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The Financial Situation
IT is now obvious that we are threatened with a alarmed by the Weirton decision which shows the
whirlwind in labor relations, the seeds of which courts will not be stampeded into drastic interference
we have been sedulously sowing during the past with the orderly processes of business and law, are
year. The situation in Toledo has grown distinctly making vague but ominous threats. The assurances
worse during the past week. We do not read of so of the President concerning labor representation
many casualties now as at first or such serious mis- given upon the recent announcement of a revision
haps, but the original impasse apparently remains of the steel code seem not to stay their inclination
without amelioration, and labor groups other than to make trouble. Here,too,the facts of the situation
those formerly involved are now apparently about almost inevitably suggest that general discontent
to be drawn into the maelstrom. Indeed, current born of unfortunate national policies of the pasty r
is at the root of the trouble.
dispatches indicate a disIt is of the utmost imtinct possibility of a general
portance to observe that
strike, imperiling the lives
Returning Common Sense
most of these controversies
and health of the entire
Recent weeks, while bringing a steadily
have to do not with wage
increasing flow of labor disturbances, and
population of that city. All
although productive of several other fresh
rates, or hours of employthis despite the fact that, so
perplexities and uncertainties, have none
ment that are alleged to be
far as the average man can
the less given certain encouragement to a
number of thoughtful students of the
unduly onerous,nor yet with
determine,there is no fundatrends of the time.
other working conditions
mental issue at stake. The
This somewhat more hopeful frame of
thought to be unjust. Wage
mind is largely the result of what seems
atmosphere seems to have
to be the distinctly greater disposition of
earners generally are now
become surcharged with gena very substantial proportion of the people
asking for concessions they
eral discontent on the part
to do their own thinking about what ought
and what ought not to be done in order to
never before have seriously
of employees—a condition
bring order and progress out of existing
sought, at least to the exwhich is no doubt unwarchaos, and, furthermore, to let their
opinions be known.
tent they are now being deranted in most cases, but
Certainly the country would be better
manded, and, ill advised,
nevertheless dangerous.
off for a further development of an openly
are doing so at a time when
critical attitude toward
and intelligently
Pay Without Work?
much that is taking place in Washington
business is not expanding
and elsewhere, but observable progress has
T this time the textile
but undeniably contracting
direction.
been made in this
day by day. The real diffiworkers are making
There have been several occasions when
evidence of more independence of mind
threats that must be taken
culty is that labor was promappeared during the past week. The deseriously. Their demands
ised, in effect, the earth
cision of the Supreme Court that the
are somewhat remarkable
State of Arkansas could not set the Conand all things on it by overstitution aside at its discretion is a case
even for protesting unions.
ambitious politicians. Those
in point, as was the refusal of the district
The occasion of their comWilmington to allow itself to be
promises are not being fulcourt in
stampeded into hasty action in the soplaints is the agreement refilled to-day and cannot be.
called Weirton case. The admirable and
cently approved by General
at least partially successful struggle of
Courts Give EncourageSenator Byrd against further drastic enJohnson Under which the
largement of the powers granted to the
ment
rate of operations is schedExecutive arm of the Government in the
ANER elements in the
was another.
Agricultural Adjustment Act
uled to be reduced 25% for
business community
The greater independence of mind in
90 days. The unions apparCongress, although as often as not badly
have found encouragement
ently demand that the commisdirected, is on the whole an encouragin two court decisions during
ing phenomenon. Most helpful of all, perpanies in question continue
haps, is the rather continuous flow of more
the past week. The first
to operate at the existing
outspoken addresses, statements, resoluand by far the more imrate without regard for the
tions and other forms of expression by
men and other leaders who until
business
portant declared unconstiever increasing stocks of unrecently apparently thought it bad taste
tutional an Arkansas State
sold goods, or else pay their
or unwise strategy to have anything of
in public.
law which had undertaken
consequence to say
present forces wages as
to declare a moratorium on
though they were thus operliens on life insurance poliating. In short, the workers
are not willing to accept less than their present weekly cies. The power of State legislators to impair conincome; they contend that the mills should pay tracts despite provisions to the contrary in the
them that much whether they earn it or not. It Constitution of the United States was in this case,
is almost inconceivable, or would have been in as in the Blaisdell case (concerning the Minnesota
former years, that labor unions in this country moratorium on real estate mortgages), the question
would dare seriously to make any such demands. at issue. This same tribunal had in the Minnesota
Yet absurd as the situation is it now has every case not long ago raked the question in the minds
appearance of causing prolonged interruptions of of thoughtful people whether the provision of the
work and probably other difficulties arising there- Constitution prohibiting any State from "passing
from if the demands of the workers are not in sub- any law impairing,the obligation of contracts" longer
had any meaning of consequence. The highest
stantial part met.
court in the land now definitely asserts that only
Unrest in the Steel Industry
within certain limits will it permit States to nullify
in the steel indus- the plain meaning of the words just quoted.
The long-smoldering discontent
To the mind of the average man the fine distinction
try is no less threatening, if it is safe to place deon dispatches from the territories involved between the Arkansas law and the Minnesota law
pendence
and from Washington. The labor unions, apparently drawn in the opinion now handed down is as unten-
A
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3652
Financial Chronicle
June
2 1934
able as it was to the four justices dissenting in the concern our present topic. What is perhaps of most
earlier Minnesota case. The Chief Justice, who interest is the statement of the Court that "there
wrote the opinion of the Court, declares: "In the are serious and intricate questions of law involved,
case of Blaisdell, we sustained the Minnesota Mora- particularly the question as to the constitutionality
torium Law in the light of the temporary and con- of the National Industrial Recovery Act." The
ditional relief which the legislation granted. We Court would undertake to make no snap judgments
found that relief to be reasonable from the stand- concerning the latter question, for which position it
point of both the mortgagor and the mortgagee and is to be applauded.
to be limited to the exigency to which the legislation
was addressed.
NRA Liquidation and Readjustment
"In the instant case, the relief sought to be afforded
ONFIRMING previous semi-official promises,the
is neither temporary nor conditional. In placing
President at the beginning of the week by Exinsurance moneys beyond the reach of existing ecutive Order directed
that "all provisions in codes
creditors, the Act contains no limitation as to time, of such service trades or
industries as shall hereafter
amount, circumstances or need. We find the legis- be designated by the
Administrator for National Reation, as here applied, to be a clear violation of the covery be hereby
suspended until further orders, exconstitutional restriction."
cept provisions governing child labor, maximum
A Devastating Reply
hours of work and minimum rates of pay" and cerReferring to the Minnesota case Justices Suther- tain other mandatory provisions having to do with
land, Van Devanter, McReynolds and Butler, in a labor matters. Thus the Recovery Administration
dissenting opinion, controverted this view with much initiated its program of liquidation, retrenchment
force, as follows: "We were unable then, as we are and readjustment which for a long time past had
now, to concur in the view that an emergency can been obviously necessary.
The action of the President was followed on Monever justify, or, what is really the same thing, ever
furnish an occasion for justifying, a nullification of day by an administrative order from the pen of
the constitutional restriction upon State power in re- General Johnson effectively ending the so-called
spect of impairment of contractual obligations. "fair trade practices" embodied in the codes of the
Acceptance of such a view takes us beyond the fixed motor vehicle storage and parking, bowling and biland secure boundaries of the fundamental law into liard, barber shop, cleaning and dyeing, shoe repaira precarious fringe of extra-constitutional territory ing, advertising display installation, and the adverin which no real boundaries exist. We reject as un- tising distribution trades. These provisions can be
sound and dangerous doctrine, threatening the sta- restored to effectiveness only 'by action on the part
bility of the deliberately framed and wise provisions of 85% of the members of any given trade in any
of the Constitution, the notion that violations of locality, provided the consent and approval of the
these provisions may be measured by the length of National Recovery Administration itself is obtained.
time they are to continue or the extent of the infracNew Steel Code
tion, and that only those of long duration or of large
On Wednesday the third important step of the
importance are to be held bad."
week in this connection was taken when the PresiIt would be comforting indeed if these latter words
had 'been those of the majority of the Court. The dent by Executive Order approved an amended code
doctrine set forth by the majority in the Minnesota for the iron and steel industry to take effect on
case has undoubtedly appealed to the informed June 11 in place of the Code now prevailing in
public as not only contrary to the overwhelming that industry. Simultaneously with this action on
weight of authority but in violation of the obvious the part of the President a summary of the provimeaning and intent of the Constitution. It has like- sions of the new code was made public by General
wise appeared to all thoughtful men as one of Johnson, as was certain statistical and other inserious hazard as well as of gross injustice. It may formation concerning the industries in question debe too much to hope that the minority opinion in the signed to refute charges made by Mr. Darrow and
Minnesota case has now really again become the others. Details as to these matters are to be found
doctrine of the Court. The consummation is one elsewhere in this issue. Suffice it to say here, first,
that changes made in the code for this industry and
devoutly to be wished.
certain of the recommendations to the President in
Would Not Be Stampeded
connection therewith plainly imply admission by
The other decision that has attracted widespread the authorities of at least a part of the charges that
attention during the past week, that of Justice have been leveled at this particular agreement—imNields in the Wilmington Federal District Court, plied admissions the force of which is not greatly
while arriving at no decision upon important public diminished by the presentation of partial statistical
questions, gives evidence at least that the courts will evidence in refutation; and, secondly, that the grip
not be coerced into taking exceptional action in of governmental control upon the industry seems if
haste to support the program of the Government at anything to have been tightened by the alterations
Washington. Here the Government asked for an in- thus effected.
It is of course obvious that the Recovery Adminisjunction against the Weirton Steel Company restraining the company from certain acts alleged to trator and the President will be obliged to go a good
be in violation of the labor provisions of the National deal farther than they have so far gone if the affairs
Industrial Recovery Act. The Court was obliged to of the National Recovery Administration are to be
point out that the so-called Norris-LaGuardia Anti- brought within the bounds of practicability. Its
injunction Act forbade the granting of such injunc- program as it now stands, with its infinitude of
tions in circumstances such as those here prevail- provisions in almost numberless codes designed to
ing—this, in addition to some other reasons for de- control the daily life of millions of people, is unclining to grant the injunction sought, which do not workable as well as actually injurious to business,
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Volume 138
Financial Chronicle
3653
-thus defeating its own purpose. The sooner we conclude to put a definite end to the whole National Recovery Administration experiment as it is now conducted, the better for all concerned. We could then
begin afresh to deal with the very real problems to
which the Recovery Act attempted to address itself if and when a feasible plan for such purposes is
formulated. Let us not, however, depreciate the
effectiveness of legislation in abolishing such evils
as child labor and sweatshop conditions. These,
while dealt with among the first of the decrees of
the National Recovery Administration, are not further affected by the new code.
which are not usual and certainly not heretofore
contemplated in our system of law and government.
These civil liabilities may well prove exceedingly
serious if the Commission is not both moderate and
wise in the rules and regulations it frames, since
at several vital points liability is imposed upon a
number of groups, in connection with transactions
effected in contravention of such rules and regulations, which may render certain types of transactions too risky to be undertaken and may also make
it very difficult for certain individuals and firms to
ascertain in advance just what liabilities they are
assuming.
The:Stock Market Control Bill
HE Conference Committee draft of the National
Securities Exchange measure is now apparently definitely slated for passage without change.
The opposing forces in the House and the Senate appear to have been pacified by the compromises effected, and the present draft is said to meet the
approval of the President. The appearance of the
full text of this draft of the proposed law during the
latter part of the week has provided the financial
community with the basis for a considerable amount
of work in endeavoring to discover just how the
legislation is likely to affect many branches of business and finance. Full information on the subject
is not likely to be forthcoming for some time. The
measure is not only broad in scope and comprehensive in detail, but complex and in a good many
points obscure. The obscurities will doubtless be the
subject of much annoyance during the coming weeks
as the details of the measure become familiar to
practical business men and as effort is made to apply
the terms of the measure to daily transactions.
Moreover there are profound legal questions involved which are not likely to be settled without
extended court proceedings. Then of course it is
utterly impossible to know just what may and what
may not transpire under the terms of this measure
until such time as the new commission is organized
and has made public details of the rules and regulations that will govern. From one end to the other,
the law will for practical purposes signify what the
Federal Reserve Board and the new Securities and
Exchange Commission determine it should.
As to the much discussed amendments to the
Securities Act of 1933, they are totally inadequate
to the demands of the existing situation, far less
effective than they were before the "slight verbal
change" made by Senator Fletcher in the course of
the bill's passage through the Senate. Instead of
the general requirement that a plaintiff in a damage
suit alleging a faulty registration statement must
show reliance upon such statement, we find only a
provision that "if such person acquired the security
after the issuer has made generally available to its
security holders an earning statement covering a
period of at least twelve months beginning after the
effective date of the registration statement, then the
right of recovery under this sub-section shall be conditioned on proof that such person acquired the
security relying upon such untrue statement in the
registration statement or relying upon the registration statement and not knowing of such omission,
but such reliance may be established without proof
of the reading of the registration statement by such
persons."
Another amendment, after fixing the damages
that may be recovered in such cases in relation to
market prices, provides "that if the defendant proves
that any portion or all of such damages represents
other than the depreciation in value of such security
resulting from such part of the registration statement, with respect to which his liability is asserted,
not being true or omitting to state a material fact
required to be stated therein or necessary to make
the statements therein not misleading, such portion
of or all such damages shall not be recoverable."
Otherwise the changes are largely in the nature of
clarification of the wording of the existing statute
and in most cases give definite effect and permanent
force to rulings already made by the Federal Trade
Commission.
Perhaps special mention ought to be made of the
provision that permits, but does not require, the
courts in damage suits to assess reasonable attorneys' fees upon the losing party litigant and to require an undertaking in advance for the payment of
such costs, a provision which may or may not have
a deterring effect upon those who are too ready to
initiate such court actions.
Amendments Inadequate
T
Extraordinary Powers Granted
Indeed it is this extraordinary grant of power,
given with the definite expectation by Congress that
it shall be exercised in rigorous fashion, that is perhaps the chief objection to the measure as it now
stands. This is the more true since the Commission
is granted authority not only over the stock market,
but over a variety of allied operations and in very
substantial degree the large and varied number of
corporations whose issues are bought and sold in the
financial markets. Not only technical matters concerned with methods of trading and the like, not
only the operations of the exchanges as business
units, and not only practices of individuals and firms
accustomed to doing business on the exchanges and
in the over-the-counter markets, but also officers,
directors, accountants and even substantial stockholders of corporations whose securities are listed
are subject to the dictatorial regulations of the CommissionThere are in this measure as in the Securities
Act of 1933 provisions that impose serious liabilities
A Wise Retreat
ISPATCHES from Washington early in the
week indicated that the Administration was
inclined to retreat from the position it had taken regarding the need of granting more extensive, perhaps
more hazardous, powers to the Secretary of Agriculture in his efforts to install a system of "managed agriculture" in this country. Retreat was, and
for that matter still is, most distinctly in order.
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3654
Financial Chronicle
This business of establishing what amounts to dictatorships, one after the other, in Washington, and
of ever and anon adding to their unprecedented
powers has gone quite far enough—much too far, as
a matter of fact.
As to the situation in respect to the bill now under
discussion,the case has been most admirably summed
up by the New York "Times" in an editorial on
Wednesday morning. The public would be well advised to consider very carefully the following moderately phrased editorial expression from that newspaper:
"Officials of the AAA have shown good judgment
in consenting to forego some of the new powers
which they had asked of Congress. The law which
they administer is already far-reaching in scope,
overzealous in its aims and topheavy with authority.
It began primarily as an act to establish a system
of voluntary crop control over seven 'basic' farm
commodities: wheat, cotton, corn, hogs, rice, tobacco and dairy products. To this list, embodied in
the law originally adopted in May of last year, Congress added recently beef and dairy cattle, flax, grain
sorghum, barley, rye and peanuts. Then came the
Bankhead bill, substituting compulsion for voluntary methods of control in the case of cotton. Finally,
Congress was asked to give the AAA power to impose other quotas and to prohibit the handling of
any agricultural commodity without a license issued 'upon such terms and conditions as the Secretary of Agriculture may deem necessary' to the purposes of the law.
"Appearing before a Senate committee early this
month, Secretary Wallace argued, despite his own
instinctive distaste for 'regimentation,' that authority of this sort is necessary if the AAA is to
carry out the instructions of Congress. If this be
true it would be well to change the instructions.
The AAA is already involved in endless details and
exposed to heavy risks. It has yet to prove that
either voluntary or compulsory methods can curtail
a major crop, as distinguished from the acreage
planted with it, or to show that curtailment will
restore farm prices to the pre-war level which Congress chose to represent 'parity' for agriculture. The
new powers for which request was made would
enormously increase the responsibilities of the AAA,
its vulnerability to political attack and its opportunity to make mistakes."
June 2 1934
Accordingly the President, acting upon the advice
of the National Recovery Administration and in accord with the findings of the Tariff Commission,
simply raised the rates of duty upon all importations of cotton rugs into this country. The Tariff
Commission at the same time announced that an
agreement had been reached with Japanese exporters
under which the latter will definitely limit their
sales of such rugs to this country during the next
year. The increase in duty, or what amounts to the
same thing, thus imposed amounts in one case to
150% of the present impost.
A spokesman for the cotton textile industry in a
public statement states that the action thus taken
"will be interpreted by the industry as showing that
the President is fully conscious of the peril to American labor and American industry resulting from uncontrolled importation from countries whose standards of living are lower than ours, and whose industries operate without codes and without limitation
of hours or minimum wages."
Conflicting Policies
As to why the President, if he is really aware of
all this, is insistently urging Congress to endow him
with authority to "bargain" with other countries
about tariff rates and similar matters, presumably
in an effort to promote international trade, the deponentsayeth not. If the President has not all along
recognized the fact that his domestic program, involving as it does at almost every step rising costs
of production, is in sharp and fundamental conflict
with the encouragement of export trade, he has been
very nearly alone in that respect. Certainly the
business world has been keenly conscious of it from
the first, as it has been of the additional point that
practically the whole so-called recovery program
exposes domestic manufacturers to unfair competition by foreign producers so far as the disadvantages
thus imposed are not offset by other artificial
barriers to importation into this country.
The action regarding cotton rugs neither resolves
this fundamental conflict in American policy nor
offers an indication of what the President might
find it feasible to do about existing tariffs if and
when Congress votes him power to proceed as he
wishes. Cotton rugs have thus supplied an excellent
illustration for those who would inculcate common
sense in respect of such questions. Other examples
of the kind will probably be all too plentiful in time
Rugs as an Example
if the Recovery Program is put into effect as is now
FrHE recent action of the President in exercising planned.
his powers under the National Industrial ReThe Federal Reserve Bank Statement
covery Act to impose substantial "fees" upon, for
NLY small changes are recorded this week in the
example, the importation of cotton rugs, as ancombined condition statement of the twelve
nounced somewhat less than a week ago, is of interest and significance far beyond the boundaries Federal Reserve banks, with the tendencies in all reof the cotton textile industry. It appears, accord- spects quite similar to those in evidence previously.
ing to the official statement of the Tariff Commis- In the period from May 23 to May 30 the Treasury desion, that the importation of such rugs into this posited or sold to the banks $14,447,000 of the gold
country during 1933 rose to 1,074,000 square yards certificates which have replaced the physical ownerfrom 472,000 square yards in 1932, and so greatly ship of the metal under the devaluation procedure of
handicapped were American producers by the sundry last January. There are no perceptible indications in
costs of the codes of fair competition and other acts the figures of activity on the part of the Treasury
of the Federal Government designed to bring a re- in connection with the exchange stabilization fund,
turn to prosperity that this action, contrary to one but the evidence on this point is not conclusive as
of the first principles of the Democratic party and small changes in Treasury and other deposits with
of questionable benefit to the country as a whole, the Reserve banks might easily cloak some further
was found necessary in order that our producers unusual transactions such as purchases of gold or
silver. The additional gold certificates appear to
might market their products.
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Volume 138
Financial Chronicle
reflect actual imports of the metal and production
of American mines, and in this respect also the
changes seem to be nothing unusual.
Sales or deposits of gold certificates increased the
total of such holdings by the banks to $4,648,031,000
on May 30, as compared to ,633,584,000 on May 23.
Other cash decreased in about the same amount, so
that total reserves of the banks remained virtually
unchanged at $4,901,685,000, as contrasted with the
earlier figure of $4,901,649,000. Borrowings by member banks continued their slow decline, the discounts
dropping to $33,700,000 on May 30 from $34,251,000
on May 23. Reserve bank holdings of acceptances
were very slightly lower at $5,178,000, against $5,263,000, while holdings of United States Government
securities also reflected only a nominal change, the
figure now being $2,430,154,000 against $2,430,200,000. Federal Reserve notes in actual circulation
increased to $3,051,604,000 from $3,038,297,000, apparently in response to the usual holiday requirements for currency, while the net circulation of Federal Reserve bank notes declined further to $60,422,000 from $61,439,000. Member bank reserve deposits were off to $3,762,920,000 from $3,767,269,000,
and there was likewise a decrease in the group known
as other deposits. With total reserves unchanged,
offsets were provided by the modest increase in
circulation and the small decrease in deposits, so
that the ratio of total reserves to combined deposit
and note liabilities was unchanged at 69.0%.
Corporate Dividend Declarations
IVIDENDS declared by corporate entities this
week include many of a favorable nature.
Hercules Powder Co. increased to 75c. a share the
quarterly dividend payable on the common stock
June 25; three months ago 50c. a share was paid,
while in previous quarters, Sept. 1932 to and including Dec. 1933, 37Y a share was paid, with an extra
2c.
of 75c. a share on the latter date. St. Joseph Lead
Co. declared a dividend of 10c. a share on the capital
stock payable June 20; this is the first distribution
since March 21 1932 when 15c. a share was paid.
Houdaille-Hershey Corp. declared $1.25 a share on
account of accumulations on the $2.50 cumul. cony.
class A stock, payable June 12; this is the first payment on the issue since the last regular quarterly
dividend was paid April 18 1932. On the other hand
the Equitable Office Building Corp. reduced the
quarterly dividend on the common stock to 10c. a
share to be paid July 2; this compares with 25c. a
share in the preceding quarters.
D
Foreign Trade in April
HE foreign trade statement, showing the value of
merchandise exports and imports of the United
States, is becoming somewhat mixed. April exports
were valued at $179,444,000 and imports at $146,517,000, an export trade balance for the month of
$32,927,000. With the exception of March, both exports and imports were the highest of the year. Exports in April were $11,571,000 smaller than those
for March. This reduction was almost wholly in raw
cotton, the decline in the value of that commodity in
April, as compared with the preceding month, being
$10,225,000.
In April of last year both exports and imports of
merchandise were at a very low level. Exports in
that month were valued at $105,217,000, the lowest
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3655
for any month for many years, except the preceding
February. The same was true as to merchandise imports in April 1933, which amounted to $88,412,000.
This was the lowest for any month in many years,
excepting only the preceding February and July
1932. With economic conditions as they were a year
ago, a heavy restriction in merchandise movements
of all kinds was not to be wondered at.
Merchandise exports for the 10 months of the current fiscal year were valued at $1,711,152,000, and
imports at $1,430,061,000, the excess of exports being
$281,093,000. For the same period in the preceding
fiscal year the value of merchandise exports was
$1,206,340,000 and imports $939,014,000, the export
trade balance in those 10 months being $267,326,000..
The ratio of the export trade balance for the 10
months of 1933-34 to the value of imports was 19.3%;
for the preceding fiscal year it was 28.5%. For April
this year the ratio, computed on the same basis, was
20.5%, practically the same as for the 10 months of
the current fiscal year. In both comparisons for the
current year the showing might be considered less
satisfactory than that for the preceding year. Exports for the current fiscal year to date exceed those
for the same period in the preceding year by a ratio
of 41.8%; for April this year the increase over that
month in 1933 was 70.5%. Likewise as to imports,
for the 10 months of the current fiscal year, the increase over the same period of the preceding fiscal
year was 46.1%. April imports this year were larger
than those of April 1933 by 65.7%.
Exports of cotton last month amounted to 402,167
bales, against 567,196 bales in March and 451,725
bales in April 1933. It was in the value of cotton exports that the great variation continues to appear—
$24,458,700 last month, $34,683,200 in March, and
only $16,935,000 in April 1933. The increase in the
value of cotton'exports in April this year, for a reduced quantity, over that for April 1933 was 46.8%.
For exports other than cotton last month the value
was higher than a year ago by 75.6%. The Department of Commerce takes occasion to state that the
comparison in the foreign trade figures with April
1933 takes no account of the reduced value of the dollar in terms of foreign currencies. That cannot be
the case with cotton, and it is not the case with the
specie movement.
On the basis of the new high price for gold, the
foreign movement of that metal last month was somewhat lower than in the two preceding months. Gold
imports in April were $52,279,000, and exports only
$37,000. Gold imports for the 10 months of the current fiscal year were valued at $744,228,000, at the
new high price, against $396,058,000 at the old price,
in the same period of the preceding fiscal year; exports on the same basis were, respectively, $277,795,000 in 1933-34 and $108,088,000 in 1932-33. Silver imports last month were slightly higher, at
$1,955,000, and exports, $1,425,000.
The New York Stock Market
XTREME apathy again marked the dealings on
the New York stock market this week, while
the trend of prices was toward lower levels in most
sessions. The accentuated dulness already was in
evidence last week, when records had to be searched
for 10 years back in order to find indications of
similarly quiet markets. There was no improvement
in the current week, but rather an even more marked
disinclination of traders and investors to engage
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3656
Financial Chronicle
June 2 1934
in activities. This was due in part to the interrupAs indicating the course of the commodity martion of dealings in observance of Memorial Day, kets, the July option for wheat in Chicago closed
which fell on Wednesday; Turnover of shares on the yesterday at 102y as against 91%c. the close on
8c.
New York Stock Exchange was only 614,680 shares Friday of last week. July corn at Chicago closed
on Monday,but in the pre-holiday session on Tuesday yesterday at 59c. as against 5418c. the close on Fri/
the figure dropped to only 379,232 shares, or the day of last week. July oats at Chicago closed yestersmallest turnover since June 2 1924. Indicative of day at 4512c. as against 37%c. the close on Friday
/
the dulness in that session is the fact that only 100 of last week. The spot price for cotton here in New
shares of American Telephone & Telegraph stock York closed yesterday at 11.55c. as against 11.50c.
were traded throughout the day, although the issue the close on Friday of last week. The spot price for
is regarded as the most widely distributed of all. rubber yesterday was 12.94c. as against 12.30c. the
Resumption of transactions on Thursday did not close on Friday of last week. Domestic copper rebring much improvement, and yesterday also was mained unchanged at 81 2c., the same as on Friday
/
dull.
of previous weeks. The silver market was a rather
Passage of the Stock Exchange control bill was dull affair the present week, with lower prices precompleted by Congress yesterday,and the imminence vailing. The action taken by the House on Thursday
of this control was an important factor in the small in passing the silver bill by a wide margin reacted
volume of dealings this week. Congressional con- unfavorably on silver prices. In London the price
sideration of the dubious silver bill contributed to yesterday was 1912 pence per ounce as against
/
the discouragement felt by financial circles. Reports 19 9/16 pence per ounce on Friday of last week, and
of labor disturbances again are occupying a promi- the New York quotation yesterday was 44.92c. as
nent place in the news, and the expectation of wide- against 45.00c. on Friday of last week. In the matter
spread strikes in important industries now is gen- of the foreign exchange, cable transfers on London
eral. The drouth situation in the West again has yesterday closed at $5.0634 as against $5.09% the
/
become very serious, moreover, and grains have close on Friday of last week, while cable transfers
moved forward sharply in consequence. The im- on Paris closed yesterday at 6.58c. as against 6.61c.
provement in grain quotations was not a bullish the close on Friday of last week. On the New York
factor, since it is evident that the purchasing power Stock Exchange 13 stocks reached new high figures
of the farmers concerned will be sharply curtailed for the year, while 33 stocks touched new low levels.
and may involve unfortunate consequences for our On the New York Curb Exchange 14 stocks touched
economy as a whole. After a moderate advance in new high levels for the year, while 26 stocks touched
stock quotations last Saturday and Monday, prices new low levels. Call loans on the New York Stock
of equities turned weak and recessions were general Exchange remained unchanged at 1%.
in the sessions on Tuesday, Thursday and yesterday.
On the New York Stock Exchange the sales at
The only group movement of consequence occurred the half-day session on Saturday last were 279,300
Thursday, when steel shares dipped rather sharply shares; on Monday they were 614,680 shares;
on
on strike reports. Almost all important stocks were Tuesday, 379,232 shares; Wednesday (being Meoff for the week, and in some instances the lowest morial Day and a holiday) the Exchange was
closed;
prices of the year were recorded.
on Thursday they were 438,420 shares, and on FriThe listed bond market was uncertain, but some- day, 626,949 shares. On the New York Curb Exwhat more active than the equities division. United change the sales last Saturday were 49,195
shares;
States Government and other gilt-edged bonds tended on Monday, 138,005 shares; on Tuesday, 125,965
to advance, owing to the pressure of available in- shares; on Thursday, 106,696 shares, and on Friday,
vestment funds and the small amount of new issues. 112,690 shares.
The latter are confined largely to tax exempt bonds,
As compared with Friday of last week, prices are
as corporate issues have ceased almost entirely under quite generally lower. General Electric closed
the securities act. Bonds with a speculative tinge yesterday at 19% against 19% on Friday of last
followed the course of equities and in most instances week; North American at 1614 against 1678; Stand/
/
lost ground. Foreign exchange markets were quiet ard Gas & Elec. at 9% against 10; Consolidated Gas
with the dollar persistently strong, and French of N. Y. at 31% against 3278; Pacific Gas & Elec. at
/
francs dipped yesterday to the point where ship- 163 against 17; Columbia Gas & Elec. at 12/
/
4
14
ments of gold from Paris to New York are profitable. against 13; Electric Power & Light at 5 against
/
1
4
Business indices available this week were not defi- 5%; Public Service of N. J. at 35 against 36; J. I.
nitely favorable or unfavorable, and the desire of Case Threshing Machine at 4714 against 50%; Inter/
traders and investors to await further signs of the national Harvester at 30% against 31½; Sears, Roetrend doubtless made for dulness in securities. buck & Co. at 3838 against 41%; Montgomery Ward
/
Foreign trade statistics for April showed a tendency & Co. at 233 against 2478; Woolworth at 4878
/
4
/
/
toward decreased exchanges. Steel making opera- against 50; Western Union Telegraph at 421 2 against
/
tions for this week, as estimated by the American 43/s; Safeway Stores at 4678 against 48 ; Amer/
/
1
2
Iron & Steel Instituute, improved to 56.1% of capa- ican Tel. & Tel. at 1121 2 against 114; American Can
/
city for the week beginning May 28, or an increase at 92 against 94; Commercial Solvents at 2114
/
1
4
/
of 1.9 points from last week. Electric power pro- against 22%;Shattuck & Co. at 9% against 934 and
/,
duction in the United States, reported for the week Corn Products at 631 2 against 68.
/
ended May 26 by the Edison Electric Institute, was
Allied Chemical & Dye closed yesterday at 13214
/
1,654,903,000 kilowatt hours, or 5,133,000 kilowatt against 132 on Friday of last week; Associated Dry
hours more than in the preceding week. Carload- Goods at 12/ against 12 bid; E. I. du Pont de
/
1
4
14
ings of revenue freight for the week ended May 26 Nemours at 82 against 85; National Cash Register
amounted to 624,567 cars, compared with 611,142 "A" at 1518 against 1512; International Nickel at
/
/
cars or 2.2% more than the previous week, according 25 against 26%; Timken Roller Bearing at 273
4
against 2912; Johns-Manville at 46 against 48%;
/
to the American Railway Association.
Volume 138
Financial Chronicle
3657
conference was eagerly awaited in all markets, no
enthusiasm followed the announcement of an agreement, Tuesday. The inconclusive nature of the arrangement made it a disappointment everywhere.
Reduction of the Bank of France discount rate,
/
1
2
Thursday, from 3 to 2 %,was accepted as an overdue recognition of increasing monetary ease in
France, and the Bourse actually declined after the
measure was taken. Exchange restrictions in Italy
and new foreign trade regulations in Germany occasioned much concern and contributed to the dull
tone in the securities markets.'The uncertain factors
outweighed such favorable indications as further
improvement in employment in the United Kingdom.
Ministry of Labor figures published Monday show
that the lists of unemployed declined 57,814 from
last month's total, with the aggregate now 2,090,371.
Improvement in the capital equipment industries is
perhaps the most notable feature of the current
situation in Britain. The capital issues market in
London remains receptive to new flotations, and an
issue of £10,000,000 Canadian Government 3 %
/
1
4
bonds was quickly oversubscribed when lists were
opened Monday morning. Business trends in France,
Germany and Italy are less favorable than in England, and it is perhaps instructive that governmental
intervention in all the Continental countries has
been carried to unexampled lengths, whereas British
trade is comparatively unfettered.
The London Stock Exchange was quiet as trading
started last Monday, with attention centered on the
new £10,000,000 Canadian loan. British funds were
uncertain after a steady opening, while most of the
industrial stocks pursued an irregular course. South
African gold mining issues came into new favor and
some stocks soared to high records. Tuesday's session was again inactive, with British funds slightly
lower and profit-taking prominent in many industrial stocks. Dealings were started in the Canadian
loan at a small discount, which depressed the giltedged market. Gold mining issues improved further,
and some advances were noted in the international
section. A better demand for British funds was
noted Wednesday, but industrial stocks remained
uncertain. Gold mining issues were active and
higher, while international issues were dull with the
exception of German Government loans, which
moved sharply higher on their exclusion from transfer restrictions. Thursday's trading was on a small
scale, with British funds dull and industrial stocks
irregular. The activity in gold mining shares was
continued despite a drop in the price of gold at
London. Agitation in Germany for a complete moratorium on all debt service transfer caused a fall in
German issues on the London market. The international group otherwise was mildly irreguular. Giltedged issues were unchanged yesterday, but industrial stocks resumed their decline. German bonds
fell in the International section.
Trading on the Paris Bourse was started in an
uncertain fashion Monday, but small gains followed
and they were extended to net advances for the day
European Stock Exchanges
in most departments. Rentes were,in fair demand,
RADING was extremely quiet this week on stock and some progress also was made in bank, utility
markets in the leading European financial and industrial stocks. In another quiet session,
centers, and the trend remained irregular. The Tuesday, further advances were registered in most
European exchanges are almost as dull and color- securities. Rentes again led the list higher, with
less as our own markets, notwithstanding some equities in somewhat lesser demand. After a firm
favorable indications of continued business recovery. opening on Wednesday, quotations sagged slightly
Although the termination of the Berlin transfer on the Bourse and prices at the end were almost un-
/
1
Gillette Safety Razor at 102against 10%; National
4
/
Dairy Products at 163 against 167 8; Texas Gulf
Sulphur at 331 8 against 3378; Freeport-Texas at 39
/
/
4
against 391/ ; United Gas Improvement at 15%
4
4;
against 153 National Biscuit at 333 against 33%;
Continental Can at 73% against 74 ; Eastman
/
1
2
/
1
2
Kodak at 93 against 95; Gold Dust Corp. at 18%
against 19%; Standard Brands at 19% ex-div.
against 19%; Paramount Publix Corp. ctfs. at 4%
against 4%7 ; Westinghouse Elec. & Mfg. at 32%
8
against 3378; Columbian Carbon at 65 against 66 ;
/
/
1
2
Reynolds Tobacco class B at 431 8 against 43½;
/
Lorillard at 17 against 17 ; Liggett 8z Myers class B
/
1
2
4
/
at 94 against 9318; Yellow Truck & Coach at 41/
against 4%; Owens Glass at 74 against 74%; United
States Industrial Alcohol at 3812 bid against 39½;
/
Canada Dry at 20% against 22; Schenley Distillers
at 25% against 26%; National Distillers at 24%
against 2478; Crown Cork & Seal at 2514 against 26
/
/
bid, and Mengel & Co. at 7% against 7%.
The steel stocks continued to participate in the
downward movement. United States Steel closed
/
yesterday at 381 8 against 40 on Friday of last
/
1
4
week; United States Steel pref. at 80 against 85;
Bethlehem Steel at 302against 3312 and Vanadium
/
1
/,
/
1
2
at 18 against 19% bid. In the motor group, declines again prevailed. Auburn Auto closed yesterday at 34 against 34% on Friday of last week; General Motors at 30 against 32%; Nash Motors at
/
16% against 16.78; Chrysler at 3818 against 38 ;
/
/
1
4
Packard Motors at 378 against 4; Hupp Motors at
/
3% against 3%, and Hudson Motor Car at 12%
against 13%. In the rubber group, Goodyear Tire &
Rubber closed yesterday at 26 against 292 on
/
1
4
/
1
Friday of last week; B. F. Goodrich at 12% against
/s,
141 and United States Rubber at 18 against 19.
The railroad list shared in the downward course
of the market. Pennsylvania RR. closed yesterday
at 29 against 301 8 on Friday of last week; Atchison
/
Topeka & Santa Fe at 5318 against 5478; Atlantic
/
/
Coast Line at 38 against 40½; New York Central
/
1
4
at 2678 against 28%; Baltimore & Ohio at 2178
/
/
against 231 2; New Haven at 14% against 15; Union
/
Pacific at 1193% against 122 ; Missouri Pacific
/
1
2
at 4 against 4
/ bid; Southern Pacific at 20%
1
4
against 22; Missouri-Kansas-Texas at 878 against
/
9%; Southern Railway at.231 against 25; Chesa/s
peake & Ohio at 452against 45 ; Northern Pacific
/
1
/
1
4
at 22% against 25, and Great Northern at 19
against 21.
The oil stocks show losses for the week. Standard
Oil of N. J. closed yesterday at 42 against 42%
/
1
2
on Friday of last week; Standard Oil of Calif. at 32
against 3212 and Atlantic Refining at 24 against
/,
/
.
2412 In the copper group, Anaconda Copper closed
yesterday at 13 against 14 on Friday of last
/
1
2
/
1
2
week; Kennecott Copper at 18% against 19%; American Smelting & Refining at 37 against 3912; Phelps
/
Dodge at 15 against 16%; Cerro de Pasco Copper at
3334 against 3478 and Calumet & Hecla at 41 8
/
/,
/
against 4%.
T
3658
Financial Chronicle
changed for the day. Uncertainties of the international situation kept the trading to low figures.
German Government bonds were firm. In Thursday's dealings prices were lower throughout the list.
The reduction in the discount rate of the Bank of
France was disregarded because of the quarrel between British and French Ministers at Geneva over
disarmament procedure. Rentes fell moderately and
recessions were general in French equities as well.
International issues dropped with the others. Rentes
were firm yesterday, but other sections of the market were lower.
The Berlin Boerse was buoyant Monday, owing to
assurances that the transfer conference would end
soon. Gains were general and some active issues
advanced as much as 4 to 5 points. The indications
that the protracted transfer conference was indeed
coming to an end furnished the occasion for another
advance in Berlin on Tuesday. Dealings were not
large and small buying orders sufficed to lift quotations 1 to 2 points. Terms of the transfer agreement, made public overnight, were regarded as disappointing in Berlin, where a complete moratorium
on debt service had been anticipated, and prices of
securities weakened in Wednesday's session. The
market was dull with losses averaging about one
point. Turnover on Thursday was very small and
prices were irregular. Small gains in some stocks
were balanced by equally small losses in others.
Prices were well maintained in quiet trading at
Berlin yesterday.
Germangransfer Conference
TER more than a month of difficult and trying
negotiations the transfer conference in Berlin
on long- and medium-term external indebtedness of
German banks, corporations and municipalities completed its labors, Tuesday, with an agreement that
satisfies nobody and that clearly represents a compromise of the many divergent views expressed by
the German transfer authorities and the representatives of the creditors in six countries. Even this
moderately successful issue of the conference seemed
doubtful at times during its course, as the delegates
from the United States, Great Britain, France,
Switzerland, Holland and Sweden were quite unable
to agree among themselves and present a united front
to the German officials. The terms finally arranged
cover only the period from July 1 1934, when the
present arrangement expires, until June 30 1935, and
the original aim of the meeting to place the debt
service on a contractual basis thus remained unrealized. Against the coupons due in the next 12
months on non-governmental German indebtedness,
the Reich authorities agreed to make alternative
offers of 40% cash in foreign currencies, or full payment in funding bonds bearing 3% interest. The
cash offer obviously is due to the insistence of the
American delegation upon such payments, while the
funding bond plan reflects British views. Reservations appear to have been made by all parties in the
conference, and some of these may have an important bearing on the actual payments.
Under the terms of the conference the foreign indebtedness of the German Government was excluded
from the discussion, and so far as the delegates in
Berlin are concerned full service on the Dawes 7%
/
1
2
loan and interest on the Young plan 5 % loan will
continue to be met. Severe attacks on this portion
of the arrangement were made in the German press
N
June 2 1934
immediately after the conference ended, and these
were generally interpreted as warnings that Dr.Hjalmar Schacht and his transfer associates may try to
reduce or suspend payments on the Governmentloans
as well. In well-informed circles it is believed, however, that only the greatest extremity is likely to
produce such measures by the German authorities,
since the priorities of the Government loans are indisputable, while any attempt to halt or reduce payments would immediately bring the matter into the
diplomatic sphere. The short-term credits also are
exempted from the settlement, and full service is
expected to continue, unless summary action is found
advisable by Dr. Schacht.
This means that approximately 8,000,000,000
marks of German external loans, requiring annual
interest payments of somewhat more than 500,000,000 marks, are affected by the agreement for the
ensuing year. Holders of the bonds and recipients
of dividends due foreign investors on German equities will be faced with the choice of 40% cash in
their own currencies, or funding bonds for full
amounts due. They may also, of course, retain their
coupons and all the rights attaching thereto. The
cash payments are not to begin until six months
after the respective coupons are due, and this provision means, in effect, that Germany will have a
complete respite on foreign payments on the bonds
concerned for a period of six months. The Reichsbank agrees to purchase the coupons at 40% of face
value in the respective currencies, but it also reserves
the right to withdraw this offer on 30 days' notification. A pledge was extended by the Reichsbank to
increase the amount to more than 40%, if it should
be found possible to do so. The 3% funding bonds
of the alternative scheme are to be obligations of the
German Government, due in 1945, on which the sinking fund will equal the interest. Principal and interest will be guaranteed by the German Government, and the payments are not to be subject to
any transfer restrictions. Redemption in whole or
part before the due date may be effected. Bondholders who accept the funding bonds are to have the
right to cash them at 40% of face value in their own
currencies after a six months' period, but the reservation by the Reichsbank as to withdrawal of this offer
on 30 days' notice applies here also. The funding
bonds are to be issued in the currencies stated in
coupons.
This arrangement obviously is a temporary one,
and it is plain that the whole matter will come up
for further consideration before the termination of
the year covered. British, French and Swedish delegates at Berlin accepted the agreement with reservations, and will recommend acceptance to the holders
of German bonds in their countries, a dispatch to
the New York "Times" said. The American representatives reserved freedom of action and indicated
that they would make no recommendations to the
holders of the bonds here. Swiss and Dutch delegates, who wanted continuation of the discriminatory payments of 100% to their bondholders, flatly
rejected the arrangements, and there is thus a possibility that these countries will attempt retaliatory
exchange measures. Pierre Jay and Laird Bell, the
representatives in Berlin of the American Foreign
Bondholders'Protective Council,issued a brief statement to the effect that the terms are the best that
could be obtained from the Reichsbank. The Council, it was added, necessarily must and does reserve
Volume 138
Financial Chronicle
freedom of action with respect to its attitude on the
offer upon its submission to the American bondholders.
The Berlin conference as a whole issued a statement, Tuesday, outlining the agreement. Although
frequent discussions of transfers are undesirable, the
uncertainties of the present situation made it impossible to devise machinery suitable for application
over a long period, the statement added. The delegates admitted that "after careful study of the present and potential foreign exchange situation of Germany, based on figures provided by the Reichsbank,
they recognize that a case can be made out for concessions in order to assist Germany in working out
some of her exchange difficulties." The creditor
delegations, it was indicated, insisted upon exclusion of the Reich Government loans from the discussion.
• In a statement issued in New York, Tuesday, by
the Foreign Bondholders' Protective Council, the
agreement was described as "most inadequate and
unjust, but the best that the conference could induce
Germany to make." The Council insisted, it was
explained, that the Germans take immediate steps to
provide for interest payments to American bondholders for the present six months' period in accordance
with the arrangements made last January for payment of about 77% of interest due. Such payments
have not been made owing to the failure of the German authorities to register the scrip under the Securities Act. Among the more serious difficulties of
the conference was the demand by some creditors for
highly preferential treatment, the Council stated.
"The Council understands," the statement continued,
"that the Swiss and Dutch delegates made reservations to the present offer, indicating the likelihood
that their governments may either seek to renew the
present agreements, or in the alternative, may establish clearings. Furthermore, from the very outset
the American delegates were hampered by the fact
that other countries were in a position where they
could seize foreign exchange due Germany as a
result of her favorable balance of trade with their
respective countries and could apply it to satisfy the
claims of their bondholders, whereas the United
States, having a favorable balance of trade with
Germany, is not able to do so. Speaking in general
terms, this offer is in principle the same as the proposal made by the British, acting alone, in the very
early days of the conference. It has been evident
throughout the conference that the British and other
interests favored a funding bond for the full amount
of the maturing interest instead of a cash payment
of a part of the amount. The Council is not able to
approve The offer as fair, just and equitable to the
American holders of non-Reich long-term and
medium-term German dollar bonds. It is, however,
the best offer which the combined creditor groups,
American and European, could induce Germany to
make."
Intergovernmental Debts
LOSE study is being accorded the problem of
intergovernmental debts in a number of chancelleries, currently, owing to the approach of the
June 15 instalment date and the likelihood that nations making token payments will be unable to escape
the stigma of default hereafter. The recently enacted Johnson law, which prohibits certain financial
transactions in the United States in behalf of coun-
C
3659
tries wholly or partially in default, is viewed as an
obstacle to the former procedure, whereunder countries making token payments were absolved from the
default status by President Roosevelt. There have
been ample indications in recent weeks that Great
Britain desires to follow the practice of making token
payments on the understanding that the country will
not be regarded as a defaulter. Italy, Czechoslovakia
and other countries that also made token payments
recently are believed to be waiting for indications
of the British attitude, which they are likely to emulate. The State Department in Washington sent the
customary notices to 13 debtor countries, Monday,
that they have aggregate payments of $174,647,439
to meet June 15 under the funding agreements.
President Roosevelt started work early in the week
on a message to Congress concerning the debts.
Intimations from London that some payments
might be effected June 15 if the President were to
call a general debt conference met with a cool response in Washington, where it was reported that
Mr. Roosevelt is opposed to group negotiations. Interpellations in the House of Commons in London
this week on debt matters brought only the reply
from Cabinet members that the questions were unanswerable at the moment. Chancellor of the Exchequer Neville Chamberlain declared Thursday that
he hoped to make a statement shortly. President
Roosevelt's message to Congress on the debts was
made available yesterday, but it introduced nothing
new in the situation. The message was a purely
factual presentation of the present position, and the
only recommendation was the negative one that no
Congressional action or legislation seems to be required at this time. The prospect of early settlement of this problem is dim, the President admitted.
Foreign Trade and Exchange Restrictions
OVERNMENTAL regulation of foreign trade
and foreign exchange dealings has been carried to new lengths by the Italian and German regimes in decrees issued over the last week-end. This
deplorable tendency was in evidence in many parts
of the world even before the current depression
began, but since 1929 it has been developed to the
point where international trade is suffering to an
unexampled degree. The countries that apply such
restrictions always justify them as a necessary step
for the protection of the national economy, and from
the viewpoint of the individual countries there is
little to be said against such contentions. The movement is world-wide, however, and every restrictive
measure in one country seems always to make necessary similar efforts elsewhere. It has been pointed
out by experts on several occasions recently that a
break in this truly vicious circle can be made only
by an international agreement of wide scope. There
is little evidence at the moment of any general realization of this fact, and no sign whatever of an
attempt at corrective measures.
The Italian restrictions imposed last Saturday are
the more significant, since they appear to establish
unusually close control of all foreign exchange dealings. Since Italy is reputedly a member of the European gold bloc, keen interest was taken in financial
circles in the decree published in Rome. Under this
measure all purchases of foreign exchange by Italian
individuals and corporations are restricted to the
requirements of trade or tourist expenditures. All
banks and business firms must report to the Banca
G
3660
Financial Chronicle
d'Italia their holdings of foreign balances. Italians
who hold securities abroad, moreover, are ordered to
file a declaration of their holdings to the Government for stamping. This rule applies not only to the
strictly external investments of Italians, but also to
Italian dollar bonds and other Italian issues which
were floated externally and repatriated. Italian
banking officials in New York explained the decree
as an effort to prevent speculative dealings in exchange and to confine transactions to those of a
commercial nature. Persistent pressure on the lira
in recent months seems to have made the restrictions
desirable. The discount on Italian currency in relation to gold units is more than 4%, which ordinarily
would result in heavy gold shipments, but the actual
exportation of the metal from Rome has been only
nominal.
German regulations, announced last Monday,
tightened anew the restrictions on foreign trade
which that country has imposed progressively of
late. If continued for any length of time, these regulations would mark the doom of private import trade
in Germany and the establishment of a Government
monopoly, a Berlin dispatch to the New York
"Times" states. The new step reduces the allotment.
of foreign exchange for ordinary imports to 10% of
the "basic amount," which means 5% of the amount
spent for such goods in 1930. The figure now imposed is only one-fifth of the amount available as
recently as last February, it is noted. The utilization of unused reimbursement credits, moreover, is
fixed at 20% of the "basic amount." As justification for the further restrictions, German banking
authorities pointed to the steadily dwindling gold
and gold exchange reserves of the central bank.
Essential raw materials purchases by Germany in
other countries are to a considerable degree exempt
from the new provisions, since they are largely under
the control of special bureaus operating under
special orders. But private imports of foreign goods
will be hard hit, and the private German importer
will be all but eliminated. "The new German regulations represent a further extension of the system
of embargoes and quotas and of direct barter
arrangements which now afflict world trade," the
dispatch to the New York "Times" remarks.
Disarmament Conference
ERMINATING a long recess, the General Disarmament Conference was resumed at Geneva,
Tuesday, in an atmosphere that was somewhat more
encouraging than most observers anticipated. The
movement for an embargo on arms and munitions
shipments to the nations engaged in the Chaco war
proved a stimulating factor in the initial session,
while encouraging speeches by the leaders of the
American and Russian delegations also were helpful.
British and French officials began on Wednesday
to consider the old practical problems that have
blocked all efforts of the Conference heretofore, and
the resultant clash appeared to place the gathering
back in the doldrums. It was found advisable to
adjourn the meeting until yesterday in order to
soothe ruffled feelings and find some way out of
the difficulties. Special private meetings of the
League Council were held concurrently with the Disarmament Conference sessions, in order to arrange
for the plebiscite in the Saar area next year. It
was indicated Wednesday that a satisfactory method
of conducting the voting probably will be found.
T
June 2 1934
Norman H. Davis, of the United States, made a
speech before the gathering of the Disarmament Conference, Tuesday,in which he proclaimed faith in the
ability of the nations to find a practical solution of
the problem. Disarmament negotiations were interrupted, he pointed out, by the bilateral discussions
between France and Germany, in which an attempt
was made to solve the problem by direct negotiations
between the chief disputants. Germany surely desires a disarmament convention, Mr. Davis said, and
he expressed the belief that she would be willing to
resume negotiations at Geneva on the basis to which
the German Government previously agreed. With
obvious reference to the French delegation, he
pleaded that all nations ought to explain their positions. The United States, he indicated, would approve of a universal pact of non-aggression in connection with a general disarmament convention and
efforts to suppress the evils of arms traffic. Not
only the production of engines of death, but also the
profits resulting therefrom must be controlled or
eliminated by international agreement,it was added.
The traditional policy of the United States with
respect to European affairs was reiterated by Mr.
Davis, who declared that this country would not
participate in European political negotiations and
settlements and would not make any commitment
to use its armed forces for the settlement of any
dispute. The policy of the United States is to keep
4
out of war, but to help in every possible way to di,
courage war, he remarked.
Foreign Commissar Maxim Litvinoff, as the representative of a nation that is presumably soon to join
the League of Nations, made a plea for disarmament
that is much more in line with the realities of current diplomacy than the harsh and sarcastic demands for immediate and complete international disarmament previously voiced in behalf of Soviet Russia. There have been many rumors lately of a defensive alliance between France and Russia, and
they gained at least a partial confirmation by a
swing on the part of M. Litvinoff toward the French
position of security first and disarmament afterwards. Russia is willing to join in a guarantee of
peace by mutual assistance treaties, such as France
has sponsored, he declared, but not by military alliances. A formal proposal was made by M. Litvinoff
for transforming the conference into a permanent
and regularly assembling conference of peace, sitting
for the prevention of war as an organ of the League
of Nations. The League, under this plan, would lose
none of its prerogatives, he asserted. Russia continues to favor the complete abolition of armaments,
since armed peace is a negation of the basic principles
of the Kellogg-Briand anti-war pact, M. Litvinoff
said.
Whateven optimism these declarations engendered
was quickly dispelled on Wednesday, when Foreign
Secretary Sir John Simon, of Great Britain, and
Foreign Minister Louis Barthou engaged in an acrimonious dispute before the full Conference. An
agreement is essential, Sir John Simon said, and he
pointed out that German participation is necessary
to reach an agreement. Since Germany insisted on
a measure of rearmament, it would be needful to
consider the entire matter on that basis, and the Conference, he said, must choose between limited, but
real, reduction of armaments, together with moderate rearmament by Germany, or limitation at the
status quo, accompanied by rearmament on a larger
Volume 138
Financial Chronicle
scale. Great Britain is ready to co-operate in any
effort that looks promising, but "we will not lend
ourselves to indefinite continuance of vague and inconclusive discussions," the Foreign Secretary
declared.
M. Barthou replied promptly with a bitter and
ironical address from which personal allusions were
not absent. Referring to the British insistence upon
measures similar to those proposed in the plan of
the London Government, M. Barthou remarked: "I
can well understand that paternity has its illusions."
Sir John Simon conceived the plan, he added, and
"his paternity has so many illusions that he tells us
there has been only one concrete proposal submitted
to the Conference." Although Germany's withdrawal from the 'Conference and the League previously had been called unjustifiable,"we must now renounce everything that does not immediately and
absolutely please Germany," the French Minister
declared. He added emphatically that he would refuse to do this. Arthur Henderson, the President
of the Conference, conferred Thursday with the British and French Foreign Ministers in an effort to find
a way out of the new impasse occasioned by the
Franco-British dispute, but no progress was reported
and the general feeling was one of discouragement.
New Cuban Treaty
HAT the good neighbor policy of the current Administration in international affairs is no
empty concept was again demonstrated Tuesday,
when announcement was made in Washington and
Havana of a new treaty between the United States
and Cuba, which, in effect, annuls the troublesome
Platt Amendment. Under this treaty Cuba achieves
that genuine sovereignty and independence for which
she has long contended. The Platt Amendment, as
part of the treaty of 1903 and of the Cuban Constitution, gave the United States legal sanction for intervention in the affairs of the Island. All that remains
of the long-disputed point is authority for retention
by the United States of the naval base at Guantanamo. President Roosevelt promptly submitted the new
document to the Senate for ratification, together
with a message recommending action by that body.
Washington dispatches indicate that sentiment in
the Senate is overwhelmingly in favor of the step,
and ratification at this session is held possible. Announcement of the treaty caused general rejoicing in
Cuba, where it was hailed as the most important
development since Cuba won independence from
Spain. It is already evident that this step will have
extremely favorable repercussions on the relations
of the United States with all the Latin American
countries. Together with the Haitian fiscal control
arrangements, it signifies the almost complete withdrawal of the United States from interventionist
activities in Latin America. The move was especially
timely, owing to reports last week-end that Cuban
terrorists had fired on the home of United States
Ambassador Jefferson Caffery and had warned him
to leave the country.
The treaty is a brief document which provides for
the abrogation of the 1903 compact and the validity
of all acts effected under its terms. The lease on
the Guantanamo naval base is to remain unaltered.
If any outbreak of epidemic disease requires it, both
nations are to have the right to suspend communications and take other actions necessary in the circumstances. The new treaty will become effective on
T
3661
exchange of ratifications. In transmitting the document to the Senate, President Roosevelt remarked
that it is in line with his own public declaration that
the definite policy of the United States is one opposed
to armed intervention. The contractual right to
intervene is abolished, he said, together with the
further rights involving participation in the determination of such domestic policies as those relating
to finance and sanitation. "Our relations with Cuba
have been and always must be especially close," the
President continued. "They are based not only upon
geographical proximity, but likewise upon the fact
that American blood was shed as well as Cuban
blood to gain the liberty of the Cuban people and to
establish the Republic of Cuba as an independent
Power in the family of nations. I believe that this
treaty will further maintain those good relations
upon the enduring foundations of sovereign equality
and friendship between our two peoples, and I consequently recommend to the Senate its ratification."
In an announcement to the Cuban people, President Carlos Mendieta described the step as an event
which will go down in history among the truly
memorable occurrences of Cuban national existence.
"After a third of a century,in respect to the demands
of Cuban conscience, the Governments of Washington and Havana have reached a happy understanding
that marks the beginning of a new period in our international relations," President Mendieta continued. "The abrogation of the so-called permanent
treaty between Cuba and the United States eliminates from our international relations the pain
caused during many years by the existence of the
Platt Amendment. To-day, with her sovereignty unimpaired, Cuba salutes all other nations." Messages
of felicitation were exchanged by the two governments. Ambassador Caffery, who walked to the
Presidential palace in Havana to congratulate the
President, was cheered loudly by the throngs lining
the way. Guns were fired in salute, church bells set
pealing and whistles and sirens blown throughout
the Island to mark the event.
Chaco Arms Embargo
TING under the authority granted last week by
Congress, President Roosevelt issued a proclamation, Monday, prohibiting the sale of arms and
munitions in this country to Bolivia and Paraguay.
The war between the two countries over the boundaries of the Gran Chaco area now. has been in
progress two full years, and it is being waged with
ever-growing intensity. The embargo on arms shipments was suggested at the League Council meeting
in Geneva nearly two weeks ago by the British delegate, and the proclamation by the President is the
American response to this effort to halt a war that
has been described many times as "senseless." In
Geneva the attitude was taken that the arms exporting countries could take action only if assured of the
co-operation of all States concerned. In his embargo, President Roosevelt acted without waiting
for co-operation, and, in effect, he put up to the
other arms-supplying countries the question of the
continuance of the Chaco war. The step will prove
useless, of course, unless Great Britain, France,
Czechoslovakia and other arms-manufacturing countries, as well as the countries immediately adjacent
to the land-locked belligerents, agree to adopt measures designed to prevent the flow of war materials
to both countries. Even if full co-operation is ob-
N
3662
Financial Chronicle
tamed, it is unlikely that the Chaco war will stop
soon because of lack of war supplies, as there is
some evidence to show that both countries have large
supplies of arms and munitions on hand.
Although embargoes on the export of arms by the
United States are nothing new in history, this is
said to be the first instance in which the step was
applied in an endeavor to halt a war between two
participants in an armed conflict. Previous embargoes were designed to prevent aid to revolutionary movements against friendly governments, it is
indicated. President Roosevelt acted, in this instance, as soon as the proclamation could be prepared
by the State Department. A message was dispatched, Tuesday, to the League of Nations, describing the arms embargo action and expressing the hope
that other nations would follow suit. All Latin
American governments were formally notified of the
action the same day. At the time the measure was
announced, Bolivian forces were reported as making
great gains in the Chaco warfare against their Paraguayan adversaries. The Paraguayans were successful until a few weeks ago, and their troops advanced
far into nominally Bolivian territory. Communications are the essence of the Chaco warfare, and each
country seems to be successful in accordance with
the proximity of the fighting to the respective bases
and the ability to maintain open roads. The Paraguayan representative to the League of Nations announced last Saturday that his country would cease
applying the rules of international warfare unless
Bolivia halted her bombardment of undefended Paraguayan towns. Bolivia replied on Monday, charging
Paraguay with "recourse to barbarism," and announcing that "whatever barbaric procedure Paraguay may adopt, Bolivia will not alter her civilized
treatment of Parguayan prisoners of war." The Bolivian delegate at Geneva made a plea before the
League of Nations Council, Thursday, for action by
the League toward settlement of the boundary
dispute.
Discount Rates of Foreign Central Banks
HE Bank of France on May 31 reduced its discount rate from 3% to 23/2%, the 3% rate
having been in effect since Feb. 8 1934. Present
rates at the leading centers are shown in the table
which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Rate in
Effect
Date
June I Established.
Austria.....
Belgium,..
Bulgaria_._
Chile
Colombia.
.
Czechos10vakia___.
Danzig _ _ _
.
Denmark .
.
England...
Estonia__
Finland__
France - —
Germany .
Greece
Unllitml
Previous
Rate.
5
3
7
434
4
mar,93 1933
Apr. 25 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
6
334
8
534
5
334
4
234
2
534
41
4
234
4
7
2U
Jan. 25 1933
July 12 1932
Nov.29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
May 31 1934
Sept.30 1932
Oct. 13 1933
Sent_ 18 11188
434
5
3
234
634
6
3
5
734
R
Country.
Rate in
Effect
Date
June 1 Established.
Hungary__
India
Ireland._
Italy
Japan
Java
Lithuania__
Norway
Poland.,,.
Portugal—
Rumania _.
South Africa
Spain
Sweden
Switzerland
434
334
3
3
3.65
434
6
334
5
534
6
4
6
234
2
Foreign Money Rates
IN LONDON open market: discounts for short bills
A
on Friday were 7 %, as against 3/% on Friday
A
of last week and 7 @15-16% for three months' bills,
7
as against 4@15-16% on Friday of last week.
Money on call in London yesterday was Yi%. At
Paris the open market rate remains at 2%%, and
in Switzerland at 13/2%.
Bank of England Statement
The Bank of England statement for the week ended
May 30 shows a loss of £41,489 in bullion, reducing
the total to £192,088,557 in comparison with £187,402,773 a year ago. The loss in gold being attended
by a contraction of £1,530,000 in circulation, resulted
in an expansion of £1,489,000 in reserves. Public
deposits increased £650,000 and other deposits £1,814,970. Of the latter amount L1,237,300 was an
addition to bankers' accounts and £577,670 to other
accounts. The reserve ratio is 49.48% as compared
with 49.30% last week and 48.80% a year ago. Loans
on Government securities rose £345,000 and those on
other securities £634,875. The latter consists of discounts and advances and securities which increased
£391,679 and £243,196 respectively. The discount
rate is unchanged at 2%. Below we show a comparison of the different items for several years:
BANK OF ENGLAND'S COMPARATIVEISTATEMENT.
Matt 30
1934.
£
Circulation
378,111,000
Public deposits
14,014,000
Other deposits
135,477,204
Bankers'accounts_ 99,407,766
Other accounts... 36,069,438
Govt. securities
76,894,635
Other securities
16,403,319
Disct. de advances_ 5,648,585
Securities
10,754,734
Reserve notes ar coin 73,978,000
Coln and bullion
192,088,557
Proportion of reserve
to liabilities
49.48%
Bank rate
2%
May 31
1933.
June 1
1932.
June 3
1931.
June 4
1930.
£
£
£
£
374,063,420 355,413,751 356,370,794 359,798,602
33,246,958 18.552,692 6,545,145 8,877,942
117,009,101 124,106,439 106,129,666 107,990,702
77,472,660 89,956,577 72,209,262 71,081,853
39,536,441 34,149,862 33,920,404 36,908,849
72,606,127 73,914,656 38,495,906 58,380,547
22,198,831 37,601,752 35,416,843 19,192,897
11.249,948 12.481,965 7,106,070 6,476,057
10,948,883 25,119,787 28,310,773 12,716,840
73,339,353 48,927,975 56,583,284 57,080.483
187,402,773 129,341,726 152,934,078 156,879,085
48.80%
2%
34.29%
234%
50.19%
2S4%
48.84%
3%
Bank of France Statement
The Bank of France statement for the week ended
May 25 reveals another gain in gold holdings, the
current advance being 379,391,467 francs. The bank's
gold is now at 77,465,582,262 francs, compared with
80,950,775,958 francs a year ago and 79,470,235,749
francs two years ago. French commercial bills discounted, advances against securities and creditor
current accounts register increases of 349,000,000
francs, 42,000,000 francs and 1,079,000,000 francs
respectively. Notes in circulation show a contraction of 399,000,000 francs,'bringing the total of notes
outstanding down to 79,991,644,580 francs. Circulation last year aggregated 83,266,944,280.francs and
the previous year 81,417,780,030 francs. Bills bought
abroad records a decline of 1,000,000 francs. The
proportion of gold on hand to sight liabilities is now
78.51%, in comparison with 77.89% last year and
72.92% the previous year. Below we furnish a comparison of the various items for three years:
PreMous
Rate.
Oct. 17 1932 5
Feb. 16 1933 4
June 30 1932 334
Dec. 11 1933 334
July 3 1933 4.38
Aug. 16 1933 5
Jan. 2 1934 7
May 23 1933 4
Oct. 25 1933 6
Dec. 8 1933 6
Apr. 7 1933 6
Feb. 21 1933 7
Oct. 22 1932 534
Dec. 1 1933 3
Jan. 22 1931
35
June 2 1934
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for week.
May 25 1934. May 26 1933, May 27 1932.
Francs.
Francs.
Francs.
Francs.
+379,391,467 77,465.582.26280.980,776,958 79,470,235,749
No Change
12,768,824 2,468,332,255 4,474,215,474
Gold holdings
Credit bale. abroad_
a French commercial
bills discounted- - +349,000,000 5,011,558,111 3,449,435,032 4,159,967,414
b Bills bought abr'd
—1.000,000 1,080,881,808 1,418,564,986 4,526,668,034
Adv. agitinst secure.
+42,000,000 3,061,467,080 2.674,544,218 2,699,905,394
Note circulation_ __
. —399.000,000 79.991,644,580 83,268,944,280 81,417,780,030
Credit current meta +1,079,000,000 18.675.502.17520,658,215,902 27,559,956,707
Proport'n of gold on
hand to sight liab_
—0.16%
78.51%
77 ROO>
79 02.7.
a Includes bills purchased in France. b Includes bills discounted abroad.
New York Money Market
CHANGES in rates for accommodation were
O
recorded this week in any department of the
New York money market. The sessions were dull,
with trading interrupted Wednesday in. observance
of Memorial Day. Charges were continued at the
very low levels occasioned by the official easy money
policy. Call loans on the New York Stock Exchange
were 1% for all transactions, whether renewals or
N
Volume 138
Financial Chronicle
new loans. In the unofficial street market loans
3
were reported contracted every business day at 4%,
or a concession of X% from the official rate. Time
3
money held to the former range of %@.1%. Brokers'
loans against stock and bond collateral increased
$10,000,000 for the week to Wednesday night,
according to the usual report of the Federal Reserve
Bank of New York. The total of these loans is now
. reported as $915,000,000 on May 30. Some interest
was occasioned here by the reduction of the Bank of
A
• France discount rate on Thursday to 21 % from the
former level of 3%, but this reduction is not believed
to have any great significance for American markets.
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% remained
the ruling quotation all through the week for both
new loans and renewals. The market for time money
is still in the doldrums, no transactions having been
reported the present week. Rates are nominal at
.
%@.1% for two to five months, and 1@.13.1 % for
six months. The demand for prime commercial paper
has been very strong this week, and with an abundant
supply of paper available, dealers have been fairly
busy. Rates are 4% for extra choice names run3
ning from four to six months and 1@134% for names
less known.
Bankers' Acceptances
HE market for prime bankers' acceptances has
been quiet and without noteworthy feature
this week, and while there has been a fairly good
demand for prime bills, high class offerings have been
scarce. Rates are unchanged. Quotations of the
American Acceptance Council for bills up to and
including 90 days are Y
i% bid and 3-16% asked;
for four months, %% bid and 3.j% asked; for five
and six months, M% bid and 4% asked. The
bill buying rate of the New York Reserve Bank is
M% for bills running from 1 to 90 days, and proportionately higher for longer maturities. The
Federal Reserve banks' holdings of acceptances
decreased during the week from $5,263,000 to
$5,178,000. Their holdings of acceptances for
foreign correspondents also decreased from $3,268,000
to $2,730,000. Open market rates for acceptances
are nominal in so far as the dealers are concerned, as
they continue to fix their own rates. The nominal
rates for open market acceptances are as follows:
D
T
3663
Course of Sterling Exchange
TERLING exchange follows the same trends as
have been in evidence during the past few weeks.
The market is exceptionally dull and rates are generally established by the course of operations in the
European markets, chiefly in London and Paris.
Sterling has been gradually easing off for the past
month and while fluctuations have been within narrow
limits, rates in terms of the dollar are on balance
easier than last week. The range this week has
been between $5.063 and $5.094 for bankers' sight
bills, compared with a range of between $5.0834 and
$5.114 last week. The range for cable transfers
has been between $5.063 and $5.093, compared
%
4
with a range of between $5.083/2 and $5.111 a week
ago. The outstanding event of the week affecting'
the future course of exchange is the reduction in the
rediscount rate of the Bank of France on Thursday
from 3 to DA%.
The pressure against sterling in the past month
or more has come largely from Paris, as French funds
which had been domiciled in London for safety before
February were being steadily withdrawn, with the
result that sterling has been consistently weak in
terms of French francs. Bankers abroad have frequently discerned signs of intervention by the British
Equalization Fund and the Bank of France to steady
the sterling-franc rate. The general opinion of the
London market is that the strength of the franc at
the moment is due principally to bear covering of
positions taken at the time of the French crisis in
February and March. Withdrawals by France from
London are now nearly at an end. Authoritative
quarters assert that these balances are now at a level
below which they can hardly be further reduced.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS.
Saturday, May 2677.125 I Wednesday, May 30
Thursday, May 31
77.09
Monday, May 28
June 1
Friday,
77.09
Tuesday, May 29
LONDON
Saturday, May 26
Monday, May 28
Tuesday, May 29
77.06
77.06
76.98
OPEN MARKET GOLD PRICE.
Wednesday, May 30_ _1378. Md.
136s. 6d.
136s. 8d. Thursday, May 31__136s.
June 1_ _137s. 1%cl.
Friday,
136s. 9d.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
Holiday
35.00 Wednesday, May 30
Saturday, May 26
35.00
35.00 Thursday, May 31
Monday, May 28
35.00
June 1
35.00 Friday,
Tuesday, May 29
In considering the present ease in sterling and the
heavy withdrawals of French funds it should be
recalled that prior to the flight of French and other
European funds to London during the dangerous
situation in Paris in February and March there was
a superabundance of funds in the London open
Discount Rates of the Federal Reserve Banks market, and such had been the case for more than a
HERE have been no changes this week in the year. In this respect there is no change. Transacrediscount rates of the Federal Reserve banks. tions on this side are at a conspicuously low level
The following is the schedule of rates now in effect and confined for the most part to strictly commercial
for the various classes of paper at the different requirements. Sterling should under normal conReserve banks:
ditions of foreign exchange be seasonally firm in
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
terms of the dollar throughout the entire summer.
Rate in
The pound and all European currencies should norPrevious
Date
Federal Reserve Bank.
Effect on
Rate.
Established.
June 1.
mally also be relatively firm because of tourist
Feb. 8 1934
Roston
234
2
demand for exchange, but this type of requirement
2
Feb. 2 1934
New York
134
3
Nov. 16 1933
Philadelphia
234
has been seriously curtailed since the beginning of the
234
Feb. 3 1934
Cleveland
2
334
Feb. 9 1934
Richmond
3
depression, and now as a consequence of the de1934
334
Feb. 10
Atlanta
a
3
Oct. 21 1933
Chicago
234
3
valuation of the dollar is probably at the lowest level
Feb. 8 1934
St. Louis
256
334
Mar. 16 1934
Minneapolis
3
in many years. Another feature which contributes
334
Feb. 9 1934
Kansas City
a
334
Feb. 8 1934
Dallas
3
234
Feb. 16 1934
to the unseasonal weakness in sterling arises from the
Elan Francisco
2
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Asked. Bid.
Asked.
Bid.
Asked.
Bid.
Prime eligible bills
%
-—90 Days— —60 Days-- —30 Days
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
iss
3
sis
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Si% bid
Eligible non-member banks
34% bid
T
3664
Financial Chronicle
fact that Great Britain is importing more raw materials than is customary at this time of year, as
British trade has been on the upgrade for a year.
In considering this feature it should be recalled that
a very great part of the output of Great Britain's
manufacturing industry is intended for export and
• that her raw materials must be drawn from abroad.
While spot quotations for sterling are easier, London
is bidding for forward sterling at a premium of
cent above the spot rate for 90 days. This premium
varies slightly from day to day but is an indication
of world confidence in sterling.
Because of the ease of francs in terms of dollars
and the strength of the dollar in terms of sterling,
American buyers have been successful in the London
• open market for gold this week, bidding chiefly
against French interests. The abundance of funds
in the London market is shown by the ease in money
rates, which are practically unchanged from those
prevailing during many months past. Call money
3
against bills is in supply at 4%. Two-months'bills
three-months' bills, 78% to 15-16%; fourare %%;
months' bills, 15-16% to 1%, and six-months' bills,
1 1-16%. On Saturday last, there were £210,000
bar gold available in the open market and the price
was fixed at a fractional premium over the dollar.
The gold was taken for an unknown destination. On
Monday, £216,000 available was taken for an unknown destination, the price being fixed at a premium
2
of 13/d. over the dollar. On Tuesday, 080,000
was taken for American account at a premium of
2
13/d. over the dollar. On Wednesday, 088,000
was taken by undisclosed buyers believed to be
American at 137s Md. On Thursday, 052,000
was taken for American account at a fractional
premium over the dollar. On Friday, 077,000 is
believed to have been taken for shipment to America
at a fractional premium over the dollar.
The Bank of England statement for the week
ended May 30 shows a decrease in gold holdings of
£41,489, the total standing at £192,088,557, which
compares with £187,402,773 on May 31 1933 and
with the minimum of £150,000,000 recommended by
the Cunliffe committee. At the Port of New York
the gold movement for the week ended May 30,
as reported by the Federal Reserve Bank of New
York, consisted of imports of $5,946,000, of which
,506,000 came from England, $924,000 from
India, $416,000 from France and $100,000 from
Ecuador. There were no gold exports and no change
in gold earmarked for foreign account. In tabular
form the gold movement at the Port of New York
for the week ended May 30, as reported by the
Federal Reserve Bank of New York, was as follows:
-MAY 30, INCL.
GOLD MOVEMENT AT NEW YORK, MAY 24
Exports.
Imports.
$4,506,000 from England
None.
924,000 from India
416,000 from France
100,000 from Ecuador
0,946,000 total
Net Change in Gold Earmarked for Foreign Account.
None.
We have been notified that approximately $539,000 of gold was received
from China at San Francisco.
The above figures are for the week ended Wednesday evening. On Thursday $4,641,000 of gold was
received of which $2,550,000 came from Colombia,
$1,681,900 from Canada,and $410,000 from England.
earThere were no exports of gold but gold held
account increased $2,550,000.
marked for foreign
imported, $258,100
On Friday $410,200 of gold was
June 2 1934
coming from England and $152,100 from Jamaica.
There were no exports of gold or change in gold
held earmarked for foreign account. It was reported on Friday that $211,000 of gold was received at San Francisco from China.
Canadian exchange continues firm in terms of the
dollar, Montreal ruling at a slight premium. On
Saturday last Montreal funds were at a premium of
i%
from 3-16 to Y on Monday at from 34 to 5-16%,.
on Tuesday at from 5-16 to /%. There was no
market in New York on Wednesday, Momorial Day.
On Thursday Montreal was at a premium of 5-16 to
• /%,and on Friday at a premium of 3-16 to 11-32%.
Referring to day to day rates, sterling exchange
on Saturday last was dull and inclined to ease.
/
Bankers' sight was $5.083 1@$5.09M; cable transfers
$5.08%@$5.0934. On Monday dulness and ease
/
continued. The range was $5.083 @$5.09N for
bankers' sight and $5.083'@$5.0934 for cable transfers. On Tuesday the market continued to soften.
2
Bankers' sight was $5.07%@$5.083/; cable transfers
/
$5.08@$5.085 . On Wednesday, Memorial Day,
there was no market in New York. On Thursday
sterling was off sharply. The range was
A
$5.075 for bankers' sight and $5.063/@$5.07% for
2
cable transfers. On Friday sterling declined fractionally in a dull market the range was $5.063t@
$5.073/ for bankers' sight and $5.06/@$5.0734 for
cable transfers. Closing quotations on Friday were
35.069/ for demand and $5.0634 for cable transfers.
/
Commercial sight bills finished at $5.061 2; 60-day
bills at $5.0532; 90-day bills at $5.05; documents for
payment (60 days) at $5.053/ ,and seven-day grain
bills at $5.06 7-16. Cotton and grain for payment
.
2
closed at $5.063/
Continental and Other Foreign Exchanges
XCHANGE on the Continental countries is
easier in terms of the dollar, though trading
in New York is extremely slight. The decline in the
French franc with respect to the dollar is largely due
to the fact that sterling is easier against dollars.
The franc has been ruling so easy this week that the
market is inclined to expect a movement of gold from
France to New York. However, the movement
remains problematical. The important event of the
week is, as stated above, the reduction made on
Thursday by the Bank of France in its rediscount
rate, which was decreased from 3% to 23/2%. This
change has been expected for several weeks because
of the steady improvement in the French fiscal
position and the accumulation of funds in Paris.
The Bank of France rate has been at 3% since Feb.
8, when it was advanced to offset the heavy gold
drains due to fears excited by the political disturbances. The rate on French Treasury bills has been
reduced to 2% from 23/2% in consequence of the
improved situation. When the bank's rate was
lowered, francs were quoted in New York at around
6.5834, just about the point at which gold cou'd be
imported from Paris profitably on an exchange basis.
The action of the bank reflects strikingly the enhancement of confidence in the future market for francs.
The discount on future francs has dwindled to the
smallest spread since the American return to gold in
February. Ninety-day francs are selling at a discount of only M point under the spot rate. The
firmness in futures points to the improbability of an
immediate movement of gold from Paris to New
York.
E
Volume 138
Financial Chronicle
It is not known whether or not Paris has taken any
gold from the London open market this week.
However, it is not improbable that some gold taken
for "unknown destination" may have been for French
account. Omitting consideration of what may have
been withdrawn from London this week, approximately £8,172,000 gold has been taken from London
for France since April 27. The Bank of France
statement for the week ended May 25 shows an
increase in gold holdings of 379,391,467 francs,
representing the 12th successive weekly increase in
gold holdings, an aggregate increase for the period
of approximately 3,537,382,816 francs. Present
holdings total 77,465,582,262 francs, which compares
with 80,950,775,958 francs a year ago, and with
28,935,000,000 francs when the unit was stabilized
in June 1928. The Bank's ratio is at the high level
of 78.51%, which compares with 78.67% on May 18,
with 77.89% a year ago and with legal requirement
of 35%.
German marks present no new features of importance. The mark is greatly weaker in tone as the
credit conference just closed leaves none of Germany's foreign creditors more satisfied than before.
Mark quotations are, of course, highly nominal.
Various items pertaining to the German credit
agreement will be found in our news columns. The
prospect for marks looks cloudy. Further gold losses
are expected by the Reichsbank and competent
observers see a crisis impending.
Italian lire are firm. Last week Premier Mussolini in addressing the Chamber of Deputies took
occasion to affirm Italy's adherence to gold and
asserted that those nations which have abandoned
the gold standard will return to it. A ruling issued
on Saturday by the Italian control forbids all foreign
exchange operations in Italy except those arising
from genuine industrial or commercial trade requirements or the necessities of travelers abroad. This
is not so much a new decree as an ordinance of reenforcement. New York foreign exchange operators regard the Italian exchange decrees as tangible
evidence that the members of the Continental gold
block are determined to maintain the gold standard
and the stability of their currencies in terms of gold.
Throughout the entire period of currency disorder
Italy has steadfastly insisted that economic recovery
depends upon the maintenance of sound currency.
Her answer to competition in foreign trade from
other countries with depreciated currencies was a
wholesale reduction in costs, which is now being
carried out. Dr. V. Azzolini, governor of the Bank
of Italy, in his remarks at the recent annual meeting
of the Bank for International Settlements said: "In
the strictly monetary field it is well to repeat that
Italy has decidedly declared herself in favor of the
maintenance of the gold standard. The bank is
faithful to this principle, by which its action is and
will remain inspired. The maintenance of a sound
currency and its convertibility into gold, in spite
of inevitable fluctuations in the exchanges, is an
essential condition for a wholesome economic and
social policy and it must' be regarded as the most
effective foundation for a return to a balanced and
a lasting prosperity."
The London.check rate on Paris closed on Friday
at 76.98, against 77.15 on Friday of last week. In
New York sight bills on the French center finished
4
%
on Friday at 6.573 , against 6.603 on Friday of
last week; cable transfers at 6.58, against 6.61, and
3665
commercial sight bills at 6.55, against 6.58. Antwerp
belga,s closed at 23.33 for bankers' sight bills and
at 23.34 for cable transfers, against 23.42 and 23.43.
Final quotations for Berlin marks were 39.04 for
bankers' sight bills and 39.05 for cable transfers, in
comparison with 39.37 and 39.38. Italian lire closed
at 8.58 for bankers' sight bills and at 8.59 for cable
transfers, against 8.50 and 8.51. Austrian schillings
closed at 18.90, against 19.00; exchange on Czechoslovakia at 4.16, against 4.173/2; on Bucharest at
1.003/, against 1.01; on Poland at 18.87, against
2
18.94; and on Finland at 2.25, against 2.25. Greek
exchange closed at 0.94% for bankers' sight bills and
8
at 0.945s for cable transfers, against 0.94% and
/
0.94%.
The following table shows the relation of the leading currencies still on gold to the United States dollar:
Franc (franc)
Belgium (belga)
Italy (lira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity
Parity.
3.92
6.63
13.90
23.54
5.26
8.91
23.82
40.33
19.30
32.67
40.20
68.06
Range
This Week.
,
6.574 to 6.6036
23.34 to 23.43
8.49 to 8.60
39.04 to 39.31
32.46 to 32.55
67.57 to 67.84
during
EXCHANGE on the countries neutral theare the
French
war follows the trend of sterling and
defranc. Holland guilders and Swiss francs
cidedly easier in terms of United States dollars, but
both units are firm in terms of French francs and
sterling as the position of both Holland and Switzerland is steadily improving. Both countries are again
adding to their gold holdings. Money has become so
plentiful in Amsterdam that the private discount rate
has been reduced again, from 13/8%, the rate in
effect since May 10, to 15-16%. At the same time
the buying rate on prime guilder acceptances has
been cut to 1% from 13.%,the latter rate also having
been in effect since May 10. The current rates are
the lowest since early in March. The Scandinavian
currencies follow closely the movements of sterling
exchange and the Spanish peseta, though not stabilized in terms of gold, moves in sympathy with the
French franc.
Bankers' sight on Amsterdam finished on Friday
at 67.59, against 67.87 on Friday of last week; cable
transfers at 67.60, against 67.88, and commercial
sight bills at 67.56, against 67.85. Swiss francs
closed at 32.46 for checks and at 32.47 for cable
transfers, against 32.56 and 32.57. Copenhagen
checks finished at 22.63 and cable transfers at 22.64,
against 22.75 and 22.76. Checks on Sweden closed
at 26.13 and cable transfers at 26.14, against 26.26
and 26.27; while checks on Norway finished at
25.45 and cable transfers at 25.46, against 25.57
and 25.58. Spanish pesetas closed at 13.64 for
bankers' sight bills and at 13.643/ for cable transfers,
2
against 13.693/2 and 13.703/
2
.
XCHANGE on the South American countries
presents no new aspects of importance from
those characteristic of many preceding months, but
signs are not wanting that these countries are coming to find the official control of foreign exchange
operations severely irksome, and are extending the
scope of the "free market." It is intimated in responsible quarters in Buenos Aires that the Government is considering the abandonment of exchange
control. It is doubtful, however, that any plans
the Government may have for making such abandonment effective can be carried out in the immediate
future. It is inclined to extend from time to time
E
3666
Financial Chronicle
the number of export products for which the exchange may be sold in the free market. The latest
item included in this list was made toward the end
of April, when cheese was added. The gradual
extension of these items, however small in the aggregate compared with other Argentine exports, increases by just so much the supply of exchange available in the market. Some believe that the Bank
of The Nation is also contributing more of its official
cover. These additions explain to some extent the
appearance of greater amounts of peso exchange in
the open market. The nominal, or official, quotations which are always considerably higher than the
unofficial or free market, show a strong tendency to
sag, and according to well informed sources the Bank
of The Nation is frequently obliged to come into
the market to steady the peso. This implies undoubtedly that the bank must employ some of its
exchange in the free market, though no complete
evidence is available. A weakening of the peso
would follow any attempt by owners of frozen funds
to convert their holdings, though there is nothing to
indicate that this procedure is followed now to any
greater extent than at any previous time. The
authorities maintain complete secrecy with respect
to exchange operations, so that any conclusions relative to the situation must be based upon reports
from unofficial sources in Argentina and in the
United States.
So far as the supply of exchange for importation
from the United States is concerned, the situation
has settled down into a position where importers are
basing their policies upon the expectation that they
will probably have to get their dollars in the "free"
market. The largest single industry which could be
affected by general adoption of this attitude would
seem to be the automobile industry, though any
industry which could compete at all in Argentina
with costs based upon free market rates would be in
the same position. It is not believed that there will
be any increases in the present rate of granting permits for the liquidation of frozen accounts of foreign
concerns. Practically no exchange is being given
for liquidation of such of these accounts as represents
shipments of merchandise by American exporters.
Argentine reports state that the Minister of Finance
is contemplating the issue of short-term bonds
similar to those issued last year to assist exporters
of goods to Argentina. It has been reported that the
Minister of Finance has been considering such an
operation at an exchange rate about half-way between
the official and "free" market rates. Hence there
would be three rates of peso exchange. Agitation
has been constant on the part of Argentine importers
for compensation by the Government for losses
claimed to have been sustained as the result of depreciation of the peso last year. The importers maintain
that they have sold imported merchandise at prices
based upon exchange rates prevailing before the Government devalued the peso and have been forced to pay
for the merchandise at rates which cause them to
incur large losses. The British Chamber of Commerce in Buenos Aires recently announced that the
Minister of Finance stated to its representative that
he has practically completed plans for the issue of
short-term bonds, at a favorable exchange rate, to
the complaining importers. On the whole no group,
whether the Argentine importers, the exporters, the
foreign creditors or foreign debtors, or the Government itself is satisfied with the exchange control.
June 2 1934
The same conclusion may be reached with respect
to the results of exchange control in all the other
South American countries. One important development in the Brazilian exchange situation in recent
months has been the growth of the "gray" exchange
market. Exchange in this market is derived from a
percentage of export drafts which exporters of
products other than coffee are allowed to sell, with
permission of the Bank of Brazil, to such importers
as the Bank may determine. Thus exporters of
cotton, cocoa, hides, skins, and other products, the
exportation of which the Government is desirous of
encouraging, receive, for the percentage withheld, a
rate more favorable to them than the official rate.
Many importers unable to obtain official exchange are
permitted to purchase this "gray" exchange. In
this way importers of articles which could not be
considered as "raw materials" or "necessities" are able
to cover their commitments. There have been
charges of favoritism and other unethical practices
in connection with the distribution of this "gray"
exchange, but it is of course difficult to obtain
definite proof of such practices. It would seem that
this "gray" market is entirely distinct from the unofficial or so-called "bootleg" market, and that there
are in Brazil also three rates of exchange. A similar
state of affairs seems to exist in Chilean exchanges,
where the middle rate is known as the "export" rate.
Argentine paper pesos closed on Friday nominally
at 33% for bankers' sight bills against 33% on Friday of last week; cable transfers at 34, against 34.
Brazilian milreis are nominally. quoted 83/2 for bankers' sight bills and
for cable transfers, against
83/b and 81 . Chilean exchange is nominally quoted
/
103., against 103i. Peru is nominal at 23.00,
against 23.25.
on the Far Eastern
EXCHANGE no new features ofhascountries has
presented
importance for
many months. The Japanese yen
displayed an
FOREIGN EXCHANGE RATES CERTIFIED By FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MAY 26 1934 TO JUNE 1 1934, INCLUSIVE.
Country and Monetary
(Ins.
Noon Buying Rate for Cable Transfers(n New York.
Value In United States Money.
May 26.1 bray 28. May 29. May 30. bray 31. June 1.
EUROPE$
$
3
Austria,schilling
.189620* .188808* .188958*
233930 .233608 .233108
Belgium, belga
013375• .013000* .012750•
Bulgaria, lev
Czechoslovakia. krone .041690 .041621 .041660
227183 .226985 .226966
Denmark, krone
England, pound
5.089666 5.083973 5.083416
sterling
.022450 .022425 .022450
Finland, markka
.066003 .065921 .065973
France,franc
Germany, reichsmark .392400 .391035 .391000
009462 .009450 .009450
Greece, drachma
.677928 .677228 .677850
Holland. guilder
.298333* .297666* .297333*
Hungary, pengo
.085005 .084911 .085006
Italy. lira
.255558 .255333 .255225
Norway, krone
.189033 .188200 .188766
Poland, zloty
.046555 .046455 .046492
Portugal, escudo
.010043 .010000 .009975
Rumania,leu
138853 .136635 .136792
Spain, peseta
.262283 .262066 .262016
Sweden,krona
.325139 .324821 .325032
Switzerland, franc
.022683 .022650 .022666
Yugoslavia,
ASIAChinaChetoo (yuan) dol'r .327916 .327916 .327500
Hankow(yuan) dol'r .327916 .327916 .327500
Shanghlit(yuan)dorr .327187 .326875 .326718
Tientsin(yuan)dol'r .327916 .327916 .327500
Hongkong, dollar_ _ .364218 .363750 .363437
381500 .381590 .381350
India, rupee
.301750 .301615 .301425
Japan. yen
Singapore (S. S.) dol'r .596250 .595625 .595625
AUSTRALASIA
4.060000* 4.054687*4.048437*
Australia, pound
New Zealand, pound_ 4.072187*4.086562*4.060625*
AFRICA
South Africa, pound..5.031500 5.025250.4.024750*
NORTH AMER.1.001848 1.001666 1.002942
Canada, dollar
.999150 .999150 .999150
Cuba, peso
Mexico, peso (silver). .277466 .277566 .277566
Newfoundland, dollar .999375 .999187 1.000500
SOUTH AMER..339300* .338933* .338833*
Argentina. peso
.084790* .084770* .085175*
milreis
102625* .102525* .102525*
Chile. peso
802250* .803583* .804000*
Uruguay,Paw
610700• .606100* .600600*
Colombia. peso
Nominal rates; firm rates not available.
$
.189360*
.233330
.012250*
.041581
.226245
Bollday
.189200*
.233358
.012500*
.041559
.226283
5.066416
.022356
.065823
.390357
.009437
.676384
.297333
.085051
.254490
.188733
.046.390
.010006
.136485
.261254
.324485
.022675
5.066833
.022375
.065820
.390285
.009440
.676557
.297500*
.086040
.254463
.188633
.046425
.010000
.136453
.261275
.324715
.022633
.326250
.326250
3 5127
62685
2
.326250
.324583
.324583
:363750
320416
.324583
.380230
.300725
.593750
.380350
.300440
.594375
:3
.039375'4.037812*
.051250* 4.049531*
.010250'5.010500*
.002812 1.002786
.999550 .999950
.277500 .277400
.000687 1.000312
.337733*
.085156*
.012325*
.802583*
.591700*
.337800*
.084968*
.102325*
.802000*
.5917000
Volume 138
Financial Chronicle
3667
tices" dealt With in Section 3, three are directed
at employers and only one at employees. The three
employer specifications brand as unfair any attempt
on the part of an employer to impair, "by interference or coercion," the right of employees to form
or join labor organizations, designate representatives
of their own choosing, and engage in collective bargaining; to interfere with or dominate any such
labor organization or give it financial support;except
that wages may be paid for the time spent in the
business of the organization; or to encourage or discourage membership in a labor organization by discrimination in hiring, tenure, conditions of employment, or by "contract or agreement." The only
prohibition on employees is one classing as an unfair
Gold Bullion in European Banks.
practice any attempt on their part to impair, by
of gold interference or coercion, the right of employers "to
HE following table indicates the amount
bullion in the principal European banks as of join or form employer organizations and to designate
May 311934, together with comparisons as of the representatives of their own choosing for the purpose of collective bargaining." The Committee may
corresponding dates in the previous four years:
well have smiled grimly when it wrote this prohibition
1930.
1931.
1934.
1932.
1933.
Banks of—
into the amended bill, since the "unfair labor pracE
E
£
£
£
129,341,726 152,934,078 156,879,085
Eangland_. 192,088,557 187,402,773
tice" which is solemnly prohibited is, as has been
Gnome a__ 619,716,658 647,606,207 635,761,886 445,072,484 350,470,939
38,196,300 109,134,450 122,067,350
17,752,200
Germany b
6,154,150
well said, "something that employees practically
98,815,000
96.945,000
90,108,000
90,374,000
Spain
90,508.000
56,279,000
57.460,000
70,483,000 60,895,000
73,962,000
Italy
never attempt and have no reason to wish to do."
35.993,000
37,495.000
78,121,000
69,744,000
66,900,000
Netherrds_
34,194,000
41,334.000
72,341,000
76,458,000
77,022,000
Nat. Belg_
Paragraph 4 of Section 3, however, relating to the
23,153,000
76,777,000 25,713.000
73,388,000
81,117,000
Switzerland
13,303,000 13,511,000
11,443,000
12,031,000
15,064,000
Sweden —
encouragement or discouragement of membership in
9,567,000
9,552,000
8,032,000
7,397,000
7,397,000
Denmark—
8.144.000
6,561,000
6,569,000
8.133,000
6,577,000
Norway_ _ _
a labor organization, reproduces and continues one
Total week 1,216,506,365 1,259,205,180 1,207,577,912 997,076.012 909,073,374
009 972 AM
of the worst features of the original Wagner bill.
Prew wrok 1 213 701 722 1 259 409 074 1 195 057 241 992 107 R21
a These are the gold holdings of the Bank of France as reported In the new form
The paragraph declares, in the form of a proviso,
of statemen . b Gold ho dings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,426,200.
that "nothing in this Act, or in the National Industrial Recovery Act, or in any code or agreement
The Revised Wagner Bill and the
approved thereunder, or in any other statute of the
Labor Situation
United States, shall preclude an employer from
In an elaborate statement released to the press on making an agreement with a labor organization (not
May 25, the Senate Committee on Education and established, maintained or controlled by any unfair
Labor took the extraordinary step of issuing an ex- labor practice) to the effect that a person seeking
planation and defense of the revised Wagner bill a employment shall be required, as a condition of
day in advance of the presentation of the bill to the employment, to. join such labor organization, if the
Senate. The announced purpose of the statement agreement is sought by a majority of employees in
was to offset propaganda and correct misleading the unit covered by it when made." On it face the
assertions regarding the bill by stating "at the out- proviso may seem to be impartial, but in fact it is
set what the bill does not do or try to do." The nothing of the kind. The proviso opens the way
amended bill, it was pointed out, does not authorize for a National labor organization affiliated with the
the NRA or any other Government agency to fix A. F. of L. to organize a bare majority of the emwages, regulate rates of pay, or limit hours of work. ployees of an establishment, obtain from them someIt does not require any employee "to join any form thing that can be represented as an expression of
of labor organization," nor compel an employer to opinion in favor of the discriminating requirement
make a closed shop agreement with a labor organiza- mentioned, and then bring pressure upon the emtion or consent to a check-off agreement, these ployer, by stirring up discontent or threatening a
matters being "left to the parties to settle by the strike, to require the minority of employees, however
orderly process of collective bargaining and free from large or however differently organized, to join the
suggestion, much less direction, from the Govern- A. F. of L. union if they want their jobs. The way
ment." It does not empower the board which it is equally open for the A. F. of L., bent, as William
sets up to settle "all labor grievances," but restricts Green has declared, upon so increasing its memberthe quasi-judicial powers of the board to four ship as to "leave no room in the United States for
"unfair labor practices and to cases in which the any other labor movement," to denounce a company
choice of representatives is doubtful." Even then, union and threaten a strike if the company union
the statement continues, "the board's compulsory presumed to ask for a similar requirement, notaction is limited to cases that have led or threaten withstanding that the company union might repreto lead to labor disputes that might affect commerce sent a large majority or practically all of the emor obstruct the free flow of commerce. The bill ployees. No one who knows the spirit and methods
makes it impossible for the board to exercise any of the A. F. of L. is likely to believe for a moment
compulsory power in a purely local and intra-State that that organization would acquiesce without demur
in an exclusive and discriminatory agreement with a
dispute."
An examination of the text of the bill as laid before company union, in spite of the fact that, if 51% of
the Senate on May 26 shows that the revised measure, the employees of a plant could be mustered under
notwithstanding the Committee's disclaimers and the A. F. of L. standard, it would make all possible
explanations, has been by no means rid of mis- effort to obtain a precisely similar agreement on
chievous provisions. Of the four "unfair labor prac- its own account.
easier tone throughout the week as the unit follows
very closely the course of sterling exchange. The
Chinese units show a softer tone, as they follow the
quotations for world silver prices, which at present
are hesitating. The Indian rupee fluctuates in
strict relation to sterling, to which it is legally attached at the rate of is. 6d. per rupee. Closing
quotations for yen checks yesterday were 30.10,
against 30.22 on Friday of last week. Hong Kong
closed at 36 5-16@363
/, against 36%@36 15-16;
%
Shanghai at 323 , against 3338@33 3-16; Manila at
4
497 , against 50A; Singapore at 59%, against 60;
Bombay at 38A, against 38.30 and Calcutta at
38 8, against 38.30.
T
3668
Financial Chronicle
June 2 1934
Section 10 of the revised bill, relating to the courage membership in any labor organization" was
representation of employees, contains a mixture of pointed out on Wednesday by James A. Emery,
mandatory and permissive language which bodes ill counsel for the Manufacturers' Association. "Comfor harmonious relations between employers, em- munistic unions," Mr. Emery said, "exist on every
ployees and the National Industrial Adjustment side. They continually foment labor disturbances.
Board which the bill creates to replace the present While dealing with employers respecting working
National Labor Board. The point will be made conditions, they excite strife, incite violence, stimuclear by italicizing the relevant expressions. "In late discontent and aim at the subversion of political
any disputes," the first paragraph of the section and social institutions by force. Yet under this bill
reads, "as to who are the representatives of em- an employer who in any way discouraged memberployees, the Board, if the dispute might burden or ship in such an organization is to be told by the
affect commerce or obstruct the free flow of com- Government which it would overthrow that he viomerce, may investigate such dispute and certify to lates the law."
the parties, in writing, the name or names of the
The revised Wagner bill is being pressed for pasindividuals or labor organizations that have been sage in Congress, it is said, with the active support
designated and authorized to represent employees. of President Roosevelt, in the hope that it may
In any such investigation the Board shall hold an prove effective in checking the epidemic • of strikes
appropriate hearing, and the Board shall be author- that is spreading in the country. There seems small
ized to take a secret ballot of employees, or to utilize reason to expect that it will accomplish much in that
any other suitable method to ascertain by whom direction. The strikes that have multiplied omior by what labor organization they desire to be nously in one State after another have various
represented. The Board shall decide whether eligi- causes, but one of the most potent connects itself
bility to participate in a choice of representatives at bottom with the fixed purpose of the American
shall be determined upon the basis of employer unit, Federation of Labor to dominate the industrial
craft unit, plant unit, or other appropriate unit. Each labor situation, put an end to company unions and
unit may be given representation in proportion to its establish the closed shop. It is not clear that the
membership. The Board may determine that repre- revised Wagner bill gives the Federation all the
sentatives agreed upon by the majority of employees opportunity in those directions that its more radical
in an appropriate unit shall represent the entire unit leaders apparently desire, but it is very far from
for the purpose of negotiating agreements concerning freeing either labor or the Government from such
terms and conditions of employment. . . . In any hold as the Federation already has in the Admindispute not of the character described" in the para- istration's labor policies, and it does not assure an
graph just quoted,"as to who are the representatives amicable adjustment of the controversies which in
of employees, the Board may offer its services to aid any case must be expected to arise. The protestain determining who are such representatives."
tions of impartiality on the part of the AdminisWhether the language of the bill is "shall" or tration, as far as the union question is concerned,
"may," there can be no reasonable doubt of what the that come out of Washington must be taken with
Board, if it comes into existence in accordance with many grains of salt; the Wagner bill is to all intents
the terms of this bill, will be likely to do. If it and purposes an Administration measure, and to the
chooses to consider a dispute about employee repre- extent that it leaves the way open for the consentation as one which "might" affect commerce, tinuance of controversy and agitation over the type
it may investigate. It may also, under paragraph of labor organization that shall be established, it
(b) of the bill, "offer its services" if the dispute must be taken as indicating an unwillingness on the
does not affect commerce. As all disputes will part of the Administration to take a definite stand.
obviously fall into one or the other of these two It is a fair question whether Mr. Green and his
classes, the Board will be at liberty to intervene associates, by arraying themselves against any kind
in any case. Once it has decided to intervene, it is of labor organization except their own and any
under obligation to hold a hearing, it may take a scheme of collective bargaining that does not meet
secret ballot, it must decide the basis of representa- their wishes, are not obstructing the recovery in
tion, and it may deprive a 49% minority of em- whose extension every worker, whether a member
ployees of such representation as they desire by of a union or not, has a vital interest. In any case
according representation only to the majority. In the Wagner bill, instead of helping the attainment of
this last respect the Board is in a position to play industrial peace, seems likely to leave one of the
into the hands of the A. F. of L. as effectively as principal causes of discontent and disturbance just
does the provision of Paragraph (4) of Section 3, about as it has been ever since the recovery proalready quoted, regarding the permissive requirement gram was launched.
of membership in a majority labor organization as
a condition of employment. Under neither of these World's Railways Comprise More Than
provisions has a minority of employees any recourse
Four-Fifths of a Million Mile3
left to it except the constitutional right of petition
United States Accounts for Largest Network
for redress of grievances, and there is no recognition of such right in the bill. The theory of the
The total railway mileage of the various countries
bill, as far as employee representation is concerned, throughout the world now aggregates 801,291 miles.
appears to be that a minority, however large, must This figure represents miles of first main track only.
yield to a majority, however small, and this irre- How pre-eminently the United States is the railway
spective of whether the minority desires some form nation of the world is shown by the fact that over
of organization different from that of the majority, 31% of this vast network of steel falls within its
borders. Out of the entire gain of 116,677 miles of
or is content with no formal organization at all.
A further objection to the provision which makes railway for the whole world between 1913 and 1931,
it "unfair" for an employer to "encourage or dis- 23,917 miles—or nearly 20%—were contributed by
Financial Chronicle
Volume 138
the two Americas, despite the large reduction which
was brought about by the abandonment of tracks
in various parts of the United States between 1913
and 1931.
The railway systems of the five great geographical
divisions of the earth compare in miles of line
first main track-owned as follows:
in
Ral .
I9 ira Mileage. IncreaseOverMileage.
1913.
1931
Americas
Asia
Africa
Australia
Europe
353,467
67,051
27,472
21,959
214,665
377.384
99,489
42,448
30,821
251.149
23.917
32.438
14,976
8,862
36,484
Total_
684,614
801,291
116.677
North and South America combined account for
more than 47% of the world's railway mileage; the
Americas and Europe combined contain over 78%,
while the vast areas of Asia, Africa and Australia,
altogether, represent the remainder of less than 22%.
The overwhelming leadership of the United States
as far as railroads are concerned may be indicated
by a comparison of individual countries; after its
249,680 miles, including Alaska, Canada is second
with 42,626 miles, while British India is third
with 41,481 miles and France fourth with 39,550
miles. Then follow in order, Russia in Europe,
36,739 miles; Germany, 36,404 miles; Great Britain,
24,414 miles; Argentina, 23,756 miles; Brazil, 19,720
miles; Japan, 17,966 miles; Mexico, 16,443 miles;
Poland, 13,406 miles; Italy, 13,049 miles; Union of
South Africa, 12,602 miles; Russia in Asia, 11,135
miles; Sweden, 10,445 miles; Spain, 10,139 miles;
Czechoslovakia, 8,553 miles; China, 8,426 miles;
Rumania, 7,424 miles; Belgium, 6,893 miles; Queensland, 6,622 miles; Yugoslavia, 6,296 miles; New
South Wales, 6,046 miles; Hungary, 5,921 miles;
Chile, 5,542 miles; Austria, 5,095 miles, and Egypt,
4,894 miles.
In relative growth the United States has not held
its own, for while the world railway mileage in
18 years increased 17%, our mileage decreased
0.1%. The Americas as a whole increased 6.8%
while Europe's growth amounted to 17%. Asia,
increased 48.4%. Africa took the leadership with
a growth of 55%. Australia's railway mileage increased about 45%.
Regardless of the lack of growth of railway mileage
in the United States during the 18 years 1913 to
1931, it retained the track leadership of the Western
hemisphere with its total mileage of 249,680 for
the latter year, representing approximately 66.2%
of the total mileage of the Americas, and more than
31% of the mileage of the world. It lacks but
0.4% of equalling the entire railway mileage of all
Europe; exceeds that of Asia by 151%, and is 241%
greater than the railway mileage of Australia and
Africa combined,
By comparing the railway mileage of the United
States with that of some of the other countries of
the world we find that our mileage is about 5% times
as great as that of Canada, which contains the
next largest railroad system. It is more than six
times that of British India, and about six
times that of France; more than 6 4-5 times that of
Russia in Europe; 6% times that of Germany;
103 times that of Great Britain; over 10 times thut
of Argentina, and nearly 24 times that of Sweden.
3669
of only 20.3 miles of railway lines per 10,000 population. Canada leads with a track mileage per
10,000 population of more than 42 miles. In Canada
the population is confined chiefly to the southern
border of the Dominion, while the millions of square
miles to the north have little population and less
railroad service. A similar situation exists in
Australia, where practically the whole northern part
of the island is virgin territory, supplied with neither
civilized population nor railroad facilities. Internationally unimportant countries, such as Southwest
Africa, the Virgin Islands, Tasmania, Betschuanaland and Abyssinia can hardly be considered in
such a comparison.
Canada, Australia, Argentina and the United
States, therefore, are in a class by themselves as
regards the relative supply of railway facilities. All
these countries are newly developed, with large
areas still sparsely populated. There is but a slight
margin of difference between Argentina, third on
the list, the United States, fourth with 20.3 miles,
and the Union of South Africa, fifth with 18.2 miles
to every 10,000 people. The more densely populated
countries, such as Belgium, the United Kingdom,
Germany, France, Italy and Holland, have fewer
miles of railway per 10,000 inhabitants. Belgium
has 8.6 miles; France, 9.1 miles; Italy, 3.2 miles,
and Holland, 3.4 miles per unit. The relative figure
for Australia is 37.5 miles; for Sweden, 17.1 miles;
Mexico, 10.0 miles; Denmark, 9.3 miles; Switzerland,
9.2 miles; Norway, 9.1 miles; Poland, 7.9 miles;
Cuba, 5.2 miles; Bolivia, 5.2 miles; Brazil, 4.9 miles;
Spain, 4.7 miles, and Turkey, 2.5 miles.
The United States stands about midway in point
of mileage per unit of population. It has more
mileage per 10,000 inhabitants than the more densely
populated countries, but somewhat less than those
which, like itself, have a comparatively sparse
population. The three countries which show a
higher ratio of railway mileage to population than
the United States also have a much lower density of
population; that is, population per square mile of
area.
Railway Mileage and Area.
In regard to the relationship of railway mileage
and area, Belgium leads the principal countries of
the world with 58.7 miles of railway per 100 square
miles of area. Next to Belgium is Switzerland with
23.5 miles; then comes the United Kingdom with 20.2
miles, and Germany is next by a narrow margin of
20 miles. Denmark has 19.8 miles of railway per
100 square miles; France, 18.6 miles; Holland,
17.4 miles; Hungary, 16.5 miles; Czechoslovakia, 15.8
miles; Austria, 15.7 miles; Italy, 10.9 miles; Poland,
8.9 miles; Cuba, 7.9 miles. The United States is
fourteenth on the list with 6.9 miles.
The area of Australia, together with New Zealand
and Tasmania, is a trifle over 15% less than that of
the United States, including Alaska. Its railway
mileage, however, is slightly more than one-eighth
that of the United States and Alaska. Reduced to
a unit basis, Australia has but 1.0 miles of railway
per 100 square miles of area, as compared with
the United States's 6.9 miles.
Argentina's area is slightly over three-tenths that
Railway Mileage and Population.
of the United States; its railway mileage is only 9%
Considering the ratio of railway mileage to popu- as great, and its mileage per 100 square miles of
lation the United States ranks fourth among the area is but 2.1 miles. Canada has an area 3%
principal countries of the world, with an allowance greater than that of the United States, including
3670
Financial Chronicle
Alaska, and has a railway mileage only 17% as
large, its mileage per 100 square miles of area being
only 1.2%.
Brazil's area is 932% less than that of the United
States and Alaska, but its railway mileage is only
about 7.9% of ours.
The United Kingdom is less than 1-25th the size
of the United States, including Alaska; its railway
mileage is only about 9.8% as large. Reduced to
a unit basis the United Kingdom has 20.2 miles of
railway per 100 square miles of area, while the
relative figure in the United States is 6.9 miles.
These statistics clearly indicate that the world's
present need is for the construction of railroads in
the undeveloped sections of the globe, especially in
the tropical areas which have untold producing
possibilities but lack transportation facilities to
move their products to the water's edge. The railways in the temperate zone average about 8.5 miles
per 100 square miles of area, and in Europe 5.9
miles per 100 square miles of area; while, on the
other hand, South America, chiefly tropical, has
but 0.8 miles of line per 100 square miles; Asia, 0.6.
and Africa, 0.5 miles per 100.
The Conference Bill
(Editorial from New York "Times" May 311934.1
The Stock Exchange Regulation Bill agreed on by the conference committee of the two Houses accords with expecta.
tions. The conferees have not, as has happened on some past
occasions of the kind, introduced distinct innovations of
their own. In the main, the substitute bill proposed by the
committee pursues a give-and-take policy as between the
House and Senate measures. The House provision for "marginal loans," prescribing an amount not greater than 55%
of current market prices or 100% of a security's lowest
price in three years (but not more than 75% of the current
market price), "whichever is the higher," is adopted; the
Senate bill had referred the margin question to the Commission which it created to administer the law.
But the conference report takes over the Senate plan of an
independent "Securities and Exchange Commission," rejecting the House plan of leaving the work of administration
to the existing Federal Trade Commission. This is altogether
for the good. The Federal Trade Commission does not enjoy
the unqualified respect of the public; it is sufficiently occupied
with other duties, and its personnel was not selected with
a view to any such problems. If nominations for the independent commission were to include members fit by both
judgment and experience to pass on the numerous difficult
questions over which it will have supervision, there would be
a very general feeling of relief. Even in the matter of margins,
the House bill itself gave authority to the Federal Reserve
Board to raise.or lower margin requirements when advisable,
and the conference bill adopts that provision.
Amendments to the existing Securities Act, voted by the
Senate as a "rider" to the Stock Exchange Bill, are adopted
bodily by the conference. Unfortunately, even Senator
Fletcher's "slight change" in the amendment conditioning
right of recovery on proof that the aggrieved purchaser had
bought in actual reliance on a security prospectus is retained;
the conference bill includes the obscurring afterthought that
"such reliance may be established without proof of the reading of the registration statement." But some other Senate
amendments incorporated in the conference bill are distinctly
reassuring. The present law defines "reasonable investigation" by underwriters and "reasonable ground for belief"
in a prospectus as that which is "required of a person occupying a fiduciary relationship"; for that there is now substituted the definition, reasonableness "required by a prudent
man in the management of his own property." Reliance by
underwriters in good faith on reports of competent expert
accountants is made a ground for immunity from penalty.
Participants in an underwriting are relieved of the present
extraordinary penal liability, which might be out of all proportion to the amount distributed by one of them. Defeated
June 2 1934
litigants may be assessed for costs if the court believes the
suit "to have been without merit"; and the term within
which a suit against issuers or underwriters may be brought
is greatly shortened. Finally, the supervisory duties, committed in the present law (as in the House Stock Exchange
Bill) to the Federal Trade Commission, are to be turned
over to the new and independent commission authorized in
the conference's Stock Exchange regulation substitute.
Modifications thus proposed in both bills will doubtless
help; but grave defects remain in each; they will have to be
removed when experience shall have proved the extent to
which they place impediments in the way of legitimate flow
of capital into finance and industry. Perhaps the most that
can be said at the moment is that Congress has at least
recognized the fact that impulsive legislation on such delicate
mechanisms, sweeping in scope and conceived in a spirit
of largely undiscriminating resentment, is itself likely to
threaten trouble.
The Course of the Bond Market
High-grade and Government bonds continue as the chief
features of the bond market, both groups entering new high
ground this week with fractional advances over previous
levels. The strength in Federal issues, maintained in anticipation of June 15 financing, has contributed to the strong
position of other gilt edge bonds. The latter likewise remain
firm on account of strong technical factors, including failure
of the Government to relax the prohibitions of the Securities
Act more than very moderately. Member bank balances
with the Federal Reserve again increased this week, while
interest rates were lowered.
On the other hand, medium to second-grade bonds have
shown reactionary tendencies. Declines on the whole were
not large but losses of a few points appeared in individual
bonds. The seasonal decline in business that usually appears
in mid-Summer would account for the softening of the larger
risk issues, whose position might also suffer if current strike
threats are carried out.
High-grade and medium-grade railroad bonds continued
firm with little change from a week ago. Slightly higher
prices were recorded for some issues. Chesapeake & Ohio
Ref. 432s, 1995, closed at 1035 compared with 1023/2 last
%
Friday; New York Central Cony. 6s, 1944, closed at 1163/2
compared with 1163/; Pennsylvania deb. 43' 1970, were
3s,
at 883/2 compared with 89% last week. Second and lower
grade rail bonds, however, were irregularly lower on smaller
activity. Chi. Mil. St. Paul & Pac. Mtge 5s, 1975, were
off 33 points, closing the week at 41; Denver & Rio Grande
4
Western Gen. 5s, 1955, ended the week at 205/2, down 13%;
Erie ref. 5s, 1975, closed at 703%, a decline of 13/2 points.
In a dull trading week the chief characteristics of utility
bonds were continued strength in high grades and irregularity in lower grades. Changes for the most part were
small. Since Friday of last week Appalachian Electric Power
5s, 1956, declined to 953%, down %, Alabama Power 5s,
1946, were down 13/2 to 87, Derby Gas and Electric 5s, 1946,
declined
of a point to 81, Illinois Power and Light 6s,
1953, gained 1 to 77, and Standard Power and Light 6s,
1957, were off 4 to 50.
3
Relatively moderate volume compared with earlier this
year, and a narrow, mixed trend of prices were apparent in
industrial issues this week. In the oil group, for example,
Shell Union Oil 5s, 1947, were up % to 985,4, and Skelly
Oil 534s, 1939, were down % to 943%. Some steels receded
fractionally, Youngstown Sheet & Tube 5s, 1978, losing %
to 82 while National 5s, 1956, were 54 lower at 1023 .
%
Lackawanna Steel 5s, 1950, however, were up
to 1063/2.
Tire issues were quiet, recording only small price changes.
Among miscellaneous issues, Purity Bakeries 55, 1948, were
54 of a point higher at 91, Crown Willamette Paper 6s, 1951,
rose 13/2 to 94 and Tobacco Products of N.J.63/2s, 2022,fell
% to 1043%•
3
The foreign bond market was distinctly irregular, the
general trend being downward. European issues were for
the most part rather weak, outstanding examples being the
German group. Nearly all Italian bonds were subjected to
substantial downward revisions as a result of increased exchange control instituted by the Government. Scandinavian issues moved fractionally lower, while Finnish bonds
were relatively stable. Some South American issues were
fairly strong, as were Australians.
Moody's computed bond prices and bond yield averages
are given in the tables below.
3671
Financial Chronicle
Volume 138
MOODY'S BOND YIELD AVE/CA(1E13J
(Based on Individual Closing Priem.)
mooDrs BOND PRICES.
(Based on Average Yields.)
120 Domestic Corporate
120
U.S.
by Ratings.
Goy. Domes1934
tie.
Bonds.
Daily
Baa.
A.
An.
Corp.* Aaa.
Ss
Aterages.
82.02
91.53 104.85
91.81 104.85
91.81
91.81
91.81
91.67
91.81
91.96
91.96
92.10
92.39
92.39
92.10
91.81
91.53
91.25
91.96
91.96
92.10
92.53
92.39
92.39
92.68
92.53
9? 53
92.53
92.39
105.03
105.03
105.03
104.85
105.03
105.20
105.03
104.85
104.68
104.68
104.51
104.68
104.68
104.68
104.68
104.85
104.85
104.68
104.51
104.51
104.51
104.68
104.51
104.51
104.68
100.00
100.33
99.84
99.04
92.53
92.39
91.67
90.27
104.51
104.33
103.65
102.81
97.47
98.41
97.47
96.54
97.16
97.31
95.33
95.33
92.68
91.39
88.38
85.74
100.33
85.61
93.26
69.59
89.17
89.86
88.50
87.96
88.36
88.36
87.43
87.04
83.97
82.38
78.44
74.25
92.82
74.25
89.31
70.05
101.81
102.47
101.47
100.49
100.81
100.81
100.00
99.68
98.88
98.73
98.00
97.00
105.20
96.54
99.04
78.44
M
93.55
94.43
95.18
94.14
93.11
93.26
93.26
92.10
91.81
89.31
87.96
84.85
82.02
97.31
81.78
89.31
71.87
P. U. /Wu*.
WOMOWIt..000.0001.3NMOO
97.31
97.31
96.70
95.78
RR.
98.57
98.88
sod
98.88
98.73
98.88
98.73
98.73
98.88
99.04
99.04
99.04
99.04
99.04
98.57
98.41
98.09
98.41
98.88
98.88
99.20
99.04
99.36
99.84
99.68
99.52
99.52
99.52
,
00.04 C0
105.89
105.89
105.54
104.68
.
cl
103.48
104.16
103.15
101.81
101.97
101.47
100.00
99.68
98.41
97.18
95.48
93.26
106.96
93.11
100.33
82.99
s
4 cOrpoicO6c5cOw44daSe4nic:cg
460.4,4C104.4..NMOi 0i07M.
vr4
mmiwwwwwwwwwwwwwwwwwwwwwwwww ;memo noar.t.t-oot.nb.t-e-mcocn....
85.35
106.78 95.78
106.78 96.23
Stock Excha
106.78 96.39
106.78 96.39
106.78 96.39
106.78 96.23
106.78 96.39
106.78 96.39
106.96 96.54
106.78 96.54
106.60 96.70
106.60 96.70
106.25 96.54
106.60 96.39
106.42 96.39
106.25 96.23
106.25 96.70
106.42 96.85
106.42 96.70
106.25 97.16
106.25 96.85
106.25 97.16
106.25 97.16
106.42 97.00
106.07 97.00
105.89 97.00
105.89 97.00
0
ONNONOWt....
0040,
- ,
Nt... .1 WWt...40.4.0WON00 ,
98.88
98.88
98.25
97.16
xchang
95.93
96.70
95.63
94.88
95.18
95.33
93.99
93.85
91.53
90.55
87.69
84.85
98.88
84.85
92.39
74.15
2222$$ANAR222222222S2SggS Sg204=g122=122=22Z. 2 e
2 «
98.25
98.25
98.25
98.25
98.25
98.41
98.41
98.41
98.57
98.57
98.25
98.09
97.94
97.78
98.09
98.41
98.41
98.73
98.57
98.57
98.88
98.73
98.57
98.57
98.73
g
7.444 .
44 c4c4oinoiftmftft.ic4eicic4cioicicioathleic.icae4 cie4.•406-4c5c5cic4cioOr4:0
c0000doo..oSo
29- 105.16
28-- 105.09
26- 105.14
25- 105.13
24- 105.11
23__ 104.97
22- 104.89
21-- 104.92
19- 105.04
18.- 105.05
17-- 104.98
16-- 105.04
15-- 105.02
14_ 105.03
12-- 105.16
11._ 105.11
10- 105.25
9... 105.00
8-- 105.00
7._ 104.91
5-- 104.78
4.. 104.75
3.- 104.68
2__ 104.61
1__ 104.41
Weekly
Apr. 27._ 104.21
20-- 103.65
13_ 104.35
6__ 104.03
Mar.30-- Stock E
23-- 103.32
16- 103.52
9._ 103.06
2.. 101.88
Feb. 23._ 102.34
16._ 102.21
9__ 101.69
2_ 101.77
Jan. 26_ 100.41
19_ 100.36
12_ 99.71
&_ 100.42
High 1934 105.38
Low 1934 99.06
High 1933 108.82
Low 1933 98.20
Yr.A go
June 1 '33 102.93
2 Yrs.Ago
June 1 '32 96.10
00
June 1.- 105.27
May 31-- 105.38
98.09
98.25
120 Domestic
Corporate* by Groups.
84.85
80.84
90.83
120 Demesne Corporate
All
by Ratings.
120
1934
DomesDaily
Baa.
A.
An.
Aaa.
Aterages. tic.
ft
30
PorP. U. huhu. signs.
120 Demotic
Corporals by Groups.
RR.
5.31
4.84
6.15
5.02
4.35
3.96
June 1-- 4.87
5.29
4.82
6.12
4.99
4.35
3.96
May 31_ _ 4.86
Stock Excha nge Clo sod
30._
5.29
4.82
6.12
4.98
3.97
4.35
29._ 4.86
5.29
4.83
6.11
4.98
4.35
3.98
28__ 4.86
5.29
4.82
6.11
4.98
4.35
3.98
26-- 4.86
5.30
4.83
6.12
4.99
4.35
3.98
25__ 4.86
5.29
4.83
6.10
4.98
4.35
3.99
24_ 4.86
5.28
4.82
6.08
4.98
4.35
3.99
23_ 4.85
5.28
4.81
6.07
4.97
4.34
4.00
22... 4.85
5.27
4.81
6.06
4.97
4.35
4.00
21_ 4.85
5.25
4.81
6.05
4.96
4.00
4.38
19_ 4.84
5.25
4.81
6.04
4.96
4.36
4.00
18__ 4.84
5.27
4.81
6.05
4.97
4.38
4.02
17.. 4.86
5.29
4.84
6.10
4.98
4.36
4.02
16_ 4.87
5.31
4.85
6.13
4.98
4.02
4.37
15._ 4.88
5.33
4.87
6.15
4.99
4.38
4.02
14._ 4.89
5.28
4.85
6.10
4.96
4.38
4.03
12... 4.87
5.28
4.82
6.07
4.95
4.37
4.02
11_ 4.85
5.27
4.82
6.04
4.96
4.37
4.03
10_ 4.85
5.24
4.80
5.99
4.93
4.38
4.03
9__ 4.83
5.25
4.81
6.01
4.95
4.38
4.03
8__ 4.84
5.25
4.79
5.99
4.93
4.38
4.04
4.84
7_
5.23
4.76
5.95
4.93
4.38
4.03
5__ 4.82
5.24
4.77
5.96
4.94
4.37
4.04
4_ 4.83
5.24
4.78
5.97
4.94
4.39
4.05
3__ 4.84
5.24
4.78
5.95
4.94
4.40
4.05
2__ 4.84
5.25
4.78
5.95
4.94
4.40
4.04
1__ 4.83
Weekly
5.24
4.75
5.92
4.92
4.40
4.04
Apr. 27_ 4.82
5.25
4.73
5.91
4.92
4.40
4.05
20.- 4.82
5.30
4.76
5.98
4.96
4.42
4.07
13- 4.86
5.40
4.81
6.11
5.02
4.11 4.47
6_. 4.93
alar.30... Stock E xchang e Closed.
5.48
4.91
6.24
5.11
4.54
4.15
23-- 5.01
5.43
4.85
6.16
5.06
4.50
4.11
16-- 4.96
5.53
4.91
6.31
5.13
4.56
4.13
9-. 5.03
5.57
4.97
6.33
5.20
4.64
4.18
2_ 5.08
5.54
4.93
6.24
5.19
4.63
4.16
Feb. 23.. 5.06
5.54
4.92
6.18
5.19
4.66
4.18
16._ 5.05
5.61
5.05
6.31
5.27
4.75
4.22
9_ 5.14
5.64
5.05
6.30
5.29
4.77
4.24
2_ 5.15
5.88
5.23
6.62
5.47
4.85
4.30
Jan. 26._ 5.31
6.01
5.32
6.73
5.57
4.93
4.30
19_ 5.38
6.35
5.54
7.12
5.81
5.04
4.38
12-- 5.59
6.74
5.74
7.56
6.04
5.19
4.43
5__ 5.81
5.22
4.73
5.90
4.92
4.34
3.96
Low 1934 4.82
6.74
5.75
7.58
6.06
5.20
4.43
High 1934 5.81
5.43
4.83
6.16
5.04
4.49
4.11
Low 1933 4.96
7.17
7.22
9.44
6.98
5.96
4.91
High 1933 6.75
Y.Ago
6.14
5.81
7.34
6.04
5.17
4.52
June 1 '33 5.77
2 Yrs.Ago
704
in AO
1900
092
7 02
272
0 74
T0ne 1 .29
4.46
4.46
7.29
7.33
4.45
4.45
4.45
4.48
4.45
4.44
4.45
4.46
4.47
4.47
4.48
4.47
4.47
4.47
4.47
4.46
4.46
4.47
4.48
4.48
4.48
4.47
4.48
4.48
4.47
7.29
7.27
7.22
7.25
7.25
7.25
7.24
7.21
7.19
7.20
7.19
7.21
7.21
7.16
7.13
7.14
7.16
7.17
7.16
7.17
7.15
7.16
7.21
7.24
7.24
4.48
4.49
4.53
4.58
7.28
7.21
7.20
7.22
4.64
4.60
4.66
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.44
4.97
4.60
6.35
7.34
7.23
7.25
7.38
7.49
7.52
7.57
7.55
7.97
8.05
8.33
8.52
7.13
8.62
7.23
11.19
5.36
9.68
8.11
15.80
47.58 65.87 62.09
Ad 42
71 211
0727
do not purport to show either the average
•Theee prices are computed from average yields on the basis of one "ideal" bond(4N% coupon, maturing in 31 years) and
relative love s and the relative movement of
in
level or the average movement of actual price quotations. They merely serve to illustrateof a more comprehensive way the 1928, see the issue of Feb.6 1932. Page 907.
bond prices by months back to
yield averages. the latter being the truer picture of the bond market. For Moody's Index
was published in the issue of Feb. 10 1934,
**Actual average price of 8 long-term Treasury issues. t The latest complete list of bonds used in computing these indexes
page 920. 11 Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Indications of Business Activity
-COMMERCIAL EPITOME.
THE STATE OF TRADE
Friday Night, June 1 1934.
While trade continues on the. up-grade, there is considerable uneasiness here and there, and there was some falling
off in distributable totals as compared with the levels
reached early in the year. Steel operations were up to 59%,
and freight loadings showed an increase. The drouth relief
measures of the Administration, notably the purchase of
feed grains, fat and oil meals, as well as various cash relief
payments, are expected to stimulate business in the next
few weeks. In the drouth-stricken areas of the Northwest
and Southwest trade is almost at a standstill. Unfavorable
factors during the week were the threats of strikes in the
textile industry, and there were fears that it might spread
to other industrial centers. Automotive activity showed a
decline. Commodity prices continued relatively strong during the week. Prolonged drouth throughout most of the
grain belt caused further serious deterioration, and temperatures have been abnormally high. Private estimates on the
crop of winter and spring wheat averaged very low. Wheat
shows an advance for the week of 93' to 10%c. Corn advanced 4% to 5%c; oats, 7% to 7%c., and rye, 5% to 5%c.
Buying was very heavy at times, and on three successive
days prices advanced the limit allowed of 5c. for one day's
trading. All grain reached new highs for the season. Cotton
was more active and higher, in sympathy with the strength
In grain. The spot demand continued poor, but the basis
was firm. Outside interest was better. Sugar was in
rather better demand and firmer. Coffee, however, remained
quiet. Hides showed a little more activity, and advanced
at times in response to the rise in wheat, but are lower
than a week ago. Copper was quiet at unchanged prices.
Tin was dull and lower. Lead was in good demand and
steady. Wool continued inactive and easier. Silk was quiet
and lower. Except for light showers in the fore part of
the week, the -weather here was generally clear and warm.
The Decoration Day holiday was ideal, and thousands went
to the nearby beaches and summer resorts. In the North-
I
west, temperatures continued abnormally high, and in some
sections reached 106 degrees. There was very little relief
from the drouth which has prevailed there for many weeks.
In the South the weather was generally favorable for
cotton. Prospects now look like no better than half a crop
of apples in Minnesota because of dust storms and last year's
drouth. Cold and rain have almost completely destroyed
the cotton crop in parts of Soviet Central Asia. A cyclone
in Conception, Chile, caused heavy property damage and
killed at least four persons. Unusually late snows fell in
the mountain areas of northern California on the 26th ult.
In Sonora Pass the snowfall was eight inches. To-day it
was fair and warm here, with temperatures ranging from
64 to 83 degrees. The forecast was for mostly cloudy, not
much change in temperatures to-night and Saturday. Overnight at Boston it was 82 to 86 degrees; Baltimore,64 to 80;
Pittsburgh, 70 to 88; Portland, Me., 60 to 86; Chicago, 74
to 98; Cincinnati, 66 to 92; Cleveland, 72 to 84; Detroit, 66
to 88; Charleston, 66 to 82; Milwaukee, 80 to 84; Dallas,
68 to 94; Savannah,64 to 82; Kansas City, 78 to 102; Springfield, Mo., 72 to 94; St. Louis, 74 to 96; Oklahoma City.
70 to 98; Denver, 58 to 78; Salt Lake City, 58 to 82; Los
Angeles, 58 to 72; San Francisco, 52 to 62; Seattle, 50 to 60;
Montreal,52 to 72,and Winnipeg,46 to 70.
Moody's Daily Index of Staple Commodity Prices
Mirrors Advance in Grain Prices Resulting from
Drouth.
Prices of the principal raw commodities have continued to
move irregularly with the exception of those for grains,
which advanced sharply during the week on the continuation of severe drouth conditions in the Middle West. Moody's
Daily Index of Staple Commodity Prices moved forward to
136.1 from 133.3 during the week, with wheat and corn
between them accounting for the entire advance in the Index
number, the remaining price changes balancing out evenly.
Of the fifteen commodities comprising the Index, six
registered gains, six losses, and three, copper, lead and sugar,
were unchanged. A nine cent rise in wheat and a six cent
3672
Financial Chronicle
rise in corn led the price changes while important advances
in cotton, rubber and hogs and a minor one in coffee just
about offset the six declines. Of these, a 75-cent drop in
steel scrap and one of a half cent in hides were the most
important, with silk, wool tops, cocoa and silver following.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri., May 25
Sat., May 26
Mon., May 28
Tues., May 29
Wed., May 30
Thurs.,May 31
Fri., June 1
133.3
133.4
134.6
134.6
Holiday
136.2
136.1
2 Weeks Ago, May 18
134.2
Month Ago, May 1_ ------132.4
Year Ago,
June 1 1933--120.3
1933 High, July 18
148.9
Low,
Feb. 4
78.7
1934 High, Feb. 16
140.4
Low,
Jan. 2
126.0
"Annalist" Weekly Index of Wholesale Commodity
Prices Up 0.4 Point During Week of May 29
Monthly Average for May 2.2 Points Higher.
An advance of 0.4 point in the "Annalist" Weekly Index
of Wholesale Commodity Prices to 111.8 on May 29, from
111.4 (revised) May 22, was due the "Annalist" said,
entirely to the sharp advance of the grains and flour under
the leadership of wheat in response to unbroken drouth
conditions centering on this continent, but including much of
the remainder of the world. The "Annalist" continued:
The farm products Index in consequence advanced to a new high since
last Summer; the indices for food products, textiles, building materials and
the miscellaneous group (chiefly rubber), however, were lower, while the
others were unchanged. With external monetary and similar influences
removed for the present, the movement of the index reflected rather the
commodity situation itself, largely a waiting one, except in the case of the
grains. The monthly average for May, reflecting the recent rise in the
Weekly figures, stood at 110.8, compared with 108.6 (revised) in April.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for seasonal variation (1913=100).
May 29 1934. May 22 1934. May 29 1933.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
S All t•nnnnnflItIPA nn nIrl 'Intim. hlA
95.1
109.6
*112.6
163.7
112.1
114.0
99.6
89.2
111.8
a93.6
109.9
a113.0
163.7
112.1
114.1
99.6
89.7
0111.4
84.0
97.1
92.3
94.5
98.3
107.0
95.5
76.6
92.7
June 2 1934
on their own lines, compared with 263,851 cars in the preceding week and 241,057 ears in the seven days ended
May 27 1933. During the week ended May 20 1933 these
same roads loaded 236,848 cars. With the exception of the
International-Great Northern RR., all of the carriers in the
following table continued to show gains over the comparable
period last year:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars.)
Loaded on Own Lines. Receivedfrom Connections
Weeks Ended
Weeks Ended
May 26 May 19 May 27 May 26 May 19 May 27
1934. 1934. 1933. 1934. 1934. 1933.
Atchison Topeka & Santa Fe Ry
Chesapeake& Ohio Ry
Chicago Burlington & Quincy RR.
Chic. Milw. St. Paul & Pac. Ry_
Chicago & North Western RY
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas Lines
Missouri Pacific RR
New York Central Lines
New York Chic. dr St. Louis Ry
Norfolk dr Western Ry.
Pennsylvania R. R
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
Total
18,690
20,377
14,035
17,363
15,122
2,910
2,626
4,271
12,895
43,322
5,091
18.616
56,783
5,748
23,095
5,375
18,652
20,510
13,737
17,100
15,667
2,933
2,708
4,284
12,567
43,098
4,779
17,931
58,552
5,111
22,916
5,306
17,550 4,384 4,022 4,079
17,642 8,038 • 8,962 7,892
13,334 6,024 5,484 5,382
16,889 6.030 5,683 5,829
13,803 8,065 8,043 7,475
2,325 1,779 1,337
949
4,331 1,419 1,967 1,592
4,184 2,587 2,676 2,026
12,209 7,773 7,644 7,184
39,986 56.351 55,450 48,222
4,157 6,657 7,464 6,900
14,052 3,834 3.364 3.343
51,472 38.630 34,921 32,604
4.804 4,147 4,357 3,553
19,463
4,876 7,421 7,846 6.155
286.319 263,851 241,057 183,139 159,220 143,184
x Not reported.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of care.)
Weeks Ended
May 26 1934.
Chicago Rock Island & Pao. Ry.._
Illinois Central System
St. Louis-San Francisco Ry
Total
May 19 1934.
May 27 1933.
20,703
26,128
12,193
20,474
25,059
12,059
20,129
22,816
11,188
59,024
57,592
54,133
The American Railway Association, in reviewing the week
ended May 19 reported as follows:
Loading of revenue freight for the week ended May 19 totaled 611,142
cars. an Increase of 9,403 cars above the preceding week. 75,423 cars above
the corresponding week in 1933. and 95,514 cars above the corresponding
AA A
nAA 0
77 2
week in 1932.
•Preliminary. a Revised. b Based on exchange quotations for France, SwitzerMiscellaneous freight loading for the week of May 19 totaled 241.420
land. Holland and Belgium.
cars, an increase of 1,436 cars above the preceding week, 37.885 cars above
THE "ANNALIST" MONTHLY INDEX OF WHOLESALE COMMODITY
the corresponding week in 1933, and 47.771 cars above the corresponding
PRICES.
week In 1932.
(Monthly averages of weekly figures)
Loading of merchandise loss than carload lot freight totaled 164,222
Unadjusted for seasonal variation (1913=100).
cars, a decrease of 791 cars below the preceding week this year, 2,036 cars
below the corresponding week in 1933. and 16,936 cars below the same
May 1934.
April 1934.
May 1933.
week in 1932.
Farm products
Grain and grain products loading for the week totaled 28,617 care, an
91.1
93.1
79.7
Food products
109.1
108.3
95.8
increase of 160 cars above the preceding week but a decrease of 6,785 cars
Textile products
*113.5
84.1
al18.0
below the corresponding week in 1933. It was, however, an increase of 850
Fuels
162.4
160.8
98.3
cans above the same week in 1932. In the Western districts alone, grain and
Metals
112.2
107.2
96.5
Building materials
grain products loading for the week ended May 19 totaled 18,138 cars, a
113.8
114.0
106.7
Chemicals
99.6
100.2
95.5
decrease of 5,819 cars below the same week in 1933.
Miscellaneous
89.9
88.1
74.2
Forest products loading totaled 24,907 cars, an increase of 71 cars above
All commodities
0108.6
110.8
90.5
A All onntmnilltlaa nn nIrl slnllAr hnala
RA A
the preceding week, 3,303 cars above the same week in 1933, and 6,337
',Rd A
770
cars above the same week in 1932.
•Preliminary. a Revised. b Based on exchange quotations for France, SwitzerOre loading amounted to 24,984 cars, an increase of 6,802 cars above the
land, Holland and Belgium.
preceding week, 16,548 cars above the corresponding week in 1933 and
21,983 cars above the corresponding week in 1932.
Less Freight Cars and Locomotives in Need of Repairs.
Coal loading amounted to 103,912 cars, an increase of 1,040 cars above
According to the American Railway Association, Class I the preceding week, 22,931 cars above the corresponding week in 1933 and
32,181 cars above the same week in 1932.
railroads on May 1 had 295,191 freight cars in need of repair,
Coke loading amounted to 6,856 cars, an increase
cars above the
or 15.0% of the number on line. This was a decrease of preceding week, 2,949 cars above the same week inof 166 and 3,755 cars
1933
4,110 cars below the number in need of such repair on April 1- above the same week in 1932.
Live stock loading amounted to 16,224 cars, an increase of 519 cars above
at which time there were 291,081, or 14.7%.
the preceding week, 628 cars above the same week in 1933, but 426 cars
Freight cars in need of heavy repairs on May 1 totaled below the same week in 1932. In the Western districts alone, loading of
226,772, or 11.5%, an increase of 2,664 cars compared .live stock for the week ended May 19 totaled 13.033 cars, an increase of
1,000 cars above the same week in 1933.
with the number in need of such repairs on April 1, while
All districts except the Southwestern reported increases for the week of
freight ears in need of light repairs totaled 68,419 cars, or May 19 compared with the corresponding week in 1933. All districts,
however, reported increases compared with the corresponding week in 1932.
3.5%, an increase of 1,446 compared with April 1.
Loading of revenue freight in 1934 compared with the two previous Years
Locomotives in need of classified repairs on May 1 totaled follows.
11,095, or 22.8%, of the number on line. This was a decrease of 164 compared with the number in need of such repairs on April 1, at which time there were 11,259 or 23.0%.
Class I railroads on May 1 had 4,796 serviceable locomotives in storage, compared with 4,590 on April 1.
Revenue Freight Car Loadings in Latest Week Exceed
Same Period in 1933 by 14.5%.
Loading of revenue freight for the week ended May 26
1934 totaled 624,567 cars, an increase of 13,425 cars, or 2.2%
over the preceding week and was 79,016 cars, or 14.5%
higher than in the corresponding period last year. It was also
a gain of 103,318 cars,or 19.8% over the comparable week in
1932. Total loading for the week ended May 19 1934 ex-.1%1Td thri correspond4
- Cgded the same freria11371933-by 1 ing week in 1932 by 18.5%. In the week ended May 12 1934
increases over the like periods in 1933 and 1932 amounted to
12.5% and 16.3%, respectively.
The first 16 major railroads to report for the week ended
May 26 1934 loaded a total of 266,319 cars of revenue freight
1934.
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Week ended May 5
Week ended May 12
Week ended May 19
Total
1933.
2,177,562
2,308,869
3,059,217
2,334,831
604,205
801,739
611,142
1,924,208
1,970,566
2,354,521
2,025,564
527,118
534,806
535,719
11.697.585
0572.n02
1932.
2,266,771
2,243,221
2,825,798
2,229,173
533,951
517,260
515,628
11
131.802
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
May 19 1934. During this period 46 roads showed decreases
as compared with the corresponding week last year, when
the bank holiday was in effect. Among the larger carriers
which continued to show increases as compared with the
same week in 1933 were the Pennsylvania System, the
Baltimore & Ohio RR., the Chesapeake & Ohio RR., the
New York Central RR., the Southern Ry. System, the
Norfolk & Western Ry., the Atchison Topeka & Santa Fe
Ry. System, the Louisville & Nashville RR., the Illinois
Central System, the Southern Pacific Co. (Pacific Lines),
3673
Financial Chronicle
Volume 138
the Chicago & North Western Ry., the Chicago Milwaukee
St. Paul & Pacific RR., the Chicago Burlington & Quincy
RR., the Missouri Pacific RR., the Reading Co., and the
Erie RR.
-WEEK ENDED MAY 19.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
Group C
Ann Arbor
Chicago Ind. & Louisville
C. C. C. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line_ Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis_
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West VirginiaWabash
Wheeling & Lake Erie
Total
Grand total Eastern District_
Allegheny DistrictAkron Canton & Youngstown.._
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Central RR. of New JerseyCornwall
Cumberland & Pennsylvania...Ligonier Valley
Long Island
b Penn -Read. Seashore Linea
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District
Chesapeake & Ohio
Norfolk dr Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
Group A
Atlantic Coast Line
Clinchfield
Charleston Or Western Carolina
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac_
Seaboard Air Line
Southern System
Winston-Salem Southbound. _
1934.
1933.
1,805
3,130
7,757
1,023
2,693
10,687
604
1,610
2,782
7,527
892
2.,478
10,212
684
1,914
2,965
7,560
708
2,640
10,258
654
388
4,463
10,151
2,854
2,672
11,159
997
396
4,597
9,294
2,712
2,427
10,899
1,165
27,699
26,175
26,699
32,684
31,490
4,553
9,525
13,361
171
1,247
8,043
2,C50
19,224
1,937
504
373
4,027
7,553
10,607
194
1,350
6,727
1,623
18,082
1,504
263
296
4,700
8,069
10,504
215
1,298
6,620
970
17,097
1,867
357
323
6,605
6,218
13,403
1,742
1,067
6,932
42
28,772
2,029
20
173
5,871
5,315
11,818
1,843
828
6,279
28
22,464
1,810
22
143
60,988
52,226
52,020
67.003
56,421
698
1,099
6,491
16
254
248
2,242
3,960
8,497
3,335
4,779
5,111
5,682
1,258
5,306
3168
,
454
1,133
7,281
20
314
264
1,385
3,238
6,678
3,138
4,121
4,733
3,689
1,126
4,723
3,241
522
1,333
7,259
31
244
155
1,745
2,746
5,961
3,190
4,118
4,432
3,489
827
5,219
2,128
1,013
1,656
9,562
76
166
1,900
• 1,085
6,196
7,736
203
7,464
4,357
4,763
908
7,846
3,012
848
1,632
8,833
52
95
1,870
707
5.374
6,991
149
6,966
3,514
3,705
760
6.171
2,116
52,144
45,538
43,399
57,883
49,773
140,831
123,939
122,118
157,570
137,684
474
28,158
3,486
201
5,647
621
214
18
776
1,052
56,552
14,155
8,709
58
3,166
411
22,416
1,659
193
4,899
631
210
49
969
1,127
51,010
10,845
3,349
28
2.507
a
22,643
944
144
5.726
1
129
87
1,209
b
12,134
10,587
3,431
52
2,729
664
13,100
1,798
6
9,737
62
24
13
2,142
873
34,921
14,170
2,661
0
5,187
610
11,622
1,110
6
9,562
41
20
13
2,417
915
32,321
13,083
1.202
0
3,131
123,327
100,303
99.816
85,358
76,053
20,510
17,931
1,035
3,262
17,411
14,675
906
2,668
16,840
12,431
999
2.220
8,962
3,364
1,210
687
7.622
3,290
1,054
4
83
42,738
35,660
32,490
14,223
12.449
8.171
1,076
361
132
47
1,035
430
359
7,354
18,351
128
8,308
904
543
180
41
1,672
511
332
7,112
18,310
149
7,487
739
356
114
48
1,554
425
299
6,241
16,916
164
3,862
1,468
771
372
68
964
727
3,389
2,993
10,831
525
3,974
1,190
872
302
71
927
803
3,944
2,862
10,860
643
Group B
Alabama Tenn. & Northern_ __
Atlanta Birmingham & Coast_
Atl. & W.P.
-West. RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia dr Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis...
Tennessee Central
1933.
1932.
1934.
130
526
953
2,195
154
670
1,100
334
625
8,574
3,525
361
210
1,317
2,087
954
1933.
169
576
615
2,899
175
699
772
257
1,118
16,328
12,941
101
104
1,811
2,626
382
46,896
43.778
41,483
23,315
22,898
Grand total Southern District
-
84,340
81,840
75,826
49,285
49,316
Northwestern District
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn. & Omaha
Duluth Missabe & Northern_
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Lake Superior &
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie_
Northern Pacific
Spokane International
Spokane Portland & Seattle..._
941
16,874
2,343
17,100
3,305
8,675
831
5,564
287
12,411
499
1,367
1,730
4,954
8,115
247
1,597
801
13,280
2,293
15,885
3,490
3,435
299
3,404
269
7,502
484
481
1,722
4,058
7,724
96
1.026
1,412
13,434
2,310
15,091
3,166
493
313
3,131
283
6,889
473
a
1,657
3,708
7,625
a
1,218
1,836
8,043
1,963
5,683
2,909
128
386
4,232
81
2,599
313
63
1,148
2,100
2,177
164
1,131
• 1,585
7,491
2,003
5,798
2,411
57
317
3,853
113
1,885
269
60
1,087
1,653
1,956
127
914
86.840
66,249
61,203
34.756
31,579
18,652
2,618
212
13,737
1,112
11,030
2,184
807
1,882
110
911
1,844
583
119
17,145
246
360
10,549
148
1,361
17,787
2,778
169
13,085
1,084
11,333
1.885
719
1,749
312
1,098
1,974
542
109
12,960
225
422
9,491
262
1,027
18.859
3,117
131
13,903
a
12,123
1,963
750
1,441
140
1,034
a
497
168
15,321
238
301
10,014
121
1,185
4,022
1,777
94
5,484
546
6,081
1.880
931
1,781
10
801
905
369
25
3,563
262
947
6,536
9
1,435
3.877
1,411
41
5,334
553
5,285
1,598
777
1,912
5
731
833
185
71
2,932
256
820
8.419
6
1,342
85,610
79,011
81,306
37.458
34,388
170
114
136
2,933
2,708
171
1 548
.
516
1,
96
337
423
79
4,284
12,567
41
101
7,036
1,723
5,771
4,111
1,524
67
223
94
129
2,568
4,379
87
1,441
1,237
131
234
430
66
4,210
11,736
53
112
7,060
2,421
5,821
4,530
1,734
21
125
131
108
2.451
1.521
117
1,400
1,038
a
81
440
58
4,155
12,075
49
71
6,839
1,962
5,318
3,131
1,785
14
3,353
296
126
1,337
1,967
794
1,229
739
339
730
171
212
2,676
7,644
26
128
3,299
2,132
2,085
3,941
1,781
35
Total
Total
Central Western District
Atch. Top. & Santa Fe System
Alton
Bingham & Garfield
Chicago Burlington & Quincy_
Chicago & Illinois Midland
Chicago Rock Island Or Pacific'
Chicago & Eastern Illinois_ _ _
Colorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake
Fort Worth & Denver City... •
•
Illinois Terminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)__
St. Joseph & Grand Island_ _ _
Toledo Peoria & Western
U111011 Pacific System
Utah
.
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern_ _
Kansas Oklahoma & Gulf_ _
_
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas &Texas-Litchfield & Madison
Midland Valley
Missouri &North Arkansas
_
Missouri-Kansas-Texa-s Lines_
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR.Assn. or St. Lou s
Weatherford M. W.& Northw _
161
613
518
3,C99
212
659
663
277
1,428
16,929
17,164
119
163
1,769
2,744
338
134
663
1,076
2,096
159
408
1,359
300
650
8,168
3.446
342
189
1,321
2,126
461
m.
Meow.w.wWwl.w 1
4
www
Total
1934.
N.
Group 13
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
1932.
OWW.WNON ,
V.P.WWWWNM.
..010.0WWWWWWW.OWO
Total
1933.
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
w'm'ch...wWww.qmocnw
1934.
Eastern District.
Group A
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. N. H. & Hartford
Rutland
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads,
35,040
30,351
26,448
42.869
47 45R
48.717
25,970
Total
34,343
38,062
Total
37,444
a Not available. b Pennsylvania-Reading seashore Lines include the new consolidated lines of the West Jersey & Seashore RR., formerly part of Pennsylvania
RR., and Atlantic City RR., formerly part of Reading Co.; 1932 figures included in Pennsylvania System and Reading Co.
Decrease of 0.4 of 1% Reported by United States Department of Labor in Wholesale Commodity Prices
During Week of May 19.
Wholesale commodity prices declined 0.4 of 1% in the week
ending May 19, according to index numbers calculated by the
Bureau of Labor Statistics of the United States Department
of Labor, Commissioner Lubin announced May 24. "The decline placed the index for the week at 73.5% of the 1926 average," Mr. Luban stated. He added:
Prices are now at the level for the week ending April 28. The decrease
was caused by the fall in six of the 10 major groups of commodities, of which
farm products, hides and leather products, and miscellaneous commodities
showed the largest declines.
As compared with the index of 63.0 for the corresponding week of last
year, present prices are. up by nearly 17%. They are 14% above the level
for the same week of two years ago, when the index was 64.5. The average
wholesale price level now stands approximately 4% above that of the first
week in January. Present prices are approximately 23% below the level
for the year 1929, when the index has declined to 95.3% of the 1926 average.
Of the 10 major groups of commodities covered by the Bureau, six registered price declines, two, houseturnishing goods and textile products, remained at the previous week's level, and two, fuel and lighting, and chemicals
and drugs, showed fractional advances. Important price decreases were a
61
/
2
% drop in livestock and poultry, a 6% decrease for hides and skins, a
14% fall in prices of crude rubber, a 1% decrease in lumber, a 3% decrease
in meats, and minor decreases in leather and other building materials. Important price advances were reported for grains, cattle feed, cereal foods,
silk and rayon, petroleum products, and fertilizer materials.
also take the following from Mr. Lubin's announcem eNnVte:
The largest decrease, amounting to 11 %, was recorded by the farm products group. Livestock and poultry declined to the lowest level reached in
the past three months, placing the index approximately 47% of the 1926 average. The index for the group as a whole now stands at 59.6 as compared with
50.9 for the corresponding week of last year and 47.1 for the same week
of 1932.
Declining prices for hides, skins and, leather caused the index of the hides
and leather products group to move downward 1% to the lowest level reached
during the current year, and placed the index at 88.5. The corresponding
index for one year ago was 77.9, and for two years ago was 72.2.
The building materials group declined % of 1%. The index of lumber
eased off 1% to the lowest level reached during the current year, whereas
paint and paint materials advanced fractionally to the highest level of the
current year. Other building materials, including window glass, lime and
sand, showed a decrease of approximately % of 1%.
Lower prices of meats, raw and granulated sugar, and rye flour more than
counterbalanced advancing prices of butter, cheese, wheat flour, and certain
canned foods, and caused the food index to show fractional decreases. Metals
and metal products showed a weakening in prices due to minor decreases for
nomferrous metals and certain iron and steel products.
Financial Chronicle
3674
Fluctuating prices in the textile products group resulted in no change for
the general average, bringing to an end the seven weeks' decline for the group
as a whole. Raw silks and yarns, French serge, and overalls showed strengthening in prices, while work shirts, print cloths, burlap, and manila hemp
were among the items showing declining prices. The housefurnishing goods
group also showed no change in the general average.
Strengthening prices for anthracite, bituminous coal, coke and petroleum
products caused the fuel and lighting materials index to move forward 0.3
of 1%. Slightly higher prices for inedible tallow, glycerine, fertilizer materials and zinc chloride were largely responsible for the 0.1 of 1% increase
in the chemicals and drugs group.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series weighted according to their relative importance in the
country's markets, and is based on average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of the major groups of
commodities for the past two weeks, for the weeks of May 20 1933, May 21
1932, Nov. 18 1933 (high for year), and March 4 1933 (low for year), and
the average for the year 1929:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF MAY 19 1934;
MAY 12 1934, MAY 20 1933, MAY 21 1932, NOV. 19 1933, MARCH 4 1933,
AND YEAR 1929. (1926=100.0).
Week Ending.
May 19 May 12 May 20 May 21 Nov. 18 Mar. 4 Year
1934. 1934. 1933. 1932. 1933. 1933. 1929.
All commodities
Farm products
Foods
Hides & leather products_
Textile products
Fuel& lighting materials_
Metals & metal products_
Building materials
Chemicals and drugs_ __ _
Housefurnishing goods.. _
Miscellaneous
All commodities other
than farm products &
foods
73.5
73.8
63.0
64.5
71.7
59.6
95.3
59.6
67.2
88.5
73.5
73.2
88.7
87.0
75.4
83.0
69.7
60.5
67.3
89.3
73.5
73.0
88.8
87.4
75.3
83.0
70.1
50.9
59.9
77.9
55.3
61.2
77.9
71.1
72.9
71.9
58.9
47.1
59.1
72.2
55.8
71.4
79.9
71.8
73.6
75.9
64.4
58.7
65.4
88.5
75.8
74.5
83.5
84.7
73.5
82.1
65.4
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
104.9
99.9
109.1
90.4
83.0
100.5
95.4
94.2
94.3
82.6
79.0
79.1
66.8
70.5
77.5
66.2
Sales of paper and stationery showed even larger increases than the unusual
advances reported for March, but sales of the hardware, grocery, cotton goods,
men's clothing, diamond, and jewelry firms were ahead of a year ago by
smaller percentages than in the immediately preceding months. Wholesale
drug sales showed a substantial increase over a year ago, which, however,
was not as large as in March. Shoe concerns reported only a small increase
in sales, following large advances in the two previous months, and sales of
silk goods, reported in yardage by the National Federation of Textiles, Inc.,
declined much more from a year ago than in the three previous months.
The dollar value of stocks held by grocery, hardware and drug firms at
the end of April continued to be well above that of a year ago, and the
dCcreases in stocks of the diamond and jewelry concerns were slightly less
than at the end of March. The majority of wholesale lines again reported a
higher rate of collections than a year ago.
Percentage
Change
April 1934
Compared with
April 1933.
Percent of Accounts
Outstanding
March 31
Collected in
April.
Commodity.
Net
Sales.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Stationery
Paper
Diamonds
Jewelry
Weighted average
for these factors, it appears that retail trade was not quite
as good in April as in March." Continuing, the bank said:
Moderate advances in sales were reported by the Bridgeport and Capital
District department stores, and there was practically no change in sales front
a year ago in the New York. Buffalo and Hudson River Valley District department stores. With the exception of Westchester and northern New York
State, the declines in sales shown by the remaining localities were quite
moderate. Sales of the leading apparel stores in this district were practically
unchanged from a year ago.
The average rate of collections in April of accounts outstanding March 31
again was somewhat higher than in 1933 for department stores in all localities
and, in apparel stores also. Stocks of merchandise on hand, at retail valuation, continued to show substantial increases over a year ago.
Percentage Change from
A Year Ago.
Locality.
Stock
End of
Month.
1933.
1934.
85.6
+18.7* +54.7
+32.3
____
36.2
+27.9
30.4
-29.1a
+0:5a 64.4
46.7
+4.1_
+26.2 +10.4
20.1
39.9
-1- 17.9 +18.9
____
52.5
+42.0
+43.935.2
+22.4
L1:11 517.1
+169.4 -21.9 1
94.7
36.7
36.3
62.3
44.7
28.3
40.0
51.1
51.2
129.4
1
5L9
56.1
+27.6
+0.5
New York
-0.8
Buffalo
-1.8
Rochester
-7.5
Syracuse
-3.9
Newark
-1-8.7
Bridgeport
1.5
Elsewhere
-17.2
Northern New York State
4.9
Southern New York State
Hudson River Valley District_ _ -0.4
+9.2
Capital District
-15.4
Westchester District
-0.4
All department stores
-0.5
Apparel stores
+12.4
+19.0
+16.7
+11.1
+7.2
+19.6
+12.2
+9.7
+16.1
+9.4
+15.7
.2
-2
+1-+21.3
Stock
on Hand
End of
Month.
P. C. of Accounts
Outstanding
Mar. 31 Collected
in April.
1933.
1934.
+28.8
+13.8
+17.5
+5.9
+22.8
+15.4
+4.4
45.0
37.1
40.1
25.8
38.1
28.0
26.2
48.7
41.4
45.2
38.0
40.7
37.1
27.0
+39.0
40:2
39.7
44:4
42.7
April sales and stocks in the principal departments are compared with
those of a year previous in the following table:
Net Sales
Percentage Change
April 1934
Compared with
April 1933.
+14.1
+13.8
+9.0
+6.4
+4.1
+4.0
+1.0
+0.4
-1.8
-2.0
-2.9
-3.0
-4.7
-9.7
-12.4
-15.2
-17.3
-25.3
+9.0
Silks and velvets
Cotton goods
Woolen goods
Home furnishings
Books and stationery
Hosiery
Linens and handkerchiefs
Men's furnishings
women's ready-to-wear accessories
Musical Instruments and radio
Furniture
Shoes
Toilet articles and drugs
Toys and sporting goods
Women's and Misses' ready-to-wear
Luggage and other leather goods
Silverware and Jewelry
Men's and Boys' wear
Miscellaneous
Stock on Hand
Percentage Change
April 30 1934
Compared with
April 30 1933.
+19.4
+40.7
+25.4
+17.8
+13.1
+27.5
+25.2
+28.5
+26.1
-1- 15.3
+41.8
+32.5
+24.6
+24.9
+18.9
+17.8
+20.4
+30.6
+22.8
The bank reported as follows as to sales in the metropolitan
area of New York during the first half of May:
During the first half of May, department store sales in the metropolitan
%
/
2
area of New York were about 61 higher than in the corresponding period
a year ago, and excluding liquor sales from this year's figures, the increase
amounted to a little over 4%.
Practically no Change Noted in Chain Store Sales in
New York Federal Reserve District During April
as Compared with Year Ago.
"Total chain store sales during April in the Second (New
York) District were practically unchanged from a year ago,
following the unusually large increase in March," according
to the New York Federal Reserve Bank, which said that "the
comparisons for both months were greatly affected by the
earlier Easter this year than last." In its June 1 "Monthly
Review" the bank further said:
Sales of the drug chains, however, were larger than a year ago for the
second month following nearly three years of uninterrupted decreases. Sales
of the shoe and candy chains especially showed the influence of the early
Easter, as each reported a strbstantial decline in sales in April following a
record increase in the previous month. Due largely to the same factor, sales
of the grocery, 10-cent, and variety chains, although ahead of the corresponding period a year ago, showed much smaller increases than in several
preceding months.
Sales per store for all reporting chains were about 21
/ higher than a
2
%
year ago, due partly to a large increase in unit sales of drug chains where
substantial decreases in the number of stores operated occurred between
April 1933 and April 1934.
* Including liquor sales; exclusive of liquor sales increase amounted to 49%.
a Quantity figures reported by the National Federation of Text lea. Inc., successor
to the Silk Association of America, Inc.; not included In weighted average for total
wholesale trade.
Department Store Sales in April Slightly Below Year
Ago According to Federal Reserve Bank of New
York-First Decline Reported in Four Months
Sales in Metropolitan Area of New York During
First Half of May Increased 627o•
"For the month of April, total sales of the reporting department stores in the Second (New York) District were slightly
below a year ago, and, excluding liquor sales, the decline was
212%,following four months in which year-to-year advances
/
had been shown," said the Federal Reserve Bank of New
York, in its "Monthly Review" of June 1. The bank stated
that "the decrease in sales was attributable to the fact that
Easter buying occurred in March this year, whereas it was
done largely in April last year, and, in addition, there was
one less Saturday in April this year, but even after allowance
Net Sales.
Feb.
April. to April.
91.6
Increase of 28% Over Year Ago Reported by New York
Federal Reserve Bank in Sales of Wholesale Firms
During April.
The Federal Reserve Bank of New York states that "in
April, total dollar sales of the reporting wholesale firms averaged about 28% higher than a year ago, a somew(hat smaller
increase than in the three previous months, but a considerably
larger one than in the latter part of 1933." In a report on
wholesale trade in the Second New York) District, given in
its June 1 "Monthly Review," the bank also had the following to say:
June 2 1934
Percentage Change April 1934
Compared with April 1933.
Number
of
Stores.
-1.3
Grocery
Ten cent
Drug
Shoe
Variety
Candy
-17.2
-19.1
-0.4
+7.0
Total
-2.3
Total
Sales.
+0.1
+0.9
+3.1
-20.0
+2.6
-40.4
Sales
Per
Store.
+1.4
+0.9
+24.6
-1A
+3.0
-44.3
+2.4
Wholesale and Retail Trade Conditions in Chicago
Federal Reserve District During April-Chicago
Reserve Bank Reports Former at Seasonal Trend
in General and Latter 20.7% Higher as Co mpared
with Year Ago.
Wholesale trade in the Seventh (Chicago) District in general followed seasonal trends during April, "although," said
the Chicago Federal Reserve Bank, "electrical supplies and
hardware showed more than the usual expansion and groceries and drugs experienced somewhat greater than seasonal
declines." In its "Business Conditions Report" of May 31, the
bank further reported as follows as to wholesale and retail
trade conditions in the Chicago district:
Grocery sales decreased 6% from March, and the drug trade 9%, whereas
recessions in the 1924-33 average for the period were but 1% and 4%, respectively; the decline of 5% in the dry goods trade was about average. The
gain of 15% in hardware sales compared with a seasonal expansion of 12%,
and that of 10% in the electrical supply trade with an increase of only 1%
in the April average. Although sales continued to exceed considerably those
of the corresponding month of 1933, the gains were smaller than in March,
when decidedly favorable trends were shown in this comparison. Electrical
supplies furnished an exception, with the largest increase in April over a
year ago so far recorded. In the first four months of 1934 grocery sales
totaled 19%-heavier than in the same period of 1933, drug sales were 32%
more, dry goods 62%, hardware 77%, and electrical supplies 80% greater.
Somewhat higher ratios of accounts outstanding to net sales were shown in
the majority of lines for April than for March, but for all groups the ratios
remained much smaller than a year ago.
WHOLESALE TRADE IN APRIL 1934.
Per Cent Change
From Same Month Last Year.
Commodity.
Net
Sales.
Groceries
Hardware
Dry goods
Drugs
Electrical supplies
Stocks.
+16.2
+59.4
+55.1
+34.6
+109.4
+34.6
+30.2
+57.1
+8.2
+17.6
Accounts
Outs:antra
-2.6
+13.9
+5.6
-10.2
+19.5
Collections.
+8.5
76.5
+40.9
+31.8
+93.2
Ratio of
Accounts
Outstand'g
to
Net Sales.
111.1
196.4
231.3
192.5
160.0
Aggregate sales of Seventh district department stores showed a slight decline
-1%
-in April from March, which is contrary to seasonal trend.
Daily average sales, however, increased 8% in the comparison, there being
2 1/3 fewer trading days in the current period. Among the larger cities,
Milwaukee reported a gain of 16% in total sales over the preceding month.
and Detroit trade showed little change, but sales of Chicago stores decreased
by 2%, those of Indianapolis firms dropped 5%, while the total for stores in
smaller cities registered a recession of 10%. In the year-ago comparison,
district sales for April this year were more than 20% heavier, despite the
fact that considerable Easter buying was done in the month last year and
there was an additional Saturday in that month. For the third successive
month Detroit recorded the heaviest gain over a year ago among the larger
cities. Stocks on hand at the end of April exceeded slightly those held a
month previous, and for the first time this year the rate of their turnover
during the month failed to equal that of 1933. although the difference was
small. Ratios of collections to accounts outstanding continued during April
to be much higher than a year ago, as may be noted in the table:
DEPARTMENT STORE TRADE IN APRIL 1934.
Locality,
Per Cent Change
April 1934
from
April 1933.
P.C.Change
1st 4 M'ths
1934 from
4 Afths
1933.
Ratio of April
Collections
to Accounts
Outstanding
End of March.
Net
Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Seventh District
Stocks End
of Month.
Net
Sales.
1934.
1933.
+13.8
+42.4
+11.6
+19.0
+17.4
+25.5
+23.2
+53.8
+28.4
+21.6
+20.7
+58.6
+25.5
+27.5
+36.7
30.6
45.2
39.8
36.0
31.8
26.1
32.7
37.0
29.0
26.7
+20.7
+26.8
+31.1
36.1
29.5
The decline of 111 in April from March in sales of shoes by reporting
/
2
%
dealers and department stores contrasted with a gain of 15% in the 1926-33
average for the period, and with the exception of 1929 represented the only
recession for the month in any of those years. Furthermore, sales totaled
only 31
/
2
% heavier than in April last year, when, however, the expansion
over the preceding month was greater than in any previous year, beginning
with 1926. Sales for the first four months of 1934 aggregated approximately
one-fourth heavier than in the same months of 1933. An increase of 5% took
place in stocks during April, and they were 20% larger ttain at the end of
the month a year ago.
The retail furniture trade in April, according to reports of dealers and
department stores, gained 141 over a month previous-as compared with
/
2
%
an increase of 22% in the April average-and totaled 42% heavier than for
April 1933. Instalment sales by dealers recorded greater expansion than
did total sales, exceeding those of March by 221
/ and the year-ago volume
2
%
by 61%. Little change was shown during the month in stocks, which aggregated 231 above those held at the close of April last year.
/
2
%
All reporting chains had smaller sales in April than a month previous,
so that a recession of 13% took place in the total volume sold. Although
five-and-ten-cent store, grocery, and men's clothing sales also registered declines from a year ago, gains by drug, shoe, cigar, and musical instrument
chains were sufficient to offset these declines and aggregate sales exceeded
those of last April by 3%. A 2% increase over March was shown in the
number of units operated, which number, however, was slightly less than in
the same month of 1933.
Decrease of Three Points Noted in Index of Wholesale
Commodity Prices of National Fertilizer Association for Week of May 26.
For the first time in several weeks, wholesale commodity
prices declined during the latest week, according to the index
of the National Fertilizer Association. When computed for
dye week ended May 26, this index declined three points, receding from 71.7 to 71.4, the Association announced on
May 28. During each of the four preceding weeks the index
advanced. A month ago the index stood at 70.8, and a year
ago at 60.1. (The three-year average, 1926-1928, equals 100.)
Continuing, the Association said:
Of the 14 groups in the index, six were active during the latest week. All
of these declined. None of the losses were very large. The declining groups
were foods, grains, fee& and livestock, textiles, fats and oils, metals, and
miscellaneous commodities.
3675
Financial Chronicle
Volume 138
The prices for 12 commodities advanced during the latest week, while the
prices for 31 declined. The advances were the fewest in many weeks, while
the declines were at about the same level of the last two or three weeks. A
week ago there were 34 advances and 26 declines. Cotton lost about onethird of a cent a pound. Wheat was slightly higher. Corn gained about 2c.
a bushel, while hog and cattle prices were lower. Other commodities that
advanced were butter at Chicago, woolen yarns, oats, lambs, ham, corn meal
and apples. The gains in these commodity prices were very small. The list
of the declining commodities included, in addition to those already mentioned, wool, burlep, silk, lard, butter at New York, cottonseed oil, eggs, flour,
heavy melting steel, lead, silver, salfskins, hides and rubber. None of the
declines were large.
-BASED ON 476 COMMODITY
WEEKLY WHOLESALE PRICE INDEX
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.
Group.
Latest
Week
May 6
1934.
Preceding
Week.
Month
Ago.
Year
Ago.
23.2
16.0
12.8
10.1
8.5
8.7
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 fertilizers
Agricultural implements_ __ _
71.5
70.1
54.7
68.4
69.6
91.3
81.0
84.1
85.8
49.0
93.2
64.7
76.6
92.4
71.7
70.1
55.2
69.1
70.2
91.3
81.0
84.4
85.8
49.4
93.2
64.7
76.6
92.4
71.5
68.9
52.1
68.5
70.4
91.3
81.0
79.8
85.6
.50.2
93.0
66.7
76.1
92.4
61.0
48.2
48.6
52.9
60.9
84.4
71.6
71.5
75.2
51.0
87.2
64.3
65.9
90.2
7L4
717
7(1R
ROA
inn n
All irrnurts rnmhInnr1
April Sales of Electric Refrigerators Set New Month's
Record for the Industry.
Sales of household electric refrigerators in the United
States in April were the largest in unit volume for a single
month in the history of the industry, the Edison Electric
Institute announced on May 29.
Unit sales during the month totaled 266,264, compared
with 151,668 sold in the preceding month and 127,917
in April 1933. The highest previous sales in a single month
were recorded in June 1933, when 213,420 units were sold,
while the previous April record was 156,248, set in 1931.
The April sales brought the total for the first four months
of the year to 535,583 units, compared with 240,560 sold
in the corresponding period of 1933, the industry's record
year.
Weekly Electric Output 10.8% Higher than a Year Ago.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended May 26 1934 was 1,654,903,000 kwh., an increase of 10.8% over the same period
last year when output totaled 1,493,923,000 kwh. This was
the smallest percentage gain over the corresponding period
in 1933 registered since the week of Jan. 27. Production for
the week ended May 19 1934 amounted to 1,649,770,000
kwh. compared with 1,483,090,000 kwh. for the week ended
May 20 1933, an increase of 11.2%. The Institute's statement follows:
PER CENT INCREASES (1934 OVER 1933.)
Major Geographic
Divisions.
Week Ended
Week Ended
Week Ended
Week Ended
May 26 1934. May 19 1934. May 12 1934. May 5 1934.
New England
Middle Atlantic
Central Industrial._ _ _
Southern States
Pacific Coast
West Central
Rocky Mountain
5.4
9.1
13.4
5.8
15.0
11.3
24.0
8.5
8.6
14.6
5.0
16.5
8.8
21.8
9.1
7.7
15.5
7.6
16.0
8.7
25.5
13.0
10.2
16.3
11.5
15.3
6.5
26.8
Total United States.
10.8
11.2
11.9
13.7
Arranged in tabluar form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
Week of
Jan. 6
Jan. 13
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Max. 10
Max. 17
Mar.24
Mar.31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 19
May 26
June 2
June 9
1934.
1,563,678,000
1.646,271.000
1,624,846,000
1,610.542,000
1,636,275,000
1.651,535,000
1,640,951,000
1,646,465,000
1.658.040,000
1,647,024.000
1.650,013,000
1,658,389,000
1,665.650.000
1,616.945,000
1.642,187,000
1.672,765.000
1,668,564,000
1.632,766,000
1,643,433.000
1,649,770.000
1,654.903,000
a Revised figure.
Week ofJan. 7
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 10
Feb. 18
Feb. 25
Mar. 4
Mar. 11
Mar. 18
Mar. 25
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
May 6
May 13
May 20
May 27
June 3
June 10
1933.
x1,425,639.000
1,495,116,000
1,484,089,000
1,469,636,000
1,454,913,000
1,482,509.000
1.469.732.000
1,425,511,000
1,422,875,000
1,390,607,000
1,375,207,000
1,409,655,000
1,402,142,000
1,399,367,000
1,409,603,000
1,431,095,000
1,427,960,000
1,435,707,000
1,468,035,000
1,483,090.000
1,493,923.000
1.461,488.000
1.541.713,000
Week ofJan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 11
1932.
1,619,265,000
1,602,482,000
1,598.201,000
1,588,967,000
1,588,853,000
1,578,817,000
1,545,469,000
1,512,158,000
1,519,679,000
1,538,452,000
1,537,747,000
1,514,553,000
1,480,208,000
1,465,076,000
1,480,738,000
1.469,810,000
1,454,505,000
1.429,032,000
1,436.928,000
1,435,731,000
1,425,151,000
1,381,452,000
1,435,471,000
1934
Over
1933.
9.7%
10.1%
9.5%
9.6%
12.5%
11.4%
11.6%
15.5%
16.5%
18.4%
20.0%
17.6%
18.8%
15.5%
16.5%
16.9%
16.8%
13.7%
11.9%
11.2%
10.8%
3676
Financial Chronicle
DATA FOR RECENT MONTHS,
Ment/h of—
1934.
1933.
1932.
1931.
1934
Over
1933.
January._ _ 7,131,158,000 6,480,897,000 7,011,736,000 7,435,782,000 10.0%
February ___ 6,608.356,000 5,835,263,000 6,494,091.000 6,678,915,000 13.2%
March
7,198,232,000 6,182,281,000 6,771,684,000 7,370,687,000 16.4%
April
6,024,855,000 6,294,302,000 7,184,514,000 - —_
May
6,532,686,000 6,219,554,000 7,180,210,000
June
6,809,440,000 6.130,077,000 7,070,729,000
_ __
.
July
7,058,600,000 6,112,175,000 7,286,576,000
August
7,218,678,000 6,310,667,000 7,166,086,000
September_
6,931,652,000 6,317,733,000 7,099,421,000 -October
7,094,412,000 6,633,865,000 7,331,380,000
November _
6,831,573,000 6,507,804,000 6,971,644,000 _—
December_
7,009,164,000 6,638,424,000 7,288,025,000 --Total
80,009,501,000 77,442,112,000 86,063,969,000
____
Note.—The monthly figures shown above are based on reports covering approximately 92% of the electric ight and power industry and the weekly figures are
based on about 70%.
Conditions in Kansas City Federal Reserve District—
Crops Seriously Damaged by Drouth—Both Wholesale and Retail Trade Declined 6.2% from March
to April.
The Kansas City Federal Reserve Bank, in its June 1
"Monthly Review" of conditions in the Tenth (Kansas City)
District, said that "continuous drouth, high winds and insect
pests have caused serious damage to growing crops in this
district the past six weeks. Rains the second week of May
were general over the eastern third of the district," the bank
stated,"where moisture supplies are now adequate for immediate needs. Central areas and Nebraska received only scattered or light showers, and dryness prevails. In Colorado,
Wyoming and New Mexico rains and snows improved crop
prospects." In its "Review," the bank further said, in part:
Farm work is well advanced, but spring seeding has been delayed in sonic
sections by lack of moisture. Winter wheat deteriorated in April and the
fore part of May, and production for the district is officially estimated, on
the basis of May 1 conditions, at 198,664,000 bushels, or 35,835,000 bushels
less than on April 1, but 61,193,000 bushels more than harvested in 1933.
Trade at wholesale and retail declined 6.2% in April as compared to
March, the decline in department store sales being attributable to Easter
• being two weeks earlier this year than last. Dollar sales of five reporting
wholesale lines combined were 28.5% larger than in April 1933, and sales at
32 department stores increased 12.8%. Retail sales of lumber were larger
than in either March this year or April last year. Payments by check increased 5.1% for the month and 28.7% for the year. Life insurance sales
were substantially larger than for either of the two preceding periods of
comparison.
In the production lines, output of crude oil, bituminous coal, and cement,
and shipments of zinc ore and lead ore were somewhat larger than in April
1933, but flour production was 23.1% less. Meat packing was heavier than
In March in all departments. Operations in the beef division were considerably above a year ago, but the slaughter of sheep and swine declined.
Receipts of all classes of grain at central markets were considerably lighter
than in April 1933, or normally, and terminal elevator stocks were reduced.
Marketings of cattle, calves, and horses and mules were heavy, sheep moderate,
and hogs light.
Grain prices declined in April, but losses were more than recovered' by
May advances, and on May 15 all grains were selling well above a year ago.
A shortage of fed cattle, smaller receipts of sheep and lambs, and a good
Eastern demand for meats resulted in sharp advances in cattle and sheep
prices to the highest levels in two years or more, but pork prices declined.
Poultry, milk and butterfat prices, as of May 15, were on a parity with 1933,
and eggs were somewhat higher.
St. Louis Federal Reserve District Affected Less Acutely
by Drouth Than Other Sections—Agricultural
Situation of District at Middle of May Reported
Favorable—Trade Conditions.
"Drouth conditions, which seriously injured crops in other
sections of the country, were less acutely felt in the Eighth
(St. Louis) District," according to the St. Louis Federal Reserve Bank, which states that "in many localities precipitation has been adequate throughout the season." The bank
said that "taken as a whole, the Eighth District agricultural
situation at the middle of May was favorable, with prospects
for many crops well up to average." We further quote, in
part, from the bank's "Monthly Review" of May 29:
Whereas wheat prospects for the country as a whole decline sharply between
April 1 and May 1, the estimate of the United States Department of Agriculture for production in States of this; district was raised by 291,000 bushels
during the 30-day period. Planting of cotton, corn, rice, hay and other spring
crops has made excellent progress, and recent rains have materially benefited
all vegetation. . . .
Wholesale trade in April receded below that of the month before, which is
explained by the earlier Easter date and by other seasonal influences. Reports covering the first half of May indicate some spottiness and irregularity. It is evident that merchants and the public are buying somewhat
more cautiously than heretofore, and in many instances, current needs were
well supplied In the earlier buying movements.
Of the wholesale lines investigated by this bank, all but electrical supplies
showed decreases in sales volume from March to April, but without exception
increases over a year earlier were recorded, and the total of all lines was
larger than in April 1932. Most immediately affected by the recessionary
trends were Knee handling goods for ordinary consumption, notably dry
goods, boots and shoes, certain food products, drugs and apparel.
As indicated by sales of department stores in the principal cities of the
district, retail trade in April was 7% smaller than in Marsh, and 12% greater
than in April 1933; for the firm four months this year the volume was 27%
greater than for the comparable period a year ago. Combined sales of all
June 2 1934
wholesaling and jobbing firms reporting to this bank in April were 11%
smaller than in March, but 18% in excess of the April 1933 total; far the
first four months cumulative sales of these firms were larger by 51% than
during the game time in 1933.
Increase in Industrial Output in San Francisco Federal Reserve District During April Slightly Below
Seasonal Amount—Continued Gain in Employment.
Industrial output in the San Francisco Federal Reserve
District increased slightly less than the estimated seasonal
amount during April, according to Isaac B. Newton, Chairman of the Board and Federal Reserve Agent of the Federal
Reserve Bank of San Francisco, who states that industrial
employment continued to expand. Mr. Newton's summary of
conditions in his district, made available May 25, continued:
Failure of the industrial production index to advance the full seasonal
amount resulted mainly from a smaller than usual increase in lumber output,
although production of flour and cement also declined. There was little
change in petroleum production or refining. The value of building permits
issued was lower in April than in March. New contracts for engineering
projects were lower in April than in any other month this year, although
general reports indicate that construction activity on jobs for which contracts had been let previously continued to expand. A substantial increase
in electric power consumption during April represented largely, if not entirely, the increased use of electricity for pumping irrigation water in California necessitated by a shortage of rainfall and stored irrigation water.
Reports of trade activity during April show considerable irregularity. Department store sales declined, even after giving consideration to the fact
that Easter shopping came in March this year. Intercoastal shipment of
goods through the Panama Canal also decreased. On the other hand, freight
carloadings, perhaps the most comprehensive single indicator of distribution,
increased by moderately more than the usual amount, and check payments by
individuals also expanded. Sales of new automobiles increased seasonally,
while wholesale trade declined moderately, as is customary during April.
While rainfall was inadequate in most parts of the district during April,
the shortage was not generally harmful to the immediate condition of crops
or livestock ranges, except in certain scattered areas where dryness was particularly acute. Although the continuation of extremely mild weather
hastened crop maturity, it also stimulated infestation by insects in some
Cases. There was a slight decline in prices of farm products during April,
but quotations tended upward in the first half of May.
Excess reserves of member banks were at record high levels during the
entire four weeks ending May 16. Additions to surplus funds were made
possible by the continued excess of the Federal Government's disbursements
over its collections in this district. During the period under review this
excess was about 10 million dollars larger than a net outflow resulting from
the settlement of commercial and financial balances with other districts.
Government deposits were reduced, but as the Treasury disbursed the funds
they were converted into deposits of individuals and corporations. Investment holdings of reporting member banks increased, while total loans changed
little.
Building Operations in United States During April
According to United States Department of Labor—
Increases Noted Both in Number and Estimated
Cost of New Buildings.
There was an increase of 36% in the number and of 18%
in the estimated cost of buildings for which permits were
Issued in April as compared with March, according to reports
received by the Bureau of Labor Statistics of the United
States Department of Labor from 764 cities having a population of 10,000 or over. These data, the Bureau said, apply to
building construction only, and do not include such otluir
types of construction as road building, river, harbor and flood
control work; reclamation projects, &c. They do include the
number and cost of buildings for which contracts are awarded
by Federal and State governments in cities having a population of 10,000 or over. In March the value of such public
buildings was $3,546,777; in April, $3,811,000. The Bureau
further announced:
Comparing April with March, new residential buildings increased 34% in
number and 17% in value.
New non-residential buildings increased 26% in number and 25% in the
estimated cost.
The number of additions, alterations and repairs to existing buildings increased 391%, and the coat of the repairs increased 111
/
2
/
2%.
As compared with April of a year ago, last month showed an increase of
5.1% in the number and a rise of 35.5% in the estimated' cost for the buildings for which permits were let. This increase was divided as follows:
Type of Buildings.
New residential
New non-residential
Additions, alterations, repairs
Percent of InPercent of Increase
crease in Numbers. In Estimated Cost.
+1.0
+0.1
+6.8
+34.5
+43.5
+27.0
This is the third consecutive month that has shown an increase over the
corresponding month of last year.
Dwelling units were provided in the new buildings for which permits were
issued in April to house 2,934 families, an increase of 241 as compared
/
2
%
with April 1933.
Permits were issued for the following important building projects: In
Trenton, N. J., for a hospital building to cost nearly $300,000; in Rochester,
N. Y., for a public school building to cost nearly $1,000,000; in St. Louis,
Mo., for an apartment house to coat over $500,000; in Champaign, Ill., for a
school building to cost $250,000; in Louisville, Ky., for factory buildings
to cost nearly $300,000; in New Orleans, La., for a school building to cost
approvisnately $400,000. A contract was awarded by the Procurement
Division of the United States Treasure Department for, a public building to
cost over $1,600,000, to be erected in Washington, D. 0.
Financial Chronicle
Volume 138
ESTIMATED COST OF NEW BUILDINGS IN 764 IDENTICAL CITIES AS
SHOWN BY PERMITS ISSUED IN MARCH AND APRIL 1934, BY
GEOGRAPHIC DIVISIONS.
New Residential Buildings.
Geographic Dicision. Cities.
Estimated
Cost.
Mar. 1934.
New England.- ---- 112
Middle Atlantic --- 171
East North Central.- 181
West North Central_ 72
71
South Atlantic
81
South Central
Mountain and Pacific 76
764
Total
Percent of change_ _ _
Geographic Division. Cities.
Total
Percent of change
764
Mar. 1934.
Apr. 1934.
$1,557,990
3,140,857
1,415.424
1,039.584
1,294,967
564.660
1,315,263
130
1,002
128
159
200
201
539
271
922
282
431
410
241
377
88,822,721 810,328,745
+17.1
2.359
2,934
+24.4
8969.502
3,106,725
747,894
668,480
707,264
753,817
1,869,039
New Non-Residential
Buildings,
Estimated
Cost.
Mar. 1934.
New England.... _ 112
Middle Atlantic
171
East North Central.. 181
West North Central_ 72
South Atlantic
71
South Central
81
Mountain and Pacific 76
Apr. 1934.
Families Provided for in
New Dwellings.
$1,122,759
3,567.848
2.124,225
1,713,717
2,241,721
1,007,839
2,489,221
Apr. 1934.
81,134,963
5,917,115
2,260,660
1,278,673
4,252,547
1,417,695
1,599,212
Total Construction
(Including Alterations
and Repairs),
Estimated Cost.
Mar. 1934.
$3,638,913
10,663,700
4,796,467
3,036,489
4,157,689
2,562,348
6.331,782
Apr. 1934.
14,279,734
13,229,503
5,894,632
3,261,392
7,353,501
2,822,368
4,847,653
814,267,330 $17,860,865 $35,187,388 $41,688,783
+18.5
+25.2
NUMBER AND ESTIMATED COST OF TOTAL BUILDING CONSTRUCTION IN 122 LEADING CITIES OF THE UNITED STATES FOR
WHICH PERMITS WERE ISSUED IN APRIL 1934.
City and State.
-Akron. Ohio
Albany. N. Y-- -Allentown, Pa _.
Altoona, Pa
Atlanta, Ga
Baltimore, Md---Bayonne, N. J..._
Berkeley. Calif
Binghamton, N.Y
Birmingham, Ala-Boston. Mass.. -Bridgeport, Conn._
Buffalo, N. Y
Cambridge, Mans-Canton. Ohio.. Charlotte, N. C___
Chattanooga,Tenn.
Chicago, III- __
Cincinnati, Ohio-Cleveland, Ohio
Columbus. Ohio __
Dallas, Texas
Dayton, Ohio
Denver,Colo
Des Moines, IowaDetroit, Mich
Duluth. Minn
East St.Louis,Ill._
Elizabeth, N. J---El Paso, Texas
Erie, Pa
Evansville,Ind
Fall River, Mass
Flint, Mich
Fort Wayne, Ind_
Fort Worth, Texas
Gary, Ind
Glendale, Calif _ _
Grand Rapids, Mich
Harrisburg, Pa
Hartford, Coon....
Houston, Texas...
Huntington, W.Va.
Indianapolis. Ind
Jacksonville,Fla Jersey City, N.J _ _
Kansas City, Hans
Kansas City, Mo..
Knoxville, Teen Lakewood, Ohio Lansing, Mich _
Lawrence. Mass Lincoln, Neb
Little Rock, Ark _ _
Long Beach. Calif.
Los Angeles, Calif _
Louisville, Ky - _
Lowell, Mass
Lynn, Mass__ __
Manchester. N.II.
Memphis. Tenn _ _
No. of
Buildings.
151
174
33
72
248
724
14
49
269
81
421
55
165
59
74
30
229
355
402
261
95
223
81
331
106
594
112
42
28
29
54
85
55
258
64
60
21
56
94
36
123
199
16
213
275
68
35
50
45
23
55
24
134
109
155
1,157
88
47
36
113
233
Estimated
Cost.
City and State.
No. of
Buildtags.
$81,918 Miami, Fla__ - 540
107,655 Milwaukee, Wis. - 234
437
32,850 Minneapolis, Minn
72
8,182 Nashville, Tenn ...
56
93,819 Newark, N. J._ -_
47
523,400 New Bedford, Mass
73
5,220 New Haven, Conn_
19
61,205 New Orleans, La.._
66,029 New YorkCity,N.Y 3,272
81
29,358 Niagara Falls, N.Y.
49
380,363 Norfolk, Va..35,701 Oakland, Calif- --- 200
80
279,995 OklahomaCity,Okla
107
25,851 Omaha, Neb
196
29,560 Pasadena,Calif 54,252 Paterson, N.J ---- 122
36
54,103 Pawtucket, R.I -66
932,654 Peoria, Ill
349,710 Philadelphia,Pa- 358
223,600 Pittsburgh. Pa.._ 239
255
80,000 Portland, Ore
166,960 Providence, R. I-. 404
75
139,411 Quincy, Mass
87
188,704 Reading, Pa
97
61,637 Richmond,Va.. 720,979 Rochester, N.Y - 152
41
63.111 Rockford,III
80
52,600 Sacramento, Callf.
86
31,600 Saginaw, Mich
19
22,364 St. Joseph, Mo....
393
23,035 St. Louis, Mo
34,951 St. Paul, Minn__ - _ 313
65
106,524 SaltLakeCity,Utah
62,219 San Antonio, Texas 126
San Diego, Calif - 134
63,058
62,300 San Francisco. Call/ 240
92
20,010 Schenectady, N.Y
73
93,915 Scranton, Pa-- 280
32,215 Seattle, Wash
47,170 Shreveport. La.-- - 223
33
63,192 Sioux City, Iowa- 48
262.715 Somerville, Mass..
61
Bend, Ind
11,650 South
134
97,817 Spokane, Wash51
3,099,221 Springfield, Mass..
73
112,195 Syracuse. N. Y
46
22,005 Tacoma, Wash....
215
Tampa,Fla- --50.288
117
30,543 Toledo, Ohio
33
72,345 Trenton, N. J -_-_
86
15,640 Tulsa, Okla
38
16,955 Utica, N. Y
454
17,692 Washington, D. C
27
98,464 Waterbury,Coon
83
104,865 Wichita, Kam-- 56
1,129.630 Wilkes-Barre, Pa60
348,621 Wilmington, Del-.
59
Winston-Salem,N.0
18,420
89
32,130 Worcester, Mass _
48
57,703 Yonkers, N. Y
81
114 210 Ynnfurstown. Ohio_
Estimated
Cost.
$218.677
245,364
235,140
33,290
93,415
47,200
173,910
435.416
6,863.631
145.790
71,395
168.304
46.052
315,206
159,405
80,458
33,430
82,710
456,007
173,299
277,827
217,600
26.863
34.085
192.759
1,217,127
29,000
148,398
48,988
122,935
1,205,973
160,247
63,742
51,322
134,964
484,584
28,480
52.526
244,996
90,632
162,391
30,747
19,895
72,955
66,760
333,896
52,589
59,226
41,969
288,918
70,555
40,790
3,796,217
31,200
67.575
26,778
100.854
39,900
140,070
93,710
30 088
Employment and Payrolls in April Above Previous
Month and April Year Ago According to National
Industrial Conference Board.
Average weekly earnings of wage-earners employed in
manufacturing industry in April were 2.5% larger than in
March, and 35.6% larger than in April 1933, according to the
results of the regular monthly survey of the National Industrial Conference Board announced May 29. They were 44.5%
above the low point in March 1933, and were higher than in
any month since October 1931. Continuing, the Conference
Board's survey said:
The advance in weekly earnings in April resulted from an increase of
3.2% in average hourly earnings, which more than offset a slight reduction,
.8%, in hours worked. Average hourly earnings were 57.9c. in April, as
0
compared with 56.1c. in March, and 45.0c. in June 1933, which was the
low month in 1933.
Average time worked per week was 36.1 hours in April, 36.4 hours in
March, and 84.0 hours in April 1933. The work week was shortest in
March 1933, at 32.1 hours, and since then longest in July 1933, at 42.9 hours.
Manufacturing activity, as measured by total man-hours worked, was 2.5%
greater in April than in March. The advance was due entirely to an increase
at work, since the average wage-earner
of 3.3% in the number of persons
3677
worked a slightly shorter week than in March. From the low point in
March 1933, total man-hours worked have increased 69.5%.
Total payroll disbursements were 5.9% larger in April than in March
1934, and 117.7% larger than in March 1933. Increases in payroll disbursements from March 1934 to April 1934 were recorded in the following
Industries:
Agricultural implements, automobiles, chemical, cotton-cloth, electrical moan
facturing, furniture, hosiery and knit goods, iron and steel, lumber and millwork,
paint and varnish, paper and pulp, paper products, printing-book and job, and
news and magazine, rubber, foundries, machines and machine tools, heavy equipment, and other foundry products.
European Wheat Prospects Reduced by Drouths.
The drouth damage to European wheat crops in recent
weeks has been especially severe in the Danube Basin
exporting countries, according to the Bureau of Agricultural Economics, quoting reports from its foreign offices.
The Department of Agriculture, in reporting this May 24,
added:
Bureau representatives estimate that dry weather has reduced the
Danubian crop 100,000,000 bushels below the 1933 harvest of 370,868,000
bushels. Such a crop would be one of the smallest on record for the Basin,
and would allow little or no exporting.
Mid-May condition in the deficit Eruopean countries indicated crops
smaller than those of last year in most cases, especially in Germany and
other Central European countries. The German grain crops are maturing
about three weeks early, with small kernels expected. Italian and French
conditions are reported to be fair to good, but not as good as those of a
year ago. The Baltic States and Sweden had better than average conditions early in May, but rains are needed. Prospects continue good in
Belgium, Holland and Greece, and in Spain are better than a year ago
A large section of European Russia experienced persistent dryness, with
above normal temperatures for several weeks prior to May 8 when the
first rains were reported. The rains still appear insufficient in important
regions in the South and Southeast, the Bureau's representatives state.
Both Employment and Payrolls in Manufacturing
Industries of United States Increased from March
15 to April 15-U. S. Department of Labor Reports
Higher Employment in 13 of 15 Reported NonManufacturing Industries.
A further expansion in factory employment and payrolls
was recorded in April by the manufacturing establishments
reporting to the Bureau of Labor Statistics of the United
States Department of Labor. Between March 15 and
April 15, employment increased by 1.9%, and payrolls rose
by 3.9%, it was announced on May 17 by the Bureau. These
gains brought the Bureau's index of factory employment for
April 1934 up to 82.3, or to the level that prevailed in December 1930. The April index of factory payrolls rose to 67.3,
and marks the highest point recorded since June 1931. These
increases are particularly significant, because of the fact that
employment and payrolls usually decline at this time of the
year. The Bureau of Labor Statistics further said:
The index of factory employment in April was 37.4% above the level of
the same month in 1933, when the index was 59.9. The payroll index is
73.5% above that of April of a year ago, when the index was 38.8.
The base used in computing these indexes is the average for the three-year
period, 1923-25, which is taken as 100. (Prior to March 1934 the indexes
of factory employment and payrolls published by the Bureau of Labor Statistics were not adjusted to conform with biennial Census trends, and were
based on the 12-month average of 1926 as 100. The April 1934 index of
factory employment on the 1926 base is 77.8, and the payroll index is 61.9.1
The indexes of factory employment and payrolls are computed from returns
,
supplied by representative establishments in 90 important manufacturing
industries of the country. Reports were received in April from 20,883 establishments employing 3,646,492 workers, whose weekly earnings were $72,816,200 during the pay period ending nearest April 15. The employment
reports received from these co-operating establishments cover more than 50%
of the total wage earners in all manufacturing industries of the country.
The increases in employment and payrolls in April were widely spread, 66
of the 90 manufacturing industries surveyed reporting increased employment
over the month interval and 69 industries reporting gains in payrolls. The
most pronounced percentage gain in employment was shown in the aircraft
industry (18.3%), while other gains, ranging from 11.3% to 17.4%, were
reported in the locomotive, fertilizer, cement, brick, agricultural implement,
and beet sugar industries. Gains in employment ranging from 7.4% to 9.6%
were reported in the stamped ware, electric and steam car building, stove,
marble, and ice cream industries. The radio and phonograph industry reported an increase of 6.7% in number of workers from March to April, and
the canning industry reported a gain of 6.1%. The automobile.and beverage
Industries reported gains of 6% each in employment, coupled with more
pronounced increases in payroll totals. Gains ranging from 5% were reported in the typewriter, rubber tire, sawmill, engine, and hardware industries. Other industries of major importance in which substantial increases
in employment were reported were millwork (4.9%), foundries and machine
shops (4.8%), blast furnaces, steel works, and rolling mills (3.9%), structural metalwork (3.8%), shipbuilding (8.5%, and electrical machinery
(3.1%).
The most pronounced declines in employment from March to April were
seasonal, the cottonseed oil-cake-meal industry reporting a drop of 26.3%,
and the woolen and worsted goods industry reporting a falling-off of 8.9%.
The silk and rayon goods industry reported an employment loss of 7.5%, and
the confectionery industry reported a seasonal decrease of 7%, The declines
In employment in the plumbers' supplies and iron and steel forgings industries were 4.5% and 4.3%, respectively. In the remaining 18 industries in
which decreases in employment were reported over the month interval, the
losses were 3.5% or less. In eight of these 18 industries, the declines were
less than 1%.
Comparing the level of employment in the separate industries in April
1934 with April of the preceding year, all but two of the 90 manufacturing
industries show more workers employed in April 1934 than in April 1933,
and every industry shows gains in payrolls. Six industries (machine toats,
locomotives, asitomobiles, agricultural implements, typewriters, radios and
Financial Chronicle
3678
phonographs) show gains of over 100% in employment over the year interval
and 23 industries show gains in the number of workers on the payroll ranging from 50.9% to 94.2%.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL
MANUFACTURING INDUSTRIES.
-year average, 1923-192100.)
(3
TOTALS IN
Payroll Totals,
Employment.
Manufacturing Industries.
Apr.
1933.
General index
Mar.
1934.
Apr.
1934.
Apr.
1933.
Mar.
1934.
Apr.
1934.
59.9
80.8
82.3
38.8
64.8
67.3
70.0
72.6
24.6
51.3
56.8
70.1
80.1
50.3
72.9
83.8
51.5
22.6
27.2
15.2
52.2
59.4
28.1
59.4
64.7
28.0
79.9
61.8
80.6
57.2
81.9
59.2
85.3
54.7
31.2
14.9
26.8
22.0
57.2
48.1
64.6
30.1
59.4
47.0
70.3
30.3
45.8
83.7
45.8
90.9
19.9
30.6
27.7
57.0
28.3
63.8
53.9
85.4
56.0
88.2
20.1
60.7
35.1
79.7
37.6
84.2
62.4
125.5
63.0
131.4
22.7
53.7
52.5
99.5
52.9
110.6
76.8
75.9
80.3
87.2
26.8
28.2
55.8
78.2
60.5
93.6
Iron and steel and their products,
not Including machinery.,___
48.1
Blast furnaces, steel works, and
47.2
rolling mills
Bolts, nuts, washers and rivets 57.8
31.7
Cast-Iron pipe
Cutlery (not Incl, silver and
plated cutlery) and edge tools 55.5
31.2
Forgings, iron and steel
49.6
Hardware
45.5
Plumbers' supplies
Steam and hot-water heating
apparatus and steam fittings 42.2
52.5
Stoves
Structural & ornamental metal
41.0
work
70.5
Tin cans and other tinware_ _
Tools (not including edge tools,
machine tools, files and saws) 39.7
84.5
Wirework
Machinery, not including trans47.7
portation equipment
38.3
Agricultural implements
Cash registers, adding machines
67.6
and calculating machines_ _ _
Electrical machinery,apparatus
44.0
and supplies
Engines, turbines, tractors and
36.8
water wheels
43.4
Foundry & machine-shop prod_
30.3
Machine tools
98.6
Radios and phonographs
44.3
Textile machinery and parts_
50.0
Typewriters and parts
45.3
Transportation equipment
267.4
Aircraft
50.1
Automobiles
22.6
Cars, electric & steam railroad_
11.0
Locomotives
44.4
Shipbuilding
48.1
Railroad repalr shops
66.6
Electric railroad
46.8
Steam railroad.
51.9
Nonferrous metals dc their prod_ _
62.3
Aluminum manufactures
51.3
Brass, bronze & copper prod_ _
Clocks and watches and time40.8
recording devices
48.2
Jewelry
42.3
Lighting equipment
49.8
Silverware and plated ware
Smelting and refining--copper,
42.2
lead and zinc
Stamped and enameled ware.- _ 67.1
35.0
Lumber and allied products
49.1
Furniture
29.4
Lumber-Millwork
22.3
Sawmills
63.5
Turpentine and rosin
Stone, clay and glass Products-- 38.4
21.5
Brick, tile and terra cotta
38.7
Cement
59.9
Glass
Marble. granite,slate and other
27.5
products
52.8
Pottery
78.3
Textiles and their products
72.1
Fabrics
45.2
Carpets and rugs
72.2
Cotton goods
66.9
Cotton email wares
88.3
Dyeing & finishing textiles
72.5
Hats, fur-felt
93.1
Knit goods
62.8
Silk and rayon goods
Woolen and worsted goods. 57.0
89.5
Wearingapparel
75.2
Clothing, men's
123.3
women's
Clothing,
90.0
Corsets and allied garments_
96.1
Men's furnishings
86.3
Millinery
90.0
Shirts and collars
78.3
Leather and its manufactures,__
81.6
Boots and shoes
66.4
Leathe
83.0
Food and kindred products
95.7
Baking
117.1
Beverages
71.0
Butter
61.8
Canning and preserving
71.7
Confectionery
64.6
Flour
56.0
Ice cream.
Slaughtering and meat packing 76.4
35.6
Sugar, beet
72.9
Sugar refining, cane
52.0
Tobacco manufactures
Chewing and smoking tobacco
69.1
and snuff
49.8
Cigars and cigarettes
79.8
Paper and printing
66.3
Boxes, paper
79.7
Paper and pulp
Printing and publishing:
75.1
Book and job
Newspapers and periodicals.. 90.9
Chemicals and allied products..._ 86.4
72.7
Chemicals
Cottonseed-oil, cake and meal 59.7
83.7
Druggists' preparations
65.8
Explosives
148.1
Fertilizers
76.4
varnishes
Paints and
94.2
Petroleum refining
223.7
Rayon and allied products
81.8
1 Soar
1
,
59.6
Rubber products
42.4
and shoes
Rubber boots
, Rubber goods,other than boots,
shoes, tires and inner tubes- 90.7
L
51.6
Rubber tires and Inner tubes__
99.5
102.0
45.7
72.8
76.7
61.8
63.7
26.5
43.8
47.8
65.8
68.3
70.9
187.6
75.8
97.8
93.4
334.6
108.4
40.8
22.7
69.3
55.5
66.3
54.7
75.1
81.5
78.1
69.3
71.6
70.8
200.2
75.0
102.6
99.1
395.8
114.9
43.9
25.3
71.7
57.8
66.3
57.2
76.9
82.2
79.1
20.0
22.5
17.6
57.4
26.6
25.9
31.9
257.3
34.3
18.5
3.9
30.1
36.2
54.0
35.0
30.5
39.9
28.0
41.3
49.9
57.4
101.5
61.6
81.3
84.5
288.1
98.1
39.7
9.1
52.4
48.5
58.6
47.9
56.8
64.2
56.3
44.8
54.4
57.7
108.9
60.9
84.1
92.2
331.9
107.4
43.0
10.9
53.9
53.0
59.2
52.7
58.9
67.0
59.8
67.7
65.1
64.4
69.4
70.4
66.4
65.4
72.7
19.7
31.4
28.8
27.8
53.0
48.9
51.3
50.3
56.1
49.6
52.3
51.2
64.2
87.5
48.5
63.0
37.6
32.6
101.4
52.1
26.9
42.4
93.9
62.8
94.0
49.4
60.8
39.4
34.3
101.2
55.3
30.5
48.0
95.9
23.2
41.7
17.8
24.4
15.3
10.2
26.4
21.6
8.1
18.5
43.2
39.9
75.8
31.9
41.1
23.2
20.7
46.2
34.7
13.7
24.1
74.6
38.7
80.8
33.3
40.3
24.6
22.5
53.7
38.8
16.4
30.6
80.8
29.6
71.7
100.0
98.4
72.6
103.1
93.8
117.2
84.9
112.3
84.7
82.3
99.4
88.7
130.5
95.1
110.1
86.3
105.0
92.7
92.2
95.1
96.2
110.3
147.7
76.8
67.7
80.3
74.6
59.2
92.8
31.8
86.2
64.4
32.3
73.9
99.1
96.8
70.2
103.3
93.1
116.4
85.2
114.5
78.4
74.9
100.0
88.0
132.2
96.7
112.9
83.3
108.3
92.3
92.2
93.2
97.2
111.2
156.6
79.2
71.9
74.7
74.5
64.9
92.4
37.3
84.7
64.7
15.2
28.0
49.0
44.7
25.0
42.7
44.4
67.5
49.6
65.1
35.9
33.6
54.3
36.8
78.2
67.6
51.3
73.2
57.0
51.8
52.9
47.5
67.5
76.8
115.8
54.4
51.0
48.7
53.2
43.0
58.9
30.2
66.7
33.4
18.9
47.2
82.6
80.8
55.0
84.9
80.3
98.2
79.7
107.0
68.3
60.8
81.4
65.9
108.3
91.1
80.0
84.4
85.2
84.4
84.1
83.9
82.2
91.8
138.3
58.4
67.2
68.0
60.2
46.5
75.9
29.1
66.5
45.8
21.5
50.0
79.8
79.3
54.7
85.9
78.7
94.8
70.7
108.9
63.3
55.4
76.1
61.4
98.6
93.8
80.1
76.9
97.9
82.1
81.8
81.9
83.1
91.3
150.9
61.9
69.5
61.8
61.2
51.4
76.1
33.8
70.4
46.2
81.1
62.2
93.7
83.8
104.4
79.3
62.8
95.1
85.3
106.8
55.6
30.6
62.2
50.8
53.3
72.2
42.5
77.7
74.8
78.6
66.3
43.6
79.7
75.7
81.3
83.5
98.2
112.8
107.7
95.5
103.1
94.7
160.4
98.4
110.2
321.9
103.1
88.1
55.3
84.7
99.0
113.3
110.8
70.4
100.6
99.2
181.5
102.6
107.8
319.0
104.5
91.0
55.5
57.1
76.2
65.1
58.5
46.3
70.5
40.0
84.5
56.5
78.6
130.6
67.1
35.0
26.9
68.9
85.7
89.1
89.1
84.9
92.6
70.5
107.3
77.1
92.0
218.2
88.4
70.8
48.3
70.8
87.3
92.3
95.8
62.5
92.4
78.6
132.1
83.0
92.0
221.3
88.8
73.4
49.6
131.8
78.1
134.1
82.1
59.5
28.2
108.0
63.4
105.1
67.6
Non-Manufacturing Industries.
shown in the building conThe most pronounced gain in employment was
resulted in a gain of 16.5%.
struction industry in which increased activity
18.7%. These percentages are based
Payroll totals in this industry increased
building contractors engaged in private build'
on reports supplied by 11.082
June 2 1934
tag construction and do not include construction projects under PWA allotments. The quarrying and non-metallic mining industry reported seasonal
gains of 15.9% in employment and 23.9% in payrolls. The dyeing and cleaning industry reported seasonal gains of 10.3% in employment and 17.6% in
payrolls, and the metalliferous mining industry reported a gain of 4.6% in
employment, coupled with an increase of 5% in payrolls. The laundry and
crude petroleum producing industries reported gains in number of workers
of 1.6% each, payrolls increasing 2.6% in the laundry industry and 1.8%
in the crude petroleum industry.
Reports received from 19,413 retail establishments showed a net gain of
1.1% in employment from March to April, coupled with an increase of 2.8%
in payrolls. The group of retail trade establishments comprising the general
merchandise group (department, variety, general merchandise stores and
mail order houses) showed a gain of 1% in employment and the combined
total of the remaining retail establishments reporting showed a gain of 1.2%
in number of workers from March to April.
The gains in employment in the remaining non-manufacturing industries
reporting increases were as follows: Power and light, 0.8%; electric railroad and motor bus operation and maintenance, 0.7%; banks-brokerage-insurance-real estate, 0.5%; hotels and wholesale trade, 0.4% each, and telephone
and telegraph, 0.3%.
The two industries in which declines in both employment and payrolls were
reported were anthracite and bituminous coal mining. The decreases in employment and payroll in the first-named industry were 13.8% and 37.3%,
respectively, and the declines in the bituminous coal mining industry were
7.2% in employment and 12.7% in payrolls. The observance of the "eighthour day" holiday in these industries accounted partially for the decrease
in payrolls. In the bituminous mining industry, labor disturbances in certain localities resulted in pronounced decreases in employment in the mines
affected.
The 15 non-manufacturing industries surveyed, together with the percentages of change over the month and year interval and the index numbers
of employment and payrolls for April 1934, where available, are shown in
the table below. The monthly average for the year 1929 is used as the index
base, or 100, in computing the index numbers of the non-manufacturing
industries, as information for earlier years is not available from the Bureau's
records.
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN NON-MANUFACTURING INDUSTRIES IN APRIL 1934 AND COMPARISON WITH
MARCH 1934 AND APRIL 1933.
(Average 1929=100.)
Emp'olmzeral.
Payroll Totals.
P.C.ofChangefrom
Croup.
Anthracite mining
Bituminous coa mining
Metalliferous mining
Quarrying and non-metallic
mining
Crude petroleum producing_ _
Telephone and telegraph_
Power and light
Electric-railroad and motorbus operation & maint_ _
Wholesale trade
Retail trade
Hotels
Dyeing and cleaning
Banks, brokerage, Insurance
and real estate
Building construction
Laundries
P.C.ofChangefrom
Index
April
1934.
March
1934.
AprU
193.7.
Index
April
1934.
March
1934.
April
1933.
58.2
722
41.7
-13.8
-7.2
+4.6
+12.8
+13.3
+41.8
51.7
51.4
27.2
-37.3
-12.7
+5.0
+38.2
+93.2
+85.9
48.7
74.0
70.2
82.4
+15.9
+1.6
+0.8
+23.9
+30.3
-2.9
+7.2
29.9
53.4
68.8
76.8
+23.9
+1.8
-2.4
+1.6
+48.0
+33.2
+1.5
+10.7
72.2
83.9
88.2
86.7
70.9
+0.7
+0.4
+1.1
+0.4
+10.3
+3.9
+14.5
+12.2
+20.6
+6.7
62.9
66.8
71.5
66.5
60.8
+1,0
+1.6
+8.3
+19.3
-0 8
+2.2
.
+17.6
18
+284
+ ..6
+17.6
x
80.5
+0.5
+16.5
+1.6
+3.8
+3.5
+5.2
+1.7
+6.3
1
64.4
+12..6
+ 7
8
+13..8
+8 5
+0.3
x Indexes not available.
William Green Estimates Industrial Employment Increased 200,000 in April-Total Unemployed During
Month Placed at 10,616,000 by A. F. of L. Head.
Industrial unemployment in April decreased about 290,000.
according to an estimate made public May 27 by William
Green, President of the American Federation of Labor. Mr.
Green said that 10,616,000 workers remained without regular
jobs during the month. On this number, he estimated that
369,000 were employed on public works projects and 314,000
were in camps of the Civilian Conservation Corps. The
others, he said, had no work except what could be obtained
through Federal emergency relief programs. The Federation's figures showed that employment in April increased
slightly in all industrial groups except clothing and textiles,
street transportation and theatres.
Other extracts from Mr. Green's report are given below, as
contained in a Washington dispatch, May 27, to the New York
"Times":
In referring to activities under NRA, 3Ir. Green again emphasized that the
greatest employment pin had been from last July to September, when hours
were shortened under the codes. Most of the gain was lost in the winter
season, he said, and while more than 1,000,000 had gone back to work in
the Spring, unemployment in April was still above the level of last
September.
The workers' buying power rose somewhat in April, however, Mr. Green
found, figures from 105 industries employing more than half of the wage and
small-salaried workers showing an increase of $$8,000,000 in payrolls. With
no appreciable rise in living costs, he said, this represented a definite gain
and helped to offset losses caused by the closing of the CIVA activities.
Mr. Green said, in part:
"The fact that there were on relief rolls in March (the latest figure)
3,013,000 families, and, in addition, 614,000 individuals not grouped with
families, dependent on direct relief payments, shows the widespread need
throughout the country.
"Unemployment is now slightly below the level of April 1933, when
10,990,000 were out of work. This comparison also shows that we are making very slow progress in putting the army of unemployed back to work.
"Since January the largest employment gains have been in manufacturing,
where 700,000 went back to work; in retail trade, which re-employed 105,000,
and in building, where, due to PWA projects and also to a slight revival in
private buildings, 90,000 found jobs."
Volume 138
Financial Chronicle
Index of Farm Prices of Bureau of Agricultural
Economics Unchanged from April 15 to May 15.
The index of prices of farm products was 74 on May 15,
compared with 74 on April 15, and with 62 on May 15 last
year, according to the Bureau of Agricultural Economics,
the United States. Department of Agriculture announced
May 29. The index of prices paid by farmers for articles
bought was 121 on May 15, it was stated, compared with
120 on April 15, and with 102 on May 15 last year. The
ratio of prices paid to prices received was 61 on May 15,
compared to 62 on April 15, and 61 a year ago. Continuing,
the Department of Agriculture's announcement said:
Price gains for the month ended May 15 are reported for wheat, corn,
butterfat, cattle, lambs, apples and other fruits, chickens, flaxseed, and
hay; price declines are reported for cotton, hogs, potatoes, eggs, wool
and sheep.
Prices of fruits and vegetables as a group were 37 points above prices a
year ago, in the index; cotton and cottonseed up 24 points; grain up 16
points; dairy products up 13 points; chickens and eggs up 7 points. Prices
of meat animals were 2 points below those for May last year, in the index,
due to recent declines in prices of hogs.
Average farm price of hogs was $3.17 per 100 pounds on May 15 compared
with $3.49 on Aprll 15 and with $3.88 on May 15 last year. The decline
for the past month was primarily seasonal, plus a larger than usual increase in slaughter. The average farm price of corn was 48.6 cents a
bushel on May 15 compared with 47.1 cents on April 15 and with 38.9
cents on May 15 last year.
The corn-hog ratio on May 15 was the smallest for that date in 24 years
of records. It was 6.5 compared with 7.4 on April 15, and 10 on May
15 1933.
Prices received by farmers for wheat averaged fractionally higher on
May 15 than on April 15, being 69.5 cents a bushel compared with 68.7 a
bushel, and with 59 cents a bushel on May 15 last year. Prices were up
In the spring wheat area but lower elsewhere.
Cotton prices to farmers averaged 11 cents a pound on May 15 compared
with 11.6 cents on April 15 and with 8.2 cents on May 15 last year. Sales
of cotton goods are reported to have increased somewhat during the first
half of May.
The average farm price of potatoes was 73.7 cents a bushel on May 15.
compared with 83.4 cents on April 15, and with 43.7 cents on May 15 last
year. The decline during the past month is attributed to continued heavy
shipments of old-crop potatoes and seasonally increasing shipments of new
potatoes from Southern States.
Butterfat prices averaged 21.5 cents a pound on May 15. compared with
21 cents on April 15, and with 20.2 cents on May 15 last year. Strengthening of prices the past month is attributed to lighter-than-average cold storage
holdings of butter and to reduction in milk production on account of record
low condition of pastures.
Fewer Farmhands Employed by Farmers May 1 Than
May 1 1933 According to Survey of Bureau of
Agricultural Economics.
A slight reduction in family and hired labor on farms as
compared with this time a year ago is indicated by a survey
of the Bureau of Agricultural Economics, United States Department of Agriculture. The Bureau has reports from
20,366 farmers who are crop reporters that on May 1 they
were employing on the average 80 farmhands per 100 farms
as compared with 86 farmhands per 100 farms on May 1 last
year. Under date of May 18, the Bureau added:
Last year there was a seasonal increase of 17 farmhands per 100 farms
from March to May ; this year the seasonal increase was 13 hands per 100
farms from March to May.
Less family labor is being employed this year, the figure for May 1 being
216 persons per 100 farms as compared with 226 persons per 100 farms on
May 1 last year. Whereas a year ago family labor increased from 214 persons per 100 farms on March 1 to 226 per 100 on May 1, this year the figure
was 217 for March 1, 223 for April 1, and 216 for May 1.
Farm Real Estate Values Higher March 1 Than March 1
Last Year According to Bureau of Agriculture
Economics—First Year to Year Rise Reported
Since 1920.
A small rise in farm real estate values during the last year
Is reported by the Bureau of Agricultural Economics, United
States Department of Agriculture, which puts the average
value for the United States at 76% of pre-war as of March 1
1934 compared with 73% on March 1 1933. An announcement issued in the matter on May 21 by the Department of
Agriculture further said:
The gain is the first to be recorded for the country as a whole since 1920,
and is attributed by the Bureau "primarily to the cessation of the decline of
farm incomes and to the increase in such incomes in substantial sections,
particularly cotton, grain, and flue-cured tobacco areas; to the improved
credit facilities tending to remove the pressure for forced liquidation, and
in part to the lowering of taxes on farm real estate especially in some areas.
Legislation easing in various ways the burden of taxes, or the pressure of
tax sales,.or giving some respite against foreclosure has also tended to give
farmers a feeling of greater security," the Bureau adds.
In 1920 the average farm real estate value was 170% of pre-war, in 1925
It was 127%, in 1930 it was 115%, in 1931 it was 106%, and in 1932 it
was 80%. The base period, 1912-14, equals 100. Not all regions shared in
the gain last year, since the average for New England States was 104% this
March compared with 105% in March last year, the average for Middle Atlantic States was unchanged at 82% of pre-war, and the average for Mountain
States was unchanged at 69% of pre-war.
The average for East North Central States was 65% this March against
62% last March; West North Central States, 67% against 64%; South Atlantic States, 86% against 80%; East South Central States, 85% against
79%; West South Central States, 88% against 82%; the Mountain States,
89%, the same as March 1933, and Pacific States, 97% against 96%.
3679
Higher Prices Paid for Farms During First Three
Months of 1934 as Compared with Similar Period
Year Ago According to FCA.
Prices on farm lands advanced during the first three
months of this year compared with a similar period of 1933,
according to a statement issued at Washington, May 21, by
the Farm Credit Administration. The average sale price of
far is sold by the Federal Land banks throughout the United
States increased from $17.02 per acre to $19.40, the Administration stated. During the same period the amount of cash
paid at the date of the sale increased somewhat. The statement issued by the FCA continued:
Reports to the FOA in Washington from the 12 banks indicate that sales
continue to be made for the most part to local farmers in the vicinities in
which the farms are located. Of 498 sales analyzed, 317 were to nearby
farmers and 30 to farmers living 60 miles or more distant. Forty-one sales
were made to nearby non-farmers and 37 to persons in this class living some
distance from the properties.
The amount of cash being paid down is slightly more than a year ago,
taking the United States as a whole, but in some areas it is very much greater.
In the South and Far West it is nearly twice as large.
The Springfield, Mass., bank reports farm land selling more readily than
a year ago, farms valued at $3,000 to $5,000 being most popular. The
Houston, Tex., bank sold during the first four months of this year 104
properties for $324,000, with cash payments amounting to $110,000, against
72 sales for $250,000, with cash down amounting to $37,000, during a similar
period in 1933. It attributes the larger sales to a general improvement in
conditions, increase in commodity prices and a renewed public interest in
the back-to-the-farm movement.
The Baltimore bank states that the sale of tobacco farms is noticeably
better than a year ago, due largely to better prices to tobacco farmers last
year. The recovery program, it states, is responsible for more optimistic
feeling among farmers throughout the district.
From Columbia, S. C., word was received that demand is better than at
any time since 1929. Definite allotments for cotton and tobacco acreage
has helped. Requests for truck farms are also noted.
In the Northwest, the Spokane Federal Land Bank reports sales of farms
for $646,000 during the first quarter of 1934, compared to $563,000 a year
earlier.
The better types of farms are selling more rapidly, and practically all properties are sold to individuals living near the farms, reported the bank at
Omaha, covering Iowa, Nebraska, Wyoming and South Dakota.
Brazil to Continue to Control Coffee—Announces
Plans for July 1 Crop.
The Brazilian Government will continue to exercise
control of the next crop which starts to move on July 1,
according to advices to the New York Coffee and Sugar
Exchange. The advices, announced by the Exchange
May 28, list the main points resolved by the National Coffee
Department for regulation of interior dispatches, transportation and exportation of coffee from all points in Brazil.
The announcement of the Exchange added:
The National Coffee Department announces that they will fix annual
quotas for Brazil coffee producing States and determine and fix percentages
of the crop for compulsory delivery to the Department at a fixed price.
The regulations will apply to all coffees moved by road,river, railroad or
coastwise. The regulations will cover movement to various ports, fines
for infringement of regulations by transport companies and many other
pertinent and important points connected with the moving and marketing
of coffee. The Department announced further that they would fix the
Percentage of sacrifice quota later with the right to modify such percentage
In accordance with the circumstances or even retain or liberate entire dispatches if necessary. These plans in the opinion of the coffee trade here
will mean more complete and centralized control of the movement of coffee
In Brazil than has ever been in effect before. However with the 1934-35
crop estimated at 15,523,000 bags only about half the previous current crop,
it is thought that many of the powers will not necessarily be used to their .
full extent. The current season's production was 29,880,000 bags, while
the world uses annually about 16,000,000 bags of Brazilian coffees.
Estimate of Brazil's 1934-35 Coffee Crop About Half of
Current Crop—Future Crop Estimated at 15,523,000
Bags.
Brazil's 1934-35 coffee crop is estimated at 15,523,000
bags—about half of the current crop of 29,880,000, according
to advices to the New York Coffee and Sugar Exchange.
In announcement issued May 25 by the Exchange, it was
further stated:
The National Coffee Department estimates that the State of Sao Paulo
will produce 9,656,000 bags of the total while official and semi-official
estimates give the total for the rest of Brazil as 5,867,000. In addition to
the production,it is estimated that on July 1 this year there will be 2,000,000
bags still on Sao Paulo plantations of the current crop, 700,000 retained by
planters in the State of Minas Geraes and approximately 2,000,000 bags
representing the part of the present Sao Paulo crop that has been dispatched
from plantations but which will not reach Santos for export by July 1.
Totaling the above gives an exportable crop for July 1 1934 to June 30 1935
of 20,223,000 bags.
Beet Sugar Crop of Germany Reported Threatened
By Drouth Conditions.
Drouth conditions are threatening the beet sugar crop of
Germany according to a special Licht report caled to B. W.
Dyer & Co., sugar economists and brokers. The report, it
was announced May 28, says that while the state of the crop
is still satisfactory, rain is urgently needed everywhere.
The same report, the Dyer firm said, states that the beets
in Czechoslovakia, England and France are progressing
3680
Financial Chronicle
atisfactorily, while heavy rains in Poland have improved
the condition of the crop in that country in some cases.
Production and Consumption of Beet Sugar in Germany Reported Higher During Recent Months.
- A trend towards increased production and consumption of
sugar has been evident in Gerrnany dunng recent months,
"
- - .--- according to a report from Vice-Consul Paul J. Reveley,
Leipzig, made public on May 22 bythe United -States
'Conimerce Department. The fOtal amount of-13eets-ex:
to
year 1933 . -34 (Sept.f1933- t;id in mills in the sugar
trac
- -tons: it
Aug. 31 1934) hasamounteil to 8,261,334-metric
Was stated, a figure approximately 3% more than estimated.
M
-making- public-the report the CommeDepartment
also said:
The actual sugar yield, not considering the sugar production of plants
making sugar from molasses, has also increased from the anticipated
amount of 16.34% to 16.65%. The total production of sugar, therefore,
has increased from the estimated quantity of 1,354,585 metric tons of raw
sugar to 1,405.778 metric tons, or about 3.75%.
While accurate statistics are not available in connection with sugar consumption in Germany,it is reliably estimated that it increased approximately 2% in the seven-month period September 1933 to March 1934, compared with the corresponding period of the preceding year. Should this
trend toward increased consumption continue, the report states, it is
likely that the consumption figures for the total sugar year 1933-34 will be
2.5% or even 3% higher than consumption in the sugar year 1932-33.
Any further increase in sugar consumption during the remaining five months
of the current sugar year depends largely on a continued decrease in unemployment in Germany. Under the high import duty rates for sugar in
Germany and because of the extremely high sugar excise tax, It is pointed
out, sugar Is for many people in that country a luxury article.
Decrease of 5,497 Short Tons Noted in Shipments of
Raw and Refined Sugar From Puerto Rico to United
States During Week of May 26.
Raw sugar shipments from Puerto Rico to the United
States from Jan. 1 to May 26 totaled 435,425 short tons, an
increase of 3.5% when compared with shipments of 420,606
during a similar period last year, according to cables to the
New York Coffee and Sugar Exchange. Refined shipments
amounted to 61,010, the Exchange said, a 27.3% increase
over the 47,927 ton total for the 1933 period.
Shipments of raw and refined together for the week ending
May 26, the Exchange announced on May 28, amounted to
15,457 tons against 20,954 in the same week last year.
About 62% of the expected quota for the United States,
under the Costigan-Jones Sugar Bill, has been shipped to
date, it was stated by the Exchange.
610,714 Long Tons of Sugar Exported by Cuba Up to
May 26 This Year, as Against 789,650 Tons During
Same Period Year Ago.
Exports of sugar from Cuba since the beginning of the
year to May 26 totaled 610,714 long tons raw sugar value,
as compared with 789,650 tons during the similar period
last year, a decrease of 178,936 tons, or 22.7%, according
to cable advices received by Lamborn & Co. The company
further announced as follows on May 31:
To the United States there were shipped 412,125 tons, as against 556.074
tons for the same period in 1933, a decrease of 143,949 tons, or approximately 26%. To other destinations, principally United Kingdom. France
and Canada, the exports amounted to 198,589 tons, as contrasted with
233,576 tons shipped during the same period last year, a decrease of 34,987
tons, or approximately 15%.
Sugar stocks in Cuba on May 26 approximated 2,539,000 tons, while
on the same date last year 2,778,000 tons were on hand.
Syrup and Molasses Manufacturers Seek 75% Reduction
in Sugar-Processing Tax.
Representatives of sugar syrup and molasses manufacturers on May 28 urged a 75% reduction in the rate of the
processing tax levied on sugar cane used in the processing
of these products, at a public hearing which opened that
day at the United States Tariff Commission building, in
Washington. In stating this, an announcement issued by
the Agricultural Adjustment Administration said:
The processing tax, based on the full difference between the current
average farm price and the fair exchange value of sugar cane, as limited
by the amount of reduction of the tariff on imported sugars, would amount
to approximately four cents per gallon, and would, according to the syrup
manufacturers, cause an accumulation of surplus stocks. They advovated that the tax rate be set at approximately one cent per gallon on first
run syrup, and 3 -cent per gallon on second syrup.
Representatives of the Domestic Cane Sugar Refiners Committee took
the opposite view on the processing tax rate, presenting evidence to the
effect that the tax rate upon sugar content of syrups was justified to maintain the present status of competition between granulated sugar and
sugar syrups.
Richard M. Murphy,of the American Sugar Cane League, New Orleans,
La., gave evidence that the imposition of the tax at the proposed rate of
34-cent per pound of raw sugar equivalent on syrup and molasses, would
cause accumulation of stocks already built up by decreasing consumption,
and make it difficult for producers to dispose of stocks. This would
entail loss of value of stocks in storage, as most farmer-producers are not
equipped to store quantities of syrup for any length of time.
June 2 1934
Representative N. P. Monet. of Louisiana, estimated the carry-over
of cane syrup to be 2,000,000 gallons. A tax of 3i-cent per pound on
sugar content, he said, would make it difficult to move this season's production. The tax levied should be a nominal one, he said.
J. H. MIlward, director of the Georgia Cane Growers' Co-operative
Association, Albany, Ga., said that the proposed tax rate would put many
of the small farmer-producers of syrup out of the market, as competition
with other sweets and syrup manufactured from Sorghum has forced the
price down and caused accumulation of stocks.
L. J. Clark, of the Cane Growers' Co-operative Association, Greensboro,
Fla., presented evidence to show that since 1926 the income of farmers
from cane syrup has declined, and that the tax would create further competitive disadvantage.
Others presenting evidence at the hearing included: E. A. Rainold,
sugar broker, New Orleans; J. B. Vanderbilt, of V. P.Penick & Ford, Ltd.,
New York; C. C. Drown, of the Alabama-Georgia Syrup Co., Montgomery, Ga.; D. J. Luke, Refined Syrups, Inc., New York, and Oscar
A. Saar, American Molasses Co., New York.
Paul F. Huttlinger, of the Domestic Cane Sugar Refiners Committee,
said that sugar syrups were essentially a saturated solution of granulated
sugar in water, and had been used in direct competition to granulated
sugars. "In view of the direct competition between sugar syrups and
granulated sugars, the processing tax should be the same per pound of
sugar content, raw value, as it is on granulated sugars," he said.
Orderly Wool Marketing Program of FCA to Continue,
According to Governor Myers
-Reports American
Stocks of Raw Wools Lower Jan. 1 Than Year Ago.
There will be no change in the established policy of the
Farm Credit Administration with reference to the marketing
of wool in which its agencies have a financial interest and the
Administration will continue to require an orderly marketing
of the clips in response to consumptive demand, according
to a statement made May 25 by Governor W. I. Myers
to Senators Joseph C. O'Mahoney and Key Pittman. The
Governor also pointed out that American stocks of raw wools
were substantially lower on Jan. 1 1934 than Jan. 1 1933
and stocks of wool in the secondary markets of the world
are not considered burdensome. In view of the present price
differential, the foreign wool situation is beneficial rather
than detrimental to the American wool market at this time,
commented the Governor. He said:
There is nothing in the statistical position of domestic wool either for
the remainder of the 1933 clip or the prospective clip for 1934 to indicate
lower values and I am told by the Wool and Mohair Advisory Committee
that these views are shared by those in the trade whose Judgment is recognized as reliable.
While commenting on the unchanged policy of the FCA
in respect to the marketing of wool in which its agencies
have a financial interest, Governor Myers pointed out that
the price of wool during the 1934 season will be determined
by fundamental facors of supply and demand. Continuing,
he stated:
Following the institution of the plan promulgated by the FCA's Wool
and Mohair Advisory Committee last year for the handling of the 1933
clip, prices of grease wool in the country advanced sharply and wool continued to rise throughout the greater part of the season. A rise of no such
proportion this year is anticipated. Nevertheless, the plan should assure
the industry of a much firmer price foundation than might otherwise
exist without it. The Administration's plan is not an effort to control
prices, but one to try to prevent unnecessary fluctuations.
The Governor added in his communication to Senators
O'Mahoney and Pittman that while a weak undertone in
the present market is reported, "I am advised that this is
due largely to a lack of demand occasioned by the fact that
there is still a sizeable accumulation of wool in various stages
of manufacture which has not yet reached its destination
and to seasonal conditions. However,domestic consumption
of wools continues to exceed domestic production."
Midwest Wool Marketing Association Made Higher
Final Return to Member-Growers on 1933 Clip
Than Initial Advances.
Final returns to its member-growers on their 1933 clip
totaled approximately $232,000 more than the initial advances, according to information furnished the Co-operative
Division, Farm Credit Administration, by the Midwest Wool
Marketing Association. The distribution netted the growers
from six to 12 cents a pound above the amount advanced
by the Association at the time the wool was consigned for
marketing, it was stated. An announcement issued May 21
by the FCA also said:
Total net return to its members ranged from 16 cents a pound for
"rejects"
to 31M cents a pound for the top grades. Offers of speculators at shearing
time generally ranged from nine to 20 cents a pound. Approximately
8,000 growers in Nebraska, Kansas, Missouri, Arkansas, Oklahoma, and
northern Texas shipped to the Midwest association during 1933. Midwest
is a stockholder member of the National Wool Marketing Corp., which
acts as its sales agency.
Volume of United Wool Growers Association 261%
Higher During 1933 Season-Members Reported
Netting 30 to 33 Cents a Pound on Marketed Wool.
The United Wool Growers Association, which operates in
the Southeastern States, marketed 862,000 pounds of wool
during the 1933 season, an increase in volume of 261%
Volume 138
Financial Chronicle
over the previous year, according to a report to the Cooperative Division, Farm Credit Administration. Approximately 3,000 wool growers participated in this marketing
program, the FCA announced May 21. It added:
The wool marketed by the United in 1933 is reported to have netted
Its members 30 to 33 cents a pound. The tonnage that the United consigned to the National Wool Marketing Corp. of which it is a memberstockholder, netted the growers an average of 33 cents a pound.
Many growers in the United's territory are reported to have sold their
wool early in the season for as low as 10 cents a pound, and in adjoining
States many county pools sold later in the season for a price that netted
growers 25 to 30 cents a pound. A few pool sales netted slightly more than
30 cents.
The National, the sales agency for the United as well as for 29 other
wool co-operatives, has more than 200 mill customers, which gives growers
the advantage of having their woold offered to a great number of mill
buyers.
Headquarters of the United are in Richmond, Va. The 1933 wool came
from growers in North Carolina, Maryland, Louisiana, Alabama, and
Virginia.
Petroleum and Its Products—Senate Committee Reports Administration Oil Bill — House Holds
Hearings on Disney Measure—Pacific Coast Units
Confer on Marketing Pact—Crude Oil Output
Dips 21,650 Barrels,
The Senate Mines and Mining Committee Tuesday
ordered the Administration's oil control measure reported
favorably, although several changes were made in the
original draft as introduced by Senator Thomas, in order
to meet with objections to some of the measure's provisions.
The major change was in connection with the clause
granting the Federal Oil Administration authority to set
up and enforce rules in States which already have State
regulatory laws, which was partially amended to provide
the Oil Administration with the right to go into States
where the State regulatory measures are held ineffective
and conflicting with the National oil program.
However, the amended version of the measure provides
the State regulatory groups with the right to appeal to the
district courts from the orders of the Secretary of the Interior fixing the quotas for production and distribution.
The Senate Committee also amended the measure to
provide that members of the Board to be created be appointed by the President and confirmed by the Senate,
instead of allowing the Secretary of the Interior to make
the appointments. The Senate group refused to fix a
two-year limitation on operation of the bill, such as contained in the House measure.
Stating that the Administration oil program is designed
to stabilize prices and promote conservation, Secretary
Ickes testified before the House Inter-State and Foreign
Commerce Committee, which is holding hearings on the
Disney bill, that higher prices for crude oil will be a natural
result of the bill's passage. This, he added, is in line with
the Oil Administration's wishes.
In answering claims of opponents of the bill that the
recent decision of the Fifth Circuit Court at New Orleans
upholding the constitutionality of the petroleum code
eliminated the necessity for such stringent control measures,
Mr. Ickes pointed out that an appeal from this decision
could be (xpected, and in the meantime the matter of
production control would be in an indefinite status.
"Under the decision," he continued, "suppose the Texas
Commission should adopt twice the quota for the State
we found necessary, the Federal Oil Administration would
have to stand by and help enforce the State action."
Representative Disney of Oklahoma, author of the
House measure, stated in a preliminary statement to the
House Committee that proponents of the measures feared
the possibility of unlimited production in the East Texas
fields.
"Forty minutes flow from the 13,000 wells in East Texas
would supply the oil needs of the entire United States for
24 hours," Mr. Disney said. "The plain fact is that State
regulation is not being enforced, which shows the justification for this bill."
Further testimony by Secretary Ickes, who was the
chief witness before the Committee, pointed out that
under the provisions of the bill his power in the States which
have regulatory bodies is to be exercised only in case of
necessity. Removal of the two-year limitation, favored
by Representative Disney, was held necessary by the
Secretary of the Interior, who pointed out that the oil code
under the National Recovery Administration came to an end
next year, and there is little reason to believe that oilproducing States will be in any better position at that time
to cope with the problem than they are now.
3681
"I think every fair-minded person will concede that the
control over production effected by the Federal Government
under the code of fair competition for the petroleum industry has had extremely beneficial results," Mr. Ickes
told the Committee in s ressing the need for passage of
the bill at the current session of Congress. The flow of
excessive quantities of petroleum has been greatly reduced.
The price of oil has increased to the point where it will
permit most operators to produce and market their oil at
a reasonable profit. Many of the small wells that were
not completely ruined or permanently abandoned during
the disastrous years preceding the adoption of the code have
been reconditioned and are being operated again. Thousands of workers have been re-employed and payrolls havebeen greatly increased. Commerce in petroleum has been
re-established on an orderly basis. The maintenance of
all of these benefits, which are directly attributable to
.
Federal control exercised during the past 10 months, is.
now seriously threatened.
"There are many loopholes in the provisions of the code.
The penalties for violations are woefully inadequate. As a
consequence, illegal production has been steadily increasing.
During the first three months of this year, daily average
production of 149,000 barrels in excess of the amount allocated to the nation is recorded by the United States Bureau of
Mines. The trend recently of illegal production has been
upward. Disquieting reports are being received to the
effect that illegal production will be greatly increased if this
bill is not enacted.
"At the hearings before the Senate Committee the opponents of this bill attacked its constitutionality. Since those
hearings were concluded they have shifted their position due
to a recent decision of the Circuit Court of Appeals of the
Fifth Circuit and they now stress the point that this legislation is not needed for the time being because the Federal
Government allegedly has ample powers under the code for
the petroleum industry which will not expire for another
year. I believe that any unprejudiced observer will agree,
after a careful study of this decision, that it cannot be
construed as removing the urgency for the passage of this
bill. This decision sustained the validity of Section 9(C)
of the NIRA which forbids shipments of petroleum or its
products into inter-State commerce when produced in excess
of the amount permitted by a valid order of a State regulatory agency. The only provision of the code upheld by this
decision was the provision making it a violation of the code
for a producer to produce more oil than the amount permitted
by the orders of his State regulatory agency."
Carl Estis, East Texas newspaper editor, testifying in
opposition to the measure denounced Federal "dictatorship,"
although he asked for legislation which would aid Texas
in its efforts to regulate production of crude oil.
"This legislation," he held, "is aimed directly at the East
Texas oil fields. It would make Harold L. Ickes absolute
dictator of the oil industry. Neither I nor any of the other
6,000,000 Texans will stand for any dictator."
Elwood Fouts, Houston attorney, representing Texas
independent oil operators, told the House Committee that
enactment of the Disney measure would mean the elimination of the independent oil men. Mr. Fouts also charged
that the measure would raise petroleum product prices,
saddle consumers with an unjust burden and would give
the Government absolute control of the oil industry.
J. Edward Jones, of New York, said that the measure
would benefit only the major companies in the petroleum
industry who "have thrived on control of production."
The California Oil and Gas Association formally went on
record Monday as favoring the Disney Bill by a unanimous
vote of its directors although its approval was conditioned
on the definite understanding that the two-year limitation
clause be retained in the measure.
The Planning and Co-ordination Committee having
approved the oil marketing agreement proposed to the
oil administration Tuesday in Washington, subject to confirmation by the oil administration, final approval of the
pact by Mr. Ickes is being awaited. The oil Administrator
has indicated that his approval is contingent upon the agreement meeting the requirements of the Department of Justice.
The new marketing agreement will take the place of the
cartel which was held illegal by the Department of Justice
under conditions imposed in the consent decree entered
against Pacific Coast oil companies. The Attorney-General
ordered that any modification of these decrees would have
to contain a proviso forcing companies to sell under the name
3682
Financial Chronicle
of the refiner any branded product not their own. This the
companies refused to do, citing the good-will value of their
trade name as a major factor in their refusal.
No new production schedule was issued by the Texas
Railroad Commission at the conclusion of its proration
meeting Monday. Nominations to pruchase crude oil in
June as filed with the Commission totaled 1,128,307 barrels
daily. However, additional nominations and possible duplications may change these figures, it was stated. The
net reasonable market demand for Texas crude oil during
June will be 30,970,000 barrels, or at the rate of 1,032,300
barrels daily, the total allocated for Texas by the Federal
Oil Administration, E. B. Swanson, Chief Economist of
the petroleum economics division of the United States Bureau
of Mines, testified at the hearing.
The current crude oil daily allowable will be continued
indefinitely,the Commission announced laterin the week after
early indications pointed to the postponement of any change
in the proration schedule until the pending Federal oil
control bill is disposed of by Congress.
Action of the State Appellate Court at Texarkana on
Thursday in dismissing injunctions which the Commission
had secured against four refining companies in the East
Texas area restraining them from violating State proration
orders complicates the Texas enforcement situation, members of the Commission pointed out.
The four companies named in the dismissed injunctions
Locke Drilling Co., Southport Petroleum Co., Foshee Refining Co., Inc., and Century Refining Co., were charged
with having handled oil produced from East Texas wells
in violation of State allowables and with having ignored
rules of the Railroad Commission with respect to tenders
and filing daily and semi-monthly reports.
The decision handed down by the Court ruled that allegations of the Commission and the Attorney-General were
defective. The Court also ruled that the injunctive relief
sought by the Commission was entirely separate from the
State's action for penalties for alleged violation of Commission orders.
Oklahoma June production, established at 511,700 barrels by Administrator Ickes, was set at that figure by the
State Corporation Commission. The new allowable is an
increase of 35,300 barrels over the preceding month.
Administrator Ickes issued executive orders Friday to
limit overproduction in the new Crescent Pool in Logan
County, Okla., under the authority delegated to him under
the petroleum code. The orders, sent to 15 companies
operating in this area, would prevent the drilling of more
than one well to every 40 acres.
Daily average crude oil production throughout the Nation
continued to hold above the 2,366,200-barrel total established in Oil Administration schedules despite a decline of
21,550 barrels last week to 2,492,400 from 2,514,000 barrels
in the previous week, reports to the American Petroleum
Institute disclosed. The A. P. I. reports do not include
production of hot oil. Sharp declines in Oklahoma and
California production were offset by a rise in the Texas total.
There were no price changes posted during the week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. L degrees are not shown.)
$2.55 Eldorado, Ark., 40
31.00
Bradford, Pa
1.32 Rusk. Tex., 40 and over
1.08
Corning. Pa
1.13 Darst Creek
.87
Illinois
1.13 Midland District. Mich
.90
Western Kentucky
1.35
Mid-Cont., Okla., 40 and above-. 1.08 Sunburst. Mont
Hutchinson. Tex., 40 and over.... 1.03 Santa Fe Springs. Calif.,40 and over 1.30
1.04
1.03 Huntington, Calif.. 26
Spindletop,Tex..40and over
2.10
.75 Petrolla. Canada
Winkler. Tex
.70
Smackover. Ark.. 24 and over
-GASOLINE PRICES MOVE HIGHER
REFINED PRODUCTS
-GRADE ADVANCED IN METROPOLITAN AREA
THIRD
-CENT BOOST
STANDARD OIL OF NEW JERSEY POSTS HALF
-MOTOR FUEL STOCKS DIP.
Further strengthening of the retail gasoline markets as
rising consumption stimulated demand featured the past
week's developments in the refined petroleum products
markets.
The Standard Oil Co. of New York, Inc., posted an ad2
vance of 3/-cent a gallon in third-grade gasoline prices in
metropolitan New York, Nassau and Suffolk counties
Monday. The increase was met immediately by Colonial
Beacon Oil, subsidiary of Standard Oil of N. J., and other
major units. Independents also readjusted their lists to
bring prices into line.
The upward adjustment in third-grade prices which narrowed the spread between this and standard gasoline to 1
cent a gallon was viewed in some trade circles as a forerunner of a move to eliminate this gasoline from markets in
June 2 1934
this area. In Washington, D. C., marketing of third-grade
gasoline has practically been eliminated and other areas are
reported seeking the same results.
Introduced as a "war" grade to fight price-cutting about
two or three years ago, third-grade gasoline failed, in the
opinion of many in the industry, to achieve the anticipated
results. In addition to sales of this grade cutting into volume
of the better grades,it was generally found that weakness in
third-grade quotations was quickly reflected in similar easiness in standard and premium grades of motor fuel.
The local bulk gasoline market enjoyed quite heavy demand early in the week as jobbers sought to stock up in anticipation of heavy consumption on Memorial Day. While
movements were fairly heavy, no changes in the price situation were shown. Consumption was quite heavy, aided by
the favorable weather enjoyed on the mid-week holiday, and
the market closed firm to strong.
Fuel oils moved in a routine manner although the volume
of domestic heating oil for future delivery showed a slight
rise. Grade C fuel oil was well held at $1.30 a barrel with
Diesel oil maintained at $1.95 a barrel, both prices refinery.
Kerosene was seasonally quiet, prices firm at 53' cents a
gallon for 41-43 water white, tank car lots, refinery.
The Standard Oil Co. of New Jersey advanced tank wagon
and service station prices of gasoline M cent a gallon throughout its marketing territory, excepting Pennsylvania and
Delaware, effective Thursday. The Standard Oil Co. of
Louisiana, its subsidiary, announced a like advance in its
marketing area.
The purchases of tank car lots of gasoline in the midWest markets by major units was reflected in further improvement in the Chicago bulk gasoline market. Retail
gasoline prices are firming in keeping with the strengthening
trend noted in the bulk gas market where low octane material
is now quoted at 43 -4% cents a gallon with an increasing
4
amount moving at 43/i cents a gallon.
Despite a small decline in operations of oil refineries last
week, stocks of finished gasoline rose 132,000 barrels to
54,493,000 barrels, reports to the American Petroleum
Institute disclosed. A factional decline was shown in operations of reporting refineries which ran 2,405,000 barrels of
crude oil daily to stills, against 2,430,000 barrels run last
week.
Price changes follow:
May 26.--Socony-Vacuum Oil Corp. advanced tank wagon and service
station prices of gasoline at Providence, Me., 1 cent a gallon to 103 cents
net tank wagon and 14.5 cents retail; prices were increased to 13 cents and
19 cents at Augusta, Me.
May 28.
-Standard Oil of New York, followed by all major distributors,
advanced third-grade prices of gasoline X cent a gallon at service stations
In metropolitan New York, Nassau and Suffolk counties. Independents
readjusted prices to bring their lists into line.
May 31.
-Standard Oil of New Jersey and its Southern subsidiary.
Standard Oil of Louisiana, announced an increase of X cent a gallon in
tank wagon and service station prices of gasoline throughout their respective
marketing territories. Standard Oil of New Jersey, however, excepted
Pennsylvania and Delaware from the rise.
Gasoline, Service Station, Tax Included.
New York
3.19
New Orleans
3.175 Detroit
$ 19
Atlanta
18
Houston
.22
145
Philadelphia
Boston
.22
San Francisco:
175 Jacksonville
Buffalo
185 Los Angeles:
Third grade
16
Chicago
.135
Third grade
158
Above 65 octane. 1734
Standard
15
Cincinnati
19
Premium
1934
Premium
17
Cleveland
St. Louis
.19
.145
Minneapolis
174
Denver
.17
Kerosene,41.43 Water White, Tank Car, F. 0. B. Refinery.
'North Texas
8.03341New Orleans, ex3.0414-05
New York:
(Bayonne)
$.05)41L0. Ant., ex.. .04K-.05 (Tulsa
.03)4-.0344
Fuel Oil, F. 0. B. Refinery or Terminal.
California 27 plus D
N. Y.(Bayonne):
Gulf coast C
$1.15
Bunker C
$1.30
11.00-1.101Phila. bunker C
1.30
Diesel 28-30 D__-- 1.95 New Orleans C
1.15
Gas Oil, F. 0. B. Refinery or Terminal.
[Chicago:
N. Y.(Bayonne):
Tulsa
$.0234-.0234
28 plus GO L0434-.04341 32-36 GO --$.0234-.02X
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots. F. 0. B. Refinery.
N. Y.(Bayonne):
N. Y.(Bayonne):
Chicago
$.0434-.04X
Standard Oil N. J.:
Shell Eastern Pet-$.08K New Orleans__
.045i
Motor, U. S..$.063( New York:
Los Ang.. ex62-83 octane__ .06% Colonial-Beacon-- .00r Gulf ports_ .05-.06
.0514-.0
6
Maud. Oil N. Y-- .07
z Texas
.0654 Tulsa
.05-.0534
*Tide Water 011 Co .0634 Gulf
06K Pennsylavnia.065S-.063(
:Richfield Oil(Cal.) .07
Republic Oil
.0654
Warner-Quin. Co- .07
Sinclair Refining_ .06,‘
x Richfield "Golden." z "Fire Chief." $0.07. •Trdol, $0.07. y "Good
Gulf," $.0731. t "Mobilgas."
Daily Crude Oil Output Declined 21,550 Barrels During
the Week Ended May 26 1934, But Exceeds Federal
Allowable Figure by 126,300 Barrels-Inventories of
Finished Gasoline and Gas and Fuel Oil Increase.
The American Petroleum Institute estimates that the daily
average gross crude oil production for the week ended
May 26 1934 was 2,492,500 barrels, a decline of 21,550 barrels from the preceding week. The current figure, however,
exceeded the Federal allowable figure, which became effective
April 1 1934, by 126,300 barrels, and also compares with a
daily average production of 2,489,750 barrels during the
four weeks ended May 26 and with an average daily output
of 2,634,550 barrels during the week ended May 27 1933.
Further details, as reported by the American Petroleum
Institute, follows:
Imports of petroleum at principal United States ports totaled 860,000
barrels in the week ended May 26, a daily average of 122,857 barrels, compared with a daily average of 186,714 barrels in the preceding week.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 472,000
barrels in the week ended May 26, a daily average of 67,429 barrels, compared with a daily average of 76,000 barrels in the preceding week.
Reports received for the week ended May 26 1934from refining companies
owning 89.7% of the 3,760,000 barrel estimated dailh potential refining
capacity of the United States, indicate that 2,405,000 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, 35,987.000 barrels of finished
gasoline; 7,377,000 barrels of unfinished gasoline and 104,010,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
amounted to 18,506,000 barrels. Cracked gasoline production by companies owning 95.1% of the potential charging capacity of all cracking
units, averaged 441,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels)
Average
Adual Production.
Federal
4 Weeks
Agency
Allowable Week End. Week End. Ended
May 26
May 26
May 19
Effective
1934.
1934.
1934.
April 1.
Oklahoma
Kansas
North Louislana
Coastal Louisiana
Week
Ended
May 27
1933.
511,050
132,900
528,550
128,700
516,800
130,5.50
383.350
105,650
59,400
55,750
27,100
143.150
52,150
475,050
54,950
48,250
59,050
56,100
27,050
143,550
50,150
473,000
52,450
48,050
58.000
56,150
26,950
143,450
50,300
470,800
53,150
48,000
44,150
47,850
19,800
160,500
58,350
814,500
78,000
48,500
118,200
476,000
122,100
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Total Texas
119,250
118,700
115.000
980,700 1,034,000 1,028,650 1,025,500 1,386.650
26,400
25,750
26,350
25,550
41,450
56,150
56,950
57,150
72,400
82,700
83,300
81,900
67.850
Arkansas
Eastern (netlecl• Mich.)Michigan
Wyoming
Montana
Colorado
32,300
99,600
31,300
32,400
7,700
3.000
30,600
101,550
32,400
32,100
7,150
3,000
30,650
99,750
32,750
31,350
7,100
3,000
30,600
100,050
31,750
31,550
7,150
3.000
29,950
89,050
16,100
27,400
5,900
2,550
Total Rocky Mtn.States
43,100
42,250
41,450
41,700
35,850
45,800
462,500
45,850
479,200
45,850
494,400
46,000
484,900
36,100
484,000
Total Louisiana
New Mexico
California
Total United States
2,366 200 2,492,500 2,514,050 2,489.750 2,634.550
ots.-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously
produced.
•
CRUDE RUNS TO STILLS FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED MAY 26 1934.
(Figures in thousands of barrels of 42 gallons each.)
Stocks
Dan.--.-rting
,
.
Crude Runs Stocks a Stocks
- R.
b Stocks
of
of
of
Capacity of Plants.
to MULE
Gas
of
OnFinDistrict.
Potenand
patty P. C. ished finished Other
Reyor ing
dal
Aner- Oyer- Gaso- (lose- Motor Fuel
Fuel.
Oil.
line.
Rate. Total, P. C. age. ated. line.
-East Coast-980
191 7,392
503 86.4 16,979
.582 100.0
582
324
157
Appalachian.
808
150
106 75.7 1,788
140 933
Ind., Ill., Ky
48 2,786
446
331 78.4 8,804 1,135
422 94.6
.
Okla., Kan.,
Missouri-807
566 3,098
461
258 66.8 5,552
386 83.7
Inland Texas
351
320
313 1,803
98 58.7 1,366
167 47.6
Texas Gulf-170 5,293
566
465 84.2 4,858 2.405
552 97.5
La. Gulf __ -..
236
__ -- 1,097
168
101 62.3 1,212
162 96.4
No. La.
30
-Ark.
459
75
262
92
57 74.0
77 83.7
177
43
Rooky Mtn_
667
96
32 50.0 1,203
64 66.7
918 2,832 e80,607
CalUornla--848
454 55.2 12.469
822 96.9
Totals week:
May 26 1934 3,760 3,374
405 71.3 c54,493 7,377 4,350 104,010
7
May 19 1934 3.760 a 97d 89.
7.913 4,350 102.896
207
9 d'Ill 720 d54.361
2,
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
Includes unblended natural gasoline at refineries and plants, also blended motor fuel
at plants. c Includes 35,987,000 bands at refineries and 18,506,000 barrels at bulk
terminals, in transit and pipe lines. d Includes 35,705,000 barrels at refineries
and 18,656,000 barrels at bulk terminals, In transit and pipe lines. e Increase over
Previous week partially due to inventory adjustment.
Copper Market Continues Quiet-Fair Trade in Lead
and Zinc-Silver Price Steady.
"Metal and Mineral Markets" in its issue of May 31
announced that though buying of lead and zinc was in fair
volume during the last week, interest in copper continued at
a low point because of the code entanglements. The general
price structure in non-ferrous metals underwent little change.
The recent heavy sales of lead easily supported that market;
zinc was slightly lower than a week ago, with copper unchanged. Tin was featureless in the absence of new developments abroad. Silver prices met with fair support, though
speculative traders have shown no desire to do much in the
market one way or the other. The news that steel operations
increased to 56.1% of capacity this week, against 54.2%,
a week previous, caused little comment. Owing to the uncertain labor outlook, steel producers have been inclined to
increase operations. "Metal and Mineral Markets" further
reported as follows:
3683
Financial Chronicle
Volume 138
Domestic Copper Dull.
Involved discussions of problems arising from operations under the code
constituted apparently the outstanding feature oflast week's copper market.
-1.700
Sales volume for the seven-day period was at a relatively low level
tons
-with prices unchanged at 8)ic., delivered Connecticut. Much of
the discussion revolved about the proposal to select an "arbiter" for the
industry, with the majority of the group agreeing on the individual to assume the position. Objections to the candidate raised by one producer.
however, were held responsible for the delay of the group in reaching a
decision in the matter. This unsettled status of the industry, as well
as that prevailing in general business, were said to explain the current lack
of interest in the metal on the part of consumers. Little improvement of
the situation is expected as long as these unsettled conditions continue.
Demand for copper abroad was also slack last week, and the markets
there were described as being dull. Further general import restrictions
imposed by Germany were said to have contributed to the falling off in
consuming interest in the metal. Prices during the week ranged from
8.100c. to 8.250c., c.i.f.
During the first quarter of 1934 Magma Copper Co. produced 9,048,146
lbs. of copper. The cost of the refined copper, after deducting the gold
and silver values, was 5.54c. per pound. This cost does not include Federal
taxes, but includes depreciation and all other fixed and general expenses.
Good Sales of Lead.
Despite the large volume of business booked in the preceding week, buying of lead continued fairly active. Sales for the last week came close to
4,300 tons, a good total. All of the business was placed on the basis of 4c.,
New York, the contract settling price of the American Smelting & Refining
Co. and 3.85c., St. Louis. Corroders, battery makers, and sheet lead
and pipe manufacturers were among the important buyers. Consumers
appear to have confidence in the 4c., New York, level, and the undertone
of the market was steady to firm in nearly all directions.
There was some talk of raising the price, but opinion was not unanimous
on this question, owing to some uncertainty about the flow of scrap. Intake ofscrap has diminished, but is still large.
Stocks of refined lead in the United States increased 1,427 tons during
April. The small increase indicates that production and consumption are
being brought into fair balance. A summary of the refined lead statistics
released during the week by the American Bureau of Metal Statistics, in
short tons, follows:
April.
March.
221,465
216,224
Stock at beginning
28.723
31,379
Production-Domestic ore
3.390
4.241
Secondary and foreign
32,113
35.620
Totals
30,673
30,365
Shipments
222.892
221,465
Stock at end
consumers during the first four months of
Domestic shipments of lead to
this year totaled 120,727 tons, against 83,707 tons in the same period last
Year. Total domestic output for the four months amounted to 140.652
tons, against 104,396 tons in the same period last year.
Zinc Unsettled.
Particularly heavy production of zinc concentrate in the Tri-State district
last week, with an attendant decrease in the price of concentrate, was undoubtedly the principal factor in bringing about a recession in the price of
the metal from 4.35 to 4.30c., St. Louis. Metal changed hands at both
levels, however, each day up until May 29, when the lower figure was
uniformly quoted in the trade. During the week ended May 26 the sales
reported to the industry amounted to 2,500 tons, about one-half of which
sold at 4.30c.
Tin Shows Little Change.
Tin-plate operations increased to about 80% of capacity in the last
week without greatly influencing the market. Buying of tin continued
greatly restricted, and the price moved within narrow limits. No word
was received here op the outcome of the recent meeting of the tin group
to consider the buffer pool.
Chinese 99% was quoted nominally as follows: May 24, 51.85c.; 25th,
52.10c.; 26th, 52.10c.; 28th, 52.25c.; 29th, 52.225c.; 30th, holiday.
World Tin Consumption During Year Ended March
-Month Period Preceding.
Reported 29% Over 12
A 29% increase in world consumption of tin for the year
ended March 1934, compared with the previous 12 months, is
shown in the current bulletin of The Hague Statistical Office
of the International Tin Research and Development Council.
Tin consumption during the year ended March 1934 amounted
to approximately 129,000 long tons, it is noted, compared with
100,020 tons during the year ended March 1933. Consumption
during March 1934 amounted to approximately 10,300 tons,
compared with 9,306 tons during March 1933 and 9,119 tons
during March 1932. An announcement issued in the matter,
on May 28, further said:
The following table indicates the comparative revival of ton consuming
industries in certain countries over the last few years:
[Figures give consumption n long tons.i
12 Months Ended March 1934.
1934.
1933.
1932.
United States
35.902
53.362
58,777
United Kingdom
18,075
21,130
20.761
Germany
9.154
10.184
10.576
France
9,918
9,497
9,304
3.660
Italy
*4.075
3,584
U. S. S. R
3,967
2,869
6,104
British India
2,324
2.244
mow
•Preliminary.
A very considerable increase in world production of tinplate also is shown.
Tinplate production during March 1934, the bulletin states, amounted to
approximately 280,000 tons, compared with 199,000 tons during March 1933
and 213,000 tons during March 1932, while production during the year ended
March 1934 amounted to approximately 3,230,000 tons compared with
2,278,000 tons during the year ended' March 1933.
An analysis of the consumption of tin in the United States during the
first quarter of 1934, compared with the corresponding period of 1933, follows, figures representing long tons of tin:
First Quarter.
1934.
4,070
490
1,400
1,710
2,060
14.280
Total used in manufacture
1933.
' 5,430
910
2,320
2,850
2,770
Tinplate
Babbitt metal
Solder
Bronze collapsible tubes and foil
Other manufactures
9,730
World automobile output during the year ended March 1934, the bulletin
states, amounted to approximately 3,163,000 units, compared with 2,005,000
units during the year ended March 1933, and 2,708,000 units during the
year ended March 1932. Output during March 1934 amounted to approximately 420,000 units, compared with 186,700 units during March 1933, and
177,400 units during March 1932.
Large Steel Companies Report Net Loss in Earnings
During 1933, While Earnings of Smaller Companies
Increased-Report of American Iron and Steel
Institute.
Small, non-integrated companies in the steel industry fared
better in earnings in 1933 than their larger fully integrated
competitors, it is revealed by the American Iron and Steel
Institute in a report covering 190 steel companies, which
represent more than 90% of the capital invested in the
industry. The report showed that 57 integrated companies
with a total investment of $4,423,077,377 had a combined
net loss of $64,798,707 in 1933, said an announcement issued
by the Institute as to the report, while 133 companies with
an investment of $484,668,907 had combined net earnings of
$5,104,475 for the year. The Institute's announcement,
dated May 26, continued:
The return on investment for the 133 smaller companies amounted to
1.83%, while the loss on investment for the 57 large companies was 0.75%.
Stockholders In the 133 smaller companies, which have only about 10%
as much capital investment as is reported for the group of large companies, received 54% as much in dividends as stockholders of the large
companies.
These facts do not bear out assertions that have been made in some
quarters that the steel code has given an advantage to big producers over
smaller ones in the industry.
Total wages and salaries paid by the 190 companies in 1933 amounted
to $455,600,916, compared with only $20,380,224 distributed to stockholders in cash dividends.
The report reveals a reduction in losses for the steel industry during the
last half of 1933. The combined loss for all these companies during the
first six months of 1933 was $55,388,232, compared with $4,305,469 for
the last six months.
Reflecting increases in wages and in employment under the steel code,
total wages and salaries for the 190 companies increased from $173,890,603
in the first half of the year to $281,710,313 in the last six months, an
Increase of 62%. This compared with an increase of about 40% in operations over the same period. Average operations for the year were 34%
of capacity.
The combined condensed balance sheet of these steel companies, as
reported by the Institute, shows a total investment of $4,907,746,284 in
1933. The number of stockholders was 514,244.
Net property value and investments in affiliated companies of all these
companies at the end of 1933 was $3,803,061,831, a decline of $117,271,278
from the preceding year. Cash, United States Government and marketable
securities at the end of 1933 amounted to $298,610,257, a decilne of $36,589,821. Inventories as of Dec. 31 1933 show a gain of $15,763,989, with
a total of $643,647,677.
57 Companies
Producing
Steel Ingots.
Totalincome
Net Income
Wages and salaries
Dividends
Investment
Per cent earned on investment
Number of stockholders
Nnmhor nt worn women
133 Other
Companies.
190 AN
Companies.
$73,810,702
-864,798,707
$399,280,105
$13,247,305
$4,423,077,377
-0.75%
466,671
$23,564,811
$5,104,475
$56,320,811
$7,132,919
1484,668,907
1.83%
47,573
$97,375,513
-$59,694,232
$455,600,916
$20,380,224
$4,907,746,284
-0.50%
514,244
394,943
-Operations
Steel Production Recovers One Point
-Scrap
Now at 59% of Capacity, Says "Iron Age"
Declines Further.
In a steel market in which the dominant note is uncertainty, much of it traceable to labor unrest, actual business
volume is better than sentiment, reported the "Iron Age" of
May 31 in its weekly summary of iron and steel conditions
in the United States. The commonly held expectation that
steel production will take a nose dive in July, the preoccupation of industry in general with labor disturbances and the
continuance of drouth in the Central West have cast such a
deep shadow over the future that the satisfactory flow of
current releases is being overlooked, continued the "Age,"
further adding:
May pig iron shipments showed a substantial gain over those of April
-and a further increase is looked
as high as 15% in the Chicago district
for in June. Steel specifications from the railroads, railroad equipment
makers, shipbuilders and structural fabricators are well maintained and in
some centers have expanded.
Demands from miscellaneous sources are holding up surprisingly well; in
fact, electric refrigerator manufacturers have not only taken all of their
contract tonnage for this quarter but have entered the market for additional steel for June delivery.
The only consunring outlets that have materially reduced their specifications to date are the automobile and farm equipment industries. However,
motor car builders, in some instances, are reconsidering the policy of extreme caution which they recently adopted and may decide to lay in larger
June 2 1934
Financial Chronicle
3684
stocks of material than their immediate operating prospects warrant. In
part, this change in attitude is due to the steel strike threat.
While the seriousness of possible labor difficulties in steel mills is still
rather generally doubted, consumers in growing number are beginning to
take precautionary measures, as evidenced by requests for immediate shipments of material originally specified for late June delivery. In the case
of sheets and strips, products in which mills are most heavily booked, increasing concern over obtaining delivery of contract tonnage before July 1,
the deadline date, has been an added factor in stimulating releases. But
to date, at least, pressure for steel has not developed into a headlong rush,
and most mills should have little difficulty in filling their commitments.
The turnabout in the trend of business volume has resulted in a recovery
in steel output. The production rate, which a week ago dropped three
points to 58% of capacity, has rebounded to 59%. Gains were registered
/
2
%; at Cleveland,
at Chicago, where operations rose three points to 651
where the district average is up two points to 67%, and in the Valleys,
which showed a three-point increase to 63%. Production rates elsewhere
held at unchanged levels.
Both scrap prices and motor car production continue to be bearish
barometers. Declines in the Pittsburgh and Chicago markets have forced
the "Iron Age" composite for heavy melting steel down to $10.92 a ton,
a new low for the year. Motor car output in May is now estimated at
not more than 300,000 units and June production may not exceed 250,000
units. In line with the slackening pace of operations, two large suppliers
of Ford parts closed down Tuesday night until next Monday morning. Reports that the Ford Rouge plant will also be idle during that period are
as yet unconfirmed.
The steel strike threat has led to a series of developments, some of them
highly gratifying to the industry. Spontaneous expressions of opposition to
the Amalgamated Association of Iron, Steel and Tin Workers by various
groups of employees have strengthened the belief of steel companies that
the overwhelming majority of their men are out of sympathy with the
strike demands. The court's decision in the Weirton injunction case has
given further encouragement to the steel producers in their opposition to
what they consider the biased attitude of the National Labor Board. The
action of that board in granting a hearing to the complaints of the Amalgamated association is not regarded with favor, being interpreted as an attempt at intervention which, on the basis of past performance, will give
moral support to organized labor.
Amendments to the steel code approved by code members at New York
on May 29 await Presidential approval.
Producers of pig iron and steel will open their books June 1 for the third
quarter. Although few changes in prices are expected, new quotations on
seamless steel boiler tubes and locomotive tubes will be announced which
will be on a per 100-ft. basis. On sizes 2 in. in outside diameter and
smaller, general reductions will be made. On larger sizes there will be
advances of 21 to 5%.
/
2
Structural steel lettings of 11,800 tons compare with 11,600 tons a week
ago. New projects total 12,300 tons as against 10,200 tons in the previous
week.
The "Iron Age" composite prices on pig iron and finished steel are unchanged at $17.90 a ton and 2.222c. a lb. respectively.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Based on steel bars, beams, tank plates.
May 29 1934, 2.2220. a Lb.
wire, rails, black pipe and sheets
2.2220.
One week ago
2.222o. These products make 85% 01 the
One month ago
1 892e. United States output.
One year ago
High.
Low.
2.222c. Apr. 24
1934
2.0280. Jan. 2
2.0360. Oct. 3
1933
1.867o. Apr, 18
1.977e. Oct. 4
1932
1.9260. Feb. 2
2.0370. Jan. 13
1931
1.945o. Dec. 29
2.2730. Jan. 7
1930
2.0180. Dec. 9
2.317o. Apr. 2
1929
2.273o. Oct. 29
2.2860. Dec. 11
1928
2.217e. July 17
2.4020. Jan. 4
1927
2.2120. Nov. 1
Pig Iron.
Based on average of basic iron at Valley
May 29 1934. $17.90 a Gross Ton.
One week ago
$17,901 furnace foundry irons at Chicago,
17.90 Philadelphia, Buffalo. Valley, and BROne month ago
One year ago
15.011 mingham.
High.
Low.
$17.90 May I
1934
$16.90 Jan. 2
16.90 Dec. 5
1933
13.56 Jan. 3
14.81 Jan, 5
1932
13.56 Dec. 6
15.90 Jan. 6
1931
14.79 Dec. 15
18.21 Jan. 7
1930
15.90 Dec. 16
18.71 May 14
1929
18.21 Dec. 17
18.59 Nov. 27
1928
17.04 July 24
19.71 Jan. 4
1927
17.54 Nov. 1
Steel Scrap.
Based on No. 1 heavy melting steel
May 29 1934, $10.92 a Gross Ton.
One week ago
$11,171 quotations at Pittsburgh, Philadelphia
12.171.and Chicago.
One month ago
9.75
One year ago
High.
Low.
$13.00 Mar. 13
1934
$11.17 May 22
12.25 Aug. 8
1933
6.75 Jan. 3
8.50 Jan. 12
1932
6.42 July 5
11.33 Jan, 6
1931
8.50 Deo. 29
16.00 Feb. 18
1930
11.25 Dec. 9
17.58 Jan. 29
1929
14.08 Dec. 3
16.50 Dec. 31
1928
13.08 July 2
15.25 Jan. 11
1927
13.08 Nov.22
The American Iron and Steel Institute on May 28 announeed that telegraphic reports which it had received indicated that the operating rate of steel companies having 98.1%
of the steel capacity of the industry would be 56.1% of the
capacity for the current week,compared with 54.2% last week
and 55.7% one month ago. This represents an increase of 1.9
points, or 3.5% above the estimate for the week of May 21.
Weekly indicated rates of steel operations since Oct. 23 1988
follow:
1933193331.6% Dec. 25
Oct. 23
Oct. 30
26.1% 19341
Nov 6
25.2% Jan
27.1% Jan, 8
Nov. 13
Nov 20
26.9% Jan 15
Nov. 27
26.8% Jan. 22
Dec. 4
28.3% Jan. 29
Dec. 11
31.5% Feb. 5
Dee. 18
34.2%
1934
31.6% Feb. 12
Feb. 19
29.3% Feb 26
30.7% Mar. 5
34.2% Mar. 12
32.5% Mar. 19
34.4% Mar. 26
37.5% Apr. 2
39.9%
43.6%
45.7%
47.7%
46.2%
46.8%
45.7%
43.3%
1934
47.4%
Apr. g.....
50.3%
Apr. 16
54.0%
Apr. 23
55.7%
Apr. 30 .
56.9%
May 7
56.6%
May 14
54.2%
May 21
May 28
56-1%
"Steel," of Cleveland, in its summary of the Iron and steel
markets, on May 28 stated:
Financial Chronicle
Steel ingot production for the week ended May 28 is
placed at nearly 573. % of capacity, according to the "Wall
Street Journal" this week. This compares with a shade over
59% in the two preceding weeks. The "Journal" adds:
United States Steel Corp. is estimated at 46%,
the same 913 a week
previous. Two weeks ago the rate was 45%•
Independents are credited with a rate of a fraction under 67%, against
69% in the week before and a little below 70% two weeks ago.
The following table gives the Percentage of production for the
nearest
corresponding week of previous years, together with the
approximate
change from the week immediately preceding.
Industry.
1934
U. S. Steel.
5714-134
46
35 +134
87 -2
48 +3
44S1-ih
794- 34
42 -1
69 -1
1933
1932 x
42 +234
1931
43 -1
1930
1929
1928
1927
7334-334
95 -1
79 -3
an -a tt
9934- 31
81H-5
8714-114
Independents.
9234- 14
76 -2
72 -2
3685
the calendar year to May 20 1933. The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended
May 19
1934.c
May 12
1934.d
1934.
1929.
1933.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
-000 OMITTED).a
STATES (NET TONS
Week Ended
Cal. Year to End of April
Monthly Production.
Stole.
March
1934.
Ohio
223
s
so
495
190
39
58
541
99
27
4
24
17
18
319
Pennsylvania (bit.) 1.783
Tennessee
77
Texas
13
Utah
24
Virginia
172
21
Washington
W.Va.-Southern b 1.477
Northern_c
498
Wyoming
ss
Other States
5
MOvgyW...10,
Alabama
Arkansas dc Okla
Colorado
Illbaols
Indiana
Iowa
Kansas & Missouri
Kentucky-Eastern
Western
Maryland
Michigan
Montana
New Mexico
North Dakota_ --
Q
May12 May 5 April
1934. 1934. 1934.
April
1933.
894
147
432
4,455
1,740
290
548
3.125
885
200
45
168
480
39
288
2,432
1,011
160
322
2.805
478
95
24
123
ss
se
87
140
1.315 2,525
7.290 10,284
430
258
58
55
130
165
764
980
90
128
5.752 7,517
890 2,860
350
283
15
35
1934.
566
48
311
2,123
833
196
319
1,535
440
91
9
107
67
71
988
d
222
48
141
524
92
4,228
d
253
4
1933.
1929.
3,254 2.567 6,271
553 1,938
660
1,710 1,857 3.687
15,197 12,496 21.967
5,777 4,371 6.473
1,050 1,237 1.514
2.005 1,947 2,585
10,450 7,548 14,589
2,958 2,542 5,407
946
485
639
266
141
157
716
680 1,157
911
388
406
595
708
624
7,945 5,604 7,004
32,914
47,284
d
1,376 1,113 1,807
383
192
221
941 1,976
705
3,379 2,491 4,264
521
952
818
25,855 19.782 31,905
11,775
d
8,194
1,319 1,175 2.325
74
34
142
Total',Rum.coal 8,237 6,310 24.772 38,497 19,523 128.155 97,402 178.168
Penna. anthracite_ 1.088 1,361 4.837 6.418 2,891 23,332 15,492 24,557
Total coal
7.325 7.671 29.609 44.915 22.414 151,487 112.894202.725
a Figures for 1929 only are final. b Includes operations on the N.& W.: C.& 0.
Virginian: K. & M.; B. C. & G. c Rest of State. including Panhandle, Grant
Mineral and Tucker counties. d Original estimates in error. Figures being revised
Report on Foundry Operations in Philadelphia Federal
Reserve District During April by University of
Pennsylvania-Fifth Consecutive Increase Noted
in Production of Steel Castings.
Production of steel castings increased during April for the
fifth consecutive month, reaching the highest output of any
month since April 1931, according to reports received by the
Industrial Research Department of the University of Pennsylvania from foundries operating in the Philadelphia Federal Reserve District. The output of malleable iron castings
also increased, the Research Department said. The tonnage
of gray iron castings produced during April, however, it was
stated, was less than in anS4 of the previous months in 1934.
,
At least part of this decrease may be attributed to seasonal
factors. The Research Department further reported:
Shipments of iron and steel castings increased. The iron foundries reported
a decrease of nearly a quarter in their unfilled orders, while the steel f.
dries had a decrease of less than 1% from the peak of orders unfilled at the
end of March.
IRON FOUNDRIES.
•
No. of
Firms
Reporttag.
Not available.
Bituminous Coal Production Shows Little Change
During Week Ended May 19 1934
-Anthracite Output Up Slightly-Figures Continue Higher than
in Same Period Last Year.
According to the United States Bureau of Mines, Department of the Interior, the total production of bituminous coal
for the week ended May 19 1934 was estimated at 6,225,000
net tons, as compared with 6,237,000 tons in the preceding
week and 5,050,000 tons in the corresponding period last
year. Anthracite output amounted to 1,111,000 net tons
as against 1,088,000 tons in the week ended May 12 1934 and
664,000 tons in the week ended May 20 1933.
For the month of April 1934 production was estimated at
24,772,000 net tons of bituminous coal and 4,837,000 tons of
anthracite as compared with 38,497,000 tons of bituminous
coal and 6,418,000 tons of anthracite in the previous month
and 19,523,000 tons of bituminous coal and 2,891,000 tons of
anthracite in the same period last year.
During the calendar year to May 19 1934 there were produced a total of 145,683,000 net tons of bituminous coal and
26,636,000 tons of anthracite as against 112,342 tons of
bituminous coal and 17,544,000 tons of anthracite during
Calendar Year to Dole.
May 20
1933.
Bltumin. coal:a 6,225.000 6,237,000 5,050,000 145.683,000 112,342.000 203.957.000
Daily aver__ 1.038,000 1,040,000 842,000 1,231.000
945,000 1,714,000
Penna.anthra:b
Weekly total 1,111,000 1,088,000 664,000 26,636,000 17,544,000 28.308.000
Daily aver__ 185.200 181,300 110,700
240.900
149,300
226,700
Beehive Coke:
Weekly total
339,300 2,447.100
458,400
11.600
11.300 10,400
Daily aver__
20,393
2,828
1,933
3.820
1,733
1,883
a Includes lignite, coal made into coke, local sales and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales and colliery fuel. c Subject
to revision. d Revised,
6100NON.-40vNI-.NN
Volume 138
Labor dissensions continue the dominating influence in the iron and steel
markets, the trend of which is reflected by further moderate reduction in
production, steelworks operations last week declining 2 points to 67%.
Specifications from scene of the leading consumers have declined because
they have been stocking heavily over recent weeks in anticipation of strikes
and possible interruption in delivery of material. Automobile parts makers
especially have been cautious through fear of being caught with excessive
inventories, in the event automobile manufacturers themselves are forced to
more serious curtailment in production.
June 16 has now been set by the Amalgamated Association of Iron, Steel
and Tin Workers for a strike if its demands for reeugaition are refused, and
this refusal now appears certain. However, the strength of the Amalgamated
Association is such an uncertain quantity that the industry as a whole entertains no serious misgivings concerning a strike's effectiveness.
Automobile production last week made a slight gain over the preceding
week, and specifications direct from the largest manufacturers increased
moderately, enabling sheet and strip makers to improve their operating schedules. At Pittsburgh, sheet mill output rose 5 points to 75% to 80%. In
general, the volume of steel specifications received by leading interests for
shipment in May approximate the tonnage moved in April.
While railroad purchases in the week were limited mainly to 2,739 tons
of rails by the Nickel Plate RR., rail production at Chicago held at 40%,
and releases of material for equipment building and repair showed further
improvement. To the effect of the drouth in the Western States is attribbted
a decline in steel demand from agricultural implement builders.
Structural steel awards for the week dropped slightly to 13,680 tons,
including 2,500 tons for two buildings in the Rockefeller Center, New York.
The Ford Motor Co. is to take bids shortly on 6,000 tons of shapes for a
strip mill building at Dearborn, Mich., and the Sernet-Solvay Co. on 4,000
tons for a plant to be located either at Baton Rouge, La., or Freeport, Tex.
Among the largest structural projects pending are Government dams in
Oregon and Washington, bids going in soon on 41,000 tons of steel for the
Grand Coulee dam in Washington. The Government is planning 13 more
large dams in the Western States.
Scrap prices continue to reflect the general uncertainties in the market,
melters reducing their inventories. Prices at Pittsburgh and Detroit are off
50c. to $1 a ton, and "Steel's" iron and steel scrap composite is down 50c.
to $10.71, the lowest point reached since last December. Pig iron shipments
dill are on the upgrade, and in the Middle Western States average 20% to
30% over the April tonnage.
This week, June 1, iron and steel producers will open their books for third.
quarter on practically all products at unchanged prices. Mill quantity extras
on plates, shapes and bars probably will go in effect June 1. A revision in
the method of quoting boiler tubes contemplates placing prices on a lineal
foot basis, also with some changes in the list of extras. Steel piling
was
advanced $3 a ton, effective May 25. This was among the increases first
announced last April, but due to the large number of outstanding "protections" at the former price it was canceled.
Steelworks operations last week in the Pittsburgh district held at
51%,
Cleveland, 78%; Detroit, 100%; New England, 84%; Wheeling, 74%, and
eastern Pennsylvania, 45%. They were down 16 points to 50% at Buffalo;
2 points to 62%, Chicago; one point to 61%, Youngstown, and
increased 1%
points to 55% at Birmingham.
Tin plate mill operations in the Pittsburgh district again rose 5
points
to 80%, recovering all the ground recently lost, though specifications
for tin
plate from canmakers still are declining.
"Steel's" iron and steel price composite bolds at $34.77, and the finished
steel index, $54.80.
April
1934.
Per Cent
Per Cent
Change
Change
from
from
Mar. 1934. Apr. 1933.
Capacity
31
Production
Gray iron
Jobbing
For further manufacture
Malleable iron
31
30
4
Short Tow.
12,022
2,505
2.175
1.837
338
330
Shipments
30
2,895
+3.0
+6.2
+156.0
19
904
-24.3
+117.0
27
26
3.037
1.624
-12.5
-0.7
OR
cIll
+107.6
-7.9
-1-420
Unfilled orders
Raw Stock:
Pig Iron
Scrap
nnv.
0.0
-5.6
-6.8
-5.9
-11.6
--1 1
0.0
+118.5
+125.4
+117.5
+180.5
+81.8
Gray Iron Castinya.
The production of gray iron castings during April in 30 foundries was 6.8%
less than in the previous month. This decrease in activity was largely seasonal in character. Although in the corresponding period of 1933 there was
an increase of 6%, the same months of the other years since 1926 had declines
in output ranging from 0.2% to 14.0%.
Both classes of production experienced the decrease. The tonnage of castings for jobbing work was 6% leas than in March, and the volume of castings
used in further manufacture was 12%. Foundries operating in Philadelphia
were more affected by the decline in output than were the plants located in
the balance of this Federal Reserve District. Seven of the out-of-town firms
reported increased production, while only three of the Philadelphia foundries
had a greater output in April than in March.
• The tonnage of castings produced in this April was more than double the
amount cast a year ago. Despite this great increase the output of April
was the smallest in any month in 1934.
Shipments of iron castings were 6.2% more in April than in March. This
Financial Chronicle
3686
increase in deliveries should have effected a substantial reduction in any
inventories of finished castings that had been accumulated. This is reflected
in the tonnage of orders unfilled, which, at the end of April, was 24.3% less
than at the beginning of the month. Despite the decreases in unfilled orders
during the last three entnths, the total volume remaining was more than
twice that of a year ago.
Malleable Iron Foundries.
The tonnage of malleable iron castings produced during April was 3.0%
more than in March and 81.8% more than in April 1933. The chart of the
monthly production of malleable iron castings since 1926 indicates that the
output in April was 14% below the monthly average of 1926.
The output of steel castings in eight foundries during April was 24.8%
/
2
more than in March and, nearly 31 times the production in April 1933. The
chart of the monthly production of steel castings shows that the tonnage produced, which has increased for five consecutive months, exceeded in April the
output of any month since April 1931.
Five foundries participated in the increased activity which was distributed
between both classes of production. A comparison with the reports for
April 1933, however, shows that nearly all of the increase over the output
of that month was in castings for jobbing work.
June 2 1934
Shipments of cteel castings increased 21.4%. For the second month the
tonnage of deliveries was less than that produeued. Unfilled orders declined
less than 1% from their peak reached at the end of March.
Stocks of pig iron and scrap increased during April, while those of coke
decreased. All stocks of raw materials on hand were more than those of a
year ago.
STEEL FOUNDRIES.
No. of
Firms
Reporting.
Per Cent
Per Cent
Change
Change
from
from
Mar. 1934. Apr. 1933.
April
1934.
8
7
Short Tons.
8,630
2,564
2,425
139
2,100
4,244
0.0
+24.8
+24.8
+24.2
+21.4
-0.6
0.0
+247.7
+298.9
+6.9
+196.1
+350.8
6
6
6
281
7,063
150
+27.8
+24.3
-26.4
+126.2
+100.0
+89.2
8
Capacity
Production
Jobbing
For further manufacture
Shipments
Unfilled orders
Raw Stock:
Pig iron
Scrap
Col..
s
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 May 30, as reported by
the Federal Reserve banks, was $2,474,000,000, a decrease
of $1,000,000 compared with the preceding week and an
increase of $266,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On May 30 total Reserve bank credit amounted to $2.470,000,000, an
Increase of $1,000,000 for the week. An increase of $22,000,000 in money
In circulation and a decrease of $4,000,000 in Treasury and National bank
currency were practically offset by an increase of $10,000,000 in monetary
gold stock and decreases of $4,000,000 in member bank reserve balances and
$10,000,000 in non-member deposits and other Federal Reserve accounts.
The System's holdings of all classes of bills and securities were practically
unchanged from last week.
The statement in full for the week ended May 30 in
comparison with the preceding week and with the corresponding date last year will be found on pages 3731 and 3732.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
May 30 1934 were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (+) or Decrease (-)
Since
May 30 1934. May 23 1934. May 31 1933.
$
$
$
34.000,000
-268,000,000
5,000,000
-15,000,000
2,430,000,000
+540,000,000
1,000,000 +2.000,000
-6,000,000
TOTAL RESERVE BANK CREDIT.2,470,000,000 +1.000,000 +252,000,000
Monetary gold stock
7776,000.000 +10.000,000 +3,748,000,000
Treasury and National bank currency-2,371,000,000 -4,000,000
+73,000,000
Money in circulation
5.338,000,000
Member bank reserve balances
3,763,000,000
Treasury cash and dep. with F.R. bks_ 3,051,000,000
Non-men. dep. and other F.R. accts. 465,000,000
+22,000,000 -187.000,000
-4,000,000 +1,596,000,000
-1,000,000 +2.706,000,000
-10,000,000
-43,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will not
be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows an increase
of $10,000,000, the total of these loans on May 30 1934
standing at $915,000,000, as compared with $331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans "for own account" increased
from $735,000,000 to $743,000,000, loans "for account of
out-of-town banks" from $163,000,000 to $164,000,000 and
loans "for account of others" from $7,000,000 to $8,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
May 30 1934. May 23 1934. May 311933.
Loans and Investments-total
7 034,000,000 7,001,000,000 6,933,000,000
Loans-total
3,204,000,000 3,192,000,000 3.427,000,000
On securities
All other
Investments-total
U. S. Government securities
Other securities
1,646,000,000 1,644,000,000 1.733,000,000
1 558,000,000 1,548,000,000 1,694,000,000
3,830,000,000 3,809,000,000 3,506,000,000
2,760,000,000 2,752,000,000 2,429,000,000
1,070,000,000 1,057,000,000 1,077,000,000
Reserve with Federal Reserve Bank . _ A ,356,000,000 1,335,000,000
40,000,000
38,000.000
Cash ha vault
868,000,000
44,000,000
Net demand deposits
Time deposits
Government deposits
6,097,000,000 6,028,000,000 5,749,000,000
676,000,000 674,000,000 688,000,000
539,000,000 551.000,000 105,000.000
Due from banks
Due to banks
76,000,000
77,000,000
70,000,000
1,577,000,000 1,600,000.000 1,356,000.000
May 30 1934. May 23 1934. May 311933.
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers:
743,000,000
For own account
For account of out-of-town banks...- 164,000,000
8,000,000
For account of others
735,000,000
163,000,000
7,000,000
611,000,000
17,000,000
7,000,000
915,000,000
905,000,000
635,000,000
Total
On demand
On time
Loans and Investments-total
629,000,000 618,000,000 481,000,000
286,000,000 287,000,000 154,000,000
Chicago.
1 441,000,000 1,435,000,000 1,180,000,000
595,000,000
593,000,000
636,000,000
279,000,000
316,000,000
279,000,000
314,000,000
334,000,000
302,000,000
846,000,000
842,000,000
544,000,000
556,000.000
290,000,000
552,000,000
290,000,000
337,000,000
207,000,000
Reserve with Federal Reserve Bank... 410,000,000
42,000,000
Cash in vault
403,000,000
41,000,000
187,000,000
36,000,000
1,322,000,000 1,306,000,000
348,000,000 351,000,000
27,000,000
26,000,000
879,000,000
360,000,000
8,000,000
176,000,000 *187.000,000
390,000,000 391,000,000
222,000,000
255,000,000
Loans-total
On securities
All other
Investments-total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
• Revised.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursdays
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on May 23:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on May 23 shows increases for the week
of $50,000,000 in net demand deposits, $32,000,000 in investments and
$86.000,000 in reserve balances with Federal Reserve banks, and decresaes
of $63,000,000 in loans, $13,000,000 in time deposits and $11,000,000 in
Government deposits.
Loans on securities declined $22,000,000 at reporting member banks in
the New York district, $9,000,000 In the Boston district and 837,000,000
at all reporting member banks. "All other" loans declined $22,000,000 In
the New York district and $26,000,000 at all reporting banks.
Holdings of United States Government securities Increased $16,000,000
In the New York district, 82,000,000 in the Minneapolis district and
86,000,000 in the Chicago district, and declined $12,000,000 in the St. Louis
district, all reporting member banks showing a net increase of $8,000,000
for the week. Holdings of other securities increased $11,000,000 in the
St. Louis district, $6,000,000 in the New York district and $24,000,000 at
all reporting banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,014,000,000 and net
demand, time and Government deposits of $1,146.000.000 on May 23,
compared with $1,019,000,000 and $1,144,000,000, respectively, on May 16.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended May 23 1934, follows.
Increase 1+) or Decrease (-)
Since
May 23 1934. May 16 1934.
May 24 1933.
$
Loans and investments-total_ _17,257,000,000
-31,000,000 +928,000,000
8,005,000,000
-63,000.000
-347,000,000
3,468,000,000
4,537,000,000
-37,000,090
-26,000,000
-180,000,000
-167,000,000
9,252,000,000
+32,000,000 +1,275,000,000
U. S. Government securities... 6,262,000,000
Other securities
2,990,000,000
+8,000,000 +1,299,000,000
-24,000,000
+24,000,000
Loans-total
On securities
All other
Investments-total
Financial Chronicle
Volume 138
Reserve with F. R. banks
Cash in vault
May 23 1934. May 16 1934. May 24 1933.
$
$
$
+86,000,000 +1,183,000,000
2,818,000.000
+42,000,000
+5,000.000
240,000,000
Net demand deposits
Time deposits
Government deposits
12,327,000,000
4,464.000,000
988,000,000
Due from banks
Due to banks
Borrowings from F. R. banks
+50.000,000 +1,602.000,000
—13,000,000 +186,000.000
—11.000,000 +769,000,000
1,564.000,000
3,654,000,000
—35,000,000
—28,000,000
+247,000,000
+900,000.000
6,000,000
+1.000,000
—72,000,000
Offer Made by. Germany to Long-Term Creditors
"Inadequate and Unsatisfactory" According to
Foreign Bondholders' Protective Council.
Incident to the conclusion of the Berlin Debt Conference,
the Foreign Bondholders' Protective Council, Inc., issued a
statement on May 29 in which it said:
After more than a month of negotiation, the Reichsbank, acting as the
representative of the German Government, has made an offer to the longterm and medium-term holders of German bonds for the service of their
bonds during the year July 1 1934 to June 30 1935. While most inadequate
and unsatisfactory, this offer is the best that the Conference could induce
Germany to make.
The Council's statement went on to say:
The Council sought to obtain for the American holders of German dollar
bonds the maximum possible amount for the service of such bonds beginning with July 11934, at which date the arrangement now in effect expires.
The Council also sought to prevent the continuation beyond that date of
existing special agreements favoring the Swiss and Dutch holders of German
bonds, which agreements had been continued by the German authorities
over objections made by the Council's representative at the Conference
held last January. The Council also insisted that the Germans take immediate steps to provide for the payment of interest to the American
holders of dollar bonds for the present six-months' period in accordance
with the arrangement made last January for the payment of approximately
77% of the interest due. Payment of such interest has not been made
because of the failure of the German authorities to register scrip under the
Securities Act.
The conflicting interests among the various national groups of creditors
represented at the Conference, and sometimes even within a national group
itself, confronted the Conference with the most serious difficulties. These
difficulties were materially increased in some respects by the fact that
certain governments had intimated their determination again to negotiate
with Germany separate agreements (similar to those now in force) by which
the creditors of Germany who are nationals of those governments have been
receiving a highly preferential treatment in the service of their bonds during
the past few months. The Council understands that the Swiss and Dutch
Delegates made reservations to the present offer, indicating the likelihood
that their governments may either seek to renew the present agreements,
or,in the alternative, may establish clearings. Furthermore,from the very
outset, the American Delegates were hampered by the fact that other
countries represented at the Conference were in a position where they could
seize foreign exchange due Germany as a result of her favorable balance of
trade with their respective countries and could apply it to satisfy the claims
of their own bondholders, whereas the United States, having a favorable
balance of trade with Germany,is not able to do so.
The Council is not able to approve the offer as fair, just and equitable
to the American holders of non-Reich long-term and medium-term German
dollar bonds. It is, however, the best offer which the combined creditor
groups, American and European, could induce Germany to make.
Furthermore, under the offer, the Governments of certain of Germany's
foreign creditors are left in a position where they are able, as heretofore,
to force by special arrangements or clearings, a full service of German
obligations held by their nationals as against the partial service provided
for by the offer. A full service for those other obligations would create
such a gross discrimination in favor of those foreign creditors as would
violate every sense of justice.
Prior to the Conference, the Council instructed its representatives not
to participate in the Conference unless the German authorities had taken
steps indicating that they were using the greatest possible expedition to
give effect to the arrangement made last January regarding the payment
of interest during the current six months period. The Council considered
it futile to participate in new discussions while the existing arrangement was
in effect being nullified by delay at a time when other national groups were
being paid promptly. As a result of the position taken by the Council's
representatives, Dr. Schacht promised to take steps immediately to register
the current scrip under the Securities Act. This assurance was given only
a few days before the Conference opened, and the Reichsbank authorities
have since stated that they have been absorbed in the present Conference,
and, therefore, have been delayed in making the necessary arrangements.
The Reichsbank authorities, however, have been reassuring the American
delegates that it is their intention to proceed promptly with registration
upon the conclusion of the Conference.
American bondholders were represented at the Conference by Laird Bell
of Chicago. Vice-president and member of the Executive Committee of the
Foreign Bondholders'Protective Council, Inc. Associated with Bell during
the early stages of the Conference was Pierre Jay of New York, a member
of the Executive Committee of the Council.
The termination of the Berlin Conference and its results
are indicated in another item in this issue.
Max Winkler of American Council of Foreign Bondholders Charges Dr. Schacht of German Reichsbank with Failure to Tell All Facts on Position
of Bank.
The present position of the Reichsbank is reminiscent of
a debtor who, prior to applying for the appointment of
a receiver, strips himself of all available assets, transferring
them to relatives and confidence men, according to Max
Winkler, head of the American Council of Foreign Bondholders, Inc. Dr. Winkler says:
While it is true that the gold reserve of the Bank has been dissipated
to a purely nominal figure, in order to impress Germany's creditors with
the sincerity of Dr. Schacht's plea of poverty, it should be borne in mind
that the position of the Reichsbank does not convey an accurate picture
of the state of the mark.
3687
The gold stock of the Gold Discount Bank, owned by the Government,
is in the final analysis also a part of Germany's metallic reserve. So
is the gold of the various State banks, including those of Bavaria, Baden,
Wurttemberg and Saxony. So is the gold and foreign exchange of the
Prussian Seehandlung and the Reichs-ICredit Gesellschaft. So is that
of the Dresdner Bank which passed into the hands of the Government.
In fact, whatever yellow metal or foreign exchange may be owned by
any financial or commercial enterprise in the Reich, is the incontestable
Property of the Government.
By parading the precarious position of the mark on the basis of figures
published by the Reichsbank, and by ignoring the position of all other
institutions, Dr. Schacht has succeeded in convincing the "spokesmen"
for American holders of long-term German bonds that the Reich can
no longer meet its engagements.
Dr. Schacht has told Germany's creditors the truth, but he has not
told them the whole truth.
From its Berlin correspondent May 26 the New York
"Times" reported the following:
The new decline in the Reichsbank's reserves by 12,000,000 marks was
received in business circles with equanimity as Dr. Hjalmar Schacht,
President of the Bank, in conversation with commercial bankers left no
doubt that the depletion would continue until debt transfers were suspended.
The Bank's latest return confirms this expectation, showing that gold
was exported in excess of actual gold sales of 14,000,000 marks, so that
deposits in foreign central banks were increased substantially. The
Reichsbank desires to avoid the later shipping of gold for sale at possibly
inconvenient times or at higher freight or premium rates.
The decline in the Bank's reserves, which now stand at 154,000.000
marks. against 395,000,000 at the end of 1933, has attracted less attention
than the incomplete repayment in the third week of May of the new credits
granted in the last week of April. The consequence is that the Reichsbank's total of credits and investments enters the last week in May 124.000,000 marks higher than in the same week in April. This is regarded
as a new indication of designated credit expansion.
There is ground to suspect that the Reichsbank is deliberately pursuing a semi-inflationist policy in order to check exports, thereby getting
ostensible justification for its default in bond transfer, possibly also in
preparation for devaluation of the mark, of which the Finance Minister
spoke a fortnight ago.
Germany to Float Loan on New Domestic Bonds—
Offerings at 4% to Replace 6% Issue of 1929.
The following from Berlin, May 30 (Copyright), is from
the New York "Times":
The German Government will float a new domestic loan of 4% bonds
on July 1, according to an announcement made here to-day by the Ministry
of Finance. The new bonds will be offered in exchange for those of the
Government Loan of 1929, which are to fall due on July 1. The 1929
bonds originally paid 7%, but the rate was reduced arbitrarily to 6% by a
decree issued in 1932.
No mention of the amount of the new bonds to be offered is made in
the announcement, though other details are given in full. The bonds will
carry the so-called "variable coupon" and will be available to holders of the
1929 bonds at 95. They will be redeemable in 10 years at the rate of 10%
of the original face value annually. Redemption will be effected by drawings by lot exclusively, where payment is made at par or above, and by
repurchases alone, where it is at less than par.
of
Termination of Berlin Conference Between Germany's
Long-Term Foreign Creditors and Representatives
of Reichsbank—Germany Granted Six Months'
Moratorium—Situation as to Dawes-Young Loans
Not Clear.
The termination on May 29 of the Berlin conferences between Germany's long-term and intermediate-term creditor
nations and representatives of the Reichsbank left the
position of the Reich's foreign debts more confused, if possible, than before, said a copyright cablegram May 29 to the
New York "Herald Tribune," which further said:
The transfer conference failed to achieve the purpose for which it was
called by a preliminary conference held last January, which was to put
on a contractual basis the matter of Germany's payments on long-term foreign debts. In addition,the only clear and positive result emergingfrom the
prolonged and often acrimonious discussions is that Dr. Hjalmar Schacht,
the Reichsbank President, has gained a complete moratorium for the next
six months on all of Germany's non-governmental long-term debts; that is
to say, all except the Young plan and Dawes plan loan bonds.
Further copyright advices to the same paper from Berlin
on May 30 stated that although all mention of the Dawes
and Young plan loan bonds was excluded, thanks largely to
the efforts of the American delegates, from the final report
of the transfer conference which terminated at Berlin on
May 29, Berlin newspapers on May 30, with a unanimity
suggesting an inspiration from high Reichsbank officials,
predicted that Germany on July 1 would proclaim a moratorium on the service of all its foreign debts, including
reparations obligations.
The Berlin conference was brought under way on April
27, and references thereto appeared in our issues of April 28,
page 2832 and May 26, page 3520. Pointing out that it
came to an end with a temporary and partial compromise
formula that involves heavy sacrifices on the part of the
creditors accepting it but that also falls far short of the complete transfer moratoruim formerly demanded by Dr. Hjalmar Schacht, the President of the Reichsbank. Berlin
advices May 29 to the New York "Times" said in part:
It is a formula that bears all the scars of the month-long and many-sided
battle that preceded it, and, such as it is, it fails to satisfy anybody. The
British, French and Swedish delegates accepted it with reservations and
will recommend it to their clients, the Americans reserved freedom of action
without any recommendations and the Swiss and Dutch flatly rejected it.
3688
Financial Chronicle
The formula affects more than 8,000,000,000 marks(about 83,140,000,000
at current exchange] of long and medium-term credits requiring an annual
Interest payment of more than 500,000,000 marks.
Six Months' Respite.
It gives Germany a respite for six months with a considerable saving
afterward and provides:
First, that the Dawes and Young loans and the short-term credits
falling under the standstill agreement are exempted from this settlement
and the service on them will continue as heretofore—unless Dr. Schacht
succeeds in his efforts to get concessions on them as well.
Second, that for interest and service on all remaining debts and for
dividend payments on foreign investments within Germany falling due
during the year beginning July 1 the Reichsbank makes alternative offers,
permitting the creditors to choose among funding the bonds at their full
value, cash at 40% of their coupon value, or retention of the original
coupons with all the original rights attached to them—whatever these
may be worth.
The formula is thus a blending of the two plans championed by the
Americans and British respectively, although neither fulfills original
expectations.
3% Interest on Funding Bands.
The funding bonds will be issued in the currency of the original bond
and will bear interest at 3%,plus sinking fund charges of the same amount.
The payment of interest, sinking fund charges and principal will be guaranteed by the German Government and will not be subject to any transfer
restrictions, which means that Germany obligates herself to make these
payments irrespective of what happens to her currency.
The bonds will mature in 1945. but may be redeemed in whole or in
part by lot previous to that date.
Those who prefer cash to the funding bonds will have the light to cash
their coupons, but only at 40% of their face value and after a wait of six
months following the due date, and even then at the risk of the Reichsbank's withdrawing this privilege on 30 days' notice if it finds itself short
of cash.
Coupons holders may also choose to convert their coupons into funding
bonds, draw interest for a six months' wait and then cash the funding bonds
at the same 40% and on the same conditions.
Reichsbank Pledges Efforts.
The Reichsbank pledges itself to make every effort to provide the necessary foreign exchange to meet these payments and even to increase them
above 40% "if it finds itself in a position to do so." Meanwhile all such
payments are likewise exempt from any transfer restrictions.
Forty per cent represents only half of what the American delegates
demanded at first and is also considerably below the 50% that they held
out for to the last. But in an official communique issued to-night by Laird
Bell. Vice-President of the Foreign Bondholders Protective Council, they
said.
"This offer is the best offer that the creditor delegates from England,
France, Holland, Sweden, Switzerland and the United States could obtain
from the Reichsbank. The Foreign Bondholders Protective Council of
the United States necessarily must and does reserve freedom of action with
respect to its attitude on the offer and on its submission to the American
bondholders."
A communique issued to-night by the conference deprecates frequent
transfer discussions, but adds. "Owing to the uncertainties of the situation
no machinery can presently be devised suitable for application over a long
period."
In addition to the extract from the Berlin (copyright)
advices May 29 to the "Herald Tribune" we also take therefrom the following:
Pact Satisfies Nobody.
Nobody appeared to-night to be satisfied with the pact. Leon Fraser,
American President of the Bank for International Settlements at Basle,
who was Chairman of the conference, was asked by this correspondent
whether he was pleased by the outcome. He shrugged his shoulders with
an air of resignation and said: "It was the only thing possible." All those
delegations which accepted did so in the spirit that an accord of some sort
was better than none at all.
The Swiss and Dutch delegates, who already had left for their homes last
week and had to be summoned back for to-day's final plenary session of the
conference, refused to sign on the ground that they were satisfied with the
existing arrangement. Under it, Switzerland and Holland have been
getting 100% payment of interest and amortization charges on the German
obligations they hold, by reason of a system of additional exports, since
Germany sells to those countries more than she buys from them.
The British, French and Swedish delegations announced that they were
prepared to recommend to their principals the acceptance of the Rolelasbank's offer, provided, first, that the requirements of their respective
governments as to service of the Reich's loans should be satisfied, and,
second, that "in the event of the new scheme's being operated in the case
of any country in such manner as to give to that country's•nattonals an
advantage over the nationals of other countries, such other countries should
reserve liberty of action for themselves and their governments."
The American delegates, Pierre Jay, New York banker and former
Deputy Agent General for Reparation Payments, and William Wilson
Cumberland,reiterated the stand taken by their predecessors atthe January
conference. It was. "No discrimination in favor of the creditors in any
country, and a cessation of separate agreements." . . .
In a communique issued to-night, the transfer conference put itself
on record as agreeing with the bankers who met here in January that
it was undesirable to have discussions of the transfer problem take place
at short intervals. It found, however, that, owing to the uncertainties
of the situation, no machinery at present devised was suitable for application over a long period.
The communique continued with a momentous sentence. "The creditor
delegates decided to exclude the Reich loans from the discussions." Inclusion of this sentence in the communique represents a victory for the
American delegates, who from the start took the position that discussion
of the Young and Dawes loans was not within their competence, and
resisted successfully Dr. Schacht's efforts to have the reparation loans
Included in the impending moratorium.
"After," the communique said also, "a careful study of the present and
potential devisen (foreign exchange holdings) situation of Germany,
based on figures provided by the Reichsbank, the creditor delegates recognize that a case can be made out for concessions to assist Germany in
overcoming some of its transfer difficulties. The conference agrees that
the problem of Germany's external indebtedness Is not one of the capacity
of the debtors, as a whole, to pay, the difficulties being those of transfer
only."
As bearing on the conference the State Department at
Washington revealed on May 6, it was stated in Washington
June 2 1934
advices to the "Times," that it had instructed the United
States Embassy in Berlin to protest strongly against any
discrimination against American holders of German bonds in
the debt settlement now being sought at an international
conference in Berlin.
The State Department announced its action as follows
With reference to the efforts of other governments to obtain preferential treatment for their holders of German bonds, the American Embassy
has informed the German Government that the previously stated position
of the United States Government opposing discrimination against American
bondholders remains unchanged; and that careful. consideration of the
facts leads to the definite conclusions that Germany has power to prevent
special arrangements with the different creditor countries and that it
cannot escape the responsibility for any preferences it may sanction.
Dividend of 3.2% Declared by Bank of Netherlands.
The Bank of Netherlands declared a dividend of 3.2%
on May 28, stated United Press advices from Amsterdam to
the New York "Herald Tribune." The advices said that no
divid8nd was paid by the Bank last year.
Italy Tightens Exchange Control.
In Milan advices to the "Wall Street Journal" of May 28
it was stated that a ruling just issued forbids all foreign
exchange operations in Italy except those arising from genuine
industrial or commercial trade requirements, or necessities
of travellers abroad. The advices continued:
Banks and business firms are now required to declare to the Banca
d'Italia their foreign balances. In addition, banks and Italian citizens will
not be allowed in the future to purchase securities abroad, including Italian
loans which have been issued in foreign markets.
Another decree which has been issued requires Italians to stamp all
foreign securities in their possession, including Italian securities which
had been issued abroad and re-introduced into Italy.
For securities deposited abroad and owned by Italians residents in Italy,
the owners are required to present a specified declaration list to the stamping
office. To encourage declarations, which are to be effected within 10 dart.
the Treasury has reduced the stamp duty.
In the New York "Times" of May 29 it was stated that
the imposition by decree in Italy of restrictions against the
export of capital and the requirement that all foreign securities in the possession of Italians be presented for stamping
aroused keen interest in Wall Street where the move was
seen as the first step by a gold-bloc country toward exchange
control. From the "Times":
Under the two decrees, which were issued on Saturday, all purchases of
foreign exchange by Italian individuals and companies are restricted to the
requirements of trade or of tourist expenses. Banks and business firms are
required to report to the Banca d'Italla their foreign balances and to present
proof upon seeking to make now purchases that the exchange is required for
legitimate business uses.
The decree restricting purchases of foreign exchange is similar to the
control which has been in effect in this country for over a year and which.
In Germany, has been carried to an extreme degree. The requirement that
Italian foreign investments be stamped is, however, a much more farreaching step for it extends the government's supervision beyond holdings
of liquid foreign balances so as to include holdings of securities which could
be converted into foreign exchange. Under this decree Italian citizens will
not be permitted in the future to buy securities abroad.
Holdings Must Be Declared.
Italians who hold securities deposited abroad are required to present a
declaration of their holdings to the government which will be stamped.
The restrictions include not merely foreign securities of completely foreign
origin but also Italian securities which have been issued abroad and reintroduced into Italy.
The purpose of the two decrees, it is explained by officials of the Banes
d'Italia here, is to restrict the use of Italian funds in foreign exchange to
strictly commercial transactions and to place a ban upon speculative purchases of exchange.
Italy's foreign exchange position has been a matter of interest to bankers
for some time. The lira has been maintained at a discount of about 434%
with relation to the new dollar, a rate which would ordinarily result in shipments of gold. Italy, while nominally a member of the gold bloc, does not,
however, maintain a full gold standard. She has maintained the exchange
value of her currency by manipulation of the foreign exchange market and
has, in the past, indicated strong opposition to devaluation.
Changes in Currency Law of Czechoslovakia—
Reduction in Gold Content of Crown.
From the May number of the "Bulletin" of the Federal Reserve Board, we take the following:
The Czechoslovak currency law of Nov. 7 1929, which was published in the
Federal Reserve "Bulletin" of December 1929, pages 797-798, has been
amended and supplemented by the law of Feb. 17 1934. The amendments
were made to Sections 1, 3, 4 and 6 of the law of Nov. 7 1929, and were in
substance as follows:
1. The gold content of the Czechoslovak crown, or koruna, which was formerly 44.58 milligrams of fine gold, is now fixed at 37.15 milligrams, representing a reduction of one-sixth, or 16 2/3%.
2. The profit arising from the revaluation of the gold and foreign exchange
holdings of the National Bank of Czechoslovakia in accordance with the new
gold content established for the crown accrues to the Government in the form
of a reduction of the Government debt to the bank.
3. The minimum ratio of reserves of the National Bank to its sight liabilities is fixed at 25%, as compared with the previous minimum of 30%, and
reserves are limited to gold only, instead of gold and gold exchange as
formerly.
The paragraphs of the law of Nov. 7 1929 that have been altered are given
below in their amended form:
Seaton 1.
The Czechoslovak crown (Ke) as the present currency unit of the Czechoslovak
Republic shall be equal in value of 37.15 milligrams of fine gold.
1
Volume 138
The plans to lower the gold crown were noted in our issue
of Feb. 17, page 1142.
New $60,000,000 Loan for Australia.
Canadian Press advices from Melbourne, Australia,
May 29 stated:
Subscriptions to the Internal Commonwealth 3 Y.‘% loan of $60,000,000
will be opened on June 5, the Prime Minister announced to-day. The
price will be 98 . The loan will be repayable in 14 years. Ofthe amount.
$42,500,000 is to be utilized in public works and the remainder in redemption of treasury bills.
Portion of Argentine External Sinking Fund 6%
Gold Bonds, Issue of June 1 1925, to Be Purchased
for Sinking Fund.
J. P. Morgan & Co. and The National City Bank of New
York, as fiscal agents, announced yesterday (June 1) that
they are notifying holders of Government of the Argentine
Nation external sinking fund 6% gold bonds, issue of
June 1 1925, due June 1 1959, that $428,634 in cash is
available for the purchase for the sinking fund of so many
of these bonds as shall be accepted for purchase at prices
below par. The announcement by the agents also said:
Tenders of these bonds, with subsequent coupons attached, should be
made at a flat price, below par, before 3 p. m. July 2 at the office of J. P.
Morgan & Co.. 23 Wall Street. or at the head office of The National City
Bank of New York, 55 Wall Street. If tenders so accepted are not sufficient to exhaust the available moneys, additional purchases on tender,
below par, may be made up to Aug. 30 1934.
No Agreement Yet Reached on Export Wheat Quotas
as Argentina Demands Sharp Increase—Final Offer
to Argentine Delegate Reported at London.
American, Canadian and Australian delegates to the
International Wheat Conference continued their efforts this
week to induce the Argentine delegate to accept a wheat
export quota smaller than had been demanded, and thus
avert a collapse of the international wheat agreement which
was concluded in 1933. Reports from London yesterday
(June 1) said that a joint final offer of an increased quota
had been presented to Argentina. United Press London
advices of June 1 described this offer as follows:
The offer was understood to be an increase for the two crop years ending July 311935. Argentina had demanded that its 110.000,000
-bushel export quota for this year be increased by 40,000,000 bushels. The other delegates had offered 30,000,000 more.
In sacrificing their own quotas, the delegates hoped to prevent breakdown of the August 1933 world wheat agreement.
They warned Argentina, according to reliable Information not to violate
the agreement, and they insisted as a condition of their offer that Argentina enact rigid measures to curtail wheat growing. They indicated that
other exporting nations were not satisfied with Argentina's statements
that it was prepared to urge farmers to grow linseed and corn on some
wheat acreage.
John Van A. MacMurray, American delegate, was reported to have taken
the lead in behalf of his Government and obtained the support of the
Canadian and Australian delegates. Mr. MacMurray returned a week ago
from Riga. Latvia, and hats been active since then in secret negotiations.
It was thought the note was approved by all three governments.
Coupons Due June 1 on Bond Issue of City of Porto
Alegre (Brazil) to Be Paid at 173% of Face Amount
—Rulings on Bonds by New York Stock Exchange.
Ladenburg, Thalmann & Co., New York, as fiscal agents,
are notifying holders of City of Porto Alegre (United States
of Brazil) 40-year 8% sinking fund gold bonds, external
loan of 1921, that funds have been deposited with them
on behalf of the city sufficient to make a payment, in
lawful currency of the United States of America, of 173%
on the face amount of the coupons due June 1 amounting
to $7 for each $40 coupon and $3.50 for each $20 coupon.
The fiscal agents also announced:
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Financial Chronicle
Section 3.
1. The Bank shall be bound to purchase at the head office In Prague and at such
branch offices as shall be designated by the Bank, gold at the price of 1 He per
37.15 milligrams, but only if the seller offers a quantity of at least 12 kilograms of
fine gold. The Bank shall be entitled, in effecting such purchase, to make no other
charges except for assaying, and for coining In accordance with a scale fixed by the
Government Mint (see Sec. 4, par. 6).
2. The Bank shall at the aforesaid premises (see par. 1) redeem Its notes at its
option either by gold (either in the form of current coin or gold bullion) at the price
of 1 He per 37.15 milligrams of fine gold or by gold foreign exchanges at the rate of
the day quoted on the Prague Bourse, but only In amounts equal in value to at least
12 kilograms of fine gold. Should the Bank fall to carry out this obligation within
24 hours of the presentation of the notes without being able to plead force majeure.
Its charter shall be canceled (see Sec. 12b of the Bank Act).
Section 4.
2. One kilogram of standard gold shall be minted Into 242.261103633 hundredcrown pieces, and one kilogram of fine gold Into 269.179004037 hundred-erown
pieces, the standard weight of the hundred-crown piece to be 4.12777 grains containng 3.715 grams of fine gold.
Section 6.
1. The Bank is required to hold a gold cover of at least 25% of the total amount
of bank notes in circulation and other demand liabilities. The gold cover shall
consist solely of gold bullion or coin.
2. The Increase in the value of the stock of gold resulting from the revaluation
according to the gold content of the Czechoslovak crown specified in Section 1,
par. 1, shall be used In reducing the State note debt in accordance with a special
agreement between the State and the National Bank of Czechoslovakia.
In addition to amending the law of Nov. 7 1929, the law of Feb. 17 1934
provides that the Czechoslovak crown at the new parity shall be equivalent
to the previous monetary unit in .all legal matters in which the Czechoslovak
crown in mentioned. Other provisions of the law of Feb. 17 1934 are unrelated to the currency.
Pursuant to the terms of the decree of the Chief of the Provisional
Government of the United States of Brazil, such payment, if accepted
by holders of said bonds and coupons, must be accepted in full payment
of such coupons and the claims for interest represented thereby. Payment.
as specified, will be made upon presentation and surrender of the June 1
coupons at the office of the fiscal agents, 25 Broad Street.
The following announcement of rulings on the bonds
adopted by the Committee on Securities of the New York
Stock Exchange was issued by Ashbel Green, Secretary
of the Exchange:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
June 1 1934.
Notice having been received that payment of $7 per E1,000 bond Is
-year 8% sinking
now being made on City of Porto Alegre guaranteed 40
fund gold bonds, external loan of 1921. due 1961. on surrender of the
June 1 1934 coupon:
The Committee on Securities rules that beginning June 4 1934 the
said bonds may be dealt in as follows:
(a) "with Dec. 1 1931 and subsequent coupons attached"
(b) "with Dec. 1 1931 to Dec. 1 1933, inclusive, and Dec. 1 1934 and
gubsequent coupons attached";
That bids and offers shall be considered as being for bonds "with Dec.
1 1931 and subsequent coupons attached" unless otherwise specified at
the time of transaction; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
United States Signs New Political Treaty with Cuba,
Abrogating Platt Amendment of 1903—Naval Base
at Guantanamo Retained—President Sends Pact
to Senate—Treaty Ratified by Senate.
The United States and Cuba on May 29 signed at the
State Department in Washington a treaty of political relations, providing for the annulment of the Platt Amendment through abrogation of the treaty of 1903. President
Roosevelt immediately transmitted the treaty to the Senate
with a message urging its approval. The Senate ratified
the treaty on May 31 without a dissenting vote. The
United States in the new treaty retained that portion of the
Platt Amendment which enables this country to maintain a
naval base at Guantanamo. Under the Platt Amendment the
United States had held itself responsible for the preservation
of order in Cuba. Cuban interests have repeatedly charged
that this prevented complete Cuban independence.
The text of President Roosevelt's message to the Senate,
and of a statement on the new treaty by Secretary of State
Hull, are given elsewhere in this issue. The President said
that "by the consummation of this treaty this Government
will make it clear that it not only opposes the policy of armed
intervention, but that it renounces those rights of intervention and interference in Cuba which have been bestowed upon
it by treaty." Manuel Sterling, the Cuban Ambassador to
the United States, said on May 29 that the new treaty constitutes evidence "that the relations between my country
and the United States of America are stronger and closer."
It is expected that the new treaty will be supplemented by
a commercial treaty between the two countries. This is now
under negotiation. When word of the signing of the new
political treaty was received in Havana, parades of celebration were held through the streets.
The text of the principle articles of the Treaty of 1903 with
Cuba, known as the Platt Amendment, is given below:
Article I.
The Government of Cuba shall never enter into any treaty or other
compact with any foreign power or powers which will impair or tend to
Impair the independence of Cuba, nor in any manner authorize or permit
any foreign power or powers to obtain by colonization or for military or
naval purposes, or otherwise, lodgment in or control over any portion of
the said island.
Article II.
The Government of Cuba shall not assume or contract any public debt
to pay the interest upon which, and to make reasonable sinking fund
Provision for the ultimate discharge of which, the ordinary revenues of
the Island of Cuba,after defraying the current expenses of the Government,
shall be inadequate.
Article III.
The Government of Cuba consents that the United States may exercise
the right to intervene for the preservation of Cuban independence, the
maintenance of a government adequate for the protection of life, property
and individual liberty; and for discharging the obligations with respect to
Cuba imposed by the Treaty of Paris on the United States, now to be
assumed and undertaken by the Government of Cuba.
Article IV,
All acts of the United States in Cuba during its military occupancy
thereof are ratified and validated, and all lawful rights acquired thereunder
shall be maintained and protected.
Article V.
The Government of Cuba will execute, and, as far as necessary, extend
the plans already devised, or other plans to be mutually agreed upon, for
the sanitation of the cities of the Island, to the end that a recurrence of
epidemic and infectious diseases may be prevented, thereby assuring
protection to the people and commerce of Cuba, as well as to the commerce
of the southern ports of the United States and the people residing therein.
Article VI.
The Isle of Pines shall be omitted from the boundaries of Cuba specified
In the Constitution, the title thereto being left to future adjustment by
treaty.
Financial Chronicle
3690
Article VII.
To enable the United States to maintain the independence of Cuba, and
to protect the people thereof, as well as for its own defense, the Government
of Cuba will sell or lease to the Government of the United States lands
necessary for coaling or naval stations at certain specified points, to be
agreed upon with the President of the United States.
The text of the new treaty, signed on May 29,follows:
The United States of America and the Republic of Cuba, being animated
by the desire to fortify the relations offriendship between the two countries,
and to modify, with this purpose, the relations established between them
by the Treaty of Relations signed at Havana, May 22 1903, have appqinted,
with this intention, as their plenipotentiaries:
The President of the United States of America; Mr. Cordell Hull, Secretary of State of the United States of America, and Mr. Sumner Welles,
Assistant Secretary of State of the United States of America. and the
Provisional President of the Republic of Cuba;Senor Dr. Manuel Marquez
Sterling, Ambassador Extraordinary and Plenipotentiary of the Republic of
Cuba to the United States of America;
Who, after having communicated to each other their full powers, which
were found to be in good and due form, have agreed upon the following
Articles:
Article I.
The Treaty of Relations which was concluded between the two con
tracting parties on May 22 1903,shall cease to be in force, and is abrogated,
from the date on which the present treaty goes into effect.
Article II.
All the acted effected in Cuba by the United States of America during its
military occupation of the Island, up to May 20 1902. the date on which the
Republic of Cuba was established, have been ratified and held as valid;
and all rights legally acquired by virtue of those acts shall be maintained
and protected.
Article III.
Until the two contracting parties agree to the modification or abrogation
of the stipulations of the agreement in regard to the lease to the United
States of America of lands in Cuba for coaling and naval stations signed by
the President of the Republic of Cuba on Feb. 16 1903, and by the President
of the United States of America on the 23rd day of the same month and
year, the stipulations of that agreement with regard to the naval station
of Guantanamo shall continue in effect. The supplementary agreement in
regard to naval or coaling stations signed between the two governments on
July 2 1903, shall continue in effect in the same form and on the same
conditions with respect to the naval station at Guantanamo. So long as the
United States of America shall not abandon the said naval station of
Guantanamo or the two governments shall not agree to a modification of its
present limits, the station shall continue to have the territorial area that it
now has, with the limits that it has on the date of the signature of the
present Treaty.
Article IV.
If at any time in the future a situation should arise that appears to point
to an outbreak of contagious disease in the territory of either of the contracting parties, either of the two governments shall, for its own protection,
and without its act being considered unfriendly, exercise freely and at its
discretion the right to suspend communications between those ofits ports that
It may designate and all or part of the territory of the other party, and for
the period that it may consider to be advisable.
Article V.
The present Treaty shall be ratified by the contracting parties in accordance with their respective Constitutional methods; and shall go into effect
on the date of the exchange of their ratifications, which shall take place in
the City of Washington as soon as possible.
The new treaty was ordered favorably reported by the
Senate Foreign Relations Committee on May 30. A Washington dispatch of May 29 to the New York "Herald Tribune"
described the circumstances surrounding the negotiation of
the pact in part as follows:
The new treaty omitted all but one of the stipulations contained in the
old treaty, particularly in that portion known as the Platt amendment.
These stipulations required that Cuba should never enter into any treaty
or compact with any foreign power which would tend to impair her own
independence, or permit any foreign power a foothold on Cuban soil for
colonization, military or naval purposes.
They decreed also that the Cuban Government should not contract any
foreign debt, the interest and service charges on which would unduly strain
the revenues of the Island.
The most objectionable article in the old treaty, from the Cuban point
of view, gave the United States the authority to intervene in Cuba for
the preservation of Cuban independence, the maintenance of a government
adequate for the protection of life, property and individual liberty, and for
discharging obligations with respect to Cuba imposed by the Treaty of
Paris on the United States, now to be assumed and undertaken by the
Government of Cuba.
'The only provision of the Platt amendment that is retained is that
permitting the United States to maintain its important naval base at
Guantanamo. The United States option, never used, to have another
naval base at Bahia Honda. near Havana,is canceled.
Ends U. S. Responsibility for Peace.
To avoid any throwback from acts of the United States Army during its
excercise of control, the treaty also perpetuates all the acts of the United
States Government during military occupancy.
Otherwise the pact leaves the United States with no special responsibility
for the peace in Cuba, except as this nation is traditionally concerned by
conditions of violence or anarchy in the Carribbean area.
Under the Monroe Doctrine the United States has frequently landed
troops for the protection of American lives and property in Central American
countries and has discouraged military intervention by European or other
foreign powers. This policy remains unaffected by the new treaty.
The new treaty is in line with President Roosevelt's "good neighbor"
policy, and follows the completion of the withdrawal of marines from Nicaragua on Jan. 1 1934, under a policy projected by the Hoover administration.
In abandoning the Platt amendment, the United States would be surrendering a treaty right of intervention in Cuba which it does not prossess in a
other Latin-American country. except Hayti."
Negotiation of the treaty signed to-day has been under way for several
months. Soon after Mr. Welles first went to Cuba in the early summer of
1933 and after the overthrow of the Machado Government,it became known
that the Roosevelt Administration, with the support of Secretary Hull, was
favorably disposed toward the negotiation of a new permanent treaty to
abrogate the Platt Amendment.
June 2 1934
Treaty Delayed by Mendieta.
The negotiations were delayed, however, following the overthrow of the
provisional government of Carlos Manuel de Cespedes last September and
the accession of the left wing government of Ramon Grau San Martin. For
four months the State Department withheld recognition of Grau and declined to discuss either the negotiation of a new permanent treaty or the
conclusion of a commercial agreement to aid the economic rehabilitation
of Cuba.
Cuban Gold Act Clarified—Decree Sets Forth the Rules
for Payment in Legal Tender.
Under date of May 28, Havana advices to the New York
"Times" said:
A decree clarifying recent gold legislation that annulled the use of American gold as legal tender in Cuba was issued this morning by the Cabinet.
The decree said all contracts signed prior to May 22 should be paid in the
legal tender named in the contracts and that later obligations should be
paid in Cuban legal currency. This clarification was issued because of a
wave of protest from banking and industrial circles over varied interpretations of the May 22 law.
Cuba Meets Interest Charges Due on Four Loans.
The Cuban Government has remitted $104,013 to J. P.
Morgan & Co. to cover interest on the 53.4% loan due in
1953 it was stated in Havana advices, dated May 13, to
the New York "Journal of Commerce" of May 14. The
advices said that the Government also remitted $95,225 to
Speyer & Co. to meet charges on the 04% loan due in 1949
and the 5% loan maturing in 1944 and 0,900 to the Chase
National Bank to cover interest on the Sugar Stabilization
534% bonds falling due in 1940.
Cuban Decree Ends Power of Supreme Court to Annul
Rulings of The Cabinet.
According to Havana advices, May 28, a decree withdrawing the power of the Cuban Supreme Court to annul
rulings of Cabinet members was signed that day by President Mendieta. The advices, as given in the New York
"Times" of May 29, said:
This decree apparently was promulgated to obviate situations such as
arose recently when the Supreme Court declared unconstitutional an order
by the Department of Labor for the Cuban Telegraph Company to reinstate striking employees within 72 hours.
Legal circles say this decree will arouse considerable criticism in many
quarters.
Sugar Import Quotas from Cuba and Island Possessions
Fixed at 4,642,000 Tons by Agricultural Department.
Allotment of 4,642,000 tons of sugar which Cuba and
Island possessions of the United States will be allowed to
ship for the domestic market was announced on May 31 by
Rexford G. Tugwell, Acting Secretary of Agriculture. Associated Press advices from Washington, May 31, said:
The quotas, totaling 100,000 tons less than President Roosevelt estimated
In his message to Congress on the Jones-Costigan measure, were:
Hawaii, 917,000 tons; Puerto Rico, 803,000; Philippines, 1,015,000:
Cuba, 1,902,000, and Virgin Islands, 5,000.
Henry A. Wallace, Secretary of Agriculture, had previously estimated
domestic consumption ofsugar for 1934 at 6,476.000 tons. Of this 1,817,000
tons was allocated to domestic beet and cane producers, and a reserve of
17,000 tons was created for subsequent allotment to full-duty countries.
Changes may be made in the quotas fixed, Mr. Tugwell said, and officials
were inclined to regard them as minimum, although they predicted only
minor adjustments unless drouth damage to the domestic sugar-beet crop
should be much more severe than is expected.
The offshore quotas were established by taking the average continental
consumption of sugar from the Philippines, Puerto Rico and Cuba for 1931.
1932 and 1933 and of Hawaiian sugar for 1930, 1931 and 1932 and subsequently adjusting the averages to the total of 4,642,000 tons.
"The acceptance of the period of 1931-1933 for all areas would involve a
disproportionate reduction from the current level of production as between
Hawaii on the one hand and Puerto Rico and the Philippines on the other,"
Mr. Tug well said.
"This is due to the circumstance that while Hawaiian production has
been relatively steady for several years, the development of new production technique in Puerto Rico and the Philippines has resulted in a marked
increase in sugar yields during the last three years."
The quotas will be retroactive to Jan. 1 1934, with the 50 cent reduction
in tariff announced by the Tariff Commission when President Roosevelt
signed the sugar Act going into effect June 8. Mr.Tugwell said the Processing tax, established in the Act as the same amount as the tariff cut, would
also probably be established on June 8.
Colombia and Peru Sign Protocol Ending Dispute
Over Leticia Corridor on Upper Amazon—Agreement Climaxes Long Conferences at Rio de Janeiro.
Representatives of Colombia and Peru reached an agreement on May 18 settling their dispute over the Leticia
corridor in the upper Amazon River region, and on May 24
signed the protocol of settlement at Rio de Janeiro, where
the conference began eight months ago. The ceremony of
signing the protocol was attended by President Vargas of
Brazil, as well as members of his Cabinet and diplomatic
representatives. Chief credit for the agreement was said
to be due to Afranio de Mello Franco of Brazil. United Press
advices from Rio de Janeiro on May 18 outlined the principal
provisions of the settlement as follows:
The Leticia trapezoid, awarded to Colombia by treaty in 1922. was seized
by Peru in 1932, on the ground that the treaty was not properly ratified.
Volume 138
Financial Chronicle
After months of undeclared warfare, a League administrative commission
assumed a one year's mandate, while the disputants conferred under
Brazilian auspices.
The text of the announcement of the agreement follows.
A meeting of the Peruvian-Colombian conference at the house of Afranio
de Mello Franco concluded a definite peace accord between Colombia and
Peru resolving the divergency resulting from the Leticia incident In
September 1932.
By the agreement, which both countries will sign here in a few days,
diplomatic relations will be restored immediately and missions reopened in
Lima and Bogota.
.
"In order to communicate this happy event to the Council of the League of
Nations, Mello Franco, president of the conference, sent the Secretary
General the following telegram.
"I have the honor and great pleasure to communicate through you
to the League Council that to-day the Peruvian and Colombian delegations
arrived at a definite accord, finishing the protocol which will constitute the
judicial statute of the frontier between the two countries. I congratulate
you, your excellency, and the League of Nations for this great event, which
re-establishes the traditional bonds of friendship between two brother
peoples and demonstrates the efficiency of pacific processes for solution of
all conflicts which eventually arise among States."
Although some details yet remain for discussion, no further difficulties are
expected. The chief points of the accord have now been accepted by both
parties, and it is understood that objections by Colombia have been met.
The settlement includes expressions of regret by Peru for the seizure of
the zone in September 1932, the event that led to undeclared warefare
until May 1933, when Peru finally agreed to the League mandate and the
conference here.
Appeals to the Hague tribunal (World Court) are also provided for,
restricted to the present accord and its future operation, according to
Colombian demands. The powers of a mixed commission to administer
navigation and customs treaties also are limited as a result of Colombian
insistence.
Other articles, which caused little difficulty, involve a non-aggression
Pact and demilitarization of the Leticia area, with only a small Colombian
Police force left there. Territorial negotiations, it is understood, will
continue through regular diplomatic channels.
Holders of Colombian Dollar Bonds Urged to Present
United Front in Efforts to Obtain Payment of
Obligations.
A letter addressed to the holders of external dollar bonds
of the Republic of Colombia on May 31 by the Bondholders
Committee for Republic of Colombia Dollar Bonds pledged
full co-operation with the Foreign Bondholders Protective
Council in presenting a united front. The Committee urged
that all interests working for the benefit of holders of Colombian obligations unite for the purpose of obtaining most
favorable results. The letter, signed by Douglas Bradford,
Secretary of the Committee, said, in part:
There is also convincing evidence of Colombia's vastly improved capacity
to pay. The reported settlement of the dispute with Peru should now
relieve the national exchequer of the heavy drain occasioned by the needful
measures for national defense.
The grave risk ahead is that the new administration, which takes office
In August, may endeavor to impose by decree, and without consultation
or negotiation, an arbitrary and unfavorable arrangement upon the bondholders. Drastic reductions of interest and even of principal amounts of
all of these external bonds have already been proposed and discussed in the
Colombian national Congress. A large and impressive block of bonds in
he hands of a competent committee is the surest defense against such arbirary and unfavorable action. .
President Roosevelt Proclaims Embargo Against Sale
of Arms and Munitions to Bolivia and Paraguay—
Acts Under Authority of Joint Congressional
Resolution in Effort to End Chaco Dispute.
President Roosevelt on May 28, acting under authority of
a joint resolution approved by both House and Senate, issued a proclamation prohibiting further sales of American
arms or ammunition to either Bolivia or Paraguay. This
action was taken in an effort to end the Chaco dispute by
cutting off supplies of war materials from both belligerents.
The proclamation was issued only a few hours after the
President had signed the Congressional resolution, details
of which were given in our issue of May 26, page 3533.
Violation would be punishable by a fine of not more than
$10,000, or by imprisonment of not more than two years, or
both. The Secretary of State was delegated by the proclamation to prescribe exceptions and limitations to its terms.
The President said in the proclamation that he found
that "the prohibition of the sale of arms and munitions of
war in the United States to those countries now engaged in
armed conflict in the Chaco may contribute to the re-establishment of peace between those countries." He added that
he had consulted with the Governments of other American
Republics and had been assured of necessary co-operation.
The State Department announced this week that this marked
the first time that the United States ever imposed a joint
embargo against two parties to a dispute.
The text of the Presidential proclamation follows:
Whereas Section 1 of a joint resolution of Congress, entitled a "Joint
resolution to Prohibit the Sale of Arms or Munitions of War in the United
States Under Certain Conditions," approved May 28 1934, provides as follows:
That, if the President finds that the prohibition of the sale of arms and munitions
of war in the United States to those countries now engaged in armed conflict in the
Chaco may contribute to the re-establLshment of peace between those countries:
and if, after consultation with the governments of other American republics and with
their co-operation, as well as that of such other Governments as he may deem
necessary. he makes proclamation to that effect, it shall be unlawful to sell, except
under such limitations and exceptions as the President prescribes, any arms or
3691
munitions of war in any place in the United States to the countries now engaged in
that armed conflict, or to any person, company, or association acting in the Interest
of either country, until otherwise ordered by the President or by Congress.
And whereas it is provided by Section 2 of the said joint resolution that
"whoever sells any anna or munitions of war in violation of Section 1
shall, on conviction, be punished by a fine not exceeding $10,000 or by
imprisonment not exceeding two years, or both.
Now, therefore, I, Franklin D. Roosevelt, President of the United States
of America, acting under and by virtue of the authority conferred on me
by the said joint resolution of Congress, do hereby declare and proclaim
that I have found that the prohibition of the sale of arms and munitions of
war in the United States to those countries now engaged in armed conflict
in the Chaco may contribute to the re-establishment of peace between those
countries, and that I have consulted with the governments of other American republics and have been assured of the co-operation of such governments as I have deemed necessary as contemplated by the said joint repolution.
And I do hereby admonish all citizens of the United States and every
person to abstain from every violation of the provisions of the joint
resolution above set forth, hereby made applicable to Bolivia and Paraguay,
and I do hereby warn them that all violations of such provisions will be
rigorously prosecuted.
And I do hereby enjoin upon all officers of the United States, charged
with the execution of the laws thereof, the utmost diligence in preventing
violations of the said joint resolution and this my proclamation issued
thereunder, and in bringing to trial and punishment any offenders against
the same.
And, I do hereby delegate to the Secretary of State the power of prescribing exceptions and limitations to the application of the said joint resolution of May 28 1934, as made effective by this my proclamation thereunder.
In witness whereof, I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done at the City of Washington this 28th day of May, in the year of our
Lord nineteen hundred and thirty-four, and of the independence of the
United States of America the one hundredth and fifty-eighth.
FRANKLIN D. ROOSEVELT.
By the President.
CORDELL HULL, Secretary of State.
We quote in part from a Washington dispatch of May 28
to the New York "Times" regarding the circumstances surrounding the issuance of the proclamation:
The President's step was significant, on the eve of the reconvening of
the general disarmament conference in Geneva, in serving notice that our
Government did not view with favor the furnishing of the sinews of war
to belligerents, at least until all peaceful measures for adjustment of disputes had been exhausted.
It supports also Mr. Roosevelt's appeal to Congress in his message last
week for action to curb activities of munitions makers, an appeal which
will probably be repeated at Geneva to-morrow by Norman H. Davis, United
States Ambassador at Large.
Whether it forecasts similar action in the future with reference to other
areas of the world and other countries will depend upon the attitude of
Congress, which has restricted' the arms limitation authorization to Bolivia
and Paraguay.
Action Against Japan Urged.
An embargo against Japan in her Manchurian policy has been repeatedly
urged in this country but always has been frowned upon by the Government under Presidents Hoover and Roosevelt. These agitations, however,
have never contemplated the application of an embargo against both Japan
and China. Great Britain decided two years ago to apply an embargo against
both Japan and China but quickly dropped the idea when other Governments proved lukewarm toward it.
During the Napoleonic wars the United States imposed: embargoes against
Great Britain and France, •but these were laid down separately and for
different reasons.
In recent years we have applied arms embargoes against Latin-American
nations and against China, but only in times of civil war, and then only
against one side to the dispute, usually revolutionists and not governments.
The resolution authorizing the President to bar the sale
of arms or munitions of war, is not repeated here, since it
is contained in full in the President's proclamation above.
Securities Act of 1933 Carried in Rider
to Stock Exchange Control Bill as Agreed on
by Conferees and Adopted by Congress.
The completion of the work of the conferees on the bill
Amendments to
providing for Federal regulation of stock exchanges is noted
in another item in this issue, wherein reference is made to
the submission of the report to Congress, and the adoption
of the report by the Senate and House yesterday (June 1).
The so-called stock exchange control bill, which is designated
the "Securities Exchange Act of 1934," carries amendments
to the Securities Act of 1933, these forming Title II of the
stock exchange measure; these amendments as agreed on in
conference and embodied in the report of the conferees
submitted to and approved by Congress, follow:
Title II—Amendments to Securities Act of 1933.
Section 201. (a) Paragraph (1) of Section 2 of the Securities Act of 1933
Is amended to read as follows:
"The term 'security' means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in
any profit-sharing agreement, collateral-trust certificate, preorganization
certificate or subscription, transferable share, investment contract, voting
trust certificate, certificate of deposit for a security, fractional undivided
interest in oil, gas, or other mineral rights, or, in general, any interest or
instrument commonly known as a 'security,' or any certificate of interest
or participation in, temporary or interim certificate for, receipt for, guarantee
of, or warrant or right to subscribe to or purchase, any of the foregoing"
(b) Paragraph (4) of such Section 2 is amended to read as folios:
"(4) The term 'Issuer" means every person who issues or proposes to
issue any security: except that with respect to certificates of deposit, voting
trust certificates, or collateral-trust certificates, or with respect to certificates of interest or shares in an unincorporated investment trust not having
3692
Financial Chronicle
_rune 2 1934
(d) Subsection (e) of such Section ills amended to read as follows:
s board of directors (or persons performing similar functions) or of the
fixed, restricted management, or unit type, the term 'issuer' means the
"(e) The suit authorized under subsection (a) may be to recover such
person or persons performing the acts and assuming the duties of depositor
damages as shall represent the difference between the amount paid for
the security (not exceeding the price at which the security was offered to
or manager pursuant to the provisions of the trust or other agreement or
Instrument under which such securities are issued; except that in the case
the public) and (I) the value thereof as of the time such suit was brought,
of an unincorporated association which provides by its articles for limited
or (2) the price at which such security shall have been disposed of in the
liability of any or all of its members, or in the case of a trust, committee,
market before suit, or (3) the price at which such security shall have been
or other legal entity, the trustees or members thereof shall not be indidisposed of after suit but before judgment if such damages shall be lees
vidually liable as issuers of any security issued by the association, trust,
than the damages representing the difference between the amount paid for
committee, or other legal entity; except that with respect to equipmentthe security (not exceeding the price at which the security was offered to
trust certificates or like securities, the term 'issuer' means the person by
the public) and the value thereof as of the time such suit was brought:
whom the equipment or property is or is to be used; and except that with
Provided, That if the defendant proves that any portion or all of such
respect to fractional undivided interests in oil, gas, or other mineral rights,
damages represents other than the depreciation in value of such security
the term 'issuer' means the owner of any such right or of any interest in
resulting from such part of the registration statement, with respdct to which
such right (whether whole or fractional) who creates fractional interests
his liability is asserted, not being true or omitting to state a material fact
therein for the purpose of public offering."
required to be stated therein or necessary to make the statements therein
(c) Paragraph (10) of such Section 2 is amended to read as follows:
not misleading,such portion of or all such damages shall not be recoverable.
In no event shall any underwriter (unless such underwriter shall have
"(10) The term 'prospectus' means any prospectus, notice, circular,
advertisement, letter, or communication, written or by radio, which offers
knowingly received from the issuer for acting as an underwriter some
any security for sale; except that (a) a communication shall not be deemed
benefit, directly or indirectly, in which all other underwriters similarly
a prospectus if it is proved that prior to or at the same time with such comsituated did not share in proportion to their respective interests in the
munication a written prospectus meeting the requirements of Section 10
underwriting) be liable in any suit or as a consequence of suits authorized
was sent or given to the person to whom the communication was made, by
under subsection (a) for damages in excess of the total price at which the
the person making such communication or his principal, and (b) a notice,
securities underwritten by him and distributed to the public were offered
circular, advertisement, letter, or communication in respect of a security
to the public. In any suit under this or any other section of this title
shall not be deemed to be a prospectus if it states from whom a written
the court may, in its discretion, require an undertaking for the payment
prospectus meeting the requirements of Section 10 may be obtained and,
of the costs of such suit, including reasonable attorney's fees, and if judgin addition, does no more than identify the security, state the price thereof,
ment shall be rendered against a party litigant, upon the motion of the
and state by whom orders will be executed."
other party litigant, such costs may be assessed in favor of such party
litigant (whether or not such undertaking has been required) if the court
Sec. 202. (a) Paragraph (2) of Section 3 (a) of such Act is amended to
believes the suit or the defense to have been without merit, in an amount
read as follows:
sufficient to reimburse him for the reasonable expenses incurred by him,
"(2) Any security issued or guaranteed by the United States or any
Territory thereof, or by the District of Columbia, or by any State of the
in connection with such suit, such costs to be taxed in the manner usually
United States, or by any political subdivision of a State or Territory, or
provided for taxing of costs in the court in which the suit was heard."
by any public instrumentality of one or more States or Territories, or by
Sec. 207. Section 13 of such Act is amended (a) by striking out "two
any person controlled or supervised by and acting as an instrumentality
years" wherever it appears therein and inserting in lieu thereof "one year";
of the Government of the United States pursuant to authority granted by
(b) by striking out "ten years" and inserting in lieu thereof "three years";
the Congress of the United States, or any certificate of deposit for any of
and (c) by inserting immediately before the period at the end thereof of a
the foregoing, or any security issued or guaranteed by any national bank,
and the following: "or under Section 12 (2) more than three years after
or by any banking institution organized under the laws of any State or
the sale".
Territory or the District of Columbia, the business of which is substantially
Sec. 208. Section 15 of such Act is amended by inserting immediately
confined to banking and is supervised by the State or Territorial banking
before the period at the end thereof a comma and the following: "unless
commission or similar official; or any security issued by or representing an
the controlling person had no knowledge of or reasonable ground to believe
interest in or a direct obligation of a Federal Reserve bank";
in the existence of the facts by reason of which the liability of the controlled
(b) Paragraph (4) of such Section 3I(a) is amended by striking out
Person is alleged to exist".
"corporation" and inserting in lieu thereof "person."
Sec. 209. (a) The first sentence of subsection (a) of Section 19 of such
(c) Such Section 31(a) is further amended by striking out the period at
Act is amended by inserting after the word "accounting" a comma and the
the end of paragraph (8) and inserting in lieu thereof a semicolon, and by
word "technical".
inserting immediately after such paragraph (8) the following new paragraphs:
(b) Subsection (a) of such Section 19 is further amended by adding at
"(9) Any security exchanged by the issuer with its existing security
the end thereof the following new sentence: "No provision of this title
holders exclusively where no commission or other remuneration is paid or
Imposing any liability shall apply to any act done or omitted in good faith
given directly or indirectly for soliciting such exchange:
in conformity with any rule or regulation of the Commission, notwithstanding that such rule or regulation may, after such act or omission, be
"(10) Any security which is issued in exchange for one or more bona fide
amended or rescinded or be determined by judicial or other authority to be
outstanding securities, claims or property interests, or partly in such
invalid for any reason."
exchange and partly for cash, where the terms and conditions of such
Sec. 210. Upon the expiration of sixty days after the date upon which
issuance and exchange are approved, after a hearing upon the fairness of
a majority of the members of the Securities and Exchange Commission
such terms and conditions at which all persons to whom it is proposed to
appointed under Section 4 of Title I of this Act have qualified and taken
issue securities in such exchange shall have the right to appear, by any
office, all powers, duties, and functions of the Federal Trade Commission
court, or by any official or agency of the United States, or by any State
under the Securities Act of 1933 shall be transferred to such Commission,
or Territorial banking or insurance commission or other governmental
together with all property, books, records, and unexpended balances of
authority expressly authorized by law to grant such approval;
appropriations used by or available to the Federal Trade Commission for
"(11) Any security which is a part of an issue sold only to persons resident
carrying out its functions under the Securities Act of 1933. All proceedwithin a single State or Territory, where the issuer of such security is a
ings, hearings, or investigations commenced or pending before the Federal
person resident and doing business within, or, if a corporation, incorporated
Trade Commission arising under the Securities Act of 1933 shall be conby and doing business within. such State or Territory,"
tinued by the Securities and Exchange.Commission. All orders, rules,
Sec. 203. (a) Paragraph (1) of Section 4 of such Act is amended (1) by
and regulations which have been issued by the Federal Trade Commission
striking out "not with or through an underwriter and"; and (2) by striking
under the Securities Act of 1933 and which are in effect shall continue in
ut "last" and inserting in lieu thereof "first".
effect until modified, superseded, revoked, or repealed. All rights dad
(b) Paragraph (3) of such Section 4 is hereby repealed.
interests accruing or to accrue under the Securities Act of 1933, or any
Sec. 204. Subsection (c) of Section 5 of such Act is hereby repealed.
provision of any regulation relating to, or out of action taken by, the
See. 205. Paragraph (1) of Section 10(b) of such Act is amended to
Federal Trade Commission under such Act,shall be followed in all respects
read as follows:
and may be exercised and enforced.
"(1) When a prospectus is used more than thirteen months after the
Sec. 211. The Commission is authorized and directed to make a study
effective date of the registration statement, the information in the stateand investigation of the work, activities, personnel, and functions of
ments contained therein shall be as of a date not more than twelve months
protective and reorganization committees in connection with the reorganizaprior to such use, so far as such information is known to the user of such
tion, readjustment, rehabilitation, liquidation, or consolidation of persons
prospectus or can be furnished py such user without unreasonable effort
and properties and to report the result of its studies and investigations and
or expense."
Its recommendations to the Congress on or before Jan. 3 1936.
Sec. 206. (a) Section 111(a) of such Act is amended by adding after the
The text of the Securities Act of 1933 as enacted into law
.last line thereof the following new sentence: "If such person acquired
the security after the issuer has made generally available to its security
last year, was given in our issue of June 3 1933, page 3786.
holders an earning statement covering a period of at least twelve months
beginning after the effective date of the registration statement, then the
right of recovery under this subsection shall be conditioned on proof that
Senate and House Adopt Conference Report on Bill
such person acquired the security relying upon such untrue statement in
Providing for Federal Regulation of Stock Exthe registration statement or relying upon the registration statement and
changes—Measure to Be Known as Securities
not knowing of such omission, but such reliance may be established without
Exchange Act of 1934—New Commission to Act in
proof of the reading of the registration statement by such person."
Supervisory Capacity—Amendments to Securities
(b) Clauses (C) and (D) of paragraph (3) of Section 11(b) of such Act
Act of 1933.
are amended to read as follows: "(C) as regards any part of the registration statement purporting to be made on the authority of an expert (other
Yesterday (June 1) both the Senate and House adopted,
than himself) or purporting to be a copy of or extract from a report or
without a record vote, the conference report on the bill
valuation of an expert (other than himself), he had no reasonable ground
providing for Federal regulation of Stock Exchanges. With
to believe and did not believe, at the same time such part of the registration
statement became effective, that the statements therein were untrue or
the completion of Congressional action on the Stock Exthat there was an omission to state a material fact required to be stated
change measure, it goes to the White House for the Presitherein or necessary to make the statements therein not misleading, or
that such part of the registration statement did not fairly represent the
dent's signature. It was noted in a Washington dispatch
:statement of the expert or was not a fair copy of or extract from the report
to the "Wall Street Journal" of yesterday (June 1) that just
valuation of the expert; and (D) as regards any part of the registration
or
preceding the adoption of the report by the Senate, Senator
.statement purporting to be a statement made by an official person or
purporting to be a copy of or extract from a public official document, he
Steiwer of Oregon protested changes conferees made in his
had no reasonable ground to believe and did not believe, at the time such
amendment to the bill, which were designed to exempt railpart of the registration statement became effective, that the statements
roads from the provisions of Sections 12 and 13. These
therein were untrue, or that there was an omission to state a material fact
required to be stated therein or necessary to make the statements therein
advices added in part;
not misleading, or that such part of the registration statement did not
Senator Hastings of Delaware protested the conference action striking
fairly represent the statement made by the official person or was not a fair
out his amendment to the Securities Act amendment in the bill, designed
copy of or extract from the public official document."
to exempt an offering of securities for subscription by employees only
(c) Subsection (c) of such Section 11 is amended to read as follows:
from the definition of a public offering.
"(c) In determining, for the purpose of paragraph (3) of subsection (b)
Insull Affairs Influenced Conferees,
of this section, what constitutes reasonable investigation and reasonable
Senator Couzens said that the Insull case was the controlling influence
ground for belief, the standard of reasonableness shall be that required of
in the conference action striking out the amendment.
a prudent man in the management of his own property."
Volume 138
Financial Chronicle
Mr. Hastings observed that the downfall of the Insull organization will
no doubt result in doing a lot of things to reputable corporations doing
business in a valid way.
Senator Fletcher, Chairman of the conference group, stated that a
majority of the conference felt that the Hastings amendment was not
necessary because, under Section 4, an offering by a corporation to its
employees only is not considered a public offering. Senator Hastings said
he wanted the record to show that a majority of the conferees felt that an
offering of stock to employees was exempted from the public offering
definition.
According to Senator Steiwer, his amendment, which was adopted by
the Senate, exempted railroads from Section 12 and 13 except that they
would have to file with the new Commission duplicates of reports to the
-S. C. Commission. As revised by conferees, the language does not
I.
specifically exempt railroads according to Senator Steiwer. He feels that
the conferees had in mind the exaction of additional Information from railroads over and above duplicate reports.
Senator Byrnes of South Carolina, one of the conferees, denied that such
was the case and said he could not conceive of what additional information
the Commission would want.
Sees Railroads in Hands of New Commission.
Mr. Steiwer maintained that the Securities Exchange Commission will
have supreme power over the railroad transportation system, even above
that of the I.
-S. C. Commission, according to his interpretation of the
language of Section 13B. This deals with the railroad reporting requirements.
The language protested is:
". . . in the case of carriers subject to the provisions of Section 20
of the Inter-State Commerce Act, as amended, or carriers required pursuant to any other Act of Congress to make reports of the same general
character as those required under Section 20. shall permit such carriers
to file with the Commission and the exchange duplicate copies of the
report and other documents filed with the Inter-State Commerce Commission or with the governmental authority administering such other Acts
of Congress, in lieu of the reports, information and documents required
under this Section and Section 12 in respect of the same subject matter."
The language in section 13 of the bill as passed by the Senate provided
"that carriers subject to the provisions of Section 20(a) of the Inter-State
Commerce Act, as amended,shall not be subject to the provisions 12 and 13
of this title, except that the Commission may require that such carriers
file with it duplicate copies of reports or other documents filed with the
I.
-S. C. Commission."
The language of the two provisions, Senator Steiwer pointed out, was
much different, and he asserted that under the language as adopted by
conferees, the Commission could easily interpret that carriers are subject
to those provisions of the law which the Senate voted to exempt them from.
3693
It was reported that Chairman James M. Landis of the Federal Trade
Commission might be transferred to head the new commission and that
Ferdinand Pecora, who conducted the stock market investigation, might
also be a member.
Conferees praised the terms of the agreement. Chairman Fletcher of
the Senate Banking and Currency Committee said that "all the modifications were liberalizing."
Chairman Rayburn of the House Committee expressed his belief that the
measure would be approved.
Mr. Pecora thought that it was "a very happy compromise."
"I think that the stock market bill will purge the securities market of the
evil practices shown to have existed in the past," he added.
"Under its terms there is made available to investors more complete
and reliable data with regard to the value of securities than hitherto have
been obtained by them. It will thereby give greater confidence to the
investors.
"The power given to the Federal Reserve Board over margins puts
in the hands of the Board a brake which will enable it to check undue
or excessive speculation and gives it a firmer control over the use of bank
credits for stock market transactions.
"Among the outstanding evils which can be curbed by the wise use of the
powers conferred by the Act upon both the Commission and the Federal
Reserve Board is the inflation of security prices which has always attended
excessive speculation.
"The bill spells the end of the manipulator, jiggler and pool operator."
No Harm to Brokers, Says Pecora.
Mr. Pecora held that the legislation would do no injury to brokers and
dealers, and that they would in fact end by blessing it.
"The restrictions and requirements imposed by the Act upon brokers,
dealers and corporations having listed securities are in my opinion entirely
reasonable and readily workable," he said. "They should experience no
difficulty in adjusting themselves to these restrictions and requirements.
"I repeat what I have maintained since this legislation was formulated,
namely that within a year of its initiation, stock exchanges and their
members will give it their blessing just as banks bestowed their blessing
upon the Federal Reserve Act, which they originally opposed."
Mr. Pecora explained that upon the original purchase of a security
under the bill as it now stood "the customer cannot receive credit amounting
to more than 55% of the purchase price."
"Power is given to the Federal Reserve Board to increase or lower the
amount of credit that may be required within its own discretion," he
said. "The amount of margin set is merely an indication of what Congress
thinks the amount of margin should be."
He added that the Federal Reserve Board might require a differing
amount of margin for different classes of securities.
On May 29, when the report was signed by the conferees,
Following the action of the conferees in adjusting on a "Times" account
from Washington stated:
May 26 controversial differences between the Senate and
The conference group made a number of clarifying amendments to-day
control bill, before voting on the motion to report for final action the bill as agreed on
the House on the so-called stock exchange
the conference report was signed by the conferees on May 29, In conference. . . .
One of the changes voted to-day was the elimination in the marginal
and on May 30 the bill as agreed on in conference was sections of the word "speculative" as used in the subsection relating to
reported to the Senate by Senator Fletcher, Chairman of the excessive use of credit for speculative purposes.
The sentence now reads, "the excessive use of credit to finance transthe Banking and Currency Committee. As agreed on in
actions in securities."
law will, in the
taking
conference, the bill, which is to be known as the Securities opinion of the conferees,Byrelieved out "speculative," thelead to confusion
be
of a word watch might
Exchange Act of 1934, lodges with a new body—the Se- in court and other actions necessary for enforcement.
Another amendment approved transfers administration of the Securities
curities Exchange Commission—authority to supervise the
Act of 1933 to the new Federal Securities Commission 60 days after the
administration of the Act. The Commission is to consist members qualify. The time previously set was 90 days.
Another amendment continues In force until the new Commission can
of five members to be named by the President; this proposal
was carried in the Fletcher bill, as Passed by the Senate enact rules and regulations promulgated by the Federal Trade Commission
for enforcement of the Securities Act.
on May 12. Under the Rayburn bill, passed by the House
In submitting the conference report to the Senate on
on May 4, administration of the Act had been vested in the
Federal Trade Commission. The House conferees agreed May 30, Senator Fletcher announced that he would call it
not to yield on this point, but also to agree to the Senate up for action on May 31; on that day, however, delay was
provision transferring the supervision of the Securities Act encountered when Senator Hastings (Republican) insisted
of 1933 from the Federal Trade Commission, to the new upon a study of the report before the Senate voted upon it.
commission provided in the stock exchange control bill. It was indicated on May 30 that as soon as the Senate
As agreed on by the conferees, the bill carries amendments action was completed Chairman Rayburn of the House
to the Securities Act, these amendments having been at- Committee on Inter-State Commerce would file the conference
tached to the bill as a rider as it passed the Senate. As em- report in the House; the filing of the report in the House
bodied in the conference report, the changes in the Securities yesterday (June 1) was followed later in the day by its adopAct are given in another item in this issue of our paper. tion by the House as noted above.
Incident to the filing of the conference report by Senator
Reporting the agreement reached by the conferees on
May 26, Washington advices on that day to the New York Fletcher, a Washington account May 30 to the New York
"Herald Tribune" said:
"Times" said in part:
The conferees agreed to the House limitation on marginal trading, which
would put control of credit for this type of market operations in the hands
of the Federal Reserve Board, but under the additional stipulation that
marginal traders be required to carry 45% of the value of any security
traded in. The Reserve Board would have discretion to raise or lower this
marginal requirement should circumstances warrant.
The penalty provisions were modified by the conferees to differentiate
between violations of the law and violations of regulations made by the
Commission under authority of the Act.
For unintentional violations of any regulation the compromise bill
provides that there shall be no prison sentence, but a fine not to exceed
$10,000; but for willful violation of regulations or infractions of the Act
itself the prison sentence of not to exceed two years or a fine of not more
$10,000 or both are retained.
President Roosevelt, who advocated the Federal Trade Commission
as the agent for administration, is understood to have acceded to the new
Commission to speed Congress's adjournment.
The conferees agreed that the act should become operative July 1 with
regard to the registration of securities and Oct. 1 with regard to marginal
requirements. The Reserve Board must set before Oct. 1 the amount of
margin required.
It was decided that all marginal accounts now in existence might operate
without regard to the new act until Jan. 1 1937 instead of Jan. 1 1939, as
the House bill had stipulated. Stocks bought on existing accounts would
be subject to the new requirements.
Members of the new commission will receive salaries of $10,000 a year.
One member will be appointed for a year, one for two years, one for three,
one for four and one for five years, so as to provide constant change in the
membership of the body. Successive appointments are to be for five years
each.
While actions of the conferees adjusting differences between the Senate
and House bills were announced from day to day, the revised measure
has not heretofore been available in printed form. The section numbers
follow for the most part those of the Senate bill.
Section 1 describes the blll as the "Securities Exchange Act of 1934."
Policy Declaration Unchanged.
Section 2 is the declaration of policy, being largely the same as the
original section which Samuel Untermyer described as a "stump speech."
It declares that transactions in securities as commonly conducted upon
securities exchanges and over-the-counter markets are affected with a
national public interest which makes it necessary to provide for regulation and control of such transactions and of practices and matters related
thereto. The regulation is designed to protect inter-State commerce, the
National credit, the Federal taxing power, to make effective the National
banking system and the Federal Reserve System and to insure the maintenance of fair and honest markets. By means of these declarations the
framers of the bill hope to sustain its constitutionality.
Section 3 contains definitions.
Section 4 creates a securities and exchange commission composed of
five members appointed by the President at $10,000 salaries, not more
than three to be of one party.
Section 5 deals with transactions on unregistered exchanges, while
Section 6 provides for registration of national securities exchanges.
Section 7 is the margin section. It gives the Federal Reserve Board
control over margins on loans on registered securities not only by member
banks but also by non-member banks and brokers. The basic standard is
45%, but is subject to change.
Section 8 relates to restrictions on borrowing by members, brokers and
dealers. Section 9 has to do with prohibitions against manipulation of
security prices. Section 10 applies to the regulation of the use of manipula-
3694
Financial Chronicle
tive and deceptive devices. Section 11 is the much-discussed section
regarding segregation and limitation of functions of members, brokers and
dealers.
The next three sections are of particular interest to corporations which
list securities on exchanges.
Required Information.
Section 12 provides registration requirements for securities. A security
may be registered on a national securities exchange by the issuer filing an
application with the exchange and a duplicate with the commission. The
information required in the application includes:
1. The organization, financial structure and nature of the business.
2. The terms, position, rights and privileges of the different classes of
securities outstanding.
3. The terms on which their securities are to be and during the preceding
three years have been offered to the public or otherwise.
4. The directors, officers and underwriters and each security holder of
record holding more than 10% of any class of any equity security of the
Issuer, their remuneration and their interests in the securities of and their
material contracts with the issuer and any person directly or indirectly
controlling or controlled by or under direct or indirect common control
with the issuer.
5. Remuneration to others than directors, and officers exceeding $20,000
a year.
6. Bonus and profit sharing arrangements.
7. Management and service contracts.
8. Options existing or to be created in respect of their securities.
9. Balance sheets for not more than the three Preceding fiscal years,
certified if required by the rules and regulations of the commission by independent public accountants.
10. Profit and loss statements for not more than the three preceding
fiscal years, certified by the rules and regulations of the commission by
independent public accountants.
11. Any further financial statements which the commission may deem
necessary or appropriate for the protection of investors.
While the registration provisions of the bill become effective on September
1 It is specified in Section 12 that the commission may provide for provisional registration without complying with the requirements of the section
up to a period not later than July 1 1935.
It is also provided that the Commission may continue until June 1
1936, unlisted trading privileges to which a security had been admitted on an exchange before March 1 1934. Section 13 authorizes the
Commission to require corporations which have registered securities under
Section 12 to file periodical reports. The Commission may require annual
reports, certified if it sees fit by independent public accountants, and such
quarterly reports as it may prescribe.
Sections 12 and 13 are those which have given rise to fears by corporations that the Commission may exercise a bureaucratic control over industry.
Section 14 gives the Commission control over solicitation of proxies.
Section 15 empowers the Commission to control over-the-counter markets.
The Commission may provide for the regulation of all transactions by brokers and dealers on any such market,for the registration with the Commission of dealers and brokers making or creating such a market and for the
registration of the securities.
Anti-Wiggin Section.
Section 16 is the so-called anti-Wiggin section requiring reports from
persons holding more than 10% of any security which is listed on an
exchange.
Section 17 has to do with accounts and records, reports and examinations
of exchanges, members and others.
Section 18 imposes liability for misleading statements. Section 19 has to
do with powers with respect to exchanges and securities. Section 20 applies to liabilities of controlling persons.
Section 21 relates to investigations, injunctions and prosecutions of
offenses: Section 22, hearings by the Commission; Section 23, rules and
regulations; Section 24, information filed with the Commission; Section 25,
court review of orders; Section 26, unlawful representations; Section 27,
jurisdiction of offenses and suits; Section 28. effect of existing law; Section
29. validity of contracts; Section 30, foreign securities exchanges; Section
31, registration fees; Section 32, penalties; Section 33, separability of provisions and Section 34, effective dates.
$10,000 Fine Provided for.
The penalty provisions in Section 32 provides that any person who willfully violates any provision of the Act or any rule or regulation thereunder
or any person who willfully and knowingly makes or causes to be made any
false or misleading statement shall, upon conviction, be fined not more
than $10,000 or imprisoned not more than two years or both except that
the maximum fine for an exchange is $500,000. It is provided that no
Person shall be subject to imprisonment for the violation of any rule or
regulation if he proves that he had no knowledge of such rule or regulation.
Under Section 34, the Act is effective July 1 except that Section 6 for
registration of exchanges and Section 12 for registration of securities are
effective on Sept. 1 and Section 7 on margins and most of the other regulatory sections are effective on Oct. 1.
Title 11 contains amendments to the Securities Act of 1933. Following
the liberalizing amendments as agreed upon by the administration there is a
section shifting administration of the Securities Act from the Federal Trade
Commission to the new Securities and Exchange Commission 60 days after
a majority of its members qualify.
The final section in the bill is a substitute for the Senate amendment
which placed protective committees under the jurisdiction of the Commission administering the Securities Act. Instead of requiring these committees
to file reports monthly and making their members subject to penalties of
the Securities Act for misstatements the substitute section merely authorizes the new Commission to make a study of the work, activities, personnel
and functions of protective and reorganization committees in connection
with the reorganization, readjustment, rehabilitation,liquidation or consolidation of persons and properties and to report the result and its recommendations to Congress on or before Jan. 3 1936.
An item regarding the conferees' action on the Senate
and House bills appeared in our May 26 issue, page 3522.
Stock Exchange Firms Permitted Under Code to
Reduce Salaries for "Justifiable Cause."
Salary cuts in the case of employees of New York Stock
Exchange houses, whose pay is less than $35 a week, are
permissible under the National Recovery Administration
code under which the brokers operate; this was reported in
advices from Washington May 31 to the New York "Herald
Tribune," which also had the following to say:
June 2 1934
This interpretation of the brokers' code, sought on behalf of firms hard
hit by the slump in trading on the Exchange in an effort to prevent wholesale lay-offs of employees, was given in a letter from C. E. Adams, National
Recovery Administration Division Administrator in charge of the code,
to Raoul E. Desvernine, counsel for the code's Board of Administrators.
It follows a previous NRA decision which enabled the brokerage firms
to stagger employment among the large staffs built up during the boom.
The movement to gain NRA permission was launched by Frank R. Hope.
President of the Association of Stock Exchange firms.
Mr. Adams decided that the code prohibited wage cutting in the Pay
grades under $35 a week only when hours of work were reduced. While
salaries cannot be reduced "by the subterfuge of shortening hours of employment," he held that they could be reduced "if any other justifiable
cause exists."
The understanding at the NRA was that Mr. Desvernlne requested the
Interpretation, or, if necessary, an amendment to the code, as a means
of enabling brokerage firms to reduce salaries in the non-exempt brackets
by about 10% in view of the falling off of their business. It was estimated that about 30,000 employees are in the wage categories affected.
Heretofore the code has been generally, though unofficially, interpreted
as prohibiting any reduction in the pay of a brokerage company employee
receiving $35 or less a week on Sept. 1 1933. In the official interpretation
by Mr. Adams,it was explained, the brokers are at liberty to reduce salaries
from $35 to $15 a week, although few, if any,such drastic cuts are expected.
In that respect, Mr. Adams remarked that brokerage firms "have always
been rather liberal with their employees," and that he did not expect
them to take undue advantage of his interpretation. As to the circumstances which might justify wage reductions, and the extent of such cuts,
he said each firm would "have to be guided by its own conscience."
Mr. Adams conceded that he was convinced that, unless some such
relief was afforded the brokers they would be forced to make drastic reductions in their staffs to keep going under present conditions. They
already have drastically reduced salaries above the $35 level, which was
in the recognized "exempt" class, he was informed.
Trading in Lead and Zinc Futures on Commodity
Exchange Voted.
The new by-laws and rules of the Commodity Exchange,
Inc., to provide for trading in lead and zinc futures,
were adopted by a vote of the members of the Exchange
on May 31. As to the rules for trading an announcement
by the Commodity Exchange said:
Trading will commence on July 2 1934. The first delivery month will
be September 1934. During the month of July, trading will be limited
to the month of September 1934, and the nine succeeding months; trading
during August 1934 will be limited to September 1934, and the 10 succeeding months, starting Sept. 1 1934, trading will be conducted in the
current month and the 11 succeeding months.
The unit of trading will be one contract, calling for the delivery of 60,000
pounds (34 of 1% more or less), in the case of both metals. Quotations
will be in multiples of 1-100 of lc. per pound. The hours of trading will
be as follows: Lead—Opening, 10:20 a. m., close, 2:40 p. m. (Saturday,
11:40 a. m.); Zinc—Opening, 10:30 a. m., close, 2:55 p. m. (Saturday,
11:55 a. m.)
Deliveries of actuals against Exchange contracts may be made from
licensed and-or designated warehouses located as follows: For Lead—
East St. Louis, Ill., St. Louis, Mo., Chicago, Ill., and the Port of New
York; for Zinc—The foregoing and Pittsburgh. Pa.
Dividend Distributions by Standard Oil Companies
Estimated at $58,698,141 for Second Quarter—
Largest Payments Since First Quarter of 1931.
Cash dividend payments by the companies of the Standard
Oil group for the second quarter of 1934 are estimated at
$58,698,141, the largest distribution for any three-month
period since the first quarter of 1931, according to records
compiled by Carl H. Pforzheimer & Co., specialists in
Standard Oil securities. This compares with $24,256,981
in the preceding quarter and $34,527,547 in the second
quarter of 1933, the firm announced. Aggregate disbursements of the group for the first six months of 1934 will
total 2,955,122, against $66,933,879 in the corresponding
period of last year, an increase of $16,021,243, or approximately 24%. The announcement by the firm continued:
Dividend increases, extra distributions. resumption of dividend payments and changes in dividend periods from quarterly to semi-annual
ones are the factors responsible for the increased disbursements this quarter
when compared with the preceding quarter and the similar quarter of 1933.
Imperial 011, Ltd., and International Petroleum Co., Ltd., have changed
their dividend period to a semi-annual one from the quarterly payments
made heretofore. Accordingly, Imperial declared a dividend of 25 cents
a share and International a dividend of 56 cents a share, these being the
equivalent of the usual payment for the second quarter and a like amount
which ordinarily would have been paid in the September quarter. In
addition, both these companies declared extra dividends; Imperial, 15 cents
a share and International 44 cents a share. As a result of these changes
the total cash distribution by Imperial 011 In the current quarter will approximate $10.742,000, compared with $3,357,000 previously, while
International Petroleum will disburse approximately $14.324,000, against
$4,010,000.
The Ohio Oil Co. has resumed dividend payments on its common stock
this quarter with the declaration of 15 cents a share, against 10 cents a
share in December 1932, after which time payments were suspended.
Two other companies in the group have resumed payments since the first
quarter of last year. Socony-vacuum Corp., which omitted dividends
in the second and third quarters of 1933, resumed payments last December,
while the Standard 011 Co. of Kansas, which had not paid any dividends
since March 1931. resumed payments in January this year.
Humble Oil & Refining Co., whose stock was recently split three-for-one,
has placed the new no par value stock on a $1 annual basis, compared with
$2 a year on the old $25 par value stock and represents an increase of
50% in the dividend rate.
South Penn 011 Co. and National Transit Co. are also distributing more
In the current quarter than they did at this time last year. South Penn
is paying 30 cents a share this quarter, against 20 cents In the corresponding
quarter of 1933. while National Transit's semi-annual dividend of 40 cents
a share compares with 35 cents a share paid in the first half of last year.
Volume 138
Financial Chronicle
At this time last year the Standard Oil Co. of New Jersey placed its
stock on a semi-annual basis, which together with the fact that Standard
Oil Export Corp. and several of the pipe line companies also are on a
semi-annual dividend basis, with payments being made in the second and
fourth quarters, is responsible for the larger aggregate disbursements in
these quarter over the first and third quarters of the year.
The record of quarterly disbursements for the past several years follows.
First
Second
Third
Fourth
Full
Quarter,
Quarter.
Quarter.
Quarter. •
Year.
1934
324,256,981 $58,698,141
1933
32,406,332 34.527,547 819,546,576 $42,457,920 $128,938,375
1932
46,801,053 46,278,873 43,858,468 44,112,501
181.050,895
1931
63,101.797 57,843,467 51,263,688 48.530,230 220,739,182
1930
66,687,168 68,555,901 68.271,015 83,012,644 286,526,728
B. B. Bane of Federal Trade Commission in Informal
Ruling Says Trading in Unregistered Securities on
"When Issued" Basis Violates Securities Act of
1933—New York Curb and New York Produce Exchnnges Suspend Several Issues.
In what is described as an oral, informal opinion to the
New York Curb Exchange, Baldwin B. Bane, Chief of the
Securities Division of the Federal Trade Commission, said
that trading in unregistered securities on a "when issued"
basis is in violation of the Securities Act of 1933. Mr.Bane's
opinion, which was received by telephone by the Curb Exchange at the request of the Exchange, follows:
Trading in securities on a when, as and if issued basis (if they are securities that should be registered under the Securities Act of 1933), when no
registration statement necessary to be filed under that Act is in effect, is a
violation of the Act.
We quote as follows from Associated Press advices from
Washington, May 31:
The Federal Trade Commission said this was not to be taken as a formal
opinion or interpretation by the Securities Division of the Trade Commission, and that it was expressed to the Curb Exchange by telephone on its
request.
The opinion applies to "when issued" sales in all Exchanges. It was
based on the belief that such sales are actually sales of securities, even
though no actual stock certificate has been issued.
The Securities ACC) provides that any securities sold the public must
be registered with the Trade Commission so that certain information
about them is available to the public.
When there is no such information available, the public cannot obtain
the facts as provided under the Act and the sale is a violation, it was said.
Then "when issued" transaction is customarily used on Exchanges to
Provide a market for a security prior to its actual issuance.
Following receipt of the Mr. Bane's opinion, the New York
Curb Exchange announced the suspension of several issues
all of which were traded on a when, as and if issued basis.
The notice by the Exchange said:
In view of a ruling by the chief of the securities division of the Federal
Trade Commission, the committee on listing has suspended trading until
further notice in the following securities, all of which were traded when, as
and if issued.
United Air Lines Transport Corp.—Voting trust certificates representing
capital stock of $5 par value.
United Aircraft Corp.—Capital stock of $5 par value.
Boeing Airplane Co.—Capital stock of $5 par value.
Armour & Co., Illinois—New $6 cumulative convertible prior preferred
stock without par value and new common stock of $5 par value.
The securities market on the New York Produce Exchan
followed the action of the Curb Exchange by suspen
from dealing the following:
Allegheny Corp.—New prior preferred cony, stock, no par, w. I.
Associated Telephone Utilities Co.—(New Co.) common, w. I.
First Boston Corp.—New capital, $10 Par,
w.i•
United Cigar Stores Co. of America (New Co.) common, $6 par,
w. 1.
Pressed Steel Car Co.
-5% cony. debentures, 1945. W. I.
Pressed Steel Car Co.—Certificates of int. in 5% cony. deb.,
1943. w. I.
Two issues of stock of Armour & Co. (Illinois) were suspended from the Chicago Stock Exchange on May 31, but
trading was again resumed on June 1. In indicating the
resumption of trading in the issues, Associated Press advices
from Chicago, June 1, said:
Trading in the two proposed issues of stock in Armour & Co.
(Illinois)
which are elements of a reorganization plan was resumed to-day
on the Chicago Stock Exchange after a one-day halt. The Exchange announced
that
the Federal Trade Commission had ruled that issues of this sort need
not be
registered, and that buyers could make a binding contract
of purchase
without having received a prospectus as required by the Securities
Act for
stocks actually issued.
Stocks of the Boeing Airplane Co., the United Aircraft
Corp. and the United Airlines Transport Corp. were removed from trading on the San Francisco Curb Exchange
May 31, it was stated in advices (Associated Press) from
San Francisco. The stocks were to have been admitted
to trading June 4, the advices stated, on a when issued basis,
but were ordered withdrawn on a ruling by the Federal Trade
Commission.
Federal Reserve Bank of New York Finds Supply of
Funds Seeking Short Term Investments Continues
Large—Deposits in New York City By Other Banks
Increase.
Reviewing the money market in May, the June Monthly
Review of the Federal Reserve Bank reports the money
market as having been unusually inactive during the past
month. The Bank states that "the supply of funds seeking
short-term investment continued to be very large but the
3695
outlets for such funds were even more limited than in the
preceding months."
According to the Bank "the main obstacle in the way of
credit expansion continues to be the difficulty of bridging
the gap between the huge supply of funds seeking shortterm investments on one hand, and the demand for long
term credit on the other." It adds:
Mortgage money continues scarce in most localities, and the flow of
funds into business capital remains far below the average volume in past
years. Institutions whose liabilities are largely payable on demand are
reluctant to engage heavily in the supplying of long term credit, however,
especially if means are not readily available for converting the investments
into liquid funds in case of need. The supply of high grade bonds, the
principal type of long term investment which is readily marketable, has
become limited due to the virtual cessation of new corporation issues for a
number of months past.
Reflecting this situation, the short term money market became still
easier during the past month, although nominal money rates remained
largely unchanged. The volume of brokers' loans declined somewhat in
May, the amounts of acceptances and open market commercial paper
coming into the market were very small, and Government security issues
were confined to sales of Treasury bills, almost entirely for refunding purposes. Yields on short term Treasury securities declined slightly further,
and yields on long term Government bonds also reached new low levels
for recent years.
From the June Review we also quote the following:
Early in the month (May) there was the usual outflow of funds to other
districts and some increase in the amount of currency outstanding, but
the excess reserves of the principal New York City banks at no time declined below $380,000,000. Before the middle of the month a heavy
inflow of funds from other districts was resumed and the usual return
flow of currency started, and, although sales of new Government securities
somewhat exceeded maturities in the New York market and resulted in
some withdrawal of funds from New York by the Treasury, the excess
reserves of the New York banks rose again to about the same high level as
a month previous—well above $500,000,000.
Deposits in the large New York City banks by other banks have increased substantially during the past few months, notwithstanding the
fact that no interest is now being paid on demand deposits. These deposits represent largely the New York balances of banks in other parts
of the country, but include also some funds deposited by savings banks in
New York City. Substantial withdrawals of out of town bank funds
occurred immediately following the mandatory elimination of interest payments on demand deposits at the middle of June last year, and little change
occurred in the New York balances of such banks during the remainder of
1933. The reaccumulation of bank balances in New York during the past
few months has reflected the growing volume of idle funds in banks throughout the country. In view of the absence of sufficient amounts of short
term investments to meet the demand, banks which are not prepared to
invest their funds for longer periods have nothing to lose by placing a part
of their funds with their city correspondents in deposit accounts which
yield no return until ways of employing the funds are found.
For the country as a whole, excess reserves in the last week of May were
around $1,675,000,000, or practically the same volume as a month previous.
The actual amount of member bank reserve balances reached a new high
level at $3,767,0090,000 on May 23, but the increase over a month previous
was offset by a small increase in member bank reserve requirements, refleeting so e tirther increase in their deposits. The present vo time of
mem
reserves is more than 40% above the high point of 8 6 ,hed in 1929.
000,
endments Proposed to Banking Act of 193
Modifying Restrictions on Payment of Deposits
and Interest Payments—Changes Recommended
by Governor Black of Federal Reserve Board in
Letter to Senator Fletcher.
Amendments to the Banking Act of 1933, recommended
by Eugene R.Black, Governor of the Federal Reserve Board,
were introduced in the Senate on May 30 by Senator Fletcher,
Chairman of the Banking and Currency Committee. The
proposed amendments would modify restrictions imposed
on the payment of interest on time deposits, savings deposits
and deposits payable on demand by member banks of the
Federal Reserve System. Regarding the amendments, we
quote from the Washington advices May 30 to the New
York "Times":
In an explanatory letter, Mr. Black said that the Board was faced by
many perplexing problems because of the present form of the law, and
urged that his suggestions, incorporated in a bill, be enacted during the
present session.
The Black bill is one of a series with the same objective. Some have
been introduced by Chairman Steagall of the House Banking Committee.
While actual adoption in the remaining days of Congress appears doubtful, advocates of the measure feel that their introduction will give evidence
of Congressional intent when the question of interpretation of the meaning
of the law as now written arises.
Mr. Black is particularly eager for his recommendations to be enacted,
as they represent chiefly definite changes in the law, rather than clarification of sections which might be subject to more than one interpretation
in promulgating rules and regulations.
The Important Suggestions.
Among his important suggestions is one that the Board be authorized
to define the terms "savings deposits," "deposits payable on demand"
and "time deposits" as they are affected by restrictions placed upon them
by Section 11 of the Banking Act of 1933, which amended Section 19 of
the Federal Reserve Act.
The exact meaning to be placed upon these terms is of much import
and has been a subject of considerable debate and controversy.
The part of the Black bill that would authorized the Reserve Board
to classify deposits reads in part:
"The Federal Reserve Board shall from time to time limit by
tion the rate of interest which may be paid by member banks regulaand savings deposits and for such purpose may classify time and on time
savings
deposits according to maturities, conditions respecting receipt, withdrawal.
or repayment, locations of banks or otherwise as it may deem
in the public interest and prescribe different rates for deposits ofnecessary
different
lasses.
3696
Financial Chronicle
June 2 1934
"Notwithstanding the provisions of the first paragraph of this section,
the Federal Reserve Board is authorized to define the terms 'time deposits,'
'savings deposits.' deposits payable on demand' and 'trust funds' for the
purposes of this paragraph and the paragraph immediately preceding,
to determine what shall be deemed to be a payment of interest for the purposesof such paragraphs, and to prescribe such rules and regulations as
ray deem necessary to effectuate the provisions of such paragraphs in
accordance with their purposes and to prevent evationi of such provisions."
ther rumors this week that efforts were being made to effect
a settlement, to the terms of Which several banks were reported to have agreed. The Government's action was referred to in our issue of May 19, page 3375.
Another Major Proposal.
Another amendment of major importance which Mr. Black asks is
that State banks not members of the Federa.1 Reserve System, which
enjoy advantages of the deposit Insurance under Section 12B of the Federal
Reserve Act (Section 8 of the Banking Act of 1933 setting up the Federal
Deposit Insurance Corporation), shall be subject to the same restrictions
on payment of deposits or of interest as banks which are members of the
Federal Reserve System. Otherwise, he pointed out, the non-member
banks would hold a distinct competitive advantage.
Other recommendations would permit offices of member banks "located
outside of the States of the United States and the District of Columbia"
to pay interest, demand and time deposits to meet competition by foreign
banks; exempt as deposits on which no interest can be paid, deposits of trust
funds, where State laws permit such interest payments, and permit the pay-•
ment of deposits before maturity under rules promulgated by the Reserve
Board. The present law lays down the specific rule that no payment of
time deposits in advance of maturity shall be made.
Federal Government's Policy Toward Banks Criticized
by if. E. Mitchell, President, Illinois Bankers'
Association.
Criticism of the Federal Government's policy toward
.Mr. Black's Letter.
Mr. Black's letter to Senator Fletcher read in part:
"The inflexibility of the provisions of the last two paragraphs of Section 19
of the Federal Reserve Act, which relate to the payment of interest on
deposits, in a number of instances has caused hardships to member banks
and to their depositors and has given rise to numerous difficulties in administration.
"In view of the undesirable situations created thereby it is believed
that these paragraphs should be amended in such respects as may be
ne.wesacy to eliminate the objectionable features, and there is submitted
herewith for the consideration of your Committee a draft of a bill which
It is believed will accomplish the end desired and at the same time will serve
to further the purposes of the present law.
"There is also enclosed a draft of a revision of the last two paragraphs
of Section 19 which shows the textual changes which would be made by the
bill if enacted.
Asks Authority for Board.
"In order that the provisions of the last two paragraphs of Section 19
may be sufficiently adaptable to meet the requirements of actual conditions,
it is believed that it is desirable to vest in the Board specific authority
to define, for the purposes of such paragraphs, the terms 'time deposits,'
.
'savings deposits' and 'deposits payable on demand.'
"In addition it is believed that the Board should be expressly authorized
to prescribe such rules and regulations as may be necessary to effectuate
the purposes of the paragraphs and to prevent evasions thereof. The bill
herewith submitted contains amendments for such purposes,
"The rates of interest customarily paid on deposits by foreign banking
institutions are often in excess of the rates which may lawfully be paid by
member banks of the Federal Reserve System on the same kind of deposits,
and, as as result thereof, branches of member banks operated in places
outside of the United States may lose substantial amounts of deposits
unless they are permitted to meet competition by paying interest at a
rate equal to that currently paid by foreign banking institutions.
Foreign Competition Cited.
"In view of such circumstances, it is the opinion of the Board that the
last two paragraphs of Section 19 should be amended so as to except deposits
payable only at any office of a member bank located outside of the States
of the United States and of the District of Columbia from the prohibition
upon the payment of interest on deposits payable on demand and from the
provisions relating to the payment of interest on time and savings deposits.
The enclosed bill would accomplish this purpose.
"You will observe that the bill would also except from the prohibition
upon the payment of interest on deposits payable on demand any deposits of trust funds with respect to which the payment of interest is required
by State law. The laws of a number of States require the payment of interest on uninvested funds held in trust by banks, and, since trust funds
awaiting investment as a practical matter must usually be available on
demand and may not ordinarily be carried as time deposits, it is believed
that the prohibition upon the payment of interest on deposits payable on
demand should be made inapplicable to deposits of trust funds with respect
to which the payment of interest is required by State law."
The Payntent of Interest.
"The present law provides that the prohibition upon the payment of
interest on deposits payable on demand shall not be construed to prohibit
the payment of interest by a member bank in accordance with the terms
of any certificate of deposit or other contract entered into in good faith
and in force on the date of enactment of the Banking Act of 1933.
"The enclosed bill provides in substance that such prohibition shall
not be construed to apply to any payment made in accordance with the
terms of a bona-fide contract in force on the date on which the bank becomes
subject to such provisions.
"The amendment would except from the prohibition upon the payment
of interest on deposits payable on demand any payment made by a bank
entering the System subsequent to the enactment of the Banking Act of
1933, provided such payment is made in accordance with the terms of a
contract entered into in good faith and in force on the date the bank becomes
a member of the System. Such an amendment is believed to be desirable.
"It is the view of the Board that the absolute prohibition against the
payment of time deposits before maturity should be relaxed so as to permit
the payment of such deposits before maturity in exceptional circumstances
and in order to avoid hardships. Accordingly, the enclosed bill provides
that no time deposit may be paid before its maturity 'except upon such
conditions and in accordance with such rules and regulations as may be
prescribed by the Federal Reserve Board."
Suit of Comptroller of Currency Against New York
Clearing House Banks Postponed Until October.
The suit by the Comptroller of the Currency calling upon
twenty member banks of the New York Clearing House Association to reimburse $10,000,000 on behalf of the depositors
and creditors of the closed Harriman National Bank and
Trust Company, which was scheduled to open May 21 before
Supreme Court Justice Wasservogel in New York City, was
adjourned until October on application of counsel for the
Comptroller and for the defendant banks. There were fur-
banks and the National Recovery Administration was
contained in an address delivered on May 21 by John E.
Mitchell, as President of the Illinois Bankers' Association,
who declared that sooner or later, unless the public is fully
informed, the Government will take over all banking.
Mr. Mitchell spoke at the opening session of the 44th
annual convention of the Association at Springfield, Ill.
From the Chicago "Journal of Commerce" we quote the
following regarding Mr. Mitchell's address:
Visualizing the eventual operation of all banking by the Government
unless the public rebels against such an occurrence, the speaker declared
that young men and women starting in business would be denied the
credit which made their parents and grandparents successful. In this
vein he said, "We would turn over to the politicians the patronage of
the banking system and to political control the granting or refusing of
credit, that greatest of all instruments by which individuals and local
communities can climb to better things or that instrument by which rulers
may become tyrants."
Slaps at Propaganda.
Declaring his belief that Administration leaders have encouraged propaganda aimed in the direction of making banking a National monopoly,
although unwilling to declare openly for such a policy, Mr. Mitchell said
"banking has had to stand up under the most severe public attacks. Seizing
on this situation many leaders in the present Administration are holding
out to citizens the idea that the unit banks of America represent not the
mass of people or their desires, but rather that banks are the tools and
instruments of vested interests.
"Every organization must be run by men and its acts are the acts of
men, and I defy any public man to prove that the deposit bankers of this
country do not represent and hold the viewpoint, not of those of great
riches, but the viewpoint of the average provident man. If our friends
wish to claim that they represent the improvident, then the banker does
not stand for the man for which they stand. The banker would protect
the provident, not the improvident."
Reviews Depression lkistory.
Reviewing the banking history through the depression and its culmination in the moratorium of 1933, Mr. Mitchell declared that the banks
were not the cause of conditions but were affected by them and said,
while it was necessary for the Government to render aid, it did so with
funds of the whole people. As for this he said. "Nothing in this action
justifies the destruction of the system. If the doctor pulls us through a
serious illness. do we expect him to demand our house and lot and our
wife and baby? Nationalization cannot be claimed on this basis."
Concluding he said.
"I am not a pessimist. America is not going backward. Out ahead
of us is a social order which will permit of standards of living and leisure
for tho masses of which we have scarcely dreamed. In the future the
American bank can play as great a part as in the past. But leisure and
the having of things will still be based on individual effort.
Up to "Provident" Public.
"Men and women do not grow by leaning on the State for support.
They grow by the assumption of responsibility for themselves and others.
The provident are the bankers' clients. He Is for them. And the backbone of the American and every other civilization is the provident man.
"It is up to the provident public of America to say whether they want
banking handled by the politicians or by the 25,000 bank executives known
as the 'American Banker'."
Mr. Mitchell is Vice-President and Cashier of the First
National Bank of Carbondale, Ill.
Treasury Bill Offering Omitted by Treasury for Second
Consecutive Week.
The usual weekly offering of Treasuyr bills was omitted
this week for the second consecutive week by the Treasury
Department, as, according to Washington advices May 31
to the New York "Times" of June 1, there was ample cash
in the general fund to meet all requirements over a considerable period, and the next maturity of Treasury bills,
an issue of $100,100,000, does not come until June 20. The
Treasury also failed to announce an offering last week; the
failure of such action was referred to in our issue of May 26,
page 3527.
Silver Purchases by Treasury During Week of May
25 Totaled 886,066.38 Fine Ounces—Largest Amount
Received by Mints in Any One Week.
During the week of May 25, it is indicated in a statement
issued by the Treasury Department on May 28, silver
amounting to 885,056.38 fine ounces was received by the
various United States mints from purchases made by the
Treasury in accordance with the President's proclamation
of Dec. 21 1933. The proclamation which was referred to
in our issue of Dec. 23, page 4440, authorized the Department to buy at least 24,000,000 ounces of silver annually.
The amount purchased during the week of May 25 is
the largest amount bought in any one week since the proclamation was issued. During the week of May 18 the pur-
Volume 138
Financial Chronicle
3697
chases amounted to 503,308.80 fine ounces. Of the amount
purchased during the latest week 325,500.59 fine ounces
were received at the San Francisco mint, 157,353 fine ounces
at the Denver mint, and 402,202.79 fine ounces at the
Philadelphia mint. The total weekly receipts since the
issuance of the proclamation are as follows (we omit the
fractional part of the ounces):
1934.
Per
Per
Value. Cent. Value. Cent.
1933.
Value.
1934.
Per
Cent. Value.
Per
Cent.
Crude materials
28,618 27.7 45.878 26.0
Crude foodstuffs
2,610 2.4 5,318 8.0
Manuf'd foodstuffs_ __ 8,799 8.5 12,473 7.1
Semi-manufactures. __ 15,459 15.0 29,360 16.6
Finishe• manufactures 47,879 48.4 83,440 47.3
132,071 30.9 215.775 31.1
13,943 3.2
25,674 3.7
39,758 9.3
54,481 7.9
61,041 14.3 110.218 15.9
180,727 42.3 287,099 41.4
Domestic exports_ _ 103,265 100.0 176.499 100.0
427,540 100.0 693.245 100.0
Crude materials
Crude foodstuffs
Manuf'd foodstuffs..
Semi manufactures- _ _
Finished inanurrs___.
21,135
16,557
16,270
13,536
20,914
23.9
18.7
18.4
15.3
23.7
41,009
21,916
23.676
26,118
28,418
29.1
15.5
16.8
18.5
20.1
93,034
70,761
56,360
58,043
84,828
25.6
19.5
15.5
18.0
23.4
158,641
87.444
84,297
104,379
113,201
29.0
15.9
15.4
19.0
20.7
ImPOrts-a
88,412 100.0 141,137 100.0 363.026 100.0 547,962 100.0
a 1933 figures are general imports. 1934 figures are imports for consumption.
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MONEY OUTSIDE OF THE TREASURY.
Four Months Ended April.
Month of April.
1933.
a
.-3
1
ANALYSIS BY ECONOMIC GROUPS OF DOMESTIC EXPORTS FROM
AND IMPORTS INTO THE UNITED STATES FOR THE
MONTH
OF MARCH 1934.
(Value In 1.000 Dollars.)
o,
to
42.46 126,419,000
The Department of Commerce at Washington May 28
issued its analysis of the foreign trade of the United States
in April 1934 and 1933 and the four months ended with
April of 1934 and 1933. This statement indicates how
much of the merchandise imports and exports consisted of
crude or of partly or wholly manufactured products. The
following is the report in full:
_._
n.16-ctsa c''8 :2°8
MONEY HELD IN THE TREASURY.
of the United States
S11.
'0
All
Other
Money.
Exports
for April.
8 O 8 88 ,t4
Held for
Federal
Reserve
Banks
and
Agents.
Analysis of Imports and
I0'....
Amt. Held as Reserve Against
Security Atenst United States
Notes
Gold and Silver
Certifkates
(& (and Treasury
Notes
Treariau Notes
of 1890).
of 1890).
Total to May 23
$246,994.00
81,528,900.00
Note.
-Gold bars deposited with the New York Assay office to the amount of
$200,572.69 previously reported.
W
'co 0
:
SIIV
....1.
r
.4
0
b(3,812,208.410) 12,882,801.014 g6,687,636,498 1.320,064,029 5,367,572,469
5.400.00
1,523,500.00
8,317.891,174
1,000.00
245,994.00
I
13.539,773,590
857,430,180.00
6,751,641,258 1,357,951,728 5,393,689,530 42.69 126,346,000
8,294,425,757 2,290,952,598 6,003,473,159 *47.82 *125,548,000
6,761,430,672 1,063.216,060 5,698,214,612 53.21 107,096,005
953,321,522 4,172,945,914 40.23 103.716,000
5,126,267,436
3,459,434,174 34.93 99.027,000
3,459,434,174
816,266,721 16.92 48,231.000
816,266,721
527,824,134.06
Total to May 23
Received by Treasurer's office:
Week ended May 23
Received previously
8937,810.00
58,492,370.00
3,437,767,100 3,105,893,892
247,082,113
1,665,306.046
352,850,336
1,212,360.791
117,350,216
188,390,925
90,817,762
Gold Certificates.
852,927.06
27,771,207.00
156,039,088
156,039,088
152,979,026
152,979,026
150,000,000
100,000,000
Gold Coln.
Received by Federal Reserve banks:
Week ended May 23
Received previously
4,996,733,764
1,757,229,893
718,674.378
2,681,691,072
1,507.178,879
21,602.640
$997,137 of Hoarded Gold Returned During Week of
May 23 $53,927 Coin and $943,210 Certificates.
The Federal Reserve banks and the Treasurer's office
received $997,137.06 of gold coin and certificates during the
week of May 23, it is shown in figures issued by the Treasury
.
Department on May 28. Total receipts since Dec. 28 1933,
the date of the issuance of the order requiring all gold to be
returned to the Treasury, and up to May 23, amount to
$87,030,208.06. Of the amount received during the week
ended May 23, the figures show, $53,927.06 was gold coin
and $943,210 gold certificates. The total receipts are shown
as follows:
8,258,666,744
3,825,657,140
2.436,864.530
2,952,020,313
1,845,569,804
212,420,402
Nov. 25 1933
$10,208,100
$8,748,000 Mar. 3 1934
Dec. 2 1933
6,900.000
2,545,000 Mar. 10 1934
Dec. 9 1933
7,909,000
7,079,000 Mar. 17 1934
Dec. 16 1933
37,744.000
16,600,000 Mar. 24 1934
Dec. 23 1933
23,600,000
16,510,000 Mar. 31 1934
Dec. 30 1933
42,369,400
11,950,000 Apr. 7 1934
Jan. 6 1934
20,580.000
44,713,000 Apr. 14 1934
Jan. 13 1934
30,500,000
33,868,000 Apr. 21 1934
Jan. 20 1934
4,885,000
17,032,000 Apr. 28 1934
Jan. 27 1934
5,001,500
2,800,000 May 5 1934
Feb. 5 1934
500,000
7,900,000 May 12 1934
Feb. 13 1934
4,000,000
.22,528,000 May 19 1934
Feb. 17 1934
5,000.000
7,089,000 May 26 1934
Feb. 24 1934
1.861,000
•In addition to this amount. $638,400 of bonds held by the Treasury as collateral
security for postal savings deposits purchased Feb. 9 by FDIC.
•
Total.
13,452,311,018
10,362,853,004
8,479,620,824
5,396,596,677
3.797.825,099
1,007.084,483
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. The figures this time are for
April 30 1934 and show that the money in circulation at
Week EndedOunces.
Ounces.
Week Endedthat date (including, of course, what is held in bank vaults
Jan. 5
369,844
1,157 Mar. 23
Jan. 12
354,711
547 Mar. 30
of member banks of the Federal Reserve System), was
Jan. 19
569,274
477 Apr. 6
Jan. 26
$5,367,572,469, as against $5,393,689,530 on March 31 1934
10,032
94,921 Apr. 13
Feb. 2
753,938
117,554 Apr. 20
and $6,003,473,159 on April 30 1933, and comparing with
Feb. 9
436,043
375.995 Apr. 27
Feb. 16
647,224
232,630 May 4
$5,698,214,612 on Oct. 31 1920. Just before the outbreak
Feb. 23
600.631
322,627 May 11
Mar. 2
503.309
of the World War, that is, on June 30 1914, the total was
271,800 May 18
Mar. 9
885,056
126,604 May 25
Mar. 16
only $3,459,434,174. The following is the full statement:
832.808
C) ,nng 4 TV2 v agg
P
'gg .1;4 a
Government Securities in Amount of $5,000,000 Pur- :7,"45,11O3 reF'gt1n.a
Jcz." 94 • g‘c
.• g
chased by Treasury During Week of May 26.
ww.wwp4.
efIlMgarpg=
According to figures issued by the Treasury Department
on May 28, $5,000,000 of Government securities were pur- PF: P"g° .gs
4
4:i- el
chased in the open market by the Treasury during the week
• ' • "&f. 11:“
•
,
C i ..1
G
--of May 26 for the investment accounts of various Govern0.
0.
ment agencies. During the previous week ended May 19
the treasury purchased $4,000,000 of the securities. Since
ratililq. 0g
,...
the inception of the Treasury's support to the Government
"....t.c-c.01.g....- .
.
bond market last November, reference to which was made
t 2- a:41§ ilst
''
ft
in our issue of Nov. 25, page 3679, the weekly purchases
....__
._.
have been as follows:
it
4
R
P.
1.,_.'0,1010;$
w0,nut080
0 40,.mg. 0
1;.10 - .110:4
0
000-0w.0
'0,1),
0...i
me0
10W
c>0.
NI
w..40 . =
0=0,...0.4. m
0,
a.
0
.
p..
01
.. " 111W
ag
i
r
7.'0
,......_
I.Cool.b 7 .l.
g
_
Ip.
4.
28 t g 11 V. a8
P
.
b.
ba.
0...
F....5 4.1
ws,..
F.
Et.7..uttt
tu
.........
..
el
.
...... .
. -.
. ..?,
e%
a
,
,iiisk ,
:te
5,.,10e...
-1 5 n;k1ggtr.
6"
2
1
.
-
5
=10CE
:,e
v
IRKFAri
.taa ir•
5
a
5
• Revised figures.
a Does not include gold other than that held by the Treasury.
b These amounts are not included in the total since the gold or silver
held as
security against gold and silver certificates and Treasury notes of 1890 is included
under gold, standard silver dollars and silver bullion, respectively.
c 31,560.000 secured by silver bullion held in the Treasury (Act May 12
1933).
d This total Includes $30,894,122 deposited for the redemption of Federal Reserve
notes (5729,905 in process of redemption).
e Includes 51,800,000.000 Exchange Stabilization Fund.
1 Includes 836,839,931 lawful money deposited for the redemption of National
bank notes (819.816,703 in process of redemption, Including notes chargeable to
the retirement fund), 86,332,300 lawful money deposited for the redemption of
Federal Reserve bank notes (82,158,375 in process of redemption. Including
notes
chargeable to the retirement fund). 81.350 lawful money deposited for the
retirement of additional circulation (Act May 30 1908). and 860,629,712 lawful
monej
deposited as a reserve for postal savings deposits.
3698
Financial Chronicle
June 2 1934
S The amount of gold and silver certificates and
Treasury notes of 1890 should
be deducted from this amount before combining with total money held in the
Treasury to arrive at the total amount of money in the United States.
h Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
I The money in circulation includes any paper currency held outside the cnoUnental limits of the United States.
Note.
-Cold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption for uses authorized by law; silver certificates are secured
dollar for dollar by standard silver dollars held in the Treasury for their redemption
(or by silver bullion); United States notes and Treasury notes of 1890 are secured
by a gold reserve of $156,039,088 held in the Treasury. Treasury notes of 1890
are also secured dollar for dollar by standard silver dollars held in the Treasury;
these notes are being canceled and retired on receipt. Federal Reserve notes are
obligations of the United States and a first lien on all the assets of the issuing
Federal Reserve bank. Federal Reserve notes are secured by the deposit with
Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal
Reserve Act, or until March 3 1935, of direct obligations of the United States if
so authorized by a majority vote of the Federal Reserve Board. Federal Reserve
banks must maintain a reserve in gold certificates of at least 40%. Including the
redemption fund which must be deposited with the United States Treasurer, against
Federal Reserve notes in actual circulation. Federal Reserve bank notes are
secured by direct obligations of the United States or commercial paper, except
where lawful money has been deposited with the Treasurer of the United States
for their retirement. National bank notes are secured by United States bonds
except where lawful money has been deposited with the Treasurer of the United
States for their retirement. A 5% fund Is maintained in lawful money with the
reasurer of the United States for tile redemption of National bank notes and
Federal Reserve bank notes.
Country's Foreign Trade in April-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on May 28 issued its statement on the
foreign trade of the United States for April and the four
months ended with April with comparisons by months
back to 1929. The report in full follows:
TOTAL VALUES OF EXPORTS, INCLUDING RE-EXPORTS AND
GENERAL IMPORTS.
(Preliminary Figures for 1934 Corrected to May 26 1934.)
Merchandise.
4 Monihs Ended April.
April.
1934.
Excess of exports _
Excess of imports-
1934.
1,000
Dollars.
179,444
146,517
Exports
Imports
1933.
1933.
1,000
Dollars.
105,217
88,412
1,000
Dollars.
705,488
572.594
1,000
Dollars.
435,336
363,026
32,927
----
16,805
____
132,894
Increase
(+)
Decrease(-)
72,310
1,000
Dollars.
+270,152
+209,568
Exports and Imports of Merchandise, by Months.
1934.
Exports,Including
Re-exportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1933.
1932.
1931.
1930.
1929.
1,000
1,000
1,000
1,000
1,000
1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
172,224 120,589 150,022 249,598 410,849 488,023
162,805 101,515 153,972 224,346 348,852 441,751
191,015 108,015 154,876 235,899 369,549 489,851
179,444 105,217 135,095 215,077 331,732 425,264
114,203 131.899 203,970 320,035 385,013
119,790 114,148 187,077 294,701 393,186
144.109 106,830 180,772 266,762 402,861
131,473 108,599 164,808 297,765 380,564
160,119 132.037 180,228 312,207 437,163
193,069 153,090 204,905 326,896 528,514
184,256 138,834 193,540 288,978 442,254
192,638 131,614 184.070 274,856 426,511
4 months ended April 705,488 435,336 593.965 924,920 1.460,982 1,844,889
10 months ended AprU 1,711,152 1,206,340 1.702,287 2,692,383 4,078,889 4,595,257
1,674.994 1,611,016 2,424,289 3,843,181 5,240,995
12 months ended Dec_
General Imports
January
February
March
April
May
June
July
August
September
October
November
December
135,513
132,656
157,908
146,517
96,006
83,748
94,860
88,412
106,869
122,197
142,980
154,918
146.643
150,867
128,541
133,518
135,520
130,999
131,189
126,522
112,276
110,280
79.421
91,102
98,411
105,499
104,468
97,087
183,148
174,946
210.202
185,706
179,694
173,455
174,460
166,679
170.384
168,708
149,480
153,773
310,968
281,707
300,460
307,824
284,683
250.343
220,558
218,417
226,352
247,367
203,593
208,636
368,897
369,442
383,818
410,666
400,149
353,403
352,980
369,358
351,304
391,063
338,472
309,809
1,532,823
4 months ended April 572,594 363,026 524,230 754,002 1.'?.. ,
10 months ended Aprli 1,430,061 939,014 1,507,714 2,078,925 3,313,945 3,538,335
1,449,559 1,322.774 2,090,635 3,060,908 4,399,361
12 months ended Dec_
TOTAL VALUES OF DOMESTIC EXPORTS AND IMPORTS FOR
CONSUMPTION OF THE UNITED STATES.
Merchandise-Domestic Exports and Imports for Consumption by Months.
1934.
Domestic ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1933.
1932.
1931.
1930.
1929.
1,000
1,000
1,000
1.000
1,000
1.000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
146,906 245,727 404,321 480,382
169,581 118,559
99,423 151,048 220,660 342,901 434,535
159,671
187,495 106,293 151,403 231.081 363,079 481,682
176,499 103,265 132,268 210,061 326,536 418,050
111,845 128,553 199,225 321,460 377,076
117.517 109,478 182,797 289,869 386,804
141,573 104,276 177,025 262,071 393,794
129,315 106,270 161,494 293,903 374,533
157,490 129,538 177,382 307,932 431,801
190,842 151,035 201,390 322.676 522,378
181,291 136,402 190,339 285,396 435,480
1891808 128,975 180.801 270.029 420.578
4 months ended April 693,246 427,540 581,625 907,529 1,426,837 1,814,649
10 months ended April 1,683,565 1,184,035 1,670,056 2,649,535 4,015.401 4,520,071
Importsfor Consump ion
128,738
January
125,011
February
153,075
March
141,137
April
May
June
July
August
September
October
November
December
92,718
84,164
91,893
88,107
109,141
123,931
141,018
146,714
147.599
149,288
125,269
124,318
4 months ended April 547,961
,n ...nnehe and181 'torn 1.382.167
356,882 517,875 749,324 1,210,823 1,491,100
938.979 1,509.815 2,055.827 3.318.779 3,522,003
134,311
129,804
130,584
123,176
112,611
112,509
79,934
93,375
102,933
104,662
105,295
95.898
183,284
177,483
205,690
182,867
176,443
174,516
174,559
168.735
174,740
171,589
152,802
149,516
316,705
283,713
304,435
305,970
282,474
314,277
218,089
216,920
227,767
245,443
196,917
201,367
358,872
364,188
371,215
396.825
381,114
350,347
347,133
372.757
356,512
396,227
332,635
302,692
Gold and Silver.
April.
4 Mont/is Ended April.
1934.
1934.
1933.
Increase1+)
Decrease(-)
1,000
Dollars.
37
52,279
Gold-Exports
Imports
1933.
1,000
Dollars.
16,741
6,769
1,000
Dollars.
4,846
744,228
1,000
Dollars.
66,399
180,593
1,000
Dollars.
-61,553
+563,635
___
9.972
____
739,382
114,194
193
1,520
3,682
9,498
2,222
5,831
.
1-527
5.810
5 coo
Excess of exports _ _ _ _
Excess of imports_ _
_.52:242
Silver
Exports
Imports
1,425
1,955
Excessf exports---o
Ex
f imports
-imDo
+1,640
+3
.667
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
1934.
1933.
1932.
Silver.
1931.
1934.
1933.
1932.
1931.
1,000 1,000 1,000 1,000 1,000 1,000 1.000 1,000
ExportsDollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
January
4,715
14 107,863
54
859 1,551
1,611 3,571
February
51 21,521 128,211
14
734
209
942 1,638
March
44 28,123 43,909
26
665
269
967 2,323
April
37 16,741 49,509
27 1.425
193 1,617 3,249
May
. 22,925 212,229
628
____
235 1,865 2099,
June
4,380 226,117
40
____
343 1,268 1,895
July
85,375 23.474 1,009
_
2,572
828 2,305
August
81,473 18,067
39
__ __
7,015
433 2024,
September
58.282
60 28,708
____
3,321
868 2,183
October
34,046
61 398,604
____
2,281
1,316 2,158
16 4,994
November
2,957
--_
464
875
872
December
13 32,651
10,815
____
590 1,260 2,168
--4 mos. end. Apr 4,846 66,399 329,492
121 3,682 2,222 5.157 10.781
10 mos. end. Apr 277,795 108,088 795,498 106,426 19,924 7,803 16,846 34,936
limos,end. Dec
____ 19,041 13,850 26,485
____ 366,652 809,528 466,794
Imports
January
February
March
April
May
•
June
July
August
September
October
November
December
1,947 128,479 34,913 34,426 3,593 1,763 2,097 2,896
452,622 30,397 37,644 16,156 2,128
855 2,009 1,877
1,823 1.693 1,809 1,821
237,380 14,948 19,238 25,671
52,279 6,769 19,271 49,543 1,955 1,520 1,890 2,439
__
1,785 16,715 50,258
5,275 1,547 2,636
-__ 15,472 1,401 2,364
1,136 20.070 63,887
___
5,386 1,288 1,663
1,497 20,037 20,512
____ 11,602 1,554 2,685
1,085 24,170 57,539
____
1,545 27,957 49,269
3,494 2,052 2,355
____
4,106 1,305 2,573
1,696 20.674 60,919
__-_
____
2,174 21.756 94,430
4,083 1,494 2,138
.._ _- 4,977 1,203 3,215
1,687 100,872 89,509
4 mos. end. Apr 744,228 180,593 111,066 125,796 9,498 5,831 7,805 9,033
10 mos. end. Apr 753,911 396,058 483,244 289,651 43,146 14,727 22,436 28,522
____ 60.225 19 650 28 (ma
12 mos. end. Dec
____ 193.197 363,315 612,119
List of Companies Filing Registration Statements with
Federal Trade Commission Under Securities Act.
Almost $4,000,000 in additional security issues filed under
the Securities Act were announced May 31 by the Federal
Trade Commission in making public 10 newly filed registration statements. They are grouped as follows:
Industrial and commercial issues
1,646,323.50
Investment trust
-------------------------------------2,025,000.00
Certificates of deposit305,500.00
All but $450,000 of the industrial issues is for mining and
oil projects, the Commission said. It added:
Other industrial and commercial issues are for a Reading, Pa., motor
vehicle company and a New York security investment house, the latter
proposing a common stock issue as distinguished from two investment
trusts filing endowment certificates and trust shares.
Issuers of these proposed securities have headquarters or operate in New
York, Chicago. Montreal, New Orleans, Dayton, Reading, Pa., Goldfield
and Lovelock, Nev., and Bolivar, N. Y.
The Commission also announced the refiling of a registration statement by International Placer Mining Co., Inc.
(2-211, Form A-1), of Bellingham, Wash., covering an issue
of $525,000. The original statement filed last fall was withdrawn at the company's request on permission granted by
the Commission Oct. 12 1933. The new registration statements (900-909) were listed as follows:
Ardeen Gold Mines, Ltd. (2-900, Form A-1), Montreal, Canada, an Ontario
corporation organized Dec. 27 1933, to operate mining properties in Ontario.
The company expects to issue 1,398.993 shares of common stock at an
aggregate price of $404,797.20. Proceeds will be used for organization
purposes. The stock has been placed on the market in Canada
at 50 cents
a share. The company expects to increase its price there as well as in the
United States when development work progresses. Henry G. White,
212 Powers Building, Rochester, N. Y., is the underwriter and John J.
McInerney, Union Trust Building. Rochester, is the United States agent.
Among officers are: Henry G. White, Rochester, President, and W. A.
Williams, Montreal, Secretary-Treasurer,
Collateral Equities Inc. (21901, Form C-1), Dayton, Ohio, a restricted
management trust of the fiduciary type dealing in shares of collateral
equities and proposing to issue 200,000 trust shares at an aggregate offering
price of $1,025,000. Trustee for the issue is the Winters National Bank &
Trust Co., Dayton. Among officers are. Ray M. Brock, President:
R. H. Brundrett, Secretary: W. M. Brock, Treasurer, all of Dayton.
Bondholders Protective Committee for the Baton Rouge Lodge No. 490.
Benevolent and Protective Order of Elks, First Mortgage 54% Serial Gold
5
Bonds (2-902, Form D-1), 813 Union Building, New Orleans, calling for
deposits of the above bonds amounting to $85,500 out of an original issue
of $100,000. The bonds have been in default as to principal and interest
since May 1 1933. In January 1934, sufficient funds were deposited to
pay the May 1 1933 coupons. The committee reports that the bonds are
widely scattered and it is possible that foreclosure or receivership proceedings may be contemplated by the bondholders. Members of the committee are. C. Ellis Henican, A. l'aimer Smith, Jr., and Wilfred G.
Gehr, all of New Orleans.
Great Bend, Ltd. (2-903, Form A-1), Goldfield, Nev., a Nevada corporation
organized Oct. 6 1931 to engage in mining and milling of minerals and ore
and the development of petroleum and other natural resources. The company expects to issue 2,497,463 shares of common stock at 10 cents each.
Volume 138
Financial Chronicle
the proceeds to be used for organization expenses and working capital.
No underwriter has been named. Among the officers are. J. K. Turner,
Reno, Nev., President; A. C. Bates, Seattle, Wash., Secretary-Treasurer.
Hamilton Shares, Inc. (2-904, Form A-1). 30 Broad St., New York, a
Delaware corporation organized April 19 1934, to deal generally in investment securities, and now proposing to issue $350,000 common stock or
$14 a share, proceeds to be used for purchase of investment securities for
the portfolio of the issuer. Snyder, King & Co., Inc., 30 Broad St., New
York City, has underwritten the entire issue of 25.000 shares, paying the
issuer therefor $11 a share. No further commissions or discounts are to
be paid, according to the registration statement. Among officers are.
Harold K. Hammerinn& Harrison. N. Y., President; W. Wallace Snyder,
Bronxville, N. Y., Vice-President and Treasurer; Ruth M. Ziegler, Jersey
City, Secretary.
Nevada State Gold Mines Co. (2-905, Form A-1), Lovelock, Nev., a Nevada
corporation organized Dec. 20 1921 to mine gold in Nevada and now
proposing to issue $400,000 preferred and common stock. The common
stock will be exchanged, 1 for 5 of the old stock; while of the first preferred,
400,000 shares will be sold plus 3i share of common. Second preferred will
be exchanged for bonds plus interest plus ;4 share of common. Proceeds
will be used for organization purposes. The underwriter, F. L. Hewett,
1062 Russ Building, San Francisco, will receive 20% commission on sales
of first preferred stock plus a bonus of 145.000 shares of common stock on
a basis of $400,000 or its pro rata. Among officers are. Jay P. Graves,
Spokane, Wash., President; Stuart L. Williams, Lovelock, Nev., SecretaryTreasurer, and A. Buckingham, Lovelock, Assistant Secretary-Treasurer.
Clinton Manufacturing Corp. (2-906, Form A-1), Reading, Pa.. a Pennsylvania corporation organized April 17 1934 to manufacture and sell trucks.
motor vehicles, accessories, tanks and fixtures. The company expects to
issue 100,000 shares common stock at $1 a share, the proceeds to be used
for administrative expenses. No underwriter has been appointed. The
company expects to sell its securities by mail. Among officers are. William
J. Webster, New York City, President; Edward A. Hoffmann, Reading.
Pa., Vice-President and Treasurer, and George E. Toepfer, Reading,
Secretary and Vice-President.
Victor II. Munnecke and Others. Members of the Committee for Protection
of the Holders of First Mortgage Bonds Sold By or Through West Englewood
Trust & Savings Bank and Other Bain Banks (2-907, Form D-1), 30 North
La Salle St., Chicago, calling for deposit of $220,000 first mortgage real
estate bonds secured by first mortgage trust deed on real estate, held in
legal title by West Englewood Trust & Savings Bank, Chicago. as trustee,
sold by or through the Bain Banks. Armitage State Bank, Auburn Park
Trust & Savings Bank, Brainerd State Bank, Bryn Mawr State Bank,
Chatham State Bank, Chicago Lawn State Bank, Elston State Bank,
Ridge State Bank, Stony Island State Savings Bank, West Englewood
Trust & Savings Bank, West Highland State Bank, and West Lawn Trust
& Savings Bank. The property is the Cosmopolitan Theater Building.
7924-42 South Halsted St., Chicago. A decree of foreclosure fixing the
total amount of indebtedness due on the bonds and ordering the sale of the
Property to satisfy the lien of the bonds was entered Dec. 11 1933, in the
Superior Court of Cook County, Ill. Members of the committee are.
Victor H. Munnecke, Chairman; James B. McCahey, Frank J. Heitmann,
William F. Stelzer, Carl H. Morstadt, Arthur M. Tarman and Harry M.
Nacey, all of Chicago.
Empire State Refining Corp. Inc. (2-908. Form A-1), Bolivar, N. Y., a
New York corporation, organized March 17 1933, to produce oil and gas.
The issuer has taken no legal procedure to qualify to do business, except
in New York State. It expects to issue 8,548 shares of common stock at
$5 each and 4.952 shares of preferred at $20 each or an aggregate of $141,780,
the proceeds to be used for working capital and expansion of facilities. The
company has no underwriter and expects to market its own securities.
Certain duly authorized agents to be designated later may be allowed a
concession of $1 a share on common stock and $4 a share on preferred stock.
The officers are. F. R. Beckwith, President; F. L. Beckwith, Secretary,
and Edmund Hungerford, Treasurer, all of Bolivar, N. Y.
United Endowment Foundation. Inc. (2-909, Form C-1), 52 Vanderbilt
Ave., New York City, an investment trust proposing to issue $1.000.000
endowment certificates with insurance, which are service contracts for
purchase and acctunulation of Foundation Trust Shares, series A. by
Periodic deposits. Among officers of the trust are. H. C. Williams. President; R. B. Deans, Vice-President and Treasurer, and B. W. Black, Secretary and Assistant Treasurer, all of New York City.
In our issue of May 26, page 3529, we gave the last
previous list of registration statements.
Federal Trade Commission Suspends Effectiveness of
Registration Statement of Commonwealth Bond
Corp. as Committee for Bonds of Tudor Corp. of
New York City.
The Federal Trade Commission announced on May 25
that it had entered an order suspending the effectiveness
of the registration statement of Commonwealth Bond Corp.
as committee for first mortgage 5% sinking fund gold bonds
of Tudor Corp. of New York City (File 2-440). In its
announcement the Commission said:
The Commission found that there were numerous deficiencies in the
registration statement resulting from either untrue statements or failures
to state facts required to be stated.
The Commission reiterates the rule set forth in Federal Trade Commission vs. Howard, concerning the basis for the issuance of a stop order.
The opinion states:
The Commission's jurisdiction to issue a stop order under Sec. 8 (d)
is conditioned upon the existence of untrue statements with regard to,
or omissions to state, material facts, but, given such material deficiencies,
the stop order may embrace in its terms other deficiencies which have been
Included in the notice to show cause and established as deficiencies. Federal
Trade Commission v. Howard. In this proceeding, respondent has raised
no question regarding the materiality of any of the deficiencies, and thus
the existence of deficiencies will be considered without discussion of their
materiality. Federal Trade Commission v. Howard, supra.
The discussion in the opinion concerning the answer to Item 11 in the
registration statement shows that the information to be given under a
particular item may not be such as to be misleading under the circumstances of the particular case, even though it may be literally true. The
Commission says:
A strict and literal interpretation of Item 12 would consider as satisfactory an answer by the respondent that there was no principal underwrites.
of the securities called for deposit, and consequently would make irrelevant
both the further information furnished by the respondent in answer to
Item 12 and the information which counsel for the Commission contended
should be included. But obviously the position of respondent as having
received substantial underwriting profits in the distribution of the original
7% bonds and as having received further substantial profits, including
3699
control of the issuer, in acting as a reorganization committee for the bonds
it originally distributed, bas an important bearing upon its fitness to
act in the capacity of a reorganization committee for the bond issue now
In question. The intrinsic fiduciary relationships existing between a
protective committee and the depositing bondholders call for full and fair
disclosure of these facts. And these facts, as the partial answer of the
respondent itself demonstrates, are of the type so allied to the underwriting process that the failure to disclose them by the simple statement
that there were no underwriters of the securities called for deposit would
make such a statement so misleading as to prevent that full and fair disclosure which it is the very purpose of the Securities Act to demand.
The Commission makes other holdings of a similar nature. For example,
it holds that where the registrant had within its power and control the
books of account of the original issuer. it was in substance untrue to make
the statement that no statement was available subsequent to the operating
statement for the year 1931, as was made in the registration statement
and prospectus.
The holding in regard to Item 52 is of special interest. It is as follows:
Under Item 52, registrant is required to give a brief statement of essential features of the plan not called for in previous items and the reasons
for adopting the particular plan. The answer contains the statement
that: "The officers of the new corporation shall serve without salaries
and voting trustees serve without compensation." The new corporation
to hold the property. Tudor Hall, Inc., was organized in January of this
year. Its officers are identical with those of the Commonwealth Bond
Corp., the Commonwealth Management Corp. and the Hamilton Brokerage
Co. The evidence justifies the conclusion that the officers of the new
company,in connection with the Management corporation and the Brokerage company, will in fact receive compensation as officers of the Management corporation and the Brokerage company. In view of the identity
of management among the several companies such information was called
for.
The opinion contains a discussion of prophecies made in the prospectus
and points out how such prophecies may be misstatements of fact. The
opinion says:
These statements are rather in the nature of prophecies than statements
of present fact. But a prophecy known to be untrue as of the time it
Is made is to be regarded as an untrue statement of fact inasmuch as it misstates the mind of the person making the prophecy. The evidence certainly indicates that the president of the respondent held little hope as
Thus
to the possibility of any cash return to the depositing bondholders. - But
optimism of an unwarranted nature is reflected in these statements.
unbelief as of the time
the evidence is not sufficient to establish actual
which
these statements were made. In any event, the developmentstime of
have intervened will make repetition of these statements as of the
a subsequent effective date following the present stop order clearly deficient.
Report That Local Banks Will Lose Income From
Silver Under Pending Bill—Revenue Derived Under
New Deal From Service as Official Depositaries, Etc.
The silver legislation now pending in Congress will take
away from several of the local banks a source of income
which has been of increasing importance to them, said the
New York "Herald Tribune" of May 27, from which we
also take the following:
But it is a source of income which reached sizable proportions only under
this
the present Administration at Washington, and so the New Deal, in
case, would take away only what it had given.
silver.
In three ways the banks have been making money out of
First, eight of the New York banks have been acting as official depositaries for the Commodity Exchange for the storage of silver bullion.
the
Second, they have been buying spot silver and selling futures against
employed.
metal in hand, thereby getting an interest return on the funds
dealing in silver on
Third, they have been making some loans to persons
margin.
was given up
One of these three income sources has already been lost. It
month ago.
when the Treasury began to buy silver for its own account a
deliveries, thus
As it bought, the Treasury concentrated on the near-by
futures contracts so greatly
narrowing the spread between the spot and
banks had
that no interest could be earned on the sale of futures. Local
it was shown
up to $10,000,000 apiece of these contracts outstanding,
and on this
recently in the list of silver holders given out by the Treasury,
was being
investment an annual return of around 2%%. or $250,000,
course.
realized. It was not a big source of income, but it helped, of
official stocks of
In past years one depositary was enough to handle the
was
silver. That was the United States Mortgage & Trust Co.. which
now there are
acquired by the Chemical Bank & Trust Co. in 1928. But
Chase Safe Deposit Co.,
eight depositaries, the other seven being the
Safe Deposit
Irving Safe Deposit Co., Bank of the Manhattan Co., Chase
City Safe
Co. (Equitable branch), Guardian Safe Deposit Co., National
Deposit Co. and Bowling Green Safe Deposit Co.
depositaries' vaults,
Silver has for two months been moving out of these
the silver that
and now the total stands at 100,039,527 ounces. Much of
The rest
has been withdrawn from them has gone into Government vaults.
nationalization of silver
of it will go into Treasury storage vaults when the
unoccupied vaults on
Is achieved, and the banks will be left with large and
their hands.
The banks have been trying to figure out some new source of income to
take the place of silver. They have been surveying the markets for other
commodities. Some of the banks, though, ceased looking when they
discovered their charters forbade them from dealing in any commodity
except bullion.
House Approves Administration's Silver Bill—Hearing
Before Ways and Means Committee and General
Debate on Measure Are Brief—Secretary Morgenthau Heard By Committee.
The Administration's silver bill, providing for a permissive
increase in the Government's monetary stocks so that silver
would represent one-fourth of the value of the nation's
monetary reserves, was passed by the House on May 31
by a vote of 263 to 77. A Republican attempt to recommit
the bill to the Ways and Means Committde was defeated
by a record vote of 268 to 70 on the same day, and a similar
motion was previously defeated on a division vote, 163 to 59.
The measure as approved by the House was in virtually the
same form as when it had been drafted by the Treasury
Department, and a series of opposition amendments was
easily defeated. The bill declares it the policy of the United
States to increase to 25% the proportion of silver to gold
in monetary stocks. It authorizes the Secretary of the
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Financial Chronicle
Treasury to purchase silver and permits the President to
nationalize all domestic silver stocks. In addition it places
a tax of 50% on silver profits.
The bill was favorably reported on May 26 by the House
Ways and Means Committee. The House bill was identical
with the Senate measure, except for the inclusion of the
50% tax on silver profits. It was reported by the Ways and
Means Committee after only two days hearing, during
which no opposition witnesses appeared to testify. Introduction of silver legislation in Congress, following a message
from President Roosevelt, and the hearing before the House
Committee were described in our issue of May 26, pages
3534-35. As to the vote (263 to 77) whereby the bill passed
the House, a Washington dispatch May 31 to the New York
"Times" stated:
Fourteen Republicans and three Farmer-Labor members voted with
246 Democrats for the bill, while six Democrats opposed the measure
along with 71 Republicans. The six Democrats were Corning, Griffin,
Peyser and Studley of New York and Fiesinger and Lamneck of Ohio.
From the same account we take the following:
The measure was sent through the House with the greatest dispatch.
It was reported by the Ways and Means Committee Tuesday [May
291,
and for eight hours yesterday [May 301, House members debated
it.
Republican opponents, fighting to the last, forced three roll-calls to-day.
The first was on a point of no quorum. The second came when Representative Englebright of California demanded the yeas and nays on
a motion
to recommit the bill to committee.
Recommittal Loses, 268 to 70.
The motion to recommit was offered by Representative Mott
of Orgeon,
Who advocated purchase of silver stocks only through the
issuance of silver
certificates. Mr. Mott also sought to eliminate the nationalizatio
n and
tax feature of the bill. He was defeated by the vote of
268 to 70.
The final roll-call came when Democratic leaders agreed
to "put on
record" all of the opposition. A number of those who
criticized the proposal during general debate voted for it.
Senate leaders say that it will probably be next Monday
before the bill
can be called up. They predict that it will be approved
in one day.
The bill as approved to-day, in addition to declaring
the policy of having
one-fourth of the monetary reserves in silver, provides the
following:
Authorizes and directs the Secretary of the Treasury
to buy silver at
home or abroad, but limits purchase price to
the monetary value of silver
and provides that silver situated in the United States
on May
not be purchased at a price in excess of 50 cents a fine ounce. 1 1934 may
Other Provisions of Bill.
Authorizes the Secretary of the Treasury, with approval of the
President,
to sell silver whenever the market price exceeds
its monetary value or
Whenever the monetary value of the Government stock
of silver is more
than 25% of the monetary value of stocks of both gold and
silver.
Authorizes and directs the Secretary to issue silver certificates
against
the stocks of silver accumulated.
Authorizes the Secretary of the Treasury to regulate or prohibit
the
acquisition, importation, exportation or transportation
of silver and to
require reports in connection therewith.
Authorizes the President to require delivery to the Mints
of silver, no
matter who the owner or holder may be or where the silver
may be situated,
and authorizes penalties for failure to comply with silver call.
Amends the stamp tax provisions of existing law to provide
a transfer
tax on silver equal to 50% of the difference of the cost
to the transferer,
plus allowed expenses, and the price received.
June 2 1934
the Committee, we give herewith the following further
information bearing on the Committee hearing that day as
contained in Washington advices May 25 to the "Times":
Morgenthau Appears.
Secretary Morgenthau, who testified to-day, was not asked to explain
the policy of the bill or what it would accomplish in increasing the currency.
He appeared only briefly, but told the Committee that details would be
elaborated upon by Herman Oliphant. Treasury counsel.
Mr. Morgenthau testified that the bill had the approval of the Administration and that it had been written by the Treasury Department to carry
out an agreement reached by the President in conference with the Senators
representing the silver-producing States.
He expressed hope that Congress would pass it speedily and retain the
tax on speculation in silver, saying:
"I earnestly urge that the Committee retain this 50% levy. The Administration is very anxious that this tax feature stay in the bill. The tax would
affect only speculators who are operating in direct competition with the
Government on the silver market. A tax of 50% is very modest and would
probably produce in the first year a revenue of $25,000,000."
Asked by Representative Cooper, Tennessee Democrat, whether the
Administration was for the bill as presented, Mr. Morgenthau replied:
"Absolutely."
Representative Treadway offered a motion to summon experts opposed
to the proposal. This was defeated, 14 to 10.
When Mr. Oliphant appeared, minority members tried unsuccessfully
for more than three hours to wring from him some expression on the wisdom
of the legislation and on who was the actual author of the policy.
He replief to all such questions that he was there to explain the mechanics
of the bill and what the various sections would accomplish.
Huge Private Buying Barred.
"The specific change in policy," he remarked, "would simply be to
increase the proportion of silver in monetary stocks from 12 to 25%•
"The measure contains two reserve weapons which would enable the
Government to deal with any one who attempted to buy up huge quantities
of silver.
"One section of the bill empowers the President or the Secretary of the
Treasury to regulate the silver market. Another section gives the Administration power to compel all holders of silver to deliver their metal to the
Government on payment of just compensation."
He explained that Section 6 gave the President power to put an embargo
on the imports of silver, and in this respect differed from the prohibition
on gold, which was against exports.
This authority was sought, he said, to prevent the United States from
being flooded with silver from foreign countries.
He said he thought the bill might be amended to catch foreign speculators
in silver by providing that silver should be bought f. o. b. New York.
In stating on May 26 that not an opposition witness
testified before the House Committee, Associated Press
accounts from Washington that day added that Professor
E. W. Kammerer, of Princeton University, was expected
to voice objections to the silver-purchase program, but he
failed to appear.
Merchants Association Protests Against Passage of
Silver Bill Embodying Policy Recommended By
President Roosevelt,
Louis K. Comstock, President of the Merchants Association of New York, announced on May 30 that upon the
recommendation of its Committee on Banking and Currency,
the Association was registering a "profound protest" against
Debate on the bill in the House was limited on May 30, the passage of the Pittman silver bill carrying out the silver
when a special rule providing for three hours of general policy recommended by President Roosevelt in his message
debate was adopted by a vote of 214 to 71. The House to Congress of May 22. Action in the matter was ordered
debate on that day was described in part as follows, in a by the Association's Executive Committee after the Banking
Washington dispatch to the New York "Herald Tribune": and Currency Committee, headed by Percy H. Johnston,
President of the Chemical Bank & Trust Co., had reported
The Republican attack on the bill was led by Representative A. T.
Treadway, of Massachusetts, ranking minority member of the Ways and
that one great need of the moment in the United States is
Means Committee, who charged that it had been railroaded through the
"money certainty and freedom from money experimentation"
committee without proper consideration.
and that no sound reason had been advanced for introducing
Representative John Taber, Republican, of New York, termed the bill
"a racket." He said that the 50% tax on silver profits meant that the
a silver base which, if carried out, would further dilute the
other 50% was being handed to "racketeers" who have been buying silver.
backing of the currency.
An amendment by Mr. Taber for a 90% tax was rejected.
The members of the Association's Executive and Banking
"The object of this bill," said Mr. Taber, "Is to boost the price of silver
for the benefit of speculators."
and Currency Committees who united in condemning the
Representative Kent Keller, Democrat, of Illinois, failed to obtain
proposed silver legislation were:
approval of an amendment increasing the proportion of silver in monetary
reserves from one-fourth to one-half of the total.
Democrats who made the leading speeches in behalf of the bill were
Representatives R.L. Doughton, of North Carolina, Chairman of the Ways
and Means Committee; A. C. Shallenberger, of Nebraska, and Jere cooper,
of Tennessee, also members of that committee, and Martin Dies, of Texas,
who introduced it for the Administration.
Doughton Defends Bill.
"The bill is in accord with and carries out the recommendations contained
in President Roosevelt's message to Congress," said Mr. Doughton.
Representative Louis T. McFadden, Republican, of Pennsylvania,
charged that banking interests controlled by Bernard Baruch and James P.
Warburg, former financial advisor to the President, were large holders
of silver.
Representative Harold McGugin, Republican, of Kansas, said the bill
was a relief measure rather than one of monetary nature. "I'm not sure,"
he said, "whether it is for the relief of the President from pressure of silver
Senators or for the relief of Senators and Representatives from silver States."
Representatives Robert Luce, of Massachusetts, and George W. Blanchard, of Wisconsin, were other Republicans assailing the bill.
The Democrats most conspicuous in criticism and in obstructive tactics
Included some who have been active in advocacy of mandatory silver
legislation. Among these was Representative William Fiesinger, of Ohio.
Mr. Fiesinger said that the bill would not raise the price of commodities
in world markets. He urged more careful consideration, describing the
bill as "just a bite of the lemon."
While we referred briefly in our item of a week ago to the
appearance of Secretary of the Treasury Morgenthau before
Louis K. Comstock, President of the Association,
John S. Burke of B. Altman & Co.
Lincoln Cromwell of William Iselin & Co., Inc.
Arthur Lehman of Lehman Brothers.
John Lowry of John Lowry, Inc. .
Willis H. Booth of the Guaranty Trust Co. of New
York.
Mr. Johnston, Henry Fletcher of Fletcher & Brown.
Fred I. Kent of the Bankers Trust Co.
George W. Naumburg and George A. Vondermuhll.
The following report was concurred in unanimously by
those mentioned:
Your Committee on Banking and Currency,having studied
the President's
message of May 22, on silver legislation and the Pittman
bill which was
Introduced to carry out the recommendations of this
message, submits
the following report and recommendations:
The hesitation in business recovery that has been in evidence recently,
while in small part seasonal, is undoubtedly duo largely
to several basic
causes; one of the most important of which is the money
uncertainty that
exists in the United States to-day.
Business must be run from "hand to mouth," which is curtailing and
deflationary, or it must have confidence in the stability of the money
upon which it must depend to carry on tho financial operations inherent
in production and trade. Merchants cannot safely, soundly, and without
danger of loss, that may result in unemployment, conduct their business
operations in a normal manner which requires them to assume obligations
in future maturities, either requiring the payment of funds or the sale of
goods, nor can industry engage in the production of commodities under
the assumption of similar forward obligations that must be taken, unless
Volume 138
Financial Chronicle
they can depend upon a stable money. Fluctuations in commodity Prices
during normal periods, under which merchants and industrialists carry their
goods,can be intelligently anticipated except as catastrophe may intervene,
provided the money of a country is in itself of a dependable character.
One great need at the moment, therefore, in the United States lies in
obtaining money certainty and freedom from money experimentation.
Nosound reason has ever been advanced for introducing into our money
system a silver base that must, if carried out, dilute the backing to our
currency and devalue the dollar further, which would be sufficiently disruptive in itself without the added danger that, due to fluctuating values,
as between gold and silver, it could be expected to drive out gold at times,
In a way that might destroy all dependability in our money.
Your Committee on Banking and Currency, therefore, recommends
that the Merchants Association „register its profound protest against the
passage of the Pittman silver bill.
Element of Uncertainty and New Inflationary Influence Seen by Guaranty Trust Co. of New York
in Plan to Broaden Use of Silver—Regards as
Dubious Alleged Benefits Through International
Bimetallism.
The principal weakness of the plan to broaden the use of
silver as a base for money,as proposed in the Silver Purchase
Act bill that has just been introduced in Congress, lies in the
fact that it constitutes an additional strong element of uncertainty and a new inflationary influence in the outlook for
our monetary system, states the Guaranty Trust Co. of New
York in the current issue of "The Guaranty Survey," its review of business and financial conditions in the United
States and abroad, published May 28.
"The President's message to Congress indicates that his
ultimate objective is to co-operate with other nations in laying the foundations for international bimetallism," says the
"Survey," which continues:
The increased use of silver in the United States is apparently regarded u
merely a step toward that goal.
From the practical point of view, the chief objection to international bimetallism, aside from the virtual impossibility of obtaining international
agreement on the ratio, is the very dubious character of the alleged benefits
to be derived from the bimetallic system, together with the highly dangerous
effects that might immediately follow an attempt to introduce it. Some
authorities have maintained that an international bimetallic standard might
reasonably be expected to show somewhat greater stability than a single gold
standard. But, it is o'ovious that a shift to international bimetallism would
Involve a world-wide process of currency debasement, the immediate object
and ultimate effect of which would be inflationary. What the world needs
above all else in its currency at present is the greatest possible assurance of
stability.
Domestic Bimetallism Not Intended.
The legislation now under consideration, is on its face, not designed to set
up a bimetallic system for the United States. Bimetallism, as commonly
understood, implies unlimited coinage of the two money metals at the legel
ratio and the use of both metals for redemption of other forms of currency
on demand. No form of United States currency is now redeemable in coin
except at the discretion of the Secretary of the Treasury, although the Treasury is under obligation to exercise that discretion in such a manner as to
maintain all forms of currency at a parity with gold. The application of this
principle to a bimetallic system would involve the maintenance of the currency at a parity with both metals, and hence the maintenance of the legal
price ratio between the two metals themselvee. Inasmuch as the metal cqn.
tamed in a silver dollar is now worth less than 35c. in the open market, it is
obvious that drastic ahanges would have to take place in the price of silver
in order to make the American monetary system bimetallic in any significant sense.
The principal weakness of the plan, both in its national and international
aspects, lies in the fact that it constitutes an additional strong element of
uncertainty and a new inflationary influence in the outlook for our monetary
system. Confidence in money is a psychological phenomenon and cannot
be explained or forecast in terms of dollars, ounces, or ratios. It is, nevertheless, a vital factor in determining the willingness or unwillingness of our
people to enter into long-term contracts and in influencing their saving and
spending habits. Even if the additional powers to be bestowed on the Administration are never used, the fact that they exist and that their use is contemplated will, in some measure, weaken the confidence of the public in the
future value of the currency. To the extent that they are used, every step
in the process will renew the fear of inflation in the minds of the people and
will defer sound and enduring economic recovery.
The silver question has been a perennial subject of dispute in American
politics, and, for that matter, in the politics of many foreign countrist as
well. The monetary history of Occidental nations in the nineteenth century
was, in the main, a history of unsuccessful experimentation witb bimetallism,
followed by an almost universal adoption of the single gold standard except
in certain Asiatic countries, where siilver is the standard of value.
Silver in American Monetary History.
In 1792, the United States, following the custom of the time, established
Its currency system on a bimetallic basis at a ratio of 15 to 1. This ratio
corresponded closely to the market ratio for about two decades; but after
1820 the market ratio began to rise, and gold left the country rapidly. In
1834 and 1837, changes were made altering the ratio to approximately 16
to 1. At this ratio, silver was undervalued and began to be exported. This
movement continued until the country was actually, though not nominally,
on a gold basis; and it became necessary to reduce the metallic content of
the fractional currency to prevent it from leaving the country.
With the outbreak of the Civil War and the advent of the "greenbacks,"
the question of the metallic standard receded into the background until 1873,
when the coinage laws were revised and the silver dollar was omitted from
the list of coins. Inasmuch as no silver dollar had been coined for many
years, this action attracted little attention at the time. Later, when the
fall in the price of silver had becoane marked and the resulting silver agitation had attained importance, the Act was declared to have been the result
of a conspiracy and was denounced as "the crime of 1873." The silver
agitation resulted in the Bland-Allicon Act of 1878 and the Sherman silver
purchase Act of 1890, both of which provided for the purchase of silver in
limited amounts and the issue of paper money against it. The latter law
precipitated a swift export movement of gold, culminating in the panic of
3701
1893. The Sherman Act was hastily repealed; the advocates of gold monometallism were victorious in the famous Presidential campaign of 1896; and
in 1900, despite the persistent opposition of silver supporters, a law Was
passed declaring the gold dollar to be the sole standard of value in the
United States.
From 1900 to 1930, little was heard of the silver movement, inasmuch as
the steady rise in prices during most of that period had destroyed the main
argument for silver. Nation after nation had adopted the gold standard, and
the silver controversy was regarded as definitely closed throughout the greater
part of the world. But, with the disastrous drop in prices accompanying
the world-wide depression of the last few years, the issue quickly revived.
London Cool to Idea of World Silver Plan.
Under date of May 26, London advices to the New York
"Times" said:
Although President Roosevelt may have good ground for asserting that
conditions looking to international action on silver are more favorable now
than at any time since 1878, many here greatly doubt the readiness of other
governments to return to a bimetallic regime.
The United States itself does not even yet contemplate this because its new
plan leaves silver free to fluctuate, whereas under bimetallism a fixed ratio
between gold and silver would be provided. The President's declaration concerning this aspect of the situation is considered scarcely precise enough to
carry conviction in other countries that are prepared to fall into line.
The British Government's attitude was definitely stated some time ago,
and was not favorable to restoring silver to its former status in relation to
gold. It may, of course, have changed its mind or modified its views since
then, but a long distance probably will have to be traveled before there can
be a general agreement to put silver back in its old position, and before that
time arrives the necessity may no longer exist.
Ban on Silver Plan Seen—ParisT Believes Europe Opposes International Accord.
The following from Paris, May 26, is from the New York
"Times":
Regarding President Roosevelt's expressed hope to come to an international
agreement for remonetizing silver, financial circles here consider this might
be possible between certain American countries which produce silver, but as
concerns arrangements with Europe they consider such hope a mere chimera.
According to advocates of bimetallism, its advantage is to cause prices to
rise through the multiplication of currency tokens, but the last few years'
experience has demonstrated that prices do not depend on the amount of
currency. Furthermore, even if such a theory was exact, countries which do
not possess the means to obtain gold would not be able to obtain silver any
more easily.
House Passes Bill Changing Date When Congress
Meets and New President Takes Office.
A bill changing the dates on which the President is in-
augurated and the members of Congress take office, in
accordance with the provisions of the Norris Amendment
to the Constitution abolishing "lame duck" sessions, was
approved by the House on May 29 and sent to President
Roosevelt for his signature. The bill provides that Congress will meet on Jan. 3 of each year and a new President
will take office on Jan. 20. Associated Press Washington
advices of May 29 gave the following additional details of
the measure:
The Norris amendment abolished the old system under which members
elected to Congress in November took office in December of the following
year, and specified that members of House and Senate victorious at the
polls in November should take their seats the following January. Under
the bill passed to-day, which supplements the Norris amendment, Senators
and House members, the Commissioners from the Philippines and Puerto
Rico, and the delegates from Alaska and Hawaii will take office and Congress will convene on Jan. 3, each year. Seventeen days later—on Jan.
20—every four years, the victorious Presidential candidate will be sworn in.
But before he takes office, the Senate and House, in joint session, will
meet on Jan. 6, instead of the second Wednesday in February, to tabulate
the electoral votes of the States and officially declare who was elected
President.
House Passes Bill Establishing Free Zones for Foreign
Trade.
The House on May 29, by a vote of 255 to 95, passed the
Caller bill to provide for the establishment of a "free trade
zone" in every port of entry in the United States. The bill,
known as the "Celler Free Port bill" provides that foreign
and domestic merchandise may be brought into foreign trade,
or free zones, without being subject to our customs laws.
A Washington dispatch May 29 to the New York "Times"
added:
Such merchandise may be "stored, broken up, repacked, assembled, distributed, sorted, graded, cleaned, mixed or manipulated."
"Manufacture" of such merchandise would be strictly prohibited, but
Permission was granted to the importers to sell through usual sales channels
any of the goods so stored.
All imported goods brought in would have to be sent into customs territory or reshipped to foreign ports within two years, and all articles or
commodities not so moved would be subject to sale by the Secretary of the
Treasury.
A board vested with authority to regulate under the provisions of the
Act would be composed of the Secretaries of Commerce. Treasury and War,
with the Secretary of Commerce designated as Chairman.
Where a port was situated in two States, a "free zone" would be assigned
to each State.
Charters for Private Concerns.
If any one zone proved incapable of housing the activities resulting
from passage of the bill, the regulatory board could sanction another in
that zone. The only private corporations eligible for operation of the
foreign trade zones would be those specially chartered by States in which
the zones were situated.
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Financial Chronicle
"The bill will put American ships and our flag back on the seas," Representative Cullen told the House.
The measure has been characterized by Republicans in debate as "destructive." They asserted that it would open the way for greater competition between foreign and American products.
Representative McFadden, supported by Representative Treadway, asserted.that under it Russian coal could be shipped into the United States
and stored until a market was found much cheaper than coal could be
produced in the Pennsylvania and West Virginia fields.
Representative McCormick said that the bill would add nothing to
existing law except the privilege of storing imported goods free instead
of in a government bonded warehouse.
President Roosevelt in War Debt Message to Congress
Warns European Nations Americans Will Be
Swayed by Extent to Which Debtors Use Resources
"for Unproductive Nationalistic Expenditure"—
No Legislation Asked of Congress Now.
President Roosevelt, in a message to Congress yesterday
(June 1) on war debts, said that while the United States was
willing to discuss the revising of debt funding agreements
with individual European Nations, this country nevertheless
expected its debtors to make "substantial sacrifices" to meet
their debts. He also warned that the American people will
be swayed "by the use which debtor countries make of their
available resources—whether such resources would be applied for the purposes of recovery as well as for reasonable
payment on the debt owed to the citizens of the United
States, or for purposes of unproductive nationalistic expenditure or like purposes."
The President reviewed the entire history of the war debts
in some detail, and while his message indicated that the
United States was prepared to conclude new funding agreements, he was emphatic in stating that this country would
continue to deal with each debtor separately and would not
discuss the question of debts at a joint conference of debtors.
He pointed out that American taxpayers must assume the
burden of repudiated war debts and said that the United
States would continue to expect debtors "to show full
understanding of the American attitude on this debt question." He added that "no legislation at this session of the
Congress is either necessary or advisable."
After discussing the status of the debts and listing the
various defaults, "token" payments, &c., the President's
message concluded:
At the present time Finland remains the only foreign government which
has met all payments on its indebtedness to the United States punctually
and in full.
It is a simple fact that this matter of the repayment of debts contracted
to the United States during and after the world war has gravely complicated
our trade and financial relationships with the borrowing nations for many
years.
These obligations furnished vital means for the successful conclusion
of a war which involved the national existence of the borrowers and
later
for a quicker restoration of their normal life after the war ended.
The money loaned by the United States Government was in turn borrowed by the United States Government from the people of the United
States, and our Government in the absence of payment from foreign governments is compelled to raise the shortage by general taxation ofits own people
in order to pay off the original Liberty bonds and the later refunding bonds.
It is for these reasons that the American people have felt that their
debtors were called upon to make a determined effort to discharge
these
obligations. The American people would not be disposed to place
an impossible burden upon their debtors, but are nevertheless in a just position
to ask that substantial sacrifices be made to meet these debts.
We shall continue to expect the debtors on their part to show full
understanding of the American attitude on this debt question.
The people of the debtor nations will also bear in mind the fact that
the American people are certain to be swayed by the use which debtor
countries make of their available resources—whether such resources
would
be applied for the purposes of recovery as well as for reasonable payment
on
the debt owed to the citizens of the United States, or for purposes
of unproductive nationalistic expenditure or like purposes.
In presenting this report to you, I suggest that, in view of
all existing
circumstances, no legislation at this session of the Congress is either
necessary or advisable.
I can only repeat that I have made it clear to the debtor nations
again
and again that "the indebtedness to our Government has no relation whatsoever to reparations payments made or owed to them," and that each
Individual nation has full and free opportunity individually to discuss
its
problem with the United States.
We are using every means to persuade each debtor nation as to the
sacredness of the obligation and also to assure them of our willingness,
if they should so request, to discuss frankly and fully the special circumstances relating to means and method of payment.
Recognizing that the final power lies with the Congress, I shall keep
the Congress informed from time to time and make such new recommendations as may later seem advisable.
President Roosevelt Asks Congress to Reconsider
Three Cent Tax on Philippine Coconut Oil Imposed
in Revenue Act—Declares Levy Violates "Spirit
and Intent" of Philippine Independence Act.
President Roosevelt, in a special message to Congress on
May 28, asked that early action be taken to reconsider the
three cent processing tax imposed on coconut oil imported
from the Philippine Islands, under the provisions of the
General Revenue Act. The President suggested that the
question of a tax on coconut oil be studied further between
now and next January "in order that the spirit and intent"
June 2 1934
of the Philippine Independence Act "be more closely followed." The message was referred to the House Ways
and Means Committee and the Senate Finance Committee.
Washington reports this week said that it was unlikely
that Congress would act on the matter of the tax before
adjournment of the present session.
President Roosevelt listed three reasons why he believed
Congress should reconsider the tax. They were:
I. It is a withdrawal of an offer made by Congress to the people of
the Philippines.
2. Its enforcement at this time would produce "a serious condition
among many thousands of families in the Philippine Islands."
3. No effort has been made to work out a compromise "which would
be less unjust to the Philippine people and at the same time attain,
even
if more slowly, the object of helping the butter and animal fat
industry
in the United States."
The President pointed out that the Philippine Independence bill provided that 448,000,000 pounds of coconut oil
could be imported duty free from the Philippines each year,
and that the people of the Philippines accepted the provisions of that Act with that understanding.
The President's message follows:
To the Congress of the United States.
Early in the present session of the Congress the Philippine Independence
Act was passed. This Act provided that after the inauguration
of the
new interim or commonwealth form of government of the Philippine
Islands trade relations between the United States and the Philippine Islands
shall be as now provided by law. Certain exceptions, however,
were
made. One of these exceptions required levying on all coconut
oil coming
into the United States from the Philippine Islands in any
calendar year
in excess of 448,000,000 pounds, the same rates of duty now
collected
by the United States on coconut oil imported from foreign countries.
It is, of course, wholly clear that the intent of the Congress by this
provision was to exempt from import duty 448,000,000
Pounds of coconut
oil from the Philippines.
Later in the present session, the Congress in the Revenue
Act imposed
a three-cent
-per-pound processing tax on coconut oil from the Philippines.
This action was, of course, directly contrary to the intent of the
provision
in the Independence Act cited above.
During this same period, the people of the Philippine
Islands through
their Legislature accepted the provisions of the Independence
Act on
May 1 1934.
There are three reasons why I request reconsideration by
Congress
the
of the provision for a three-cent-per-pound processing tax:
First, it is a withdrawal of an offer made by the Congress
of the United
States to the people of the Philippine Islands.
Second, enforcement of this provision at this time will produce
a serious
condition among many thousands of families in the
Philippine Islands.
Third, no effort has been made to work out some form
of compromise
which would be less unjust to the Philippine people and
at the same time
attain, even if more slowly, the object of helping the
butter and animal
fat industry in the United States.
I, therefore, request reconsideration of that provision
of the Revenue
Act which relates to coconut oil in order that the subject may
be studied
further between now and next January, and in order that
the spirit and
intent of the Independence Act be more closely followed.
FRANKLIN D. ROOSEVELT.
The White House, May 28 1934.
President Roosevelt Imposes Additional Import Duties
on Cotton Rugs and Reduces Japanese Quota—
Action Taken Under Powers of NIRA as Result of
Japanese Competition.
President Roosevelt, acting under powers granted by the
National Industrial Recovery Act, issued a proclamation on
May 26 increasing the import duty on chenille rugs and other
cotton rugs. This was the first occasion when the powers of
the National Industrial Recovery Act were used to protect
a codified industry from foreign competition. An announcement by the United States Tariff Commission said that
exporters of such rugs "have indicated to the United States"
that they will limit their exports to this country beginning
June 1. The President in his proclamation imposed an
additional fee of 15 cents a square yard, equivalent to 150%
of the present tariff duty of 40% ad valorem, or about 10
cents on current values.
Japanese exporters have agreed to limit shipments to the
United States to 650,000 square yards per year. In 1932
imports into this country were 472,000 square yards, but in
1933 they advanced sharply to 1,074,000 square yards.
President Roosevelt, at the recommendation of the NRA,
had asked the Tariff Commission to determine whether cotton
rugs of various types were being imported in such a quantity
and at such prices as to render ineffective or seriously
endanger the maintenance of the code under which the
American industry is being operated. The Commission's
announcement May 26 follows:
The Tariff Commission announced to-day that the President has directed
action under Section 3 (e) of the National Industrial Recovery Act with
respect to imports of cotton rugs. The President, on recommendation of
the Administrator for National Recovery, requested the Tariff Commission
to investigate this commodity and the Commission has reported to him.
The President has decided to impose the following fees in addition to the
duties provided by existing law in each case.
(1) On chenille rugs, wholly or in chief value of cotton, 15 cents Per
square yard.
(2) On imitation oriental rugs, wholly or in chief value of cotton, 23 cents
per square yard.
(3) On rugs, wholly or in chief value of cotton (except grass or rice-straw).
other than chenille, imitation oriental, and rag rugs of the type commonly
Volume 138
Financial Chronicle
known as hit-and-miss, 20% ad valorem but not less than 5 cents per square
yards.
The fee on cotton imitiation oriental rugs will be made effective on
June 10 1934. The fees on chenille rugs and the other rugs, will be made
effective on the same date, unless during the period May 11 to May 31
1934, the exports of cotton chenille rugs from Japan to the United States
should exceed 90,000 square yards,in which case they will be made effective
as soon after May 31 as possible.
In addition the exporters of cotton rugs from Japan to the United States
have indicated that, with a view to co-operating with the National Industrial
Recovery movement in the United States, they will, on and after June 1
1934, limit exports to the United States as follows.
(1) On chenille rugs, wholly or in chief value of cotton, to 650,000
square yards per annum, provided that if the exports from Japan to the
United States between May 11 and May 31 1934, exceed 90,000 square
yards the excess shall be deducted from this annual quantity.
(2) On hit-and-miss rag rugs, wholly or in chief value of cotton, to
3,250,000 square yards per annum.
(3) On rugs wholly or in chief value of cotton (except grass and ricestraw), other than chenille, imitation orinental, and rag rugs of the type
commonly known as hit-and-miss, to 4.070,000 square yards per annum.
A Washington dispatch of May 26 to the New York
"Times" commented on the order and its effect as follows:
Under Section 3 (e) of the Recovery Act the President's powers are
broader and more effective than under the flexible provision of the Tariff
Act, which limits increases or decreases in tariff rates to 50% and bases
such action on invesitgation of production costs at home and abroad.
Colton Men Hail Move.
The NRA provision does not make production costs an essential element
in any action taken. It provides roughly, that where it is determined that
an American industry whose costs are increased under NRA codes is
endangered by foreign shipments the President may impose such additional
Import fees as he believes warranted.
Legislation which the President has asked for the negotiating of tariff
agreements would permit him to raise or increase tariff rates, with certain
exceptions, by not more than 50% without making necessary investigation
and recommendation by the Traiff Commission.
0. Max Gardner. counsel for the Cotton Textile Institute, who made the
fight before the Tariff Commission for the fee on cotton rugs, said that.
"coming at a time when tariff bargaining is in the forefront of national
though, this decision is reassuring and heartening, not only to the textile
industry but to industry in general."
"The decision will be interpreted by the industry as showing that the
President is fully conscious of the peril to American labor and American
industry resulting from uncontrolled importation from countries whose
standards of living are lower than ours, and whose industries operate without codes and without limitation of hours or minimum wages," he said.
Other Cases Considered.
The first case considered under the provision of Section 3 (e) had to do
with load pencils, also a Japanese product. It is understood that the
Commission was prepared to recommend action, but this was made unnecessary by the imposition of an additional assessment on such imports
voted in the Revenue Act of 1934.
Imports of matches, also involving Japan, have been the basis of negotiations for restriction of exports to the country.
In some quarters it was felt that to-day's announcement demonstrated
the administration attitude toward the protection of American industries
against dangers which might arise from the program of industrial and foreign
trade expansion upon which Japan has entered.
3703
The President:
The undersigned, the Secretary of State, has the honor to lay before the
President, with a view to its transmission to the Senate to receive the
advice and consent of that body to ratification, if his judgment approve
thereof, a treaty of relations between the United States of America and the
Republic of Cuba, which was signed at Washington on May 29 1934.
This treaty would supersede the treaty of relations with Cuba signed
at Habana on May 22 1903.
Article II of the treaty reiterates the provisions of Article IV of the
treaty of 1903, which provides that all the Acts effected in Cuba by the
United States during its military occupation of the island up to May 20
1902. the date upon which the Republic of Cuba was established, have been
ratified and held as valid, and that all of the rights legally acquired by
virtue of these Acts shall be maintained and protected.
Under Article III, the United States retains its present rights with regard
to its lease of the land occupied at Guantanamo for a naval station, and it
is provided that these rights shall continue so long as the United States does
not abandon the said naval station and so long as the two governments do
not agree to any modifications thereof.
Article IV permits either of the two contracting parties to exercise, at
its discretion, without its act being considered unfriendly, the right to sus
Pend communications between those of its ports that it may designate and
all or part of the territory of the other party, whenever in its own judgment
a situation should arise which appears to presage an outbreak of contagious
disease in the territory of the other contracting party.
Respectively submitted.
CORDELL HULL.
Department of State, Washington, May 29 1934.
President Roosevelt Creates New Insular Division in
Interior Department, Transferring Administration
of Puerto Rico from War Department.
President Roosevelt on May 29 sent to Congress a message
transmitting an Executive Order which established a division
of Territories and Island Possessions in the Department of
the Interior, and transferred to this division the functions
ciriLThureau of Insular Affairs of the War Department with
regard to the administration of the Government of Puerto
Rico. The Order was described in Washington advices as
a step toward the creation of a co-ordinated policy for the
insular and territorial possessions of the United States. The
Interior Department already had jurisdiction over Alaska,
Hawaii and the Virgin Islands. Only the Philippines, Guam,
the Canal Zone and the American Samoa are now under
other departments.
The text of the President's message and of the Executive
Order follow:
To the Congress of the United States:
Pursuant to the provisions of Section 16 of the Act of March 3 1933
(Ch. 212, 47 Stat. 1517). as amended by Title III of the Act of March 20
1933 (Ch. 3, 48 Stat. 18), I am transmitting herewith an Executive Order
establishing the Division of Territories and Island Possessions in the
Department of the Interior and transferring thereto the functions of the
Bureau of Insular Affairs, War Department, pertaining to the administration of the government of Puerto Rico.
FRANKLIN D. ROOSEVELT.
The White House, May 29 1934.
EXECUTIVE ORDER.
Establishing the division of territories and island possessions in the
President Roosevelt's Message to Senate Urging Ratifiof the
cation of Treaty of Relations Between United Department of Interior and transferring thereto the functions adminBureau of Insular Affairs, War Department, pertaining to the
States and Cuba.
istration of the government of Puerto Rico.
In another item we refer more at length to President
Whereas, Section 16 of the Act of March 3 1933 (Ch. 212,47 Stat. 1517).
Roosevelt's message, sent to the Senate on May 29, recom- Provides for reorganizations within the executive branch of the Government,
reorganizations
mending the ratification by that body of the new treaty of requires the President to investigate and determine what and authorizes
are necessary to accomplish the purposes therein stated,
relations with Cuba. The President's message follows:
the President to make such reorganizations by executive order:
Whereas, After investigation I find and declare that the establishment
To the Senate of the United States:
of a division of territories and island possessions in the Department of the
To the end that I may receive the advice and consent of the Senate to
Interior and the transfer thereto of the functions of the Bureau of Insular
Its ratification, I transmit herewith a treaty of relations between the
Affairs, War Department, pertaining to the administration of the governUnited States of America and the Republic of Cuba. signed at Washington
ment of Puerto Rico is necessary to effectuate the purpose of the said
on May 29 1934.
This treaty would supersede the treaty of relations between the United
Section 16:
Now. therefore. By virtue of and pursuant to the authority vested in
States and Cuba signed at Habana on May 22 1903.
me by the aforesaid Section 16 of the Act of March 3 1933. it is ordered
I have publicly declared "that the definite policy of the United States
that a division which shall be known as the Division of Territories and
from now on is one opposed to armed intervention." In this new treaty
Island Possessions be, and it is hereby, established in the Department of
with Cuba, the contractual right to intervene in Cuba, which had been
granted to the United States in the earlier treaty of 1903, is abolished and
the Interior; and it is further ordered that all of the functions of the Bureau
of Insular Affairs, Department of War, together with its personnel, records.
those further rights, likewise granted to the United States in the same
supplies, equipment and property of every kind, and unexpended balances
instrument, involving participation in the determination of such domestic
of appropriations and (or) allotments in Washington and elsewhere, perpolicies of the Republic of Cuba as those relating to finance and to sanitation, are omitted therefrom. By the consummation of this treaty, this
taining to or connected with the administration of the government of
Puerto Rico be, and they are hereby, transferred from the Department of
Government will make it clear that it not only opposes the policy of armed
War to the Division of Territories and Island Possessions, Department of
Intervention, but that it renounces those rights of intervention and interthe Interior, to be administered under the supervision of the Secretary
ference in Cuba which have been bestowed upon it by treaty.
of the Interior.
Our relations with Cuba have been and must always be especially close.
This order will become effective in accordance with the provisions of
They are based not only upon geographical proximity, but likewise upon
fact that American blood was shed as well as Cuban blood to gain the
Section 1 of Title m of the Act of March 20 1933 (Ch. 3, 48 Stat. 16):
the
provided, that in case it shall appear to the President that the interests of
liberty of the Cuban people and to establish the Republic of Cuba as an
economy require that the transfer be delayed beyond the date this order
independent power in the family of nations. I believe that this treaty will
becomes effective, he may, in his discretion, fix a later date therefore.
further maintain those good relations upon the enduring foundation of
and he may for like cause further defer such date from time to time.
sovereign equality and friendship between our two people, and I conseFRANKLIN D. ROOSEVELT.
quently recommend to the Senate its ratification.
FRANKLIN D. ROOSEVELT.
Accompaniments:
Treaty as above;
Report of the Secretary of State.
The White House, May 29 1934.
Secretary Hull's Letter to President Roosevelt Transmitting Treaty of Relations Between United States
and Cuba.
In transmitting to President Roosevelt the new treaty of
relations between the United States and Cuba, Secretary of
State Hull addressed the following letter to the President:
Text of Crime Bills Passed by Congress and Signed by
President Roosevelt.
The signing by President Roosevelt on May 18 of six
bills designed to enlarge the authority of the Department
of Justice in combatting organized crime was noted in our
issue of May 26, page 3536. At the same time we gave the
statement issued by the President in which he referred to
the newly enacted laws as constituting "a renewed challenge
on the part of the Federal Government to inter-State crime."
A statement by Attorney-General Cummings was likewise
3704
Financial Chronicle
given in our item of a week ago. These measures, and the
legislation provided thereunder are:
S. 2249.—Applying the powers of the Federal Government under the
commerce clause of the Constitution to extortion by means of telephone.
radio, oral messages, or otherwise.
S. 2252.—To amend the Act forbidding the transportation of kidnaped
persons in inter-State commerce.
S. 2253.—Making it unlawful for any person to flee from one State to
another for the purpose of avoiding prosecution or the giving of testimony
In certain cases.
S. 2575.—To define certain crimes against the United States in connection with the administration of Federal penal and correctional institutions.
S.2080.—To provide punishment for killing or assaulting Federal officers.
S. 2841.—To provide punishment for certain offenses committed against
banks organized or operated under laws of the United States or any member
of the Federal Reserve System.
The full text of each of the above follows:
[S. 2249]
AN ACT
Applying the powers of the Federal Government, under the commerce
clause of the Constitution, to extortion by means of telephone, telegraph, radio, oral message, or otherwise.
Be it emacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That whoever, with intent to
extort from any person, firm, association, or corporation any money or
other thing of value, shall transmit in interstate commerce, by any means
whatsoever, any threat (1) to injure the person, property, or reputation
of any person, or the reputation of a deceased person, or (2) to kidnap
any person, or (3) to accuse any person of a crime, or (4) containing any
demand or request for a ransom or reward for the release of any kidna
person, shall upon conviction be fined not more than $5,000 or imprison
not more than twenty years, or both. Provided, That the term "int
state commerce" shall include communication from one State, Territory
or the District of Columbia, to another State. Territory, or the Distri
of Columbia. Provided further, That nothing herein shall amend or repeal
section 338a, title 18, United States Code (47 Stat. 649)•
Approved, May 18, 1934.
[S. 2252]
AN ACT
To_amend the Act forbidding the transportation of kidnaped persons in
interstate commerce.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That the Act of June 22, 1932 (U.S.C.,
ch. 271, title 18, sec. 408a), be, and the same is hereby, amended to read
as follows:
"Whoever shall knowingly transport or cause to be transported, or
aid or abet in transporting, in interstate or foreign commerce, any person
who shall have been unlawfully seized, confined, inveigled, decoyed,
kidnaped, abducted, or carried away by any means whatsoever and held
for ransom or reward or otherwise, except, in the case of a minor, by a
parent thereof, shall, upon conviction, be punished (1) by death if the verdict of the Jury shall so recommend, provided that the sentence of death
shall not be imposed by the court if, prior to its imposition, the kidnaped
person has been liberated unharmed, or (2) if the death penalty shall not
apply nor be imposed the convicted person shall be punished by imprisonment in the penitentiary for such term of years as the court in its discretion
shall determine. Provided, That the failure to release such person within
seven days after he shall have been unlawfully seized, confined, inveigled,
decoyed. kidnaped, abducted, or carried away shall create a presumption
that such person has been transported in interstate or foreign commerce,
but such presumption shall not be conclusive.
"Sec. 2. The term 'interstate or foreign commerce', as used herein,
shall include transportation from one State. Territory, or the District
of Columbia to another State. Territory, or the District of Columbia,
or to a foreign country, or from a foreign country to any State. Territory,
or the District of Columbia.
"Sec. 3. If two or more persons enter into an agreement, confederation,
or conspiracy to violate the provisions of the foregoing Act and do any
overt act toward carrying out such unlawful agreement, confederation,
or conspiracy, such person or persons shall be punished in like
manner
as hereinbefore provided by this Act."
Approved, May 18, 1931.
(S. 2253]
AN ACT
Making it unlawful for any person to (leo from one State to another for
the purpose of avoiding prosecution or the giving of testimony in
certain cases.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That it shall be unlawful for any person
to move or travel in interstate or foreign commerce from any State, Territory, or possession of the United States, or the District of Columbia, with
intent either (1) to avoid prosecution for murder, kidnaping, burglary,
robbery, mayhem, rape, assault with a dangerous weapon, or extortion
accompanied by threats of violence, or attempt to commit any of the foregoing, under the laws of the place from which he flees, or (2) to avoid
giving testimony in any criminal proceedings in such place In which the
commission of a felony is charged. Any person who violates the provision
of this Act shall, upon conviction thereof, be punished by a fine of not more
than $5,000 or by imprisonment for not longer than five years, or by both
such fine and imprisonment. Violations of this Act may be prosecuted
only in the Federal judicial district In which the original crime was alleged
to have been committed.
Approved, May518, 1934.
[S. 2575]
AN ACT
To define certain crimes against the United States in connection with the
administration of Federal penal and correctional institutions and to
fix the punishment therefor.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That any person employed at any Federal
penal or correctional institution as an officer or employee of the United
States, or any other person who instigates, connives at, wilfully attempts
toicause. assists in, or who conspires with any other person or persons to
cause any mutiny, riot, or escape at such penal or correctional institution; or any such officer or employee or any other person who, without
the knowledge or consent of the warden or superintendent of such institution. conveys or causes to be conveyed into such institution, or from
place to place within such institution, or knowingly aids or assists therein,
any tool, device, or substance designed to cut, abrade, or destroy the
materials, or any part thereof, of which any building or buildings of such
institution are constructed, or any other substance or thing designed to
June 2 1934
Injure or destroy any building or buildings, or any part thereof, of such
institution, or who conveys or causes to be conveyed into such institution, or from place to place within such institution, or aids or assists
therein, or who conspires with any other person or persons to convey or
cause to be conveyed into such institution, or from place to place within
such institution, any firearm, weapon, explosive, or any lethal or poisonous
gas, or any other substance or thing designed to kill, injure, or disable
any officer, agent, employee, or inmate thereof, shall be punished by
imprisonment for a period of not more than ten years.
Sec. 2. All acts and part of Acts in conflict herewith are hereby repealed.
Approved. May 18, 1934.
[S. 2080]
AN ACT
To provide punishment for killing or assaulting Federal officers.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That whoever shall kill, as defined
in sections 273 and 274 of the Criminal Code, any United States
marshal
or deputy United States marshal, special agent of the Division of
Investigation of the Department of Justice. post-office inspector,
Secret
Service operative, any officer or enlisted man of the Coast Guard, any
employee of any United States penal or correctional institution, any officer
of the customs or of the internal revenue, any immigrant
inspector or
any immigration patrol inspector, while engaged in the performance
of
his official duties, or on account of the performance of his
official
shall be punished as provided under section 275 of the Criminal duties.
Code.
Sec. 2. Whoever shall forcibly resist, oppose, impede,
intimidate, or
interfere with any person designated in section 1 hereof while
engaged
in the performance of his official duties, or shall assault
him on account
of(the performance of his official duties, shall be fined not
more than
$5 000, or imprisoned not more than three years, or both; and whoever,
iit? he commission of any of the acts described in this section,
shall use
' adly or dangerous weapon shall be fined not more than $10,000,
or
riso ed not more than ten years, or both.
,Appro ed, May 18 1934.
[S. 2841]
AN ACT
provide punishment for certain offenses committed against ba
organized or operating under laws of the United States or any member
of the Federal Reserve System.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That as used in this Act the term
"bank" includes any member bank of the Federal Reserve System, and
any bank, banking association, trust company, savings bank, or other
banking institution organized or operating under the laws of the United
States.
Sec. 2. (a) Whoever, by force and violence, or by putting in fear,
feloniously takes, or feloniously attempts to take, from the person or
presence of another any property or money or any other thing of value
belonging to, or in the care, custody, control, management, or possession
of, any bank shall be fined not more than $5,000 or imprisoned not
more
than 20 years, or both.
(b) Whoever, in committing, or in attempting to commit, any offense
defined in subsection (a) of this section, assaults any person, or puts
in
jeopardy the life of any person by the use of a dangerous weapon or
device,
shall be fined not less than $1,000 nor more than $10,000 or
Imprtsoned
not less than five nor more than 25 years. or both.
Sec. 3. Whoever, in committing any offense defined in this Act, or
in
avoiding or attempting to avoid apprehension for the commission of
such
offense, or in freeing himself or attempting to free himselffrom arrest or confinement for such offense, kills any person, or forces any person to accompany him without the consent of such person, shall be punished by imprisonment for not less than 10 years, or by death if the verdict of
the
jury shall so direct.
Sec. 4. Jurisdiction over any offense defined by this Act shall
not be
reserved exclusively to courts of the United States.
Approved, May 18 1934.
---...---_
Publicity Provisons of Revenue Act Apply Only to 1934
Incomes—Returns Will Be Made Public Records
After March 15 1935, According to Commissioner
Helvering's Ruling.
Guy T. Helvering, Commissioner of Internal Revenue,
announced on May 28 that returns of Federal income tax
payers for the calendar year 1934 will become public records
"some time after March 15 1935." Mr. Helvering's ruling
constituted an official interpretation of the publicity provisions contained in the Revenue Act of 1934. These provisions, he said, apply only to returns made after Dec. 31
next, and do not affect returns which have already been made.
Taxpayers filing returns for the calendar year 1934 will be
required to prepare an additional form showing the name and
address of the taxpayer, his total gross income, total deductions, net income, credit against net income and the amount
of tax payable. This form will be open to public examination for a period of at least three years from the date after
it is required to be filed. The text of Commissioner Helvering's announcement follows:
Inquiries have been received from many sources with
respect to Section
55,entitled "Publicity of Returns,"in the Revenue Act
of 1934. Paragraph
A of this section of the new Revenue Act provides that
returns made under
this title (income tax) shall be open to inspection in the
same manner, to
the same extent, and subject to the same provisions
of law, including
penalties, as income tax returns filed under the Revenue
Act of 1926, and
that income tax returns made under the Revenue Act
of 1934 shall constitute public records and shall be open to public
examination and inspection
to such extent as shall be authorized in nice and
regulations promulgated
by the President.
Section 55 (b) of the Revenue Act of 1934 prescribes that every person
required to file an income tax return shall also file with his return, upon a
form prescribed by the Commissioner, a correct statement of the following
items shown upon the return: (1) Name and address,(2) total gross income.
(3) total deductions, (4) net income, (5) total credit against net income
for purpose of normal tax, and, (6) tax payable. The same paragraph
provides that in case the taxpayer falls to file with his return the statement
required by law, the collector shall prepare the statement from the Income
tax return and shall add $5 to the tax. The statements mentioned in this
paragraph or copies thereof, shall, as soon as practicable, be made available
Volume 138
Financial Chronicle
to public examination and inspection, in such manner as the Commissioner
with the approval of the Secretary, may determine, in the office of the
Collector with which they are filed,for a period of not less than three years,
from the date they are required to be filed.
It should be noted that the section of the Revenue Act of 1934 referred
to does not permit public inspection of returns filed under prior Revenue
Acts to any greater extent than they have been made available for inspection under the rules and regulations promulgated by the President; neither
does the section permit inspection or publication ofinformation from returns
filed under the Revenue Act of 1934. except under such rules and regulations as may be promulgated by the President.
aaThe additional information form which every taxpayer is required to
file with his income tax return for the year 1934 will not be available until
after income tax returns for the calendar year 1934 shall have been filed
with the respective collectors of Internal Revenue, and until the collectors
shall have had the opportunity to Establish files in their offices.
Therefore, this additional form will not be made available for public
inspection until some time after March 15 1935.
Senate Committee Favorably Reports Revised Wagner
Labor Bill—President Roosevelt Said to Desire
Approval at Present Session.
The revised Wagner bill to provide for the creation of a
labor board to adjudicate disputes between employers and
workers was favorably reported to the Senate on May 26 by
the Committee on Education and Labor. Senator Walsh,
Chairman of the Committee, said on May 23 that President
Roosevelt hoped the measure would be approved during the
present session of Congress. Reports from Washington this
week, however, indicated that it appeared doubtful if the bill
could be acted upon before adjournment, since Senator Robinson, the Democratic leader, has announced that no legislation
will be considered until the reciprocal tariff and silver bills
have been disposed of. Action of the Senate Committee in
reporting the measure was said to have been hastened by the
increasing number of industrial disputes.
The bill, as reported by the Committee, provides for the
creation of a National Industrial Adjustment Board as a substitute for the present National Labor Board. The Board is
directed to enforce the law and acts only when enforcement
is necessary. senator Walsh has stated that the primary object of the bill is to clarify rather than extend existing law
governing the relations between employers and employees.
The Committee's report said that the bill does not require any
employee to join any form of labor organization, nor does it
permit the Industrial Adjustment Board "or any other branch
or agency of the Government to fix wages,to regulate rates of
pay, to limit hours of work, or to affect or govern sanitary or
similar working conditions in any establishment or place of
employment."
A Washington dispatch of May 26 to the New York "Times"
summarized other leading provisions of the bill as follows:
The United States Circuit Courts of Appeals would be charged with enforcing the Board's orders, with review by the Supreme Court on writ of
certiorari or certification.
The Board would have unlimited jurisdiction over complaints of "unfair
labor practice," in matters which would tend to bring on an industrial dispute, but its competency as an arbitral body would be dependent upon the
request of all parties for its offices.
Establishments employing fewer than ten persons would be exempted
from its previsions as would agricultural and domestic workers and employers.
The principal object is the definition and enforcement of Section 7A of
the National Industrial Recovery Act, which guarantees the right of workers
to organize for collective bargaining with their employers.
Section 7a Still Undefined.
The question of majority representation of employees, which has befogged
the administration of Section 7a for many months, is left undefined. The
Board would have authority to conduct investigations to determine which of
conflicting labor organizations represented a majority of the employees concerned, and might authorize the successful claimant to bargain for all the
employees.
The Board's authority in this field is permissive rather than mandatory,
however, and presumably might permit the proportional representation plan
reached in the automobile industry's dispute with the American Federation
of Labor.
Where the majority representatives act for the whole body of employees,
the minority employees have a guarantee of the right to present grieveances
to the employer, but apparently de not have the right to make a separate
bargain for themselves.
The Board would be composed of three permanent members, representing
the public and appointed by the President, who would also name a panel
of six members, from which two would be selected by the Chairman of the
Board to complete its membership.
Terms of Board Members.
Of the two members selected from the panel, one would represent labor
and the other employers. As far as possible, the Chairman would draw on
the panel in such manner that all its members served equal periods. The
permanent members would draw salaries of $10,000 a year, while the panel
members would receive $20 per day and subsistence for time actually served.
The terms of the permanent members would be five years and the panel
members one year each.
The Board could hear complaints in Washington or conduct its operations
anywhere else it might Bee fit. Ordinarily it would hear cases brought to
Its attention by the Department of Labor. It might, however, by a majority
vote, hear any case it desired.
The arbitral procedure outlined in the bill is intended to follow that
tested under the Railway Labor Act. Awards of the Board would be subject
to judicial review, but would be considered binding on Government officials
until so overruled.
3705
Increased Industrial Strife Forecast by Representatives
of Iron and Steel Industry in Event of Enactment
of Revised Wagner Labor Bill.
Enactment of the revised Wagner labor bill now before
Congress would intensify and increase industrial strife
throughout the country, it was declared by representative
leaders of the iron and steel industry,in a statement criticizing
the measure issued on May 31 at the offices of the American
Iron and Steel Institute. The statement follows:
Notwithstanding modifications, the revised Wagner bill embodies most
of the objectionable features of the original bill. Despite statements to
the contrary by proponents of the bill, it retains the un-American principles that were the subject of vogorous protests by employees and employers alike before the Senate Labor Committee.
Although the revised bill purports to be a measure to promote industial
peace, the practical result of its passage would be exactly the opposite;
Its enactment would set the stage for a conflict which not only will retard
National recovery, but will injure employees and employers for all time.
The provisions of the bill would tend to strangle employee representation
plans now in effect, under which millions of industrial workers are enjoying
the benefits of an effective and modern form of collective bargaining.
The bill would tend to impose the closed shop through requiring employers to deal with labor organizations now representing a small minority
(less than 10%) of the industrial workers of the Nation, thus giving these
unions a recognition and membership through legislation which they have
been unable to win by voluntary appeal. It is based upon the vicious theory
that there must be conflict and strife between employers and employees
Its provisions would drive a wedge between them.
The unfairness of the bill to employees and its bias in favor of the professional labor unions is plainly shown in the provisions of the measure
which declare certain acts to be unfair labor practices.
While properly forbidding any coercion or intimidation by an employer
of his employees,it contains nothing that would prevent labor organizations
from exercising any manner of coercion or intimidation against employees.
It is a well-known fact that union organizers frequently adopt ruthless
and sometimes brutal forms of intimidation to win members to unions and
to induce workers to strike.
The net result of the bill would be to create a labor union monopoly,
with great injury to millions of employees,to employers, and to the publlc.
No attempt is made to extend the function of the proposed Adjustment
Board to basic questions of hours of labor, wages and working conditions.
It is designed only to further the advancement of labor organizations and
the imposition of the closed shop. Such legislation will not solve any labor
difficulties, but only perpetuate industrial warfare.
The very existence of such a board will tend to promote agitation on
the part of professional strike fomenters.
The board is given virtually unrestricted jurisdiction to determine the
manner in which representatives for collective bargaining shall be chosen.
The result of this will be National control of local labor relations which
will deprive employees of the freedom of proceeding on their own volition
and in their own manner in the selection of their representatives. This is
contrary to the long-established and recognized principale that individuals
should be free to negotiate engagements for their employment, and is
bound to produce discord among the employees themselves and between
them and their employers.
Under one provision of the bill if a union is not strong enough to dominate
the plant, it will be possible for the plant to be so subdivided as to give
union recognition to a part of it, however small, thus giving a foothold
to union labor where the employees might be predominately in favor of
the open shop.
The bill forbids contributions by an employer toward the expense of
operating the representation plan of his employees. It is apparent that
such provision is a blow aimed against employee representation plans,rnany
of which have been in operation for years. Such plans make for industrial
harmony, which is for the good of the employers as well as their employees.
and there is no sound reason for making it unlawful for the employers to
help defray the expense of operating them.
In notable contrast to this provision, the proposed bill places no restraint
upon the amount of dues to be collected by the union labor organizations
or upon the use of their funds. Moreover, the proposed bill requires no
accounting to the employees for dues paid by them, the aggregate of which,
even with a comparatively small labor union membership, is known to
be large.
It is time the American people were told the truth about the motives
back of the industrial troubles that organized labor Is now threatening.
The threatened disturbances cannot be explained away on the ground
that they are merely manifestations of business recovery. Their real
causes are to be found in the determination of National labor leaders to
exploit Section 7(a) of the Recovery Act for their selfish ends at any cost
n total disregard of the welfare of workers or of the whole Nation.
United States Supreme Court Holds Invalid Arkansas
Law Exempting Insurance Policies from Attachment for Debt—Chief Justice Hughes Declares
Statute Is Not of "Temporary" Nature, as Was
Minnesota Mortgage Law—Four Justices Write
Separate Opinion.
An Arkansas law which declared a moratorium on liens on
life insurance policies was found unconstitutional by the
United States Supreme Court, in a ruling handed down
May 28, which differentiated between this law and the Minnesota statute providing a moratorium on real estate mortgage
foreclosures. The court, by a 5 to 4 decision, had upheld the
Minnesota law, but Chief Justice Hughes, giving the court's
opinion, on May 28, said that although the Minnesota law was
"temporary and conditional," the relief sought to be afforded
In the Arkansas statute "is neither temporary nor conditional." The court thus differentiated between debt relief
laws which are of a temporary or emergency nature and those
which are not.
Justices Sutherland, Van Devanter, McReynolds and Butler, who had dissented in the Minnesota case, concurred with
the Chief Justice in the Arkansas decision, but remarked in a
separate opinion that they could see no difference betweer
3706
Financial Chronicle
the two cases, and that no emergency can justify "a nullification of the constitutional restriction upon State power in restraint of impairment of contractual obligations."
A Washington dispatch of May 28 to the New York "Herald
Tribune" quoted from the court's decision as follows:
"In placing insurance moneys beyond the reach of existing creditors," said
the Chief Justice, "the Act contains no limitation as to time, amount, circumstances or need."
He ruled the !egislation clearly unconstitutional, reversed the Arkansas
Supreme Court, and remanded the case.
Justices Sutherland, Van Devanter, McReynolds and Butler, who dissented
in the Minnesota case, in an opinion by Justice Sutherland, concurred "unreservedly" in the judgment of the court holding the Arkansas law void.
They concurred, however, not because they were able to agree that there were
substantial differences between the Arkansas and Minnesota laws, but because
"the two statutes are governed by the same principles."
The concurring opinion gave the four dissenters in the Minnesota case
opportunity for an emphatic statement that an emergency can never justify
"a nullification of the constitutional restriction upon State power in respect
to the impairment of contractual obligations." The four Justices rejected "as
dangerous and unsound doctrine" the notion that violations of constitutional
provisions may be condoned if of brief duration or for merely the period of
an emergency.
The Arkansas case got into the courts when the W. B. Worthen Co. obtained
a writ of garnishment against the Missouri State Life Insurance Co. on the
life insurance policy of Ralph Thomas, made out to his widow, Mrs. W. D.
Thomas, with whom as co-partner be had rented a business property from the
Worthen Co. The Thomases were in debt for rent. Soon after the writ was
obtained, the Legislature of Kansas passed a law declaring life insurance
exempt from seizure. The case was carried through the lower courts, and the
Arkansas State Court finally upheld the law, dismissed the garnishment and
grarted the exemption.
The case was then brought to the Supreme Court of the United States on
appeal from the Supreme Court of Arkansas.
Hughes SIMI Up for Majority.
Chief Justice Hughes, in summing up the decision of the majority holding
the law unconstitutional, said:
"Such an exemption applied in the case of debts owing before the exemption
was created by this legislation constitutes an unwarrantable interference with
the obligation of contracts in violation of the constitutional provision.
"The legislation sought to justify the exemption by reference to the emergency 'which was found to exist. But the legislation was not limited to the
emergency and set up no conditions apposite to emergency relief.
"We held in the Blaisdell case that the constitutional prohibition against
the impairment of the obligation of contracts did not make it impossible for
the State, in the exercise of its essential reserved power, to protect the interests of the people. We held that when the exercise of the reserved power of
the State, in order to meet public need because of a pressing public disaster,
relates to the enforcement of existing contracts, that action must be limited
by reasonable conditions appropriate to the emergency. This is but the
application of the familiar principle that the relief afforded must have reasonable relation to the legitimate end to which the State is entitled to direct its
legislation.
Arkansas Law Di'
ferent.
"Accordingly, in the case of Blaisdell, we sustained the Minnesota moratorium law in the light of the temporary and conditional relief which the
legislation granted. We found that relief to be reasonable from the standpoint of both mortgagor and mortgagee and to be limited to the exigency
to which the legislation was addressed.
"In the instant case, the relief sought to be afforded is neither temporary
nor conditional. In placing insurance moneys beyond the reach of existing
creditors, the Act contains no limitation as to time, amount, circumstances,
or need. We find the legislation, as here applied, to be a clear violation of
the constitutional restriction."
Chief Jusice Hughes then ordered judgment reversed and the case remanded.
Justice Sutherland in the separate concurring opinion, said: "We set forth
in the opinion that the differences between the Arkansas statute and the
Minnesota mortgage moratorium law, which was upheld as constitutional in
the Blaisdell case, are substantial. On the contrary, we are of the opinion
that the two statutes are governed by the same principles and the differences
found to exist are without significance, so far as the question of constitutionality is concerned.
"We were unable then, as we are now, to concur in the view that an emergency can ever justify, or, what is really the same thing, can ever furnish an
occasion for justifying, a nullification of the constitutional restriction upon
State power in respect of the impairment of contractual obligations."
United States Court Denies Government Temporary
Injunction to Restrain Weirton Steel Co.—Judge
Nields Bases Ruling on Anti-Injunction Act.
The Federal Government was checked in its effort to force
the Weirton Steel Co. to permit an election among its employees under National Recovery Administration supervision
for the purpose of choosing a representative for collective
bargaining, when on May 29 Judge John P. Nields in United
States District Court at Wilmington, Del., handed down a
ruling a refusing a preliminary injunction to restrain the
company from interfering with such an election. Judge
Nields in his opinion said that "this Court is without jurisdiction is issue a temporary injunction in such case unless the
testimony of witnesses if heard in open court with opportunity
for cross-examination. The Court upheld the contention of
the company that the litigation involved a labor dispute, and
held that under the Norris-LaGuardia Anti-Injunction Act
the Court could not issue a restraining order solely on the
basis of ex parte affidavits. This was the first time it is
stated that this law had been held applicable even when the
Government was seeking an injunction against an employer.
The Government is expected to seek to bring the case to
trial in the near future, but reports from Washington said
June 2 1934
that it appeared doubtful if the case could be argued before
September or October. Associated Press advices to the
New York "Herald Tribune" on May 29 from Wilmington
summarized the Court's ruling as follows:
The relative merits of fundamental issues were not decided by the Court
and points involving a constitutional challenge of the labor guaranty Provisions of the National Industrial Recovery Act and an attack upon the
so-called company union remain for determination when and if a final
hearing is held.
"The somewhat extended consideration of the facts clearly suggests the
law controlling the Court in determining this motion for a preliminary
Injunction," the decision said.
"These facts picture a labor dispute. This dispute had existed since
the Amalgamated Union lodges were organized at the defendant's plant.
The employees have split into hostile camps. They are divided between
loyalty to the Amalgamated Union and loyalty to the company union.
"A very recent act of Congress defines and limits the jurisdiction of this
Court in the issue of injunctions in labor disputes. . . .
Anti-Injunction Act Cited.
"The Act provides 'that no court of the United States as herein defined
shall have jurisdiction to issue any restraining order or temporary or permanent injunction in a case involving or growing out of a labor dispute.
except . . . after hearing the testimony of witnesses in open court
(with opportunity for cross-examination) In support of the allegations of
the complaint made under oath, and testimony, in opposition thereto, if
offered, and except after finding all facts by the court. . . .
"It is contended that the Act is not applicable to a suit wherein the United
States is complainant. The Act deals with labor disputes. It is immaterial who the complainant may be if a labor dispute Is involved and the
defendant was guilty of acts of coercion and intimidation against employees
when they were exercising or seeking to exercise their right of electing representatives for the purpose of collective bargaining.
"The defendant, therefore, was a party to a labor dispute. By reason of
such acts the bill prays for relief against the defendant.
Immediate Election Blocked.
"As this is a case involving or growing out of a 'labor dispute and defendant is a party' to that dispute against whom relief is sought, this
Court is without jurisdiction to issue a temporary injunction in such case
unless the testimony of witnesses is heard In open court, with opportunity for
cross-examination."
Judge Nields said the case "obviously is controlled by the rule repeatedly
announced in this district and circuit, that a preliminary injunction is never
granted where the pleadings and affidavits disclose that the plaintiff's contentions in fact and in law are seriously disputed." . . .
The decision blocks the plan to hold an election immediately, under
supervision of the National Labor Board, at the Weirton plants in Weirton
and Clarksburg, W. Va., and Steubenville, Ohio. They employ about
13,000 men. Argument on the motion started last April 30 and consumed
five days.
Government attorneys contended the election at the Weirton plants last
December was attended by coercion and intimidation on the part of the
management to assure the election of representatives favorable to company
policies.
Text of Bill Granting Equal Rights in Acquiring
American Citizenship as Passed By Congress and
Signed By President Roosevelt.
On May 24 President Roosevelt signed the bill amending
the law relative to citizenship and naturalization (the socalled "woman's equality bill"), Congressional action on
which was noted in our issues of May 19, page 3369, and
May 25, page 3535. The text of the new law as signed by
President Roosevelt follows:
[H. R.35731
AN ACT to amend the law relative to citizenship and naturalization, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That Section 1993 of the Revised Statutes
is amended to read as follows:
"Sec. 1993. Any child hereafter born out of the limits and jurisdiction
of the United States, whose father or mother or both at the time of the
birth of such child is a citizen of the United States, is declared to be a
citizen of the United States; but the rights of citizenship shall not descend
to any such child unless the citizen father or citizen mother, as the case
may be, has resided in the United States previous to the birth of such
child. In cases where one of the parents is an alien, the right of citizenship shall not descend unless the child comes to the United States and
resides therein for at least five years continuously immediately previous
to his eighteenth birthday, and unless, within six months after the child's
twenty-first birthday, he or she shall take an oath of allegiance to the
United States of America as prescribed by the Bureau of Naturalization."
Sec. 2. Section 5 of the Act entitled "An Act in reference to the expatriation of citizens and their protection abroad", approved March 2 1907. as
amended,is amended to read as follows:
"Sec. 5. That a child born without the United States of alien parents
shall be deemed a citizen of the United States by virtue of the naturalization of or resumption of American citizenship by the father or the mother:
Provided, That such naturalization or resumption shall take place during
the minority of such child: And provided further, That the citizenship of
such minor child shall begin five years after the time such minor child
begins to reside permanently in the United States."
Sec. 3. A citizen of the United States may upon marriage to a foreigner
make a formal renunciation of his or her United States citizenship before
court having jurisdiction over naturalization of aliens, but no citizen
a
may make such renunciation in time of war, and if war shall be declared
within one year after such renunciation then such renunciation shall be void.
Sec. 4. Section 2 of the Act entitled "An Act relative to the naturalization and citizenship of married women," approved Sept. 22 1922,Is amended
to read as follows:
"Sec. 2. That an alien who marries a citizen of the United States, after
the passage of this Act, as here amended, or an alien whose husband or
wife is naturalized after the passage of this Act, as here amended,shall not
become a citizen of the United States by reason ofsuch marriage or naturalization; but, if eligible to citizenship, he or she may be naturalized upon
full and complete compliance with all requirements of the naturalization
laws, with the following exceptions:
"(a) No declaration of intention shall be required.
I.
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138
Financial Chronicle
"(b) In lieu of the five-year period of residence within the United States
and the one-year period of residence within the State or Territory where
the naturalization court is held, he or she shall have resided continuously
In the United States, Hawaii, Alaska, or Puerto Rico for at least three years
immediately preceding the filing of the petition."
Sec. 5. The following Acts and parts of Acts, respectively, are repealed:
The Act entitled "An Act providing for the naturalization of the wife and
minor children of insane aliens, making homestead entries under the land
laws of the United States," approved Feb. 24 1911; subdivision "Sixth" of
Section 4 of the Act entitled "An Act to establish a Bureau of Immigration
and Naturalization, and to provide for a uniform rule for the naturalization
of aliens throughout the United States," approved June 29 1906; and
Section 8 of the Act entitled "An Act relative to the naturalization and
,
citizenship of married women," approved Sept. 22 1922, as said section
was added by the Act approved July 3 1930, entitled "An Act to amend
Act entitled'An Act relative to naturalization and citizenship of married
an
women,' approved Sept. 22 1922."
The repeal herein made of Acts and parts of Acts shall not affect any
right or privilege or terminate any citizenship acquired under such Acts
and parts of Acts before such repeal.
Approved, May 24 1934. 12 noon.
Senate Ratifies Equal Rights Nationality Treaty
Making United States First Nation to Approve
Montevideo Pact—President Roosevelt Also Signs
Bill Granting Equal Rights in Acquiring American
Citizenship.
The Senate on May 24 unanimously voted to ratify the
equal rights nationality treaty negotiated at the Pan American Conference, which was held in Montevideo last winter.
This action made the United States the first nation in the
world to ratify the international agreement which guarantees
equal nationality rights to both men and women. On the
same day(May 24)President Roosevelt signed the DicksteinCopeland Bill, designed to remove discrimination regarding
nationality in American laws. The principal provisions of
this measure were noted in our issue of May 26, pages 3535-36,
and the text of the new law is given in another item in this
issue of our paper.
A Washington dispatch of May 24 to the New York
"Herald Tribune" described the approval of the treaty in the
Senate and the signature of the equal rights nationality bill
in part as follows:
The treaty sets up the principle of equality of treatment for women and
men with regard to citizenship and nationality. The bill signed by the
President carries out this principle in American law by revising the existing
statutes covering the process of naturalization and the descent rights of
citizenship.
Senate Ratifies in Two Minutes.
Ratification of the treaty was concluded in about two minutes in the
Senate without a roll call. Senator Hey Pittman, Democrat, of Nevada,
Chairman of the Foreign Relations Committee, moved that the Senate
"advise and consent" to the ratification of the treaty. Senator Huey Long,
Democrat, of Louisiana, asked that it be explained, adding, "I'm always
afraid of treaties."
Senator Pittman said that the treaty merely provided there be no distinction of sex in matters of nationality. The pact is officially known as the
"convention on the nationality of women." It was signed Dec. 26 1933 at
Montevideo. It remains in effect indefinitely, but may be denounced by
any country on one year's notice.
The equal rights nationality bill was sponsored by Senator Royal S. Copeland and Representative Samuel Dickstein, Democrats, of New York. It
was recalled from the White House two days ago and immediately repassed
with a slight clarifying amendment which did not change its intent. The
new law permits citizenship rights to children through the mother as well
as the father. A child born abroad of an American mother heretofore has
not been able to claim American citizenship while the child of an American
father has had citizenship rights.
All Sex Discrimination Removed.
Previously a child born olitside the United States of alien parents was
deemed a citizen by virtue of the naturalization of, or resumption of, American citizenship by the father. The new law gives to children the same
rights by virtue of the naturalization of, or resumption of. American citizenship by the mother. The law removed all sex discrimination in other minor
points in the field of nationality.
Upon notification of the ratification of the treaty and of President Roosevelt's signature to the bill, Alice Paul, Chairman of the International Relations Committee of the National Woman's Party, made the following
statement on behalf of the Woman's Party:
"The equal nationality law giving women complete equality with men in
nationality in the United States, and the ratification of the equal nationality
treaty are, indeed, notable victories.
"They are significant as an extension of the principles of democracy at
a time when Democratic government is under severe scrutiny and criticism.
Furthermore, they are particularly significant in connection with the effort
of women to achieve equality on a world-wide scale."
President Roosevelt's Memorial Day Address at Gettysburg—Declares We Are All Brothers in "New
Understanding."
In a Memorial Day address, May 30, delivered at the
Gettysburg (Pa.) battlefield, President Roosevelt told the
gathering that "to-day we have many means of knowing each
other—means that have sounded the doom of Sectionalism."
Pointing out that "the chief hindrance to progress comes
from three elements," the President went on to say:
"These groups are those who seek to stir up political animosity or to build
political advantage by the distortion of facts; those who by declining to
follow the rules of the game, seek to gain an unfair advantage over those
who live up to the rules, and those few who still, because they have never
been willing to take an interest in their fellow Americans, dwell inside of
their own narrow spheres and still represent the selfishness of sectionalism,
-which has no place in our national life."
3707
The President remarked that "Washington and Jefferson
and Jackson and Lincoln and Theodore Roosevelt and Woodrow Wilson sought and worked for a consolidated Nation."
"You and I" he added "have it in our power to attain that
great ideal. We can do this by following the peaceful
methods prescribed under the broad and resilient provisions
of the Constitution of the United States."
Earlier in his address the President made the statement
that"we are all brothers now in a new understanding." "The
grain farmers of the West" he said, "do not set themselves
up for preference if we seek at the same time to help the
cotton farmers of the South; nor do the tobacco growers
complain of discrimination if, at the same time, we help the
cattle men of the plains and mountains." "In our planning
to lift industry to normal prosperity" the President continued, "the farmer upholds our efforts." "All of us" he
observed, "share in whatever good comes to the average
man. We know that we all have a stake—a partnership in
the Government of our country." Incident to the ceremonies we quote the following from a Gettysburg dispatch
to the New York "Times":
President Roosevelt's address was a part of ceremonies which, though
brief and simple, drew a crowd estimated as high as 50,000, much larger
than any previous one, to the little town of Gettysburg and to the National
Cemetery occupying the battle site.
The President stood on a small covered platform,situated 500 feet from
a granite shaft marking the spot on which Lincoln delivered the Gettysburg
address. . .
Governor Pinchot Praises President.
Governor Pinchot introduced President Roosevelt with tributes to the
latter's leadership of the Nation,including a comparison with Lincoln. . .
The first cheers that punctuated the ceremony rose when Governor
Pinchot said the President "was dedicated to an attack upon our common
problem." At last here was a leader who was a man large enough to lead
the Nation from failure to success.
"In the one great object of relief from the depression we must stand as
one," exclaimed the Governor. "There is but one way out and that is to
follow the President."
When the President rose to speak he laid aside his manuscript to respond
to the Governor's complements with words of praise for Mr.Pinchot.
"What a glorious day this is," said the President. "I rejoice in it and I
rejoice in this splendid celebration of it. I am especially happy to stand
here on this field of Gettysburg at the side of a man who all his life has so
splendidly served the cause of progressive government, the cause of man
and the cause of humanity, Gifford Pinchot, Governor of Pennsylvania."
The President and his official party, including Secretary Morganthau
and Warren Delano Robbins, Minister to Canada, arrived here at 4 p. m.,
on a special train that left Washington at 12.30 p. m. He left here at
5.40, bound for New York where to-morrow he will watch the grand fleet
pass in review.
My friends:
On these hills of Gettysburg two brave armies of Americans once met in
combat. Not far from here, in a valley likewise consecrated to American
valor, a ragged Continental Army survived a bitter winter to keep alive
the expiring hope of a new Nation; and near to this battlefield and that
valley stands that invincible city where the Declaration of Independence
was born and the Constitution of the United States was written by the
fathers. Surely, all this is holy ground.
It was in Philadelphia, too, that Washington spoke his solemn, tender,
wise words of farewell—a farewell not alone to his generation but to the
generation of those who laid down their lives here and to our generation
and to the America of to-morrow. Perhaps if our fathers and grandfathers had truly heeded those words we should have had no family quarrel,
no Battle of Gettysburg, no Appomattox.
As a Virginian, President Washington had a natural pride in Virginia;
but as an American in his stately phrase, "the name of American, which
belongs to you, in your national capacity, must always exalt the pride just
of patriotism, more than any appelation derived from local discrimination."
Recognizing the strength of local and State and sectional prejudices and
how strong they might grow to be. and how they might take from the national Governmentsome of the loyalty the citizens owed to it, he made three
historic tours during his Presidency. One was through New England in
1789,another through the Northern States in 1790,and still another through
the Southern States in 1791. He did this, as he said, "in order to become
better acquainted with their principal characters and internal circumstances.
as well as to be more accessible to numbers of well informed persons who
might give him useful advices on political subjects."
But he did more to stimulate patriotism than merely to travel and mingle
with the people. He knew that nations grow as their commerce and manufactures and agriculture grow, and that all of these grow as the means of
transportation are extended. He sought to knit the sections together by
their common interest in these great enterprises; and he projected highways
and canals as aids not to sectional but to national development.
But the Nation expanded geographically after the death of Washington
far nore rapidly than the Nation's means of intercommunication. The
small national area of 1789 grew to the great expanse of the Nation of 1860.
Even in terms of the crude transportation of that day,the 13 States were
but within "driving distance" of each other.
With the settling and the peopling of the continent to the shores of the
Pacific, there developed the problem of self-contained territories because
the Nation's expansion exceeded its development of means of transportation. The early building ofrailroads did not proceed on national lines.
Contrary to belief, the South and the West were not laggard in developing this new form of transportation; but there, as in the East, most of the
railroads were local and sectional. It was a chartiess procedure;people were
not thining of terms of national transportation or national communication. In the days before th'e brothers' war not a single line of railroad was
projected from the South to the North; not even one from the South reached
to the national capital itself.
It was an inspired prophet of the South who said: "My brethren, if we
know one another, we will love one another." The tragedy of the Nation
was that the people did not know one another because they had not the
necessary means of visiting one another.
Two subsequent wars, both with foreign nations, measurably allayed and
softened the ancient passions. It has been left to us of this generation to
see the healing made permanent.
3708
Financial Chronicle
Brothers in New Understanding.
We are all brothers now in a new understanding. The grain farmers of
the West do not set themselves up for preference if we seek at thesame time to
Pelp the cotton farmers of the South; nor do the tobacco growers complain
of discrimination if, at the same time, we help the cattle men of the plains
and mountains.
In our planning to lift industry to normal prosperity the farmer upholds
our efforts. And as we give the farmer a long-sought equality the city
workers understands and helps. All of us share in whatever good comes to
the average man. We know that we all have a stake—a partnership—
in the Government of our country.
Doom of Sectionalism";
To-day, we have many means of knowing each other—means that have
sounded the doom of sectionalism. It is, I think, as I survey the picture
from every angle, a simple fact that the chief hindrance to progress comes
from elements, which, thank God, grow less in importance with the growth
of a clearer understanding of our purposes on the part of the overwhelming
majority. These groups are those who seek to stir up political animosity
or to build political advantage by the distortion of facts; those, who by declining to follow the rules of the game,seek to gain an unfair advantage over
those who live up to the rules; and those few who still, because they have
never been willing to take an interest in their fellow-American, dwell
inside of their own narrow spheres and still represent the selfishness of
sectionalism which has no place in our national life.
Washington and Jefferson and Jackson and Lincoln and Theodore
Roosevelt and Woodrow Wilson sought and worked for a consolidated
Nation. You and I have it in our power to attain that great ideal. We
can do this by following the peaceful methods prescribed under the broad
and resilient provisions of the Constitution of the United States.
Here, in the presence of the spirts, of those who fell on this ground, we
give renewed assurance that the passions of war are moldering in the tombs
ofTime and the purposes of peace areflowing in the hearts ofa united people.
President Roosevelt Reviews United States Fleet
Arriving in New York Harbor from Pacific Coast.
President Roosevelt, on May 31, reviewed the entire
United States fleet as it arrived in New York harbor to end
the journey from the Pacific Coast, where it has been stationed for several years. The President reviewed the fleet
from the deck of the cruiser Indianapolis, anchored off
Ambrose Lightship. Eight-two warships and 174 airplanes
passed in review, and the vessels then proceeded up the
Hudson River where they will be anchored until June 17.
The fleet's personnel includes about 3,500 officers and 33,000
enlisted men.
President Roosevelt Assists in Opening Ceremonies
of Chicago Century of Progress Exposition—In
Sound Picture Address Says Most Critical Part of
Emergency Has Passed—Exposition to Continue
Until Oct. 31.
The new Century of Progress Exposition was formally
opened at Chicago on May 26 and on the first day,it is stated,
the attendance amounted to 148,664, or 30,000 more than
on the opening day last year. The Exhibition will continue
until Oct. 31. A feature of the opening ceremonies was a
sound picture address by President Roosevelt, in which he
said that "the most critical days of a National emergency
have for the most part passed." Mrs. Roosevelt also made
a speech through the medium of a sound picture, her remarks
being directed to the women of the Nation. She recalled
the beauties of last year's Exposition, and the additions
that have been made this year.
President Roosevelt said that Exposition of 1933 was 'an
inspiring demonstration of courage and confidence." Stating
that a plan and definite objective existed for the Chicago
Exposition, he added that "a definite objective is also being
followed by those to whom have been entrusted the administration of National affairs." The big objective, he said,
is "the resotration of our National well being and the providing of a greater opportunity for humanity from the bottom
up to prosper and find happiness."
The President's address follows:
You whom I am happy to address this evening in this unique manner
have had the opportunity denied me of witnessing during this day the
re-opening and the re-dedication of a great international exposition, a
Century of Progress.
The millions of people who visited the Exposition of 1933 must have
seen, in it, as I did, an inspiring demonstration of courage and confidence.
Those who will come to the Exposition of 1934 will see how abundantly
that courage and that confidence were justified. They will discover in
this new Exposition many evidences of the recovery that has been brought
about and see many signs pointing the way along that upward path on
which we, as a Nation, have set our feet.
The most critical days of a National emergency have for the most part
passed. The unsound structures have been and are being torn down.
A rebuilding from the bottom up is in progress.
A plan and a definite objective existed for this Exposition. It has
to show not merely the progress of the century represented by the life
of Chicago as a municipality, but the means by which this progress has
been attained.
Likewise, a definite objective is also being followed by those to whom
have been intrusted the administration of National affairs. The individual
parts in this planned program are by no means inflexible or infallible. As
method while the obI often have said, we may in some respects change
jective remains the same. Time and experience will determine.
The big objective is constantly before us. It is the restoration of our
for humanity
National wellbeing and the providing of a greater opportunity
from the bottom up to prosper and find happiness.
June 2 1934
I am firmly convinced that this Exposition will contribute to that end.
It wil serve a desirable means of bringing our people into closer contact.
It will aid in the strengthening of National morale. It will create a demand
for the latest products of science and industry, and furthermore, it will add
to our general enjoyment.
Now, as I employ the forces of electricity by pressing this telegraph
key on my desk and thereby illuminating the Exposition, I wish for a
Century of Progress the greatest measure of success and for its visitors
many happy and well-spent hours.
Mrs. Roosvelt's address is given below:
I truly wish that I could be with all of you this evening on the grounds
of a Century of Progress in Chicago, and share with you the beauties that
are being revealed to your eyes on the grounds of the Exposition.
I recall so vividly the strikingly beautiful lighting and color effects of
the Exposition of last year, andI have heard much of the changes which
have been made to add to the attractiveness of this year's fair.
One of these additions of which I have heard much is the great fountain.
I hope that it may be possible for me to see it during the coming summer.
I am very happy, indeed, to be able by a single movement of my hand
to initiate an impulse which will turn on this fountain. I am so glad to
have been with you and to have had a part in the re-opneing of a Century
of Progress. Good night and best wishes to you all.
We quote in part from a Chicago dispatch of May 26
to the New York "Times" regarding the opening ceremonies:
It was a gala spectacle and it seemed that a large part of Chicago was
out to cheer the marchers. Led by city, State and Exposition officials,
more than 10,000 members of civic and military organizations swung in
rhythmic cadence over the flag-draped line of march.
Scores of bands playing patriotic tunes and the cheering from the thousands who lined the curbs combined in a giant chorus as the marchers passed
along.
Following the review of the parading troops and civic organizations,
the formal opening-day ceremonies began in the Lagoon Theatre. Brief
speeches of welcome were made by members of the official party, Mayor
Kelly, Governor Horner, Rufus Dawes, President of the Exhibition, and
Commissioner Dunne and others, who spoke in terms of congratulation
and optimism. In conformity with the importance of the occasion, the
speeches were brief.
In less than an hour the ceremonies were over and the paraders were
free to wander through some 80 miles of free exhibits, admire the mile
after mile of landscaped gardens and lawns and gaze at the changes made
in the decorating effecas tnd in the arrangeemtns for lighting.
• Presich nt Turns on Lights.
In the evening special ceremonies attended by the civic leaders and
the tens of thousands of spectators, concluded the formal program. Of
these the most important were the Roosevelt ceremonies.
At the conclusion of the President's sound-picture address he pressed
a button which, by synchronization, turned on the giant lights of the
Exposition, revealing the new lighting effect for the first time.
Mrs. Roosevelt, in a similar ceremony, also pressed a button at the
conclusion of her sound-picture address, turning on the waters of the
new lagoon fountain, which shoot 45 feet upward into the air with a murmur
of a natural cascade. A total of 68,000 gallons a minute is poured out by
the fountain, while colored lights play upon the spray.
A radio message from Admiral Byrd in Antarctica provided a start
for the fireworks display at the close of the formal exercises.
Admiral Byrd's message, "Antarctica's Greetings—Byrd," tapped
out in radio telegraphic impulses, came through, radio engineers at the
Lagoon Theatre reported, but because of mechanical faults in the public
address system on the grounds it was not audible to the throng.
The verbal greetings of Charles Murphy, announcer for the Columbia
Broadcasting System at Little America, were also received. The distance
over which the radio impulses traveled and the noise peculiar to summer
transmission, interfered with its transference to the loud-speakers, the
engineers said.
However, the Little America broadcast, though unintelligible to the
crowds, served as a signal to start a wave length of energy which set off
the fireworks here.
"'Regarding the talking picture, United Press advices
May 12 from Washington stated:
A talking picture in which President and Mrs. Roosevelt express their
greetings to Chicago on the re-opening of the Century of Progress Exposition May 26 was made to-day at the White House. It will be one of the
features of the Fair's re-opening and will be shown at night.
At a signal by Mrs. Roosevelt in the picture, the fountains of the Fair
will be illuminated. Upon conclusion of the President's remarks the
entire Exposition will be lighted.
The opening of the Chicago Exposition last year was noted
in our issue of June 3 1933, page 3795, and its closing was
reported in these columns Nov. 18, page 3598.
President Roosevelt Signs Bill Passed by Congress
Appropriating $200,000 for Federal Participation
in Chicago World's Fair Centennial Celebration.
On May 21 President Roosevelt signed the bill passed by
Congress authorizing the appropriation of $200,000 for
Federal participation in the second year of the Chicago
World's Fair Centennial Celebration. The bill was passed
by the Senate on April 17; in an amended form the House
passed the bill May 10, the Senate agreeing to the amendments on May 11. As enacted into law the measure reads
as follows:
(S. 3235)
AN ACT.
To amend an Act entitled "An Act providing for the participation of the
United States in a Century of Progress (the Chicago World's Fair
Centennial Celebration) to be held at Chicago, Ill., in 1933, authorizing
an appropriation therefor, and for other purposes." approved Feb. 8
1932, to provide for participation in a Century of Progress in 1934,
to authorize an appropriation therefore and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That the United States continue its
Participation in the exposition, a Century of Progress (the Chicago World's
Fair Centennial Celebration), at Chicago, Ill., in 1934.
Volume US
Financial Chronicle
Sec. 2. For this purpose the Act entitled "An Act providing for the
participation of the United States in a Century of Progress (the Chicago
World's Fair Centennial Celebration) to be held at Chicago, Ill., in 1933,
authorizing an appropriation therefor, and for other purposes," approved
Feb. 8 1932, as hereby amended, is extended and made applicable to the
continuance of the participation of the United States in the said Exposition
in 1934 in the same manner and to the same extent and for the same purposes as originally provided in said Act, except insofar as the provisions
of that Act specify the erection of a building or group of buildings.
Sec. 3. In addition to the sum of $1,000,000 authorized by the aforesaid
Act to be appropriated for the participation of the United States in a Century of Progress (the Chicago World's Fair Centennial Celebration) and
appropriated under Section 2 of the Act entitled "An Act making appropriations for the Department of Agriculture for the fiscal year ended June 30
1933,and for other purposes," approved July 7 1932,there is hereby authorized to be appropriated the sum of $200,000.
Approved May 21 1934.
Chicago Fair Pays Off All Guaranteed Bonds.
All guaranteed bonds of A Century of Progress were
liquidated on May 17, and the guarantors released, with
the announcement of the sixth 10% payment on the original
issue of 19,724,100. Advices that day from Chicago to the
New York "Times" added:
Manager Lenox Lehr explained that last year bondholders waived
their guarantees on $6,595,900 of the bonds or 81% of the total issue. They
agreed to permit the other bondholders to be paid off first.
With 60% of the issue redeemed, the remaining obligation of the Fair
to its bondholders is only $3,889,690. Mayor Lehr estimated that an attendance this summer of 12,500,000 people will permit a payment of 100
cents on the dollar.
To-day's payment was made possible by the advance sale of 3,500,000
tickets.
Federal Reserve Board Sees Increase in Volume of
Currency of Smaller Denominations as Reflecting
Business Gains—$350,000,000 in Currency of Larger
Denominations Returned Since March 31 1933—
Further Increase Shown in Member Bank Reserves
—Bank Reopenings.
An increase in the volume of currency of smaller denominations—$W and less—and the retirement of the larger denominations
-850 and over—is regarded by the Federal Reserve
Board as evidencing business gains. According to the Board,
the bills of larger denominations "are little used for business
purposes." These comments are made by the Reserve Board
in its May "Bulletin," made available May 26. In its April
"Bulletin" the Board referred to the increase in member bank
reserves (as was noted in our issue of April 28, page 2836),
and in its May "Bulletin" further reference to the additions
to these reserves is made. We quote as follows from the
Board's review of the month, as contained in its May
"Bulletin":
Recent Banking and Business Developments.
Member bank reserve balances increased further during April to a new
high level of $3,750,000,000, approximately $1,700,000,000 in excess of legal
reserve requirements. The increase in reserves during the month was $300,000,000, and reflected chiefly further imports of gold from abroad and
additional expenditure by the Treasury of funds previously held as cash and
as balances with the Reserve banks, Gold imports for the month were $50,000,000, compared with $450,000,000 in February and $240,000,000 in
March. The increase during the month in excess reserves of member banks
was accompanied by a slight reduction in the already low level of money
rates and a further advance in bond prices. Toward the end of April bonds
of the highest rating were selling at the highest prices in many years.
Industrial activity increased further in March and in April, and there was
a considerable growth in factory employment and payrolls. The general level
of commodity prices at wholesale continued stable for the third consecutive
month. In April there was a recession in prices of cotton, wheat, and other
grains, and increases in steel, automobiles, rubber, and meats.
Currency Movements.
Changes in the composition of outstanding currency in recent months show
a further rise in the demand for currency for business purposes, accompanied by a continued decline in the amount of currency held in hoards.
This movement has been indicated by a continued decrease in the outstanding
volume of currency of the larger denominations, accompanied by an increase
In the volume of currency of the smaller denominations. The retirement of
the larger denominations, those of $50 and over, which are little used for
business purposes, has been continuous since the end of the banking crisis
In March of last year. About $350,000,000 in currency of such denominations
has been returned since March 31, 1933. Circulation of the smaller denominations, those of $20 and less, such as are commonly used in business transactions, began to increase in the summer of last year, and since July 31 1933
has increased by more than $260,000,000 to a level above $4,000,000,000.
The growth of the circulation of these denominations, of which about half
has occurred since the end of January, has reflected larger demands for cash
for payrolls, for retail trade, and for similar purposes for which the use of
currency, rather than of checks, is customary in the United States. The
data cited are exclusive of figures for gold coin and gold certificates, the
outstanding amount of which has been decreasing for more than a year in
response to governmental action.
Growth of Deposits.
Deposits of member banks continued to increase in April, reflecting further
growth of demand and time deposits, offset in part by a decrease in United
States Government deposits. The time deposits of reporting member banks
In leading cities have been increasing steadily since last December. Their
demand deposits, which have been increasing since last August, have increased more rapidly since the middle of December, largely in consequence
of an increase in inter-bank deposits. The recent growth of demand and
time deposits has resulted in large part from the transfer to individual
accounts, through Treasury disbursements, of a part of the Government deposits in member banks which had been in March at the highest level in
many years. These Government deposits had been built up originally
3709
through the purchase by the banks, in return for deposit credit, of new
issues of United States Government securities. Recent growth of individual
deposits, therefore, is a step in the process of creation of deposits by the
purchase by the banks of United States Government securities and of subsequent disbursements by the Treasury in making current payments.
Reopening of Banks.
There has been a substantial increase during recent months in the number
of member banks in active operation, reflecting the reorganization and reopening of more than 200 unlicensed member banks under old and new charters
and the admission of about 75 non-member State banks to membership in the
Federal Reserve System since the first of the year. The number of licensed
member banks increased from 6,011 on Dec. 30 1933 to 6,294 on April 25
1934, while the number of unlicensed member banks declined from 512 at the
end of 1933, with deposits of about $500,000,000, to 218 on April 25 1934,
with deposits of about $200,000,000. During the same period the number of
restricted and unlicensed non-member banks, exclusive of mutual savings
banks, had been reduced from about 1,400, with deposits of about $650,000,000, to less than 850, with deposits of about $400,000,000.
During the first four months of 1934 about 1,400 additional banks obtained
from the Reconstruction Finance Corporation commitments for additional
funds to strengthen their capital structures. The total number of banks
having such commitments at the end of April approximated 5,900, the amount
of the commitments was in excess of $1,000,000,000, and the aggregate
amount disbursed was about $650,000,000.
Deposit Insurance.
Figures of the Federal Deposit Insurance Corporation as of the end of
March show that at that time 13,870 banks had their deposits insured under
the tempomry plan, which covers each depositor in each participating bank
up to $2,500. The total deposit liabilities of the insured banks were about
$38,200,000,000, $27,300,000m0 being in member banks, $6,400,000,000 in 234 mutual savings banks, and $4,400,000,000 in 7,377 other
non-member banks. Considering all the classes of insured banks together,
about 41% of aggregate deposit liabilities were insured under the temporary
plan. The proportion of total deposit liabilities insured was 35% for National banks, 26% for State member banks, 70% for mutual savings banks,
and 58% for other non-member banks. The variations in these percentages
reflect chiefly the fact that the proportion of relatively small accounts is
larger for some of these classes of banks than for others. The figures indicate
that at the end of March the banks which were operating without restrictions
but did not belong to the insurance plan included about 350 mutual savings
banks with about $3,300,000,000 of deposits and 950 other non-member
banks with not more than $700,000,000 of deposits.
Capital Markets.
Prices of long-teem bonds have been rising steadily in recent months, continuing an upward movement that began last November. The advance has
been general, extending to all classes of bonds—Government, municipal, railroad, public utility, and industrial—and to all grades, with the largest increases in the lower grades. Some bonds of the highest ratings were selling
late in April at the highest prices since the war, while prices of lower-grade
bonds had returned almost to the level that prevailed in the first half of 1931.
Prices of preferred stocks have also increased during recent months.
Fluctuations during recent years in the prices of Government bonds, of 60
medium and high-grade corporate bonds, and of common stocks are shown
on the accompanying chart [this we omit.—Ed.].
Prices of common stocks, after advancing sharply during January and
early February, have moved irregularly during recent weeks. During the
first five weeks of the year the average price of 351 industrial issues increased
by about 16%, and rose above the highest level reached in July 1933. Averages of railroad and public utility shares appreciated by as much as 35%,
but not to so high a level as that of last summer. Beginning early in February
the trend of stock prices was downward until near the end of MarM. During
the subsequent three weeks industrial and railroad shares advanced again,
almost to their highest prices of early February, and public utility shares
showed some increase in price. All classes of stocks declined considerably in
the last week in April and the first week in May.
Professor Kemmerer Urges Discontinuance of Monetary Experimentation and Agitation for Inflationary Measures in Offering Eight Suggestions to
Effect Recovery—Speaks in Support of Gold
Standard.
At Indianapolis on May 25 Dr. Edwin W. Kemmerer,
Research Professor of Princeton University, at a luncheon
under the auspices of the Indiana Bankers Association and
the Indiana Sound Money Association, spoke on the problems
of inflation and stabilization. In an Indianapolis dispatch
May 25 to the New York "Times" it was stated that Dr.
Kemmerer offered eight suggestions to speed recovery, viz.:
Discontinuance of monetary experimentation and of aggressive agitation
for inflationary measures in Congress, especially radical silver legislation.
and a statutory stabilization of the currency, on a definite and fixed gold
bullion standard, with convertibility on demand, a free gold market and
co-operation with other countries to make the gold standard a better
standard.
An early balanced budget—a bona fide meeting of current
expenses by
current income.
A funding of a large part of the short-time debt into long-time
bonds,
Issued on terms that will put them and keep them in the strong boxes of
the People rather than so largely in the banks.
A restoration of our Federal Reserve System to its normal functioning
and the discontinuance of the present policy of having it function
chiefly
as a fiscal agent of the Government.
The repeal of the so-called permanent plan for the guaranty of bank
deposits.
Substantial reduction in the tariff, and the removal of other obstructions
to international trade through bilateral or multilateral agreements with
other countries.
The progressive and rapid withdrawal of the Government from competition with private enterprise, in all lines where governmental operation is
not permanently desirable, and the reduction of wages on all governmental
relief work to levels substantially below the fair market value in private
industry of the labor concerned.
Finally, an economic policy in Washington of a character that will give
honest and efficient business men an opportunity to make reasonable profits
and will inspire the confidence of the nation's business and financial leaders
3710
Financial Chronicle
upon whose initiative alone the country can depend for any sound and
enduring recovery.
The injury that would be suffered by the great educational,
scientific, charitable and other public welfare institutions in
the event of any inflation that would result in a heavy depreciation of the dollar was pointed out by Dr. Kemmerer,
it was stated in an Indianapolis account to the New York
"Herald Tribune" from which we take the following:
Professor Kemmerer was afraid that these institutions would be damaged
through shrinkage of the real value of their present endowments and
through a possible reduction in the ranks of rich men, owing to the increase
in taxes levied on them.
Although inflation, he said, would help "certain classes like farmers,
home buyers with mortgages on their properties, and others who are really
suffering under the burden of long-time debts during this temporary period
of abnormally low commodity prices, any inflation resulting in a heavy
depreciation of the dollar would cause great injustice to many of the most
worthy classes in the community, and particularly to our great educational,
scientific, charitable and other public welfare institutions.
"If our great public welfare endowments are destroyed or even substantially reduced by inflation, who will replenish them? They were built up
largely by the gifts of wealthy men, during our pioneer years as a nation.
With our ever-increasing governmental control of business, and our continually growing resort to progressive income and inheritance taxes for
Providing public revenues to meet rising governmental expenditures, will
we have in the future the rich men to re-endow these welfare institutions?"
Professor Kemmerer said that the country already had a very substantial
amount of inflation and that the supply of money and of circulating bank
credit was much larger now than it was in the boom times in relation to
the physical amount of business being done. The great trouble, he said,
was that money and credit were circulating very slowly because of the low
state of business confidence.
"One important reason why business confidence is so low," he continued, "is the extremely radical legislation we have been having in Washington for some time and are continuing to have and the widespread fear
among business men of further radical legislation."
He claimed that the economic system was now full of the inflation virus
and that the time was rapidly approaching when the earlier inoculations
will begin seriously to "take" and will become really effective. "When
such inflation inoculations once become fully effective," he said, "it is
usually as difficult to check and control the resulting inflation as it is in the
early stages to get the inflation really going."
"In the absence of a great war or of a world economic recovery that will
'sweep us off our feet'," said Professor Kemmerer,"the best hope of avoiding another breakdown of our currency and a consequent serious inflation
is to be found in vigorous but old-fashioned measures."
June 2 1934
Steel Corp. distributed in connection with the reorganization of Bethlehem
Steel Corp. and the McClintic-Marshall Corp. as taxable income, whereas
he says that under the law and the Commissioner's own regulations, such
stock and securities are not taxable until disposed of by him.
In his petition to the Board, Mr. Mellon recites that he filed his income
tax return for the year 1931 with the Collector of Internal Revenue at Pittsburgh and paid taxes amounting to $647,559.36. He says that in the spring
and summer of 1933 agents of the Bureau of Internal Revenue made investigations of his returns, books and records, and their report to the Commissioner
of Internal Revenue, made in September 1933 contained no charges of any
kind that he had evaded payment of taxes, but, on the contrary, stated that
his taxes had been overpaid in the amount of $7,507.74.
He further recites that the revenue agents allowed the losses now questioned
by the Commissioner and also treated the stock and bonds distributed to him
In connection with the reorganization of McClintic-Marshall Corp. and Bethlehem Steel Corp. as a tax-free distribution.
The petition further states that the Bureau of Internal Revenue, having
represented that a final audit and determination of Mr. Mellon's tax liability
for 1931 could not be reasonably and fairly made before March 15 1934, Mr.
Mellon, in order to give the Bureau of Internal Revenue additional time in
which to review the revenue agent's report and re-examine, if necessary, the
petitioner's return, books and records, voluttarily filed a waiver extending
the statutory period of limitation upon assessment of additional income taxes
until June 30 1935,
In this respect the petition avers that he was not given the same treatment accorded other taxpayers under the Commissioner's regulations, saying
that "in spite of the fact that a waiver of the statute of limitations had been
filed by petitioner (Mr. Mellon] extending the time . . . within which
to assess any additional tax which might be found to be due, and notwithstanding the fact that respondent [Commissioner] was informed and well
knew that petitioner desired an opportunity to be heard and protest any
adjustments which respondent might make in respect to petitioner's tax liability, respondent departed from the usual practice and issued his notice of
deficiency without the issuance of the usual 30-day letter, without any explanation whatever to petitioner, by letter or otherwise, without affording
the petitioner any opportunity to file a protest, and without granting any
hearing to petitioner and without regard to the facts."
Taxpayer Entitled to a Hearing.
Mr. Mellon contends that under the laws relating to the assessment and
collection of income taxes the Commissioner of Internal Revenue is a quasijudicial officer and has no power or authority to determine a deficiency of
tax liability against any taxpayer unless there has been a judicious consideration of all the facts relating to such tax liability and after full opportunity
is given to the taxpayer to be heard, and that there has been no such
determination of his tax liability.
Mr. Mellon also declares in his appeal that he is without notice of any kind
of the grounds for the assertion by the Commissioner of a penalty, and there
is no basis for such a penalty. The petition in this respect charges that on
March 11 1934 the Attorney-General of the United States announced publicly,
without previous notice of any kind to Mr. Mellon, that he was referring his
1931 income tax return to the United States Attorney at Pittsburgh for
presentment to and investigation by a Federal grand jury.
Continuing, the petition asserts that "the public announcement also stated
that this action was taken in pursuance of a new governmental policy of submitting to Federal grand juries instead of the appropriate Government
officials the determination in the first instance of the innocence of guilt of a
taxpayer in cases of alleged income-tax evasion." Prior to this time it had
been the consistent policy for the Commissioner of Internal Revenue to make
such determination, and only after the most careful consideration of all the
facts and circumstances, and after affording the taxpayer a hearing would
he certify the case for presentment to a grand jury.
Pursuing the contention that there is no basis for the alleged penalty, the
petition submits that on May 7 last Mr. Mellon's 1931 income tax return
was presented to the Federal grand jury at Pittsburgh for
investigation and
determination, pursuant to the alleged new policy of the Government, whether
or not there has been any evasion by Mr. Mellon of his income tax liability
for the year 1931, and that on the following day the grand
jury returned the
presentment as not a true bill.
Andrew W. Mellon Seeks Refund of $139,045 Paid in
Income Taxes—Files Counter Claim as Government
Asks $1,978,621 Additional—Thomas W. Lamont
Settles Tax Claim.
Andrew W. Mellon, former Secretary of the Treasury,
whom a Pittsburgh grand jury recently refused to indict on
charges of income tax evasion which had been preferred by
Attorney-General Cummings, on May 25 filed a petition with
the Board of Tax Appeals in Washington, asking a refund of
$139,045 on income taxes which he paid on his 1931 income.
The Government is seeking to collect from him $1,978,621 in
extra taxes for that year. Mr. Mellon disclosed in his petition that he paid $647,559.36 in taxes on his 1931 income,
and that his charitable contributions that year were $3,821,178. Mr. Mellon's attorney on May 25 issued a statement
explaining his position, and criticizing the Administration for
placing the case against him before a grand jury without
Mr. Lamont issued the following statement on May 25:
giving him an opportunity to consult with officials of the
I was asked about my 1930 income tax return in June
ago before
of the alleged the Senate committee. I made a full statement about it a yearwaived any
Bureau of Internal Revenue as to the basis
then,
statute of limitations, offered to facilitate any further
tax deficiency.
examination and indicated my willingness to pay any additional tax which
might be found due.
On the same day that Mr. Mellon filed his petition (May
Thereafter an investigation was made by the authorities
summer, but
25), Thomas S. Lamont announced that he had made an ad- no notice of any additional taxes was sent me until Marchlast of this year.
30
ditional payment of $3,948.87 in settlement of the Federal Though I did not believe any additional tax was due, I offered $3,948.87 in
settlement, which has been accepted.
Government's claim for additional taxes. The Justice DeAn item with regard to the action of the
Federal grand jury
partment made a similar announcement, stating that Mr. Ladeficiency, penalty and inter- in refusing to return an indictment against Mr. Mellon on
mont's settlement included the
alleged charges of income tax evasion appeared
in our issue
est. Some weeks ago the Justice Department had announced
of May 12, page 3209.
Lamont's taxes were under investigation.
that Mr.
The following statement was issued on behalf of Mr. Mellon
Rudolph Reimer Succeeds Edward Coral
on May 25:
as District
Commissioner of Immigration and Naturalization
Andrew W. Mellon to-day filed a petition with the United States Board of
at New York.
Tax Appeals asking it to redetermine his income tax liability for the year
1931 and order the Commissioner to refund to him $139,045.17, which he
Secretary of Labor Perkins announced on May 26 that
claims he has overpaid. The additional income taxes and penalty asserted
Rudolph Reimer of Brooklyn had been appointed
by the Commissioner, from which Mr. Mellon appeals, and which the petition
to succeed
states was set up at the instance of the Attorney-General, amounts to
Edward Corsi as District Commissioner of Immigration and
$1,978,621.35.
Naturalization for the Port of New York, Mr. Reimer is a
Mr. Mellon's petition to the Board sets forth some 18 different assignments
retired coal dealer, and is said to have been the author of the
of error on the part of the Commissioner. Among the items protested are
losses sustained on the sale of stock of the Pittsburgh Coal Co., Western
NRA coal code. Mr. Corsi resigned the post of Jan. 31 and
Public Service Corp. and other stocks which are stated to have been sold
has since become Director of the Home Relief Bureau of the
business and in good faith. Mr. Mellon claims
in the ordinary course of
New York City Department of Public Welfare, The New
an ordinary loss of $5,766.30 on the sale of stock of Pittsburgh Coal Co. and
York "Herald Tribune" of May 27 outlined Mr. Reimer's
a capital loss amounting to $5,672,164.80 (stock held more than two years);
an ordinary loss of $24,100 and a capital loss of $352,500 on the sale or stock
cazeer in part as follows:
Service Corp.
of Western Public
Contested Items Include Deductions for Contributions.
Other contested items include deductions for charitable and other contributions and gifts made during the year 1931. In his petition he lists gifts to
various charities in the total amount of $3,821,178.29, which he contends
entitles him to the deductible percentage provided in the Revenue Act.
Another error which Mr. Mellon alleges was made in determining his tax
liability is that the Commissioner treated stock and securities of Bethlehem
Mr. Reimer has not been active in business for some
time, devoting his
time during the last few years to various appointive offices in State or Federal work. He
first appointed to public office by former Governor Alfred
E. Smith in 1923, when he served on a commission to draw up a
treaty
between New York, New Jersey, Pennsylvania and the Federal Government
for control of the Delaware River drainage basin.
He was appointed Commissioner of the Port Authority last December by
Governor Lehman, to succeed John F. Galvin, who had resigned. Since the
Volume 13P
Financial Chronicle
Advent of the NRA he has been an adviser on anthracite, and he is an NRA
member of the Compliance Board in New York.
Assets of Failed Firm of Prince & Whitely Auctioned.
The remaining assets of the New York Stock Exchange
firm of Prince & Whitely (which failed Oct. 9 1930) have
been purchased by the Caleph Corp. for $164,000. The
purchase was made at public auction, the Caleph Corp.
being the sole bidder for the entire property. Individual
bids totaled only $88,000. The foregoing is learned from
last night's New York "Evening Post," which continuing
said:
The proceeds of the sale will be used by the P. & W. Creditors Corp.
to discharge current expenses and the balance against the "balance due
on deferred claims," Donald B. Adams, President, explains.
At the auction, a bid of $50,000 was received for a claim to a fund of
$89,155 on deposit with the City Chamberlain in a suit entitled "General
Foods Corp., against George Von Seebeck and P. & W. Creditors Corp."
George B. Irwin Appointed Registrar of Federal Land
Bank of Wichita, Succeeding Oran Layton.
Announcement was made on May 17 by W. I. Myers,
Governor of the Farm Credit Administration, of the resignation of Oran Layton as Registrar of the Federal Land Bank
of Wichita and the appointment of George Beverly Irwin of
Fort Collins, Colo., to succeed him. Mr. Myers's announcement said:
Mr. Irwin was associated for 24 years with the Colorado Milling & Elevator Co. of Denver, and rose in that organization from the bottom to
manager of the largest mill owned by the company. On Oct. 9 1933, he
was appointed receiver for the First National Bank of Central City, Colo.,
where he has been serving since.
It was stated that Mr. Irwin would take up the duties of
Registrar of the Federal Land Bank of Wichita on June 1.
,—.
—4
Death of William B. Wilson, First Secretary of Labor—
Occupied Post in President Wilson's Cabinet.
William B. Wilson, who was Secretary of Labor in the
Cabinet of President Wilson and was the first incumbe'nt
of that post, died on May 25 aboard a train en route from
Miami, Fla., to Washington. He was 72 years of age
and had been ill for many months, but despite this handicap
had been acting as arbiter in the Illinois mine fields. Associated Press advices from Washington on May 26 outlined
his career in part as follows:
A member of Congress for six years, Mr. Wilson left the House in 1913
to serve in President Wilson's Cabinet. He was made chief of the then
newly created Department of Labor.
During the war years and until 1921 he served on the Council of National
Defense. Throughout the same period he was a member of the Federal
Board for Vocational Education and served as Chairman from 1920 to 1921.
Mr. Wilson was born in Blantyre, Scotland, April 2 1862. Coming to
American at the age of eight, he mixed a common school education with
work in the mines.
Later he received honorary degrees from both Maryland Agricultural
College and Ursinus College.
Interested in mining and the problems of miners throughout his career,
Mr. Wilson was a member of the committee that created the United Mine
Workers of America. Later he helped revise and codify the bituminous
mining laws for Pennsylvania.
Death of Brand Whitlock, Author and Former Envoy
to Belgium.
Brand Whitlock, author and former United States Ambassador to Belgium, died at Cannes, France, on May 24
after a long illness. He was 65 years old. Mr. Whitlock,
who at one time was Mayor of Toledo, Ohio, had been in
retirement since 1922, when he relinquished the post as
Ambassador to Brussels. Funeral services were held in
Cannes on May 26. Associated Press advices from Cannes
on May 24 outlined the former diplomat's career as follows:
Brand Whitlock became a figure of national importance when he was
appointed Minister to Belgium in 1913. He became an international
figure eight months later when, with the outbreak of the World War, he
zealously Pursued work of relief for Belgium. He was directly credited
with saving many lives when he persuaded the City of Brussels to nonresistance to the German advance, and he exerted every effort to save
Edith Cavell from execution as a spy.
Before his appointment as Minister to Belgium, a rank which was later
raised to Ambassador, Mr. Whitlock had earned a reputation as a writer
of note—he published both fiction and sociological works—and as the
militant Mayor of Toledo.
Politics and literature vied for priority in Mr. Whitlock's interest.
in letters
He himself once declared that he vacillated "between an interest him
wide
and an interest in politics." In each sphere his talents won
recognition.
Estate of Cyrus H. K. Curtis Valued at
$18.603,187—Consisted Chiefly of Stock in Newspaper and Magazine Companies—Will of Philadelphia Publisher, Who Died in 1933, Provided
Board of Seven Trustees to Administer Holdings.
The personal estate of Cyrus H. K. Curtis, Philadelphia
publisher who died on June 7 of last year, was valued at
$18,603,187.94, according to an inventory filed on May 15
with the Montgomery County Registrar of Wills at Norristown, Pa. The principal part of the estate consisted of
Personal
3711
stock holdings in various newspaper and magazine publishing companies. The inventory included 30,000 shares
of the Public Ledger Co., now known as the Machigonne Co.,
valued at 812,492,778; 275,776 shares of common stock of
the Curtis Publishing Co., valued at $2,206,208, and
78,814 shares of preferred stock in the same company, valued
at $3,349,595.
The will of Mr. Curtis, filed for probate on June 12 1933,
at Norristown, Pa, directed that his extensive publishing
holdings, including four newspapers 'and three magazines,
be administered by a board of seven trustees, and specified that "during the continuance of this trust my common
stock of the Curtis Publishing Co. shall be retained by my
trustees and shall not be sold unless some extraordinary
contingency shall arise, making it desirable to sell, and then
only in the event that my trustees shall unanimously agree."
No such stipulation was made, however, regarding the
newspaper properties.
Drouth Threatens Further Reduction in Nation's
Wheat Crop—Affects 36 States—Wheat Futures
Over $1 at Chicago—Government Maps Plans for
Relief in Affected Areas--Possible Change in
Curtailment Plans.
The drouth which has been threatening the nation's wheat
crop was intensified this week, with a general lack of precipitation reported in the Midwestern States. Harry L. Hopkins, Federal Relief Administrator, yesterday (June 1) made
a preliminary allotment of $5,476,000 to be expended for
relief purposes in 10 States. The drouth has affected 35
States between the Rocky Mountains and New England.
The Department of Agriculture has described 20 of these
States as "severely affected," While in 10 the condition is
termed "chronic."
Incident to the effect which the drouth might have on the
Administration's restriction plans, we quote the following
from a Washington account, May 31, to the New York
"Times":
New Conditions, New Policy.
The first official indications of a possible change in the AAA procedure
on production curtailment came from Assistant Secretary Tugwell and Mordecai Ezekiel, economic adviser to Secretary Wallace, who has just returned
from meetings of the World Wheat Advisory Commission at Rome and
London.
"The AAA program is not necessarily one of crop reduction," said Dr.
Tugwell when asked whether the drouth had not proved futile the efforts
of the Farm Administration toward controlling agricultural production.
"Our policy may well be one of crop expansion, and we are prepared to
encourage production as well as to reduce it after taking into consideration
the exigencies of the drouth and the international situation."
After expressing some doubt as to the,future of the international wheat
agreement due to the bumper crop this year in Argentina and its failure to
date to take any steps toward fulfilment of the agreement, Dr. Ezekiel said:
"The Agricultural Adjustment Administration would be unwilling to reduce
American wheat acreage simply to enable farmers in other countries to
maintain or expand theirs. Failure of parties to the world agreement to
comply with its provisions would certainly call for a careful reconsideration
of our policies.
Argentina the Key Nation.
"A breakdown of the wheat agreement might lead to a very material shift
in wheat policies in several countries, including the United States. Such a
shift in the policies of reducing wheat production, which has now been developed in many of the important wheat exporting and importing countries,
would result in a greatly different prospective wheat situation than would
prevail if the agreement could be continued in effect.
"If the Argentine difficulties can be worked out and the wheat agreement
kept in effect another season, it seems likely that satisfactory co-operation
can be obtained from all the other counthies, importing at well as exporting."
Dr. Ezekiel observed that "it might not be very pleasant" for Argentina
If action were taken by the principal importing countries that are parties
to the world agreement toward expediting that country's compliance.
A suggestion had already been made within the world advisory commission, he said, that effective action of this nature might be taken by importers against Argentina.
Prolongation of the drouth caused great activity in grain
markets during the past few days, and on May 31 wheat
futures sold above $1 a bushel on the Ohicago Board of
Trade for the first time since last August. Futures again
advanced yesterday (June 1), but sold off later to close fractionally lower for the day.
Associated Press Washington advices of May 31 outlined
Government plans for relief in drouth areas as follows:
To meet the drouth situation, which Rexford G. Tugwell, Assistant Secretary of Agriculture, said was "getting extremely serious," the Government
to-day speeded its program of relief. Action included:
Partial release of corn stored under seal to make it available for live stock.
Announcement that the cattle purchase program would begin to-morrow
in the emergency drouth area.
Provision for extra payments to farmers in addition to the purchase price
of cattle, which are in many cases heavily mortgaged.
New efforts to obtain freight rate reductions to facilitate shipments of
feed in and cattle out of the erea.
Large Areas Hit.
Weather Bureau officials said to-day all parts of the country, except the
Southeastern States, were affected in varying degrees by the drouth, with
3712
Financial Chronicle
extreme conditions centering in the Dakotas, Minnesota, Montana, Nebraska
and part of Wisconsin. Drouth conditions are aggravated, they added, by
record high temperatures in the Midwestern and North Central States.
The cattle-purchase program will be carried out by Federal and State relief
workers in all of the 134 counties in the Dakotas, Minnesota, Wisconsin and
Texas, which have been designated "emergency" areas. Additions to these
are expected to be made almost daily.
Farmers will get from $6 to $14 a head for cattle more than two years
old; $5 to $10 for cattle one to two years old, and $1 to $5 for those less
than one year.
In addition, they will get $6, $5 and $3 for the various classifications of
cattle as "agreement" payments, which are not subject to mortgage liens, in
return for their promises to participate in future beef producifion control
plans.
The cattle purchased by the Government will be slaughtered and processed
for distribution to families on relief rolls.
Marketing Allotments for Domestic Beet Sugar Processors—Consumption Figure 6,476,000 Short Tons
—Amount to Be Marketed 1,556,166 Short Tons.
Marketing allotments for the domestic beet sugar processors for the calendar year 1934 were announced May 26
by Chester C. Davis, Administrator of the Agricultural
Adjustment Act. Mr. Davis approved the findings and
recommendations of the Sugar Section, which, under the
direction of John E. Dalton, Chief of the Section, has been
engaged in working out plans for the administration of the
Act recently signed by the President, making sugar beets
and sugar-cane basic commodities. The signing on May 9
of the Costigan-Jones sugar control and allotment bill,
making sugar cane and sugar beets basic agricultural commodities under the AAA,was noted in these columns May 12,
page 3201, and the text of the measure as enacted was given
in our issue of May 19, page 3341. Pursuant to the provisions
of the Act, Acting-Secretary of Agriculture R. G. Tugvvell
on May 26 announced 6,476,000 short tons, raw value, as
the consumption figure for continental United States in the
current calendar year. This, it is stated, is 24,000 short
tons in excess of the base consumption figure included in
the Act. Under the terms of the Act, 30% of such excess is
allocated to continental areas. Of this amount 85.64%,
or 6,166 short tons, has been added to the beet quota of
1,550,000 short tons as fixed in the Act. The total amount
of beet sugar to be marketed in the United States has been
fixed, therefore, says the announcement, at 1,556,166 short
tons, raw value, or 29,087,200 bags of refined sugar of
100 pounds each.
The allocation of quotas to insular and foreign areas is
being developed and an announcement is expected soon.
In indicating the domestic allotment, it is announced that
Western areas are allocated 84.79% of the total quota and
the Eastern areas 15.21%. It is further pointed out that
these 1934 marketing quotas call for a reduction of only
2.6% under the 1933-1932 average. In announcing the
marketing allotments to processors, Mr. Davis stated that
under present circumstances it does not appear that acreage
allotments to individual growers would be made for this
crop year. He said:
Practically all beets of the 1934 crop year have been planted and are
now growing. Reports from the beet areas indicate that beets grown this
year will probably not produce sugar in excess of the total allotted for sale.
While it is anticipated that acreage allotments may be made as a basis
for benefit payments to growers, such allotments are distinct and separate
from the marketing allotments to processors made public to-day.
From the Farm Administrator's announcement of May 26
we quote:
Following conferences with producers, in which various methods of
allotments were analyzed, the 1.556,166 short tons of beet sugar to be
marketed in the United States during the calendar year have been divided
between the two major producing areas, west and east, in exact ratio
with their respective sugar production in the two preceding years, 1932
and 1933. The marketing quotas allotted to each area for 1934 call for a
reduction of only 2.6% below the average production for 1932 and 1933,
applied uniformly to east and west. On this basis processors in the western
area are allocated 84.79% of the total quota and the eastern area 15.21%•
The eastern area consists of the States of Wisconsin, Michigan, Indiana,
Ohio and Illinois. The western area consists of the remainder of the continental United States engaged in beet sugar production.
The marketing allotments to western processors for the current calendar
year equal a total of 24,663,502 bags of sugar. 100
-pound weight, and to
eastern processors. 4,423,698 bags.
In determining the allotments to individual processors, after the allocation of the total quota between the eastern and western areas, account
was taken of the five-year experience of the various companies, with emphasis upon their production records for the past two years.
It was pointed out that under the Act the Secretary of Agriculture is
empowered to modify the allotments in the light of the operating conditions
of individual processors.
,
6
A reserve of 13 % has been created for the purpose of making adjustments.
Concerning this "unalloted reserve" Mr. Davis said.
"This reserve will enable us to make adjustments in factory quotas if
It develops that they are required to protect the interests of producers
who otherwise might be deprived of a market for their crop. On application
ofinterested parties, hearing will be afforded to determine what adjustments
are necessary. If adjustments do not exhaust the reserve, the unused
portion will be available for further allotment."
The announcement of the allotments followed a conference with members
of Congress from the beet sugar areas. Administrator Davis emphasized
at the conference that the allotments which are marketing quotas to pro-
June 2 1934
cessors apply to this calendar year only and do not govern or bindtfuture
allotments. The two-year basis, 1932-33. was selected as most truly
representative of the present agricultural and industrial status of the
beet areas.
The total allotments, it was pointed out, represent more beet sugar
than has ever been processed in a single year with the exception of last
year. The allotment to the western region is greater than the total production there in any year except 1933. and the allotment for the eastern area
is greater than total production there in any year except 1924 and 1933.
The marketing allotments for the domestic beet sugar processors follow.
Marketing Allotments for Domestic Beet Sugar Processors for the Calendar
Year 1934.
• (Unit, bags of refined sugar of 100 lbs.)
Amalgamated Sugar CO
1,989,544 National Sugar Co
97,215
American Beet Sugar Co
2,892,159 Northeastern Sugar Co
193,483
Central Sugar Co
187,839 Ohio Sugar co
196,506
Franklin Sugar Co
221,402 Paulding Sugar Co
201.317
Garden City Co
228,958 Rock County Sugar Co
119,701
Gunnison Sugar Co
198,751 St. Louis Sugar Co
208,355
Great Lakes Sugar Co
588,439 Spreckels Sugar Co
2,184,406
9,594,284 Superior Sugar Refining Co___
Great Western Sugar Co
136,206
Roily Sugar Corp
3,883.859 z Union Sugar Co
175,000
Isabella Sugar Co
289,192 Utah-Idaho Sugar Co
2,844,031
Lake Shore Sugar Co
86,494 West Bay City Sugar Co
147,972
Layton Sugar Co
287.504
Los Alamitos Sugar Co
93,436
y Total
28,850,892
188,831
Total Quota
Menominee Sugar Co
29,087,200
Michigan Sugar Co
1,399,232 z Amount to be carried to
Monitor Sugar Co
433,778
reserve
436,308
x Allotment to Union Sugar Co. to be obtained from reserve. V Exclusive
of 175,000 allotted to Union Sugar Co. z This is equal to 136% of 29.087,200.
Governor Olson Issues Proclamation Barring Live
Stock Shipments Into Minnesota.
United Press advices June 1 from St. Paul to the New
York "Sun" said:
Governor Olson to-day proclaimed an embargo on the shipment of live
stock into Minnesota.
His purpose was to reserve all the available pastures for Minnesota
cattle and the proclamation was issued simultaneously with a 25% reduction in live stock freight rates ordered by the State Railroad and Warehouse Commission.
Distribution to Needy of Garments Made From Government Cotton Terminated—Work Conducted
Through American Red Cross.
The New York Chapter of the American Red Cross ended
on May 19 its distribution of apparel made from Government cotton, after having distributed 1,500,000 cotton
garments to the needy. In the New York "Times" of May
20 it was noted:
The distribution began Dec. 8 1932, and was carried on continuously
until yesterday when the supply was exhausted. It was said by Major'
General Robert C. Davis, retired, executive director, that the Chapter
would continue its normal relief activities.
During the 18 months of distribution the Chapter's clothing service
took care of 70.200 persons, exclusive of those outfitted through its sewing
units. Major-General Davis said the total of articles distributed included
973,018 ready-made garments, 1,200 new suits made by emergency unemployment relief workers and 33,040 blankets. The remainder was made
up from 900,000 yards of Government cotton by volunteer sewing units.
except 27,882 yards which were given to needy families. Eighty-nine
volunteers gave their services to carry on the distribution.
AAA Officials Agree to Changes in Proposed Amendments Widening Powers of Secretary of Agriculture—Senator Byrd Attacks Production Control
as Contrary to Democratic Platform.
Officials of the Agricultural Adjustment Administration,
at a conference with Senate leaders on May 28, agreed to
modify some of the proposed amendments to the Agricultural Adjustment Act so that the powers sought for Secretary of Agriculture Wallace would not be so broad as
originally suggested. This agreement was said to have
bettered the changes of passage of the amendments during
the present session of Congress. Opposition to the amendments, even in revised form, was expressed May 28 by
Senator Byrd of Virginia in a radio address in which he
declared that the amendments violated the Democratic platform, which "assured the American people that unnecessary
and unwise regulatory laws would be repealed and our Government restored to the people with the least possible interference with our private affairs consistent with orderly
Government."
A Washington dispatch May 28 to the New York "Times"
outlined the proposed changes in the amendments as follows:
The AAA agreed to eliminate producers from those whose operations
might be licensed. Producer-distributers may be licensed under the
modified amendments only where the volume of products distributed is
considered by the Secretary to jeopardize marketing agreements and quotas.
It was further agreed to drop the proposal to authorize the Secretary
of Agriculture to prescribe the terms and conditions under which processors
and distributers of farm products might engage in such activities. The
Purposes for which licenses may be issued would be confined to the elimination of unfair trade practices and unfair charges, and to effectuate the
declared purposes of the Act, as at present.
Further modifications were written into the licensing section, by providing
that processors and distributers may not be licensed without the consent
of at least 50% of the producers in the area from which they draw farm
products. The terms of any such licenses may be modified by the request
of 50% of the producers in the area involved.
In the face of uncompromising opposition from Chairman Smith of the
Senate Agricultural Committee, the AAA also agreed to drop a proposal
under which it would be authorized to require a reduction in so-called non-
Financial Chronicle
Volume 138
basic crops if the producer had contracted with the Government to reduce
the output of a "basic" crop, such as wheat, corn, hogs or cotton.
Rental and Benefit Payments Under AAA Adjustment
Programs Total $179,702,688 to April 1—$6,132,139
Disbursed During March.
Rental and benefit payments totaling $179,702,687.94 had
been distributed to 1,862,532 farmers participating in the
wheat, cotton and tobacco adjustment programs of the Agricultural Adjustment Administration, up to April 1, according to the Comptroller's cumulative report of expenditures
submitted to Administrator Chester C. Davis, April 21. An
announcement by the Administration said that in addition
to rental and benefit payments, expenditures of $52,346,622
for surplus removal operations involving wheat, hogs and
dairy products, and expenditures of $11,696,150 for administrative expenses were shown by the report. The announcement continued:
The rental and benefit payments reported up to April 1 had been distributed by commodities as follows: $112,472,670.27 to 1,032,154 cotton
growers; $65,632,728.81 to 798,614 wheat farmers, and $1,597,288.86 to
31,764 tobacco producers.
The distribution of rental and benefits during the month of March
amounted to $6,132,138.84, distributed to 108,063 producers.
A tabulation of the rental and benefit payments by States, exclusive of
cotton option and cotton pool payments, up to April 1, follows:
State.
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
1 ouislana
\I xyland
Ma.ssachusetta
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire_
New Jersey
New Mexico
New York
North Carolina....
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Totals
Cotton.
$9.609,747.21
267,535.96
10,827,897.16
163,204.67
Wheat.
Tobacco.
$14,497.60
1,729.20
779,223.24
1,432,503.50
198,619.24
75,801.00
261,579.09
7,978.190.47
4,660.80
2,284,524.82
1,692,956.25
1,323,182.76
294,214.60
3,052.00 16,598,688.81
173,760.29
41,865.00
5.005,178.42
555,496.51
63,553.65
22.035.60
267.95
1,529.95
96,299.60
576,744.44
1,257,939.23
10,096,605.02
1,843,384.70
24,648.53
1,064,735.74
3.680,986.92
3,961,438.71
20,682.30
2,288.60
363,695.90
2,825,537.20
11.694,730.41
8,020.41
341,835.26
30.319.12
36,400.15
9,292,774.36
1,205,659.73
4,648,697.93
1,789,895.27
183,869.33
24,008.63
286,254.78
444,209.83
4,718,412.92
3,326,835.09
43,315.221.12
3,425,677.42
88,702.59
3,672,604.84
457,098.87
2,724.95
129,997.93
384.233.26
3,916,921.24
51,885.82
27,083.78
277,282.71
430,847.55
Total.
$9,609,747.21
282.033.56
10,829,626.36
942,427.91
1.432,503.50
198,619.24
75,801.00
325,132.74
8,004,886.87
2,284,524.82
1,693,224.20
1,324,712.71
294,214.60
16,601,740.81
215,625.29
5,005,178.42
555,496.51
96,299.60
576,744.44
1,282,587.76
10,096.605.02
2.908,120.44
3,680,986.92
3,961.438.71
20,682.30
2.288.60
8,020.41
705,531.16
54,327.75
2,861,937.35
9,292,774.36
1,491,914.51
16,343,428.34
1,789,895.27
628,079.16
4,718.412.92
3,425,677.42
3,415,537.68
46.987.825.96
457.098.87
2.724.95
514,231.19
3,916,921.24
51,885.82
457,931.33
277,282.71
8112.472,670.27 865.632,728.81 $1,597,288.86 $179,702,687.94
Durable Goods Industries Committee on Need of
Confidence for Business Recovery—Report to
President Roosevelt Points to Necessity for Assurances on Behalf of Investors—Recommendation
that Private Financing Be Encouraged.
Although certain recovery fundamentals now exist, creation of confidence by establishing "the belief of investors that
nothing is in prospect which will endanger the safety of their
investments and the return of a fair profit" is the first essential to recovery, according to a report by the Durable Goods
Industries Committee to President Roosevelt, which was
made public on May 27, The Committee was formed at the
request of General Hugh S..1 ohnson, Recovery Administrator,
during the code conference in Washington last March.
Among the many recommendations made by the Committee is
the statement that the only legitimate purpose of taxation is
to provide necessary revenue for the Government, and not to
effect a punitive redistribution of wealth. The Committee
advocates a balanced budget, the creation of a sound real
estate mortgage market, the organization of industrial relations in a manner that will remove the threat of strikes, and
a better relation between the prices of agricultural and
manufactured products.
The report urges that the Federal Government endeavor to
remain out of the credit field as much as possible, and that
private financing be encouraged. Incident thereto it said
that the Securities Act of 1933 and the Fletcher-Rayburn
Stock Exchange bill were important deterrents to the general
stimulation of confidence and to the resumption of the flow
of investment. The Committee stresses the fact that "con-
3713
fidence" is the most important requisite to recovery, and said
that much depended upon "the belief of investors that nothing
is in prospect which will endanger the safety of their investments and the return of a fair profit." The report states that
the durable goods industries must revive if general recovery
is to be assured, and points out that these industries are responsible for more than 85% of unemployment.
Extracts from the Committee's report, as contained in a
Washington dispatch of May 27 to the New York "Times,"
are given below:
"Replacement of obsolete facilities and the financing of new ventures will
be undertaken only in anticipation of a profit," the Committee declared.
"The hazards of business must be balanced by the prospect of a fair return
on investment. Private enterprise must replace Government expenditure,
and the individual investor must be given confidence that all legitimate business ventures will be encouraged to the end of returning a fair profit."
Signed by the 15 members of the Committee, the report said "consideration of the present economic and social problems must be in the following
sequence: First, relief; second, recovery, and third, reform."
Twelve Points Submitted.
Forty pages of printed findings and recommendations were presented in
the report, with an appendix including comments of the Committee on the
"12 points" submitted for consideration.
Summarizing its report, the Committee said:
"Chief among the fundamental conditions needed for recovery are:
"A free flow of private capital into private business.
"A sound real estate mortgage market.
"Industrial relations on a basis which will assure co-operation instead of
strife.
"A balanced price parity between agricultural commodities and manufactured goods.
"The further re-establishment of confidence—most of all."
As measures for re-establishment of confidence the industrialists recommended the following program of action:
"Assurance to private enterprise that the profit incentive will continue to
receive public approval as an energizing motive for economic activity.
"Public recognition that the only legitimate purpose of taxation is to
provide the necessary revenue for Government and not to effect a punitive
redistribution of wealth, which paralyzes business initiative or far any other
purpose.
Would End Inflation Threat.
"Removal through the permanent balancing of the budget of the threat
of uncontrolled inflation.
"Removal of any remaining threat of a sudden and arbitrary change in
our monetary policies.
"Assurance that companies which have adjusted their business methods and
policies to the temporary emergency program of the NRA will be free from
the uncertainties of unreasonable or arbitrary administration.
"Clarification of the Government's policies toward measures and trends
which are inconsistent with our economic system."
Some of the recovery fundamentals now exist, the Committee said, citing
among these rehabilitation of the country's banks, the existence of a large
reservoir of private capital and credit, and a tremendous and increasing need
for durable goods of every kind.
The Committee told the President, however, that "the lag in revival of the
durable goods industries indicates that some necessary factors are lacking,
or that positive deterrents are in existence, citing as a specific case the
"danger that regulation of the issuance and subsequent trading in securities
may go to such lengths as to discourage private initiative, upon which the
nation must depend for economic recovery."
Favor British Companies Act.
Commenting in connection with this statement on the Securities Act and
the Exchange Control bill, the report declared:
Government control of cdrporations and their officers, and the imposition of
penalties Upon honest business men and bankers, such as would class them with
fraudulent manipulators of securities, will impede needed financing. Reputable
men shrink from having to defend unjustified nuisance lawsuits, and from imperiling
their future and well-being by Incurring undefined liabilities.
For instance, Industry Is convinced that the Securities Act of 1933, which was
Intended to protect the investor by regulating the Issuance and sale of securities,
actually has had the effect of preventing the issuance of such securities. Industry
also believes that other similar measures now pending, If enacted into law, will
have an adverse effect.
It Is the belief of this Committee that reform measures necessary to curb abuses
in corporate financing can and should be so drawn as to accomplish their purpose
without deterring honest citizens from undertaking the financing of useful enterprise. We submit that the British Companies Act of 1929, which is the result of
many years of practical experience in such regulations, furnishes a basis for such
Suggest Insured Mortgages.
The Committee endorsed a new form of real estate mortgage instrument
which would provide mutual insurance to a mortgage holder, longer life for
real estate mortgages, with proper amortization over the life of the mortgage,
low interest rate and incidental charges, with one instrument covering the
entire period of amortization, and which would further provide:
"That all real estate mortgage transactions would be handled by private
banking and other lending institutions, and, if mutual insurance is desired,
that it would be obtainable through an emergency Federal corporation."
The Committee was of the opinion that such a program would serve to
stimulate greatly the revival of the construction industry, a key factor in
the whole field of durable goods industries. . . .
In connection with the general subject of private financing and private
enterprise, the Conunittee recommended that "in every instance where Government is now functioning in the place of private agencies such governmental activity should be discontinued as soon as practicable and that the
responsibility for supplying capital and credit to business and other nongovernmental activities should be restored to the usual private channels."
Mentioning indirectly the pending reciprocal tariff bill, the report said:
"Anticipation of sudden and unknown changes in import restrictions and
tariff rates, or in their form, classification or duration, will excite widespread anxiety among many industries. A new and serious element of instability will be created. Inevitably this will lead to delay and will prevent
future business commitments."
After presenting figures showing that the average hourly wages now paid
in the durable goods industries are substantially the same as were paid in
1929, the Committee expressed the opinion that "durable goods industries
cannot absorb increased costs," and that "reducing maximum hours will not
spread employment" because the "long-continued depression has practically
precluded training younger employees to fill positions requiring special skill."
Financial Chronicle
3714
Opposes Shorter Work Day and Increased Wages.
"Reduction in maximum hours has already been carried to or possibly
beyond the economic limit in the durable goods industries under present conditions," the report declared. "Further reduction in maximum hours with
compensating increases in hourly rates of pay will not materially contribute
to the reduction of unemployment."
Asserting that "any further general increase in wages at this time would
retard and not encourage recovery," the Committee expressed the "firm
belief that in the durable goods industries, where purchases can be postponed indefinitely, further increases in costs and resultant increased selling
prices would tend to reduce the volume of sales and employment."
While recognizing the need of wage adjustments in individual cases where
such adjustments may appear necessary, the Committee expressed itself emphatically as opposed to any attempts "to effect blanket increases in wages
or reduction in code hours by executive order."
The durable goods industries "cannot hope for erubstantial increases in
their sales volume until there is such further restoration of confidence in the
economic future as will encourage the use, by private investors, of the available supply of capital and credit," the Committee declared.
Outlines Work Now Needed.
As part of the report, the Committee presented a comprehensive outline
of work needed and offering employment possibilities, centering in the various
divisions of home, office, factory and other construction and repair.
The following members of the Committee signed the
report:
George H. Houston, Chairman, President of the Baldwin Locomotive Works,
Philadelphia.
James W. Hook, Vice-Chairman, President of the Geometric Tool Co., New
Haven.
Lewis H. Brown, President of the Johns-Manville Corp., New York City.
Franklin R.elloadley, Vice-President of the Farrell-Birmingham Co., New
Haven.
Charles R. Hook, President of the American Rolling Mill Co., Middletown,
Ohio.
Robert W. Irwin, President of the Robert W. Irwin Co., Grand Rapids,
Mirhigan.
Harry S. Kimball, Chairman of the Fabricated Metal Products Industry
Code. Authority, Washington.
Walter J. Kohler, President of the Kohler Co., Kohler, Wis.
F. A. Lorenz Jr., Vice-President of the American Steel Foundries, Chicago.
C. R. Messinger, Chairman of Oliver Farm Equipment Co., Chicago.
C. C. Sheppard, President of Louisiana Central Lumber Co., Clarks, La.
H. Gerrish Smith, President of the National Council of American Shipbuilders, New York City.
George P. Torrence, President of Link-Belt Co., Chicago.
J. S. Tritle, Vice-President of Westinghouse Electric & Manufacturing Co.,
Pittsburgh.
S. F. Voorhees, Chairman of the Construction Code Authority, New York
City.
$9,172,589 Disbursed by AAA up to May 17 to Growers
for Participation in 1934 Adjustment Programs
for Cotton, Tobacco and Corn-Hogs.
Disbursement of rental and benefit payments to growers
participating in the 1934 adjustment programs for cotton,
tobacco and corn-hogs have reached a total of $9,172,589,
it was announced May 17 by the Agricultural Adjustment
Administration. The Administration said that the payments
to producers were divided among commodities, as follows:
Tobacco, $6,635,369; cotton, $2,246,217, and corn and hogs,
$291,003. The announcement by the Administration also
said as follows:
In the tobacco adjustment program, the writing of checks for rental
and price-equalizing payments to producers of flue-cured tobacco is nearing
completion, with disbursements to growers at a total of $5,923,077. The
sign-up of flue-cured tobacco contracts was the first of the 1934 campaigns
to close, and to date some 103,412 contracts and 48,834 applications for
price-equalizing payments have been received and recorded. Of this
number, 74,501 contracts, calling for $3.272,528 in rental payments, and
31,441 applications for price-equalizing payments, totaling $2,650,549,
have been disbursed. The distribution of these payments, by States, is
as follows.
State.
Rentals.
Price
Equalizing
Payments.
State.
Rentals,
Florida
$23,682
$69,571 South Carolina_ __
267,888
701,648 Virginia
Georgia
North Carolina. _ _ 2,225.436 1,048.995
Price
Equalizing
Payments.
$343,483 $830,172
412,037
161
A total of 28,786 burley tobacco contracts have been received and recorded by the AAA. To date 14,745 checks, representing $685,846 have
been disbursed in this program. Distribution of checks to burley growers
s as follows.
State.
Checks.
Ohio
Indiana
Virginia
767
43
278
Amount.
State.
Checks.
Amount,
$17,366
2,008
3,058
West Virginia__
Kentucky
Tennessee
1,223
11,298
1,136
$30,332
604,462
23,620
Growers of fire-cured tobacco in Virginia have received 88,056 on 607
contracts.
Maryland tobacco producers have received 818,390 in rental payments
on 379 contracts.
Rental payments to cotton growers are being made at the rate of a quarter
of a million dollars per day, and it appears now that the first installment
of approximate y $50,000,000 will be in the hands of cotton farmers within
the next six weeks. To date checks representing $2,246,217 have been
written, as follows.
State.
Alabama
Arkansas
California
Florida
Georgia
Louisiana
Contracts.
5,169
4,766
36
264
20.797
1,441
Amount.
$156,247
133.488
19,037
4,152
826,826
102,675
Stale.
Contracts.
Amount.
Mississippi
New Mexico_ __
South Carolina_
Tennessee
Texas
2,392
313
12,820
534
5,697
577,641
60,999
509,935
16,605
338.647
June 2 1934
"The rate at which payments to contracting cotton grow
era are being made will continue to increase," said Cully A.
Cobb, Chief of the Cotton Production Section. "About
585,849 contracts remain in State and county offices, but
we are now receiving as many as 38,000 contracts per day.
As these contracts are received, they are being examined and
cleared for payment as rapidly as possible," Mr. Cobb said.
Thus far a total of 400,000 cotton contracts from 397 counties have been
received and recorded in Washington, the Administration stated, and
159,156 have been administratively approved for payment and released
for final audit, the last step before the actual writing of the checks for
producers.
Stand by President Roosevelt on NRA Code Exemptions Endorsed by General W. N. Haskell of Code
Authority for Rayon and Silk Dyeing and Printing
Industry.
General William N. Haskell, executive director of the .
Code
Authority for the rayon and sulk dyeing and printing industry, expressed his belief on May 29, that President Roosevelt's authorization of exemption of the service industries
from certain fair trade practices of the NRA codes, if allowed
to apply to the industry that he represents, will remove
obstacles to complete enforcement of the code for the industry. These obstacles, according to General Haskell, have
been the price control and cost accounting provisions which
have been threatening to undermine the operation of the
code. An announcement issued in the matter said:
With the probability of removal of these features which General Haskell
considers undesirable, the gains made by the industry in controlling its
members and the benefits that have accrued to the industry under the NRA
and the code are promised greater permanency by the Executive Order.
The Executive Order of the President will probably permit the rayon and
silk dyeing and printing industry to make revisions in its code in relation
to price control and uniform cost accounting toward which it has recently
been working and toward which a definite step was taken May 24 when
General Haskell sent a questionnaire to all members of the industry to determine the concensus of opinion in regard t the code changes for which the
authority proposed to ask.
General Haskell stated May 29 that President Roosevelt's action in
exempting the service codes provides greater hope of the likelihood of ultimate complete success in the administration of the code of fair competition
of the rayon and silk dyeing and printing industry. The General submitted
to the code authority on May 23, a memorandum in which he outlined certain conclusions that he had reached in his almost four months' experience
with the operation of the code. Then and there he termed the price control
and cost accounting provisions as "utopian" and admitted that a mistake
had been made in writing them into the code. The result has been, he said,
to produce a "document impossible of complete enforcement."
In a move to eliminate those provisions from the code the General recommended that the code authority submit a questionnaire to the members of
the industry to determine whether they favored application to the NRA
Administrator, General Johnson, to have the provisions removed. The
code authority acted and on May 24 sent out the questionnaire to all
members, who have it at present in their hands for consideration, and reply
by June 1.
In a letter accompanying the questionnaire sent out on
May 24 by the code authority, General Haskell said, in part:
On behalf of the code authority and for myself, I wish to emphasize
our complete confidence in the National Recovery Administration and our
own code. Our own industry appreciates all the benefits that have accrued to it under the NRA and the code. The question at issue is whether
or not our own industry did not write into the code certain provisions which
experience has proven to be undesirable and impractical in enforcement.
General Haskell, in his detailed memorandum submitted
on May 23 to the code authority, in part said:
After practical experience with all concerns in the industry in an attempt
to enforce those code provisions relating to price stabilizing, I am convinced
that it is impractical and undesirable to retain any part of the code which
undertakes in any way to control prices or determine a fixed price for any
service, even where this price is fixed temporarily and is subject to change.
I believe all such provisions have no place in any code. They create a
camouflage and a smoke screen behind which unfair trade practices flourish
and are protected by a mantle of hypocritical respectability to the destruction of the ethical. An honest effort has been made to enforce the price
control features under our code. . . . Price control devices in codes have
been a noble experiment but they cannot succeed.
Announcement was made yesterday (June 1) by General
Haskell that he has recommended to the rayon and silk
dyeing and printing industry code authority that its budget
be cut approximately 50% to become effective on or about
July 1. This reduction in the cost of the code administration can be made efficiently at that time he said, because its
finances have been established, the heavy initial organization
expenses have been met, and economies in operation have
been put into effect. Budget expenses have been covered
heretofore by a
of 1% assessment of gross business. This
rate was established before General Haskell took charge, it
was said. With the recommended cut the assessment would
be about of 1%.
President Roosevelt Approves Revised Steel Code
Executive Order Provides for Elections by Employees to Determine Collective Bargaining Representatives-Hope to Avert Threatened Strike
Investigation of Basing Point System of Prices
Ordered,
President Roosevelt on May 31 approved a revised code of
competition for the iron and steel industry, to become effec-
Volume 138
Financial Chronicle
tive June 11. In the meanwhile terms of the present code,
which expired June 1, will continue to govern the industry.
In his Executive Order approving the revised code, the
President promised that he "will undertake promptly to
provide, as the occasion may demand, for the election by
employees in each industrial unit of representatives of their
own choosing for the purpose of collective bargaining."
This was construed as an effort to avert a strike of steel
workers, which has been threatened by the Amalgamated
Association of Iron, Steel and Tin Workers unless the steel
companies recognize that.union.
The President also ordered a joint study by the Federal
Trade Commission and the National Recovery Administration of the operation of the basing point system of prices.
This study is to be completed within six months, and recommendations will then by made to the President regarding the
effect of the system on prices, on the consumer and on price
fixing.
Recommendations that the revised steel code be approved
were made to the President by General Hugh S. Johnson,
Recovery Administrator; Donald R. Richberg, General
Counsel of the NRA, and Kenneth M. Simpson, Division
Administrator in charge of the code. In summarizing the
revisions they said that the changes liberalize the price and
labor provisions, as well as strengthen the Administrator's
supervision over the industry. It was also pointed out that
concessions are made to the small manufacturer and that
several definitions of unfair practice have been added. The
President is given the power to terminate the revised code
at any time. The code may also be ended by a vote of
75% of the industry.
The text of the President's Executive Order approving the
revised code is given herewith:
EXECUTIVE ORDER.
(Revised Code of Fair Competition of the Iron and Steel Industry.)
An application having been duly made pursuant to and in full compliance with the provisions of Title I of the National Industrial Recovery
Act approved June 16 1933, for my approval of certain amendments to the
code of fair compeition of the Iron and steel industry as approved on Aug. 19
1933, a copy of which amendments is hereto attached as Exhibit A,and the
Administrator having rendered his report showing that said amendments
have been proposed, adopted and submitted for my approval, pursuant to
the provisions of Section 1 of Article XII of said code and having recommended that said application be granted:
Now, therefore, I, Franklin D. Roosevelt, President of the United
States, pursuant to the authority vested in me by Title I of said Act, and
otherwise, do adopt and approve the report, recommendations and findings
of the Administrator and do hereby order that said amendments to said
code be, and they hereby are, approved and that said code as amended by
said amendments, a copy of which is hereto attached as Exhibit B, be and it
hereby is approved, said revised code incorporating said amendments to
become effective on June 111934, prior to which effective date the Code of
Fair Competition, approved Aug. 19 1933, shall continue in full force and
effect.
In connection with the foregoing approval I desire to make two statements:
1. Conditions of economic emergency make necessary the retention in
modified form of the multiple basing point system adopted in the original
code and effective in the industry for many years. But revisions made in
this code, increasing substantially the number of basing points, and modifications in practice under the Code, while alleviating some of the inequities
in the existing system, illustrate the desirability of working toward the end
of having prices quoted on the basis of areas of production and the eventual
establishment of basing points coincident with all such areas, as well as the
elimination of artificial transportation charges in price quotations. Therefore, I have directed the Federal Trade Commission and the National
Recovery Administration to study further and jointly the operation of the
basing point system and its effect on prices to consumers, and any effects
of the existing system in either permitting or encouraging price fixing, or
providing unfair competitive advantages for producers, or disadvantages
for consumers not based on natural causes. I have requested that the results
of this study be reported to me within six months, together with any
recommendations for revisions of the Code, in accordance with the conclusions reached.
2. In order to insure the free exercise of the rights of employees under the
provisions of Section 7 of this Act and of Article IV of this Code, I will
undertake promptly to provide,as the occasion may demand,for the election
by employees In each industrial unit of representatives of their own choosing
for the purpose of collective bargaining and other mutual aid and protection,
under the supervision of an appropriate governmental agency and in accordance with suitable rules and regulations .
The following summary of the changes in the Steel code
was submitted with the revised code to President Roosevelt by General Johnson, Donald R. Richberg, NRA counsel,
and Kenneth M. Simpson, Division Administrator in charge
of the code.
May 29 1934.
To the President,
The White House, Washington, D. C.
Sir,—The revisions of the Steel Code which have been agreed to by the
Code Authority include (1) revisions resulting from the insistence of
representations of NRA that changes should be made to meet justifiable
complaints and criticisms of the code; and (2) revisions proposed by the
Code Authority to improve the workability of the code and the fair application of its requirements.
We will summarize the more important changes.
Price Provisions.
1. The previous power of the Code Authority to set aside an "unfair"
price filing and to fix a "fair base price" is annulled by striking out Section 5
3715
of Schedule E of the code approved Aug. 19 1933. There is no minimum
price or "cost recovery" provision now left in the code.
2. The basing point system has been revised (Schedule F) by adding
new basing points to take care of outstanding complaints (such as Worcester,
Mass.; Duluth, Minn.; Corpus Christi, Texas; Stockton, Calif.). Criticisms
of basing-point prices are also met in part by providing for modification of
transportation charges and price-filing requirements, as hereafter shown.
3. All-rail transportation charges, which are included in delivered prices
quoted under the code, may be reduced when delivery is by other means
(such as water or motor transportation) at rates approved by the Code
Authority as "equitable and necessary in order that competitive oportunitY
to producers and consumers shall be maimeined" (Schedule E, Section 4),
subject to review of such action by the Administrator. (Article XI, Section
6.) By a further revision of the code sales below a published base Price or
delivered price may be authorized by the Code Authority, also subject to
review by the Administrator. Under these revised provisions various complaints of producers and consumers are already in process of adjustment.
4. The price-filing provision has been revised to permit any producer
to meet a lower price quoted by a competitor without waiting 10 days.
(Schedule E, Section 2.) Under the code also any producer can quote as
his price the lowest base price filed by any competitor at a basing point
where he himself does not file. (Schedule E, Section 3.)
Labor Provisions.
1. The 8
-hour day Is now established unconditionally for the entire
industry by an amendment of Article IV. The average 40
-hour week and
maximum 6
-day week is retained.
2. Piece workers are guaranteed the minimum rates of pay for hourly
workers by an amendment of Article IV, Section 5.
3. Wage districts have been added to provide minimum wages for areas
of employment not previously included.
Administration.
The Administrator is empowered (by a new provision) to suspend and
disapprove any action by the Code Authority which constitutes in his
opinion a modification of the code or exemption of any one from its provisions. (Article XI, Section 6.)
Unfair Practices.
Three new definitions of unfair practice are added to Schedule H.
1. Orders cannot be sought by promising to file new prices subsequently,
thereby engaging in secret price-cutting. (Clause M.)
2. Products not properly classified as "scrap" cannot be sold as "scrap."
(Clause N.)
3. The use of coercion or coercive means to induce a producer to withdraw or to change his base price is forbidden. (Clause 0).
Contractual Freedom,
1. A new provision is Schedule E, Section 8, permits making a contract calling for delivery beyond the end of the next calendar quarter year
If products are required for an identified structure, railroad cars and locomotives, or a definite project of Federal, State, county or municipal Government. (The limitation against long-term contracts is written to prevent
speculation and the exception is made in public and private contracts which
cannot be used for speculative buying.)
2. Under an amendment of Schedule E, Section 3, prices fixed in contracts to be fulfilled in the next succeeding quarter may be reduced if lower
prices are subsequently filed, thus allowing producers to give their contractual customers the benefit of general declining prices or lower prices
made by competitors.
Small Enterprise Representation.
A revision of Article VI, Section 5, reduces the expense of the code for
small producers by apportioning the total expense according to the invoiced
value of delivered products during the preceding calendar year. Each
member of the code retains at least one vote regardless of the invoiced value
of his products, but the code expense of small producers may be materially
reduced.
Termination Clause.
The termination clause (Article XIII, Section 2) is revised to provide
simply that the code may be terminated at any time by action of the President or by a vote of75% of the members of the code.
Results of the Experimental Period.
The code was originally approved for a trial period of 90 days. Upon
the reports made to the President at the end of that period and the recommensation of the Administrator, the trial period was extended by the
President to May 311934, thus giving a total trial period to date of a little
over nine months.
During this trial period the volume of complaints from producers in the
industry, or users of its products, has been very small when consideration
is given to the magnitude of the industry.
So far as members of the code are concerned, its operation and administration have given general satisfaction. Many complaints from users of
code products have been adjusted by action of the Code Authority, exercising its discretionary powers under the code. Provision is made in the
revised code for the adjustment of outstanding complaints, either in the
revisions or in action authorized under the code.
There have been a certain number of complaints which have not been
adjusted and some which may be difficult of adjustment. But the major
criticisms of the code are not those of specific injury of individuals or individual enterprises, but largely theoretical criticisms of the price revisions
of the code on the ground that they might operate in aid of monopolistic
practices.
The economic issues involved in these criticisms are fundamental and
far-reaching. It is doubtful whether any well-integrated industry can
operate to protect the stability of its operations and to maintain, without
violent fluctuation, employment and wage standards without being subjected to the criticism that any such effective self-government might bring
about what might be wrongly called monopolistic practices.
For example, the multiple basing point system is designed to maintain
existing areas of production and channels of distribution and to prevent
violent dislocations proceeding from such unrestrained competition as has
resulted in the past all too frequently in increasing concentration of business
In the hands oflarge producers, with violent fluctuations in prices and wages
in a ruthless struggle to survive.
P1
(
This industry is highly competitive and it is a fact that in recent years
the smaller enterprises in the industry have steadily increased their proportionate production at the expense of the larger enterprises. This is not a
monopolistic trend. On the other hand, consumers may claim that the
integration of the industry and methods of fair competition adopted do not
provide for the consumers the transient benefits of unrestrained cut-throat
competition.
Representatives of the NRA believe that It would be in the public Interest
to provide for the joint study of the operation of the basing point system
by representatives of the NRA and the Federal Trade Commission, in con-
3716
Financial Chronicle
June 2 1934
junction with representatives of the industry,for the purpose of deter
r I ir gafter no member of the industry may sell below that cost, for the period
to what extent and in what manner the practices of the industry, particuof the emergency.
laxly in regard to the multiple basing point system, may be improved so
as to preserve, for the benefit of all concerned, the stabilizing effects of the
Nickel Alloy Industry Code Approved
existing system and at the same time to insure full opportunity, through fair
by General Johnson.
competition, to pass on to the consumers the benefits of increasing productive efficiency, while continuing to improve labor and providing greater
Approval of a code of fair competition for the nickel
stability of employment.
and nickel alloy industry was announced on May 27 by
The labor provisions of the code have operated to produce great benefits
National Recovery Administrator Hugh S. Johnson, it
for the wage earners, but have also given rise to conflicts concerning the
right of labor organizations and collective bargaining, which call imperawas indicated in a Washington dispatch May 27 to the
tively for better assurances than are now provided, that employees may
New York "Journal of Commerce" which also noted:
exercise the rights provided in Section 7(a) of the National Industrial
The code becomes effective June 3. The industry, at present employing
Recovery Act.
1,200 persons, normally works 1,500 employees, it was said.
The rights of labor organizations are clearly defined in the Act and
-hour week with certain exceptions, all of which
The codelprovides a 40
In the code, but the most serious complaints which have been received durrequire payment of time and one-half for all overtime. A minimum
ing the trial period have been the complaints that exercise of these rights
hourly wage scale of 40 cents and weekly scale of $15 is established. No
law. It cannot be suggested, howhas been restrained in violation of the
figures are given, but it is believed that a marked increase both in emever, that labor would benefit in the present situation by a cancellation of
ployment and in payrolls will result from the adoption of the code.
the code. Indeed, the complaint is not against the provisions of the code
The code provides for an administrative body of seven persons, six
but against disregard for these provisions.
of whom are to represent the Nickel Alloys Association, Inc., and the
Labor Benefits Under the Code.
seventh any member of the industry not an Association member.
—4—
The benefits derived by labor from this code may be summarized in the
following comparison of employment and earnings in June_ 1933 and
NRA Code for Canning Industry Signed—President
April 1934.
June 1933.
Grand total, all employees
Total wages and salaries
Average hours per week
Average earnings per hour
Total hours worked
Number of wage earners*
Total wages
Average hours per week
Average earnings per hour
Average earnings per week
Total hours worked
April 1934.
338,148
$30.580,781
39.7
53.0e.
57,555,359
305,209
524,441 054
a9.4
47.3o.
818.64
51.645.321
431,086
$45,471,878
34.4
71.4e.
83,890,525
392,069
$38,778.026
33.7
84.8e.
821.84
56.723,813
Change for AprU 1934.
It.,,,.
Grand total employees
Total wages and salaries
Average hours per week
Average earnings per hour
Total hours worked
Number of wage earners*
Total wages
Average hours per week
Average earnings per hour
Average earnings per week
Total hours worked
Per Cent.
+92.940
+$14,911,117
—5.3
+18.4o.
27.4
48.7
13.4
34.7
+10.8
28.4
50.4
14.5
37.0
17.0
+9.8
+85,830
+$12.336,972
—5.7
+17.5e.
+33.20
•Wage earners (employees receiving hourly, tonnage or piece work rates).
By comparing the foregoing figures with the year 1929 it appears that
in April 1934, although the industry was than operating at less than 75%
of its 1929 operations, it was employing nearly as many employees as the
average for the year 1929.
Consumer Interests Under the Code.
A comparison of the first six months of 1933 with the last six months of
1933 shows that the total income of 190 companies increased by approximately $54,000.000 while the total payroll increase was approximately
$108,000,000. The consumers therefore bore only one-half of the burden
of payroll increases.
Small Enterprises Under the Code.
Reports for 1933 show that 57 companies producing steel ingots (the large,
Integrated companies) increased payrolls $100,000,000. increased Income
only $44,000,000 and showed a net loss of nearly $65,000,000, while
133 smaller, non-integrated companies increased payrolls $8,000,000, increased income $10,000.000 and showed a net profit of over $5,000,000.
1
,
The large companies on the aggregate lost 3 of 1% on their reported investment and the smaller companies earned over 1'%% on their investment.
It is evident in the light of these figures that consumers were not being
exploited and that small enterprises were not being oppressed under the
code. It is also clear beyond question that employment and wage payments have increased remarkably under the code and the standard of
living of the average worker has been substantially Improved.
Conclusion.
It is our recommendation that a continuance of the code, as revised
in accordance with the amendments approved by the NRA and agreed
to by the Code Authority, is desirable, with the distinct understanding
that we believe the code can be and should be subject to further revision
and that the members of the industry should co-operate with the representatives of the Government in bringing about full and unquestioned
compliance with the requirements of the law and the code which protect the
rights of employees in self-organization and collective bargaining.
HUGH S. JOHNSON,Administrator.
K. M. SIMPSON,
DONALD M. RICHBERG.
Furnace Pipe and Pipe Fitting Manufacturing Industry
Placed Under Own Code—Supplements Approved
Code for Metals Industry.
Announcement was made on May 20 by the National
Recovery Administration, according to Washington advices
to the New York "Journal of Commerce," that a code of
fair competition for the warm air furnace pipe and pipe fitting
manufacturing industry, supplementary to the approved
code for the fabricated metal products manufacturing and
metal finishing and metal coating industry, has been approved by Administrator Hugh S. Johnson. The advices,
which said that the code was to become effective on May 28,
continued:
0 A code authority is provided for to consist of six members, two to reprosent the members of the Furnace Pipe Institute, two for the Eastern Pipe
& Elbow Manufacturers' Association and two to represent those members of the industry not members of either organization.
A uniform cost accounting system is to be developed by the code authority, and thereafter no member of the industry may sell below his individual
cost except to meet competition. In the event of an emergency, due to
destructive price cutting, the code authority, with the approval of the
Administrator, may arrive at a reasonable cost for the industry and there-
Roosevelt Requires Establishment of Quality
Standards in 90 Days.
Pr The country's canning industry, ranging from great
factories to small country plants, was put under a simple
labor code on May 30 by action of President Roosevelt,
who required, however, that the industry move within
90 days to establish quality standards and proper labeling
for the protection of the housewife. The Associated Press
accounts May 30 from Washington added:
Labor terms of the code were not deemed satisfactory by the Administration, so a report by Dec. 1 was required on possibilities of shortening
hours and raising minimum wages.
-hour base week for canning seasonal
As it stands, the code allows a 60
-hour day and provision for overtime. In non-seasonal
products, with a 10
Products canning the base week is 36 hours. Minimum wages run from
2234 cents in the lowest pay area to above 35 cents.
Testimony Concluded in Action Against Officers of
National City Bank by Stockholders Seeking to
Recover $70,000,000 on Charges Alleging Mismanagement— Many Officers of Institution Among
Witnesses—H. Parker Willis Testifies.
Professor H. Parker Willis, of Columbia University, who
was formerly Secretary of the Federal Reserve Board and
editor of the New York "Journal of Commerce," was the principal witness, May 23, at the final session of the trial of a
$70,000,000 accounting suit for alleged mismanagement
brought by a group of stockholders of the National City Bank
of New York against the officers and directors. The trial
was conducted before Supreme Court Jurtice Edward S. Dore.
On April 17 the Court reserved decision, but since that date
the plaintiffs asked permission to introduce additional testimony, and the case was re-opened May 23 for this purpose.
Professor Willis asserted that payments of $15,000,000 distributed among 18 persons by the National City Bank and the
National City Co. between 1921 and 1931 was an "excessive"
sum. Other witnesses who testified at earlier sessions of the
trial included James H. Perkins, Chairman of the Board of
the National City Bank and President of the City Bank Farmers' Trust Co.; Gordon S. Rentschler, President of the National City Bank,and Charles E. Mitchell and James A. Stillman, former Chairmen of the Bank. The trial was held
without jury. The defense did not summon witnesses, but
relied on cross-examination of those who testified for the
plaintiff and on documents submitted to the court.
Justice Dore, on April 16, dismissed suits against three of
the defendants, eliminating from the action Lee Olwell, Edward F. Barrett and Gayer G. Dominick. On April 17 four
more defendants were excused. They were Nathan C. Lenfesty, Cashier; George E. Roberts, Economist; Elton Parks
and F. W. Bellamy, directors. Hearings in the trial began
March 22.
Mr. Perkins, in his testimony at the opening of the trial,
March 22, said that the bank had lent approximately
$2,400,000 to its officers in 1929 to aid employees affected
by the stock market crash, and admitted that at least two
of these loans were based on collateral that would not be
considered sufficient if offered by a customer of the bank.
Mr. Perkins continued his testimony on the following day
(March 23), when he explained that the loans in question
had been made because "the morale of the organization was
in bad shape at the time." In concluding his testimony,
March 26, Mr. Perkins again defended the loans as necessary
to preserve the morale of the employees.
Mr. Rentschler testified, March 27, regarding loans to
Cuban sugar interests, and on the following day (March 28)
said that the bank had lent approximately $42,000,00 to
0
Cuban sugar companies. Of this amount the said that loans
of $25,000,000 are now carried on the books of the bank at $1,
Volume 138
Financial Chronicle
and indicated that the loans were not repaid because the
Tariff Acts of 1922 and 1930 had seriously hampered the importation of Cuban sugar into the United States.
Counsel for the plaintiffs in the suit asked the Court,
April 2, that the defendant bank and its directors produce
additional records on the Cuban sugar transactions. Mr.
Mitchell took the stand on April 3 and defended the action
of the bank and of the National City Co.. in distributing a
fund of $15,000,000 among officers and employees of the two
institutions between 1921 and 1931. In his testimony, April 5,
Mr. Mitchell made a final defense of the sums paid him from
the management fund and the establishment of the fund to
lend money to employees hurt by the stock market crash in
1929. He said both funds were created with the advice of the
bank's counsel, Shearman & Sterling.
Joseph P. Ripley, Executive Vice-President of the National
City Co., testified April 9 that officers and directors of the
National City Bank were allotted stock in United Aircraft &
Transport Co. at substantial discounts from the market price.
James A. Stillman, former Chairman of the bank, testified,
April 10, and gave his approval to all transactions of the bank
during the last 12 or 15 years. He added that if previous conditions again obtained he would endorse *such actions once
more.
We quote from the New York "Herald Tribune" of May 24
regarding testimony on the preceding day:
Testimony in the case has shown that from 1921 to 1931 a total of $15,000,000 was disbursed to 18 officers and directors from a special management
fund maintained by the bank and Its securities affiliate. These payments
were in addition to regular salaries, and Professor Willis testified yesterday
that the only proper method of paying bank officers was by a fixed. salary.
Under cross-examination the witness said his opinion was based on the
"cold records" of the bank. John W. Davis, of defense counsel, sought to
show that the witness had no intimate knowledge of the services performed
by officers and employees who benefited from the management funds.
But the witness said he did not believe the officers and directors were better
qualified than an outside expert to pass on the propriety of the management
fund payments, stating that the officials, in determining sums to be paid
to individuals, could not divorce themselves from the relationships existing
among themselves.
Defense counsel developed the point that the bank had provided records of
all payments to officers to the Federal Bank and that the Comptroller of the
Currency had never objected to them nor had any bank examiners.
The New York "Herald Tribune" of March 23 described the
opening of the trial on the previous day,in part, as follows:
The case of the plaintiffs, as outlined by David L. Podell, counsel, falls
into four sections involving the handling of the emergency loan fund of the
bank, bonuses paid to officers, the question of whether the formation of the
National City Co. as a securities affiliate to operate outside the national
banking law was not itself a violation of that law, and the propriety of the
bank's investment in Cuban sugar properties. Joseph M. Proskauer, who
with John W. Davis, Democratic Presidential candidate in 1924, is counsel
for the defense, said that the defendants were happy that the allegations had
been brought to trial because now an opportunity for official vindication was
afforded.
Perkins Admits Big Loans.
After the opening remarks of counsel, James H. Perkins, Chairman of the
Board of the National City Bank and President of the City Bank Farmers'
Trust Co., took the stand. He admitted that at least two loans made during
the 1929 collapse to an officer of the National City Bank were based on
collateral that would be considered insufficient if tendered by a customer
of the bank. A total of about $2,400,000 was in loans to officers.
Nearly 90 individuals are defendants, and they are represented by a large
battery of attorneys. The trial will take from three to four weeks, and is
the first civil suit since the Senate disclosures about the National City Bank.
Charles E. Mitchell, former Chairman, was prosecuted by the Government
for income tax evasion, but was acquitted by a jury. The acts complained
of in the present suit took place during the Mitchell regime.
Mr. Perkins told on the stand of being summoned, with other officers and
directors, to the home of Mr. Mitchell on the night of November 11 1929.
Mr. Mitchell informed the gathering, the witness said, that "the condition
of some of the men in the organization was bad as far as personal loans were
concerned."
"He said something had got to be done to carry these fellows over the
situation," the witness continued. "He cited several important men who
were in bad positions. E. P. Swenson and I were asked to take charge, and
we said we would."
On Nov. 13 the Executive Committee of the bank created a $2,000,000
fund to he used in making loans to officers and directors. The Board of
Directors on the same day approved the action of the Executive Committee.
Got $170,000 in Two Loans.
The witness then told of two loans totaling $170,000 to Robert Forgan,
Assistant Vice-President in charge of the bank's operations west of Chicago.
The loans were made when the borrowing officer had a net worth of $42,000,
of which $30,000 was represented by furniture, the witness said. Mr. Forgan
had up to November 1930 paid $4,900 of Interest, leaving $3,700 interest
unpaid, but had paid nothing on the principal. The collateral pledged consisted of 545 National City Bank shares and 200 Universal Insurance shares.
Mr. Forgan had a deficit of about $2,500 in a brokerage account when the
loan was made, the witness said. He also had 200 National City shares
pledged with the American National Bank of St. Paul and 600 shares with
the Bankers Trust Co. Mr. Perkins said he would not have sanctioned a
loan to a customer of the bank on the same basis.
"I do not think that on the collateral he was justified in getting the loan,"
Mr. Perkins said.
When the St. Paul bank asked for additional margin, 500 shares of National
City Bank stock were returned to him by the trustees for the New York bank's
management fund, Messrs. Perkins and Swenson. No arrangements were made
with Mr. Forgan for repayment of the loan. Mr. Forgan's salary since 1930
was $20,000 a year, no part of which was assigned to liquidate the loan.
3717
Got Loan Without Collateral.
Lee Olwell, another Vice-President, borrowed $185,000, without putting
up any collateral. His net worth was $326,000, and in 1930 he paid $5,500
interest on the loans. The witness said that if Mr. Olwell had been a customer
"he would have to have some really good story" in order to get the loan,
pointing out that character and ability carried some weight in the making
of a loan. The witness said, in response to questioning, that he had not
made any loans for his own account, then or at any time.
Robert E. Pierce, another officer, borrowed $120,000, and a year later
had repaid $4,000 on the principal, but had not paid any interest. In August
1930 his request for further loans to buy stock of the bank was refused, Mr.
Perkins said.
C. T. Swinnerton, Assistant Manager of the Mexico City branch of the
bank, on a yearly salary of $7,000, borrowed $104,000, and up to the end
of 1932 had repaid none of the principal and only $912 interest. His collateral for the loan was 730 bank shares, although his equity in the stock
was worth only $5,688.
The witness said the Swinnerton loans would not have been made to a
customer. He explained they were made "to help Mr. Swinnerton's morale,
and it helped to oarry him through at a time that was shaky for everybody's
morale."
"In all but about five cases, I made the loans," Mr. Perkins said. Five
loans were made by Mr. Swenson.
T. R. Geoghegan, Vice-President of City Bank-Farmers' Trust, got a loan
of $42,000 when his net assets were $8,500, the witness said. Mr. Geoghegan's
salary in 1930 was $38,000. By November 1930 he had repaid none of the
principal and about $495 interest, the witness said. Testimony also related
to a loan of $260,000 to Edward F. Barrett, Vice-President, and $139,000 to
E. L. Pierce, Assistant Cashier of the Public Library branch of the bank.
The testimony on March 23 was noted as follows in the New
York "Journal of Commerce" of the following day:
Mr. Perkins testified regarding loans advanced to H. C. Sylvester Jr., a
Vice-President of the National City Co., the bank's securities affiliate; Arthur
W. Wing, former Manager of the Beattie branch of the National City Co., and
Thomas A. Katie. formerly Assistant Cashier of the bank, who is now head
of the bank's loan department.
Admitting readily that many of the loans would not have been made to
customers of the bank on the collateral furnished, they said that they were
advanced because "the morale of the organization was in bad shape at the
time."
In response to the questioning of David L. Podell, attorney for the plaintiffs,
Mr. Perkins said that the 1929 payroll had tunounted to $25,000,000. For
the first six months of that year net earnings had been $14,000,000.
The New York "Times" of March 27 outlined Mr. Perkins's
testimony of March 26 as follows:
James H. Perkins, Chairman of the National City Bank and President of
the City Bank-Farmers' Yrust Co., completed, yesterday afternoon, his testimony before Supreme Court Justice Edward S. Dore in the suit of minority
stockholders of the National City Bank against the directors for an accounting of $70,000,000 alleged to have been lost through mismanagement by the
officers and directors under the former executive direction of the bank.
Under cross-examination by former Justice Joseph M. Proskauer, counsel
for the directors, the witness defended the creation of the fund of $2,400,000
set aside by the officers in November 1929 to aid employees affected by the
market crash, one of the grounds on which the plaintiffs have sued. . . .
On redirect examination by David L. Podell, trial counsel for the plaintiffs,
Mr. Perkins said he owned 1,200 shares of the bank's stock, "but not on
margin." He said he saw no objection to officers and employees borrowing
on their stock so long as the loans were well within the face value of the
shares.
We quote below from the "Herald Tribune" of March 28
regarding the previous day's testimony:
When the National City Bank sold the notes for loans of $2,400,000 to
officers and employees to the National City Co., its securities affiliate, it
took a loss of $1,557,910, it was testified yesterday by Nathan 0. Lentestey,
Cashier of the bank. The testimony was given at the resumption of the suit
of minority stockholders to recapture $70,000,000 lost through alleged mismanagement. Supreme Court Justice Edward S. Dore is hearing the case
without a jury. . . .
The notes for the loans were sold for $623,735, the Cashier testified, after
about $218,000 had been repaid.
Sags Mr. Mitchell Authorized Deal.
William A. Simonsin, senior Vice-Vresident, who has been with the bank
45 years, testified that the sale of the notes was authorized by Charles E.
Mitchell, former Chairman of the bank. Frank J. Maguire, Assistant Treasurer and Assistant Secretary of the securities affiliate, said he thought Mr.
Mitchell had authorized the affiliate to take over the loans.
Gorden S. Rentschler, President of the bank, testified about loans made to
Cuban sugar interests. He joined the bank in 1921, he said, prior to which
time he was interested in manufacturing sugar-mill machinery. It was as a
customer of the bank that he met Mr. Mitchell after returning from a trip
to Cuba. He went into the bank to congratulate Mr. Mitchell on his elevation
to the Presidency of the bank. At that meeting Mr. Mitchell told him about
difficulties being encountered with respect to about $25,000,000 of bank
loans in Cuba.
Mr. Mitchell asked M. Rentschler to make a survey of the Cuban situation,
and after Mr. Reatschler had completed this he became a director. Two years
later he was made a Vice-President, and in 1930 he was made President when
Mr. Mitchell was made Chairman, he said.
Sugar prices in 1920-21 dropped from 21c. a pound to 1.7c. a pound, he
said, and the bank's loans were computed at the top price.
After a committee of the bank's directors had discussed the situation in
February 1922, the witness said, the General Sugar Co. was organized "to try
to work out the sugar proposition for the bank." The company was organized
by Mr. Rentschler, Colonel Edward Deeds and George Houston, all of whom
were then directors.
Management Enterprise.
The company was a management enterprise designed "to get the bank out
of its loans to Cuba," the witness said. At that time the loans aggregated
$42,000,000, of which one group totaled $25,000,000.
Through the management company more than $10,000,000 of the $17,000,000 group was saved for the bank in five years, he said, and added that
If the company had not been formed "the $25,000,000 group probably would
have resulted in a total loss." Various Cuban subsidiaries were organized to
take over the loans, he said, and the top company advanced additional funds
to aid in the rehabilitation of many of the properties. The witness said he
could not state the amount saved on the $25,000,000 group of loans.
Financial Chronicle
3718
The "Journal of Commerce" of March 29 continued the
summary of the testimony in the trial as follows:
The notes in the $2,400,000 fund created in 1929 to assist officers and employees of the National City Bank at the suggestion of Charles E. Mitchell,
former Chairman, were subsequently sold for $623,735 to the National City
Co., according to testimony at the trial of the action by minority stockholders to recover $70,000,000 irons the directors of the bank and the
company.
. Details as to the loans were given by Nathan G. Lenfeatey, the Cashier.
The notes were held until December 15 1930, when they were transferred to
the City Co. It was testified that about $218,000 has been repaid. Mr. Lenfeatey, in reply to questions by David L. Podell, counsel for the plaintiffs,
said that the price had been fixed as fair value at the time from the standpoint of the bank's balance sheet.
Gordon S. Rentschler, President of the bank, testified on loans by the bank
to Cuban sugar growers and refiners.
The "Herald Tribune" of April 3 described the court hearing on the previous day as follows:
"The defendants assert that they have produced all documents that are
relevant or material to this action," David L. Podell, counsel for the plaintiffs,
said, "but I believe it is for us to determine what is material."
"We have produced all material statistics that we can," replied John W.
Davis, counsel for the defense. "But soiree of the figures which Mr. Podell
wants are impossible to obtain. Other statistics sought by my opponent pertain to business subsequent to 1927. I protest against supplying such statistics, because they apply to matters not contained in the complaint."
Mr. Davis said the charges that directors conspired to keep from stockholders the losses on the sugar loans, and that these loans were ill-advised,
"pertain only to the bank's Cuban loans between 1921 and 1927." He went
on to say that "the complaint does not allege improper management in Cuba
from 1927 to the present."
The court session resumed with Gordon S. Rentschler, President of the
bank, again on the witness stand telling about loans to Cuban sugar companies. Most of the evidence introduced during the morning involved documentary exhibits relating to details of the sugar loans.
In the afternoon Hugh B. Banker, former President of the National City
Co., securities affiliate, told about the proposed merger of the Corn Exchange
Bank with the National City Bank, in October 1929. He said the securities
affiliate was not directly concerned in the proposed merger, but that its directors expected great benefits for the company "because of enlarged contacts
and increased opportunity for business."
The plan called for the exchange of four shares of National City Bank
stock for five shares of Corn Exchange, and the witness said the securities
affiliate agreed to pay $360 a share to those Corn Exchange stockholders who
did not wish to exchange for National City shares.
In October 1929, he said, the National City stock moved from $489 to $590,
and stayed above $450 until Oct. 28, the day before the general market
collapse. On that day the securities affiliate bought a large block of the
stock to keep it above $450, he said.
Mr. Mitchell's testimony, April 3, was outlined in part as
follows by the "Times" of the following day:
Explains Working of Fund.
During his examination by Mr. Podell the former Chairman told of the
establishment of the management fund by the directors of the National City
Co. in 1921 whereby officers and employees shared in the profits. He explained that 8% of the annual earnings was deducted as a dividend, one-fifth
of the remainder was placed in the profit-sharing fund, and the remaining
four-fifths was paid out to certificate holders as a special dividend.
Mr. Mitchell said that under this plan, which was not submitted to the
certificate holders for approval, the officers and employees shared according
to their contribution to the company's welfare, determined after a "backward
look" at the business for each year past. The management fund for the bank,
started in 1923, was similar to that of the National City Co., he testified.
It was mentioned at all stockholders' meetings.
The officers used unsigned ballots to determine the sum to be paid him as
the chief officer, Mr. Mitchell said, and afterward the figures on the various
ballots.were averaged. He never received more than the average, he said.
The officials also used unsigned ballots to decide the sum they should receive.
"I made any adjustnrents that seemed necessary," said Mr. Mitchell, "and
submitted my recommendations to the Board of Directors for approval."
Company Never Lost.
"If a loss occurred in any year, and the following year proved profitable,
was each year reckoned by itself or did the losing year affect the disposition
of the profits of the other?" asked Mr. Podell.
"There was never a year when the company lost, so it is impossible to say
what the reaction would have been," replied the witness. "The problem
never faced us."
"If an officer or employee was given a bonus that amounted to six times
his salary, you regarded that as perfectly proper, didn't you?"
"Yes, I did. But they weren't bonuses. These men were given compensation for the work they did."
Asked the number of employees of the bank in 1921, Mr. Mitchell said
there were from 700 to 800. "If the management by the nine officers had
not been good," said Mr. Mitchell, "there would not have been that many
employed."
Mr. Mitchell, continuing on the stand, April 4, testified that
losses on Cuban sugar loans were not considered in computing the management fund through which certain officers and
employees shared in profits. This testimony was originally
given in a preliminary hearing, the text of which was read
Into the court record by the attorney for the nominal plaintiff
while Mr. Mitchell sat on the witness stand. The "Herald
Tribune" of April 5 noted this testimony, in part, as follows:
In testimony, Tuesday, the banker related how the management fund for
the securities affiliate was created in 1921, with a similar fund for the bank
being created two years later, and how in the decade following 1921 a total
of $15,000,000 was distributed from the fund, $9,000,000 going to Messrs.
Mitchell, Rentschler and Hugh B. Baker, former President of the securities
affiliate.
$666,666 Payment Explained.
Under questioning, the witness told how on July 1 1929 he had received
$666,666 from the management fund for the first six months of the year, but
June 2 1934
that at the end of the year, when it was determined that no profits had been
made during the year, the $666,666 was recorded as a debt to be paid by Mr.
Mitchell from proceeds of future management distributions. Counsel for the
plaintiff stated that the bank cannot now recover this money because there
were no further management profit-sharing payments before Mr. Mitchell left
the service of the bank.
Questioned by John W. Davis, counsel for the defense and Democratic
Presidential aspirant in 1924, the banker said that after the management
fund was formed he told a convention of the American Bankers Association,
in Atlantic City, September 1923, about the plan in a public address. He
said about 10,000 copies of his speech were distributed to stockholders and
the public.
The operation of the two management funds had a markedly beneficial
effect on the morale of the bank's organization, he said.
Mr. Ripley's testimony, April 9, was summarized as follows
by the New York "Post" of that date:
Mr. Ripley enjoys the distinction of being the only participant in the
$1,800,000 bonus overpayment made by the National City Co. in 1929 who
has discharged his debt resulting from that overpayment.
That was the same transaction in which Charles E. Mitchell received a
bonus of $666,666.67, for which it was later discovered no funds were available. Mr. Mitchell has never repaid any part of that sum to the bank.
Mr. Ripley testified to-day that he had repaid his $150,000 by means of
an application to the directors of the bank for a gift of that amount, which
application was granted.
The witness made plain, however, that he merited the gift because of his
own "extraordinary accomplishments."
The "Journal of Commerce," April 11, quoted from the testimony of Mr. Stillman the preceding day as follows:
Mr. Stillman said he resides at 900 Park Avenue, and has been connected
with the bank since 1899. With Percy A. Rockefeller and Beekman Winthrop, he said, he is trustee of the stock of the City Co., formerly the National
City Co.., having succeeded his father in that position upon the latter's death
In 1918.
Upholds Fund, Loans.
The witness testified that certificates on this stock was sold to the public
holders of bank stock, and that as he was one of them he had a double interest
in approving only those transactions which would profit the bank. To this
end, he said, he had approved both the management fund, created to provide
additional compensation to valued officers and employees, and the $2,400,000
fund established to aid the officers and employees during the depression.
Mr. Stillman thoroughly approved the unsecured loans made from this
fund, he said, as something had to be done at the time to sustain the morale
of the borrowers.
Had to "Take Up" Stock.
Many purchasers of bank stock canceled' their orders late in 1929 and early
in 1930, he said, in response to Mr. Rack's questions, and the affiliate, which
handled most of these sales, "had to take up this stock."
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of May 26 (page 3552),
with regard to the banking situation in the various States,
the following further action is recorded:
FLORIDA.
Tarpon Springs, Fla., advices to the "Wall Street Journal"
on May 19 stated that the receiver of the First National
Bank of Commerce of that place had been given authority
by the Comptroller of the Currency to pay an initial dividend
of 25% to those depositors who have proved their claims.
The dispatch added:
The bank was closed March 4 1933. The receiver stated that the dividend was derived from collections of assets only, and be is Preparing to
apply for a loan through the Reconstruction Finance Corporation for a
second dividend.
ILLI NOIS.
The Ashmore State Bank, Ashmore, Ill., was to open on
May 22 without restrictions, according to the following
taken from the Chicago "Tribune" of that date:
The State Auditor's office announced yesterday that permission has
been granted to the Ashmore State Bank of Ashmore, Ill., to open to-day
on an unrestricted basis.
IOWA.
D. W. Bates, State Superintendent of Banks for Iowa,
on May 18, filed a receivership petition against the Rose
Hill Savings Bank of Rose Hill, which had been operating
under Senate File 111, according to advices from Oskaloosa,
Iowa, to the Des Moines "Register," Thomas Denny of
Oskaloosa is President of the institution, and J. R. Busby,
Cashier.
MICHIGAN.
The Union Guardian Trust Co. of Detroit, Mich., reopened on May 29 as a strictly fiduciary institution with the
following officers elected by the directors the previous day:
George H. Kirchner, President; Dr. Ralph E. Badger,
Senior Vice-President; Rudolph E. Hofelich, Vice-President
in charge of personal trusts; A. A. F. Maxwell, Vice-President
in charge of corporate trusts; A. B. Pfleiderer, Vice-President
in charge of industrial trusts; E. C. Harris, Vice-President,
Secretary and Treasurer; E. A. Miller, Vice-President and
Comptroller, and Charles A. Meyer and George W. Williams,
Assistant Vice-Presidents. The foregoing is learnt from
the Detroit "Free Press" of May 29, which went on to say:
In addition to being senior Vice-President of the newly formed trust
company, Dr. Badger is also President of Investment Counsel, Inc., which
organization is servicing the accounts of the trust company.
Financial Chronicle
Volume 138
Tribute to the work of Mr. Kirchner was paid by the directors in a resolution offered by Sherwin A. Hill for the "splendidly constructive work he
has done which has resulted in the reopening of the Union Guardian Trust
Co. as a strictly fiduciary institution and the preservation of millions of
dollars of assets which will not only directly benefit depositors and creditors
of the old trust company, but will indirectly benefit the entire community."
Additional information regarding the reopening of the
trust company "with capital of $500,000, surplus of $150,000
and undivided profits of $150,000," was contained in Detroit
advices on May 29, which said in part:
Liquidation of remaining assets of the old company, totaling approximately $42,000,000, will be carried on by trustees, and a separate Delaware
corporation. About $31,000,000 in assets has been pledged to RFC for a
loan of $10,000,000. Deposits at time of closing totaled around $26,000.000.
OHIO.
The Citizens' Banking Co. of Salineville, Ohio, on May 28
filed an application in the Common Pleas Court, asking
approval of a plan for reopening the institution, according to
a dispatch from Lisbon, Ohio, on that date, printed in the
Cleveland "Plain Dealer," from which we further quote as
follows:
More than 92% of the depositors have agreed to the plan.
stockholders have agreed to a 65% voluntary assessment and $25,000
of this assessment has been paid.
1 Opening of this bank will release for business approximately $200,000 or
more, it was announced to-day (May 28) by Attorney John E. Bauknecht.
r
OREGON.
From the Portland "Oregonian" of May 23 it is learnt
that further releases of deposits in the Bank of Beaverton,
Beaverton, Ore., which has operated under restrictions since
a year ago last March, were announced on May 22 by Doy
Gray, President of the institution. The paper continued:
A release of 15% was authorized yesterday (May 22) for the commercial
department, making a total of 20% in that department to date. Two
days before a release of 20% was authorized in the savings deposits, making
a total of 35% for that department.
NEW JERSEY.
The new United National Bank of Cliffside Park, Cliffside Park, N. J., representing a merger of three Bergen
County banks, The Cliffside Park National Bank, The First
National Bank of Fairview and The Palisades National
Bank of Fort Lee, all of which had been operating under
conservators, opened for business on May 26. Officers of
the new institution are: Roscoe P. McClave, President;
Emil Klein, Vice-President; Ira F. Acheson, Cashier and
Harry J. Meyer, Assistant Cashier. The "Jersey Observer"
of May 25, in reporting the final meeting of the re-organization committee held the previous night, said in part:
Mr. McClave, Chairman of the Organization Committee, in opening
the meeting said that there is nothing to prevent the opening of the new
bank to-morrow. He said that the Home Loan permits the opening and the
Reconstruction Finance Corporation is behind the bank.
Arthur L. Dickson, who in his capacity as attorney, has worked with
the Committee, reported on his trip to Washington, and the closing of
formalities incident to the opening of the bank. He announced that the
conservatorship of Fred W. Jacoby of the old Cliffside Park National
Bank terminated yesterday (May 24) and that the terms of Mr. DeVere
and Martin Corr as conservators of The Fairview National and The Palisade
National Bank, respectively, will terminate to-day. All formalities completing the loan will be put through to-day, Mr. Dickson said.
All the organization papers of the new bank have been approved, and
the $210,000 capital and surplus has bem paid into the new bank. . . .
Mr. McClave, who has acted as Chairman of the Committee since he
organized it in January, praised the work of Mr. Dickson and also of
Mr. Jacoby, and expressed regret that under banking regulations, Mr.
Jacoby could not be retained as an officer of the new bank.
Mr. Jacoby was formerly Cashier of the old Cliffside Park National
Bank. The new Cashier, Mr. Acheson, is from Kansas City, and was
formerly of the RFC and affiliated with the National City Bank of New
York. He was introduced to the Committee last night by Mr. McClave.
It is understood that Mr. Jacoby will not quit the bank until Mr. Acheson
has familiarized himself with the routine of matters incident to cleaning
up of details.
The new bank .
will operate under deposit insurance.
PENNSYLVANIA.
Officers of the closed Oil City National Bank, Oil City,
Pa., are "hopeful" that the institution will be reopened
within 30 days, releasing $3,400,000, according to a dispatch
by the Associated Press from that place on May 21, which
went on to say:
They announced that reorganization plans, calling for the raising of
$650.000 in capital and the waiver of 30% of deposits, have been approved
in Washington.
The Commercial National Bank of Philadelphia, Pa.,
which had been operated on a restricted basis since March
1933, went into receivership on May 23. In reporting the
matter, the Philadelphia "Inquirer" of May 24, continuing
said:
Acceptance of deposits was suspended at the main office, 721 Chestnut
St., and the five branch offices in other sections of the city.
John J. Sullivan, who has been deputy reciver for the Franklin Trust
Co. and the Wharton Title & Trust Co.. was appointed receiver by the
United States Comptroller of the Currency.
A reorganization plan had been in process under the direction of the
bank's conservator, William A. Dyer.
The Commercial National Bank opened business under that name
July 15 1929, after a consolidation of two national banks, the Manayunk-
3719
Quaker City, which was established in 1871, and the Southwark,established
in 1825.
At the time of the consolidation it was stated the institution had total
resources of $30,000,000.
The Commercial National had received two Reconstruction Finance
Corporation loans totaling $4,515,000. Its last published report before
going on a restricted basis showed capital of $2,000.000, surplus and undivided profits of $1,212,000, and deposits of $9,249,000.
After operating on a restricted basis since March 1933, the
Kensington-Security Bank & Trust Co. of Philadelphia, Pa.,
will resume normal operations early in July,it was announced
on May 31 by Dr. William D. Gordon, State Secretary of
Banking for Pennsylvania. The Philadelphia "Inquirer" of
June 1,in reporting the above,furthermore said:
At that time about 16,000 depositors with accounts of $50 or less will be
allowed to make withdrawals in full, it was learned, releasing more than
$500,000 into the channels of trade.
The Kensington Security had total deposts of $7,591,000 when it went
on the restricted basis.
WISCONSIN.
The merger of two Wisconsin State banks, the State Bank
of Patch Grove, Patch Grove, Wis., with The Bloomington
State Bank, Bloomington (both of which have been operating
on a restricted basis) was approved by the Wisconsin State
Banking Department on May 16, according to Associated
Press advices from Madison, Wis., on that date, which
continuing said:
The two banks jointly will release deferred deposits of $101,122. The
Bloomington bank will operate a receiving station at Patch Grove.
The amount of deferred deposits being released by each institution is:
Bloomington, $54,908; Patch Grove, $46,214.
The State Bank of Elkhorn, Elkhorn, Wis., and the
Prairie City Bank of Prairie du Chien, Wis., were authorized
on May 24 to resume operations on a normal basis. Associated Press advices from Madison, Wis., reporting the
above, added:
The Elkhorn bank will release deferred deposits of $201,194. The
Prairie du Chien bank will free $456.129.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
A Chicago Board of Trade membership changed hands
at $7,200 on June 1, an increase of $700 over last previous
sale.
John Armstrong Drexel has been elected a director of the
Anglo-South American Bank, Ltd., and the British Bank
of South America, Ltd., it was announced May 31. Mr.
Drexel is a partner in the firm of W. P. Bonbright & Co.
He is also a director of the Bankers Investment Trust, Ltd.,
and the Alliance Investment Co., Ltd., all of London.
Joseph Andrews, Vice-President of the Bank of New
York & Trust Co., celebrated his 50th anniversary with
that institution yesterday (June 1). He entered the old
Bank of New York, N.B.A., on June 1 1884, as a clerk
and served as Assistant Cashier, Cashier and Vice-President.
Previous to his connection with the Bank of New York,
Mr. A,ndrews had served for a short time in the New York
office of Kidder, Peabody & Co. Mr. Andrews was honored
by officers and trustees of the bank at a dinner given at
the Union Club last night.
The New York Agency of the Standard Bank of South
Africa, Ltd., head office London, England, announced on
May 31 that it has received the following telegram from the
head office regarding the operations of the bank for the year
ended March 311934:
The Board of Directors have resolved subject to audit to recommend
to the shareholders at the General Meeting to be held on July 25 next
a 'dividend payable in British Currency for the half year ended March 31
last, at the rate of 10% Per annum, subject to income tax, making a total
distribution of 10% for the year ending March 31 1934, to appropriate
£75,000 to the writing down of Bank premises and £100,000 to the Officers
Pension Fund, carrying forward a balance of about £162,580. The Bank's
investments stand in the books at less than market value as at March 31
last, and all other usual and necessary provisions have been made.
At a meeting of the board of trustee of the Bowery Savings
Bank, New York City, held 'May 25, Peter I. Menzies was
elected a trustee. Mr. Menzies is Vice-President of the
bank.
Guaranty Trust Co. of New York announces the appointment of Richard G. A. Steel as Assistant Manager of its Pall
Mall office, London.
W. Barton Cummings, formerly Manager of the statistical
department of the Chemical Bank & Trust Co. of New York,
has been appointed Investment Trust Officer, and in that
capacity will have supervision over the investments of the
bank's trust department.
3720
Financial Chronicle
Howard Fulmer McConnell, senior partner of H. F. McConnell & Co., New York, members of the New York Stock Exchange, died on May 25 at his home in Montclair, N. J. He
was 61 years old. Mr. McConnell, who became connected with
the Church Construction Co. in 1905, entered the brokerage
business three years later as a member of the firm of Williams, McConnell & Coleman. He formed his own firm in
1909 and became a member of the Stock Exchange in 1917.
From 1920 to 1924 Mr. McConnell served as Mayor of Montclair, and was, at the time of his death, Commissioner of
Revenue and Finance of that city.
Lester J. Fortner, Cashier of the Citizens' National Bank
of Wellsville, N.Y., died on May 20. Mr. Fortner, who was 61
years of age, went to Wellsville from Whitesville, N. Y., in
September 1922 as Assistant Cashier and Trust Officer of the
Citizens' Bank, and was advanced to the cashiership two
years ago. He was founder of the Whitesville "News," a
weekly newspaper, and for 13 years was its editor. Leaving
newspaper work, he became Cashier of the First National
Bank of Whitesville,in which capacity he served for 16 years
until accepting the post in the Wellsville bank.
Two Berlin, N. H., banks, the Berlin National Bank and the
City National Bank, both capitalized at $100,000, were consolidated on May 19. The consolidated bank, which is known
as the Berlin City National Bank, is capitalized at $250,000,
with surplus of $50,000.
Daniel C. Mulloney, former President of the failed
Federal National Bank of Boston, Mass., was acquitted on
May 25 by the verdict of a Federal Court Jury which deliberated for 28 hours and 20 minutes, according to Associated Press advices from that city on May 25, which added:
He was charged with abstraction and misapplication of $150,000 of bank
assets.
Our last previous reference to the affairs of the Federal
National Bank of Boston, which failed Dee. 15 1931, appeared in our issue of Dec. 16 1933, page 4311.
The United National Bank of Cliffside Park, Cliffside
Park, N. J., with capital of $150,000, was granted a charter by
the Comptroller of the Currency on May 24. The new organization succeeds the Cliffside Park National Bank of that
place; the Palisades National Bank of Fort Lee, N. J., and
the First National Bank of Fairview, N. J. R. P. McClave is
President of the new institution, and Ira F. Acheson is
Cashier.
The Palisades Park National Bank & Trust Co., Palisades
Park, N. J., was placed in voluntary liquidation on May 17.
The institution is succeeded by the National Bank of Palisades Park.
•
Stockholders of the Union County Trust Co. of Elizabeth,
N.J.,are to act on June 11 on proposed changes in the capital
structure of the institution. Elizabeth advices on May 31
to the New York "Times" from which this is learnt, also
said:
The proposals number seven, including one tb increase the capital stock
by $1,450,000 by issuing $1,000,000 of 4 to 5% cumulative preferred A stock
at a par value of $10 and by issuing $450,000 of 4% cumulative preferred B
stock at a per value of $25.
Payment of dividends totaling $2,303,064 to depositors of
of
seven closed banks was announced on May 18 by Dr. William
D. Gordon, State Secretary of Banking for Pennsylvania.
The payments were made possible through the granting of
seven additional loans by the Reconstruction Finance Corporation. A Philadelphia dispatch by the Associated Press, on
May 18, in reporting in the above, went on to say:
Depositors of the Hamilton State Bank, Pittsburgh, will receive $71,716,
which brings the total payments to 100% of the deposits. It is the first
closed bank in the State to pay depositors in full.
These dividend payments also were announced: Real Estate Savings &
Trust Co., Pittsburgh, $1,379,599, or 59%; Tarentum Savings & Trust Co.,
Tarentunr, $422,231, or 28%; Merchants' Savings & Trust Co., Pittsburgh,
$200,511, or 30%; Perry State Bank, Pittsburgh, $104,097, or 20%; McGillick Savings & Trust Co., Pittsburgh, $34,067, or 12%%; Citizens' State
Bank, Salisbury, $90,741, or 90%.
The Tarentum bank previously had paid 30%; the Merchants', 33%;
Perry, 65%, and 3IcGillick, 10%. The Salisbury bank dividend is the first
to be paid.
The Union Bank & Trust Co., of Philadelphia, Pa., which
is now in control of the Corn Exchange National Bank &
Trust Co., of that city city, for liquidation, won a verdict for
$336,473 against the United States Fidelity & Guarantee Co.,
in the United States District Court, in Philadelphia, on
May 16, according to advices from the 'Philadelphia "Finance
furze 2 1934
Journal," on May 17, to the "Wall Street Journal," which
went on to say:
The suit was on a bond insuring the honesty of the bank's officers and
employees, and resulted from the use by Joseph S. McCulloch, former President of the Union, of $228,000 of the bank's money in March 1929 to purchase 700 shares of its own capital stock at $400 a are in anticipation of a
rise to $525 a share through a merger which was then in progress.
The Comptroller of the Currency on May 21 chartered the
Hooversville National Bank of Hooversville, Pa. The new
institution, which is capitalized at $50,000, succeeds two
banks, the Citizens' National Bank of Hooversville and the
First National Bank of Hooversville. H. G. Koontz is President of the new bank, and E.0. Ober is President.
Announcement was made on May 25 by Dr. William D.
was
Gordon, State Secretary of Banking for Pennsylvania, that
through the aid of additional loans from the Reconstruction
Finance Corporation payments of 59,336 would be made
shortly to two closed banks—the Hamilton Trust Co. of
Philadelphia and the Pittsburgh-American Bank & Trust Co.
of Pittsburgh. The Philadelphia "Record" of May 26, in
reporting the matter, said:
The Hamilton Trust payment,to be disbursed June 4, will total 3388,474,
representing an additional 25X% of claims owed to depositors. The
Hamilton previously had paid 273 %,thus, with the new dividend, 53%
of claims will have been paid.
The local institution, when it was taken over by the State Banking
Department Oct. 7 1931, was reported to have deposits of $1,182,046. It
had offices at 40th and Market Streets.
The Pittsburgh bank will pay its depositors $470,863, or 23%, bringing
total payments to 43%. This distribution will be made June 5.
The Hamilton liquidating dividend will be paid out of an RFC loan
approved at $447.250.
Dr. Gordon said that any marked improvement in economic conditions
should result in additional benefits to depositors, as "reflected in the assets
Pledged with the RFC,after repayment of their loan."
The Philadelphia "Inquirer" of May 31 reported that it
was definitely learned the previous day that the directors of
the Philadelphia National Bank and its security affiliate,
The Philadelphia National Co., are considering two plans
to comply with the Banking Act of 1933 relating to affiliates.
The paper continued:
One plan provides for the sale of the security affiliate to a group of
Philadelphia financial interests, headed by Orus J. Matthews, President of
The Philadelphia National Co. and the other is to make the affiliate the
bond department of the bank.
According to Joseph Wayne Jr., President of the bank, no definite action
will be taken on the segregation until June 11, the date of the regular
weakly meeting of the bank's directors. June 16 is the last date on which the
bank can have an affiliate.
was
Announcement was made on May 30 by John Stokes
Adams, Chairman of the Board of Directors of the Integrity
Trust Co. of Philadelphia, Pa., that the capital structure of
the institution has been readjusted. "The recapitalization,
completed late Tuesday night"—we quote from the Philadelphia "Inquirer" of May 31—"at a meeting of representatives of some of the principal Philadelphia banks, the Reconstruction Finance Corporation and the Federal Reserve Bank
of Philadelphia, it was stated, makes unnecessary the continuance of the virtual guaranty of Integrity deposits, entered into by a group of 12 Philadelphia banking institutions Oct. 13 1931, when the banking structure of the United
States was undergoing a severe strain. Accordingly, the
agreement between the Philadelphia banks and the Integrity
Trust Co. has been terminated." The "Inquirer," continuing,
said in part:
As a member of the Federal Reserve System and the temporary Federal
Deposit Insurance Fund, the revamping of the Integrity's capital enables
the company to continue business without the assistance of the other Philadelphia banks.
•
Under the rules of the Federal Deposit Insurance Fund, accounts up to
$2,500 are covered in full ustil July 1. At the later date it is planned to
place in effect a permanent insurance fund under the direction of the Administration at Washington.
Mr. Adams's announcement . . . included a balance sheet of the
company as of May 29 1934, showing total resources of $43,058,843, including $8,146,011 in cash, $582,563 in United States Government bondS,
$5,535,831 in other bonds and securities, $12,861,196 in loans, $13,190,545
in mortgages and other real estate, $2,256,554 in banking houses, vaults
and equipment, and $32,665,004 in deposits. The announcement said:
"The balance sheet set forth above shows the recapitalization of the
Integrity Trust Co. in accordance with the amendments to its articles of
incorporation recently approved by its stockholders.
"The addition to the working capital of Integrity Trust CO. of $7,000,000
received in payment for the authorized first preferred and second preferred
shares, successfully consummated this plan of reorganization, and the agreement between the Associated Banks of Oct. 13 1931 has been terminated." . . .
The $7,000,000 of new working capital is represented by $4,000,000 of
4% cumulative preferred stock, bought by the RFC, and $3,000,000 second
preferred cumulative stock, purchased by the Associated Banks of Philadelphia. The second preferred stock will bear interest of 8% for four years
and 3% thereafter.
In addition, the company has $995,973 in common stock, a surplus fund
of $1,000,000, and $241,622 in undivided profits.
Volume 138
Under the new capital plan, the Associated Banks will leave in deposit
with Integrity $9,000,000. This sum represents the balance of a $12,000,000 deposit account opened in 1931, $3,000,000 of which has been used
to pay for the second preferred stock purchased by the Associated
Banks. . . .
As of May 15, the Lagonda-Citizens' National Bank of
of
Springfield, Ohio, with capital of $500,000, was placed in voluntary liquidation. It was succeeded by the Lagonda National Bank of Springfield.
Stockholders of the Central United National Bank of
Cleveland, Ohio, at their recent special meeting approved
the proposed issuance of I,000,000 4% preferred stock
(referred to in our issue of May 19, page 3389), according to
Cleveland advices on May 26, appearing in the "Wall Street
Journal," which added:
New stock will be offered at $16 a share until May 29 and stock not subscribed by shareholders will be purchased by the Reconstruction Finance
Corporation.
The new issue will give the bank total capital of $14,000,000. Deposits
amount to $95,000,000.
Rudolph Ruzicka, Assistan- t Cashier of the Fifth Third
Union Trust Co. of Cincinnati, Ohio, has tendered his
resignation to officials of the bank, effective this month,
according to the Cincinnati "Enquirer" of May 25, which
continued:
Mr. Ruzicka entered the banking business as a messenger of the First
National Bank of Norwood in 1902. In 1905 he assisted in organizing
the Oakley Bank (Cincinnati), of which he was Cashier, later being VicePresident and President. He headed the institution until 1930, when the
bank was absorbed by the Fifth Third Union Trust Co.
Concerning the affairs of t- he closed Cosmopolitan State
Bank of Chicago, Ill., the Chicago "Tribune" of May 22 carried the following:
Plans for the reopening of the Cosmopolitan State Bank on a reorganized
basis are nearing completion. Definite data concerning their terms are expected to be available within the next few days, according to J. R. Darmstadt, 1230 North Clark Street, a member of the Reorganization Committee.
Mr. Darmstadt said yesterday (May 21) that the Committee and the State
Auditor's office are now discussing plans for the reopening. The Committee,
composed of Joseph H. Meyer, Henry C. Brummel, and J. R. Darmstadt, has
the active support of directors of the bank, who have available an undisclosed
amount of money to help finance the reorganized bank. The Committee also
has assurance of a Reconstruction Finance Corporation loan, it was said.
The reorganization, as presently contemplated, will call for the "freezing"
of a percentage of deposits.
Paymentof 35%, or $283,852, to the creditors of the First
of
National Bank & Trust Co. of Chicago Heights, Ill., has been
authorized by the Comptroller of the Currency, according to
an announcement by John L. Schlener, the receiver. The
Chicago "News" of May 18 also bad the following to say:
Payment will be made upon presentation of receiver's certificates, either
in person or by mail. A first disbursement of 33 1/3%, amounting to
$271,357, was made in January 1933. The remaining liabilities of the bank
total $328,000, against which there are assets aggregating approximately
$731,000 at book values.
Announcement was made on May 18 by the State Bank &
Trust Co. of Evanston, Ill., that at a meeting to be held
June 18 shareholders of the institution will take action on a
proposed sale of $750,000 of income debentures to the Reconstruction Finance Corporation. This, according to the Chicago "Tribune" of May 19, from which the foregoing is
learnt, is part of a capital readjustment plan, which calls for
the reduction of the par value of the present capital stock
from $100 to $60 a share, and the offering of additional stock
to maintain the present capital of $500,000. The paper mentioned Continued:
•
The reduction in the par value of the present stock indicates a write-down
of $200,000 in assets. On completion of the adjustment the capital will
amount to $1,250,000.
The bank has deposits at present of about $8,500,000. Among the directors
are Sewell L. Avery, Arthur Andersen, C. H. Poppenhausen, and William A.
Dyche, who is Chairman of the Board.
The plans are in harmony with the bank's long-eetablished conservative
policy of providing every possible protection for depositors besides keeping in
step with developments in the country's banking business, the statement said.
This policy calls for a valuation of assets on a conservative basis; all such
assets to remain the property of the bank; provision for proper reserves for
contingencies, and the maintenance of a sound ratio between capital not only
to present deposits but to the normal increase that should result from more
prosperous conditions.
The Comptroller of the Currency on May 24 issued a charter to the First National Bank in Galva, Galva, Ill. The new
Institution, which replaces the Galva First National Bank,
Is capitalized at $50,000, consisting of $25,000 preferred stock
and $25,000common stock. R.H.Stewart and R. J. Silver are
President and Cashier, respectively, of the new bank.
Supplementing our item of la- st week (page 3554)regarding
the resignation of Joseph E. Otis as President of the Central
Republic Trust Co. of Chicago, Ill., now engaged in the
3721
Financial Chronicle
liquidation of its assets, the Chicago "Journal of Commerce"
of May 25, after indicating that the directors had accepted
Mr. Otis's resignation, to become effective June 1, went on
to say:
Mr. Otis's resignation is the result of his desire to withdraw from active
business and evote his time to personal and recreational affairs. Be is 67
years old. Although he plans to make vacation trips from the city he will
continue to maintain his "headquarters" in Chicago, he said yesterday
(May 24)
The veteran banker has been with the Central Republic or predecessor
institutions since 1901 when he joined the Western Trust Co. At the time
of merger of the Western and Central Trust Co. in 1911 he was President
the former institution and was elected Senior Vice-President in the consolidated bank. He later became President and then Chairman.
Since transferral of active business to the City National Bank & Trust
Co., which succeeded to the business of the Central Republic Trust Co..
the latter institution has been acting only in a liquidation capacity.
A native Chicagoan, Mr. Otis is one of the city's oldest bankers. Following his graduation from Yale University he became engaged in real
estate and investment businesses for a number of years here before entering
the banking field.
He is a director of several corporations. No action toward election
of a successor has been announced by the Board of Directors of the Central
Republic.
a
Effective May 8, the First National Bank in East St.
Louis, East St. Louis,Ill., with capital of $400,000, went into
voluntary liquidation. The First National Bank at East
St. Louis is the successor institution.
—•_—_
Effective Monday morning, May 28, all departments of
the Metropolitan Trust Co. of Chicago, Ill., were established
in its larger and more centrally located quarters on the third
floor of 11 South La Salle St.
The Milwaukee "Sentinel" of May 16 stated that the defunct Security Bank of Milwaukee, Wis., would pay its fifth
5% dividend to depositors on May 21, according to an announcement on May 15 by Alfred Newlander, District Deputy
Commissioner of Banking, who has been assisting in liquidating the institution. The "Sentinel" added:
Order for release of the new dividend, which will amount to $37,000, was
signed yesterday (May 15) by Circuit Judge John J. Gregory.
The bank, which was closed July 18 1932, paid 5% dividends on July 21,
Oct. 21 and Dec. 23 of 1933, and March 7 1934.
4
--
A charter was granted on May 22 by the Comptroller of the
Currency to the First National Bank in Bellevue, Bellevue,
Iowa. The new bank, which replaces the First National Bank
of Bellevue,is capitalized at $50,000, consisting of $25,000 preferred and $25,000 common stock. George M. Schlatter and
Herman J. Kueter are President and Cashier, respectively,
of the new institution.
A 10% payment to depositors of the closed First Iowa State
Trust & Savings Bank of Burlington, Iowa, by the receiver,
was authorized on May 17, according to Burlington advices,
on May 18, to the Des Moines "Register," which added that
payments would total $525,000.
As of May 16, the Lyons National Bank, Lyons, Kan., with
capital of $50,000, went into voluntary liquidation. The institution was absorbed by the Chandler National Bank of
Lyons.
The First National Bank in Goodland, Goodland, Kan.,
with capital of $50,000, was granted a charter by the Comptroller of the Currency on May 24. The new bank succeeds
the First National Bank of Kanorado, Kan., and the First
National Bank of Goodland, Kan. L. N. Shaw heads the new
institution, and R. C. Shimeall is Cashier.
4--.
-
We learn from the St. Louis "Globe-Democrat" of May 18
that depositors of the closed Vandeventer National Bank of
St. Louis, Mo., about 3,000 in number, will shortly receive a
dividend of 8%,according to Joseph F. Holland, the receiver.
The paper mentioned continued:
The dividend will amount to about $80,000, and will bring the total disbursements to depositors to about $760,000. Three dividends, totaling 68%
of the deposit claims, have already been paid.
Mr. Holland said the dividend would not be ready for distribution to depositors until the checks, which have been sent to Washington, have been
signed by the Comptroller of the Currency, compared with supporting schedules, and returned.
The bank closed Jan. 4 1932. Deposit claims aggregate $1,003,000.
Effective May 8, the First National Bank of Steele, Mo.,
capitalized at $25,000, was placed in voluntary liquidation.
This bank was taken over by the National Bank of Caruthersville, Mo.
We learn from the St. Louis"Globe-Democraf".of May 27
that Edwin S. Coombs has become Vice-President and Man-
3722
Financial Chronicle
aging Officer of the Telegraphers' National Bank of St.
Louis, Mo., succeeding H. B. Offenbacher, who resigned.
Mr. Coombs announced his resignation on May 26 as Federal
receiver in charge of the liquidation of the St. Louis National
Bank, the Twelfth Street National Bank and the South Side
National Bank, in order to assume his new duties. The
paper mentioned continued:
He came to St. Louis six years ago from Colorado where he was also in the
banking business. He is a native of Kansas City and is a former Manager
of the Stock Exchange of the Kansas City Board of Trade. He said he
will sever connections completely with the three banks now being liquidated
as soon as possible and for the time being will devote only part of his time
to his new duties.
At a meeting held May 28, the Board of Directors of the
Mercantile-Commerce Bank & Trust Co., St. Louis, Mo.,
declared a quarterly dividend of $1.00 per share payable
July 1 to stockholders of record June 20 1934.
Effective May 10, the First National Bank of Barbourville,
Ky., and the National Bank of John A. Black of Barbourville
were placed in voluntary liquidation. The institutions, which
were capitalized at $50,000 and $30,000, respectively, are succeeded by the Union National Bank of Barboursville.
4
Regarding the affairs of the defunct Citizens' Bank & Trust
Co. of Tampa, Fla., Tampa advices on May 18 to the Florida
"Times-Union" had the following to say:
Assets with a book value of 67,324.607.23 are listed in a statement of
condition of the Citizens' Bank & Trust Co. as of May 1. The bank has been
closed since July 1929.
The statement, made by Liquidator Cl. C. Rankin, shows cash on hand,
$775, though sums due from the State Treasurer and amounts due from other
banks bring the total up to $29,641.92. Value of the bank building is fixed
at $794,339.89; other real estate, $628.749.03 ; claims and other resources,
$423,667.15; stock and securities, $350,780.32, and furniture and fixtures,
$154,18L74. The liquidator's report says these items, with loans and discounts totaling $3,769,556.60, and uncollected judgments aggregating $1,170,347.16, actually are worth far less than the indicated book value.
The Comptroller of the Currency on May 24 granted a charter to the First National Bank in Tuscumbia, Tuscumbia, Ala.
It is successor to the First National Bank. Tuscumbia and
of
is capitalized at $50,000, half of which is preferred stock and
half common stock. E. S. Gregory heads the institution and
Marshall Dugger is Cashier.
The Comptroller of the Currency on May 24 issued a charter to the Buchel National Bank in Cuero,Cuero, Tex., which
replaces the Buchel National Bank of Cuero and is capitalized
at $100,000, made up of $50,000 preferred stock and $50,000
common stock. LeRoy Hamilton is President and T. C.
Buchel, Cashier of the new bank.
On May 25 the American' National Bank in McLean,
McLean, Tex., was chartered by the Comptroller of the Currency. The new organization is capitalized at $50,000, consisting of $25,000 preferred stock and $25.000 common stock,
and replaces the American National Bank of McLean. Geo.
W. Sitter and Clifford Allison are President and Cashier, respectively, of the new bank.
The Robstown National Bank, Rohstown,Tex., was granted
a charter by the Comptroller of the Currency on May 22. The
new organization, which succeeds the Gouger National Bank
of Robstown, is capitalized at $50,000, half of which is preferred stock and half common stn'*. TTPnry E. Gouger heads
the new bank, while H. T. Kellam is Cashier.
Savings depositors of the Tujunga Valley Bank, Tujunga,
Calif., in liquidation, were notified May 15 by Edward
Rainey, State Superintendent of Banks for California, of a
10% dividend amounting to $7,000, according to the Los Angeles "Times" of May 16, which also reported:
The distribution raises the total returned to savings depositors to date to
90%. Funds are not yet available for a commercial department dividend.
according to the announcement released here by Cl. B. Dorough, Special
Deputy.
The consolidation of the Crocker First National Bank of
San Francisco, Calif., and the Crocker First Federal Trust
Co.into a single institution to be known as the Crocker First
National Bank of San Francisco became effective yesterday,
June 1. Announcement to this effect followed the ratification by the stockholders, and approval by the Comptroller
of the Currency, of the plan of consolidation proposed by
the Boards of Directors of the two banks several weeks ago
N.
Guy N. Hickok, Assistant Vice-President of the First
National Bank of Portland, Portland, Ore., has been made
Assistant Manager of the Astoria branch of the institution,
June 2 1934
according to an announcement made May 16 by E. B.
MacNaughton, President of the institution. Mr. Hickok
(we quote from the Portland "Oregonian" of May 17),
formerly Vice-President of the old Hibernia bank, has been
with the First National since the Hibernia assets were taken
over. He will become Assistant to S. S. Gordon, Manager
of the Astoria office. Mr. MacNaughton also announced,
the paper stated, that T. M. Rodgers, Assistant Manager
of the Astoria office, would return to Portland as Manager of
the foreign exchange department at the head office. The
paper added:
This post was left vacant last Monday by promotion of F. H. Chapman
to be manager of the Sixth and Morrison branch office. Prior to his
assignment to Astoria, Mr. Rodgers was for a number of years assistant
manager of the department he will now head.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
For the review of the New York stock market, see editorial
pages•
THE CURB EXCHANGE.
Prices on the Curb Exchange were fairly steady during
the fore part of the week, and while the trading was dull and
changes small, the general tone was good. On Thursday,
following the Decoration Day holiday, the volume of trading
was small and prices gradually eased off, many of the outstanding trading favorites yielding from fractions to a point
or more. Alcohol stocks were in moderate demand on
Monday and there was some interest displayed in the
specialties, mining shares, utilities and oils, but the gains
were comparatively small.
On Saturday the market tone was fairly firm but there was
little interest displayed in the trading and price changes
were narrow and without special feature, though the list
broadened out to some extent. Canadian liquor shares were
in moderate demand at higher prices and a number of
specialties like Flintkote A and Ex-Cell-0 Aircraft showed
modest advances. Public utilities moved forward fractionally
and few of the recent trading favorates were slightly higher.
Liquor stocks led the modest upward swing on Monday,
and while the gains were small and without special significance, the rise was fairly steady. A wide variety of stocks
showed small advances, mostly in the fractions, though
there were occasional special shares that rose about a point.
Public utilities were among the most active, Cities Service
Power & Light pref.(7) showing a gain of 7 points at its peak
for the day. Consolidated Gas of Baltimore was up about
a point. In the mining and metal groups, the active stocks
included Aluminum Co. of America, Lake Shore Mines and
Pioneer Gold. International Petroleum was the feature of
the oil stocks as it moved briskly upward to a new top price
for 1934. Fractional gains were recorded by Montgomery
Ward A,Pittsburgh Plate Glass, United Aircraft and United
Shoe Machinery. Trading was fairly brisk, the turnover
showing the largest volume in a week or more.
Trading was again light on Tuesday, most of the dealings
being for professional account, as there was little or no
public participation due to the nearness of the Decoration
Day holiday. The trend was moderately upward, with
specialties extending their previous gains. Public utilities
were somewhat firmer, Electric Bond & Share, American
Gas & Electric and United Light & Power A being in some
demand, though the gains were largely fractional. In the
oil group, Humble Oil was moderately higher, while Standard
Oil of Indiana was off on the day. Distillers Seagram was
firm and Hiram Walker closed around the previous level.
Metal and mining stocks were in slight demand, particularly
Aluminum Co. of America which gained a point or more,
while Lake Shore Mines also improved about a point.
Singer Manufacturing Co., Boeing Aircraft, United Aircraft,
and Wright Hargreaves also were higher.
On Wednesday the Curb Exchange was closed in observance of Decoration Day. Share values slipped quietly downward on Thursday, and a long list of trading favorites was
affected. Some few stocks, particularly in the specialties
group, showed moderate gains, the list including among
others, Greyhound Bus and Wright Hargreaves, each of
which was about a point higher. International Petroleum,
Pioneer Gold and National Rubber also improved. Many
speculative favorites were, however, included in the long list
of declines. Among these were such prominent issues as
American Gas & Electric, Cities Service, Creole Petroleum,
Electric Bond & Share, Lake Shore Mines,Sherwin Williams,
Swift & Company and Standard Oil of Indiana. Trading
was stopped in stocks to be created as a result of the capital
adjustments of the Old United Aircraft and Transport
Corp. and Armour & Co. which were admitted to unlisted
trading on a when-issued basis as a result of a ruling by the
Federal Trade Commission.
Trading on the Curb Exchange was extremely quiet on
Friday and the trend of the market was generally toward
lower levels. The pace was dull from the opening hour, the
volume of transactions dwindling as the day progressed.
Practically all parts of the list were affected, though the
changes, on the whole, were largely fractional. Aluminum
Co. of America showed a modest gain and closed 2 pomts
up at 65. Electric Bond & Share and Electric Light & Power
closed with moderate losses, and Humble Oil and Standard
Oil of Indiana sagged. Mining and metal shares were fairly
steady but made little progress. Alcohol stocks were slightly
easier and .miscellaneous specialties were quiet. Singer
Manufacturing Co. was one of the strong stocks of the day
and closed at 165 with a net gain of 3 points. American Gas
& Electric pref. (6) also attracted considerable attention and
jumped 33/i points to 87%. As compared with Friday of
last week, many prominent issues were lower, American
Superpower closing on Friday at 2% as compared with 2%
on Friday of last week; Atlas Corp. at 1034, against 10%;
Creole Petroleum at 123/8, against 1234; Electric Bond &
Share at 13, against 14%; Gulf Oil of Pennsylvania at
583/2, against 59; Hudson Bay Mining & Smelting at 123/2,
against 123/; International Petroleum at 26%, against 263/s;
8
Pennroad Corp. at 2%, against 23 ; Swift & Co.(%)at 15,
%
against 1534; United Gas Corp. at 23/2, against 2%, and
United Light & Power A at 23/2, against 23i•
/
A complete record of Curb Exchange transactions for the
week will be found on page 3752.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
June 1 1934.
3723
Financial Chronicle
Volume 138
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
Total.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
49,195 $1,406,000
138,005 2,191,000
125,965 2,757,000
$29,000 $1,501,000
96,000 2,377,000
78,000 2,962,000
106,696
112,690
$66,000
90,000
127,000
HOLIDAY
142,000
2,312,000
73,000
2,787,000
101,000
89,000
Total
532,551 811,453,000
3498.000
3393,000 312.344.000
Sales at
New York Curb
Exchange.
Week Ended June 1.
1933.
-4,347,061
532,551
1934.
Stocks
-No. of shares.
Bonds.
Domestic
$11,453,000 819,669,000
Foreign government...
1,528,000
498,000
Foreign corporate
720,000
393,000
Total
$12,344,000 $21,917,000
2,555,000
2,949,000
Jan 1 to June 1.
1934.
1933.
34,947,901
28,821,092
3501.443,000
18,287,000
15,222,000
$376,113,000
16,020,000
19,148,000
$535,952,000
3411,281,000
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 16 1934:
GOLD.
The Bank of England gold reserve against notes amounted to £191.233,190 on the 9th instant, showing no change as compared with the
previous Wednesday.
In the open market about £1.725,000 of bar gold was disposed of cluring
the week, but business has been quiet with private operators not much in
evidence. Since the 12th instant the price has been fixed on the dollar
instead of on the franc parity.
Quotations during the week:
IN LONDON.
Per Ounce
Equivalent Value
Fine.
of £ Sterling.
May 10 ______________________________ 136s.
12s. 5.92d.
May 11 ______________________________ 136s. Id.
12s. 5.83d.
May 12 ____________________________ 135s. 10d.
12s. 6.10d,
May 14----------------:::::---------1355. 114d.
12s. 5.97d.
May 15 _________________________ 1368. 055d.
12s. 5.87d.
May
-------------136s.
12s. 5.92d.
Average-------16----------------135s. 11.83d.
12s. 5.94d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 7th instant to mid-day on the 14th instant:
Exports.
Imports
.
Germany
£439
£793,298 Germany
Switzerland
Switzerland
35,759
59,415
British India
1,512,894
574,473 Prance
British Malaya
16,500
37,915 Poland
China
406,682 United States of America 263.100
Australia
6,126
38,279 Other countries
British South Africa
1,894,305
Other countries
7,348
£3,811,715
£1,834,818
Gold shipments from Bombay last week amounted to about £677,000.
The SS. "Strathaird" carries £662,000, of which £392,000 is consigned to
London, £241,000 to New York and £29,000 to Amsterdam. The SS.
"Myrna" has £15,000 destined for London.
The Transvaal gold output for April 1934 amounted to 865,822 fine
ounces as compared with 874,112 fine ounces for March 1934 and 895.097 fine ounces for April 1933.
SILVER.
During the week under review the market has been active although the
tendency has been rather undecided. There was a sharp set
-back on the
10th instant when selling by China and speculators on a poorly supported
market caused a fall of %d.in the cash and ;id. in the two months' quotation, prices being fixed at 19 3-16d. and 19 5-16d. for the respective deliveries. Prices continued to fluctuate, although on occasion a steadier
tone was imparted by large American buying, which offset substantial
offerings from India, China and the Continent.
The market appears steady at the present level but, at the same time,
is largely dependent on developments in the United States of America and
continuation of support from that quarter.
a
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 7th instant to mid-day on the 14th Instant:
Exports.
Imports.
£15,585
Soviet Union (Russia)-___ £23,537 Germany
30,473
14,463 Syria
British India
41.405
22,305 Persia
Canada
2,985
48,436 British India
United States of America._
12,766
19,074 New Zealand
Australia
2,251
2,100 Italy
Belgium
1.175
1,272 Straits Settlements
Other countries
3,925
Other countries
E110,565
E131,187
Quotations during the week.
IN NEW YORK.
IN LONDON.
(Per Ounce .999 Fine.)
Bar Solver Per Oz. Std.
Cash
2 Mos.
443(c.
May 9
May 10_ _ _ _19 3-16d. 19 5-16d.
450
May 10
1934d.
May 11--1934d.
45c.
May 11
193-16d.
May 12-_ .1934d.
4434c.
May 12
1934d.
May 14_ _ _ -19M d.
44%c.
May 14
May 15_ - _-19 5-16d. 19 5-16d.
4434c.
May 15
1934d.
May 16-1934d.
Average_ _ _ _19.250d.
19.302d.
The highest rate of exchange on New York recorded during the period
from the 10th instant to the 16th instant was $5.12 and the lowest $5.1034•
INDIAN CURRENCY RETURNS.
April 22.
Aprtl 30.
Mail 7.
(In Lacs of Rupees)17,675
17,686
17,908
Notes in circulation
9,724
9,734
9,657
Silver coin and bullion in India
4,155
4,155
4,155
Gold coin and bullion in India
2,952
2,946
2,945
Securities (Indian Government)
844
851
Securities (British Government)
1,151
The stocks in Shanghai on the 12th instant consisted of about 126..
400.000 ounces in sycee, 379.000,000 dollars and 25,600,000 ounces in
bar silver as compared with about 128,600,000 ounces in sycee, 377,000.000
dollars and 24,600,000 ounces in bar silver on the 5th instant.
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c.,at London,
as reported by cable, have been as follows the past week:
Mon.,
Tues.,
Sat.,
May 26. May 28. May 29.
1934d.
Silver, per oz 1935d.
19.9-16d.
Gold, p.fine oz. 136s.6d. 1368.835d. 1368.9d.
Consols,235%. 78
7734
7734
British 334%
10234
War Loan__-102%
10234
British 4%
113
113
1960-90
11334
French Reines
(in Paris)
77.60
3%
Ir Holiday 77.20
French War L'n
(in Paris)5%
113.00
1920 amort... Holiday 112.90
Thurs.,
Fri.,
Wed..
May 30. May 31. June 1.
19 9-16d. 19 9-16d. 1935d.
137s.35d. 136s.1135(1.1378.135d,
77%
7735
77%
10234
10235
10134
113
11235
11234
77.75
77.70
77.50
113.00
112.75
112.60
The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz. (cts.) 443(
4435
45
Holiday
447-I
447k
COURSE OF BANK CLEARINGS.
Bank clearings this week show a decrease as compared
with a year ago. Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended to-day (Saturday, June 2)
bank exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 7.2% below
those for the corresponding week last year. Our preliminary
total stands at $4,361,118,918, against $4,701,063,746 for
the same week in 1933. At this center there is a loss for the
five days ended Friday of 21.3%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended June 2.
1934.
1933.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,105,069,397
153,501,103
198,000,000
125,000,000
.42,000,000
51,900,000
70,783,000
61,239,063
60,010,088
43,355,936
36,354,867
15,924,000
82,674,099,579 -21.3
144,844,615
+6.0
165,000,000 +20.0
145,000,000 -13.8
37,346,621 +12.5
52,300,000
-0.8
68,944,000
+2.7
59,680,112
-2.6
18,930,888 +217.0
33,690,183 +28.7
26,310,298 +38.2
11,583,095 +37.5
Twelve cities, 5 days
Other cities, 5 days
$2,963,137,454
421,128,311
$3,437,729,391
381,651,420
-13.8
+10.3
Total all cities, 5 days .
All cities, 1 day
$3,384,265,765
976,853,153
$3,819,380,811
881,682,835
-11.4
+10.8
Total all cities for week
• Estimated.
24.321.11S 9111
24 7(11 owl 742
-7 2
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 May 26. For
that week there is an increase of 4.0%, the aggregate of
clearings for the whole country being $4,351,538,771, against
$4,183,632,866 in the same week in 1933.
Outside of this city there is an increase of 22.6%, the bank
clearings at this centre having recorded a loss of 5.4%. We
3724
group the cities according to the Federal Reserve districts
in which they are located, and from this it appears that in
the New York Reserve District, including this city, the totals
record a decrease of 5.2%, but in the Boston Reserve District
there is an increase of 1.6% and in the Philadelphia Reserve
District of 9.0%. The Cleveland Reserve District has enlarged its totals by 40.2%, the Richmond Reserve District
by 32.2% and in the Atlanta Reserve District by 32.1%.
The Chicago Reserve District enjoys an expansion of 46.9%,
the St. Louis Reserve District of 24.5% and in the Minneapolis Reserve District of 7.7%. In the Kansas City Reserve District the totals show a gain of 29.3%, in the Dallas
Reserve District of 33.8% and in the San Francisco Reserve
District of 22.1%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended May 26 1934.
1934.
112 cities
Total
Outside N. Y. City
•
4,351,538,771
1,725,214,851
29 nftta*
952 FA1 4/10
1932.
914 (140 014
-I- 1 A a
$
338,589,316
4,362,202,000
357,693,067
246,829.048
115.449,363
103,031,409
517,420,386
105,623,030
68,885,433
104,470,161
40,229,167
189,278,720
4,429,237,162 6,549,696185
1,664,643,470 2290,556,021
101 (Aft 1.1.4
101 oil Mt
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended May 26.
Clearings 08
1934.
First Federal
-Bangor._ _
Me.
Portland
-Boston _
Mass.
Fall River-Lowell
New Bedford_
Springfield_ .._
Worcester
Conn.- Hartfor,
New Haven_ _
R.L-Providen
N.H.-Manchee'
1933.
inc. or
Dec.
$
$
%
-BostonReserve Dist net
494,370
370,619 +33.4
1,371,791
1,268,889 +8.1
173,965,300 171,489,498 +1.4
617.286
588.712 +4.9
289,892
220,316 +31.6
547,305
371,832 +47.2
2,451,173
2,540,965 -3.5
1,094,175
1,015,578 +7.7
7,512,921
7,743,485 -3.0
3,532.221
3,517,434 +0.4
6,061,700
6,636,700 +4.9
413,044
292,303 +41.3
Total(12 cities
199.251.178
196,058.331
+1.6
1932.
$
1931.
$
398,322
2,062,751
189,622,697
749,341
262.415
562,143
3,122,348
2,190,944
7,525,250
5.360,053
6,620,800
466,520
441,233
2,364.296
305,000.000
704,112
350,558
651,123
3,250.212
2,292,017
8,969,066
5.641,940
8,520,000
395.759
218.943,584
338.589,316
Second Fede al Reserve D istrict-New York-Albany.
N. Y.
6,404.172
10.662,054 -39.9
5,232,162
4,071,068
Bffighamton.._
775,820
606.376 +27.9
624,693
776.558
25,520,024
Buffalo
20,998.727 +21.5
22,835.913
32,741.794
Elmira
431,049 -1.4
424,828
722,568
836,010
Jamestown_
343,117
274.887 +24.8
559,236
596,139
New York... 2,626,323.920 2,776.196.004 -5.4 2,734.593,692 4,259,142,079
5.144.508
Rochester
4,849,151 +6.1
4,964,512
6,796,964
2,838,845
Syracuse
2,661,883 +6.6
3.262.496
2,996,061
2,764,136
Conn.-Stamfor
2,110.213 +31.0
2,309.508
3,013,131
.500,000
275.634 +81.4
N. J.-Montcla
362,985
548.883
14,328.907
Newark
13,629,335 +5.1
19,611,855
25,015,010
19,313.099
Northern N.J
20,377.603 -5.2
23.158,923
25,668,303
Total(12 Mies 2,704.681,376 2,853,072,916
-5.2 2,848,238,543 4.362,202,000
Third Federa Reserve Dia trict-Phila delphi a289,199 +13.0
-Altoona
326,826
Pa.
3,906,634
b
Bethlehem..b
b
b
242,744
221.903 +9.4
Chester
356,325
787,243
702,231 +12.1
Lancaster
1,109,356
269,000.000 246,000,000 +9,3 251.000,000
Philadelphia
962,226
• 966,695 -0.5
Reading
2.021,594
1,921,793
1.327.858 +44.7
Scranton
2.029.697
1,249,209 -1.4
1,231,662
1,415,901
Wilkes-Barre810,787 +17.0
948,305
1.032.908
York
1,720,000
2,727,000 -38.9
2,464,400
N. J.
-Trenton..
Total(9 cities)
277.140,799
254,294.882
+9.0
265.336,815
Fourth Fede al Reserve D istrict-Clev eland c
c
Ohlo-Akron_ _ _
C
c
cc
Canton
C
40,332,536
Cincinnati... _
30.582.880 41.9
36.778,877
56,638,492
Cleveland
39,795.624 t42.3
62.606,813
Columbus _ _
5,960,500
9,164.100
53.7
6,414.100
720,945
1,131,951
Mansfield
57.0
938,493
b
b
b
b
Youngstown
66.269.442 +41.4
Pa.
93.717.744
-Pittsburgh _
78.417.429
Total(5 citles)_
200,984,823
Inc. or
Dec.
320,210,271
217,963,989 +46.9
1932.
c
c
45,403.768
77,184.808
8,726,900
1,389,084
b
114,144.488
185,155,712
246,829,048
314,887
3,135,618
25,011,201
898,691
49,157.242
16,950,173
375.575
2,308,148
28,590,352
1,533,008
65,534,002
17,108,278
68,055,714 +32.2
95,467,812
115,449,363
Sixth Federal Reserve Dist rict-Atlant a3.231,988 -28.9
2,299.007
-Knoxville
Tenn.
10.100,615
7.926,615 +27.4
Nashville
24,700.000 +44.1
35,600,000
Ga.-Atlanta
860.171 -12.4
753,701
Augusta
308,689 +46.2
448.371
Macon
9,625.000 +21.3
11,678,000
Fla.-Jacks'nville
12,342,568
9,316,964 +32.5
Ala.-Birm•ham _
795,125 +24.2
987,222
ID Mobile
b
b
b
MLss.-Jackson_
84,318 -5.5
79,655
Vicksburg
14,347,513 +37.5
19.724,484
-New Orleans
La.
2,129,848
8,587,278
23,700.000
602,110
432,945
7,637.501
7,919.539
032.943
b
96,337
21.471,18.5
1.300.000
8.966.717
33,587.584
1,129,298
748,495
11,733.899
12,382,747
1,241,267
b
98,745
31,842,657
71,194,383 +32.1
73.209,686
1931.
314,963.940
517,420,386
•
Eighth Federa I Reserve Dl.trict-St. Lo uisInd.
-Evansville,
Mo.-St. Louis_
65,500,000
52,700.000 +24.3
Ky.-LouLsville _
21,196,302
16.665.489 +27.2
Tenn.
-Memphis
10,647,235
8,790,509 +21.1
III.- Jacksonville
Quincy
294,000
237,265 +23.9
65,500,000
15,895,390
7,629.774
80,059,113
16,301,141
8.616,598
454,991
643.178
89,480,155
105,620,030
spoils
-6.6
+1.4
+31.8
+8.0
-22.0
+18.9
+11.4
1,907,175
41,817,138
13,088,474
1,549,846
604,569
279.895
1,503,980
3,207,720
47,243,918
14,052,777
1,404,373
648,694
387.293
1,940,658
+7.7
60,751,077
68,885,433
Tenth Federal Reserve Dis trict-Kens a• City
Neb.-Fremont.
48.440
35,549 +36.3
Hastings
57,263
Lincoln
1,765,114
1.284.371
Omaha
18,669,701 +24.6
23,264,907
-Topeka _ _
Kan.
1,008,216 +82.2
1,837,151
Wichita
2,073,657
1,498,381 +38.4
Mo.-Kan. City.
64,460.617
49,414.671 +30.4
St. Joseph2,880,490
2.488,900 +15.7
Colo.-Col. Spas.
406,671 -5.3
385,028
Pueblo
378,951 +11.4
422,021
153,416
121,394
1.457,325
21,560,608
1,740,990
3,576,599
58,548.031
2.433.615
603.683
722,567
236.033
252,428
2.059,322
25,381,906
2,278.994
3,820,226
65,120,538
3,702,688
833,978
784,048
75,185.501 +29.3
90.924,228
104,470.161
Eleventh Fede ral Reserve District
-Da Has
Texas-Austin
604,454
571,983 +5.7
Dallas
22,021.990 +42.3
31,340,314
Ft. Worth_ _ _
4,278.422 +6.5
4,557.353
Galveston
1,138.255 +16.5
1.326,000
La.
-Shreveport.
1,570,022 +12.4
1,765,460
860,511
21,550,649
4,726,432
1,278,000
1,884,706
1,357,493
26,890.000
6,727,000
1,900.000
3,354.674
30,300,298
40,229,167
Francl sco+16.7
20,849,089
+81.8
4,630,000
+73.1
360,022
+33.4
17,757,402
+44.1
7,888,819
-6.4
2,875,871
+11.2
2,337,040
+11.4
5,378.820
+17.1
90,406,815
+29.6
1,213,649
+7.4
824,140
+81.8
870,528
+18.9
1,073,108
22,860,538
6.784,000
582,988
21.999,118
10.994.927
4,476,125
3,310,668
6.341.008
106,421,074
1,612,571
1,351,684
1,123,419
1,420,600
Total(4 cities).
97.637,537
78,393,263 +24.5
Ninth Federal Reserve Dist rict-Minne
Minn.
-Duluth.._
1,804,761
1,933.310
Minneapolis_ _
44,819,526
44,208,319
St. Paul
17,086.295
12,967.470
N. D.
-Fargo _ _ _
1,349,794
1,249,478
S.D.
-Aberdeen
354,742
455.051
Mont.
-Billings _
311.930
262,321
Helena
1,895,830
1,702,360
Total(7 cities)-
Total(10 cities)
Total(5 cities)_
67,622.878
97,194,688
39,593,581
62,778,309
29.580.672 +33.8
Twelfth Feder at Reserve 0 Istrict-San
Wash.
-Seattle..
17,602,447
20.542.908
Spokane
6,455,000
3,551,000
Yakima
231,176
100.175
Ore.
-Portland_ _
20.730.715
15,544.698
Utah-S. L. City
11,148,795
7.734,588
Calif.
-L.Beach.
2,448,031
2.614.286
Pasadena
1,991,737
2,214,426
Sacramento...
2,700,261
2,423,123
San Francisco
91,996,717
78.548,800
San Jose
1,426,722
1,100,888
Santa Barbara.
829.337
772,449
Santa Monica_
1,332,277
732,817
Stockton
1,043.424
877,506
163,268.788
133,725,515 +22.1
156.465,312
189,278,720
Grand total (112
cities)
4,351.538.771 4,183,632.866
+4.0 4.429,237,162 6,549,698,100
Outside New York 1,725.214,851 1.407,436,862 +22.6 1,664,643,470 2,290.556,021
Week Ended May 24.
Clearings at
1934.
357,693,067
143,329,391 +40.2
89.939,229
1933.
$
$
Seventh Feder al Reserve D istrict-Chi CagoMich.
-Adrian __
49.831
118,316
81,794
Ann Arbor__ __
244,412
280,914
340.404
640.007
Detroit
6,887,182 +971.8
73,817.002
70,122,572 109,186,025
Grand Rapids
1,293,418
769,420 +68.1
3,370,342
2,215,495
375.936 +165.7
Lansing
998,858
1,907.554
1,931.000
Ind.
-Ft. Wayne
648,075
365,828 +77.2
1,759,340
922,322
Indianapolis__ _
10.427,000
7,768,000 +34.2
12,403,000
10,831,000
South Bond.
859.008
413,097 +107.9
1,512,538
1,458,911
Terre Haute _ _
3,623,934
262,159 +1682.4
3,121,559
2,605,678
WLs.-Milwaukee
11,844,747
9,691,756 +22.2
16.385,819
12,552,431
Iowa-Ced. Rap.
452,654
154,881 +192.3
2,163,027
724,134
Des Moines_ _ _
6,196,059
3,888,297 +59.4
4,670,000
4,838,598
Sioux City - --2,708,775
1,839,364 +47.3
2,941,519
1,878,464
Waterloo
Ill.
-Bloomington
313,746
37,342 +740.2
1,170,844
833,873
Chicago
202,503,517 181,904.652 +11.3 199.409,074 349,146,802
Decatur
494.242
425,631 +16.1
801,883
429,628
Peoria
2.358.266
1,733,719 +36.0
2,456.062
1,950,467
Rockford
509.831
502.397 +1.5
1,894,636
514,919
Springfield....
866,896
663,414 +30.7
1.770,213
1,323,176
Total(13 cities)
2,613,323
b
745,304
2.014.305
340,000,000
2,309,202
3.363,165
2,109,760
1.300,000
3,238,008
Fifth Federal Reserve Dist net-Riches ondW.Va.-ffuntIon
133,750
81,298 +64.5
Va.-Norfolk
1,758.000
1.945,000 -9.6
26,952,697
22,748,389 +18.5
1.• Richmond _ _ _
605.993
648,452 -6.5
S.0.
-Charleston
48,537,008
33.020,782 +47.0
Md.-Baltimore _
11.951,781
9.611,793 +24.3
Total(6 ctues).
1934.
1931.
$
$
%
218,943,584
196.058,331 +1.6
2.853,072,916 -5.2 2848.236543
265,336,815
254,294,882 +9.0
185,155,712
143,329,391 +40.2
95,467.812
68,055,714 +32.2
71,194,383 +32.1
73,209,686
217,963,989 +46.9
314,963,940
89,480,155
78.393.263 +24.5
62,778,309 +7.7
60,751,077
75,185,501 +29.3
90,924,228
29,580,672 +33.8
30.300,298
133,725,515 4-22.1
156,465,312
4,183,632,866 +4.0
1,407,436,862 +22.6
Week Ended May 26.
Clearings at
-
Total(19 cities)
100.07
Dec.
1933.
Federal Reserve Diets.
$
199,251.178
1st Boston_ _ _ _12 cities
2.704,691,376
2nd hew York__12 "
277,140,799
3rd Phliadelpla 9 "
200,984,823
4th Cleveland__ 5 "
89,939,229
5th Richmond.6 "
94,013,633
6th Atlanta.__.10 320,210,271
7th Chicago-_19 "
97,637,537
8th St.Louts_ _ _ 4 "
67,622,878
9th Minneapolis 7 "
97,194,688
10th Kansas City10 "
39,593,591
11th Dallas
5 "
163,268,788
12th San Fran_ _13 "
Pener/s
June 2 1934
Financial Chronicle
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
$
70,319,804
83,636,343
57.943.419
11,263,293
3,548,123
3,306,760
1,880,863
3,145.133
4,132.078
1,290,920
1,099,535
1,871,437
2,912,352
2,405,251
249,618
333.664
982.105
435.318
586,610
479.043
340,723
154.892
490.024
506,246
958,102
2.024,523
232,524
542,230
345.912
324,098
375.233
470,226
1933.
Dtc. or
Dec.
$
55,336,359
75,581,982
50,108,015
11,180,076
3,324,958
2,325,454
1,667,816
2,702,108
4.790,390
1,405,418
1,111.488
1,682,231
2,346,269
1,858,180
199,982
217,596
873,944
357.442
644,985
380,567
327,735
138,739
397.634
475,962
725,535
1,671,955
182.489
694,391
374,244
309,150
304,157
392,563
%
+27.1
+10.7
+15.0
+0.7
+6.7
+42.2
+12.8
+10.4
-13.7
-8.1
-1.1
+11.2
-24.1
-29.4
-24.8
-53.3
-12.4
+21.8
-9.1
+25.9
+4.0
+11.6
+23.2
+6.4
t32.1
21.1
27.4
-21.9
-7.6
+4.8
+23.4
+19.8
1932,
a
59,502,489
59,445,045
27,899,240
10.098,134
3,685,464
3,448.591
1,821,309
3,938,196
3.909,271
1,409,336
1,056,674
1,852.586
2.989.556
2,918,731
235,530
221,892
1,123,847
436,844
729,285
432,425
420,106
143,218
495.956
464.271
646,612
2,144,747
303.969
624,008
483,743
385,490
305,004
394,075
1931.
$
123,621,660
06,412,103
42,477,240
13,420.421
4,697.243
4,430,436
2,433,941
5,195.563
4,625,983
2,088.893
1,532,953
2,393,608
4,476,586
2,624,667
307,874
344,415
1,332,023
525,161
836,771
501.334
442,810
172,996
557,831
675,891
716,908
2,406.656
305,524
009,702
547,831
448,166
427,160
683,344
103,031,409
Total(10 cities)
94.013.623
Total(32 cities)
258,586,402
224,089,814 +15.4
193,966,244
322.273,814
b No clearings available. c Clearing House not tune toning at present. •Est.
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:
30 May 31 June 1
May 28 May 28 May 29 May
1934. 1934. 1934.
1934.
1934. 1934.
Francs. Francs. Francs. Francs. Francs. Francs.
12,100 12,025 11,900 11,900
11.900
Bank of France
1,452
1,463
1,473
1.461
Banque de Paris et Pays Bas
177
177
179
179
Banque d'Union Parisienne_
245
248
249
251
247
Canadian Pacific
18,700 18,800 18,730 18.700 18,800
Canal de Suez
2,330 2,330 2.320 2,290
Cie Distr d'Electricitie
.
1- 175
1,785 1,770
1,780
1,740
Cie Generale d'Electricitie
26
28
28
29
29
Cie Generale Transatlantique_ _ _
154
148
153
162
Citroen B
1,000 1,010
1,018
1,018
Comptoir Nationale d'Eaeompte
iö
150
147
150
140
Coty SA
293
295
293
290
Courrieres
739
738
739
733
Credit Commercial de France2,090 2,100 2,090 2.070 2.070
Credit Lyonnais
2,520 2,530 2,545 2.530 2.510
Eaux Lyonnais
885
680
671
670
Energie Electrique du Nord _
850
855
856
858
Energle Electrique du Littoral
611
804
611
606
Kuhlmann
"iEE•
780
763
760
750
HOLIL'Air Liquid.,
-1,010 1,005
995
992
DAY.
Lyon (FL M)
1,433
1,421
1,412
1,410
Nord Ry
gio
912
937
912
906
Orleans By
70
70
70
70
Pathe Capital
1.092
1,107
1.113
1,110
Pechlney
77.60 77.75 77.70 77.50
77.20
Rentes. Perpetual 3%
84.00 84.80 8.490 85.25 83.75
Rentes 4% 1917
83.75
84.00 84.00 84.25
83.40
Rentes 4%,1918
88.50 89.30 89.55 89.70 89.30
Reines 4A % 1932 A
87.20 87.90 88.00 88.10 87.80
Rentes 434%. 1932 B
112.90 113.00 113.00 112.75 112.60
Rentes 5%. 1920
1.560 1,570
1,580
1,580
1,580
Royal Dutch
1,297
1.300
12.95
1,308
Saint Gobain C & C
_
1,640 1,635
1,630
1,630
Schneider & Cie
57
57
57
58
57
Societe Franealse Ford
64
68
69
68
Societe Generale Fonciere
2,525 2.535 2,550 2,530
Societe Lyonnalse
528
528
528
528
Societe Marseillaise
133
132
135
133
Tubize Artificial Silk pre!
_
718
721
78
727
Union d'Electricitie
82
84
80
Wagon-Lila
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
May
26.
la
Reichsbank(12%)
Berliner Handels-Geselischaft(5%)
51
Commers-und Privet Bank AG
Deutsche Bank und Diaeonto-Gesellschaft 53
59
Dresdner Bank
Deutsche Reichsbahn (Ger Rya)pret(7%)_.109
24
Aligemeine Elektrizitaets-Gesell(A E (31)
133
Berliner Kraft u Licht(10%)
122
Hamner Gas(7%)
96
Geeluerel(5%)
Hamburg Eiektr-Werke(8%)
III
Siemens & Halske(7%)
135
I G Farbenindustrie(7%)
Salidetturth (734%)
222
RheiniSche Braunkohle(12%)
116
Deutsche Erdoel(4%)
66
Mannesmann Roehren
N
Hapag
Norddeutscher Lloyd
May
28.
1
1
2
54
5
59
109
24
133
123
96
May May May
31.
30.
29.
Per Cent of Par
151
52 151
85
85
85
50
50
51
53
53
53
59
59
59
109
109
109
23
23
24
133 132 131
123 122
124
96
96
96
114
131
136
136
136
143
142
142
225 224
116
118
60
61
21
21
21
27
27
28
113 111 111
224
ig
117
61
12
N
June
1
153
85
50
52
60
109
24
132
121
97
115
134
137
142
223
117
61
25
31
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Friday
June 1 1934:
Bid.
Anhalt 7010 1948
/32
Argentine 5%. 1945, $100
pieces
91
Antioquia 8%. 1946
/28
AuattianDefaultedCouponsfir3-110
Colombia, 7%,.47 /23
Bank of
Bank of Colombia, 7%,18 123
Bavaria 6As to 1945
/42
Bavarian Palatinate Cons.
130
Cit.7% to 1945
Bogota (Colombia) 634.'47 /2012
Bolivia 6%. 1940
1 61
Buenos Aires scrip
126
Brandenburg Elec. 6s. 1953 /44
Brazil funding 5%. '31-'51 /5812
/3812
Brasil funding scrip
rintish Hungarian Bank
7348, 1962
/5712
Brown Coal Ind. Corp.
634s, 1953
/63
Call (Colombia) 7%. 1947 /13
4%, 1944 I 712
Callao (Peru) 7/
Ceara (Brasil) 8%. 1947.. 1 6
Columbia scrip Issue of '33 /38
Issue of 1934
134
Costa Rica funding 5%.'51 4612
City Savings Bank. Blidapest, 7s, 1953
fE3
Dortmund Mum Mil 6s.'48 f57
Duisburg 7% to 1945
13012
...
,
_,__ee_eaei.... 78.,,_te 1046- - -- 13012
3 r darf
/
4
.
"..rr"'"ala'r.08 1953- 1513
EuroPean Mortgage & Investment 714s, 1966._ 169
French Govt. 5340. 1937__ 163
French Nat. Mall SS.65.752 158
Frankfurt 78 to 1945
13012
German Atl Cable 7s, 1945 14812
German Building & Landban),64%,1948
/5114
German defaulted coupons /64
Garman Scrip
/1912
German called bonds
/33
68
Haiti6% 1953
Hamb-Am Line 63.45 to '40 p3012
Hanover liars Water Wks,
6%. 1957
/35
Housing & Real Imp 7s,'48 /47
Hungarian Cent Mut 76.'37 14712
Hungarian Discount & Exchange Bank 7s, 1963._ /43
Hungarian defaulted Celine 163-100
I Flat price.
3725
Financial Chronicle
Volume 138
Bid.
Ask.
/8112
35 HUngarian Ital Bk 7%12.'32
31
Jugoslavia 5s, 1958
138
___ Jugoslavia coupons
/6312
30 Koholyt 63411. 1943
__. Land M Bk. Warsaw 88.'41 70
24 Leipzig Oland Pr.6341.'46 187
24 Leipzig Trade Fair 78, 1953 15012
4234 Luneberg Power, Light &
158
4.1948
water 7%
3212 Mannheim & Palat 75. 1941 /59
f34
Munich Is to 1945
2112
8A Munlo Bk. Hessen. 7e to'45 /31
28 Municipal Gas & Elea Corp
Recklinghausen. 75, 1947 153
4512
5912 Nassau Landbank 6348,'38 /5812
59t2 Natl. Bank Panama 634%
14212
1946-9
5912 Nat Central Savings Bk of
156
Hungary 7348. 106268 National Hungarian & Ind.
163
Mtge.7%,1948
1411
/35
9 Oberpfels Eleo. 7%.1946
9 Oldenburg-Free State 7%
132
to 1945
40
38 Porto Alegre 7%, 1968---- 11611
4812 Protestant Church (Ger/4412
many). 70. 1946
55 Prov Bk Westphalia 6s,'33 /5212
Bk Westphalia 88.'38 /51
59 Prov
32A Rhine Westph Elea 7%.'36 17612
123A
3312 Rio de Janeiro 6%. 1933
5234 Born Cath Church 6140,'48 163
R C Church Welfare 7s,'46 /47
71 Saarbruecken M Bk 6s,'47 /'73
12511
169 Salvador 7%,1957
161 Salvador 7% Ott of dep '57 /24
115
34 Salvador scrip
50 Santa Catharina (Brasil).
r2314
8%. 1947
5314 Santander(Colom) 78. 1943 /1112
69 Sao Paulo (Brasil) 6s. 1943 /21
21 Saxon State Mtge. 6e, 1947 /67
31
38 Serbian 5s. 1958
/38
Serbian coupons
__
N Blom & Halake deb 68, 2930 /340
state mtg Bk.M3081581958 30
137
coupons
37A
50 Stettin Pub Util 75. 1948.. 149
138
4912 Tucuman City 72, 1951
59
Tucuman Prov. 75, 1950
45 Vesten Elea By 7e. 1947_ 117
136
Wurtemberg is to 1945_
___.
Ask.
33
40
651s
73
69
5112
60
61
36
34
55
6012
4312
58
65
39
35
18
4612
53
7912
26
65
48
76
29li
3512
17
2414
1212
212
2
70
33
40
355
33
39
50
40
62
21
,
37 s
NATIONAL BANKS.
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED.
Capital.
$50.000
May 21-The Hooversville National Bank, Hooversville, Pa
President. H. J. Koontz. Cashier, E. C. Ober. Will succeed
No. 11413, The Citizens National Bank of Hooversville,
and No.6250. The First National Bank of Hooversville.
50,000
-The Robstown National Bank, Robstovrn, Texas
May 22
Capital stock consists of $25,000 common stock and 1625,000
preferred stock. President. Henry E. Gouger; Cashier, H.
T. Kellan. Will succeed No. 12753. The Gouger National
Bank of Robstown
50,000
-First National Bank in Bellevue, Bellevue, Iowa
May 22
Capital stock consists of $25,000 common stock and $25.000
stock. President, George M. Schlatter; Cashier,
preferred
Herman J. Kueter. Will succeed No. 12303, The First National Bank of Bellevue.
50,000
May 24-First National Bank in Galva, Galva, Ill
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, R. 11. Stewart; Cashier, R. J.
Silver. Will succeed No. 2793, The Galva First National
Bank.
-First National Bank in Tuscumbia, Tuscumbia, Ala_ _-- 50,000
May 24
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President. E. S. Gregory; Cashier, Marshall Hugger. Will succeed No. 11281, The First National
Bank of Tuscumbia.
160.000
-Aurora National Bank, Aurora, Ill
May 24
President, Tim Biever; Cashier, Frank C. Paull. Will succeed No. 2945, The Aurora National Bank,
-The United National Bank of Cliffside Park, Cliffside
May 24
150.000
Park, N. J
President, R.P. McClave; Cashier, Ira F. Acheson. Will succeed No. 11618, The Cliffside Park National Bank, Cliffside
Park, N. J.; and No. 12497, The Palisade National Bank of
Fort Lee, N. J.; and No. 12465, The First National Bank of
Fairview, N. J.
May 24
-First Nationa Bank in Goodland, Goodland, Kansas._ 50,000
President. L. N.Shaw; Cashier, R.C.Shimeall. Will succeed
No. 11860. The First National Bank of Kanorado, and No.
6039, The First National Bank of Goodland, Kansas.
100.0150
,'
May 24-Buchel National Bank in Cuero- Cuero, TeX
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President. LeRoy Hamilton; Cashier, T.
0. Buchel. Will succeed No. 8562, The Buchel National
Bank of Cuero.
-American National Bank in McLean, McLean,Tex- _ 50,000
May 25
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President. Geo. W. Sitter; Cashier, Clifford Allison. Will succeed No. 10957, The American National
Bank of McLean.
VOLUNTARY LIQUIDATIONS.
50,000
May 21-The Lyons National Bank, Lyons, Kansas
Effective May 16 1934. Liq. agent: H. G. Doddridge, care of
the liquidating bank. Absorbed by The Chandler National
Bank of Lyons. Charter No. 14048
50,000
May 21-The First National Bank of Stoystown, Pa
Effective May 18 1934. Liq. committee: K. H. Wagner, B. V.
Mostoller. and N. G. Speicher. all of Stoystown, Pa. Succeeded by "The First National Bank at Stoystown." Charter
No. 14089.
50.000
May 21-The First National Bank of Barbourville Ky
Effective May 10 1934. Liq. agent: Noah Smith, care of the
liquidating bank. Succeeded by The Union National Bank
of Barbourville. Charter No. 13906.
May 21-The National Bank of John A.Black of Barbourville, Ky. 30,000
Effective May 10 1934. Liq. agent: Matthew McKeehan, care
of the liquidating bank. Succeeded by The Union National
Bank of Barbourville. Charter No. 13906.
400.000
May 21-First National Bank in East St. Louis, Ill
Effective May 8 1934. Liq. agent: R. F. Reader, care of the
liquidating bank. Succeeded by "First National Bank at East
St. Louis," Ill. Charter No. 14127.
25,000
May 21-The First National Bank of Steele, Mo
Effective May 8 1934. Liq. agent: Hobert Wells, Steele, Mo.
Absorbed by The National Bank of Caruthersvllle, Mo.
Charter No. 14092.
40,000
May 21-The Nevada National Bank, Nevada, Iowa
Effective May 1 1934. Liq. agent: Howard F. Sones, Nevada,
Iowa. Succeeded by the "Nevada National Bank," Nevada,
Iowa. Charter No. 14065.
500.000
May 22-Lagonda-Citizens National Bank of Springfield, Ohio
Effective May 15 1934. Lig. committee: Board of directors of
the liquidating bank. Succeeded by "Lagonda National Bank
of Springfield," Ohio. Charter No. 14105.
-The Palisades Park Nationai Bank & Trust Co.. PaliMay 22
100,000
sades Park, N. J_
Effective May 17 1934. Liq. agent: Edward R. Boyd, care of
by "The National Bank of
the liquidating bank. Succeeded
Palisades Park." Charter No. 14088.
25,000
-The First National Bank of Export. Pa
May 23
Effective April 30 1934. Liq. committee: P. R. Foight, John
care of the liquidating bank.
Lindsay, and Walter Jordan,
Succeeded by "First National Bank of Export." Charter
No, 14051.
100,000
-The Citizens National Bank of Hammond. La
May 23
Effective May 18 1934. Liq. agent: J. M.Scurlock, Hammond.
La. Succeeded by "The Citizens National Bank in Hammond." Charter No. 14086.
-The Cherry Creek National Bank, Cherry Creek, N. Y_ 25,000
May 24
Effective May 151934. Liq. committee:Dexter M.Ruttenbur,
George L. Delamater and Cora D. Gaston, care of the liquidating bank. Succeeded by "Cherry Creek National Bank,"
Cherry Creek, N. Y. Charter No. 14078.
100,000
-The National Bank of Union City, Pa
May 25
Effective May 18 1934. Liq. committee: 0. C. Hatch, E. P.
Erskine, and B. L. Hess, care of the liquidating bank. Suc.
ceeded by "National Bank of Union City ' Charter No,
14093.
CONSOLIDATIONS.
100,000
-Berlin National Bank, Berlin, N. H
May 19
100,000
The City National Bank of Berlin, N. H
Consolidated to-day under the provisions of the Act of Nov. 7
1918. as amended Feb. 25 1927, and June 16 1933. under the
charter of Berlin National Bank, No. 14100, and under the
corporate title of "Berlin City National Bank," with capital
stock of $250,000 and surplus of $50,000.
2,500,000
-The First National Bank of Portland, Ore
May 24
500,000
Security Savings & Trust Co., Portland, Ore
Consolidated to-&,y under the provisions of the Act of Nov. 7
1918, as amended Feb. 25 1927 and June 16 1933, under the
charter and title of "The First National Bank of Portland,"
No. 1553, with capita stock of $2,500,000 and surplus of
$2,000,000. Sixteen branches of The First National Bank of
Portland, all located in the State of Oregon, which were au
thorized since Feb. 25 1927. were reauthorized for the consolidated bank.
3726
Financial Chronicle
AUCTION SALES.
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia and Baltimore on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares.
Stocks.
$ per Share.
100 Comstock Tunnel Co.(N. Y.), par $2; 25 Submarine Boat Corp.(N. Y.),
no par
11210$
158 Border Mines, Inc. (Ariz.) pref., par $10
$4 lot
433 Nedicks Corp. (Del.) common voting trust certificates
2.377 Autocar Co. common (Pa.), no par; 19.100 Bridgeport Machine Co. lot
$5
(Del.), no par; 740 Colonial Trust Co.(N. Y.), par $100; 22,316 Crosse es
Blackwell common (Md.), no par; 4,576 Crosse dr Blackwell 1st pref. w. w.
(Md.), par $10; 4,576 Crosse & Blackwell 2d pref.(Md.), par $10; 350 Generable Cable Corp. pref. (N..1.), par 3100; 100 Imperial Eagle Mining Co.
(Ore.), par El; 60 Spanish & General Corp. (England). reg., par 61; 113
Niagara Hudson Power Corp. A warrants (N. Y.) (old); claim to fund of
$89,155 on deposit with City Chamberlain, City of New York, in a suit
entitled "General Foods Corp. against George von Seebeck and P. & W.
Creditors' Corp."; all accounts receivable, notes and all other claims against
others, aggregating 52,450,098.78, as per books of the P. & W. Creditors'
Corp.. as set forth in a complete list on Me; all furniture and fixtures
and miscellaneous office equipment, approximately as set forth in a list
on file
$164,000 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares.
Productstiter Share.
35 June Dairy
Co.,Inc.(Del.),no par
500 A. B. See Elevator Co., Inc. (Del.), 1st prefd., par $100
7
100 The Virginia Coal dr Iron Co. (Va.), corn., par $100
25
100 Stonega Coke & Coal Co. (Del.), corn., par $100
15
500 Minerals Separation North American Corp.(Md.). par 61.50; 50 American
Belt Corp.(N. Y.), corn., par 8100; 50 American Belt Corp.(N. Y.), 7%
prefd.. par $100: 250 John Davenport & Co.(N. Y.), par $100; 40 Hudson
Towers. Inc. (N. Y.)"B" corn. no par; 40 Hudson Towers, Inc.(N. Y.)
"A", com., no par; 2,350 iron Silver Mining Co.(N. Y.), par $5; 5 Kinak
Motion Picture Co.. Inc. (N. Y.), 7% cum. prefd., par $100; 5 Kinak
Motion Picture Co., Inc. (N. Y.), corn., par $100; 100 The Peoples Telephone Co.(N. Y.), par $50; 8 The Sinearna Co., Inc. (N. Y.), 8% prefd.,
par $100; 15 The Sincarna Co., Inc. (N. Y.), nom., par 8100; 100 State
Line Gold Mining Co. No. 1 (N. Y.). par $25; 100 State Line Gold Mining
Co. No. 4 (N. Y.), par $25; 50 Weston Wheel Mfg. Co., Inc. (N. Y.).
pfd., par $100; 50 Weston Wheel Mfg. Co.. Inc. (N. Y.), corn. par $5:
1,000 Armas de Oro Cigar Factory (N. J.). par $100; 6 The improved
Stay Co.(N. J.), par $100
$200 lot
560 Acme Packing Co. (III.), corn., Par $10; 3 The Brotherhood Investment
Co.(Ohio), corn., no par; 6 The Brotherhood Investment Co.(Ohio), prefd.
par $1,000; 100 Chicago Utilities Co. (Me.), par $100; 20 Consolidated
Virginia Mining Co., par $100; 150 Dolores Esperanza Corp. (Me.), par $2;
5,500 Greene-Gold Silver Co.
(W. Va.), par $10; 800 Magna 011 and Refining
Co. (Del.), par E5; 3,000 Red Warrior Mining Co. (Minn.), par $1; 50 The
Silver Cliff Mining Co. (N. Y.), par $50; 100 Sutro Tunnel Co. (Calif.),
par $10; 100 United Copper Co. (N. J.). 6% cum. prefd., par $100; 50
California Mining Co. (Utah), par $100; 25 Calokla Oil Co. (Del.), no Par;
1,003 The Cuyarnaca Co. (Del.), par $10; 5 National Metal Seal Corp.
(Me.), 7% prefd., par $100; 25 National Metal Seal Corp. (Me.), com.,
par $10
$71101
By R. L. Day & Co., Boston:
Shares.
Stocks.
$ per Share.
50 rights First Boston Corp
90.
16 Trustees Cross Roads Associates, par $100
1
5 Quincy Market Cold Storage & Warehouse Co. common, par $100
8
25 Farms Company A
I
10 Draper Corp
56%
$12,800 Commonwealth Gas Corp. Os, 1948; 1,946 v.1. c., par $1
$1,400 lot
5,000 Commonwealth Gas Corp. v. t. c.. par $1
15c.
7.500 Sierra Nevada Mining Corp. common, par $1
825 lot
85 United Public Service Co.
$1% lot
700 warrants Fourth National Investors
51c.
Bonds—
Per Cent.
31.500 United States of Mexico 4s, Dec. 1 1954, series 13, non-assented__2% flat
$3,000 Sierra Nevada Mines, Ltd., 7s, 1934
75 & Int.
By Crockett & Co., Boston:
Shares.
Stocks.
$ per Share.
50 First National Bank of Boston, $20
8 Columbian National Life Insurance Co
100
30 Robert Gait Co., Pfd.; 300 Beacon Participations, Inc., Class -A" Pfd-- - 45i
39 Old Colony Trust Associates
7%
50 Robert Gait Co., corn
3%
1 Share Hathaway Bakeries, Inc., $7 pfd
15
10 Shares Manhattan Market, corn
8
2 Preferred Accident Insurance Co. of New York,5
83
,
1
Bonds
$900 Wickwire Spencer Steel 75, Feb. 25, 1930 C D
6%
$1,000 Baxter Laundries, Inc., 1st coll. 6%5, April 1 1938
2%
By Barnes & Lofland, Philadelphia:
Stocks.
Shares.
$ per Share.
10 Philadelphia National Bank, par $20
5634
20 Central-Penn National Bank, par $10
25
5 Montgomery National Bank, Norristown. Pa., par $100
350
20 Roosevelt Bank of Philadelphia, par $50
17
50 Pennsylvania Company for Ins. on Lives dr Granting Annuities, par $10
29%
50 Real Estate-Land Title & Trust Co., par $10
11h
By Weilepp-Bruton & Co., Baltimore:
Stocks.
Shares.
200 American Brewery, Inc
8 Bankers & Merchants Credit Co. common
92 Elkton Banking & Trust Co. of Maryland, par $12.50
137 Firemans Insurance Co.of Newark, par $5
100 B. F. Fleishman & Sons, Inc.(Dunn, N. C.). par $100
20 Merchants & Mfrs. Assn. Bldg. Co., preferred, par $100
45 Mortgage & Acceptance Corp. common ctfs. of deposit
340 Moitgage Guarantee Co., par $25
20 National Mortgage Co. of Baltimore, preferred. par $100
30 National Mortgage Co. of Baltimore common, no par
85 Occidental Insurance Co. of America. par $10
228 Peoples Fire insurance Co. of Maryland, par $10
96 Underwriters Equities class A, par $1
Bonds
3100 mortgage guarantee certificate, Jefferson Hotel, Atlantic MY
$200 mortgage guarantee certificate Seaside Hotel, Atlantic City
$200 mortgage guarantee certificate Seaside Hotel, Atlantic City
$ per Share.
1.60
5
1
5%
5.01
2%
$1 lot
lot
8836 lot
61
15
$2 lot
Per Cent.
$47 lot
2437 lot
$90 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Affiliated Products, Inc. (monthly)
Allied Chemical & Dye Corp. pref. (quar.)
Alpha Portland Cement 7% pref. (quar.)
American Bankstocks Trust Shares
American Can Co., pref. (guar.)
American Felt 6 preferred (quar.)
American Gas & Electric, com.(quar.)
Common (semi-annual)
Preferred (quarterly)
American & Hawaiian Steamship Co. (quar.)- _
American National Finance, prof.(s.
-a.)
Per
When Holders
Share. Payable. ofRecord.
Sc
134%
$134
4.3c
%
Si
25c
j2%
$134
260
50c
IA
July 1 June
July 2 June
June 15 June
June 1 May
July 2 June
July 2 June
July 2 June
July 2 June
Aug. 1 July
July 2 June
June 15 June
15
11
I
15
15a
15
7
7
9
15
1
Name of Company.
June 2 1934
Per
When Holders
Share. Payable. ofRecord.
Anchor Cap Corp. cumulative (quar.)
15c July 2 June 20
$634 preferred (quar.)
$1% July 2 June 20
Anglo-Persian 011 Co.ordinary shares
H 734%
Armour & Co. of Delaware 7% pref.(quar.)-- _ $134 July 1 June 10
Backstay-Welt Co. common (special)
35c July 2 June 16
Balfour Building, Inc., v. t. c. (guar.)
50c May 31 May 22
Beatrice Creamery Co. preferred (quar.)
--$134 July 2 June 14
Beech Creek RR. (quarterly)
50c July 2 June 15
Bell Telep. of Penna.,634% pref.(quar.)
$1% July 14 June 20
Binghamton Gas Works 63470 pref.(quar.). 81.56% June 1 May 21
Bohn Aluminum & Brass Co
75c July 2 June 15
Borg-Warner Corp. common
25c July 1 June 15
Preferred (quarterly)
$1% July 1 June 15
Brazilian Traction, Light & Power Co. pref.
(qu) $134 July 3 June 15
Briggs & Stratton Corp com. (guar.)
25c June 30 June 20
Extra
10c June 30 June 20
British American Oil Co.. Ltd. (quar.)
r20c July 3 June 16
Cables & Wireless, Ltd., Am.dep. rec. ord. reg_
9.9c June 4 Apr. 30
California Electric Generator, 6% pref. (guar.) $1% July 2 June 5
Camden & Burlington County Ry.(semi-ann.)- _
75c July 2 June 15
Canada Permanent Mortgage (quar.)
$2 July 3 June 15
Carreras, Ltd., A & B common (interim)
15a June 19
Case (J. I.) Co. 7% preferred
July 1 June 12
Cayuga & Susquehanna RR.(s.
-a.)
$1.20 July 2 June 20
Central Power Co., 7% preferred (guar.)
87Sic July 16 June 30
6% preferred (quarterly)
75c July 16 June 30
Chase Brass & Copper, gtd. pref. A
$1% June 30
Chicago Dock & Canal (quarterly)
$134 June 1 May 25
Chickasha Cotton Oil (special)
50c July 2 June 8
Citizens Water(Washington, Pa.)(quar.)
$1% July 2 June 20
City & Suburban Homes (5.-a.)
15c June 4 June 1
Clearfield & Mahoning RR.(s.
-a.)
$1
July 2 June 2
Columbia Broadcasting System, A & B (quar.)_
5
June 29 June 1
Commercial Credit Co., corn. (quar.)
25c June 30 June
% 1st preferred (quarterly)
1%7 June 30 June
7% 1st preferred (quarterly)
1
June 30 June
8% class B preferred (quarterly)
June 30 June
$3 class A cony. stock (quarterly)
75C June 30 June
Commonwealth Investment (Calif.) (quar.)_
4c Aug.
July 1
Commonwealth Loan. pref. (quar.)
$1
June 1 May 2
Commonwealth Utility. pref. A (quar.)
$1
July 2 June 1
Preferred B (quar.)
July 2June 1
Preferred 0(quar.)
11 g July 2 June 1
Compania Illapano-Amer. de Electricidad. S.A.
Series A, B and C shares
20p June 1
Series))
4p June 1
Series E
4p June 7 May 31
Consolidated Gas Co.(N. Y.), pref. (quar.)
$1
Aug. 1 June 29
Continental Baking Corp., pref. (quar.)
$1 July 1 June 180
Dairy League Corp.7% pre.(semi-ann.)
$1% July 2 June 20
Danahy-Faxon Stores (quar.)
25c June 30 June 18
Dayton Power & Light Co.6% pref.(monthly)50c July 1 June 20
Delaware RR.(semi-annual)
$1 July 2 June 15
Devoe & Reynolds Co., Inc.. class A & B (qu.)_ _
25c July 1 June 20
Class A & B common (extra)
25c July 1 June 20
First and second preferred (guar.)
$1% July 1 June 20
Dexter Co. (quarterly)
20c June 1 May 25
Dictaphone Corp. common
50c June 21 June 8
Dominion & Scottish Investors preferred
h33 1-3c June 1 May 23
Dominion Stores Ltd..common (quar.)
30c July 2 June 15
Draper Corp.(quar.)
60c July 2 June 2
Duke Tower Co., corn. (quar.)
1
July 2 June 15
Preferred (quarterly)
1%
July 2 June 15
Dunlop Rubber. Ltd., Am. dep. rec. ord. rag_
3.
June 1 May 15
East Malleable Iron (quar.)
Sc June 1 May 25
Edison Bros. Stores
25c June 25 June 11
Equitable Office Building
10c July 2 June 15
7% preferred (quarterly)
$1% July 2 June 15
Equity Trust Snares in American reg. (s.-a.)....
'7c Tune 30 June 25
In American coupon, on coupon No. 8
7c June 30
Faultless Rubber, com.(guar.)
50c July 1 June 15
Feldmuehle Paper & Cellulose (Berlin)
6%
Fisk Rubber Corp.$6 pref.(quar.)
$134 July 2 June 12
Fourth National Investors Corp.common
40c July 1 June 12
General Electric Co., com.(quar.)
15c July 25 June 29
15c July 25 June 29
$10 special stock (quar.)
General Mills, Inc.. pref. (quar.)
El
July 2 June 14
Glidden Co.(quar.)
2
July 2 June 11
Preferred (quar.)
$1% July 2 June 11
Globe Underwriters Exchange
25c June 12 June 1
Goodyear Tire & Rubber (Can.), com. (quar.)_ $134 July 3 June 15
Preferred (quar.)
$1
July 3 June 15
Grant(W. T.), (quar.)
25c July 2 June 12
Group No. I Oil Corp. (guar.)
$100 June 30 June 9
Hanna (M. R.) Co., pref. (quar.)
$1% June 20 June 5
Harriman Investment Funds, invest. shs. (qu.)
35c June 1 May 21
Hathaway Mfg. Co. (guar.)
$2 June 1 May 24
Hawaiian Agricultural Co. (monthly)
20c June 30 June 25
Hawaiian Electric (monthly)
15c June 20 June 15
Hazel-Atlas Glass Co
July 2 June 16
Hearst Consol. Publishers, class A (guar.)
June 15 June 1
Helme (Geo. W.) Co., com. (quar.)
$1
July 2 June 11
Preferred (quarterly)
$1% July 2 June 11
Hercules Powder Co com (quar.)
75c June 25 June 14
Hollinger Consolidated Gold Mines, Ltd.(mo.)_
Sc June 18 June 1
Extra
Sc June 18 June 1
Home Fire & Marine Insurance Co.(quar.)
50c June 15 June 5
Honolulu Oil Corp
25c June 15 June 5
Hoskins Mfg. Co.(quar.)
25c June 26 June 11
Hotchkiss'bo.(France)
65frs
Houdalle Hershey Corp., class A pref
$134 June 12 June 7
Huron & Erie Mortgage (Ontario) (qunr.).
$14 July 3 June 15
Hygrade Sylvania (guar.)
56c July 2 June 9
Preferred (quar.)
$1% July 2 June 9
Idaho-Maryland Consol. Mines(quar.)
3c June 20 June 5
Ideal Financing Assoc.. A (quar.)
12Sic July 2 June 15
$8 preferred (quarterly)
$2 July 2 June 15
$2 cony. preferred (quarterly)
50c July 2 June 15
Imperial Tobacco Co.of Can..ord. abs.(quar.)_
June 30 June 6
Indianapolis Power & Lt. Co.,634% pf.(quar.)_
July 1 June 5
6% preferred (guar.)
July 1 June 5
International Silver Co., 7% pre
July 1 June 14
Investors Corp.of R.I.,$6 pref.(quar.)
$1% July 2 June 20
Irving Trust Co.(quar.)
25C July 2 June 4
Judson Mills, 7% pref. A & B
July 2 May 25
Kilburn Mills (quarterly)
June 15 May 31
King Royalty,8% pref. (quar.)
$2 June 30 June 15
Koloa Sugar (monthly)
50c May 31 May 26
Lackawanna RR.of N. J.,4% gtd. (quar.)_
$1 July 2 June 8
Laclede Gas Light Co.. 5% pref. city. action de- ferred.
Lee Rubber & Tire Corp
20c Aug. 1 July 160
Lehigh Portland Cement Co., pref
8735c July 2 June 14
,
Calif. Salt(qu.)
(quar,)
360 June 15 June 1
Little.aliami RR.,special gtd.(quar)
50c Sept. 10 Aug. 25
Original guaranteed
$1.10 Sept. 10 Aug. 25
Special guaranteed (quar.)
50c Dec. 10 Nov. 24
Original guaranteed
$1.10 Dec. 10 Nov. 24
Lorillard (P.) Co., corn. (guar.)
30c July 2 June 15
Preferred (quarterly)
$1% July 2 June 15
Lykens-Valley RR. & Coal (semi-ann)
40c July 2 June 15
Manischewitz (B.) Co., pref. (quar.)
$1% July 2 June 20
Marion Water. 7% prof. (guar.)
$1% July 2 June 20
Metroploitan Edison, $1 pref. (quar.)
$1% July I May 31
$6 preferred (quarterly)
$131 July 1 May 31
$5 preferred (quarterly)
July 1 May 31
Miss. River Power, pref. (guar.)
11
July 2 June 15
Monolith Portland Cement,8% pref
25ë June 10 May 31
Monongahela West l'enn Public Service Co.—
7% preferred (quarterly)
431
)c July 2 June 15
Morris & Essex RR
$134 July 2 June 6
National Gypsum. 7% pref. (quar.)
$134 July 2 June 15
41Y
Financial Chronicle
Volume 138
Name of Company.
When Holders
Per
Share. Payable. of Record.
National Container, $2 cony. prof
141
$2 cony. preferred
h$1
$2 cony. preferred
h$1
National Investors Corp., 553. pref. (guar.)
h$2
National Refining Co.,8% preferred
142
National Standard Co. (guar.)
50c
Adjustment dividend
20c
New England Gas& Elec. Assoc.$5% pt.(guar.) $1%
New Jersey Pow.& Lt.56 pref.(guar.)
$1
$5 preferred (quarterly)
$1
New Jersey Water, 7% pref. (guar.)
$1%
New Method Laundry,6%% Pref. (guar.)
51%
New York & Harlem RR.(semi-ann.)
$2%
Preferred (semi-annual)
52%
N.Y. Lackawanna & Western.5% gtd.(quar.)
Sl
Niagara Share Corp. of Maryland—
Class A preferred (guar.)
$1%
Noranda Mines. Ltd
41
Northwestern Teleg. Co.(semi-ann.)
Northern Central Ry. (semi-ann.)
S2
Pacific Lighting Corp., $6 pref.(guar.)
31%
Package Machinery (quarterly)
25c
Park Davis & Co.(guar.)
25c
Extra
25c
Penn Central Light & Power.$2.80 pref.(lu.)- 70c
Penn Central Lig_.t & Power,$5 pref.( quar.)_ -- Si),'
Pennsylvania Telep. Corp.,6% pref. (guar.)$114
Pennsylvania Water & Power Co., com.(guar.)
75c
Preferred (quarterly)
$1%
Penney (J. C.) Co.. corn. (guar.)
30c
Preferred (quarterly)
$13
Peoria Water 'Works,7% pref.(guar.)
$1%
Philadelphia Balt. & Wash. RR.(8.-a.)
$1%
Philadelphia & Trenton RR. (guar.)
$2%
Pittsburgh, McKeesport & Youghiogheny RR
(Semi-annually)
$1%
Pittsfield & North Adams RR.(8.-a.)
$2.14
Rensselaer 5: Saratoga RR (s.-a.)
$4
Rochester Telephone Corp. (guar.)
$1%
6%% 1st preferred (quarterly)
$1%
5% 2nd preferred (quarterly)
51%
Royal Baking Powder (guar.)
25c
6% preferred (quarterly)
51%
St. Croix Paper, pref. (8.-a.)
53
St. Joseph Lead Co
be
San Joaquin Light & Power Corp.,7% pf.(qu.)- Si%
6% A dr B preferred (quarterly)
513i
Second National Investors Corp., $5 preferred_ - h95c
Southern Acid & Sulphur,7% pref. (qu.)
Si',,'
South Porto Rico Sugar Co.,corn.(guar.)
60c
Preferred (quarterly)
2
Southern Calif. Edison Co., Ltd., orig. pt. (qu.)
2
534% preferred series C (guar.)
1500
South Penn Oil Co. (guar.)
.s0c
Southwestern Gas & Elec. Co.7% pref.(quar.)
51%
South West Penna. Pipe Lines (quar•)Si
Springfield Rya.. 4% pref. (s.-a.)
$2
Extra _ _
75c
(Semi-annual)
$1.15
Standard Fire Ins. Co.(Trenton)(guar.)
40c
Stein (A.) & Co., preferred (guar.)
$1%
Superior Oil (Calif.) preferred
h23ta
Sussex RR. (s.-a.)
Swift & Co.(quarterly)
12%c
Texon Oil & Land Co.,common (guar.)
15c
Third National Investors Corp.,coin.(guar.) 40c
Todd Shipyards(quarterly)
25c
Union Elec. Light & Power (III.) 6% Pref.
$1%
Union Elec. Light & Pow.(Mo.)7% pref.(qu.)- $14
(qu.)_
6% Preferred (quarterly)
$1%
United-Carr Fastener Corp.,com.(guar.)
15c
United Dyewood Corp., pref. (quar.)
$13'
United States Electric Lignt & Power Shares,
Trust certificates, series A (guar.)
23c
Upressit Metal Cap Corp.,8% pref.(guar.)---$2
Valley RR.of New York (8.-a.)
$2%
Vick Chemical
50c
Extra
100
Wasson Oil & Snowdrift Co., Inc., corn. (quar.)..
Western Canada Flour Mills,6H% preferred— 124k
Western New York & Penna. IV. 13
$154
(.
-a.)
5% preferred (quarterly)
51%
Westmoreland Water,$6 pref. (quar.)
$1%
Westvaco Chlorine Prod., pref. (guar.)
$19-'
Wilson & Co.,7% preferred (guar.)
h$1
Wood (Alan), Steel, 7% preferred
50c
Wright-Hargreaves Mines (guar.)
10c
Extra
Sc
June
Sept.
Dec.
July
July
July
July
July
July
July
July
June
July
July
July
1 May 15
1 Aug. 15
1 Nov. 15
1 June 12
1 June 15
2 June 20
2 June 20
1 May 31
1 May 31
1 May 31
2 June 20
1 May 21
2 June 15
2 June 15
2 June 15
July 2 June 15
June.30 June 13
July 2 June 15
July 15 June 30
July 16 June 30
June 1 May 21
June 30 June 20
June 30 June 20
July 2 June 11
July 2 June 11
July 1 June 15
July 2 June 15
July 2 June 15
June 30 June 20
June 30 June 20
July 2 June 20
June 21 June 16
July 10 June 30
July 2 June 15
July 2 June 30
July 2 June 15
July 2 June 20
July 2 June 20
July 2 June 20
.July 2 June 4
July 2 June 4
July 2 June 22
June 20 June 8
June 15 May 31
June 15 May 31
July 1 June 12
July 1 June 10
July 2 June 13
July 2 June 13
July 15 June 20
July 15 June 20
June 30 June 15
July 2 June 15
July 2 June 150
July 2 June 20
July 2 June 20
July 2 June 20
July 23 July 16
July 2 June 15
June 20 June I
July 2 June 15
July 1 June 9
June 30 June 9
July 1 June 12
June 20 June 5
July 2 June 15
July 2 June 15
July 2 June 15
June 15 June 5
July 2 June 15a
June
July
July
June
June
July
June
July
July
July
July
July
June
July
July
1
2 June 15
2 June 15
1 May 16
1 May 16
2 June 15
15 May 31
2 June 30
2 June 30
2 June 20
2 Juno 30
2 June 16
15 June 5
2 June 9
2
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced, this week, these being given in the preceding table.
Name of Company.
Abbott Laboratories, Inc. (guar.)
Extra
Abraham & Straus, Inc., corn. (guar.)
Extra_
Acme Glove Works.63'% pref
Adams Express Co., pref.(quar.)
Agnew Surpass Shoe Store, Ltd., pref.(quar.)_
Alabaina Great Southern RR. Co.. preferred AlabamaPower Co., $7 pref. (guar.)
$6 preferred (guar.)
55 preferred (guar.)
Albany & Susquehanna RR.(s.
-a.)
Allied Laboratories preferred
(guar.)
Aluminum Co. of Amer., pref
Aluminum Mfg. (quar.). _
Quarterly
Quarterly
7% preferred (quar.)
7% preferred quar.)
7% preferred guar.
Amalgamated Leather Cos., Inc., pref
American Bank Note Co., pref. (guar.)
American Capital Corp.,$% pref
American Chicle (quarterly)
American Cigar Co.. common (quar.)
Preferred (quarterly)
American Enka Corp. (guar.)
American Envelope. 7% pref.
(quar.)
7% preferred (quay.)
American Factors, Ltd.(monthly)
American Hardware Corp.(guar.)
Quarterly
Quarterly
American Home Products Corp.(mo.)
American Hosiery Co.(guar.)
American Investment Co.of III., B (guar.)
American Motorist Insurance Co.(guar.)
American Power & Light Co. $6 preferred
$5 preferred
American Safety Razor Corp.(guar.)
American Steel Foundries, 7% prof. (guar.)—
American Stores Co.(quarterly)
American Sumatra Tobacco Co
Per
When Holders
Share. Payable. of Record
50c
150
30c
15c
h81 %c
El%
51%
3%
$1%
51%
$1
$4%
87%c
373'c
500
50c
50c
$1%
Si 3(
50c
750
h75c
750
$2
Si%
25c
$1%
$14i,
10c
25c
25c
20c
37%c
73'c
60c
37%c
31%c
S1
50c
50c
25c
July 2 June 18
July 2 June 18
June 30 June 21
June 30 June 21
June 15 May 23
June 30 June 15
July 3 June 15
Aug. 15 July 14
July 2 June 15
July 2 June 15
Aug. 1 July 18
July 2 June 15
July 1 June 26
July 1 June 15
June 30 June 15
Sept.30 Sept. 15
Dec. 31 Dec. 15
June 30 June 15
Sept.30 Sept. 15
Dec. 30 Dec. 15
July I June 20
July 2 June 11
June 4 May 19
July 2 June 12
June 15 June 1
July 2 June 15
July 2 June 15
Sept. 1 Aug. 25
Dec. 1 Nov. 25
June 9 May 31
July 1
Oct. 1
Jan 1'35
July 2 June 14
Sept. I Aug. 28
July 2 June 10
July 1 June 25
July 2 June 6
July 2 June 6
June 30 June' 8
June 30 June 15
July 2 June 15
June 15 June 1
Name of Company.
3727
When Holders
Per
Share. Payable. of Record
American Sugar Refining Co.. corn. (quar.)___
50c July 2 June 5
Preferred (quarterly)
$19-I July 2 June 5
American Telephone & Telegraph (guar.)
$23' July 16 June 15
American Thread Co., pref. (s.-a.)
123'c July 2 May 31
American Tobacco Co. preferred (guar.)
i3'% July 2 June 9
American Water Works & Electric Co.—
$6 first preferred (guar.)
$13' July 2 June 8
Associates Investment, corn. (Guar.)
Si June 30 June 20
Preferred (quarterly)
5131 June 30 June 20
Atlanta Birmingham Se Coast RR.(8.-a.)
5234 July 1 June 12
Atlantic Refining Co. (guar.)
25c June 15 May 21
Atlas Corp..$3 pref. A (guar.)
760 Sent. I Aug. 20
75c Dec. 1 Nov. 20
$3 meferred (guar.)
Atlas Powder Co.. com•(quar.)
50c June 11 May 31
Avon, Geneseo & Mt. Morris RR..3%% guar
$1.45 July 2 June 26
Babcock & Wilcox Co. (quarterly)
25c July 2 June 20
Baltimore & Cumberland Valley Ext. RR.(s.
-a.) V% July 2 June 30
Bangor & Aroostook RR.Co.corn.(guar.)
62c July 2 May 31
Preferred (guar.)
513,' July 2 May 31
Bangor Hydro-Electric Co.,7% pf.(qu.)
$1.3' July 2 June 15
6% preferred (quarterly)
$134 July 2 June 15
Bankers Investors Trust of Amer.(s.
30c June 30 June 15
-a.)
Barber(W. H.)& Co., pref.(guar.)
$13' July 1 June 20
Preferred (guar.)
$13' Oct. 1 Sept.20
Preferred (quar.)
$13,' Jan 1'35 Dec. 20
Bayuk Cigars, Inc., common
June 15 May 31
Preferred (guar.)
5131 July 15 June 30
Beech-Nut Packing Co., corn. (guar.)
750 July 2 June 12
Belding-Corticelli.
pref. (guar.)
519-1 June 15 May 31
Bell 'telephone of Can.(quar.)
Ltd..
$13,' July 16 June 23
Bigelow-Sanford Carpet, pref
$2 June 31 May 10
Birmingham Water Works,6% pref.(guar.) S13' June 15 June 1
Block Bros. Tobacco (quar.)
373'c Aug. 15 Aug. 11
Quarterly
373'c Nov. 15 Nov. 11
eferred (quar.i
$13' June 30 June 25
Preferred (guar.
$134 Sept.30 Sept.25
Preferred (guar.
$11.4 Dec. 31 Dec. 24
Bon Am!• class A (guar.)
Si July 31 July 14
Class B (guar.)
50c July I June 19
Boots Pure Drug,ord. register (extra)
5
Boston & Albany RR. Co
$2
June 30 May 31
Boston Elevated (quarterly)
$1% July 2 May 31
Boston & Providence R.R. Co.(guar.)
52.125 July 2 June 20
Quarterly
$2.125 Oct. 1 Sept. I
Boston RR. Holding, pref. (s.
$2 July 10 June 30
-a.)
Boston Wharf Co. (sani-annual)
513' June 30 June I
Boston Woven Hose dc Rubber Co. preferred-- $3 June 15 June 1
Bower Roller Bearing Co..(guar.)
25c July 20 July 1
Bridgeport Gas Light (guar.)
60c June 30 June 15
Bright (T. G.) $6 pref. (guar.)
$13' June 15 May 31
Common (quarterly)
73'c June 15 May 31
Exilic, Mfg. Co., Inc.. corn.(guar.)
iSo July 2 June 15
Class A (guar.)
50c July 2 June 15
British-Amer. Tobacco
rd. (interim)
10d June 30
British Columbia Telep..
Co.,6% pref. (ouar.)$I
Jt ly 1 June 15
6% 2d pref. (quarterly)
513' Aug. 1 July 17
Brooklyn & Queens Transit Corp. pref. (guar.) _ 513' July 2 June 15
Brooklyn Union Gas Co.(guar.)
$13' July 2 June 1
Buckeye Pipe Line Co..capitaistock
760 June 15 May 31
Quarterly
750 June 15 May 31
Bucyrus Monignan Co. class B •guar.)
45c Jt.ly 2 June 20
Buffalo Niagara & Eastern Power, pref. (guar.)
40c July 2 June 15
$5 1st preferred (quarterly)
513,' Aug. 1 July 14
Bulolo Gold Dredging Ltd_ _
60c June 30 June 4
Burmah Oil Co., Ltd.,com.(final)
xtv15%
Common. bonus
=2%%
Common, bonus
e33 -3%
Burroughs Adding Machine Co. (guar.)
10c June 5 May 5
Butler Watee,7% pref.(guar.). _
$1% June 15 June 1
Cables & Wireless. Ltd , preference
w2%% June 4 Apr. 20
Calamba Sugar Estates (guar.)
40c July 1 June 15
7% preferred (Var.)
350 July I June 15
California Ink (gLarterly)
50c July 2 June 22
California Packing Corp
37%c June 15 May 31
Canada Malting, Ltd. (quarterly)
3734c June 15 May 31
Canada Northern Power Corp., Ltd., corn.(qu.)
25c July 25 June 30
Preferred (guar.)
P4% July 16 June 30
Canadian Canners, Ltd., 1st pref.(guar.)
41% July 3 June 15
2d preferred
r7%c July 3 June 15
Canadian Cottons, Ltd., corn. (guar.)
July 4 June 17
Preferred (quarterly)
41% July 4 June 17
Canadian Oil Co., Ltd.. Pref. (guar.)
$2 July I June 20
Canfield Oil. 7% pref. (guar.)
$1 31 June 30 June 20
Carnation Co. preferred (guar.)
$1% July 2
Preferred (guar.)
$1% Oct. 2
Preferred (cmar.)
$1% Jan. 1
Carolina Tel. & Tel.(guar.)
$2% July 2 June 23
Carter (Wm.).6% preferred (quar.)
$1% June 15 June 9
Castle (A. M.) Co., common (guar.)
250 June 5 June 2
Central Franklin Process, 1st & 2nd pref. (qu.)_ sly July 2 June 30
Central Illinois Light Co..6% pref. (quar.)- July 2 June 15
7% preferred (quarterly)
1% o July 2 June 15
Centrifugal Pipe Corp. (guar.)
100 Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 5
Champion Coated Paper Co.
1st and special preferred
$13 July 1 June 20
,
1
Champion Fiber Co.. pref. (guar.)
$114 July 2 June 20
Chesapeake Corp. (quarterly)
63c July 2 June 8
Chesapeake & Ohio By. Co., corn. (guar.)
70c July I June 8
Preferred (semi-annually)
53% July 1 June 8
Chesebrough Mfg. Co.(guar.)
Si June 29 June 7
Extra
50c June 29 June 7
Chestnut Hill RR.(guar.)
750 June 4 May 21
Chicago Electric Service (guar.)
75c July I June 15
Chicago Flexible Shaft Co.. corn. (quar.)
25c June 30 June 20
Chicago Junction Rys.& Union Stkyds.(qu.)_ _ _
25c July 2 June 15
Preferred (quarterly)
$114 July 2 June 15
Chicago Rivet & Mach
25c June 15 June 1
Christiana Securities, 7% pref. (guar.)
51% July 2 June 20
Chrysler Corp. coin. (guar.)
250 June 30 June 1
Common extra
250 June 30 June 1
Cincinnati New Orleans & Texas Pacific (s.
-a.)_
$4 June 26 June 4
Cincinnati Union Terminal, 4% pref. (quar.)
July 1 June 20
Si
4% preferred (guar.)
Oct. 1 Sept.20
$1
4% preferred (guar.)
Janl'35 Dec. 20
$1
City Ice & Fuel Co., corn. (guar.)
50c June 30 June 15
Clark Equipment Co., corn. (quar.)
200 June 15 May 29
Cleveland & Pittsburgh, reg. gtd. (guar.)
87tc Sept. 1 Aug. 10
Registered guaranteed (guar.)
87 c Dec. 1 Nov. 10
Special guaranteed (guar.)
50c Sept. 1 Aug. 10
Sendai guaranteed (guar.)
50c Dec. 1 Nov. 10
Clinton Trust Co.(quarterly)
50c July 2 June 11
Coast Counties Gas & Electric, lst pref. (guar.) $1% June 15 May 25
Coca-Cola Co., common (guar.)
$1% July 2 June 12
Class A (sem -annua')
Si July 2 June 12
Coca-Cola International Corp., class A (8.-a.)...
July 2 June 12
Common (quarterly)
$3 July 2 June 12
Colgate-Palmolive-Peet Co., pref. (guar.)
$1% July 1 June 9
Colt's Patent Fire Arms (guar.)
25c June 30 June 9
Columbia Pictures Corp.common (guar.)
250 July 2 June 15
Common (semi-annual)
f2%% Aug. 2 June 15
Columbus & Xenia RR
SI June 11 May 26
Commercial Investment Trust Corp., corn.(qu.)
50c July I June 5a
Convertible preference stock
July 1 June 5a
Commercial Solvents Corp. common (semi-ann.)
30c June 30 June 1
Commonwealth & Southern Corp. $6 pf. (guar.) $1% July 2 June 8
Compressed Industrial Gases (guar.)
50c June 15 May 31
Confederation Life Association (guar.)
SI June 30 June 25
Quarterly
Si Sept.30 Sept. 25
Quarterly
$1 Dec. 31 Dec. 25
Congoleum-Nairn. Inc., corn. (guar.)
32tg June 15 June 1
.
Consolidated Gas Co. of N.Y.common (quar.)_
June 15 May 11
Financial Chronicle
3728
Name of Company.
Per
When Holders
Share. Payable. of Record.
Consolidated Diversified Stand. Security—
25c June 15 June 1
Preferred (semi-annual)
Consolidated Gas, El. Lt.& Pow.Co. of Bait.—
90c July 2 June115
Common (quarterly)
Series A, 5% preferred (quarterly)
3134 July 2 June,115
$134 July 2 June,15
Series D.6% preferred (quarterly)
314 July 2 June 15
Series E,534% preferred (quarterly)
h50c July 2 June 8
Consolidated Film Industries, pref
xis 3d June 14
Consolidated Gold of So. Africa, interim
1734c July 1 June 20
Consolidated Paper, pref. (guar.)
$134 July 2 June 15
Consumers Power Co..$5 pref.(guar.)
$1.65 July 2 June 15
6.6% preferred (guar.)
7% preferred (guar.)
$134 July 2 June 15
50c July 1 June 15
6% preferred (monthly)
55c July 1 June 15
6.6% preferred(monthly)
Continental Gin.6% pref. (guar.)
$134 July 2 June 15
25c June 25 June 14
Crowell Publishing Co. common (guar.)
68c June 15 May 31a
Crown Cork & Seal Co., Inc., pref. (quar.)__
Crown Williamette Paper Co., $7 1st pref
31 July 1 June 13
Crum & Forster Insuranceshares Corp.
$2 June 30 June 20
8% preferred (quarterly)
$14 June 15 June 1
Cuneo Press. Inc., preferred (guar.)
113134 July 2 June 20
Curtis Publishing Co., $7 cum. pref
50c July 2 June 15
Davenport Hosiery Mills, Inc.. common
$1 July 3 June 15
Dayton & Michigan RR.,8% pref. (quar.)_ _ _ _
75c July 1 June 20
De Long Hook & Eye Co. (quarterly)
50c July 1
Denver Union Stockyards (guar.)
50c Oct. 1
Quarterly
50c Jan. 1
Quarterly
$14 Sept. 1 Aug. 20
7% preferred (guar.)
3134 Dec. 1 Nov. 20
7% preferred (guar.)
244% July 2 May 15
Deposited Bank Shares of N. Y.(8.-a.)
V July 16 June 30
Detroit Edison Co. capital stock (guar.)
32 July 7 June 20
Detroit Hillsdale & Southwestern (semi-ann.)._
$5 June 11 May 31
Devonian Oil Co
15c Sept. 1 Aug. 15
Doctor Pepper Co.(guar.)
15c Dec. 1 Nov. 15
Quarterly
50c July 20 June 30
Dome Mines, Ltd. (guar.)
3134 July 20 June 30
Extra
314 July 3 June 15
Dominion Glass, common (guar.)
$131 July 3 June 15
Preferred (ouarterly)
Dominion Textile Co., Ltd.,common (quar.)— $14 July 3 June 15
$1.34 July 16 June 30
Preferred (quarterly)
e50% July 2 June 16
Dow Chemical
$14 July 1 June 20
Driver-Harris Co., 7% pref. (guar.)
1to 8
June 2 May 15
Dunlop Rubber Co., Am.dep rec. ord. reg_
Duquesne Light Co.,5% 1st pref.(guar.)
3134 July 16 June 16
65c June 15 May 31
E.I. duPont de Nemours & Co.,com.(quar.)
Debenture stock (quarterly)
15134 July 25 July 10
$131 June 15 June 5
East Mahanoy RR.(s. a.)
Eastern Gas & Fuel Associates, pr:or pref.(qu.)_ 31.125 July 1 June 15
3134 July 1 June 15
$6 preferred (quarterly)
Eastman Kodak, corn. (euar.)
31 July 2 June 5
$134 July 2 June 5
Preferred (quarterly)
-a.)
$134 July 17 July 7
East Penn RR.,6% gtd. (s.
25c July 2 June 20
Electric Controller & Mfg. Co.(guar.)
Electric Storage Battery Co.common (quar.)_
50c July 2 June 9
50c July 2 June 9
Preferred (guar.)
Elizabeth & Trenton (s-a)
$1 Oct. 1 Sept. 20
$14 Oct. 1 Sept. 20
5% preferred (s-a)
Elmira & Williamsport RR.,pref.(s.
-a.)
$1.61 July 2 June 20
$134 July 16 June 29
El Paso Electric. pref. (guar.)
Emerson's Bromo-Seltzer, 8% pref. (quar.)____
50c July 1 June 15
Empire& Bay State Teleg.,4% guar.(guar.)_ _ _
Si Sept. 1 Aug. 22
4% guaranteed (guar.)
$1 Dec. 1 Nov. 21
Empire Power Corp. $6 preferred
$134 July 1 June 15
Eppens, Smith (semi-annual)
$2 Aug. I July 25
Erie & Pittsburgh RR.,7% guaranteed (guar.). 8745c June 9 May 31
Escanawba Power & Traction,6% pref.(quar.)_ $144 Aug. 1 July 27
6% preferred (guar.)
$135 Nov. 1 Oct. 28
Eureka Vacuum Cleaner Co.(guar.)
1234c July 1 June 15
Faber Coe & Gregg (quarterly)
25c Sept. 1 Aug. 15
25c Dec. 1 Nov. 15
Quarterly
Quarterly
25c 3-1-35 2-15-35
Falconbridge Nickel Mines
Sc July 2 June 15
Farmers & Traders Life Insurance Co.(quar.).
3234 July 1 June 10
Quarterly
$234 Oct. 1 Sept. 10
10c June 20 June 9
Ferro Enamel Corp., corn. (guar.)
Sc June 20 June 9
Common (extra)
16c June 29 June 15
Fifth Avenue Bus Securities Corp.(guar.)
First National Stores, Inc.,common (quar.)____ 6244c July 2 June 9
$134 July 2 June 9
Preferred (quar.)
$134 June 30 June 20
First State Pawners Society(quar.)
50c June 15 June 10
Food Machinery. 634% preferred (monthly)._
50c July 15 July 10
634% preferred (monthly)
50c Aug. 15 Aug. 10
634% preferred (monthly)
50c Sept.15 Sept. 10
634% preferred (monthly)
Aug. 1 July 12
Freeport Texas Co.6% preferred(guar.)
June 15 June 5
Gamewell Co., pref.(guar.)
114 Sept. 1 Aug. 23
,
1
General Cigar Co.. Inc., preferred (guar.)
1* Dec. 1 Nov.22
Preferred (guar.)
80 r.
Generale d'Electricite
15c July 25 June 29
General Electric Co., common (guar.)
15c July 25 June 29
$10 special stock
Italian Edison Electric Amer. Shares__ $3.39
General
25e June 12 May 17
General Motors Corp., corn. (guar.)
$14 Aug. 1 July 9
$5 preferred (cuarterly)
25c July 1 June 11
General Railway Signal Co., common (guar.)._
VA July 1 June 11
Preferred (quarterly)
$134 July 2 June 15
Georgia Power Co., $6 preferred (quar.)
$144 July 2 June 15
S5preferred q
German National RR. Co..7% preferred—
Coupon No. 16 of series IV and coupon
334%
No. 12 of series V (s.-a.)
25c June 29 June 4
Gillette Safety Razor Co., common (quar.)____
$14 Aug. 1 July 2
Prefererence (quarterly)
40c July 2 June 15
Glens Falls Ins. Co.(guar.)
40c June 10 May 31
Golden Cycle Corp.(guar.)
$1 July 2 June 1
Goodyear Tire & Rubber Co..7% pref. (guar.).
25c July 2 June 11
Goldblatt Bros.(guar.)
$144 June 30 June 16
Gold Dust Corp. preferred (quar.)
$134 July 2 June 20
Gold & Stock Telegraph (quar.)
25c June 15 May 31
Gordon Oil (quarterly)
50c June 30 June 20
Gorton-Pew Fisheries (guar.)
% July 2 June 20
Gottfried Baking Co.,Inc., preferred (quar.)___
Preferred (guar.)
14% Oct. 1 Sept. 20
Jan. 2 Dec. 20
Preferred (guar.)
June 30 June 28
Grace(N.R.)6% first pref. (semi-annual)
$3 Dec. 29 Dec. 27
6% first preferred (semi-annual)
$2 June 20 June 9
Rapids & Indiana Ky.(send annual)._
Grand
Gt. Western Electro Chem Co.,6% 1st pf.(qu.) $134 July 1 June 20
60c July 2 June 15
Great Western Sugar Co.,common (guar.)
$131 July 2 June 15
Preferred (quarterly)
Green & Coats Street Phila.Passenger fly.. pref. $134 July 7 June 22
$134 Oct. 6 Sept.22
Preferred
June 19 June 13
$3
Greene RR.(8.-a.)
June 20
$144 July
Greenwich Water & Gas. 6% pref. (guar.)
Guarantee Co. of N. Amer.(Montreal) (quar.)_ $134 July16 June 30
July 16 June 30
22
Extra
June 15 June 1
$1
Gulf States Utilities Co., $6 pref. (guar.)
$134 June 15 June 1
$534 preferred (quarterly)
Hackensack Water 00.7% pref. class A (guar.) 4331c June 30 June 18
15c Sept. 1 Aug. 15
Hale Bros. Stores. Inc.(guar.)
15c Dec. 1 Nov. 15
Quarterly
10c June 15 June 4
Lamp Co., common (guar.)
Hall (C. M.)
45c July 3 June 9
Halifax Fire Insurance Co
25c July 2 June 15
Co. (quarterly)
Rabid
25c July 2 June 16
Extra
$131 July 2 June 15
79' preferred (quarterly)
June 30 May 31
Theater, pref.(guar.)
Hamilton United
July 2 June 15
Hammermill Paper Co.,6% pref. (guar.)
Hanes (P. H. Knitting mills,7% pref.(quar.). $141 July 2 June 20
)
Iig
I
Ii
Name of Company.
June 2 1934
Per
When Holders
Share. Payable. of Record.
$2
July 20 July 10
Hannibal Bridge (guar.)
$1
Aug. 1 July 21
Harbauer Co.,7% preferred (guar.)
$1
Oct. 1 Sept.21
7% preferred (guar.).
Jan 1'35 Dec. 21
Si
7% Preferred (quar.)
July 20 July 10
Harbison-Walker Refractories, pref.(quar.).--- 145
Sept. 1 Aug. 15
Hardesty (R.) Mfg.,7% pref.(guar.)
$134 Dec. 1 Nov. 15
7% preferred (guar.)
60c July 15 July 5
Hawaiian Sugar (guar.)
20c June 30
Hawaii Consolidated Ry., Ltd., 7% pref. A..
Hazeltine Corp. (special distribution)
$24 June 15 June 1
10c June 15 May 15
Hecla Mining Co
10c June 29 June 22
Hibbard, Spencer, Bartlett & Co.(guar.)
Holly Sugar Corp., preferred
$14 Aug. 1 Jul) 15
15c June 20 June 12
Honolulu Gas(monthly)
25c June 9 May 31
Honolulu Plantation Co. (monthly)
New stock (monthly)
15e June 11 May 31
Household Finance, pref.(guar.)
0e
35
$1.5c
7
Quarterly
July 2 May 31
Flowey Gold Mines Ltd
25c July 1 June I
Humble Oil & Refining Co.(guar.)
10c June 5 May 31
Hutchinson Sugar Plantation (monthly)
k7%
I. G. Farbenindustrie (conpar No. 12)
Illinois Central RR.,leased lines (s.
-a.)
July 2 June 11
$2
5% June 8
imperial Chem.Ind. Amer.dep.rec,for ord.shs.
Imperial Life Assurance (quar.)
July 3
Quarterly
$3
33q Oct. 1
Quarterly
$34 Jan.1 '35
Indiana Hydro-Electric Power Co
8734c June 15 May 31
Indianapolis Water Co., 59' pref. set. A (guar.) $134 June 30 June 110
Industrial Cotton Mills
(R.H..S.0.).7%pf.(qr.)
$141 Aug. 1 July 27
Industrial Rayon Corp. (new stock) (initial).—
42c July 1 June 18
$3 July 2 June 4
Ingersoll-Rand Co., pref. (s.-a.)
International Business Machines Corp. (quar.). 3134 July 10 June 22
15c July 16 June 20
International Harvester Co.. common (guar.)__
10c June 30 May 31
International Nickel Co. of Canada. corn
International Ocean Telegraph (guar.)
$144 July 2 June 30
International Power Security. $6 pref
h$2 June 15 June 1
r65c June 1.5 May 23
International Proprietories, Ltd., A stock
International Salt Co
3735c July 2 June 15a
International Teleg. Co.of Maine (semi-annual)$1.33 July 2 June,15
50c Aug. 15 Aug. 1
Interstate Hosiery Mills (guar.)
50c Nov. 15 Nov. 1
Quarterly
July 2 June 15
$2
Intertype Corp.. 1st pref. (guar.)
July 2 June 15
2d preferred (s-a)
$3
Investment Corp. of Phila
50c June 15 June 1
Iowa Electric Light & Power—
oreferred A
h.S7 34c June 15 June 1
h8i34c June 1F June 1
634% preferred B
h75c June 15 June 1
6 preferred 0
Iron Fireman Mfg. Co.. corn. (guar.)
20c Sept. 1 Aug. 10
20c Dec. 1 Nov. 10
Common (quar.)
15c June 30 June 20
Kalamazoo Vegetable Parchment Co.(guar.).15c Sept.30 Sept. 20
Quarterly
15c Dec. 31 Dec. 20
Quarterly
$134 July 1 June 14
Kansas City Power & Light. 1st pref. B
50c June 15 May 31
Drug Co., common (quar.)
(quar.)Ktz
$144 July 2 June 15
Preferred (quarterly)
$134 July 2 June 9
Kaufmann Dept. Stores. pref. (guar.)
Keystone Custodian Funds. series H (11(14— - $19.07
50c June 15 June 5
Keystone Steel & Wire
$134 July 2 June 12
Kimberly-Clark Corp., pref. (guar.)
$14 July 2 June 18
Kings County Ltg. Co.B 7% pref.(quar.)
$1 g July 2 June 18
5% preferred (quarterly)
$1
July 2 June 18
Common (guar.)
July 2 Juno 18
$1
6% preferred (quarterly)
25c July 2 June 20
Klein (D. Emil) Co..common (guar.)
$134 July 2 June 10
Hopper's Gas & Coke Co., pref. (guar.)
20c June 30 June 14
Kresge (S. S.) Co..common
$1
June 30 June 14
Preferred (quarterly)
$1
July 2 June 20
Kroger Grocery & Baking. 6% pref. (guar-$1
Aug. 1 July 20
7% preferred (quarterly)
20 fr.
Kuhlmann (Paris)
L'Alr Liquide, Am. dep. rec. set.0 bearer abs 19.596fr June 8 May 31
r50c June 15 June 1
Lake Shore Mines, Ltd. (quarterly)
r50c June 15 June 1
Extra
3734e June 30
Landers. Frary & Clark.core.(guar.)
3734c Sept.30
Common (guar.)
37t4c Dec. 31
Common (guar.)
1
June 15 June 5
Landis Machine, pre!. (guar.)
1
Sept. 15 Sept. 5
Preferred (guar.)
1
Preferred (guar.)
Dec. 15 Dec. 5
10c June 15 June 9
Lessing's, Inc
30c June 15 May Si
Libby-Owens Ford-Glass (guar.)
Liggett & Myers Tobacco Co., pref.(quar.).$134 July 2 June 11
3734c June 15 June 1
Lily-Tulip Cup (guar.)
30c Aug. 1 July 26
Lincoln Nat.Life Ins.(Ft. Wayne)(guar.)
30c Nov. 1 Oct. 26
Quarterly
Linde Air Products, 6% pref. (guar.)
$134 July 2 June 20
Lindsay Light Co., pref. (guar.)
1734c June 25 June 9
3134 July 2 June 15
Link Belt Co. preferred (guar.)
Little Miami RR.special guaranteed (guar.).50c June 9 May 25
Original
$1.10 June 9 May 25
London Tin Corp., Am. dep. rec. 734% pref._ 30
June 26 May 25
h30
Amer. dep. rec. 734% pref
June 19 May 22
Long Island Lighting Co., ser. A 7% pref. (qu.) 14
July 1 June 15
134
Series B 6% preferred (guar.)
July 1 June 15
Lord & Taylor, common (guar.)
$2
July 2 June 16
Loose-Wiles Biscuit Co , pref. (guar.)
SI
July 1 June 18
3734c July 2 June 15
Loudon Packing Co.(guar.)
Extra
1244c July 2 June 15
Louisville Gas & Electric Co.of Delaware—
3734c June 25 May 31
Class A & B,common (guar.)
Lunkenheimer Co., 634% pref. (guar.)
$1
July 1 June 22
Si
6% preferred quar.
Oct. 1 Sept.21
Jan. 2 Dec. 22
634% Preferred (guar.
%
Lynchburg & Abingdon Teleg. (semi-annua)
$3 July 2 June 15
100fr.
Lyonnais° des Haus
MacFadden Publications, inc., $6 pref
$3 July 10 June 30
Magnin (I.) & Co., preferred (guar.)
Aug. 15 Aug. 5
Preferred (guar.)
Nov. 15 Nov. 5
Mani Agriculture, Ltd. (guar.)
15c July 2
Manischewitz (B.), pref.(quar.)
$14 July 1 June 20
Mapes Congo! Mfg.(guar.
76c July 2 June 15
zwg%
Marconi's Wireless Teleg. Co.. Ltd., com
Mathieson Alkali Works. Inc., corn. (guar.)... 3734c July 2 Juno 11
Preferred (quarterly)
3131 July 2 June 11
Mayflower Associates (guar.)
50c June 15 June 1
r20c June 15 May 15
McColl Frontenac 011 Co.. common (quar.)___ _
Memphis Power & Light Co., 7% pref. (quar.). $134 July 2 June 18
$134 July 2 June 16
69' preferred (quarterly)
25c June 30 June 23
Merchants Refrigerating Co. of N. Y.(guar.)._
Mesta Machine Co., corn. (guar.)
25c July 2 June 16
Preferred (quarterly)
$134 July 2 June 16
Metal Package Corp., common (guar.)
July 2 June 15
Metro-Goldwyn Pictures Corp., pref. (guar.)._ 134% June 15 May 25
h25c June 15 June 5
Midland Royalty. $2 preferred
Milland Grocery 6% preferred (semi ann.)
$3 July 1 June 20
Mill Creek & Mine Hill Navigation & RR.(s-a).. $131 July 12 June 30
Mississippi Valley 'Puolic Service—
s% preferred B (guar.)
$1 A July 1 June 21
Mobile & Birmingham RR.. 4% gtd (8-a)
$2
July
Monarch Knitting, 7% preferred
hil July 3 June 15
25c June 12 .1ua y 25
Monsanto Chemical Works(guar.)
5 M ne 1
h$14i July 2 June 19
Montgomery Ward & Co., class A
r$1 34 Juno 15 May 31
Montreal Cottons, Ltd., pref. (guar.)
75c June 15 May 31
Montreal Loan & Mtge. (guar.)
July 1 July 1
Moore Dry Goods Co.(guar.)
Oct. 1 Oct. 1
Quarterly
134 Jan. 1 Jan. 1
Quarterly
75c June 15 May 28
Morrell (John), (guar.)
$141 July 1 June 20
Morris 5 & 10c. Stores,7% pf. (guar.)
Oct. 1 Sept. 20
Si
7% preferred (guar.)
II
Ii
a
Name of Company.
3729
Financial Chronicle
Volume 138
When Holders
Per
Share. Payable. ofRecord.
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Public Service Co. of Oklahoma
Morris Finance, A (guar.)
$131 June 30 June 20
$131 July 2 June 20
30c June 30 June 20
Series B (guar.)
7% prior lien stock (guar.)
$136 July 2 June 20
7% preferred (quar.)
65' prior lien stock (guar.)
5131 June 30 June 20
70c June 30 June 1
Public Service Corp. of N. J., corn. (quar.)_ _
Morris Plan Ins.Soc.(guar.)
$1 Sept. 1 Aug. 25
52 June 30 June 1
Quarterly
$8 preferred (guar.)
$I Dec. 1 Nov. 26
$1% June 30 June 1
Muncie Water Works,8% pref.(guar.)
$7 preferred (guar.)
June 15 June 1
52
$13.1 June 30 June 1
$5 preferred (guar.)
Muskogee Co., common
25c June 15 June 5
50c June 30 June 1
Mutual Chem. of America. pref.(guar.)
$144 June 28 June 21
65' preferred (monthly)
Public Service Electric & Gas Co., $5 pf. (qu.)_ $134 June 30 June 1
Preferred (guar.)
5131 Sept.28 Sept.20
June 30 June 1
$1
7% preferred (guar.)
Preferred (guar.)
131 Dec. 28 Dec. 20
$1 July 16 July 2
Mutual Telephone (Hawaii) (monthly)
Quaker Oats Co., common (guar.)
Sc June 20 June 9
$136 Aug. 31 Aug. 1
Myers (F. C.) & Bros. (guar.)
6% preferred (guar.)
25c June 30 June 15
July 1 June 15
Queensboro Gas & Electric, 6% pref. (quar.)._ $1
Preferred (guar.)
$111 June 30 June 15
100 June 15 June 1
Nashua Gummed & Coated Paper
Rapid Electrotype Co
June 12 June 11
250 June 15 May 31
Raybestos-Manhattan, Inc. (guar.)
Nashville & Decatur RR., 73% guar. (s.
93%c July 2 June 20
-a.)
50c June 14 May 24
Nassau & Suffolk Ltg.,7% preferred (quar.)
Reading Co., 1st preferred (guar.)
July 1 June 15
$1
50c July 12 June 21
National Biscuit Co., corn. (guar.)
July 14 June 15
2d preferred (guar.)
250 June 15 May 31
Reeves (Daniel). Inc., corn. (guar.)
National Bond & Share Corp
25c June 15 May,31
$1% June 15 May 31
Preferred (quarterly)
National Breweries, common (guar.)
40c July 2 June 15
$131 June 15 May 31
Reliance Gram,636% pref.(guar.)
Preferred (quarterly)
44c July 2 June 15
20c Aug. 10 July 31
National Container Corp., preferred (quar.)
Republic Insurance. Texas (guar.)
50e Sept. 1 Aug. 15
20c Nov. 10 Oct. 31
Quarterly
Preferred
h50c Sept. 1 Aug. 15
25c July 5 July 2
Republic Supply Co. (quar.)
Preferred (guar.)
50c Dec. 1 Nov. 15
25c Oct. 5 Oct. 2
Quarterly
Preferred
h50c Dec. 1 Nov. 15
June 30 June 15
Rich's. Inc., 636% preferred (guar.)
National Dairy Prod. Corp., common (guar.)-30c July 2 June 4
50c June 11 May 28
Rike-Kurnler Co., corn. semi-ann.)
(
Class A & B preferred (guar.)
$1% July 2 June 4
$131 July 1 June 25
7% preferred (guar.)
National Enameling & Stamping Co
50e June 30 June 4
6%
-National Finance Corp. of Amer.(guar.)
Royal Dutch Petroleum Co.(annual)
15c July 2 June 11
rw2%%
Rubber Plantations Invest. Trust common
6% preferred (quarterly
15c July 2 June 11
250 June 15 June 1
Ruberoid Co. (quarterly)
Extra __
15c July 2 June 11
250 June 15 June 5
June 30 June 15
Ruud Mfg. Co., corn. (guar.)
National Lead Co..common (gUar..)
_$1
.
750 July 1 June 19
Class A preferred (guar.)
Safeway Stores, Inc., common (guar.)
El% June 15 June 1
July 1 June 19
Class B preferred (quar.)
$1
$1% Aug. 1 July 20
6% preferred (guar.)
July 1 June 19
7% preferred (guar.)
National Sugar Refining Co. of N. J
50c July 2 June 1
July 1 June 15
St. Louis Bridge, 1st pref.(s.
-a.)
National Transit Co. (semi annual)
40c June 15 May 25
July 1 June 15
July 2 June 15
$
2nd preferred (quarterly)
Natomas Co.(quarterly)
June 10 May 31
HC June 30 June 15
San Francisco Rem. Loan Association (guar.)._
Newark Telephone Co.(Ohio)(guar.)
$1
$2 July 2 June 15
Savannah Electric & Power 8% pref. A (guar.)._
25c July 1 June 16
Newberry (J. J.) Co.. corn. (guar.)
7%% preferred B (guar.)
New Castle Water,6% pref.(guar.)
$131 July 2 June 15
$131 July 2 June 15
$1% July 2 June 15
7% preferred C (guar.)
New England Telep. & Teleg. Co
$1% June 30 June 8
5131 July 2 June 15
6%% preferred Et (guar.)
75c July 2 June 30
New York Mutual Teleg.(s.
-a.)
500 June 15 May 31
Schiff Co., common (guar.)
New York Power & Light Corp..7% pref.(qu.)- $131 July 2 June 15
$131 June 15 May 31
Preferred (quarterly)
$1% July 2 June 15
$6 preferred (guar.)
Sc June 30 May 31
New York & Queens Elec. Lignt & Power (guar.)
$2 June 14 June 1 ...2cottish Type Investors A & B (qu.)
37Ac June 30 June 16
New York Steam Corp., 6% pref. ((Mar.)
$131 July 2 June 15 golScott Paper Co.. COM. (guar.)
250 July 2 June 15
Scoville Mfg. Co. (quarterly)
$131 July 2 June 15
7% preferred A (quarterly)
15c June 15 June 1
Seaboard Oil of Del.(quarterly)
New York Telephone, pref. (guar.)
51% July 15 June 20
10c June 15 June 1
Extra
50c June 28 June 15
New York Transportation Co. (quar•)
Second International Securities Corp
75c July 2 June 15
Niagara Wire Weaving, $3 pref. (guar.)
50c July 2 June 15
6% 1st preferred (quar.)
$3 preferred
hill A July 2 June 15
20c June 5 May 31
Second Twin Bell Syndicate (monthly)
50c Aug. 15 Aug. 1
1900 Corporation, class A (guar.)
Shell Transport & Trading Co., common (final)x w7
0
500 Nov. 15 Nov. 1
Class A (quarterly)
Sept. 1 Aug. 26
Shenango alley Water.6% pref. (guar.)
$1
$2 June 19 May 31
Norfolk & Western Hy. common (guar.)
6% preferred (guar.)
$1% Dec. 1 Nov.20
North American Co.,common
12Ac July 2 June 5
Sioux City Stockyards Co., pref.(quar.)
$136 Aug. 15 Aug. 14
July 2 June 5
Common _
el
51g Nov. 15 Nov. 14
Preferred (guar.)
750 July 2 June 5
Preferred (quar.)
_June 30 June 15
Siscoe Gold Mines, Ltd.(guar.)
North Central Texas Oil Co.,pref.(guar.)
$1% July 2 June 11
lc June 30 June 15
Extra
Northern Ontario Power Co., corn. (quar.)- 50c July 25 June 30
Smith (8 Morgan) Co.(guar.)
$I Aug. 1
6% preferred (quarterly)
1%% July 25 June 30
SI Nov. 1
Quarterly
Northern Pipe Line Co.(semi-ann.)
250 July 2 June 15
I5c June 15 May 11
Socony Vacuum Corp
$1 Sept. 1 Aug. 22
Northern RR.of N. J.4% guaranteed (quar.)
_ $131 July 2 June 15
South Carolina Power Co., $6 pref. (quar.)
4% guaranteed (guar.)
Si Dec. 1 Mar.21
$4 July 1
Southeastern Cottons,Inc
North River Insurance Co. (quar.)
15c June 11 June 1
7% preferred
$334 July 1
E xtra...............................
_ _ _____
Sc June 11 June 1
Southern California Edison Co.—
Northwestern
$1% July 2 June 15
__Teleg. Co.-S.-a.)
(
131% June 15 May 19
75' series A preferred (guar.)
Norwalk Tire & Rubber Co. pref.(guar.)
8731c July 2 June 22
June 15 May 19
6% series B preferred (guar.)
July 2 June 20
Norwich Pharmacal Co. (quar.)
$I
July 16 June 20
Southern Canada Power Co.,Ltd.,6% pf.(qu.)_
$134 Oct. 1 Sept. 20
Quarterly
June 15 May 31
Southern Colorado Power Co..7% pref.(quar.)_
QuArterly _ _
$13.1 Jan 1'35 Dec. 20
South Manchuria Ry
Oahu R.& Land - mItithli)
15c June 15 June 11
(
-30c JIM 30 June 15
Spencer Kellogg & Sons, Inc., corn. (quar.)
Oahu Sugar Co., Ltd.(monthly)
10c June 15 June 6
250 July 2 June 4
Ohio Edison Co., $5 pref. (guar.)
Standard Brands, Inc., common (guar.)
July 2 June 15
1
$131 July 2 June 4
July 2 June 15
1
$6 preferred (quarterly)
$7 cum. preferred (guar.)
12%c July 1 June 20
Standard Coosa-Thatcher (guar.)
$6.60 preferred (quarterly)
$1.65 July 2 June 15
$131 July 15 July 15
$7 preferred (quarterly)
El% July 2 June 15
75' preferred (guar.)
$2% June 30 June 9
-a.)
Standard Oil Exports Corp., pref.(s.
$7.20 preferred.(quarterly)
$1.80 July 2 June 15
250 June 15 May 15
Ohio Finance Co., 8% pref. (guar.)
Standard Oil of California (guar.)
July 2 June 11
$2
250 June 15 May 15
Class A (quar.)
Standard Oil Co. of Indiana (guar.)
July 2 June 11
$1
50c July 31 July 2
Standard Oil Co. of Kansas(guar.)
Ohio & Mississippi Teleg. Co
$2% July 2 June 16
250 June 15 May 31
Ohio Oil Co., common
Standard Oil of Kentucky (guar.)
15c June 15 May 19
250 June 20 May 23
Standard Oil of Nebraska (guar.)
Preferred (guar.)
$1% June 15 June 4
-a.)
Oklahoma Gas & Electric Co..6% pref. (go.).- 13% June 15 May 31
50c June 15 May 16
Standard OH of New Jersey $25 par (s.
$2 June 15 May 16
7% preferred (guar.)
$100 par (semi-annual)
15(% June 15 May 31
Omnibus Corp. pref. (guar.)
30c Aug. 1 July 7
Steel Co. of Canada, coin. (guar.)
$2
Oneida Commtinity, Ltd.,7% preferred
4331c Aug. 1 July 7
Preferred (quarterly)
h50c June 15 May 31
250 June 15 May 25
Onomea Sugar (monthly)
Sun Oil Co.. common (guar.)
20c June 20 June 10
10c July 2 June 20
O'Sullivan Rubber
Sutherland Paper Co.. common
10c June 30 May 31
Pacific & Atlantic Teleg. Co. of 11.8. (8.-5.)- Swedish Ball Bearing Co., pref.(guar.)
$154 June 30 June 12
50c July 2 June 15
Pan American Southern Corp
25c June 15 June 5
Sylvania Industrial Corp.(guar.)
$1 June 15 May 21
Paraffine Companies, Inc., corn. (guar.)
Sc June 30 May 26
Sylvanite Gold Mines
50c June 27 June 18
Pechiney Chemicals Co
250 June 30 June 10
Tacony-Palmyra Bridge,common (guar.)
30 ft
Penick & Ford Co., Ltd.(quar.)
25c June 30 June 10
Common class A (quarterly)
50c June 15 June 1
Peninsula Telephone Co. 7% pref. (guar.)
200 July 11June 20
Telephone Investment Corp.(monthly)
$13 Aug. 15 Aug. 6
,
1
Pennsylvania Gas & Electric—
$1 X July 2 June 15
Tennessee Elec. Power Co.5% pref.(guar.).
$7 and 7% preferred (quarterly)
6% preferred (gust.
$1% July 2 June 15
$1% July 2 June 20
Pennsylvania Power Co.,$6.60 pref.(mo.)
55c July 2 June 20
$131 July 2 June 15
7% preferred (guar.)
7°
$6.60 preferred (monthly)
55c Aug. 1 July 20
$1.50 July 2 June 15
7.2% preferred (guar.)
$6.60 preferred (monthly
50c July 2 June 15
6% preferred (monthly)
55c Sept. 1 Aug. 20
60c July 2 June 15
$6 preferred (quarterly)
7.2% preferred (monthly)
$1% Sept. 1 Aug. 20
Pennsylvania Water & Power Co. (guar.)
250 July 1 June 1
Texas Corp (guar.)
75c July 2 June 15
Preferred (quarterly)
Texas Gull'Producing (monthly)
2%% June 16 May 18
July 2 June 15
Peoples Drug Stores (guar.)
50c June 15 June 1
Texas Gulf Sulphur (quarterly)
25c July 2 June 8
Preferred (guar.)
June 30 June 8
552
Tide Water Assoc. Oil Co., 6% pre
$1% June 15 June 1
Perfection Stove Co. (quarterly)
50c July 2 June 20
Time, Inc. (guar.)
30c June 30 June 20
Pet Milk Co., corn. (guar.)
250 July 2 June 20
Extra
25c July 2 June 13
Preferred (guar.)
$1% July 2 June 20
VIA preferred (guar.)
$131 July 2 June 13
Petroleum Exploration (guar.)
25e June 5 May 18
Timken Roller Bearing Co
12%c June 15 June 5
Phelps Dodge Corp., special
$131 July 16 July 3
Toronto Elevators, 7% pref. (guar.)
25e July 2 June 14
Philadelphia Co., $6 cum. pref. (guar.)
Trinidad Leaseholders, Ltd—
$1% July 2 June 1
$5 cum. preferred (guar.)
ste5
Amer. dep. rec, for ord• re8
$151 July 2 June 1
Philadelphia Electric Power Co.
Troy & Greenbush, RR. Assoc. (semi-ann.).... 5131 June 15 June 1
8%. S25 par. preferred (guar.)
$1% July 14 June 30
Tuckett Tobacco Co., Ltd., pref. (guar.)
50c July 1 June 9
Philadelphia Germantown & Norristown RR.—
July 2 June 15
Tunnel RR.of St. Louis (s.-a.)
$3
Quarterly __ _
52 June 2 May 31
Twin Bell Oil Syndicate (monthly)- -- ___ - _
$1% June 4 May 21
Philips' Incandescent
Underwood Elliott Fisher Co.,common (quar.). 3734c June 30 June 12
-6%
LampsPhoenix
$1% June 30 June 12
Preferred (guar.)
Finance. pref. (guar.)
50c July 10 July 1
Preferred (guar.)
35c July 2 June 1
Union Carbide & Carbon Corp
60c Oct. 10 Oct. 1
Preferred (guar.)
Union Pacific RR.. common
50c Jan. 10 Jn 1 '35
$136 July 2 June 1
Piedmont & Northern (quarterly)
United Biscuit Co.of Amer., pref.(guar.)
$13.1 Aug. 1 July 16
75c July 10 June 30
Pioneer Gold Mines of British Coiumbis, Ltd_
44e July 2 June 16
United Carbon Co., common (guar.)
15c July 3 June 2
Pittsburgh Bessemer & Lake Erie R.R.(s. a.),Preferred (s.
$3% July 2 June 16
-a.)
75c Oct. 1 Sept.15
Pittsburgh Fort Wayne & Chicago R.R.(quar.)- $I
United Companies of N. J.(guar.)
July 3 June 11
$23.4 July 10 June 20
Quarterly
United Corp., $3 preferred (guar.)
Oct. 2 Sept. 10
750 July 2 June 5
$I
Quarterly
United Dyewood, preferred (guar.)
1-1-35 Dec. 10
$I
$151 July 2 June 15
7 preferred ruarl
United Elastic Corp.(guar.)
July 3 June 11
20a June 23 June 7
$1
7 preferred guar.
Oct. 2 Sept. 10
United Gas & Electric Corp , pref. (guar.)
$1
1 X % July 1 June 15
7 preferred (quar.
United Gas Improvement Co.common (quar.)
1-1-35 Dec. 10
30c June 30 May 31
$1 3
Pittsburgh Plate Glass Co.(guar.)
Preferred (guar.)
$1 X June 30 May 31
35c July 2 June 9
Pittsburgh Youngstown & Ashtabula R.R.United Light & Rye.(Del.).7% prior pref.(mo.) 53 1-3c July 2 June 16
Sept. 1 Aug. 20
6.36% prior preferred (monthly)
75' preferred (guar.)
53c July 2 June 16
Dec. 1 Nov.20
50c July 2 June 16
7% preferred (guar.)
fi% prior preferred (monthly)
Plymouth Oil Co.(guar.)
Unit N. J. RR.& Canal (guar.)
June 30 June 12
July 10 June 20
Pollock Paper & Box Co., pref. (guar.)
Quarterly
June 15
$2% Oct. 10 Sept. 20
Preferred (quarterly)
Quarterly
Sept. 15
$2 A 1-10-35 Dec. 20
Preferred (quarterly)
United States Foil, class A & B common (guar.)
Dec. 15
15c July 2 June 15
Ponce Electric, 7% pref. (guar.)
Preferred (quarterly)
July 2 June 15
$131 July 2 June 15
United States Gypsum Co., corn.(guar.)
Sept. 1
Powell River, 7% preferred
25c July 2 June 15
7% preferred
Preferred (guar.)
Dec. 1
$131 July 2 June 15
U.S.Petroleum Co.(guar.)
July 16 June 16
lc June 10 J
Premier Gold Mining Co. Ltd
Quarterly
lc Sept. 10 Sept. 5
June 15 May 25
Procter & Gamble Co.. 51, pref.(guar.)
Quarterly
July 2 June 20
lc Dec. 10 Dec. 5
Publication Corp., 7% or g. pref. (quar.)
United States Playing Card (guar.)
25c July 2 June 20
June 15 June 5
7% 1st preferred (guar.)
114
84
1
Financial Chronicle
3730
Per
When
Holders
Share. Payable. of Record.
Name of Company.
12Xc July 20 June 30
U. S. Pipe & Foundry Co., corn. (guar.)
Common (quar.)
12)4c Oct. 20 Sept.29
Common (quar.)
12 Xc Jan. 20 Dec. 31
30c July 20 June 30
Preferred (quar.)
30c Oct. 20 Sept.29
Preferred (guar.)
Preferred (quar.)
30c Ian. 20 Dec. 31
81 Xc June 15 May 25
United Stores Corp.. preferred (quar.)
Upper Michigan Pow.& Lt.,6% pref. (quar.)
$1 X Aug. 15
36 Nov. 15
,
6% preferred (quar.)
2-1-35
6% preferred (quar.)
Si
June 10
Vapor Car Heating Co.. Inc., 7% pref
h$3
7% preferred
/43X Sept. 10
x5%
Venezuela Oil Concessions, Ltd.. corn.
July 2 June 16
$2
-a.)
Vermont & Boston Telegraph Co.(s.
Victor Monoghan, 7% preferred (quarterly)— SIX July 1
60c June 15 June 1
Viking Pump Co., preferred (quar.)
S13 June 20 May 31
,
Virginia Electric & Power Co., $6 pref. (quar.)_
$14 July 2 June 10
Virginia Public Service, 7% pref. (guar.)
$1 X July 2 June 10
6% preferred (quarterly)
6231c July 2 June 15
Vortex Cup Co.. class A (gum )
1 3 July 20 July 10
Vulcan Detinning Co., preferred (quar.)
Oct. 20 Oct. 10
Preferred (quar.)
$14 July 2 June 20
Wagner Electric Co.. preferred (quar.)
Walker (H.), Gooderham & Worts, Ltd.—
25c June 15 May 25
Preference (quarterly)
50c July 2 June 15
Ward Baking Corp.. 7% preferred
$33 July 2 June 30
Ware River RR.. guaranteed (s-a)
SIX June 15 May 25
Washington Water Power, $6 pref. (quar.)_
30c July 2 June 15
Westmoreland, Inc. (quar.)
Weston Electrical Instrument Co.—
50c
Class A (quarterly)
h50c
Class A
$IX June 30 June 15
West Penn Electric Co.. class A
1X 7 Aug. 1 July 5
West Penn Power Co., 7% pref. (quar.)
Aug. 1 July 5
1)4
6% preferred (quarterly)
June 15 June 5
Weyenberg Shoe Mfg.. preferred (quar.)
$1% Sept. 15 Sept. 5
Preferred (quarterly)
$131 Dec. 15 Dec. 5
Preferred (quarterly)
$131 June 15 June 1
Whitman(Wm.) Co.. Inc., preferred
62 c June 30 June 20
Wilcox-Rich Corp.. class A (quar.)
Aug. 1 July 15
$1
Winstead Hosiery (guar.)
$1 X Nov. 1 Oct. 15
Quarterly
Wisconsin Michigan Power, 6% pref. (quar.)- SIX June 15 May 31
Wisconsin Power & Light Co.,6% preferred_ _ _ _ 37 Xc June 15 May 31
43 X c June 15 May 3111(
7% preferred
Wisconsin Public Service Corp.,7% pf.(quar.)_ $131 June 20 May 31
5131 June 20 May 31
% preferred (guar.)
63
5131 June 20 May 31
6% preferred (quar.)
/10% Sept.:4o Sept. 15
Woodley Petroleum Co
June 22 May 21
zw30
Woolworth (F. W.). Ltd.(interim)
zw3 to June 8 May 16
6% preferred (s.-a.)
50c June 30 June 20
Worcester Salt (quarterly)
25c July 2 June 20
Wrigley (Wm.) Jr. Co. (monthly)
25c Aug. 1 luly 20
Monthly
25c Sept. 1 Aug. 20
Monthly
25c Oct. 1 gent. 20
Monthly
15c July 2 June 11
Yale & Towne Mfg. Co.(quar.)
I The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
Payanle in common stock. y Payable in scrip. h On account of accumulated dividends. I Payable in preferred stock.
k I. G. Farbenindustrie dividend is payable against surrender of coupon
No. 12 partly in cash and partly in scrip.
m Reynolds Metals Co. declared an extra dividend payable in capital
stock of the corporation at the rate of 1 new share for each 4 shares held
(subject to approval of listing application by New York Stock Exchange).
n A dividend on the convertible preference stock, optional series of 1929,
of Commercial Investment Trust Corp. has been declared payable in
common stock of the corporation at the rate of 1-52 of 1 share of common
stock per share of convertible preference stock, optional series of 1929, so
held, or at the option of the holder (exercisable in the manner stated in tne
certificate of designation, preferences and rights of the convertible preference stock, optional series of 1929). in cash at the rate of $1.50 for each
share of convertible preference stock, optional series of 1929, so held.
o Pacific Bancshares, Ltd., have authorized the exchange of 10 shares of
capital stock for one share, thereby increasing the liquidating value 10 times.
Bayuk Cigars, Inc. declared a divideni of 4-100ths of a share of common treasury stock on each share of common stock outstanding.
Payable in Canadian funds, and in the case of non-residents of Canada.
r
a deduction of a tax of 5% of the amount of such dividend will be made.
u Payable in U. S. funds. o A unit. w Less depositary expenses.
x Less tax y A deduction has been made for expenses.
31
131%
June 2 1934
WEEKLY RETURN OF THE NEW YORK CITY
CLEARING HOUSE.
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAY 26 1934.
Clearing House
• Surplus and Net Demand
Undivided
Deposits,
Profits.
Average.
• Capital.
Members.
Tim.
Deposits.
Average.
&
6,000,000
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
&
&
9,885,400
89,549,000
31,931,700
290,745,000
35,561,900 0926,298,000
47,510,600
313,418,000
177,660,100 b982,957,000
10,297,500
245,478,000
61,291,500
521,212,000
16,083,700
177,409,000
73,717,000
383,592,000
57,612,800
366,526,000
10,379,000
30,107,000
158,420,000
21,934,000
53,825,000
100,509,003
45,001,000
22,425,000
15.790,000
10,048,000
Continental Bk de Tr Co_
4,000,000
Chase National Bank_ el50,270,000
Fifth Avenue Bank
500,000
Bankers Trust Co
25,000,000
Title Guat & Trust Co
10,000,000
Marine Midland Tr Co..
5,000,000
New York Trust Co...
12,500,000
Comm') Nat LA & Tr Co
7,000,000
Public Nat Bk & Tr Co_
8,250.000
3,467,400
26,228,000
e59,526,800 c1,220,055,000
3,148,900
40,318,000
60,610,800 d560,746,000
10,655,800
17,613,000
7,314,700
46,602,000
21,490,900
210,240,000
7,572,600
47,648,000
4,860,600
45,307,000
2,367,000
76,806,000
852,000
37,305,000
288,000
5,012,000
16.424,000
2,802,000
33,475.000
Bank of N Y & Trust Co
Bank of Manhattan Co_
National City Bank_ ___
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Exch Bank Tr Co..
First National Bank
Irving Trust Co
inn inn 'Inn
Ald nxmnnn
0 311 nAl nnn
S
nAn swnn nnn
Includes deposits in foreign branches as follows: a $225,562,000: I 857,781,000
c$73,436,000; d $16,316,000.
• As per official reports: National, March 5 1934; State, March 31 1934; trust
companies, March 31 1934; e as of March 15 1934.
The 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
following are the figures for the week ended May 25:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MAY 25 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
lnrestments.
Manhattan—
Grace National
Trade Bank of N. Y_
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Cash.
23,665,600
2,946,464
72,300
109,831
1,697,700
633,931
5.069,000
89,000
306,000
Gross
Depesits.
1,229,300 22,019,700
274,954 3,303,720
Brooklyn—
Peoples National_ _ _
20,000
4,768,000
TRUST COMPANIES—AVERAGE FIGURES.
Loans,
Disc. and
Invest.
Res. Dep., Dep. Other
N. Y. and Ranks and
Elsewhere. Trust Cos.
Cash.
Gross
Deposits.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
55,690,800 *3,335,500 7,666,500
59,876
468,210
6,587,831
*561,790
314,312
8,577,742
890,700
16.569,100 *2,474,100
403,700
29,143,000 *4.465,700
64,430,014 7,850,000 17,772,512
1,306,100 55,747,000
527,975 6,010,657
64,757 7,501,929
469,400 15,316,700
31,019,000
60,640,689
Brooklyn—
Brooklyn
Kings County
88,353,000
24,707,141
2,424,000 16,868,000
1,573,571 7,572,637
270,000 91,545,000
27,224,234
* Includes amount with Federal Reserve as follows: Empire, $2,267,900: Fiduciary, $335,371; Fulton, $2,331,300; Lawyers County, $3.738,700.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Ranh of New York at the close of business May 30 1934, In
comparison with the previous week and the corresponding date last year:
Other cash
May 29 1934. May 23 1934. May 31 1933.
$
1,580,596,000 1,565,700,000 274,783.000
744,052,000
3,013,000
1,736,000
1,436,000
82,184,000
63,531,000
57,455,000
Total reserves
Redemption fund—F. R.bank notes
1 639,487,000 13330,967,000 1,104,032.000
2.500,000
2,423,000
2,290,000
Assets—
Gold certificates en band and
from U.S. Treasury (x)
Gold
Redemption fund—F. It. notes
due
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S.Government securities
Other securities (see note)
Total bills and securities (see note)._
Gold held abroad
Due from foreign banks (see note)
F. It. notes of other banks
Uncollected items
Bank premises
Federal Deposit Insurance Corp.stock
All other assets
Total assets
6,223,000
11,324,000
3,770,000
12,469,000
28,195,000
40,135,000
17,547,000
1,891,000
16,239,000
1,886,000
68,330,000
7,186,000
148,404,000
387,200,000
244,651.000
148,403,000
387,348,000
244,504,000
186,240,000
258,746,000
295,200,000
780,255,000
35,000
780,255,000
40,000
798,40,000
819,843,000
1,188,000
4,975,000
99,270,000
11,441,000
42,529,000
31,453,000
1,196,000
5,072,000
102,262,000
11,441,00
42,529,000
30,708,00
1,504,000
4,528,000
90,160,000
12,818,000
Total deposits
740,186,000
4,141,000
799,728,000
May 29 1034. May 23 1934, May 311933.
Ltaceitztts_
$
5
$
F. It. oars in actual circulation
636,127,000 629,001,000 684,951,000
F. R. bank notes in act, circulation net..
38,470,000
39,094,000
47,595,000
Deposits—Member bank reserve acc't 1,550,725,000 1, 37,801,000 1,026,467,000
5
U. S. Treasu.y General Account
10,801,000
18,423,000
41,115,000
Foreign bank (see note)
1,519,000
2,905,000
1,537,000
Other deposits
123,005,000 110,452,000
17,031,000
1,692,050,000 1,688,213,000 1,087,518,000
Deferred availability items
Capital paid In
Surplus
Reserves (F. D. I. C. stock, self insur-
97,951,000
59,643,000
45,217,000
101,223,000
59,653,000
45,217,000
88,294,000
58,527.000
85,058,000
ance,&c.)
All other liabilities
47,266,000
15,627,000
47,266,000
15,401,000
1,667,000
6,606,000
Total liabilities
2,632,361,000 2
,625,018,000 2,060,216,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
70.4%
70.4%
62.3%
Contingent liability on bills purchased
for foreign correspondence
739,000
458,000
11,247,000
24,831,000
2,632,361,000 2,625,018,000 2,060,216,000
Reserve bank notes.
or
•"Other cash" does not include Federal Reserve notestwo a bank's own Federal in
new Items were added
order to show separately the amount of balances hell abroad and amounts due
NOTE.—Beginning with the statement of Oct. 17 1925.
In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit bank debentures, was changed to
- The latter teem was adopted as a more accurate description of the total of the
securities," and the caption, "Total earning assets" to "Total bills and 'emitted.
"Other
provisions of Sections 13 and 14 of the Federal Reserve Ant, which it was stated are the only items included therein.
discount acceptances and securities acquired under the
These are certificates given by the U. 8. Treasury for the gold taken over from the .teseree Banks when toe dollar ,ra4 on Jan. 31 1934 devalued from 1.00 cents to
69.06„
mu, three certificates being worth lees to the extent of the difference, the differo.ova Intel( aaviug been appropriated WI profit by tha TNInallrY under the provision'
et the Gold Reserve not of 1934.
so foreign correspondents.
3731
Financial Chronicle
Volume 138
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, May 31,and showing the condition
System
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
3) 1934.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY
Vali 30 1934. May 23 1934. May 16 1934. May 9 1934. May 2 1934. Apr. 25 1934. Apr. 18 1934. Apr. 111934. May 31 1933.
$
9
9
$
9
$
$
$
9
ASSETS.
4,648,031,000 4,633,584,000 4,583,812,000 4,585,034,000 4.586,500,000 4,490,358.000 4,476.979,000 4.386.837,000 960,143,000
Gold Otis. on hand dr due If. U.S.(a)
2,515,412,000
Gold
44,353.000
32,988,000
31,498,000
31,498,000
31,144,000
30,631,000
30.165,000
29.923,000
Redemption fund (F. R. notes) ---------29.774.000
286,770,000
223,880,000 238,142,000 236,520,000 234,299,000 232,267.000 241,262,000 224,832,000 225.771.000
Other cash •
3,806,668,000
4,901,685,000 4.901,649,000 4,850,497,000 4,849,964,000 4,849.911,0004,763.118.000 4.733,309.000 4.645,596,000
Total reserves.
6,242,000
8,362,000
8,226,000
7,768.000
5,791,000
6,022,000
5,275,000
.5,354,000
4,720,000
Redemption fund-F. R. Dank notes_ - _ _
Bills discounted:
66,014.000
9,276,000
1,8,441,000
7,903,000
6,277,000
6,413,000
7.388,000
6,312,090
9,038,000
Secured by U. S. Govt. obligations_ - _ _
33,975,000 235,960,000
32,410,000 b32,032.000
30.924.000
30,297.000
28,090,000
24,662,000
27,838,000
Other bills discounted
43,251,000 301,974.000
40.473,000
40,313,000
34,312,000
36,574,000
34,402,000
34,251,000
33,700,000
Total bills discounted
19,862,000
17,059,000
13,499,000
10,163,000
5,501,000
5,263,000
8,279.000
5,178,000
6,656,000
Bills bought in open market
431,225,000 441,071.000
406,194,000 406,208,000 406,190,000 407,860,000 407.858.000 406,204,000 406,277,000
-Bonds
U.S. Government securities
1,216,490,600 1,217,000,000 1,233,599,000 1,237,089,000 1,242.591,000 1,221,099,000 1.207.603,000 1.179,906,000 656,593,000
Treasury notes
Special Treasury certificates
807,470,000 806,992,000 790,367,000 786,869,000 781.370,000 902.870,000 816,384.000 820,848,000 791,914.000
Certificates and bills
Total U. S. Government securities
Other securities
2,430,154,000 2,430,200,000 2.430,156,000 2,431.818.000 2.431.819.000 2.430.173010 2.430,264.000 2,431.979,000 1,889,578,000
4,823.000
562.000
562.000
548,000
747,000
747,000
546,000
535,000
546,000
2,469,567,000 2,470,260,000 2,470,605,000 2,475,795,000 2.479.157.000 2.481,197.000 2.484.798,000
Total bills and securities
Gold held abroad
3,130,000
3,131,000
3,134,000
3.131,000
3,135,000
3,134,000
3,125,000
Due from foreign banks
15,905,000
16,995,000
15,382,000
17,317,000
16.846,000
20,430,000
16,260,000
Federal Reserve notes of other banks..
397,257,000 423,048,000 501,044,000 406,394.000 458.805.000 428.684,000 493,347,000
Uncollected Items
52,556.000
52.559,000
52.569,000
52.569,000
52,595,000
52,597,000
52,602,000
Bank premises
Federal Deposit Insurance Corp. stock,. 139,299,000 139,299.000 139,299,000 139,299,000 139,299.000 139,299,000 139,299,000
41,879,000
46,131,000
43,078,000
45,581,000
44,688.000
47,928,000
48,577,010
All other resources
2,492.851,000 2,216,237,000
3,130,000
17,340,000
418,780,000
52.556,000
69,650,000
52,677,000
3,815.000
15,143.000
316,047,000
54,255,000
48,020,000
8,032,214,000 8,060.262.0008,089,011,000 7,994,787,0008,048.408,000 7.936.150,000 7,972,449,000 7,760.942,000 6,466,427.000
Total assets
LIABILITIES.
'0,051,604,000 3,038,297,000 3,081,279,000 3,059.927,000 3,058,777.000 3.030,216,000 3,029,647,000 3,025,812,000 3,203,102,000
F. R. notes in actual circulation
96,280,000
88,336,000
83,102,000
77,767,000
70.208,000
63,752.000
66,252.000
61.439,000
60,422,000
F. Ft. bank notes In actual circulation
-Member banks'reserve account 3,762,920,000 3,767,269,000 3.694.493,000 3,677,863,000 3.570.243,00 1,3,743,597,000 3,669,177,000 3,560,025,000 2,166,721.000
Deposits
72,328,000
29.395,000
68,977.000
17,644,000
60,115,000 142.776,000
45,074,000
11,343,000
51,636,000
U. S. Treasurer-General account_a__.
7.848,000
4.623.000
4.565.000
5.347,000
6.585,000
6.915,000
4,649,000
5,610,000
5,592,000
Foreign banks
146.876.000
227,598,000 236,809.000 246,981,000 249.983,000 273,765,000 b161.916.000 158,178,000 143.705,000
Other deposits
2,393.773,000
4 047,746,000 4,061,031,000 3,991,197,000 3.994,876,000 3,993,409.000 3.928.504,000 3,900,897,0003,737,748.000
Total deposits
318.082.000
Deferred availability items
399,832,000 427,374,000 501,685,000 401,661,000 454,807.000 427,495,000 488,075,000 422.619,000 150,271,000
146.399,000
Capital paid in
146,271,000 146,470,000 146,202.000 146,279,000 146,300.000 146,449,000 146.393,000
278.599,000
138,383,000 138,383,000 138,383,000 138,383,000 138.383.000 138.383,000 138,383,000 138.343,000
Surplus
12,179,000
161,829.000
Reserves (F. D. I. C. stock,self ins. dle.):
161,832,000 161,832,000 181,832,000 161,831,000 161,831.000 161.829.000 161.829,000 539,828.000
14.141.000
24.133,000
25.507,000
24,693,000
21,578,000
24,681,000
25,436,000
All other liabilities
26,124,000
6.466,427,000
Total liabilities
8032.214,0008,060,262,0008,089.011.000 7,994,787,000 8,048.408,000 7,936,150,000 7.972,449,000 7.760,942.000
Ratio of total reserves to deposits and
68.0%
68.7%
68.3%
68.4%
F. It. note liabilities combined
68.8%
68.8%
68.7%
69.0%
69.0%
Contingent liability on bills purchased
35.731,000
4,669,000
4.669,000
4.669.000
4,261,000
4,002,000
for foreign correspondents
3,622,000
3.268,000
2,730,000
-9
$
$
9
Maturity Distribution of Bills and
$
$
$
9
$
Short-term Securities
30.600,000 192.071,000
30.146.0001 29,822,000
1-15 days bills discounted
28,004,000
24.950.000
25,118,000
24,480,000
26,540,000
24.148,000
4.000.000
3.028.000
1,880,000
18-30 days bills discounted
3,177.000
2,813,000
3,502,000
5.334,000
2,474,000
41,687,000
3.086.000
4,818,000
6,814,000
31-60 days bills discounted
5.930,000
5,777,000
3,037,000
2.007,000
1,893,000
36,416.000
4,725,000
2.569,000
1,251,000
61-93 days bills discounted
978.000
2,460,000
2.499,000
2.132,000
2,497,000
7,652,000
240,000
236,000
222,000
223,000
Over 90 days bills discounted
574,000
246,000
296,000
298,000
Total bills discounted
1-15 days bills bought in open market...
16-30 days bills bought in open market
31-60 days bills bought in open market_ -.
61-90 days bills bought In open market__
Over 90 days bills bought In open market
33,700,000
2,171,000
198,000
1,638.000
771,000
34,251,000
237,000
315,000
464,000
4,247,000
34,402,000
928,000
204,000
435,000
3,934,000
36,574,000
2,218,000
191,000
437,000
3,810,000
38,312,000
3,238,000
910,000
272,000
3,859,000
40,313,000
4.111,000
2.048,000
298,000
3,706,000
40.473,000
9,127,000
3.371,000
823,000
178,000
43.251,000
11,427,000
3.365.000
2.206.00C
61.000
301,974.000
12,479.000
5,239,000
842.000
1.302,000
Total bills bought in open market
1-15 days U. S. certificates and bills.
16-30 days U. S. certificates and bills.-'
3 -60 days U.S. certificates and bills...
61-90 days U. S. certificates and bills_ ..
Over 90 days U.S. certificates and bills-
5,178,000
5,263,000
6,656.000
43,975,000
100,096,000
51,070,000
61.462,000
591,842,000
94,736,000
65,330,000
0
982.00
56,
189,964,000
5,501,000
21,325,000
70,981,000
62,210,000
.
34 430,000
604,421,000
8,279,000
62,180,000
21,325,000
117,621,000
21,070,000
559.174.000
10.163,000
115,530.000
43,975,000
103,361.000
21,830,000
518.174,000
13,499.000
116,831,000
62.180,000
99,306,000
42,210,000
495,857,000
17.059.000
90,229.000
115,530,000
38,975.000
117,466,000
458,648,000
19,962,000
127.625.000
37,500,000
81.288,000
111,646,000
433,855,000
Total U. S. certificates and bills
807,470,000 806,992,000 790,367,000 786,869,000 781,370,000 802,1070,000 816,384,000
509,000
1.16 days municipal warrants
508.000
499,000
499,000
506,000
506.000
500,000
16-30 days municipal warrants
8,000
10,000
31-60 days municipal warrants
5,000
5.000
5,000
5,000
17,000
61-90 days municipal warrants5,000
36,000
Over 90 days municipal warrants
35,000
35,000
35.000
35,000
35,000
35,000
820,444.000
500.000
9,0000
791,914,000
4,738,000
25.000
10,000
17,000
36.000
50.000
562,000
562,000
4.823,000
130,466,000
17.725.000
594,703,000
Total municipal warrants
548,000
546,000
546,000
147.000
535,000
547,000
_
Federal Reserve Notes
Issued to F. It. Bank by F. It. Agent.-- 3,330,083,0003,332,611.000 3.337,686,000 3.345,138.000 3 323,359. 0 3.310.532,000 3.309,704.000 3.304,1060.000 3,436.872.000
,
00
Held by Federal Reserve Bank
278,479,000 294,214,000 276,407,000 285,211,000 264.542.000 240.316.000 280.061,000 279,048,000 233.770,000
In actual circulation
3,203,102,000
3,051,604,000 3.038,2.7,000 3,061,279,000 3,059,927.000 3
,058,777,000 3.030.216.000 3.029,647.000 3,025.812.000
Collateral field by Agent as Security for
Notes Issued to Bank
f
Gold etfs. on hand /it due from U.S.Tress
1 3004.771,000 3,014,771,000 3,021,771,000 3,013,771,000 2,983,271,000 2.989.271.000 3.003.471,000 3.042.896,000 11466 704000
By gold and gold certificates
11 346 935000
Gold fund-Federal Reserve Board
34.418,000 190,397,000
29,332,000
17,009,000
By eligible paper
16,440,000
22,151,000
18,871,000
25,2%.000
18,875,000
364,300,000 352,300,000 341,300.000 349,300,000 355,400,000 331,400,000 313.400,000 275.400,000 480,900,000
U.S. Government securities
Total collateral. .
3.347.912 000 3.344.040.000 3.379.511.000 3 381 9il onnl 300 42, OM 1 345 ai17 nno 3 346 203 000 3.352.714 000 .1.484.936.000
•"Other Cash does not include Federal Reserve notes or a bank's own Federal Reserve Dank notes. b Revised.
These are certificates given by the U. S. Treasury for the gold taken over from the Reserve Banks when the dollar was on Jan. 31 1934 devalued from 100 cents to
59.06 cents, these certificates being worth less to the extent of the difference, the difference itself having been appropriated BA profit by the Treasury under the provisions
of the Gold Reserve Act 01 1934.
a Caption Changed from "Government" to "U. S. Treasurer-Gener,1 account" and $100,000,000 Included In Government deposits on May 2 transferred to 'Other
deposits."
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 30 1934
Two Ciphers(00) Omitted.
Federal Reserve Bank of-
Total.
Boston. New
York.
Phila.
Cleveland. Richmond Atlanta.
ASSETS.
Geld certificates on hand and due
4,648,031,0 374,883,0 1,580,596.0 281,748,0 365,179.0 193,262,0 115,721,0
trots U. S. Treasury
947.0 3,662,0
1,436,0 2,866,0 3,377,0
39,774.0 2,319,0
Redemption fund-F It. notes
57.455,0 34,075,0 12,558,0 8,671,0 12,630.0
223.880,0 15,773,0
Other cash
Total reserves
Chicago.
St. Louis. Minneav Kan.City. Dallas. San Fran.
965,037,0 166,408,0 96.939,0 142,218,0 87,597,0 278,445,0
578,0 4.615,0
1.075.0
1,304,0
6,538.0 1,059,0
31,703,0 10,015,0 11.575,0 10,521,0 6.272.0 12,632,0
4,901,645.0 392,975.0 1.639,487,0 318.649,0 341.114,0 202,880.0 132,013.0 1,003,276.0 177,442,0 109,818.0 153.812,0 94.447.0 295.692,0
3732
Financial Chronicle
June 2 1934
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) Omitted.
Total.
RESOURCES (Coneluded)—
Redem. fund—F. R. bank notesBills discounted:
Bea. by U.S. Govt. obligatIons
Other Ma discounted
Total Ms discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Boston. New York.
Phila.
Cleveland. Richmond Atlanta.
Chicago. St. Louis. Mtessay. Kan.City. Dallas. San Fran.
$
4,720,0
$
250,0
3
2,289,0
$
858,0
3
715,0
9,038.0
24.662,0
433,0
530,0
6,223,0
11.324,0
1,641,0
7,778,0
144,0
1,265,0
134.0
754,0
105.0
500,0
12,0
1,107,0
33.700,0
5,178,0
963.0
371,0
17,547,0
1,891,0
9,419,0
535,0
1,409,0
487,0
888.0
193,0
605,0
177,0
1,119,0
649,0
3
3
$
$
134,0
$
$
94.0
36.0
20,0
433,0
130,0
121,0
453,0
85,0
$
474,0
$
210,0
33,0
332.0
199,0
393.0
210,0
142,0
365,0
142,0
592,0
385,0
406,194,0 22,990.0
1,216.490,0 80,763,0
807,470.0 53.927,0
148.403,0 25,602,0 30,248,0 14,706,0 12,694,0
387.200,0 85,271,0 109,596.0 53,278.0 45.896,0
244,652,0 56,247,0 73,180,0 35,578.0 30,646,0
66,568,0 13,664,0 15,774,0 13,197,0 18,730,0 23,618,0
212,569,0 47.692,0 29.868,0 47,157,0 31,626,0 85,574,0
151,706,0 31,844,0 19,942,0 31,490,0 21,119,0 57,139,0
Total U. S. Govt. securities_ 2,430,154,0 157,680.0
Other securities
535,0
780,255,0 167,120,0 213,024.0 103,562,0 89,236,0
500.0
35,0
430,843,0 93,200,0 65.584,0 91,844,0 71,475,0 166,331,0
Total bills and securities
2,469,567,0 159,014,0
Due from foreign banks
3,125,0
237,0
Fed. Res. notes of other banks__ 15,382,0
397,0
Uncollected items
397.257,0 42,839,0
Bank premises
52,602,0 3,224,0
Federal Deposit Ins. Corp.stock- 139,299,0 10.230,0
All other resources
48,577,0
837.0
799,728,0 177,574.0 214.920,0 104,643,0 90,018,0
1,188,0
342,0
300,0
110,0
119,0
422,0
4,975,0
950,0
808.0 1,079,0
99,270,0 30,479,0 38,813,0 35,072.0 15,884.0
11,441,0 4,149,0 6,778,0 3,128,0 2,372.0
42,529,0 14,621,0 14,147,0 5,808,0 5,272,0
31,455,0 5,716,0 1,448,0
1,984,0 2,512,0
432.611,0 93,451,0 66,122.0 92,196,0 71,982,0 167,308,0
414,0
10,0
7.0
88,0
222,0
88,0
2,638.0 1,002,0
661,0 1,207,0
271,0
972.0
51,265,0 19,531,0 10,360,0 21,580,0 13.660,0 18,504,0
7,387,0 3.124,0 1,657,0 3,485,0 1,757,0 4,090,0
19.749,0 5,093,0 3,510,0 4,131,0 4,359,0 9,850,0
283,0 1,171,0
1.023,0
462,0 1,060,0
626,0
Total resources
8,032,214,0 610,003,0 2,632,362.0 552,850,0 659,195.0 354,442,0 249,260.0 1.518,363,0 300,110,0 193,306,0 276,961,0 188,098,0 497,264,0
LIABILITIES.
F. R. note, in actual c(rculation_ 3.051,604,0 244,368,0 636,137.0 249,696,0 305.364,0 139.766,0 132,337,0
F.R.bank notes In act'l chmul'n-954,0
60,422,0
38,470,0 5,821,0 12.255,0
Deposits:
Member bank reserve account_ 3,762,920,0 281,349.0 1,556,725,0 202,824.0 243,904,0 150,370,0 66,363,0
U.S. Treasurer-Gen acct.---51,636.0 4.353,0
10,801,0 1,359,0 3,300,0 4,791,0 3,384,0
Foreign bank
448,0
5,592,0
1,519,0
648,0
598,0
218,0
237,0
Other deposits
227.598,0 3,511.0 123,005,0 15.489,0 11,048,0 6,351,0 14,596,0
Total deposits
4,047,746,0 289,661.0 1,692,050,0 220.320,0 258,850.0 161.749,0 84,561.0
Deferred availability Items
399.832,0 42,445,0
97.951,0 30.103,0 38.095,0 35,653,0 14,560,0
Capital paid in
146,271,0 10.736.0
59,643,0 15,337.0 12,783,0 4,976,0 4,383,0
Surplus
138,383,0 9,610,0
45,217,0 13,352,0 14.090,0 5,171,0 5,145,0
Reserves: FDIC stock,self Insurance drc
161,832,0 11.283,0
47,266,0 17,121,0 16,447,0 6,963,0 7,852,0
All other liabilities
26,124,0
946.0
15,628,0 1,100.0
811,0
164,0
422,0
Total liabilities
774,068,0 133,152,0 94.434,0 106,221,0 38,490,0 197,571,0
320,0
2,602,0
610,257,0 110.971,0 68,728,0 132,510,0 112,230,0 226,689,0
12,189,0 5,252,0 1,790,0
477,0 1,712,0 2,228,0
785,0
143,0
206.0
174,0
174,0
442,0
7.364,0 15,876.0 6,461.0 3.657,0 1.753,0 18,487,0
630.595,0 132.305,0 77,122,0 136,818.0 115,869.0 247,846,0
55.052,0 19,229,0 10,449,0 21,237,0 14.873,0 19,685,0
12,547.0 4,028,0 3,037.0 4,152,0 3,950,0 10,699,0
20,681.0 4,756,0 3,420,0 3,613,0 3,683,0 9,645,0
22,718,0
2,702.0
5,946,0
374.0
4,535.0
309,0
4,747,0
173.0
5.489,0 11,465,0
3,142,0
353,0
8.032,214,0 610,003.02.632.362,0 552,850,0 659,195,0 354,442.0 249,260.0 1,518,363,0 300,110,0 193.306,0 276,961,0 188.098,0 497,264,0
Memoranda
Ratio of total res. to dep. dr F. R.
note liabilities combined
69.0
70.4
73.6
67.8
67.5
60.9
67.3
Contingent liability on bills Purchased for for'n correspondents
2 7320
2100
7300
3170
292J)
110.0
107.0
'"Other cash" does not Include Federal Reserve notes or bank's own Federal Reserve bona notes.
71.4
66.9
64.0
63.3
61.2
66.4
384.0
100.0
70.0
85.0
85.0
216.0
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00)°Mina.
Federal Reserve Agent at—
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta.
Chicago. St. Louis. Minneap. Kan.City. Dallas. San Frani
Federal Reserve notes:
$
$
Issued to F.R.Bk. by F.R.Agt. 3,330,083,0 263,504.0
Held by Fedi] Reserve Bank_ 278,479,0 19,136,0
$
$
$
3
$
727.687,0 263.036,0 319,448,0 149.599,0 153,446.0
91.550,0 13,340.0 14,084,0 9,833,0 21,109,0
3
$
$
$
$
s
812,382.0 137,281,0 99,981,0 112,481,0 43,725,0 247,513,0
38,314.0 4,129,0 5.547,0 6,260,0 5,235,0 49,942,0
In actual circulation
3.051,604.0244,368.0
Collateral held by Agent as security for notes lamed to has:
Gold certificates on hand and
duefrom U. S. Treasury
3,004.771,0 271,117,0
Eligible Paper
18.871,0
873,0
U. S. Government securities_ 364,300,0
636,137.0 249,696,0 305,364,0 139,766,0 132,377,0
774,068,0 133,152,0 94,434.0 106,221,0 38,490.0 197,571,0
733,706.0 225,000,0 261,931,0 140,340.0 91,385,0
11.596,0 3.462,0
694,0
456.0
468.0
37,000.0 80,000.0 10,000,0 65,000,0
747,513,0 119.936,0 78,115.0 97,290,0 44,675,0 193.763,0
112.0
130,0
193,0
100,0
422,0
365,0
75,000,0 19,000,0 23,300,0 20,000,0
55,000,0
745.3112.0 255 452.0 222 625 n 150 796 11 1.58M.530
1122.7116.0 139.068.0 101.527.0 117.390.0 45 (1411 n 249.185_0
Total collateral
3.387.942.0 271.990.0
FEDERAL RESERVE BANK NOTE STATEMENT.
Tv" tapners (IA1)
(maw.
Federal Reserve Agent at—
Total.
Boston. New York.
s
Federal Reserve bank notes:
Issued to F. R. Bk. (outatdg.):
Held by Fed'I Reserve Bank__
$
73,688,0
13,266.0
1.511.0
557.0
In actual oficulatIon—net..•
Collat. Pledged agst. outat. notes:
Discounted & purchased bills
U. B. Government securities_
60,422,0
954,0
81.474,0
81.474.0
Total collateral
Phila.
Cleveland. Richmond Atlanta.
$
$
$
39.633,0 16,035,0 12,775,0
1.163,0 10.214,0
520,0
38,470,0
$
Chicago. St. Louis. Mituseap. Kan.City. Dallas. San Fran.
$
3
8
534,0
214,0
$
$
$
3.200,0
598,0
5,821,0 12,255,0
320,0
5,000,0
39,974,0 16,500.0 15,000,0
1,000,0
4,000,0
5.000.0
39.974.0 16.500.0 15.000.0
1.000.0
$
4 nnn n
2,602,0
•Does not include 593,277.000 of Federal Reserve bank notes for the retirement of which Federal Reserve banks have deposited lawful
money with the Treasurer of
the United States.
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 resourues
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.
Begriming with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange of drafts sold with endorsement" and Include
all real estate mortgagee and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were included with
of the banks included mortgages In investments. Loans secured by U. S. Government obligations are no looter shown separately. only the total of 1041111 onloans, and some
securities
given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount assure 1 by U. 8. obligations and those secured by commercial being
paper.
only a lump total being given. The number of reporting banks formerly covered 101 leading cities, but w 14 reduced to 10 cities after tree dealaration of bank holidays
moratoria early in March 1933. Publication of the weekly returns for the reduced number of cities was ornitte I In the weeks from Marco 1 to VI ty 10. but a summary or
of
to be found In the Federal Reserve Bulletin. The figures below are stated In round millions.
them is
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MAY 23 1934 (In Millions of Dollars).
•
Federal Reserve District—
Loans and Investments—total
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from bents
Due to banks
.
_ ... .. -
Total.
Boston. New York
$
$
17.257
1,136
$
7,916
Phila.
$
1.023
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minimal,. Kan.Clar. Dallas. bars Fran.
—
$
$
$
$
$
5
$
$
$
341
1,175
328
1.802
340
491
546
1.776
383
8,005
665
3.703
499
424
170
178
749
203
155
202
186
871
3,468
4,537
255
410
1,865
1,838
233
266
203
221
59
111
62
116
333
416
72
131
38
117
63
139
61
125
224
647
9.252
471
4,213
524
751
171
150
1.053
288
185
344
197
905
6,282
2,990
301
170
2,929
1,284
281
243
555
196
118
53
98
52
718
335
181
107
131
54
233
111
148
49
569
336
2,818
240
12,327
4,464
988
1,564
3,654
.
249
49
847
341
90
124
192
1.390
49
6,448
1.092
581
130
1,662
138
12
667
323
50
157
219
112
18
610
458
41
95
175
51
11
221
135
7
86
91
26
6
168
133
24
80
77
439
50
1.535
477
40
251
477
85
8
335
164
24
93
145
35
4
204
123
6
70
93
76
11
408
168
19
180
224
77
8
273
121
41
127
116
140
14
611
929
65
171
183
3733
Financial Chronicle
Volume 138
vie
United States Government Securities on the New
York Stock Exchange.—Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
gob Sinanxial
TatnuaritO
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
6 Mos.
12 Mos.
Including Postage—
$6.00
$10.00
United States, U. S. Possessions and Territories
6.75
11.50
In Dominion of Canada
7.75
13.50
South and Central America, Spain, Mexico and Cuba
Great Britain, Continental Europe (except Spain), Asia.
8.50
15.00
Australia and Africa
The following publications are also issued:
-MONTHLY PUBLICATIONS
COMPENDIUMS—
BANS AND QUOTATION RECORD
P Tunic UTILITY—(semi-annually)
MONTHLY EARNINGS RECORD
RAILWAY & INDUSTRIAL—(four a year)
STATE AND MUNICIP•L--(Serni-ann.)
The subscription price of the Bank and Quotation Record. the State and
Municipal Compendium and the Railway and Industrial Compendium is
$10.00 per year each. The price of the Public Utility Compendium is
$7.50 per year and the price of the Monthly Earnings Record is $6.00
per year. Foreign postage extra.
NOTICE. On account of the fluctuations in the rates of exchange.
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
of Fred. II. Gray, Western Representative.
CHICAGO OFFICE—In charge
208 South La Salle Street. Telephone State 0613.
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, London. E.C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Railroad and Miscellaneous Stocks.—For review of the
New York stock market, see editorial pages.
The following are sales made at the Stock Exchange this
week (May 26 to June 1 inclusive) of shares not represented
in our detailed list on the pages which follow:
Range for Week.
Sales
for
Week.
STOCKS.
Week Ending June 1.
Lowest.
II
Highest.
Range Sinee Jan, 1.
Lowest. I Highest.
Par Shares. $ per share. $ per share. $ per share.1$ per share.
Railroads—
50 51 May 26 51 May 26 50
Feb 5634 Apr
Canada Southern .A00
10 6 May 31 6 May 31 5
Apr
7
Ap
xChic hid & L pret.100
100 1 May 29 1 May 29
Duluth S S dr Atl_ __100
34 Jan 14 Apr
10 5 May 29 5 May 291 3
lot Rys of Cent Amer
Jan 7
Apr
50 1 May 28 1 May 28;
100
.4 Jan 234 Mar
Market St RY
Preferred
100 4 May 31 445June 1: 3% May 834 Apr
100
10 8734May 26 8734May 26. 81
Northern Central____50
M
8734 May
100 4 June 1 4 June 1 234 Jan 634 Mar
Wabash RR pre( B_100
Indus. & Miscell.—
Abmhm&Straus pret100
Am Mach & Mete etts_.
Amer R & S San pref100
Art Metal Construct 10
AUG ar. WI SS L pfd100
Austin Nieh prior A__*
Bloomingdale 7%__100
Bon Amt.class A
•
Briggs & Stratton
Brown Shoe pret___100
90 1073.4May
200 7 June
20 120 May
430 64May
100 13 May
20 57 Juno
20 102 May
70 7834May
100 23 May
20 11834June
Checker Cab Mfg Corp5
Chicago Yellow Cab •
Colonial Beacon Oil Co*
Conde Nast Pub
consol Cig pret (7).100
Pr pre x'warrs __100
Cush Sons pfd(7%)_100
Florshelm Shoe el A •
100
100
200
100
270
40
10
200
Gen Ry Signal 01_100
Greene Cananea Cp100
Guantanamo Sug pt 100
Indian Refining
10
Interstate Dp Sts pt 100
Kens Cy P&L 1st pt 1.1•
Kresge Dept Sts pf_100
Maytag Co pt x-warr.•
Merch &IN:liner Tr Co_•
20 90 June
20 50 June
10 24 June
100 2%Slay
300 663-41May
100 109 May
80 3I34June
20 25 May
100 33 June
9 May
14%June
6%May
10 June
49 June
56%May
85 May
22 May
Jan 10734 Apr
2910734 May29 89
May
10
I! 7 June 1 434 J
May
28 120 May 28 11154 Ja 121
28 734May 29 5
Jan 9% Apr
Apr
May 24
26 13 May 26 13
Apr
1 57 June 1 3934 Jan 64
May
Jan 104
28 104 May 29 88
Apr
May 83
28 79 May 29 76
Jan 2434 Apr
28 23 May 28, 15
1 11834June 11118% Jun x12334 Apr
May 1634
Ap z16
May 9
Jan 1354
Jan 59
Feb 59
Ma 91
Jan 25
Mar
May
Feb
Apr
Apr
Apr
May
Apr
May 10134
Jan 59
Ja 31
234 May 434
2134 Jan 7234
9754 Jan 11134
Jan 55
19
Jan 2634
9
33 Jun 33
33
Feb
Apr
Feb
Apr
Apr
Apr
Apr
Apr
June
9 May
14%June
6%May
10 June
50 June
56%June
85 May
22 May
31
I
29
1
1
1
26
28
9
1134
634
734
31
49
804
15
1 90 June
I 50 June
1 24 June
28 254May
26 69%IMay
29 110 May
1 334May
29 25 May
1 33 June
1
1
1
28
28
29
29
29
1
90
18
31
1
29
1
1
26
26
28
754
Omnibus Corp Pret.100
Jan
Feb 95
100 90 May 26 90 May 26 89
Peoples Drug Stores__•
Jan, 4534 Apr
300 40 May 29 4034June 1 21
Jan 10734 May
6%% cony met_
20,107 June 1 107%May 29 86
Standard Brands 154_100
50 125 May 29 125 May 29 12134 Jan 12534 May
The Fair pret
Apr
Jan 83
100
20: 773.4May 28 773-4May 28 50
United Amer Bosch...*
Feb
Jan 17
20 12 May 29 12 May 29 10
United Dyewood p1-100
10, 7034May 26 703iMay 26 59% Mar 7534 May
qls.fay 28 15 May 1% Apr
U S Express
100 1,100
%Nlay 29
Univ Leaf Tob pret_100
20 124%May 28 125 June 111234 Jan 125 June
Vulcan Detinning pt100
Jan 110
Apr
50106 May 31 106 May 31 9.5
• No par value. x Companies reported in receivership.
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, June 1.
Maturity.
/M.
Rate,
JUDO 15 1934_
Sept. 15 1934...
Aug. 1 1935._
Aug. 1 1934 —
Dec. 15 1934.—
Mar. 15 1935._
Dec. 15 1935___
Feb. 1 1938..,
Dee 15 1936 __
li%
134%
14%
24%
24%
24%
234%
24%
24%
Bid.
100",,
100",s
10111il
100",,
100.s,
102
1035 1
,
1032,,
104..,
Asked.
10055,,
,
100 4,
101.4,1
100F.,,
101 1.1,
102ss,
,
103 ,,
I039s,
1049'.
Maturity.
Apr. 15
June 15
June 15
Feb. 15
Apr. 15
Mar. 15
Aug. 1
Sept. 15
1986._
1938....
1935-1937___
1937._
1938._
1936._
1937.__
/tit.
Rate.
24%
254%
3%
3%
3%
3%
34%
334 %
Bid.
103..,,
103v,,
103v,,
104.s,
104.,,
1045,,
10417,,
104.11,
Asked.
10335c
10355,1
1035,1
104.,,
,
104 ,,
1045,,
104nn
104,711
Bid.
0.15%
0 15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Bid.
Asked.
Aug. 29 1934
Sept. 5 1934
Sept. 26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
Nov. 7 1934
Nov. 14 1934
Nov. 21 1934
0 15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15W.
Note.—Tho above table includes only sales of coupon
bonds. Transactions in registered bonds were:
Asked.
I03",, to 10315n
103 .,, to 103"::
,
101.4, to 102
Man to 111..ss
102",, to 103.1,
,,
106.. to 106,
103",, to 103",,
,
1045,, to 104 ,, •
2 First 4 34*
Fourth 451,1 (uncalled)
Fourth 44,(Second called)
Treasury 44s
Treasury 434s, 1934
Treasury 345
Treasury 34s,1943-47
Treasury 34s, 1940
10
.5
2
1
5
46
The Week on the New York Stock Market.—For
review of New York stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Anded
June 1 1934.
State,
Railroad
Stocks,
Number of and Miscell. Municipal d:
For'n Bonds.
Bonds.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
279,300
614,680
379,232
438,420
626.949
0 0.2o
Sales at
Netc York Stock
Exchange.
U S. Treasury Bi Is—Friday, June 1.
Rates quoted aro for discount at purchase.
June 20 1934
June 27 1934
July 3 1934
July 11 1934
July 18 1934
July 251034
Aug. 11934
Aug. 8 1934
Aug. 15 1934
Aug. 22 1934
Daily Record of U. S Bond Prices. 3fay 26 May 28 May 29 3fay 30 May 31 June 1
— -103.4, 103242
First Liberty LoanHigh 1032.ss 103.7s, 10355n
103"ss 1039932
3%% bonds of 1932-47__{Low. 103..n 103hs, 103.4n
103"ss 10355,2
103..s, 103..s, 103..ss
(First 34s)
12
23
14
11
4
l
ts
Total sales in 11.000 units. _
102.7n
Converted 4% bonds of(High
102.7s,
.(LOW
1932-47 (First 4*).__.
7ss
102.
1
Total sales In $1,000 units___
- -,;;; 10355,,
1133
103.831, 103",,
Converted 434% bond/High
103..+, 103",,
of 1932-47 (First 45(s) Low_ 103"s: 103",, 10355::
103":, 103",,
1032*n 103hn 103",,
Close
6
9
3
19
Total sales in $1,000 units_ _
Second converted 44%(High
bonds of 1932-47 (First{ Low.
1Close
Second 43(s)
Total sales in $1,000 units___
104
101- 11;,
9°n 103
101
{High 104
Fourth Liberty Loan
103.4: 103"s:
01, 103",, 103"+:
Low. 103.
44% bonds of 1933-38
104
103"ss
104
1032sa, 103..n
54
(Fourth 411)
9
32
132
15
9
Total sales in $1,000 units.....
102.+1 102.”
{High 102.ss 1025,, 102.,,
Fourth Liberty I oan
102
101",,
434% bonds (2d called). Low. 102.1, 10155,, 102
101hss
102
102
102.n 102
6
12
66
164
47
Cl_ s _
TreasuryTotai sales in 51.000 units o_ e
11155,1 111.1,1
112.ss 112931
{High
Ill",, 112933
11128,, 111..,,
Low
4 34* 1947-52
1127n 112.,,
11155,, 111..ss
42
185
26
17
Cl_ s _
Total sales in $1.000 unin o_ e
1057n 108'n
10724, 105
(High
107hss 108.3,
0s, 107hs, 107.41
107.
4s, 1944-54
103.1, 1081,1
C vi
I ilose 1079932 107.1, 10S
8
138
2(3
86
110
Total sales in 51.000 units_ _.
103..n
ilLoilth 10393s 1037s, 1039a
1037,1 103.ss
103932
1039n 103
440-334s,1943 45
10V932 103",,
:, 1034,
103932 1035
32
40
12
19
3
Total sales in $1.000 units...
106..s, 105",,
106"s:
{High
106"n 106hss HOLI- 106",, 106",,
Low
334s, 1940-56
,
10610., 106.1s, DAY 106",, 106. :s
109
107
1
71
.
Cl se
Total sales in $1,000 units o_.
104.n
103un 103",,
[High
103",, 104
103nn
Low.
4
3e 1943-47
1045,, 104
103.." 103,7n
Close
20
78
36
4
units__
Total sates in $1,000
101 5:, 101.+2
100uss 100",,
(High
10015,, 100..”
100ns,
{Low 100",,
1981-55
3s.
100",,
101
7,1 100..+:
[Close 100"n 100.
122
220
116
43
58
Total sales in 81,000
104",, 1041.1,
104*,, 104%2
1041,, 104",,
.
104.,, 104 2,
units...Low.
334s, 1940-43
104",, 104..ss
104933 104.2,
44
11
154
20
C p_ _
Total sales in $1,000 unitrli ae
10415,1 104"32
7n 104.n
103.
11 hit
1042s, 1045,2
7ss 103",
1Low. 103un 103.
34s, 1941-43
10455., 1049931
Close 1039h, 103.7s, 1044,
111
109
208
2
6
Total sates in $1,000 units_
1025,, 102.ss
101"1, 101",
102
i High
10158,1 1019‘31
Low. 1019932 101..n 101",
354'e 1946-49
1024, 101"32
,, 101us
Close 101993: 101.0
56
124
2
3
29
Total sales in $1,000 units___
1049933 104has
33 103"ss 104.:,
(High 104,
104
104.8,
103913s 103"s, 103",
J Low.
354s, 1941
104". 104"ss
(Close 1044, 103"32 104.,,
56
134
250
42
25
Total sales in $1.000 units. _
102", 102..,,
102",s 102",
(High
102", 102.4,
102.21, 102",
Low.
35•18, 1944-46
102", 113227,1
Close 102.4s 102", 102..1
219
325
45
56
526
Total sales in $1,000 units _ _ _
101", 101.11,
(High 101":, 101n, 101..s
Farm Mtge
Federal
101.1, 101",,
1012., 101..s
'Low. 101..n
Low_
334s 1944-64
101", 101"ss
h, 101", 101",
101,
262
85
6
124
44
Total sales in $1,000 units(
101., 101 1+,
101"ss
(High
Home Owners Loan
101",, 1011.ss
(Low. 101.42 101.n 1015,2
45 1951
101"as 101,6,2
101..” 101",
...
sClose_ _
180
170
54
160
48
Total sales in 4 1,000 uni(
t
1009932 10027::
, 10055
10Ohn 100.0
,
High
Horne Owners Loan
100"3: 1009932
Low_ 100..n 100193 100",
Is series A 1952
10099n 100993,
Close 10Ohn 100", 100",
132
137
15
182
21
Total sales in 51.000 units____
Stocks—No, or shares_
Bonds.
Government bonds _
State & foreign bonds_ _
Railroad & misc. bonds
Total
col
United
States
Bonds.
Total
Bond
Sales.
5708,000
1,575.000
1,792,500
IIOLIDAY
2,166,000
6,236,000
1,936,000
6,400,000
6994,900
984,800
1,993,300
$5,112,900
8,519,800
9,828,600
1,816,000
2,019.400
10,218,000
10,355,400
.o 1,, Ann
a., ono Ann
.4A 111A nnn
„
53,410,000
5,960,000
6,043,000
eno "IAA nnn
Week Ended June 1.
1934.
1933.
Jan. 1 to June 1.
1934.
1933.
2,338,581
28,972,760
197,113,116
226,871,029
57,808,400
8,177,500
28,049,000
$3,943,900
15.433,000
57.632,000
5265,683,900
317,493,500
1,219,283,000
5238.982,200
317.597,500
813,859,900
$44,034,900 177,008,900 51,802,460,400 51,370,439,600
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 3722.
A complete record of Curb Exchange transactions for the
week will be found on page 3752.
3734
June 2 1934
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE
PRECEDING.
NOTICE.
-Cash and deferred delivery Sales are disregarded In the day's range, unless they are the only tran.aactioas of the day.
sake in computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 26.
Monday
May 28.
i
Tuesday
May 29.
Wednesday
May 30.
Thursday
May 31.
Friday
June 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
No account is taken a such
PER SHARE
Range Since Jan. 1.
On bast, of 100
-share lots.
Lowest.
Highest.
13 Per share $ per share $ per share $ per share $ per share $ per share Shares.
Railroads
Par $ Per share
3 per share
5514 5614 5612 563
4 55
5612
543 5512 5318 5412 9,662 Atch Topeka & Santa Fe, 100 5112Nfay 1
8
733 Feb 5
4
80 80
8012 803
4 8012 803
8
80
79
80
7912 1,400
Preferred
100 7018 Jan
873 Apr 27
4
• 4019 4012 407 4178 4012 4012
8
39
39
3814 381 1
1,400 Atlantic Coast Line RR...100 3414May 1
5414 Feb 16
233 235
8
8
8 237 2438 235 24
8
225 235
8
8 215 223
8
8 8,100 Baltimore & Ohio
100 21 May 1
3412 Feb 5
27
2712 28
2712 2712
28
26511 265
8 2814 2614
800
Preferred
3
100 2412 Jan
373 Feb 6
*42
44
44
.43
44
44
43 43
.4012 43
200 Bangor & Aroostook
4018 Feb 1
50 3912 Jan
010414 110 *100 110
1087 109 .106 10912 .10414 109
8
100 9518 Jan
100
Preferred
110 Apr 20
*10
15
•10
1412 •93 11
8
•85 11
8
10
10
100 Boston & Maine
1912 Feb 5
100 10 May 2
4.53,
4
.51
*514 63
2 51,
8 *514
638
100 Brooklyn & Queens Tr_No par
83 Feb 7
8
47 Jan
2
.5412 05014 5312 5012 5012
.50
51
51
.45
5412
300
Preferred
5814 Apr 26
No par 41 Jan 1
3912 393
4 3914 393
373 395
4
4 387 3912
8 3712 38
s
9,900 Bklyn Mash Trans1t_ _ _No par 2414 Mar 2
4014May 23
9012 9012 .90
91
9218 92Is 93
91
9112
93
700
$6 preferred series A_No par 8218 Jan
943 Apr 28
4
15 8 155
8 155 153
5
8
8
4 155 15 4
3
153 155
8
8 143 153 11,600 Canadian Pacific
4
8
1814 Mar 12
25 1284 Jan
*8812 95
*8812 95
*8812 95
08812 95
*8812 95
Caro Clinch & Ohio stpd__100 70 Jan
88 Mar 14
.65
.65
71
70 .65
70
.82
69
82
62
200 Central RR of New Jersey _100 62 June 1 92 Feb 3
453 453
4 453 4814 46
8
4
4614
4512 46
4512 457
8 8,100 Chesapeake & Ohio
5
25 3912 Jan 5 477 Apr 12
4
*3
*3
4
4
*3
•3
4
*3
4
:Chic & East III Ry Co____100
7 Feb 17
2 8 Jan 15
5
312 334 *33
4 41.2 *33
•35
8 4
35
8 38
3 412
5
300
8% preferred
100
173 Jan 9
8 Feb 18
*31t4 33
4 *3,
4
4 33 .
314 312
• 12 33
3
100 Chicago Great Western
4 .313 313
512 Feb 1
234Nlay 14
100
.8
81 1 .8
814
8
8
•75
8 8
712 712
200
Preferred
8
100
614 Jan 4 117 Feb 19
*5
514
5
5
5
5
434 5
45
8 434 2.000 Chic Milw SIP & Pac__No par
812 Feb 5
414 Jan 2
814
8
814 83
814 83
8
8
8
8 14
75
8 8
5,900
Preferred
13345I ay 14 1314 Feb 5
100
4
934 93
93 10
4
4 93
4
93
914 912
9
9 18 5,700 Chicago & North Western_ 100
65 Jan 3 15 Feb 5
8
.17
8 1714 1814 .17
175
18
•16
1712 .18
173
4 1,000
Preferred
100 134 Jan 3 28 Feb 16
,2 *314 312
*314 3
314 31 1
314 314
3
814 Feb 7
3 4 2,900 :Chicago Roca lei & Pacinc100
,
23 Jan 3
4
*512 612 *53
4 612 '53
4 614
•52
100
4 6
4
53
4 53
8
preferred
95 Feb 6
5
4 8 Jan 3
100
*414 5
.412 5
*412 5
0412 5
*412 43
4
64. preferred
8 Feb 8
334May 14
100
.30
3112 *2912 317 *2814 33
8
*283 3312 *2812 3312
4
Colorado & Southern
100 27 Jan 4 4038 Feb 1
*2112 23
23
23
*2112 23
*2112 23
23
23
70
4% lot preferred
100 20 Jan 4 3314 Feb 9
.19
23
*19
23
23
*19
•19
23 .19
23
4% 2d preferred
100 20 Jan 12 30 Feb 3
533
*33
4 4
4 4
*33
4 4
100 Como! RR of Cuba pref100
.3
3 4 37
4
s
33
63 Feb 5
4 33
4
213 Jan 5
.618 712 a618 618 *618 712
*818
712 *818 712
10 Cuba RR 8% pref..... _ 100
3 4 Jan 15 1012 Jan 23
,
5112 523
8 53
5312 .51
53
5012 51 14 501e 5012 2,200 Delaware & Hudson
100 49!4 Stay 23 7312 Feb 1
227 23
8
23
2312 225 23
8
2218 22514 2112 2212 4,800 Delaware Lack & Western.50 2018Nfay 12 33 4 Feb 5
3
.8
912 *8
95
8 .8
93
4
•8
534 Jan 19 1314 Mar 28
8
812
8
100 Deny & Rio Or West pref 100
183 183
4
4 1918 1912 1912 193
8
19
19
1838 183
8 1,400 Erie
8
100 137 Jan 8 247 Feb 5
8
*2214 23
2314 233
8 2314 2314
23 23
22
23
1,000
First preferred
100 18 Jan 3 2814 Apr 26
•1712 183 .1712 183
4
18
Stock
4 18
1812 1812 .1712 18
Second preferre I
300
100 12 Jan 3 23 Apr 21
21
2114 203 215
4
8 203 211 1
4
2012 205
8 19
2012 10.100 Great Northern pref
100 18 Nfay 14 3212 Feb 5
.10
12 .1014 12
1014 1014 Exchange
9
9
*9
10
200 Gulf Mobile & Northern...100
s
57 Jan 10 1614 Feb 20
*2012 2.5
*2012 25 .22
25
*22
.22
25
25
3
Preferred
100 15 Jan 11 35 4 Feb 21
578
118
•8
•7
7
8
118
1
*7
8
Closed1
*7
8
1
Havana Electric Ry Co No par
7 Feb 13
8
1 12 Jan 23
*718 73
8 •
734
7,
3
.7
7
100
71s
8
7
7
7 May 29 1234 Feb 7
300 Hudson & Manhattan
2478 2514 2512 263
8 245 253 Memorial
8
4
24
2412 23
24
5,500 Illinois Central
8
100 22 Nfay 14 347 Feb 5
*36
40
40 .37
40
40
.37
40
*35
40
8% prof serles A
100
100 35 Jan 13 50 Apr 26
*6188 8412 .815 6412 *6212 6412
8
Day.
a6212 6212 *6212 8412
Leased lines
10
100 483 Jan 5 66 May 2
4
4
4
1612 1612 163 163 *1612 17
•1812 17
8
50
187 1878
RR See ctts series A__1000 16 May 23 2414 Feb 6
•758 814
818 83
s
.8
814 8,
812
4
73
4 8
900 :Interboro RapidTran v t a 100
4
7 May 14 133 Jan 2
.13
145 *1312 145 •12
8
8
145
8
.12
14
*1214 1312
Kansas City Southern
100 11 Jan 8 1934 Apr 21
.18
20 4 19
3
19
*183 2014
4
.15
193 .17
4
19
100
Preferred
100 153 Jan 5 2712 Apr 21
4
15 8 153
8 153 1513 01518 151
3
8
15
15 .141.4 147
8
500 Lehigh Valley
8Nfay 14 2114 Feb Is
50 125
525 5314 53
8
5314 52
523.
51
5214 4912 5014 3,100 LouLsvill. & NashvIlle____100 48 4 Jan 4 6212 Apr 20
,
*24
25
26 .25
25
27
.24
27 .24
27
60 :Manhattan Ity 7% guar _100 20 Jan 3 3212Mar 29
1412 1412 15
153 1518 1518
143 1514 143 143
4
4
4 2,700
Mod 5% guar
5
100 13 May 12 19 8 Jan 12
.8
93
4 *7
93
4 •7
93
•7
4
934 57
Market it By prior pref
93
4
47 Jan 18 1214 Apr 24
100
8
34
7
3
*3
4
*3
4
3
4
7
8
400 :Minneapolis & St Lonts 100
84
84
84
84
13 Mar 28
8
12 Jan 11
.2
218 .2
218 .2
2
*134 2
2
2's
200 Minn St Paul & SS Marle_100
33 Feb 6
8
17 Jan 2
8
4
33
*3
4
3
3
.212 33
2
5
*2
5
100
7% preferred
518 Apr 20
13 Jan 8
100
4
412 412 •414 44
iqls 43
4
•414 43
4 '4 4 43
4
100
,
4% leased line etfs
712 Mar 10
312 Jan 2
100
914
914
9
8
9; 95
5
9
913 91
83
4 87
8 1,400 Mo-Kan-Texas RR_..No par
8
712Nfay 14 147 Feb 5
24
*23
23 4 2414 *2312 2414
,
22
2314 2112 22
1.400
Preferred series A
100 1734 Jan 5 3488 Feb 6
43
8 412 .414 4
*414 412
414 414
4
4
'2
1.200 :Missouri Pacinc
6 Feb 5
100
3 Jan 2
618 618
618 612
6
6
1.100
53
Cony preferred
4 53
4
53
4 53
4
4
100
93 Feb 7
412 Jan 3
3712 533
.33
35
*3214 371
•3214 3712 *3214 3713
Nashville Chatt & St Louis 100 32 Jan 2 46 Jan 24
•118
11 2 *Ds
114
114 *118
114
114
114
100 Nat Rys of Men 1,1 4% p1.100
114
1 May 16
214 Feb 23
*12
3
4
*12
84
•12
3
4
0,2
52
3
4
30
100
21 preferred
_100
3 Jan 6
8
1 Mar 7
2858 283 2914 283 29
28
8
4
2778 28321 283 277 18,200 New York
8
4
No par 2538May 14 4514 Feb 5
_
20
.18
193
19
4 19
19
•18
1812 1812
20
500 N Y Chic & CentralSt 1,001sCo_100 15 Jan 3 267 Apr 24
8
4
3512 *343 3512 *33
834
4
333 3412 323 323
347
4
8
Preferred series A
400
4
100 1712 Jan 3 4314 Apr 23
.11912 13112 120 123
122 126
12112 12212 *12012 124
110 N Y St Harlem
50 108 Jan 2 139 Feb 1
153 157
8 143 1531
8
1514 1514
143 15
8
4
145 15
8
3.100 N Y N 11 At Hartford
8M5y 14 2418 Feb 5
100 133
2512 2512 2512 26
25
2518
244 241 4 235 24
8
1.700
Cony preferred
100 2312 Jan 6 375 Feb 5
8
73
4
73
4 4714
712
7
*713 811 ` 8 814 073
4 814
100 N Y Ontario & Western. 100
714May 12 115 Feb 5
8
118
118 *118
118
118
13
8
*1
114
300 N Y Railways pre!
114
41
1 Mar 21
No par
13 Jan 16
4
.214 23
4 *214 23
*214 23
4 0214
4 •
:Norfolk Southern
212 23
4
100
23
4
114 Jan 3
41s Ara'20
174 174 .173 180 *172 180
.17212 180 .17312 180
100 Norfolk & Western__
100 181 Jan 5 182 Apr 19
963
*95
4
963 983 5963 100
4
963 .95
4
4
983 .95
4
Adjust 4% pref
20
4
100 82 Jan 8 97 May iii
2514 253 27
4
25
2512 252
237 25
8
22518 237 10.600 Northern Pacific
8
4
100 2118 Jan 6 3634 Apr II
.212 4
4
*3
.212 4
Pacific Coast
•212 312 *212 312
10
2 Jan 4
638 Mar 14
.43
8 812 *412 812 .4
812
151 preferred
.212 812 .213 812
No par
33 Jan 19 1114 Apr 20
4
*212 53
8 .212 53
8 .212 53
8
5212 55
24 preferred
8
8 •21z 55
No par
2 Jan 3
012 Mar 14
8
303 303
4 303 3113 301s 307
8
8
2912 3018 29
2934 12,400 Pennsylvania
50 2814May 14 377 Feb Is
8
*312 612 *313 812 *313 812
Peoria & Eastern... .....100
•312 612 *312 612
4 Jan 16
8 Feb 17
273 273 *2512 28
28
.263
.4
4
4
•2512 2778 2512 2512
200 Pere Marquette
100 1811 Jan 10 38 Apr 24
*3712 45
53712 45
*3712 45
Prior preferred
•3712 45
*3712 45
100 18 Jan 13 5112 Apr 23
*34
37
.31
3912 '35
•3412 3912 *34
Preferred
3714
4
100 1612 Jan 10 43 Apr 23
3911
*4
514 .4
514 04
54
,
4
.50
10 Philadelphia Rap Tran Co.
4
3 Feb 8
*4
514
6 Apr 25
*814 1012 *812 11
.9
11
*812 11
7% preferred
*812 11
50
412 Jan 12 16 Apr 24
35 .18
.18
*1818 35
35
•1818 3018 *1818 3018
Pittsburgh & West Virginia 100 15 Jan 3 27 Feb 21
461s 4618 *463 493
49
*45
4
4
4412 463
1,100 Reading
4 4514 4514
50 43 Jan 2 56321 Feb 5
.3838 40 .383 40
40
8
40
•3818 40
1st preferred
200
*383 3978
8
50 337 Feb 7 4018 Apr 23
8
3712 381u *3712 3818
*3712 3813 .
•3712 3818 *3712 3818
21 preferred
50 2918 Jan 11 3918Nlay 3
*814 1014 .818 10
*818 10
Rutland RR 7% pref
•8114 10
.818 10
100
712Nfay 14 15 Feb 7
*23
4 314
3
3
3
3
400 :St Louis-San Francisco...100
311
*3
34
,
34
23 Jan 2
,
8
45 Feb 6
8
*37
37
8 4
4
3 4
4
4
4
lot preferred
700
37
8
37
8
100
214 Jan 4
618 Apr 4
•13
40
40
•13
*13
40
St Louis Southwestern_. _100 1212 Jan 19 20 Mar N
40
*13
*13
40
118
118
1111
118
1141
11/1
1,900 :Seaboard Air Line...__No par
1114
113
1 14
118
1 Jan 2
2 Feb 6
214
'24 23
s
218 •2
21,3
2
600
2
2
2
Preferred
100
13 Jan 11
4
318 Feb 21
2214 223
4
8
2214 223
8 225 23
2112 2218 20511 2114 17,700 Southern Pacific Co
100 1812 Jan 5 333 Feb 5
4
25 8 255
25
8 2512 26
4
2512
24
247
8 2312 2418 5,500 Southern Railway
100 217
8Nfay 14 3012 Feb 5
8
4
323 323
4 313 32
32
32
315 315
8 30
303
8
8 1,700
Preferred
100 273
8May 12 4114 Apr 26
43
43
*4214 44
45
*42
*4112 45
*4112 43
100
Mobtle & Ohio stk or etre, 100 39 Jan 19 473 Apr 20
4
•23% 3018 .233 3018 *24
.21
Texas Jr Pacific Ry Co_, 100 185 Jan 3 4314 Feb 1
25
3018 *21
4
3018
8
8
6
812 *6
6
300 Third Avenue
6
612
614 614 •6
100
6 Mar 1
814 Jan 12
4.5
512
5
5
5
5
*43
4 5
*43 5
4
400 Twin City Rapid Trans No par
13 Jan 10
3
812 Apr 24
*2512 28
25
28
8
*26
8 277 28
26
100
297
•28
Preferred
100
8 Jan 12 39 Apr 24
12312 12434
x122 122
119 120
4
1,900 Union Piscine
123 1243 125 125
100 11012 Jan 4 1337 Apr 11
8
7912 8012 •80
81
81
81
*807 82
600 Preferred
.8012 82
8
100 7134 Jan 18 84 Apr 26
8 31
•3 13
4
, 33
400 :Wabash.
33
312 312 • s 33
4 *312 4
33
100
214 Jan 5
47 Jan 30
8
5314
*53
•55ti 6
4 6
600
53
4
4 6,4
.573 634 *53
Preferred A
318 Jan 2
100
83 Apr 26
8
4
1114 115
8 103 11 12 1,900 Western Maryland
8
4
1112 1112 1112 113 •113 104
83 Jan 2 1714 Feb 20
100
4
1531
•1412 171 .13
15
1512 15
2d preferred
400
•1414 1512 15
100 12 Jan 9 23 Feb 20
3
4 57
8
53
4
512 53
600 Western Pacific
.5 4 6 '
23 Jan 2
100
4
812Nfar 29
53
4 6
534
531
12
12
117
11
8 5,600
1212 127
8
Preferred
123 13
8
1214 13
118
432 Jan 5 1712 Mar 28
•1514 and asked prices, no sales on this day.
:Companies reported in receivership.
a Optional sale.
c Cash sale. 3 Sold 1.5 days
PER SHARE
Range for Previous
Year 1933
Lowest.
Highest,
$ per share $ per share
343 Feb 8018 July
8
50 Apr 793 June
4
1612 Feb 59 July
814 Feb 377 July
3
912 Apr 3914 July
20
Jan 413 Dee
4
8858 Jan 110 Aug
6
Apr 30 July
312 Mar
93 July
8
3584 Apr 6018 July
213 Feb 4114 July
4
84 Mar 8312 June
712 Apr 207 July
8
5014 Apr 7912 July
Apr 122 July
38
245 Feb 4914 Aug
8
I11 Apr
8 July
12 Apr
812 July
13 Apr
8
73 July
8
212 Apr
147 July
8
1
Apr
1184 July
134 Feb
1814 July
114 Apr
16 July
2
Apr 2434 July
2
Apr
1018 JulY
312 Apr
1912 July
27 Apr
8
15 July
1514 Feb 51 July
1211 Apr 4234 July
10 Mar 30 July
114 Feb
105 June
8
. 16 June
2t2 J44
3758 Feb 933 July
4
1714 Feb 48 July
2
Feb
193 July
4
3 4 Apr 253 July
3
4
412 Apr
2912 July
212 Apr
2314 July
47+8 Apr 3334 July
184 Mar
1112 July
212 Mar 2312 July
3 I)ec
8
234 June
812 July
19 June
812 Apr 503 July
4
16 Mar 6018 July
31 Mar 60 July
412 Apr 34 July
418 Feb
1384 Dee
812 Feb 247 July
8
s12 Mar 3414 July
83 Feb 273 July
8
4
2114 Jan 6712 July
12 Mar 28
Oct
8
Jan 20
Oct
17 Mar
8
8 June
18 Jan
214 July
12 Mar
57 July
8
3 Apr
4
812 July
212 Dec 1412 July
584 Jan
1718 July
1112 Jan
3714 July
118 Apr
10, July
4
15 Apr
8
1534 July
13
Jan
57 July
'a Mar
312 June
44
1/1 Jan
13 June
14
Feb 5812 July
218 Jan 275 Aug
8
25 Apr 3414 July
8
100 Mar 1583 June
4
11 18 Feb 347 J1113
8
,
18
Apr 56 July
712 Dec
15 July
312 July
's Mar
12 Apr
47 July
8
111 12 Mar 177 July
74 May
3712 Sept
111 Apr 3418 July
2
1
Jan
7 July
15 Feb
8
10 July
1
Feb7 July
1384 Jan
4214 July
9 July
7 Feb
,
378 Mar
37 July
6
Jan
4412 July
411 Feb
3812 July
2 Jinu,
57 July
8
3 Dee
10 July
611 Apr 3534 July
nil Apr 6212 July
21
Apr 38 July
2318 Mar 37 July
6
7
8
I
514
14
8
8
11 18
418
57
8
8
15
Vs
3
4
412
61,
4
56
112
118
4
55
8
I
17
8
r Ex.divIden.1.
1812 July
Jan
Jan
9118 July
914 July
Apr
Mar 22 July
3 July
Jan
47 July
8
Mar
Feb383 July
4
38 July
Mar
Jan 49 July
Jan 4014 July
Apr 43 July
Feb1218 June
Dec43 June
4
15 June
Dec
Apr 132 July
Apr 7512 July
712 July
Jon
Apr
978 July
Feb16 July
1912 July
Jan
912 July
Apr
18 July
Mar
y 1.x-rights.
New York Stock Record-Continued-Page 2
3735
1217 FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
111011 AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
May 26.
Monday I
May 28.
Tuesday
May 29.
$ per share $ per share $ per share
8
818 83
8
8 14
.7712 86
.7712 86
*7712 86
2712 27
27
27
27,
4 27
.913 93
4 •912 912
912 912
512 *5
*5
5
513
5
7 4 74
,
*7
718
714
718
,
9512 9512 9412 9412 94
9512
,
2 8 2 8 *212 2 4 *212 25
,
,
8
8
, ,
19 8 19 8 1938 2012 195 20
"5 2 6,
,
4 •51, 6,
4 8512 614
8
2 4 27
,
8
2 4 27
,
8
23
4 27
13
1314 13
13
13
133
8
*1118 1212 •1118 1312 •1112 1212
13 .1112 13
1212 •11
*10
20
.15
207 •15
•15
8
20
13414 135
134 134
133 135
.12614 128 .127 128 *127 128
4
1614 16 4
, 163 1714
16, 163
4
8
•1314 14
*1318 14
8133 14
8
45
8 *412 478
418 418 *4
*31 8 33 4 *3112 333 •3134 333
, ,
4
4
•497g 5014 50
50
483 483
4
4
33 8 33
,
3214 3314 *33
33
20
1914 20
20
1913 19 2
,
.4614 4612 4612 4613
46
46
1012 10 4 1012 10 4 1038 1012
,
,
5712 57 4 59
60
,
5912 595
8
27
.2618 271
27
27
2714
•1071/4 109 *10718 109 •10718 109
943 947
4
8
8 9334 947
8 943 953
8
•143 144 •143 144 *14312 144
21
21
21
2114 2114 211
42
42
43
43
42
42
•712 9
•712 9
"7111
9
*2514 30
*2514 30
*2514 30
*56
581 •56
581
557 56
8
.3i2 5
*312 41
*312 5
3412 353
3413 347
4 345 3.518
8
8
2 8 212 *214 2,2
,
.214 23
'558 614 *53
4 614 .55
8 618
814 812
818 814
818 814
2012 2612 *193 2112
•1912 211
4
.103 111
4
113 1112 •1012 1112
8
*1512 161
1613 1713 •
1512 1712
1512 151
1514 1514 *1518 1512
*65
8 71
63
8 65
8 •612 8
321 .28
•23
3212 *273 3212
4
3312 331 *333 34,2 •3312 34
4
73
8 71
'73
4 814
4
73
4 73
3812 381 *3914 4014 *383 4018
8
83
8 83
8 *812 83
8,
2 8
,
8
.118
11
114
•1
M18
1,
4
*8
9
9
.8
•818 912
*23
24
, 25
25
.2414 25
55
55
55
55
52
5212
•145 15
8
1412 1514 143 145
8
8
83
4 87
8
8 8 812
,
8
8
223 23
4
2314 2338 23
2314
*7718 86
•7718 86
•7718 86
2612 26 2 2613 2718 2612 2612
,
'714
73
8
714
712
738
714
•213 23
8
2212 2212 2212 2 4
23
.183 20 •191s 193
4
4 187 1914
8
135 137
8
8
8 137 1418
1312 14
183 1812 185 1918
8
8
1812 18 4
,
5212 5212 5212 5212 *5114 53
*45
8 5
•414
412 478
114
1,
4
114
114 •118
1,
4
*2213 25
23
23
*2212 25
3958 4014 397 4012 39
8
39 4
,
"112 118 •113 118 *11312 118
*80
84
•81
84
•01
84
.56
58
•57
58
5712 577
8
.11712 119
119 119 .11712 120
*16
1612 1618 1612 16
16
*63
677 *633 677
8
8
8 6414 641
4138 42
*4234 427
8 43
43
53 8 55 4 557 5714 5612 573
,
,
8
*113 114 •114 115
115 1151
1818 185
8 183 187
8
8
18
181
11418 1145 11414 11512 11412 1141
8
70
70
6912 70
6914 691
72
72 8 72
,
7212 7114 72
12112 124 •122 123 .122 123
•614 6 4
63
4 7
7
7
,
16
16
17
18
•I5
17
187 18711
8
187 1918 •183 187
8
4
•71
75
•72
75
•7112 75
11
11
11
11
•1034 11
60
60
603 62
8
6118 6118
218
218
218 2 4
214
214
,
714
73
8
7
7
718 71
61 '
•6
6
6
6
712
.39
45 .39
45
*39
43
8 1412 147
1414 143
8
1418 141
11
11
11
11
•97 11
8
*195 20
8
20
2012 21
211
•99 100
99
09
•95 100
30
30
3014 3012 .3018 31
•11312 120 •11312 120 •11313 120
9118 91, •89
8
913 *88
8
91
63
8 6
614 67
.4
618 61
*3
31
3
27
8 3
314
69
68
707
7138 683 703
8
8
*5
51
514
*5
514
•71, 514
87
9,
834 *712 8
•112
17
15
8
15
8
15
8
15
8
c123 12 4 *1212 13
•1112 13
4
,
601 *5818 72
*50
6012 60,
3
84514 571 .4512 5712 •48
5712
4034 .38
•38
403
4 38
3S
1912 *15 8 1912 •1514 20
,
•15
4
243 2514 2514 25 8 2514 2512
,
45
•4414 45
45
•45
46
•9912 100 '
9912 101
*9912 100
10
*814 1012 10
10
10
343 3518 3612 3614 35,4 357
4
8
1212 125 •12
4
4
8
123 123
12 8
,
7
7 4
,
714
714 713
718
11
1138
1113 1118
11
1112
48 .42
48
*4434 47
845
.963 977
4
8 97% 97% 98
9813
.418 43
4
414 414
*418
43
4
28
2812 2812 28
27
27
77
3 8
74 8
,
8
75s 77
828
*2814 30 .2918 30
29 4
,
4
•923 96'2 .923 9612 •923 9612
4
4
1512 157
8
153 IA
4
15 41 16
,
87
8612 .85
•85
.85
87
.6018 6318 •60
6318 •60
6318
1214 1238 12
s
.1214 123
12 8
,
8
*119 4
,
•119,2
- - •1193
8
4
1518 153 153
1514 153
15
1
8 1612 1634
1618 163
1614 165
8
Wednesday
May 30.
Thursday
May 31.
Friday
June 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1933.
Lowest.
Highest
Per share $ per share $ per share
per share $ per share Shares.
Industrial & Miscei. Par $ Per share
73
4 8
8
3 Feb
712 7 8 4,800 Adame Express
,
1314 July
An pat
6 8 Jan 6 117 Feb 5
,
Apr 71 June
*7712 86
*7712 8
39
100 7014 Jan 25 7712 Apr 19
Preferred
8
•26
27
16 Jan 5 347 Apr 5
26
8 Apr 215 July
8
No par
2612 1,100 Adams Millis
400 Address MuMgr Corp
3
9
9
7 4 Jan 5 113 Feb 6
,
Ws Apr
84 84
,
,
10
1212 June
412May 14
7 8 Feb 5
,
1 4 Feb
,
400 Advance Rumely
No par
*518 512
9341 July
5
.5
958 Feb 6
6 4 67
,
8
113 May
2,000 Affiliated Products Inc _No par
4
7
7 18
61s Jan 13
5 July
511
4712 Feb 112 Sept
4June 1 10614 Jan 24
1,400 Air Reduction Ino
923 94
4
*94
No par 923
96
3 8 Apr 26
,
*212 2 8
,
200 Air Way Elec Appliance No par
17 Jan 3
8
4 May
212 212
12 Feb
s
1118 Jan 33 Aug
,
4
1912 197
8 1914 193 19,300 Alaska Juneau Gold Min_ __10 17 8May 12 237 Jan 15
1
773 Apr 24
Jan
A P W Paper Co
5 Jan 13
No par
512 614
95s July
*5 2 6 4 •
,
,
514 Feb 1
212May 14
2 4 2 4 5,300 Alleghany Corp
,
7 Apr
1
814 July
No par
2 4 27
,
,
8
1
Apr 2178 July
*1212 13 8 *1212 13
700
Pref A with $30 wart....100
,
g
57 Jan 4 1618 Apr 10
118 Apr 21 July
1118 11,
*1118 13
300
Prof A with $40 warr_ _100
5 8 Jan 3 145* Apr 10
,
4
,
Prof A without warr_ _ _100
•1118 1212
114 Mar 20 July
•11
13
514 Jan 6 14 8 Apr 9
5 Mar 26 July
•15
197 *15
8
Allegheny Steel Co... No par
1712 Jan 2 2318 Feb 23
1938
13214 133
70 4 Feb 152 Dec
3
1,800 Allied Chemical & Dye _Nu par 12612Nlay 14 16034 Feb 17
133 133
Apr 125
8127 12714 12714 12714
100 Preferred
Oct
100 12218 Jan 16 12914 Apr 5 115
,
15
6
Feb 26 8 July
,
15 4 1614
,
153
4 3,000 Allis-Chalmers Mfg__ _ No par 1334May 12 23 8 Feb 5
4
24 July
,
•1314 14
,
53 Jan
"1314 14
Alpha Portland Cement No par 12 4 Jan 2 201 Feb 5
312Nfay 12
52 Feb
914 July
73 Mar 12
•414
4
412
414
414
300 Amalgam Leather Co
1
5 Feb 40 July
7% preferred
,
*3112 333 •3112 33 4
50 25 Jan 6 45 Mar 13
4
1812 Mar 4758 Nov
•48
700 Amerada Corp
50
50
No par 4112 Jan 4 5334 Apr 5
50
714 Mar 35 July
1,000 Amer Arida Chem (Del) No par 2514 Jan 4 36 Jan 24
33
33
33
33
8 Mar 2812 July
1912 1912 19
10 1412 Jan 4 2514 Apr 27
1912 1,500 American Bank Note
Apr 497 June
8
110
34
Jan 4 5012 Apr 27
*4518 4612 4612 4612
Preferred
50 40
712 Jan 4 1234 Feb 3
97 10,
1
8
Jan
163 July
1.900 American Beet Sugar__No par
1014 10,
4
s
4
234 Jan 64 Sept
5812 5918
591s 60
540
7% preferred
100 4612 Jan 4 71 Apr 12
912 mar 4213 July
"243 267
4
8
•25
400 Am Brake Shoe & Fdy _No par 2334510y 14 38 Feb 6
27
80 Mar 108 Aug
*10718 109 •10718 109
100 96 Jan 10 11012 Apr 18
Preferred
4912 Feb 10012 Dec
6,900 American Can
93 8 9414 9214 94
,
25 9014May 14 107114 Feb 15
•14312 144 *14312 144
Preferred
100 12612 Jan 8 14512 Apr 13 112 Feb134 July
1912 197
8
1,200 American Car & Fdy _.No pa
2038 2038
8
1918Nlay 12 337 Feb 5
618 Jan 393 July
4
41
500
42
Preferred
15 Feb593 July
41
42
4
100 3814 Jan 8 5612 Feb 5
1214 Feb 27
American Chain
13 Mar
3
14 July
*718 9
No par
612 Jan 11
•718 9
*2514 30
7% preferred
312 mar 3112 July
*2514 30
100 2012 Jan 10 40 Apr 24
600 American Chicle
5614
No par 4614 Jan 8 60 Apr 20
34 Mar 5114 July
*56
5812 56
.3'
2 5
•312 5
Amer Colortype Co
2 FebWs June
812 Feb 5
10
33 Jan 29
g
18
!
Feb 894 July
33 4 3,900 Am Comm. Alcohol Corp 20 33 May 22 6212 Jan 31
,
3314 34 8 33
,
28
, 28
,
5 Feb 16
400 Amer Encaustic TilIng_No par
,
2 May 12
1
Jan
6 June
•23
8 28
8 612
Amer European See's__No pc.
6 Jan 3 1012 Feb 3
378 Apr
13 July
•55
8 612 •5s
7 May 10 133 Feb 6
4
193 June
3
7 4 773 2,600 Amer & For'n Power. _No par
37 Feb
,
8
8
8
100
Preferred
17 Jan 4 30 Feb 7
•1812 193
4
No par
21
714 Apr 447 June
•18
8
300
No pa
2nd preferred
" 4 8 Apr 2714 June
,
93 Jan 4 1712 Feb 6
4
,
4
•10 4 113
3
8 10 4 103
400
No par
$8 preferred
12 Jan 4 25 Feb 6
618 Apr 35 3 July
3
1512 1512
*1512 16
1312May 14 2233 Feb 16
418 Jan
2112 July
500 Amer Hawaiian 8 S
,
g
14 4 14 4
,
8
147 147
213 Mar 16 June
300 Amer Hide & Leather_No pat
614May 24 1012 Feb 5
8
•614 67tt •614 67
Preferred
1313 Feb 5712 June
100 2612May 14 4214 Mar 15
2814
*28
2914 828
300 Amer Home Products
8
1 261s Jan 5 363 Apr 26
243 Dec 4212 May
4
,
34
33
33 4
•33
SOO American Ice
1712 June
No par
613 Jan 4 10 Feb 5
7344 7 8
,
5
7 8 7%
,
3 4 Feb
300
s
100 3514 Jan 8 4514 Mar 26
8% non-turn pref
2.5
Feb 577 June
38 8 3812 '3712 38
,
1,300 Amer Internet Corp_ _ No par
414 Feb
154 July
612 Jan 8 11 Feb 6
818
841
8 4 812
,
313 June
•11. 114 •118
112 Apr 4
Am L France & Foamite No par
14 Apr
114
3 Jan 5
4
.84, 91
4 Jan 18 10 May 22
114 Jan
12 June
50
Preferred
Ion
7 2 9%
,
2212June I
600 American LocomotiveNo par
38 4 Feb 6
,
24 4 2212 23 2
,
3
,
•24
57 Jan 394 July
743*Mar 13
1,200
Preferred
173 Jan 83 July
4
49
100 49 June 1
49
5018 52
3
83 Feb 223 July
4
1412 1,600 Amer Mach & Fdry Co _No par 13 Jan 4 1934 Feb 5
1412 14 4 •14
,
1
Jan
6 June
314 Jan 3 1014May 11
758 8
7 4 77
,
Stock
, 2,400 Amer Mach & Metals__No par
,
2118 2212 1,900 Amer Metal Co Ltd___No par 18 Jan 4 27 8 Feb 15
313 Feb 2353 July
•2212 23
91 Feb 15
6% cone preferred
1513 Jan 757s Nov
100 73 Jan
•7718 86
Exchange •7718 86
Jan
304 July
3484 Mar 13
270 Amer News Co Inc... No par
21 Jan
17
2518 26
277
*26
4 Feb
1214 Feb 6
1971 July
57g Jan
6 44 68 4,000 Amer Power & Light__No par
,
67
s
71s
Closed4113 July
297 Feb
8
500
No pat
133 Jan
4
$EI preferred
8
97 AP
8
2112 217 •2012 23
$5 preferred
Apr
2614 Feb 7
600
No par
9
35 July
127g Jan
1818 1818
8
Memorial •185 20
175 Feb 1
8
45 Fe
8
19 July
12 May 1
1212 13 14 10,600 Am End & Stand San'y No par
,
1318 131
2814 Feb 19
8May 1
s
25 163
,
317 July
17
5 4 Ma
177
8 8,400 American Rolling Mill
17 4 1814
,
Day.
2018 Apr 473 July
400 American Safety Razor No pa
4
4
36 Jan 13 542 Apr 26
523 528
8
5114 511
71 Mar
314 Jan 10
73s Feb 19
500 American Seating v t c.No pa
45
8 45
8
712 .1111y
4 4 47
,
23, Jan 30
412 June
300 Amer Ship & Comm__.No Pa
1 Jan 4
•118
12 Apr
1,
11
4
•118
1113 Mar 363 June
20 Amer Shipbuilding Co_No pa
1914 Jan 4 30 Jan 30
•2212 25
4
•2212 25
10 4 Feb 5312 Sept
45iay 10 5114 Feb 15
3
4 37
353
3814 8,400 Amer Smelting & Relg_No pa
3818 383
31
Jan 9912 Dec
Preferred
•11412 118 •11412 118
10 100 Jan 2 123 Apr 12
2013 Jar, 73 July
2nd preferred 6% cum___100 7114 Jan 2 9484 Apr 11
•8012 84
•8012 84
3212 Jan 5114 Sept
4
58
500 American Snuff
58
57
•57
25 483 Jan 5 58 Apr 27
10
Preferred
100 106 Feb 2 12312May 3 10213 Jan 112 July
•118 120 •118 120
453 Feb 27 July
900 Amer Steel Foundries _No par
1411,,June 1 2612 Feb 5
145 151
8
•1514 16
10
Preferred
. 8218 677 •6218 677
.
1
3738 Mar 85 July
100 63 May 24 81 Jan 30
8
600 American Stores_ -_No Par
Feb 47 1 July
7
37 Jan 3 4414 Feb 7
30
•4112 4278 *4118 43
2113 Jan
74 July
5512 5612 55
100 48 Jan 3 61 Feo 6
5612 6,900 Amer Sugar Refining
Jan 11214 July
400
Preferred
80
4
115 115 •1133 1147
8
100 10312 Jan 3 11518 Apr 23
Jan 26 July
5
173 173
6
41May 10 20 8 Mar 13
8
.
133
8 2,100 Am Sumatra Tobacco _No par
x175s 17%
11312 114
,
11212 1133 12,700 Amer Telep & Toles
8618 Apr 134 4 July
4
4
100 1073 Jan 4 12514 FeD 6
49 Feb 907 July
1,400 American Tobacco
69
3
g
69
687 6914
8
25 6514 Jan 6 823 Feb 6
50 4 Feb 943 July
,
4
Common class Li
70
7012 71
25 67 Jan 8 8412 Feb 5
70 4 7,900
,
,
Preferred
123 123 •122 124
100
100 10714 Jan 3 12312 Apr 10 102 4 Mar 120 July
8
218 Dec 25 July
71_ .612 62
•6
47 Jan 3 13 Feb 21
/
300 :Am Type Founders...No par
•15
7
Oct37 8 July
7
4
17
Preferred
17
*15
90
73 Jan 6 283 Feb 21
4
100
107 Apr 4314 July
8
8
1,600 Am Water Wie & Elee_No Paz
1814 18 4
, 177 18 4
1633May 14 2718 Feb 7
,
35 Mar 80 June
•7112 75
tot preferred
•7112 75
No par 54 Jan 3 80 Feb 5
17 July
105 1053 1012 107
8
312 Mar
900 American Woolen.___No Par
8
812May 14 1718 Feb 5
2253 Feb6712 Dec
80
59
59
1,100
•59
4
Preferred
100 58 May 14 833 Feb 7
*2
214
413 June
414 Mar 14
2
2 18
3 Feb
3
1.500 Am Writing Paper
1
14 Jan 10
143 July
4
65
14 Feb
8 7
2,000
7
7,
Preferred
2
No par
514 Jan 6 1712 Apr 23
107 July
s
214 Feb
9 Feb 16
•6
614
800 Amer Zinc Lead & Smelt _._
5 3 Jan 4
3
554 6
43
•39
Feb 66 July
*39
20
43
Preferred
_25 3712 Jan 4 5018 Feb 16
8
1312 1418
Feb 227 July
1334 14
5
9,900 Anaconda Copper Minlng.60 13 May 14 1734 April
1513 June
11
44 Jan
11
•8
11
500 Anaconda Wire & CableNo pa*
4
914 Jan 12 123 Apr 26
Jan 3914 July
2018 201s 20
8
20
800 Anchor Cap
Vo par
18 Jan 8 2434 Jan 31
*95 100
90 June
6212 Jan
•95 100
20
par 84 Feb 5 100 Apr 17
$6.50 cone preferred Na.
2914 July
9 4 Mar
3
29
2953 2914 29 4
1,200 Archer Daniels Midl'cl_No par 2614 Jan 9 34 Apr 23
,
Feb115 July
,
•113 4 120 •113 4 120
,
95
7% preferred
100 110 Jan 24 115 Apr 12
41
Jan 90 July
91
•90
91% *90
100 Armour & Co (Del) prof. 100 764 Jan 2 9314 Apr 26
8
57
6
614
118 Feb7 4 June
614 18,300 Armour of Illinois class A....25
8 Apr 13
414 Jan 3
3
278 11,300
27
8
24
,
37 Apr 12
8
3 Feb5 July
4
Class B
214 Jan 8
25
69
6712 6912 67
8
7 Feb93 July
21,900
Preferred
100 55 Jan 3 755 Apr 13
7 July
5
514
4 4 47
,
8
1, Jan
8
83 Fen 9
700 Arnold Constable Corp
3
3 8 Jan 10
5
5
812 •7
2 Ma
812
912 June
•7
Artloom Corp
414 Jan 5 1012 Apr 21
No par
4
13
4
3 Apr
4
514 June
400 Associated Apparel Ind No par
312 F .b 15
*1,2
14
, *13
1 Jan 9
1212 1212 1214 1212
313 Feb20 July
500 Assoolated Dry Goods
1118 Jan 3 1814 Feb 6
1
6014 6014
•6012 72
300
8% 1s1 preferred
18 Feb6112 July
100 50 Jan 1 7712 Apr 20
5712 •45
5712
*45
15
Jan 513 July
4
7% 2d preferred
8
100 50 Jan 4 647 Apr 20
10 Associated 011
40 4
•38
403 •38
4
63 Mar 3512 July
4
,
25 2912 Jan 5 4012 Apr 25
14
14
10 At 0 & W 1 SS Lines__No par
8
•151s 197
412 Mar 26 July
12 May 15 16 Apr 12
24
2518 6,700 Atlantic Refining
245 25
8
123 Feb 3213 Nov
4Sfay 14 3514 Feb 5
3
25 213
4
45
700 Atlai Powder
4538 443 45
9 Feb 3918 July
No par 3514 Jan 8 5512 Mar 13
•9912 100
*9912 100
Apr 831 Sept
,
Preferred
60
100 83 Jan 9 10112 Apr 17
•812 10
3
200 Atlas Tack Corp
112 Feb 34 4 Dec
No par
712 Jan 15 1614 Mar 14
*812 101
351
34
3512 3.300 Auburn Automobile
Oct 8414 July
34
31
8
No par 3114May 14 573 Mar 13
1133 1133 1,000 Austin Nichols
*11 12 12113
8
No par
7 Feb 9)3 July
3
7 Jan 4 165 Mar 5
65
8 67 16,100 Aviation Corp of Del (The). _5
1,
8
7
512 Feb
163 July
67
8
5 3 Feb 10 10 4 Jan 31
,
,
103 1012 4,300 Baldwin Loco Works...No pa•
8
175 July
8
97
8May 10 16 Feb 5
312 Apr
103 11
4
44 4 44 4
100
,
*443 48
4
Preferred
,
,
100 35 Jan 8 64 4 Apr 21
912 Apr 60 July
*9612 98
250 Bainberger (L) & Co pref. _100 8613 Jan 9 99 Feb 23
8
6814 Feb 997 Aug
•9613 98
.
418
418
300 Barker Brothers
714 June
3 Jan
3
*414 43
No par
4
612 Feb 5
3 Jan 2
2712 28
310
27
2414 July
27
6 14% cony preferred_ ___I00 164 Jan 9 3812 Apr 12
518 Apr
14 3,300 Barnsdall Corp
11 July
4
3 Mar
75
8 73
5
7 Slay 14 10 Jan 22
713 7
5212 July
287 2878
8
29
29
200 Bayuk Cigars Inc
No par 23 May 8 39 Feb 5
314 Jan
*9234 95
Jan 100 July
•923 95
)
4
let preferred
27
, Mar 16
100 89 Jan 15 9
8 1514 157
7 Mar 27 June
157 157
8
, 1.800 Beatrice Creamery
25 1033 Jan 6 1834 Apr 21
45
Feb 85 May
8712
*85
87 2 •85
Preferred
,
100 55 Jan 13 8712May 18
7012 June
60
45
Jan
60 60
200 Beech Nut Packing Co
60
20 58 Mar 2 67 Apr 23
1212 July
12
1113 1134
312 Feb
1.300 Belding tleminway (So. 'he Par
12
87 Jan 3 1514 Apr 24
8
621 Apr 10114 'coy
,
8May 25
Flelglan AIAt Ry. oart Pre - 9,513 Jan 9 1197
•118
_- *118 120
nl. Feb 2114 July
8
1418 143
8May 14 237 Feb 1
4 6,200 Bend'. Aviation
147 1518
8
135
1314 Sept
15 Aug
1918 Apr 26
1618 1612 3,200 Beneficial Indus Loan_ _Nn par
1618 16,
1218 Jan 31
4
$ per share
• Bid and asked prices, no sales on this day. I Companies reported In receivership
PER SHARE
Range Strut Jan. 1.
On bast, of 100-share lots.
a Optional sale. e Cash sale. r Ex-dlvIdend. y Ex-rights.
3736
tgir
New York Stock Record-Continued-Page 3
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 26.
Monday
May 28.
$ per share $ per share
•2912 30 .2912 307
8
8 3418 343
3312 337
8
6312 64
6418 65
26
20
25
27
*103 1114
11
4
11
*18
22 .18
22
5358 54
5412 56
2512
2412 2518 25
223 223
4
4 23
2312
.13
8 2
*13
8 112
164 163
4 165 1714
8
3312 3312 3338 3414
.65
664 663 663
4
4
.53
55 .50
55
812 810 *812 9
618
6
"57
8 6
*97 103 .1014 11
8
4
*5812 60
*59
60
578 57
8
618 612
.30
33
33
34
312 312
312 312
*43
8 514 *414 518
.
94 912
91z 9 2
,
4
.2
.2
4
8
8
8
8
13
133 134
8
1314
.2
24 .2
214
"4
5
5
*4
1112 1112 .104 113
4
112 112 .112 1513
2
2
*2
214
"234 27
8 '23
4 27
8
2118 2118 213 22
4
.52
57 '52
57
3114 3114 3112 3112
7
8
7
8
7
8
7
8
'418 414
414 414
.9
104 '93 1014
4
.2112 22
22
22
3218
.3012 3218 .30
.712 10
.8
1018
3312 '32
3312
'32
61
*673
4
273
8
24
.3
*258
17
27
11
.8312
35
53
4
.28
20 8
3
.80
43
"63
4
.203
4
*2514
712
•1212
393
4
.1
5118
68
277
8
2414
312
3
17
27
11
93
3539
53
4
31
21
81
4314
738
2112
26
712
164
4018
118
June 2 1934
FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD
PAGE PRECEDING
52
673
4
275
8
2414
*318
3
*17
27
114
'8312
35
*57
8
*2814
21
.80
44
7
213
8
26
7
•1212
40
1
533
4
673
4
2814
2538
312
3
1712
2712
1114
93
355
8
618
31
21
81
44
7
213
8
26
7
173
8
403
4
1
Tuesday
May 29.
Wednesday
May 30.
Thursday
May 31.
Friday
June 1.
Sales
for
the
1Yeet.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots
Lowest.
Highest.
PER SHARE
Range for Prevoius
Year 1933.
Lowest.
S per share $ per share
.294 307
8
3318 3418
6318 64
.2614 27
103 104
4
.18
25
5414 544
243 253
4
8
223 223
4
4
.138 2
163 17
4
34
343
8
653 653
4
4
.51
513
8
812 812
6,
4 64
1014 1014
"5812 60
614 64
.32
38
*312 338
"
414 518
8
*9
4 97
*2
4
718 718
1312 1312
2
2
.4
5
.
9
113
4
112 112
214 214
.
24 27
8
21
2l'8
"53
57
23012 31
7
8
7
8
414
4
914 914
2214 2214
.31
3218
.818 1018
*32
3313
5112 5314
*673 70
4
2718 28
2412 25
*318 312
.212 3
17
17
2614 263
4
1114 1114
.8312 93
3418 343
4
6
6
.28
31
20 4 2 4
3
03
81
Stock
8112
4312 44
7
718 Exchange
'2012 21
2714 2714 Closed7
7
*1212 1612 Memorial
393 4012
4
"1
118
Day.
*12
4
12 54
3
4
34
*318 438 *318 473 *318 478
"212 414
312 34 '212 418
4
•123 193 *13
1812 '13
1614
35
*3312 34i
35
*3312 37
•110 116 '110 116 .110 116
12312 '123 12312 12312 1235
123
8
543 543 '5412 55 '5414 543
4
4
4
1314 1418 14
143
8 133 1414
8
*66
*67
87
87 .84
87
•1714 18
174 18
174 1818
*414 412
44 412 .44 43
4
6712 68
665 67
8
6714 67 4
,
3318 3312 3312 343
343
4 34
8
127 1314 13
8
123 13
4
131s
.73
74 '73
73 8 '73
3
735
8
.50
67 .5212 67
*60
67
2712 2812 273 2814 2712 2712
8
28
.2812 29
29
29
20
.4712 487
8 487 487 *48
8
8
49
.283 29
29
4
285 283
8
29
8
.10112 10234 1023 103 *10212 104
4
5012 5012 504 513
8 51
51
'1074 109 '1074 1085 .1073 1084
8
4
227 23
23
8
2312 223 2314
4
218 218
218 214
218
214
46
4614 4638 458 457
46
8
254 2618 25 4 2614 2614 2612
3
•1014 13
1118 1118 .1114 13
10
4
4
*83
10
4 93
63 10
58 '53
597 *53
.56
8
58
33
4 33
4
358 338 378 378
8 1612 1612
4 1612 167
.163 163
8
325 334 327 333
8 323 33
8
8
4
89
8814 8812 89
89 89
258 25
8
212 2 8 *212 238
,
103 1012 1012 107
8
8
1012 104
.109 111 '10812 111 .10812 111
118
118
1
1
1
1
11
11
114 1112 '11
113
2
4
418
4
4
4
4
.84 9
4 .9
912
84 83
.13
3 112
112
112
13
8
14
6018 '59
.59
594
6018 '59
753
7614 7414 7512
8 75
75
'812 10
*812 912 *812 9
012 3012 3014 3013
.2914 304 3
1'8
114
513
1.18
14
PS
2018 20
8
20 8 197 20
20
3
6812 6814 6914 68
68
6814
*14212 147 *14212 147 *14212 147
55, 5 4
3
5 4 578
3
4 534
8 327 327
8
8
8
325 324 327 327
8
*123 13
4
13
4 13
123 123
4
27 .26
2634 263
273
8
4 27
407 .40
8
407 .40
8
*40
404
51 t
511
513 514
514 513
8 2414 2412
*245 257
8
24
24
6218
6218 '61
.61
62
.61
13
8
15
8
15
8
*112
•112 2
71.2 712
8
712. 73
5
712 7 8
.4714 474
4612 4612 4714 48
44
4 44
43
.43 8 443
5
443
4
.2212 2312 234 234 .2212 2312
4 794 8012 8014 80,
4
793 793
2
312 37'8
8
33
8 34
312 37
1012 1058
1014 1012 1014 11
16
4 16
4
.1518 1512 153 153
Highest.
$ per share $ per share Shares. Indus.&Miscall.(Con.) Par Spar share
$ Per share $ per share $ per share
.2912 3038 2912 2912
200 Best dr Co
No par 2612 Jan 8 3414 Apr 10
9 Mar 3318 Aug
3112 334 3012 313 17.000 Bethlehem Steel Corp No par 3012June 1 4912 Feb 19
4
1018 Mar 4914 July
6014 613
4 59
593
4 2,400
7% preferred
100 59 June 1 82 Feb 19
2514 Feb 82 July
*2614 27
2614 2614
140 Btgelow-Sanf Carpet Ins No par 25 May 28 40 Feb 5
64 Apr 2912 June
"1034 1118 103 103
4
300 Blaw-Knox Co
4
No par
194 July
1014May 14 1614 Jan 30
312 Feb
.18
22 '18
22
Bloomingdale Elrothers_No par
18 Jan 12 26 Feb 7
65 Feb 21 July
8
53
54
.527 54
8
1,400 Bohn Aluminum & Br
5 49581tay 14 683 Jan 24
4
912 Mar 5812 Deo
2411 243
4 2414 247
8 9.400 Borden Co (The)
8
25 197 Jan 6 2712 Feb 5
18 Feb 3712 July
2214 223
8 2112 2218 2,300 Borg-Warner Corp
8'May 14 284 Feb 5
10 203
512 Feb 2214 Deo
•13
.138 2
8 2
:Botany Cons Mills class A_50
1 Jan 2
3 Feb 9
412 July
4 May
1612 164 1618 1612 6,200 Briggs Manufacturing_No ow, 12 Jan 6 195 Apr 26
8
252 Feb
145 July
8
3433 343
8 34
34
1,200 Bristol-Myers Co
6 26 Jan 4 373 Apr 26
8
25 Dec 3814 Sept
26212 6412 6214 6212 . 1,000 Brooklyn U.Oon Gas_No par 607
8May 8 8012 Feb 6
60 Dee 8812 June
•51
55
55
.51
Brown Shoe Co
No par 1501,4 Jan 5 61 Feb 16
2812 Mar 534 July
*818 812
8
8 18
400 13runs-Balke-Collender_No par
4May 7 107 Mar 17
8
63
134 Mar
1812 June
*6
63
8
6
6
1,500 Bucyrus-Erie Co
512May 8
93 Feb 5
10
2
2 Feb
127 June
8
*912 103
8 .912 1018
Preferred
100
1412 Apr 24
5
914May 12
234 Feb
105 June
8
59
59
5812 5812
7% preferred
20
100 5812June 1 75 Jan 15
2012 Mar 72 Juno
6
6
618
6
4,600 Budd (E 0) Mtg
No par
54 Jan 3
73 Apr 25
4
3 Apr
4
94 July
34 .26
*32
32
300
7% preferred
100 25 Jan 2 44 Apr 25
3 Mar
35 July
313 312 *338 312
600 Budd Wheel
No par
3 May 14
53 Jan 30
8
1
Feb
53 July
4
*414 54 *414 518
Bulova Watch
No par
612 Apr 28
27 Jan 9
8
7 Mar
5 June
8
400 Bullard Co
*94 913
914
No par
914
7 4 Jan 4 1512 Feb 16
3
212 Feb
1314 July
•2
4
'2
4
Burns Bros class A__ __No par
158 Jan 26
6 Feb 21
12 Apr
5 June
.74 8
.714 8
80
7% preferred
4 Jan 9 1512 Feb 20
100
13 Jan
4
13 June
134 1314 13
133
8 2,800 Burroughs Add Mach__No par
1218May 14 z1938 Feb 1
618 Feb 207 July
8
.2
214 .2
214
100 :Bush Term
4May 12
37 Feb 9
8
No par
13
1
Apr
8 June
*4
5
.4
5
Debenture
6 Mar 8
312 Jan 20
100
1
Apr
912 June
40 Bush Term 131 go prof ctfs_100
*914 1112 1112 1112
1534 Feb 23
518 Jan 3
44 Dec
8 Dec
112 112 *112
15
8
500 Butte & Superior Mining__10
218 Feb 16
112 Jan 13
I
Feb
27 June
8
214 214
2
2
1.000 Butte Copper ds Zino
2 Jan 2
3 Feb 16
5
4 Mar
414 June
.23
4 24 . 4 27
23
4
Butter1ck Co
43 Feb 1
8
No par
218 Jan 2
114 Apr
712 June
*2012 207
8
19
2012 3,300 Byers CO (A M)
19 May 14 3234 Feb 7
No par
812 Feb 4314 July
5118 534 524 5218
100
Preferred
8
100 4714 Jan 15 677 Apr 23
3018 Mar 80 July
3012 3012 29
3,700 California
30
_
183 Jan 4 3412 Apr 30
No par
4
73 Mar 3434 July
4
7
8
•7
8
7
8
1
600 Callahan Zino-Lead
13 Jan 23
4
Packing7 Jan 9
8
10
14 Jan
214 June
.418 414
418 418 2,400 Calumet & Hada Cons 0op_25
652 Feo 5
4 Jan 3
2
Feb
93 June
8
914 914 •918 914
200 Campbell W & 0 Fdy__No par
812May 14 1578 Feb 23
2 Feb
1614 July
213 22
8
203 20 8
8
, 1,100 Canada Dry Ginger Ale_ _S 2058June 1
2912 Apr 24
712 Feb 4112 July
303 303
4
No par
4 30
2812 Jan 4 38 Apr 2
30 18
600 Cannon Mills
14
Feb 3512 July
•818 1018
818 84
100 Capital AdmInts ol A
1
5 8 Jan 2 10 Apr 13
3
414 Oct 1212 July
'32
3312 '32
3312
Preferred A
2518 Jan 3512 July
4
10 283 Jan 24 39 Apr 20
507 52
8
4714 4912 8,000 Case (J 1) Co
4
3012 Feb 10312 July
100 46 May 14 863 Feo 6
•69
70
69
6912
4May 25 8412 Feb 6
160
Preferred certifIcates
41
100 673
Feb 8614 July
265 2718
8
2478 2638 7,700 Caterpillar Tractor_No par 234 Jan 4 333 Apr 21
8
612 Mar 2934 July
233 2438 23
8
2312 8.900 Celanese Corp of Am__No par 23 June 1 447 Feb 5
8
412 Feb 587 July
8
*254 318 .25
Colotex Corp
8 3
45 Apr 12
8
No par
12 Mar
214 Jan 9
:
57 July
8
.23
8 3
100
Certificates
4 Apr 12
114 Jan 9
•214 3
3 Feb
No par
8
43 July
8
"15
1678 .15
157
8
120
8
Preferred
100
14 Jan
612 Jan 18 223 Apr 13
123 July
4
26
2614
25
2514 7,600 Central Aguirre Asao__No par 24 Mar 22 3218 Feb 5
14
Jan 41 July
11
11
1018 1114
2,900 Century Ribbon Mills.No par
8
73 Jan 16 123 Feb 19
4
2 Apr
1152 July
*8312 93
*8312 93
Preferred
100 82 Mar 31 95 Jan 2
52 Feb 100 Deo
335 3414 333 344 6,600 Cerro de Pasco Copper_No par 3041May 16 4014 Feb 15
8
4
57 Jan 443 Sept
8
4
600 Certaln-Teed Products_No par
73 Apr 5
4
514 514
514 512
314 Jan 2
1
Jan
73 July
8
•28
31
28
28
100
7% preferred
100 1712 Jan 19 35 Apr 5
4 Mar 30, July
4
204 20 4 2014 2012 1.200 City Ice & Fuel
3
8
1714 Jan 5 243 Jan 30
No par
74 Mar 25 June
8112 8112 81
81
50
Preferred
100 67 Jan 3 86 Apr 23
45
Apr 72 July
44
4352 435
44
2
800 Chesapeake Corp
No par
34 Jan 4 484 Apr 21
147 Jan 5212 July
8
7
7
.63
4 718
600 Chicago Pneumat Tool_No par
97 Feb 5
8
512May 14
218 Mar
123 July
8
2012 2012 *20
200
204
Cony preferred
4
1612 Jan 12 283 Apr 24
No par
512 Feb 2514 June
'264 28
265 2614
8
400 Chickasha Cotton 011
4
10 1914 Jan 8 303 Feb 5
5
Mar 34 July
67
8 67
8 .67
8
400 Childs Co
73
4
5
8 Jan 6 115 Feb 19
No par
2 Feb
1018 July
4
"1212 1612 123 123
4
40 Chile Copper Co
8
25 1218Ma3' 16 175 Apr 9
6
Apr 214 July
39
3912 3818 393 58,200 Chrysler Corp
8
5 3612Nlay 14 603 Feb 23
8
754 Mar 5752 Dec
1
1
1
600 City Stores
1
78 Jan 5
218 Feb 6
No par
4 Feb
34 July
1.600
12 Apr 20
3
4
Voting trust certifs....No par
5
8
3
4
3
4
14 Feb 6
18 Mar
218 July
•31s 438 .318
35
8
Class A
358May 14
55 Feb 6
8
No par
112 Jan
812 July
•212 4
"212 4
100
Class A v t c
518 Feb 21
No par
3 Jan 12
54 Nov514 July
*13
1918 .13
1918
Clark Equipment
4
No par
84 Jan 5 213 Mar 5
5 Mar 1414 June
*3412 36
.3412 35
100 Cluett Peabody dr Co No par 28 Jan 3 45 Apr 7
10
Jan 4112 July
•110 116
110 110
20
Preferred
100 95 Jan 17 115 Apr 23
90
Jan 100 June
•123 124 .123 124
500 Coca-Cola Co (The)___No par 9514 Jan 2 127 Apr 24
7313 Jan 105 July
547 547
8
8 55
55
800
Class A
5018 Jan 11 55 June 1
No par
44
Apr 51
Dec
134 135
8 133 133
8
4 4,200 Colgate-Palmolive-Peet No par
2
93 Jan 3 1818 Mar 13
7 Mar 223 July
8
'85
87
*85
87
6% preferred
100 6812 Jan 8 9214 Apr 18
49
Apr 88 Aug
.1612 173
2 1614 1612 1,600 Collins & Altman
1530.111y 14 2812 Feb 19
No par
3
Apr 26 Sept
'418 412 '412 412
300 :Colorado Fuel & Iron_No par
83 Feb 6
4
353 Jan 2
27 Dec
1752 July
8
653 67
4
6412 661 i
3,900 Columbian Carbon v to No par 58 Jan 8 7714 Apr 23
234 Felu 7112 July
34
3412 33
3312 7,500 Colun]b Piet Corp•t e_No par 23 Jan 6 3445tay 28
65 Mar 28 Nov
8
123 127
8
8 1218 125 13,800 Columbia ()as & Eleo No par
8
1118 Jan 4 1914 Feb 8
9 Mar 284 July
73
73
73
73
Preferred series A
300
100 62 Jan 5 7618 Feb 27
50 Deo 83 June
62
62 .62
10
70
5% preferred
100 41 Jan 9 71 Apr 24
40 May 7412 June
27
273
4 26
263
4 7,800 Commercial Credit
10 185 Jan 4 3518 Apr 21
8
4 Feb
1938 Deo
29
*2712 29
29
480
7% lot preferred
25 2312 Jan 5 29 Mar 3
1812 Mar 25 Sept
48
.47
48
200
49
Class A
50 38 Jan 3 50 Mar 9
16
Feb 3912 Aug
120
•285 29
"285 29
8
8
Preferred 11
25 24 Jan 3 30 Mar 3
1818 Mar 254 Sept
104 105
105 105
130
616% first preforred____100 9112 Jan 3 106 Apr 30
70 Mar 957 Sept
8
5012 5118 493 50
1,800 Comm Invest Trust
4
No par 35 4 Jan 4 593 Apr 11
3
4
18 Max 4312 July
108- *108
Cony preferred
No par 91 Jan 3 10812 Apr 14
84
Jan 974 Jan
2214 - 8 2114 225 12,200 Commercial SolventsNo par
8
223
1034May 14 363 Jan 30
4
9 Feb 574 July
218 24
218
214 17,700 Commonwlth & Sou___No par
13 Jan 2
4
34 Feb 6
114 I)ee
618 June
1,400
8
444 4412 445 45
$6 preferred series___No par 2112 Jan 2 523 Apr 23
4
173 iec 6012 June
8
225
2514
25
255
8 2,400 Congoleum-Nairn lna__No par 23 Jan 9 314 Feb 16
8
74 Jan 275 July
1114 1114
300 Congress Cigar
1114 1114
No par
93 Jan 12 1412 Mar 5
4
64 Feb18 June
900 Consolidated Cigar _ _No par
33
4
912 912
33
4
314 Jan 2 133 Mar 17
8
312 Apr193 June
4
565 58
563 58
4
Pdor preferred
4
320
100 4514 Jan 2 60 Apr 11
31
Alit 65 June
37
8 37
4 4
500 Consol Film Indus
8 *33
212 Jan 2
1
53 Feb 15
4
I114 Jan
54 May
1614 1614
1514 1618
Preferred
1,500
No par
1038 Jan 2 1712 Feb 15
1434 May
54 Mar
32
8
323
4 315 324 15,800 Consolidated Gm Co_ No par 315
8May 7 4738 Fro 6
34 Dec6418 June
Preferred
8
8 893 8912 1,000
894 893
No par 82 Jan 4 9214 Feb 6
Jan
8118 Dec99
212 212 *212 23
4 1,500 Consol Laundries Corp No par
218 Jan 8
44 Feb 7
112 De
512 Jan
1014 1012 1018 104 12,200 Consol Oil Corn
Vo Pa
9121ufay 10 144 Feb 13
5 Mar
153 July
4
8% preferred
100
.10812 111
111 111
100 108 Feb 9 11112 Apr 28
Oct
9512 Mar 108
1
14 8,400 Consolidated Textile___No par
1
1
4 Jan 4
218 Feb 7
34 July
14 Ma
1014 11
800 0ontainer Corp class A
*1014 11
20
818 Jan 5 133 Apr 23
4
1 18 Jan
1014 My
Class B
4
378
1,400
4
378
No par
23 Jan 2
8
54 Apr 18
412 June
14 Feb
9
400 Continental Bat class A No par
9
.83
4 9
7 Jan 8 145* Jan 24
3 Mar
1814 J11131
Class B
112
13
8
1 14
14 1,900
No par
1 Jan 1
238 Feb 7
312 July
Jan
I3
594 5918 594 5918
Preferred
200
100 4614 Jan 6 64 Feb 9
36
Jan 64 July
744 7414 733 744 2,900 Continental Can Inc
4
20 691 2M1ly 14 8314 Apr 21
3514 Feb784 Del!
813
7
8
600 Cont'l Diamond Fibre
8
5
718 Jan 5 113 Feb 6
4
312 Feb1718 July
3012 3012 30
900 Continental Insurance____2.60 233 Jan 6 3512 Apr 20
3012
8
1012 Mar 3012 JULY
1 18
118
114
114 2.400 Continental fIotors.....No par
Ds Jan 2
238 Feb 21
i Mar
4 June
194 20
185 193 12,200 Continental Oil of Del
8
8
5 16, Jan 13 223 Apr 21
4
2
47 Mar
194 Sept
8
67
674 6312 6514 3,900 Corn Products RefIning____25 6012May 14 8412 Jan 28
453 Feb 904 Aug
2
*14212 147 *14212 147
Preferred
100 135 Jan 4 145 Apr 25 1l712 Mar 14534 Jan
55
8 55,
558 558 1.800 Coty Ins
No par
34 Jan 2
94 Pea 5
23 Mar
8
712 Juno
,
33
327 32 8 33
8
600 Cream of Wheat otfs_ No par 28 Jan 3 35 Jan 31
23 Feb 394 July
123 13
12
4
600 Crosley Radio Corp
12
Vo par
8 Jan 2 1518 Apr 13
1434 June
24 Mar
26
26
2514 2538
600 Crown Cork & Seal._ _No par 2414Mity 10 3614 Feb 1
1414 Feb 65 July
407 404 '40
8
41
100
$2.70 preferred
No par 3512 Jan 2 4114 Apr 20
2412 Feb 3812 July
5
5
438
438
1,800 Crown Zollerbaok it o_No par
34 Jan 6
65 Apr 27
8
I
812 ..1111Y
Apr
24
2414 '23
24
500 Crucible Steel of America.100 213 Jan 4 383 Feb 19
8
8
9 Mar
3712 July
61
61
61
•53
Preferred
100
100 48 Jan 12 71 Apr 19
10
Feb 604 July
112
14
15
2
13
4
800 Cuba Co (The)
No par
1 Jan 2
438 JUDO
34 Feb 9
4 Feb
7
73
8
63
8
7
3.300 Cuban-American Sugar_ __ AO
312 Jan 10
97 Feb 8
8
14 Jan
1112 May
47 47
45
45
Preferred
140
100 204 Jan 9 4914May 16
10
Jan 68 June
.423 443 *42
4
4
600 Cudahy Packing
443
4
50 37 Jan 2 504 Feb 16
203 Feb 5912 June
4
2212 2212 22
700 Curtis Pub Co (Tha)...No par
2212
1312 Jan 8 293 Apr 12
8
612 Mar 32,4 June
8
8012 797 794 1.700
79
Preferred
Vo par 4312 Jan 3 841 1 Apr 13
Feb 66 Juno
30
34
8
33g
314
312 18,400 Curtiss-Wright
1
212 Jan 2
54 Jan 31
43 July
8
112 Feb
1014 101
94 1012 16,100
Class A
1
514 Jan 3 1214 Ayr 2
8 July
Mar
2
1518 154 .1412 1612
300 Cutler-Hammer Inc...No par
11 Jan 4 2112 Feb 21
21 July
414 Jan
Companies reported In receivership.
• Bid and asked prices, no salmon this day. :
STOCKS
NEW YORK STOCK
EXCHANGE.
a Optional sale. e Cash sale.
r Ex-dividend.
y Ex-rights.
3737
New York Stock Record-Continued-Page 4
RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
tar FOR SALES DURING THE WEEK OF STOCKS NOT
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Friday
Thursday
Wednesday
Monday
Tuesday
Saturday
June 1.
May 31.
May 30.
May 29.
May 28.
May 26.
Sales
JO?
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
8 Per share 8 per share $ per share
per share 3 per share Shares. Indus.& Miscell.(Con.) Par $ per share
$ Per share S per share 3 per share 5 per share $*6
158 Feb
83 July
4
814 Feb 5
6 Jan 10
5
718 1,100 Davega Stores Corp
718 *6
7
7
*53
4 714
0514
7
24 8 July 49 July
3
1812M3y 14 3418 Feb 1
No par
193 2012 6,100 Deere & Co
8
2012 21
21
8 2118 22
2114
2012 213
183 June
8
614 Feb
20 1114 Jan 2 1512 Jan 30
Preferred
8
900
8 1112 115
115 115
8
12
1214 12
12
4
*113 12
48
Apr 9112 July
100 6312 Jan 5 84 Feb 23
200 Detroit Edison
*75
77
78
*75
7712 7512 77
*77
80
*77
10 Mar 337g Aug
800 Devoe & Reynolds A__No par 29 Jan 6 5518 Apr 25
4 47
4712
4614 463
47
50
47
*47
49
*47
1712 Feb 2912 July
4May 14 28% Jan 16
No par x213
23
1,000 Diamond Match
2314 2312 23
4 233 2334
4
4
233 *2314 233
*22
2618 Feb 31 July
100
Participating preferred_ __25 2814 Mar 27 3112 Jan 24
'3018 3012 *3018 31
*3018 3012 *3018 3012 3012 3012
12 Feb 3912 Sept
8
No par 32 Jan 25 407 Apr 2
,
,
8
,
4
383 3884 38 8 38 8 6,600 Dome Mines Ltd
8
4 387 39 8 383 39
3814 383
8
1012 Feb 263 July
19 Feb 10 23 Mar 10
8
800 Dominion Stores Ltd No par
2014 2014 207 207
8
2018 21
207 2078
8
02012 21
1014 Feb 1814 July
2 2014
9,300 Douglas Aircraft Co Inc No par 1414 Jan 2 2812 Jan 31
19
193
4
19 4
,
2012 203
4 20 4 2114 2014 21
18 June
63 Feb
4
9% Jan 10 19 Feb 17
14
800 Dresser(SR) Mfg cony A No par
14
1412 14
15
1414 15
15
*1312 14
4
8
218 Mar 103 June
712 Jan 16 117 Mar 28
8 6,600
Convertible class B No par
1110 117
8 1118 115
8 113 117
8
4
1012 103 117
8
10
78 Apr 143 July
4
4
1
614May 14 113 Mar 26
500 Dunhill International
714 *63
4 714
7
8
712 712
7 8 73
3
74
3
•7
85 Nov 1021e June
8
30 Duquesne Light 1st pref__100 90 Jan 16 1033 Apr 14
*10112 10212 '10112 10212
10212 *10112 10212 10112 10112
*102
118 Mar 10 July
4
518 Jan 3 123 Feb 19
73
3
8 75
300 Eastern Rolling Mills_No par
8
8
718 73
*7
*738 814 *758 814
758
46
Apr 894 July
9312 953
4 2,200 Eastman Kodak (N J)_No par 79 Jan 4 9612May 21
*9514 96
8
8 957 96
95
9618
9514 957
100 120 Jan 16 140 May 4 110 May 130 Mar
10
6% cum preferred
*138 140 *138 140
138 138 *138 140 *138 140
318 Mar 16 July
par
1314 Jan 3 2212 Apr 19
No
1614 1614 1,100 Eaton Mfg CO
1612 17
175 *1612 1712
4
162 164 17
3218 Mar 9658 Dec
8
8434 19,100 El du Pont de Nemours__ __20 80 May 16 1037 Feb 16
8414 8512 82
8512 8514 8718 2,8518 86
85
9712 Apr 117 July
100 115 Jan 2 12212M8y 22
6% non-voting deb
300
12212 12212 12212 12212
12212 *12218 12212 12212 12212
*122
11 May 14 1914 mar 6
*1134 12
Eitingon Schlld new __No par
*113 12
4
*1158 12
01112 1212 *1112 12
To Apr /712 July
5 1818 Jan 9 310 Feb 21
197 21
8
9,900 Elm Auto-Lite (The)
203 21
4
2112 2212 2114 2158
8
205 21
Oct 8812 July
75
100 80 Jan 5 101 Apr 6
20
Preferred
*93
94
93
9312
092
943 *90
4
95
943
4
*91
1
Jan
814 July
712 Jan 29
3
358 Jan 8
412 412 1,600 Electric Boat
412 43
4
*45
8 5
43
4 48
43
4 43
4
412 Dee
Feb
1
918IMay 8
414 Jan 3
5
77
818 818
8
8
7 4 77
738 758 4.800 Eleo & Mus Ind Am shares__
8 8
*77
95 Feb 7
3
3% Feb 15 8 June
514
513 2,200 Electric Power & Light No par
412 Jan 3
512 53
4
534 518
6
6
534 5%
3612 June
712 Apr
814 Jan 3 21 Apr 18
No par
*1418 147
14
1418
800
Preferred
15
153 153
4
4 15
15
15
612 Apr 32% June
4
8 Jan 2 193 Feb 7
No par
*1218 1318
13
13
200
36 preferred
1312
8
*1312 1414 *133 1414 1312
Feb
154 July
21
8May 13 52 Jan 24
*4014 42
600 Elec Storage Battery_ No par 405
42
42
404 41
*403 43
4
43
*41
4 June
18 Jan
8May 11
17 Feb 21
8
5
4
1
:Elk Horn Coal Corp__No par
1
•3
*3
4
*3
4
1
*3
4
1
*3
4
1
6 June
3 4 Feb 23
3
5 Apr
8
*158
114 Jan 10
50
•15
8
part preferred
17
8
18
6%
*18 2
*112 14 *112 2
26
Feb 627 July
50 51 May 14 63 Feb 16
5212 5212
*5212 57
100 Endicott-Johnson Corp
5414 *53
5414 *5212 58
.53
Oct
100 120 Jan 3 126 Mar 20 107 Feb 123
10
Preferred
125 125 *118 125
4
4
*118 1253 *125 1253 *125 12512
4
3 4 Dec 143 June
3
83 Feb 7
4
414,May 11
*418 438
414 414
400 Engineers Public Serv_ _No par
412 412
0412
2 4l..
11 Deo 47 June
115 Jan 3 23% Feb 6
8
153
4
35 cony preferred____No par
4
100
•1358 154 *1338 153 *1312 153
4
1314 13% *13
11 Dec 497 June
8
11 Jan 8 2412 Feb 5
No par
*1412 15
*133 15
4
$5 Si preferred
100
*133 15
4
147 148
8
*133 15
4
12 Dec 55 June
1412 Jan 2 2512 Feb 5
No par
*15
18
*14
18
86 preferred
*1412 1818
*1518 1818 *1312 15
8
612 Mar 133 July
614M3y 12 1038 Jan 22
672 7
718
67
8
718
718
612 7
63
8 653 4,500 Equitable Office Bldg _No par
3 Apr 1814 July
718 Jan 8 1458 Feb 19
5
*1018 10%
8
700 Eureka Vacuum Clean
93 1018
4
1012
•1018 1014 1058 103 *10
10 Nov
7 Mar
8
5
9 Jan 3 2714 Apr 27
2312 233
4 2212 2314 6,300 Evans Products Co
8 24
4
2412
247 24% 243 253
8
1112 July
312 Nov
4 Jan 9 1012 Apr 2
6
6
558 5558 68
Ai 558
90 Exchange Buffet Corp_No par
512
*58 Cs
% May
253 June
158Mar 9
23 Apr 17
8
•3
4 218
25
*34 218
Fairbanks Co
*3
4 218
*3
4 218
.
3
4 218
814 June
Apr 14
1
Feb
414 Feb 14 1212
*518 814 *518 814
100
*54 84 *518 814 *518 84
Preferred
212 Mar 1114 June
7 Jan 6 18 Feb 19
*1312 14
1312 1312 1314 1312
8
900 Fairbanks Morse & Co_No par
137 14
01312 14
10 Feb 4212 Nov
100 30 Jan 10 58 Apr 24
52
40
Preferred
52
*51
5014 51
*50
5112
*51
52
52
43 Apr 1412 June
4
7 May 10 1114 Apr 3
718
712
15
718
Vs
8
400 Federal Light & Tree
753 714 "7
*67
8 7%
33 Dec 5912 July
No par 34% Jan 12 62 Mar 13
Preferred
548
55
*48
55
*4714 .55
*4714 55
55
*40
15 Mar 103 Sept
Federal Min & Smelt Co__100 75 May 10 107 Feb 14
90
*65
90
*65
90
*70
*65
90
90
*70
4
3 Mar 113 July
4
84 Jan 30
558May 14
4
Federal Motor Truck__No par
4 *512 53
*514 6% *514 53a *512 6
*51z 53
53 Feb 23
3 Feb
4
48 July
2 Jan 13
3
Federal Screw Works_No par
338 *314 33
8
*314 37
8 *314 3
*314
*3% 37
13 Dec
8
63 June
4
4 Feb 6
15 Jan 5
,
2
218
21
2
21
*2
218
900 Federal Water Bert A_ _No par
*2
2%
2
712 Feb 30 July
4
Federated Dept Stores_No par 223 Jan 8 31 Mar 6
*21
24
*21
24
24
*21
24
*21
24
*22
1014 Mar 36 July
5
Fidel Phen Fire Ins N Y__2.50 23 Jan 5 35 Apr 20
31
*2912 301 *2912 301
*29
3018 *29
.29
30
5 Mar
958 Nov
7 Feb 15 11 Jan 3
*753 914 *753 914
Fifth Ave Bus Sec Corp.No par
*75
8 914 *73
4 91
*73
4 91
9 Apr 30 July
Filene's(Wm)Sons Co_No par 25 Feb 1 2812 Apr 10
*2014 30 '2014 30
*2014 30
•2014 30
*2014 30
81
Apr 95 Sept
100 87 Jan 10 105 Apr 25
654% preferred
102 102
50
10112 10112 102 102
*102 104
•99 103
19
918 Apr 3112 July
188 181's
175 l83
1712 1712 1712 1753 1,300 Firestone Tire & Rubber_ __10 17 Jan 14 2514 Feb
*18
19
s
Stock
42 Mar 75 June
100 71 Jan 9 86 Apr 21
200
Preferred series A
8212
82
*807 82
8
81
*81
.81
*80% 82
81
43 Mar 70% July
1,100 First National Stores_No par 5414 Jan 5 6712 Apr 23
65
65% 65o Exchange
6514 6512 65
6512 6512 644 851
8
212 Feb19 June
214May 12 173 Feb 21
No par
414 2,000 :Follansbee Bros
414
438 42
412
414
414
414 412
4'2
16 July
612 Apr
1012 Jan 9 21 May 4
300 Food Machinery Corp_No par
4 1712 1712
•185 1912 1853 185
8
8 183 1854 Closed- •1814 183
4
412 Feb23 July
1214IMay 14 22 Feb 16
No par
900 Foster-Wheeler
1418
8 147 15
8
*1418 1453 14
145 155
8
*1418 151
2
2 Feb23 8 July
8
87 May 14 1714 Jan 30
No par
600 Foundation Co
113
4 103 104 Memorial 51012 1112 1014 1012
*105 1112 .11
8
4
8
135 Mar 26% June
193 Jan 5 2712 Feb 5
8
1
700 Fourth Nat Invest w w
*2114 217
8 2114 2114 2112 21's
2012 205
8
204 2114
Oct 19 Sept
12
1214 Jan 5 1712 Feb 26
new_No par
14
14
1312 1312 2,500 Fox Film class A
Day.
*1412 144 144 15
1453 1510
Jan 50 Aug
12
*4812 5312 *4812 5312
Fkin Simon & Co Inc 7% pf100 3618 Jan 12 63 Feb 7
*4812 5312 *4812 5312 *4812 52
1618 Feb 4958 Nry
10 x35 May 14 5058 Feb 19
3912 40
39
3918 7,200 Freeport Texas Co
393 4014 397 404
4
393 397
8
8
9
Jan 31 Juae
1612 Jan 19 3312 Apr 26
pref_No par
20 Fuller (G A) prior
*24
29
24
24
*25
29
24
24
*24
29
4
Jan 23 June
9 Jan 4 1958 Apr 26
No par
•1014 14
*10
14
60
86 2d pref
•1112 13
11
12
124
*11
1
514 Aug
45 Mar 12
8
Feb
218 Jan 12
500 Gabriel Co (The) el A No par
*214 23
4
214
214
214 214
214 214
214 214
8
612 Jan 207 Aug
Jan 18 20 Feb 19
No par 1112
480 Gamewell Co (The)
8
4
135 135 •133 1712
8
163
4 138 134
1718 1714 14
12 June
25 Feb
8
73 Jan 4 1112 Feb 6
No par
818
*818 814
8
800 Gen Amer Investors
814 814
812 812 *814 83
42 Feb 85 July
No par 79 Jan 29 87 Mar 13
81
Preferred
*76
81
.76
078
81
*76
81
*76
81
133 Feb 4314 July
4
5 3318 Jan 4 4358 Feb 19
36
3514 36 8 2,300 Gen Amer Trans Corp
,
36
363 37
4
3612 3738 3614 3634
45 Mar 27 July
8
10 15% Jan 4 2312 Apr 24
173 174 1712 173
4
4 2,100 General Asphalt
1814 1814 1818 183
4 18
1812
1012 Dec 207 July
8
4May 12 143 Feb 5
93
5
103
s 10
1018 2,800 General Baking
10
1012 1012 1012 1012 1014 1012
4
993 Mar 10814 Sept
No par 100 May 8 10812 Feb 7
$8 preferred
•101 102 *101 102
5101 102 *101 102 *101 102
1012 July
2% Feb
5
5 4 Jan 9 1018 Mar 9
3
1,000 General Bronze
75
753
714 714
7
7 4 73
3
4
712 73
4 *714
61 Feb 1
114 Mar 1112 June
33 Jan 4
4
4
300 General Cable
No par
418 418
4
*4
41
*4
412
4
214 Feb 23 June
6 Jan 4 12 Feb 1
No par
4
Class A
73
4 73
400
75.
77
*734 77
8 *73
4 8
77
734
612 Mar 46 June
100 1412 Jan 9 33 Apr 20
4
7% cum preferred
20 4 2212 *203 221
3
*20% 23
4
*203 23
4
*203 225
4
8
2414 Dec 485 June
No par 27 Jan 2 40 May 28
1,300 General Cigar Inc
384 388 388 385
3814 3814 393 40
39
39
Jan
90 July 112
100 97 Jan 8 110 Apr 28
*105 108
80
7% preferred
108 108
*105 108
108 108
1084 1083
1012 Feb 3014 July
1812 Jan 4 2514 Feb 5
No par
19% 195 30,500 General Electric
8
197 20
8 20
20 8 197 2014
,
8
194 197
107 Apr 1214 July
8
4
10 113 Jan 2 123 Feb 26
8
1212 1212 1212 12'2 5,400
Special
123 1212 123 1212 1212 121s
8
8
k
Feb397 Sept
21
5,600 General Foods
No par 31 3sMay 23 36% Jan 30
32
32% 3214 321
3214 32°8
3112 31% 314 32
7
12 Dec2 8 June
13 Feb 6
4
3
4 9,100 Gen'l Gas .4 Elea A___ _No par
3 Jan 2
4
34
3
4
54
7
8
7
8
3
4
54
7
8
3
4
1612 June
318 Apr
614 Jan 2 19 Mar 13
*1314 14
Cony met series A_No par
*125 14
8
14
1412 *13
*13
1412 *13
64 Dec1812 June
12 Jan 29 21 Mar 13
No par
*1514 20
$7 prat class A
*1514 20
*14
20
•____ 20 *____ 20
5 Apr 20 June
14 Jan 19 22 Mar 12
No par
21
*15
21
10
18 pref class A
*13
•_ 21 •____ 21
143 144
4
2414 Jan 554 Nov
50 Jan 24 6114 Feb 16
100 Gen Rai Edison Dec Corp___
*527 54
8
54
54
.5314 55
*527
8
_ *525 __-8
3512 Mar 71 June
Mar 20 6412 Jan 15
8
No par 537
56
553 56'z 1,700 General Mills
4
56
5512 5512 5512 5512 5554 56
9212 Mar 10612 Sept
100 103 Feb 27 11014May 25
Preferred
100
•11218
_- *11218 _ _
11014 11014 *11014
.
11014
3
10 Feb35 4 Sept
8May 14 42 Feb 5
10 297
315 -- 8
323
- -5s 87,600 General Motors Corp
4 -3i14
318
33 - 5- 323 3031
323 33
8
6512 Mar 95 July
No par 894 Jan 6 103 May 1
8
,
600
35 preferred
8
8
*1003 1003 1003 100 8
*993 1003 10018 10012 10014 10014
4
8
518 Jan 24 June
No par
83 Jan 5 21 Apr 14
100 Gen Outdoor Adv A
•1014 177 '1014 177
8
8
*1612 1712 163 1638 *11
8
17,8
212 Mar 1018 June
*453 5
63 Apr 20
8
Common
No par
*45
8 5
35* Jan 2
543
4 5
543
4 5
*45
8 5
314 Jan 17 June
No par
1012 Jan 3 251 Apr 23
20 General Printing Ink
183 183 *1612 1834
4
4
*1812 1812 1812 1812 *1812 1834
31 Mar 82 Aug
$6 preferred
No par 7312 Mar 10 88 Apr 24
*86
88
•86
88
*85
88
*86
88
*86
88
814 June
2 Apr
553 Feb 7
212 Jan 8
312
100 Gen Public Service
No par
312 *Ts 312
318 3% *3
*3
312 *3
1314 Jan 4912 July
3
400 Gen Railway Signal
No par 3114May 14 45 4 Mar 3
3212 3212 3212 3212
*315 33
8
*33
34
33
33
45 June
3% Jan 30
3 Feb
8
112May 14
1
2
2
1,800 Gen Realty & Utilities
218 218
2% 214
218
218
218
214
4
512 Jan 223 June
8
No par
16 Jan 8 263 Jan 30
$6 preferred
18
*17
20
100
18
*1612 20
*18
20
•18
20
19% July
212 Feb
8
1018 Jan 3 233 Feb 23
*133 14
4
200 General Refractories_ _No par
1418 15
•14
1534 *1412 153 *1418 15
4
714 Sept 18 June
Voting trust certifs_No par
1214 Jan 22 1912 Feb 21
14
1414
1,300
14
14
*1414 14% •1418 147
144 147
93 Feb 3812 June
8
3012 Jan 13 4812 Mar 15
50 Gen Steel Castings pref No par
*___ 3712 35
35
3712
*35
3712 35
35 ._
75 Dec 2014 Jan
812 Jan 6 1212 Feb 6
x1012 108 5,700 Gillette Safety Razor No par
104 11
1012 105
s 1012 103
4 113,1 11
4
Jan
4512 Dec 75
Vo par 47 Jan 11 62 Apr 23
Cony preferred
61
300
60 4 *58
,
*5912 604 *5812 60 4 *5814 60
60
,
758 June
4May 12
33
33
4 33
4
500 Gimble Brothers
No par
658 Feb 5
33
4 4
33
4
304
3.1 Feb
*33
4 412
535
4 4
514 Mar 33 July
Preferred
100 164 Jan 8 30 Feb 5
200
2218 2218
*2214 23
*2312 2434 2312 2312
*2218 25
3 Mar 20 July
54
No par 15 8 Jan 4 2853 Apr 26
5
2514 26
2412 2514 4,100 Glidden Co (The)
26
2514 26
263
8 2512 26
Apr 91% Aug
48
190
Prior preferred
100 83 Jan 19 103 Apr 27
10014 10053 101 101
100 10014 100 10012 .9912 100
16 July
3 Feb
5
5% Jan 2
912 Feb 27
8 2,000 Gobel (Adolf)
63
4 67
7
7
7
718
7 8 73
,
8
67
8 7
3
12 Feb27 8 July
163 Jan 11 23 Apr 23
3
6,700 Gold Dust Corp v t (2_ __No par
8 1853 19
19
193
1914 20
1938 1912
1958 10 8
9612 Dec105 July
100
$6 cony preferred___No par 9612 Jan 6 110 Slay I
119
*110 119 *110
109 109 *11014 120
•109 120
3 Mar 2111 July
No par
1214May 12 18 Feb 19
4,500 Goodrich Co (11 F)
1318 1312 12% 13
1334 143
8
135 14
8
1358 131
9 Feb63 July
4
Preferred
100 40 Jan 5 623 Apr 21
523 *50
4
5212
*50
*51
53
53
*50
•50
5214
914 Feb4712 July
271 2814 2614 2712 7,400 Goodyear Tire de Rubb _No par 2618May 12 413 Feb 19
29
293
283 2012 2818 2834
4
273 Mar 8014 July
4
No par
74 May 19 8614 Feb 19
200
let preferred
*71
75
751,
80
*72
*7212 7512 75
76
•74
612 Oct1712 June
No par
7 Jan 4 113 Feb 5
4
1,300 Gotham Silk Hose
712 75*
*75
8 818
83
8 •734 84
8
814 814
Apr 73 July
41
100 4912 Jan 22 7112 Apr 26
Preferred
*4814 56
*4814 56
550
56
*4814 56
*4814 56
Apr
55 July
8
1
412 Feb 1
1
,
2 8 2 8 3,300 Graham-Paige Motors
5
25351ay 14
8
23
4 27
4
23
4 23
3
23
4 23
23
4 278
37 Mar 15 8 June
5
8
Granby Cons M Sol & Pr__100
8 Jan 2 133 Feb 16
5
700
*914 10
4 9
83
*9 8 978
914 10
95
8 958
8
35 Mar 105 June
8
83 Jan 31
1
4 Jan 8
Grand Union Co Cr etts
*512 57
5512 57
*512 6
*534 6
*53
4 6
20 Sept3658 July
No par 23 Jan 6 40 Apr 24
Cony pref series
200
3614 *3412 36
•35
36
3812 36
.35
363 363
8
1118 Mar 3053 July
No par 23 Jan 15 31% Apr 25
200 Granite City Steel
*26
28
28
*26
26
26
26
26
.2518 26
5
154 Feb3612 Dec
No par 31 June 1 40 8 Feb 19
302 1,500 Grant (W T)
31
32
32
325
8 32
3212 3212
3112 317
4
518 Feb163 July
1012May 14 1513 Feb 19
8 2,000 Gt Nor Iron Ore Prop No par
1114 1112 1114 117
1118 1114 1114 1112 *1112 12
8
67 Jan 41/ Sept
8
25 Slay 14 347g Jan 20
8 7,200 Great Western Sugar_No par
4 2812 293
303
8 293 3014
284 293
3012 30
4
30
7212 Jan 110 Sept
100 102 Jan 2 111 Apr 26
Preferred
70
111 111
111 111
111 111 *1103 111
4
4
•1103 Ill
34 Jan 2
412 May
312 Feb 8
la Jan
par
Guantanamo Sugar____No
2
*17
8 2
•I7
8
2
4 2
517
•13
*18 2
64 Feb 38 July
No par 24 Jan 2 42 Mar 13
100 Gulf States Steel
25
29
25
*24
*25
38 .25
38
35
.25
1614 Jan 64 June
100 47 Jan 8 83 Apr 20
Preferred
731,
65
7312 *65
*65
7312 *65
7312 *65
73's
1
r Es-dividend. y Ex-rights.
• 1111 and asked DrIceS, no sales on this day. I Companies reported In receivership. a Optional sale. c Cash sale.
New York Stock Record-Continued-Page 5
3738
June 2 1934
td
zr FOR SALES DURING THE WEEK OF
STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH
PAGE PRECEDING.
HIG11 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 26.
Monday
May 28.
Tuesday
May 29.
Wednesday
May 30.
Thursday
May 31.
Friday
June 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
Indus. & Miscall. (con.) Par 2 Per share
*2414 26
$ Per share
*25
26
.2414 26
.2414 26 .2414 26
Hackensack Water
25 2013 Jan 9 26 Apr 18
*2912 30
*2913 30
*2912 297
.2912 29% 297 294
8
20
7% preferred class A____25 27 Jan 4 30 Apr 23
514 514
514 54
54 53
9
5 8 514
,
518 518 4,500 Hahn Dept Stores__No par
43
4May 12
814 Feb 15
*36
414 .37
41
3914 3912
*3914 4014 3914 3914
400
Preferred
100 2514 Jan 9 523 Apr 21
4
*714
712 •
714 74
714 714
7
7
634 7
600 Hall Printing
10
34 Jan 8
93 Feb 14
4
*512 87
*513 8
8 *512 8
513 513
*512 8
100 Hamilton Watch Co_ __No par
34 Jan 26
117 Apr 20
*41
46% *41
487 *41
*41
467
s
45
41
41
20
Preferred
100 25 Jan 15 5313 Apr 25
913 913 *92
4
4
94
93
.93
9314
9312 *93
50 Hanna (M A) Co 27 p1.No par 84 Jan 8 98 Apr 4
9312
•18
1813 1812 1813 *1713 1813
*1814 1812 .1712 183
8
100 Harbiaon-Walk Refrao No par
1412 Jan 2 243 Feb 21
4
*4
6
.4
6
*4
6
.43
4 55
8 *43
4 55
Hat Corp of America Cl A_.1
8
27 Jan 2
2
613 Apr 13
*5514 56
*5514 56
*554 56
5514 56
*5614 58
50
554% preferred
100 193 Jan 4 59 May 2
4
314 314
312 312
324
33
8 33
314 .34 33
8
700 Hayes Body Corp
2
114 Jan 2
63 Feb 15
4
90
863 863 •85
4
4
87
*84
.84
.87
89
89
200 Hazel-Atlas Glass Co
25 85
ay 14 96% Apr 23
.108 10712.106 10712'106 10713
•10618 10712.10618 10712
Helme (Cl W)
101 Jan 9 10712May 5
•8
1012 *812 11
*8
11
.813 11
.812 11
Hercules Motors
No par
9 Jan 4 1218 Mar 15
.65
67 .854 87
65 6514
*6512 70
6614 6614
300 Hercules Powder.. _ _... No par 59 Jan 4 75 Apr 24
•121 125 *121
_ *121 125
122 122
12412 12412
20
17 cum preferred
100 111 Jan 4 12412.1une 1
*61
6212 *61 62
6018 8114
*60
62
60
60
600 Hershey Choeolate____No par 4812 Jan 15 847
8May 8
*9114 937 •9318 95 .923 93
8
*90 4 934 .92
3
94
Cony preferred
No par 83 Feb 18 94 Apr 21
*83
4 87
85
8 85
8 *812 87
8
814 83
8 *814 812
500 Holland Furnace
No par
513 Jan 3 1014 Apr 23
*912 10
*912 10
*912 10
*912 10
*912 10
Hollander et, Sons (A)
5
5 4 Jan 2 107 Feb 6
3
.380 375
3745 375 *374 38513
8
*370 380
365 370
500 Homestake Mining
100 310 Jan 4 388 Mar 29
1818 1818 2018 21
2112 215
8
22
2212 214 227
8 2,700 Houdaille-Hersbey Cl A No par
11 Jan 8 2314 Jan 30
43
4 47
18 .43
8
44 5
45
45
8 45
8
439 439 2,000
Class B
No par
33 Jan 2
87 Jan 26
4
8
•513 5212 *51% 5212 *52
8
5212
*52
5212 5212 521z
100 Household Finance part pf.50 43 Feb 5 54 Mar 12
.20
207
8 2014 207
20 8 203
1
8
20
20
.1812 20
400 Houston 011 of Tex tern c(12100 1714May 12 29 4 Feb 5
3
33
4 4
33
4 4
4
4
37
8 4
33
4 37
Voting trust etre new_ _25
s 2,100
314May 12
5 Apr 6
52
5014 51
51
513
4 5012 51
493 5012 483 5014 7.500 Howe Sound v t a
8
4
5 3512 Jan 3 5512 Apr 9
1312 133
4
133 133
8
4 1314 135
8
12% 1318 125 127
8
8 9,600 Hudson Motor Car____No par
12181day 12 2414 Feb 5
339 339 *33
4 37
8
33
4 33
4
358 358
33
4
4 33
1,700 Hupp Motor Car corn .....10
318May 14
714 Jan 30
2218 225
8 23
2414 2312 2414
227 233
8
4 2318 2318 4,300 Industrial Rayon new__ No par 223
8alay 25 24 May 24
*5313 5514 .5412 58
54
54
533 55
4
54
55
1,900 Ingersoll Rand
...No par 50 May 14 733 Feb 3
4
.3812 393 *3814 3712 3614 3614
4
3512 36
.35
3714
300 Inland Steel
No par 35 May 23 493 Feb 21
4
412 412 *412 5
412 412
412 44
418
418
400 Inspiration Cons Copper___20
8May 10
33
69 Feb 5
33
4 33 .
.37
334 4
4
4
*378 4
*334 37
8
100 Insuraru3haree Ctfs Inc
24 Jan 2
414 Apr 25
1
*4
412 *4
413 *4
414
4
4
*334 414
100 Intercont'l Rubber__No par
214 Jan 16
57
8May 4
*6
812 .818 83
4
5% 57
8
53
4 54
900 Interlake Iron
513 53
4
No par
1114 Feb 19
512June 1
34 318 •3
312
3
3
3
*27
3
8
314
500 Internat AgrIcul
No par
2 Jan 8
818 Feb 5
.2318 26
.2318 253 *2318 2612
4
.233 25
8
233 233
8
100
Prior preferred
s
100 15 Jan 8 374 Feb 3
138 136 *135 138
135 135
*13212 13412 132 134
700 lot Business Macbinel No par 132 Mar 27 14914 Jan 30
•8
84
818 818 *818 84
818 85
84 839
8
(100 Internal Carriers Ltd__ .....1
124 Feb 21
552 Jan 11
2412 2412 2418 2418 24
24
8 2212 2212
2239 225
700 IiaternatIonal Cement__No par 2218Slay 12 373 Feb 5
4
315 32
8
325 334 325 33
8
8
32
33
303 3214 5,400 Internal Harvester____No par 30 May 14 467 Feb 5
4
8
*120 1233 *120 124 *120 123
4
•118 123 .118 123
Preferred
8May 11
100 11512 Jan 13 1253
612 612
618 63
2
618 614
6
6
6
614, 3,700 Int Hydro-El Sys Cl A
918 Feb 7
43 Jan 6
25
4
.312 4
.33
8 4
033
8 4
.312 4
312 33
4
200 Int Mercantile Marine_No par
6 Jan 24
318 Jan 2
2618 283
8 2612 267 x263 2834
8
2
2539 2618 249 254 34,300 Int Nickel of Canada No par 21 Jan 4 2914 Apr 27
•1233 125 .12312 125 *12312 125
4
125 125 *12312 125
100
Preferred.
8Sl2ty 11
100 115 4 Jan 13 1253
3
•163 19
4
18
18
1818 1818
*1713 19
*1713 19
80 Internal Paper 7% pref_100 104 Jan 6 25 Apr 24
14 *4
33
4 33
4
414 4
439
414 414
418
418
500 Inter Pap & Pow el A __No par
334M11y 21'
612 Apr 20
.218 2 8 .218 23* '
3
1218 214
218 214 .2
214
200
Class B
No par
13 Jan 4
312 Apr 21
4
17
17
8
13
4
1% •15
8 2
15
8 14 .14 2
400
Claw C
No par
13 Jan 4
8
4
23 Apr 23
18
18
1814 1814 *1712 183
8
1714 1712 1612 1639 1,400
Preferred
100 1014 Jan 8 247 Apr 23
•183 20
4
197 2012 2012 2
8
012
1913 1912 1912 1912 1,200 Int Printing Ink Corp_No par
9 Jan 13 25 Apr 21
•83
85 .83
85 .83
85
*83
85
.83
85
Preferred
100 66 Jan 2 86 Apr 21
*2712 2812 273 2812 2812 2914
4
2812 29
2812 2812 2.000 International Salt
No par 21 Jan 3 3012 Apr 11
.41
42
42
42
*4134 4214
Stock
42
42
42
42
300 International Shoe
No par 40 May 12 5039 Jan 28
.31
30
.31
33
305 3039
8
.29
3113 .28
3012
200 International Silver
3
100 29 4May 14 45 Feb 15
3
.69
75
71
71
.89
75 Exchange *69
75
69
69
130
7% preferred
100 59 Jan 4 8412 Apr 9
1214 12% 1213 127
8 124 12%
,
12
1214
113 12
4
12,100 Inter Telep A Teleg___No par 1138May 7 173 Feb 6
4
*127 133
8
8 127 1314
8
123 121 Closed1214
12
1,700 Interstate Dept Stores_No par
1239 1212
312 Jan 4 1638 Apr 20
.8
812 .8
812 *8
812
.8
812
8
8
100 Intenype Corp
No par
5 Jan 3 10 Feb 8
52
*25 8 28
5
.25 8 28
5
8
*2539 277 Memorial
27
27
27
27 14
400 Island Creek Coal
4
1
243 Jan 29 28 Feb 21
•47
48
47
47
*447 48
8
.45
48
.44
48
100 Jewel Tea Inc
No par 33 Jan 9 52 Apr 20
483 4918 49
4
5018 48% 49
Day.
48
49
46
4712 5,700 Johns Manville
No par 44 Slay 12 1383 Jan 30
.1
•10714 1114 *10714 1114 *10714 1114
112 112 .10714 1113
4
10
Preferred
100 101 Jan 4 112 Apr 18
.55
70
.55
70
*50
70
.50
70
.50
70
Jones & Laugh Steel pref.100 60 May 25 77 Jan 23
.718 8
712 712 *73
3 74
*714
77
8
714 714
200 Kaufmann Dept Stores $12.50
613 Jan 8 103 Apr 13
8
18
183
1739 18
8 1713 177
8
.175 174 1718 1739 5.600 Kayser (J) & Co
8
5 1374 Jan 4 1813 Apr 20
.2% 27
8
4
212
239 23
212
212 212
213 212
800 Kelly -Springfield Tire
214 Jan 5
413 Mar 12
5
.11
.11
12
1312 .115 1212
8
*10
121 *1018 12
6% Preferred _ ___ __No par
.518 8
11 Jan 2 20 Jan 30
518
518 •47
8 8
*5
8
*5
8
100 Kelsey Hayes Wheel cony.c1A1
4 Jan 18 10 Feb 16
•
318 5
34 539 *3
4 .
512
.252 41
.2% 412
Class B.
8
1
25 Jan 2
712 Feb 18
17
173
4
1739 1834 1814 1839
174 1814
1718 177 18.000 Kelvinator Corp
8
No par
1174 Jan 4 2114 Mar 14
*8112 8512 *81 13 8512 *8113 8412
08112 841 .81 2 84 2
Kendall Co pt pf ser A_No par 6518 Jan 18 8812May 4
,
1912 2014
1912 2014 193 197
8
183 1914
8
183* 194 16,400 Kennecott CoPPer__No par
173438ar 2
23 Feb 5
*14
16
*13
16
*13
16
*1312 16
.1312 16
Kimberley-Clark
.518 68
No par
12 Jan 2 1814 Apr 12
8 •5t8 63
8 •54
4 6
.53
.539 6
8 6
Kinney Co
No par
3 Jan 18
714 Apr 13
*28
45 .28
373 •28
4
3734
.28
.283 32
32
4
i- referred
No par
1312 Jan 8
41 Apr 26
171 18
18
18
177 18
174 177
8 3,000 Kreage (S SI Co
1739 177
10 1339 Jan 2 224 Feb 5
110 110 .108
_ _ *108---.108
_ .108
_
10
7% preferred.
100 101 Jan
111 Mar 16
.
564 5S
*56 2 - , 58
563 563
4
4
5612 5 -12 .563
6
4 7
.*
200 Kress (S H) & CO
No par 36 Jan 3 61 Apr 27
*2913 30
297 3014 30
8
3014
2912 30
2914 293* 2.000 Kroger Groe & Bak .No par 2314
Jan 8 335 Apr 23
8
•3414 35 .30
35 •____ 3413
._
3412 4
._
3412
Laclede Gas Lt Co St Louis 100 35 May 10 8313
Feb 13
*43
42
51
*35
43
42
.56
40
58
36
120
5% preferred
100 an June 1 60 Feb 9
2539 2539 253 2814 2614 263
4
8
26
28
2514 2511
1,900 Lambert Co (The)____No par 2214 Jan 4
318 Feb 5
•10
1312 *1114 1312 .1114 133
8
01114 1339 *1114 1339
Lane Bryant
No Par
5 Jan 8 1414 Apr 19
1112 1112 114 12
12
12
1218
124
1112 113
41 2,900 Lee Rubber & Tire
5
8 Jan 3 1413 Apr 26
•13
14:8 1438 .14
1418
1
15
.14
14
15
14
200 Lehigh Portland Cement_ ..50 11 Slay
14 20 Feb 23
7712 7712 .7412 77
*7413 77
*7412 75
*7412 77
10
7% preferred
100 737 Feb 23 81 Apr 26
8
318 318
318 318
318 318
*318
34
314
3
900 Lehigh Valley Coal......NO pa
213 Jan 8
5 Feb 21
10
10
*10
10
10
1039
10
10
*93 1014
4
300
Preferred., 50
5
87
66
•674 6814 .665 8818
8
663 668
8
800 Lehman Corp (Tha)__ No par 645 Jan 3 1414 Feb 21
8
8
8 663 663
8May 12 78 Feb 6
.21
22
22
22
4
*213 2212
*21 12 22'z
22
22
200 Lehn & Fink Prod Co
5 16 4 Jan 23 2313 Apr 19
3
297 3014 297 30% x3012 31
8
8
3012 31
30
31 14 5,600 Libby Owens Ford GIassNopr 273
8May 14 4378 Jan 19
.205 213
8 2112 2112 .21
8
22
.215 22
8
.215 22
8
200 Life Savers Corp
5 1718 Jan 8 24
9312 9312 *9212 9412
•921 95
95
*93
9214 9314
300 Liggett & Myers Tobacco. 25 73 Jan 8 96 Apr 23
Apr 23
95
96
96
943 95
96
4
•9414 9514 94
944
1,700
Series B
25 7412 Jan 8 97 Apr 18
146 146 .146 147
*14412 146
146 140 .142 147
200
Preferred
100 129 Jan 13 146 May 28
2012 2012 2118 21
*20
21
2012
x2013 204 20
700 Lily Tulip Cup Corp__No par
16 Jan 15 2312 Apr
•22
2312 .2214 2312 2313 231
•22
2312 2212 22'2
300 Lima Locomot Works_ _No par 2212May 10 3614 Feb 18
5
•1512 164 .1513 17
17
•16
1612 1612 *1513 1613
100 Link Belt Co
No pa
1214 Jan 3 1938 Feb 0
.2712 2912 .294 2912 29
29
28% 283
300 Liquid Carbonic
4 28
28
No pa
2534May 14 353 Apr 23
8
313
8 3112 314 315 3214
31
8
3114 313
4 303 3l7 16,900 Loew'a Incorporated_ No par 25 4 Jan 6 3518
4
o
3
Apr 12
.923 94
4
.91
.91
94
94
94
94
94
300
94
Preferred
No par 72 Jan 2 9714 Apr 24
2
24 *2
218
218
218
.2
24 2
2
700 Loft Incorporated.
No pa
15 Jan 2
8
3 Jan 31
112
8 •15
15
8
13
4
15
8
Pa
112
900 Long Bell Lumber -A No pa
112
112
112
114 Jan 12
24 Feb 20
8
8 4018 4018
•387 394 397 397
393
4
•38
40
.38
300 Looras-Wiles Biscuit
2S 381 2 Feb 26 x443 Jan 17
4
•,23 125 4 *123 12514 *123 12514
,
*123 12514 .123 1251
7% 181 preferred
100 1195 Jan 11 128 Apr 14
1712 177
8
1712 177
8
1212 173
8
1714 173* 17
17% 8,000 Lorillard (P) Co
10 15 4 Jan 8 1912 Feb 5
3
.
105
____ •105
_ .._ _ •105
____
.105
____ *105 -.... ......
7% Preferred
100 102 Jan 26 113 Apr 11
2
2
2
2
*17
8 214
.17
8 214 .14
214
300 Louisiana Oil
No Par
14 Jan 10
3% Apr 4
.14
.14
18
•14
18
18
*14
*14
18
18
Preferred
100
714 Jan 2 2313 Apr 4
1718 1718
1714 1714 x1714 1714
17
.1639 18
17
700 Louisville Clas & El A_No par
15 Jan 9 21 Feb 7
.137 1414 .1312 1418
8
8
1339 137
1314 133 *123 1331
500 Ludlum Steel.
4
4
1
1212May 10 1913 Feb 20
.75
85 .75
85 .75
85
.72
85
.72
85
CODO preferred
No par 84 May 7 97 Feb 20
.33
3412 3212 321 *323 3334
8
•324 333 .325 33
8
200 MaeAndrews & Forbes__ 10 30 Jan 5 343 Apr 28
8
104 104 '104_.. •104 104
.104 107 *104 107
6% preferred
20
100 95 Jan I. 104 Slay 25
26
2614 - -14 2612 2612
*253 27
4
2514 2514 25
2514
900 Mack Trucks Inc
No par 2358Slay 10 4154 Feb 6
4022 4014 404
4014 40
40
397 4014
3914 3912 1,800 Macy (R H) Co Ine
No par 3812Slay 22 6218 Jan 30
.612 64
.
634 63
64 63
4
*113
2 64
612 012 1,000 Madison Sq Gard v t &No par
28 Jan 2
7 Apr 27
21
•2012 21
21
21
21
•19
203 *1918 21
1,300 Magma Copper.
10 1512 Jan 17 22 Apr 16
.234 278
27
•23
27
8 .23
4
4
.24 27
23
200 MallInson (H 11.1 & Co_No par
4
s
17 Jan 2
414 Apr 24
.15
*15
.15
35
35
35
•15
35
*15
35
7% preferred
100
752 Jan 9 3318 Apr 24
•112 3
.2
212
*2
3
.2
21
212
*2
:Manati Sugar
100
1 Jan 8
34 Jan 23
*5
7% *4
*4
739 *5
739
738 04
Preferred
73
8
100
14 Jan 3
914 Apr 26
.512
73
8 *512 714 *512 7 8
0513 73
8 .512 73
3
Mandel Bros
2
No par
414 Jan 23
812 Jan 26
*1412 16
.1439 16
. 1452 16
1
01412 18
.1412 16
Manhattan Shirt
25 1214 Jan 4 203* Feb 1
.23
*212 3
8 3
.25
8 3
*212 3
Maracaibo 011 Explor.No par
*Vs
3
14 Jan 10
339 Feb 17
043
47
*43
4 44 *434 47
4 47
.43
4
Marancha Corp
•
44 44
412May 11
6
54 Feb 5
,
*714
712
714
73*
1,100 Marine Midland Corp
714
73*
712 722
714
74
5
5 4 Jan 5
3
9 Feb 6
2312 .21
.22
2312 *2212
*2112 24
22
22
100 Marlin-Rockwell
2
312
No par 2112 Jan 8 32 Jan 25
8
8
8 155 1618 153 154
153
1412 15
15
2,900 Martha Field & Co_ No var
1518 153
1211 Jan 4
195 Apr 11
8
*613 0
*83 10
8
4
63
4 *612 9
4 63
700 Martin-Parry Corp__ _No par
.8
64 Jan 24 124 Mar 3
• tun and
avIrpt1
nrire.4. no sales on this day.
I Companies reported In receivership.
a Optional sale. e Cash .sale.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share
15 Mar
25
Apr
14 Feb
9
Apr
318 Feb
213 Apr
Feb
IS
4512 Jan
84 Feb
7 Mar
8
54 Apr
4 Feb
65 July
6912 Jan
3 Mar
16
Feb
85
Apr
3518 Mar
0414 Apr
313 Jan
214 Mar
145
Jan
418 Apr
I Mar
43 Nov
814 Mar
17 Feb
8
512 Jan
3 Feb
15 Mar
8
S Per share
2512 July
2878 Jan
912 July
3812 July
1012 July
0 July
35 July
85 Aug
2513 July
713 June
30 June
34 July
9713 Dec
105 Dee
17 July
6852 Dee
11018 Dee
72 July
90 July
1012 June
1012 June
373
Oct
15 June
83 June
4
5114 Jan
38 July
73 July
8
3839 Dec
168 July
8
73 July
4
194
,
Feb - . 7
8 July
Feb 457 July
8
Feb
912 June
Mar
37 June
2
Mar
412 July
Mar
12 July
Feb
53 July
2
Jan 2712 July
Feb 15314 July
Jan
107 July
8
Mar 40 July
1339 Feb 46 July
80
Jan 11918 Aug
213 Apr
137 July
114 Jan
67 June
8
84 Feb 2314 Nov
72
Jan 115 Dee
213 Jan
213 July
4
12 Apr
10 July
14 Apr
53 July
14 Jan
4 July
Apr 2212 July
2
312 Feb
14
Oct
35
Apr 71 Aug
134 Mar 273 July
4
2439 Jan 5839 July
93 Feb 5912 July
4
2412 Mar 71% July
512 Feb 213 July
4
Ili Mar
878 July
17 Jan
8
1114 July
11
Feb 33 July
23 Feb 45 July
1214 Mar 6311 Dee
42
Apr 10618 July
35 Feb 91 July
94 June
239 Mar
84 Feb
1912 July
72 Mar
84 July
6 Feb 3118 June
2 Feb
8 May
112 Deo
6% June
318 Feb
1539 Sept
30
73 July
Jan
78 Feb 28 BeP1
57 Apr 25 2 July
2
3
1
Apr
014 June
453 Feb 30 July
16% July
5 12 Mar
Apr 105 June
88
Jan 4414 July
27
1413 Feb 3539 July
30 Nov 80 June
Jan
3712 Apr 61
193* Dec 41 18 July
3 Feb
101 2 June
34 Mar 1211 July
57 Jan 27 June
34
Feb 78 Sept
63 July
8
Jan
1
213 Apr
12 June
3713 Feb798 July
14
Feb 2314 June
43 Mar 373* July
155 Oct 2218 Sept
49
Feb 98 Sept
4914 Feb 9958 Sept
121 Mar 14018 Sept
13 Apr 21 12 May
10
313 July
4
Jan
63 Apr
4
4
193 July
1014 Feb 50 July
812 Mar 3612 Sept
35
Apr 784 July
4
112 Deo
4, June
513 June
12 Feb
194 Fob 444 Deo
Jan
11312M iy 120
2514 July
103, Feb
8713 Feb 106 Nov
4 July
4 Jan
312 Feb 29 July
137 Apr 354 JUDO
2
4
Feb 2018 July
144 Mar 9512 Deo
913 Feb 318. Dee
74
Apr 96 Nov
4639 July
1312 Feb
2414 Feb 63,July
8
7 June
14 Mar
193 July
8
53 Mar
2
54 June
7 Feb
11
3 Feb 26% July
5 4 July
3
14 Jan
8. Jam
8
972 July
974 June
113 Jan
23 July
512 Apr
4 June
12 Jan
538 Nov
47 Nov
8
1112 Jan
5 Dec
6 Feb 2314 Dee
414 Jan
8
183 June
77 Deo
39 Jan
12
2
114
53
218
7
8
5
75
34
27
618
aSold 15 days. z Ex-dividend,
y lx-rights.
carroR
New York Stock Record-Continued-Page 6
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 26.
3739
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING
Monday
May 28.
Tuesday
May 29,
Wednesday , Thursday
May 30.
May 31.
Friday
June 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933
Lowest.
Highest.
$ per share $ Per share S per share $ per share $ per share $ per share Shares Indus. & Mlscell.(Con.) Par $ per share
$ per share $ per share $ per shaft
8 3012 303
30
3014 3012 307
14
4,800 Mathleson Alkali WorksNo par 28 May 14 4034 Jan 24
8
3018 303
,
Feb 483 Nov
4 283 30
4
38
8
100 May Department Stores_10 30 Jan 2 443 Apr 23
*3614 3718
036
363 *36
4
93 Feb 33 Sept
4
*3514 36
36
36
834 Feb 21
*612 68
118 Apr
4 8 Jan 2
3
No par
200 Maytag Co
538 53
8
612 612 *6
812 July
*514 6
612
26
*26
2618 26
318 Apr 1514 Aug
10 Jan 2 2812 Apr 26
200
2512
253 253
Preferred
No par
*25
2512 *25
4
4
*75
7512 75
15
Prior preferred
110
75
75
Oct
Apr 58
No par 49 Jan 3 9212 Apr 3
75
75
75
75
75
*29
30
29
30
13 Mar
30
303 Sept
4
No par 24 Jan 11 32 Apr 13
27
2718 1,300 McCall Corp
27
29
30
214 23
214 214
412 Feb 6
21. 21.
8
47 June
8
118 Jan 8
600 :McCrory Stores classANo par
212.
*214 212 *214
3 Apr
8
414 Feb 6
214 214 *21i
*214 21.
118 Dec
8
2
6
Jan
13 Jan 4
Class 13
No par
700
2
238
218 218
212 Mar 21
20
*1812 22 - *19
Jan
514 Jan 2 2534 Mar 17
Cony preferred
100
100
20
*19
2018 *15
20
20
3
4 Jan 4 1012 Apr 21
818 June
Apr
McGraw-Hill Pub Co_No par
*67
s 93
4 "8
814
54 814
954 '7
*7 8
5
4
*75
8 03
45
4412 45
8
18 Mar 483 Oct
463
4412 4514 6,800 McIntyre Porcupine Mlneo__5 3812 Jan 25 5014 Apr 2
8 443 4454
4414 45
4
8612 *8218 8614 *8218 8614
4418 Jan 9584 Aug
400 McKeesport Tin Plate_No par 83 May 10 9414 Feb 21
86
84
84
*8218 86
912 Apr 1C
1311 July
13 Mar
4
412 Jan 2
5
718 712
75
8 73
4
712 77
8
73
8 712
7
714 6,600 McKesson & Robbins
4
293 293
4
4 293 3118 30
352 Mar 25 July
8
Cony pref series A
3.000
28
60 117 Jan 2 3412 Apr 27
29
2912 28
•
3012
378 4
4
418
33 July
8
55
8Mar 17
334 4
378 418
4
1 Jan 6
No pat
9,000 :McLellan Stores
414
16 Feb
537k 537 5412
*50
218 Jan 227 July
*50
54
912 Jan 2 56 Apr 27
54
8
8% cony pref ser A
100
600
*50
55
8
*50
*343 353
4
8 3412 3412 34
83 Feb 2834 Oct
4
900 Melville shoe
3312
28 Jan 2 36 Apr 25
No par
33
3312 34
34
8
8
2 Mar 20 July
400 Mengel Co (The)
*8
63 Jan 13 11 Jan 22
4
1
8
812 *8
73
4 77
8
8
814
*4312 47 i 44
*4212' 47
22
Jan 57 July
7% preferred
10
*40
46 .3918 47
100 30 Mar 21 52 Apr 19
44
*22
*2014 23
23
7 Feb 21 Sept
23
24
22
22
5 1612 Jan 4 30 Feb 19
1,600 Mesta Machine Co
21
21
*2514 2612 *2514 26
1312 Mar 22 Sept
200 Metro-Goldwyn Pict pref_27 21 Jan 5 2634May 22
2614 2614
26
26
*2512 26
93 June
611 Feb 16
412 412
200 Miami Copper
43
8 458 *43
15 Mar
8
*414 43
4 *414 41
4 May 11
5
8 412
1214 123
4 1212 1314 13
38 Mar 16 July
4
15,900 Mid-Continent Petrol
1212 13
123 13
4
4
10 11 May 14 143 Feb 5
1318
*1212 133 *1212 1312 0121 2 135
4
173 Jul)
4
200 Midland Steel Pr.d___ _No pa, 11 May 14 2178 Feb 19
1212 1212 *1114 1212
3 Mar
8
*75
*75
84
84
28 Mar 72 Sept
*75
8% cum lot pref
100 7012 Jan 12 8514 Apr 21
*7212 84 '7212 84
84
*4412 4712 46
13
Apr 3618 Dec
200 Minn-Honeywell Regu_No par 36 Jan 4 52 Feb 1
46
*45
477 *4512 47
8
477 477
8
8
318 318
314 314
53 July
4
7 Feb
4
5 Jan 30
71,
218 Jan 4
2,300 Minn Moline Pow Impl No par
3
3
3
318
3's
38
*11
*1738 24
24
30 July
6 Feb
4
1718 Jan 11 353 Feb 1
Preferred
No ph
20'2
*15
237 *15
8
*1814 237
8
17
17
7
Jan 22 July
20 1212 Jan 4 2238 Apr 21
400 Mohawk Carpet Mills
171g 1758
*1714 177
8
*17
1712 1712 1712
4314 4334 4438 4412 4312 4312
2,100 Monsanto Chem Co
42
43
43 43
25 Mar 83 Dec
10 39 May 14 54612 Apr 30
2518 257
8 253 263
2
8
213 2512 233 25's 49,000 Mont Ward dr Co Ino__No par 2114 Jan 4 355 Feb 15
4
4
8 257 2614
4
85 Feb 287 July
8
8
*4318 47
56 July
Morrel (J) & Co
47
*4218 47
25
Jan
No par 37 Jan 4 51,4 Apr 13
042
485 "43
8
*4318 49
5
218 June
13 Feb 8
8
5 Jan 8
8
800 Mother Lode Coalltion_No par
3
.3
Sg%
*5
8
5
4
18 Jan
5
8
3
59
4
54
*818 9
814
714 Jan 6 12 Feb 21
200 Moto Meter Gauge & En____1
8'4
*818 83
*812 9
874 Dec
083
14 Jan
8 9
*24
2434 2412 2417 *2314 237
4
300 Motor Products Corp No par 221s.May 12 4434 Feb 15
2312 2312 2212 2212
73 Mar 363 Sept
4
8
10
1012 1014 1012 103 103
8
1l2 Mar 115 July
9 Jan 5 1612 Feb 16
5
9 2 912 1,900 Motor Wheel
,
95 10
4
8
2
14 Jan 12 155 Apr 23
400 Mullins Mfg Co
105 11
8
11
11
•10
1112 *1114 1112 1114 1114
4
112 Mar 103 July
8
5
No par
30
37
5 Mar 25 June
Cony preferred
No par 1218 Jan 12 46 Apr 21
3312 3312
03212 36
36
36
37
*3212 363
4
200 Munsingwear Ina
*18
133 Jan 8 2514 Apr 13
4
*1812 21
21
21
2114 *19
8
5 Mar
No oar
20
21
183 June
20
1112 July
113 Feb 16
8
6 May 12
10
7
7 14
718
13 Feb
8
63
4 6713 5,600 Murray Corp of Amer
718
714 7 8
3
714
73
8
1518 Jan 2 2134 Feb 21
Myers F & E Bros
No par
*16
19
19
*18
8
Jan 2012 July
*16
1914 *1814 19, *1814 19
4
27 July
157
8May 14 3214 Jan 30
111g Apr
No par
163 163
8
4 4,000 Nash Motors Co
167 17
8
1654 17
167 1712 17
8
1758
512 51,
53
8
538
7 4 July
3
87g Feb 23
414 Jan 9
1
700 Mitl011211 ADMO
55
118 Feb
8 53
8
55
8 558
53
8
512
1018 Dec
73
8May 31
93 Dec
8
1314 Jan 31
300 National Aviation Corp.No par
77
8
73
8 73
8 *714
*73
4 8
*73
4 8
"714 8
63
4 7
714
714
978 July
600 :National Belles Boos pret_100
114 Jan
34 Jan 6 1234 Mar 19
7 4 73
3
4
77
8 77
8 *714
778
8May 23 4912 Jan 16
10 335
4
3112 Feb 8058 June
337 342 333 3412 13,700 National 131scult
8
333 34
8
3378 343
3412
8 34
100 131 Jan 3 148 Apr 2 118 Mar 145 Aug
7% cum pref
200
4
*14212 14312 *14212 1433
*142 14334 142 142 *14212 14312
8
518 Mar 233 July
5
1412May 12 23 8 Feb 6
1518 4,400 Nat Cash Register__ __No par
1512 15
153 153
4
15
4
1618 1614 157 16
8
3
13 Jan 4 18 Apr 21
No par
163 1714 17
4
1012 Feb 25 4 July
8
167 1718 2163 1718 16,900 Nat Dairy Prod
8
173
8 1718 173
8
212 June
ls Mar
1 Jan 9
•15
8 218 *13
3 Mar 16
200 :Nat DepartmentStoresNo par
8
17
8
13
4
13
4 *15
8 214
15
8
133
5 Jan 17 2212 Apr IS
Preferred
100
120
1712 1612 1712
18
18
18
10 June
114 Feb
17
18
*17
18
2514 2512 2552 2612 2512 2618
207 Dec 3314 Nov
8
.No par 2314 Jan 3 313 Feb 1
8
25
255
8 2414 2514 21,000 Nati Distil Prod new.
*2614 2734 *2612 273 *2634 273
1612 Jan 5 327 Apr 24
Nat Enam & Stamping_No par
193 Dee
8
5 Feb
8
*27
273 *27
273
4
4
4
4
4314 Feb 140 Nov
100 135 Feb 10 16012 Apr 18
100 National Lead
*1363 145 *1363 149 *140 145
4
*140 1403 140 140
4
4
*14012 144 *14012 144 *14012 14218
Preferred A
100 122 Jan 16 143 Apr 18 101 Mar 12814 Nov
*13914 14312 *13414 143
*112 1163 *112 1163 *112 1163
75 Feb 1091s July
Preferred B
100 10012 Jan 9 113 May 12
8
8
*113 1163 *113 1165
8
8
8
1014 1014 10
812 Jan 4 1512 Feb 6
87 Apr 2012 July
s
1014
4 2,700 National Pow de Lt____No par
Stock
93
4 93
97 1014
8
93 10
4
*4012 4212 *41
25 383
15 Feb5518 July
4June 1 5814 Feb 5
4
4 2,600 National Steel Corp
40
403
8 383 393
4212 417 4218
8
4
API 2858 June
25 1 113 Jan 10 211s Apr 24
500 National Supply of Del
1514
1614 1614 Exchange •1512 163
4 15
4
4
*153 165
4
8 153 153
04958 55
17 Feb8014 June
Preferred
100 3312 Jan 4 60 Apr 23
20
*50
*49 4 5812
3
493 50
4
54
*50
53
125 123 *1238 1234
8
8
612 Jan 27 July
11 May 12 1834 Feb 1
No par
8
1214 123 *1212 1234 1,400 National Tea CO
1212 1212 Closed1912 1912 21
No par
1218 June
112 Jan
612 Jan 4 3014 Apr 13
*1912 2012 1918 1912 1,400 Nelaner Bros
2112 21
21
•4034 4212 *40
Newberry Co (J J)_ _ No par 3912May 14 497 Apr 10
8
4212
4212 *40
4212 *40
4212 Memorial 040
*102 104 *102 104 *102 104
100 100 Apr 3 104 Apr 10
7% preferred
*102 104 *102 104
*85
8 914
1 -3- -3 Mar --1 4 July
18
6 Jan 10 13 Mar 6
1
9
500 Newport Industries
*812 93
8 *812 918
9
838 85
8
Day.
16
16
*153 173 *1534 18
618 Apr 2312 July
15 Jan 5 2414 Feb 7
No par
200 N Y Air Brake
4
4
4
4
153 155
•153 17
4
*4
7
*4
7
8
23 Dec 117 June
4
814 Mar 19
3 8 Jan 11
5
New York Dock
100
57
*4
04
57
8 *4
578
.1012 12
*1014 13
6
Oct 22 June
8 Jan 8 20 Mar 13
Preferred
100
100
13
1112 1112 *11
*111. 1212
114 Feb 7
11 Jan 2
3 Dec
8
8
'
.
8
5
8
*3
8
3
4
*5
8
3
4
23 June
4
500 IN Y Investors Inc____No par
5
8
3
8
*3
.8
3
4
•16
1714 1612 17
13 Jan 2212 Aug
4
8
115 Jan 3 227 Feb 1
8
500 NY Shipbldg Corp part stk__1
8
153 157
4
*1614 163
16
16
41
*78
82 '80
90 June
31
Jan
7% preferred
100 7312 Jan 2 8934 Apr 13
10
*78
82
82
80
80
*80
81
*96 • 98
*97
98
8
70 Nov 1017 Aug
No par 82 Jan 5 99i2 Apr 10
20 N Y Steam $6 pref
*97
9712 9712
98
98
08
1097 1097 *10812 1093 *10812 1093
8
8
Jan
83 Nov 110
0May 26
37 1st preferred
No par 90 Jan 15 1097
10
4
010812 109 *10812 109
4
4314 437
8 4312 4414 4212 437
8
173 Jan 387 Sept
8
4 42 4212 13,000 Noranda Mines Ltd__.No par 3314 Jan 4 44, Apr 9
423 423
8
8
1612 17
1634 1712 1718 173
1214 Dec 3612 July
:
8
4
163 1718 1614 163 12,900 North American Co._N0 par 133 Jan 9 251 Feb 6
4
8
*425 4312 *4314 4312 43
8
Jan
31
Dec 46
800
Preferred
50 34 Jan '9 45 Apr 20
4212 4314 4212 4212
43 4
,
4 43
412 434 4,800 North Amer Aviation
Vs
518
8
514
47
8 5
9 July
Feb
418 Feb 10
1
43
4
4
83 Feb 1
*70
70
71
70
79 July
200 No Amer Edison pre:__No par 4712 Jan 4 744 Apr 28
39 Nov
7012 7012 *6718 70
*68
71
*41
42
42
42
263 Apr 43 June
4
100 Northwestern Telegraph ___50 34 Jan 9 43 Apr 26
40
40
*40
41
*40
41
*27
8 314
3
318 03
13
238 Jan 8
3i4
57 July
118 Feb
412 Feb 19
27
8 27
8 •27
300 Norwalk Tire .1, Rubber No par
s 314
115 117
8
8 12
1214
175 July
8
1112 12
115 1214
8
43 Feb
4
8
1012May 14 157 Feb 5
No par
5,300 Ohio 011 Co
1214 1214
33
4 354
334 33
4
51114 July
7 Feb 5
318May 14
No par
158 Feb
33
312 33
8 1,300 Oliver Farm Equip
33
4 37
8
4 354
*1512 17
17
17
4
16
*163 17
8
12 Jan 8 273 Feb 5
Preferred A
No par
200
16
*16
314 Feb 303 June
8
17
518 57
8
512 6
57
8 618
83 July
4
13 Mar
4
45
57
8 6
614 Jan 2
8May 23
53
4 53
4 9,400 Omnibus Corm(The)vto No par
*912 11
"93 1114 *10
8
15 June
•914 403
Oppenhelm Coll & Co_ _No par
212 Feb
/Mar 31
718 Jan 4 143
10
4 •8
113
8
153 157
4
8 155 16
8
1018 Feb 2514 July
153 1618
4
8
14 May 8 193 Feb 16
1512 1512 4,900 Otis Elevator
No par
153 16,4
4
*10018 101 *10012 101
010014 101
9312 Apr 106 July
101 101
Preferred
100 92 Jan 18 102 May 12
80
101 101
*433
478 5
484 43,
478 47
8
914 June
114 Mar
44
5
8 Feb 19
418 Jan 4
No par
412
43
4 1,600 Otis Stsel
•1814 193ti *1814 193 *1814 193
213 June
4
18
18
214 Feb
*1512 1818
2
9 Jan 2 25 Feb 20
Prior preferred
100
100
8
75
7414 747
75
,
8 74
7412
74
743
4 74
31 12 Mar 963 July
7414 2,200 Owens-Illinois Glass Co____25 7312May 14 94 Jan 30
17
17
17
1712 17
15
Dec 32 July
1718 1718
163 17
4
25 1512 Jan 6 2312 Feb 7
3,700 Pacific Gas & Electric
1714
*31
3112 3118 313
8 31i4 31t4
8
3114 313
22 Dec 433 Jan
No par 2312 Jan 2 37 Feb 7
4 31
3112 1,400 Pacific Ltg Corp
2418 2418 2514 263
4 26
25
25
Feb 29 July
*24
6
100 2038May 14 34 Feb 5
2412
900 Pacific Mills
26
*76
76
77
•75
78I8 77
4
65 Mar 943 July
77
77
100 72 Jan 11 8512Mar 13
*75
90 Pactfic Telep & Teleg
77'4
•10912 112 *10914 112 *10912 112
•1093 112 *1093 112
4
9914 Nov 111 12 Sept
4
.
6% preferred
100 103 Jan 3 11212 Apr 26
712 712
714 714 *7
912 Sept
7
7
53 Dec
4
7
714
87 Apr 25
8
600 Pac Western Oil Corp_ _No Par
7
612Mar 19
37
8 418
37
8 4
37
8 4
67 July
s
37
8 4
134 Mar
37
65 Feb 23
8
33
4May 14
8 37g 10,700 Packard Motor Car _No par
•1034 1118 11
1118 *103 1114
14 July
•103 1114 *103 1114
4
8 June
4
1034 Jan 9 1112 Jan 30
200 Pan Amer Petr & Trans ____5
4
*23
2412 25
2514 *2514 2512
3638 Gm
2514 2514 *22
Jan
6
28
I 20 May 12 3512 Feb 6
300 Park-Tilford Inc
•118
114
*1
1 14
3 July
*1
'
3 Mar
8
*1
114
*1
2 Feb 5
114
1 Jan ii
Parmelee Transporta'n_No par
114
*112
13
4 '1.8
3
112 112 *133
1,
414 JUDI3
3 Apr
8
2
212 Apr 6
114 Jan 2
112
112
500 Panhandle Prod & Ref_No par
1,
2
*14
18
*14
18
*14
18
20 June
*14
18
53 Jan
4
*14
100 12 Jan 3 2112 Apr 6
18
8% cony preferred
43
4 43
4
434 47
452 43
8
4
45
8 518
212 June
438 45 18,500 :Paramount Publix otts____10
'tl Apr
13 Jan 2
4
8
57 Feb 16
8
414
45
8
43
8 45
414 414
8
43
8 438
414 July
4
878 Feb 15
418 6,500 Park Utah C M
314 Jan 11
1
114 Jan
23
8 23
25
4
8 23
4
25
8 23
312 July
25
8 234 5,500 Pathe Exchange
4
23
4
14 Jan
112 Jan 4
414 Mar 2
No par
27
s
21
213
4 213 225
4
8 22
1414 Dec
21
213
4 2012 2112 10.900
114 Jan
1012 Jan 4 2418 Apr 23
Preferred clam A
No par
223
*1614 1712 1612 163 .1614 1674
4
8
1512 1618 1914 1512 2,200 Patin° Mines & Enterpr No par
53 Jan 25 Nov
8
133
8May 14 2112 Jan 2
37
8 4
4
37
4
8 414
4
4
418 43
8 4,400 Peerless Motor Car
3 Feb918 July
4
45 Apr 23
8
2 Jan 2
3
*5414 55
55
55
*54
.5312 55
3
.
533 533
4
55
4
200 Penick & Ford
No par 53 May 14 84 Jan 30 22512 Feb60 Dec
56
56
5612 57
557 56
8
56
Dec
55
563
4
56
56
1914 Mat
5112 Jan 4 67 8 Mar 3
No par
3,100 Penney (J C)
7
*108 110 *108 110 0108 110
*108 110 '108 110
Aur
Jan 108
90
8 10812May 16
Preferred
100 10512Mar
*314
4
312 312 *31
*314 35
8 *312 4
93 July
3
100 Penn Coal .14 Coke Corp.
3 Feb
4
514 Apr 26
218 Jan 9
10
4,
4
45
8 45
8
47
8 47
8
*412 5
47
8 47
412 41_
8
9,2 June
3 Jan
4
734 Feb 5
37g Jan 6
600 Penn-D1xle Cement___No par
4
•2018 233 .19
21
*19
2112
*1818 21
32 July
*1818 21
Cs Mar
Preferred series A
13 Jan 8 32 Apr 24
100
8 3012 3
3012 305
012 3
7
JaD
*203 3012 2934 293
4
4
012 301
25 Der
600 People's G L & 0(Chic)_t00 27 Jan 4 437 Feb 6
2
;
*14
143
4
15
•
14
*14
*14
15'. June
*14
15
15
(ns Fe,
15
Pet Milk
914 Jan 3 15 Feb 23
No pa
1118 11
•11
1114 11
11
11
/5 July
1012 101
11
4 8 Jau
3
900 Petroleum Corp of Am
Jan 5 1414 Feb 3
9
5
163 1612 1612 1718 163 167
8
15
1512 16
8
1512 6,300 Phelps
1878 Sept
412 la'
8
8
25 145 Mar 27 187 Apr 26
8
-Dodge Corn
43142 32
3138 317
•3113 32
2 3114 3114
38 July
3112 3112
21, No,
,
500 PhIladelphla Co 6% pre_ 60 2414 Jan 2 37 Feb 9
60
60 .59
*59
61
par 49 Jan 12 6434 Feb 17
*5712 6518
05712 62
62
3814 Dec 62 July
No
100
$8 preferred
*412 454
43
4 47
8
*43
8
45
8
412 434
912 July
414 418 1,300 Phlla & Read C & I
212 Feb
83 Feb 21
4
314 Jan 4
No pa
193 2014 20
4
20
20
19
•1912 20
203
8
147 June
8
1912 2,100 Phillip Morris & Co Ltd__hO
h
Feb
1112 Jan 3 2018 Mar 29
013
*13
16
15
*13
13
13
15
163 July
4
Fol.
*11
3
100 Phillips Jones Corp.__ No par
13
9 Jan 5 21 Apr 2
6934 54
*54
6912 *54
693
4
*543 6954
*543 65
4
,preferred
7 0
100 58 Feb 27 747 Apr 7
4
35 June 35 June
8
187 193
4
8
1812 183
8 187 1918
8
1814 1914
183 Sept
4
04 Jas
18
4
1518 Jan 9 12034 Apr 11
No par
183 12,400 Philips Petroleum
4
*512 812 *512 812
0514 8,
2 *512 8,2 *51s 812
1734 Dec
518May 12
15* Mar
1312 Feb 3
Phoenix Hosiery
6
318 3's
3
3
3
's
314
712 Nov
3 Dec
2 Jan 16
3
3
31s 314
612 Feb 19
5
2.300 Pierce-Arrow Mot Car Co
*5
8
54
3
8
5
8
5
8
17 June
s
118 Jan 30
3
8May 10
zs
900 Pierce Oil Corp
5
8
53
5
8
f's
58 Jan
59
9
93
8 *7
93
8 •7
*7
*7
8
137 June
8
37 Feb
8
103 Feb 14
7
4
7 May 11
7
Preferred
/00
100
•138
11 2
13
8
4
13
8
13
8
13
8
23 June
2 Feb 6
13
8
13
8
13
Is Jan
114 Jan 13
Vo par
500 Pierce Petroleum
8
Ps
257 2614 *25
8
4
253 253
4
267 June
8
2512 2512 257 257
9 8 Feb
3
8
8
1812 Jan 8 273 Apr 27
8 1,100 Pillsbury Flour Mills ___No par
2614
8
4
*7412 753 *743 75
*7414 75
75 Nov
*737 75
75
8
333 Apr
8
100 Pirelli Co of Italy Amer shares 7058 Jan 22 8412 Mar 24
75
8
4 1214 1214
•1214 137 01214 133
4
Feb 23 July
•1112 133 *1112 133
4
912 Jan 9 1812 Feb 9
100
4
100 Pittsburgh Coal of Pa
*3014 34
•3014 34
48 July
*3014 34
17
Jan
*3014 34
100 30 Jan 8 4212 Feb I
*3014 34
Preferred
• Bid and asked prices, no sales on this day. I Companies reported in receivership. a Optional s de. c Cash sale. s Sold 15 days. x Ex-divIdend. 8 x-rIghtQ.
New York Stock Record-Continued-Page 7
3740
June 2 1934
Vir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 26.
Monday
May 28.
Tuesday
May 29.
Wednesday
May 30,
Thursday
May 31,
Friday
June 1.
Sales
for
the
TVeek.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan, 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933
Lotoest.
Highest.
$ per share $ per share $ per share $ per Share $ per share Shares. Indus.& MisceII. (Con.) Par $ per share
$ per share $ per share 8 per share
718
1,600 Pittsburgh Screw & Bolt No par
7
714 7
/
1
4
74 73
/
4
75
8 73
4
4
7 Jan 5 111 Apr 4
178 Feb
113 July
4
*261 33
/
4
*2712 33
*2618 33
*2618 33
Pitts Steel 7% cum pret.__100 27 May 17 43 Feb 21
1014 Jan 383 May
4
*17
8 23
*138 3
4 *15
*13
2 Jan 19
Pitts Term Coal Corp
100
4 3
8 21
312 Feb 21
/
4
67 July
8
12 Feb
*1112 13
*1112 13
*10
13
*10
13
6% preferred
818 Jan 4 1712 Feb 23
100
4
Jan 2312 July
*23
8 3
*23
8 3
25
8 25
8 *212 212
5 Feb 19
100 Pittsburgh United
214 Jan 2
25
8 Feb
4
612 July
539
42
/ *39
1
4
40
*38
383
4
39
39
Preferred
10
8
100 37 Jan 2 597 Feb 19
158 Feb 64 July
4
*23
8 314 *23
*212 4
*212 4
8 23
4
Pittston Co (The)
No par
5 Feb 21
11 Jan 4
/
4
7 June
3 Apr
8
121 123
/
4
8 12
12
1214 *113 117
4
8 1,800 Plymouth 011 Co
/
1
4
12 8
,
5 10 Slay 14 16 Jan 30
8
684 Feb 175 July
812 812 *73
*7
8
8 812
714 714
147 Feb 5
714June 1
No par
200 Poor & Co class B
8
13 Apr 1384 July
4
*35
8 412 *358 412
Porto Ric-Am Tob el A _No par
•5
3 8 44 *3
/
1
3 Jan 12
/ 412
1
4
6 4 Jan 30
,
8 June
15 Mar
8
*15
*158 2
*11 2
/
4
8 214 *11 I1
Class B
/
4
112 Jan 3
No par
100
/
4
314 Jan 30
4 May
5 Feb
8
195 204 1914 1914
8
/
1
8
1812 1812 175 175
8 2,000 Postal Tel & Cable 7% prof 100 1614May 14 293 Feb 6
8
4 Feb 403 June
4
*23
4 27
8
25
8 25
23
4
23
4
23
4 23
4
400 :Pressed Steel Car
8
512 Feb 16
11 Jan 5
/
4
No par
512 June
5 Jan
8
12
12
*11
13
*11
13
*11
13
Preferred
100
67 Jan 5 22 Feb 17
8
100
18 June
3
Jan
333 34
4
337 34
8
3312 337
No par 3312May 31 4114 Jan 23
8 3312 3312 2,600 Procter & Gamble
195 Feb 4712 July
8
109 110 *109 110
5% prof (ser of Fob!'29)100 10212 Jan 22 110 Slay 15
130
10914 110 *109 110
4
97
Apr 1103 Nov
____ ____ ____ ____ ______ :Producers & Refiners Corp_50
____ ____ ____
114 Mar 15
14 Jan 2
27 June
8
14 Jan
____ _ _ ____
_ _ ___
Preferred
67 Feb 19
8
118May 2
50
13 June
2 Nov
-36- 16 -5:I 16 -561s 1- -x36
36
--1;
35
35 4 2,600 Pub Ser Corp of N J_ __No par 33 May 14 45 Feb 6
- -3
612
325 Nov 5718 June
8
*7912 804 *7914 8014 *7914 80
/
1
79
7914
*7812 80
200
$5 preferred
No par 67 Jan 2 84 Feb 6
597 Nov 8812 Jan
8
*91
9312 *91
9312 *91
*91
9312 *907 923
6% preferred
8
100 79 Jan 8 9614 Apr 27
93,
2
4
8
75 Dee 1013 Jan
10212 10212 *102 104 *10212 104
x10212 10212 *10212 104
7% preferred
200
100 90 Jan 8 106 Feb 21
84 Dee 11212 Jan
.11414 118 .116 117 *116 117
*114 11714 *11312 1163
8% preferred
100 105 Jan 12 11912 Feb 17
4
Jan
99 Nov 125
10212 10412 *10212 10412 "10212 10412
Pub Ser El & Gas pf $5_No par 90 Jan 10 103147.Iay 17
•10114 10412 *10114 10412
834 Dec 10312 Jan
50
50
5114 483 493
.51
467 481 6,500 Pullman Inc
8
48
49
4
4
/
4
No par 467
8
8June 1 593 Feb 5
18 Feb 5818 JulY
8
1013 Jo], 103 1058 1013 10,2
1018 1012 10
104 2,230 Pure 011 (The)
8
93
8May 10 147 Feb 16
No par
8
24 Mar 153 Sept
/
1
*66
*67
69
69
*67
69
66
6614 6612 6612
260
8% cony preferred
100 583 Jan 9 80 Feb 6
8
4
30 Mar 697 Sept
1314 1314 1312 133
1318 133
1312 131
/
4
4
8
8 127 13
2,100 Purity Bakeries
No par 1214 Jan 6 193 Feb 5
4
8
57 Feb 253 July
8
7
718 74
718 25,600 Radio Corp of Amer
7,
2 73
4
73
8 712
712 734
91 Feb 6
/
4
612 Jan 4
Ne par
1214 July
3 Feb
*38
3912 3912 397
38
40
8 40
3712 38
38
1,000
Preferred
50 2314 Jan 4 411251ay 11
1314 Feb 40 May
3218 3212 3214 33
29
31
303 32
4
314 324
12,300
Preferred B
No par 15 Jan 4 354May 11
612 Feb 27 July
3
27
8 27
8
2
/ 3
1
4
3
24 3
24 27
8
2,400 :Radio-Keith-Orph __ No par
53 June
4
41 Feb 17
214 Jan 9
1 Mar
/
4
1814 183 x183 183
18
18
8
8
8
18
18
*17
18
500 Raybestos Sfanhattan_No par 16 Jan 9 23 Feb 5
8
5 Feb 205 Sept
978
*9
97
8 *9
*9
97
8 *9
97* 59
9
/
1
4
Real Silk Hosiery
8
712May 14 14 Feb 6
10
512 Feb 207 June
*5014 70
503 503
*5014 70
*503 60
8
8
*5014 60
10
2
Preferred
100 45 Jan 23 6014 Apr 26
Jan 60 May
25
*234 312 *23
4 3
2 4 253
3
25
8 23
4 1,200 Reis (Robt) & Co..___No par
23
4 23
4
412 July
6 Apr 2
218 Jan 5
14 Jan
•15
*15
18
*1514 17
18
15
15
*15
18
100
1st preferred
1812 June
118 Jan
100 1312 Jan 3 383 Apr 2
4
912 912
12 94
12 94
938 912 1,900 Remington-Rand
03
4 93
4
9
9
1114 July
212 Feb
8
63 Jan 6 133 Feb 23
8
1
*51
55
.503 55
8
*5014 55
*501 55
/
4
*503 55
8
1st preferred
8
100 323 Jan 5 6912Mar 14
712 Feb 3712 July
*48
•48
*48
60
60
60
*48
*48
60
60
2d preferred
8 Feb 3524 Dee
100 30 Jan 8 67 Mar 14
33
8 33
8
312 312
312 3
,2
63
3
4 3
8June
314 314 1,700 Reo Motor Car
4
512 Feb 23
13 Feb
8
5
358 Jan 2
1614 1612 161 17
/
4
/ 1612 167
1
4
16
1612 1514 16
8
15,300 Republic Steel Corp_ __No par 15 Slay 14 253 Feb 23
Feb 23 July
4
4
46
47
45
46
46
4612
44
4514 4314 433
8 2,700
6% cony preferred
9 Feb 5412 Jug
100 39 Jan 4 6712 Feb 23
*95 1018 *94 1018 .1 101
8
/
1
9
/
4
*9
/ 1018
1
4
9
/ 94
1
4
/
4
/
1
12 June
100 Revere Copper & Brass
.5 Jan 8 1412 Apr 11
5
114 Jan
2018 2018
*19
25
•1912 25
*183 2212 *1812 2212
4
Class A
200
10 1114 Jan 29 2812 Apr 11
214 Mar 25 June
247 25
14
.2412 25
243 25
4
243 241 x20
4
/
4
2113 1,600 Reynolds Metal Co __No par
1512 Jan 2 2734 Apr 26
6 Feb 2112 June
4
113 113 *1012 113 *103 114
4
4
4
*103 113 *103 113
4
4
4
1584 July
100 Reynolds Spring
4
112 Feb
No par
612 Jan 9 1312 Feb 25
4334 443
8 4312 44,
4 4314 443
4312 437
8 43
8
4378 9,800 Reynolds (R J) Tob class 13_10 393 Mar 21 4512 Jan 9
2612 Jan 15414 Sept
4
*57
6012 *57
59
59
6012
*57
6012 *57
4
6012
20
Jan 623 Jan
8
Class A
80
10 67 Jan 5 597 Jan 3
*612 918 *7
812 *612 812
*612 918 *612 918
161 June
/
4
Ritter Dental Mfg
8 Slay 25 1312 Feb 8
612 Feb
No par
*2912 301 30
*303 30 2
8
30
/
4
*295 301 29
8
,
/
4
/
4
293
8 1,000 Roan Antelope Copper Mines_
233 Nov 2612 Nov
8
263 Jan 3 331 Apr26
8
812 812
84 84 *814 83
4
84 814
*814 85
8
104 June
/
1
700 Rossla Insurance Co
3 Apr
4 Jan 3 1014 Feb 6
5
*341 3518 345 345 *343 35
8
/
4
8
8
3334 3334 334 34
/
1
4
/
4
1,100 Royal Dutch Co (N Y shares) 33 Apr 30 391 Feb 19
175 Mar 393 Nov
8
19
1918 20
197 20
8
1914
19
194 18
4
/
1
4
1814 1,800 St Joseph Lead
10 1612May 12 27 Feb 5
618 Feb 318 Sept
4812 4812 4824 49
4812 481
48
/
4
/
1
483
8 467 475
28 Mar 624 July
8
8 3,100 Safeway Stores
No par 44 Jan 5 57 Apr 23
1043 1044 104 104
4
/
1
105 105
1033 104
4
10312 1033
72 Apr 9412 July
4
4
6% preferred
100 843 Jan 3 105 May 25
330
11112 11112 *Ill 112
1113 1111
4
/
4
Stock
11112 11112 11112 111 12
7% preferred
100 9812 Jan 15 112 Apr 20
50
804 Feb 105 Sept
•712 8
*71s 8
72 72
,
,
7
12 July
214 Apr
6 Jan 13 1214 Feb 15
200 Savage Arms Corp____No par
7
*7
758
4
2718 2712 273 2814 271 28 Exchange
/
4
261 264 253 265 13,400 Schenley Distillers Corp
/
4
/
4
/
1
24 Nov 4514 Aug
5 2514May 10 381 Apr 11
4
8
545
8 47
8 *45
*458 47
8 5
8
8 Feb 5
45
8 458
414 43
1014 July
3 Jan 4
/
1
4
1
600 Schulte Retail Stores
8
88 Mar
2214 23
2314 2312 23
23
Closed*2112 23
4
21
21
4
Preferred
100 15 Jan 2 303 Apr 16
360
34 Apr 353 July
*437 49
8
*437
5434 49
/
1
28
Scott Paper Co
No par 41 Jan 10 50 Apr 5
49
*434 483 *44
/
1
4
Jan 447 July
8
4 3214 3214 memorial x3112 32
325 325
8
8 3214 323
31
3114
3
/
1
4
15 Feb 43 Sept
1,200 Seaboard Oil Cool Del_No par 25 8 Jan 6 384 Apr 11
3
3
*318 41 *3
/
4
3 4 *3
34
47 Feb 7
8
258 Jan 18
314
.3
314 53
Seagrave Corp
No par
4 July
/
1
4
118 Feb
4134 421 423 4312 424 4312
/
4
/
1
4
Day.
4118 4214 3838 407 30,400 Sears, Roebuck .4 Co No par 383
8June 1 5114 Feb 5
8
1212 Feb 47 July
*214
214
214 *214
23
4
414 Jan 28
2 May 10
100 Second Na! Investors
4
*214 23
24
1
4 *214 23
1 14 Feb5 Jun
•3618 4218 .3618 424 *3618 4218
*3618 4218 *3618 4218
24 Feb48 July
Preferred
1 32 Jan 8 4518 Feb 2
*1
118
1
1
*1
11
/
4
2 Jan 22
1
1
1
/
1
4
1 Jan 5
No par
700 :Seneca Copper
1 18
3 June
18 Mar
712 7 8
5
73
4 8
75
8 71/4
Apr 24
43 Jan 8 9
4
1
112 Feb712 July
712 75
8
714 712 9,600 Servel Inc
10
10
10
1018 10
10,
4
8
95
8 97
8
63 Jan 2 137 Mar 9
4
No par
95
8 94 1,900 Shattuck (F G)
/
1
534 Apr 1314 July
*712 812
8 9
712 712 *75
No par
518 Jan 11 1314 Feb 23
12 July
300 Sharon Steel Hoop
14 Feb
712 712
*712 814
*6
6
6
*53
4 6
65
8
7 Feb 5
/
1
4
No par
500 Sharpe & Dohme
4 4 Jan 2
3
57
8 5
/
1
4
212 Feb
57
8 6
85 June
8
*4512 46
*45
47
*45
*46
4
Cony preferred ser A_No par 3814 Jan 8 49 Slay 3
47
64
100
464 4618
8
2114 Mar 417 July
*Ps 812
778 Jan 3 1112 Jan 27
84 83
81 4,700 Shell Union 011
/
4
814 83
84 812
8
8
No par
8
4
115 July
312 Feb
*733 747 *733 75
4
75
8
75
4
75
Cony preferred
75
100 58 Jan 2 89 Jan 26
400
*75
7534
284 Mar 61 July
17
1612 1612 17
16
/ 167
1
4
1534 163
4 151 1512 1,800 Stmmons Co
8 .
No par 1412May 14 244 Feb 5
/
4
43 Feb 31 July
8
9
84 9
/
1
94 918
/
1
918
1112 Feb 5
814June 1
10
814
8
/ 2,100 Simms Petroleum
1
4
.4 9
83
1253 June
41 Feb
/
4
14 912
912 912
914
912 1,300 Skelly Oil Co
914 912
5918 958 *9
7 Jan 10 1118 Apr 25
/
1
4
25
9 June
/
1
4
3 Feb
6312 6312 *6214 66
*6312 66
*6214 65
3
Preferred
100 54 4 Jan 9 6818 Apr 26
100
*6212 64
22 Feb 5712 July
*17
29
*1812 25
*16
25
*16
Sloss-Sheff Steel & Iron__100 15 Jan 9 2712 Feb 17
*16
29
29
7
Jan 35 July
*3014 35
*3014 4018 *3014 35
*3012 35
7% preferred
100 2312 Jan 2 42 Apr 23
*3012 35
814 Feb 42 July
1312 1312 1314 1312 *13
123 13
4
63 Jan 3 17 May 5
4
900 Snider Packing CorpNo par
13
13
134
93 July
4
5s Mar
153 16
4
4
155 154 153 16
8
1534 1618 1514 157 19,600 Socony Vacuum Corp
8
25 14 May 14 197 Feb 5
8
6 Mar 17 Nov
*10012 10118 *10012 10118 *10012 1004
10018 10018 100 100
/
1
4May 2
300 Solvay Am Invt Tr pref__100 86 Jan 6 1013
58 Fob 92 July
8
/
4
8
4 315 311
30
303
4 307 313
31
3114 297 3012 3,800 So Porto Rico Sugar _No par 2918May 14 391 Feb 5
/
4
8
8
157 Jan 485 July
8
126 126
*126 129 *126 129
*125 129 *12512 129
Preferred
100 115 Jan 16 130 Mar 20 112
10
Jan 132 July
8
8 1612 163
163 163
4
4 163 167
Jan
/
4
163 163
8
4 1614 163
8
4
25 1514 Jan 4 221 Feb 7
3,100 Southern Calif Edison
28
141 Nov
/
4
9
/ 94 *912 10
1
4
/
1
*912 10
/
1
4
*9
10
5 Jan 10 13 Apr 21
100 Spalding (AG)& Bros_No par
*912 10
117 July
2
4
Jan
*55
60
*55
60
*55
60
1st preferred
100 3014 Jan 11 74 Apr 21
*55
60
055
60
254 Mar 61 June
8
7 Jan 22 153 Apr 23
10 Swing Chalfant tit Co Ina No par
812 812---- --- ---- ,1512 July
412 Feb
*42
5012 *42 - 12
*42
54 .42 Preferred
100 30 Jan 23 62 Apr 24
5012
5012 .42
56
1712 Feb 50 June
358 Jan 5
8 Feb 21
5
/ 6
1
4
6
6
53
8 54 2,000 Sparks Withington ___ _No par
512 53
4
57
8 57
8
8 June
Feb
4
8 512 *458 5
*43
8 512 *43
2 Jan 3
No par
12 Jan
74 Apr 18
/
1
10 Spear & Co
45
8 45
8
*45
8 5
512 June
84
2014 2014 *2014 2112 no
200 Spencer Kellogg & Sons No par 15 Jan 5 2412 Feb 23
*Iola 21 *1914 20
2054
712 Apr 22 July
/
4
918 912
5 8 Jan 5 111 Apr 2
5
1
914 91 2
4
83
8 87 26,300 Sperry Corp (The) v to
8
84 94
/
1
953 93
21 May
/
4
712 July
8 Jab 10 13 Feb 7
Spicer Mfg Co
No par
*6
734
*6
9
*6
9
*6
83
4 *6
84
16 Juno
5 Jan
4
Cony preferred ANo par 213 Jan 2 31 12 Feb 20
*26
29
27
27
*27
29
20
*25
29
*25
29
1114 Mar 3212 Jur 2
19 Jan 4 6712 Apr 25
5212 5014 511 1
4914 5018 50
46
473
4 8,100 Spiegel-May-Stern Co_No par
4812 50
i
Feb 2112 Deo
4May 12 254 Feb 1
20
No par 183
2012 20
12,200 Standard Brands
195 20
8
8
20
203 x193 20
8
2058
133 Mar 37 July
4
/
1
4
4 Jan 9
8 Mar 13
1,000 Stand Comm Tobacco_No par
1
518 5's
53
8 53
4
5,
2 54
5
Jan
8
*518 514
108 Aug
10.
18 1012 10
8
1014 1014
65 Jan 4 17 Feb 6
3,100 Standard Gas & El Co.No par
10
5 8 Mar 2212 June
03 1018
4
10
,
1014
7 Jan 8 17 Feb 6
/
1
4
No par
Preferred
/
4
/
4
113 1112 1112 1112 111 111
8
1014 1012 1,000
11 18 1118
8
6 Dec 257 June
/
1
4
*23
25 .22
$6 cum prior pref.__ _No par 16 Jan 10 33 Feb 6
*2212 25
100
25
22
*22
2412 22
15 Dec 61 June
1712 Jan 4 3812 Apr 24
No par
28
28
28
28
52612 28
$7 cum prior pret
400
.2612 28'3 2612 2612
16 Doe 66 Juno
11 Jan 5
/
4
/ Jan 13
1
4
13
8
*1 14
13
8 *158
200 Stand Investing Corp No par
*114
13
8
*114
138
114
27 June
8
114
12 Mar
1,200 Standard 011 Export pret__100 9612 Jan 2 1104May 26
11014 11014 1094 11018 10912 10912
9212 Mar 1021 Sept
1094 10912 109 10914
/
4
8May 14 42 Jan 30
/
1
4
/ 3314 3312 33
1
4
3318 7,300 Standard 011 of Calif _ No par x305
3212 33
32
327 33
8
/ 333
1
4
1912 Mar 45 Nov
4
4
3814 3
*3814 39
100 Standard 011 of Kansas _ ___10 333 Feb 13 41 Apr 21
*3814 39
1284 Apr 394 Dee
*38
39
*38
39
/
1
814
/
4
8
3
423 423
8
4 427 43 8 421 43
22 Mar 4712 Nov
4212 427
4278 43
/
1
4
8 9,800 Standard 011 of New Jersey _25 4118May 16 5018 Feb 17
6 Jan 15 1414 Apr 19
/
1
/
4
*111 12 .104 111 *105 1114
/
4
4
101 104 103 101
/
4
200 Starrett Co (The) I. f3_ _No par
8
/
4
/
1
4
1112 June
Feb
4
10 4714 Jan 4 613 Apr 21
/
4
*58
5834 .584 5912 581 594
4
453 Dec 603 Sept
4
58
/ 584 3,300 Sterling Products Inc
1
4
/
1
583 59
8
/
1
3 Feb 6
11 Jan 2
/
4
Sterling Securities el A_No par
37 June
8
*14
8 13
4
17
8 *15
*112
17
8 *14
8
13
4 *15
14
5 Jan
8
4i2 412 *412 478
7 Feb 6
3 Jan 3
No par
438 43
8
Preferred
112 Feb
300
438
4
414 414 *4
73 June
4
Convertible preferred____50 30 Jan 12 363 Feb 1
*34
36
36
100
3412 3412 534
*34
36
*34
36
20 Mar 3614 July
nay July
213 Feb
5
614 Jan 8 10 8 Feb 21
10
7
7
2,200 Stewart-Warner
718 714
718 714
67
8
7
7
7
6 Jan 6 1314 Feb 6
No par
8
712 2,500 Stone & Webster
75
8 74
73
4 8
8
1914 July
512 Dec
714
74 712
/
1
3
914 Feb 21
43 Jan 2
8
5
5
5
8
51 514
/
4
83 June
112 Mar
4
/ 4
1
4
/ 5,700 :Studebaker Corp(The)No par
1
4
4
/ 5
1
4
Na
100 1912 Jan 2 47 Feb 19
22 24
9 Apr 3818 June
Preferred
22 24 *22 24
22 24
•22
24
No par 5112 Jan 2 62 Apr 21
581
/
4
58
*60
62
35 Feb 59 Nov
300 Sun 011
*59
60
*59
62
*59
60
100 100 Jan 17 11312 Apr 23
1113 1111
4
89 Mar 103 July
Preferred
100
11112 11112 11112 11112
4
/
1
1113 112 *1114 112
/
4
15
15
100 Superheater Co (The)__No par 1418May 25 2514 Feb 5
*1412 17
*15
*1512 17
712 Feb 27 July
17
*15
18
3 Feb 1
41: July
238
13 Jan 3
4
1
214
21g
214
218
3 Jan
4
214 214
218
218 218 1,600 Superior 011
4
618May 14 153 Feb 19
,
2 Feb 22 8 July
100
800 Superior Steel
712 818
77
8 818
83
4 *8
*8
812 *8
84
53 Jan 26
4
314 Jan 9
4 4
10 July
1 Mar
Sweets Coo! Amer(The)_50
*31 4
/
4
*378 4
*33
*33
4 4
*33
4 4
0114
212 Feb 19
7
85.tay 11
3 June
No par
Symington Co
/ 11
4
/
4
*114
17
8 *11
17
8
*118
11 *118
/
4
l7e
18 Apr
53 Feb 23
8
8May 8
27
No par
514 July
Class A
*27
8 33
8
400
/
1
/
1
4
*24 3
/
1
/ *24 3
1
4
3
3
14 Apr
318
3
1514 Feb 1
8
163 July
5 1012May 12
/
4
818 Feb
100 Telautograph Corp
113 113 *1118 111
4
4
4
8
4
113 113 *1138 115 *113 1158
8
6 Feb Ill
/
1
4
418 Jan 8
5
11 Feb
/
4
714 Aug
*434 5
438 458
400 Tennessee Corp
4 43
4
47
8 47
8
43
5
5
8
25 2112May 14 293 Feb 5
103 Feb 3018 Sept
4
4 6,900 Texas Corp (The)
x233 2414 2314 233
4
2418 2458 2438 2434
24
24
15, Feb 4514 Nov
4
7,300 Texas Gulf Sulphur__No par 3012May 14 4314 Feb 6
3318 34
x3412 35
8
/
1
343 344 343 3514
8
34
35
612 Apr 4
14 Mar
318 Jan 8
61 31u3'
/
4
1,400 Texas Pacific Coal dc 011_10
378 37
8
378 37
8
4
4
4
4
4
4
11 18 June
4
312 Mar
68 Jan 6 12 Apr 2
8
818 2.100 Texas Pacific Land Tru.9t_ __I
818 818
818 814 *818 838
818 818
5 Feb 2218 July
10 Jan 4 1512 Jan 30
No par
1212
1212 1212 *12
200 Thatcher Mfg
8
*127 1312 *1272 1312 *127 13
8
275 Feb 44 July
8
*4018 4312 *4018 4312
$3.60 cony pref.__ _No par 39 Jan 15 44 Jan 29
.401g 4312 *4018 4312 *404 43,2
Companies reported in receivership. a Optional gale. e Cash sale. S Ex-dividend. y Fs rights.
• Bid and asked prices, no sales on this day.
$ per share
73
s 712
*28
33
•13
8 2
/
1
4
•1014 13
*23
8 37
8
*39
423
4
*23
8 31
/
4
1218 1214
*814 812
*33
4 412
13
4
13
4
1938 1912
*23
4 31
/
4
.11
13
34
34
110 110
New York Stock Record-Concluded-Page 8
3741
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS L:ST, SEE EIGHTH PAGE PRECEDING.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 26.
Monday 1
May 28.
Tuesday 'Wednesday
May 29.
May 30.
I Per share! $ Per share $ Per share
*714 9 4 *714 9
,
51
*5
•'
538
*16
17
17
18
739 74 "74 712
14
1418 137 137
8
8
8 33
314 339
8
33
*19
21
*19
2118
12
1212 124 1238
803 803
4
4 82
82
*2612 38
*303 38
8
*8912 92
*90
92
63
4 63
4
63
4 63
4
2914 305
8 2914 293
4
618 614
6
6 18
*712 84 *714 83
4
43
8 412
438 412
*70
71
.70
72
*37
3712 *37
37 2
,
*2
23
8 .2
238
*57
8 612 *53
4 612
212 212 .238 3
41
41
*39
4112
4814 4812 *47
4912
4012 414 4012 407
8
163 1612 1614 1614
8
*1812 1914 *1812 19
22
223
8 213 2214
4
255 255
8
8 2512 2512
11212 1121 *11212 115
413 413
8
4 4114 414
514 53
8
518
539
334 3312 323 3334
4
154 163
8 153 157
4
8
14
*7
712 *7
712
*414 412 *414 412
70
7014 705 71
8
157 1618 x153 16
8
4
*983 9914 *9718 9812
8
*212 3
*212 278
77
8 8
73
4 S
.45
50
*45
50
*4
44 *4
414
*60
66
*60
66
*60
66
•4614 4612 4612 4612 4614 4614
*38
42
38
38
•38
42
*13
4
17
8
17
8
17
8
17
8 14
2239 2314 23
2312 23
23
*18
1812 "1814 1812 1812 1812
•112 212 *112 212 *112 212
.17
18
18
18
*17
1814
10
10
*93 1014 *95 1014
4
8
•60
86
*66
86
*66
86
•3618 377a 3612 37
3614 364
131 13112 012912 132
131 131
84 84
9
9
839
854
40
405
8 40
405
8 4014 4014
734
Stock
*73
4 8
*75
8 8
73
4
"12
133 •123 14
4
8
*1234 14
*5
8
693 Exchange
693 *58
68
*58
73
8 73
8
74 714 *7
74
19
19
1914 195
8 185 19
Closed8
4612 47
463 48
4
453 464
8
11612 1183 117 119
1157 116's Memorial
4
8
.59
63
*597 64
8
62
62
403 4139 4118 415
4
8
4014 415
8
Day.
85
8514 853 8618 8518 86
4
10318 10318 10312 10312 *10312 104
*3
318
3
34
3
3
114
118
118
114
114
114
20
20
203 207
4
8 2014 2014
9
"9
5
10
"83 10
4
.7614 77
*7614 77
.76
7634
325 325 *325 33
8
8
8
323 324
4
*3
31 i
34 314 *3
314
•1714 18
.1714 18
174 1712
.08
72
*68
71
"67
70
.743 7612 x75
76
78
4
75
•518 814 •
54 814 *54 84
*6014 6314 *62
643 *61
8
6312
539 53
*54 57
8
4
53
4 554
8
0263 263
8
4 267 27
2612 261°
106 106 *103 106 *103 106
*47
8 5
.44 5
458 458
.74 81
*718 818 *718 818
.218 214
24 Ds
2
2
3014 .2812 3014 30, 3014
*2812
4
57
8 6
6
6
67
8 64
*2314 28
28
•23
25
25
24 2,
8
24 218 .2
21
85
8 9
9
9
84 91
•183 2012 11812 203 •1812 205
4
8
8
0173 10
8
1812 1812 19
19
*4
43
4
4
4
4
4
1i4
•14
15
8 *114
112
114
22
•2012 22
22
"2114 2339
*5712 58
*5712 58
58
5814
44
4412 45
453
4 4412 4412
2712 28
"275 28
8
28
2814
8 343 364 3414 35
8
34
345
*8012 8712 8712 8912 88
88
x1012 1112 *1014 12
*1012 1112
*2614 37 .27
37
*27
37
6312 6312 65
65
.(34
0478
7314 7314 .
74
.72
72
74
64
6312 64
*63
64
64
•108 110 "108 110 .108 10812
•9914 101
*9914 101
101 101
.312 33
4 *33
4 4
312 33
4
•118
118
114
118
118
1,8
183 183 *1812 2114
8
•1814 19
8
*18
•18
19
20
*18
19
*45
4912 .45
49
*45
481
*165 18
8
*164 19
18
18
6 257 257
8
257 257
8
8 253 253
4
4
212 212
*24 2'2
23
8 239
,7
I
,
91
*718 94 *74 91
*33
4 37
3 *34 37
8
37
8 37
.612 67
*612 64
612 61
2014 2114 20
204 21
2018
76
76
76
7
6
.74
767
8
4914 50
4912 50
50
5014
*22
224 22
23
.21
22
*4118 44
*4114 44
*414 44
*3012 34
*3012 37
*3012 34
52
6434 51
54
52
61
63
63
.6139 64
*6112 63
164 164 1514 16
•165 17
s
412 4
412 45
8 *412 45
'2
8
.35
45
*40
45 .40
45
•1613 17 .1614 1714 167 164
8
204
204 20
194 194 20
.23
4 33
4
24 214 *252 35
8
8
512 57
53
4 534
*558 534
g per share
•714 914
*5
512
17
*16
*718
712
8
.133 147
4
*314 312
2112
•19
1218 1214
807 807
8
8
38
*31
.88
934
612 839
2914 293
4
6
6 18
818 818
438 43
8
•70
73
•36, 3712
2
*2
23
8
64 618
238 23
8
*39
4012
*46
477
8
4014 404
1614 1614
187 184
8
215 217
8
8
2512 2512
•11212 115
403 403
4
4
5 3 539
,
323 323
4
4
1512 153
8
714
714
*414 43
8
6912 6912
153 157
4
8
•9814 9914
*258 23
4
73
4 754
.45
50
*35
8 414
Thursday
May 31.
Friday
June 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Highest.
PER SHARE
Rangefor P71117‘024
Year 1933.
Lowest.
Highest.
Shares. Indus.& Miscell.(Cowl.) Par $ per share
$ per share $ Per share $ per share
No par
The Fair
8 Jan 6 124 Feb 16
2 8 Mar 1212 May
3
400 Thermold Co
918 Feb 19
5 May 8
1
1
Feb 1012 July
10 Mar 2114 July
1 1312 Jan 2 1938 Feb 6
4001 Third Nat Investors
200 Thompson (J R)
6 Dec 1512 June
7 May 12 11 Feb 5
25
600 Thompson Products Inc No par 134 Jan 4 2014 Feb 16
53 Jan 2014 Sept
8
900 Thompeon-Starrett Co_No par
12 Mar
512 Jan 29
8May 14
27
912 June
12
19 Mar 31 2412 Jan 30
Jan 30 June
$3.50 cum pre
No par
16,700 Tidewater Assoc 011
318 Jan
No par
113 Sept
4
,
812 Jan 4 144 Apr 23
400
Preferred
100 6412 Jan 4 8518 Apr 30
2312 Apr 6514 Nov
10 Tide Water Oil
No par 31 Mar 26 40 Apr 27
914 Apr 26 Dec
400
Preferred
100 80 Jan 11 9612 Apr 27
45
Feb 80 Dec
2,700 Timken Detroit Axle
10
112 Mar
812 Apr 24
814 June
339 Jan 4
6,000 Timken Roller Bearing_No par 263
133 Feb 3512 July
4
4May 14 41 Feb 5
5,900 Transamerica Corp_ ___No par
25 Mar
8
57
8May 14
93 July
8
812 Feb 5
200 Transue & Williams SO No par
612May 10 1312 Feb 17
27 Mar 1712 July
8
3,800 Tri-ContIneatal Cor9__No par
234 Feb
63 Feb 3
4
4 May 14
83 July
4
100
6% preferred
41
Apr z75 May
No par 6014 Jan 9 78 Apr 20
100 Trico Products Corp
No par 33 Jan 6 40 Feb 3
8
204 Feb 387 July
100 Truax Traer Coal
312 Feb 23
No par
12 Apr
Ps Jan 3
514 July
400 T211282012 Steel
2 Mar 123 June
95 Feb 19
8
44 Jan 4
4
10
200 men & Co
4 Jan 15
23 Jan 5
8
No par
64 June
3 Jan
4
300 Under Elliott Fisher Co No par 36 Jan 5 5112 Jan 20
94 Feb 3912 July
300 Union Bag dc Pap Corp_No par 43 Jan 8 607 Feb 23
512 Jan 60 July
8
7,400 Union Carbide & Carb_No par 357
8May 14 507 Jan 19
2
i
193 Feb 517 July
4
2,600 Union Oil California
8
812 Mar 233 July
25 15 May 14 2012 Feb 5
1,800 Union Tank Car
No par 15 8 Jan 9 21 Feb 5
5
4
1012 Feb 223 June
21,200 United Aircraft & Tran_No par
175 Feb 13 373 Feb 1
8
8
8
1612 Mar 467 July
700 United Biscuit
No par 23 Jan 8 294 Apr 26
8
1312 Feb 275 July
10
Preferred
100 107 Jan 9 11512 Apr 27
92 May 111
Dec
2,400 United Carbon
No par 35 Jan 4 454 Apr 25
104 Feb 38 Dec
11,100 United Corp
412 Jan 4
No par
4 Dec 1412 June
87 Feb 7
8
4,200
Preferred
221g Nov 404 June
3
No par 24 4 Jan 3 377s Feb 7
7,100 United Drug Inc
914 Jan 8 1814 Apr 28
5
618 Dec 12 Sept
200 United Dyewood Corn
10
8
33 Jan 2 107 Apr 28
8
84 June
3 Feb
4
600 United Electric Coal___No par
6 Apr 25
34 Jan 10
84 July
1 Mar
2,000 United Fruit
No par 59 Jan 5 77 Apr 21
2314 Jan 68 Aug
5,800 United Gas Improve
1414 Jan 4 2018 Feb 8
No par
134 Dec 25 July
Preferred
No par 86 Jan 8 9914May 19
8212 Dec 100
Jan
200 :United Paperboard
13 Feb 13
4
100
34 Feb 19
512 July
4 Jan
800 United Piece Dye Wka_No par
4
7 Jan 8 133 Feb 20
312 Mar 214 July
• 13ti% preferred
100 49 Jan 12 68 Feb 21
35 Dec 85 July
300 United Stores class A__No par
6 Apr 20
314 Jan 11
714 July
3 Feb
4
Preferred class A___ _No par
5418 Mar 21 66 Apr 16
45 Mar 88 July
Universal Leaf Tobacco No par 4014 Feb 26 5038 Apr 24
500
2112 Apr 5112 July
10 Universal Pictures lot pfd.100 164 Jan 8 4612 Apr 11
10
Apr 35 June
600 Universal Pipe & Rad
14 Jan 2
1
3 Feb 16
33 July
8
4 Apr
2,200 U S Pipe & Foundry
20 18 Jan 4 33 Feb 7
618 Mar 2218 July
1st preferred
'100
No par
1612 Jan 11 195 Feb 23
8
123 Apr 19 May
4
US Distrib Coro
4 Jan 31
112 Jan 5
No par
6 June
1
Oct
300 U S Freight
167
0May 31 2712 Feb 5
Vo par
8
7
Feb 295 July
100 U 3 dr Foreign Secur
84 Jan 2 1514 Feb 5
No par
173 July
4
31s Feb
Preferred
No par 8314 Jan 6 78 Feb 26
3612 Mar 84 July
1,000 US Gypsum
20 3414June 1 5012 Jan 24
18
Feb 5312 July
260
7% preferred
100 115 Jan 10 132 Apr 26 10114 Jan 121 Sept
800 U S Hoff Mach Corp
5
14 Apr
45s Jan 9 1018 Apr 24
114 June
1,700 U l3 industrial Alcohol_No par 37 May 14 643 Feb 9
4
1312 Feb 94 July
200 U S Leather v t o
238 Mar 1714 July
712May 12 117 Jan 24
No par
8
100
Class A v t o
No par
113
4May 12 194 Feb 1
4
414 Feb 273 July
Prior preferred v to
100 6512 Jan 5 80 Jan 30
30
Feb 7814 Sept
1,100 U S Realty & Impt___No par
1412 July
4NI
24 Feb
53 ay 14 124 Feb 2
10,200 U S Rubber
3
No par 14 4 Jan 6 24 Apr 21
24 Feb 25 July
1st preferred
7,800
100 244 Jan 8 6114 Apr 20
512 Feb434 July
5,400 U 13 Smelting Ref & Min___50 964 Jan 13 13512 Feb 16
8
1312 Jan 1055 Sept
100
Preferred
60 5412 Jan 13 6418May 11
3912 Jan 58 Sept
57.800 U S Steel Corp
233 Mar 6712 July
8
8
100 38 June 1 697 Feb 19
6,400
80
Preferred
83
100 80 June 1 9912 Jan 5
53 Mar 10512 July
400 U /3 Tobacco
10312 10312
No par 99 Jan 5 110 Feb 6
59
Jan 10912 Dec
1,200 Utilities Pow & Lt A
239 3
239 Jan 5
1
87 June
8
14 Apr
539 Feb 6
118
118
1,300 Vadat.° Sales
1 Jan 2
No par
17 Jan 25
8
318 July
4 Jan
1812 19
2,500 Vanadium Corp of Am_No par 18 May 12 313 Feb 19
4
74 Mar 3614 July
100 Van Raalte Co Inc
*83 10
4
158 May
10 July
5
412 Jan 2 1138 Apr 18
7614 7614
50
7% 1st pref
100 x5414 Mar 1 98 Feb 5
2012 May 65 Sept
600 Vick Chemical Inc
327 33
8
4
2318 Dec 31 Sept
8
5 245 Jan 4 343 Apr 23
27
8 27
8
300 Virginia-Carolina Chem No par
538 Jan 23
258Nl3y 14
74 July
5 Feb
8
17
17
6% preferred
500
338 Mar 2812 July
100 1412 Jan 3 26 Feb 5
.67
7% preferred
_ ...
100 593 Jan 8 7312May 1
353 Mar 6312 July
8
4
150 Virginia El & Pow $6 pf No par 65 Jan 2 78 Jan 30
75
--75
60 Dec 854 Jan
*518 814
Virginia Iron Coal & Coke_100
218 Feb
9 Feb 23
47 Jan 11
8
15 May
*6014 633
Vulcan Detinning
100 62 Jan 4 79 Mar 9
123 Feb 674 June
4
8
8May 23
500 Waldorf System
4
5
84 Feb 20
54 53
53
No par
518 Dec 12 July
26
2612 2,000 Walgreen Co
__
4
_ __ ._ _
No par 2214 Feb 26 283 Apr
1054 106
60
Apr -- -12 Sept
61-6% preferred
49
0
100 8412 Jan 4 106 May 22
75
*412 43
4
200 Walworth Co
83 June
1
23 Jan 4
4
No par
7s Apr
64 Feb 1
*718 75
8
Ward Baking class A No par
218 Mar 20 July
818 Jan 6 12 Feb 5
214
214
Class B
900
No par
5 8 July
5
35 Feb 5
8
2 May 29
52 Apr
*30
3112
100
8
1112 Apr 447 July
Preferred
100 2718May 10 36 Jan 24
54 5o 9,300 Warner Bros Pictures
91s Sept
1
814 Feb 5
Feb
5
439 Jan 6
*2312 2512
100
414 Feb2412 Oct
$3.85 cony pref
1812 Jan 19 314 Apr 24
No par
*2
212
400 Warner Quinlan
58 Mar
44 June
34 Feb 16
15 Jan 4
,
8
No par
8
212 Feb22 8 June
839 1,700 Warren Bros
3
8
67
8May 14 135 Jan 24
No par
1812 181
5
100
Convertible pref._ No par
712 Feb35 8 June
16 Jan 8 287 Apr 23
8
18
18
800 Warren Fdy & Pipe
No par 16 May 14 31 Jan 20
6 Feb30 Dec
4
4
400 Webster Elsenlohr
8 July
1
Jan
7 Jan 25
33
4May 7
No par
*114
14
50 Wells Fargo & Co
312 June
Is Apr
214 Jan 23
1
1 Jan 17
2214
21
1,500 Wesson Oil & Snowdrift No par 15 Jan 4 273 Feb 21
7 Mar 3712 July
8
3a
.58
5812
300
40 Mar 63 July
Cony preferred
No par 5212 Jan 5 60 Feb 23
413 4318 4,500 Western Union Telegraph.100 403
4
1714 Feb 7714 July
4May 14 687 Feb 6
8
26
2712 2,300 Westingh'se Air Brake_No par 257
8
113 Jan 355 July
4
8May 14 36 Feb 6
325 337 14,600 Westinghouse El & Mfg___50 3014May 14 4714 Feb 5
8
8
4
193 Feb 583 July
8
*88
90
50
lot preferrod
6012 Feb 96 July
50 8312 Jan 17 92 Jan 30
.1012 12
Weston Eleo 1 astruml_No par
312 Feb 1314 July
64 Jan 3 14 Feb 5
*27
37
Class A
10 Mar 2214 July
No par
163 Jan 6 25 May 22
8
*64
85
50 West Penn Eleo Masa A_No par 4412 Jan 8 68 Apr 2(1
Apr 73 June
30
*70
75
120
Preferred
4
37
Apr 773 June
100 5134 Jan 8 77 Apr 20
6512 6512
110
8% preferred
334 Apr 6912 July
100 45 Jan 3 67 Apr 16
10812 109
20 West Penn Power prat
8
8812 Dec 1103 Jan
100 8912 Jan 2 110 May 16
100 10114
90
Jan
6% preferred
80 Dec 101
100 783 Jan 10 10112 Apr 21
4
.314 33
4
400 West Dairy Prod el A_ _No par
113 June
4
212 Apr
3 Jan 10
814 Jan 30
1
1 18 2,500
Class B v t c
414 June
4 Mar
No par
1 June 1
212 Jan 30
18
1812
500 Westvaco Chlorine Prod No par
6 Mar 2012 July
147 Jan 12 2714 Feb 8
2
.18
19
Wheeling Steel;Corp__ _No par
712 Jan 35 July
1812May 24 29 Feb 21
*45
4812
Preferred
100 38 Jan 4 57 Feb 26
15 Feb67 July
*1612 18
50 White Motor
14
Jan 2612 July
50 161251ay 15 2812 Feb 19
•2512 255
8
400 WhiteRkMinSpr ctfnewNo par 24 Jan 4 3112 Apt 19
Oct
Oct29
23
*214
212
400 White Sewing Machine_No par
43 July
4
378 Feb 6
12 Jan
112 Jan 8
1012 July
•
84 939
Cony preferred
No pa
118 Jan
518 Jan 12 1114 Apr 20
700 Wilcox oil dr Gas
8
33
4 37
512 June
2 Mar
534 Apr 5
3125111y 7
5
614 612
500 Wilson ds Co Inc
11 June
4 Jan
9 Apr 11
4 4 Jan 8
3
No par
1812 1912 3,700
Class A
Jan 22 June
No par
4
1214 Jan 9 2618 Apr 13
72
73
700
Preferred
19 Mar 7212 July
100 53 Jan 8 8412 Apr 11
487 493
8
8 8,200 Woolworth (F W) CO
8
2518 Apr 507 July
10 4114 Jan 3 547 Apr 21
8
*20
21
400 Worthington P & W
8
8 Mar 397 July
100 17 May 14 317 Feb 5
8
.4i 18 44
14 Mar 51 June
Preferred A
100 34 Jan 10 53 Jan 24
*3012 34
14
Feb 47 June
Preferred B
100 30 Jan 10 42 Jan 24
49
50
470 Wright Aeronautical___No par 164 Jan 8 75 Jan 27
Apr 24 May
6
.613 63
4
100 Wrigley (Wm) Jr (Del)No par
3412 Feb 5714 Dec
5412 Jan 11 65 Apr 26
*1518 1612
600 Yale & Towne Mfg
Jan 23 June
7
14 Jan 5 22 Apr 24
_ _..2
414
414 3,500 Yellow Truck & Coach clB_ 10
73 July
4
218 Mar
714 Feb 19
4 May 14
Co40 40
50
18 Mar 42 July
Preferred
100 28 Jan 2 4712 Apr 26
1618 1612
400 Young Spring & Wire No par
312 Mar 1918 July
3
15 Jan 8 22 4 Feb 19
8
1814 19
4
4,400 Youngstown Sheet & T_No par
712 Feb 375 July
1718May 14 333 Feb 19
5 Dec
*25
8 33
4
200 Zenith Radio Corp _No par
4 Feb
43 Feb 5
4
212May 24
812 July
35 Feb
8
512 5,900 Zonite Products Corp
5
73 Feb 19
4
5 May 7
1
$ per share 3 per share
0714
*714 9
9
5
5
54 53
8
•1612 18
1612 1612
714
714
074 712
8
1312 135
*1312 14
34 318
314 314
•19
2112
2112 *19
1218 1214 1218 1214
83
83
*8212 83
31
31
*2612 38
92
92
90
91
8
8
614 63
614 65
8
29
2918 275 29
57
8 618
6
64
73
8 73
4
8 *73
8 83
438 458
43
8 412
70
72
70
*70
.365 3712
8
37
37
2
2
*2
23
8
618 *53
4 6
6
*238 3
.23
8 3
40
*3814 3912
40
47
*47
49'z 47
x3912 40'4 3818 3914
153 16
4
16
16
19
19
1918 194
4
207 2139 2019 203
8
8
2512 25's 2538 253
•11212 115 .11212 115
4112 413
4112
4 41
518 518
514
5
8
4 3218 325
327 333
8
8 147 1514
8
153 155
8
714 714
•718 73
8
414 414
414 414
70
7012 7012 69
4 1512 154
155 153
8
9812 *963 9812
•97
4
212 212
*212 234
712
714 *7
714
*45
50
50
*45
4
33
4 33
34 33
4
65
85 .60
•60
447 45
9
8
*447 4612
42
42 "38
*38
179
17
8
13
4
13
4
22
217
8
2212 21
*1814 19
*1814 19
•14 24
*112 21
*1612 18
167 17
8
*93 1018 .912 1014
4
86
.72
•72
86
3414 353
*3312 36
4
130 130
13012 131
83
4
"8
*812
83
401 *3812 40
40
*74 8
712 71
1212 1212
•123 137
4
8
693 058
4
.58
604
4 67
67
8 7
8
63
1812
8 18
183 185
8
4312 45
4412 45
11512 11512 11414 11612
615
8
8112 *60
*59
39
40
38
39
84
854
10312 10312
3
3
118
118
183 1912
4
•83 10
4
7614 7614
33
33
*27
8
3'8
*17
1839
*67
71
76
76
*54 81
*6014 623
*512 54
*253 26
4
*103 106
45
8 45
8
*718 818
24 214
*2312 3112
53
4 54
*2312 27
*2
218
•818 84
•1812 204
1812 1812
4
4
*114
15
8
20
2012
58
58
43
433
4
2712 28
3312 344
•88
90
•1012 12
*27
37
6478 65
74
74
64
64
•108 10839
*9914 100
•314 33
118
118
*1858 197
8
•18
19
"45
4812
•1612 18
255 255
s
8
*214 212
*844 912
37ri
4
*612 67
s
20
20
7612
75
494 493
4
20
20
*4118 44
•3012 34
.50
54
*613 63
4
*1518 1612
412
414
.40
45
•1612 1714
19
2014
4
•23* 33
512 512
•Bid and asked prices, 110 sales on this day. 1 Companies reported in receivership.
PER SHARE
Rangy Since Jan. I.
On basis of 100-share lots.
a Optional sale. c Cash sale. s Sold 7 days. z Ex-dividend. 1/ Ex-rights.
3742
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
On Jan. 1 1909 the gzetiange method of quotino bonds was changed and prices are now "and Interest"
-except for income ant defaulter; Donets.
la NOTICE.
-Cash and deferred delivery sales are disregarded in the week's range. unless they are the only transactions of the week and when selling outside of the
regular weekly range are shown in a footnote In the week in which they occur. No account is taken of such sales in computing the range for
the year.
BONDS
F. STOCK EXCHANGE
Week Ended June 1.
•
i
11
** a.
Price
Friday
June 1.
Week's
Range or
Last Sale.
U. S. Government.
Rid
Ask Low
Mob
First Liberty Loan-334 of '82-47' D 10327c Sale 10334341032034
1 D --------102",,102",,
Cony 4% of 1932-43
J D 1032,,Sale 103254410313n
Cony 44% of 1932-47
J D 103353210338331022434May'34
2d cony 434% of 1932-43
Fourth Lib Loan 434% of '33-38 A 0 1034534 Sale 1033334101
44% (2d called)
1013133 Sale 1013500242
Treasury 414s
1947-1952 A 0 11244 Sale 111243411242
Treasury 431s to Oct 15 1934.
thereafter 331%
1031344
1943-45 A 0 1031034 Sale 103
Treasury 4s
1948-19545 13 103%4 Sale 1073344103744
Treasury 345
1946-1956 M S 1051434 Sale 10510441081334
Treasury 345_ ____ _ 1943-1947 1 D 101
Sale 1032.12100st
Treasury 3a___Sept 15 1951-1955 M S 1003334 Sale 100333210142
Treasury 34413 June 15 1940-1943 3 D 1011123 Sale 101444 1011544
Treasury 3415 Mar 15 1941-1943 Si 8 101 1043 Sale 1033733100134
Treasury 3318 June 15 1948-1949 3 D 101344 Sale 1012400243
TreaSUI7 348
Aug 1 1041 P A 100034 Sale 103"34101143
Treasury 3 Sis_ _ _ _ _1944-1946 , 102344 Sale 102344102344
,
Fed Farm Mtge Cor0 3qs_1964 - S 1013334 Sale 100334101344
.
134Home Owners Mtge Corn 49_1951 .1 J 100.39 Sale 101434 1013334
38 series A
1952 MN 1003334 Sale 10014
,41002734
I,
.4
.1
Range
Sines
Jan. 1.
Low
High
100121 1041n
1001741 1033n
1004410411u
10213341021334
185 101333410410n
235 1013431021144
271 104144 11244
No.
49
1
109
193
344
263
94
556
218
494
213
701
595
533
943
602
9713431031334
1013144 10841
100884 10613,4
98134, 104333
9314310144
98%410413n
983441041133
951434 102334
97'
1441041434
10144 1023134
10143341021534
100113410123c
10014321001734
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 1.
iI
1
...e.
Price
Friday
June I.
Week's
Range or
Last Sale,
11
Foreign Govt. & Munk.(Con.)
BM
Ask Low
High No.
Csechosloyakla(Rep of)85_1951 A 0 99 100
9912 May'34 ___
Sinking fund fla ser B
1952 A 0 983 101
4
i
994
9912
Denmark 20
-year MI 6a
1942 J s 943 Sale 9414
4
9512 61
External gold 545
1955 F A 9014 Sale 897
9034 16
External g 4 4s_Apr 15 1982 A 0 8012 82
8018
8112 81
Deutsche Bk Ara part etc 88_1932
Stamped extd to Sept. 1 1935_ --- 62
651 63 May'34 ____
4
Dominican Rep Oust Ad 545 '42 M S 664 Sale 65
663
4 44
1st ser 545 of 1928
1940 A 0 55% 5712 58 May'34 _-__
2d series sink fund 548_1940 A 0 513 57
561
4
4
5634
3
Dresden (('ity) external 7a 1945 MN 5514 Sale 5518
6
5512
Dutch East Indies Intl 65-1947 3 J 16312 Sale 16212 16312
3
40
-year external 631
1982 Si 13 163 Sala 1627
8
3
163
30
-year esti 534a____Nov 1953 M N 163 Sala 163
163
1
30
-year ext 54s____Mar 1953 M S 163 Sala 163
1
163
El Salvador (Republic) Fa A 1948 5 J
595 Sale 585e
8
1
583
Certificates of deposit
50 Sale 50
J J
1
50
Estonia (Republic of) 7s....._1967 3 5 6818 69
684
1
6818
Finland (Republic) ext(4_1945 M S 97% 9712 97
9712 13
External sinking fund 78_1950 M 8 99 Sale 9818
99
11
External sink fund 1330_1956 51 S 968$ Sale 983
8
973
4 25
External sink fund 5340_1958 F A
9112 Sale 90
91'2 20
Finnish Mon Loan 034s 4_1954 A 0 05 13113 95
95
8
94 May'34 __
95
External 845 serial B._ _ _1954 A 0 93
Frankfort(City of) e t849-.1953 Si N 324 Sale 3218
34
4
French Republic esti 748_1941 1 0 181 Sale 181
1823
4 11
External 78 of 1924
1949 5 0 182 Sale 182
18312
4
German Government Interne4
lions! 35-yr 534,of 1930_1903 J D 423 Sale 41
44
733
German Republic esti 7s_._1949 A 0 64 Sale 64
6718 159
German Prov & Communal Bk*
4
4
(Cons Agrlo Loan)6345 A_1958 J D 331 Sale 333
4012 26
Gras (Municipality) 8a
4
88
1954 MIN 89 -__ 8714
Only unmatured coupons on__-- 6512 ____ 65 May'34 --__
CO Brit & Ire(3K of)5345-1937 FA 11613 Sale 118
20
119
T4% fund loan £094 1960.1990 MN 1148$ Sale 1108 11518 480
1
32
Greek Government a f ser 78_1964 MN 32 Sala 32
257
8
254 Sale 25
St see Cis Aug '33 coupon.,1968F A
8
RangeN. Since
Jan. 1.
Low
88
91)
81312
83%
71
High
101
101
9812
9512
87
63
7714
4
433* 663
36
57
374 57
46
5818
150 165
15112 185
151 16412
15112 165
481s 60
88
55
57% 76
79
971
4
864 10034
78% 99
76
93 e
3
77
9512
7512 95
298 48
15414 1833
4
160 18512
State & City-See note below,
Foreign Govt. & Municipals.
2714 ____ 2614
2718
Agri° Mtge Bank 5 f 65
1947 P A
3
1834 274
Feb 1 1934 subsen coupon--, _- 2514 ---- 254
20
1
2518
26
Sinking fund 8,A _ _Apr 15 1948 A
- 2614
4
2614
153* 2612
25-- - 2514
With Oct 15 1934 coupon__ - - ____ 28
2514
18
1
26
N 80 Sale 797
1963 111 Akerebua (Dept) ext 5a
8
6612 811s
4
80
408$ 6312
108 Sala 114
Antioquia (Dept) coil 3a A 1945 J J
84 17%
4
1114
64
8712
External s f 7,ser B
19455 1 1113 1114 1114
1118
2
9
17
External a t 7s ser -..1
19455 3 114 1112 113 May*34 --.
8
9 8 17
3
363 7112
4
1118 1112 118 May'34 _
External s f 7s ser D
1945 J .1
84 1714
5783 88
97 107 1012 May'34 ---External e 1 7s let ser1957 A 0
818 143
62
6512
1012 May'34 ____
978 11
External sec s t 78 2d ser-1957 A 0
8
1418
1117 1244
8
4 97
External see a f 7313(18er-1957 A 0
98
7
97 113
2
8
1418
2
109 11712
Antwerp (City) external 58_1958 J D 9438 Sale 924
9412 36
824 994
22
3312
Argentine Govt Pub Wks 135_1960 A 0 79 Sala 7334
79
93
534 79
183* 31
Argentine Os of June 1925_1959 5 13 7912 Sale 738$
793
4 96
5312 791
1959 A 0 7938 Sale 7358
Esti s t els of Oct. 1925
*7912 108
79 z77
53
794 Haiti (Republic) s f 8a ser A _1952 A 0 77
2
77
744 81
Externals f &series A__ _1957 M S 7918 Sale 74
7912 70
1946 A 0 3512 Sale z3514
53
7912 Hamburg (State) tla
3618 11
33
58
External Os maim B__Dee 1958 J D 7918 Sale 733
4
7912 30
33 May'34 --__
31
30
44
535* 7912 Heidelberg (German)esti 7345'50 5 1 25
EMI s 1 fis or May 1920._1960 MN
72% 95
793
8 53
793* Sale 74%
6
5358 7938 Heisingfors (City) ext 6343-1960 A 0 9418 9414 941
94%
Externals f Os (State Ry)_1960 M S 793* Sale 7312
391 218
534 797 Hungarian Munic Loan 734e 1945
39
3912 13
./ 393 40
2383 4414
Exti (is Sanitary Works_ A961 F A
793 Sale 744
4
791
4 98
2714 May'34 --__
Only unmet coup attached._ J J __- 35
274 2
52% 793
4
714
7912 Sale 743
Exti 6a pub wits May 1927 1961 M N
4
794 28
8
52 8 794
5
30% 45
5
40%
External s f 7s (coup)
1916 3 1 403 Sale 403*
7412 sale 66
Public Works ext1 549_1962 F A
7212 58
49
474 7212 Hututarian Lane M best 74e '61 M N 49- 47
2
334 5018
Argentine Treasury 5s t_ _1945 M S 93 Sale 90
93
19
4818
50
4814
Sinking fund 74s ser B
803* 99
2
1961 M N 48 31
5011
Australia 30-yr 5s_ __July15 1955 J 5 943 Sale 934
902 130
3718 393 3718 03718
884 975 Hungary (King of) 5 t 7345_1944 P A
4
1
3112 4214
External 56 of 1927_ _Sept 1957 M S 9112 Sale 933
4
94% 41
89
973 Irish Free State esti a f 5a.--l980 M N 110 120 115 May'34 --- 1103* 116
External g 4349 of 1928_1958 MN 9118 Sale 893*
9112 91
83
95
9912 179
Italy (Kingdom of) esti 78-1.951 5 13 98 Sala 95
95 102
Austrian (Govt) 5 t 78
1943 1 13 99 Sale 99
10
99
9118 1001k Italian Cred Consortium 75 A '37 M S 97
9912 977
9914 10
95 100
Internal slaking fund 7s._1957 5 1 72 Sale 72
50
7
727
8
98
8
77
1
External sec e t 7s ser B...1947 Si 6 9012 963 96
9112 100
4
Bavaria (Free State)6 4s...._1945 F A 425* Sale 418
425
8 18
4014 5912 Italian Public Utility extl 78.1952 J J 833* Sale 884
923
4 42
8614 9313
101
31
1949 M S 101 Sale 100
95 105 japanese Govt 30-34s f 6345_1954 F A
Belgium 25-yr esti 6348
9132 Sale 9018
917
41
88
9820
External a f 88
1955 5 .1 9914 814 994 100
94 1044
16
7512 Sale 75
Esti sinking fund 5%a76
9
-1965 MN
734 86
External 30
-years f 711.- _1955
1053
4 21
4
D 1053 Sala 104
99 109
Jugoslavia (State Mtge Bank)Stabilization loan Ts
1956 M N 10418 Sale 03
... 417 4112 May'34
1957 A 0 __ s
10414 63
e
9578 1083
32
424
4
Secured a f g 75
Bergen (Norway)5s_Oct 15 1949 A 0 81
81's
___. 8112
1
88
824
24
4
78 with all unmet coup _1957,_ r
23
27
18 ,-..-- 21
External sinking fund 534..1940 M S 8212 Sale 8014
6611 8212 Leipzig (Germany)et 7s
8212 13
6514 31
1947 F A a65 Bale 648$
873* 6514
Berlin (Germany)If 634s. _1950 A 0 3712 Sala 384
3712 49
324 52
Lower Austria (Prov) 7141_ _1950 J D 808 __ - 814 Apr'34 _.__
60
814
Externals f 6a---June 15 1968 .1 D 388$ Sala 374
3012 494
46
39
Only unmatured coups attach'd
.. .- -- --.- 50 Feb'34
50
63
1945 A 0 184 2112 20 May'34 ____
Bogota(City)esti a 18a
174 24
-,Lyons (City of) 15-year 68_1934 5114 1694 Sale 169
16912
2 149 170
Bolivia (Republic of) anti 831_1947 M N
84 1134 Marseilles (City of) 15-yr 65 1934 MN 16912 Sala 169
8
87
8
83
8
Ws Sale
18912
8 149 1704
614 Sala
53 1012 Medellin (Colorable) 612a_ _1954 J D
63
64
External secured is (.040).1958 .1 .1
4
2
87 168$
1114 Sale 11
1114
8
67 Sale
12
85
8
7
External s f is (flat)
1969 Si IS
2
514 1012 Mexican lrrig Amtng 430_1943 MN
55
8 54 Apr'34 --...
412 72
Bordeaux (City of) 15-Yr 68_1934 MN 16912 -- 16914 May'34 --_- 149 17014 Mexico (US) esti 58 of 1899 1'45 Q J ..- -- 25
4 Sept'33 -_ ____
__
7
Brazil(US of) external 88_1941 5 D 30 Sale 30
32
1945 --------7
37
223 3612
4
8 May'34 ____
Assenting Ss of 1899
614 10
------------91 Apr'34 __
External a f 6Hs of 1926_1957 A 0 247 Sale 2112
26
20
204 32
Assenting Sil large_
74 114
26
External 5 t 6348 of 1927 1957 A 0 26 Sale 24
52
204 32
- _ -- - - 718 Apr'34 ____
Assenting 55 small
7% 8
714 (Central Iii)
287 23
8
2712 16
1952 J 13 25
204 32
Assenting 4s of 1904
5
i
1954 ---44 714
2
5%
Bremen (State of) art'7a
5714 31
1
1935 5 5 58% Sale 55%
---412
534 6318
414 Mar'33 ___ ---- -5
Assenting 4,011910
80
8414 83
8312
Brisbane (City) s f 55
1957 Si 8
4
7314 88
Assenting 4s of 1910 large_
8%
---- ---- ---- 5
5
3
8
51
1958 F A 8312 Sale 8312
Sinking fund gold 58
8312
1
73
8778
Assenting 4, of 1910 small , ---- 512 May'34 ____
-- -483 832
*
1950 J D 93 Sale 93
*
20
9418 17
-year s f 6s
a
83
9553
Tress 6s of'13 assent(large)'33 i-T1
433
4
Budapest (City) esti s 1(4_1962 J D 424 44% 43
2
3118 4612
a
•
•
Buenos Aires(City)634s 2 B 1955 J J 70 Sale
7014 24
4614 7014 Milan (City, Italy) esti 834s 1952 A 6 8412 Sale 83
Small.
,
917
83
39
888
64
External a f thi ser C-2
1960 A 0 64 Sale 64
1
47
64
Minas Geraes (State) Brasil
66
External a f Os ser C-3 _..193l0 A 0 66 Sale 63
14
4514 66
8
External s t 6345
17
24
1958 Si 8 173 197 1812
1
1812
Buenos Aires (Prey) esti 633_1981 Si 8 45 Sale 45
45
1712 1812 17% May'34
2
304 48
Ext sec 634s series A.,...,.1959 54 S
1718 234
Stied (Sep 1 '33 COtip on)1961 M 9 3972 Sala 3712
3913 85
2814 444 Montevideo (City of) 7s_ _1952 5 D
31
35
35
35
2
2714 36
1961 F A 4418 47% 46 May'34 ___
External a f 64s
3153 4612
External is 1 Os seriee A_ _1959 MN 3014 13313 30
%
3014
2614 31
2
4)) Sale 39
4012
9
Stpd (Aug 133coup on)1981 F A
91 Sal, 91
27
42
New So Wales (State) esti 58 1957 F A
92
85
96
40
2212
23
2212
Bulgaria (Kingdom)8f 78
3
1967 5 J 22
External s t 58
8514 953*
Apr 1953 A 0 9012 914 904
183* 24
5
92
2412
Stablen ii f 7348-Nov 15 198814 N ____ 25
243
4
5
99
99
99
23
2612 Norway 20
1943 It A
-year ext 68
9113 1014
2
9914
125 133 1312
8
4
133
4
6
Caidas Dept of(Colombia)741e413 J J
10% 183
99 Sale 99
4
20
9912 31
-year external Oa
1941 F A
904 10114
4
Canada(Dom'n of) 30-Yr 45_1960 A 0 1013 Sala 10012 1013
4 72
92 1013
4
8 100
30-year external 68
1952 A 0 100 Sale 995
894 100
26
* 10912 58 10314 10912
1952 Si N 1094 Sala 1085
40
-year a f 534a
1965 1 13 93 Sala 9278
58
83u) 944
4 36
433
10412 80 100% 10412
44s
1936 F A 10414 Sale 104
External a 1 5s___Mar 16 1963 Si 3 89 Sale 89
9
804 92
9
05*
79 May'34 -_
6712 804
Carlsbad(CRY)8f 8s
1954 3 J 784 81
Municipal Bank anis f 5a.1987 J 0 9018 _--- 904 May'34
834 01
12% May'34 ____
1034 19
Cauca Val (Dept) Colom 7345'46 A 0 12% 14
8
91
Municipal Pank esti 5158.1970 1 D 6891 gale z904
81
904
8
38
60
55
73
Cent Agee Bank (Ger) 7s__..1950 Si 8 5812 Sale 58
32%
Nuremburg (City) ext1 68......1952 F A 3118 33
33
318 5512
10
4
50
39
Farm Loans f 631_ _July 15 1960 5 J 463 Sale 4614
4614 69
737 714
8
Oriental Bevel guar lis
1913 Si 8 72
7712
7212 17
66
50
43
Farm Loan 81 fla_Oct 15 1960 A 0 47 Sale 464
464 69
EMI deb 640
1958 51 el 6914 Sale 694
4
623 74
704 20
553
4 32
Farm Loan 6s ser A Apr 15 1938 A 0 55 Sale 5114
494 70
Oslo (C143) 30
-year if 8s---1935 MIN 9212 Sale 9112
11
923
764 93
14
1318
13
1314
1942 M N
6
Chile (Rep)-Ext1 a f 78
9
16
1338 40
74 16
External Woking fund 68_1960 A 0 1234 Sale 124
NUMMI mem esti
_1953 .1 D 10312 Sale 10314
98 10312
1034 12
1338 30
1214 Sale 124
7
Ext sinking fund 6a__Feb 1961_F A
MN
Exti s t 58 ser A-- Ma715 1963 Si N 364 Sale 3614
364
534s.2918 44
3
14
43
Ry ref ext s16,.
7
16 4
3
Jan 1961 J 5 1212 Sale 1212
38
36
40
Stamped
36
3
293* 44
133
*
4
Ext sinking fund 65-Sept 1961 TA S 1212 134 13
73* 15% Pernambuco (State of) Intl 7s '47 Si 8 1214 13% 133
133
4
1
107 184
s
134
135
8 17
714 15 8 Peru (Rep of) external 7a__-1959 M S 134 15
External sinking fund 614_1962 Si S 1211 13
1
/
1
14
g
14
84 17
125 Sale 12
8
133
41
9/8 Sale
714 16
External sinking fund 66_1963 M N
Nat Loan exti a f (is 1st ser 1980 .1 D
57 144
983
1014 34
1
1312
1312 1378 1312
D
94 154
Chile Mtge Bk 8345 June 30 1957 J
94 Sale
Nat loan ext1 a f fts 2d ser. 1961 A 0
912
1014 37
614 114
163
4
17
10
168 11
8 t 64e of 1926__June 30 1961 J D 14
1814 Poland (RM. Of) gold 6s___1940 A 0 78 Sale 7512
59
79
4
76
8
1314
1312
gia 1512
Guar 5 1 6s
Apr 30 1961 A 0 134 14
8
Stabilisation loan, t 78_1947 A 0 1143 Sale 11014 1143 156
4
88 11818
133
8
1314 14 Z138
2
Guar a f 68
1962 Si N
8
151a
External sink fund g 88_1950 J J 874 Sale 87
88
14
8914 90
10
1960 M II 10 Sale 10
18
Chilean Cons Munk)7s
7
12
1312 20
Porto Alegre (City or) 88_1961 J D
191
247
s
18
8
1914
Chinese(Hukuang FM 5s -1951 5 D --------3824 May'34 ___
2734 4274
Esti guar oink fund 7341-1966 1 J
.
1712 18
18
2
IS
16% 2412
Prague(Greater City)7345-1952 Si N 954 Sale 9514
Chrtstiania (Oslo) 20-yr s Fifa '54 Si 13 9018 93 92 May'34 - 8153 93
88 100
g
97
3
Cologne(City)Germany 6481950 M S 3%4 Sale 303
5
4
314
Prussia (Free State) erti 614s '51 51 5 3314 Sale 38
303* 60
39
37
373* 5
813
Colombia (Rep)13s of'28_ _Oct'81
External a f fis
1952 A 0 37 Sala 37
364 574
83
385
3112
7
2112 34 3 Queensland (State) ext1 *1 is 1941 A 0 10812 105 10414
Oct 1 1933 and sub coupons on. A 0 2852 sale 285*
5
10114
2 102 10611
2918 41
183 3212
3
Apr 1 1934 and sub coup son ---- ---- ---- 274
25-year external 6.3
1947 F A 99 10018 100
2415 103
8
101
32
21
--- 31%
21
353* Rhine-Main-Danube 78 A...1950 14 5 56 Sale 544
Exter 634(July!'33 coup on)'61 J J .
3
56
60
SA
12
2914
2914 19
- 2818 --- 281
184 3218 Rio Grande do Sul esti s f 89_1946 A 0 2012 2112 2012
Within],11934 mum/non__
2
1918 26
21
_ 25
24 May'34 -__
A0
Colombia Mtge Bank 648011947 -15
24
20
20
23
Apr'32-Oct'33-Oct'34 cpn on - _
20
183 20
8
I
154 2412
Sinking fund 7s of 1928_1946 IM N 22% 247 2412 May'34 ____
1518 1738 1712 1718 4 1434 24
External sinking fund 68..1988 J b
25
15
1947 F A 2214 -,-- 25
15
26
18
24
g
in
1812 183* 1818
External a 1 Mot 1926...A966 51 N
Sinking fund 75 of 1927
80
1952 J D 79 sae Ws
1612 187 1714 May'34 ..__
6318 84
20
Copenhagen (City) 58
External a f Ta munio loan_1967 J D
1714 2414
4
744
8
1953 Si N 743 Sale :733
6913 784 Rio de Janeiro 25
8
i
-year g 4345
1711 22 s
25
7
19
-year,f 88_1946 A 0 19 Sale 19
3214 11
1414 354
18 Sal, 18
External a 1 841s
1953 F A
Cordoba (City) esti 51 7a_1957 F A 31 Sale 31
1812
1713 22
4
40
37 May'34 --297 37
8
Rome (City) esti 6343
1952 A 0 85 5)13 83
External s f 73L--Nov 15 1937 MN 37
92
83
89% 39
254 5352 Rotterdam (City) extl 68._.19114 Si N ___ 111 a1164 011612
2
4412
45
4312 46
1
Cordoba (Prov) Argentina 78 1942 1 5
1 112 184
Roumania (Monopolies) 26_1959 F A
2312 Sale 2312
Costa Rica (Republic)3314 40
20
25
30
35
Saarbruecken (City) (is
19533 J 7,33
4
8
- 797
711 Nov 1 1932 coupon on_1951 MN 36 ---- 35 May'34 --81
661s 81
6
2212
_ 2512 May'34 --183* 2511 Sao Paulo(City)e 18a_ Mar 1932 SIN 21 .-- 24 May'34 ____
2515
is May 1 1936 coupon on.1951 ____
2314 30
a93
_- - a93
93
2
7474 95
21
External s t 634s of 1927-1957 Si N 20
22 May'34 .- _
4
173 24
Cuba (Republic) 5s of 1904._1944 Si S 90
... _ 9512 May'34 __
93
9512 San Paulo (State) esti a t 88_1936 J J 3012 Sal, 3012
External 5a of 1914 ser A._1949 F A 95
18
83
il
3012
72 - - 751* May'34 -.-76
624 78
1949 F A
External ace,18,
1960 3 5 21% 2314 214
Extern/al loan 4%s
1353 25
1
2112
4
77
7712 75
617 8418
External St 7a Water L'n 1956 ht S 1812 Sal, 184
Sinking fund 545 Jan 15 19533 J 73
13% 24
19
8
327
23
s 21
417
2
External a 1 68
1968 J 3 134 Sda 1912
183
4 le
Public wks 54s June 30 1945 1 D 29 Sale 29
125e 23
1414 10
1318 144 138$
8641
101 193
1'
1959 SIN
Secured e 0 7m ...... ___1940 A 0 73 Sale 78
4
66
Cundinamarca 6345
751e 35
-- --
For footnotes see Page 3747
NOTE -Sales of State and City securities occur very rarely on the New York Stook Exchange, dealings in such securities being almost entirely over the °taunter.
Bid and asked geotations, however, be active dealers in these seeuritle8, will be found 00 a aubsenuent oxee under the genera, head or -ipiotoion. for TInlloteti Securities."
New York Bond Record-Continued-Page 2
3743
BONDS
1
.0.
Pries
Week's
Rangs
1
1
Price
BONDS
Week's
1,
Range
N. Y. STOCK EXCHANGE i
N. Y. STOCK EXCHANGE
NUM
Rattfe or
Friday
Range or
11
.4:
Since
disco
Week Ended June 1.
.., a, June 1.
Last Sale.
Jan. 1.
Week Ended June 1.
June 1.
,...4
Last Sale. re M
Jan. 1.
Foreign Govt.&Munk.
High NO Low
Jfid
Ask Low
Bid
Ask Low
Railroads (Continued)High No. Low
High
High
(Conel.)
6
1811 40 Ches & Ohio (Conc.)
Banta Fe (Prov Arg Rep)75_1942 M S 35 Sale 35
3612
Saxon Pub Wks(Germany) 75'45 F A 61 Bale 61
40
5558 87
63
R & A Div 1st con g 45-1989 1 J 10212 ___. 10258 1025
8
3 9712 10258
Gen ref guar 6345
50
50
28 consol gold 45
46 607
a
1989 1 J 99 _-_- 98 May'34 ---1951 M N 4814 Sale 4814
874 99
Saxon State Mtge Bort 7s_1945 J D 6714 687 6614
Warm Boring V let g 55_1941 M 8 10318 _--- 9912 Jan'34 --694 14
8
561 71
4
99
9912
515 704
2
5614 70
Sinking fund g 61
13
/
4
67
614 42
Chi° & Alton RR ref g 35_1949 A 0 6112 Sale 601
8__Deo 1948.1 D 66 Sale 65
4
Serbs Croate & Slovenes 85_ _1962 M N 25 Sale 25
3
2118 28 Chlo Burl & Q-II1 Div 31
3614
/
45_1949 J .1 99 Bale 9812
9938
9914 94 89
All unmatured coupon on__ ---_
16
22
1758 May'34 _-__
05
Illino15 Division 45
19493 .1 10458 Sale 10378 105
1612 21
97 105
Nov 1 1935 coupon on
1312 15
5
14
14 Bale 14
83
/
1
4
General 45
9212 104
1958 M S 103 Sale 10278 104
External sec 75 ser B
151 & ref 4/ ser B
18
2514
1962 111 N 2314 Bale 2314
2314 23
1
45
1977 F A 103 ____ 10214 10315 11
8818 10318
November coupon
15t & ref 55 ser A
121 20
4
2
1971 F A 108 Bale 10714 10814 33 96 10814
__ -- 157 Sale 1578
157
8
5
75 Nov 11935 coupon on 1962 - - 1312 16
53 814
11
17
2
80
13 Apr'34 --90 80
Chicago & East III let
1934 A 0 78
on__-Silesia (Prov of) extl 75
15
2C & E Ill Ry(new co)(38-- 1951 M N 14 Salo 14
/ 71
1
4
3 52
10
08
gen58
674
254
1958 J
67 (17 4 67
,
Silesian Landowners Aeon 68 1947 F A 55 Sale 55
1312 May'34 ---,
15
Certificates of deposit
2 50 69
5512
938 21
Soissone (City of) extl 65-1936 MN 16,84 Sale 168
Chicago & Erie 1st gold 55_1982 MN 10518 107 106
3 150 171
106
16818
3 91 10815
Styria (Prov) external 75_1946 F A 8612- 86
8712 Chicago Great West let 45-1959 M S 48 Bale 48
49
55
5
8712
35
35 59
/
1
4
Sweden external loan 5345_1954 MN 10214 10212 10154 10218 35 1011 1091 /Chic Ind & Louis, ref 65.....1947 J J 324 35
35
4
- 35
4
5
33 474
Sydney (City)8f 51
/
4
8
26
424
4
Refunding gold 55
16 80 93
35 36
90
36
19473 .3 31
1955 F A 8458 90 88
Taiwan Eleo Pow at 51
6118 734
/
4
674 25
35 36 May'34 ---,
Refunding 4s series C
19473 .1 28
41
36
5_1971 1 J 674 Sale 6714
Tokyo City 55 loan of 1912_1952 M S 67 69 68 May'34 ---1515
let & gen 58 series A
6814 7312
1966 M N 15 Bale 15
9
12
/ 23 5
1
4
7
Externals f 530 guar
Tat & gen t3s series B_May 1966.1 1
1
4
164 r1714 May'34 ---/
1
/ /
1
7 614 73
691
4
1961 A 0 68 Sale 68
13 258
1
Tolima (Dent of) eat] 7e
1947 MN 1112 12
114 17 . Chic Ind & Sou 50
5
1112
1178
-year 48_1956 .1 3 9112 9312 9212 May'34 ---71
9312
Tronclhjem (City) 1st 5348_1957 M N 82 Sale 82
6754 8714 Chic LS & Eon let 4/ _1969 1 D 1044 ---- 1044 May'34 ---5_
1
1
4
82
/
1
99 105
/
1
4
Upper Austria (Prov) 7s_.1945 1 D 8514 8512 85
3 62 86 Chi M & St P gen 45 tier A_1989 .1 J 6312 Bale 63
85
52
/
1
4
66
604 7478
Only unmatured cous attch „- _, 62 -...... 74
Gen g 31 ser B_ _May 1989 .1 J 60 Bale 60
74
76
1
/
45
74
60
53
71
1
External 5 f 6/
1
4
Gen )4s set C
48112 7515
7012 59 64 804
5.June 15 1957 .1 8
70
May 1989.2 .1 ___ 71
F7 767 ____ 754 May'34 --Uruguay (Republic) e111 85_1946 F A 3514 Bale 3514
344 46
Gen 4Heser E
8
3814
70
/ 33 634 81
1
4
May 19893 J 69 Bale 69
Aug 1 1934 couponon _
33
Oen 41 ear F
4018
/
45
3412 May'34 --__
35
36
7612 18
65
/
1
4
May 19893 3 75 Sale 74
/14
External 5 f 68
42
2 30
3318
1960 111 N 33 Bale 33
Nov 1934 coupon on_ _1960
2712 40 Chic MIlw St P & Pao 58 A__1975 F A 41 Sale 41
11
3712 5612
34
4512 293
32
334 33
External 5 f 88_
2914 42
1
1212 235
8
1414 517
Cony ad) 58
3212
1 1964 111 N 3212 Sale 3212
Jan 1 2000 A 0 1212 Sale 1212
Nov 1934 coupon on_ _ _1964 --------3318 33
2 274 40 Chic & No West gang 31
33
65
6512 63
14
/
48_1987 MN 63
52
70
Venetian Prov Mtge Bank 78 '52 A0 ____ 97 97
5
10 97 5 109
General 45
100
1987 M N ____ 7212 714 May'34 ---/
1
4
5712 77
Vienna (City of) ext1 I f 68_ _1952 M N 90 Bale 8912
19
90
Stpd 4s non-p Fed Inc tax '87 M N 72 Sale 7134
58
2
72
904
58
78
Unmatured coupons attached MN ____
Gen 4(5 stpd Fed ino tax_1987 MN 711 75
50
76
75
/ 11
1
4
76
/
4
74
8315 82
/
1
4
50
77
Warsaw (City) external 7a_1959 F A 6512 Sale 65
Gen 58 stpd Fed Inc tax._ _1987 l'M N 76 Sale 76
53 6814
6618 14
76
_--1
68
87
/
1
4
77
Yokohama (City) ext1 65_1961 J D 724 Sale 7114
66
72
/ 10
1
4
1987 M N --------62 Jan'34 ---414s stamped
/
1
604 62
15
-year secured g 6348_1936 M S 89 Dale 89
/
1
4
897
8
/
1
4
4 79 98
let ref g 58
May 2037 .1 D 5712 Bale 5715
Railroad.
571
4 15
434 6612
Ala CR Sou let cone A 55_ _1943 .1 D 10384 ____ 104 May'34 ---/
1
4
5114 43
94 104
1st & ref 4 Hs stPd-May 2037 .1 D 48 Bale 4838
39
6018
1st cons 45 ser B
3852 61
2 98 100
1st dr ref 41
5118 33
/
4eser C_ _May 2037 a D 48 Bale 48
/ 100
1
4
_- 99
/
1
4
1943 3 0 99
Alb & Sung 1st guar 3345_194r A 0 98 _Cony 4345 series A
85 9914
9914 28
4314 265
1949 MN 40 Sale 40
9914 9878
2914 534
735 8812 :Chic R I & P Ry gen 45
/
klieg & West let gu 45
9012 8312 Apr'34 ___
/
1
4
/
1
4
1988 1 J 63 Bile 63
66513 32
199k A 0 872
511 2312
/
4
klleg Val gen guar g 45
65 73
Certificates of deposit
_
98 10312
, ---- -_ _ 73 May'34 ____
1942 M 8 10314 Sale 1024 10314 3g
a
A0
•
Refunding gold 45
(Ann Arbor 1st g 45_ .July 1995 Q 3 5018 55
1934 --2 29 60
Atch Top & 13 Fe
93 1027
8
10212 226
24
Certificates of deposit _-_- -.„-„ 2214 Bale 2214
7
..
20
29
-Gen g 48_1995 A 0 10218 Sale 102
Secured 4)5 aeries A
26
1952 533 2514 Bale 2414
84 95 s
7
1
954
30
2012 3214
Adjustment gold 45-July 1995 Nov 95 __ 9514
83 9612
Certificates of deposit __ „„ _.„ 23
Stamped
/
1
4
9514 45
24 2411 May'34 _ _-,
22 28
July 1998 MN 9512 Bale 95
Cony g 41
Cony gold 45 of 1909____1956 1 D 9412
1214 13
/
48
4 8212 9514
9412
1212 12
1960 11111 12
855 1884
_ 944
Cony 45 of 1905
4 80 97 Ch St 1.. & N 0 58__June 15 1951 1 13 1034 10514 104 May'34 ---941
4
4
83 106
1955 1 D 9418 141- 9418
Gold 34
/
1
8
1
Cony g 48 Issue of 1910_196C 1 D 94
7812 95
a94
June 15 1931 1 D 50I.__ 6312 Sept'33 ____
_- a94
9514 105
Memphis Div lat g 45_1951 J 0 80
8212 8112 May'34 ._ -_
/
1
Cony deb 4 348
634 36 4
1
1948 1 0 104 Sale 1034 1044 75
Rocky Mtn Div hit 45_1965 1 .1 9812 991 98
5512 80
10
68
7 82 100 Chic T H & So East 1st 55_1960 3 0 63 Sale 63
987
8
4
Inc gu 55
54
55
18
Dec 1 1960 M 8 47 Sale 47
9514 104
444 62
Trans-Con Short L let 48_190 J 1 103 Bale 10212 104
95 10512 Chic Un Sta'n tat gu 4348 A-1963 3 3 10614 Sale 10612 1064 23 10055 1067
Cal-Arls let A ref 440 A_1962 M S 10514 Sale 10414 10512 44
/
1
5
All Knox & Nor let g 58_194f 3 D 10312 ___. 9914 Jan'34 ____
1st fs fortes B
9914 103
2 1054 110
_10912 110
1963 3 .1 11018._
All & Chadl AL 1st 4348 A__1944 J 1 10118 _... _ 10118 May'34 - - 8875 102
1944 3 0 10614 1061 10618 1061
- 4
Guaranteed g 55
9714 107
9
/
4
lit 30
2 88 10514
-year 58"Wee B____1944 1 1 10412 Sale 10412 10414
/ 21 1114 115
1
4
1st guar 8348 Berle"0-1963 J .1 11312 Sale 11314 113
/
1
Chic & West Ind con 44
75 90
Atlantic City let cons 48. _1951 J .1 90 96 90 May'34 ____
904 66
19523 J 90 Bale 90
724 9112
All Colon Line 1st cons 48 lull''52 111 S 975 Sale 9711
1024 23
let ref 5/ series A
1
4
5
9778 91
1962 SI S 102 gale 102
82 9812
8453 104
5
General unified 434e A___1964 1 0 857 Sale 8575
1
4815
74 92 Choc Okla & Gulf cone 551-1952 MN 48
8612 29
56
4818 62
481e
8
96
9912
L& N ooll.gold 4s----Oot 1952 MN 76
85 CM H & D 2d gold 41
__ 9912 Feb'34 ____
/
4
5
1937 1 J 101
7814 45 68
78 78
All & Dan 1st g 48
39
5378 C 1St L & C 1st g 45_ _Aug 2 1936 Q F 102 _ _- 1014 May'34 _--12
48
/
1
99 1011
/
4
48 4518
1948 J 1 45
24148
47 CM Lob & Nor let con gu 4A942 MN 9612 --__ 9618 May'34 ---35
4015 11
40
85 9814
41
1949 1 1 39
All & Yad 1st guar-48
Cln Union Term 1st 4145_2020 J 1 107 ___ 107 May'34 --- 10012 107
46 84
/
1
4
1949 A 0 5912 62 6014 May'34 ---Austin & N W let gu g 58_1941 J 1 90 Sale 8912
8 10458 111
/
1
let mtge 58 eerie(' B
2020 3 J 111 Sale 1104 111
9 794 92
90
let mtge g 55 series C
1957 M N 10914 Sale 10912 1094 10 10412 11012
Ball & Ohio let g 45---July 1949 A 0 101 Bale 10114 10114 100
8812 10114 Clearfield & Matt 151 gu 5s_19433 J 98 1004 91358 Feb'34 _--„
965 9653
5
Refund & gen 58 mitre A_1995 3 0 765 Sale 754
6754 88
784 48
75
/ 955
1
4
4
1
Cleve Cln Chi & St L gen 45_1993 3 D 8812 94 93
93
5
let gold Is
1993 J 13 101
53
General 55 series B
9812 108
_ ___ 100 Apr'34 --Sale 10612 108
9212 100
July 1948 A 0 10714
Ref & gen 65 series C
Ref & Inept 65 ser C
77 9712
22
90
loo g so 100
___ loo
1941 1 .1 loo
/
1
4
is J D 89 Sale 89
P L E & WV.Sys ref 48 1941 MN 984 Sale 9812
74
/ 9)12
1
4
1
46
99
8618
19631 1 85 -85 99
812 864
9
Ref & Inept Steer 13
/
1
Southwest Div 1st
7412 83
Ref & Inapt 4345 ser K__1977 1 J 7334 Bale 734
834 10014
91
99
64 82
_ _1950 1 .1 981 Sale 98
4
2 66 83
8412
Tol & Cln Div 1st ref 45A A959 J J -_
Cairo Div let gold 45
834 8412
/
1
103
1939 1 J 10315 --- 2103
92 103
6
55._Ref & gen 55 series D
68
90
an NV & M Div lst g 48_1991 J .1 8812 67 8518
95 88 May'34 ____
764 50
t
2000 M 5 7,- iz 76 75
Cony 4345
77
93
St L Div let coll It g 45-1990 M N 9158 9114 92 May'34 ____
57
7254
65 126
/
1
4
1960 F A 6334 Sale 6314
Ref & gen M 55Ser F
674 85
/
1
4
31
Spr & Col Div lst g 45
77
92 99
1940 11I 5 101 10212 99 Apr'34 __-/
1
4
1996 M 5 75 Bale 75
Bangor & Aroostook let -:5_1943 1 3 10614 Sale 1064 1061
4
1 101 107
9478 87 Apr'34 ---W W Val Dlv 1st g 48_1940 3 .1 88
/
1
73 5 87
7
5
Con ref 48_ __ __
9412 25 75 95
_ .1951 J .1 944 Bale 94
Battle Crk & /Bur lei itiis_1989 I D 62 66 63 May'34 ____
60 65 Cleveland & Mahon Val g fie 1938 J .1 102 ____ 10155 May'34 ___
994 102
Beech Creek 1st au g 45
90 10112 Cleo & Mar lift gu g 4 Hs
1
9912 101
/
1
4
1935 M N 1013 -__ 101 May'34 --4
1936 1 1 1011a Sale 1014 10118
2d guar g 55_
- 92 99
9934 Apr'34.
1936 1 .1 9812 _
_
/ Cleo & P gen gu 434s ser B 102 A 0 10218 ____ 98 June'33- ____ ____
1
4
ja6 33
,
Beech Creek ext- i348_ _1951 A 0 8112 ____ 83 Mar'34 ---1st -1
83 83
/
Series B 31
/
4
5
1942 A 0 95 __ _ 86
Belvidere Del cco• :pi 3348_1943 J J 92 ____
Berle(' A 450
_
---, ---4
1942 1 1 10218 ---- 1011 May'34 ---- 10184 161 4
1
Big Sandy 1st 45 guar _ _ _1944 1 D 10212 _--- 10212 3 964 10212
___10212
Series C 3345
-194853 N 98 ____ 91 Aug'33 ---- -- --_.
Boston & Maine let 515- _______ 5.1 5 85 Bale 84
22
85
73 9018
Series D 334e
___ 83 Oct'32 -----------A
1950 A F
'et 54 58 series II
7312 90
8514 46
Gen 4345 ser A
9288 85
1977 F A 10012 102 10012 May'34 _--- 10012 191
1955 M N 85
let g 415 ser JJ ___ _
/
4
8414 Cleve Btio Line let III 4;0_1981 A 0 1013 8818 10158 103
79
/ 35 68
1
4
/
1
4
82 103
24
_ 787 78
8
1961 A 0 _
4
Boston & NY Air Line let 45 1955 F A a
51
2
608
7312 cieve Rolm Term let 5348_1972 A 0 1007 Bale 9914 11014 16
/
1
4
69 68
841g 10112
8
Bruns & West 1st gu g 45_1938 3 J 10015 .. _ _ 1004 10012
82
9614
1st 5 If 55 series B
8818 100
/
1
4
3
9512 36
1973 A 0 9514 Sale 944
Buff Rooh & Pitts gen ge 58_1937 M 5 10412 Sale 1041/ 10412
97 10412
6
75
9178
8875 50
1st s f goat 43.0 series o_1977 A 0 8814 Sala 8814
5
Control 4/ ___ _
1
4
60 80 Coal River Ry let gu 48_ _1945 J D 100 102 100 Apr'34 -__
/
1
4
7114 26
7114 7012
95 101
.. 1957 M N 70
0
:Burl C R & Nor letirol 581934 A 0
- 4
Colo ec South ref & art 41
•
84
53
96
97 5
7
/
4
5_1933 M N 96 Sale 95
3112
Certlficatee:of deposit
13 65
34
40
General mtge 4)4s ser A1980 M N 68
70
---- ____ 35 40 Apr'34 --4
69
/ 681
1
4
96 102
Col & H V lst ext g 48
8
1948 A 0 10158 ____ 1015 May'34 _-__
Canada Sou cone irti de A___1962 A 0 10412 10512 10513 105
92 106
/ 16
1
4
97 103
Col & Tol 1st ext 45
1955 F A 10114 ____ 10212 Apr'34 ____
Canadian Nat guar 4345_ _ _1954 M S 10414 Sale 10415 104
92
95
8
1
95
98 8 1047 Conn & Paesum Riv 1st 48_1943 A 0
5
/ 32
1
4
___ 95
30
-year gold guar 4345_1957 J .1 1075 Bale 10712 10814 24 984 1081 Congo'Ry non-conv deb 4e 1954 1 J 95443 594
3
54
5
5
50
54 53
Guaranteed gold 41
/
4s_ _190 J 0 1064 Sale 106
994 10714
58
50
Non-conv deb 43
/ 10712 17
1
4
/
1
1955 1 J --------58 Mar'34 _--l*.
Guaranteed g 58___ _ -Juiy 1969 3 1 1134 Sale 11318 113
/ 50 105 11314
1
4
4438 59
Non-cony deb 45
1955 A 0 ---- ----59 Mar'34 ____
Guaranteed g Ilia _____on 1969 A 0 11412 Sale 114
/
4
/
4
1141 26 10475 1141
Non-cony deb 45
1956 1 J _
44
5812
60 56 May'34 ___
3714 29
19
/ 39
1
4
Guaranteed g 58__ _ _ 1970 F A 114118 11512 114 May'34 ---- 105 114 Cuba Nor Ry 1st 5348
1942 3 D 5512 Bale 35
Guar gold 4348---itin ___ 1955 3 13 1114 Bale 11115 1115
4 14 10218 11154 Cuba RP. let 50
3212
2812 24
18
-years. g1952 J J 25 Bale 25
Guar g -----------1956 F A 1084 Sale 1084 10914 55 100 10914
3411
15t ref 7345 series A
/
1
164 30
9
2414
1936 J 0 2414 Sale 20
/
1
_
.0_ Guar g 4345_ __-,-___it 1951 M 5 108 Sale 10853 1091
24 10018 10914
let lien & ref 68 ser 13
15 29
7
2214
1936 J 1:1 2012 Sale 2012
/
1
4
Canadian North deo8 f 78_1940 J D 10918 RAO 10918 10912 28 105 1094
25
-years f deb 6345_ ___ _1948 J 1 11914 Bale 11812 1195
/
1
4
/
1
8 22 108 1194 Del & Hudson 1st & ref 45-194 M N 9424 Sala 94
804 95
194
9.5
10-yr gold 4/ _Feb 15 1935 3 .1 10212 Sale 10214 10212
1
4
8.
6 1004 103
be
97 1024
1935 A 0 10112 102
/ 101 May'34 _1
4
Canadian Pao Ry 4% deb stock-----.8314 Bale 811
61
8314 171
Gold 5S48
8314
/
4
92 10415
/
1
4
193 M N 103 104 103 May'34 _--/
1
4
Coll tr 41 _ _....... 194 d
/
4
8
96:2 sale 95a
9612 13
7424 97 D RR & Bridge la tu g 48_1936 V A 102 ____ 1011 May'34 ____
9914 1011
/
4
/
4
55 equip trolls----------1944 J . 1065 Bale 10612 1061
Den & R G let cons g 45
4 15 994 107
3512 6112
114
.
52
.
193 1 .1 4912 Bale 48
8
1
Coll tr g ris
Coneol gold 434s
/
1
42 63
7
77 4 1004
1
57
193 J J 55
55
58
9912 83
9914 Sale 99
54
101111 19
Collateral trust 415___1960 3 0 9238 5218 9112
1118 93 Den & R G West gen 55 Aug 1955 F A 2018 Sale 20
9212 82
/
4
1712 32
2114 108
J 1
:Car Cent let cons g 4s
Assented (sub) to plan) __-- , 19
_ 1949 3 1 4114 - 3712 Mar'34 ---.3212 3712
2
1914
.
18
.
2312
201 194
4
Caro Clinch &0 let 30-yr54_1938 3 D 10514 Bale 10514 10512 15
9514 10514
Ref & Inept 58 ser B_ _Apr 1978 -A0 41 Sale 41
.33 8 4912
7
12
43
1st & COIN g 885er A-Deo 15'52 3 0 104 105 10514 10514
9 904 107 /Des M &Ft Dodge 45 etts_1935 J J
/
1
4
4
/
1
4
84
1
814 May'34 ___
612 8
Cart & Ad 1st gu g 48
70
84 Des Plaines V.1181 gen 41
81 82 May'34 ---_
1981 J D 80
65 85
i
/
4
5_1947 M S 70
85
86 85
28
55
Del & Mae 1st lien g 48
Cent Branch U P 1st g 48_1948 3 D 44
2412
20
3
23
/ 23
1
4
1955 1 D 2018 24
53 52 May'34 ___.
:Central of Ga lst g 511-Nov 1945 F A
41
85
Second gold 45
1115 12
5612 64 62 May'34 --__
12 May'34 ____
1995 J D 10
20
Consol gold 55
22
4
38
3078
Detroit River Tunnel 434s...1961 M N 10212 104 10218 102
84 1021
7
1945 MN 28 Sale 28
4
/
1
4
127 26
5
Del Missabe & Nor gen 55_1941 1 .1 10514 _- 103 Jan'34 ____ 103 s 103
Ref & gen 5348 aeries B 1959 A 0 144 184 20 May'34 --7
/
1
/
1
4
/
1
4
Ref. & gen 5e series C
12
/ 26
1
4
Dul & Iron Range 1st 55-1937 A 0 107 Sala 107
13
17
1959 A 0 16 Bale 16
3 1024 107
107
Chatt DIY pur money g 46_1951 3 D 25
18
37 Dul Sou Shore & Atl g 58-- _ _1937 1 J 43
234 4912
3412 33 May'34 _-_433 44 May'34 ____
4
_ East Ry Minn Nor Div let 45'48- A 0 965 ---- 95 Apr'34 ____
Mac & Nor Div 1st g 51_1946 1 J --- 37
894 98
35 Jan'33 ___ ___
5
21 --- East T Va & Ga Div lst 5e 1956 MN 10712 _ _- 108
214
Jan'34 ____
Mid Ga & Atl Div put m 58'473 J ____ 25 21
91 108
2
108
28
Mobile Div let g 58
35
Elgin Joliet & East 1st g 55_1941 M N
3414 May'34 ____
944 103
4
26
1946 1 .1 27
_ 10218 10218
65 834 El Paso & SW 1st 58
10
81
Cent New Engl 1st gu
8112 9112
1965 A 0 102-- - 90 May'34 ____
_1961 1 .1 80 Bale 80
81318 99
944 99
53
7212 Erie & Pitts g KU 3148 ser B...1940 J 1 904 ---- 96 Feb'34 ____
4
Cent RR & Bkit of Ga 45_- 1937 PA N 69
cell 55
70
71 6812
Central of NJ gen g 58
95 10712
Series C 3345
5
95 99
.....1987 J .1 10212 Sale 10712 1074
1940 J 1 984 ___. 99 May'34 ___
/
1
General 45
1987 1 1 964 97 9512 May'34 -_
/
1
4
78
9512 Erie RR let cons 343 prtor_1996 J J 9314 Bale 934
794 95
21
94
7512 9512
6614 79
/
1
4
1st coneol gen lien g 45_1996 1 .1 7412 Sale 7412
9512 188
Cent Pac let ref gu g 4a__,,..1949 F A 9518 Bale 944
774 39
7312 93
Penn coil trust gold 45_1951 F A 1011 104
95 92 May'34 --Through Short 1,1541m45,1954 A 0 _
9918 10114
99 May'34 ____
/
4
Guaranteed g 55
63 5 87
7
50
82 8 65
1
7312 May'34 ____
-year cony 45 serial A
1953 A 0 ____ 73
1960 F A 8054 Bale 804
625 774
5
77
63
15
73
Series B
1953 A 0 7234 Sale 7254
Charleston & Sav'h 1st 78_1936 1 J 10414 -- 10418 May'34 ____ 103 1041s
75
62
I
Gen cony 45 series D
1953 A 0 --------7313
dies & Ohio 1st con 5 56_1939 M N 1095 Bale 10914 10914 67 1054 11013
73'2
8
5
981 110
4
29
6014 797
Ref & Inapt 55 of 1927
1967 rd N 70 Sale 70
110
General gold 434e
1992 M S 10914 Bale 109
72'2 161
70
/
60
8855 10312
5
171
10318
72
Ref & inept 55 of 1930
1975 A 0 7014 Bale 7014
Ref & Inept 434s
1993 A 0 103 Sale 103
/
1
4
98 11114
884 10355
/ 31
1
4
/
4e
I
Erie &Jersey 1st 8 f 6s
103
110
1955 J 1 110 11112 110
Ref & Impt 41 ser B.__ _1995 1 J 10358 Sale 103
97 11014
974 105
I
Genessee River lst s f 68-1957 3 3 10614 108 1061 1061
/
4
105 May'34 _
Craig valley let 55-May 1940 J J 10418 _
46
34
48
4312 May'34 __-9011 10014 IFla Cent& Pen let cone g An 1943 1 3 41
1
4 1001
4
_4
Potts Creek Branch let 48_1946 J J 100 1601 1001
--_May
------
For f mtnotee gee page 3747.
New York Bond Record-Continued-Page 3
3744
BONDS
N. Y. STOCK' EXCHANGE
Week Ended June 1.
11
...a.
Price
Friday
June 1.
Week's
Range or
Last Sale.
.1 •
3,..
to in.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 1.
Railroads (Continued)End
Ask Low
High No. Low
High
:Florida East Coast lat 4343_1959 1 D 46
58 59 May'34
1974 M S
let dt ref 5a series A
1012 10
9 Sale
9
9
19
Certificates of deposit ____ ---9
932 9 2
3
912 11
94 174
0_1952
/
4
:
Fonda Johns & Gloy 41
Proof of claim filed by owner__ M N
812 1474 12 May'34 ---74 13
(Amended) 1st cons 2-0 1982
612 612
7
8
6
3
/ 15
1
4
Proof of claim filed by Owner MN
Fort St il D Co let g 430_1941 1 J 9313 Sale 9312
83 9312
9312
1
Ft W & Den C ist g 530
1961 3 B 10514 Sale 10514 10512
4
9614 10512
June 2 1934
Price
Prklas
June 1.
Week's
Range or
Last Sala,
Range
Sines
Jan. 1,
Railroads (Confinue4)Bid
Ask Low
High
High No. Low
Mil Spar & N W 1st gu 48._ _1947 M 8 69
72% 6912
9
567 754
3
71
Milw & State Line 1st 3343_1941
7034 Mar'34
70% 75
:Minn & St Louis 5a otts_1934 M N
6
4
73
4 8% May'34
94
let & refunding gold 4s- _1949 M
44 Os 4%
414
24 5%
313 1112 313 May'34
Ref & ext 50-yr 6s ser A-1962 Q F
234 414
Certificates of deposit
Q F
314 Sale
14 454
5
34
314
M St P & SS M con g 4s int gu '38 J
39 Sale 39
3434 49
4314 17
lat cons 58
32
37 3674
1938 J
36%
3313 4211
1st cons 58 gu as totIL...1938 J 7
11 45 Sale 45
45%
6
38
56
let & ref 88 series A
1946
J 284 35 35
2
35
20
3714
/
4
Galv Hone de Hand 1st 530 A '38 A 0
75 911
89 90 May'34 --25
-year 534s
25 Bale 25
1949 M
30
11
161 34
/
4
:Oa & Ala fly 1st cons fa Oct '453 J 20
23 24 May'34 ---fat ref 543 ser B
/
1
7214 Bale 72
1513 26
1978
8
60
80
7314
IGa Caro & Nor let gu g 53 '29
1st Chicago Term if 0_1941 MN
85 Jan'34
85 88
Extended at 6% to July 1 1934 1 J 2712 30 30 May'34 ____
2014 30 MI01331991 Central let 56_1949 1
81%
77 Apr'34
7613 77%
Georgia Midland let 3s
1946 A 0 53
5912 5675 May'34 _-_.
40 60
Gouy & Oewegatchle 1st 56-1942 1 D 85 10334 100 Jan'31 ____ ___
_ Smo-in RR let 55 see A_1959
J 1813 2112 20 May'34
26
14
Or R & I eat let gu g 4343_ _1941 J 3 10134 104 1013 May'34 ____
.
9534 10134 Mo Kan & Tex 1st gold 45-1990 73 894 Sale 89%
_-4
49
90
75% 9214
Grand Trunk of Can deb 76_1940 A 0 109 Sale 10834 10914 19 105 10912 Mo-X-T RR pr Hen 5s ser A..1962
8114 Bale 8114
8214 42
70 914
15
-year •f 63
1936 M 9 10734 Bale 10714 10734 46 102 4 1073
40
-year0series B
3
69% 72 May'34
1962
J _
6113 79
Grays Point Term let Se_.
..1947 J D 68 ____ 96 Nov'30 _ _1947
Prior lien 41
---/
4
6
D
76
1978 J 1 73
75
1
75
634 83%
Great Northern gen 7s ser A_1936 J 1 9113 Bale 9114
86 9
Cum adjust 5s ear A-Jan 1967 A 0 5514 Sale 54
954 135
912
5513 18
4411 6213
1st & ref 41 series A
1961 J J 96 Saw 9512
/
43
9714 23
78 991 IMoPac lat & ref 5a ser A_ _1965 1_724.. 29
3114
9
3013
2512 39
General 530 series B
19523 1 871, Sale 8734
7613 99
90
59
29 29 27%
Certificates of deposit
2912 18
35
22
General0series C
24
6874 92
/
1
4
1973 3 1 8214 Sale 821s
General 4s
84
13 Sale 13
1975 M
13% 48
114 2024
General 430 series D._ 1976 J 3 75 Sale 75
67 8714
1st & ref 5s series F
774 37
1977 M 8 294 Sale 2912
3012 48
24
384
General 450 series E
1977 J J 7514 Sale 75
/
1
4
6613 8613
767
Certificates of deposit
4 95
27% 30 28 May'34
234 35
Green Bay & West deb Ws A---- Feb 33
424 2914 Bale 291
26
32
1st & ref 58 ser 0
38 32 Apr'34 .......
/
4
1978 1
30% 55
244 3813
Feb
a
Debentures ctfa B
Certificates of deposit
634 534 May'34
5 4 834
3
_.-- 34 May'34
29
34
Greenbrier Ry let gu 4s
1949 MN -1018 Sale
- -1
9813 102
1940 M N 10112. 102
102
Cony gold 54s
97
s
1012 98
8
1613
Gulf Mob & Nor let 530 B_1950 A 0 81 1980 A 0 29% 3014 30
6213 8612
854 85
lit ref I 58 series H
8514
3
304 11
24
3812
tat mtge fis seriee C
1950 A 0 75 Bale 75
7 59 81
75
Certificates of deposit
3214 May'34
234 34
/
1
Gulf & 8I let ref & ter 58Feb 1952 1 J ---- ---- 67 Feb'34 ____
1981 I 3 2914 Sale 2914
1
57
70
lat & ref 53 ser I
303 114
4
2414 3812
Stamped (July 1'33 coupon on) J .1 _ _ 68 55 Dec'33 ____ ---Certificates of deposit
27 30 31 May'34
34
26
Hocking Val let cons g 4345_1999 J J 10734 Bale 107 5 1073
3
4
7 98 3 4-- Mo Pao 3d 7.ext at 4% July 1938 MN 84
3 1073
85 85 May'34
7214 89
Housatonic Ry cone g 53_1937 M N 1007 1003 10014 May'34 ____
Mob & Blr prior lien g 50_1945
82 1007
4
8
83 91 85 Mar'34
s
85 91
H & T C let g 55 int guar_
1937 J J 10333
J J 81
3 97 104
104
104
Small
90 83 May'34
83 90
Houston Belt & Term let 55.1937J J 10012 102 101
101
9134 101
let M gold 43
1
60 Jan'34
48 60
Hod & Manhat 1st 5s ser A_ _1957 F A 871 Sale 8618
/
4
72 897
88
91
Small
80 Feb'34
55 80
Adjustment Income:Ss Feb 1967 A 0 4014 Sale 40
4012 78
____ 94% 9912 Jan'34
32
50 2 :Mobile & Ohio gen gold 0_1948 jj
3
1935 M
99
99
/
1
4
Montgomery Div let g 54_1947 F A 19% 2312 20 May'34
1912 27
Illinois Central let gold 44_1951 4 J mos ____ 10012 May'34 _ _
9214 10012
Ref &!rapt 4 344
1118 May'34
M s
21%
1977 m 5 124 16
10
let gold 330
1951 J J 95
92 Mar'34
83
9213
Sea 5% notes
144
/
1
15
1411
14
5
14
23
1938
Extended let gold 3345_1951 A 0 95 ____ 92 May'34 ____
92 93
Mob & Mal Ist gu gold 42_ - _1991 145 83
85 8411 Apr'34
8413 844
let gold 35 sterling
1951 M 8
--- - Mont C let gu 63
73 Mar'30
102% 102% 02% 102% 24
8772 103
Collateral trust old 44....„1952 A 0 8234 8212 8112
6814 85
824
7
let guar gold Si
1004 Sale 00% 10074 10
/
1
81 1014
Refunding 4s
1955 M N 8213 Bale 824
84
45
8875 73
8814 Sale 8815
74
884 Morris & Essex let gu 3345_299333 J
7434 89 2
,
11000
jj
Purchased lines 1 0
1952 J 1 80 82 81 May'34 ____
/
1
4
63 82
Colmar M 13a ser A
1011 1021s 02
/
4
10212 10
77 1024
Collateral trust gold 45-1953 MN 7634 773 77
6212 7934
4
Constr M 4343 ger 13
773
4 17
95 106
73 95
19 5 44 N 95 Sale 944
95
5
NI
Refunding 0
81
9813
94
2
1955 MN 9213 944 92
15
-year secured 630 g__1938 I 1 10234 103 102
90 103 Nash Chatt & Bt L 43 eer A-1978 F A 92% 94 931s May'34
10234 12
8214 94 2
,
40
-year 4345
Aug 1 1986 F A 66% Sale 6815
6814 127
g pen
99 10432
193
5813 7612 N Fla & lat gupr 5a 430.1957 F A 10314 104 0318 May'34
Calro Midge gold 4s
19603 D 99 ___ 9814 May'34 ____
J 1
87 9812 Nat Ry of Mex
18 July'28
Litchfield Div let gold 0_1851 1 1 811 ____ 81%
/
4
8112
1
75 824
Assent cash war rct No 4 00
27
9
314 Sale
s
314
_12 414
Loulav Div & Term g 334s 1953 3 1 854 Sale 87313 May'34 ---Guar
1234 July'31
Apr '14 coupon 1977 A 0
76
1774
Omaha Div 1st gold 3s_
/
4
195I F A 711 __ 7112 May'34 ___
714 78
313 4
Assent cash war rot No 5 on --3% May'34
24
St Louie Div & Term g.
54_1951 J J 72 68
78
78 78 May'34 _ _Nat RR Max pr lien 430 Oct '28
Gold 334s
1951 J J 83 Sae 83
i 69 85
34 43
4 334 May'34
83
Assent cash war rot No 4 on
2% 5
Springfield Div in g 330_1951 1 J 8213 ____ 80 Mar'34 -_A6
let corm! is
67 80
22 Apr'28
1951 --Western Lines let g 4s_ _1951 Y A 86 _ __ _ 84 May'34 ..._
25 564
Assent cash war rot No 4 on
273 338 3
3
1
III Cent and Chic St L & N- 82
0
Naugatuck RR let g 44
7112 Nov'32
68
1954
Joint let ref 56 series A __ _1963 3 0 7812 Sale 777
87 New England RR cons 65_1945 J
7912 40 68
-- 83 May'34
80 88
let & ref 434s series C__1963 3 0 72 Sale 72
87-85 8312
Consol guar 43
84
734 48
62 81
84
4
1945
66 84
NJ Junction RR guar lat 45 1986 F A 88
9173 8813 May'34
824 8512
Ind Bloom & West let ext 41940 A 0 89
95 100
New On Great Nor 5a A _1983 1
100
1
100
67 69 67
6915 15
5712 77
Ind III & Iowa 1st g 4s
95
1950 3 J 95 Sale 93
14
75 954 NO&NEletref&impt434eA'533 J 89 Bale 69
69
5
54
754
25 26
New Orleans Term Ist 48_1953
25 25 Feb'34 ___
85% 8713 854
.
7th°0 7 01118v111e let Cu 0._1956 1 1 17
8518
3 623 874
4
Ind Union Ry gen 58 ser A._1965 J J 10314 10412 10334 May'34 ____
9813 1033 IN 0 Tex & Meg n-o Inc 56_1935 A 0 19% 23% 19
4
19
1
29%
16
Gen & ref 5s Belies 13
100 103
1965 3 J 10312
AO 2314 Bale 2314
AA
03 Mar'34
1st 5s series B
54
56
24
9
13
Me 32
19 FF
Unt-Grt Nor let 64 ser A. _1952
J 2914 Sale 2914
28% 4413
1st fis series C
3314 49
23
28 24
24
5
4
203 33
Adjustment as ler A.Jully 1952 A 0
1814
914 Bale
9
914
1st 414s mules D
1034 62
24 24
20
1955
24
8
174 314
/
1
let 10 series B
1956 1 J 27
A 0 2314 254 23
3 25 4013
3113 3012
3134
1st 51 series A
/
4
6
28
16
2014 33
let g 4 serial C
41
8
25
1956 1 1 27
34 3012
N & C Bdge gen guar 430_1945 J
3114
1017 10212 02 May'34
s
,
97 1024
9
44 6612 NYB&MB 1st con g 64_1935 A 0 103 ---- 013
/
1
4
/
1
Int Rys Cent Amer lat &pH 1972_ MN 66 Bale 654
66
4 10213
4 10114 1023
4
lit coil trust 8% g LIOtte 1041 81 N 71
494 744
4
7112 71
714
1st lien & ref 630
1947 r A 864 Sale 8614
4313 663 NY Cent RR cony deb 63_1954 111 N 100 Sale 100
4
663
4
3
1935
10012
9
83 101
:Iowa Central 5a ctfs
4
/ 113s
1
4
1938 3 D 1034 107
F A 87 Bale 884
914 May'34
Congo'45 series
88
96
73% 904
let & ref g 45
334 4
412 May'34 ____
1951 M 8
234 54
Ref & impt 443 series A _2 5 A 0 674 Sale 6712
A99
1013
6914 138
6014 75
Ref & impt 6s series C_2013 A 0 733 Bale 7334
4
75
146
83
/
1
4
67
Jam,. Frank & Clear let 45_1959 3 D 844 86 86
694 884 N Y Cent & Hud Rh M 3As 1997
86
1
95 Bale 9334
,
95
28
7913 95
Kai A &0R 1st gu g fts
19383 J
---- -105 103 Mar'31
30-year deoenture 4s
1942 JJ Mg Sale 9513
97
49
8014 98
Han & M let V]ft 411
1
79
1990 A 0 94
944
96 9413
9434
Cony secured 6s
1944 MN 11612 Sale 11612 11734 755 11512 1177
4
6334
:IC C Ft B & M Ry ref g 0_1938 A 0 4312 Sale 434
36
/
1
Ref &'mot 430 ser
4513 11
6712 sue 6712
75
6912 66
60
Certificates of deposit
A 0 __ 45 45
1
35 62
/
1
4
45
Lake Shore coil gold 330_1998
5438 Sale 8414
8432 10 6912 84%
Kan City Sou let gold 341950 A 0 75 Sale 75
MOO Cent coll gold 341_1998 F A 83
755
4 67, 6213 774
84 8334
/
1
8334
71
8414
3
Ref & Impt fie
78
/ 78 671 84
1
4
Apr 19503 1 76 Bale 75
N Y Chic & St L Ist g 4s
1937 A 0 9912 Sale 99
554 9954
994 20
Kansas City Term let 45
9313 10112
1960 J J 10134 Sale 10034 1014 139
Refunding 530 series A-1974 A 0 75 Bale 7412
76
554 801,
74
Kentucky Central gold 4s_ 1987 3 1 9934 _ _ _ 99 May'34 ___
9013 10012
Ref 414a aerie(' C
6312 292
/
4
6114 Brie 611
474 70
Kentucky & Ind Term 430 1961 1 J 894 Bale 8914
73 8913
1
3-yr6% gold notes
8914
71 sale 71
80
743
4 47
49
Stamped
93
93
80
3
1961 1 J 9234 Sale 9234
NY Connect 1st gu 44
10514 Sale 10412 10513 23
M
/
1
1
96 1051g
Plain
let guar / series B
---- -1961 J .1 8912 93 89 Apr'30 _
1
4
1
107 10714 10714 1074
2 101 10714
NY Erie 1 84txt4sld
0 4 o
d
10114 May'34
4
931 102
Lake Erie & West let g 54_1937 1 .1 10014 10074 10014 1007
8313 1011$
4 12
100 Mar'34
100 100
2d gold 53
95 NY Greenwood L
70
2
/
1
/
1
1941 1 J 9218 944 924
9213
3
9 8 Mi S
g M.-1948 M N 75 17 87 May'34
88
68
Lake SD & Mich So g 330_1997 1 D 954 Bale 9473
9512 N Y & Harlem gold 343_ _2000 MN 93
/
1
81
9512 12
96 90 Apr'34
92
86
Lehigh & N Y let gu g 45_1945 M S 77
80 81 May'34„_57 83 N Y Lack & W ref 434s B___1973
N 10113 101 100 Feb'34
100 100
Lela Val Harbor Term gu 58_1954 F A 10112 Sale 10112 1013
102
82
/
1
4
N Y & Long Branch gen 0._1941 M
4
4
9713 100 96 May'34
9513 97
Leh Val N Y let gu g 430_1940 J J 9734 Sale 95
8314 99 NY &NE Boat Term 45_1939 A 0
973
4 38
- 9512 July'29
Lehigh Val (Pa) cons g 0_ _2003 MN 60
47 68 NYNH& H n-o deb 4s
6134 53
61 60
61
1947 M
90-- 6218
64
824
64. 65
2
General cons 41
52
9
/
4
4
2003 MN 65 674 65
Non-cony debenture 34
6574
744
55 63 80 May'34
/
1
5_1947 M
604
51
General cone 5s
2003 MN 7112 7314 7412
Non-cony debenture 3345_1954 A 0 5234 54% 54
7614 13
54
83
545
45 58
10
Leh V Term Ry 1st gu 30_1941 A 0 103 ____ 1054 May'34 ____
94 10612
Non-cony debenture 0 1955
5813 80 58
59
547 8413
4
7
Lax & East lit 50-yr 54 gu_1965 A 0 109 _ _ 107
91 107
Non-conv debenture 45_1956 PA N 598 Sale 5 3
3
107
4
,
59
52 64
27
Little Miami gen 4.series A _1962 M N 100 102 10014 10014
95 1004
Con,debenture 330
2
534 533 5233
1966
4
4
5274
597
45
3
Long Dock cossol gem
99 1034
Cony debenture 6s
1935 A 0 103% 105 10313 10312 12
1948 1 J 8413 Bale 8414
71% 87 s
7
86
55
Long Island
1940 A 0 87 sale 87
Collateral trust 84
891s
88
71
General gold 41.Debenture 4s
9914 104
1938 I D 1033 104 10314 10334
3
52
s
55 564 May'34 58
44
Unified gold 4s
95 101
1949 M 8 1003 ---- 1003
lit & ref 41 ser of 927 EN7 t 1. 663 Bale 6613
6
/
4
6
4 101
4
r
4
1
5713 70 2
,
6734 30
10014 102
Debenture gold 58
Harlem R & Pt Cbee let 431954 111 N 99 .-_. 9934
____ 10014 Apr'34 __
1934 1 D
9914
4
833 991
4
2
20
-year p m deb 5s
/
1
4
1937 M N 10414 Sale 10334 10414
2 93 10414 NY O& W ref g 4s--June 1992 Si II 6113 Sale 6112
___674 71
63
29
Guar ref gold 4s
1949 M S 1013 Sale 10114 1013
General 4e
4
9212 1013
4
4 15
55 Bale 55
6614 12
684
50
Loulslana & Ark 1st beats A_1969 3 3 634 65 63
16
604 68% NY Providence at Boston 4s
631
917
4- 90 Jan'34
90
90
Louis & Jeff 13dge Co gra g 48 1945 M fil 100
84 100
100
44.1993 A 0 8513 - - - 8712
N Y & Putnam 1st COn
100
3
874
714 8713
/
1
Louisville & Nashville 5a____1937 M N 10512 10614 10512 May'34 ____ 102 10613 N Y Sum]& West lst ref 54_1937 1 J 737 Sale 73 May'34
757
50
757
4
4
Unified gold 4,
9413 10314
1940 3 1 10272 5,16 10212 1021
1937 F A 51
2d gold 430
2 72
70 51
5613
51
3 43
let refund 5343 series A...2003 A 0 10512 Sale 10474 10512 20
General gold 5a
92% 1054
5214 51
51 May'34
383 5813
4
lst & ref 5s series B
2003 A 0 10012 10112 9912 10112 34
90 1023
Terminal let gold Si
8
96 100 9612 May'34
111443
:1
82% 97%
let & ref 430 series C_2003 A 0 95 Sale 9414
83 97
46
N Y Wagtail & B 1st ser I 4/
95
1
48'49 J
521s Bale 52
42
5914
53
Gold 6a
1941 A 0 10612 107 10512 May'34 ___ 10113 10612 Nord Ry eat sink fund 610_1950 A 0 16112 Sale 1614 16233 20 128 162%
.
82
Paducah & Mem Div 0_1946 F A 964 99 96%
82 984 :Norfolk South 1st & ref 53_1961 F A
964
1
•
St Louis Div 2d gold 3s._ _1980 M 8 7112 Sale 7112
Certificates of deposit
7112
3 607 73
3
15
16% 153
734 22
3154
•
Mob & Monts 1st g 430_1945 M S 103 10312 0212 May'34 ___
9612 10212 :Norfolk & South let g 5s.. .1941 IS N
•
6414 83
South Hy Joint Monon 0_1952 J J 7834 8111 8014
3
8014
N & W RY let cons 44
1999 A 0 10574 Sale 104% 10614 137
9104 10614
Atl Knox,& CM Div 4s 1955 M N 10018 Sale 100
85 10014
Dile] 1st lien & gen g 4s....1944 J J 10618 Sale 10512 10614 43 1004 10613
10014 41
Pooah C & joint 45
19613 D 10113 -- 10412 105
9934 105
6
1934 J .1 1004 10012 10014 May'34 ___ 10014 101
vfabon Coal RR 111 5.
North Cent gen & ref 5e A 1974
10414 ---- 98 Oct'33
vfanila RR (South Lines) 48_1939 MN 6514 69 75 May'34 - 574 75
Geo & rot 430 sailed A _1974 M S 10113
- 9912 Feb'34
"iii; 1024
7214 :North Ohio 1st guar g 5s-1945 A 0 55 16 55
66
1969 M N 69
72 72 May'34 _
let eat 43
35 60
55
5
8 99 105
danitoba SW Colonisals01934 J D --------10414 10414
Ex Apr'33-Oct'33-Apr'34 cons -- 444 55 59
3524 64
60
5
'fan GB & NW 151 334s__.1941 J J 69
597 70
73 70 Mar'34 .....
2
Stmpd as to sale Oct 1933, &
2
24
Sex Internet let 4s asstd_1977 M 9 _ _ .... _ _ _ 2 Mar'34 ____
Apr 1934coupons
48
34% 52
58 52 Apr'34
4Ichigan Central Detroit & Bay
North Pacific prior lien 44_1997 Q J 984 Bale 9814
83 99
9834 135
2
94 102
1940 J .1 10013 Bale 10023 1004
City Air Line 4s
Gen Deo ry & Id g ifs Jan 2047 Q F 6914 Bale 674
71
go
6814 41
--__
8734 91
1951 ad S 91
92 91 May'34
/
1
4
Jack Lana & Sag 3 1
Ref & Impt 4345 settee A...2047 J 1 82 Sale 82
7312 9014
834
4
8 86 9513
1952 M N 9514 _-- 954
9512
let gold 330
Ref & Imp:6a series IL _2047 J J 9312 Bale 934
864 103
98
101
9534
6
4
7514 95 4
Ref & lmpt 430 ser C____1979 3 J 953 Sale 95
Ref &impt series C2047 J J 8813 Sala 88
764 9712
/
1
3
89
11
62 854
4
84 813 May'34 --1940 A 0 75
did of N J let ext 55
Ref &[mot 5a series D____2047 J I 67
8813 8812
8932 31
754 97
4
7814 97
97
Nor Ry of Calif guar g 54_1938 A 0 100 _ _ 100 Jan'34
Ill & Nor let eat 4345(1880)1934 I D ____ 94 934
100 100
4
85 95 Og & L Cbam lst gu g 45.....1948
1934 3 D ____ 90 9313
95
Cons ext 430 (1884)
72
68% Sale 85
61
68% 13
12P, ,2
t
itrli
For footnotes see Page 3747
3745
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 1.
•
il
1t
3
...e.
Pries
Friday
June 1.
Week's
Range or
Lair Sala.
.1 •
1
ea
Range
Since
Jan. 1.
i
BONDS
t
N. Y. STOCK EXCHANGE ui
1.:.",o,.
Week Ended June
Price
Friday
June 1.
Week's
Range Of
Lass Sale.
1,
4
ci•
High
Bid
High No. Law
Ask Low
Railroads (Concluded)697
2
46
14
66
Tenn Cent 1st is A or B____1947 A 0 64 Sale 64
/
1
4
6 100 107
/
1
4
Term Assn of St L lat g 4 He_1939 A 0 1063 10714 1064 107
/
1
1 101 110
110
/
1
4
1944 F A 1074 110 110
let cone gold be
9812 82
82 9812
Gen refund a f g 4a
1953 1 J 9812 Sale 9714
933
4 23
4
7514 97
Texarkana & Ft S 1st 534s A 1950 F A 923 Sale 9234
64 90
89 May'34 ---_
89
Tex & N 0con gold 56
19433 J 85
9114 10812
16
J D 10738 109 10712 108
Texas & Pao 1st gold ts
64 87
8014 12
/
1
4
Gen & ref 56 series B
1977 A 0 80 Sae 8014
65 8612
9
8132
/ 7912
1
4
Gen & ref ba aeries C
1979 A 0 80 82
8012 42
65 861a
1980 J D 7914 Sale 7914
Gen & ref Se series D
2 67
/
1
4
91
91
Tex Pan-Mo Pao Ter 5345A_1964 M 5 91 Sale 89
9414 1034
Tol & Ohio Cent let gu 58- _1935 J J 10214 103 103 May'34 ---9712 102
/
1
4
/
1
4
Western Div let g Se
1935 A 0 102 __- 10212 May'34 ---___ 10112 May'34 ---, 9(1 10134
1935 J D
General gold Es
82
7
6734 86:2
80
/ 84 82
1
4
Tol St L & W 50
-year g 48_1950 A 0 10134Vol WV &0gu La aer C
1942 NI 5 9934 . 9612 Apr'31 ---- _____
4
82 95
Toronto Ham & Buff 1st fi4a 1946 J D 9412 143- 9412 May'34 ----
High No.
Bid
Ask Low
Railroads (Continued)Ohio Connecting Ry let 4a__1943 M S 100 __ 97 Mar'32 ---Ohio River RR let 55.
1936 1 D 10234 ____ 103 May'34 --_ 10214 May'34 _
General gold 5a
1937 A 0 10212
22
/
4
Oregon RR & Nay corn g 48_1948 -I D 10134 102 1011 102
Short Line 1st cons g 54_1946 J J 1108 11112 11012 May'34 __Ore
8
4
Guar stpd cons ba
19463 J 11234 Sale 11214 1123
9912 97
Ore-Wash RR & Nay 46-1961 3 1 9938 Sale 98
6
100
Pao RR of Mo let ext g 4e...1938 F A 99 10014 100
9714 May'34 ---26 extended gold S.
99
1938 3 J 98
Paducah & Ills list a f g 4;0_1955 J J 100 104 10212 May'34 ---15012 24
Parle-Orleans RR ext 5346-1968 M 8 15012 Sala z150
Feast& Ry let ref St 7s
80 75 May'34 ---,
1942 M S 71
Pa Ohio & Del 1st & ref 434e A•77 A 0 10114 Sale 101
10112 69
Pennsylvania RR cons g 4a 1943 M N 10434 _--- 10412 May'34 ---Consul gold 48
1948 MN 105 Bale 10478 10514 16
48 start etpd dollar May 11948 MN 10412 __-- 10432 104
2
/
1
4
4 16
/
4
Consul sinking fund 414s_1960 F A 1091 Sale 10834 1093
151
103
General 4 Hs series A
1965 J D 10232 Sale 102
/
1
General 5s series B
1968 3 D 10738 Sale 10612 1074 24
/
1
1936 F A 1064 Sale 1064 1064 67
/
1
15-year secured 6141
/
1
36
-year secured gold 5a
40
1964 MN 103 Se 1024 103
94
90
Deb g 454e
1970 A 0 8872 Sale 88i2
97 284
/
1
4
General 4Hs aeries D
1981 A 0 971 Sale 9614
2
7434
7438 74
Peoria & Eastern let ea as 48_1940 A 0 73
Income 45
834 1012 1012 May'34 ____
ADM 1990 Apr
10112 II
Peoria & Pekin Un lat Illia__1974 F A 101 102 101
gjas 65
Pere Marquette let Rev A Es 1956 J J 88 Sale 87
7412 37
let 4a aeries B
2
19563 J 737 Sale 73
let g 4 Hs series C
77
/ 49
1
4
4
1980 M 8 763 Se 7611
1054 23
/
1
Phil& Ball & Wash lit g 42_1943 M N 10514 1053 105
4
5
110
General 5a series B
1974 F A 10834 110 110
2
General g 410/ scram C__1977 1 3 103 ---- 10312 10312
/
1
4
2712 15
Philippine Ry 1st 30-Yr e f 481937 J J 27 Sale 27
Low
High
__ ___
100 103
89 10212
92 1023e
10414 111
4
10412 1123
8312 9912
8714 10012
84 10012
10034 10314
12314 152
50
75
85 10112
101 10412
100 10514
99 105
/
1
4
103 1093
4
8832 103
974 10788
10334 1063
4
9114 10312
7814 92
8312 97
/
1
4
87 8134
7
1914
8512 10112
5512 89
5014 7912
5112 7934
10012 10534
100 110
92 10312
/
1
4
1
2312 311,
P CC & St L gu 4348 A
1940 A 0
Series B 4 Ha guar
1942 A 0
Series C 4348 guar
1442 M N
Serial D 46 guar
1945 MM
Series E 4 Ha guar gold_1949 P A
Series F 4s guar gold
1953 J D
Series 045 guar
1957 M N
Series 11 cons guar 41.____1960 F A
Series I coos guar 410.-1963 F A
Series 3 cone guar 4lis1964 MN
General M S. series A__1970 3 D
Gen mtge guar be set B-1975 A 0
Gen 4 He aeries C
19773 3
Pitta Mat & Y 2d gu 58____1934 3 1
Pitta 131 & L E letalki
1940 A 0
let consol gold Si
19433 1
Pitta Va & Char let 411
1943 MM
Pitts & W Va 151 4348 ger A_1958 J D
1st M 4 lie aerie, B
1958 A 0
let M 4S4s series C
1960 A 0
Pitts Y & Ash 1st 44 set A__1948 1 D
let gen be series B
1962 F A
Providence Recur deb le--1957 M N
Providence Term let 4s
1956 M 8
107 May'34 ---1064
5
4
106 ---- 10612 1063
106 --- 10412 Mar'34 ---100 -- 100 May'34 ---9334 --- 8912 Aug'33 ---2
1001 - 10234 10234
/
4
1
102/2 ---- 10212 10212
10014 --- 98 Nov'33 ---10512 10812 105 May'34 ---105 109 106 Apr'34 ---/ 35
1
4
1073 Sale 10812 107
4
10732 22
10734 ---- 107
143
1013 Mae 10114 102
4
--------101 SepV33 ___10212 ---- r10412Dec'33 ---.
100 -- - 100 Mar'33 ---94 Oct'33 --__
99
/
1
4
7912 80 May'34 ---74
7612 18
80 76
77
4
75
77 75
75
100 102 100 May'34 ---10514 May'34 ---106
36 ---- 50 May'34 -___
9112 Apr'34 ---904
10114 107
102 107
103 10412
99 101
/
1
4
___
99 10234
_--98 10212
....„
__
14/63 10
4
10162 106
94 1073
4
9432 10732
8484102
____ ____
____ ____
_ ____
-_
_
66
80
56
7912
56 80
9414 100
101 108
50 50
814 9112
Reading Co Jersey Cent coil 41'51 A 0
Gen & ref 434e series A
1997 1 J
Gen & ref 4 34s series B
1997 1 J
Rensselaer & Saratoga 6a__ _1941 MN
Rich & March 1st g 431
1948 MN
Richm Term Ry let gu 5a._ _1952 J J
Rio Grande June let gu 5a_ _1939 J 0
:Rio Grande Sou 1st gold 4&1949J 1
Guar 4s (Jan 1922 coupon)1940 3 J
Rio Grande West 1st gold 48_1939 3 J
let con & coil trust 46 A__1949 A 0
:R I Ark & Louis lat 4;0_1934 M 8
Rut
-Canada let gu g 42
1949 J J
Rutland 1st con 434s
19 3 3
31
17
98
4
983 9712 9834
/ 123
1
4
10232 Sale 10214 102
10212 63
10212 Bala 102
--------113 Oct'30 ____
40 July'33 --_39
/
4
-- 1011 May'34 _-__
102
95 17 95 May'34 --__
.
1 --- 114 Oct'33 -- 2
- 314 July'33 __
9112
6i
92
9134
45
63
63 Sale 5712
•
60 6714 60 May'34 ____
1
704
/
1
701 75 701a
/
4
St Jos & Grand Laid 1st 46_1947 1 J
St Lawn & Adr latg 52
1996 j j
2d gold 6s
1996 A 0
St Louis Iron Mt & SouItly & CI Div let g 4s _ _ _ _1933 M N
St L Poor & NW let gu is_ J948 J J
-San Fran pr lien 4e A.1950 3 1
:et L
Certificates of deposit
,
Prior lien fie eerie B _--1950 3 1
Certificate/ of deposit __
___
Con M 430 series A
1978 M II
CUB of demo stamped __
__
. . .
St L SW let g45 bond otts 1585 M14
2s g 48 Inn bond ctts-Nov 1989 3 3
let terminal & unifying 52_1952 j 3
Gen & ref g 5a ear A
1990 J .1
St Paul& K C Elh L lat 4)4_1941 F A
St P & Duluth lit con g 46_1968 J D
St Paul E Or Trk let 434i1947 I J
St Paul Minn & Manitoba
Cons MS.ext to July 1 1943-- - Mont ext let gold 44___ _1937 J
Pacific,ext gu 4s Martini/1_1940 J 3
St Paul tin Dep let & ref 58_1972 J 3
2
10012
100 ---- 100
5614
__ 90 May'34 _-__
88 181 88 May'34 ---
82 98
88 103
864 103
___ ____
___
_ _
9984 1052
73 95
____ ____
_ _
ii - 7918
INDUSTRIALS.
4412 664
/
1
•
•
•
(Abitibi Pow & Pap 1st 5. __1953 J D
47
72
Abraham dr Straus deb 5349_1943
4 0 104 Sale 10312 104
6
With warrants
534 784
/
1
/
1
4
803
2
2
Adams Express coil tr g 4a_1948 M S 8012 8214 80
85 10012 Adriatic Elec Co exti 7s
1952 A 0 9314 Sale 9314 10112 46
77
90
Albany Perfor Wrap Pap 6s_1948 A 0 6512 6814 65 May'34 ---,
55
69
7972 88
Allegany Corp coil tr 5a
1944 F A 6712 Sale 6712
62
35
1949 J D 61 Sale 61
Coll & cony taa
•
3912 138
/
1
4
Coll & cony 58
1950 A 0 37 Bile 3712
5712 82
- 3712 ---- 4012 May'34 ___,
Certificates of deposit ____
1634 28
Allia-Chalmers Mfg deb 58..1937 --27
96
4
WI Isi 953 Sale 9518
17
28
Alpine-Montan Steel let 7/1_1955 M 8 8112 93 8112 May'34 ____
1772 30
47
99
18
28
Amer Beet Sugar 65
1935 F A 9814 99 9812
F A 82
83 8612 May'34 -__144 2512
6. extended to Feb 1 194016
1412 2411 American Chain 5-yr 6..._1938A 0 82 Bale
7
6412 8114 Amer Cyanamid deb Se
1942 A 0 10112 Sale 10112 102
42 63
54'z 149
/
1
4
Am & Foreign Pow deb 5a_2030 M 9 5212 Sale 5212
74
4
48 694 American Ices f deb ba
1953 1 D 74 Sale 74
96'z 55
43 5812 Amer I 0 Chem cony 5Hs_ _1.949 M N 96 Sale 96
3
2312 3734 Am Internet Com cony 5Ha 19491 J 84 Sale 84
85
1
107
84
95
Amer Mach & Fdy e f 66._ _ _1939 A 0 107 ____ 107
63 764 Am Rolling Mill cony ba_ _1938 MM 10212 Sae 10212 10412 84
38
1041
Am Sm & R let 30-yr 5eser- '47. A 0 10412 Sale 104
A
5
97 1064 Amer Sag Ref 5
1937 1 J 10714 108 10712 1071
-year 68
1
94 10114 Am Telma & Teleg cony 4a-1938 M S 10312 - 10312 1031
89 99
30-year coil tr ba
1946 J D 10914 Bale 10812 10914 135
101 1081
/
4
4
35
-year a f deb 5.
1960 1 J 1073 Sale 10712 107e 181
11034 67
20
-years f 5Ha
1943 MN 11012 Sale 110
6012 8518
20
1939 3 1 10834 Sale 10844 109
Cony deb 434s
97 10634
1965 F A 10734 Sale 1073
4 10814 167
Debenture 5.
9v/ 103 :Am Type Founders 6s etts_1940 ---- 32
37 40 Apr'34 ____
Am Water Works di Electric
•
2012 2312
106
4
10-yr 58 cony colt tr
1944 M S 1033 Sale 10334 105
•
8514 28
Deb g 61 Berke A
1975 MN 85 Sale 85
15
25
5
34 8 63
7
712 Am Writing Paper 1st g 5a1947 1 3 31 Sete 2912
•
4
1114
Anglo-Chilean Nitrate 78_1945 M N 1114 Sale 1112
Ark & Mem Bridge & Ter 52.1964 M 5 86
90 8712 May'34 ____
71s 13
914 164 Armour & Co (III) let 4 14e 1939 1 D 9812 Sale 9814
987
8 89
9412 71
812 14
/ Armour & Co of Del 5Hs_ 1943 J
1
4
94 Sale 9312
_•
9814 19
Armstrong Cork cony deb Es 1940 1 D 9712 Sale 9712
4
6
/
1
4
7
/ Associated 0116% g notes-1935 M 5 103 Sale 10372 10412
1
4
3
/ 74 Atlanta Gas L let S.
1
4
/
1
19471 D 10012 - - 1004 May'34 ___
10032 10312 AU Gulf & W I SS coil tr 54_1959 .1 J 5812 Safe 5612
12
57
91 107
10
Atlantic Rennin' deb 6.--1937 I I 1063 Sale 106112 107
4
58
747
2
2
6312 8414 Baldwin Loco Works let 58_1940 MN 1063 10814 1071 1074
/
4
/
1
4
924 10014 Batavia° Petr guar deb 4 He_1942 J J 10512 Sale 10512 1051s 12
534 72
7
8
Bell Telep of Pa Se series 13._1948 I I 11214 Sale 11154 1123
53
72
1st & rat S, series C
1960 A 0 11414 Sale 114
7
1144
9
524 71
Beneficial Indus Loan deb (te 1946 M S 1034 Sale 10314 104
82 984 Berlin City Elec Co deb 614s 1951 J 0 4812 Sale 4812
/
1
4
/
1
507 103
s
17
101 103
46
Deb irinking fund 6lia--- _1959 F A 43 Sale 43
99
29
/
4
1955 A 0 421 Sale 4212
994
/
1
46
Debentures lita
4
70
9014 Berlin Elec El& Underg 6He 1958 A 0 42
5414
S07 5372
e
__
62
___ Beth steel 1st & rat forguar A '42 MN 10912 Sale 10914 1101
25
86 104
4 103
30
-year p m & Inipt a t 58_1939 J 1 10234 Sale 1023
1950 M S 3612 ___ 30 Apr'34 __
5712 733 Bing & Bing deb alio
4
75
•
95 :Botany Cons Mills 634s 1934 A 0
1
1212
1212
15
A 0 12
Certificates of deposit
78
973
4
8034 100
Bowman-Bat Hotels let 75._1934
•
6614 8812
Strap as to pay of $435 pt red m S
*
84 10212 :Eliway & 7th Ave 1st 5a-1943 J D
*
56
823 8512 May'34 __
4
81
Brooklyn City RR 1st 5e_ _ 1941 J 1 77
35
4
Bklyn Edison Inc Sense A_ _1949 J 3 1083 Sale 10814 109
934 17
4 37
10812 Sale 10814 1083
1952 J
Gen nage S. series E
.7:,Del 100
-,- Bklyn-Manh R Teen 6s,.1988 J 1 10014 Sale 9984 10014 277
SA & Ar Peas let gu If 4a. 1943 J 3
Santa Fe Pres & Phan let56..1942 88 S
Scioto V & NE let gu 4s
1989 m N
:Seaboard Air Line let g 4;1_1950 A 0
Certificates ot deposit
Gold 40 stamped
1950 A 0
Cerrito of deposit stamped-- A 0
Adjustment ba
Oct 1949 F A
Refunding-is
1959 A 0
Certificates of derma
let & cone 68 series A _ _ _ __ 1945 NI S
Certificates of deposit __
--Ati & Birm 30-yr let g 4a..1933 M S
:Seaboard All Fla 6s A otta_1935 A 0
Series B certificates
1935 F A
So & No Ala eons gu g 5s
1938 F A
Gen cone guar 50
-year 5s 1953 A 0
So Pao coil 48(Cent Pao coil) 1949.0 D
let 434s(Oregon Linea) A.1977 M 9
-year cony fia
20
19343 D
Gold 43.48
1968 M 8
Gold 4940 with warranta 1969 M N
Gold 4145
1981 MN
San Fran Term let 4a
1950 A 0
00 Pao of Cal lat c.on gu g 54_1937 MM
So Pao Coast let gu g 4e
1937 J J
So Pao RR 1st ref 4.
1955 J J
lriStanmed (Federal tax) 1955 I I
Southern RI let cons g 5a-1994 3 .1
Devel & gen 4s series A
1956 A 0
Devel & gen 6e
1956 A 0
Devel & gen 694s
1956 A 0
1999 j 1
Mem Div let g ba
1951 J 3
St Louis Div 1st g 4s
East Tenn reorg lien g 56_1938 M 6
Mobile & Ohio coil tr 48._ _1038 M S
:Spokane Internet Mt g 56..1955 3 .1
Staten Island Ry let 434e_19431 D
Sunbury & Lewiston let 48_1936 J J
For footnotes see page 3747
ga.
•
7312 Sale
/ 20
1
4
19
20
19
21 Sale
18 Sale
18 Sale
ups Sale
70 Sale
613 Sale
4
6212 66
5314 54
2312 Sale
85___
733
68
•
12
76
7312
8
2012
4
193
5
19
19
5
2134
21
14
20
18
1812 12
18
171 31
/
4
1812
7912 12
70
4
6134
4
613
12
64
6212
533
4 15
53
/
1
4
11
261
2312
95 May'34 ____
7414 May'34 ____
10434 Sale 10434 10532 88
___
____ 100 101 May'34 -___
8512 99 99 May'34
4
10884
108 Sae 10853
/
1
4
844 39
84 Sale 8284
1
10614 10612 10614 10614
1033 -- -- 102 Apr'34 __
a
•
•
26 2212 May'34 ___
20
•
*
6
21
2212 21
20
41/4 614 5 May'34 __
e
"
2
9
9
9 Sale
/
4
111 25
101 Sale 1014
/
4
914
1014 17
934 Sale
•
414 21
4
514 4
4
438 412 May'34 . _
2
1034 ____ 10314 10312
1
107
10612 -- -- 107
6912 62
69 Sale 684
70
81
80 Sale 80
__ __ 9912 May'34 ___
8412 12
4
8234 Sale 823
6334 75
6212 Sale 6212
6314 134
6134 Sale 8134
9732 16
9714 Sale 9634
10414 --_- 103 Mar'34 ____
I
991
/
4
/
1
4
99 _-- 99
/
1
4
8914 124
8814 Bale 8814
____ ____ 924 May'30 ____
35
/ 104
1
4
1033 Bale 102
4
71
661
6412 Sale 6412
8814 16
8612 Sale 8812
9184 68
/
4
9012 Sale 901
97
9912 00 May'34 ____
981
6
8812 Sale 86
3
10218 Sale 10212 102'i
11
74
7312
7312 76
1012 121 11 May'3 ____
--------60 MeT.3 ---99 _ _ 100 Feb'3 ____
Range
Since
Jan. 1.
Union Pan RR 1st & Id gr 4s 1947 J I
1st Lien & ref 48
June 2008 NI 8
1967 3 1
Gold 434s
let lien & ref ba
June 2008 34 13
40-year gold 4s
1968 1 D
II N J RR &Can gen 45
1944 M 5
Vandelia cons g 4s series A 1955 F A
1957 MN
Cone e f 48 series B
Vera Cruz & P asst 4 Ha_1933 J 1
Virginia Midland gen 58-1936 M N
Va & Southwest let fru ba_2003 1 J
1958 A 0
lat cons 58
Virginia Ry let 58 series A._1982 M N
1st mtge 434s series B......,1982 MN
4
1063 Sale 10572 10714 161
99 107
/
1
4
/
1
4
10012 Sae 9932 10014 196
89 10014
10134 Sala 10112 1013
8934 10134
4 67
14 1024 114
4
1133 Sale 11312 114
9514 47
8212 9534
/
1
4
954 Sale 94
/
1
104 __ 104 May'34 ---- 1001,305
1
4
99 102
10114 1013 10114 10114
10114 ____ 101 Apr'34 ---971a 101
312 _ __ 4 May'34 ---24 5
10312 10412 10212 May'34 --, 9814 1024
2
3 757 93
93
93 Sale 93
6 87 67
83
83 Sale 81
/ 10814 73
1
4
108 Sale 107
9914 108
/
1
4
10232 ____ 1021 1023
/
4
4 10
90 1023
4
9012 11
/
1
4
74
95
:Wabash RR 1st gold 5s
1939 MN 90 Sale 9014
7612
26 gold tis
5 564 834
1939 P A 7614 Sale 7614
/
1
60 80
let lien 50
-year g term 4e 1954 3 3 ---- 60 60 Feb'34 ---9812 96 May'34 _--70 96
Del & Chic Ext lit 5a
1941 3 J 96
45
5534
1
55
Dee Moines Div 1st g 411_1939 1 J 5018 5834 55
53 53 May'34 ---45 55
Omaha Div lat g3_
1461941 A 0 50
Toledo & Chic Div g 46_1941 M 9 7312 90 63 Dec'33 ---1512 19
221 11
/
4
Wabash Ry ref & gen 5Hs A 1975 M 8 21 Sale 21
_ ____ 24 25 Apr'34 -141j 25
Certificates of deposit
2812
2214 25
15
coup) B*B'78 ir -A 21 Sale 2018
32
RAI& gen 54(Feb.
16
244
- ___. 24 2414 Apr'34 -- -Certificates of deposit..
/
1
21
22 21
154 2812
1
Ref & gen 4)4* series C___1978 A0 20
_16
2512
5
20
Certificates of deposit..
, ---- -- 20
2112 26
20 Salo- 20
15 28
A
Ref & gents aeries D
1980 -14
2312
- ---- 20 2312 Apr'34 ____
Certificates of deposit
Warren let ref Rug 314s,,....2000 1 A --------77 May'34 ---6
77
8812 79 May'34 ---79 79
Washington Cent let golds 1948 Q M 79
993
4 10012 26 93 100
2
Wash Term let gu 334s
/
1
4
1945 F A 997 -1945 F A 10114 __-- 95 Nov'33 ____ ____ ___
1st 40
-year guar 4s
8512 67
Western Maryland lst 41_1952 A 0 8512 Sale 8412
7012 88ls
4
9514 31
let & ref 534,series A
80 96
/
1
4
1977 J .1 933 Sale 9334
10614 12 10231 10614
1937 J .1 10614 Sale 106
West NY & Pa Mt g 58
27 85 101
/
1
General gold 4a
1943 A 0 101 Sae 1004 101
30
4634
,
38 119
Western Pan 1st be ser A_1948 M 13 3812 Sale 36 g
85
/ 49
1
4
6878 86
West Shore let 4s guar
2361 J J 844 Sale 8412
79 May'34 _-_/
1
4
Registered
2361 3 J 7978 81
6514 8222
2
85 974
Wheel & L E ref 4%e set A.-1988 M S 94 957 9634 May'34 ___
9312 10112
i
1966 M 5 10112 ____ 10112 10112
Refunding 5.aeries B
9712 14
8634 100
RR 1st consul 4s
1949 M 5 9712 Sale 9712
54
541
/
4
56
3938 5972
4
Wilk & East let gu g Si
1942 J D 52
Will di SF 1st gold S.
1938 J D 10012 10112 100 May'34 _-_- 100 10134
90 101
Winston-Salem S B let 4a___1960 J .1 9812 100 9812 May'34 ____
2212
14
1
15
:WM Cent 50-yr lit gen 44_ _1949 ./ J 15 Sale 15
11
10
2
1712
Sup & Dul div & term let 48'36 MN 11 Sale 11
88 68
Wor & Conn East let 4lis1943 J 3 5112 ____ 66 May'34 ____
--
--
•
93 104
62 83
9314 110
56 884
514 74
44 694
25 46
3814 4012
9011 9914
564 8112
71
99
80 8611
84 90
/
1
4
934 10314
35 5912
62
79 4
3
8372 99
674 87
105 1071s
95 4 11612
3
994 105
10414 10712
10132 1044
1054 10914
10314 1084
1057 111
s
107 113
1031a 10814
35 50
10012 111
6414 90
2912 62
17
/
1
4
5
8314 90
874 9
913
82 96
86 9812
102 10 /
/ 41
1
4
4
95 1004
50 6112
11 3 107
3/
1
4
102 1074
10288116
106 11232
106 11412
84 108
444 65 4
3
43 67
/
4
421 6514
4014 74
99 1154
/
1
4
99 103
30
30
•
8
20
•
•
86
72
10512 1091
/
4
10514 110
934 102
New York Bond Record-Continued-Page 5
3746
It .
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 1.
iI
.-.5.
Price
Friday
June 1.
Industrials (Continued)Bid
Ask
Bklyn Qu Co & Sub con gtd 55'41 MN 65
70
let 5e stamped
1941 1 J 60 __-Bklyn Union El let g 58_ _ _1950 F A 9314 Sale
Bklyn Un Gas 1st cons g 58_1945 MN 11258 Sale
1st lien & ref 6s series A_1947 MN 11712 ____
Cony deb g 51411
1936 1 J ____ _--Debenture gold 5e
1950, D 103 10314
1st lien de ref series B
1957 M N 10818 10834
Buff Gen El 434s series B 1981 F A 1067 Sale
MusD Terminal 1st 48
1953 A 0 5318 58
Comm'5s
1955 1 J 1912 22
Bush Term Bldgs 5s go taxer'30 A 0 48 Sale
By-Prod Coke let 5345 A_.1945 MN 70
80
Cal0& E Corp tug & ref 511_1937 MN
Cal Pack cony deb 5s
1940 J 1
Cal Petroleum con deb s f 58'39 F A
,
Cony dabs f g 5146
1938 M N
Camaguey Sugar 713 cffs_1942
Canada SS L let & gen ets_ _1941 A0
_Cent Diet Tel let 30-yr 58_1948 J D
Cent Hudson 0 et E 5s_Jan 1957 M 13
Cent Ill Elan & Gas let 51_.1961 F A
Central Steel 1st as f 8s_ _.-1941 MN
Certain-teed Prod 5345 A _1948 M 8
Champ Corp cony 56 May 15 '47 M N
Ch 0 L & Coke let go g 5s_ _1937 J 1
:Chicago Railways 1st 5egtIld
Aug 1 1933 25% part pd
F A
Childs Co deb 58
1948 A 0
Chile Copper Co deb Se___ _1947 J J
CM G & E let M 48 A
1968 A 0
Clearfield Bit Coal 1st 46_1940 1 1
Colon 011 cony deb 6s
1938 3 1
:Colo Fuel & Jr Co gen 8 f 581943 F A
Col Indus 1st & col, 58 gu_ _ _1934 F A
Columbia0& E deb 5s May 1952 M N
Debenture 5e
Apr 15 1952 A 0
Jan 15 1901 1 2
Debenture 58
Columbus Ry P & L let 4 Hs 1957 J J
Secured cony g 834s
1942 A 0
Week's
Range or
Last Sale.
1.
1
June 2 1934
•
Range
Since
Jan. 1.
High
Low
High No. Low
57 60
57 Mar'34 ---8
573 Feb'34 ---57 g 57%
7512 96
93
9334 42
8
112
1125e 17 1063 1125
4
117 May'34 ---- 11078 11712
Feb'34 ---- 158 158
7 98 104 4
10258 10314
,
10818 10812
3 10434 10834
99 107
41
10558 107
55
50 60
13
56
1218 2612
211
2212 21
4312 6012
21
45
48
6112 88
3
79
80
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 1.
11
v ts
.44
Price
Friday
June 1.
Bid
Ask
Industrials (Continued)1978 A 0 9712 Sale
Inland Steel let 434e
lit Mat430 ear B
1991 F A 9734 Sale
Unterboro Rap Trail let 68_1986 1 J 68 Sale
10
-year 65
1932 A 0
Certificate/ of demerit ____ -,- - ____ 32
..
*
10
-year cony 7% notes_ _ _1932 M 9
74
Certificates of deposit_. 72
Interlake Iron Mt 5e B
1951 'UN 7014 Sale
Int Agile Corp 1st & coil tr 5e
Stamped extended to 1942._ _ M N 734 833
Int Cement cony deb 5s
1948 M N 9112 Sale
Internet Hydro El deb 6s..„1944 A 0 6014 Sale
Inter Mere Marine if 6s
1941 A 0 5112 53
Intermit Paper 58 sea A & B..1947 J J 7558 Sale
1955 M Ill 61 Sale
Ref If as series A
Int Teiep & Teieg deb g 4346 1953 J J 5758 Sale
Cony deb 434e
1939 1 1 6418 Sale
Debenture Ea
1955 F A 63 Sale
Investors Equity deb 58 A_1947 1 D 97' 98
4
Deb Si ser B with wart_ _1948 A 0 973 98
Without warrants
1948 A 0 97
9712
Week's
Range or
Last Sate.
1.
*SI
High
High No, Low
98
88
57
9914
98
52
8512 9812
693 144
65 7214
12
•
*
3212 May'34 ----32
3.912
•
•
73
6718 75
1
73
8912
7014
7718
2 60
Low
9712
97
68
8412
1
8412
9012
9158 34
60
6214 99
5218
53
16
7558
76% 17
61
8334 33
5738
5912 72
6418
6612 127
6234
6514 167
9614 May'34 _-_97 May'34 --__
9712
9712
3
1034 107
8818 10112
MN 103
99% 10312
27 12
1818 333
4
10458 10758
10418 108
4512 697 K C Pow & Lt lit 4 He ear B 1957 1 1 1084 Sale 101318 10612
8
5
let mtge 4145
10118 112
/
4
1961 F A 108% Sale 1081 10834 13
5218 717 Kansas Gas & Electric 410.1980 1 D 96 Sale 96
8
9612 30
98 110
Karstadt (Rudolph) lit 68_1943 MN 358 Sale 35
3578 12
Ms 10514
3018 Sale 30
Certificates of deposit
3112 76
69 873
Keith (B F) Corp let 65.--19411 M 13 68
68
11
•
•
Kelly-Springfield 'lire 8a___1942 A 0 50 Sale 50
*
5014 12
5412 Sale 5412
43 65 Kendall Co 530 with warr_1948 M 5 935 94 93
11
55
94
4
17
83 Keystone Telep Co let 5s_ _1935 J 1 7714 81
56
794
8212 28
8112 Sale 8112
8012
7
92 10114 Klima County El L & P 5s__1937 A 0 107..107
101 Sale 10034 1014 44
107
6
__
1997 A 0 13658 145 137 May'34 -Purchase money 68
50 ---- 38 Apr'33 --__ ____
5834 .82 Kings County Eley let g 4/.._1949 F A 91 Sale 8912
6712 15
6712 Sale 66
91
48
56 Sale 52
30
59
10
56
4
Kings Co Lighting 1st 5s
1954 J 1 10812 1073 10612 May'34 --_1718 3312
2514 11
2412 Sale 2412
Finn and ref 645
19643 J 11458 11714 11714 May'34 _--86 Sale 85%
8658 35
69 88 8 Kinney(OR)& Co 794% notea'36 J D 9818 100 9812
7
99
5
8512 8718 86
86
70 88 Kresge Found'n coil tr 6s_1938 1 D 983 Sale 98
3
4
9834 25
8412 Sale 8414
6614 88 :Kreuger & Toll el A (Se cffe_1959 M 8 1554 Sale 153
153
4
85
17
14
95 Sale 9412
38
95
73 95
513
9014 106
7
10512
10514 Sale 105
Lackawanna Stool let S. A 1950 M 13 1064 107 106
10612 16
*
Laclede G-L ref dc ext 5s
1934 A 0
Commercial Credit. f 5348_1935 J .1 10114 Sale .10114 10114
4 10114 103
Certificates of deposit ___,- 86% 99 86% May'34 --__
..
Comm'l Invest Tr deb 5 M_11)49 F A 1097 Sale 109
34
62
10978 20 101 1097
8
Coll & ref 834s series C
8
1953 F A 61 Sale 6012
Conn Ry & L let & ref g 4 to 1951 J J 10078 ---- 9834 Nov'33 -- _ _ __
__
61% 24
Coll & ref 514s series D
1980 F A 6112 Sale 6058
Stamped guar 4 34s
1951 1 J 10412 ---- 16412 May'34 --_/
1
4
4
97 10412 Lautero Nitrate Co Ltd 68_1954 J .1 1314 133 13
-1414 50
Consolidated Hydro-Else Works
9858
9838 98
8
Lehigh C & Nay 8 f 4 He A_ _1954 1 .1 98
of Upper Wuertemberg 7s..19&63 J 4418 45 4358
7
973
4 10
39
60
Cons sink fund 430 ear C_1964 1 1 9714 9838 9712
4458
Cone Coal of Mdlat .3: ref 5s 19503_
91 88 May'34 __ _ _
18
D 1712 19 18
3
12
2514 Lehigh Val Coal 1st & ref a f 5s'44 F A 88
Certificates of deposit
- 1518 Sale 15
8
57
2
15%
let & ref. f 5.
1114 24
1954 F A 554 57 5818
Consol Gas(NY)deb 5148._1945 FA 10658 Sale 10614 107
42 10112 10712
_.1612 60 5812 May'34 _-__
let & ref s t 5s
1964 F A
Debenture 434s
1951 J D 10038 Sale 10018 10012 190
1st & refit 5e
1974 F A 5312 5612 56 May'34 --_
9058 10112
Debenture Ea
1957 J J 10334 Sale 10312 10414 17
974 10458
i
Secured 6% gold notes..,1938 J J 9312 Sale 9312
9312
Consumers Gas of Chic go 58 1936 J 11 10458 ____ 10412 105
9 100 10658 Uggett & Myers Tobacco 78_1944 A 0 126 Bale 12512 12614 12
Consumers Power 1st 5e C_ _1952 MN 10718 Sale 107
5.
3 10012 108
10758
1951 F A 112 -__ 11134 11258 30
Container Corp lit 6s
4
70
19463 D 8912 Sale 89
9612 Loew's Inc deb 5 f 69
8912 16
36
1941 A 0 993 Sale 9878 100
15
-year deb 5e with warr_1943 J D 73
94
19523 0 ____ 9278 VW%
52
814 Lombard Els° is ear A
2
73
73
74
23
Copenhagen Telep 58 Feb 151964 F A 91
Lorillard (P) Co deb 75
7518 95
1
93 a9112 a9112
4
1944 A 0 a1203 Sale 11207 121
3
Crown Cork & Seal if as_ _1947 J D 10512 Sale 105
1951 F A 107 Sale 10612 107
56
974 10512
9
10512
8
Crown Willamette Paper 6E1951 1 J 9338 9512 9212
794 955 Louisville Gas & El (Fry) 56,1952 MN 105 4 Sale 1041
8
8
94
10514 29
,
Crown Zellerbarb deb ea w w 1940 M S 9312 Sale 92
70
96
6
94
85
Lower Austria Hydro El 61481944 F A 85 Sale 8418
4
•
•
:Cuban Cane Prod deb Cs__ _1950 J J
Cumb T & T let & gen 58._ _1937 1 J 10758 Sale 1067e 10758 24 1034 107% :McCrory Stores deb 594e. _1941
Proof of claim filed by owner__ ,6012 Sale 60
6012 15
,
2414 10412 mcKeation A Robbins deb 5 Sis'611 MN 80% Sale 797
Del Power & Light let 410-1971 J 1 10412 Sale 104
10412 10
8238 106
let & ref 414e
*
8958 102
thtentati Sugar 1st a f 714_1942 A 0
1989 1 1 102 103 102 May'34 -- _ 1st mortgage 4346
184 May'34 ____
20
94 104
2
10334
- 10334
Certificated; of depoeit __ -. - 15
..
1989 J J 104
*
Den Gas & El L 1st & ref e f 5e'51 MN 100 10012 100
86 1027a
6
100
_Stamped Oct 1931 coupon 1642 A b
Stamped as to Penne tax 1951 MN 991$ 101 100
163 20 Feb'34 ____
8
8
10012
7
8758 102
Certificates of depoeit...... ---- 10
Detroit Edison 5e ear A
Flat stamped modified•
9658 107%
1949 A 0 106% Sale 10612 10714 28
Gen & ref 5,serf°, B
51 468
4 12
9638 10714 :Manhet By(NY)cons g4.1990 A 6 48
50
4
1955 J D 1063 Sale 10612 1063
44
Gen & ref 5s series C
39
15
96% 108
1962 F A 108 10814 10612 108
39
-. _ _- 41
Certificates of depoeit
..
7
Gen & ref 4148 series D 1961 F A 10314 Sale 103% 1033
43
30
35 33
89 10312
33
2d 48
1
iia J
Gen & ref 5e series E
1952 A 0 107 Sale 10614 107
97 10712 Manila Elan RR & Lt if 5e.1953 611 8 8412 94 82 May'34 ____
15
Dodge Broe cony deb 6s
82
4 105
9858 1054 Mfrs Tr Co offs of partio In
1940 M N 10478 Sale 1043
Doid (Jacob) Pack lit 65_1942 M N 92 Sale 92
18
921
727 71 May'34 ____
8
7978 93
A I Name.& Son let 611_1943 1 D 71
993
9934
Donner Steel lit ref 7s
5414
55
94 102
1
1
544
M611011 Steam Shovel a r 68_1947 A 0 50
19423 1 97 101
9738
Duke-Price Pow let Os ser A_1966 M N 97% Sale 9714
5
7458 9818 Market St Ry 7s ear A_ April 1940 Q .1 87 Sale 87
, 17
883
Duquesne Light let 434,A_ _1967 A 0 10718 sale lova 10712 41 101% 1084 Mead Corp 1st 6e with warr.1945 M N 78 Sale 78
79
15
1st Mg 44* serial B
Meridional° Elan let 7s A1957 A 0 9118 10078 1001
1957 M El 10918 ---- 10818 May'34 ---- 10212 109
10338 14
8
Metr Ed let & ref 58 Der C_ _1953 J J 98 Sale 963
9814 16
1908 M 5 883 Sale 8812
•
*
*
East Cuba Sug 15-yr a f g 7148'37 M 9 •
let g 414s series D
89
28
Ed El Ill Bklyn 1st cone 43_1939 1 3
1 10018 10512 Matron Wat Sew & Dr 514e 1950 A 0 ___- 897 897
8
9058 10
-- 1054 10512
*
Ed Elan(N Y) let cons g 54_1(196 3 J 1054-- 120 May'34 ---- 110 121
Met West Side El (Chic) 4e.1938 F A
120 124
54
45
El Pow Corp (Germany) OM '50 M
454 894 Miag Mill Mach ist a f 7s_ _ _1958 -1 D 514 sale 5114
523 Sale 521
5
51,
4
47
let sinking fund 61413
6914 Midvale St & 00011 Sr it 56.1936 M S 1024 Sale 102% 10212 Si)
5314 11
52% 5112
49
1953 A
8338 89
3
Ernesto Breda 7s
Milw El Ry & Lt 1st 54 B.
843
4
7118 86% 8458
.,.1961 J D 8358 Sale 834
1954 F
844 25
6
8414
Federal Light dr Tr 1st 58__ _1942 M
lit mtge 5s
81
3 64
1971 J J 8234 Sale 823
2
5s International series_1943 M
Montana Power let 55 A
75
79
5
803
4
984 36
1943 1 J 98 Sale 9778
4
78
86 803
8018 16
601, 8118
78% Sale 78%
let lien a f 58 stamped_1942 M
Deb S. series A
19623 0 75 Sale 75
7512 10
let lien 6s stamped
9
84
9212 81
Montecatini Min & Agile
64
84
84
1942 M
1937 J J 91 Sale 91
30
-year deb 68 series B
Deb g 7e
5112 6718
1954 1
- _ - 8618 May'34 ---,
47
97
9958 9958
10 101 106
106
Montreal Tram let & ref 50_1941 1 J 99
66Federated Metals s f 78
1939 1 D 105 108 106
995
24
Fiat deb s 1 g 7s
Gen & ref s f 5s series A_ _1955 A 0 8112 8312 824 Apr'34 _ _ _
3 10018 102
4 1007
8
1946 .1 1 _.__ 10058 1003
Gen & ref a f 5s series B_ _1955 A 0 814 88
74 Feb'34 _ _ _
Framerican Ind Dev 70-yr 714842 1 J 10712 Sale 10712 10712
3 10212 110
19
41
1
27
Gen & rats f 43.18 eerie. C.1955 A 0 754 76
:Francisco Sug let if 734a-1942 M N 27 Sale 27
7558 May'34
Gen & ref a f 5a series D._1955 A 0 8112 ---- 85 Mar'34 _
791 9312 Morris & Co 1st a f 4 HS-- _1939 J .0 97 Sala 97
14
93
Gannett Co. deb 138 ear A_.1943 F A 93 Sale 93
9758 12
- - 4058 Dee'32
Gas & El of Berg Co cone g 581949 J D 10934 --- 104 Feb'34 ---- 104 104
Mortgage-Bond Co 48 tier 2 1986 A 0 31
5
Murray Body 1st 8 He_ _ _ _1934 J 0 __._ 1412 95
Gelsenkirchen Mining 65
1934 MS
963
*
iti
MN 10312
_ 104
Gen Amer Investors deb 5s-A1952 F A 9414 Sale 9414
1
104
Mutual Fuel Gas 1st fru 155.1947
794 97
944 16
-- -12
Gen Baking deb .1 1530
10518 12 102 10534 Mut Un Tel ltd 6s Int at 5% 1941 M N 1024 103 103 May'34 ____
1940 A 0 105 Sale 105
Gen Cable let a 1 514e A
59
744 27
1947 J J 7414 Sale 74
7714
.. _ 102% Apr'34 -- -, 100 10258 Name.(A I) & Son _See Mfrs Tr
Gen Electric deb g 334e
1942 F A
483 85
543
Nassau Else gu g 49 sip& _ _1951 J J 60 Sale 594
8
5318 5712
Gen Elan(Germany) 79 Jan 15'45 1 J 10318- - 54
60
4
88 86 May'34 _ _
6312 Nat Acme lit s f (ls
S f deb 834s
1942 1 0 65
48
14
55
1610 J D 55 Sale 55
20
458 6318 Nat Dairy Prod deb 5141 _1948 F A 904 Sale 93%
67
52
-year if deb 613
1948 M N 52 Sale 51
95
193
1956 A 0 10238 Sale 10214 1027 107
Gen Petrol let sink f'd 58_1940 F A 10512 Sale 10558 10558 19 10358 106
Nat Steel let coil 58
8
Gen Pub Serv deb 514e
76
945 Newark Cousol Gas cons 55,19483 D 109 __ 110 May'34 __
8
9414 31
4
19303 1 933 Sale 9212
6818 8914 Newberry (JJ) Co 534% note.'40 A 0 102% Sale 10214 102li ..
15
86
Gen Steel Cast 534e with warr•49 I 1 85 Sale 85
•
New Eng Tel & Tel ba A_1952 J D 11314 Sale 113
:Gen Theatres Equip deb 66_1940 A 0
11312
7
1st g 434s series B
1961 M N 10912 Sale 10878 10912 99
3
1114
814
84 15
812 Sale
Certificates of depoeltGood Hope Steel A 1r sec 71_1945 A 0 6018 62 6018
554 6358 NJ Pow & Light 1st 410_1980 A 0 T8714 Sale 86
8
6034
8714
9
4
New On Pub Serv 1st 5s A_ _1952 A 0 593 Sale 59%
10412 35
95 105
Goodrich(B F)Co let6 Hs_ _1947 J J 104 Sale 104
60
80
72 90
First & ref 5s series B.-1955 1 D 5958 Sale 592
63
Cony deb 8e
84
4
1945 1 D 833 Sale 833
4
6014 37
9912 120
1951 F A 60
8914 10014 N Y Dock tel gold 4e
6212 61
Goodyear Tire & Rubb let 5.1957 M N 99 Sale 9834
3
81
1938 A 0 487 Sale 4812
Serial 5% noted
Gotham SIM Hostery deb 62_1936 .1 D 91
89
95
95 91 May'34 ---7
49
•
*
NY Edison let & ref 810 A.1941 A 0 11412 Sale 114
Mould Coupler let et 8s..1940 F A
11412 41
1st lien & ref 5s series B1944 A 0 10.314 109 10814 109
6814 87
2
8014
8014 8018
Gt Cons El Pow (Japan)78_1944 F A 80
23
76
14
75
lit lien & ref 5e eerie!! C-1951 A 0 109 83.18 1083
654 79%
let & gen s f 834e
4 109
19503 1 ---- 76
14
8834 17
Gulf Stated Steel deb 5W-1942 1 D 88 Sale 88
N Y Gas El Lt H & Pow g 56 19483 D 11414 115 11314 113%
71
89
1
Purchase money gold 4s_ _1949 F A 106 Sale 1054 108
38
95 89 May'34
Hackensack Water let 4s_ _ .1952 J J 102 ____ 10212 10212
96 10212 NY LEA W Coal & RR 5 He'42 rel N 88
1
5714 11
Hansa SS Linea 6s with warr 1939 A 0 5714 Sale 57
3958 5714 N Y L E & W Dock & Imp 511'43 1 1 9938 103 100 May'34 ____
7 Sale
53
7
70% NY Rye Corp Inc 6s___Jan 1965 Apr
7058 23
Harpen Mining 6s with warr.1949 J J 70 sale 70
8
72
,
Prior lien 85 series A
1965 1 J 6514 Sale 6514
Havana Elan consol g 5s_ _ _ _1953 F A 3518 45
294 3618
31358 May'34 ---3
87
73
7
9% NY & Aldan] Gaa ist Si A _-1951 M N 108 Sale 106
Deb 534e series of I92&.1951 M 3
838 77 May'34 ---106
2
•
•
•
4
458 4
State Rys 4 He A otts_1982 ---1934 A 0
IN Y
:Hoe(R)& Co let 648 sea A
4
2
6 He series B certificatee_1982 „, 4
44 43 May'34 ___
Holland-Amer Line 138 (flat)_1947 M N ____ 25 39 Dee'33 -----------_
N Y Steam 6.settee A
65
89
5
84
N
1947 134- 10958 Sale 10918 10918
Houston 011aink fund 54s_ _1940 MN 814 Sale 81%
1
39
51
4512 55
1st mortgage 5.
1951 MN 10514 Sale 10434 1054
Hudson Coal let s f 5e sir A.1962 J D 4412 Sale 42
8
8
let mortgage 56
8
1956 MN 1037 Sale 1037
Hudson Co Gas let g 5s.,_1949 MN 1094 112 1103 May'34 ---- 10514 111
104
5
10312 Sale 10312 10378 120 10318 10512 N Y Telep 15t et gen a t 434. 1939 M N 10838 Sale 1077
Humble Oil& Refining 5e_ _1937 A 0
10812 75
1
5612
4
8
564
19463 12 5612 59
1958 1 D 1085 Sale 108% 10838 19 1053 11012 N Y Trap Rock 1st 68
Illinois Bell Telephone 5s
20 1024 10612 Meg Lock &0Pow lit S. A 1955 A 0 10214 104 102
1940 A 0 108 Sale 10512 106
9
1023
4
Illinois Steel deb 414s
473
29
4158 5918 Niagara Share deb 5%...l950 M N 67 Sale 67
4712 4714
873
4 41
Header Steel Corp mtge 68_1948 F A 47
94 Ha Norddeuteette Lloyd 90-yrsf66'47 MN 5418 Sale 5418 574 8
Ind Nat Gas & 011 ref 541-1938 MN 101 ---- 10012 May'34 --_
Certificatesof deposit
.._. --__ 474 Sale 471s
49
2
For footnotes see page 3747.
1
107
10718 ---- 107
1004 Sale 10012 10078 35
4
103
103
- 103
103 1033 10314 May'34 ---_- -8
1
5
418 7
5
_ __ 3314 3112 May'34 ---7
10712 Sale 1084 10712
4
108
108 1083 108
4
6314 Sale 6258
5
6314
1
110
110 Sale 110
6212 Sale 6212
5
633
4
10434 Sale 10434 10814 181
10514 21
105 ---- 105
Range
Since
Jan. 1.
62 8412
7978 9184
40% 6958
44 6312
574 82 2
,
3814 73
484 69%
57%7358
52 693
4
82% 98
88
98
8778 98
10018 10612
1001s 1083
4
72% 9812
19
3578
1612 3112
61
72
48
594
74% 954
734 813
4
104 107
122 11778
75 91
10314 108
108 120
8118 100
8258 100
1214 2154
97
10612
85
93
50 6958
50 693
4
/us 1958
81
9918
80 994
794 91
40 621
4218 59
40
56
8118 97
11918 12818
106 1127
8
85 102
9558 98
1124 121
994 107
88 10514
51
8514
50
66
581 8658
•
10
20
.
6
20
•
4258 511,
37
48
80 40
82 97
oo
44
68
63
94
77
71
80
7714
61
9111
81
116
984
89
924
•
60
78
97% 1024
57 854
86
66
794 99
53 813
4
91
9812
954 101
8214 824
74 74
75% 7558
83 85
6412 9784
iii lb(I
95 105%
97 10312
5314 623
4
6518 86
7812 96
91 103
10358 110
9814 10414
10511 1134
101 10912
6918 8714
414 65
4058 65
50
67 ,
37
58
1094 11411
1054 1104
1054 1094
4
107 1133
99% 106
7518 95
87 1003
4
612
97
5
70
63
90 106
111 5
218 47
10214 110
98% 106
9758 105
103 10812
63
51
90 102%
724
50
454 73
1.
_
4712 5 1
3747
New York Bond Record-Concluded-Page 6
BONDS
N. T. STOCK EXCHANgE
Week Ended June 1.
Prite
Friday
June 1.
Week's
Rang, or
Last Sale.
403
Range
Since
Jan. I.
I ndustrlais (Continued)
Ask Low
High
Bid
High No. Low
1
224 40
34
Nor Amer COM deb 6146 A_ _1940 MS 3118 36
34
6312 91
North Amer Co deb 66
88
8812
87% 41
87
1961 FA
7
No Am Edison deb Si lay A_1957 M
61
88
88
88
86
83
Deb 5148 eer B._ _Aug 15 1983 FA 90 Sale 8912
941s
62
913
4 33
Deb 64( ser C
5618 86
Nov 15 1969 MN 8012 Sale 80
8112 38
11
Nor Ohio Traci tic Light 6s_ _1947 MB 101% 10212 101% 102
7478 102
8
Nor States Pow 25-yr lis A1941 * 0 103 Sale 103
10314
8912 103
2
let & ref 5-yr 68 ser B_1941 * 0 106 107 105
106
94% 106
Norweg Hydro-El Nit 648_1957 M
813
8 19
8
7812 90
783 813 794
4
24
Ohio Public Service 7344 A.1946 AO 107 Sale 1044 107
89 107
let & ref 78 miles B
103
78 103
1947 P A 10318
- 103
5
Old Ben Coal let 66
23
1/
15
1712
163. - 12 1712
1944 P A
9 101 10814
Ontario Power N F let 56_1943 P A 106 10911 108
10814
Ontario Transmission tat 54_1945 MN 106 10912 10912 May'34
101 10912
Oelo Gas a, El Wks esti 6.l963 M
10
a83
4
a83
823 86
6912 86
36
Otis Steel let mtge 6s ser 14_1941 MB 57 Sale 57
59
59
28
Pacific Coast Co 1st g 6.11146
40
3614 May'34
D 35
Pacific Gas & El gen & ref Si A '42 J J pm% Sale 10614 10612 24
Pacific Pub tiers 5% notes_1936 M
8912 Sale 8914
9012 13
Pacific Tel de Tel lit 66-- _1937• J 10718 107% 10718 10714 30
Ref mtge 66 ernes A
9
4
4 1103
1951 MN 110%
- 1103
•
(Pan-Am Pet Co t Cal)cony 66'40 J D
Certificates of deposit
4212 444 423 May'34
4
Paramount-Wway let 6348 1951 ii 43
461s 13
483 451s
2
Certificates of deposit
4512 May'34
47
43
:Paramount Fern% Lasky 64_'47
Proof of claim filed by owners.
•
Certificates of deposit
4
50
521e 25
3D 483 51
:Paramount Publix Corp 54
8'50 P A
•
Proof of claim filed by owner
•
55
52
Certificates of deposit
4914 503 51
8
Park-Lex 8
16 May'34
20
15
Mfg
1953
2212 3112 29 May'34
Parmelee Trani deb ge
1944 *0
_
Pat & Passaic0& E cone 58 1949 61
4
1083 May'34
1093
4
5
Pathe Each deb 78 with wary 1937 ▪ N
97%
9718 97%
5
101
Pa Co Ire 341 coll tr A reg_ _1937 MS 100 -- 101
6614
5
9912
_ 9912
9912
Guar 344 coil trust ser B_1941 P A
_
Jan'34
Guar 334. trust Ma C
9912 --- 86
1942 J
Guar 3348 trust efil
4
863 Feb'34
3D 95
994
9912 15
Guar 48 eer E trust cUs_1952
N 98
10114 38
Secured gold 4%.1963 MN 1011s Sale 101
5
73
Penn-Dixie Cement let 6. A 1941 MS 70 4 73
72
3
eip, Sale 96
9614 169
Pennsylvania P & L lit 4148 1981 * 0
2
11018
Peep Gas L & C lit cons 68_1943 * 0 110 112 110
24
4 102
Refunding gold Si
1947 MS 102 Sale 1013
Phil& Co sec Si aerial A
85% 81
1967 JO 8412 Sale 84%
Phil& Elec Co let & ref 4144 1967 M
10714 Sale 1074 10714 13
10212 53
lit & ref 41
1971 P A 10212 Sale 102
21
62
Phil& & Reading C & I ref 5.1973 J
6112 Sale 61
487
2 32
Cony deb 6.
48 Sale 47
M
1949
124
4 100
Phillips Petrol deb 548_ _1939 JD 997 Sale 993
2
4
Pillsbury Flour Mills 20-yr '43 AO 10712 108 10712 108
-65
8
Pirelli Co (Italy) cony 78._ A952
101% 1011
N 101
32
85
Pocah Con Collieries lat I 58'57 j 1 80
85
81
5
89
Port Arthur Can & Dk 68 14_1953 P A 85
85%
89
May'34
lit mtge 68 series B
1963 P A 8514 95 88
Port Gen Elm 11t 4348 ser C 1960 MS 46 Bale 45%
47% 85
9112
92
3
Portland Oen Elec let 54..„1935 3, 91
92
9
44
Porto Rican Am Tob cony
4214
4
J J 423 44
Postal Tales & Cable coil 611942 J
503
4714 Sale 4714 . 8 123
54_1958
:Pressed Steel Car cony g lie_1933 • J
7
1061
Pub Sere El &(31st & ret 44.67 30 10612 Bale 10618
11
lit & ref 4144
1970 P A 10612 Sale 10614 1061
42
1027
let & ref 48
1971 *0 1024 Bale 102
18
Pure Oil if 54% note1._
4
1937 FA 993 Sale 9952 100
38
98
5154% notes
1940 MS 9612 Sale 9614
Pointy Bakeries s f deb 54._1948 J J 91 Sale 91
9114 14
:Radlo-Keith-Orpheum pt pd etre
for deb 6.& corn eta (65% pd)_
367 Apr'34
2
30 *
•
Debenture gold 68
1941
6
Remington Arms let it 66...1937 ▪ N 10218 Sale 10212 10218
8
89
38
Rem Rand deb 5148 with wart'47 MN 8814 Sale 574
3
991
Repub I & B 10-39-yr Se.1_1940 * 0 99 Sale 99
Ref & gen 5 48 series
881:
• J 8018 877 874
A_
9912
993
3
Revere Cop & Braes 6s ser A_1953 MB 9912 Sale 9912
1948
457
k 34
Rhenelbe Union a f 78__ _1946
J a4414 Sale 8444
22
43
Rhine-Ruhr Water series 61953
j 424 Sale 4212
9
65
Rhine-Westphal% El Pr
8
8
MN 643 Sale 643
644 46
2
7,1960Direct
Mtge 66
1952 MN 64 Sale 637
645
8 31
Cons mtge 88 of 1923... _1953 P A 64 Sale 64
_644 51
Cons M as of 1930 with wary'55 * 0 64 * Sale 633
4
•
:Richfield 011 of Calif 63.._ _1944 MN
3314 27
Certificates of deposit
32 Sale 32
MN
Rims Steel let I t 71 _ _ _ _1955 FA 5414
5412 May'34 -2
Roch G&E gen M 548 set c '48 MS 10612 Bale 10612 1061
Gin Mee 414s serlea
101 May'34 -D.,1977 MS 1001s
Gen mtge S. series E_ _1962 MS 106 1081, 10614 106%
Royal Dutch 48 wIth warr_1945 * 0 a131'4 Sale 13112 13212 21
Ruhr Chemical a f 6a ______ 1948 * 0 ____ 69
72 Apr'34
•
St Joseph Lead deb 5146__1941 MN
St Jos Ry Lt Ht & Pr lst 56_1937 MN
St L Rocky Mt & P55 etpd _1955
St Paul City Cable cons 68_1937 J j
Guaranteed 511 _- _
_
1937
Elan Antonio Pub eery 1st118 1951 J J
- Schulco Co guar 6
_ _ ____ 1948 j j
Stamped (July 1933 coup
on)
Guar II 644 sake 13._ _1946 AO
Stamped
Sharon Steel Hoop f 6%8_1948 P A
Shell pipe Line if deb
58_1952 M
Shell Onion 0114 f deb 54_1947 MN
Deb 14 with warranta1949 AO
Shlnyetau El Pow lit 634,._1g52 3D
Siemens & Halite e f 78____1935
.t
Debenture. f 614s
1961 MS
Sierra & elan Fran Power 56_1949 P A
Silesia Klee Corp a f 6 gig_ _1946 P A
Sileelan-Am Corp coil it 74_1941 FA
Sinclair Cons 01115-yr 74.....1937 MS
lii lien 6148 aerie. B
D
1038
Skelly 011 deb 5348
_1939 MS
Soutn Bell Tel & Tel 1st•f 56 '41 3 J
fewest Bell Tel let & ref 58_1954 P A
Southern Colo Power 6. A1947
Stand 011 of NJ deb 56 Dec 1646 P A
Stand 011 of NY deb 4146.._1951
4)
stevens Hotel lit fls aeries A '43
Studebaker Corp 6% g notes'42 J O
Certificates of deposit
Syracuse Ltg Co lit g 5a___1951 J D
Tenn Coal Iron & RR gen 54_1951 J
Tenn Copp & Chem deb 6aB 1944 MS
Tens Elea Pow 1s1 6e.
1947 J D
Texas Corp cony deb 54___1944 AO
Third Ave Ry 1s1 ref 48
1960 J J
•- Ad)Inc 68 tax-ex N Y_Jan 1960 * 0
Third Ave RR let g Si
1937• .1
Tobacco Prods (N J) 6345-2022 MN
Toho Else Power let 7s--.1955 M
Tokyo Elea Light Co Ltd111ilat 6. dollar series
1953 J D
Trenton 0 & El lit g 56_ _ _ _1949
•B
Truax-Traer Coal cony 6341.1943 MN
Trumbull Steel 1st s f 84.-1940 MN
Twenty-third St Ry ref 53...1962 J J
Tyrol Hydro-Elec Pow 7411955
N
Guar sec s f 78
1952 P A
12
10912 110
9412 May'34
61 May'34
72 May'34
80 May'34
3
97
96
3912 May'34
41 May'34
41 May'34
58
41 May'34
50
3
68
674 68
38
100
Sale 9912
98
98% 41
98% 52
Sale 98
16
75
Sale 74%
68
68% 27
4 s.6014 16
Sale 593
&W 9
Bala 100% 10118
5012 May'34
50
33
56
53
4 10412 86
10412 8ale 1033
84 Ss
l
e
104474 Sale 10412 10512 25
9
94% 27
sSale 9414
108% 25
10814 Sale 108%
13
1084 Sale 10812 109
7
82
79
1097 Sale 105% 10614 117
75 s Bale
72
1033 Sale 103% 104
4
1091s
9314
50
68
68
96
40
40
36
36
5
4
993
Ua'4
9014
75
68
6014
101
40
110
95
60
75
•
42 Sale
1113
4
10814 - - 871, Sale
804 Sale
1023 Sale
4
5212 Sale
2712 Sale
98 Sale
10414 Sale
4
903 Sale
683
8
1093
4
5012
9514
74
76
•
4114
11214
10812
8718
79
10212
5214
2712
98
104
903
4
25
44
3
11214
9
10812
6
874
804 35
1023 101
4
5314 39
2914 44
11
9914
80
106
15
94
687
8
Sale 68
-- -- 10818 Apr'34
5012
Sale 48
953
4
954 9514
Sale
Sale
74
76
7514
76
43
16
20
5
BONDS
N. Y STOCK EXCHANGE
Week Ended June 1.
a•
al
k
.44
Prigs
Friday
June I.
Week's
Range or
Last Sae.
Bid
Ask Low
High
industrials (Concluded)
83
Upgawa Elea Power if 76_ .1945
•S 83 Sale 8212
8
Onion Elec Lt & Pr(Mo)56.1957 * 0 10512 1053 10518 10512
'3 10612 Sale 10612 10612
Iln E L & P (III) 1st g 6%8 A 1954
•
•
Onion Elev Ry (Chic)5a_1945 AO
Onion 011 30-yr 61 A_ _May 1942 P A 11218 Sale 11218 113
4
4
Deb S. with warr__ _ _Apr 1945 J D 1023 Sale 10212 1023
:Jolted Biscuit of Am deb 66 1942 MN 107 Sale 10612 107
851g
4
United Drug Co(Del)Bs_ _ _1953 MS 843 Sale 84
1814 187 191s May'34
2
:United Rya St L lit g 48__ _1934
.1 8412 Sale 8412
8614
II El Rubber let & ref baser A 1947
98 May'34
N 95 100
United 88Co 15
-year 68.. __ _1937
4
42 8
7
D 414 4214 411
17n Steel Works Corp 6 141 A _1951
427
s
42
D 4114 42
Sec.'f 644 miles C
1951
43
414 Sale 4114
Sink fund deb 641 ser A 1947 J
4
Um Steel Works(Burbach)7s 1951 A0 11414 120 1193 Apr'34
Universal Pipe & Rad deb 8.1936 JO 2614 3012 31 May'34
5414
17nterelbe Power & Light 68_1963 A 0 5312 Sale 5312
7212
17tah Lt & Tray lst & ref 58_1944 AO 703 Hale 70
4
777
2
75 Sale 7412
Citali Power & Light let 5i_ _1944 P A
titles Elec L & P let.f g 56 1950
.• 1 10712
- 100 May'33
11212 Sale 111
11212
Utica Gas & Elec ref & ext 51 1957 J
3412
titil Power & Light 534.__,,1947 3D 3112 Sale 3012
283 Sale 28
4
3112
Deb as with warranta
1959 P A
Range
Binge
Jan. 1,
No. Low
High
13
12 87
73
9612 1054
4 102 107
/
1
4
•
16 10712 113
11
943 103
4
6 1023 107
4
114
60
85 4
3
1012
17
83
91
68
9012 98
26
403 66%
4
61
403 664
4
68
40% 67
107 120
31
13
9
47
73%
5712 ygls
12
40
6012 81
25
40%
100%10612
9012
87
3 102 flit;
10414 10712
ill
10518 1107
2212 41
e
202
1812 381a
•
28
463
4
4
8912
8773
2
82
Vanadium Corp of Am eon,56'41 A o a7812 Sale 7714
47
30
3% 14
Vertientes Sugar 76 018
30
47
414 5% 6% May'34
1942
2212 1812 May'34 _
1812 181g
20
Victor Fuel let. f Be
1953
•
810618 11
Vs Elm & Pow cony 6%l,.1942 MB 010614 Sale 106
96 1063
4
2.2t2 5414 Va Iron Coal & Coke let g 5a 1949 MB 60
5
60
6514
65
75
65
1
10014 10012 10014
VaR, er Pow 1st & ref 5.•__ _1934 J
10014
99 110
1113
8 19 1083 1113g
11114 Sale 111
Certificates of deposit
4
•
5412
29
1
934 2212 Walworth deb 6%. with wary '35 A0 30 Sale 30
1212 4412
30
_
_ Sale 37 May'34
Without warrants
234 3512
15 8 37
AO
3
40
493
4€
let sinking fund es iser A _ _1945 AO - 12 Sale 4612
21
50
10312'109
40% 67
601 105
85
983 Warner Bros Pict deb 6i,. _1939 MS 5712 Sale 5712
s
2
Warner Co let mtge 6s
25
20
25
23
94 101
23
1944 * 0 23
1
41
3
484
94 4 99is Warner-Quinlan Co deb 68_1939 MS 41 Sale 41
80
2 105% 108%
1071
Warner Sugar Refin let 76._1941 3D 10712 Bale 107
86 86
1
5138
42
63
88 4 86% Warren Bros Co deb 66
3
1941 MS 51% Sale 5138
984 1051s
85
9912 Wash Water Power Ifs. ___1939 J J 10518 Sale 1054 10512 10
4 11214 37 105 11212
85 4 10112 Weetcheeter Ltg 56 stpd did 1950 J O 111% 112 1113
3
West Penn Power Ger A 51_1948
3 1033 10812
4
6612 77
•S 108 Sale 10712 108
2 104 112
1st fis seriee E
4 1113
79
9614
1963 MS 11112 --- 1113
_ 104 1084
let sec 58 series0
1007 111
8
1956• D 108 10814 108 May'34
10314 90
9714 104
83 102% Western Electric deb 14
1914 AO 102% Bale 1024
Western Onion coil trust 64_1938
4
9132 102
63 4 88
' 10114 1011 10112 1011
3
3
4
85
_
Fundfrg & real eat g 410_1950 MN
85
84
744 9012
101% 1077
s
15
50
96 1023
8 1011
4
-year 6 34e
1
1936 P A 1014 Sale 1005
93 4 10212
34
213-year gold 56
881
79% 9514
2
1961 3D 853 Sale 854
50 4 69
3
33
30
-year 58
881
79
5518
,
39
9412
1960 MB 863 Sale 864
Westphalia Un El Power 64_1953
59
573
4
42 4 68%
3
8918 100
.1 563 Sale 55
9312 Sale 9314
94
Wheeling Steel Corp let 648 1948 J
17
4
821 97
105 109
let & ref 4%.series 13
84 8 49
3
72
2
87 4
3
101 10111
1953 AO 84 Bale 823
58
White Sew Mach 6s woth wary'38
3
58
58
5218 75
58
6738 88
_
49
69
Without warranta
66 May'34
95
89
33 5218 70
1
Panic f deb (Is
504
48
52
50%
88
1940 MN 504
70
39
673 :Wickwire Spencer St'l let 78 .'85
4
1412
CU dep Chase Nat Rank.- _
84 10
8
7
78
9512
44 14
81s
818 9
CtIs for col & ref cony 78 A 1935 RI/
81
324 6718
Wilson & Co. let.f 68 A_ _1941 *0 105 Sale 1044 1057
23
97% 10612
45% 63
•
g 82 Sale 82
67
7411 89%
821
10012 9065 Youngstown Sheet & Tube 158 '78
2
83
lst mtge s f 156 see B
17
7412 89%
1970 * 0 8212 Sale 8212
100 1363
4
93 102%
9018 10012
87
9812
781 9612
4
(Negotiability Impaired by Maturity)
36
37
t'
•
Week's
Price
q . Range
MATURED BONDS.
S
964 103
N. Y. STOCK EXCHANGE 21
PridaY
Hanile or
8111m
92
76
3',•21,
June 1.
Week Ended June 1.
Jan. 1.
Last Sale, ,
e')3
85 10018
74
90
Bid
Foreign Govt. A Municipals.
Ask Low
High Na. LOW
High
12
80 10114 Meal o Trees 68 assent large '33 J 3
9 Apr'34 _-__
6
81 11
71 1112
43
.1 g --------1112 Feb'34 ---73
Small
3618 6611
61
7318
Railroad.
:Burl C R & Nor let & coll 541934 A 0 32
35
36
36 May'34 ---4
4 71
814
55
55 4 71
3
3112
:Chic R I & Pac ref 48
49
20
25
1934 A 0 24 Sale 24
5812 71
*Norfolk & South Ist g 56.....1941 M N 3012 3712 3212 May'34 ---1414 4
0
•
8
25
1812 11
1712 Sale 1712
(Norfolk South let & ref 541._196i F A
20
3514 (RI Ark & Louis let 448.„1934 hi 13 16% Sale 157
15
25
173
4 13
8
5414 58
St Louis Iron Mt & Southern99% 107 4
47% 84
Riv & 0 Div 1st g 48
28
3
58
1983 MN 57 Sale 564
86 101
20
27
:Seaboard Air Line 1st g 46_1950 A 0 23
28
2518 Apr'34 ---94 106%
Gold 4e stamped
1712 27
2314 25 May'34 ---1950 A 0 21
93 Sale
10212 14214
Refunding 48
7 4 14
8
93
4
7
93
4
1959 A 0
62% 7412
AU & firm 30-yr let g 48 1933 M S 17
1912
1418 2514
1912
21
1
Matured Bonds
105 4 114
3
72
9614
36 4 61
3
45% 82
45% 80
71
9812
35 4 41
3
30
45
32
41
30
41
38
76
89% 10014
89 8 993
5
4
89% 9914
64 8 7614
5
68
81
5814 69
8611 10118
4
4 684
43
37% 5
814
1024 104%
101 10511
2418 9612
105% 109
10518 110
63% 86
104% 107
100 10412
•
•
34
67
10312 11214
104 10914
651s 8814
57
84
96% 101%
41
5514
254 313
4
86 100
10112 10714
80
9414
634 7334
102 1085s
6158
37
831s 96
•
48
7514
45
76
Industrials.
:Abitibi Pow & Paper let 54_1953 J D
:Botany Cons Mills 634s......1934 A 0
Bowman-Bilt Hotels lit 78._1934
Stmp as to pay of $435 pt red_ M 8
213-way & 7th Ave lit eons 581943 .1 D
:Chia RYII 56 mod 25% part paid.. F A
:Cuban Cane Prod deb 60_1950 J J
East Cuba Bug 15-yr if g 748'37 Ni S
Gelsenkirchen Mining 6.._._1934 M 8
*Oen Thestree Equip deb 38.1940 A 0
:Gould Coupler let 8 f 68_11140 F A
:Hoe(R)& Co 1st 8 4s ear A 1934 A 0
41% Sale 3912
16
1714 16
_
97 11
.
3-55 Sale
312
3
1214 Sale
594 Sale
8 Sale
1212 17
28 Sale
4312 119
1
16
1812 4 ,
9
1
12
25
412 May'33 -----------94 97
s
9% May'34 ---.
3
47
563
55
4
543.
212 83
2
34 31
318
714 2212
1314 58
12
5412 80
59
6014 29
318 13
932 38
8
87 1912
8
4
15
15
40
25
5
29
28
311 42
10
tinterboro Rao Trap 68....1932 A 0 34
35
35
34
10
-year 7%
7014 77%
7714 22
.
77
1982 MS 76
76
Laclede G-L ref & ext Sg
9512
79
5
notes._1934 A 0 90% Sale 90
904
i
:Menet' Sugar 1 8 I 744_1942 A 0 16
9
232
233 16 May'34 ---4
Stmpd Oct 1931 ooupon_1942 A 0 16
20
10
197e 20 Apr'34 -___
20
15
Flat stamped modified15
2712 20 Feb'34 --_
:Met West Side El(Chic)4s 1938 F A
1112 10
10
„LI
i
(Pan-Am Pet Co (Cal) cony 6,'40 J D 443. Sale 433
1018
7
2518 4712
443.
8
:Paramount Fain leaky 64_1947
Proof of claim filed by owner_ J D 493 513 5014
291g 55
18
53
4
4
:Paramount Publlx Corp 5141'50
Proof of claim filed by owner__ F A
2914 55
42
53
50 Sale 50
:Premed Steel Car cony 5 54-1933 1 J
5112 ups
5
5112 60
52
52
:Radio-Keith Orpheum 64..1941 .1 D 31
1814 41
35
31 May'34 ____
:Richfield 0110? Calif 68
2114 38
3212 Sale 32
86
1944 M N
33
:Stevens Hotels series A._ _1945 J 1 25 Sale 25
2814
3
16
26
:Studebaker Corp 6% 110tee_ I 942 J til 4212 Sale 42
35 4 6814
3
4312 28
Twenty-third St RY ref 5s 1962 J J
_ 28 Aug'28 ---- --,- .s,Union Elec Ry (Chlo) 5s
17 -24
1945 A 0 284-- 1.14 113
18 May'34 ___
r Cash sale not included in Year's Range.
a Deferred delivery sale not Included in Year's Range.
•Look under list of Matured Bonds on this page.
t Accrued interest payable at exchange rate of 84.8665.
I Companies reported in receivership.
Deferred delivery sales in which no account is taken in computing the range,
are given below'
Chill Mtge. Ilk. 6s 1962, May 31 at 34. Norway Mun.Bk,5.1970, June 1 at 894
C.C.C.& St. L. Cairo dly. 4,1939. May Paris-Orleans 514s 1968, May 31st 1494.
28 at 1024.
Ithinealbe Union 78 1946, June 1 at 444.
Copenhagen 414s 1953, May 29 at 734. Siemens & Halske 648 1951, May 29 at
Haiti 6.1952, May 31 at 7614.
6034.
Hamburg 6s 1946, May 29 at 344.
Vanadium 5s 1941, June 1 at 784.
Lorillard 78 1944, June 1st 120%.
Virginia El. & Pow. 545 1942, June 1 at
Lombard Elec, 7s A 1952, May 29 at 87.
10634.
3748
Financial Chronicle
June 2 1934
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at the
Boston Stock Exchange, May 26 to June 1, both inclusive,
compiled from official sales lists:
Stocks-
Railroads
Boston & Albany
100
131 133
Boston Elevated
100 62
62
64
Boston & Maine
Prior preferred
100 2914 283-4 2934
Class D 1st pfd stpd 100
17
17
Ch Jet Sty & Un Stk Yd 100 1003,4 1003,4 10034
East Maas St RyCommon
100
13.4
13-4 114
let preferred
100 13
13
133-4
NY N Haven&Hartford100
1534 153-4
Old Colony RR
100
100 10236
Pennsylvania RR
50 293.6
293-4 31
Miscellaneous
-American Cont'l Corp____•
8
734 8
100 1123-4 1123-4 1153-4
Amer Tel & Tel
•
Amoskeag Mfg Co
.534 6
Bigelow Sanford con__ _• 25
25
25
Boston Personal Prop Tr_• 12
113-4 12
Brown Co 6% cum pref__.
1234 1234
East Gas & Fuel Assn
Common
•
734
736 834
100 6434 6434 67
6% cum prat
71
713.6
434% prior preferred 100 71
Eastern Steamship coin_•
8
834
Edison Elea Ilium
100 140
139 140
Employers Grouts
11
1134
Georgian Inc(The)cl A pt 20
14
134
"
Gilchrist Corp
4
4
Gillette Safety Razor
1034 11
Hygrade Sylvania Lamp •
21
21
Int Ifydro-E1System cl A 25
614 63-4
Mass Utilities Assoc v t ci.•
134
134
13-4
Mergenthaler Lyn° Co_ _•
22
2234
New England P S Co com_•
14
%
New line Tel & Tel__ _100
92
9334
Pacific Mills
100
2434 2634
Reece Butt Hole Mach_ _10
1134 1114
Shawmut Assn tr ctfs__ •
734 8
Stone & Webster
•
734 834
25 15
Swift & Co
15
1534
•
Torrington Co
583-6 5834
.1
United Founders com
14
nie
14
25 6.534 65
U Shoe Mach Corp
ee
Preferred
25
33
334
Warren Bros Co
•
834
85-4 934
•
Warren (S D)& Co
1234 1234
Range Since Jan. 1.
High.
Low.
62 1093.4
173 55
Jan
Jan
139
70
May
Apr
116
20
10
2334 Jan 4236 Feb
Feb
153-4 May 25
May
8634 Jan 102
308
165
154
141
422
Jan
1
2'% Jan
163-4 May
1136 Jan
Feb
1334 May 29
7834 Jan 10234 May
Feb
2734 Jan 39
200
83-4 Feb
43-6 Jan
1,466 10734 Jan 12534 Feb
120
536 May
103-4 Feb
6 25
June 3934 Feb
504
1236 Feb
934 Jan
Apr
95
16
5
Jan
Jan
271
5
1034 Feb
Jan 6834 Apr
341 45
Apr
72
Jan
266 55
150
1034 Feb
734 Jan
237 12.534 Jan 15434 Feb
210
73-4 Jan
1234 Feb
Jan
2
100
134 Jan
15
6
Feb
334 Jan
191
1234 Jai:.
834 Jan
Mar 25
110 19
Apr
43,4 Jan
130
934 Feb
1,095
1
May
214 Feb
May 2734 Feb
75 22
10
34 May
13-4 Feb
Jan 9634 Apr
212 83
110 2014 May 343,4 Feb
Jan
5 10
1234 May
120
934 Feb
634 Jan
192
1334 Feb
53-4 Jan
Jan
lel 14
19
Feb
Apr
20 4914 Jan 62
1 3.4 Feb
'Ti, May
531
526 5634 Jan 6834 Apr
136 3234 Jan
36
Mar
255
1334 Jan
634 May
Jan
15 10
1234 Mar
mining
25
Calumet & Hecla
25
Copper Range
North Butte
2.50
Pond Crk Pocahontas Co_
2b
Quincy Mining
Shannon Copper Co_ .._ _ 10
5
Utah Apex Mining
Utah Metal & Tunnel-- - -1
4
454
150
3
BondsAmoskeag Mfg Co 66.1948
Brown Co 5345
1946
ChJctIty&UnStkYds5s'40
East Maas Street By
Series A 436s
1948 4934
Series B 5s
1948
Pd Creek Pocahontas 75 '35 106
4
414
434 434
45e 46c
1734 1734
15-4
13-4
% 15c
136
13.4
3
33-4
118
390
650
195
100
2,210
20
2,560
7234 73
$7,000
53
53
5,000
10336 10434 8,000
47
50
106
334
3
25c
10
1
12c
750
1
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
634
534
80c
18
214
22c
3
534
Feb
Feb
Jan
May
Apr
Apr
Feb
Feb
6534 Jan 76
Apr
40
Feb 59
Apr
9334 Jan 10434 Apr
4934 15,000 38
51
2,000 39
106
2,000 102
Jan 52
Jan
58
Mar 108
May
May
May
z Es-dividend. • No par value.
CHICAGO SECURITIES
Listed and Unlisted
Paul FLDavis &ea
New York Stock Exchange
New York Curb (Associate)
Chicago Stock Exchange
Chicago Curb Exchange
37 So. La Salle St., CHICAGO
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, May 26 to June 1, both inclusive, compiled from official sales lists:
Stocks
-
Friday
sates
Last Week's Range for
Week.
Sala
ofPrices.
Par Price. Lole. High. Shares.
Abbott Laboratories ccan • 50
Acme Steel Co
_ _ _25 37
Adams (J D) Mfg cc/In_ •
Adams Royalty Co :orn _•
3
Advanced Alum CastIngs.5
234
Allied Products Cor icIA..•
Altorfer Bros cony p ref. • 1836
A er Pub Serv pref_ __ioo
Armour & Co w I _ _
5
6%
• 59
Prior preferred w
Asbestos Mfg Co co
Associates Invest Co corn.
Assoc Tel Se Tel Co :I A. •
Automatic Products comb
7
Bastian-Blessing Co corn.*
Bandit Aviation co n____• 14
634
Berghoff Brewing Ce__1
Borg-Warner Corp :om _10 2134
Brach & Sons(E J) .om...• 1036
Brown Fence & Wire, e1A_ 5
•
3
Class B
•
Bruce Co (E L) corn
Bucyrus-Nionighan
Bunte Bros pref- --_ _100
8%
_.J0
Butler Brothers. _ _
Cent Cold Storage c m..20
• 1814
Central ill P S pref.
Cent Public Util clasa A_ •
comm on_ _•
1
Cent SW
• 1634
Priorlien pref_
•
234
Chicago Corp comm na
•
Preferred
Chic Flexible Shaft om_ _5 10
Chicago Mall Order enm_ 5 1214
50
37
1114
3
234
13
1834
934
634
58
2%
61
434
7
53,4
14
63-4
2134
1014
9.3i
3
11
14
4716
834
714
1836
%
1
16
23-4
26
10
1234
50
3816
113.4
334
234
13
1836
10
63,4
6034
2%
61
43.1
734
554
1554
63-4
2334
1036
934
3
11
14
4736
93-4
734
1834
%
13-4
1634
236
2634
10
13
50
100
40
600
100
100
10
100
2,700
300
200
50
160
7.100
100
450
1,100
1,850
150
100
100
100
10
10
2,250
50
70
100
450
440
2,900
400
100
400
Range Since Jan. 1.
Low.
40
Jan
2734 Jan
6
Jan
13-4 Mar
234 Jan
10
Jan
Jan
10
Jan
5
634 May
58
May
234 May
Jan
55
Si Jan
214 Jan
534 May
1334 May
634 May
2034 May
8
Jan
Jan
6
1% Jan
95j Jan
1036 Jan
4734 May
Jan
4
634 Jan
1234 Jan
14 Jan
34 Jan
Jan
5
134 Jan
2234 Jan
Jan
8
1234 May
High.
513,4 May
4734 Feb
16
Apr
4
May
434 Jan
2034 Feb
25
Feb
13
Feb
636 May
6014 May
334 Jan
61
May
434 May
914 Feb
10
Feb
2334 Feb
1136 Jan
2834 Feb
113.4 Mar
12
Feb
414 Feb
le% Mar
14
Jan
473,4 May
1234 Apr
8
Feb
24
Apr
14 Feb
2
Jan
17
Jan
4
Jan
3134 Feb
1014 May
TO
Feb
Chick NW By com_ _ _ 100
Chic Rivet & Mach corn_ •
Chicago Yellow Cab cap__•
Cities Service Co corn_ _ .._•
Coleman Lamp & St coca_•
Commonwealth Edison 111(1
Congress Hotel Co corn 100
Consumers Co corn
5
Continental Steel com_
•
Cord Corp cap stock
5
Crane Co common
25
Preferred
100
Curtis Mfg Co corn
5
Decker (Alf)& Cohn comb0
Deep Rock Oil cony pref__•
Elec Household Utll cap_5
General Candy Corp Cl A.5
Gen Household Mil 00M-•
Godchaux Sugar Inc el B..*
Goidblatt Bros Inc com_•
Great Lakes Aircraft A_ •
Great Lakes D & D
•
Greyhound Corp new corn •
Ilart-Carter cony pref _ _ •
Houdaille-Hershey el B--•
Class A
•
Illinois Brick Co
25
Indep Pneurn Tool v 1 c_ •
Iron Fireman Mfg v t o_ _ _•
Kalamazoo Stove corn....•
Katz Drug co common_l
Keystone St & Wire com.•
La Salle Ext Unlv corn.. _5
Libby McNeil & Libby- -I()
Lion Oil Refining Co corn_•
Loudon Packing corn_ _ _ _*
Lynch Corp common_ _ _1
,
McGraw Eleo Co com_ _5
McWilliams Dredging Co_•
Marshall Field common.. •
Mickelberry'sFdProd corn 1
Middle West Util corn---•
•
$6 cony prat A
MidlandUnited corn
•
Midland Util 6% pr lien 100
Miller & Hart Inc cony pf _•
Modlne Mfg corn
•
Monroe Chemical Co pref *
Mountain States Pr pf _100
Mu.skegon Motor Spec A.
•
National Battery Co pref.
•
Natl Elec Pow cl A corn_ •
National Leather com_ _ _10
National Standard com*
Noblitt-Sparks Ind corn..'
North Amer I.t & l'r corn 1
Northwest Bancorp com_ •
Oshkoah Overall com
•
Convertible preferred_ •
Parker Pen Co(The)com10
Penn Gas & Elec A corn __•
Perfect Circle (The) Co.-•
Potter Co (The) com____•
Prima Co common
•
Public Service of Nor III
6% preferred
100
7% preferred
100
Quaker Oats Co
Common
•
Preferred
100
Raytheon Mfg
5
6% preferred v t c
Reliance Internat'l A coin *
Reliance Mfg Co
Common
10
Sears, Roebuck & Co com •
Signode Steel Strap pfd_30
Common
''
Southern Union Gas com •
.
Southw Gas & El 7% p1100
Southwest Lt & Pr pref _ _•
St Louis NatStkydscapstk.
Stand Dredging cony Pf - •
Stutz Motor Car con_ ___•
Sutherland Paper com_ _10
Swift International
15
25
Swift dr Co
Tele Bond & Sh 7% pf_100
Thompson (.1 It) com___25
•
12th St Store prat A
Union Carbide & Carbon_•
Utah Radio Prod corn_ •
Util & Ind Corp
•
•
Convertible preferred_,
Viking Pump Co prat_
•
Common
Vortex Cup Co
Common
•
*
Class A
Wahl Co corn
•
Walgreen Co common_
•
Ward (Montg)a Cool A..•
Waukesha Motor Co com _•
Wayne Pump cony pref _ _•
Wieboldt Storer Inc cons_ •
Zenith Radio Corp com •
9
1434
23-4
16
48
43-4
83-4
143-4
5%
12
834
173-4
1734
17
434
22
1436
2336
3336
5
1834
333.4
1
3.4
114
53-4
834
134
2436
123-4
436
14 34
26%
66
113
9
14
1436
25-4
1536
48
25
15
715
43-4
834
55
6
136
654
123-4
5%
113-4
834
1734
%
1714
17
5
415
18
5
23
1434
233.4
3334
20
Si
5
434
18
3336
9
1834
1536
134
3i
%
%
134
514
12
3836
836
10
19
Si
134
24
1234
2%
3%
43.4
1934
8
1454
2634
434
8
1034
1536
1434
2%
16
5034
25
15
734
54
934
55
6%
134
636
15
534
133-4
834
1754
Si
1736
19
5
5
22
5
23
1535
24
333.4
20
Si
511
434
1814
35
934
1836
16
136
34
1
3i
134
54
13
397-4
814
11
19
%
13.4
243-4
533-4
234
3%
5
1934
8
15
2694
4%
8
60
66
60
6734
110 113
1233-4 1233,4
114
254
114
2%
1454
4334
1034
1%
%
6434
28
61
334
4
ni
303-1
15
1531
734
3
4036
1
134
33-6
2934
5
1434
4334
1036
154
Si
653.4
2934
61
334
4
8
303-4
15%
1551
734
+554
4014
1
134
314
2936
5
12
29
1 36
26
110
10934
31
234
234
1234
2%
123.4
29
136
27
11034
31
214
123-4
214
13.4
55%
293.4
4
8
3034
153-4
714
134
334
12
134
Bonds
Chia City Kyle
1927
208 So La Salle St Bldg
6345
1958
•No par value. z Ex dividend
4834 4814
30
30
8S8S8SR8SS2'48RS8S288288.9888528S8S8SH8888S822.9822S88828888ESSS08 RR SR 88 2SR2S8RRS28, S28288SSRS SSSSSS8SS
90 NN.N..
.00
00M
0.04 CCI
.N.
04000.
0
Cl
.
NN
CO
Cl
§ §
mm..NNM
V
Cl a
a
ClS.
Friday
Sales
Last Week's Range Jot
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Friday
sales
Last Week's Range for
Sale
of Prices.
1Veek.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
a%
6
1134
134
15
34
25
3-5
5
4%
734
44
5%
13-4
534
814
4
834
334
153.4
Si
16%
534
5
33-4
11
4
17
8
20
21
1134
%
3
4
1634
2736
334
14-34
1234
1
Si
14
li
%
554
934
2036
834
914
19
%
1
21
12
13-4
3
334
15
49.6
6
23
2%
7%
Jan
Mar
Jan
Jan
Apr
Jan
May
Jan
Jan
May
Jan
Jae
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
May
May
Feb
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
Mar
Apr
May
Jan
Jan
Jan
Apr
Jan
Jan
Jan
May
June
Jan
Jan
June
Jan
May
May
Jan
Jan
Jan
Jan
May
Jan
Jan
Jan
Ja
,
Jan
Jan
Jan
34
383-4
Jan
Jan
106
115
High.
1534
1734
le%
434
25
62
44
1
1111
834
1134
6534
7
23.4
754
15
734
1634
1034
3254
136
22
1914
9
63-4
23
734
26
153-4
2736
38
2334
1
734
20
4014
1011
263-4
1914
354
14
234
%
2
103,4
16
40
1014
1434
23
%
234
2734
16
4%
634
834
20
9
1634
32%
734
1234
Feb
Apr
May
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Mar
June
Mar
Apr
Mar
Feb
Feb
Jan
May
Feb
Jan
Jan
Feb
May
May
Feb
Apr
May
Feb
Apr
Feb
Mar
Feb
May
Jan
Apr
Jan
Feb
Feb
Feb
Feb
Feb
Apr
Apr
Apr
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Apr
Apt
Jan
Apt
Jan
65
71
Feb
May
53-4
Apr 12334 Jan
Jun 12536 May
2
3
Jan
Mar
icist
51
13
234
234
60
32
61
53.4
1034
8
3234
1834
1634
1054
814
5014
234
2
6
291e
5
API
Fel
Mal
Fel
Mal
Mar
Mal
May
Fel
Fel
Jar
API
Fel
API
Fel
API
Fel
Jar
Fet
Fel
Mal
Mal
1234
83.4 Jan
25
Mar 29
1
Jan
23-4
1754 Jan
2854
88
Jan 11536
2314 Jan 35
6
114 Jan
1
1814
103-4 Jan
5
23-6 May
Juin
Nlai
Fol
AP,
AP
Fel
All:
Fel
Fel
Apr
1
234 May
1434
41
7
13-4
li
40
le%
50
234
4
61-4
24
14
734
654
13-4
4034
1
Si
13-4
23
134
Jan
May
Jan
Jan
Feb
Jan
Jan
Jan
Apr
May
Jail
Jan
Jan
Jan
Jan
Jan
May
May
Jan
Jan
Feb
Jan
463-4
Jan
53
Jar
26
Jan
38
Ma
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, May 26 to June 1, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks
-Par Price. Low. High. Shares.
Abitibi Pr & Paper corn_ _• 1.55 1.55 1.75
6% preferred
9
9
100
Beatty Bros corn
8% 83,4
•
Beauharnols l'ower corn_ _•
6% 7
6%
Bell Telephone
100 116% 116% 118
Blue Ribbon 6%% pref.50 30
30
30
Brantford Cord 1st pref_25 24% 24% 25
Brazilian T L dr P corn_•
8%
934
8%
Brewers & Distillers con.. 1.25 1.20 1.55
234
C Packers corn
234
•
2814
B C Power A
27
•
22
Building Products A_
22
•
Burt (F N) Co com _ _ 25 32
3194 3214
Range Since Jan. 1.
Low.
150 1.00
25
4%
20
6%
316
33i
266 110
2 23%
190 2334
1,051
8%
4.700 1.20
25
2%
77 23%
75 16
175 27
High.
Jan 2.25
10%
Jan
io
May
0%
Jan
Jan 120
Jail 32
Jan 32
May
1411
May 2.95
334
May
Jan 32%
231-4
Jan
34
Jan
Apr
Apr
Feb
Feb
May
Aim
Apr
Fen
Jan
Fob
Feb
Feb
May
3749
Financial Chronicle
Volume 138
4.
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded)
-Par Price. Low. High. Shares.
Canada Bread corn
•
B Preferred
100
Canada Cement corn. _ _•
Preferred
Canada Steamship pref_100
Can Wire & Cable A_
•
Canadian Canners Corn._°
Cony preferred
•
lot preferred
100
Canadian Car & Fdry coal*
Can Dredge & Dock corn_*
Can General Elec pref.. _50
Can Indus Alcohol A_ _ _ _•
Can Locomotive com
•
Canadian Oil corn
•
Preferred
100
Canadian Pacific Ry.....25
Canadian Wineries
Cockshutt Plow emu__ _ _•
Conduits Co corn
Consolidated Bakeries_ _*
Consolidated Industries_ •
Cons Mining & smort25
Consumers Gas
100
Cosmos Imperial Mills_ •
Preferred
100
Dominion Stores corn
•
Easy Washing Mach com_*
Famous Players
Fanny Farmer corn
•
Preferred
Ford Co of Canada A ____•
Frost Steel & Wire pref •
General Steel Wares corn.*
Goodyear Tire & Rub pf100
Great West Saddlery pfl00
Gypsum Lime & Alabas__•
II tilde & Diuretic Paper _ _•
International Mill 1st pf100
International Nickel corn_•
international Utilities A _ _•
Kelvinator of Can corn. ..5
Preferred
100
Lake of Woods Mill com_•
Laura Secord Candy corn_•
Loblaw Groceterlas A_ __ _•
13
•
',crew's Theat(M) pref_100
Maple Leaf Milling corn_ _•
Preferred
100
Massey-Harris corn
•
Moore Corp corn
•
A
100
Nluirheads Cafeterias com•
Preferred
10
National Sewer Pipe A__ •
Out Equit 10% paid. 100
Orange Crush 1st pref _ _100
2d preferred
•
Page-Hersey Tubes corn_ _•
Photo Engravers & Elec..*
Pressed Metals corn
•
Riverside Silk Mills A. •
Russell Motors pref.
100
Simpsons Ltd 13
•
Preferred
100
Stand Steel Cons corn_ __•
Steel of Canada corn_ _•
Preferred
25
Tip Top Tailors corn
•
Preferred
100
Traymore Ltd corn
•
Union Gas Co corn
•
United Steel
Walkers (Hiram) corn_ _ _ •
Preferred
Western Can Flour com •
Preferred
100
Weston Ltd ((leo) com__•
Preferred
100
Winnipeg Electric corn_ •
Preferred
100
Zimmerknitt corn
Banks
Commerce
100
Dominion
100
Imperial
100
Montreal
100
Nova Scotia
100
Royal
100
Loon and Trust
Canada Permanent__ _100
lluron & Erie 20% paid_ •
National Trust
100
• No par value.
15
73/
s
634
84%
6
1155
14
14%
7
10
148
182%
20
113
655
755
24.80
4
57%
16%
1
5
16
11334
70%
19
15
45
74
931
3455
5
34
15%
6%
37
110
931
170
262
160
Range Since Jan. 1.
Low.
High.
115
3
53-4 Jan
May
3
3%
Apr
15
Jan
8
12
15
15
651 May 13
Feb
870
7%
7
Feb
Jan 53
87 33
40
41%
Apr
9
Jan
3
20
634 635
Apr
Feb 25
5 24
24% 24%
Apr
55
554 May
8
551 6
7% May 1035 Feb
298
731 8
Jan 8834 Apr
66 75
8351 84%
195
6
63.1
935 May
May
6
Jan 3435 Feb
110 20
22
22%
May
Feb 63
140 59
6255 62%
May 2055 Jan
1.745 10
11%
11
151 May
2 May
5
2
2
Jan 1534 Apr
125 12
14
14
May
195 92
Feb 110
104 110
1251 Jan 1855 Mar
5,331
1434 16
35
651 May 1131 Jan
6% 6%
May 1034 Feb
7
800
7
731
May
2
151 May
25
1% 1%
513
1234 Feb
751 Jan
8% 10
Jan
195 400
Jan 1.50
500 600
Apr
283 131
Feb 170
148 164
Jan 18235 May
182%
66 165
181
1154 Feb
735 Jan
115
10
10
Apr
Jan 93
1 85
03
93
Mar
May 23
115 19
20% 2035
235 Slay
60
534 Apr
2% 255
Slay 15 Islay
15 15
15
15
Jan 25 ,May
70 13
2435 25
Feb
150 28
Jan 37
38
38
Jan 2534 Feb
21% 2,933 15
20
Jan 47
May
30 30
45
45
Feb
6
334 Jan
145
4% 435
May
333 106
Jan 113
11255 113
Mar
15
10 11
Feb
14
14
851 Feb
431 Jan
675
631
6
551 Jan
100
834 Feb
755 7%
May
Jan 110
99
108 108
Apr
Jan 29.00
24.80 26.70 76.726 21.15
651 Feb
3 May
25
4
4
434 May
551 Feb
435 435
Jan 93 May
10 80
91
Feb
14
20 1054 May
1054 10%
130 4655 May 59
.
May
58
57
Jan 1834 Apr
604 14
16% 1731
110 1335 Jan 1755 Apr
1651
16
May
Jan 80
60
75
75
Jan
May
6
1
515
I
135
5 May Ion Feb
121
5
5
834 Feb
4% Jan
1,165
5
534
Jan 1734 Feb
55 11
1535 16
Jan 11355 May
60 96
113 11335
Feb
3
135 May
250
135 1%
635 Feb
May
6
200
6
6
338 1455 Jan 2031 Feb
1835 19
Feb
Apr
9
6
25
6% 6%
Mar
8
Jan
5
10
8
8
Jan
Jan 1.10
100 300
1.10 1.10
Mar
Jan 77
62 55
70%
67
Feb
Jan 20
75 14
19
19
150 1455 May 2034 Apr
1435 15
Jan 2431 May
85 19
24
24
Feb
Mar 48
5 40
45
45
May
8
Jan
4
14
8
7
May
160 4231 Jan 74
74
68
May 1134 Jan
5
365
555 634
Jan 3834 Apr
410 28
34% 3535
Jan 3831 Apr
25 31
3555 36%
Jan 1334 Feb
7
25
8
8
Jan 8035 Feb
50 66
75
75
Jan
50c Feb 1.00
28
700 750
635 Mar
3% Jan
32
431 5%
534 May
6
May
100
554 555
Mar
30
12,04'
5754 Jan
37
34
May 1731 Jan
15
1,23
15% 15%
May
6
47
834 Jan
63.1
6
May
Jan 62
48
57
56
Feb
91
Jan 57
36
3651 38%
May
8834 Jan 110
5
105 110
Jan
2
534 Apr
3
3
10
10
Jan
Feb
7
934 931
655 May
Mar
20 35 4
531 6
154
169
172
19234
260
160
156
177
174
195
263
161
13431 135
14% 14%
175 185
40
101
21
44
11
40
Jan 168
123
133
Jan 186
141
Jan 180
Jan 203
167
260 Slay 278
130% Jan 168
15 118
25 14
5 170
Jan 140
May
15
Jan 185
Feb
Mar
Feb
Feb
Jan
Mar
Apr
May
May
Toronto Stock Exchange-Curb Section.
-Record of
transactions in the Curb Section of the Toronto Stock Exchange, May 26 to June 1, both inclusive, compiled from
official sales lists:
Stocks-
bale,
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Brewing Corp corn
934
8%
"
831
l'referred
31
30
• 30
Can Bud Breweries com_.•
831 10
934
Canada Alalting corn_ _ ..-• 3234
52
33
Canada Vinegars corn....'
2655
26
Can Wire Bound Boxes A_• 14
1331 14
Consolidated Press A.....*
93-4
834
834
Corrugated Box prof
• 3735
3735 3755
Dehaviland Aircraft corn.•
2%
254
Distillers Seagrams
• 1534
1534 1635
Dominion Bridge
•
3334 33%
Dom Motors of Canada.10
400 500
Dom Tar & Chemical corn •
334
356
Dufferin P & C Stone of 100 3034
3034 3055
English Elec of Canada A_•
13
13
Goodyear Tire & Rub com* 113
113 115
I lamilton Bridge corn....'
53-4 6
534
•
Honey Dew corn
1.00 1.00
Ilumberstone Shoe cora_ •
25
25
imperial Tobacco ord_ _ _5 1031
10% 11
Langleys com
5
5
Preferred
5031 5031 50.34
Mercury Mills pref
•
18
15
Montreal L, 11 de P cons_ _• 3635 3634 36%
National Grocers prof. _100
102 102
National Steel Car Corp_ _*
15
15
*
Ontario Silknit coin
655 635
Power Corp of Can corn _.• 1131
1134 11%
Rogers 151We-stir,
•
551 6%
655
Robert Simpson pref...100
95
95
734
734
Service Stations corn A__ •
Preferred
100 55
55
56
C...1,1 Pity &IN.Int'la entn •
2W. 211
2,985
1,562
1,720
805
130
345
.50
4
20
4,435
548
195
10
5
10
165
210
450
20
288
10
25
150
115
5
25
10
295
1,991
30
145
45
27
Range Since Jan, 1.
Low.
5
15
735
2834
2155
13
6
23
2
15
2551
400
2
18
12
90
531
700
24
1034
1
25
15
3334
9034
14
5
73-4
5
80
6
3235
1%
High.
Jan
11
Jan 3134
Jan
12
Jan 353-4
Jan 27
Feb
1635
1 134
Jan
Apr 3735
Feb
4%
May 2631
Jan 37
May 800
Jan
534
Jan 40
Jan
16
Jan 136
May
934
Feb 1.60
Mar 26
May 1234
434
Feb
Jan 63
May
18
Jan 393-4
Jan 110
May
1855
Jan
7
Jan 15
Jan
735
Jan 96
Jan 103.4
Jan 60
Jan
434
May
Apr
Mar
Mar
Feb
Jan
Feb
May
Feb
Jan
Mar
Jan
Feb
Mar
Feb
Feb
Feb
Apr
May
Feb
Apr
May
May
Feb
Mar
Fet
Apr
Fet
Fel
Mar
Fet
Api
Fe
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded)-Par Price. Low. High. Shares.
Supersilk Hos corn
•
Preferred
Tamblyns, Ltd(G) pre( 100
Toronto Elevators corn_ _ _ •
Preferred
100
United Fuel Invest pre 100
Walkerville Brew
Waterloo Nifg A
•
Oils
British American Oil
•
Crown Dominion Oil
•
Imperial Oil Ltd
•
International Petroleum..'
McColl Frontenac 011 com*
Preferred
100
North Star Oil pref
5
Supertest Petroleum ord. •
Thayers Ltd pref
*
Range Since Jan. 1.
Low.
High.
2%
60
105
27
283-4
9931 9931
1655
935
931
2
2%
65
10534
27
100
1635
9%
2
10
50
25
150
45
10
2,350
75
2
60
90
17
893-4
9%
5%
2
May
2%
May 65
May 106
Jan 28
Jan 100
Jan 2034
Feb
10
May
4
May
Slay
Apr
May
May
Apr
May
Feb
1455
3
1454
2634
1331
8935
1.85
22
4034
1434
3
15
28%
133-4
90
1.85
2251
4055
2,240 1251
2
135
9,110 1234
7,956 193.4
513 1035
31 7134
275 1.40
245 16
5 18
Jan 1531
4%
Jan
Jan
1534
Jan 2855
1451
Jan
Jan 90
Jan 3.00
2931
Jan
Jan 42
Mar
Mar
Apr
May
Apr
May
Mar
Mar
May
1435
1455
2634
13%
90
• No par value.
Montreal Stock Exchange.
-Record of transactions at
the Montreal Stock Exchange, May 26 to June 1, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
Agnew-Surpass Shoe
•
Amal Elec Corp pref_
50
Bathurst Pow & Paper A.
•
Bell Telephone
100
Brazlian T L & P
•
B C Packers
•
Brit Col Power Corp A *
•
Bruck Silk Mills
•
Building Products A
Canada Cement
•
Preferred
100
Can Forgings class A_
•
Can Iron Foundries pfd 100
Can North Power Corp__•
Canada Steamship
•
Preferred
100
Canadian Bronze
•
Can Car & Foundry
Preferred
25
Canadian Celanese
•
Preferred 7%
100
Canadian Cottons
100
Can General Electric_ 50
Preferred
50
Can Hydro-Elect prof..100
Can Industrial Alcohol._ _•
Class B
•
Canadian Pacific By_ __25
Cockshutt Plow
•
Con Mining & Smelting_25
Dominion Bridge
•
Dominion Coal pref _ __ _100
Dominion Glass
100
Preferred
100
Dominion Rubber pref100
Dorn Steel & Coal B__ _ _25
Dominion Textile
•
Preferred
100
Dryden Paper
•
Famous Players C Corp..'
Foundation Co of Canada •
General Steel Wares
•
Goodyr T pfd inC 1927_100
Gurd (Charles)
Gypsum Lime & Alabast-•
Hamilton Bridge
•
Hollinger Gold Nlines....5
Howard Smith Paper St..
Preferred
100
Int Nickel of Canada_ _ - _•
InternatI Power pref...100
Lake of the Woods
•
Preferred
100
Lindsay (C
•
Preferred
100
Maple Leaf Milling
•
Massey-Harris
•
NleColl-Frontenac 011_ _ _•
ontreal Cottons
100
Mont Lit & Pow Cons...*
Mont Loan & Mortgage.25
Montreal Tramways_ ..100
National Breweries
•
Preferred
25
National Steel Car Corp_ _•
Ogilvie Flour Mills
•
Ottawa L II & Power_ _100
Preferred
100
Ottawa Traction
100
Power Corp of Canada_ _ _•
Quebec Power
•
St Lawrence Corp
•
A preferred
50
St Lawrence Flour Mills100
St Lawrence Paper pref 100
Shawinigan NVat & Pow_ _•
Sherwin Williams of Can.
•
Preferred
100
Simon (11)& Sons
•
Southern Can Power
Steel Co of Canada
•
Preferred
25
Tuckett Tobacco pref. 100
Viau Biscuit
•
Waba.sso Cotton
•
•
Winnipeg Electric
Preferred
100
Woods Mfg pref
100
BanksCanadlenne
100
Commerce
100
Montreal
100
Nova Scotia
100
Royal
100
635 63.4
1234 1255
835
7%
11634 11631 117
855 955
855
235
234
234
27
27
2
834
531 5%
16
16
1734
21
21
21
734
7
751
41
4
031 41
4% 431
50
50
2055 2035 21
2
251
63'4 654
2334 24
64 6
655
12
1235
19
19
20
113 115
62
62
145 145
6234 6234 6234
73%
73
74
1131
107-4 1134
1034 11
14%
1451 157-4
7
7
7
147
147 154
33
33
34
6431 81
81
90
88
90
125 12555
635
331
8734
955
6
555
17.00
9
6535
24.80
11
5
13%
3655
10351
28
3534
14%
200
103
11%
17%
2%
35
22
2155
14
34
37
3
10
154
160
20
10
1,235
293
9.440
280
631)
1,460
565
103
741
148
20
1
505
335
30
50
526
490
665
160
80
1
110
228
1,457
152
5,370
120
276
1,054
911
206
63
33'* 4
87%
87
3,495
745
5
5%
1435 1455
12
12
4% 435
113 113
955 9%
6
6
536
5%
17.00 17.00
9
10
6535
65
24.80 26.70
21
21
1134
11
7155
67
255
234
40
40
135 I%
5%
5
1331 1355
37
37
3651 37
40
40
103% 112
28
27
3534 36
1431 15
200 200
85
85
102 103
934 935
11%
11
1731 17%
3
251
11
10
35
34
22
2334
2134 23
163-4 1734
83
83
834 834
1455
14
3655
33
3654 37
12034 12055
251
255
3234
32
334
3
10
9
48
49
320
15
10
19
60
285
145
75
1,156
265
45
5,260
65
256
5
15
10
35
1,61
1,826
69
2,742
25
60
1,647
340
155
17
10
30
15
243
165
817
885
50
695
1.812
150
5
10
225
1,123
220
51
85
60
252
107
75
138
15354
19034
26335
160
138
15531
19635
265
160
1
50
160
34
56
Range Since Jan. 1.
Low.
High.
Jan
0
834 Feb
Jan
10
14 play
3
Jan
855 Mar
Mar
Jan 120
110
855 June 1455 Feb
2% Mar
334 Jan
2251 pan 3274 Feb
4% LJan
831 Feb
16 , Jan 22
Mar
1635 Jan 2335 Feb
12
Feb
6% Jan
Jan 5234 Feb
32
6% Feb
Jan
4
Feb 52
50
Feb
1631 Jan 2234 Mar
Jan
70c
331 Apr
254 Jan
Apr
9
Mar
Jan 27
17
May
6
9% Mar
16
Feb
117-4 May
1651 Jan 223.4 NIa r
Feb 120
104
Apr
Jan 72
41
Fel,
Feb 145
130
May
58
Jan 63
May
Apr
5434 Jan 76
May 2034 Jan
10
1034 May 19% Jan
1835 Mar
1274 Jan
635 May
1035 Feb
132
Mar
Jan 170
2555 Jan 37
Mar
Slay
Jan 81
10
Jan 100
80
Mar
Jan 128
113
Apr
59% Feb80
Mar
554 Apr
23-4 Jan
Jan 88
67
May
112
Jan 140
May
Jan
4
7% Feb
Jan
10
Apr
18
Jan 16% Mar
10
6
Feb
334 Jan
107
Jan 113
May
634 Jan
1134 Apr
474 Jan
835 Feb
955 Feb
53.4 Jan
11.40 June 19.50 Apr
Jan
May
4
11
Jan 73
33
May
21.15 Jan 29.00 Apr
Apr
14
Jan 21
15
1054 May
Feb
Mar
Jan 73
55
155 Apr
33-4 Mar
May
Feb 40
35
Feb
135 Slay
3
Feb
8
4% Jan
1055 Jan 1455 Apr
Feb
Jan 45
25
Jan 3955 Feb
33
Feb
Apr 37
40
Feb
10351 June 125
2334 June 2855 Mar
Apr
Feb 36
31
1834 Feb
1234 Jan
Feb
180
Apr 209
Mar
Jan 92
79
Jan 103 June
90
Apr
Jan 20
5
Feb
15
734 Jan
Feb
Jan 20
15
334 Feb
154 Jan
554 Jan
1135 May
Feb39
Feb
33
May
Jan 26
12
1731 Jan 2434 Feb
Mar
I234 Jan 21
Jan 8755 Mar
60
Mar
10
631 Jan
Mar
Jan 16
11
Mar
Jan 38
28
Jan 3834 Mar
31
Jan
Feb 125
116
5
Jan
234 May
Apr
Jan 37
20
Feb
4
131 Jan
Feb
12
Jan
4
May
Jan 50
20
Jan 145
138
Jan 166
129
Jan 203
169
May 276
261
12934 Jan 16655
Feb
Feb
Feb
Feb
Feb
• No par value.
Montreal Curb Market.
-Record of transactions at the
Montreal Curb Market, May 26 to June 1, both inclusive,
compiled from official sales lists:
Stocks
-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
Asbestos Corp vtg trusts...
Asso Breweries of Can_
•
Cum preferred
100
931
934 1034
951 10
91% 9151
678
120
20
Range Since Jan. 1.
Low.
931 Apr
931 Jan
Feb
90
High.
13% Apr
13
Feb
93
May
3750
PThancial Chronicle
Asso 011 & Gas Co Ltd...* 200
200
Bathurst Pow & Pap B.--*
3
Brit Amer Oil Co Ltd---• 1434
1431
Canada Vinegars Ltd_ _ _ ..•
26%
Can Foreign Invest Corp 4
.
24%
Canadian Vickers Ltd__ __5
2
2
Catelli Mac Prods B
•
231
Champlain Oil Prods pre *
834
834
DLItill Corp Seagrams Ltd * 15% 15%
Dominion Stores Ltd
• 20% 20%
Dom Tar & Chem Co Ltd •
3%
334
Home 011 Co Ltd
1.25
' 1.25
Imperial 01ILtd
• 14% 14%
Imp Tob Co of Can Ltd _ _5 10%
10%
Intl Paints(Can) Ltd A...5
4
4
Intl Petroleum Co Ltd...* 26% 26%
Melchers Distill Ltd A...* 13
13
B
•
6
Mitchell & Co Ltd (Robt)
531
'
Page-Hersey Tubes Ltd__• 70
70
Regent Knittg Mills Ltd_ _*
4
4
Thrift Stores Ltd
• 10
10
United Distill of Can Ltd..*
2
Walkerville Brew Ltd....*
9.35
9.25
Walk Good & Worts
• 34
34
Preferred
• 15% 15%
Public UtilityBeauharnoLs Power Corp-5
C Nor Pow Corp Ltd p1100
City Gas dr Elec Corp Ltd •
Inter Utllitles Corp el A_*
B
1
Manitoba Power Co Ltd_ -5
Pow Corp of Can cum pf100
Sou Can P Co Ltd pref_100
6%
9815
4
750
76%
89%
210
3
1434
26%
25
2
2%
8%
16%
20%
3%
1.35
15
11
4
28%
1331
634
5%
70
4%
10
2%
9.40
36%
15%
600
10
568
30
205
85
252
2,175
900
30
40
790
4,125
305
60
5,230
335
340
55
51
190
25
375
3,950
457
445
6% 7%
96
98%
334 438
334 4
734 750
334 3%
77
75
89
8931
520
71
60
105
425
5
____
64
r"wag
Range &me Jan. 1.
Low,
200
1.75
13
22%
9
2
7%
15
19%
234
1.25
12%
10%
3
19%
11
6
531
56
2
9
1.25
3.90
3011
15%
Jan
Jan
Jan
Jan
Jan
High.
350
334
1534
27%
25
Jan
Feb
Mar
Feb
May
2% Apr
Jan
Mar
9
Mar
May 26% Jan
Feb 22% Mar
Jan
534 Feb
May
1.90 Feb
Jan 15
Apr
May 12% Feb
5
Feb
Jan
Jan 28% May
May
Apr 17
May 11% Jan
Jan 10% Feb
Jan 7434 Mar
Jan
634 Feb
Mar 11% Jan
May
334 Mar
Jan 10.00 Apr
May 58
Jan
May 17% Jan
334 Jan 10
88% Jan 100
434 May 14%
Jan
3
634
1.50
650 May
3% May
4
51
Jan 80
72
Jan 90%
Feb
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Minin$Base Metals Min Corp Ltd•
1.40 May
2.02 Mar
500
1.45 1.45
270 290
Big Missouri Mines Corp_l 270
2,225 270 May 50c Feb
Bulolo Gold Dredg Ltd- _ _5 30.0030.00 30.50
740 23.50 Jan 34.50 Apr
Cartier-Malartic G M Ltd 1
9c Mar
3c 5340 5,100
10
Jan
Castle-Trethewey M Ltd_ 1
2,000 520 Feb 80c Mar
55c 550
Conaurium Mines Ltd. •
1.42 1.55
Jan
1.55 May
340 970
_1
750 800
Greene Stabell Mines
1.200 670 Mar
1.20 Apr
Lake Shore Mines Ltd- _ -1 50.0050.00 50.00
550 42.50 Jan 54.25 Apr
140 180 102,200 834c Jan 25%c Apr
Lebel Oro Mines Ltd_ _ _1 180
McIntyre-Porcupine Lt(1.5
44.25 44.25
100 39.60 Feb 49.65 Mar
Noranda Mines Ltd
• 42.0042.00 44.25
2,637 33.25 Jan 44.75 Apr
Parkhill Gold Mines Ltd 1 53c
7,310 360
52c 550
Jan 71%c May
Premier G Min Co Ltd__ _1
1.25 1.33
1.75 Mar
770
1.05 Jan
Quebec G Mining Corp_ -1 240
240 29c
.
3,055 24c May 700 Apr
Read-Authler Mine Ltd._ I
1.06 97c 1.10
1.26 Apr
6.217 260
Jan
SIscoe Gold Mines Ltd__ -1
2.17 2.10 2.20
8,245
1.43 Jan
2.65 Apr
Sullivan Gold Mines Ltd.! 400
340 41c 49,650 250
Jan 500 Apr
Teck-Hughes GM Ltd._1
6.40 6.40 6.70
8.00 Apr
380
5.80 Jan
Towagmac Explor Co Ltd 1
1,000 49c Mar 69310 Apr
560 560
White Eagle Silver Mines•
500 30140 May 410 Feb
30340 3034c
Wright Barg Mines Ltd_ •
1,180
8.70 9.00
6.75 Jan 10.25 Apr
Unlisted Mines
Arno Mines Ltd
Jan
•
180 Feb
100
4c
40
4c
Central Patricia G Mines_l 680
610 680
2,800 5431 Jan 78c Mar
Granada Gold Mines Ltc1.1
Jan
1.00 Apr
630 630
500 63c
Howey Gold Mines Ltd_ _1
1.37 Apr
200 98c Feb
1.28 1.28
McVittle Grab Mines Ltd 1
1.20 Jan
200 580 May
5911c 59%c
San Antonio G M Ltd___1
4.45 3.82 4.45
4.45 Jan
520
1.76 Jan
Sherritt-Gordon M Ltd_ _ _1
1.43 Apr
1.00 1.00 1.06
450
1.00 Jan
Sylvanite Gold Mines Ltd 1 340
3.20 Apr
280 350 41,485
1.30 Jan
Thompson Cadillac $1 Ltdl
2.75 2.75 2.77
1,100
Un listed
Abitibi Pow & Paper Co..*
Jan
1.60
214 Feb
1.60 1.90 2,075 900
Cum preferred 6%---10
4
Jan 10% Apr
61
934 9%
0
Brew & Distill of Vane__ •
1.45 May
2.95 Feb
1.45 1.50 1,325
Brews Corp of Can Ltd_ _ _•
Apr
831
911
905
53.4 Jan 11
834
Apr
Preferred
922 15% Jan 32
5 30% 30% 31
Canada Malting Co Ltd_ _ 5 32% 32
32%
Jan 35% Mar
522 28
Canada Bud Breweries
200
Mar
8% 9%
834 Jan 12
*
Candn Ind Ltd B
Mar 170
•
5 148
May
160 160
350 400
Claude Neon Gen Ad Ltd.*
Jan 800 Jan
400 450
1.75 Jan
Coasol Paper Corp Ltd._ _*
3
34 Jan
3% 2,143
3
Ford Motor of Can Ltd A..• 2034 2034 2134
568 15% Jan 2534 Feb
Feb
General Steel Wares pf_100
28
30 1434 Jan 30
28
40 1434 Mar 18
Apr
Loblaw Groceterias Ltd A5
17
17
May
4%
Jan
411
6
930 950
4
Price Bros Co Ltd
100
Preferred
350
7
100 2931
Jan 3734 May
2934 34
•No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, May 26 to June 1, both
inclusive, compiled from official sales lists:
Stocks-
.51.4.8
',quay
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Low.
High.
* No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, May 26 to June 1, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
-Par Price. Low. High. Shares.
Stocks
Arundel Corp
Black & Decker corn
Chas & PT of Balt pref.100
1331
634
13% 1511
614 7
117 118
Comm Cr Corp prat B..25 29
29
29
60
7% preferred
25
29
29
7
Consol G E L & Pow_ _ _• 62
155
6134 63
5% preferred
100 10331 10334 10314
15
Fidelity & Deposit
41
20
41
31
Fid & Guar Fire Corp__10
200
1834 1811
Guilford Realty Co com _.5
50
34
54
Preferred
100
134
110
134
Houston Oil pref
100
814
8
834
178
Mfrs Finance lot pref _25
2
834 811
Maryland Can Co
1
1%
I%
215
Mercantile Trust Co_ _ __50
200 200
8
Merch & Miners Tramp...*
10
323.4 3234
MononWPennPS7% pref25
18
18
23
National Marine Bank_ _30
25% 2531
2
New Amsterdam Cas___10 1031
1034 1034
170
Northern Central
50
24
87
8734
Penna Wat & Pow corn__ _•
56
33
55
Seaboard Comm corn A_10
3
16
3
3
Preferred
10
7
7
15
United Rys & Elec com_ _50
200
8c
Sc
US Fidelity Jr Guar
5%
2
5
5
630
West Md Dairy Corp prat•
82
10
82
Western National Bank_20
27
1
27
Bonds
Baltimore City
4s Jones Falls
1961
$200
10331 10334
45 sewerage impt. _1961
100
10334 10311
4s burnt district__ _1960
100
10334 10334
4s Public park impt_1955
1,200
10334 104
48 2d school loan_ _ _1947
1,600
104 104
North Ave Market 6s_1940
46
46
3.000
United Ry & El
9% 9% 2,000
1st 6s (flat)
931
1949
1
Income 4s (flat)_ .1949
1
1.000
First 4s (flat)
8% 9% .50,000
1949
1st 45 ars (flatl_ __ _1949
914 15.000
9
9
• No par value.
Range Since Jan. 1.
Low.
High.
940 1331 JuneI 1831 Jan
5
Jan
834 Feb
360
Jan 11814 Apr
17 112
Range Since Jan. 1.
Low.
2434
24
5234
93
19
1034
11
134
4
734
134
185
28
13
2431
934
7434
453.4
3
7
Sc
3
6531
2631
High.
May
Jan 29
May
Jan 29
Feb
Jan 65
Jan 103% May
Jan 4434 May
Apr
Jan 20
May
54 May
May
May
134
9% Apr
May
Jan
8% Apr
Jan
23-4 Feb
May
Mar 200
Feb
Jan 35
Jan
1834 Mar
Feb
May 30
Apr
1254 Jan
Jan 88
may
Feb
Jan 56
Apr
4
May
Apr
7
Apr
Jan
150 Feb
7
Feb
Jan
Apr
Jan 85
Apr
Mar 29
99
Jan 10434 Apr
9414 Jan 104% May
10311 Apr 1033.4 Apr
101% Mar 104
May
100
Jan 104
May
39
Jan 4714 May
854 Jan
% Jan
8% Mar
854 Apr
12
1
12
11
Feb
Feb
Feb
Feb
-Record of transactions
Pittsburgh Stock Exchange.
.
at Pittsburgh Stock Exchange, May 26 to June 1, both
inclusive, compiled from official sales lists:
Stocks-.
bale3
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Amer Window Glass p1100
Arkansas Nat Gas Corp...
•
10
Preferred
Armstrong Cork Co
•
Maw-Knox Co
"
1
Carnegie Metals Co
Columbia Gas & Elec_ _ 5
10
Devonian Oil
Duquesne Brewing A_ _ _5
Electric Products
*
Follansbee Bros pref..__100
Fort Pittsburgh Brewing.!
Koppers Gas & Coke pf100
•
Lone Star Gas
•
McKinney Mfg
Nat Fireproofing pref._ 50
Pittsburgh Brewing pref..
Pittsburgh Oil & Gas_ -5
Pitts Screw & Dolt Corp_•
1
Renner Co
5
Ruud Mfg
Shamrock 011 tic Gas
•
Standard Steel Spring...*
*
United Eng & Fdry
1
Victor Brewing Co
Western Pub Serv v t c.*
Westinghouse Air Brake.*
westinsh Elec & Mfg 50
* No par value.
1754
1034
5
5%
2
1%
14%
134
1331
134
234
17%
1036
15
%
1234
17%
5
3
8
234
83
531
131
2
3234
1
7%
13-4
15
14
114
234
1731
10%
231
13%
18
5
3
815
2%
83
6
134
2
33
1
734
2
15
12
2014
1
4%
2734
3354
1434
2036
1%
434
2734
3434
13,4
134
35
30
30
300
60
1,600
223
430
100
50
50
1,310
15
200
300
100
120
700
200
BOO
10
425
40
130
1,350
125
29
30
Range Since Jan. I.
Low,
11
134
2
1034
1034
134
11%
9
4%
234
5
134
65
534
1
2
2714
1
7
111
954
13-4
9
16
90c
434
2
634
3014
Jan
Jan
Jan
May
May
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
May
Mar
Jan
May
Jan
Jan
Jan
Jan
May
Feb
Jan
Jan
May
Jan
May
High.
1534
3
334
18%
1634
3
19
18
5%
3%
30
23-4
85
83.4
2
414
39
1
1134
2%
15
434
1814
2534
131
7
3531
47
Apr
Apr
Apr
May
Jan
Feb
Feb
May
Feb
Apt
Feb
Apr
Apr
Feb
Mar
Feb
Feb
Jan
Apr
Apr
Apr
Feb
Apr
Feb
Mar
Feb
Feb
Feb
OHIO SECURITIES
Listed and Unlisted
GILLIS, WOOD & CO.
Members Cleveland Stock Exchange
-Cherry 5050
Union Trust Bldg.
CLEVELAND, - - - OHIO
Range Since Jan. 1.
227 iii 34 Jan 117% Mar
11634117%
Bell Tel Co of Pa pref _100 117
40 34
Jan 40
Feb
Cambria Iron
50
3934 40
1,100
234 June
2
134 Feb
•
Central Airport
234
234
115 40% May 51 34 Jan
4031 41%
Elec Storage Battery _ _100
400 3134 Jan 50% Apr
Fire Association
10
4534 4734
Jan 100
30 89
Apr
9934 100
Horn & IFdart(NY) pf _100
400 3934 Jan 5134 Apr
Insurance Co of N A....10 4831 47% 4834
100
811 834
5% Jan
•
Lehigh Coal & Nay
1034 Feb
20 12% May 2034 Feb
15% 15%
Lehigh Valley
50
234
334 Apr
500
2
2
34 Jan
Mitten Bank Sec Corp pf 25
434 Feb
1,300
2% 3
2%
Pennroad Corp v t c
*
23-4 May
29
Pennsylvania RR
3134 2,100 2934 Jan 3934 Feb
50 29
Mar 61% Jan
25 51
50
5831 5834
Penna Salt Mfg
Jan 103% Apr
120 93
103 103
Phila Elec of Pa $5 pref..*
300 3034 Jan 32% Apr
3231 3231
25 32%
Phila Eleo Pow pref
45
9
434 Jan
10
Phi's Rap Tran 7% Pref-50
1534 Apr
100 1634 Jan 2914 Apr
2554 253.4
Philadelphia Traction_ _ _50
10 18% Jan 2611 Apr
2434 2431
Ctfs of deposit
300
Apr
7%
9
734 7%
4% Jan
Reliance Insurance
10
31 Apr
300
lice Feb
1•11 1
1
Tonopah Mining
200
83-4 8%
534 Jan 1134 Apr
834
Union Traction
50
2034 Feb
2,500 1411 Jan
1531 16
United Gas Impt con)_ _ _• 15%
Jan
99
100 86
May
9731 99
Preferred
"
734
411 Jan
100
71-4
83.4 Apr
Victory Insurance Co___10
Apr
32
50 29% Mar 35
32
W Jersey & Seash RR_ _50
Bonds25% 27 $15,200 1534 Jan
2934 Apr
Peoples tr ctfs 43'45
Elec Jc
2434 254 2,000 1511 Jan
2934 Apr
Ctts of deposit
An..
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, May 29 to June 1, both inclusive, compiled from official sales lists:
Stocks-
?Tway
0.4e4
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
Allen Industries Inc
•
Apex Electrical Mfg
•
Byers Machine A
•
City Ice & Fuel
*
Cleve Elec 1116% pref__100
Cleve Railway ctfs dep_100
Cleveland Trust
100
Cleve Worsted Mills
•
Cliffs Corp v to
•
Corr McK Steel voting...)
Dow Chemical pref. _ _ _100
Ferry Cap & Set Screw_ •
Geometric Stamping
•
Greif Bros Coop A
*
Hanna(MA)$7 cum pf_ •
•
Harbauer
Interlake Steamship
•
Kaynee
10
Kelley Isid Lim & Trans_•
Medusa Portland Cement *
Mohawk Rubber
*
National Carbon pref__100
National Refining
25
Preferred
100
Natl Tool 7% cum pref _100
Nestle LeMur cum el A_ _.•
Ohio Brass B
*
6% corn pref
100
Peerless Corp
3
Richman Bros
*
Sherwin-Williams
25
Weinberger Drug Inc__ 5
Ygtn S & T cum 5%%Vim)
• No par value.
631
21
734
2316
10
2
5%
75
25-4
12
834
4134
531
6%
X
21
108%
5211
68
734
6
1011
110%
334
234
2334
9234
1411
2734
13
1134
9.11
2
140
536
60
3
2%
12
75
4
4014
68
834
41
514
634
X
21
109
5236
70
734
6
1034
11031
311
211
231-4
9238
15
273,4
13
11%
10
211
140
514
75
3
2%
12
75
4
4014
6831
834
42
.or
OQCON..DINUDOOVNWONCIOMCMC....
,
`I
000WOWOCZWOV0=000N0000041.4A,IWCTOC,401
Friday
sates
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
June 2 1934
Range Since Jan. 1.
Low.
4
6
%
17%
WO%
3 34
9
5034
734
6
934
10814
2%
%
213-4
84
634
2154
8
634
8
2
135
5
45
3
134
12
75
211
39
4734
711
34
High.
Jan
634 Apr
Jan
814 Apr
Feb
1
May
Jan 2331 Feb
Jan 109% May
May
Jan 57
Mar
Jan 83
May
13
Feb
12. Jan
May
Jan
Jan
17
Apr
Mar III
Jan
434 Feb
311 Feb
Jan
Feb
Jan 25
Mar
Jan 95
Apr
19
Jan
Feb
Jan 33
API'
16
Feb
Mar
Jan
12
mar ii
Feb
414 Jan
May
May
Jan 140
Jan
734 Feb
May
Jan 75
MaY
May
4
311 Mar
Jan
Feb
May
18
May 85
Mal
4% API
Jan
Jan 4911 Jar
MaY
Jan 70
Jan
931 Feb
Jan 5811 API
Financial Chronicle
Volume 138
rrutug
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Pox Price. Low. High Shares.
BALLINGER & CO.
Members Cincinnati Stock Exchange
UNION TRUST BLDG.,
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System-First of Eoston Corporation
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, May 26 to June 1, both
inclusive, compiled from official sales lists:
Stocks-
snow
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Eagle-Plcher Lead
Gibson Art corn
Julian & Kokenge
Kahn A
Kroger corn
Leonard
Lunkenheimer
Magnavox Ltd
Procter & Gamble
5% preferred
Randall A
B
US Play Card
U 8 Print corn _ _ _ _ _ _
555
14%
554
14%
9
10
3054
334
1054
35
3435
110
16%
651
25
354
80
434
9
25
8%
100
32 10
16 23%
10
334
168 10
51
110
165 3334
25 103%
7 14
355
78
210 17
100
234
20
*
•
40
•
*
•
•
•
100
•
•
10
•
534
1434
9
10
29
29
3%
10% 10%
35
3334 3334
110
1634
6
23%
3
High.
714 Jan 16
Jan 18
11
May 28
17
Mar 97
85
Jan 100
82
Jan 83
66
Jan 97
90
6
4% Jan
Jan 71
62
Jan 12
5
Jan 2434
17
Jan 18%
12
Jan
8
15
454
2% Jan
Jan 5635
40
Jan
Jan
Feb
May
May
Apr
May
Apr
Apr
Feb
Jan
June
Mar
Feb
June
7%
Jan
Jan 14%
Mar 11%
Jan 11
Jan 33
5
Jan
13
Jan
154
Feb
May 41
Mar 110
Jan 21
Jan
9
Jan 28
8
Jan
Mar
May
Feb
May
Apr
Apr
Feb
Feb
Jan
May
Apr
Apr
Apr
Apr
•No par value.
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, May 26 to June 1, both inclusive, compiled from official sales lists:
Stocks-
OIN GO
:flaw
Last Week's Range for
Week.
ofPrices.
Sale
Par Price, Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Brown Shoe common_.*
Preferred
100
Columbia Brewing com...5
Curtis Mfg common
5
Ely & Walker D G 2d p1100
Falstaff Brewing corn __1
Ham-Brown Shoe com....25
liussmann-Ligonier mu •
Internal Shoe common
•
Key Boller Equip corn_..*
Laclede Steel common._20
53
122
3
6%
6
78
6
5%
1%
42
734
7%
16
16
53
124
3
834
78
6
6
134
42%
734
16%
Jan 60
25 51
58 119% Jan 124
431
3 May
15
7%
Jan
5
110
Mar 80
4 75
50
5
Jan
755
354 Jan
8
25
3
Mar
1
128
60 40% May 4954
8
5% Jan
110
19
110 13% Jan
Mar
May
Apr
Feb
Feb
Apr
Feb
Feb
Jan
May
Apr
Mo Port Cement com__-25
Natl Candy common. •
Rice-Stlx D 0 1st Df- .100
Scullin Steel prat
•
Securities Inv common.....•
Sou Acid & Sulph com___*
S'western Bell Tel pref-100
Sax Baer & Fuller com25
Wagner Electric com___15
Preferred
100
• No par value.
6
16
98
3si
15%
25
119%
854
10% 10%
1034
6
16
98%
3%
15%
25
120
834
1054
103%
May
6
9
145
25 15% Jan 21
Jan 99
40 90
4%
Jan
1
100
100 15% May 20
25 22% Feb 25
95 116% Jan 121
50
8% May
13
Apr 12%
60 10
10 1G0
Apr 103%
Feb
Feb
May
Feb
Feb
May
May
Feb
San
May
6
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, May 26 to June 1,
both Inclusive, compiled from official sales lists:
Stocks-
Ftlaat/ •
Last Week's Range for
Week.
ofPrices.
Sale
Par prim. Low. High. Shares.
Alaska Juneau CI Mining 10
Alaska Packers' Assn.-100
Anglo Calif Nat Bk of8 F20
Assoc lnsur Fund Inc-10
Byron Jackson Co
•
Calamba Sugar com____20
7% preferred
20
Calif Cotton Mills corn- 100
California Packing Corp_ •
CalWest Ste Life Ins Cap 10
Caterpillar Tractor
•
Cost Cos G&E6% 1st pf100
Crown Zellerbach v t O....*
Preferred A
•
Preferred 13
•
Diglorgio Fri prat
•
Emporium Capwell Corp.*
Fireman's Fund Indem--10
Fireman's Fund Insur.--25
Food Mach Corp corn_ __ _•
Gen Paint Corp B nom_ •
Golden State Co Ltd
•
Ilalku Pine Co Ltd com-20
Preferred
25
Hawaiian C & S Ltd.--_25
Ilonolulu 011 Corp Ltd- •
Langendorf Utd Bak A-.._•
Leslie-Calif Salt Co
•
Los Aug0& E Corp p1-100
•
Magnavox Co Ltd
Magnin & Co(1)6% p1100
Marchant Calif Mak oom10
•
NatOrnall CO
North Amer Oil Cons_ 10
Occidental Insur Co_ -- 10
Oliver United Filters A_ •
Pacific0dr E corn
25
8% 1st preferred
25
534% preferred
25
pacific Lighting Corp corn*
6% preferred
•
PaoPubServ(non-vtg)com •
inTnn-untinal nraf
•
19% 20%
7034 7034
1334 13% 1334
1%
6%
20
20
9
28%
2455
455
55
22
2
034
17
5
1%
40
12
24%
yi
154
9
10%
16%
21
1934
3034
8151
134
al2
74
gyi
19%
20
9
28%
1134
2455
71
454
52
52
21
6
2051
56
17
1%
5
154
5
40
14
12
24%
90
g
85
134
g
754
19
1034
1534
21
1914
3034
81
134
ant
1%
7%
21%
20
9
31%
12
28
71
534
5555
55
22
6
2034
56
19
1%
8%
1%
5
40
14
12
2454
90
g
85
135
934
73.4
19
1031
17
2114
1934
31
8234
154
R
500
10
1,800
100
1,420
3.432
625
65
1,830
75
1.765
8
786
132
215
125
120
19
50
689
100
415
200
8
5
260
225
100
60
1,620
5
171
4,150
370
91
100
2,280
2,530
543
330
225
5,564
sumo
Range Since Jan. 1.
Low.
17%
70
8%
1
334
19%
19
4%
19
11%
2354
58
4
34
34
21
6
18%
47
1014
1
434
134
454
40
1114
10%
24
7955
35
85
155
8%
7%
14
6
1514
1935
173
23%
71%
14
1u
May
Feb
Jan
Jan
Jan
June
Feb
Jan
Jan
May
Jan
Jan
Mar
Jan
Jan
May
May
Jan
Mar
Jan
Jan
Mar
Jan
Apr
May
Jan
Apr
Jan
Jan
Jan
May
Jan
May
May
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Inn
High.
23% Jan
75
May
1315 May
255 Apr
8
May
25% Mar
20
Jan
12% Feb
3434 May
13
May
3354 Apr
74
Apr
634 Apr
56
Apr
56
Mar
22
May
854 Feb
21
Feb
61
Mar
20
Mar
2
Feb
7% Feb
2
Feb
534 Feb
52
Jan
25% Feb
14% Jan
26
May
9434 Apr
1
Feb
90
Apr
234 Jan
10% May
Jan
9
22
Feb
11
Apt
23% Feb
23
Mar
2134 Apr
3835 Feb
89
Mar
151 May
R MNinv
High.
Jan 86
Mar
Jan 111% Apr
Jan 36
Apr
May
1
May
Mar 1334 May
Mar
8
May
Apr
355 May
Jan 29
May
Jan 90
Apr
May
Mar 79
June 1154 Jan
Mar
Jan 33
Jan
734 Mar
5% Mar
Jan
534 Apr
Jan
May 4234 Jan
14
Jan
Apr
Jan 85
May
May
8% Feb
May 2034 Feb
Jan
7% Apr
Feb 3734 Feb
1
Jan
Feb
May 14
Feb
Jar
4
Jan
• No par value.
San Francisco Curb Exchange.
-Record of transactions at San Francisco Curb Exchange, May 26 to June 1,
both inclusive, compiled from official sales lists:
Stocks-
?sway
awas
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Alaska United
5
be
5c
Amer Tel & Tel
100 112
112 115
Anglo Nat Corp
•
734
754 755
Argonaut Mining
5
854 834
Calif Ore Pow 6% pref _100
32
32
Cities Service
•
255 234
254
Claude Neon Lights
1 70e
70c 70c
Coen Co's A
• 75e
750 75c
Crown Will 1st prof
61
58
• 58
Fibreboard Prod pref _100
100 100
Foster & Klelser pref _100
38
38
General Motors
10 30
30
3334
Idaho Maryland
1
2.50
2.50 2.60
Halo Petroleum prof
• 105
105 105
Montgomery Ward
* 24% 2434 2434
Nat Auto Fibres pref.....* 8335 8355 8334
Occidental Petroleum_ _ 1 36c
360 37e
Pacific American Fish_
•
634 634
Pacific Eastern Corp
1
234 234
Pineapple Holding
20
834 9
8%
Radio Corporation
•
634
634 734
So Calif Edison
25 1655
1631 16%
25
534% preferred
1634 1734
6% preferred
25 1834 1834 1834
7% preferred
25 2234 2234 2234
-McKee A
Sunset
*
6
6
U S Petroleum
1 250
25e 250
Universal Cons 011
10
2.60
2.60 3.00
Virden Packing
25
3.75 4.00
West Coast Life
1
6
654
500
183
394
100
14
502
100
190
140
5
10
558
850
225
35
5
1,200
100
365
445
130
95
541
580
Range Since Jan. 1.
Low.
10
20
800
310
130
65
2gAgggIggiBM51111 ,15111gMlp.1
1 .....
150
7
25
59
15
37
3
212
80
25
12
4
44
55
5
Low.
180 71
77
111
50 103
34
524 2534
15
I
1
420
1334
5
10
8
234
355
100
134
29
2,269 17%
88
7 6734
10 es%
78
435
8
8
832 1814
2234
200
634
5
335
100
434
434
50
534
3334 2,245 3034
910
854
1234
27 6434
81
18,965
554
6
514 15%
16
4
6% 1,180
467 19%
2254
55
685
%
160
9%
10
4
252
3
4N4M
12
13
18
97
100
80
9555
5%
70
11
2034
1855
1234
454
5654
76
11054
33
1
1234
8
335
26%
88
78
8
2054
6%
434
5%
3255
12
80
5%
16
6
21%
%
10
4
sox
12
13
17% 17%
97
100
79%
95%
5%
70
8934
11
2014
18% 1834
1214
334
5634 5634
Pacific Tel & Tel eom__100 77
6% preferred
100 111
Parafflne Co's corn
.
• 33
Railway Equip & Rlty A_•
1st preferred
•
Series 2
•
Con preferred
•
Rainier Pulp & Paper Co_• 28
San J L & P 7% Dr Pref-100
6% pr preferred
100
e
8
Shell Union Oil com
Southern Pacific Co_ _ __100 2034
So Pae Golden Gate A_ __ _•
634
B
•
Spring Valley Water Co...*
Stand 011 Co of Calif
• 3234
Tide Water Mad 011 com-• 12
6% preferred
100
Transamerica Corp
•
6
Union 011 Co of Calif_ -.25
Union Sugar Co com____25
6
Utd Aircraft & Transport_•
West Amer Fin Co 8% pf 10
31
Western Pipe & Steel Co_10
Yellnw Checker Cab A fin
Range Since Jan. 1.
0mv.
Aluminum Industries_ _ •
Amer Laundry Mach _20
Amer Rolling Mill
25
Champ Coat spec pref__100
C NO &T P pref
100
Cin Gas & Elec pref _ _100
CN&Ccom
100
Cincinnati Street
50
Cincinnati Telephone...50
Mile' Tobacco Ware
City Ice de Fuel
•
Coca-Cola A
"
Crosley Radio A
•
Dow Drug
•
Preferred
100
3751
High.
Jan
16c
Feb
128
734 Apr
1054 Apr
May
32
434 Feb
134 Feb
1.85 Apr
Apr
70
May
100
38
Jan
4251 Feb
3.75 Jan
1.80 Feb
3354 Feb
8334 Junr
Feb
56c
9
Feb
Mal
3
1054 Api
935 Feb
2234 Feb
1934 Feb
2234 Feb
24% Feb
May
6
42c
Feb
5% Jar
534 Jar
Mar
8
• No par value.
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, May 26 to June 1,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par Price. Low. High. Shares.
Barker Bros corn
•
Boles Chico. Oil A
10
California Bank
25
Central Invest Corp....100
Chrysler Corp
5
Citizens Natl Bank
20
Claude Neon Elec Prod_ _•
Emsco Derrick & Eq Co_ -•
Gilmore Oil Co
Goodyear T&R (Ak) corn*
Hancock 011 corn A
•
Los Ang Gas & El pref_100
Los Aug Invest Co
10
Lockheed Aircraft Corp__1
Pac Finance Corp corn _.10
Pac Gas & Elec com25
6% 1st preferred
25
Pacific Lighting com___-•
6% preferred
•
Par Mutual Life Insur__10
Pac Pub Serv n v com_ *
1st preferred
Pacific Western 011 Corp_•
Republic Petroleum Co.10
San Joaq L&P 7% pr 0100
Secur 1st Natl Bk of LA.25
Socony Vacuum Corp___25
So Calif Edison com._ _25
.
Original preferred25
7% preferred A
25
6% preferred B
25
534% preferred C..-.25
Southern Pacific Co ___100
Standard Oil of Calit____•
Title Ins dr Trust Co
25
Transamerica Corp
•
Union 011 of Calif
25
• No par value.
43.4
235
3835
934
7
6
90
334
255
1635
2134
334
3134
1634
1834
1634
2134
3254
5%
1535
4%
234
16
3
385
/
2255
934
7
12
2834
6
8934
334
234
834
1611
2154
3154
8134
2234
134
655
755
334
8634
31
1534
1634
3355
2254
1834
1634
2134
3234
24
534
1531
455
3
16
3
4054
2254
10
735
12
2954
65(
9054
3%
2%
9%
1754
2134
3135
81%
22%
1%
6%
73.4
3%
86%
31%
16
16%
34
2251
18%
17%
2255
3334
24
634
16%
200
200
100
50
400
150
400
800
200
200
200
166
100
1,600
700
200
800
100
35
50
300
100
100
100
6
500
200
1,100
285
500
600
800
200
3.000
520
2,703
2.500
Range Since Jan. 1.
Low.
4
254
16
2
37%
20
7%
3
1054
2855
6
79
234
May
May
Apr
Jan
May
Mar
Jan
Jan
Feb
May
June
Jan
7%
16
19%
23%
71
21%
1
3
631
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
80
30
15%
1555
3131
20%
17%
1551
18%
30%
20
5%
15
fra- i
a
Mar
May
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
May
May
Huh.
6
4%
2334
4
60
28
1254
834
14
4154
8%
95
355
3%
105(
23%
22%
36
8835
2855
154
6%
855
5%
88
36
1955
22
3734
2551
22%
19%
3354
42%
28
854
2051
Feb
Jan
Jan
Mar
Feb
Feb
Feb
Apr
Feb
Feb
Feb
Feb
Mar
May
Feb
Feb
Feb
Mar
Feb
May
May
Apr
--Apr
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, May 26 to June 1,
both inclusive, compiled from sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
TVest.
Par Price. Low. High. Shares.
Abitibi Power
•
Admiralty Alaska
1
Aetna Brew
1
Alleghany Corp Pr w I•
Allied Brew
1
Altar Cons Mine
1
Amer Republics
10
Angostura Wuppermann.1
Arizona Comstock
1
Armour Pr w I
•
18e
1.35
134
18e
35
27
2%
1.00
334
4%
40e
61
1%
180
31
2755
254
1.90
334
454
450
63
100
500
100
100
200
800
100
1,000
3.500
500
Range Since Jan. 1.
Low.
%
90
%
26%
2
1.00
2
334
450
61
Jan
Jan
May
Mar
May
Jan
Jan
Jan
Mar
May
High.
2
36o
1
35%
4%
355
5%
7%
650
63
Feb
Feb
Jan
Apr
Feb
Mar
Apr
Mar
Apr
May
3752
Financial Chronicle
1une 2 1934
N
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Pas Price. Low. High. Shares.
Atlas Pipeline
*
1
Bagdad Copper
Betz & Son
1
B G Sandwich Shope
"
131ack Hawk Cons Mine_ _1
Brewers & Distil v t e___ _•
20
Bulolo Gold(D D)
20
Cache La Poudre
Chase Rights
Clinton Distilleries
5
Columbia Broad A
5
B
5
1
Como Mines
Croft Brew
1
Distilled Liquors
5
5
Distillers & Brew
1
Elizabeth Brew
1
Fada Radio
First Natl of Boston rts__ __
Fuhrmann & Schmidt_ __ _1
10
Golden Cycle
Hamilton Mfg A
10
Helena Rubenstein pref. *
e
Hendrick Ranch
International Vitamin_
*
1
Kildun Mining
1
Khmer Air
Macfadden prof
*
4
1%
1%
30
6%
27
24%
2%
27%
7%
100
1
1
35
4
40c
4
1%
560
I%
30
15%
30
6%
25
24%
50c
2%
25
7%
1
300
60
1
25
435
12%
1
35
2%
%
38
4
400
4%
1%
65c
1%
30%
1535
3c
6%
28
24%
50c
2%
27%
715
134
500
100
1%
25
5
12%
1
%
2%
%
39
100
500
700
400
1,500
1,500
300
50
100
500
800
200
2,000
5,700
1,300
100
700
2,600
800
1.900
100
200
200
100
100
1,600
100
30
Range Since Jan. 1.
Low.
4
250
3
14
25c
1%
23%
15
3c
631
24
23
430
1%
13%
7%
35
300
60
%
18%
435
6,4
35
35
2%
%
18%
May
Mar
Jan
Feb
Mar
May
Jan
May
May
May
May
May
May
Jan
Jan
Jan
Jan
May
May
Feb
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Feb
High.
4% Apr
600 May
5
Apr
3 May
65c - Apr
235 Jan
35
Apr
19% Jan
3c May
6% May
28
June
25% May
90c Feb
3
Apr
45% Apr
10% Mar
131 Apr
1% Feb
33c May
115 Apr
25% May
8% Feb
12% May
2% Feb
% Mar
434 Mar
1
Feb
39
May
hates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
National Surety
10
1
Oldetyme Distil
Oneida Brew
1
O'Sullivan Rubber
1
10
Paramount Publix
Penn York Oil& Gas A_ __1
Petroluem Conversion_ _ _1
Petroleum Derivatives__,.'
Polymet Mfg
1
1
Railways Corp N
Rayon Industries A
1
1
Remington Arms
•
Richfield Oil
Rustless Iron
•
1
Simon Brew
Squibb Pattlson Br prat _1
Texas Gulf Producing__ •
Tobacco Prod (Del)
i0
1
'United Cigar
N wi
s
Willys-Overland
5
C-cl
5
Bonds
Fox Metro 615s
C-d 615e
1932
1932
1
3%
7%
434
1%
134
2%
8%
26c
2%
136
434
150
32
35
3%
35
6%
4%
131
35
1%
Si
2
8%
415
250
235
134
115
41,4
29
14c
7%
23c
160
1
3%
35
7%
5
134
35
1%
Si
234
8,4
4%
300
2%
1%
1%
4%
29%
18c
7%
330
160
32
33
32
33
1,300
1,800
100
900
1,800
2,800
100
400
100
2,000
8,600
200
1,800
800
4.100
100
2,500
20
6,700
200
2,600
200
$5,000
6,000
Range Since Jan. 1.
Low.
High.
Apr
Jan
Jan
May
Feb
May
Jan
Mar
Jan
Jan
May
Mar
Feb
Apr
Apr
Jan
Jan
Apr
May
Mar
Feb
Feb
35
3
%
6%
1%
131
35
I
250
2
614
4
25c
1%
%
1%
4
634
lie
7%
180
I5c
Jan
Apr
May
May
Jan
May
Mar
May
May
May
Jan
May
May
Mar
Jan
Feb
Jan
Feb
May
May
Feb
May
2%
19%
1
731
5%
I%
1%
5
1
4
8%
694
34
2%
134
3%
7
32%
290
10%
%
%
32
24
June
Apr
May
35
3514 May
* No par value.
New York Curb Exchange-Weekly and Yearly Record
-Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling outside of the
NOTICE.
regular weekly range are shown in a footnote in the week in which they occur. No account la taken of such sales in computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last(May 26 1934)and ending the present Friday,(June 1 1934). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Week Ended June 1.
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
Indus. & Miscellaneous.
1
Agfa Ansco Corp
•
Air Investors tom
*
Convertible pref
Warrants
50
Ala Gt Sou RR.ord
*
Alliance Investment
•
Allied Mills Inc
Aluminum Co common- -•
11111
6% preference
Aluminum Ltd•
Common
Series D warrants
•
Amer Bakeries A
1
Amer Beverage corn
Amer Capital*
$3 preferred
•
$5.50 prior prat
Amer Cyanamid al B n-v •
10
Class A vot corn
,
Amer Founders Corp_- 1
Amer Laundry M ach _ _ _20
•
American Meter Co
American Thread pref.._ _5
•
Amer Transformer
•
Anchor Post Fence
.
Armour Fr Co new w L _5
*
Prior preferred w I
Armstrong Cork com_ _ __•
Art Metal Works com_ _5
Atlantic Coast Frsheries- _•
•
Atlas Corp common
•
$3 preference A
Warrants
Automatio-Voting Macb•
Axton-Fisher Tob A. _10
100
Babcock & Wilcox
Bellanca Aircraft v t c _ _1
Bliss(E NV) Co common_ •
Blue Ridge Corp corn._ __1
•
sa opt cony pref
Boeing Aeroplane Co __..1
Bower Roller Bearing_ _6
•
Bridgeport Machine
Brown Co 6% prof
100
Brown Forman Distillery-1
Butler Brothers
10
Calamba Sugar Est
20
Canadian Indus Alcohol A•
Class B non-voting.
•
•
Carnation Co corn
•
Carrier Corporation
Catalin Corp of Amer____1
Celaneee Corp of Amer7% let panic pref. _100
7% prior preferred_ __ 100
Centrifugal Pipe Corp _ _ _ _•
Charla Corporation
•
Chic Rivet & Mach
•
100
Childs Co Prof
•
Cities Service corn
•
Preferred
•
Preferred B
Preferred BB
•
•
Cleveland Tractor
Compo Shoe Machinery1
stock trust ctfs
Consolidated Aircraft newl
5
Consol Retail Stores
Continental Securities_ •
Cooper Bessemer Corp_ •
6
Cord Corp
1
Corroon & Reynolds
Courtaulds LtdAmer den rats ord reg.£1
25
Crane Co corn
Crocker Wheeler Elea_ _ __•
Crown Cork Intematl A __•
Detroit Aircraft Corp_ ___•
Distillers Co LtdAmer deposit rata
Distillers Corp Seagrama_•
•
Doehler Die Casting
•
Dow Chemical
Durham Hosiery B corn..'
•
Duval Texas Sulrbur---•
Eisler Electric corn
Elea Power Assoc cam__ _1
1
Class A
49% 5051
1
1
7% 834
63
67
74
69
100
200
200
1,300
50
100
800
1,250
700
24
24
24
714 715
7
7
2
2
100
100
100
100
21
100
21
21
150
66
66
16% 1835 12,000
4
4
1%
134
14% 15
bi,
7%
65
70
16%
15
13
1734
5
1034
4434
3%
7
35
12%
8
3%
1
134
635
59
1735
2%
5
1034
4415
3%
7
5934
,,,
nit
13
8
3,
7
5
1
554
6%
60%
18%
231
5
1155
46
4
715
5935
2,700
250
25
100
150
400
4,900
2,800
900
100
300
4,500
400
1,800
500
25
Range Since Jan. 1.
Low,
•
335
134
12
16
,
40
I
7,5
62%
65%
Mar
May
Jan
May
Jan
May
May
May
Jan
High.
4
3
21%
1
6334
2
935
85%
78
May
Jan
Apr
Jan
Apr
Feb
Jan
Jan
Jan
Mar
22
635 Mar
Mar
7
134 Jan
36
Apr
12
Jan
Apr
8
334 Feb
15%
Jan
Jan
Jan
May
June
Jan
Jan
Jan
May
Jan
May
May
Jan
Jan
Jan
Jan
Jan
May
Jan
Mar
21%
66
22%
21
134
18
17%
4
234
29*
6%
60%
2634
4%
63-4
15%
49
651
834
69%
Feb
May
Apr
Feb
Feb
Jan
Jan
Apr
May
Mar
May
May
Feb
Apr
Apr
Feb
Apr
Feb
Apr
Feb
Jan
Feb
Mar
Feb
Apr
May
Mar
Apr
Apr
Mar
Ayr
58
1535
17%
15
10%
734
315
1
131
634
59
14%
135
2
1034
39
331
251
5915
35
4%
5%
215
3634
12
1234
254
13
1215
936
.50
200
100
1,300
1,800
2,600
200
300
25
2,200
1,800
33
311
235
134
3134
10
12
14
5
1034
4
Jan
Jan
Jan
Jan
Jan
May
May
Jan
Jan
May
Jan
51
6
1034
33-4
3911
12
1734
33-4
1634
2131
1234
1915
ION
1034
16
731
535
2034
1135
1055
1615
735
631
300
1,000
100
900
200
1,400
1934
1034
934
1334
515
315
June
May
May
Feb
May
Mar
25
Mar
2034 Jan
1934 Jan
Apr
18
Mar
9
654 Apr
82
9014
435
1534
1315
2634
235
22
231
2254
311
225
84
75
9034
200
47
4
100
1534
100
1335
10
2635
23-4 21,800
2515 5,100
200
234
80
2334
300
336
82
83
415
9%
454
1434
1%
1115
1
9
334
May 10434 Feb
Mar
Jan 101
731 Jan
Jan
Apr
Mar 20
Feb
1754 Apr
Feb
Jan 42
Jan
434 Feb
Jan 2635 Feb
234 Feb
Jan
Jan 2314 May
6% Feb
Jan
5
2
12
12
834 8%
13-4 2
6
6
335 334
.5
554
2
2
300
1,800
1,100
100
100
700
100
8
74
114
3
3
'
71
.34
Jan
Jan
Jan
Jan
May
May
Jan
415
7
35
1235 1235
9
935
434 434
735
7
35
15
1,000
200
1,100
400
300
1034 Jan
Jan
8
May
4
631 Jan
% Jan
1434 Apr
11
Jan
834 Feb
831 Mar
35 Jan
2234 23
1534 1634
8% 834
92%
88
135
134
834 935
35
%
53-4 5%
551 534
700
6,300
200
900
100
700
100
300
100
Jan
20
1434 May
311 Jan
6934 Mar
Jan
1
4
Jan
g Jan
Jan
4
331 Jan
24%
2655
1131
9254
2
1034
I%
814
8
435
2
3531
23-4
1015
835
1935
1134
734
5%
9015
435
2654
23-4
22
234
2215
851
2231
1535
88
851
35
35
4%
5%
2
3514
1015
12
2%
13
1034
835
14
1234
2%
6
634
53-5
4
Feb
Mar
Feb
May
Jac
Jan
Feb
Apr
Jan
Apr
May
Feb
May
Feb
Feb
Feb
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Electric ShareholdingCommon
2%
3%
1
$6 cony pret w w
• 47
47
Equity Corp com
1%
10
Ex-cell 0 Air & Tool
535
3
534
Fairchild Aviation
734
8
1
Falstaff Brewing
6
1
Ferro Enamel
11
•
Mello Brewery
135
1%
1
First National Stores
7% let preferred ____100 112% 112
13%
Flak RUbber Corp
1
Flintokote Co el A
• 10% 10%
Ford Motor Co Ltd
Am dep rots ord reg.£1
8%
831
Ford Motor of Can al A • 20% 20%
Class B
32
• 32
Ford Motor of France
Amer dep rats
331
Franklin 114 H) Mfg__ •
35
331
48
1%
6%
834
6%
11
135
11234
1435
11%
200
125
1,300
1,600
2,500
500
200
3,000
Range Since Jan. 1.
Low.
2
36
135
435
6%
4%
7%
115
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
High.
435
62
215
8%
8%
834
1414
234
May
May 117
40 III
2,000
8% Jan 20% Mar
12% Apr
4% Jan
1,800
8%
21%
3354
3,200
900
275
615 May
15
Jan
20
Jan
954 May
24% Feb
3434 May
331
%
100
100
3% May
35 Jan
414 Apr
2% Feb
2
General Alloys Co
•
335
235 1,100
2
Jan
234
General Aviation Corp.__ 1
435 434
99*
800
411 May
434
100
6
•
6
Gen Fireproofing corn
835
535 Jan
Oen Investment oom___ _5
3
lyi
fas Jan
300
135
134
17% 17%
26 cony pref class B_
•
8
100
Jan 22
Warrants
'Is
.,/ Jan
500
III
%
%
250 649* Jan 99
79
75
General Tire & Rub bee_ _25 75
3
3
Gilbert (A C) corn
•
434
1% Jan
100
• 1515 1554 1615 1,400 1034 Jan 20%
then Alden Coal
400
Globe Underwriters
7
61 Jan
5
634 634
2
634
500
434 Jan
83.4 9
Godchaux Sugars B
*
1034
35
35
Gold Seal Electrical
% Jan
300
I
%
7%
400
635
6.34
635
Grand Rapids Varnish...*
434 May
Great Ati & Pac Tea
100 122
134 134
134
Non-vol corn stook_ _•
Jan 150
50 121
12834 130
7% 1st preferred_ _100
Jan 130
5
5
5
100
6
Apr
5
Greenfield Tap Or Die__ __•
5% Jan
1634 1934 18,700
1934
Greyhound Corp
5 1634
35
15 Jan
300
35
35
35
Grocery Stores Prod v t 0 25
711
35 Jan
30
0
31
Si
Happiness Candy
•
2
2
771i Feb
200
•
4
Hartman Tobacco
615 10
400
3
•
1234
Jan
Hazeltine Corp
600
131
1 ie
1 ,,,
,
I%
Helena Rubenstein coin _ _•
15 Jan
600 19
Jan 37
10 3215 3234 33
Hayden Chemical
76 1634 Jan
2134
Horn & Hardart com
• 19% 19% 20
Huylers of Delaware
100
1
I
35 Jan
2
Common
1
200
5
5
5
8
May
Hydro Elea Securities
•
3% 4
635
300
354 Jan
ilygrade Food Prod
6
200 1055 May
1036 10%
1235
Imp Tob of Canada
5 1031
Imp Tob of Gt Brit & Ire
1,000 28
Jan 3234
3134 3131 3135
Amer dap rcts ord__ _ £1
47
4734
300 3
Insurance Co of No Am_ 10 47
831 Jan 6135
135
155
100
1%
1
*
Jan
Intern Products
154
35 Jan
100
35
35
Interstate Equities com I
100 19
2734 2731
*
Jan 3034
Interstate Hos Mills
15
1515
835 Jan
300
15
Iron Fireman Mfg v t c_ •
400
335 Jan
434 431
1
7,4
Irving Alt Chute
110 2431 May 48
Jones & Laughlin com__100 2531 24% 26
5
Kingsbury Breweries_ _ _ _1
Kre3s (S H)spec prat _ _100
1154
1
Kreuger Brewing
_ _
Letcourt Realty pref.• 1031
•
Lehigh Coal & Nay
Lerner Stores common.._• 2515
535
Libby McNei'dc Libby__10
311
Louisiana Land & Explor_•
5 33
Lynch Corp
1
Maryland Casualty
Si
Mavis Bottling clam A ....I
334
McCord Rad & Mfg B._•
•
Mead Johnson corn
Mercantile Stores 7% pf100
Merritt Chapman & Scott •
134
•
Michigan Sugar Cu
13.4
•
Midvale Co
Minn Honeywell Regulator
preferred
100 101
Mock Judson Voehringer_•
734
Molybdenum Corp v t 0_1
Montgomery Ward A....• 11054
Natl Bella/ Hess com____1
334
Natl Container corn
I
Nat Dairy Products
100
7% prat class A
155
National Investors oom __I
8515 preferred
1
35
Warrants
*
634
Nat Rubber Mach
5
1051
1154
1034
834
2534
515
334
33
2
31
354
5434
70
I%
135
1815
Feb
Feb
Feb
Feb
Apr
Apr
Apr
Jan
535
11
1154
1034
835
2734
554
314
353-4
2
35
33.4
543.4
70
134
134
1815
4%
1015
10%
814
534
14
2%
235
29
154
31
154
45
70
134
I
1835
33-4
33-4
33
3334
120
100
3,200
460
8,500
200
87
9
5
88
2
25
9815 9834
154 I%
5315 5354
35
%
631 7
175
300
50
1,700
3.100
Jan 100
80
3
154 Jan
4034 Jan 56
35 may
134
79*
354 Jan
1003-4 101
15
15
731 8
losi 11031
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
May
Jan
Jan
May
Jan
May
May
935
1135
1434
11
1034
3134
754
354
41
3
234
4%
6334
76
235
1%
49
700
300
100
100
600
900
900
3,400
400
100
7,100
200
100
25
100
200
100
Mai
Feb
Feb
Feb
Apr
Feb
Apr
Apr
Feb
Jan
Mar
Feb
Jan
Feb
May
Jan
May
Feb
Mar
Mar
mar
Mar
Apr
Apr
Jan
Feb
Apr
Apr
Apr
Apr
Jan
Feb
Mar
Apr
Feb
Feb
Jan
Apr
Ayr
May
Feb
Apr
Apr
Apr
Feb
Feb
Jan
Feb
Apr
Apr
Feb
Jan
Apr
June
Jan 101
Jan 2051 Apr
974 Apr
Jan
Jan 11611 Apr
415 Apr
Jan
Feb 4031 Apr
Mar
Feb
Mar
Feb
Feb
Financial Chronicle
Volume 138
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Nat Service common
1
Nat Sugar Refining
•
Natomari Co
•
Nehl Corp corn
•
New England Grain Prod_•
New Mex & Ariz Land _1
Niagara Share B...__
•
Niles Bement Pond corn._*
Nitrate Corp of Chile
Otis for ord B shares_
Noma Elm Corp
•
Northam Warren pref
•
Novadel Agene
•
Olistocks Ltd corn
5
Outboard Motor A pref.._
Pacific Eastern Corn
1
Pan-American Airways._10
Parke, Davis & Co
•
Parker Rust
-Proof
Pennroad Corp v t a
1
Philip Morris Inc
10
Phoenix Securities
Common
1
$3 cony ref series A_ 10
Pie Bakeries Inc corn
•
Pitney-13owes Postage
Meter
•
Pittsburgh Plate Glass_ _25
Powdreildc A lexander _ _ _ _*
Pratt & Lambert
Proper McCallum Hosiery*
Prudential Investors
•
Pyrene Mfg Co corn
10
Quaker Oats Co corn
•
•
Public Utilities
Ala Power $7 pref
•
Am Cities Pow & Lt
Cony class A
25
New class B
1
Amer & Foreign Pow warr_
Amer Gas & Elea com_ _•
Preferred
•
Amer L & Tr eom
25
Am Superpower Corp corn •
let preferred
•
Preferred
High.
34
151
, 9,900
300
35
35
915 955
1,800
155
200
1%
25
100
25
I%
200
135
351 4
300
100
951
911
'is Feb
Feb
29
May
Feb
1
Mar
22
1
Jan
315 Jan
955 Jan
Pi,
36
10%
1%
27
255
7
15%
14
315
1%
35% 3555
20
2055
9,100
600
100
400
34 Jan
55 Jan
Jan
32
19% May
35 Feb
234 Feb
,
Jan
37
2331 Apr
7
9%
335
255
3651 36%
2355 2431
5835
58
254 3
7
7%
10
40
60
100
700
150
5,800
2,300
8%
2%
134
35
22%
5351
2%
214
Jan
Jan
Jan
Feb
Jan
Jan
May
Jan
1054
355
355
51
2555
7351
435
755
10
115
155
25
25
10
10
100
100
100
1
18%
4
Jan
Jan
Jan
34
955
1%
9%
35
20
315
2%
3655
24%
58
4815
14
3-4
655
2%
4
4855
14
29%
55
636
,
251
110
4
4955
14
29%
%
634
231
110
Railroad Shares Corp_
•
715
34
Rainbow Luminous A _
36
55
51
Class 11
Ill
816
Its
Raytheon Mfg Co
50c
3
3%
Reliable Stores corn
•
4
451
Reynolds Investing
1
1
1
Royal Typewriter
• 1234
12% 1255
Russeks Fifth Ave corn. _ .5
7
7
734
Safety Car heat & Light100 75
75
75
St Regis Paper corn
10
3
3
3%
Schiff Co corn
•
3155 32
Schulte Real Estate
•
55
55
Seaboard Utilities Shares.]
54
35
Selected Industries Inc
$5.50 prior stock
25 6031 5835 60%
Common
1%
151
1%
Allotment certificates... _
58% 5655 5831
Sentry Safety Control_ _ _•
11
34
51
Shenandoah Corp
Common
1
135 I%
$3 cony preferred
25 1735
1734 1734
Sherwin 14 Unarms com_25 65% 6554
6934
Singer Mfg Co
100 165
165
161
Smith (A 0) Corp coin...* 2315 23% 24
sonotone Corp
1
2%
254 3
Spanish & GenCorp Ltd
Am dep rcts ord reg__E
34
34
Spelgel May Stern pref_100
8015 8031
Standard Brewing
•
155 1%
Standard Investing
$535 cum cony pref__ •
21
21
Starrett Corporation
1
51
51
6% preferred
10
2
2
2
Stein (A)& Co 63-4 % P1100
98
98
Stein Cosmetics
•
1% 2
2
Stutz Motor Car
•
4
4
4%
Swift & Co
25 15
15
15%
Swift Internacional
15 3055 3034 30%
Tastyeast Inc class A_._'
1%
135
135
Technicolor Inc corn
•
10% 1034
Tobacco Prod Exports..._• 1055
155
155
Todd Shipyards
•
28
28
Trans Lux Pict ScreenCommon
1
144
1% 1%
Fri-Continental warrants_ _
1
1
151
Triplex Safety Glass Co
Am dep rec ord reg_ _10s
2034 20%
Tubize Chatillon Corp._ _I
6%
634 7%
Tung-Sol Lamp Works •
451 451
Union Tobacco corn
•
United Aircraft Corp w I__
United Air Linn' TranspVoting trust ctfs w 1____
United Aircraft & Transp
Warrants
United Carr Fastener_ _ _ _•
United Chemical corn_
*
United Elastic
United Founders
1
United Molasses Co
Am dep rcts (it'd ref__ El
United Profit Sharing.. _ _ _ •
Preferred
10
United Shoe Mach corn_25
l'referred
25
United Stores v t c
•
US Foil Co ChM 11
1
United Wall Paper Fact. •
US & Internat'l SecurCommon
•
US Lines prof
•
US Playing Card corn_ _10
S Rubber Reclaiming •
Utility Equities Corp. •
Priority stock
•
Utility & Indus corn
•
Waco Aircraft Co
•
Hiram Walker-Gooderham
& Worts Ltd com
•
Cumul preferred
•
Wayne Pump Co corn
•
Cony preferred
•
Western Air Express_ _ _ 10
West Cartridge 6% pref 100
Williams(R C)& Co
•
Willson-Jones Co
•
W II-low Cafeterias com .1
Youngstown Sheet & Tube
5%% preferred
100
Friday
Saks
Last Week's Range for
Public Utilities
Sale
of Prices.
Week.
(Concluded)
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
300
355
39
67
12
40
200 17%
15
300
5%
300
155
100
30 108
May
Jan
Apr
Apr
Feb
Apr
Feb
Feb
Apr
Feb
Jan
Jan
Jan
Feb
Feb
Apr
2
Feb
30
Apr
14% Mar
4%
Feb
Jan 5755
Apr 24
Jan 31
May
2%
855
Jan
311
,
May
May 122
Apr
Apr
Jan
Apr
Jan
Feb
Feb
Jan
200
100
600
600
200
1,200
100
200
125
2,500
200
100
200
Ns Jan
34 Mar
'DI June
155 Jan
255 Feb
55 Jan
9
Jan
Feb
5
50
Jail
2% Jan
1751 Jan
Ii Jan
,
1,4 Jan
15
55
%
455
414
1%
14
10
83
535
40%
Yj
55
Feb
Feb
Feb
Feb
May
Apr
Jan
Feb
Apr
Feb
Apr
Feb
Feb
200
200
200
300
3001
40% Jan
115 May
Jan
40
54 Jan
6134
3
6215
15
Apr
Feb
Feb
NIar
1% Jan
2%
100 17
Jan 23
1,600 47% Jan 70%
110 156
Mar 176
May 43
300 22
255 May
1,400
4%
Feb
Mar
May
Jan
Feb
N1ar
100
50
100
34
60
51
Jan
Jar
Jan
35 Feb
86% Apr
254 Mar
50
300
600
10
2,500
400
3,600
900
1435
1116
8434
34
Jan
Jar
Jan
Jan
Jan
Jan
Jan
Jan
25
1%
355
9855
2
1055
19
32%
8,200
2,300
200
400
5.1 Jan
755 Mar
55 Jan
19
Jan
135 Apr
11% Jan
135 Apr
28
May
May
May
3% Jan
255 Feb
1935 Jan
May
6
3
Jan
21
May
15
Jan
7% Mar
34 Jan
1435 Maya
31 Jan
1555 May
1,300
1,800
100
1,100
10
200
34
5
1
15
1555 12,000
13%
23%
1
Star
Feb
Apr
Apr
May
Mar
Feb
Apr
911
4,600
6
6%
1115 1134
6
6
14
14
51
35
200
300
100
100
4,200
6
555
3
14
rrits
May
Jan
Jan
May
Jan
1554
12
11
14
115
Jan
May
Feb
Slay
Feb
455
1%
7
65
3351
14
12
3%
455
IN
7
6554
33
%
55
12%
3%
1,600
40
10
32
3
200
1,800
500
35.1 Jan
134 Jan
6
Apr
57% Jan
32% Jan
34 Jan
555 Jan
2
Feb
634
431
955
88%
36
1%
14%
455
Apr
Feb
Jan
Apr
Apr
Feb
Apr
Apr
155
155
44
55
2431 2411
1%
131
2% 2%
46% 4655
115
1%
200
500
50
300
100
50
100
1% Jan
55 Jan
16% Jan
1
Jan
1% Jan
36
Jan
55 Jan
2
135
27%
1%
4
53
2%
Feb
Mar
Apr
Apr
Feb
Feb
Feb
16
16
1734
300
1034
19
Apr
34%
34%
1551
51
215
8
8755
1455
15
1
37
16
55
2%
8
88
15
16
1
5,500
500
300
100
200
50
400
300
300
41
4131
110
5351 5351
30
855
1155
his
451
1%
65%
33%
12
8
1434
15
4151
2%
555
2355
87%
1331
234
66
30
234
555
23
87%
1311
235
66
18
450
31%
SOO
2%
300
515
4,800
24%
100
87%
1434 . 2,200
2% 10,500
500
67%
200
19
8% May
Jan
91( Slay
3051 May
1515 May
55 Jan
2
Jan
May
8
6334 Jan
1151 Jan
11
Jan
% Jan
5714
1715
154
6
20
88
20
17%
2
Jan
Jan
Feb
Apr
Jan
May
Mar
Apr
Feb
41
5951
Feb
3151
May
Jan
25
Jan
1% Jan
434 131a
1834 Jan
72
Jan
1054 Jan
234 Jan
5115 Jan
1335 Jan
5835 Apr
34%
431
914
3355
8751
19%
434
70
33
3753
Apr
Feb
Feb
Feb
May
Feb
Feb
Apr
Feb
Arkansas P & L $7 pret •
ASSOC Ling Ac Mee
Class A
1
$5 preferred
Warrants
Brazilian Tr Lt & Pow...
Buff Niagd, East Pr pref 25
55 1st preferred
•
Cables & 54 iretess LOSAm dep rcts B ord abs El
Cent Bud G&E v t c .
Cent & So West UM com_l
cent States Elec com .
Cities Serv P & L $6 pref_.
$7 preferred
•
Cleve Elec Ilium corn. _ _ •
Columbia Gas & Mee
Cony 5% pref
100
Common & Southern Corp.
Warrants
Consol GE L&P Bait com •
Duke Power Co
10
36% 38
34
8%
1635
Jan
Apr
42
4,800
300
1,000
'Is Jan
151 Jan
14 Jan
,
255 Feb
634 Feb
55 Feb
815 855
1635 1635
71
71
100
400
100
855 June
1554 Jan
683.5 Jan
1414 Feb
1955 Feb
75.35 Jan
60
100
400
2,300
100
100
100
'is May
9
Apr
34 Jan
154 Jan
9
Jan
20
Ma
25
Jan
316
13
2
251
25
28
30%
27
84%
8354
31
62%
5155
,
16
51
62% 63
51% 52%
111
High.
Low.
28%
76
2%
332
%
255
rst
316
%
9% 9%
1
115
I%
15'
2455 25
2734 28
27
27
9%
20
Range Since Jan. 1.
85
775
3,900
500
75
Jan
Feb
Jan
Feb
May
May
Feb
Jan 103
68
X
Jan
Jan
Jan
63
40
Feb
15 Feb
65
Feb
5755 Apr
East Gas dr Fuel A101(10__.•
751
435% prior preferred_100 71
6% preferred
100 64%
East States Pow corn 13_•
135
Rice Bond &Share corn.....5 1355
$5 cumul preferred_ __ _• 415
,
1
$R preferred
• 4731
Elec I' & L 24 pref A_ •
Empire Dist Elec 6% pt 100
Empire Gas it Fuel Co
6% preferred
100
654% Preferred
100 2235
7% preferred
100
8% preferred
100
European Electnc Corp
Class A
10
Option warrants
Gen l'ub Serv $6 pref
•
731
71
6431
1%
13%
41%
4711
1134
2155
300
7%
71
10
27
6611
1%
300
13,000
15
200
4251
800
4814
25
1156
22
250
Jan
6
Jan
56
Jan
46
1
Jan
1074 Jan
2815 Jan
31
Jan
6
Jan
13
Jan
1015
72
68%
255
23%
5055
60
164
2355
Feb
Apr
Apr
Feb
Feb
Feb
Feb
Feb
Feb
23
2214
24%
2435
23%
2235
2434
26
150
25
100
100
10%
1535
1215
17
Jan
Jan
Jan
Jan
2555
2235
2955
31
Feb
Feb
Feb
Feb
955 10
135
115
40% 4035
200
800
1
955 May
May
I
25
Jan
Hamilton Gas Co v t c___1
Illinois P & L $6 met
•
Internet II ydro-Elec-Fret $3.50 series
ao
Internat'l Utility
('lass 13
1
Interstate Power $7 pref_•
Italian Superpower A _ _ _ _•
Long Island Leg
Common
7% preferred
100
Prof class B
100
20543434
1,000
150
1054
Jan
Jan
35
30
Feb
Apr
775
1451
Jan
3155
Apr
Marconi Wire] T of Can.)
Mass Util Assoc v t c
Memphis Nat Gas com_ _5
NIet Edison $6 pref
•
Middle West Util corn. •
Nflas River Pow pref. _100
Montreal Lr Ht & Pow
•
National P & L $6 pref _ _ •
N Y Telep 655% pref _100
Niagara Ilud Pow
Common
15
Class A opt warrant_
Class C option warrants.
Nor Amer Lt & Pr
$13 preferred
•
Nor States Pow corn A.100
Pacific G & E 8% lilt pf 25
Pacific Ltg $6 pref
•
Pacific Pub Serv•
1st preferred
Pa Water & Power
•
•
Philadelphia Co corn
Puget Sound P ds L•
$5 preferred
$6 preferred
•
34
22
24%
11
11
1% 1%
6555
4.55
65
6515
56
5755
1,100
160
75
255
155
234
1%
33%
73
315
%
89
37
5811
11815
89
37%
60
119
335
453.5
36%
Jan
Jan
Jan
155 Feb
Mar
19
Feb
3
854 Feb
69% Apr
60% Apr
3,200
2
Jan
4%
114 May
234
300
100
3
Jan
4
100 51
Jan 75
900
15 Jan
54
Jan 89
40 70
250 35
Jan
395.5
250 3555 Jan 6934
100 11455 Jan 11955
Feb
Feb
Feb
Apr
Feb
May
Feb
Feb
Feb
455
55
Jan
Jan
Jan
18
9
10
17% 1974
150
800
315
1554
Jan
Jan
16
2215
81
21% 2135
81
81
700
25
193.6
7054
Jan
Jan
2335 Mar
Apr
90
13%
8% 7%
5451 55
1315 14
1,500
400
1,300
2%
45%
8
Jan
Jan
Jan
7% May
5654 Apr
1434 Apr
1534 1515
935 9%
20
290
1135
515
Jan
Jan
20
13
21% 23
40
41
800
50
17
40
5
Darby Petroleum
5
Gulf 011 Corti of Penne...25
Indian Ter Ilium OilNon-vot class A
•
International Petroleum.'
Registered
•
255
155
355
73
55 May
834 Jan
115 Jan
2,500
100
100
11
Union Gas of Can
•
United Corp warrants
United Gas Corp corn...)
Pre non-voting
•
Option warrants
United Lt ds Pow corn A..•
$6 cony let pref
•
IT S Elec Pow with warr...1
Utah Pow dc Lt $7 pref. _ _•
Util Pow & Lt new com_ _1
7% preferred
100
Western Power 7% pref 100
Other Oil Stocks
Amer Maracaibo Co
1
Arkansas Nat Gas corn. •
Common class A
Carib Syndicate
25c
Colon 011 Corp corn...._•
Columbia Oil & Gas vtc_•
Consol Royalty 011
I0
Coden 011 corn
1
Creole Petroleum
Crown Cent Petroleum _ _ _1
III,
5%
316
316
551
2134
South Penn Oil
25
Southern Pipe Line
Standard Oil (Indiana)_.25
Standard 011(1(y)
10
Standard Oil (Neb)
25
Standard 011 (Ohio) corn 25
5% preferred
100
Swan Finch Oil corn
25
11 5
11
134
Shawinigan Wat dr Pow._•
Sioux City G & E 7% pf 100
Sou Calif Edisonpref series A
25
6% pref series 13
25
5%% preferred C_ _ _ _ 25
Southern Nat Gas corn_ •
Swiss Am Elec pref__ _100
Tampa Electric Co corn_ _•
Former Standard 011
Subsidiaries
Buckeye Pipe Line
50
•
Humble 011 ds Ref
Imperial Oil (Can) coup_ •
Indiana Pipe Line
i0
Northern Pipe Line
10
2314 2535
300
10
300
IS
'DI
12% Feb
254 Feb
Apr
57
1855
16%
25
23.4
3955
2%
13
54
1914
851
4311
14%
22%
4%
26%
13
534
'es
Its
954 Feb
34 Feb
hi Feb
Apr
Feb
Apr
Apr
Jan
May
24% Apr
5054 May
Jan
Jan
Jan
Feb
25
21% Feb
1935 Feb
Ti, Jan
49% Feb
28
Apr
223.4
18%
16%
34
44
25
22%
18%
17
%
44
25
300
900
200
1,200
50
100
36
21%
5
1%
2%
39%
34
234
13
%
1934
1
8%
86
5
1%
236
41
35
3
1534
34
1934
134
931
86
100
100
7,200
000
300
2,400
700
400
50
300
200
5
3% Jan
1% May
134 Jan
Jan
17
Jan
255 Jan
815 Jan
55 Jan
19
Jan
34 Jan
8
Jan
Jan
65
6%
234
355
4555
135
5%
24%
34
2655
251
17%
86
Mar
Feb
Mar
Apr
Mar
Feb
Feb
Feb
Feb
Feb
Feb
May
35
36
4234 445.4
14% 15%
4% 5
534 534
106
2,900
9,900
200
600
32
Jan
3315 Jan
1254 Jan
455 Jan
4% Jan
4151
46%
15%
634
7
May
Apr
May
Feb
Feb
22%
434
26%
15%
12%
19
90
3
SOO
400
7,800
1,400
300
85
2
100
1735
4
25
14%
12%
1835
7715
231
Jan
Jan
Mar
Jan
May
Slay
Jan
May
24%
555
32%
17%
1855
28%
92
455
Apr
Feb
Jan
Feb
Feb
Feb
Mar
Jan
800
400
1,000
4,300
200
3,800
51
155
1
234
131
34
1%
1%
9%
34
Jan
Jan
Jan
Felt
Jar
Jan
Ma
Jan
Jan
Jan
131
2%
2%
554
,
4
33
1%
2
22%
5%
2635
1555
13
193
%
90
3
76
3
251
1
1%
1215
100
7,500
1,000
20
1735
1555
X
AD
Jan
Jan
Feb
Feb
Feb
Mar
Feb
Feb
Jan
374 Jan
1355 Apr
115 Feb
5834
6% 615
58
59
500
900
5% May
5634 May
715
7655
2615
1% 2
400
2655 28% 27,600
27
27
200
155 May
19% Jan
27
May
454 Feb
28% May
27
May
Jan
Jan
Financial Chronicle
3754
Sales
Friday
Last Week's Range for
Other 011 Stocks
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
(Concluded)
Kirby Petroleum new..
Leonard Oil Develop..
.25
Lone Star Gas Corp
•
Middle States PetrolClassA vte
•
Class]; vtc
•
Mountain & Gulf Oil Co_l
Mountain Producers_ __ _10
National Fuel Gas
•
Nor European 011 coin_ _1
Pantepec Oil of Venez _ _•
Producers Royalty
1
Pure Oil Co 6% prat _100
Reiter Foster Oil
Richfield Oil pre
25
Salt Creek Consol Oil _ _1
Salt Creek Prod Assn_ _10
Southland Royalty Co_ _5
Sunray Oil
5
Swiss 011 Corp
1
Taxon Oil & Land Co_ _ •
Venezuela Mex 011
10
Venezuelan Petroleum_ _ _5
MinlnOBunker Hill& Sullivan_ _10
Bwana NI'Kubwa Copper
Amer Shares 55
•
Chief Consol Mining
1
Consol Copper Mines_ _ _5
Cresson Consol G M
1
Cue Mexican Mining_ _50c
Evans Wallower Lead_
•
Falcon Lead Mines
Goldfield Consol Mines.10
Heels Mining Co
25
Hollinger Consol G M._.5
Hud Bay Mln & Smelt_ _ _•
Internat Mining Corp_ _ _1
Warrants
Iron Cap Copper corn_ _10
Kerr Lake Mines
4
Kirkland Lake G M Ltd_l
Lake Shore Mines Ltd._ _1
New Jersey Zinc
25
Newmont Mining Corp_ 10
NY & Honduras Rosario10
Nipissing Mines
5
Pacific Tin Spec Stock _ _ _ •
Pioneer Gold Mines Ltd 1
Pond Creek Pocahontas. •
Premier Gold Nfining.
1
St Anthony Gold Mines..1
Silver King Coalition_ _ _ _5
So Amer Gold & Plat new_l
Standard Silver Lead__ _ _I
Teck-Hughes Mines
1
Tonopah Belmont Dev. I
_
Tonopah Mining Nay _ _ _1
Un Verde Extension_ ..50c
Utah Apex Mining Co._.5
Wenden Copper
1
Wright
-Hargreaves Ltd._•
Yukon Gold Co
5
234
5
1535
135
45
34
134
6
134
94
41%
15.ar
6. Jan
534 May
235 2%
Yd.
34
35
55
435 5
15
1535
314
51
300
100
100
900
1,500
200
Jan
Jan
Mar
Jan
4
Jan
14
Ito Jan
335
154
31
555
1835
*14
3,600
2,700
270
200
600
200
100
300
1,600
200
400
100
2,200
34
51
43%
314
%
TB
5%
435
1.15
2
4%
1%
31s
Mar
% Jan
63
Feb
1
Jan
4
Feb
Apr
734 Apr
6
Feb
2
Feb
2% May
11
Feb
5% Jan
1% Mar
4155 42%
34
50
4734
25
12%
855
351
54
655
34
35
9
Ins
Canada Northern Pr 55 '53
Canadian Nat RI 73..1935
Canadian Pac RI 68..1942
Carolina Pr& Lt 58...1956
Cedar Rapids M & P58'53
Cent Ariz Lt & Pow 5s 1960
Cent German Power1934
Partic ctfs 6s
Cent III Light Es. _ _ .1943
Central Ill Pub Service
1956
55 series E
1st & ref 4 553 5er F_1967
1968
55 series G
Cent Maine Pow 55 D 1955
1957
4555 series E
Cent Ohio Lt .6 Pow 55 '50
Cent Power 5s eer D 1957
63%
5535
1435
14%
6%
1755
13
13%
535
1%
35
35
5154
414
35
8%
19%
14%
1435
631
134
34
"ii
5455
Jan
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Nlar
Mar
Apr
4835
49
32%
231
25
13%
17
13-4
200
600
50
400
75
3.600
100
1,800
4751
45
28
2
17
1035
14
1
May
Mar
Feb
May
Jan
Jan
Apr
Jan
6351
57%
3555
235
27%
14%
17
1%
Jan
Apr
Apr
Feb
May
Apr
May
Mar
Jan
8% May
354 Jan
% Jan
5% Jan
May
55 Jan
335 Jan
54 Jan
55 Jan
655 Jan
54 Jan
Illt
12%
5%
55
834
lie
1%
5
235
54
1034
35
Apr
Feb
Feb
Feb
Apr
Feb
Feb
Feb
Apr
Apr
Mar
Apr
635
17
12%
13
5%
1%
35
35
50
48%
4731
3255
2
25
1235
17
151
119
82
6335
5434
14%
14%
19
1735
1
%
34
34
1
34
35
%
6
11%
8%
1051
3%
1
700
31
500
8%
4
3,400
lie 4.500
6% 18,800
300
3
0
600
35
455
700
2
900
5.000
'II
955 10,100
500
34
Apr
May
Apr
Feb
Apr
Slay
Feb
2
1
May
Jan 9354
79
954 Mar 20
Jan 9034
73
16% Jan 34
1431 Jan 3234
41% Jan 6734
9734 JD, 105
"
7035 Jan 92
4755 Jan 70
Feb
May
Feb
Apr
Feb
Apr
Feb
Slay
Apr
Apr
95% 42,000 76
6,000 102
107
8354 3,000 59
7634 46,000 57
3834 130,000 25%
1955
17
1635
18
17%
1634
19%
20,000
17,1100
125,000
69,000
87,000
1,000
13,000
23,000
65
18,000
56
23,000
15
1434 6,000
19
1,000
1755 3,000
Am.
Jan 97
June
Jan 107
Apr
Jan 87
Jan 7934 Apr
Jan 4234 Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2834
2331
2435
2555
25
2294
2934
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
53
Jan
44
9% Jan
10
Jan
14% Mar
Jan
14
7554
go
22
23
2634
2634
mar
mar
Feb
Feb
Feb
Feb
13
10
10
11%
11%
11%
12%
Jan 137
Jan 07
Feb
Apr
108% 31,000 102% Jan 10834 May
May
110
25,000 10134 Jan 110
non 9,000 101% Jan 11034 May
Jan 12234 May
12135 2,000 105
3,000 76% Jan 9994 Apr
97
Jan 7034 Mar
4.000 51
6634
Apr
12,000 4055 Jan 60
58
Mey
55
5.000 36% Jan 58
7,000 10331 Jan 10855 May
10831
97% 9734 98
10454 10434 10434
110% 11034 114
74% 7334 74%
11031 111
111
9035 9054 9954
46%
Jan 89
Jan 8534
Jan 8454
Jan 75
Jan 7051
Jan 104
Jan 91
66
59
60
85
51
95%
72
11834 11955 16,000 105%
91% 92% 37,000 74
10731
109%
110
12134
97
6551
57% 5734
53
53
108%
10855
109%
110
12155
97
63% Feb
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Slay
31 Feb
4155 Jan
34
100
200
800
900
7,000
300
Bonds
Alabama Power Co-87
88% 10,000
1st & ref 58
1946
81% 82% 6,000
1st & ref 53
1951
1,000
1st & ref 55
1956 80% 80% 8051
71
3,000
70
1st & ref 56
1968 71
6751 39,000
1st & ref 4558
1967 6754 65
57,000
102% 103
Aluminum Cost deb 5852 103
87
87% 39,000
Aluminum Ltd deb S5.1948 87
Am Commonwealth Pow
100
15
, 131
1
131
Cony deb 65
1940
10,000
88
88
Amer dc Coot 53
1943
1435 15% 35,000
Am El Pow Corp deb 61357 15
8834 131,000
Amer G & El deb 5s_ _2028 88% 88
31
22,000
28
Am Gas & Pow deb 65_1939 30%
1953 26% 2335 2655 50,000
Secured deb 55
64,000
5455 59
Am Pow & Lt deb 68_2016 55
24,000
10455 105
Amer Radiator 4 %5_ _1947 105
37,000
87
88
Am Roll Mill deb 55_1948 88
2,000
57
57
Amer Seating cony 65.1936
Assoc Rayon Ss
1950
Assoc T & T deb 5555 A '55
Assoc Telep Util 550_1944
Certificates of deposit_
65
1933
Certificates of deposit.
Baldwin Loco Worts
1938
(is with warr
(is without wart._ _1938
Bell Telep of Canada
1st NI 55 series A_ _ _1955
1st NI Se series B
1957
1960
lat Nf baser C
Bethlehem Steel 63...1998
Binghamton L H & P53'46
Birmingham Elec 4%5 1968
Birmingham Gas 55_ _ _1959
Broad River Pow 58..1954
Buff Gen Elec 53 __ _1939
3955 May
1,200
4,900
1,900
2,200
3,900
400
1,700
100
200
300
1,400
35
Appalachian El Pr 55.1956 9531 94
106
Appalachian Power 55_1941 107
8234
Deb 63
2024
76
Arkansas Pr & Lt 55_1956 76
Associated Elea 43.4s..1963 3835 3734
Associated Gas & El Co
Cony deb 534s
1938 19% 18%
Cony deb 4345 C._ _1948 1635 16%
Cony deb 4355
1949 16% 15%
16%
Cony deb 55
1950 1734
16%
1968 1736
Deb 55
1611
Registered
1851
Cony deb 5555
1977 1831
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Jan
Feb
May
May
Jan
Apr
Apr
Jan
Apr
Apr
May
Jan
Mar
Feb
Feb
Feb
Jan
1
1
1%
35
35
8%
3%
154
6%
he
31
4%
1%
34
8%
314
7.
131
135
1%
1%
2
31
3314
1
134
36
31
17
1255
13%
5.35
75
134
55
Jan
Jan
Jan
Jan
Jan
Jan
1
34
1
134
3
May
34 Mar
8% Feb
300
2,500
100
1
.%
High.
Low.
1%
134
34
3te
45
4635
55
35
1% 1%
31
631 6%
535 535
134 135
234
6%
6
1% 1%
34
34
4634
43
106% 10655
71
60% 69
6334
63% 63
6935 6951 7034
100% 10054 100%
9451 9431
75
75
55%
55
May
Jan 98
10,000 81
Jan 10555 Apr
30,000 102
Apr
98,000 102% Jan 117
Feb
57,000 5254 Jan 76
may
Feb III
19,000 103
39,000 7655 Jan 9451 Apr
8,000 43
1,000 100
10,000
19,000
16,000
27,000
3,000
2.000
9,000
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Price, Low. High.
Range Since Jan. 1.
234
%
6
2%
%
6
June 2 1934
52%
47%
52
85%
75
57
41
May 6335 SEar
Apr
Jan 107
Jan 7634 Apr
Jan 68
Feb
Jan 74% Apr
Jan 101% May
Apr
Jan 95
May
Jan 77
Jan 6154 Feb
Bonds (Continued)
Cent Pow & Lt let 58_1956
Cent States Elec 55...1948
5345 with warrants_ 1954
Cent States P.6 L 5355.'53
Chic Dist Elea Gen 4555'70
Deb 5355_ _Oct 1 1935
Chic Jet Rys & Union
Stockyards 5s
1940
Chic Rys 53 ctfs
1927
Cincinnati Street Ry65 series It
1955
Cities Service 58
1966
Cony deb 53
1950
Cities Service Gas 5345 '42
Cities Service Gas Pipe
Line 65
1943
Cities Seri,P.6 L 534s 1952
,
555s
1949
Cleve Elec III 1st 5s_ _1939
Commera und PM vat
Bank 53513
1937
Commonwealth Edison
1st M Sc series A._.1953
1st NI 55 series B._ _1954
1st 454s series C
1956
455s series D
1957
455s series E
1960
1st 151 45 series F...1981
555s series G
1962
Com'wealth Subsid 5555'48
Community Pr & Lt 681957
Connecticut Light & Power
4345 series C
1956
55 series D
1962
Conn River Pow 55 A 1952
Como]G EL & P 4345 1935
Stamped
Consol Gas (Balto City)gen mtge 4%s
1954
55
1939
Consol Gas El Lt &P(BaW
434s series 0
1969
434s series II
1970
1st ref sf 45
1981
Consol Gas Util Co1st .6 coil tis ser A 1943
Cony deb 655s w w_1943
Consol Publishers 7345 '36
,
Consumers Pow 455s._ 1958
161 & ref 55
1936
Cont Gas.6 El 55
'
.
1958
Continental 0115545-1937
Crane Co 65_ _ _ _Aug 1 1940
Crucible Steel 55
1940
Cuban Telephone 755s 1941
Cudahy Pack deb 555s 1937
Cumberld Co P& L 4346'56
56%
3834
4051
4934
87
95
5534
3854
4051
4951
8655
94
5635
40,35
41%
5031
87%
95
5,100
28,000
30,000
90,000
43,000
19,000
104 104% 4,000
52% 5355 22,000
76% 3,000
48
26,000
4834 272,000
64% 45,000
46%
47
6355
76
4655
46%
63
4335
9351
78
78% 2.000
43% 4455 142,000
44% 71,000
43
Range Since Jan. 1.
4854 49
16,000
27,000
5,000
13,000
17,000
28,000
100,000
7,000
48,000
41,1)00
Apr
62
5231 Apr
Apr
51
53% Apr
8734 Apr
9654 Apr
Jan
Jan
Jan
Jan
Jan
Jan
95
46
Jan 10434 June
Jan 54% Feb
5255
3055
3035
46%
Jan
Jan
Jan
Jan
Apr
83
52% Apr
53% May
6855 Apr
82
4934
4931
Apr
Apr
Apr
Jan 107%
Apr
57% Jan
2755 Jan
2755 Jan
107% 10735 107% 18,000 105
48%
High.
Low,
41%
27%
28
3335
62
74
4851 NIar
92
92
84%
86
85
72%
9451
5631
3635
6235 Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10631
106%
102
102
101
9135
107%
87%
5434
,
May
May
May
May
May
Stay
May
May
Apr
Jan
10634 106% 2,000 100
Jan
10855 10855 5,000 104
10355 103 103% 2,000 9155 Jan
10235 10254 102% 21,000 10155 Jan
5,000 102% Feb
10235 1023-4
106%
108%
104
103%
103%
May
May
Mar
Apr
Feb
10135
10135
l00%
9134
107%
84
513-4
10535 106%
106% 106%
101% 101%
101 101%
NO% 100%
9131
91
107% 107%
83% 8435
5134 52%
109 110
10935 109% 10935
108 108
108 108
102% 103%
2,000 102
2,000 10454
May
Jan 111
Jan 10955 May
May
Jan 109
2.000 105
May
1,000 103% Jan 108
5,000 93
Jan 10331 Apr
23,000 333,5
6
4,000
5,000 63
63,000 943-4
37,000 102%
92.000 363.4
10,000 10131
6,000 85
11,000 7355
13,000 6451
22,000 98
2,000 74
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
52%
13
72
10534
105
67
104%
99
96
7955
104%
94
Apr
Apr
Mar
May
Apr
Apr
Apr
Apr
Apr
May
May
Apr
109 109% 8,000 10455
Dallas Pow & Lt 6s A_1949
1,000 99
105 105
55 eeries C
1952
14,000 10254
Dayton Pow & Lt 58_1941 10735 107% 108
5,000 65
86
86
Delaware El Pow 5 55s...'59
2.000 92%
104% 105
Denver Gas & Elec 55.1949
81
8151 16,000 5735
Derby Gas & Elea 55_ _1946 81
98
99% 49,000 8435
Del City Gan 65 ser A.1947 98
,
55 let series B
1950 86% 8631 8855 28,000 73
Detroit Interna t Bridge
2,000
4% 5
4%
%
1952
3
634s
131 1% 6,000
7s
34
1952
Dixie Gulf Gas 6%5_1937 9951 9835 9935 46,000 79
Duke Power 4%s
1967 101% 10155 10254 23,000 85
Eastern Util Investing
9,000 1035
18% 19
55 ser A w w
1954 1855
Edison Elea Ill (Boston)
100% 100% 25,000 100%
-year 5s
2
1934
5% notes
1935 10234 10255 10234 40,000 100%
40,000 25%
Elec Power dr Light 55.2030 4134 41% 44
2,000 35
60
El Paso Nat Gas 6555_1938
80
5,000 62
84
83
Elmira Wat, Lt & RR 58'58 83
83
3,000 64
El Paso Elea 58
1950 8234 81
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
110
105%
108
89
105
85
101
S/154
Apr
May
May
May
Apr
Apr
May
May
9834
9
10535
10435
5035
10335
76
104
48% 5134
9
9
6935 70
105% 105%
104% 105
50% 52
103 104%
9735
96
92
91
79
76
103% 104
9334 93%
70
Empire Dist El 5s_
68
1952
66
63
Empire Oil& Ref 5555 1942 63
Ercole Marelli E16353_1953
,
8255
with warrants
76
76
Erie Lighting 5s
1967 100% 100 100%
European Elec6 %5.._ _1965
94
93
Without warrants
European Mtge Inv 7s C*67 50% 4531 5034
Fairbanks Morse 543..1942 8731 86% 8751
234 231
Federal Sugar prof 6s_1933
Federal Water Serv 5355'54 3931 39% 3935
Finland Residential Mtge
Banks (15
1961 83% 82% 83%
Firestone Cot Mills 5s_'48 101% 10034 101%
Firestone Tire & Rub 55'42 10051 100% 101 51
67
First Bohemian Glass 7s57 67
67
Fla Power Corp 5%5_1979 7051 70% 7155
Florida Power & Lt 55 1954 61% 61% 6394
Gary El & Gas 5sser A 1934
Gatineau Power 1st 55 1956
Deb gold 65 June 15 1941
Deb 65 Bailee B
1941
General Bronze 6.3____1940
General Motors Acceptance
5% serial notee
1936
Gen Pub Serv 53
1953
Gen Pub Util 694e A.1959
Convertible 635s
1933
General Rayon 65 A_ _1948
Gen Refractories 65._ _1938
with warrants
Without warrants
Gen Vending 63 ctts__1937
Gen Wat Wks & El 55.1945
Georgia Power ref 5s_ _1967
Georgia Pow & Lt 55_1978
Gestural 68 x-warrants 1953
Gillette Safety Razor 58 '40
Glen Alden Coal 48_..1965
Glidden Co 5358
1935
Gobel (Adolf) 64s_ _1935
with warrants
Grand (I W)Prop 65.1948
,
Certificates of deposit _ _ _
Grand Trunk Ry 63.48 1936
Grand 'I runk Weet 45_1950
Great Northern Pow 5s '35
Great Western Pow 58 1946
(itinullan Investors 58_1948
Gulf 011 of Pa 55
1937
Ss
1947
Gulf States Mil 53_ _1956
9335
9134
9051
7654
8151
45
9255
7931
58
101%
7034
10151
53%
9334
9035
8954
76%
104%
8131
44%
68
57
5455
94%
9135
90%
78%
7
Feb
Jan
2
Jan
Jan
Jan 9954 May
Jan 102% Apr
Jan
25
Mar
May 101;5 Feb
Jan 103% Mar
Jan 5155 Apr
Nlar
Jan 60
Jan 85
Apr
Jan 8634 Mar
13,000
10,000
4635 Jan
4655 Jan
22,000
19,000
7231
86
4,000
13,000
9,000
100
21,000
80
Jan 10034 Apr
29
Jan 50% June
63
Jan 89% Apr
Jan
10
231 May
18% Jan 42
May
18,000
71,000
28,000
2,000
16,000
89,000
7354
89%
93
62
6634
53%
Jan 8934 Apr
Jan 10155 June
Apr
Jan 102
Jan 7051 Mar
Apr
Jan 80
Apr
Jan 71
32,000
92,000
9.000
28,000
13,000
34
77%
89
6831
60
Jan
Jan
Jan
Jan
Jan
70
72
May
Apr
Jan 88
Apr
Jan 10051 May
67% Apr
9451 May
9135 Mar
9055 May
8155 Apr
104% 9,000 10231 Jan 104% Mar
82
4,000 84
Jan 8834 Apr
45% 1,200 2555 Jan 47% Apr
68
1,000 40
Apr
Jan 70
5833 22,000 45
Feb 5855 May
132 13234
9235
92
451 431
56
5634
79% 80
58
(30
47
4751
101% 10135
70
7034
10151 10135
7955 80
35
3655
105% 105% 10534
85
85
85
100% 100%
10534 10551 10534
39% 39%
10555 105 10554
10535 10534
87
8734
11,000
15,000
2,000
4,000
54,000
8,000
2,000
12,000
58,000
82,000
6,000
98%
85
2
40
5935
40
46
94
5755
97%
Jan 146% Apr
Apr
Mar 94
735 Mar
Jan
Feb
Jan 61
Jan 8451 Apr
Feb
Jan 65
Jan
May 73
Jan 102% Slay
Jan 7231 Mar
Jan 101;5 Apr
73% May
12,000 1631
15,000 10055
1,000 70
47,000 9354
6,000 9434
5,000 24
30,000 101
34,000 9951
31,000 66
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
85
Apr
41
106
8834
100%
106
46
10534
106
92%
Apr
Apr
Apr
Slay
May
Feb
JUne
Apr
Apr
106% 10655 3,000 99
Hackensack Water 58_1977
Jan 10655 May
55
1938 106% 108% 106% 1,000 100% Jai 106% May
Apr
80% 23.000 61
Hall Printing 535s
1947 80% 78
Jan 83
Mar
76
3,000 66
73
Jan 81
Hood Rubber 5555... 1936 76
Apr
3,000 7434 Slay 83
74% 78
1936 78
h.
Financial Chronicle
Volume 138
Bonds (Cortanued)-
Friday
Sales
Last Week's Range for
of Prices.
IVeek.
Sale
Price. Low. High.
Houston Gulf Gas 613_1948
75
648 with warrants..1943
6011
HousL & P 1st 448E.1981 99% 994
55 series A
1953
104
lst & ref 4 Sis ser D.1978 10034 994
Hudson Bay M & S65.1935
108
flung-Italian I3k 74s_1963
52
Hydraulic Power 5s_ _ _1950
110
Ilygrade Food 68 A 1949 63
63
1942
6s series B
65
Range Since Jan. 1.
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Bonds (Continued)
-
774 Apr
614 Apr
May
100
1044 Apr
June
101
118% Apr
Mar
58
Apr
110
Apr
70
Apr
70
New Eng Pow Assn 58_1948
Debenture 5Sis_ _ _ _1954
New Orl Pub Serv 43-4s '35
6s series A
1949
70
753.4
49
38
70
74
49
38
71
754
52%
4014
Y Central El 548.-1950
N Y & Foreign Invest
53.4s with warrants_1948
NY Penna Jr Onio 44e '35
NY P&L Corp 1st 444s '67
NY State G & E 448.1980
1962
53-4s
NY & Westch'r Ltg 482004
77
77
77
8034 80% 3,000
1014, 102
14,000
68,000
92,4 92% 94
37,000
79% 79% 80
3,000
924 93
93
9844 984 1,000
Idaho Power be
1947
103 103
Illinois Central RR 434834 92
91% 92%
Stamped
9231
92
92
65 w I
1937 88
87% 89
lii Northern Utll 58.._ _1957 101
1004 1014
III Pow & L 1st as ser A '53 77
77
75
1st & ref 5345 ser 13_1954 70% 7044 714
1st & ref 58 ser C_ _ _ 1956 68Si 6718 684
St deb 5148 ....May 1957 5815 58% 5944
Indiana Electric Corp
6s series A
1947
724 72%
be series C
1951 63
63
62
2,000
120,000
6,000
47,000
17.000
42,000
15,000
84,000
9,000
2,000
2,000
5444
47
Jan
has
Indiana Hydro-Elec 55 '58
6444 6534
Indiana & Mich Elea 58'55
93
944
5s
1957
1054 10641
Indiana Service 55._ _ _1950 434 43% 46
1st lien & ref 5s
1963
43% 444
Indianapolis Gas 58 A..1952
854
85
In Fool's P & L bs ser A '57 9434 94% 95
Intercontinents Pow 6s '48
3% 334
International Power Sec
Secured 6348 ser C 1955
89% 944
7s series E
1957 88
88
98%
75 series F
1952
92
92%
international Salt 5s._1951 101
looi 101
International Sec 58. _1947
564 57%
Interstate Ir & Steel 546'46
804 8035
6,000
19,000
2,000
29,000
7,000
8,000
59,000
5,000
47
71
91
25)4
244
71
76
24
6741 Apr
Ja
Jo
Apr
96
Ja
10631 May
48% Apr
Ja
Ja
4844 Apr
Jan 88
Apr
Jan 954 May
Jan
5
Apr
10,000
15,000
5,000
19,000
8,000
1,000
834
85
833.4
84
464
57%
Jan 98
Mar
Jan 1034 Mar
Jan 102
Mar
Jan 102
May
Jan
Jan 85
Jan 844 Apr
Interstate Power 55..1957
Debenture fts
1952
Interstate Public Service
5sseries 1)
1956
414s series F
1958
Investment Coot Amer
58 without warrants 1947
lowa-Neb L & p55,...1957
Iowa Pow dr Lt 434s._1958
Iowa Pub Serif 58
19571
Isarco Hydro Elea 78_1952
lsotta Franschini 7s_ _1942
Italian Superpower of Del
Deb 138 without war_1963
Jacksonville Gas 55_1942
Jamaica Vat Sup 5481955
Jamey C P&L4Sis C_1961
be series B
1947
Jones dr Laughlin 53..1939
Kansas Power 58
1947
Kansas Power & Light
1965
65 series A
1957
Est series II
Kentucky UtIlities Go
1st intge be
1961
645 series D
1948
be series I
1989
Kimberly-Clark 58_ _1943
Koppers G & C deb be 1947
Sink fund deb 5348_1950
Kresge(88)Co 58_ _ _ _1945
Certificates of deposit.. -
May
87% Jan 103
Jan 9534 Mar
75
Stay 934 Apr
92
87% Slay 934 Apr
824 Jan 101% Slay
Jan 78% May
52
Apr
474 Jan 75
Apr
43% Jan 70
Jan 66
Apr
37
754 Feb
Apr
68
54
4134
54
553-4 42,000
4144 4334 28,000
41%
284
Jan
Jan
614 Feb
48
Apr
57
52
57
5734 2,00
,
514( 52% 30,00
48
424
Jan
Jan
64
61
834
85
934
84
834
82
93
82%
87
81
67
Jan
634 Jan
Jan
75
574
Jan
Jan
77
Ja
80
8341 3,00
85
11,00
9344 15,000
11,00
84
90
4,00
8234 9,00
624 71%
16,000
62
Jan
83,4
89%
954
87%
92
88
Feb
Feb
May
Apr
Apr
May
Apr
Feb
78x
Apr
394 82,000 32
3744 32
May 53
10344 1034 104% 14,000 100
Jan 105
93
93% 55,000 733.4 Jan 934
93
101
10044 1014 26,00(
Jan 1014
83
1064 1064 1074 14,001 1034 Jan 107%
77
10,000 604 Jan 86%
77
78
Feb
May
Mar
May
Slay
Apr
100 100
934 95
4,000
30,000
8444
734
Jan 1004
Jan 96
Apr
Apr
64
634 63
78
78%
78
62
63
62
97%
973.4 97
9544 954 96
994 984 9934
1034 1034 1034
101
100 101
10,000
6,000
13,000
20,000
37,000
10,000
1,000
19,000
47
58
454
88%
823.6
844
89
87%
Jan 68
Jan 864
Ja
88
Jo
984
Jan 97
Ja
994
Ja 104
1014
Jo
Mar
Apr
Nfar
Apr
Mar
May
Apr
May
Laclede Gas Lt 548._1935 674 66
674
Lehigh Pow Secur 68_ _2028 834 814 84
Lexington Utilities 58_1952 714 714 724
Libby McN & Libby be '42 86
85
864
Lone Star Gas 58
1942 96
98
96
Long Island Ltg 88_1945 903.1 89
9041
Los Angeles Gas fie Elea
5 Sis serle.s F
1943
1054 1054
5s
1939 106% 106% 106%
5s
1961
10111 101%
Louisiana Pow & Lt 551957 90
894 9114
Louisville G & E 448 C '61
984 98%
8,000
40,000
9,000
26,000
2,000
21,000
50
Ja
614 Jan
544 Jo
6844 Ja
82% Ja
67
Jan
Manitoba Power 648.1951 6234 6011 6231
Mansfield M & S 78
1941
With warrants
65
65
65
Mass Gas deb 55
1955 934 9334 9444
5)48
1946 1004 10041 100%
McCord Radiator & Mfg
6s with warrants _ 1943 57
60
57
Memphis P & L 58 A 1948 894 89.4 90
Metropolitan Edison
k
4s series I
,
1971 834 8331 83%
58 series F
1962 95
9414 95
Mid States Petrol 6)48 1945 70
70
70
Middle West Utilities
58 etfa of den
1933
734 734
738
Is ctfs of dep
1934
754
734
511 efts of deposit...1935
7% 714
Midland Valley Ss.__,1943
67
67
Milwaukee Gas Lt 414s '67
10431 1044
25,000
383.4
2,000
25,00(
10,000
634 Jan
Jan
74
83
Jan
7,000
17,000
40
70
Jan
Jan
70
92
Apr
Apr
10,000
23,000
5,000
66
73
534
Jan
Jan
Jan
86
95
72
May
May
May
2,000
4.000
1,000
2,000
10,000
54
5.4
54
80
93%
Jan
10% Feb
Jan
104 Feb
Jan
104 Feb
Jan
75
Apr
Jai 104% Apr
9,000 73
10.000 100%
44,000 554
7,00
64
40
38,00
48%
47,00
Jan 89
Apr
Jan 1024 Apr
Jan 774 Apr
Jan 84
May
Jan 61
Apr
Jan 69
Apr
100
NIinneap Gas Lt 448_1950 854 85
85%
Minn Gen Elea Se..,._.1034
1014 102
Minn P & L 445
1955 744 744 74%
58
8311
1955
83
Mississippi Pow be__ _1955
5244 534
Niles Pow & Lt 5s...1557 66% 66
67
Sass River Fuel 6s_ 1944
With warrants
9641 97%
iss River Pow 1st 551951 10558 1054 105%
Missouri Pow dr Lt 546'55
934 9334
Missouri Public Seri be '47 49
51%
,
49
Monongahela West Penn
Pub Sera 634 ser 13.1963 844 8331 844
,
Mont I)akota Pr 5 %s_1934
56% 56%
Montreal L If & P Con
let & ref bs ser A __1951
109 109
58 series It
1970
1094 1094
Munson S 8 Line 648_1937
With warrants
7
7,4
74i
Narragansett Elea 55 A '57
be series It
1957
Nassau & Suffolk Ltg 88 45
Nat Pow & Lt 68 A _ _ _2026
Deb 58 series B__ _ _2030
Nat Public Service 65 1978
Certificates of deposit.
National Tea Is
1935
Nebraska l'ower 4 Si e_ 198.
Neisner Bros Realty (le '48
Nevada-Calif Elea 58_1956
New Amsterdam Gas 511'48
NE Gas & El Assn 58_1947
Cony deb 55
1948
Cony deb 55
1950
35.000
2,000
4,000
10434
10434
101
94
94 9% 12,00
1004 100% 1004 30,00
102% 1023-4 10344 35,000
754 10.000
75
75
38.000
78% 784 79
1014 1004 1014 8,000
54% 534 554 41,000
11,000
54% 544 55
55,000
5414 55
Jan
64
Feb
Feb
Apr
May
Mar
Apr
Ja
100
Ja
1064
Jan 95
Jan 56
61
47
Jan
Jan
7
98
98
98
57
474
May
69
Mar
94% May
101
May
904
96%
704
37
9.000 1044
2,00 1034
30,000
7,00
3,000
101
714 7034 71% 1,5,000
624 62% 6331 28.000
10144 1044
1014 104g
754
88
76
8934
97%
94%
2,000 9534 Jan 1054i May
5,000 102
Jan 107
Apr
2,000 89
Jan 1024 Apr
14,000 684 Jan 934 Apr
5,000 82
Jan 994 Apr
2,000
4,000
1,00
5,00
Friday
Sales
Last Week's Range for
ofPrices.
TVeek.
Sale
Price. Low. High.
High.
Low.
17.1)00 42
76
61
6,000 31
69,000 814
100
10444 5,000 934
17,000 85)4
101
109
3,000 104
1,000 194
52
110
2,000 104
2,000 48
65
65
2,000 50
3755
Apr
Apr
Apr
Feb
884 Apr
58 Slay
Jan 110
May
Jun 1104 May
Stay
124 Feb
Jan 104% Apr
Jan 104% May
Jan 101
May
Jan 83
Feb
Jan 74
Feb
744 Jan
167
4
974 Jan 102
91ji Jan 1034
43
Jan 84
574 Jan 79%
85
Jan 1014
394 Jan 65
39
Ja
61
3836 Jan 6134
Feb
afar
May
Mar
May
Juno
Feb
Feb
Feb
35,000
29,000
72.000
22,000
2,000
8034
Range Since Jan. 1.
Jan
Jan
Jan
Jan
72
774
594
444
69
Jan
85
Ogden Gas ,88
1945 944
Ohio Edison 1st 5s_ _ _ _1960 91
Ohio Power 1st Is B 1952 104%
1st & ref 44is ser D 1956 102%
Ohio Public Service Co
6s series C
1953
1954 924
58 series D
1981 93
53.48 series E
Okla Gas & Elec 5s,..1950 94
6s series A
1940 88%
Okla Power & Water 55 '48 544
Oswego Falls Cs
1941
Apr
Apr
Apr
Apr
May
Jan 81
May
70
964 Jan 1024 May
Apr
Jan 94
74
Mar
6444 Jan 83
Jan 934 May
80
Apr
88
Jan 99
Niagara Falls Pow 88.1950 1084 1084 10834
1,000 1044
5s series A
106 1084 11,000 100%
1959
Nippon El Pow 645_1953
79
5,000 65
79
No American Lt & Pow
100% 100% 1,000 91
5% notes
1935
5% notes
1936 100% 100% 10034 8,000 82
54s series A
32,000 254
1956 4831 4834 49
Nor Cont Util 548. 1948 3215 32
17,000 20
33
North Indian C & E 681952
Northern Indiana P 558 series C
1968 73
5sseries D
1969 7231
414sseries E
1970 68%
No Ohio P & L 5345..1951 9911
Nor Ohio Trac & Lt 58 '56
No States Pr ref 43-4s._1961 914
• % notes
1940 884
N'western Elect 68._ _1935 76
N'western Pow Cs__ _1960 31%
Certificates of deposit__ -----N'western Pub Serv Is 1957 66
High.
Low.
5144
54
3644
25
Jan 11044 Mar
Feb
Jan 107
May
Jan 79
Jan 1004 May
Jan 1003.4 May
Apr
Jan 56
Jan 36% May
964 May
95
95%
2,00
71
Jan
7244
72
684
99%
96
91
88%
76
304
30
64
73
73%
70
994
96
92
904
78%
334
30
66
20,000
6,000
8,00
33,000
1,000
29,000
14.000
8,000
18,000
6,000
13,000
54
55
50
703-4
68
7344
7144
54
124
14
5041
Jan 7834 May
Jan 784 Mar
Mar
Jan 74
Jan 10031 May
Jan 97
May
Jan 924 Slay
Jan 9234 Apr
Apr
Jan 87
Jan 3614 May
Jan 344 Stay
Apr
Jan 72
944 954 15,000
91
22,000
93
8,000
68,000
7731
674
95%
85
Jan 964
Jan 94,4
Jan 105
Jan 1024
Slay
May
afar
May
704
634
63
734
66
44
514,
Jan 100
Jan 93
Jan 94%
Jan 964
Jan 92
Jan 60
Jan 65
Apr
Apr
Apr
Apr
Apr
Feb
Apr
10434 104,4
1013-4 1024
97
91
92
934
88
54)4
62
98
92%
93
944
88%
58
62
34,000
10,000
12.000
43,000
12.000
16.000
1,000
Pacific Coast Pow 581..1940 934 934 944 9,000 77
Pacific Gas & El Go
110 1104 6,000 101%
1941
1st 6s series B
1064 1064 10,000 95%
1st .1, ref 53,4s ser C_1952
1044 1044 5,000 92
Ss series D
1955
1st & ref 445 E_ __ _1957 100% 100 100% 45.000 854
1st & ref 45-48 F_ _ _ _1960 10044 99% 1004 62,000 8544
81,4 82
2,000 70
Pacific Investing Is A.1948
1.000 104
Pacific Ltg Pow Is ..1942
108% lOSS
4644 63,000 354
Pacific Pow & Ltg 58.-1955 4414 44
Pacific Western 01164a'43
90% 17,000 78
89
With warrants
89
100 100
3,000 854
Palmer Corp 65
1938 100
34,000 594
814 84
Penn Cent L & P 444s 1977 84
92
6,000 71
91
bs
1979
74
21,000 57
Penn Electric 48 F_ _ _ _1971 74
73
Penn Ohio Edison
6s series A xw
1950 68% 6714 88% 16,000 4634
63% 27,000 41%
Deb 5 Sisseries B
11)59 6334 61
1024 103
8,000 79
Penn-Ohio P & L 534s 1954
Penn Power 55
1956 105% 104% 105% 13,000 95
12,000 75
Penn Pub Serv 6sC 1947 97
954 97
1954
90% 9041 1,000 64
5s series D
Penn Telephone 58 C._1960
10011 100% 4,000 86
Penn Water Pow be. _1940
108% 109% 32,000 103%
Peoples Gas L & Coke19$11
77% 7831 63.000 624
asseries B
44s% serial notes..1036 1004 100% 100% 6.000 95
6s series C
1957 90% 90% 92% 32,000 75
341 334 1,000
Peoples Lt & Pr 58_ _1979
2
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
944 May
1104
106%
104%
1004
1004
8234
108%
57
May
Apr
May
May
May
Slay
May
Feb
Jan 9441 Apr
May
Jan 100
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Ja
Jan
Jan
84
92
75
74
70
103
105%
974
92
1004
1094
June
May
May
Apr
Apr
May
May
A,r
May
May
May
80
May
Ja
1004 May
Jo
Apr
Jan 99
54 Jan
Jan
PIAUI Electric Co 58_1966 1113.4 111% 111% 17,000 10554 Jan
Plain F,lec Pow 548..1972 108% 108% 10911 8,000 1044 Jan
72
6.000 49% Jan
Fhila Rapid Transit 611962 72
71
Phil Sub Co G & E 448'57 10841 1084 106% 7.000 100
Jan
Phila Suburban Wat Is '55
5,000 96% Ja
104 104
18,000 734 Jan
Pledm't Hydro-El 6385 '60 7711 77% 81
Piedmont a Nor 58_ 1954 9041 90
904 23,000 7444 Jan
99
Pittsburgh Coal 8s_ _1949
99
1,000 93
Ja
Ma
Pittsburgh Steel 65_ _1948 9534 9544 954 5,000 85
Pomerania Elec
364 40
3,000 364 May
_1953 40
111%
109%
744
i
1064
104
9244
91%
100
954
64%
Slay
Apr
Apr
May
May
Apr
Apr
May
Slay
Feb
Portland Gas & Coke 55'40
Potomac Edison 5s...1959
4 4.series F
1981
Potrero Sugar 7s
1947
PowerCorp(Can)4 34a B '59
Power Corp of N Y
53.4s
1947
64s series A
1942
Prussian Electric 6s..1054
954
100
9234
344
794
Mar
May
May
Apr
May
85
99
023-4
85
99
9244
27
7894
6.000
86
994 18,000
924 6,000
3,000
28
791i 21,000
63
63
88
8834
554 554
3,000
9,000
4,000
83
743.4
73
18
83
Ja
Ja
Ja
Ja
Ja
514 Jan
Jan
70
494 Apr
Pub Serv of N H 434e B '57 101
1004 1014 50,000 8344
Pub Serv of N J pet ctfe_ _ _ 116
116 1181i 9,000 103
Pub Set's of Nor Illinois
,
824 84
1st & ref 55
25,000 6544
1956 83
814 83
batteries C
13,000 604
1986
1978 744 74
43-45 series D
743-4 9.000 56
444s series E
554
714 724 25,00
1980 71
1st & ref 43.4s ser F..1081 724 7134 723-4 55,00
55
64s series G
1937 97% 974 98
74,000 784
845 series II
1952 91% 91% 92
5,000 714
Pub Sera of Oklahoma
,
5s series C
1961 8341 83
844 4.000 62
58series D
85
1957 83
83
10,000 57S4
Pub Serv Subsid 5148_1949 85
85
84
40,000 42
Puget Sound P & L 534s'49 1234 524 .554 72,000 41,4
1st & ref Is series C.1950
5134 52
25,000 39%
1st & ref 43-45 ser D.1950 47% 474 48% 57,000 364
Quebec Power Os
1968
1004 100% 10,000 89
Queens Boro G & E 414s '58 98% 984 984 2,000 88
Reliance Mgt 58
1954
with warrants
79
79
2,000 59
Republic Gas 68
34
344 7,000 1434
1945 34
Certificates of deposit_
33% 334 34% 19.000 15
Roehester Cent Pow 58 '53
39% 41
10,000 28%
Rochester Ry & Lt 5s 1014 109% 1094 10934 5,000 1024
Ruhr Gas Corp 8 Sis_ _1053 47
4646 47
28,000 414
Ruhr Housing 6 %s__ _1958 3534 35% 354 1,000 354i
Ryerson (Jos T)a Sons
1943
101 101
1,000 914
Safe Harbor Water Power
1979 1054 10441 105% 35,000 953-4
434s
San Antonio Puolic Service
1958 884 884 89
fa series B
5,000 65
San Diego G & C 544s '60 106% 10636 106 31 5.000 103
St Louis G& E 65 _ _ _1947
34
7
74 5.000
734
Sauda Falls Is A
109 109
1955
1,000 10334
63% Apr
90
Apr
73
Feb
Jan 1014 June
Jan 117
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
90
864
79%
79
784
984
93%
Apr
Apr
Slay
May
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Jan
87
89
85
59%
5734
53
May
Apr
May
Feb
Feb
Feb
Jan 100% May
Jan 984 May
79
Ja
Jan 39
37
Ja
47
Ja
110
Ja
Mar
May
Slay
May
May
Feb
Apr
86
Feb
704 Feb
Jan 10134
Apr
Jan 1054 June
Jan 91
Slay
Mar 1063-4 June
11
Jan
Feb
Jan 109
May
3756
Bonds (Continued)Saxon Public Wks 88__19371
Schulte Real Estate
6.5 ex-warrants
1935
Scripp(E W)Co 5h8.1943
Seattle Lighting 58___1949
Shawinigan W & P416867
410 series B
1968
let 55 series C
1970
let 434s series 1).........1970
Sheffield Steel 5 he_ _ _1948
Sheridan Wyo Coa1138_1947
Southeast P & L 68_ _2025
Without warrants
Sou Calif Edison 5s___1951
58
1939
Refunding 58 June 1 1954
Refunding 5e Sep 1952
Sou Calif Gas C'e 416s 1961
514s series 13
19521
let ref 5s
1957
Sou Calif Gas Corp 58 1937
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Price. Low, High.
64
3116
9314
9954
9216
9934
64
9% 9%
8655 87
31% 3134
93
93%
93
93
9934 101
9214 93%
99% 100
47
4814
5,000
1,000
19,000
20,000
41,000
20,000
23,000
21,000
2,000
5,000
Range Since Jan. 1.
I
Low.
High.
7214 Mar
60
J80
7
73
2354
72
7214
79
7214
85H
4116
Jan 12
Jan 8954
Jan 41
Jan 93.35
Jan 93
Jan 101
Jan 9355
Jan 100
Jan 4934
87
6954 80,000 4334 Jan 7414 Apr
Apr
10454 10454 36,000 9354 Jan 105
5,000 10214 Jan 108 May
10734 108
Apr
10434 10454 10,000 9314 Jan 105
10434 104% 2,000 93
Jan 104% Apr
Apr
Jan 96
95
9534 3,000 82
10414 10434 10434 1,000 9316 Jan 10434 May
Jan 10255 May
10214 10234 8,000 89
98
9814 9,000 83% Jan 98% May
73
19,000
5134 Jan
8,000
22,000
15,000
18,000
34,000
26,000
16,000
14,000
2,000
6,000
60
59
42
82%
8314
47
34
40
57
87
Jan 7431
Jan 7414
Jan 6414
Jan 89
Jan 89
Jan 7534
Jan 6434
Jan 8614
Jan 84
Jan 101
8214
82
54
5316
79
5135
24
51,000
25,000
33.000
30,000
6,000
81,000
3,000
4314
4314
3254
3214
8414
2916
18
Jan
Jan
Jan
Jan
Jan
Jan
Jan
47
48
4434 4416
10414 105
78
7914
7854 7914
9514 96
10654 10611
103% 10414
107% 10715
6,000
5,000
29,000
12,000
22,000
8,000
24,000
16,000
2,000
47
37
103
59
6754
73
10334
98%
10334
Mar
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Tennessee Elec Pow 5s 1966
70
71
Tenn Public Service 58 1970 57% 5714 58
Tern! Hydro Elec 6345 1953 75
75
8254
Texas Cities Gas 5e
1948 56% 5655 58
Texas Elec Service 58.1980 78
7655 79%
Texas Gas Util 6s_ _1945
16
16
Texas Power & Lt 58..1056 cro
89% 9034
Debenture 65
2022
8434 8434
55
1937 10254 102% 102%
Thermeld Co 68w w 1934
77
7814
13s stamped
1937 6614 68% 88
Tide Water Power 53_1979 73% 7234 7434
Toledo Edison 5s
102 10234
1962 102
Twin City Rap Tr 5558'62 4614 4614 49%
14,000
2,000
81,000
2,000
69,000
1,000
37,000
3,000
22,000
29,000
11,000
13,000
12,000
89,000
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
so Jan
iss Jan
50 Jan
883i Jae
23% Jan
6.000
38.34 Jan
Stand Gas & Eleo 64_1935 7916
Cony 68
1935 80
Debenture 68
1951 52
Debenture 68..Dec 1 19116 52
Stand Invest 5Sig.__ -1939
Stand Pow & Ls 05,,. 1967 50
Stand Telep 5148
1943
Stinnes (Hugo) Corp
7e stamped
1938
7sstam ped
1948
Sun oil deb 510
1939 105
Super Power of III 4148 '68 79
1st 410
1970 7954
65
1961 95%
Swift & Co let m et 55_1944 106%
5% notes
1940
Syracuse Ltd 534s
1954 10754
Ulen Co deb 6s
1944
Union Elec Lt & Power
ha
1957
Un Gulf Corpse July 1 '50
United Else NJ 4s_ _1949
United El Serv 78 x-w_1958
United Industrial 610 1941
let 68
1945
United Lt& Pow 138_ _ _ 1975
Apr 1 1959
534s
Deb g 610
1974
United Lt & Re 510._1952
Os series A
1952
68 series A
1973
U S Rubber
68
1936
8h% serial notes__ 1935
814% serial notes. .1938
% serial notes.__1937
614% serial notes_ 1938
616% serial notes_ _1939
616% serial notes
1940
Utah Pow & Lt 68 A2022
410
1944
Utica G & E 58 E..._ _1952
58 series D
1956
49
103
105
75
5834
58%
46%
78
4934
5154
83
44%
7914
7916
52
52
7714
50
2334
49
49
103 103
10414 105
105% 10554
70
8455
5854 5834
5855 58%
4535 46%
7455 78
4954 50
51
52%
80
83
4434 44%
55
44
74
51
83
1431
8714
5616
8934
Jan
16,000 92
40,000 10134 Jan
2,000 100
Jan
62,000 73% Jan
33,000 533( Mar
12,000 53% Mar
20,000 2734 Jan
20,000 50
Jan
5,000 31
Jan
51,000 3534 Jan
25,000 58
Jan
3,000 283i Jan
9,000
11,000
13,000
1,000
12,000
4,000
2,000
2,000
3,000
16,000
9,000
90
89%
77
70%
69%
6955
68
4814
5414
9334
94
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
80
2,000
101% 35,000
74
39,000
6854 20,000
2,000
64
75
89
5514
51
4714
Feb
Jan
Jan
Jan
Jan
10
9
9814
79
83%
80
55
9455
46
June
June
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1013410155
10034 100 10031
9834
97
9335 9334 0355
92
94
91
92%
92
93
92
5915 59% 60
71H 71% 7135
10354 103 10355
103 104
Valvoline Oil 78
80
1937 80
Va Elec & Power 58_ _1955 010114 101
Va Public Serv 5148 A_1940 73% 7254
1st ref 138 ser B
1950 6834 67
68
64
1948
Waldorf-Astoria Corp
78 with warrants.__1964 103-4 10
12
28,000
78 Otis of deposit__ 1954 10
9
11
25,000
Ward Baking 68
1937 10134 10154 102
22,000
Wash Gas Light 5s _.1958 9.5
95
9634 47,000
Wash Ry & El 4s
1951 9454 9454 9455 5,000
Wash Water Power 55,1960 96
95
96
10,000
West Penn Elec 58_ _ _2030 67% 6755 6755 2,000
West Penn Power Ls_ _1961
7,000
102.34 103
West Texas Util 58 A1957 63
62
6354 34,000
Western Newspaper Union
68
45
1944
4515 6,000
Western United Gas& Elec
1st 5%s series A
1955 80% 80% 83
36,000
25
J80
65
Jan
Westvaco Chlo Pr 555s '37
10314 103h 8,000 10135 Jan
Wise El Pow .5s A....1954 103% 103% 104
Jan
2,000 99
Whic-Minn Lt & Pow 5844 9034 90
9134 6,000 84
Jan
Wise Pow& Lt 58 F 1958 76
78
76% 11,000 59h Jan
Be series E
75% 76% 13,000 58
1958 76
Jan
Wise Pub Serv 65 A. 1952 9534 95
9514 7,000 7814 Jan
Yadkin Riv Pow 5.5__.1941 9034 90% 91
11,000 86
Jan
York Rye Co 5.5
1937 94
92
94
Jan
8,000 76
Foreign Government
And MunIcIpelltiesAgricultural Mtge Bank
711
1946
With coupon
1947
78
2914 29%
26
2634
2555 2554
Baden 78
1951 031
Buenos Aires (Provincel1947 43
7348 stamped
31
3211 13,000
31
41
43
2914 Jan
Cent Bk of German State &
1951
Prov Banks 68 B
1952
6s series A
1955
Danish 5145
1953
55
Feb
May
Feb
May
May
May
May
May
Feb
8854
10454
108
10454
10454
Sou Indiana Ry 45.___1951 6414 64
64%
Sou Natural Gas 85 1944
Stamped
7015 7054 7155
Unstamped
7135
70% 70
Southwest Assoc Tel 58 '61
62
6335
Southwest G & E 58 A.1957 88% 88
89
5s series B
8716 89
1957 88
13'western Lt & Pr 581957 73
73
7555
S'western Nat Gas 68.1945 51% 5034 51%
SoWeet Pow & IA 6e_2022 55
55
57
78
S'west Pub Serv 68_ _1945
7934
Staley Mfg 65
1942 10054 100% 100%
6454
4735
86
281
1,000
3,000
1,000
30.000
6555 4,000
4934 11,000
8755 2,000
11.000
81
June 2 1934
183( Jan
23 May
1954 Jan
50
43
7914
8254
May
Jan
Jan
Jan
Jan
i
Apr
Apr
Apr
Apr
Apr
May
May
May
Feb
May
Apr
Bonds (Concluded)
Danzig Port Waterways
1952
6168
German Cons Munio 78'47
Secured 68
1947
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
$
Price. Low. High.
67%
37%
343-4
Range Since Jan. 1.
Low.
High.
66
67% 9,000
3755 3854 103,000
343.4 36% 60,000
44
Jan
3534 Apr
34
Apr
6916 Mar
5914 Feb
5734 Feb
Hanover (City) 7s__1939 3534 3514 38
3.000
Hanover(Prov)654s__1949
3914 4014 12,000
Indus Mtge Bk (Finland)
1st mtge coils f 75._1944 10114 10014 10134 30,000
34
Apr
3814 Apr
53
55
Lima(City) Peru 63-4e 1958
Ctis of deposit
8
614
Parana (State) 7(____195A
Rio de Janeiro 814s-1959
Russian Govt6548
1919
Ohs certificates._ 1919
1921
510
5148 certificates
_1921
Santiago 78
7s
1949
1961
8614 Jan 10114 May
1114
15
314
314
314
914
8
614
814
654
6,000
2,000
23
24
1211
8014
Mortgage Bank of Bogota
75 issue of May'27.-1947
75 issue of Oct'27_1947
Mtge Bk of Chile 6s__ 1931
Mtge Bk of Denmark 53'72
23
24
1216
8014
1,000
1,000
3,000
1,000
15
16
814
75
1114 1114
15
15
2,000
1,000
814 Jan
1414 Jan
314
3
311
334
334
3%
334
334
914 10
10
10
Feb
Feb
Jan
5% Jan
Jan
Jan
Jan
Jan
13,000
88,000
18,000
13,000
234
2
214
214
26.000
1,000
534 Jan
814 Jan
Jan
Jan
Jan
Jan
1214 Mar
10% Feb
2314
24
1514
82
May
May
Feb
Mar
Feb
17
19% Feb
5
5
534
5
13
13
Mar
May
May
May
Feb
Feb
•No par value. a Deferred del very sales not included in year's range. e Cash
sales not included in year's range. x Ex-dividend. 2Deferred delivery sales not
included In the current week's range are given below:
Danish 58 1953, May 29, at 80.
•
8814 Apr
Abbreviations Used Aboos.-"ood" Certificates of deposit. "cons" Consolidated.
8814 Apr
Apr "oum" Cumulative. "cony" Convertible. "m" Mortgage. -12-y" Non-voting
6854
69
Apr stock. "v t c" Voting trust certificates. "w I" When Issued. "sr w" With war82
Apr rants. "x w" Without warrants.
5714 Apr
24
Jan
55
50
106
8114
81
9714
108
10434
108
Feb
CURRENT NOTICES.
Jan
Mar
Apr
-W. L. Hemingway, President of the Mercantile-Commerce Bank &
Apr
Apr Trust Co., St. Louis, has announced that in compliance with the provisions
May of the Banking Act of 1933 the Mercantile-Commerce Co.,investment affiliMar
securities on June 1. Mr. Hemingway
Mar ate of the bank, will cease dealing in
also announced that the bank has organized a bond department, which will
75
Jan deal in municipal and United States securities and bonds of the various
67
Feb Government agencies. According to the terms of the Banking Act, banks
88% Apr
this nature. The new bond depart61
Feb are permitted to deal in securities of
8834 Apr ment will be under the direction of I. A. Long, formerly manager of the
25
Apr municipal bond department of the Mercantile-Commerce Co., and R. 0.
9234 May Obermann, who has been sales manager for the company. The board of
87 May
103
Apr directors, at a meeting held Monday, May 28, elected Mr. Long and Mr.
79% Feb Obermann Vice-Presidents of Mercantlle-Commerce Bank & Trust Co.
76
Feb Mr. Long has been manager of the municipal bond department of the
7414 May
prior to that time was connected
103% May Mercantile-Commerce Co. since 1929 and
58
Apr with the Federal Commerce Trust Co., investment affiliate of the former
National Bank of Commerce in St. Louis. Before coming to St. Louis
6234 May Mr. Long was Assistant Cashier of the Peoples National Bank, Leesburg.
10314 May Va., and he was also for a time connected with the New York office of the
10554 Apr Royal Bank of Canada. He is a member of the Municipal Securities Com10534 May mittee, Investment Bankers Association of America, Chairman of the
90
Apr
the Mississippi Valley Group of the
6934 Jan Municipal Securities Committee of
6714 Jan I.B.A. and a former President of the St. Louis Municipal Bond Club.
6254 Apr Mr. Obermann began his banking career with the Commonwealth Trust
79
Apr Co. of St. Louis in 1909 and later became connected with the bond depart58
Feb
NH Feb ment of the National Bank of Commerce in St. Louis. In 1927 he was
83 May made sales manager of the Federal Commerce Trust Co., a position which
52
Feb he also held with the Mercantile-Commerce Co.
10114 May
Hobert H. Parsons, for many years Vico-President and director of tho
10114 May Security-First Co.,investment affiliate of the Security-First National Bank
99% Apr of Los
Angeles, has become associated with the Pacific Co. of California
9914 Apr
9914 Apr as a Vice-President and director. Also joining the Pacific Co. are 11 of
9834 Apr the former associates of Mr. Parsons in the Security-First Co. The Pacific
99
Apr Co.of CalifornPs is a wholly owned subsidiary of the Pacific
Finance Corp..
8734 Feb
75
Apr and in addition to the head office in Los Angeles maintains offices in Holly10314 May wood, Long Beach, San Diezo, Glendale and Riverside. The firm does a
104 May general investment and brokerage business, holding memberships on the
8155 Apr Los Angeles Stock and Curb Exchanges and Chicago Board of Trade.
101% May
-Clinton Gilbert & Co., members of the New York Stock Exchange and
80
Apr
78
Apr dealers in banks and trust company stocks, have prepared prospectuses of
70
Apr the more prominent banks and trust companies in New York City in which
a he latest statement of condition of each institution is given, together with
a record of earnings and dividends, and changes effected in the capital
20
Jan
18
Feb structure over a period of years, besides other pertinent facts of interest
103
Feb to the investor. Copies of these prospectuses may be obtained from Clinton
97 May Gilbert & Co., 120 Broadway, New York, upon request.
Apr
95
98
Apr
Rhoades, Williams & Co., members of New York Stock Exchange.
Apr announce the admission of Harry J. Allen to
71
general partnership. Mr.
103 May
6736 Apr Allen has been associated with the firm for the past 15 years, serving as US
chief order clerk on the floor of the New York Stock Exchange, to which
4654 Apr he recently was elected to membership.
88 May
-Announcement is made of the formation of the firm of Campbell,
Farrell & Co., with offices at 115 Broadway, New York, comprising Paul
104
Apr
Campbell, E. H. Farrell and R. P. Brown. The firm will offer a special
meg Apr
9114 May service to institutions and individual investors holding large blocks of
7914 Apr United States Government obligations.
80
Apr
9634 Apr
Campbell. McCarty & Co., Inc., Detroit, announces that Philip IC.
9114 May Watson has become associated with them as
manager of their municipal
Apr
98
department. Mr. Watson was formerly Vice-President of Guardian
Detroit Co. and Bank of Detroit and recently a partner of Crouse & Co.
_Chas.E. Quincey & Co. have issued an interest table for U.S. Treasury
29% May Issues accruing during June 1934 on each $1,000 bond, note or certificate.
zeg May The table also includes calculations for Home
Owners' Loan Corporation
27 May
and Federal Farm Mortgage bonds.
625-4 Jan
Hadley, Livingstone & Co.,Inc., of Chicago,announce that Steno'' A.
,
48
Apr Lovelace and Edward J. Bourbes,u, formerly connected with Babcock,
Rushton & Co., are now associated with their trading department.
-Albert Frank-Guenther Law. Inc. have in preparation in pamphlet
73
Feb
70
Feb form the Federal Securities Exchange Act of 1934 and are receiving requests
89
Apr from those who desire copies as soon as it Is ready.
81 May
Financial Chronicle
Volume 138
3757
Quotations for Unlisted Securities-Friday June 1
Port of New York Authority Bonds.
Arthur Kill Bridges 4 34s
aeries A 1935-16
M&S
Bid
Public Utility Bonds.
Bid
Ask
Ask
Bayonne Bridge 4s series C
95
J&J 3 92
1938-53
Inland Terminal 43.48 ser D
Geo. Washington Bridge
M&S 93 96
1936-60
4s series B 1936-50
J&D 94.10 4% Holland Tunnel 4)is series E
43.4s ser B 1939-53 M&N 54.25 4.15
M&S 54.10 4%
1935-60
92
96
U S. Insular Bonds.
Philippine Government
-Bid
48 1946
94
434s Oct 1959
95
4 3.49 July 1952
96
ba April 1955
100
58 Feb 1952
101
5149 Aug 1941
10412
Hawaii 43.1s Oct 1956
103
Ask
Honolulu 5s
97
94 US Panama 3s June 1 1961_
98
2s Aug 11936
103
2s Nov 1 1938
103 Govt of Puerto Rico
1061 2
43.4s July 1958
5s July 1948
106
Bid AA
101 104
104 105
1013 1017
8
8
1015 1017
8
8
102
104
105
107
Federal Land Bank Bonds.
4s 1957 optional 1937.M&N
4s 1958 optional 1938.M&N
41.is 1958 opt 1938____J&J
43.is 1957 opt 1937____J&I
418e 1958 opt 1938__M&N
5s 1041 optional 1931.M&N
414e 1942 opt 1932_111&N
Bid
1003
4
1003
4
IGI
101
101
102
101
Ask
101,
4
10112
10112
10112
10112
10212
101 12
43.4e
43.4s
43.4s
43.49
41is
434e
1943
1953
1955
1956
1953
1954
opt
opt
opt
opt
opt
opt
1933____J&J
1933____J&J
1935____J&J
1936____J&J
1933----J&J
1934. _J&J
Ask
Bid
101 101,2
101 10012
101 10112
10112 102
101 10112
101 19112
New York State Bonds.
Bid Ask
Canal & Highway
5.5 Jan & Mar 1934 to 1935 51.50
58 Jan & Mar 1936 to 1945 02.5
55 Jan & Mar 1946 to 1971 03.50
highway Imp 43.4s Sept '63_
Canal Imp 414s Jan 1964.__
Can & Imp High 43.03 1965_
11912
118
118
Bid
World War Bonus
4448 April 1933 to 1939__
43.is April 1940 to 1949._
Institution 13uilding48 Sept 1933 to 1940
413 Sept 1941 to 1976
Highway Improvement
4s Mar & Sept 1958 to '67
Canal Imp 48 J &J '60 to'67
Barge CT 4s Jan 1942 to '48
Ask
02.00
52.50
92.00
03.25
03.25
92.75
92.75
New York City Bonds.
Bid Ask
Bid • Ask
a3s May 1935
100 10012
10012 1003 a4 3.4s June 1974
4
4314s May 1954
100 1001,
a4145 Feb 15 1978
9212 9314
a334ri Nov 1954
100 10012
9212 93 4 a4 Re Jan 1977
,
a4s Nov 1955 & 1956
100 100 2
,
9614 9714 a4)(13 Nov 15 1978
ate M & N 1957 to 1959
100 10012
98
9812 a43.ie March 1981
a4s May 1977
103 10312
9734 9812 a454s M & N 1957
a4s Oct 1980
103 10312
973 98 2 a43.48 July 1967
4
,
c43.is Feb 15 1933 to 1940_ _ 54.25
103 10312
a4)4s Dec. 15 1974
a448s March 1962 St 1964._ 100 10012 a4)4s Dec 1 1979
103 10312
a4349 Sept 1960
100 10012
a434s March 1960
8
1023 1025
8
98,2 99,2 a6s Jan 25 1935
April 1966..
104 10412
100 10012 a6s Jan 25 1936
a434s April 15 1972
1055s 10554
100 10012 ails Jan 25 1937
a Interchangeable. 0 Basis. c Registered coupon (serial). d Coupon.
Ask
Ask
Par Bid
Par Bid
Amer S P S 5 tie 1948.M&N 43
4512 Norf de Portsmouth Tr 513'36 105 10614
Amer \Vat 1Vks & Elec 55'75 69
50
7012 Old Dom Pow 5/3_May 1551 48
Arkansas Water 5s____1956 983 993 Parr Shoals P 5e 1952 __A&O 71
8
74
4
Bellows Falls Hydro El 5958 8714 893 PeninsularTelephone5s'51 10014 102
4
Central G de E 53.4s '46J&D 47
813 8214
4912 Pennsylvania Elec 5. 1982._
8
let lien coil tr 8s 46
51
.M&S 49
3412
Peoples L & P 53.4s 1941 J&J 32
Fed P S let 69
e25
27 Public Serv of Colo 6s 1981_ 925 9354
8
74
Federated Util 53.45 '57 M&S 383 4114 Roanoke W W 5e 1950_J&J
72
4
Ill Wat Ser let 58 1952_J&J 87
95
49 2 Scranton Gas & Wat 4348'58 93
,
Iowa So Utll 53.49 1950..J&J 60
613 Sierra & San Fran 2d B 56'49
4
Kan City Pub Serv 35 1951_
3212 34 Sioux City Gas & Elec 6s '47 8612 881
;
10414
Keystone Telephone 514e '55 64
6612 Virginia Power 55 1942
New, N & Ham Is '44_J&J 8712 9014 Western PS 53.4s 1960..F&A
645
8657
N Y Wat der be 1951_51&N 883 9014
4
Public Utility Stocks.
Par
Alabama Power $7 pret_100
Arkansas Pr & Lt $7 pref..•
Assoc G88 & El prig pref..•
$6.50 preferred
•
$7 preferred
•
Atlantic City Elec $6 pret•
Bangor Hydro-El 7% Pt-100
Birmingham Elec $7 pref_ _•
Broad River Pow pref..100
Buff Nlag & East pr pret_25
Carolina Pr & Lt 17 pref..'
Cent Ark Pub Serv pref _100
Cent Maine Pow 6% pt_100
17 preferred
100
Cent Pr & Lt $7 pref...100
Cent Pub Seri Corp prof-•
,
Cleve Elec III $6 pret__ _100
Columbus Ry. Pr & Lt
let $6 preferred
100
100
$6.50 preferred B
Consol Traction (NJ)...100
Consumers Pow 5% pret_•
100
8% Preferred
6.60% preferred
100
Continental Gas & El
100
$7 Preferred
Dallas Pow & Lt 7% prof 100
Dayton Pr & Lt 16 pref _100
Derby Gas & Elec $7 pref.'
Essex-Hudson Gas
100
Foreign Lt & Pow units....
Gas dr Elec of Bergen .100
Hudson County Gas_ _ _ _100
Bid
Ask
52
54
3614 34
112
1
2
1
2
8212
99 102
3114 33,
4
3314
16
1612
42
6212
8112 63
71
73
1612 1814
14
10812 110
80
76
3514
681s
79
81,
2
83
79
383
4
893
4
8012
8312
483 503
4
4
99
9512 61
54
58
165
6412. 161011
,
165
Par
Idaho Power 6% pref
•
100
7% preferred
Illinois Pr & Lt 1st pref___•
Interstate Power $7 pret__•
Jamaica Water Supply pf_50
Jersey Cent P & L $7 pf_100
Kansas Gas & El 7% pf 100
Kings Co Ltg 7% pref__100
Long Island Leg 6% pt_ 100
7% preferred
100
Memphis Pr & Lt 7% pret_•
Metro Edison $7 pref B___•
8% preferred ser C____•
Mississippi P & L $6 pref.
__•
Mlas River Power pref__100
Mo Public Serv pret____100
Mountain States Pr com_.•
$7 preferred
100
Nassau & Suffolk Ltir pf 100
Nebraska Power $7 pref_100
Newark Consol Gas
100
New Eng Pow Assn 6% pf100
New Jersey Pow & Lt $6 Pf •
N Y At Queens E L P p1100
Northern States Pr $7 p1100
Philadelphia Co $5 pret__50
Somerset Un Md Lt_ _100
South Jersey Gas & Elec..100
Tenn Elec Pow 6% pref_100
United 0& E(NJ) pref 100
Wash Ry dr Elec com_100
5% preferred
100
Western Power 7% pret_100
Bid Ask
67
79
82
1912 21
13
11
4714 4912
653 65
8
7712
7612
84
5512
64
67
50
54
74
7112 f3 2
-14
2614 283
88 89
5
812
14 2
8
11
51
54
99 101
10112 107
5014 51
6312 8612
9912 105
59
82
50
55
83
164 116"
45
48
48
51
300
94
83
Investment Trusts.
Ask
Par Bid
Ask
Par Bid
1 14.42 15.34 Investment Trust of N Y_•
Administered Fund
47
8
414
1.09 1.23 Low Priced Shares
Amer Bankstocks Corp _ _ _ _
518
Amer Business Shares
.90 .98 Major Shares Corp
17s
Amer Composite Tr Shares_
17.89 19.45
312 4
Mass Investors Trust
Amer & Continental Corp
612 712 Mutual Invest Trust
1 02 1.11
17
Am Founders Corp 6% pf 50 14
Nation Wide Securities Co. 3.03 3.19
so 14 17
7% preferred
Voting trust certificates
- 1.11 1.21
Amer & General Sec cl A_-*
4
6
NY Bank & Trust Shares__
3s
,
• 38
43 No Amer Bond trust Ws_ _
$3 preferred
84 4
3
New York Bank Stocks.
Amer Insuranstocks Corp.
13
4 212 No Amer Trust Sharee, 1953 1.74
47
8 558
Assoc Standard 011 Shares__
2.18
Series 1955
Par Bid
Ask
Par Bid
Ask
13ancamerlca-Blair Corp- --2.16
318 312
Series 1956
_
Bank of Manhattan Co__10 281.1 293 Kingsboro Nat Bk
100 50
4
1.02
2.18 2.50
Series
Bank of Yorktown
ZO" Bancshares, Ltd part she 50c 2.90 1.27 Northern1958
50 15
100 30
Nat Bronx Bank
40
Basic Industry Shares
•
Securities
75
100 70
Bensonhurst National _100 25
712 812 British Type Invest A....1
Nat Safety Bank & Tr ,..25
.50 .75 Pacific Southern Invest pf
.• 28
32
Chase
25
512 7
13.55 27
2812 Penn Exchange
-Bullock Fund Ltd
107 1178
8
412 53
Class A
•
4
City (National)------123.4
2612 28
14
Class II
•
Comm'l Nat Bk &
100
80
Peoples National
143 153
Canadian by Fund Ltd____ 3.20 3.45 Plymouth Fund Inc cl A.100
.90 1.00
Fifth Avenue
25 32
34
100 1020 1070 Public Nat 13k & Tr
21
23 Quarterly Inc Shares
1.22 1.32
First Boston Corp war _ _
1912 Central Nat Corp class A__
2
8
2 Sterling Nat Bank & Tr25 18
4
12 212 Representative Trust Shares 7.72 8.47
Class 11
First National of N Y
100 28
32
100 1630 1670 Trade Rank
1914 207 Royalties Management....
Century Trust Shares
8
1
is
Flatbush National
*
Yorkville (Nat Bank 0[)_100 30
100 30
40
35
31 Second Intermit Sec cl A___•
Commercial Nati Corp
318
12 2
Corporate Trust Shares... 1.92 --•
1
Class B common
Trust Companies.
Series AA
1.84
6% preferred
50 27 32
Accumulative series
1.84
1.08 1.17
Selected Amer Shares Inc__
Par Bid Ask
Par Bid Ark
Series AA mod
2.10 2:23 Selected American Shares.. 2.34
Banca Comm Italians .
_ _100 145
10 183 1024
4
- -- Empire
Series ACC mod
2.10 2.23 Selected Cumulative She... 621
Bank of New York & Tr_100 349 357 Fulton
1001 240 260
Crum & Foster Ins Shares
Selected Income Shares.... 3.23
Bank of Sicily Trust _____ 20 10
100 355 360
12 Guaranty
Common B
10 21
434 53
25 Selected Man Trustees She.
8
Bankers
i0 1612 18
10 61
63 Irving Trust
7% preferred
100 100 105 Spencer Trust Fund
143 1538
8
Bronx County
100 1800 1830
Kings County
20
612 83
4
Crum & Foster Ins com_• 17
21 Standard Amer Trust Shares 2.85 2.90
Brooklyn
25 39
41
100 111 116 Lawyers County
8% preferred
105 110 Standard Utilities Inc
.62
67
• 3.68
60.84 65.79
Central Hanover
State Street by Corp
2212 Cumulative Trust Shares..
20 21
20 126 130 Manufacturers
Deposited Bank She ser A
2.25 2.50 Super Corp of Am Tr She A 2.72
Chemical Bank & Trust...10 39
25 99 102
41
New York
Deposited Insur She A.... 3.19 3.55
2.00
Clinton Trust
AA.
50 40
712 9
50 Title Guarantee & Trust- -20
Diversified Trustee She B
7
2.86
Colonial Trust
100 10
1112
2.85 3.15
Continental Ilk & Tr
2.03
BB_
100 40
55
10 1212 14 Underwriters Trust
414 43
5.22
4
Corn Exch Bk & Tr
C
100 1720 1770
20 51
53 United States
Dividend Shares
_
1.14 1.16
D
5 23
Equity Corp cv pref
2512 2912 Supervised Shares
1.19 1.30
Guaranteed Railroad Stocks.
Equity Trust Shares A_ _ 2.85 2.95 Trust Fund Shares
318 312
Fidelity Fund Inc
• 40.88 44.02 Trust Shares of America
212 3
(Guarantor In Parenthesie )
Five-year Fixed Tr Shares__ 3.39
Trustee Industry Shares -- 1.00 1.11
Dividend
Fixed Trust Shame A
• 7.63 ___ Trustee Stand Investment C 1.97 2.30
801.
Par In Dollars.
Ask.
13
1.95 2.25
D
• 6.63
Fundamental Tr Shares A__
37 . 5 Trustee Standard Oil She A 5.30
8 18
Alabama & Vicksburg (Ill Cent)
91
6.00
96
100
•
35
Shares])
4.90 5.50
Albany & Susquehanna (Delaware & Iludson).100 11.00
202
207
Fundamental Investors Inc 1.86 2.06 Trustee Amer Bank She A
Allegheny & Western (Buff Koch & Pitts)
102
600
106
100
General Investors Trust_.1 4.04 4.48
.99 1:i5
Series B
Beech Creek (New York Central)
36
50
2.00
38
Guardian Invest pref w war
912 1214 Trusteed N Y Bank Shares
1.40 1.55
Boston & Albany (New York Central)
132
136
100
8.75
Huron Holding Corp
14
ts 20th Century odic series
1.60
008t011 & Providence(New Haven)
150
8.50
100
Incorporated Investore____• 16.36 17.59
Series B
2.45 2.85
Canada Southern (New York ('nt,T
3.00
52
100
56
Independence Tr Shares..' 2.00 2.29
Caro ClInehtleld &Ohlo(L & N A C L1 '-10.
83
4.00
87
Indus & Power Security---• 123 14 United Gold Equities (Can)
4
Common 5% stamped
89
5.00
92
100
Internet Security Corp(Am)
Standard Shares
1 2.38 2.64
Chic Cleve dine & St Louis pref(N 1' Cent)_100
87
02
•
5.00
4, 1
Class A common
i4
114
U & Brit Int class A com •
Cleveland & Pittsburgh
3.60
76
50
78
•
ia
(Pennsylvania)
Class 13 common
5
8
Betterman stock _
43
2.00
50
46
644% preferred
100 14
Elerrect
117 125s
8
171,2 U rilref ec l-li & Pow Shares A
1
Delaware (Pennsylvania)
41
2.00
43
25
8% preferred
100 14
1712
1.88 1.98
Georgia RR & Banking(L & N,A C L)
172
100 10.00
177
Investment Co. of Amer
Voting trust ctfs
70 .78
Lackawanna Rat of NJ (Del Lack & Western)_100
75
79
4.00
New common
10 2212 2412 Un N Y Bank Trust C 3
4.05 4.45
Michigan Central(New York Central)
900
100 50.00
7% preferred
• 2212 2412 ,Un Ins Tr She ser F
2
23
8
Morris & Essex (Del Lack & Western)
72
3.875
"ii
50
New York I.ackawanna & Western(DL & W)_100
95
5.00
98
Telephone and Telegraph Stocks.
Northern Central (Pennsylvania)
86
89
50
4.00
Old Colony (N Y N It & Hartford)
Ask
101
104
Ask
100
Par Bid
7.00
Amer Dist Teleg(NJ)com • 7334
Oswego & Syracuse (Del Lack & Western) _ _ 60
_ New England Tel & Tel_100 92
72
4.50
94
77
..
Cincln & Sub Bell Telep.
pittsburgh Bess de Lake Eris(U S Steel)
.50 681 if Northw Bell Tel pf 834% 100 109 111
,
33
35
1.50
50
Preferred
Cuban Telep 7% Dref--100 26
31 Pac & All Teleg US 1%_25 143 1734
85
3.00
4
50
Empire & Bay State Tel_100 50
Pittsburgh Fort Wayne As Chicago (Penn)___ _100
60 Koch Telep $6.50 let p1_100 9812 100
146
7.00
152
Franklin Teleg $2.50___-100 37
Preferred
41
So & Atl Teleg $1.25____25 1714 20
162
7.00
100
167
Int Ocean Teleg 6%____100 81
Rensselrer & Saratoga (Delaware de Hudson) _100
85 Tri States Tel & Tel
125
6.90
129
• 75
84 Louie Bridge 1st pref (Terminal RIt)
Lincoln Tel & Tel 7%
• 90
126
100
Preferred
6.00
971; f6710
130
8
Mount States Tel & Tel_100 1083 10914 Wisconsin Telep 7% pref 100 10712 111
2nd preferred
63
3.00
4
100
65
New York Mutual Tel__100 211, 25
Tunnel RR Si Louis (Terminal RR)
_
125
3.00
100
130
United New Jersey RR & Canal (Penna)
229
100 10.00
234
Sugar Stocks.
Utica Chenango & Susquehanna(D L & W) 10
92
8.00
97
0
5.00
Valley (Delaware Lackawanna & Western)
95
100
Par Bid
Ask
Par Bid Ask
Vicksburg Shreveport & Pacific an Cent)-100
5.00
80
"ii
Fajardo Sugar
100 6812 77 Savannah Sugar Ref
• 87
Preferred
100
5 00
85
80
Ilaytiruc Corp Amer
34 112
7% preferred
•
100 9512 ioo
Warren RR of NJ (Del Lack & Western)
50
3.50
51
50
14
United Porto Rican ct.fs___•
50
3.00
West Jersey & Sea Shore (Penn)
60
03
Preferred ctfs
•
d Last reported market.
• No par value.
f Ex-coupon.
e Dcfaulted.
s Ex-stock dividends.
W i When issued.
g Ex-dividend
3758
Financial Chronicle
June 2 1934
Quotations for Unlisted Securities-Friday June 1-Concluded
Chain Store Stocks.
Aeronautical Stocks.
Par Bid Ask
Ask
Par Bid
Bohack (H C) corn
• 1114 14
Lord & Taylor
100 135
7% preferred
100 5:3
100 85
1st preferred 6%
6110
12 212
Butler (James) com
100
100 80
Sec pref 8%
314 714 Melville Shoe pref
Preferred
100
100 9612 7- 6"
6
Diamond Shoe pref
100 60
Miller (I) & Sons pref.._100 1412 19
MockJuds&Voeheger pf 100 60
Edison Bros Stores pref_100 83
Murphy (G C)8% pref _100 105 115
Fan Farmer Candy Sh pf__• 3314
Fishman(M II) Stores _ _• 10
174
Nat Shirt Shops (Del)_ _•
Preferred
100 84
1st preferred
94
100 22
Great A & P Tea pf
100 45
2nd preferred
100 127 130
Kobacker Stores pref
Kress(9 H)
pref
Lerner Stores pref
100
10
100
3712
103
4
90
11-14
9912
Reeves (Daniel) pref__.100 105
100 88
Schiff Co preferred
U S Stores preferred.
9
Industrial Stocks.
Par
American Arch Si
•
100
American Book 34
American Canadian Prop_.•
American Cigar $6 pref_100
American Meter corn
Bliss(E W) 1st pre(
50
2d pref B
10
Bohn Refrigerator pref. _100
Bon Ami Co B common.__•
Brunsw-lialke-Col pref..100
Canadian Celanese com_ •
Preferred
ioo
Carnation Co $7 pref..A00
Chestnut de Smith pref 100
Color Pictures Inc
Colts Patent Fire Arms_ __25
Columbia Baking corn____•
•
1st preferred
•
2d preferred
Crowell Pub Co $1 com_ •
100
$7 preferred
De Forest Phonofilm Corp_ _
•
Dictaphone Corn
100
Preferred
Doehier Die Cast pref
•
Preferred
50
Dixon (Jos) Crucible____100
Douglas Shoe preterred__100
Draper Corp
•
Driver-Harris pref
100
Eiseman Magneto pref.-100
Flour Mille of America..- .
Gen Fireproofing $7 Pt.
Graton & Knight cora_ •
Preferred
160
Herring-Hall-Mary Safe.100
Howe Scale
100
100
Preferred
Industrial Accept pref. 100
King Royalty corn
$8 preferred
Bid
15
53
1
99
8
2512
4
11
35
533
4
2014
11412
97
6
412
203
4
Ask
EW12
2
1012
32
7
1412
40
543
8
2212
11812
912
512
213
4
214
614 73
4
4
13
4 23
23
2512
9012
3 "13;
8
1812 213
4
102
60
68
3012 35
50
5512
19
23
5512 59
77
81
8
13
258 312
50 65
434 6
44
39
21
23
114
73
4
28
32
73
4 87
s
70
74
Par
•
Locomotive Firebox Co
Macfadden Publicans corn 5
Preferred•
Merck Corp $8 pref_ _ _ _100
National Casket
•
Preferred
•
National Licorice corn_ __IGO
Nat Paper & Type pref.100
New Haver Clock pref_ _100
New Jersey Worsted pref 100
_100
Northwestern Yeast
Norwich Pharmacal Co._
•
Ohio Leather
100
Okonite Co $7 pref
•
Publication Corp coin
100
$7 1st preferred
Riverside Silk Mills
•
Rockwood & Co
•
Preferred
100
Roxy Theatre preferred A.•
ituberold
100
Standard Screw
100
Stetson (J 13) common_
•
25
Preferred
Taylor Milling Corp
•
Taylor Wharton IrdiSt corn •
Preferred
100
TentiProducts Corp pref_50
TubizeChatilion cum pf _100
100
U 9 Finishing pre!
Unexcelled Mfg Co
10
.100
Welch Grape Juice pref.
White Rock Mtn Spring
100
$7 1st preferred
50
Wilcox-Gibbs corn
Woodward Iron
100
100
Worcester Salt
Young (.1 S) Co corn._..100
100
7% preferred
Bid
Ask
4
6
512 612
37, 3912
2
12112 12512
37
40
983
4
30
1
5
30
37
56
13912 113 2
-179, 83
2
19
22
33
40
1314 17
82 88
2212 24
10
52
14
1
31
33
62
67
814 10
1212 15
83 1112
4
13
4
512
33
8
6014 65
7
91 1
4 33
23
4
64
69
90
22
27
5
8
45
50
6912
8912
Chicago Stock Yds 58...1961 83
Consolidation Coal 4 As 1934 619
N Y & Hob F'y 58 ___1946
N y ShIpbldg 59
1940
NorthAmerIcan Refractories
1944
634s
1941
Otis Steel 65 ctfs
Pierce Butler & P 610_1942
Prudence Co guar collateral
1961
514s
Realty Assoc sec es _ _ _1937
Deep Rock Oil 7s
Haytlan Corp 85
Hoboken Ferry 53
International Salt 5s
1951
Journal of Comm 6145_1937
Merchants Refrig 6s__ _1937
Tol Term RR 4149 ___1957
POI Bid lAsk
K inner Airplane & Mot...11
as
56
Warner Aircraft Engine...'
7
8
1 16
Par Bid Ask
Par
Aetna Casualty & Surety _10 483 503 Hartford Fire
4
4
10
Aetna Fire
39 Hartford Steam Boiler...10
10 37
Aetna Life
1912 Home
10 18
5
Agricultural
25 523 .543 Home Fire SeeuritY
4
4
10
American Alliance
4
10 183 2014 Homestead Fire
10
American Colony
.6
43
4 6 Hudson Insurance
10
American Equitable
5 1714 20
Americas home
612 712 Importers dr Exp. of N Y.25
10
American of Newark._ _214
nickerbocker
9 2 71
,
American Re-insurance. _10 38
4012 Lincoln Fire....
5
American Reserve
4
10 1814 193
American Surety
1
2.5 2114 22 4 Maryland Casualty
2
2110 Mass Bonding & Ins
Automobile
10 20
25
M erchan ts Fire Assur com 214
Baltimore Amer
Merch & Mfrs Fire Newark.6
334 43
4
'34
Bankers & Shippers
65
25 59
Boston
National Casualty
100 462 472
10
National Fire
10
National liberty
Camden Fire
18
5 17
2
Carolina
2214 National Union Fire
4
10 203
20
New Amsterdam Cas
City of New York
100 176 181
_5
Connecticut General 1.1fe.10 2912 303 New Brunswick Fire
4
10
New England Fire.
Continental Casualty
14
5 13
10
New Hampshire Fire... _10
Coemopolitan Fire
21
10 15
New Jersey
20
Eagle Fire
214 3 New York Fire
214
5
Employers Re-Insurance.10 23
2512 Northern
12 50
Excess
5 1012 1112 North River
2.50
Northwestern National. _25
Federal
10 6112 65
Fidelity & Deposit of Mr1.20 401 1 413 Pacific Fire
4
25
Firemen's of Newark
10
5
514 614 Phoenix
Franklin Fire
5 21 12 23 Preferred Accident
5
Providence-Washington..10
General Alliance
912 11
•
Georgia !tome
4
10
10 183 223 Rochester American
4
Glens Falls Fire
4
5 2814 293 St Paul Fire de Marine.. _25
Globe & Republic
912 12 Security New Haven__ AO
5
Globe & Rutgers Fire___25 35
40 Southern Fire
10
Great American
4
5 1814 193 Springfield Fire& Marlre_25
Great Amer Indemnity_ _1
8 Stuyvesant
6
10
Sun Life Assurance
100
Halifax Fire
10 1612 18
30 Travelers
Hamilton Fire
25 25
100
Hanover Fire
10 2812 30 U S Fidelity & Guar Co..
.2
2210 U S Fire
Harmonia
4
10 21
Westchester Fire
2.501
Bid
503
4
513
4
2312
3
4
15
74
,
Ask
523
4
53 4
3
25
13
4
1612
514 7
73 1014
4
33
4 412
13
4 2i2
1414 1512
3012 3212
5
7
614 714
5134 5334
51, 612
79
82
1014 104
233 2514
4
1212
4
3412 354
28
32
9
11
6812 7112
219
2012
103 107
65
5912
914
263
4
6912
671,
1012
2834
16
20
131 135
2712 2812
1712 19
92
95
3
4
900 423
426 441
5
53
4
3514 3714
25
2612
Realty, Surety and Mortgage Companies.
.4sk
Par1Bid
114 Lawyers Title & Gear..100
214
N Y Title & Mtge
23
10
14
112
Ask
314
12
Bid
Ask
72
75
8412
New York Real Estate Securities Exchange
Bonds and Stocks.
83614 39
e54
56
e7
11
65(3
e37
35
36
ii"
44
48
9812 10012
4412 4812 Ward Baking let Os_...1937 10012 102
Witherbee Sherman 68_1944 612
14
Woodward Iron 58 .._1952 628
32
8912
Broadway Barclay Office
1941
Bldg 6s
1939
Butler Hall Os
Par Bid Ask'
Par Bid Ask
First National
100 96
Amer Nat Bank dr Trust_ 100 100
99
Harris Trust dr Savings_ _100 200 215
Continental III Bank &
100 3912 (1 1 1 Northern Trust Co
100 375 385
Trust
Ask
28
33
Bonds (concluded)
3212 Penny (J C1 Corp 5346_1950 100
36 Prudence Co 5148
1961 5512
Sherry Netherlands Hotel
5,4s
1948
61 Bway Bldg 5145
1950
Dorset (The) 15s ctfs__.1941
25
28
Equitable Office Big 55_1952
53
56
1946
50 Bway Bldg 63
Film Center Big 6s._ 1943
Forty Wall Street 6s_ 19.58
Fox The de Office Bldg 6s'41
3812 4110 Textile Bldg (Is
1958
4612 5012 Trinity'BagsCorp510_1939
54
52
10
1312 2124-34 Bway Bldg ctfs...
Hotel L
Chicago Bank Stocks.
Attire Issues.
Bid
Active Issues.
86
21
Stand Textile
1st 6148 nuas'nted ___1942
1937 e403 423 Starrett Investing 55_..1950
4
4
1938 61512 1712 Struthers Wells 'Titusville
1946 82
1943
6148
89
Ask
7
3
Insurance Companies.
Par Bid
Bond & Mortgage Guar_ _20
Empire Title & Guar...100 18
Lawyers Mortgage
20
1
Industrial and Railroad Bonds.
Bid Ask
Adams Express 45 _ __ _1947 7912 81
American Meter 68 ____1946 80
Amer Tobacco 4s
1951 993 IOC
4
Am Type Felt's 13s ___ _1937 e31
35
Debenture 6s
1939 e31
35
Am Wire Fab 78
1912 83 93
Bear Mountain-Hudson
River Bridge 7s
1953 74
77
Par Bid
Aviation Sec Corp(N E)._•
5
Central Airports
•
1
Bid
Ask
2012 25
62 66
4512 4812
9512
17
14
2114 2514 West End Ave dr 104th St
Bldg es
1939
ngton ctfs
Mortgage Bond (N Y) 5148
1934
(Ser 6)
New York Athletic Club
1946
65
1948
111 John St Bldg 6s
1612 1912
Stocks
Beaux Arts Apts Inc units_
4
263 273 City & Suburban Homes__
4
4212 4612 French (I3 F) Investing__
Hotel 13arbizon, Inc
1012
3
1
50
38,2 4212
214
Other Over-the-Counter Securities-Friday June 1
Water Bonds.
Ask
.54__IVI&S
____ Ilunt'ton W let 68
9912
1st m 5s 1954 ser B._MdiS
Ss 1962
91
Joplin W W58'57 ser A IVI&S
Kokomo W W 59 1958.J&D
101 103 Monm Con W 1st 5ti'be J&D
99 10012 Monon Val W 5145 '50_J&J
Mehra W W1st 5s'57_M&N
99
St Joseph Wat bs 1941_A&O
90
South Pitts Water Co
100
F&A
1st 5s 1955
99
let & ref 59'60 ser A _J&J
99
1st & ref 59'60 ser B_J&J
Terre Hte WW (is'49 A J&D
99
99
1st m 55 1956 ser B. J&D
Texarkana W 1st 5s'58 F&A
98
Wichita Wat 1st Os'49_IVI&S
84
1st m 55 '56 ser B...FAA
90
1st m Is 1960 ser C_M&N
8112 83
Bid
Alton Water be 1956_ _A&O 9812
Ark Wat let 58 A 1956..A&O 9812
Ashtabula W W 5s'58 _A&O 89
Atlantic Co Wat be'58 M&S 89
Birm WW 1st 51413A'54A&O
let m be 1954 ser B__J&D
1st 58 1957 series C__F&A
Butler Water 59 1957__Adt0
City of Newcastle Wat 5s'41
City W (Chat)53 B '54 J&D
1st Is 1957 series C_M&N
Commonwealth Water
F&A
1st 55 1956 B
1st m 5s 1957 ser C..F&A
Davenport W 55 1961 J&J
E S L & Int W Is 1942_J&J
1st m 65 1942 ser B J&J
F&A
let 551960 ser D
Bid Ask
101
97
98
9512
9012 92
88
86
98 100
95
100 761102
1003 1013
4
4
100
10012
9412
79
101
95
94
Mantic Coast Line es
Equipment 634s
ialtimore & Ohio (Is
Equipment 4148 dr 58_ _
luff Roch dr Pitts equines_
lIanadian Pacific 4%s & 65_
7eotral RR of NJ 68
Ihesapeake & Ohio 13s
Equipment 6145
Equipment Is
:Maw° dr North West Os_
Equipment 0348
:Mc R I & Pac 410 & Is...
Equipment es
Iolorado & Southern Os....
>elaware & Hudson Os....
hie 4 SIN 53
Equipment Os
ireat Northern 65
Equipment Is
locking Valley 55
Equipment Os
Ilinois Central 4 Ms & Is.
Equipment es
Equipment 7s & 6 Ss
Bid
3.00
4.00
3.00
4.25
5.00
4.50
3.75
3.75
3.75
3.75
5.50
5.50
8.00
8.00
5.50
3.00
4.40
4.40
4.25
4.25
3.75
3.75
4.25
4.25
4.25
:1888n=8%8222288nnn='.2g
Bid
Ask
1033 104
6
10112
10234 10212
10612 1063
s
..L.NMNMVMMVi44M.ONMMMMMMMMe4
Ask
9512 Humble 011 58
1937
104,2 Mag Pet 414s__Feb 15 1935
107
1936
Midvale Steel Is
103 Pennsylvania RI 6%8_1936
Kanawha & Michigan Os__
Kansas City Southern 614s_
Louisville de Nashville es__
Equipment 6145
Minn St PASS M 4 14s & 58
Equipment 614s & is....
Missouri Pacific 614s
Equipment 138
Mobile & Ohio 58
New York Central 410 & Is
Equipment Os
Equipment 7s
Norfolk & Western 4 %A.__
Northern Pacific 78
Pacific Fruit Express 7s_
Pennsylvania RR equip 58.:
Pittsburgh & Lake Erie 014s
Reading Co 4148 & bs
St Louis dr San Fran Is. ___
Southern Pacific Co 414e___
Equipment 79
Southern Ry 410 & 5s
Equipment Os
Toledo de Ohio Central Os...
Union Pacific 78
Bid
3.50
5.00
3.75
3.75
8.00
8.00
9.00
9.00
8.00
4.20
4.20
4.20
2.00
4.25
4.00
3.50
4.25
3.75
8.00
4.25
4.25
4.40
4.40
3.50
3.00
.303w03030300303030303-43303000003303 -.,
Railroad Equipments.
Short Term Securities.
Bid
Allis-Chal Mfg Is May 1937 9514
1944 104
Amer Wat Wks 58
Atlantic Refining 58_ 1937 10612
Bethlehem Steel 58_ _ _ .1936 10231
• No par value. d Last reported market. e Defaulted. x End Mend.
3759
Financial Chronicle
Volume 138
General Corporation and Investment News
-MISCELLANEOUS.
RAILROAD-PUBLIC UTILITY
-INDUSTRIAL
Below will be found in alphabetical arrangement current news pertaining to all classes of corporate
entities-railroad, public utility and industrial companies. This information was heretofore given
under classified headings, such as Current Earnings, Financial Reports, Steam Railroads, Public Utilities
and Industrial and Miscellaneous.
Monthly Gross Earnings of Railroads.
-The following
are comparisons of the monthly totals of railroad earnings,
,
both gross and net (the net before the deduction of taxes) of
all the Class I roads in the country reporting monthly returns
to the Inter-State Commerce Commission:
Length of Road.
Gross Earnings.
Month
Per
Cent.
1933.
1932.
-16.73
-19.67
-23.89
-15.02
+1.41
+14.43
+25.13
+19.36
+8.62
-0.13
+2.87
+0.93
Mites
241,881
241.189
240.911
241.680
241,484
241,455
241,348
241.166
240,992
240,858
242,708
240,338
Miles
241,991
241.467
241.489
242.160
242.143
242,333
241,906
242.358
239,904
242,177
244.143
240,950
1934.
1934.
1933.
January.... 257.719,855 226,276,523 +31.443,332 +13.90 239,444
February_ 248,104,297 211,882,826 +36,221,471 +17.10 239,389
909 77A 725 217 172 955 4.75 1102 520 +34.44 239.228
Marsh
1933.
241,337
241,263
241.194
1932.
1933.
$
JanuarY-- 228,889.421
February_ 213.851,168
March
219.857.606
AprIl
227,300.543
May
257,963,036
June
281,353,909
July
297,185,484
August
300,520,299
September
295,506,009
October
297,690,747
November
260,503,983
December_ 248,057,612
Inc.(4-) or
Dec.(-).
$
890 197
266.231,186
274.
288.880,547
267,480.682
254,378,672
245,869,626
237,493,700
251,782,311
272,059,765
298,084,387
263,225,641
245.760,336
2
-46,000,776
-52,380,018
-69A/22,941
--40,180,139
+3,584,364
+35,484,283
+59.691,784
+48.737,988
+23;446,244
-393.640
+7,278,324
+2,297,276
Inc.(+)or Dec.(-).
Net Raining:.
Month
1933.
1932.
Amount.
Per Cent.
January
February
March
April
May
June
July
August
September
October
November
December
41,603,287
41.460,593
43,100,029
52,585,047
74,844,410
94.448,669
100,482,838
96,108,921
94.222,438
91,000,573
66,866,614
59,129,403
45,964,987
56,187,604
68.356,042
66,261,840
47,416,270
47,018,729
46,148,017
62,553.029
83,092.822
98,337,561
63,962,092
57.861.144
-361,700
-14,727,011
-26,256.013
-3,676,793
+27,428,140
+47,429.940
+54,334,821
+33,555.892
+11,129,616
-7,336.988
+2.904,522
+1,268.259
0.79
-26.21
-46.94
6.55
+57.85
+100.87
+117.74
+53.64
+13.39
-7.46
+4.54
+2.19
January
February
March
1934.
62,262,469
59,923,775
83,939,285
1933.
44,978,266
40,914,074
42.447.013
+17.284,203
+19,009,701
+41,492,272
+38.43
+46.46
+97.75
Abbott
Laboratories,
North
Chicago,
137-137-Wit4-Cloughv-Prealdent,-en-May-24.trinouncetCbise incorporation
of the Abbott Laboratories de Mro,S. A., to serve as a branch of the
i
parent company, in Mexico City. Manuel Doblado, for 12 years in the
employ of the Abbott Laborato
was appointed General Manager of
the Mexican subsidiary company.
-V. 138. P. 3593
.
-Acadia Sugar Refining Co.
-Dividend.
The directors have declared a semi-annual dividend of 15 cents per share
on the 6% cum. pref. stock, par $5. payable June 1 to holders of record
May 19. On Dec. 1 last the company paid a semi-annual dividend of
like amount.
After the June 1 payment accruals on the pref. stock will amount to
60 cents per share.
-V. 137, p. 137.
-Shipments Gain.
Addressograph-Multigraph Corp.
Collateral evidence of the extent of the current business improvement is
supplied by President Joseph E. Rogers in the announcement that combined domestic and foreign shipments of the company for the first four
months of 1934 were 46% ahead of the same period of 1933, and that April
business was 91.7% above April 1933.-V. 138. P. 3077.
Air-Way Electric Appliance Corp.-Earning8.16 Weeks Ended April 21Profit after expenses and depreciation, but before
Federal taxes ..............................
-V. 138, p. 2733.
1934.
1933.
$34,260 105466.913
-Earnings.Alabama Great Southern RR.
April
Gross from railway
Net from railway
Net after rents
petFrom Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138. P. 2906.
1934.
$412,010
87,112
57,232
1,591,641
335,109
233,279
1932.
$355,934
def3.996
def47,308
1931.
$568.315
103.025
69,652
1,442,891
1,224,201
129,869 def18,999
def49,244 def173,636
2,141.786
227,999
102,588
1933.
$357,681
92.869
43,625
'-..Alaska Juneau Gold Mining Co.--Pcapased-itetwieition-.
A special meeting of tibe.stockholders of the Alaska Mining & Power Co.
h been called for June 15 to act upon an offer of the Alaska Juneau Gold
Mining73acquire all the physical property including the power rights of
the former or 53,802 shares of Alaska Juneau stock.
The of
amounts to two shares of Alaska Juneau for each share of
Alaska Mining & Power Co. stock. The properties of Alaska Mining
abut the properties of the Alaska Juneau at Juneau, Alaska.
The properties of the Alaska Mining company have been shut down
since 1921. its final full year of operation having been in 1920. In that
year it treated 2,133,458 tons of ore of an average value of approximately
87 cents per ton, with the price of gold at $20.67 per ounce.
Operating costs in 1920 of the mining company amounted to approximately 83 cents per ton, resulting in an operating loss of 13 cants per ton
treated. In addition to its mining properties the Alaska Mining At Power,
Co. has its own power plants and owns the Thane townsite. Power plants
have been in continuous operation and on a quite considerable scale has
supplied power to the Alaska Juneau company during the winter months.
V. 138. ro• 3260.
-Allegheny Corp.
-Trading on New Stock Suspended.
-V.
See under "Current Events and Discussions" on a preceding page.
138, p. 3429.
-New President, &c.
Allied Chemical & Dye Corp.
H. F. Atherton, formerly Vice-President. has been elected President.
succeeding Orlando F. Weber who will retain his position as Chairman of
the board. C. G.Tufts, President of an operating subsidiary, Atmospheric
Nitrogen Corp., has been elected a Vice-n•esident.-V. 138. p. 2907.
Allied-Distributors,IInu.-Investment Trust Averages
Hold Steady.
Investment trust securities registered little change during the week
ended May 25. The average for the common stocks of the 10 leading
management trusts, influenced by the leverage factor, as compiled by
the corporation, stood at 12.93 as of the close May 25, compared with
13.29 on May 18.
The average of the non-leverage stocks stood at 14.65 as of the close
May 25, compared with 14.74 at the close on May 18. The average of
the mutual funds closed at 10.45 compared with 10.56 at the close of the
previous week.
-V.138, p. 3593.
Alton RR.
-Earnings.
1934.
1932.
1931.
1933.
Gross from rilway
$985,653 $1,012.369 $1.150,264 $1,630,662
Net from railway
139,792
242.495
202,243
447,407
Net after rents
160,566
def64,546
67.130 def66.197
From Jan 1
Gross from railway
3,873,187 3,900,696 4,862.552 6,469,764
Net from railway
754,095
1,132,309
916,447 1,020,181
Net after rents
def49,141
38.181
95,679
50,419
-V. 138, p. 2909. 3262. 3429.
American Gas & Electric Co.(& Subs.).
-Earnings.
Period End. Apr.30- 1934-Month-1933.
1934-12 MOS.-1933
.
*Sub. Cos. Consol.Operating revenue
$4,999,316 $4,408,777 $58.997.574 $56,002,250
Operating expenses
2,516,843 2.086,245 28,238,442 25.985,109
Operating income_ _ _ _ $2,482,472 $2.322,532 $30.759.132 $30,017,140
Other income
73,966
63,748
818.991
825,680
Total income
$2,556,439 $2,386,280 $31,578.123 $30,842,821
Reserve for renewals &
replacements(deprec.)
707,471
623,615 7,875,796 7,096,853
Int. & other deductions
932,344 11,175,120 11.351,062
935,842
Pref. stock dividends416.738
415,195 5,006,580 4,975.669
Balance
Portion appl. to min.int.
$496,387
$415,124 $7,520.625 $7,419.236
Cr38
Balance
$496,387
Amer. as & Elec. Co
.Bal. of sub, cos.' earns.
applic. to A.G.&E.Co. $496.387
Int. & pref. stock dive.
from subsidiary cos __ _
424,637
Other income
37.566
$415,124 $7,520,625 $7,419,275
$415,124 $7,520,625 $7.419,275
$958,591
36,970
213,566
177,811
$873.448 $13,072.199 $13,169.237
38.157
460.084
428,549
213.566 2.562,753 2.595,437
177,811 2,133,738 2.133.738
Total income
Expense
Int. & other deductions
Pref. stk. diva, to public
427,447
30.876
5,121.302
430.271
5,287.392
462,569
Balance
$530,242
$443.912 $7,915,623 $8,011,512
* Inter-company items eliminated.
Comparative Statement of Consolidated Income.
1932.
Calendar Years1933.
1931.
1930.
Subsidiary Companies:
Operating revenue
$57.011,387 $58,225,694 $64,913,959 $68,600,967
Operating expense
26,787.683 26.771,648 29.183.723 31.857.675
Net oper. income----$30,223.704 $31,454,046 $35,730.237 $36,743,292
Other income
814,126
756.136
964,341
1.436,655
Total income
$31.037.830 $32,210,182 $36,694.578 $38.179,946
Depreciation
7,697,587 7,029.416 6.809,918 x5.897,703
Int. & other deductions- 11,162,796 11,581,553 12.383,963 12.657.023
Preferred stock dividends 5,004,074 4,822,549 4.541,690 5,170,024
502
Portion applic.to min.int
3,891
Balance
$7,173,373 $8.776.665 $12,958.504 $14.451.306
American Gas lt Elec. Co.:
Bat. ofsub. earns.applic.
to Am. G. & El. Co . $7.173.373 $8,776.664 $12,958,504 $14,451.306
Int.and pref.stock divs,
5.126.224 5,363.449 5,875,660 6,838.346
from sub. cos
732.938 1,375,174 2,519.275
Other income
396,688
$12,696,285 $14,873,052 $20.209,339 $23.808,927
Total income
544,043
894.489 1.322.033
440,282
Expense
Int. & other deductions_ 2,562.754 2.602,306 2,643,714 3.248,883
2.133.738 2.125.692
Pref. stk, divs, to public 2.133.738 2.133,738
$7,559,511 $9,592,965 $14.537,397 $17.112.320
Balance
Burp. bal,begin,of year. 64,006,237 61,076.836 51,791.543 48,352,422
502
3.891
Minority interests
Surplus of cos. acquired
2,363
4.772
during year
46,240
4,553
161.973
10,458
Sundry credits
485,370
169.654
y Other credits
Total surplus
$71.576,206 $70.844,008 $66,863,416 $65,635,378
2,844,796
Trans.to res.for deprec_
Surplus of cos. sold dur224.497
ing year
83,564
155.247
49,186
198.462
Sundry debits
Adjust, of fixed capital
Cr1,936 1.014,925
account ofsub. co_ _-Divs.on corn.stk. Amer.
5.969,455 5.739.283 5,512,987 10,843,792
Gas & Elec. Co.y
Burl). bal.end of Year-$65.410,225 264,006,237 261,076,836 $51.791,543
x Does not include $614,932 transferred to reserve for depreciation as
special property amortization and charged by subsidiary direct to surplus
in 1930. y Elimination of debit balance in surplus account of company
liquidated during the year.
Balance Sheet Dec.31 (Company Only).
1933.
1932.
Assets$140.524,047 $140.543.715
a Subsidiary company securities
181,936
1,195,570
Miscellaneous stocks and bonds
9,144,205 15,477,712
Cash and time deposits
Special deposits
11,191.182 b1,788.457
Federal, State & municipal securities (at cost)
c1,356,852
Federal Intermediate Credit Bank debs.(at cost)
49,176
81,732
Accounts receivable
210.932
24,968
Employees' common stock subscriptions, &c
4,536,764
3,913,342
Notes, loans and acc'ta receivable from subsid's_
5,987,095
5,924,293
Unamortized debt discount and expense
22,304
31,296
Unadjusted debits
$172,047,280 8170,152.943
Total
3760
Financial Chronicle
Liabilities5% gold debenture bonds due 2028
Accounts payable
Accrued interest and preferred stock dividends
Accounts payable to subsidiaries
Deferred credits
d Contingent liabilities
Reserve for Federal taxes
Reserve for contingencies
e Preferred stock
e Common stock
Earned surplus
1933.'1
1932.
$50,000,000 $50,000,000
68,389
88,926
772,290
772.290
2,071
7,708
208
1
1
126,620
95,191
2,578,594
2,932,635
33,715.837
33,715,837
43,950,056 42,247,514
40,812,678 40,313,379
Total
$172,047,280 $170,152,943
1932.
a Includes (in addition to common stock):
1933.
$63,039.400 $62,916,400
Mortgage bonds
67,994 67,871 shs.
$6 preferred stock
136,762 135,739 shs.
$7 preferred stock
89,418 89,410 shs.
6% preferred stock
304 shs.
323
7% preferred stock
b $884,419 due in 1933. c All due in 1933. d Company guarantese the
principal and interest of $9.037,500 of bonds of its subsidiary companies.
1932.
1933.
e Represented by:
396,559 shs.
396,559 shs.
Preferred stock $6 (no par)
40,936 shs.
40,936 shs.
Less treasury stock
Preferred stock held by public
(having a preference in liqui355,623 shs.
dation of $100 per share)____ 355,623 shs.
4.401.117 45-50 shs. 4,230,217 7.50 shs.
Common stock (no par)
5.465 42-50 shs.
Less treasury stock
6,112 20-50 shs.
Com.stock held by public_x__ _4,395,005 25-50 shs. 4,224.751 15-50 shs.
x Includes common stock dividend paid Jan. 2 1934 and
82,712 48-50 shs
86,037 46-50 shs.
Jan.3 1933
Consolidated Balance Sheet Dec. 31.
(Inter-company securities and accounts eliminated.)
1932.
1933.
Assets$387,860,731a$386.702.745
Fixed capital
1,365.355
2,610.916
Stocks and bonds of other companies
22.635.927
14,499.431
Cash and time deposits
206,313
Municipal scrip
Federal, State and municipal securities (at cost)- 20,567.211 65,731,123
c3,013,718
Federal Intermediate Credit Bank debs.(at cost)
222,556
200,234
Notes receivable
9,098,955
9,580,718
Accounts receivable
474,322
89,267
Employees' pref. & corn, stock subscrips., &c .
4,384,603
4,151,672
Materials and supplies
2,066,251
2,331.047
Notes & loans receivable from jointly owned cos183,054
255,307
Special deposits
14,768,990
14,023,398
Unamortized debt discount and expense
1,984,642
1,450,537
Other deferred charges
$456,360,888
Total
Liabilities
$50,000,000
5% gold debentures
144,439,400
Subsidiary companies'funded debt
2,118,595
Accounts payable
1,880,486
Consumers' deposits
170
Preferred stock subscriptions payable
8,570,260
Accrued interest, dividends and taxes, &c
221,082
Contractual liabilities
197,893
Unadjusted credits
27,672,305
Depreciation reserves
14,887,600
Other reserves
33,715,837
6% preferred stock
43,950,056
Common stock
Subsidiary company preferred stock ($100 par)_ 24,859,900
23,839,179
(no par)_
do
do
do
Net excess of stated value of securities of subs.
over amount at which such securities are car16,597,901
ried by the Amer. G.& El. Co
4,282,053
Acquired surplus of subsidiaries
61.128,172
Earned surplus
$452,098,134
$50,000,000
144,953,900
1,648,789
1,883,184
20,232
8,926,327
222,253
89,588
24,092,725
15,266,494
33,715,837
42,247,514
24,869,700
23,890,833
a16,264,522
4,280,117
59,726,119
$458,360,888 $452,098,134
Total
a After giving effect to entries made or to be made in 1933 adjusting the
capital, capital stock and surplus accounts of subsidiary companies.
fixed
b $3,975,261 due in 1933. c All due in 1933.-V. 138, p.3078.
-Earnings.
American-Hawaiian Steamship Co.
[Including Williams Steamship Corp.]
1934-4 Mos.-1933.
-Month-1933.
Period End. Apr. 30- 1934
$790,874 $2,975,050 $2,938,739
$837,610
Operating earnings
2,970,890
2,801,519
696,144
796,305
Oper. & gen. expenses
$4,159
$137.219
$41,305
894.730
Net profit from oper
$4,235
$20,997
$792
$4,198
Other income (net)- _
141,455
25,157
95,523
45,503
Total profit
216,652
54,599
207.175
52.603
Provision for deprec_ _ _ $40,924 def$182,017 def$75,197
def$7,099
Balance
15,679
Profit on sale of secur
Net profit or loss be$40,924 def$166,338 def$75,197
fore Fed. inc. taxes def$7,099
-V. 138, p. 2908.
-Annual Report.
-Net
American I. G. Chemical Corp.
earnings of the corporation for the fiscal year ended March 31
1934, after interest on debentures, taxes, general and administrative expenses and other charges,amounted to $1,320,325,
according to the fifth annual report just issued. This compares with $1,245,621 for the previous year. Earnings are
equivalent to $1.68 on each share of Common A stock and
17 cents on each share of Common B outstanding, as compared with $1.58 and 16 cents per share, respectively, during the previous fiscal period.
All investments and other marketable securities are carried at book
value, cost or market, whichever is lower.
Income Account Years Ended March 31.
1931.
1932.
1933.
1934.
$33.405,112 $3,107,344 $3,624,961 $4,252,987
Income
159,350
155,010
161,220
169,904
General & adm.expenses
124,572
105.459
70,327
163,908
Fed. tax & oth. deduc's_
1,646,113
1.646,095
1.630,176
1,497,705
Interest
253.268
loss on sale of securs.
Net
31,320.326 $1,245,621 $1,718,397 $2,322,952
Net income
Balance Sheet March 31.
1933.
1934.
1934.
1933.
Liabilities$
$
$
Assets$
3,786,356 4,733,915 x Common A stk_ _12,155,175 12,155,175
Cash
Marketable securs.12,122,832 9,631,092 Y Common 13 stk__ 3,000,000 3,000,000
2,012,139 535% cony. debs_29,929,000 29,929,000
Short-term notes_
28,267
55,333 1,305,255 Accounts payable_ 617,123
Acc'ts receivable__
678,746
45,191,500 43,283,585 Accrued Interest_
Investments
Federal tax reserve,
Accts. rec. from
37,209
71,923
&c
72,000
sub. company
3,860,000
Secured notes rec_ 2,500,000 2,500,000 Deferred liabilities 4,438,322 6,684,435
6,932,056
210,120 Capital surplus
Own deb. In treas. 2,077,793
16,486 Earned surplus- 8,695,739 7.375,413
Office equipment_
55,653
33,524
Prepaid charges__
Total
65,839,337 63,748,245
Total
x Represented by 486,207 no par shares.
-V.136. P.3724.
$1 Par shares.
y
65,839,337 63,748,245
Represented by 3,000,000
June 2 1934
5,
American Thermos Bottle Co.
-Admitted to List. :
)
The New York Produce Exchange has admitted to the list the classIA
,
common stock (no par).
-V. 138, p.-9397.
American Water Works & Electric Co., Inc.
-Output.
Output of electric energy of the company's electric properties for the week
ended May 26 1934, totaled 35,634,000 kwh. an increase of 10% over the
output of 32.274.000 kwh. for the corresponding period of 1933.
Comparative table of weekly output of electric energy for the last 5
years follows:
Week Ended- 1934.
1933.
1932.
1931.
1930.
May 5_ _ _ _35,278,000 30,357,000 26,545,000 33,491,000 35,028,000
May 12_ _ _ _35,691,000 31,288,000 27,665,000 34,049,000 35,797,000
May 19 _ _ _35,528,000 31,866,000 26,635,000 34,435,000 35,984,000
May 26_ _ _35,634,000 32,274,000 26,164,000 31,689,000 36,597.000
-V.138. p. 3595.
Anchor Cap Corp.
-New Director.
John J. Martin, Vice-President of the Commercial National Bank &
-V. 138, p. 3079.
Trust Co. has been elected a director.
American Power & Light Corp.
-Annual Report.
Comparative Statement of Consolidated Income-Calendar Years.
1932.
Subsidiary Cos.1933.
1931.
1930.
$72,383,602 $74,331,189 $83,213,280 $87,087,661
Gross earnings
Oper exps., incl. taxes
36,527,471 35,601,722 39.527,622 41,585.206
Net earnings
Other income
$35,856,131 $38,729,467 $43,685.658 845.502,455
381,575
861,983
2.086,934
2,453,124
Total income
$36,237,706 $39,591.450 $45,772,592 $47,955,579
Int. to pub.& oth.deduc. 16,560,583 16,622,072 16,493.908 16,086,040
Pref. diva. to pnblic___ - 7,164,313 7,129,455 6.849,208 6,189,608
Renewal & replacement
(deprec.) aplpropriat's 5,314.484 4.891,958 4,841,010
5,555,847
Proportion applicable to
minority interests_ _ _ 79,581
106,621
148,574
155,151
Balance
87.118.745 310,841,444 $17,439,892 $19,968,933
Amer. Pow. & Lt. Co.Bal. in sub. cos.' earns.
applic. to Am.P. & L.
Co.(as shown above)_ $7,118,745 310.841.444 $17,439,892 $19,968.933
55,446
959,735
Other income
714,376
940,800'
$7.174,191 311,801.179 $18,154,268 820,918.733
Total income
Expense of Amer. Power
172,056
221.811
& Light Co
236,833
511,408
Int.& discounts of Amer.
3,096.086 3,110.668
Power St Light Co__ _ 3,105,252
2,958.587
$3,896,883 88,483,282 314,806.767 $17,448,738
Balance
Divs, on pref. stocks of
8,441,384
Amer. Pow. & Lt. Co. 2,413,455
8,664,221
8,174,597
Divs. on com, stock of
1.501,962
Amer. Pow.& Lt. Co.
4,371.106 x7,037,202
$1.483,428da1,460,064 $1,771.440 $2,236.939
Balance
Earns.per sh.for com.stk.
Nil
Nil
(incl. scrip) outstand_
$2.04
$3.20
x Includes 1-10th of a share(10%)extra common stock dividend amounting to $3,213,174 paid Dec. 1 1930.
Summary of Consolidated Surplus 12 Months Ended Dec. 31 1933.
Earned
Capital
Total.
Surplus.
Surplus.
Consolidated surplus, Jan. 1 1933-$29,020,299 $29,020,299
Minority interest in surplus ofsubs.at
212,610
Jan. 1. 1933
212,610
Reclassification of surplus of subs.
at Jan. 1 1933
Dr145,814
145,814
Pref. stock of subs. received by it on
termination of trust established for
500,000
its benefit
500,000
339,159
Contributions for extensicips
339,159
50.505
-Net---Miscellaneous adjustments
40,005
10,500
$30.122,573 3 9.466,259
2
Total
Adjustment of ledger value of plant,
500.000
property, franchises, &c
Transf. to res. to provide for possible
rev, losses involved in rate litiga472,285
tion now pending-Sub
472,285
246,223
Property abandonments-Subs
246,223
$656.314
828,904,065 $ 8.747,751
2
Ralance
Bal, from statement of
consol.inc. for 12 mos.
ended Dec. 31 1933_ - $3,896,883
MM.int.in undistributed
inc., 12 mos. ended
3,903,448
6,565
Dec. 31 1933
3,903,448
$32,807,513 $32,
Total
651,199
Divs. on $6 pref. stk. of
Amer. Pow. & Lt. Co. 31,190,349
Divs. on $5 pref. stk. of
2,413.455 2,413,455
Amer. Pow. & Lt. Co. 1,223,106
$156,311
$30,394.059 $30,237,744
Balance
Min,int.in slap. ofsubs.
219,240
at Dec. 31 1933
218,660
Cap. surp. of subs, cred. to plant.
155,734
plant, prop.franchises, &c., in cons
------
500.000
$156,314
$156,314
580
155,734
Con.sol. surplus, Dec. 31 1933_ -- -330,019.084 $30,019,084
Note.-Divs. on the $6 and $5 pref. stocks of American Power & Light
Co., which are cumulative, were regularly paid quarterly to Sept. 30
1932. The diva. paid Jan. 3 1933 for the quer. ended Dec. 31 1932 were
at ono-half the regular rates, and diva, at one-fourth the regular rates
have been paid since at each quarterly period. No provision has been
made In the above statement for cumul, undeclared dive, on the $6 pref.
stocks amounting to 34,166.085, and on the $5 Prof. stock amounting to
$4.280,692, to Dec. 31 1933.
Comparative Statement of Income & Summary of Earned Surplus (Co. Only).
1933.
Years Ended Dec. 311932.
1931.
36,6 5,973411,083,280 $16,012,805
4
Gress income from subsidiaries
55.446
Other income
959,735
731.418
$6,701,419 $12,043.01' $16,744,223
Total income
172,056
Expenses, including takes
221,811
236,833
3,105,252
Interest and other deductions
3,110,667
3,096,086
Balance carried to earned surplus- $3,424,111 38,725,119 $13,396,724
x Net equity of American Power & Light Co. in income of subsidiaries
was $10,841,444.
Summary of Earned Surplus 12 Months Ended Dec. 31.
1933.
1932.
Earned surplus, Jan. 1
87.954,920 $10,386,956
Miscellaneous adjustments
40.000
74,646
Total
$8,029,567 $10,426,956
Reduction of book value of investments
843,573
Loss on sale of securities
267,822
Acq.costs in prior years of secs. & props. written off
138,767
Balance
38,029,567 $9,176,794
Balance from statement of income for 12 months
8,725,119
ended Dec. 31 (as above)
3,424,112
Total
Dividends on $6 pref. stock
Dividends on $5 pref. stock
Dividends on common stock
$11,453,679 $17,901,913
4,164,328
1,190,349
4,280.702
1,223,106
1,501.962
Earned surplus, Dec. 31
$9,040,224 $7,954,921
Financial Chronicle
Volume 138
Balance Sheet Dec. 31 (Company Only).
1932.
1932.
1933.
1932.
Assets
Liabilities
investments _ _ _256,064,168 260,434,012 x Capital stock
Cash
5,620,132
(no par val.)_214,645,636 214,645,636
3,124,227
U.S. Treas. bills
352,464
81.500 Gold deb.bonds,
Time dep. In bks 5,650,000
Amer.6% 8er. 45.810,500 45,810,500
2,575,000
Municipal shortSouthwes'n Pr.
term securities
600,280
di Lt. Co. 6%
157,615
Notes and loans
gold deb.bds.,
5,000,000
rec.-subs __ - 3,488,000
5,000,000
series A
4,327,000
20,300
Notes and loans
Contract. Babb_
1,206,689
rec.-others.,
573,186
12,900
12,000 Divs. declared_
291.962
Accts.rec.-subs
95,836
494,866
806,248 Accts. payable_
1,036,710
Accts.rec.-oth_
1,036,710
19,250
511,017 Accrued sects
Special deposit_
39,439
Mat.Int. on long
Reacq. cap. stk.
39,439
29,934
term debt, Sic.
29.034
Contract'l rights
279,525
Deferred credit_
under agree
10,654,900 10,589,900 Llab. to deliver
Accr. Int. rec. on
10,654,900 10,589,900
securities
7,954,921
9,040,224
contract. rts_
279,524
Surplus
Unamortlz. disc.
and expense
3,870,096
3,908,165
Total
287,175,956 286,556,618
x Represented by:
Total
287,175,956 286,558,618
Dec. 311932.
Dec. 31 1933.
shs.
shs. 793,535
$6 pref. stock
rVal. in liq.1 793,540
site.
shs. 978,444
$5 pref.stock,ser. A13100 a sh.1 978,444
Pref. stk. ($6) scrip, equip. to_ _ _
46 2-10 shs.
41 2-10 shs.
she.
Common stock
shs. 2,009.722
3,010,221
Com,stock scrip, equivalent to
4,090 27-50 shs.
3,591 27-50 shs.
Consolidated Balance Sheet Dec. 31 (Co. et. Subs.).
1932.
1933.
$
Assets$
717.919,466 717,592.554
Plant, property, franchises, &c
1,558,258 2,836,816
Investments (ledger value)
308,294
895,197
Notes and loans receivable
348,430
Accounts receivable
8,510,253
11,653.193
Cash in banks
-on demand
5,525,000
10,400,000
Cash in banks
-time deposits
733,168
U. S. Gov., State, munic. & oth. short-term securs 2,264,111
4,539,788
Notes, contract and loan receivables
57,279
17,968
Accounts receivable-officers & employees of subs.
10,981,854 12,192,342
Accounts receivable-customers and miscell
159,202
38.532
Subscribers for pref. stocks of subs
6,399,093 7,134,622
Materials and supplies
330,436
495,158
Prepayments
264,655
302,006
Miscellaneous current assets
354.953
U. S. Treasury notes
3.030,287
Non-current receivable
3,851,895
4,094,163
Sinking funds and special deposits
Reacquired securities:
29,933
29,933
Amer. Pow. & Lt. Co., 5,301 shs. corn
2,089,672
2,030,595
Subsids., pref. stocks held for resale
17,319,549 18,028,355
Unamortized debt discount and expense
499,222
466,926
Unamortized leasehold improvements
389,001
352,602
Unamortized charges applicable to rents & tolls
238.088
216.073
Other deferred charges
500.576
508,451
Contingent assets (see contra)
70,599
Sundry debits
Total
Liabilities
-
791,328,369 786,230,184
3761
American Public Service Co.
-Annual Report.
Consolidated Earnings Statement of Subsidiary Companies.
Calendar Years1933.
1932.
1931.
1930.
Gross earnings
$4,413,168 $4,394,938 $5.921,368 $7,143,896
Oper.exps.,incl.taxes, dm 2,593,257
2,283,262
3,164,192 3,840,619
Maintenance expendit
195,261
383,841
217,032
291,376
Retirement appropriat'n
252,292
286,314
Net earns, from oper $1,624,650 $1,894,644 $2,213,508 $2,633,122
Bond debenture & other
interest charges
1,556,820
1,642.750
1,678,304
1,226,347
Earnings accruing to
Amer. P. S. Co_ _ _
Int. deductions Amer.
Public Service Co_
_
$67,830
$251,894
24,403
57,710
$43,421
$194,184
31,741
172,017
489,315
Reed & accr'd as diva.
on stock
Net inc. Am.P.S. Co.
$535,205 $1,406,775
1,140,122
$14,148
$94,636
Income Account (American Public Sercive Co. Only).
Calendar Years1933.
1932.
1931.
Total income
Operation expense _ _
Miscellaneous charges
Interest
Provision for taxes
Net income
Divs, on pref. stock
Divs, on common stock_
Balance, surplus
$122,933
10,336
24,403
358
587,836
$87,836
1930.
$257,783 $1,503,956 $1,642,862
34,708
54,815
56,502
10,685
12,275
57,710
102,773
15,631
794
1,201
1,034
$164,570 $1,421,625 $1,470,278
579,399
643,592
139.556
771,472
771.472
$25,014
$70,754
$55,214
Comparative Balance Sheet Sec. 31 (Company Only).
1933.
1932.
1933.
1932.
Assets
Investments
16,667,554 17,583,807 7% pref. stock_ ___ 7,974,600 7,974,600
Notes receivable
110,630 Common stock _ _ _ 9,643,400 9,644,708
Accts. di dive. rec_
17,285
42,381 Notes pay. to CenCash In banks_ _
9,637
57,245
tral dc South W.
Prepaid expenses_
1,370
1,266
Utilities Co_ --20,000
Dlsct. dr exp. on
Due to aril'. cos__
197,500
pref. stock
540.963 Federal income tax 241,607
229,590
Accrued taxes_ _
775
flab. under syndicate part
15,260
15.260
Misc. curr. liab_
683
4,183
Reserves
572,592
Surplus
def1,772,296
269,676
Total
16,695,847 18,336,291
Total
16,695,847 18,336,291
Consolidated Balance Sheet Dec. 31 1933.
Assets
Liabilities
Plant, property, rights, franCapital stock of Am.P.S. Co.$17,618,000
chises, ,kc
$40,779,947 Pref, stock of West Texas
Investments
2.331,529
Utilities Co
4,420,445
Special deposits
27,142 Funded debt
24,533,500
Bond discount & expense in
Customers' security and exprocess of amortization _ 2,056,771
tension deposits
291,812
Prepaid accounts & def'd chgs
34,526 Current liabilities
1,138.730
Cash in banks and in transit_
784,949 Reserves: Depreciation
980,485
Working funds
13,680
Contributes for extensions
92.836
U. S. Treasury certificates of
Miscellaneous reserves _ _
13,236
Indebtedness
100,296 Surplus (deficit)
1,772,296
Merchandise instalment notes
accts., warrants Sic. notes
receivable (net)
926,378
Due from affiliated cos., net
of reserve
33,734
Construction dr operating materials, ,kc
227,795
214,645,636 214,645,637
x Capital stock
Subs.
-Prof.stocks, 1,124,7333i shs. at liq. value-111,982.750 112,473.350
541.322
540,016
Common stocks, 71,168 shares
Cap. stks. subscribed-Pref. stks. of subs. (instal351,310
•
ments received, $192,108)
365,629,800 366,214,700
Long-term debt
29,886
41,720
Contra Aual liabilities
2,221,743
925,877
Dividends declared
1,584,961
1,267,964
Accounts payable
35,685
Notes payable-Property purchase obligations-464.000
34,532
Contracts payable
11.098,439 11,663,835
Accrued accounts
Total
147,316,750
Total
$47,316,750
3,665,214 3,776,201
Customers' deposits
-V.138, p. 2078.
64,828
Miscellaneous current liabilities
48,000
e i,_ .• • 4
Matured & accr. int, on long-term debt & redemp.
Armour & Co.(111.).-Plan of Recapitalization -The stock,
3,820,975acct. (cash in sinking funds & special deposits)_ 3,853,160
500,576
508,451
Contingent liabilities (see contra)
holders will vote July 6 on approving a plan or/recapitaliza543,176
Sundry credits
327,652
tion, dated May 28 1934, which provides in part as follows:
Retirement and depletion reserves
35,712.418 32,234.181
2,364,585
Uncollectible accounts reserves
3,876,007
1. To create and authorize the issue of 572,313 shares of $6 cum. cony.
183,139
prior pref. stock without par value, entitled to cumulative dividends at the
Inventory adjustment reserves
289,521
3,813.220
3,267,728
rate of $6 per share per annum before any dividends shall be paid on the
Other reserves
Non-current accounts payable
77.939
present pref. stock or the common stock, convertible at the option of the
Undeclared cum. diva, on pref. stock of subs
2,641,830
holder at any time at the rate of 6 shares of common stock for each share
228,068
of such prior stock, redeemable at the option of the company at any time
Minority interest in surplus of subsidiaries
233,529
on 60 days' notice at 115 and diva., entitled in liquidation to 100 and diva.
Earned surplus
30,019,084 29,020,299
plus, if such liquidation is the result of voluntary action of the common
Total- ____________________________________ 791,328,369 786,230,184
shareholders, $15 per share, and carrying voting rights at the rate of one
x Represented by: $6 preferred, cumulative (entitled upon liquidation to
vote per share. The prior stock will be issued only in exchange for the
3100 a share); pani passu with $5 preferred; authorized. 1,000,000 shs.;
present pref. stock of the company as hereinafter provided.
Issued and outstanding, 793,581 2-10 shs. (793,581 2-10 shs. in 1932).
2. To change and reclassify the shares of class A stock and class B stock
inclusive of 41 2-10 (46 2-10 in 1932) shs. of scrip; $5 preferred, cumulative
now outstanding into shares of common stock of the par value of $5 per
(entitled upon liquidation to $100 a share); pani passu with $6 preferred;
share at the rate of one share of common stock for each share of class A stock
authorized, 2,200,000 shs.; issued and outstanding, 978.444 shs.; common,
now outstanding and one-half share of common stock for each share of
authorized, 4,000,000 shs.; issued, 3,013,812 51 100 shs.; inclusive of
class B stock now outstanding; reduce the stated capital of the company
now represented by the class A stock and the class B stock from $100,000,000
3,591 27-50 (4,090 27-50 in 1932) shs, of scrip.
to $15,000,000; and increase the number of shares of common stock which
Comparative Consolidated Statement of Incomefor 12 Months Ended March 31
the company shall have authority to issue from time to time to 7.578,504
(Intercompany Items Eliminated).
shares of the par value of $5 each, including the 3,000,000 shares resulting
Subsidiaries1932.
1931. •
1933.
1934.
from the above-mentioned change and reclassification. Application will
Operating revenues_ ---$72,902,353 $72,759,105 $81,433,893 $86,122,700
be made to list the prior stock and the common stock on the New York
Open. exps., incl. taxes_ 37,218,538 35,229.158 38.291,696 41,374,152
and Chicago Stock Exchanges.
Net rev, from oper_ _$35,683,815 $37,529,947 $43,142,197 $44,748,548
3. To offer prior stock and common stock in exchange for the outstanding
Other income
657.464
1,843 862
360,672
2,260.251
shares of the present 7% cum. pref. stock at the rate of one share of prior
Gross corporate inc.-336,044,487 $38,187,411 $44,986,059 $47,008,799
stock and two shares of common stock for each share of such 7% cum.
Int. to public & oth. ded. 16,565,822 16,600,984 16,584,764 16,092,960
pref. stock.
Pref. diva, to public_
4. To reduce the amounts at which certain of the properties, investments
7,164,328
7,137,953
7,024,594
6,242,460
Retire.(deprec.) res. app 5.323,481
and other assets of the company and of its subsidiaries are carried on their
4,781,579
4,658,696
5,581,861
Portion applicable to
books by approximately $55.370,000, thereby reducing their depreciation
minority interests_ _ _ _
78,548
and other charges against earnings by approximately $2.150,000 annually.
96,146
144,169
154.333
5. The depositaries for the present pref. stock will be Kuhn,Loeb & Co.,
13al. applic. to Amer.
52 William St., N. Y. City; Old Colony Trust Co., 17 Court St.. Boston,
Power St Light Co
$6,912,308 $9,570,749 $16,573,836 $18,937,185
and Continental Illinois National Bank & Trust Co. of Chicago. 231 South
American Power di Light Co.LaSalle St., Chicago. The holders of such pref. stock now outstanding
Bal. of subs.' inc. applic.
who approve of the plan should deposit the certificates representing their
to Amer. Pow. & Lt.
stock at any one of such depositaries as soon as possible,
Co.(as shown above)- $6,912,308 $9,570,749 $16,573,836 $18,937,185
6. Certificates for fractions of shares of common stock of the company
Other income
50,882
716,131
883,481
841,832
will not be issued, but in lieu thereof bearer scrip certificates will be issued
Total income
$6,963,190 $10,286T880 $17,457,317 $19,779,017
In such form as shall be approved by the board of directors, which, when
Expenses, incl. taxes_ _
170,586
191,375
245.470
490,970
combined with other scrip certificates aggregating a full share, and sur3,096,162
3,110,698
3,025,048
Int. to pub. & oth. deduc 3,105,104
rendered to the company,shall entitle the bearer to receive a certificate for
Balance applicable to
a full share ofcommon stock,and if the surrendered scrip certificates aggrepreferred stocks- _ _ $3,687,500 $6,999,343 314.101.149 516.262.999
gate a fraction in excess of one or more full shares, a new scrip certificate
for such excess fraction. The holders of such scrip certificates shall not as
138, P• 3593.
-V
such holders be,or be deemed to be,shareholders of the company and shall
Associated Telephone Utilities Co.
-Trading Sus- not be entitled to exercise any voting rights or to receive dividends or to
have or to exercise any other rights or privileges of shareholders of the
pended.
company.
-V.
See under "Current Events and Discussions," on a preceding page.
7. The company will reserve a sufficient amount of the
138:p. 2239.
unissued common stock for conversion of the prior stock. authorized but
8. The board of directors will appoint T. G. Lee (President of the com-Earnings.
-Atlanta Birmingham & Coast RR.
pany), A. Watson Armour and Frederick H. Prince as a proxy committee
1933.
1932.
1934.
1931.
to vote, at the shareholders' meeting called to consider
April$229,310
$239,917
$227,753
$314,979
the plan, the shares of such of the shareholders of the and take action on
Gross from railway
company as desire
20,932
def25,347
3,084
def29,833
to be represented by such committee.
Net from railway
def10,998
def22,939
def55.998
def68,884
9. The plan is subject to the authorization and approval of the holders
Net after rents
of at least two-thirds in amount of each class of stock now outstanding,
From Jan. 1
820,286
921,540
992,232
1,218,802
and is subject to the further condition that such proxy committee shall not
Gross from railway
def6,429 def170,937 def172,129
38,282
vote in favor of the adoption of the plan unless and until in the judgment
Net from railway
de174,214 def115.339 def293,455 def324,289
of such proxy committee an amount of pref. stock sufficient to warrant
after rents
Net
carrying out the plan shall have been deposited or agreed to be deposited
--Nr. 138, p.3080.
3762
Financial Chronicle
for exchange thereunder. If the plan shall not have been adopted on or
before Dec. 31 1934 it shall be abandoned.
10. The board of directors is authorized to take all such action as shall
be necessary or desirable in its discretion to carry out the plan and without
limiting the generality of the foregoing is authorized to fix and to extend
from time to time the period of time within which outstanding pref. stock
may be exchanged under the plan.
President T. G. Lee, in a letter to the stockholders, stated:
The desirability of changing the capital structure has been generally
recognized by the stockholders, and for many months the finance committee, directors and executives of the company have been giving careful
consideration to the development of a plan which would not only be sound
financially, but would also improve the position of every stockholder in
relation to the company's earnings and future prospects. Every endeavor
has been made to arrive at an equitable basis of adjustment as between the
various classes of stockholders. After the most thorough consideration of
what should be done and of possible ways of doing it, the board of directors
has unanimously approved the plan submitted herewith and recommends
that it be approved by the stockholders.
Briefly, the plan contemplates:
1. The creation of 572,313 shares of $6 cum. cony, prior pref. stock.
each share convertible at the option of the holder into 6 shares of new
common stock.
2. The change of the present class A and class B stock into one class of
common stock at the rate of 1 share of new common stock for each share
of class A stock and X share of new common stock for each share of class B
stock.
3. The exchange of each of the present 572,313 shares of 7% cum. pref.
stock for 1 share of new $6 cum. cony, prior pref. stock and 2 shares of
new common stock.
4. The reduction of stated capital, the reduction of book values of certain properties and other assets, and the reduction of depreciation and
other charges against earnings.
The problem confronting the stockholders is not due to any adverse
change in the company's position in the industry, which has, in fact, improved in terms of tonnage handled. Nor is it due to any failure to reduce
expenses which to-day are at an annual rate of approximately 20% less
than they were four years ago after taking into account increased labor
and other expenses.
The problem confronting the stockholders arises out of other causes.
There are three major reasons why a change in the capital structure
Is desirable:
1. To place the company in a position under the Illinois law to pay dividends, first on its pref. stock and thereafter on its common stock to the
extent that such dividend payments, in the discretion of the board of
directors, may be warranted by the company's earnings.
Under Illinois law, the company cannot now with its present capital
structure pay dividends on any class of its stock. This is true, although
the company should have net earnings currently which might otherwise
be applied to the payment of such dividends.
The Illinois Business Corporation Act, in force since July 13 1933, provides that "No dividend shall be declared or paid at a time when the . ..
net assets [of the company] are less than its stated capital, or when the
payment thereof would . . . reduce its net assets below its stated
capital." The stated capital of the company is now $157,231,300. The
book values of its net assets, as of April 28 1934, total $184,084,819 This
means that on the books the net assets are $26,853,519 in excess of stated
capital. But certain of the properties,investments and other assets should,
in the judgment of the officers (due to abandonments, reduction in present
day utility values and for other reasons) be written down on the books of
the company, and the amount of this write-down recommended by the
officers after careful consideration is about $55,370,000. On this basis the
net assets of the company would be $28,516,481 less than the present stated
capital, and obviously under such circumstances the company cannot pay
dividends on its pref. stock even though current earnings should otherwise warrant it.
There are only two practicable ways to remedy this situation and place
the company in a position to pay dividends. One is to make no change in
the capital structure and wait until earnings accumulate to a point where
the board could feel reasonably sure that net assets were in excess of stated
capital, which on the foregoing basis would require the accumulation of at
least $28,516,481 of earnings. The other way is to change the capital structure by reducing stated capital and writing down the book values of assets
appropriately out of paid-in surplus resulting from such reduction. Since
at the present rate of earnings it would take many years to get to a place
where dividends could be paid if no such change were made in the capital
structure, the board of directors is recommending such a change. This is
the only way to remedy the situation promptly under the law.
In considering the payment of dividends, it must be borne in mind that
the 1st mtge. of the company, dated June 1 1909, under which the 4X%
bonds of the company were issued, provides that dividends cannot be paid
on any class of stock except out of "undivided and undistributed net
profits" earned subsequent to Oct. 24 1908. Such "undivided and undistributed net profits"of the company on April 28 1934 amounted to $915,252.
The consolidated earned surplus of the company and its subsidiaries, including this $915,252. as shown by the consolidated balance sheet (see
below), was $8,957,073. And to the extent that it would be practicable
for subsidiaries to pay dividends to the company out of their earned surplus,
the "undivided and undistributed net profits" of the company would be
correspondingly increased within the meaning of the 1st mtge. This fact.
however, does not change the present frozen position as to payment of
dividends resulting from the above provision of the Illinois law.
This position with reference to the pref. stock can be changed only
through the co-operation of the class A and class B stockholders, and these
stockholders in return for having the accumulated pref. dividends discharged
and having the company placed in a position to pay dividends are asked to
consent to changes in their relative positions so that the prospects of all
classes of stockholders to obtain returns on their Investments may be
enhanced.
2. To provide means for discharging the accumulated dividends on
the pref. stock.
Dividends on the pref. stock have not been paid since Jan. 2 1931. In
1931 and 1932 the company did not have any earnings out of which dividends might have been paid, In 1933 it was not able to pay dividends for
the legal reasons stated above. By July 1, the end of the present quarter,
accumulated dividends on the pref. stock will amount to $14,021,668, or
$24.50 per share. Even if it were legally possible to pay any of these
accumulated dividends now,it would be unwise under present circumstances
for the company to do so to any substantial extent and thus materially
deplete its cash resources. Although the company is in excellent financial
condition, prudent management requires it to maintain a reasonably strong
cash position against possible needs for Increased working capital. The
proposed plan provides a means of discharging these accumulated pref.
dividends without the payment of cash.
3. To enable the company to write down the book values of its properties,
investments and other assets, reduce its depreciation and other charges
and be in a position to pay dividends as earnings warrant.
The properties, investments and other assets are carried on the books of
the company at values resulting from appraisals made in 1920 and 1922,
plus improvements and additions since that time at cost lees depreciation.
Recognized accounting practice requires that depreciation based upon a
fixed percentage of the book values be charged to operating expenses. The
result is that the company is required to charge to operating expenses (and
thus reduce net earnings) on account of depreciation a great deal more than
would be required if such book values were appropriately written down.
It is desirable that the book values of certain of the assets be reduced with
a consequent reduction in depreciation and other charges. In order to
accomplish this and be in a position to pay dividends as earnings warrant,
a change in capital structure is necessary.
There are outstanding 572.313 shares of 7% cum. pref. stock of $100
par value. The accumulated dividends on this stock, as of July 1 1934,
will amount to $14,021,668, or $24.50 per share. These dividends are accumulating at the rate of $4,006,191 a year. On the basis of earnings at the
present rate, and under the present capital set-up, it is apparent that pref.
stockholders would be required to wait many years before receiving the
accumulated dividends on their stock or even current dividends thereon.
The possibility of paying dividends on the 2,000,000 shares of class A
common stock and the 2,000,000 shares of class B common stock is even
more remote.
dends on the prior pref. stock will accrue from July 1 1934, and
rate or better, the board
if earnings continue substantially at the presentOct. 1 1934.
plans to inaugurate dividends on this stock on
The book value ofsuch common stock at Apri128 1934, after giving effect
to the proposed write-down of book values and assuming the exchange of
all the present pref. stock, will be $17.25 per share.
June 2 1934
The rights and preferences of the prior pref. stock in relation to the
common stock will be substantially the same as the rights and preferences
of the present pref. stock in relation to the present class A and class B
stocks, except for the back dividend situation of the present pref. stock,
the reduction in dividend rate from $7 to $6 per share and the prior pref.
stock's additional privilege of conversion into common stock.
The plan is one of voluntary exchange as to the pref. stock. When and
as the present pref. stock is exchanged for prior pref. stock and common
stock, the shares of present pref. stock so exchanged will be canceled and
will not be subject to reissue.
The plan involves no underwriting and no commissions to bankers or
others. Depositary and other ordinary expenses of the plan will be paid
by the company, and stockholders will not be asked to bear any part of
such expenses.
The percentage of voting rights of each class of stock as it is now, as it
would be if the plan is adopted and all pref. stock exchanged (but before
conversion of prior pref. stock) and as it would be after all prior pref. stock
Is converted, is indicated below:
Preferred. Class A. Class B.
Now
43.7
Under the plan before conversion
36.4
42.4
21.2 0
Under the plan after conversion
604%
26.4 o
13.2%
Assuming that all of the present pref. stock should be exchanged under
the plan, and making adjustments in depreciation and other charges as
contemplated by the plan, there would be applicable to dividends on the
prior pref. stock in a year like 1933 approximately $6,400,000. or just over
1.8 times dividend requirements on the prior pref. stock. After deducting
$6 dividends on such stock, there would be on this basis approximately
$0.70 a share earned on the outstanding common stock before conversion
of the prior pref.stock. Any increase in such net earnings would,of course,
increase the dividend coverage on the prior pref. stock and the amount
earned on the common stock. For every additional $1,000,000 of net
earnings on the above basis, the earnings on the common stock would be
increased approximately $0.25 Per share.
It is not necessary for class A and class B stockholders to deposit their
stock. It is necessary if the plan is to be promptly adopted for them to
send In their proxies immediately.
Consolidated Income Accountfor 26 Weeks Ended April 28 1934 (Incl. Subs.).
Income after taxes, but before depreciation and interest charges $9,838.815
Depreciation provision
3,412,231
Interest charges
2,275,560
Amortization of debt discount and expense
292,608
Net income available for dividends
Subsidiaries' preferred dividends
$3.858,416
1,915,788
Income available for stock of Armour & Co. (Ill.)
$1,942,628
Equivalents per share on stock of Armour & Co. (Ill.):
Preferred
$3.39
Class A _ a
def0.03
Class B
def1.03
a Class A is entitled to $2 in any one year before any distribution to
class B. After class B has also received $2, both classes share equally
in any further distribution.
Consolidated Balance Sheet April 28 1934 of Armour ett. Co. (an Illinois
Corporation), Including Armour & Co. of Delaware and The North
American Provision Co. and Their Subsidiaries.
Before Giving After Giving
Effect to
Effect to
[Proposed Plan Proposed Plan
Assets
be
$
Cash,including U. S. Govt. Treasury notes
11,568,756
11,568.756
Accounts receivable
29,755,008 29,755,008
Notes receivable
5,049.914
5,049,914
Inventories of products and supplies..b
81,881,081
81,881,081
Investment stocks, bonds and advances_a
16,391.59516,391,595
Land, buildings, machinery and fixed equipment.185,333.841 (134,545,421
Refrigerator cars, delivery equipment, tools, &c.,
at cost less depreciation
12,839,440
12,839,440
Franchises and leaseholds
2.211,580
Deferred charges, including unamortized discount 6.121,293
3,751,293
Total
351,152,508 295,782,508
Liabilities
Acceptances payable
211,472
211,472
Accounts payable
17,110,498
17,110.498
First mortgage gold bonds:
Illinois company
-4j%,due in 1939
38.073,000
38,073,000
Delaware company
-53 %,guar., due in 1943 42,340,100
42,340,100
Morris & Co.
-4i%,due In 1939
9,425,000
9,425.000
Minority stockholders' equity In common stock
and surplus ofcontrolled cos, herein consolidat'd 1,530,319
1,530,319
Guaranteed 7% cum. pref. stock issued-Delaware company (par $100)
58,377,300
58,377,300
77 corn. pref.stock issued-Illinois company(par
0
S100) (dive. paid to Jan. 2 1931)
57.231,300
6% cum. cony, prior pref. stock-Illinois company (572,313 shares no par)_c
57,231.300
Common stock Issued-Illinois company (Par $25):
Class "A"
50,000,000
Class "B"
50,000,000
Common stock (par $5)_d
20.723,130
Surplus
-Capital and paid-in surplus
12, - .
- 5
915 5 36,892,055
Appropriated earned surplus (Delaware co.). 4,911,261
4,911.261
Earned surplus (of which $915,252 represents
earned surplus of Illinois company)
8,957.073
8.957.073
Total
a Includes co
es
3 1.15e.508 295,782,508
r5va1u .
2
securities carried at cost, as follows:
Par
$ost 98
C ,4
83.
Delaware 5X% bonds
1.179 10
38 0
8 :00
Morris 43% bonds
1,006,156
Delaware preferred stock
3.772:0 0
61 6 0
0
1,789,736
Illinois preferred stock
16,877
Total
$5.100.700
$2,896,267
b Packing house products, at market values less allowance fo selling
;se
2 67
expenses; other products and supplies, at cost or market, whichever is lower.
c Each share of 6% cum. cony, prior pref. stock is convertible at any
time, at the option of the holder,into 6 shares of$5 par value common stock.
d Common stock to be initially outstanding, 4,144,626 shares, each
$5 par value.
•After deducting $94,483.158 reserve for depreciation.
f At appraised values in 1920 and 1922, plus additions thereto at cost.
$83,136,545, and at cost, $88,544,711: less $35.135,835 reserve for de.
predation.
Trading in Stocks Suspended-Again Resumed in Chicago.
-Bee under
"Current Events and Discussions" on a preceding page.
-V.138, p.2564.
Associated Gas & Electric Co.--Earnings.Consolidated Statement of Earnings and Expenses of Properties.
1934.
12 Months Ended April 301933.
Amofft ase-p e
. %
x1
Electric
$73,309.894 $72,296.257 x$1,013,637
15,655,171 16,165,808
Gas
510.635
3
2,304.362
Ice
2,445,344
140,982
6
Transportation
1.429,659
12
202,610
1.632,269
1,575,720
I8
Heating
1,452,495
x123,225
1.208.192
Water
1,250,367
42,176
3
Total gross oper. revenues......$95,482,998 $95,242.538 x$240,460 -x4
Operating expenses, maint., &c. 47,787,652 45,989,399 .1,798,253
10.838,042
Taxes
8.073,229 x2,764,813 x34
8,242,323
Prov. for retiremls (deprec.)
x1
x118,157
8,124.166
Operating income
x Increase.
$28,614,981 $33,055,744 $4,440,763
Weekly Output Higher.
13
For the week ended May 19 the Associated System reports net electric
output of 51,063,841 units (kwh.), an increase of 5.4% above the corresponding week last year. This compares with an increase of 8.2% for the
four weeks to date, and is the lowest percent increase reported so far this
year.
Gas sendout, at 329,998,500 cubic feet was 7% above that reported a
year ago.
A new request for appointment of receivers for the company was on file
May 28 in Federal Court at Utica, N. Y., according to press dispatches
from the latter city.
The complaint, the second filed in recent weeks asking receivership for
the company, was made by Roscoe Irwin of Albany and Maurice L.
Starling of New York. attorneys for three stockholders. Edgar and Harriet
A. Lewis and Joseph Capese. The complaint alleges that Howard G.
Hopson and J. I. Mange "control and operate the huge corporation known
as the Associated Gas & Electric system" through the Massachusetts
Voluntary Trust Co. It further alleges that the two men "gained control
of the trust company with a $10.000 investment which later was returned."
-V.138, p.3595.
-Earnings.Associated Gas & Electric Corp.
12 Months Ended March 31- 1934.
1933.
Electric revenues:
Residential
$24,271,549 $24,421,929
Power
17,848,669 17,100,808
Commercial
12,501,269 12,928,535
Municipal
5.435.633
5,239.610
Electric corporations
3,665,165 3,741.113
997,513
Railways
914,237
Total sales-Electric
Miscellaneous revenue
-Decrease
%
Amount.
$64,440,499 $64,625,531
157.442
261,199
$150,379
x747,860
427,266
196,022
75,947
83,276
0.6
x4.3
3.3
3.6
2.0
8.3
0.2
$185,032
x103.757 x65.9
$81,274
0.1
Total electric revenue-- __$64.701,699 $64,782,973
Gas revenue:
9,142,564
Residential
8,604,972
1,529,009
Commercial
1,480,023
742,333
Industrial
873,353
5.8
537,591
3.2
48,985
x131,019 z17.6
$10,958,348 $11,413,905
30,791
54,994
3.9
$455,557
x24,202 x78.6
Total sales
-Gas
Miscellaneous revenue
Total gas revenue
$11,013,342 $11,444,697
Water, transportation, heat
6,739.769
and miscell. revenues
6.273,216
$431,354
3.7
466,552
Operating income
324,916.607 $29.150,774 $4,234,166 14.5
x Increase.
-Continued.
Earnings, 12 Months Ended March 31 1934
$24,916,607
Balance forward-Operating income
1,353,942
Other income-Income of non-utlity subsidiaries
758,381
Other interest, dividends, &c
Dr503.119
Other expenses
$26.525,812
Gross income
Fixed charges and other deductions:
Operating companies:
$9,179,133
Interest on funded debt
356,543
Interest on unfunded debt
748,101
Amortization of debt discount and expense
2,059,009
Divs. on pref. stocks paid and accrued
Sub-total
Group companies. &c.:
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Dividends accrued on preferred stocks
$3.107.783
288.700
493,700
49.587
Total ---------------------------------$16,282,557
114.149
Credit for interest durig
tln
Net total underlying deductions
Balance_________
Interest of Associated-die
Fixed interest debentures
Unfunded debt
Income debentures
Amortization of debt discount and expense
16.168.407
$10,357,404
$1.774.997
67.773
595.351
72.642
2.510,763
Total______________________________________________
Balance ________________________________________________ $7.846,641
-This statement excludes al income received or receivable from
Note,
Associated Gas & Electric Co. and all deductions dependent thereon.
Balance Sheet March 311934.
AssetsLiabilUtes17,398,000
Invest'ts in & advances to
Capital stock
315,137,880
sub, and affiliated co
8_x$639.485,897 Surplus
misceil, spec. dews_
Cash &
828,130 Account payable to Assoc.
200,000
Spec. dens. for mat'd Int__
Gas & Electric Co
52,249
93.929,180
Interest receivable
827,285 Funded debt
52,249
Unamort. debt disct. & exp_
424,915 Matured interest =claimed
179,439
Accrued taxes
1,280,476
Accrued interest
Reserve for contingencies__ 168,000,000
50,000,000
Res. for cony, of debs
5,029,575
Reserve for taxes
211.697
Miscellaneous reserves
Total
$641,418,477
Total
$641,418,477
x These are book figures and do not purport to represent realizable values
or sums which could be realized upon the sale thereof.
-V. 138. P. 2736:
V. 137, p. 2976. 862.
Atchison, Topeka & Santa Fe Ry. System.
-Earnings.
(Incl. Atchison, Topeka & Santa Fe Ity.-Gulf, Colorado & Santa Fe
Ry.-Panhandle & Santa Fe Ry.1
Period End. April30- 1934-Month-1933.
1934-4 Mos.-1933.
Railway oper. revenues_$10,028,194 $8,986,311 $37,658,401 $33,568.236
Railway oper. expenses_ 8.446,280
7.798,956 31.597,798 30.581,697
Railway tax accruals_ _ _
3,562.609
3,958.045
965,411
852,544
Other debits
325,062
485,250
51,109
2,629
Net ry.()per. income_
2,172,931 Dr1,456,758
170,832
726,740
Average miles operated_
13,331
13,555
13,554
13,323
Earnings of Company Only.
April
1932.
1931.
1933.
1934.
Gross from railway
$8.461,382 $7.451,018 $9,058,076 $12,130,628
Not from railway
2.260,629
1.707,701
1,090.592
1,554,769
Net after rents
880,516
1,296,416
370,289
968.872
From Jan 1
Gross from railway
31,568,936 27.549.992 35,872.716 48,254.490
6.315,800 10,142,146
Net from railway
2.650,372
5,565,904
5,961,716
Net after rents
2.809,484 def550,335 2,741,955
-V. 138, P.3595.
Atlanta & West Point RR.
-Earnings.
1933.
$92,408
def9,552
def30,748
1932.
3109.773
def2.055
def22,686
1931.
$170.033
27.603
6,404
373,150
486,494
def37,366
50,653
def22.287 def116.917
467,307
def6.607
def88,450
662,279
74,417
def6,928
1934.
$128,340
11,296
der7,520
$100,040
$26,521
$61,624
$53,309
52,104
41,216
41,216
20,608
$47,936
$20,408
$32,701 def$14,695
Balance Sheet Dec. 31.
1932.
1933.
Liabilities
1932.
1933.
194.631
1456,628
$77,385 Notes payable..
$70,631
26.491
2,757
813,340 Accounts payable_
1,164,271
4,166
8,484
7,310 Federal taxes
2,394
20,608
186,891 Dividend declared
183.487
13.011
8,588
15,019 Res. for bad accts.
13,146
Dealers partic. loss
41.309
reserve
309
Mtge. on real es2,500
100,000
94,000
tate & building_
4.338
15,536
14,214 Ftes've for interest
17,329
588,800
588,800
10,000 Capital stock
67,443
43,7271 z276,869
334 Capital surplus_ _ _
7,460
Earned surplus.- - 264,7191
Net income
Divs, paid and declared..
Surplus
Assets
Cash
Notes & accts. rec _
Ftepossessed cars
x Real estate
y Equip.& fixtures
Balance in closed
Bait. Trust Co_
Treasury stock_ -Cash surrender
value life insur_ _
Investments
Prepaid int. & ins_
$1,528,972 $1,124,491
Total
$1,528,973 $1,124,491
Total
x After depreciation of $22,840 in 1933 (1932, $19,436). y After depreciation of $11,655 in 1933 (1933. $14,196). z Represented by 10,888
-V. 137. p. 870.
shares of no par value common stock.
-Earnings.
Automatic Products Corp.(& Subs.).
Earningsfor Year Ended Dec. 31 1933.
Sales (Elite and Channon)
Returns and allowances
Discount allowed
Cost of sales
Selling and shipping expense
Administrative expense
Other deductions
Net loss for year
Consolidated Balance Sheet Dec. 31 1933.
Liabilities
Assets
18,568 Notes payable
Cash
31,725 Accounts payable
a Receivables
77,537 Accrued
b Inventories
1,145,979 Capital stock
Investments
12.868 Paid-in surplus
Deferred charges
c Land, buildings & equipm't_ 229,414
1
Good-will and patents
$175.771
4.571
2,294
147,876
34,578
22,258
9,953
$45,758
$7.500
56.605
6,908
557.032
878,047
11,506,092
Total
$1,506,092
Total
a After reserves of $25,267. b After provision for downward market
accrued depreciation of
fluctuation and obsolescence of $28,140. e After
3108,016.-V. 138, p. 1564.
-Earnings.Aviation Corp. (Del.).
1933.
1934.
Quarter Ended March 31$57,408
x Consol. net loss after deprec., taxes & other chgs- $551,106
x Includes profit on sale of securities amounting to $26,121 in 1934 and
$13,472 in 1933.
To Continue Operation of Lines.
President L. B. Manning, in a bulletin issued to stockholders, discusses
the air mail, the reasons for the decision of the company to remain in business following cancellation of air mail contracts on Feb. 9, and the present
system of American Airlines, Inc.
He states that subject to award of contracts to lowest bidders, opened
May 25, American Airlines' new and greatly improved system will connect
the most important trade centres of the country and will exclusively provide
the most favorable coast-to-coast flying route. The scheduled daily flights
of the new system will be 21,088 miles, of which 13,888 will be air revenue
$12.342.787
$3,939,770
Sub-total
-Earnings.
Automobile Finance Co., Pittsburgh.
1930.
1931.
1932.
1933.
Years Ended Dec. 31$3,163,018 82,086,888 $3,045,823 $3,297,958
Volume
302.828
274,013
199.166
226,766
Gross income
1 202,788
204,715
Exps., incl. reserves_ __ _), 173,457 j 168,480
7,674 j
1
4,166
Prov. for Federal taxes_ I
6.9
1.1
$979,181
Total operating revenues381,988,257 $82,967,439
41,477,346 40,387,783 x1.089,562 x2.6
Operating expenses
6,349,774 x2,293.042 x36.1
Taxes(incl. Federal inc. taxes)_ 8,642,816
Prov.for retirements(renewals,
1.8
127,619
replacemls) of fixed cap.,&c 6,951,488 7,079,107
April
Gross from railway
Net from railway
Not after rents
From Jan 1
Gross from railway
from railway
Not
Not after rents
-V. 138. P. 3595.
3763
Financial Chronicle
Volume 138
With the comment that "probably no subject has caused so much discussion by people everywhere in this country as the cancellation of the
air mail contracts on Feb. 9 1934." he adds that many stockholders of the
Aviation Corp. have asked the management for expressions about the
trouble and what hopes there were, if any, for the future. Mr. Manning's
bulletin is confined strictly to the business phases of the problem and does
not argue the right or the wrong of the air mail contract cancellation. air
The extent of American Airways' system prior to cancellation of the
mail contracts is shown by a map. Mr. Manning then informs the stockholders that the present management assumed office March 15 1933. and
through the introduction of greatly improved service to the public, increased efficiency of operations, much needed reduction of expenses and
the elimination of losses from investment, was able to report a profit of
$596,662 for the year 1933 as compared with a loss of 37,685.098 for 1932.
He points out that on May 3 1933 the company introduced the first really
high-speed service between New York and Chicago and still operates the
most luxurious, high-speed planes. He also cites that the company's
policy is to not only provide the fastest and most comfortable, but also
the safest flying equipment anywhere in the world. In planning for future
requirements, he said, in order to continue to lead with the highest speed
equipment and the highest type service, the company had made commitments for nearly two million dollars of new equipment many months ago
and to be delivered as early as possible this year.
Folios ing the air-mail cancellations American Airways was left with a
single mall route, that betweeen Newark and Montreal, a foreign air-mail
contract. The cancellations, Mr. Manning says, forced the management
to make a most important decision: should the company liquidate or go
ahead? He explains that to liquidate meant to go out of a business in
which the management has great confidence; to go ahead involved the
possibility of operating at a substantial loss until such time as new mail
contracts were let, and franchise rights thereby established. It was decided, he says, to continue to operate the lines until the air-mail situation
was straightened out in order to keep faith with the public and to hold
earned.
the good will that the air transportation lines had deservedly subsidiary,
Mr. Manning then tells of the forming of a new operating
Airlines, Inc., its subsequent bidding and receipt of air-mail
American
contracts between New York and Boston and Fort Worth and Los Angeles.
He points out the operation of other lines without mail contracts and the .
company's introduction of complete sleeper plane service between Fort
Worth and Los Angeles, the first of its kind in the world. At no time,
he says has the company's policy changed in respect to its program for
continued improvement and development of its service.
Mr. Manning points out that although certain of the bids were extremely
low the average for the entire system will be approximately 25 cents a mile
under the temporary contracts effective for the balance of the year. The
low bids, he says, have no relationship whatever to what the management
considers a fair price for the work done, nor to the cost of operation of a
service that the public expects and is entitled to. They were made, he
adds, for the purpose of retaining franchise rights on routes which the
company had operated for many years and to protect its large investment
in ground facilities along these routes. Unification of the system was
of primary importance in the low bids on new routes not previously operated
for air mail, he says. He points out that American Airlines will connect
55 cities in 21 States and 1 Canadian Province, serving a population of
over 88,000,000.
Mr. Manning also calls attention of stockholders to the fact that the
present management of their company assumed office 2% years, and in
many instances, 5 years after the company's former air-mail contracts
were let, and that the present management had nothing to do with, nor
has been accused of any participation, in the acts that led up to these
-V. 138. p. 2910.
cancellations.
7211ackstay Welt Co.-Epesial-Distribution..-
distribution of 35 cents per share has been declared on the
special eier
common stock no par value. payable July 2 to holdersof record June 16.
This compar with 25 cents per share paid on April 2 last and 10 cents per
share on Dec. 20 1933. The previous payment was a quarterly of 25 cents
per share paid on July 1 1931.-V. 138, p. 1921.
3764
Financial Chronicle
Baltimore & Ohio RR.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 3263.
1934.
1933.
1932.
1931.
$10,880,896 $9.128,831 $11,150,489 $15,047,016
2,304,241
2,493,910 2,192,494 3,274,504
1,155,911
1,479,223
1,147,378 2,108,037
44,866,748 35,145,292 45,038,526
10,303,660 9.279,258 9,659,367
6,316,840 5,290,619 5,621,581
59.392,981
11.054,200
6.668,760
Bangor & Aroostook RR.
-Earnings.
Period End. Apr. 30- 1934-Month-1933.
1934-4 Mos.-1933.
Gross oper. revenues.-- $644,550
$613,630 $2,639,886 $2,597,137
Oper. exps. (incl. maintenance & deprec.)--295.167 1,472,485 1,255,446
336.955
Tax accruals
60,651
60,532
222,172
244,163
Operating Income...,.,
Other income (def.)
$246,944
4.171
$257,931
3,385
$945.220 $1,097.528
49,619
65,091
Gross income
Interest onfunded debtOther deductions
Net income
-V. 138, p. 3080.
$242.773
64,774
546
$177,453
$254,546
67.117
481
$186,948
$895.610 $1,032,437
268.522
260.518
3,196
2,385
$631.896
$761.530
Barcelona Traction, Light & Power Co., Ltd.
-Earns.
Period End. Apr.30- 1934
-Month-1933.
1934-4 Mos.-1933.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Grossearns,from oper-- 9,367,840 8,954,467 41,247,725 3,0,702389
Operating expenses
_ 3.487,322 3.200,016 14,283,421 12,972,594
Net earnings _
5.880,518 5.754.451 26.964,304 26,729,595
The above figures have been approximated as closely as possible. but
will be subject to final adjustment in the annual accounts. They are also
subjec. to provision for depreciation, bond interest, amortization and other
financial charges of the operating companies.
-V.138, P. 3595.
--13ayuk Cigars, Inc.
-Stock Distribution.
In a letter accompanying the notice of the stock dividend to common
stockholders declared on May 18, Harry S. Rothschild, President, says
the company will distribute slightly in excess of 3,600 shares of stock to
common stockholders,and that current earnings warrant such a distribution.
The letter is as follows:
"You have received the regular quarterly statement showing the result
of the operations for the first three months of 1934. While such earnings
were leas than for the corresponding period of 1933 your directors are of
the opinion that the current volume of business and improved earnings
indicated for the second quarter warrant a dividend distribution to common
stockholders at this time.
"As you are aware from the last annual statement of the company there
are presently in its treasury 8,00 shares of its common stock without par
value, part of a larger number of shares acquired for the purpose of giving
employees the opportunity of purchasing common stock. The 8.000 shares
referred to are those remaining after all subscriptions of employees have
been satisfied. Since such shares are no longer required for the purpose
for which they were bought the directors have determined to distribute
at this time slightly in excess of 3,600 thereof in the form of a dividend upon
the outstanding shares of common stock, thus entitling common stockholders of record at the close of business May 31 1934 to 4
-100th of a share
of such treasury stock for each share of common stock held by them respectively on said date.
"Scrip certificates, non-voting and non-dividend bearing, will be issued
in respect of any fractional shares deliverable in payment of the said dividend, which scrip may be consolidated into full shares upon presentation
to the company's transfer agent, in accordance with the provisions and
conditions which still appear in said scrip certificates."
-V. 138, p. 3595.
Beaumont Sour Lake & Western Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan 1
Grose from railway
Net from railway
Net after rents
-V. 138. p. 2081.
1934.
$185,183
51,773
def3.518
1933.
$136,440
53,948
4.094
1932.
$156.097
37,668
def18,684
1931.
$323.342
126,398
46,930
638.292
179,112
def15,516
464,510
126.094
def53.777
618.969
129,937
def95.859
937,661
258,471
def24,785
Bemidji Wood Products Co.
-Earnings.
Condensed Income Statement for Year Ended Dec. 31 1933.
Gross sales, less allowances
$266,723
Cost of sales *
215.986
Provision for depreciation
2,394
Selling and administrative expenses
40,278
Interest on unfunded debt
36,166
Net loss *
Balance at Jan. 1 1933
Adjustment ofinventory on hand at Jan. 1 1933
Total
$229,733 Total
x Represented by 100 no par shares.
-V.138, p. 1233.
$229,733
Bessemer & Lake Erie RR.
-Earnings.
1934.
8634.627
82,663
65,551
1933.
8319.863
def1,752
def21,343
1932.
1931.
3277,070
$614,778
def59,017 def126,748
def83,642 def155.020
1.016,175
829,182
1.742.398
1.946,980
def277.307 def431,089 def481.369 def591,560
def251.730 def463.843 def555,449 def702.175
-Earnings.
Bing & Bing, Inc.(& Subs.).
Quarter Ended March 31Net loss after depreciation, amortization, interest,
Federal taxes. &c
-V. 138, p. 3264.
1934.
$35,932
1933.
$207,556
Co.-mitted to
-4 Boeing AirplaneExchange as admittedList.
to unli
d trading Devi
he New York Curb
approximately 521,883 shareof capital stock, par $5. For further
le
company see United Aircraft & Transport Corp.in V.138.P.3622.
details of
-See under "Current Events and Discussions" on a
Trading Suspended.
preceding page.
-Reorganization Plans
---Bond & Mortgage Guarantee Co.
Under Way.
Plans for the reorganization of 2,839 certificated mortgage issues guaranteed by the company and involving ,It is said, $170,000,000 of principal
Boston & Maine RR.
-Earnings.
Period End. Apr.30- 1934-Month-1933.
1934-4 Mos.-1933.
Operating revenues
$3,490,333 33,156,491 314,459,850 $12,479,433
Net oper.revenue
766,610
804.606 3,112,235 2,729,505
Net ry. oper. income
370.950
425,432 1,638,438 1,379.049
Net misc, oper.inc.-Dr
754
6,209
Other income
72.335
75.972
342,430
335.599
Gross income
$443.285
$500,650 $1,974,037 $1,715,270
Deductions (rentals, interest, &c.)
640,289
646,128 2,553,948 2,590,525
Net deficit
$107.004
$145,478
$875.255
$579.911
-V. 138. p. 3595.
Bowman-Biltmore Hotels Corp.
-Earnings.
Calendar Years1933.
1932.
1931.
Income from room rentals, restaurant
sales, private. &c
$4,421,401 $5,104,186 $7.529,940
Loss before provision for depreciation
and amortization and int. paid_ _ _
.958.034
1.077,059
302.162
Prov. for deprec. & amortization
434.098
422,140
423,523
Interest paid
257,124
205,327
256,950
Amortization of note, expenses
22,413
Total loss
$1.649,256 $1,726,940
$982,635
Sundry profit and loss credits, net
(incl. realization on policies on life
of J. McE.Bowman,deceased).470,824
Loss on adv. to & guar. of indebt. of
subs. co., &c
347,009
Net loss charged to surplus
$1,649.256 $2,073,949
$511,810
Previous deficit
5,200,359 2,376,410sur1,090,528
Reserve for investments in & advance
to subsidiary companies
550,000
750,000 Cr4,294.327
1st pref. certif. issued for pref. stock
of Sevilla-Biltmore Hotel Corp.
which has ceased operation
Dr1,339,200
Adjust. appllc. to prior year
Cr165
Deficit, Dec.31
$7,399,449 $5,200.359 $2.376,410
Consolidated Balance Sheet Dec. 31.
Assets1933.
1932.
Cash (Incl. special deposits under bond & note indentures or rentals, interests, &c.)
$232.531
$231,662
Accounts receivable-guests, &c
181,855
215,496
Inventories
88,558
42,989
Cash with trustees
74,096
76,965
Collateral with insurance company
9,447
Trade advertisement unused
6,895
Notes receivable and accrued interest
58,546
514.583
Subsidiary companies accounts
433,753
534,110
Accts. receivable, allied cos. & miscell. (after res.)
72,582
Miscellaneous investment
6.456
12,019
Land, buildings, furnishings, equipment. &c
7.763,209 8,104,970
Leaseholds, book value (after allowance for amort.) 2,411.688 2,482.513
Deferred charges
35,425
35,751
Total
$11,302,459 312,323,641
Liabilities
Notes payable
$97.108
$125,597
Accounts payable
3.064.412 1,772,487
Accrued payroll, taxes, interest, &c
402,220
277,372
Building loan ($103.401 payable annually)
3,179,877 3,258,882
1st mtge. leasehold 7% sinking fund gold bonds
. .
1,235,994
-year 7% sinking fund secured gold notes
10
479,200
479,200
3
-year 6% gold notes
485.450
485,450
Reserve for contingencies
425.000
500,000
Trade advert, due bills outstanding
8,675
Deferred account payable
48,235
Deferred income and rent deposits
37.757
54,568
7% cumulative preferred stock
6,602,400 6,602,400
$5 non-cumulative 2d preferred
679,720
679,720
x Common stock
2,004,095 2,004,095
Deficit
7,399,449 5,200.359
311,302.459 $12.323,641
x Represented by 400.819 no par shares.
-V. 138, p. 2913.
Corp. of Canada, Ltd. Outlines Offer to
Stockholders In connection with the corporation's offer of exchang to stockholders of Canada Thud
Breweries, Ltd., President E. P. Taylor stated in substance:
$28,100 'Brewing
363,546
Canada Bud
17,375
Balance at Dec. 31 1933
3409,022
•At Dec. 31 1932. a reserve for inventory adjustment,totaling $117.619
was provided out of surplus. Of this reserve. $111,335 was applied to
lumber used In manufacturing during the current year.
Condensed Balance Sheet Dec.31 1933.
AssetsLiabilities
Property, plant, &e., at cost-- $39,585 Common
:310,000
Investment
1,500 Accounts payable
3,512
Cash
37,360 Accrued Items
5,296
Notes receivable
270 Due to affiliated companies____ 600,244
Accounts receivable
40,271 Reserves
19,703
Due from employees
213 Operating deficit
409,022
Inventory-lumber, materials &
supplies
101,905
Due from affiliated company
443
Deposits in closed banks
5,079
Prepayments & other items
3,107
April
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 3081.
June 2 1934
were in progress as of May 1. according to a report filed with the State
Superintendent of Insurance by J. Donald Whelehan. special deputy in
charge of the rehabilitation of the company.
In addition, the report stated, negoiiations are under way with the
Home Owners Loan Corp. to substitute 7,000 mortgages for Home Owners
Loan Corp. bonds. These mortgages a-e valued at $05,582,394.-V. -38,
P. 1046.
In exchange for each fully-paid share without nominal or par value of
the capital stock of Canada Bud deposited, there will be issued one fullypaid common share without nominal or par value of the capital stock of
Brewing Corporation.
This offer may be accepted by Canada Bud stockholders until but not
after June 15 1934, and no deposit of certificates for shares of Canada Bud
will be accepted by Brewing Corp. after that date, the whole, however,
subject to the right of Brewing Corp. at its discretion to extend the time
for acceptance of this offer in any individual case or cases.
Against deposit of certificates for shares of Canada Bud, National Trust
Co., Ltd., will issue a transferable certificate of deposit.
This offer shall not become binding on Brewing Corp. unless:(a) Shares of Canada Bud aggregating at leant 51 of the outstanding
shares of Canada Bud are deposited within the time (subject as aforesaid)
and inT he titannerthereinbefornd undertakin;
m th e m le to he asseta ae provicied forg
of Canada Dud and all proceedings of Canada Bud and its subsidiary City Club Breweries Ltd.,
to the date of taking up any of the shares of Canada Bud hereunder by
Brewing Corp. and all other matters in connection with the offer shall be
subject to the favorable and approving opinion of counsel for Brewing Corp.;
(c) No substantial damage by any hazard to physical assets of Canada
Bud or City Club shall have occurred before the taking up of any shares of
Canada Bud by Brewing Corp. which, in the judgment of Brewing Corp.,
might seriously affect the earnings of Canada Bud or City Club.;
(d) The financial position of Canada Bud shall be substantially as good
as that shown by the published balance sheet of Canada Bud as of Dec. 31
1933, and there shall have been no changes in the financial position of
Canada Bud as shown in such balance sheet except such as shall have occurred in the transaction of the business of Canada Bud in the ordinary
course between Dec. 31 1933 and the date of the taking up by Brewing
Corp. of any shares of Canada Bud thereunder;
(e) The financial position of City Club shall be satisfactory to Brewing
Corp. in its discretion;
Canada Bud shall nave outstanding not exceeding 150,000 fullypa snares without par value all of one class;
(g) All issued shares of the capital stock of City Club (except directors'
qualifying shares) shall be held by Canada Bud;
(h) The requisite number of common shares of Brewing Corp. to carry
out the exchange of such shares for shares of Canada Bud deposited within
the time (subject as aforesaid) and in the manner hereinbefore provided
for, shall have been accepted for trading on the unlisted department of the
Toronto Stock Exchange, subject to advice of issuance.
The foregoing conditions (a) to (h). inclusive, are inserted for the exclusive benefit of Brewing Corp. and may be waived in whole or in part by it.
Subject to the foregoing, as soon as practicable after June 15 1934, but
not prior to June 26 1934, Brewing Corp. will cause National Trust Co..
Ltd., to deliver certificates for common shares of Brewing Corp. on the
above basis in exchange for certificates of deposit hawed by National Trust
Co., Ltd., as aforesaid.
The Brewing Corp. nas an authorized capital stock consisting of 250,000
cumulative sinking fund convertible preference shares without nominal or
par value and 1,500.000 common shares without nominal or par value. The
preference snares carry dividends payable quarterly at the rate of $3 per
share per annum, cumulative from July 1 1934, and are convertible at
any time at the holders' option into common shares on the basis of 2)i
common shares for each preference share.
The Brewing Corp. directs and controls the Brading Breweries, Ltd.,
British American Brewing Co., Ltd., Carling Breweries, Ltd., Cosgrave
Export Brewery Co., Ltd., the Kuntz Brewery, Ltd., O'Keefe's Brewing
Co.. Ltd.. Taylor & Bate. Ltd., Eastern Canada Brewing Corp., Ltd., and
Its subsidiaries, the Dominion Brewery Co., Ltd.. the Kiewel Brewing
Co. Ltd., and Regal Brewing Co., Ltd.
President E.P.Taylor,in a later letter to the stockholders of Canada Bud
Breweries Ltd., dated May 28, stated in substance:
"We made several attempt to arrange through your President to have the
basis and material terms of our offer submitted to your board and to arrange
for an opportunity to discuss them with your board, but we were unsuccessful in this. Realizing that control of your company rests with approximately
1,500 shareholders and not with the individual members of the board, the
only other alternative open to us was to make our offer to the real owners
of the business-the general body of shareholders. This we have done.
"From 1927 dividends paid to the public by the present constituent
companies of Brewing Corp. and,since its incorporation, by Brewing Corp.
aggregate $2,335.008.
"Brewing Corp.'s sales in the Province of Ontario for the month of May
to date are more than 34% greater than for the same period last year.
"The competitive system of merchandising referred to in your Priclent's
letter, dated May 26 has existed in the brewing industry of Ontario for several years, and we believe that this system has been responsible for millions
of dollars in waste with consequent loss to shareholders. A great many
brewing companies have resorted to practices in connection with the obtaining of business which have not been a credit to the industry or to the
Province of Ontario. Several attempts have been made by Brewing Corp.
and others in the in the industry to formulate agreements whereby these
practices would cease, but full co-operation with your company has been
found by us to be impossible. While it is true that general lack of volume
of business, due to restrictive legislation, in a large measure has caused this
destructive competition, nevertheless, from past experience, Brewing
Corp. feels that, even under the forthcoming new legislation, competition
and co-operation would be irreconcilable between your company and it.
It therefore believes that under the circumstances fusion of the interests
of shareholders of both companies is constructive and desirable.
"To date the response to the offer for exchange has been gratifying."
[See also Canada Bud Bloweries, Ltd., below.]
Consolidated Balance Sheet of Brewing Corp. of Canada, Ltd., and Subsidiary
Companies, as at April 30 1934.
[After giving effect to tne acquisition of the O'Keefe's Brewing Co., Ltd.]
Liabilities
Assets$298,000
Cash
$292,007 Bank loans (secured)
20,751 Acc'ts pay. & accr. liabilities__ 272,935
Investments
48,357
Mortgages Payable
Acc'ts & bills receivable, less
-year 7% guar. debentures.
res've for doubtful ace'ts_ 272,803 3
365,000
1936 series
1,431,773
Inventories
116,243 5% notes due April 1 1936.... 450,000
Prepaid expenses
Land, bldgs., plant & egulp.-x6,304,187 Minority interest in and bale.
(secured) Payable In connec.
Other investments
377,858
with purchase of subsidiaries 604,756
x4,463,901
Capital stock
611.430
Capital surplus
76,200
Distributable capital surplus
1,625,044
Distributable surplus
88,815,623
Total
Total
$8,815,623
x After deducting $3,151,199 for reserve for depreciation. y Secured by
first mortgage £75,000 at $4.86 2-3. (Further debentures to the amount of
$200,000 have been pledged as additional security for bank loans.) z Represented by 144,551 shares of no par cum.s. f. cony. pref. stock and 585,030
shares of no par common stock -V. 138, p. 3596.
-Earnings.
Bridgeport Machine Co.
1932.
$1,004,099
776,457
Calendar YearsNet sales and tool rentals
Cost of sales and tool rentals
1933.
Not
stated
Gross profit................................
Operating expenses...........................
$237,407
194,373
6227.642
184.280
$43,034
7,380
$50,414
10,256
640,158
$43,362
1,381
$44,744
18,330
$26,413
Net operating profit
Miscellaneous credits (net)
Net income
Cash dividends paid
Balance
3765
Financial Chronicle
Volume 138
Balance Sheet Dec. 31.
Assets
1933.
Liabilities1933.
1932.
$215,000
Cash
$91,847 $102,241 Notes payable-61,801
a Customers' notes
Accounts payable_
& accts. receiv_ _
3.746
369,670
325,285 Accrued liabilitiesSundry notes and
Notes payable, due
accts. rec. (curs.)
Jan. 1 1934_
1,168
4,578
Inventories
796,071
713,490 Serial 6% gold de167,400
Prepaid expenses. _
benture notes__
5.016
5,268
Sundry notes and
7% preferred stock 513.850
accts. receivable
150,000
20,939
23,680 c Common stock__
Investments
91,692
70,618 Capital surplus... 464,617
Rental tools
37.500
37.500 Reserve for con12,916
b Plant & equip._
tingencies
195,890
213,129
Unamortized disct.
42.035
Earned surplus_ _
on deben. notes_
6,572
9,033
Treasury notes_
3.000
Treasury stock
12,000
1932.
$55,000
54,452
3,737
2,000
233.900
523,850
c149,500
464,617
15,889
1,877
Consolidated Balance Sheet Feb. 28.
1933.
1934.
Liabilities1933.
1934.
AssetsSecurities owned..x$2,894,862 $2,699,342 Secured loans._ -- $330,431 $198,000
17,575 Securities purchas.
27,356
Cash
35,524
83,020
but not received
702
391
Accts. receivable
Accounts payable
Divs. receivable &
3,923
664
& accrued expa_
2,343
3.972
Interest accrued
Deferred credits to
17,729
Other assets
4,569
income
On depos.-banks
18,597 Cl. A stk. (par $1) 1,198,836 1,198,836
in liquidation.
4,212
4,212
3,727 y Class B stock...
3,159
Furniture & flats_
463 Capital surplus... 1,322,702 1,305,513
225
Prepaid expenses_
$2,947,693 $2,742,749
Total
$2,947,694 $2,742,749
Total
x Market value of securities current y quoted at Feb.28 1934. $1,289,223.
-V. 137. P. 2467.
9 33,700 no par shares.
-Extension of Bonds Asked.
Broad River Power Co.
Holders of the $925,200 6 % secured sinking fund gold bonds. due
Nov. 1 1934 are asked to deposit them with the Transfer and Coupon
Paying Agency, 61 Broadway, New York, by July 16 in assent to a plan
either for the extension of the maturity date to Nov. 1 1939, or exchange
for 1st mtge. 5% bonds due 1954, at the rate of $1,200 of 1st mtge. bonds
-V. 138, P. 3596.
for each $1,000 of 6%s.
-Earnings.
Buffalo General Electric Co.(& Subs.).
Calendar YearsOperating revenues, electric
Operating expenses
Maintenance expenses
Retirement provision
Taxes_
1932.
1933.
$13,556,181 $13,897.401
5.687,234
5,803,921
872,831
830,799
240,750
645,529
1,523,592
1,538,422
Operating income
Non-operating income, net
64,737,509 $5,572.904
4,735
513
Gross income
Interest on bonded debt
Interest on unfunded debt
Interest charged to construction
Amortization of debt discount and expense
Miscellaneous deductions
$4,738,023 $5,577,729
1,890,000
1,890.000
255,844
319,742
Cr32,519
Cr16,577
22,246
22,246
266
301
82.522,310
Net income
83,441,891
Consolidated Profit and Loss Account Dec.31 1933.
$13.877,876
Balance Dec. 31 1932
2,522,310
Net income for year ended Dec. 31 1933 (as above)
$16,400,186
589,950
1,849,151
Total credits
Preferred dividends
Common dividends
$13,961,085
Balance Dec.31 1933
Consolidated Balance Sheet Dec. 31 1933.
LiabilitiesAssets
$11,209,050
:
$83,416,899 $5 preferred stock
Fixed assets
15,125,800
7,688 y Common stock
Miscellaneous investments
39,800,000
579,848 Funded debt
Cash
1.080,533 Advances from affiliated cos_ 4,300,950
Notes & &eels receivable
645,889
673,870 Accounts payable
Materials and supplies
380,467
287,654 Consumers' deposits
Prepayments
Subscriptions to capital stock
Employee subscribers to capof Buff. Niag.& East.Pow.
Niagara
ital stock of Buffalo
39,050
Corp. for employees
5,950
& Eastern Power Corp....
1,239,737
Accrued liabilities
Unamortized debt discount
714,093 Reserve for retirement of
and expense
3,921,289
fixed assets
4,134,277
Other deferred charges
277,494
Other reserves
-surplus
13,961,085
Profit and loss
Total
$90,900,812
Total
Represented by 117,990 no par shares.
no par shares.
-V.138, p.3264.
$90,900,812
y Represented by 733,790
Buffalo Niagara 8e Eastern Power Corp.(& Subs.).
1931.
1930.
1932.
1933.
Earns.-Cal. Years$29,393,819 $30.185,408 634,319,757 835,067.755
Operatingrevenues
Operating & retirement
16,250,727 15,734.124 17,216,680 18,658,167
expenses and taxes
Operating income----$13,143,093 $14,442,283 $17,103,077 $16,409,588
234,335
494,303
182.635
108,452
Other income
Gross income available
for interest charges-613,251,544 $14,624,918 817,597.380 $16,643,922
4,201,664
4,964,799
4,704,125
Interest on funded debt_ 4,924,753
540.788
589.950
589,950
Divs. on pref. stk. of sub
329,802
37,314
517,689
295,721
Miscall, deductions_ _ _ _
Net corp. income_ _ _ _ $7,441,120 $8,813.154 $12,054,479 $12,112.456
1,750,000
1,750.000
1,750,000
1st pref. div. requirem'ts 1,750,000
3.301,054
3,343,896
3,349,792
$1.60 pref. dividends... 3,352,671
777.315
802,389
802.389
165,493
Class A dividends
3,081.505
3,221,335
3,227,246
665,914
Common dividends
Balance
$1.507,042 def$316,273 $2,936,859 $3,202,582
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
8
Liabilities$
Assets2
Fixed capital...234,864,827 236,380,094 1st pref. stock__ 33,281,015
40,991 Preferred stock- 52,404,950
38,607
Sinking funds.501,493
1,768,802 Class A stock__
NIiscell. invest__ 1,626,048
Total
$1,631,366 $1.504,821
Total
$1,631.366 $1,504,821
3,126,753 3,340,186 Common stock- 2,019,606
Cash
a After reserve for doubtful accounts of $83.205 in 1933 and $114,356
564
Scrip
and accts.
n 1932. b After depreciation and amortization reserve of 6332,916 in ,Notes
3,579,769 Cap.stk.subscr.
receivable_ _ __ 3.198,849
1933 and $324,339 in 1932. c Represented by 150,000 no par
71,965
-employees _
to affil.cos. 1,775,000
Adv.
1933 and 149,500 in 1932.-V. 138. p. 3432.
tif 4 :,./.( Market securs
549,840 Pref. stk.--sub.
.
_
company - 11,209,050
1,180,024
Mat'ls & supplies 1,191,836
..---- Briggs & Stratton Co.
-Extra Distribution of 10 Cents
806,137 Funded debt _ _- 98,115,750
734,557
'Prepayments- _
An extra dividend of 10 cents per share has been declared on the co
on
Advances from
Subscr. to cap.
stock, no par value, in addition to the usual quarterly dividend of 25 cents
affiliated cos_
45,268
9,930
stock-empl__
per share, both payable June 30 to holders of record June 20. Quarterly
992,352
Acets payable.Unamortiz. debt
distributions of 25 cents per share have been made on this issue Bina)
529.060
3,718,210 Consumers' dep.
disct. & exp. 3,455,424
and incl. March 31 1932.-V. 138, p. 3432.
5,181,768 Div. scented on
Other def'd debts 4,800,216
389,991
pref. stocks._
British Type Investors, Inc.
-Earnings.
Taxes&rent aces. 1,402,006
Interest accrued 1,207,072
Years Ended Feb. 281934.
1933.
Dividends on stocks
Res. for retirem.
$22,338
$23.052
-Cash
Periodic stock dividends x
of pl't & prop- 15,413,101
3,088
2.836
-On bonds
Other reserves- 1,703,594
Interest
5,020
6.632
x Cap.surplus-- 15,154,164
255
On bank balances
41
Arbitrage, premium on stocks loaned, option
-surplus 20.426,311
P.& L.
commissions, &c
62,298
42,850
Total
254,822,044
254,822,044 256,591,090
Total
Totalincome
$93.499
$74,912
x Including initial and paid-in surpluses.
-V.138. p.3264.
Interest on loans
6.288
6,554
EIPOIII169
44,822
48,872
Butterick Co.(& Subs.).-Earnings.1932.
1933.
Quar. End. Afar.31- 1934.
642,388
Net income before profit and loss on securities.$19,487
Sales'
61,840,044 61,737,003 $2,360,275
x At market value on record date for payment of stock dividend.
1,711,407
2,299,710
1,854,546
Cost and expense
Capital Surplus Account Feb. 281934.
1933.
$25,596
loss$14,502
$60.565
Operating profit
Capital surplus: balance, March 1
81.305.513 $2,041,810
34,860
33.155
x55,458
Other income
Net income for year ended Feb. 28, before profit
.
42,388
19,487
and loss on socurItles-per income statement _ _
$93,720
$40,956
$60,456
Total income
1,052
Oremium on sale of class A capital stock
95,572
96,757
87,595
-Interest, deprec.. &c.
Miscellaneous credits
31
Total
Less-loss on sale of securities
Capital surplus end of period
$1,347,901 $2,062,380
25.199
756,867
$1.322,702 $1,305,513
1932.
$
33,281,015
52,362,550
501,493
2,017,911
589
219,115
11,209,050
98,825,750
500,000
1,309,999
493,804
389,991
1,531,080
1,262,072
17,013,212
1,561,709
15,105,899
19,005.850
256.591,090
1931.
$2,919,876
2,674,164
$245,712
31,607
$277,319
117.159
655,801
$35,116 prof$6,125prof$160,160
Net loss
183,969
183,969
183 969
184.208
Shs.corn. outfit.(no par)
Nil
Nil
$11.03
$0.87
Earnings per share
,
1:apita assets.
-V. 138. IL 3597.
a Includes $30,000 from
3766
Financial Chronicle
Bunker Hill & Sullivan Mining & Concentrating Co.
Earns.-Calendar Yrs.
1933.
1932.
1931.
1930.
Ore mined(tons)
458,565
429.880
460,366
455.475
Production revenue_ - _ - $4,061,684 $3,379,099 $4,587,235 $5,953,808
Prod. & marketing costs 3,561,456 3,408,389 4,055,035 4.468,901
Operating profit
$506,228 def$29,290
$532,200 $1,484,907
x Other income (net)
290,487
683,455
532,329 1,032.359
Total income
$1.183,683
Depletion
557,030
Deprec. and local taxes_
225.212
Outside investments
written off
910,388
Net loss
Preferred dividends_ _ -Common dividends
$261,197 $1,064,529 $2,517.266
641,543
697.118
687,652
220,917
266,823
300,276
442,764
$508.948 $1,044,028prof$100,588prof$1529338
58,901
61,637
62.746
65,940
490.500 2.043.750
Balance, deficit
$567.849 $1,105,665
$452,658
$580,352
Earns. per sh. on 327.000
Nil
shs. cool.($10 Par)-Nil
$0.12
$4.47
x Other net revenue after providing for income taxes.
Comparative Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
AssetsLiabilities$
$
$
$
x Property di plant,
Notes payable-- 898,846 1,432,000
timber lands and
Payrolls and acreal estate
36,034,251 36,900,827 counts payable.. 291,430
268,830
Outside investmls 7,804,578 8,521,658 Other current liaSelf insurers' coil
38,461
38,461
bilities
102,486
102,898
Cash
120,975
81,820 Common stock_
3,270,000 3,270,000
Accts.receivable
390,001
395,962 Preferred stock__ 720,306
761,600
Notes receivable
184,199
209,597 Normal surplus_ __10,497,897 10,613,777
Accrued int. receiv.
20,723
13,200 Revaluation surInventories
1,740,819 1,314,700 plus
30,969,676 31,421,645
Other assets
389,852
387,703
Deferred charges_
6,822
26,773
Total
46,750,635 47,870,750 Total
46,750,636 47.870,750
x After depreciation and ore depletion.
-V.137, p. 871.
Burlington & Rock Island RR.
-Earnings.
-AprilGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 3082.
1934.
$61,273
def4,739
def14,978
1933.
$57,923
def12,658
def26,083
1932.
$62,700
def12,517
def30,989
257,715
def16,018
def69,916
249,651
def15,110
def75,614
368,192
430,386
30,081
def32,897
def54,660 def170.989
Cambria & Indiana RR.-Earnings.April1934.
1933.
1932.
Gross from railway
$62.275
$90,984
$94,040
Net from railwaY
1,131
22,397
28,866
Net after rents
48,817
53,787
73,018
From Jan. 1
Gross from railway
368,526
414.896
393.751
Net from railwaY
113.678
151,651127,707.
Net after rents
334.776
330.057
305.947
-V.138, p. 2241, 2914; V. 134, p. 3631. 2638.
1931.
$99,423
def16.307
def49.333
1931.
$95,769
15.724
63,796
431.923
118,677
352,554
Campbell, Wyant & Cannon Foundry Co.(& Subs.).
Calendar YearsGross profit
Expenses
1933.
$485,381
203,169
Operating profit
Other income
$282.212 loss$79.450
9,691
6,963
$400,009
53,471
$836.626
112.065
Total income
Depreciation
Other deductions
Federal tax
$291,903 loss$72,487
233,126
234,913
8,642
6,009
9,800
$453,480
234,051
$948.691
225,294
28,100
85,526
$40,335 lost4313,409
$191,329
343,475
$637.871
696,000
Net profit
Dividends
1932.
$92.655
172,105
1931.
1930.
$585.802 $1,038,219
185,793
201,593
June 2 1934
for your company to again pay $1 per share, per annum,in dividends. We
consider these figures to be conservative.
"The Canada Bud Breweries Ltd. have outstanding 150,000 shares of no
par value common stock. There are no mortgages with the exception of a
balance of $45,000 owing by City Club Breweries Ltd., which amount at
the time of the purchase of this sub. in 1931, was $97,000. There are no
debentures or preference shares of any kind outstanding. The liquid position
of the company, is very satisfactory, being substantially the same, at this
date, as shown in our published statement of Dec. 31 1933.
"The published statement of the Brewing Corp. of Ontario (see above)
shows 144,551 preferred share and 585,030 common shares outstanding;
debentures $365,000; notes payable $450,000. In comparison Canada Bud
Breweries Ltd., has only 150,000 no par value common shares outstanding
and no debentures and no preferred stock. We paid dividendsfrom January
1930 to October 1933 and in that time distributed $494,000 to our shareholders, and will again pay dividends as soon as business warrants doing so
on our relatively small capital. We are advised that the common stock of
the Brewing Corp. has never paid a dividend.
"If, as and when this company can make $150,000 per year, net profit,
we can again pay $1 per share, annual dividend. We have every hope
for the future to do this and shall always pursue our policy of giving our
shareholders the benefit of the company's success in operation. We give
you the above comparisons for the exercise of your own Judgment, but we,
as your directors, are not in favor of the suggested dear.
[For details of exchange offer,see Brewing Corp.of Canada,Ltd.,above.]
-V. 138, p. 3597.
Canadian Hydro-Electric Corp., Ltd. (& Subs.).Earnings.
Period End. Mar.31- 1934-3 Mos.-1933.
1934-12 Mos.11933.
Operating revenue and
$2,300,895 $2,362,477 $9,454,012 $9,490,556
other income
Loss on exchange
2,987
49,709
176,823
16,458
Profit on bonds and debentures redeemed..
241,035
235.140
Total revenue
$2.297,908 $2.312.768 $9,518,224 $9,709,238
Net before interest, de1.975,024 8,074,627 8.227.536
preciation, &c
1.944,164
Int.. amort. of disc, and
1,249.099 4.972,441 5,022.785
pref. div. of subsidiary 1,236,881
Deprec. and amort. of
160,700
158,482
storage works
646,642
639.941
Bal. before dividends
of Can. H-E Corp--V. 138. p. 3433.
$548,801
•
$565,225 $2.455,544 $2,564,810
Canadian National Lines in New England.
-Earnings.
AprilGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
--V. 138. p. 2914.
1934.
$82,210
def16,727
def63,701
1933.
$62,658
def30,312
def82,711
1932.
$118,596
1,795
def54.436
1931.
$108,342
def39,645
def97,778
318,087
358,225
411,699
537,070
def65,355 def72,378 def92,456 def109,606
def253,814 def272,902 def324,720 def367,156
Canadian National Rys.-Earnings.Earnings for April and 4 Months Ended April 30.
-Month-1933.
Period End. Apr. 30- 1934
1934-4 Mos.-1933.
Operating revenues-.--$13.447,004 $11,110,406 $50,813.446 $41,688,433
11,940.793 11,245,245 49,242,233 45,846,515
Operating expenses
Net revenue
-V. 138. P. 3597.
$1,506,211
$134.839 $1,571,213 $4,158,082
Canadian Pacific Lines in Maine.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 138, p. 3082.
V.
1934.
$209,975
51.038
17,570
1933.
$135,151
18,360
def11,460
1932.
$1551,73
17,472
def14,908
1931.
$215,415
51,023
18,745
962,901
268,904
143,669
727.739
204,126
84,626
830,252
188,797
61,961
1,002.618
212,114
77,534
Canadian Pacific Lines in Vermont.
-Earnings.
--
1933.
1934.
1932.
1931.
$65,920
$90,120
1104,037
Deficit
sur$40,335
$313,409
def5,588 def13,225
$152,146
$58,129
8,506 def21,789
Shs.cap.stk.out.(no par)
def36,084 def18,788 def53,848
348,000
348,000
def30,798
348,000
348.000
Earnings per share
Nil
$0.11
$0.55
$1.83
317,809
245,044
367,451
453,119
Consolidated Balance Sheet Dec. 31.
def68.762 def93,086 def44,430 def57,909
Assets
def157.597 def184,263 def150,335 def182,207
1933.
1932,
Liabilities1933.
1932.
Land, bidgs., may Capital stork-44,050,220 $4,050,220
chin'y Fe equip__$3,500,699 $3,682,407 Payroll accrued_ _ _
49,018
30,352
Cash
528,012
692,050 Accounts payable_
62,479
44.583 *Canadian Pacific Ry.-412,000,000 Bonds Offered. A
Acc'ts receivable
278.338
143,207 Taxes accrued_ _ _
41,570
47,812
syndicate headed by Bank of Montreal, the Royal Ban of
Inventories
454,274
208.591 Prov. for returned
Canada, the Canadian Bank of Commerce and a wide list
Marketable secure.
90,307
78,332 castings
11,938
12.279
Cash in closed bks.
Unclaimed wages
20,990
of other banks and bond houses, on May 30 offered at 97.75
Land contracts dr
di unadJust. cred.
1,949
1,101
and int., to yield over 4.20%, $12,000,000 convertible 15
2nd mtges. rec.. 135,163
136.520 Earned surplus.-- 1,075,570 1,035,234
Investments
99.278
102,059
year 4% collateral trust bonds due July 2 1949. Non-callable.
x Co.'s own stock_
95,395
95,395
The proceeds will be used to liquidate a like amount of 5
-year
44.058
Stock Duren. note_
44.058
Deferred charges.._
46,230
38,962
notes held by Canadian banks and guaranteed by the DominTotal
$5.292,744 $5,221,581
Total
$5,292,744 $5,221,581
z9,975shares. y Represented by 348.000 no par shares.
-V.138,.3264.
Canada Bud Breweries, Ltd.
-Sales Show Improvement.
President Duncan MsLaren, May 26, in submitting certain facts concerning the past history of the activities of this company, together with
opinions as to future prospects said in substance:
"This company commenced business in 1927. This plant, like nearly all
other breweries at the outset, lost money in operations for the first two
years. until a sufficient volume of business had been attained. During the
year 1929 this loss was overcome and the company made a good showing
that year. In January 1930, the Canada Bud Breweries Ltd.commenced to
pay dividends of $1 per share, per annum, and continued at this rate until
April 1933, when it was reduced to the rate of60 cents per share, per annum,
until October 1933. During this period,in addition to paying dividends the
company earned and set aside $139,700 as surplus account. This, in our
opinion,is a very creditable record.
'It has been exceedingly difficult for the past two years to make profits
in the brewing business, owing to the reduced volume of sales and because
a system of merchandising so competitive that the distribution costs were
excessive and it has not been possible to make an adequate profit. However, the first four months of 1934 indicate that the volume of business has
substantially improved. The sales of Canada Bud Breweries Ltd., for the
period mentioned show a very encouraging increase in comparison with the
corresponding period of 1933. This is the more gratifying because of the
fact that the figures improve as the year advances. The returns for May so
far received are 34% over those of the similar period last year. In our
opinion, there is every reason to believe, that with general business on the
up-grade and a more lilx.ral mthod ofdistribution coming into effectshortly,
making possible the elimination of many of the present distribution costs,
the business and profits of this company will again be on a satisfactory basis.
"What effect the change in the Liquor Control Act will have for increased
volume of beer sales of course is specuative. It is considered by some that
It will double the present output and still others feel that it will treble the
amount of beer sold in the Province of Ontario. The record of the Province
of Quebec, for example, for the past number of years, certainly shows that
the consumption of beer is much increased under a freer system of distribution. The volume of beer sales for Canada Bud Breweries Ltd. should
be doubled, and we have full confidence, judging by past experience, that
our earning power will be fully up to that of 1931 and 1932,and there should
be no difficulty in making net earnings of $150,000 peryear, in addition to
the depreciation and other charges necessary, thereby making it Possible
AprilGross from railway
Net from railway
Net after rents
Feom Jan. 1
Gross from railway
Net from railway
Net after rents
- 138, p. 3082.
V.
ion Government.
-Wood, Gundy & Co., Ltd.; Dominion
Other Bankers Making Offering.
Securities Corp., Ltd.; A. E. Ames & Co., Ltd.; the Bank of Nova Scotia;
the Dominion Bank; Banque Canadienne Nationale; Imperial Bank of
Canada; Barclays Bank (Canada); Nesbitt, Thomson & Co. Ltd.; Royal
Securities Corp., Ltd.: James Richardson & Sons; Hanson Bros.. Inc.;
'
McTaggart, Hannaford, Birks & Gordon. Ltd.; Societe de Placements du
Canada; Collier, Norris & Henderson, Ltd.; Harrison &
td.; Iselin
Corp. of Canada; Holt, Rankin & Child; Fry, Mills, Spence
Co.,,& Co., Ltd.;
Aldred & Co., Ltd.; W.C. Pitfield & Co., Ltd.; L. G.Beaublen & Cie Ltd.;
Midland Securities Corp., Ltd.; Osier &
Eastern Securities Co., Ltd.;
Hammond; R. A. Daly & Co., Ltd.; Greenshields & Co.. Inc.; Ernest
Savard Ltd. Griffis. Fairdough & Norsworthy, Ltd.; Cochran, Murray
& Co., Ltd.; Matthews & Co.-, R. 0. Sweezey & Co., Ltd.; Drury & Co.;
C. H. Burgess & Co.. Ltd.; Dyrnent, Anderson & Co.; Gairdner & Co,,
Ltd.; J. L. Graham & Co., Ltd.; Aird, Macleod & Co.; H. C. Monk & Co..
Ltd.; Mead & Co. ,Ltd.; Milner, Ross Securities Corp., Ltd.; BrawleY,
Ltd.; J. L. Graham & Co., Ltd.; Aird, Macleod & Co.; H. C. Monk & Co..
Cathers & Co.; Williams, Partridge & Angus, Ltd.; Fleming Denton & Co.;
Harris, Ramsay & Co.; Wills, Bickle & Robertson; T. M.Bell & Co., Ltd..
Irving, Brennan & Co. Ltd.
Principal and semi-annual interest (July 2 and Jan. 2) payable in lawful
money of Canada at any branch of the Bank of Montreal in Canada(Yukon
Territory excepted). Denom. c* $1,000 and $500 and r* $1,000. $5,000
and $10,000. Bonds will bear interest as from July 2 1934. Royal Trust
Co., Montreal, trustee.
-Bonds will be convertible at the option of the holder at any
Convertible.
time during the period beginning July 2 1934 and terminating July 2 1941
(inclusive of both days) into shares of the ordinary capital stock of the
company in the ratio of four shares of the par value of $25 each to each
$100 principal amount of the bonds. In the event of conversion of any
bond, interest accrued on each bond after the last preceding interest date
shall not be payable. In the event of change in, or replacement of, the
ordinary capital stock of the company, corresponding variation and adjustment of the conversion privilege will be made.
Data from Letter Dated May 28 from E. W.Beatty, K.C., Chairman.
Company.
-The company was incorporated in 1881. Directly or through
Its subsidiaries, it now operates a transcontinental railway system in
Canada, together with hotels and commercial telegraph and express services. In addition, it operates passenger and freight steamship services
from Canada to Great Britain and the European Continent and to Asiatic
ports, as well as services along the Pacific Coast between Canadian and
Volume 138
Financial Chronicle
3767
The receiver proposes to adopt the lease of he Southwest RR. at its
United States ports and on Canadian inland waters. The railway lines
present rental,5% a year on the capital stock of the company. He proposes
total about 17,000 miles, the main line extending from Saint John. N. B.,
to reduce the rental of the Augusta & Savannah and the Chattahoochee &
of ocean, coastal and inland
to Vancouver. B. 0. The gross tonnage
Gulf, the third lino, from 5% to 3% a year, unless the net earnings of these
fleets exceeds 460,000 tons.
roads are sufficient to pay a larger rate.
-The cony. 15
-year 4% coll, trust bonds will be a direct
Security.
pledge under
All the leases are to be modified so that the receiver may pay the lessor
obligation of the company and will be specifically secured by
when in funds to do so, having due regard to other obligations, or when
a trust agreement to the Royal Trust Co. of consol. debenture stocks of
-V.138. P. 3598.
ordered by the court.
$125 of consol. debenture
Canadian Pacific Ry. in the ratio of not less than
stock to $100 of bonds from time to time outstanding. authorized by Ac
• -Preferred Dividends.-1
Central Power Co.
t
consol. debenture stock is a perpetual obligation
The
of Parliament passed in 1889 and subsequent Acts. By these Acts the
The directors on July 1 declared a dividend of 8734 cents per share on the •
stock,
consol. debenture stock is a first charge on the whole of the undertaking.
7% cum. pref. stock and 75 cents per share on the 6% cum. pref.June 30.
railways, works, rolling stock, plant, property and effects of the company,
both of $100 par value, payable July 16 to holders of record
incltrding the rights of the company in the several railways held by it under
Like amounts were paid on July 15 last year; none since.
lease (except lands received by way of subsidy under the terms of the
Previously, the company paid dividends on both issues at the regular
Act authorizing the incorporation of the company),subject to the payment
-V.138 p. 3433.
quarterly rate.
of working expenses of the railway as defined by law, and to the priorities
Central RR. of New Jersey.-Earnings.created by charges existing at the time of the issue of consol.debenture stock.
1931.
The priorities consisting of 1st mtge. bonds of the company aggregate
1932.
1933.
1934.
Aprilin principal $3.650,000, on which the annual interest charge is $182,500.
$2,313,451 $1,985,040 $2,888,050 $3,601,272
Gross from railway
1,135,919
and the annual rentals, to which the company's right in railways held
931.141
435,241
.576,172
Net from railway
under lease are subject, amount to $3,689,835. Such of these obligations
463.663.
77,479
115,652
Net after rents
as are payable in other than Canadian currency are calculated at par of
From Jan. 1
exchange.
10,000,679 8,526,346 10,886.522 13,620,053
railway
Gross from
-year 4% coll. trust bonds will have priority over $137,The cony. 15
3,173,547 2,292,445 2.921.726 3.165.834
Net from railway
256,921 par value of preference stock and $335.000,000 par value of ordinary
1.849,419 1.126,592 1,564,174 1,766.841
Net after rents
stock. The assets of the company exceed In value its total liabilities, -V.138, p. 2914.
including preference and ordinary stocks, by more than $335.000,000,
-Annual Repot.
and excluding preference and ordinary stocks by more than $807,000,000.
Central & South West Utilities Co.
-Net earnings and special income of the company in 1933
Earnings.
1930.
1931.
1932.
1933.
Calendar Years
amounted to $27,084,587 available for fixed charges of $24.388,615. For
$1,746,595 $4,475,381 $4,808,980
$128,392
Total income
the four months ended April 30 1934 net earnings (exclusive of special
133.415
147,419
125,293
49,923
Administrative expenseincome) amounted to $4,496,904. compared with $1,835.944 for the corre86.854
94,141
Miscellaneous charges _
sponding four months in 1933
-an or increase of 144%.
178,737
178,821
173.762
99.971
Interest
22.996
1934-4 Mos.-1933.
14,676
Period End. Apr.30- 1934
-Month-1933.
23,033
16,259
Provision for taxes
Gross earnings
$9,260,224 $7,921,872 $36,747.396 $31,494,577
Working expenses
7,989,759 7,383.407 32.250,491 29,658.633
def$37.760 $1,424.506 $4,040,324 $4,386,977
Net income
900,000
902,350
111,350
Prior lien stock dividend
$538,465 $4,496,904 $1,835,944
Net profits
$1,270,465
932,750
932,706
116,550
Preferred stock dividend
Includes pensions.
1,595,079 1.167,059
416.288
Common diva., stock
Earnings for Third Week of May.
Increase.
$610,189 E1,887,168
$780,318
1933.
def$37.760
1934.
Balance
$416.000
$2,356.000 $1,940,000
Gross earnings
Consolidated Earnings Statement of the Subsidiaries.
-V.138, p. 3432.
1930.
1931.
1932.
1933.
Calendar YearsGross
Canadian Western Natural Gas,Light, Heat & Power 0 er. earnings taxes_ -$23,834,885 $25,094,451 $30,529,633 $33.994,132
11.461,934 11,778,467 15,063,402 16,808,639
exps. incl.
-Earnings.1,210,382 1.502,541 2,07 . 63
Co., Ltd.
1,142,571
aint. expenditures_ _
1,386.687 1,475,829
1930.
1931.
Retirement appropriat'n 2,783,082 1.704.542
1932.
1933.
Calendar Years23.486
10.802
Rental ofleased property
$2,055,617 $2,151,041 $1,952,487 $2,083,261
Sales of gas
Cr1,066,595
48,384
Profit on sale of secur_
39,816
45,077
13,222
Interest
5,673,765 5,728.482 5,348,316 4,598,587
67.403
Interest charges
24.927
19,200
16,579
Other income
444,202
457,507
475,804
416,959
Amort.of dia. on SOC., &c
Divs, on stock and pro$2,085,419 $2,215,318 $2,017,229 $2.199,048
Total income
1,351,002
portion of surplus to
1,240,263
1,441,934
1,379,028
Expenses. &c
x1.989.071 x2,849,418 3,262,485 3,211,062
outside holders
Written off on revaluat'n
Cr621
Cr16,985
Int, charged to construe.
18,097
of tools and materials_
depletion &
Deprec.,
$368,126 $1,364,340 $4,564,487 $5,359.563
Net income
248,602
229,377
245,228
217,918
amortization
x Does not include $1.224,774 in 1933 and $364,038 in 1932 unprovided$599.445
$529.492
$528,156
$488,473
Net income
for portion of accrued and unpaid cum. pref. stock dividends of subsidiaries.
234,453
223,677
201,160
193,478
Preferred dividends......
320.000
Comparative Balance Sheet Dec. 31 (Company Only).
360,000
360,000
240,000
Common dividends
1932.
1933.
1932.
1933.
$
$44,992
5
Liabilities$54,995 def$33,004 def$54,185
Balance, surplus
Assets
5,400
427,198 Notes payable_
180.598
-V.136, 9.2796.
Cash
4.4
Notes payable to
Notes and accounts
988,500 1,422,500
-Earnings.3,069 subs. cos
Co.(& Subs.).
Cannon Mills
3,051
receivable
PEI
117,468 Res. for dec.in sur.
1930.
Organia. exp., &c.. 117,468
1931.
1932.
Calendar Years1933.
727,857
of subs. cos_
Special dep. for
Net sales
$18,440,268 $16,355,286 $21,174,346 $23,295.002
1,930
4,197
8,575 Accounts payable_
8,566
payment of diva.
Cost of goods sold
11,463,064 13,664,293 16,950.903 19,386,052
4,967
Due to sub. cos
Due from parent
131,823
Fed,income taxes_ 646.364
4.493
company
Gross profit from sales $6,977,205 $2,690,994 $4,223.443 $3,908,950
11,863
14,025
9,806 Taxes accrued _ _
Due from affil. cos.
809,361
689,583
Income from commis'ns476,481
668,766
19,234
14,986
51,932,606 Misc. curr. 'lab _
28,318,963
Investments
383,568 Res. for prof. on
Other investments 348,234
Gross profitfrom op_ - $7,645,971 $3,167,476 $4.913,026 $4,718,311
sale of bonds of
Sell.. admin.& gen. exp- 1,741,976
1,828,006 2,074,828
1,753,613
301,239
subs
811,779
810.235
Provision for deprecia'n_
801,767
783,351
Llab. under syndi46,205
46,205
cate participat'n
Net profit from oper-- $5,120,643
$612,095 $2,274,785 $1,831,704
S7 prior lien pre1.11,367,526 11,367,526
750,962
Other income credits- -687.855
571.713
545,821
b $6 prior lien pref. 1,058.000 1.058,000
c Cum. pref. stock12,240,182 12,240,182
Gross income
$5,666,464 $1,183,808 $2,962.640 $2,582,666
d Common stock. 24.227,924 24,227.924
1.038,028
Income charges
873,722
705,838
1,742,051
15,000
15,000
Purch. cont. oblIg.
66,786
66,786
Capital surplus_
Net income for year,.., $3,924,412
$477,970 $2,088,918 $1,544,638
df22,014,526 1.540,059
Surplus
Dividends
1,593,635 1,899.945
840,620 1,137,835
28,981,374 52,882,289
Total
28.981,374 52,882,289
Total
Net inc. added to gut% $3,083,792 def$659,865
$495,283 def$355,307
Represented by
Burp. at begin, of Year.,, 6,986,177 7,416,196 8,155,348 8.449.045
a Represented by 117,400 shares of no par value. la shares of no par
shares of no par value. c Represented by 133,250
11,500
surplus
(including scrip) of no par value.
Gross
$10,069,970 $6,756,331 $8,650,631 $8,093,738
value. d Represented by 3,373,664 shares
Adjustments
Cr61,609
Approp.ofsurp. as ros've
Consolidated Balance Sheet Dec. 311933.
for reduc. of book val,
(Subject to accompanying comments)
1,234,434
of marketable securs_ _
229,040 Cr229,846
LiabilitiesAssets
Cumulstive-prlor-llen pref.
Plant, property, rights,franSurplus at end of year $9,840,930 $6,986,177 $7.416,196 $8.155,347
stock
$178,525,124
chises, &c
Earns, per sh. on 1.000,1,299,203 $7 div. series. 117.400
Miscellaneous Investments_
000 shs.common stock
shares, stated value_ __ $11,367,526
expense
Bond discount and
$1.54
82.09
(no Par)
$0.48
$3.92
in process of amortization 8,222,807 36 div. series, 11,500 shs., 1,058,000
stated value
Prepaid accounts and deConsolidated Balance Sheet Dec. 31.
533.754 Cumulative-pref. stock
ferred charges
1933.
1932.
1933.
1932,
Cash in banks and on hand_ 5,665,248 $7 div. series, 133,150
$
Assets
Liabilities$
12.240,182
shares,stated value_ __
58.921
Working funds
I Plant, Property.
Y Capital stock_ _ _25,000.000 25,000,000
1,278,858 Common stock 3,373.664
U. S. Treas, bonds and Ws_
12,420,732 12,498,221 Notes payable_ _ __ 500,000 1,000.000
&a
shares,stated value.., 24,227,924
Cash on deposit for payment
482,440
1,421,184 1,614,346 Accounts payable_ 1,042,542
Cash
66,785
642.245 Capital surplus
of dividends and interest.
247,318
Marketable secure. 4,129,664 6.760,896 Dividends payable
21,994,657
Surplus (deficit)
Notes, accounts & warrants
98,496
Notes & accts. rec 2,609,329 2,031.105 Salaries di wages__ 190.157
3,063,779 Pref. stock of subsidiary... 47,260,517
receivable
212.347
1.029,360
Inventories
14,246,899 8,470,502 Federal taxes
35,262 Minority int. in common
Due from affil. companies
57,751
44,085
Investments
2,771,560 2,620,882 Reserves
28.586
stock and surplus of subs_
61,371
Construction and operating
9.840,930 6.986,177
Deterred charges__
68,912 Surplus
932,418 Funded debt of suosidiary
materials, &c
108,207,000
companies
37.660.740 34,070.864
34,070,864 Total
Total
37.660,740
177,026
Purchase contract obligatlis
x After depreciation of $11,591,193 In 1933 and $11,887,839 in 1932.
Consumers' security and ex-V. 138 p. 17 9.
y Represented by 1,000,000 shares (no par).
tension deposits (including
$85,686 deposit of affili1..t.it6
1,638,471
-S1 Preferred Dividend.
------(J. I.) Case Co.
ated company)
22,461
Miscell. def. liabilities
The directors have declared a dividend of El per share on the 7% cum.
449.500
Notes payable
pref. stock, par $100. payable July 1 to holders of record June 12. A like
692,593
Accounts payable
amount was paid on this issue in each of the five preceding quarters, prior
49,009
Due to affiliated companies
to which the stock received regular quarterly dividends of $1.75 per share.
Liability for stock-syndicate
-v. 138, p. 1566.
61,464
subscriptions
Accrued State and local taxes 1,610,768
Central of Georgia Ry.-Earnings.-Federal income taxes, sub1931.
1932.
1933.
1934.
Aprilject to Treasury Depart$992,156 $1,126,259 $1.584,513
$1,149,041
2,542,923
Gross from railway
ment review
316,820
153.903
133,182
157,128
1,886,981
Netfrom railway
Accrued interest
197,626
42.053
22,181
44.560
Net after rents
Prof. stock diva. accrued or
357,502
From Jan 1
payable
4,614,263 3,626,642 4.318,494 6,298,352
95,034
Gross from railway
Miscell, current liabilities1,491.304
571,976
354.288
782,135
8.212,021
Reserves
Net from railway
981,999
97,640
302.394 _def136,776
Net after rents
$200,257,622
5200,257.622 Total_
Total
' MIN
"I ,
Receiver Would Adopt Leases.Arthur Andersen & Co., Accountants and Auditors. state:
.
M Plans to adopt leases which the road had on three lines, with modificaWe understand that the subsidiary companies which have not already
tion, have been presented by H. D. Pollard, receiver, to Judge William H.
done so will during 1934 charge off against existing surplus, to the extent
Barrett in Federal District Court in Augusta for approval. stockholder in
available, and against capital surplus resulting from reduction in common
The Judge, however, disqualified himself because he is athe Augusta &
stock capital, the following classes of items:
of
the Southwestern RR. and a relative of a stockholder
(1) That portion of the cost of their properties which is represented by
Savannah ItR., two of the lines. He ordered a copy of the petition sent to
profits realized by parent company, subsidiary companies and affiliated
Judge Nathan T. Bryan of the Circuit Court of Appeals for assignment for
companies in the sale during prior periods of properties as entireties to
hearing.
3768
Financial
subsidiary companies in this group. (In addition, Central and South West
Utilities Co. has provided a separate reserve of $301.238 to cover profits
realized by it in the sale of bonds of its subsidiary companies.)
(2) Property physically abandoned but not heretofore recognized in the
accounts.
Preferred and common
ortize)
eissxpionsesaneedexpenses.
, Un
I
ag
o7dirgune and
refunded bond issues.
k t
s°
5) Unbilled revenues.
6) Other miscellaneous adjustments.
1n order to recognize in its own accounts these adjustments in the case of
I
its subsidiary company already recapitalized during 1933 (Central Power &
Light Co.); to anticipate the adjustments proposed to be made to the
accounts of the other subsidiary companies in 1934; and to reduce its
investments in its subsidiary companies to their underlying book value
after these adjustments, the board of directors of Central & South West
Utilities Co. at a meeting held on April 5 1934 created general and special
reserves as of Dec. 31 1933 in the amounts of 819.000.000 and $3.707,661.
respectively. These reserves amounting to 322,707,661 together with a
reserve of $727,856 provided in 1932 and surplus of $2.827,659 of subsidiary companies available for these write-offs aggregate $26,263,177 and
will cover the following items:
ParticularsTotal.
"B"
Property-account reserves
Portion of profits realized by
parent, sub, and affil. companies
in properti transactions
$491,487 88,284,264 $8.775,771
Excess of value assigned by parent
company to investments in its
subsidiary companies over underlying book value thereof
1,351,168 1,467.737 2,818,905
Total property account reserves- $1,842,655 $9,752,021 $11,594,677
Book value of abandoned property-- 4,506.878
707,948
214.826
Unamortized portion of bond discount
and expenses on refunded issues-- 1,389,582 1,474,200 2,863,782
Preferred and common stock commissions and expenses
848,144 1,729,550 2,577,695
Unbilled revenues
604,577
991.980
387.402
Reserve for miscellaneous surplus
items (net)
895,528 Dr114,060
781,468
General reserves
2,238,746 2,238,746
Total above items
89,870,192 $16,392,985 $26,263,177
Less: Surplus of sub, companies and
$727,856 reserve provided in 1932
available therefor
1,199,081
2,356,434 3,555,515
Net reserves provided on books of
Central & South West Utilities
Co. as of Dec. 31 1933
$8,671.110 $14,036,551 $22,707,661
In the accompanying consolidated balance sheet we have applied the
reserves of Central & South West Utilities Co. aggregating $22,707,661 to
the items specified by the board of directors, and the unallocated portion
of these reserves. $2,238,746, has been transferred to a general reserve
account pending further disposition thereof.
The board of directors in approving these reserves specifically state that,
In doing so. no determination as to the "actual present value of the assets"
of the company is being made. Accordingly the investments in subsidiary
companies may be subject to further adjustment.
a To recognize adjustments already made by Central Power & Light Co.
and to reduce investment in that company to underlying book value.
b To provide for adjustments proposed to be made by subsidiaries in
1934 and to reduce investment in those companies to underlying book value.
-V. 138, p. 2403.
Chronicle
June 2 1934
Central States Utilities Corp.(& Subs.).
-Earnings.
(Including Subsidiary and Controlled Companies.)
Calendar Years1933.
1932.
1930.
1931.
Gross revenue
$3,210,712 $3,503,493 $3,703.704 84139,131
Operating expense
1,309,610
1,388,422 1,596,175 1,816,432
x Niaintenance----327,049
298,819
338,597
324,302
Taxes, excl. of inc. taxes
236.809
246,689
196,847
198,551
Prov.for retire. & deplet
158,291
Net earnings
$1,178,953 $1,569,564 $1,584,675 $1,787,254
Interest on funded debt952,500
952,500
952,500
936.663
Int. on unfunded debt417,674
360,566
251,641
94,027
Amortization of debt discount and expense.--96,997
96,821
93,747
96.647
Other charges and 2%
normal tax
15,689
15,707
11,185
16,609
Net income
loss$303,906
$143,968
$651,630
$267,278
Divs. on pref. stock of
subsidiary company_
562,459
560,000
y Net income of property
priorii t acquisition.. e
tion _
ineem
t
f
70,461
373
400
155
172
r'rovn for income tax-.
17,071
Net inc. of corp. and
earns.appllc.to corn.
stocks owned by it
before prov. for renewals& replacem'ts
and inc. taxes..__lossz$321,350
$143,569 def$292,894
$18,555
x Maintenance charged to operations equals the bond indenture require'
ments. y After allowing for proportionate part of provision for depreciation and income taxes. a After provision for income tax.
The above statement includes gross revenues of all subsidiary companies
for the entire year; but, in deriving net earnings, deductions are made for
earnings prior to acquisition and for minority interests, so that the final
result is the amount actually applicab e to common stocks owned on Dec.31.
Consolidated Condensed Balance Sheet at Dec. 31.
1932.
1933.
1933.
1932.
AssetsLiabilities$
$
8
Preferred stock__ 2,319,000 2,319,000
Property. plant
and equipment- 33,360,488 33,251,770 Common stock__
30,000
30,000
Special deposits__ 517,252
524,775 Preferred stock ol
Investments
81,615 subs, not owned 7,132,000 7,132,000
81,615
Cash
200,306 Common stock of
92,672
Notes receivable
71,612 subs, not owned
26,985
3,300
3.800
Surplus
Accounts receiv7111,804 x499,124
able
811,064 Funded debt
563,928
17,000,000 17,000,000
Deferred accounts
Contracts payable
7,540
8,080
receivable
62,838 Accrued interest &
Unbilled income
dividends,contra 510,505
115,561
506,604
318,114 Notes payable_
289,967
Inventory
3,180
Due from atiltAccounts payable. 133,599
117,712
Accrued items, &a. 210,985
ated companies..
86
213,514
Deferred charges.. 2,024,757 2,109,478 Consumers' depot'.
248,850 239,640
Due to MM. cos.... 6,856,908 6,809,920
Deferred liabilities 114,564
149,343
Reserves
2,391,086 2,403,334
37,073,311 37,431,574 Total
Total
37.073,311 37,431,574
x Applicable to stock of Central States Utilities Corp. applicable to
minority stock of controlled company and appropriated to effect conversion
of net current assets of Canadian subsidiaries to American dollar values.
y Applicable to minority stock of controlled co. applicable to stocks of
Central States Utilities Corp.
-V. 138, p. 2079.
Central States Power & Light Corp.(& Subs.).
-Earns.
Calendar Years1933.
1932.
Gross operating revenue_
$3,159,594 $3,481,995
Central Vermont Public Service Corp.
Non-operating revenue
99,010
64,841
-Earnings.
.
15 m„
.
Total revenue
12 mos
12 Mos.
12 Mos.
$3,258,604 $3,546.836
Operating expense
Period End.Dec.311932.
1933.
1,347,435 1,405,478
1931.
1930.
•Maintenance
Operating income
$1,752,587 $1.823,410 $2.026.653 82.756,764
317,410
289,281
Taxes-exclusive of income taxes
Maintenance expenses....
81,799
78.561
231,349
243,025
85,741
134.517
Provision for retirement and depletion
Depreciation
157,980
259.466
Interest on funded debt.. _
Retirement provision_ _ _
137,264
742,500
149.366
742,500
197,285
Interest on unfunded debt__
Uncollectible bills
378,657
340,793
12,508
Amortization of debt discount and expense
Taxes
189,337
59,220
200,605
59.044
178,101
201,133
Normal & State taxes on bond In & other charges_
Other oper. expenses
593,855
13,633
539,600
13,540
767,770
1.086,002
Min.int. in net income,after providing for deprec.
Gross income
6750,315
$855,278
$785.249 $31,075,643
and income tax373
400
Int. on funded debt........
312,537
316,168
318,059
399,331
Provision for income tax17,071
Miscell. int. deductions_
11,399
Net income applic. to corn, stocks owned by co.
Other bit, after deduct.
before prov. for renewals & replacements Sr
int. chgd. to constr......
2,630
3.429
5,229
income taxes
Amortiz. of debt disc. &
lossx$7,024
$452,775
expenses
7,021
•Maintenance charged to operations is in accordance with the bond
7.868
6,441
7,831
Int. during construction
Cr496
Indenture requirements. x After provision for income tax.
Cr636
Cr1,794
Estimated loss on cash in
Note.-Ine.ludes net income of Canadian subs, stated in Canadian
closed banks
18.000
dollars in the amount of $161,418 in 1933 ($220,993 in 1932). which, if
Non-oper.charges
converted to American dollars at the average rate of exchange applicable to
14,466
Miscellaneous
21,336
each month's operations, would result in a deduction of $13,483 In 1933
15,442
12,238
15,972
($25.565 in 1932).
Net income
$389.286
$498.543
$651,013
$435,171
Net earnings after diva.
Condensed Consolidated Balance Sheet Dec. 31.
x176.866
Previous surplus
185,954
169,238
115,879
1932.
1933.
1933.
1932.
Capitalstock tax
Dr3,175
Assas$
LiabilUtes-$
Adjust, of unbilled inc..
Dr26,939
c,5,811
Property. Plant &
a Preferred stock. 7,132,000 7,132,000
Chgs. not applic. to curr.
investment, &o.31,889,073 31,750,048 b Common stock.. 4,582,434 4,582,434
operations
3.438
Special deposits.... 407,428
417,921 Controlled co. comTotal surplus
$572,065
Investments
81.615
81,615 mon stock
$637,403
3,306
$827,879
3,300
$576,861
Preferred dividends.._ 227,033
Cash
88,358
189,442 Surplus.
226,450
207,623
237,000
Common dividends
75.000
Notes receivable...
26,985
70,613 Approp. to effect
225,000
200,000
475,000
Acc'ts receivable.- 663,928
810,262
cony. of net
Earned sum. Dec. 31_ $270.032
$185.953
$169,238
$115,879
Unvilled income
115,620
curr. assets of
x Accruing to Central Vermont Public Service Corp. in respect to operaInventory-mat'is.
Can, subs. to
tions of constituent cos. for period Jan. 1 to Sept. 30 1929.
mdse. & suppl's
Am,doll. vals.
28,812
-at cost
289,967
316,749 Applic.to minor.
Balance Sheet Dec. 31.
Deferred accounts
stock of con1932.
1933.
1933.
1932.
receivable
62,838
trolled co...__
1,379
1,050
Assets
Liabilities$
Due from affiliated
$
Applic. to stock
Fixed capital
14,788,315 14,722,395 Preferred stock___ 3 542 860 3,542,860
companies
749,699
737,338
of Cent.States
Cash
235,374 Common stock__ 2:500:00 2,500,000
171,075
0
Deferred charges. 1,863,277 1,008,368
P.& L. Corp_ 1,373,970 1,391,019
Notes & accounts
Funded debt
Funded debt
13,500,000 13,500,000
receivable
253,855
225,518 Accounts payable 6,129,000 6,302,700
45,148
53,044
Contracts pay. for
Materials and supConsumers' depos
51088
54,312.
purch. of props.
7,540
8,080
plies
105,324 Accrued liabilities
93,219
129,383
145:53
1
Accr. Int. & other
Cash on dep. with
Matured bond lot
liabilities
400,682
399,750
fiscal agents dr
unpaid
4,040
14,544
Accounts payable_ 119,752
105,722
trustees
14,544
Prov. for Fed. tax. 13666
145,636
4
Notes payable_ _
3.180
Cash in closed blur
10,824
Liab. to subs°. to
Accrued items
205,428
208,235
Special deposits...2,315
preferred stock_
4,655
Consumers' depos_ 248,850
239,640
Prepayments
36,499
29,315 Due to Mill. cos
5,383
Due to affil. cos._ 6,012,417 6,216,719
Subs, to cap. stk.
20,472 Reserves
2,361,636 2,374,684
Deferred liabilities 114,554
147,059
Note rec, from afMiscelLunadjusted
Reserves
2,370,366 2,381,373
filiated co
85,535 credit
3,639
Miscell. assets15,351 Capital surplus_ _ _ 420,441
414,919
Total
36.075.851 36,345,195 Total
36.075,851 36,345,195
Unamortized debt
Earned surplus..... 270,032
185,954
Represented by 80,000 no par shares. b Represented by 40,600 no
a
disc. & exp
180,757
187,779
par shares.
Property aband'd
66,203
-The balance sheet for 1932 of Canadian subsidiaries have been
Note.
Deferred debits......
6,630
80,877
consolidated on the basis of their Canadian dollar values. The amount
Reacquired sec.....
604
5,351
es ar iie esr curren eassets0e st 19 bsicis she to American
con ft the netn e r rt e i3 of 3 su 2 laries
.r 3
dollar=Er=
Total
15,624,740 15,713,294
Total
15,624,740 15.713,294
"Appropriated Surplus."
-'--V. 138. p.
a
a2741.
-V.137, p. 1937.
Charleston & Western Carolina Rir.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3083.
1934.3
.
$200,247
$190,290
$180.294
$268,763
80.311
94,110
58,268
99,967
57.444
73.503
38,179
73.024
744,084
290,018
206,790
618.193
215,501
140,178
645,438
152,113
77,489
908,021
242,209
143,616
Chicago Burlington & Quincy RR.-Earnings.-
AprilGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 3598.
1934.
1933.
1931.
1932.
86.025.756 $5,465,204 86,550,714 $9,442,326
1.208,150
1,365,380
1.650,356 2,659,795
343,543
1,531.020
348.914
689,833
24,715,655 20,901,092 27,813,036 38.5 .
08 965
6,856,760 4,666,544 7,797,846 12,140,211
3.404.304
7,504,819
820,596 3,797,771
Chicago & Eastern Illinois Ry.-Earnings.1931.
1932.
Aprtl1933.
1934.
$910,546 31.313.031
Gross from railway
$831.659
$935,835
146,559
494
Net from railway
92.848
147,519
•
Net after rents
def7,684 def99,030 def228,596 def106,187
om Jan 1
Gross from railway
4,179.441 3.613,682 4,320,115 5,348.673
395,713
411,662
Net from railway
450,321
824.912
Net after rents
42,398 def381,011 def533,009 def616,934
138. p. 3266.
Chicago & Erie
AprilGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Netfrom railway
Net after rents
-V. 138, p. 2915.
RR.-Earnings.1933.
1934.
$702.406
$755,560
309,799
345,549
92,181
43,511
1932.
$710,907
221,011
def28.936
1931.
$937,691
362.029
89,106
2,582,028
1,006,534
108,089
2,957,842
1,015,228
18.180
3,754,312
1,485,567
277.665
3,061,041
1,434,768
314,171
Chicago Great Western RR.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3598.
1931.
1932.
1933.
1934.
$1,180,812 $1.049.815 $1,305,890 $1,674,080
474.003
423,
224,972
95,658
197.597
153,658
51,596 def28,984
5,315.573 6,475,514
4,680,997 3,942,831
1,464,472 1,964.186
1,043,527.
869.404
386,207
106.935 def433,899
Chicago & Illinois Midland Ry.-Earnings.1934.
$188.033
27,084
29.371
1933.
$223.752
77.127
73.838
1932.
$85,361
def45,728
def68.583
1931.
$227.989
36.403
20.671
944,778
245,599
224,807
AprilGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 3084.
918.406
285.343
260.195
919,097
284.539
232,420
934.411
149,433
88.514
Chicago Indianapolis & Louisville Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138. p.3266.
3769
Financial Chronicle
Volume 138
1932.
3619.978
78,366
def61,549
1931.
8984,537
210,968
27,741
2,400,782 2,116,542 2,834,636
472.266
259,471
352,517
def196,742 def229,955 def158,921
3.914,238
790,010
98,399
1934.
$586,197
48,718
def98,090
1933.
$537.476
84,262
def40,498
-Special Dividend.--Chickasha Cotton Oil Co.
--
1.4 A
A special dividend of 50 cents per share has been declared on the capital
stock, par $10, payable July 2 to holders of record June 8. A similar
distribution was made on Feb. 15 and April 16 last, while on May 1, July 1
and Oct. 16 1933 the company paid special dividends of 25 cents per share.
-V.138. p.2090.
Cincinnati New Orleans & Texas Pacific Ry.-Earns.
AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 3434.
1934.
$1,086,463
440,814
309,957
$905,g34
356.308
260,053
4,208,074
1,658,046
1.196.897
3,309,646
1.054,696
775,627
$981,i77 31.276.i31
188,177
168,292
114.792
103,425
3,656,653
673,849
470,984
-Earnings.
City Stores Co.(& Subs.).
3 Mos. End. April 30
Netloss after reserves for
deprec., conting. and
deduc. of minor. int
Est. Federal inc. taxes_ Net loss
-V.138, P. 3434.
5,109.033
751,267
462.020
1934.
1933.
1932.
1931.
$259,493
7,564
3445,544
$394,239
3.556
$99,075
$267,057
$445,544
3397.795
899,075
Clinchfield RR.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Grossfrom railway
Net from railway
Net after rents
-V. 138, p. 3085.
1934.
$4472.976
209,511
187.038
1933.
$333,934
136,739
90.756
1932.
3335.249
105,242
52.571
1931.
8476,882
172,456
130.899
2,015,870
991,577
935,862
1.467.638
645,825
467,491
1,486,122
502,988
291,873
1.957,372
673,090
608,972
Colorado & Southern Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3434.
1933.
$330,998
def4.829
de174,347
1932.
$407,260
22,851
def59,408
1931.
$6603,161
55,765
def33,471
1,546.398
1,451,846
119,579
199.036
def90.217 def166.992
1.864,430
244,213
def82,691
2,653,421
468.237
124,411
1934.
$372.116
31,927
def39,997
Columbus & Greenville Ry.-Earnings.--AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents _.___
-V.138. p. 3086.
1934.
$70,703
1,132
293
1933.
$55,596
10,850
11,403
1932.
$59.409
def186
797
1931.
894,044
17,334
15.208
356,438
198.680
274,884
286,296
42,962
def7,564
16.736 def17,486
1931.
1932.
defl7,640 defl0,33937.8
,491
1933.
1934.
$6,580,833 $6,426,177 36.751425 $9.474,705
1,586,
1.301,361
4 f1
-Dividends 4
124,954 ----Commercial Credit Co., Baltimore.
500,465 def217.374
321,992
The directors on May 31 declared regular quarterly dividends on the
6%% and 7% 1st pref..8% class B pref. and the $3 class A cony. stocks.
26,916,682 23,469,862 27.953,386 37,222.578
945
,
A quarterly dividend of 25 cents was also declared on the common stock.
5,854,161 3,952,562.
All dividends are payable June 30 to holders of record June 9.
1.872.661 def368.327 def210,198 1.830,866
Dividends were resumed three months ago on the common stock by the
Plan Operative.-.
declaration of a quarterly payment on that issue of 25 cents per share,
The company has declared the plan operative whereby the Milwaukee &
payable on March 31 1934. This was the first distribution made on the
Northern RR. first mortgage 43% bonds and consolidated mortgage
common stock since June 30 1932, when 12% cents per share was paid.
43 % bonds will be extended for five years from June 1 1934,and the holders
V. 138, p. 2917.
thereof receive an additional $50 per $1,000 bond or the equivalent of placing the bonds on a 5.66% basis. Holders of more than 93% of the first
-Earnings.
Commonwealth Edison Co.
mortgage bonds and more than 85% of toe consolidated mortgage bonds
1934-4 Mos.-1933.
-Month-1933.
1934
Period End. Apr.30
have assented to the plan and the company believes that the holders of
36,168,835 35.854.88.5 325,775.608 324.360.992
Gross earnings
substantially all of the remaining bonds will consent when the plan becomes
x625,823 3.157,602 x3.088,164
664,208
Net income
effective. Deposits were belt received up to the close of business on
-V.138, p. 3086.
x After allocating 1933 year-end adjustments.
May 31 1934.-V. 138, p. 35 8
-----Compania Hispano- er c ate Electricidad, S. A.,
Chicago & North Western Ry.-Earnings.April.
= • "Chade."-Dividends.
1932. .i
1933.
1934.
the
At the general ordinary meeting held on May 30 1934, it was voted to
Gross from railway
35.825,010 $5,098,578 35.898.089 $8.809,875
distribute among the shareholders of the company, a supplementary
Net from railway
624.540 1.047.269
532,862
727,081
dividend in respect of the fiscal year 1933 at the rate of 20 gold pesetas per
Net after rents _
104,071
18,571 def239,698 de1324,642
share on its series A. B and C shares, and 4 gold pesetas per share on its
From Jan. 1
series D and E shares.
Grossfrom railway
23 134,228 19,449,089 24,344,488 33,854,225
The dividend will be paid in pesetas at the exchange rate of gold on the
Net from railway
1.597,477 3,545,823 5,557,462
5
4,102.79
day of payment, the foreign holders having the alternative of receiving in
Net after rents
def1,702,943 def189,400 1,825.771
1,183,247
payment of their gold dividends, above indicated, other equivalent cur-V. 138, p. 31.84.
rencies. One gold peseta is to be considered equivalent to one Swiss franc
and in order to effect its conversion there will be applied the rate of exchange
Chicago Rock Island & Gulf Ry.-Earnings.that the currency in which the dividend is paid may have in relation to the
April1932.
1931.
1933.
Swiss franc on the date of payment. In order to collect the above dividend,
1934.
Gross from railway
8434,812
8318.183
$263,992
shareholders should, on or after June 1 1934, present and surrender Coupon
3250.235
85,040
135.541
Net from railway
74.270
No.26 at the Guaranty Trust Co. of New York, 140 Broadway,N.Y. City.
29,952
Net after rents
21.867
def31.214
81,876
The dividend payable on E shares of the above company, as represented
def51,491
From Jan 1
by "American Shares" certificates issued by Guaranty Trust Co. of New
Gross from railway
1,028,640 1,407.795 1,849,213
York as depositary under deposit agreement dated Sept. 21 1928, will be
1,092,645
Net from railway
495.209
254,484
646.583
paid June 7 1934. by checks mailed to holders of record May 31 1934.
206.685
Net after rents
230,780
436,601
See also V. 137, p. 4188.
def106 024 def124,730
-v.138.9. 3084.
_
-Earnings.
Connecticut Power Co.
777
Chicago Rock Island & Pacificar7
System.
[Not a Consolidated Statement]
1931.
1932.
1933.
1934.
3 Mos.End. Mar.311934-4 Mos.-1933.
Period End. April 30
-Month-1933.
1934
31.092,274 81,045,014 31,087.722 81,155,885
Gross earnings
Freight revenue
$4,224,748 34,126,346 317,180,097 315,608.680
561,433
546,756
508.269
560.510
Oper. exp. and taxes.....
1,743,910
Passenger revenue
1,606,544
383,583
451,547
35,795
35.743
37.160
35,974
Int. chgs. & lease rentals
816.908
Mail revenue
804,178
191,510
194,245
Express revenue
328.820
251,116
92,549
Balance for reserve,
91,357
3558.657
3505,222
947,975
Other revenue
745.342
3499,585
184,686
diva, and surplus
$495,790
208,492
V. 138.p. 1041.
Total ry. oper.revenue $5,170,389 $4.978,674 $21,017,710 319.015,860
Railway oper. expenses_ 4,568,234 3,849,053 17,841,307 16,267.603
Consolidated Water Power & Paper Co.(& Subs.).
Railway tax accruals_ _ _
1,740.000
1,945,000
485,000
435,000
1930.
1931.
1932.
- 1933.
Earns.for Cal. Years
Uncollectible ry. revenue
6,124
4.598
488
2,713
81,336,512 82,081.963
$3a7.366
Mfg.profit & other(nc-- $648,330
715,827
672.051
481,777
480,429
Allowance for deprec--Total ry. oper. ine_
$798,659
$644,133 31,430,279
$164,442
103.518
101,766
99,467
98,555
Interest on bonds
$972,391 31,042,961
Equip. rents-debit bal. 8265,986
3273,110
10.775
4,055
19,105
24,784
Int. on borrowed money
Joint fedi. rents-debit
6,718
6,882
6,626
6,377
Bond expense
332,392
balance
392,100
97,458
82,123
186.527
4,821
1,176
13,228
Prov. for income taxes
317.881
Inventory adjustment3125,496 def$636,402
3273.565
Net ry. oper. income-deft183,667
Loss on conversion of
current assets &Ilabile.
Earnings of Company Only.
of Nuvaygo Timber
1932.
1931.
April
1933.
1934.
6.),428
Co.. Ltd.,to U.S.fds.
Gross from railway
$4,920,153 $4.714,682 $5,400,751 $7,992,355
1,066,377 1.787.333
Net from railway
572,202 1.055,351
$168.627 31,1.58.598
$24.956 loss$270,785
Net income
200,300
after rents
304,779
779.504
Net
800.000
800,000
def132.176
480.00,1
Dividends paid in cash..From Jan. 1
Cr10.132
Cr13,135
Cr8,408
Divs. on treasury stock_
Gross from railway
19,925,064 17,987.220 22,984,924 31.599.184
4,255,663 7,121,826
2,969,717 2.493.773
$268,730
Net from railway
$24,956 def$742,377 def$618.238
Surplus
847.510 3,373,429
231.520 def511,672
Net after rents
6,741.958 7.624.335 9.949,374 9,680,645
Previous surplus
-V. 138. P. 3598.
Appreciation of timberDr1,587,725
lands written off
Chicago St. Paul Minneapolis & Omaha Ry.-Earns.- Additional prov.for Fed.
Dr75,000 Dr119,077
taxes prior years
1932.
1931.
1933.
April1934.
Dr65,000
Prov. for doubtful accts.. Dr50,000
$995,239 31,161,033 31,566,687
31338,353
Gross from railway
Appropriation for comp.
107,094
25,398
148.217
161,880
Net from railway
Dr50,000
insurance reserve__
def39.504 def131,133
def781
13,558
Net after rents
From Jan. 1
$8.666.914 86.741.958 37.624.335 39.949.375
Surplus
4,630,187 3,734,825 4,794.570 6,182.224
Gross from railway
Earns, per sh. on 80,000
577.784
225,896
323,192
833,500
Net from railway
shares of capital stock
247,567 def341,962 def314,287 def71.869
Net after rents
$13.20
$2.11
Nil
3J.31
(Par VOW
-V. 138. P. 3598.
-Earnings.
Chicago Milwaukee St. Paul & Pacific RR.
AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
3770
Assets
Cash
Accts. receivable
Notes receivable
Inventories
Investments
x Plant &
Real est. & flowage
Timberlands-less
depletion
Deferred charges_ _
Non-current receiv
Financial Chronicle
Comparative Balance Sheet Dec. 31.
1933.
y1932.
1932.
1933.
LtaMIttles$
$
183,471
109.080 Accounts payable_ 234,808
108,094
740.884y1,451,842 Notes payable.... 150.000
125,073J
Local taxes
184.402
183,612
1,248,983
947.501 Income taxes
10,339
6,692
3,288,847 2,942,714 Fed. Income taxes_
80,805
385,044
6.378,287 8,765.669 Miscell. accrued li3.824.309 3,618,519 abilities
98,294
107.824
Deferred liabilities 328,329
1,371,810 1,358,897 Reserves
68,481
3,928
182.704
151,398 Funded debt
1,790,000 1.820,000
471,535
Capital stock
8,000,000 8,000,000
6.666,914 8.741,958
Surplus
Total
17,619,702 17.345,622 Total
17,819.702 17,345.622
x After deducting reserve for depreciation of $7,344.140 in 1933 and
$6,986,406 in 1932. y After reserve for doubtful accounts of $65.000.
-V.136. p. 3542.
Consolidated Indemnity & Insurance Co.-Liquida'n.
June 2 19::
to buy the bonds as they circulate 'over the counter.' Morgan & iCo.
accepted no fees for advising the Lackawanna as to the transaction."
Earnings for April and 4 Months Ended April 30.
April1934.
1933.
1931.
1932.
Gross from railway
$3.874,834 $33,169.660 $4,432,186 $5,433,158
Net from railway
955,610
446,421
1.402.981
1,084,882
Net after rents
580.892
882,451
1,665
614,976
From Jan..
Gross from railway
15,201,513 13.063,600 16.722,097 20.304.966
Net from railway
3,241,727 1,696,690 3.725.749 4,423,177
Net after rents
1,765,846 def59,682 1,998,160 2,587,933
-V. 138, p. 3601.
Delaware & Hudson RR.
-Earnings.
-AprilGross from railway
Net from railway
Net after rents
From Jan. 19
Gross from railway
Net from railway
Net after rents
-V.138, p. 2920.
1934.
1933.
1932.
1931.
$2.047,145 31.436,013 $2,257,529 $2,696,104
297.422 defl7O,714356,230
409,137
247.195 def242.636
341,341
274,581
8,498,517 f1,286.475 8,192,470 10,535,548
1,264,263 def463,232
500,741
1,104,517
1,058,71517 ,
,200
797,714
, An application of Supt. of Insurance George S. Van Schaick for an order
ofliquidation of the company was granted May 28 by Justice Ernest E. L.
Hammer in Supreme Court, New York County. This company was recently
taken over by the State Insurance Department for rehabilitation. Liquida- ----Denver & Rio Grande Western RR.-6Iajority of
tion became necessary when it developed that the company would be unable
General Mortgage Bondholders Approve Interest Deferment
to raise additional capital
-V. 138, p. 2404.
Plan Railroad. Sees Traffic Gain fromDotsercrent-Off:Not thstanding the relatively short time the company has been working
Crex Carpet Co.
-Earnings.
on the plan of deferment for interest on its general mortgage 5% bonds
Years End. June 301932.
1933.
1931.
due Aug. 1 1955, holders of more than 50% of the bonds have already
1930.
x Gross income
loss$64,670 108412,434
$208,742
$30,185
presented their cottpons for stamping, and have received the cash payment
Sell., adm.,gen. exp.,&c
y214,494
y159,825
70,450
234,647
to which entitled, under the plan. T. M. Schumacher, Chairman of the
Inventory write-off
33.399
executive committee, announced May 31. "The splendid reaction to the
plan on behalf of the bondholders who have been contacted, by mail and in
Net loss
$172,260
$168,518
$25,904
$184,309
person, has been most gratifying, indicating as it does the general accord
Previous deficit
390,990
1,102,092
170,195
206,681
of the bondholders with the objectives of the plan," Mr.Schumacher said.
"Of interest to all holders of these bonds, whose co-operation is
Total deficit
$563,250
$1,270,609
$196,099
$390,990
is the general improvement that has taken place in the company'ssolicited.
business
Loss incident to sale of
and earnings. In addition, it is expected that the opening of the Dotsero
Wilton Rug Division_
338,843
Cut-off, on June 16, marking another epoch in the history of western railCharges in respect of
roading, and which Cut-off will link the Denver & Rio Grande Western RR.
prior years
10,582
with the Denver & Salt Lake Ry., thereby shortening the distance between
Reduc. of good-will to 31
199,999
Denver and Salt Lake city by 175 miles, will result in a further increase
in traffic and earnings."
Defic't June 30
___ $1,270,609 $1,102,092
$3390,990
$206,681
Those bondholders who have not already presented coupons maturing
x After plant depreciation of $23,695 in 1933, $339,991 in 1932' $44,849
Feb. 1 1934, Aug. 1 1934 and Feb. 1 1935 to the company s agent, City
in 1931 and $45,294 in 1930. y Includes interest on loans, &c., of $14,433
Bank Farmers Trust Co., New York, for handling under the plan, are
in 1932 and $13,100 in 1931.
urged to do so promptly. The City Bank Farmers Trust Co. will pay to
Balance Sheet June 30.
each depositor of such three coupons, one-half of the face amount of the
Feb. 1 1934 coupon, endorse the payment thereof, and stamp each of the
Assets1933.
1932. 1 LlabUtttes1933.
1932.
coupons so as to indicate acceptance of the plan. The railroad company
a Property accts.-81,763,002 81,787,901'Capital stock
$3,000,000 $3,000,000
will pay all expenses in connection with the carrying out of this plan [which
Good-will
1
11Accounts payable_
48,109
89,308
was published in detail in V. 138, p. 2246), and copies may be had upon
Cash
8,089
39,626 Notes payable____
35,000
60,000
request at the offices of the company,37 Wall St., New York City.
Notes & accts. rec_
9,190
35,747 Unclaimed diva_ __
580
580
Inventory
47,906
130,104
-Month-1933.
Period End, April30- 1934
1934-4 Mos.-1933.
Deferred charges
13,217
8,108
81,288,041 31,092,397 $5,330,600 $4,378.769
Operating revenues
Deficit
1,270,609 1,102,092
184,560 1,219,300
184,829
Net revenue
687,928
43,628
29,112
Net ry. oper. income_
640,745
169,904
Total
83,104,886 $3,108,689 Total
78,214
141,765
Available for Interest,,..
83,104,886 33,018,889
709.099
181,422
449,380
443.222
Interest on funded debta After deducting $668,006 reserve for depreciation in 1933 and $641,313
1,776,757
1,801,472
In 1932.-V. 136, p. 163.
$3301.456
Net deficit
$3371,165 81.066,757 $1,820,049
Dayton Power 8c Light Co.(& Subs.).
-Earnings.
Denver & Salt Lake Ry.-Earnings.Earningsfor the Quarter Ended March 31 1934.
1933.
1934.
April1932.
1931.
Gross revenues
$2,939,557
$79,388
Gross from railway
$68,573
$73,054
$122,615
Operating expenses
1,563,989
15,177
2,952
Net from railway
def2,113
15.999
Depreciation
175,062
Net after rents
3,418
def2,822 def17,213
3,796
Taxes
340,985
From Jan. 1
390,664
Gross from railway
409.013
635,635
606,667
Net operating earnings
$859,522
128,666
Net from railway
111,378
Bic
166,858
Other income_
3,092
83,396
Net after rents
137,266
-V.138, p. 3087.
Gross corporate income (available for interest & dividends)... $862,613
-V.137. p. 2806.
Derby Gas & Electric Corp.(& Subs.)
.-Earnings.1932.
Dejay Stores, Inc.
Calendar Years1933.
-Earnings.
1931.
1930.
Gross revenue
$1,189,779 81,205.862 $1,364,348 $1,455,573
Quarter Ended April 301934.
1933.
Operating expense
476,453
466.551
Net profit after charges
$54,158 loss$10,051
572,557
626,067
94.310
* Maintenance expense96,186
Earnings per share on common stock
110,077
$0.48
Nil
117.010
Taxes, excl. of inc. tax
65,882
68.781
-V.138, p. 3436.
60.069
61,878
Provision for retirement_
58,824
Delaware Lackawanna & Western RR.
-Sells $13,Net earnings
$567,341
$501.314
$619.8363652.425
Interest on funded debt_
250,000
639,000 of Subsidiary's Bonds to Retailers-Banking Houses
250,000
250.000
250,000
1,664
1,411
1,267
1,491
Not Used.
-The company, it was announced May 29, had lot, on unfunded debt
Amort. of debt dies. and
sold to certain bankers and bond dealers $13,639,000 New
exp., 2% normal tax,
and other charges,,,,
33.706
33,988
33.944
105,624
York Lackawanna & Western RR. 4s at 91. The bondsNet income of corp_ -- $216,196 x$281,689 4334.624 42957309
were reoffered to the public at 93.
.0 maintenance charged to operations equals the bond indenture reIn making application to the L-S. C. Commission for authority to sell
quirements. x Before provision for renewals and replacements and income
the bonds the Delaware Lackawanna & Western advised the Commission
tax.
that it has made no contract or agreement for the sale of the bonds and
Consolidated Condensed Balance Sheet at Dec. 31.
has received no bids for or offer for them, but it has offered the bonds for
1932.
1933.
1932.
1933.
sale to certain bankers and bond dealers. Incident to this refinancing, the
AssetsLialstlUtes$
$
$
road asked permission to reduce the interest rate on the bonds from 5% to
$7 preferred stock- 1 a
Property, plant dc
4% and also to guarantee the payment of both principal and interest.
0
,800.000 1,800 000
.
equipment_ __ 9,810.857 9,781,785 86.50 pref. stock._ 145,038
.
145,209
The New York "Times" May 30 commenting on the deal said in part:
.
Special deposits_ _
3,792 x Common stock__ 2,227,500 2,227,500
5,921
"Another in a series of novel operations resulting from the application
Investments
32,725 Surplus
32,725
12057
5,359 277 5.4, :
8
:
of new laws affecting finance was presented yesterday to Wall Street
Cash
376,547 Funded debt
394,684
yjj
when $13,639,000 of bonds was sold by the Delaware Lackawanna &
No es receivable__
950
7.610 Aecr. int. & dive._
t
3,708
5,920
Western RR. The new form of the transaction was a reaction to the BankAccts.receivable__ 212,749
237,506 Accounts payable_
45,490
36,180
ing Act of 1933. which will take effect on June 16. The National Securities
Unbilled income__
39,454
Accrued items_ _ _
. 126,975
126,909
Law of 1933 also applied to the offering, but the methods followed in the
Due fr. off. & empl
8,079
Dividends accrued
24,953
sale were designed particularly to meet the requirements of the Banking
24,055
Inventory
87,921 Consumers'depos84.611
43,342
42,400
Law. In respect to the Securities Law, the aspects of the Lackawanna
Due from attn. cos.
50,250
50.761 Due to Mill. cos-. 265
2,081
offering did not differ from recent similar dealings of the New York Central.
Deferred charges
360,256
391,600 Deferred liabilities
6180
the Pennsylvania and the Southern railways.
Reserves
1,213,781 1,164,046
Wall Street firms which ordinarily might have formed syndicates to
market the bonds for the Lackawanna refrained from participating in the
11,000,538 10,970,229 Total
Total
11,000,538 10,970,229
financing because, under the Banking Law, this would have prevented
x Represented by 50,000 no par shares.
-V. 138. p. 1229.
them from continuing to accept deposits of funds by corporations and
individuals.
Detroit Paper Products Corp.
-Earnings.
A notable aspect of the Lackawanna's financing was that it conformed
Quarter Ended March 31with views long held by members of the I.
-S. C. Commission as to the man1934.
1933.
Net profit after all charges, but bef. Fed. taxes__ _
which railroads should sell their securities. These members contend
ner in
$55,551 10542,191
Earnings per share on 41,729shs.corn.stock
that the roads should sell their sedurities as directly as possible to the
Nil
$1.33
-v.130. P. 472.
public, thus eliminating underwriting fees and expenses. The Lackawanna's
sale met this recommendation.
Detroit 8c Toledo Shore Line RR.
"Before the passage of the new laws, the conventional procedure would
-Earnings.
have been for the Lackawanna to have sold the bonds to a banking or
April
-1933
1931.
wholesaling syndicate, which, in turn, would have vended them to retail
Gross from railway
8281,177
$164,942
$252.278
$187,422
distributors. In yesterday's transaction, the Lackawanna omitted the first
Net from railway
151,827
64,598
104,570
66,549
step and sold directly to retailers. There was no underwriting and no
Net after rents
77,345
15,808
34,753
11,230
underwriting fees.
From Jan. 1
"J. P. Morgan & Co. in the past have led in syndicating the occasional
Gross from railway
1,303.761
852,479
1,137,998
961,057
security offerings of the Lackawanna. Because this firm accepts deposits,
Net from railway
788.034
437.648
548.785
478,938
It is prohibited under the terms of the law which will take effect on June 16
Net after rents.;
437,216
192,162
229,561
200,540
from marketing the issue. There is, however, nothing to prevent the firm
-V. 138, p. 3437.
from buying the securities'over the counter' as they are distributed by the
Diamond Match Co.(& Subs.).
retailing group.
-Earnings.
"There is also nothing in the law to prevent Morgan & Co. from adQuar, End. Mar. 31
1934.
1933.
1931.
1932,
vising the Lackawanna on its financial methods. Consequently, when
Operating income
8796.796
8789.326
$957,435
$925,384
it became time for the Lackawanna to sell $13,639,000 of series A 4%
Federal taxes, &c
169,202
169,012
161,721
236.741
bonds, due in 1973. of the New York Lackawanna & Western RR., a subDepreciation
94.284
109.888
123.751
116,253
sidiary, the management consulted with the firm.
"Following this consultation the Lackawanna sold the issue directly
Net profit
$510,626
8533.309
$671,963
$672,360
and 25 Wall Street dealers. The dealers in turn sold them to
Preferred dividends_ _.to between 20
225,000
229.500
260,737
245.175
Common dividends....
the public. None of the participating dealers, it was said, was affected by
175,000
175.000
262,500
provisions in the banking law as to the acceptance of deposits.
"The proceeds of the bonds will be used by the Lackawanna to liquidate
Surplus
$133.309
$106,126
$411.226
864.715
She. com.stk.out.(no par) 700,000
loans of $13,000,000 extended by the First National Bank ($2,000,000) and
1,050.000
700.000
1,050.000
Earnings per share
the National City Bank (311.000,000). Neither of these banks participated
$0.44
$0.40
80.39
$0.31
-V. 138. p. 1568.
in yesterday's transactions, but, like Morgan & Co., they are in a position
-
'Devoe 8c Reynolds Co.
-Extra Distributions/
The directors have declared an extra dividend of 25 cents per share in
e balance sheet as of March 31 1934 shows current assets of$2,305,075,
444. of which loans
ilgtigtocabsah o
.$
,kTTL. capital $571,631
Ws:com area with working capital of $609,780 on Dec. 31 1933.-V.
P
138. p. 1569.
---a
addition to the usual quarterly dividend of like amount on the class A
common stock and class B common stock, no par value, all payable July 1
to holders of record June 20. Similar distributions were made on these
issues on Jan. 2 and April 2 last.
-V.138, p. 2745.
Diesel-Wernmer-Gilbert Corp.-Earnings.Quar.End. Mar.31Sales
Net profit after charges
& Federal taxes_ _ _ _
Shs. corn,stock outst'd'g
(no par)
Earnings per share _ _ _
-V.137, p. 1058.
1934.
1932.
1933.
-Income Statement Dec.31 '33.
Eastern Iowa Electric Co.
$42,719
$70,469
206,265
$0.07
216,410
$0.19
238,095
80.52
‘4
7 1;
The directors have declared a dividend of 50 cents per share on the cons.
stock, no par value, payable June 21 to holders of record June 8. This
compares with 25 cents per share paid on April 21Iast and on Dec.21 1933.
The previous payment was25 cents per share paid on March 1 1932.-V.
138, P. 2406.
-Accumulated
Investments, Ltd.
Dividend.
The directors have declar
dividend of 33 1-3 cents per share on
account of accumulations on the 5% cum. red. preference stock, par $50,
payable June 1 to holders of record May 23. This compares with 25 cents
per share paid each quarter from Aug. 1 1932 to and incl. Feb. 1 1934 and
with 50 cents per share paid on May 1 1932. Previously, the company made
regular quarterly distributions of 62;4 cents per share. Accruals, after the
-V.137,P. 1942.
June! payment, will amount to $3.04 1-6 per share.
Eastern Massachusetts Street Ry.-Earnings.-
1,007,177
157,692
9,690
1934.
$75,895
2,354
206
1933.
$54,119
def23,805
def9,123
1932.
870,324
def15.830
def898
215,193
def98,814
def33.590
333.409
def18,391
38.430
456,059
def64,138
def52.538
-TO Default
"'"'•"'Eastern Manufacturing Co., Bangor, Me.
Interest.
This company, in a notice to holders of the Eastern Manufacturing 7%
1st mtge. bonds and 6% 1st mtge. bonds of Orono Pulp & Paper Co.,
assumed by Eastern Manufacturing Co. when it acquired the company.
states that payment of interest coupons on these issues due June 1 and
July 1 respectively is to be deferred in order to provide additional cash for
pulpwood requirements for the coming season.
The statement to holders of these issues says in part:
"It is essential that the operation of the plants be continued, and, as it is
impossible to borrow additional funds from the banks under present conditions, interest and sinking fund payments to bondholders must be deferred
in order to conserve working cash. The company is also deferring payment
of interest for the present on its bank loans. The essential thing, however,
is to continue operations, for it is believed that its plants are in good condition, its position in the industry sound, and that with a return of normal
business conditions there is no reason why the business should not again
be successful.
"The following is a summary of the principal cash disbursements made
by the cOinpany during the period from Jan. 1 1928, when the present
management took charge, to Dec. 31 1933:
Sinking funds on bond mortgages
$865,376
Reduction of bank loans
198,000
Back Federal taxes (1916-1920)
243,428
81.306,804
Bond interest _ _ .........................
$1,058,366
Interest on bank loans
380.178
---81.438,544
Excess stumpage payments
$552,314
Replacements and additions to property
2.129,397
$2,681,711
Preferred dividends paid
259,659
Total _________________________________________________ $5.686,718
"It is clear from the foregoing that had the company not been burdened
with these unusual charges, it would now have sufficient working capital to
continue its business and pay its full bond interest.
"While the creditor banks do not now feel warranted in loaning additional
money under present conditions, it is their expressed desire to co-operate
In every possible way to help the company in its present situation.
"Operating expenses and expenditures for raw materials and inventoryhave been held down to the minimum commensurate with the manufacture
of products of satisfactory quality and with the rendering of proper service
to customers.
"At present business conditions are extremely difficult, and the various
branches of the pulp and paper industry are suffering in varying degrees
from many uncontrollable factors in addition to the extreme competition
due to productive capacity In excess of present market demand. It is firmly
believed that the company Is securing at least its full share of business, but
even then the resulting volume is disappointing, and increasng costs
resulting from the National Recovery Program have not as yet been accompanied by commensurate increases in selling prices. These conditions
are particularly acute in the grades of paper and pulp produced at the
Orono mill, which faces ruinous competition from lower grades made on
larger and faster running machines.
"A committee is now being organized to represent the holders of 7% 1st
mtge. bonds of Eastern Manufacturing Co.. which are now in default in
respect to sinking fund, and it is presumed that a committee representing
the holders of 6% 1st mtge. bonds of Orono Pulp & Paper Co. will be
organized at the proper time, if default occurs under the terms of the
governing mortgage indenture."
For the March 1934 quarter the Eastern Manufacturing Co. and its
subsidiaries report gross sales of 81,287.0 2: net profit before depreciation
of $10.927. and a net loss of $85.068 after depredication.
$693,858
277,750
298.100
$112,643
107.293
$84,466
103.273
$494.343
460.465
$395.758
443,569
$5,350
def$18,806
$33.877 def$47.810
-Resumes Common Div.
"•-•••'Edison Brothers Stores Co.
1931.
$100,319
def28,613
def22,494
296,087
def5,311
10.675
$772.093
74.922
Net income carried to
profit and loss
-V. 138. D. 3088
.
Duluth Winnipeg & Pacific Ry.-Earnings.April
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 2920.
$159,388
69.138
Available for deprec.,
dividends. &c
Deprec. & equalization_
1931.
$259.421
40.297
6,266
557.922
501,291
616,130
def59,220
def40,218
31,226
def63,402 def147,102 def183,857
$181.782
Gross corp. income..__
Interest on funded debt,
rents, &c
Duluth South Shore & Atlantic Ry.-Earnings.1932.
$138,984
def6,900
def37,133
$458,081
Total
1934-4 MOS.-1933.
-Month-1933.
Period End. Apr. 30- 1934
$474.311 $2.344,799 $1,994,573
Railway oper. revenues- 8537.136
1,259.125
1,501,539
306.963
342,104
Railway oper. expenses_
87.796
115.309
21.513
23,541
Taxes
$647.651
$727.950
$145.835
$171,490
Balance
46.206
44,143
13.553
10,291
Other income
Duluth Missabe & Northern Ry.-Earnings.-
1933.
$138,429
7,588
def18,035
$458,081
Total
-V.138. p. 1230.
1931.
1932.
April1934.1933.
8149,907
$73,788
Gross from railway
$93,193
.709
$116
Net from railway
def383,144 def260,490 def339,039 def680.710
Net after rents
def556,721 def264,146 def345,683 def693.172
From Jan I508,021
317,126
Gross from railway_ - 257,118
378,164
Net from railway
def1,622.652 def1,173,880 def1.448,501 def2,326,657
Net after rents
defl.832.508 def197.985 def1,483.803 def2.577.092
-V. 138, p. 3087.
1934.
$172,760
29,270
10,653
$11.155
Condensed Balance Sheet at Dec. 31 1933.
LiablIftfesAssets
$38,000
Property, plant dc intangibles- $397,618 7% preferred, cum
15,000
1,630 Common
Special deposits
64,000
20,853 Funded debt
Cash
1,625
180 Accrued int.& divs
Notes & warrants receivable
581
9,822 Accounts payable
Accounts receivable
2,310
items
2,253 Accrued
Unbilled income
1,947
2,178 Consumers' deposits
Inventory
3.232
23,548 Due to affiliated company___.
Deferred items
78
Deferred liabilities
78.319
Reserves
100,335
Capital surplus
152.652
Earned surplus
At the annual meeting of stockholders held in New York the following
directors were elected: Horace E. Dodge. Leo M. Butzel and Frank Upton
of Detroit and Kenneth M. Smith and Bernard R. Hodge of New York.
The business of the corporation for the first five months of this year has
exceeded that for any similar period since the company was formed in 1923.
April
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 3087.
819.865
3.840
332
3.338
1.200
Net income
-Directors
(Horace E.) Dodge Boat 8c Plane Corp.
Elected-Record Business.
-
ottis
$19,891
Dr25
Total income-before other deductions
Interest on funded debt
Interest on unfunded debt
Other charges
Provision for income tax
$155,368
204,808
$0.34
$66.145
30.677
10,739
1.529
3.307
Net operating income
Non-operating income
1931.
$1,614,736
$94,453
1
c3
fEn6.C7'tulf,eN,0a0b0i;"Elinecsi
Gross operating revenue
Operating expense
Maintenance
Taxes-exclusive of income tax
Provision for retirements
----Dictaphone Corp.
-Larger Distribution
"Thominle
3771
Fylancial 'Chronicle
Volume 138
The directors have declared a dividend of 25 cents per share on the common stock, no par value, payable June 25 to holders of record June 11.
Quarterly distributions of 12H cents per share had been made on this issue
-V.137. p. 1770.
up to and including Oct. 20 1931: none since.
Edmonton Street Ry.-Earnings.1934-4 Mos.-1933.
-Month-1933.
Period End. Apr. 30- 1934
8252.840
$230,454
$57,692
$53,587
Total revenue
170,309
168,198
40,134
40,448
Total operation
Operation surplus---Fixed charges
Renewals
Total surplus
-V.138,P.2921.
$13,139
6,158
3.000
$17,557
12,591
1.000
$62,656
' 24.633
24,000
$82,530
50.365
17,000
$3.980
$3,966
814.024
$15,164
-Earnings.
Electric Building Corp.
Condensed Income Statement Dec. 31 1933.
Income
Expense
Provision for depreciation
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Normal and State taxes on bond interest
Net loss
Balance at Jan. 1 1933
-net
Miscellaneous adjustments
Balance at Dec.31 1933
378.006
2.627
19,486
30.793
25,742
3.234
818
$4.664
9,633
1,805
$16,132
Condensed Balance Sheet at Dec. 31 1933.
LiabilitiesAssetsx$100,000
Common stock
Land, bldg., equipment,&c.500,800
$1,135,916 Funded debt
at cost
6,778
9,348 Accrued interest
Special deposits
2,077
10,632 Accounts payable
Investments
287
474 Accrued items
Cash
_
2,077 Due to affiliated companies_ . 477,247
Accounts receivable
126,351
38,961 Reserve
Deferred item
16,132
Operating deficit
Total
$1,197,408
Total
-V. 138. P. 1236.
x Represented by 1,000 no par shares.
$1,197,408
-New Directors.
Electric Household Utilities Corp.
Charles E. Wilson, Vice-President of the General Electric Co., has been
elected to the board of directors, succeeding A. R. Erskine. deceased.
W. A, Ryan of the firm of Ryan, Condon & Livingston was also elected
to the board to serve the unexpired term of E. N. Hurley. deceased.
V. 138. p. 2922.
-Annual Report, 1933.Electric Power & Light Corp.
C. E. Groesbeck Chairman and S. R. Inch, President state in part:
The aggregate output of electricity of operating subsidiaries for 1933 was
1,790,059,000 kilowatt hours. This was 2% less than for 1932 and 14%
less than for 1931.
The aggregate natural gas output for 1933 was 163,923,640,000 cubic feet.
This was 2% less than for 1932 and 8% less than for 1931. despite the fact
that in 1931 subsidiaries entered new territory and at the end of that year
were serving 105 additional communities.
Approximately 53% of the operating revenues of subsidiaries for 1933 was
derived from electric power and light sales, 31% from gas sales. 12% from
transportation and the remaining 4% from water,natural gasoline and crude
oil sales and miscellaneous.
Subsidiaries, because of co-operation with the Federal Government's
National Recovery Administration program, have increased their payroll
costs at the rate of approximately $1,000,000 per year. The 3% tax
imposed by the Federal Government on sales of electrical energy for residential and commercial uses cost subsidiaries, from its effective date
Sept. 1 1933. through the remainder of the year, approximately $191,000.
This item will amount to more than $600,000 a year on the basis of the
present volume of business. The new Federal capital stock tax paid by
subsidiaries aggregated approximately $122,000 for 1933. A kilowatt-hour
tax is imposed in one of the States and sales taxes in two of the States served
3772
Financial Chronicle
by subsidiaries. Of the total operating expenses of tho subsidiaries for
1933, 24% was tax expense.
Company did no financing during 1933. Six shares of $7 preferred stock
were issued on account of payments made under allotment certificates.
During the year 62,700 shares of common stock were issued in exchange
for a like amount of option warrants, which, when surrendered by their
holders, were accompanied by 15,675 shares of second preferred stock,
series A ($7) in lieu of cash.
The only major financing by subsidiaries was the sale by Dallas Power &
Light Co.of $500,000first mortgage 5% gold bonds,series C,in Jan. 1933.
Arkansas Power & Light Co. on April 1 1933, retired $718,000, underlying
bonds outstanding with the public maturing on that date. New Orleans
Public Service, Inc. on Feb. 1 1933, retired $1,218,000 underlying bonds
with the public maturing on that date. Two issues of underlying bonds of
Utah Light & Traction Co., aggregating $1.887.000, due Jan. 1 and 2
1934, were retired on those dates. The long-term debt of subsidiaries held
by the public was reduced further by an amount of $2,070,200 through
sinking funds.
Output and Earnings of Subsidiaries
-First Quarter 1934.
For the first quarter of 1934 electric output of subsidiaries was about
7% and natural gas output of subsidiaries was about 19% above the first
quarter of 1933. During the latter part of 1933 such gains as occurred in
the sale of electric energy were largely for wholesale,long-hour use,low-rate
industrial power. For the first quarter of 1934 there were gains in sales of
energy for smaller industrial and for commercial and residential purposes
and all subsidiaries shared in the improvement. The increases in natural
gas sales likewise were more diversified.
As a result of this greater output, the operating revenues of subsidiaries
for the first quarter of 1934 show an increase of$1,330,564, and net revenues
from operation show an increase of $786.890, over the corresponding quarter
of 1933.
Consohdated Income Accountfor Calendar Years.
(Inter-company Items Eliminated.)
Subsidiary Companies
1933.1932.
1930.
1931.
Gross earnings
$67,544,465 $73,302,806 $80,045,149 $75,047,899
Oper. exp., incl. taxes- 36.179,285 36,496,770 38,877,394 37,482,662
Net earnings
Other income
$31,365,180 $36,806.036 $41,167,755 $37,565,237
488,865 '2,106,580 1,185,889
172,096
Total income
$31,537,276 $37,294,901 $43,274.335 $38,751,126
Int. to public and other
deductions
15,849,981 16.055,782 16,983,057 13,536,975
Pref. dividends to public 7,917,367 7,902,146
7,836,526 6,161,576
Renew. dc replace.(dep.)
appropriations
7,820,079 6,576,890 6,199,073 6,164,827
Proportion applicable to
minority interest
90,905
781,966
454,344
173,202
Balance
loss$141,056 $6,586,881 $11,801,335 $12,105,782
Elec. Pow. & Lt. Corp.
Bal. of sub. cos.' earnings applic. to Elec.
Power & Light Corp_loss$141,056 $6,586,881 $11,801,335 $12,105,782
Other income
22,105
204,364
256,919
312.724
Total income_ _ _10888118,951 86.843.800 $12,005,699 $12,418.506
Expense of Electric Pow.
& Light Corp
490.882
418,326
636,759
530,396
Int. deductions of Elec.
Power & Light Corp
1,594,530 1,589346 1,534,062
1,588,974
Net income
loss$2,126,251 $4,758388 $9,886,057 $10.247,685
Divs. on pref. stocks of
El.Pow.& Lt. Corp__
4,465,110 5,879,393 4,884,378
Divs. on com, stock of
El.Pow.& Lt. Corp_
829,177 2,235,130 1,867,277
Balance, surplus__ _def$2,126,251 defS535,889 $1,771,534 83.496.030
Summary of Consolidated Surplus for the 12 Months Ended Dec. 31 1933.
Consolidated earned surplus Jan. I. 1933
$14,881,557
Minority interest in surplus of subs. at Jan. 1 1933 (net deficit)
400,364
Adjustment for profit on bonds of subsidiaries retired,$657,635.
adjustment of income taxes of subs., prior years, $154,695•
amortization of strike expense (New Orleans Public Service,
Inc.). $459,082. abandonment of street railway property,
$459,081 additional provision for property replacements,
$125,000 miscellaneous adjustments (net), $91,126. total,
81.946,619. less adjustment in dissolution on Dec. 30 1933
of Dallas-Terrell Interurban Fly, and Texas Interurban Ry.,
$587,651
1,358,968
Balance
$13,122,224
Deduct
-Balance from statement of consolidated income for 12
months ended Dec.31 1933,82,126,252'less minority interest
in undistributed income of subsidiaries for 12 months ended
Dec. 31 1933. $11,196
2,115,055
Balance
$11,007,168
Deduct minority interest in surplus of subs. at Dec. 31 1933
38.013
Consolidated earned surplus Dec. 31 1933
$10,969,156
Comparative Income Account of Electric Power & Light Corp. (Corp. Only).
12 Months Ended Dec. 311933.
1932.
1931.
Gross income from subsidiaries
$1,870,165 $5,995,775 $10,693,373
Other
256,919
22.105
204,364
Total
Expenses, including taxes
81392.270 86.252,693 810,897,737
490,882
418,326
530,396
Netinc.beforeint.& other deducts. 81,473,944 $5,761,811 $10,367,341
Interest and other deductions
1,588.974 1.594,530 1.590,186
Balance carried to earned stu•plus- _def$115,030 $4,167,281 $8,777,155
Comparative Balance Sheet Dec. 31 (Corporation Only).
Assets1933.
1932.
Investments
$182,872,314 8182945,725
Cash
1,868,279 1,412,633
Time deposits in banks
2,050,000 2,000,000
Bonds due Jan. 1 1933
56,893
Notes and loans receivable (subsidiaries)
588,000 1,352,000
Accounts receivable (subsidiaries)
16,239
152,106
Accounts receivable (other)
11,447
26,790
Subscriptions to preferred stock
12,251
12,862
Reacquired capitalstock
101,820
101,820
Claim receivable
38,828
64.005
Unamortized discount and expense
3,753,548 3,783,759
Total
Liabilities
x Capital stock (no par value)
Subscriptions to preferred stock
5% gold debentures
Dividends payable
Accounts payable
Accrued accounts
Reserve
Surplus
Total
$191,312,726 8191908,593
8155,042,839 8155042,239
12,200
12,800
31,000.000 31,000.000
427,624
46,430
90,497
687.667
692.726
156,614
156,765
4,366,976 4,485,941
$191,312,726 8191908,593
Dec. 31 '33. Dec. 31 '32.
X CapitalStock Outstanding with PublicShares.
Shares.
515,122
515,116
$7 cumulative preferred stock-90.000
$7 cumulative 2d preferred stock,series A
105,675
$6 preferred stock
255,430 2-3 255,430 2-3
Common stock
3,393,945 3,331,245
595,498
y Option warrants for com, stock equivalent to
658,198
y Holders of option warrants outstanding are entitled to purchase one
share of common stock, without limitation as to time, at $25 per share
for each option warrant held,and each share of the company's 2d pref,stock.
series A, when accompanied by four option warrants, will be accepted at
$100 in payment for four shares of such common stock in lieu of cash,
June 2 1934
Consolidated Balance Sheet Dec. 31 (Including Subsidiaries).
1932.
1933.
Assets$
$
Plant,property,franchises,&c
617,198,563 624,405,892
Investments (securities at ledger value)
6,192,050 5,779.726
Notes and loans receivable-due after Dec.31 1933
389.254
Cash in banks
-on demand
8,218,870 10,221,460
Cash in banks-time deposits
6,010,997 4,300.000
Cash deposited with trustee
1.401.000
U.S. Government and other short-term securs._
80.892
474,332
Notes and loans receivable
658,858 1,029,531
Accounts receivable: Customers & miscall
8.634,475 10,247,211
Officers and employees ofsubsidiaries
22,425
Subscribers for preferred stocks-subsidiaries
215,565
4,435
Subscribers for $7 pref. stock allotment ctfs.-Electric Power & Light Corp
12.862
12,251
Materials and supplies
3.983.554 4,212.832
Prepayments
242,516
234,277
Non-current notes and accounts receivable
1,637,449
Miscellaneous current assets
233.470
286,969
Sinkingfunds and special deposits
1,707,472 1,683,322
Reacquired Securities: Corp. pref. SE corn. stocks
101,819
101,820
Subsidiaries-Pref.stocks held for resale
1,784,003 1,845.702
Advs. for developm't collectible from gas prodlion 1,146,004
749,737
Unamort. discount, commission & expense
12,994,053 13,699,790
Abandoned property
942,087
5.875,941
Unamortized strike expense
400,000
859,082
Miscellaneous deferred charges
52.211
79,041
Contingent asset
--contra
22.446
810,867
Sundry debits
66,560
Total
679,847,279 681,416,401
Liabilities
Capital stock (see details above)
155,042,839 155.042.239
Subsidiaries: Preferred stocks
119,348.300 119,324,000
Common stocks
5.945,601 5,999,191
Cap. stock subscribed: Elec. Pr. & Lt. Corp.
$7 preferred stock allotment certificates
12.200
12,800
Preferred stocks of subsidiaries
11,400
442,867
Gold debentures 5% series, due 2030
31.000,000 31,000,000
Subs.(funded debt): Mortgage bonds
213,695,100 217.124.200
Collateral trust bonds
7.100.200 6,939,200
Debentures
7,159.200 7.236,300
Income bonds
4,625,600 4,625,620
Contractual liabilities
681.874
796,316
Contractual liabil. payable from gas production._ 171.982
434.664
Dividends declared
84,746 1,211,114
Accounts payable
1,678,509 1,807.856
Notes payable to banks(United Gas Corp.)
21,250,000 21,250,000
Notes pay.(United GBES Corp.to El.Bond & Share) 25.925.000 25,925.000
Contracts payable
439,420
110,412
Long-term debt ofsubsidiaries
1.987.584 2,254,500
Mat bonds & in unpd., Houston Gas& Fuel Co.
'd
307,052
464.658
Accrued accounts
8.819.023 11,434,007
Customers' deposits
2,802,204 3,068,214
Miscellaneous current liabilities
110,492
279,933
Matured long-term debt & accr. int. & redemp.
acct. (cash in special deposits)
1,631.231
1,508.466
Contingent liabilities
-contra
810.867
22,445
Non-current notes and accounts payable
279,059
Undeclared cum.dive. on pref.stocks ofsubs
6,819.879
Sundry credits
50,482
56.213
Reserves: Retirement and depletion
32.936,079 30,841.697
Uncollectible
2,492,560 1,633,570
• Inventory adjustment
313,435
299,295
Other
5,592,772 6.493,008
Minor.int.in surp. ofsubs.& in res.(approp.from
capital surplus)
5,151,272 8,897,049
Earned Burp.. less amt,accruing to min.into
10.969.156 14.881.556
Deferred credit
4.602,158
Total
679.847,279 681,416,401
Consolidated Income Statement for 12 Months Ended March 31.
1934.
1933.
1932.
Subsidiaries$
S.
$
68,875,031 71,601.562 78,006,928
Operating revenues
Operating expenses, including taxes.- 36.724,110 36.205,153 37.743,633
Net revenues from operation
32,150.921 35,396,409 40,263,295
164,393
Other income
310,119 1,734,176
Gross corporate income
32,315,314 35.706,528 41,997.471
deductions- _ 15.824.635 15.935,595 16.959,608
Int.to public and other
Preferred dividends to public
7.918.662 7.912,227 7,908.408
Retire. (depr.) & deplet. res. approp_ 8,009,118 6,865,068 5,825,067
Portion simile.to minority interests- _
90.600
125,909
154.607
Bal.applic. to El.Pow.& Lt.Corp.
472,299 4,839,031 11378,481
ElectricPower es Light Cotp
Bal. ofsubs. inc. applic.to Elec. Pow.
& Light Corp.(as shown above). 472,299 4,839.031 11.178.481
Other income
17.039
198,856
228,888
Total income
489,338 5.087.919 11,377,337
Expenses,including taxes
402.628
522,179
475.964
Int, to public & other deductions_ --- 1,588,974 1,594,154
1,589,421
Bal. applic. to pref.stocks
def1502,264 2.997.801 9,265,737
Divs. on $7 & $6 pref.stocks
5319,133
Divs. on 2d pref. stock.series A ($7)764.442
Dividends on common stock
2,595.397
Balance
def1502,264 2,997.801
788.765
Earns. per sh. on avge. no. of shs.
corn,stock outstanding
Nil
$1.43
Nil
Note.
-Earnings of United Gas Corp.and companies of which has direct
or indirect voting control other than those previously controlledit Electric
by
Power & Light Corp. are included only from June 11930.-v. 138,P.
503.
Elgin Joliet & Eastern Ry.-Earnings.-April1934.
1933.
1932.
1931.
Gross from railway- -- $1,011,485
$628.296
$639,703 $1,450,707
286,765
Net from railway
120,106
38.243
320,194
169,153 def18,236 def105,083
Net after rents
141,918
From Jan 1
Gross from railway
3,546,360 2,339.369 3,170,631
5.768,034
Net from railway
791,046
235,261
1,188,089
408,694
Net after rents
303.439 def298.536 def217.939
397,007
V. 138, p. 3088.
Empire Oil & Refining Co.(& Subs.).--Earnings.-:Years Ended Nov.30- 1933.
1932.
1931.
1930.
Gross earnings
$35,019,308 $44,119,437
Operation and maint__ _ 32,700,531 38,599,303 $36,147,753 $51,471,058
32,558 702 39,076,802
Net earns, from copra_ $2,318.777 $5,520,13i $3,589.051 $12,395,156
Non-operating income- _ x473.270
x520.847
98,877
249,840
Total income
S2.792,047 $6,040.981
$12,494,031
Interest on bond. debt - 2,846,056 2,936,068 $3,838,892 2,571,223
.
3,029,179
Interest on other debt.,..
468,065
330,259
826,501
955,202
Amortization of bond
discount & expense__ 690,839
431,937
606.511
589,225
Net inc. before prov.
for depr. & deplioss$1,212,912 $2.168,143 loss$734,715 $8,664,373
Previous surplus
19,345,809 22,190,710 9,119,208 6,739,925
Adjusts, to surplus (net)
197,041
144.549
256.610 19,902,558
Total surplus
$18,329,938.
nV- 7-116 $28,287,051 $15.548 846
31T,
.
Dividends
1,500,000 2,100,000
Depreciation & depletion 3,542,285 3.769,655 3.996,341
6,429.639
Surplus as of Nov.30314,787,652 319.345,809 $22,190,710 $9,119,208
x Includes $366,156 ($357,176 in 1932) excess of par value over cost of
ends purchased for retirement.
Consolidated Balance Sheet Nov. 30.
1933.
1933.
1932.
AssetsLiabilitiesS
$
$
Leaseholds. oil
x Capital stock_ 70,000,000
prod. prop'y.
Bonded debt-__ 50,706,400
storage fedi..
Notes payable__ 6,193,350
pipelines, reAccts. payable &
fineries & seraccrued exps_ 3,047,384
vice stations.160,232,457 159,388.412 Accts. pay.(M111.
Miscell. invests_
95,443
companies)___ 1,119,201
222,989
Cash
1.796,872 2,652 446 Accts. payable
Inventories __ - 10,306,260 9,479,108 from future oil
63,892
Accounts rec.'
production...
Customers_ _ _ 2,058,787 2,222,741 Due Empire Gas
Affiliated cos_
891,600
& Fuel Co___ 4,345,113
586,506
Miscellaneous
166.440
175.827 Non-curr. notes
Mat% & suppl's 2,252,025 2,439,163 & acct. Pay-3.331
Special cash deps
7,520
Notes pay. after
Market. seeurs10,147
Nov.30 1933_
Non-curr. notes
Int. accrued on
& accts. rec464,809
59,611
boded debt_
Prepaid insur.,
18,438
Customers'deps.
taxes, int. &
Depr. & deplet_ 30,603,786
other prepays.
207,331
289,751 Crude & ref. oil
Bond discount &
price change
exp. wutmort_ 4,629,662 5,284,3111
2,441,732
reserve
Joint lessees sect
62,226 Bad & doubtful
Accepts. rec____ 1,576,106 1,649,972
accounts
Bats. in closed
50,308
Injuries & dam.
banks
488,583
18,130
36,389 Miscell. reserves
0th. def. charges
14,787,652
25,595
40,778 Surplus
1932.
$
70,000,000
52,370,800
6,256,958
2,648,546
534,736
266,935
1,362,784
105,707
482,605
68,295
28,181,491
2,543,253
308,757
50,321
3,617
19,345,809
Total
184,333,981 184,530,612
Total
184,333,981 184,530,612
a Represented by 700,000 no par shares.
-V. 136. Is. 3727
.
Empire Power Corp.(& Subs.).
-Earnings.
Years Ended Dec. 311931.
1932.
1933.
Interest and dividends from securities
including bank interest
$2,154,555 $2,371,169 $2,244,916
33.166
Other revenues
7,567
Gross revenues
$2,154,555 $2,378,736 $2,278.082
Oper. exps. & taxes, incl. est. Fed.
448,784
342.806
inc. & State franchise taxes
239.735
Net after taxes
Interest on unfunded debt
Other contractual deductions
$1,914,819 $2,035,930 $1,829,298
8,158
99,311
96,587
3,803
2,844
2,209
Balance
$1,816,023 $1,933,775 $1,817.336
6,334
Net profit on trading in securities.... Dr15.353
Dr82
Prov,for doubtful notes & accts. rec..
400,000
250,000
Net income for year
$1,550,669 $1,533,693 $1,823,671
Divs. on pref. stocks of subs. cos. in
497,630
477,710
hands of public
467,028
Minority common stockholders' int.
8,601
In current income of subs. cos
2,516
2,211
Balance
$1,081,430 $1,053,467 $1.317,638
-V.138. p. 2922.
-Div. Reduced.
Equitable Office Building Corp.
The directors on May 28 declared a quarterly dividend of 10 cents per
share on the common stock, no par value, payable July 2 to holders of
record June 15. This compares with 25 cents per share paid each quarter
from April 1 1933 to and incl. April 2 1934 and 37X cents per share on
Jan. 2 1933.-V. 138, p. 2406.
Ercole Marchi Electric Mfg. Co. (Ercole Marelli &
Co., S. A.).
-Warrants Expire.
-
The stock purchase warrants attached to the 25-Year 1st mtgs• sinking
fund 6,t- % bonds, series A, due Nov. I 1953, expired and became void
after May 311934, it is announced.
-V. 132, p. 4419.
Erie RR.
-Earnings.
Red. Chicago & Erie RR.]
Period End. Apr. 30- 1934-Monlh-1933.
1934-4 Mos.-1933.
Operatingrevenues
$6,151,236 $5,147,199 $25,012,304 $20,729,627
Operating exps. & taxes_ 4,835.910
4.408.733 18.984.700 17,689.496
Operating income__ _ $1 315 326
$738,465 $6,027,603 $3,040,131
Hire of equip, and joint
fedi. rents-net debit
1,153,424
1.218.863
292.709
386,276
Net ry oper. income_
$445,756 $4,808,739 $1,886,706
$929,049
Earnings for Company Only.
April
1932.
1931.
1933.
1934.
Gross from railway
$5,395,677 $4,444,793 $5.593,009 $6.943,175
Net from railway
1,227,398
1.362,791
805,385
1,305,268
Net after rents
860.801
696,363
353,575
885,538
From Jan. 1
Gross from railway
21,951,264 18,147,599 22.053,759 27.298.513
Net from railway
4,783,230
5,781.763
3,551,389
5,934,236
Net after rents
2,715,040
1.778.618
4.056,405
4,494,569
To Renew Railroad Credit Corporation Loan.
-
The company has requested the Railroad Credit Corp. to extend for at
least two years, its outstanding loan balance of $1,362,253 due June 27
1934. The original amount of the loan was $1.900,000. In this connection
the road has requested the I.
-S. C. Commission for authority to Icontinue
the pledge of 64,000,000 of ref. & improve't mtge. 6% gold bonds as part
of the coll, security under the renewal notes.
-V. 138. p. 3269.
Federal Motor Truck Co.
-Options Expire.
The company has notified the New York Stock Exchange that the options
on a total of 12,400 shares of common stock as follows: 2,500 shares at $7
per share, 3.500 shares at $8 per share and 6,400 shares at $10 per share.
previously granted, expired on May 15 1934 and have not been extended.
-V. 138. p. 3438.
First Boston Corp.
-Trading Suspended.
see under "Current Events and Discussions" on a preceding
138, p. 3269, 3437.
-V.
page.
Florida East Coast Ry.-Earnings.-
April
Grossfrom railway
Net from railway
Net after rnets
From Jan. 1
Grossfrom railway
Net from railway
Net after rents
-V.138, P. 3089.
S96'7,1.66
425,873
279.398
$815,283
320,600
177.657
1932.
$731,397
202,708
43.996
1931.
$986,153
354,869
173.670
3,999,404
1.719,465
1.194,591
3,503,643
1,500,385
996,453
3.618,123
1.443,001
815,084
4,688,928
1,803,858
1.080,156
Florida Public Service Co.
-Earnings.
12 Months Ended march 31Total operationg revenues
Total operating expenses, &c
1934.
1933.
$1,635,781 $1,836,360
1,229,300
1,187.861
Operating income
Other income
1406,480
4,602
$648,498
9,042
Gross income
Total interest on secured funded debt
Interest on unfunded debt
$411,082
757.436
312,763
$657,541
757.435
297.813
$659,117
Deficit
$397.709
Pr x Includes interest for full 12 months since principal amount outstanding
unpaid at maturity.
was
The above statement excludes amortization of debt discount and expense
of $54,326 in the 1934 period and $55,479 for 1933 and also excludes a small
-V. 138. p. 503.
credit for interest during construction in each period.
3773
Financial Chronicle
Volume 138
-Earnings, &c.
Ford Motor Co.
AssetsReal estate
Mach. & equipment
Inventory
Cash•
Deferred charges
Balance Sheet Dec. 31.
1931.
1932.
1933.
$
$
$
150.912.504 157.685,318 158.387,688
90,112,502 108,668,123 124,601,735
48,537,414 58.344.341 64.884.691
343,304,237 303,650,430 372,483,105
1.972.496
6,239,168 5.909,690
1930.
$
152.636.931
131.884.056
112.482,374
382,898.719
2,062,491
Total
639,105.825 634,257,902 722.329,715 781,964,571
Liabilities
17,264.500 17.264.500 17,264,500 17,264.500
Capital stock
38,328,408 30,000,154 38,824,298 45.315.919
Accounts payable, &c
6.995,838 6,552,645 10.938,670 10,495,905
Reserves
Profit & loss surplus_ _ _ _576,517.079 580,440,603 655,302.247 708,888,247
Total
639.105,825 634,257.902 722,329,715 781,964.571
* Includes notes and accounts receivable, securities, patent rights, &c.
Changes in the profit and loss account over the past 13 years, as reported
to the Mass. Corporations Commissioner, are appended herewith:
1654.851.061
Feb. 28 1922
$240,478,736 Dec. 31 1927
582.629.563
Feb. 28 1923
359,777,598 Dec. 31 1928
664,427,424
442,041,081 Dec. 31 1929
Dec. 31 1923
708,888,247
Dec. 31 1924
542,476,497 Dec. 31 1930
655,302.247
Dec. 31 1925
622,366,893 Dec. 31 1931
580.440.603
Dec. 31 1926
697,637,788 Dec. 31 1932
576.517.079
iDec. 31 1933
past years, as indicated by
Net earnings and profits per share for the
the increase in profit and loss surplus, have been as follows:
Profits
Profits I
per Sh.
b Profits.
Year tob Profits. per Sh.I Year toApr. 30 1921a-417.198.564 $100 IDec, 31 1927-loss$42.786.727 Nil
33 Dec. 31 1928- _loss72.221.498 Nil
18,797,861 $473
Feb. 28 1923--119,298,862 691 IDec. 31 1929___
44.460,823 257
Dec. 31 1923a_-- 82,263.483
476 Dec. 31 1930-667 Dec. 31 1931_ - _106853.586.600 Nil
Dec. 31 1924........115,105,416
Dec. 31 1925....--115,078.383
666 Dec. 31 1932-106874,861,644 Nil
Dec. 31 1926 -- _ 75,270.895 436 Dec. 31 1933-__ -loss3,923,524 Nil
.
-V.138. p. 3438.
a 10 months. b Exclusive of any dIvidends paid.
Fort Smith & Western Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
V. 138, p. 3089.
1934.
$45.323
def3,198
def9,204
1933.
$43,911
def2,893
def9,884
1932.
$47,809
def7,950
def16,534
1931.
$58,920
def1.232
def14,783
214,825
11,753
def12,046
203.346
4,532
def17,176
221.124
def9,336
def35,404
286,338
22,599
6ef27,211
Fort Worth & Denver City Ry.-Earnings.April
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 3089.
$401,489
131,028
75,615
$343,216
81,798
30,480
$403.607
73,822
17,346
1931.
$521.815
115,394
69.473
1,655,254
544,601
310,279
1,477,873
420,141
219,684
1,871,453
580,933
351,328
2,219.673
562,749
363,412
Fort Worth 8c Rio Grande Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 3089.
1932.
$38,785
def21,410
def34,358
1931.
158.273
def19,339
def36,476
141,316
126,216
134,111
def96,290 def105.632
def69,919
def105.235 def139,811 def153,26I
192.806
def98,993
def154,744
1934.
$28.965
def21.817
def30,584
1933.
$33,017
def22,620
def33,891
-Earnings.
Foundation Co., N. Y.
Calendar YearsGross(incl. other Inc.)....
Expenses. &c
Net loss
1933.
$134.478
2.10,527
$106.048
1931.
1932.
$268,331 loss$121,647
439.141
304,098
1930.
$612,726
616.390
$560,788
13,664
$35,768
Paid-in Surplus Dec. 31 1933.
5922,656
Balance as at DEC. 31 1932
Surplus arising from reduction of stated value of capital stock
2.000,000
stockholders May 26 1933
authorized by the
Adjustment of over-accrual of commissions payable provided
24,820
In prior years
$2,947,476
Total surplus
Items charged to paid-in surplus as authorized by the stockholders at a meeting held on May 26 1933:
$1,445.216
Balance of earned deficit as at Dec. 31 1932
675,145
Good-will
1827.114
Paid-in surplus at Dec. 31 1933
Earned Deficit from Jan. 1 1933 to Dec. 31 1933.
Additional expense in connection with contracts completed in
prior years
Reserve against investment in Sindicato de Construcciones del
Country Club (Lima, Peru)
Net loss for year ended Dec.31 1933
Earned deficit at Dec. 31 1933
1,819
3,579
106,049
$111,447
Balance Sheet Dec. 31.
1932.
1933.
1932.
Assets1933.
d Cash
$24,748 $197,556 a Capital stock --$2,000,000 $4,000,000
216,057
6,900 Accounts payable.. 154,703
3,912
Notes receivable._
10,000
10,000
485,032 Notes payable..___
Accts. receivable
438,785
589.717
539,555
U. S. Gov. bonds.
3,054 Bank loans
Accr. comm. pay.
Tax warrants of
47,053 on completion of
State of La
119,05?
149.067
contract
Bonds of the State
Retained on subof Louisiana
41,065
124,75.5
contracts
Marketable scents. 287,300
Res. for foreign exDeferred asset____ 242.727
292,698
change adjust..
South Amer. accts.
448,869
528,851 Adv.pay.on incom& notes reedy.
7.495
301,465 contracts
Materials on hand 312.192
92,653
64,512
14,769 Other accr. sects...
Prep. & def. accts.
15,986
is Real estate and
Mortgage on Foun353,000
buildings, plant
dation Building_ 346,000
922,656
and equipment_ 1,762,141 1,791,903 Paid-in surplus.... 827,115
111,448 1,445,216
675,145 Earned deficit
Goodwill & patents
C Other assets..... 819,230
813,687
34,396,9.57 $4,865,416
Total
Total
$4,396,957 $4,865,416
a Represented by 100,000 shares of no par value. b After depreciation
of $741,131 in 1933 and $742,994 in 1932. c After reserves. d Includes
cash in South America.
-V. 138, p. 3438.
-Further Expansion.
Foster-Wheeler Corp.
As of April 10 the corporation has taken over the sale and manufacture
of Ruths steam accumulator systems in the United States and Foster
Wheeler Ltd. will handle the distribution in Canada. The marketing
of the equipment will be done by the Ruths Accumulator division of Foster
Wheeler, and G. M. Cameron,formerly of Ruths Steam Storage. Inc.. will
be manager of the Ruths Accumulator division, with headquarters in
New York.
Financial Chronicle
Withdrawalsfrom Petroleum Distillation Corp.—An official
statement follows:
June 2 1934
decentralization of theatre operations had been in the course of development by the old management during the early part of 1931, pursuant
to which, in the first instance, a few theares were sublet and eventually
The corporation recently announced its withdrawal from Petroleum Disall the theatres were sublet. The two principal operators (taking over
tillation Corp. as of Dec. 31 1933. Under the withdrawal agreement the
practically all theatres in Manhattan, Bronx, Long Island and northern
original purchasers of equipment constructed by Foster Wheeler Corp.
New Jersey) were the Skouras Theatres Corp. and the Randforce Amuseprior to Dec. 31 1933 are protected against claims for infringement of disment Corp. 50% of the stock of each of Skouras Theatres Corp. and
tillation patents issued on or before Dec. 31 1933, and owned or controlled
Randforce Amusement Corp., under the terms of the subleasing arrangeby the Atlantc Refining Co., Standard Oil Co.(Ind.), Standard Oil Co.
manta, was owned by Fox Metropolitan Playhouses, Inc. At the instance
of New Jersey or their controlled subsidiaries.
of the committee,this stock was turned over to the corporation and formally
In return for such protection Foster Wheeler Corp. has granted to
pledged with the trustees under the indenture as additional security for
Petroleum Distillation Corp. non-exclusive licensing rights under Foster
the notes.
Wheeler distillation patents issued on or prior to Dec.31 1933. and without
A third agreement to cover the subletting of about 34 theatres in northern
accounting to Foster Wheeler.
New York State to a new concern known as Central New York Theatres
All stock formerly held by Foster Wheeler Corp. in Petroleum DistillaCorp. had been negotiated by the old management but had not yet been
tion Corp. has been reassigned to the latter without other consideration
formally consummated when the committee became identified with the
and the agreement whereby Foster Wheeler Corp. was licensing agent for
situation as a part of the new management. Before acting on this proposal
Petroleum Distillation Corp. has been terminated. Every connection
the committee's representatives caused an independent investigation to be
between Petroleum Distillation Corp. and Foster Wheeler Corp. h s now
made respecting this proposed transaction, on the basis of which the con
been entirely severed.—V. 138, p. 2248.
templated arrangement was modified in various respects believed beneficial
to the interests of the noteholders. Upon such modified basis the arrange'r Fourth National Investors Corp.
- --approved by the committee as an experiment.
ment was
-40
-Cent Common
In addition, various other independent investigations were instituted
The directors on May 24 declared a dividend of 40 cents per share on t
by the committee respecting the financial affairs and past earnings of the
common stock, par $1. payable July 1 to holders of record June 12. Th
corporation and of various transactions between the corporation and affilicompares with 45 cents per share paid on Jan. 1 last. 40 cents per share on
ated companies.
July 1 1933. 55 cents on Jan. 1 1933,60 cents on July 1 1932 and 55 cents
Immediately upon the committee's joining in the management, a comper share on Jan. 1 1932 and on July 1 1931.—V. 138. p.2408.
plete severance was made between the operating personnel of Fox Theatres
Corp. and the corporation and a number of employees whose compensation
Gatineau Power Co. (8c Subs.).—Earnings.—
had previously been charged against the corporation were taken off the
Period End. Mar.31— 1934-3 M03.-1933.
1934-12 MOS.-1933.
payrolls.
Operating revenue and
The committee found that the commotion was involved in lawsuits
other income
$2,258,945 $2,318,421 $9,276,922 $9.268.991
and that a number of miscellaneous claims were bring made against it,
Loss on exchange
2,987
49.709
176,823
16,458
and this litigation had to be taken over and Investigated, and some pressing
Profit on bonds and deb.
claims of creditors had to be negotiated and settled.
redeemed
Cr241.035 Cr235,140
Negotiations were also had for rent reductions in some instances, where
this could be undertaken without jeopardy to noteholders' security.
Total gross revenue— $2,255.958 $2,268,712 $9.341,134 $9,487.673
Experience soon showed that the theatres in northern New York State,
Net revenue before int..
sub-leased to Central New York Theatres Corp., presented a suecial
depreciation. &c_ _ _ _
1,962.050
1,999,584
8,161,983 8.282.907
problem. Most of these up-State theatres were in the so-called Schine
Interest on 1st mtge.
Circuit, the underlying leases of which involved questions of the riht of
bonds and prior liens..
876.993
881.318 3.517.058 3,536,632
cancellation upon receivership, bankruptcy and contained other unfavorable
Interest on debentures
268.723
274,808
1.084,829
1,108,181
clauses including too high rentals. Extensive negotiations on this matter
Other int., amort. of
were initiated early in 1932 by the committee's representatives in the
disc., div. on pref.
new management and extended beyond the receivership for many months.
stock of subsidiary.._ _
168,910
176.634
699.162
While some of the Schine properties had merit and were being profitably
674,983
Deprec. and amort. of
operated, many other units in the Schine Circuit were undesirable and
storage works
156,937
158.750
639,629
639,693
constituted a severe burden. It was impossible to separate the good from
the bad. Matters respecting this circuit finally came to a head in March
Balance added to Burp. $490,487
$508,074 $2,221,305 $2,323,418
1933 when, all efforts to obtain fair terms for the future having failed,
—V.138, p. 1042.
( committee advocated cancellation of the leases rather than subjecting
the
. the future operation of the corporation's other properties to the
&et .ct....icet
speculation
---Fox Metropolitan Playhouses, Inc.—Reorgan. Plan — of retaining the Schine Circuit at unreasonably high cost. Accordingly,
with the approval of the Court, the receiver arranged such cancellation.
A proposed plan of reorganization, dated as of April 16 1934, has
With the maturity of the notes on May 1 1932 the problem of orotecting
formulated by the protective committee for the 6M % cony. notes and
the assets of the corporation became more acute as threats of 1eal pro634% sinking fund gold debentures.
ceedings were made against the corporation. By this time sufficient proThis plan has been filed in the U. S. District Court for the Southern
gress had been made in the re-neogitation of the terms of the
District of New York and has been submitted to the Court for its deterindicate that it would be possible to save for the noteholdersleases as to
practically
mination as to the fairness and equitableness of the plan and for the conall of the leases considered to be desirable. It had not proved feasible
summation thereof under the supervision of the Court. The formal
to protect the leasehold estates generally against cancellation in event
approval and adoption of the plan of reorganization by this committee will
the bankruptcy of the corporation nor against future receiverships. of
It
also be subject to the approval and supervision of said Court in accordance
was, therefore, decided to resist any attempts to force the corporation into
with the terms of the plan. The Court has assumed jurisdiction and
bankruptcy, but when it became evident that a receivership would be
supervision of the plan.
knowledge and approval of the committee,
asked, the directors, with the
In placing the plan under the supervision of the Court, the committee,
believing that an equity receivership was in the best interests of the corupon the advice of its counsel because of the provisions of the Federal
poration and its creditors. including the noteholders,
Securities Act of 1933, instructed the depositary under the noteholders'
appointment of a receiver by the U. til. District Courtsubmitted to the
for the Southern
protective agreement to accept no further notes or debentures for deposit
District of New York.
under said agreement or for deposit under said plan of reorganization until
The Irving Trust Co. was appointed receiver on June 6 1932. Ancillary
further notice. The acceptance of further deposits will be later arranged
receivers were thereafter appointed for the property and assets of the
for under such conditions as the Court may direct.
corporation in the Eastern District of New York, the District of New
A hearing will be held on the plan of reorganization on June 20 at Court
Jersey, the Northern District of New York, and the Western District
Room No. 2,in the Woolworth Bldg., New York.
of New York.
The members of the committee are: Joseph W. Dixon, William M.
In each instance the receivership was extended to
Greve, Max Horwitz. Alvin J. Schlosser, and Ernest W. Niver, Chairman,
mortgage securing the $12,460,700 outstanding notes. foreclosure of the
with Warner Marshall Jr., Sec., IS Broad St., New York, and Beekman,
Commencing in the autumn of 1932 the committee began giving detailed
Bogue & Clark, counsel, 15 Broad St., New York.
consideration to the question of reorganization. To
immeAn introduction to the plan states in part:
diately, a substantial amount of new capital would have reorganizereaised.
had to be
History.—In October 1931 corporation stated officially that it would
Careful investigation convinced the committee that to endeavor to raise
be unable to meet the interest due Nov. 1 1931 on its $12,460,700 notes
such capital upon fair and reasonable terms, under the conditions then
outstanding. So ae to permit of concerted action in behalf of the noteobtaining, was practically impossible.
holders without delay, there was organized a noteholders' protective
After an adequate experience had been developed in the operation of
committee which invited the co-operation of all noteholders through dethe theatres under the Randforce and Skouras operating management
posit of their notes. This committee was sponsored by investment banking
and after the results of this management had been carefully appriased,
houses which had originally distributed the securities. The membership
the committee became convinced that the best interests of the noteholders
of the committee was comprised chiefly of representatives of these investunder a reorganization would be served by providing for a continuation
ment houses, including the holders of a substantial amount of the notes.
of this management subject to various changes in the terms and conditions
The committee turned its immediate attention toward avoiding a rewhich the committee believed advisable. Extended
negotiations were
ceivership. This was especially important because of the existence in
undertaken by the committee with the respective operators having to do
many of the leases held by the corporation of clauses which would permit
with the terms and conditions for subletting and managerial arrangements,
the landlords to cancel the theatre leases in the event of bankruptcy,
which the committee was prepared to sponsor as part of a reorganization
receivership and certain other financial difficulties of the corporation. Any
plan. These negotiations lasted over a period of many months' time
wholesale cancellation of leases, such as might then have resulted, would
and finally resulted in satisfactory agreements being reached, the principal
have been disastrous to the interests of noteholders since such theatre
features of which include provisions for the application of the bulk of the
leases comprised the principal security for the notes and indeed the principal
dividends on the 50% stock interest, being issued or being
subject
assets of the corporation.
to option in connection with the management contracts, toheld devoted
be
Investigation by the committee disclosed that the chief creditors (other
toward acquiring a financial interest in the proposed reorganized company
than the noteholders) were: Fox Theatres Corp., Fox Film Corp. and
to the extent of $650,000 of new debentures.
possibly National Theatre Supply Co., all then being affiliated concerns.
In anticipation of the plan but as a separate and precedent matter, the
It subsequently developed that National Theatre Supply Co. was not a
committee, in co-operation with the receiver, effected a number of benecreditor. Extended negotiations were had with these creditors as a result
ficial changes in the existing sub-lease and managerial contracts including
of which an agreement was entered into, dated as of Nov. 2 1931, in which
an arrangement by which the drawing account of Spyros. George and
it was agreed that the income of the corporation would be handled in
Charles Skouras, as managers of Skouras Theatres Corp.,
effect as if a mortgage foreclosure receiver had been appointed, and the
March 1933 from the rate of $150,000 per year to the ratewas changed in
of $75.000 Per
parties agreed to avoid, if possible, the appointment of a receiver. This
year, which amount is to be continued in the reorganization on a straight
agreement provided for the management and operation of the corporation
salary basis.
under what was practically the joint control of Fox Theatres Corp., the
The adjustment of claims of unsecured creditors is complicated because
sole stockholder, and the noteholders' protective committee. This agreea number of the claims are for unliquidated damages, and the allocation
ment has been called the "operating agreement," because the intent of
of the assets held by the receivers between secured and unsecured assets
this agreement was to hold everything in status quo pending the formulation
involves detailed analysis and possibly judicial determination. The comof some satisfactory solution, and it has also been known as the "standstill
mittee has worked,however,in attempting to settle claims with all creditors.
agreement."
Some adjustments have been arrived at with creditors, including Fox
The "standstill agreement" safeguarded the interests of the noteholders
Theatres Corp. and Fox Film Corp., the principal unsecured creditors.
and also had the practical effect of postponing the actual receivership for
The negotiation of the Fox Theatres Corp. claim
six months. Pursuant to the standstill agreement, all of the stock of the
plicated, because it involved a large number of inter was especially comtransactions
corporation was placed in a voting trust under which the voting trustees
extending over several years of operating including -company entered into
contracts
were the late Casimir I. Stralem (then a member of the noteholders' proupon the organization of the corporation, leases subsequently transferred
tective committee), Harley L. Clarke (representing Fox Theatres Corp.,
to the corporation by Fox Theatres Corp., and rental of the Audubon
Theatres, a large theatre in New York owned by another subsidiary of
the owner of all of the oustanding stock and the principal general creditor),
Fox Theatres Corp. Negotiations with other unsecured creditors are in
and Herbert P. Howell (President of Commercial National Bank & Trust
the course of further progress.
Co. of New York, named as the third and independent voting trustee).
Thereafter Messrs. Stralem and Greve (of the noteholders' protective committee) were elected members of the board of directors and the corporation's
General Comment on Assets and Liabilities.
affairs were operated under the direction of the directors composed of
The principal assets of the corporation are pledged under the mortgage
two members of the noteholders' protective committee, two representatives
securing the notes. On the date of the receivership such mortgaged assets
of Fox Theatres Corp., and Herbert P. Howell as the fifth and independent
included 134 theatre leaseholds, eight theatre fee properties, the appurmember. As provided in the standstill aggiement, a representative of the
tenant furniture, fixtures, equipment, &c., various leasehold security
committee, Alvin J. Schlosser, was elettad treasurer with general superdeposits, the stocks of certain affiliated and subsidiary companies and
vision over financial and business affairs, subject to the new board of
certain cash.
directors. Counsel for the committee were appointed counsel for the
Other assets of the corporation, the status of which
reference to
corporation, and S. H. Fabian, selected by the committee, was employed
the lien of the mortgage has not yet been determined,with
include approxias a special adviser in theatre operation and lease matters and elected a
mately $400,000 cash as of May 1 1934, some notes and accounts receivable
Vice-R esident
and also various sundry assets of only nominal value. Because of the
The by-laws of the corporation were amended to give effect to the procomplexity of the situtation, it is impossible, pending judicial determinatective features of the standstill agreement.
tion, to state the exact line of demarcation of all items between the mortThe new management immediately proceeded to study in detail the
gaged and unmortgaged assets.
affairs of the corporation and to negotiate with landlords modifictions
Liabilities are comprised chiefly of $12,460,700 634% cony, gold notes
of leases so as to protect the interests of the noetholders in the event of a
and 6%% sinking fund gold debentures; $830,252 real estate mortgages
receivership.
on theatre fee properties; approved invoice and miscellaneous accounts
As a direct result of the standstill agreement and these activities of the
amounting to approximately $7,000; receiver's liabilities of approximately
committee, a large number of modifications of leases were obtained as a
$25,000 and other general creditors and litigants (including large claims
protection against the receivership when it eventually came about in
of doubtful or undetermined validity) of approximately $5,461,798, of
June 1932.
which $4,536,742 is the Fox Theatres Corp. claim.
When the committee became active in the management all of the corDuring the period of receivership to Jan. 1 1934, some 55 theatre leaseporation's theatres had been sublet to other operators. This policy of
hold properties, representing assets of doubtful or no value, have, with th
Div
et
Financial Chronicle
Volume 138
approval of the Court. been relinquished or disposed of. This reduces
the number of theatre properties now under control of the receivers, subject
to the mortgage and available for reorganization, to 87 units. Of this
number 79 comprise leaseholds having an average life of over 16 Years.
and eight are fee properties.
The plan deals directly with only so much of the corporation's property
and assets (including the above 87 theatre leaseholds and fees) as are subject
to the existing mortgage. Separate provision is made for liquidation of the
interest of depositing noteholders in the unmortgaged cash assets of the
corporation. No specific provision is made for participation in the plan
by any general creditors of the corporation, except miscellaneous invoice
creditors with claims aggregating approximately $7,000, which claims,
it is proposed, will be paid in full, the deficit to be paid out of the depositing
noteholders' share of uninortgaged cash, as and when received.
Consolidated Statement of Profit and Loss.
June 4'32 to June 1'33 to June 4'32 to
May 31 '33. Dec. 31 '33. Dec. 31 '33.
ncome-Rentals received and.rec'ble $4,392,302 $1.990,578 $6,382,880
Dividends received
100.000
100.000
Interest earned
17,053
50,500
33,447
Miscellaneous income
900
550
350
Income from operating of the Belmont and Blenheim theatres_ _ _ _
152,267
62,907
89.359
Total income
$4,589,208 $2,097,341 $6,686,549
Net profit from Avenue Amusement
Corp
6.157
944
5,213
Total
$44,590,152 $2,102,555 $6,692,707
x Due from Skouras brothers
89,893
89.893
Total
$4,590,152 $2.192,448 $6,782,600
Deductions
-Rentals paid & payable- $3,507,758 $1 ,582,691 $5.090.450
Office salaries
84.568
65,548
19.020
Office rent
3.124
1.844
4,969
Office supplies and expenses
4,553
2,813
1,740
Legal, auditing & receivership exps_
13.234
40.690
27,455
Interest expense
32.223
17.493
49,716
Taxes
13,836
13,901
64
Insurance
6.972
6,712
260
Contr.cancellations & renew.exP
18,128
51.017
32,889
Miscellaneous expenses
937
1,081
2,019
Zaps. incident to operating of the
Belmont & Blenheim Theatres
73,822
115,824
189.647
Net income
•Fixed and financial charges:
Interest on bonded indebtedness
2% normal tax
Deprec. and amortiz.of fixed assets
Amortiz, of apprec, of fixed assets_
$852,010
800,946
19,349
900.422
488.172
$392,082 $1.244,092
472,468
9.231
415,158
233.571
1,273,414
28,580
1,315.580
721,743
Net loss for the period
$1,356,878
$738,347 $2,095,226
* Committee Notation.
-These are actual charges of present corporation
Including Interest on $12,460.000 notes. Maximum interest charges for
new company under reorganization plan will be $344,027 Per annum.
x As additional rent based on the profits of Skouras Theatres Corp., for
the period ended Oct. 31 1932 (subject to adjustment upon clarification
of the terms of this contract).
Consolidated Balance Sheet Dec. 311933.
[As prepared by receiver.1
AssetsLiabilUiesCash on hand and in banks._ $1,284,149 Receivers' liabilities
$25,215
Notes rec., due within 1 yr..85,515 Estate liabilities
Theatre rents receivable
14,572
15,038 Accounts payable-General.
Accounts receivable
12,458,200
1,244 Cony. 635% gold notes
Other accounts receivable_
3,110 Accrued int. & 2% normal tax 2,202,609
Accrued Interest receivable__
2,942
37,564 615 5;, debs, and seer. IntBalance in Bank of United
Mortgages payable, maturing
States (net)
182,402
3,815 in one year
Due from affiliated cos
647,850
45,750 Mtges. payable after one year
Due from Skouras brothers
Leasehold eecurity deps. pay_
30,473
as additional rent
89,893 Prov. for accrued liability
Notes receivable, due after
150,000
under film franchise contr.
Dec. 31 1934
118,088 Accrued rents payable
4,867
Leasehold security deps. rec.
529,489 Due to affiliated companies:
Investment in theatre oper4,390,890
Fox Theatres Corp
sting companies
260,712
Fox Film Corn
12,502
Fixed assets at cost
Randforce Amusem't Corp.
238
9,592,725
Appreciation of fixed assets
77,479
5,376,989 Deferred income
Cash in hands of trustees__
1.300.000
242,251 7% preferred stock
Prepaid expenses
9,500,000
335 Common stock
Deficit
13,859,990
Total
$17,388,261
$17,388,261
Total
Digest of Plan of Reorganization.
Outstanding Notes and Debentures.
6%% convertible gold notes
$12,458,200
63 % sinking fund gold debentures
2.500
Contemplated Procedure.
-The plan contemplates the foreclosure of the
mortgage securing the presently outstanding notes. The committee or its
nominees, acting solely on behalf of depositing noteholders, will bid at
foreclosure sale for such assets. If bids are successful, it is proposedthe
to
organize a new corporation to acquire substantially all of the assets and
property now subject to the mortgage.
Authortzd Capitalization of New Company.
Secured 5% debentures due 1944
$6,880,350
Common stock (to be represented by voting trust certificates) _276 214 shs.
The exact amount of new debentures to be issued will be governed by
the amount of notes deposited under the plan. In addition to the new
debentures to be issued to depositors, there will be reserved for subscription
at par an aggregate of $650,000 of new debentures. The exact number
of shares of common stock to be issued will depend upon the amount of
notes deposited under the plan and, in addition, a maximum of 10% of
the total issue, not exceeding 27.000 shares, will be issued to Fox Film
Corp. in consideration of obtaining from it necessary and desirable rights
in connection with existing picture supply contracts held by operating
companies hereinafter referred to.
There will be no options on unissued stock and no stock will be issued
as a bonus or for services in connection with the Plan.
Securities to Be Received by Depositing Noteholders.
Upon consummation of the plan, depositors will receive
principal amount of notes together with all accumulated and for each $1,000
unpaid interest:
(a) $500 of new debentures due 1944 of the new company.
(b) Voting trust certificates for 20 shares of common stock of the new
company (comprising in tho aggregate 90% of the total).
(c) A registered warrant for a pro rata share (subject to
visions) in the unmortgaged cash of the corporation (i.e., certain prothe present
cas.ang.
company)d
those noteholders who deposit their notes with the committee
Only
will participate in the plan. Non-depositing noteholders will receive only
their pro rata share of the foreclosure sales proceeds and liquidation of the
other assets, less expenses,
Financing the Reorganization.
-There will be no assessment upon
positors and the plan does not involve the raising of any new money defor
its consummation. It is estimated that all cash requirements and expenses
the mortgage receivership and of the reorganization (including proof
vision for approximately 3200.000 working capital for the new company
and the above-mentioned cash distribution to depositors) can be met out of
the depositors' share of such cash as is unquestionably subject to the
present mortgage and now in the hands of or to accrue for the account
of the receiver and (or) the trustee. As of May 1 1934 such cash amounted
to approximately $1,430.000, as reported by the receiver and the trustee.
Should the cash so available prove, in the discretion of the committee,
to be more than actually required, the excess will be paid to depositors
as an additional cash distribution.
Management of New Company.
-For tha purposes of insuring an effective
initial control of the new company in behalf of depositing noteholders and
3775
to provide for strong initial management, the common stock of the new
company will in the first instance be deposited under a voting trust agreement to run for a period of three yea's. Under the voting trust there
will be three trustees who will also serve as directors as indicated below.
At the request of the committee the following have agreed to serve as such
voting trustees If approved by the depositing noteholders and by the Court:
Sidney R. Kent, Herbert P. Howell, and Richard C. Hunt.
The initial board of directors of the new company will be made up of
seven members, of whom the three voting trustees and the President of
the new company will comprise a majority.
Theatre Operating Management.
-Operating management for the theatres
to be controlled by the new company will be provided by leasing or subleasing the theatres (with nominal exceptions) to two operating companies,
each under the management of experienced theatre operators. Such
leases will be at fixed rentals substantially in excess of the rents payable
by the new company. In addition, the new company will hold a 50%
stock interest in each of these operating companies and the remaining
50% in each case will be issued or held subject to option in connection
with the contracts with the respective managing executives of the operating companies. Approximately 36 theatres, located in Brooklyn, N.Y..
and immediate environs, will be leased or sub-leased to a company under
the management of Samuel Rinzler and Louis Frisch, who now manage
the Randforce Amusement Corp. Practically all the remaining theatres.
approximately 44,located in New York City, Long Island and New Jersey,
will be leased or sub-leased to a company under the management of Spyrm,
George and Charles Skouras, who now manage Skouras Theatres Corp.
Under the plan the five individuals mentioned will be retained under
long-term employment contracts with the respective operating companies,
the aggregate salaries for the five amounting to 1119.200 per year. and
in connection with the new management arrangements all claims, if any,
against Spyros Skouras, Charles Skouras, and (or) George Skouras for
drawing account balances under previously existing contracts will be
released to the extent that such claims are acquired by the new company,
pursuant to an oral understanding between these individuals and the
former management of Fox Metropolitan Playhouses, Inc.
As indicated with reference to capitalization, holding companies, in
connection with the management contracts, will subscribe for the purchase
at par of an aggregate of $650,000 of the new debentures due 1944 of the
new company, the same issue as distributable to depositing noteholders.
These subscriptions will be payable primarily out of dividend income from
50% stock interest in the operating companies, but in any event are
payable in full within five years. The subscriptions for new debentures
will be secured by collateral in the form of the 50% stock interest in the
operating companies issued or held subject to option in connection with
the management contracts. As payments are made to or credited by the
new company under these subscriptions it is anticipated that the funds
will be paid into the sinking fund and used for retirement of outstanding
new debentures.
Claims of General Creditors.
old/
Claim of Fox Theatres Corp.-7oz'Theatres Corp. filed a claim against
the corporation for $4,536,742. After extended negotiations, the committee has. subject to the approval of the court having jurisdiction
Fox Theatres Corp. receivership, and subject to the approval of theof the
court
having jurisdiction of the Fox Metropolitan Playhouses, Inc.,receivership,
approved a settlement of this claim, effective upon the consummation of
this plan, as follows:
(1 There is to be paid to the rceeivers of Fox Theatres Corp. the sum
of $100,000.
(2) The lease of the Audubon Theatre to be continued for the remainder
of its term with a reduction in rent to $55,000 a year, which rent is to be
net to the landlord: in other words, from which sum there are to be no
deductions for amortization after the consummation of the settlement and
the delivery of the documents to effect the same. If the lease is transferred to a subsidiary of the new company, the modified covenant for the
payment of rent and all other convenants of the lease are to be guaranteed
by somesubstantialcompany. The lease is further to be modified, however,
by providing that it may be canceled by the tenant and (or) guarantor
on six months' written notice to the receivers of Fox Theatres Corp. Upon
receipt of notice ofcancellation,the landlord or the receivers of Fox Theatres
Corp. may have a representative at the theatre to protect their interests.
(3) On theatres owned or controlled by the receivers of Fox
Corp. the respective landlords will give Skouras Theatres Corp. Theatres
Fox
Metropolitan Playhouses, Inc., the benefit of all reductions in and rate
the
of interest on mortgages: rentals for all past periods to be confirmed as
paid by tenant, no payment to be made to Fox Theatres receivers
or
respective landlords on account of any parts of rent withheld whetherthe
on
basis of underlying mortgage reductions or reductions in amortization
payments on underlying mortgages or otherwise;future rents from time of
consummation of settlement as aforesaid are not to be reduced by
reason
of future amortization payments or interest.
(4) Lease between Trepark Realty Co. Inc., and Skouras Theatres
Corp., dated Oct. 17 1931. is to be canceled and the parties released from
all obligations thereunder and Skouras Theatres Corp.
the Trepark Realty Co., Inc., or its nominee, all its right, shall assign to
interest
in and to any leases with sub-tenants in the property title and by
covered
said
Tepark lease; all rent to be paid up to the time of cancellation of lease.
without deduction for any reductions prior thereto by way of amortization
payments and interest: deposits, if any, by tenants to be paid over in toto
to Trepark Realty Co., Inc.
(5) Fox Liberty Theatre, Elizabeth. All rent-reductions based on
reduced amortization payments on mortgagee and interest taken by Skouras
Theatres Corp. to be confirmed as to the past. Rent as provided
for in
the lease of said premises is to be paid subsequently to the consummation
of the plan. (This arrangement is made because of the fact that
reduction
in cost to the Fox Elizabeth Theatre Co. has been accomplished simply
by cancellation ofstock which was carried in the building and loan company.)
(6) There will be no commitment that any of the Fox Theatres leases
will be taken into the parent company or into any particular
company.
except as above provided on the Audubon Theatre lease.
(7) In consideration of the cancellation of the Trepark Realty Co., Inc.,
lease, rental for Academy of Music is to be increased $10,000 per year.
In addition to rent for Academy of Music, receivers of Fox Theatres Corp.
are to receive two-thirds of annual net earnings of Academy of Music
until the annual net earnings of the Academy of Music reach the
$0,000. and one-half of the remainder of the annual net earningssum of
of the
Academy of Music.
Receivers of Fox Theatres Corp.shall vest or cause to be vested in Skouras
Theatres Corp. good title, free and clear of all claims and encumbrances
except existing conditional sales agreement, to all property and equipment
of every kind, nature and description contained in the premises
described
in a certain lease dated Aug. 20 1929, between the
14th Street
Billiard Corp. and Fox Theatres Corp., which was later assigned Pool &
by Fox
Theatres Corp. to Skouras Theatres Corp. Said lease shall be canceled
and the parties released from all obligations thereunder.
Agreement made by Fox Theatres Corp. covering operation of Academy
of Music to be revised so that Fox Metropolitan Playhouses, Inc.,
or the
new company is not to be directly or indirectly involved in
or liable for any
possible loss from operation of this property: the tenant
Academy of
Music shall, however, bear any and all losses involved of said operation of
in the
said theatre property. Consent to a transfer of this lease
to a new company of substantial financial responsibility and release of Skouras Theatres
Corp. thereon to be given so as to protect against loss of
operation or as
otherwise advisable in connection with the reorganization: such consent.
however is not to limit or modify rent payments for Academy
or participation in annual net earnings therefrom, as hereinabove of Music
set forth.
It is to be further agreed that the present arrangement
for services of Skouras brothers in connection with the for compensation
operation of the
Academy of Music is to be continued in effect.
Claim of Fox Film Corp.
-Fox Film Corp. filed
corporation for $288,691. The committee, subject toa claim against the
Court. has agreed to settle this claim on the followingthe approval of the
basis:
There is to be paid to Fox Film Corp. the sum
Fox Film Corp. shall receive 10% (approximately of $25,000 cash, and
27,000 shares in the
event approximately all noteholders participate in this plan of reorganization) of the common stock of the new company,fully paid and non-assess
able.
Fox Film Corp. will enter into an agreement with the new company,
which agreement will provide that:
(a) If the Randforce Amusement Corp. film franchise or the Skouras
Theatres Corp. film franchise be terminated by reason
of said corporations prior to the date of expiration, or of default by either
(b) If the theatres now operated by Randforce Amusement
the theatres now operated by Skouras Theatres Corp. be leased Corp. or
to other
corporations managed respectively by the same persons as are now managing Randforce Amusement Corp. or Skouras Theatres Corp., as the
case maybe, or
Financial Chronicle
3776
(c) If the new company shall repossess any or all of the theatres which
It shall have leased to Randforce Amusement Corp. and (or) Skouras
Theatres Corp. or such other corporations as are managed by the same
persons prior to the said dates of expiration,
then Fox Film Corp. will enter into a similar franchise agreement with
the new company to supply films to the theatres theretofore operated by
Randforce Amusement Corp. or Skouras Theatres Corp. or such other
corporation or corporations as above provided, as the case may be, and
thereafter operated by the new company or a subsidiary or lessee thereof
for the balance of the term of said franchise agreement with Randforce
Amusement Corp. or Skouras Theatres Corp., as the case may be, provided, however, that Fox Film Corp. shall be under no obligation to enter
into such franchise agreement or agreements in the case of the contingencies cksignated (a) and (c) above. unless Fox Film Corp., in its discretion, is satisfied with the personnel and permanency of the management
of the new company or of such lessee (if thc theatre in question shall be
operated by a lessee).
Upon receipt of $25,000 in cash and approximately 27,000 shares of
common stock, the claim of Fox Film Corp. against the corporation shall
be assigned to the new company or to such other corporation or person
as may be nominated by the committee.
Other Unsecured Claims.-Mlscellaneous invoice creditors with claims
aggregating less than $7,000 will be paid in full out of the depositing noteholders' share of unmortgaged cash, as and when received, upon assignment of their respective claims to or for the account of the new company
or other nominee of the committee.
The plan anticipates the settlement of the claims of all general creditors,
but if all these claims are not expeditiously settled, the plan may proceed
in the first instance to cover only the mortgaged assets, and in such event
the adjustment of the =mortgaged assets and the claims of general creditors
will be carried out as the Court may direct and under the supervision of
the Court.
-V. 138. p. 2575.
-New Vice-Presidents.
General Electric Co.
Five Vice-Presidents and one Commercial Vice-President were elected
by the board of directors at the meeting on May 25.
J. E. Kewley of Cleveland was elected a Vice-President in general charge
of the incandescent lamp department.
R. C. Muir of Schenectady was elected a Vice-President in charge of the
engineering department.
C. E. Tullar of Schenectady was elected a Vice-President in charge of the
patent department.
E. 0. Shreve of Schenectady was elected a Vice-President in association
with Vice-President J. G.Barry in the commercial activities of the apparatus
and supply business of the company.
It. L. Andrews of Erie was elected a Vice-President in charge of the
activities connected with the electrification of steam railroads and such
other duties as may be assigned to him by the President.
W. 0. Batchelder of Chicago was elected a Commercial Vice-President
in charge of the commercial activities of the Chicago district.
T. W.French asked to be relieved of his responsibilities as Vice-President
in charge of the incandescent lamp department. He will, however, remain
with the company in an advisory capacity.
New and Complete Line of Room Coolers and Air Conditioners
Announced.
Announcing a complete line of air-conditioning products for domestic
and commercial use, the new and redesigned General Electric line includes
portable room coolers, floor-mounted room coolers, wall-mounted room
coolers, and suspended-type store coolers; three new types of room air
conditioners; and a complete line of condensing units ranging from
to 20
h.p.in size. The 13.73i, 15 and 20 h.p. units are new additions to the
line of condensing units offered last year.
-V.138, p.3270.
-Third Week of May- -Jan. 1 to May 21
Period
-1934.
1933.
(est.)$17,i00
$15450
Period End. Apr. 30- 1934
-Month-1933.
Railway oper. revenue_ $86,591
$75,090
$424,819
$311.139
1934-4 Mos.-1933.
$373.369
$263,888
24,552 def36,365
7,095
67.725
3,774
6.089
Net rev,from ry. oper__
Net ry. oper. d.eficit___
Non-operating income....
1,325
5,196
915
def1.119
6,436
1,641
Gross deficit_ _ ______
Deductions from income
$4,280
952
$4,795
1,080
$3,320
3,994
$61.635
3,624
Def. before int. chgs.
-V. 138, p. 3603.
$5,233
$5,875
$7,315
$65,260
1934.
$266,969
1933.
$271,511
41,625
57,292
1931.
$393,032
79,633
77,371
1,415,353
184,737
196,774
Georgia RR.-Earnings.April-
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 3090.
42.690
59,406
1932.
$266,516
41,214
46.778
1,084,657
182,797
182,448
964,966
124,406
127,422
990,361
22.220
38.058
1933.
$130,073
26,321
5,448
1932.
$156,429
10,375
def9,554
1931.
$249,894
29,762
1,832
663,753
102,161
78,369
543,013
121,080
42,617
708,895
77,708
27,330
1.094,426
175,715
91,998
-New Company.
(F. & W.) Grand Properties Corp.
-V. 138, P. 2749.
See Properties Realization Corp. below.
Grand Trunk Western RR.-Earnings.April-
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p.2925.
1932.
1934.
1933.
1931.'
$1.661,830 $1,132,860 $1,246,127 $2,033,431
389.442
14,035
45,381
281,879
162,996 def151,639 def157.358
3,476
6,307,634
1,334.521
526.107
4,577.089 5,280,355 7,398,036
270,028
291,691
999,284
def521,569 def5"1,281 def258,535
Greater London & Counties Trust Ltd.(& Subs.).
Calendar Years-
Gross operating revenue
Non-operating revenue
1932.
1933.
£4,103,429 13,750,948
31,650
96,391
Total
£4,135,079 £3,847.339
Operating expense
2.413,961
2,192,167
Maintenance
181,933
159.381
-exclusive of income taxes
144,739
Taxes
148,049
Provision for retirement
434,997
393,084
Interest on unfunded debt
268,966
327,354
Interest on funded debt
Capitalized by Shropshire Worcestershire & StafCr30.238
fordshire Electric Power Co
Cr18.540
11,804
24,744
Interest on unfunded debt
2,079
2,687
Other charges
Net income (after fixed charges)
Dividends on pref. shares of subsidiary and controlled companies
Surplus net income of prop. prior to acquisition__ _
Net income accruing to minority interest
Income tax
Total net income
Total
329,049
2,949,126
6,363,903
*2,684,023
386,136
79,527
52,722
107,702
35,399
1,822,109
3,222,146
23,744,128 24,223,586
Glidden Co., Cleveland.
-To Retire Notes.
The directors have voted to call the outstanding 53i% 5
-year notes as
of Aug. 1. The issue amounts to $3,348,000 and matures June 1 1935.
Holders of notes not desiring cash will be offered a new note at the same
rate of interest maturing June 1 1939. New notes will be callable at 102
prior to June 1 1936 at 101 before June 1 1938 and thereafter at roar.
Adrian D. Joyce, President, states that sales for May were larger than
for any month since October 1930.-V. 138, p.3603.
Great
April-
Northern Ry.-Earnings.1934.
1933.
1932.
1931.
$4,661.336 $3,961.764 $4,194,930 $5,841,572
1,239,517
921,487463,904
873.145
552,935
178.497 def287,046
90,898
Gross from railway
Net from railway
Net after rents
From Jan. 1
-
Grossfrom railway
Net from railway
Net after rents
-V. 138, p. 3439.
17,421,092 14.450,859 16,234,773 23,377,968
3,869,210„
„
4,194,694
1.131,406 def1,146,869def1,611.979
927.634
Green Bay & Western RR.-Earnings.1934.
$92,746
9,412
2,543
1933.
$80,305
7,949
1,364
1932.
$99,844
16,880
7,999
1931.
$121,400
10,330
1.507
362,586
33.742
5,575
April-
Gross from railway
Net from railway
Net after rents
326.072
34.932
6,544
392,171
45,765
12,609
475,791
48.340
10,117
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 138, P.3091.
V.
Greene Cananea Copper Co.
-Earnings.
x Total receipts
Exp., taxes, adm., &c
Interest
Depreciation,&c
1933.
1932.
1931.
1930.
$3,972,740 $1,704,226 $2,906,501 $6,223,804
2,762,421
1,484,188 2,333,286 4.494,452
72,477
109,396
133.443
96.809
445,064
177,615
319,822
239,911
Net income
$692,778 loss$66,973
Dividends paid
Balance
$692,778 def$66,973
Earnings per share
Nil
$1.38
x Includes other income.
$236,495 $1,276,087
1,375,000
$236,495 def$98,913
$2.55
$0.47
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1933.
1932.
Assets
Liabilities$
$
Mines, min. claims,
Capital stock
50,000,000 50,000,000
Mexican legal relands, buildings,
serve
4,000
4,000
YYS. & equipm1_51,285,058 52,013.517
Inv.in sundry cos_
86,905
86.906 Notes payable_._ 2,500,000 2,500,000
Accounts & wages
Supplies and prePayable & taxes
paid expenses__ 460.480 1,019,696
accrued
623,952
Metals in process
161,875
and on hand_ _ 2,257,596 2,964,225 Surplus
5,188,721 4,590,357
Acc'ts receivable__ 2.149.396
587,252
Cash
97,779
199,261
948,933
Deferred charges
1.415,900
Total
57,854.597 57,718,309
Total
57.854,597 57,718,309
Guardian Casualty Co. of Buffalo.
-To Liquidate.-
1934.
$162,674
27,862
22,627
From Jan. 1
-
Gross from railway
Net from railway
Net after rents
-v. 138, P. 2924.
23,744,128 24,223,586
4,500,802
510,936
-V.136. p. 3172.
Georgia Southern & Florida Ry.-Earnings.April-
Gross from railway
Net from railway
Net after rents
Total
1932.
1,200,000
* Includes loan due Sept. 15 1933, with privilege of renewal until Sept. 15
1934.-V. 138, P. 1230.
Calendar Years-
Georgia & Florida RR.
-Earnings.Gross earnings
June 2 1934
Condensed Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
Assets
Liabilities
Property. plant &
Ordinary stock-- 1,200,000
equipment
20,156,140 19,829,918 Subsidiary Oic ConMarketable secur. 727,986 1,777,751
trol. cos.:
Cash
991,034
Preference stock 4,430,676
774,585
Accts. receivable_
Ordinary stock_ 1,306,687
922,064
784,964
Surplus apphc. to
Inv.
-materials,
min.stock of conmerch. & supp.
at cost
343,838
trolled cos
750,947
338,955
Deferred charges_
594,171
699,775 Surplus applio. to
Deferred income_ _
stock of Greater
17,635
8,893
London & Counties Trust Ltd
2,830,708
Funded debt
6,423,805
Unfunded debt In
hands of public_ 840,857
Accounts payable_ 407,278
Int. on debentures
78,973
Misc,accrued items 94,026
Dividends accrued 108,946
Consumers'dep.38,038
Due to affll. co
1,822,100
Reserves
3,411,083
/648,449
£676,799
272,593
217,140
Superintendent Van Schalck has filed a petition returnable in Supreme
Court, Erie County, N. Y.• for an order to liquidate the company, whose
entire business was reinsured by the Consolidated kndemnity & Insurance
Co. as of Jarch 311933.
Gulf Colorado & Santa Fe Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
-
Gross from railway
Net from railway
Net after rents
V.
- 138, p. 3091.
Gulf Mobile
April-
Gross from railway
Net from railway
Net after rents
1931.
1932.
$917,.533
$903,b53 $1,080,848 $1,385,834
def117.611
def11,423
4,829
83,250
def273,110 def189,740 def163,317 def197,611
3,553,282 3,637,975 4,741,930 5,351.805
def117,122 def39,851
573,622
192,685
def774,975 def793,523 def220,251 def627,511
8,L Northern RR.-Earnings.1934.
$492,979
163,765
75.216
1933.
$415,781
143,545
74,577
1932.
$307,980
79,270
40,057
1931.
$387,491
94,138
40.434
1,754.598
526,117
191.692
1,484,925
405,051
112.913
1,094,697
110.307
def52,312
1,460.
337
239,013
27,201
From Jan. 1
-
Gross from railway
Net from railway
Net after rents
-V.138, P. 3091.
Gulf & Ship Island RR.-Earnings.April-
Gross from railway
Net from railway
Net after rents
1934.
$114,719
24,868
def2,297
1933.
$85.089
13,116
def16.324
1932.
$107,522
15,275
def13.366
434,082
85,110
def18.980
361,451
56.502
def66,435
629,031
397,361
33,130 def34,324
def77,632 def206,633
From Jan. 1
-
Gross from railway
Net from railway
Net after rents
- 138, p. 3091.
V.
1931.
$181,374
11,625
def34,894
-10-Cent Dividend.Gig-cd "
C.M.)Ha11Lamp Co.
4 1---c
A dividend of 10 cents per share has been declared on the capital stock.
no par value, payable June 15 to holders of record June 4. A similar
distribution was made on July 20 1933, while on July land on Dec.23 1932
payments of five cents per share were made.
-V.137, p. 321.
'
-Extra Loh', (
Hollinger Consolidated Gold Mines, Ltd.
77,676
91.389
47,303
145.942
The directors have declared an extra dividend of 5 cents per share in
addition to the usual monthly dividend of like amount on the capital stock.
Par $5, both payable June 18 to holders of record June 1. Like amounts
£194,758
£266,411
1934 an extra distribution of 15 cents per share was made.
-V.138. p.3091.
12,036
were paid on this issue on April 23 and May 21 last, while on March 26
•
3777
Financial Chronicle
Volume 133
(W. F.) Hall Printing Co.(& Subs.).
-Earnings.
1931.
Years End. Jan.311932.
1934.
1933.
Gross profit from oper__ $1,289,383 $2,079,721 $3,383,238 $3,074,440
Gen., admin., selling &
shipping expenses_ _ _ _
966,875 1,114,347 1,067.886
973.392
916,621
Depreciation
1,004,525
See a
Sundry charges (net)__ _
b252,869
304,692
Disc, on bonds acquired
for sinking fund
108.951
Net profitfrom oper_ _
Miscell. earns.(net)
$11,299
c518,781
$751,025 $1,264,367 $1,089,934
285,663
244,591
Gross earnings
Interest charges
Federal income tax
$530,080
397,680
$751,025 $1,508,958 $1,375.597
323,767
450,649
420,067
77.720
Net profit
Proportion of net loss of
directly contr. cos. not
wholly owned
$132,400
$330.957 $1.058,309
$974,110
20,180
Consolidated Balance Sheet Dec. 31.
1933.
1933.
1932.
Assets
Liabilities
b Capital stock_ _19.958,250
a Real estate, plant
and equipment _24,439,728 25,613,804 Accounts payable_ 2,952,200
Cash
2.334.832 2.109,705 Bank loan
1,000,000
U. S. Govt. scour. d344,607 2,088.813 Accrued accts., &c. 509,253
Accts. receivable__ 361,129
333,977 Canting. res., &c- 1,904,904
Sight drafts
518,715 Earned surplus... 7,275,592
Inventories
4,492,388 3,615,212
Depos. insur. cos_ 104,379
Investments
11,340
11,250
Depos. with closed
banks
62,232
Capital stock Hudson Mot. Car Co c904,556
301.519
Deferred charges.... 545,098
483,690
1932.
19,958,250
1,710.660
489,757
1.232,587
11,685,521
33,600,199 35.076,775
Total
33,600,199 35,076,775 Total
a After depreciation. b Represented by 1.596,660 no-par shares. c 61.850 shares at market value. d Market value, $339,901.-V. 138. p. 3604.
$953.930-----Tioudaille-Hershey Corp.
-Resumes Class A Dividends.
The directors on May 28 declared a dividend of $1.25 per share on ac800,000
count of accumulations on the $2.50 cum. cony. class A stock, no par
value, payable June 12 to holders of record June 7. The last regular
Balance, surplus
$153.930
$449,690
$282,957
$90,400
quarterly dividend of 62% cents per share on this issue was paid on April 1
Shares capital stock out1932; none since.
-V. 138. p. 3440.
standing (par $10)
400,000
379,223
400,000
374,333
Earned per share
$2.38
$0.74
$2.50
$0.24
Illinois Central System.-Earnings.a Net profit is after depreciation of $853,343 ($834,565 in 1933) but
1931.
April1932.
1934.
1933.
company's report does not indicate where deduction is made. b After
Gross from railway
$7,297,067 $6,419,738 $7,175,900 $10,276,970
deducting credits incl. $108,95,2 discount on bonds acquired for sinking
Net from railway
1.859.305
2,000,913
2,014,813 1,716,994
fund). c Sundry credits including $106,606 discount on first mortgage
720,120
Net after rents
721,846
1,149,002
1,161,069
bonds acquired for sinking fund and a dividend of $24,180 from Chicago
From Jan. 1
Rotoprint Co., a directly controlled company not consolidated herein.
Gross from railway
29,121.150 25,446,393 30.680,503 40,203,170
Net from railway
7,923,027 6,293,109 7,615,666 6,110,514
Balance Sheet Jan. 31.
1,816,973
Net after rents
4,642.317 2.955.043 4.031,416
1934.
1938.
1934.
1933.
Assets
Liabilities
Earnings of Illinois Central RR. only.
Cash
381,959
612,518
777,276 Accounts payable_ 353.323
Market securities.
Accruals and Fed10,363
April1931.
1934.
1932.
1933.
Value of life ins___
461.826
382,806
34,431
51,221 eral taxes
Gross from railway
$6,466,122 $5,614,927 $6,237.020 $8,927,349
Customers' notes &
Notes pay. & other
1,778.103
Net from railway
1,855.752
1,773.960
1,514,904
accts. receivable 1,130,507 1,382,291 oblig. deferred..
49.011
95,043
954,573
Net after rents
1,206,547 1,146,610
772.709
Notes & accts. rec.
Fur. mon. oblige.
From Jan. 1
sundry
47,032
25,000
28,417
63,263 (current)
Gross from railway
25,533,913 22,138.014 26.655.940 34.658.286
42,000
Inventories
752,859
521,281 Divs, on pref. stk.
Net from railway
7,050,412 5,446,855 6,737,496 5,645.728
a Land, buildings,
510,903
Res. for coming__
Net after rents
4,557.080 3,028,102 4,075,754 2,521,519
6,827,500 7,135,000
machinery,&c 14,636,334 15,859,096 Funded debt
Tax anticip. warr_
Plan Not Declared Operative.
2,520 Purchase money
8.620
395,000
395,600
Notes at accts. lot
mortgage
The company,not having received sufficient assents to its plan for meeting
800,000
800,000
officers & empl_
34,569 Preferred stock_
7,431
the June 1 maturity of $20,000,000 4%% notes, has been unable to declare
4,000,000 4,000,000
Treasury stock_ _ 246,031
287,333 Common stock
the plan operative. The 37M % cash payment, to be borrowed from the
Notes & accts. rec.
Capital surplus... 4,359,493 4,842,622
Reconstruction Finance Corporation will not be forthcoming until subnot current_ _
699.817 1,670,178
628,199 Earned surplus
stantially all of the maturing notes have been deposited.
Empl. stk. purch.
So far, only slightly more than 70% of the notes have assented to the
contr. & recles_
23,011
68.088
plan it is said. The company is still seeking deposits. Notice has been
Stock of directly
received by the New York Curb Exchange that while June 1 interest on the
controlled cos.,
% notes which have not assented to the plan is being paid, principal is
not consolidated 446,783
446,783
-V. 138, p. 3604.
not being paid.
Other investments
37.166
45,566
Prep. & def. chgs_
60.530
71,024
-Earnings.
(The) Illinois Co.(& Subs.).
Total
18,035,002 20,238,511
Total
Condensed Income Statement for Year Ended Dec. 31 1933.
18,035,002 20.238,511
a After depreciation of $7,305,906 in 1934 and $6,089,532 in 1933.$1,294,160
Gross operating revenue
V. 138, p.3440.
798,514
Operating expense
260,745
Maintenance
52,496
'ft'Hercules Powder Co.
Increases Quarterly Divi- Taxes-exclusive of income tax
-Again
95,471
dend Rate.
quarterly Provision for depreciation and depletion
Net income
a$132,400
Preferred dividends_ _ _ _
42,000
Common dividends
a$330,957 $1,058,309
60,000
48,000
548,618
-The directors on May 29 declared a
dividend of 75 cents per share on the common stock, no par
value, payable June 25 to holders of record June 14. This
compares with 50 cents per share paid on March 24 last and
with 373- cents per sham each quarter from Sept. 1932 to
and incl. Dec. 1933. An extra distribution of 75 cents per
share was also made on Dec. 22 last.
-V. 138, p. 3273.
Honolulu Rapid Transit Co., Ltd.
-Earnings.
Period End. Apr.
.30- 1934
-Month-1933.
Gross rev,from transp__
367,243
$61,639
Operating expenses
47,843
48,773
Net rev,from trans's_
$13.795
$18,470
Rev,other than tramp_ _
1,808
1,359
Net rev.from oper'ns _
$20,278
$15,155
Taxes assign,to ry.oper.
8,000
3,572
Depreciation
10,620
11,003
Profit and loss
23
Replacements
14
Net revenue
def$3,502
$5,701
-V.138, p. 2925.
1934-4 Mos.-1933.
$240,365
$261,566
201,063
191,008
$70,558
6,704
$39,302
6,533
$77.263
14,291
44,015
$45,836
32,000
42,481
23
152
$18,956 def$28,821
Hudson Motor Car Co.
-Sales Tend Sharply Upward.
Sales for the week of May 26 aggregated 1,940 cars, an increase of about
20% compared with total sales of 1,651 cars reported for the week of
May 19, Chester G. Abbot, General Sales Manager of the company, acnounced to-day. The sales for the week mentioned, in addition to being
the largest for any week since April 14, were exceeded by only three weeks
In the past three years and were greater than reported for any week in
either 1933 or 1932.
The sharp increase in sales reported for the past week, Mr. Abbot points
out, is directly due to the introduction of the lower prices on the Terraplane's Challenger series, the prices of which are as much as $80 lower
than the previous Terraplane series, and lower than any other full-sized
full-powered automobile now being Produced.
Mr. Abbot also reports a substantial increase in the deliveries of Hudson
cars, the proportion of which is now equal to about one-third of the company's total sales volume.
Calendar Years1930.
1931
1932.
1933.
Net sales, autos & parts-$23,521 458 $25,861,671 238,235.636 $78,094,714
Cost of sales, incl. selling
adv.,shipping,admin.
& general expenses... 25,823,422 28,320.787 37,115,955 74.413,330
Profits from sales of
autos and parts_ _ _ _x$2,301,964 x$2,459,116 $1,119,681 $3.681,384
617,861
333,536
Int. earned & other inc.
66,658
49,793
Total
Depreciation
x*2,252,171 x$2,392,458 $1,453,217 $44,299,245
3,444,416 3,974,588
2,157,758 3,036.891
Net loss
$4,409,929 $5,429,350 $1,991.199prof$324,656
Previous surplus
11,685,521 20,145.603 30.266,069 38,726,136
Total surplus
87,275,592 $14,716,153 $28.274,870 $339.050,793
1,596,660 6,518,390
Cash dividends paid__
Contingent reserve
500.000
•
Spec. adj. of tools & materials due to develop2,266,334
ment of new models__
463,125
Loss on obsolete equip
2.000,000
Res. for shrink. in subs
2,000.000
Res. for special tools _
1,400.000
Special advertising.....
Write-off of plant facili632,707
2.567.508
ties, rearrang. of plant
Profit and loss surplus $7.275,592 $11,685,521$ 20,145,503 $30,266,069
Nil
20.20
Nil
Earns. per sh. on cap.stk
Nil
x Loss.
$86,933
Dr31,897
Net operating income
Non-operating income
Total income before other deductions
Interest on funded debt
Interest on unfunded debt
Normal tax on bond interest, and other charges
$55,036
50,171
2,673
366
Net income
Dividends paid
$1,826
$75,000
Condensed Consolidated Balance Sheet at Dec. 31 1933.
Liabilities
Assets
$600,000
Property. plant.4 investment-$4,958,731 Common stock
990,000
6,989 Funded debt
Special deposits
350
729,751 Accrued interest
Investments
36,617
211,188 Notes payable
Cash
155,632
Accounts payable
1,000
U. S. Liberty Loan bonds68,641
1,200 Accrued items
Notes receivable
39,869
127,235 Due to affiliated cos
Accounts receivable
30,705
Deferred liabilities
Inventory-materials, merch1,490,207
andise and supplies
77,425 Reserves
657,980
Due from affiliated companies
67,049 Capital surplus
2,185,786
Deferred items
25,218 Earned surplus
Total
-V. 138, P. 1238.
$6,205,787
Total
86,205,787
-Earnings.
Illinois & Missouri Pipe Line Co.
Condensed Income Statement Dec. 31 1933.
Gross operating revenue
Operating expense
Maintenance
Taxes, exclusive of income tax
Provision for depreciation
$475,950
329.887
9,551
8,071
33.624
Net operating income
Non-operating income
$94,816
87
Net income
Balance at Jan. 1 1933
Miscellaneous adjustments
-net
894.903
19,012
Dr987
Total surplus
Dividends
-Common stock
$112,928
100,000
Balance at Dec. 31 1933
$12,928
Condensed Balance Sheet at Dec. 31 1933.
Assets
Liabilities
Prop., plant,equip.,iltc., at cost $692,975 Common
Cash
19,587 Accounts payable
Accounts receivable
14,322 Accrued items
Inv.. matls & supplies, at cost.
564 Due to affiliated companies
Due from affiliated company.... 34,781 Reserves
Deferred items
441 Surplus-earned
Total
$762,670 Total
x Represented by 1,000 no par shares.
-V.138, P. 1238.
x$494,238
25.016
13,910
330
216,247
12,928
$762,670
Illinois Terminal Co.
-Earnings.
April
-1932.
Gross from railway
$385;002
$3382;256
$379,928
Net from railway
106,037
128,200
102,543
Net after rents
65,578
75,325
46,604
From Jan. 1
1,603,619
Gross from railway
1,381,519
1,645,333
471,430
Net from railway
368,471
444,391
Net after rents
277,615
164,304
212,112
-v.138, P. 2927.
1931.
$547,992
183.272
127,179
2,124,353
670,497
442,627
3778
Financial Chronicle
Indianapolis Power & Light Co.
-Earnings.
Calendar Years1933.
1932.
1930.
1931.
Gross revenues
$8,827,572 $9,260,910 $10,103.273 $10,457,782
Operating expenses
2,567,785
3,571,428
3.554,023
2,965,378
*Maintenance expense733,528
726,394
1,026,748
873,840
Taxes, excl. of inc. taxes 1.052,363
921,400
915.892
931,451
Prov. for retirement_ _- _
434,946
Net earnings
$4,038,952 $4,637,687 $4,759,518 $4,938,204
Int. on funded debt,..,,. 1,900,000
1.500,000
1,500,000
1,900.000
Int. on unfunded debt
22,952
15,742
15,965
15,672
Other digs., incl. amottization of debt discount & expense, 2%
normal tax, &c
126,249
99,496
102,060
124,218
Prov.for income tax__ - _
180,000
Net inc. of company
31.816.737 x$2,597,727 :$3,141.786 x33,315.756
Preferred dividends_ _ _ _
914.972
900,637
780,000
Common dividends
525,000
* Maintenance charged to operations equals the bond indenture requirements. x Before provision for renewals and replacements and income taxes.
Condensed Balance Sheet at Dec. 31.
1933.
1932.
1933.
1932.
Assets5
Liabilities-$
$
Property, plant,
835% pref.stock--12,000,000 12,000,000
equipment, &e.69,282,049 69,472,683 6% pref.stock_.., 2,250,000 2,250,000
Special deposits__ 1,178,750 1,178,750 Corn. stk. & suns..21,243,251 20,405,687
Investments
47,686 Funded debt
144.832
38,000,000 38,000,000
U.S.Treas. notes_ 200,000
200,000 Accrued interest &
Cash
2,823,847 2,774,861
diva., contra._ _ 1,178,750 1,178,750
Notes receivable
12,925
24,589 Accounts payable. 176,137
178,985
Accts. receivable._ 1,240,307 1,597,855 Accrued Items
934,889
976,963
Unbilled income. _ 343,401
Consumers depos. 263,875
252,635
Inventory
552,593
569,464 Due to affil. cos.__
22,836
8,867
Duefrom affil. cos. 1,000,000
45,591 Deferred liabilities 174,917
182,111
Deferred charges- 3,262.885 3,331,691 Reserves
4,038,086 3,851,227
Treasury stock
283,227
Total
80,324,816 79,242,150
-V.138, p. 1230.
Total
80,324,816 79,242.150
Indian Motocycle Co.
-Earnings.
3 Months Ended March 31
Net sales
Manufacturing cost of sales
Under
-absorbed overhead
1934.
$260,751
158,098
11,616
1933.
$139,075
76,720
39,726
Gross profit
Other income
$91,036
$1,419
$22,628
895
Totalincome
Administrative, general,selling. &c., expenses
$92,455
39,635
$23,523
39,517
Operating profit
Profit of Indian Acceptance Co
$52.820 loss$15,994
514
143
Total profit
Depreciation
Reserve for doubtful accounts
$53.334 loss$15.850
19,078
3,000
Net profit
Assets* Plant and equipGood-will, patents
and trade-marks
Cash
Accts.. notes, &c.,
receivable
Inventories
Other investments
Prepaid expenses_
$31,256 loss$15,850
Consolidated Balance Sheet March 31.
1934.
1933.
Liabilities
1934.
1933.
5560,232 $769,537 Preferred stock...... $451,840 $688,000
Common stock.- 716,137 2,700,000
500,000 Accra.. notes and
5.821
28.743
accept. payable_ 289,568• 537,264
Non-current nab
50,560
326,234
335,054 Taxes & acer. expel.
23,952
14,833
579,648
344,706 Capital surplus....
200,000
122,400 Deficit from oper_
50,000
2,041,081
1,001
7,695
Total
31,522,938 $2,108,135
Total
it After depreciation.
-V. 138, p. 3092.
$1,522,038 82,108.135
Inland Power & Light Corp.(& Subs.).
-Earnings.
Years End. Dec. 311932.
1933.
1931.
Operating revenue
34.540,770 y$4,913,642 $6,004,655
Operating expenses
2.454.393
2.613,885
3.318,744
Operating income- $2,086.377
Uncollectible bills
Taxes
399.057
$2,299,757
390,024
Operating income....- - $1.687.320 $1,909,733
Rent for lease of lines and
plants
1930.
$6,632,752
x3.834,699
$2,685,911 $2,798,052
19.112
24.327
454,398
413,940
$2,212,401
$2,359,783
191
3,336
Net oper. income_ - _ _ $1,687,320 $1,909.733 $2,212,210 $2,356,447
Rent from lease of lines
and plants
29,956
Non-oper. income
Dr.2.322
40,025
80.316
70.162
Gross income
$1.684,998 $1,949,757 $2,322.482 $2,426,609
Int. on funded debt_ _ _ _ 1,079.785
1,358,143
1.394,201
1,546.407
Miscell. In .deduc'ns_ - _
205,344
165,436
88,029
Amort. of dt. die. & exp_
130,118
166,275
154,320
172,859
Miscell. deducs. from
gross income
15,652
16.789
Divs. on pref. stocks of
subsidiaries
202,416
251,164
391.608
407.048
Net income
Divs. paid & deal. on 7%
cum. pref. stock
Divs, paid on class A
common stock
$8,739
$180,517
$381,664
27,706
$67,333
112,854
113,673
120,000
Balance, surplus
$67,333 def$18.967
$67,663
a Including $23,300 collected under bond subject to refund.
ng retirement provision.$167,694.-V. 136, p. 3160.
$147,991
y Includ-
Inspiration Consolidated Copper Co.
-Earnings.
Calendar Years1933.
1931.
1932.
1930.
Copper produced (lbs.) _
See x
12.026,181 61,368,033 65,606,664
Sales ofcopper
$1,512.942 $1,153,470 $3,609,982 $9,769,174
Min. exp. (incl. dowel.)..)1
402,893
2,310.477
1,562,190
Reduction &refin'gexp., See x
i
including selling
3,553,040
[ 1,146,057
2,859,324
Admin.exp. & Fed. tax_
46,200
211,450
125,270
90,063
Copper on hand Jan. 1
3,042,567
2,154,675
3371.306
4,850,744
Copper on hand Dec.31.Cr1,293.640 Cr3,042,568 Cr3,171,306 Cr2,154,676
Depreciation
326,318
A
288,316
85,118
See y
Interest paid
455,402
299,225
437,383
422,529
Expend. during suspens.
445,696
777,383
• of operations
$1,514,970 $1,582,478
Loss
Inc. from investment- _
8,757
6,186
$507,713prof$249,290
15,191
24,470
$1.506,213 81,576,993
$492,522Prof$273,759
1,772,951
Net loss
Dividends paid
June 2 1934
y Depreciation being calculated on the basis of units of production no
depreciation has been written off during the year as operations have been
suspended for the entire period.
Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
Assets$
Liabilities-.
$
$
$
Mines, min. claims
Capital stock (par
and lands
18,332,497 18.334,497
$20)
23,639,340 23,639,340
Bldgs., mach.. &c_21,492,964 21,494,884 Notes payable
5,895,000 5,115.000
Inv. In sundry cos. 400,130
405,131 Deprec. reserve... 8,654,677 8,619,430
Supplies & prepaid
Accrued taxes and
expenses
340,369
620,644
interest
316,690
273,737
Copper In process,
Accts. and wages
at cost
96.924
96,924 payable
481,656 1,693,712
Finished copper on
Surplus
3,284,387 3,625,895
hand
1,106,960 1,854,526
Accts. receivable_
74,427
110,035
Cash
34,804
46,194
Deferred charges
392,575
4,279
Total
42,271,650 42.967.114
-V. 138, p. 2579.
Total
42,271,650 42,967,114
Interborough Rapid Transit Co.
-City Must Defend
Its Right to Abstain from Federal Court Fight.
-
Samuel Seabury's motion to postpone the I. R. T. receiver's order to
show cause why the city should not pomade a party to the I. R. T.
-Manhattan By. Federal receivership proceedings was denied by Federal Judge
Julian W.Mack at a hearing May 24. Mr. Seabury,representing the city.
sought to defer action on the show cause order until after decision on the
city's petition for leave to sue the I. R. T.receiver in State courts to prevent
the Interborough from disaffirming its 999
-year lease of the Manhattan By.
Judge Mack set June 13 as date for argument on the application to bring
the city into the Federal proceedings and June 15 as date for arguing the
show cause order. The Judge expressed a desire to clear up before the
vacation season the question of whether the city should be allowed to carry
the lease controversy into the State courts.
-V. 138, p. 3605.
International Great Northern RR.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3605.
1933.
1934.
$1,074,108 $1,075,992
283,319
332,296
153,313
117,280
4,167,586
1,162,762
497,959
3,771,751
1,023,431
417,610
1932,
1931.
$874,063 $1,957,685
137,083
531,635
6,075
254,064
3,545,768
395,581
def132,686
6,070,621
1,446,464
691,742
Interstate Department Stores, Inc.(& Subs.).
-Earns.
Years EndedNet sales
Costs and expenses
Jan.31
Dec. 31
1933.
1934.
1931.
1930.
$21,310,834 $21,959,580 $25,242,857 $21,784,712
20,860,047 22,218,667 24,452.435 20,879,397
Operating profit
Other income
$450,787 loss$259,087
7,148
$790,422
9,448
$905,315
Total income
Depreciation
Interest
Pre-opening
expenses,
written off
Federal taxes
Other deductions
Minority interest
$450,787 1084251,939
189,463
184.077
2,597
7.541
$799,870
175,393
358
$905,315
154,161
75,000
83.600
Net profit
Preferred dividends_ _ Common dividends
$184,926 loss$594,068
43,400
x219,625
13,510
23,084
60.930
Cr199
128,331
Cr1,345
1,382
$547.737
181,247
416,754
3667.554
192,500
467,204
$141.526 def$813,693 def$50,264
Surplus
$7,850
x Five quarterly dividends.
Consolidated Balance Sheet Jan, 31.
1933.
Assets
1934.
Liabilities1934.
1933.
Land, buildings,
Preferred stock-32,480,000 92.480,000
leaseholds. &a_ _51,361,744 51,472,456 Y Common stock.. 1,018,010 1,018,010
475,703 Accts. pay.!weed_ 1,073,947
Cash
1,285,707
902,328
281,356 Minority interest_
Accts. receiv., &o.. 262,316
5,972
6,171
Inventories
2,481.084 2,959,642 Conting. reserve...
100,000
Deposits in closed
Surplus
1,021.170
779,643
27,826
banks
26,574
MLeeell. balances.
18,059
19.910
151,111
Deferred accounts 161,762
Total
55,599 099 55,288,152
Total
$5,599,099 $5,286,152
x After depreciation and amortization. y Represented by 203,602
-V. 138. p. 3274.
no par shares.
Interstate Power Co.(& Su bs.).-Earnings.(Including Subsidiary and Controlled Companies.)
1933.
Calendar Years1932.
1390.
1931.
Gross revenue
$5,472,552 $5,868,483 $6,419,914 $6,442,130
Operating expense
1,817,603
2,064,808
2,239,881
2,257,298
x Maintenance
433,259
466,227
519,128
538,718
385,969
Taxes, excl. of inc. taxes
360,910
343,654
348,194
Prov, for retirements_
270,787
Net earnings
Fixed charges
Net inc. after exps. &
fixed charges
Divs. on pref. stock of
controlled company_
Minority interest in
net income
$2,564,935 $2,976,518 $3,275,704 $3,339,667
2,223.710
2,211,464
1,970.358
2.054,533
$341,225
$765,054 $1,221,171
$1,369,311
2.589
5,508
Net income
$341,225 y$765,054 y$1,221,171 Y$1,361,233
Preferred dividends......
63,400
595,000
795,000
Common dividends
175,000
x Maintenance charged to operations equal bond indenture requirements.
y Of company and earnings applicable to common stocks owned by it
13efore provision for renewals and replacements and Income taxes.
Consolidated Condensed Balance Sheet at Dec. 31.
1933.
1932.
1932.
1933.
Assets5
LiablItttes$
$
Property. Plant &
87 pref.stock
6,692,059 6,692.658
59,443,950 58,895,001 $6 pref.stook
equipment
4,302,341 4,302,341
Special deposits.... 1,044,579 1,034,818 x Common stock_ 8,596,473 8,596,473
Investments
39,599
39,599 Surplus
3,584,931 3,389,328
152,423 Funded debt
Cash
141,522
36,275,000 36,275,000
Notes receivable._
22,514
9,728 Contracts pay. for
A Ms.receivable_ _ 634,854
848,021
Purch. of prop
112,502
100,290
Unbilled income.. 166,390
Accrued Interest &
Due from officers
normal tax
945,167
945,175
and employees
3,178
Notes payable_
119,420
116,970
Inventory. neater%
Accounts payable_
139,083
130,173
mdse.& supplies 393.720
426,171 Accrued Items, deo 309.097
378,742
Due from affiliated
Consumers depos_
310,507
320,880
companies
27,331 Due to Mill. cos.__ 2,511,969 2.564,335
15,039
Deferred charges 5,524,065 5,639,949 Deferred liabilities
20,693
97,426
Reserves
3.356,029 3,226,794
$1,506,213 $1,576,293
$492,522
Deficit
$499,192
Shs. cap. stk. outstand67.429.413 67,073,043
Total
Total
67,429,413 67,073,043
ing (par $20)
1,181,967
1,181,967
1,181,967
1,181,967
Represented by 175,000 shares of no par value.
-V, 138, p. 11
230.
Earns, per sh. on capital
Nil
Nil
Nil
$0.23"'"---International Silver Co.
stock
-$1 Preferred Dividend.
-d
lilt
The directors have declared a dividend of $1 per share on the 7% cum.
x Due to the continued low selling price and the subnormal demands
pref. stock, par 8100, payable July 1 to holders of record June 14. A similar
for copper operations of the company were not resumed in the year 1933.
3779
Financial Chronicle
Volume. 138
distribution was made on this issue on Jan. 1 and April 1 last. The previousipayment of $1 per share was made on Jan. 1 1933.-V.138. p.3274.
-Earnings.
kr, International Rys. of Central America.
1934-4 Mos.-1933.
r"'Period Ended April 30 1934-Month-1933.
Gross revenues
Operating exp.& taxes--
$468,465
275,961
$421,564 $1,991,550 $1.778,384
1,076,674
1,097,927
284,991
Inc.appl. to fixed chgs
-V. 138, P. 3092.
$192,504 -
$136.573
$893,623
$701,710
-Earnings.
Iowa Public Service Co.
1930.1
Calendar Years1931.
1932.
1933.
Operating revenues
$3,555,150 83,830,022 $4,230,003 $4,390,200
122.737
150,427
Non-oper. revenues_ _- 162,322
76,852
Gross earnings
113,632,002 $3,992,344 $430 $4,512,938
Operation
1,519,718 1,634,803 1,847.543 2.004,069
385,694
250,310
Maintenance
209.185
221,583
159,251
170,151
.
Retirement reserve ___
219,709
216.485
322.426
310,889
Taxes. incl. Federal_,..
301,959
311,694
Net earnings
$1,362,522 $1,626,687 81.801,537 $1,641,497
790,729
Int. on funded debt---869,797
867,398
845,702
18,636
Other interest (net)...-1
39.183
Amort.of dt. disc.& exp.'
40,8151
40,482
40,097
$792.949
$890,924
Net income
$718,807
$476,723
223,647
Divs. on 1st pref. stock' 335,564
247,845
349.559{
87,346
Divs.on 2d pref. stock_ _I
27,346
Common dividends
273,962
216,300
8481,955
Balance
$555,732
$95.286
def$65,141
Balance Sheet Dec. 31.
1933.
1933.
1932.
AssetsLiabilities$
$
$
Plant and equip.,
bCom.stk.(no par) 6,180,000
incl, real estate_27,546,451 27,40.1,534 $7 1st pref. stook
1.527,100
Investments
2,168,058 2,296,334 (no par)
Special deposits.69,606
56,967 $6.50 1st pref. stk.
398,000
Unamortized debt
(no par)
diset. & expense 998,281 1,046.550 $6 1st pref. stock
2.134,462
Def'd charges and
(no Dar)
prepaid accts._ 182,031
182,026 $7 2d pref. stock
16 338 (no par)
.
1,247,800
Marketable secure.
20,203
13,203
a Accrued interest
4,827 Due to attn. cos_ __
4,645
16,235,000
Funded debt
Due on subscrip.
51,967
to pref. stook__ _
3,920 Accts.& notes pay.
45
Funded debt due
Accounts and notes
24,000
receivable
519,383 within 1 year...
476,835
Accrued accounts_ 594,937
Due from sub, and
87,552
affiliated cos_
5,489 Dividends payable
3,537
15,496
Miscell. curr. BabMaterials and sup10,883
plies
224,331 Contr.for extens
207,665
86,923
Cash
378,925 Def'd liabilities._
324,719
Res. for retirem'ts 1,786.700
Other reserves...,, 191,143
1,396,909
Surplus
1932.
$
6,180,000
1,527,100
398,000
2,169,962
1,247,800
13,815
16,325,000
52,758
546,875
159,618
2,000
87,437
1,768,427
202,583
1,458.248
32,002.076 32,139,623
Total
32,002,076 32,139,623 Total
a Includes dividends accrued b Represented by 412,000 no par shares.
-V. 136. P. 3720.
-Earnings.
Jamaica Public Service Ltd.(& Subs.).
Period End. Apr.30-Gross earnings
Oper. expenses & taxes._
Net oper. revenue__ _ _
Interest and amortiza'n_
-Month-1933.
1934
$67,665
$66,460
39,530
40,580
$25.879
9.050
$28,134
9,294
1934-12 Mos.-1933.
$789,562
$805,883
462,558
480,554
$325,329
113,443
$327,004
111,631
$215,373
Balance
8211,886
$18,840
$16,829
During the 1034 years under Stone & Webster supervision, the company
has expended for maintenance, which is included in operating expenses,
a total of 10.17% of the entire gross earnings over this
Calendar Years
1930.
1931.
1932.
1933.
Total earnings
$833.853
$790.917
$829,597
8802.259
Operating expo.& taxes.
494.552
493,324
465,249
475.151
-Earnings.
(The) Kansas Electric Power Co.
1930.
1931.
1932.
1933.
$2,006,821 $2,174,636 $2,518,955 $2,719,361
1,657,271
1,444,699
1.136,438
1.009,738
7,740
4,342
231,843
234,120
209,443
238,758
Calendar YearsOperating revenues
Operating expenses
Uncollectible bills
Taxes
Operating income- -_ Non-operating income..
ler la...qa•tvwvilt.imasi.iima
v. Gross income
Interest on funded debt.
Miscell. int. deductions_
Amortiz, of debt disct. &
expense
Miscell.deductions
Interest charged to construction-Cr
Mb
Net inc.for the year.Surplus, Dec. 31
$658,326
15,576
$828,755
21,288
$835,794
17,093
8822,507
15,159
$673,902
320,000
5.705
4850,043
320,000
6,154
$852,887
320,000
2,557
$837,666
320,000
7.030
47,737
47,715
53,742
3,043
47.679
1.647
8473.545
835,942
$461,310
825,091
95
331
$300,555
897,983
4476.506
862,150
$1,198,538 $1,338,656 $1,309,487 $1,286,401
Total surplus
148,070
172.171
140,546
140,268
7% pref. stock dividends
37,954
38,661
6% pref. stock dividend.
301,875
262,500
236,250
105,000
Common dividend
514
12,666
25,923
355,845
Miscellaneous debits.,.,.
8835.041
8862,150
$897,983
$558,763
Surplus, Dec. 31
x Subject to the adequacy of the provision for depreciation.
Balance Sheet Dec. 31.
1932.
1933.
Assets
Plant & property_ 9,849,159 11,448.817 7% cum. pre/. stk_ 2,003,500
264,522 6% cony. junior
280,929
Cash
644.700
pref. stock __ _
5,000
Working funds__
x Common stock 1,245,172
150,445
U. S. Treas. ctfs
Notes & accts. rec. 120,782 y135,327 Cap. stk. subscr
77.479 Funded debt _ _ 5,500.000
Unbilled revenues_
162,809
Defd. liabilities
Due on subscrip.
87,188
6,498 Accts. payable__
to pref. stock_ _
37,082 Prop. per. contr
31,855
Materials dr suPP16.704 and 6% notes
14.138
Prepayments
12,750
due 1934_
2,801
Investments
cur4,695 Miscell.
83,218
Special deposits- -.
850
rent liabilities
Unamort. debt dis16,300
323,271 Taxes accrued__
count dr expense 275,534
252,440 Federal income
Due from OW.cos. 250,000
41,972
taxes
Pref. stk. diva.
44,767
payable
65,118
Interest accrued
679.972
Reserves
Capital surplus_ {558,763
Surplus
1933.
1932.
2.004,500
644,000
1.245,172
10,800
5,500.000
144,050
97,715
124.256
26.667
732,952
11.128.741
I 897,983
11,063,861 12.556,838
Total
11,063,861 12,556,836
Total
x Represented by 52,500 shares (no par). y After reserve for uncol1933 and $17,724 in 1932.-V.
lectible notes and accounts, $19,036 in
137, p. 3326.
Kansas Oklahoma & Gulf Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Grossfrom railway
Net from railway
Net after rents
-V.138, p.3605.
1934.
$174,417
88,097
56,320
1933.
$135,607
54.782
23.945
1932.
$153,828
63,806
32,776
1931.
$198,073
63,893
29,392
635,772
328,706
209,556
518,593
229.268
116,870
628.473
271,372
140,465
824,432
333.156
188,228
.-Earnings.Kentucky Utilities Co.(8 Subs.)
,
x1933.
1934.
$1,519.744 $1.492,273
853,252
936,691
3 Months Ended March 31
Total gross earnings
Operating expenses and taxes
$639.021
8,908
$327,108
8336,273
3.911
$339,300
Net earnings from operations
Other income
Net earnings available for interest
Interest deductions (including amortization)
$583,053
2,029
$325,668
$585,083
452,706
$647,929
466,782
_
$327,108
113,615
90,000
$325,668
111,738
90,000
3340384
112,846
90.000
6339.300
95,857
90,000
Net income
Dividends.on 6% preferred stock
$132,376
114.017
$181,146
114,016
Balance
Preferred dividends._ _
Preferred B dividends_ _
Capital dividends
$123,493
38,031
18,956
45.000
8123,930
38,500
17,500
45,000
$137,338
38,500
17,500
45,000
$153.443
45.500
17,500
22,492
$18,359_$67.129
Balance before diva, on7',.or pref. stock__
-made
iAdjustmonta. including- increased provision for depreciation;Jan. 1
beginning
subsequent to March 31 1933 but applicable to the periodp. 3275.
-V. 138.
been given effect to in this column.
1933 have
Net earnings
Inc. from other sources
Balance
Int & amortization_
Retirement reserve
-Action on Preferred Div. Deferred.
322.930
$36.338
$21.506
367.950 .....--, Laclede Gas Light Co.
ordinarily
The directors have deferred action on the semi-annual dividend
Consolidated Balance Sheet Dec. 31.
$100.
declared at this time on the 5% cum. pref. stock, parmade onThe last
Dec. 15
Assets1933.
1933.
LiabilUiesissue was
1932.
1932.
regular semi-annual payment of 2X% on this
Plant & Property-$4,019,992 $3,948,754 x Preference shares $750.000 $750,000
1933.
Cash
269,279
100,237 x Pref. 11 shares__ 314,629
250,000
1930.
1931.
1932.
1933.
Calendar YearsAccts. receivable__ 129,162
125,788 y Common stook- 1.033,783 1,033,783
$6,739,590 $7,214.064 87.537,492 87.976.245
Operating revenues
Marls & supplies_ 108,447
115,303 x Bonds
1,970,000 2.000,000
433,691
496,789
522,076
488,077
Non-operating expensePrepayments
97,167
1,449
1,222 Notes payable_
MIscell. investm'ts 234,232
220,982 Accounts payable32.408
21,614
$7,736,140 $8,034,281 $8,409,936
$7,227.667
Total revenue
Unamortized debt
21,993
Customers' depos20,321
3,069,845 3,273,957 3,326,124 3,980.365
Operating expense
disc. & expense_ 190,709
202,571 Interest accrued
730
934,282
851,104
710,861
734,852
Taxes
Unadjusted debits
17,614 Taxes accrued_
32,548
18,059
15,344
424,568
252.655
247,293
Maintenance expenseReacquired scours_
30,000 Miscell. liabilities.
2.029
30.000
1,772
447,788
457,375
479.423
487,003
Retirement expense
Retirement reserve 482,088
394,795
Res. for exchange_
60.237
$2,688,674 $3,019.244 $2,975,110 $3,047.501
Operating profit
Operating reserve_
31,495
31.885
1.865.298
1.930,000
Interest on funded debt- 1,930,000 1.930,000
UnadJust. credits_
62,711
28,566
1,414
28,401
12,271
Int. on unfunded debt,,.
Earned surplus... 201,932
179,516
Amortization of debt dis95,179
96,305
96,335
98,294
count and expense.._ _
$5,015,818 $4,762,472 Total
Total
85,015.818 84.762.472
23,871
25,833
25,586
25,296
Miscellaneous
x Of Jamaica Public Service Co., Ltd. y Represented by 45,000 shares
(DO par).
$1,034,587
Net income
-The abovefigures converted from C sterling at the rate of $4.86 2-3 Preferred dividends...._ 8622.813 $938,921 $921,558
Note.
125,000
125,000
125,000
125.000
to the Z1.-V. 138, p. 3093.
1,070.000
856,000
642.000
Common dividends
642,000
Bal.for res. & surplus.
-Earnings.
Jenkins Brothers(& Subs.).
Earnings for 3 Months Ended March 31 1934.
Net income after depreciation and other charges
per share on 125,744 shares common stock
Earnings
-V.137, P. 1946.
$50,018
08.31
'Judson Mills, Greenville, S. C.-$1.75 Pref. Div.
The directors have declared a dividend of 1%*% on the class B 7% cum.
pref.stock. par $100,on account of accumulations, payable July 2 to holders
of record May 25. A similar distribution was made on this issue on May 15
last.
Following the July 2 payment, accruals on the class B pref. stock will
-V. 138, P• 3441.
amount to $22 per share.
Kansas City Southern Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.138, p. 3605.
6
*
$853, 81
251,564
143,144
$762,486
214,411
82,678
3.158,784
839,848
442,397
2,868,500
693,737
211.344
1931.
$834;331 $1,212,199
206,925
339,081
68,898
177,266
3.449,544
877,829
374,289
4,987,440
1,635,283
1,024,873
Balance, surplus
def$144,187
Earns, per sh.on 107,000
ribs. of com,stock outstanding ($100 par).$4.65
$171,920 def$59,442 def$160,413
$7.60
$7.44
Comparative Balance Sheet Dec. 31.
1933.
1933.
1932.
Assets$
$
$
Property, plant &
Preferred stock._ 2,500,000
equipment
59.165.287 58,973,953 x Common stock --10,700,000
Special deposits...
36,000,000
30,004
28,783 Funded debt
Investments
55,028
47,128 Notes payable....13,434
Cash
609,892
96,218 Accounts payable_ 225,144
Notes receivable
306
3,800 Accrued accounts- 848.443
Accts.receivable
96,941
737,325 1,158,277 Due to affil. cos._
Unbilled income.- 398,029
21.082
Funded debt int
Due from officers
Deferred liabilities 246.735
20,833
and employees_
Prof. dividends
6,886
2.765,643
Marls & supplies_ 637,253
780,677 Reserves
7,415,524
Due from attil. cos. 777,367 1,484,909 Capital surplus
4,005,495
Deferred charges 2,441,895 2,509,058 Earned surplus
$9.67
1932.
$
2.500,000
10,700,000
36,000,000
512,000
200,479
767,627
78,524
19,861
251.240
20,833
2,497,634
7,415,524
4,119.080
64,859,274 65,082,803
Total
64.859,274 65,082.803 Total
x Represented by 107.000 shares ($100 par).
-V. 138. P. 3606.
3780
.
Financial Chronicle
Laclede Power & Light Co.
-Earnings.
Condensed Income Statement for Year Ended Dec. 31 1933.
Gross operating revenue
$1.959.974
Operating expense
1,250,327
Maintenance
54,391
Taxes, exclusive of income taxes
154,105
Provision for retirements
286,770
Net operating income____
Non-operating income
$214,380
30,983
Total income-before other deductions
Interest on unfunded debt
Provision for income taxes
$245,363
115,489
9.923
Net income
Balance at Jan. 1 1933
Additional income tax-years 1929 and 1930
Miscellaneous adjustments
$119,951
782,686
Dr12,909
Dr16,492
Balance at Dec. 31 1933
$873.237
Condensed Balance Sheet at Dec. 31 1933.
AssetsLiabilities
Property, plant and intangibles
Common
x$2,416,980
(at cost)
$4,220.033 Accounts payable
43,768
Cash
32,358Accrued items
14,661
Notes receivable
2,335 Consumers' deposits
5,571
Accounts receivable
151,094 Due to affiliated companies.- 202,983
Unbilled income
111,679 Deferred liabilities
2,627
Due from officers & employees
516 Reserves
1,040,524
Inventory materials. mdse.&
Earned surplus
873,236
supplies (at cost)
62,776
Due from affiliated companies_
1,045
Deferred Items
18,473
Total
$4,600,350
Total
x Represented by 36,030 no par shares.
-V. 138, p. 1230.
$4,600,350
Laclede Securities Co.
-Earnings.
Condensed Income Statement for the Year Ended Dec. 31 1933.
Interest and dividends
$8,616
Profit on sale of securities
15,937
Other income
2
Tota income
Operating expense
Provision for depreciation
Interest on unfunded debt
$24.555
16,402
584
26,217
Net loss
$18,648
Condensed Balance Sheet at Dec. 31 1933.
Assets-.
Liabilities
Cash
$1,300 Common
x$10,000
Notes reale-partly secured_
495 Accounts payable
141
Accounts receivable-secured_
24 Due to affiliated companies._ _
32,027
Reserve
46
Capital surplus
50,000
Operating deficit
90,394
Total
$1,819
Total
x Represented by 2,000 no par shares.
-V.138. p. 1239.
81,819
Lake Superior & Ishpeming RR.
-Earnings.
-AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 3093.
1934.
$33,962
def30,335
def45,541
1933.
$20,485
def26,210
def39,536
1932.
$28,154
def26,960
def42,981
1931.
$52,949
def22.700
40,465
127,667
def126,220
def187,860
87,842
def104,034
def157,474
107.990
def109,106
def173,683
203,860
def133,078
dep10,83t
J.el.it'sLee
'--Lee Rubber & Tire Corp.
-20
-Cent Dividend.; arniaga-- •
The directors have declared a dividend of 20 cents pei share on the
capital stock, par $5, payable Aug. 1 to holders of record July 16. A
similar distribution was made on this issue on Feb. 1 last, the first since
Sept.1 1923 when the last quarterly payment of50 cents per share was made.
Earnings for 6 Months Ended April 30.
Net income after taxes, depreciation & interest.-- $128.510 loss$195,159
Earnings per share on 254,765 shares )85 par)._ _ _
Nil
$0.50
-V.138, p. 693.
•
.
Lefcourt Realty Corp.(& Subs.).
-Earnings.
Dec. 31 '33. Dec. 31 '32. Nov. 30 '31. Nov. 30 '30.
Years EndedGross income
$1.902,825 $2,619,055 $3,414,562 $3,302,932
Oper. exp., incl. Int. - 1,648,341
2,058,284
2,109,951
2,013.622
Operating income.
Interest
Miscellaneous
$254,484
) Dr10,116
$560,774 $1,304,611 81.289,309
Dr19,538
24,652
J 9,599
114,114
17,955
Total income
$244,368
$541,235 $1,328,323 $1,331,916
Deprec. & amortization_
347,973
271,418
408,679
243,064
Prov.for taxes & conting
16.000
141.132
29.500
139,429
loss$119,605 x$103,056 -Net profit
$947,719
WirM7
Previous earned surplus- 1,017,570
1,807,583
2,137,595
1,565,685
Adjust. prior years
10,787
37.594
Net income Dec. 1931_
Total surplus
$897,965 $2,278,245 $2,735,847 82.513.405
Preference dividends
300,000
168,450
300,000
Common dividends
388,500
336,000
210.000
Divs.rec. on pretce stk.
Cr37,748
Cr6,188
Lossfr.abandon.of bldgs
882.225
23.509
AdJust,for res.for taxes.
Earned surp. end of yr y$897.965 - 7
y$1 /1ffia $2,137.595 $1,807,583
7;1 Earn, per sh. on 210,000
Nil
Nil
shs. corn. stk.(no par)
$3.05
$3.23
x In arriving at this figure. there have been deducted operating losses
during the year of $51,226 of the companies, the properties of which wore
abandoned. y Includes $615,808 representing the cost of pref. stock
repurchased ($585.778 in 1932 and $492,329 in 1931).
Consolidated Balance Sheet Dec. 31.
Assets
1932.
Liabilities1932.
1933.
1933.
851,993
8267,266 $141,412 Accounts payable_ $54,450
Cash
Int. de other accr.
Cash on dep. with
liabilities
82,772
36,036
mortgage trustee
217.824
Rents rec. in adv.
Accts. receivable,
84,333
82,089
77.852
& 0th. def. cred.
123,875
tenant
5,597 Res. for taxes and
1,836
Sundry debtors...
327,913
contingencies
322,006
Land and buildings 6,375,060 6,630,745
63,045.510124,561.010
247,596 Preferred stock
Deferred charges_ _ 290,662
Common stock... c210,0001
Capital surplus... 2,223,682
948,211
Earned surplus... 897,965 1,017,570
Total
$7,055,195 $7,107,438
87,055,195 37,107.438
Total
a Represented by 72.578 shares of cony. pref. stock and 210,000 shares
common stock, both of no par value. b !Represented by 67,678 no par
-V. 136. p. 15611
shares. c Represented by shares of $1 par value.
-Preferred DividendAt
------ Lehigh Portland Cement Co.
The directors have declared a dividend of 87;i cents per share on the
7% cum. pref. stock, par $100, payable July 2 to holders of record June 14.
A similar distribution has been made each quarter since and incl. Jan. 3
1933, prior to which regular quarterly payments of $1.75 per share were
-V. 138. p. 2581.
made.
June 2 1934
Lehigh & Hudson River Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 3093.
1934.
$117,897
33.113
9,642
1933.
$107,104
28,576
7.900
1932.
$154,333
54,461
24,001
1931.
$187,399
74,485
40,401
510,163
155,165
61,916
440.772
125,552
35,451
572,006
142,162
33.861
678,857
201,760
78,848
Lehigh & New England RR.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 2929.
1934.
$254,322
33,154
27,253
1933.
$224,713
44,303
46,415
1932.
$352,316
102,160
96,153
1931.
$400,527
109.111
102,798
1,250,993
370,228
315,130
901,543
152.076
162,690
1.203.231
303,742
300,430
1,439,314
311.232
306,763
Lehigh Valley Coal Co.
-Earnings.
Calendar Years1933.
1932.
1930.
1931.
Received from coal sold313,941,349 $14,143,304 $22,730,312 $28,175,794
Cost of coal sold_x
12,144.407 12,994,688 20,363,192 25.647,810
Profit on fresh-mined
coal sold
$1,796,942 $1,148,616 $2,367,119 $2,527,984
Washery coal & bitura's
coal (net)_x
141,454
43,898
352,034
Dr6,918
Total income from
oper. property
$1.938,396 $1,192,515 $2,719.154 82,521,066
Inc. from other prop_x
905,144
502,694
703,203
590,189
Apprec. surp. realized _ _
598.959
497,307
Other income
1,067,772
73,720
162,053
425,763
Gross income_x
$3.005,592 $1,768,929 $4,232,413
Interest payable
304,117
336,499
375.667
Int. pay.on notes to affiliated company
168,412
180,000
91,935
General, &c., expenses
96,357
50,336
38,013
Int. on funded debt_ _ _ 954,955
1,020.968
1,240,962
Federal taxes
14,400
14,250
38.000
Carrying expenses on reserve coal lands
275,636
281.912
256,696
Deprec. & depletion_ _ _ _ 1,017,121
1,598,600
973.688
$4,890,999
638,666
60,326
1,242,799
131,000
301,891
1,877,955
Net income for year.. $182.0971oss$1077,287
$638,361
$573,600
Profit and loss adjust _ _ _
Cr77,065 Drll6,810 Cr189,526 Cr81414
4,924,774
Previous surplus
5.946,337
7,140,434
6,377,39
Total surplus
$6,205,499 $5,946,337 $7,140,434 $6,377,309
x Excluding depreciation and depletion.
Consolidated Comparative Balance Sheet at Dec. 31.
1932.
1933.
1933.
1932.
Assets
$
635,741
Cash
299,510
423.718 Accounts payable. 621,564
334,479
Dep. with coupon
Wages payable... 385,455
paying agents.. 190,482
185,415 Interest accrued on
Marketable secur.
fund, debt, notes
19,980
564,891
Accts. receiv. from
payable, &c____ 528,704
affiliated cos.__ 1,045,470
371,772 Aeemmt payable to
Accts. receiv. for
affird company.
6,000
coal-Customers 129.842
55.464 Unmatured State
and local taxes
Miscell. accts. rec. 260,409
202.386
accrued
256,197
Coal inventory-in
129,049
Federal taxes acct._
storage and cars
14,400
8,250
at sales prices. 211,634
134,684 Workmen's comMaterials & slum!. 352,533
pensation insur393.857
Tot,sink fd. assets 349,981 2,652,956
ance payable in
Total other assets_ 2,259,417 2,651,951
1934 for claims
Real est., bldgs.,
determined at
Deo. 31 1933... 229,707
236,829
structures, eqp..
leases, contracts,
Mortgage payable
10,500
14,000
&a
49,658,991 50,761,549 Notes payable and
Total def. charges
open acct. with
and unadj.items 3,003,270 3,489,801
parent company 9,065,867 8,993,500
Other liab. def... 633,994
667,254
Mortgage payable 208,500
222,500
let and ref. mtge.
bonds 5%
11,469,000 12.089.000
Five year secured
notes 6%, due
1938
6,044,000
First mtge, bonds
due Jan. 11933.
8,684,000
Special de gen. res. 743,993
807,445
Capital stock
9,465,000 9,465.000
Surp. arising from
revaluation
of
min. properties.12,008,958 12,409,462
Earned surplus... 6,205.499 5,946,337
57,761,541 61,343,536
Total
Total
57,761,541 61,343,536
a After reserves of $42,845.372 in 1933 and $43.312,477 in 1932.
Note.
-Under the decree of the District Court of the United States dated
Nov. 7 1923, trustees were authorized to issue 1,212,160 certificates of
Interest in the 189,300 shares of capital stock then outstanding, all of which
capital stock is pledged under the Lehigh Valley Railroad Company's
general consolidated mortgage maturing in 2003.-V. 137, p. 1590.
Lexington Utilities Co.(& Subs.).
-Earnings.
(Excluding Kentucky Traction & Terminal Co., sub-company, placed
in receivership Jan. 14 1934.)
Calendar Years1933.
1932.
Gross earnings
$1,688,482 $1,718,681
Operating expenses and taxes
1,092,163
863,528
Net earnings from operations
Other income
8596,318
Dr.72.489
8855,154
Dr.50,659
Net earnings
General interest of subsidiary companies
Interest on funded debt
General interest
Amortization of bond discount and expense
5523.830
1,998
231,837
2,797
29,632
8804,494
2,514
233,447
5,125
30,940
Net income
-V.138, p. 1742.
$257,667
$532,468
Life Savers Corp.(& Subs.).
-Earnings.
Earnings for Year Ended Dec. 31 1933.
Sales, less returns, allowances and discounts
$2,902,761
Cost of goods sold, selling, advertising and administrative expenses (including depreciation of $59,681)
2,075.930
Profit from operations
Income from securities, interest and other income
Profit on foreign exchange
$826,830
47,441
52,338
Total income
Provision for Federal and Canadian income taxes
Other losses and charges
Aiijustmeut of securities to market quotations
$926,610
111,388
31,778
29,210
Net profit for the year ending Dec. 31 1933
Net profit of subs. cos. for the 8 months end. Aug. 31 1933_
$754,233
557,417
Net profit from Sept. 1 1933, date of acquisition of sub.
cos., to Dec. 31 1933
$196,817
Volume
Assets
-
-Earnings.
McQuay-Norris Mfg. Corp.
Consolidated Balance Sheet Dec. 31 1933.
Liabilities
-
Cash
$565,312 Accounts payable and accrued
$150,231
Loans on call
expenses
75,000
U. S. Government securities
199,469 Accrued Federal and Canadian
108,122
Municipal & other securities
income taxes-1933
654,783
1,710,627
a Accounts receivable-trade. 128,554 Capital stock
Other receivables
be issued for capital
27,732 Stock to
Employees' accounts
stock of Drug Inc. not pre5,332
Inventories
sented for exch. (8,014 6-10
570,716
40,073
Life Savers Corp. stock held
shares)
920,493
for sale to employees
Capital surplus
-at
cost (1,000 shares)
Profits since organ. of Life
17,150
196,817
b Land and buildings, mach'y,
Savers Corp
equipment, &c
794,426
Advertising supplies & deferred
charges
87,888
Trade-marks, good-will, &c
1
Total
$3,126,363
a After reserves of $9,706.
p.3276.
53,126,363
Total
b After depreciation of $841,016.-V. 138.
--T.„ eighton Industries, Inc,
-Removed from List.
Me Los Angeles Stock Exchangms removed from the list t e class A
and B stocks of no par value.
-V. 31, p. 1724.
•-- Eincoln Mortgage Co.
--Removed from List.
e Los Angeles Stock Exchampas removed from the list the preferred
and common stocks of no par.- . 131, P. 4062.
----Elon Oil Refining Co.
-Retires Full Bonded Indebtedness.
The company announced on May 26, through President T. H. Barton,
the retirement of its total bonded indebtedness amounting to $950,000.
The company has no bank loans.
-V. 138, p. 2930.
Long Island RR.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 3094.
1931.
1932.
1933.
1934.
$1,896,111 $1,796,130 $2,404,950 $2,976,402
927,753
785,763
496,524
482,198
582,574
420,824
153,976
133,714
9.341,954 11,142,907
7,304.648
7,530,399
2.951.737
2,410,681
2,018,432
1,637,175
1,803,467
1,202,406
846,258
473,586
-tot; Angeles Biltmore Ca.-Removed from List.
2817.-Removed
he Los Angeles Stock Exchang
pr erred stock, par $100.-V. 137
has removed from the list the 8%
Los Angeles & Salt Lake RR.-Earnings.1932.
April1933.
1934.
1931.
$1,345,459 $1,038,165 $1,215,025 $1,650,334
344.748
334,985
268,201
497,143
67,728
55,218
34.760
260,842
6,442,155
5,194,792
4,098,351
5,029,896
1,070,670
1.467,997
1,031.782
1,681,749
def35,998
357,028
92.698
724,693
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3094.
Louisiana & Arkansas Ry.-Earnings.1934.
$349,520
100,720
73,996
1933.1931.
$473,816
$335,695
$317,107
151,656
82,437
113,485
88.488
52,661
71,207
1,388,502
465,754
310,812
AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, p.3094.
1,255,804
461,525
285,696
1,422,619
390,303
217,778
1,739,654
514,783
271,255
Louisiana Arkansas & Texas Ry.-Earnings.1934.
$77.615
17,277
883
1933.
$61,250
7,921
def4,323
1932.
$43,797
def590
def7,785
1931.
$56,943
def5,842
def15,882
319,180
77,610
8,541
AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 3094.
226,372
5,946
def44,338
191,422
6,352
def24,791
249,976
11,983
def34,450
-Earnings.
Louisville & Nashville RR.
1932.
1931.
April
1933.
-1934.
Gross from railway
$5,633,548 $4,551.561 $5,054.273 $7,712.081
576,848383,060
1,278,300
Net from railway
1,191.783
105,823 def121,500
694,563
Net after rents
853,686
From Jan. 1
Gross from railway
23,941,213 19,258,327 22,241,466 31.122,186
3,641,266
2.759,531
4,939,431
Net from railway
6,501,647
2,189.525
1,025.742
2,933,944
Net after rents
5,258,991
-V.138, P. 3094.
-Earnings.
McCord Radiator & Mfg. Co.(& Subs.).
1931.
1930.
$820,454 $1,382,123
Calendar YearsGross prqfit on sales- -- Selling, adinin. & shipping expenses
1933.
$838,441
1932.
$404,036
475,765
513.737
715,788
852,804
Operating profit
Other iccome
$362,675 loss$109,701
33,435
30,237
$104,666
127,165
$529,320
55,059
$392,912 loss$76,266
273,197
183,377
129,208
124,715
$231,831
224,894
132,293
Total income
Depreciation
Interest charges
Experimental & develop.
expenses, &c_ _
Extraordinary charges
Prov. for loss on deposit
accounts with closed
banks
Net profit to surp. acct
Assets-
1933.
Cash
$116,184
Notes & accts. rec
-customers_ _ _ _ 440,772
Inventories
626,030
Other receivable
10,673
Employees' stock
subscription__ _ _
11,643
Marketable secure.
Adv. to affil. cos..
Deposits in closed
banks
Personal accounts
166,612
21,320
51,483
55,600
114,840
$584,379
416.438
157,133
158,592
8,580
$24.757 loss$649,110 loss$283,949
Balance Sheet Dec. 31.
Liabilities1933.
1932.
$10,807
1932.
$102,417 Accounts payable_ $329,128 $203,483
Accrued interest.
54,643
royalties, &c...
54,265
317,301
414,312 Land contr. pay.
Canadian props_
17,500
24,000
15
-year 6% gold
1,971,500 2,005,500
debentures
27,857
60,167
58,412
1,985 Res. for oonting_
366,745 2,351,751
166,061 y Capital stock
Capital surplus
1,797,8471 df169,671
144,914)
Deficit
and advances_ _ _
56,266
66,153
iscellaneous_ _ _ _
12,604
29,940
Land, buildings,
x
mach.& equip
2,338,766 2,512,966
Tools, dies, ligs,&43
218,589
Prepaid insurance,
taxes, &c
38,757
44,172
Develop, products,
patents, &o
595,488
595,488
Total
3781
Financial Chronicle
138
54,435,117 84,521,240
1932.
$548,894
1931.
$719,781
1930.
$674,728
146.638
138,121
142,882
53,065
40,000
69,031
62,230
Net income
Dividends paid
8349,190
350,100
$376,775
351,078
Total
$472,599
$469,616
360,213Not reported
def$910
$112,386
Balance, surplus
$25.697
onsolidated Balance Sheet Dec. 31.
Comparative C.
$469,616
1932.
1933.
1933.
$83,985
Cash
$267,318 $400,861 Accounts payable_ $112,883
88,023
87,381
U. S. Liberty bds. 478,088
581,689 Dividends payable
Accrued wages,exNotes & trade acpenses & taxes_
39,311
42,608
64,966
ceptances receiv.
83,406
57,321
69,885
x Accts. receivable 346,866
351,714 Reserve for taxes_
Res. for conting-2,303
Salesmen's traveling advances...
7,150 Cap.stk.owned by
7,300
minority stockMiscell. notes and
holders in sub.
61,094
accounts reedy.
78,985
company
142,000
92,600
Inventories
1,584,798 1,412,792
Prepaid expenses_
37,930 a Capital stock_ _ _ 2,225,083 2,208,680
43,613
Invest. & adv. to
Surplus
1,760,975 1,739,505
318,116
Canadian subs
403,806
Other investments
53,102
16,702
Land
118,670
118,670
y Plant Az equip_ _ _
913,418
968,326
z Pats.& copyr'ts_
24,613
8,748
Assets-
Total
Total
$4,388,120 $4,364,425
$4,388,120 $4,364,425
x Less reserves for doubtful accounts of $38,775 in 1933 (1932. $41,095)•
y After deducting reserve for depreciation of $1,700,384 in 1933 (1932,
$1.590,639. z Less reserve for amortization of $222,613 in 1933 (1932,
$271,097). a Represented by 114,349 shares of no par value in 1933
-V. 138. p. 2254.
(1932, 113,506 shares of no par value).
McWilliams Dredging Co.
-Earnings.
Calendar YearsGross profitsfrom contr.
Other operating income_
1933.
$564,275
1932.
$409,826
8,677
1931.
$472,211
5,768
1930.
$755,307
7,592
Total income
Deprec.,repairs & maint.
of idle equip., &c,_ _ _
Admin.& general exps
$564.275
$418,503
$477,980
$762,899
190,089
117,505
164,188
100,003
145.644
118,815
126,653
112,330
Net profit from oper_
Other income
$256,682
9,447
$154,312
6,075
$213,520
17,934
$523,916
23,657
Total
Interest. Federal taxes
and special charges
$266.129
$160,387
$231.454
$547,572
68,830
21,636
68,986
82,317
Net profits
$197,298
$138,751
$465,255
$163,368
Preferred dividends..
30,462
Common dividends
80,471
48,180
144,525
Common diva.
(stock)._a240,875
Balance, surplus
$138,751
$149,118
$18,843
a 48,175 shares at $5 per share.
Comparative Balance Sheet Dec. 31.
Liabafties1933.
1932.
Assets1933.
$113,447
1932.
$123,565 $105,028 y Common stock__$1,108,450 $1,100,383
Cash. &c
Notes payable_
60,000
Certified checks deAccounts payable_
294,972
169,965
posited with bids
27,000 Due to participant
on contracts_
in contract
321,422
7,790
Due on estim., &c. 251,472
6.914 Due to officers and
Other accounts rec.
7,425
7,932
employees
Deferred contract
Accrued wages,
exp. charge to
ato
26,541
215,458
22,214
future operations
145,621 Provision for FedInv. & other assets 105,812
eral income tax_
42,850
14,911
x Dredgings, drag9,671
lines, &c
1,329,796 1,364,023 Other taxes
Liability insurance
21,556
Construction work
Surplus
1,010,387
802,269
595,009
In progress
Foremen's working
5,536
funds
2,257
Adv. to officers_ _ _
100.339
Deferred charges
8,067
Treasury stock_ _ _
Total
$2,521,853 $2,185,465
Total
$2,521,853 $2.185,465
x Less reserve for depreciation of $634,483 in 1933 (1932, $566,501).
-V. 138, p. 694.
y 97,230 shares (no par).
-Earnings.
Maine Central RR.
-Month-1933.
1934-4 Mos.-1933.
Period End. Apr. 30- 1934
$879,104
$771,849 $3,684,271 $3,128,578
Operating revenues
702,228
766,449
218,449
180,978
Net oper. revenues
261,595
423.564
82,441
132,860
Net ry. oper. income78,450
82,423
19,259
Other income
18.078
Gross income
Deductions(rentals,int..
&c.)
$502,014
$100,519
$152.119
$344,018
175,984
181,978
705,351
733,395
$75,465
$29,859
$361.333
$231,381
Net income, der
-V.138, p. 3277.
-Earnings.
--Malone Light & Power Co.
1933.
Calendar Years$315,351
Electric revenues
33,805
Gas revenues
$349,156
Total operating revenues
124,161
Operating expenses
19,502
Maintenance expenses
38,000
Retirement provision
35,156
Taxes
$132,337
Operating income
288
Non-operating income, net
$132.625
Gross income
54,973
'
Interest on funded debt
40,470
Interest on unfunded debt
Cr22
Interest charged to construction
3,771
Amortization of debt discount and expense
422
Miscellaneous deduction
$33.012
Net income
Balance Sheet Dec. 31 1933.
LiabilItiesFIxed assets
$2,713,219 x $6 preferred stock
Miscellaneous investments_ _ Cash
Notesand accounts receivable_
Materialsand supplies
Prepayments
Unamortized debt dint & exp.
Other deferred charges
6.255
39,359
56,631
23,675
2,981
82,956
568
1932.
$373.609
41,043
$414,653
123,009
23,066
37.040
36,673
$194,864
367
$195,231
54.973
41,501
Cr1,755
3,771
142
$96,599
y Common stock
First mtge.
% gold bonds..,
Advances from affiliated cos..
Accounts payable
Consumer's deposits
Accrued liabilities
Reserve for retirement of fixed
assets
Other reserves
Profit and loss-Surplus
$346,300
676,357
999.500
635,000
29,297
3,197
4,995
116,624
14,972
99,402
$4,435,117 $4,521,240
x After depreciation of $1,634,765 in 1933 and $1.451,388 in 1932.
yr Represented by 27,325 shares of c ass A stock and 230.120I (229,137
-V. 138, p. 1057.
In 1932) shares of class 11 stock, all of no par value.
Years Ended Dec.31-1933.
Net income
616.985
Deprec.of plant & equip.
& amortm. of patents_
146,689
Obsolescence reserve...
25,000
Special reserve fund_
68,521
Reserve for taxes
Total
$2,925,644
Total
x Represented by 3,463 no par shares.
shares.
-V. 138. P. 3277.
$2,925,644
y Represented by 30,741 no par
3782
Financial Chronicle
(The) Management & Engineering Corp.
-Earnings.
Condensed Income Statement for Year Ended Dec. 31 1933.
Total income
$450,653
General expense (net)
217.853
Loss on abandoned developments
3,613
Loss on sale of equipment
4,329
Provision for doubtful accounts
15,918
Provision for depreciation
51,456
Interest on unfunded debt
4,127
Net I ncome
$153,359
Balance at Jan. 1 1933
73,278
Miscellaneous adjustments
-net
1,331
Total
$227,967
Dividends,common stock
225.000
Balance at Dec. 31 1933
Condensed Balance Sheet Dec. 31 1933.
Assets
Liabilities
Furniture & fixtures, tools and
Common stock
equipment. &c.,at cost
$550,097 Notes payable
Cash
141,430 Accounts payable
Accounts receivable
24,893 Due to affiliated company
Inventory-materials, merchanDeferred liabilities
dies & supplies-at cost
49,760 Reserves
Due from affiliated companies- 150,923 Surplus
-earned
Deferred items
81.098
Total
$998,201
Total
x Represented by 5,000 no par shares.
-V.138. P. 1240.
$2,967
Total
$8,530,428 'Total
88,530,428
a Less reserve for uncollectible accounts of $20,521. b Represented by
x$500,000
27,255
15.560 shares $100 par and 2.500 shares stated at realized value of $75 Per
share. c Represented by 818 shares stated at realized value of $100 per
76,800
109,514
share. d Represented by 4.878 shares stated at realized value of $90 per
share.
24,683
-V. 138. P. 3443.
256,892
2,967"'Manhattan Ry.-Interest Ordered Paid.
The payment by the I. R. T. receiver of the semi-annual interest insta
ment on the 4% 1st mtge. bonds, has been ordered by Federal Judge Julian
W. Mack. The interest instalment was due April 1 but a 60
$998,201
-day grace
period provision in the indenture of the bonds protected them against toreclosure.
-V.138, P. 3277.
Maritime Coal, Railway & Power Co., Ltd.
-Earnings.
Condensed Income Statementfor Year Ended Dec. 31 1933.
Gross operating revenue
Operating expense
Maintenance
Tax s-exclusive of income tax
Provision for depreciation and depletion
$294,950
32.531
e
3,238
11,422
Net operating income
Non-operating income
$22,937
1,482
Net Income-before other deduction
Interest on unfunded debt
$24,420
5.049
Net income
$19,371
Condensed Balance Sheet at Dec. 31 1933.
Assets
Liabilities
property, plant and intangPreferred stock
$351,000
ibles at cost
$3,623,738 Common stock
2,000,000
Special deposits
2,876 For red,of bonds dc other Habil.
-contra
Investments
1,550 -funds on deposit
-contra
2,876
Cash
19,582 Accounts payable
14.874
Accounts receivable
60,844 Accrued items
1,588
Inventory-materials, mdse.
Due to affiliated companies...
90,402
and supplies-at cost
17,183 Reserves
1,225,121
Due from affiliated company
48 Capital surplus
49,913
Prepayments and other items_
11,587 Earned surplus
1.035
Total
$3,737,408 Total
83.737.408
-V.138. p. 1230.
Market Street Ry. Co.(& Subs.).
-Earnings.-
12 Months Ended April 30Gross earnings
Operating expenses, maintenance and taxes
1934.
1933.
$7,541,246 $7,543,090
6,406,125 6,707,510
Net earnings
Other income
$1,135,120
10,839
$835,580
,12,462
Net earnings,including other income
Interest charges
-net.
Amortization of debt discount and expense
Other charges
Appropriation for retirement reserve
Net income
-V.138. p. 3607.
$1,145,959
544,654
29,597
8,577
563,130
$848,042
573,155
31,903
10,230
232,753
Nil
Nil
Mesta Machine Co.
-Earnings.
Calendar YearsGross profit
Other income
1933.
$1,247,846
90.817
1932.
1931.
1930.
$806,464 $2,914,573 $3.697,670
188,774
132,776
168,975
Total Income
$1,338,663
$995,238 $3,047.349 $3,866,645
Expenses
379,426
399,048
559,842
567.350
Depreciation
232,142
224,174
225,475
213.220
Contingent reserve
200,000
Federal tax reserve
96,417
43.245
250,000
376.900
Net profit
$630,678
$327.871 $2,012.032 82.509.175
Preferred dividends
_
75,315
83,313
91.323
99,303
Common dividends_ .-474.304
745,322
1,199.199
1,196,592
Surplus
881.059 def$500.764
$721.510 $1,213,280
Earns. per sh. on 600.000
abs. common stock._
$0.93
$0.41
$3.20
$4.02
Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets
Liabilities
Permanent assets- 8,599,465 8.610,030 Preferred stock... 1.188,700 1,321,800
Cash
1,680,155 1,129,305 Common stock... 3,000,000 3,000.000
Accts. reedy, under
Accounts payable_ 140,689
57.340
term contracts
Dividends payable 166,027
912,254
168,097
Sive,time deposits
1,300.000 Accr. royalties, &c. 90,756
194,869
Accts. rec.. &c___ 591,547
932.883 Accr. Fed. taxes__
98.386
44.960
Inventories
526,844 Accrued gen. taxes
1,060,070
17,434
Com,stock held in
Deprec. reserve... 3,704,418 3,483,032
68,220
60.524 Excess pay, rec, on
treasury
U. S. Treas. ctbs
100,310
uncomple. contr.
201.662
38,217
8.464
a Due from empl.
Other reserves....
80,108
99,150
for co.'s common
Surplus
4,598,332 4,530.543
78,579
charges
124,384
Deferred charges_
32,459
22,621
Total
13.123,068 12,908,255 Total
13,123,068 12,908.255
a Under contracts for sale of 9.670 (11,595 in 1932) shares of company's
common stock.
-V. 137. p. 1591.
Michigan Gas & Electric Co.
-Earnings.
Calendar YearsGross earnings
Operating expense and taxes
Net earnings from operation
Other income(net)
1933.
1932.
$1,132,219 $1,197,010
832.953
779,423
$299,266
4,467
$417,587
5,909
Total net earnings
$303,733
$423,496
232,348
Interest on funded debt
232,348
General interest (net)
2,348
5,866
Amortization of debt discount and expense
18,650
18.624
Amortization of capital stock comm'ns & expense.
3.136
2,508
$47,251
Net income
$164,149
-The consolidated Federal income tax returns which have included
Note.
company have claimed, and, we understand, will claim,
the earnings of this
capital losses and income account deductions in addition to those reflected
above, and the provisions, therefore, have been made by the company on
that basis for the periods prior to June 30 1933.
June 2 1934
Balance Sheet Dec. 31 1933.
Liabilities
Plant, property, rights, fran7% cum. prior lien stock
$948,000
chises &c
d439,020
$7,673,587 E6 cum. prior lien stock
Capital stock comm'ns & exp.
373,300
6% cum. pref. stock
In process of amortization_
c81,800
20.620 $6 cum. preferred stock
Investments and advances_
45,092 Common stock
b1,743.500
Special deposits with trustee4,300,000
2,000 Funded debt
Debt discount and expense in
59,007
Customers' deposits
process of amoritaation
287,964 Accounts payable
71,254
Def'd charges & prepaid accts.
36,678 Accrued taxes-State,local, &c. 45,498
Cash in banks and on hand- 188.433 Federal income taxes, subject
Special deposits for payment
to Treas. Dept. review
32,398
of bond interest
5,568 Accrued interest
50,952
Working funds
1,985 Payments received on pref.
Awls dr notes receivable__
a162,300 stock subscriptions
3,141
Construction & oper. materials
Reserves
204,812
de supplies & merchandise
Capital surplus
128,116
Inventories
106.200 Earned surplus
49,029
Michigan Public Service Co.
-Earnings.
Calendar Years
Operating revenue
-33
$89 .
10 82
9,6
Qperating expenses_ x_380,467
Uncollectible bills
Federal
Taxes otherthan Fed
er
68,278
income tax
6,400
Rent for lease of lines
and plants
1932.
1931.
1930.
$856,755 $1,061,245 $1,092,122
365.668
542,128
631,560
4,554
83,971
87.903
22,246
24,840
Net operating income_
Non-operating income._
$354,539
1.663
$407.116
3,949
$407.439
1,672
$432.695
4,150
Gross income
Deduc'nsfrom gross Inc.:
Int. on funded debt
Miscell. int. deduc'nsAmort.of dt.disc.& exp
M bm.ded.fr.gross inc.
$356,201
8411.065
$409,111
$436,846
202,596
38,905
27,049
203.591
47,4651
28.011
200,356
184,493
9,482
22,829
3,126
Net income_ _.....
Divs, on pref. and junior
pref. stock
Divs, on com. stock_ _ _
$87.651
61,6811
$131,997
$147,074
$216,915
53,518
34,000
49,412
136,000
44,239
110,625
Balance
$44,479 def$38.338
$87,651
$172,676
x Including retirement appropriation of 836.392 in 1930.$35,947 in 1931,
$69,694 in 1932 and $65.058 in 1933. y Included in operating expenses.
Balance Sheet Dec. 31.
Assets1933.
Liabilities-1932.
1932.
1933.
Fixed capital
$7.622.953 $8,310,031 7% pref.stock.... $130.800 $130,800
Cash
146.570
123,0988% pref. stock...-. 601,300
602,500
Accts. & notes rec. 102,791
85,604 Cum.junior pref._ 136,900
138,200
Materials & suppl.
44,509
50,046 Corn, stk. (85,000
Prepayments
8,122 shares)
41,058
1,700,000 1,700,000
Subscr. to cap. stk.
1,351 Funded debt
4,009,500 4,091,500
Other assets
397,816
469,274 Current liabilities.
29,674
48.711
Liability on power
33,309
contract
125.110
Accrued liabilities_
96,084
Advs. from MM.
623,638
620,132
companies
299,154
Reserves
347,306
Other liabilities...
25,378
24,805
Earned surplus_ 171,250
115,571
Capital surplus_ _ _ 435,601 1.166.999
Total
$8.355,699 $9,047,526 Total
$8,355,699 $9.047,526
-V.138. p. 2583.
Middlesex & Boston Street Ry. Co.
-Earnings.
-
(As Reported to the Massachusetts Dept. of Public Utilities.)
3 Months Ended March 311934.
1932.
1933.
Revenue passengers carried
2,521,860 2,223,111 2,587,369
Average fare
9.4 cts.
9.38 cts.
9.33 cts.
Net profit
$4,474
$25,912
$16,676
-V. 138. D. 1043.
Midland Steel Products Co.(& Subs.).
-Earnings.
Calendar Years1933.
Manufacturing profit _ -- $1,773.690
Expenses
427,157
1932.
1930.
1931.
$661,182 $2,042,536 82,590,555
463,344
595,220
623,877
Operating profit
Other income
_ $1,346,533
41,242
$197,839 $1,418,659 $2,004,335
88,232
245,534
102,934
Total
$1.387,775
Employees'prof.sharing
Depreciation
410,047
Reevefor losses in closed
banks
175,000
Federal taxes (est.)
130,000
$286,071 $1,521,593 $2,249,869
179,989
507,366
594,912
610,849
Net income .
Preferred dividends_ _ _ _
$2 pref.stock dividends_
Common dividends
Deficit
$672,728 def$221,296
664,474
759,400
135,000
203,000
$775,744 $1,271,968
770,402
760,000
172,060
127,540
717,346
709,395
sur$8,254
$980,696
$821,191
Balance Sheet Dec. 31.
1933.
1932.
1933.
Assets
LIabUUiesa Land, buildings,
e First pref. 8%
machinery, dm__ 4,728,785 4,933,097 cum. stock
9,693,000
Cash
696,644
300.061 e Non-cum.$2 divCertif. of deposit
1,000,000 idend stock....
9,693
U. S. Govt. secur.
d Common stock_ 2,423,250
& accrued int.__ 3,903,011 3,607,416 Accounts payable_ 477,824
Notes & accts. reo. 863,367
770,244 Pref. diva, payable 189,850
Inventories
1.356,771
643,164 Accrued taxes_
177,585
b Treasury stock. 989,114
989,114 Contingent reserve 600,000
Deposit in closed
Profit and loss surbanks, after res
345.760
plus
1,376,484
Sundry invest., dro
47.157
31,187
Patents & g'd-will. 1,920,253 1.915,879
Deferred charges
143.257
96.824
$387,841
1932.
9.693,000
9,693
2,423,250
204,230
Is;Coio
600,000
1,368,230
Total
14,947,086 14,333,419 Total
14,947.686 14.333,419
a After depreciation. b Consists of 2,005 shares of 8% pref., 39.030
shares of $2 stock and 7,410 common shares. c Represented by 96,930
no-par shares, including shares in treasury. dRepresented by 242,325
no-par shares, including shares in treasury. e Represented by 96,930 nopar shares, including shares in treasury.
-V. 138, p. 3095.
Midland United Co.
-Meeting Again Adjourned.-
•
The annual stockholders' meeting of this company and the Midland
Utilities Co. will be held June 14. Notices have been sent to stockholders
by John N. Shannahan, President of the companies, notifying them that
the adjourned annual meeting scheduled for May 31, will be deferred until
that date. The action was authorized on May 25 at a meeting of the
board of directors.
-V. 138, p. 2583.
Midland Utilities Co.
-Meeting Adjourned.
See Midland United Co. above.
-V.138, p. 2255.
Midland Valley RR.-Earnings.1934.
$108,604
41,135
28,537
1933.
$115,053
47,565
30,971
1932.
$139,038
57,673
40,042
1931.
$174,580
41.555
19.052
416,731
167,352
109,283
AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3095.
-
417,152
172,040
104,537
541,560
213,120
134,568
688,231
213,469
114,589
Minneapolis & St. Louis RR.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
Gross earnings
-V.138, p. 3608.
3783
Financial Chronicle
Volume 138
1934.
$558,486
22,841
def44,059
1933.
$577,749
35,386
def31,322
1932.
$630,056
7,112
def61,163
1931.
$868,143
98,685
25,715
2,565,428 3,363,506
2,322,827 2,106,781
268,438
80,670
def46,223
195,577
def31,287 def291,465 def186.805 def32,493
of May- -Jan. 1 to May 21-Third Week
1933.
1934.
1933.
1934.
$163,547 $2,721,476 $2.587,453
$141,847
Consolidated Balance Sheet Dec. 31 1933.
(Giving effect as at that date to reduction of capital filed with Secretary
of State of New York Jan. 23 1934.)
Liabilities
Assets
$339,989,951
$248,338,321 b $7 preferred stock
Property, Plant. &o
25,021,531
C $7 2d preferred stock
Sinking fund and special
19,196,993
155,129 d Common stock
deposits
33,702,497
10,513,752 Prof. stock of sub. cos
a Investments
100,840.500
2,472,969 Funded debt of sub. cos
Cash
17,000.000
Notes & accounts receivable 3,968,530 Advances from affil. cos
37,250 Long-term liability relating
Marketable securities
3,401.917
1,954,924 to Sacandaga Reservoir
Materials and supplies
300.000
1,238,542 Notes payable
Prepayments
3,310,461
6,808,178 Accounts payable
Deferred charges
847,652
Consumers deposits
2,675,587
Accrued liabilities
Reserve for retirement of
7,079.651
property, plant, &c
1.989.449
Other reserves
Capital reserve arising from
reduction of capital stock.. 9,598,49
10,532.907
Profit and loss surplus
5275,487.594
$275,487,594 Total
Total
a Includes 297,576 shares ofcommon stock and 75,172)i class A warrants
Valley Securities
of Niagara Hudson Power Corp. carried by Mohawk
Corp. a subsidiary, at $6,215,573, and 35,000 shares (entire issue) of no
par value preferred stock of the Power & Electric Securities Corp. carried
by Mohawk Hudson Power Corp. at $3,500,000. b Represented by
p399.662 no par shares. c Represented by 249,838 no par shares. d
-V.138, p. 3097.
resented by 1,595,432 no par shares.
-Cent Pref. D:v.Minneapolis St. Paul & Sault Ste. Marie Ry.-Earns.-'-Monolith Portland Cement Co.
-25
AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1931.
1932.
1933.
1934.
$1,859,577 $1,730,957 $1,894,851 $2,514,635
00,
305.810,3 239
322,226
125,733 def88,534 def27,481
59,303
9,518,504
6,636,879 5,769,128 6,835,001
990,841
...t74,432
df399,512 de1,072A58 def1,307,859 def379,383
To Renew Loans.
-
The company has requested the I.
-S. 0. Commission for authority to
renew for two years, its Reconstruction Finance Corporation loan of $5,000,000 maturing Aug. 1, next, and to renew $3,077,036 in notes owed the
Railroad Credit Corporation. The Commission is advised that the road is
unable to pay its maturing loans.
-V. 138. p. 3608.
Mississippi Central RR.-Earnings.April1934.
Gross from railway
$58,368
Net from railway10,413
et after rents
4,788
From Jan. 1
Gross from railway
219,123
Net from railway
30,903
Net after rents
7,851
-V.138, P. 3096.
1933.
$49,940
4,592
def2,385
1932.
$52,908
def1,021
def7,763
1931.
$76,903
10,120
1,612
168,157
419
def23,401
214,942
def21,749
def51,774
335,453
51,682
16,069
Missouri Illinois RR.-Earnings.1934.
$74,371
14.594
2,614
1933.
$58.672
11,179
def4,475
1932.
$71.796
13,244
285
1931.
$110.357
25,445
17,437
295,682
71,058
30,058
AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Netfrom railway
Net after rents
-V.138, p. 3096.
241.187
22.543
def32,853
301,408
61.732
6,452
429,514
86,827
30,980
Missouri & North Arkansas Ry.-Earnings.1934.
$81,109
17,045
5,716
1933.
$72,596
13,624
3,155
1932.
$55,000
dell1,059
def21,529
1931.
$124,476
29,925
14,918
322,989
48,372
1,607
AprilGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.138, p. 3096.
237.006
def1,196
def40,508
307,301
def6,089
def51,227
442,838
42,429
de/13,345
Missouri Pacific RR.
-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.138, p. 3609.
1931.
1932.
1933.
1934.
$5.923,844 $4,780,719 $5,636.112 $8.140,251
1,276.395 2,147,187
692,044
1,215,666
1,455,924
527.618
55.633
501,911
23,571,916 19,130,245 23,874,120 32,676.253
5,415,334 3,322,372 5.193,528 8,665,400
638,974 2,305,628 5,616,223
2.472.784
Mobile & Ohio RR.
-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 138. p. 3096.
1934.
$752,879
111.721
5,269
1933.
$668,155
158,452
44,920
1932.
1931.
$758,391 $1,031,506
137,178
240,709
8,633
101,187
2,908,670 2,297,515 2,758,527
272,013
280,705
455,692
33255 def115,417 def198.974
1934.1932.
1933.
$349,629
$231,830
3184,979
209,777
133,897
70,785
120,341
57,630
def15,451
1931.
$407,407
191,875
103,444
1,325.772
694.877
346,844
1,659,159
771,609
389,030
1,389,563
840,724
446,761
966,169
555,236
247,112
-Reorganization Plan
a Mortg ge-Bond Co. of New York.
Already Approved by Majority of Holders of $23,000,000 Bonds.,
Approximately 7 000 bondholders located in this country and abroad
are receiving a notice from the Superintendent of Banks of the State of
New York of the promulgation of a reorganization plan for the collateral
trust mortgage bonds of the Mortgage-Bond Co. of New York. With
approximately $23,000,000 of the various series of these collateral trust
mortgage bonds outstanding, this reorganization constitutes one of the
most important rehabilitations being carried out under the provisions of
the Schacimo Bill.
The office of the Superintendent of Banks has been working nearly a
year with bondholders and representatives of bondholders in an endeavor
to work out a plan for the rehabilitation of the company. The plan has
already met with the approval of a majority of the bondholders, as about
64% of them are already on record as approving the proposed plan.
The Mortgage-Bond Co.of New York is one of the largest of the mortgage
companies which was placed under the jurisdiction of the State Banking
Department at the time of the emergency legislation passed in March
1933 in connection with the mortgage moratorium in New York State.
The company's business differs from that of the ordinary guaranteed
mortgage certificate company in that all of the approximately 6,000 first
mortgages which it owns are deposited with the United States Trust Co.
as trustee, and form the security for 19 different series of collateral trust
mortgage bonds outstanding, totaling $22,952,000 par value. Since the
institution of the mortgage moratorium the company has been making
quarterly interest payments which have amounted to about 50% of the
interest accruing on the outstanding bonds. All of the interest on the
bonds has now been paid down to Oct. 16 1933.
Under the terms of the reorganization plan, the holder of each $1,000
bond is to receive five new $200 bonds, the first of which matures in 1940
and the others at successive four-year intervals thereafter. These bonds
are to be obligations of a new mortgage bond company and are to pay
Interest at a fixed rate of 23i% and will carry cumulative coupons for an
additional 23% to be paid when earned but in all events to be cumulative,
so that eventually the full 5% will have to be paid. The bondholders also
will receive stock of the new company in an amount based upon the coupon
rate of the old bonds. Thus, the holder of a 4% bond of the old company
will receive three shares of new stock; the holder of a 5% bond,four shares;
the holder of a 53 % bond, five shares, and the holder of a 6% bond, six
shares.
The stock of the new company is to be placed in a voting trust and voting
trust certificates are to be delivered under the plan in lieu of stock certificates. The voting trustees of the new company are to be Ridley Watts.
George Ramsey and Arthur M. Hurd.
Directors of the new company, as set forth in the reorganization plan,
include Joseph'W. Burden, Charles G. Edwards, Arthur M. Hurd, Robert
G. Merrick, George Ramsey, Lawrason Riggs Jr., Faris R. Russell and
Ridley Watts.
The plan is to be presented to the New York Supreme Court, at Special
Term Part I, on June 26, at which time the Court will pass upon the plan
and hear any objection on the part of any holder of the mortgage bonds or
of any other interested party.
The plan is being promulgated on behalf of the holders of more than
33 1-37. of the bonds, by the Superintendent of Banks of the State of New
York. The success of the plan depends upon the approval of the Court and
-V. 138, p. 3278.
of two-thirds of the bondholders.
-Earnings.Murray Corp. of America(& Subs.).
-Earnings.
Mohawk Hudson Power Corp.(& Subs.).
Quarter Ended March 31Loss after costs
Selling and general expense
Expense of idle property, &c
1934.
prof$630.169
247,344
.66.117
1933.
$72,923
208.675
21,678
9
17 2
$ 93,370
263,998
26.956
Loss
Other income
3,770,904
628,327
135.718
Monongahela Ry.-Earnings.AprilGross fromG
railway
Net from railway
Net after rents
From Jan. 1Grose from railway
Net from railway
Net after rents
-V.138. p. 3097.
A dividend of 25 cents per share has been declared on the 8% cum. pref.
stock, par $10, payable June 10 to holders of record May 31. A similar
.
3
issue
payment
last regular semi-annual distribution of 40 cents per share was made
p. 1575.
in Jan. 1930.-V. 138,
prof$316,708
111,417
$3303,276
53,498
$4470,324
49.035
Loss
Depreciation
Interest
Prof$428,125
156,700
42.815
$249,778
153,346
42,564
$4421,289
329.145
48,037
Net loss
J. W. M. Mfg. pref. dividends
prof$228,610
3.878
$4445,688
$798.471
3.958
$445,688
$802,429
Nil
Nil
Deficit
sur.$224,732
Earns, per share on 768.331 shares
vmnanio. 3( .ar $10)
-.l
$0.29
ito
) c4c4p
Calendar Years
revenues1933.
-1932.
Total operating
-Bonds Called.
$34,530,698 $35,323,527 'Narragansett Electric Co.
13,985.354 12,819,217
Operating expenses
There have been called for redemption as of July 1 1934 a total of $138,000
1,627,041
Maintenance expenses
1,537,929
1st mtge. 5% 30
-year gold bonds. series A, and $18,500 1st mtge. 5%
Retirement provision
2,387,168 2.357,546
gold bonds, series B, both due Jan. 1 1957. at 102 and int. at the Rhode
3,958,836 4.158,528
Taxes
-V. 138, p. 2256.
Island Hospital Trust Co., trustee, Providence. R. I.
Operating income
Non-operating income. net
$12,661,412 $14,361,194
715,656
181,064
$12,842,477 $15,076,850
Gross incomeDeductions from gross income
6,105,985 5,860,498
Dividends on preferred stocks of subsidiary cos...... 2,208,989 2,210,155
$4,527,502 $7,006,197
Net income
Consolidated Profit and Loss Account, Dec. 31 1933.
$10,390,103
Balance Dec.31 1932
4,527,502
Net income for the year ended Dec. 31 1933 (as above)
5,667
Miscellaneous credits
Total credits------------------------------------------ $14,923,272
______________
255,221
Miscellaneous debits
2.797,634
$7 preferred dividends
874,836
$7 2d preferred (paid to June 30 1933 only) dividends
462,675
Common dividends
Balance Dec.31 1933
$10,532,907
Nashville Chattanooga & St. Louis Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p.3097.
1934.
1,133,760
178,753
112,235
1933.
1,078,423
215.197
160,803
1932.
986,673
54,269
det3.517
1931.
1,516,015
259,807
188,818
4.549,806
847,125
571,342
3,866.905
500,598
303,848
4,090.725
296,548
86,706
5,620,406
755.080
446,729
-Pays Accumulated Divs.National Container Corp.
The directors recently declared, in addition to four regular quarterly
dividends of 50 cents per share,four accumulated dividends of 50 cents each
on the $2 cum. cony. pref. stock, no par value, payable March 1, June 1.
Sept. 1 and Dec. 1 1934 to holders of record Feb. 15, May 15, Aug. 15 and
Nov. 15 1934,respectively. This wipes out accruals on this issue. Quarterly
distributions of 50 cents per share were made on the pref. stock during 1933
and each quarter fron Sept. 1 1929 to and incl. Dec. 1 1931. No payments
were made during the year 1932.
3784
Financial Chronicle
The directors also recently declared an initial dividend of 50 cents per
share on the common stock, no par value, payable June 1 to holders of
record May 10.-V. 138, p. 2933.
National Investors Corp.
1:"
-Accumulated Dividend.1
The directors on May 24 declared a dividend of $2.75 per share on
account of accumulations on the $5.50 cumul. pref. stock, par $1, payable
July 1 to holders of record June 12. A distribution of $5.50 per share was
made on this issue on Sept. 30 last, which was the first payment since
July 1 1930 when the last regular semi-annual dividend of $2.75 per share
was paid.
-V.138, p. 3360.
----National Refining Co.
-Resumes Preferred Dividend
The directors have declared a dividend of $2 per share on the 8% cum.
pref. stock. par $100, on account of accumulations, payable July 1 to
holders of record June 15. The last regular quarterly payment qf like
amount was made on this issue on Jan. 1 1933; none since.
-V.
, n'1410
--- National Standard Co.
-20-Cent Adjustment Dividen
The directors have declared an adjustment dividend of 20 cents per are
and a quarterly dividend of 50 cents per share, both payable July 2 to
holders of record June 20. Three months ago, the company increased the
quarterly payment to 50 cents from 30 cents per share.
On Sept. 30 1933 an adjustment dividend of 80 cents per share was paid,
-V. 138. p. 2257.
bringing total distributions in 1933 to $2 per share.
-Earnings.
National Supply Co. of Del.(& Subs.).
Period End. Mar.31- 1934-3 Mos.-1933. 1934-12 Mos.-1933.
Gross income from opers. $1,125,832
$407,198 $3,848,061 $2,333,819
Sell.& gen.expenses____
883,541
808,757 3,431,889 3,380,291
$416,171 41,046,471
567,215
172,354
Netinc.from opers__ _
Other income
$242,291 loss$401,558
48,465
72,113
Total income.......
Depreciation
Int., discounts, taxes &
miscellaneous
Guar. diva. on National
Superior Co.,pi% stk
$290,756 loss$329.446
402,318
420,861
Deficit
Loss applying to Spang,
Chalfant & Co., Inc.,
corn, stock not owned
by The Nat. Supply
Co.of Del
$356,139 $1,012,197 $2,168,866 $3,443.749
$588,526
1,637,965
z$479,256
1,806,963
237,889
253,532
1,087,666
1,119,082
6,687
8,358
31,761
38,449
368
2,875
.6,456
7,550
x Consolidated net loss
(based upon book
inventories)
$355.771 $1,009,321 $2,162,410 $3,436,199
x Physical inventories are taken only as of Dec. 31 of each year. z Loss.
June 2 1934
Nevada-California Electric Corp.(& Subs.).-Parns.Period End. Apr.30- 1934
-Month-1933.
1934-12 Mos.-1933.
ross operating earnings $428,733
$323,888 $4,988,234 $4,798,153
aintenance
12,231
12,114
157.914
137,409
axes (incl. Fed. taxes)..
39,846
34,315
407,751
491,553
155,217
ther oper. & gen. exps112,260 1,787,547 1,616,384
•
Operating profits.... $221,437
$165.198 $2,571,724 $2,616,103
Non-oper. earnings (net)
5,357
2,324
72.967
71,714
Total income
$226,795
$167,523 $2,643,438 $2,689,071
Interest
125,441
132,311
1,570,071
1,557,429
Depreciation
42,408
57,263
534,465
764,530
Balance
- - ______
Disct.& exp.on secs.sold
Miscell, additions and
deductions net Cr)..
(
StuM.avail.for redemption of bonds. divs.,&c
-V.138, p. 2933.
$58,945 loss$22,051
8,580
8,643
$551,543
105,840
$3354,469
107,094
18,967
190,984
269,433
$44,605 loss$11,727
$636,688
$516,808
1933.
$19,492
def2,910
def5,885
1932.
$27,737
1,062
def4,777
1931.
$47,327
14,335
9,224
78,258
def18,802
def31,158
115,324
def2,046
def20,653
179,254
41,078
19,283
Dr5,760
Nevada Northern Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.138. p. 3098.
1934.
$30,675
8,380
5,736,
103,495
15,316
5,931
New Jersey & New York RR.
-Earnings.1933.
1934.
AprilGross from railway
$72,345
$78,143
def6,068
def13,263
Netfrom railway
Net after rents •
def33,859 def29,039
From Jan. 1329.105
302,940
Gross from railway
def53,395 def10,190
Net from railway
Net after rents_ --. -__ def136,556 def105,520
-V.138, P. 2933.
1932.
$96,913
7,916
def17,149
1931.
• $117,438
17,409
def18,651
378,274
18,830
def82,843
442,129
80,449
def57,526
New Orleans & Northeastern RR.
-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
--V. 138, p. 2933.
1934.
$195,305
62,444
22,489
1933.
$152,645
17,633
def28,638
1932.
$177,467
8,297
def34,483
1931.
$269,125
18,614
def42.018
518,145
740.439
750,731
1,086.296
174,037 def14,264
Consolidated Balance Sheet March 31.
31,817
81,503
19,860 def189,996 def134,174 def175,676
1933.
1934.
1934.
1933.
Assets
Liabilities-a Plant& equipm't25,136,193 27,589,071 Preferred stock___16,615,600 16,1315,600
-Pays Bond Interest.Cash
4,361,852 4,860,232 Common stock__ 9,564,775 19,129,550 '--New Orleans Public Service Inc.
b Mktable securs_ 2,468,427 2.468,428 Minority interest_ 121,100
127,234
The semi-annual interest due June 1 on the 6% income bonds, series A,
Good-will
3.587,469 Underlying capital
-V.138, P. 3611.
••••
due Nov. 1 1949, is being paid.
Notes & accts. rec. 4,781,160 4,697,427 obligations
20,829,800 21,249,200
Mdse. Inventories-15,896,769 16,764,368 Accounts payable_ 831,701
608,755
New Orleans Texas & Mexico Ry.-Earnings of System.
Investments
5,838,403 5,712,313 Accr. taxes, wages,
-Month-1933.
566,307
544,950
Accts. recely, from
arc
Period Ended April 30 1934
1934-4 Mos.-1933.
$1,081.602
$830,669 $3,876,572 $3,024,268
offic. dr employ. 218,991
Insur. & pension,
Operating revenues
2,000,416 1.907,959
Deferred charges.200,617
99,110
64,943
90,255
&c. reserves
Net ry. oper. income...
695,980
228,637
Earned surplus 3,257.70315,586,316
Earnings of Company Only
Capital surplus_ _ _ 4,977,3365
1933.
1934.
April1932.
1931.
$203,261
Total
$134,966
58,764,738 65,769,565 Total
58,764,738 65,769,565
Gross from railway
$147,300
$218,468
98,142
38,232
Net from railway
29,575
a After depreciation of $10,618,693 in 1934 and $10,336,676 in 1933.
61,369
108,261
55,840
Net after rents
39,098
b Market value, $848,348 in 1934 and $425,923 in 1933.-V. 138,P. 2257.
65,413
From Jan. 1650,403
472,463
Gross from railway
601,295
792,091
National Surety Co.
-Liquidation.
230,521
84,141
Net from railway
108,890
167,869
Superintendent of Insurance George S. Van &hoick has filed a petition
272,571
144,282
Net after rents
124,282
199,324
In the Supreme Court, New York County,asking for an order ofliquidation
of the old National Surety Co. The petition pointed out that the ap- -V. 138, p. 3098.
plication to liquidate the company is the final step in the plan of the re-Earnings.Newport Electric Corp.
habilitation proceeding instituted in April 1933.
1932.
1933.
Calendar Years
1931.
The rehabilitation contemplated three definite phases. The first was
1930.
$739,613
$782,223
Gross revenue
$799,514
the salvaging of the perishable assets of the company, and this has been
$772,733
266,102
264,921
Operating expense
accomplished by the organization of the National Surety Corp. The
287,380
281,491
28,313
26,847
Maintenance expense-- _
new corporation, formed for the benefit of creditors of the National Surety
29,318
30,649
42,876
39,047 , 38,536
Taxes, excl. of inc. taxes
Co.,took over the principal part of the business of the old company. The
36.959
90.775
Prov. for retirements.-legality of this move was sustained recently by the Court of Appeals.
The second step in the rehabilitation plan was the reorganization of
$311,546
$451,408
Net earnings
$423,633
the mortgage issues guaranteed by the National Surety Co. The Supreme
$444,280
31,320
31,320
Interest on funded debt_
31,320
Court has recently approved a plan for the reorganization of these issues
31,320
255
Int. on unfunded debt
1,248
and public notice of a hearing on the plan to be held on June 19 1934, has
13,351
21,107
Other charges
been given.
39.701
The law under which the rehabilitation proceeding was instituted con$279,972 x$418,841 4391,854 4339,262
Net income
tains no provision for the filing of claims, for the hearing of contested
81,600
Preferred dividends
81,600
matters or for distribution of assets to creditors. The petition alleges that
60,000
148.875
Common dividends
238,200
an order of liquidation will provide the necessary machinery to meet these
238,200
conditions.
x Before provision for renewals and replacements and income taxes.
The present proceeding taken by the Supreintendent will in no way
Condensed Balance Sheet Dec. 31.
affect the National Surety Corp. nor the continuance of its operations.
1932.
Liabilities1933.
AssetsThe latter corporation has been operating successfully and profitably since
1932.
1933.
6% pref.stock._ _81,360,000 $1,360,000
Prop., plant and
-V.138, P. 3444•
its organization a year ago.
$3,064,105 $3,147,850 Common stock__ 1,191,000 1,191,000
equipment
36,910 Surplus
36,910
Special deposits
National Tea Co., hicago.-Sales Lower.119,438 Funded debt
138,367
Investments
696,000
696,000
-1933.
Period End.May.19- 1934-4 Wks.
1934-20 Wks.
-1933.
75,096 Accr. int. &dive
142,409
Cash
36,060
36,060
Consolidated sales
$4,659,678 $4,843,404 $23,095,094 $24,507,762
801 Accounts payable_
367
Notes receivable
24,183
22,279
The number of stores in operation declined from 1,343 on May 20 1933
114,948 Accrued items
86,461
Accts.receivable
12,775
13,011
to 1,249 on May 191934, a decrease of 7%.-V.138, p. 3097.
45,314 Consumers'dams_
41,649
Inventory
27,538
27,793
Due to attn. cos_
29,011
Unbilled income47,867
11,983
517,825 Deferred liabilities
Deferred charges_ - 491,922
National Tile Co.
-Earnings.
55,561
55,632
Reserves
373.831
594,477
Calendar Years1930.
1932.
1931.
1933.
Gross profit from oper,
Total
$4,031,201 $4,058,181
Total
84,031,201 $4,058,181
$310,779
$396,657
$26,977
before prov. for depr_
$2,786
262,262
324,937 -V.138, p. 1230.
Selling, gen. & adm.exp184,232
133.504
Depreciation
62,559
59,618
53.082
62,975
-Loan of $19,911,100 from RFC
New York Central RR.
Other deductions(net)
12,720
49,285
8.265
Loss
Other income
$196,521
$228,496
$63,328 prof$12,102
9,713
Net loss
Earns. per sh.on 120.000
shs. of corn. stk. outstanding(no par)
$196,521
$228,496
$63.328 prof$21,815
Nil
Nil
Assets
Cash
U.S.Govt. bondsAccts.receivable..
Inventories
Other assets
Capital assets.....
Patents
Deferred charges
Nil
$0.18
Balance Sheet Dec. 31.
1933.
1932.
Liabilities1933.
1932.
830,394 8114,754 Accounts & wages
28,766
74.629payable
810,298
830.033
46,572
68,103 Accrued State and
13,479
357,727
372,202 local taxes
14,057
23,947
12,255 Reserve for adver.
6,083
686.737 & contingencies_
634,160
1
1 x Capital stock
1,200,000 1,200,000
def103,256
5,033
10,201 Surplus
94.794
81,126,602 81,338,884 Total
81,126,603 31.338,884
Total
-V.138, P. 2257.
x Represented by 120,000 shares of no par value.
-Earnings.Natomas Co.
Month.
4 Months.
Period Ended April 30 1934$79,481
$300,228
Net profit after deprec., deplet., Fed. taxes, &c..
$0.30
Earns, per share on 995,820 shares capital stock_
-V. 138. p. 3611.
Not Needed, Application Canceled.
-The company having
notified the 1.-S. C. Commission that it would not be necessary to borrow any of the $19,911,100 loan from the Reconstruction Finance Corporation, the certificate of April 26
approving the loan has been canceled.
Earnings for April and Four Months Ended April 30.
April1934.
1933.
1931.
1932.
$24,940,917 $20,403,720 $24,837,712 $33,679,119
Gross from railway
Net from railway
6,549,672 5,023,691
4,309,020 6,869.133
Net after rents
2,587,045
1,420,162
363,974 2,801.601
From Jan. 1Gross from railway
100.473,804 82,593.236 106.171,265 133,011,198
Net from railway
25,829,234 19,225,949 23,427,180 26,357,860
Net after rents
10,798,240 4,815,423 7,520,136 10.138,900
V. 138. p. 3445.
New York Chicago & St. Louis RR.-Earnings.April1934.
1933.
1931.
1932.
Gross from railwaY
$2.896,538 $2,202,432 $2,534,528 $3,345,466
961,563
Net from railway _ _ _
653,897
486,997
943 418
.
478,619
Net after rents
548,547
275,699
94,394
From Jan. 1Gross from railway
11,496,272 8,747,729 10,404,888 13,107,313
Net from railway ____ 4,130,614 2,357,984 2,360,557 3,270,909
2,424,359
767,276
Net after rents
585,509 1,285,124
-V.138. p. 3446.
Niagara Lockport & Ontario Power Co.(& Subs.).
-Earnings.New York Connecting RR.
April
Gross from railway
Net from railway__ _ _
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 2935.
3785
Financial Chronicle
Volume 138
1934.
$209,894
161,942
84,951
1933.
$221.745
181,082
113,598
1932.
$190,416
141.184
62,680
1931.
$185,011
125,184
61.926
967,629
782,893
495,244
938,838
768,616
466,909
797.794
614,126
311.964
766.449
536,408
271,912
-$13,639,000
New York Lackawanna & Western RR.
1st cfc Ref. 4s Sold by Delaware Lackawanna dc Western RR.
See latter company above.
-V. 116, p. 2767.
-Earnings.
New York Power & Light Corp.(& Subs.).
1932.
1933.
$21,835,902 $22,479,393
8,959.247
9,201.617
856.043
813.370
1,404.556
1.465.556
2.285,148 2.333.846
Calendar YearsTotal operating revenues
Operating expenses
Maintenance expenses
Retirement provision
Taxes
Operating income
Non-operating income,net
$8,070.209 $8,925,701
30.791
12.049
Gross income
Deductions from gross income
$8,082,259 $8,956,491
4.346.992
4.639,197
$3,443,062 $4,609.499
Net income
Consolidated Balance Sheet Dec. 31 1933.
Liabilities
Assets
Fixed assets
6131,498,206 a $6 preferred stock
Special deposits
66,320 67% preferred stock
Miscellaneous investments..
711,831 C Common Stock
Cash
806,356 Funded debt
Notes & accounts receivable 2,305,132 Advances from still. cos
Materials and supplies
634,867 Long term liability relating
to Sacandaga Reservoir__
Prepayments
1,198,072
Deferred charges
4,779,270 Notes payable
Accounts payable
Consumers' deposits
Accrued liabilities
Reserve for retirement of
fixed assets
Other reserves
Profit and loss-surplus....
$9,609,100
14,463,900
8,937,107
66,977.500
23,220,000
3,401,917
300,000
2,485,697
662,854
1,36.5,990
3,749,568
1,092,788
5.733,633
Calendar YearsTotal operating revenues
Operating expenses
Maintenance expenses
Retirement provision
Taxes
1932.
1933.
$9.032.528 $8,687,626
3,670.653
4,204.311
475.329
469,447
406.800
715,380
771,044
768.816
Operating income
Non-operating income,net
$2.874.574 $3,363,799
75.394
19,609
Gross income
Deductions from gross income
$2.894,183 $3,439.194
1.687.231
1,692,857
$1.201.326 $1,755,963
Net income
Consolidated Balance Sheet Dec. 31 1933.
LiabilitiesAssets
520.593,000
:
553,189,794 Common stock
Fixed assets
24,634.500
32,909 Funded debt
Sinking fund
513,775 Advances from affiliated cos_ 5,594,000
Investments
477.944
215,000 Accounts Payable
Advances to Mill. companies_
127,184
830.839 Consumers' deposits
Cash
Notes and accounts receivle_ 1,217,461 Subscriptions to capital stock
of Buffalo, Niagara & East.
212,180
Materials and supplies
24.750
Power Corp. for employee_
13,444
Prepayments
506.532
Accrued liabilities
Employee subscribers to capiReserve for retirement of fixed
tal stk. of Buffalo. Niagara
2,556.460
2,989
assets
and Eastern Power Corp__
410,495
1,812,499 Other reserves
Deferred charges
88,966
Capital surplus
3,027,058
Profit and loss, surplus
Total
$58,040,890
Total
-V.138, .3281/
x Represented by 327,500 no par shares.
$58,040,890
et21-6' (-31 Dividend. _
Noranda Mines, Ltd.
The directors have declared a dividend of $1 per share, payable June 3
of record June 13. A similar distribution was macie on Dec. 30
to holders
last, which made a total of $1.50 per share for the year 1933, as against
-V.138. P. 3445.
a total of $1.10 per share paid for the preceding year.
-Earnings.
North American Cement Corp.
12 Months Ended Dec. 31Net loss after taxes, depreciation, depletion, interest and amortization
-V.137 p.3159.
1933.
1934.
$804,810
$734.070
-Timefor Deposits Extended.
----North German Lloyd.
-Earnings.
New York Railways Corp.
-year 6% sinking fund gold
The company is notifying holders of its 20
bonds that the time for depositing the bonds under the plan of readjustment dated Dec. 4 1933 has been extended to and including July 1 1934.
Bonds aggregating more than $12,619,000, or over 76% of the principal
amount now outstanding have assented to the plan, which is expected
to be declared operative in the near future.
Bondholders who have deposited their bonds have already had made
available to them payments aggregating $40 per $1,000 principal amount,
representing, if the plan becomes operative, fixed interest at 4V per
annum due Nov. 1 1933 and May 1 1934 provided for in the plan. Bondholders who have not yet assented to the plan will receive these payments
upon depositor their bonds with Chemical Bank & Trust Co.1165BroadwaY
-V. 138, p. 3612.
N. Y. City, depositary.
New York Susquehanna & Western RR.-Earnings.-
Calendar YearsOperating revenues
Non-operating income
$142,000,055
Total
Total
$142,000,055
a Represented by 96,091 no par shares. b Represented by shares of
-V. 138.
shares.
$100 par value. c Represented by 1.057,895 no par
D. 3100.
1934-3 Mos.-1933.
-Month-1933.
Period End. April30- 1934
$414,656 $1,686,478 $1,621,501
Gross earnings
$438,982
def.6.235
74,891
4,448
•Sur. after charges
33.457
* These figures include bond interest of certain controlled companies
liability) which is in
(for which New York Rye. Corp. states it has no
default, and excludes interest on income bonds which has not been declared.
-V.138. p. 3100.
AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. P. 2935.
1934.
$281,772
80,743
38,251
1933.
$232,093
48,896
5,566
1932.
$321,551
117,144
71,507
1931.
$396,037
126,291
60,360
1,246,390
394,542
232,276
1,024,639
257,714
78,109
1,189,384
316,448
108,382
1,576,638
552,711
291,760
-Payment to Debs.New York United Hotels, Inc.
of New
113The holders of 20-year 6% sinking fund gold debenturesreceivers York
have
that the
United Hotels, Inc.; due Feb. 1 1947 are advised
been discharged, and the assets have been sold. Under the final order
of the U. S. District Court for the Southern District of New York, the
balance of the cash in the hands of the receivers, amounting to the sum
of $62,278 together with accounts receivable, good and bad, of the face
amount of $8,352, was awarded to the landlord for use and occupancy
during the receivership, and as part of the receivership expenses, conditioned upon the landlord making available therefrom a payment of $5
per $1,000 face amount of debentures unto the holders of debentures,
and further provided said debentures were surrendered with all unpaid
coupons attached, on or before August 20 1934. in exchange for such cash.
Debentures heretofore deposited under the plan and agreement of reorganization of New York United Hotels, Inc., are not available to the original
holder thereof for this purpose. Other debenture holders are therefore
Invited to forward their debentures, with all unpaid coupons attached, on
or before Aug. 20 to Roosevelt Hotel Inc., Madison Avenue and 45th St.,
sent to such holders, at the rate of
N. Y. City, and New York funds will
$5 per $1,000 of such debentures and proportionately for lesser amounts.
The time having been fixed by the Court will not extended. The payment so made willbe in full payment and settlement for the debentures.
-V.138, P. 1758.
-Earnings.
Niagara Falls Power Co.(& Subs.).
1930.
1931.
1932.
Calendar Years
1933.
Operating revenues
$9,394,675 $9,619,853 $12.723,009 $12.737,505
2,927,029
2,477.960
Operating expenses
1.542.033
1,485,499
716,835
574,222
447,355
Retirement expense_ _ _
490,944
1,982.172
2.124,270
2,209,572
Taxes
1,966,457
Operating income-$5,451,774 $5,420.894 $7,546,557 17,111,469
349.146
438,839
134,204
Non-oper. income (net).
135,387
-Earnings.
North Penn Gas Co.(& Subs.).
1933.
31,866.355
41.755
$1,908,110
Gross earnings
Oper. expenses & taxes- 1.122.405
1930.
1931.
1932.
$1,655,684 $1,530,285 $1.589,827
18,807
23,040
36.327
$1,692,012 $1.553,326
927.318
1,061.628
$1,608,634
1,113,445
Operating income_ --Interest on funded debtInt. on unfunded debt-Amortization of debt discount and expenses_ _ _
Retirement reserve
$785,705
215,996
15,658
$630,384
191,973
46,829
$626.007
189,750
47.099
$495,189
188,788
20,853
17.044
142,531
12,363
56,250
11,272
42,000
11,203
42,000
Net income
Preferred dividends- - _ _
Common dividends
$394.478
138,247
130,000
$322,969
129,631
100.000
$335,886
$232,34(
92,124
112,875
$93,338 $223,011
$126,231
Balance
-V. 136, P. 3908.
Northwestern Pacific RR.-Earnings.-
$140,226
AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 3100.
1934.
$236,646
9,954
def17,174
1933.
$201,041
def6,777
def40,986
1932.
$244,191
def16,227
def60,113
1931.
$322.742
def42,548
def88,300
884,628
def8,989
def112,956
697.925
def163,884
def297,064
936,058
def148,581
def313,455
_,1188,878
def265,815
def444,614
1933.
$358,643
67.198
13,541
1932.
$4400.595
47,030
def9,519
1931.
$564,409
124,863
57,487
1,204,355
1.386,177
11,659
1.976.109
Norfolk Southern RR.-Earnings.AprilGrossfrom railway
Net from railway
Net after rents
From Jan. 1
Grossfrom railway
Net from railway
Net after rents
-V.138, p. 3281.
1934.
$399,869
110.458
52,023
1,469.566
315,100
def33,963
105,378 def233,586 def202,146
290,162
39.047
-Transfer Agent.
Northampton Brewery Corp.
for the
The Manufacturers Trust Co. has been appointed transfer ag@nt
-V. 137, p. 2116.
$2 par value convertible preferred stock.
Gross income
$5,587,162 $5,555.098 $7,985.396 $7,460,615
-Time for Deposits
1,582,014
962.
Interest on funded debt- 1,803.128
1. 843"'Northeastern Public Service Co.
.
1 933,640
1,227,382
1.044,109
385.780
Miscell.deductions
129,450
Extended.
annOunces
W. C. Langley, Chairman of the reorganization committee plan and
Net corporate income_ $3,654,576 $3,587,303 $5,007,647 $4,270,390
the
2,226,723
that the time within which deposits may be made under5 nad the time
4,267.886
4,453.446
Dividends
2.968,964
to June
extended
agreement, dated April 17 1934, has beenmade, pursuant to provisions of
within which a cash payment made be
$739,761 $2,043,666
Balance
$866.143
$685,612
Bank 3c
742,241
742.241
the plan, has been extended to June 16 1934. Central Hanover Co. of
742.241
.
Shs.com.stk.out (no par)
742.241
$5.75
Trust Co., New York & Continental Illinois National Bank & Trust
$6.74
$4.83
Earned per share
$4.92
for the general lien and collateral trust 53. %
Chicago are depositaries
depositary for the
gold bonds, due July 1 1961 and Chase National Bank iswell as for general
Balance Sheet Dec. 31.
prior preferred stock, preferred and common stocks as
1932.
1933.
1933,
1932.
company. W. R. Jordan, Room 517, 115
unsecured claims against the
Assets$
5
-V.138,p.3282,2936.
35,575,565
Broadway, New York,is Secretary of the committee.
Fixed capital
88,573,765 89,734,581 Common stock--35,575,565 34,361,250
33,691,250
-Earnings.
sinking fund
2,318 Funded debt
5.699
Northern New York Utilities, Inc.
aftii,
B!.cos. 500.000 400,000
investments 1,114,152 1,081,967
Misc.
1930.
1931.
1932.
1933.
194,063
Years End. Dec.31Adv. to attn. cos
1,710,000
535,000 Accounta payable- 243,293
35,456,748 $5,315,698 $6,003,492
34,830,721
Operating revenues
852,692
825,310 Subscrip. to stock
Cash
4,172.169
3.481,919
3.665,475
Total oper.rev.deducts- 3,152,048
Buff. Niagara
of
Accts. receivable
1,150,305 1,206,342
di East. Power
Market. secure
645,440
21,890
2,915
Operating income.... $1,678,674 31,791.273 31,833.779 $1,831.323
Corp. for empl_
288,075
Mails et supplies_ 285.617
9.977
29,488
17.013
14,806
808,063
Non-oper. income (net)_
Prepayments
432,174 Taxes & rents accr. 676,827
424,994
185,179
178,805
Interest accrued._
Empl. subscrip. to
$1,693,479 $1,808,286 $1,863,267 S1,841,300
Gross income
Res. for retire, of
stk. of Buffalo
917,029
899.507
883,949
875.119
Interest on funded debt.
plant & property 8,514,270 9,282,456
Niagara es East.
153,921
211,786
187.397
180.966
467,674
Miscellaneousdeductions
.
3,329 Other reserves- 500,744
293
Power Corp_ __
surplus... 5,722,958 5,722,958
Capital
Unamort. dl. disc.
$770,350
$751,974
$736,941
$637,394
10.043,571 9,347,245
Net corporate income_
and expense_ ___ 1,523,475 1,688.206 Profit and loss
420,000
420,000
420,000
420,000
Preferred dividends_ _ _ 23,506
9,206
Miscell. def. deb&
450,000
200.000
350.000
75,000
Common dividends__ _ 95,650,197 96,366,338
95,650,197 96,366,338
Total
3131.974 def$99,650
Total
$142,394 def$33.059
Balance
-V. 138, p. 3281.
x Represented by 742,241 shares (no par).
3786
Financial Chronicle
Comparative Balance Sheet Dec. 31.
1933.
1932.
1933,
Assets
Fixed capital
29,199,779 29,204,741 7% preferred stook 6,000,000
Sinking fund and
x Common stock... 5,480,000
deposits
39,995
60,257 Funded debt
15,782,400
Miscellaneous InLong term liabils.
vestments
489,493
484,597
relating to stillCash
361,875
675,561
water reservoir_ 414,649
Notes and accts.
Advances from Mreceivable
505,068
622,493
ill. companies_ 1,230,000
Materials and sup206,807
Accounts payable_
plies
116.640
137,027 Consumers' deport_
68,998
Prepayments
16,104
14,985 Accrued liabilities_ 206,734
Deferred debits_
904,135
974,352 Res. for retire, of
plant & property 1,336,396
179,438
Other reserves_ __
Profit & loss--surp 727,666
1932.
6,000,000
5,480,000
15,955.900
425,158
1,745.000
313,841
63,397
230,816
1,192,943
176,886
590,072
Total
31,633,089 32,174,014
Total
31,633,089 32,174,014
a Represented by 200,000 shares of no par value.
-V.138, p. 3282.
Northern Alabama Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
is From Jan. 1
,
Gross from railway
Net from railway
Net after rents
-V. 138. p. 2936.
1934.
$40.895
9,500
def1,770
1933.
$39,534
14,740
def5,402
1932.
$45.772
15,691
def3,653
1931.
$69,102
25,612
3,512
188,649
68,465
16,605
159,083
54,447
def23,253
183,690
52,405
def24.540
246,628
48,418
def28,100
Northern Pacific Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3612.
1934.
1933.
1932.
1931.
$3,835,611 $3,371,667 $3,805,917 $5,246,076
def76.696
458,207
242,576
350,585
279,996 def348,158 def106,383
3,248
14,552,738 11,739,969 14.315.051
2,052,058 def988.179
de178,493
1,317,741def2,047,417de11,480,625
19,947,767
1,778,582
391,096
Oklahoma City-Ada-Atoka Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 3101.
1934.
$29.217
9,544
def29
1933.
$30,409
13,209
2.496
1932.
$33,892
10,487
def1,479
1931.
$55,436
12,012
def4,186
112,214
38,342
de179
112,541
43,245
2.425
140,359
38,172
def11,076
210,285
51,981
def10,452
Oklahoma Power & Water Co.
(& Subs.).
-Earnings.
-
3 Months Ended March 31Gross earnings
Operating expenses & taxes
1934.
$288,881
198,262
1933.
$291,663
171,679
IlltNet earnings from operations
Other income (net)
$90,619
2,399
$119,983
602
Net earnings available for interest
Interest deductions (net)
$93,018
86,292
• $120,586
88,118
$6,726
$32.468
Net income before dividends
-V.137. p. 3677.
1934.
$163,868
122,473
1933.
$162,138
107,865
Net earnings from operations
Other income (net)
$41.394
175
$54,273
207
Net earnings available for interest
Interest deductions
$41,570
44.829
$54,480
45,020
10683,259
9,461
Ontario Shore Gas
Condensed Income Statement or the Year Ended Dec. 31 1933.
Gross operating revenue
$73,570
Operating expense
56,879
Maintenance
5.355
Taxes, exclusive of income tax
12,891
Provision for retirements
3,693
Operating loss
Non-operating income
$5,248
86
Loss before other deductions
Interest on funded debt
Interest on unfunded debt
$5,162
19,722
25.902
$50,786
47,820
563
Balance at Dec. 31 1933
$99.169
Condensed Balance Sheet at Dec. 31 1933.
AMU
Property, plant & intangibles $1,146,383
6,772
Cash
Accounts receivable
4.836
Unbilled income
3,081
Inventory-materials, mdse.
and supplies at cost; residuals at market
16,190
Prepayments and other items
2,726
Unliquidated assets of Canadian Fuels, Ltd., contra
128,696
Total
-V. 138.
$1,308,685
Common
Funded debt
Mortgage Payable
Accounts payable
Accrued items
Consumers' deposits
Due to affiliated companies_
Reserves
liabils. & res. of Canadian Fuels, Ltd., contra
Operating deficit
Total
p. 1231.
Oregon Short Line RR.-Earnings.
-
AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p.3101.
575,000
387,400
13,855
2,808
7,454
1,080
667,070
124,492
128,696
99,169
$1,308,685
1934.
1933.
1932.
1931.
$1,527,382 $1.429,899 $1,568,262 $2,326,533
417,470
432,088
403.508
534,221
115,551
107,494
56,483
138,434
6,284,740
1,949,354
735.627
5.509,041
1,467,489
185.775
6,772,575
1,886.825
540,928
9.308,138
2.575.938
1,026,254
Oregon-Washington RR. & Navigation Co.
-Earns.
April-Gross from railway
Netfrom railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
--p. 138, p. 3101.
Pacific Western Oil Corp.(& Subs.).
-Earnings.
Calendar Years1933.
1932.
1931.
1930.
Gross income
$4,082.478 $4,389,272 $4,294,097 $8,943,758
Costs, oper. and general
exps.(incl. all taxes)
1,590.916
1.877.438
3,159,562
1,912.847
Abend. wells, leases and
equipment
309,726
228.518
185,359
513,698
Depletion and deprec'n. 1,506.093
1.697.221
1.992,248
2,183.637
Int. on funded debt
688,951
767,897
915,378
961,706
Net loss for year
$13.209
Earned surp. beginning
of year
3,355.220
Profit on debens. retired
8.903
Balance due from Richfield Oil Co
Divs, paid in cash
Dr250.000
Sundry charges
Dr14.160
$181.803
2,793,392
758.631
$903,124 42,316.544
4,296.344
499,539
1,979.800
Dr1,078.462
Dr15,000
Dr20.904
Earned surplus (unapprop.) end of year
$3,086,754 $3,355,220 $2.793,392 $4,296,344
Earns. per sit. on 1.000,000 shs. capital stock
(no par)
Nil
Nil
$2.32
Nil
x Profit.
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
AssetsLiabilities
8
Cash
485,415
416,483 Accounts payable_
161,845
139,880
Accts. receivable
419,667
Accrued taxes_ .._ 533,435
75,455
53.095
Marketable secure. 1,310,653
346,948 Other accr.!labile_
124,869
82,103
Kettleman North
Accr. bond interest 114,806
Dome Assoc_ __ _ 809,443
691,306 Funded and longInventories
217,472
term debt
157,508
10,597,500 10,630,500
Spec, trust funds__
2,527
3,026 Deferred credits..._
11,354
3,008
a Fixed (capital) asProv. for conting.
sets
23,669,382 24,958,183
govt royalties
17,318
72,853
Prepaid charges- 90.658
122,908 Prov. for Federal
Income taxes._
74,566
74,566
Corn. stk. (1,000,10,000,000 10,000,000
000shares)
Cap.surp.(paid-in) 2,780,650 2.778,670
Earned surp. (unappropriated) __ 3,086,754 3,355,220
Total
27,005,218 27,229,798
Total
27,005,218 27,229.798
x After reserve for depletion and depreciation of $8,959,086 in 1933, and
$7.271,467 in 1932.-V. 138. p. 3449.
Panhandle & Santa Fe Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, p 3101.
.
1934.
$649,280
144.756
30,985
1933.
1931.
1932.
$632,240
$844,288
$669,124
108,186
def23,311
def288
def9,717 def143,907 def180,929
2,536,184
2.380.270
2,796,
556
,
,
444
,
138,429 def112,899 def248 657
3.346,035
290,617
f343,973
An extra dividend of 10 cents per share has been declared in addition to
the regular quarterly dividend of 25 cents per share, both payable June 30
to holders of record June 20. An extra distribution of 10 cents per share
was also made on Jan. 2 last.
-V. 137, p.4540.
Parker Rust-Proof Co.
-Stock Div. Ruling.
-
Supplementing ruling issued by the Committee on
the New
York Curb Exchange on May 4 1934, relative to the Securities of
on the common stock, payable on May 21 1934, tostock dividend of 10%
common stockholders
of record May 10 1934, at Detroit, Mich., the Committee on May 21
ruled that said stock be quoted "ex" said stock dividend of 10% on May 22
1934.-V. 138, p. 3102.
Pecos Valley Power & Light Co.
-Earnings.
-
Co., Ltd.
-Earnings.
--
Net loss
Balance at Jan. 1 1933
Miscellaneous adjustments
-net
The directors recently declared a dividend of 8 cents per share on the
class A stock, no par value, payable May 15 to holders of record April 30.
This compares with 15 cents per share paid on this issue on July 15 1933.
10 cents per share on Aug. 1 1932 and 12% cents per share previously paid
each six months.
-V. 137, p. 1065.
'Parke, Davis & Co.
-Extra Distribution.
Old Dominion Power Co.(& Subs.).-Earning8.3 Months Ended March 31Total gross earnings
Operating expenses and taxes
Net income before dividends
-V.136, p. 3723.
June 2 1934
---Pacific Seaboard Foundation, Ltd. -Cent Dividend ,,
-8
,
-
1934.
1933.
1932.
1931.
$1.147,085
$990,327 $1,074,501 $1,530,602
194,163
103,965
34,836
102,223
def51,191 def127,886 def235.465 def375,674
4,787,955
3,412,232
4,475,038
6.222,011
1,009,270
124,835
341,025
283,934
88,164 def776,693 def710,474 def879,960
3 Months Ended March 31Total gross earnings
Operating expenses and taxes
Interest deductions
Net income
-V. 137, p. 3677.
1934.
$92.906
48,820
58,648
1933.
$114,191
48,715
59,906
loss$14.564
$5.569
Pennsylvania Gas 8c Electric Co.(& Subs.).
-Earns.
Calendar Years
1933.
1932.
1930.
1931.
Operating revenues
$1,017,452 81,111,424 $1,191,389 $1,247,542
Non-operating income...
102,975
101,609
102,798
109,063
Gross earnings
81.120,427 $1,213,033 $1,300,452 $1,350,341
Oper. expenses & taxes..
588.334
618,168
720,803
661,476
Prov.for retirement res.
119,020
120.375
108,424
116,138
Net earnings
$413,072
$474,490
$521,114
$522,837
Charges of sub. cos__ _ _
16,107
16,254
14,992
15,869
Interest on funded debt_
274,149
276,503
259,083
278.827
Sundry interest
-Net
756
716
3,422
449
Amortization of debt discount and expense....
20,035
20,405
18.166
20,624
Net income
$102,024
$160,611
8225,451
8207,069
Divs, on preferred stock
105,000
105.000
104,991
104,984
Divs, on common stock
48,000
80.000
Not reported
Balance
def$50,976 def$24,389
$120,459
$102,085
Comparative Bala nce Sheet Dec. 31.
Assets1933.
1932.
Liabilities1932.
1933.
Property & plant
Preferred stock..
$1,500,000
.$l
account
87,351,761 $7,597,682 Common stock__
Invests., at cost_ 1,462,741 1,429,560 Pref. stock of sub 1,200,000 1,200,000
Sink, fund deposit
191
923
cos
250,300
250,400
Unamortized bond
Subscribed for but
disc. & expense. 328,066
351,683
unissued
1,700
1,400
Deferred charges &
Funded debt
5,111,700 5,159,100
prepaid accounts
12,081
20,744 Deferred liabiliDue from Will. cos.
24,479
24,468
ties
30,348
31,723
Cash In banks and
Accounts & wages
working funds._
148,478
134,555
payable
14,334
17.165
U. S. Govt. secur_
10,150 Dividends Payable
3,130
3,131
Due on subscr. to
Other current liapreferred stock_
935
1,176
bilities
2,457
5,542
Accts. receivable 165,047
176,874 Accrued liabilities- 110,262
115,052
Est. unbilled gas__
10.000
10,000 Reserves
1,148,706 1,083,551
Mails & supplies.
88,380
91,426 Surplus
489,266
212,129
Total
$9,592,160 $9,849,240
Total
$891,984,996,2140).
x Reserve for uncollectible accounts of $25,543 in 19
5 35( 1132
3 91 6 ,
9 2 0
-V.136. p. 3162.
Pennsylvania Glass Sand Corp.
-Tenders.Brown Brothers Harriman & Co. announce that
to the provisions of the first mortgage of the above corporationpursuant of 1st mtge
$68,500
6% sinking fund bonds, maturing July 1 1952, have been called for re
demption through the sinking fund at 105 and int. The called bonds will
be due and payable July 1 1934 at any of the offices of Brown Brothers
Harriman & Co.,sinking fund agent,at which date all interest on the bonds
will cease to accrue.
-V. 138, p. 1760.
-Earnings.
Pennsylvania Gas & Electric Corp.
1930.
1931.
1932.
1933.
Years End.Dec.31$3,410.519 $5.731,119
$4,116.774 $3,758,380
Gross earnings
3,937.738
1,820,624
2,003.911
Oper.expenses & taxes_ - 2.279,956
Net earnings
$1,836,818 $1,754,469 $1,589,896 $1,793,381
916,691
878.214
971,286
Interest and discount--879.992
Divs, paid on stocks of
sub. co.'s in hands of
142,391
129,031
157.940
public
166,647
Approp. for retirement
346.499
171.518
196.083
and depletion reserve_
229,287
Net income
Divs. on pf.& com.stks_
$560,893
x210,000
$429.160
x210.000
$411,133
x210,000
$387,800
378.248
Balance, surplus
x Preferred only.
-V. 138, p. 3285.
$350,893
$219,160
$201,133
$9.552
-Earnings.Pennsylvania Reading Seashore Lines.
April
Grossfrom railway
Net from railway
Net after rents
From Jan. 1
Grossfrom railway
Net from railway
Net after rents
V•
- 138. P• 3102.
3787
Financial Chronicle
Volume 138
1934.
363,398
def50,770
def218.957
1933.
103,333
def32,638
def81,757
1932.
128.292
def35,853
def78,369
1931.
195,273
def45,259
def96.527
665.282
500.977
424,025
1,571.260
-- def183,815 def145,944 def181,888 def271,614
def806.847 def336,788 def356,578 def475.503
-Agreement With FosterPetroleum Distillation Corp.
Wheeler Corp. Terminated.
See Foster-Wheeler Corp. above.
-V. 135, P. 475,
1934.
$1,206,891
156,747
215,530
4,878,724
760,996
976.363
1931.
1932.
1933.
$895,242 $1,091,297 $1,637,396
133.006
299,189
74,599
163,060
392,631
104.904
3,492,148
217,550
349.306
4,372,802
429.260
584.197
-Production Up.
Power Corp. of Canada, Ltd.
Power output for the month of April of the subsidiary and affiliated
companies of this corporation registered a gain of 13.26% when ccirpared
with the total output for April of last year. As these utility coinyxzics are
located in five different provinces, the increace in power outpxt is indicative of the improved industrial conditions being exrerienecd throtsh out
the Dominion, it was announced on May 25.
Total output for April amounted to 153,581,217 los h., an increase of
17,981.949 kwh. over Apri11933. equivalent to 13.26%. This is the largest
comparative monthly increase to be reported for some consideratle time.
Comparative figures (in kwh.) are as follows:
1933.
1934.
Month of April16,884,750
21.515.150
utimrn Canada
42.314,178 38.377.140
anada Northern
5.614.680
5.333.600
East Kootenay
34.989.517 33.445,678
B. C. Power
761.420
886,272
Northern B. C
17.323.000
17.827,200
Winnipeg Electric
30,584.000 22.982.000
Manitoba Power
160,600
131.300
Northwestern Power
153,581,217 135.599.268
Total
-V. 138. p. 3102.
-Earnings.
Power Corp. of New York (iSt Subs.).
6.492,232
1,059,139
1,367,088
-Gain in Stockholders.Pittsburgh Plate Glass Co.
According to an official announcement on May 28, there were 5,081
stockholders of this company at the end of the first quarter of this year.
Of the total, 42%. or 2.122. were women, who owned 19% of the total
number of shares outstanding; and 45% were men, who owned 25% of
the outstanding stock. Trust companies and estates own 49% of the stock,
of which the largest single stockholding interest is that of the Pitcairn Co.
of Philadelphia, which owns approximately 33 1-3% of the total shares
outstanding. The Pitcairn Co. manages the affairs and the investments
of the estate of the late John Pitcairn, formerly Chairman of the Board of
the Pittsburgh Plate Glass Co.
An analysis of the Pittsburgh Plate Glass stockholders at Apri 1 1934
follows:
P. C. of
P.C. of
No. of
No.StockStockholders. Shares Owned
Shares.
holders.
19.41%
41.76%
Women.
421.617
2,122
24.65%
44.52%
Men
535,745
2.262
.54%
Joint accounts
372%
11,624
189
48.92%
Trust cos. & estates_ _
5.27%
1.062,818
268
Financl houses. brokers,
& investments
6.48%
4.73%
140.712
240
100.00%
Total
100.00%
2.172,516
5,081
The steady growth in the number ofstockholders isshown by the following
tabulation giving the total number at the first of each year for the past 10
Years:
4,903
4,72711933
1925
3,108 1928
3.3971931
4,73111934
4,936
1926
33961 1929...
3,84011932
1
1927
)
3.4261930
4,295
-V.138, P. 3450. 3102,
Calendar Years
Total operating revenues
Operating expenses
Maintenance expenses
Retirement provision
Taxes
$5,547,i31 $6,321,139
2.147,320
1,683,124
132,068
134.449
487,165
483,182
462.999
438,980
Operating income
Non-operating income, net
$2,807,996 $3,092,188
343,283
80.336
Gross income
Deductions from gross income
Pittsburgh & Lake Erie RR.-Earnings.AprilGrossfrom railway
Net from railway
Net after rents
From Jan 1
Grossfrom railway
Netfrom railway
Net after rents
-V.138. P. 3450.
Pittsburgh & West Virginia Ry.-Earnings.1931.
1932.
1933.
1934.
April$280.238
$195,274
$195.210
$258.067
Grossfrom railway
80,124
45,800
65,679
68,776
from railway
Net
81,626
38,540
62,210
82,832
Net after rents
From Jan 1
787,018 1,047,614
670,043
943.820
Gross from railway
263.576
170,104
150.526
304.996
Netfrom railway
286.092
128.165
125,796
340,699
Net after rents
-V.138. p. 3451.
$2,888,331
2,324.979
Balance
Dividends on pref. stocks of subsidiary companies.
including provision of$163,333 for pref. dividend
in arrears from May 1 1933 to Dec.31 1933
$3,435,471
2.340,050
$563,352 $1,095,421
684.969
685,623
$409.798
def$121,618
Consolidated Balance Sheet Dec. 311933.
LiabilitiesAssets
$3,389,555
354,619.035 x Common stock
Fixed assets
41,938 Minority interest in common
Sinking fund and special dep.
8,759,978 stock and surplus of subInvestments
1.210
sidiary company
445,804
Cash
808,888 Preferred stock, sub. cos_ _ 9,803,500
Notes and accounts reedy28,895,800
145,138 Funded debt
Materials and supplies
10,668,000
27,729 Advances from attn. cos
Prepayments
1,297,469 Long term liability relating
Deferred charges
825,228
to Stillwater Reservoir_ __ _
481,346
Accounts payable
72,285
Consumers'deposits
314,433
Accrued liabilities
Reserve for retirement of
2,135,886
fixed assets
412,530
Other reserves
7.785.808
Capital surplus
1,382,613
Profit and loss surplus
Net income
Total
$83,945,754
Total
-V. 138, p. 3286.
Represented by 677,911 no par shares.
$63,945,754
-Trading Suspended.
""" Pressed Steel Car Co.
-Earnings.- *- -- under "Current Events and Discussions" on a preceding page.
Pittsburgh Shawmut & Northern RR.
See
1932.
1931.
April
1933.
1934.
V. 138, p. 2096.
$87.728
Gross from railway
$105.510
$69,620
$89,454
-Takes Title to F. & W.
5.331
27.476
8,686
Net from railway
Properties Realisation Corp.
12,033
def900
Net after rents
19.508
2,564
7.719
Grand Properties Corp.
From
Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 3102.
382.934
74,312
41,816
276,679
30.612
3.738
352,350
32,748
7.127
428.673
110.721
87 420
Pittsburgh & Shawmut RR.-Earnings.AprilGrossfrom railway
Netfrom railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 3102.
def14:655
def9,294
1933.
$42,675
def316
def1.139
1932.
$60.316
8,935
8,544
1931.
$81,036
21.088
18,713
258,524
46,176
64,702
184,880
913
836
247,396
23,599
23.069
304,607
54,503
47.635
1934.
--
Pittsburgh United
Calendar Year
Income-Dividends
Interest
-Earnings.
Corp.
Total
Interest
General expense
State taxes
Legal and other expenses in connection with pref.stkholders' litigation
Net loss
Surplus Jan. 1
Adjustment of provision for prior
year's taxes
Reserve for contingencies transferred
to surplus
Discount on pref. stock purchased_
Unclaimed dividends
Total surplus
Dividends paid on preferred stock_
Sundry adjustments
Surplus Dec. 31
$395
1932.
$54,201
1,933
1931.
$596,211
1,493
$395
64,261
5.571
20,550
$56,134
60.366
5,255
13,000
$597,704
37,285
11,339
40,000
1933.
58,895
$89,987
307,218
5,930
$81,383prof$509,079
384,557
158,678
4,069
476
$307,244
$223,320
$307,218
26
$690,100
305,543
$384.557
Balance Sheet as at Dec. 31.
1933.
1933,
1932.
1932,
Assets
Liabilities$ •
3
Cash
32,151
117,459 Notes pay., sec- 1,040,000 1,040,000
x U. S. Steel Corp
657
Accounts payable_
48,177
corn. (at cost)--18,858,511 18,856,511 State taxes
48,931
8,890
8.990
Accrued interest
7% preferred stock 5,821,200 5,821,200
Common stock._ _ 9,749,075 9,749,075
223,320
307,218
Surplus
Total
18,888,882 18,973.970
16,888,862 16,973,970 Total
:Market value Dec. 31 1933. $47.75 ($2734 in 1932) Per share, or
$5.176,195 ($2.981,055 in 1932).-V. 137, D. 1778.
-Plan o Reorganization for GuarCo., Inc.
anteed Collateral Trust 53/2% GohfjBonds Due May 1 1961.
bonds,
The committee for the guaranteed collateral trust 514% gold plan a
due May 1 1961 (Alvin J. Schlosser, Chairman has formulated a
3,792 """..-Prudence
159
$223.320
Properties Realization Corp. (the new company formed under the plan
-of F.& W.Grand Properties Corp.) has
-V.138. p. 333
of reorganization
sale,
taken title to the assets of the old company, sold at the bankruptcy
it was announced May 28.
consist of seven fee properties, subject to mortgages,
These properties
located in Brooklyn, N. Y.• Easton, Pa. (2), Atlanta, Ga.; Willimantic,
two additional fee propConn.; Elizabeth, N. J.; Jersey City. N. J., and Butte, Mont.•, also store
erties free of liens located in Newark, N. J. and
of the mortfixtures in 39 stores in different localities. Extensions of all are expected
gages, except that covering the Brooklyn store, have been or
and
shortly to be negotiated with extend terms expiring in 1936 or 1937
In most cases with reduced interest rates.
the new company and its subCoincident with the vesting of title in
Green Co.,
sidiaries, the new company entered into a lease with the II. L.
involved, for a
the
Inc.. of the majority of the properties and allnew fixtures the option to
term expiring Dec. 31 1936, reserving to the IT.company Co., Inc. at
L. Green
reconvey all its real estate and fixtures to the
basic amount of
any time during the term of the lease in exchange for the
16 _950 shares of common stock of the latter company. the reorganization
has been made by
While not formal announcement
the
committee, it is understood that the new securities issuable under of
the requirements
plan will be made available for distribution as soon as which it is expected
fulfilled,
the Federal Securities Act of 1933 have been
common
will take approximately two months. The aggregate amount of
somestock of the new company issuable under the plan is expected to bewill be
what in excess of 25,500 shares, for which voting trust certificates
issued.
The plan received the asset of the holders of about 88% of the outstanding debentures, as well as of a substantial amount of general creditors'
claims. Frank P. Ohlmuller, Room 323, 149 Broadway, New York, N.Y.,
ttee.
Is the Secretary of the reorganization co
reorganization dealing specifically and independently with the above
mentioned bonds separate and apart from other obligations of the Prudence
Co., Inc.).
The committee has submitted this plan to the New York Supreme Court
with the request that the court take jurisdiction and supervision of and
approve the plan. Such proposed plan has been favorably passed upon
by the board of directors of the Prudence Co., Inc., and by the Superintendent of Banks. The proposed plan was submitted to the court in
connection with this committee's petition to intervene in the foreclosure
action heretofore brought by the trustee under the indenture securing the
bonds.
The Court has now handed down a decision permitting this committee
to intervene in the foreclosure action, taking jurisdiction and supervision
over the proposed plan and appointing a referee to hear and report to the
Court upon the plan "with all convenient speed."
The first hearing before the referee will be held on June 15 1934. The
committee has not as yet formally adopted the plan. The committee
bonds
presently represents through deposit approximately $4,300,000 of by the
or more than 34% of the outstanding issue, exclusive of bonds held
company.
The committee consists of G. A. Barnewall, J. Lawrence Gilson, A.Perry
Osborn, Russell E. Sard, Douglas Vought and Alvin J. Schlosser. with
3788
Financial Chronicle
Chadbourne, Hunt, Jaeckel & Brown, counsel, 70 Pine St., New York.
and R. W. Wilson, Secretary, 15 Broad St., New York.
The depositary is Central Hanover Bank & Trust Co., 70 Broadway,
New York, with Halsey. Stuart & Co., Inc., sub-depositary, 201 South
La Salle St., Chicago.
Digest of Plan of Reorganization.
Guaranteed collateral trust 535% gold bonds, outstanding (including
,
$1,133,000 held by Prudence Co.) amount to $13,800,000.
The bonds owned by Prudence Co. are dealt with in the plan on a different
basis than those held by the public, and are in effect treated on a deferred
basis.
New Company.
-It is proposed to organize a new corporation which will
acquire, directly or through the committee, all of the collateral pledged
under the trust indenture, and the cash then deposited.
.Treatment Accorded Depositors.
-Depositors who shall have complied
with the terms and conditions of the plan and deposit agreement will be
entitled, upon consummation of the plan, to receive, for each $1,000 of
bonds, accompanied by all coupons maturing on and after Nov. 1 1933
(with a proportionately smaller amount for $500 denominations):
(a) In the case of all depositors, except Prudence Co., Inc.:
$250 in cash, and $750 of 5;i% collateral trust cumulative income bonds,
series A, of the new company, due 15 years after date.
(b) In the case of Prudence Co., Inc.:
$1,000 of 5 % collateral trust cumulative income bonds. series B,
due 20 years after date, and 10 shares of common stock (voting trust
certificates) of the new company.
Until an event of default shall have happened, no payment on the new
bonds, series B, shall be made, whether by way of interest or principal,
and no new bonds, series B. shall be purchased or redeemed by the new
company until all new bonds,series A,shall be paid or redeemed or adequate
provision shall be made for such payment, redemption or other retirement.
In the event that the amount of cash remaining in the new company,
after makng provision for all expenses of the plan and the consummation
of the transactions, exceeds the sum of $500,000 (being the minimum
amount which is to be set up as a reserve fund),such excess in the discretion
of the committee, and in such additional amount per bond as it may fix,
may be used to increase the cash payment of $250 above in which event
there will be a corresponding reduction in the $750 of new bonds, series A,
to be deliverable.
There will also be distributable, upon the consummation of the Plan,
ratably among the depositors, excepting PrUdence Co., on account of
Interest on deposited bonds, all moneys, if any, received by the committee
awl constituting funds theretofore set aside by or for the account of the
trustee under the trust indenture dated as of May 1 1926 securing the
bonds of Prudence Co. for payment of interest on the bonds.
-Assuming
Capitalization of New Company Upon Consummation of Man.
that all bonds are deposited under the plan, the new company upon consummation of the plan will own not less than $500,000 in cash and such of
the collateral pledged to secure the bonds as shall be acquired pursuant to
the plan, the present principal amount of the securities included therein
being $11,734,021. Against this the new company will have outstanding:
545% collateral trust cumulative income bonds
Series A, due 15 years after date
$9,500,250
Series B, due 20 years after date
1,133,000
Common stock (v. t. c.)
11,330 shs.
* The amount of new bonds, series A, will be decreased if and to the
extent that the cash payment to depositors is increased beyond $250 per
$1,000 bond.
Reserve Fund.
-Of the cash now on deposit with the trustee under the
existing trust indenture [$4,821,654] of Prudence Co., Inc. not less than
$500,000 thereof shall be acquired by the new company and set aside under
the indenture securing the new bonds as a reserve for use primarily in
connection with the protection and servicing of the securities pledged under
the indenture (as such securities shall from time to time be constituted).
The reserve fund shall also be available as an equalizing fund in connection with the maintenance of interest payments, to be used from time to
time when and as deemed advisable by the board of directors of the new
company for the payment of current interest on the new bonds, series A
(to the extent that such current interest is not currently earned) or for
making up interest deficiencies thereon, provided that no moneys in the
reserve fund shall be used for the payment of interest on the new bonds.
series A, if as a result thereof the cash and marketable securities, if any,
at the time in the reserve fund would be reduced to less than $250,000.
-V. 138, p. 161.
Public Service Co. of New Hampshire (& Subs.).
1930.
1932.
1931.
Calendar Years1933.
Operating income
$4,673,095 $4,838.968 $5.572,015 $5,470,808
308,154
320,175
Maintenance expenses_ _
296,484
269.658
Depreciation
448,103
407.741
325,843
371,016
Uncollectible bills
20,210
752,943
561,979
Taxes
707.333
786,844
Other operating expenses 1.390,032
1,331,879
2.213,426
2.219.603
Gross income
$1,855.545 $2,120,150 $1,856,589 $1,991,179
Non-operating income
10,642
329
84,260
Div.from insurance fund
7,225
Total income
$1,866.187 82.120,479 $1,948,074 $1,991,179
Interest on funded debt_
699,555
699.555
671,826
715,701
Int, on notes payable
84,656
30,848
Other interest_ _ _
5,087
26,980
3,449
4,736
Amortization of debt dis65,369
62,659
56,067
count & expense
69,848
Int. chgd. to construct'n
Cr66.670
Cr20,585
24,804
21,146
Miscellaneous
25,665
16,253
June 2 1934
Service Co. owns more than 25% of the entire Richfield bond issue of
$34,126,400.
In connection with the withdrawal of Pan-American bonds it was stated
on behalf of CitiestService Co. that the company had paid the required
$15 per $1,000 bond under protest and had notified the depositaries that it
would institute suit for recovery in order to have determined the right of
the committee to make that charge against parties withdrawing bonds.
In the proceedings recently before Judge James in the U. S. District
Court Cities Service Co. contended, in addition to questioning the legal
right of the committee to require the payments,that depositing bondholders
who object to the plan adopted by the committee should not be penalized
financially for the privilege of expressing an opinion.
It was announced on May 26 that other than the Cities Service Co.,only
one Richfield bondholder and one Pan American bondholder, each with
four bonds, have indicated their intention of withdrawing their bonds
from the plan of reorganizing the Richfield 011 Co. Under the terms of
the reorganization plan, based on the offer of Standard Oil Co. of Calif., the
time within which depositors could dissent from the plan has expired.
-V.
138, p. 3616.
Railway Express Agency, Inc.
-Earnings.
Period End. Mar.31- 1934-Month-1933.
1934-3 Mos.-1933.
Charges for transport'n-$11,880.495 $9,207,621 $30,271,539 $26,032.949
Other revs. & income_ _ _
215,996
197,768
536,591
601,038
Total revs. & income -$12,096,491 $9,405,389 $30,872,577 $26,569,540
Operating expenses
6,536,943
5.937.376 18,737,781 17,901,724
Express taxes
122,217
138,948
382,621
422,387
Int. & disct. on fd. dt-144,771
143,772
433,243
430,210
Other deductions
4,223
1,387
9,914
5,227
Rail transp. rev. (payments to rail & other
carriers-express
85,291,173 $3,181,070 811,313.705 $7,805,305
privileges)
-V.138, p. 3452.
(Robert) Reis & Co.(& Subs.).
-Gross Sales.
Quarter Ended March 311934.
1933.
Decrease.
x Gross sales
$306,289
$329,731
$23,442
x Excluding Valco Manufacturing Co.
The company reports net sales to the retail trade show an increase of
19.7% over the first quarter of 1933.-V. 138, p. 2589.
Richmond Fredericksburg & Potomac RR.
-Earns.
-AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 2941.
1934.
$572.236
108,526
34,768
1933.
$574,727
174.333
85,646
1932.
$627,292
156,876
68,156
1931.
$923.827
313,178
185,169
2,305,669
545,245
238,101
2.223,259
591.407
248,772
2,680,074
661,176
287,497
3,605,645
1,238.324
738.296
Ritter Dental Mfg. Co., Inc.(& Subs.).-Earnings.-
Quar. End. Mar.31Net loss after taxes and
other charges
Earns. per sh. on 160.000
shares common stock
(no par)
-V. 138. p. 3288.
1934.
1933.
$78.994
$105,076
Nil
Nil
1932.
1931.
$85,105 prof$74.356
Nil
$0.19
-Options-Correction.
Roosevelt Field, Inc.
In the "Weekly Bulletin" of the New York Curb Exchange dated May 19
1934, it was reported that notice had been received from Roosevelt Field,
Inc., of the issuance of options to Seth Low and George W. Orr, both of
which options were reported as expiring on June 13 1934. Notice has
been received by the Exchange from the company that this Is an error, and
that the option issued to Mr. Low expires on June 13 1935, Instead of
June 13 1934. See V. 138, p. 3616.
Rossia Insurance Co. of America.
-Moves N. V. Offices.
This company and affiliated companies, the Metropolitan Fire Reassurance Co. of New York and the First Reinsurance Co. of Hartford, have
moved their New York offices to the 13th floor of 116 John St.
-V. 138.
p.2941.
Rutland RR.-Earnings.AprilGrossfrom railway
Net from railway
Net after rents
From Jan 1
Grossfrom railway
Net from railway
Net after rents
-V.138, p. 3453.
1934.
$271,451
27,983
11,229
1933.
$261,593
22,936
14,737
$334,665
65,302
46,391
1931.
$409,478
74,645
60,776
1,072.424
36,879
def28,187
999,470
39,505
3,867
1,316,533
165,547
93,578
1,484,426
102,160
40,428
1932.
-Sales
-New President, &c.Safeway Stores, Inc.
Period End. May20-- 1934-4 Wks.-1933.
1934-20 Wks.
-1933.
817,981.737 317,203,321 $87,416,891 $79,717,009
Sales of system
L. A. Warren has been elected President and M. B. Skaggs, form
President, has been elected Chairman of the board, a new position created
by the stockholders at the annual meeting held on A vri110.-V. 138,P• 310
4•
Net inc. for the year _ $1,020,675 $1,241,009 $1,204,403 $1,262,88
24
545,097
530,112
Preferred stock
545,242
429.744 "`"••••• St. roseph Lead
300,000
660,000
Common stock
300,000
on May 28 declared
780,000
$395,912
$53,138
$175,433
$14,291
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Liabilities
Assets
Fixed capital
31,509,462 31,800.460 x $6 pref.stock__ _ 8,392,100 8,392,100
Other land & prop_ 333,424
332,441 $0 pref. stock___ 1,029,200 1,029,200
Cash
433,158
154,504 z Common stock._ 4,777,459 4,777.459
Notes & accts. rec. 566,624
15,779,000 15,029.000
552,290 Funded debt
Materials & suppl_ 268,118
8,495
312.190 Due to still. cos
Cash on dep. with
Purch. contr. obllg 130,000
130,000
fiscal agents &
Notes payable_ _ _
950,000
trustees
21,424
18,393 Accounts payable_ 199,961
174,039
Cash In bank on reConsumers' deps._
88,201
81,849
stricted deposit_
715
Prey. for Fed. inPrepayments
224,279
186,187
210,343 168.942
come tax
Adv. to afftl. co_
30,000
Matured bond &
Invests. in affil.
21,424
18,393
int. & divs. unpd
cos. and others_
71,480
106,315 Miscell. unadJ. or..
8,738
Special deposits_ _ _
13,554 Accrued liabilities_ 234,030
190,296
Unamortized debt
2,920,562 2,769,119
Reserves
discount & exp_ 1,514,146 1,522,167 Capital surplus_
901,343 1,206,291
Muni°. notes rec. _
7,438 Earned surplus_ _ 1,156,890
960,338
Disc.& selling exp.
679,475
on pref. stock_ _ 679,083
37,264
Deferred charges__
45,072
163,775
Re-acquired secur_ 151,335
Balance, surplus
35,840,513 35,894,259
Total
Total
35,840,513 35,894,259
x Represented by 83.921 shares no par. y Represented by 10,292 shares
-V. 137. p. 2103.
no par. z Represented by 120,000 shares no par.
Richfield Oil Co. (of Calif.).
-Cities Service Co. Withdraws Richfield Bond Deposits.
Counsel for the Cities Service Co. announced May 25 that the company
had withdrawn more than $1,000,000 par value of bonds of the Richfield
011 Co. of Calif. and the Pan-American Petroleum Co.from deposit under
the reorganization plan.
The bonds being withdrawn by Cities Service Co., while constituting a
small portion of its aggregate holdings,probably will constitute a substantial
reduction in the amounts which the reorganization committee held under
deposit,according to counsel. It had been previously understood that Cities
Co.
-Resumes Dividend.-Tho directors
a dividend of 10 cents per share on the
capital stock, par $10, payable June 20 to holders of record
June 8. A distribution of 15 cents per share was made on
March 21 1932; none since. The latter payment compared
with 25 cents per share made on June 20, Sept. 21 and Dec.
21 1931, and 50 cents per share on March 20 1931.-V. 138,
p. 1413.
St. Lawrence County Utilities, Inc.
-Earnings.
Calendar Years
Total operating revenues
Operating expenses
Maintenance expenses
Retirement provision
Taxes
1933,
1932.
$2,343,329 $2,296,902
1,936,935
1,774,487
51,755
55,611
113,273
98,245
156,147
Operating Income
Non-operating income, net
8243.811
124,371
$209,967
128,142
Gross income
Interest on unfunded debt
Interest charged to construction
$368,182
2,156
ór29
$338,109
1,856
Cr7,882
Net income
$344,134
$366,055
Balance Sheet Dec. 311933.
Assets
LiabilUiesFixed assets
$3,742,677 7% preferred stock
8200.000
Miscellaneous investments_
64,376 Common stock
3,758,600
Advances td affiliated cos_ _ _ 2,270,000 Accounts payable
204,975
157,152 Consumers' deposits
Cash
17.886
311,463 Taxes accrued
Notes and accounts receivable
83,201
Materials and supplies
18,928 Interest accrued
268
Prepayments
2,868 Miscellaneous
641
Deferred charges
99,231 Reserve for retirement of
fixed assets
508,227
101,808
Other reserves
1,791,089
Profit and ices, surplus
Total
-V.132, p.3288.
86.666.695
Total
$6.066,695
3789
Financial Chronicle
Volume 138
St. Joseph & Grand Island Ry.-Earnings.-April
1932.
1933.
1934.
Grossfrom railway
$184,344
$196,195
$237,118
Netfrom railway
55,693
37,732
96,098
Net after rents
29.111
5,940
49.332
From Jan 1
Grossfrom railway
754,783
684,204
949.870
Netfrom railway
248.597
209,883
432,145
Net after rents
129,628
90,385
241,879
-V.138, p. 3104.
St. Louis
1931.
$275,106
77,549
35,404
1,071,206
354,402
181,110
St. Louis Brownsville & Mexico Ry.-Earnings.April
1933.
1934.
Gross from railway
$811;797
$544..021
$436,100
$507,669
Net from railway
363,098
274,083
170,949
182.337
Net after rents
248,625
192.859
80,629
95,035
From Jan. 1
Gross from railway
2,856,274
2,309,118
1,597,781
1,859.468
Net from railway
1,081,277
1,101,507
599,287
735,180
Net after rents
687,883
749,237
309,672
438,205
-V. 138. p. 3104.
St. Louis Public Service Co.(& Subs.).
-Earnings.
Years Ended December 31Operating revenue
Operating expenses
Bus rental to St. Lou's Bus Co
Depreciation
Taxes assignable to railway and bus operation
Provision for injury and damage claims
Net operating income
Non-operating income and credits
1932.
x1933.
$11,197,151 $12,943,525
7.996,409
6,594,498
5,929
1,542,914
1,508.262
1,144,975
1,096,230
1.507.972
1,374,378
$617.855
30,466
$648.321
1.055,706
612,939
30,690
Net loss for the year ending Dec. 31
x Receiver's report.
$805,234
1.065.745
632,792
28,579
$1,051,014
Total income
Interest on funded debt
Interest on notes payable
Other expenses
$751,253
53,980
$921,883
Consolidated Balance Sheet Dec. 31.
y1933.
1932.
1932.
y1933.
Liatd/UtesAssets
Road & equipment 71,168,294 71,835,174 $7 preferred stock..$7,084.800 $7,084,800
Mlscel. properties. 1,210,512 1,206,700 x Common stock._10.308,625 10.308,625
Capital surplus- -15,181,114 15,195,539
Dep.in lieu of mtge
Prop.sold
822 Surplus from re822
purch. of bonds_ 2,684.329 2,639,529
Investments
154,570
1,397,968
822,383
Materials & suppl's • 518,660
529,227 Operating deficit__ 1,866,819
24,146,875 24.186,875
Notes & accts. rec.
66,885 Funded debt
50,898
6% collateral loan_ 9,499,654 10,000,000
Claims receivable_
14,213
Working funds_ _
49,088
42,058 Accrued Interest on
funded debt and
Cash on deposit for
1,472,840
pay. of bond int.
coil. loan
278.747
57,380
Other special depos
8,519 Receivers' Ws_ _ 1,000,000
4,669
5,358,510 3,561,190
Certificates of dep.
Reserves
pledged as coll.
Purch, money ob245,962
with Fidelity &
ligations
Deposit Co._ _ _
206,746
252,766 Notes payable to
Cash on hand and
2,813
others
In banks
464,698
872,540
656,221 Accounts payable_ 245,272
Deferred charges_
169,749
185,396 Adj.injury di dam532,032
age claims
bds.
Accr. Int.
24,878
594,175
& notes payable
205,107
193.270
Wages payable_ _
71,472
Outstanding tickets
Rae. for Fed, taxes
25,063
on inc.&coupons
6,828
7,301
Employees' deposit
Taxes accrued_ _ _ 304,829 1,010,824
Total
75.721,540 75,217,091
Total
75,721,540 75,217,091
x Represented by 343,620 shares of no par value. y Receiver's report.
V. 138. p. 683.
St. Louis-San Francisco Ry. System.
-Earnings.
-
Southwestern Ry. Lines.
-Earnings.
-Third Week of May- -Jan. 1 to May 211933.
1934.
1934.
1933.
$294,400
$272,526 $5,499,122 $4,512,386
PeriodGross earnings
-V.138, p. 3616.
Seaboard Air Line Ry.-Earnings.1931.
April1934.
1933.
1932.
Gross from railway-- $3,279,807 $33,051,213 $3,170.283 $4,344,731
979,423
Net from railway
791.472
857,121,
523,078
Net after rents
381,356
390,936
500,530
From Jan. 1
Gross from railway
13,272.820 11,662,742 12,523,819 16,950,916
3,734,531
2.312,455
Net from railway
2,583,491
3,268.411
1,802.708
Net after rents
1,099,640
852,296
1,601,152
-V.138, p. 3616.
-Change in Meeting Dates
Seaboard Oil Co. of Delaware.
It is announced that stated meetings of the board of directors of this
company, have been fixed for the second Wednesday in February, May,
August and November, at which time dividend action will be considered.
This constitutes a single change, in that the dividend meeting for May is
changed from the third to the second Wednesday.
The annual meeting of stockholders of this company will be held on the
-V.138. p.3453.
third Wednesday of April hereafter, it was further stated.
Sears, Roebuck & Co.
-Sales Higher.
-1933.
Period End.May21- 1934-4 Wks.
1934-16 Wks.
-1933.
Sales
$27,485,073 $21.050.502 $93,974,595 869.612,587
-V. 138, p. 3289, 3105.
Seattle Gas Co.
-Earnings.
Period End. Apr. 30- 1934
1934-12 Mos.-1933.
-Month-1933.
Gross revenues
8139,452
8145,525 $1,730,824 91,906,433
Oper. exp. (excl. of re1.301,328
tirement provision)_ _ _
91,143
1,115.079
98,951
Net earns. (before income deductions &
retirem't provision)
Income deductions
Retire. prov. (for auto.
equipment only)
$48,310
56,093
248
481
3,902
6,703
Net loss to earned sur.
-V. 138, p. 2942.
$8,031
$10.067
859.615
879.752
$46,574
56.161
$615,745
671,459
$605,105
678.155
Servel Inc. (8c Subs.).
-Earnings.
Period End. ApriI30- 1934-3 Mos.-1933.
1934-6 Mos.-1933.
Net loss after deprec.,
int. and other charges
417,046
$333,998 0177,935
$574.797
x After special inventory reserve fo 8500,000.-V. 138, p. 2267.
Shawmut Bank Investment Trust.
-Earnings.
Years EndedFeb. 28 '34. Feb. 28 '33. Feb. 29 '32. Feb. 28 '31.
Int.& divs.received_ -- - $218,168
$326,9g2
$248,373
$317,035
Net loss on secur. sold__
25,109
1.101,421
613,661
444.476
Loss
Current operating exps.,
including taxes..
Interest paid & accrued_
$193.059
$853,048
$296,626
$117,554
25,986
253,864
26,452
271,188
50.439
288,255
68,631
294,959
Net loss from operations of year
Assets
Cash
Accrued int. & accounts receivele_
Securities (at cost)•
a Bonds & pref.
stocks
b Common stks.
Reichsmarks
Participation in In
to foreign corp._
8481,144
$86,793 $1,150,690
$635.321
Balance Sheet Feb. 28.
Liabilities1934.
1933.
1934.
1933.
$9,488 $236,394 Accrued interest on
Junior notes.- - $144,000
.
$86,400
24,833
32,718 Senior debentures,
416%
1,932,000 2.092,000
Senior debentures,
1,996,000 2,241,000
1.859,725 2,359,493 5%
2,916,394 2.432,185 Junior note, 6%,
Belies A
6,037
21,988
960,000
960,000
Prov,for accr. Fed.
136,702
176,512 capital stock tax
1,360
c Deficit
80,180
120,128
Period End. April 30- 1934
1934-4 Mos.-1933.
-Month-1933.
Operated mileage
5,834
5,889
5,889
5,805
Freight revenue
$2,762,221 $2,724,408 $11,667,687 $10,373.975
Passenger revenue
725.285
682,320
154,310
176,089
Other revenue
1,183,755
1.031,938
269.209
296,287
Total
Total
$4,953,180 $5,259,272
$4,953,180 $5,259,271
a Market value Feb. 28 1934, $1,339.659, and Feb. 28 1933, 31,571.200.
b Market value Feb. 28 1934. $2,667,700, and Feb. 281933, $1,182,600.
c Share capital of 75.000 shares outstanding.
-V.138. p. 161.
Total oper, revenue-- $3,234,598 $3,147,928 $13,576,727 $12.088,234
Maint. of way & struct_
2,194,719
2,092,535
544,744
588.549
Maint. of equipment...
3,080.300
3.034,795
749,941
808,982
Transportation expenses 1,216,741
4,522,315
1,111,604 4,932,099
Other expenses
1,066,363
991,427
238.770
266,902
Period End. Apr.30Gross earnings
Operation
Maintenance
Taxes
Total oper. expenses-- $2,881,175 $2.645,061 $11,273,484 $10,641,073
Net ry. oper. income._ _
899.423 def249,550
90,585
def1,078
Other income
160,522
52,211
179,789
38,554
Total income
$142,796 81,059,945 def$69,762
$37.475
Deductions from income
7,484
26,760
27.976
5,912
Bal. avail.for int.,&c.
$135,312 $1,033,185 def$97,738
$31,563
Earnings of Company Only.
April1932.
1933.
1931.
1934.
Grossfrom railway.....$3,081,191 $2,995,529 $3,475,971 $4,849,794
$3,081,191
Net from railway
806.628
514,573
362.740
1,373,658
Net after rents
45,737143,649
441,734
981,712
From Jan 1
Grossfrom railway
12,985,543 11,517,496 13,694,254 18,734,793
Net from railway
1,553,864 2,456.289 4.916,641
2,374,545
Net after rents
920,994 3,359.008
27,702
1,132,890
-V.138, P. 3616.
St. Louis-San
April
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138. P. 3104.
-Earnings.Francisco Ry. of Texas.
1932.
1933.
1931.
1934.
$85,980
870,162
$78,647
$100,386
def13,857
5.691
def5,518
def7,053
def45,118
def22,473
def44,592
def34,240
294,852
314,864
def48,321
def30,699
def151,151 def167,673
305,068
405,182
def77,869
def20,265
def214,826 def162,085
San Antonio & Uvalde Gulf RR.
-Earnings.
April
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138. P. 3105.
Net oper. revenue
Interest & amortiza'n
1933.
$58,380
4,795
def20,582
1932.
$94,738
31,887
def2,870
1931.
$133,665
23,967
def8,190
438,289
167,827
67.146
250,714
41,404
def64,344
427,738
146,460
14,553
610,463
196.370
64.178
1934.
$30,757
def6,611
def6,711
1933.
$27,912
def12,150
def14,240
1932.
$15,379
def27,531
def32,613
1931.
$54,885
def7,537
def11,944
166,963
5.842
3,729
166,347
def6,121
def16,655
143,746
30,002
def47,073
278,553
26,595
11.325
-Month-1933.
1934-12 Mos.-1933.
1934
$116,831
$109,745 $1,415,056 $1,407,841
597.707
574,630
42,341
34.958
5,605
3,305
58,468
61,198
14,242
196,924
181,004
17,380
$51,503
10,530
$57,238
10,346
$561,957
125,920
$591.007
111,760
Balance
$40,973
Appropriations for retirement reserve
$46,892
8436.037
100,478
$479,247
100.000
Balance
$335,558
$379.247
During the last 25 years the company has expended for maintenance a
total of 7.32% 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 11.57% of these gross earnings.
-V.138. p. 3105.
-Earnings.
Sioux City Gas & Electric Co.
1932.
1931.
1930.
Years End.Dec.311933.
Operating revenues_ _-- $2,371,715 $2,834,802 $3,086,158 $3.104,544
Oper. exps. taxes & re1,762.239
newal & replace res've 1,579,804
1,648,783
1,723,992
Netfrom operation._ _
Other income
$791,911
155,726
Total income
Bond interest
Other deductions
$947,637 81,387.987 81,649,338 81,636,791
532,381
546,522
530,531
549,549
36,055
35,811
25,715
41,938
Surplus for dividendsPreferred dividends_
Common dividends
$356.153
338,709
319,000
Balance, surplus
1934.
$99,832
24,636
3,399
San Diego & Arizona Eastern Ry.-Earnings.-AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138. P. 3105.
-Earnings.
Sierra Pacific Electric Co.(& Subs.).
$1.186,019 $1,362,166 $1,342,305
287,172
294,486
201,968
$805,655
338,709
522,000
def$301,556 def$55,054
Balance Sheet Dec. 31.
1933.
1932.
81,093,090 81,068.355
338,709
338,709
Not reported.
3754,381
1933.
Assets
Plant & eq., incl.
Common stork_
real estate
11,302,344 14,525,941 7% preferred stock
Prop. abandoned_ 213,507
219,214 Funded debt
Investments
5,821,405 6,759,515 Accts. & notes pay
Special deposits...
14,365
12,150 Accrued accounts_
Unamort.debt disc
Deferred liabilities
and expense_
478,706
509,838 Res.for retirement
Bet, charges & preOther reserves..._
paid accounts_ _
103,094
120,998 Surplus
Accounts & notes
298,354
receivable
236,512
62,671
Due from affil.cos.
18,176
115,698
128,576
Mails & supplies_
568,445
Cash
535,777
Total
21,839.586 23,205,702
-V.138, D. 1231
.
Total
3729,646
1932.
2,900,000
4,838,700
9,479,600
119,561
642,461
92,379
659,843
2,050,709
1,056,333
5,800,000
4,838,700
9,531,300
99,358
631.580
92.778
767,210
208,406
1,236,374
21,839,586 23,205,702
3790
Financ
Cpronicle
---,
Second National Investors Corp.
-95-Cent Prof. Div
i
The directors on May 24 declared a dividend of 95 cents per shar on
account of accumulations on the $5 cum. cony. pref. stock, par 81, payable
July 1 to holders of record June 12. This compares with $1.05 per share
paid on this issue on Jan. 1 last, $1 per share on July 1 1933. $1.15 on
Jan. 1 1933, 81.25 on July 1 1932, $1.10 on Jan. 1 1932, $1.25 on July 1
1931 and $1.25 per share each quarter to and incl. Oct. 1 1930.-V. 138.
p.2426.
Earningsfor Year Ended Dec. 31 1933.
Net sales
Cost of goods sold
SellIngexpenses
Advertising expenses
Shipping expenses
General and administrative expenses
$766,626
200,345
202,536
46.152
18.002
143,941
Net gain from operation
Otherincome
8155,649
30.438
Total income
Other deductions
*186.088
95,124
Net profit for the period
Earned surplus at beginning of period
890,963
5.101
Total surplus
Preferred dividends
896,064
4,425
Balance
Capital surplus arising from sale of 50,000 shs.ofcommon stock
at 82 per share in July 1933
891,639
50,000
Total earned and capital surplus
8141 639
Earnings per share on 600,000 shs. common stock (par $1)-$6.14
Condensed Balance Sheet Dec. 31 1933.
IAabllUlesAssets
Cash
$33,826 Accounts payable-trade
$62,184
Accounts receivable
209,175 Trade acceptances
23,089
Notes receivable (net)
12,792
260 Accrued salaries es commls'as_
Merchandise inventories
899
234,119 Battery and special deposits
Furniture, fixtures, dies, ma3,372
Accrued sales es franchise taxes
chinery, tools and equipment 87,605 Reserves
92,563
Mailing list
61,461 Preferred stock
50,000
Patents, patent rights, excl.
x Common stock
600,000
license agreements, developEarned surplus
91,639
ment work, erc
324,469 Capital surplus
50,000
35,623
Deferred charges
Total
$986,539 Total
x Shares of 81 par value.
-V.138, p. 2268.
Southern Colorado Power Co.
-Earnings.
1934.
1933.
81,737,615 81,717,865
970,325
928,239
Net earnings
Other income
$767,290
785
$789,626
241
Net earnings,including other income
Interest charges, net
Appropriation for retirement reserve
8768.075
432,670
165,291
8789,867
434,329
100,303
Net income
-V.138,p. 3618.
$170,114
$255,234
Southern Pacific Co.-Earnings.1934.
1933.
1932.
1931.
88,529,531 *6,979594 88.792,787 $12,156,049
2.105 735 1,252,805
1.693,644 2,581.726
963 976
72.572
273.334
975,620
32,342,978 26,124,306 35,152,514 48.441,338
6,922,880 3,068,517 6,070.647 9,396,056
2,348,909 def1,791.433
392.286 3,324,116
Southern Pacific SS. Lines.-Earnings.1934.
8368.640
def49,338
def48,792
1933.
8293,117
def80,853
def82,287
1932.
$342,598
de178,145
def83.750
1
1.391.291
1.171,959 1.511,928
def248,090 def346,973 def433,477
def250.275 def354,320 def442,124
Southern Pipe Line Co.
-Earnings.
Calendar Years1933.
1932.
Operating income
loss$5.412 loss$52,501
Rentals and interest__ _ _
40,133
46,200
1931.
$133,082
42,286
Total income
Adjust. of profit & loss
Profits for year
Dividends
*034,721
198,761
def$6,301
2,669
$175,368
3,640
def$164,040
20.000
defS8,970
115,000
$179.008
2,0,000
Deficit
Previous surplus
Transferred from capital
stock reduction ace.---
$184,040
438,758
Total surplus
Earns. per sh.00 100.000
shares (par 810)
8654.717
$123,97 ,
562.728
1931.
$545,998
def109,889
def111,237
2,083.486
def428,614
def434,020
820.992 sur$43.581
583.720
540.138
$562,728
$583,720
80.35
Nil
$1.79
$2.43
Balance Sheet Dec. 31.
Assets1932.
1933.
1933.
1932.
$821,191 $841,742 Capital stock ..$1.000,000 $1,000,000
z Plant
953,259 Cap.stk.red.ace'tOther investments 821,450
5,747
405,748
41,448
58.234 Accounts payable_
Aco'ts receivable
29,039
10,746
5,414
2,017 Profit and loss.__ 654,717
Cash
438,758
Total
$1,689,504 $1.855,252 Total
$1,689,504 $1,855,252
x After depreciation amounting to $1,262,048 in 1933 and $1,241,640
In 1932.-V. 138, p. 878.
-Earnings.Southern Ry. System.
-Jan. Ito May 31-Third Week ofMa
1934.
1934.
1933.
Period1933.
Gross earnings(est.)___ - $1,942,768 $1,913,031 841.123,302 $35,396.485
Earnings of Company Only.
1932.
1933.
1931.
1934.
April$6,772.306 *6,206,344 $6,454,699 89,148,460
Gross from railway
1,761,481
1,060.572 1,968,120
1,928,356
Net from railway
1,044,370
1,102,096
325,345
1,268,307
Net after rents
From Jan. 1
27,269,234 23,418,836 26,189,627 34,401,192
Gross from railway
7,889,644 5,788,023 4,066,653 6,077.420
Net from railway
1.191,278 2,609,950
3.227,330
5.249.521
Net after rents
-V. 138. ro. 3618.
1931.
• 1930.
8512,056 81,720,155
185,542
130,870
Net operating income
Int. and disc. earned_ _ _
$400.068
5.675
$536,066
14,984
8381,186 81,534,612
10,025
14,278
$405,743
391
8551,050
682
$395,464 $1,544,638,
1,141
978
Net inc. before prov
Depletion
Depreciation
Condemned and (or) released property
Doubtful accounts
Federal income tax
$405,352
193,163
3,119
$550.367
164.397
3,433
$394,486 $1,543,496
178.385
148,518
4,288
3,917
106,295
5.706
8,535
86,198
16,456
30,000
Net income
Earned surplus at the
beginning of period
Adjustments
$249,884
664.277
Dr5,361
8802,736
176,669
Balance
Dividends
888,539
721,289
Dr7,091
8908,800
187,511
139,041
22,000
123,793
101,792
10.000
9,390
$120,869 $1,075,987
822,216
Cr17.973
541,637
Dr3,431
$961,058 $1,614,192
791,976
296,781
Earned surplus
$721,289
$626,067
$822,216
$664,277
Comparative Balance Sheet Dec. 31.
AssetsLiabilities-1933.
1932.
1933.
1932.
y Property
55,183,576 *5,288,208 x Capital stock-25,000,000 $5,000,000
Mortgages Sc accr.
Paid-in surplus-__ 651,708
651,708
int. receivable
55,453
62.329 Earned surplus__ 626,068
721,288
Cash in banks and
Conti:Lg. Prafrom
on hand
355,677
490,991 lease sales
7,595
9,178
Certificates of dep.
10,000
15,000 Mortgages payable
9,485
9,372
Accts. rec.-prod.
50,616
34.071 Dividends payable
44,154
45,683
Other accts. recelv
3,716
2,083 Accounts payable_
1,235
580
Accr. Int. recely_
22
251 Accr. int. de taxes_
11,874
30,686
x Treasury stock__ 572.650
456,712
Def. accts. reedy_ 119,511
118,026
Deferred digs. Sc
.sundry assets__ 785
941
Total
Total
$6,352,007 86.468,591
86.352,007 S6,468,591
x Represented by 85 par shares. y After reserve of 81,493,915 in 1933 and
81,361,878 in 1932. z 116,921 shares in 1933 and 86,731 in 1932 at cost.
V. 138, P. 3454.
-Removed from List.
uthwest Dairy Products Co.
The New York Curb Exchange as removed from the list the 10-y
1938, with warrants.
-V. 136, p. 4476.
gold debentures due Nov
_South
South
a Profit
Dividends
-Earnings.West Pennsylvania Pipe Lines.
Years-
Balance, surplus
Previous surplus
Transf. from cap. stock
reduction account_ _ _ Total surplus
Adjustments
1933.
8188,133
140,000
1932.
345,938
140.000
848,133 100494,062
410,652
299,925
1931.
$155,581
140,000
1930.
8113,684
140,000
815,581 loss$26.316
395,154
421,486
1,225,000
$1,573,058
394.384
$316,590
16,665
$410,735
83
*395.170
17
$299,925
Profit & loss, surplus_ $1,178,674
$410,652
$395,153
35,000
35,000
Shs. outst'g(par 850)--35,000
35,000
$0.83
85.37
Earned per share
$4.44
$3.25
a After adding rentals and interest of $74,375 in 1933, $79,045 in 1932.
$81,303 in 1931 and $80,159 in 1930.
Comparative Balance Sheet Dec. 31.
Liabilities1932.
1933.
1933.
1932.
Assetsx Plant
$1,317,908 $1,334,330 Capital stock
$1,750,000 $1,750,000
Other investments 1,378,673 1,527,977 Capital stock re120,735 ductIon account
Acc'ts receivable__ 137,767
1,497 1,226,544
318,316 Accounts payable_
155,571
59,746
24,890
Cash
Profit and loss_ __ 1,178,675
.
299,926
$2,989,919 $3,301,359 Total
Total
32,989,919 53,301,359
x After deducting 83,080,681 for depreciation in 1933 and $3,063,280
In 1932.-V. 136, p. 3737.
Southwestern Bell Telephone Co.
-Earnings.
Period End. Apr.30-- 1934-Month-1933.
1934-4 Mos.-1933.
85,769.758 85,461,706 *22,708.995 821.889,691
Operating revenues
25,536
62,237
Uncollectible oper. rev_
246,954
159,604
Operating revenues--- $5.795,294 85.523.943 $22,868,599 $22,136,645
3,854.931
3.715.493 15,165,533 14,973,852
Operating expenses
Net oper. revenues--- $1,940,363 $1,808,450 $7,702,066 $7,162,793
Rent for lease of oper.
9,040
7,862
Property
38,388
30,026
690.000
623,000 2,635,000 2,492,000
Operating taxes
Net oper. income...... *1,242.501 *1,176,410 $5,037,040 $4,634,405
-V.138, p.3454.
1930.
8204,849
-Stock Off List.
--Spang, Chalfant & Co. Inc.
54,082 .
New York Stock Exchange
May 28 that it d stricken
t of the stock is owned by the National
ft
Its list the common stock.
its
$258.931
Supply Co.
15,349
Earningsfor Three Months Ended March 31 1934.
*243.581
Gross profit--------------------------------------------- $487,148
200.000
Miscellaneousincome------------------------------------33,979
400,000
$438,758
1932.
8652,533
116,467
6
Southern California Telephone Co.
-Tenders.
-
AprilGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 138. p. 3106.
1933.
8510,426
110,358
$986,539
The Security-First National Bank of Los Angeles, trustee, Sixth and
Spring Sts., Los Angeles, Calif., will until 2 p. m.on June 1 receive bids for
the sale to It of 1st & ref. mtge. 55 sinking fund 30
-year gold bonds, due
May 1 1947 at prices not exceeding 105 and interest to an amount sufficient
to absorb *167,157.-V. 137, p. 2977.
AprilGrossfrom railway
Net. rom railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 3618.
.uthland Royalty Co.
-Earnings.
Calendar YearsGross operating incomeOperating expenses
Gross income
Interest expense
Sonotone Corp.
-Earnings.
-
12 Months Ended April 30Gross earnings
Operating expenses, maintenance and taxes
June 2 1934
Total income
General, administrative and selling expenses
Bond interest
Depreciation
8521,127
209,695
92,742
256,082
Net loss--------------------------$37,391
Comparative Consolidated Balance Sheet
Mar. 3134. Dec. 31'33.
Mar.3134. Dec. 31'33.
Liabilities
Assets
a Land, buildings.
6% pref. stock_ _ __12,994,000 12,994,000
equipment, ecc_ 18,862,561 19,036.549 b Common stock 3,750,000 3,750.000
733,004 20-year 5% gold
Investments
686,556
bonds
141,636
Mtges. receivable_ 141,637
7,3 2:3005 7,43500 0
90 70
187 925
:
6,499,582 6,546,460 Accr'd bond int..Inventories
Accounts payable
d Noise de accts.
3,000,856 3,264,667 dr awed liabill's 793,940
receivable
686,033
Reserve for rebuildEmploy. es mlscell.
43,664
41,025 ins
notes es accts.rec
130,213
134,575
c Marketable sec_ 2,459.128 2,459,127 Surplus
.6
8,553 5 0 8,581,387
1,992,777 1,522,007
Cash
Deferred charges
21,687
20,083
Total
33,708,449 33,764,559 Total
33.708,449 33,764,559
a After reserves for depreciation of $5,662,666 in March and $5,419,485
In December. b Represented by 750.000 shares of no par value but of the
declared value of 85 per share. c Market value in 1933, $812.598 In
March and $740 841 in December. d After reserve for bad debts of
$155,970 in March and 8140.635 in December.
-V.138, p. 20974 1
6.44€
---Extra Distribution.
Fty. Cos.(1926).
The directors have declared an extra dividend of 75 cents per share in
addition to the usual semi-annual dividend ,of 82 per share on the pref
stock, par 8100. payable July 2 to holders of record June 20. Lilo)amounts
were distributed on Jan. 2 last.
-V. 138. p. 151.
L
Financial Chronicle
Volume 138
Spear & Co.(& Sub. Co.).
-Earnings.
-Calendar Years1933.
1932.
1931.
1930.
Net sales
35,276,038 y$4.401,570 $8,350,389 $12,965,846
Cost of mdse.,sell.. gen.,
adm.exp.& local tax_ 5.032,003 y5,379,646 8,623.714 12,084,524
Balance
$244,035 def$978.076 def$273,325
$881,322
Other income
64.427
48,141
8.788
13,206
Total income
$308,462 def$929,935 def$264.537
$894.528
Deprec. & lease amort_ _
97,294
y173,352
120,123
119,567
Interest
25,564
22,500
22,065
55.548
Bad & doubtful accounts
receivable
157,441
1715,262
1.177,141
835,000
Loss on disposition of
capital assets
10,029
Net loss
prof$18,134 31,841.052 $1,241,725
$457,729
DISC,on pref.stk. purch.
635,676
4,872
104,057
123,636
Previous balance
def620,159 1.066.020 2,699,770 3,370,820
Port.ofres. prov.in prior
yrs. restored to surp _ _
150.000
439,111
Total surplus
$33,651 def$620,159 32.001,213 $3,036.727
Bad & doubt, accounts
applicable prior years
651.017
x Loss on liquid of mail
order deport. (net)_
13.191
7% preferred dividends
205,426
231.957
2c1 pref. diva.:
Current year (5(%)
78,750 (7)105.000
Profit & loss surplus
$20,460 def$620.159 $1,066.020 $2,699.770
x After deducting $200.000 as portion of reserve for
returns, allowances and collection expenses applied to doubtfull accounts,
mail order
tion. y Consolidated by editor for comparison with previousliquidayears.
This year, for the first time, the company's report
the mail order department and the retail stores. separates the figures for
The mail order department has now been discontinued.
Consolidated Balance Sheet Dec. 31.
Assetsd1933.
1932.
Liabilitiesd1933.
1932.
Land, bldgs., acc.$1,965,950 51,903,608 7% cum. prof. stk_31,800,000 $2,793,100
Inventories
869,037
422,684 7% cum. 2d pf. stk
1,500,000
b Accts. receivable 3,738,076 3,435,771 c Common stock__ 1,500 000 3,000,000
225,000
Surrender value InMortgage payable. 450,000
450,000
surance policies_ 216,148
197,047 Accounts payable.. 286,020
208.679
Cash
445,920 1,588,762 Federal tax sr conDeferred charges
71,350
33,747 tigent reserve_ _ 250,000
250,000
Deficit
620,159 Paid in surplus
2,775,000
Earned surplus.- _
20,460
Total
$7,306,481 $8,201,779 Total
57,306,481 58,201,779
a After deducting depreciation reserve of $350.687 (3334,899 in
1932)
and amortization of leasehold. b After deducting $300,000 for doubtful.
&c., accounts in 1933 and $500,000 in 1932. c Represented
shares of no par value. d After giving effect to the payment by 225,000
on Jan. 26
1934, of $33,022 cash in final sottlement of the
of the company's preferred stock retired as of purchase of 1,060 shares
Dec. 27 1933.-V. 137.
p.4710.
Spicer Manufacturing Corp. (& Subs.).
-Earnings.
3 Mos.End. Mar.311934.
Profitfrom operation_ -Expenses
P.
,
Operating profit
Other income,net
1
r Total income
Depreciation
Net loss
-V.138, p. 3291.
$301,632
166,626
1933.
$147,960
146,161
1932.
3267,226
180,177
1931.
$284,858
275,666
$135,006
2,215
$1,799
7,663
$87,049
1,535
$9,192
10,668
$137,221
134,517
$9,462
156,416
$88,584
260,464
$19,860
330,213
prof$2,704
$146,954
$171,880
$310,353
Spokane International Ry.-Earnings.-
April-,
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p.3107.
1934.
$37,614
def1,646
def7,492
1933.
$30,051
def10,469
def17,462
1932.
$43,118
def4,883
def12,290
1931.
$63,771
8,469
144
140,749
def9,215
def33,064
114,315
def47,146
def73,802
175,968
def34,041
def66.566
245,985
31.115
def2,243
Spokane Portland & Seattle Ry.-Earnings.April1934.
1933.
1932.
1931.
Gross from railway
$496,861
$328,591
$356,444
$498,251
Net from railway
241.025
111,674
64,617
165,232
Net after rents
155,441
26,942 def17,774
99.179
From Jan. 1
Gross from railway
1,649,011
1,117,450 1,494,371
1,897,242
Net from railway
702,624
238,618
312.586
541.977
Net after rents
386,734 def88,595
27,410
192,425
__Nr. 138, p. 3107.
Standard Cap & Seal Corp.
-Earnings.-
.
.End. Mar 311934,
1933.
1932.
1931.
Net profit after all
charges and taxes-, $142.671
$136.120
$148,587
$156,644
Bayne,per sh.on 206,000
shs. COM.Stk.(no Par)
$0.69
$0.66
$0.72
$0.76
The corporation announces that it recently acquired the business of
Fargo Co. of Brooklyn, manufacturers of milk bottle disc caps, whose
principal customers are Borden's Farm Products Co. and Sheffield Farms
Oo.-V. 138. p. 2268.
Studebaker Corp.(& Subs.).
-Earnings.
Report of Receivers of Studebaker Corp. and Rockne Motors Corp. and
Subsidiaries (Excluding White Motor Co.)
Before re- During Rereceivership ceivership
Jan. 1 to Mar. 19 to
Year 1933. Mar. 18.
Dec. 31.
Net sales, domestic and foreign
$35,994,272 $6,296,544 $29,697,728
Net loss from sales after deducting
manufacturing cost, selling and
general expenses but before depreciation. repairs and replacements
to property, and interest
227.907
1,183,934 prof956,027
&Depreciation
403,600
323.750
79.849
Repairs and replacements
1,068,032
181.548
886.484
b Int. expense, less interest income_
140,213
203,541 prof83,328
Proportionate share of the net loss of
the Pierce-Arrow Motor Car Co.
before sale of stock
85,167
86,763
prof1,596
Extraordinary loss from revaluation
and liquidation of assets and adjustment of liabilities of receivership
estate
2,951,387 2,951,387
Net loss for period
$4,876,307 $4,930,926 prof$54,618
a The operations during receivership have not been charged for depreciation on manufacturing plants and equipment.
b Interest has not been accrued since March 18 1933, on the obligation
of the Studebaker Corp. and Rockne Motors Corp.
-Since the investment in the White Motor Co. is carried at cost,
Note.
which 113 less than its present book value, the 1933 net loss of the White
Motor Co., of which Studebaker's proportionate share would be $3.013.-V.138. p.3291.
668.08,is not included above.
3791
Staten Island Rapid Transit Ry.-Earnings.April1934.
1933.
1932.
1931.
Gross from railway
3140,054
3142.534
$152,700
$176,863
Net from railway
25,286
39,786
36,545
47.153
Net after rents
def2,720
10,367
6,596
23,169
From Jan. 1
Gross from railway
585.576
545,493
598,050
682,388
Net from railway
106,586
116.411
111,552
145,096
Net after rents
def27,268 def14,237 def19,275
22.708
-V.138. p.2943.
Superheater Co.
-Earnings.
(Exclusive of Its Canadian Affiliate.)
Quarter Ended March 311934.
1933.
1932.
Net inc. after deprec., Fed. taxes, &c. 447,749
$61.785
$160.746
x Includes low on sale of securities of $31,522.-V. 138. p. 3455.
Syracuse Lighting Co., Inc.
-Earnings.
Calendar YearsOperating revenues
Operating expenses
Retirement expenses_
Taxes
1932.
1933.
1931.
1930.
$7,931,612 $7.610,382 $8,279,109 $8,680,024
4,474,229 3,722.069 3,987,362 4,302.748
482,901
474,000
450,000
422,000
636,625
778,855
822,731
988.554
Operating income._
$2,337,858 $2,635,458 $3,019,016 $2.966.721
Non-oper. income (net)1,594
1,825
3,240
3,538
Gross income
$2,339.451 $2,637,284 $3,022,256 32.970.260
Int. on funded debt_ _-854,372
801,689
611,429
614,424
Miscell.deductions
386,617
347.236
459,319
365,973
Net corp. income.....$1,098,461 $1,488,359 $1,951,508 $1,989,863
Preferred dividends_ _
530,013
530,014
530,014
530,014
Common dividends
150,000
930,000 1.200,000
1,200,000
Balance, surplus
$918,448
$28,345
$221,494
3259.849
Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets$
i
$
Fixed assets
36,566,859 36,068,036 8% preferred stock$2,000,000 $2,000,000
Sinklund & speo'l
635% pref.stock__ 2,000,000 2,000,000
deposits
4,329
41,727 6% preferred stock 4,000,000 4,000,000
Mbcell. investm'ts
25,961
25,046 x Common stock._ 5,539,654 5,023,751
Cash
370,170
257,655 Funded debt
16,405,500 16,496,500
Notes & accts. rec.. 879,166
965,971 Adv.from affil.cos. 5,117,750 5,737,750
Mats.& supplies
600.188 Accts. payable_ _ _ 558.556
402,103
630.473
Prepayments
12,432
13,375 Consumers' depos. 117,025
100,947
Unamort. dl. disc.
Accrued liabilities_ 414,953
445,518
& exp
773,812
815,231 Res. for retire. of
Other def. charges 476,575
464,216 fixed assets.... 677,765
602,916
Other reserves.... 399,053
340,812
Prof.& loss-surp. 2,281,139 1,872,777
Total
39,511,408 39,251,445 Total
39,511,408 39,251,445
x Represented by 1,069,224 shares without par value in 1933 (1.000,000
shares in 19321.-V. 138, P. 3107.
''Taylor-Wharton Iron & Steel Co.
-(Readjustment Plan
Declared Operatic Fi,,,“rv-iul SluiDumat.
Trowbridge Callaway, Chairman of the Readjustment Committee, on
May 15 announced that the readjustment plan of the company has been
declared operative and is being carried out by the committee and the
company. Holders of 1st and ref. mtge. 7;4% bonds, series A, and pref.
stock and common stock who have not yet deposited under the plan are
urged by the committee to do so at once. Other members of this committee
are William A. Ingram and William Ziegler Jr.
President George R. Hanks, March 6, stated in part:
The deposits under the capital readjustment plan are: 1st & ref. 7 %
bonds. 85.9%; preferred stock,91.4% and common stock. 92.5%.
-Will Receive in Exchange
Collateral
Capital
Present SecuritiesOutstanding. Trust Bonds.
Stock.
1st & ref. mtge. 7%% bonds,
series A
$1,303,500 $1,303,500
13.035 shs.
For each $100 of bonds
100
1 sh.
7% cum. pref. stock (par $100) 18,740 shs.
56,220 shs.
For each share
ii shs.
Common stock (no par value). 15,747 shs.
15,747 shs.
For each share
1 abs.
Capitalization Outstanding (Excluding Securities Held in Treasury or in
Sinking Funds.)
[Before and After Giving Effect to Readjustment Plan.)
Before.
After.
1st mtge. s. f. 6% gold bonds,due Sept. 1 1942_ a$320,000
$320.000
1st & ref. mtge. 73 % bonds, series A, due
6
,
July 1 1946
b1.303.500
None
Coll.trust 734% cum.Inc. bonds,due July 1 1958
None
1,303.500
7% cum. pref. stock, par $100
c18,740 shs
None
Common stock, no par value
d15,747 shs
None
Capital stock, no par value
None x85,002 shs.
a Not incl. $175,000 of 6% bonds held by trustee for 1st & ref. mtge.
bonds and $5,000 held in treasury. b Not incl. 338.000 held in treasury.
c Not incl. 260 shares held in treasury. d Not incl. 253 shares held in
treasury. x Authorized 150,000 shares.
Holders of 1st and ref. mtge. bonds shall deposit their bonds with Central
Hanover Bank & Trust Co.. 70 Broadway, N. Y. City., as depositary for
the.committee. All such bonds must be deposited in negotiable form
bearing all unpaid coupons attached.
Stockholders shall deposit their stock certificates, with appropriate
proxy, with the Corporation Trust CO., 15 Exchange Place, Jersey City,
N. J., as depositary for the committee.
Description of New Securities.
Coll. Trust 7%% Cum. Income Bonds, due July 1 1958.
-Total authorization, $2,053,500, of which there will be required for exchange, $1,303,500.
The balance of $750,000 will be reserved for issue against additions, improvements or betterments (whenever made) under restrictions similar to
those contained in the 1st and ref. mtge. the same amount which are now
reserved thereunder. The income bonds will be secured by the pledge
under the new indenture,of the 1st and ref. mtge. bonds exchanged therefor,
and, in case of additional issuance of bonds, by the pledge of an equal
amount of 1st and ref. mtge. bonds issuable under the 1st and ref. mtge.
Pledged bonds, not already stamped under the sink, fund extension agreement dated Oct. 13 1931, will be deposited and stamped thereunder. In
case of the extinguishment or termination of the lien of the 1st and ref.
mtge., the income bonds are to be secured (in lieu of a coll, lien) by a direct
lien on the property then subject to the 1st and ref. mtge.
The income 'bonds will bear interest at
rate of 7
from which interest is accrued and unpaid thethe 1st and % from the date
on
ref. mtge. bonds
exchanged therefor. Such interest will be cumulative whether or not earned
in any period. Such interest, accruing to Jan. 1 1936, shall be payable
only when declared by the board of directors, but shall be payable in full
prior to the declaration and payment of any dividends on the
capital
stock, and, in any event, not later than the maturity of the bonds, or, in
case of redemption, upon such redemption. Interest from and after
Jan. 1 1936, shall be payable to the extent earned (as determined upon
the basis of the consolidated net earnings of the company and subsidiaries
as will be defined in the indenture), but prior to the declaration and payment of any dividends on the capital stock,and in any event
than
the maturity of the bonds or earlier redemption. All such not later shall
interest
be payable only in multiples of 3.1 of 1%, on April 1
calendar year in respect of earnings for the precedingand Oct. 1 in each
semi-annual period
ending on Dec. 31 and June 30, respectively. The board of directors will
have the option to declare interest at any time, whether or not earned.
The indenture will provide for an anunal payment by the company.
commencing in 1938, in the amount of $65,000 per annum, payable only
to the extent earned in the preceding calendar year determined on the basis
of said consolidated net earnings after deduction of current annual interest
and any arrears of interest accrued since Jan. 1 1936 on the bonds, but such
annual payment shall be cumulative, whether or not earned in any annual
Financial Chronicle
3792
June 2 1934
approval by the bondholders of the refinancing plan for the company's
bonds.
-V. 137. p.4700.
period. Such annual payment shall be applied to the payment of any
arrears of interest on the bonds accrued to Jan. 1 1936 and, after payment
In full of all cumulative interest on the bonds accrued to Jan. 1 1936 shall
Toledo Peoria & Western RR.
-Earnings.be paid into the sinking fund. The sinking fund shall be applied to the
retirement and cancellation of the bonds, by the purchase thereof in the
1931.
April1933.
1932.
open market, or upon calls for tenders, at not exceeding 105 and int., or,
$141,546
Gross from railway
$122,026
$124,999
$108,946
to the extent that purchases can not be so made, by drawings by lot at
7,426
28,898
Net from railway
28,663
15,968
such price. The company shall have the right to deliver to the sinking
Net after rents
15,387
def5,479
13,783
4,543
fund,in lieu of cash, bonds at the cost to the company of the bonds delivered.
From Jan. 1The company shall have the right to anticipate such annual payments.
529,639
Gross from railway
523,051
434,383
442,960
any anticipated payment to be credited on future instalments. In case
Net from railway
82,483
104.995
87,705
62,886
of the issue and sale of additional income bonds, the annual payment will
60,734
Net after rents
22,701
38.240
20,596
be increased by an amount calculated to retire such additional bonds at
-V. 138, p. 3108.
maturity, but payable only to the extent earned and to be applied as above
provided.
Union Electric Light & Power Co. of Illinois.-Tenders.
Income bonds will be redeemable, all or part, on any interest date, at
The Chase National Bank of the City of New York,successor trustee, is
105 and interest.
notifying holders of 1st mtge. gold bonds 53•5% series A due Jan. 1 1954.
will be made in the indenture for the extnsion of the 1st
Suitable provision
that there has been drawn for redemption in the sinking fund on July 1
and ref. mtge. bonds at maturity, if the lien thereof shall not have been
1934,$125,000 principal amount of these bonds. Bonds will become payable
extinguished or terminated.
together with accrued interest on that date at the bank, 11 Broad St.,
Unless otherwise determined by the readjustment committee, all income
N. Y. City.
-V. 138, p. 3108.
bonds will, for the convenience of the company and holders in making
payment of interest which is dependent on earnings, be fully registered as
Union Pacific RR.
-Earnings.to principal and interest, and will be issued in denominations of $500 and
1934.
April1933,
1931.
$1,000, and may,in the first instance, be issued in temoprary form.
1932.
from railway
for normal
Gross
$5,099,289 $4,337,232 $5,044,506 $7,173,974
Interest on the bonds will be payable without deduction
Net from railway
1,367,586
1,278,260
1,727,422
Federal income tax (not exceeding 2%)and the company will agree to refund
1,379,920
Net after rents
655,116
819,835
782,802
the Pennsylvania 4-mill tax, the Massachusetts income tax not in excess
668,334
From Jan. 1%
of 6%% and the Maryland personal property tax not exceeding
19,693,933 15,665,671 20,255,532 28,258,645
Gross from railway
mills on the dollar, as now provided in respect ofsuch taxes assessed against
Net from railway
5,384,931
3,873,338
7.500,034
5,659,763
holders of 1st and ref. mtge. bonds.
Net after rents
2,744,681
2,058,185
4,040,223
The income bonds shall be payable in lawful money of the United States
3,090,896
-V.138, p. 3624.
of America.
-There will be authorized 150,000 shares of capital stock
Capital Stock.
-Admitted to List.-without par value, all of one class. The capital of the company will be
i United Aircraft Corp.
reduced to an amount not less than $2,000,000.
LThe New York Curb Exchang)ias admitted to unlisted trading privileges
The certificate of incorporation of the company will be amended so as to
approximately 2,087.532 shares capital stock, par $5. For further details
eliminate certain existing restrictions and to substitute such restrictions
ofcompany see United Aircraft & Transport Corp.in last weeks"Chronicle"
as shall be deemed appropriate by the readjustment committee.
page 3622.
Trading Suspended.
-See under "Current Events and Discussions" on a
Income Account for the Year Ended Dec. 31 1933.
preceding page.
Operating profit after charging $210,858 for depreciation of
plant and properties
$25,495
United Air Lines Tra sport Corp.
-Admitted to List.
Income and profitfrom investments
9,775 -'he New Y ork Curb Exchange as admitted to unlisted trading privileg
Unapplied balance of reserve for customer's account and notes
the voting trust certificates re esenting approximately 1,043,766 shares
receivable under extended terms
26,060
capital stock, par $5. For further details of company see United Aircraft
& Transport Corp. in last weeks "Chron cle," pare 3622.
Total
$61,330
Bond interest and discount
126,077
-See under "Current Events and D scussions on a
Trading Suspended.
Other interest and discount (net)
5,967
preceding page.
Expenses of proposed capital readjustment
19,755
Expenses ofleased plant (net), after charging $7,144 for deprec4,760
-Suspended.-United Cigar Stores Co. of America.
Miscellaneous expenses and income (net)
568
See under "Current Events and Discussions' on a preceding page.V. 138, p. 3293.
Loss before addition to reserve for contingencies
$95,797
Addition to reserve for contingencies
20,000
-Earnings.Inc.
a
United Collieries,
Deficit for the year 1933
Deficit at Dec.31 1932
x3115.797
488,673
Deficit at Dec.31 1933
$604.470
x Compares with a deficit for 1932 of $346,799 on the same basis.
Consolidated Balance Sheet Dec. 31.
AssetsLiabilities
1933.
1932.
1933.
1932.
Cash
$263,217 $149,091 Accounts payable. $82,511
$54,059
U. S. Govt. secs
57,234
334,112
311,063 Bond int. accrued_
55,281
Accounts & notes
Accrd. wages, &c..
23,848
receivable (net). 263,071
282,273 Deferred credit_ _
6,392
6,392
Inventories
447,532
396,960 Res. for conting--42,000
22,000
x Customers' ac1st mtge.6% bds.,
counts (net)_ _
1942
1
320,000
320,000
Miscellaneous secs. 106,693
85,727 1st rt ref. mtge.
Sink.& oth.funds_
891
891 7 % bonds,'46 1.303,500 1,303,500
6% ground rents.. 138,500
Unamortized bond
138,500
discount & exps _
86,093
95,208 Preferred stock... 1,874,000 1.874,000
Prepaid expenses
11,009
15,620 Y Common stock
1,600,000 1,600,000
Plant az prop.(net) 3,330,896 3,548.222 Deficit
604,470
488,672
Total
$4,843,516 $4,885,060
Total
$4,843,516 $4,885,060
x Under extended terms. y Represented by 15,747 shares of no par
value. 253 shares in treasury.
-V. 134, p. 1044.
Tennessee Central Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Grossfrom railway
Net from railway
Net after rents
-V.138. p. 3107.
1934.
$173,031
44,936
30,077
1933.
$141.396
26,733
7,395
1932.
8155,610
22,925
6,715
1931.
$244.752
56,269
35,320
733.742
216,780
138,330
618,201
143,851
68,574
670,644
124,995
56,960
929,790
149,320
62,905
Texas Mexican Ry.-Earnings.-AprilGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 3107.
1934.
$92,244
31.168
22,639
1933.
$54,737
def5,983
def12,939
1932.
$93,331
42,408
34,679
1931.
$103,442
18,357
5,858
296,822
82,605
50,201
207,468
def16,059
def45,801
238,778
45,734
13,990
351,408
17.084
def26,337
Texas 8c New Orleans RR.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3108.
1934.
1933.
1932.
1931.
$2,593,757 $2,272,956 $2,658,530 $3,825,489
337,645
356,855
259,475
519,626
def97,672 def197,425
def87,855
def 546
8,614,653 10,903,098
10,026,711
674,909
961,244
1,438,002
def293,779 def1,026,099 def865,408
15,543,680
1,983,527
102,001
Condensed Income Statement for the Year Ended Dec. 31 1933.
Gross sales-less freight and allowances
$4,413,511
Cost of sales-purchases
3,909,637
Gross profit on sales
Commissions earned
$503,874
14.845
Gross profit
Selling and administrative expense
Provision for depreciation
$518,720
325,804
5,494
Net profit from operations
Other income
$187,422
83,509
Net income-before other deductions
Interest on unfunded debt
Prov. for losses on accounts receivable in process of liquidation
$270,931
58,395
36,406
Net income------------------------------------------Balance at Jan. 1 1933
Deduction
-To reverse adjustment of account with Canadian
Fuels, Ltd., credited to surplus in 1932
3176.130
194.003
Dr13,553
Total surplus_ ----------------------------------------Preferred stock dividends
Common stock dividends
3356.579
19.833
250.000
Balance at Dec. 31 1933
$86,746
Condensed Balance Sheet at Dec. 31 1933,
Assets
Furniture and fixtures, equipment, &c., at cost
Investments
Cash
Notes & warrants receivable.
Accounts receivable
Duefrom officers &employees
Cash surrender value of policy
on life of officer (after deduct, policy loan of 82.000)
Inventory-at cost*
Due from affiliated cos
Deferred items
835,406
4,103
63,714
76,971
727,004
1,310
1,079
674,998
288,305
7,557
$1,880,447
Total
-31;8.801,43487
.
Total
* Except $11,230 of consigned coal at sales value. x Represented by
ce
par
4,500 no p shares. y Represented by 10,000 no par shares.
•
P. 1247.
United D.rug Inc. (Del.)(& Subs.).
-Earnings.8 Mos. to 4 Mos. to Year Ended
Period.Aug.31 '33. Dec. 31 '33. Dec.31 '33.
Sales,less returns, allowances & disc_$13,253,879 $11,362,495 $24,616,374
(8
4
,
Cost udingdeplec gen. &f$ m..22 a
n gods,f
serl. ation o a 1 95ex p ;
12,409,745 10,179,932 22,589,677
Net profit on sales
Income from investments
Int. on bank bal.. notes receiv., &c
-Earnings.
Third Avenue Ry. System.
(Railway and Bus Operations]
1934-10 Mos.-1933.
Period End. Apr. 30- 1934-Month-1933.
Operating revenue
$1,125,962 81,122,471 $10,857,287 $11,399,141
8,092,272
803,898
Operating expenses
803,990
8,449,824
726,269
Taxes
76,153
67,920
783,085
Operating income_ _ _ _
Non-operating income_ -
$245,819
30,062
$250,653 $2,038,746 $2,166,232
285,680
28,212
276,173
Gross income
Total deductions
8275,882
228.786
3278,865 32,324,426 82,442,405
2,290,159 2,309,734
228,573
$844,134 $1 182 563 $2.026,697
277,707
201,128
76;578
75,444
48,517
26,927
Total income
$1,093.780 $1,286,068 $2,379,848
Interest on funded debt
1,388,607
619206 2,007,814
27,856
Federal and foreign income taxes
16,769
11,0 8
8
868,085
Discount on debenture bonds acquired
619,888
248,197
560,394
Lossfrom guaranteed leases
359,260
201134
4,080
ividend on subsid. preferred stock
D
3,060
1,020
Net profit before special charges to
surplus prior to Aug.31 1933..-- 1055$54,028
$701,817
Consolidated Balance Sheet Dec 31 1933.1
.
Assets
x Land, bldgs., mach. & eq. $9,301,702
12,415,248
Cash
Imarketable securities 1,935,697
Notes
-40
-Cent Common /3 ( and accls receivable_ _ 4.173,614
.
'/,
-- ,
-Third National Investors Corp.
9,397,164
Inventories
The directors on May 24 declared a dividend of 40 cents per share 14
Investments Os advances, &e. 2,571,346
the common stock, par $1, payable July 1 to holders of record June 12.
Good-will trade-marks, &c 10,401,168
with 45 cents per share paid on this issue on Jan. 1 last.
This compares
352,071
Prepaid accounts
40 cents on July 1 1933. 45 cents on Jan. 1 1933 and 50 cents per share
in January and July 1932.-V. 138, p. 2428.
Net income or loss
railway and bus__ _
-V. 138, p. 2944.
Cum. pref. $7 dividend
x$450.000
Common
y30,000
Notes payable-secured-see
contra
65,000
Accounts payable
211,337
Accrued items
2,479
Due to affiliated companies930,109
Reserves
104,775
Earned surplus
86.746
$647.789
87,002,800
Capital stock
37,788,800
Funded debt
66,274
Notes payable
2,290.775
Acc'ts payable & accr. exps
veal
Amount owing to other co,.
673,662
reorganized from Drug Inc.
544,912
Accr. Int. on funded debt-- -86,081
Provision for Income taxes-- Reeve for contingencies, &c 1,036,834
307,280
Capital surplus
750,592
Earned surplus
Thirteenth & Fifteenth Streets Pass. Ry.-DivillE le.e6,
The company recently declared the regular semi-annual dividend of $6
$50,548,010
$50,548,010
Total
Total
a share, payable May 28 to holders of record May 21. This dividend was
-V.138. p.3624.
x After depreciation.
due Jan. 1 but tne company has held up payment of the dividend pending
$47,095
$50,292
$34,267
$13,672
Financial Chronicle
Volume 138
United Light & Power Co.(& Subs.).
-Earnings.
-
12 ionths Ended March 311934.
1933.
Gross operating earnings of subsidiary & controlled
companies (after eliminating inter-co. transfers)S71.576.442 $73,905.890
Operating expenses
31.605.742 31,702.745
Maintenance,charged to operation
3.823,405 4,020,947
Taxes. general & income
7,872,869 8,079,008
Depreciation
6.802.869
7.140,689
Net earnings from operations of subsidiary &
controlled companies
S21,471,557 $22,962,501
Non-operating income of sub. & controlled cos_ _ _ _ 1.251,947
1.993.491
Total income ofsub.& controlled companies_ _ -S22.723.504 $24,955,993
Interest, amortization & preferred dividends of
subsidiary & controlled companies:
Interest on bonds, notes,&c
11.491.383 11,582,090
Amortization of bond & stock discount & expense
824,693
752.165
Dividends on preferred stocks
4,258,437 4,283,219
Balance
Proportion of earnings, attributable to minority $6.148.991 $8,338,518
common stock
2,061,032 2,468,610
Equity of United Light & Power Co. in earnings
ofsubsidiary & controlled companies
S4,087,959 $5,869.909
Earnings of United Light A; Power Co
25.285
37,847
Balance
S4.113,243 $5,907,755
Expenses of United Light & Power Co
228.922
157,116
Gross income of United Light & Power Co
$3,884,321 $5.750,639
Holding Company Deductions:
Interest on funded debt
2,315.988 2.384,930
Other interest
3.792
153.741
Amortization of bond discount & expense
246,143
264.208
Balance
$6 cumul. cony,first pref. dividends
$1,318.398 $2,947,759
x3,600.000 x3.600.000
Deficit on common stock
Deficit per share
x Accrued but not declared.
-V. 138, P. 3293.
$2,281,602
$0.66
3793
common both at nominal value. d Represented by 101,495 in 1933(119.245
In 1932) shares of $6 cum. cony. pref. stock, no par value, 915,979 shares of
class A stock, no par value, and 504.282 in 1933(504,315 in 1932) shares Of
common stock, no par value.
-V. 138. P. 2946.
Utah Ry.-Earnings.--AprilGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3110.
1934.
$38,503
def381
def19,959
1933.
$49,416
8,273
def8.002
1932.
$61,127
10,523
def2.163
1931.
$78,904
15,058
3.260
219,755
41,331
def32,960
417.752
170,295
78,314
463,537
170,859
78,445
486,167
155.175
72,372
Utica Gas & Electric Co.(& Subs.).
-Earnings.
Years Ended Dec. 31Operating revenues
Operating expenses
Maintenance expenses
Retirement provision
Taxes
Operating income
Net operating ncome, net
1932.
1933.
1931.
$4,841.893 $5,184,666 $5,295,823
1,819.780
1,831.062
1,921,803
214,428
228,513
301,509
341,005
339,605
346,311
549,58F
575,727
518,390
$1,949.691 $2,208,359 82,176.614
6.901
2,853
2,989
Gross income
$1,952,679 $2,211,212 $2,183,515
Interest on funded debt
820,315
887,946
903,969
Interest on unfunded debt
153.193
71,799
45,471
Interest charged to construction-Cr_
4,384
8.291
3,776
Amortization of debt discount & exp.
29,313
35,935
38.863
Miscellaneous
3,985
4,110
4,304
Net income
Preferred dividends
Common dividends
0963,849 $1,219,716 $1,181,089
660,000
660,000
660,000
480,000
160,000
480,000
Balance
$652.241
$0.19
United Light & Railways Co.(& Subs.).
-Earnings.
-
12 Months Ended March 311934.
1933.
Gross operating earnings of subsidiary & controlled
I. companies (after eliminating inter-cos. transfers)$63
.982.240 $65,935.154
Operating expenses
28.081.478 27,941,303
Maintenance,charged to operation
3,387.186 3.542,702
Taxes,general & income
7,639,137
8,181.883
Depreciation
5.975,750 6.324.338
.4
Not earnings from operations of subsidiary &
controlled companies
$18,898,689 $19,944,928
Non-operating income of sub.& controlled cos_
1,339,943
2,193,235
Total income ofsub.& controlled companies_ __
_820,238.632 $22.138.163
Interest. amortization & preferred dividends
of
subsidiary & controlled companies:
Interest on bonds, notes,&c
Amortization of bond & stock discount & expense 10.160,219 10,237,565
770.654
684.546
Dividends on preferred stocks
3,028,267 3.053,154
Balance
Proportion of earnings, attributable to minority $6.279,492 $8.162,899
common stock
2,067.659 2,475,035
Equity of United Light & Rys. Co. in earnings
subidaryof
& controlled companies
S4.211,833 $5,687,864
Earnings of United Light & Rys. Co
11.439
17.694
Balance
81.223.271 $5,705.558
Less: Expenses of United Light & Rys. Co
225,338
62.847
Gross income of United Light & Rys. Co
$3,997,933 $5,642,710
Holding Company Deductions:
Interest on 53i% debentures.due 1952
1,375,000
1.375.000
Other interest
352
60,686
Amortization of debenture discount & expense.__
54,161
81.119
Balance
_ - __ -Prior preferred stock dividends:
-7% prior pref.-lst series
6.36% prior pref.-series of
6% prior pref.-series of 19281925
Balance for common stock
-.V. 138, p. 3293.
32,568,420 $4,125,906
275.029
346,658
620.193
276.524
348.318
624,480
$1,326,540 $2,876,584
United Stores Corp.
-Earnings.
Earns. Year for Ended Dec. 31.-
1933.
1932.
$545,317
9,861
$696,502
3,695
Totalincome
__________________
Stock transfer expense _________
Other corporate expenses including franchise tax..
Exp. in conn, with survey of United Cigar Stores
Do. of America (bankrupt)
Interest paid on bank loan
$555.177
15,746
54,958
$700,197
41,054
54,552
36,858
20.947
39,051
Net income _ ____ _ _______
Previous earned surplus
__________________
3426.669
386.294
$565,539
478,926
Total
Dividends paid on $6 cum. cony. pref stock
.
Write down of investments
$812,963 $1,044,465
330,325
658.171
426,832
Int. on Tobacco Products Corp. of New Jersey
6;5% collateral trust debentures
Interest on bank balances
Earned surplus at Dec.31
$55,807
$386,294
$143,848
$79.716
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
AssetsLiabilities
$
$
Fixed assets
34,724,512 35,277,134 7% preferred stock 6.000,000
Sink. fund & speel
x $6 pref. stock__ 4,000,598
deposits
81,594 y Common stock_ 4,000,000
81,759
Miscell. investm'ts
25,567
3,600 Prem. on 7% pref.
Cash
111,804
85,295
stock
95.604
Accts. receivable__ 653,908
709,031 Funded debt
17,694,500
Mats.& supplies__ 313,396
449,615 Advs. fr. attn. cos. 500,000
Prepayments
21,492 Accounts payable_ 254,162
11,801
Deferred charges
776,302
822,784 Consumers' dens..
67,775
Accrued liabilities_ 347,673
Res. for retire, of
fixed assets.... 989,503
Other reserves.... 232,196
Profit & loss-surp 2,517,040
$41,089
1932.
6,000,000
4,000,597
4,000,000
95,604
17,813,500
740,000
280,366
70,918
375,432
854,671
199,484
3,019,974
Total
36,699,050 37,450,548
Total
36,699.050 37,950,548
x Represented by 40,000 shares of no par value. y Represented by 900,000
shares of no par value.
-V. 138, p. 3110.
Utilities Elkhorn Coal Co.
-Earnings.
Condensed Income Statement for the Year Ended Dec. 31 1933.
Gross operating income
S703,838
Operating expense
506,281
Maintenance
46,391
Taxes-exclusive of income tax
4.583
Provision for depreciation and depletion
35,370
Net operating income
$111,213
Non-operating income
31,958
Net income-before other deductions
$143,172
Interest on funded debt
85,964
Interest on unfunded debt
44.385
Amortization of debt discount and expense
8,503
Normal and State taxes on bond interest and other charges__ _
3.890
Net income
$429
Condensed Balance Sheet at Dec. 31 1933.
AssetsLiabilities
Property, plant & intangibles $4,373,524 Capital stock-stated value:
Special deposits
59,748
Cum. $7 pref. dividend__ x$500,000
as
57,012
Common
y500,000
Accounts receivable
2,857 Funded debt
1,413,500
Due from employees
15,868 Contracts payable
19,562
Materials, mdse. and supplies
Accrued int. & other liabilities
-at cost or market
67,398
-funds on dep.-contra
2,035
Coal on hand-at sale price_
927 Notes payable
43,326
Due from affiliated cos
65,916 Accounts payable
32,250
Deferred items
175,598 Accrued items
53,983
Due to affiliated companies_ _
736,853
Deferred liabilities
10,371
Reserves
1,267,572
Capital surplus
224,602
Earned surplus
14,793
Total
$4,818,846
Total
$4,818,846
x Represented by 5.000 no par shares. y Represented by 10,000 no
par shares.
-V. 138, p. 1248.
Vick Chemical Inc.(& Subs.).
-Earnings.
march 31 1934.
Consolidated Earnings Statement, Three Months Ended
Net profit after taxes, depreciation, and other charges
Earnings per share on 700,280 shares outstanding
-V. 138, p. 3110.
$790,799
$1.12
Utilities Power & Light Corp.
-Annual Report.
-
Bank loan pay. on
demand
400,000
14,125
Accounts payable_
10,521
Unclaimed divs_ _ _
1,935
2,078
Accrued franch. tax
16,500
25,000
Ites, for conting_180,637
d Capital & capital
surplus
10,091,152 22,931,848
Earned surplus__
55.807
388,294
[Including subsidiary and controlled companies.]
IIarley L. Clarke, President, states in part:
Statistical Information.
-The following table gives in percentage the
various sources of operating gross revenues for both American and English
subsidiary and controlled public utility companies for the years 1933.
1932 and 1931:
1932.
1933.
1931.
Electric energy
78.5%
75.1%
75.4%
Manufactured gas
14.8
16.4
16.8
Natural gas
3.8
3.8
3.6
Transportation
0.3
0.4
0.4
Other
2.6
4.3
3.8
10.579,518 23,036,378
Total
Total
10,579,518 23,038,378
a Represented by 20,263.2529 shares of capital stock at that company's
approximate book value of $30 per share, b Represented by certificates of
deposit for 23.803 shares of Prof. stock at nominal value (13.9% of total
outstanding). c Represented by 24.795 shares class A and 4,530 shares
100.0%
100.0%
100.0%
Comparative statistical data for services rendered by both American
and English subsidiary and controlled public utility companies are shown
In the following table, which includes the electric energy generated
and
purchased, expressed in kilowatt hours, and the gas produced and purchased, expressed in thousands of cubic feet:
1933.
1932.
Electric energy (kwh.)
1,143,298,683
1,068,343,847
Manufactured gas (1000 cubic feet)
6.299.498
7,880,872
Natural gas (1000 cubic feet)
11,880.379
12,732.690
Water pumped (gallons)
318,659,700
328,969,300
Passengers carried
1,905,810
2,123,581
Electric customers
475,647
443.046
Gas customers
231,383
233.011
Communities served
1,082
1,080
Population in areas served
6,415,547
6.456,022
Expenditures for maintenance and provisions for retirements (renewals
and replacements) and depletion of the subsidiary and controlled public
utility companies for the years 1927 to 1933 Inclusive are shown below:
Balance Sheet Dec. 31.
1933.
1932.
Assets
Cash
29,452
179,538
Accr. Int. on Tob.
Prod. Corp. of
N. J. debs
80,741
107,773
Rec.fr. Tob. Prod.
Corp. of DeL
129,532
182,764
Rec. from room.
comm.of United
Cigar Stores Co_
20,407
Investments:
United Cigar
Stores Co. of
America
bl 4,073,457
Tob. Prod. Corp.
of N. J. debt_ 7,453,000 9,948,286
Tob.Prod. Corp.
of Delaware. _ o607,897 8,473,705
Union Tob. Co_
27,060
Cigar Stores
Realty Hold
2.020,743
legs, inc
43,793
Other investments,
237.685
at cost
mammies
-
1933.
1932.
3794
Financial Chronicle
June 2 1934
Prov. for
Expenditures
Prov. for
Expenditures
Retirements
for
Retirements
for
Maintenance. & Depletion
Maintenance. & Depletion
$4,133,143
*$3,911,308 1929.... $3,502,067
1933.... $2,819,614
3,000.724
2,900,799
4,355,821 1928....
2,600,777
1932.-1,518,978
1,988,370
3,083.398
4,198,537 1927....
1931-3,613,313
4,256.313
1930....
* For 1933 includes only operating public utility companies.
-In accordComparative Consolidated Statement of Revenue and Expense.
ance with the change in policy announced in annual report for 1932, nonutility subsidiaries are now carried as investments, and only such dividends
as are received from the non-utility subsidiaries are included in the consolidated statement of revenue and expense. Therefore, the figures of the
consolidated statement for 1933 are not comparable with those of prior
years. In order that comparison of operations for the two years may be
easily made, in the following table the figures for 1932 are arranged in
harmony with the present set-up. English sterling has been converted
to dollars for both years on the basis of $4.8665 per pound sterling.
Condensed Statement of Income and Expense, Years Ended Dec. 31 (Not
Consolidated).
1931.
1932.
1933.
Interest and dividends:
accounts receivable- $738,153 $1,750,693 $2,033,409
Bonds, notes,
86,812
88,905
86,023
Preferred stocks
5,399,648
1,878,284
1,447,945
Common stocks
17,398
7,538
15,078
Other interest and discounts
16,000
12,000
Rent on real estate
78,323
61
Miscellaneous
Comparative Consolidated Earnings Statement.
z1932.
1933.
Calendar Years$47,638,964 $47,634.266
Gross operating revenue
27,904,225 27,624,041
Operating expense, maintenance and taxes
3,679,933
3,911,308
Provisions for retirements and depletion
Net income before fixed charges..._ $1,692,892 $3,102,915 $7,131,408
2,570,000
2,570,000
2,570,000
Interest on debentures
479,216
392.919
Interest on unfunded debt
181,337
234,931
165,561
234,931
Amortization ofdebt discount & exp_ _
20.076
28,412
27,885
Normal and State tax on deb. int_ _ _
24,225
Depreciation
23,914
23,045
Net operating income
Non-operating income
$15,823,431 $16,330,292
729,816
409,541
Net income before other deductions
Other deductions (fixed charges)
$16,232,972 $17,060,108
8,975,010
9.122,305
Balance
Preferred stock dividends of subsidiaries, &c
$7,110,667
3.449,587
$8,085,098
3,294,201
$3,661,080 $4,790,897
Net income of public utility subsidiaries
Net income of Utilities Power & Light Corp. after
237.675
1,490,037
provision for depreciation
$3,898,755 $6,280,934
Net income before debenture interest, &c
2,889.324
3,138.877
Debenture interest, other interest, &c
Net income before provisions for income taxes- - $1,009,431 $3,142,057
571.630
759.328
Provisions for income taxes
$437,801 32,382,729.
Total net income
z Re-arranged.
Consolidated Statement of Revenue and Expensefor the Year End.Dec.311933.
[Exclusive of non-utility subsidiary companies and one domestic public
utility subsidiary.]
$47,638,964
Gross operating revenue
21,788,745
Operating expense
2,819,614
Maintenance
3,295,865
Taxes, exclusive of income taxes
3,911,308
Provisions for retirements and depletion
Net operating income
Non-operating income (net)
$15,823,430
409,541
$16,232,971
Net Income before other deductions
8,421,657
Interest on funded debt
123,840
Interest on unfunded debt
425,325
Amortization of debt discount and expense
151:481
Normal and State taxes on bond interest and other charges_
Dividends on preferred stocks of subsidiary and controlled
2,556,535
public utility companies paid and (or) accrued
Netincome ofsubsidiaries available for preferred stock dividends
346,322
not declared or accrued
58,578
Surplus net income of properties prior to acquisition
488,150
Net inc. accruing to mm.int. after prov. for income taxes....
Net income of sub. & controlled public utility companies.-- $3,661,079
Utilities Power & Light Corp.:
Dividends received on common and preferred stocks of
704,833
non-utility subsidiary companies
162,255
Interest, dividends, discounts and other income
Total
Net operating expense
Net loss on foreign exchange
Provision for depreciation
Net income of Utilities Power & Light Corp
$867,088
501,990
104.377
23,045
$237,675
Net income of Utilities Power & Light Corp. and subsidiary
and controlled public utility companies
$3,898,754
Other deductions of Utilities Power & Light Corp.:
2,570,000
Interest on debentures
133,796
Interest on unfunded debt
Interest during construction capitalized
Cr7,920
Amortization of debt discount and expense
165,561
27,885
Normal and State taxes on debenture interest
571,629
Provisions for income taxes
8437,801
Total net income_x
x Cumulative dividends for the year 1933 on preferred stocks ofsubsidiary
companies in hands of public, which were not declared or accrued, amounted
to 81,344,638. A portion thereof in the amount of $346,322 was earned
by the subsidiaries and has been included as a deduction in the above
statement. The balance, amounting to $998,316, has not been included
as a deduction.
Comparative Consolidated Balance Sheet as of Dec. 31.
1932.
1932.
1933.
Liabilities
AssetsProp.,plant,Inv_338,895,589 358,079,926 Preferred stock_ 18,053,400 18,053,400
Special deposits. 1,486,325 6,408,576 x Class A stock- 1,835,460 48,107,823
168,888
Investments_ _ __ 9,584,432 30,394,799 Class A scrip_ _
:
7 522
10,853,134 8,411.660 y Class B stock. 1,197789 8,996.539
Cash
580
101
Marketabls secs. 3,743,044 8,943,036 Class B scrip_ _ _
195.323 Common stock_ 2,239,858 s25.382,151
Notes receivable
132,556
9,826
96,388
8,998.580 Common scrip__
ACCL9. receivable 8,246,389
Pref. stks. of sub 58,583,848 59,166,206
UnbIlled income 1,216,612
3,774,715 4,043,759 Com.stks.of sub 8,112,612 4,232,710
Inventories
Funded debt_ _ _214,677,351 213,590,393
Cash surrender
4.050,000
Notes payable_
value insur•ce
14,540 Contr. pay. for
1,209
policy
120,582
107,830
purch. of prop
Treas. securities
Accrued int, and
Utilities Power
dividends.__ 4,083,064 3,840,613
68,805 2,377,645
& Light Corp_
147,439 2,858.962
(curr)
Notes pay.
Due from Mill.
6,778,679 11,035,418 Loans and notes
companies.
4,092,035
payable
Deferred assets. 1,870,424 8.953,003
Deferred charges 19,930,188 25.897,122 Accts. payable_ 2,977,507 2,844,871
Int. dr div. pay.
1,339,693
1,361,130
dr other liab
14,542,817
Short-term notes
1,954,977
Accrued items__ 2,311,628
524,136
Divs. accrued__
1,191,956
Consumers'dep. 1,240,553
488,392
246,040
Due Mill. cos.__
1,029,312
Def'd liabilities_ 1,106,803
Deprec. reserve_ 28,088,548 30,358,487
Other reserves__ 13,532,658 10,332,988
Surplus approp.
foreign exch.
fluctuations
797,263
Surplus spoils.
to stks.of corp 37.127,819 14,016,268
Surplus spoiler.
to min.stks.of
subsidiaries __ 5.661,258 3,669,030
406 582,082 471,753,390
Total
406,582,082 471,753,390
Total
x Represented by 1,635.460 shares of no par value in 1933 and 1.634.546
shares of no par value in 1933 and
n 1932. y Represented by 1.197,782
1,197.772 in 1932. z Represented by 2,238,277 no par shares.
$2,299,260 $3,741,421 $7,615,590
Total income
252,123
458,562
440,372
General expense
116,848
60,000
60,000
Provision for abandoned developments
115,210
70,000
Loss on investments
1,619
Loss on doubtful accounts
104,377
Net loss on foreign exchange
49,944
Provision for doubtful accounts
Net loss
$147,263 pf$3,802,959
$1,274,937
1,137,738
-Preferred stock
Dividends
1,326,738
3,162,774
Class A stock
1,048.018
Class B stock
1,824,583
Common stock
Capital Surplus Dec. 311933.
$2,649,089
Balance at Jan. 1 1933
-Transfer of balance of earned surplus account.... 2,189,610
Additions
Surplus arising from change in capital on reducing the class A,
class B, and common stocks of corporation from no par
value of $82,752,332 to par value of $1 per share _____ - - 77,661,776
Restoring reserve for operations of non-utility subsidiary
companies representing their net loss from date of acquisition to Dec. 31 1932, upon revaluation of investments and
advances and also in accordance with change in policy of
3,373,477
handling non-utility subsidiaries
$85,873,954
Deductions
-Revaluation of investments:
Amounts applied direct against cost of investments:
-representing
Common stock of Interstate Power Co.
81,627.880
appreciation
4,500
Real estate-representing appreciation
Reserves provided against investments in: Central States
Utilities Corp., $2,585,406; Interstate Power Co., $1,203,899; Laclede Gas Light Co., $8,334.857; Laclede Power &
Light Co.. $1,061,973; Newport Electric Corp., $30,241;
Utilities Power & Light Corp. Ltd., $1,046,434; Bemidji
Wood Products Co., $29,900'; Illinois Co., $1,292,500;
Laclede Securities Co.. $99,999; St. Louis Gas & Coke
Corp., $4,588,368; Seven Dearborn St. Building Corp..
$49,999; United Collieries, Inc., $671,053• Utilities Power
& Light Realty Trust, $3,592,424; Utilities Power &
Light Securities Co., $6,499,999; American Coke &
Chemical Co., $199,999; Continental Tank Car Co.,
$74,487; Chicago Bank of Commerce.$135,000; Real estate.
36.935,890
$443,448; other securities of non-affil. cos., $4,995,900Amount applied direct against accounts receivable: Utilities
Power & Light Corp., Ltd.
-to absorb exchange adjust5,308.177
ment item
Reserves provided for doubtful notes and accounts receivable:
Subsidiary companies: Central States Utilities Corp.,
$592,778; Bemidji Wood Products Co., $415,537;
Laclede Securities Co., $700,000; St. Louis Gas & Coke
Corp., $1,650,000; Seven Dearborn St. Building Corn.,
$740,110; Utilities Power & Light Realty Trust,$405,400;
6,003,716
Utilities Power & Light Securities Co.,$1,500,000
2,810,051
National Public Service Corp
To write offaccount representing recorded increment in value
of investments in common stocks of subsidiary and con7,370,152
trolled public utility companies
Deferred items written off:
Stock discount and expense of 7% cum. pref. stock of
2,074,828
Utilities Power & Light Corp
Debt discount'and expense of refinanced issues which had
been added to discount and expense of present outstand1,809.399
ing debentures of Utilities Power & Light Corp
Unamortized portion of loss on investment in Society for
140,000
Visual Education
Reducing value of class B and common stock of Utilities
754.151
Power & Light Corp. held in treasury to $1 per share
8,000.000
General reserve provided
Balance as of Jan. 1 1933, adjusted
Sundry adjustments applicable to prior years-net
13,035,207
$
4,230
$13,030,977
-as per balance sheet
Balance at Dec. 311933
Condensed Balance Sheet at Dec. 31 (Not Consolidated).
1932.
1932.
1933.
1933.
i
AssetsLiabilities
$
222,057 Capital stock
Furn.& fixt.,&c.
213,398
Special deposits_
91,583 5.018,538
7% Pref.stock 18,053,400 18.053.400
a Cl. A stock_ 1,635.460 48,107,827
Interstate Pwr.
168.868
b Cl. A stripCo.-Pref.stk
7,529
e Cl. B stook. 1,197,782 8,998.538
held for exch.580
d Cl. B scrip_
900
contra
101
e Com.(2,163,Investments.... 64,615,101 100,849,319
25,382.151
822,547
Cash
1,756,143
354 slia.)... 2,239,858
98,388
f C,om. scrip
379,712
570,162
Marketable secs.
9,826
Sub., control. &
Capital surplus_ 13,030,977 2,849,089
2,189,611
associated cos. 26,372,422 42,434,469 Earned surn....deti,324,937
Non-affil. cos. dc
Funded debt... 50.000,000 60,000,000
individuals..
131,632 4,458,841 Int., dive. & nor67,842
mal tax pay__
Cash surr. val.
82,837
of policies on
Notes payable,
4,700,000
lives of officers
1,209
14,540
secured
512,519 Accts. payable_ 2,634,033 2,135,046
Deferred assets_ 1,240,739
932.098
Unamort. debt
Accrued items_ _
938,275
411,085
5,228,671 Deferred Hahne_
(Met. & exp._ 3,253,711
389,361
Reserves
Unamort. stock
9,499,287 6,750,475
2,074,828
disci. & exp.431,485
78,882
Prepaym'ts. &c.
Increment in val.
of Invest. In
com, stks. of
sub.& control.
7,370,153
Public util. cos
822,201
68,805
Treas. securities
Total
98,393,588 170,840,778
98,393.588 170,640.778
Total
a Represented by 1,635,460 no par shares in 1933 and 1,634,546 in 1932.
7,529 shares in 1933 and 8,443 in 1932. c Represented
b Represented by
by 1,197.782 no par shares in 1933 and 1.197,772 in 1932. .1 Represented by 100 no par shares in 1933 and 110 in 1932. •Represented by
2,239,858 no par shares in 1933 and 2,238,277 in 1932. f Represented
by 9,826 shares in 1933 and 11,407 in 1932.-V. 138, p. 1231.
-Earnings.
Utilities Power & Light Securities Co.
Condensed Income Statement for the Year Ended Dec. 31 1933.
$112,402
Interest and dividends
139,623
Loss on sale of securities
30,382
Operating expense
4,213
depreciation
Provision for
334,432
Interest on unfunded debt
$396,249
Net loss
Condensed Balance Sheet at Dec. 31 1933.
Liabilities
Assetsx$500,000
Furniture and fixtures, &c___. $19,150 Common
1,955,610
3,564,863 Notes payable
Investments
24,858
23,379 Accounts payable
Cash
8,291
Accrued item
Mkt'le secure. (mkt. value
due Jan. 10
546,044 Short-term notes.
$358,104)
1,029.268
1935
2,790
Notes receivable
3,554.692
441 Due to associated cos
Accounts receivable
20.320
Due from associated cos
1,845,133 Deferred liabilities
152,176
Deferred items
1,047,699 Reserves
5,439,249
surplus
Capital
5,634,965
Operating deficit
$7,049,500
Total
Total
$7,049,500
x Represented by 25,000 no par shares.
-V.138, p. 1248.
purposes during the ensuing 12 months' period, in the light of estimated
receipts and expenses for such period.
(e) If Western Pacific RR.shall make any payment in violation of clause
(b) or clause (c) of this agreement, or shall fail to make any payment
required to be made pursuant to clause (d) of this agreement, then upon
the filing of notice by said committee with Western Pacific RR., all holders
of said first mortgage bonds who have assented to said agreement of extension, shall forthwith be relieved therefrom and the March 1 1934 and
Sept. 1 1934 coupons appurtenant to, and interest maturing on, such first
mortgage bonds shall forthwith become due and payable and enforceable in
the same manner as if said agreement of extension bad never been made.
(2) Prior to the agreements of extension becoming effective, the RFC.
the ROC,A.C.James Co.,and Western Pacific RR.Corp.(junior creditors)
shall, in writing, unconditionally consent to the foregoing provisions and
agree that payment of interest and principal of the obligations of Western
Pacific RR.held by them shall be extended in conformity with the provisions
of the foregoing clause (c).
The announcement further states:
Virginian Ry.-Earnings.AprilGross from railway
Net from railway
Net after rents
From Jan. 1
Grossfrom railway
Net from railway
Net after rents
-V.138. p.3294.
3795
Financial Chronicle
Volume 138
1934.
$1,072,700
514,631
438,300
1933.
$873,869
352.859
287.492
4,809,426
2,546,373
2,220,792
4,210,882
2,024,867
1,733,628
1931.
1932.
$953,003 $1.187.079
484,556
375,270
412,385
314.340
4,682,243
2,233,393
1,878,833
5.164,232
2,225.657
1.893,517
Wabash Ry.-Receivers Bar Salary Suit.
Norman B. Pitcairn and Frank C. Nicodemus, receivers on May 29,
-S. C. Commission that on advice of counsel they would take
notified the I.
no action toward recovering any part of "extraordinary disbursements"
made to the late William H. Williams, President and Chairman of the road
In 1930 and 1931, who died in October 1931.
The disbursements referred to were $183,833 in 1930, of which $100,000
was for special services and the remainder for salary, and $108.593 for
salary from January to October 1931.
The Commission wrote to the Wabash receivers last July concerning the
payments and asserted:
"In view of this situation and of this heavy burden which the large
payments by the Wabash to one man put upon its recourses when receivership was imminent, will you please advise what, if anything, is being done
or is contemplated toward recovering any part of these extraordinary disbursements from the beneficiaries thereof."
Not having received a reply to its inquiry by last May 2, the Commission
wrote to the receivers again to the same effect. Their reply, dated May 12
and made public May 29, advised that no action was contemplated with a
view to recovery either against the estate of Mr. Williams or the directors
of the road who authorized the payments.
An opinion by N. S. Brown, counsel for the Wabash, covering the case,
explained that the $100.000 paid to Mr. Williams in 1930 for "special
services" was in connection with his work on the Wabash grouping plan by
which it was to be made the nucleus for a fifth eastern system,later approved
by the Commission.
As to the $108,593 paid to Mr. Williams in 1931, counsel explained
that as President and Chairman he was then earning $140.000 a year.
While the company's business suffered quite severe reactions In
the year in which Mr. Williams's salary was increased from $60,000 tO
$140,000 per year, I feel certain that no serious claim can be made that the
company was insolvent or considered to be in failing condition at the time
the resolutions of the etecutive committee and board of directors were
•
adopted." counsel advised.
-V.138, P. 3626.
----Western Canada Flour Mills Co., Ltd.-Pref. Div.
44,
The directors have declared a dividend of 75 cents per share on the
cum. pref. stock, par $100. payable June 15 to holders of record
63'
May 31. A similar distribution has been made on this issue each quarter
since and incl. March 15 1933, prior to which the stock received regular
quarterly dividends of $1.62 Y6 per share.
-V.138. 13• 1415.
-Earnings.Western Dairy Products Co.(& Subs.).
1930.
1931.
1932.
Calendar Years1933.
Net sales
$11,761.822 $13,469,916 $18,675,249 $24,102,605
16,402,726 21,749.356
Cost and expenses
11.481,074 12.372.813
Operating Income_ ___
$280.748 $1,097,103 $2,272,524 $2,353,249
57,345
74,262
46,925
Other income
40.405
Total income
Depreciation
Federal taxes
Interest
5.321.153 81,144,028 $2,346,786 $2,410,594
809,509
702,338
608,949
563,899
79,000
129,500
10,000
397,697
383,948
314.713
360,157
Net income
1084602,903
Divs.on ser.A&B pf.stics
of West. D'y Prod.,Inc
x74,101
Divs, on class A stock of
Western D'y Prod.Co.
5180,366 $1.130,999 $1,124,388
296,402
296,402
301,350
131,312
525,248
$297,790
$703.285
Surplus
def$677,004 def$116.036
x Exclusive of $222,302 undeclared cum. dividends on preference stock
of Western Dairy Products, Inc., for last three quarters of 1933.-V.
138. p. 3111.
Western Pacific RR. nterest Deferment Plan Revised
for Benefit of Bondholders. Aetian Wins Assentaf irgurrtnee
n
Compahies to the Re '
T. M. Schumacher, chairman of the executive committee of the road on
May 29 announced that the plan for deferring 1934 interest on the road's
outstanding $49,290,100 first mortage 5% bonds had been revised for the
further protection of bondholders. As a result, insurance companies holding
substantial amounts of the bonds have deposited their coupons under the
revised plan.
The assent of 75% of the bonds is necessary to make the revised plan
operative and the bondholders who have assented are being asked to agree
to extend the time within which the plan may become effective to July 31
1934.
The announcement made May 29 follows:
(1) The Western Pacific RR. has agreed with all the holders of its first
mortgage bonds that:
(a) A committee of three shall be constituted to represent duch holders of
such first mortgage bonds in respect of the matters provided for in this
agreement. Said committee shall be composed of Frederick H. Ecker
(Pres. of Metropolitan Life Insurance Co.), John W. Stedman (Vice-Pros,)
of Prudential Life Insurance (Jo.)and a third representative satisfactory to
them and to Western Pacific RR'.
(b) Western Pacific RR,shall make no payment, without the consent of
said committee, in respect of interest maturing on March 1 1934 or Sept. 1
1934, on first mortgage bonds the holders of which have not entered into
agreements of extension, unless a like payment in respect of such interest on
assenting first mortgage bonds shall be simultaneously made.
(c) No payment either of principal or of interest shall be made upon the
general and refunding mortgage bonds of Western Pacific RR.issued under
its gen. & ref. mtge. dated Jan. 1 1932 or upon any obligations held by the
Reconstruction Finance Corporation, the Railroad Credit Corporation or
'
A. C. James Co., or upon any funded debt junior to said first mortgage
(other than equipment obligations), or upon the unfunded debt of $5,634,722 owing to Western Pacific RR. Corp., without the consent of said
committee, unless and until the March 1 1934 and Sept. 1 1934 interest on
assenting first mortgage bonds so extended shall have been fully paid.
(d) Western Pacific RR. shall from time to time, at the request of said
committee, apply to the payment of the March 1 1934 and Sept. 1 1934
interest on such first mortgage bonds such funds as may be available after
providing for operating expenses, current interest on such first mortgage
bonds, interest on and maturing instalments of principal of equipment
obligations, and such amounts as may, with the approval of said committee.
be applied or reserved for additions and betterments and working capital.
Western Pacific RR. shall not be required to make any disbursements
under this clause (d) in respect of such March 1 1934 and Sept. 1 1934
interest on the first mortgage bonds, until after Sept. 1 1934, and in determining the amount which may be available for such disbursement thereafter account shall be taken of the requirements for the above-mentioned
The holders of approximately 66%, representing $32,475,000 of first
mortgage bonds, have signed agreements of extension, either in the original
form dated March 1 1934, or a form which is revised to embody the above
additional conditions. Assurances of co-operation have also been received
from holders of an additional substantial amount of bonds. However, in
order to make the plan effective and secure its benefits, it is required that
the holders of at least 75% in amount of the first mortgage bonds assent in
writing to the new agreement of extension.
of
In view of the short time remaining in which to secure the approval
assenting bondholders to the additional conditions, and to obtain the assent
Pacific RR.
of other holders so as to secure the required 75%, Western
wishes to extend the time within which such new agreements of extension
may become effective for an aditional period or periods, not exceeding in the
aggregate 60 days from June 1 1934.
The revised form of agreement of extension dated May 29 1934 may be
secured from the offices of the company. in New York or San Frnacisco, or
from Chase National Bank, 11 Broad St., N. Y. City, or from any of the
offices of Blyth & Co., Inc.
1931.
1932.
1933.
1934.
April$828,903 $1,060,432
$755,802
$915,685
Gross from railway
def81,765
60.096
94,886
216,278
Net from railway
def32,511 def189,246
1,545
Net after rents
122,177
From Jan. 1
3.842,473
3,140,724
2,566,238
3,282,504
Gross from railway
def64,687 def104,328
def4,108
Net from railway
574,609
232.273 def310,974 def424,168 def425.645
Net after rents
-V. 138, p. 3628.
-June 1 Interest Unpaid.
West Ohio Gas Co.
The company will not pay the coupons on its 1st & ref. mtge. gold bonds
due June 1 1934 because of a decision of the Supreme Court of Ohio upholding certain rate reductions ordered by the Ohio P. S. Commission. John N.
Shannahan, President of the company, on May 28 stated that the company
-day grace period provided for in the mortgage
will take advantage of the 60
securing the bonds. The effect of the decision of the Ohio Supreme Court,
if sustained by the U. S. Supreme Court, will be to require large refunds to
consumers. The decision of the Ohio Court, made public May 16, will be
-V.138, p. 2430.
appealed to the U.S. Supreme Court.
-Earnings.
Waco Aircraft Co.
1932.
$923,001
703.030
1931.
$578,423
458.406
1930.
5860.468
726,571
196,357
196,068
203,323
247,361
$56.968
$23.904 loss$83,305 loss$113,464
Calendar Years
Net sales
Cost ofsales
ngineering, selling and
admin. expenses
1933.
$974,547
721,221
• Net operating profit__
Other income, less other
deductions
Net profit for the year
$67,733
10,764
6,913
911
4,767
$28,671 loss$82,3941084106,550
Balance Sheet Dec. 31.
LiabilULes1932.
1933.
Assets$314,786 $215,910 Accounts payableCash
Accr. payroll&tax.
Accounts receiv36,517 Guar. dep., by dis14,997
able (less reeve)
tributors
189,115
169,513
Inventories
2,532 Cust. credit bal.__
2,901
Notes receivable._
Cust.dep.on orders
Accrued interest re500 Reserves
250
ceivable
4,470 x Capital stock.
4,470
Investments
311,219 Capital surplus
299,345
Fixed assets
2,557 Earned surplus
3.556
Deferred expense_
1933.
$14,607
16,000
1932.
$1,507
6,854
15,285
1,628
6,672
4,247
520,000
60,193
171,184
14,950
1,243
51,532
3,927
520.000
60,193
102,614
$8809,818
Total
8809,818 $762,819
Total
-V. 137, P• 3689.
x Represented by 145,000 no par shares.
6762,819
Warner Bros. Pictures, Inc.(8c Subs.).-Earnings.Feb. 24 '34. Feb. 25 '33. Feb. 26 '32.
r- 26 Weeks Ended$11,652,823 $13,763,263
$14,491,046
Profit before charges
8,288,876
Amortization of film costs
3,560,296
Amortize. & deprecia'n of property
2,590,010
Interest, &c
115,215
Provision for invest, in affiliated cos_
Prov. for loss in cos. in equity receivership
Miscellaneous charges
7.995,528
4,305,910
2,868,737
21,456
11,093.473
4,697.569
3,161,947
145.344
17,193
44.000
127.652
563.351 53,600,001 55,462.722
208.892
159.069
138,200
Loss
Other income
Loss
Minority interest
Federal taxes
prof$74.849 $3,440,932 55.253,830
13.869
1,394
Cr4,006
40,000
Net loss
Preferred dividends
Prof$38.855 $3,442,3266 $5,267,699
198.481
sur$38,853 $3.442,326 $5,466,180
Deficit
For 13 weeks ended Feb. 24 last, net operating loss was $66,897 after
charges and taxes, against net operating loss of $1.695,564 for 13 weeks
ended Feb. 25 of previous year.
-The above figures exclude those of Skouras Bros. Enterprises,
Note.
-V.138, p. 701
Inc., and St. Louis Amusement Co. and their subsidiaries.
Western Maryland Ry.-Earnings.1934-4 Mos.-1933.
-Month-1933.
Period Ended April 30 1934
$850,783 $4,691,953 $3,581,506
$960,329
Operating revenues
1,306,628
1,628.965
291,998
268,886
Net operating revenue.._
1,041.091
1,496,628
226,991
Net ry. oper. income--271,212
49,635
32,238
12,302
7,932
Other income
Gross income
Fixed charges
$279.144
268,464
$239,293 $1,528,866 $1,090,726
1,089.005
1,077.417
272,997
$1,721
$451.449
$10,680 def$33.704
Net income
-Third Week of May- -Jan. 1 to May 211933.
1934.
1933.
1934.
Period$198,966 $5,495,798 $4,178,405
Gross earnings (est.)
$253.943
-V. 138, p. 3627. 3457,3300.
-Earnings.
Water Service Companies, Inc.
12 Months Ended March 31Total income
Salaries and expenses, trustees, fees, &c
General taxes
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Provision for Fedora'income tax
Net income
1934.
$67,011
4.496
1,321
44,691
7,328
5,302
1,503
1933.
$91,610
4,414
1,518
49,001
16,062
5.826
$2,369
$14.789
3796
Financial Chronicle
June 2 1934
Comparative Balance Sheet.
Wichita Falls & Southern RR.
-Earnings.
r- AssetsAfm.31'34. Dec.31'33, LiabilitiesApril
Mar.31'34. Dee.31'33.
1931.
1934.
1932.
1933.
Inv. In & loans to
Gross from railway
Long-term debt___ $802,500 $839,500
$47,696
$42,077
$44,248
$47.112
affiliated cos_ _ _51,322.845 $1,364,484 Due affiliated cos_
Net from railway
98,000
98,000
6,668
12,839
6,763
11,530
Special deposit..
1.687
300 Payments rec. on
Net after rents
def1,166
6.827
def376
5,009
Cash & work. fas_
36,016
24,515 subscrip. to cap.
From Jan. 1
Due fr. Ball. cos__
7,557
Gross from railway
19,456 stk. of affil. cos.
20,569
21,756
194,194
178.619
190,146
163.650
Debt disct. & exp.
40,289
43,544 Unpres. Int. coups.
Net from railway
300
1,688
19,461
42,093
34,602
47 457
Organic. expense__
1,230
Net after rents
1,230 Unreal, disc. on re17,144
10,963
16,615 def14,9333
Stk. sales expense.
1,295
534
2,081
1,440 acquired securs..
-V. 138, p. 3112.
Due affIl.cos.(curr)
30,000
31,075
M!seen.leaf
1,125
931 'Winnipeg Electric Co.
-To Pay Interest. A.
Accr. int. tax, &c.
6,850
The ceomany-hr-to p., 1.....diately, half•yearly-Int
16,335
,
on the 5%
x Capital stock
305,000
305.000
refundi88 mortgage stock and on the 6% refundhag mortgag ponds due
Paid-in surplus
16,871
April 1. V. 138, p. 2947.
16,888
Earned surplus._ _ 127,784
123,103
- an) Wood Steel Co.-.
(A
Dividend.
Total
$1,410,920 $1,454,970 Total
$1,410,920 $1,454,970
A dividend of 50 cents per share has been declared on the 7% cum. pref).
•
x Represented by 5,100 shares no par value.
stock, par $100, payable June 15 to holders of record June 5. Quarterly
-V.138, p. 2767.
distributions of $1.75 per share had been made on this issue up to and
ncluding April 1 1931: none since.
-V. 132. p. 4433.
Weeden Co.
-Earnings.
P.' Calendar Years1932.
1933.
1931.
Worcester Street Ry. Co.
-Earnings.
Sales
$62,647,162 365,375,8563122,332,341
Quarter Ended March 311933.
1934.
Gross income
371,994
437.925
278,955
Revenue fare passengers carried
6.262.984
5.191,684
Expenses and taxes
301,288
312,553
349.696
Average fare
.
9 5. 20
9 cts
.6
9.7 cts.
Net profit after all charges
$153,547
Net income
$125.373 loss$70.740 -V.137. p. 1580.
$70,706
Earnings per share
$2.44
$4.18
loss$2.21
"'"Wright-Hargreaves Mines, Ltd.
-Extra DistributtonABalance Sheet Dec. 1933.
The directors have declared an extra dividend of five cents per shilre
Assets
LiabiUiiein addition to the regular quarterly dividend of 10 cents per share on the
Cash
$281,786 Notes payable (secured)
$1,391,000
common stock, no par value, both payable July 2 to holders of record
Due from customers(secured)
17,303 Loans payable (unsecured)
397,000
June 9. Like amounts were distributed on April 2 last.
Inventory
2,323,155 Loans payable (secured)- -4,282
Previously the company made quarterly distributions of five cents per
Accrued Interest receivable
31,268 Accrued expenses & bonuses..
14,437
share and, in addition, paid an extra dividend of five cents per share on
Furniture, fixtures & autoProv.for Fed. Inc. tax, yr.'33
6,788
Jan. 2 1934.-V. 138. p. 1584.
mobiles
13,839 x Common stock
700,000
Prepaid expenses
7,787 Surplus
161,629
Yazoo & Mississippi Valley RR.-Earnings.Total
Arpit1933.
1934.
52,675,137 Total
1932.
$2,675,137
1931.
Gross from railway
$830,945
$804,811
$938,880 $1,349,621
x Represented by 29,000 no par shares.
-V. 137, p. 3162.
Net from railway
145,161
240.853
81,202
202,090
Net after rents
2,391
def55,186
def50,863 def234,453
Western Ry. of Alabama.
-Earnings.From Jan. 1
April
1934.
Gross from railway
1933.
3,587,237 5,308,379 4,024.563 5,544,884
1932.
1931.
Gross from railway
3106,568
$103.007
Net from railway
372,615
$106,940
846,254
878,170
$186,670
464.786
Net from railway
def7,173
def1.980 def14.068
Net after rents
46,163 de173,059 def44,338 def704.546
28,679
Net after rents
def11,024
-V.138, p. 3119.
def7,543 def20,506
23,433
From Jan 1
Gross from railway
452,748
399,465
466,904
711.874
Net from railway
4,511
def14,424 def33,370
CURRENT NOTICES.
80,242
Net after rents
def9,615 def26,238 def55,131
58,742
-V.138, p. 3627.
-Duncan H. Read, son of the late William A. Read and formerly a
member of the firm of Dillon, Read & Co., has become associated with the
Wheeling & Lake Erie Ry.-Earnings.Fiduciary Trust Co. of New York.
April1934.
1933.
1932.
1931.
-Adams, McEntee & Co.. Inc.. 40 Wall St., this city, is distributing a
Gross from railway
3935.112
3647,061
3543,819 31,033.642
Net from railway
chart comparing tax free with taxable bonds in respect to net return to
198,161
125,731
def7.952
204,573
Net after rents
97,498
26,763 def99,901
investors and corporations.
103,291
From Jan. 1
-F.S. Robinson & Co.,Inc.,52 William St., New York, are distributing
Gross from railway
3,833,374 2,587.755 2,794,049 3.899,179
Net from railway
1,085.954
524,355
a circular describing participations at low cost in 10 loading insurance
473,062
753,117
Net after rents
667,672
139.956
65,80
330,225
companies.
-V.138. p.3294.
-Rodney Hitt, investment consultant, formerly a Vice-President of the
'-Wilson & Co.
-Accumulated Dividend.
Ramie Insurance Co. or America. has moved his offices to 116 John Street.
The directors have declared a dividend of $1.75 per share on account of
New York.
accumulations on the 7% cum. pref. stock. par $100. payable July 2 to
-Philip J. Murphy,formerly with Johnson & Wood, is now associated
holders of record June 16. Similar distributions were made on this issue
on Jan.2 and Apr112 last. The previous payment was made on Jan.2 1931.
with the New York office of Moore, Leonard & Lynch.
Accruals,following the July 2 payment, will amount to 263j%.-V. 138,
-James Talcott, Inc. has been appointed factor for Connecticut Hat
p. 2947.
Co., Inc., Yonkers. N. Y., manufacturers of felt hats.
Wilcox-Rich Corp.
-Earnings.
-Bristol & Willett, 115 Broadway. New York, are distributing the
3 Months Ended March 311934.
1933.
1932.
June issue of their "Over-the-Counter Review."
Surplus after all charges, Federal
taxes and dividends on class A stock $138,101 def$23,203
-A. 0. Slaughter, Anderson & Fox have moved their offices from 120
342.483
-V.138. p. 3458.
Wall St. to 65 Broadway, New York.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-WOOL-ETC.
-METALS
-DRY GOODS
COMMERCIAL EPITOME
Friday Night, June 1 1934.
Coffee was in small demand, but prices on the 26th ult.
advanced 3 to 10 points on local buying. On the 28th ult.
futures closed 6 to 9 points higher on Santos with sales of
22,000 bags and unchanged to 3 points higher on Rio with
sales of 9,000 bags. On the 29th ult., however, futures
declined 7 to 11 points on Santos contract and 4 to 6 points
on Rio, with demand small. Commission houses were early
buyers while the trade sold. Spot coffee was in light demand.
Cost and freight offerings were unchanged with basis Santos
4s ranging for prompt shipment from 11 to 11.20c.
On the 31st ult. futures advanced on buying stimulated
by prospects of regulation of the next crop by the Brazilian
Government. Santos contract ended 7 to 10 points higher
and Rio 3 to 6 points up. There was a better outside interest and the trade was a moderate buyer.
To-day futures closed 1 to 10 points higher.
Rio coffee prices closed as follows:
July
September
8.55'December
8.62 March
8.73
8.81
Santos coffee prices closed as follows:
July
September
10.99 December
11.38 March
11.50
11.57
Cocoa under light week-end covering advanced 3 to 4
points; July, 5.44c.; September, 5.61c. and December, 5.81c.
On the 28th ult. futures ended unchanged to 1 point higher
with sales of 898 tons. July ended at 5.44c., September at
5.60c., October at 5.68c., December at 5.81c., January at
5.88c. and March at 5.99c. On the 29th ult. futures closed
4 to 6 points lower with sales of only 831 tons. July ended
at 5.38c., September at 5.550., October at 5.62c. and
December at 5.760.
On the 31st ult. futures ended 6 to 7 points lower
with sales of 1,394 tons. July ended at 5.32c., Sept.
at 5.49c., Oct. at 5.56c., Dec. at 5.69c., Jan. at 5.76c.
.
and March at 5.89c. To-day prices closed 6 to 7 points
lower with sales of 220 lots. Jan. ended at 5.69c., March at
5.82c., May at 5.96c., July at 5.250., Sept. at 5.42c., Oct.
at 5.50c.,'and Dec. at 5.62e.
Sugar in very light trading advanced 2 to 3 points on the
26th ult. Cuban interests were moderate buyers. On
the 28th ult. futures ended 1 to 2 points higher with sales
of 7,800 tons. The rise was attributed largely to covering
in July. The delay in establishing off-shore sugar quotas
restricted outside interest. On the 29th ult, futures declined 3 to 5 points on hedge selling by Cuban interests.
The market was more active, sales totaling 89,250 tons.
In addition, there was some profit-taking and liquidation
by frightened longs. Washington reports said that quotas
had been fixed by the Administration for insular possessions,
but would not be announced for a few days. They had little
or no effect. Raws were offered a little more freely.
Prices were as follows:
On the 31st ult. futures ended 1 to 2 points higher on a
better demand. New investment buying was noted. Refined was in better demand. The trade was awaiting news
Financial Chronicle
Volume 138
from Washington on quotas which was expected after the
close. Private reports after the close said that quotas for
the insular possession had been announced as follows:
Hawaii, 915,000 short tons; Puerto Ricos, 803,000; Philippines, 1,017,000 short tons; Cuba, 1,902,000; Virgin Islands,
5,000 and others, 16,800.
To-day futures closed unchanged to 1 point higher and as
follows:
July
September
1.55 December
1.60 March
1.70
1.76
Lard futures advanced early on the 26th ult. in response
to the strength in grain, but on the rise light hedge selling
developed which resulted in a setback, and the ending was
at net losses of 5 to 8 points. Trading volume, however,
was light. Estimated receipts of 140,000 hogs exceeded requirements, but Government buying is expected to absorb
the surplus. Exports were fairly heavy, totaling 851,750
lbs. to London and Rotterdam. Hogs were unchanged with
the top $3.60. Cash lard was easier; in tierces, 6.020.;
'refined to Continent, 4 8c.; South America, 44c. On the
28th ult. a sharp rise in grain led to a good demand from
commission houses and futures ended with net gains of 15
points. Selling was largely in the form of hedging. Exports were 2,488,297 lbs. to London, Liverpool and Southampton. Hogs were 5 to 10c, lower owing to heavy receipts;
top $3.60. Cash lard was firm at 6.17c. for tierces, 43'c.
for refined to Continent and 4%c. for South America. On
the 29th ult. futures ended unchanged to 2 points higher in
rather light trading. Commission houses were buying while
warehousemen sold. Exports were small, totaling only,
270,977 lbs. to United Kingdom and Continental ports.
Hogs were steady with the top $3.65. Cash lard was also
/
steady; in tierces, 6.20c.; refined to Continent, 41 0.; South •
America, 4580.
/
On the 31st ult. futures closed 22 to 30 points higher on
a good demand stimulated by the strength of grain. Exports
were light. Hogs were 25c. lower to 10c. higher; top,
$3.75. Cash lard was firm; in tierces, 6.42c.; refined to
3
Continent, 4% to 43c.; South America, 43/i to 4%c.
DAILY CLOSING PRICES
Sat.
6.02
6.25
6.50
July
September
December
OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed. Thurs. Fri.
6.17
6.17
_-6.45
6.52
6.42
6.42
_.._
6.72
6.80
6.85
6.65
6.65
--6.92
Pork, steady; mess, $20.25; family, $21; fat backs, $15
to $17. Beef, steady; mess, nominal; packer, nominal;
family, $12 to $13.50, nominal; extra India mess, nominal.
Meats,firmer; pickled hams, 4 to 6 lbs., 83c.; 6 to 10 lbs.,
%
8Me.; 14 to 16 lbs., 15c.; 18 to 20 lbs., 13%c.; 22 to 24 lbs.,
%
123/20.; bellies, clear, f. o. b. N. Y.; 6 to 8 lbs., 133c.;
8 to 10 lbs., 133c.; 10 to 12 lbs., 12 Mc.; bellies, clear dry
salted, boxed, N. Y., 14 to 16 lbs., 1038c.; 18 to 20 lbs.,
/
103/2c.; 20 to 25 lbs., 93/8c.; 25 to 30 lbs., 93 c. Butter,
%
creamery, firsts to higher than extras, 23 to 25%e. Cheese,
flats, 15 to 19c. Eggs, mixed colors, checks to special
packs, 133 to 21c.
4
3797
Sept. at 12.38 to 12.39c., Oct. at 12.49c., Dec. at 12.71 to
12.72c., Jan. at 12.86e. and March at 13.04c.
On the 31st ult. futures ended 25 to 32 points higher on
buying inspired by the action of the Dutch East Indies
Government in levying a tax on rubber exports, the passage
of the silver bill by the House and firmer grain markets.
Foreign markets were also steady during our holiday and
on the 31st ult. London was up 1-16d. to %d. The
Dutch East Indies Government issued rubber restriction
ordinances imposing a temporary export duty of Sc. on dry
and native rubber as of June 1. Spot business was light.
June ended at 12.25c.; July at 12.37c.; Sept. at 12.65 to
12.66c.; Oct. 12.76e.; Dec., 12.98e.; Jan., 13.11e., and
March, 13.35e. To-day prices advanced 61 to 63 points
with sales of 819 lots. July ended at 12.98 to 13.000.;
Sept. at 12.38 to 12.31c., and Dec. at 13.61 to 13.63c.
Hides showed little activity and futures on the 26th ult.
ended 5 to 15 points lower on new contract and 10 points
lower on the old; old Dec., 9.60c.; new Sept., 9.60c.; Dec.,
9.85c., and March, 10.10e. On the 28th ult. futures ended
unchanged to 15 points lower in a quiet market. Old Sept.
ended at 9.15c.; new Sept., 9.60c.; Dec., 9.70e. and March,
10.02c. on the 29th ult. futures closed unchanged to 20
points lower in the most active market in many weeks.
Sales amounted to 2,920,000 lbs., of which 2,040,000 lbs.
were in the new contract. The weakness was due to less
favorable conditions in the spot hide market, increased
offerings of cattle from the drouth-stricken sections, labor
strikes and the possibility of further disturbances. Old
contract ended with June at 8.25c., Sept. at 9 to 9.06c.,
Dec. 9.30 to 9.45c., March, 9.75c.; new contract, Sept.
9.40 to 9.55c., Dec. 9.70 to 9.75c. and March 9.99c.
On the 31st ult. futures were quite active and closed
with a net gain of five points; sales, 2,480,000 lbs. Spot
light native cows sold at 83/2c. Sales included 6,000 light
native cows at 83/2c.; 3,000 branded cows at 8c.; 750 heavy
native steers at 9c. Some 1,000 frigorifico cows were
reported sold at 99c. from Argentina. The last previous
sale was at 123/2c. on Feb. 2. Old contract closed with
June at 8.30c.; Sept. at 8.65 to 8.75c.• Dec. at 8.95 to 9.10c.;
March at 9.50c.• new contract, Sept., 9.10c.; Dec. at 9.35,
'
to 9.45c., and March at 9.70 to 9.75c. To-day futures
closed 40 to 55 points higher with sales of 61 lots. Standard
contract ended with Sept. at 8.55c., Dec. at 8.90c. and
March at 9.30 to 9.35c.
Ocean Freights have recently shown more activity. H
Charters included: Grain booked, Montreal
-Antwerp, Sc.; French
Atlantic, 8c.; Rotterdam, 6c.; New York-Antwerp, Sc.; some Havre
-Dunkirk, 7c. Trips
-Prompt Canadian round, $1.30; Norfolk, prompt
re-delivery United Kingdom-Continent, 90c. Coal
-Prompt Hampton
Roads
-Pernambuco,9s. Sugar-Cuba,June, United Kingdom-Continent.
12s. 6d. Scrap iron-Prompt, New York-Danzig, $3.10.
Coal.
-Smokeless grades were advanced 10c. to-day and
there will be a further rise of 10c. on July 1st. There was
no improvement in the demand.
Silver futures on the 26th ult., after being 10 to 16 points
lower in the early dealings, advanced and ended unchanged
to 15 points higher with sales of 850,000 ounces. Prices
closed with May at 45.05e., July at 45.20c., Sept. 45.30c.
and Dec. at 45.40e. On the 28th ult. futures closed 10
points lower to 5 points higher with sales of only 925,000
ounces. It was a dull and featureless market with the trade
awaiting further developments. May ended at 45.07c.,
July at 45.12c., Sept. at 45.20c. and Dec. at 45.45e. On
Oils.
-Linseed continued in small demand but flax the 29th ult. futures advanced 3 to 10 points with sales of
The
1,175,000 ounces. It
prices were higher owing to reports of drouth in the West. local bar price was up was a dull pre-holiday affair.higher
Mc. to 45e. and London was
The price in tank cars was 9.5c. Cocoanut, Manila, coast at 19 9-16d. Here June ended at 45.18c., July at 45.18c.,
tanks, 23sc.; tanks, N. Y., spot, 25 to 2%c. China Sept. at 45.34e. and Dec. at 45.55 to 455.65c.
/
%
On the 31st futures closed 7 to 34 points lower with sales
wood, N. Y., drums, delivered 93 to 932c.; tanks, spot,
8.8 to 8.9c. Corn, crude, tanks, f. o. b. Western mills, of 1,325,000 ounces. Bar silver declined Mc. to 44Me.
45 c. Olive, denatured, spot, Spanish, 85 to 87c.; shipment The London price was 19 9-116d. June here ended at 45
%
to
Aug. at 45.17c.• Sept.
Spanish, 85 to 860. Soya Bean, tank cars, f. o. b. Western at 45.05c., July at 45.07 to 45.15c.;
45.20c., and Dec. at 45.35c. News from Washington
mills, 53/2 to 6e.; cars, N. Y., 7c.; L.C.L., 7.5c. Edible, that the silver bill had passed the House had little effect.
olive, $1.60 to $2.15. Lard, prime, 932c.; extra strained To-day futures closed 10 to 25 points lower with sales of
winter, 73/2e. Cod, dark, 31c.; light filtered, 32e. Tur- 1,500,000 ounces. June ended at 44.90e. July at 44.92c.,
Aug. at 44.92 to 45.00c., Sept. at 45.00c. and Dec. at
pentine, 5594 to 60e. Rosin, $5.50 to $6.45.
45.25 to 45.35c.
Cottonseed Oil sales to-day, including switches, 78 conCopper was quiet for domestic account but foreign
tracts. Crude,S. E.,494 nominal. Prices closed as follows: business was
rather active. Prices were unchanged at 8Mc.
September
Spot
5.47
here while the European level was 8.15 to 8.20c. In London
October
5.00
June
5.55
on the 31st ult. standard advanced 2s. 6d. to £32 12s. 6d.
5.2415.30 November
5 721
July
.555.66
August
5.2805.38 December
5.70 5.71
for spot and £32 18s. 9d. for futures; sales, 75 tons of spot
January
5
5.79
and 525 tons of futures; electrolytic bid unchanged at £36;
Petroleum.
-The summary and tables of prices formerly asked off 2s. 6d. to £36 2s. 6d.; standard copper at the second
appearing here regarding petroleum will be found on an session unchanged with sales of 225 tons of'futures.
earlier page in our department of "Business Indications,"
Tin recently has been lower ar 5294c. for spot Straits.
in the article entitled "Petroleum and Its Products."
American deliveries in May were 4,110 tons, of which 10
Rubber was inactive and futures on the 26th ult. closed tons were made from the Pacific ports. Stocks here at the
unchanged to 9 points lower with July 12.35c., Sept. 12.63e. end of May were 3,661 tons with 1,428 tons landing, a total
and Dec. 12.96c. On the 28th ult. there was a further in sight of 5,089 tons. Trading volume was light. In
decline of 21 to 34 points with sales of 6,760 long tons. London on the 31st ult. spot standard was up 10s. to
£232 15s.; futures unchanged. at £229 10s.; sales 50 tons of
July ended at 12.07c., Sept. at 12.32c. and Dec. at 12.700.
On the 29th ult. futures after declining slightly rallied spot and 200 tons of futures; spot Straits advanced 5s. to
closed unchanged to 9 points higher. Threatened labor £233 5s. Eastern c.i.f. fell 7s. 6d. to £230 15s.• at the
and
disturbances had a depressing effect. Transactions were second London session standard dropped 5s. on safes of 15
small. June ended at 11.98c., July at 12.10 to 12.12c., tons of spot and 15 tons of futures.
3798
Financial Chronicle
was in good demand of late at unchanged prices,
1. e. 4c. New York and 3.85c. East St. Louis. Corroders,
battery makers and sheet and lead!pipe manufacturers were
the best buyers. By a virtually unanimous vote members
of the Commodity Exchange balloted in favor of trading in
lead futures beginning July 2. The first delivery month
when trading starts will be September 1934. During the
month of July, trading will be limited to the month of September 1934,and the nine succeeding months; trading during
August 1934 will be limited to September 1934 and the 10
succeeding months; starting Sept. 1 1934 trading will be
conducted in the current month and the 11 succeeding
months. The unit of trading will be one contract, calling
for the delivery of 60,000 lbs. (M of 1% more or less).
Quotations will be in multiples of 1-100th of lc. per pound.
In London on the 31st ult. spot was up 2s.6d. to £11 3s. 9d.;
futures rose Is. 3d. to £11 5s.; sales 200 tens of spot; at the
second session prices were unchanged with sales of 100 tons
of futures.
•
Zinc was dull at 4.30c East St. Louis. It was voted
almost unanimously to trade in zinc futures beginning July 2.
The same conditions as noted in the lead report apply to
zinc. The trading unit will be the same as will also the
quotation multiples. In London on the 31st ult. prices
advanced 2s. 6d. to £14 17s. 6d. for spot and £14 18s. 9d.
for futures; sales 50 tons of spot and 100 tons of futures;
at the second session prices rose is. 3d. on sales of 100 tons
of spot and 175 tons of futures.
Steel operations increased to 59%, according to the "Iron
Age." This rise in output while believed by many to be
due more to a desire to get steel made and delivered before
possible strikes than anything else, others attribute it to an
increase in demand. At Chicago the rate was up to 65 M%
and at Cleveland it averaged 67%. In the Valleys it showed
a3
-point increase to 63%. The recent changes made in the
steel code were considered rather mild and occasioned little
surprise. They were previously discussed and contemplated.
May awards of freight cars were estimated at a little over
700. Quotations:
semi-finished billets re-rolling, $29;
forging, $34; sheet bars, $29; slabs, $29; wire rods, $39;
skelp, 1.70c.; sheets, hot rolled, 2c.; galvanized, 3.25c.;
strips, hot rolled, 2c.; strips, cold rolled, 2.80c.; hoops, 2c.;
bands, 2c.• tin plate per box, $5.52; hot rolled bars, 1.90c.;
plates, 1.85c.; shapes, 1.850.;
'
Pig Iron showed little improvement in sales and shipments
along the Atlantic seaboard, but further west shipments
showed a good increase. At Buffalo it is estimated shipments for the second quarter will have been at least 25%
larger than in the first quarter. The fact that cast iron
scrap is selling so much cheaper than pig iron is causing considerable concern in many districts. Books were opened on
the 31st ult. for third quarter shipments but no great rush
of buying is expected for heavy stocks will be carried over
from the second to the third quarter. Quotations: Foundry
No.2 plain, Eastern Pennsylvania,$19.50; Buffalo, Chicago,
Valley and Cleveland, $18.50; Birmingham, $14.50; Basic,
Valley, $18; Eastern Pennsylvania, $19; Malleable, Eastern
Pennsylvania, $20; Buffalo, $19.
Wool was in only moderate demand at best. Boston
wired a Government report on May 30, saying: "Small
quantities of the new fleece wools continue to move in
Boston, but the market is mostly dull and interest is restricted to a few buyers. Recent reports received by members of the wool trade from the country indicate that prices
have become firmer to slightly higher in some sections,
and that it is generally becoming more difficult to buy
good wools in quantity at the low prices recently quoted."
Silk futures were in only fair demand at best and on the
28th ult. ended 1 to Me. lower with sales of 1,140 bales.
June ended at $1.22, July at $1.23, Aug. $1.23,
ct.
and Nov., $1.23M; Dec. $1.23 and Jan. $1.22M.
Sept.,dn the
29th ult. futures closed Mc. lower to 2c. higher with sales
of only 600 bales. Crack double extra was reduced 3c. to
$1.29 on the spot. Cables were disappointing. June ended
at $1.2132, July at $1.223', Aug. at $1.23M to $1.25, Sept.
$1.25 to $1.26, Oct. and Nov.$1.24 to $1.26 and Dec.$1.25.
On the 31st ult. closed 1 to 3c. lower with sales of only
120 bales. Liquidation by tired longs and short selling
sent prices downward. New lows were reached. Japanese
markets were also weaker. June ended at $1.18M to
$1.19, July at $1.20 to $1.21, Aug. and Sept. at $1.22 to
$1.223'2, Oct. at $1.22M, Nov. and Dec. at $1.22 to $1.223/
2
.
To-day futures closed unchanged to Mc. higher with sales
of 82 lots; June, $1.19 to $1.20; July, $1.203/ to $1.21;
Sept., Oct. and Nov., $1.223/2, and Dec. and Jan., $1.22
to $1.223'2. •
June 2 1934
Lead
COTTON
Friday Night, lune 11934.
The Movement of the Crop,asindicated by our telegrams
from the South to-night, is given below. For the week ending this evening the total receipts have reached 33,148
bales, against 34,486 bales last week and 51,676 bales the
previous week, making the total receipts since Aug. 1 1933
7,064,420 bales, against 8,179,788 bales for the same period
of 1932-33, showing a decrease since Aug. 1 1933 of 1,115,368
bales.
Mon.
Sat.
Receipts
Tues.
Wed. Thurs.
Fri.
Total.
872
1.393
1,442
1,022
283
Galveston
Texas City
Houston
Corpus Christi
New Orleans_
Mobile
Pensacola
Savannah
Charleston
Lake Charles___ _
Wilmington
Norfolk
Baltimore
896
83
1,729
626
10
150
58
511
300
245
,§N
3
206
-1155
1,634
993
63
1,979
-
5,§615
183
19
193
"232
114
107
3
22
5.722
63
4,214
83
14,759
3,008
2,510
593
573
9
361
527
726
2,276
194
2.500
63
204
32
84
-155
6.508
Totals this week-
5.078
-313
195
6.731
4.121
6,643
168
-18
11
9
13
93
726
4,067 33,148
The following table shows the week's total receipts, the
total since Aug.1 1933 and the stocks to-night,compared with
last year:
1933-34.
1932-33.
Stock.
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
1934.
1933.
Galveston
5,7222,104,238 18,683 1.936,634 646,492 622,698
Texas City
63 177,507
616 241,706
9,311
26,571
Houston
4,214 2,194,058 23,505 2,734,302 1,000,649 1,492,831
Corpus Christi.-83 320,555
833 297,437
53,217 63,121
Port Arthur
10,443
--28,494
3,790
17,654
New Orleans
14,759 1,407,229 23,564 1.826,773 645,561 934.793
Gulfport606
Mobile
3,008 155,670 8:80 316.387
92,280 132,558
Pensacola
2,510 145,058
---- 125,502
10,357 22,775
Jacksonville
13,586
231
9,244
3,690
7.781
Savannah
593 169,321 3.819 152.155 103,075 121,115
Brunswick
36,660
534
36,978
Charleston
573 131,049 4.399 176,984
48,136
50,894
Lake Charles__.._
9 103,032 2.272 166,679
23,138
73.994
Wilmington
361
22,840 1,066
53.091
16,977
14,857
Norfolk
527
40,289
675
53.371
15,258 45.465
Newvrt k
N w or News---.
8,689
141
69,264 198,480
Boston
9,446
17,875
Baltimore
726
32,744
199
14.756
3,670
2,432
Philadelphia
Receipts to
June 1.
Totals
33.148 7.064.420 88.978 8.179.7BR 2.754 fAll 2 can
on..
In order that comparison may be made with other years,
.we give below the totals at leading ports for six seasons:
Receipts at- 1933-34. 1932-33. 1931-32. 1930-31. 1929-30. 1928-29.
5,722
18,683
7,444
1,420
5,258
3.643
23,505
4.214
5,536
2,456
6.086
7,198
14,759
23,564
19,525
12,725
16,256
4.816
3.008
13,249
8.582
970
21,871
3,923
3,819
593
2,802
1,128
6,989
1.336
534
12,061
4,399
573
180
569
3,657
555
1,066
361
905
44
102
189
527
675
126
292
640
1,017
4,151
3:391
2,430
1.298
979
1,691
33,148
Total this wk_
88,978
64,258 20,902 42,838
24.368
Since Auw.I__ 7.064.420 8.179.788 9.458.837 R-An AAA A nen Ptak o nin .4P10
0
. .
.
Galveston....Houston
New Orleans_
Mobile
Savannah
Brunswick
Charleston_
Wilmington....
Norfolk
N'port News_
Alf others..---
The exports for the week ending this evening reach a
total of 79,580 bales, of which 13,)357 were to Great Britain,
1,771 to France, 11,200 to Germany, 5,849 to Italy, 22,235
to Japan, 16,156 to China, and 8,512 to other destinations.
In the corresponding week last year total exports were
181,230 bales. For the season to date aggregate exports
have been 6,736,466 bales, against 7,107,482 bales in the
same period of the previous season. Below are the exports
for the week:
Week Ended
June 11934.
ZCZPOnd from-
Exported to-
meat
tier-
Britain. France. many.
Galveston
Houston
4,109
Corpus Christi-Beaumont
New(Drumm_ _ __ 3,516
Lake Charles_ .
_
710
Mobile
2,861
Jacksonville. __
.
Pensacola
997
---158
100
---466
201
3,273
335
200
8,191
609
1,919
----
----
50
Italy.
Japan. China. Other.
--- 1,370
2.924 11,047
---272
1,600
1,284
1,547
Total.
2,099 6,267
4,404 27,041
169 2,531
2925
.
8
429 20,086
--------------211 1,530
----------_
____
200 5,446
47
---- 1,300 2,000
____ 3,300
Savannah
1,567
--895
--200
-------2,662
__
_
Charleston517
Norfolk
Gulfport
10
Los Angeles__
87
------------5,548
800
____ 6,433
Total
13,857 1,771 11.200 5,849 22,235 16,156 8,512
79,580
Total 1933
Total 1932
From
Aug. 1 1933 to
JUIN, 1 1044.
41,564 11,341 53,087 19,114 23,934
28,016 4,300 15,692 6,193 37.462
Exported to(Mai
373 31,817 181,230
15 9tA mo 2157
a 245
(la
-
Exports from- Britain. France. many. I Italy. Japan.
China.' Other. Total.
253.258 234,530 234,17917746. 508,060
Galveston
Houston
257,736 251 231 419,787245,486 553,779 82,539 311,54. 1801,671
Corpus Christi. 97,748 54,058 29,173 17,621 127,259 90,070 329,05,2147,124
8,8951 43,26 378,021
Texas City
20,159 24,062 43.917 4,396
3,119
179 22,316 118,148
Beaumont. _ _
4,107 4,743
2,397 1,300
3,516
20,131
New Orleans
285.861109,465 255.220147,944 186,339 2,140 1,928 1201,855
40.881176,137
Lake Charles
10,723 24.353 25,850 2,857 17,761
24.943 114,567
Mobile
45,273 9,167 79,417 13,631 19,531 8,080 10,971
1,000
178.990
Jacksonville_ _
.
3,549 -___
9,095 ---100
____
670 18,414
Pensacola
21,691 1,432 34,876 12,992 16,54. 2.000 1,684
91,224
Panama City_ 22,350
259 15,982 --- 11,11 i 8,500 1,547 59,738
Savannah
100 67,440 1,324 113,068
68,215
___ 9,531 164,678
Brunswick_ _
.
. 30,767 ---5,868
--- _
2, 36,660
Charleston_ _- 52,227
379 61,099
66
2,187 115.958
Wilmington_
__--- -- 12,059
------------ 1,3.1 13,909
500
___
Norfolk
8,414 2,124
6,917
274
798
__
360 18,887
6,221
Gulfport
171
3,699
19
_ _ __
10,160
New york.. _ _ _
8,918
263
7,390
369
1,09
1,
8,08
27.525
Boston
151
129
205 ---------- 8,39
__
8,880
Los Angeles...
6,756 1,20,
9,290 --- 139,448 6,246 2,72 165.663
San Francisco57.
2,206
1,675 ---- 40,669 2237 165. 49.017
Seattle
-----------------------241
241
Total
1208.330718,246 1325,526 626,324 1647,194254,173958,6736736.468
Total 1932-33_ 1246,659793.099 1675.882716,12 1457,25, 259,063959,402 7107.482
Total 1931-32_ 1235.399447,910 1489,368607,571 2166,23 997.400931.48 7875.326
Volume
Financial Chronicle
138
NOTE.
-Exports to Canada.
-1t has never been our practice to include in the
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 impassible 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 23,894 bales. In the corresponding month of the preceding season the
exports were 12,850 bales. For the nine months ended April 30 1934 there were
212,449 bales exported, as against 137,916 bales for the nine months of 1932-33.
In addition to above export's, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
June 1 at
Other CoastGreat
GerBritain. France. many. Foreign wise.
Galveston
New Orleans
Savannah
Charleston..
Mobile
Norfolk
Other ports *
2,600
Leaving
Stock.
38.000
598,292
636,375
103.075
48,136
88,139
4.141
15.258
500 46,000 1,157,509
5,811 16,095 81,969
7,218 21,264 72,020
3,557 16,265 66,516
2,616 107,527 2,646,784
6.302 123.158 3.722.736
4,594 107.628 3,693.376
2.400
1,811
4,000 37,700
2,095 4.664
2:i5;
100
27.656 1:866 4:666
Total 1934- - 7,036
Total 1933_ - 16,354
Total 193216,696
*Estimated.
Total.
1:668
1,500 48,200
616 9,186
3799
To-day prices ended 27 to 30 points higher, on good buying
by Wall Street and New Orleans, and some short covering
appeared. Some foreign buying was also noticed. Demand
was stimulated by stronger Liverpool cables and reports that
there was hope of averting the threatened textile strike.
Final prices show a rise for the week of 31 to 33 points.
Spot cotton ended at 11.80c. for middling, a rise for the
week of 30 points.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
June 7 1934.
15-16
Inch.
1-inch &
longer.
.13
.13
.13
.13
.13
.11
.10
.36
.36
.36
.36
.36
.31
.27
Differences between grades established
for deliveries on contract June 7 1934
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
.75 on
White
Middling Fair
Strict Good Middling
.59
do
.47
do
Good Middling
Strict Middling
.32
do
Middling
do
Basis
Strict Low Middling_
.38 off
do
Low Middling
do
.78
*Strict Good Ordinary _
1.28
do
*Good Ordinary
1 72
do
Good Middling
.48 on
Extra White
Strict Middling
33
do do
Middling
.01
do do
Strict Low Middling_ __ _ do do
.37 off
Low Middling
do do
.74
.12
.36
Good Middling
28 on
Spotted
.12
.36
Strict Middling
Even
do
.30
.10
Middling
38 off
do
*Strict Low Middling... do
.78
*Low Middling
1.28
do
.11
.29
Strict Good Middling-Yellow Tinged
02 off
.11
.29
Good Middling
do do
25 off
.11
.27
Strict Middling
do do
43
*Middling
do do
78
*Strict Low Middling__ _
do do
1.25
*Low Middling
do do
1.66
10
.27
Good Middling
Light Yellow Stained.. .41 off
*Strict Middling
do __ .78
do do
*Middling
do __1.26
do do
10
.27
Good Middling
Yellow Stained
77 off
*Strict Middling
1.24
do do
*Middling
do do
1.67
.27
Good Middling
.10
Gray
.25 off
.27
.10
Strict Middling
do
.50
*Middling
do
.80
*Good Middling
Blue Stained
.78 oft
*Strict Middling
do do
1.24
*Middling
1.68
do do
*Not deliverable on future oontmot.
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
Speculation in cotton for future delivery was quiet
on the 26th ultimo, but prices advanced at one time
more than 10 points, and closed with net gains of 7 to
10 points. The advance was due more to a lack of offerings
than to anything else. There was no incentive in the news
to attract aggressive buying. Liverpool was closed for the
final Whitsuntide holiday. Southern holders were not inclined to sell. The technical position was stronger as a result of the recent liquidation. Early firmness of wheat and
stocks helped to brace cotton. The stability of the market
excited quite a little comment, what with a poor spot demand, inactivity in the textiles, prospects of mill curtailment and generally favorable weather over the entire belt.
On the 28th ult. after advancing about 75c. a bale early in
the session on buying inspired by the sharp rise in wheat,
prices reacted under realizing sales and ended 2 points lower
The official quotation for middling upland cotton in the
to 1 point higher. Trading volume was not large. The. de- New York market each day for the past week has been:
May 26 to June 1Sat. Mon. Tues. Wed. Thurs. Fri.
mand for spot cotton was slow. Speculative buying based
Middling upland
11.60 11.60 11.60 Hol. 11.55 11.80
oh the action of wheat failed to be followed up by any maNew York Quotations for 32 Years.
terial resumption of trade buying. Liverpool resumed operaThe quotations for middling upland at New York on
tions after having been closed since last Thursday but with June 1 for each of the past 32 years have been as follows:
little business and an unsatisfactory trend. The Far East, 1934
11.80c. 1926
18.85c. 1918
29.00c. 1910
14.55c.
9.25c. 1925
23.35c. 1917
22.650. 1909
11.25c.
the trade and spot interests bought on the early dip and 1933
1932
5.30c. 1924
32.75c. 1916
12.70c. 1908
11.30c.
1931
8.35c. 1923
27.55c. 1915
there was a small demand from commission houses. Sellers
9.55c. 1907
12.80c.
16.15c. 1922
21.00e. 1914
13.75c. 1906
11.25c.
included the South and Liverpool. The weather was favor- 1930
1929
18.40c. 1921
12.90c. 1913
11.80c. 1905
8.75c.
21.15c. 1920
able for cotton over the week-end and the indications were 1928
40.00c. 1912
11.40c. 1904
12.40c.
17.00c. 1919
32.80c. 1911
15.85c. 1903
11.50c.
for a continuation of such conditions. The Farm Adminis- 1927
tration fixed 11.34 cents a pound, the average price of lint
Futures.
-The highest, lowest and closing prices at
cotton at 10 spot markets, as the basis for determining the New York for the past week have been as follows:
rate of tax on cotton under the terms of the Bankhead Act.
This indicates a tax of 5.67c. a pound on cotton marketed in
Tuesday, Wednesday, Thursday,
Saturday. Monday.
Friday,
May 26.
May 28.
May 29.
May 30.
May 31.
June 1.
excess of the allotment. This rate, it was said, will continue
until a different market price has been determined and an- Jwa(1934)
Range__
nounced.
Closing. 11.37n
11.36n
11.38n
11.310
11.58n
On the 29th ult, it was a feverish market with prices JulyRange- 11.33-11.44 11.38-11.50 11.39-11.50
11.34-11.43 11.40-11.81
fluctuating within a range of 11 points. Trading was quiet
Closing- 11.43-11.44 11.4211.4411.37-11.38 11.64-11.65
and of a pre-holiday character, and the close was 1 to 2 Auo.Range _ _
points higher owing to buying influenced by the strength in
Closing. 11.50n
11.49n
11.51n
11.440
11.72n
wheat. There was no incentive in the news to stimulate
aggressive buying. Offerings from the South continued
11.66-11.66
Closing. 11.56n
11.560
11.59n
11.79n
11.51n
light. There was no improvement in the demand for spot
cotton. The trade and ring operators bought moderately in
Range__ 11.56-11.64 11.56-11.71 11.59-11.70
11.55-11.64 11.61-12.04
Closing. 11.63-11.64 11.63-11.65 11.64- HOLI- 11.58-11.59 11.87-11.8E
the early trading owing to steadier Liverpool cables. Later Nov.DAY.
came a reaction under general liquidation by commission
Range__
11.89-11.81
Closing. 11.68n
11.69n
11.70n
111.93n
11.63n
houses based on the early weakness in wheat, but when
grain rallied in the afternoon cotton followed. Liverpool Dec.
Range__ 11.69-11.76 11.68-11.8 11.70-11.8
11.66-11.75 11.73-12.11
Closing- 11.74was a buyer of the near deliveries but sold March and May.
11.7511.7611.6911.99 Except for heavy rains in Georgia and the Carolinas the Jan.(1935) 11.75-11.80 11.77-11.85 11.74-11.85
Range__
11.73-11.78 11.78-12.11
weather continued favorable. Textiles were inactive and
Closing- 11.79n
11.8011.8111.7512.04strikes are threatened if the mills carry out the proposed Feb.
Range __
25% curtailment of production as sanctioned by the National
Closing _
Mar.
Recovery Administration.
Range__ 11.83-11.92 11.84-11.95 11.85-11.96
11.83-11.87 11.87-12.2
On the 31st ult. there was an early decline of half a
Closing_ 11.9211.90-11.91 11.8512.14 dollar a bale, but prices recovered some of this loss later April
on, and ended at a net decline of only 6 to 7 points. The
Closing _
strength of wheat was the principal bracing factor. Bombay May
Range __-11.95-12.02 12.00-12.04
11.92-11.98 11.97-12.3
bought on the narrowing differences between that market
Closing _ 12.01n
12.0012.0111.95 ---- 12.23 --and New York. Bearish influences were the threat of
n Nominal.
strikes, a slack demand for spots and goods, easier foreign
Range of
market, and favorable weather conditions. The weekly June 1 1934 future prices at New York for week ending
and since trading began on each option:
weather report was generally good, especially in the eastern
and western sections of the belt, but was mixed as to the Ogi011 for
Range for Week.
Range Since Beginning of Option.
central portions. Rains were reported In the Atlantic States
May
9.13 Oct. 16 1933 12.54 Feb. 13 1934
during the day, but it was generally dry and warmer else- June 1934
1934
Jan.
1934
Feb. 13 1934
where. The detailed weather reports showed temperatures July 1934 11.33 May 26 11.81 June I 11.42 Oct. 15 1933 12.50 Feb. 13 1934
9.27
16
12.71
Aug.
10.94 Apr. 26 1934 12.38 Mar. 6 1934
of 100 or over at numerous stations in Texas, and some ex- Sept. 1934 11.66
1934._
May
11.66 May
11.35 Apr.
1934
Feb.
1934
pressed the opinion that if hot, dry weather continues in the Oct. 1934_. 11.55 May 29 12.04 June 29 10.05 Nov.26 1933 12.77 Feb. 13 1934
31
1
6
12.89
13
Southwest, complaints may increase, as there have been Nov. 1934 11.89 June 1 11.89 June 1 11.14 Apr. 26 1934 12.70 Feb. 23 1934
11.66 May 31 12.15 June 1 10.73
13.03 Feb. 13 1934
reports already of slow growth and germination. Liverpool, Dec. 1934._ 11.73 May 31 12.18 June 1 11.02 Dec. 27 1933 13.09 Feb. 13 1934
Jan. 1935._
May 1 1934
the Far East and trade interests bought On the advances, Feb. 1935.
Mar.
however, considerable liquidation was noticed, and there Apr. l935 11.83 May 26 12.28 June 1 11.13 May 1 1934 12.64 Mar.26 1934
1935._
May 1935._ 11.92 May 31 12.37 June 1 11.79 May 25 1934.12.37 June 1 1934
was some selling by houses with mill connections.
3800
Financial Chronicle
The Visible Supply of Cotton to-night, as made up
by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
June 1Stock at Liverpool
Stock at London
Stock at Manchester
1934.
bales. 914.000
1933.
652.000
1931.
850,000
1932.
624,000
94,000
1.013,000
746,000
836,000 1,065,000
517,000
246,000
17,000
76.000
75,000
9,000
3,000
522,000
210,000
23,000
88,000
117,000
337,000
182.000
22.000
102,000
78.000
448,000
335,000
13,000
114,000
57,000
Total Continentalstocks
943,000
960,000
721,000
967,000
212,000
Total European stocks
1,956,000 1,706.000 1,557,000 2,032,000
Indian cotton afloat for Europe
65,000 108,000
72,000
124,000
American cotton afloat for Europe 158,000 322,000 222,000 159,000
Egypt, Brakil,&c..afFt for Europe 92,000
64,000
75,000
74,000
Stock in Alexandria, Egypt
332,000 442,000 689,000 636,000
Stock in Bombay. India
1,182,000 973,000 877,000 946,000
Stock in U. S. ports
2,754,311 3,845,894 3,801,004 3,161,856
Stock in U. S. Interior towns--.1,351,401 1,521,226 1,526,180 1,009,231
U.S.exports to-day
57,451
36,395
9,431
10,520
Total visible supply
7.959,143 9,013,571 8,737,579 8.137,607
Of the above, totals of American and other descriptions are as follows:
American
-
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
Total American
East Indian. Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock In Bombay, India
Total East India, &c
Total American
405,000 354.000 297.000 419,000
47,000
51,000 124.000
91.000
816,000 890,000 673,000 873,000
158,000 322.000 222,000 159,000
2,754,311 3,845,894 3.801,004 3,161,856
1,351,401 1,521,226 1,526,150 1,009,231
9,431
57.451
36,395
10.520
5,541,143 7,041,571 6,679,579 5,723,607
509,000
52,000
127.000
124,000
92.000
332,000
1,182,000
298.000
43,000
70,000
72,000
74.000
442,000
973.000
327,000
88,000
48,000
65,000
64.000
589,000
877,000
431,000
124,000
94,000
108,000
75.000
636,000
946,000
2,418.000 1,972,000 2,058,000 2,414,000
5,541,143 7,041,571 6,679,579 5,723,607
Total visible supply
7.959,143 9,013.571 8,737,579 8,137,607
Middling uplands, Liverpool.
6.26d.
6.37d.
4.10d.
4.78d.
Middling uplands. New York
11.80c.
9.25c.
5.15c.
8.60c.
Egypt, good Sakel, Liverpool-....- 9.01d.
0.34d.
6.75d.
8.858.
Broach, fine, Liverpool
5.04d.
5.54d.
3.81d.
4.10d.
Tinnevelly, good. Liverpool
5.85d.
6.058.
4.04d.
4.758.
Continental imports for past week have been 64,000 bales.
The above figures for 1934 show a decrease from last
week of 116,157 bales, a loss of 1,054,428 from 1933 a
decrease of 778,436 bales from 1932, and a decrease of
178,464 bales from 1931.
At the Interior Towns the movement
-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to June 11934.
Towns.
Receipts.
Week. Season.
ma.,BirmIng'm
Eufaula
Montgomery
Selma
Ark, Blytheville
Forest City
Helena
Hope
Jonesboro. _ _
Little Rock
Newport_ _
Fine Bluff....
Walnut Ridge
Ga., Albany_ _ _
Athens
Atlanta
Augusta_._ _
Columbus_ .._
Macon
Rome
La., Shreveport
Miss.Clarksdale
Columbus_
GreenwoodJackson
Natchez..._
Vicksburg_
Yazoo City
Mo., Bt. Louis_
f$1.C.Greentib'ro
378'
42
34
30
67
40
130
100
3
681
595
611
3
11
19
1,417
1,232
400
2
20
119
72
171
563
2,630
____
11
- __
3,483
143
Ship- Stocks
menu. June
Week.
1.
31.791
289 8.833
10,16248 5,609
32.587
444 27,803
38,89:
838 26,596
127,515
47 41,815
17.991
136 10.089
45,29'
61 15,691
48,766
2
12,271
30,832
526 6,619
113,450 1,741 31,502
892 11,435
30,594
107,497 1,804 23,991
53.357
33
7,899
11,179
15
360
32,443
965 58.193
142,702 3.519 186,156
152.362 2,305 116.339
26,290
7
12,911
19,104
90 31.824
12,469
100 9,196
53,658
341 19.321
128.126 2,082 21.687
19,798
124 10,239
144,735 1,353 38,069
29,769
____ 11,763
4,653
____ 4,334
21,635
7 4,773
27.315
___ 8,591
251,243 4.283 19,097
31 17,965
7,616
Movement to June 2 1933.
Receipts.
Week, Season.
I
238 41,686
698
12,265
221
40,686
432 59,980
124 188.275
49 23,413
257 69,198
2
54,162
67 20.2661
2,766 155.7221
123 50,5061
1,463 130,2231
50 66,393
____
1,3791
32
27,381
611 231.542
4,874 138.646
..
24,5011
40
20,715
120
13,066,
661
80.348'
1,309 132,090
21
16,216
952 134.097
37,470
26
____
8,583
318 35,769
69 32,318
6,347 162,340
126
28,718
Oklahoma
-
Ship- I Stocks
meals. I June
Week.
2.
51
561
1,674
1,905
1,776
78
1.1
500
348
4,582
466
4,731
253
__
9,644
6.395
44,045
37,273
27.317
13,960
28.661
13,413
2,605
50,543
10,597
35,444
4,719
2.697
5 46,245
4,056247,894
4,691 99,816
____ 11,926
498 37,957
250 14,057
4,526 47,770
2,674 28,755
541 8,127
3,059 54.575
893 22,351
21 5,023
930 9.852
191 12.043
6,350
86
898 21,495
15 towns._ _ _
213 804,062 2,354 61,309 1.622 728,08
7,760 43.602
3.C., Greenville 3,573 164.443 2.929 89,3333,763 155,309 4,347 96,319
Tenn.,Memphis 11,9501,807,356 25,291362,280 30.632 1,947,098 38,222375,223
Texas, Abilene.,
20 2,047
29 73,499
169 89.496
354
320
2j 19,665
Austin
34 2,083
229 2,376
284, 23,691
Brenham_.
2
27,167
57 3,683
112 17,804
906 3,378
12
98,165
Dallas
254 .5,837
393 99,391 1,159 17,483
_
___
54,385 - 6,103
Paris
54.307 1,456 6.077
B,obstown..-___
--__
542
5,477
i
6,511
6
167
429
11,216 -_ _
94
San Antonio.
11,631
144
205
..._
34.077
Texarkana ....
524 11.722
484 13,721
20
252 46,116
518 75,509 1,106 6,946
Waco
453 7,286
1671 92,558
rotal MI towns 29.2044.965.000 58 172 135140
60.935 5.292.905 104.834 1521226
* Includes the combined totals of 15 towns In Oklahoma.
The above totals show that the interior stocks have
decreased during the week 26,868 bales and are to-night
169,825 bales less than at the same period last year. The
receipts at all the towns have been 31,631 bales less than
the same week last year.
Futures
Market
Closed.
Spot Market
Closed.
215,000
99.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
June 2 1934
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.
SALES.
Spot. Contr'ct Total.
Saturday___ Steady, 10 eta. adv_ Steady-- -----___
300
300
Monday _ Steady,unchanged Steady
600
700
100
Tuesday _ Steady, unchanged- Steady
399
600
999
WednesdayHOLI DAY.
Thursday _ Steady,5 ins. dec.,. Steady
650
400 1.050
Friday
Steady, 25 pts. adv_ Steady
50
____
500
Total week_
1,947 1,600 3,547
Since Aug E
105,113 208,100 313,213
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:
-1933-34Since
Week. Aug. 1.
4,283 232,386
1,117 130,288
1,322
55
12,028
4,117 162.055
10,433 462,604
June 1.ShippedVia St. Louis
Via Mounds,&c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
-1932-33Since
Week. Aug. 1.
6.350 163.030
5.053
54
470
-456 16.134
3,249 143.864
5.237 303.349
Total gross overland
20,005 1,000,683
Overland to N. Y., Boston, &c_- 726
32,680
Between interior towns
251
14,137
Inland, &c..from South
1.897 212,725
Total to be deducted
2,874 259,542
15,329
Leaving total net overlands--17,131
631,900
199
324
8,398
Deduct Shipments
-
15,223
10.246
164.808
8.921
190.277
6,408
741,141
441,623
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 17,131 bales, against 6,408 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 299,518 bales.
-1932-33
-1933-34
Since
Since
Takings.
Aug. 1.
Aug. 1.
Week.
Week.
Receipts at ports to June 1
33,148 7.064,420 88,978 8,179.788
Net overland to June I
441,623
741,141
17,131
6.408
Southern consumption to June L105.000 4,284,000 96.000 4.264,000
In Sight and Spinners'
Total marketed
155,279 12,089,561 191.386 12,885,411
Interior stocks in excess
121,534
89,163 *45,733
*26.868
Excess of Southern mill takings
over consumption to May 1........
173,529
132,490
Came into sight during week_ -128,411
145.653
Total in sight
13,139.435
12.352,253
North. spinn'sk takings to June 1 14,572 1.189.764
23,706
865,833
* Decrease.
Movement into sight in previous years:
Bales. I Since Aug. 1116.61111931
102,96411930
119.98611929
Week1932-June 3
1931-June 4
-June 5
1930
Bales.
15.188,554
13,579.399
14,503,377
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 1.
Galveston
New Orleans__ _
Mobile
Savannah
Norfolk
Montgomery_ _ _
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth....
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thurs&y. Friday.
11.55
11.50
11.30
11.43
11.63
11.20
11.73
11.30
11.55
11.23
11.15
11.15
11.55
11.52
11.29
11.42
11.63
11.20
11.72
11.30
11.55
11.22
11.10
11.10
11.55
11.52
11.31
11.44
11.69
11.20
11.74
11.30
11.55
11.30
11.15
11.15
HOL.
11.50
11.29
11.42
HOL.
11.20
11.74
11.30
HOL.
HOL.
HOL.
HOL.
1150
11.46
11.24
11.37
11.62
11.15
11.67
11.25
11.50
11.22
11.05
11.05
11.80
11.76
11.61
11.74
11.90
11.40
11.94
11.50
11.80
11.50
11.35
11.35
New Orleans Contract Market.
-The closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday,
May 26.
Monday,
May 28.
Tuesday, Wednesday, Thursday,
May 29.
May 30.
May 31.
Fr V.
Juas 1.
June(1934)
11.42 -11.42-11.40 --- 11.37-11.61
July
11.40August. _
_
September
11.60-11.57October __ 11.59-11.61 -11.6311.81 11.86
November
December_ 11.70-11.73-11.74 11.74-11.75 11.7311.68-11.69 11.9'-11.98
Jan.(1935) 11.75 Bid 11.7$ Bld. 11.79 Bid. 10.77 Bid. 11.72 Bid. 12.0 bid
February.
March._ _ 11.85 Bid 11.88 Bid. 11.89 Bid. 11.87 Bld. 11.84 Bid, 1212b12150
April
May
11.99-11.98 Bid. 11.99 Bid. 11.97 Bid. 11.94 Bid. 12.2; bld
Tone
Steady.
Steady.
Steady.
Steady.
Steady.
St< ads:
,
Spot
Styady.
Steady.
Quiet.
St( dy.
Steady.
Options_ mood v
-At a
New York Cotton Exchange Elects Member.
meeting of the Board of Managers held on May 25, Marshall
Geer, Jr., 60 Beaver St., New York, N. Y., was elected
to membership'in the New York Cotton Exchange.
Volume 138
3801
Financial Chronicle
Competition Between British and Japanese Exporters
of Cotton Goods Keener According to New York
Cotton Exchange—British Colonies Authorized to
Fix Import Quotas on Goods from Japan.
The intensity of the competition between British and Japanese exporters of cotton goods, and the extent to which Japanese mills have secured in recent years a large portion of the
export trade in cotton cloth that was supplied formerly by
Lancashire, were shown clearly in a report issued May 21 by
the New York Cotton Exchange Service. So severe has this
competition become that the British colonies have been authorized to fix import quotas for Japanese goods. It is not
expected, however, the Exchange Service's report noted, that
this action will affect materially the total volume of Japanese cloth exports, since the amount of the annual cloth exports from Japan to the British colonies has been relatively
small, and Japan hopes to offset these losses by increased
exports elsewhere. In its report, the Exchange Service said:
coming three to six months. Trade statistics just issued show that German
textile mills operated at about 87% of full capacity in March as compared
with 80% in February.
Despite the increased demand complaints were made in almost all branches
of theAGerman cotton spinning and weaving industries of low prim and
insufficient profit margins. It is also reported that foreign competition.
not only in fine yarns, but also in_raedium and coarse qualities, was still
everely felt.
Decrease of Less than Usual Seasonal Amount Reported by New York Cotton Exchange in World Consumption of American Cotton During April.
World consumption of American cotton was well maintained during April, according to a report issued May 28 by
the New York Cotton Exchange Service. Consumption registered a slight decrease from March, but this was less than the
usual seasonal decline, the Exchange Service said. With the
exception of the Orient, where mills are using a larger prop .rtion of Indian and Chinese cotton than last year, the Service continued, mills in all of the major divisions of the world
cotton spinning industry used more American cotton in April
this year than in April a year ago. Stocks of American cotton
in the world at the end of April were considerably smaller
than the end-April stocks last year and two years ago, but
they were still somewhat above normal. The Exchange Service, in its report, also stated:
Japanese exports of cotton cloth registered a decline during April from
the record high level reached in March, but the decline was about in line
with the usual seasonal change from March to April. April cloth exports
totaled 193,000,000 square yards as compared with 223,000,000 square yards
in March, 162,000,000 square yards in April last year, 136,000,000 square
yards two years ago, 98,000,000 square yards three years ago, and 130,000,000 square yards four years ago. April exports were 13.5% less than
in March, but were 19.1% larger than in April last year and 41.9% larger
World consumption of American cotton during April totaled approximately
than in April two years ago.
1,148,000 bales as against 1,173,000 bales in March, 1,135,000 bales in April
Total Japanese cloth exports during the nine months of this season from
last year, 1,093,000 bales two years ago, 1,004,000 bales three years ago,
Aug. 1 to April 30 were about the same as during the corresponding portion
and 1,064,000 bales four years ago. The decrease in world consumption from
of last season. During the first part of this season, cloth exports ran someMarch to April this year was 2.1% as compared with an average decrease
what below last season, due in large measure to the high Indian tariff on
of 3.4% from March to April in the past six years. The decline was entirely
Japanese cotton cloth. Since the modification of the Indian duties, however, • due to a falling off in domestic consumption. In the United States, conJapanese cloth exports have regained practically all of their early-season
sumption of American cotton decreased 5.5% as compared with an average
losses. August-April exports aggregated 1,664,000,000 square yards as
decrease of 5.2% from March to April in the past six years; the decrease
corresponding portion of last
against 1,677,000,000 square yards in the
in the United States was about seasonal. In foreign countries, however, conseason, 1,054,000,000 square yards two seasons ago, 1,113,000,000 square
sumption increased slightly, registering a gain of 0.6% as against an average
yards three seasons ago, and 1,359,000,000 square yards four seasons ago.
decrease of 2.0% in the past six years. During the nine months of this
spinners used 10,498,000 bales of
1 to April
British cotton cloth exports continued very small during season from Aug.as compared 30, world
with 10,423,000 bales in the corresponding
American cotton
"British portion of last season, 9,483,000 bales two seasons ago, 8,258,000 bales three
April, according to the Service, which continues:
cotton cloth exports registered a small decline during April." seasons ago, and 10,224,000 bales four seasons ago.
All major divisions of the world spinning industry, with the exception of
The Service further stated:
the Orient, used more American cotton during April this year than in April
They totaled 1.53,000,000 square yards as compared with 170,000,000
last year. The United States, the Continent, and minor cotton-consuming
square yards in March, 171,000,000 square yards in April last year, 199,countries also used more than in the corresponding month two years ago,
000,000 square yards two years ago, 135,000,000 square yards three years
while Great Britain and the Orient used less. All divisions consumed more
ago, and 217,000,000 square yards four years ago. April exports this year
of the American staple than in April three years ago. Domestic mills used
were 10.5% smaller than in April last year, 23.1% smaller than two years
500,000 bales of American cotton during April this year as against 461,000
ago, and 48.3% smaller than the average April cloth exports of 296,000,000
bales in April last year, 357,000 bales two years ago, 492,000 bales three
yards in the five years from 1926 through 1930.
years ago, and 504,000 bales four years ago. British spinners used 107,000
Total British cloth exports during the nine months of this season from
bales as compared with 97,000 bales last year, 131,000 bales two years ago,
Aug. 1 to April 30 aggregated 1,464,000,000 square yards as against 1,625,83,000 bales three years ago, and 103,000 bales four years ago. Mills on the
000,000 square yards during the corresponding portion of last season, 1,453,Continent consumed 351,000 bales as against 342,000 bales last year, 323,000
000,000 square yards two seasons ago, 1,295,000,000 square yards three
bales two years ago, 286,000 hales three years ago, and 320,000 bales four
seasons ago, and 2,493,000,000 square yards four seasons ago. It is expected
years ago. Spinners of the Orient used 165,000 bales as compared with
that the import quotas recently adopted by the British colonies will effect
216,000 bales last year, 264,000 bales two years ago, 123,000 bales three
some improvement in cloth exports from Great Britain, possibly to the
years ego, and 117,000 bales four years ago. Minor cotton-consuming counextent of 100,000,000 to 125,000,000 yards a year.
tries used 25,000 bales as against 19,000 bales last year, 18,000 bales two
years ago, 20,000 bales three years ago, and 20,000 bales four years ago.
Average Cotton Price of 11.34 Cents a Pound Determined
The world stock of American cotton on April 30 was 1,708,000 bales
as Tax Rate Base Under Bankhead Act.
smaller than at the end of April last year and 2,356,000 bales smaller than
A determination of 11.34 cents per pound, the average two years, ago, but it was 2,101,000 bales larger than three years ago,
than
price of lint cotton at 10 spot cotton markets, as the base for 4,905,000 bales larger than four years ago, and 4,574,000 bales larger when
the average end-April stock in the five years from 1926 through 1930,
determining the rate of tax on cotton under the Bankhead supplies were about normal, on an average. The end-April world stock of
Act, has been made and proclaimed by Acting Secretary of American cotton totaled 13,848,000 bales this year as against 15,556,000
Agriculture Rexford G. Tugwell, it was announced by the bales last year, 16,204,000 bales two years ago, 11,747,000 bales three years
ago, 8,943,000 bales four years ago, and an average end-April stock of
Agricultural Adjustment Administration on May 26. The 9,274,000 bales in the five years from 1926 through 1930. The stock on
plantations in the South aggregated 1,263,000 bales on April 30 this year
Administration added:
as compared with 2,301,000 bales last year, 2,115,000 bales two years ago,
Under the Act, the average central market price per pound of basis %1,148,000 bales three years ago, and 873,000 bales four years ago. The
Inch middling spot cotton on the 10 spot markets designated by the Secrestock of American cotton in warehouses of the United States and afloat to and
tary of Agriculture, constitutes the base for computation of the tax levied
at ports of Europe and the Orient was 9,532,000 bales as against 10,782,000
on cotton ginned in excess of the total of 10,000,000 bales of tax-exempt
cotton allotted to producing States.
bales last year, 10,974,000 bales two years ago, 8,347,000 bales three years
The rate of the tax is fixed by the Act at 50% of the proclaimed price,
ago, and 5,405,000 bales four years ago. The stock at world mills totaled
but in no event at leas than 5 cents per pound. The price proclaimed by
3,053,000 bales as compared with 2,473,000 bales a year ago, 3,115,000 bales
the Secretary, to be used as a base until a different market price shall be
two years ago, 2,252,000 bales three years ago, and 2,665.000 bales four
determined and proclaimed, was certified as the average central market
years ago.
price for h-inch middling spot cotton on the following markets, designated
Weather Reports by Telegraph.—Reports to us by
under the Cotton Futures Act: Augusta and Savannah, Ga.; Dallas,
telegraph this evening indicate that the weather during the
Houston and Galveston, Tex.; Little Rock, Ark.; Memphis, Tenn.; Montgomery, Ala.; New Orleans, La.; and Norfolk, Va.
early part of the week was too cool for growth, though the
A previous reference to the Bankhead Act was given in
our issue of April 28, page 2822, and in the same issue, on
page 2808, we gave the text of the measure.
Cotton Textile Industry of Germany Showed Improvement During First Quarter of Year.
Improvement was registered in practically all branches of
Germany's textile industry during the first quarter of the
current year, according to a report from Consul J. F. Huddleston, Dresden, made public by the United States Commerce Department. As announced by the Department on
May 11 the report states:
This favorable development was undoubtedly fostered by the activities
of the official Institute for German Fashion, in keeping with the measures
of the Government to promote commerce and industry. These included
the creation of a demand for badges, which were used for propaganda
purposes, as well as for uniform suii,s for the members of the new German
labor organization.
Reports from various textile districts indicate that most spinning and
weaving mills had sufficient orders on hand to warrant employment for the
latter part of the week temperatures were considerably
higher. Rainfall in the eastern portion of the belt hindered
seeding and cultivation although in the south and west the
week has been practically dry.
Texas.—Reports indicate that low temperatures have retarded the progress of the cotton crop to an extent that is
regarded as serious in many sections. The cool weather lists;
had the effect of increasing the apparent lateness of the crop.
All sections report that warmer weather is needed.
Galveston, Tex
Amarillo. Tex
Austin Tex
Abilene, Tex
Brenham, Tex
Brownsville., Tex
Corpus Christi. Tex
Dallas, Tex
Del Rio,Tex
El Paso, Tex
Henrietta. Tex
Kerrville, Tex
Lampasas, Tex
Longview, Tex
Luling, Tex
Rain. Rainfall.
dry
dry
1 day 0.01 in.
dry
dry
1 day 0.08 in.
1 day 0.44 in.
dry
dry
dry
dry
dry
dry
dry
dry
Thermometer
high 83 low 67 mean 75
high 92 low 60 mean 76
high 96 low 58 mean 77
high 100 low 82 mean 81
high 96 low 60 mean 78
high 92 low 64 mean 78
high 88 low 64 mean 76
hign 94 low 60 mean 77
high 98 low 60 mean 79
high 92 low 62 mean 77
high 100 low 58 mean 79
high 96 low 50 mean 73
high 100 low 50 mean 75
high 100 low 48 mean 74
high 100 low 58 mean 79
Nacogdoches. Tex
Palestine. Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford, Tex
Oklahoma City, Okla
Eldorado, Ark
Fort Smith,Ark
Little Rock, Ark
Pine Bluff. Ark
Alexandria, La
Amite. La
New Orleans, La
Shreveport, La
Meridian, Miss
Vicksburg, Miss
Mobile,Ala
Birmingham. Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola. Fla
Tampa,Fla
Savannah. Ga
Athens, Ga
Atlanta, Ga
Augusta. Ga
Macon, Ga
Charleston, S. 0
Greenwood, S C
Conway. S. C
Asheville, N. C
Charlotte. N. C
Raleigh, N.C
Weldon, N. C
Wilmington, N.0
Memphis. Tenn
Chattanooga, Tenn
Nashville. Tenn
Rain. Rainfall.
dry
dry
dry
dry
dry
dry
dry
dry
dry
1 day 0.18 in.
1 day 0.01 in.
dry
1.41 in.
1 day
1.02 in.
1 day
dry
1 day 0.16 in.
dry
3 days 1.22 in.
1 day 0.30 in.
1 day 0.04 In.
4 days 2.80 in.
3 days 1.99 in.
5 days 1.26 In.
2 days 0.70 in.
6 days 3.87 in.
3 days 1.18 In.
2 days 0.44 in.
2 days 2.44 in.
1 day 0.24 in.
3 days 3.95 in.
3 days 1.42 in.
5 days 1.32 in.
2 days 0.74 in.
3 days 1.08 In.
3 days 0.49 in.
4 days 1.15 in.
3 days 3.38 in.
dry
dry
dry
Thermometer
high 90 low 48 mean 69
high 92 low 56 mean 74
high 96 low 54 mean 75
high 98 low 64 mean 81
high 98 low 60 mean 79
high 98 low 52 mean 75
high 98 low 58 mean 78
high 99 low 53 mean 76
high 100 low 52 mean 76
high 96 low 54 mean 75
high 97 low 54 mean 76
high 91 low 56 mean 74
high 90 low 54 mean 72
high 88 low 62 mean 75
high 95 low 55 mean 75
high 94 low 54 mean 74
high 94 low 54 mean 74
high 90 low 56 mean 73
high 90 low 52 mean 72
high 92 low 58 mean 75
high 84 low 56 mean 70
high $8 low 66 mean 77
high 86 low 58 mean 72
high 86 low 60 mean 73
high 85 low 54 mean 70
high 83 low 52 mean 68
high 80 low 56 mean 68
high 80 low 56 mean 68
high 84 low 56 mean 70
high 83 low 57 mean 70
high 81 low 49 mean 65
high 83 low 50 mean 67
high 78 low 46 mean 62
high 77 low 49 mean 61
high 78 low 56 mean 67
high 82 low 49 mean 66
high 78 low 54 mean 66
high 97 low 53 mean 71
high 88 low 56 mean 72
high 90 low 52 mean 71
The following statement we have also recieved 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
June 1 1934. June 2 1933.
Feet.
Feet.
16.3
1.4
38.3
4.3
12.2
9.0
7.3
21.9
47.4
7.5
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
-The
Dallas Cotton Exchange Weekly Crop Report.
Dallas Cotton Exchange each week publishes a very elaborconditions
ate and comprehensive report covering cotton e
in the different sections of Texas an also in Oklahoma and
Arkansas. We reprint this week's report, which is of date
May 28, in full below:
TEXAS.
West Timis.
-Rains this week put this part of the section in
County).
Abilene (Taylor
fine shape for a cotton crop. No insects or any complaint from any cause.
-Weather past week has been favorable and
Floydada (Floyd County).
unfavorable for cotton and other crops. First of week had some wind
heavy rains over portions of territory-packed ground and covering cotton
There will be considerable replanting.
just coming up in places.
-Cotton planting progressed slowly during the
Haskell (Haskell County).
-some heavy local rains in East part of
past week on account of showers
county-other parts need more moisture. Some fields getting grassy.
Cotton up to stand making fair progress with the crop acreage about 10
-no insect reports to date.
days early
-About 90% of the acreage has been planted
Stamford (Jones County).
-light rains this week have been sufficient except possibly
and will come up
-a good general rain next week would be beneficial.
a few farms are still dry
North Texas.
-Crop is now about 98% planted with 85%
Bonham (Fannin County).
up to a good stand. Has been too dry up until to-day May 22. Good
rain fell over this county this morning which will greatly benefit the cotton
-crop about 20% chopped over.
-no insects reported as yet
crop
-warm
-Planting 85% up, growth average
Clarksville (Red River County).
enough-50% chopped-stand average to good-plant healthy, four inches
tall. Parts of county getting dry-late cotton needing rain to germinate.
Had local showers in north and northeast part of county this week.
.-Crop made good progress this week under
Commerce (Hunt County)
Ideal weather conditions. Fields clean and plant looks healthy. Insects
very destructive to vegetable gardens in spite of repeated poisoning-some
-cent loan cotton being sold.
little 10
-Crops are progressing nicely under
Honey Grove (Fannin County).
climatic conditions existing in this section as the nights are still too cool
for the growth of the young cotton. A good general rain fell during the
middle of the week that was very beneficial. Fields are all clean and all
cotton up.
-Cotton planting finished. Acreage about
Royse City (Rockwall County).
7% larger than last year after plow-up. Perfect stands and all chopped
fields clean and plant healthy and growing. Conditions ideal and weather
Perfect. Had inch and half rain Thursday night and Friday morning
which was 24 hours falling and all soaked into ground. Our crop at present
Is about 10 days later than last year but good weather from now on will
-no reports of insects. This territory has planted a better
overcome that
quality of seed this year with no replanting. Farm labor cheap and
plentiful.
-Past week has been favorable for cotton as
Sherman (Grayson County).
we received good rains over most of section. Cotton looking fine and is
clean of all grass and weds. Stands are perfect and land is in excellent
state of cultivation. No insects to date. Weather clear and cool.
-About 98% planted-90% up to a good
Terrell (Kaufman County).
stand; fields are fairly clean and in good state of cultivation. Had about
the past week over most of this section. There will
three inches of rain
have to be some replanting on account of washing rains. Conditions in
general are ideal.
-General rains this week beneficial.
Wills Point (Van Zandt County).
95% now planted-with practically all planted up to good stands. Very
Hot and dry weather needed. Fields will soon become
little chopped.
grassy if weather not favorable for work. No complaints of insects so far.
Central Texas.
-Crop continues two weeks late and plant
Brenham (Washington County).
very small; chopping nearing completion and fields mostly clean and
plowed: good general rain needed to stimulate growth-acreage 40% less
than normal or 30% less than last year-condition as good as last year.
except lateness and curtailment of acreage. Too early for insects.
-Acreage reduced fully 40% with plow-up.
Bryan (Brazos County).
Cotton two weeks late. 90% crop up. 65% chopped out with fields
clean. No sign of insects, cotton too young. All crops badly in need of
rain.
-Condition more favorable past week. We
Cameron (Milam County).
had two good showers covering over half the county, has saved the grain
where fell and will bring up cotton where dry planted.
crop
-Acreage has been cut about 36% of normal, or
Ennis (Ellis County).
about 10% after the plow-up of last season. 98% of acreage signed up on
Government voluntary reduction. 99% planted, none to be planted over.
Need a good rain. Crop prospects fair, stands good. Lice are showing up,
crop about 10 days to two weeks late. Weather has been too cool, we
need warm nights.
-Weather past week favorable as farmers
Lagrange (Fayette County).
have now completed chopping cotton. Fields are clean, but will need
good general rain in next two weeks. Crop two weeks late.
-Cotton is doing nicely. 80% chopped.
• Lockhart (Caldwell County).
Stands are good. Most of its plowed twice. The early cotton is squaring
June 2 1934
Financial Chronicle
3802
nicely. One inch of rain on the night of the 23d all over this territory.
See nothing to kick about.
Merle (Limestone Caunty).-Conditions here about the same as last
report except all cotton is now planted, and the failure to receive rain
lately is becoming more serious. Chopping is well under way.
-Good rains in the part of the county
Taylor (Williamson County).
needing it most have been beneficial. Weather warm and more favorable
to growth of plant during past few days. Considerable fear being expressed that extensive damage will be done by the flea hopper. Some
reports of their activity already voiced, and the miller is numerous. Not
far enough advanced to tell how heavy weevil damage will be. Appearance
of crop from standpoint of stands and cultivation is excellent. Stock in
warehouses and compress remain unchanged. No selling whatever.
-Conditions during past week have been
Waxahachie (Ellis County).
generally favorable, with warm weather and scattered showers. Nights
are still too cool for best progress of plant. All cotton planted, 95% up
to good stand, and 50% chopped. Cultivation excellent, no replanting or
insects reported. Hot weather with general showers needed for coming
week.
East Texas.
-Planting about 95% completed. Stands
Marshall (Harrison County).
good. Cultivation good. Heavy rains past week secure ample moisture
for some time to come. Looks like acreage about 15% reduction from
planted acreage last year.
-Weather conditions have been very favorable
Tim pson (Shelby County).
for past week. A. fine rain fell Thursday afternoon and was needed very
much. Cotton is all up to a good stand and much of It has been worked
out and is doing nicely. Labor is plentiful. This section should make
about twice as much as last year due the damage done by the bid flood in
July 1933.
-Weather conditions during past week have been
Tyler (Smith County).
very favorable for cotton farmer. Scattered showers have fallen during
this week and all farmers report sufficient moisture for present. To date
90% of crop has been planted and 15% chopped, with 75% of crop up.
No insects have been reported to date.
South Texas.
Cuero (Dewitt County).-Weather past week has been mostly-fair:"No
rain. Old cotton doing very well while later plantings would be greatly
helped by good rain. Days have been hot, but nights too cool. Cutworms have caused bad stands in some fields. The weevil are present but
very little damage being done.
-About month since we had rain, with only
Gonzales (Gonzales County).
light showers in some parts of county. Cotton shows small growth but
holding out remarkably well. Need rain badly. Hear very little complaint
of weevil or flea. Early planted showing squares and few blooms.
-Crop conditions in Cameron, Hidalgo and
Harlingen (Cameron County).
Willacy Counties are very good. Think movement will start around middle
of July. Altho Valley has had the longest dry spell in years, the crops
are in a better state of cultivation than usually.
OKLAHOMA.
-Past week has been better on cotton than the
Altus (Jackson County).
week previous. Entire western part of Oklahoma has had from one half to
one and one half inches of rain and the nights have been warmer. About
50% up to a good stand and the remainder coming up. Crops for most
part clean and ground in good condition.
-Crop now needing rain badly. Acreage will
Hugo (Choaaw County).
be cut unless rains but probably increased if rains soon. Late plantings
not coming up, many farmers waiting for rain to plant. Otherwise crop
in splendid condition.
-The two inches needed moisture is a reality
Mangum (Greer County).
from several days of rain this week, and prospects are much brighter.
Completion of planting has been delayed some with around 80% planted
and 50% up to fair to good stands. Need fair and wanner weather for
next two weeks to overcome some lateness, and too, some 10% will be
replanted account packing rain on freshly planted acreage.
Marietta (Love County).
-Cotton crop acreage about same as last year
after plow-up. About 85% planted, 60% up to good stand, needing rain
before balance can be planted. Farmers well up with their work.
ARKANSAS.
-Local rains this week very beneficial.
Ashdown (Little River County).
Some localities too dry and late planted cotton will not germinate until it
rains. Cultivating made rapid progress altho plant not growing rapidly.
Cold north winds Friday and Saturday, causing the plant to look bad.
-Nights have been too cold for cotton planted
Conway (Faulkner County).
late. It is slow coming up and looks bad. Early planted is looking good.
Cultivation is making good progress.
-With exception of past two days of cool
Little Rock (Pulaski County).
weather, the week has been a favorable one for the growing crop. Fields
well cultivated and progress satisfactory. No complaints of insect damage.
Stands and cultivation are good.
-Cotton has made fair progress past week
Texarkana (Miller County).
notwithstanding seeming adversities such as cool nights, scattered showers
and past three days light northern blowing. The ground is warm and
fields in fair state of cultivation. Plant will average five inches high with
75% chopped. No reports of damaging insects.
-The following table
Receipts from the Plantations.
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
I .Receipts at Ports.
Week
Ended
1934.
Mar.
2- _
9__
16._
23._
30._
April
O._
13..
20._
27._
May
4...
11_
18._
25._
June
1__
1933.
1932.
Stocks at Interior Towns.
1934. 1
1933. 1
Receiptsfrom Plantations
1932.
1932.
1934.
1933.
24,391
8,216
42,301
43,06.
39.702
84,142 149,882
68,462 121,908
16,688 73.10
9
49,882 95.338
43,005 89.864
93,799 1,620,120 1.839.230 1.812,832
62,040 1.581,871 1,806,896 1,781.096
76,159 1.546.8781,772.695 1,747.767
86.624 1.506,117 1.739.038 1.710.830
25,587
32.699
39,301
38.413
20.358
24.43
48,143
58,729
53,102 1 467 68 1,709,661 1,664,135
62,170 1,436,3691,672,791 1.622.896
37,5361,404,254 1,624,351 1,588,105
54,9671,378,269 1,566,959 1,554,722
I
33.148 88,978 64,258 1,351,401 1.521,226 1,526,180
36,803
15,228
19,581
8,501
60,650 6.407
84,204 20,931
69,856 2,745
22,27. 21,584
70,903101.012 184,065 1,815,1741.977.398 1.997,909
63,824 72,119 158,701 1,759,58611,964,139 1.981.116
80,965 48,558,125,715 1.720.902,1,932,247 1,908,510
76,297 78,838 130.068 1,687,665 1,903,091 1.872.878
64.579 71,116 115.587 1.662.788 1,874,180 1.847,155
68,255
70,948
74,294
79,174
75,548
56,769
80,344
92,386
75,235 90,027
46,544101.074
51,676118,296
34,486 79,657
59,478
30,304
42,830
49,887
6,280 43,245 37,716
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 7,126,170 bales;
in 1932-33 were 8,224,789 bales and in 1931-32 were 10,121,342
bales. (2) That, although the receipts at the outports the
past week were 33,148 bales, the actual movement from
plantations was 6,280 bales, stock at interior towns
having decreased 26,868 bales during the week. Last year
receipts from the plantations for the week were 43,245
bales and for 1932 they were 37,716 bales.,
•=1
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:
Financial Chronicle
Vaurrie 138
Cotton Takings,
Week and Season.
193243.
1933-34.
Season.
Wee/c.
Season.
Week.
Visible supply May 25. ___ 8,075.300
9,160.459
Visible supply Aug. 1
7,791,048
7,632,242
American in sight to June 1.._
145.653 13,139,435
128,411 12.352,253
Bombay receipts to May 31_ _
52.000 2,368,000
39,000 2,118.000
Other India ship'ts to May 30
446,000
9,000
823,000
49,000
Alexandria receipts to May 30
963,000
6,000
7,600 1,676,000
Other supply to May 30 *b.._ _
477,000
8,000
12,000
528,000
Total supply
Deduct
Visible supply June 1
8,311.311 25,129,495 9,381,112 25,184,483
7,959,143 7,959,143 9,013,571 9.013,571
Total takings to June l_a
367,541 16,170,912
352.168 17,170,352
Of which American
270,541 11.996,912
245,568 12,643,352
Of which other
97,000 4.174,000
106,600 4,527.000
* Embraces receipts in Europe from Brazil, Smyrna West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption
by Southern mills,4,284,000 bales in 1933-34 and 4,264,000 bales in 1932-33
-takings not being available-and the aggregate amounts taken by
Northern and foreign spinners, 12,886,352 bales in 1933-34 and 11,906,912
bales in 1932-33, of which 8,359,352 bales and 7,732,912 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:
Since
Week. Aug. I.
Bombay
Exports
from-
1931-32.
1932-33.
1933-34.
May 31.
Receipts at
-
Week.
Since
Aug. 1.
Week.
Since
Aug. 1.
39,000 2,118.000 52,000 2,368,000 70,000 1.885.000
For the Week.
Aug. 1.
I
Great Conti- Jap'n&
Great I ContiChin I
Britain. neat. China. 1 Total. Britain. I neat. japana..
j
l
Bombay-.
1933-14...
1932-33 _ _
1931-32 _ _
Other India1933 _
-34
1932-33.. _
1931-32
4,000
7,000 13,000, 24,000
4,000 27,000 31,000
7,000 10,000 17,000
62,000 302,000, 734,SSI 1,098,000
!
46,000 253,000 991,000 1,290,000
17,000 129,000 799,000 945,000
823,000
446,000
338,000
49,000 248,000, 575,000,
9,000 99,000, 347,000
13,000 93,000; 245,000;
22,000 27.000
2,000 7,000
2,000 11,000
Total.
Total all
1933-34_ - 26,000 34,000 13,000 73,000 310,000! 877,000 734,0001,921,000
1932-33 _ _ 2,000 11.000 27,000 40,000 145,000, 600,000 991,000 1,736,000
1931-12... 2,000 18,000 10.000 30,000 110,000 374,000 799,0001,283.000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
13,000 bales. Exports from all India ports record an increase
of 33,000 bales during the week, and since Aug. 1 show an
increase of 185,000 bales.
-We receive
Alexandria Receipts and Shipments.
weekly a cable of the movements of cotton at Alexandria,
Egypt. The following are the receipts and shipments for
the past week and for the corresponding week of the previous
two years:
Alexandria. Egypt,
May 30.
Receipts (cantors)
This week
Since Aug. 1
1933-34.
193243.
1931-32.
38,000
8,366.113
30,000
4,907,749
25,000
6.807,370
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (Bales)
To Liverpool
To Manchester,&c
To Continent and India
To America
2,000 247,936 4,000 136,746 4,000 190,141
140.253
167,047 7,000 108.674
5,000 423,398 8
- 526,929
.656
67,872 2,000 33,864 3.000 43.754
9,000 597,772
Total exports
11.000 1080627 18,000702,682 15.000 901.077
Note.
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ended May 30 were
38,000 cantars and the foreign shipments 11010 bales.
3803
Bales.
BEAUMONT-To Bremen-May 23-Aquarius, 200
200
To Havre
-May 27
50
-Chester Valley, 50
CHARLESTON-To Hamburg
517
-May 23-Flint, 517
358
GALVESTON-To Antwerp-May 29-0akman,358
To Bremen
151
-May 24-Eglantine, 151
To China
-May 26-Takai Mani, 1,600
1,600
To Ghent
-May 29-Phrygia, 100; Oakman, 242
342
To Hamburg
50
-May 24
-Eglantine, 50
To Havre
-May 29-0akinan, 997
997
To Japan
-May 24-Siljestad, 545_ _ May 26-Takai Mani,
1,370
825
To Rotterdam-May 29-Phrygia,300; Oakman, 1.099
1,399
GITLFPORT-To Bremen
-May 24-Arlzpa, 10
10
HOUSTON-To Abo-May 26
50
-Eglantine, 50
To Antwerp
-May 26-Pluygia, 100
100
To Bremen-May 26
-Eglantine, 1,689-- _May 29-Heddernhelm. 1,031
2,720
To Canada
-May 25
85
-Robin Adair. 85
1.284
To China
-May 29-Asuka Meru, 1,284
To Copenhagen
275
-May 29-Stureholm, 275
To Gdynia
-May 29-Stureholm. 1.935
1.935
To Genoa
924
-May 25-Waban. 212_ ..May 31-Marina 0. 712
To Ghent
-May 26-Boschdyk, 100; Phrygia, 50
150
To Gothenburg
475
-Ma 29-Stureholm, 475
To Hamburg
-May 9-Heddernheim, 553
553
To Japan
-May 25-Siljestad, 4,210_ _ _May 29-Asuka Maru,
2,591_ _ _May 3I-Hakonesan Mani. 4,246
11,047
To Liverpool-May29-Duquesne. 2.358
2.358
To Manchester
-May 29
1,751
-Duquesne, 1.751
To Oslo
9
-May 29-Stureholm,9
To Rotterdam-May 26-Boschdyk. 618; Phrygia, 707
1,325
To Venice
-May 25-Waban, 2.000
2,000
JACKSONVILLE-To Manchester
-May 25
47
-Tulsa,47
LAKE CHARLES
-To Bremen-May 26
609
-Aquarius,609
To Gdynia
-May 26
211
-Aquarius,211
To Liverpool
-May 24
110
-Duquesne, 110
To Manchester
-May 24
600
-Duquesne,600
LOS ANGELES
-To China-May 26-Adrastus 800
800
To Japan-May 18-Taketoyo Marti, 150_ _ _May 25
President Johnson. 2,196__ _May 26-Adrastus. 3,200.-- 5,546
To Liverpool
-May 26-Narenta,87
87
MOBILE
-To Bremen
-May 15
-Gateway City, 1,553_ _.,May 23
-Ingram.266
1.819
To Gdynia-May 15
-Gateway City, 50
50
To Hamburg
-May 15
-Gateway City, 100
100
To Havre
-May 16
-West Kika, 466
466
To Holland
-Ma 15
-Gateway City. 150
150
To Liverpool
-May 16
-Maiden Creek, 161-...May 18
Comedian, 515
678
To Manchester
-May 16
-Maiden Creek, 578---May 18
Comedian, 1,607
2,185
NEW ORLEANS
-To Bremen-May 28-Lekhaven. 3,191
3,191
To China
-May 29-Fernlane,8.925
8,925
To Coruna
-May 28-Jomar. 326
326
To Dunkirk
-May 29-Trolleholm, 100
100
To Gdynia
-May 29-Trolleholm, 408
408
To Genoa
-May 27-Monbaldo. 1,288
1,288
To Liverpool-May 29
-Musician, 1.545
1,545
To Manchester-May 29
-Musician, 1,971
1,971
To Oporto
-May 28-Jomar,575
575
To Susak-May 26
-Ida, 120
120
To Trieste
-May 26
-Ida, 1.187
1.187
To Venice
-May 26
-Ida,450
450
NORFOLK
-To Manchester-(7)
-Manchester Exporter,960
960
PANAMA CITY
-To Japan-May 24
-King City, 2.500
2.500
PENSACOLA-To China-May 25
-King City. 2,000
2,000
To Japan
-May 25
-Bing City, 1,300
1.300
SAVANNAH-To Hamburg
-May 29
-Flint,895
895
To Japan
-May 31-Rhexenor, 200
200
To Liverpool
-May 29
777
-Tulsa.777
To Manchester
-May 29
-Tulsa, 790
790
Total
.
79.580
---.
Cotton Freights.
-Current rates for cotton from -lc7w
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
High
StandHigh
Density. ard.
Density.
Llverpool .25e.
.25c. Trieste
.50c.
Mancheater.25o.
.25c. Flume
.500.
Antwerp .35c.
Barcelona .350.
•
Havre
.25o.
Japan
Rotterdam .350.
.50o. Shanghai
•
Genoa
.40c.
.550. Bombay a .40o.
Oslo
.46o.
.61c. Bremen
.350.
Stockholm .42o.
.57o. Hamburg .350.
•Rate is open. a Only small iota
StandHigh
ard.
Density.
.65c. Piraeus
.750.
.650. Salonica .750.
Venice
.50c.
* Copenh'gen.38c.
• Naples
.400.
.550. Leghorn .40c.
.500. Gothenberg.42o.
.500.
Standard.
.65c.
.530.
.550.
.550.
.570.
Liverpool.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
May 11. May 18. May 25. June 1.
64,000
53,000
53,000
30.000
931,000 911,000 922,000 914,000
426,000 411,000 415,000 405.000
39.000
39.000
59,000
46,000
17,000
25.000
12,000
16.000
44,000
51,000
42.000
40,000
134,000 120,000 122,000 _ 141,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Or ...-........- can
_,...„which American
Manchester Market.
-Our report received by cable
to-night from Manchester states that the market in both
yarns and cloths is steady. Orders are coming in more
freely from India. We give prices to-day below and leave
'lite tone
for
those for previous weeks of this and last year for comparison: each day of of tlirtiverpool maiketdailyspots and futures
the past week and the
closing prices of
spot cotton have been as follows:
1933.
1934.
d.
s. d.
s.d.
Mar.2_-__ 104012
1 0 3
9---- 1034012
1 0 3
16.- 10 (41134
1 (0 7
23-- 93401134
1 0 3
30.... 93401134
1 f; 3
4
April
6..._ 934(41134
1 0 8
13---- 93401134
1 0 3
20.... 934011
1 @ 3
27.... 95401034
1 0 3
May
4.... 9%01044
1 a, 3
11....... 9401034
1 0 3
18...... 93401034
1 0 3
25--- 95501034
2 0 4
June
1..... 95401034
2 a oA
83 Lbs. Shirt- Cotton
lags, Common Middro
to Finest.
Uprds.
d.
32s Cop
Twist*
d.
8.55
8.85
6.62
6.48
8.33
8 @934
8310 934
8340 934
8540 934
8540 934
3
3
3
3
3
go
o
6.35
8.18
5.88
8310 94
8340 044
840 94
834 010
3,33
8.15
6.23
6.20
ft 9R
s. d.
.d.
d.
0
0
0
0
0
8
6
6
8
6
4.79
5.17
5.28
5.13
5.15
3
3
3
3
(0
0
@
0
6
6
6
6
5.28
5.37
5.30
5.53
834010
93401034
93401054
9 01054
3
5
5
5
0
0
0
0
6
0
0
0
589
6.19
5.96
6.07
nu•01044
7 0
2
527
Shipping News.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 79,580 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
CORPUS CHRISTI
-To Bremen-May 17 Aquarius, 385
To China
-May 23-Siljestad, 1,54'7
To Ghent
-May 22
-Chester Valley. 50
To Havre
-May 22
-Chester Valley, 158
To Japan-May 22-Siljestad, 272
To Malmo
-May 17
-Aquarius, 100
To Rotterdam-May 22
-Chester Valley. 19
Bales.
385
1,547
50
158
272
100
19
Stmt.
Saturday.
Monday.
Market, 1
12:15
P. M.
Mid.I.Tprda
More
demand.,
Quiet.
Quiet,
HOLTDAY.
Tuesday. Wednesday. Thursday.
6.17d.
6.24d.
6.32d.
A fair
business
doing.
6.306.
Friday.
Moderate
demand.
6.266.
Futures.{
Market
opened
Quiet, Steady, un- Steady,
Steady, Quiet but
3 to 5 pta. changed to 1 to 3 pts. 1 to 3 pts. st'y; 2 to 3
decline. pta. deal.
advance. 1 pt. adv. decline,
Market, I
4
P. M. I
Quiet,
Steady, Quiet but Steady,
Firm.
6 to 10 pta. 4 to 10 pta. steady, 1 pt 1 to 4 pta. 8 to 9 pta.
advance, advance, advance,
decline.
advance.
Prices of futures at Liverpool for each day are given below:
Sat.
?day 26.
to
June 1.
Mon.
Tues.
Wed. 1 Thurs. 1
Fri.
12.0012.0012.15 4.0012.15!4.0012.151 4.0012.15 4.0012.15 4.00
p.m.p.m.p. m.p. m p. m.p. m.p. m.ip. m.p. m.D. M.P. m.p.m.
New Contract, d. I d, d.
May (1934) --5.92
July
5.93
October
5.89
December
HO!!- 5.87
January (1935) DAY. 5.87
March
......_
May
July
October
December
January (1936)
March
May
d.
d.
5.96 5.9
5.97 5.99
5.94 5.96
5.92 5.94
5.92 5.94
5.93._ __
cl.
d.
6.06 6.07
6.03 6.04
5.9 5.99
5.96 5.97
5.9 5.97
5.98... ....
d.
d. d.
6.07 -_ -- -- -_
6.04 6.01 6.02
5.91 5.9 5.96
5.9 5.9 5.93
5.97 5.9 5.931
5.98 5.9 5.94
d.
- -6.01
5.95
5.92
5.92
5.93
babizObbabi=b;-..
t4.0.08
8X Lbs. Shirt- Cotton
(nos, Common Middro
to Finest.
UPI'lls•
0,516COCORICOCOp*C00.05.
32s Cop
Twist.
3804
Financial Chronicle
BREADSTUFFS.
June 2 1934
Offerings were light. Shorts found little for sale when they
attempted to cover. Shipping sales were 17,000 bushels,
Friday Night, June 1 1934.
and cash handlers booked 22,000 bushels to arrive. To-day
Flour continued in limited demand, but prices were prices followed the action of wheat, and in the end showed
firmer in sympathy with higher grain markets.
/
losses of 1% to 21
%c. At one time there was a rise of 334c.
Wheat advanced to new highs for the season early on over the previous close. Final prices show an advance for
the 26th ult. on heavy buying induced by continued dry the week of 41% to 51%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
weather in the spring wheat belt, but later prices reacted
68
7134 7134 ____ 7534 73
unchanged to %c. No.2 yellow
under general liquidation and ended
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs. Fri.
lower. July at one time was within lc. of the old high mark.
3
51,( 5531 5534 ____ 59
May
--3
Wall Street and the Northwest were good buyers. The July
53% 57
57
__ 603% 59
September
5534 58% 5834
623% 61
weather continued generally dry except for a few scattered
Season's High and When Made.
Season's Low and - en Made.
82
July 17 1933 May
showers in Kansas, and no relief was in sight. On the 28th May
40
API% 17 1934
6434 June 1 1933 July
43
Apr. 17 1934
under July
ult. prices rose the limit allowed for one session of 5c.
September____ 6634 June 1 1934 September
45
Apr. 17 1934
heavy buying and short covering induced by sensationally
Oats in comparatively light trading on the 26th ult.
bullish crop reports. Minneapolis, Winnipeg and Kansas ended with net gains of 3,1, to %c. September moved into
City were stronger. There was a lack of moisture throughout new high ground for the season. A good demand from
the belt, and rising temperatures aggravated the damage commission houses and short covering induced by unfavorcrop reports
brought about by the drouth. Milling demand was quiet. ablethe 28th ult. and continued dry weather led to the rise.
prices rose 23. to 3c. on a good demand
On
Liverpool closed Md. lower to Md. higher. Winnipeg was owing to bullish crop reports. Selling pressure was light.
45% to 43'c. higher. Export demand for Canadian wheat Cash interests and the Northwest bought.
On the 29th prices ended IM to lc. higher. At one time
was small. The visible supply showed a decrease of 1,057,000
they were in new high ground for the season. Cash interests
bushels.
On the 29th ult. prices declined more than a cent in the and Northwestern houses bought on the reactions.
On the 31st ult. hot, dry weather and
early trading, but rallied later and ended at net gains of bug infestation led to rather heavy buying reports of chinch
and a
deliveries while May was Mc. lower. advance in the end of 2% to 3c. To-day pricesconsequent
1%c. on the deferred
wound up
New highs for the season were made on the late deliveries % to %c. higher. New 'highs for the season were reached.
and September advanced to within a cent of the dollar mark. Early prices were more than 2c. above the previous close.
Buying was heavy owing to reports that Russia was buying Final prices show an advance for the week of 7% to 71%c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Australian and Argentine wheat and flour to be shipped to
Sat. Mon. Tues. Wed. Thurs. Fri.
493% 523% 5331
--- 57
Vladivostok. There was a moderate recession from the top No.2 white
57
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
prices due to liquidation and pre-holiday evening up. WinSat. Mon. Tues. Wed. Thurs. Fri.
Lc.
3734 40% 41%
nipeg ended M to / higher on buying by American houses May
4434 --3734 4034 41% _-- 4434 4534
July
8
owing to unfavorable weather. Liverpool was M to 3/ 1. September
3834 4131 4134 ---- 45
4534
Season's Low and When Made.
Season's High and When Made.
higher.
May
June 1 1934 May
56
2434 Apr. 17 1934
On the 31st ult. prices closed 41% to 5c. higher, after ad- July
2434 Apr. 17 1934
4734 June 1 1934 July
vancing the limit permitted for one day's trading. All deliveries crossed the $1 mark for the first time since last
August. Early prices were lower, under scattered selling
owing to a weaker Winnipeg market, but when that market
closed, offerings were readily absorbed and demand increased noticeably on sensational damage reports, with no
prospects for immediate relief. Except for a few scattered
showers here and there, the belt was generally dry and temperatures were above 100 degrees in parts of the Northwest.
Numerous reports of insect infestation were received. One
report said that hordes of chinch bugs are feeding on the
crop, already reduced 50% by dry weather. Liverpool was
/sc. Kansas
2 to 2%(1. higher. Winnipeg gained 5% to 55
4c., and Minneapolis 4% to 5c.
City was up 4% to 47
To-day prices, after advancing more than 4c. in the early
dealings, declined sharply later under stop loss selling.
Early prices reached new high ground for the season, owing
to abnormally high temperatures and continued dry weather
over practically the entire belt. The news was very bullish. The average of private estimates was only 421,000,000
bushels for the winter crop yield and 126,000,000 for spring
wheat. The condition ranged from 59% to 63% for winter
wheat and 44% to 57% for spring wheat. For the third
time this week prices reached the Sc. trading limit. After a
hectic session, prices finally wound up % to 11%c. net lower.
Final prices are 9% to 10%c. higher for the week.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
% ---- 1193i 118%
1084 113% 1143
No.2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
933i 9831 9831 ---- 1033' --May
919.i 96% 97% --- 102% 1024
July
- - 103% 10234
92% 9734 98%
September
Season's Low and When jade.
Season's High and When Made.
7134 Oct. 17 1933
18 1933 May
1283j July
May
7034 Oct. 17 1933
July
10634 June 1 1934 July
7431 Apr. 19 1934
September - ...10934 June 1 1934 September
OF WHEAT FUTURES IN WINNIPEG.
DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Fri.
8134
-7834 76
7334 78
May
79% 7731 8234 81%
7434 79
July
7631 8031 81% 79% 8434 83%
October
Corn was not in particularly heavy demand, but prices
on the 26th ult. ended at a net rise of % to Mc. despite a reaction late in the session in sympathy with wheat, and also
because of some light week-end profit taking sales. Early
firmness was due to buying by commission houses on reports
of probable shortage of feed owing to the continued drouth.
Shipping sales were only 24,000 bushels, and 5,000 bushels
of cash grain were booked to arrive. On the 28th ult. on a
good demand brought about by the sharp rise in wheat
ended 33I to 3%c. higher. September reached a new high
for the season.
On the 29th ult. prices ended Mc. lower to %c. higher.
On the early decline the market ran into a fair amount of
buying orders and a slight rally occurred. Trading was
small. A better shipping demand was reported with sales
estimated at 156,000 bushels. Some 6,000 bushels to arrive
were booked by cash handlers.
On the 31st ult. prices, after early weakness, advanced
sharply with wheat and ended with net gains of 3% to 31%c.
September
47
May 25 1934 September
2634 Apr. 17 1934
June 1 1934 December
December
50
47
June 1 1934
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
3534 3734 3834 MN 384
July
3631 3831 3934 3734 383s 3931
Rye ended unchanged to %c. lower on the 26th ult. reflecting the action of wheat. The market was quiet. On
.
the 28th ult. prices ended 33% to 3%c. higher on a good
demand from commission houses stimulated by the sharp
rise in wheat. There was also considerable covering of
shorts. Offerings were light.
On the 29th ult. prices ended %to lie. lower in a small
market. Outside interest was looking.
/
On the 31st ult. prices ended 314 to 3%c. higher. All
deliveries advanced the limit allowed for one day. The
sharp rise in wheat stimulated steady buying by commission houses. Offerings were very small and easily absorbed.
To-day prices ended % to 1c. lower, after being 4c. higher
early in the day. Rye fluctuated with wheat. Final prices
show a rise for the week of 5% to 5%c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues Wed. Thurs. Fri.
.
6134
May6334
58% 6231 6234
July
6534 65
September
6034 64% 64
_
6734 663.4
Season's High and When Made.
Season's Low and When Made.
May
11634 July 19 1933 May
41
Oct. 17 1933
Nov.21 1933 July
70
July
5034 Apr. 19 1934
September_.._ 713.4 June 1 1934 September.... 5234 Apr. 19 1934
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
4834 5134 5231 50%
July
4934 53
5234 5134 5534 5434
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
47q 50% 503
__ 55% ---July
48
5234 523/
5634 5631
48
September
5234 53h ____ 58
5634
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues, Wed. Thurs. Fri.
May
383/8 4031 4234
42
40
4234 43
444534
July
Closing quotations were as follows:
GRAIN.
Wheat, New YorkOats, New York
No.2 white
No.2red, c.i.f., domestic_ _ _11834
57
Manitoba No.1,f.o.b. N.Y. 90%
No.3 white
56
Rye,
No.2,f.o.b.bond N.Y 633I
Corn, New YorkChicago. No, 2
Nom.
73
Barle No. 2 yellow, all rail
No.3 yellow, all rail
7234
N. • 4734 lbs.maiting
7234
Chicago, cash
55-94
FLOUR.
Spring pats.,high protein $7.80 8.00 Ryeflour patents
$5.10@5.30
Spring patents
7.60 7.80 Seminola, bbl., Nos. 1-3_9.60(410.50
Clears,first spring
6.65 6.95 Oats good
2.85
Soft winter straights
6.55 7.20 Corn flour
1.90
Hard winter straights.- 7.20 7.50 Barley goods
Hard winter patents.-- 7.40 7.70
Coarse
3.60
6.25 6.85
Hard winter clears
Fancy pearl,Nos.2,4&7 5.45@5.65
All the statement 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:
Volume 138
Receipts at-
Financial Chronicle
Flour. I
Wheat.
oats.
Corn.
Barley.
Rye.
bbls.1981bs bush 60 Os bush.56 lbs.bush. 22lbs.bush.561bs bush.481b8.
186,000
Chicago
211,000
495,101
424,000 514,000
725.000
Minneapolis
854,000
56,000 285.000
57,000
32,011
Duluth
932,000
27,000
1,000
2,10#
197,000
Milwaukee.-10,000
20,111
9,000 187,000
83,000
25,111
Toledo
4,000
64.'''
62,1 4 4
22,000
1.000
I
Detroit
8,000
15,000
9,000
4,000
2,000
Indianapolis_
'
42,000
84,000
258 1# 1
253,000
St. Louis__ _ _
121,000
246,111
291,000
6,000
1.000
120,'''
Peoria
41,000
37,000
259,000
26,000
2,000
70 01 4
Kansas City
9,000
297 # # #
32,'''
129,1 # #
Omaha
130,1 # #
88.000
48,000
St. Joseph_
69,000
I
42,000
29,000
Wichita
237,000
1,'''
7,000
I
Sioux City6,000
1,000
Buffalo
5.055,000 1,003,000
4,000
143,000
Total wk. '3
Same wk. '3
Same wk. '32
Since Aug.1
1933
1932
1931
347,000
362,000
372,000
8,198,000
7,668,000
7,278,000
3,159,000
6,945,000
2,607,000
1,321,000
2,847,000
1,471,000
613.000 1,052,000
817.000 1.262.000
536,0001. 277,000
'
I
14,821,000 197,365,000171.528,000 64,644,00010,406,000 46,392,000
16,462,000292,248,000179.566,000 83,260,00013,824,00044,497,000
17.650.000284.678 000114 042.000 64.158.0001 7.344,00029,975,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, May 26 1934, follow:
Receipts at
New York _ _
Philadelphia..
Baltimore.--New Orleans*
Montreal__ -Boston
Sorel
Quebec
Halifax
Maur. I
Wheat.
Corn.
I
oats. I
Barley.
Rye.
bbls.1961bsi bush.60lbs.bush. 56 lbs bush. 32 lbs. bush56lbs.
:
108,000
325,000
8,
27.000
4,000
20,000i6l.o0
4,000
30,000
12,000
6,000
17,0001
4,000
22,000
21.000,
39,
63,000
145,000
.........
889,000
15,000
4,000
445,000
854,000
4,000
h.48Ibs.
8,000
2,000
Total wk. '34 244,000 2,517,
Since Jan.1 34 5,597,000 23,812,000
.
244,000
2,909.000
34,
188,000
2,326,000 1,030,000
10,000
208,000
Week 1933.. 326,000 2,898,000
SinceJan.1'33 6,274,000 26.510.
107,000
1,957,000
148,000
1,875,000
3,000
107,000
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, May 26 1934, are shown in the annexed
statement:
Exportsfrom-
Barley.
Rye.
OW.
Wheal.
Flour.
Corn.
_
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
New York
1,495
170,000
1,000
Boston
64,000
New Orleans
2,000
Galveston
7,000
Montreal
8.000
889,000
63,000 145,000
Halifax
4,000
Sorel
445,000
Quebec
854,000
Ssill
,
Total week 1934._ 2,422,000
8.000
77,495 145,000
1,000
Same week 1933_ 3,457,000
92.000
1,000 117,760
The destination of these exports for the week and since
July 1 1933 is as below:
Flour.
Exportsfor Week
and Since
Week
Since
July 1 toMay 26 July 1
1934.
1933.
Barrels.
United Kingdom_ 61,725
Continent
.700
2
So.& Cent. Amer- 2,000
West Indies
8.000
Brit.No.Am.Cola
3,000
Other countries__
70
Total 1934
Total 1933
77,495
117.760
Wheat.
Corn.
Since
Week
Since
Week
July 1
May 26
July 1
May 26
1933.
1934.
1933.
1934.
Bushels. Bushels. Bushels.
Bushels.
Barrels.
368,000
2,531.886 1,454,000 40,892.000
256,000
962,000 55,772,000
606,777
1.000
454.000
5,000
58,000
52,000
48.000
767,000
1.000
1,000
59,000
12,000
1,000
723.000
191,348
1,000
690.000
4,214.011 2,422,000 97,889,000
1,000 4,817,000
3.679.442 3.457.000 142,161,000
The visible .supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 26, were as follows:
United States
Boston
New York
- afloat
Philadelphia
Baltimore
Newport News
New Orleans
Glib/WWII
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.
Oats.
Wheat,
Corn,
bush.
bush.
bush.
8,000
65.000
44,000
64,000
57,000
.
14,000
52.000
186,000
227,000
35,000
572,000
10,000
179,000
11,000
30.000
27,000
96,000
489,000
161,000
1,861,000
120,000
803,000
2,000
2,231,000
4,000
413,000
1,376,000 1,851,000
242,000
25.365,000 1,611,000
563,000
.895,000 6,352,000
3
165,000
340,000
368,000
174,000
1.966,000
369.000
441,000
369.000 1,341.000
146,000
85,000
2,487,000 14,410,000 2,286,000
441,000
119,000
289,000
7.000 2,143,000 1,194,000
17,970,000 3,519,000 10,373,000
12,195,000 4,760,000 9,107,000
22,000
80,000
10,000
3,586,000 7,760.000 1.128,000
679,000
102,000
32,000
510,000
Barley
bush.
Rye.
bush.
1,000
*45,000
48.000
a92.000
b67.000
15,000
1.000
2,000
6,000
14,000
88,000
36,000
6,000
95,000
2,000
36,000
51,000
10,000
26,000
3.613,000
1,111,000
510,000
43.000
2,569,000 6,089.000
1,793,000 1,116,000
85,000
26,000
1,337,000
443,000
Total May 26 1934-- 77,265,000 45,561,000 26,807,000 9,819,000 9,557.000
Total May 19 1934.-- 78,264,000 46,924.000 28,026.000 10,562,000 9,928,000
TOW May 27 1933_114,909,000 34,727,000 22,547,000 8.488.000 10,409,000
• Includes 3,000 Polish rye. a Includes foreign rye, duty paid. b Also has
221,000 Polish rye.
Note.-Roaded grain not included above: Wheat, New York. 48,000 bushels:
Boston. 368,000: Boston afloat. 65.006: Buffalo, 3,324,000; Buffalo afloat. 27,000:
Duluth, 64,000; Erie, 508,000: on Lakes, 678,000: Canal, 182,000; total, 5,264,000
bushels, against 4,804.000 bushels in 1933.
3805
Wheal,
Canadianbush.
Montreal
5,079,000
Ft. William & Pt. Arthur 71,517.000
Other Canadian and other
water points
25,573,000
Corn.
bush.
Oats,
Barley,
Rye,
bush.
bush.
busk.
799,000
425,000
212,000
2,010,000 2,215.000 3,958.000
2,752,000
Total May 26 1934_102,169,000
5,561,000
Total May 19 1934_ 101,325,000
5,545,000
Total May 27 1933-- 90,157,000
4,231,000
Summary
American
77,285,000 45,551,000 26,807.000
Canadian
102,169,000
5,561,000
429,000
1,355,000
3,069.000 5.525,000
3,114,000 5,417,000
3,870,000 3,018,000
9,819,000 9,557,000
3,069,000 5,525,000
Total May 26 1934_179,434,000 45,551,000 32,368.000 12,888,000 15,082,000
Total May 19 1934. _179,589,000 46,924.000 33,571.000 13.676,000 13,345,000
Total May 27 1933-205,066.000 34,727.000 26,778,000 12,358,000 13,427.000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending May 25, and since July 1 1933 and July 2 1932, are
shown in the following:
Wheat.
Exports.
Week
May 25
1934.
Since
July 1
1933.
Corn.
Since
July 2
1932.
Since
July 2
1932.
Bushels.
Bushels.
Bushels. Bushels. I Bushels. I Bushels.
North Amer_ 4.406.000200,652.000 274,826,000
4,000
815,0001 5,527,000
Black Sea... 288,000 41,323,000 19,512,000
153,000 32.724.0001 63,828,000
Argentina-. 3,333,000122,158,000 100,812,000 3,879,000 194,838,000 189,702,000
Australia __- 1.395,000 81,324,000 146,384,000
0th. countr480,000 25,388,000 23,645,000
170,000 10,540,000 31,037,000
Total
9,902,000 470,845,
565,179,
4,206,000 238,917,000 290.094.000
China Expected to Continue to Import Foreign Wheat.
While the Chinese market for foreign flour may be expected to decline in view of the recent imposition of an
import duty of from 20 to 25%, China will undoubtedly
continue to import certain quantities of wheat as essential
for the mixing with its own product, according to Commercial Attache Julean Arnold in a report to the Commerce
Department. The latter, in indicating this on May 25,
added:
It is not generally understood, Attache Arnold points Out, that China's
wheat production is on a level with that of the United States and also
that the country is both a large producer and consumer of wheat flour.
In addition to local production considerable quantities of wheat are imported, averaging between 35,000,000 and 40,000,000 bushels annually
for the past few years.
Consumption of wheat products among the Chinese people, it is pointed
out, is increasing. The modern style flour mills in China have an annual
output of approximately 25,000,000 barrels of flour, but a large proportion of the rural population use flour ground in old style stone mills, or
as part of the domestic handicraft industry of the household.
Probably the largest use of flour in China is in connection with the
manufacture of noodles, although the quantity of unleavened bread consumed by the Chinese is enormous. The great masses in China cannot
afford to purchase much meat products, and their per capita consumption
of cereal products is unusually high.
In connection with Chinese wheat production, the report points out
that the question of internal transportation is a matter of great importance.
Until China enjoys a considerably larger mileage of railways it will be
impossible for the Shanghai, Hankow and Tsinan milling centers to
tap
certain sources of supply•for wheat on account of the prohibitive transportation costs. The flour mills in these manufacturing centers find it
cheaper to import wheat from Argentina, Canada, Australia and the
United States, rather than pay transportation costs on wheat removed
from close proximity to water or rail transportation in China.
Agriculture's June 1 Condition Statement of Grains
to Be Released on June 8.
-Because of the serious drought
prevailing in most parts of the West and Mid-West, the
Department of Agriculture will report on general crop conditions as of June 1, on June 8 at 3 p. m. Eastern Standard
time, instead of June 11 as previously planned and will
contain a "comprehensive" survey of the drought situation.
Weather Report for the Week Ended May 31.
-The
general summary of the weather bulletin issued by the Department of Agriculture, indicating the influence of the
weather for the week ended May 31, follows:
The weather for the week ending May 29 continued extremely dry,
except in the more eastern States and in the South. Chart II shows the
geographic distribution of the week's rainfall. It is noteworthy that.
from Tennessee, northern Arkansas, and northern Oklahoma northward
and northwestward, as much as 0.5 inch of rain was reported only from
Napoleon. Ohio, Culbertson Nebr., Napoleon, N. Dak., and Crookston,
Minn. Most of the stations in this large area reported no rain at all, or
amounts around 0.1 inch. The Southeast had heavy rains and the middle
Atlantic area substantial amounts.
Chart I shows that the week was extremely warm in the Northwest,
especially near its close, when maxima of 100 deg. or higner
were reported
from stations in eastern Montana and the Dakotas. Huron, S. Dak..
has had maximum temperatures on five days of this month exceeding all
Previous nigh records for May. From the Mississippi Valley eastward,
the week was cool, with temperatures averaging decidedly below normal.
While cool weather in the central valleys checked deterioration of growing
Crops to some extent, the drouth situation, in general, was unrelieved
at the close of the week. In the Northwestern States it was intensified
by the recurrence of extremely high temperatures toward the close of the
Period. with previous May records again exceeded in some places. In this
area the heat wave extend A to the Pacific coast,resulting in rapid depletion
of soil moisture, and producing a greater need for rain in sections that
had not heretofore been greatly affected.
Severt drouth persists throughout the Ohio Valley. and from the central
Mississippi River and western Lake region westward almost to the Pacific
coast. Meadows. pasture lands, and spring-sown small grain crops are
especially suffering, except in limited areas, the largest of which is the
eastern half of Kansas. Some oat land is being abandoned or pastured:
winter wheat in many places is at a standstill or showing deterioration.
and spring wheat is suffering severely, though in parts of the Pacific Northwest conditions are still favorable.
Except for retardation of growth by unseasonably low temperatures,
conditions continued favorable in practically all sections of the South and
in the middle and north Atlantic areas, though considerable portions of
New York and New England need rain. In general, crops are doing well
in these sections.
SMALL GRAINS.
-The drouth situation, as it affects the small grains is
practically unchanged, with no relief and the extreme dryness intensified
3806
Financial Chronicle
Valley winter wheat
by high temperatures in the Northwest. In the Ohioweek, with condition
the
deteriorated or made only slight advance during short, while in the westheading very
generally poor; the crop is mostly
In Missouri condition
ern valley area it is dying in spots on lighter soils. deterioration occurred
some
varies widely from poor to very good; whileheaded and needs rain badly
during the week; the crop is now nearly all
is fair to good,
for filling. In most of Oklahoma and Texas condition
ripening in southern
while in eastern Kansas the wheat is headed nicely and continued, with no
deterioration
Portions; in the western half of Kansas northwestward, including central
growth. In most areas from Nebraska
to deteriorate, with some
and eastern Montana, winter grains continue abandoned soon if no rains
to be
reported beyond recovery, and other fields serious conditions prevail, while
occur. In most western dry-land sections
some deterioration noted.
in the Pacific Northwest rain is needed, with sutaining winter wheat.
although in better districts subsoil moisture is
no precipitation and
In the spring wheat region there was practicallyheat intensifying the
deterioration was unchecked, with the extremeassure even a fair yield,
drouth. In some sections rain must come soon to
begun northwhile in others the crop is beyond recovery. Oat harvest has Missouri and
In
ward to Arkansas and some has been cut in Oklahoma.
in places; some fields
most of the Ohio Valley oats are poor and a failurea considerable percent
Iowa
are being replanted to other crops. In parts of
nearly all will be given
of the oat acreage is being abandoned, while locally
bug affected areas.
up in some chinch
been seriously menaced by the
CORN.—The corn crop, so far, has not
portions of the belt germindrouthy conditions, although in some southern
because of dryness. However,
ation has been uneven and progress poor,lying in dust ungerminated; in
a large percentage of late planted corn is
while in the
Iowa this includes approximately one third of the acreage,
dormant. In Iowa planting
eastern Ohio Valley all late planted corn is replantings are being deferred
finished, but some first plantings and
is about
being cultivated.
awaiting rain; the early crop is growing fairly well and
the south. Satisfactory
but fields are dusty; chinch bugs are destructive in
eastern Kansas. throughout the South, and in
growth is reported from
the middle Atlantic area.
was too cool for
COTTON.—In the eastern Cotton Belt the weather was hindered by
cultivation
best growth, and in southeastern districts
normal warmth obtained
heavy rains. West of the Mississippi River about
and the moisture situation is mostly satisfactory. of cotton are mostly
In Texas and Oklahoma progress and condition and chopping making
Texas.
fair to good, with cultivation well advanced in
States much of the
good progress in Oklahoma. In the Mississippi Valley
sections cultivation was
week was rather too cool, and in some southern
weather conditions were generally satisretarded by wet soil; otherwise
growth
factory. In the Atlantic States warm,sunny weather is needed for
condition of
and cultivation, but stands are mostly good and the general
the crop rather promising.
The Weather Bureau furnished the following resume of
the conditions in the different States:
Virginta.—Richmond: Temperatures considerably subnormal; precipigermination of peanuts and
tation moderate to heavy. Unfavorable for chopping started. Considercotton. Planting cotton mostly completed;
low. Meadows and pastures good. Setting
able wheat and oats heading
sweet potatoes well advanced and transplanting tobacco nearly done locally.
Prowess of southeastern truck slow.
North Carolifia.—Raleigh: Warm early in week, but too cool latter
half. Good rains Monday night. Work made good progress, though still
behind; vegetation late. Tobacco doing nicely and mostly transplanted.
Corn good progress; stands fair to good. Small grains in fair to good condition. Truck mostly fine. Progress of cotton only fair, but condition
very good; mostly planted; chopping slow progress in south.
South Carolina.—Columbia: Excessive rains last two days in south and
along coast; heavy elsewhere; cool since Friday. Damage from washing
rains, and high winds delayed work and cultivation, with fields becoming
grassy. Corn made excellent growth. Grain harvest in south checked.
Pastures, meadows, and truck greatly improved. Cotton mostly good
stands, but growth only fair account coolness; chopping _rapid advance
and about completed in south, but only slow in north. Warm, sunshiny
weather needed.
Georgia.—Atlanta: Frequent rains. especially in south, retarded field
work, though chopping cotton fair progress in some areas of north; many
complaints of grassy fields. Coolness retarded growth; stands mostly good.
Corn, cane, and peanuts generally good, but late. Tobacco in south late;
stands poor in places. Setting sweet potatoes continues. Truck crops,
pastures, and meadows mostly good. Cereal crops ready for harvest.
Florida.—Jacksonville: Cool and cloudy; rainfall heavy, except in southwest. Cotton condition and prowess good; chopping good advance and almost completed. Corn, oats, tobacco, and sweet potatoes good. New
citrus good size; some dropping.
Alabama.—Montgomery: Moderate rains, except light in northeast;
cool last three days. Cotton condition fair to good, except poor in extreme
southeast; progress only fair due to rain, but moiltly good in north; chopping
fair advance in north, while finished in middle. Truck and vegetables
good; transplanting sweet potatoes continues in west. Oats matured and
being harvested.
MississippL—Vicksburg: First half generally warm, but last cool.
Progress
Light or no rain in north, but moderate to heavy falls elsewhere. generally
and cultivation of cotton rather poor to fairly good; chopping Progress
completed in central and south;a few squares appearing in central.
of corn mostly fair. Warmth generally needeoi. Progress of gardens and
truck fair.
Louisiana.—New Orleans: Growth of cotton slow because of cool weather,
but condition continues fair to good; light to moderate rains kept many
fields wet and grassy, especially in east, but cultivation fair progress and
chopping about finished; some squaring northward to Shreveport. Progress
and condition of corn very good and cane, truck, rice, and minor crops
continued good growth.
Texas.—Houston: Averaged warm in extreme west, but moderate to
somewhat cool elsewhere. Rainfall light to heavy and general, except on
coast; moisture in Panhandle benefitting crops materially. Progress and
condition of cotton mostly fair to good; planting practically completed
ranges, and
and cultivation well advanced. Corn, wheat, oats, truck,in southwest
cattle mostly fair to good, though some corn deteriorated
••-•. pWM'
some wheat poor in Abilene section.
and
Oklahoma.—Oklahoma City: Moderate temperatures, with light to
heavy rains in most sections, but unevenly distributed. Conditions mostly
favorable, but more moisture needed in scattered areas, especially* northwest. Progress and condition of cotton good and cnopping good advance.
Progress and condition of corn fair; fields well cultivated. Condition of
winter wheat fair, except poor in much of northwest and west-central;
• 1111111s..-ii
ripening fast. Oats fair to rather poor condition; some cut. week, with
Arkansas.—Little Rock: Progress of cotton excellent first of
favorable weather, but growth slow remainder; little serious damage
occurred; still planting in a few localities, while chopping completed in
many southern sections; crop well cultivated and clean. Progress and
condition of corn very good. Weather favorable for all other crops.dried
Tennessee.—Nashville: No rain over most of section and ground
rapidly; cool latter part unfavorable. Setting tobacco nearing completion;
stands. Progress and condition of corn fair; planting continues.
iress and condition of winter wheat mostly very good; stalks short
c
og
locally, but heading well. Progress of cotton fair and condition fairly
good; being chopped rapidly; crop clean.
Kentucky—Louisville: Low temperatures retarded growth; rainfall
negligible. Soil moisture diminished rapidly account low humidity and
areas of deficiency increasing. Last corn planting delayed by dryness of
soil; condition and progress fair; cultivation clean. Tobacco transplantipg
advanced slowly by machine or watering, with hand setting; plants late
and developing slowly. Condition and progress of winter wheat poor
to very good; marked variation on different soils and enough moisture to
ill heads over only about half of State.
fr
THE DRY GOODS TRADE
New York, Friday Night June 1 1934.
Thanks to more favorable weather conditions, retail trade
showed a slight improvement, with best reports coming
from the South. Recent price reductions also served to
produce a somewhat better response to store offerings,
June 2 1934
bearing out the contention that much of the hesitation
noted in sales in metropolitan stores had been caused by
overpricing of many standard articles compared with the
values on similar merchandise offered in mail order catalogues, small neighborhood stores and many of the s9-called
country retail establishments. In this connection it is of
interest to note that, according to a report prepared by the
Department of Commerce, sales of stores in towns of less
than 30,000 population for the first four months of the
current year ran 40M% ahead of volume in the corresponding
period of 1933, i.e., considerably better than was the
showing of all stores irrespective of population. Dollar
volume of store sales in the metropolitan area durinathe
month of May are expected to show an increase of about
5% over May 1933 which would indicate a substantial
decline in the physical volume of sales.
In line with the slightly ameliorated conditions in retail
trade, sentiment in the wholesale dry goods markets was
somewhat improved, but actual orders continued small,
being strictly limited to current requirements. Merchants
are keeping their stocks down in anticipation of the summer
lull and in order to take advantage of the usual season-end
purchasing opportunities. Some further softening of prices
in staple lines was evidenced by the willingness of manufacturers to offer inducements to quantity buyers. Purchases
of wholesalers in cotton and other textiles for fall are being
held back until the price situation clears up. First fall
commitments were placed on fur coats with prices generally
higher than last year. Trading in silk goods was slightly
more sctive, largely as a result of the recent curtailment in
output which imparted a healthier tone to this market.
Some orders for fall goods were placed by converters. Following the recent series of price reductions, the tone of the
rayon market showed appreciable improvement. As a result
of some good•isized orders placed right after the announcement of the new quotations, stocks of viscose yarns in the
to
hands of larger producers are said to have been cut. less
than two weeks' normal output. Orders for June shipment
are also reported to have been received in good volume,
with the larger firms continuing to obtain the bulk of the
business.
Domestic Cotton Goods.—Trading in print cloths continued extremely inactive, with some shading of.prices,
largely due to offerings by second-hands. The failure of
buyers to enter the market following the announcement of
the 25% cut in production, proved a disappointment to
holders. Reports current at the beginning of the week that
substantial quantities of finished goods had been sold.for
fall shipment,likewise were unable to bestir buyers to action.
The widely heralded threats of a general strike among
cotton mill workers were taken none too seriously; it was
felt that mills would hardly strenuously object to the possibility of such a walkout, at a period when inventories were
accumulating and demand was at low ebb. On the other
hand, it was doubted whether the majority of the workers
would join a strike movement. A better tone prevailed in
the market for narrow sheetings, with available production
.
in a number of styles said to be very limited. Trading in
fine yarn cotton goods continued quiet with prices showing
slight recessions. Combed lawns were offered in appreciable
volume at some price concessions. Closing prices in print
cloth were as follows: 39-inch 80's, 83 c., 39-inch 72-76's,
4
8Mc., 39
-inch 68-72's, 73c., 383/2-inch 64-60's, 63io.,
383' -inch 60-48's, 53,c.
Woolen Goods.—A slightly better sentiment existed in
the wool goods market, and hopes were expressed that the
long slump in this market is being slowly overcome. The
appearance of warmer weather served to stimulate buying
of tropical worsteds, flannel trouserings and other types of
summer fabrics, mostly for spot deliveries. An appreciable
pick-up in the retail movement of men's clothing was reflected in a good number of small orders placed by clothing
manufacturers, but it was noted that this buying originated
mostly with firms in the Middle West while Eastern cutters
were slow in entering the market. Retail promotions planned
in connection with the coming celebration of Father's Day,
are expected to further stimulate the buying of men's goods.
A little more interest was also shown in fall offerings and a
few duplicate orders were placed on better grade fabrics.
Trading in women's wear fabrics continued to improve,
with the call for dress goods showing an appreciable expansion, although orders appeared to be mostly confined to
low-priced fabrics. Sports wear items continued to attract
attention and there was a steady call for white coatings for
immediate and nearby delivery.
Foreign Dry Goods.—While business in linen goods
contracted seasonally, the undertone of the market remained
good. Stocks of desirable goods are virtually non-existent
with the result that spot calls command premiums over
current quotations. In dress-linens, white continues.the
leading color while interest in blues and browns has declined
somewhat. Next year's lines of linen dress goods and suitings
which are now being prepared, are expected to open at current prices. Further slight recessions in burlap prices re.
ported from the Calcutta market resulted in the reaching of
new low quotations for the current movement. Trading
continued in the desultory fashion noted for some time.
Domestically light-weights were quoted at 4.35c., heavies
at 6.05c.
Financial Chronicle
Volume 138
3807
State and City Department
Fifth.
-Railroad bonds which the Bank Commissioner
finds to be legal investments are shown below:
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105 W.Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
Connecticut.
-List of Legal Investments for Savings
Banks.
-Complying with Section 3996, General Statutes,
Revision of 1930, Walter Perry, Bank Commissioner, issued
on May 1 1934 the list of bonds and obligations which he
finds upon investigation are legal investments for savings
banks under provisions of Section 3995. This list is revised
semi-annually on the 1st of May and the 1st of November.
The list of eligible securities was materially broadened by
legislative enactments in 1929 as to public utility bonds and
railroad equipment trust certificates (V. 129, p. 314). The
Commissioner again calls attention to the wording of the
law, which discriminates against the "Special Assessment"
or "Improvement" bonds, or other bonds or obligations
which are not direct obligations of the city issuing the same
and for which the faith and credit of the issuing city are not
pledged. This present list does not show that any matarial
changes have been made since Nov. 1. The last list published was for Nov. 1 1933 and appeared in the "Chronicle"
of Jan. 6 1934, on pages 178 to 180. We print the May 1
1934 list herewith in full, indicating by means of an asterisk
(*) the securities added since Nov. 1 1933, while those that
have been dropped are placed in full-face brackets.
The following table shows the State and municipal bonds
which are considered legal investments:
Ftrat.-Bonde of the United States, or DeslMoines. Iowa. Muncie. Incl.
Chose for which the faith of the United Duluth, Minn.
Muskegon. alich.
States is pledged, including the bonds of East Chicago, Ind. Nashua. N. H.
the District of Columbia.
East Liverpool,0 Newark, Ohio.
United States bonds
38 1918 [East St.Louls. Ill] New Albany. Ind.
U. S. Panama Canal
New Bedford, Mae .
25. 1936 Eau Claire, Wise
D. S. Panama Canal
Newburgh, N. Y.
_38, 1961 Elgin, Ill.
liberty bonds
New Castle. Pa.
All Issues Elkhart. Ind.
Treasury bonds and notes
Newport. KY.
All issues Elmira. N. Y.
Newport. R. I.
Second -Legally issued bonds and Elyria, Ohio.
Newton. Mass.
Interest-bearing obligations of the follow- Erie, Pa.
NorthAdams.Mass.
Evanston. III.
ing States:
Evansville, Ind.
Northampton. Mass
Arizona
Norwood, Ohio
Everett, Mass.
New Hampshire
California
Oakland. Cal.
Everett, Wash.
New Jersey
Colorado
Ogden, Utah
New Mexico
Fargo, No. Dak.
Connecticut
Fitchburg, Mass. Oshkosh. Wis.
New York
Delaware
Fond-d u-lac,W lac. Ottumwa. Iowa
North Dakota
Florida
Ohio
Fort Wayne. led. Parkersburg. W Vs
Idaho
Pasadena. Cal.
Fresno. Cal.
Oklahoma
Illinois
Peoria. III.
Galesburg, Ill
Oregon
Indiana
Pittsfield, Mass.
Glendale, Calif.
Pennsylvania
Iowa
Gloucester, Maas. Port Huron. Mich.
Rhode Island
Kansas
Gloversville. N. Y Portland, Me.
South Dakota
Kentucky
Pottsville, Pa.
Green Bay, WiS.
Tennessee
Maine
Hamilton. Ohio
Texas
Providence, It. I.
Maryland
Hammond, Ind.
Quincy. Ill.
Utah
Massachusetts
Harrisburg, Pa.
Quincy, Mass.
Vermont
Michigan
Haverhill, Mass.
Racine, Wis.
tVirginia
Minnesota
Holyoke, Mass.
Reading. Pa.
Washington
Missouri
Huntington, W Va. Richmond. Intl.
West Virginia
Montana
Huntington Park. Riverside. Calif.
Wisconsin
Nevada
Calif.
Rockford, Ill.
Wyoming
t Refunding bonds, 4s, 1962, and Hutchinson, Kan. Rock Island, III.
'Century" bonds, 3s. 1991; refer to Indianapolis, Incl. Rome. N. Y.
V. 133, p. 993. and P. 3284.
Ithaca. N. Y.
Sacramento, Calif.
Third -Legally issued bonds and ob- Jamestown. N. Y. Saginaw, Mien.
St. Cloud. Minn.
ligations of any county, town, city. Janesville. Wise.
St. Joseph, Mo
borough, school district, fire district, or Joliet, Ill.
St. Louie. Mo.
sewer district in the State of Connecticut, Joplin, Mo.
and in the obligations of the Metropolitan Kalamazoo. Mich. Salem, Mass.
Kansas City, Mo. Salt Lake City.Utah
District of Ilartford County.
Kenosha, Wis.
San Diego. Cal.
Foueth.-Legally authorized bonds of
N. Y.
Sandusky. Ohio
the following cities outside of Connecticut, Kingston,Ind.
San Francisco, Cal.
Kokomo.
and which are the direct obligations of the
San Jose. Cal.
shy limning the same. "Special Assess- La Crosse, Wis.
Lafayette, Ind.
Scranton. Pa
ments" and "Improvement" bonds which Lancaster, Pa.
Sheboygan, Wie
are not the direct obligations of the city Lansing, Mich.
Shenandoah, Pa
and for which its faith and credit are not t.awrence, Mass
Sioux City. Iowa.
pledged are not allowable.
Lebanon. Pa.
Sioux Falls. Bo. D.
Alameda. Cal.
Lewiston. Me.
Brockton, Mass
Somerville. Mass.
Alhambra, Calif.
Lexington, Ky.
South Bend, Incl.
Burlington, Iowa
Allentown, Pa.
Lincoln, Neb.
Spokane. Wash.
Cambridge. mass.
Alton, III.
Lockport. N. V.
Springfield. 111.
Canton. Ohio.
altoona, Pa.
Cedar Rapids. Iowa [Lorain. Ohio]
Springfield, Mass
[Anderson, Incl.] Central Fails. R. I. Lowell, Mass.
Springfield, Mo.
Ashtabula. Ohio.
Springfield, Ohio
Charleston, W.Va. Lynn, Mass.
Auburn, N. Y.
Steubenville. Ohio
Madison. %Vie.
Chelsea, Mass.
Aurora. III,
Malden. Mass.
Chester, Pa.
Taunton. Maas.
Bakersfield. Calif. Chicago. III.
Manchester. N. H. Terre Haute. Ind
Bangor, Me.
Manitowoc. Wis. Topeka, Kan
Chicago Hta.,
Battle Creek. klich. Chicopee, Mass
Mansfield. Ohio.
Waltham. Masts
Bay City. Mich.
Marion. Ind.
Cincinnati, Ohio.
Warren.Ohlo
Bayonne. N. J.
Waterloo Iowa
Clarksburg, W. Va. Marion. Ohio.
III.
Belleville,
Colorado Spits., Col. Mason City. Ia.
Wauwatosa, Wise.
Bellingham. Wash. Concord, N. it.
Massilon, Ohio.
Wheeling, W. Va
Beloit, Wisc.
Council Bluffa.lowa. Medford, Mass.
Wichita, Kan.
Berkeley. Cal.
Wilkes-Sarre. Pa.
Covington, Ky.
Melrose, Mass.
Berlin, N. It.
Danville, III.
Middletown, N. Y. Williamsport. Pa.
Beverly. Mass.
Middletown. Ohio, Worcester. Mass.
Davenport, Iowa.
Binghamton. N. Y. Dayton. Ohio,
York, Pa.
Milwaukee. Wis.
Bloomington. III.
Decatur, III.
Minneapolis. Minn. I Youngstown,Ohlt
Boise City. Ida,
Denver, Colo.
Zanesville. Ohio.
Moline, III.
BONDS OF NEW ENGLAND COMPANIES
Conn. & Passumpsic River RR. 4s. 1943
Maine Central System.
Portl. & Rum!. Falls By. 55, 1951.
Bangor & Aroostook System.
Aroostook Northern 5s. 1947.
New York New Haven & Hartf.System
consolidated Refunding 45. 1951.
First Mortgage Os, 1943.
Holyoke & Westfield RR. 1st 449, 1951
medford Extension 58. 1937
Norwich & Worcester hat 41.45, 1947
Northern Maine Seaport 5s, 1935
Old Colony RR.
PiscataquIs Division 5s. 1943
Debenture 45, 1938
van Buren Extension 5s. 1943
First 53.413. 1944
St. John's River Extension 5s, 1939.
First 58, 1945
Washburn Extension to. 1939.
First 43.45. 1950
Providence & Worcester RR. 1st 4.5. 1947
New London Northern RR. 1st 49, 1940 Boston & Providence RR. deb. 58 1938
BONDS OF OTHER COMPANIES.
Chesapeake & Ohio RR. Co.
Pennsylvania System.
First consolidated 5s. 1939
Cleve. & Pitts.(guar.) gen. 335e. 1948
.
Refd. & Impt. series A,430, 1993
Cleve. & Pitts. (guar.) gen. 33.4s, 1950.
Reid.& impt. ser. B 43.45,1995
Cleve.& Pitts.(guar.) gen. 35.5ikir4;4E1'42.
Craig Valley Branch 15t 55, 1940
Gen. & ref. 43s, 1977 • and 1981.
Ches. & Ohio Northern 1st 58, 1945
Col. Fs Pt, Dep, Ry, 1st 45. 1940.
Richmond & Allegheny div. 1st 4s. 1989 Connecting By. (guar.) 42 & 41.s, 1951.
Richmond & Allegheny dB% 2nd 48,'89
Connecting Ry. (guar.) 5s, 1951, 116;41
Warm Springs Valley Br. lot 5s, 1941
Del. Itiv. & Bridge Co.(guar.) 1st 4.9.'36.
Green liner By. 1st 4s, 1940
Phila. Bait. & Wash. RR.
Big Sandy Ry. let 45, 1944
1st 4s, 1943.
Paint Creek Branch 1st 48, 1945
General mortgage A 6s, 1960.
Coal River Ry. 1st 4s, 1945
General series B 5s, 1974.
Potts Creek Branch 1st 45, 1946
General series C 43.4s, 1977.
Raleigh ,k So Western 1st 4s. 1936
" General series D 43i5. 1981.
,
Kanawha Bridge dr Term., 1st. 5s, 1948 Phila. & Bait. Central 1st 4..s. 1951.
Virginia Air Line, 1st 5s, 1952
United N. J. RR. & Canal Co.
General mortgage, 41.6s, 1992
General 4.5, 1948,
General 4s, 1944,
Delaware & Hudson System,
General 33.45, 1951.
Adirondack Ry. 1st 4;is. 1942
General 45is. 1973 and 1979.
Albany & Sus.RR.(guar.) cony. 3545.'4e
Wash. Term. (guar.) 1st 3
& 4s, 1945.
Del. & Hudson Co. 1st & ref. 4s. 1943
Pitts. Cinc. Chic. & St. L. RR.
Delaw. Lack. & Western System.
Consclidated gold A 43-4s, 1940.
Morris & Essex RR.(guar.) ref.3 3.4s. 2001
Consolidated gold B 43-48, 1942.
Warren RR.(guar.) ref. 354s, 2000
N .Y.Lack.& West.(guar.) 1st 4
'73 Consolidated gold C 434s, 1942.
N.Y. Lack. & West.(guar.) 1st 5s, 1973 Consolidated gold D 45, 1945.
Consolidated gold E 33-45. 1949.
Long Island Railroad Co.
Consolidated gold F 4s, 1953.
[N. Y. Brooklyn & Manhattan Beach Consolidated gold G 4s, 1957.
1st cons. 5s, 1935]
Consolidated gold 11 44, 1960.
[L. I. City & Flushing cons. 5s, 1937]
Consolidated gold I 434s, 1963.
[Brooklyn ,it Montauk 1st 5s, 1938.]
Consolidated gold J 045. 1964.
[Long Island gen. gold 4s, 1938.]
General mortgage A 5s, 1970.
[N. Y. Bay Extension 1st 5s, 1943.]
General mortgage B 55, 1975.
[Montauk Extension 1st 5s, 1945.]
General mortgage C 43
-is. 1977.
[Unified gold 45, 1949.]
Vendetta RR. cons. A 45, 1955.
Vanden RR. cons. B 44, 1957.
Norfolk & Western System.
Consolidated mortgage 4 1996.
8.
Union Pacific Railroad.
[Impt. & eaten. mtge. 6s, 1934.]
First mortgage 4s, 1947.
Norfolk Terminal Ry. 1st 4s, 1961.
Refunding mortgage 4s. 2008.
Scioto Val. & N. E. RR. 1st 4s, 1989.
Refunding mortgage 5s, 2008.
Winston-Salem Term. (go.) 1st 5s,'66
Oregon Short Line cons. let 5s, 1946.
Cincinnati Union Terminal
Oregon Short Line cons. 4.9. 1960.
Series A (guar.) 1st 43.4s, 2020.
Oregon Short Line Income Ss. 1946.
Series 13 (guar.) 1st 5s, 2020.
Ore.
-Wash. RR. & Nay. Co. 1st & ref.
Series C (guar.) lot 5s, 1957.
(guar.) 4s. 1961,
These notes are legal under Sec. 32 and savings banks may invest not to
exceed 2% therein.
Railroad bonds which are at present not legal under the
general provisions of the law, but which are legal investments
under Section 27 (given below), are as follows:
Sec. 27. The provisions of Mit AM shall not render illegal the investment in
nor the investment hereafter in, any bonds or interest-bearing obligations issued or
assumed by a railroad corporation, which were a legal investment on May 28 1913
so long as such bonds or interezt-bearine obligations continue to eotnply with the
law which was in force prior to said date; but no such bond or interest-bearing obligation that falls, subsequent to said date, to comply with said laws, shall again be a
legal investment unless such bonds or interest bearing obligations comply with the
provisions of this section.
•Albany & Susquehanna RR. Co. 1st
Illinois Central System.
mtge. 33.4s, 1946.
Chicago St. L.& N.0.
Boston & Albany RR.
Cons. 3568 and Or, 1951.
,
Boston & Albany RR.
Memphis Division 44, 1951.
Debenture 33.is, 1951.
Debenture 33-4s. 1952.
New York Central System.
[Debenture 4s, 1934.3
N. Y. & Harlem RR. ref. 334s. 2000
Debenture 45. 1935.
Beech Creek RR. let 45, 1936
Debenture 43.48, 1937,
Kalam. Allegan dr G. R. RR. 1st Os. 1938
Debenture 5s, 1938.
Mahoning Coal RR. let 5s, 1934
Debenture 5s, 1963.
Buffalo Rochester & Pittsb. Spite in
Pennsylvania System.
Allegheny & Western By. 1st 4s, 1998
Elmira dr Williamspt. RR. lot 4e. 1950
Clearfield & Mahoning Ry. 1st 55, 1943
Erie & Pittsburgh RR. gen. 33-45, 1940
Little Miami RR. 1st 4s, 1962
Central Ry. of New Jersey System
B. Y. & Long Breh. RR.gen. 4s .t 5e.'41 N. Y. Phila. & Norfolk RR. let 45, 1939
WIlkes-Barre & Scran. By. 1st 41.4s. 1938 Ohio Connecting Ry. 1st 4s, 1943
Connecticut Railway & Lighting Co. Pitts. Youngs. & Ash. RR. gen 45, 1948
West Jersey & Sea Shore RR.
First Refunding 45.4s, 1951
Series A,B. C,D.E and F 33-45 &48.'36
Conn. Lighting & Power Co. let 5e, 1939
Reading System.
Get. & Tol. Shore Line RR. let 4s, 1953
Del.& Bound Brook RR.cons. 334s. 1955
Duluth & Iron Range RR. 1st 55. 1437
East Pennsylvania RR. 1st 4s, 1958
Erie Railroad System.
North Pennsylvania RR. 1st 45, 1936
Cleve. & Mahoning Val. By. 1st 5s, 1938
Terminal Railroad Assn. of St. Louis
Hocking Valley Railway Co.
First Consolidated 4345. 1999
Consolidated Mortgage 5s, 1944
Colum.& Hock. Val. RR. let ext. 48,190 First Mortgage 4345, 1939
Columbus & Toledo RR. 1st ext. 4s, 1951 General Refunding Mortgage 4s, 1953
Sixth.
-Equipment trust obligations as follows (savings
banks may invest not exceeding six per centum of their
deposits and surplus therein):
Chesapeake & Ohio Ry. Co.
Series S, 6345, serially 1921-1935
Series T. 534o, serially 1923-1937
Series U, 58, serially 1924-1938
Series V. 5s. seriall :1925-1939
tieries W. 4 3-Os, serially 1926-1940
Series of 1929, 4348, serially 1930-1944
Series of 1930, 41.48. serially, 1931-1945
Long Island Railroad Co.
[Series E, 5s, serially to 1938.
Series F, 5s, serially to 1939
es
Series G,5s, serially to 1940
Series II, 4As. serially to 1941.]
Series I, 450,serially to 1942.]
Series J, 45is, serially to 1945.]
!Seri
National Ry. Service Corp.
Prior Lien 75, 1920 to 1935
75. 1921 to 1936
Norfolk & Western System.
[Equip. tr. ser.1924, 4
s.
-a.1924-'34]
Equip. tr. ser. 1925, 4545. ser 1926-1935
Pittsburgh & Lake Erie RR. Co.
Equipment trust 6
serially, 1921-1935
Union Pacific Railroad.
Equipment trust 75. serially 1924 to 1935
Equip. trust Series B 5s, serially 1927-38
Equip. trust Series C 4 Lis, serially 28-'38
Equip, tr.. ser. D,434s serially '29 to '38
3808
Financial Chronicle
Other securities in which banks may invest are:
Central Maine Power Co.
Sera:MFirst mortgage 55, 1939
eows. of Water Co.. In Connecticut.
First dr gen. B 6s, 1942
Savings banks may Invest not exceedFirst & gen. D 5% 1955
ing two per centwe of their deposits and
First dr gen. E 4145, 1957
surplus therein.
First & gen. F 534s, 1961
Branford Water Co. sees, 1943
Clevetanu Liectnc illuminating Co.
Bridgeport Hydraulic Co. set. B 4 As,'45
First mortgage Is. 1939
Series C & D, 4SO, 1961
General mortgage. Series A, Si, 1954
Greenwich Water Co. let mtge. 414.'57
General mortgage, Series B. les, 1981
Guilford-Cbester Water Co. lel eon Consol. Gas-Electric Lt. eic Power Co.:
fis. 1939
Cons. Gas of Baltimore lot m.Is, 1939
New Haven Water Co.
Cone. Gas of Baltimore gen.4 44s.1954
let 4145. 1945.
General mortgage 411s, 1935
let & ref. 414s,series A,1957.
Detroit Edison Co.
ref. 4145. series B, 1970.
let &
General and refunding, 5s, 1949
let & ref. series C 41es, 1981.
General and refunding 5e, 1952
1s1 dr ref. aeries D 414IL 1983.
General and refunding, Is, 1955
Stamford Water Co let 5e, 1952
General and refunding, 513. 1962
General and refunding, 414,. 1961
Also under Subdivision 22 any bonds
-let et. ref, 4315, 1967
or interest-beartug obligations of the fol- Duke Power Co.
Duquesne Light Co. let mtge.4 A s,1967
lowing .*ter +companies:
let mtge. 4348, 1957.
Ansonia Water Co
Fail River Elec. Lt. Co. let m. Its, 1945
Bridgeport Hydraulic Co.
[Green Mountain Power Corp.]
ureenwicii V. ate,
(Burlington Gas Light let be, 19513
Naugatuck Water Co.
[Green Mountain Power let be, 194r3
New Haven Water Co.
lnulana Gen'l Service Co. 1st m.5s. 194
Stamford Water Co.
Jersey Cent. Power & Light Co.
Torrington Water Co
First, Is, 1947
-First 434s, 1961
EighthKansas City Power dr Light Co :
Bonds of Telephone Co.. in Conn. First mortgage 434s. 1957
Savings banks may invest not exceedFirst mortgage 4391. 1961
ing two per centum of their deposits and Kings County Lignting Co.
surplus therein.
1st refunding 56 and 61.48. 1954
Co.
So. NEW Eng. Telephone
Los Angeles Gas & Elec. Corp.
1st 5s. 1948.
First and refunding, Is, 1939
Debenture Is, 1970.
First and general. 5s. 1961
General mortgage, 55, 1934
NinThGeneral and refunding, fis, 1942
General and refunding. 51es, 1947
Bonds of Telep. Co.. outside of Conn
General and refunding. 534., 1943
Savings banks may Invest not exceedGeneral and refunding, 53es. 1949
ing two per centum of their deposits and
Narragansett Electric Co.
surplus therein
1st 5eries A es B 55, 1957.
Amer. Tel. er Tel.Co. coll. trust 5e, 1946
1st series C 55, 1958.
N. Y. Telennone Co. let 444e. 1939
New England Power Co. let 55, 1951.
New England Tel. & Tel. let 5e. 1952
Series B 4Hs. '61 New Jersey Power & Light Co.
First mortgage, 444s, 1960
Also under Subdivision 34.
New York Central Dec. Corp.
Savings banks may invest not exceeding
1st 534s, 1950
5% of their deposits and surplus In the New York Lateon Co.following bonds, but not more than 2%
Edis. El. 111. of N.Y. let eons. 5e. 1999
one such telephone
In the bonds of any
N.Y. Edison Co 1st dr ref.8 He, 1941
company.
N.Y Edison Co lis & ref Ite. 19i i
Bell Telep. of Penna. let & ref. 55, 1948
N.Y.Ed.Co. lst & ref.ger.C 51.1951
55. 1960
"
N.Y.tins, E. L.. rt. & P. 1st be, lase
Central District Telep. lit 5s. 1943
N Y Gas. F.L .H.lt P pur.M.4e. 1944,
Illinois Bell Telep. let ref. 5s. 1956
N. Y. State Gas dr Elec. Co.
Pac.Tel. dr Tel tat & collat. 55, 1937
let mortgage,5;0.1962
refunding 55, 1962
N. Y. State Elec. & Gee CO.
55, 1941
Southern Bell Telephone let
1st mortgage, 41.4,. 1980
Southern Calif. Telep. let dr ref. 5e, 1947
let mortgage 434s. 1960
Southwestern Bell Tel. let ref. 55 1954 Pacific Gas & Electric Co.
let dr ref. 68, 1941
Tana
1st dr ref. 544., 1952
Bonds of Gas and Electric Lighting
let & ref. 58, 1955
Companies In Connecticut.
1st & ref. 444s, 1957
lot & ref. 434s, 1960
Savings banks may invest not exceedGen. & ref. Is, 1942
ng two per centum or their denosirs sne
surplus therein, or a total of 25% In gas Pennsylvania Electric Co.
1st & ref., series F, 48, 1971
and electric bonds of all companies:
1st & ref., series G, 45, 1961
tiridgenurt Gas Lt. Co. 1st 4$. 1952
1st & ref. series H 55. 1962
Central Conn.Pr.es U.Co. lit 51. 1937
Penn. Pub. Serv. 1st d: ref., 65, 1947
Connecticut Power Co.:
Penn. Pub, Serv.. 1st & ref.. 58, 1954
1st & cons. 55, 1983
[Poples Gas Lt. & Coke Co.(Chicago)•3
1st 58, 1956
[Chicago Gas Lt. & Coke let 5s, 19373
Berkshire Power Co. 1st 5e, 1934
Consumers Gas CO. 1st be, 1938]
Connecticut Light Ai Power Co.:
First & refunding 45, 1981]
let & refunding A 7e, 1951
First & refunding 6s. 1957]
let & refunding B 514e. 1954
%intim! Fuel Gas Co. 1st In, 1947
refunding C 444e, 1958
let &
Peoples G. L. de C. 1st cons. 65,
let dr refunding D 55. 1962
Refunding 58. 1947
*Bristol & Plainville Tram Co. let
Philadelphia Llectric Co.4He, 1945.
Phila. Elec. of Penns let mtge. 45.'611
Danbury & Bethel Gas & Electric Light
Phila. FAN. of Penna. 1st mtge. 5. .1114
Company let 5e, 1953
Phila. Electric let & ref. 414,. 1967
Danbury et Bethel Gas & Electric Light
Phila. Electric 1st dr ref. 4e, 1971
Co., Series A Mtge. Bonds Be. 1948
Eastern Conn. Power Co. 1st Is. 1948 Phila. Sub. Counties Gas & El. 444e,'57
Potomac Electric Power Co.:
Hartford City Gas Lt. Co. lit 45,'35
Consolidated 5a, 1936
New Britain ORS Light Co ila. 1051
General At refunding 68, 1953
Rockville-Willimantic Lighting Co. 1st
Providence Gas Co. 1st m. 544e, 1942
ref. gold 5e and 6s. 1971
First mortgage es. 1963.
1936
Rockville Gas & Elect let 58.
Stamford Gas h Elec. Co Gonsol. 56.1948 Public Service Electric es Ga8 Co.:
United Electric Co. of N. J. let 4s,'49
United illuminating Co. let es 1940
P. S. Elec. dr Gas 1st & ref. 444e, 1967
Waterbury Gas Co. let 414e, 1958
island refunding,4s, 1971
let & ref. mtge, gold bonds, 444%,
Bonds of Public Utility Companies
1970
EleventhRockland L.& P. Co. tat dr ref. 444s,'58
Authorized under Subdivision 33. San Diego Consol. Gas dr Electric Co.'
let mtge 5e, 1939
Savings banks may invest not more than
1st dr refunding 6s. 1939
25% of their deposits and surplus in the
1st & refunding 55. 1947
following bonds, but not more than 5% in
'st & refunding 6s, 1947
the bonds of any one such corporation.
1st dr refunding ISMa, 1960
Blackstone Valley Gas & Electric Co
Southern California Edison Co.
1st de general Is. 1939
General mtge., Is. 1959
Co. gen. & ref.58,*67
Brooklyn Boro. Gas
Refunding mortgage, Is, 1951
Brooklyn Edison CompanyRefunding mortgage, Is, 1952
Geo. mtge. series E Is. 1952.
Refunding mortgage, Is, 1954
Brooklyn Edison Co. gen. as, 1949
Refunding mortgage, 4 SO, 1955
Edison Elec. Ill. of Brooklyn 1st con,
Southern Indiana Gas & Electric Co.
1939
45.
-es. 1957
1st mortgage 53
Kings Co. El. L.& P. 1st Is. 1937
.
fie.
Southern Pub. 13th. Co.. Ist 5i ref. Is.'43
pur.
Toledo Edison Co. 1st mtge. 5s, 1962.
Brooklyn Union Gas Co.:
Union Electric Lt. dc Power Co.
First consolidated Is. 1945
Gen. mtge.. series A,fis. 1954
refunding Ss, 1947
First
General mortgage 4345 h 5a. 19 .
67
First refunding 5s. 1957
Utica Gas St Electric CO.:
Buffalo General Electric Co.:
EQUitilble Gas dr Electric ist 58 1942
First mortgage 5e, 1939
Refunding h extension 55, 1957
First 4: refunding 5s, 1939
West Penn Power Co.:
General & refunding 5s, 1958
1st mtge.. series "A" Is, 1946
Gen. dr ref. 4145,1981
1st mtge., series "E" 5s, 1963
Central Hudson Gas h Electric Co.:
1st series, series "0" 5s. 1956
First & refunding its. 1941
1st mtge., series H, 45, 1961
First & refunding (IncorP.) 511. 1957
I
'A.,
-(This section was eliminated in great part by
Twelfth.
Chapter 290 of the Laws of 1933. Refer to Nov. 1 1933
legal list. Savings banks may invest not exceeding 10% of
their deposits and surplus in the obligations of the Government of the Dominion of Canada or any of its Provinces,
provided such obligations are payable in U. S. dollars
within this country, have a fixed and definite date of maturity, and shall be the direct obligations of such Government or Province and that the full faith and credit of such
June 2 1934
Government or Province shall be pledged for its payment,
principal and interest.
Alabama.
-Report Issued on Financial Condition of State.
A detailed report has been prepared by Gertler & Co. of
New York, on the finances of this State, which has had the
endorsement of Mr. S. H. Man, State Treasurer. Included
in the report is a tabulation of the principal and interest
due yearly for the next five years on each bond issue outstanding on Feb. 28 1934, which is said to be the only
compilation of its kind extant on the State of Alabama.
In addition to this feature, the report shows comparative
coverage of debt service charges on all highway and bridge
bonds, which comprise over half the total debt. This discussion of coverage on these bonds is supplemented by the
constitutional amendment covering payment of principal
and interest on all highway and bridge bonds. The report
also shows the source of revenue which is applicable for
payment of each type of bond and also shows the purposes
for which the present bonded debt of the State was issued.
Illinois.
-Third Special Session Ends.
-Sine die adjournment of the third special session, following passage by the
Senate of the State National Recovery Act bill, on May
11 ended the Legislature's consideration of emergency
measures. The General Assembly has been in Springfield
for special sessions almost continuously since Oct. 1933,
taking up in succession the problems of unemployment
relief, liquor control and school financing. The Chicago
"News" of May 12 carried the following Springfield dispatch
on the results of the special sessions from which we quote
in part:
Governor Homer's gas-tax diversion, estimated at approximately $6.
500,000,for school relief and his NRA State enforcement measure stand as
the chief results of the Illinois Legislature's third special session which
began February 13 and ended May 11.
Practically the only accomplishment of the second special session,
lasting from November 22 to May 10. was enactment of the much criticized
State liquor control law under which the saloon has returned to Illinois
with most of its old and many new evils.
The second and third special sessions have added about 75 new laws
to the already over-crowded statutes of Illinois. The exact number will
depend on how many of 15 measures still awaiting the Governor's approval
are vetoed, if any.
Thus far 61 bills have been signed, 54 passed by the third special session
and seven by the second.
In direct appropriations the last two special sessions have cost tho taxpayers of Illinois upward of 51,200,000.
Other legislative measures adopted follow:
Extension of world's fair for this summer in Chicago and the creation
of a new world's fair State commission headed by the Governor and consisting of five Senators, five Representatives and ten civilians appointed
by Governor.
Five bills to relieve bondsmen of tax collectors from liability for loss
by failure of banks in which taxes collected have been deposited and remove
requirement that taxes collected must be deposited in banks designated
by county boards.
Postponement of penalty date on 1933 taxes in downstate counties
from May 1 this year to June 1 because of inability of tax collectors in
more than 30 counties to furnish bonds under existing laws just changed.
Authorization for Chicago's school board to mortgage property not
used for school purposes to Federal Government in return for loan of
$40,000,000 to pay teachers and other school employees' back salaries.
School tax "pegging" law, intended to insure collection of at least $44.000.000 from 1933 taxes and $43,000,000 from 1934 taxes for educational
purposes in Chicago, a total of $87,000,000.
A bill to forbid labeling as "whisky" any compound containing less than
75% of actual whisky aged in oak at least four years was stricken from the
calendar of the Senate this week after it passed the House.
One bill which has passed the Legislature but not been signed by the
Governor would allow 100,000 Cook County taxpayers who have paid
their taxes in full the same 15% on their next tax bills that has been granted
some 300.000 taxpayers who secured from the County Court recently a
similar reduction.
Cook County Valuation Reduction Bill Becomes Law.
Governor Homer permitted House Bill No. 166 to become
a law without his signature, giving to all taxpayers of Cook
County the benefit of a 15% reduction in assessed valuations, according to a Springfield dispatch of May 22.
Iowa.
-Court Rules Municipal Power Financing Covered by
Blue Sky Act.
-Judge F. S. Shanldand in the Polk County
District Court signed a decree on May 28 sustaining a
ruling made by the Iowa Securities Department and the
Attorney-General that pledge warrants issued under the
Simmer Law for the building of municipal utility plants
must be qualified under the provisions of the Securities Act,
according to the New York "Journal of Commerce" of May
29. This means that such warrants must be submitted to
the scrutiny of the State blue sky department before they
can be offered for public sale to Iowa investors. It is possible
that the case will be appealed by the Ballard-Hassett Co.,
which questioned the ruling of the Attorney-General.
Minnesota.
-Court Ruling Halts Use of Relief Funds.
The operation of the Minnesota $5,000,000 emergency relief
program authorized by the last Legislature has been halted
by a decision handed down on May 19 by Judge Hugo 0.
Hanft of the Ramsey County District Court. The ruling
was made in a case brought by a Minneapolis liquor dealer,
who attacked the law on the ground that "no provision is
made for the payment of interest on the certificates of
indebtedness to be issued in anticipation of receipts from
liquor taxes, from which source the emergency fund was to
be derived; that the law would be an attempt to provide
public funds for private purposes, and that the law was
supplementary to the liquor control bill and not effective."
The Minneapolis "Journal" of May 20 reported in part as
follows on the decision:
Validity of the $5,000,000 Emergency Relief Act passed by the special
session of the Legislature last January was questioned in a decision by
Judge Hugo 0. Hanft in Ramsey County District Court Saturday.
Holding that the Act on its face is "vulnerable." as an attempt to provide
public funds for private purposes, Judge Hanft certified the case to the
State Supreme Court. He said he was deciding the matter promptly in
order that the higher court may hear it before the summer adjournment
and give a final ruling, so that, if it is sustained, "the desperately needed
aid may be promptly and honestly given to those contemplated in the Act."
Volume 138
Financial Chronicle
The State Executive Council already has issued and sold $1,000.000 of
certificates of indebtedness under the Act, and this money has largely
been spent for drouth relief, for direct relief, and for aid to war veterans.
Pending the appeal, no more certificates may be sold.
Issue Fought in Legislature.
Judge Hanft did not specify what parts of the Act he considers invalid.
It was a bone of contention in the special session, when Governor Floyd B.
Olson asked for the $5,000,000, while Senator A. J. Rockne objected to
allowance of the $2.500,000 for public works without specific grants by
the Legislature.
The law is Chapter 67 of the special session laws. It turns over to the
Executive Council all revenue from liquor and beer taxes for two years.
with power to issue $5.000.000 in certificates of indebtedness in anticipation
of this revenue. If necessary, the liquor tax money is to be used for a longer
period to pay off the debt.
Of this amount, $2,500.000 is allowed for "direct relief, drouth relief.
veteran relief and work and re-employment relief to the needy and destitute
.
and disabled persons.'
The other $2,500,000 which has not been touched yet, is to be used
to match Federal funds for public works of flood control, water supply.
'
water diversion, control of erosion and reforestation.
The liquor control bill and the liquor tax bill were passed ahead of the
relief measure, and the tax bill provided the revenue.
Montana.
-Supreme Court Holds Invalid Surtax on Income.
-The surtax which was added to the State income
tax law at the special session of the 23rd legislative assembly,
wai declared invalid on May 12 by the State Supreme Court,
according to Helena advices on that date. In a divided
opinion the rest of the income tax law was allowed to stand.
Judgment was awarded the plaintiff, R. M. Mills, enjoining
the Board of Equalization from collecting the surtax.
Public Works Administration.
-Allotments for Projects
Now Total $570,499,433.
-The following report on nonFederal allotments made by the PWA up to April 4, totaling
$570,499,433, is taken from the New York "Journal of
Commerce" of May 28:
Within three months a maximum amount of work will be in process on
non-Federal public works projects, according to Col. Henry M. Waite.
Deputy Administrator of the Federal Emergency Administration of Public
Works, writing in the current issue of the National Municipal Review.
Allotments have already been made to over 2,400 projects and 728 construction contracts and force account jobs put into operation, involving some
$570,499,433 in Federal funds up to April 4.
Of the total allotted to non-Federal projects, some $434,500.000 was
allotted to the States and municipalities and over $114,000.000 to other
public bodies for public works projects. Grants are made to the individual
units up to 30% for each project. A total of over 8.200 applications has
been filed for non-Federal projects, including a small percentage for private
loans.
Bridges and structures have received the largest share of the allotments,
101 projects receiving $153,953,311. Four hundred sewer Projects were
allotted $133,305,045, 465 schools $73,772,106, 589 waterworks projects
$70,802,901, 319 street and highway projects $38,905,196 and hospitals.
buildings and other improvements sums ranging from $20,000,000 to
$30,000,000 each. Recreation projects received $2,411,900.
New York City.
-Utilities Tax Increased to 1H% by
City.-publie utility corporations will be taxed by the city
on their gross receipts from March 1 to December 31 at
the rate of 1%% instead of at the 1% rate originally proposed by Mayor La Guardia. The Mayor and the members
of the Board of Estimate concurred on May 29 in an amendment by the Board of Aldermen increasing the rate. It is
said that the Mayor will sign the bill after a public hearing
to be held after five days' notice. At the increased rate it
was estimated that the utility tax would yield $12,000,000
a year. The tax is payable each month on the business of
the previous month, but the first payment will cover the
months of March, April and May. All utility corporations
regulated by the Public Service Commission or the Transit
Commission are subject to the tax. The tax was made
applicable to the receipts for the rest of the year only because
the grant of taxing power by the Legislature does not extend
• beyond December 31. The Mayor may seek authority to
fix the tax for good.
Another administration tax bill imposing a graduated
levy on chain stores was passed in amended form by the
Board of Aldermen. The impost ranges from $10 a store
for chains of two to ten units to $40 a store for chains of
31 to 40 units. All units in excess of 40 are to be taxed
$50 a year. The tax, which is counted on to yield $300,000
to $400,000 a year, is payable in August.
Special Legislative Session on Charter Revision Requested.Former Governor Alfred E. Smith, as Chairman of the New
York City Charter Commission,sent to Governor Herbert H.
Lehman on May 29 the Commission's formal request for
an extra session of the Legislature to adopt constitutional
amendments to make possible the reorganization, consolidation and abolition of county offices in the five counties of
New York City. That Governor Lehman will call the session,
probably late in June and co-incident with the extra session
of the Senate which will consider the expelling of Senator
Warren T. Thayer for his connection with public utility
interests, has been indicated in Albany. The date tentatively set for the Thayer session is June 19. The following
is the text of Mr. Smith's letter to the Governor:
Dear Governor:
-The New York City Charter Commission, by a vote
of 25 ayes and 1 no, has asked me to request you to call an extraordinary
session of the Legislatureand to request that you recommend at this
extraordinary session the 'adoption of constitutional amendments which
will permit the reorganization, consolidation and abolition of county offices
in the five counties within the City of New York.
It is the opinion of the great majority of the City Charter Commission
that no charter revision worthy of the name can be accomplished which
leaves the five present, independent, wasteful, inefficient and overlapping
county governments frozen into the constitution and beyond the reach
ofthe city government. If constitutional amendments are adopted this year
and passed again at the regular session next year, they can be approved
by the people in the fall of 1935. Unless this procedure is followed the amendments cannot be submitted to the people until November 1937.
If you decide to call an extraordinary session, we shall be prepared to
forward to you, for submission to the Legislature, amendments to accomplish the purpose herein outlined.
Kindest regards.
Sincerely yours,
ALFRED E. SMITH. Chairman.
Statement on Tax Collections Shows Receipts Improving.
A supplemental statement on tax collections for 1934 and
3809
the collections of taxes in arrears from recent years was
sent to bankers and dealers in New York City's securities
on May 27 by Comptroller Joseph W. McGoldrick, with
an announcement that collections were far beyond expectations and indicated a considerable improvement in the city's
financial condition.
The announcement was contained in a lengthy document
which also gave the first published summary of the operation
of the bankers' agreement made in October 1933. It showed
that the city had redeemed all of the $140,000,000 of revenue
bills issued in anticipation of current taxes, constituting,the
revolving fund as it stood for the first half of 1934, leaving
no bills outstanding as of May 24 1934. The Comptroller
said that the summary also showed the city has redeemed
from arrears in taxes $100,000,000 out of $226,432,500 in
4% revenue notes, due Nov. 30 1936, which were issued
to refund revenue bills outstanding last November 30.
The low point in collection of current taxes was 1933, it
is said.
BOND PROPOSALS AND NEGOTIATIONS
ABITA SPRINGS, St. Tammany Parish, La.
-BOND SALE NOT
CONTEMPLATED.
-It is stated by the Town Secretary that no definite
action has been taken regarding the issuance of the
works bonds approved by the voters on March 13-V. $30.000 4% water
138. P. 2114.
ALBANY COUNTY (P. 0. Albany), N. Y.
-FINANCIAL
MENT.
-In connection with the award on May 10 of $195,000 STATEing bonds to Halsey, Stuart & Co., Inc. and Graham, Parsons 3%,refundof New York, jointly, at 100.75, a basis of about 2.85%-V. & Co., both
138, p.3313
we give the following:
Financial Statement.
Bonded indebtedness (including current issue)
$9,113,000
Amt.to be redeemed during the remainder of the fiscal year
1934
187,000
Temporary tax loans outstanding
1,000.000
Assessed valuation
324,840,247
Population, Census 1930, 211,953.
Tax Collection Information.
Taxes for the City of Albany and the towns of Berne,
Bethlehem, Coermans. Colonle, Green Island, Guilderland, Knox, New
Scotland, Rensselaerville and Westerlo are levied in December each year.
The taxes for the City of Albany are collected by the
City
one year thereafter and are then returned to the County Treasurer for
Treasurer who
collects the taxes for nine months. After nine months
the County Treasurer proceeds to sell them at a tax sale.
The town taxes are collected by town tax
months of the year and are then returned to collectors for the first four
the
collects them for about a year and then proceeds to County Treasurer who
sell
The collections by the City Treasurer, the County them at a tax sale.
Treasurer and the
town collectors are for all city, county, town and State
taxes. School
taxes and special district taxes are not included.
Total Levy
(not Including
Uncollected
Uncollected
Special
at End of
June 9
Fiscal Year Beginning- Assessments).
First Year.
1933.
1929
$9,199,205.16
$702,046.35
$161,920.00
1930
10,112,186.91
828,935.04
214,409.09
Tax revenue bonds in amount $150,000 were sold June
12 1933 to cover
the $161,920 deficiency in 1929 taxes.
Tax revenue bonds in amount $200,000 were sold June
12 1933 to cover
$214,409.09 deficiency in 1930 taxes.
Total Levy
(not Including
Uncollected
Uncollected
Special
at End of
Dec. 21
Fiscal Year Beginning- Assessments).
First Year.
1933.
1931
$9.831,231.00
$962,159.90
$456,364.38
Tax revenue bonds in amount $400,000 were sold Dec.
27 1933 to cover
the $456,364.38 deficiency in 1931.
Total Levy
(not Including
Uncollected
Uncollected.
Special
at End of
May 3
Fiscal Year Beginning-- Assessments).
First Year,
1934.
1932
$8,969,284.18 $1,219,345.30
$891,764.27
1933 tax collections started Jan. 1 1934.
1933 total tax levy $9,211,583.28.
1933 total taxes collected to May 3 1934. $4,599,459.
It is the custom in the City of Albany for a large percentage
of the
taxes to be paid on Dec. 31 of the year in which they are levied, unpaid
the last
day before the taxes are returned to the County Treasurer.
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.
-BONDS AUTHORIZED.
-The County Legal Department has approved a
providing for the issuance of 8750.000 Commissioners' bonds resolution
to finance
the repair of 1.100 voting machines.
ALLIANCE,Stark County,Ohio.
-TO RE
-ISSUE"BABY"BONDS.
The City Council on May 21 authorized the re-issuance of $16,000
"baby"
bonds.
ALPENA COUNTY (P. 0. Alpena), Mich.
-BOND ELECTION.At a special election to be held on June 18 the voters will be asked to sanction
the issuance of $70,000 4% court house building construction bonds.
Issue will be dated July 1 1934 and mature July 1 as follows: $2,000
from
1935 to 1951 incl. and $3,000 from 1952 to 1963 incl. An allotment of
$101,114 for the project was announced by the Public Works Administration
in January 1934.-V. 138. p. 180.
ANN ARBOR SCHOOL DISTRICT, Washtenaw County, Mich.
BONDS AUTHORIZED.
-The State Public Debt Commission approved
the district's request for permission to Issue $250,000 schoolrefunding bonds.
ARLINGTON, Middlesex County, Mass.
-TEMPORARY FINANCING.
-The Second National Bank of Boston recently purchased
tax anticipation notes, due $100,000 each on May 10 and June $200,001)
7 1935. at
0.80% discount basis, and $100,000, due Dec. 28 1934, at
0.55%•
ASBURY PARK Monmouth County, N. J.
-REFUSES PAYMENT
OF INTEREST CAARGES-REFUNDING
The City Council on May 24 adopted a motionAGREEMENT SOUGHT
to
in bond interest charges until creditors agree todefer payment of $56,284
a refunding agreement,
including provision for a reduction of interest rates, according to
the
Newark "News" of the same day.
ASHVILLE, Pickaway County, Ohlo.-BONDS AUTHORIZED.
The Village Council has adopted an ordinance providing for
the issuance
of $48,000 4% water works mortgage revenue bonds. Dated Jan. 1
1934.
Denote. $1,000. Due Jan. 1 as follows: $1,000 in
1936
1937 and
$2,000 from 1938 to 1960 incl. Principal and Interest (J.and J.)
&
in lawful money of the United States at the Village Treasurer's payble
office.
The Public Works Administration will finance the project.
AUGUSTA, Richmond County, Ga.-BOND SALE DETAILS.
-The
$18,000 issue of hospital bonds that was reported sold-V. 138, p.
was purchased by the Clement A. Evans Co. of Atlanta, as follows: 3133.
$16,000 4% bonds at a price of 109.66. Due on Nov. 1 as follows:
$4,000,
1957: $2,000, 1958: $5,000. 1959 and 1960.
2,000 4 % bonds at a price of 109.53. Due on April 1 as follows: $2,000
in 1945.
Denom. $1.000. Interest payable M.& N. and A. & 0.
BANNOCK COUNTY INDEPENDENT SCHOOL DISTRICT CLASS
A, No. 1 (P. 0. Pocatello) Ida.
-BOND OFFERING.
-Sealed bids will
be received until 8 p.m. on June 22, by C. G. Wells, Clerk of the Board of
Trustees, for the purchase of a $210,000 issue of coupon refunding bonds.
Interest rate is not to exceed 5%, payable J. & J. Denom. $1,000, or in
such denominations as the Board shall determine. Said principal to be
3810
Financial Chronicle
absolutely due and payable on July 11954. or at the option of the District,
on or after July 1 1944, together with interest thereon at the office of the
District Treasurer, in Pocatello, or at the First Security Bank in Pocatello.
and the Board reserves the right to make said bonds payable serially in
numerical order with one-tenth (1-10) thereof payable each year after the
expiration of the first ten year period, following the issuance. The said
bonds, in whichever form issued, whether optional or serial, shall bear
upon the face of each the date of maturity and the time of payment. Each
bidder shall specify whether his bid is for optional or serial bonds and for
what defined portion of such issue, and each bidder may include in his
bid a bid for each type of bonds. These bonds are issued for the purpose
of paying, refunding, purchasing and redeeming bonds of said district of
the original issue of July 1 1923. A certified check for 3%, payable to the
District Treasurer.
BARRY COUNTY (P. 0. Hastings), Mich.
-TO PAY DEFAULTED
-L. F. Maus, County Treasurer,stated on May 22 that payment
BONDS.
would be made of $20,000 defaulted Covert road bonds. Half of the approximately $42,000 to be received by the County in the form of weight
taxes will be used to effect the retirement.
BEAVER FALLS, B
-BONDS AUTHORIZED.
County, Pa.
The City Council on May 21 authorized a bond issue of $80,000 to provide
funds for the payment of current bills and other expenses.
BENTON COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 9
-Sealed bids will be received
(P. 0. Corvallis), Ore.
-BOND OFFERING.
until8 p. m.on June 11, by the District Clerk,for the purchase of a $220,000
issue of 4% school bonds. Denom. $1.000. Dated April 1 1934. Due
on April 1 as follows: $15,001,. 1935 to 1948. and $10.000 in 1949. Prin.
and int.(A.& 0.) payable at the County Treasurer's office. The approving
opinion of Teal, Winfree. McCulloch & Shuler ofPortland. will be furnished.
A certified check for $1,000, payable to the County Treasurer, must accompany the bid.
BERESFORD, Union County, S. Dak.-BONDS NOT SOLD.
It is stated by the City Auditor that no disposition has been made of the
$14.248 water works system bonds approved by the voters on Feb. 6-as no word has been received from the Public Works
V. 138, p. 1258
Administration regarding the city's application for an allotment on the
project.
-BOND SALE DEBEXAR COUNTY (P. 0. San Antonio) Tex.
-The $427,000 43i% coupon refunding bonds that were sold to the
TAILS.
-V. 138, p. 3475,were purchased on a
Dallas Union Trust Co. of Dallas
4.45% basis, according to the County Auditor. Dated Jan. 10 1934. Due
from April 10 1935 to 1954 incl.
BEXAR, MEDINA AND ATASCOSA COUNTIES WATER IM-BOND
PROVEMENT DISTRICT NO. 1 (P. 0. San Antonio), Tex.
-A District Court order is said to have been
ISSUANCE APPROVED.
Issued recently approving the issuance of 3677,500 in refunding bonds and
the levy of an ad valorem tax of $1.60 on the $100 valuation on all property
in the district to meet interest charges and provide a sinking fund to retire
the bonds. (A loan of $750,000 for refinancing has already been approved
by the Reconstruction Finance Corporation.)
BOONE COUNTY (P. 0. Columbia), Mo.-BOND OFFERING.
Sealed bids will be received until noon on June 26, by Gladys Pauley,
County Treasurer, for the purchase of a $40,000 issue of 4% semi-ann.
jail bonds. Dated March 15 1934. Due over a period of 10 years. The
bonds are subject to sale to the Federal Emergency Administration of
Public Works. (An allotment of $41,000 for the said project has been
-V. 138, OD. 1079.)
approved by the Public Works Administration
-The
-TEMPORARY LOAN.
BOSTON, Suffolk County, Mass.
$3,000,000 tax anticipation notes offered on May 29-V. 138. p. 3641
were awarded at 1.36% discount basis to a syndicate composed of the First
of Boston Corp., Kidder, Peabody & Co., Brown Bros. Harriman & Co.,
F.S. Moseley be Co.and the Day Trust Co., all of Boston. The notes,dated
June 1 1934 and due Oct. 10 1934, were re-offered on a yield basis of 1%.
The current rate of 1.36% compares with that of 1.70% paid in April 1934
on an issue of like amount,due in six months. The only other bid submitted
for the present loan,an offer of 1.39% was tendered by an account composed
of Halsey. Stuart & Co., Inc., J. & W. Seligman & Co., Hemphill, Noyes
& Co.. Jackson & Curtis, E. H. Rollins & Sons and Darby & Co. The group
also offered a premium of $14.
BOYNTON BEACH (P. 0. Boynton), Palm Beach County, Fla.
-A petition is said to have been flied
BOND VALIDATION REQUESTED.
in the Circuit Court recently requesting validation of a $594,700 bond issue
that was approved by the voters on April 25. These bonds are for the purpose of funding or refunding 50% of the obligations of the town at the time
the town of Boynton Beach was created. When the new municipality was
created out of the town of Boynton it was agreed to assume 50% of the
obligations of Boynton.
BRENTWOOD SCHOOL DISTRICT (P. 0. St. Louis), Mo.-BOND
-An issue of $45,000 4% school bonds is reLEGALITY APPROVED.
ported to have been approved as to legality by Benj. H. Charles, of St.
Louis, Mo.
-The issue of
-BOND SALE.
BRIDGEVILLE,Allegheny County,Pa.
-were awarded
$30,000 coupon bonds offered on May 22-V. 138, p. 3133
as 4318 to Singer, Deane & Scribner, Inc. of Pittsburgh, at par plus a
premium of $97.50, equal to 100.325, a basis of about 4.185%. Dated
June 1 1934 and due $5,000 on June 1 from 1937 to 1942 incl. Other bids
were as follows:
Premium.
Int. Rate.
Bidder
$56.00
Glover & MacGregor,
304.50
4
Inc_4S
McLaughlin, MacAfee & Co
153.00
4
E. H. Rollins & Sons
-Sealed
-BONDS OFFERED.
BRISTOL, Sullivan County, Tenn.
8:30 p. m. on May 29 by W. K. Carson, Recorder
bids were received until
and Treasurer, for the purchase of $22,000 refunding bonds, divided as
follows: $11,000 5% series Kk bonds and $11,000 6% series Li bonds.
Dated June 1 1934. Due in 25 years after date. Int. payable J. & D.
CITY OF BRISTOL, TENN., REFUNDING AND RESCHEDULING
-GENERAL BONDS.
PLAN
The following plan contemplates refunding all maturities for 1934-35,
maturities which will be paid when due, and the
except $8,000 of scattered
total maturities for 1935-36. The plan will require an annual contribution
of only $40,000 per year to principal payments, which after 12 years will
be reduced to $332,000 per year for 14 years, and to $2,000 per year for
the last two years:
$118,500 Refunding--Ccrmputed at 434%.
Sinking
Excess Debt
Excess
Fund.
MaturUies. Allowance.
-year term
-25
$56,500
$94,900
-year term
-25
62,000
89,250
$9,500
49,500
77,500
11,500
51,500
70,750
10,500
50,500
67,000
7,000
47,000
76,500
$6,500
33,500
73,000
7.000
47,000
49,750
2
6,500
66.500
63,000
11,000
29,000
71.000
4,500
35,500
20,000
54,000
94,000
36,500
16,500
23,500
54,500
16,500
23.500
77,000
20,000
20,500
80,000
500
40.000
91,500
8,000
32,000
63.500
32.000
72.000
94,750
28.000
12,000
104,000
5,000
35,000
114,500
6,000
34.000
99,500
20.000
60,000
140,000
36,000
4.000
181.000
35,000
5,000
168,500
20,500
60,500
149,000
27.000
67.000
2,000
2.000
Total principal, $944,000
pt
June 2 1934
-At the
BROADWAY, Rockingham County, Va.-BONDS VOTED.
election held on May 10-V.138, p.2963
-the voters approved the issuance
of the $34,000 in water system bonds by a wide margin.
BUFFALO, Erie County, N. Y.
-The City
-BOND OFFERING.
Comptroller will receive sealed bids until June 26 for the purchase of
$8,000.000 bonds, of which $6.000,000 are refunding and $2,000.000
poor relief.
In connection with the above report, H. L. Mattimore, City Bond Regis
trar, informs us that sale of the bonds has not yet been formally granted
by the Common Council and approved by the Mayor,although it is anticipated that such action will be taken at the next regular meeting of the
legislative body on June 12.
BURLINGTON COUNTY (P. 0. Burlington), N. J.
-BOND SALE.
-H. B. Boland & Co. of New York purchased on May 11 an issue of
$225,000 531% coupon or registered temporary bridge construction bonds
at a price of par. Dated May 1 1934. Denom. $1,000. Due May 1
1940. Interest is payable in M.& N.
-BONDS OFFERED.
BURNS, Harney County, Ore.
-Sealed bids
were received until 7:30 p. m. on May 31 by Maurice Schwartz, City
Recorder, for the purchase of a $9,000 issue of 6% semi-annual refunding
bonds. Denom. $500. Dated June 1 1934. Due $1,500 from June 1
1939 to 1944 incl. The approving opinion of Teal, Winfree, McCulloch &
Shuler of Portland will be furnished.
BUTTE AND SUTTER COUNTIES RECLAMATION DISTRICT
-REFINANCING PLAN AGREEMENT
NO.2054, Calif.
.-The following
report is taken from the San Francisco "Chronicle" of May 20:
"Refinancing of ReNamation District 2054, Butte and Sutter Counties,
was agreed upon here yesterday following conferences with officials of the
Bank of America and the Federal Land Bank by Assemblyman Jack
Frazier and Attorney Seth Millington, both of Gridley, and others."
-BOND SALE.
CALIFORNIA, State of (P. 0. Sacramento).
-The
$8,000,000 issue of 331% semi-ann. unemployment relief bonds offered
-was awarded at public auction to a
for sale on June 1-V. 138, p. 3314
group composed of the Chase National Bank of New York, and R. H.
Moulton & Co. of Los Angeles, and including the National City Bank
of New York, the First of Boston Corp., the Security-First National Bank
of Los Angeles, Dean Witter & Co. Weeden & Co., and Heller, Bruce &
'
Co., all of San Francisco, the Wm. R. Staats Co. of Los Angeles, and
Schaumurg, Rebhann & Osborne, of New York, at a price of 103.25, a
basis of about 3.40%. Dated June 1 1934. Due, $2,000,000 from July 1
1944 to 1947 ind.
BONDS RE
-OFFERED FOR INVESTMENT-The successful bidders
immediately re-offered the above bonds for general subscription at prices
to yield from 3.20% to 3.35%, according to maturity.
-NOTE SALE.
-The GuarCAMBRIDGE, Middlesex County, Mass.
anty Co. of New York purchased on May 26 an issue of $1,000,000 tax
anticipation notes at 0.86% discount basis. Dated June 1 1934 and due
on Feb. 28 1935.
CAMERON COUNTY WATER CONTROL AND IMPROVEMENT
-BOND SALE CONTEMDISTRICT NO. 19 (P. 0. Harlingen) Tex.
-The Board of Directors is reported to be negotiating for the
PLATED.
sale of $466,000 in irrigation bonds.
Following information is taken from a recent 11381.10 of the University of
Texas Bulletin:
"The Board of Directors of this district is negotiating for the sale to a
private investment concern of 5466.000 of the district's bonds which is the
amount of the loan granted by the Public Works Administration for construction of a pumping plant on the Rio Grande, a main canal and an
underground water distributing system, according to Keith mcceese,
President of the board. The contract for the sale of the bonds is now
being drawn, but the name of the financial institution that is to purchase
the bonds has not been made public. Bids for the -construction work will
be advertised for as soon as the bonds are formally sold. The district comprises 10,000 acres."
CANNING INDEPENDENT SCHOOL DISTRICT (P. 0. Canning),
-It Is reported that an
Hughes County, S. Dak.-BOND ELECTION.
election will be held on June 12 to have the voters pass on the issuance
of $22,500 in school bonds. Due on May 1 1953.
-The
CEDAR RAPIDS, Linn County, lowa.-LIST OF BIDDERS.
following is an official list of the other bids received for the $3371,000 4%
coupon semi-annual sewer outlet and purifying plant bonds awarded to
the Merchants National Bank of Cedar Rapids at 105.1889.-V. 138,
Prem. Names of Other BiddersPrem.
364
P.Names of Other Bidders$2,900 Wheelock & Co
Iowa-Des Moines Co
1: 0
$ 8 85 0
-_ _11,400 W. D. Hanna & Co
Glaspell, Vieth & Duncan
19,260
13,700
Carlton D.Beh Co
Official Financial Statement, 5
$56,585,217
Lots and lands
860,427
property
1,123,696
Railways, telegraph, telephone and express (est.)
Total___ - - ---------------------------------------$63,569,340
Moneys and credits---------------------------14,585,710
Water bonds (and sewer)
-----------------Other bonds
1,438,200
Total debt-------------------------------------------- $2,770,200
Tax rate for $1,000 of assessed valuation:
City.
County.
Total.
School.
Stale.
311.4234
$13.35
35.5734
$32.60
$2.25
Lands over 10 acres not subject to corporation tax, 247 Pieces agaTegating 6,681.71 acres, assessed value, $932,164. Per cent of assessed value
to actual, 48. Legal limit of indebtedness, $3.907,752. No floating debt.
City has never defaulted on payment of bonds and interest. All bonds
and interest to March 31 1934 paid. Outstanding bonded debt March 31
1934, $2,770,200. Fiscal year ends March 31. Uncollected taxes to date.
$120,000. According to new legislative laws, all tax sales have been ex_
tended to July 2 1934.1,
:
M:4TURITY.-It is stated Iii the City Clei ktigir
the above bond;
e
matur on Jan. 1 as follows: 21,000 in 1941; 323,000, 1942; $25,000.
1943: 526.000. 1944: 327,000, 1945 and 1946; 328,000, 1947; $30,000, 1948
and 1949:$32,000, 1950;$33.000, 1951;$35,000. 1952, and $34,000 in 1953.
giving a basis of about 3.50%,
CENTER POINT INDEPENDENT SCHOOL DISTRICT (P. 0.
-The $12,000 issue of 4% coupon
Center Point) lowa.-BOND SALE.
-was
semi-ann. school bonds offered for sale on May 29-V. 138, p. 3642
awarded to Scott, McIntyre & Co.of Cedar Rapids,for a premium of $230_,
equal to 101.916, a basis of about 3.70%. Dated Jan. 11934. Due $1,000
from Jan. 1 1936 to 1946 incl. The other bids were as follows)
Premium.
Names of Other Bidders$113.00
-Philips Co., Davenport
White
201.00
Center Point Walker Bank & Trust Co.,Center Point
229.00
Carlton D.Ben Co.,Des Moines
CHAMBERLAIN, Brute County, S. Dak.-BOND OFFERING.
Sealed bids will be received until June 4 by the City Clerk for the purchase
of the $27,000 issue of water filtration plant bonds. (An allotment of
$33_,000 for this project was approved by the Public Works Administration
-V. 138, p. 529.)A
in January
-TO REDEEM $2,800,000 REFOff
P. CHICAGO, Cook County, 111.
-The City Comptroller's office has announced that $2.
ING BONDS.
800,000 of the 1934 refunding bonds will be redeemed on July 1 1934.
These are part of the issue of $15,000,000 placed Jan. 1 1934. Comptroller
Upham also stated that he was of the belief that the next issue of tax
anticipation warrants marketed by the City would bear interest at 45.5%.
as compared with recent sales at 5%.
CLEAR LAKE DRAINAGE DISTRICT (P. 0. England), Pulaski
-DETAILS ON RFC LOAN.
-In connection with the
County, Ark.
-that the Reconstruction Finance Corporareport given in V. 138, p. 3482
tion had authorized a loan of 810,000 to this district for refinancing purposes.
It is stated by the Attorney for the District the loan would leave about
75 cents on the dollar to pay for the bonds. He states that as yet no
money has been paid over to the district but that negotiations are being
had with the bondholders.
Volume 138
Financial Chronicle
3811
-We are now
-BONDS VOTED.
EL PASO, El Paso County, Colo.
COLON1E UNION FREE SCHOOL DISTRICT NO.11(P.O. Albany)
informed that at the election on May 19-V. 138, p. 2784. the voters
-Stratford B. Douglas,
Albany County, N. Y.
-BOND OFFERING.
approved the issuance of $353,000 in sewer; 580,000 in Exposition Building,
District Clerk, will receive sealed bids until 12 m.(Daylight Saving Time)
and $15.400 in club house bonds. In V. 138. p. 3615. we reported the apon June 8 for the purchase of $26,000 not to exceed 6% interest coupon
proval of $440,000 in sewer bonds.
or registered school bonds. Dated June 1 1934. Denom. 51,000. Due
and interest (J. & D.)
$1,000 on June 1 from 1937 to 1962 incl. Principal
ENID SCHOOL DISTRICT (P. 0. Enid), Garfield County, Okla.
payable at the National Commercial Bank & Trust Co., Albany. Rate
-At the election held on May 22-V. 138. p. 3477
-BONDS DEFEATED.
of interest to be expressed by the bidder in a multiple of% or 1-10th of 1%. -the voters rejected the proposal to issue $120,000 in school building and
A certified check for $520 must accompany each proposal. The approving
repair bonds.
opinion of Caldwell & Raymond of New York will be furnished the success-PROPOSED BOND ISSUE.
ERIE COUNTY (P.0.Sandusky), Ohio.
ful bidder. Bids should be addressed to the Board of Education of the
-The County Commissioners on May 22 authorized Clerk Lester Curtis
District, care of Stedman & Stedman, 51 State St., Albany.
to apply to the State Relief Commission for authority to issue an additional
-On
-NOTE RENEWAL.
COLUMBIA, Richland County, S. C.
$40.000 poor relief bonds.
May 25 the City Council is said to have renewed for a year with the Chase
-BOND OFFERING.
ERIE SCHOOL DISTRICT, Erie County, Pa.
National Bank of New York a total of 5556,000 notes at 5%•
sealed bids
R. S. Scobell, Secretary of the Board of Directors, will receivepurchase of
-The 538.900
-BOND SALE.
COLUMBUS, Franklin County, Ohio.
(Eastern Standard Time) on June 21 for the
until 7:15 p. m.
-were
bonds.
coupon or registered bonds offered on May 24-V. 138, p. 3315
$200,000 334,334,4,434,434,434 or 5% coupon or registered school 1944
15 from
awarded as 43js to Pace, Brookhouse & Lindenberg, Inc., of Columbus at
Dated July 15 1934. Denom. $1,000. Due $20,000 on July interest rates
par plus a premium of $152, equal to 100.39, a basis of about 4.19%. The
of the above-mentioned
to 1953 incl. Bidder to name one
paysale consisted of:
for all of the bonds. A certified check for 2% of the amount bid for, Sale
$20,000 Olentangy Boulevard Land Acquisition Fund No. 3 bonds. Due
able to the order of the district, must accompany each proposal.
Townsend, Elliott &
$1,000 on Feb. 1 from 1936 to 1955 ind.
of the issue is subject to favorable legal opinion of
13,000 Street Light Extension Fund No.30 bonds. Due Feb. 1 as folows:
Munson of Philadelphia.
$2,000 from 1936 to 1938 incl. and $1,000 from 1939 to 1945 incl.
-OUTSTANDING 1931 WARRANTS
EVANSTON, Cook County, 111.
5.900 Jacob Borror et al. judgment fund bonds. Due Feb. 1 as follows:
.-City officials on May 21 called for payment
CALLED FOR PAYMENT
$900 in 1936 and $1,000 from 1937 to 1941 incl..
warrants. Addithe balance of $40,000 outstanding 1931 tax anticipation to pay warrants
Each issue is dated June 1 1934.
tional funds received on account of 1931 taxes will be used
CONCHO COUNTY ROAD DISTRICT NO. 2 (P. 0. Paint Rock),
issued against levies for subsequent years.
-The loan and grant
Tex.
-Both
-FEDERAL FUND ALLOTMENT REDUCED.
-BOND OFFERING.
FAIRMONT, Martin County, Minn.
of $9,000 to this district for bridge construction, approved by the Public
G. Christiansealed and oral bids will be received at8 p.m.on June 8,by F.
-has been changed to a grant
Works Administration-V. 138 p. 2783
plant
sen, City Clerk, for the purchase of a $45.000 issue of sewage disposal
alone, in the sum of $3,000.
1
49 , payable semi-annually. Dated
bonds. Interest rate is not to exceed
to 1941 incl.
City
-The
CORRY, Erie County, Pa.
-TO RETIRE $10,200 BONDS.
April 1 1934. Denom. $1,000. Due $9.000 from 1937
suitable
Council on May 21 authorized Treasurer Westley to redeem $10,200
Prin. and int. payable at the City Treasurer's office, or at any
approving
bonds maturing during the month of July. The Sinking Fund Commission
bank or trust company designated by the purchaser. The
will
reported early in March that funds were available for the purpose.
opinion of Junell, Driscoll, Fletcher, Dorsey & Barker of Minneapolis.(An
be furnished. A certified check for $450 must accompany the bid.
-PROPOSED
,
AdministrationCambria County,Pa.
CRESSON SCHOOL DISTRICT,
allotment of $63,000 was approved by the Public Works
BOND ISSUE.
-The District plans to issue $7,000 bonds to pay current
V. 138, p. 1607.)
operating expenses.
Brown
FAYETTEVILLE-PERRY VILLAGE SCHOOL DISTRICT, held on
-The $100,-At a special election to be
CUMBERLAND, Allegany County, Md.-BOND SALE.
-BOND ELECTION.
County, Ohio.
school
000 434% Front St. improvement bonds offered on May 28-V. 138. P.
June 21 the voters will consider the question of issuing $42,000
3315
-were awarded to W W. Lanahan & Co.. of Baltimore, at a price
building construction bonds.
of 107.68, a basis of about 3.94%. Dated June 1 1934 and due on June
Twin Falls), Twin Falls
FILER HIGHWAY DISTRICT (P. 0.
1 1954.
-H. W. Graves, District Treasurer, is
-BOND CALL.
County, Ida.
-It is stated
-BOND CALL.
New York City, on
DALLAS COUNTY (P. 0. Dallas), Tex.
calling for payment at the Guaranty Trust Co. inbonds numbered from
that the county is calling for payby Amanda Rankin, County Treasurer,
July 1, on which date interest shall cease, highway
ment on June 25, on which date interest shall cease, Nos. 170 to 500 of
$1,000 each, issued on May 15 1919, optional in 10 years.
181 to 205,for
Denom.
4%% road and bridge bonds series 5, aggregating $331,000. pay these
-BOND OFFERING.FOARD COUNTY (P. 0. Crowell), Tex.
$1,000. Dated Jan. 10 1917. 'Due on Jan. 10 1957. Funds to
Judge,
Sealed bids will be received until June 11, by Vance Swain, County bonds.
bonds and accrued interest to date will be at the State Treasurer's office
of a $6,000 issue of 5% semi-annual highway
on June 25.
for the purchase
These bonds were approved at
Dated Jan. 1 1934. Due in three years.
-BOND OFFERING CONDENVER (City and County), Colo.
an election on May 18.
on the
-It is reported that bids will soon be asked for issue
TEMPLATED.
-REFUNDING PLAN SCHEDportion of the $1,000,000
FORT LEE, Bergen County, N. J.
$500,000 relief bonds, the remaining
-The Municipal Finance Commission has
ULED FOR CONSIDERATION.
approved by the voters on Jan. 23-V. 138. P• 713.
office.
announced that at a public meeting to be held at the State Auditor's
EXCLUDED
Saving Time) on
DETROIT, Wayne County Mich.-VARIOUS BONDS
room 125, State House, Trenton, at 11 a. m.(Daylight
borough's
FROM REFUNDING PLAN.
-It is announced by W. Laud-Brown, SecreJune 7 consideration will be given to a plan for refinancing the all credto a resolutary of the Bondholders' Refunding Committee, that pursuant
made available to
indebtedness. Details of the plan have been assent or disapproval. The
tion adopted by the City Council on April 17 1934, and one adopted by the
itors, with the request that they express their certain sums to the First
been
Committee on April 19 1934, the following described bonds have
principal feature provides for the payment of
to
of the
excluded from the refunding plan, and the owners thereof are requested
National Bank of Fort Lee in order to bring about the rehabilitation
borough and has
present their certificates of deposit to the issuing depositary in exchange
institution, which is both a creditor and debtor of the
for the obligations:
on a restricted basis since March 1933.
been operating
Tax-Supported Bonds.
-H.M.Snider,
-BOND SALE.
Bond
City's
FRANKFORT, Benzie County, Mich.
Total
Date of Issue.
Rate of
improvement
Description.
Nos.
Share.
Village Clerk, states that the issue of $22,000 street and alley locally.
Issue.
Interest.
1-50
by the voters on Dec. 2 1933 has been sold
$36,000.00
bonds authorized
$50,000.00
Aug. 1 1903 Springs-ells Highway-4%
1-26
-At the
-BONDS APPROVED.
Aug. 1 1905 Fairview paving
434% 26,182.42 21,993.23
FREDONIA, Mercer County, Pa.
1-20
to issue
-the
Nov. 1 1905 Fairview sewer
4%% 20,000.00 16,800.00
primary election held on May 15-V. 138. p. 2616 of 147proposal
1-26
to 12, according
% 26,000.00 21,840.00
Nov.20 1905 Fairview paving
system bonds carried by a vote
$6,500 434% water
1-35
1._434%35,000.00
Feb. 16 1925 Redford S. D. No.
to A. L. Bright, Borough Secretary.
4 0,000.00}700,441.12{ 36-525
9
Feb. 16 1925 Redford S. D. No. 1..4%
46 (P. 0. May526-850
FRONTIER COUNTY SCHOOL DISTRICT NO. held on May 21
Feb. 16 1925 Redford S. D. No.1-4% o 325,000.00
-At the election
wood), Neb.-BONDS DEFEATED. the proposal to issue $10,000 in
Water Bonds.
-the voters rejected
-V. 138, p. 3316
1-30
July 1 1904 Fairview water
437 $30,000.00 $25,200.00
school building bonds.
1-25
Sept. 1 1905 Fairview water
43-5 0 25,000.00 21.000.00
ALLOTMENT
1-25
25,000.00 21,000.00
Sept. 1 1906 Fairview water
414
GARY, Deuel County, S. Dak.-FEDERAL FUND
-The loan and grant of $5,000 for water works construction
REDUCED.
"The bonds, represented by such certificates of deposit, will be returned
approved by the Public Works Administration in January
bonds at the time
that was
with all of the coupons which were attached to said
-has been changed to a grant alone, in the sum of $1,300.
V. 138, p. 714
of their deposit with the Committee, except where such coupons have
Coupons, upon which partial
Dak.-BOND OFFERING.
been fully paid as in the case of water bonds.
GLEN ULL1N, Morton County, N.
June 9. by Peter V.
payments of interest have been made, will be endorsed showing the amount
Both sealed and oral bids will be received at 2 p. m. on
issue of 4% semi-ann.
which has been paid thereon."
Hermes. City Auditor, for the purchase of a $13.000Dec. 30 4933. Due on
-The
-BIDS REJECTED.
111.
hall construction bonds Denom. $5CO. Dated $1,000, 1948 to 1953.
city
DoWITT COUNTY (P. 0. Clinton),
December 30 as follows: 5500, 1934 to 1947. and holder as to principal
Board of Supervisors on May 16 rejected the bids submitted for an issue of
The bonds shall be registerable at the option of the
$55,000 funding bonds. Glaspell, Vieth & Duncan of Davenport previously
for 2% of the
only, they being in coupon form at present. A certified check
had offered to purchase the issue at par plus a premium of $6,250.
this project has been
amount bid is required. (An allotment of $17.900 for138, p 1778.).
-V.
DUNN COUNTY (P. 0. Menominee), Wis.-BONDS APPROVED.
by the Public Works Administration.
approved
At a recent meeting the Board of County Supervisors approved a total of
-The City
-BONDS CALLED.
GOLDEN, Jefferson County, Colo.
$65,000 in 4% bonds for relief in the county emergency construction plan.
June 1. Nos. 1 to 20 of the
Treasurer is said to be calling for payment onDue on Dec. 1 1938.optional
These bonds will constitute Series 2 and will be used as the county's share
water bonds dated Dec. 1 1923.
five instalments of $10,000, the
of relief work. Denom. $500. Due in
534% gravity
on Dec. 11933.
last (sixth) instalment being for $15.000, which will be on June 11940.
(P. O.
GOLDEN GATE BRIDGE AND HIGHWAY DISTRICT-A new
DUNSEITH SCHOOL DISTRICT No. 1 (P. 0. Dunseith) Rolette
-BONDS OFFERED FOR INVESTMENT.
$11,700 4% semi-ann. school
San Francisco) Calif.
-The
County, N. Dak.-BOND SALE.
bonds was purchased on May 29 and
-was purchased lat par
issue of $2,000,000 series B 434%
bonds offered for sale on May 12-V. 138. P. 2965
composed of Blyth
offered for public subscription on May 31 by a syndicate
by the Public Works Administration, Dated May 1 1934. Due from
Co., and Weeden & Co.,
May 1 1935 to 953, inclusive.
& Co., Inc., the Bankamerica Co., Dean Witter & interest, on the 1960 to
all of San Francisco, priced at 100 and accrued 1942 maturities to 4.70%
-It
-BOND ELECTION.
EAGLE GROVE, Wright County, Iowa.
1971 maturities, and yielding from 4.2591 for the
from July 1 1942
is said that an election will be held on June 6 to have the voters pass on the
for the 1951-1959 maturities. Dated July 1 1933. Due
proposed issuance of $12,990 in swimming pool bonds.
to 1971, incl. The offering notice read as follows: includes the City and
and Highway District
"The Golden Gate Bridge
EAGLE PASS INDEPENDENT SCHOOL DISTRICT (P. 0. Eagle
Counties and
-Sealed bids will be
County of San Francisco, Mann Sonoma and Del Norte a portion of
-BOND OFFERING.
Past), Maverick County, Tex.
bonds are
portions of Napa and Mendocino Counties. These
received unti 10 a. m. on June 9, by B. H. Miller. Superintendent of
general election on Nov. 4 1930,for
an issue of $35,000,000 authorized at a
Schools, for the purchase of a $25,000 issue of 5% school bonds. Dated
bridge across the
the primary purpose of constructing and operating a In the opinion of
June 1 1934. Due $1,000 from June 1 1935 to 1959 incl. These bonds
Golden Gate at the entrance to San Francisco Bay. are payable, to the
were approved by the voters on May 23. A certified check for $250. payable
counsel, they are general obligations of the district and therefor, from ad
to the School Board, must accompany the bid.
insufficient
extent that revenues of the District are limitation as to rate or amount,
-The
-BOND OFFERING.
EAST AURORA, Erie County, N. Y.
valorem taxes which may be levied, without
Village will receive sealed bids until June 18 for the purchase of $44,500
all taxable property in the District.
upon
taxes, tax free in
bonds to finance the elimination of grade crossings and for other purposes.
"The bonds are interest exempt from all Federal income requirements as
California, and, in the opinion of the bankers, meet the
-PROPOSED
EAST LIVERPOOL, Columbiana County, Ohio.
savings banks and trust funds in California and are
legal investment for
BOND ISSUE.
-Consideration is being given to the question of asking the
eligible for security for deposits of public moneys in California."
voters at the general election in November to authorize a $37,000 bond
-BOND OFFERING.
Issue, the proceeds of which would be used to complete the construction of
GOUVERNEUR, St. Lawrence County, N. Y.
until 7 p. m.
the $149,000 municipal office building.
-Albert M. Jepson. Village Clerk, will receive sealed bids
not to
(Eastern Standard Time) on June 11 for the purchase of $34,000 June 1
I EAST ORANGE, Essex County, N. J.-$2,725,000 BONDS FOR6% interest coupon or registered highway bonds. Dated
exceed
MALLY AUTHORIZED.
-The City Council on May 28 passed on final
June 1 from 1936 to 1952 incl.
1934. Denom. $1,000. Due $2,000 on
reading the ordinance providing for the issue of $2,725,000 funding bonds
the bonds, expressed in a
Bidder to name a single interest rate for all of interest (J.& D.) payable
described in V. 138. p. 3643.
multiple of % or 1-10th of 1%. Principal and National Bank, Gouver-REFUSES PWA ALLOTEAST ST. LOUIS PARK DISTRICT, 111.
in lawful money of the Untied States at the First
taxes,
-The Board of Commissioners announced on May 25 the refusal
MENT.
neur. The bonds are general obligations, payable from unlimited New
of
and will be approved as to legality by Clay, Dillon & Vandewater village.
of a Public Works Administration loan of 910,000, for which 4% bonds in
-V. 138. p. 2452. The loan was
York. A certified check for $700, payable to the order of the
that amount were authorized in March
must accompany each proposal.
part of the PWA allotment of $1,159,000 announced in Jan. 1934-V. 138,
-The
p. 357. In announcing its action, the Board stated that acceptance of the
-BOND SALE.
GRADY COUNTY (P. 0. Chickasha), Okla.
would necessitate an immediately large increase in the tax rate and
bonds offered
loan
5140,000 issue of coupon or registered court house and jail Public Works
pointed out that the price estimates on which the loan had been sought in
-was purchased by the
May 21-V. 138. p. 3477
for sale on
and $4,000
September 1933 are far below current levels.
Administration as 48 at par. Due $8,000 from 1937 to 1953,
-At an
-BONDS VOTED.
ELDORADO, Schleicher County, Tex.
in 1954. No other bids were received.
Issuance of $75,000 in 5%
-Braun.
election held on May 19 the voters approved the
-BOND SALE.
GRAND HAVEN, Ottawa County, Mich.
school building bonds, according to report. Due from 1935 to 1974. It is
Bosworth & Co. of Toledo were awarded on May 9 an issue of $36.500
said that the bonds will be sold shortly.
3812
Financial Chronicle
June 2 1934
5% City Hall Bldg. construction bonds at
HENDERSON TOWNSHIP, Ill.
Interest. Due serially on Dec. 15 from 1935 a price of par and accrued
-BOND
-At an election
to 1953, inclusive.
held on May 8 the proposal to issue $30,000 S VOTED.
gravel road bonds carried by a
GROTON INDEPENDENT SCHOOL DISTRI
vote of 283 to 61.
CT (P. 0. Groton),
Brown County, S. Dak.-BOND SALE.
HENRICO COUNTY SANITARY DISTRI
annual school bonds offered for sale on -The $40,000 issue of 4% semiApril 30-V. 138, p. 2785
Springs) Va.-BOND ELECTION UPHELD. CT NO.3(P.O. Highland
-was
purchased at par by the Public
-The following report on the
ratification of a recent bond election in this
30 1936 to 1953, optional after Works Administration. Due from Dec.
district, is taken from the
Dec. 30 1943. No other bids were reRichmond. Va. "Dispatch" of May 20:
ceived.
"In an opinion rendered in Henrico Circuit
GUILFORD COUNTY (P. 0. Greensboro),
Gunn upheld the validity of the recent electionCourt yesterday Judge Julien
-BOND REFUNDN. C.
in
ING AUTHORIZED.
Springs voted for a $100,000 bond issue to install which citizens of Highland
-At a recent special
a
sioners a resolution was adopted providin session of the County CommisThe election, which was held March 13, had been water and sewer system.
g for the refunding of $153,000
of county short-term bonds which
32 voters, who declared in a petition to Judge contested by a group of
fall due
Gunn that the judges of
cent rise in the tax rate would be necessar this year. It is said that a 10election had been irregularly chosen and that the
y this year to meet the maturing
election was therefore
bonds and therefore they are being refunded
Invalid and should be set aside.
. The bonds to be refunded
include $40,000 highway, maturing Sept.
"Judge Gunn held in his opinion, which he handed
1;
to the attorneys in
Dec. 1 and $1,500 funding bonds, maturing $111,500 refunding, maturing
the case-Joseph J. Williams Jr., for the contesta
Dec. 1.
nts
Attorney Harold M. Ratcliffe and W. W.Beverley and Commonwealth's
for the Board of SuperGUTHRIE, Logan County, Okla.
visors-that while he had found that the conduct
-The City
of
Clerk states that an election will be held -BOND ELECTION.
some respects irregular,'the petitioners have failed to the election was in
on June
show that there was
Issuance of $96,000 in water main bonds. The 25 to vote on the proposed
any fraud at the polls.'"
voters defeated the proposal
to issue $111.300 in bonds for this purpose
at an election on March 16 and a
HICKSVILLE, Defiance County, Ohio.
second election on this amount, schedule
-BOND ELECTION.
d for April 24, was postponed
-At an
election to be held on June 19 the voters will be
indefinitely.
-V. 138, p. 2617.
issuance of $45,000 sewage disposal plant construct asked to sanction the
ion bonds.
GUYMON, Texas County, Okla.
-BOND SALE.
-The $50,000 issue
HIGHLAND PARK SCHOOL DISTRICT, Wayne
of gas distribution system bonds
County, Mich.
-Mabel G. Herald, Secretary of
3644, was purchased by Calvertoffered for sale on May 28-V. 138_, P. -BOND OFFERING.
& Canfield, of Oklahoma City. Due
tion, will receive sealed bids until 8 p m. (Eastern the Board of Educa$5,000 from 1937 to 1946, inclusive.
Standard Time) on
June 5 for the purchase of 3260,000 4% refunding
1934. Denom. $1,000. Due June 1 1949. Bonds bonds. Dated June 1
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.
-BOND OFFERcallable at par on any
interest payment date by lot. Provision will be made
ING.
-E, J. Dreihs, Clerk of the Board
receive sealed bids until 12 m. on June 20.of County Commissioners, will
sinking fund levy, of 1-12th of bonds outstanding on in 1937 for an annual
for
May 1 1937. Interest
is payable in J. & D. A certified check for
East Miami River road improvement bonds. the purchase of $69,000 4%
$2,600, payable to the order
Dated July 1 1934. Denom.
of the District Treasurer, must accompany each
$1,000. Due Sept. 1 as follows: $7,000 from
proposal
1935 to 1943, incl. and
opinion of Miller, Canfield, Paddock & Stone of Detroit. The approving
$6.000 in 1944. Principal and interest (M. & S.) payable
will be furnished
at the County
the successful bidder. The district, it is said, is making
Treasurer's office. Bids for the bonds to bear
(20%)of the $325,000 bond issue dated June 1 1919 andpayment of $65,000
than 4%,expressed in a multiple of; of 1%. interest at a rate other
,
4'
due June 1 1934.
will also be considered. A
certified check for $690, payable to the order of the County Treasure
HILL COUNTY (P. 0. Havre), Mont.
r.
-BOND
must accompany each proposal. A complete transcrip
-The $121.000
issue of coupon semi-ann. refunding bonds offered SALE.
t of proceedings will be
for sale on May
furnished the successful bidder.
V. 138. P. 2966
-was purchased by the State of Montana as 44S at 28par.
Denom. $12,000, one for $13,000. Dated July 1 1934.
HANNIBAL, Marion County,
Due 12,000 from
-A suit
is said to have been instituted in theMo.-BOND SUIT FILED.
1935 to 1943, and $13,000 in 1944. No other bids were
State Supreme Court recently in order
received for the
to test the validity of an issue of $386,000 toll
bonds.
bridge revenue bonds that
were authorized by the City Council
HOBOKEN, Hudson County, N. J.
-FINANCIAL
by the Legislature in special session under the provisions of an act passed
recently. The text suit, which also
-In connection with the offerring on May 8 of $146,000STATEMENT.
questions the constitutionality
6% coupon or
registered school bonds,for which no bids were obtained-V.
of an application for a writ of of the toll bridge revenue act, is in the form
138, p.3316
mandamus to compel the State Auditor to
the City issued the following:
register the bonds.
(An allotment of $526,000 has been approved
Financial Statement March 31 1934.
already by the Public
(Including proposed issue of $146,000 school bonds)
Works Administration
-V.138, p. 2617.)
Term bonds, general
$1,355,600.00
HANOVER TOWNSHIP SCHOOL DISTRICT,
Term bonds,school
Pa.
-3320.000
1,104,869.00
BONDS AGAIN AUTHORIZED.
Term bonds, water
117,000.00
held on May 21 again authoriz-The School Board at a special meeting
ed the issuance of $320,000 5% bonds,
due in 10 years. This amount was originall
$2,577.469.00
Serial bonds, general
y approved several weeks ago
$4,089,453.65
but Solicitor J. Gordon Mason declared
Serial bonds,school
that action illegal. The bonds
2,112.766.19
will be in denoms. of $1,000 and $500 and
the proceeds will be used to
Serial bonds, water
meet payrolls and other current obligations.
139,000.00
They will be payable at the
Miners National Bank, Wilkes-Barre.
6,341,229.84
Total bonded debt
HARRINGTON, Kent County, Del.
-BONDS VOTED.
$8,918,698.84
-At an
Less
election held on May 15 the proposal to
-Sinking funds
$1,493,072.74
issue
carried by a vote of 208 to 48. An allotmen $125.000 sewer system bonds
Water debt
256,000.00
posal plant was announced by the Public t of $125.000 for a water disWorks Administration in Oct.
1,749,072.74
1933-V. 137. p. 3177.
Net bonded debt
$7,169,628.10
HARRISON-POTTAWATTAMIE DRAINAGE DISTRI
Tax revenue bonds
CT NO. 1
(P. 0. Logan) Harrison County, Iowa.
1,759,000.00
Tax anticipation bonds
-BOND SALE.
-The $65,000
issue of 5% semi-ann. drainage bonds offered
None
Due State and county taxes
for sale
p. 3478
-was purchased at par by the First Nationalon May 28-V. 138.
1,344,222.71
Bank of Woodbine.
Assessed ValuationsDue from Jan. 1 1937 to 1939. No other
1933.
1932.
1931.
bids were received.
Real property incl. improvements- - -$91,384,719 $92,337,
528 $92,044,808
HARTFORD, Hartfor
Personal property
9.752,793
-LIST OF BIDS.
9,561,300 11,487,300
-The
following is an official list d County, Conn.
bids submitted for the $700.000 2 %
grade crossing elimination of the awarded
Total
bonds
101,137,512 101.898,862 103,532.
& Co. and Tyler, Buttrick & Co., Inc., at jointly to Lincoln R. Young
108
Tar Collections-101.077, a basis of about 2.22%.
1934
.
-V.138, p. 3135.
1932
1931.
$
$
-9 following is an official list of the bids submitted
17e
Levy
(advance) 4,329,139233 7 4,827,201.51 4,837,66
13.2
for the issue:
Bidder0 AI
Collections to March
Rate Bid.
Lincoln R. Young & Co., and Tyler, Buttrick
31 1934
2,793,258.65 4.042,231.70 4,503,11
& Co., Inc. (purchasers
3.36
Uncollected
653,595.55 1,536.062.72 784,979.82
101.0777
Barr Brothers & Co., Inc
334,547.05
HOOKER COUNTY (P. 0. Mullen), Neb.-PRICE
100.879
Estabrook & Co.. and Putman &
-The
100.762
822.0004% semi-ann. high school refunding bonds that were PAID.
Lehman Brothers: Phelps, Fenn CoCo.; Christia
&
purchased by
nson, MacKinnon
the Kirkpatrick-Pettis-Loomis Co. of Omaha
& Co.: Rutter & Co., and The Bridgeport City
-V. 138,
Co
awarded at par. Due from May 15 1935 to 1949, optional p. 3644. were
100.602
R. W. Pressprich & Co.; First National Bank
on May 15 1939.
of New York, and
HOT SPRINGS, Garland County, Ark.
-BOND BID ACCEPTED.
100.50
City Company of N. Y., Inc., and Roy T. H.
-The City Council is said to have adopted a resolution
Barnes & Co
100.4599
R. L. Day & Co
accepting the bid
of the Public Works Administration on 3175,000 of
100.449
sewage disposal plant
Salomon Bros. & Hutzler
bonds. (An allotment of $218,000 was approved by
100.421
the PWA in Jan.
Roosevelt & Weigold, Inc
V. 138. p. 714.)
100.418
Edward B. Smith & Co.: Jackson & Curtis, and R. F.
Griggs Co_ _100.399
HOWELL AND MARION TOWNSHIPS FRACTI
Bankers Trust Co., and Stone & Webster and Blodget,
ONAL SCHOOL
Inc
100.3699
DISTRICT NO. 1 (P. 0. Howell), Livingston
Blyth & Co., Inc.: Dick tic Merle-Smith, and Paine, Webber
County, Mich.
& Co_100.367
-BOND
OFFERING.
-Paul 11, Uber, Secretary of the School
Guaranty Co. of New York. and First of Boston Corp
100.33
sealed bids until 8 p. m. (Eastern Standard Time) Board, will receive
Graham,Parsons & Co.; Geo. B. Gibbons & Co.. and
on June 11 for the
E. H. Rollins
purchase of 8100,000 not to exceed 6% interest
dc Son
refundin
100.33
July 11934. Denom. $1,000. Due July 1 as follows: g bonds. Dated
Chase National Bank, and The N. W. Harris Co., Inc
86,000 from 1935
100.213
to 1939 incl. and $7,000 from 1940 to 1949 incl.
Randolph P. Compton
Principal and interest
100.1865
(J. & J.) payable at the McPherson State Bank, Howell.
Halsey, Stuart & Co., Inc.; Bancamerica-Blair Corp.,
A certified check
and G.M.for 2% of the bonds bid for, payable to the order of
P. Murphy & Co
the Treasurer of the
100.16
School Board, must accompany each proposal.
Connecticut River Banking Co
100.15
Canfield, Paddock & Stone of Detroit will be Legal opinion of Miller,
Chemical Bank & Trust Co.. and Shaw, Aldrich & Co
furnished the successful
100.076
bidder.
The Northern Trust Co
100.067
Goodwin Beach & Co
HUNTSBURG TOWNSHIP (P. 0. Huntsburg),
100.019
F. S. Moseley & Co; R. H. Moulton & Co.; Hannahs, Ballin &
Geauga County,
Ohio.
-BOND OFFERING.
Lee,
-A.D. Williams, Clerk of the
and Whiting, Weeks & Knowles. Inc
Board of Trustees, will receive sealed bids until 12 M. on
99.806
s7,000 6% refunding bonds. Dated May 1 June 18 for the purchase of
HARTFORD COUNTY METROPOLITAN DISTRICT (P.
1934.
0. HartOct. 1 as follows: $500 from 1936 to 1941 incl. and Denom. $500. Due
ford), Conn.
-BOND SALE.
-The $2,000,000 3% coupon or registered
1945 incl. Callable, at the discretion of the Board,$1,000 from 1942 to
sewage treatment plant and intercepting sewer bonds
offered on May
interest, on and after five years from date of issue, on at par and accrued
28-V. 138. p. 3478
-were awarded to a syndicate composed of R. L.
any interest payment
date. Interest is payable semi-annually. Bids for
Day & Co. and the N. W. Harris Co.,
bonds to bear interest
at a rate other than 6%, expressed in a multiple the1.4,
Trust Co., Chicago, Francis R. Cooley Inc., both of New York; Northern
of
& Co., Hartford, and Edward M.
considered. A certified check for $150, payable to the of 1%, will also be
Bradley & Co., Inc., New Haven, at
order of the Board
of Trustees, must accompany each proposal.
2.67%. Dated June 1 1934 and due a price of 103.09, a basis of about
$100,000
1955 incl. The bonds, which are declared to on June 1 from 1936 to
HUNTSVILLE, Walker County, Tex.
be legal investment for
-BOND
savings banks in the States of Connecticut and New York,
-It
stated by the City Secretary that at an election on S VOTED.
are
offered by the bankers for public investment at prices to yield being reapproved the issuance of $10,000 in paving bonds. Feb. 19 the voters
from 1.25
She
to 2.75%, according to maturity. The "Herald Tribune reported
bonds have not as yet been offered for sale and will probablystates that the
"
on
the other bids for the issue as follows: The second highest
be sold locally.
tender on this
offering was 102.523. submitted by the Chase National
INDIANA, State of (P. 0. Indianapolis).
Bank as leading
-OROSS
member of a syndicate that included also Stone & Webster
LAW UPHELD.
-An Associated Press dispatch from NCOME TAX
and Blodget,
Inc.; Hemphill, Noyes & Co.. the Lee Higginson Corp.,
May 23 reported that on the previous day Superior Judge Indianapolis on
Roy T. 11. Barnes
Russell J. Ryan
& Co. and Whiting, Weeks & Knowles.
issued a declaratory judgment upholding the
constitutionality of the gross
Next was a bid of 101.73, submitted by Estabrook & Co. and Putnam
income tax law.
& Co., jointly. The Chemical Bank & Trust Co., together with Blyth
&
IONIA, Ionia County, Mich.
-BOND OFFERING
Co., Kean, Taylor & Co.. Roosevelt & Weigold, Shaw, Aldrich
.-Mina Underwood,
& Co. and
City Clerk, will receive sealed bids until 2 p .m. on Juno
Foster & Co., bid 101.669.
5 for
of $50,000 not to exceed 5% interest water works extensio the purchase
Halsey,Stuart & Co.,Inc., named afigure of101.15as head ofa group
n and improvethat
ment bonds. Dated Sept. 1 1933. Due $2,500 on
included also the Bancamerica-Blair Corp., J. & W. Seligman & Co..
1953 incl. These bonds were authorized at an electionSept. 1 from 1934 to
G. M.
-P. Murphy & Co. and R. F. Griggs & Co. The final tender was
held on Oct. 16 1933.
A certified check for 1% of the bid must accompany
100.84. named by the Guaranty Co. of New York in association with the
Public Works Administration announced in Novembe each proposal. The
First Boston Corp., Brown Brothers, Harriman & Co. and Hincks Brothers
r 1933 an allotment
of $70,000 for the project
-V. 133, p. 3869.
& Co.
MAUMEE, Lucas County, Ohio.
-BOND ACTION DEFERR
HAVERSTRAW UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
ED.It has been decided that no further action will be
taken regarding tho
raw), Rockland County, N. y.
$70.000 refunding bond issue announced in April
--BOND ELECTION.
-At an
-V. 138. p. 2619
-until
election to be held on June 12 the voters will consider the question of issuing
after July 15 1934.
$690.000 school building construction bonds. The Public Works AdminIRON MOUNTAIN, Dickinson County, Mich.
istration has announced an allotment of that amount to the district
-BONDS AUTHOR- IZED.
-The city has been authorized by the State
V. 138. p. 2785.
Public Debt Commission to issue $202,500 refunding bonds.
HAYS COUNTY (P. 0. San Marcos) Tex.
-WARRANT SALE.
-A
JACKSON TOWNSHIP SCHOOL DISTRICT
$6,000 issue of 5.1.4% semi-ann. warrants is reported to have been purchased
(P. 0. Jackson),
Susquehanna County, Pa.
-BONDS AUTHORIZED.
by Mahan, Dittmar & Co. of San Antonio. at a price of 96.50, a basis of
of Internal Affairs on May 18 approved an issue of -The Department
about 6.41%. Due $1,000 from 1935 to 1940 incl.
$3,900 operating expense bonds.
Volume 138
Financial Chronicle
3813
-An
-BOND ELECTION.
LAGUNA BEACH, Orange County, Calif.
-BOND ELECTION PROJACKSONVILLE, Duval County, Fla.
election will be held on June 5 in the Info School District to vote on the
POSED.-lt is reported that an election will be held on or about June 26
II
Issuance of $75,000 in high school building and improvement bonds.
to have the voters pass on the proposed issuance of various city bonds
aggregating $2,441,709.
LAKE MOHEGAN FIRE DISTRICT (P.O. Scarsdale), Westch
--Governor
-GOVERNOR SIGNS DISTRICT BILL.
County, N. Y.
-LIST OF BIDMRS.-The
JACKSONVILLE, Duval County, Fla.
Lehman has signed the bill providing for the creation of the above District
following is an official list of the bids received for the 16200.000 refunding
an dauthorizing the issuance of bonds.
Savings Bank of Chicago.
bonds that were awarded to the Harris Trust &
-Edward
-BOND OFFERING.
LAWRENCE, Nassau County, N. Y.
as 4.20s, at 100.079. a basis of about 4.19%.-V. 138, p. 3645:
R. Jeal, Village Clerk, will receive sealed bids until 8:30 p. m. (Daylight
Rate of Int.
Amount.
p
Name of BidderSaving Time) on June 11 for the purchase of $95.000 not to exceed 6%
Starkweather & Co., Inc., by Stockton Broome,
ihterest coupon or registered street impt. bonds of 1931. Dated May 1
41%
$201,381.00
Jr., agent
1934. Denom. $1,000. Due May 1 as follows: $5.000 from 1935 to 1948
The Atlantic National Bank of Jacksonville, Fla.,
incl.; $6,000, 1949 to 1951 incl. and $7,000 in 1952. They are part of an
434%
and The Mercantile Trust Co.of Baltimore, Md. 201,725.00
authorized issue of $175,000. Rate of interest to be expressed by the bidder
Childress & Co.; Trust Co. of Georgia, and John
In a multiple of M or 1-10th of 1%. Principal and interest (M. & N.)
4fi
201,366.80
Nuveen & Co. by Childress & Co
payable in lawful money of the United States at the Guaranty Trust Co
4.2
200,158.00
* Harris Trust & Savings Bank Chicago, Ill
nk,
New York. A certified check for 2% of the bonds bid for, payable to the
43i
201,240.00
Stranahan Harris & Co., Inc., Toledo, Ohio
order of the Village, must accompany each proposal. The purchaser will be
The Robinson-Humphrey Co.,Atlanta,Ga.;Pierce
furnished with the approving opinion of Hawkins, Delafield & Longfellow
45i%
200,365.00
Blase Corp., Jacksonville, Fla
of New York,that the bonds are valid and legally binding obligations of the
The Barnett National Bank of Jacksonville, Jacktaxes,
Village, which has the power and is obligated to levy ad valoremtherein
%
sonville, Fla
202,017.00
without limitation of rate or amount, upon all the taxable property
* Successful bid.
to provide for the payment of both principal and interest on the bonds.
-REFUNDING PLAN IN
Previous mention ofthis offering was made in V. 138, p. 3479.
JERSEY CITY, Hudson County, N. J.
OPERATION.
-It was reported on May 29 that considerable progress had
-LOAN PROPOSAL APLEE COUNTY (P. 0. Sanford), N. C.
been made in the plan for refunding various bonds maturing in 1934. At
PROVED.
-The following report is taken from a Sanford dispatch to the
that time arrangements had been made covering all of the April and a large
Releigh "News and Observer of May 19:
part of the May maturities. The refunding is being handled by the city'
"After deferring the matter for several days to give further consideradirectly with bondholders. The amount to be refunded is $4.576.000,
tion to the question of issuing bonds for 70% of a $58,100 grant of Public
which includes $2,400,000 tax revenue bonds and the balance serial bonds.
Works Administration funds, the county commissioners yestereday acted
No term bonds are included in the proposal as sufficient funds are available
favorably on the matter.
to meet such obligations. The plan consists of payment of 20% cash on
"Some months ago the county board of education made an application
maturing bonds and exchange of refunding bonds to cover the balance due.
for PWA funds for repairs and improvements to county schools, placing
The new bonds mature in from 5 to 10 years and generally bear the same
the amount needed at $58.100. This was approved by the commissioners by
coupon rate as that carried on the old debt. It is provided that none of
a vote of 4 to 1; however, when a request for issuance of bonds, totaling
the refunding bonds will bear interest at less than 431,%.
com70% of the amount, was placed before the board a few days ago, the
missioners were not so sure that they wanted the grant."
JOHNSON CITY, Broome County, N. Y.
-BONDS AUTHORIZED.The Board of Trustees passed a resolution on May 21 providing for $60,000
-Sealed
LEXINGTON, Fayette County, Ky.-BOND OFFERING.
bonds, divided as follows:
bids will be received until 8 p. m.(Central Standard Time) on June 4 by
$40,000 street paving bonds. Denom. $1,000. Due $4,000 annually over a
of an issue of $1,312,500
Paul Morton, City Manager, for the purchase
period of 10 years.
4% coupon Public Works National Recovery bonds. Denominations
$20,000 gutter installation bonds. Denom. $1,000. Due $5,000 in the
Jan. 1 1939 to
$1.000 and $500. Dated Jan. 1 1934. Due $52,500 fromthe City Treasfirst year and $3,000 annually thereafter until all of the bonds
1963 incl. Prin. and int.(J. & J.) payable at the office of of New York
have been retired.
urer. The approving opinion of Reed, Hoyt & Washburn
will be furnished the successful bidder. The bonds are registerable at the
JOINT HIGHWAY DISTRICT NO. 13 (P. 0. Oakland) Calif.
option of the holder as to principal only. Proposals will not be considered
BOND SALE.
-The $2,378,000 Alameda and Contra Costa Counties
unless submitted upon bidding form, which is available at the office of the
-was awarded
tunnel bonds offered for sale on May 25-V. 138. p. 3317
City Purchasing Agent, Municipal Building. In a test case the bonds
to a syndicate composed of the Bancamerica Co. the American Securities
have been upheld as legal and valid obligations of the city by the Court
Co., Dean Witter & Co., and Elworthy & Co., all of San Francisco, paying
of Appeals. A certified check for 2% of the face value of the bonds bid
a premium of $89, equal to 100.003, a basis of about 3.114%, on the bonds
for, payable to the city, is required.
divided as follows: $1.738,000 as 3%s, maturing 5158,000 from Jan. 2
The following statement accompanies the official offering notice:
1935 to 1945. and the remaining $640.000 as 3;is maturing on Jan. 2 as
follows: $158,000, 1946 to 1948, and $166,000 in 1949.
Financial Statement as of May 1 1934.
$61879:255..00
:
Assessed value of taxable property,1933
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City) WyanDebt limit, 10% of assessedvalue
3,235,070.00
dotte County, Kan.
-At the election on May 22-V.
-BONDS VOTED.
ing
ss
Gross debt as of May 1 1934.Including this issue
138, p. 3136
-the voters approved the issuance of the $1.200,000 in school
2.952.85252.:
5
borrowing capacity, including this issue
249,316.00
building bonds by a big margin. The Clerk of the Board of Education states
Plus sinking rand reserve
that the bonds will be offered for sale in 1935.
3.202.171.00
borrowing capacity
Net bo
Per cent of net bonded debt of capacity
-The
KEEWATIN, Itasca County, Minn.
-BONDS NOT SOLD.
-Board of Education bonds issued by separate authority, but are
Note.
$12,000 issue of not to exceed 6% semi-annual street impt. bonds offered
Included in above.
on May 23-V. 138, P. 3479
-was not sold. It is stated by A. J. Curto,
Village Recorder, that the bonds will be re-advertised. Dated Jan.25 1934.
Comparison 1934 Estimated Budget with 1931 Actual Budget Expenditures.
Due from July 26 1936 to 1945 inclusive.
Showing Decrease in Cost of Government.
Decrease 10.6
Per cent assessment
KELLYVILLE SCHOOL DISTRICT (P. 0. Kellyville), Creek
Decrease 18.0
Per cent budget expense
County, Okla.
-BOND SALE.
-The $7,000 issue of coupon school
Decrease 10.65
Per cent tax rate
building bonds offered for sale on May 18-V. 138, p. 3479
-was purchased
Decrease 15.0
Per cent revenue
by Calvert & Canfield, of Oklahoma City, as 6s at par. Due $500from 1938
Per cent of tax levy collected during budget year: 1931. 97.38; 1932.
to 1951 incl.
97.30; 1933. 97.12.
KERRVILLE, Kerr County, Tex.-730ND EXCHANGE REPORT.Population-U. S. Census. 1930. 45,736. Population of city and immeIn connection with the refunding of the $241,000 6% warrants outstanding.
diate environs, estimated, 60.000. Tax rate 1932. $2.34 on each $100
approved by the voters on Feb. 14-V. 138. p. 1609. the Mayor states that
assessed value.
•
the process of exchange for the warrants is being made.
LEXINGTON SCHOOL DISTRICT (P. 0. Lexington), Fayette
-It is
-The $350,000 4% semi-ann. school conKILMARNOCK, Lancaster County, Va.-BOND ELECTION.
County, Ky.-BOND SALE.
-were
stated that an election will be held on June 12 to vote on the issuance of
-V. 138, p. 2786
struction bonds that were authorized in April
of
water works bonds. (An allotment of $50,000 was approved for this project
purchased by the Security Co. of Lexington, for a premium Due $700.
from
by the Public Wbrks Administration
-V.138, P. 1955.)
a basis of about 3.98%. Dated Jan. 1 1934.
equal to 100.20,
Jan. 1 1939 to 1968. Payable at the office of the Treasurer of the Board
-The
KIMBALL COUNTY (P. 0. Kimball), Neb.-PRICE PAID.
of Education or at the Guaranty Trust Co. in New York.
$115,000 4% send-ann. refunding bonds that were sold to the KirkpatrickPettis-Loomis Co.of Omaha.
-V,138. p.3645. was purchased at par. Due
LONG BEACH SCHOOL DISTRICTS (P. 0. Los Angeles), Calif.
from April 1 1936 to 1945.
-The following loans and grants
FEDERAL FUND ALLOTMENTS.
recently by the Public Works
- aggregating $777,500, were announced
-BOND OFFERING.
KING COUNTY (P. 0. Seattle), Wash.
Administration:
Sealed bids will be received by George A. Grant, County Auditor, until
build2 p. m. on June 18, for the purchase of a $500,000 issue of coupon indigent
$90,000 to the city high school district for remodeling the auditorium and
relief bonds, series C. Denominations to be $100. or multiples thereof,
ing of the Polytechnics' High School. The cost of labor
not to exceed $1,000. Dated July 1 1934. Maturing 20 years from date.
of which 30% is a grant.
material totals approximately $38,700,
the various annual maturities to commence with the second year after
The remainder is a loan secured by 4% general obligation bonds.to
buildings
date of such bonds, and, as nearly as practicable, to be in such amounts
487.500 to the city school district for the construction of Junior High
such outstanding bonds, be met
as will, together with the interest on all
replace the school plant now known as the Jefferson
by an equal annual tax levied for the payment ofsuch bonds,all as authorized
School. The approximate cost of labor and material is $452.400,
by Resolution No. 5336 of said Board of County Commissioners passed
ef which 30% is a grant. The remainder is a loan secured by 4%
the 15th day of May 1934,to which reference is hereby made. The maximum
general obligation bonds.
Starr King school
amount of interest which said bonds shall bear is 6% per annum, payable
18,000 to the city school district for improving the
semi-annually. Each bidder submitting a bid shall specify: (a) The lowest
building. The approximate cost of labor and material is $15,000.
rate of interest and premium, if any, above par at which such bidder will
which 30% is a grant. The remainder is a loan secured by 4%
of
purchase said bonds; or, (b) The lowest rate of interest at which the bidder
general obligation bonds.
will purchase said bonds at par. None of such bonds shall be sold at less
23,000 to the city school district for improving the Seaside School building.
than par and accrued interest, nor shall any discount of commission be
The cost of labor and material totals approximately $20,000, of
shall be sealed, and, except
allowed on the sale of such bonds. All bids
which 30% is a grant. The remainder is a loan secured by 4%
the bid of the State of Washington, if one is received, shall be accompanied
general obligation bonds.
by a deposit of 5% either cash or a certified check, of the amount of the bid.
40,000 to the city school district for additions to the Lafayette Elementary
approxiwhich shall be returned if the bid is not accepted and if the successful
School building. The cost of labor and material totals is a loan
bidder shall fail or neglect to complete the purchase of said bonds within
mately $36,200, of which 30% is a grant. The remainder
30 days following the acceptance of his bid the amount of his deposit shall
secured by 4% general obligation bonds.
to be
be forfeited to King County, and in that event the Board of County Com119,000 to the city high school district for construction of a building labor
missioners may accept the bid of the next best bidder, or. if all bids be
known as the David Starr Jordan High School. The cost of si a
rejected, said Board of County Commissioners shall re-advertise said
30%
and material totals approximately $110,000, of which obligation
bonds for sale as provided by law.
grant. The remainder is a loan secured by 4% general
bonds,
-NOTES AUTHLAWRENCE COUNTY (P. 0. Bedford), Ind.
-LOAN AGREEORIZED.
-The County Council has approved of the issuance of $35,000
LOS ANGELES, Los Angeles County, Calif.
tax anticipation notes for the purpose of financing current operating
-At a recent meeting the Harbor Commission Is
MENT APPROVED.
expenses.
said to have authorized the signing of an agreement for the loan of $200,000
from the Federal Government to the city harbor department for the comLA CANADA SCHOOL DISTRICT (P. 0. Los Angeles) Los Angeles
pletion of a permanent connection with the port's facilities by the Santa Fe
County, Calif.
-BOND OFFERING-Sealed bids will be received until
railway. It is said that the city has an agreement with the railroad whereby
for the purchase of a
2 p. m. on June 4, by L. E. Lampton, County Clerk,
the Santa Fe is to repay the harbor department half of the $600,000 cost
$21,000 issue of5% school bonds. Denom.$1,000. Dated May 1 1934. Due
of the completed project. From this half the Federal loan may be repaid
Prin. and int.(M.& NJ payable in
$1,000 from May 1 1935 to 1955 incl.
immediately or on easy payments over an extended period, as the Board
lawful money at the County Treasury. A certified check for 3% of the
may decide.
amount bid, payable to the County Treasury, is required.
-With the
The following information is furnished with the offering notice:
-BONDED DEBT.
LYNBROOK, Nassau County, N. Y.
"La Canada School District has been acting as a school district under the
award on June 4 of $53,000 not to exceed 6% interest coupon or registered
laws of the State of California continuously since July 1 1900.
-the total bonded debt of the village
-V. 138, 1). 3646
tax revenue bonds
"The assessed valuation of the taxable property in said school district
will be $1,012,500. This is indicated in the revised financial statement
for the year 1933 is $5,074,685, and the amount of bonds previously
which has been prepared in connection with the proposed sale, which was
issued and now outstanding is $42,000.
originally scheduled to take place on May 23 and to consist of $60.000
"La Canada School District includes an area of approximately 8.74
bonds.
square miles, and the estimated population of said school district is 2.870."
-BONDS AUTHORIZED.
McKEESPORT, Allegheny County, Pa.
-It is
LAFAYETTE, Lafayette Parish, La.-40ND OFFERING.
The City Council recently approved an issue of 8350,000 funding bonds.
stated that sealed bids will be received until June 26, by Mayor Robert L.
-The $21,000
-BOND SALE.
MALVERNE, Nassau County, N. Y.
Morton, for the purchase of an issue of $125,000 6% semi-ann.funding and
coupon or registered tax revenue bonds offered on May 29-V. 138. p. 3646
refunding bonds. Denom. $500. Due from 1935 to 1959 incl. These bonds
-were awarded as 58, at par and accrued interest, to Sherwood & Merriwere authorized at an election on Nov.30 1931.,
field, Inc. of New York. the only bidder. Dated June 1 1934, and due
-BONDS AUTHORIZED.
- on June 1 as follows: $5,000 from 1935 to 1937 incl. and $6,000 in 1938.
LA GRANGE, Fayette County, Tex.
The City Council is said to have approved an ordinance recently, author-OBTAINS
MAMARONECK (Village of), Westchester County, N.Y.
izing the issuance of $28,000 in 4% park acquisition bonds. Due serially
-Fred Bull, Treasurer, announced on May 26 that a loan
$250.000 LOAN.
In 40 years. These bonds were approved by the voters on April 3-V. 138,
of indebtedness had been obtained from
-day certificates
of $250,000 on 60
p.2619.
3814
Financial Chronicle
the Manufacturers Trust Co., New York, in anticipation of
the $679,000
in taxes payable on July 15 1934.
MANDAN, Morton County N. Dak.-BOND OFFERING.
-Both
sealed and oral bids will be received at 7:30 p, m. on June 20, by S. E.
Arthur, City Clerk, for the purchase of a $33,600 issue of 4% water bonds.
Denominations $1,000 and $100. Dated May 1 1934.
$1,600 in 1935; $1,000. 1936 to 1939, and $2,000, 1940 Due as follows:
Prin.
and hit.(M. & N.) payable at the City Treasurer's office.to 1953. of
than par and accrued interest will be considered. A certifiedNo bidfor less
check
of the amount bid, payable to the City Auditor, is required. (These 2%
are
the bonds mentioned in V. 138. p. 3646, to be sold on June
6.)•
•
-MAQUOKETA, Jackson County, Iowa.
-BONDS *AUTHORIZED.
The City Council is said to have passed a resolution recently providing for
the issuance of $70,000 in light and power refunding bonds.
June
2 1934
Dated June 1 1934 and due $11,000 Jima 1 and $12,000 Dec. 1 from 1938
to 1947, incl. Only one bid was received at the sale.
MORROW COUNTY (P. 0. Mount Gilead), °Mo.-BOND SALE.The $6,000 coupon poor relief bonds offered on May 25-V. 138, p. 3319
were awarded as 4%s to the Peoples Savings Bank of Mount Gilead, the
only bidder, at par plus a premium of $7.10, equal to 100.11, a basis of
about 4.12%. Dated May 1 1934 and due as follows: $1,200 Sept.
$13 0 March land $1,200 Sept. 1 1935;$1,200 March land $1,300 1 1934;
19 1.
. 60
Sept. 1
MUSKOGEE, Muskogee County, Ok}a.-BOND ELECTION.
City Clerk reports that at the general election on November 6 the -The
voters
will be asked to pass on the proposed issuance of $1,250,000 in power and
light plant bonds. In a report given in V. 138, P. 3646, we gave the tentative date of this election as being scheduled for July 3.
NASHUA, Hillsboro County, N. H.
"MASSACHUSETTS (State o().
-LOAN OFFERING.
-FINANCIAL STATEMENT.
-Sealed
-The
bids addressed to the City Treasurer will be received until 10 a. m.(Eastern
following is given with respect to the proposed sale on June 5 of $3,000,000
Standard Time) on June 5 for the purchase at discount basis of a $100,000
bonds.
-V. 138. p. 3646.
revenue anticipation loan, due Feb. 28 1935.
Statement of Public Debt, Sinking Funds and Taxable Property of the
NASSAU COUNTY (P. 0. Mineola), N. Y.
Commonwealth of Massachusetts.
-BOND OFFERING.
Philip F. Wiedersum, County Comptroller, will receive sealed bids until
Total Public Debt.
12:30 p. m.(Daylight Saving Time)on June 7for the purchase of$2,000,000
Total bonded indebtedness, May 1 1934
not to exceed 4%% interest coupon or registered bonds, divided as follows:
$136,778,462.00
Less Sinking funds
$1.000.000 tax revenue bonds of 1933. Due $200,000 on June 1 from 1935
71,445,707.23
to 1939 incl.
Total net debt
$500,000 emergency relief bonds. Due $100.000 on June 1 from 1940 to
$65,332,754.77
The debt is divided as follows:
1944 incl.
F Direct Debt
$500.000 land purchase bonds. Due $50,000 on June 1 from 1951 to
Gross direct debt May 1 1934
1960 incl.
$19,580,112.55
Sinking funds for the same amounted to
Each issue is dated June 1 1934. Denom. $1,000. Principal and
10,178,927.57
(J. & D.) payable in lawful money of the United States at the interest
Net direct debt May 1 1934
Treasurer's office. Rate or rates of interest to be expressed by theCounty
$9,401,184.98
bidder
Contingent Debt
in a multiple of y of 1%. The rates named must be such that the total
i
Gross contingent debt May 1 1934
Interest cost to the County will not exceed what such cost would be if all
$117.198,349.45
of the bonds bore a 4 % coupon. The bonds will be prepared under the
Sinking funds for the same amounted to
*61,266,779.66
supervision of and certified as to genuineness by the Nassau County Trust
Net contingent debt May 1 1934
Co., Mineola. A certified check for 2% of the bonds bid for, payable
$55,931,569.79
order of the County Treasurer, must accompany each proposal. to the
* Includes cash and Massachusetts city and town notes in the sum of
approving opinion of Reed. Hoyt & Washburn of New York will be The
$11,513,000 under Chapters 49, 307 and 341 of the Acts of 1933.
furnished the successful bidder. Delivery and payment of the bonds to be
Water Debt (included in above Contingent Debt)
made at the Nassau County Trust Co., Mineola, unless otherwise agreed.
Gross water debt May 1 1934
$69,531.000.00
NEBRASKA, State of (P. 0. Lincoln).
-BOND ISSUANCE NOT
Sinking funds for the same amounted to
33,240,357.34
CONTEMPLATED.
-In response to our inquiry regarding a report that
the State intended to issue $5,000,000 of poor fund bonds, we were advised
Net water debt May 1 1934
$36,290,642.66
as follows in a letter dated May 25, from W. S. Whitten, Secretary of the
Taxable Property.
Lincoln Chamber of Commerce:
"As a preliminary answer to your letter of May 11. I sent you copy of
The amounts of taxable property and taxable income of the Commonour communication addressed to Governor Bryan, to ascertain if he bad
wealth of Massachusetts, as furnished by the Commissioner of Corporaanything in mind about recommending to the next State Legislature the
tions and Taxation for the year ended Nov. 30 1933,follow:
Issuance of State bonds to take care of poor relief when Federal funds are
Local Taxation
exhausted.
Value of assessed real estate
$6,040,797,955
"I saw the Governor a day or two ago, and he told me very definitely
Value of assessed personal estate (incl. motor vehicles)
912,855,173
that he had no such idea in mind; that Nebraska will find a way of taking
State Taxation
care of this relief without endangering its enviable credit. You know that
Value of corporate excess, public service
$74,384,145
Nebraska is the one State in the Union that has no outstanding bonds of
Value of corporate excess, street railways
230,914
any kind or character.
Value of corporate excess, business corporations
1,026,206,702
"In dealing with a similar question presented by Douglas County
Amount of taxable income, business corporations
63,476,479
officials (Omaha) the Editor of the Lincoln "Star," May 23 1934, made the
Taxable deposits in savings banks
466,520,651
following statement,which truly represents the attitude of Nebraska people,
Taxable deposits in trust company savings departments__ _
21,754,811
outside of Douglas County, and of course is in full accord with Governor
Taxable deposits in Massachusetts Hospital Life Ins. Co__ _
4,741,989
Bryan's views.
Taxable income; individuals, &c
343,137.831
"'Douglas county officials will not get far with their proposal to amend
Taxable income; National banks and trust companies
9,457,889
the constitution of Nebraska so as to provide for a large bond issue to pay
the relief bills of that county. The people of the State are not favorable
MARION COUNTY (P. 0. Ocala), Fla.
-BONDS VALIDATED.
-A
to any plan which would destroy the protection they now have against
proposed issue of $147,000 in road refunding bonds is said to have been
reckless piling up of public indebtedness by men in office who refuse to
validated by the Circuit Court. The State's Attorney had maintained
recognize any limitation upon expenditures.
that Section 15.772 of the General Laws, 1931, was unconstitutional, and
"While Douglas county is admittedly in a bad way financially, through
asked that the bonds be declared invalid. These bonds will be known as
having incurred a mountain of debt for various costly projects that were
series A, will be dated July 1 1934 and will bear interest at 5%, payable
unwisely undertaken over a long period of years, the State is under no
J. & J. Due on July 1 1952, but subject to redemption at the county's
obligation to assume the burden of such profligacy by local authorities.
option.
It is up to the citizens of that county to take care of their own fiscal affairs,
MAYWOOD, Cook County, III.
-BONDS AUTHORIZED.
the same as all other counties have had to do.
-The
Village Board on May 10 passed an ordinance providing for an issue of
"
'The restriction in the constitution of Nebraska limiting State indebted95,000 4% water revenue 'ponds, due in 20 years. A loan and grant of
ness to $100,000 was the salvation of this commonwealth during the era of
120,000 for the project has already been announced by the Public
wholesale spending which brought some of its neighbors to the verge of
orks Administration.
bankruptcy. States which went the limit in issuing bonds
are now finding it necessary to resort to all kinds of extra a few years ago
MERIDEN, New Haven County, Conn.
-CURRENT FLOATING
to pay
the principal installments and interest on top of taxation regular
DEBT RETIRED.
-Edward J. Pickett, City Treasurer, announced on
their
expenditures,'"
May 21 that the City had paid off all of its current floating indebtedness
and was operating on a pay-as-you-go basis. Mr. Pickett stated thattall
NEBRASKA, State of (P. 0. Lincoln).
-INTANGIBLE TAX LAW
of the notes issued early in the year in anticipation of tax collections had
ATTACKED IN SUIT.
-We are informed by Daniel Stubbs, Ass's.ant
been retired, leaving a balance of $210,000 on deposit to the credit of the
Attorney-General, that a suit is pending in the State Supreme Court seekCity, which would be used to pay operating expenses during the next two
ing to have the 1933 intangible tax law declared void,
and it will be heard
months. This balance did not include a sum of $120,000 which has been
by that Court on June 7.
set aside to meet the $300,000 refunding bonds sold last year to clear
NEWARK,Est.ex County, N.J.
unpaid back taxes!..."
-NEW FISCAL PROGRAM ASSURES
1934 FINANCIAL NEEDS.
-The Board of Commissioners on May 29
MIAMI BEACH SCHOOL DISTRICT NO. 14 (P. 0. Miami Beach)
adopted the financial program for 1934, formulated by Norman S. Taber
Dade County, Fla.
-BOND ELECTION.
-It is reported that an election
az Co. municipal advisors. Approval of the plan
will be held on June 12 to vote on the issuance of the $700,000 school
ing of new loans from banking institutions in makes possible the obtainthe aggregate
erection bonds mentioned in V. 138, p. 2119.
$24,000,000, which is expected to cover the financial needs amount of
throughout the entire year. Of that amount, $7,400,000 willof the City
MIAMI COUNTY (P. 0.
be used by
Ohio.-BOND SALE.
-The $59,460
the City to pay delinquent 1933 taxes owed to the State
relief bonds offered on Ma,25-V. 138, p. 3318
and Essex County.
Troy),
-were awarded to
The balance will provide funds to cover operating
ng d & Mayer of Cincinnati as 2%s, at par plus a premium of
expenses pending tax
collections and to fund existing floating indebtedness. In consideration
$124.90r
equal to 100.21, a basis of about 2.32%. Dated May 1 1934
of banking aid, the City will be obliged
comply with certain conditions
and due as follows: $11,660 Sept. 1 1934; $11,400 March 1 and $11,800
and agreements. These are set forth asto
follows in the resolution adopted
Sept. 1 1935; $12,100 March 1 and $12,500 Sept. 1 1936. An official list
by the Board of Commissioners:
of the bids submitted for the issue follows:
"That the City of Newark will hold a tax sale for
1
the 1933 delinquent
-Int.
Bidder
taxes on or before Dec. 31 1934.
Rate. -Premum.
Seasongood & Mayer, Cincinnati
"That the City of Newark will pay no taxes due to
2%
$124.90
First-M•oy National Bank, Troy
the State of New Jersey against the 1934 levy for the Essex County or
2 .
25.00
State and County
Johnson, Kase & Co., Cleveland
until after the $7,000,000 of new loans about to be
3
72.00
made to the City of
Provident Savings Bank, Cincinnati
Newark and maturing from November 9 to November
124.87
20 1934 have been
Van Lahr, Doll & Isphording, Cincinnati
paid.
3
61.00
Fox, Einhorn & Co., Cincinnati
"That the City of Newark beginning on Oct. 1
2
6.66
1934 will deposit in a
Mitchell, Herrick & Co., Cleveland
special account with the Fidelity Union Trust Co. of
2%
51.75
Newark all moneys
Citizens National Bank & Trust Co.,Piqua
received from the collection of either current taxes or
1100.00
back taxes until
Stranahan, Harris & Co., Toledo
such time as the loans amounting to $7,000,000
2 9
48.00
maturing from Nov. 9
Otis & Co., Cleveland
to Nov. 20 1934 have been paid in full. The money
88.83
received and so deHayden, Miller & Co.. Cleveland
posited in the special account with the Fidelity Union
25.62
2 %
Trust Co. shall
Citizens National Bank, Tippecanoe City
be used for no other purpose except for the discharge of
4
26.00
said loans maturing
Citizens National Bank, Covington
from November 9 to November 20.
5
"That the City of Newark agrees to proceed with the
permanent
MINNEAPOLIS
-ST. PAUL SANITARY DISTRICT, Minn.-PWA
of its temporary improvement indebtedness amounting to over financing
LOAN CONTRACT RECEIVED.
-In connection with the report on the
as rapidly as the laws of the State of New Jersey will permit $6,000,000
and as may
Public Works Administration allotments totaling $18,046,000 to this district
be recommended by the firm of Norman S. Taber & Co.
for the Twin City sewer construction project
"That the City of Newark agrees to fund its current floating indebtedness
-V.138,P.3480
-we quote in
part as follows from the Minneapolis "Journal" of May 11:
under the provisions of Chapter 60 of the Pamphlet
"The Minneapolis-St. Paul Sanitary District officials to-day received
of New Jersey of 1934 and will take the necessary steps Laws of the State
from PWA officials in Washington the signed loan contract for St. Paul's
at such time as is recommended by the firm of Normanto do such funding
S.
share of the cost of constructing the joint sewer system and sewage disposal
"That the City of Newark shall do no borrowing during Taber & Co.
1934
plant.
as laid out in the financial program prepared by Norman S. Taber other than
& Co.,and
"Under the terms of the contract, the PWA agrees to buy $5.500,000 of
"Be It Resolved, that the Board of Commissioners of the
City
St. Paul city bonds if the city cannot sell them elsewhere to better advantage
agrees to keep within budgetary appropriations for the year of Newark
1934 and to
also to donate 30% of the cost of labor and materials as a grant. The
and
make further savings in the authorized expenditures
Minneapolis loan contract, approving the city's share of the cost of the
and will faithfully carry through the agreements as setwherever possible
forth
project was approved last week.
the understanding, however, that the said agreements may be above with
altered only
"The approval of the St. Paul contract removes the last obstacle that has
by the mutual consent of the Board of Commissioners of the
City of Newark
delayed the financing of the big project."
and Norman S. Taber & Co."
BONDS AUTHORIZED -The Board of
MONTANA.State of(P.0. Helena).
-BOND CALL.
-I is announced
held on May 23 passed on first reading anCommissioners at a meeting
ordinance providing for the
by James J. Brett, State Treasurer, that the following 5%% bonds are
issurance of $408,000 5% poor relief bonds. Dated July 15 1934. Due
called for payment on July 1 at the Chase National Bank in New York
$51,000 annually on July 15 from 1936 to 1943, incl. Authorized pursuant
City: Nos. 1.526 to 2.260 of State Educational, Series A; Nos. 2.261 to
to Chapter 32, Laws of 1933. The ordinance will be taken up for final
2,562 and 2.573 to 2.804 of State Educational, Series B. Dated July 1
consideration at a meeting on June 6.
1921. Due on July 1 1941. optional on any interest paying date on or
NEWCASTLE, Henry County, Ind.
after July 1 1931. Interest shall cease on date called.
-BOND OFFERING.
-Don
McKee, City Clerk, will receive sealed bids until 1:30 P.m. on June 18 C.
for
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BOND SALE.the purchase of $5,674.35 43
corporation bonds of 1934. Dated July 1
The $230,000 coupon refunding bonds offered on May 26-V.138,p.33191934. Due Feb. 1 as follows: $1,000 from 1938 to 1942, incl., and $674.35
were awarded as 6s to the Provident Savings Bank & Trust Co., Cincinnati,
In 1943. A certified check for 2%% of the bonds bid for, payable to the
at par plus a premium of $5, equal to 100.002, a basis of about 5.99%.
order of the city, must accompany each proposal. The net taxable value-
t,
=
Volume 138
Financial Chronicle
after all
Um, both real and personal, in this taxing unit returned in 1933,
the
exemptions deducted and offsets had been made, were $12,749,820, and
present debt of this taxing unit is $57,130.55, exclusive of the proposed
issue.
-A complete list of
-DEALERS'REFERENCE LIST.
NEW JERSEY.
dealers interested in New Jersey municipals is contained in the 1934 edition
in these
of "Classified Markets," just off the press. Firms who specializelists are
bonds are indicated by a star placed before the listing. The
alphabetically arranged under the cities in which the firms are located.
making an ideal mailing and prospect list. Over 150 other classifications
are covered, including municipal bonds of all States of this country, besides
the various Provinces of Canada. Published by Herbert D. Seibert & Co.,
25 Spruce St., New York City. Price $6 per copy.
IS
NEWTON, Middlesex County, Mass.-PWA ALLOTMENT for
-The Public Works Administration allotment of $200,000
CHANGED.
of a refuse incinerator, announced in Jan. 1934-V. 138, P.
construction
-was later changed to a grant only, in amount of $45,500.
184
-BILL AUTHORIZES CORPORATE STOCK OR
NEW YORK, N. Y.
-Under the provisions
BOND ISSUES FOR TRANSIT ACQUISITIONS.
of the Fitzgerald bill, which has been signed by Governor Lehman as
Chapter 789, Laws of 1934. the city is authorized to issue corporate stock
or bonds in direct payment for transit line acquisitions.
NEW YORK STATE WORLD WAR MEMORIAL AUTHORITY
(P. 0. Albany), N. Y.
-CREATED BY LEGISLATURE.-Govenaor
Lehman on May 24 approved the D. M. Stephens bill providing for the
creation of the above Authority and authorizing it to issue about $8,000,000
bonds to finance the construction of a World War.Memorial Building in
the City of Albany. Governor Lehman, in signing the bill, said he was
doing so with the assurance that the project is to be financed by the Public
Works Administration or some other Federal agency, also with the understanding that the State of New York is in no way to be responsible for any
obligations incurred by the Authority.
NEW YORK (State of).-OBTAINS $4,700,000 FOR WORK RELIEF.
The Federal Emergency Relief Administration on May 31 allotted $4,700.000 to the State to complete May expenditures for unemployment projects
in playgrounds and parks.
NICHOLS INDEPENDENT SCHOOL DISTRICT (P. 0. Nichols),
-It Is announced by
-BOND OFFERING.
Muscatine County, Iowa.
W. R. Schmitt, Secretary of the Board of Directors, that he will offer for
sale on June 5 at 1:30 p. m.an issue of $7,000 school building bonds. Interest rate is not to exceed 5% per annum, and, all other things being equal.
preference will be given to proposals specifying the lower rate of interest.
lallue serially from 1936 to 1942. The printed bonds and the approving
opinion of Chapman & Cutler of Chicago will be furnished.
-Charles H.
-BOND OFFERING.
NORTH ARLINGTON, N. J.
Jenkins, Borough Clerk, will receive sealed bids until 8 p. m. (Daylight
on June 5 for the purchase of $157,000 67 coupon or regisSaving Time)
tered water bonds. Dated Dec. 15 1932. Denom. $1,000. Due Dec. 15
as follows: $4,000 from 1934 to 1941 incl. and 85,000 from 1942 to 1966 incl.
Principal and interest (J. & D. 15) payable at the Rutherford National
Bank, Lyndhurst Branch No. 1, Lyndhurst. A certified check for 2% of the
bonds bid for, payable to the order of the Borough, must accompany each
proposal. The approving opinion of Reed, Hoyt & Washburn of New York
will be furnished the successful bidder.
-James
-BOND SALE.
NORTH ADAMS, Berkshire County, Mass.
O'Halloran, City Treasurer, reports that Washburn, Frost & Co. of Boston
were the successful bidders for the $18,000 coupon water main bonds
offered on May 25. The accepted bid whas an offer of 100.21 for 2(s. the
net interest cost to the city being about 2.69%. Bonds are dated June 1
1934. Denom. $1000. Due $3,000 on June 1 from 1935 to 1940 incl.
Principal and semi-annual interest payable at the Merchants National
Bank, Boston. Legality approved by Storey, Thorndike, Palmer & Dodge
of Boston.
-BOND ISSUNORTH CAROLINA, State of (P. 0. Raleigh).
-The Local Government Commission is said to have
ANCE APPROVED.
approved recently the issuance of the following bonds: $70,000 WinstonSalem surface drainage bonds; $4,000 Burlington sewer and street bonds;
$81,000 water and sewer bonds of Stanley, on which a loan and grant has
been approved by the Public Works Administration-V. 138, p. 3321, and
$18.000 water and sewer bonds of Gibsonville, also having an allotment
from the PWA.-V. 138, p. 3477.
The following bonds were also approved $25,000 bonds of the town of
Greenville; $7,500 Chapel Hill town bonds, and $5,224 bonds of Warren
County.
-J. H.
-BOND SALE.
MI NORTH IRWIN SCHOOL DISTRICT, Pa.
Lentz, Secretary of the Board of Directors states that the issue of $24,000
-was awarded
25-V. 138, p. 3319
coupon school bonds offered on May
as 4 Xs to the Thompson & Taylor Co. of Pittsburgh, at par plus a premium
of $25, equal to 100.10, a basis of about 4.235%. Dated May 1 1934. Denom.$500. Due $1,500 annually. Interest is payable in M.&
-BONDSAUTHOR/2771
NORTH WALES,Montgomery County,Pa.
-At the primary election on May 15 a vote of 478 to 87 was cast in favor
•
of the proposal calling for the issuance of $30.000 bonds.
-FINANCIAL STATENORWOOD, Hamilton County, Ohio.
-In connection with the award on May 21 of $15,000 334% water
MENT.
works plant equipment bonds to Seasongood & Mayer of Cincinnati, at
-the following has been
100.38. a basis of about 3.40%-V. 138. p. 3647
issued.
Financial Statement May 1 1934.
$48,619,000.00
Assessed valuation for taxation on real estate
Assessed valuation for taxation on real estate, personal _ - -- 7,153,000.00
28,045.02
Intangible receipts (estimated)
Total amount allowed by Budget Commission for all debt
387,056.00
and functioning charges
183,489.00
Amount of the foregoing allowed from levies for debt charges
Amount required from tax levies for interest, sinking and
retirement charge; on bonds:
90.908.00
-mill limitation
A. Amount of such levy within 15
92,581.00
B. Amount of such levy outside 15
-mill limitation
Total bonded indebtedness:
1,126,780.07
Total bonds outstanding May 1 1934
Bonds issued prior to April 29 1902. $6,000; refunding
152,960.67
bonds, $92,270.62; special assessment bonds. $54.690.05
Total amount subject to 5% limitation
Sinking fund for future redemption-Cash. $88,328.53;
Investments, $240.564.45
973,819.40
Net amount subject to 5% limitation
Total amount of bonds issued by authority of an election
Sinking fund for redemption
Total amount of bonds outstanding issued without authority
of an election
Sinking fund for redemption
$644,926.42
$257,500.00
26.596.40
328.892.98
716,319.40
302,296.58
$414.022.82
Net amount subject to 1% limitation
Statement of Tax Collections.
And, of Gen.
Amount
Amt. of Gen.
Amount
Year- Taxes Levied. Collected.
Year- Taxes Levied, Collected,
$470.768.00 $464,536.98
$549,987.04 $554,388.96 1932
1929
495,577.2d
496,709.41
560,239.00
549.086.64 1933
1930
415,100.00 *167,275.75
543,897.75 1934
545.694.00
1931
only: No advance on tangible
* For first half of 1934 on real estate
or intangible tax receipts for first half of 1934 received up to May 1:
majority of companies in Norwood being inter-county companies, their
tangible taxes are not paid until November.
Tax rate. $19.10. Millage for operation, 3.65. =nage for debt
service, 3.29. The Norwood Sinking Fund has never defaulted in the
payment of any of its obligations. The Sinking Fund owns all outstanding
assessment bonds. Norwood Sinking Fund is adequate to take care of all
outstanding term bonds. Delinquent taxes and assessments are carried
forward. All delinquent assessments (which amount is very small) are
taken care of in our budget levy each year according to law. Sinking
Fund has $88.328.53 on deposit with the First National Bank, Norwood.
Ohio. and holds $250,000 IJ. S. Government bonds as collateral. Outstanding water works bonds, $171.000. Have no funds in any bank which
failed.
3815
Crook
OCHOCO IRRIGATION DISTRICT (P. 0. Prineville),
ACCEPTCounty, Ore.
-REFINANCING PLAN ON BONDS FOUND
the Los
ABLE.
-The following report is taken from a Portland dispatch to
Angeles "Times" of May 18:
in eastern
'Settlement with holders of Ochoco Irrigation District bonds through
Oregon at approximately 20 cents on the dollar will be effected and a
Corporation
a loan of $289,142 from the Reconstruction Finance
debt due it from the
voluntary cancellation by the State of Oregon of a El Cajon. Calif. Secof
irrigation district. A letter froth P. S. Thatcher settlement had been acretary of the bondholders' committee, said the
cepted."
-BOND OFFERING.
ONEIDA COUNTY (P. 0. Utica), N. Y.
sealed bids until
Charles L. Pringle, County Comptroller, will receive
$352,000
Time) on June 12, for the purchase of
11 a. m.(Daylight Saving
deficiency bonds, made
not to exceed 6% interest coupon or registered
estimated revenues
"through failure to collect the full amount of
necessary
prior to Dec. 1
and by appropriations not provided for in budgets adopted Due June 1 as
$1,000.
1933." Issue will be dated June 1 1934. Denom. from 1937 to 1942.incl.
1936,and $50,000
follows: $27,000, 1935;$25,000,
multiple of M or 1-10th
Bidder to name a single interest rate, expressed in a in lawful money of the
of 1%. Principal and interest (J. & D.) payable Co., Utica, or at the
& Trust
"United States at the First Citizens Bank
Bonds are unlimited
Chase National Bank, New York, at holder's option.
opinion of Clay. Dillon &
tax, general obligations, and the legal approving
successful bidder. Proposals
Vandewater of New York will be furnished the
payable to the order
must be accompanied by a certified check for $7,000,
of the county.
Financial Statement.
$214,063.905
-Real property
Assessed valuation 1934
7,322,043
Special franchise
$221.385.948
D
Total assessed valuation
844,000
Bonds outstanding
352.000
This issue
Total bonded debt
$,19"°
1
indebtedness.
There are also outstanding $128,333 certificates of
Tax Data.
Uncollected
Uncollected
at Close of Year
15 1934.
Tax Levy. of Levy. Dec. 31. May
Total
$4,886.88
21
9.
4 8 83
:021.
$2,293.987.31
.-1-93Y0ear15
$0
2.476,628.75
1931
638.969570221
77,901.55
2.085.341.87
1932
returns
Town collectors to make
2.241.325.66
indi1933
June 1 1934. Present reports than
collections slightly better
cate
last year.
levy becomes due
A tax sale is held yearly about December. The tax County Treasurer
delinquent when returned to
about Jan. 1 and becomes
by Collectors.
198,763.
Population: 1920 Federal census, 182,833: 1930.
-BOND SALE.ORINDA (P.0. Berkeley) Alameda County, Calif. to an undisclosed
investor.Anissue of $155,000 water bonds was sold on May 10
Polk County, Wis.
OSCEOLA SCHOOL DISTRICT(P.O. Osceola),
138,P.3319
-Atthe election held on May 14-V. gymnasium
-BONDSDEFEATED.
auditorium and
thevoters rejected the proposal to issue school
bonds.
-PROPOSED
Ind.
OTTER CREEK TOWNSHIP, Vigo County,
announcement of its
-The township has made public bonds. Dated July 1
BOND ISSUE.
intention to issue $8,055.40 5% judgment funding $400 and $350. Due
1934. One bond for $255.40, others for $500. $450,
semi-annually from July 15 1935 to Jan. 15 1945.
County, N.Y.
OYSTER BAY SCHOOL DISTRICT NO.20, Nassau VETOED.
-Gov-PAGE PARK AUTHORITY TAX MEASURE
BETH
permitted the
bill which would have
ernor Lehman on May 25 vetoed a
ge Park Authority.
district to tax the State for land owned by the Beth-Pa Authority should
the
pay
The Governor ruled that "irrespective of whether
no reason for the State to
or should not pay school taxes, there can be
taxes on land owned or possessed by the Authority.'
-BONDS VOTED.PACIFIC GROVE, Monterey County, Calif. voters approved the
-the
At the election on May 8-V. 138, P. 2969
bonds. Interest rate is not to
issuance of the $90,000 in beach improvement 1935 to 1960 incl., optional
exceed 5%. Dated June 1 1934. Due from
before maturity on 30 days' notice,
clerk, hat sealed
..It is safell'hTg7C. Huriburt,city until 8 P. m• On
BOND OFFERING.
bonds
.
4
newi11 be received for the purchase of the above
.-June
0. Palmdale), Los
PALMDALE IRRIGATION DISTRICT (P. PLAN OFFERED.
-BOND REFUNDING
Angeles County, Calif.
"Times 'of May 19:
The following report is taken from the Los Angeles
have been offered
"Holders of bonds of the Palmdale Irrigation District
the extent of 50% of the
a refunding plan for the issue of new bonds to
yesbondholders' protective committee announced
Present holdings, the
committee are requested
terday. Holders who have not deposited with the
Irrigation District.
with the Secretary of the Palmdale
to communicate
Palmdale.
serially from 1947
"The new bonds, according to the plan, will mature
coupons ranging from 1% for
to 1982, and will carry graduated interest in 1943 and thereafter."
the first year and increasing until6% is paid
-J. S. Rippel &
-BOND SALE.
PATERSON, Passaic County, N. J.
$268.000 coupon or regisCo. of Newark were the successful bidders for the
p. 3647.
bonds of 1934, offered on May 31-V. 138,
tered water system
price of$268.018.43
The bankers purchased $267,000bonds as4 l(s,paying a June 1 1934 and
Da
(equal to 100.38. or a basis of about 4.22%).
1951 to 1953.
due on June 1 as follows: $6,000, 1936 to 1950. incl.; $7,000.
to 1969, incl. and $8.000 in
l.• $8,000, 1954. and 1955; $9,000. 1956 issue follows: Aecond high bid
of the other bids for the
1970.
inc' A summary
:
Schlater & Co. Inc.. E•_11•
of 101.42 for 4;is was submitted by M. F.Co. B. J. Van Ingen & Co..
Rollins & Sons, Inc., and McBride. Miller &
Other bids for 43.4* were 100.97
Inc., bid 101.15 for the same coupon.
100.89 by C. P.
by Kean, Taylor & Co.; 100.91 by H. C. Allen & Co., and
Dunning & Co. and C. A. Preim & Co. of Newark.
-BOND
Pa.
PENN SCHOOL DISTRICT, Westmoreland County,no bids were
-The issue of $5,000 434% school bonds for whichState Teacher'
SALE.
the
-was sold later to
obtained on March 3-V. 138. p. 1957
1944 incl.
retirement fund. Due $500 annually on Dec. 1 from 1935 to
-BOND ISSUANCE CONPENSACOLA, Escambia County, Fla.
-It is stated by the City Manager that the city is preparing
TEMPLATED.
issued to
to issue refunding bonds to cover original improvement bonds already
the amount of $1.885,000. He states that the City Council has
dated July 1.
authorized the issue, which will probably be
Ile goes Onto say that the $134,000 of warrant funding bonds mentioned
in V. 138, P. 3138, cannot be issued because of legal drawbacks.
.-PWA PROJECT ABANDONED.
PHOENIX, Oswego County, N. Y
which
-It is reported that the plan for the installation water meters, for
announced by the Public Works Administration
an allotment of $7.000 was
-has been abandoned.
-138, p. 899
PITTSFORD SEWER DISTRICT NO. 1 (P. 0. Rochester) N. Y.-County Judge William F.
ASSESSMENTS DECLARED ILLEGAL.
Lynn on May 21 ruled that the entire assessment by the District for 1930
was made contrary to law, according to the Rochester "Democrat" of the
Hill Country
following day. The decision was given in the appeal of the OakThe District.
Club from its shares of the assessment amounting to $2,700.
It is said, was laid out in 1923 and three years later was enlarged through
acquisition of the tract known as Druid Hills.
Orange
PLACENTIA SCHOOL DISTRICT (P. 0. Placentia)scheduled
-An election is said to be
-BOND ELECTION.
County, Calif.
of $200,000 in high school
for June 15 to vote on the proposed issuance
construction bonds.
PLYMOUTH TOWNSHIP SCHOOL DISTRICT(P.O. Norristown),
-BONDS DEFEATED-At the primary elmMontgomery County, Pa.
3816
Financial Chronicle
Lion held on May 15 the voters refused to sanction the issuance of $170,000
high school building construction bonds. The measure
received 178
affirmative votes, while 252 were in the negative.
POCATELLO INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
Pocatello), Bannock County, Ida.
-BOND CALL.
-It is announced
by Lee A. Blackmer, District Treasurer, that
1 to 210
school bonds, issue of 1923. are being calledNos. payment of the 53i%
for
through
First Security Bank of Idaho. in Pocatello, on July 1, on which date the
interest shall cease.
PORT VUE, Pa.
-ORDERED TO PAY BACK INTEREST AND
PROVIDE SINKING FUND ON $31,000 BOND ISSUE.
-In a decision
handed down in Common Pleas Court, Judge William H. McNaugher
ordered the Borough to make payment by Oct. 1 1935 of $6,994 in back
interest and to provide a sinking fund for the payment of principal on
$31.000 bonds issued in Jan. 1923 for acquisition of the Port Vue Water
Co. The Pittsburgh "Post Gazette" of May 23,in reporting the foregoing,
further stated as follows: "The equity action was brought by the Realty
company, holder of all the bonds, alleging failure to pay interest amounting
to $6,994. Judge McNaugher found the borough also is in default $6.842 for
failure to hold in a sinking fund moneys to pay the principal on the bonds at
maturity. Under the court order, the back interest of $6,994 must be paid
by Oct. 11935. and the borough was directed to pay the costs of the suit."
PROVO, Utah County, Utah.
-The
-BOND SALE DETAILS.
$25,000 issue of special impt. refunding bonds that was purchased by the
Lauren W. Gibbs Co. of Salt Lake City
-was
-V. 138. p. 3482
awarded as 6s, at a price of 103.00, a basis of about 5.68%. Coupon
bonds, dated April 1 1934. Denom. $1,000. Due on April 1 as follows:
$4,000, 1945 to 1947; $5,000, 1948 and 1949, and $3,000 in 1950. Interest
payable A.& 0.
QUINCY, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
$250.000 short-term loans offered on May 28-V. 138. p. 3648
-were
awarded to F. S. Moseley & Co. of Boston. at 1.49% discount basis.
Dated May 28 1934 and due $125,000 each on March 29 and April 30
in 1935. The Merchants National Bank of Boston, next highest bidder,
named a figure of 1.50%.
P WA ALLOTMENTS CHANOED.-Allotments originally announced by
the Public Works Administration, covering loans and grant in amount
of $498,000 for various city projects, were later changed to provide only
for grants totaling $137,000.
RALEIGH, Wake County, N. C.
The Local Government Commission -NOTE ISSUANCE APPROVED.of
is said to have approved an issue
$100,000 tax anticipation notes, the funds to be used by the city in paying
interest of $22,505 on June 1, and July 1 interest and principal.
REDDING, Shasta County,
-BOND ELECTION.-ff is reported that an election will be heldCalif.
on July
ance of $260.000 in water system bonds. 10 in order to vote on the issuRESERVE TOWNSHIP (P. 0. Rockville), Parke County, Ind.BOND OFFERING.
-Parke N. Smith,
Trustee, will receive
sealed bids until 7 pp. m.on June 25 for the Townshipof $4,000 5% judgment
purchase
funding bonds. Dated June 25 1934. Denom. $500. Due $500 on July
1 from 1936 to 1943 incl. Authorized by Chapter 30, Acts of 1931. Interest is payable semi-annually.
RHODE ISLAND (State of).
-PROPOSED FINANCING.
-According
to reports, the State plans to offer for sale soon an issue of $1,000,000 unemployment relief bonds, to mature in from one to five years, and $950.000
general purpose 90
-day notes. Both loans were authorized by the voters
at an election held on May 18.-V. 138. p. 3640.
RICHLAND COUNTY (P. 0. Richland), Wis.-BOND SALE.An $84,000 issue of 5% semi-ann. highway.bonds is reported to have been
purchased by the Harris Trust & Savings Bank of
Chicago.
RICHMOND COUNTY (P. 0. Augusta), Ga.-BOND OFFERING.
Sealed bids will be received until 12 noon (Standard Time) on
June 8.
by S. D. Copeland, Assistant Secretary of the County Board of Education,
for the purchase of a $298,000 issue of 41i% coupon or registered school
bonds. Denom. $1.000. Dated Jan. 1 1930. Due from Jan. 1 1949
to 1960 incl. Principal and interest (J. & J.) payable at the County
Treasurer's office, the Georgia Railroad Bank & Trust Co. in Augusta, or
the Guaranty Trust Co. in New York, at the option of the holder. Legal
approval of Storey, Thorndike,Palmer & Dodge.of Boston,will befurnished
to the successful bidder. Bids are desired on forms which will be furnished
by the First National Bank of Boston, or the above named Secretary.
No bid will be accepted for less than par and accrued interest to date of
delivery. Bonds will be delivered at Augusta, or the First National Bank
of Boston, at purchaser's option. A certified check for 2% of the par
value of the bonds bid for, payable to the County Board of Education, is
required.
These bonds are stated to be part of the $710,000 issue originally contracted for by the Public Works Administration.
RIO VISTA SCHOOL DISTRICT (P. 0. Rio Vista), Johnson
County, Texas.
-BONDS VOTED.
-At the election held on May 19
-V. 138, p. 3320
-the voters approved the issuance of the $17,000 in
5% school construction bonds by a wide majority. Due as follows: $200,
1935 to 1954, and $650 from 1955 to 1974, inclusive.
tat
RIVERTON, Fremont County, Wyo.-BOND SALE.
-A $23,500 issue of 436% water refunding bonds is reported to have been
,
purchased jointly by Geo. W. Vallery & Co. Inc., of Denver. and the
Stockwowers National Bank of Cheyenne. Denoms. $100 and $500.
Dated July 1 1934. Due from 1937 to 1958.
ROANOKE COUNTY(P.O. Roanoke) Va.-TEMPORARY BORROW-Authority was recently given to the County School
ING AUTHORIZED.
Board by the Board of Supervisors to borrow up to $50,000 for a period of
not more than a year, in order to rebuild a burned school. The Supervisors
are said to have rescinded their previous authorization for the borrowing of
$12,500 by the School Board for continuing the school term for its full
length. Money which is now available makes this previous authorization
unnecessary for the purpose.
ROSS TOWNSHIP (P. 0. Perrysville), Allegheny County, Pa.
-Wade Winner, lirownship Secretary. will receive
BOND OFFERING.
sealed bids until 11 a. m. on June 18 for the purchase of $17,000
%
coupon bonds. Dated July 1 1934. Denom. $1,000. Due July 1 1964.
Interest is payable in J. & J. A certified check for $250, payable to the
order of the Township Treasurer, must accompany each proposal. Sale
of the bonds is subject to approval of the issue by the Pennsylvania Department of Internal Affairs.
RUMSON, Monmouth County, N. J.
-BOND SALE POSTPONED.
Jere J. Carew, Borough Clerk, states that he will receive sealed bids until
8 p. m. (Daylight Saving Time) on June 14 for the purchase of $20,000
not to exceed 6% interest coupon or registered refunding bonds. it was
originally intended to hold the sale on June 7.-V. 138, p. 3648. Issue
will be dated June 1 1934. Denom. $1.000. Due $2,000 on June 1 from
1935 to 1944 incl. Principal and interest (J. & D.) payable in lawful
money of the United States at the office of the Collector-Treasurer. A
certified check for 2% of the bonds bid for, payable to the order of the
Borough, must accompany each proposal. The approving opinion of
Hawkins, Delafield & Longfellow of New York will be furnished the successful bidder.
-CERTIFIRYE (P. 0. Port Chester), Weschester County, N. Y.
-Frederick G. Schmidt, Town Supervisor, announced on
CATES SOLD.
May 25 the sale of $90,000 school tax anticipation certificates to Eldredge
& Co. of New York.
-BOND CALL.
SACRAMENTO, Sacramento County, Calif.
-It is
announced by Joseph H. Stephens, City Treasurer, that he is calling for
payment various city bonds.
The bonds being called are described as follows:
Water main, Nos. 125 to 150. dated Jan. 1 1903.
Water main, Nos.946 to 1526, 1531 to 1541, 1576 to 1586, 1621 to 1631,
1666 to 1676, 1711 to 1721. 1756 to 1766. dated July 1 1913.
Filtration plant. Nos. 631 to 1800. dated Jan. 1 1920.
High school, Nos. 146 to 200. dated July 1 1905
.
City hall, Nos. 203 to 217 and 218. due July 1 1936; No.218, due July 1
1937; Nos. 219 to 232, due July 11938; No.233, due July 1 1939; Nos.234
to 247 and 248. due July 1 1940; No.248. due July 1 1941: Nos. 249 to 262
and 263, due July 1 1942; No. 263, due July 1 1943; Nos. 264 to 277 and
278. due July 1 1944: No. 278, due July 1 1945; Nos. 279 to 292 and 293.
•
June 2 1934
due July 11946; No. 293, due July 1 1947, and Nos. 294 to 300. all dated
July 1 1907.
Levee, Nos. 131 to 150, dated July 1 1908.
Hall of Justice, Nos. 148 to 280. dated July 11913.
Sewer drainage, Nos. 799 to 1235, dated July 1 1913.
Capitol Park extension, Nos. 701 to 1400. dated Jan. 1 1914.
Levee, Nos. 484 to 920. dated Jan. 11913.
Bonds of said issues maturing on July 1 1934 will be paid on said date.
If any of said bonds hereinabove described are not presented for redemption
within 30 days after the first publication of this notice, to wit, on or before
July 1 1934, interest on all such bonds will cease from and after said
date. The holders of said bonds hereinabove described are further notified
to present the same for redemption on or before July 1 1934 at the office
of the City Treasurer, or at the office of the fiscal agent of the city in the
City and State of New York (to wit, at the office of the Bank of New York
& Trust Co.; in the case of all issues except filtration plant bonds, dated
Jan. 11920, which are payable at the office of the Chase National Bank),
on which date the city is prepared to pay the face amount of said bonds
and accrued interest thereon to such date.
ST. 1GNACE, Mackinac County, Mich.
-BOND SALE.
-The First
National Bank of St. Ignace recently purchased $10.000 sewage disposal
plant bonds at a price of par.
ST. JOSEPH, Berrien County, Mich.
-BORROWING AUTHORIZED.
The city has received permission from the State
to borrow
$20,000 on notes, in anticipation of tax collectionsLoan Board next fiscal
during the
year.
ST. LOUIS, Mo.-BOND SALE DATE NOT DEFINITE.
-The City
Comptroller reports that no date of sale has been
for
the $16,100,000 of various purpose bonds approveddetermined as yet the
by the voters at
election on May 15.-V. 138, p. 3482.
SALEM TOWNSHIP (P. 0. Crabtree), Westmoreland County,
Pa.
-BONDS APPROVED.
-Approval of an issue of $8,500 funding bonds
was announced on May 17 by the Department of Internal Affairs of Pennsylvania.
SAN FRANCISCO (City and County), Calif.
-LIST OF BIDS:
The following is an official tabulation of the bids received on May l.a for
the $1,324,000 4% coupon or registered semi-annual water distribution of
1933 bonds,sold on that day,report of which appeared in V. 138, p. 3482:
Guaranty Co. of New York, First of Boston Corp., The
Northern Trust Co
$1,337,637.20
R.H.Moulton &Co., Bankers Trust Co., Dean Witter & Co. 1.337,528.00
The Anglo California National Bank of San Francisco,
First National Bank of New York, First of Michigan
Corp., Darby & Co., Heller, Bruce & Co
1,330,648.48
The City Co. of New York, Inc., Weeden dz Co
1,338.951.00
Harris Trust & Savings Bank, Chicago
1,344,385.00
E. 0. Huttlinger Co., on behalf of Lehman Brothers, F. S.
Moseley & Co., Milwaukee Co., Estabrook & Co., Wells,
Dickey & Co., E. 0. Huttlinger Co
1,345,316.40
Halsey, Stuart & Co., Inc.; Bancamerica-Blair Corp., Stone
& Webster and Blodget, Inc.; Phelps, Fenn & Co., Geo.
B. Gibbons & Co., Inc
1,331,745.40
Bankamerica Co., Blyth & Co., Inc., R. W. Pressprich &
Co., American Securities Co
1,351,129.00
William It. Stoats Co.For all of the bonds offered for sale the sum of
•1,324,000.00
And accrued interest thereon at date of delivery
28,135.00
*Successful bid.
SCHENECTADY, Schenectady County, N.
ISSUE SOLD.
-The $300,000 current year tax anticipation certificates of
indebtedness offered on May 25 were awarded to Hemphill, Noyes & Co.
of New York, at 3% interest, at par plus a premium of $10. Dated May
28 1934 and payable on July 19 1934 at the Chase National Bank, New
York, or at the City Treasurer's office, at purchaser's option. Legality
approved by Reed, Hoyt & Washburn of New York. In connection with
the offering, the city announced as follows:"Taxes for the fiscal year 1934,
which began Jan. 1. are payable in four instalments without interest or
penalty during the 15 days following the first business day in January,
April, July and October, after which 15
-day period interest must be added
at the rate of M of 1% per month, the tax levy for State and county purposes being payable with the first instalment of city taxes, making the
percentage of the total levy, $4,936,264.87. payable in the January instalments 34.69%, and the remaining three instalments 21.77% each;
total collections at the close of business May 17 1934. aggregated
43.27%
of the combined levy. Tax anticipation obligations now outstanding.
and maturing July 19 1934, aggregate $300,000."
SCHUYLKILL COUNTY (P. 0. Pottsville), Pa.
-BOND OFFERING.
- D.Leidich, County Comptroller, will receive sealed bids until 10 a.m.
R.
on June 14 for the purchase of 60,000 4 % coupon county bonds. Dated
Dec. 15 1933 Denom. $1,000. Due $15.000 on June 15 from 1935 to
1938, incl. Registerable as to principal only. Interest payable J. & D.
15. A certified check for 2% of the bonds bid for, payable to the order of
the County Treasurer, must accompany each proposal. Bonds will be
issued subject to the favorable legal opinion of Townsend, Elliott & Munson of Philadelphia.
PaSEATTLE, King County, Wash.
-COUNCIL OVERRIDES BOND
SALE VETO -At a meeting held on May 16 the City Council passed by an
eight to one majority, the ordinance authorizing the $5,000,000 municipal.
light and power 5% bonds that were sold in April to a syndicate headed
by the Bancamerica-Blair Corp -V. 138. P. 2970. Mayor John F. Dore
previously vetoed the ordinance.
BOND CALL.
-H. L. Collier, City Treasurer, is said to be calling for
payment from May 27 to June 6, various local improvement district bonds
and coupons.
SEATTLE, King County, Wash.
-BOND RE
-PURCHASE AP-Approval was recently given by the City Council Utilities
PROVED.
Committee to the re-purchase by the City Water Department of $550,000
water bonds, sold to the Reconstruction Finance Corporation in 1932. ...a
SENECA COUNTY (P. 0. Tiffin), Ohio.
-BOND OFFERING.Sealed bids addressed to F. W. Grill, County Auditor, will be received
:
Due thfoilurch 91 50.000 6% poor relief bonds.
June 2l foras e pows ase.4 $
until 1010 a.
mar
$
ch
0 Sept. 1 1934: $9.700.
March
1 and $10,000, Sept. 11935; $10,300, March 1 and $10,600 Sept. 11936.
Principal and interest(M. & S.) payable at the County Treasurer's office.
A certified check for $500, payable to the order of County Auditor, is
required. Bids to be unconditional.
SHREVEPORT, Caddo Parish, La.
-BOND SALE.
-The
issue of 4% semi-ann. general impt. bonds of 1934 offered for sale$650,000
on May
-was purchased at par by the Public Works Ad31-V. 138, p. 3483
ministration, according to the Secretary-Treasurer.
SIOUX FALLS, Minnehaha County, S. Dak.-BOND OFFERING.
Sealed bids will be received until 10 a.m. on June 18 by Andrew Norstad.
City Auditor, for the purchase of an issue of $172,000 4% semi-ann. sewage
disposal bonds. Denom. $1,000. Dated March 1 1934. Due serially
over a period of 25 years. (An allotment of $210,000 has been approved by
the Public Works Administration for this project
-V. 138, p. 363.)
SIOUX FALLS, Minnehaha County, S. Dak.-BOND SALE.
-The
$25,000 issue of 4% semi-annual trunk sewer bonds offered for sale on
May 28-V. 138, p. 3139
-was purchased at par by the Public Works
Administration. Due serially in 20 Years.
SNOHOMISH COUNTY (P. 0. Everett), Wash.-WARRANTS
CALLED.
-The County Treasurer is said to have called for payment at
his office on May 11 various school district and county warrants.
-BOND ELECTION.
SONORA, Sutton County, Tex.
-It is said
that an election will be held on June 16 to vote on the proposed issuance of
$6.000 in municipal building bonds. (An allotment in this amount was
approved by the Public Works Administration in January
-V.138, p. 535.)
SOUTH CAROLINA,State of(P.O. Columbia).
-BOND AND NOTE
REFUNDING CONTEMPLATED. The State Treasurer is said to be
considering a plan for refunding the following bonds and notes aggregating
$11.230.000: $5,000.000 State highway bonds: $4,230,000 State deficit
bonds, and $2,500,000 State highway contractor's notes.
SOUTH MIDDLESEX. Mercer County, Pa.
-BOND OFFERING.
Ralph J. Fair, Borough Secretary will receive sealed bids until 8 p. m. on
June 14 for the purchase of $12,000
% bonds, due $2,000 on June 1
y.
-CERTIFICATE
Financial Chronicle
Volume 138
from 1938 to 11943 incl.
each proposal..
Arcertified rcheck :for $200;must accompany
SOUTH SAN FRANCISCO'HIGH'SCHOOL DISTRICT, San Mateo
-BOND SALE.
County, Calif.
-S75.000 in school construction bonds
were purchased by the Anglo-California Bank of San Francisco, as follows:
$40.000 as &Xs, and $35,000 as 4(s.
-BONDS DEFEATED.SPRING LAKE, Ottawa County, Mich.
The proposal to issue $20,000 sewage disposal plant bonds, submitted for
consideration of the voters at an election held on May 21-V.138,P.2971
was defeated, the count being 87 "for" and 119 "against" the measure.
At the same time the voters defeated the proposition to incorporate as a
fifth class city.
SPRING TOWNSHIP SCHOOL DISTRICT (P. 0. Wyomissing),
Berks County, Pa.
-The Department of In-BONDS AUTHORIZED.
ternal Affairs of Pennsylvania announced on May 18 its approval of an
issue of $40,000 operating expense bonds.
SPRINGBORO, Crawford County, Pa.
-BOND ISSUE APPROVED.
-An issue of $14,000 water works system bonds waslapproved on May 17
by the Pennsylvania Department of Internal Affairs.
-At the
SYLACAUGA Talladega County, Ala.
-BONDS VOTED.
election on May-28 the voters approved the issuance of $92,000 in 4%
water works bonds by a count of 432 to 0.
BOND OFFERING.
-It is stated by the Town Clerk that sealed-Eris
will be received by him for the purchase of the above bonds. until June 11.
Due as follows: $3,000, 1935 to 1942, and $4,000. 1943 to 1959 incl.
-Sealed bids
TEXAS, State of (P. 0. Austin).
-BOND OFFERING.
will be received until June 2 by George S. Sheppard, Chairman of the State
Bond Commission,for the purchase of a $3,750.000 issue of 4 %(M • & EL)
State relief bonds. Denominations,$50.$100 and $1,000. Dated March 1
1934. The offering notice reports as follows: With their sale, the Commission will have sold a total of $10.500.000 of relief bonds,leaving $9.500.000 of the $20,000,000 authorized by amendment to the Constitution.
Before any of the remaining $9,500,000 of bonds can be issued, authority
to do so will have to be granted by the Legislature.
Numbers, denominations and maturities of the bonds offered for sale
on June 2 are as follows:
Total.
Denom.
Numbers.
Maturity.
$387.000
414- 800,inclusive
Mar.
411.000
1240-1650,inclusive
436.000
1,000
2115-2550, inclusive
Mar. 1 1938
2,500
50
2601-2650, inclusive
Mar. 1 1939
4,500
100
2706-2750,inclusive
Mar. 1 1939
453,000
1,000
3233-3685, inclusive
Mar. 1 1939
484.000
1,000
4202-4685, inclusive
Mar. 1 1940
508.000
1,000
5228-5735, Inclusive
Mar. 1 1941
520,000
1,000
6291-6810,inclusive
Mar. 1 1942
544,000
1.000
7392-7935, inclusive
Mar. 1 1943
tr.MN $1:888
1
$3,750,000
The State Board of Education will probably not be able to purchase all
of the $1.150,000 of refunding bonds it agreed to buy at its April session,
due to the fact that amny school districts which had negotiated for the
purchase of their issues at a discount, in order to refund and sell the refunding bonds to the State Board, are now unable io purchase the bonds from
holders, since the advances in the price of bonds have given them an increased value.
NI de
4-0.119 cmc
TEXAS, State of (P. 0. Austin).
-FEDERAL FUND ALLOTMENT
TO BOARD OF REGENTS.
-A news dispatch from Washington to the
Houston "Post" reports as follows on a Public Works Administration loan
and grant to the University of Texas:
he PWA has agreed to accept from University of Texas regents $1.200,000 of bonds as security for a loan to that amount for construction of a
new library-main building on the site of the present main building.
"In addition a grant of 6433,000 has been promised by the PWA,making a
total of $1,633,000. Negotiations were completed here Saturday for formal
execution of the bond purchase contract early next week.
"Buford Jester of Corsicana Chairman of the Board of Regents, and
R.L. White of Austin,supervising architect, are herelhandling negotiations.
They said the Board of Regents expects to let contract in June for demolition
of the old main building and
for erection of the new building by Sept. 1. University award contract
.
revenues are behind the bonds tendered for
the PWA loan.
'
TEXAS, State of (P. 0. Austin).
-EDUCATION BOARD BUYS
SCHOOL BONDS.
-The foil
is taken from a recent Austin
Press dispatch of April 17: owing report
"The State Board of Education at its recent session here purchased
$1,017,654 of school district refunding bonds for the permanent school
fund and $128,000 of new issues of school district bonds. In every instance
the district indebtedness is reduced by the cancellation of the larger amount
Of the original issues where
refunded.
It was ordered that none of the bonds be purchased unless the district
has paid up all interest and principal
on its issues held by the school
fund. If such payment is not made due days the tentative purchases
in 30
are ordered canceled.
"Another stipulation was that after the Board exhausts its $700,000 cash
balance in buying bonds that thereafter all issues of over 550.000 be paid for
in three installments and under that In two equal amounts."Ai
THOMPSON TOWNS,FIIP (P. 0. Thompson), Geauga County,
Ohio.
-BOND OFFERING -Ercel Wilson, Clerk of the Board of Trustees,
will receive sealed bids until 12 m. on June 18 for the purchase of $5,000
8% refunding bonds. Dated May 1 1934. Denom, $500. Due $500
annually on Oct. 1 from 1935 to 1944, incl. Interest is payable semiannually. Bids for the bonds to bear interest at a rate other than 6%.
expressed in a multiple of X of 1%. will also be considered.
TOWNSEND, Middlesex County, Mass.-PWA ALLOTMENT
CHANGED.
-The allotment
$154,000 for water works construction,
originally announced by theof
Public Works Administration, has been
rescinded in favor of a grant of only $43.000 toward the project.
-BONDS OFFERED FOR
TOWNSEND, Middlesex County, Mass.
INVESTMENT.
-The $124,000 3X % coupon water bonds awarded last
week to Whiting, Weeks & Knowles of Boston, at 102.34, a basis of about
3.31%-V. 138, p. 3649
-are being re-offered by the bankers for general
Investment at prices to yield from 2.25 to 3.35%. according to maturity.
Dated June 1 1934 and due June 1 as follows: $5,000 from 1937 to 1948 incl.
and $4,000 from 1049 to 1904 incl. Legality approved by Ropes, Gray,
Boyden & Perkins of Boston. The bonds, it is said, are legal investment
for savings banks in Massachusetts and constitute direct and general
obligations of the Town, payable from water rates and unlimited and
varlorem taxes levied against all taxable property therein.
'UNION, Cass County, Neb. FEDERAL FUND ALLOTMENT
RESCINDED.
-The loan and grant of $14,000 for street improvement
that was approved by the Public Works Administration in January
-V.138.
p. 536
-has been rescinded,
UNION COUNTY (P. 0. Marysville), Ohio.
-BOND OFFERING.
Sealed bids addressed to Morley Liggett, county Auditor, will be received
until 12 in. on June 11 for the purchase of $12,000 5% poor relief bonds....
VAN WERT COUNTY (P. 0. Van Wert), Ohlo.-BONDS AUTHOR-The State Tax Commission on May 24 approved an issue of
D.
‘
,000 poor relief bonds.
VERNON COUNTY (P. 0. Viroqua), Wis.-BONDS AND NOTES
APPROVED.
-The County Board of Supervisors Is said to have approved
recently an issue of $105,000 bonds and a $10,000 issue of notes. to carry
on a relief program until fall.
VERSAILLES, Woodford County, Ky.-?WA BUYS BONDS.
The following report is taken from a Versailles dispatch to the Lexington
"Herald" of May 24:
"City Attorney H. A. Schoberth received notice to-day from C. C.
McCall, Assistant Attorney-General of the United States, that the Federal
Emergency Administration had authorized the Louisville branch of the
Federal Reserve Bank of St. LOUIS to accept delivery of and pay for its
recent issue of $49,000 water works bonds.
"The funds derived from the sale of these bonds to the Government,
together with a free grant to the city by the Government of $18,000. will be
W
3817
(1 sxten ding the city water works system so as to secure its supply
of water from the Kentucky River, six miles southeast of Versailles. The
Project is expected to furnish employment for many workmen."
VINCENNES,TOWNSHIP (P. 0. Vincennes), Knox County, Ind.
-An issue of $217,500 5% Judgment funding bonds has been
BOND SALE.
Dated April 26 1934. Denoms.
sold to Seipp, Princell & Co. of Chicago.
July 1
31,000/and $500. Due $10,500, July 1 1936; $10,500. Jan. 1 andinterest
from 1937 to 19451incl. and $18,000. Jan. 1 1948. Principal andLegality
(J. & J.) payablefat the American National Bank, Vincennes.
approved by Matson, Ross, McCord & Clifford of Indianapolis.
-BOND ELECTION CONVIRGINIA, St. Louis County, Minn.
-It is said that an election will be held in the near future
TEMPLATED.
to have the voters pass on the issuance of $200,000 in hospital bonds.
(A loan and grant of $294,500 has been approved already by the Public
-V. 138. p. 2297.)•
Works Administration.
-The following other bids were received for the bonds:
OTHER BIDS.
according to the New York "Herald-Tribune" of June 1:Commerce Co.,
'Phelps, Fenn & Co., together with the Mercantile
second
R. W. Pressprich & Co. and the Richmond Co., submitted the for the
best bid of 100.25 for 234s. This was followed by a bid of 100.19
same coupon,submitted by the Chemical Bank & Trust Co., F.S. Moseley
& Co., and F. W. Craigie & Co.
"The Chase National Bank, together with Barr Bros. & Co. Inc. and
' Trust &
Mason-Hagen, Inc.. offered to pay 100.14 for 23s. The Harris 100.137
Savings Bank and the Central National Bank of Richmond bid Corp.,
Boston
for 2Xs. A group composed of the Guaranty Co.,the First State 101.33
-P. Murphy & Co., and Alex. Brown & Sons offered the
G. M.
for 2 Xs. Kelley. Richardson & Co., together with Kean. Taylor & Co..
Wallace & Co., and Wheat. Gallaher & Co., bid 101.22 for 2 Xs. Co. of
"The National City Bank, acting Jointly with the Union Trust
offering
Maryland,inaugurated its own bidding for State and city issues by
with
100.628 for the bonds as 24s. The -First National Bank, together final
The
nd Darby & Co., bid 100.55 for 2(s.
Halsey. Stuart &
Co.,is was named by the Bankers Trust Co. in association
tender of 101.079 for
with Estabrook & Co., the First of Michigan Corp., Hannahs, Bailin le
Lee, and Frederick E. Nolting & Co."
-CERTIFICATE SALE.
VIRGINIA, State of (P. 0. Richmond).
The $1,000,000 certificates of indebtedness offered for sale on May 31-were awarded to a syndicate composed of Brown Brothers
V. 138. p.3650
Harriman & Co., Stone & Webster and Blodget, Inc., L. F. Rothschild &
Co. all of New York, and the Standard Securities Corp. of Richmond,
230,
as ' at a price of 100.337, a basis of about 2.46%. Dated July 1 1934.
Due on July 1 1944.
-The successful bidders reCERTIFICATES OFFERED TO PUBLIC.
offered the above certificates for general investment, priced at 101 34, to
yield approximately 2.36%.
-BONDS APPROVED.
WAKE COUNTY (P. 0. Raleigh), N. C.
A $44,500 bond issue is said to have been approved recently by the County
Commissioners, the bonds to be used as security for a loan of this amount
from the Public Works Administration. The bonds are to be used for
high school construction and school additions.
-The
-BOND SALE.
WALLA WALLA, Walla Walla County, Wash.
$3380.000 issue of coupon refunding water extension bonds offered for sale
-was awarded to Ferris & Hardgrove of
on May 16-V. 138, p. 3322
Seattle and associates as 4Ms, paying a premium of $485, equal to 100.12,
a basis of about 4.49%. Dated July 1 1934. Due from July 1 1936 to
1954 incl. Optional after July 1 1939. Legality to be approved by Graves,
Kizer & Graves of Spokane.
The other bids were as follows, according to the City Clerk:
Amount. Int. Rate. Price Bid.
Names of Other Bidders$100.11
4 %
1556.000
Grande, Stolle & Co. and associates
100.36
4X %
1324,000
4i%%
100.08
▪▪&
Richards▪ Blum,Inc., and associates
Financial Statement (As Officially Reported as of April 1 1934.)
$7,881,036.00
Assessed valuation
795.000.110
Total bonded debt, including this issue (a)
10.000.00
Accumulated bond interest, estimated
138,238.07
Total warrants and overdrafts
10,000.00
interest, estimated
Accumulated warrant
953,238.07
Total general debt
128,085.41
Less cash and sinking funds
241,090.48
Less uncollected taxes
584,062.18
Net general debt
Population, 1930 Census, 15,976.
(a) Bonded debt figure does net include the debt of any other subdivision
having power to levy taxes on any or all of the property subject to the
taxing power of the city.
This issue does not increase the bonded debt of the City of Walla Walla.
as shown by the above statement, inasmuch as the proceeds of this issue
will be used to retire on July 1 1934 an equal amount of 6% general obligation water extension bonds which have been called for redemption on
that date.
General Tax Statement as of May 1 1934.
Tax Colleens. Taxes Deline:
Tax Levy.
Valuations.*
Yearg.gflig
$
$240,811.08
233,162.51.
$237.588.42
511,370,634.00
1928
1929
11,473,435.00. •
11,203.60
223,450.74
234,654.34
11,299,907.00
1930
24,501.81
227,510.24
252,012.05
11,068,902.00
1931
35,434.29
181,564.72
196,999.01
8,140,455.00
1932
a96.864.39
68,336.75
165.201.14
7,881,036.00
1933
*Valuations are 50% of actual value, years 1928, 1929, 1930. 1931. 1932
1933 valuations as set by the State Tax Commission, $17,911,445.
a 1933 taxes are due,but not,delinquent until May and November 1934.
the above being,,a comparative,statement at May 1 1934.
-11. W.
-BOND OFFERING.
WALTHAM, Middlesex County, Mass.
Cutter, City Treasurer. will receive sealed bids until 11 am.. (Daylight
the purchase of 570.000 coupon water bonds.
Saving Time) on June 5 for
Dated April 1 1934. Denom. $1.000. Due April 1 as follows: $5,000
from 1935 to 1944, incl., and $4,000 from 1945 to 1949, incl. Principal
and interest (A. & 0.) payable in Boston. The bonds will be engraved
under the supervision of and authenticated as to genuineness by the First
National Bank of Boston. Bidder to name the rate of interest, expressed
in a multiple of X of 1%. Legal opinion of Storey, Thorndike, Palmer
& Dodge of Boston will be furnished the successful bidder.
-B. M
-BOND OFFERING.
WARREN, Trumbull County, Ohio.
Hillyer, City Auditor, will receive sealed bids until 1 p.m. on June 11 for
of $120,000 5% deficiency bonds, which were authorized at
the purchase
an election.held on May 15--V. 138,P.3484. Dated June 1 1934. Denom.
51,000. Due $6,000 March 1 and Sept. 1 from 1938 to 1947,incl. Interest
is payable in M.& S. Bids for the bonds to bear interest at a rate other
than 5%,expressed in a multiple of X of 1%, will also be considered. A
certified check for 1% of the bonds bid for, payable to the order of the
city, must accompany each proposal. The city will pay for the printing
of the bonds, while the successful bidder will be required to pay for the legal
approving opinion of Squire, Sanders & Dempsey of Cleveland.
-WARRANTS
WASHINGTON COUNTY (P. 0. Akron), Colo.
-The County Treasurer is reported to have called for payment
CALLED.
at his office on May 8 various school district general school district and
poor fund warrants.
WASHINGTON SUBURBAN SANITARY DISTRICT (P. 0. Wash-The Public Service Commis-BONDS AUTHORIZED.
ington), D. C.
sion has approved the District's application for permission to issue $300,000
construction bonds.
5% sewer
-The Board of Commissioners reRESCINDS PWA AGREEMENT.
cently rescinded the agreement whereby the Public Works Administration
was to make a loan and grant of $650,000 to the District for water works
purposes. This action was taken in the belief that time and money would
be saved the District in undertaking the project on itrown initiative.
-BOND OFFERING.WATERTOWN, Jefferson County, N. Y.
Perley B. Doer, City Treasurer, will receive sealed bids until 10 a. in.
(Eastern Standard Time) on June 11 for the purchase of $400,000 not to
exceed 6% interest coupon or registered bonds, divided as follows:
$350.000 emergency relief bonds. Due $35.000 on July 1 from 1935 to
1914 incl.
50,000 public works bonds. Due 55,000 on July 1 from 1935 to 1944 incl.
Each issue is dated July 1 1934. Denom. 51,000. Bidder to name a
single interest rate for all of the bonds, expressed in a multiple of X or
3818
Financial Chronicle
1-10th of 1%. Principal and interest (J. & J.) payable in lawful money
of the United States at the Northern New York Trust Co., Watertwon, or
at the Marine Midland Trust Co., New York, at holder's option. A
certifie dchec.k for $8,000, payable to the order of the city, must accompany
each proposal. The approving opinion of Clay, Dillon & Vandewater of
New Stork will be furnished the successful bidder. The bonds are stated
to be direct, general obligations, payable from ad valorem taxes upon all
taxable real property in the city, without limitation as to rate or amount.
Financial Statement.
Assessed Valuation-1934.
Real estate
$47,202,614
Special franchises
931,509
Total assessed valuation
$48,134,123
Debt.
Total bonded debt, including these issues
$3,845,435
Sinking fund
$177.342
Water bonds
None
Net bonded debt
$3,668,092
No floating debt upon the issuance of thew bonds. The City of Watertown owns property offically valued at $10,560,278. which represents over
twice the amount of the net bonded indebtedness of the city.
Tax Data.
Balance
Collected at Close Uncollected as
YearTotal Levy.
of Year of Levy. of May15 1934.
1930-- _ - $1,624,309.66
$1,624,166.91
$142.75
1931_ _ -1,613,947.49
All eprsonal
1,613,977.74
249.75
1932---1,633,535.13
property tax.
84.00
1,633,450.63
1933..___
1,376,444.93
1,443,328.35
441.60
1934____
1,347,725.73
*1,282,831.53
64.894.20
* Collection period on this levy extends to June 25 when a tax sale will
be held. Fiscal year ends June 30. Taxes are due as follows: City-Aug.
1: school
-Nov. 1; State and county-Feb. 16. Taxes become delinquent
at expiration of 30 days after levy.
Population. 1920 Federal census, 31,285; 1930 Federal census, 32,205:
1934 estimated, 33,000.
WEST BURLINGTON, Des Moines County, lowa.-BOND ELECTION.
-An election will be held on June 12, according to report, to have
the voters pass on the issuance of $8,000 in water main rebuilding bonds.
WAYNE COUNTY (P. 0. Detroit), Mich.
-PLANS SUIT AGAINST
STATE FOR $5,104,971 TAXES.
-The Board of Road Commissioners on
May 29 adopted a resolution authorizing the institution of mandamus
proceedings against the State to force payment of $5,104,971 said to be due
the Commission as its snare of the 1933 and 1934 State weight and gasoline
taxes, according to report. The total amount, it is said, includes $3.886,531 due for 1933. Auditor-General John K. Stack Jr. has refused to
make the payment unless the County settles it debt of $4.800,000 to the
State, or agrees to offset that sum against the amount owned to the County.
The Road Commission, it is pointed out, hold that there is no connection
between the two debts.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-BOND
NOTE.
-The Continental Bank & Trust Co. of New York will supervise
the preparation and certify to the genuineness of the signatures and seal
of county officials of the $350,000 bonds awarded on May 16 as 4%s,
jointly to Lehman Bros. of New York and the Manufacturers & Traders
Trust Co., Buffalo, at 100.20, a basis of about 4.21%-V. 138, p. 3484.
FINANCES GREATLY IMPROVED.
-Commenting on the marked improvement which has occurred in the financial condition of the county
since Nov. 1933, County Treasurer William S. Coffey stated on May 25
that no difficulty would be occasioned in paying the approximately $5,000,000 obligations due June 1, including $3,800,000 in debt charges. Mr.
Coffey declared that the 1934 tax collections amounted to $4,831303,
compared with $3,193,159 at the same time last year, and that arrears for
previous years had been reduced from $4,400,000 to less than $800,000.
It is not expected that any further large borrowings on tax anticipation
certificates will be necessary during the remainder of 1934.
WEST MIDDLESEX, Mercer County, Pa.
-BOND OFFERING.
Ralph J. Fair, Borough Secretary, will receive sealed bids until 8 p. m.
(Eastern Standard Time) on June 14 for the purchase of $12,000 4% or
4%% caupon bonds. Dated June 1 1934. Denom. $1,000. Due $2.000
on June 1 from 1939 to 1944 incl. Interest is payable in J. & D. A
certified check for $200 is required.
WHEATLAND, Platte County, Wyo.-BOND SALE.
-A $20.000
issue of 4%% refundingbonds was jointly purchased by the Stockgrowers
National Bank of Cheyenne, and Geo. W. Vallery & Co., Inc., of Denver.
Denom. $1,000. Dated July 1 1934. Due from 1939 to 1953.
WHEELING, Ohio County, W. Va.-BONDS AUTHORIZED.
-We
are advised by Harry T. Clouse, City Clerk, that on May 22 the City
Council passed an ordinance calling for the issuance of the $987.000 sewage
disposal system bonds mentioned in V. 138, p. 2624. He states that a
public hearing for the protesting of this project will be held on June 11 and
if 30% of the property owners object, a four-fifths majority of Council
will be needed to carry the project through.
WHITAKER SCHOOL DISTRICT, Allegheny County, Pa.
BONDS NOT SOLD.
-No bids were obtained at the offering on May 28
of $30,000 5% coupon school bonds, dated June 1 1934 and due on June 1
1944-V. 138. p. 3484.
WHITE SULPHUR SPRINGS, Meagher County, Mont.
-BOND
OFFERING.
-It is reported that Dorothy Johnston, Town Clerk, will sell
at public auction on June 11 at 8 p. m. a block of $2,500 refunding bonds.
Interest rate is not to exceed 534%, payable J. & J. A certified check for
10% must accompany the bid.
YORK, York County, Neb.-PRICE PAID.
-The $54,000 4% semiann.sewer bonds that were purchased by the Kirkpatrick-Pettis-Loomis Co
of Omaha-V. 138, P. 3650
-were awarded at par. Due on April 1 1954
and optional on April 1 1939.
YORKTOWN HEIGHTS FIRE DISTRICT (P. 0. Yorktown
Heights) Westchester County, N. Y.
-BOND OFFERING.
-James F.
Moseman, Secretary of the Board of Fire Commissioners, will receive
sealed bids until 8:30 p. m.(Daylight Saving Time) on June 11 for the purchase of $9,500 not to exceed 6% interest coupon or registered bonds.
Dated June 1 1934. One bond for $500, others for $1,000. Due June 1
as follows: $1,000 from 1936 to 1943, incl. and $1,500 in 1944. Bidder to
name a single interest rate for all of the bonds, expressed in a multiple of
% or 1-10th of 1%. Principal and interest (J. & D.) payable at the
Westchester County National Bank, Peekskill, or at the National City
Bank, New York. A certified cneck for $200 must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater of New
York will be furnished the successful bidder.
YOUNGSTOWN,Mahoning County, Ohio.
-NOTES AUTHORIZED.
-The City Council has named an ordinance authorizing the issuance of
0
$175,000 5% tax anticipation notes to provide funds for current operating
purposes. Dated May 15 1934 and due on Nov. 1 1934.
CANADA, Its Provinces and Municipalities
BRITISH COLUMBIA (Province of).
-TO BORROW 310,000.000.
Premier T. D. Pattullo announced on May 23 that the Dominion would
make a loan of $10,000,000 to the Province this year for the following
v fficia
tili ca
A0
Agrt.
tc
:
rr ddeficti of the lt:
to .
2 finance part o the
f'
loansyear;
pr
pay off old unemployment relief accounts: $3.4002100 to cover 1934-35
advances to aid municipalities; $2,120,000 to cover
relief costs; $1,000,000
the current budget deficit.
-MUNICIPAL DEFAULTS.
CANADA (Dominion of).
-Principal and
interest defaults by municipalities in the Dominion at the close of 1933
amounted to $141,650,000,or 10.9% of the estimated total funded municipal
indebtedness of $1,297,719,091, according to a survey conducted by the
"Financial Post" of Toronto and published in its issue of May 28. The
survey includes a report dealing with the procedure followed in each of the
Provinces in handling defaults and outlines the extent of defaults by
municipalities, according to Provinces, as follows:
vago«,0
ProvinceOntario
Manitoba
Saskatchewan
British Columbia
Quebec
Alberta
Maritime Province
June 2 1934
Municipal Defaults by Provinces.
Estimated
Gross Funded
Funded Debt
Debt of
of Defaulters
Municipalities
1933.
1932.
$100,000,000
3504,755,977
12,000,000
92,471,255
4,000,000
40,639,804
10,500,000
*129,913,890
15,000,000
392,222,534
150,000
76,892,413
Nil
54,823,218
Per Cent of
Funded Deaf
in Default.
19.8%
13.0
8.6
8.1
3.8
0.2
Nil
Total
$141,650,000
$1,297,719,091
10.9%
*1931.
TRUST FUND LAWSCRITICIZED.
-In an address before the forty-fifth
annual convention of the Canadian Fraternal Association on May 22,
Charles P. Fell of Matthews & Co., Toronto, declared that the laws governing the investment of trust funds in the Dominion are obsolete and have
resulted In the loss of hundreds of thousands of dollars by Canadian institutions, societies and individual investors, according to the Toronto
"Globe" of May 23. Mr. Fell, it is said, pointed out that the trustee
list, which is made up largely of Federal Provincial and municipal bonds,
contains many securities which are far less sound and conservative that
numerous corporate obligations which do not qualify as institutional investments. As a solution for the existing situation, Mr. Fell suggested as
follows: (1) A broader field of legal investment, under certain restrictions;
(2) enumeration and revision of the securities qualifying annually; (3) removal of defaulting municipalities from the lists for a period of ten years;
(4) enactment of debt limits on municipalities, more effective and rigid
than those existing; (5) exclusion from the trustee category of bonds where
enforced payment of principal and interest has been handicapped by
legislation action.
CANADA (Dominion of ).-$50.000,000 LOAN SOLD IN ENGLAND
-The $50,000,000 issue of 3 yi% bonds offered on the market in London'
England, on May 28 was oversubscribed within an hour and a half after
the formal receipt of offers, according to press reports. The bonds were
offered to investors at a price of 96.50. yielding about 3.48% to maturity.
They mature May 1 1955, although callable in whole or in part on or after
May 1 1950. Provision has been made for an annual sinking fund of
36 of 1%. Purpose of the financing was to permit the Government to
pax off the balance of about $25.000,000 due June 1 1934 on an issue of
registered stock which was placed in the London market in 1884. and to
provide funds for other purposes. About $10,000,000 of the securities
which came due were held in the sinking fund. The present loan marked
the second appearance of the Dominion within a year in the London market,
after an absence of 20 years. Its initial re-entrance was made in August
1933, when an issue of 4% bonds was sold at a price of par. These obligations, it is said, are now being quoted at a price of 108.50.
-The Dominion Securities Corp.
FOREST HILL, Ont.-BOND SALE.
of Toronto was recently awarded $103.139 4%% bonds at a price of 100.57.
Of the total amount, $66.136 mature in 20 instalments, $24,246 in 15 and
$12.757 in 10. The bankers reoffered the obligations at prices to yield
4.25%. A list of the bids follows:
Rate Bid.
BidderDominion Securities Cow
100.57
Cochran, Murray & Co
100.32
Wood, Gundy & Co
100.20
Dyment, Anderson & Co
100.18
Fairclough & Norsworthy, Ltd
100.08
Matthews & Co
100.047
J. L. Graham & Co
99.284
R. A. Daly & Co
99.11
di
do
McLeod, Young,---98.57
A. E. Ames & Co., Ltd
98.31
Bell, Gouinlock & Co---98.12
Harrison & Co
96.53
O. Monument),Que.-BOND OFFERING.
GIFFARD (P.
-Sealed bids
addressed to Joseph Drouin, Secretary-Treasurer, will be received until
7 p. m. on June 5 for the purchase of $55,000 5% improvement bonds.
due in 10 years.
-OBTAINS ADDITIONAL FEDERAL
MANITOBA (Province of).
LOANS.
-It was disclosed on May 21 that the Dominion Government
had made further loans to the Province amounting to $894,000. This
Included the acceptance of $600.000 5% treasury bills, due May 28 1935.
In payment of a like amount of Provincial obligations which mature May
28 and Jinn) 15 1934. The balance of $294,000 represented a new loan.
for the purpose of assisting Manitoba to meet its May and June poor
relief expenditures.
-BOND SALE.
NEW WESTMINISTER, B. C.
-A. G. Brine, City
Clerk, reports that the issue of $107.000 5% improvement bonds offered
on May 28 was awarded to.C. M. Oliver & Co.and the Dominion Securities
Corp., both of Toronto, jointly, at a price of 88.079, a basis of about
5.85%. Dated May 6 1934 and due in 30 years. A group composed of
Griffis, Fairclough & Norsworthy, Dyment. Anderson & Co., Cochrane.
Murray & Co. and McDermid, Miller & McDermid, submitted the next
highest bid of 87.35.
-It is pointed out in the "MoneORILLIA, Ont.-INTEREST RATE.
tary Times" of Toronto of May 26 that the $385,000 electric light bond
Issue to be considered at an election scheduled for June 7 will bear interest
at 43%,not 4% as previously reported-V. 138, p. 3650.
PRINCE EDWARD ISLAND (Government of).
-5500,000 BONDS
-An issue of $500,000 bonds was offered for
OFFERED TO INVESTORS.
public subscription simultaneously on March 26 at Charlottetown, Toronto
and Montreal. Proceeds of the sale will be used to clear up the Government's bank overdraft and to finance the rebuilding of public structures.
Disposition of the issue will increase the debt of Prince Edward Island to
$4,554,000, it is said.
SAINT EUSTACHE SUR LE LAC, Que.-BOND OFFERING.
Sealed bids addressed to J. A. Belisle, Secretary-Treasurer, will be received
until 12 m. on June 6 for the purchase of $12,500 5%% bonds. Dated
July 31 1934 and due serially on Aug. 1 from 1935 to 1954, inclusive.
ST. HONORE SCHOOL CORPORATION, Que.-UNABLE TO PAY
DEFAULTED CHARGES.
-The Quebec Municipal Commission recently
reported that the School Corporation is not able at present to make Payment of any part of its obligations, which mature. Payment of maturing
Interest charges ceased on May 1 1932, while maturities of bonds have not
been met since Nov. 1 1932.
ST. HYACINTHE, Que.-BOND OFFERING.
-Sealed bids addressed
to the City Clerk will be received until 4 p. m. on June 6 for the purchase
of 3310.000 4% or 5% municipal electric plant construction bonds, due
serially in 20 years.
SASKATCHEWAN,
(Province of).
-LOAN AUTHORIZED-The GoVi
ernment is reported to have authorized a loan of$2,000.000 to the Province
ofSaskatchewan to heft)in the fight against the grasshopper plague.
TORONTO, Ont.-FINANCIAL STATEMENT.
-In an editorial in
its issue of May 24, the Toronto "Globe" pointed out that the net debt
of the city on Dec. 31 1933 amounted to $168,019,00O 3 or almost $270
per capita, based on a population of 623.562. The article continued
further as follows: "Toronto had a total revenue last year from general
taxation of $32,487,269. Out of this sum and water revenue it paid in the
form of debt charges $10,189,000. In addition, the Toronto Hydro paid
32.584,077 in debt charges. The transportation system, $2,967,000:
ratepayers, for work done under the local improvement law, $2,584,621.
In all $18,102,899 was paid out on account of a debt of $168,019,000, and
the total of the debt was reduced by over eight and a half millions.
VICTORIA, B. C.
-BIDS REJECTED.
-The City Comptroller informs
us that the bids submitted for the issue of $231.000 5 or 55i%
15
-year
sinking fund bonds were rejected.
WALKERVILLE Ont.-PAYMENT OF BOND PRINCIPAL DEFERRED.
-Mayor It. Farrow announced recently that the town's bondholders had agreed to a plan whereby no payments will be made on account
of maturing bond principal for five years, although interest coupons will
be retired as they mature. according to the "Monetary Times" of'Toronto
of May 26.
@FedFRASER