
4,132,000 6,053,000 2,702,000
35,000
142,000
116,000
* 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 10 1933, are shown in the annexed
statement:
Corn.
Oats.
Flour.
Rye.
Barley.
New York
Baltimore
Sorel
New Orleans
Galveston
Montreal
Quebec
Halifax
Bushels. Barrels. Bushels. Bushels. Bushels.
Bushels.
6,755
1,000
395,000
1,000
223,000
4,000
4,000
4,000
1,000
0
6.00
34,000
28,000
71,000
2,008,000
845,000
5,000
Total week 1933._
.
Corm:. 1.1.11, 1019
3,472,000
c nos Ann
5,000
22 1100
93,755
55 7ns
32,000
1000
101
208 000
34,000
104000
The destination of these exports for the week and since
July 1 1932 is as below:
Flour.
Exports for Week
Since
Week
and Since
June 10 July 1
July 1 to
1932.
1933.
Wheat.
Week
June 10
1933.
Since
July 1
1932.
Corn.
Week
June 10
1933.
Since
July 1
1932.
Bushels. Bushels.
Bushels.
Bushels.
Barrels. Barrels.
1,048,000
914,000 53,866,000
United Kingdom_ 70,255 2,088,264
3,662,000
837,247 2,549,000 84,173,000
10,500
Continent
13,000
9,452,000
111,000
S.& Cent. Amer.. 1,000
95,000
5,000
183,000
6,000
617,400
12,000
West Indies
5,000
2,000
68,600
___
Brit.No.Am. Cols.
2,000
556,000
3,000
184,351
____
Other countries...
Total 1933
Total 1932
93,755 3,904,862 3,472,000 148,212,000
55,703 5,392,013 5,095,000 165,447,000
5,000 4,823,000
22.000
651.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 10, was as follows:
United StatesBoston
New York
" afloat
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
" afloat
On Canal
GRAIN STOCKS.
Barley,
Rye,
Oats,
Corn,
Wheat,
bush.
bush.
bush.
bush.
bush.
10,000
1,000
57,000
330,000
121,000
70,000
67,000
1,000
6,000
35,000
12,000
159,000
2,000
3,000
31,000
24,000
141,000
4,000
64,000
200,000
20,000
361,000
71,000
3,900
366,000
49,000
3,183,000
1,b87.000
3,919,000
2,000
448.000
2,928,000 1,536.000
56,000
83.000
228,000
35,397.000 1,722,000
50,000
61,000
10,864,000 5,240,000 1,310.000
16,000
3,000
200,000
597,000
1,100,000
18,000
332,000
13,000
3,243,000 3,073,000
936,000
392,000 2,087,000
4,000
62,000
6,287,000 10,774,000 3,428,000 4,268,000 1,147,000
69,000
172,000
625,000
24,000
720,000
3,254,000 2,270.000 1,168,000
23,281,000 1,534.000 9.985,000 2,847,000 6,673,000
15,739,000 1,750.000 3,162,000 1,368,000 1,279,000
41,000
20,000
28,000
12,000
96,000
682,000
454,000
4,286,000 8,219,000 1,565,000
100,000
632,000
96,000
38,000
18,000
Total June 10 1933_ _117,713.000 39,788,000 23,521,000 9,163,000 10,921,000
Total June 3 1933_116,007,000 38,298,000 22,844,000 8,748,000 10.809,000
Total June 11 1932_ _ _188,128,000 19,330,000 9,809,000 9,262,000 2.168,000
Corn.
Wheat.
Week
June 9
1933.
Since
July 2
1932.
Since
July 1
1931.
I
Week
June 9
1933.
Since
July 2
1932.
Since
July 1
1931.
Bushels. I Bushels.
Bushels. I Bushels. I Bushels.
Bushels.
7,000 5.540,00
2,260,000
North Amer_ 5,076,111 285,303,000 317,433,000
19,512,000110,316,000 1,581,000 67,381.0001 35,047,000
Black Sea_
Argentina_ _ _I 3,195,000106,586,000140,121,000 4,047,000 197,702,000 370,942,000
Australia. 1,335,000 149,641,000155,135,000
__
600,000
India
138,000 31,309,000 20,894,000
160.111 23,965,000 32,902,000
0th. countr's
Total
Wheat.
10,921,000
2,871,000
Barley.
Rye.
bbls.1981bs. bush. 60 lbs. bush. 56 lbs. bush. 321&.bush.481bs. bush.581bs.
11,000
2,000
10,000
New York_ _ _
102,000,
15,000
1,000
1.000
2,000
23,000
Philadelphia _
2,000
18,000
5,000
14,000;
Baltimore_ _
30,000
83,000
New Orleans•
45,000,
1,
32,
Galveston__
34,000
1
71,000, 2,008,
Montreal _ _ _
223,000
I
Sorel
11,000,
Boston
Halifax
5,000,
,
5
Quebec
Exports from-
2,871,000
3,006,000
2,628,000
Total June 10 1933...205.302,000 39,768,000 27,601,000 13,002,000 13,792,000
Total June 3 1933_202,273,000 36,298,000 26,815,000 12,661,000 13,815,000
Total June 11 1932..224,674,000 19,330,000 11,853,000 16,339,000 4,798,000
Exports
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, June 10, follow:
Receipts at-
4,080,000 3,839,000
Total June 10 1933.... 87,589,000
3.971,000 3,913,000
Total June 3 1933._ 88,266,000
2,044,000 7,077,000
Total June 11 1933. _ 56,546,000
Summary
39,768,000 23,521,000 9,163,000
American
117,713,000
4,080,000 3,839.000
Canadian
87,589,000
1,842,000
802,
372,000
94,000
162,111
588,000
17,167,000307,520,l I i 196,477.000 87,838,00015,379,00047,703,000
18,315,000295,385,000 117,541,000 66,680,000 7,613.11 30 663 000
June 17 1933
Note.
-Bonded grain not included above: Sarrey, Buffalo afloat, 75,000 bushels:
total, 75,000 bushels, against 283,000 bushels in 1932. Wheat, New York, 438,000
bushels; New York afloat, 198,000; Buffalo, 1,791,000; Buffalo afloat, 121,000;
Duluth, 70,000; Erie, 1,677,000; Canal, 637,000; total, 4,932,000 bushels, against
8,070,000 bushels in 1932.
Oats,
Barley.
Corn,
Rye,
Wheat,
bush,
bush.
bush,
Canadianbush,
bush.
484,000
356,000
763,000
Montreal
6,118,000
Ft. William & Pt. Arthur 48,566,000
1.612,000 2,312,000 1,794,000
784,000
Other Canadian
1,984,000
721,000
34,905,000
9,766,000 585,007 000758 507,000 5,771,000 301 932 000429 143 000
AGRICULTURAL DEPARTMENT REPORT ON
-This report, issued by
WINTER WHEAT, RYE, &c.
the United States Department of Agriculture at Washington
on June 9, will be found in an earlier part of this issue in
the department entitled "Indications of Business Activity."
WEATHER REPORT FOR THE WEEK ENDED
June 14.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended June 14 follows:
The week was characterized by abnormally warm and mostly dry weather
in much the greater portion of the country. In the Mid-West central valleys,
and more eastern States, high temperatures persisted until near the close
of the week when there was a reaction to much cooler weather in all sections.
Precipitation was generally of a local character, though showers were fairly
widespread in the northern Great Plains the first part of the week and more
generally In the South and East the latter part.
Chart I shows that the temperature for the week averaged above normal
everywhere, except locally in the extreme southeast, southwest, and some
Pacific Coast sections. The greatest departures from normal occurred from
the nortaern Cotton Belt northward, with the weekly means extremely higa
in the States from South Dakota, Nebraska, Kansas, and Oklahoma eastward to the Atlantic Ocean in the Middle Atlantic States and a large
area
interior the period averaged from 9 to 14 degrees warmer than
n
The dotted lines on Chart I inclose the areas in which maximum temperatures above 95 degrees were reported from first-order stations. Many
of the stations reported 100 degrees or higher. including Ainany. N. Y.;
Washington. D. C.; Lynchburg, Va.; Raleigh. N. C. Knoxville and
Chattanooga. Tenn.; Evansville, Ind. Detroit, Mich.; Chicago and Peoria.
Ill.; Kansas City and St. Joseph, Mo., Keokuk, Davenport, Des Moines.
and Sioux City. Iowa; Huron. S. Dak.; Valentine, North Platte and
Omaha, Neb.; Concordia, Dodge City and Wichita, Kan. Oklahoma City,
Okla.; and Amarillo and El Paso, Tex. At Wichita and Amarilio, tne
maxima for toe first 10 days of June averaged 97 degrees, whi.e at Dodge
City and Omaha they averaged 96 degrees for these 10 days.
Cnart II shows that precipitation was irregularly distributed and mostly
scanty, though much of the South mad moderate amounts or even heavy
fails in some localities. Rather generous rains occurred in the central
and southern Appalachian Mountain districts and the Potomac Valley,
extending as far north as New Jersey and southern Pennaylvania, while
moderate amounts were reported from some northern Plains districts and
places in the lower Missouri Valley. Substantial rains occurred also in
parts of the north Pacific area. Elsewhere precipitation was generally
light, with many parts of the Great Plains, where temperatures were exceedingly high, having a practically rainless week.
was
The weather during the week as affecting agricultural interests
favorable in some sections and unfavoraole in others. The outstanding
the intense
feature was the extreme heat over the interior States which, with and, in the
sunshine and absence of rain, was unfavorable for small grains were
mostly
drier BeCti0110, for pastures, truck crops,and the like. Conditions
satisfactory for corn, especially the early planted, but no so favorable for
trouole has been experienced in germination.
late-planted fields where some
Many localities, especially in the Midwest and extending northward to
parts of the Spring Wheat Belt, are needing rain rather badly, as recent
heat and °risk winds have depleted soil moisture rapidly. In the Soutn
Atlantic States and much of the Gulf area, showers near the close of the
week were helpful, but a general rain is still needed from southern Virginia southward and from Mississippi • astward.
In the southwest, extending as far east as western Texas, drouthy conditions are still largely unabated, though in New Mexico fairly good showers
have brought some relief. In tee Plains States rain is needed from Oklahoma
northward. From the Rocky Mountains westward conditions were generally
favorable, except in the persistently drouthy southern sections; In the North
Pacific States recent rains have been beneficial.
-Until near the close of the week hot, dry weather
SMALL GRAINS.
continued in the major western portion of the Winter Wheat Belt comprising
most areas from the Mississippi River westward, and further deterioration
occurred over this section. In Kansas winter wheat, oats, and barley
were greatly damaged, with wheat ripening prematurely. tuening white.
and grain shriveling; harvest is well under way in the south-central and
southeast. In the northwestern part of the belt further deterioration occurred, with serious damage, especially in the eastern parts of Nebraska
and South Dakota, and in western Iowa. In the Ohio Valley and Missouri progress and condition were generally fair to very good, although
too rapid ripening was noted In many places; in Missouri no widespread,
serious harm is anticipated as the soil moisture was fairly satisfactory at
the beginning of the hot spell. In the southwest some premature ripening was noted, while harvest is general. In the East wheat is turning
color northward to Pennsylvania, with harvest and threshing begun in
Virginia.
In the spring wheat region the heat and dryness was also detrimental
in South Dakota. southern North Dakota, and Minnesota; elsewhere
be
spring wheat made mostly fair growth, although general rains would the
very helpful. In the Pacific northwest timely, copious showers in
wheat belt were of much benefit the crop is headed in most districts
with some blooming. Oats were seriously affected in the same region as
in
was winter wheat, while in the Ohio Valley they are heading shortthe
parts, with growth rather slow. Flax was unfavorably affected by
dry, hot weather in South Dakota, but in Louisiana rice was benefited
by rains.
-In the more eastern States the week had excellent corn weather:
CORN.
In the Ohio Valley favorable for the early crop, but not so good for the
late-planted; and west of the Mississippi River, mostly fair in the principa
Volume 136
Financial Chronicle
producing sections. In the Ohio Valley States early corn grew rapidly,
'but, following heavy rain, the soil became decidedly baked, and late"
planted seed is not germinating well in many places; cultivation of early
is in progress. In Missouri the crop needs rain, but is still in generally
good condition. In Iowa progress was mostly fair, though there was
some afternoon curling in the west, and conditions are not so good for
late-planted fields; early corn made excellent growth, with the tallest
from a foot to knee-high, and fields generally are clean. From Oklahoma
northward corn needs ran, but the general condition continues fair in
most places.
COTTON.—Much of the Cotton Belt had considerably more than normal
-warmth and scattered showers were rather general. On the whole, this
made rather favorable cotton weather.
In Texas the general condition of the crop is good to excellent, though
it is still too dry in some western localities; plants are squaring in the
north and blooming in the south, with fields generally clean. In Oklahoma
and the central States of the belt weekly progress was fair to good; the soil
is mostly favorable for cultivation, with but little complaint of grassy
fields. In Georgia progress was mostly favorable and the condition of the
crop is still very good to excellent, while favorable reports continue
from the Carolinas; in South Carolina chopping is practically completed,
fields are well cultivated, and early plants are squaring rather freely.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Warm weather and moderate rains generally
favorable for crops and farm work, except rain still needed in south. Cotton
fair;some fields already chopped. Corn continues uneven. Wheat excellent;
threshing begun. Oats heading. Replanting tobacco completed; excellent
stands. Truck and potatoes need rain. Peaches sizing well; apple crop good.
North Carolina.—Raleigh: Favorable for harvesting grains and potatoes, but too hot and dry for most growing crops, though some scattered
beneficial showers at close of week. Progress of cotton generally good.
Large areas of tobacco, corn, sweet potatoes, peanuts, and truck much in
need of moisture, especially in Piedmont and parts of Coastal Plain.
South Carolina.—Columbia: Dry, with only scattered showers; temperatures above seasonal average. Cotton condition and progress very
good; chopping practically completed and fields well cultivated; squares
appearing rather freely in early crop. Corn, truck, and other field crops
and pastures again needing rain. Small grain harvests finished and threshing
active. Much early corn laid by and considerable late planting in stubble
lands. Tobacco in good condition; curing progressing. Sweet potato
-transplanting completed.
Georgia.—Atlanta: Warm, with local llght to heavy showers, but some
places still dry. Crops improved where rains. Progress and condition
.of cotton still very good to excellent. Corn mostly good growth; condition improved where rains, but further moisture needed locally. Truck,
cane, sweet potatoes, tobacco, and minor crops good where sufficient
showers. Cereal crops mostly harvested.
Florida.—Jacksonville: First of week dry and hot, but much needed
relief in most sections and rather general rains beginning Friday or Saturday. More rain needed, especially in north and west. Cotton progress
good; condition fairly good. Corn deteriorated badly in most sections and
setting sweet potatoes suspended by dry weather. Citrus helped by rains.
truck generally poor or complete loss.
Alabama.—Montgomery: Moderately warm, with local moderate to
heavy showers very beneficial; dryness continues in extreme southwest,
southeast, and locally elsewhere. Corn and other crops need rain. Corn,
pastures, ranges, truck, and iegetables slow progress, with some deterioration in dry areas; otherwise condition and progress fair to good. Cotton
mostly good advance and condition in most sections fair to good; blooming
becoming rather general in more southern portion; some late-planted seed
not germinating locally in north account dryness; plants small, but fields
generally well cultivated and clean.
Mississippi.—Vicksburg; Mostly moderate temperatures;light to locally
heavy showers. Progress of cotton cultivation good; growth fair to fairly
good; average seasonal development rather poor to fair. Progress of corn
poor to fair, with rains needed in many localities. Progress of gardens
and truck poor to fair.
Louisiana—New Orleans: Beneficial, moderate to heavy showers in
south and extreme east, but mostly light falls elsewhere. Generally favorable
for cotton and progress and condition mostly very good, except late in
northeast; bloom appearing in early crop to northwest. Progress of corn
very good to excellent and condition mostly very good, though rain needed
in northwest. Rain benefited rice and cane. Progress of truck and tomatoes
good.
Texas—Houston; About normal temperatures throughout State; beneficial light to heavy showers, except in Panhandle and some western and
north-central districts. Cotton good to excellent condition in most sections.
though still too dry in some western localities; squaring to north portion
and blooming in south; fields generally clean. Corn mostly good condition.
though rain needed in many north-central districts. Wheat harvest progressing rapidly. Livestock and truck good; ranges fair to excellent.
Oklahoma.—Oklahoma City: Hot, with scattered light to moderate
showers in central and south, but little or none in northern third; sunshine
abundant. Generous rain needed in practically all sections; drouth serious
in much of west. Fields well cultivated. Wheat ripened prematurely;
harvest general. Oats poor to fair; much harvested. Progress and condition
of cotton fair and chopping good progress. Corn poor to fair condition and
progress; needs rain. Pastures poor in west.
Arkansas.—Little Rock: Planting cotton about completed, except in
overflowed areas; cultivation excellent owing to warm, dry weather until
last of week; most of crop late, but clean; condition good. Too warm
and dry for corn until last of week when moderate to heavy showers very
favorable; crop clean and condition fair to very good. Very favorable
for harvesting wheat, oats, and hay until last 2 days.
Tennessee.—Nashville: Hot, dry weather early part damaged growing
vegetation, but central and eastern counties much relieved by moderate
showers latter part. Condition of cotton mostly fair, but some fairly
good; chopping excellent advance, except where too dry. Planting corn
delayed in west account dryness; condition very good and well cultivated.
Wheat ripened rapidly and much cut under favorable conditions.
Kentucky.—Louisville: High temperatures; local showers in south and
east beneficial. Corn planting not completed and last delayed by hardened
soil; growth of early rapid. Tobacco setting about three-fourths completed; heat affected stands and crop needs rain; transplanting on hill land
awaits rain many places. Progress and condition of winter wheat generally
very good; ripe in south and complaints of too rapid ripening affecting
quality; harvest commenced in west.
THE DRY GOODS TRADE
New York, Friday Night, June 16 1933.
In line with expectations, preliminary figures on the
value of department store sales in May, as reported by the
Federal Reserve Board, show a decline of only 2% against
May 1932. In the previous month of April the decline was
9%,and for the first five months it still reaches an average
of 18%. In the New York district the decrease equaled
the average of 2%, with six of the 12 reporting stores
actually showing a gain over last year. During the current
month the improvement in retail sales has made further
headway, and an increase over June 1932 is confidently
predicted. It would be the first comparative plus in a good
many months. Better proceeds for agricultural products
and an improvement in industrial employment, together
with growing instances of wage increases, have served to
enhanse both buying power and inclination to buy, on the
part of the consuming public, and prices are consequently
beginning to advance in the retail field. It is noteworthy
that the demand is by no means confined to necessities,
but extends also to articles classed as semi-luxuries or
luxuries. While increased buying on the part of the retailers has filled some of the gaps in their merchandise inven-
4301
tories, a condition of undersupply rather than overstocking
is still presumed to be the general rule in the retail trade.
Primary markets continued to be chiefly under the influence of the coming great experiment of placing all American
industry on an entirely new footing in line with the Industrial Recovery Bill, which has now been passed by both
houses of Congress and signed by the President. Much
speculation on the course of prices under the new conditions
is apparent in all quarters. In the event of an imposition
of a processing tax upon manufacturers, cloth prices will
probably rise in line with the added costs and resale of
many cloths now coming on contract may be expected, possibly resulting in calling a temporary halt to the upward
trend of raw cotton. Outside of cotton, textile prices have
hardly done much more than to reflect the advance in the
prices for the raw material, although it may be assumed
that in these fields, too, the enactment of the new law
will bring on radical adjustments in costs, due to shorter
hours and higher wage scales. Following a sensational
advance in raw silk prices, which crossed the $2 level for
the first time in months, greige goods moved in large quantities for future delivery. Finished goods, on the other
hand, continued to meet with slaw demand, although better
orders for fall goods are anticipated. A substantial advance
in the price of tie silk is believed to be planned by producers. No let-up in the demand for rayon yarns has occurred, but the expected price advance on the part of the
three leading viscose yarn producers has not yet materialized. It is now said that advances of as much as 25c. a
pound may be instituted, though it appears more likely
that the rise, when it comes, will not exceed 10c., or
possibly 15c. Rayon producers are now completing plans
for organization under the new Industrial Recovery Act,
and it is probable that the new conditions will exert their
influence on the price question.
DOMESTIC COTTON GOODS.—Domestic cotton mill
activity is now at the highest level in several years, and
compares favorably with the records established in the late
winter of 1926-27. With very large orders for goods on
hand, and with stocks of goods very low,It is expected that
operations will continue very high through the summer,even
allowing for some contraction through the enactment of the
Industrial Recovery Bill. Gray cloth prices, after a period
of relative quietness during which considerable second hand
offerings made their appearance, had another burst of
strength following the withdrawal of prices by some mills,
upon announcement of the passage of the Recovery Act, but
at the close of the period a good deal of confusion was
caused by conflicting reports from Washington that a 4c.
processing tax on cotton had been approved. The volume
of business was fairly large. In a number of instances
mills were offering later deliveries of specified constructions without a labor clause, but retaining the tax clause.
Carded broadcloths held steady, and narrow sheetings were
firm. Price advances of 5% to 10% on china cotton and
part-wool blankets were put into effect. Dentin prices were
raised / to a basis of 12%c. for the 2.20-yard construc1
2
c.
tion, while percale sheets and pillow cases advanced an additional 7%, resulting now in a total rise from the low
point of about 25%. Closing quotations in print cloths were
as follows: 39-inch 80's, 7% to 7%c.; 38%-inch 64x60's,
5%c.; 382
/
1-inch 60x48's. 5Y
4c.; 39
-inch 68x72's, 6% to 7c.;
39-inch 72x769s, 7% to 714c.
/
WOOLEN GOODS.—Reflecting the continued strength of
the raw material and also with a view to the enactment
of the Recovery Bill, further increases in suitings, topcoatings and overcoatings were announced by the leading producer. Advances ranged up to 22%c. a yard, bringing the
total rise since the opening of the season up to 62%c. a yard.
Several mills are reported to have sold their output to
October, buyers agreeing to pay any additional costs resulting from increased manufacturing expenses through the
enactment of the Recovery Bill. Clothing manufacturers
are gradually swinging into full production for fall with
retail sales showing steady improvement in practically all
sections of the country. Call for fall merchandise continues to be large, with the volume of advance business far
in excess of last year. Women's wear materials continued
to sell in heavy volume. Prices have been advanced 15%
since the beginning of the season, but mills continue to be
reluctant to quote prices on cloakings and dress goods,
reflecting the current claims as to an existing scarcity in
these materials.
FOREIGN DRY GOODS.—An actual shortage for suitings and dress linens, especially in dark colors, is reported,
with premiums being paid to obtain needed spot supplies.
While the demand for household linens is not quite as
lively, the activity in dress goods is having strengthening
influence. In view of the vogue for linen apparel, attempts
are being made to popularize women's linens for fall wear.
Preparations for spring lines are already under way, and
an additional price advance of 25% is predicted. Owing
to
lower exchange rates and an increase of stocks in Calcutta
during May, amounting to 11 million yards, burlap spot
and future prices experienced a reaction, induced by profittaking of speculators and a decline in demand of the trade.
Towards the end of the period, however, a recovery set in,
attracting renewed interest on the part of buyers, both here
and abroad. Domestically light weights are quoted at
4.65c.; heavies at 6.00c.
4302
Financial Chronicle
June 17 1933
State and City Department
NEWS ITEMS
Arizona.—Legislature Convened in Special Session.—Governor Moeur called the Legislature in special session on June 5
for the purpose of considering various measures, including
intangible and income tax proposals and a substitute bill
for repeal of the 18th Amendment. Bills covering seven
of the 19 points outlined in the Governor's 1,800
-word message were immediately introduced in each House. The Los
Angeles "Times" of June 6 referred to the program under
consideration thuswise:
Leading off in the Senate were the intangibles and income taxes. In
the House a bill to permit an Arizona vote on Oct. 3 on repeal of the 18th
Amendment was the first introduced.
It was followed quickly by bills to correct a motor vehicle code error,
to protect agricultural products from theft, to permit beer and liquor
regulation by communities, and by the administration's new privilege-sales
tax Act, which includes also a levy on luxuries.
Gov. Moeur personally delivered an 1,800
-word message calling for new
tax measures and balancing of the budget.
The 18th Amendment repeal bill is proposed as a substitute for the measure adopted by the regular session against which referendum petitions
have been filed.
the Legislature of Arkansas has on several occasions recognized these prior
pledges. They find it difficult to understand why the holders of these State
obligations should abandon their prior claim upon these revenues for the
benefit of the holders of other bonds which were not even issued as State
obligations.
I am stating the point of view of the bondholders, as I believe that an understanding of the point of view of both parties to a controversy is necessary
before it can be settled. My interest in the matter is merely that of a
former resident of the State who is still greatly interested in its welfare and
future prosperity. Having in mind what I conceive to be the best interests
of the State and its creditors alike, I hope that both you and the representatives of the bondholders will try to approach the situation fairly,
without thought of threats or coercion on either side. I take it for granted
that the State desires to make every effort to fulfill its pledges and to meet
its just obligations. When the creditors have completed their organization,
I am confident that they will view your problem with every reasonable consideration. I am sure that if the problem is approached in that spirit it
can speedily be solved, and I would be happy if I could be of assistance in
solving it.
With highest personal regards, I beg to remain
Sincerely yours,
(Signed) CHARLES S. McCAIN.
California.—$12,000,000 Highway Bill Signed by Governor.—Governor Rolph on June 5 signed Senate Bill No.
563, introduced by Senator Breed of Oakland, having for
its purpose an annual saving of $12,000,000 in local taxes
Arkansas.—Governor Futrell Warns Bondholders' Com- through an increase in the State's secondary road system and
mittee Against Coercion of State.—In a letter addressed to the allocation
quarter of a cent of the three-cent State
Charles S. McCain, Chairman of the board of the Chase gasoline tax toof a individual cities for the upkeep of streets
the
National Bank, bearing date of June 9, Governor J. M. which form
links in the highway system. GovFutrell warns against resort to coercion by the Arkansas ernor Rolph connecting the bill remarked as follows, we learn
in signing
bondholders' committee. The letter was sent out by Gov.
the Los Angeles 'Times" of June 6:
Futrell following the publication of the official call of the fromsigning this bill I do so with great pleasure, mindful of the relief it
In
said committee for the deposit of road and bridge bonds gives to the taxpayers of California. Unanimously approved by every
in the Chase National Bank (V. 136, p. 4122) and in it the county,it marks a new era in the highway history of this Commonwealth.
saved to the
Approximately
Governor asks if the 1% deposit fee sought by the com- tion of a quarter $6,000.000 will be of gasoline taxpayers by the allocatax money to the cities.
of a cent per gallon
mittee is to "raise a campaign fund for use in Arkansas." and another $6,000,000 by relieving the taxpayers of the necessity of
maintaining county roads.
The New York "Herald Tribune" of June 15 carried the
following article on this new development in the bond
Connecticut.—Legislature Adjourns.—The regular session
refunding situation:
of the 1933 General Assembly ended on June 7, having set
Formal action by the State of Arkansas bondholders' protective coma record for the amount of business before it, a total of
mittee in connection with the partial repudiation by that State of $91.2,729 measures being introduced, of which fewer than half
500,000 highway and toll bridge bonds has drawn a response from Governor
J. Marion Futrell, in which he advises the committee to abstain from
were enacted into law during the five months of its existence.
any attempt to "coerce" Arkansas, if such is its purpose. The protective
Among the measures enacted was one giving the Governor,
committee selected the Chase National Bank of New York as depositary
the Bank Commissioner, the Insurance Commissioner, and
for bonds and urged holders to place their securities in care of that institution preparatory to collective action. Although the banks acts purely
the Board of Finance and Control wide powers in their
in a nominal capacity, Governor Futrell addressed his response to the
respective activities; another law sets up a commission to
committee to Charles S. McCain. Chairman of the board of the Chase
National Bank.
handle the relief problem of th.e municipalities within the
"I see from advertisements in the papers that the holders of Arkansas
State—V. 136, p. 4122. A special dispatch from Hartford
bonds are to concentrate them in the hands of a committee," Governor
Futrell stated in his communication. "The expense to be charged deto the New Haven "Register" of June 8 reported on the
positors of bonds is to be not more than 1%. Is this to raise a campaign
results of the session as follows:
fund for use in Arkansas? I am saying to you, if you do, it will be the
worst thing that could happen to holders of these bonds. While I would
not approve any bill that would repudiate any of Arkansas' obligations,
only a majority vote is required to pass any bill over the veto of the Governor
Suggests Negotiations.
"I know public sentiment can be so enraged that it may have little or
no bounds. The exact position of Arkansas to-day is to get a settlement
of its indebtedness so that there will be no future defaults. I would be
willing that this adjustment be made without reduction of either interest
or principal, provided payments can be spread out so they can be met.
I hope your bank can get enough of these bonds to be in a position to
negotiate with the State for an adjustment. We were not able to get an
offer from the holders that the State could meet. Accordingly, Act 167
(Ellis refunding bill) was passed.
"The reduction in automobile licenses (fees) for this year has not hurt,
but has helped, road funds. Our licenses are now above the averages
In the several States.
"Act 167 did not reduce the principal, but did seek reduction in interest.
This is no more than has been done largely in the commercial world already
by business firms. Naturally, there was no use passing a refunding law
without making an appropriation to correct it. This Is the reason no
appropriation was made to pay current interest.
"It looks from the advertisement that there is a purpose to coerce
Arkansas. I am advising you against this course. You can be your own
judge."
Wants AU Road Debt in Plan.
In a statement issued by the Governor in connection with his letter
to Mr. McCain, it is remarked that the people of Arkansas would be
willing to pay all the highway revenues available on any fair refunding
plan, so long as the highway debt. including $47.000,000 road district
bonds, is included in the plan, and so long as sufficient funds for highway
maintenance are retained.
Representatives of the bondholders have objected to the refunding plan
offered by the State under the Ellis bill, both because it reduced interest
on the bonds arbitrarily from the contract rates of 44.4 to 5% to a uniform
figure of 3%, and because it placed $91,500,000 highway and toll bridge
bonds on an equal plane with road district securities, contrary to the
provisions of the Martineau Highway Act of 1927, under which the State
highway bonds were issued.
Mr. McCain Answers Governor Futrell's Letter.—On June
13 Mr. McCain sent the following reply to Governor Futrell,
pointing out that the Chase National Bank is merely a
depository for the bonds and so is not a party to the dispute:
1 have your letter of June 9 and wish to point out that the only connection which the Chase National Bank has with the Arkansas Bondholders'
Committee is as depositary or custodian of the bonds deposited with the
committee. It has no voice in the management of the affairs of the committee, nor is it responsible for any of its activities. In view of the fact
that the bank is the fiscal agent of the State, it gave careful consideration
to the matter before accepting the appointment as depositary for the committee. Some bank, however, had to perform this function, which is simply
to receive and hold the bonds deposited with the committee.
I have discussed your letter with some of the members of the bondholders'
committee. They fully appreciate the propriety of not attempting to engage in or contribute to any local political campaign, or to participate in
local politics in Arkansas, and assure me that they have no intention of
doing so.
From the point of view of the members of the bondholders' committee.
the fundamental principle involved in the controversy between the State
and the holders of the State highway and State toil bridge bonds is the demand on ..he part of the State that the holders of these State obligations
abandon their prior claim upon the proceeds of the gasoline and automobile
license taxes for the benefit of the holders of bonds issued by road districts
throughout the State. They assert that the State sold the State highway
and State toll bridge bonds upon the representation that these two classes
of obligations constituted the first charge upon the gasoline tax and the
automobile license tax, and that the bonds themselves so recite, and that
The 1933 session of the General Assembly ended five months of deliberation yesterday with a record unique in the annals of Connecticut's 300
years of existence. Leaving behind it much undone, the Legislature nevertheless deviated far from the State's traditional conservative and reactionary policies in matters of legislation.
It left on the statute books, laws giving the Governor of the State. the
Bank Commissioner, the Insurance Commissioner, and the Board of
Finance and Control, powers undreamed of by Assemblies of earlier years.
It set up a commission to handle the relief problem with powers that extend
even to stripping financially involved municipalities of their right of home
rule. It went far in the matter of social legislation, approving a minimum
wage law considered as strong if not stronger than those on the State books
of other States.
Drastic Bank Measures.
While relief was the paramount problem at the opening of the session,
it was submerged for a brief period in March when President Franklin D.
Roosevelt as his first official act closed all the banks of the Nation. The
Connecticut Assembly acted swiftly, passing a half dozen or more measures,
the need and soundness of which it had only the word of the State Bank
Commissioner. The latter was given almost unlimited power in opening
and closing banks, in regulating deposits and otherwise controlling the
State's banking structure, and was subject only to the greater power vested
in the Governor by the same legislation.
The Bank Commissioner, among other things, was authorized to issue
scrip; allow banks to consider fiduciary deposits as general assets; invoke
the 90
-day withdrawal clause on savings deposits; set up rules and regulations for the operation of banks during an emergency.
Since the re-opening of the banks of the State and Nation the fiduciary
deposits have again been ordered segregated by legislation and numerous
laws designed to strengthen the State's banking structure have been enacted.
A branch banking bill under which banks with capital and surplus of $1,000,000 or more may establish branches was adopted in the closing week
of the session.
Interest Rate Cut.
The small loans companies were placed under the closer supervision of
the State Bank Commissioner and the interest rate on loans made by these
companies cut from 33.i% per month to 3% by a bill acted upon on the
closing day.
Brokerage houses and dealers in securities are also brought under the
closer scrutiny of the State by legislation enacted by the 1933 Assembly,
a general revision of one law governing the sale of securities giving the State
what is claimed to be one of the strongest laws in the Union.
While opinions are sharply divided on the effectiveness of the major
relief measure enacted by the Assembly, that in which a municipal relief
commission is set up, there is little question but that the Legislature gave
most of the individual municipalities what they asked for when there was
unanimity of opinion in those municipalities as to just what was wanted.
Many relief and refunding bond issues were authorized and in some instances
the towns were allowed to exceed the statutory bonding limits. In such
cases, however, unusual powers were vested in the finance body of the
affected town to insure retirement of the obligations.
Back Tax Rate Reduced.
The legislature moved to help delinquent taxpayers by reducing the
Interest rate on back taxes from 9 to 7% and extending the tax lien foreclosure period from 5 to 15 years. Unusual powers were given tax assessors
under another measure in uncovering concealed taxable personal property.
Assessors, under the new law, may enter warehouses and other places
when there is suspicion that taxable properties are not being declared and
may add a penalty of 10% of the omitted property to the assessment.
Municipalities were also authorized by act of the General Assembly to
Issue self-liquidating bonds for the construction ofsewerage systems,sewage
disposal plants and water works.
Many suggested relief measures failed to secure the approval of the
Legislature including propositions for raising funds for the relief of the
unemployed by a State bond issue, personal income tax, sales tax, luxury
tax, increment tax and increased gas taxes. Changes were made in the
amusement tax and the succession tax; otherwise the Finance Committee.
the body charged with the consideration of tax proposals, avoided every •
thing of the nature of increasing taxes.
Volume 136
4
Financial Chronicle
4303
Fiscal Problems Manifold.
While the clocks were stopped, the Legislature also hastened to pars a
The fiscal problems resulting from the depression in the States, cities
measure to submit to the people in November 1934 a proposed constitutional
and towns were manifold and the Cities and Boroughs Committee was the
amendment to reduce the number of judicial circuits from 28 to 15. Such
busiest of all committees. Requests for the establishments of boards of
legislation failed in several past sessions.
finance, reductions in salary and personnel, charter changes and other
Another proposed constitutional amendment to be submitted to the
deviations from the customary governmental direction of the several
electorate in 1934 would exempt from taxation homesteads of value not
municipalities were embodied in the hundreds of bills turned over to this
exceeding 85,000. freeing thousands of owners of small homes from State
committee.
property burdens.
So numerous were the bills introduced on behalf of some communities
Economies were effected when the Legislature passed an appropriations
that a day or several days were required to conduct the public hearing to
bill calling for expenditures of approximately $6,150,000 annually for
the measures affecting that particular town.
general State expenses, compared with the appropriation of $8,049,515
But little was done by the Legislature in changing the State's judicial
annually in the 1931 session.
system. The Governor's recommendations for the substitute of a district
Salaries of State officials were cut an average of about 20%. A bill
court for all the minor courts of the State died in disagreeing action and
was passed cutting fees allowed to be collected by county officers. In
suggestion for placing the Common Pleas tribunals on a circuit basis were
some instances the fees were cut 60%.
frowned upon by the Judiciary Committee.
New Debt Message.
The uproar created by a 'deal" in minor court appointments between
To relieve further the bond debt situation-Administration leaders
several Democratic Senators and the Republican organizations still reverestimated that about $600,000,000 in bonds is outstanding in Florida
berated in Capitol corridors. Under the terms of the trade the Old Guard
a law was created allowing the State Board of Institutions, at the request
faction of the Democratic party had a voice in naming the court personnel
of county Commissioners, to use county gasoline tax money to purchase
of a number of municipalities and at the same time insured the selection
bonds at market prices instead of retiring the issues at par.
of four Democrats to be county commissioners of the eight named this year.
Attempts to obtain passage of sales taxes were killed in both houses.
Many Measures Killed.
The gasoline tax, however, remains at seven cents a gallon and the distribution of the funds, three cents to the Highway Department, three
Many measures of 131-partisan nature and others in which there was a
cents to counties to retire bonds and one cent to the State General Fund.
sharp division of opinion died between the Houses of the Legislature; that
stands.
is, they passed in one House but failed in the other. Included were proposals
The only major consolidation was that which merged the State Geological
to replace the present State Board of Education and the Board of Trustees
Survey Department, the Game and Fresh Water Fish Department, and
of the Connecticut State College by a State Council of Education; a bill
Increasing the tax rates on billboards and otherwise restricting outdoor
the Shell Fish Department into a Conservation Commission.
advertising; a birth control measure; Jury service for women; old age penA bill placing control of the State's high schools in the hands of the
sions; unemployment insurance; two measures providing for a survey of
State Board of Public Instruction and giving the Board broad powers to
Governor
the public utilities regulatory laws and permitting the Public Utilities
deal with school financing was passed. It was described by the ,
Commission to initiate rate hearings; a eugenic marriage measure; and bills
as giving "great impetus forward in sensible business operations.'
creating optometry, chiropody and optometry commissions.
A measure, drawn by request of the Governor, to give him "extraorFor the most part legislative Committees and the Assembly as a whole
dinary" and virtual dictatorial powers to reorganize the State Government
frowned upon measures entailing appropriations for capital investments.
died on the calendar.
While the supplementary or "baby" budget allows sums for additions or
Nearly 2,600 bills were introduced during the session.
Improvements at State sanitoria, a great many other appropriations bills
died in the Appropriations Committee or were adversely reported by that
Cook County, Ill.-State Supreme Court Upholds 15%
body. Bills on which no report was made included the Rock Hill Soldiers
Tax Reduction.
-By a 4 to 3 decision, the Illinois Supreme
Home. $2,500,000; the East Hartford Bridge, $4,500,000; several Sherwood
Island State Park proposals calling for in excess of $700,000; a new home
Court on June 7 upheld the 15% reduction in the assessments
for the feebleminded, $200.000; the State Park Commission. $200,000 for
of 1931 on homes and small flat buildings in this county,
unemployment relief; Savin Rock Park Commission, $250,000.
The General Assembly refused to permit changes in the laws governing
sustaining the action of the Cook County Board of Tax
the State's school system to permit economies recommended by the State
Appeals, and thereby reducing the tax levy for that year
Board of Finance and Control, defeating bills designed to reduce the State
enumeration grant, abolish the State grant for transportation of school
by about $8,000,000. The reductions will be subtracted
children in small towns, abolish adult education and instruction in agriculfrom the second instalments which come due on Dec. 1
ture and lower the grants for educating subnormals. On the other hand the
1933. It is believed that the actual tax reduction will run
Appropriations Committee withheld a report on an appropriation of $1,000,000 necessary to place in operation the so-called educational equalization
between 1% and 12%, as the authorized cut of 15% is on
bill which had been approved by the Judiciary Committee.
the value of the improvements only and not on the land.
Agriculture Aided.
A Springfield dispatch to the Chicago "Journal of Commerce"
Agriculture received some assistance from the Assembly, particularly
of June 8 reported as follows on the decision:
the dairy industry. Chaos in the milk business led to the establishment of a
State Board of Milk Control which body was given authorities questioned
By a 4 to 3 decision the Illinois Supreme Court to-day upheld the 15%
as to its constitutionality but enacted notwithstanding. The board may
reduction in the assessment on small homes in Cook County. placed in
if it sees fit fix maximum prices on milk. Bills were also passed covering
effect by the Cook County Board of Appeals. Chief Justice Warren Orr
"boot-leg" ice-cream, regulating the
the grading of products, preventing
and Justices Warren Duncan and Norman L. Jones dissented.
distribution and marking aeggs and requiring the inspection of live poultry.
In upholding the Board's action, the high tribunal denied an original
In comparison with other cities, Now Haven had a modest legislative
writ of mandamus sought by K. F.Thomas to compel the Board to expunge
program and while some of the measures experienced delay in enactment.
its order.
all of the city's bills eventually reached the statute books. In addition to
In upholding the reduction the Court considered the provision of Sec.
receiving authority to float a $2,250.000 refunding bond issue, the city
34 of the Revenue Act of 1898 upon which the Board of Appeals acted in
was given permission to change its tax due date, abolish the special mill and
entering the order for a 15% reduction in the assessment on small homes
one-half school tax for two years; transfer $260,000 from the school fund to
in Cook County.
the general fund; purchase stock in the defunct Mechanics Bank; set up
Considers Provisions.
qualifications for its health officers, and make several other minor changes
Following a consideration of these provisions, the Court, after referring
its ordinances.
in
to the uniformity provisions of the Constitution, stated that "in the case
Two Constitutional Amendments.
of the property of a certain class, including the applicant's which is asAs the result of this year's session of the Assembly two constitutional
sessed at 40% of its fair cash value, while all other taxable property in
amendments will be submitted to the electorate. The approval of one
the county is assessed at 30% of such value, the applicant could not be
amendment by the people of the State will restore to the Governor the
given relief by the Board of Appeals unless it had the power to reduce the
authority to name judges of the Courts of Common Pleas, while approval
assessment on the entire class of property which was over-assessed.
of the other will give the Governor five days instead of three to sign bills
"If the Board could reduce only the assessment on the applicant's property
after adjournment of the Legislature.
he would be given an unwarranted advantage over the owner of other
Other proposed Constitutional Amendments failed to meet with the
property in the same class. Since individual preferential treatment is
approval of committees. Included were measures, designed to strengthen
prohibited by the Constitution, the Board of Appeals could not make a
reduction in the assessment of property of a single taxpayer under cirthe Governor's veto power, reapportion the membership of the House of
Representatives and redistrict the State into six Congressional districts.
cumstances of this kind."
The New Haven Railroad failed completely in its efforts to throw leesBonds Unaffected.
_ative restrictions about the operations of motor truck freight carriers. An
Concerning the contention that the power to reduce the assessment of
almost evenly divided Committee on Motor Vehicles failed to agree upon
an entire class of property would impair the obligation of outstanding
any of the major measures sponsored by the railroad, including the bill that
bonds, the Court stated that it does not appear that the reduction order
would have placed common carriers of freight by truck under the jurisdicby the Board of Appeals has impaired the obligation of any contracts.
tion of the Public Utilities Commission.
"It was conceded that the Board had power to reduce assessment on
Organized labor was extremely successful in securing the enactment of
a single piece of property upon the application of the taxpayer for such
legislation favorable to the worker, 13 of a total of 21 bills sponsored being
reduction. It follows that if all of the taxpayers in a particular cLsss
favorably acted upon. Included were the minimum wage bill. the 52
-hour
filed application for the reduction of the assessment on their property the
week for women and minors in restaurants and mercantile establishments,
Board could make the reduction. If the contention is made that the
the registration of all industries, giving the Labor Commission the right to
reduction of the assessment on a class of property impairs the obligation
enter all factories; payment of the prevailing wage by contractors on State
of a contract, similarly reductions made upon individual applications by
building, and the marking of second hand hats.
owners of property in that class would also impair the obligation of a contract," the Court said, "and, therefore, the contention was rejected."
-The 24th biennial 60Florida.
-Legislature Adjourns.
day session of the State Legislature adjourned sine die on
June 3, more than 25 hours after the time set for conclusion.
The feature of the closing hours of the session was the
final disposition of Senate Bill No. 175, Governor Sholtz's
refunding measure which would have placed taxing units
having bonded debt difficulties under the rule of the State
Board of Administration. The House killed the measure
by a majority of one vote, the count for reconsideration
being 47 against to 46 for, the closest roll call of the session.
A measure passed at this session which is aimed to relieve
the bond situation is the new law allowing the State Board
of Institutions, at the request of county commissioners, to
use county gasoline tax money to purchase bonds on the
-V.136, p. 3937. The Legislature also passed
open market
an enabling Act, authorizing Florida cities in financial
difficulties to take advantage of the Municipal Debt Relief
Bill, if and when that measure is passed by Congress. A
Tallahassee dispatch to the Atlanta "Constitution" of
June 4 reported as follows on this session:
After stopping the clock for 26 hours in order to clear a last-minute
-day biennial session
legislative jam, the Florida Legislature ended a 60
-day in which Governor Dave Sholtz said "by far the major portion of
to
the program has been put over for the people."
The dying hours of the session were marked by a one-vote defeat of the
Administration's debt funding measure by which the Governor sought to
have fiscal affairs of governmental units in bond default brough under
control of himself and Cabinet.
With the exception of a tax on beer and wines, legalized after 21 days of
struggle between House and Senate. no new sources of revenue were tapped.
The beer and wine money will gp to the public schools.
Florida's expression on repeal of the Eighteenth Amendment was assured
with passage of a measure authorizing the Governor to call a special election when 67 delegates from the State at large will be selected to form a
State convention for the purpose.
New Tag Rate.
The automobilist found relief in an Act that fixes the rates of license
tags on a flat scale of 85, $10. $15, $20, according to weight, instead of
the present rates of 60 and 75 cents per hundred.
Kentucky.
-Analysis Prepared on Counties and Cities
in Default on Bonds.
-The following is a copy of an analysis
prepared by the Bankers Bond Co. of Louisville, showing
defaults by the counties and cities of Kentucky up to May 31,
sent to us on June 5 by Thomas Graham, Investment
Manager:
KENTUCKY COUNTY AND CITY DEFAULTS AS OF MAY 31 1933.
AssessRoad and Misc. Floating
PopuDebt.
Total.
Bridge Debt. Debt.
Countyment.
lotion.
189,000- $30,000 $219,000
Ballard
9,910 $9,856,159
195,000 109:000 53,545
365,545
Breathitt
21,143 7,205,320
-__ 65,100
263,000
328,100
17,368 8,483,767
Breckinridge
____
12,000
302,000
Calloway
290,000
17,662 8,581,605
274,00040,000
314,00')
Clay
18,526 4,964,041
170,000
Butler
12,620 3,246,641
100,000 30:605 40,000
Estill
17,079 8,457,296
---465,000
465,000
Fulton
552,272
14,927 10,615,850
463,000
- --- 89,272
Hart
____
78,000
16,169 7,400,878
78,000
Hickman
270,000
_--- 37,000
307,000
8,725 7,741,925
Jackson
10,467 1,653,104
65,000
65,000
Knott
15,230 7,043,885
195,000 56:6454 35:666
280,000
Laurel
9,146
21,109 7,820,413
___.
236,146
227,000
Knox
26,266 8,464,576
75,000
210,000
285,000
Lawrence
16,713 10,998,008
325,000 16,556
335,000
Letcher
35,702 18,383,311 1,138,000
---- 60:000 1,198,000
Logan
21,875 14,300,558
382,000
382,000
McCreary
14,627 4,567,078
167,000 96- 000
,
263,000
McLean
11,072 5,661,572
210,000
____
45:600
255,000
Menitee
4,958 2,098,178
50,000
____
37,000
87,000
Monroe
13,077 3,619,878
127,000
____
45,000
172,000
Morgan
15,130 3,865,079
210,000
210,000
Pulaski
35,640 13,318,41W
685,000
------- 685,000
Rowan
10,893 4,054,485
170,000
170,000
---Russell
11,930 2,166,476
75,000
,
so- 006 105,000
Trigg
12,531 4,379,382
91,000 56.500
147,500
Whitley
29 730 10,245,924
404,000
404.000
Section 157 of the Constitution limits county taxes for internal purpose
to 3 % on assessed valuation. Section 157-A allows counties to issue
,
road and bridge bonds not exceeding 5% of assessed valuation and levy
an additional 20
-cent tax to cover interest and principal on same. Most
of the debt In the State was incurred for this purpose and issued from
1925 to 1929 with assessments at their highest figure. Now with reduced
assessments 27 counties are in actual default on principal or interest, or
4304
Financial Chronicle
both, and over the next two years it is possible at least another 30 will
be in difficulties.
The Constitutional provisions covering cities of various classes are
much more liberal, with the result that there is a much smaller percentage
of defaults in this class of- Kentucky municipals. In practically every city
of the State the special assessment street improvement and sewer issues
are in default.
City—
Population,
Assessment.
Bonds.
Henderson
$7,421,765
11,668
$356,000
Corbin
2,618,811
8,023
299,000
Hazard
7,021
4,198,023
205 000
Dawson Springs
2,500
750,000
31,000
p
Michigan.—Legislature Passes $250,000,000 Delinquent
Tax Payment Measure.—Both branches of the State Legislature concurred in a measure on June 8 designed to bring about
the payment of $250,000,000 in delinquent taxes which are
owing to the various counties, cities and other subdivisions
throughout the State. It is provided that such payments
are to be made in equal annual instalments over a period of
ten years without penalties. Interest of 4%, however, will
be charged on such debts beginning in 1935. The provisions
of the bill do not apply to taxes due in 1932 or 1933, or to
such cities as Detroit and Grand Rapids, operating under the
Home Rule Act. The Detroit "Free Press" of June 9 commented on approval of the legislation as follows:
Delinquent property tax relief was enacted by the Legislature Thursday
in a law which permits property owners to pay overdue debts of approximately $250,000,000 in 10 annual instalments, beginning Sept. 11935.
An agreement between the House and the Senate was reached by a
conference committee, and both branches promptly approved the compromise, sending the Act to the Governor for his approval. The lawmakers
have wrestled with the problem since last January.
The instalment plan applies to all property taxes except the municipal
levies in cities having their own collection agencies under the Home Rule
Act. These cities are Detroit, Grand Rapids, Kalamazoo, Benton Harbor
and Coldwater. Local levies will not be refunded in these municipalities
except by action of the City Councils.
The measure discontinues the sale of property for delinquent taxes of
1931 and previous years. These debts will be lumped and respread in
10 equal instalments without penalties. Interest of 4% will be charged
on the debts beginning in 1935.
No mention is made in the Act of 1932 levies. The House has been
insisting that the law should compel payment of these taxes in full before
the instalment plan would be available. The Senate was successful in
eliminating this provision.
Taxes of 1932 and 1933 will be governed by the general law, subject to
the usual penalties and interest if they remain unpaid. Representatives of
Wayne County had protested that this plan will cause financial distress
because the 1932 delinquency, which is approximately 50%, will not be
received until the property is sold for taxes three years hence.
New York City.—Action Postponed on Proposed Tax
Program.—At a meeting of the Board of Estimate on June 14
action was again deferred on the proposed $30,000,000 tax
program designed to raise relief funds. On motion of
Deputy Comptroller Frank Prial the whole tax plan, including tolls on bridges and a five-cent levy on taxicab
fares, was referred to a special body named by Mayor O'Brien
to give the subject further study and to report back to the
Board with its recommendations. The Mayor named a
committee consisting of Comptroller Berry, Corporation
Counsel Hilly, and the Borough Presidents of Manhattan,
The Bronx and Brooklyn. The motor tax bill which was
passed by the Board of Aldermen on June 6 was referred
to the Standing Committee on Local Laws. The New
York "Journal of Commerce" of June 15 had the following
to say:
The fate of the proposed city automobile tax was placed in the hands
'of a special committee by the Board of Estimate yesterday. On motion
-of Deputy Comptroller Prial the whole tax program, including tolls on
-cent levy on taxicab fares, was referred to the special
bridges and a 5
body named by Mayor O'Brien to give the subject further study and to
report back to the Board with its recommendation.
The Mayor named a committee consisting of Comptroller Berry, Corporation Counsel Hilly, and the Borough Presidents of Manhattan, The
Bronx and Brooklyn.
To Study Substitutes.
The committee will not only consider the pending tax program but also
substitute taxes or sources of new revenue.
The Mayor stated that the report of the committee will probably be
ready to-morrow or at least for the meeting of the Committee of the Whole
of the Board next Tuesday.
The Mayor was asked if any of the proposed taxes had been dropped
and he replied:
"Nothing has been dropped. The matter is in status quo."
The impression around City Hall still persisted that with these continued postponements of a decision with regard to the auto tax and the
fact that it has been referred to a committee for study, the general opposition to the proposal has had its effect and that the committee report
will give the Board the opportunity to "back out gracefully" from an
awkward and unpleasant situation.
The Mayor stated that he had received a delegation of motor truck and
automobile men- representing the Automobile Club of New York and
ether motor car organizations. Leo T. Kissmam, their counsel, reiterated
their previous arguments against the tax as being likely to injure New
York industry, and specially stressed the point previously made that the
tax would be illegal. It was emphasized that they had no connection
with any political organizations or sought to make any political capital
out of the controversy.
John F. Curry, leader of Tammany Hall, who took his usual part in the
annual parade of the city firemen, paid the first visit to City Hall that
he has made since Mayor O'Brien took office. He stayed some time but
the Mayor stated that he did not have an interview with him.
City to Sell Own Securities Without Help from Bankers.—
Not to Affect Proposed Revenue Program.—The Board of
Estimate on June 16 voted unanimous approval of a plan
submitted by Comptroller Berry to put the city in the business of marketing its own securities without help from the
bankers. The Board voted an appropriation of $50,000
for hiring a staff of expert bond salesmen to sell the issues
.directly to the public. The first issue to be sold under the
Board's action will be a new flotation of "baby bonds,"
specially authorized to bear 53/% int., for use in the payment of taxes. (The issuance of such tax anticipation
obligations bearing 43 %, was authorized by the recent
4
Legislature—V. 136, p. 1592). It was estimated by Comptroller Berry that the city can raise at least $40,000,000
through the sale of these bonds between now and Nov. 30
when the second half of the current year's taxes will be due.
While only the issuance of the 532% "baby bonds" has
been authorized by specific vote, Mayor O'Brien explained
that the Board's action, was a blanket approval of -the
June 17 1933
Comptroller's entire plan for handling the city's finances
in the future and that the way is clear for going ahead with
the scheme immediately. It was announced by Comptroller
Berry that he planned to sell 50-year serial bonds, in an
amount to be determined later, with the provision that any
portion of the bonds not bid in by the banks would be offered
to the public over-the-counter. Other temporary obligations of the city will also be offered for sale besides the
"baby bonds."
The new program of tax measures was still being considered in an executive session of the Board of Estimate on
June 16. It was pointed out by the Mayor that the Berry
bond sale is not a substitute for the $30,000,000 proposed
new revenue which the Board is seeking.
North Dakota.—Sales Tax Law and Three Other Acts
Suspended.—An Associated Press dispatch from Bismarck
to the St. Paul "Pioneer-Press" of June 6 reported that a
sales tax law enacted by the last Legislature and three
other Acts which were to become effective on July 1 were
suspended on June 5 as a remit of the acceptance of petitions
by Secretary of State Robert Byrne to refer the measures
to a vote of the people. The Secretary of State accepted
petitions for referendums on the sales tax, the legislative
beer Act, a law giving the Governor authority to remove
the Workmen's Compensation Commissioners without cause
and a law abolishing the office of State Receiver of Closed
Banks. The four measures are scheduled to appear on the
ballot at the next State-wide election. Unless a special
election is called the issues will be voted on at the June 1934
primary election. The laws are stated to be suspended
automatically until they are approved.
State Costs Cut 10% Under 1932 Figures.—An Associated Press dispatch from Chicago on June 4 reported as
follows on a survey being conducted by the National
Organization to Reduce Public Expenditures, which shows
that most of the States considered had reduced their expenses about 10% during the past year:
The National Organization to Reduce Public Expenditures to-day said
most State Governments had reduced expenses an average of approximately
10% over last year.
In a survey in which 21 States were considered, only three—Delaware,
Pennsylvania and New Hampshire—reported increased expenditures.
George W. Rossetter, President of the organization, said. These States,
however, may yet show reduced expenditures for 1934, Rossetter added.
The "Norpe" is engaged in a nation wide campaign seeking to lower
State and national governmental expenditures.
States Supply Figures
its
"All these figures used by Norpe in , comparison of 1932 and 1933
expenditures," said Rossetter, have been supplied by responsible
operating
State officers. In several instances, while no figures are available for the
current year. the comparisons of 1932 expenditures with those of 1931 show
equally gratifying results."
Figures for some of the States included in the survey follow:
Pennsylvania.
-1932. $163.916,314; 1933 (estimated), $169,800,000;
1934 (estimated). $142,945,917.
Delaware.
-1929, $9,787,278; 1932. $14,303.402; 1933 (estimated).
$14,704,954: 1934 (estimated). $9,44o,348.
Florida.
-1929. $31,270.529: 1932. $32.628,618.
Illinois.
-1929, $110,218,720; 1932, $122,635,905; 1933 (estimated).
$104.645,903.
Kansas Shows Satiny.
Kansas.
-1929. $4,186,390; 1932, $31,947.867; 1933 (estimated).
$28,139.
000.
ai .-1
Mne929, $23,317.840; 1932. $31,056,245; 1933 (estimated),
$26,000,000.
New Hampshire.
-1929. $16.514,695; 1932.$15,877,301; 1933(estimated)
$17,000,000.
New York.
-1929, $227.122,660; 1932, $320.079,267; 1933 (estimated).
$281,500,000.
Ohio.
-1929. $65,904,033: 1932. $71,893,357; 1933 (estimated).
$55.500.000.
United States.—Municipal Debt Relief Proposal Apparently Shelved.—The newly amended Municipal Refinancing
Bill (H. R. 5267) is thought to be a dead issue until the
next session of Congress as the result of an unsuccessful
effort by Arthur Vandenburg of Michigan to gain Senate
consideration of the bill, which had been approved by the
House—V. 136, p. 4124. An Associated Press dispatch
-from Washington to the New York "Herald Tribune" of
June 13 had the following to say:
Legislation providing bankruptcy relief for municipal debtors apparently
will have to await the next regular session of Congress.
An effort by Arthur Vandenburg, Republican of Michigan, to gain
Senate consideration of the House-approved bill allowing cities to compose their financial difficulties in the courts with consent of two-thirds
of the bondholders to-day ended in failure when Administration leaders
counseled delay.
"There is no question about the impatance of the measure," said
Joseph T. Robinson of Arkansas, the Democratic leader, "but it is apparent
that some of those who have been complaining about the Administration
railroading legislation through are now resorting to efforts to force action
on this measure, of which the Senate knows very little."
Mr. Vandenburg made his motion to discharge a Senate Judiciary subcommittee from further consideration of the bill after developing from
members of that committee that it would take several days to pass on
the measure because of its broad legal phases.
Senator Frederick Van Nuys, Democrat of Indiana, heading the subcommittee, said his group had no purpose to delay the measure, but that
it was of such wide importance more time was needed to study it.
In view of plans to adjourn sine die by mid-week. Mr. Vandenburg
insisted on his motion, but after Mr. Robinson's brief speech it was rejected
without a record vote.
Mr. Vandenburg said 4,000 cities in 41 States already were in default
on their bonds and he predicted 4,000 more would be in the same fix by
Jan. 1 if the bill failed now.
Senator David A. Reed, Republican of Pennsylvania. also opposed the
motion on the ground that it would "result in destroying the borrowing
power of municipalities.'
BOND PROPOSALS AND NEGOTIATIONS
ABBEVILLE COUNTY (P. 0. Abbeville), S. C.—TEMPORARY
BORROWING.—It is reported that the county has borrowed the sum of
$16.000 from the Bank of Abbeville for the year's current operating expenses.
The rate of interest is said to be 7%•
—
ALBANY, Albany County, N. Y.—FINANCIAL STATEMENT.
In connection with the proposed sale on June 21 of $1,461,800 not to exceed
5% interest coupon or registered bonds, notice and description of which
appeared in V. 136, p.4124--we have received the following statistical data:
Financial Chronicle
Volume 136
Financial Statement as of May 31 1933.
City debt
Street improvement debt
Water debt
Gross debt
Less
-
General debt sinking fund
Washington Park sinking fund
Water debt
gt
$16,674,610.00
2,955,700.00
12,891,500.00
$32,521.810.00
$1,619.784.99
145,204.67
12,891,500.00
14,656,489.66
$17,865,320.34
Net debt
New water supply debt sinking fund of $223.048.28, not used
in above deductions.
Temporary loan-5500,000 in anticipation of present bond
issues.
236,506,362.00
Property values 1933-Real property
8,417,808.00
Special franchises
3244,924,170.00
10% Margin of assessed values
Net debt
Margin for future bonding purposes
$24,492,417.00
17.865,320.34
$6,627,096.66
The above statement includes $782,950 outstanding non-exempt bonds
which are to be refunded from the proceeds of the proposed issue.
Surplus close of business Dee. 31 1933-$319.304.57. Reduction in tax
rate from $35.46 per 31,000 in 1932 to $33.00 per $1,000 in 1933. These
rates include State, county and district taxes; excluding State and county,
rate has been reduced from $30.29 to $28.70.
Budget for year of 1933 reduced by $465,540.15. from total budget of
1932.
Albany city bonds are accepted by the secretary of the Treasury as
security for Government deposits, by the State Superintendent of Insurance
to secure policyholders, by the State Superintendent of Banks in trust
for trust companies, and are legal investments for savings banks and trust
funds.
Population, 1930 census, 127,412.
Tar Collections.
Uncollected
Total Levy
at Close of
Collected by
(City. County
Year of Levi).
May 31.
and State).
Year
$295,060.48
34.827,947.26
$7,064,290.84
1928
449,139.63
4,700,330.41
7,478,852.43
1929
616,810.68
4,980,197.37
8,160.308.25
1930
702,420.26
5,131,918.09
8,597.382.36
1931
944,481.75
4,938.459.27
8,680.450.14
1932
1933
The above total includes cOuney, State and district taxes, levied in the
city. Taxes are collected from Jan. 1, on. Taxes become delinquent if
not paid by Dec. 31. Fiscal year begins Jan. 1 and ends Dec. 31. At the
end of the year all taxes not paid become delinquent and are sent to the
County Treasurer for collection, &c. The county accepts the delinquent
taxes as part of their budget which leaves the city free and clear at the end
of the year from delinquent taxes.
-The
-BOND SALE.
ALBANY COUNT" (P. 0. Albany), N. Y.
$700,000 coupon or registered bonds offered on June 12-V. 136, p.4124
were sold at publlc auction as 3h's to a group composed of Halsey, Stuart
Co., Inc., Bancamerica-Blair Corp. and Graham, Parsons & Co., all of
&
New York, at a price of 100.545, a basis of about 3.62%. The award
comprised the following:
$350,000 work relief bonds. Due $35,000 on June 1 from 1934 to 1943 incl.
200,000 tax revenue bonds of 1931. Due $40,000 on June 1 from 1934 to
1938 inclusive.
150.000 tax revenue bonds of 1930. Due $30,000 on June 1 from 1934 to
to 1938 inclusive.
Each issue will be dated June 1 1933. The bankers are offering the
various issues for general purchase at prices to yield 1.75% for the 1934
maturity: 1935, 2.25%; 1936, 2.75%; 1937. 3.25%; 1938, 3.50%; 1939 and
1940. 3.60%, and 3.65% for the maturities from 1941 to 1943 incl. The
securities, in the opinion of counsel, are general obligations of the county.
payable from unlimited ad valorem taxes levied against all taxable property therein. Other offers received at the auction included a bid of 100.54
for 3Pis, tendered jointly by Phelps, Fenn & Co., F. S. Moseley & Co. and
Foster & Co., all of New York, and one of 100.12 for 3,0, which was the
top figure offered by N. W. Harris & Co.. Inc.
-BONDS DEFEATED.ALHAMBRA, Los Angeles County, Calif.
At an election held on June 6 a proposal to issue $340,000 water works
bonds was defeated by a count of 5,310 to 1,600.
-FINANCIAL
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
-County Controller Robert G. Woodside has issued his annual
REPORT.
report covering the financial operations of the municipality in 1932. The
gross indebtedness is given as s114,544,291, while the net debt is reported
at $84,961,242. Total expenditures from all funds during the year amounted
to $28.715.657,as compared with receipts of$27,733,101. Taxes receivable
amount to 38,021,383.39, according to report.
4305
the State Board of Health has issued warnings on the menace to health
and damage to property resulting from the city's present methods of sewage disposal.
"The loan was authorized under the provisions of Section 201(a), Paragraph 1. of the Emergency Relief and Construction Act of 1932.
ARKANSAS POLYTECHNIC COLLEGE (P. 0. Russellville), Pope
-BOND PURCHASE AGREEMENT BY RECONSTRUCCounty, Ark.
-The following statement was issued
TION FINANCE CORPORATION.
by the R. F. C. on June 9 regarding a change in the bond purchase agreement with the above State college:
"The Corporation to-day agreed to amend the R. F. C. contract with
the board of trustees of the Arkansas Polytechnic College at Russellville.
Ark., and purchase up to $82.000 of the board of trustee's general obligation bonds bearing 5X% interest to yield 6% at maturity.
"On April 20 the R. F. C. agreed to purchase 170,000 worth of bonds.
The funds will be used in remodeling three existing dormitories at the
college."
-TEMPORARY LOAN.
ARLINGTON, Middlesex County, Mass.
The Second National Bank of Boston has purchased a 11100.000 tax anticiloan at 23 % discount basis. Dated June 30 1933 and due on Dec.
pation
15 1933.
-BONDS APASHTABULA COUNTY (P. 0. Jefferson), Ohio.
-The State Relief Commission has authorized the County to
PROVED.
sane $125,000 poor relief bonds.
-VOTES TO
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.
ACCEPT STOCK SHARES IN EXCHANGE FOR BANK DEPOSITS.
The Board of Freeholders on June 14 agreed to accept $102,856 of preferred
stock of the Guarantee, Equitable and Bankers Trust Companies, all of
Atlantic City, in exchange for an equal amount of county funds "frozen"
as restricted deposits in the institutions,according to the New York"Times"
of the following day. There is a total of $15,000.000 deposits tied upin
the trust companies as a result of Federal State restrictions. it is said.
An effort is being made to have at least 75% of the depositors agree to
acceptance of the stock in order to avoid a drastic liquidation of the institutions by the State Banking Department.
-BOND SALE CONTEMPLATED.
AUSTIN, Travis County, Tex.
The immediate sale of $50.000 in public market bonds is reported to have
been recommended by City Commissioner Wolf. These bonds are said
to be part of a $100,000 issue voted in May 1928.
-BOND OFFERING.BALLSTON SPA, Saratoga County, N. Y.
Ralph E. Dunton, Village Clerk, will receive sealed bids until 8 p.m.
(daylight saving time) on June 27 for the purchase of $15.000 not to exceed
6% interest coupon or registered sewer refunding bonds. Dated July 1
1933. Denom. $1,000. Due on July 1 as follows: $2,000 from 1935 to
1941 incl. and $1,000 in 1942.• Principal and interest (Jan. and July)
are payable in lawful money of the United States at the Ballston Spa
National Bank in Ballston Spa, or at the Central Hanover Bank & Trust
Co., New York. at holder's option. Bidder to name a single rate for all
of the bonds, expressed in a multiple of Bei of 1%. A certified check for
2% of the bonds bid for must accompany each proposal.
-BOND PRINCIPAL AND
BEDFORD, Cuyahoga County, Ohio.
-0. E. Hutchinson, Director of
INTEREST CHARGES UNPAID.
date of June 14 that no payments will be made
Finance, advises under
on account of bond principal and interest maturities for May, June, July
and August 1933 until such time as the city receives its share of the first
-year's county tax collections. This settlement is not expected to be
half
made until late in August. Mr. Hutchinson's letter follows:
"The County Auditor of this county advises us that he does not expect
to be in a position to make settlement before the end of August. This
de,ayed
condition arises because of the fact that the County Treasurer has amount
closing the books until June 15, and partly because a considerable
of the county's money is held in banlcs which are temporarily closed, but
on which they expect to realize some money by the end of August. June,
We have not paid principal or interest for the months of May.
and will not be able to meet obligations of July 1 or Aug. 1 until such time
-year's collection."
as we receive settlement for the first half
-RECONSTRUCTION FIBEDFORD, Cuyahoga County, Ohio.
-The
NANCE CORPORATION GRANTS SELF-LIQUIDATING LOAN.
following announcement of a loan grant was made public by the R. F. C.
on June 8:
"By agreeing to rourchase $133,300 worth of the 514% sewerage revenue
bonds of the city of Bedford, Ohio. the Corporation made it possible to-day
for that city to proceed with its plans to construct a sewage disposal plant,
ComIn conformity with orders of the Ohio State Board of Health and the
mon Pleas Court of Cuyahoga County. Sewage now flowing into Tinker's
Metropolitan
Creek pollutes that stream, which flows through the Clevelandhealth of the
Park property, and is considered a grave menace to the
community.
"The proposed plant will consist of a screen and grit chamber, settling
and
tanks, separate sludge digestion tanks, sludge beds, administration
screen buildings, pumping plant and distribution mains. The estimated
sewage flow is 1.350,000 gallons.
daily
five months
"An average of 150 men will be employed 30 hours a week for
estidirectly on the work. The materials will cost 367,300, according to
treatment plant equipment and miscellaneous
mates, and will include
construction material, all of which will provide employment indirectly
for many others.
-SELF-LIQUIDATING LOAN
County, Pa.
AMBRIDGE, B
the loan
-On
"The applicant is a municipality,first incorporated in 1832. and 1, of the
GRANTED BY RECONSTRUCTION FINANCE CORPORATION. was
was authorized under the provisions of Section 201(a). paragraph
announcement of a loan grant to this borough
June 9 the following
Construction Act of 1932."
Emergency Relief and
made public by the R. F. C.:
for a loan of $100,-BOND SALE.
"The application of the Borough of Ambridge, Pa.,
BELMONT COUNTY (P. 0. St. Clairsville), Ohio.
and pumping
bids were obtained
000 to be used in construction of a filtration, water softening to purchase
The issue of $29,360 6% poor relief bonds for which no privately later at a
-was sold
136. p. 3755
plant was approved to-day by the Corporation, which agreed
at an offering on May 18-V.
bonds.
up to $100,000 of the borough's 5% general obligation plant of
price of roar to the Banc Ohio Securities Co.. of Columbus. Dated Apr. 15
2,000.000
"A modern rapid sand filtration and water softening
1933 and due on March 15 as follows: $5,200, 1934; *5.560. 1935; $5.900,
gallons daily capacity, a brick filter building equipped with heating plant,
1936: 36.200 in 1937 and $6,500 in 1938.
laboratory and new electrically operated pumping units are planned. ThE
-At a meetBELOIT, Rock County, Wis.-BONDS AUTHORIZED.
water works, built by various water companies beginning in 1850. passed
authorizing the
ing held on June 5 the City Council adopted a resolutionmunicipal street
to the ownership of the borough in 1913. The supply is from shallow
lines serve
the construction of a
issuance of $133,000 in bonds for
wells near the Ohio River and about 26 miles of distribution
referlighting plant. The resolution is said to be subject only to a possible
the entire borough, which had a population in 1930 of 20,257.
endum within 30 days of adoption.
"The borough had accumulated funds for the project and bids were
opened on Feb. 17 1933. but failure of a local bank tied up the funds and
-SELF-LIQUIDATING LOAN
Ark.
BERRYVILLE, Carrol County,
-The
halted construction. The contract had been awarded and work will begin
GRANTED BY RECONSTRUCTION FINANCE CORPORATION.
immediately. An average of 120 men will be employed seven months
:
R. F. C 8
on Juno.issued the following announcement of a loan grant to this town
directly on the project and approximately 15 carloads of materials costing
indirect employment for many others.
$60,000 will provide
"A loan of $25,000 at 6%.to be evidenced by revenue bonds, was authorto
'The application was made under the provisions of Section 201q4),
ized by the Corporation to-day to enable the town of Berryville, Ark.,
paragraph 1, of the Emergency Relief and Construction Act of 1932.
obtain a new source of water supply.
system is owned by the municipality, which plans to
-The $50,-TEMPORARY LOAN.
"The water works
ANDOVER, Essex County, Mass.
June 12-V. 136,13. 4124-woos
construct a gravity flow water supply line from a spring to the elevated
000 temporary loan issue offered on Boston at 2.64% discount basis.awarded
the
tank in the town, a distance of approximately five miles. including fee'.
Dated
to the Merchants National Bank of
necessary pipe, intake basin, valves and the like. The spring is 291from
June 12 1933 and due on Nov.4 1933. Bids for the loan were as follows:
higher in elevation than the tank. The present source of supply
Discount Basis.
Biddershallow wells is reported to be inadequate. The applicant anticipates an
2.64
Merchants National Bank of Boston (purchaser)
increase in patrons and a reduction in operating expense after the improve2.75
W. O. Gay & Co
ments have been made.
2.91
First National Corporation
"It is estimated that 50 men will be employed 30 hours a week for 12
2.97
provide
Second National Bank
weeks in making the improvements, and materials required willpipe will
2.99%
Andover National Bank
employment indirectly for others. Approximately 20 carloads of
-SELF-LIQUIDATING LOAN
be required, in addition to valves and other equipment.
ANGOLA, Steuben County, Ind.
-The
The loan was authorized under the provisions of Section 201(a). paraGRANTED BY RECONSTRUCTION FINANCE CORPORATION.
graph 1, of the Emergency Relief and Construction,Act of 1932, subject
following announcement of a loan grant was made public by the R. F. C.
to a test suit to determine the legality of the Issue,
June 8:
on
up to $60,000
to
-At the election
"An agreement by the Corporation to-day of purchase
-BONDS DEFEATED.
BERWYN,Cook County, 111.
bonds
worth of the 5A % serial sewer revenue construct the city of Angola. Ind..
-the proposal to issue $400,000 funding
held on June 5-V. 136, p. 3386
a complete new sewage
make it possible for that city to
will
bonds was defeated by a vote of 6.508 to 3,509.
Director Harvey Couch, the poroject will give
disposal plant. According to
months at
-TAX COLLECTIONS.
BINGHAMTON, Broome County, N. Y.
employment directly to about 80 men for six will provide30 hours a week,
materials
employment inThe city has collected more than 87% of the $1.940,400 due on account of
and purchase of $30,000 worth of
the tax levy for the first half of 1933 and has received 1% of the second
directly for many others.
installment, which is not due until July 1 1933. Taxes which were due
"The city will build a complete sewage treatment plant with this fund,
in 1932 have been more than 94% collected, it is said.
including a screen chamber, grit chamber, pumping station. Imhoff tank,
and sludge drying beds.
dosing tank, trickling filters, final settling tankof 500,000 gallons a day.
BOONE INDEPENDENT SCHOOL DISTRICT (P. 0. Boone),
designed to dispose of an average
The plant is
Boone County, I owa.-BONDSSOLD.-We are informed that the 110.000
part of an outran sewer and
Necessary intercepting and connecting sewers, in the construction program.
issue of coupon refunding bonds offered for sale without success on April 15
are included
an electric power transmission line, are approximately 100 inter-connected
-has since been sold as 513 at par to local investors. Due
-V. 136. p.3202
"The applicant reported that there are used for recreation purposes, and
on May 1 as follows: $3,000. 1944 and 1945, and $4,000 in 1946.
in the county many of which
lakes
4306
Financial Chronicle
June 17 1933
BOSTON METROPOLITAN DISTRICT, Mass.
-LIST OF BIDS.
Liabilities.
The following is a complete list of the bids reported to have been submitted
General bonds (other than waterworks and Cin. So. Ry.)- - $60,385,415.33
for the $3,000,000 bonds awarded on June 7 as 33is at 99.31, a basis of
Waterworks bonds
14,845,030.48
about 3.74%, to Halsey, Stuart & Co. and associates
-V. 136, p. 4124:
Cincinnati Southern By. bonds
-BidderInt.Rate. Rate Bid.
Construction
$14.932.000.00
Halsey. Stuart & Co.; Bancamerica-Blair Corp.; Phelps,
Terminal
6,900.000.00-21,832.000.00
Fenn & Co.; G. M.
-P. Murphy & Co.; Darby & Co.;
Graham, Parsons & Co., and Washburn, Frost & Co.
Total general bonds
$97.062,445.81
(successful group)
334%
99.31
Assessment bonds(paid by special property assessment)
Halsey, Stuart & Co. and associates (bid No.2)
4%
100.721
Bonds
$4.718.106.69
First National Bank of Boston; Kidder, Peabody & Co.;
Notes
1,254,000.00- 5.972,106.69
National City Co.; Guaranty Co. of New York; Shawmut Corp.; Stone & Webster and Blodget, Inc.; R. L.
Total
$103.034,552.50
Day & Co.; F. S. Moseley & Co.; Brown Bros. Harriman & Co.; Paine, Webber & Co.; Lee Higginson Corp.;
CLERMONT, Marion County, Ind.
-BOND OFFERING.
-Joe
White, Weld & Co.; Arthur Perry & Co.; Jackson &
Albauch. Town Clerk, will receive sealed bids until 10 a.m. on July 1, for
Curtis; Hornblower & Weeks,and Hayden,Stone & Co.3%%
the purchase of $618 6% sewer bonds. dated July 1 1933. Denom. $103.
98.263
First National Bank and associates (bid No.2)
Due one bond annually on Sept. 1 from 1933 to 1938, incl. Payable at the
4%
99.803
Lehman Bros.; Salomon Bros. & Hutzler; Newton, Abbe
Speedway State Bank, Speedway.
Co.; Blyth & Co.: Kean, Taylor & Co., R. H. MoulCOOK COUNTY (P. 0. Chicago), Ill.
-TO MAKE PARTIAL PAYton & Co.', Manufacturers & Traders Trust Co., and
MENT OF DEFAULTED BONDS AND INTEREST CHARGES.
-Joseph
E. H. Rollins & Sons
4%
99.319
B McDonough, County Treasurer, has announced that funds are available
for the partial payment of defaulted bond principal and interest charges.
BRAWLEY, Imperial County, Calif.
-CONSTRUCTION OFPOWER
The announcements are as follows:
PLANT APPROVED.
-The following report is taken from the "Electrical
World" of June 10:
Notice is Hereby Given to the Holders of the following Cook County Bonds:
"Voters of Brawley, Calif., at a special election have approved the City
That the money for the partial payment of the principal of the following
Council's proposal for establishment of a municipal light and power plant
bonds, as herein indicated is available and will be paid on presentation
to cost approximately $500,000. The city now receives electric service
through any bank or to the County Treasurer of Cook County and that
'
from the Southern Sierras Power Co. The vote was 901 to 465. The city
interest accrual will terminate on June 15 1933 on that percentage of prinproposes construction of a Diesel engine power plant to be paid for out of
cipal payment now available, such interest accrual not being payable until
Income. Brawley is the first Imperial Valley town to enter upon a municifinal retirement of principal:
pal electric plant program."
Amount of Principal
Available for Payment.
BRIGHTON (P. 0. Island Pond), Essex County, Vt.-BOND SALE.
Series M-Infirmary building and cemetery bonds, due June 1 1932__36
-The $50,000 5% coupon bonds offered on June 9-V. 136. p. 3939
-were
Series N-New county pavilions. &c., bonds due July 1 1932
30
sold proportionately as follows: $30,000 on a 5;i% cost basis to the
Series P
-Road bonds, due April 1 1932
25
National Life Insurance Co. of Montpeller; $9.000 to the Island Pond
Series Q
-Oak Forest infirmary and County Agent's building bonds,
National Bank; $7.000 to the Mount Sinai Temple. Grand Masonic Lodge,
due May 1 1932
22
Vermont, and $4,000 to the Grand Lodge, Vermont. The entire issue is
Series R-County. State and road bonds, due April 1 1932
17
to mature annually on May 1 as follows: $2,000 from 1935 to 1945 incl.;
Series S
-New detention home bonds, due April 1 1932
17
$3,000 from 1946 to 1950 incl.; $5,000 in 1951 and 1952,and $3,000 in 1953.
Series T
-New criminal court house and jail bonds. due June 1 1932 7
Series U-Addition to county hospital bonds, due June 1 1932
CALIFORNIA, State of (P. 0. Sacramento).
-RELIEF BONDS TO
7
That the money for the partial payment of the principal of the following
-The following report on a proposal to issue $20,_000,000
BE VOTED UPON.
bonds, and for the interest due on same, as herein indicated, is available
In State unemployment bonds at the special election to be held on June 27,
and will be paid on presentation through any bank or to the County Treasis taken from the San Francisco "Chronicle" of June 7:
urer of Cook County. and that interest accrual will terminate on June 15
"Unemployment relief bonds in the amount of $20,000,000 are provided
1933 on that percentage of principal payment now available, such interest
for under Proposition No. 2, on the June 27 special election ballot.
accrual not being payable until final retirement of principal:
"The proposition ratifies the unemployment bond issue act passed by
the Legislature, authorizing the issuance of the relief bonds to provide a
Interest
Anti. ofPrim.
fund for loans to counties and municipalities for unemployment relief.
Available for Available for
Payment.
Payment.
Payment Assured.
Series V-Road and bridge bonds, due(Dec. 1 1932 &
"An enabling act which goes into effect with the voting of the bonds
June 1 1933
(June 1 1933
5%
provides that should any county or municipality fail to return the loan.
Series W-Court house and jail building Dec.
then the State will be authorized to withhold from the county the amount
bonds, due June 1 1933
June 1 1933
5%
of the loan, in ten equal installments to begin in 1937.
Series Y-0orporate fund relief bond, due Aug. 1 1932 &
"Thus provision is declared to safeguard the State and to permit the
Feb. 1 1933
Feb. 1 1933
35%
county, if it chooses, to have the use of these funds without the imposition
Series Z
-Working cash fund bonds
Aug. 1 1932 &
of taxes upon local property owners.
Feb. 1 1933
--Series AA-Nurses' dormitory
June 1 1933
Federal Purchase.
Series BB
-Poor relief bonds, due June 1 1933 June 1 1933
"The $20,000,000 bonds, under the plan contemplated, will be sold to the
Refunding 1931 bonds, due July 1 1933
(Jan. 1 &
Reconstruction Finance Corporation, as needed to meet the demands for
(July 1 1933
35%
loans from counties and municipalities. This Federal money will be used
CROWELL INDEPENDENT SCHOOL DISTRICT (P. 0. Crowell)
to match Federal funds which will be given directly for relief to this State."
Foard County, Tex.
-RECONSTRUCTION FINANCE CORPORATION
CASS COUNTY (P. 0. Walker), Minn.
-BONDS NOT SOLD.-Th
GRANTS SELF-LIQUIDATING LOAN.
-The following announcement
$30.000 issue of refunding bonds offered on June 6-V. 136. p. 3756
was made public by the R. F. 0. on June 8:
-was
not sold, as no bids were received, according to the County Auditor. He
"The Crowell Independent School District of Crowell, Tex., obtained a
states that the County Board are now working on a plan of refinancing.
small loan of $3,000 to-day from the Corporation to aid in building a high
Interest rate not to exceed 6%,payable J. & D. Dated June 11933. Due
school gymnasium. The building will cost $5,000 but local people have
from June 1 1936 to 1945.
subscribed $2,000 on the cost of construction.
"The gymnasium will be 80 by 82 feet, separate from the school building,
CHARLOTTE COUNTY (P. 0. Punta Gorda), Fla.
-REPORT ON
and will be used for basket ball games and other school activities. The
DEFAULTED BON,DS.-The following is a brief summary of the present
Income anticipated from gate receipts, according to engineers, will make
bond situation in this county, as sent to WI on June 7 by Edward H. Scott,
the project slef-liquidating. An average of 50 men will be employed 30
Deputy County Clerk, in response to our inquiry:
hours a week for 30 days on the building. Application was made under the
$1,625,000 county wide road issue, $10,000 paid, interest in default since
provisions of Section 201 (a) Paragraph 1, of the Emergency Relief and
1930.
Construction Act of 1932.
5.000 time warrants. $2,000 in default, interest behind.
"The school district was organized Feb. 14 1903, under the laws of
200,000 court house, no principal paid, interest default 1930.
Texas, and the population of Crowell in 1930, according to the census
county bridge, no principal, interest default 1930.
175,000
report, was 1,946. Work will begin immediately."
75.000 time warrants, no principal, interest default 1930.
200.000 county highway, no principal, interest default 1930.
CUMBERLAND, Allegany County, Md.-BORROWING AUTH100.000 Murdock drainage, pretty well paid up, prin. and interest.
ORIZED.
-John G. Shearer, Commissioner of Finance and Revenue, has
been authorized to borrow $170,000 from Baltimore banks on the basis of
60,000 Charlotte harbor spl. R. & B., int. & prin.. paid up.
35.000 Charlotte harbor spl. R. ds B.. no prin, paid, interest in def.
anticipated taxes, revenue and license receipts.
200,000 Punta Gorda Bpi. R.& B. $116,500 prin. in default also inter.
DALLAS COUNTY-ARCAD1A FRESH WATER DISTRICT NO. 1
Yours very respectfully
(P. 0. Dallas), Tex.
-RECONSTRUCTION FINANCE CORPORATION
T. 0. Crosland, Clerk.
GRANTS SELF-LIQUIDATING LOAN.
-The following announcement of
by Edward H. Scott, Deputy Clerk.
a loan grant to this district was made public by the R. F. C. on June 9:
-BONDS NOT SOLD.
-The issue of
"The Dallas County Arcadia Fresh Water 'District No. 1, which supplies
CICERO, Cook County, 111.
water to residents of a suburban community two miles west of Dallas.
-was not
$750,000 6% funding bonds offered on June 5-V. 136. p. 3756
Tex., obtained a loan of $8,500 to-day from the Corporation to replace
sold, as no bids were obtained. Dated Feb.1 1933 and due $50,000 on Feb.1
part of its distribution system with new cast iron pipe and to extend the
from 1936 to 1950 incl.
mains. Replacements were reported to be necessary because of the deCLACKAMAS COUNTY UNION HIGH SCHOOL DISTRICT NO. S
teriorated sections of the system. The residents of the community are
-BOND ELECTION.
-It is reported that an
(P. 0. Milwaukie), Ore.
employed in Dallas, for the most part, and there Is no governmental body
election will be held on June 26 in order to vote on the proposed issuance of
other than the district, which was organized in 1922 and is a political
$50,000 in funding bonds.
subdivision of the State.
"The loan was authorized under the provisions of Section 201 (a), para-LOAN AUTHORIZED.
-At a
CLOQUET, Carlton County, Minn.
graph 1, of the Emergency Relief and Construction Act of 1932. It is
meeting held on June 10 the City Council directed the City Clerk to apply
estimated that an average of 40 men will be employed directly on the
to the State Board of Investment for a $5,000 loan with which to pay off
project 30 hours a week for eight weeks, and others will be employed
a refunding bonds, the balance of $35.000 bonds issued in 1927.
indirectly in assembling the necessary materials, estimated to cost $6,000.
-BOND RETIREMENT
PFCINCINNAT1, Hamilton County, Ohio.
The income from the district is derived from sale of water to private con-Resolutions have been adopted by the Trustees of the Sinking
URGED.
sumers and from taxes levied by the district, but taxes are not considered
Fund urging the City Council to exercise its option to call for payment in
by the R. F. C. in making loans. Rates for water are fixed by the Board
1934 a total of $150,600 of outstanding bonds. Most of the obligations, it
of Supervisors of the district."
Is said, bear interest at rates higher than those paid on current issues of the
DAWSON COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Glendive),
city. All of the bonds are held in the investment account of the sinking
Mont.
-BOND OFFERING.
-Sealed bids will be received until 7.30 p. m.
fund and the Trustees have sufficient money on hand to redeem them.
on July 1, by Helen L. Adkins, District Clerk, for the purchase of a $22,000
Bonds to be called and the date on which interest will cease if Council
Issue of refunding bonds. Interest rate is not to exceed 6%, payable
approves the recommendation are:
J. & J. Dated July 11933. The bonds will be sold to the highest bidder
IsiOne street bond, 4.5%, Madison Road widening, $7,300. Feb. 3 1934:
one street bond, 5%, Hamilton Ave., $45,000; one street bond. 5%. for cash, either amortization or serial bonds. Amortization bonds will
be the first choice and serial bonds will be the second choice of the Board.
Hamilton Ave., $56,800, April 1 1934' one street bond. 4.75%, Court St.,
If amortization bonds are sold and issued the entire issue may be put into
$14,100, and one street bond, 4.75% Haight Ave. and other streets,
one single bond or divided into several bonds, as the said Board of Trustees
$23,300, July 15 1934; one street band. 5%, concrete steps, $4,100,
may determine upon at the time of sale, both principal and semi-annual
Sept. 3 1934.
instalments during a period of 10 years from the date of Issue. If serial
-The total bonded debt of the city on May 31 1933
BONDED DEBT.
bonds are sold and issued they will be in the amount of $1,000 each, the
amounted to $103,034.552.50. as compared with $103,120,476.33 on Dec.
sum of $2,000 of the said serial bonds will become payable on July 1 1934.
31 1932, according to the statement of the Tru.tees of the Sinking Fund
and a like amount on the same day each year thereafter until all of such
at the close of business on May 31. General bonds outstanding on that
bonds are paid, except that the last instalment will be in the amount of
date totaled $97,062,445.81 in contrast with $96,918.559.79 at the close of
$44,000, payable on July 1 1943 and will be redeemable in full on any interest
1932. The Cincinnati "Enquirer" of June 1 further referred to the statepayment date from and after five years from the date of issue. A cerment as follows:
tified check for $500, payable to the order of the above Clerk, must ac"The assessment debt of the city created by bonds and notes issued
company the bid. These bonds will be sold for not less than their par
in anticipation of the collection of assessments for improvements is $5,972,value, plus accrued interest.
106.69, as compared 'with $8,016,918.54 Dec.31 1932. A note for $185,000
issued in anticipation of the collection of current revenues outstanding
DELAWARE TOWNSHIP, N. J.
-ASKS SUPERVISION OF AFDec. 31 1932 has been paid off.
FAIRS.
-The Township Committee unanimously approved a resolution on
"The statement issued at the close of business last night by the Trustees
June 12 asking that its affairs be placed under the supervision of the State
Of the Sinking Fund is as follows:
Municipal Finance Commission, according to report. Officials of the ComAssets.
mission announced that the Township's affairs would be administered with
$1.650.515.97
Total cash
a view to protecting the rights of both the taxpayers and bondholders. The
*Less cash in interest fund (for payment of
municipality's liabilities amount to about $2,000,000. it is said. Failure to
134.682.23
interest not yet due)
collect taxes, resulting in the inability to meet its obligations, was given as
the chief reason for the Township's action. In February 1933 the Com$1,515.833.74
Cash-Redemption fund
mittee proposed to pay only 50% of the debt services which mature in the
36.429.759.82
Investments
present year, as a means of lowering the tax rate. This plan, however.
was declared illegal by Walter R. Darby, State Commissioner of Municipal
$37.945,593.56
Total sinking fund
Accounts -V. 136. ro • 875.
65.088.958.94
Balance-Excess of liabilities over sinking fund
DELTA COUNTY (P. 0. Delta), Colo.
-WARRANTS CALLED.
It is reported that various school and county warrants are being called for
$103.034,552.50
Total
I
Volume 136
GARDEN CITY, Nassau County, N. Y.
-FINANCIAL STATE-In connection with the proposed sale on June 21 of $50,000 not to
MENT.
exceed 6% interest coupon incinerator plant bonds, notice and description
of which appeared in V. 136. p. 4126, we have received the following information pertaining to the finances of the village:
Financial Statement as of June 7 1933.
Assessed valuation
$48,355,860.00
Total bonded debt, including this issue
1.276,500.00
Water debt (included in above total)
410,000.00
Sinking funds
14,370.36
Net bonded debt (including this issue)
852,129.64
Floating debt(loans on tax notes in anticipation of 1933 taxes)
100.000.00
Population. 1930 Federal Census. 7,180: present population (est.), 8,700.
-The assessed valuation on which village taxes have
Assessed Valuation.
been levied for 1933 amounts to $48.355.860. This compares with $47,897.415 on which 1932 taxes were levied. $45.305,077 the previous year and
$42,981,687 in 1930.
Bonded Debt.-Bonfled debt of the village on June 7 1932 was 31,342.850,
and on July 15 1933, after giving effect to the issue of bonds now advertised for sale, will be $1.213.700.
School District No. 18 of the Town of Hempstead is virtually coterminous
with the Village of Garden City. Its bonded debt as of June 7 1933 was
$1.447.500.
-As of July 20 1933 the Incorporated Village of
Short-Term Debt.
Garden City will have outstanding no short-term bonded debt other than
serial bond maturities as follows:
moun . Fiscal Year.
Amount.
Fiscal ear.
$81.800
$23,000 1936-37
1933-34
90,300 1937-38
81,800
1934-35
87.800
1935-36
ear
'
* Fiscal , covers period from March 1 to Feb. 28.
-The Trustees cannot foresee any necessity to
Future Issues of Bonds.
issue additional bonds of the Village of Garden City during 1933 or for an
indeitinite period thereafter.
-Taxes have heretofore always been payable in one
Delinquent Taxes.
installment, due on June 15 and delinquent on July 16. She 1933 taxes
be paid in two installments. The first installment became due June 1
may
and will be delinquent July 16. The second installment becomes due
Dec. 15 and delinquent Jan. 16. The penalty for delinquency is 5% for
the first month and 4 of 1% for each month or fraction of a month thereafter until paid. Of the 1933 levy, 95.3% had been paid up to March 1
4307
Financial Chronicle
payment at the office of the County Treasurer. Interest on registered
warrants to cease on June 20.
DES MOINES INDEPENDENT SCHOOL DISTRICT (P. 0. Des
-The Harris Trust &
Moines), Polk County, lowa.-BOND SALE.
Savings Bank of Chicago,and the Iowa-Dee Moines National Bank &
Trust Co. of Des Moines jointly purchased on June 7 an issue of $245,500
refunding bonds as 4%s,at par plus a premium of $2,525, equal to 101.02.
The proceeds of the sale, together with $31,000 to be obtained from the
budget appropriation, will be applied to the payment of $276,500 bonds
maturing on July 1 1933.
-BOND OFFERING.DOLGEVILLE, Herkimer County, N. Y.
Sealed bids addressed to the Village Clerk will be received until July 20 for
the purchase of $17,681.95 paving bonds.
-BOND OFFERING.
DuBOIS COUNTY (P. 0. Jasper), Ind.
Jacob P. Frick, County Treasurer, will receive sealed bids until 10 a, m.on
June 21 for the purchase of $5,300 434% road construction bonds. Dated
May 16 1933. Denom. $530. Due one bond each six months on May and
Nov. 15 from 1934 to 1938 incl.
-CERTIFICATE SALE.
DUQUESNE, Allegheny County, Pa.
Charles C. Dorman, City Clerk, reports that local banks have purchased an
issue of $15,000 6% certificates of indebtedness, dated March 15 1933.
-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 26 for the purchase of $609.000 434, 43(, 5, 53 534. 53j or
6% coupon or registered bonds, divided as follows:
$321.000 series No. 8 bonds. Due July 1 as follows: $8,000 from 1934 to
1957 incl., $10.000 from 1958 to 1969 incl. and $9,000 in 1970.
249,000 series No. 14 general impt. bonds. Due July 1 as follows: $7,000
from 1934 to 1943 incl., $10,000 from 1944 to 1960 incl. and
$9,000 in 1961.
39,000 series PP school bonds. Due July 1 as follows: $2,000 from 1934
to 1939 incl. and $1,000 from 1940 to 1966 incl.
Each issue is dated July 1 1933. Denom. $1,000. Principal and interest (January and July) are payable in lawful money of the United States
at the City Treasurer's office. No more bonds are to be awarded than
will produce a premium of $1,000 over the amount of each issue. Bids
may be made on an "all or none" basis, but if a more favorable tender is
received for one of the individual issues, his bid will be rejected. A cerifled check for each issue, equal to 2% of the amount thereof, and payable
to the order of the city, must accompany each proposal. Legality to be
approved by Hawkins, Delafield & Longfellow of New York.
ERIE SCHOOL DISTRICT,Erie County, Pa.
-BOND OFFERING.R. S. Scobell, Secretary of the Board of Education, will receive sealed bids
until 7 p. m.(eastern standard time) on July 6 for the purchase of $198,000
not to exceed 5%% interest coupon or registered school bonds. Dated
July 15 1933. Denom. $1,000. Due July 15 as follows: $20.000 from
1943 to 1951 incl. and $18,000 in 1952. Bidder to name one of the following
3
interest rates for all of the bonds: 434, 4%, 5, 534 or 534%. Interest is
payable semi-annually. Bonds and interest thereon, it is said, will be
payable without deduction for any tax or taxes, except succession or inheritance levies, now or hereafter levied or assessed thereon under any
present or future law of the Commonwealth of Pennsylvania, all of which
taxes the School District assumes and agrees to pay. A certified check for
2% of the amount bid for, payable to the order of the District, must accompany each proposal. These bonds are being issued subject to the favorable
opinion of Townsend, Elliott & Munson, of Philadelphia, as to their
validity.
FLORENCE, Lauderdale County, Ala.
-BOND ELECTION.
-It is
reported that an election will be held on June 30 in order to vote on the proposed issuance of $300,000 in power plant bonds.
FRANKLIN COUNTY(P.O. Apalachicola) Fla.
-SELF-LIQUIDATING LOAN GRANTED BY RECONSTRUCTION FINANCE CORPORATION.
-The following announcement of a self-liquidating loan grant
was issued by the R. F. C.on June 8:
"Acting upon the joint application of the Florida State Road Department and Franklin County, Fla., the Corporation to-day agreed to purchase
up to $850,000 of the 5% bonds of Franklin County to aid in building a
toll bridge for highway traffic across Apalachicola Bay in Franklin County,
The State Road Department has agreed to build approaches to the bridge
and pay the engineering costs.
"The bridge will be included in a coastal highway system from Pensacola
to the southern part of Florida, most of which has been completed or now is
under construction. The crossing at Apalachicola Bay is reported to be
essential to the system. The bay is wide and shallow and ferries require an
hour and a half for crossing it.
"The Florida Legislature provided for the bridge in 1931 through joint
action of the highway department and Franklin Co.and authorized Franklin
Co.to issue bonds for the purpose. The structure will be under supervision
of the highway department. Engineers anticipate an Increase in ttaffic
after the bridge has been built, due to the saving in time and scenic beauty
of the route.
"An average of 300 men will be employed directly on the project 30 hours
a week for eight months, and materials, which will cost approximately
$696,000 and will consist principally of steel, concrete materials and timber.
will provide much work indirectly for men in mills and factories. The
loan was authorized under the provisions of Section 201 (a), paragraph 1.
of the Emergency Relief and Construction Act of 1932."
-BOND ELECTION.
-At a special
GAASTRA, Iron County, Mich.
election to be held on July 6 the voters will consider a proposal to issue
$15.000 water bonds. The measure was defeated at the general election
held on Nov. 8 1932-V. 135, D. 355 .
4
G1RARDVILLE SCHOOL DISTRICT, Schuylkill County, Pa.
BOND SALE.
-The Preston Coal & Improvement Co., of Girardville,
has purchased an issue of $16,000 judgment bonds. The bonds have been
approved by the Pennsylvania Department of Internal Affairs
-V. 136,
p. 2282.
1933, compared with 92.4%, of the 1931 levy paid up to March I 1932, and
92.8% of the 1930 levy received by March 1 1931.
Record of Tax Collections.
Tax Rate Total Bonded % of
Per
Total Taxes
Capita Assess- per $100 Debt as of Taxes
Levied to
End of
Colmeat of Assessed
Tax
Poptt- Meet Budget
Ratio. Valuation. Fiscal Year. lected.
Year. lotion. Requirements. Lew.
95.0
$1,006,900
1928_ __*5,870 $369,947.44 $63.35 33 1-3%
$2.21
946.050
1.00
90.9
1929___*6,525 386,771.22 59.28 662-3%
92.8
.93
1.185,700
1930_ _..a7,180 399,943.26 55.77 662-3%
92.4
1,347,350
.93
1931___•7,609 423,246.66 55.63 662-3%
95.3
1,231,000
.87
1932___*8,100 415,760.81 51.18 75%
.79
1933._8.700 381,120.01 43.81 90%
Estimated,
a U. S. Census.
GRAND FORKS COUNTY(P.O. Grand Forks), N.Dak.-CERTIFICATE SALE.
-The $30.000 issue of certificates of indebtedness offered for
sale on June 6 (V. 136, P. 3757) was jointly purchased by the Red River
National Bank and Murphy & Murphy, 13oth of Grand Forks, at 7%.
Due on or before July 1 1934.
-BONDS NOT
HADDON TOWNSHIP (P. 0. Westmont), N. J.
-Richard Griffith, Township Clerk, reports that no bids were
SOLD.
obtained at the offering on June 13 of $73.000 not to exceed 6% interest
coupon or registered street assessment bonds, comprising issues of $39,000
and $34,000. A previous offering on March 28 also proved unsuccessful
V. 136, p. 2282.
-R. L.
-TEMPORARY LOAN.
HAMILTON, Essex County, Mass.
Day & Co. of Boston purchased on June 15 a $20,000 tax anticipation loan
at 2.35% discount basis. Due on Dec. 15 1933. Bids for the loan were
as follows:
Discount Basis.
Bidder
2.35
R. L. Day & Co. (purchaser)
2.83
Naumkeag Trust Co
2.87
Second National Bank
3.97
Merchants National Bank
County, N. Y.
HANOVER (P. 0. Silver Creek), Chautauqua
-H. J. Martin, Town Supervisor, reports that an issue of
BOND SALE.
1 bonds was awarded on June 8 as
$40,000 coupon Water District No.
5.405 to the First National Bank, of Silver Creek, at a price of 100.415,
a basis of about 5.37%. Dated June 1 1933. Denom. $1,000. Due $1,000
on June 1 from 1934 to 1973 incl. Principal and interest (June & Dec.)
are payable at the First National Bank. Silver Creek, or at the Irving
Trust Co.. New York. Legality approved by Clay, Dillon & Vandewater.
of New York. Bids for the issue were as follows:
Rate Bid.
Interest Rate.
Bidder100.415
5.40%
First National Bank, Silver Creek (Purchaser)
100.3891
Silver Creek National Bank
100.139
A. C. Allyn & Co
-$3.000,000 BONDS
HARTFORD, Hartford County, Conn.
--George H. Gabb, City Treasurer, made award on June 16
AWARDED.
of *3.000.000 4% coupon or registered funding bonds to a syndicate composed of Estabrook & Co. and R. L. Day & Co., both of Boston, N. W.
Harris Co.. Inc., of New York;Putnam & Co. and Francis R. Cooley St Co.
bothof Hartford, Charles W. Scranton & Co. and Edward M Bradley &
Co., Inc., both of New Haven. This group paid a price of 101.92 for the
issue, the net interest cost of the financing to the city being about 3.61%.
Bonds bear date of June 1 1933. Denom. $1,000. Due $300.000 annually
on June 1 from 1934 to 1943 incl. They were issued in accordance with
the provisions of a special Act passed by the 1933 session of the General
Assembly and approved May 24 1933. The Act, it is said, provides that
the City must raise annually by direct taxation sufficient funds to meet
payable
the annual maturities. Principal and semi-annual interest are Interest
in lawful money of the United States at the City Treasurer's office. the bonds
on registered bonds will be transmitted by mail. The legality of Boston.
has been approved by Storey, Thorndike, Palmer & Dodge. of
-Members of the successful group
BONDS PUBLICLY OFFERED.
o
made immediate public offering of the securities at prices to yield 1.50 .
the 1934 maturity; 1935, 2.25%; 1936. 2.75%; 1937, 3.25%; 193
3.50%,• 1939 and 1940,3.60% and 3.65% for the maturities from 1941 to 1943
incl. The issue was accordedsa most favorable response from investors,
orders received during the afternoon, following announcement of the
award, having been for more than two-thirds of the43,000.000 available.
The sale attracted bids from four banking syndicates as follows:
Rate Bid.
Syndicate Head101.92
Estabrook & Co
101.899
First National Bank of New York
101.739
of New York
City Company
101.329
Guaranty Company of New York
Financial Statement (April 1 1933).
Grand List. 1932:
$347.495.115
Real property
33,627.414
Personal
Total grand list for City tax assessment- $381,122,529
79,592,902
Tax exempt real estate
Total value of real estate
Total valuation for debt limitation
Personal-corporation stock-taxable value
$427,088,017
$460.715,431
78.257,885
$538.973,316
Total valuation
Debtlimitation (Futile Acts 1931,Section 50-A). $23,035,772
5% of$460,715,431
Equalization Tax)
- .50
Tax rate, 1932 Grand List. 23 (including 4.4 School
Bonded Debt.
Water bonds (assumed by Metropolitan Dis- S3,880.000
trict)
60,000
Pipe extension water bonds
23,940.000
Total water debt
Water bureau sinking fund (not incl. in city
$647,642
sinking fund)
4.620.000
City sinking fund bonds
2,730.044
City sinking fund
7.647.000
City serial bonds
Other Obligations.
Temporary Loan-Anticipation of Assessments. Main St: widening-Dated Jan.
Mature July 31 1933.
30 1933.
$400,000.00
Interest 4%
$423,481.00
23,481.00
Cash Reserve-"Town Deposit Fund"
$12,690,481.00
Total City debt
Combined water and City debt
Less City singing fund
Water debt
$2.730.044.00
3,940,000.00
$16,630,481.00
011.4
6.670.044.00
$9.960,437.00
Net funded City debt
Indebtedness of school districts. March 31
87,926,400.00
1933
0
1,134.601.00 6,791.799.0
Less school district sinking funds
Combined net funded debt of City and school
districts
Temporary loan, anticipation of taxes.
Dated Feb. 16 1933. Mature Aug.16 1933.
%
$16.752,236.00
0
84.000.000.0
$20,752,236.00
Population. 1930 census, 163,849.
Supplementary.
When the Rime million dollar issue of Funding Bonds to be dated June 1
1933. shall have been issued and sold, the combined net debt of the City of
Hartford and its several School Districts will then be as follows:
$3,200,000.00
Tax anticipation notes, City
19,745.605.00
All other indebtedness
Total
$22,945,605.00
4308
Financial Chronicle
When the Main Street Widening Assessment Anticipation Notes maturing July 31. 1933 and the outstanding Tax Anticipation Notes maturing
Aug. 16 1933 have matured the net debt of the City and its several School
Districts will then be as follows:
School districts debt
$6,910,900.00
City debt
12,634.705.00
Total
$19,345,605.00
The debt ratio will then be 4.19.
Legal debt limit, $23,035,772.00.
HEMPSTEAD (P. O. Hempstead), Nassau County, N. Y.
-TEMPORARY FINANCING.
-Robert G. Anderson, Town Supervisor, reports
that the First National Bank of Bellmore has granted a loan of $25.000
at 5% interest maturing on Dec. 6 1933.
HERINGTON, Dickinson County, Kan.
-SELF-LIQUIDATING
LOAN GRANTED BY RECONSTRUCTION FINANCE CORPORATION.
The following statement was made public by the R. F. C. on June 8,
regarding a loan made to this city:
'In 1931, the State Board of Health of Kansas ordered the City of
Herington, to construct a sewage treatment plant, and through a contract
with the Rock Island Railway and a loan of $65,000 from the Corporation,
authorized to-day by the directors, the city will be able to begin work soon
on the project. The effluent will be sold to the railway company for boiler
and flushing purposes, which will permit the railway company to abandon
its present pumping station, softening tanks, and other equipment, and
effect a substantial saving, while providing a sufficient revenue for the city
to pay off the R. F. C. loan within a reasonable time.
Herington is a division point on the Rock Island and I also on the main
line of the Missouri Pacific. It is the center of an aricultural, stockraising and dairying area, and the Rock Island shops and terminal employ
between 600 and 800 men.
"An average of 110 men will be employed 30 hours a week for four months
directly on the project, and requirements for pumps, screens, tanks, and
the like will provide work for many others.
"The city will construct a complete activated sludge sewage treatment
works, consisting of a raw sewage pumping station, equipped with mechanically cleaned screens and three 350
-gallon per minute sewage pumps, a
preliminary settling tank with mechanical equipment for sludge collection
and grease removal, aeration tanks. a final settling tank, and other equipment.
"The loan was authorized under the provisions of Section 201,
(a), paragraph 1, of the Emergency Relief and Construction Act of 1932.'
HILLSIDE TOWNSHIP(P.O. Hillside), N.J.
-BONDS NOTSOLD.The issue of $407,000 coupon or registered general improvement bonds
offered at not to exceed 6% interest on June 14-V. 136, p. 3940
-was not
sold,as no bids were obtained. Dated Dec. 15 1931 and due serially on Dec.
15 from 1946 to 1969 incl.
HOLTON SCHOOL DISTRICT, Muskegon County, Mich.
-BONDS
VOTED.
-At an election held on May 31 the voters approved of the issuance
of $2,000 6% school construction bonds, the measure being favored by a
count of72 to 27. The bonds will bear 6% interest and mature $400 annually
in from 1 to 5 years.
HOMESTEAD SCHOOL DISTRICT, Allegheny County Pa.BOND OFFERING.
-Loretta C. Geary, District Secretary, will receive
sealed bids until 8 p. m.(daylight saving time) on June 29 for the purchase
of $125,000 4%,4 Yi 5 or 53.1;% bonds, dated July 11933. Denom.$1,000.
Due $50.000 in five years, $75,000 in 10 years and $125.000 10 years later.
Interest is payable in Jan. and July. Bonds and interest will be free of
Pennsylvania State tax, excepting succession and inheritance levies. A
certified check for $2,000, payable to the order of the District, must
accompany each proposal.
HORNELL, Steuben County, N. Y.
-CERTIFICATE OFFERING.
Howard P. Babcock, City Chamberlain, will receive sealed bids until 3
p. m. on June 19 for the purchase of $15,000 not to exceed 6% interest
cou..n or registered refunding certificates. Dated July 1 1933. Denom.
$1,111 Due July 1 as follows: $2,000 from 1937 to 1942, incl. and $3,000
'
In 1943. Bidders must name a single rate ofinterest for the issue. Principal
and interest (J. & J.) will be payable at the Chamberlain's office, in New
York exchange. A certified check for $1,000, payable to the order of the
City, must accompany each proposal. The certificates are being issued
in accordance with Chapter 798 of the Laws of 1931, as amended by Chapter
34, Laws of 1933.
HUNTINGTON PARK, Los Angeles County, Calif.
-BONDS DEFEATED.
-At the election held on June 6.-V. 136. P. 3573
-the proposal to issue $100,000 in
% city hall bonds failed to receive the required majority, according to the City Clerk.
HUNTINGTON UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
Huntington), Suffolk County, N. Y.
-BOND SALE.
-Kidder, Peabody & Co. and F. Eberstadt & Co., Inc., both of Ne.York, jointly,
were the successful bidders for the issue of $267,000 coupon or registered
tax refund bonds offered on June 8, paying a price of par for the bonds as
6s. They are dated June 15 1933 and mature on June 15 as follows: $25,000
from 1935 to 1944, incl. and $17,000 in 1945. The bankers are making
public re-offering of the loan at prices to yield 5.507 on all maturities.
0
Principal and interest (J. & D. 15) are payable at the Bank of Huntington
& Trust Co., Huntington. Legality approved by Hawkins, Delafield &
Longfellow, of New York.
Financial Statement(As certified by the District Treasurer April27 1933).
Assessed valuation real property in the school district (also subject to charges for other than school district debts)
$16,261,940
Total school district bonded debt, including this ssue
1.202.500
Total school district floating debt, after application of proceeds
of this issue
None
Estimated population, 1933, 14.500.
SCHOOL DISTRICT
HURLEY INDEPENDENT CONSOLIDATED
(P. 0. Hurley), Turner County, S. Dak.-BOND OFFERING.
-It is
reported by W. H. Stoddard, District Clerk, that he will receive sealed
bids until June 23, for the purchase of a $66,000 issue of refunding bonds.
Interest rate is not to exceed 5%, payable semi-annually. Dated July 1
1933. These bonds were voted at the election held on May 9 (V. 136.
p. 2830) by a count of 77 "for" to 1 "against."
IOWA, State of (P. 0. Des Moines).
-LEGALITY OF PROPOSED
$20.000,000 QUESTIONED.
-The State Executive Council recently passed
a resolution approving a $20.000.000 loan, the funds to be used to release
$17.000,000 State sinking funds deposited in closed banks and to take up
$.500.000 warrants. The issuance of bonds to secure the loan was authorized
at the same time. A tax levy of one mill this year and next will be applied
toward redemption of the issue. Governor Herring stated that the loan
will release public funds in hundreds of schools, county, township and city
taxing districts and will prevent default is some districts.
A hearing was held on June 12 in a friendly suit entered in the District
Court at Des Moines to assure the legality of the proposed bonds. At that
time the petition for a temporary injunction was taken under advisement
by Judge Roy Ladd following the completion of testimony by Leo J. Wagroan, State Treasurer, Mr. Wegman is reported to have said that the
proposed one mill tax for debtservice would raise about $3,500,000 annually.
JACKSON, Jackson County, Mich.
-PLAN $600,000 BOND REFUNDING PROGRAM.
-City Attorney B. E. Brower on June 8 recommended to the city commission the refunding of about $600,000 bonds,
Including the $111,000 now in default and the various issues maturing in
the next two fiscal years starting July 1 1933. The program, it is said.
will be adopted in the near future, as the budget for next year does not
contain any appropriation for bond retirements. The proposal has been
discussed with Sohn Spaulding of the legal firm of Miller, Canfield. Paddock
& Stone, of Detroit, according to report.
JACKSON COUNTY (P. 0. Independence), Mo.-BOND SALE.
The $2,000,000 issue of Kansas City court house and jail bonds offered for
sale on June 12-v. 136,P 3940
-was purchased by a syndicate composed of
the Harris Trust & Savings Bank of Chicago. the Guaranty Co. of New
York, the Mercantile Commerce Co., and the Boatmens National Co.,
both of St. Louis, the Commerce Trust Co., and Stern Bros. & Co., both
of Kansas City, as 5s, at a price of 101.147, a basis of about 4.89%. Dated
June 1 1933. Due from Jan. 1 1942 to 1953, incl.
BONDS OFFERED FOR INVESTMENT.
-The successful bidders offered the above bonds for public subscription at prices to yield from 4.60
to 4.70%, according to maturity. These bonds are offered subject to
approval of legality by bond attorneys.
June 17 1933
JACKSONVILLE, Duval County, Fla.
-ACTION POSTPONED ON
REFUNDING BONDS.
-The following report is taken from the "Florida
Times
-Union" of June 10, regarding the postponement of action on the
issuance of $200,000 refunding bonds:
"For the second time within the week, City Council last night postponed
consideration of legislation to authorize the issuance of refunding bonds
on August 1.
"The postponement followed receipt of a letter from City Auditor J. E.
Pace, advising that the city's bond attorneys in New York had wired that
they are sending by air mail certain provisions to be placed in the resolution
anti bill to be adopted by the council as part of the legal procedure which
has to be followed.
"The approving opinion of the New York bond attorneys is necessary
before bonds can be marketed. Council's postponement of the legislation
was made until its regular session next Tuesday night. Yesterday morning
city commissioners announced, following a conference with local bankers,
that it had been decided to issue only $150.000 worth of refunding bonds
Instead of $200,000 as originally contemplated.
"It is proposed to make the refunding bonds two-year securities, maturing
in 1935, Finance Commissioner Fred M. Valz said. If the council adopts
the refunding legislation Tuesday night, steps will be taken almost immediately to start validation proceedings, which will require from 30 to 45 days."
-BOND SALE.
JACKSONVILLE, Morgan County III.
-The city
council has approved of the sale of $6,b00 5% refunding bonds to the
Elliott State Bank of Jacksonville at a price of 97.
JOHNSON COUNTY (P. O. Iowa City), Iowa.
-BOND SALE.
It is stated that a $15,750 issue of funding bonds has been purchased by
the First Capital State Bank of Iowa City. Dated Jan. I 1933.
JUDITH BASIN COUNTY (P. 0. Stanford), Mont.
-BONDS
CALLED-It is reported that Nos. 37 to 61 of 6% organization bonds,
for $1,000 each, are being called for payment at the National City Bank
in New York City, on July 1, on which date interest shall cease. Due on
Jan. 1 1934, optional on July 1 1933.
JUDSON SCHOOL DISTRICT (P. 0. Longview), Gregg County,
Tex.
-BOND SALE CONTEMPLATED-The County Commissioners
Court is reported to be planning to sell $35,000 in school bonds.
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City), Jackson
County, Mo.-BOND OFFERING.
-It is announced by C.W.Allendoerfer,
Treasurer of the Board of Directors, that sealed bids will be received by
the Board of Directors of the school district, at the First National Bank
of Kansas City, until 11 a. m. on June 22 for the purchase of a $200,000
issue of 43i% school, series E bonds. Denom. $1,000. Dated July 1
1932. Due on July 1 as follows: $18,000 from 1942 to 1951, and $20,000
in 1952. Prin. and int. (J. & J.) payable at the Guaranty Trust Co. of
New York. These bonds are sold for Kansas City delivery and payment,
and will carry the approving opinion of Clay, Dillon & Vandewater of
New York. These bonds are part of a $5,000,000 issue authorized at an
election held on Oct. 19 1929. A certified check for $10,000 must accompany each bid.
KENOSHA, Kenosha County Wis.-NOTE SALE.
-A $75,000
issue of 6% corporate purpose notes is reported to have been purchased by
T.E.Joiner & Co.ofChicago. Denom.$1,000 and $500. Dated March 16
1933. Due on March 15 1934. Prin. and int. payable at the office of
the County Treasurer. Legality approved by Chapman & Cutler of
Chicago.
-DELAY IN PAYMENT OF
KNOXVILLE, Knox County, Tenn.
-H. Wood, Director of
INTEREST CHARGES QUICKLY ADJUSTED.
Finance, stated under date of June 9 that the delay occasioned in the
payment of bond interest due March 1 1933, which was caused by local
-V. 136, p. 2097
banking restrictions In effect at that time
-was quickly
adjusted, the necessary funds having been promptly dispatched to the
paying agents on March 17.
-BONDS VOTED.
LEBANON, Warren County, Ohio.
-The $60,000
municipal office building bond issue considered by the voters at an election
held on June 6-V. 136. p. 2831-was approved by a vote of 861 to 494.
Issue will be dated July 15 1933 and mature serially from 1934 to 1958 incl.
-BONDS A UTHORI7ED.LOCKPORT, Niagara County, N. Y.
At a meeting held on June 5 the Common Council authorized the sale of
$10,000 emergency relief bonds, to be dated June 14 1933 and mature
serially from 1934 to 1936 incl.
LOGAN COUNTY (P. 0. Bellefontaine), Ohio.
-BOND OFFERING.
-R.M.Painter, Clerk of the Board of County Commissioners, will receive
sealed bids until 1 p. m. on July 3 for the purchase of $242.300 6% Indian
Lake Sanitary Sewer District bonds. Dated March 1 1933. One bond
for $300, others for $1,000. Due as follows: $6,300 April 1 and $6,000
Oct. 1 from 1934 to 1951 incl.; $6,000 April 1 and $7,000 Oct. 1 in 1952
and 1953. Prin. and int.(A. & 0.) are payable at the County Treasurer's
office. Bids for the bonds to bear interest at a rate other than 6%, expressed in a multiple of
of 1%,will also be considered. A certified check
for 1% of the amount bid for, payable to the order of the County Treasurer,
must accompany each proposal. The approving opinion of Squire, Sanders
& Dempsey of Cleveland may be procured by the successful bidder at his
own expense.
(At an offering on March 25 of $221,755.89 6% Indian Lake Sanitary
Sewer District bonds, no bids were obtained-V. 136, p. 2283.)
-BONDS DELORAIN (P. 0. Johnstown), Cambria County, Pa.
FEATED.
-Kenneth A. Marsh, Borough Secretary, reports that at an election held on June 6 the proposal to issue $15,000 refunding bonds was
defeated by a vote of 41 to 26.
-RECONSTRUCTION
LOS ANGELES, Los Angeles County, Calif.
-The following statement,
FINANCE CORPORATION LOAN GRANTED.
relative to an additional emergency relief loan granted to this citys' rebuilding agency, was issued by the R. F. C. on June 8:
"The directors of the Corporation to-day authorized an additional
commitment of$500,000 to the Unified Rehabilitation Corp.of Los Angeles,
for loans to be used in the reconstruction of buildings damaged by earthquakes."
LOS ANGELES METROPOLITAN WATER DISTRICT (P. 0. Los
Angeles), Calif.
-BOND AWARD DEFERRED.
-S. H. Finley, Secretary
of the Board of Directors, reports that the only bid received on June 9 for
the $8.064,000 issue of Colorado River water works bonds offered at that
time.
-V. 136, P. 3941, was submitted by the Reconstruction Finance Corporation for 55. No action was taken on the offer up to June 15. Dated
July 1 1933. Due $224,000 from July 1 1948 to 1983. Incl.
LOUISVILLE, Jefferson County, Ky.-ADDITIONAL INFORMATION.
-Further information with respect to the $750,000 4 and 4Y4%
coupon sewer bonds sold privately June 1 to National City Co. of New
York (City Co.of New York, Inc.) and the Northern Trust Co. of Chicago,
Jointly, at 100.05, a 4.10% interest cost basis
-V. 136, p. 394I-Ls as follows: Denom. $1.000. Int. is payable in Feb. and Aug. Prin. and int.
will be paid in New York City. Legality to be approved by Thomson,
Wood & Hoffman of New York. The bonds bear date of Feb. 1 1929 and
are to mature on Feb. 11960.
LUZERNE (P. 0. Luzerne), Warren County, N. Y.
-BONDS NOT
SOLD.
-The issue of $10,000 coupon highway bonds offered on May 27
-V. 136, p. 3758-was not sold, as no bids were obtained. Dated Feb. 1
1933 and due $1.000 on Feb. 1 from 1934 to 1943 incl.
BONDS RE
-OFFERED.
-The above issue is being re-offered for award
on June 24. Sealed bids will be received until 6 p. m.(daylight saving time)
on that day by Otis W. Howe, Town Supervisor. Bonds bear date of Feb.
1 1933. Denom. $1,000. Due $1,000 on Feb. 1 from 1934 to 1943 incl.
Rate of interest is not to exceed 6% and must be expressed by the bidder
in a multiple of 3i or 1-10th of 1%. One rate to apply to all of the bonds.
Prin. and int. (Feb. & Aug.) are payable in lawful money of the United
States at the Luzerne-Hadley Bank, Luzerne. A certified check for $200,
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.
McDONALD SCHOOL DISTRICT, Washington County, Pa.
BONDS NOT SOLD.
-The issue of $15.000 refunding bonds offered at not
to exceed 5Si% interest on June 12-V. 136, p. 3941-was not sold, as no
bids were obtained. Dated June 1 1933 and due on June 11935.
McKEES ROCKS SCHOOL DISTRICT, Allegheny County, Pa.BOND OFFERING.
-A.D.Levy,Secretary of the School Board, will receive
sealed bids until 7 p. m. (Eastern standard time) on July 3 for the purchase of $100,000 4.4, 414
or 5% coupon school bonds. Dated
Volume 136
4
Financial Chronicle
July 1 1933. Denom. $1,000. Due $20.000 on July I from 1939 to 1943
incl. Interest is payable in January and July. A certified check for $1,000.
payable to the order of the District Treasurer, must accompany each
proposal. The approving opinion of Burgwin, Scully & Burgwin of Pittsburgh will be furnished the successful bidder. The Pennsylvania Department of Internal Affairs has yet to approve of the issue.
MAPLE BLUFF(P.0. Madison), Dane County, Wis.-BOND ELEC-It is stated that an election will be held in
TION CONTEMPLATED.
the near future to have the voters pass on the proposed issuance of $15.000
and water drainage system repair bonds. Due $1,500 annually
in road
-year period.
for a 10
-TEMPORARY INJUNCMARION COUNTY (P. 0. Jasper), Tenn.
-On June 3 Chancellor T.L.
TION AGAINST BOND ISSUE DISSOLVED.
Stewart dissolved a temporary Injunction which he had previously granted
on the petition of a taxpayer, restraining the County Court from floating
a $53.000 bond issue for the purpose of erecting a new school in South
Pittsburgh. In dismissing the injunction it was held by Judge Stewart
that the propsed bond issue was entirely up to the discretion of the County
Court.
-$12.000 REFUNDING
MARSHALL, Calhoun County, Mich.
-The $12,000 refunding bonds which
BONDS CERTIFIED AS LEGAL.
the city plans to issue in place of that portion of an issue of $42,000 which
matured on May 1 1933 have been approved as to legality by the legal firm
employed by the Harris Trust & Savings Bank of Chicago. The investment house sold the original issue of $42,000 bonds and 86,000 of the refundings will be taken by customers of theirs and the balance by local
investors. However, the firm refused to recommend the exchange unless a
satisfactory legal opinion was obtained. The May 1 interest charges
have been fully paid and a block of $30.000 of the maturing bonds will
also be retired. Exchange of the refunding obligations will increase the
city's bonded debt to $202,000, it is said.
-$3,150.000 BONDS AWARDED.
MASSACHUSETTS (State of).
-were
The $3,150,000 coupon bonds offered on June 14-V. 136. p. 4127
awarded as follows:
$3,000.000 Metropolitan Additional Water Loan. Act of 1926, bonds
awarded as 3s to a group composed of the Guaranty Co. of
New York, The City Co. of New York, Inc., Bankers Trust Co.
and the N. W. Harris Co.. Inc., all of New York, at a price
of 100.811, a basis of about 3.18%. Dated July 11933. Due
$100,000 annually on Jan. 1 from 1934 to 1963 incl. Bankers
are making public offering of loan at prices to yield 0.75% for
the 1934 maturity; 1935, 1.75%; 1936, 2.50%; 1937, 2.75%;
0
1938, 3%; 1939 to 1943, 3.05%: 1944 to 1948, 3.10c7. and
3.15% for the maturities from 1949 to 1963 incl. The bonds.
in the opinion of the Massachusetts Attorney General, are
general obligations of the Commonwealth, for which its full
faith and credit are pledged including the authority to levy
unlimited ad valorem taxes on all taxable property. Legal
Investment, according to the bankers, for savings banks and
trust funds in the States of Massachusetts, New York and
Connecticut.
150,000 Metropolitan Sewerage Loan, South System, bonds were
awarded as 330 to E. H. Rollins & Sons, of Boston, at a price
of 100.763, a basis of about 3.15%. Dated July 1 1933.
Due on Sept. 1 as follows: $8,000 from 1933 to 1942 incl. and
$7,000 from 1943 to 1952 incl. Re-offering is to be made at
prices yielding up to 3.10% for the later maturities.
Separate bids were requested for each issue and the following offers
were submitted:
Interest Rate and Price Bid.
8150,000 Issue. $3,000,000 Issue
Bidder3g% *100.763
E. H. Rollins & Sons, Inc.
R. L. Day & Co., First of Boston Corp.
of Massachusetts, Estabrook & Co..
Jackson & Curtis. Shawmut Corp..
33(% 100.54
Lee Higginson Corp
Guaranty Co. of New York, Bankers3" 100.54
Trust Co., The City Co. of Massa%*100.81
chusetts, The N. W. Harris Co
33‘% 100.06
Kidder. Peabody & Co., Stone & Webster and Blodget, Inc., F. S. Moseley
3% 102.07
& Co., Brown Bros.
-Harriman & Co.-334% 100.803
Halsey, Stuart & Co., Inc., 13ancamericaBlair Corp., Chemical Bank & Trust
Co.. Arthur Perry & Co., Inc., Darby
& Co., Blyth & Co., Inc., G. M.
-P.
Murphy & Co., Graham. Parsons &
Co.. R. H. Moulton & Co., M. & T.
Trust Co.
334% 100.55
100.35
Woburn National Bank
100.00
* Accepted bids.
'
Commonwealth of Massachusetts.
Total Public Debt
8128,023,962.00
The total bonded indebtedness May 1 1933 was
Less sinking funds
59,501.830.73
Total net debt
The debt is divided as follows:
Direct Debt
The gross direct debt May 1 1933 was
The sinking funds for the same amounted to
The net direct debt May 1 1933 was
Contingent Debt
The gross contingent debt May 1 1933 was
The sinking funds for the same amounted to
The net contingent debt May 1 1933 was
Water Debt (Included in Above Contingent Debt)
The gross water debt May 1 1933 was
The sinking funds for the same amounted to
$68.522,131.27
822.394.300.05
10.574.833.76
811,819,466.29
8105,629.661.95
48.926,996.97
$56.702.664.98
864.529,000.00
31,829.141.77
$32,699.858.23
The not water debt May 1 1933 was
Taxable Property.
-The amounts of taxable property and taxable income
of the Commonwealth of Massachusetts, as furnished by the Commissioner
of Corporations and Taxation for the year ended Nov. 30 1932, follow:
Local Taxation
86,253,697,305
Value of assessed real estate
985,629,005
Value of assessed personal estate (incl. motor vehicles) _
State Taxation
$118 383,763
Value of corporate excess, public service
283,889
Value of corporate excess, street railways
1,213.664,518
Value of corporate excess. business corporations
96.693.952
Amount of taxable income, business corporations
525,950,023
Taxable deposits in savings banks
32,969,852
Taxable deposits in trust company savings departments__
4,908.817
Taxable deposits in Massachusetts Hospital Life Ins. Co__
496,236.251
Taxable income, individuals. &c
5.129.193
Taxable income, national banks and trust companies_
-ANTICIPATE 85,000.000 FEDERAL
MASSACHUSETTS (State of).
-On the basis of the expenditure by the State of $15„RELIEF GRANT.
000,000 for unemployment relief purposes during the first three months
of 1933, Frederick J. Dillon, representing Governor Ely, has been sent
to confer with Federal authorities in Washington regarding a $5,000,000
relief grant to the State. Under the provisions of the recently-enacted
Wagner 8500.000.000 relief legislation, the Government is to assist in the
relief activities of each State by contributing one-third of the amount spent
by any one State from public and private resources in each three months'
period.
-PROPOSED REFUNDING
MERIDEN, New Haven County, Conn.
-The Tax Board is reported to be contemplating the reBOND ISSUE.
funding of $300,000 43i% tax anticipation notes through the issuance of
of back taxes and penalties
5 to 10 years. A trust fund to include payment of the obligations.
would be established to provide for the servicing
-P. E.
-BOND OFFERING.
MIDDLETOWN, Orange County, N. Y.
Benedict, City Clerk, will receive sealed bids until 12 m. (daylight
saving time) on June 27 for the purchase of $45,000 not to exceed 5%
interest coupon or registered bonds, divided as follows:
g3s,090 unemployment relief bonds. Due $5,000 on March 1 from 1935
to 1940. inclusive.
10,000 tax refund bonds. Due 81,000 on March 1 from 1934 to 1043.
inclusive.
4309
Each issue is dated March 1 1933. Denom. 81,000. Principal and
interest (March and Sept.) are payable in lawful money of the United States
at the Orange County Trust Co.. Middletown. in New York exchange.
Bidder to name a single rate for both issues, expressed in a multiple of
of 1-10th or 31i of 1%. As certified check for $1,000 payable to the order
of the City, must accompany each proposal. The approving opinion of
Clay. Dillon & Vandewater, of New York, will be furnished the successful
bidder.
Financial Statement.
Valuation-1933:
$32,087,890.0(
Actual valuation, estimated
25,991,850.00
Assessed valuation
Debt:
81.607,000.00
Total bonded debt, including these issues
255.000.00
Less: Water bonds
$1.352.000.00
Net bonded debt
Population: 1920 Federal Census, 20,412; 1933 (estimated). 21.276.
Tax Data.
Collected at Close Balance Uncollected
as of Junel 1933.
of Year of Levy
Total
Year$8.153.44
8811,737.62
$868,772.90
1930
22,211.33
772,353.04
836,983.55
1931
56,561.79
724,566.83
795,739.54
1932
269,771.48
325,661.20a
595,432.68
1933*
* Second installment of 1933 taxes due July 1. a June 1 1933.
Fiscal year ends Dec. 1. Taxes due semi-annually Jan. and July 1.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND SALE.
The $1,500,000 issue of coupon corporate purpose bonds offered for sale
p. 3941-was awarded to a syndicate composed of the
on June 12-V. 136,
City Co. of New York, Inc.; the First Wisconsin Co. of Milwaukee; Blyth
& Co. of New York; Kelley, Richardson & Co. of Chicago; the First Securities Corp. of St. Paul: the Boatmen's National Co. of St. Louis; the Milwaukee Co., and the Marshall & Ilsley Bank, both of Milwaukee, as 45,
at a price of 97.05, a basis of about 5.08%. Dated June 1 1933. Due
$300,000 from June 1 1934 to 1938 incl. Additional tenders for various
other coupon interest rates were submitted by the same syndicate.
-Members of the successful group
"'BONDS PUBLICLY OFFERED.
offered the bonds for public investment on June 14 at prices to yield 4%
for the 1934 maturity; 1935, 4.25%; 1936. 4.50%, and 4.60% for the bonds
due in 1937 and 1938. The bankers state that in their opinion the bonds
meet the requirements as a legal investment for savings banks and trust
funds in New York and certain other States. They further report on the
Issue as follows:
"The bonds, in the opinion of counsel, are direct general obligations of
Milwaukee County and the proceeds thereof are to be used for the payment of current and ordinary expenses of the county. Principal and
interest are payable from unlimited taxes levied on all the taxable property
therein. In addition, tax certificates representing delinquent taxes in an
amount equivalent to the principal amount of this issue are specifically
pledged for the retirement of the bonds. As these tax certificates are
redeemed, the money so received is required to be applied toward the
retirement of said bonds and the county -has agreed to use such money in
purchasing such bonds in the open market prior to maturity.
"According to official advices, the equalized assessed valuation of all
taxable property in the county for 1932 was $1.549.873,060. The total
bonded debt including this issue amounts to $12,529,270; sinking funds of
$279,515 reduce the net debt to 812,249.755, or less than 1% of the assessed
valuation. This statement does not include the debt of other political
subdivisions which have the power to levy taxes upon the property within
the county. The population, according to the 1930 U. S. census, was
725,263."
It is stated that the bonds are being offered subject to the approval of
Chapman & Cutler of Chicago.
MINNEAPOLIS,Hennepin County,Minn.-CERTIFICATE.SALE.The $1,000,000 issue of tax anticipation certificates of indebtedness offered
-WAS jointly purchased by the Northfor sale on June 14-V. 136, p. 3942
western National Bank and the First National Bank & Trust Co., both of
Minneapolis, as 434s at par. Dated June 15 1933. Due on Aug. 15 1933.
No other bids were received.
MINOT, Ward County, N. Dak.-BOND ISSUANCE CONTEM-The City Council is said to have recently adopted a report of
PLATED.
funding
the Finance Committee recommending the issuance of $85,000 in
bonds.
-The
SALE.
-BOND
MISSOURI, State of (P. 0. Jefferson City).
for sale
$5,000.000 issue of 4% semi-annual road, series V. bonds offered
to a syndicate composed of
-was awarded
on June 15-V. 136. p. 4127
and
Co..
the Guaranty Co. of New York, the Mercantile-Commerce Bros.Inc.. of
& Co.
the Mississippi Valley Trust Co., both of St. Louis; Barr Wisconsin Co.
New York: the First Securities Corp. of St. Paul; the First
the First of'
of Milwaukee; the Philadelphia National Co. of Philadelphia; City, and
Michigan Corp. of New York: Stern Bros. & Co. of Kansas of about
Alexander Brown & Sons of Baltimore at a price of 101.43. a basis 1950 to
3.89%. Dated June 15 1933. Due $1,000,000 from June 15
1954 inclusive.
-The successful bidders reBONDS OFFERED FOR INVESTMENT.
offered the above coupon or registered bonds for public subscriptions at
to yield 3.80%. The bonds are offered
prices, according to maturity
These
subject to the approval of legality by Benj. H.Charles of St. Louis. its full
bonds are reported to be general obligations of the State,secured by
faith, credit and taxing power.
Newspaper reports gave the other bidders as follows:
The second highest bid was 101.37, submitted by the Chase National
Bank, in association with Kidder, Peabody & Co., Lehman Brothers,
Co.,
F. S. Moseley & Co., Hemphill, Noyes & Co., Stranahan, Harris &
Arthur Perry & Co. and Whitaker & Co.
This was followed by a bid of 100.87,submitted by a syndicate composed
of the First National Bank of Chicago. the Harris Trust & Savings Bank.
the First of Boston Corp.. the Northern Trust Co., the Boatmen's National
Co., Lawrence Stern & Co., A. G. Becker & Co., Rutter & Co. and L. F.
Rothschild & Co.
The Chemical Bank & Trust Co. headed a group that bid 100.33. Other
members were Halsey, Stuart & Co., Inc., the Bancamerica-Blair Corp.,
Hallgarten dr Co., Darby & Co.. E. H. Rollins & Sons, Stifel, Nicolaus &
Co.. Graham, Parsons & Co., Wertheim & Co., W. R. Compton Co..
Baum, Bernheimer & Co., the First National Bank of Memphis and the
Equitable Securities Corp. of Nashville.
The First National Bank of New York. together with Estabrook & Co.,
R. L. Day & Co., Dewey, Bacon & Co.. Stone & Webster and Biodget.
Inc., Salomon Bros. & Hutzler, Kean, Taylor & Co., E. B. Smith & Co.,
R. W.Pressprich & Co., R. H. Moulton & Co.. Foster & Co.,the Presscott.
Wright, Snyder Co. and the City Bank & Trust Co.of Kansas City offered
the State 100.1099.
The final bid was 99.8599, submitted by the City Co. of New York, Inc.,
the Bankers Trust Co., Brown Brothers, Harriman & Co., Blyth & Co.,
Kelley. Richardson & Co., the Wells-Dickey Co.. Stix &
Wallace &
Co.. Schaumburg. Rebhann & Osborne, Smith, Moore & Co. and the
Commerce Trust Cs. of St. Louis.
-The
-BOND SALE.
MITCHELL COUNTY (P. 0. Osage), Iowa.
Carlton D. Beh Co. of Des Moines was the successful bidder for the issue
of $200.000 primary road bonds offered on June 5-V. 136, P. 3942. The
bankers paid par plus a premium of $1,715 for 430, equal to 100.857. a
basis of about 4.60%. Dated July 1 1933. Due serially on May 1 from
1935 to 1944 inclusive: optional on May 1 1939.
The following bids were also received:
Premium.
Rate Bid.
Bidder81.710
431
Iowa-Des Moines Co
1.685
41„
Olaspell, Vieth & Duncan
1.150
5%
Jackley. Weidman & Co
-APPROVE $40,000 BOND ISSUE.
County, Pa.
MONACA, B
The Borough Council on June 7 adopted an ordinance providing for the
issuance of $40,000 sewer, water and street paving bonds.
-Harry
-BOND SALE.
MONROE COUNTY (P. 0. Rochester), N. Y.
J. Bareham, County Treaaurer, reports that Halsey Stuart & Co., Inc.,
and the Bancamerics-Blair Corp., both of New York,jointly, were awarded
on June 15 an issue of $400.000 emergency bonds as 530 at par plus a
premium of $2,604. equal to 100.65, a basis of about 5.37%. An issue of
$105,000 tax anticipation notes, dated June 20 1933 and due on Sept. 20
1933, offered at the same time, was not sold as no bids were obtained.
The bonds bear date of June 15 1933. Denom. $1,000. Due on June 15
4310
Financial Chronicle
as follows: $60,000, 1936: $40,000, 1937: $90,000.
1938: 850.000,
and $40,000 from 1940 to 1943 incl. Coupon bonds,registerable as to1939,
both
principal and interest. Bond principal and June and Dec. interest charges
-15
will be payable at the Union Trust Co., Rochester,or at the Marine Midland
Trust Co., New York. Legality approved by Clay, Dillon &
of New York. The bankers are offering the bonds for publicVandewater
investment
priced to yield from 4.75 to 5.15%, according to maturity.
MONTANA (State of).
-BOND CALL.
-James J. Brett. State Treasurer, has called for payment on July 1 1933, on which date interest ceases,
Educational bonds,series A, 1401 to 1450. Bonds and coupons are payable
at the Chase National Bank, New York.
MONTANA, State of (P. 0. Helena).
-STATE AGAIN ON CASH
BASIS.
-It was reported recently by James Brett. State Treasurer, that
the State again is on a cash basis. A $4.500,000 refunding bond issue
recently was sold (V. 136. p. 3758). and registered warrants totaling nearly
that amount are being exchanged for the bonds, or retired by cash payments.
It is said that State employees and others had held the warrants for months
in many cases.
MONTCLAIR,Essex County, N.J.
-NOTEEXTENSION PLANNED.
-The City Commission adopted resolutions on June 1 authorizing the
extension of the maturities of $900,000 municipal notes. which mature as
follows: $150.000 school notes. due June 15 1033 and $500,000 tax notes
due on the same date. $250.000 tax notes due on June 13. In addition
county taxes in amount of $299,956 are payable by the city on June 20.
MORONI, Sanpete County, Utah.
-BONDS VOTED.
-It is reported
that at an election held recently the voters approved the issuance of 815,000
water bonds by a count of 30 "for" to 29 "against."
NEWARK, Licking County, Ohio.
-BONDS AUTHORITED.-The
city council has authorized the issuance of $52,050 bonds for the purpose
of providing for the payment of maturing notes which were issued for
variousimprovement purposes,including $30,450for the elimination ofgrade
crossings.
NEVVBURYPORT Essex County, Mass.
-BONDS AUTHORIZED.The City Council on June 5 authorized the sale of $60,000 bonds to finance
the construction of a water reservoir.
NEW HAVEN, New Haven County, Conn.
-DELAYS PROPOSED
$2,500,000 BOND SALE.
-Despite reports to the effect that the municipal
market has improved considerably recently. the Board of Finance has
decided to further delay the proposed sale of $2.500.000 bonds which were
authorized at the recent session of the State Legislature. Proceeds of the
sale will be used for floating debt purposes -V.
136, p.3759.
NEW YORK (State of).
-ANNOUNCES OFFERING OF $26,595,000
BONDS.
-Morris S. Tremaine, State Comptroller, will receive sealed bids
at his office in Albany until 1 P. M.(daylight saving time) on June 28 for
the purchase of $26,595,000 not to exceed 4% interest bonds, comprising
the following:
$14.595,000 unemployment relief bonds. Due $2,085,000 annually on
July 1 from 1934 to 1940, incl.
6,000,000 General State improvement bonds. Due $240,000 annually
on July 1 from 1934 to 1940, incl.
6.000,000 grade crossing elimination bonds. Due $120,000 annually
on July 1 from 1934 to 1983. incl.
Each issue is dated July 1 1933. Principal and semi-annual interest
(Jan. and July) will be payable in lawful money of the United States at the
Bank of the Manhattan Co., New York. The official call for bids indicates
the conditions of sale as follows:
Bidders for these bonds will be required to name the rate of interest
which the bonds are to bear not exceeding 4 (four) per centum per annum.
Such interest rates must be in multiples of one-fourth of one per centum and
not more than a single rate of interest shall be named for each issue. Bidders
may condition their bids upon the award to them of all but no part of the
entire 826.595.000 bonds and the highest bidder on the basis of"all or none"
will be the one whose bid figures the lowest interest cost to the State on all
issues combined after deducting the amount of premium bid if any.
No bids will be accepted for separate maturities or for less than par value
of the bonds nor unless accompanied by a deposit of money or by a certified
check or bank draft upon a solvent bank or trust company of the cities of
Albany or New York payable to the order of the "Comptroller of the State
of New York" for at least 2% of the par value of the bonds bid for. No
interest will be allowed upon the good faith check of the successful bidder.
Approving opinion of Honorable John J. Bennett, Jr., Attorney General
of the State, as to the legality of these bonds and the regularity of their
issue will be furnished the successful bidder upon delivery of the bonds to
him. If the definitive bonds of this issue can not be prepared and delivered
at a time to suit the purchaser the State reserves the right to deliver Interim
Certificates pending preparation of the Definitive Bonds and will endeavor
to have these Interim Certificates ready for delivery on or about July 3
1933. The net debt of the State of New York on June 1 1933, amounted
to $512,813,387.89 which is about 1.7% of the total assessed valuation of
real and personal property of the State subject to taxation for State
purposes.
Previous State Financing.
-Award of the current issues will constitute
the first long-term financing negotiated by the State since Dec. 14 1932.
At that time sale was made of $30,400,000 bonds, comprising $15,400,000
3Ms and $15.000,000 3s, to the Chase Harris Forbes Corp of New York,
and associates, on a net interest cost basis of about 3.0271%. It is not
.
expected that the present financing will be done on as low terms as the
December borrowing, inasmuch as State bonds are now selling in the
open market at prices to yield from 3 to 3M %. Financing by the State
thus far in 1933 has involved the sale of $150,000,000 notes, of which
850,000,000 were sold in January at 1% int., $25,000,000 in March at 3%
and $75,000,000 on May 1 also at 3%-V. 136, P. 3205.
NIAGARA METROPOLITAN SEWERAGE DISTRICT, N. Y.CREATION OF DISTRICT URGED.
-The Buffalo division of the National
Committee on Trade Recovery, of which John W. Cowper is Chairman,
has made public a comprehensive plan urging the creation of the abovementioned district by the State Legislature to arrange for the construction,
maintenance and supervision of sewerage facilities within a considerable
area of the Niagara frontier. The district, according to the Buffalo Municipal Research Bureau, Inc., would Include the cities of Buffalo. Lackawanna,
Tonawanda, North Tonawanda and Niagara Falls, N. Y.: also neighboring
communities such as Kenmore. Williamsville. Depew, Lancaster, Cheektowaga, West Seneca and Grand Island. A population of some 777,000
would benefit from the operations of the project. It is suggested that the
matter be submitted for consideration at the January 1934 session of the
State Legislature. Funds to carry out the program of the district would
be obtained from the Federal Government's $3.300,000,000 public works
fund.
NORTH ARLINGTON, N. J.
-DECLARED IN DEFAULT.
-Supreme
Court Judge Joseph L. Bodine is reported to have adjudged the Borough
in default on $50,000 temporary impt. bonds which matured on Feb. 1
1932. The municipality's fiscal affairs were automatically placed under
the supervision of the State Municipal Finance Commission, it is said.
NORTH BEND, Coos County, Ore.
-BONDS NOT SOLD.
-The
$34,000 issue of 6% semi-annual refunding bonds offered on June 13V. 136, p. 3942
-was not sold, as no bids were received, according to the
City Recorder. Dated June 2 1933.
NORTHPORT, Suffolk County, N. Y.
-FINANCIAL STATEMENT.
-The following information with respect to the village's finances
has been issued in connection with the scheduled sale on June 29 of $147,000
coupon or registered bonds, fully described in V. 136. p. 4128:
Financial Statement.
Valuations-1932-33:
Assessed valuation of taxable real property dr special franchise37,280,240
Actual valuation, estimated
14.000,000
Debt:
Total bonded indebtedness, including these issues
264,000
Water debt
Nil
Population-1920 Federal Census. 1,977: 1930 Federal Census. 2.528
Tax data:
Year1931-32.
1930-31.
1932-33.
Total levy
$98,785
$99,345
$75,383
Uncollected at end or year of levy
1,117.39
100.00
1.141.51
Uncollected as of June 1 1933
None
12.20
1.061.82
Total of all uncollected taxes, including the 1932-33 levy, $2,096.49.
The fiscal year dates are March 1 to Feb. 28. Taxes are billed as of
June 1 and become delinquent July 15.
June 17 1933
Note.-Tho floating debt of the village, which comprises sewer certificates of indebtedness, will be redeemed by the proceeds of the above bond
issue. 838,000 par value bonds of the village are due Aug. 1 1933, and
provision is made for the payment of these obligations when due.
NORTH CAROLINA, State of (P. 0. Raleigh).
-NOTE RENEWAL.
-Charles M. Johnson, State Treasurer, is reported to have come to New
York to personally deliver $4,670,000 of short-term notes to New York
bankers and the remaining $1,000,000 worth of notes that fell due on
June 15 are to go to the Wachovia Bank & Trust Co. of Winston-Salem.
The entire group of $5,670,000 notes maturing on June 15(V. 136. p.3942)
Is reported to have been renewed for 60 days at 5% int.
NORWOOD, St. Lawrence County, N. Y.
-BOND SALE.
-An issue
of $10,000 coupon or registered street improvement bonds was sold on
June 8 as 4)4s, at 100.03, a basis of about 4.49%, to Mr. John Hobkirk,
of Madrid, N.'Y. The bonds were originally offered for award on June 1,
and the sale was postponed to the later date.
-V. 136, p. 3575. Issue is
dated Aug. 1 1933 and due $1,000 on Aug. 1 from 1934 to 1943, incl.
OSSINING, Westchester County, N. Y.
-FINANCIAL STATEMENT.
-In connection with the proposed gale on June 20 of$51,000 coupon
bonds, notice and description of which appeared in-V. 136, p. 4128,
we have received the following:
Financial Statement.
Valuations
-1932-33:
Assessed valuation of taxable real property and special
franchise
$26,891.808.00
Personal Valuation
11,500.00
Total assessed valuation
$26,903,308.00
Actual valuation, estimated
50.000,000.00
There is also exempt real estate assessed valuation
totaling
7,589,400.00
Debt:
Total bonded Indebtedness,including these issues
Water debt, included above
*1.656,811.24
609.000.00
Net bonded indebtedness
$1,047,811.24
Total floating debt
272,283.48
Special assessment debt,included in above general bonded
debt
126.283.48
Population:
1920 Federal census
10.739
1930 Federal census
15.581
1933 estimated
16,000
Tax Data:
Uncollected at End Uncollected as of
Year
of Year of Levy.
June 6 1933.
Tax Levy.
1929
$383,092.45
$34,073.58
All years
1930
53,760.20
prior to 1933
427,550.64
1931
54,922.41
total
415.137.97
1932
72.923.21
$27.489.63
383,642.63
The fiscal year dates are March 1 to Feb. 28. Taxes are billed as of July 1
and become delinquent Aug. 2. The Village holds a tax sale each year.
OYSTER BAY (Town of), Nassau County, N. Y.
-BONDS PUBLICLY OFFERED.-(jeorge B. Gibbons & Co., Inc., of New York are
offering for public investment 825,000 4)4% Jericho Water District bonds,
due Feb. 1 1935, priced to yield 5.25%•
Town Financial Statement (As Officially Reported Feb. 1 1933.)
Assessed valuation, 1933
8128,257.526
Total bonded debt
$4,107,857
Less water bonds
3,275.875
Net bonded debt
$8.31,982
Population-1930 U. S. Census
36,869
PASADENA, Los Angeles County, Calif.
-BONDS PUBLICLY OFFERED.
-The $992,000 coupon San Gabriel bonds, comprising $544.000 5a
and $448.000 434s, awarded on May 31 to Dean Witter & Co., of San
Francisco, and associates. at 100.008, an interest cost basis of about 4.70%
-V. 136. p. 3943-are being reoffered for general purchase as follows:
The $448.000
% bonds, due 832,000 annually from 1960 to 1973, incl.,
are priced at 99, while the $544,000 5s are priced to yield 4.50% for the
1943 to 1945 maturities; 1946 to 1948, 4.55%; 1949 to 1951, 4.60%, and
4.65% for the maturities from 1952 to 1959, incl. The bonds, it is said,
are part of an issue of 810.000,000 authorized at an election held on June 18
1932 to finance the San Gabriel Project.
PASQUOTANK COUNTY (P. 0. Elizabeth City), N. C.
-REPORT
ON BOND DEFAULTS.
-The following report on the defaults in bonded
debt obligations by this county is taken from an Elizabeth City dispatch
to the Raleigh "News and Observer" of June 8:
"Pasquotank County has defaulted on bond payments due June 1.
making the fourth consecutive default during the fiscal year ended June 30.
"The default this time was on road bonds to the amount of $20.000,
raising the total defaulted bonded indebtedness to $43,000.
"Previous defaults were $10,000 in September, $3,000 in January and
$10,000 in May. Pasquotank's total bonded indebtedness, including
that defaulted, amounts to more than $770.000, all of it in road bonds.
County Auditor C. C. Pritchard laid the blame for the failure to meet
payments on the difficulty of collecting back taxes."
PAYSON, Utah County, Utah.
-PROPOSED BOND ISSUE.
-The
City plans to issue $20,000 water works refunding boqds, to provide for
the redemption of a similar amount dated June 20 1913 and maturing in
1933.
PERTH AMBOY, Middlesex County, N. J.
-Joseph
-BOND SALE.
E. Hornsby, City Treasurer, writing in connection with the $217,000 6%
34-year serial bonds for which no bids were obtained at an offering on
April 4-V. 136. p. 2466, advises that 6% temporary bonds. dated May 1
1933 and due on May 11936. were issued in place of the serial loans to the
First of Boston Corporation
PIERCE, Pierce County, Neb.-130ND.S AUTHORI7ED.-An ordinance is reported to have been adopted by the City Council recently authorizing the issuance of $40.000 in refunding bonds and providing adequate
taxes to pay off said bonds.
PIERCE COUNTY UNION SCHOOL DISTRICT NO. 16 (P. O.
Rugby), N. Dak.-CERTIFICATES NOT SOLD.
-The $1,800 issue of
certificates of indebtedness offered on June 2-V. 136, P. 3206
-was not
sold, according to the District Clerk. Due in seven months.
PITTSFIELD, Berkshire County, Mass.
-TEMPORARY FINANCING.
-The Agricultural National Bank of Pittsfield, has agreed to lend
the city $50.000 for current welfare expenses, payable with interest at 6%
on Nov. 2 1933. City Treasurer Jay P. Barnes, it is said, has made arrangements by partial payments or renewals to take care of all but $15,000
of the $375,000 defaulted notes. George S. Murray, of Milton, holder of
the $15,000 is seeking to attach city bonds to cover its payment. His
case is returnable in Superior Court on July 3 1933.
-BOND SALk.-The $30,000 6%
POMEROY, Meigs County, Ohio.
street resurfacing bonds offered on May 27-V. 136. p.3576
-were awarded
at a price of par to Slier, Carpenter & Reese of Toledo. Dated May 15
1933 and due $3,000 on Nov. 15 from 1934 to 1943 incl.
PITTSBURGH,Allegheny County,Pa.
-BOND OFFERING.
-James
P. Kerr city Comptroller, will receive sealed bids until 10 a. m.(Eastern
standard time) on June 27 for the purchase of $900,000
% coupon
bonds, registerable on certain conditions, and divided as follows:
8500,000 public welfare relief bonds authorized at an election held on
April 26 1932. Due 825,000 on June 1 from 1934 to 1953 incl.
300,000 public work relief bonds authorized at an election held on April 26
1932. Due $15,000 on June 1 from 1934 to 1953 incl.
100,000 water works inlet. bonds authorized by councilmanic authority.
Due $5.000 on June 1 from 1934 to 1953 incl.
Each issue will be dated June 11933. Denom. $1,000. Int, is payable
in June and December. Bids may be made on an "all or none" basis.
Proposals must be accompanied by a certified check for 2% or the bonds
bid for. The approving opinion of Reed, Smith, Shaw & McClay of Pittsburgh, will be furnished the successful bidder.
(The 3500.000 public welfare and 8200.000 water issues were originally
offered at 4% int. on May 9, at which time no bids were obtained.
-V.136.
P. 4129.)
Volume 136
Financial Chronicle
Analysis of Funded and Floating Debt May 31 1933.
The actual indebtedness of the City of Pittsburgh is as follows:
Gross amount of indebtedness
$70,899,640.00
Bonded debt outstanding
$59,056,300.00
Bonds authorized, not issued:
Subway Bonds of 1919...... _$5,800,000.00
x Public Welfare Relief Bonds
of 1932
2,200,000.00
y Public Work Relief Bonds
of 1932
2,000,000.00
10,080,000.00
Netfloating debt
1.763.340.09
$70,899,640.09
Credit to be deducted from said grass indebtedness:
Bonds of said city included in said gross
bonded debt which have been purchased
by the S'nking Fund Comnission and are
held in the several sinking funds
$930.900.00
Cash held in said sinking funds for the redemption of the bonded debt of the City
last mentioned
2,004,485.12
$2,935,385.12
Net debt outstanding (which includes bonds authorized
but not issued)
$67,964,254.97
Bonds authorized but not issued:
Question No.2subway bonds (sanctioned by
electors July 8 1919)
$5,880,000.00
x Public Welfare Relief Bonds (sanctioned by
electors April 26 1932)
2.200,000.00
y Public Work Relief Bonds (sanctioned by
electors April 26 1932)
2,000,000.00
$10,080,000.00
x Note.
-16500,000 of this issue offered at this sale.
y Note.
-$300,000 of this issue offered at this sale.
Water works impr. bonds, 1933, offered at this
sale but authorized after date of above
financial statement
$100,000.00
Water bonds outstanding (incl. in above bonds outstanding) $7,511,600.00
Cash in water bond sinking fund
$286.191.09
Bonds in water bond sinking fund
44,000.00
(Included in above sinking funds.)
330,191.09
Net water debt
Schools:
Gross bonded school debt, May 31 1933
Less bond retirement fund
$7.181,408.91
22.892,637.36
1,964.021.43
Net school debt
$20.928,615.93
Last assessed valuation of taxable property in the City of Pittsburgh,
about 85% (85%) of real valuation:
Valuation on land
$586.552,850.00
Valuation on buildings
625,362.980.00
$1.211,915.830.00
4311
A.
follows: $2.000 in 1939 and 9b3,000 from 1940 to 1942. incl.- bid of
99.90 was submitted by Robinson, Webster & Gibson. of Nashville.
-BOND OFFERING.
-Sealed bids
PUERTO RICO (Government of).
will be received until 2 p.m. (Eastern standard time) on June 23 by F. LeJ.
Parker, Acting Chief of the Bureau of Insular Affairs, at Room 3040,
Munitions Bldg. Washington, D. C., for the purchase of $150,000 5%
coupon Isabela Irrigation System construction bonds, dated July 1 1933
and due $70,000. series U, on July 1 1972 and $80,000. series V. on July 1
1973. Denom. $1,000. Principal and interest (Jan. and July) are payable
at the Treasury of the United States, Washington, D. C. Proposals must
be accompanied by a certified check for 2% of the bonds bid for, payable
in New York City funds to the Chief of the Bureau of Insular Affairs.
The official call for bids refers to the authority and nature of the bonds
as follows:
The issuance or these bonds will be effected in accordance with authority
contained in Section 3 of an Act of Congress, approved March 2 1917.
entitled "An Act to provide a civil government for Puerto Rico, and for
other purposes" as amended by an Act of Congress approved March 4
1927, and in accordance with the authority of the Legislature of Puerto
Rico as specifically granted in Joint Resolution No. 12, approved July 3
1929, as amended by Act No. 26, approved April 28 1933. and as modified
by Joint Resolution of Congress, approved June 5 1933, entitled "Public
Resolution No. 10 to assure uniform value to the coins and currencies of
the United States." Under dates of May 29, and June 8 1933, the Attorney
General of the United States rendered opinions in which he passed upon the
legality of the proposed issue of bonds, copies of which will be furnished to
the successful bidder.
-The United States
Acceptance as Security for Deposits of Public Moneys.
Treasury Department authorizes the statement that bonds of the Government of Puerto Rico are acceptable at par, under the regulations of the
Treasury Department, as security for deposits of public moneys. The
Postmaster-General authorizes the statement that these bonds will be
accepted at par as security for deposits of postal savings funds. They will
also be accepted at par by the Government of Puerto Rico as security for
deposits of funds of that Government, or as security required by any of the
laws of Puerto Rico to be deposited with the Treasurer of Puerto Rico.
Tax Exempt.
-Section 3 or the Act of Congress approved March 2 1917,
as amended by the Act of March 4 1927, provides that "all bonds issued
by the Government of Puerto Rico, or by its authority, shall be exempt
from taxation by the Government of the United States, or by the Government of Puerto Rico or of any political or municipal subdivision thereof,
or by any State, Territory, or possession, or by any county, municipality,
or other municipal subdivision of any State, Territory, or possession of the
United States. or by the District of Columbia," and, under the provisions
of Section 22(b) of the Revenue Act of 1932. the term "gross income" does
not include the following, which shall be exempt under that title: (4) interest
upon (c) obligations of the United States or its Possessions.
Puerto Rican Statistics.
Net Insular Government receipts for the year ending
$12,662.359.76
June 30 1932
12,305,597.09
Net disbursements for the year ending June 30 1932
874,422.06
Cash on hand June 30 1932
Due from municipalities and school boards on short time
1,300.00
loans. June 30 1932
315,362,579.00
Assessed valuation of property. April 21 1933
61.281,101.00
Imports for the year ending June 30 1932
86,416.938.00
Exports for the year ending June 30 1932
30,678,994.54
Total indebtedness, April 21 1933
(This includes municipal bonds of Puerto Rico aggregating
$1,299,500, issued since March 4 1927, to the payment
of which the good faith of the people of Puerto Rico is
pledged, and outstanding temporary loans amounting to
$850,494.54.)
687,118.24
Balance in redemption funds on April 21 1933
Population, U. S. Census, 1920, 594,277: 1930. 669.817.
-Tax Rate per $1,000Assessed
Valuations.
Land.
Bldgs.
Budgets.
1930
$27,675,564
$26.00
$1.164.663.760
$13.00
1931
28.747,626
25.50
12.75
1.208.171,080
1932
25.057.088
23.00
11.50
1.208.266,120
1933
21,140,355
1.211,915.830
20.60
10.30
School tax, 1930 to 1933, incl., $11.75 per $1,000. Tax rate on land and
buildings reduced 20.77% since 1930.
-REPORT ON TAX
PULASKI COUNTY (P. 0. Little Rock), Ark.
Taxes Fiscal Period Ending Dec. 31.
DELINQUENCIES.
-Sheriff L. B. Branch is reported to have stated that
- more than half of the real estate in this county, which is the richest in the
Taxes Uncollected at
Close of
Current Date
State. is listed as delinquent. General tax payments are said to total
May 31 1933.
Year.
Tax Levy.
$1,115,246.88, which is $274,665.91 less than 50% of the general taxes
1932
$4,193,885.98
$3,671.842.99
$20,651,559.25
levied and due to be paid on April 10.
1931
3.093,017.98
1,906,757.12
22,954,595.65
-BONDS REMAIN
RAMSEY COUNTY (P. 0. St. Paul), Minn.
1930
2,082,720.59
846,874.16
22,648.581.94
UNSOLD.
-We are informed by the County Auditor that as yet nothing
1929
21,431,431.58
1.825,801.77
491.323.73
has been done toward the reoffering of the $400,000 issue of public welfare,
1933 Tax levy, $18,519,649.47; col. to May 31 1933. 39,906,697.80-53.49%
series A bonds. Int, rate not to exceed 6%. payable M. & N. When
1932 Tax levy, 20,651,559.25; col. to May 31 1932, 12,292,581.38-59.55%
these bonds were offered on May 1 the only bid received was rejected
PORT CHESTER, Westchester County, N. Y.
-NOTE SALE.
V. 136, p. 3206. Dated May 15 1933. Due from May 15 1934 to 1943
Edward F. Burnes, Village Clerk, reports that R. W. Pressprich & Co., of
RED BAY, Franklin County, Ala.--SPLF-LIOUIDATING LOAN
New York, have purchased an Issue of r00,000 6% tax anticipation notes.
GRANTED BY RECONSTRUCTION FINANCE CORPORATION.-Tne
dated Juno 1 1933 and due on Sept. 1 1933.
following announcement of a loan grant to this town was made public by
PORT HURON, Saint Clair County, Mich.
-BOND OFFERING.
- the R. F. C. on June 9:
Thomas H. Malloy, Commissioner of Accounts and Finance, will receive
"The Town of Red Bay, Ala., with a population of approximately 1.300.
sealed bids until 2.30 p.m. (Eastern standard time) on June 20 for the
has no public water supply system but will build one with a loan of $55,000
purchase of $73,000 not to exceed 53i% interest refunding bonds. Dated
authorized to-day by the Corporation under the provisions of Section 201
July 1 1933. Denom. $1,000. Due July 1 as follows: $6,000 from 1935
(a), paragraph 1. of the Emergency Relief and Construction Act of 1932.
to 1945, incl., and $7,000 in 1946. Interest is payable in Jan. and July.
"The municipality will establish a low-lift pumping station on Bear Creek
Principal and interest are payable at the Central Hanover Bank & Trust
and a filtering plant at the outskirts of town. Filtered water will be stored
Co.. New York. A certified check for $1,000 must accompany each
in a tank with a capacity of 100,000 gallons, from which it will be pumped
proposal. Successful bidder to furnish legal opinion and printed bonds.
-gallon elevated steel tank.
into the distribution system and into a 60,000
No objections have been raised to the project, which is designed to improve
Financial Statement.
and provide employment. The town was incorporated
living conditions
Assessed valuation, 1933
$31.572,325.00
in 1907 under the laws of Alabama.
Tax rate, 1933
12.68
"It is estimated that approximately 60 men will be employed directly
Total indebtedness (bonds)
Director
1,720.718.00
for seven months at 30 hours a week on the project, according toabout
Net reduction bonded indebtedness from 1928 to 1933
15
801,000.00
Harvey Couch. The estimated cost of materials is $35.645.
No other outstanding debt. Tax collections for last four years average
consisting mostly of cast iron pipe, and elevated steel storage tank,
carloads
85%. City of Port Iluron population. 31,361.
pumping equipment and pipe fittings, which will give employment to many
men indirectly. R. F. C. engineers estimated that the revenues, which
PORTLAND (P. 0. Portland), Chautauqua County, N. Y.
-BOND
will be derived from sale of water to private consumers, will be sufficient
SALE.
-The Bank of Brockton recently purchased an issue of $14,000
to make the project self-supporting and financially solvent and return the
5% road construction bonds, at par.
construction cosy within a reasonable time,
PORTLAND, Multnomah County, Ore.
-PROPOSED BOND ISSUE.
REEVES COUNTY WATER IMPROVEMENT DISTRICT (P. 0,
It is reported that a special election will be held on July 21 in order to
Balmorhea).T./X. ORM/NAL LOANGRANT PSCINnED-SMALLER
have the voters pass on a proposal to erect a sewage disposal plant through
GRANT AUTHORIZED BY RECONSTRUCTION FINANCE CORPOthe issuance of bonds in an amount not to exceed $6,000,000.
-The following statement was issued by the R. F. C. on June 9:
RATION.
PORTLAND, Multnomah County, Ore.
-BOND DESCRIPTION
"The Corporation to-day rescinded the loan for $40,000 to the Reeves
ADDITIONAL $180,000 OFFERED FOR SALE -The block of $120.0006%
County Water Improvement District, autnorized on Jan. 13 1933, and
republic works bonds purchased at par by William Adams, City Treasurer, as
agreed to a new loan for $20,000. Tne money was required to make the
reported in V. 136, p. 4129. is dated June 1 1933 and due on June 1 as
pairs to the district's irrigation system and it was found that only half
follows: $14,000 from 1939 to 1941 incl.; $17,000 from 1942 to 1944 incl.:
original sum was necessary for the purpose.
$20.000 in 1945 and $7.000 in 1946. The bonds are part of the issue of
In September 1932, the district's canals, dams and siphons were washed
$300,000 offered on May 31, at which time no bids were obtained. The
out or damaged by floods and it was necessary to make repairs this year so
balance of $180,000 bonds is being reoffered as follows:
that service for farmers would not be interrupted. Most of the money was
BOND OFFERING.
-George R. Funk, City Auditor, will receive sealed
used in labor payrolls."
bids until 11 a.m. on June 28 for the purchase of $180.000 6% public works
-BOND OFFERING.
RENSSELAER COUNTY (P. 0. Troy), N. Y.
bonds. Dated June 1 1933. Denom. $1,000. Due June 1 as follows:
John J. Tower, County Treasurer, will receive sealed bids until 11 a. m.
$13,000, 1946; $20.000. 1947; $23,000 from 1948 to 1950, incl. and $26,000
May 27 for the purchase of $567,200 not to
(daylight saving time) on
from 1951 to 1953 incl. Bids will be received for all or any part of the bonds.
exceed 6% interest coupon or registered general county bonds. Dated
Principal and interest, it is said, will be paid in gold at the City Treasurer's
May 1 1933. One bond for $200. others for $1.000. Due May 1 as follows:
office or at the fiscal agency of the City in New York City. The bonds
$17,200 in 1935: $25,000 in 1936 and $75,000 from 1937 to 1943 incl.
are-being issued under Authority of Chapter 344 of the City Charter. A
Bidder to name a single rate for all of the bonds, expressed in a multiple
certified chock for 5% of the bonds bid for, payable to the order of the City,
of 31 or 1-10th of 1%. Principal and interest (May and Nov.) are payable
,
must accompany each proposal. Legality approved by Storey, Thorndike.
in lawful money of the United States at the Continental Bank & Trust Co.,
Palmer & Dodge, of Boston. If delivery of the bonds is desired outside of
New York. A certified check for $11,000, payable to the order of the
Portland, same will be made at the purchaser's,expense.
County, must accompany each proposal. The approving opinion of Clay,
PORTLAND, Multnomah County, Ore.
-BOND ELECTION.
Dillon & Vandewater, of New York, will be furnished the successful bidder.
-It
reported that an election will be held on July 21 in order to pass on the
Is
-BONDS DEFEATED.s' ROCKFORD, Winnebago County, 111.
proposed Issuance of $15.000 in hydro-electric plant bonds.
At an election held on June 5 a proposal to issue $450,000 bonds was rejected
PORTSMOUTH, Rockingham County, N. H.
by a count of 7,530 to 6,130
-TEMPORARY
-Robert M. Bruce, City Auditor, reports that Brown Bros. HarriLOAN.
ROLETTE COUNTY UNION SCHOOL DISTRICT NO. 19 (P. 0.
-month's revenue
man & Co. or Boston purchased on June 9 a $50,000 3
Rola). N. Dak.-CERTIFIcATPS NOT SOLD -The $1500 issue of
anticipation loan at a 3.48% discount basis. Only one bid was received
-was not
certificates of indebtedness offered on May 20-V. 136, p. 3392
at the sale.
sold as no bids were received. Interest rate not to exceed 7%, payaMe
POTTAWATTAMIE COUNTY (P. 0. Council Bluffs), Iowa.semi-annually. Dated May 20 1933. Due on May 20 1935.
BOND SALE -We are informed by Arthur C. Moran, Chief Clerk to the
-BOND
'/FYI (Pi. 0. Port Chester), Westchester County, N. Y.
County Treasurer, that an $80,000 issue of funding bonds has been pur-Frank M. Lowenstine, Town Clerk, will receive sealed bids
OFFERING.
chased by the Council Bluffs Savings Bank of Council Bluffs.
until 3 p.m. (daylight saving time) on June 21 for the purchase of $300,000
-The S11.000 6%
PULASKI, Giles County, Tenn.-BONI) SALE.
not to exceed 6% interest coupon or registered emergency relief bonds.
Dated July 1 1933. Denom. $1,000. Due $60,000 on July 1 from 1934 to
refunding bonds offered on June 12-V. 136. p. 3943-were awarded at a
1938. incl. Principal and interest (Jan. and July) are payable at the
price of par to the American National Co. of Nashville. Due July 1 as
4312
Financial Chronicle
First National Bank & Trust Co., Port Chester, or at the Chase National
Bank, New York, at holder's option. Bidder to name a single rate for all
of the bonds, expressed in a multiple of % of 1%. 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 Reed, Hoyt & Washburn, of
New York, will be furnished the successful bidder.
FinancialStatement.Assessed valuation of all real estate, personal and all other
taxable property for year 1933
$147,278,629.00
Estimated value of all taxable property (about 11% above
assessed valuation)
163,479,278.00
Total indebtedness of every character, incl. current bills_ _ _
1,325,116.85
Bond indebtedness, including present issue
1.217,500.00
All bonds and interest on bonds previously have been promptly paid.
Population of Town of Rye, about 35,000.
SADDLE RIVER TOWNSHIP (P.0. Saddle River) Bergen County,
N. J.
-BOND OFFERING.-Joseph Gardiner, Township Clerk, will
receive sealed bids until 8 p.m. (daylight saving time) on June 26. for the
purchase of$127.000 coupon or registered water bonds, divided as follows:
$106,000 5% series B bonds. Due July 1 as follows: $3,000 in 1937;
86,000, 1938: $7,000 in 1939 and $9,000 from 1940 to 1949, incl.
21,0006% series A bonds. Due July 1 as follows: $6,000 from 1934 to
1936, incl. and $3,000 in 1937.
Each issue is dated July 1 1933. Denom. $1,000. Principal and int.
(January and July) will be paid in lawful money of the United States. No
more bonds are to be awarded than will produce a premium of $1,000 over
the amount of each issue. A certified check for 2% of the bonds bid for,
payable to the order of the Township, must accompany each proposal. The
approving opinion of Reed, Hoyt & Washburn of New 'fork, will be
furnished the successful bidder. (On Oct. 10 1932 the Township offered
$163,000 not to exceed 69' interest bonds, at which time no bids were
submitted. Later it was said that an exchange had been made for maturing obligations.)
ST. CLAIRSVILLE. Belmont County. Ohio.
-PROPOSE DIVERSION OF $10.000 FOR BOND RETIREMENT.
-The City Council has
decided to seek legislative authority to divert $10,000 from the electric
lignt fund to the bond retirement fund in the water works department.
The lignt fund has a balance of $26,000 which must be used exclusively for
lights and plant maintenance, unless otnerwise authorized by the State
Legislature, it is said. City Solicitor D. A. Bond has stated that unless
tne proposed action is made possible, it will be necessary to increase taxes
by $5 per $1,000 of assessed valuation in order to pay off maturing bonds.
He also pointed out that the valuation of property has decreased by about
12.000,000 within the last five years and that the city is collecting only 86%
of the tax levy.
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
-BOND OFFERING.
Sealed bids will be received until 1.30 p.m. on July 26. by W. H. Borgen,
County Auditor,for the purchase of an issue of $1.000,000 431%, poor relief
bonds. Denom. $1,000. Dated July 1 1933. Due $250.000 from July 1
1935 to 1938, incl. Prin. and int. (J. & J.) payable in lawful money at the
Irving Trust Co. in New York, or at any other place selected by the purchaser. Said bonds to be issued under authority of Chap. 43, Minn. Laws,
1933. to fund overdraft in the poor fund for 1932 and 1933, and to provide
additional funds for poor relief in 1933. The sale or said bonds may be at
a sum below the par value thereof, with accrued interest to the date of
delivery, but not at a price to cost the county more than 69' interest,
payable semi-annually, as authorized by Chap. 131, Laws of Minnesota
for 1933, and under Chap. 338, Laws of Minnesota for 1933. Said bonds
to be paid for within 10 days after notice that the same are ready for delivery
and the said delivery and payment to be made at the County Treasurer s
office. If payment for or delivery of said bonds is desired at any other
place, it shall be at the expense of the buyer. Blank bond forms will be
furnished by the County, at its own expense, and no allowance will be
made for the same, if furnished by the successful bidder. The approving
opinion of Thomson, Wood & Hoffman of New York, will be furnished.
A certified check for 2% of the par value of the bonds, payable unconditionally to the County Treasurer, must accompany the bid. (On May 15
the county offered for sale without success an issue of $1.500,000 poor relief
bonds
-V. 136, p. 3570.,
ST. LOUIS COUNTY (P. 0. Clayton), Mo.-BO/V
.
)377=77e
6900,000 issue of road bonds offered for sale on June 14-V. 136. p. 4129
was awarded to a syndicate composed of the Harris Trust & Savings Bank
of Chicago, the Boatmen's National Co., the Mississippi Valley Co., Stix
& Cn.and G.H.Walker & Co.,all of St. Louis,as 4%a,at a price of 100.139,
a basis of about 4.49%. Denom. $1.000. Dated March 1 1933. Due
on March 1 as follows: $10.000, 1938: $15,000, 1939: $20,000, 1940:
$25.000. 1941: $30,000, 1942; 135.000, 1943: $40,000, 1944; $4o,000, 1945;
150,000, 1946: 155.000, 1947: 160.000, 1948: $70,000, 1949: 180.000, 1950;
$175,000, 1951. and $190,000 in 1952. Prin. and Int.(M. & S.) payable
at the First National Bank in St. Louis. The approving opinions of William
H. Bray. County Counselor, and Benj. H. Charles of St. Louis will be
furnished the purchaser.
The following is an official report of the bids received:
Name of BidderMt. Rate. Amt. Bid.
Guaranty Co. of New York; Mercantile-Commerce(
Co., St. Louis: Stern Bros. & Co., Kansas City;?4%
1889.019.10
Brown Bros. Harriman & Co., Chicago, and Smith, 431%
901,601.10
Moore & Co., St. Louis
Boatmen's National Bank, Harris Trust & Savings(4% % $878,130.00
Bank, Mississippi Valley Trust Co., Cl. H. Walker.? 414% *901.259.10
& Co.,and Stix & Co
918,531.00
(431%
* Successful bid.
Financial Statement (As Officially Reported).
Bonds issued under Article 5, Chapter 42 R. S. of Mo. 1929, and authorized by election held on June 23 1928. Election carried by more than twothirds majority.
Estimated actual value of County
$450,000,000.00
Total Bonded Indebtedness of County (voted)
11,764,000.00
Floating Debt (Outstanding Warrants), May I 1933
290,445.18
Total County Bonds Outstanding, May 1 1933
10,864,000.00
Cash on hand in Sinking Funds, May 1 1933
710,876.27
Cash on hand in General Revenue Funds, May 1 1933-15,597.39
Population 1930 Census
211,593
Statement of Tax Collections and Uncollected Taxes for years 1929,
1930. 1931 and 1932, as of February 28th, following:
County Revenue Tax.
Total
Amount
Amount
Current
Back
Current and
Current
Current
Taxes
Taxes
Taxes
Back Taxes
Taxes
Year
Levied
Collected
Uncollected
Collected
Collected
1929 $807,766.71 $168,321.29 $639,445.42 $119,275.86 $758,721.28
1930
882.345.58 200,072.60 682,272.98
146,255.95
828,528.93
1931
906,567.51
221.354.26
685,213.25
168,129.60 853,342.85
1932
883,138.14
246,080.94 637,057.20
801,630.10
164,572.90
Road Bonds Tax ($10,000.000.00 Issue).
1928
1929 1345,969.96
$72,137.70 1273,832.26
$273,832.26
1930
378,026.60
$40,308.19
332,589.40
85,745.39
292,281.21
1931
413,061.25
374,041.39
101,190.53 311,870.72
62,170.67
1932
403,620.17
70,561.52 353,900.64
120,281.05
283,339.12
Note.
-The above figures are given as of February 28th each year, being
date of Collector's Annual Report as required by law.
SALEM, Essex County, Mass.
-TEMPORARY FINANCING.
-The
City Council has accepted offer of a $1,000,000 loan this year from the
National Shawmut Bank of Boston and the Bank of Manhattan of New
York. Of this amount $600,000 will be divided as follows: $300,000 due
Nov. 7 at 5% discount; $100.000 due respectively Nov. 17, Dec. 5 and
Dec. 12, the interest rate to be no higher than that which the city will be
able to get in the money market. The first $200,000 will be used to retire
a loan on June 15. About 40% of the entire loan is to be deposited in the
Bank of Manhattan, a similar amount in the Merchants Bank of Salem
and the remainder wherever the city sees fit to place it.
SALEM, Essex County, Mass.
-TEMPORARY LOAM-The Pequot
Mills, a local industry, has loaned the city $100,000 at 5% interest, payable
on Nov. 27 1933, for the purpose of meeting municipal payrolls and other
current obligations.
SAN FRANCISCO (City and County), Callf.-BOND ELECTION.
-At a special election to be held on June 27 the voters will pass on a proposal to issue $3,000,000 in coupon or registered school house bonds of
1933. Interest rate is not to exceed 69'. payable semi-annually. Denom.
$1,000. Dated Sept. 1 1933. Due $75,000 from Sept. 1 1934 to 1973
June 17 1933
incl. Prin. and int. (M. & S.) payable at the office of the Treasurer othe City and County or at the fiscal agency in New York. (This sup
plements the report given in V. 136 p. 3760.)
SCHENECTADY,Schenectady County, N. Y.
-BOND OFFERING.
Leon G. Dibble. City Comptroller, will receive sealed bids until 12 m.
(daylight saving time) on June 26 for the purchase of $400,000 not to exceed 6% interest coupon or registered bonds, divided as follows:
$200,000 series A general municipal bonds. Due on July 1 as follows:
$22,000 from 1935 to 1942 incl. and $24,000 in 1943.
200,000 series B general municipal bonds. Due July 1 as follows: $22,000
from 1935 to 1942 incl. and $24.000 in 1943.
Each issue is dated July 1 1933. Denom.$1,000. Principal and interest
(January and July) are payable in New York City and Schenectady. Bidder
to name a single interest rate for all of the bonds, expressed in a multiple of
31 or.1-10 of 1%. A certified check for $8,000. payable to the order of the
city. must accompany each proposal. The purchaser or purchasers will be
furnished with the opinion of Reed, Hoyt & Washburn of New York City
that the bonds are valid and binding obligations of the city of Schenectady,
for the payment of which a general ad valorem tax may be levied on all the
taxable property of the city without limitation of rate or amount.
SCHENECTADY, Schenectady County, N. Y.
-NOTES NOT SOLD-Leon G. Dibble, City Comptroller, reports that no bids were obtained
at the offering on June 7 of$200,000 not to exceed 6% interest bond anticipation notes, dated June 8 1933 and payable on Oct. 8 1933 at the Chase
National Bank, New York, or at the City Treasurer's office, at holder's
option. Offering comprised $100,000 emergency home relief and 1100.000
emergency work relief notes.
At an offering on June 15 of $340,000 certificates of indebtedness, no bids
were submitted-V.136, p. 4129.
SCOTCH PLAINS TOWNSHIP(P.O.Scotch Pla'ns), Union County
N. J.
-BOND OFFERING.
-Charles H. Roberts, Township Clerk, will
receive sealed bids until 8 p. m.(daylight saving time) on June 23 for the
purchase of 1125,500 6% coupon or registered bonds, divided as follows:
$93,500 assessment bonds. Due Sept. 15 as follows: $9,500 in 1933;$16,000
in 1934, and $17,000 from 1935 to 1938 inct.
32,000 general improvement bonds. Due Sept. 15 as follows: $2,000 from
1933 to 1942 incl. and $3,000 from 1943 to 1946 incl.
Each issue is dated Sept. 15 1932. Principal and interest (March and
Sept. 15) are payable at the First State Bank, Scotch Plains. The amounts
necessary to be raised through the sale of the issues are $92.565 and $31,680, respectively. A certified check for2% of the bds. bid for, payable to the
order of the Township, must accompany each proposal. The approving
opinion of Reed, Hoyt & Washburn, of New York, will be furnished the
successful bidder. (The above bonds were previously offered on Nov. 29
-V. 135. p. 4071.)
1932, at which time no bids were obtained.
-BONDS VOTED.
-At the elecSHEFFIELD, Colbert County, Ala.
-the voters approved the issuance
tion held on June 5-V. 136, p. 3393
of the $150,000 in municipal electric plant bonds by a count of 659 "for"
and 37 "against," according to the Nashville "Banner" of June 6.
-BOND OFFERING.
SHELBY COUNTY (P. 0. Shelbyville), Ind.
-Claude X. Mohr, County Auditor, will receive sealed bids until 10 a.m.
on July 3, for the purchase of $18.000 not to exceed 69' interest poor
relief bonds. Dated July 3 1933. Denom. $500. Due $1.600 on May
and Nov. 15 from 1934 to 1939, incl. Principal and interest(M.& N. 15)
will be payable at the County Treasurer's office. A certified check for
3% of the bonds bid for, payable to the order of the Board of County
Commissioners, must accompany each proposal.
The bonds failed of sale at a previous offering on June 6-V. 136, p.3579.
-REPORT ON NOTE
SOUTH CAROLINA,State of(P.O. Columbia).
ISSUANCE.
-The following statement was recently issued by J. H.
Scarborough, State Treasurer, regarding the proposed issuance of schoolterm deficit notes.
-V. 136. p. 3754:
"There will be issued approximately $2,600,000 of State notes dated June
1 1933, and due June 1 1934. These notes are for the payment of State
aid to counties 1932-1933, the Vocational Education for that period and for
transportation for the same period.
"The revenues for paying these notes are included in the 18 months'
budget which the Legislature set up for that period. On a conservative
estimate by the Chairman of the Tax Commission, the Comptroller-General
and State Treasurer, revenues were estimated for the 18 months' period
at $10,225,000. The Appropriation Act carried a little less than nine
million in its total. The differmce between the Appropriation Act and
the estimated revenues will be used to take up the deficit of 1932 operation.
This amount of notes of approximately $2,600.000 is included in the revenue
of $10,225,000. The revenue to date justifies the estimate of$10,225,000
for that period.
"In addition to the notes there will be issued 11321,000 in notes. This
.
is also a State aid to counties, including teacher salaries, vocational education and transportation for an apparent deficit in the 1932-1933 appropriation. These notes will be dated June 1 1933, and have a maturity date of
May I 1935. There is set up for the retirement of these notes the income
tax accruing in 1934 and payable on March 15 1935. The estimate of the
income for that period justifies the issuing of this amount of notes.
State."e notes all carry the full faith and credit and taxing power of the
-BONDS NOT SOLD.
SOUTH EUCLID, Cuyahoga County, Ohio.
The $191,192.50 6% special assessment improvement bonds, comprising
four separate issues, due serially from 1934 to 1943 incl., which were offered
on June 12-V. 136, P. 3944, failed of sale, as no bids were obtained.
-BONDS VOTED.
-At the election
SPENCER, Clay County, Iowa.
held on June 6-V. 136, p. 3761-the voters approved the issuance of
$60,000 in municipal hospital bonds. It is stated by the City Clerk that
no date of sale has been set for these bonds.
SPOKANE COUNTY SCHOOL DISTRICT NO.81 (P. 0. Spokane),
-The County Treasurer is reported to
Wash.
-WARRANTS CALLED.
have called for payment at his office on June 8 various school warrants up
including No. 306,724.
to and
SPRINGFIELD TOWNSHIP (P. 0. Chestnut Hill), Pa.
-BOND
-H. W. Billingsley, Secretary of the Board of Commissioners
OFFERING.
will receive sealed bids until 7 p. m. (Eastern Standard Time) on July 5
for the purchase of $65,000 3%, 4, 431 or 4M % coupon Township bonds.
Dated June 15 1933. Denom. $1,000. Due June 15 as follows: $10,000
in 1935; $4,000 from 1936 to 1941 incl. and $3,000 from 1942 to 1948 incl.
Bidders to name one of the above rates for all of the bonds. Bonds are
registerable as to principal only. Bonds and interest thereon, it is said, will
be payable without deduction for any tax or taxes, except succession or
inheritance levies, now or hereafter levied or assessed thereon, or on the
debt secured thereby, under any present or future law of the Commonwealth
of Pennsylvania, all of which taxes the Township assumes and agrees to
ay. A certified check for 2% of the bonds bid for, payable to Hugh Eble.
Treasurer, must accompany each proposal. The bonds are being issued
subject to the favorable legal opinion of Townsend, Elliott & Munson, of
Philadelphia.
-BOND ISSUE OPPOSED.
STARKVILLE,Oktibbeha County, Miss.
-The Mississippi Power Co. has filed a complaint in the Federal Court
seeking to invalidate the $25,000 power plant construction bond issue voted
by the City Council on June 6. The company alleges that a previous order
for $102,000 of such bonds "had not been receipted."
STEUBENVILLE, Jefferson County, °Mo.-BOND OFFERING.
I. A. Cartledge, City Auditor, will receive sealed bids until 12 m. on June
30 for the purchase of $108,075 not to exceed 6% interest bonds, divided
as follows:
174,800 city portion water works impt. bonds. Due on Oct. 1 as follows:
$3,003 from 1934 to 1957 incl. and $2,600 in 1958.
33,475 special assessment portion water works impt. bonds. Due Oct. 1
as follows: 113,475 in 1934, $3,000 from 1935 to 1940 incl., and
$4,000 from 1941 to 1943 incl.
Each issue is dated July 1 1933. Principal and interest (April and
October) are payable at the Peoples National Bank, Steubenville. A
certified check for 1% of the amount bid, payable to the order of the City
Treasurer, must accompany each proposal.
-BOND OFFERING.
SUFFOLK COUNTY (P.O. Riverhead), N. Y.
Ellis T. Terry, County Treasurer, will receive sealed bids until 2 p. m.
(Eastern standard time) on Juno 22 for the purchase of $150,000 not to
exceed 6% interest coupon or registered emergency relief bonds. Dated
July 11933. Denom. $1,000. Due $15,000 on July. 1 from 1934 to 1943
incl. Bidder to name a single rate for all of the bonds, expressed in a
4
4
Volume 136
-1
Financial Chronicle
multiple of 3i, or 1-10 of 1%. Principal and interest (January and July)
are payable in lawful money of the United States at the County Treasurer's
office or at the Irving Trust Co., New York,at holder's option. A certified
check for $1,000. payable to the order of the county, must accompany
each proposal. The approving opinion of Clay, Dillon & Vandewater of
New 'York will be furnished the successful bidder.
-It
-BONDS NOT SOLD.
TENNESSEE, State of (P. 0. Nashville).
is stated by Idalee Richardson, Assistant Secretary of the Funding Board,
that no bids were received for the $10,000,000 funding bonds offered on
June 15-V. 136, p. 3944. The State has been active for some time in
obtaining bids for these bonds from local banks of the State and disposal
of virtually the entire issue is understood to be assured. After the unsuccessful offering the Funding Board adopted a resolution to continue
their efforts to negotiate the sale of the bonds privately. Bidders were
requested to name the rate of interest, not to exceed 6%. Maturities were
also to be stipulated, not longer than 10 years from date.
RECONSTRUCTION FINANCE CORPORATION AGREES TO LOAN
-The following Washington dispatch to the
$10.000,000 TO STATE.
Memphis "Appeal" of June 4, reports on the agreement of the R. F. C.
to loan this State $10,000,000 with which to pay off its current operating
expenses:
The lonr pending loan by which the State of Tennessee is to receive
$10,000,000 with which to pay the back salaries of school teachers, the
overdue bills of various contractors and business men and other obligations
has been approved by the R. F. C. Great credit for the arrangement for
the loan must be given to Senator McKellar and Senator Bachman, who
have been the intermediaries here through which the agreement has been
perfected. The agreement was made between Governor McAlister, the
funding board of Tennessee and the R. F. C. at Washinton. It is of far
reaching importance to the people of Tennessee.
Banks to Borrow.
Under the agreement, the banks in Tennessee have agreed to borrow
$10,000,000 from the R. F. C. As collateral they will offer $10.000.000
of bonds recently authorized by the State Legislature to pay the floating
-year bonds, and have
Indebtedness of Tennessee. The bonds are 6% 10
the guarantee, after two years, of the State tax on gasoline as a sinking
fund. It is estimated that this tax will retire the entire indebtedness within
five years.
Governor McAlister and members of the funding board have made two
trips to Washington on this matter. They conferred with the R. F. C.
Senators McKellar and Bachman have worked incessantly in an effort to
arrange the matter for the benefit of their State. It is especially gratifying
to those who negotiated the loan that the school teachers of the State, who
are in many instances in arrears as much as 12 months, are to be paid.
Other State obligations of a pressing nature will be paid at an early date.
The final agreement was entered into to-day between Chairman Jones
and Senator McKellar.
TEXAS, State of (P. 0. Austin).
-PROPOSED CONSTITUTIONAL
-The proposed
AMENDMENT CONTAINS RESTRICTIVE FEATURES.
amendment to the State Constitution, to be voted on at the election on
Aug. 26-V. 136. p. 4123
-authorizing the issuance of $20,000,000 of State
bonds for general unemployment relief, contains restrictions which would
prevent the sale of the bonds should they be issued, according to bond
attorneys. It is pointed out that no sinking fund may be lawfully provided
adequate to retire them at maturity, and a source other than a tax on real
property must be found to provide funds for the interest thereon and their
redemption.
-It is
THE DALLES Wasco County, Ore.
-BONDS NOT SOLD.
reported by the City Recorder that the $15,000 issue of not to exceed 6%
semi-annual fire equipment bonds offered for sale without success on
March 3-V. 136, p. 2467-still remains unsold. Dated Jan. 1 1933. Due
from Jan. 1 1935 to 1939.
TOLEDO, Lucas County, Ohio.
-The
-BONDS AUTHORIZED.
City Council on June 7 adopted several ordinances providing for the
issuance of $297.000 not to exceed 6% interest bonds, divided as follows:
$155,000 water works bonds. Due Oct. 1 as follows: $6,000 from 1934
to 1953 incl. and $7,000 from 1954 to 1958 incl.
112,000 water front bonds. Due Oct. 1 as follows: $11,000 from 1934
to 1942 incl. and $13,000 in 1943.
30,000 police and fire alarm bonds. Due $2,000 on Oct. 1 from 1934
to 1948 incl.
Each issue will be dated July 11933. Denom. $1,000.
-Christian
-BOND OFFERING.
TONAWANDA, Erie County, N. Y.
W. Schulmeister, City Treasurer, will receive sealed bids until 8 P. in. on
June 19 for the purchase of $47,000 not to exceed 6% interest coupon
bonds, divided as follows:
$25,000 improvement bonds. Due $1,000 on July 1 from 1939 to 1963 incl.
22,000 improvement bonds. Due $1,000 on July 1 from 1942 to 1963 incl.
Each issue is dated July 1 1933. Denom. $1,000. Rate of interest to
be expressed in a multiple of ti of 1%. Principal and semi-annual interest
will be payable at the Chase National Bank, New York. A certified check
in amount of $1,000, for each issue bid for, payable to the order of the
City Treasurer, is required. The approving opinion of Thomson, Wood &
Hoffman, of New York, will be furnished the successful bidder.
(A $22,000 impt. issue, dated July 1 1932 and due $1,000 annually from
1941 to 1962 incl. was previously offered on Nov. 14 1932, at which time
-V. 135.
no bids were obtained. A $50.000 relief issue also failed of sale
p.3892).
-FINANCIAL STATEMENT.
TROY, Rensselaer County, N. Y.
The following report on the financial status of the city, as measured by the
amount of its indebtedness and the volume of taxes collected, has been
issued in connection with the saloon June 9 of $1,233,700 4 ti% bonds to
Lehman Bros. of New York and associates, at 100.42, a basis of about
4.44%-V. 136. p. 4130.
Financial Statement (June 1 1933)
$4,991.504.00
General funded debt
.33
Water debt
1.045.000.00
Temporary improvement notes
400,000.00
Emergency relief certificates of indebtedness
19,000.00
Public improvement certificate of indebtedness
Anticipation.of taxes and revenues:
-1931 and 1932
Certificates of indebtedness
$196.000.00
Taxes
187,000.00
Revenues
$383,000.00
164,000.00
1933
71.794,085.00
Real estate assessed valuation for 1933
3,584.309.00
Franchise assessed valuation for 1933
28,000.00
Personal property assessed valuation for 1933
75.406.394.00
Total assessed valuation for 1933
72.756
Population (1930 census)
$911,000.00 of the proposed 31,233.700.00 bond issue will not affect the
debt margin as this sum is to fund short-term loans.
Tax Collections.
Amount Collected
to June 1
Tax Levy. Respective Years. % Coll.
Year83,634.854.09 $1,782,075.27 49.0
1928
3.588,417.87
48.9
1,755,675.92
1929
3.711.831.59
47.7
1,770,034.51
1930
3,737,735.02
1.768,036.23 47.3
1931
3,923,696.83
1,805,447.03 46.0
1932
3.826.867.64
1,666,767.74
43.3
1933
Delino. Taxes % Dana. Bal. or Delin.
Taxes to
Taxes Outst'y
Bid in by
Tax Levy. June 1 1933.
the City.
Tax Levy.
Year1.33
$339.326.23
$3.634,854.09 $48,627.48
1928
1.30
42,480.93
3,588,417.87 46,802.60
1929
54,256.42
1.69
3,711.831.59 63.019.84
1930
67.781.52
2.13
79.849.26
3.737,735.02
1931
3.82
127,215.58
3,923,696.83 150,012.39
1932
The tax levy figures include the property tax levied by the city, the
property tax levied by the county on property within the city, the water
ends
tax and a few miscellaneous items. The fiscal year begins Jan. 1 and July.
Dec. 31. Taxes are payable in two installments, in January and in
sale of unpaid taxes for the current year is held on Nov. 15. Taxes
The
not purchased by outside bidders are bid in by the city.
-BOND ELECTION.
-It 18
TUSCUMBIA, Colbert County, Ala.
reported that an election will be held on July 10 in order to vote on the proposed issuance of power plant bonds.
4313
-BONDS NOT SOLD.
UNION CITY, Hudson County, N. J.
Wilfred G. Turner, City Clerk, reports that no bids were obtained at the
offering on June 15 of $143,000 6% coupon or registered bonds, comprising
issues of $86,000 improvement and $57,000 assessment obligations. -Dated
July 1 1933 and due serially on July 1 from 1934 to 1947 incl.-V. 136.
p.3761.
-The Wale of
-BOND SALE.
UNIONTOWN, Fayette County, Pa.
$60.000 4% coupon funding bonds offered on March 27, at which time
no bids were obtained-V. 136. p. 2286. has since been sold privatelY.
Dated May 1 1933 and due $30,000 on May 1 in 1938 and 1943.
-BANK CLOSING
VAN BUREN COUNTY (P. 0. Paw Paw), Mich.
FORCES DELAY IN BOND PAYMENT-John W. Swoop, County
Treasurer, advises under date of June 14 that it has been neenkagry to delay
Payment of $79,400 bond principal which was due on May 1 1933 because
of banking restrictions. Mr. Swoop states that 336,900 of that amount
will be available on June 20 1933 through current tax collections and release of impounded bank balances. All interest charges have been paid
when due.
-CERTIFICATE SALE.
VIRGINIA, State of (P. 0. Richmond).
The $1,000.000 issue of coupon or registered certificates of indebtedness
-was awarded to the N. W.
offered for sale on June 15-i. 136, p. 4130
Harris Co.. Inc., of New "I ork, as 330, at a price of 101.067. a basis of
about 3.05%. Denom. 31.000. Dated July 1 1933. Due on July 1 1939.
Prin. and int. (J. & J.) payable at the office of the State Treasurer. Legal
opinion by Thomson, Wood & Hoffman of New York.
CERTIFICATES OFFERED FOR INVESTMENT-The successiul
bidder offered the above certificates for public subscr:ption at prices to
yield 2.95%. The certificates are said to be legal investment for savings
banks and trust funds in New York State.
-WARRANTS
WALLA WALLA, Walla Walla County, Wash.
-It is reported that a total of $80,000 in irrigation and school
CALLED.
district warrants was called for payment on June 7 by R. M. Thompson,
County Treasurer.
-BOND OFFERING.
WAPELLO COUNTY (P.O. Ottumwa),Iowa.
It is reported that bids will be received until 2 p. in. On June 19 by Guy
for the purchase a a $49,000 issue offunding
Kitterman, County Treasurer,
bonds. Due from 1935 to 1939. Printed bonds and the opinion of Chapman & Cutler of Chicago will be furnished.
-PROWARREN SCHOOL DISTRICT, Warren County, Pa. plans
-The Board of School Directors is making
POSED BOND ISSUE.
-year bonds In accordance with the pro454% 1 to 10
to issue $75,000
that school
visions of an Act passed by the State Legislature providing 8% of such
districts may issue bonds secured by uncollected taxes up to
taxes.
-OFFERED.
-BONDS RE
WATERBURY, New Haven County, Conn.
-An issue of $500,000 5% coupon or registered funding bonds, previously
bids were obtained-V.136, p. 3021offered on April 25. at which time no
be cons being re-offered for award on June 21. Bids in this instance will
to
sidered for the bonds to bear interest at 534%. Sealed offers, addressed
John P. Fitzmaurice. City Clerk, will be received until 7 p.m.(Eastern
Denom.
time) on June 21. .Bonds bear date of May 15 1933. incl. and
standard
31.000. Due May 15 as follows: $10,000 from 1934 to 1943. Nov. 15)
340.000from 1944 to 1953, incl. Principal and interest(May andthe Manwill be paid in lawful money of the United States at the Bank of
of
hattan Co., New York. This institution will supervise the preparation
the bonds and certify as to their genuineness. A certified check for 1%
of the City Treasurer, is required.
of the issue bid for, payable to the order
Boston,
The approving opinion of Storey, Thorndike, Palmer & Dodge, of
will be furnished the successful bidder.
-BONDS WITHDRAWN
Richmond), Ind.
WAYNE COUNTY (P. 0.
-W.Howard Brooks, County Auditor, reports that the issue
FROM SALE.
was scheduled for sale
of 3144,000 6% township poor relief bonds which the market, on account
-was withdrawn from
on June 17-V. 136, p. 3578
of 1933. Bond
changes made in the bond law by the General Assemblyrefunding bonds
of
attorneys, it is said, will not approve any issues other than
be dated
Issued prior to Aug. 8 1932. The issue announced for sale was to to 1941
June 15 1933 and mature $9,000 on May and Nov. 15 from 1934
incl.
-NOTICE OF PAYMENT
WAYNE COUNTY (P. 0. Detroit), Mich.
BONDS.
OF INTEREST CHARGES AND REFUNDING OF MATURED
Auditors, has
William H. Green Jr., Chairman of the Board of County
be paid in
announced that May 1 1933 interest on Covert road bonds will exchanged
cash and that the bonds which matured on that date will be same sethe
by the County Treasurer for refunding call bonds bearing
call, in
curity and rates of interest and maturing within 10 years, or at
Commission of
accordance with the plan approved by the Public Debt First National
The bonds and interest were to be payable at the
Michigan.
Authority
Bank, Detroit, and at the Union Guardian Trust Co., Detroit.
Public
for refunding of the bonds is provided for under Act No. 39 of the
session).
Acts of 1932 (extra
-SEEKS EXTENSION OF BOND
WEEHAWKEN, New Jersey,
-Holders of $131,000 bonds which mature on Sept. 15 1933
MATURITY.
obligations, acare being asked to subscribe to a long-term renewal of the further stated:
which
cording to the June 13 issue of the "Jersey Observer,"six months extension
bonds originally matured March 15, but a
"The
Commission
was agreed to by all the holders. The State Sinking Fund night that
holds $50,000 worth of the paper and Bergmann declared lastSeptember.
agreed to the re-purchase of these holdings in
the Commission has
rate will
The bonds at present pay 6% interest, but whether or not this have it
to
apply to the new bonds is uncertain. Efforts will be made about half
that he had interviewed
reduced. The committeeman said
Septemof the holders and expressed optimism that all would buy back in
ber."
N. C.
WEST ASHEVILLE (P. 0. Asheville), Buncombe County,
-It is reported that at a meeting held
NOTE ISSUANCE AUTHORIZED.
Council passed a resolution authorizing the issuance
on June 1 the City
of $25,000 in tax anticipation notes, for the purpose of meeting the payrolls of the city for the remainder of the fiscal year. The money will be
been
secured from the Board of Financial Control, after the issue has
approved by this body and the Local Government Commission.
-BOND SALE
WEST FAIRVIEW, Cumberland County, Pa.
block of 31.600 bonds of the 33,200 4% funding issue approved by the
Pennsylvania Department of Internal Affairs on June I , has been sold
locally.
-Charles
-BOND OFFERING.
WESTFIELD, Union County, N. J.
saving
Clark, Town Clerk, will receive sealed bids until 8 p.m. (daylightcoupon
26, for the purchase of $511,000 43L 5, 53't or 5Si%
time) on June
or registered bonds, dividend as follows:
3476,000 general improvement bonds. Due April 1 as follows: 310.000
from 1934 to 1943, incl..; $12,000. 1944 to 1952; 313.000 in 1953
and $15,000 from 1954 to 1970. inclusive.
35.000 assessment bonds. Due April 1 as follows: $4,000 from 1934 to
1938, incl. and $3.000 from 1939 to 1943, inclusive.
Each issue is dated April 11933. Principal and interest (April and Oct.)
payable in lawful money of the United States at the Westfield Trust Co.,
are
Westfield. No more bonds are to be awarded than will produce a premium
of 31,000 over the amount of each issue. 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 Reed. Hoyt & Washburn, of New
York, will be furnished the successful bidder. The Peoples Bank & Trust
Co. of Westfield, will supervise the preparation of the bonds and certify
as to their genuineness
WEST KITTANNING (P. 0. Kittanning), Armstrong I...ounty,
-0. A. Bowser, Borough Secretary, will rePa.
-BOND OFFERING.
ceive sealed bids until 8 p. m. (daylight saving time) on June 20 for the
of $45,000 5% coupon water bonds. Dated July 11933. Denom.
purchase
$500. Due July 1 as follows: $500 from 1934 to 1938 incl.' $1,500,
.
1939 to 1943: 32.000. 1944 to 1953, and $1,500 from 1954 to 1963 Incl.
Bonds are registerable as to principal only. Int. is payable in J. & J.
A certified check for 2% of the amount bid for, payable to the order of
the Borough Treasurer, must accompany each proposal. The issue was
e pon Tur 1 by the Pennsylvania Department of Internal Affairs
.
ppmci 4i3
t
-RENEWAL OF $1,338,WEST NEW YORK, Hudson County, N. J.
-The Board of Commissioners
000 MATURING BONDS AND NOTES.
on June 13 ordered the renewal of $1,338,000 tax anticipation bonds and
4314
Financial Chronicle
notes maturing in the near future, reports the "Jersey Observer" of the
following day. The total includes 3763.000 tax revenue bonds of 1932.
$,350,000 tax revenue bonds of 1931. 3125.000 tax anticipation notes of
1933 and $100.000 tax revenue bonds of 1930.
WESTON, Middlesex ounty, Mass.
-TEMPORARY FINANCING.
-The town has borrowed $40,000 from the Boston Safe Deposit & Trust
Co. in anticipation of tax collections and other receipts. The money is
re-payable on Nov. 22 1933 and was obtained at a discount basis of 1.33%.
plus a premium of $3. Tenders for the loan were as follows:
BidderDiscount Basis.
Boston Safe Deposit & Trust Co. (plus $3 premium)
1.33
Stone & Webster and Biodget Inc
2.00
Merchants National Bank
2.23
G. M.
-P. Murphy & Co
2.35
Rutter & Co
2.40
First of Boston Corp
2.48
Faxon,(lade & Co
2.63
Blake Bros
2.84g
WEST SENECA (P. 0. Ebenezer) Erie County, N. Y.
-BONDS
NOT SOLI
).-The issue of $28,000 not to exceed 6% interest coupon or
registered highway bonds offered on June 12-V. 136, p. 3394
-was not
sold, as no bids were obtained. At a previous offering on May 8 the issue
failed to attract a bid. Dated April 1 1933 and due 32,000 on April 1
from 1935 to 1948. inclusive.
WEST SPRINGFIELD, Hampden County, Mass.
-TEMPORARY
LOAN -Henry E.Schmuck, Town Treasurer, on June 9 awarded a 350.000
revenue anticipation loan to R. L. Day & Co., of Boston, at 3.31% discount basis. Dated June 9 1933 and payable on Dec. 20 1933.
WEST TERRE HAUTE, Vigo County, Ind.
-SEEK BOND AUTHORITY-The Town Board has petitioned the Public Service Commission at Indianapolis for authority to issue $40,000 bonds, the proceeds
of which would go toward making repairs to the municipal water works
system.
WEST VIRGINIA. State of(P. 0. Charleston).
-BOND ISSUANCE
AUTHORIZED.
-A bill is said to have been introduced in the House
on June 1 authorizing the issuance of 35,000.000 in bonds to raise funds
necessary to pay off part of the State deficit, which has been estimated
by State officials at about 38.000.000. The bill is reported to be an
Administration measure and provides for taking care of the deficit between
July 1 1929 and June 30 1933. The bonds, if issued, may be made Payable in any period up to 20 years.
WEST VIRGINIA, State of (P. 0. Charleston).
-BOND SALE CONTEMPLATED.
-It is reported that the Legislature has passed the bill
authorizing a $5,000,000 bond issue to help pay the State deficit, which is
now estimated at 38.000,000-V. 136, p. 3021. It is said that the State
Board will probably take action on the issuance of these bonds in the near
future.
WICHITA, Sedgwick Clunty, Kan.
-PRICE PAID.
-The $63,582.79
issue of 434% semi-ann. refunding bonds that was purchased by the Harris
Trust & Savings Bank of Chicago
-V. 136, p. 4130
-was sold at par.
Dated June 1 1933. Due from June 1 1934 to 1943.
WICHITA SCHOOL DISTRICT NO. 1 (P. 0. Wichita), Sedgwick
County, Kan.
-BOND SALE.
-The $1379,666.85funding bonds offered
on June 12-V. 136. P.3945
-were awarded as 4;0 to a syndicate composed
of the Commerce Trust Co. of Kansas City, Harris Trust & Savings Bank
and the Northern Trust Co., both of Chicago, also Stern Bros. & Co. and
the City Bank & Trust Co., each of Kansas City. This group paid a price
of 99.586 for the issue, the net interest cost being about 4.31%. They
also offered a price of 101.07 for all of the bonds at 43.i% interest. The
Issue is dated July 1 1933 and will mature in approximately equal annual
installments from 1935 to 1948 incl. Other bids submitted for the bonds
were as follows: A syndicate composed of the Baum, Bernheimer Co.;
National City Co.; Mercantile Commerce Co.; Blyth & Co.; Boatmen's
National Co., and Piper, Jaffray & Hopwood, offered a price of 100.96
for the issue at 4%% interest, while a group composed of the R. H. Middlekauf Co., Dunne-Davidson-Ranson Co. and the Brown-Crummer Co..
all of Wichita, bidding for $1.154,000 bonds in each instance, offered to
Day $1.162,183.13 for 43.is and $1,142,500 for 4 Xs.
BONDS OFFERED FOR PUI:LIC SUBSCRIPTION.
-The successful
bidders offered the above bonds for investment priced to yield from 3.00%
to 4.15%. according to maturity.
WINSTON-SALEM, Forsyth County, N. C.
-BOND ISSUANCE
CONTEMPLATED.
-We are now informed that the $542,000 issue of
refunding bonds recently authorized
-will be offered for
-V. 136, p. 4130
sale about Nov. 1. It is reported that application for the issuance of a
like amount of bond anticipation notes is pending before the Local Government Commission. These notes will bear date of June 26 and mature on
Nov. 10, according to report.
WOODBURY COUNTY (P. 0. Sioux City), lowa.-BOND OFFERING.
-Sealed bids will be received until 2 p. m. on June 19. by F. Price
Smith, County Treasurer, for the purchase of a $73,000 issue of funding
bonds. Int. rate is not to exceed 5%. payable J & D. Dated June 1
1933. Due on June 1 as follows: $10,000 in 1935, and 310.000, 1936 to 1941
incl. Prin. and int. payable at the office of the County Treasurer. The
approving opinion of Chapman & Cutler of Chicago, will be furnished.
All other things being equal, preference will be given to the bid of par and
accrued Interest or better, which specifies the lowest coupon int. rate.
A certified check for 2% of the amount of bonds bid for, is required.
(On April 17 a $211,000 issue of funding bonds was offered for sale
without success.
-V. 136, p. 2836.)
Official Statement June 1 1933.
Indeotedness.
General bonded obligations to be paid by direct levy, $673,000.
Due 1934_ _ _$45.000
Due 1938- -$59.000
Due 1942........$70.000
Due 1935- _ 45.000
Due 1939_
_ 59,000
Due 1943- - 70.000
Due 1936_ - __ 60,000
Due 1940- - - 57,000
Due 1944..- - - 71.000
Due 1937_ _ _ _ 59.000
Due 1941_ _ _ - 65,000
General obligations, which constitute on.y a contingent levy liability.
as State is retiring principal and interest from primary road fund against
which they are a first charge.
Due 1934
$235,000
Due 1939
8290.000
Due 1935
176,000
Due 1940
90,000
Due 1936
181.000
Due 1941
90,000
Due 1937
192,000
Due 1942
90.000
Due 1938
210.000
Due 1943
90.000
Total contingent liabilities, $1,644,000.
Total direct and contingent bond liabilities, $2,317,000. Approximately
.9 of 1% of estimated actual value.
Bonds Retired
-No Defaults.
1927
3168.000
1931
3236.000
1928
145,000
1932
237.000
1929
161.000
1933
126,000
1930
150,000
Floating debt
-$72,992.60 consisting of County warrants, all poor relief,
o be funded.
County operates on budget plan and has for 10 years or more prior to
enactment of State law compelling budgeted operation.
County Income
County
from Levies.
Expenditures.
1929..x
$777,397.97
$835,689.00
1930
867.717.73
980.043,09
1931
964,681.76
y 978,127.09
1932
896,884.94
1,184,641.93
1933
947,806.37
x General fund levy reduced to reduce surplus. y Increase in road expenditure. 390,000.
Indirect income, $150,000 per year.
Cash on hand June 1 1933. $426,847.75, plus $224,418.52 in banks
operating under conservator plan.
WOODBURY COUNTY (P. 0. Sioux City), Iowa.
-BOND EX-The County Auditor reports that an issue of $69,000 5%
CHANGE.
road refunding bonds has been exchanged for old bonds on the basis of
par for par. The refunding loan is dated May 1 1933. Denom. $1,000.
Due May 1 as follows: $67,000 in 1934 and 31,000 in 1935 and 1936.
Previous mention of the issue was made in V. 136, p. 3394.
June 17 1933
WRIGHT COUNTY (P. 0. Clarion), Iowa.
-BOND OFFERING.
Harry Summers, County Treasurer, will receive sealed bids until 2 p. m.
on June 19 for the purchase of 3300,000 primary road bonds. Dated July 1
1933. Denom. $1.000. Due $25.000 on May 1 from 1935 to 1946 incl.;
optional May 1 1939. Interest will be paid annually. Successful bidder
is to furnish 131ank bonds. A certified check for 3% of the issue bid for.
payable to the order of the County Treasurer, must accompany each
proposal. The approving opinion of Chapman & Cutler of Chicago, will
be furnished by the county.
YPSILANTI, Washtenaw County, Mich.
-BONDS AUTHORIZED.
-The City Council on June 5 authorized the issuance of 4;4% refunding
bonds to mature serially until July 1 1938, although callable at par and
accrued int. at the option of the Council as funds for their payment may be
available.
CANADA, its Provinces and Municipalities
-Local investors have subscribed
BROCKVILLE. Ont.-I30ND SALE.
to an issue of 370,000 5% local improvement bonds at a price of par. Due
in ten years.
ESSEX BORDER UTILITIES COMMISSION,Ont.-SUPERVISORY
COMMITTEE APPOINTED.
-The Ontario Municipal Board has appointed a committee of three members. including S. E. McGorman, C. W.
McDiarmid and J. C. Keith, to supervise the financial affairs of the Utilities Commission, according to the June 9 issue of the "Monetary Times"
of Toronto. The committee is also to act for the Sandwich Windsor &
Amherstburg Ry. Co., it is said.
GREENFIELD PARK, Que.-9400,000 BONDS EXCHANGED.
the total of $425,000 on which the town
Holders of.$400,000 bonds
has defaulted, have agreed to accept later maturing obligations according
to an announcement made on June 6 by Oscar Morin of the Quebec Municipal Commission. The Commission assumed charge of the town's financial
affairs and arranged for the refunding program following the default of
Interest charges some months ago, according to report.
a
-R. A. Daly & Co.. of Toronto,
MARKDALE,Ont.-BOND SALE.
-year bonds at a price of
have been awarded an issue of $59,710 53. % 20
98.05, a basis of about 5.68%. Bids for the issue were as follows:
Rate Bid.
BidderR. A. Daly & Co.(Purchaser)
9 ..03
9 °4
7 5
8
Harris, McKeen & Co
*97.17
J. L. Graham & Co. and C. H. Burgess & Co., jointly
*Optional bid.
MONTREAL, Que.-NEW FINANCE OFFICIAL APPOINTED.
In an effort to remove the financial operations of the City from political
Influences, the City Council has created the office of Director of Services.
who will have complete responsibility over municiapl expenditures. L. F.
Phille, former City Treasurer, has been appointed the new director at a
salary of $9,000 a year. He cannot be dismissed by the Aldermen or the
voters, and thus will have a relatively free hand for at least 10 years to
put into effect whatever measures he deems necessary to maintain the
city's finances in sound shape.
-A Canadian
-BOND SALE.
NEW BRUNSWICK (Province of).
-year bonds at
banking group has purchased a block of 31,000.000 5% 30
l
tge nce ol an o il
aldetat
oc
prauf 98 tge d ame pric an ogion on he allinancing wr trige to ol g
le
J8 n sa cceptec
teds
00
to the floating indebtedness of the Province, bridge and road projects,
direct poor relief and the New Brunswick Electric Power Commission.
-A syndicate composed of
$2,474,000 BONDS PUBLICLY OFFERED.
the Dominion Bank of Canada; Bell, Goulnlock & Co.. McLeod, Young.
Weir & Co.; Fry, Mils, Spence & Co.; T. M. Bell & Co., and John M.
Rob!nson & Co., made publ c offering in Canada on June 12 of the entire
32,474,000 5% coupon (refesterable as to pr ncipal) bonds at a pr:ce of
100 and accrued interest. y'elding 5%. Dated July 2 1933 and due on
July 2 1963. Denom. $1,000 and 3500. Pr:ncipal and Interest (J. &J. 2)
are payable in lawful money of Canada at the office of the Provincial Secretary-1Yeasurer in Fredericton. or at the Bank of Montreal in Toronto.
Montreal, St. John, Fredericton, Halifax, Winnipeg and Vancouver, or in
sterling at the fixed rate of $44.86 2-3 to the pound sterl ng in London,
England, at holder's option. The bonds are being offered subject to legal
opinion of Long & Daly, of Toronto. The bankers stated that the bonds
will constitute a direct obligation of the Province of New Brunswick and a
charge on the Consolidated Revenue Funds of the Province; also are exempt
from taxation for all Provincial, civic, municipal and school purposes,
except succession duties.
BONDS FULLY SOLD.
-The Secretary-Treasurer announced on June
l2ndg the bankers had succeeded in disposing of the entire $2,474,000
ho that
L
NEWFOUNDLAND (Government of).
-MAY BORROW TO MEET
INTEREST CHARGES.
-The Government has approximately $2,000,000
in interest charges coming due on June 30 and July 1 1933 and it is generally
believed will have to negotiate a loan to meet the maturity, according to
press dispatches from Montreal. Debt service charges of 11.971,473.
which came due on Dec.30 1932 and Jan. 1 1933 were paid in large measure
from the proceeds of a loan of 31,250,000, jointly supplied by the Goverments of Great Britain and Canada. At that time it was announced that
the two countries were to set up a commission in Newfoundland for the
purpose of making a thorough study of its financial condition and initiate
such reforms as may be necessary, before the next external payments
become due in July 1933.-V. 135, P. 4588.
NORTH BAY,Ont.-BOND SALE.-GaIrdner & Co.,of Toronto, have
-year bonds at a price of 96.50, an
purchased an issue of $15.000 6% 20
obtained a 60
-day option on the balance of $264,321 at a price of 97.
-FOUR ADDITIONAL MUNICIPALITIES
QUEBEC (Province of).
-SUPERVISORY COMMISSION REQUESTS CUT IN
IN DEFAULT
-E. Morin. Secretary of the Quebec Municipal
OPERATING EXPENSES.
Commission, has made applications to have the municipalities of St. Louis
de Chambord, Lake St. John County, the town of Jonquiere. Que., Parish
of Notre Dame de la Dore, Lake St. John County, and the town of Laval
des Rapides, Que., declared in default and to bring about supervision of
their fiscal affairs by the Commission, according to the 'Monetary
Times" of Toronto.
COMMISSION URGES ECONOMY.
-The above source further reveals
that all the municipalities in the Province, which are under the supervision
of the Commission, have been requested to refrain from undertaking any
capital expenditures which would increase their budget requirements and
injure their credit standing. In advising of the necessity of such action.
the Commission said:
"The financial market is getting more and more expensive for the municipalities and it IS absolutely necessary for the latter to reduce their expenses
In order to be able to meet their obligations. Therefore, we recommend
to the cities and towns, and even to the rural municipalities that before
completing the procedures required in order to commence new work to
come to an understanding with the Municipal Commission and to make
sure that the Commission will give its approval to the proposed works,
and to the required expenses."
ST. BONIFACE, Man.
-PROTECTIVE COMMITTEE REPORTS
PROGRESS.
-The June 9 issue of the "Monetary Times" of Toronto reported as follows on the progress being made by the bondholders' protective
committee acting in behalf of the interests of the municipality's bond creditors (V. 135, p. 3392):
"The bondholders' protective committee of St. Boniface, Man., of which
G. Gingras, Montreal, is Secretary, has sent notices to bondholders reporting that it is compiling information as rapidly as possible. Negotiations
are under way and the committee is moving "to its objective." Bondhold ere are asked to deposit certificates with their bank or General Trust of
Canada, Montreal, where proper receipts will be issued showing their
holdings. Fresh proxies are asked by the committee enabling them to carry
through their plans.
TERREBONNE Que.-BOND SALE.
-The $26,500 5°,1 improvement
bonds offered on June 2-V. 136.• p. 3946-were awarded to the Credit
°
Angio-Francais. Ltd., of Montreal, at a price of 93 13, a basis of about
5.84%. Dated June 1 1933 and due serially in from I to 20 years. A bid
of 91.56 was submitted by Rene T. Leclerc, Ltd.
@FedFRASER