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The Financial Situation
HE Seventy-third Congress, having at length formulating a national labor policy. By this is
concluded to adjourn probably to convene no meant the outlining of the general procedure to be
more, has left both the President and the business followed in applying the joint resolution of Congress,
community with arduous tasks on their hands. passed shortly before adjournment, under which
Many of the measures enacted into law during the entire responsibility is placed upon the President to
past week or two, like those that came before, settle labor disputes effectively. The thoughtful
outline broadly delineated duties for the President, to man finds it difficult not to believe that all of us
be performed as his discretion dictates. Others would be much better off if the Government was less
require the selection of commissions, boards or other disposed to concern itself in labor disputes. The
bodies for their execution. The President, preparing revelation during the past week that only a negligible
to leave the country for an extended vacation, has proportion of the steel workers in the troubled
before him momentous questions of policy to deter- districts of the iron and steel industry could be
mine, problems of appointments and of organization induced to vote for a strike at the present time tends
to enhance such a contention.
to settle.
The Labor Boards
As to the business community, it must first of all
But Congress, at the befamiliarize itself with the
hest of the President, has
specific provisions of a large
now decreed that a board or
"Brains" in Government.
number of hastily drawn,
boards shall be set up to deal
and perhaps inadequately
"While there has been a certain amount
with such situations. Both
of comment about the use of brains in the
considered laws governing
National Government, it seems to be a
organization and personnel
a great many technical depretty good practice—a practice which
problems in connection
tails of business operations,
will continue—this practice of calling on
therewith must,accordingly,
trained people for tasks that require
and, in a number of cases at
people."—From the address of the
be faced and solved. Nothtrained
least, entailing radical modiPresident at the luncheon of the Yale
ing of significance has been
fication of policies and pracalumni on June 20.
officially announced about
tices. Having learned specifThe natural assumption is that apthe tentative program which
are chosen upon the basis of
pointees
ically what is required of it,
training that fits them for the particular
is said to be now almost
the community must then
tasks at which they are to be set. Othercompletely formulated for
promptly undertake the necwise the rule is patently absurd.
this purpose. The public
an almost complete disregard
However,
essary adjustments.
In
of this maxim is probably responsible for
can only hope that more
some instances, as for exammost of the blunders made in Washington
fortunate courses of action
ple, the Securities Exchange
during the past year. Trained men, so
will be adopted henceforth
Act of 1934 and the comfar as they have been called to influential
than have been the rule in
positions in the Government, have for the
munications controlmeasure,
most part been assigned to tasks for which
the past when Government
the formulation of policies
their training and experience in no way
bodies have undertaken to
and regulations are in most
qualified them.
deal with labor disputes.
It is self-evident, for example, that a
particulars held in abeyprofessor of farm management is not an
Another task that has
ance pending the appointauthority on the subject of money and
apparently been placed upon
ment of administrative bodprices. Training in the management of
parks and playgrounds hardly fits one for
the urgent list is that of
ies for the purpose. Yet
the varied and arduous duties now imposed
putting the National Housthe task of appraising the
upon the Secretary of the Treasury.
now, as perhaps a
ing Act into practical operaThe President needs
vast mass of new legislation
chief executive has never before needed,
tion. This measure is tantais a formidable one which
the most expert advice that the country
mount to introducing the
at all
must be attended to withcan afford. It is on call for him
times. He need only enlist "trained
Government into the busout delay.
people"—but trained in those subjects
iness of promoting house
about which their counsel is sought.
Formulating Plans
construction and renovation
E are told that the
through direct application of
President, absent for a short time from public funds in the form of loans and guarantees of
Washington, is nevertheless busy signing bills, con- mortgages and mortgage creditors; it also amends
templating prospective appointments, and formu- the Home Loan Bank Act in many particulars. The
lating general policies. His aids in Washington are Administration apparently still depends a good deal
described as equally well occupied in drafting con- upon this Act to stimulate business, particularly the
crete plans of organization, reorganization and so-called "durable" goods industries, during the
co-ordination in order that the large additions now months to come. It accordingly feels that no time
made to the governmental program may be incor- should be lost in putting the law into full operation.
porated into the general scheme of things in the The Act is replete with hazards of many sorts, not a
national capital with as little friction and confusion few of them impending by reason of the wide latitude
as possible. The President upon his return to Wash- left to a Presidential appointee in operating the
ington next week will begin his labors of reviewing, system presently to be created.
amending and approving the voluminous plans and
Other Urgent Tasks.
policies thus being laid out for him, which he must
for the most part finish during the relatively brief
Many other tasks of an administrative nature grow
period of time before his scheduled departure for a out of the acts of the Congress that has just adjourned.
For example, amendments to the Agricultural
rest at sea.
A number of Mr. Roosevelt's advisers are said at Adjustment Act place sugar beets and beef under the
the present time to be expending their efforts toward Agricultural Adjustment Administration. Also, the
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Financial Chronicle
Bankhead cotton and the Kerr tobacco measures
carry agricultural regimentation still farther. The
Securities Exchange Act places the securities markets
of the country largely under the jurisdiction of a
Presidentially appointed commission. The Communications Act places the telephone, telegraph and
radio companies under Federal control. The Crosser
Railroad Labor Act greatly increases the authority
of the Government over industrial relations in the
railroad industry. All these measures and others
present real problems to the business man, and so
to the Administration.
Meanwhile certain important questions of policy
that are unrelated to recent legislation, but which are
an outgrowth of previous legislation and previous
Administrative acts, remain unanswered. One of the
most troublesome of these relates to the National
Recovery Administration. Vague hints have from
time to time come from Washington lately of some
re-formulation of policy designed to "retrieve some
of the lost popularity" of the National Recovery
Administration. Just how reliable this information is
has not been vouchsafed. In any event, what is
desired is not re-popularization of this or any other
theory of the New Deal, but rather a reshaping of
the whole program in an honest and intelligent effort
to aid in the process of getting business really on its
feet. We hope the experimental stage has been
passed.
NRA Troubles
IT IS evident, of course, that the National Recovery
Administration is in a critical situation. Price
fixing provisions,announcements to the contrary notwithstanding, are continuing to be incorporated in
newly approved codes. Meanwhile some of the socalled service industries are complaining bitterly
about the abrogation of price control provisions in
their codes, and one of them at least—the cleaning
and dyeing industry—has repudiated the entire code
agreement. The Administration appears to be "between the devil and the deep blue sea"in this matter.
It will, unfortunately, require decidedly more than
a mere calling upon the Federal Trade Commission
to enforce the terms of these codes to salvage anything from what appears now to be something not
dissimilar to a wrecked hope.
The Gold Clause
OR the first time a Federal Court during the past
week passed directly upon the validity of the
Act of Congress last year, known as Public Resolution No.10,abrogating the so-called &id clause found
in many if not most bonds in this country. A Federal District Court in Missouri upheld the measure
and the case is expected to go to the Supreme Court
of the United States for final adjudication. The decision now handed down by the lower Court emphasizes to the average mind not so much the relief
afforded the debtor by abrogation of gold clauses as
the counteracting additional burden that would be
imposed upon him by observance of this provision
under existing conditions, or at least by that form of
observance that would require payment in current
legal tender computed at present gold prices to be
the equivalent of payment in gold dollars as provided in the indenture. No amount of legal argument will ever convince the dispassionate mind that
there was ever any necessity for creating the situation to which this Court points in justification of its
decision upholding the measure in question.
F
June 23 1934
"A Boon to Investors"
LEXANDER LEVENE,member of the New York
bar, who is an unofficial spokesman for a
number of New York Stock Exchange firms, issued
a lengthy analysis of the Securities Exchange Act
of 1934 early in the week, which the New York
"Times" published under the heading: "New Act
Called Boon to Investors." It is doubtful if such a
characterization of the analysis is fully warranted.
It is a fact none the less that this and other statements emanating from Wall Street since the final
passage of the law in question take a much more
tolerant, not to say favorable, view of this measure
than they did during its course through Congress.
At one point, for example, Mr. Levene says: "If
investors, brokers, exchanges, the Commission and
the Federal Reserve Board constantly bear in mind
that the intent of the Congress in enacting this Act
was to protect investors by prohibiting unfair market
practices, then the entire atmosphere clears, and all
legitimate factors in the securities market should
hail the Act as a constructive measure to rid the
markets of manipulators who resort to unfair market
practices. Keeping this main objective in the foreground, the dread of the other provisions must fade
away."
These words are of course tantamount to a statement that if the authorities chosen to administer the
Act confine themselves to attempting to suppress the
illegitimate without doing injury to the useful in
the securities markets, and if in that effort they receive the intelligent co-operation of the various elements in the markets themselves, good rather than
evil may be expected from the law in question. The
act in the form in which it has become law leaves
so much to the discretion of the administrative authorities that the real outcome is in their hands.
A
Strict Constructionists
HIS appraisal of the situation emphasizes the
importance of the personnel and probable policies of the new Commission to be appointed. It is
generally believed, although there has been no official word on the subject, that the Commission will
be largely under the control of those believing in a
so-called "strict construction" of the law. This of
course may mean only that the administrative body
will not permit the real meaning of the law as it
stands to be evaded or disregarded, or it may mean
that the authorities in question will insist upon rules
and regulations which place heavy burdens upon
honest and useful securities markets. The future
alone will fully demonstrate the effect the act is to
have in actual practice.
The same hope may be expressed that the newly
developed confidence in the intelligence and reasonableness of the new Commission which, according to
reports is to have two practical securities market
men as members, will prove to be warranted. At any
rate, the more conciliatory attitude of both the
officials of the New York Stock Exchange and its
member firms ought to pave the way for more
effective co-operative effort between the markets
themselves and the Governmentauthorities entrusted
with the task of administering the law. It does appear to be certain that in normal circumstances the
volume of trading, at least upon the larger exchanges,
will not in the future reach the proportions to which
we have become accustomed in recent years.
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Volume 138
Financial Chronicle
The Federal Reserve Bank Statement
Ewdepartures in Treasury and Federal Reserve
policy regarding currency and credit have
been excessively frequent of late, and the Federal
Reserve Bank condition statement for June 20 now
reflects another change in the form of a large addition to the United States Government bond portfolio of the System. The increase involves no addition to the total holdings of United States Government securities, since it is accompanied by a
corresponding reduction of the notes, certificates of
indebtedness and discount bills of the System. There
is every reason to believe that the change occurred
in connection with the June 15 financing of the
Treasury, when long-term 3% bonds were offered
on an exchange basis to holders of an aggregate of
$520,000,000 certificates and notes which matured
June 15 and were due Aug.2. The maturity schedule
of short-term security holdings which the Reserve
System is required to publish made it plain in advance of the financing date that the system held
substantial amounts of the certificates and notes for
which new long-term 3% bonds were offered, and
it may be assumed that the increase of $65,790,000
in bond holdings of the System now reflected are
due to acceptance of the exchange offer in that
amount. Treasury note holdings declined $9,655,000
and certificate holdings were off $56,361,000 in the
period since June 13, which almost exactly compensates the gain in bond holdings and leaves the total
United States Government security holdings at
$2,430,180,000 on June 20, against $2,430,406,000 on
June 13.
It is possible, of course, that the increase in bond
holdings represents acquisitions of Fourth or First
Liberty 41 4% bonds, which are now callable on any
/
interest date, and which already are in the process
of redemption through conversion into issues with
lower coupons. If such is the case, there is little
to- say about the addition to bond holdings, for the
Liberty issues may properly be regarded as shortterm securities and therefore suitable investments
for the banks of issue. The circumstances surrounding the matter make it far more likely that long-term
3% bonds were acquired, and if this assumption is
correct, the departure can only be regarded as highly
unfortunate. It is not proper for the Reserve System to hold any large amount of long-term securities, since such holdings almost surely would prove
an obstacle to ready control of the credit mechanism.
Short-term securities, which properly constitute the
great bulk of holdings, may be permitted to mature
if necessary and the credit supply thus could be
contracted without undue disturbances in the market. This is an especially important feature of the
current situation, since the potentialities of credit
expansion have been raised inordinately by Treasury
and Reserve policy. It is to be hoped that the policy
of increasing long-term security holdings will not
prove a permanent one.
The Federal Reserve bank statement this week
reflects no other changes of any immediate importance. The Treasury practice of depositing large
amounts of gold certificates with the System was
not continued, and such certificate holdings were
$4,788,726,000 on June 20, against $7,787,162,000 on
June 13. Other adjustments reduced the total reserves of the System to $5,047,790,000 from $5,049,216,000. Borrowings by member banks were slightly
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4173
increased at $27,956,000, while bankers' bill holdings
remained virtually unchanged at $5,200,000. Actual
circulation of Federal Reserve notes was $3,054,216,000 on June 20, against $3,054,479,000 on
June 13. The net circulation of Federal Reserve
bona notes declined further to $55,353,000 from
$57,340,000. Deposits of Treasury funds with the
System increased sharply, apparently because cash
payments for some of the securities issued June 15
were permitted to remain at the Reserve banks, but
member bank deposits on reserve account declined
and "other deposits" also were off, leaving the total
deposits at $4,189,934,000 against $4,193,797,000.
The changes all were nominal, so far as the ratio
of total reserves to combined deposit and note liabilities are concerned, and the ratio was unchanged
for the week at 69.7%.
Corporate Dividend Declarations
IVIDEND declarations by corporate entities the
current week were largely of a favorable
nature. American Smelting & Refining Co. declared
a dividend of 4 % on account of accruals on the
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cumul. pref. stock, payable Sept. 1, leaving
arrearages on that date at 2 %. Magma Copper
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Co. declared a special dividend of 50c. a share on the
common stock, payable July 16. Universal Leaf Tobacco Co., Inc., announced an extra dividend of $1
a share, in addition to the regular quarterly amount
of 50c. a share, both payable Aug. 1. American
Surety Co. resumed dividends by declaring 50c. a.
share on the capital stock, payable July 2; the last
previous payment, of $1 a share, was made Sept. 30
1931. Consolidated Mining & Smelting Co. of Canada, Ltd., declared a semi-annual dividend of 4%
on its $25 par capital stock, payable July 16, as
against 6% paid on Jan. 15 last, covering the entire
year 1933. National Cash Register Co. (Md.) de/
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clared an initial dividend of 12 c. a share on the
new reclassified common stock, payable July 15.
Action of an adverse nature was taken by Westinghouse Air Brake Co., which declared a quarterly divi/
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dent of 12 c. a share on the•capital stock, payable
July 31; in previous quarters, 25c. a share was paid.
Household Finance Corp., in addition to the regular
quarterly dividend of 75c. a share on the participating preference stock, declared an extra distribution
of only 12 c. a share, payable July 14; in previous
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quarters extras of 30c. a share were paid.
D
The New York Stock Market
UMMER dulness appeared this week to have
afflicted the New York stock market, notwithstanding the relief felt in all circles over the adjournment of Congress. Trading in stocks was on a small
scale in all sessions, and the general trend of quotations was downward. The tendency last Saturday
was firm, but this was followed by irregular movements on Monday. In all subsequent sessions the
quotations for active stocks were lowered, with the
recessions quite pronounced yesterday. Metal
stocks, especially in the copper group, resisted the
tendency Wednesday, when it was reported that
world stocks of copper have been reduced materially.
But such exceptions to the downward drift of prices
were rare, as genuine buying interest seemed difficult to stimulate. The volume of trading on the
New York Stock Exchange did not exceed the
1,000,000-share mark on any day, nor did it drop
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Financial Chronicle
below 500,000. Trading on that scale represents an
extreme of dulness.
The anxiety with which the adjournment of Congress was awaited occasioned the usual expectations
of an advance when the event really occurred, Monday night. Instead, however, prices drifted lower
in Tuesday's dealings, and this also was in accordance with tradition, for the fact is that advances
seldom have developed immediately after adjournment of long and important sessions. There is now
much interest among traders and investors in the
personnel of the commission to be named for administration of the Stock Exchange Control Bill, as the
attitude to be displayed by the commission will prove
of much importance. The listed bond market was
rather more active than that for stocks, with tendencies uncertain. United States Government securities attained new highs early in the week, but lost
some ground Wednesday and Thursday. Other highgrade issues were not materially changed. Speculative and semi-speculative bonds were inclined to
recede, in accordance with the trend in stocks. The
foreign exchanges were relatively quiet and not an
influence in the securities markets. Trade and industrial indices reflect a continuance of previous
tendencies. Steel-making activities were estimated
for the week beginning June 18, by the American Iron
and Steel Institute, at 56.1% of capacity, against
56.9% a week earlier. Electric power production
throughout the United States for the week ended
June 16 was 1,665,358,000 kilowatt hours, as compared to 1,654,916,000 kilowatt hours in the week
ended June 9. Carloadings of revenue freight for
the week ended June 16 were 617,649 cars, an increase of 0.3% over the preceding week.
As indicating the course of the commodity markets, the July option for wheat in Chicago closed
yesterday at 897 against 9434c. the close on Friday
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8c.
of last week. July corn at Chicago closed yesterday
at 5478c. as against 57 c. the close on Friday of
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last week. July oats at Chicago closed yesterday at
40%c. as against 4378c. the close on Friday of last
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week. The spot price for cotton here in New York
closed yesterday at 12.10c. as against 12.15c. the close
on Friday of last week. The spot price for rubber
yesterday was 13.38c. as against 13.50c. the close on
Friday of last week. Domestic copper closed yesterday at 9c., the same as on Friday of previous weeks.
On Tuesday of this week (June 19), President Roosevelt signed the silver purchase bill, and its effect
upon the silver market was the tendency among traders to restrict their operations, with the result that
price fluctuations of the metal were confined within
a narrow range. In London the price yesterday was
20 1/16 pence per ounce as against 19 13/16 pence
per ounce on Friday of last week, and the New York
quotation yesterday was 45.40c. as against 45.10c. on
Friday of last week. In the matter of the foreign
exchanges, cable transfers on London yesterday
/ as against $5.0518 the close on
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closed at $5.03
Friday of last week, while cable transfers on Paris
4c. as against 6.6034c. the
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closed yesterday at 6.593
close on Friday of last week. On the New York
Stock Exchange, 69 stocks reached new high levels
for the year, while 20 stocks touched new low levels.
On the New York Curb Exchange, 21 stocks touched
new high levels for the year, while 24 stocks touched
new low levels. Call loans on the New York Stock
Exchange remained unchanged at 1%.
June 23 1934
On the New York Stock Exchange, the sales at
the half-day session on Saturday last were 576,295
shares; on Monday they were 605,200 shares; on
Tuesday, 850,845 shares; on Wednesday, 548,535
shares; on Thursday, 529,700 shares, and on Friday,
931,900 shares. On the New York Curb Exchange,
the sales last Saturday were 139,350 shares; on Monday, 172,310 shares; on Tuesday, 167,760 shares; on
Wednesday, 115,520 shares; on Thursday, 154,550
shares, and on Friday, 183,430 shares.
As compared with Friday of last week, prices are
mostly lower. General Electric closed yesterday at
19% against 20% on Friday of last week; North
American at 1678 against 1818; Standard Gas &
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Elec. at 10 against 11%; Consolidated Gas of N. Y.
at 33
/ against 3438; Pacific Gas & Elec. at 18
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against 19; Columbia Gas & Elec. at 13% against
14%; Electric Power & Light at 5% against 6; Public Service of N. J. at 36% against 37½; J. I. Case
Threshing Machine at 48 against 53½; Interna/
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4
tional Harvester at 3218 against 3278; Sears, Roe/
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buck & Co. at 41 against 44; Montgomery Ward &
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%
Co. at 26% against 2878; Woolworth at 493 against
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51%; Western Union Telegraph at 4414 against
483 Safeway Stores at 49% against 5214; Amer4;
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ican Tel. & Tel. at 114 against 116½; American
Can at 96 against 96½; Commercial Solvents at 22
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against 241 8; Shattuck & Co. at 9 against 1012
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and Corn Products at 663 against 682
%
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.
Allied Chemical & Dye closed yesterday at 139
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against 1402 on Friday of last week; Associated
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Dry Goods at 11% against 13; E. I. du Pont de
Nemours at 88 against 90½; National Cash Regis/
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ter A at 163 against 17; International Nickel at
%
25 against 26½; Timken Roller Bearing at 28%
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against 30%; Johns-Manville at 5112 against 53;
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Gillette Safety Razor at 10% against 1078; National
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Dairy Products at 17% against 18; Texas Gulf Sulphur at 3378 against 34; Freeport-Texas at 31
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against 36½; United Gas Improvement at 16
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against 16%; National Biscuit at 35 against 36½;
Continental Can at 78 against 7878;Eastman Kodak
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at 97 against 98½; Gold Dust Corp. at 19 against
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20; Standard Brands at 20 against 2078; Para/
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mount Publix Corp. ctfs. at 4 against 4%; Westinghouse Elec. & Mfg. at 3578 against 3818; Columbian
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Carbon at 712 against 74 ; Reynolds Tobacco
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class B at 44% against 46; Lorillard at 1778 against
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18½; Liggett & Myers class B at 9518 against 97 ;
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Yellow Truck & Coach at 4 against 4½; Owens
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Glass at 78 against 78 bid; United States Industrial
Alcohol at 40% against 44¼; Canada Dry at 21
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against 2218; Schenley Distillers at 27% against 30;
National Distillers at 23% against 26; Crown Cork &
Seal at 25 against 26 bid, and Mengel & Co. at 7
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against 712 bid.
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The steel stocks reflect declines for the week.
United States Steel closed yesterday at 3958 against
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42% on Friday of last week; United States Steel
pref. at 85 against 87; Bethlehem Steel at 33%
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against 35, and Vanadium at 212 against 22%. In
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the motor group, stocks continue to record losses.
Auburn Auto closed yesterday at 24 against 26%
on Friday of last week; General Motors at 31 against
3278; Nash Motors at 15% against 17%; Chrysler at
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383 against 4278; Packard Motors at 3 8 against
4
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7
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3/ Hupp Motors at 3 against 3%, and Hudson
8;
Motor Car at 878 against 12. In the rubber group,
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Goodyear Tire & Rubber closed yesterday at 27%
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Volume 138
Financial Chronicle
against 30 on Friday of last week; B. F. Goodrich
at 12' 8 against 141s and United States Rubber at
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18% against 20 .
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The railroad stocks showed declines for the week.
Pennsylvania RR. closed yesterday at 3014 against
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3114 on Friday of last week; Atchison Topeka &
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Santa Fe at 57 against 5934; Atlantic Coast Line at
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381 bid against 413 2; New York Central at 29
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against 31; Baltimore & Ohio at 23% against 25: ;
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1
New Haven at 15 against 1614; Union Pacific at 123
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against 124; Missouri Pacific at 3/ against 334;
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78
Southern Pacific at 23 against 25%; Missouri-Kansas-Texas at 914 against 9%; Southern Railway at
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25 against 273 ; Chesapeake & Ohio at 47 against
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47%; Northern Pacific at 2334 against 25%, and
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Great Northern at 21% against 23.
The oil stocks were also depressed, and closed
lower than a week ago. Standard Oil of N. J. closed
yesterday at 4378 against 47% on Friday of last
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week; Standard Oil of Calif. at 3414 against 36%,
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and Atlantic Refining at 243 against 27. In the
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copper group, Anaconda 'Copper closed yesterday at
14% against 16 on Friday of last week; Kennecott
Copper at 21 against 22/; American Smelting &
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4
Refining at 40% against 42%;Phelps Dodge at 16%
against 173 ; Cerro de Pasco Copper at 40 against
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3934 and Calumet & Hecla at 4% against 478
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European Stock Exchanges
IRREGULAR conditions prevailed in trading this
week on the principal European stock markets,
the volume of transactions varying greatly from day
to day at London, Paris and Berlin, while trends
also were uncertain. The tone on the London Stock
Exchange was steady in most sessions, while at
Paris gains and losses were about equal. On the
Berlin Boerse the tendency was downward following an initial upswing. International trade and
political difficulties vied with reports of drouth in
many parts of Europe as market influences, but were
offset in good part by continued trade improvement
in most of the leading industrial countries of Europe.
Trade gains remain the rule in Great Britain, France
and Italy, reports indicate, while the French situation remains somewhat doubtful. The growing controversy between Germany and the Governments
whose nationals hold Dawes and Young plan bonds
of the Reich was not helpful, as it is feared that reprisals and counter-reprisals will result from the
German moratorium. Crop damage is reported in
many parts of Europe as a consequence of the widespread drouth now prevalent and this also was a
decidedly adverse factor. The war debt controversy
now is regarded as settled for the time being through
the defaults by all countries with the exception of
Finland, and it is not currently a market influence.
The international political situation remains worrisome however, and reports of dissension within the
German Cabinet and of riots in several French
cities did not contribute to the peace of mind of investors within those countries.
The London Stock Exchange was very quiet in the
initial session of the week, but the tone was good in
most departments of the market. British funds
were in steady demand, and advances also were
registered in a majority of the home industrial shares
listed at London. The international section was
firm, with Anglo-American favorites higher on favorable week-end reports from New York, while German
bonds advanced as a consequence of the determined
4175
action by the British Government for protection of
English holders of German issues. Transactions
were on a still smaller scale Tuesday, and the market
was uncertain. British funds were slightly lower,
and many industrial issues likewise showed losses.
There was a good demand, however,for metal stocks,
which advanced readily. Most of the international
securities also improved. In Wednesday's session
South African gold mining issues were active and
higher, but other departments were quiet. British
funds were practically unchanged, while industrial
stocks remained irregular. International issues
were off at first but rallied later and closed without
much change. Thursday's dealings resulted in small
gains in British funds, and the tone in the industrial
section also was somewhat brighter. African gold
mining stocks continued their advance. In the international section German bonds advanced sharply on
a ruling by the Exchange that.the Dawes and Young
bonds, to be a good delivery, must be accompanied by
certification that they were the property of British
citizens on June 15. British funds again were in
demand yesterday, but prices eased in other sections.
The tone of the Paris Bourse was good, Monday,
with trading fairly brisk. Attention was centered
on the Dawes and Young plan bonds of the German
Government, which advanced sharply on the prospect
of action by the authorities to protect the holders.
Rentes also were in demand, while bank and industrial stocks joined the movement on a more modest
scale. After an uncertain opening Tuesday, prices
again advanced on the Bourse, but the trend was
not pronounced. Rentes made small net gains while
German bonds also remained in favor. French
utility stocks receded while other sections of the
market remained virtually unchanged. The tone
Wednesday was soft in all sections of the list, with
the exception of German bonds, which continued
their advance. Rentes receded slightly on reports of
disorders in the Provinces, while bank and industrial
stocks dropped more sharply. Small recessions again
were the rule in listless trading on Thursday. German bonds joined the trend in this session and part
of the extensive previous gains were lost. Rentes
and French bank and industrial stocks were almost
all lower. Small gains were general yesterday in
rentes and French bank and industrial stocks. German bonds receded.
On the Berlin Boerse the week started with a
lively and optimistic session, notwithstanding disclosure by the Reichsbank that its reserves had
fallen to 94,300,000 marks, providing a note coverage
of only 2.9%. Rumors of conversion operations by
the Government and of adjustment of the transfer
problem outweighed the decline in Reichsbank gold
and exchange holdings, and gains were registered in
nearly all departments. Leading stocks showed advances up to 5 points. The tendency was reversed
Tuesday, and most of the gains of the initial session
were lost. A few issues in the utility section remained firm, while several industrial stocks also resisted the downward trend. Indications of dissension within the Nazi Cabinet occasioned further recessions Wednesday, at Berlin. Only a few stocks
escaped the general recessions, which amounted to
nearly 5 points in some issues. Liquidation was
even more pronounced Thursday, and again the list
receded. There were no notable exceptions to the
tendency on this occasion, and many issues showed
losses of 3 to 4 points at the close. A rally finally
4176
Financial Chronicle
developed on the Boerse yesterday, and good advances were scored in all sections.
German Moratorium
protect the holders
of external bonds of the German Government
have assumed wide proportions, with practical
counter-measures under consideration in England
and France, while an energetic protest also has been
made by the United States Government. The Dawes
7s and Young 5y as the two principal issues of the
2s,
Reich Government are called, were included in the
sweeping moratorium on transfers for debt service
due in the final six months of this year on long and
intermediate-dated external debts, declared at Berlin
last week. It is chiefly in connection with the Dawes
and Young loans that the British and French Governments felt called upon to act, as these are semipolitical obligations. . The American protest was
general and was aimed not only to prevent losses to
American investors but also to prevent discrimination against them. In turn, the threatened measures
of the British and French Governments have provoked new threats by the Germans of goods embargoes.
The German case was again presented late last
week in identical notes to the Governments of the
United States,Great Britain, France, Italy, Holland,
Sweden, Switzerland and Belgium. These notes
merely stated again the position taken by Dr. Hjalmar Schacht, President of the Reichsbank, when he
declared the moratorium. Transfers have become
impossible,owing to the reduced holdings of gold and
gold country exchange of the Reichsbank, the notes
stated. An appeal was made for international cooperation to facilitate the building up of an export
balance for Germany that would prove sufficient
for meeting Germany's external debts. The plea was
made that such action would stimulate the expansion of trade generally and would point the way to
world-wide recovery. Regret was expressed at what
was called the need for including the Dawes and
Young loans in the moratorium, and it was remarked
that "the German Government is fully conscious of
the special obligations which it incurred with regard
to these loans." It was again emphasized that mark
deposits for the full sums due would be made within
the Reich.
The British Government is the first to take formal
counter-measures in this situation. Chancellor of
the Exchequer Neville Chamberlain informed the
House of Commons last week that an Anglo-German
trade clearing house would be established in London
if no satisfactory settlement is attained by July 1,
when the next German payment for debt service on
the two Government loans is due. Under any clearing system of this nature, it was indicated, funds
available would be used firstly for payments to
British exporters for goods sold in Germany, and
secondly for interest due on the Dawes and Young
bonds. "I should add," said the Chancellor, "that
anyone who purchases German bonds now held by
foreigners does so at his own risk." In compliance
with this statement, a bill was introduced in the
Commons last Wednesday which would enable the
London Government to take reprisals against any
country in default to Britain. Without mentioning
any country, it empowers the Government to establish clearing offices to collect and deal with "certain
debts." The London Stock Exchange announced
INTERNATIONAL efforts to
June 23 1934
Thursday that Dawes and Young bonds, to be a good
delivery in London, hereafter must be accompanied
by evidence that they were the property of British
subjects on June 15. The French Government issued
a notice last week that French rights on the two
German Government issues will be fully protected.
The Cabinet in Paris considered the situation and
is reported to favor surtaxes on imports of German
goods into France, the sums thus raised to be applied to interest payments on French holdings of
the issues. The Bank for International Settlements,
as agent for the trustees of the Dawes loan, made another sharp protest to Berlin against the moratorium, Tuesday. The rigid guarantees given by the
German Government in connection with that flotation were cited.
An announcement was made in Washington, Monday, that Ambassador William E. Dodd had been
instructed "to protest formally and energetically
against the recent summary independent action of
Germany with respect to her external debts." The
United States Government expressed its "strongest
regret that new losses are to be imposed upon American citizens, and that debtor-creditor relations have
been further impaired." It was also remarked that
Washington would view with disapproval developments under which its investors receive poorer treatment than investors of other countries. "The spectacle of having not only to accept losses but to perceive payments to investors of other nationalities at
their expense would arouse a sense of mistreatment
among the numerous American investors," the statement added. It became known in Washington Tuesday that President Roosevelt had inquired whether
power existed for the Government to impound German funds paid here for commercial purposes. He
was informed, it is said, that full power to control
foreign exchange exists. There is no indication of
any formal measures of control, so far. The German
Government announced last Monday a new series of
foreign exchange restrictions, applicable to German
citizens, in the endeavor to halt the losses of gold
and gold exchange. Dr. Hjalmar Schacht was reported to have threatened an embargo on imports
from all countries in the British Empire, Thursday,
in retaliation for any clearing house arrangements
in London. He informed foreign press correspondents that any one of three solutions would suffice
to overcome the current difficulties. These "solutions" are restoration of German colonies, agreements to permit additional German exports, or reduction of the external debts of the Reich.
Excesses in Germany Curtailed
HOSE sections of the business community having a direct or indirect interest in the course
of events in Germany—and there are a good many of
them—have been encouraged during the past week
by what appears to the well-informed to be a strongly
supported effort to call a halt upon the extremes of
the Nazi regime. The sensational address of ViceChancellor Franz von Papen to students in Marburg,
on Sunday, has lost none of its interest in the days
that have since elapsed. It was delivered at the
same time that Minister of Propaganda Goebbels was
once more denouncing critics of the existing regime
in his country, and it obviously precipitated more or
less of a cabinet crisis in Germany. It has become
evident, however,in the course of the week,that Herr
von Papen was expressing no policy that had not
T
Financial Chronicle
Volume 138
been carefully planned in advance, or that did not
have vigorous support by the authorities.
Well informed persons in financial circles
interpret the incident as notice to the Hitler faction
in the German Government that the industrialists
and some other influential groups, including the
President of the Reich himself, whose power and influence cannot be lightly waved aside, demand a
more temperate, sensible, conservative program by
the Government. Possibly the effects of the Hitler
policies abroad are in the foreground, but one would
suppose that purely domestic considerations of first
importance are likewise influential in bringing the
more solid elements in the German population to a
realization that ruination could not but result from
the former extremes in practice.
A Temporary Truce
The latest reports appear to indicate that a temporary "truce" has been reached between the conflicting factions in the cabinet. The future alone
will reveal the extent and effectiveness of this "revolt" in the Reich. A situation of this sort naturally holds several possibilities, some of them not
pleasant to contemplate, but encouragement is felt
by those of the most dependable judgment that the
past week in Germany will mark a turning point in
that much bedeviled country. There is nothing to
indicate that anything that has so far happened in
Germany will have a direct bearing upon the action
recently taken in respect of foreign debt, but of
course a remodeled domestic policy that tends substantially to reduce the effect of boycotts of German
goods in foreign countries will help considerably to
make feasible a resumption of payments at some
later date.
War Debts
HERE is no doubt that the war debts controversy
soon will slip into its accustomed quiescence,
now that the June 15 payment date has passed with
only Finland honoring its pledge. The payment of
$166,538 made by Finland was the only one received
in Washington, out of the $174,647,439 due in ordinary instalments and $303,196,205 in unpaid balances
of previous instalments. Fourteen Governments defaulted entirely, as follows: Austria, Belgium,
Czechoslovakia, Estonia, France, Great Britain,
Greece, Hungary, Italy, Latvia, Lithuania, Rumania,
Poland and Yugoslavia. It is noted in a Helsingfors
dispatch of Monday to the New York "Times" that
Finland considers her obligation a debt of honor and
is resolved to continue payments. Large quantities
of American grain were sent to Finland in 1918
when that country was sorely in need of aid and
payments were made in cash. Subsequently, when
the Helsingfors regime was in urgent need of foreign
currencies for various purposes, the United States
was requested to repay the amount and fund it in a
long term loan. This was done and in the circumstances no thought of repudiation exists. In some
of the defaulting countries, such as France, sentiment is said to be so decidedly against any further
payments that war debts are regarded as a dead
issue. Even in England this view is prominent in
extra-Governmental circles. Further official communications on the subject between the British and
American Governments are anticipated, but the
tendency in England is to regard such exchanges as
a "barren exercise in note writing." No official
T
4177
comment on the current situation was made in Washington, but dispatches from the Capital make it clear
that the present funding agreements now are regarded as terminated in all circles, with new arrangements a matter of the indefinite future.
Disarmament
INTEREST in the international armaments situation turned to the naval aspect of this problem,
when diplomatic and technical experts of the British
and United States Governments met in London, Monday, for a series of discussions preliminary to the
1935 naval conference. It quickly appeared that
progress toward naval disarmament is no more likely
than land or air disarmament. This has long been
recognized by experts, as there is no secret about the
Japanese desire for a higher ratio of certain types
of vessels than is now accorded that country, while
Britain on several occasions in the past made known
its dissatisfaction with existing limitations on some
classes of ships. At the London gathering, this week,
Prime Minister Ramsay MacDonald presided, while
other Britons were Sir Bolton Eyres-Monsell, First
Lord of the Admiralty, and two technical experts.
The United States was represented by Norman H.
Davis, head of our armaments delegation at Geneva,
Ambassador Robert W. Bingham, and two experts.
The British informed the Americans on Thursday,
reports state, that British needs call for a larger
navy, with more surface craft of all types, but especially more of the lighter and swifter vessels. It
was generally assumed that these statements foreshadow enlarged British demands at any future
naval conference. It is understood that Japanese
diplomatic representatives at London are being informed of the trend of the London discussions.
Several conversations took place this week between
Mr. Davis and Tsuneo Matsudaira,the Japanese Ambassador to London.
On the European continent, land armaments
aspects of the problem naturally remained dominent.
The Hitler-Mussolini conversations at Venice, last
week, were interpreted as one of the preliminary
moves toward German re-entry of the League of
Nations and the General Disarmament Conference,
but some reports from Venice suggest that the German Chancellor displayed an unexpected intransigeance on this point. Berlin reports of Tuesday state
that Germany is suggesting a conference of all Powers that signed the Kellogg-Briand anti-war pact, as
a move toward breaking the international deadlock
on armaments and toward ending the growing talk
of another war. The German Armaments Commissioner, General Joachim von Ribbentrop, visited
Paris last Saturday and had a long talk with the
French Foreign Minister, Louis Barthou, who is
said to have told the German to take any new proposals he might have to make to Geneva. It was
admitted in Paris, on Monday, however,that General
von Ribbentrop will again visit Paris in a week or
two. Regional accords for security were discussed
avidly as one means of securing the peace that the
peoples of Europe ardently desire, whatever their
governments may want. The mysterious FrancoRussian accord was variously reported as having
been dropped and as having made new progress.
Poland and Lithuania were reported to be discussing
a regional security agreement. At a Little Entente
conference in Bucharest, the principle of regional
security pacts received approval, Tuesday.
4178
Financial Chronicle
Treaty Ratification
ATIFICATION of 12 treaties, some of them of
considerable importance, was voted by the
United States Senate in the brief space of an hour
late last week, when adjournment of the session
seemed imminent. The Geneva treaty of 1925, providing for supervision of the international traffic
in arms, munitions and implements of war, was the
foremost of the conventions that received the approval of the Senate. The signatory governments
agree to control the sale of arms and to provide full
publicity on transactions. The Senate attached the
reservation that it is not to take effect, so far as
the United States is concerned, until all the nine
principal armaments-producing countries hay ratified. Only three of the nine countries have approved
so far. A second treaty approved by the Senate provides for a general settlement by the Mexican Government of claims aggregating $380,000,000 presented over a period of decades by American citizens. The settlement is on a small percentage basis,
similar to that on which claims of European nationals against Mexico were adjusted, and the Mexican Government agrees to make remittances of
$500,000 annually, beginning next Jan. 1, for distribution by an American commission. The exact
amount of the final adjustment has not yet been
determined.
The Senate approved several agreements made at
the Pan-American Conference in Montevideo last
December. These include an extradition treaty and
a general convention on the rights and duties of
States. A treaty between the United States and
Finland covering friendship, commerce and consular
rights was among those ratified, as was a convention, signed at Warsaw, for the unification of certain rules relating to international transportation
by air. One of the ratifications occasioned the formal joining by the United States of a Latin American
group, composed of Argentina, Brazil, Chile, Mexico,
Paraguay and Uruguay,in an anti-war treaty of nonaggression and conciliation. Under this treaty commissions of investigation and conciliation provided
for in a 1923 treaty are made permanent. A group
of four treaties with Finland, Sweden, Lithuania and
Austria, relating to extradition and adding violations of bankruptcy laws to crimes subject to extradition, also was approved by the Senate.
R
Hitler and Mussolini
IT MAY well be surmised that the three-day meeting
at Venice between Chancellor Adolf Hitler of
Germany and Premier Benito Mussolini of Italy,
which ended last Saturday, was a highly significant
and historic affair, but the precise results of the
conference still are a matter for conjecture in all
European chancelleries. The two Premiers were
able to confer in absolute secrecy because of Signor
Mussolini's lingual accomplishments, and the official
and semi-official indications of their discussions are
only such as they chose to make available. The
usual official statement with which the meeting was
concluded was issued by the Italian authorities, and
it was both brief and uninformative. "The head of
the Government and the German Chancellor," it said,
"concluded in cordial spiritual collaboration an examination of general problems as well as those particularly affecting the two countries. The personal
relations thus started will continue in the future."
All that was really gained from this statement was
June 23 1934
the intimation that further personal conversations
will be held, and it was assumed that Premier Mussolini intends to return the visit of the German
Chancellor at an opportune time.
Speeches made by the two Premiers at public
gatherings, and statements by Italian leaders, have
somewhat amplified the information available regarding the meeting at Venice. Dr. Fulvio Suvich,
Italian Under-Secretary for Foreign Affairs, and
Count Galeazzo Ciano, head of the Italian press
bureau, made it known late last week that the conversations resulted in an acknowledgment by Germany of the need for the economic rehabilitation of
Austria on the basis of that country's independence.
It was intimated also that Italy will support the
German claims for equal treatment in armaments
matters. Since Austrian independence is the concern of most of the major countries of Europe, and
Italy steadily has supported the German claims to
equality of armaments treatment, it remains to be
seen just what significance the declarations by the
two Italian officials may possess. In a Venice report
to the New York "Herald Tribune," it was stated that
the discussion on Austrian independence had not
gone far enough to deal with any possible agreement
to halt Nazi threats of domination in Austria, and
it was considered that a Nazi Chancellor might be
elected in Austria before long to console Chancellor
Hitler for the sacrifice of formal political union with
the Reich. Count Ciano was said to have revealed
that Premier Mussolini would not take the initiative
in persuading Germany to return to the League of
Nations and the disarmament conference.
Premier Mussolini addressed a huge crowd in
Venice, on June 15, and declared that the meeting
between the two Fascist Premiers was not intended
to remake the political map of Europe. "We met to
further political and economic understanding, in the
interests of peace," Signor Mussolini added. An
"intimate spiritual communion" had been established in the course of the conversations, it was remarked. The dark clouds hanging over Europe must
be dispelled, for "Europe is faced by a terrible
alternative," Ii Duce continued. "Either she can
achieve a minimum of political understanding, of
economic collaboration, of social comprehension, or
her doom is sealed." Chancellor Hitler addressed a
Nazi group in Germany last Sunday, after his return from Venice, and he also alluded to the meeting between the two Premiers. Germany was not
forging plots with other nations, but was intent
that plots of other nations should not destroy the
German people, Herr Hitler declared. "I can assure
the whole world," the Chancellor added, "that as
boundless as is our love of peace, and as little as
Germany wants war, just as fanatically will we
stand up for German freedom and the honor of our
people."
Some Rome reports have given the impression
this week that the two Premiers readied an agreement for an Austrian election, to be held in October,
at which it is fully expected that a Nazi Chancellor
will be selected to replace Dr. Engelbert Dollfuss.
That extensive concessions to Italian views on Austria were made by Chancellor Hitler was indicated
by the abrupt postponement last Sunday of a meeting in Munich, at which Theodor Habicht, the German Nazi "Inspector for Austria," was scheduled to
broadcast one of his usual speeches against the current regime in Vienna. But in other respects much
Volume 138
Financial Chronicle
4179
disagreement Was found to exist in the various semi- the report of the commission until a comprehensive
official reports on the results of the Venice conver- statement of law on points raised by the commissations. It was suggested by some observers that sion can be presented.
the Italian Premier invited Herr Hitler to join the
Cuban Disorders
so-called Italian bloc in eastern Europe in an ecoERRORISM again has gained the ascendency in
nomic sense, but these blandishments appear to have
Cuba, as the means of pursuing the factional
been resisted by the German leader. Other reports
state that Premier Mussolini gave full approval to strife now raging in that Island. Among the dissiHerr Hitler's refusal to join hands with Soviet Rus- dent factions must be numbered the Communists,
sia in an eastern European non-aggression pact such who are reported by all correspondents in Havana
as Maxim Litvinoff, the Soviet Comissar for Foreign as making the most of the difficulties now current.
The so-called ABC group, which was largely instruAffairs, proposed at Berlin last week.
mental in deposing Machado as the Dictator-PresiCuban Public Works Loans
dent, also in said to be in active opposition to the
T OBVIOUSLY strained and prejudiced opinion, established Government of President Carlos Menin which doubt was cast on the legality of dieta, but the ABC organization is believed to include
$60,000,000 public works loans contracted by the both conservative and radical elements. The ComCuban Government in the United States in recent munists and the ABC groups naturally are at odds
years, was submitted to the present Cuban regime and the whole situation is one of confusion and
by a special commission in Havana, Tuesday. The uncertainty. An attempt was made in Havana on
loans affected include $40,000,000 public works 5 % June 15 to assassinate President Carlos Mendieta,
/
1
2
bonds, due 1945, and held by investors in this coun- and it nearly succeeded. A bomb was exploded at a
try, and $20,000,000 5 % certificates representing luncheon given in the President's honor by naval and
/
1
2
bank advances made to the extent of 48 % by the other officials, and Senor Mendieta was slightly
/
1
2
Chase National Bank,26 2/3% by the National City wounded. Two men were killed in this outrage, and
Bank, and 25% by the Continental Illinois National a dozen more were wounded. Last Sunday a parade
Bank & Trust Co. These loans were made under an of 80,000 members of the ABC organization in Haagreement reached Feb.26 1930, and they are secured vana was attacked by armed malcontents in a motor
equally by a lien upon 90% of public works taxes car. Fourteen persons were killed, among whom
in Cuba, subject only to the prior rights of holders were the four occupants of the automobile. The
/
1
2
of a small amount of 5 % serial certificates. The attackers were identified as members of a radical
Cuban commission studying these loans was ap- wing of the ABC. Continuance of the Mendieta
pointed last April in order to make recommenda- regime was considered doubtful in view of these intions, but it has no power of decision. It reached cidents and the dissension that is known to exist
the astonishing conclusion that the financial trans- within the Cabinet itself. Some observers are preactions were in violation of the Cuban Constitution dicting open warfare 'between the Communist and
and other laws,and in doing so seemed to rely largely ABC organizations. The Government is taking what
on the statement that transactions made after May 20 precautions it can to prevent further outbreaks of
1929 were with a usurping Government, with the violence.
result that the loans were made to the Machado
Discount Rates of Foreign Central Banks
regime and not to the State.
HERE have been no changes the present week in
The Chase National Bank issued, on Tuesday, a
the discount rates of any of the foreign central
statement in reply to such findings. "The bank has
consistently avoided political controversy in Cuba," banks. Present rates at the leading centers are
the statement said. "It has dealt with existing Gov- shown in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
ernments as Governments only, and not as political
factions. The agreements made in connection with
Rate in
PrePreRate tn
Date
stout
Date
Country.
Effect
Effect
Mous
Country.
the public works financing were all examined by
June22 Established. Rate.
June22 Established. Rate.
leading Cuban and American counsel, both at the Austria____ 5 Mar.23 1933 6 Hungary__ 44 Oct. 17 1932 5
1934 34
3
Apr.
34 Feb. 16 1933 4
time they were effected and in preparation for the Belgium.____ 7 Jan. 25 1934 8 India _
June 30 1932 34
Ireland_
3
3
Bulgaria_
Dec.
1932
3
3%
Chile
Aug
investigation, and were declared by them to Colombia. _ 44 July 23 1933 5% Italy _ . 3.65 .luly 11 1933 4.38
recent
3 1933
5
Japan_
4
18
44 Aug. 16 1933 5
in all respects. All essential Czechosio- 34 Jan. 25 1933 4% Java
be valid and binding
Jan. 2 1934 7
Lithuania.
6
t•akia_
34 May 23 1933 4
July 12 1932 5
Norway _
Danzig. ___ 4
5
Oct 25 1933 6
steps in the financing and all the agreements were Denmark _ _ 2% Nov 29 1933 3 Poland _ _
England.... 2
June 30 1932 24 Portugal _.. 54 Dec. 8 1933 6
made under the authority of the Cuban Congress Estonia._ __ 54 Jan. 29 1932 6% Rumania _ . 6 Apr. 7 1933 6
Finland__
44 Dec. 20 1933 5
South Africa 4
Feb. 21 1933 7
6
Dct. 22 1932 IS4
France _
_
May 31
3
and were specifically approved by it, consistently Germany__. 24 Sept.30 1934 5 Spain
_
4
1932
Sweden.... 24 Dec. 11933 3
Jan. 22 1931
Greece
7
Oct. 13 1933 74 Switzerland 2
4
with the 'Constitution. Both at the time the agree- Banana
244 Rant IR 1022 2
ments were made involving issues to the public and
Foreign Money Rates
for more than three years thereafter, the then existing Government in Cuba was recognized by the IN LONDON open market discounts for short bills
United States as well as by every other important
on Friday were 4@l5-16%, as against 78 on
7
%
country in the world, and all inter-governmental Friday of last week, and 15-16% for three months'
matters were transacted with it. The bank is ad- bills, as against /©15-16% on Friday of last week.
vised that there is no ground upon which these Money on call in London yesterday was 4%. At
3
obligations can be lawfully repudiated." The pur- Paris the open market rate remains at 25 8%, and
/
pose of the loans was cited in the statement, and in Switzerland at 13/2%.
it was added that all funds were duly paid out on
The Bank of England Statement
orders, doubly certified, of responsible officers of
HE settlement of the Bank of England for the
the Cuban Republic. Through its attorneys in
Havana, the Chase National Bank is requesting the
week ended June 20 shows a gain of £19,395
present Cuban Government to withhold action on in gold holdings which brings the total up to £192,-
T
A
T
T
4180
Financial Chronicle
149,696 in comparison with £189,276,695 a year ago.
As this was attended by a contraction of £1394,000
in circulation, reserves rose £1,214,000. Public
deposits increased £740,000 and other deposits
£2,384,283. The latter consists of bankers accounts
which increased £2,549,124 and other accounts which
fell off £164,841. The proportion of reserve to
liability is now at 47.61% as compared with 47.79%
a week ago and 48.33% last year. Loans on government securities decreased £352,000 and those on
other securities rose £2,312,902. Of the latter
amount £135,076 was to discounts and advances and
£2,177,826 to securities. No change was made in the
discount rate which remains 2%. Below we show the
different figures with comparisons for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
June 20
1934.
June 21
1933.
June 22
1932.
June 24
1931.
June 25
1930.
E
E
E
£
E
Circulation
377,378,000 372,022,079 358,548,037 352,831,658 358,531,877
Public deposits
21,758,000 24,847,802 35,577,416 25,249,188 21.504,850
Other deposits
135,254.291134.995,573 106,794,912 95.163,778 99.889,989
Bankers' accounts_ 99,554,019 95,195,445 73,649,460 61,643,786 63,776,222
Other accounts... 35.700,272 39,800,128 33,145,452 33,519,992 26,113,767
Govt. securities
81.093,318 73,648,033 66,644,656 30,400,906 48,855,547
Other securities
19.081.082 26,857,933 40,707,048 36,762,202 31,239 392
Disc. & advances_ 5,877,010 12,676,753 12.141,632 9,633,254 15,899,161
Securities
13,204,072 14,181,180 26,365,416 27,128,948 15,340.231
Reserve Notes & Coin 74,772,000 77,254,616 52.928,346 71,181,930 59,241,413
Coin and bullion.... 192,149,696 189,276,695 136,476,383 164,013,586 157,773,290
Proportion of reserve
to liabilities
47.61%
48.33%
37.17%
59.11%
48.79%
Bank rate
2%
2%
24%
2Si%
3%
The Bank of France Statement
HE Bank of France statement for the week
ended June 15 reveals another increase in gold
holdings, the current advance being 284,325.737
francs. The Bank's gold now aggregates 78,929,439,932 francs, in comparison with 81,180,812,486 francs
last year and 81,643,494,863 francs the previous
year. French commercial bills discounted and
advances against securities register decreases of
483,000,000 francs and 27.000,000 francs, while
creditor current accounts show a gain of 437,000,000
francs. Notes in circulation record a loss of 576,000,000 francs, bringing the total of notes outstanding
down to 80,212,126,465 francs. A year ago circulation stood at 82,998,889,890 francs and the year
before at 81,018,189,220 francs. The proportion of
gold on hand to sight liabilities is now at 79.55%, as
compared with 78.36% a year ago and 75.69% two
years ago. Below we furnish a comparison of the
different items for three years:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
June 15 1934. June 16 1933. June 17 1932.
Francs.
Francs.
Francs.
Francs.
Inc.284,325,737 78,929,439,932 81,180.812,486 81,643,494,863
Gold holdings
No change
Credit bals. abroad_
14,307,920 2,535,823,346 4,547,208,424
a French commercial
bills discounted_ _ Dec483.000,000 3,801,057,022 2,828,790,042 3,250,067,163
b Bills bought abr'd
No change
1,123,620,369 1,413,460,887 2,284,419,075
Adv. against secure_ Dec. 27,000.000 3,110,175,576 2,704,386,605 2,757,325,279
Note circulation...... Dec576,000,000 80,212,126,465 82,998,889,890 81,018,189,220
Credit current acct8. Inc.437,000,000 19,001,864,391 20,004,850,704 26,851,482,944
Proport'n of gold on
hand to eight Bab_ Inc.
0.39%
78.36%
.
79.55%
75.69%
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement
HE Bank of Germany in its statement for the
second quarter of June reveals another decline
in gold and bullion, the decrease this time being
16,809,000 marks. Gold holdings are now down to
94,326,000 marks, in comparison with 263,871,000
marks the same period a year ago and 822,507,000
marks two years ago. A decrease is shown in reserve
in foreign currency of 3,181,000 marks, in bills of
exchange and checks of 40,842,000 marks, in advances of 77,000 marks, in other assets of 32,801,000
marks, in other daily maturing obligations of 45,577,000 marks and in other liabilities of 7,388,000
marks. Notes in circulation record a contraction of
T
June 23 1934
22,392,000 marks, bringing the total of the item
down to 3,485,461,000 marks. A year ago circulation aggregated 3,284,043,000 marks and the year
before 3,815,404,000 marks. The proportion of
gold and foreign currency to note circulation is now
as low as 2.9%, which compares with 10.6% last
year and 25.1% the previous year. Silver and other
coin, notes On other German banks and investments
register increases of 8,245,000 marks,3,395,000 marks
and 6,713,000 marks, respectively. A comparison of
the various items for three years appears below:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign curr.
Bills of each, and checks
Silver and other coin...
Notes on other Ger.bks.
Advances
Investments
Other assets
Liabilities—
Notes in circulation....
Other daily matur.oblig.
Other liabilities
Propor. of gold & for'n
curr, to note circul'n_
June 15 1934. June 15 1933. June 15 1932.
Reichsmarks. Reichsmarks. Reichsinarks. Reichsmarks.
—16,809.000
94,326,000 263,871,000 822,507.000
No change
24,452.000
41,269,000
90,474,000
—3.181.000
6,242,000
85.015.000 135,713,000
—40,842,000 3,081,259.000 3,082.471,000 2,983,391,000
+8,245,000 222,467,000 297,489,000 283,800,000
+3,395,000
12,956.000
11,061,000
8,137,000
—77,000
79,222,000
78,175,000 108,940,000
+6,713.000 652.104.000 319,864,000 364,430,000
—32,801,000 555,437,000 334,184,000 768,984,000
—22,302,000 3,485.461,000 3,284,043,000 3,815,404,000
—45,577.000 478,248,000 400.411.000 380.422.000
—7,388,000 145,643,000 164,525,000 712,650.000
—0.5%
2.9%
10.6%
25.1%
New York Money Market
HE New York money market was a routine
affair this week, with rates unchanged in all
departments from the previous levels. Extreme ease
remains the dominant feature, owing to the accumulated effects of the long continued policy of
easy money placed in effect by the Treasury and the
Federal Reserve authorities. Incident to the June
15 Treasury financing, excess reserves of member
banks with the Reserve institutions dropped this week
approximately to $1,600,000,000 from last week's
estimated figure of $1,750,000,000, but such changes
are of no especial importance in a money marketsense
at the present time. Call loans on the New York
Stock Exchange were again 1% for all transactions,
whether renewals or new loans. In the unofficial
street market transactions were reported every day
at 4%. Time loans held to their previous range of
3
34@1% for all maturities, while bankers' bill and
commercial paper rates also were unchanged. The
Treasury sold on Monday, at competitive sale, an
issue of $75,000,000 discount bills due in 182 days,
which were awarded at an average discount of only
0.07%. This is a record low for the maturity.
Brokers' loans, as reported for the week to Wednesday night by the Federal Reserve Bank of New York,
increased $29,000,000 to an aggregate of $1,040,000,000.
T
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
has been at a standstill this week, as no business
has been reported. Rates are nominal at 34(§,1%
for two to five months, and 1@,13/2% for six months.
The market for prime commercial paper continued
fairly brisk this week. Paper has been in good supply and there has been a steady demand for accommodations throughout the week. Rates are 4%
3
for extra choice names running from four to six
months and 1@13 l% for names less known.
Bankers' Acceptances
HE market for prime bankers' acceptances has
been unusually quiet this week, though the
dulness has for the most part been due to the ap-
D
T
Financial Chronicle
Volume 138
proach of the vacation season. Rates are unchanged.
Quotations of the American Acceptance Council
I
.
for bills up to and including 90 days are V % bid
%
38
and 3-16% asked; for four months, / bid and
I%
W asked; for five and six months, IA% bid and
%% asked. The bill buying rate of the New Yotk
for bills running from 1 to 90
Reserve Bank is
days, and proportionately higher for longer maturities. The Federal Reserve banks' holdings of
acceptances decreased during the week from $5,201,000 to $5,200,000. Their holdings of acceptances
for foreign correspondents also decreased from
$2,093,000 to $1,957,000. 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:
SPOT DELIVERY.
—180 Days— —150 Daps-- —120 Days—
Asked.
Asked. Bid.
Bid.
Asked.
Bid.
Prime eligible bills
34
Si
34
Si
Si
—30 Days—
—90 Days— —60 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
34
st.
14
l,
FOR DELIVERY WITHIN THIRTY DAYS.
4% bid
Eligible member banks
4% bid
Eligible non-member banks
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Rare in
Wed ors
Jane 22.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Date
Established.
Prerious
Rate.
2
111
214
2
3
3
2%
214
3
3
3
2
Federal Reserve Bank.
Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 16 1934
24
2
3
24
34
34
3
3
314
315
314
2,14
Course of Sterling Exchange
TERLING and the entire foreign exchange market
are extremely listless. The undertone of the
market is easier as sterling continues under pressure
abroad, although the pressure is greatly diminished.
The pound continues to ease off in terms of French
francs, or gold, as evidenced by the London check
rate on Paris. The range this week has been between
%
$5.033 and $5.053I for bankers' sight bills, com4
pared with a range of between $5.033 and $5.065
A
last week. The range for cable transfers has been
between $5.03
and $5.05%, compared with a
4
range of between $5.03% and $5:063 a week ago.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS
Saturday, June 16
76.437 I Wednesday, June 20
Monday, June 18
Thursday, June 21
76.424
Tuesday, June 19
June 22
Friday,
76.42
LONDON
Saturday, June 16
Monday, June 18
Tuesday, June 19
76.354
78.406
76.35,11
OPEN MARKET GOLD PRICE.
Wednesday,June 20...137s. 103d.
137s. 9d.
137s. 9d.
Thursday, June 21_ _138s.
M.
June 22_ _138s. id.
137s. 9M. Friday,
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
•
RESERVE BANK).
35.00
Wednesday,June 20
35.00
Saturday, June 16
Thursday, June 21
35.00
35.00
Monday, June 18
June 22
35.00
35.00
Friday,
Tuesday, June 19
Fundamentally the foreign exchange situation is
unchanged from last week. There have been no
important occurrences anywhere bearing on the
foreign exchanges. Speculative operations are absent
4181
and transactions are confined to routine requirements of a commercial nature. It is evident that
bankers are acting with great caution .pending clarification of the trends of the major exchanges. The
easier undertone of sterling this week seems to be
due in part to British and Scandinavian purchases of
Canadian wheat and a certain degree of the pressure,
which imparted a corresponding firmness to the
Canadian dollar, originated in the recall of proceeds
from the recent Canadian loans to England. However, this source of ease is of minor importance,
as these transactions were virtually completed some
weeks ago. The pressure against sterling continues
to be derived mainly from two sources, the heavy
withdrawals by French interests from the London
market and the unusually large demands on London
arising from the importS of raw materials made
necessary by the expansion of industry in Great
Britain. Under normal conditions of international
trade tourist demand for sterling, as well as other
seasonal influences, should give firmness to the pound
at this time. The tourist requirements are now at the
lowest level in years and under the abnormal conditions prevailing in foreign trade relations, customary seasonal influences, whether favorable or
adverse to any exchange, are no longer fully operative. The British Exchange Equalization Account
was apparently not called upon for any marked
activity in London or Paris this week, although the
control was obliged to intervene in Paris on Wednesday when the sterling-franc rate, which had
opened at 76.35 francs to the pound, dropped sharply
to 76.25. The fund's activity promptly moved the
rate up to 76.40 and the mean rate for the day was
76.354. Not only has French money been withdrawn
from London for the past five or six weeks, but other
European funds have been withdrawn also, as the
opportunities for employing money profitably in
London are extremely limited. The plethora of
funds is reflected by the persistent ease in money
rates, which have been so low for the past few years
as to cause serious anxiety to the discount houses.
Reports that the Washington Administration is
contemplating international negotiations, which will
put the monetary systems of the principal nations
on a base consisting of both gold and silver, has caused
no reaction in the foreign exchange market. Reliable
opinion in London and Paris seems to be that if
such negotiations are undertaken, they will prove
fruitless. The general impression seems to be that
the chief European countries, including Great
Britain and France, are not interested in silver, but
that they might discuss such proposals and make
some diplomatic concessions to the elements in this
country advocating the use of silver. The fact is that
European bankers look askance at our money
experiments and fears are expressed in important
quarters that Washington may further devalue the
dollar or engage in other forms of inflation, as they
have authority to do.
Call money against bills in Lombard Street is in
supply at from M to 4%. Two-months' bills are
3
%% to 15-16%, three-months' bills 15-16%, fourand six-months' bills 1%. The fears aroused by the
untoward situation in Germany have again stimulated the activities of gold hoarders abroad and it is
reported that Continental buyers are again active in
the London gold market. It is also reported from
London that several large British tobacco and oil
concerns have been accumulating gold against their
4182
Financial Chronicle
imports of these commodities from the United States
in the coming months, taking the view that this
course is safer and more profitable than buying dollars forward. The customary secrecy is observed
concerning the disposal of the open market gold, but
the major quantity appears to have been taken this
week for United States account and the rest found its
way to the Continent at the dollar rate price, which
-did not vary greatly. On Saturday £500,000 was
.available and is believed to have been taken chiefly
for American account. On Monday, £149,000 of
gold was available in the open market and is believed
to have been taken for American account. On
'Tuesday £376,000, and on Wednesday £215,000 seem
-to have been similarly taken, on Thursday £328,000
-of open market gold was available, part of which
came from Germany and- most of which was taken
:for unknown destination, believed to have been
European interests. On Friday £168,000 of open
market gold available was taken for an unknown
-destination.
The Bank of England statement for the week
-ended June 20 shows an increase in gold holdings of
£19,395, the total standing at £192,149,696, which
-compares with £189,276,695 a year ago, and with
the minimum of £150,000,000 recommended by the
Cunliffe committee. At the Port of New York the
gold movement for the week ended June 20, as
reported by the Federal Reserve Bank of New York,
-consisted of imports of $11,504,000, of which $5,941,.000 came from England, 83,665,000 from India,
$1,676,000 from Canada, $222,000 from Holland.
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 June 20, as reported by the Federal Reserve
Bank of New York, was as follows:
.GOLD MOVEMENT AT NEW YORK, JUNE 14-JUNE 20, INCL
.
Imports.
Exports.
$5,941,000 from England
3,665,000 from India
None.
1,676,000 from Canada
222,000 from Holland
$11,504,000 total
Net Change in Cold Earmarked for Foreign Account.
None.
We have been notified that approximately $305,000 of gold was received
Francisco.
drom China at San
The above figures are for the week ended Wednesday evening. On Thursday, $1,687,500 of gold was
received from Canada. There were no exports of
gold or change in gold held earmarked for foreign
account. On Friday there were no imports or
exports of gold or change in gold held earmarked for
-foreign account. There were no reports on Thursday
or Friday of gold having been received at any of the
Pacific ports.
Canadian exchange continues firm, with the
premium on Montreal funds stronger on balance
-than last week. Premier Bennett in the Canadian
Parliament, a few days ago, indicated the possibility
.of a program of mild currency inflation for Canada.
In contrast with the inflationary powers passed in
the United States and with similar powers permitted
• under the new Bank Act of Canada, potential infla-tion which might be permitted under the temporary
powers requested by Premier Bennett are mild.
'Their significance lies in the fact that these powers
are to be fully used. On Saturday last, Montreal
funds were at a premium of from 1% to 1 1-16%,
on Monday at from 1% to 1%%, on Tuesday at
:from 1 7-16% to 1/%, on Wednesday at from
June 23 1934
15-16% to 1 15-32%, on Thursday at 9-16% to 4%
and on Friday at from 7-16% to 14%.
Referring to day-to-day rates, sterling exchange on
Saturday last was steady in a dull market. Bankers'
sight was $5.05@$5.054; cable transfers, $5.053/g@
$5.059/. On Monday the market was listless. The
8
range was $5.04%@$5.05 for bankers' sight and
$5.044@$5.053/ for cable transfers. On Tuesday
the market continued quiet with an easier undertone.
Bankers' sight was $5.04/@$5.04%; cable transfers,
$5.044@$5.05. On Wednesday the pound moved
lower. The range was $5.039/@$5.04 for bankers'
8
sight and $5.033/@$5.044 for cable transfers. On
2
Thursday sterling was steady. The range was
$5.03/@$5.037 for bankers' sight and $5.033/@
4
2
85.04 for cable transfers. On Friday sterling was
fractionally lower, the range was $5.03/@$5.03%
for bankers' sight and $5.033/@$5.034 for cable
2
transfers. Closing quotations on Friday were $5.03
for demand and $5.03 for cable transfers. Commercial sight bills finished at $5.033i; 60-day bills
at $5.023/; 90
2
-day bills at $5.023/ documents for
8
;
2
payment (60 days) at $5.023/ and seven-day grain
bills at $5.03 7-16. Cotton and grain for payment
closed at $5.034.
Continental and Other Foreign Exchange
countries is on
on the
EXCHANGE althoughContinental absolute dearth
average fractionally easier in terms of the dollar
there is an
than
last week,
of events affecting any of these units. While francs
are firm in terms of sterling, they have been ruling
easier in terms of the dollar and well below new dollar
parity, but the market is so listless that quotations
are largely nominal. The French position continues
to show steady improvement. The Bank of France
increases its gold stock and hoarded gold continues
to return to it both from home and foreign quarters.
According to Paris dispatches a wide margin still
remains for further arrivals, as it is estimated on
apparently reliable authority that the amount of
gold previously hoarded in France or in London for
French account reached between fr. 10,000,000,000
and fr. 15,000,000,000. The Bank of France statement for the week ended June 15 shows a further increase in gold holdings of fr. 284,325,737, making the
fifteenth successive weekly increase in the bank's
gold holdings and bringing the aggregate for the
period to fr. 5,001,240,486. The bank's total gold
holdings stand at fr. 78,929,439,932, which compares
with fr. 81,180,812,486 a year ago, and with fr. 28,935,000,000 when the unit was stabilized in June
1928. The bank's ratio is at a new high point of
79.55%, which compares with 78.36% a year ago
and with legal requirement of 35%.
There is nothing new of importance with respect
to the situation of the German mark. Items indicative of the attitude of the various nations toward
the German moratoria and defaults are reported in
our news columns. The bank's gold holdings have
now dwindled to rm. 94,326,000 and the proportion
of gold and foreign currency to note circulation is at
the new low level of 2.9%. Despite the positive
denials frequently made by Dr. Hjitlmar Schacht,
President of the Reichsbank, that there will be no
devaluation of the reichsmark, it is known that a
struggle is going on in the German cabinet behind
closed doors between the opponents and the advo
cates of devaluation.
Volume
138
Financial Chronicle
Important interests in Germany seem to feel that
devaluation is in prospect. Thus far the Government is not compelled by the condition of the Reichsbank's reserves to devalue the mark, because it can
always reduce imports, particularly luxuries. But
if on grounds of general policy or to placate the exporter-debtor class, the Government decides to devalue, it will find a convincing pretext in the depreciation of the Reichsbank's reserves. If an exchange
clearing system is adopted by the Swiss, Dutch, and
other countries, it may prove impossible to maintain the mark's parity, which in the end requires
ability to pay in gold. The Reich Finance Minister,
Count Lutz Schwerin von Krosigk, in an address
made three weeks ago, said that the mark would be
devalued once it became clear that Germany's export
trade would benefit by such a move. The Reichsbank sets the value of the so-called "free" mark, but
there are five other kinds of mark exchange and all
these designations are at severe discount with the
"free" or nominal Reichsbank quotations.
The following table shows the relation of the leading currencies still on gold to the United States dollar:
France (franc)
Heigh= (belga)
Italy (lra)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity.
Parity.
6.63
3.92
23.54
13.90
8.91
5.26
40.33
23.82
32.67
19.30
68.06
40.20
francs closed at 32.49 for checks and at 32.50 for
cable transfers, against 32.493/ and 32.50. Copenhagen checks finished at 22.49 and cable transfers
at 22.50, against 22.55 and 22.56. Checks on
Sweden closed at 25.96 and cable transfers at 25.97,
against 26.03 and 26.04; while checks on Norway
finished at 25.30 and cable transfers at 25.31, against
25.36 and 25.37. Spanish pesetas closed at 13.67
for bankers' sight bills and at 13.68 for cable transfers, against 13.693/ and 13.70.
Range
This Week
6.59i to 6.60%
23.34M to 23.40
8.521.i to 8.63
38.07 to 38.25
to 32.54
32.48
to 67.91
67.78
The London check rate on Paris closed on Friday
at 76.35, against 76.43 on Friday of last week. In
New York sight bills on the French center finished
%
on Friday at 6.595 ,against 6.60% on Friday of last
%
%
week; cable transfers at 6.593 , against 6.603 , and
commercial sight bills at 6.57, against 6.58. Antwerp
belgas closed at 23.35 for bankers' sight bills and at
23.36 for cable transfers, against 23.39 and 23.40.
Final quotations for Berlin marks were 38.16 for
bankers' sight bills and 38.17 for cable transfers, in
comparison with 38.18 and 38.19. Italian lire closed
at 8.53 for bankers' sight bills and at 8.54 for cable
transfers, against 8.60 and 8.603/. Austrian schil2
lings closed at 18.95, against 18.95; exchange on
Czechoslovakia at 4.153 , against 4.163 ; on Bucha%
%
rest at 1.01, against 1.0134; on Poland at 18.90,
against 18.93 and on Finland at 2.23, against 2 233/2.
.
Greek exchange closed at 0.9434 for bankers' sight
bills and at 0.943 for cable transfers, against 0.9434
%
and 0.94%.
XCHANGE on the countries neutral during the
war is of course strongly influenced by the
trends of the major currencies, especially sterling,
francs and dollars. Holland and Switzerland continue to improve their position and both countries
are reported to be recipients of new "uneasy" funds
seeking safety in Amsterdam and Zurich as the result
of further nervousness induced by the German
moratorium. Money is in great abundance in both
Switzerland and Holland and it is thought possible
that the Amsterdam money rates at least will again
be lowered. The gold stock of the Netherlands Bank
is in excess of 827,000,000 guilders and its note
coverage is 93.1%. The Scandinavian currencies
move in sympathy with sterling. All the neutral
currencies have been extremely dull this week.
Bankers' sight on Amsterdam finished on Friday
at 67.80, against 67.83 on Friday of last week;
cable transfers at 67.81, against 67.84, and commercial sight bills at 67.77, against 67.80. Swiss
E
4183
XCHANGE on the South American countries
shows no new trends. The official quotations
are of course highly nominal and the various South
American exchange control boards are influenced almost exclusively by the course of sterling exchange.
There can be no important developments in the South
American foreign exchange situation until there is a
complete restoration of normal international business
and money markets. However, the disposition continues to increase the scope of the "unofficial" of
"free" exchange market in these areas. Exchange
on Buenos Aires continues to be nominally quoted
around 333/ to 34, but the unofficial or free rate has
fluctuated this week between 24.50 and 25.00.
Argentine paper pesos closed on Friday nominally
at 33.60 for bankers' sight bills against 33.67 on
3
Friday of last week; cable transfers at 33%, against
34. Brazilian milreis are nominally quoted 8.40 for
bankers'sight bills and 83/ for cable transfers, against
8.42 and 83/2. Chilean exchange is nominally quoted
1034, against 1034. Peru is nominal at 23.15, against
23%.
.XCHANGE on the Far Eastern Countries continues to be influenced by the events bearing
upon sterling, francs and the dollar. It is apparent
that business in the Far East is expanding noticeably.
India, for example, has sent twice as much cotton
to England during the _Indian financial year 19331934 as during the previous year. India has increased
E
E
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1822.
JUNE 16 TO JUNE 22, 1934 INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transferi In New York.
Value in United States Money.
June 16. June 18. June 19. June'20. June 21.1 June 22.
EUROPE
$
S
I
S
.188875* .188825* .188858* .188841. .188991*, .188668*
Austria.schilling
.233715 .233707 .233669 .233615 .233412 1 .233492
Belgium, belga
012500* .012500* .012625* .012500* .012575* .012500*
Bulgaria, lev
Czechoslovakia, krone .041621 .041565 .041567 .041568 .041515 .041521
Denmark, krone
.225354 .225238 .225284 .225045 .224925 .224881
England, pound
sterling
5 050000 5.046666 5.046833 5.037857 5.036333 5.034625
.022265 .022282 .022285 .022275 .022260 .022262
Finland, markka
.066037 .066041 .066040 .066014 .065948 .065942
France. franc
Germany, reicturmark .381575 .381292 .380592 .380700 .380807 .381007
.009462 .009440 .009446 .009437 .009431 .009437
Greece, drachma
.678078 .678257 .678635 .678421 .677792 .677878
Holland, guilder
297833 .297833* .297833* .297666* .297100• .297233*
Hungary, pengo
Italy, lira
.086160 .086146 .086210 .086091 .085861 .085287
.253616 .253484 .253473 .253125 .252987 .252908
Norway, krone
Poland. zloty
.189000 .188766 .189000 .188800 .188666 .188666
Pbrtugal, escudo
.046242 .046220 .046240 .046190 .046146 .046150
Rumania,leu
010037 .010050 .010025 .010037 .010025 .010018
Spain, peseta
.136875 .136861 .136876 .136859 .136700 .136682
Sweden,krona
.260191 .260161 .260141 .259758 .259615 .259475
Switzerland. franc
.324960 .324957 .325096 .325017 .324750 .324857
Yugoslavia. dinar
.022733 .022725 .022733 .022725 .022700 .022656
ASIAChinaChefoo (yuan) dol'r .329583 .329166 .329166 .329583 .329166 .330833
Hankow(yuan)der .329583 .329166 .329168 .329583 .329166 .330833
Shanghia(yuan)clorr .329218 .328750 .328750 .329887 .328437 .330000
Tientsin(yuan)der .329583 .329166 .329166 .329583 .329166 .330833
Hongkong. dollar...- .362187 .362500 .362500 .363437 .361875 .362812
India, rupee
.378760 .378890 .379050 .378710 .378450 .378200
Japan. yen
299045 .298925 .299025 .298735 .298450 .298300
Singapore (S. S.) dol'r .591625 .591625 .591250 .590312 .590000 .590000
AUSTRALASIA
Australia, pound
4.014583*4.020000*4.020000* 4.012187* 4.0l3437'4.018125'
New Zealand, pound.4.025000*4.030625*4.031562* 4.023750'4.025000'4.029687*
AFRICA
South Africa, pound 4.993750.4.989500'4.991500* 4.979000* 4.980750'4.976000*
NORTH AMER.Canada, dollar
1.009713 1.012317 1.014348 1.010729 1.004427 1.007005
Cuba, peso
.999600 .999550 1.000187 .999687 .999687 .999550
Mexico, peso (silver). .277500 .277500 .277500 .277500 .277500 .277433
Newfoundland. dollar 1.007187 1.009875 1.012000 1.008250 1.002000 1.004625
SOUTH AMER.Argentina. peso
.336700* .336500 .336425* .335925* .335733* .335775*
Brazil, milreis
.084675* .084718 .084700. .084650* .084618* .085325*
Chile, peso
102125* .102125 .102125* .102025* .102625* .102025*
Uruguay, peso
.801750* .801750 .801500* .801333* .800583• .800666*
Colombia, peso
.579700* .579700 .579700* .575500* .579700* .58220u•
• c LIIs 1 rates: firm rates not available.
)
4184
Financial Chronicle
its volume of all kinds of exports in all markets except
that of Japan. Japanese foreign trade is also expanding in every direction. According to United
States Department of Commerce reports, Japan has
jumped from fifth to third position as a consumer of
United States merchandise, and at the same time the
Japanese maintain third position as a supplier of
goods to this country. The Indian rupee moves in
strict harmony with the fluctuations in sterling, to
which it is legally attached at the rate of is. 6d. per
rupee. The Chinese units are relatively steady,
following the course of the world-silver prices. The
Japanese yen is inclined to ease in terms of the dollar,
as the Japanese control manages to govern yen
exchange with relation to the trends of sterling.
Closing quotations for yen checks yesterday were
29.93, against 30 on Friday of last week. Hong
Kong closed at 36N@36 11-16, against 36/@
36 13-16; Shanghai at 33/@33.40, against 331 I@
/
33 5-16; Manila at 49.85, against 49.80; Singapore
at 59.30, against 5932; Bombay at 37.93, against
38 and Calcutta at 37.93, against 38.
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion in the principal European banks as of
June 21 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
1933.
E
189,276,695
649,446,500
12,115,100
90,378,000
72,073,000
69,303,000
76,325,000
67,669,000
12,030,000
7,397,000
6,569,000
1932.
1931.
§§§§§§§§§EF3
£
England_ 1192.149.696
.
France a_ __ 631,435,519
Germany b.
3,493.000
Spain
90,521.000
Italy
73.397,000
/Netherlands
68,273.000
Nat. Beig'm
77,115,000
Switzerland
61,209.000
Sweden_ _ _ _
15,153,000
Denmark
. . 7,397.000
Norway _ _ _
6,577,000
.. , VGiCTCJ
,C0 10003
0500.—.0b,—.0.1.,05C4CD
1934.
COCJA•tsD.1030000..4
—,
1—,1 $PCONC:DtJr ,
,
ICO
Banks of—
£
164,013.586
452.202,078
60,653,050
96,966.000
50,489,000
39,873,000
40,935,000
27,207,000
13,291,000
9,551,000
8,132,000
1930.
.£
157,773,290
352,039,122
123,456,650
98,834,000
56,301,000
35,994,000
34,300,000
23,156,000
13,497,000
9,570,000
8,143,000
Total week_ 1,226.720,215 1,252.582,295 1,242,875.341 963,312,714 913,064,062
Prey. week_ 1.225.442.014 1.259.079.794 1.230.548.474 980.448.414 911.917 SRI
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad,the amount of which the present year is £1,222,600.
Now That Congress Has Adjourned
The second session Of the 73d Congress ended
shortly before midnight last Monday to the accompaniment, in the House of Representatives, of
popular songs played by the Marine Band and with
the members of the House acting as a chorus. A
member from Massachusetts contributed a vocal solo
from the vantage point of the top of the clerk's desk.
Only the intervention of Representative Rankin of
'Mississippi, who shortly before eleven o'clock offered
and succeeded in carrying a resolution declaring that
a proposed celebration was "contrary to the wishes
of the thinking members of Congress" and would
"immediately reflect discredit upon" the House and
"hold this body up to ridicule and subject it to criticism and contempt," prevented the staging of a
vaudeville show in twenty-two acts which was expected to last for two hours. The Washington correspondent of the New York "Times," who chronicled
these dignified incidents, reported that "members
scheduled to take part in the farewell show had held
private rehearsals," that before dark the galleries
were filled and the corridors "so crowded with persons who wanted to see the show that it became impossible to pass through the upper halls," and that
when the House met for the night session and found
June 23 1934
it necessary to wait for a conference committee report on the Housing Bill,"a continual hubbub filled
the air, speakers could scarcely be heard, and the
shrill cries of small children of members, brought on
the floor by their parents, vied with the sporadic
oratory of the legislators."
Save for the feeling of relief from strain that comes
naturally at the end of a session of five and a half
months, it is not clear that the departing members
had much reason for jubilation. The business.of
both Houses was almost completely dominated by
the wishes of President Roosevelt, although the record of legislative subjection was appreciably less
complete than that of the first session. The attitude
of the Democratic majority was accurately indicated
by Vice-President Garner in the statement which he
gave out on Tuesday through the Democratic National Committee. "For myself," the Texas statesman declared in his elegant idiom,"I say that if the
President's course should take him to a political
Hades,I will be at his elbow inhaling the sulphurous
fumes with him and I will be proud to be there. And
I think that pretty near every individual of our
delegation feels the same way." Mr. Garner, of
course, does not have to face an election until 1936,
but every member of the House and one-third of the
members of the Senate know that they will shortly
have to begin explaining to their constituents, if they
desire renomination, why they spoke or voted as they
did, how recovery will be aided by the bills which
they passed, and how the consumers who have been
ignored and the taxpayers who have been further
burdened are to benefit through the second annual
instalment of New Deal legislation. It was easy for
members of Congress to explain why they meekly
followed the President during the first session, when
the country was bewildered and distressed and only
the President and the "brain trust" had a plan. It
will not be so easy to explain why they surrendered,
save in a few notable instances, throughout the
second session with business still stagnant, unemployment still rampant, from a sixth to a fifth of
the population dependent upon Government doles,
great areas of the recovery program in confusion,
and huge Federal grants still needed to keep things
going.
An examination of the legislative record of the
session shows significant items among both the bills
that passed and those that failed. The Housing Act
launches a huge scheme of Federal aid for house
building and renovation, to be administered by a National Housing Administrator with the assistance'
of national mortgage associations and a corporation which is to insure the accounts of building and
loan associations, and enlarging by $1,000,000,000
the volume of bonds which the Home Owners Loan
Corporation may issue. The Farm Bankruptcy Act
permits a farmer to readjust his mortgage indebtedness by going into bankruptcy, applying to a Federal
'Court for the appointment of appraisers, and giving
him six years in which to clear himself of debt on the
basis, not of the original amount of the mortgage, but
of the "fair and reasonable value" of the property as
determined by appraisal. A Railway Labor Act replaces the present Board of Mediation with a National Mediation Board for the adjustment of labor
disputes, guarantees collective bargaining free from
employer interference or support, and makes a majority decision of the members of any railway occupation regarding their representatives binding upon
Volume 138
Financial Chronicle
4185
University. With Conthe minority. The Tobacco Control Act, passed, as addressed the alumni at Yale
gress no longer on his hands, President Roosevelt
were the three acts just mentioned, in the last hours
next six months, to
of the session, established a quota system for the will be at liberty, during the
on the use the extraordinary powers that have been granted
production of tobacco and imposed a tax
to him to revise and consolidate the business and inprices at which leaf tobacco is sold.
currency and stock
Other measures of special importance include the dustrial codes, control banking,
the issuance of securiGold Reserve Act giving the Treasury possession of market operations, supervise
ation of agriculture, enthe country's gold stock and permitting the devalua- ties, continue the regiment
put the Federal Govtion of the dollar and the establishment of a stabiliza- large the scope of public works,
into the building industry, order
tion fund; the Silver Purchase Act requiring the pur- ernment actively
communication, inchase of silver until the amount reaches one-fourth all forms of transportation and
more effectively in labor controversies and
of the metallic circulation; the Act regulating the tervene
business of securities exchanges and another abat- administer unemployment relief.
A number of writers, reviewing recently the work
ing some of the burdens of the Securities Act of
and the ac1933; an Act authorizing the Reconstruction Finance of the 73d Congress in both its sessions
twelve months,
Corporation and the Federal Reserve banks to make tions of the Executive during the past
not yet made
loans directly to small businesses; the Bankhead have complained that Mr. Roosevelt has
aims. He is
Cotton Control Act and the Jones-Costigan Sugar clear either his policy or his ultimate
but the
Act, the Municipal and Corporation Bankruptcy still "looking forward" and "on the way,"
indefinite. To the extent
Acts, and the Act impowering the President to make direction, it is said, is still
that Mr. Roosevelt has not yet revealed all that may
reciprocal tariff agreements.
d all the proThe list of bills that failed of passage included a be in his mind or has not yet announce
perhaps be considering, the criticism
few measures to which the Administration was com- posals he may
possible that the essenmitted and others toward which it was neutral or is sound, but it seems hardly
happily, tial nature of what has been going on should not by
openly hostile. The Wagner Labor Bill,
. Step by step, and
was displaced by a brief emergency bill upon whose this time be generally perceived
as historical processes go,
provisions we commented last week, but with the with remarkable rapidity
being transformed into a coladdition of an amendment, demanded by Senator the United States is
has all the weaknesses
La Follette, that "nothing in the resolution shall lectivist State. The program
st idea as such, it involves
prevent, impede or diminish the right of employees that inhere in the collectivi
from the theory and practice of
to strike or engage in other concerted activities." wide departures
which the Constitution embodies, and
Vigorous opposition to the Tugwell-Copeland Pure government
it has developed inFood and Drug Bill, one of the most objectionable in its practical application
incongruities and failings all along the
measures before Congress, was responsible for the justices,
ings it is being agdeath of the bill in committee. Proposed amend- line, but with all its shortcom
as did gressively pushed. The forms of Constitutional govments of the Banking Act of 1933 also failed,
preserved, but with
the bill creating a Federal administration of the ernment are still, to some extent,
stamp for the
petroleum industry. The Agricultural Adjustment Congress hardly more than a rubber
boards exercising
Administration received a setback in the refusal of Executive and with administrative
are less and less
Congress to increase its licensing powers. Three virtually judicial powers, the forms
al liberty is not yet
imposing raids on the Treasury were prevented by matched by substance. Individu
not yet spoken, but
the failure .of the Veterans' Bonus Bill, estimated to dead and the Supreme Court has
ineffective when faced with a
cost about $2,500,000,000, the McLeod Bank Pay-off individual liberty is
by statutes
Bill to refund some $1,800,000,000 of frozen deposits steam roller, and courts may be evaded
to escape rejection.
in failed banks to depositors, and the Frazier-Lemke ingeniously phrased
How much the great collectivist experiment is
bill for the Federal acquisition of farm mortgages,
calculated
involving an issue of greenbacks of more than costing or is likely to cost cannot now be
certainty. The total of more than $22,000,with
$3,000,000,000.
,
While it is evident, as has been said, that President 000,000 of appropriations and funds made available
an
Republic
Roosevelt did not have his way as completely as he compiled by Representative John Taber,
some bills would perhaps member of the Appropriations Committee, as the
did in the first session, and
, is aphave failed if he had not put strong pressure upon record of the two sessions of the 73d Congress
in any case
Congress during its last few days, there is nothing parently subject to some deductions and
An allin the new legislation (assuming that all the impor- is not free from suspicion of partisanship.
than $27,000,000,000
tant measures will be approved) to show any relin- time public debt total of more
below
quishment of ground which the Administration has on June 16 is also more than $3,000,000,000
estimate of last January.
gained. On the contrary, large areas of new ground President Roosevelt's
aphave been occupied and substantial increases of Ex- Whatever the exact figures, however, the lavish
authorizations of Congress, joined
ecutive power have been granted. There is no longer propriations and
more than a formal pretence of regarding the situa- to the millions which represent the cost of adminisfinantion to be dealt with as an "emergency." In his mes- tering the several hundred codes, constitute a
burden which is staggering. It may very well
sage to Congress at the opening of the second session, cial
ure and debt,
in January, President Roosevelt made it clear that be that the crushing load of expendit
the recovery program to with its accompaniments of heavy taxation, banking
he expected the principles of
ing of new financbe permanent, and he was obviously of the same and business stagnation, withhold
y for both
opinion on June 16 when he wrote his letter to Gov- ing, currency uncertainty, and insecurit
than complications
ernor Kump of West Virginia on the occasion of capital and labor will do more
es in regimenting agrithe holiday proclaimed in that State in recognition over the codes and difficulti
in the collectivist march and
of the first anniversary of the National Recovery culture to call a halt
welfare.
Administration, and again on Wednesday when he recover or the people the control of their
4186
Financial Chronicle
June 23 1934
Railway Taxes Take Approximately 35
State and Local Units Took 95.5%
Per Cent of Net Earnings—On Basis
During the year 1932 State and local governments
of Total Operating Revenues, Taxes received $262,705,576 of the total, or 95.5%, while
Consumed 8.5 Per Cent During the the Federal Government received $11,928,446, or
4.3%; the remaining $504,377, or 0.2%, was credited
Year 1933
Our railway industry represents an investment of
approximately 26 billions of dollars, and, under normal conditions, the plants represented by this investment produce annual gross revenues in excess of six
billion dollars, while annual operating expenses
approximate 412 billion dollars. The amount of net
/
revenue derived from rail operations varies in accordance with general business conditions.
The railways spread like a mammoth network over
the whole United States, reaching to every State,
nearly every county, and the majority of the cities
and towns. The taxing authorities naturally look
upon the railway industry as an excellent source
from which to obtain their funds.
Rail properties are tangible and easily accessible
for taxation purposes. Testimony taken by the InterState Commerce Commission in cases involving the
abandonment of non-profitable branches discloses
strenuous objections to such a coul•se, because "the
loss of taxes resulting from the abandonment of the
line in question will impair the ability of the political
units involved to meet their obligations."
Taxes paid by the railroads of the United States
showed a steadily upward trend for many years. According to the records of the Inter-State Commerce
Commission, total tax payments of all steam railroads amounted in 1890 to $31,207,469. Ten years
later, in 1900, the total had increased 55%, to an
aggregate of $48,332,273. After another 10 years, in
1910, railway taxes amounted to $105,854,866, an increase of 119% over 1900. In still another decade,
the total had again increased, and stood at $298,942,588, which was an increase of 182% over 1910.
This 10 years, 1910 to 1920, included the war period,
when taxes were generally extended to provide for
emergency Government expenditures. Railway taxes
in 1920 were nearly 10 times as great as in 1890,
30 years earlier.
The railway tax bill continued to increase after
1920, and was greatest in 1929, when it amounted to
$419,179,204. This was more than 13 times as great
an amount as the railway levies of 1890.
Railway taxes in 1930 aggregated $369,339,215
in 1931 were $322,629,206; in 1932 had dropped to
$292,709,232, and in 1933 amounted to $268,421,000.
The decline in the railway tax bill from 1929 to 1933
is more apparent than real, since it occurred principally in the tax levied on gross or net railway income. Such income levied declined because of the
shrinkage in rail earnings, and not because of any
appreciable lessening of tax rates on tangible or
intangible railroad property.
The following table shows the amount of railway
taxes for the decennial years from 1890 to 1920 and
for each of the years from 1925 to 1933:
•
RAILWAY TAX ACCRUALS—ALL STEAM RAILWAYS.
Amount.
Year—
Year—
Amount.
$31,207,469
1890
1928
$411,909,245
48.332,273
1900
1929
419,179,204
1910
105,854,866
1930
369.339,215
298.942.588
1920
1931
322.629,206
1925
380.679.489
1932
292,709,232
413.012,422
1926
1933
268.421.000
399.004,874
1927
With regard to operating revenues, the railway tax
bill in 1933 amounted to 8.5c. out of each dollar of
such revenues received. In 1931, Mc. was paid in
taxes out of each dollar of operating revenues.
to the accounts of countries across our national
boundary lines.
Taxes paid by the railroads to the Federal Government are practically all in the form of the corporation income tax, less than 2% in 1932 consisting of
other than income taxes, such as tax on telegrams,
documentary taxes, &c. For this reason, Federal
taxes have shown a considerable decline since 1929,
in reflection of the decline in net income of the
carriers. Taxes paid by the railways in the several
States and local jurisdictions showed a consistent
increase for many years up to 1930, while the years
1931, 1932 and 1933 showed some recessions.
(Direct comparison with motor vehicles impossible.)
Does It Pay Its Own Way?
The amount of taxes paid by motor vehicles as compared to those derived from the railways is often
pointed out, while as a matter of fact, the taxes paid
by these industries cannot be compared directly with
each other. The important question with respect to
either industry is not whether it pays more or less
in taxes, or fees, or rentals, than some other industry, but whether it actually pays its own way as well
as contributing its fair proportion to the upkeep of
government. With respect to the railways, they undoubtedly support themselves. They own and maintain their own roadway, and, in addition, pay heavy
taxes, all of which go toward the general costs of
government.
What Motor Carriers Pay
With respect to commercial motor vehicles, they
pay some property and income tax; they pay a gasoline tax and license fee. Their right-of-way—the
highways—is supplied by government as a tax-free
property, their gasoline taxes and license fees being
ostensibly intended to contribute toward the cost of
highway construction and maintenance.
Statistics published by seven State Public Service
Commissions for the year 19317 show the following
ratios of taxes to total operating revenues, for reported bus and truck operations in those States:
In Connecticut the ratio of taxes to total operating
revenues was 6.2c. per dollar; in Florida, 10.7c.; in
Nevada, 6.6c.; in New Jersey, 3.7c.; in New York,
3.5c.; in Texas, 6.5c.; in Wisconsin, 10.8c. The
weighted average ratio for the seven States in 1931
was 5.9c. per dollar of operating revenue. These
ratios cover all taxes and fees, including gasoline
taxes, revenue and income taxes, and the like.
Road Upkeep Included iniTaxes
The total operating revenues of Class I railways in
the United States amounted to $4,188,343,000 in 1931.
Out of every dollar of this revenue, 7.25c. went
directly for taxes. But this percentage cannot properly be compared with the ratio of taxes for motor
carriers, because motor taxes are in part a contribution toward the cost of the roadways they use,
whereas the railways maintain their own roadways
and pay taxes besides.
In addition to their direct taxes, 7.25c. per dollar
of gross earnings in 1931, the railways were chargeable in that year for 10c. per dollar of revenue for
maintenance of roadway, 12.2c. for annual carrying
Volume 138
4187
Financial Chronicle
charges on roadway, and four-tenths of lc. for the
cost of crossing protection. The total railway ratio,
including roadway costs and taxes, was 29.8c. per
dollar in 1931.
In other words,the total tax payments of the steam
railways in 1931, plus an allowance for the expense
of owning, maintaining and protecting their roadway, was three-tenths (29.8%) as great an amount
as their total operating revenues. Commercial motor
vehicles in 1931,so far as statistics are available, contributed less than one-sixteenth (5.9%) of their
operating revenues for corresponding costs.
Machinery and equipment (mainly industrial)
were the main Russian imports, totaling 163,947,000.
rubles, 47.1% of all the imported goods. Imports.
of ferrous and non-ferrous metals totaled 68,802,000
rubles. Raw materials accounted for 34.5%, or 119,068,000 rubles, while semi-manufactured products.
accounted for only 12,967,000 rubles, or 3.7%. The.
remainder of the imports consisted of foodstuffs, consumption goods, fuel, medicines, &c.
The following table shows exports to and imports.
from the principal countries during the past two.
years:
EXPORTS AND IMPORTS BY COUNTRIES (RUBLES).
Russian Foreign Trade Declines
Exports.
Country.
Imports.
.
1932.
1933.
1932.
1933.
According to the "Economic Review" of the Soviet
30,590,000 91.928.000
86,983,000 138,485.000
TJnion, Russian foreign trade during the past year Great Britain
85,747,000 100,499,000 148,061.000 327.700.000
Germany
38.562,000 41,395,000 17.269.000 19,278.000
showed a substantial reduction in the value of both Mongolia
591.000
27,340,000 19,301,000 1,538.000
Belgium
25,890,000 21.517.000 5,974.000 3.560,000
Holland
exports and imports as compared with 1932. There Prance
28,698,000 5,237,000 4.335.000
22,893.000
22,226,000 27,031.000 16.901,000 27,144.000
was a particularly large drop—of more than half— Italy States
13,965,000 17,194.000 16.580.000 31,665,000
United
12.008,000 25,368.000 8,359.000 49,940.000
Persia
in the value of imports, while exports were reduced Western China
10,856.000 15,698,000 18.822.000 12,305.000
7,171,000 8,086,000 2,639,000 5,888,000
by 14%. Exports in 1933 amounted to only 495,- China
9.350.000 6,612,000 1.725.000 2.760,000
Denmark
9,124.000 10,099,000 7,349.000 4,786.000.
658,000 rubles, as compared with 574,928,000 rubles Japan
7.066,000 14,579,000 5,623,000 11.782,000
Afghanistan
481,000
517,000
6.545,000 9,435,000
Greece
in 1932. Imports were reduced from 704,040,000 Sweden
5,920,000 6,209,000 4.591,000 21,554,000
153,000
5,531.000 7,955.000 1,192.000
Spain
5,426.000 5,338,000 2,888,000 2.890.000
rubles in 1932 to 348,216,000 rubles in 1933. There Finland
5,056,000 4,801.000 12,973,000 5.646,000
Poland
946.000
4,044,000 6,165,000
was thus a favorable trade balance in 1933 amounting Egypt
3,830.000 3,943,000 8.510,000 14,137,000
Norway
3,798,000 5,498,000 4,657,000 5.762,000
to 147,442,000 rubles, while in the preceding year Turkey
3,421.000 5.219.000 2.935,000 5,184,000
India
336,000 5,775.000
2,395,000 9,776.000
there was an unfavorable balance of 129,112,000 Latvia
546,000 1,178.000
2.728,000 4.151.000
Lithuania
39.000
373.000
7.398.000
1,959,000
Estonia
rubles.
1,741.000 1,540,000 1,032.000 2,080.000
Uruguay
for Czechoslovakia
1,095,000 1,380,000 4,868,000 10,306.000
The continued low prices on the world market
223.000 1.817.000
675,000
889.000
Argentina
876.000 1,307.000 1.280,000 4,012.000
Austria
the raw materials and foodstuffs which are the main Luxemburg
235.000
1.026.000
296,000
classes of goods exported by Russia has been respon495,658,000 574,928,000 348,216.000 704.040.000
Total (incl. others).- sible for this curtailment of both export and import
operations. In quantity exports showed a reduction
in Gold and Domestic Prices
of less than 1% last year—from 17,967,894 tons in The Corner
[Hy HORACE 4TWOOD.)
1932 to 17,916,525 tons in 1933; while imports were
has
The greatest corner in gold since the advent of money
reduced by 4770—from 2,322,109 tons in 1932 to
been carried out by the American Government. One of the
1,236,118 tons in 1933.
of this action has been to advance prices,
Great Britain, with 86,983,000 rubles, and Ger- main purposes
particularly those of agricultural commodities. Let us.
many, with 85,747,000 rubles, were the principal pur- examine the policy that has been followed by the Adminchasers of Russian commodities, accounting for 36% istration.
The free circulation of gold as a commodity, and gold and
of total exports. France, Holland and Belgium were
in this country.
among the other large buyers of Russian goods in gold certificates as money has been stopped world has been
The dollar price of gold in the markets of the
Europe. Exports to the United States showed a deIsincreased. Even the amount of gold used by a dentist
cided decline, making up less than 3% of the total.
subject to governmental inspection and approval.
Among the countries exporting to Russia, GerThe result of this policy has been to reduce the availamany was first, supplying 42% of the total imports. bility of gold, and as the value of anything depends, at least
increased not only Its
Imports from the United States were slightly more partially, upon the supply, this has value as measured by
dollar value but also its intrinsic
than those of the preceding year, but were only oneother commodities.
ninth as large as those from Germany and slightly
An increase in the value of gold means that it requires a
over half those from England.
larger amount of a commodity to obtain a definite quantity
An important feature of the Russian foreign trade of it. In other words, the average value of commodities as.
decreased. The effect of the
in the past few years has been the development of measured by gold has beenprices.
corner in gold is to depress
trade with Eastern countries. Contrary to the
It is self-evident and needs no argument that reducing
trend of Russian foreign trade in general, exports to the gold content of the dollar tends to increase prices measand imports from Mongolia and China (principally ured in dollars, but as commerce is ultimately the exchange
Sinkiang,or western China) stayed at approximately of one commodity for another the net effect of this devaluashould be insignificant.
the same level as the preceding year. Last year Mon- tion upon any class of producersincomes are derived from
Those individuals, however, whose
golia was third among the markets of Russia and wages, salaries, or through the ownership of bonds, or have
fourth as a source of supply of Russian imports.
pensions or annuities will be handicapped when gold again
The principal products exported in 1933 were raw circulates freely,for then the devaluation of the dollar should
materials, which amounted to 268,673,000 rubles, or advance prices.
Cornering the gold supply and reducing the gold content
54.2% of the total exports. Foodstuffs, with a total
of the dollar are diametrically opposed in their effect on
of 108.914,000 rubles, made up 21.9%, and various prices. The first tends to decrease prices measured in gold,
consumption goods 15%, the total being 74,395,000 and the second to increase prices measured in dollars and
rubles. Lumber,totaling 76,730,000 rubles, was first the combined effect on dollar prices has been negligible.
place in
among the exports last year, closely followed by oil Undoubtedly the slight advances which have taken
prices have been due to industry and commerce reviving at
products (75, 671,000 rubles). Other important exthe end of the depression.
ports were grain (40,606,000 rubles), metals—mainly
Changing the measure of value ana cornering gold have
silver (39,609,000 rubles), furs, (38,557,000 rubles), had little, if any, effect on prices, as should have been evident from a survey of the subject.
and flax (21,926,000 rubles).
4188
Financial Chronicle
Jung 23 .1934
Text of Municipal Bankruptcy Relief Bill as Enacted into Law—Amends National
Bankruptcy Act.
Several bills amending the National Bankruptcy Act were
passed in the closing days of the session of Congress before
its adjournment this week. One of these, which is known as
the Corporate Bankruptcy Act, was signed by President
Roosevelt on June 7, and its text was given in our issue of
June 16, page 4013. Another, designed to provide for municipal debt readjustments, was approved by the President
on May 24, and we are giving the text of that measure below.
The signing of this bill by the President was reported in these
columns May 26, page 3535, and items bearing on the Congressional action appeared in our issues of May 5, page 3026, and
May 19, page 3366. The following is the text of the new law
as placed on the statute book:
[H. R. 5950.]
AN ACT
'To amend an Act entitled "An Act to establish a uniform system of bankruptcy throughout the United States," approved July 1 1898, and Acts
amendatory thereof and supplementary thereto.
Be it enacted by the Senate and House of Representatives of the United
States of America in Cmig.-eas assembled, That the Act of July 1 1898,
entitled "An Act to establish a uniform system of bankruptcy throughout the
United States," as approved July 1 1898, and Acts amendatory thereof and
supplementary thereto be, and they are hereby, amended by adding thereto
.a new Chapter to read as follows:
"CHAPTER IX.
"Provisions for the Emergency Temporary Aid of Insolvent Public Debtors
and to Preserve the Assets Thereof and for Other Related Purposes.
"Sec. 78. Declaration of Policy.—There is hereby found, determined, and
declared to exist a national emergency caused by increasing financial difficulties cf many local govenimental units, which renders imperative the further exercise of the bankruptcy powers of the Congress of the United States.
"Sec. 79. Additional Jurisdiction.—Until the expiration of two years
from the date this chapter takes effect, in addition to the jurisdiction exercised in voluntary and involuntary proceedings to adjudge persona bankrupt,
courts cf bankruptcy shall exercise original jurisdiction in proceedings for
the relief of debtors, as provided in this chapter of this Act.
"Sec. SO. Municipal Debt Readjustments.—(a) Any municipality or
other political subdivision of any State, including (but not hereby limiting
the generality of the foregoing) any county, city, borough, village, parish,
town, or township, unincorporated tax or special assessment district, and
any school, drainage, irrigation, reclamation, levee, sewer, or paving, sanitary, port, improvement or other districts (hereinafter refered to as a 'taxing
distict'), may file a petition stating that the taxing district is insolvent or
unable to meet its debts as they mature, and that it desires to effect a plan
of readjustment of its debts. The'petition shall be filed, with the court in
wIscee territorial jurisdiction the taxing district or the major part thereof
Is located and for any such district having no officials of its own the
petition shall be filed by the municipality or political subdivision, the
officials of which have power to contract on behalf of said district or to
levy the special assessments within such district. The petition shall be
accompanied by payment to the clerk of a filing fee of $100, which shall
be in addition to the fees required to be collected by the clerk under other
chapters of this Act. The petition shall state that a plan of readjustment
has been prenared, is filed and submitted with the petition, and that creditors
of the taxing district owning not less than 30 per centum in the case of
drainage, iregation, reclamation, and levee districts and owning not lees
than 51 per eentum in the case of all other taxing districts in amount of the
bonds, notes, and certificates of indebtedness of the taxing district affected
by the plan, excluding bonds, notes, or certificates of indebtedness owned,
held, or controlled by the taxing district in a fund or otherwise, have accepted
it in writing. The petition shall be accompanied with such written acceptance and with a list of all known creditors of the taxing district, together
with their addresses so far as known to the taxing district, and description
of their respective claims showing separately those who have accepted the
plan of readfustment, together with their separate addresses, the contents of
which list shall not constitute admissions by the taxing districts in a proceeding under this chapter or otherwise. Upon the filing of such a petition
the judge shall enter an order either approving it as properly filed under
this chapter, if satisfied that such petition complies with this chapter and
has been filed in good faith, or dismissing it, if not so satisfied. If creditors
holding 5 per centum in amount of the bonds, notes, or certificates of indebtedness shall, within 90 days after the first publication of the notice provided
for in Subdivision (c), Clause (1), of this chapter, appear and controvert
the facts alleged in the petition, the judge shall decide the issues presented,
and unless the material allegations of the petition are sustained, shall dismiss
the petition.
"(b) A plan of readjustment within the meaning of this chapter (1)
shall include provisions modifying or altering the rights of creditors generally, or of any class of them, secured or unsecured, either through the
issuance of new securities of any character or otherwise; and (2) may contain such other provisions and agreements, not inconsistent with this chapter,
as the parties may desire.
"No creditor shall be deemed to be affected by any plan of readjustment
unless the same shall affect his interests materially and adversely, and in
case any controversy shall arise as to whether any creditor or class thereof
shall or shall not be affected, the issue shall be determined by the judge after
hearing upon notice to the parties interested.
"The term 'securities' shall include bonds, notes, and other evidences of
indebtedness, either secured or unsecured, and certificates of beneficial interests in property. The term 'creditors' shall include for all purposes of this
chapter all holders of claims, debts, securities, liens or other interests of
whatever character against the taxing district or its property or revenues,
Including claims under executory contracts and for future rent, whether or
not such claims would otherwise constitute provable claims under this Act,
and all holders of judgments rendered against such taxing district but
excepting claims for salaries and wages of officers and employees of the
taxing district.
"For all purposes of this chapter any creditor may act in person or by a
duly authorized agent or committee. Where any committee, organization,
group, or individual shall assume to act for or on behalf of creditors, such
committee, organization, group, or individual shall first file with the court
in which the proceeding is pending a list of the areditora represented by such
committee, organization, group, or individual, together with a statement of
the amount, class, and character of the indebtedness held by each such creditor, and shall accompany the same with a copy of the contract or agreement
entered into between such committee, organization, group, or individual and
the creditors represented by it or them, which contracts shall disclose all
compensation to be received directly or indirectly by such agent or committee.
"(c) Upon approving the petition or at any time thereafter the judge (1)
shall require the taxing district to give such notice as the order may direct
to creditors, and to cause publication, to be made at least once a week for
three successive weeks, of a hearing, to be held within 90 days after the
approval of the petition for the purpose of considering the plan of readjustment filed with the petition and of any changes therein or modifications
thereof which may be proposed; (2) if a plan of readjustment is not accepted
and approved within such reasonable period as the judge may fix, or, if
accepted and approved, is not confirmed, the judge may, after hearing, either
extend such period not exceeding one year from the date of the filing of
the petition, or dismiss the proceedings as the interests of the creditors may
equitably require: Provided, however, That if a plan shall not be accepted
and approved within one year from the date of the filing of the petition, the
judge, after hearing, may continue the proceeding for not exceeding two
years from the date of the filing of the petition, with the written consent of
creditors of the taxing district holding more than one half in amount of all
claims affected by the plan; (3) shall require the taxing district at such
time or times as the judge may direct, and in lieu of the schedules required
by Section 7 of this Act, to file such schedules and submit suds other
Information as may be necessary to disclose the conduct of the affairs of the
taxing district and the fairness of any proposed plan ; (4) shall determine
a reasonable time and manner in which the claims and interests of creditors
may be filed or evidenced, and, for the purposes of the plan and its acceptance, the division of creditors into classes according to the nature of their
respective claims and Interests; and may, for the purposes of such classification, classify as an unsecured claim the amount of any secured claim in
excess of the value of the security thereof, such value to be determined in,
accordance with the provisions of Chapter 57, Clause (h), of this Act; (5)
may, with the authorized written approval of the taxing district, direct the
rejection of contracts of the taxing district executory in whole or in part;
(6) shall cause reasonable notice of such determination and of all hearings
for the consideration of the propcsed plan, or the dismissal of the proceedings,
rr the allowances of fees or expenses, to be given creditors by publication or
otherwise; (7) may require the taxing district to open its books, records,
and files to the inspection of any creditor of the taxing district during reaaonable business hours; (8) may allow a reasonable compensation for the
services rendered and reimbursement for the actual and necessary expenses incurred in connection with the proceeding and the payment of special masters,
readjustment managers and committees or other representatives of creditors
of the taxing district, and the attorneys or agents of any of the foregoing;
and appeals may be taken, from the orders making such allowances, to the
Circuit Court of Appeals for the circuit in which the proceeding under this
chapter is pending, independently of other appeals which may be taken in
the proceedings, and such appeals shall be heard summarily: Provided, however, That no fees, compensation, reimbursement, or other allowances for
attorneys, agents, committees, or other representatives of creditors shall be
assessed against the taxing district or paid from any revenues, property, or
funds except in the manner and in such sums, if any, as may be provided
for in the plan of readjustment; (9) in addition to the provisions of Chapter II of this Act for the staying of pending suits, the Court may, upon
notice, enjoin or stay until after final decree, the commencement or continuation of suits against the taxing district, or any officer or inhabitant of the
taxing district, on account of the indebtedness of such taxing district, or to
enforce any lien or to enforce levy of taxes for the payment of any such
irdebtedness: Provided, however, That the judge may enter an interlocutory
decree providing that the plan shall be temporarily operative with respect
to all indebtedness affected thereby and that the payment of the principal
or interest, or both, of such indebtedness shall be temporarily postponed or
extended or otherwise readjusted in the same manner and upon the same
terms as if such plan had been finally confirmed and put into effect, and
upon the entry of such decree the principal or interest, or both, of such indebtedness which has otherwise become due, or which would otherwise become
due, shall not be or become due or payable, and the payment of all such
indebtedness shall be postponed during the period in which such decree shall
remain in force; and (10) may refer any matters to a special master, for
consideration and report upon specified issues; but (11) shall not, by any
order or decree, in the proceeding or otherwise, interfere with (a) any of
the political or governmental powers of the taxing district, or (b) any of
the property or revenues of the taxing district necessary in the opinion of
the judge for essential governmental purposes, or (c) any income-producing
property, unless the plan of readjustment so provides. The taxing district
shall be heard on all questions. Any creditor shall be heard on the question
of the proposed confirmation of the plan, and, upon filing a petition for
leave to intervene, on such other questions arising in the proceeding as the
judge shall determine.
"(d) The plan of readjustment shall not be confirmed until it has been
accepted in writing, filed in the proceeding, by or on behalf of creditors
whose claims have been allowed holding two thirds in amount of the claims
of each class whose claims have been allowed and would be affected by the
plan, and by creditors holding 66 2/3 per centum in the case of drainage,
irrigation, reclamation, and levee districts and creditors holding 75 per
centum in the case of all other taxing districts in amount of the claims
of all classes of the taxing district affected by the plan, but excluding claims
owned, held, or controlled by a taxing district, and such plan has been
accepted and approved by the taxing district in a writing filed in the proceeding, signed in its name by an authorized authority: Provided, however,
That it shall not be requisite to the confirmation of the plan that there be
such acceptance by any creditor or class of creditors (a) whose claims are
not affected by the plan, or (b) if the plan makes provision for the payment
of their claims in cash in full, or (c) if provision is made in the plan for the
protection of the interests, claims, or liens of such creditors or class of
creditors
"(e) After hearing such objections as may be made to the plan, the judge
shall confirm the plan if satisfied that (1) it is fair, equitable, and for the
best interests of the creditors, and does not discriminate unfairly in favor
of any class of creditors; (2) complies with the provisions of Subdivision (b)
of this chapter; (3) has been accepted and approved as required by the
provisions of Subdivision (d) of this chapter; (4) all amounts to be paid
Financial Chronicle
Volume 138
by the taxing district for services or expenses incident to the readjustment
have been fully disclosed and are reasonable; (6) the offer of the plan and
its acceptance ate in good faith; and (6) the taxing district is authorized
by law, upon confirmation of the plan, to take all action necessary to carry
out the plan. Before a plan is confirmed, changes and modifications may be
made therein, with the approval of the judge after hearing, upon notice to
creditors, subject to the right of any creditor who shall previously have
accepted the plan to .withdraw his acceptance, within a period to be fixed
by the judge and after such notice as the judge may direct, if, in the opinion
of the judge, the change or modification will be materially adverse to the
interests of such creditor, and if any creditor having such right of withdrawal shall not withdraw within such period, he shall be deemed to have
accepted the plan as changed or modified: Provided, however, That the plan
as changed or modified shall comply with all the provisions of this subdivision.
"(f) Upon such confirmation the provisions of the plan and of the order
of confirmation shall be binding upon (1) the taxing district, and (2) all
creditors. secared or unsecured, whether or not affected by the plan, and
whether or not their claims shall have been filed or evidenced, and if filed or
evidenced, whether or not allowed, including creditors who have not, as
well as those who have, accepted it.
"(g) In the event the judge shall disapprove the plan he shall file an
opinion stating his reasons for such disapproval. If he approve the plan,
the final decree shall discharge the taxing district from those debts and
liabilities dealt with in the plan except as provided in the plan; and upon
the entry of such decree the jurisdiction of the court in such proceeding
shall cease.
"(h) A certified copy of the final decree or of an order confirming a plan
of readjustment, or of any other decree or order entered in a proceeding under
this chapter, shall be evidence of the jurisdiction of the court, the regularity
of the proceedings, and the fact that the decree or order was made. A certified copy of an order directing the transfer of any property dealt with by the
.p:an, shall be evidence of the transfer of title accordingly, and if recorded
4189
as conveyances are recorded shall impart the same notice that a deed, if
recorded, would impart.
"(i) In proceedings under this chapter and consistent with the provisions
thereof, the jurisdiction and powers of the court, the duties of the taxing
dirtrict and the rights and liabilities of creditors, and of all persons with
respect to the taxing district and its property, shall be the same as if a
voluntary petition for adjudication had been filed and a decree of adjudication had been entered on the day when the petition of the taxing district was
approved.
"(j) This chapter shall take effect and be in force from and after the
date of the approval of this amendatory Act and shall apply as fully to
taxing districts and their creditors, whose interests or debts have been
acquired or incurred prior to such date, as to taxing districts and their
creditors, whose interests or debts are acquired or incurred after such date.
"(k) Nothing contained in this chapter shall be construed to limit or
Impair the power of any State to control, by legislation or otherwise, any
political subdivision thereof in the exercise of its political or governmental
powers, including expenditures therefor, and including the power to require
the approval by any governmental agency of the State of the filing of any
petition hereunder and of any plan of readjustment, and whenever there shall
exist or shall hereafter be created under the law of any State any agency of
such State authorized to exercise supervision or control over the fiscal affairs
of all or any political subdivisions thereof, and whenever such agency has
assumed such supervision or control over any political subdivision, then no
petition of such political subdivision may be received hereunder unless
accompanied by the written approval of such agency, and no plan of readjustment shall be put into temporary effect sr finally confirmed without the
written approval of such agency of such plans.
"(I) If any provision of this chapter, or the application thereof to any
person or circumstances, is held invalid, the remainder of the chapter, or the
application of such provision to other persons or circumstances, shall not be
affected thereby."
Approved, May 24 1934, 12:20 p. m,
of Reciprocal Tariff Act Passed by Congress and Signed by President Rooseve
—Authorizes President to Conclude Trade Agreements with Other Nations
We are giving below the text of the so-called reciprocal
tariff Act as signed by President Roosevelt on June 12. The
approval of the bill by the President was noted in our issue
of June 10, page 4055, and final Congressional action on the
measure was detailed in these columns June 9, pages 3874-75.
The text of the new law follows:
[H. R. 8687.]
AN ACT
To amend the Tariff Act of 1930.
Be It enacted bp the Senate and House of Representatives of the United
States of America in Congress assembled, That the Tariff Act of 1930 ia
amended by adding at the end of Title III the following:
"Part III
--Promotion of Foreign Trade.
"Sec. 350. (a) For the purpose of expanding foreign markets for the
products of the United States (as a means of assisting in the present emergency in restoring the American standard of living, in overcoming domestic
unemployment and the present economic depression, in increasing the purchasing power of the American public, and in establishing and maintaining a
better relationship among various branches of American agriculture, industry, mining, and conrmerce) by regulating the admission of foreign goods
Into the United States in accordance with the characteristics and needs of
various branches of American production so that foreign markets will be
made available to those branches of American production which require
and are capable of developing such outlets by affording corresponding market
opportunities for foreign products in the United States, the President, whenever he finds as a fact that any existing duties or other import restrictions
of the United States or any foreign country are unduly burdening and restricting the foreign trade of the United States and that the purpose above declared will be promoted by the means hereinafter specified, is authorized
from time to time—
"(1) To enter into foreign trade agreements with foreign governments or
instrumentalities thereof: and
'(2) To proclaim such modifications of existing duties and other import
restrictions, or such additional import restrictions, or such continuance, and
for such minimum periods, of existing customs or excise treatment of any
article covered by foreign trade agreements, as are required or appropriate
to carry out any foreign trade agreement that the President has entered into
hereunder. No proclamation shall be made increasing or decreasing by more
than 50 per centum any existing rate of duty or transferring any article
between the dutiable and free lists. The proclaimed duties and other import
restrictions shall apply to articles the growth, produce, or manufacture of
all foreign countries whether imported directly, or indirectly: Provided,
That the President may suspend the application to articles the growth, produce, or manufacture of any country because of its discriminatory treatment
of American commerce or because of other acts or policies which in his
opinion tend to defeat the purposes set forth in this section; and the proclaimed duties and other import restrictions shall be in effect from and after
such time as is specified in the proclamation. The President may at any
time terminate any such proclamation in whole or in part.
"(b) Nothing in this section shall be construed to prevent the application, with respect to rates of duty established under this section pursuant
to agreements with countries other than Cuba, of the provisions of the treaty
of commercial reciprocity concluded between the United States and the Republic of Cuba on Dec. 11 1902, or to preclude giving effect to an exclusive
agreement with Cuba concluded under this section, modifying the existing
preferential custcrns treatment of any article the growth, produce, or menufacture of Cuba: Provided, That the duties payable on such an article shall
in no r•ase be increased or decreased by more than 50 per centum of the
duties row payable thereon.
"(c) As used in this section, the term 'duties and other import restrictions' includes (1) rate and form of import duties and classification or
articles, and (2) limitations, prohibitions, charges, and exactions other than
duties, imposed en importation or imposed for the regulation of imports."
Sec. 2. (a) Subparagraph (d) of Paragraph 369, the last sentence of
Paragraph 1402, and the provisos to Paragraphs 371, 401, 1650, 1687, and
1803 (1) of the Tariff Act of 1930 are repeated. The provisions of Sections
336 and 516(b) of the Tariff Act of 1930 shall not apply to any article with
respect to the importation of which into the United States a foreign trade
agreement has been concluded pursuant to this Act, or to any provision of any
such agreement. The third paragraph of Section 811 of the Tariff Act of
1930 shall apply to any agreement concluded pursuant to this Act to the
extent only that such agreement assures to the United States a rate of duty
on wheat flour produced in the United States which is preferential in respect
to the lowest rate of duty imposed by the country with which such agreement
has been concluded on like flour produced in any other country; and upon
the withdrawal of wheat flour from bonded manufacturing warehouses for
exportation to the country with which such agreement has been concluded,
there shall be levied, collected, and paid on the imported wheat used, a duty
equal to the amount of such assured preference.
(b) Every foreign trade agreement concluded pursuant to this Act shall
be subject to termination, upon due notice to the foreign government concerned, at the end of not more than three years from the date on which the
agreement comes into force, and, if not then terminated, shall be subject to
termination thereafter upon not :more than six months' notice.
(c) The authority of the President to enter into foreign trade agreements
under Section 1 of this Act shall terminate on the expiration of three years
from the date of the enactment of this Act.
Sec. 3. Nothing in this Act shall be construed to give any authority to
cancel or reduce, in any manner, any of the indebtedness of any foreign
country to the United States.
Sec. 4. Before any foreign trade agreement is concluded with any foreign
goveron eet or instrumentality thereof under the provisions of this Act,
reasonable public notice cf the intention to negotiate an agreement with such
government or instrumentality shall be given in order that any interested
person may have an opportunity to present his views to the President, or
to such agency as the President may designate, under such rules and regulations as the President may prescribe; and before concluding such agreement
the President shall seek information and advice with respect thereto from
the United States Tariff Commission, the Departments of State, Agriculture,
and Commerce, and from such other sources as he may deem appropriate.
Approved, June 12 1934, 9-15 p. m.
The Course of the Bond Market
Narrow fluctuations have occurred in bond prices this
week. There was a slight firming up tendency in evidence
during the early part of the week, followed by some softness
among all classes of issues later on. The lower grade rails
were conspicuous losers, to the extent of several points in
some cases, probably in response to Congressional approval
of the railroad pension bill which, if enacted, would increase
railroads' labor expense. Foreign bonds, after considerable
weakness recently, showed some signs of reversing their
trend. High-grade issues remained close to top levels.
U. S. Government bonds, according to Moody's adjusted
index, have passed the high levels attained in 1928 and 1931,
and now can be referred back to 1912 and early 1913 for
comparable high prices.
High-grade railroad bonds were firm to strong, some issues
pushing up into new high ground. Among the latter were
Atchison, Topeka & Santa Fe Gen. 4s 1995, which advanced
to a new high of 103M during the week, Baltimore & Ohio
5s, 1948, which reached 1083.-, Northern Pacific 4s, 1997,
which advanced to 100% and Texas & Pacific 5s, 2000,
which touched 108%. Medium-grade issues were mixed
but losses predominated. Among the exceptions were
4190
Financial Chronicle
June 23 1934
Cleveland Union Terminals 43%s, 1977, which sold as high International Cement 5s, 1948, sold at the top for this year
as 95, the highest price prior to last week having been 93%. of 923., up 13%. National Dairy Products„ 53%s, 1948,
New York, New Haven & Hartford bonds were weak, the reached a new high level at 983% but closed down % for the
6s, 1940, declining from 863%, last Friday's close, to 833., week. United Drug 5s, 1953, recovered from the reaction
and the 43/35, 1967, from 653% to 603%, a new low for this of the previous week, gaining % to 833%. National Steel
move. Chicago & North Western bonds were also subject 5s, 1956, reached new high ground at 1033% and closed at
to pressure, the 43%s, 1949, declining from 433% to 39. De- 1033 up 4.
3
faulted issues were easier, losing a point or two.
In an irregular foreign bond market this week there was a
Utility bonds as a class showed a mixed trend during the further drop in German Government issues, but some reweek. Highest grades and issues in the strong investment covery in German corporate and State bonds. A sharp
class were inclined to hold recent gains while second grades recession in Cuba 53%s, 1945, resulted from the investigation
and speculative issues for the most part showed slight losses. of the bonds legal status. Australians were slightly weaker,
Certain individual issues, such as Kings County Electric Scandinavians strong, and most Japanese issues fractionally
Light & Power 6s, 1997, and Tennessee Public Service 5s, higher.
1970, made substantial gains. Penn. Central Light and
It was announced this week that New York City's long
4
Power 43%s, 1977, were up % to 853 for the week, Virginia expected bond sale is fixed tentatively at $60,000,000. The
Public Service 53%s, 1946, gained % to 75%,National Power exact terms and the coupon rate have not been definitely
and Light 6s, 2026, lost 1 to 71, and Interstate Power 5s, settled. The new issue will be used largely to retire corporate stock notes, bearing interest at 5% to 53 %, held by
%
1957, declined 23 to 523/2•
4
Firmness characterized industrial bonds, with most New York City bankers. It has also been announced that
standard, active issues and major groups advancing slightly. a reduction of 1% has been agreed upon in the interest rate
on revenue notes which will be issued on June 30 in connecIn several miscellaneous cases, new high ground was reached tion with the bankers' agreement.
or former 1934 highs duplicated. Armour & Co. of Del.
Moody's computed bond prices and bond yield averages
53%s, 1943, advanced % to 973', within % of their high. are given in the following tables:
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prices.)
MOODY'S BOND PRICES.
(Based on Average Yields.)
81.51
80.72
81.07
82.02
81.66
81.78
83.48
83.60
82.74
81.18
94.43
95.18
94.14
93.11
93.26
93.26
92.10
91.81
89.31
87.96
84.85
82.02
97.31
81.78
89.31
71.87
79.68
80.60
78.88
78.86
79.68
80.37
78.88
78.99
75.50
74.36
70.52
66.55
83.72
66.38
77.66
53.16
00
96.39
95.78
96.23
96.70
96.85
97.00
97.31
97.31
96.70
95.78
0000000090cw
98.73 114.63 107.14
98.09 114.04 106.78
98.25 113.65 106.78
98.67 113.26 106.60
98.41 112.88 106.42
98.73 112.50 106.42
98.88 112.50 105.89
98.88 112.31 105.89
98.25 111.92 105.54
97.16 111.16 104.68
xchang e Closed.
95.93 110.42 103.48
96.70 111.16 104.16
95.63 110.79 103.15
94.88 110.23 101.81
95.18 110.23 101.97
9.5.33 109.86 101.47
93.99 109.12 100.00
93.85 108.75 99.68
91.53 107.67 98.41
90.55 107.67 97.16
87.69 106.25 95.48
84.85 105.37 93.26
99.52 115.02 108.03
84.85 105.37 93.11
92.39 108.03 100.33
74.15 97.47 82.99
RR.
0000
81.90
82.26
82.50
82.74
82.74
82.38
82.26
82.02
81.90
81.90
81.90
81.90
. bOoia4Eabi.D
97.16
97.31
97.31
97.31
97.31
97.16
97.16
97.00
96.85
96.70
96.54
96.54
87.69 105.54
94.58
84.47
71.87
, Cai.DC*C4:qWWW;-,04
02 07
108.03
107.85
107.85
108.C3
108.03
107.85
107.85
107.49
107.49
107.49
107.31
107.31
W
filo 9929
114.82
114.82
114.63
114.63
114.82
114.82
115.02
114.63
114.63
114.43
114.63
114.82
RI 74
7040
00 04
AA fill
a
a
IN 1-_
99.20
99.36
99.36
99.52
99.52
99.36
99.36
99.04
99.04
98.88
98.88
98.88
E
June 22_ 105.79
21... 105.76
20._ 105.91
19__ 105.94
18-_ 106.03
16._ 106.02
15.- 106.00
14._ 106.02
13._ 105.78
12... 105.58
11_ 105.49
9_ 105.51
Weekly
8._ 105.52
105.27
May 25._ 105.13
18._ 105.05
II__ 105.11
4__ 104.75
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
5. 100.42
EDO 1934 106.03
Low 1934 99.06
High 1933 108.82
Low 1933 98.20
Yr. Agorae.22'33 103.57
!Yre.Ago
120 Domestic
Corporate* by Groups.
WWWQWWWWwwwWWWWW
00.00 000000
,
OWCA0.W.W4C4.40,
, c,,
I
ogootp000mmco
U. S.
120
120 Domestic Corporate*
1934
Govt. Domesby Ratings.
Daily
Bonds.
tic.
Averages.
**
Corp.* Aaa.
Aa.
A.
Bea.
04100
P. U. Indus.
92.82
93.11
93.11
93.11
92.97
92.68
92.53
92.53
92.39
92.39
92.25
92.25
106.07
105.89
105.72
106.07
106.07
106.07
105.89
105.72
105.54
105.54
105.54
105.54
92.10
91.53
91.67
92.39
91.96
92.53
92.53
92.39
91.67
90.27
105.37
104.85
104.85
104.88
104.85
104.68
104.51
104.33
103.65
102.81
89.17
89.86
88.50
87.96
88.36
88.36
87.43
87.04
83.97
82.38
78.44
74.25
93.11
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
106.07
96.54
99.04
78.44
83.11
In no
93.85
on IS
All
120
1934
Daily
Domes"
tic.
Averages.
120 Domestic Corporate
by Ratings.
Aaa.
3.92
4.80
June 22__
3.92
4.79
2L _
3.93
4.79
20_
3.93
4.78
19__
3.92
18-- 4.78
3.92
4.79
16__
3.91
• 15-- 4.79
3.93
14._
4.81
3.93
13._
4.81
4.82
3.94
12__
4.82
3.93
IL_
9._
4.82
3.92
Weekly
3.93
8... 4.83
L_
4.87
3.96
May 25_
4.86
3.98
4.84
4.00
18._
4.02
4.85
11._
4.04
4... 4.83
4.04
Apr. 27__
4.82
20._
4.82
4.05
4.07
13._
4.88
4.93
4.11
6._
War.30__ Stock E xchang e
23__
5.01
4.15
16__
4.96
4.11
9__
5.03
4.13
2._
5.08
4.16
Feb. 23__
5.06
4.16
16._
5.05
4.18
9__
5.14
4.22
2_
5.15
4.24
Jan. 26._
5.31
4.30
19_
5.38
4.30
12._
5.59
4.38
5._
5.81
4.43
Low 1934 4.78
3.91
Sigh 1934 5.81
4.43
Low 1933 4.96
4.11
Sigh 1933 6.75
4.91
rr. Ago.
fue.22 '33 5.59
4.42
I Yrs.Ago
Num 00.70
7 MI
K 77
120 Domestic
Corporate by Groups.
fit
30
ForP. U. Indus. eons.
Aa.
A.
Baa.
RR.
4.28
4.29
4.29
4.28
4.28
4.29
4.29
4.31
4.31
4.31
4.32
4.32
4.93
4.92
4.92
4.92
4.92
4.93
4.93
4.94
4.95
4.86
4.97
4.97
6.05
6.02
6.00
5.98
5.98
6.01
6.02
6.04
6.05
6.05
6.05
6.05
4.77
4.76
4.75
4.74
4.73
4.74
4.74
4.76
4.76
4.77
4.77
4.77
5.22
5.20
5.20
5.20
5.21
5.23
5.24
5.24
5.25
5.25
5.26
5.26
4.39
4.40
4.41
4.39
4.39
4.39
4.40
4.41
4.42
4.42
4.42
4.42
7.49
7.47
7.49
7.51
7.50
7.50
7.53
7.48
7.46
7.39
7.36
7.34
4.98
4.33
4.35
5.02
4.35
4.99
4.36
4.96
4.37
4.95
4.37
4.94
4.40
4.92
4.40
4.92
4.42
4.96
4.47
5.02
Closed.
4.54
5.11
4.50
5.06
4.56
5.13
4.64
5.20
4.63
5.19
4.66
5.19
4.75
5.27
4.77
5.29
4.85
5.47
4.93
5.57
5.04
5.81
5.19
6.04
4.28
4.92
5.20
6.06
4.49
5.04
5.96
6.98
6.08
6.15
6.12
6.04
6.07
5.96
5.92
5.91
5.98
8.11
4.80
4.84
4.83
4.81
4.82
4.77
4.75
4.73
4.76
4.81
5.27
5.31
5.30
5.25
5.28
5.24
5.24
5.25
5.30
5.40
4.43
4.46
4.46
4.47
4.46
4.47
4.48
4.49
4.53
4.58
7.35
7.29
7.25
7.20
7.14
7.16
7.28
7.21
7.20
7.22
6.24
6.16
6.31
6.33
6.24
6.18
6.31
6.30
6.62
6.73
7.12
7.56
5.90
7.58
8.16
9.44
4.91
4.85
4.91
4.97
4.23
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.73
5.75
4.83
7.22
5.48
5.43
5.53
5.57
5.54
5.54
5.61
5.84
5.88
6.01
6.35
6.74
5.20
8.74
5.43
7.17
4.64
4.60
4.66
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.39
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
8.55
7.13
8.85
7.23
11.19
5.10
5.84
6.98
5.65
5.95
5.15
9.42
i KR
I
0 All
11 On
o no
... ....
p• al
/ .1 1111
These prices are computed from average yields on the basis of one "Ideal" bond (4(% coupon, ma siring in 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve toll ustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's Index of bond prices by months back to 1928, see the issue of Feb.6 1932, page 907.
es Actual average price of 8 long-term Treasury issues. t The latest complete list of bonds used in computing these indexes was published In the issue of Feb, 10 1934,
Page 920. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night, June 22 1934.
General trade continued to make a good showing despite
the fact that this is the season of the year when it usually
shows a falling off. Reports from all parts of the country
were favorable. Only minor setbacks were reported here
and there. The weather in the grain belt was more favorable. Electric output showed another gain and is now up
to the highest total since April and only slightly under the
peak of the year. Revenue freight loadings reached a new
high for the year. Automobile production was well maintained owing to increased sales as a result of recent price
reductions. Then, too, the decrease in steel operations was
very slight, especially for this time of the year. Lumber
production showed an increase, but shipments and orders
were the smallest since January due to the longshoremen
strike. Retail sales were of good volume despite a slight
seasonal falling off in the demand for various items.
Electric refrigerators, summer clothing and vacation necessities were in the best demand. Wholesale markets were
quite active. There was a big call for summer wear and vacation needs. Jewelry orders showed an increase and grocery
orders were noticeably larger. Fluctuations in cotton during
the week were rather narrow and trading was of small
volume. Prices show little change for the week, but of
late have been stronger because of the announcement from
the Relief Administrator that it would buy 250,000 bales
for relief purposes. Dry goods reports were better. Central
Oklahoma is in need of rain. The Western belt had very
high temperatures. Grain markets were only fairly active
and prices declined owing to better weather. Wheat was
the weakest in the grain list, while corn was the strongest
because of reports of chinch bug damage. Oats and rye
reflected the action of other grain. Coffee, rubber and
cocoa all show declines for the week, while sugar and silver
advanced. Copper has been quiet and while prices for
domestic delivery show no change, the European level
dropped slightly. Lead was in fair demand and steady.
Zinc prices remained unchanged, but the demand was small.
The threat of a strike among rubber workers in Akron
caused selling of rubber futures recently. Sugar futures
reflected the strength of raws.
A 70
-mile gale coming out of the Gulf swept northwestward over Louisiana last saturday and did heavy damage
to crops and other property, and levelled frame structures
by the score. The path of the hurricane was traced from
Berwick Bay, through Baton Rouge and to Ferriday. The
heaviest damage was done in Morgan City where the loss
to the Louisiana State University alone was estimated at
$25,000. Six deaths were reported as a result of the storm.
Later the damage by the storm was estimated at $3,000,000
to $4,000,000. Good rains fell early in the week throughout
the Lake region and Central Valleys. It was the first real
rain in three months and greatly benefited the crops in
those sections. Heavy rains late last week in Mississippi
aided the tomato crop, but cut down carloadings. It was
very hot in the Middle West on the 21st inst. England
suffered the hottest spell of the summer early in the week.
It was 83 in the shade in London on the 18th inst. It was
extremely hot in Paris with the temperature up to 94 degrees,
the highest recorded in June in 30 years. An earthquake in
Turkey killed a number of persons. Torrential rains fell
in India. A hurricane in Honduras did heavy damage to
fruit plantations and caused great havoc along the right
bank of the Ulna River in Tela Zone.
It was generally clear and cool in New York over the
week-end, but on the 19th inst. a heavy rain and fierce
southeast winds blew for 18 hours, felling trees, cornices
and power lines on land and lifting giant waves at sea.
The rain flooded streets in parts of Brooklyn and New
Jersey. The total precipitation in New York City was 1.75
inches, while Newark reported 3.2 inches. The storm was
said to be the remnant of the hurricane that caused great
destruction in Louisiana last week. It first struck New
York rather mildly on the 18th inst. It was clear and
very hot during the remainder of the week, with the temperature reaching 89.3 degrees on the 21st inst., the first day
of summer, the highest recorded in New York City since
-day it was fair and warm here, with
Aug. 27 1933. To
temperatures ranging from 74 to 83 degrees. The forecast
was for partly cloudy to-night. Saturday local thunder
showers. Overnight at Boston it was 74 to 90 degrees;
Baltimore, 76 to 96; Pittsburgh, 66 to 90; Portland, Me., 68
to 82; Chicago, 60 to 80; Cincinnati, 68 to 88; Cleveland,
60 to 90; Detroit, 54 to 88; Charleston, 72 to 86; Milwaukee,
56 to 76; Dallas, 78 to 96; Savannah, 70 to 92; Kansas City,
66 to 86; Springfield, Mo., 72 to 90; St. Louis, 72 to 94;
Oklahoma City, 76 to 100; Denver, 56 to 86; Salt Lake City,
58 to 80; Los Angeles, 58 to 74; San Francisco, 56 to 68;
Seattle, 52 to 66; Montreal, 54 to 80, and Winnipeg, 58 to 82.
-4,------
Moody's Daily Index of Staple Commodity Prices
Lower After Reaching New High For the Year.
Commodity markets were firm the early part of the week,
but eased off during the second half. Moody's Daily Index
of Staple Commodity Prices stood at 142.3 on Tuesday, a
new 1934 high, but declines during the next three days closed
the Index at 140.4 compared with 140.9 last week.
The decline in the Index would have been much sharper
if it had not been for the continued improvement in hog
prices and firmness in sugar. The only other gain was in
silver and this was negligible. On the other hand, there
were eight declines-in wheat, corn, coffee, cotton, rubber,
cocoa, wool tops and silk-while hides, steel scrap, copper
and lead were unchanged.
The movement of the Index number during the week,
with comparisons, follows:
June 15
Fri.,
Sat., June 16
Mon., June 18
Tues., June 19
Wed., June 20
Thurs., June 21
June 22
Fri.,
140.9
140.7
141.8
142.3
141.8
140.9
140.4
2 Weeks Ago, June 8
137.0
__ ---133.4
Month Ago, May
June 22-22 1933 -.122.4
Year Ago,
1933 High, July 18
148.9
Low.
Feb. 4
78.7
142.3
1934 High, June 19
Low,
Jan. 2
126.0
Loadings of Revenue Freight in Latest Week 4.2% in
Excess of Same Period Last Year.
Loading of revenue freight for the week ended June 16
1934 totaled 617,649 cars, an increase of 2,084 cars, or 0.3%
over the preceding week and 24,890 cars, or 4.2% higher
than in the corresponding period in 1933. It was also a
gain of 99,251 cars, or 19.1% over the comparable week in
1932. Total loading for the week ended June 9 1934 exceeded the same period in 1933 by 8.2% and the corresponding period in 1932 by 22.7%. For the week ended June 2
1934 increases over the like periods in 1933 and 1932 amounted to 12.8% and 29.3%, respectively.
4191
Financial Chronicle
71
Volume 1.
The first 16 major railroads to report for the week ended
June 16 1934 loaded a total of 268,129 cars of revenue
freight on their own lines, compared with 264,460 cars in
the preceding week and 261,561 cars in the seven days ended
June 17 1933. With the exception of the Chicago Burlington
& Quincy RR., the Chicago Milwaukee St. Paul & Pacific
Ry., the International-Great Northern RR., the MissouriKansas-Texas RR., the Missouri Pacific RR. and the
Wabash RR., all of the carriers in the following table showed
increases over the comparable period last year.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Loaded on Own Lines.
Weeks Ended-
Rec'd from Conneatons. Weeks Ended
June 16 June 9 June 17 June 16 June 9 June 17
1934. 1934. 1933. 1934. 1934. 1933.
Atchison Topeka & Santa Fe Ry _
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw.St.Paul & Pac.Ry.
Chicago & North Western RyGulf Coast Lines
International-Great Northern RR
-Texas RR
Missouri-Kansas
Missouri Pacific RR
New York Chicago & St. Louis Ry
New York Central Lines
Norfolk & Western RY
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
Total
21,177
20,828
13,543
16.821
15,655
2,212
2,666
4,674
13,270
4,736
43,871
17,223
57,423
5,354
23,891
4,785
18,876
19,760
14,026
17,361
15,518
1.978
2,640
4,617
13,101
4,839
42,835
16.892
57,586
5,615
23,621
5,195
19,769 4,358 4,216 3,777
19,962 10,019 9,610 8,499
13,920 5,801 5,957 5,784
17,759 6,384 6,066 6,515
14,796 7,932 8,107 7,542
836
1,567 1,134 1,284
4,414 1,933 1,724 1,488
5,006 2,818 2,518 2,323
13.651 7,246 7,204 7,501
4,449 7.857 7,831 7,900
42,809 53,725 55,020 54,246
17,114 4,388 3,810 4,036
56,384 36,854 36,210 35,857
4,805 3,870 4,122 3,779
20,253
4,903 7,020 7,363 7,159
268,129 264.460 261.561 161,339 161,042 157.242
a Not reported.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Weeks Ended
June 16 1934. June 9 1934. June 17 1933.
21,756
24.743
12,698
Total
20,756
25,407
12,203
21.912
25,178
12,960
59,197
Chicago Rock Island & Pacific RY
Illinois Central System
St. Louis-San Francisco Ry
58.366
60,050
The American Railway Association, in reviewing the week
ended June 9, reported as follows:
Loading of revenue freight for the week ended June 9 totaled 615,565
cars, an increase of 37,024 cars above the preceding week, when loadings
were reduced due to the observance of Memorial Day holiday. It was also
an increase of 46,408 cars above the corresponding week in 1933, and 113,880
cars above the corresponding week in 1932.
Miscellaneous freight loading for the week of June 9 totaled 242,179 cars,
an increase of 12,697 cars above the preceding week, 22,266 cars above the
corresponding week in 1933, and 46,323 cars abase the corresponding
week in 1932.
Loading of merchandise less than carload lot freight totaled 162,932 cars,
an increase of 10,276 cars above the preceding week this year. It was,
however, a decrease of 5,453 cars below the corresponding week in 1933, and
13,553 cars below the same week in 1932.
Grain and grain products loading for the week totaled 30,809 oars, an
increase of 3,663 cars above the preceding week, but a decrease of 5,198 cars
below the corresponding week in 1933. It was, however, an increase of 6,182
cars above the same week in 1932. In the Western districts alone, grain
and grain products loading for the week ended June 9 totaled 19,778 cars, a
decrease of 6,089 cars below the same week in 1933.
Forest products loading totaled 24,522 cars, an increase of 126 cars above
the preceding week, but a decrease of 103 cars below the same week in 1933.
It was, however, an increase of 7,448 cars above the same week in 1932.
Ore loading amounted to 32,000 cars, an increase of 1,681 cars above the
preceding week, 21,335 cars above the corresponding week in 1933, and
28,859 cars above the corresponding week in 1932.
Coal loading amounted to 101,071 cars, an increase of 356 cars above the
preceding week, 11,815 cars above the corresponding week in 1933, and
34,235 cars above the same week in 1932.
Coke loading amounted to 6,924 cars, a decrease of 144 cars below the
preceding week, but an increase of 2,442 cars above the same week in 1933,
and 4,277 cars above the same week in 1932.
Live stock loading amounted to 15,128 cars, a decrease of 631 cars below
the preceding week, 696 cars below the same week in 1933, and 91 cars below
the same week in 1932. In the Western districts alone, loading of live
stock for the week ended June 9 totaled 11,617 cars, a decrease of 283 cars
below the same week in 1933.
All districts except the Southern and Southwestern reported increases for
the week of June 9, compared with the corresponding week in 1933. All
districts, however, reported increases compared with the corresponding week
In 1932.
Loading of revenue freight in 1934 compared with the two previous years
follows:
1932.
1934.
Four weeks In January
Four weeks in February
Five weeks In March
Four weeks in April
Four weeks in May
Week ended June 2
Week ended June 9
Total
1933.
2,177,562
2,308,869
3,059,217
2,334,831
2,441,653
578.541
615,565
1,924,208
1,970,566
2,354,521
2,025.564
2,143.194
512,974
569,157
2,266,771
13.516.238
11.500.184
12,602,148
2,243.221
2,825,798
2,229,173
2,088,088
447,412
501,685
In the following tab e we undertake,to show also the loadings for the separate roads and systems for the week ended
June 9 1934. During this period a total of 52 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 Bait!-
4192
Financial Chronicle
more & Ohio RR., the New York Central BR., the Norfolk &
Western By., the Atchison Topeka & Santa Fe By. System,
the Louisville & Nashville RR., the Illinois Central System,
the Southern Vacific Co.(Pacific Lines), the Chicago & North
June 23 1934
Western Ry., the Chicago Milwaukee St. Paul & Pacific By.,
the Chicago Burlington & Quincy RR., the Reading Co., the
Missouri Pacific RR., the Great Northern Ry. and the
Erie RR.
:
-WEEK ENDED JUNE 9.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
Total Revenue
Freight Loaded.
Railroads.
1934.
Eastern District.
Group A
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. N. H.& Hartford
Rutland
1933.
Total Loads Received
from Connections.
1932.
1934.
1,342
2,778
7,671
959
2,567
10,677
663
1,438
2,772
7,249
635
2,595
10,307
587
287
4,441
9.639
2,567
2,345
11.419
1,035
201
4,330
9,530
2,589
2,086
10,619
962
26,681
28,657
25,583
31,733
30,297
5.241
9.392
12,284
193
1,385
7,757
1,808
20,231
1,510
253
274
4,871
8,263
11,637
154
1,362
6,981
2,036
19,177
1,428
284
277
4,383
7,080
9,907
204
1,259
8,550
1,023
18,390
1,448
373
322
8,324
6.042
13.196
1,734
1,117
6,954
49
27,896
2,177
33
171
5.970
5,337
12,898
1,573
867
6,080
66
25,258
1,916
35
133
60,328
56,250
48,939
65,493
60,113
649
1,264
6,321
29
217
252
2,185
3,771
7,434
3,365
4,839
5,615
5,795
1,222
5,196
3,679
482
1,313
7,325
24
355
301
1,291
3,523
6,812
3,229
4,234
4,748
5,052
1,378
4,876
3,467
462
1,271
8.893
31
273
147
1,838
2,373
5,585
3,031
3,706
4,362
2,737
430
4.979
1,934
992
1,656
9,439
58
121
1,995
1,082
6,049
7,700
187
7,831
4,122
5,589
826
7,363
2,655
934
1,580
9.600
61
101
1,827
678
5.475
7,216
207
7,282
3,775
4,288
757
6,868
2,531
51,832
48,390
40,052
57,843
53,180
Grand total Eastern District
- 138,841
131,297
114,574
154,869
143,590
391
30,507
4,509
251
6.107
580
244
64
817
1,101
57.586
12,522
9,332
50
3,226
430
24,496
2,134
173
4,905
572
201
51
961
1.330
54,258
11,148
5.459
24
2,555
a
22,534
1,537
100
5,372
8
134
67
1,072
50.340
10,474
2,423
38
2,312
610
12,702
2,095
9
9,900
61
21
20
2,591
858
38,210
14,297
4,203
1
5.099
698
12,629
1,275
7
8,987
30
34
16
2,329
843
34,492
13,670
1,686
127,287
108,897
96,411
88,877
80,158
19,760
16,892
936
3.602
19,855
15,889
741
2,887
15,404
11,768
788
2,025
9,810
3,810
1,137
753
8,376
4,010
1,186
463
41,190
39,352
29,983
15,310
14,035
9,098
8,218
932
1,153
413409
132
153
39
35
1,828
2,813
550
321
421
359
8,518
8,602
18,536
17.169
109
164
7,874
697
379
137
48
2,195
395
298
5,845
16,705
156
3,735
1,355
802
266
70
862
768
3,916
2,780
9,969
590
3,815
1,235
810
243
75
859
832
3,814
2,758
11,038
854
Group B
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Pittsburgh Sr Shawmut
Pitts. Shawmut Sr Northern
Total
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.
PereMarquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia...Wabash
Wheeling & Lake Erie
Total
Allegheny District
Akron Canton & Youngstown..
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Central RR. of New Jersey__ _
Cornwall
Cumberland & Pennsylvania...
Ligonier Valley
Long Island
b Penn.
-Read. Seashore Lines _
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District
Group A
Atlantic Coast Line
Clinchtleld
Charleston & Western Carolina
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont Sr Northern
Richmond Fred. dr Potomac...
Seaboard Air Line
Southern System
Winston-Salem Southbound
3,462
Total Loads Received
from Connections.
1934.
193
1,382
2,904
7,824
972
2,830
10,098
693
Total
Total Revenue
Freight Loaded.
Railroads.
Group B
Alabama Tenn. & Northern...
Atlanta Birmingham & Coast._
-West.RR.ot Ala
Atl. dr W.P.
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.
Tennessee Central
1933.
1932.
1934.
195
624
553
3,135
179
411
649
294
1,373
17,767
16,548
110
121
1,790
2,619
307
200
620
725
3,619
189
400
641
316
1,396
16,535
16,344
146
175
1,748
2,715
291
200
563
603
2,773
176
427
776
298
1,139
16,593
13,030
108
118
1,709
2,432
329
123
459
978
2,049
209
405
1,205
364
617
8,190
3,624
307
175
1,301
1,941
474
1933.
158
623
1,000
2,132
198
486
1,324
323
628
7,872
3,377
300
280
1,242
2,114
450
46.873
46,080
41,172
22,421
22,487
Grand total Southern District..
82,814
85,689
75,901
47,534
48,820
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 dr Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Lake Superior Jr 'shimming
Minneapolis & St. Louis
Minn. St. Paul & S. S. Marie_
Northern Pacific
Spokane International
Spokane Portland & Seattle....
822
17,548
2,395
17,381
2,907
8,920
1,302
5,698
262
14,245
513
1,650
1,503
5,387
8,205
256
1,493
766
14,921
2,333
17,292
3,409
3,538
308
4,099
311
8,800
492
930
2,130
4,391
7,977
142
1,124
1,813
13,383
2,149
14,919
3,100
591
393
2,967
233
7,185
479
a
1,901
3,672
7,264
a
1,221
1,566
8,107
2,137
8.088
2,732
99
361
3,829
102
2,372
337
80
1,146
2,037
2,180
172
1,103
1,778
7,764
2,210
6,000
2,821
48
308
4,278
113
1,910
379
63
1,183
1,955
1,864
172
809
90,467
72,963
81,250
34,416
33,841
18,876
2,833
181
14.026
1,050
11,344
2,171
703
1,540
177
1,214
1,958
686
205
18,097
290
380
10,335
134
1,369
18,312
2,838
183
13.919
1,158
11,600
1,902
562
1,244
255
1,023
2,036
568
79
13,826
296
' 364
9,827
137
1,318
18,813
3,150
136
12,843
a
11,850
2,071
705
1,243
141
1,016
a
482
261
14,936
204
250
9,814
192
1,083
5,058
1,838
109
5,957
483
6,205
2,124
915
1,689
18
774
905
340
38
3,574
270
923
5,942
3
1,252
3,858
1,639
18
5,849
623
5.850
1,761
721
1,874
21
738
957
266
43
3,164
263
959
8,083
7
1,234
87.589
81,443
79,978
38,375
35,728
117
107
137
2,443
1,769
183
1,512
1,407
a
75
487
41
4,537
11,728
52
55
7,853
1,987
5,229
3,692
1,714
23
•
3,287
211
144
1,284
1,724
706
1,375
708
284
851
241
257
2,518
7,204
9
85
3,094
2,155
1,928
3,608
1,929
68
3,011
347
127
863
1,402
734
1,261
723
246
637
167
198
1,981
7,160
15
130
3,198
1,673
1,876
3,445
2,225
38
Total
Total
Central Western DistrictAtoh. Top.& Santa Fe System.
Alien
Bingham & Garfield
Chicago Burlington & Quincy._
Chicago dr Illinois Midland....
ChicagoRock Island & Pacific.
Chicago& Eastern IllinoisColorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake
Fort Worth & Denver City....
IllinoisTerminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island....
ToledoPeoria & Western
Union Pacific System
Utah
Western Pacifies
Total
Southwestern District
Alton Sr 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-Texas Lines..
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford M. W.& Northw.
179
123
124
1,978
2,640
102
1,608
1,128
199
249
403
101
4,617
13,101
55
75
7,443
2,154
5,524
3,868
1,690
36
199
140
114
1,543
4,888
85
1,544
1,173
156
262
505
108
4,736
12,850
55
178
7,732
2,307
5,323
4,126
1,672
20
47,397
49.716
36,141
25,113
26,133
44,588
31,455
39,829
34,729
Total
33.670
Total
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.
Wholesale Commodity Prices Advanced Slightly During
Week of June 16 According to National Fertilizre
Association.
Wholesale commodity prices advanced slightly during the
week ended June 16 according to the index of the National
Fertilizer Association. When computed for the week, the
Association announced on June 18, this index showed a
gain of one point, moving up from 72.0 to 72.1. During
the preceding week the index gained three points. A month
ago the index stood at 71.7. The latest index number is
therefore four points higher than it was at the middle of
May. A year ago the index stood at 61.2 (the three year
average 1926-1928 equals 100). The Association added:
Twelve of the 14 groups in the index were active during the latest week.
Seven groups advanced and five declined. The advancing groups were
grains, feeds and livestock, fats and oils, building materials, house-furnishing goods, mixed fertilizers, agricultural implements, and miscellaneous
commodities. The declining groups were foods, fuel, textiles, automobiles,
and metals.
Among the individual commodities 32 showed price advances while 24
Showed price declines during the lastest week. During the preceding week
there were 24 advances and 22 declines. Cotton declined slightly. Corn
advanced about three cents a bushel. Wheat declined about five cents a
bushel. Cattle and hog prices materially advanced. Other advancing
commodities included lard, butter, milk, bread, raw sugar, most feedstuffs, lambs, heavy melting steel, copper, and cottonseed meal. The
declining commodities included wool, burlap, silk, eggs, flour, potatoes,
oats, zinc, gasoline, tin, turpentine, and coffee.
-BASED ON 476 COMMODITY
WEEKLY WHOLESALE PRICE INDEX
PRICES (1928-1928 --100).
,
t17 VOW
LoVeSt
Bach Group
Bears to the
Total Index,
Group.
Week
June 18
1934.
Preceding
Week,
Month
Ago.
year
Ago.
23.2
16.0
12.8
10.1
8.5
8.7
8.6
6.2
4.0
3.8
1.0
.4
.4
.3
Foods
Fuel
Grains, feeds and livestockTextiles
miscellaneous commodities- Automobiles
Building materials
Metals
House-furnishing goods •
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements .......
71.0
69.2
60.4
89.5
89.7
90.8
81.4
83.8
88.2
51.5
93.2
.
09
76.9
98.8
71.5
70.1
57.8
69.9
69.5
91.3
81.2
83.9
85.8
50.2
93.2
.
66 9
76.6
92.4
71.7
70.1
85.2
69.1
70.2
91.3
81.0
84.4
85.8
49.4
93.2
64.7
76.6
02.4
63.1
49.2
47.5
58.3
62.8
84.4
71.9
73.7
75.4
49.9
87.9
84.1
65.7
90.1
79 1
7911
717
A1_2
bun
/111 crrsArso n.swasIneal
4193
Financial Chronicle
Slight Increase Noted in "Annalist" Weekly Index of
Wholesale Commodity Prices During Week of
-Indices of Domestic and Foreign Prices.
June 19
Advancing 0.6 point to 115.1 from 114.5 (revised) the
week previous, the "Annalist" Weekly Index of Wholesale
Commodity Prices stood on June 19 at a new high since
January 1931. In noting this, the "Annalist" said:
The farm products index made the largest advance, rising to 101.3, or
the highest since March 10 1931; that group is now above the 1913 level, as
well as above the peak reached in last summer's speculative boom. The food
products index rose to 114.5, a new high since Aug. 18 1931. The textile
group advanced moderately, virtually the first rise since last February.
Fuels and miscellaneous were lower.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
Unad usted for Seasonal Variation (1913=100)l
June 19 1934. June 12 1934. June 20 1933
82.4
x99.2
101.3
97.3
113.8
114.5
Food products
101.4
x111.4
*111.8
Textile products
98.3
164.3
161.4
Flues
99.5
112.5
112.5
Metals
107.0
114.0
Building material.*
114.0
96.2
x99.5
99.5
Chernicsts
80.2
90.0
Miscellaneous
89.0
93.3
2114.5
115.1
All commodities
76.2
67.9
v All commodities on old dollar basis_ _
68.3
• Preliminary. a Revised. y Based on exchange quotations for France, Switzerland. Holland and Belgium.
Farm products
Foreign price levels during May continued to show a moderate degree of
weakness. The "Annalist" International Composite in terms of gold declined 0.1 point to 72.0, from 72.1 in April and 72.3 (revised) in March.
The decline would have been greater but for the advance in the United
States index in response to drouth conditions, a largely domestic matter.
While the Canadian index was unchanged (reflecting the same drouth
conditions), other foreign indices tended downward in terms of gold, that
of the United Kingdom showing a loss for the month of 1.4%. the French
0.5%,the Italian 0.8 and the Japanese 0.4%. The German index rose 0.3%,
but Germany is not on a free gold standard although her exchange is nomnot reached
inally quoted at par; her exchange situation, although it had
the stage marked by the current complete moratorium on foreign interest
Payments, was already sufficiently acute, and her price level would doubtless have shown a decline rather than an advance, could it have been
measured in genuinely free gold units.
Weekly indices for the first week of June show much the same trend, with
the United States and Canada higher, Great Britain and Italy steady,
Germany steadily higher (in terms of marks) and France weaker.
DOMESTIC AND FOREIGN WHOLESALE PRICE INDICES.
[Measured in currency of country; index on gold basis also shown when currency has
[depreciated: 1913=100.01.
* May
1934.
April
1934.
March
1934.
May
1933.
May
1932.
P.C.Chge.
from Apr.
1934.
+2.0
88.8
108.2
90.5
108.6
110.8
U. S. A
+1.9
88.8
77.0
64.5
64.4
65.6
Gold
0.0
105.7
104.5
112.5
111.1
111.1
Canada
0.0
93.5
78.1
66.8
65.9
65.9
Gold
-0.4
100.7
99.2
102.8
103.3
102.4
United Kingdom_
-1.4
76.0
68.4
84.6
64.5
63.6
Gold
-0.5
438
383
387
394
385
France
+0.3
97.2
91.9
95.9
95.8
96.1
Germany
-0.3
312.5
282.2
275.4
275.2
274.3
Italy
-0.5
305.7
278.5
267.2
265.2
263.0
Gold
-0.4
113.6
133.6
133.7
133.7
133.2
Japan
-0.4
72.9
54.9
47.9
48.2
48.0
Gold
85.4
76.1
x72.3
72.1
Composite In gold z
72.0
* Preliminary. x Revised. z Includes also Belgium and Netherlands.
Indices used: U S. A.,'Annalist: Carmody, Dominion Bureau of Statistics;
Milted Kingdom, Board of Trade; France, StatWtique Generale: Germany. Statistische Reichsanat; Italy, Milan Chamber of Commerce: Japan. Bank of Japan.
Wholesale Commodity Prices 0.5 of 1% Higher in May,
According to United States Department of Labor.
The average of wholesale commodity prices advanced by
0.5 of 1% in May, according to an announcement made
June 18 by Commissioner Lubin of the Bureau of Labor
Statistics of the United States Department of Labor. The
Bureau's index number for the month rose to 73.7% of the
1926 average, as compared with 73.3 for April. In issuing
the index Mr. Lubin stated:
The present index reverted to the level for March 1954, the highest point
reached since April 1931, when the index stood at 74.8. The upward trend
in prices was well scattered, with 211 items, or 27% of the total, showing
price advances. One-half of the items, 390 in all, showed no change in
average prices. Declining prices were reported for 183, or 23% of the
commodities carried in the Bureau's index.
Of the 10 major groups of commodities covered by the Bureau, six showed
an increase, three recorded a decrease, and one, farm products, remained unchanged. Raw materials, including basic farm products, raw silk, crude rubber and other similar commodities, showed no change from the level of the
month before. Semi-manufactured articles, including such items as leather,
rayon, iron and steel bars, wood pulp and other like goods declined by % of
1%. Finished products, among which are included more than 600 multi.
actured articles, moved upward by approximately 1%.
The non-agricultural commodities group, which includes all commodities
except farm products, advanced % of 1%. The combined index for all
commodities, exclusive of farm products and processed foods, increased by
slightly less than 16 of 1% between April and May.
The index as a whole shows an increase of 1734% over May 1933, when
the level was 82.7% of the 1928 average. The advance over the low point
of 1933 (February) is approximately 23WA. As compared with the average
for May of 1922 the index is up by 14%%. The increase over May 1931 is
nearly 3 of 1. When compared with May 1930, present prices are lower by
17%, and as compared with lfay 1929, they are down by 22%.
Mr. Lubin's announcement of June 18 further said:
The largest increase of any of the major groups was recorded by the
metals and metal products group, with the average advancing by nearly 1%%.
The approximate 7% rise in prices of agricultural implements and the 3%
advance for iron and steel items were largely responsible for the upward
movement. Plumbing and heating materials and motor vehicles showed a
downward tendency.
4%, registered the second
The foods group, which rose by more than 11
largest increase. The present level for this group is 67.1% of the 1926 average, and shows an advance of nearly 13% over May of last year, when the
index was 59.4. Important price advances were reported for butter, flour,
hominy grits, macaroni, fresh and cured beef, bacon and tea. Dried fruits,
canned vegetables, ham, fresh pork, lard and sugar were among the items
showing lower average prices.
Higher prices for bituminous coal, coke, gas and petroleum products more
than offset lower prices for anthracite and electricity, resulting in a net
increase of more than 1% for the group of fuel and lighting materials.
Present prices are 20% above May of last year. Building materials rose by
slightly more than % of 1%, due to advances in paint and paint materials,
structural steel, brick and tile, and other building material items. Lumber
and cement, on the other hand, showed lower prices. The present index is
more than 22% above a year ago.
Both furniture and house furnishings contributed to the slight rise for
the housefurnishing goods group, which rose by % of 1%. The present level
is 14% over last May. The miscellaneous commodity group advanced by
approximately % of 1%, and placed the present level at 1814% over May
1933. The nearly 5% decline in prices of cattle feed was more than offset
/
2
%
by the 121 advance for crude rubber, which in the main accounted for the
of 1% rise for the group as a whole.
approximate
Average prices of grains rose nearly 9% during May over April. Live
stock and poultry decreased approximately 3%, and other farm products
declined more than 1%. The present index for farm products is approximately 19% higher than for May 1933 and 28% above May 1932. Present
wholesale prices of farm products are down 11% below those of May 1931,
36% below the level of May 1930, and 42% under the average for May 1929,
when the index was 102.2.
Declining prices for clothing, cotton goods, silk and rayon, woolen and
worsted goods, and other textiles resulted in a decrease of 21400 in the
Index for textile products. The index for May was 3114% above the index
/ higher than for May 1932. The current average
2
%
for May 1933 and 351
for this group now stands 19% under the average for May 1929, when the
index was 90.7. The hides and leather products group decreased slightly
more than 1%, due largely to lower, prices for hides and skins and leather.
The average for shoes remained at the April level. Chemicals and drugs
showed a minor decrease between the two months.
The index of raw materials, which remained unchanged during the month,
is now more than 21% over May 1933. The average for semi-manufactured
articles, which showed a fractional decline, it as present snore than 20%
higher than May 1933. With an increase of nearly 1% during May, the
index for finished products is now 16% above the level of May 1933. Nonagricultural commodities, which showed an advance of % of 1%, are 17%
above May a year ago. All commodities, other than farm products and foods,
which rose slightly during the month in average prices, are now approximately 19% over a year ago.
The index number, which includes 784 commodities or price series weighted
according to their relative importance in the wholesale markets, is based on
average prices for the year 1926 as 100.0. The accompanying statement
shows index numbers of groups and subgroups for May of each year, 1929 to
1934, inclusive, and April 1934:
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES.
(1926=100.0)
Croups and Subgroups.
May Apr. May May May May May
1934. 1934. 1933. 1932. 1931. 1930. 1929.
59.6
63.9
47.8
65.0
67.1
67.1
87.3
68.2
60.0
60.8
87.9
98.5
73.5
76.3
86.8
73.6
82.7
86.3
65.3
26.5
81.0
77.3
72.5
75.7
94.6
84.5
*
*
50.7
89.1
91.1
90.2
97.3
68.1
75.0
87.3
91.2
89.4
Lumber
85.9
Paint and paint materials
80.3
Plumbing and heating
75.0
Structural steel
94.5
Other building materials
92.0
Chemicals and drugs
75.4
Chemicals
78.6
Drugs and pharmaceuticals... 72.8
Fertilizer materials
66.4
Mixed fertilizers
73.2
Housefurnishing goods
82.0
Furnishings
84.1
Furniture
80.1
NI busillaneous
69.8
Automobile tires and tubes_ _
44.6
Cattle feed
72.5
Paper and pulp
83.7
Rubber, crude
27.7
()ther miscellaneous
83.6
Raw materials
65.1
Semi-manufactured articles
78.7
Finished products
77.8
Non-agricultural commodities._ _ 76.6
All commodities other than farm
products and foods
78.9
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese and milk
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and leather products
Boots and shoes
Hides and skins
Leather
Other leather products
Textile products
Clothing
CIotton goods
Knit goods
Silk and rayon
Woolen and wrustedi goods._ .._
Other textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Electricity
()as
Petroleum products
Metals and metal products
Agricultural implements
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building materials
Brick and tile
Cement
All commodities
* Data not yet available.
73.7
59.6
58.8
49.2
65.7
66.2
66.5
84.8
67.9
57.3
62.1
88.9
98.5
76.7
78.4
86.7
75.3
85.7
88.2
64.2
28.4
82.0
78.9
71.7
78.1
93.7
84.3
88.3
92.2
49.4
87.9
85.2
87.3
97.8
68.0
76.2
86.7
90.7
89.7
87.2
79.8
76.2
86.8
90.4
75.5
78.6
72.2
68.7
72.7
81.6
83.5
79.9
69.5
44.8
76.1
83.6
24.6
83.2
65.1
73.9
77.1
76.2
50.2
52.8
46.8
51.8
59.4
58.8
69.3
58.8
52.3
60.4
76.9
83.6
67.3
68.3
77.2
55.9
61.9
57.9
48.0
29.1
61.5
70.7
60.4
78.5
78.3
75.2
94.6
99.5
31.2
77.7
83.0
75.2
90.4
56.6
61.3
71.4
75.2
81.8
59.6
70.7
61.3
81.7
78.8
73.2
80.9
55.0
66.8
63.1
71.7
72.0
71.6
58.9
37.6
54.4
70.7
10.2
74.0
53.7
61.3
67.2
65.4
46.6
42.6
44.4
49.6
59.3
59.6
68.1
61.5
56.5
54.9
72.5
88.4
35.7
60.6
97.9
54.3
62.9
52.9
50.5
29.1
58.3
67.2
70.7
85.6
82.0
77.1
106.1
103.0
47.2
80.1
84.9
80.0
93.8
48.3
64.4
71.5
77.4
75.0
59.5
73.9
64.4
81.7
78.2
73.6
79.1
58.7
69.4
69.0
74.8
75.5
74.1
64.4
39.2
45.9
76.5
6.7
84.6
53.9
58.1
70.3
68.1
67.1
59.6
64.1
71.5
73.8
78.1
74.6
76.1
74.4
67.9
87.6
94.8
62.6
88.1
101.4
67.4
76.9
69.2
60.7
41.4
68.5
76.7
65.3
87.5
83.9
83.7
98.0
99.0
35.9
85.0
94.3
83.8
94.5
63.3
86.6
80.0
83.7
79.7
69.4
80.2
86.6
83.4
86.3
80.5
83.9
63.2
80.5
82.8
86.8
83.6
90.4
70.5
46.9
67.9
81.5
13.7
88.5
66.5
69.8
76.9
74.5
93.0
82.1
93.2
96.5
92.2
92.3
84.0
109.4
101.3
79.7
102.6
103.7
96.8
104.2
105.7
83.4
87.2
89.0
83.8
68.1
80.0
87.6
80.3
86.7
88.5
84.0
98.4
97.9
66.5
93.5
94.6
90.1
102.6
82.3
96.2
92.4
90.6
92.2
89.6
92.8
96.2
91.9
94.5
90.2
95.3
68.5
86.5
93.6
93.5
92.4
94.6
80.4
53.0
110.3
86.6
29.2
98.5
87.8
83.1
90.1
87.9
78.6
66.5
70.4
75.1
87.3
73.3
62.7
64.4
73.2
88.8
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Volume 138
94.7
4194
Financial Chronicle
Slight Decrease Noted in Index of Wholesale Commodity
Prices of United States Department of Labor for
Week of June 9.
The index number of wholesale commodity prices of the
Bureau of Labor Statistics showed a slight recession during
the week of June 9, declining by 0.1 of 1%, according to an
announcement made June 14 by Commissioner Lubin, of the
Bureau of Labor Statistics of the United States Department
of Labor. In his announcement Mr. Lubin stated:
The current index reverted to the level of a month ago, and placed present
prices at 73.8% of the 1926 average. The present level of prices is also
identical with the level for March 10.
Of the 784 items included in the index, 93, or approximately 12%, showed
an increase in average price; 85, or nearly 11%, a decrease; while 606 Items,
or 77%, remained at the level of the week before. Of the 178 items showing price changes, more than 100 are in the farm products and foods groups.
Declining prices of raw materials were largely responsible for the slight
downward movement of prices during the week.
The present index is 0.1 of a point above that for May 26. The index
for May 19 was 73.5 and for May 12 it was 73.8. As compared with the
level of 64.0 for the corresponding week of last year, present prices are
up by approximately 15%. The level is slightly more than 4% above the
average of prices for the closing week of 1933, when the index was 70.8 on
Dec. 30. Average prices are approximately 24% higher than the post-war
low, reached during the week of March 4 1933, when the index was 59.6.
Of the 10 major groups of commodities covered by the Bureau, four
showed a decrease, :ive registered an increase, and one, textile products,
remained at the same level. Declining prices of foods, hides and leather
products, metals and housefurnishing goods accounted for the slight decrease
in the general index. Building materials and miscellaneous items recorded
the greatest increases of any of the groups. The level of all commodities,
exclusive of fanrn products and foods, declined 0.1 of 1%.
As to the index of the Bureau of Labor Statistics, Mr. Lubin's announcement contained the following:
The largest decline for any group occurred in metals and metal products,
which decreased by 0.9 of 1%, the index dropping from 88.7 to 87.8.
Lower prices for plumbing and heating items, bar silver, steel scrap, tin,
pig and motor vehicles were largely responsible for the drop for the group.
There were only a few minor price increases in the group.
The group of hides and leather products decreased to the lowest level
reached during the current year and placed the present average at 87.2% of
the 1926 average. Declining prices for hides and skins and certain leather
items accounted for the fall. The group of housefurnishing goods eased off
0.2 of 1%, due to the lower prices for bedroom furniture and floor coverings.
Average food prices remained at approximately the same level of the
week before. Butter, cheese, cereal foods, ggs, lard, oleomargarine and
cottonseed oil showed higher average prices. Lower prices occurred in
fruits and vegetables and meats. Fluctuating prices %%Rhin the textile
products group resulted in no change of the general average for this group.
The largest increase was shown for the miscellaneous group of items which
moved upward by 0.6 of 1%. The subgroups of cattle feed and rubber
advanced by 8%, which was partly offset by declining prices in other
miscellaneous items.
Building materials, which increased by 0.2 of 1%, reached a new high for
the present year. Present prices are 87.8% of the 1926 level. Avenage
prices of brick and tile, cement and certain paint materials moved upward,
while lumber and certain miscellaneous building material items showed minor
decreases.
A decrease of 3% in livestock and poultry prices was more than offset by
a 2%% increase in grains and minor advances in cotton, eggs, hay, potatoes
and wool, which resulted in a 0.2 of 1% rise in the farm products group.
Present farm products prices are 60.7% of the 1926 average. The chemicals
and drugs group advanced by 0.1 of 1%, as did also the fuel and lighting
materials 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 five weeks, the corresponding week of one year
ago, and the closing week of the year 1933:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JUNE 9,
JUNE 2, MAY 26. MAY 19, AND MAY 12 1934, JUNE 10 1933, AND
DEC. 30 1933. (1926=100.0.)
Week Ending
June June May May May June Dec.
9
2
26
19
12
10
30
1934. 1934. 1934. 1934. 1934. 1933. 1933.
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
All commodities other than farm
products and foods
60.7
67.6
87.2
72.7
73.8
87.8
87.8
75.4
83.4
70.0
78.9
79.0
PFAU commodities
73.8
73.9
60.6
67.7
87.7
72.7
73.7
88.7
87.6
75.3
83.6
69.6
60.1
67.4
88.0
73.1
73.4
88.7
87.2
75.3
83.9
69.7
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
52.5
61.0
80.9
58.7
60.8
78.7
72.9
73.8
72.4
59.5
79.0
79.0
79.1
67.8
77.6
73.7
73.5
73.8
64.0
70.8
56.0
62.5
89.6
76.0
74.5
83.3
85.4
73.3
81.9
65.6
Valuation of Construction Contracts Awarded in May.
Contracts let for all classes of construction during May in
the 37 Eastern States were 2% larger in dollar volume than
the April total, according to F. W. Dodge Corp. At the same
time the contract total of $134,445,700 was substantially
above the contract total of $77,171,700 reported for May 1933.
Privately-financed contracts amounted to $62,846,500, which is the largest
private contract total since June of last year. It was 12% over April and
17% over May of last year. It should be noted that the May increase in
privately-financed contracts was entirely due to the inclusion of one large new
building project in connection with the development of Rockefeller Center,
New York. During nine of the past 12 months, private work has exceeded
the amount for the corresponding month a year previous.
Publicly-financed contracts, i.e., construction jobs undertaken chiefly with
Public Works Administration funds, totaled $71,599,200 for May. This was
June :3 1934
smaller by 8% than the total recorded for public contracts in April. With
the exception of February of this year, the current total was the smallest
monthly volume for this class of work reported since August 1933. At the
same time the May total for publicly-financed contracts was three times as
large as that shown for May 1933, before the advent of the current PWA
program.
May contracts for residential building alone totaled $24,847,200, as
against $22,685,700 for April and $26,519,700 for May 1933.
For the elapsed months of 1934 construction awards of all descriptions in
the 37 Eastern States totaled $727,301,000, as contrasted with $329,771,500
for the corresponding five months of 1933. Gains over 1933 for the current
year to date were shown in each of the four major construction classifications:
For residential building, about 20 million dollars ; for non-residential building, about 100
; for public works, almost 245 millions, and for
public utility, more than 30 millions.
Contemplated construction reported during May for the 37 States east of
the Rocky Mountains totaled $241,271,200 as against $319,721,600 for April
and $352,467,700 for May of last year.
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
No. of
Projects.
4,201
3,210
1,742
Month of May
1934
-Residential building
Non-residential building
Public works and utilities
Total construction
New Floor
Space (Sq. Ft.).
6,158,500
8,092,900
413,000
524,847,200
52,797,200
56,801,300
Valuation.
9,153
$77,171,700
26,744.800
33,544,800
1,313,400
5105,239,700
235,493,900
386,567,400
61,603,000
$727,301,000
16,211
10,939
3,500
25,248,300
25,042,300
1,581,900
85,440,500
134,207,200
110,123,800
30,650
Total construction
15,277,000
38,425
Total construction
1933
-Residential building
Non-residential building
Public works and utilities
$26,519,700
31,639,400
19,012,690
14.453
14,981
8,991
First Fire Months
1934-Residential building
Non-residential building
Public works and utilities
5134,445,700
8,352,200
6,524,700
400,100
9,409
Total construction
14,664,400
5,299
3,152
958
1933
-Residential building
Non-residential building
Public works and utilities
51,872,500
$329,771,500
NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
1934.
No. of
Projects.
Month of May
Residential building
Non-residential building
Public works and utilities
Total construction
_IFirst Fire Months
Residential building
Non-residential building
Public works and utilitles._
Total construction
Valuation.
1933.
No. of
Projects.
Valuation.
4,918
4,036
1,816
$59,844,000
108,145,800
73,281,400
5.920
3,813
1.267
$66,118,400
91,834,700
194,514,600
10,770
$241,271,200
11,000
$352.467.700
17,710
20.350
10,834
$299,343,900
587,108,800
995,923,300
19,619
14,444
5,946
$167,943,400
294,699,000
383,188,900
48,894
51,882,376,000
40,009
5845,831,300
Moderate Improvement Reported by Conference of
Statisticians in Industry in Business Activity
During May-Net Increase Noted in Productive
Activity.
"Business activity showed moderate improvement in May
although the slowing up of the rate of recovery observed
early in April was extended into recent weeks," states the
"Conference Board Business Survey" of June 20, prepared
by the Conference of Statisticians in Industry under the
auspices of the National Industrial Conference Board. The
survey says that "commodity prices in the main showed
strength in the last six weeks although movements were
selective. Security prices lost ground in May but resisted
downward tendencies in the first half of June." The survey
adds:
Productive activity showed a net gain during the month. While declines
of a more-than-seasonal nature were recorded in the automobile and textile
Industries, advances in other major fields of production effected a general
net advance. Building and engineering construction awards advanced
counter to seasonal expectations. Steel and iron production, in continuing
upward in May when a decline would have been normal, continued the
counter-to-seasonal movement experienced in April. Electric power output
fell off slightly in May, but loss than generally expected during the month.
Bituminous coal production advanced sharply, and, in doing so, partially
compensated for the unseasonal decline in output in April.
Publicly financed construction awards totaled $71.558.500 for May and
were 5% under the April total of $75,158,900. Compared with a year ago.
May contracts were three times as great.
I'rivately financed construction awards advanced 12% over the April
figure and 17% over May 1933. May awards totaled 362.887,200; April
awards were $56.252,900.
General distribution and trade increased less than seasonally in May
as compared with April in both dollar value and physical volume of turnover. Rail shipments and department store sales increased less than seasonally, but sales of chain stores and mail order houses advanced by more
than the usual seasonal amount.
Department store sales rose less than seasonally in May and showed an
increase In dollar value of turnover of 5.6% over April and 11.9% over
May 1933. The Federal Reserve Board index, adjusted for seasonal variation and for the number of trading days in the month, was 75 in May and
77 in both April and March, with the 1923-1925 average taken as 100.
Thenet physical volume of turnover of department store sales Increased
5.5% between April and May. Inasmuch as prices advanced more than
dollar value since May of last year. net physical volume of turnover declined
10.2% between May 1933 and May 1934.
Financial Chronicle
Volume 138
Prices of commodities at wholesale turned upward again in May, after
losing a little ground in April. The increase brought the May index to a
level 0.4% above April. Increases were noted in prices of farm products,
food, fuel and lighting, metals and metal products, building materials.
housefurnishings, and miscellaneous items. Chemicals, textile products,
and hides and leather products were lower. The index for May was the
highest for any month since April 1931. Compared with May 1933, there
was an increase of more than 17%.
Prices received by farmers were unchanged in May. Farm prices for
fruits and vegetables, dairy products and meat animals were steady, while
decreases in prices of cotton and poultry products compensated for increases
in grains. Prices paid for commodities rose 0.8% in May over April. Hence
ratio of prices received to prices paid dropped off 1.6% between these two
months to continue the downward trend begun in March. Compared with a
year ago, prices received advanced 19.4% while prices paid rose 18.6%.
with the net result that the ratio in May 1934 was at practically the same
level as in May 1933.
Food prices at retail at the end of May advanced 1.0% above those at
the end of April, and were 15.7% above prices at middle of May 1933.
The cost of living index for May, base, 1923=100, advanced to 78.6
from 78.4 in April. The increase of 0.3% was due entirely to advances in
food prices and in rents. Clothing prices fell off slightly; prices of sundries
were unchanged. As compared with May 1933 the cost of living as a whole
was 9.0% higher.
Commercial failures in May were lower than in any month since October
1920. There were 977 failures in May as compared with 1,052 in April,
a decline of 7.1%.
Electric Output for Week Ended June 16 1934 Shows
a Gain Over the the Preceding Seven Days, but
Percentage Gain Over the Same Period in 1933
Declines Further to 5.5%.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of
the United States for the week ended June 16 1934 was
1,665,358,000 k.w.h., an increase of 5.5% over the corresponding period last year when output amounted to 1,578,101,000 k.w.h. This was the lowest percentage gain
over a comparable period in a preceding year shown since
the week ended Dec. 16 1933. Production for the seven
days ended June 9 1934 totaled 1,654,916,000 k.w.h.,
compared with 1,541,713,000 k.w.h. for the week ended
June 10 1933, an increase of 7.3%. The Institute's statement follows:
PER CENT INCREASES (1934 OVER 1933.)
Week Ended
Week Ended
Week Ended
Week Ended
June 18 1934. June 9 1934. June 2 1934. May 26 1934.
12.1
5.7
7.3
5.2
7.4
11.7
x0.7
x2.2
7.0
10.3
4.5
8.8
12.8
12.5
1.9
5.6
10.9
3.2
10.2
14.0
23.5
5.5
New England
Middle Atlantic
Central Industrial_ _ _ _
Southern States
Pacific Coast
West Central
Rocky Mountain
••• ot co to a,
;—
O 'co b
Major Geographic
ntristons.
7.3
7.8
10.8
Total United States_
x Decrease from 1933.
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
1934
Week of-
1934.
Jan. 6 1,583.878,000
Jan. 13 1,848,271,000
Jan. 20 1,624,848,000
Jan. 27 1,610,542,000
Feb. 3 1,636,275,000
Feb. 10 1.651.535,000
Feb. 17 1.840,951.000
Feb. 24 1,848,485.000
Mar. 3 1.658,040,000
Mar. 10 1,847,024,000
Mar. 17 1,650,013,000
Mar. 24 1.658.389,000
Mar. 31 1,665,650,000
Apr. 7 1,616.945,000
Apr. 14 1,642,187,000
Apr. 21 1,672,765,000
Apr. 28 1,668,564,000
May 5 1,632,766,000
May 12 1,843,433,000
May 15 1.649,770.000
May 26 1,854,903,000
June 2 1.575,828,000
June 9 1.854,918,000
June 16 1,665,358,000
June 23
June 30
July 7
Revised figure.
Week of-
Over
1932.
1933.
1,619,265,000
1,802,482.000
1,598,201,000
1.588,967.000
1,588,853.000
1.578,817.000
1,545,469,000
1,512,158,000
1,519.879.000
1,538,452,000
1,537,747,000
1,514,553.000
1,480,208,000
1,485,078,000
1,480.738,000
1,489,810,000
1,454,505,000
1,429.032,000
1,436,928.000
1,435.731,000
1,425,151,000
1,381,452,000
1,435,471,000
1,441,532,000
1,440,541,000
1,456,961,000
1,341,730,000
9.7%
10.1%
9.5%
9.6%
12.5%
11.4%
11.6%
15.5%
16.5%
18.4%
20.0%
17.6%
18.8%
15.5%
18.5%
16.9%
18.8%
13.7%
11.9%
11.2%
10.87
7.8%
7.3%
5.5%
Week of-
1933.
Jan. 7 11,425,639,000
Jan. 14 1,495,116,000
Jan. 21 1,484,089,000
Jan. 28 1,469,636.000
Feb. 4 1,454,913,000
Feb. 10 1,482,509,000
Feb. 18 1,469,732,000
Feb. 25 1,425,511,000
Mar. 4 1,422,875,000
Mar. 11 1,300,607,000
Mar, 18 1,375.207.000
Mar.25 1,409.655,000
Apr. 1 1,402,142,000
Apr, 8 1,399,367,000
Apr, 15 1,409,603.000
Apr. 22 1,431,095,000
Apr. 29 1,427,960,000
May 8 1,435,707,000
May 13 1,468,035,000
May 20 1,483,090,000
May 27 1,493,923,000
June 3 1,481,488,000
June 10 1,541,713,000
June 17 1,578,101,000
June 24 1,598,138,000
July 1 1,855,843,000
July 8 1,538,500,000
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 8
Feb. 13
Feb. 20
Feb. 27
Mar. 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
Apr. 9
Apr. 18
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 11
June 18
June 25
July 2
July 9
DATA FOR RECENT MONTHS.
Month of-
1934.
1938.
1932.
1931.
fanuary__ _ _
t'ebruarY - -Vfarch
Porn
vfay
rune
fulY
kugust
.
3eptember
)ember
.
eovember
December_
7,131,158,000
6.608.356,000
7.198,232,000
8,978,419,000
6,480,897,000
5,835,283,000
6,182,281,000
6,024,855,000
6,532,686.000
6.809,440,000
7,058.600,000
7,218,678,000
6,931,652,000
7,094,412,000
6,831,573,000
7,009,164,000
7,011,738,000
6,494,091,000
6,771,884,000
8,294.302,000
6,219,554,000
6,130.077,000
6.112.175.000
6.310,867.000
6,317,733.000
6,633,865.000
6,507,804,000
6,838,424,000
7,435,782,000
6,678,915,000
7,370,887,000
7,184,514,000
7,180,210,000
7,070,729,000
7,288,576,000
7,166.086.000
7,099,421,000
7,331,380,000
6,971,644,000
7,288,025,000
1934
Over
1933.
10.0%
13.2%
16.4%
15.8%
80,009,501,000 77,442,112,000 88,063,969.000
Total
-The monthly figures shown above are based on reports oovering approxiNote.
of the electric, ight and power industry and the weekly figures are
mately 92%
based on about 70%.
4195
Building Situation in Illinois During May and First
Five Months of 1934 Reviewed by Illinois Department of Labor-Estimated Cost of Projects Decreased from April, Although Number Increased.
In his review of the building situation in Illinois, issued
June 17, Paul It. Kerschbaum, Acting Chief of the Division
of Statistics and Research of the Illinois Department of
Labor, stated that "a total of 1,338 building projects, estimated to cost $2,030,224, were authorized in May 1934, by
permits issued by building and public officials in 65 cities in
Illinois. These figures," Mr. Kerschbaum said, "represent
an increase over April of 8.2% in the number of projects
authorized, but a decrease of 0.3 of 1% in the total estimate°
expenditure. The decline from April to May of 0.3 of 1% in
total estimated expenditure compares favorably with the
average decline of 4.7% disclosed by records for the AprilMay period during the past 13 years."
The total estimated cost of permit projects in May 1934 was 100.6% above
the total of $1,012,309 authorized in May 1933.
Estimated expenditures for all new residential building and new noniesidential building shemed declines from April to May. The total estimated
expenditure for all new residential building declined from $261,670 in April
to $214,350 in May, or 18.1%, and that for new non-residential building
declined from $1.034,738 to $946,284, or 8.5%, during the same period.
Addition, alteration, repair and installation projects increased from $740,082
IL April to $869,390 in May, or 17.5%.
Coincident with the decline in the total estimated expenditure for resider.tial building in May was a reduction in the number of families provided
for in proposed housekeeping dwellings. During May, 39 families were
provided for in 38 such structures for which permits were issued, while in
April, 63 families were planned for in the 53 one-family dwellings for which
permits were issued.
A sharp reduction in permit expenditures in the reporting cities outside
the Chicago metropolitan area outweighed increases reported for Chicago and
Chicago suburban cities, and accounted for the slight decline in total estimated expenditure authorized in all reporting cities of the State. In these
30 cities the total estimated expenditure declined from $785,831 in April to
$427,100 in May, or 45.6%. During the same period the estimated Chicago
expenditure increased from $960,312 to $1,270,011, or 32.2%, and in the 84
Chicago suburban cities such expenditure increased from $290,347 to
$333,113, or 14.7%.
May figures indicate that building activity is above the level of May 1933.
Chicago permit expenditure in May 1934 was approximately 2% times
greater than it was a year ago; Chicago suburban expenditure was 23.5%
above that for May 1933, and that in the reporting cities outside the ChicLgo
metropolitan area exceeded the estimated expenditure for May 1933 by 80.8%.
The increase in total estimated expenditure in Chicago in May, the third
successive monthly increase reported, was contra-seasonal.. Increases in
estimated expenditures in new non-residential and addition, alteration, repair
and intallation classifications accounted for this unexpected advance. New
Lon-residential building increased from $580,220 in April to $679,474 in
May, or 17.1%, and additions, alterations, repairs and installations advanced from $267,042 in April to $504.437 in May, or 88.9%. New residential building in Chicago declined from $113,050 in April to $86,100 in
May, or 23.8%. One large project, a hospital building estimated to cost
$350,000, was an important factor in the gain disclosed in the new nonresidential group. The indexes of Chicago permit expenditures in May sane
7.1 for all building, 1.1 for new residential, 7.2 for new non-residential, end
58.8 for additions, alterations, repairs and installations (monthly average
1929 equals 100).
New non-residential building, which increased from $39,602 in April to
$105,045 in May, or 168.3%, was responsible for the increase reported by
the 34 reporting suburban cities in May. New residential building in this
group of cities declined from a total proposed expenditure of $99,100 in
April to $89,900 in May, or 9.3%, and the total estimated cost of addition,
alteration, repair and installation projects declined from $151,645 to
$138,168, or 8.9%, during the same period. Nineteen of the 34 reporting
cities included in this area showed increases in total estimated expenditure
over April 1934, and 15 showed gains over May 1933.
Each of the three major building classifications contributed to the Aprii
May decline in estimated permit expenditures reported by the 30 cities outside the Chicago metropolitan area. New residential building declined tweu
$49,520 to $38,350, or 22.6%; new non-residential dropped from $414,916
to $181,765, or 61.0%, and additions, alterations, repairs and installations
declined from $321,395 to $226,985, or 29.4%, during the April-May period.
Thirteen cities in this area reported gains over April 1934, and 21 shoeed
expenditures above those reported in May 1933.
Of the total estimated expenditure represented oy permits issued in 'May
in the 65 reporting cities, 62.6% was to be expended on Chicago buildim.s,
le.4% on Chicago suburban structures, and 21.0% on buildings in cities
outside the Chicago metropolitan area. In May, only 10.6% of the expenditure authorized by permits was to be spent for new residential building,
46.6% was to be expended for new non-residential structures, and 42.8%
vats to be devoted to additions, alterations, repairs and installations.
During the first five months of 1934 a cumulative total of 4,025 project&
estimated to cost $7.855,689, was authorized by building permits issued in
the 65 reporting cities of the State. This total estimated expenditure was
109.1% above the total of $3,757,384 authorized during the first five months
of 1933. In Chicago, the estimated expenditure advanced from $1,595,201
for the first five months of 1933 to $4,355,883 for the first five months In
1934, or 173.1%. In the same comparative periods permit expenditure In
the 34 Chicago suburban cities increased from $912,827 to $1,438,254, or
57.6%, and in the cities outside the Chicago suburban area such expenditure
increased from $1,249,356 to $2,051,552, or 65.0%.
New residential building increased from $659,409 during the first five
months of 1933 to $988.160 for the first five months of 1934, or 49.9%; new
non-residential building expenditure advanced from an estimated total of
$1,255,478 to $3,372,776, or 168.6%, and additions, alterations, repairs and
installations increased from $1,842,497 to $3,494,753, or 89.7%, during the
same periods. Thirty-nine of the 65 reporting cities-19 Chicago suburban
cities and 20 cities outside the Chicago metropolitan area-reported higher
cumulative expenditures for the first five months of 1934 than for the same
period last year.
.
The index of seasonal variation for total Chicago building for May is
125.7, and for April, 139.8.
4196
Financial Chronicle
Life Insurance Sales in United States 22% Higher
in May Than in May Year Ago, According to Life
Insurance Research Bureau.
Increased sales of life insurance throughout the United
States during May confirmed reports from other businesses
of economic conditions 'which are better than a year ago,
according to the Life Insurance Sales Research Bureau, Hartford,Conn. Sales were 22% ahead of those for May 1933,for
the country as a whole. An announcement, issued June 20
by the Bureau, said:
The Bureau's report further states that sales for the 12 months ending
May 30 1934 were 103% of those for the year ending the same day in 1933.
In other words, business for the last year has definitely been at a higher
level than during the previous 12 months. Insurance sales for the first five
months of this year are 116% of those for the same five months in 1933.
Companies having more than 90% of the legal reserve life insurance in
force in the United States contributed to the Bureau's survey. Of those reporting, 81% said their business had gained during May as compared with
the same month last year.
Every State, with the exception of Kentucky, had May sales exceeding
those for May 1933. The greatest gain for the month came in the South
Atlantic and West South Central sections, where sales were 33% ahead of
last year. States comprising these sections are Delaware, Maryland, Virginia,
West Virginia, North and South Carolina, Georgia, Florida, Arkansas,
Louisiana, Oklahoma and Texas, as well as the District of Columbia.
Lumber Movement at January Levels.
Due partly to usual seasonal decline, partly to hand-tomouth buying on the part of lumber retailers and largely on
the Pacific Coast to the continued longshoremen's strike,
the lumber manufacturing movement continued to recede
to January levels during the week ended June 16 1934, according to telegraphic reports to the National Lumber Manufacturers Association from regional associations covering
the operations of leading hardwood and softwood mills.
Reports for 1,449 mills gave production 174,519,000 feet;
shipments, 144,130,000 feet; orders, 138,975,000 feet. Revised reports for the previous week were mills, 1,504; production, 178,675,000 feet; shipments, 156,092,000 feet; orders, 154,388,000 feet. The National Lumber Manufacturers Association, in reviewing lumber operations for the
week ended June 16, added:
Orders were below production in all reporting regions except Southern
Cypress. Total softwood orders were 17% below softwood output; hardwood orders, 34% below hardwood production.
As in the previous seven weeks, new business fell below that of the
corresponding week of last year, all regions recording decline. Total orders
were less than half last year's volume at 55% below; production was 14%
below that of last year's week and shipments were 41% below their 1933
record.
Unfilled orders on June 16 as reported by identical mills were 15% below
those of a year ago. Gross stocks at 1,703 mills on June 16 totaled 5,470,401,000 feet.
Forest products carloadings during the week ended June 16 were 24.522
cars, which was an increase of 126 cars over the preceding holiday week,
a decrease of 103 cars below the same week in 1933 and an increase of 7,448
cars above similar week of 1932.
Lumber orders reported for the week ended June 16 1934. by 1,449 softwood mills totaled 138,975,000 feet; or 20% below the production of the
same mills. Shipments as reported for the same week were 144,130,000
feet, or 17% below production. Production was 174.519,000 feet.
Reports from 493 hardwood mills give new business as 19.508.000 feet,
or 34% below production. Shipments as reported for the same week were
22.245.000 feet, or 25% below production. Production was 29,756.000
feet.
Unfilled Orders and Stocks.
Reports from 1,703 mills on June 16 1934, give unfilled orders of 947,620,000 feet and gross stocks of 5.470,401,000 feet. The 523 identical,
mills report unfilled orders as 644,842,000 feet on June 16 1934. or the
equivalent of 28 days' average production, as compared with 762,350.000
feet, or the equivalent of 33 days' average production on similar date a
year ago.
Identical Mill Reports.
Last week's production of 414 identical softwood mills was 129,258,000
feet, and a year ago it was 156.068,000 feet; shipments were respectively
109,873,000 feet and 182.091,000; and orders received 96,680.000 feet and
217,684.000 feet. In the case of hardwoods, 186 identical mills reported
production last week and a year ago 17,663,000 feet and 14,487.000; shipments 12.877,000 feet and 25,362,000 and orders 11,871,000 feet and
25,173,000 feet.
SOFTWOOD REPORTS.
West Coast.
The West Coast Lumbermen's Association reported from Seattle that
for 604 mills in Washington and Oregon, shipments were 19% below production, and orders 7% below production and 15% above shipments.
New business taken during the week amounted to 47,268.000 feet (Previous
week 57,760,000 at 603 mills), shipments 41,204.000 feet (previous week
45,893.000), and production 50,858,000 feet (previous week 54.054.000)•
Orders on hand at the end of the week at 604 mills were 482,146,000 feet.
The 184 identical mills reported a loss in production of 40%, and in new
business a loss of 69% as compared with the same week a year ago.
Southern Pine.
F The Southern
Plne Association reported from New Orleans that for 160
mills reporting, shipments were 7% below production, and orders 20%
below production and 13% below shipments. New business taken during
the week amounted to 20,878,000 feet (Previous week 28,393,000 at 181
mills), shipments 24.115,000 feet (Previous week 29,053,000), and production 26.049,000 feet (previous week 29,444,000). Orders on hand at
the end of the week at 160 mills were 91,117,000 feet. The 85 identical
mills reported a loss in production of 22%, and in new business a decline
of 40%. as compared with the same week a year ago.
June
23 1934
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
127 mills reporting, shipments were 21% below production, and orders
30% below production and 12% below shipments. New business taken
during the week amounted to 38.473,000 feet (previous week 36.168,000
at 139 mills), shipments 43,493,000 feet (previous week 45,136,000), and
production 55,132,000 feet (previous week 57,979,000). Orders on hand
at the end of the week at 127 mills were 124,134.000 feet. The 122 identical
mills reported a gain in production of 18%, and in new business a loss of
41% as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 23 American mills as 2,772.000 feet, shipments 1,601,000
feet and new business 2,121,000 feet. Orders on hand at the end of the
week were 5,242,000 feet.
California Redwood.
The California Redwood Association of San Francisco reported production from 17 mills as 7,176,000 feet. shipments 7,420,000 feet and new
business 6,384,000 feet. Orders on hand at the end of the week were
34,330,000 feet. Eleven identical mills reported production 199% greater
and new business 33% less than for the same week last year.
Southern Cypress.
The Southern Cypress Manufacturers Association of Jacksonville, Fla.,
reported production from 25 mills as 911,000 feet, shipments 2,106,000
feet and new business 2,768,000 feet. Orders on hand at these mills at
the end of the week were 6,066.000 feet.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported softwood production from 18 mills as 1,022,000
feet, shipments 1,008,000 and orders 888,000 feet. Week-end orders on
hand at 10 mills were 3,279,000 feet. The 12 identical mills reported a
loss of 16% in production and a loss of 39% in new business, compared
with the same week a year ago.
Northeastern Softwoods.
The Northeastern Lumber Manufacturers Association of New York
reported softwood production from 23 mills as 843,000 feet, shipments
938,000 and orders 687,000 feet. Orders on hand at the end of the week
were 5,586,000 feet.
HARDWOOD REPORTS.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 336 mills as 25,767,000 feet, shipments 19,089,000 and
new business 17,231,000. Orders on hand at the end of the week at 593
mills were 177,056,000 feet. The 174 identical mills reported production
19% greater, and new business 52% less than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported hardwood production from 18 mills as 1,582,000
feet, shipments 970,000 and orders 736,000 feet. Orders on hand at the
end of the week at 15 mills were 6,300,000 feet. The 12 identical mills
reported again of 81% in production and a loss of 64% in orders, compared
with the same week last year.
The North Central Hardwood Association of Indianapolis, reported
Production of 116 mills as 1.470,000 feet; shipments 1.550,000 feet; orders
912,000 feet; unfilled orders 7,705,000 feet.
The Northeastern Lumber Manufacturers Association, of New York
reported hardwood production from 23 mills as 937,000 feet, shipments
636,000 and orders 579,000 feet. Week-end orders on hand were 4,659,000
feet.
Plans for Purchase of
Ranchers' Cattle by Government
in Drouth Area.
On June 18, Associated Press advices from Denver stated:
Arrangements for the purchase of about 5,000,000 head of cattle by the
Federal Government from drouth-stricken ranchers were virtually completed here to-day at a meeting of Federal officials with representatives of
twelve States.
The cattle will be furnished by Federal agents working with the extension
services of the agricultural colleges in Colorado, Wyoming, Montana,
Oklahoma, Texas, New Mexico, Arizona, Nevada, Utah, Idaho, Nebraska
and Kansas.
Dr. E. W. Sheets, Federal Drouth Relief director, estimated that the
Government will spend at least $100,000,000 and said "more will be Provided if necessary."
Canadian Newsprint Output Increases 40% During
May Over May Year Ago—United States Production
Also Higher.
According to figures issued by the Newsprint Service
Bureau, output of newsprint paper by Canadian mills during
May amounted to 242,539 tons. As reported by the Montreal
"Gazette" of June 14, the figures show that the output of
May contrasts with 171,776 tons in May of last year, representing an increase of over 40%, and establishing the best
monthly level of production by the mills in the Dominion
since November 1929. During April of this year output
amounted to 216,507 tons and contracts with 210,129 tons in
March; 174,447 tons in February, and 188,374 tons in January. As to newsprint production in the United States, the
"Gazette" said:
During the month of May, production of newsprint by mills in the United
States amounted to 89,726 tons, as compared with 79,616 tons in May of last
year. For the first five months of this year, output of United States mills
amounted to 414,981 tons, or approximately 10% above the output for the
same five months of 1933.
The paper quoted also said:
For the first five months of 1934, the output of the Canadian newsprint
mills amounted to 1,031,996 tone, as compared with 723,068 tons in the
corresponding five-month period of 1933, an increase of 808,928 tons, or
approximately 44%. How close Canadian mills are at the present time to
peak level, established during 1929, is revealed by the fact that the five.
month output for this year, at 1,031,996 tons, contrasts with 1,086,419 tons
produced in the first five months of 1929.
It is important to note, however, that while production figures are now
approximately those for the peak year, dollar value of the output, due to the
low price for newsprint, is very substantially below that of 1929.
Financial Chronicle
Volume 138
Value Sharply Lower.
Thus it is pointed out that for the month of May of this year production
of the Canadian mills, at 242,539 tons, compared with 245,644 tons in May
of 1929, while the net mill value in May of this year, at $8,052,000, contrasts with net m..11 value of $13,559,000 in May of 1929, a decrease in
dollar value of 41%. For the first five months of this year, when output
very nearly reached that for the same period of 1929, the net mill value of
the newsprint produced was $34,318,000, as compared with $59,970,000 in
the same period of 1929, representing a decrease of 43%.
The following table shows monthly production figures (in tons) for
Canada and United States for each month back to the beginning of 1933:
Canada.
1934
May
April
March
February
January
1933December
November
Ortnber
242,539
216,507
210,129
174.447
188,374
89,726
83,652
84,993
72,402
84.194
175,304
193,718
191.452
80,895
87,567
52 ns
Canada.
U. S.
September
August
July
June
May
April
March
February
Jarmstry
U. S.
191,416
194,262
180,397
171,419
171,776
147,759
137,078
125,916
140 539
72,907
84,521
79,492
84,384
79.516
74,507
76,56e
67,08f,
74.444
Initial Purchases of Cattle Under Low Grade Surplus
Cattle Removal Program of AAA Total 100,000.
One hundred thousand cattle have been purchased in
Minnesota and the Dakotas under the low grade surplus
cattle removal program which is being carried out in the
emergency drouth areas by the Agricultural Adjustment
Administration. This report was received June 13 from
Dr. E. W. Sheets, Director of the Administration's drouth
relief service, in St. Paul, Minn., the Administration announced. Continuing, the announcement said:
The majority of these cattle have already been turned over to the Federal
Emergency Relief Administration for processing and distribution for relief
purposes, and many carloads have been shipped out of the drouth areas.
While definite statistics are not yet available, reports show that only a
small percentage of the cattle inspected and appraised have been condemned for disposition on the farms as unfit for food use.
Cattle buying started in Wisconsin on June 11 under the removal program,
but reports on the number purchased have not yet been received. Thousands of cattle are being inspected and appraised in States of the emergency
drouth areas as the first step in the purchase program, which is being
extended to all States in the acute regions as rapidly as the buying machinery
can be placed in operation.
First checks in payment for cattle purchased under the emergency drouth
adjustment program were issued in St. Paul June 12, it is announced by
Philip G. Murphy, assistant to Dr. Sheets in directing the Adjustment
Administration's grouth service. These checks went to 10 farms in Traverse County, Minn., and averaged slightly more than $100 per farm.
The drouth relief service of the Adjustment Administration was created
on May 21. Dr. Sheets reached St. Paul on May 29 to establish regional
headquarters. Preliminary inspection and appraisal of cattle was started
on May 31. Initial cattle purchases were completed on June 6, with shipment of cattle from the drouth area starting on June 8. First checks In
payment for cattle bought under the program were issued on June 12.
World Fertilizer Consumption Increased During 1933,
According to C. C. Concannon of United States
Department of Commerce.
Consumption of chemical fertilizer throughout the world
after touching a record low in 1932 recovered sharply in
1933 to the point where the volume applied to the world's
arable land was in excess of average consumption for the
five-year period 1924-28, according to C. C. Concannon,
Chief of the Chemical Division, United States Department
of Commerce. While data is incomplete, said an announcement issued in the matter June 12 by the Department, it
is possible to make some comparisons of the trend of consumption in 1933 compared with the period 1924-28. The
announcement continued:
Of the three chemical elements considered in the purchase of fertilizer
nitrogen, phosphorus, and potassium-nitrogen alone registered a gain.
Potassium changed only slightly and phosphorus declined.
The gain recorded in total world nitrogen consumption can hardly be
considered a gain by those who contributed the nitrogen used in 1924-28,
Mr. Concannon explained, as much of the 1933 consumption originated in
establishments not in production during 1928 or earlier. As in the case
of nitrogen, old established potash producers have felt the competition of
newcomers. Sources of phosphate supply have been subject to only one
major change, namely, the tapping of Russian sources. Russia, formerly
a small importer of phosphate rock, furnished almost 9% of the world total
In 1933, and ranked fourth among world producers, a place held in recent
years by Algeria.
Chemical fertilizer consumption has followed a fairly even course while
In Japan a spectacular rise has occurred in nitrogen consumption.
525,000 Bags of Coffee Destroyed in Brazil During
First Half of June, Compared with 633,000 During
First Half of May.
Coffee destruction in Brazil during the first half of June
totaled 525,000 bags, against 633,000 during the last half of
May, according to advices to the New York Coffee and Sugar
Exchange. Since June 1931, the Exchange announced June
20, 28,439,000 bags, more than a year's supply for the world,
has been destroyed. The Exchange continued:
That destruction has been at an increased rate during the last month and
a half is indicated by the fact that 1,629,000 bags were reported destroyed
by the National Coffee Department's Agencies since May 1, while during the
first four months of the year, only 968,000 bags were eliminated.
4197
Regulations Governing Entry of Sugar Into United
States Announced.
General regulations governing the entry of sugar through
customs ports into continental United States, signed by
Secretary of Agriculture Wallace and approved by President
Roosevelt, were announced June 18 by the Agricultural
Adjustment Administration. The regulations, which have
the effect of law and will remain in effect until amended by
the Secretary, according to the Administration, say in part:
Processors, handlers of sugar and others are hereby forbidden from
or bringing into, transporting to, or receiving in continental
United States sugar produced in any area outside of continental United
States, except thorugh customs ports of entry. The Collectors of Customs
shall not permit any such sugar to enter continental United States unless,
and until, there shall be firnished proof as to the following matters satisfactory to the Collector of Customs (an affidavit in duplicate subscribed
and sworn to by the consignee, as to such matters may be accepted by the
Collector of Customs as satisfactory proof thereof):
(1) The area in which such sugar was produced, (2) the port from which
said sugar was brought, (3) the names of the consingor, consignee, shipper
and owner, (4) the kind of type and identification marks of such sugar,
(5) the purpose for which such sugar is brought into continental United
States, to wit, whether such sugar is for consumption in or for export from
continental United States, either in the state in which it is being imported
or brought into continental United States, or after it has been further
refined, improved in quality or further prepared for distribution or use,
(6) the allotment, if any, under which such sugar is being imported or
brought into continental United States, specifying in particular the amount
of such allotment, the person to whom made, and the quantities of sugar
previously imported or brought into continental United States thereunder.
(7) the polarization and the weight of such sugar.
(3) Upon determination and certification by the Secretary of Agriculture that sugar, produced in any particular area outside of continental
United States, has, during any calendar year, been brought into continental
United States for consumption therein in amounts totaling the amount of
the quota fixed by the Secretary of Agriculture for that area for such calendar year, Collectors of Customs shall permit no further sugar from such
area to enter continental United States during such calendar year, except
as authorized by the Secretary of Agriculture and in accordance with the
terms and conditions of such authorization.
Importing
United States Consumption of Beet Sugar During May
Increased 15,068 Long Tons over May 1933.
Beet sugar consumption in the United States for the month
of May 1934 amounted to 140,544 long tons, raw sugar
value, according to B. W.Dyer & Co., sugar economists and
brokers, from a report released by the Domestic Sugar
Bureau. This is an increase of 15,068 tons compared with
May 1933. Consumption of beet sugar during the first five
months of 1934 amounted to 663,141 tons, the Dyer firm
said,an increase of 121,623 tons over the same period in 1933.
Raw and Refined Sugar Shipments from Puerto Rico
to United States Increased 14,292 Tons During
Week of June 16 as Compared with Same Week
Year Ago.
Shipments of raw and refined sugar from Puerto Rico to
the United States during the week of June 16 amounted to
30,465 short tons, against 16,173 in the same week laat
year, according to cables to the New York Coffee and Sugar
Exchange. Raw sugar shipments from Jan. 1 to June 16,
the Exchange announced June 18, totalaa 498,798 snort
tons, an increase of 6.6% when compared with shipments
of 467,685 during a similar period last year. Refined shipments amounted to 70,510, a 30.6% increase over the 53,977
ton total for the 1933 period. The Exchange further said:
About 71.3% of the quota for the United States, under the CostiganJones Sugar bill, has been shipped to date. The balance for shipment to
complete the quota figures is approximately 230,000 tons, some of which
has already been sold. The carryover into 1935, it is estimated, will be
slightly in excess of 100,000 short tons.
Higher Prices for Sugar Foreseen by Lamborn & Co. as
Result of Changes in Entire Structure of Sugar
Business.
All factors are definitely converging to create higher prices
for sugar in the near future as a result of the entire structure
of the sugar business undergoing change. Timing,according
to Lamborn & Co., Inc., has always been a primary factor
in the construction of sugar prices. Timing at this moment
is of paramount importance, this firm points out, as the
following developments are all exerting their combiined
influence as a lever to lift prices:
The Philippines, which have largely controlled the price level of raw
sugar in the United States since the beginning of the year, are now out of
the picture for the balance of 1934.
Puerto Rico is virtually out of the picture, for of her unsold supplies there
are now less than 100,000 tons available between now and the end of the
year. This quantity is a drop in the bucket, particularly since it will be
marketed so deliberately as to be of no practical assistance to refiners who
need raws urgently.
Of the total domestic beet sugar quota for the year 1934 of 1,556,166 short
tons, there has been an abnormally large distribution for the first five
months of this year. In consequence, beet distribution will be less of an
important factor for the balance of this year. Already Western processors
have substantially closed out consignment stocks east of Chicago and will
not make new commitments in this territory at the present time. Eastern
beet Processors are confining the sale of their small balances to the State
4198
Financial Chronicle
of Michigan. All of this opens up a larger scope of distribution for cane
refiners.
Refiners have a mixed position on suppli:es. Some are very inadequately
supplied with raws and refined to enable them to meet a heavy buying
move on the part of the refined trade, while on the other hand those refiners
who have anticipated their requirements and have been consistent buyers.
Possess contracts for Philippines, most of which in all probability will be
impounded to forestall processing this year. Any disappointment by refiners on their Philippine purchases will throw them into the Cuban market
for replacements of such sugars.
The unique situation which we now have for the United States, where
there is a definite equalization of supply and demand, should eventually
stabilize prices and create a level in keeping with such conditions. Unlike
other years, the quantity to be marketed during 1934, fixed by the Agricultural Adjustment Administration at 6,476,000 short tons raw value,
tends to guarantee the elimination of surpluses from the market, thus
eliminating destructive competition.
Cuba, encouraged by the changes in the United States sugar program
which so directly and favorably affect her, has been hanging on to her
sugars like grim death. The continued disinclination of Cuba to sell subsequent to June 8 is induced by her definite belief that since Congress has
Passed and the President has signed the Reciprocal Tariff bill, additional
economic aid will be given her through an increase in the preferential,
understood to be between 40 and 50% of the current full duty of 1.87%
cents per pound.
Stocks of Raw Sugar in New York Warehouses Highest
Since Spring of 1930, According to New York
Coffee & Sugar Exchange.
Raw sugar stocks in licensed warehouses in New York are
at the highest since the spring of 1930 totaling 1,277,856 bags,
the New York Coffee & Sugar Exchange announced June 21.
Stocks to-day are 165% more than the low figure of the
year, 482,000 bags on January 26th and compare with 536,000
bags at this date last year, the Exchange said. It continued:
The sugar, which is of Cuban origin, has been accumulating in warehouse pending the reduction in the Cuban tariff which took place June 8,
and the conclusion of a new trade treaty with Cuba which it is thought will
increase her preferential from the present 20% to perhaps 40 or 50%. The
tariff on sugar was reduced June 8, from 2.50 to 1.871 which, with Cuba's
/
2c.
preferential of 20% brought her duty down from 2c. to 11c. News reports
/
2
state that the United States Ambassador to Cuba hoped that a new treaty
with Cuba will probably be concluded during the last of July or early in
August. Until that time, stocks of Cuban sugars should continue to mount.
Activity in the Cotton-Spinning Industry for May.
Persons interested in this report will find it in our Cotton
Department.
Petroleum and Its Products—Petroleum Code Reopened
by Ickes- Hearings on Proposed Revision to Start
Wednesday—Congressional Investigation of Industry to Start in July—Special Session of Texas
Legislature Seen Prospect.
Hearings to consider amending the production section of the
petroleum code so as to provide quotas for inter-State and
intra-State shipments of crude oil to support administration
efforts to balance crude output with demand will start next
Wednesday, Administrator Ickes disclosed Friday. The
proposed amendment, suggested by the American Petroleum
Institute, has the full support of the Planning and Co-ordination Committee.
In announcing a nation-wide increase of 2,000 barrels
daily in the July allowable crude oil output to 2,530,300
barrels, compared with 528,300 in June, Mr. Ickes said that
July production for Oklahoma had been reduced 22,000
barrels daily from the previous month because of excessive
storage of crude in that State.
Reductions in Fedaral daily average quotas in other States
posted by the oil administrator were: New Mexico, 1,400
barrels to 46,600 barrels; Colorado, 500 barrels to 3,000;
Montana, 500 barrels to 8,000; Wyoming, 2,600 barrels to
33,200 barrels.
Texas and California were awarded increased quotas, the
first gaining 9,800 barrels daily to a total of 1,042,100 while
the second won an increase of 9,100 which brought the daily
allowable to 509,400 barrels. Kansas production was
moved up 4,200 barrels to 134,500; Louisana up 5,900 barrels
to 88,900 and Michigan, up 400 to 33,200 barrels. There
was no change posted for Illinois, Indiana, Kentucky, New
York, Ohio, Pennsylvania, West Virginia and Arkansas.
Plans for an exhaustive Congressional investigation of all
phases of the petroleum industry to be inaugurated early
in July were announced in Washington by Representative
Cole (Dem., Maryland), Chairman of the House SubCommittee Wednesday,following a conference with Administrator Ickes who promised whole-hearted co-operation to the
Committee.
White complete details of the Committee's itinerary have
not been compiled as yet, Mr. Cole said, the investigation
probably would include Texas, Oklahoma, California and
Pennsylvania. Texas will be the first State to be visited
by the investigating committee, authorized late last Friday
June 23 1934
night by the House Committee on Inter-State and Foreign
Commerce.
Evidence gathered by the Committee will be considered
at public hearings which are scheduled to be held in the last
three weeks of September at convenient points in the various
oil-producing areas, it was disclosed. The Committee has
$25,000 with which to defray expenses of its investigation.
"We are going to make a full and exhaustive investigation,
going into every conceivable phase of the oil industry," the
Chairman said. The Committee will pay special attention
to supply, consumption, enforcement and pro-ration rulings,
both State and Federal, he continued, although the survey
will take in all phases.
The complete findings of the Committee will be used as a
basis for such Federal oil-control legislation as is deemed
necessary by Congress after it has completed the investigation. A full detailed report will be made to the House
Committee on Inter-State and Foreign Commerce at the
next session of Congress.
Possibility that a special session of the Texas Legislature
may be called to deal with the "hot oil" situation was held
out in a statement issued by Governor Miriam A. Ferguson
through her husband, Former Governor James E. Ferguson,
who disclosed that the proposed special session will be asked
to enact a measure creating a new and separate conservation
commission to handle the oil industry in the State.
Federal control of the oil industry not only is inevitable
but justifiable if Texas does not control the situation in the
east Texas and other fields in the State, the former Governor
said. The Railroad Commission and the Attorney-General
have proved themselves unable to handle the flow of "hot
oil," he continued and they (the Commission) cannot evade
their responsibility by "passing the buck" to R. D. Parker,
who was removed Tuesday from the position of chief enforcement officer for the east Texas field. Governor Ferguson,
who was present at the interview, approved her husband's
statements.
The removal of Mr. Parker, who for the past six weeks
has been serving as chief proration enforcement officer for the
Railroad Commission in the east Texas field, was on an
order signed by Commissioners C. V. Terrell and Ernest 0.
Thompson, who named Roy Stabley to succeed Mr. Parker.
In a statement issued with the removal notice, Messrs.
Terrell and Thompson said that "hot oil" production had
increased to approximately 90,000 barrels daily during the
six weeks that Mr. Parker had been in complete charge of
the east Texas field. In answer to the statement issued by
the Commissioners, Mr. Parker charged members of the
Commission with breaking their promise to give him complete authority to enforce its proration rulings in the east
Texas field and to allow him to appoint the field force.
"Apparently I made the fatal mistake of firing some
political favorites of all three commissioners, some of whom
had been on the payroll of the Commission for several years,
a though their records of achievement and efficiency has been
confined almost exclusively to vote-getting activity during
political campaigns," he declared.
"Every time I fired one, some one of the three commissioners would put him back at work, with the resultant weak"
ening of the morale of the entire organization. Moreover,
their reinstatement resulted in the use of money for their
salaries and expenses which was then and is now sorely needed
for employing investigators to stop the illegal traffic of oil
in the great east Texas field."
Announcement by the Oil Administration that the July
daily allowable oil production for Oklahoma had been reduced 22,200 barrels from the June level to 489,500 barrels
because of a penalty of 36,300 barrels daily for the next
four months for over-production said to have gone to storage,
brought forth plans from a group of independent operators.
in Oklahoma to ask the State Corporation Commission for
the full daily allowable of 525,800 barrels. The latter total
was the original July figure established by the Oil Administration.
In commenting on the disclosure that Texas had been
granted an increase of 9,800 barrels in the July daily allowable output because of a rise in market demand, it was
charged that cheap Texas crude and gasoline have been
shipped into Oklahoma with resultant damage to the market
for Oklahoma crude.
The legal allowable production of crude in the east Texas
field, as of June 16, based on 5% of the hourly potential
was 506,000 barrels daily, bringing the total for the State to
approximately 1,066,000 barrels. This total, fixed by regu-
Volume 138
Financial Chronicle
lations of the Texas Railroad Commission, compares with a
Federal allowable of 1,032,300 barrels daily for the State.
Notice of a State-wide proration hearing to be held in Austin
on June 26 to consider rules and regulations to govern the
new fields in Cherokee, Bee, Jackson and San Patricio
counties was posted by the Railroad Commission. The
hearing will also consider requests of operators in other fields
in the State that their allowables be increased.
Formal approval of the Pacific Coast petroleum agency
agreement by Administrator Ickes is expected from day-today following his statement Tuesday that he would sign it
within "the next few days." The agreement, which will
supplant the cartel which failed to meet the approval of the
Department of Justice which held that it violated terms of a
consent decree entered against several large oil companies
on the Pacific Coast, guarantees a market for gasoline with
the companies promising not to commit any monopolistic
acts and to conform with all provisions of the petroleum code.
Federal District Attorney MePike filed the Government's
assent to modification of the consent decree to permit
operation of the agreement in Federal District Court in
San Francisco Thursday.
Daily average crude oil production continued to rise last
week, statistics compiled by the American Petroleum Institute disclosing a gain of 38,050 barrels over the preceding
week to a total of 2,609,450 barrels. This compared with
the June Federal allowable of 2,528,300 barrels. All of the
Big Three-Oklahoma, Texas and California-showed gains
over the preceding week which brought their daily average
output far above the levels established by the Federal Oil
Administration. The American Petroleum Institute report
does not include "hot oil" production.
There were no price changes posted during the past week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
31.00
$2.55 Eldorado. Ark.. 40
Bradford. Pa
1.08
1.32 Rusk. Tex., 40 and over
Corning, Pa
.87
1.13 Darst Creek
Illinois
.90
1.13 Midland District. Mich
Western Kentucky
1.35
Mld-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
SpLod'atop. Tex..40 and over
2.10
.75 Petrone. Canada
Winkler, Tex
.70
and over
Smackover, Ark.. 24
-STABILIZATION PROGRAM SEEN PROREFINED PRODUCTS
GRESSING
-TEXAS BULK GASOLINE MARKET STIFFENS
CHICAGO PRICE WAR CHECKED-MOTOR FUEL STOCKS
DIP.
4199
independent distributors who depended upon tank wagon
deliveries for their supplies were in the same position as the
majors' units and should not be allowed any differential.
This proposition, while approved by the trackside stations,
did not meet with the approval of the other independents.
There was little news of any sort in the local market
during the past week. While retail demand held up nicely under
the stimulus of favorable weather which aided the normal
seasonal gain in consumption, the trade was watching the
East Texas situation closely. News that an agreement was
just about closed was held a definitely strengthening factor.
Prices here on all refined products held unchanged.
Stocks of gasoline reported to the American Petroleum
Institute dropped 371,000 barrels last week to 52,395,000
barrels on June 16. Refinery operations showed a gain of
2.1% to 70.4% of capacity with daily average runs of crude
oil to stills rising 70,000 barrels to 3,375,000 barreLs.
Ending of a price war in the Richmond, Va., area was
signalled Monday with announcement of a 434-cent a gallon
advance in service station prices of gasoline. The advance
put regular grade at 20.1 cents a gallon, all taxes included.
The price war was due to local competitive conditions and
affected Richmond and the immediately surrounding area.
Price changes follow:
June 16.
-The Standard Oil Co. of New Jersey posted a reduction of
3i cent a gallon in kerosene tank car prices at Baltimore, Md.,to 534 cents
a gallon, effective immediately.
-Service station prices of gasoline were advanced 434 cents a
June 18.
gallon in the Richmond, Va., area to-day to 20.1 cents a gallon for the
regular grade, all taxes included.
New York
Atlanta
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
Gasoline, Service Station, Tax Included.
New Orleans
5.175 Detroit
$ 19
$ 19
Houston
18
Philadelphia
145
22
22
San Francisco:
.175 Jacksonville
Third grade
16
185 148 Angeles:
Third grade
.135
Above 65 octane- .1734
153
Standard
.15
Premium
19
1934
Premium
17
St. Louis
.145
19
Minneapolis
174
17
Kerosene, 41-43 Water White, Tank Car, F. 0. B. Refinery.
North Texas
New York:
5.0334 New Orleans. ex10,
04-.
0
v4
Tulsa
$.05H 1Los Ang., ex__ .0434-.05 'lsa
(Bayonne)
Fuel Oil, F. 0. B. Refinery or Terminal.
California 27 plus D
N.Y.(Bayonne):
Gulf Coast C
$1.30
51.00-1.101Phila. bunker C
Bunker C
1.15
Diesel 28-30 D____ 1.95 New Orleans C
$1.15
1.30
Gas Oil, F.0. B. Refinery or Terminal.
Chicago:
Tulsa
$.0234-.02M
N. .
2I plus 70 ;.0434-.0434 I
8
)
-3.0234-.02M Tulsa
'
U. S. Gasoline, Motor (Above 65 Octane). Tank Car Lots, F. 0. B. Refinery.
Chicago
N. Y.(Bayonne):
N. Y.(Bayonne):
5.0434-.0434
Standard Oil N. J.:
Shell Eastern Pet-8.0634 New Orleans._
.0434
Los Ang., ex_
Motor, U. S....$.0634 New York:
.05-.06
.0534-.06
62-63 octane.-- .0634 colonial-Beacon.. .0634 Gulf ports
z Texas
tStand. Oil N. Y__ .07
.0634 Tulsa
.05-.0534
*Tide Water 011 Co .0634 Gulf
0634 Pennsylavnia .0634-.0634
Republic 011
0634
xRIchfield 011(Cal.) .07
Sinclair Relining- .0634
Warner-Quin. Co. .07
x Richfield "Golden." z "Fire Chief." $0.07. •Tydol, $0.07. y "Good
Gulf." 3.0734. t "Mobilgas."
Approval of the gasoline stabilization program sponsored
by the Planning and Co-ordination Committee by the majority of the East Texas refiners indicated at the close of the
week that an early settlement of the uneasiness caused by
low-priced offerings of gasoline out of Texas which has weakened the reatil gasoline price structure is definitely in view.
While the agreement, which will achieve the double purCartel Reported 17%
pose of keeping surplus stocks of gasoline out of the market Zinc Production by International in 1932.
Higher in 1933 than
and at the same time curtailing refining of "hot oil," has not
Production of zinc during 1933 by members of the Interyet been formally signed, 38 out of 43 refineries, representing national Zinc Cartel registered an increase of 17% over the
87% of the capacity in the East Texas area, accepted it at a preceding year, a report to the United States Commerce
meeting in Gladewater, Tex., Wednesday night and will
Department from Commercial Attache L. W. Hunt shows.
abide by it, it is reported.
Total output of the Cartel as revealed in the annual reports
In return for the purchase of surplus gasoline from the
of the Vieille Montagne Co. of Belgium amounted to 650,247
independent refineries at a fair price, the operators agree to
tons in 1933 compared with 555,629 tons in 1932. According
operate under the petroluem code and to run only legallyto an announcement issued June 16 by the Commerce Deproduced crude oil. Plants which refuse to become a party
partment the report states:
to the agreement, it is indicated, will face strict GovernThe International Zinc Cartel includes all producers except those of the
ment supervision.
United States, Japan and Russia. The plants of the Cartel operated at
45% of capacity during the first seven months of 1933 and after Aug. 1,
Despite purchases of several hundred cars of gasoline in
the rate of production was increased to 50%. In addition to this increase,
East Texas over last week-end the first of the week found
plants were permitted to exceed their quota against the payment of an
soft with offerings prevalent at ni cents a gallon for indemnity calculated according to the price of the metal. The Vieille
prices
ow octane material in the East Texas area. In Okalahoma, Montagne took advantage of this provision to increase its production to
61,718 tons in 1932.
gasoline of the same grade dipped Vs-cent to 3M-33 cents 85.146 tons compared withzinc has been constant, dropping from 206.405
4
Reduction in stocks of
tons on Aug. 1 1931, the date when the present Cartel convention went
a gallon.
By Wednesday, however, the progress made toward reach- into effect, to 148.942 tons on Dec. 31 1932. Stocks declined during
1933 to 134,242 tons at the end of the year. On March 31 1934 stocks
ing an agreement on the Oil Administration's gasoline stabil- had dropped to 123,818 tons. In view of the declining zinc stocks the
ization program had aided the market and offerings in both operations of the Cartel may be considered as entirely satisfactory. The
than two months' sales.
East and North Texas markets showed a stiffening tendency. present stocks represent slightly more annual report, world production of
According to the Vieille Montagne
4
Prices on low octane material were at 3% to 33 cents a zinc during 1933 amounted to 994,528 tons against 793,921 tons in 1932.
gallon in both markets and refiners held that prices would The United States ranks as the leading producer, accounting for 294,554
tons in 1933. Belgium being second with a total production of 137,408 tons.
move higher should the agreement be consummated.
The Chicago retail gasoline market is still in a confused
Crude Oil Production Again Increased.
situation although both major and independent factors are
The American Petroleum Institute estimates that the daily
holding off from any further price cuts. The "truce" has
brought forth one proposal from the majors in answer to the average gross crude oil production for the week ended June 16
independents' claim that they are entitled to a differential 1934 was 2,609,450 barrels, a gain of 38,050 barrels over the
previous week. The current figure also exceeded the Federal
of 1 cent a gallon inasmuch as they sell unbranded gasoline.
The major units agreed to allow the actual trackside allowable figure which became effective on June 1 by 81,150
stations a differential of 1 cent a gallon but insisted that barrels, and further compares with a daily average produe-
Financial Chronicle
4200
tion of 2,531,700 barrels during the four weeks 6nded June 16
and with an average daily output of 2,611,850 barrels during
the week ended June 17 1933.
Further, details, as reported by the American Petroleum
Institute,follow:
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures In Barrels)
Average
Actual Production.
Federal
4 Weeks
Agency
Allowable Week End. Week End. Ended
June 9
June 16
Effective
June 16
1934.
1934.
1934.
June 1.
Week
Ended
June 17
1933.
548,950
127,200
523,350
130,600
406,850
104,950
54,800
56,100
27,100
144,950
51,850
496,750
51,850
47,150
57,750
56,350
27,050
144,200
51,800
487,650
53,650
47,850
42,550
46,450
18,500
156,350
58,450
789,750
62,900
50,500
116,650
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
556,550
130,250
57,750
57,500
26,950
145,000
51,850
500,200
52,250
48,250
511,700
130,300
Oklahoma
Kamilla
118,550
117,550
116,500
1,032,300 1,056,400 1,049.100 1,043,850 1,341,950
Total Texas
25,350
65,250
North Louisiana
Coastal Louisiana
25,400
65.800
25,400
63,100
25,200
40,500
83,000
91,200
88,500
65.700
31.250
101,350
31,150
34,100
7,950
2,800
30,900
101,650
31,800
34,900
7,950
2,850
30,900
102,100
32,550
33,500
7,750
2,850
30,300
91,500
15,450
30,100
7.250
2,350
48,000
44,850
45,700
44,100
39,700
48,000
500,300
Total Rocky Mtn.States
New Maxie°
California
90,600
33,000
108,900
32,800
36,000
8,500
3,500
Total Louisiana
Arkansas
Eastern (not tool. Mich.)
Michigan
Wyoming
Montana
Colorado
47,150
519,900
47,100
497,800
46,500
489,250
35,950
479,500
Total United States
2,528,300 2,609,450 2,571,400 2.531,700 2,611,850
Note.
-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 JUNE 16 1934.
(Figures In thousands of barrels of 42 gallons each.)
Stocks a Stocks
of
of
FinUnRepor ing
Daily P. C. ished finished
Aver- Oper- Ga30- (loseline.
Total. P. C. age. ated, line.
Daily Refining
Capacity of Plants.
District.
Potenfiat
Rate.
Crude Runs
to Stills.
East Coma__
Appalachian.
Ind., Ill., Ky
Okla., Kan.,
Missouri_
Inland Texas
Texas Gulf,._
La. Gulf_...._
-Ark.
No. La.
Rocky Mtn.
California__
582
150
446
582 100.0
140 93.3
422 94.6
461
351
566
168
92
96
848
386
167
552
162
77
64
822
Totals week:
me 16 1934
me 9 1934
3,760
3,760
83.7
47.6
97.5
96.4
83.7
66.7
96.9
3,374 89.7
3,374 89.7
b Stocks
of
Other
Motor
Fuel.
200
159
47
Stocks
of
Gas
and
Fuel
Oil.
494 84.9 16,359
98 70.0 1,665
344 81.5 8.410
1,079
316
1,281
7,784
863
3,061
245
93
452
117
56
43
433
63.5 5,396
55.7 1,091
81.9 4,415
72.2 1,254
283
72.7
67.2 1,098
52.7 12,424
743
299
1,907
229
75
191
873
562 3,221
336 1,895
183 6,264
____
1,279
30
460
42
642
2,741 78,794
2,375 70.4 d52,395
2,305 68.3 e52,766
6,993
6,945
4,300 104,263
4,350 103,599
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 34,437,000 barrels at refineries and 18.329,000 barrels at bulk
terminals, in transit and pipe lines. d Includes 34,025,000 barrels at refineries and
18,370,000 barrels at bulk terminals, In transit and pipe
Portland Cement Output and Shipments Continued to
Rise in May.
According to the United States Bureau of Mines, Department of the Interior, the Portland cement industry in May
1934, produced 8,554,000 barrels, shipped 8,731,000 barrels
from the mills, and had in stock at the end of the month
21,345,000 barrels. Production of Portland cement in
May 1934, showed an increase of 36.6% and shipments an
increase of 30.1%, as compared with May 1933. Portland
cement stocks at mills were 6.1% higher than a year ago.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 163 plants at the close of
May 1934, and of 164 plants at the close of May 1933.
RELATION OF PRODUCTION TO CAPACITY.
I
May 1933. May 1934. Apr. 1934.IMar. 1934. Feb. 1934.
The month
I
The 12 months ended. _l
27.4%
26.0%
37.5%
26.7%
29.6%
25.9%
23.0%
25.0%
20.2%
24.4%
Production.
Stocks at End
of Month.
Shipments.
District.
1933.
Eastern Pa., N. J. & Md
New York & Maine
Ohio, western Pa. & W. Vs
Michigan
Wis., Ill., Ind.& Ky
Va., Tenn., Ala., Ga., Fla.& La..
Eastern Mo.,Ia., Minn.& S. Dak
W.Mo., Neb., Kan.,Okla.& Ark
Texas
Colo., Mont., Utah, Wyo.& Ida_
California
Oregon & Washington
1934.
1933.
1934.
1933.
1,874
562
963
536
998
608
942
536
297
236
814
188
1,465
548
638
410
548
625
657
629
320
142
644
83
1,625
571
847
493
1,244
660
1,027
760
356
205
783
160
A 9R9
Tntal
3,746
1,396
2,680
1,654
2,463
1,506
2,672
1,370
678
391
1,138
423
1934.
1,579
430
642
454
377
560
440
587
333
181
644
55
4,200
1,539
2,849
1,656
2,552
1,660
2,950
1,348
557
390
1,135
509
gnu
R inn
Q721 90 117 91 %IR
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT,BY MONTHS,IN 1933 AND 1934(IN THOUS.OF BARRELS).
Production.
Shipments.
Stocks at End of Mo.
Month.
1933.
January
February
March
April
May
June
July
August
September
October
November
December
Total
2,958
2,777
3,684
4,183
8,262
7,804
8,609
8,223
5,638
5.037
4,672
3,526
83 373
1934.
3,779
4,168
5.257
6.544
8,554
1933.
1934.
NWOO=Cbt..4.!.0Mcg
01[-...ePOts00....0tOm
Imports of crude and refined oils at principal United States ports
totaled 873,000 barrels for the week ended June 16 1934, a daily average
of 124,714 barrels. This compares with a daily average of 158,428 barrels
In the preceding week and a daily average of 134,500 barrels over the
last four weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 578,000
barrels for the week, a daily average of 82,571 barrels, compared with daily
average of 74,857 barrels over the last four weeks.
Reports received for the week ended June 16 1934from refining companies
owning 89.7% of the 3,760,000 barrel estimated daily potential refining
capacity of the United States, indicate that 2,375,000 barrels of crude oil
daily were rim to the stills operated by those companies and that they had
In storage at refineries at the end of the week, 34,025,000 barrels offinished
gasoline; 6,993 barrels of unfinished gasoline and 104,263,000 barrels of gas
and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
amounted to 18,370,000 barrels. Cracked gasoline production by companies owning 95.6% of the potential charging capacity of all cracking
units, averaged 445,000 barrels daily during the week.
June L.3 1934
PRODUCTION, SHIPMENTS, AND STOOKS Or FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN MAY 1933 AND 1934. (IN THOUSANDS
OF BARRELS).
3,778
2,952
4.618
a6,492
8,731
1933.
20,624
21,125
21,298
20,542
20,117
19,936
19,848
22,078
21,216
19,502
19,709
19,541
1934.
19,547
20,762
21,422
a21,523
21,345
64.086
a Revised.
Note.
-The statistics above presented are compiled from reports for May
received by the Bureau of Mines from all manufacturing plants except one, for
which an estimate has been included.
-Copper
No Uneasiness in Non-Ferrous Metal Market
-Lead and Zinc Steady.
Buying Subsides
"Metal and Mineral Markets" in its issue of June 21
stated that the volume of business in major non-ferrous
metals for the week that ended June 20 suffered greatly in
comparison with the preceding seven-day period, but this
caused no uneasiness as most sellers have sold enough metal
for the present to support prices. All sellers of domestic
copper moved up to the 9c. Valley basis at the outset of the
week. Lead sold in a moderate way at unchanged prices.
Zinc producers were interested in another move to curtail
the Tri-State district, which, if succoncentrate output in.
cessful, might result in a firmer situation in that metal.
President Roosevelt has signed the Silver Purchase Act.
Traders in silver were inclined to restrict their operations
because of the changed status of the metal in this country
under the new law. "Metal and Mineral Markets" also
reported as follows:
Copper Statistics Favorable.
The uncertainty over the price situation in copper was removed on
Thursday, May 14, when all sellers of copper moved up to the 9c. Valley
basis on domestic business. Sales for the last week fell to 2,100 tons, against
43,900 tons in the week previous. This decline in business was more or less
expected.
The copper statistics for May showed United States deliveries of 39,768
tons. against 43,500 tons in April, and 42,500 tons in March. Foreign
deliveries for May amounted to 80,600 tons, against 77,000 tons in April.
Total output in the United States during May was placed at 32,854 tons,
with production outside of this country estimated at 77,395 tons. Production of copper from scrap in the United States amounted to 16,600 tons
In May. against 10,503 tons (revised) in April. World stocks of refined
copper at the end of May amounted to 538,373 tons, against 567.600 tons
a month previous. Out of the decline of 29,227 tons in total stocks, the
United States contributed 16,400 tons. The domestic statistics were regarded as favorable, but the trade was not greatly impressed by the showing
abroad. Production abroad is slowly increasing.
The Copper Code Authority announced during the week that the period
during which "non-Blue Eagle" copper will not be sold by the industry
for domestic consumption has been extended from June 15 to August 1.
The foreign demand for copper was fairly active, though at a moderate
reduction in price. European business was booked at close to Sc., c.i.f..
during most of the week. Total sales abroad for the week probably exceeded
10,000 tons.
With H. 0. King as Director of the Copper Code Authority, producers
believe that the numerous problems in marketing copper under the code
can be disposed of much more satisfactorily.
The question of allocation of sales has been settled for the period ended
May 31.
Canada produced 31,739,138 lb. of copper during April, a now high
monthly record. This compares with an output of 30,832,892 lb. in March,
and 19,776,008 lb. in April last year. During the first four months of the
current year Canada produced 113,602,165 lb. of copper, against 81,600,744
lb. in the same period last year, and 88,106,846 lb. in the January-April
period of 1932, according to the Dominion Bureau of Statistics. The
International Nickel Co. brought a fourth furnace into operation during
April, reflecting continued activity in the demand for nickel. Nickel output
in Canada amounted to 12,924,418 lb. during April.
Lead Business Quiet.
Sales of lead were comparatively light last week, falling off to about a
quarter of the total tonnage booked during the preceding seven-day period.
Prices. however, continued unchanged at 4c., New York, the contract
settling basis of the American Smelting & Refining Co., and 3.85c., St.
1,01118. With the exception of one sale of fair tonnage for August-September
shipment, much of the week's business consisted of carload lots for promPt
or near
-by delivery. Battery manufacturers were the principal buyers,
with cable and pigment interests acquiring a fair share of the remainder
Volume 138
of the metal sold. Besides the seasonal factor, the unsettling effect of
continued discussions on the question of probable labor difficulties during
the remainder of the year was held to be the principal cause of the current
decline in demand for the metal.
Good Tin Sales.
Demand for tin in the domestic market was unusually heavy last week,
but very little of the business was for consumer accounts. Practically all
of the buying was held to be of an arbitage character, with two London
houses acquiring the bulk of the metal.
Tin-plate operations have declined below 70% of capacity, and a further
decline to about 40% within the next few weeks is generall; expected in
the trade.
Chinese 99% tin was quoted nominally as follows. June 14, 49.750c.
June 15, 49.750c.; June 16, 49.850c.: June 18, 49.625c.: June 19, 50.375c:
June 20, 50.425c.
The House has approved a resolution calling for an investigation into
possible sources of tin supplies for use in American industry and munitions
manufacture. Proponents of the resolution said that at present practically
all of the tin used in this country comes from foreign mines and that the
price has been fixed by an international control agreement.
Zinc Steady at 4.20c.
More business was placed in zinc last week than early reports indicated.
During the calendar week ended June 16 about 3,000 tons were disposed
of at prices ranging from 4.20c. to 4.25c., St. Louis basis, Prime Western.
Agitation for general curtailment in concentrate output in the Tri-State
district has been renewed. The plan is to virtually shut down for two weeks,
and then resume for two weeks, alternating on this basis to bring down the
surplus. Some operators felt that the plan may be adopted and were not
offering zinc so freely yesterday at 4.20c.
Steel Production Dips Following Postponement of
Strike, Says "Iron Age"
-Prices Unchanged.
Postponement of the steel strike has relieved tension in the
iron and steel industry, and ingot production has receded
from 61% to 60% of capacity, reports the "Iron Age" of
June a. The decline in output is surprisingly small and
suggests that the strike threat had a much smaller part in
driving in tonnage than the desire of consumers to escape
price advances that go into effect'on third quarter business.
At Pittsburgh, in fact, production has risen two points to
54% of capacity, a new high for the year, and there were
gains of four points to 78% in the Wheeling district, three
points to 61% at Buffalo, and one point to 47% in the Philadelphia territory. But these increases were more than offset
by four-point recessions to 65% at Chicago and 62% in the
Valleys. The "Age" continues:
July 1, the new tentative date for the walkout of the Amalgamated union,
coincides exactly with the expiration of second quarter contracts, and is
expected to usher in a very quiet month in the industry. While some steel
consumers are allowing a part of their second quarter tonnage to lapse,
buyers as a rule have ordered virtually all the steel covered by their contracts.
How much of this tonnage is anticipatory because of the saving in price Is a
matter of conjecture. The more conservative consumers have limited their
stock accumulations to such sizes as they are certain to need. And other
users, in contrast with those who built up inventories because of the strike
threat, are known to have withheld tonnage pending a passing of the general
uncertainty growing out of industrial unrest and legislative possibilities at
Washington. It is hoped that a moderate amount of imperative buying will
originate from this group. To date, however, virtually no third quarter
business has developed, but this is not surprising, since the amended steel
code has removed the incentive for forward covering.
Existing backlogs for the next quarter are confined almost entirely to
contracts for rails, railroad equipment steel, structural and reinforcing steel
for identified projects and tin plate, which are not limited to a calendar
quarter. The recent expiration of the 60-day grace period for protections on
building steel at pre-advance prices served to drive in considerable tonnage
which will bolster operations during the summer. The trendl of structural
steel and plate awards also points to a continuation of a fair rate of activity
for mills rolling the heavier products.
Fabricated steel awards of 28,000 tons are among the largest this year,
and compare with 16,200 tons in the preceding week. Plate lettings of
19,460 tons include 17,760 tone for a bay crossing pipe line at San Francisco. A revival of drilling in the east Texas oil fields is stimulating demand for oil country goods, and pipe mill operations generally are making a
creditable showing, averaging 50% of capacity.
The Seaboard Air Line has placed 1,000 steel box cars with the Pullman
Car & Mfg. Corp., and there are indications that Western roads will add to
the rail purchases concluded under the Eastman program if carloadings and
earnings maintain their recent gains.
Scrap, as measured by the "Iron Age" composite, remains unchanged for
the third week at $10.67 a gross ton, its low for the year. Although quiescent,
this commodity is showing a firmer tendency.
The weakness of the Amalgamated union among the rank and file of steel
company employees was amply demonstrated by recent plant elections, and
particularly by the special strike referendum submitted to the employees of
one large producer. A real test of strength in a strike at this time would, it
is believed, have resulted disastrously to the Amalgamated organization. It
Is not surprising, therefore, that it boo resorted to political maneuvering at
Washington rather than risk a revelation of its actual status among steel
workers.
Reports that the Administration will immediately proceed with elections
at steel plants under the authority of the joint resolution enacted as a substitute for the Wagner bill are not credited in informed circles. No board
of a quasi-judicial character could take such a step without first examining
the validity of the employee elections that have just taken place in virtually
all plants.
The "Iron Age" composite prices for finished steel and pig iron are
unchanged at 2.199c. a pound, and $17.90 a gross ton, respectively.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Based on steel bars, beams. tank Plates.
June 19 1934, 2.1990. a Lb.
2 1990. wire, rails, black pipe and sheets.
One;week ago
2.1990. These products make 85% of the
One month ago
1.8920. United States output.
One Year ago
4201
Financial Chronicle
High.
2 199c. Apr. 24
2.015e. Oct. 3
1.9770. Oct. 4
2.0370. Jan. 13
2.2730. Jan. 7
2.3170. Apr. 2
2.2880. Dec. 11
2.4020. Jan. 4
1934
1933
1932
1931
1930
1929
1928
1927
Low.
2.008c. Jan. 2
1.8670. Apr. 18
1.926c. Feb. 2
1.9450. Dee. 29
2.018c. Dec. 9
2.2730. Oct. 29
2.2170. July 17
2.212e. Nov. 1
P19 Iron.
Based on average of basic iron at Valley
June 19 1934, $17.90 a Gross Ton.
217.90 furnace foundry Irons at Chicago,
One week ago
17.90 Philadelphia, Buffalo, Valley, and Birmonth ago
One
15.01 mingham.
One year ago
Low.
High.
216.90 Jan. 2
217.90 May 1
1934
13.56 Jan. 3
16.90 Dec. 5
1933
13.56 Dec. 6
14.81 Jan. 5
1932
14.79 Dec. 15
15.90 Jan. 6
1931
15.90 Dee. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap.
Based on No. 1 heavy melting steel
June 19 1934. 210.67 a Gross Ton.
210.67 quotations at Pittsburgh. Philadelphia
One week ago
11.17 and Chicago.
One month ago
9.96
One year ago
Low.
High.
210.67 June 5
213.00 Mar. 13
1934
6.75 Jan. 3
12.25 Aug. 8
1933
6.42 July 5
8.50 Jan. 12
1932
8.50 Dec. 29
11.33 Jan, 6
1931
11.25 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan, 29
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov.22
15.25 Jan. 11
1927
The American Iron and Steel Institute on June 18 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having 98.1%
of the steel capacity of the industry would be 56.1% of the
capacity for the current week,compared with 56.9% last week
and 54.2% one month ago. This represents a decrease of 0.8
point, or 1.4% from the estimate for the week of June 11.
Weekly indicated rates of steel operations since Oct. 23 1933
follow:
1933
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov.20
Nov.27
Dec. 4
Dec. 11
Dec. 18
193331.6% Dec. 25
26.1% 193425.2% Jan. 1
27.1% Jan. 8
26.9% Jan. 15
26.8% Jan. 22
28.3% Jan. 29
31.5% Feb. 5
% Feb. 12
193431.6% Feb. 19
Feb. 26
29.3% Mar. 5
30.7% Mar. 12
34.2% Mar. 19
32.5% Mar. 26
34.4% Apr. 2
37.5% Apr. 9
39.9% Apr. 16
43.6%
45.7%
47.7%
46.2%
46.8%
45.7%
43.3%
47.4%
50.3%
1934Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 11
June 18
54.0%
55.7%
56.9%
56.6%
54.2%
58.1%
57.4%
56.9%
56.1%
"Steel," of Cleveland, in its summary of the iron and steel
markets, on June 18 stated:
With a rush in shipments to complete second quarter contracts by the
close of June, in accordance with code requirements, steelworks operations last week held at a strong 62%.
Steelmakers are rapidly draining their backlogs of unfilled orders, while
consumers' inventories, uncertainties regarding the trend of prices in the
third quarter, and labor unrest in some industries are militating against
commitments for that period.
In the meantime, producers have practically reached the point where they
cannot accept further orders for delivery this month. The situation in the
market, therefore, has resolved itself entirely into a production problem for
the remainder of June.
If steelworkers strike it is possible that the mills will be shut down, and
any serious impediment to completing second quarter contracts due to labor
disturbance might be adjusted by an extension of the time limit for making
deliveries. If a strike fails to develop, producers are in good position to
maintain operations at a comparatively high level, at least until July 1.
A considerable volume of new buying must be done for next month; in
many instances during the week sellers were compelled to refuse spot orders
at the higher level of prices from consumers who had underestimated requirements. This was in deference to contract obligations.
Automobile production again last weea made a moderate gain, recent price
reductions apparently tending to revive sales. Pressure for lower steel prices
for third quarter is expected to be especially insistent from automobile manufacturers, who are already driving for a 10% cut in their contract prices
with partsmakers ; these, in turn, sounding out steelmakers.
As automobile manufacturers themselves are heavily stocked with bars,
sheets and strip, it is on construction work and railroad requirements that
the steel industry relies principally for support in July. Large structural
steel tonnages still are pending for Government dam construction in Western
States, 50,000 tons of steel piling being required for two projects on which
bids are being taken.
Structural awards last week increased slightly to 16,000 tons, including
2,500 tons for a strip mill building for the Youngstown Sheet dt Tube Co.,
and 8,600 tons for the International Nickel Co. of Canada's mill project at
Sudbury, Ont.
At Pittsburgh, inquiries have developed for 20 barges, requiring 4,000 tons
of plates and shapes. Plate production in the East is at the highest point
of the year, the Pennsylvania RR. releasing 4,000 tone of plates. Rail mill
operations at Chicago have tapered off from 40%, but are expected to continue above 30% to the close of August. Orders for accessories and repair
material still are fairly heavy. The Seaboard Air Line has awarded 1,000
double-sheathed box cars. Illinois Central is to build a streamlined train
anu buy 11 diesel locomotives, the Public Works Administration having
authorized a loan. Boston dt Maine has placed a three-car streamlined stainless steel train.
Although there is comparatively little trading in iron and steel strap
prices after 10 consecutive weeks' decline are firmer, and "Steel's" scrap
composite has advanced 4c. to $10.29. A Japanese freighter has loaded
8,000 tons of scrap at Balbao, C. Z., purchased from the United States Goveir.ment through the Panama Canal Commission for shipment to Japan.
Lake furnace interests are shipping nearly twice as much pig iron this
month as in May. Steel foundries on railroad parts are operating at their
highest rate of the year.
Steelworks operations in the Pittsburgh district last week rose two points
to 56%, this increase being attributed mainly to the desire of companies to
have full forces on hand for employee representation elections. The Wheeling
district operating rate also advanced two points to 81%; Detroit was off 18
4202
Financial Chronicle
points to 82%; and Cleveland, one to 77%. Chicago held at 70%; Youngstown, 66%; eastern Pennsylvania, 461%; New England, 70%; Buffalo,
/
2
18%; Birmingham, 55%.
"Steel's" iron and steel price composite is unchanged at $34.77, and the
finished steel composite remains $54.80.
Production of steel ingots in the week ended June 18 is
placed at about 60% of capacity, according to the "Wall
Street Journal" of June 20. This compares with a fraction
over 60% in the previous week, and with a shade above 59%
two weeks ago. The "Journal" further stated:
U. S. Steel is estimated at approximately 49%, against 48% in the two
preceding weeks. Independents are credited with a rate of over 68%, compared with 70% a week ago, and 68% 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.
4738 +13.4
38
3734-135
68 -3
98 - 34
73 -3
71 -3
1933
1932 x
1931
1930
1929
1928
1927
Independents.
U. S. Steel.
39
72
100
76
74
+ 3.5
37 -134
64 -3
94 - li
7034-235
68 -2
responding with that of June 9 amounted to 5,435,000 tons;
in 1932, 4,028,000 tons.
Anthracite output in Pennsylvania during the week ended
June 9 1934 was estimated at 1,057,000 net tons (a daily average of 176,200 tons). This shows an actual decrease from the
output in the holiday week, and compares with 1,234,000 tons
In the week of May 26. Production during the corresponding
week of 1933 was 735,000 tons.
During the calendar year to June 9 1934 there were produced a total of 164,045,000 net tons of bituminous coal and
30,042,000 tons of anthracite as against 127,823,000 tons of
bituminous coal and 19,561,000 tons of anthracite during the
calendar year to June 10 1933. The Bureau's statement
follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
55 +2
-1
-3
June 23 1934
Week Ended.
-3
-4
x Not available.
May Production of Bituminous Coal and Anthracite
Increased.
According to the United States Bureau of Mines, Department of Commerce, revised figures show that for the month
of May 1934 production of bituminous coal amounted to
28,100,000 net tons, compared with 24,772,000 tons in the
preceding month and 22,488,000 tons in the corresponding
period last year. Anthracite output totaled 5,250,000 net tons
as against 4,837,000 tons in April last and 2,967,000 tons in
May 1933. The Bureau's report follows:
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN MAY (NET TONS).
Bituminous.
No. of
Total
Working
Production. Days.
April, 1934.._.. 24,772,000
May a
28,100,000
May, 1933
22,488,000
a Revised.
24.2
26.4
26.4
Anthracite,
Aver. per
Working
Day.
No. of Ayer. per
Total
Working Working
Production. Days.
Day.
1,024,000
1,064,000
852,000
4,837,000
5,250,000
2,967,000
24
26
28
201,500
201.900
114,100
Daily Production of Bituminous Coal and Anthracite
Declined During Week Ended June 9 1934, but
Continued Above Average for Same Period Last
Year.
According to the United States Bureau of Mines, Department of the Interior, the total production of soft coal during
the week ended June 9 1934 was estimated at 6,150,000 net
tons (a daily average of 1,025,000 tons). This is an increase
over the output in the holiday week preceding, but does not
reach the level of the week ended May 26 1934, when 6,362,000
tons were produced. Production during the week in 1933 cor-
June 9
1934.c
June 2
1934.d
Calendar Year to Date.
June 10
1933.
1934.
1933.
1929.
Bitum. coal:a
Weekly total 6,150,000 5,850,000 5,435.000 164,045,000 127,823,000 231,202,000
Daily aver_ _ 1,025,000 e1083000 906,000 1,209,000
938,000 1,695,000
Pa. anthra.:b
Weekly total 1,057,000 1,115,000 735.000 30,042,000 19,561,000 32,033,000
Daily aver_ _ 176,200 223,000 122,500
223,400
145,400
238,200
Beehive coke:
10,600
12,000
11,400
493,200
Weekly total
369,600 2,906,200
1,767
2,150
1,900
3,574
Daily aver__
2,678
21,059
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 since last report. e Daily average based on 5.4 working
days.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
Week EndedJune 2
1934.
May 26
1934.
June 3
1933.
June 4
1932.
June
1923
Ayer
age.°
217,000
133,000
206.000
122,000
387,000
Alabama
10,000
13,000
11,000
15,000
70,000
Arkansas and Oklahoma67,000
51,000
46,000
65,000
175.000
Colorado
529,000
453,000
497,000
98,000 1.243,000
Illinois
191,000
168,000
166,000
138,000
416,000
Indiana
31,000
40,000
57,000
34,000
88,000
Iowa
30,000
59,000
42,000
72,0(8)
128,000
Kansas and Missouri
585,000
558.000
502,000
375,000
661,000
Kentucky-Eastern
134,000
79,000
81,000
135,000
183,000
Western
22,000
16,000
21,000
16,000
47,000
Maryland
3,000
3,000
3,000
3,000
12,000
Michigan
21,000
22,000
22.000
15,000
38,000
Montana
15,000
13,000
18,000
New Mexico
15,000
51,000
18,000
16,000
12,000
13,000
North Dakota
14,000
269,000
334,000
260,000
Ohio
73,000
888.000
d
Pennsylvania (bituminous) 1,568,000 1,807,000
959,000 3,613,000
72,000
78,000
Tennessee
59,000
50,000
113,000
9,000
13,000
Texas
11,000
11,000
21,000
Utah
25,000
25,000
24,000
17,000
89,000
173,000
190,000
Virginia
149,000
117,000
240,000
19,000
Washington
18,000
24,000
25,000
44,000
West Virginia-Smuthern b 1,470,000 1,490,000 1,173,000
949,000 1,380,000
Northern_ c
430,000
493,000
d
309.000
856,000
49,000
55,000
50,000
Wyoming
55,000
104,000
Other States
10,000
7,000
1.000
5,000
3,000
Total bituminous coal._ 5,850,000 6,382,000 4,931.000 3,688,000 10,886,000
Pennsylvania anthracite
1,115,000 1,234,000
594,000
528,000 1,956,000
Total coal
8,965,000 7.596.000 5.525.000 4.218 000 12.822.000
a Figures for 1923 and 1932 only are !nal. b Includes operations on the N. Or W
C. & 0.: Virginian: K.St M.: and B.C &(I. c Rest of State, including Panhandle.
Grant, Mineral and Tucker Counties. d Original estimtaes in error. Figures being
revised. e Average weekly rate for the entire month.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended June 20, as reported
by the Federal Reserve banks, was $2,472,000,000, an increase of $28,000,000 compared with the preceding week
and of $269,000,000 compared with the corresponding week
in • 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On June 20 total Reserve bank credit amounted to $2,468.000,000, a
decrease of $4,000,000 for the week. This decrease corresponds with
decreases of $126,000,000 in member bank reserve balances, $28,000,000
In non-member deposits and other Federal Reserve accounts and $3.000,000 In money in circulation and an increase of $15,000,000 in monetary
gold stock offset in part by an increase of $165,000,000 In Treasury cash
and deposits with Federal Reserve banks and a decrease of $2,000,000 in
Treasury and National bank currency.
There was practically no change during the week In the System's holdings
of bills discounted and of bills bought in open market. An increase of
$66,000,000 in holdings of United States bonds was offset by decreases of
$9.000,000 in United States Treasury notes and $57,000,000 In Treasury
certificates and bills.
The statement in full for the week ended June 20 in comparison with the preceding week and with the corresponding date last year will be found on pages 4256 and 4257.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
June 20 1934, were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (-I-) or Decrease (-)
Since
June 20 1934 June 13 1934 June 21 1933
g
8
$
28,000,000
-194,000,000
5,000,000
-4,000,000
2,430,000,000
+475,000,000
5,000,000 -3,000,000
-3,000,000
TOTAL RES'VE BANK CREDIT__2,468,000,000
7835.000.000
Monetary gold stock
Treasury and National Bank currency2,359,000,000
-4.000,000 +274,000,000
+15,000,000 +3,805.000,000
-2,000,000
+64,000,000
5,310,000,000 -3,000,000
Money in circulation
-99,000,000
3,769,000,000 -128,000,000 +1.564,000,000
Member bank reserve balances
Treasury cash and deposits with Fed3,121,000,000 +165,000,000 +2,716,000,000
eral Reserve banks
Non-member deposits and other Fed463,000,000 -26,000,000
eral Reserve accounts
-37,000,000
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 $29,000,000, the total of these loans on June 20 1934
standing at $1,040,000,000, 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 $840,000,000 to $870,000,000 loans "for account of
Financial Chronicle
Volume 138
out-of-town banks" from $164,000,000 to $166,000,000 but
loans "for account of others" decreased from $7,000,000 to
$4,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
June 20 1934.June 13 1934_June 21 1933
$
Loans and investments—total
7 211,000,000 7,144,000,000 7,039,000,000
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
3 262,000,000 3,280,000,000 3,455,000,000
1,741.000,000 1,728,000,000 1,813,000,000
1 521,000,000 1,552,000,000 1,642,000,000
3,949,000,000 3,864,000,000 3,584,000,000
2,873,000,000 2.802.000,000 2,484,000,000
1,076,000,000 1,062,000,000 1.100,000,000
794,000.000
37,000,000
Reserve with Federal Reserve Bank
Cash in vault
1,327,000,000 1,354,000,000
40.000,000
37,000,000
Net demand deposits
Time deposits
Government deposits
6,049,000,000 6,225,000,000 .5,522,000,000
696,000,000 682,000,000 752,000,000
733,000,000 511,000,000 290,000,000
Due from banks
79,000,000
85.000,000
87,000,000
Due to banks
1 582.000,000 1,663,000,000 1.278,000.000
P.
Borrowings from Federal Reserve Bank_
Leans on smut.to brokers & dealers:
For own account
870.000,000
For account of out-of-town banks__ _ _ 166,000,000
For account of others
4,000,000
Loans and investments—total
719,000,000
49.000,000
7,000,000
1,040,000,000 1,011.000,000
Total
On demand
On time
840,000,000
164,000.000
7.000,000
775.000,000
705,000,000 680,000,000 591,000,000
335,000,000 331,000,000 184,000,000
Chicago.
1,452,000,000 1,416,000.000 1,249,000,000
585.000,000
On securities
All other
587,000,000
282,000,000
305,000,000
336,000,000
311.000,000
867,000,000
829,000,000
602,000,000
567,000,000
300,000,000
529,000,000
300,000,000
395,000.000
207,000.000
Reserve with Federal Reserve Bank_ 418,000,000
41,000,000
Cash in vault
427.000,000
42,000,000
215.000,000
32,000,000
1,312,000,000 1,351,000,000
359,000,000 349,000,000
23,000,000
47,000,000
956.000,000
350,000,000
45,000,000
190,000,000
409,000,000
191,000,000
271,000,000
Investments—total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
185,000,000
388,000.000
Borrowings from Federal Reserve Bank_
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 June 13:
The Federal Reserve Board's condition statement of weekly reporting member banks in 91 leading cities on June 13 shows increases of $162,000,000 in
net demand deposits and 811,000,000 in time deposits, and decreases of
$8,000,000 in loans and $19,000,000 in investments.
Loans on securities declined $1,000,000, and "All Other" loans declined
$10,000,000 in the Chicago district and $7,000,000 at all reporting member
banks
Holdings of United States Government securities declined $38,000,000 in
the Chicago district and $33,000,000 at all reporting member banks. Holdings of other securities declined $8,000,000 in the New York district and
increased $6,000,000 in the San Francisco district, $5,000,000 in the Chicago
district, and $14,000,000 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 $1,022,000,000, and net
demand, time and Government deposits of $1,172,000,000 on June 13, compared with $1,026,000,000 and $1,149,000,000, respectively, on June 6.
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 June 13 1934, follows:
Increase 1+) Or ,Decrease
Since
June 13 1934. June 6 1934.
June 14 1933.
Loans and investments—total___17,370,000,000
—27,000,000
+849,000.000
—8,000,000
—1,000,000
—7,000,000
—470,000,000
—242,000,000
—228,000,000
Loans—total
On securities
All other
8,089,000,000
3.556.000,000
4,533,000,000
Invertmenta—total
9,281,000,000
—19,000,000 +1,319.000.000
U. 8. Government securities__ 6,243,000,000
Other BeCUritlee
3,038,000,000
—33,000,000 +1.253,000,000
+14,000,000
+66,000,000
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
Public Control Over Bank of Canada Banned by Commons at Ottawa—Defeats Motion to Nationalize
New Central Institution.
The Canadian Commons voted down on June 21 a Liberal
motion to nationalize the new Canadian Central Bank and a
second motion to have Canadians appointed as its Governor,
Deputy Governor and Assistant Deputy Governor. We
quote from an Ottawa dispatch June 21 to the New York
"Times" which also had the following to say:
The sponsor of the second motion, Maximo Raymond, Pointed to the
freezing up and "almost certain loss" of the huge loans made by British
and American bankers to Germany as a proof that Canadians had nothing
to learn about international banking from outside.
"Is this bank going to be managed for the good of this country or is it
going to be dominated by the Bank of England?" he asked. Premier
Bennett, in a reply, deprecated appeals to National prejudice. Canadian
bankers were of the opinion, he said, that none among them was capable
of taking control of a central bank. The Bank of Canada, at the start.
Mr. Bennett said, must have some one trained in central banking, and then
again the Government sometimes wanted the dispassionate view of some
one from outside the country.
It was this attitude that had impelled former Premier Mackenzie King
to choose as head of the Canadian National Railways Sir Henry Thornton,
an American naturalized as a British subject. said Mr. Bennett. The
Bank of Canada would have no more relation to the Bank of England
than to the Bank of France, of Germany or Austria, he added.
The motion to nationalize the new Central Bank was moved by Ian
Mackenzie, a Liberal or advanced monetary opinions. He pointed Out
that it would take over the assets of $300,000,000 from the chartered
banks and urged that this was a dangerous monopoly to place in private
hands. Premier Bennett replied that he had at first thought of having
Canada's Central Bank publicly owned, but had rejected the idea on
consideration. To all intents and purposes, however, he said, it would
be publicly owned in that its Governor, Deputy Governor and its by-laws
would be subject to Governmental approval.
647,000,000
289,000,000
296,000,000
Loans—total
4203
2.881,000,000
248,000,000
+73,000,000 +1372.000.000
+5,000,000
+50,000.000
12,681,000,000
4,450,000,000
906,000,000
+162,000,000 +1,454,000,000
+11,000,000 +187,000,000
—49,000,000 +748,000,000
1,621,000.000
3,770,000.000
5,000,000
+41,000,000
+37,000,000
+90.000,000
+691,000,000
—48,000,000
Weekly Crop Report of Bank of Montreal—Notable
Improvement in Crop Prospects Noted Due to
Heavy Rains.
In its weekly crop report, issued June 21, the Bank of
Montreal stated that "with heavy rains general east of the
Rocky Mountains, crop prospects have been notably
improved,especially in those sections of the Prairie Provinces,
Ontario and Quebec, where lack of moisture was beginning
to have serious effect upon vegetation." The Bank continued:
Over the Prairie Provinces rainfall and cool weather since June I have
been very beneficial to all crops and have greatly improved the feed situation in Southern Saskatchewan and ation in southern Saskatchewan and
southwest Manitoba, where drouth conditions had existed. Grasshoppers
have been checked for the time being, but are still menacing. Some additional acreage has been sown to coarse grains since the rainfall. In Quebec
Province recent rains have been beneficial to all crops•which had been
retarded by the dry weather of the last month, and warm weather is now
needed to promote growth. In Ontario generous rains have stimulated
steady growth and prospects for all fodder crops and pastures are greatly
improved throughout the Province. In the Maritime Provinces cold weather
and late forests have delayed growth and good crops now wait upon warm
weather. In British Columbia growth is still three weeks ahead of last
year and moisture conditions are satisfactory everywhere except on Vancouver Island, where rain is required.
Net Earnings of First Reporting 134 Canadian Companies Show Continued Improvement, According
to Toronto Stock Exchange.
Net earnings from the annual statements of 134 companies
•
reporting up to the beginning of June in the "Monthly Bulletins" of the Toronto Stock Exchange reveal a continued improvement throughout Canadian industry generally, the
Toronto Stock Exchange has announced. It states:
The "Bulletins" show that of the 134 listed corporations so far reporting
earnings for the fiscal year, 81 show decided improvement and 53 reduced
earnings and deficits greater than the previous year.
Of the 81 to show improvement, 48 reported net in excess of the preceding
period, 14 had net earnings where deficits were reported a year ago, and 19
managed to reduce deficits. Out of the 53 companies, the earnings of which
did not equal those of the preceding period, 36 reported a reduction in net
and 17 recorded larger deficits.
Total net earnings of 98 corporations amounted to $96,987,444, contrasted
with $70,001,647 after a deduction of deficits of $4,558,931 recorded by 14
companies for the 1982 year.
The net deficits of 19 companies who also sustained losses in 1932 were
$8,538,547, a decrease from $17,220,392 in the previous year. There were
17 companies to report deficits greater for 1933 than for 1932, with a total
aggregating $2,153,877 contrasted with net deficits of $172,833 for 1932.
The companies used in the analysis represent a good cross section of the
industrial and mining life of the Dominion and are among the major issues
listed on the Toronto Stock Exchange.
Classified into major industries of the country, golds, together with miscellaneous mines, the latter including silvers, made easily the most prosperous
showing of all.
Net earnings of the 19 gold companies reporting, after a deduction of four
with deficits, totaled approximately $17,250,000 against earnings of less
than 12 millions in the previous year, while 10 of the base metals and silver
group recorded earnings of over $18,250,000 as compared with earnings of
around 4% millions in 1932, from which could be deducted five companies
with deficits of approximately 4% millions. The huge increase in this group
could be partly attributed to the $9,500,000 reported by Nickel, which had a
deficit of 8135,000 in 1932. Noranda's increase in net was almost $1,250,000.
Eight utilities earned 20 millions against 19% millions in 1933, while 16
oil stocks were slightly lower in the previous period, at 18% millions.
Twelve financial companies were likewise lower, at $4,771,197, against
$5,293,112, while seven alcohol issues were approximately even with the
previous year.
4204
Financial Chronicle
Nine steel companies showed a gain after deduction of two companies
reporting definits, but construction companies showed greater deficits.
A strong upturn was shown by 10 textile companies, which reported aggregate earnings of $2,500,000 over the preceding year. Twenty-six miscellaneous issues, comprising generally manufacturing concerns, showed a favorable ratio, while the aggregate earnings of 12 food companies were slightly
lower than the 1932 figures.
Dividend Disbursements by 38 Companies on Toronto
Stock Exchange Show Increase of More Than
$17,000,000.
Changes in the rAtes of dividends made since the beginning
of the year in stocks listed on the Toronto Stock Exchange, as
shown in the current "Monthly Bulletin," will represent an
increase of over $17,000,000 payable to shareholders, compared with the amount distributed by the same companies
through the preceding declarations. An announcement issued
June 4 by the Toronto Stock Exchange continued:
Dividend cnanges were made by 38 companies, of which 30 were favorable
against five unfavorable, while the remaining three companies could not be
classified as yet, since the payments were on an interim basis.
The total sum distributed by the companies making the changes amounts
to $33,918,298, as compared with $16,487,766 paid in the preceding period,
but included in the current year's totals are five companies—Acme Gas,
Biltmore Hats, Bralome Mines, Howey Gold, and San Antonio—who instituted
initial payments this year. In addition, and contributing largely to the
current disbursement increases, International Petroleum and Imperial Oil,
both paying bonuses, went on a half-yearly basis instead of quarterly, as
previously.
Apart from the number of mining companies in the favorable list; the
feature was the inclusion of stock of the textile industry. Increased business enjoyed by the group in the past year or so has resulted in Bruck Silk,
Cosmos Imperial, Dominion Textile, Monarch Knitting and Riverside Silk
either increasing or resuming dividend payments.
Premium on gold brought initial dividends to Bralorne, Howey and San
Antonio shareholders, while Dome, Sylvanite and Wright-Hargreaves declared
increases. With Nickel, the payment of lac. per share represented a sum
of almost $1,500,000 being distributed.
Constituting the second largest aggregate disbursement to shareholders
in Canadian corporate history, International Petroleum paid out over $14,000,000 with the current declaration, which compared with four millions
distributed by the company in the previous payment, while Imperial Oil
paid out 10% millions against approximately 3% millions. Both International Petroleum and Imperial Oil's return to shareholders have only been
exceeded once, when Imperial Oil disbursed 16% millions in the December
1930 payment. Other oil stocks, McColl-Frontenac and Model Oils, made
Increases in the dividend rates, while Acme Gas and Wainwright commenced
initial payments.
Food companies were represented by Canadian Canners, Consolidated Bakeries, Fanny Farmer, Loblaw, National Grocers and Westons, the increase
In the latter being made when the regular 25c. dividend was maintained on
the two-for-one split in the stock.
$52,000,000 Canadian Note Rise Sought Designed For
Purchase of Public Works and to Buy Silver.
A program providing for a $52,000,000 increase in Canada's
note issue, which will be used partly to finance a $40,000,000
public works program and partly to carry out the Nation's
promise under the London agreement to purchase 1,671,802
ounces of silver, was announced by Premier Bennett in the
House of Commons on June 19. An Ottawa dispatch on
that date further reported:
It is intended to bridge the transitional period until the new Central
Bank of Canada takes over the Dominion note issue.
In taking such action Canada. according to the Prime Minister's statement, would be adopting the advice of the World Economic Conference,
which counseled reduction of gold coverage to a minimum of 25%.
Actually the Dominion would reduce its coverage only from 40 to 31%.
and if the Canadian dollar were revalued to suit the present market price
of gold. as Mr. Bennett indicated to-day, the coverage would be 52%%•
Introducing his two bills, one to amend the Dominion Notes Act and the
other to authorize a public works program. the Prime Minister said.
"The two measures are supplementary and part of a policy concerned
with the restoration of sound business conditions in Canada."
At present the Dominion Government issues currency under three
statutes. The Finance Act covers advances to the chartered banks of
otherwise unsecured Dominion notes in exchange for gilt-edged securities.
The bill introduced by the Prime Minister to-day provides that the
Finance Act shall be repealed as soon as the Central Bank is in operation.
The Central Bank, after taking over the Dominion note issue, will hold
25% of gold against all its notes and 25% against deposits made with it by
the Government or chartered banks.
The Dominion Notes Act provided that $50,000,000 currency could be
Issued against 812,500,000 gold, and thereafter only dollar for dollar against
gold, with the exception of a special war issue of 826,000.000, only partly
secured by bonds.
On May 31 the amount of currency in circulation, including 838,400,000
Issued under the Finance Act, was 8171.110,949, secured by 869,166,949
gold. The Dominion held 8371,002 gold in excess of statutory requirements.
Spinning Reforms Proposed in Britain—Reduction of
Surplus Spindles and Quota System on Output
and Sales Urged.
A cablegram from London, June 15, is taken as follows
from the New York "Times":
The long-awaited plan for reorganization of the Lancashire cotton spinning trade was published this morning.
Drastic proposals are made by the committee responsible for the plan.
One proposal is that surplus spindles be reduced by the purchase of redundant plant and the dismantling or storing of it.
Second, a statutory levy would be imposed to finance the purchase of
surplus spindles. Third. a new cotton spinners' association would be
formed to work a quota system, the purpose of which would be to regulate
production and prevent sales below cost.
June 23 1934
The plans are to be drafted immediately by a special committee under
the Chairmanship of Lord Colwyn. The Government will then be asked
to introduce the necessary legislation.
Paris Doubles Duty on Canadian Wheat--Wheat and
Rye Mixtures, Seeds and Flour Also Included in
Rise.
Under date of June 15 advices from Montreal to the
New York "Journal of Commerce" stated:
Starting to-morrow the French Government will double the duty on
imports of Canadian wheat, wheat and rye mixtures, seeds and flour,
increasing it from 80 francs to 160 francs per quintal, the Dominion Department of External Affairs was advised officially to-day. A statement
on the subject is expected to be made in the House of Commons early
next week.
France has for the past year been encouraging its home production of
grains by means of the tariff and by exacting regulations. A requirement of
70 to 90% of domestic flour in all their milling was lately raised to 100%•
This regulation was practically prohibitive, so the doubling of the duty
hardly effects the situation.
For some time the only loophole through which imports from outside
countries to France was permitted was a guarantee that the importer of
such wheat should include a similar quantity of French soft wheat in the
flour to be exported. Wheat and flour are not included in the FrancoCanadian treaty.
In the 12 months of the fiscal year ended March 31, Canada exported
to France 10,141.827 bushels of wheat, valued at $6,791,593, and 7,714
barrels of flour valued at 832.319.
The London County Council announced to-day it has ordered 15.000
sacks of 280 pounds each of flour milled from all-Empire wheat.
United States Protests German Moratorium on External Debt—Further Protest Will Be Made if
American Nationals Are Discriminated Against—
Measure in British House of Commons Would
Establish Clearing Offices to Collect "Certain
Debts"—Germany Warns Against Counter Measures in Event of Action Against Its Exports.
Secretary of State Hull has instructed William E. Dodd,
American Ambassador to Germany, to protest- "formally and
energetically" against the German moratorium on external
debts, it was announced on June 18 by William Phillips,
Acting Secretary of State. Proclamation of the moratorium
by Germany on June 14 was noted in our issue of June 16,
pages 4037-38. The American Ambassador to Berlin was
also told to make clear to the German Foreign Office that a
further protest will be made if it became apparent that
American investors were receiving poorer treatment than
investors of other countries. The announcement by Mr.
Phillips reads as follows:
The Secretary of State on June 16 instructed the American Ambassador
at Berlin to protest formally and energetically to the Minister of Foreign
Affairs against the recent summary independent action of Germany with
respect to her external debts.
The Ambassador was instructed to state that this action by Germany
seriously affects the Government of the United States and its nationals
and that the Government of the United States takes occasion to express
its strongest regret that new losses are to be imposed upon American citizens,
and that debtor-creditor relationships have been further impaired.
The Ambassador was further instructed to state to the German Government,in regard to the question of discrimination against American investors,
that the Government of the United States would view with disapproval
developments under which its investors receive poorer treatment than investors of other countries. The Government of the United States would
be called upon to protest any such discrimination,
The spectacle of having not only to accept losses but to perceive Payments to investors of other nationalities at their expense would arouse
a sense of mistreatment among the numerous American investors.
Proclamation of the German moratorium on long-term
and medium-term foreign debts was also sharply 'criticized in
England this week. Neville Chamberlain, British Chancellor
of the Exchequer, told the House of Commons on June 15
that the Government would shortly establish an AngloGerman clearing office, and indicated that the United Kingdom would seize all German cash available to protect British
interests. A bill drafted by Mr. Chamberlain, authorizing
the establishment of an exchange clearing house to seize
such funds, was passed on first reading by the House of Commons on June 20. A London dispatch of June 20 to the
New York "Times" noted the terms of this measure as follows:
The bill does not refer specifically to Germany, but it will be rushed
through Parliament before July 1, when the Dawes and Young loan Payments from the Reich become due. It simply empowers the Government
to establish clearing offices to collect and deal with "certain debts," and
also authorizes the Treasury to restrict imports from "certain foreign countries" in case of default.
No mention is made in the bill of any country to which Britain may
be In default, nor is it stated whether the measure is intended as a model
for other countries, such as the United States, to follow.
In a Berlin account June 15 to the New York "Times,"
it was stated that the German Government, in identical
official notes delivered in their capitals that day, formally
notified eight countries, including the United States, that
it would suspend payment of interest on the Dawes and
Young loans beginning July 1. The other countries so
notified were Belgium, France, Great Britain, Italy, the
Netherlands, Sweden and Switzerland. The account added:
Volume 138
Financial Chronicle
These notes do more than complete the formalities for putting into effect
the complete transfer moratorium on Germany's foreign debt payments
announced yesterday. Their most important purpose is to warn the notified governments against any measures of retaliation against German exports, such as the clearing or recovery Act proposed in the House of Commons by Neville Chamberlain, British Chancellor of the Exchequer, and
to threaten counter-measures in return.
"Such measures would quickly prove themselves vain, and together
with the resulting counter-measures would of necessity lead to a new shrinkage of international trade, annihilating the beginnings of world recovery."
the notes say.
Follow Dr. Schacht's Argument.
For the rest, the notes follow the argument and logic of the statement
issued by Dr.}Hamar Schacht, President of the Reichsbank, yesterday in
justification of the moratorium except that they are more diplomatic and
more detailed. Apparently Dr. Schacht's statement was designed to be
an advance blast to cow the creditors by smiting them with their sins before
the Government got to work on them.
If that was the purpose of Dr. Schacht's statement, it apparently failed
to bring the desired results. Deep gloom settled over the Wilhelrostrasse
to-day as it was deluged with both press and official comment from the
creditor nations, all unfavorable and even resentful, with Mr. Chamberlain's statement, transmitted by the British Ambassador, topping them all.
Germany Issues New Series of Foreign Exchange
Restrictions.
Pointing out that the German Reichsbank lost 20,000,000
reichsmark more in gold and gold exchange during the
second week of June, leaving the ratio of gold to currency
at 2.9%, compared with 3.4% the week before, a wireless
message (June 18) from Berlin to the New York "Times,"
further reported:
The total gold and exchange reserve of the bank now has declined to
100,000,000 reichsmark. As a result a new series of exchange restrictions
was released to-day. Furthermore, sums held here under the moratorium
cannot be transferred, even within the boundaries of Germany without
the permission of the Exchange Control Bureau,
The Reichsbank also announced that it will refuse to pay out any exchange for German coin shipped here from foreign sources, although some
arrangements will be made in order to enable foreign banks to accept
the 50 marks in coin that Germans and legal residents are allowed to take
across the border of Germany. The order also prohibits the purchase or
sale in Germany of conversion bonds to be issued under the moratorium.
German Conversion Loan Oversubscribed.
Under date of June 21 Associated Press advices from Berlin
said:
Bankers announced to-night that there had been a last-day rush of subscriptions for the new 4% Reich conversion loan. As the lists were being
closed there were indications bankers said, that the issue was oversubscribed
substantially.
4205
Mexico, Venezuela, the Union of South Africa and Australia. Those listed
as still sliding backward are Bulgaria. Lithuania, Rumania and Spain.
Germany's Currency Is Varied in Value—Some Forms
of the Mark Still Stable, While Others Are Heavily
Depreciated.
Under date of June 16 advices from Berlin to the New York
"Times" stated:
It is recognized in financial cirlces here that it is not accurate to consider
that the mark is actually undepreciated. Internal prices, indeed, are not
higher than in the remaining gold standard countries and are distinctly
lower than in Switzerland, but in foreign markets only part of the present
Reichsmark currency attains full gold value.
The other forms of currency—registermarks, scripmarks, securities sale
marks, and so forth—are heavily depreciated in that they are convertible
into gold only at a discount. Germany,instead of moderately depreciating
the entire currency, has saved a part entirely from depreciation by heavily
depreciating other parts, and to-day there exists not one Reichsmark but
-dozen marks of different values.
a half
Tobacco Cartel in Germany.
According to a wireless message June 16 from Berlin to the
New York "Times" the Reich Ministry of Economy has
created a cartel of the tobacco industry and has forbidden
the expansion of existing works or the re-opening of closed
ones.
German Cattle Markets Subject to New Curbs—Centers
to Have Associations with Regulatory Power.
The following (copyright)from Berlin, June 17, is from the
New York "Herald Tribune":
Efforts to obtain an adequate supply and steady prices in beef and cattle
culminated in new regulations for the cattle markets. All larger markets
wili have a marketing association operating under a leader, the governing
committee comprising sellers and agents in one group and buyers in the
other group. The association president will be empowered to regulate
payments and prescribe that the buyers group register their likely requirements and take delivery accordingly, and also how many head of cattle
the sellers group may offer.
Different associations located in the same district will combine in a
superseding district association operating under the president and cooperating with the administrative board. District associations are again
combined in a covering association whose president has full power over the
beef and cattle markets. The president works under the Federal cattle,
milk and fat commissioner, who is responsible to the Minister of Foodstuffs and Agriculture and with whose approval he can fix prices and
margins for cattle and produce.
Special licenses have been issued assuring activity only to reliable sellers
and agents. Private slaughter houses will have to pay a special tax unless
the purchase of cattle is recognized in the markets. Regulations will not
be enforced until Aug. 1 to allow time to develop the organization. The
measure is designed to be an effective barrier against former irregularities
like the temporary flooding of markets, which have caused price collapses.
Berlin Data Show World Recovering—Statistical
Office Reports That Two-Thirds of Countries
Are on Road to Recovery—Overindebtedness Still
Remains an Obstacle to Propserity's Return,
Department of Commerce Warns United States
Experts Contend.
Shippers on Exports to Germany.
Two-thirds of the world, led by the four big industrial
A warning to shippers exporting goods to Germany of the
countries—the United States, Great Britain, Germany and "uncertainties of receiving payment in foreign exchange for
Japan—is definitely on the road to economic recovery, current shipments," was contained in a statement issued by
according to a survey of the world published by the German Grosvenor Jones,Chief of the Finance Division of the DepartStatistical Office. Berlin advices June 17 to the New York ment of Commerce at Washington, and made public as fol"Times" in making this known, reported further as follows: lows on June 16 by C. R. Matheson, commercial agent of the
Recovery,the survey says,is proceeding despite the continued depression
Department at the Custom House in New York:
in agriculture and the stagnation in world trade and has already reduced
In connection with the steady decline in the German foreign exchange
the number of unemployed in the world from 30,000,000 in March 1933 to
22,500,000 in March 1934.
of the 54 countries surveyed, the report says, 51% are definitely on the
upgrade, 14% in a state of recuperation, 32% remain in a state of depression and only 3% are still declining.
Cautious Regarding Future.
To the question of whether the road is now free toward prosperity the
Statistical Office gives a cautious answer. The world depression, it says,
was due to three causes: industrial disproportion, agrarian overproduction
and overindebtedness. In its view only the first has been fairly well removed.
Since the survey was made, however, the world-wide drouth has done
much to remove the second which, according to the argument of the report,
should go far toward promoting a new exchange of goods, thereby raising
the volume of world trade.
This leaves the third cause, which the Statistical Office warns continues
as "a source of constant unrest and a threat to future development."
The German analysis of the debt problem should no doubt be read in
the light of Germany's effort to shake off her foreign indebtedness or at
least to make it serve as a lever for her own domestic recovery according to
the scheme devised by Dr. Hjalmar Schacht, President of the Reichsbank,
and expressed in the transfer moratorium, the repurchase of depreciated
bonds and their utilization for "supplementary" German exports. Nevertheless, even when read in this light, the analysis still is interesting.
According to this analysis the world's short-term debts have been reduced
from 57,000,000,000 marks at the end of 1930 to approximately 26,000,000,000 at the end of 1933. Long-term debts, however, remain almost
unchanged at about 150,000,000,000 marks, of which, adding the sums
falling under the later German moratorium, about 32,000,000,000 marks
are in "distress."
Sees Obstacle in Congress
One important cause which produced the credit panic of 1931 has been
removed, the report says. This is the German "tribute" payments, which
But the rest of the
it puts at 67,700,000,000 marks up to June 1931.
"political" indebtedness, put at 40,000,000,000 marks, continues to disturb
the world, says the report. It adds that the action of the United States
Congress in refusing to make concessions and passing the Johnson bill to
bar new credits has further aggravated the situation. .
The other nations besides the big four listed by the Statistical Office as
being in the vanguard of recovery are Sweden, Finland, Paslestine, Canada,
quota, which was reduced to 10% of the basic quota and to 20% for acceptance credits for June, information has been received by the Bureau that the
German authorities have refused to grant supplementary foreign exchange to
cover documents for lumber arriving in June, but ordered during March,
April and May, in an amount in excess of the present 10% allotment. The
result will probably be that documents for many shipments will not be
taken up unless blocked reichsmarks are accepted.
While up to the present lumber is the only commodity for which additional exchange is reported to have been refused to meet arriving documents
covering shipments made in earlier months in conformity with exchange
regulations then existing, this refusal may be extended to other commodities.
In view of this situation and the tendency to reduce all exchange allotments, it is recommended that American exporters be informed of the uncertainties of receiving payment in foreign exchange for current shipments.
Chancellor Hitler and Premier Mussolini Pledge Freedom of Austria—Conferences at Venice Also Result
in Consent of Germany to Re-enter League if
Granted Arms Parity.
Premier Mussolini of Italy and Chancellor Hitler of Germany, in conferences held at Venice on June 14 and 15,
were reported by the press to have reached agreement on
the following three important issues:
1. They pledged themselves to maintain Austrian independence and to
restore tranquillity to Austria.
2. Germany will agree to re-enter the League of Nations if other Power's
will accept her demand for arms parity.
3. Italy and Germany will seek to encourage the formulation of general
treaties instead of limited pacts which result in the setting up of opposing
factions.
An official communique issued on June 15 said that the
heads of the two Governments, after discussing the chief
international problems affecting Italy and Germany, were
in substantial agreement, and planned to remain in close
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Financial Chronicle
contact in order to continue their co-operation in the future.
A dispatch from Venice on June 15 to the New York
"Times" added the following details of the results of the
conference:
Amplifications of the communique were supplied by Dr. Pabrio Suvich,
Under-Secretary for Foreign Affairs, and Premier Mussolini's son-in-law,
Count Galeazzo Ciano, who heads the Premier's press office. They said
the Premiers reviewed all principal international problems with the view
of co-ordinating the general spirit of their respective policies. In this they
were successful, it was said, for the conversations revealed many avenues
for Italo-German co-operation.
Dr. Suvich and Count Ciano stressed that no treaties or particular
agreements of any sort were concluded. They also emphasized that the
conversations were directed against no other nations but on the contrary
had collaboration and clarification of the European situation as their object.
Dr. Suvich's assertion that Germany was disposed to a conditional
return to the League of Nations was partly contradicted by the German
delegation's spokesman who said to German correspondents that Germany
had no present intention to participate in the work at Geneva.
Their Arms Views Alike.
Regarding the statesmen's discussion of arms Dr. Suvich said:
"Premier Mussolini and Chancellor Hitler reviewed their respective
countries' policies on disarmament, which are already known. They found
a substantial identity of views exists between them."
Premier Mussolini said meetings had been taking place in Venice which
had attracted the attention of the whole world. He said he wished all
Italians and all peoples beyond the frontiers to know that the object of the
meetings was to obtain a minimum of collaboration to save Europe from
doom.
Asserts Strong Find Peace.
"We are a strong people," he continued. "Our peace, therefore, is a
virile peace, for peace accompanies the strong. We are fighting, not the
weak, but the unjust.
"To-morrow Chancellor Hitler and myself shall both return to our labors.
I wish you all to know that during these days our spirits have been in
intimate communion which cannot but affect our future actions. Tomorrow we shall resume our action, keeping in mind our ultimate goal,
which for me is the greatness of the Italian people.
"This was the dream of our poets, but war and revolution were necessary before their dream became the patrimony of the whole nation. This
patrimony we will defend against every one.
"We will defend it by persuasion if possible, otherwise with the song of
our machine guns. Nobody can stop the march of the Italian people."
After being interrupted by long applause, he referred to the fact he had
not visited Venice for 11 years, and concluded:
"Tell me whether, after 11 years, you think my voice has lowered its
tone."
New Belgian Cabinet Votes to Retain Gold Standard.
From the New York "Journal of Commerce," we take the
following (United Press) from Brussels, June 19:
Belgium will remain on the gold standard, the new Cabinet decided today. A campaign also was voted to decrease taxes and transport costs.
Parliament will vote on the Administration's policies to-morrow.
Finland, Only Nation to Make War Debt Payment to
United States Views Debt as Point of Honor—
United States Earned Nation's Gratitude in 1918
by Making Needed Loan.
Finland as we noted in our June 16 issue, page 4039, was
the only country to make payment on war debts when instalments from 15 countries fell due June 15. Finland paid
in full the $166,538 due, as she has done in the past. As
bearing on its June 15 payment we quote the following from
Helsingfors, June 17, to the New York "Times":
Noting that Finland was the only country to pay its debt instalment to
the United States, the press here says the most remarkable feature of the
situation is that Great Britain defaulted this time, as a result of which the
debtor nations present an unbroken front except for Finland. Finland
could also have defaulted pending a final settlement of the debt problem,
but considers herself in duty bound to carry out her obligations because the
loan is a debt of honor and somewhat different from the other nations'
indebtedness.
The United States sent large quantities of grain here when Finland
was starving in 1918, and the Finnish Government paid in cash for the deliveries. Subsequently, when Finland needed foreign currencies for various
urgent purposes she asked the United States to repay the amount and allow
Finland to arrange a long-term loan. The United States consented, thereby
showing the newly liberated nation a measure of confidence that earned
Finland's deep gratitude.
Finland is resolved to continue paying this debt of honor, although she
does not thereby desire to boast that she is better off than the other debtors.
Italy in Accord with Argentina over Credits—Latter
to Issue Bonds in Lire at 2%—Total Amount
Put at 50,000,000 Lire.
Under the above head the New York "Herald Tribune"
reported the following (copyright) from Rome June 17:
Negotiations aimed at thawing Italian commercial credits in the Argentine have nearly been concluded by an agreement satisfactory to both
parties. Italian creditors will receive five-year bonds bearing 2% interest,
which will be issued in Italian lire by the Argentine Government.
The total amount of Italian credits is 50,000,000 lire. The agreement
refers to the Argentinian debts originating from goods imported from Italy
between Feb. 1 and Nov. 30 1933, as well as Italian credits for freights
for which no payment has been made.
Exchange for these credits is fixed at four Italian lire for every paper
peso. Each bond is of the value of 100 lire, while fractions and the sums
due of less than 100 lire will be paid in cash by Argentina at current exchange rates.
The strictest control will be exercised by both the Italian and Argentine
governments in order to prevent abuses, particularly for the payment of
credits arising before or after the dates to which the agreement refers.
Italian creditors will have to submit documents proving their credits for
whose payment bonds will be issued by Argentina. Great satisfaction is
expressed over the settlement of these Italian credits and it is felt that the
June
23 1934
main obstacle against resumption of more extensive trade relations between the two countries has now been removed.
It Is anticipated that the commercial agreement between Italy and
Argentina will be ratified by the Argentine Congress in the very near
future. This agreement secures Argentina facilities for the export to
Italy of metal and other products, while Italy is granted the advantages
of another market for her export cotton, textiles and rayon.
The proposed issuance of Argentine bonds was referred
to in our June 16 issue, page 4910.
Terms of Styrian Dollar Loan Conversion Issued
600 Schilling Bond at 6.5% Offered for $100 Unit
at 7%.
From the New York "Herald Tribune" we take the
following (copyright) from Vienna June 17:
In connection with the conversion of the Styrian dollar loan the Provincial Government of Styria offers now, in an official announcement,
the exchange of $100 nominal at 7% into 600 schillings nominal at 6.5%.
redeemable after 25 years, provided that at least $500,000 nominal are
submitted for conversion.
Foreign holders of the obligations are asked to advise of their decision
not later than July 17. The communique states that the reduction of
the interest rate is compensated by the offer of six schillings for a dollar,
while actual dollar exchange rate is only 5.35. In addition, the Provincial
Government guarantees the present schilling value and gives the new
obligations the character of a first class mortgage on its real estate.
While the largest Austrian industry, the Alpine Montangesellschaft
Closed with a deficit of almost 2,500.000 schillings, indicating the company's position was very bad, other leading Austrian concerns announce
improvements. Schooner Bleckmann Steel Works, for instance, closed
the year with a slight profit, while in 1932 it ended with a deficit. The
number of industrial companies able to pay dividends has increased.
The banks, with the sole exception of the Central Bank, are paying no
dividends, but have registered noticeable gains. Creditanstalt declared
a profit of 616,000 schillings net, which is considered a good recovery
after its failure in 1931.
Cuban Decree Limiting Exports of Funds.
Regarding the decree, restricting the exports of funds
from Cuba, to which we referred in our June 9 issue, page
3864, the Department of Commerce at Washington has the
following to say:
On June 2, the Cuban Government issued a decree-law prohibiting the
exportation of money and the sale of foreign drafts, except under certain
specified circumstances, according to information received in the Department of Commerce from Commercial Attache Walter J. Donnelly, at
Havana.
There are eight conditions under which the prohibitory legislation does
not apply, these eight, according to the text of the decree-law as published
in the Havana press, being as follows:
1. For payment of the price of merchandise which may be imported.
2. For payment of obligations contracted prior to the date of the present
decree-law.
3. For maintenance of Cubans, or foreigners residing in Cuba, who are
temporarily abroad or temporarily absent from the Republic, up to a
maximum of 500 pesos annually.
4. For payment of interest or principal of bonds, or dividends on shares.
of companies located in Cuba, but whose holders reside abroad.
5. For payment of maintenance expenses abroad of offices, personnel,
and services, established to encourage the exportation of Cuban products,
and for any other expenses incurred for the same purpose.
6. For payment of insurance premiums (upon policies) now in existence
or which may be made in the future.
7. For payment or exportation of principal and(or) interest upon any
sum imported into the country subsequent to the promulgation of the
present decree-law.
8. For all payments, for any purpose whatsoever, by the State, the
provinces, or the municipalities, and, when previously justified and approved, for all remittances by cultural or phllanthropic institutions for
scholarships.
American Loans Contracted During Machado Regime
Not Legally Binding on Present Government,
According to Cuban Commission—Chase National
Bank of New York Advised There Is No Ground on
Which Obligations Can Be Lawfully Repudiated.
A Commission appointed by the Cuban Government in April
to investigate the legality of approximately $60,000,000 in
American loans contracted during the Machado regime is said
to have advised the Cuban Government against payment, in
a report issued June 19, according to Associated Press advices
from Havana that day. The advices said that Emeterio Santovenia, Secretary to the Presidency, announced the Commission's unfavorable report on servicing loans largely held
by American bondholders, the Chase National Bank, the National City Bank of New York and the Continental Illinois
National Bank and Trust Company of Chicago. The press advices continued:
The Commission Was created by the Cuban Government last April and
empowered to make a study of public works financing. Its task was merely
to investigate and report, not to decide finally upon the legality of the
loans.
It was stated that the grounds for the unfavorable decision rested in the
contention that loans contracted under the regime of former President
Gerardo Machado were not legally binding upon the present Cuban Government.
In a statement issued June 19 the Chase National Bank of
New York said:
The agreements made in connection with the public works financing were
all examined by leading Cuban and American counsel, both at the time
they were effected and in preparation for the recent investigation, and were
declared by them to be valid and binding in all respects. All essential steps
In the financing and all the agreements were made under the authority of
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Financial Chronicle
4207
the Cuban Congress and were specifically approved by it, consistently with
the Constitution. Both at the time the agreements were made involving
Issues to the public and for more than three years thereafter, the then existing Government in Cuba was recognized by the United States as well as by
every other important country in the world.
Eight-Hour Day in Effect in Colombia—Expected to
Increase Jobs.
•
From Bogota, June 17 the New York "Times" reported
the following:
The bank adds that it "is advised that there is no ground
upon which the obligations can be lawfully repudiated." The
statement by the Chase bank, which also contains a translation of the Commission's report, follows:
A law fixing an eight-hour day becomes effective to-morrow and, it is
reported, will be strictly enforced by the government.
The new law is expected to spread work sufficiently to employ soldiers
discharged from the army as a result of the Leticia settlement.
On April 17 1934, the present Cuban Government Issued a decree law
providing for the appointment of a Commission to make a study of the
public works financing. It was charged with the duty of investigation and
report, not of decision. The decree-law provided that The Chase National
Bank should be entitled to be heard before the Commission; and throughout its sessions, which have lasted for about six weeks, the bank has been
represented in Havana by American and Cuban lawyers and officers of the
bank. Various steps in the financing were explained to the Commission in
detail and an elaborate memorandum of facts was filed with it. This
memorandum was accompanied by a further argument and memorandum on
the legal points involved.
The Cuban public works obligations now outstanding, which were subject to examination were the following:
FIrst.—$40,000,000 principal amount of Public Works 534% sinking fund gold
bonds due 1945 issued under an agreement dated Feb. 26 1930. These bonds are
largely in the hands of the public.
Second.
-520,000,000 deferred payment 534% public works certificates representing advances under a bank credit In the same principal amount established
under the agreement of Feb. 26 1930. This credit is owned to the extent of
48 1-3% by the Chase National Bank, to the extent of 26 2-3% by the National
City Bank of New York, and to the extent of 25% by the Continental Illinois
Bank A: Trust Co. of Chicago.
Third.—A balance of $867,000 principal amount of Public Works 53
6% serial
certificates due June 30 1933, which were Issued under an agreement deted June 22
1928, At their maturity the Chase National Bank and its associates. the two
banks already mentioned, acquired from the holders an amount of 31.250.000 of
serial certificates then outstanding in order to prevent a public default on the
Public Works obligations as a whole. The amount then acquired was reduced
through payments by the Machado Government and its succemors, the deCespedes
Government. to the Present amount outstanding, namely, 3867.000.
Under the agreement of reb. 26 1930, the public works bonds and the
deferred payment works certificates representing advances under the bank
credit are secured on a parity with each other by a first preferential right
and lien upon 90% of the revenues derived from public works taxes, subject
only to the prior right and lien of the Public Works 5%.% Serial Certificates, of which only $867,000 remain. In that agreement the Republic of
Cuba covenanted to set aside the pledged revenues in a special account and
to apply them to the extent necessary in payment of the maturities of
principal and interest in each year.
The text of the Commission's report, which is very long, has not been
received in New York. The bank has been advised by its representatives in
Havana that the recommendations of the Commission involving the validity
of the obligations are based on the highly technical contention that the
Machado Government was not a de jure Government and for that reason could
not make contracts binding on the Republic of Cuba.
The bank has consistently avoided political controversy in Cuba. It has
dealt with existing Governments as Governments only and not as political
factions. The agreements made in connection with the public works financing were all examined by leading Cuban and American counsel, both at the
time they were effected and in preparation for the recent investigation, and
were declared by them to be valid and binding in all respects. All essential steps in the financing and all the agreements were made under the authority of the Cuban Congress and were specifically approved by it, consistently with the Constitution. Both at the time the agreements were made
involving issues to the public and for more than three years thereafter, the
then existing Government in Cuba was recognized by the United States as
well as by every other important country in the world, and all inter-Governmental matters were transacted with it.
The bank is advised that there is no ground upon which these obligations
can be lawfully repudiated. The funds represented in their par amount were
all paid out by the bank for the account of the Republic, on the order
doubly certified of its responsible officers. The improvements, for which
they were in part payment, include the Central Highway which extends
practically from one end of Cuba to the other and with lateral roads comprises about 1,000 miles of roadway, the National capitol in Havana, and
numerous other works of construction, including schools, hospitals, aqueducts, sanitation systems and so on. Thus far no offer of restitution has
been made on account of the funds received for these purposes. Prior to
the revolution, however, nearly $20,000,000 principal amount was repaid to
the holders of maturing certificates.
A translation of the Commission's conclusion as received from Havana
is as follows:
First.—The financial operation accorded with the Chase National Bank has
been contracted illegally in violation of the Constitution and the laws. Those
dated after May 20 1929, in addition were made with an usurping Government
and the partial or supplementary loans were made to the regime and not to the
State. All of these are odious and In the greeter part contrary to the public welfare.
The Investments appear obscure, and the assumption of their risk by the creditors
Is evident.
Second—Insofar as concerns the Chase National Bank of the City of New York,
the right of repudiation is undoubted.
Third.—Insofar as concerns the bondholders, the Government has reasons of
a legal character of considerable strength to decide upon their repudiation.
Fourth.—Nevertheless,the position of the bondholders with regard to the Government does not result identically with that of the bank Inasmuch as It is possible
to present arguments In their favor, especially of a moral character which could
serve as a basis for a different solution.
Fifth.—If the Government decides to concede a different and more favorable
treatment to the bondholders It has before it two formulae: Payment of the securities in accordance with the contract or an amicable adjustment. For this
arrtngement perhaps the most equitable and suitable basis would be that of taking
up the bonds at the average value of their quotations over a reasonable period
prior to this report inasmuch as the greater part of the present bondholders have
probably acquired them at a quotation much below their nominal value.
Sixth.—It the repudiation should be total, whomsoever it concerns should be
Indemnified with the proven value of the benefit which actually and positively
the State has received from the investment of the borrowed sum. Determination
of this value shall be by experts appointed for the purpose at the earliest possible
moment.
Seventh.—The real value of the improvement actually obtained, if it has not
already been covered by the payment made up to to-day, shall be paid In the first
place to the bondholders.
Eighth—The responsibilities contracted (assumed) by the bank towards the
invaders is a problem to be discussed between them.
Ninth.—The Government ha the right to claim from the contractors and the
Illegal and unfaithful public officials the amount by which It has been harmed
through their misappropriation and fraud.
The Chase National Bank through its attorneys in Havana is requesting
the present Cuban Government to withhold action on the report of the
Commission until it can present the Government with a comprehensive
statement of law on the points raised by the Commission.
Brazil Creates Body to Aid Foreign Trade—Further
Decree Release Export Commodities Held by
Exchange Restrictions.
Rio de Janeiro advices June 21 stated that President Vargas
signed a decree that day creating the Federal Foreign Trade
Council, the duties of which will be to seek rational solution of Brazil's foreign trade problems. The cablegram, as
given in the New York "Times" continued:
It is to foster exports through technical studies, broach commercial
agreements, lay plans for international advertising of Brazilian products
and offer concrete suggestions for exchange operations, foreign credits and
loans. The Council will be presided over by President Vargas and will
meet weekly.
The President also signed a decree releasing many exportable commodities
heretofore kept in Brazil by exchange restrictions. The decree authorizes
the Bank of Brazil to relinquish control of exchange drafts. This will
result in the exportation of these commodities, and Brazilian exporters
will be allowed to receive payment in foreign money without intervention
by the Bank of Brazil.
This is calculated to help exportation and increase profits by virtuerof
the sale of these drafts openly at the free exchange rate. The major
Brazilian articles of export, including coffee, cocoa, hides and rice, are not
Included in this decree.
Nortz & Co. Says Report Brazil Plans to Remove Export Tax on Coffee and Withdraw Support Is False.
Reports from Brazil that the Government had removed
its 15% export tax on coffee and withdrawn its support from
the market were denied yesterday (June 22) by Nortz & Co.,
coffee dealers of New York City, who said that the reports
were not authentic. Other cables from Brazil yesterday said
that the Brazilian Government plans to ease exchange restrictions on transactions in certain of the less important
commodities, although the Bank of Brazil will continue to
exercise control.
Election of Officers of Chile-American Association, Inc.
Officers of the Chile-American Association, Inc., were
elected for the ensuing year at the first meeting of the Board
of Governors of the association held in New York City, June
12, as an incorporated body under a charter recently granted
by the State of New York. The association has been functioning for the past 16 years. The officers were elected as
follows:
Chairman of the Board—H. C. Bellinger, Vice-President,
Chile Exploration Co.
Vice-Chairman—H. G. Brock, Vice-President, Guaranty
Trust Co. of New York.
Director, Treasurer and Secretary—Col. A. Kenny C. Palmer,
Assistant Treasurers—W. E. Bennett, Assistant Secretary,
Compania Salitrero Anglo-Chilena ; C. E. Moran, Assistant
Secretary, Chile Copper Co., and J. B. Lidstone, Assistant
Treasurer, Chile Exploration Co.
Executive Committee—H. G. Brock; W. T. Corbett, VicePresident, U. S. Steel Products Co.; W.J. Hoffman, Assistant
Vice-President, National City Bank; A. Garni, Vice-President,
W.R. Grace & Co.; R. C. Klugescheid, General Counsel, Kennecott Copper Co., and Warren Simonson, Director, West India Oil Co.
New York Stock Exchange Adopts Resolution Commending Work of Richard Whitney as President.
The Governing Committee of the New York Stock Exchange on June 13 adopted a resolution approving the work
of Richard Whitney as President of the Exchange. The
Committee also resolved that a copy of the resolution, suitably engrossed, be presented to Mr. Whitney. The resolutions follows:
The election of Richard Whitney for the fifth time as President of the
New York Stock Exchange is an impressive expression of the high regard
in which he is held by his fellow members.
The Governors have for three years recorded their deep appreciation of
his able and conscientious leadership in conducting the arduous work of
the Exchange.
They take great pleasure in again expressing their affectionate regard
for him as a man, their entire confidence in him as their leader, and their
unstinted co-operation in the work that lies before him. Be it therefore
Resolved, That the Governing Committee does hereby record its deep
appreciation of the exceptional services performed by Mr. Whitney during
the past year, and express their gratitude to him for his energy, ability and
untiring devotion to the welfare of the Exchange. Be it further
Resolved, That a copy of this resolution, suitably engrossed, be presented
to Mr. Whitney.
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Financial Chronicle
Richard Whitney, President of New York Stock Exchange, Holds First Weekly Press Conference—
Federal Securities Exchange Act Discussed.
The first of his weekly meetings with financial writers
was held by Richard Whitney, President of the New York
Stock Exchange, on June 21, in accordance with a new
publicity policy adopted by the Exchange last week. Many
questions were asked of Mr. Whitney pertaining to the
Exchange's policy under Federal control by the 30 or more
financial reporters and writers that gathered at noon,
June 21, in an anteroom of the Governing Committee room
of the Exchange. The adoption of the new policy by the
Exchange was referred to in our issue of July 16, page 4042.
A rule was set down by Mr. Whitney that he was not to be
quoted directly on any subject unless he gave express permission, in which case a prepared release would be made to
all newspapers. In reporting the conference the New York
"Herald Tribune" of June 22 gave the net result of the discussion as follows:
There are no indications of a change in exchange margin rules, at least
until after the Federal Reserve Board promulgates its initial regulations.
It was explained that the Exchange Act gives discretionary power over
margins to the board and if the Stock Exchange rules are to be brought
into conformity with the Government regulations, it will be only after
the decisions of the board are made public. The question arose from the
fact that present Exchange margin rules in some cases are higher than
those provided for in the bill standard.
The new tax of 1-500 of 1% of the yearly dollar amount of security
sales will probably be passed on to the customer or the broker trading
for his own account, as the case may be. The Governing Committee
has taken no action, and the view is an interpretation of the bill, which
makes the fee a tax on security sales. No estimates of the amount are
available, because of the difficulty of prediction.
The Exchange does not have under consideration any further ruling
on the payment of interest on credit balances by its members. The question arose from the different policies being pursued by member firms,
based on a variety of interpretations of the Banking Act of 1933. The
rules now prohibit payment on balances created merely for the purpose
of receiving interest.
The Exchange does not have under consideration a plan for a five-day
Week operation.
Association of Stock Exchange Firms Prepares Form
Letters for Brokers to Send Customers, Explaining
Proposed Practices Under Section 21 of Banking
Act of 1933—Will Continue to Retain Funds Temporarily for Investment Purposes.
The Association of Stock Exchange Firms, through Frederick F. Lyden, Secretary, made public on June 12 the text
of two letters which it has prepared for brokerage firms to
send to customers for whom free credit balances are being
carried. The letters state that brokers will receive and
temporarily hold funds of customers solely for investment,
but point out that Section 21 of the Federal Banking Act
of 1933, which became effective June 16 1934, makes it
impractical for brokers to engage in the business of receiving deposits. One of the letters states that "we also can
accumulate funds in your account through the sale of securities or through the collection of dividends or interest provided it is understood that such funds are accumulated for
investment and that you will promptly give us instructions
as to the use of such funds."
One of the suggested form letters read as follows:
To Our Customers:
Section 21 of the Federal Banking Act of 1933 becomes effective June 18
1934. In order that we, as investment bankers and brokers, may comply
with the Act, we shall not engage in the business of receiving deposits on •
and after that date.
We shall continue, however, to receive and temporarily hold funds of
our customers which are solely for investment. In order that such investment funds may not assume the character of deposits, we shall be pleased
to hold such funds upon the following cmditions:
1. Funds which we now hold for you may be continued with us provided
we now have investment instructions covering such funds or receive such
Instructions within a reasonable time after the above date.
2. Funds which accumulate in your account through the sale of securities
may be continued with us provided we receive investment instructions
covering such funds within a reasonable period thereafter, which normally
should not exceed a period of 30 days after the date of such sales.
3. Funds which you may remit to us in the future may be accepted by
us provided we receive investment instructions covering such additional
funds at the time of remittance, or within a week or two thereafter.
4. Funds which accumulate through collection of dividends and interest
either may be added to your investment funds with us. or will be remitted
to you at quarterly or more frequent intervals as you may prefer.
5. Whlle it is recognized that the precise amount awaiting investment
cannot usually be covered by instructions, it is suggested that any balance
of funds remaining uninvested over more than a short period should not
exceed more than a small proportion of the total of the investment account.
6. On and after June 16 1934, we shall not allow interest on your funds
with us.
7. We regret that after that date we can no longer extend the privilege
to you of drawing checks or drafts, or of requesting us to make payments
to various persons against your credit balance with us. Should you at
any time wish to withdraw any of your funds, we shall send you our check
to your order or to your bank for your account, as you may request.
For our protection under the law, we must, of course, reserve the right
at any time when in our judgment any customers' funds with us might
assume the nature of deposits, either to return such funds to the customer
or to his bank for his account, or to place such funds in a special customers'
account I n our name with a New York bank or trust company.
June 23 1934
We shall remain members of the New York Stock Exchange and continue
our general investment and brokerage business. We shall ,ontinue also
to specialize in the purchase and sale of United States Government securities, bank acceptances and foreign exchange. It is our desire to continue
to serve you in the future, and we trust that none of the above conditions
necessitated by the Federal Banking Act will interfere with your convenience. If you have any questions with regard to these matters, we shall be
very glad to have you write us regarding them or call upon us at our office
at any time.
Yours very truly,
The text of the other form letter prepared by the Association is given below:
To Our Customers:
You probably have already been informed that Section 21 of the Federal
Banking Act of 1933 becomes effective June 16 1934.
This Act makes it impractical for us to engage in the business of receiving deposits, but it does not prevent us from receiving and temporarily
holding funds of our customers for investment. This means that we will
continue to hold funds now in our custody and to receive additional funds
paid to us for investment but you must give us instructions within a reasonable time for the investment of such funds. We also can accumulate
funds in your account through the sale of securities or through the collection of dividends or interest provided it is understood that such funds are
accumulated for investment and that you will promptly give us instructions
as to the use of such funds. Unless the amounts collected from dividends
and interest are to be used for investment we shall be required promptly
to remit them to you.
While it is recognized that the precise amount awaiting investment cannot usually be covered by instructions, it is suggested that any balance of
funds remaining uninvested for more than a short period should not exceed
a small portion of the total of the investment account.
For our protection under the law, we feel that it is necessary for us expressly to reserve the right, either to return such funds to the customer, or,
on instructions, to place such funds in a bank either for his account or in
a "special customer's account" in our name. Such right on our part
would, of course, only be exercised when we deemed it advisable to do so
in order to avoid possible liability under the law.
Yount very truly,
Seligman, Member of New York Stock Exchange 46 Years, to Relinquish Seat.
Jefferson Seligman, of J.& W.Seligman & Co., New York,
a member of the New York Stock Exchange since July 26
1888, will relinquish his seat and has proposed the transfer
of it to Walter Seligman, also a partner of the Seligman
firm, the Exchange announeAd June 21. The Exchange
said that the transfer is nominal. Mr. Seligman, it was
stated, has not been an active member of the Exchange for
some time.
Jefferson
Bernard M. Baruch Plans to Withdraw From Wall
Street—Will Move Offices Uptown and Write His
Memoirs.
Bernard M. Baruch, who has offices at 120 Broadway,
will, it is understood, soon disassociate himself from Wall
Street. A copyright Associated Press account which is authority for this states that Mr. Baruch will sail for Vichy
at the close of this month, and during his short stay there
his offices will be moved to 55th Street and Madison Avenue.
The account stated that Mr. Baruch will devote his next
few years to writing about affairs in general and his own
memoirs in particular. In telling of his plans Mr. Baruch
stated:
I don't want any one to think I'm getting rusty and am going to retire.
I'm not, positively. I'm going to be as active as I've always been. But
It will be a different kind of activity.
Advice& to Banks by Chairman Crowley of FDIC Regarding Requirements Incident to Additional
Payments to Deposit Insurance Fund Under
Newly Enacted Measure.
Banks which have contributed to the Temporary Federal
Deposit Insurance Fund will not have to make any immediate
payment for the additional amount provided under the bill
just passed by Congress.
Leo T. Crowley, Chairman of the Federal Deposit Insurance Corporation, has advised bankers that such payments
would be postponed until after Oct. 1. The limit of insurance
for each depositor will be increased from $2,500 to $5,000 on
July 1 as the result of legislation which Congress passed and
the President signed. Associated Press advices from Washington summarized as follows what Mr. Corwley had to say:
The added payment which this increase will necessitate from the banks,
Mr. Crowley said in an explanatory letter, will depend on the amount of
deposits shown eligible for insurance by a certified statement as of Oct. 1
1934, compared with the amount eligible last Dec. 15. Accordingly the
Corporation has postponed second certified statements of the banks from
June 15 until Oct. 1.
Mr. Corwley explained the new legislation postponed from July 1 1936,
to July 1 1937, the date when banks must be members of the Federal
Reserve System to obtain or retain deposit insurance. Non-member banks
desiring to withdraw from the temporary fund were advised to give 10
days' notice prior to July 1 this year.
Another letter to officers of mutual savings banks told them the maximum
of insurance for each of their depositors would continue to be $2,500, but
that the directors of the FDIC would consider applications of such institutions for the increased protection.
Mr. Crowley's letter to mutual savings banks, dated
June 12 follows:
Volume 138
Financial Chronicle
With this letter we are enclosing a memorandum to all banks, Form No.
65, which states the substance of the Bill S. 3025 as it affects banks generally. There are, however, some special provisions of this law that are of
interest primarily to mutual savings banks and we desire to call these
specifically to your attention.
First, it is provided that mutual savings banks are excepted from the
provision which increases the amount eligible for insurance to amounts
not in excess of $5,000 for deposits of each depositor. The maximum insurance as to depositors in such banks remains $2,500. It is provided,
however, that if any mutual savings bank desires to become subject to the
provisions, in this respect, applicable to other banks, it may be permitted
to do so in the discretion of the Board of Directors of the Corporation.
Second, the Board of Directors of the Corporation is vested with a discretion to open on the books of the Corporation a separate fund to be known
as the Fund for Mutuals. This fund, if opened, will become operative on or
after July 1 1934, but prior to Aug. 1 1934 and shall continue to July 1 1935.
If the fund be opened,all assessments heretofore or hereafter paid by mutual
savings banks, less an equitable deduction for liabilities or expenses incurred prior to the opening of the Fund for Mutuals, will be transferred to
such fund and it will be liable only for losses on account of other members
of the Fund for Mutuals and not for losses on account of members of the
Temporary Federal Deposit Insurance Fund and vice versa. There is no
apportionment of capital authorized, hence, the capital funds of the Corporation support the entire insurance obligations.
We will communicate with you further in the course of a few days advising you definitely how to avail yourselves of the provisions of the law
made specially applicable to mutual savings banks.
The memorandum follows:
Memorandum to Banks: In Re: Bill 5-3025.
Since mailing the Memorandum to Banks in re pending legislation, dated
May 31 1934 (Form No. 63) Bill S-3025 has been adopted by Congress.
The Bill, however, was amended in some respects. It now provides as
follows:
1. For continuing insurance in the temporary fund until July 1 1935.
This extension is automatic and to secure the benefits thereof It is not necessary for banks to subscribe for class A stock in the Corporation on July 1
1934.
2. The insurance of deposits is increased on July 1 1934 to $5.000 for the
deposits of each depositor.
3. The effective date for the requirement that banks become members of
the Federal Reserve System in order to obtain or continue the benefits of
insurance thereafter is postponed from July 1 1936 to July 1 1937.
4. The second certified statement is postponed from June 15 1934, to
Oct. 1 1934.
5. Banks which have contributed to the fund are not required to make any
immediate payment for the additional coverage. Such added payment is
postponed until after Oct. 1 and it will be measured by the difference
between the amount eligible for insurance according to the certified statement as of Dec. 15 last on the basis of $2,500 for each depositor, and the
amount eligible for insurance as reflected by the certified statement as of
Oct. 1 1934, on the basis of $5,000 being eligible for the deposits of each
depositor.
6. Non-member banks desiring to withdraw from the temporary fund are
required to give 10 days' notice prior to July 1 1934, of intention so to do.
There is no requirement for serving notice on depositors. You will be
immediately advised of the regulations of the Corporation concerning withdrawals.
7. The powers of the Corporation with reference to the purchase of assets
and for making loans on the security of assets of closed banks are not
enlarged. Provision is made, however, for enlarging the powers of the
Reconstruction Finance Corporation for such purposes.
8. A par market is provided for obligations that may be issued by the
Federal Deposit Insurance Corporation, to the extent of $250,000,000.
The Reconstruction Finance Corporation is required to purchase such
obligations at par whenever the directors of the Federal Deposit Insurance
Corporation may determine that such sale is necessary for insurance
purposes.
9. That portion of Section 31 of the Banking Act of 1933 which refers to
stock ownership requirements as qualifications for directors is repealed
and the old law on the subject is restored.
10. Every bank, whose deposits are insured. is required to display a sign
Indicating that its deposits are insured by the Federal Deposit Insurance
Corporation. Banks should not enter into any contracts for such signs or
for advertising matter with respect to insurance until they receive the regulation of the Corporation on this subject.
LEO T. CROWLEY, Chairman.
June 12 1934.
Four Former Executive Officers of Guaranty Co.
of New York Admitted to Partnership of Edward
B. Smith & Co.
The investment banking firm of Edward B. Smith & Co.
announced June 18 that Joseph R. Swan, Burnett Walker,
Irving D. Fish and J. Ritchie Kimball, former senior executive officers of the Guaranty Co. of New York, which is
now in dissolution, have been admitted to partnership in
the firm. The firm has moved its main office from 15 Broad
St. to 31 Nassau St., in the Guaranty Trust Co. Building,
and will maintain other offices in Philadelphia, Boston,
Albany, Allentown, Cleveland, Easton, Hartford, Minneapolis, New London, Pittsburgh, Schenectady and London,
England. Edward B. Smith & Co., Inc., will be the
firm's Chicago correspondents. In addition to the main
office at New York, an uptown office is located at 522
Fifth Ave. The announcement of June 18 said:
Our organization will continue as heretofore to underwrite and deal
in Government. municipal and high-grade corporate securities; to render
an investment advisory service, and as members of the New York, Philadelphia and Boston Stock Exchanges to conduct a general commission
business.
Mr. Swan was President of the Guaranty Co. of New
York, and Messrs. Walker, Fish and Kimball were VicePresidents. A majority of the investment organization
and general personnel of the Guaranty Co. has become
affiliated with Edward B. Smith & Co.
4209
In our issue of June 9, page 3868, we referred to the
dissolution of the Guaranty Co. and the intention of its
four executive officers to join the Edward B. Smith firm.
City Bank Farmers Trust Co., New York City, Admitted
to Membership of Federal Reserve System.
The City Bank Farmers Trust Co., New York City,
described as the oldest trust company in America, has been
admitted into membership in the Federal Reserve System,
according to an announcement made June 18 by James H.
Perkins, President. The institution was founded 112 years
ago last February under a special charter from the State of
New York. Mr. Perkins is also Chairman of the Board of
Directors of The National City Bank of New York, with
which the trust company became affiliated in 1929. Its
name was changed at that time from The Farmers' Loan &
Trust Co. to the present name of City Bank Farmers Trust
Co. Its charter as the pioneer trust company was granted
by the State of New York on Feb. 28 1822. The company's
last published statement of condition, as of March 31 1934,
showed:
Assets of $63,966,562, including cash of $9,531,127, loans and other
secured advances amounting to $15,023,391, United States Government
bonds of $18,320,000 and other bonds, mortgages and securities amounting
to $13,025,927. Capital is $10,000,000, surplus 310,000,000, undivided
profits $2,018,282, and deposits $41,773,149.
Glass Banking Act of 1933 Upheld by Florida Court—
Provision for Consolidations Held Not to Invade
State's Rights.
The Banking Act of 1933, provid ng for consolidation of
State trust companies with National banks, was held on
June 13 by the Florida Supreme Court, to be free of conflicts
with State's rights. The Florida "Times-Union" reported
this in Associated Press dispatches from Tallahassee June 13,
which also said:
When National banks take over trust companies licensed by the States,
the Court said, the State companies do not lose their identities, but merely
transfer their business to another company, to be transacted by other
officials.
The trust company functions of the National banks remain under supervision of the banking authorities of the State, the Court held, by reason of
the continuance of the corporate identity of the trust company merged
with the National bank.
A case from Jacksonville brought the Court's decision. It was an action
by T. K. Adams against the Atlantic National Bank.
Adams contended the American Trust Co., which was executor under
court appointment of the will of Herbert Adams,transferred that executorship to the Atlantic National Bank of Jacksonville without specific court
approval when the trust company was merged with the National bank.
Ile claimed it would be necessary to have a direct court order from the
county judge, making the transfer in each case. This, the Supreme Court
said, was not necessary, because the corporate existence of the trust company was not lost in the merger.
The Congressional Act,known as the Glass Banking Bill,"does not undertake to deny, destroy, nor impair without consent of the States, any of the
legislative and judicial powers reserved by the States with reference to their
own corporate creatures. Such Act of Congress is therefore not an unconstitutional invasion by Congress of any legislative power inherent in
the State of Florida."
Approval of the State banking authorities is necessary before the trust
companies can be merged with the National banks.
Chief Justice Fred H. Davis of the Supreme Court said this was the
first decision, so far as he knew, by a State Supreme Court, on whether the
Congressional Act violated State's rights or required agreements and
specific orders by the county judge in each case to transfer to the National
banks the executorships or other trust functions.
The Court's opinion was written by Justice Davis, and was concurred
in by Associate Justices J. B. Whitfield, Glenn Terrell and Rivers Buford.
Associate Justices W. H. Ellis and Armstead Brown dissented.
Current Joint Statement of J. P. Morgan & Co. and
Drexel & Co. Shows Large Increase in Deposits
Over March 1933—Cash Holdings Increased Almost
50% in 14 Months—Capital Funds of Firm Also
Record Marked Gain.
Considerable interest has centered in the figures of condition made public a week ago by J. P. Morgan & Co.,
with the approval by the New York State Banking Department of its application to transact a private banking business.
Reference to the condensed statement of condition as of
June 1 issued jointly by J. P. Morgan & Co. and Drexel
& Co. of Philadelphia was made in our June 16 issue, page
4042. This was the first such statement ever issued by the
firm, except one showing the balance sheet as of March 31
1933, which was prepared at the request of Ferdinand
Pecora, Counsel to the Senate Banking Committee.
It is worth noting here that in addition to the Morgan
firm, six other private bankers were at the same time licensed
by the State Banking Department to continue in the private
banking business as receivers of deposits. As to this it was
observed in the New York "Herald Tribune" of June 16:
To-day is the day set by the Banking Act of 1933, signed by President
Roosevelt just a year ago, for the retirement of private banks from either
the deposit or the securities business.
The other six firms are Brown Brothers Harriman & Co.; Heidelbach,
Ickelheimer & Co.; Huth & Co.; A. Iselin & Co.; Laidlaw & Co. and Robert
4210
Financial Chronicle
Winthrop & Co. Out of the many private banking houses in Wall Street.
only the seven whose applications for licenses were approved yesterday by
the State Banking Department will henceforth be able to accept deposits.
except special funds,such as balances awaiting investment and sums turned
over for service on outstanding debt.
ts These private bankers had to designate a portion of their capital funds
as permanent capital, largely, it appeared, for the sake of conforming to
banking tradition, which requires that the capital account be broken down
Into capital proper and then into surplus and undivided profits. The
figures on permanent capital were given out by Mr. Broderick. They
showed that Brown Brothers Harriman & Co. had $2,000,000 of permanent
capital; Heidelbach, Ickelheimer, $3.000,000; A. Iselin & Co., $1,500,000;
Huth & Co.,$1,250,000; Laidlaw & Co., $1,500,000, and Robert Winthrop
& Co., $350.000. The J. P. Morgan & Co. permanent capital was set at
$25.000,000.
It was pointed out, however, that the figures on permanent capital were
arbitrary and that there were capital funds not included in this item.
Thus, J. P. Morgan & Co. reported capital funds of $57,607,115, while
Brown Brothers Harriman & Co. stated that it had surplus of more than
$8,000,000. Huth & Co. said that its surplus was $1,250,000, and that of
Laidlaw & Co. was put at more than $1,000,000. Heidelbach, Ickelheimer
& Co.and A.Iselin & Co. declined to disclose the amount of their surplus.
Comparison of the figures issued jointly on June 16 by
J. P. Morgan & Co. and Drexel & Co. as of June 1, with the
figures as of March 31 1933 (the latter having been prepared
by Price, Waterhouse & Co., and the items differing somewhat from the June 1 statement of this year, which is in
line with the requirements of the Banking Department), was
contained in the "Herald Tribune" account, referred to
above, and from which we quote as follows:
Net Worth Increase Shown.
The chief point of interest in the J. P. Morgan & Co. condition statement was the item showing that the so-called net worth of the firm, that
is, the capital surplus and partners' balances, amount to $57,607,115,
against $44,862,921 on March 31 1933, the last previous statement of the
House that is available. In April 1933. however, the net worth of the
firm increased, as was noted in a note appended by the accountants to the
March 31 1933.figures, to $53,424,000,a rise of$8,561,650. This substantial
increase in the net worth was made possible by the recovery in security
prices which occurred immediately after the ending the banking holiday.
For the 14 months ended June 1, therefore, the firm's net worth was
$12,744.194 higher, but in the 13
-months ended June 1 the increase was only
$4,183,000. The increases in net worth may be due only in small part to
actual earnings. As indicated in the note to the March 31 1933 statement,
Improvement in security prices in April made the firm $8,561.650 better off.
In that month the market value of the firm's government securities increased $908,741, investments in stocks, bonds, &c., $5,584,604, and
collateral for loans, $2,068,305.
As security prices increase, J. P. Morgan & Co. not only has some appreciation in its government securities, State and municipal bonds and
bills and other stocks and bonds; it also has the benefit of a rise in the
market value of collateral behind outstanding loans and reserves formerly
set aside against deficiencies in collateral can be restored to net worth.
Total Assets $344,251,627.
A comparison of the current statement, which is put out as of June 1,
because that is the day Mr. Broderick made an examination of the firm's
condition, reveals the fact that the total assets are now $344,251,627.
against $317,837,290 on March 31 1933. Deposits were $271,823,365,
against $238,739,982, an increase of $33,083,383.
Cash on hand and due from banks rose $19,742,941 in the 14-month
period and stood at $59,957,873 on June 1. Government securities owned
were $169,509,470, against $146,071.407, an increase of $23.438,063; State
and municipal bonds and bills were $10,674,475, against $1,895,875, an
increase of $8,778,600; stocks and bonds, &c., were $20,831,080, against
326,407,967,a decline of $5,576,887. Banking premises (June 1) were
36,753,304, against banking premises and other real estate of $9,661,304 on
March 31 1933. The item loans and advances on June 1 were $53,280,660.
compared with a total of $78,788,010 for loans, advances and overdrafts
on March 31 1933. a decline of $25.507.350. The firm reported last year
contingent liabilities of $10,227.668 for contracts to purchase foreign
exchange and of $11,714,952 for contracts to sell foreign exchange, but in
the current statement these items are dropped out. Last year the firm
showed its deposits as made up of $38,185,287 of domestic balances and
$1,867,701 of foreign currency balances, but this year it did not indicate
how much funds it had abroad. This year, though, the firm reports $224.128,079 of demand deposits and $47,695,285 of time deposits whereas last
year it lumped demand and time deposits into the one item deposits, which
totaled $238,739,982.
The record high in net worth for the firm, as reported to the Senate
last year. was $118,604,184 on Dec. 31 1929. Deposits at the peak were
$503,898,015 on Jan. 2 1931. Bills payable on March 31 1933, were $19.000,000. This item does not appear in the current statement.
For the first time the firm gave out information about its relations with
its London branch. The name of the branch has been changed from Morgan
Grenfell & Co. to Morgan Grenfell & Co., Ltd., the company having been
changed from one of unlimited to limited liability. The interest in Morgan
Grenfell & Co., Ltd., is now represented by shares, of which £3,300,000
are 5% ordinary shares, one-third paid. In other words, the firm has an
investment of £1,100,000, or about $5,500,000 at current rates of exchange,
.
in the London branch. .
tir Only J. P. Morgan & Co. made public yesterday its condition statement,
private banks of deposit will have to do likewise when the
though the other
Superintendent of Banks issues a call for publication of statements. On the
ground that an emergency still exists, Mr. Broderick has not made a call
for about a year and a half, but a good many of the local commercial banks
under his jurisdiction have published their figures voluntarily.
Announcement of Drexel & Co. of Continuance of
Banking Business In Conformity With Pennsylvania Requirements.
Drexel & Co. of Philadelphia sent to their clients a statement of their condition on June 18, and included therewith
a notice outlining the scope of the company's activities in
the banking and securities fields, in compliance with the
National Banking Act of 1933. The announcement according to the Philadelphia "Inquirer" of June 19 said:
June 23 1n34
We desire to inform you that we shall continue our general banking
business and that we are now subject to the Pennsylvania Department
of Banking code.
As heretofore, our business includes the receipt of deposits, the issuance
of travelers' letters of credit, dealings in foreign exchange, custodianship
of securities, etc.
In carrying out our banking business we shall continue to act as paying
agents, sinking fund agents and transfer agents for stocks and bonds.
We are prepared to execute commission orders on the New York, Pihladelphia and other stock exchanges, and also to act as brokers in the purchase and sale of unlisted securities on behalf of our customers.
A previous reference to the intention of Drexel & Co. to
continue as private bankers subject to State examination
appeared in our issue of June 9, page 3868.
Government Security Purchases Omitted by Treasury
During Week of June 16 for Third Consecutive
Week.
According to a statement issued by the Treasury Department on June 18, no Government securities were purchased
in the open market by the Treasury during the week of
June 16 for the investment accounts of various Government
agencies. This is the third consecutive week that the Treasury has not made any purchases in the open market; the
last purchases were made during the week of May 26,
amounting to $5,000,000. Since the inception of the Treasury's support to the Government bond market last November, reference to which was made in our issue of Nov. 25,
page 3769, the weekly purchases have been as follows:
Nov. 25 1933
48,748.000 Mar. 10 1934
$6,900,000
Dec. 2 1933
2,545.000 Mar. 17 1934
7,909,000
7,079,000 Mar. 24 1934
Dec. 9 1933
37.744,000
16,600,000 Mar.311034
Dec. 16 1933
23,600,000
Dec. 23 1933
16,510,000 Apr. 7 1934
42,369,400
11,950,000 Apr. 14 1934
Dec. 30 1933
20,580,000
44.713,000 Apr. 211034
Jan. 6 1934
30,500,000
Jan. 13 1934
33,868,000 Apr. 28 1934
4,888,000
Jan. 20 1934
17,032,000 May 5 1934
5,001,500
2,800.000 May 12 1934
Jan. 27 1934
500,000
7,900,000 May 19 1934
Feb. 5 1934
4,000,000
Feb. 13 1934
*22,528,000 May 26 1934
5,000,000
7,089,000 June 2 1934
Feb. 17 1934
Feb. 24 1934
1,861,000 June 9 1934
Mar. 3 1934
10,208.100 June 16 1934
* 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.
$961,568 of Hoarded Gold Returned During Week of
June 13—$127,258 Coin and $834,310 Certificates.
The Federal Reserve banks and the Treasurer's office
received $961,568.05 of gold coin and certificates during
the week of June 13, it is shown in figures issued by the
Treasury Department on June 18. Total receipts since
Dec. 28 1933, the date of the issuance of the order requiring
all gold to be returned to the Treasury, and up to June 13
amount to
9,503,307.99. Of the amount received during the week of June 13, the figures show, $127,258.05 was
gold coin and $834,310 gold certificates. The total receipts
are shown as follows:
Received by Federal Reserve Banks—
Week ended June 13
Received previously
Total to June 13
Received by Treasurer's Office—
Week ended June 13
Received previously
Cold Coln,
$127,258.05
27,939,343.94
Cold Certificates.
$818,410.00
58,706,600.00
$28,066,603.99
$59,615,010.00
• 247,994.00
$15,900.00
1,557,800.00
Total to June 13
$247,994.00
61,573,700.00
Note.—Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
Silver Purchased by Treasury During Week of June 15
Totaled 206,790.36 Fine Ounces-8,115,000 Fine
Ounces Received by Mints Through June 15.
During the week of June 15, it is indicated in a statement
issued by the Treasury Department on June 18, silver
amounting to 206,790.36 fine ounces was received by the
various United States mints from purchases made by the
Treasury in accordance with the President's proclamation
of Dec. 21 1933. The proclamation, which was referred to
in our issue of Dec. 23, page 4440, authorized the Department to buy at least 24,000,000 ounces of silver annually.
During the week of June 8 the purchases amounted to
200,897.37 fine ounces. Of the amount purchased during
the latest week, 203,328.36 fine ounces were received at the
San Francisco Mint and 3,462 fine ounces at the Denver
Mint. A corrected figure on total receipts of silver through
June 15 of 8,115,000 fine ounces was contained in the statement. The total weekly receipts since the issuance of the
proclamation are as follows (we omit the fractional part of
the ounce):
Week Ended—
Jan. 3
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Ounces.
1,157
647
477
94,921
117.554
375.99$
232,630
322,627
271,800
126,604
832,808
369,844
Week Ended—
Mar. 30
Apr. 8
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 4
June 15
Ounces.
354,711
569,274
10,032
753,038
436,043
647.224
600.631
503,309
885,056
295,511
200,897
206.790
Volume 138
Financial Chronicle
Treasury Foregoes Sinking Fund Buying—Nearly
$80,000,000 Left of Total.
In United Press advices from Washington June 17, it
was stated that Government security prices have risen so
high that the Treasury Department has decided to withold
sinking fund purchases of nearly 0,000,000 unexpended
for the fiscal year which ends June 30, it is learned. These
advices, as given in the New York "Journal of Commerce,"
continued:
Under the law the Treasury is required to set aside a certain sum annually to retire a portion of its debt. The size of the sinking fund is determined by a complicated system of figuring based on the rate of Government
borrowings, size of war debts and other factors.
Sinking Fund Needs.
For the current fiscal year, which ends June 30, Treasury officials estimated sinking fund requirements at $438,000,000. Next year they may
rise to around $500,000,000 because of increase in the public debt.
For the first eleven and a half months of the current fiscal year sinking
fund purchases of Government securities amounted to $359,489,700, leaving $78,520,300 to be spent before June 30 to use the entire sinking fund
appropriation of $438,000,000.
As United States Government bonds and notes are now all selling above
par and generally around the highest levels in history, the Treasury has
decided not to spend the $78,000,000 in open market purchase of Government bonds or notes, as it would be done at a loss.
To Carry Item Over.
Instead, the $78,000,000 in sinking fund money is to be allowed to carry
over into the new fiscal year which begins July 1 and used along with sinking fund appropriations for that year. Treasury officials pointed to this
procedure to-day as evidence that the Government was not "rigging" its
security market by large repurchases of its own securities.
Since the sinking fund was inaugurated in the fiscal year beginning July
1. 1920,the Government up to the end of the 1932 fiscal year retired $4,417,343,350 in its securities at a cost of $4,409,964,440.• In the 1933 fiscal
year $4.325,660,300 in securities were retired.
New Offering of 182
-Day Treasury Bills in Amount of
$75,000,000 or Thereabouts—To Be Dated June 27
1934.
Announcement of a new offering of $75,000,000 or thereabouts of 182-day Treasury bills, to be dated June 27 1934
was made on June 21 by Henry Morgenthau Jr., Secretary
of the Treasury. The new bills will mature on Dec. 26
1934, and on the maturity date the face amount will be
payable without interest. The bills will be sold on a discount basis to the highest bidders. Tenders to the offering
will be received at the Federal Reserve banks,or the branches
thereof, up to 2 p. m., Eastern Standard Time, Monday,
June 25. Tenders will not be received at the Treasury Department, Washington. The accepted bids will be used in
part to meet an issue of similar securities in amount of $50,091,000 which matures on June 27. Secretary Morgenthau's
announcement of the offering also said in part:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000, $500,000, and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on
the basis of $100, with not more than three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a
deposit of 10% of the face amount of Treasury bills applied for, unless the
tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on June 25 1934,
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter. Probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final. Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made
at the Federal Reserve banks in cash or other immediately available funds
on June 27 1934.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt,from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
$75,226,000 in Tenders Accepted for Offering of $75,000,000 or Thereabouts of 182
-Day Treasury Bills
Dated June 20—$234,994,000 Received—Average
Rate 0.07%.
Of $234,994,000 received to the offering of $75,000,000 or
thereabouts of 182
-day Treasury bills, dated June 20 1934,
tenders of $75,226,000 have been accepted, Henry Morgenthau Jr., Secretary of the Treasury, announced June 18.
The tenders to the bills were received at the Federal Reserve
Banks and the branches thereof, up to 2 p. m., Eastern
Standard Time, June 18. The offering of Treasury bills,
which mature on Dec. 19 1934, when the face amount will
be payable without interest, was announced on June 14 by
Secretary Morgenthau; reference to the same was made in
our issue of June 16, page 4046.
4211
In his announcement ofJune 18,Secretary Morgenthau said
thattheaverage price of the billsis99.963 and the average rate
is about 0.07% per annum, on a bank discount basis. The
accepted bids, according to Secretary Morgenthau, ranged
in price from 99.976, equivalent to a rate of about 0.05%
per annum, to 99.956, equivalent to a rate of about 0.09%
per annum, on a bank discount basis. Only part of the
amount bid for at the latter price was accepted.
-91-day
The last previous offering of bills by the Treasury
-day bills, dated May 16—sold at average rates
bills and 182
on a bank discount basis of about 0.06% per annum (91-day)
-day). The 0.06% rate
and about 0.14% per annum (182
is the lowest at which Treasury bills ever sold.
Offering of $131,400,000 of 10-12-year Consolidated 4%
Bonds of Federal Land Banks—Issue Oversubscribed—Offered to Refund Similar Amount
of 43 % Bonds.
4
A new issue of Federal Land Bank Bonds—$131,400,000
10-12-year consolidated 4% bonds, dated July 1 1934, due
July 1 1946, and not redeemable before July 1 1944—was
offered on Monday, June 18, by a Nationwide banking
group, acting in co-operation with the'12 Federal Land
Banks. It is stated that the new issue is the first public
offering of consolidated bonds and is the largest amount
ever offered to the public at any one time. The last previous
offering was made in November 1930. An announcement
of the new offering said that the proceeds of the issue will
4
be used to refund the 43 % bonds of the Land Banks,
which have been called for redemption July 1 1934, thus
effecting an interest saving of $985,000 a year. The calling
for redemption of the 43 % bonds was noted in our issue of
4
June 16, page 4058. W. I. Myers, Governor of the Farm
Credit Administration, announced on June 18 that the
new issue had been oversubscribed by 11.15 a. m. that day.
He said that in order to give holders of the 43 % Land Bank
4
bonds an opportunity to exchange them for the new consolidated 4% bonds, owners would be permitted to subscribe for the new issue until 3 p. m.Eastern Standard Time,
June 19. In the announcement of the offering it was stated
that holders of the called bonds would receive preferential
treatment wherever possible. At the offering price of
1003 % and interest, it was said, the bonds will yield over
4
3.90%, exempt from all Federal, State, municipal and local
taxation, including Federal income surtaxes. The group
which offered the bonds comprised the following:
Alex. Brown & Sons; the Chase National Bank; Brown Harriman & Co.,
Inc.; Guaranty Trust Co. of New York; the National City Bank of New
York; Edward B. Smith & Co.; the First Boston Corp. and Lee, Higginson
Corp.
Investment banking houses to the number of 1,150 participated in the offering. The bonds will be in coupon and
registered form,interchangeable in denominations of $10,000,
$5,000, $1,000, $500 and $100. They will be redeemable
as a whole or in part on any interest date on and after July 1
1944 at 100% and interest. Principal and interest (Jan. 1
and July 1) will be payable at any Federal Land Bank
or any designated agency.
Incident to the offering, Henry Morgenthau Jr., Secretary
of the Treasury, issued the following statement on June 13:
The Federal Land Banks form an essential part of the banking system
of tne Nation. They are established under the laws of the United States
and operate under the close supervision of the Farm Credit Administration,
which is a permanent branch of the National Government.
Their capital and surplus funds have been in large part advanced by the
United States Treasury through authority of acts of Congress.
Their bonds are secured by first mortgages on farm lands and obligations
of the United States. Congress has declared these bonds, which are
exempt from Federal, State, and local taxation, to be lawful investments
for all fiduciary and trust funds under the jurisdiction of the United States
Government.
The Federal Government, or offices and corporations under its control,
own or hold as collateral Federal Land Bank bonds to an aggregate amount
of more than $600,000,000, or about 40% of the total amount outstanding.
We further quote as follows from the announcement
issued June 18 with regard to the offering:
Although not Government obligations and not guaranteed by the Government, the bonds are the secured obligations of banks operating under
Federal charter with Governmental supervision, on each of whose boards
of directors the public interest is represented by trhee directors appointed
by the Farm Credit Administration. The bonds are exempt from Federal,
State, municipal and local taxation and are eligible under the laws of most
States for the investment of trust funds and also for investment by savings
banks. The bonds are also acceptable by the United States Treasury as
security for Government deposits, including postal savings funds.
Previous offerings of Federal Land Bank bonds have consisted of bonds
issued individually by each of the 12 Federal Land Banks, with a primary
liability of all 12 banks for the payment of interest and an ultimate liability
of all 12 banks for the payment of principal of any of the bonds. The
present issue constitutes the first public offering of consolidated bonds
Issued jointly by the 12 Federal Land Banks, which are jointly and severally liable for the payment, when due, of both interest on and principal of
all such bonds.
4212
Financial Chronicle
The official offering circular issued by the banking group
follows in part:
Banks.
The 12 Federal Land Banks were organized in 1917 with an original capital
stock of S9,000,000, 98.8% of which was subscribed by the United States
Government. The capital has since been increased through the operation
of the System and through additional subscriptions by the Government
until at May 31 1934, capital stock totaled $209,320,786, of which $123.019,675, or 58.8%, was owned by the United States Government,and $86,301,111, or 41.2%, was owned by National Farm Loan Associations and by
borrowers.
Security.
These conrolidated bonds are the joint and several obligations of the 12
Federal Land Banks. In addition, the law requires that these bonds may
be issued only upon the deposit as collateral security of at least an equal
principal amount of obligations of the United States and (or) mortgages
on farm properties which must be first mortgages made to an amount not
exceeding 50% of the value of the land and 20% of the value of the permanent, insured improvements as appraised by Land Bank appraisers at the
time the loans are made, the earning power being the principal factor considered. Since June 1933, such earning power has been based on present
average yields and the average commodity prices prevailing during the
period 1909 to 1914.
Although the composition of the collateral security Is subject to change
at all times, as among the various eligible classes, it is expected that, at
July 2 1934. collateral securing all of the consolidated bonds outstanding
(including this issue) will consist of Government bonds,cash, and first mortgages of the character described at (a) and (b) under "mortgage loans" in
the balance sheet, aggregating not less than 95% of the principal amount
of such consolidated bonds, and first mortgages of the character described
at (0) amounting to not more than 5%.
Purpose of Issue.
Proceeds of this issue are to be used to retire the 01% bonds of the
Banks which have been called for redemption July 1 1934, thus effecting
an interest saving of $985,000 a year.
To the extent that holders of 4%% bonds called for redemption agree,
Prior to the closing of the books, to surrender them at their face value in
part payment for these consolidated 4% bonds,they are to receive preferential treatment.
Legalfor Trust and Other Funds.
The Federal Farm Loan Act provides that the bonds shall be lawful
investments for all fiduciary and trust funds under the jurisdiction of the
United States Government. Under the laws of most States, the bonds
are eligible for the investment of trust funds, and also for investment by
savings banks.
Acceptable by Treasury.
These bonds are acceptable by the United States Treasury as security
for Government deposits, including Postal Savings Funds.
The Government, or offices and corporations created by the Federal
Government under authority of Congress, at May 31 1934, held at least
$608,566,160 Federal Land Bank bonds as investments or collateral security.
Such holdings totaled 39.6% of the $1,537,660,640 Federal Land Bank
bonds outstanding at that date.
The circular said that the Supreme Court of the United
States has upheld the constitutionality of the Act creating
the Banks and exempting their obligations from Federal,
State, municipal and local taxation, including Federal income
surtaxes.
The following is the consolidated statement of condition
of the 12 Federal Land Banks May 31 1934, compiled by
the Farm Credit Administration from reports of the Banks:
ASSETS.
Mortgage loans—Unmatured principal:
(a) Loans with all matured instalments
$969.837,681.89
paid by borrowers
(b) Loans with matured instalments not
5
345,876,138.84
fully paid by borrowers
5
(c) Loans in suspense on which interest
232,840,231.60
Is not accrued
1,548,554,052.33
Total
348,227.16
Less—Principal portion of full adv paym't
*Install, mat,and unpaid by borrowers:
Principal portion
Interest portion
Principal portion—Loans in suspense on
which interest Is not accrued
$1,548,205,825.17
8,045,955.13
19,071,961.75
11,844,897.30
38,962,814.18
5,676,309.22
Total
Less—Partial payments
Tax advances, insurance advances, dm
Purchase money mortgages and contracts:
Purchase money first mortgages (interest
not accrued)
Purchase money second mortgages (Interest not accrued)
Real est. sales contracts (int, not accrued)
33,286,504.96
12,538,954.83
12,429.974.08
959,928.32
24,174,562.93
37,564,465.33
20.398,707.80
Total
Cash on hand and In banks
Due from Secretary of Treasury:
Interest reductions
Paid-In surplus
1,678,159.53
6,360,488.98
8,038,648.51
67,222,294.43
28,652.100.00
91,863.93
United States Government securities
Federal Farm Mortgages Corporation bonds
Other securities
Accrued interest receivable (not yet due):
Mortgage loans (excluding loans in suspense on which interest Is not accrued)United States Government and other sec_
19,284,982.74
589,353.45
Real estate owned
Less—Reserves for real estate owned
70,451,573.01
3,091,941.67
19,874,336.19
Sheriffs' certificates, judgments, Am
Notes receivable (Interest not accrued)Less—Reserves for notes receivable
67,359,631.34
12,487,851.29
-
392,074.52
63,370.82
328,703.70
Banking houses, furniture, fixtures, equipment, &c. (net
after depreciation reserves)
Prepaid and deferred expenses
Other assets
Total assets..!
4,238,985.74
274,561.65
1,803,651.92
11,862,367,086.79
June 23 1934
LIABILITIES.
Farm loan bonds outstanding:
Consolidated bonds
Other bonds
Total
Less—Bonds held by banks
Bonds pledged as collateral
$393,600,000.00
1,144,060,640.00
$1,537,660,640.00
1,398,940.00
250,000,000.00
$1,286,261.700.00
Notes payable to RFC (sec. by cons. bds.).
Government dep. acct. (sec. by cons. bds.).
150,000,000.00
100,000,000.00
Matured Interest on farm loan bonds (coupons not presented)
Deferred proceeds of loans
Accounts payable
Dividends declared but unpaid
Trust accounts
Advance Instalment payments
Other liabilities
Accrued interest payable (not yet due):
Farm loan bonds
15,048,873.87
Other
1,468,271.91
Deferred Income
Capital stock—Owned by:
Unied States Government
National farm loan associations
Farmers with loans direct from banks_ —
16,517,145.78
3,605,681.98
123,019,675.00
83,604,266.25
2,696,845.00
Paid-in surplus—Advanced by United States Government_
Other reserves
Total liabilities
250,000,000.00
2,038,111.76
44,948,485.82
1,421,602.21
216,792.68
4,682,409.70
.
1,353,842.75
887,851.38
209,320,786.25.
39,445,581.78
1,667,094.72
$1,862,367,086.70
* Loans and instalments are here classified only according to payments made
by borrowers, without reference to amounts actually received by the banks from the
United States Treasury, through subscriptions to paid-in surplus, equal to such
Instalments unpaid by borrowers which the banks extend or defer. There are now
extended matured instalments amounting to $36,990,361.44. Such extensions.
though payment may have been received from the Treasury, are classified In the
balance sheet as "unpaid by borrowers." In addition, paid-In surplus advances
are received from the Treasury on account of deferments of principal, tax advances.
&c. Instalments have been extended in connection with loans having unmatured
Principal of $343,502,099.66. The latter figure includes loans in suspense aggregating $176,893,449.56 in connection with which the banks do not recognize accrued
Interest on their balance sheet.
Because of the low ratio between the mortgage loans and the value of the mortgaged properties, and because It Is believed that continued recovery in agriculture
will result in only negligible losses, no special reserve is carried against the possibility of such losses.
The offering bonds by the Banks in November 1930 (the
last previous one made) was referred to in our issue of
Nov. 22 1930, page 3302.
List of Companies Filing Registration Statements With
FTC Under Federal Securities Act.
Security issues totaling more than $15,500,000 filed for
registration under the Securities Act of 1933 were announced
on June 19 by the Federal Trade Commission. More than
$13,000,000 of the total is involved in a readjustment issue
of a Washington, D. C., mortgage house having interests in
several Southern cities. The issues are grouped as follows:
Industrial and commercial
Certificates of deposit
Reorganization or readjustment
$1,187,170
1,004,000
13,350,000
Companies or committees filing statements have headquarters of interests or operate in the following localities:
Chicago, St. Louis, Los Angeles, San Diego, Seattle, British
Columbia, Arizona, Nevada, Washington, D. C., Baltimore,
Jacksonville, Fla., Birmingham, Memphis, Raleigh, N.C.,
Oklahoma City, Ashland, Ky., Charleston, W. Va., Long
Island City, N. Y.and Wilmington, Del.
The registration statements (940-949) were listed as
follows in the Commission's announcement of June 19:
Union Gold Mines Co. (2-940, Form A-1), 900 Market Street, Wilmington,
Del., a Delaware corporation organized Nov. 21 1932, to operate a mining
business, owning claims in Arizona and Nevada. The company expects to
issue 166,666 shares of class A non-voting common stock and 83,333 shares
class B voting common stock at an aggregate price of $249,999, the proceeds to be used for equipment and other corporation purposes. The stock
will be sold to the underwriter, who will be appointed later, at 70 cents a
share or $2.10 a unit, consisting of two shares of class A and one share of
class B stock, and will be offered to the public at $1 a share or $3 a unit.
Among officers are: Grant Snyder, President, and E. S. Alexander, Secretary, both of Los Angeles, Calif.
Fade Radio cfs Electric Corp. (2-941, Form A-1), 24 Orchard Street, Long
Island City, N. Y., a New York corporation proposing to manufacture and
sell radio sets, parts and electric appliances. The company expects to
issue 207,170 shares of common stock at a proposed maximum offering
price of $1.50 a share, and 97,816 shares at $1 a share, or an aggregate of
$408,571, the proceeds to be used for general corporate purposes including
current manufacturing and sales exploitation. While no underwriter has
been appointed it is expected 207,170 shares will be sold to brokers or to an
individual or small group for about $1.50 a share and in no event for less
than the par value of $1 a share. Among officers are: John A. Proctor.
Lexington, Mass., President, and George H. Tamlyn, Brooklyn, N. Y..
Secretary-Treasurer.
Christian A. Golee and Others (2-942, Form D-1), 1564 Sherman Avenue,
Evanston, Ill., a committee calling for deposit of $115,000 first mortgage
% construction and leasehold gold bonds of Michael Hayes, and Anna
L. Hayes, who operated an apartment house at 2205 Maple Avenue,
Evanston, Ill., upon which property the bond issue is secured by mortgage.
A plan of reorganization is contemplated. The committee says it hopes this
can be accomplished without creating a funded debt, although it may be
necessary to mortgage the property in an amount sufficient to cover unpaid
taxes and assessments and the costs of reorganization. Members of the
committee are: Christian A. Golee, Elmer Galitz and Norman F. Lighthart.
all of Evanston.
John T. Wheeler and Others (2-943. Form D-1), 221 North La Salle Street,
Chicago, Ill., a committee calling for deposit of first mortgage 6% serial
gold bonds of the Elm Street Trust In an authorized amount of $600,000.
of which $534.000 is outstanding. The trust owns in fee a seven-story
building, No. 152-162 West Elm Street. Chicago, containing 250 small
apartments. The sole funded debt of the trust consists of the above bonds
issued under and secured by a deed of trust which Is a first lien, subject
only to taxes, on the land and building. Taxes amounting to $14,000 have
not been paid and there is pending before the Treasury Department a claim
Volume 138
Financial Chronicle
against the trust in respect of income and capital stock taxes amounting to
$7,000. A reorganization involving an extension agreement is contemplated.
Members of the committee are: John T. Wheeler, Myron H. Spades, and
Herman L. Kretchmer.
Elm Street Trust (2-944, Form D-2), 221 North La Salle Street, Chicago,
proposes, under a reorganization plan, an extension of its first mortgage
6% serial gold bonds in an amount of $534,000. Trustees are. John T.
Wheeler, Myron H. Spades and Herman L. Kretschmer. There is no
reorganization or readjustment committee. Through its trustees the issuer
intends to apply directly to its bondholders to extend the time for payment
of all outstanding bonds, to reduce the interest rate, to consent to a change
In certain provisions of the trust deed relative to amortization of the bond
Issue, and to waive existing defaults under the trust deed in respect of
payment of taxes.
Citrus Soap Co. (2-945, Form D-2), 530 Broadway, San Diego, Calif., a
California corporation proposing to issue 6,626X shares of common stock
out of an authorized 15,000 shares, share for share, in exchange for 1.800
shares of preferred and 4,826/1 shares of common stock of Citrus Soap Co.
of California, in a reorganization, the new company to be known as Citrus
Soap Co. The amount of the issue is not to exceed $250,000. The new
company was organized solely to take over the assets and liabilities of the
old company by merger proceedings for the purpose of eliminating the preferred stock of the old company. Among officers of the new company are:
George T. Franck, President; Frank A. Gazaly, Secretary, and R. G.
Newbegin, Treasurer, all of San Diego.
W. C. Collins and Others (2-946, Form D-1), 323 North Broadway Street.
St. Louis, a committee calling for deposit of first mortgage serial 6% real
estate gold bonds in an original amount of $400,000 of which $355,000 is
now outstanding, of William Jacob Hildebrandt and Marian Seeba Hildebrandt, who owned and operated the Hildebrandt Building, Jacksonville.
Fla., which is the real estate mortgaged as security for the above-listed
bonds. Due to business conditions, the net rentals of the buidling decreased
to such an extent that the issuer was not able to deposit the full monthly
sinking fund called for by the mortgage. Members of the committee are:
W. C. Collins, Harry Beckman, Joseph /3. E178,138. W. 0. Shillington and
W. M. Sherrill, all of St. Louis.
National Union Mortgage Corp. (2-947, Form D-2), 15th and II Streets,
N. W., Washington, D. C., a Delaware corporation organized May 7 1934 to
acquire, under a plan of readjustment, the collateral securing the bonds of
National Union Mortgage Co., consisting of cash and bonds or debentures
of the following companies: Union Mortgage Co., Charleston, W. Va.;
Southern Securities Corp., Ashland, Ky.; Mortgage Co. of Alabama,
Birmingham, Ala.; Carolina Debenture Corp., Raleigh, N. C.; Franklin
Debenture Corp., Memphis, Tenn.; Associated Mortgage Companies. Inc.,
Baltimore, Md.; Provident Mortgage Co., Oklahoma City. Okla.; Carolina
Bond Corp., Raleigh, N. C.; Franklin Bond Corp., Memphis, Tenn., and
Allied Mortgage Companies, Inc., Baltimore, Md. Using these bonds,
debentures or cash as security for the collateral trust bonds and certificates
of beneficial interest to be issued under the reorganization plan in the
amount of $13,100,000, the company will issue its series A and series B
bonds and its certificates of beneficial interest to the holders of National
Union Mortgage Co. gold bonds deposited under the deposit agreement of
Aug. 11 1933, and to holders of undeposited bonds, together with accrued
Interest. In addition, the bondholders will receive certain amounts of cash.
Among officers of the corporation are: Martin Gillet, Washington, D. C.,
President; Robert J. Mitchell, Baltimore, Vice-President and Secretary;
G. Edward Schwartz, Baltimore, Treasurer, and A. C. Overbeck, Baltimore, Assistant Secretary and Assistant Treasurer. (See also registration
statement Nos. 2-161 and 2-703).
Pacific Southern Investors, Inc. (2-948, Form A-1),650 South Spring Street,
Los Angeles, a Delaware corporation organized in its present form as a
result of a merger of Pacific Investing Corp. and Southern Bond & Share
Corp. as of April 25 1932, at which time the name was changed to Pacific
Southern Investors, Inc., an investment trust of the general management
type. Certain securities of this company owned by American Capital Corp.,
Los Angeles, are to be acquired from that corporation by Pacific Investors,
Inc., Los Angeles, as follows: 3,500 preferred shares; 9,441 class A common
shares; 260,556 class B common shares, and 82,955 warrants to purchase
class B common stock of Pacific Southern Investors, Inc., the entire issue
aggregating $303,600. In consideration of this acquisition, Pacific Investors,
Inc., will transfer to American Capital Corp. 138,000 shares of its common
capital stock, which will be offered to the public by American Capital at
$2.20 a share or $303,600. These shares were filed for registration under the
Securities Act by Pacific Investors, Inc. At the effective date of the present
registration Pacific Investors, Inc., will own 39.6% of the outstanding and
24.5% of the authorized voting stock of Pacific Southern Investors, Inc..
and American Capital Corp. will then own 100% of the voting stock of
Pacific Investors, Inc., which it will offer for sale to its own stockholders.
Among officers of Pacific Southern Investors, Inc., are: Henry S. McKee,
Los Angeles, President; E. J. Nolan, Beverly Hills, Calif., and E. A. Orwig,
Los Angeles, Assistant Secretary and Assistant Treasurer. (See also
registration statement No. 2-882.)
Cariboo King Gold, Inc. (2-949, Form A-1), 1116 Vance Building. Seattle,
Wash., a Washington corporation organized Jan. 25 1934, and registered as
an extra-provincial company in British Columbia. to develop metal mining
property in claims located on Cow Mountain, Jack of Clubs Lake, near
Barkerville, in the Cariboo District of British Columbia, proposing to issue
500,000 shares of common capital stock, proceeds to be used for working
capital and equipment. J. Wolff Teitel, Seattle broker, has been granted
an option contract to purchase the 500,000 shares of this issue, each at 25
cents a share. He proposes selling the shares to dealers and brokers at 30
cents a share. Stock will be offered to the public at approximately 45 cents
a share. Among officers are: James Arthur Hurley. President, and Andrew
Laidlaw, Secretary-Treasurer, both of Seattle.
Additional issues totaling more than $5,860,000 filed for
registration under the Securities Act, were announced
June 20 by the Federal Trade Commission. Of this amount,
more than $2,650,000 is for commercial-industrial purposes,
and upwards of $3,200,000 for certificates of deposit in refinancing matters. A large Connecticut brass company
seeks to issue more than $1,700,700 of additional capital
stock, the proceeds to be applied to its banking indebtedness.
The list of registration statements (950-959) made public
June 20, are listed as follows:
Perry Oil & Gas Corp. (2-950, Form A-1), Saxonburg, Pa., a Delaware
corporation organized May 28 1934, to operate oil and gas leases and to
sell oil well material and equipment, engaging also in refining, manufacturing and transporting. The company expects to issue $249,000 common stock, proceeds to be used for buying and developing oil and gas
leases. Shares will be sold to the public at $1; to the underwriter, yet to be
appointed, at $1 lees 25% less 5%. Among officers are: J. C. Clow, Pitts-
4213
burgh, President; W.I. Gettman, Zellenople, Pa., General Manager;F. W.
Albert, Saxonburg, Pa., Secretary, and F. L. Lefever, Saxonburg, Pa.,
Treasurer.
Massachusetts Investors Trust (2-951, Form A-1), 19 Congress Street,
Boston.
-This number has been assigned to the registration statement filed
by this trust, details of which were announced in Release No. 177. [Refer-Ed.]
ence is made to this in another item in this issue.
Edison Electric Illuminating Co. of Boston (2-952, Form A-1). This
statement filed by this comnumber has been assigned to the registration
pany, details of which were announced in Release No. 177. (Reference to
-Ed.)
this is made in another item in this issue.
Bridgeport Brass Co. (2-953, Form A-1), Bridgeport, Conn., a Connecticut
corporation organized in 1865 to manufacture various forms of brass, copper
and other metal alloys and fabricated metal articles, including plumbing
goods and automobile tire stems. The company proposes offering to holders
of record of its capital stock without par value the right to subscribe for
three additional shares for each five shares held of record, issuing 272,922
shares of capital stock without par value and subscription warrants for that
amount of stock, at an aggregate price to the public not exceeding $1,705,762.50. The stock will be sold to underwriters, stockholders under subscription warrants, and to transferees of subscription warrants at $5 a
share, and by the underwriters to the public at $6.25 a share. Estimated
proceeds of $1,364,610 are to be applied to payment of its banking indebtedness totaling $1,163,000,any excess to be used as additional working capital.
Underwriters are: G. M.
-P. Murphy & Co., New York; R. F. Griggs Co.,
Waterbury, Conn.; and Rinks Brothers & Co., Bridgeport. Conn. Among
officers are: Ralph E. Day. Bridgeport, President; Burgoyne Hamilton,
New York City, Treasurer; R. W. Phillips, Waterbury. Conn., Secretary:
W. R. Webster, Bridgeport, Vice-President and Chairman of the Board.
and H. W.Jones, Englewood, N. J., Vice-President in charge of finance.
Co-Operative Investing Group (2-954, Form A-1), Fort Worth, Tex., an
individual operating under a trade name in stock and bond investments and
other securities listed on stock exchanges which are of a speculative nature.
Bert L. Laubenheim, Manager of the issuer, is seeking to register $500,000
principal amount expected to be received in contributions from such persons
as may desire to invest in the enterprise.
Bondholders Protective Committee, 4515 Lindell Boulevard Apartments.
First Mortgage 0-6% Bonds (2-955, Form D-1), St. Louis, calling for deposits of the above real estate bond issue in principal amount of $330,000.
of which $284,000 is now outstanding. The issue was secured by a first
mortgage deed of trust executed Dec. 16 1926, by Norman B. Howard,
St. Louis architect and builder, the original issuer. The building is now
under receivership. The committee contemplates a reorganization plan, but
reports that it is necessary to work out certain matters with the present
equity owner before a definite plan can be submitted to the bondholders.
Members of the committee are: Dr. Luther E. Todd, Charles R. Hamilton,
and Joseph A. Michel, all of St. Louis.
Mongahela Forest Lumber & Manufacturing Co., Inc. (2-956, Form A-1),
Pickens, W. Va., a Delaware corporation organized Feb. 13 1934, to carry
on a general lumber and milling business in Pendleton County, W. Va.,
proposing to issue 25,300 shares preferred stock at $10 each and 30.000
shares common stock at $10 each, or an aggregate of $553,000. Proceeds
estimated at $310,000 are to be used for operating capital and equipment.
The company expects to grant 20% of the face value of the issue as commission to the underwriter, who has not been selected, while a 235%
discount will go to C. J. Collins, of Collins Securities Co.. 29 Broadway,
New York City, who is retained to employ an underwriter. The company
expects to receive 77%% net of the securities sold. Among officers are:
B.C. Rullmann, President; M.H.Dodri11, Treasurer, and D.W.Andrews.
Secretary, all of Pickens, W. Va.
Howard Morris and John Roberts6n (2-957, Form D-1), 72 Wall Street,
New York City, calling for deposit of $2,922,000 principal amount, first
mortgage 6% sinking fund gold bonds, due April 1 1945, of Texas Gas
Utilities Co., Del Rio, Tex., now under receivership. Market value of
the issue is listed as $467,520. The committee proposes a reorganization
plan, inviting bondholders' to compare it with a reorganization plan offered
April 24 1934, by Commonwealth Gas Corp., owner of the common stock
and practically all unsecured debt of Texas Gas Utilities Co. The Commonwealth plan, proposed to be offered through Texas Gas Service Co., is
deemed by the committee to be unfair to bondholders. Provision is made
In the committee's plan that bondholders who have already accepted the
Commonwealth plan but desire to obtain the securities offered under the
current committee plan, may deposit with the committee the transferable
receipts issued them under the Commonwealth plan. The committee
proposes organization of a new corporation to acquire substantially all
assets of the present company now subject to mortgage securing the first
mortgage bonds and certain unmortgaged assets. Directors of the old
company are listed as follows: John J. Klise, Wooster, Ohio; Carl F.
Bauman, Charleston, W. Va.; Harry B. Lambert, Charleston, W.Va., and
Marshall Estridge, San Antonio, Tex. Members of the committee are:
Howard Morris, 72 Wall Street, New York City, and John Robertson,
Baltimore.
Howard Morris and John Robertson (2-958, Form D-1), 72 Wall Street,
New York City.
-This filing for registration covers the deposit of transferable receipts of Texas Gas Service Co. representing first mortgage 6%
sinking fund gold bonds of Texas Gas Utilities Co., deposited or hereafter
to be deposited under the reorganization plan dated April 24 1934, mentioned in Registration Statement No. 2-957 above.
Wichita Union Stock Yards Co. (2-959, Form A-1). Wichita, Kan., a
Kansas corporation organized in 1887 to carry on a public stockyards
business, now proposing to issue $150,000 4 % first mortgage bonds, the
proceeds to be used to retire present outstanding bonds maturing Aug. 1
1934, in the principal amount of $125,600 with interest of $3,735; balance
of the proceeds to be employed for general corporate purposes. Underwriters are: Wheeler Kelly Hagny Trust Co., and Branch-Israel Investment Co., both of Wichita, who will purchase all the securities jointly and
pay the issuer in cash the par value of the securities less a discount of
3.85% of par value. Among officers are: C. H. Brooks, Chairman of the
Board; Dan C. Smith, President and General Manager, and Len Bouray,
Secretary-Treasurer, all of Wichita.
In making public the above the Commission said:
In no case does the act of filing with the Commission give to any security
Its approval or indicate that the Commission has passed on the merits of the
Issue or that the registration statement itself is correct.
The last previous list of registration statements was given
in our issue of June 16, page 4047.
Adjournment of Congress-Bills Which Failed of
Passage.
About a dozen measures of relative importance, some of
which were reported to have Administration support, failed
4214
Financial Chronicle
June 23 1934
of passage as Congress adjourned, said a dispatch June 19
to the New York "Times" in which it was also noted:
Sawyer, and Oliver M. W. Sprague. Charles H. Learoyd is Secretary, and
Henry B. Sawyer Jr., Assistant Secretary.
It is virtually certain that they will be brought up in January.
Leaders, however, were not concerned at the moment with the bills that
died. They were jubilant over the fact that almost every one of President
Roosevelt's "must" measures had been sent to him for signature.
Among the outstanding bills which did not get through were the following:
Tugwell-Copeland pure food and drug bill-originally reported to have
the support of the Administration, but which died in the Senate after a
House Committee failed to report it out.
L.Wagner labor disputes bill-requested by the President; substitute
resolution passed with "emergency" authority voted to the President.
Banking Act amendments-left to die.
Oil Administration bill-House passed a substitute resolution authorizing
an investigation of the oil industry in the next few months.
Amendments to broaden the licensing powers of the AAA-rejected
by the Senate.
Frazier-Lemke mortgage bill, to provide for Federal acquisition of outstanding farm mortgages, estimated to require the issuance of more than
$3,000,000,000 in greenbacks.
Unemployment insurance measure.
Connery 30
-hour work week bill.
Old-age pensions.
Six-hour work day for all rail employees.
Patman Veterans' bonus bill-passed by the House, but rejected by the
Senate; would have cost $2,400.000,000.
ht McLeod Bank, "Pay Off" bill to refund to depositors in closed banks
about $1,815,000,000 of frozen deposits
-vote in House prevented, through
parliamentary strategy of House leaders.
Proposed Birth-Control bill-rejected by the House Judiciary Committee.
Congress Approves Kerr Bill Designed to Control
Tobacco Production Through Imposition of Taxes
on Output Above Quotas-Measure, Resembling
Bankhead Act, Awaits President Roosevelt's Signature.
The Kerr bill, designed to control tobacco production
through a system of punitive taxation somewhat similar to
that provided in the case of cotton by the Bankhead Act,
was given final Congressional approval on June 18 and sent
to the White House for President Roosevelt's signature.
The latest reference to this measure was contained in our
issue of June 16, page 4052. In approving the bill the
Senate made several amendments to the legislation as
passed by the House, but these were quickly accepted by
the latter body on June 18. The final text of the bill would
penalize tobacco growers who exceeded quotas allotted by
the Agricultural Adjustment Administration. Certain exceptions are permitted the Secretary of Agriculture in the
case of growers :who fail to sign voluntary contracts to cut
production.
Associated Press Washington advices of June 18 gave further details of the bill as follows:
Filing of Registration Statements With Federal Trade
Commission Under Securities Act-$35,000,000
Coupon Note Issue by Edison Electric Illuminating
Co. of Boston, and $9,685,000 Investment Trust
Issue of Massachusetts Investors Trust, Boston.
The Federal Trade Commission announced on June 14
the filing for registration (2-952) under the Securities Act
of a $35,000,000 coupon note-issue by the Edison Electric
Illuminating Co. of Boston and a 89,685,000 investment
trust issue of Massachusetts Investors Trust, Boston (2-951).
The Commission's announcement follows:
Edison Electric Illuminating Company of Boston.
According to its statement, the illuminating company's issue is expected
to provide funds for payment of $25,000,000 in coupon notes and $7,000,000
in bank loans, the balance to be used for expenses of the issue and general
corporate purposes. The company sold an issue of $25,000.000 two-year
5% coupon notes July 16 1932, due July 16 1934; also $10,000.000 discount
notes April 15 1933. due Oct. 16 1933. On the latter date, the company
borrowed $10,000,000 from banks, giving notes therefor discounted at 182
days and due April 16 1934. From the funds obtained, it paid the $10,000,000 discount notes due Oct. 16 1933. On April 16 1934, the company borrowed $7,000,000 from banks, giving notes therefor discounted for 91 days
and due July 16 1934. The funds obtained, together with approximately
$33,000,000 of accumulated funds in its treasury, were used to pay the
$10,000,000 due April 16 1934.
The company lists among its 10 large stockholders of record, as co-trustees,
and as beneficial owners, the following: Robert Treat Paine, II, Boston;
R. L. Day & Co., Boston; General Electric Employees Securities, Corp.,
Jersey City; Walter C. Baylies, Boston; Charles F. Adams, Boston; Sun
Life Assurance Co. of Canada, Montreal; President and Fellows of Harvard
College, Cambridge, Mass.; Electric Securities Corp., New York; Harrigan
& Co., New York; Massachusetts Lighting Companies, Boston; Massachusetts Utilities Associates, Boston; Wiggin & Co., Harvard Trust Co., John
S. Ames, Robert Amory, I. Tucker Burr, Frank D. Comerford, Thomas K.
Cummins William Dexter, Leavitt L. Edgar, Robert F. Herrick, Sidney
Hosmer, and George It. Jewett.
Among holders of the company's coupon notes are Messrs. Adams, Ames,
Amory, Herrick and Paine; also the First Boston Corp., the President and
Fellows of Harvard College, and Harvard Trust Co.
Interest on coupon notes of denominations of $1,000 is to be payable semiannually on Jan. 16 and July 16 of each year. The prices at which they will
be sold to underwriters and the public has not been determined, but the
company announces it will file an amendment covering this feature prior
to the effective date of the registration statement.
It is expected that, subject to approval of the final terms of the underwriting agreement, the amounts to be underwritten by the various underwriters will be as follows: The First Boston Corp., $8,750,000; Lee Higginson Corp.. $4,462.500; F. S. Moseley & Co., $4,287,500; Kidder. Peabody
& Co., $2,887,500; Burr, Gannett & Co., $2,362,500; Brown Brothers
Harriman & Co., $1,750,000; White, Weld & Co. ,$1,400,000; Goldman,
Sachs & Co., $1,050,000; Hornblower & Weeks, $875,000; Stone & Webster
and Blodget. Inc., $875,000; Estabrook & Co., $875,000; R. L. Day &
Co.,$875.000; Blake Bros.& Co.,$700,000; Hayden, Stone & Co.,$700,000:
Paine, Webber & Co., $700,000; Jackson & Curtis, $700,000; Tucker.
Anthony & Co., $350,000; Coffin & Burr, Inc., $350,000; Whiting, Weeks &
Knowles, Inc., $350.000; Arthur Perry Sc Co.. Inc., $350,000; Newton.
Abbe & Co., $175,000; Spencer, Trask & Co., $175,000.
Walter C. Baylies is President of the company; Thomas K. Cummins,
Treasurer; and George M. Guilford, Auditor. The directors are Messrs.
Adams, Ames, Amory, Baylies, Burr, Comerford, Cummins, Dexter,
Edgar, Herrick, Hosmer and Jewett.
The company was organized in 1886, subsequently acquiring the electric
business and properties of 21 other companies. It manufactures electrical
energy for sale, deals in steam for heating and other purposes in Boston,
and owns and operates radio station WEE!.
Massachusetts Investors Trust.
Massachusetts Investors Trust seeks to register 500,000 shares of beneficial interest at an estimated price of $19.37 each, or an aggregate of
39,685,000, of which the estimated net proceeds would be $8,910,000 less
$4,718.50 estimated expenses of the issue. The company invests its funds in
securities of corporations and governments. The present policy is to invest
principally in common stocks. In the present issue, the underwriter,
Massachusetts Distributors, Inc., has the right to purchase from the
investment trust its shares at net asset value as determined by the trustees
each business day.
Members of the board of trustees are: Merrill Griswold, Chairman; L.
Sherman Adams,and Charles F. Rowley. Members of the Advisory Board
are: Charles Francis Adams, Roger Amory, James L. Richards, Henry B.
As amended,the measure provides that persons marketing more tobacco
except Maryland, Virginia and cigar leaf
-than allowed them under their
Farm Administration voluntary contracts to cut production, shall pay a
tax amounting to one-third of the sale price of the tobacco, with the Secretary of Agriculture authorized to lower the penalty to one-fourth if he
sees fit.
The Secretary, however, is permitted, in counties in which he finds an
equitable distribution of tobacco production does not result from farm
agreements, to grant quotas to not more than 6% of the country's tobacco
growers whose production under farm contracts would not be loss than
1,500 pounds. They, like those who signed agreements, will get tax
exemption certificates in the amount of their quotas. The certificates
will be accepted in lieu of tax payments.
The plan will apply to the 1934-35 crop, and may be extended to the
next year's production if three-fourths of the growers of any one type
approve its continuance.
A blanket 2,000
-pound minimum exemption was stricken out by the
Senate.
The Agriculture Secretary also is empowered to fix import quotas based
on the five-year average of domestic production of the different types.
except that the 1926-33 average is specified for Cuba. That slightly
increases the Island's allowable imports.
Registrations Under Federal Securities Act During
May and First Five Months of 1934-31 Statements
Amounting to $19,463,428 Filed During Month.
Thirty-one registration statements of new capital issues,
excluding reorganization securities, filed under the Securities
Act of 1933, became effective during May for a total of
819,463,428, the Federal Trade Commission announced
June 18. This is a decrease of about 45% in number of
companies and 83% in dollar amount in comparison with
April figures, the Commission said. It continued:
Common stocks represent 72% of the total amount effective in May.
about the same percentage as for the earlier months of 1934. Certificates of
participation and beneficial interest rose to 17% as compared with 12.5%
in April and 3.1% for the entire first quarter. Preferred stock increased
from 1.6% for April to 10.3% for May.
Type of Securities.
Distribution by type of security total gross proceeds of security registrations becoming effective in May 1934, excluding reorganization securities,
is shown by the following table:
Type of Security..
Common stock
Preferred stock
Certificates of participation and beneficial
interest and warrants
Mortgages and mortgage bonds
Debenture bonds
Short-term notes
No. of
Units.
Amount.
Per Cent
of Total.
8,867,943
7,590,000
314,055,713
2,007,715
72.2
10.3
13,654
3,300,000
100,000
17.0
.5
____
____
Total
16.471,597
$10.463.428
100.0
Security registrations effective in May represent five kinds of business,
as compared with nine in the registration figures for the first five months of
this year. Partly because of this fact, the proportions of the total May
effective represented by different kinds of business show pronounced variations from the average for the first five motnhs of the year. Perhaps the
most striking difference is in the relative volume of financial and investment
company securities which represent only about 30% of the May effectives
as compared with about 60% of the total for the first five months. Extractive and manufacturing company groups show 31.4 and 25.9% of the
total May effectives as compared with only 7.4 and 16.0% of the total
effectives for January to May, inclusive.
Type of Industry.
Distribution by type of industry of total gross proceeds of the registration statements effective in May, excluding reorganization securities, IS
shown in the following table:
Type of Industry.
Extractive industries
Manufacturing industries
Financial and investment companies
Real estate
Service
Total
No. of
Companies,
Amount,
Per Cent
of Total.
16
7
$6,117,136
5,051,392
5,909,900
2,000,000
385,000
31.4
25.9
30.4
10.3
2.0
31
$19,463,428
100.0
4215
Financial Chronicle
Volume 138
Of the total gross proceeds of securities effective during May. only
$50.000 were registered for the account of others, leaving $19,413,428 of
gross proceeds registered for the account of issuer. Over 15% of the total
gross, or $3,070,752, is not now offered for sale, leaving $16.342,676 as the
gross proceeds to be disposed of for cash and selling expenses. Total net
proceeds on these latter securities to the issuer are estimated to be 513.923,664. leaving $2,419,012. or about 15% of the gross for cost of selling,
distribution, &c. This percentage is an increase of approximately five
points over the average for the first quarter of the year.
Distribution of Proceeds.
Distribution of gross and net proceeds of securities registered and securities
to be disposed of for cash and for selling expenses for the 31 security registrations effective in May,is as follows:
•
Amount.
Total gross proceeds of securities registered
Total gross proceeds of securities registered for account of others
$19,463,428
50,000
Total gross proceeds of securities registered for account of issuer_ _ _ _
Total net proceeds of securities registered for account of issuer
819,413,428
16,994,416
Difference between gross and net proceeds
Total gross proceeds reserved for subsequent issue
Total gross proceeds issued for other than cash
$2,419,012
1,755.000
1,315,752
Total gross proceeds, securities not now offered for sale
Total net proceeds, securities not now offered for sale
$3,070,752
3,070,752
Total gross proceeds, securities to be disposed of for cash and selling
expenses
Total net proceeds, securities to be disposed of for cash and selling
expenses
$16,342,676
Cost of selling, distribution, Ac
13,923,664
$2.419,012
Thirty-two per cent of tho not proceeds of the May effectives are to be
for investment purposes. This represents a decline of 46 points per cent
from April and of 21 points per cent under the average for the first quarter
of 1934. Working capital accounts for about 21% funding, refunding and
conversion, for about 14%. and acquisition of assets, for 11%. The proportions of tho proceeds estimated for each of these three purposes showed
Increases ranging from 4 to 15 points per cent as compared both with the
preceding month and with the first quarter of 1934. This change is accounted for largely by the sharp decline in the investment trust figures.
Use of Proceeds.
Distribution according to proposed use of the net proceeds of securities
registered for tho account of the issuer in the 31 registrations effective in
May 1931, is as follows:
Amount.
Organization and development
New comp.iny plant construction, Ac
Acquisition of assets
Acquisition of capital stock of other companies
Old company plant and equipment additions and betterments
Working capital
Funding, refunding and conversion
Investment
Reserved for subsequent issue
Miscellaneous, unclassified and unaccounted for
Per Cent
of Total.
$1,547,339
992,275
2,013,752
9.1
5.8
11.9
700,000
3,519,051
2,334,133
5,434.327
155,000
298,539
4.1
20.7
13.7
32.0
.9
1.8
Total net proceeds, securities registered for the account
of Issuer
$16,994,416
Only $2,621,548 of the total gross proceeds of new capital issues (excluding reorganization securities) effective during the five months were registered
for the account of others, leaving a balance of $297,332,507 registered for the
account of issuer. Deducting $56,005,036 not now offered leaves securities to
be disposed of for cash and selling expenses aggregating $241,327,471 gross,
and $215,600,561 net. The cost of selling, distribution, &c., which is the
difference between these figures, was $25,725,910, or about 10.7%•
Distribution of Proceeds.
Distribution of gross and net proceeds of the 179 security registrations
effective January-May, excluding reorganization securities, is as follows:
(Stop orders and withdrawals deducted.)
Amount.
Total gross proceeds of securities registereil
Total gross proceeds of securities registered for account of others
$299,954,055
2,621.548
Total gross proceeds of securities registered for account of issuer__ _ _ 6297,332,507
271,016,997
Total nit proceeds of securities registered for account of issuer
Difference between gross and net proceeds
$26,315,510
Total gross proceeds reserved for subsequent issue
Total gross proceeds issued for other than cash
$25,371,140
30,633,896
Total gross proceeds, securities not now offered for sale
Total net proceeds, securities not now offered for sale
$56,005,036
55.416.436
Total gross proceeds, securities to be disposed of for cash and selling
expenses
$241,327,471
Total net proceeds, securities to be disposed of for cash and selling
expenses
215,600,561
Cost of selling, distribution, Ac
$25,726.910
Investment issues represented the proposed employment of over 60%
of the total net proceeds of statements effective during the first five months
of 1934. No other proposed use of net proceeds except funding, refunding,
and conversion (11.4%) accounts for as much as 10% of the total.
Use of Proceeds.
Distribution according to proposed use of the net proceeds of securities
registered for the account of issuer in 178 (one less company distributed, all
of the proceeds of this company being registered for the account of others)
security registrations effective January-May 1934, excluding reorganization
securities is as follows: (Stop orders and withdrawals deducted.)
Amount.
Organization and development
New company plant construction, Ac
Acquisition of assets
Acquisition of capital stock of other companies
Old company plant and equipment additions and betterments
Working capital
Funding, refunding and conversion
Investment
Reserved for subsequent issue
Miscellaneous, unclassified and unaccounted for
Per Cent
of Total.
$3,845,959
8,648,077
12,218,936
1,565,364
1.4
3.2
4.5
.6
2,643,895
20,744.021
30,931,001
166.373.353
22,876.630
1,169,761
1.0
7.7
11.4
61.4
8.4
.4
Total net proceeds, securities registered for the account
of issuer
$271,016,997
100.0
100.0
Five Months Total.
During the first five months of this year, 179 registrations of new capital
issUICEi (excluding reorganization securities) have become effective for a
total volume of $299,954,055. As during the last quarter of 1933 and the
first three months of 1934, common stocks represent more than three-quarters of the total volume effective.
Preferred stocks, certificates of participation, beneficial interest and
warrants, and debenture bonds each accounted for about 7% of the total.
Distribution by typo of security of total gross proceeds of 179 security
registrations effective, January-May 1934, excluding reorganization
securities. is shown to be as follows:
Type of Security.
Common stocks
Preferred stocks
Certificates of participation, beneficial
interest and warrants
Mortgages and mortgage bonds
Debenture bonds
Short-term notes
.No. of
UnUs.
Amount.
Per Cent
of Total.
106.386,762
10,405,037
1230,071,115
22,804,101
76.7
7.6
5,162,600
22,783,100
2,595,739
21,000,000
700,000
7.6
.0
7.0
.2
Total x
121.954.399
$229.954.055
100.0
I Stop orders and withdrawals deduc ed.
The $299,954,055 of securities effective during five months of 1934 are
divided between nine major industries. Financial and investment companies registered 60.2% of the total. The only other businesses reporting
more than 10% of the total are manufacturing with 16% and electric
lighting, power, gas and water companies with about 13%.
Distribution by Industry.
Distribution by typo of industry of total gross proceeds of 179 registrations effective, January-May, excluding reorganization securities, is
as follows:(Stop orders and withdrawals deducted.)
Type of Industry.
No. of
Cornpanics.
Amount.
Per Cent
of Total.
Extractive industries
Manufacturing Industries
Financial and investment companies
Merchandising
Real estate
Construction
Service
Electric lighting, power, gas and water cos_._
Miscellaneous
57
58
43
3
4
2
7
4
1
$22,247,835
48,000,982
180,508,470
1,050,000
6.197,531
270,000
2,962,000
36,667,237
50.000
7.4
16.0
60.2
.4
2.1
.1
.9
12.9
.0
Total
100.0 1
179
$229,954.055
Although not shown in the above table, brewing distilling and spirituous
liquor industries account for about 70% of the total volume of securities
of manufacturing companies for the first five months of 1934 and in the
financial and investment group, general management companies ($94,011.248) represent more than half of the securities effective although the limited
management companies ($76,125,959) are a close second.
The figures of registrations in April were published in our
issue of June 16, page 4049.
Adjournment of Congress-House Inquiries to Be
Conducted During Summer.
Eleven investigating committees of the House appointed
at the recent session of Congress will be engaged during
the summer in completing their studies, with a view to reporting to the Seventy-fourth Congress.
This was indicated in a dispatch June 20 to the New York
"Times" from Washington, from which we also take the
following:
Although all of the eleven committees or sub-committees were empowered
to hold hearings wherever they chose, the prospects now are that few will
journey from Washington during the next few months. After November
elections it may be a different story.
Two of the investigations have already promised to reveal "astounding
Information."
The special Military Affairs sub-committee, which has recommended the
removal of Major-Gen.Denjamin D. Foulois from command of the Army
Air Corps. is now studying purchases of army motor vehicles. This group
is headed by Representative Rogers of New Hampshire, and is authorized
to spend $30,000.
The special Nazi subcommittee is studying the circulation of "unAmerican" propaganda, and a subcommittee will soon go to San Francisco
to continue hearings. Representative McCormack of Mqssachusetts is
Chairman of this group, which can spend $30,000.
Inquiries into the following are also being made.
Oil Industry, Production, Transportation, &e.
-By a special subcommittee
of the Inter-State and Foreign Commerce Committee, looking to introduction of specific legislation in January, headed by Representative Cole of
Maryland, with 825,000 available.
Real Estate Mortgage Bond Selling and Bond-Holding Organizations.
-By
a special subcommittee, to determine whether fraud or deception has been
perpetrated upon investors, headed by Representative Sabath of Illinois,
with $15,000 appropriated.
Bankruptcy and Receivership Proceedings.
-33y a group headed by Representative McKeown. with $17,500 available.
Tin Resources of the World.
-By the Foreign Affairs Committee, to
determine the availability of raw materials for emergency use; Chairman,
Representative McReynolds. with $10,000 authorized.
Existing Revenue Laws.
-By the Ways and Means Committee, with the
view to recommending "tighter" laws at the next session; Chairman has
not been chosen, but $10.000 is available.
Conduct of Federal Judge Ritter of Florida.
-By Judiciary Committee.
and almost completed; Chairman, Representative Tarver, with $5,000 set
aside.
Wild Life Conservation.
-By a committee headed by Representative
Robertson of Virginia, the cost to be $7.500.
Guardians of Mentally Incompetent War Veterans.
-Chairman, Representative Rankin; cost, $7,500.
OA Campaign Expenditures of Future Candidates for the House.
-Special
group headed by Representative Black; cost, $10,000.
4216
Financial Chronicle
United Press advices June 19 from Washington to the
New York "Journal of Commerce" stated that the "kickback" racket, through which employers force workers to
return part of their wages as a price for continued employment, will come under the scrutiny of a Congressional o /
'nee.
/
A ournment of Congress—Omnibus Banking Bill Fai
of Enactment.
One of the bills which failed of enactment at the session
of Congress which adjourned on June 18, was the so-called
Omnibus Banking Bill. The bill, the purpose of which was
to clarify and amend the Banking Act of 1933, was favorably reported early this month by the Senate Banking and
Currency Committee but it was not until June 16 that
"unexpected and energetic efforts" (we quote from Washington advices (June 17) to the New York "Times") were
made by Senator Bulkley to drive the bill through the
Senate, this, said the dispatch, throwing into confusion the
plan to adjourn Congress.
On June 18, when the bill was withdrawn by Senator
Bulkley, the Washington account to the "Times" said:
Carrying out his part of the inter-party agreement [incident to adjournment], Senator Bulkley withdrew his omnibus Banking Bill even before
a quorum had been called. It was Senator Bulkley's insistence upon
passage of this bill that brought about the collapse of leadership in both
parties when adjournment was in reach Saturday night.
With regard to the efforts of Senator Bulkley to press the
bill for passage, the dispatch (June 17) to the "Times" stated:
Sponsored by the Federal Reserve Board and the Comptroller of the
Currency, the bill is declared necessary to clarify the Banking Act of
1933, but its opponents say it proposes very material changes.
Senator Couzens, in a violent clash with Senator Glass last night, charged
that Wall Street bankers had dominated the Banking and Currency Committee, whose sub-committee wrote the measure. Many of its provisions
were anathema to the Michigan Senator.
Objections have been made by Senators Norris, Black and others,
largely on the ground of unfairness in trying to force through a measure of such importance without opportunity for Senators to read or study
it. Assurances that the bill is harmless and that it is based chiefly on
requests by Governor Black of the Federal Reserve Board have failed to
allay opposition.
Opposing Views of Bill.
Despite the fact that the bill is almost a stranger to most Senators,
there is a strong demand for it by the Reserve Board, the Comptroller
and banking interests to clear up difficulties met in administering the
1933 Act.
A similar bill prepared by the House Banking and Currency Committee lies dormant in the lower branch. If the Senate should pass its
bill, the House might take advantage of the extended Congressional session
to act upon it, although this is doubtful.
Principal Senatorial criticism of the bill is lodged against two or three
sections. One allows indefinite liquidation of security affiliates, ordered
divorced from parent banks by yesterday. Another lifts restrictions
In the 1933 law on time and demand deposits from bank branches outside
Continental America and removes the restrictions of the Federal Deposit
Insurance Corp.
Still another relaxes barriers against interlocking directorates in minor
Instances. But, for the most part, the bill is highly technical.
June 23 1934
harshly in requiring them to separate immediately their investment and
deposit transactions."
Senator Couzens said that Mr. Glass, taken ill, was not present when
Senators Bulkley and Walcott drafted the bill and that he had not referred
to the Virginia Senator. Mr. Glass said that "the thing the Wall Street
bankers wanted" was not even in the program.
"It is not in the bill because there was a split between the Wall Street
bankers," Senator Couzens countered.
"The Senator from Connecticut, Mr. Walcott, testified that after the
sub-committee agreed expressly to extend the period of one year for segregation of the banking and securities business there was a split between
the Wall Street crowd and the committee, and the Senator from Ohio
had one veiwpoint and the Senator from Connecticut had another viewPoint add, as a result of that split, they cut out the extension of one year
before the segregation of affiliate and the banking business."
As to Banking Procedure.
Senator Glass denied there had ever been such a proposal and Senator
Couzens corrected himself, saying:
WW1
"I should have said the prevention of taking deposits and doing a security
business."
To this Senator Glass replied:
"The only thing tentatively agreed to was that investment bankers who.
received deposits must apply them to the investment banking business
and not to the commercial banking business; that was not a postponement for a year or any other period". . .
Mr. Glass demanded that Mr. Couzens withdraw his charge of Wall
Street denomination.
"I said that the Wall Street bankers, the Federal Reserve Board and
the Comptroller of the Currency wrote this bill," Senator Comma shouted.
"I deny that all of them put together dominated the Banking and Currency Committee," Mr. Glass answered.
Again Mr. Couzens said that Mr. Glass had been absent during the
bill's preparation.
Honesty of the Committee.
"The Senator did not need to be there to know that his colleagues on
the Banking and Currency Committee are honest and upright men,"
Mr. Glass said.
"I did not charge that they were otherwise than honest and upright
men," returned Mr. Couzens.
"Yes, the Senator did," Mr. Glass cried. "He charged that they were
dominated by Wall Street and the Federal Reserve Board, and I deny
the proposition."
"I assert that it was so," Mr. Couzens replied.
The interchange concluded when Senator Glass said.
"It is a serious matter for any honorable Senator to stand on this floor
and bring such an accusation as that against his colleagues. If I could
think that the Banking and Currency Committee of the Senate could be
dominated by Wall Street, the Federal Reserve Board or the Comptroller
of the Currency or all three of them combined, I should be ashamed to
accept membership on it."
The summary of the bill as given in the "Times" of June
18, follows:
Summary of Bill's Sections.
The bill over which all the furor occurred is unknown to most members of the Senate. Its 18 sections may be summarized as follows:
1. Permits security affiliates, divorced after June 16,to continue "orderly
liquidation" of their affairs wihout time limit so long as they indulge in
o other business. This is to prevent dumping securities on the market.
2. Makes it clear that neither National, State member, nor non-member
banks are inhibited from dealing in, underwriting, or purchasing, Federal,
State or municipal obligations. Also makes it positive that the provisions
of the 1933 Act, prescribing periodic examinations if deposits are received,
do not apply to industrial organizations receiving deposits only from their
own employees.
3. Prescribes that employees shall come under the law forbidding officers
and directors of member banks to be officers, directors or managers of'
organizations primarily engaged in the security business.
4. Removes any doubt as to the power of National banks to buy or
sell corporate stock on order and for account of customers.
5. The 1933 Act bars voting National bank shares, when held by the
bank as sole trustee, or by a holding company affiliate which has not
secured a voting permit from the Federal Reserve Board. In some cases
banks have been unable to secure necessary votes when consent of twothirds of the shareholders is concerned. The new section retains the
prohibition but eliminates from the calculation of a two-thirds vote the
stock which cannot be voted.
(
Reasons for the Delay.
The delay in presenting the bill has occasioned much comment. Mr.
Black's letter asking for the legislation was sent to Chairman Fletcher
of the Banking Committee on May 29. Senator Bulkley, in charge of the
sub-committee on the plan, reported it to the Senate 10 days ago and
called it up on Friday, only to be blocked by Senators Norris and Couzens.
The deferment is explained by the fact that Mr. Bulkley has been in
charge of the National Housing Bill and also has been Ill. When he tried
to put it through the senate Friday, and again several times yesterday,
he pleaded necessity on the ground that many of the 1933 Act's clauses
bicame effective yesterday.
Senator Connally remarked that "many" private bankers would go
out of business if the bill was not passed. These arguments fell on deaf
ears, especially in the Senate's nervous and irritated condition last night.
Battle on Senate Floor.
Any chance of the bill being dealt with last night was dissipated by the
Couzens-Glass clash. Once Mr. Bulkley had it in position, even against
the irritation of many Senators. But he lost his strategic advantage when
Senator Long forced the Frazier Farmers' Bankruptcy Bill to the fore and
was never able to regain command.
Twice he vainly begged the Senate to take up the bill, only to meet
with cries of "I object."
His tactics only intensified bad feeling, with the result that Mr. Couzens's
accusation came in a moment of high tension. The Michigan Senator
lodged it just after objection was made to the Rallroad Pension Bill, which
he advocated. When Mr. Couzens mentioned "Wall Street domination"
of the Banking Committee, Senator Glass leaped to his feet.
"I want to impart some of my well-known precautions and conservatism
to other Senators." he caustically exclaimed. "It is scandalous of the
Senator to make that charge. I challenge him to show a single, solitary
provision that was suggested or is of interest to a single, solitary Wall
Street banker."
"I will do that in my own time: I will show plenty that went on in executive session concerning domination of bankers in the bill," Mr. Couzens
retorted.
Glass's Reply on Wall Street.
"Not a banker in Wall Street ever opened his lips to me on the subject," Mr. Glass shouted. "I was Chairman of the sub-committee. It
Is not a compliment to say that a Senator has been approached by Wall
Street bankers or is so subservient that he may be dominated by Federal
Reserve authorities. I resent it as a member of the committee.
"I have never been approached, suggestively or otherwise, by letter
or in person, by a single, solitary New York banker, except perhaps by
members of this body who felt that small banks in little towns were treated
Latitude for the Comptroller.
6. In connection with converting State into National banks, the Comptroller may allow the converting bank to retain and carry at his valuation,
such assets as do not conform to the law regarding assets acquired and
held by National banking associations.
7. Allows the Comptroller to designate other persons than himself
to countersign, in connection with "withdrawal or transfer of registered
bonds to secure circulation, which are pledged with the Treasurer of the
United States."
8. In order to meet foreign competition, permits branches of National
banks outside Continental United States to charge local interest rates on
loans.
9. Provides for stringent examination and reports concerning National
banking associations' involuntary liquidation, as distinguished from banks
in receivership.
10. Exempts banks or branches outside Continental United States from
the provisions of the FDIC.
11. Allows the Federal Reserve Board to define what are savings, time
and demand deposits, and limit interest rates in connection with all banks
members of the FDIC, but not outside of Continental United States:
allows interest on demand deposits payable outside Continental United
States by mutual savings banks, public and favorable funds.
12. Allows the Comptroller to waive reports and examinations of affiliates when deemed unnecessary to show relationship with the parent organization.
Provisions on Bank Relations.
13. Defines "executive officer" in the legal prohibition forbidding loans
to them and also bars such loans to a partnership where executive officers
have a major interest.
14. Where the law provides certain limitations and conditions by member
banks to affiliates, exemptions are made if the aMilate relationship has
arisen out of a bona fide debt contracted prior to the creation of the relationship.
15. Extends to State member, as well as National, banks the anti-trust '
part of the 1933 Act barring interlocking relationship between banks
operating under Federal charter and corporations or partnerships making
Financial Chronicle
Volume 133
Loans on securities, but relaxes the law so as to allow the bank director,
officer or employee to participate in the corporation if it makes loans only
to its employees, or if it is an agricultural, industrial or commercial business occasionally making loans to customers.
It 16. Where shareholders of two National banks are unanimous on consolidating the banks, publication of notice by shareholders is waived;
protects the rights of dissenting shareholders.
.
id 17. Another protection for right of dissenting shareholders.
18. Allows removal of receivership cases from State into Federal Courts
before trial.
r
A reference to the bill and the recommendations of Senator
Black appeared in our issue of June 2, page 3695.
Adjournment of Second Session of Seventy-third
Congress—President Roosevelt's Letter of Appreciation—Senate Resolution in Tribute to VicePresident Garner—Legislation Enacted—Omnibus
Banking Bill Withdrawn.
The adjournment on June 18 of the second session of the
Seventy-third Congress was marked by the rushing through
of numerous measures during the closing days. Reference
to some of the more important legislation adopted just before
the adjournment is made in separate items detailing action
on the bills, including the Adminstration's housing bill,
the bill providing for loans to industries, the railroad labor
and pension bills, the labor disputes resolution, the bill
providing for free foreign trade zones, the Frazier-Lemke
farm bankruptcy bill, &c.
The adjournment came at 11:45 p. m. on June 18. The
Senate adjourned at 11:05 p. m. and the House, despite its
adoption of a resolution frowning on post-session parties
(daid the New York "Times"), engaged in merrymaking and
adjourned at 11:45.
Appreciation of the work of the Seventy-third Congress
was expressed by President Roosevelt in a letter which he
addressed to Vice-President Garner on June 18, in which he
declared that "this Congress will go down in history as one
of the large accomplishments for the National good." The
President sent a similar letter to the House through Speaker
Rainey on June 16. The President's letter to Mr. Garner
follows:
WHITE HOUSE.
Washington. June 18 1934.
My Dear Mr. President:
Before the final adjournment of the Senate of the Seventy-third Congress
I:want to send through you to the members thereof my sincere compliments
and good wishes. This Congress will go down in history as one of the large
accomplishments for the National good. May I add to this my own feeling
of deer) satisfaction in the fine spirit of co-operation which has existed
between the legislative and executive branches of the government.
May you all have and enjoy a well earned holiday..
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
To Honorable John N. Garner,
President of the Senate.
According to a Washington account June 18 to the New
York "Herald Tribune," when Vice-President Garner called
up the Piesident's letter and had it read, Senator William E.
Borah,insurgent Republican of Idaho, presented a resolution
expressing appreeiation of the services of the Vice-President
as presiding officer. The account from whieh we quote
continued:
The Vice-President replied with deep feeling in a brief speech, while
Senators and visitors in the galleries applauded.
After reading of the President's letter Senator Borah arose and said:
"Mr. President, the session just closing has been a most arduous one,
more so than any I have ever attended, with the possible exception of those
during the war period.
"I think I speak the sentiments of all members of this body when I
that we profoundly appreciate the fairness_the impartiality and the ability
with which the Vice-President has presided over the proceedings of the
Senate at this session.
"To the end that we may have that expression in permanent form, I
ask for the reading of the resolution which is upon the desk."
The legislative clerk read as follows:
"Resolved, That the Senate hereby expresses its profound appreciation of
the vigilance, impartiality and distinguished ability with which the VicePresident, the honorable John N. Garner, has presided over the psoceedings
of this body during the eventful session now drawing to a close.'
"Mr. President, it undoubtedly would be embarrassing to the VicePresident, now in the chair, to put the question of the resolution Just read."
said Senator Joseph T. Robinson. "I ask that the Senate indorse the
resolution by a rising vote."
The resolution was unanimously agreed to, Senators rising and applauding.
In reply, the Vice-President said:
"Senator Borah, Senator Robinson, and members of the Senate: I hope
you will indulge me for just a moment to say that when I came from the
House of Representatives to the Senate to preside over it, I felt a very great
weakness as it were. I was apprehensive that I could not perform in the
Senate as I had in the House of Representatives, and I am not so certain
that I have been so successful here as I was in the House.
10 "I do appreciate this expression of your confidence. I may have been a
little hasty at times, but on every occasion, Senators. I have undertaken to
protect the rights of each individual Senator. As long as I shall preside over
the Senate, I hope to be able to facilitate the business of the Senate, but in
doing so I assure you that it will be my desire to protect the rights of every
Senator; and that is one of the obligations of a presiding officer.
am appreciative of this resolution, and I wish you all health and happiness until next January,"
4217
Detailing the final hours of the session, the Washington
correspondent June 18 of the New York "Times" had the
following to say in part:
The Seventy-third Congress adjourned sine die at 11.45 o'clock to-night.
Both Houses had just acted finally on the National Housing bill and
sent it to President Roosevelt with the compliments of a Congress that
had fulfilled with but few exceptions every desire of the Executive Department. Moreover, it had wiped the legislative slate as clean as remembered by the oldest members or employees of either House.
As its very last act Congress decreed that inter-State shipment of machine guns and sawed-off shot-guns will be allowed only by Government
permit.
The conference report on the Housing bill was approved by the House
at 10.36 p. m. and by the Senate at 10.40 p. m. Earlier the House concurred in minor Senate amendments to the Crosser-Dill Railroad Labor
bill, completing Congressional action.
Two Days Behind Schedule.
The Congress approached its final curtain two days later than originally
planned, chiefly because it insisted in doing more for labor than proposed
in President Roosevelt's program and more for the farmer than is contained
in the multifold provisions of the Agricultural Adjustment Act. Among
the final enactments, completed to-day, were the Railway Labor and Farm
Bankruptcy bills, neither of which was upon the President's calendar.
By 7.30 o'clock to-night neither House had anything to do but await
the conference report on the Housing bill, then in the process of drafting.
The adjournment resolution already had been adopted. masking this
legislative day as the last for the session.
One-Man Filibuster Fails.
The Senate reached this happy stage after weathering a one-man filibuster
by Senator Hastings against the Crosser-Dill Railway Labor bill, which
the body had voted by 78 to 2 to take up. The Delaware Senator privately
told friends he expected to speak until past mid-night if necessary to force
the leadership to withdraw the measure. He abandoned this fight after an
hour, however, when it became apparent that he was bucking practically
the entire Senate. Once he had taken his seat the bill was quickly passed
without record vote.
Previously, both houses had adopted the conference report on the
Deficiency Appropriation bill, carrying more than $2,000,000.000 for relief
and rehabilitation; the Senate had completed action on and sent to the
President the Kerr Tobacco Control bill, providing a penalty tax for tobacco grown in excess of agreements under the AAA; the House had set
itself again for a farewell songfest and Senator Bulkley had withdrawn the
Omnibus Banking bill, thus enabling the Senate to break the jam that
stopped adjournment on Saturday night.
-Lynching Bill.
Smith Blocks Anti
Furthermore, the opportunity had been given in the Senate to take
up for consideration a racing bill for the District of Columbia, this being
killed on objection of Senator Capper, and the Federal anti-lynching measure, which was stopped by the objection of Senator Smith.
Long before the Senate found itself faced with an abortive filibuster,
both bodies had rushed along with pending legislation in an effort to quit
to-night. The House was so successful that it was able to recess at various
times, waiting for the Senate to break through and join in the adjournment
resolution.
This resolution was passed by the House and reported to the Senate
early in the afternoon, but its arrival in the upper body found members in a
snarl over the Railway Labor Bill that developed into a serious threat to
all adjournment plans and then disappeared as suddenly as it had begun.
While the Senate remained in the temporary jam, a victim of its own
"liberal" rules, the House, at its numerous short sessions, passed various
and sundry bills, reporting them back to the Senate in blocks.
The Senate very early abandoned any attempt to act on these or any
other minor bills until the larger matters before b., were decided. Whether
this was the decision of the entire body did not matter so much, as Senator
La Follette had announced he would object to any measure being taken up
by unanimous consent, until the controversial Railway Labor Bill had
been disposed of. Furthermore,the youthful Wisconsin Senator announced
to Senator Hastings that he would demand a strict enforcement of the
rules by which a Senator yields to another, stating that he would take him
from the floor on the first breach of these regulations.
Agree on Housing Bill.
The Housing Bill, the final big Administration measure on the "must"
program, was agreed upon by Senate and House conferees soon after
6 p.m., more than eight hours after they met this morning. . . .
for quick adjournment was revived in the Senate after a
The dri
conferee of leaders had again decided to trim the program to two main
e Deficiency Appropriation and the Housing bills.
Omnibus Banking Bill.
Carrying out his part of the inter-party agreement, Senator HulkleY
thdrew his omnibus Banking Bill even before a quorum had been called.
It was Senator Bulkley's insistence upon passage of this bill that brought
about the collapse of leadership in both parties when adjournment was
n reach Saturday night.
But simultaneously with this break in the adjournment Jam, labor
advocates, who had helped wreck the week-end plans, urged the Senate
to carry on until at least the Crosser-Dill Bill, providing an additional
system of mediation for railway employees, had been acted upon.
The first effort by this group to force through more labor legislation than
had been urged by the Administration came a few minutes after the Senate
convened.
The Deficiency Appropriation Bill was laid before the Senate and a
motion made to take it up. Senator La Follette and others, speaking for
the labor advocates, urged that the Senate refuse to consider the Deficiency
Bill, even though it carried more than 82,000,000,000 for relief of the
unemployed, until the Railway Bill had been acted upon.
Revolt Broken by Close Vote.
Administration forces, augmented by the more conservative Republicans,
succeeded by a narrow margin in breaking the new revolt. The motion to
take up the Deficiency Bill was carried 41 to 39.
This threat to the new adjournment plan was followed by another when
Senator Long resumed his crusade for the Frazier-Lemke Bill for settlement of farm debts. He insisted that the Senate pass upon a conference
report on this bill and took the floor to speak until the report had been laid
before the Senate.
It developed that the conference papers, prepared hastily in the feverish
session of Saturday night, had been lost. The Louisianan remarked that
it would be easier to locate and capture Dillinger, the outlaw, than to find
the conference papers.
Senator Robinson of Arkansas, the Democratic leader, admitted that
the papers had been mislaid and attempted to substitute a new copy. This
4218
Financial Chronicle
was objected to by Senator Thomas of Oklahoma, because Senator Robineon would not agree to a final vote on the Farm Debts Bill
before adjournment.
Makes Pact with Long.
Senator Robinson indicated that he favored the measure,
but declined
to be drawn into agreement for action on any measure on which
a filibuster
might be started. Furthermore, he had agreed with the
Republicans upon
a procedure and was attempting this time to stand by
it at all odds.
Senator Long halted his speech temporarily under the promise
of Senator
Robinson that he would co-operate for a vote on the
farm debt Plan if
another conference report could be drawn. Mr. Long scurried
out of the
chamber to write a duplicate of the report that had been
lost.
The Senate then adopted unanimously the conference report
on the
Deficiency Bill after Senator Dickinson had spoken in criticism of a minor
feature.
June 23 lf34
An Act continuing the RFC and enlarging its borrowing power.
The convening of the second session of the Seventy-third
Congress on Jan. 3 of this year was noted in our issue of
Jan. 6, page 54. Reference to the legislation enacted during
the first session of the Seventy-third Congress was made in
our June 17 1933 issue, page 4194.
Congress Approves Railroad Labor Bill, Designed to
Supplement Act of 1926—Measure Increases Rights
of Employees—Creates National Adjustment Board
to Act in Disputes—Another Bill, Providing for
Reviewing the accomplishments of the session just closed
Retirement of all Railway Employees at 65 on
the Washington correspondent of the New York "Herald
Pensions, Also Passed by Congress and Sent to
Tribune" on June 16 said:
White House.
The measures passed include some of the basic laws of the New Deal
Final Congressional approval was given shortly before
and considerable elaboration and modification of laws passed last year,
adjournment on June 18 to the Railroad Labor Bill, designed
In addition to the regular appropriation bills and a normal amount of routine
legislation.
to supplement the Railway Labor Act of 1926, through the
The second session, like the extraordinary session last year. found
creation of the National Adjustment Board to mediate in
Roosevelt in command of the general trend. But he suffered one sensarailway labor disputes. The bill was passed by the House
tional defeat in the overriding of his veto of the Independent Offices Bill,
carrying provisions for increased veterans' benefits, and several lesser
without a record vote on June 15 and was approved by the
defeats in the refusal or failure of Congress to pass Administration bills and
Senate on June 18. Principal opposition came from Senators
in compromises on several important measures. On the whole, he was
successful in obtaining what he wanted and in forestalling what he did not
Hastings and Norbeek, who were the only Senators to object
want.
on a test vote to bring the bill up on June 18, while 78 SenaAn effective majority of Congress was more inflationary than Mr.
Roosetors were recorded as in favor of a test. The measure forvelt. The Silver Purchase Act was a direct reflection of this
inflationary
trend, and the Administration leaders in the House were
bids railroads to interfere in any manner whatsoever with
compelled to
resort to severe gag rules in the closing days to head
off other bills which
employees who wish to join or refuse to join any organization
would have greatly increased the financial commitments of
the Federal
or union. The choice of representatives of any craft is to be
Government.
The major Acts of the session which has just closed
determined by a majority of the employees voting on the
were:
The Gold Reserve Act, under which the Treasury
took possession of all
question. President Roosevelt signed the Railroad Labor
the gold stocks of the country. the President devalued
the dollar and a
Bill on June 21.
$2,000,000,000 stabilization fund was set up out of the Profits
of devaluation.
Another bill dealing with railroad employees also received
The Silver Purchase Act, under which the Government is committed
to
Congressional approval on June 18 and was thereupon sent
the purchase of silver until ultimately it forms one-fourth of
the metallic
reserve.
to the White House. This was the Railway Pension Act,
The Securities Exchange Act, under which,for the first time, the
Federal
providing for compulsory retirement with payment of anGovernment will essay to regulate the securities exchanges.
nuities. The measure creates a Railway Retirement Board
Amendments to some of the most burdensome provisions of the
securities
act of 1933.
of three members to be appointed by the President. Railway
The Direct Loans to Industry Act, under which the Federal Reserve
employees who reached 65 years of age or who completed
System and the RFC may make loans to small industries up
to five years
30 years of service would be paid an annuity, based on the
in maturity.
The Deposit Insurance Act, postponing the permanent deposit
service paid, and determined by multiplying the number of
insurance
provided for in the banking act of 1933 for another year but increasing
the
years of service (not exceeding 30) by the following percenttemporary insurance to $5,000 for each depositor in the subscribing
banks.
ages of monthly pay: 2% of the first $50: 13% of the next
Cotton Production Control Ad.
$100, and 1% of the compensation above $150. No portion
The Bankhead Cotton Control Act, introducing the element of compulsion in enforcing cotton production control campaigns.
of monthly compensation above $300 would be considered
Jones-Costigan Sugar Act, under which the Government is apportionin determining the annuity to be paid. Retirement would
ing the domestic consuming market among the various producing areas
in
be compulsory for employees at 65, but the railroad and the
the United States, insular possessions and Cuba.
Cattle Relief Act, adding cattle to the list of basic agricultural comemployee might, by an agreement with the board, extend
modities and providing $200,000.000 for benefits to cattle raisers.
the time for retirement to 70 years.
Reciprocal Tariff Act, empowering the President to alter tariff schedules
The Railway Pensions Bill was originally passed in the
by as much as 50% in negotiating reciprocal trade agreements.
The Municipal Bankruptcy Act, facilitating the reorganization of the
Senate on June 14 by a vote of 65 to 0. It was a pproved by
finances of insolvent municipalities and other taxing units by agreements
the House on June 15, and a conference report was accepted
with majorities of the security holders.
by both House and Senate on June 18.
The Corporate Bankruptcy Act, facilitating in a similar manner the
reorganization of bankrupt corporations.
The Railroad Labor Bill was written by Joseph B. EastThe guarantee of principal of bonds of the Federal Land Banks used
man, Federal Co-ordinator of Railroads. The National
for refinancing farm mortgages,
The guarantee of principal of bonds used by the HOLC for refinancing
Adjustment Board is created with four divisions, each comhome mortgages.
posed of an equal number of representatives of railroads and
The Communications Act, erecting a Federal communications comemployees, and each permitted to choose a neutral member.
mission to regulate telephone, telegraph, cables and radio communications.
The Johnson Act limiting the jurisdiction of Federal District Courts
The bill permits the establishment of regional or system
In public utility rate cases.
boards of adjustment if the railroads and employees wish to
The Wheeler-Howard Indian Act, remodeling the Government's Indian
create such boards voluntarily. The present Board of
policy.
The Taylor Grazing Act, under which the Secretary of the Interior
Mediation of five members is succeeded by a National Mediamay regulate grazing on 175,000,000 acres of the public domain.
tion Board of only three members.
A series of measures enlarging the powers of the Federal Government to
A Washington dispatch of June 18 to the New York
deal with crime.
Air-Mail Legislation.
"Times" described the Senate action on this bill in part
Air-mail legislation, temporary and permanent, the latter fixing air
as follows:
postage rates and maximum payments to contractors, prohibiting interlocking directorates, and creating a commission to devise aviation policy
for the future.
The Revenue Act,revising the income tax laws and plugging holes brought
to light by the Senate's Wall Street investigation.
The Liquor Revenue Act.
The Housing Act, which provides for the reorganization of the mortgage market along new lines and is intended to make cheap credit available for home renovation, home building and slum clearance.
The Vinson Act, authorizing the upbuilding of the Navy to treaty
strength.
The Philippine Independence Act, reviving in somewhat modified form
the plan of the Hawes
-Cutting Act of last year contemplating Philippine
Independence in from 10 to 12 years.
The Johnson Act, closing the American financial market to nations
which have defaulted on their war debts.
The arms embargo resolution, under which the President has prohibited
the sale of arms within the United States for use by Paraguay or Bolivia
In the Gran Chaco war.
Nine regular annual appropriation bills for 1935 totaling $2,252,651.560.94.
Special appropriations for relief, public works, drouth relief, which,
with authorized transfers from unexpended balances, will make available
approximately $4,600,000,000 for expenditures next year on recovery
and relief.
The substitute for the Wagner labor disputes bill authorizing the President
to appoint a board or boards to hold elections of employees and conciliate
industrial disputes.
Senate sentiment for the bill was overwhelming. Senators La Follette
and Wheeler served notice that adjournment would be prevented until a
vote was had on the measure. On a test vote to bring the bill up, only
Senators Hastings and Norbeck objected, while 78 Senators clamored for
a test. From then on the Administration leaders were forced to prepare to
wear Mr. Hastings down until the final vote could be assured.
The fight for the bill began early in the Senate's hectic day. As soon
as the Deficiency Bill conference report loomed in the offing, Mr. La Follette tried to sidetrack it for the Labor Bill but was beaten by a narrow vote
of 41 to 39. He, Senator Dill, whose name the bill bore, and Senator
Wheeler were insistent in continuing their demand for several hours until
they won in the 78 to 2 vote.
A Washington dispatch of June 18 to the New York
"Herald Tribune" summarized the principal provisions of
the Railroad Labor Bill as follows:
The Railway Labor Bill, passed by Congress to-night, is intended, in
the words of its advocates, to "put teeth" in the Railway Labor Act of 1926.
One of the most important features of the bill is the creation of the National
Adjustment Board. This Board will have four divisions. Each division
will have a neutral member and will be able to make decisions.
The divisions are authorized to provide for regional boards whenever
In the discretion of any division it is desirable to create a regional board.
The regional boards will be created for temporary periods, but their members are to be chosen in the same manner as the members of the National
Board of Adjustment and their decisions are to be binding and enforceable
in the courts in the same manner.
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Financial Chronicle
The four divisions of the National Adjustment Board are to be independent of one another. Each division is to adjust the disputes and grievances
of a certain group of crafts, as specified in the bill. It may be subdivided
to take testimony, but the entire division makes the decision. There will
In effect be 18 boards for the taking of testimony and four to make decisions.
Each division will be composed of an equal number of representatives
of the railroads and employees, respectively, and each will compensate
Its representatives.
The bill also provides for the establishment of regional or system boards
of adjustment, if the railroads and the employees desire to set up such
boards voluntarily.
Another important change is that the new law prohibits any carrier
from providing financial assistance to any union of employees from funds
of the carrier. It also prohibits the railroads from interfering in any manner with employees who wish to join or refrain from joining any organization or union. The bill specifically provides that the choice of representa
tives of any craft shall be determined by a majority of the employees voting
on the question.
The present Board of Mediation, consisting of five members, is abolished
and a new board of three, called the National Mediation Board, of three
members is provided for.
Railway Executives Say Pension Bill, if Enacted, Will
Cost $65,000,000 a Year.
The Railroad Pension Bill awaiting the signature of President Roosevelt was dicsussed on June 20 at a special meeting
in New York City of the Advisory Committee of the Association of Railway Executives here. It is estimated that
the bill, if enacted, will cost the railroads about $65,000,000
annually. From the New York "Times" of June 21 we
quote:
No announcement was made as to what steps the railroads might take
to conform with the terms of the bill. President Roosevelt is consulting
Joseph B. Eastman, Federal Co-ordinator, on the bill, and, because Mr.
Eastman opposes it in its present form, there was said to be some doubt
that it would be enacted. Mr. Eastman is preparing a pension plan of
his own.
It was estimated that the bill, if made law, would cost the New York
Central between $3,500,000 and $6,000.000 annually, the Pennsylvania
$4,000,000 and the Baltimore & Ohio between $1.500,000 and $2,000,000.
Chicago advices fixed the increased cost to the Western lines at between
$8,000.000 and $10,000,000. It was estimated the plan would cost the
Southern Pacific nearly $1,000,000, the Atchison Topeka & Santa Fe
from $1,000,000 to $1,250,000, and the Chicago Milwaukee St. Paul &
Pacific $1,600,000.
The effect on different railroads would vary widely. It was said the
plan would make little change in the Illinois Central's pension payments.
The amendment to the Railway Labor Act passed at the closing of Congress was said to have received secondary discussion at the meeting. The
chief effect of the amendment would be to outlaw company unions on the
railroads. The Pennsylvania and the New York New Haven & Hartford
are the only important lines in the East which support company unions.
4219
Investigation would serve a useful purpose. and I consider it desirable from
the standpoint of National policy that it should be instituted.
Tin is a strategic metal in many phases of our industrial system, and this
country is almost completely dependent upon foreign sources of supply
for the very large quantities of tin required annually. This dependence
has been accentuated in recent years by the operations of an international
tin agreement and tin pool controlling 80 to 90% of the world's supply.
Sincerely yours,
CORDELL Hum,.
The following is the resolution as passed by the House
on June 15:
House Resolution 404.
Resolved, That the Committee on Foreign Affairs of the House of
Representatives, or a subcommittee thereof, is hereby authorized and
directed to conduct an investigation of (1) the extent to which the United
States is dependent upon foreign nations for its supply of tin; (2) the ownership and control of the tin resources of the world;(3) the possibility of manufacturing the munitions, motors, and other items essential to the National
defense and economic welfare of the country without tin, or by the use of
any known substitute;(4)the extent to which the Nation or Nations owning
or controlling the tin resources of the world are indebted to the United States
for sums due and unpaid; (5) whether acquisition by the United States of
foreign tin resources, in fair and mutually agreeable exchange for the debts
owing the United States by the nations owning or controlling such resources
or otherwise, would improve the present and costly and dangerously dependent position of the United States with respect to this matter; and (6) all
other questions in relation thereto that would aid Congress in any necessary
legislation.
That said committee, or any sub-committee thereof, is hereby authorized
to sit and act at such times and places within the United States, whether
or not the House is sitting, has recessed, or has adjourned, to hold such
hearings, to require the attendance of such witnesses and the production
of such books, papers, and documents, by subpena or otherwise, and to
take such testimoney as it deems necessary. Subpenas shall be issued under
the signature of the chairman or any member designated by him and shall
be served by any person designated by him. The Chairman of the Committee or any member thereof may administer oaths to witnesses. Ever:
person who, having been summoned as a witness by authority of said
Committee or any sub-committee thereof, willfully default, or who, having
appeared, refuses to answer any question pertinent to the investigation
heretofore authorized shall be held to the penalties provided by section 102
of the Revised Statutes of the United States.
Congress Passes Frazier-Lemke Farm Bankruptcy Bill.
On June v18 Congress passed the Frazier-Lemke farm
EtTnkruptcy-bill. On that date both the Senate and House
adopted the conference report on the bill, the Senate accepting the report by a vote of 60 to 16 and the House
agreeing to the report without a record vote. The previous
action on the bill was registered by Congress during the
preceding week, when the Senate on June 13 passed the
Bill Providing for Establishment of Federal Credit Frazier bill, and the House on June 16, by a vote of 133 to
16, passed the Lemke bill as a substitute for the Senate
Union System Passed by Congress.
The establishment of a Federal Credit Union System is measure. In a Washington account June 18 to the New
provided for in a bill passed by the House on June 16, York "Times" it was stated that the bill, hitherto opposed
by a vote of 180 to 2; the Senate on the same date accepted by Administration leaders, but the sponsorship of which
the House amendments to the bill previously passed by was adopted by Senator Long, was approved by Congress
that day as the price to be paid for adjournment. From
the Senate.
the same account we take the following:
House Passes Resolution Calling for Inquiry Into
Dependence of United States on Foreign Nations
for Tin Supply Bearing on War Debt Proposals.
The House of Representatives on June 15 passed, by a
vote of 226 to 96, a resolution calling upon the House Committee on Foreign Affairs, or a sub-committee thereof, to
conduct an investigation to determine the extent to which
the United States is dependent upon foreign nations for its
supply of tin, and also, among other things, "the extent to
which the Nation or Nations owning or controlling the
tin resources of the world are indebted to the United States
for sums due and unpaid." Associated Press adviees June 15
from Washington, indicating the action of the House on the
resolution, said:
Another measure is pending to put an embargo on the exportation of
scrap tin to preserve the limited supply.
Both actions have the support of the Government. It recently has
shown concern over large exports of scrap tin to Japan, which have reduced
the supply to about three months and boosted the price from $2 to $23
a ton. .
Great Britain controls about 85% of the world's output, and the United
States consumes more than half, or around 85,000 long tons, annually of
virgin tin. During the debate to-day Representative Caldwell, author
of the resolution of inquiry, intimated that Secretary Hull's recent wardebt message to Great Britain was a bid to accept tin in part payment of
Its defaulted debt.
Representative O'Connor, in calling up the resolution
for the consideration of the House on June 15 stated:
It [tin] is an indispensable metal in industry and especially in the manufacture of munitions, for which supply of tin we are wholly dependent on
other countries. The product is controlled by agreement. as I understand
it, a pool agreement, controlled by Nations who still owe us war debts.
I might profitably read a letter from the Department of State addressed
to the gentleman from Alabama [Mr. Bankhead] in reference to this
resolution:
DEPARTMENT OF STATE.
Washington, May 15 1934.
The Honorable 1William B. Bankhead,
Chairman Committee on Rules, House of Representatives.
My Dear Mr. Bankhead. I understand that you have under consideration House Resolution 357, respecting an investigation of certain questions
concerning the supply of tin to this country. I believe that the proposed
The measure was sent to President Roosevelt after the Senate adopted.
by 60 votes to 16, a conference agreement under which the bill's liberal
debt extension terms were limited to existing farm obligations.
Mr. Roosevelt's attitude toward the plan was wholly unknown, and
while Administration Democrats supported it, some Republicans felt
confident that the Chief Executive would veto it on the ground that it
was ill-conceived and hastily considered legislation.
The bill was amended and passed by the House some days ago, after
it had slipped through the Senate a few days earlier by unanimous consent. Senator Long took it up Saturday night as a pet measure and tried
to force immediate action on the bill and the House amendment.
Senator Long Holds Out for Passage.
After playing quite a part In wrecking adjournment plans Saturday
night, the bill, on Senator Long's motion, was sent to conference. He
was appointed Chairman of the conference committee and dictated the
conference agreement. When he asked that it be taken up to-day, however,
the papers had been lost.
Again taking up the cudgels for the bill, Senator Long announced to-day
that he was going to filibuster against adjournment or any other legislation until action was accomplished. By this he forced an agreement
for a vote and, further, gained consent to write a duplicate of the missing
conference agreement so a vote could be taken.
The bill was advocated by the farm blocs of both branches with the
argument that Congress should do as much for the farmer as it had done
for the railroads and other corporations and municipal governments in
providing for them special arrangements for the composition of debt.
The purpose of the measure is to grant, under the bankruptcy powers
of Congress, extension of time to distressed farmers for payment of their
existing debts and mortgages and to permit them to retain possession
of their property, under control of the courts, during the period of adjustment.
Can Petition for Appraisal.
As described by the House report, filed in that body early this month
as an argument for passage, the bill provides that "a farmer, whose efforts
under the present agricultural composition section of the Bankruptcy
Act to secure an adjustment of his indebtedness have been unsuccessful,
may amend his petition asking that he be adjudged a bankrupt and
petition for an appraisal of his property."
"The court shall then appoint appraisers who are directed to appraise
the property 'at its then fair and reasonable value'," the House report
explained, "not necessarily the market value at the time of such appraisal."
A method is provided by which the debtor-farmer may repurchase his
Property at the appraised value. It specifies that if the debtor requests
It and the lien holder consents, the trustee in bankruptcy is directed to
sell to him and part of the bankrupt estate upon the following terms.
Payment of 1% interest upon the appraised price within one year from
date of sale; 2.5% of the appraised price within two years; an additional
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Financial Chronicle
2.5% within three years; 5% within four years; an additional 5% in five
years, and the unpaid balance within six years.
Interest on Appraised Price.
Interest shall be paid on the appraised price and unpaid balances as
they accrue at the rate of 1%. The debtor shall pay the taxes.
An amendment inserted In the original bill by the Senate provides
that if a majority in number and amount of creditors object to the settlement under the foregoing terms, the farmer may retain possession of his
premises under a "reasonable" rental for six years, during which time
all bankruptcy proceedings would be stayed. He may repossess the
farm at any time within six years by paying to the court the appraised
price of the property, less the rentals he has paid.
Defeat of the measure was sought particularly by those members of
Congress who represent communities where insurance companies are
situated.
Senator Hebert of Rhode Island stated his opposition when an attempt
was made Saturday night to complete action on the bill. Senator Lonergan
of Connecticut joined in the fight to-day, characterizing the measure as
"the greatest piece of class legislation I have ever seen during my tenure
In Congress."
Arthur Brock, writing from Washington June 20, had the
following to say in part regarding the Frazier-Lemke proposals:
Some of the sponsors of that Frazier-Lemke bill which was passed by the
73rd Congress on its last day have revealed an intention to make a drive
in the 74th Congress for the next measure in the Frazier-Lemke series.
This is the provision that the Government buy in farm mortgages and
pay for them by the issuance of three billions in greenbacks.
Those who have discussed these future legisative plans with their proponents say that the drive for the next Frazier-Lemke farm relief bill will
be the greater if the President should fall to sign this one. It sets up two
methods by either of which a bankrupt farmer may forget his mortgage
for a term of years and buy or rent his place on the basis of a new and much
reduced appraisal. By passage of the greenbacks bill it is proposed to create
the money for the bankrupt farmer's rent or purchase price on the reduced
terms. Should a pocket veto destroy bill No. 1, many members of the farm
bloc will turn more vigorously to the device of bill No. 2.
Though Senator Frazier, Representative Lemke and others want these
measures enacted in series, some of those who favored the bill passed on
Monday oppose the greenbacks bill for the same reason. They voted for
the bankrupt farmer scheme as a deflationary move, in the fixed conviction
that private debts must be scaled all round as public and corporate debts
have been. In a very interesting discussion among Senators Shipstead,
Hastings, Walsh and Long that appears in the Congressional Record for
the last day, it was repeatedly said that unless all private debts are scaled
the alternatives are complete debt cancellation, effecting widespread
bankruptcy, or great monetary inflation.
The Frazier-Lemke farm mortgage bill, providing for the
issuance of about $2,500,000,000 in new currency was referred to in our issue of April 21, page 2677.
Floor and Process Tax Changes Voted by Congress—
Hogs, Cotton, Jute, Burlap Affected by Modification of Adjustment Act.
Modification of the Agricultural Adjustment Act to afford
relief from processing taxes on hogs and floor taxes on cotton,
jute and burlap was voted on June 17 by the House and
Senate, according to Washington advices that day to the
New York "Journal of Commerce,"from which we also quote:
The measure approved by the House after being amended by the Senate
authorizes the Treasury Department, upon recommendation from the
Agricultural Department, to postpone from 90 to 180 days the time in
which the processing taxes may be collected.
The processing tax as affecting hog producers is also redefined so as to
compel the packers and others processing hogs for the market or for other
use to pay the levies instead of the farmers.
Jones Explains Bill.
Explaining the measure, Representative Jones (Dem., Texas), Chairman
of the House Committee on Agriculture, said that the practice has grown
up in certain sections whereby local packers require farmers to kill hogs
before bringing them to market for sale and thus making farmers pay the
processing taxes.
The bill, as amended, changes the definition from "preparation for market" to "processing for distribution or use," he said. This will require the
packers and processors for market to pay the tax, he added.
"It also authorizes a refund of floor taxes where the processing fee Is
reduced or abandoned without waiting for all processing taxes to be removed
from jute, cotton and burlap," Chairman Jones said. "This is done in
order to permit those holding these commodities to meet competition on a
level. Further, it allows for the adjustment of the floor taxes to meet
changes in the processing levy."
By a recent proclamation of Secretary of Agriculture Wallace the processing tax on large jute, cotton and burlap bags was removed and an abatement of the taxes paid allowed. His ruling, however, did not apply to the
floor stock taxes and the legislation is to correct this situation.
Congress Passes Labor Disputes Resolution, Designed
to Enable President Roosevelt to Avert Strikes
Through Appointment of Boards to Investigate
Controversies—Measure Valid for One Year Is
Substitute for Wagner Bill.
A compromise labor disputes measure, designed to avoid
strikes, and authorizing President Roosevelt to appoint
boards to investigate labor controversies which may arise
under the labor section of the National Industrial Recovery
Act, was approved by both the House and Senate on June
16, and sent to the White House for President Roosevelt's
signature. The legislation, introduced as a joint resolution,
was proposed by the Administration as a substitute for the
Wagner Labor Disputes Bill, as noted in our issue of June 16,
page 4056. It was passed by the House without a record
vote, and on the roll call in the Senate only three Senators
June 23 1934
opposed it, but they later asked that their negative votes
be changed to affirmative. The Senate added an amendment
proposed by Senator LaFollette stating that nothing in the
resolution shall prevent the right of employees to strike.
This was readily accepted by the House. The life of the
resolution is one year.
A Washington dispatch of June 16 to the New York
"Times" described final Congressional action on the measure
as follows:
Senator Wagner himself supported the resolution because it was "backed
by the wisdom and judgment of the President of the United States." He
declared, however, that he was still of the opinion that his bill should have
been taken up and passed.
Senator La Follette led the opposition to the resolution and offered as
a substitute for it the Wagner bill in its entirety. There was no excuse,
he said, for adjourning without passing on the bill.
The country, he declared, faced a situation that might mean industrial
warfare unless Congress met the issue and passed legislation along the lines
of the Wagner measure, while the resolution was "hasty and ill-considered"
legislation dumped on Congress at the last minute.
When It appeared certain that a roll-call was coming on the LaFollette
proposal and that many more speeches were in prospect, Mr. Wagner urged
the Wisconsin Senator to withdraw it. He assured Mr. La Follette that
action on his bill, or "an even better bill," would be certain in the next
Congress. The President, he said, could be trusted to take necessary action
under the resolution.
Senator LaFollette said that, in view of Senator Wagner's position, he
would withdraw the amendment.
Resolution Held Only a Bridge.
He now proposed a second amendment providing that "nothing in the
resolution shall prevent, impede or diminish the right of employees to strike
or engage in other concerted activities."
On the roll-call only three Senators voted "no"—Barbour of New Jersey,
Hastings of Delaware and Bailey of North Carolina. Immediately after
the roll-call, these Senators asked that their votes be changed from "no"
to "yes."
Senator Robinson, the Democratic leader, explained that the legislation
was simply to bridge over the period between the end of this and the first
session of the new Congress.
In a statement explaining his support of the resolution to the Senate,
Mr. Wagner declared that "the sole purpose of the present joint resolution,
as I understand it, is to permit a board or boards established by the President
to hold elections of employees in an atmosphere free from the coercion,
interference or restraint that is prohlhited by Section 7a of the National
Industrial Recovery Act as incorporated in the resolution.
"This is one of the provisions contained in the bill I introduced," he
continued. "Boards thus empowered would be able to take a great step
forward in claryfying the industrial atmosphere and abetting the recovery
Program."
President Roosevelt Signs Road Construction Bill,
Authorizing $522,000,000 for 3
-Year Program—
Statement Stresses End of Outright Grants of
Federal Road Funds for Relief Purposes—States
to Supply $250,000,000 Funds Apportioned,
President Roosevelt on June 18 signed the Hayden-Cartwright Bill, designed to stabilize highway construction with
Federal and State funds. Congressional approval of the
measure was noted in our issue of June 16, pages 4052-53.
The Act authorizes expenditures of $522,000,000, and
allocates $450,000,000 for Federal participation with the
States in highway construction. Of this amount, $200,000,000 will be used as a Federal grant, while the remaining
$250,000,000 must be matched by the States before it can
be exepnded. The balance of $72,000,000 will be applied
over a period of three years to highway activities in National
parks, National forests, Indian reservations and public
lands.
At the time of signing the bill, the President issued a
statement stressing the determination of his Administration
to stop outright grants of road funds to States for relief
purposes. "Unmatched emergency grants," he said, "are
to be abandoned and there is to be a return to the established
plan which requires that the Stats shall meet the Federal
Government half way in paying the cost of new construction."
The complete text of the President's statement follows:
"As long as the roads of the nation are used by more than 24,000,000
automobiles and trucks, construction and improvements of roads will be
of major importance.
"The Hayden-Cartwright Act seeks to stablize highway building with
Federal and State funds by insuring a work program for the next three
years of far-reaching proportions and benefits.
"Highway work under the NRA now is more than 90% under contract
or advertised for contract, and the new program is necessary to sustain
highway employment on an adequate and reasonable scale for the remaining period of recovery.
"The Act also provides for a gradual tapering off of emergency highway
expenditures and lays the fundation for a return to normal expenditures.
"Of the $522.000.000 authorized to be expended by the Act. $450,000,000
is allotted for Federal participation with the States in highway building,
of which sum 3200,000,000, will be a Federal grant, and the remaining
8250,000.000 the Federal portion of regular Federal aid for the fiscal years
1938 and 1937 to be matched by the States on a 50-50 basis.
"The balance. $72,000,000 is to be applied at the rate of $24,000,000 annually to highway activities in the national forests, national parks, Indian
reservations and the public lands. Including the contributions to be made
by the States and the $230,000,000 which will be carried over from the
$400.000,000 appropriated by Congress last year, the total sum to be paid
out for highway construction during the three-year period will be more
than a billion dollars.
"The Act provides that States, to be eligible for full participation in
Federal aid, must continue to use for roads at least whatever portion of
Volume 138
Financial Chronicle
now
their revenues from gasoline and other taxes on motor vehicles is
also is
authorized by law to be expended for highway purposes. Notice
given to the 44 State Legislatures which will convene early next year that
be a
unmatched emergency grants are to be abandoned and that there is to
return to the established plan which requires that the States shall meet the
construction.
Federal Government half way in paying the cost of new
"Other important provisions of the Act provide safer traffic facilities
and the elimination of hazards to pedestrian and vehicular traffic; preparation of advance surveys and plans for future highway construction; meeting
emergency repairs on the Federal aid highways system in the event of
damage by floods or hurricanes, and continuing the co-operative surveys
for the proposed Inter-American highway.
"It is important to note that the sums mentioned above represent only
an authorization by the Congress, and not an appropriation. Funds for
work to be done the first year the Act is in effect are contained in the Deficiency Appropriation Bill."
Under date of June 19 Associated Press accounts from
Washington announced that State apportionments of the
$200,000,000 fund provided for in the New Highway Construction Act were announced to-day by Rexford G. Tugwell, Under-Secretary of Agriculture. Texas received the
largest fund, $12,291,253, with New York getting $11,327,921; Pennsylvania, $9,590,788; Illinois, $8,921,401; and
California $7,932,206. The press advices added:
The money will be made available immediately for allotment to construction projects on the Federal aid highway system and its extensions
into and through cities and on important secondary roads.
Other State allotments were.
2,302,358
Alabama
$4,259,842 Nevada
969,462
Arizona
2,64l,_ New Hampshire
3.220.879
Arkansas
3,428,049 New Jersey
2.941.700
Colorado
3,486,006 New Mexico
4,840,941
1,454.868 North Carolina
Connecticut
2,938,967
Delaware
923,395 North Dakota
7 865.012
Florida
2,661,343 Ohio
4,685,180
Georgia
5,113,491 Oklahoma
3,097.814
Idaho
2,277,486 Oregon
1,014.572
Island
5,088,963 Rhode
Indiana
2,770,954
Iowa
5,118,361 South Carolina
3,047,643
5 117,675 South Dakota
Kansas
4,302.991
3,818.311 Tennessee
Kentucky
2,132,691
2,963,932 Utah
Louisiana
948,007
Vermont
1 711,586
Maine
3,765,357
1,810,055 Virginia
Maryland
3,106,412
3,350,474 Washington
Massachusetts
2,280,335
6,452,568 West Virginia
Michigan
4,941,837
5,425,551 Wisconsin
Minnesota
2,287,712
3,540,227 Wyoming
Mississippi
973,842
6,173,740 District of Columbia
Missouri
949.778
3,769,734 Hawaii
Montana
3,984,364
Nebraska
4221
Inserting in place of it the extra funds for the HOLC,including the $500.000,000 of earmarked money.
Home Mortgage Insurance Limited.
The House conferees succeeded in getting into the final bill a limitation
on home mortgage insurance. Under the the Senate bill there was no limit
while the House provided that the insurance of mortgages on existing
homes should .be limited to an aggregate principal obligation of $1,000.000,000. with another $1.000,000,000 on new home projects. These limits
were approved with a proviso that the President might expand the total.
The maximum principal obligation under the mome mortgage section was
new
made 80% of the appraised value of the property on both old and
old
homes as in the Senate bill, instead of 80% on new homes and 60% on
on a single low-cost
homes, as in the House bill. The limit for insurance
housing project was made $10.000,000.
The arrangement of the bill in titles follow the Senate draft.
Title I relates to housing renovation and modernization, creates a Federal
institutions
housing administration, and provides for insurance of financial
making loans on mortgages and for loans to such instutions.
"Mutual
Title II is the home mortgage part of the bill, being entitled
Mortgage Insurance."
Title III deals with national mortgage associations.
insure acTitle IV sets up a savings and Loan Insurance Corporation to
loan
counts of buildings and loan associations and Federal savings and
associations.
Act,
Title V contains miscellaneous amendments to the Home Man Bank
home
broadening the powers of the Home Loan Banks to assist in the
the HOLC
modernization program and increasing the funds of
$210,000,000 to Start Projec..
While huge sums are potentially involved in the bill only a relatively
small sum will show up in the Government budget. The Reconstruction
Finance Corporation is to furnish $200,000,000 to the FHA. This, together
with $10,000,000 to administer the mutual mortgage insurance fund, making
a total of $210,000,000, will be all that will appear at the start in the mergency budget. The $100,000,000 of capital for the Savings and Loan Insurance Corporation will be in the form of bonds of the HOLC, which are a
contingent liability of the Government but are not shown in the Treasury
statement of expenditures.
The Government might suffer losses in the insurance program which
could run into considerable sums. The insurance of financial institutions
under Title I is not to exceed in the aggregate $200,000,000 and the loans
to these institutions, which are designed as a discounting operation, are to
be based upon obligations under a scheme which in effect amounts to
maximum limit of $1,000,000,000. The $1,000,000,000 limit is on the
assumption that loans are made up to the full face value of the obligations
offered as security.
The Savings and Loan Insurance Corporation under Title IV is to be
under the direction of the Home Loan Bank Board. Besides its capital of
$100,000,000 in bonds of the HOLC it may borrow to an indefinite amount.
It shall be the duty of the Corporation to insure the accounts of all Federal
Savings and Loan Associations and it may insure the accounts of other
members of home loan banks except mutual savings banks. These institutions include building and loan associations:
The institutions are entitled to insurance up to 80% of the full withdrawable or repurchasable value of the accounts of each of its members,
except that no member of any such institution shall be insured for an
aggregate amount in excess of $5,000.
Total resources of the HOLC under the amendment in this title become
$1,200,000,000. including an authorized borrowing power of $1.000,000.000
and *200.000,000 of capital.
Senate and House Adopt Conference Report on Housing
Bill—Most of Senate -Provisions Retained—Bond
Issuing Power of HOLC Increased—Bill Designed
to Create $3,200,000,000 Home Construction and
Renovation—Federal Housing Administration Substituted for Proposed Home Credit Insurance Cotporation.
Legislative action on the Administration's Housing Bill President Roosevelt Signs Bill Providing for Free
was completed on June 18, when both House and Senate
Foreign Trade Zones at American Ports,
approved a conference report on the measure. The bill
On June 18 President Roosevelt signed the bill providing
was originally passed by the House on June 13, by a vote of for duty-free foreign trade zones at American ports. From
176 to 19, as described in our issue of June 16, pages 4053-54. a Washington dispatch June 18 to the New York "Herald
The Senate passed the bill on June 16 by a vote of 71 to 12 Tribune" we quote:
and sent it to conference. The conference report was called
The Foreign-Trade Zone Act was described as a measure to expedite and
up in the House at 10 o'clock on the night of June 18, and encourage foreign commerce. It authorizes the Secretary of Commerce to
their agencies or corporations, partnerships
after a short debate was approved at 10.36 p. m. The permit States, municipalities,operate and maintain foreign-trade zones in
to establish,
documents were then taken to the Senate, where Senator and associationports of entry. Only one such zone may be established at
or adjacent to
Robinson moved the adoption of the report, which was ap- one port, unless the port falls within more than one State, in which event
one may be permitted for each State. Foreign and domestic merchandise.
proved without debate at 10.40 p. m.
while in these zones for handling or processing, will be free from the operaThe bill provides for a Federal Housing Administration, tions of the customs requirements. They will be subject to these laws only
as specified in the Senate measure, rather than the Home if brought from the zones into non-free territory for domestic consumption.
Credit Insurance Corporation created by the House bill.
It was erroneously reported in press advices from WashThe President is authorized to appoint a Federal Housing ington early this month that the bill had been signed by the
Administrator at a salary of $10,000, and he will direct the President on June 7. The passage of the bill by the House
construction and modernization program contemplated by on May 29 was noted in our issue of June 2, page 3701; in
the legislation. The bill would make it possible for financial amended form it passed the Senate on May 30, as a result
institutions to convert short-term mortgages to 20-year of which the measure was sent to conference; the House
insured amortized mortgages to protect homeowners, and is adopted the conference report on June 5, while the Senate
designed to aid the renovation and construction of homes accepted the report of the conferees on June 6. The measure
with private capital, but with Government aid and super- which has been known as the Celler bill (sponsored by
vision.
Senator Celler and Representative Cullen) is said to have
From a Washington dispatch of June 18 to the New York been originally introduced several years ago by former
"Herald Tribune" we quote in part as follows the chief Representative LaGuardia, now Mayor of New York.
provisions of the bill as agreed on in Conference:
With the signing of the bill by the President, Mayor
One of the other chief points of difference between Senate and House
LaGuardia wired his congratulations to Representatives
bills related to additional borrowing power for the Home Owners' Loan
Thomas H. Cullen and Emmanuel Cellet, according to the
Corporation. The final measure increases the borrowing power of the
New York "Times" of June 19, which added:
Corporation by $1,000,000,000. of which 8900,000,000 is to supplement the
$2,000,000,000 already available for refinancing of home mortgages, while
Mr. Cullen. senior member of the New York Democratic delegation In
the other $100,000,000 is to supplement a fund of $200,000,000 already
available for loans for repairs and modernization of homes. These provisions were approved as in the Senate bill. The House bill provided
0
$1,000,000,00 additional for refinancing of home mortgages, but added
an additional $500,000,000 which was earmarked for participation by buildloan associations and similar agencies in modernization loans.
ing and
As a general proposition the building and loan associations which criticised several features of the original Administration bill, including the
authorization of privately financed national mortgage associations and.
home mortgage insurance, met defeat. The building and loan association lobby had sponsored the action of the House Banking and Currency
Committee in striking out the national mortgage association title and
the House, saw the President sign the bill at noon. Mr. Colley also witnessed the signing.
The Mayor sent the following telegram.
Honorable Thomas H. Cullen,
Rome °Hie Building, Washington, D. C.
Thanks and congratulations to you and Representative Celler. I feel
that a distinct contribution has been made to American commerce by encouraging business to all ports, which otherwise would not come.
F. H. LAGUARDIA.
Mayor of the City of New York.
The Mayor believes a free port can be established in Staten Island. with
the possibility of another on the Jersey shore line. Freight consigned from
4222
Financial Chronicle
one foreign country to another could be unloaded and reloaded within these
areas without payment of customs fees.
Senate Ratified 12 Treaties Within One Hour—Geneva
Convention for Supervision of International Traffic in Arms Most Important Pact Approved.
Twelve treaties were ratified by the Senate within one
hour on June 15. Secretary of State Hull remarked later
that this was the fastest action which the Senate had taken
on treaties within two generations. The State Department
considered that the most important of the 12 treaties approved was a convention for the supervision of international
trade in arms, ammunition and implements of war,including
aircraft and airships. This pact, which was signed in
Geneva on June 17 1925, is designed to stop alleged activities
of some munitions companies in stirring up trouble in order
to stimulate arms sales. The convention was signed by
22Tnations, and has since been ratified unconditionally by
nine. France, Great Britain and Sweden have ratified it
subject to final approval by other signatories.
A Washington dispatch of June 15 to the New York
"Times" described the Senate approval of the various
treaties on that date as follows:
The Senate's approval carried a reservation that as far as we were concerned the treaty should not become effective until ratified by Belgium,
the British Empire, Czechoslovakia, France, Germany, Italy, Japan,
Sweden and the Soviet, of which only three have now approved it.
p It Is the declared purpose of the treaty to keep the sale of implements
of war "within the proper channels." Control Is to be exercised by each
sovereign State within its own territory according to its own laws.
Permits Arms Shipments in War.
Non-producing States are, under the convention, permitted to buy
arms for national defense under certain safeguards and guarantees. This
treaty, however, permits the shipment of arms to belligerent nations, under
recognized practices, in time of war.
Al convention between the United States and Mexico providing for
therenbloc settlement of claims presented by this Government for her
nationals instead of by international adjudication in each case was ratified.
Signed April 24, it provided for the payment by Mexico of $500,000 annually in currency of the United States with a low rate of interest.
Itlestablishes an elaborate method of reaching the total amount of
settlement on all claims growing out of the series of Mexican revolutions,
and the exact amount involved has not yet been determined.
Two conventions and one protocol signed at the Montevideo PanAmerican conference in December 1933, were also approved. One of
these is an extradition treaty, another is a convention on the rights and
duties of States, and the protocol refers to the General Convention of InterAmerican Conciliation of Jan. 5 1929.
Treaty with Finland Voted.
Other pacts ratified were:
A treaty of friendship, commerce and consular rights between the United
States and the Republic of Finland, signed at Washington, Feb. 13 1934.
The convention for the unification of certain rules relating to international transportation by air, signed at Warsaw, Poland, on Oct. 12 1929,
and an additional protocol thereto relating to Article 2 of the convention.
The anti-war treaty of non-aggression and conciliation, signed at Rio
de Janeiro on Oct. 10 1933, by Argentina, Brazil, Chile, Mexico, Paraguay
and Uruguay.
A supplementary extradition treaty between the United States and
Sweden, signed at Washington, May 17 1934.
A supplementary extradition treaty between the United States and
Lithuania, signed at Washington on May 17 1934.
Aisupplementary extradition treaty between the United States and Finland, signed at Washington on May 17 1934.
gaupplementary extradition treaty between the United States of America
andtAustria, signed at Vienna on May 19 1934. adding crimes against the
bankruptcy laws to the extraditable crimes and offenses listed in the extradition treaty of Jan. 31 1930, between the two countries.
These ratifications clear the calendar of the Senate Forlegn Relations
Committee of treaties.
The State Department expects the trade treaty recently negotiated with
Colombia to be amended to make unnecessary retification by the Senate.
ThisIls made possible under the new Reciprocal Tariff Act.
pi
Joint Legislative Committee Named to Investigate
Guaranteed Certificates—Will Plan Remedial Law
—Report on Mortgage Situation Will Be Speeded
to Special Session at Albany in July.
The personnel of a joint legislative committee to investigate the guaranteed mortgage certificate situation in New
York and prepare remedial legislation was announced
June 19. The committee will be composed of four Senators
and as many Assemblymen and would normally make its
report on or before Feb. 1 next year, but under the terms
of a concurrent resolution it may report earlier, to the extraordinary session of the present Legislature scheduled to
meet in July.
•
The resolution creating the committee was adopted by
the Senate and Assembly on April 27, the closing day of
this year's regular session. Under its terms the committee
is instructed to investigate these phases of the situation
affecting the holders of mortgage certificates.
Phases to Be Investigated.
1. The nature and extent of the ownership by the people of the State
participation certificates evidencing shares of interest in bonds secured
of
by mortgages upon real property and which have been guaranteed by title
and mortgage guarantee companies.
2. All phases of the guaranteed mortgage situation, including but not
limited to the amount of such investments outstanding, the kind and value
June 23 1934
of real property representing the underlying security therefor, methods
of managing and operating such property and the persons in charge thereof,
the costs and charges incurred in the maintenance, financing and operation
of such property.
3. The acts, services, practice, conduct, business activities and operations
of the companies issuing participation certificates and of their officers and
employees and of any other persons in any way connected with, related to
or employed by such companies.
4. Any other act, subject matter or thing deemed by the committee to
be relevant or germane to the inquiry, for the purpose of devising remedial
legislation which will assure that such investments shall hereafter be
managed by and entrusted only to such persons as are most capable,competent and trustworthy and which will secure for and ultimately return
to the people making the same the moneys represented thereby.
Personnel of Committee.
Senator Lazarus Joseph (Democrat) of the Bronx will be Chairman of the
committee. Two other Democrats, Elmer F. Quinn of New York and
Philip M. Kleinfeld, and one Republican, Senator Thomas C. Desmond
of Orange County. complete the Senate representation on the committee.
From the Assembly Alexander H. Garnjost of Westchester, Jasper W.
dormaire of Jefferson and Abbott Low Moffat of New York, Republicans.
and Daniel McNamara, Democrat, of Kings, have been appointed.
The temporary President and minority leader of the Senate, the Speaker
of the Assembly and the majority and minority leaders of the lower House
will sit as ex officio members. The committee will go to work at once.
An appropriation of $15,000 was made in the concurrent resolution to
defray the cost of the inquiry by the joint committee.
House Passes Resolution Calling for Investigation of
Activities of Real Estate Reorganization or "Bondholders" Committees.
Without a record vote on June 15 the House passed a
resolution directing the Speaker of the House to appoint
a committee of seven members of the House to investigate
the methods of organization, the activities and practices of
real estate "reorganization" or "bondholders" committees,
or similar or other groups, by use of the mail or otherwise,
to determine whether misrepresentation or unfairness has
been practiced in acquiring or representing such securities,
in assessing expenses against the bondholders and disposing
of, or managing the properties, etc.
President Roosevelt Signs Silver Purchase Act—
Treasury Issues Regulations Covering Taxation on
Speculative Transfers of Bullion—Commodity Exchange to Continue Trading in Silver Futures—
Currency and Silver Coin May Not Be Exported
Except Under License,
President Roosevelt on June 19 signed the Silver Purchase
Act of 1934, which declares it the policy of the United States
to increase the proportion of silver to gold in the Nation's
monetary stocks until one-fourth of the monetary value of
such stocks shall be represented by silver. Final Congressional approval of the bill, and detailed provisions of the
measure, were described in our issue of June 16 (pages
4051-52). The Act imposes a tax of 50% on profits which
result from speculative activities in silver. The Treasury
Department on June 19 issued regulations designed to govern
tax payments on transfers of interest in bullion under the Act.
In signing the bill, President Roosevelt said that he would
obey its spirit as well as its letter, according to Senator King,
who was present. A Washington dispatch of June 19 to the
New York "Times"described the signing of the bill as follows:
The blll was signed in the President's study in the Executive Mansion
with considerable formality in the presence of members of the silver bloc.
including Senators Borah, Adams, King, McCarran. Smith, Shipstead.
Pittman and Wheeler, and Representatives Doughton of North Carolina,
Chairman of the House Ways and Means Committee, and White of Idaho.
Herman Oliphant. general counsel to the Secretary of the Treasury, also
was present.
"We had a very frank talk with the President about the Act," Senator
King said, "and he gave us assurances that he would observe its spirit."
The following summary of the new tax regulations under
the Silver Purchase Act was made public on June 19 by
Guy T. Helvering, Commissioner of Internal Revenue:
1. The tax applies to transfers of interests in silver bullion if the price
for which such interest is or is to be transferred exceeds the cost thereof
and the allowed expenses.
2. Transfers coming within the scope of the tax include (a) those in the
United States: and (b) those wholly effected outside of the United States.
if (1) either party to the transfer is a resident of the United States or
(2) either party to the transfer is a citizen of the United States who has been
resident here at any time during the three months immediately preceding
the transfer. or (3) the silver bullion or interest therein which is transferred
is situated in the United States at the time the transfer is made or agreed
to be made.
3. The tax applies to transfers made on or after May 15 1934. Separate
regulations govern transfers completed prior to 9 p. m.(June 19) when the
Act was signed, and those completed after that time.
4. The tax applies to transfers to the United States Government except
transfers by deposit or delivery at a United States mint (a) under the
proclamation of Dec. 21 1933, relating to the coinage of newly mined
domestic silver, or other like proclamation of the President, or (b) in compliance with any executive order which may be issued pursuant to section 7
of the Silver Purchase Act of 1934. (Sec. 7 authorizes the President to
require the delivery of all silver to the mints.) Transfers by the United
States Government are not taxable.
5. The tax is 50% of the amount by which the price for the interest in
silver bullion transferred exceeds the total of the cost plus the allowed
expenses.
olurrie 13.1
Financial Chronicle
(a) Price is defined as "the amount of money and-or the market value
ofthe property other than money received or to be received by the transferor,
directly or indirectly, in consideration of the transfer."
therefor by
(b) Cost is defined as "the amount paid or agreed to be paid
other
the transferer in money and-or the market value of the property
than money exchanged or agreed to be exchanged by him for such interest,
special
except that there are a number of particular situations governed by
provisions.
such
(c) Allowed expenses include any usual and necessary expenses,
not
as storage, insurance, transportation and processing charges, but
interest, taxes and charges in the nature of overhead.
stamps in the
6. Both parties to a transfer are responsible for affixing
required amount, except in case of transfers to the United States Government and in case of transfers made before 9 a. m. June 19 1934, in which
cases the liability rests upon the transferer. In any case the liability of the
transferee ceases when stamps are canceled by the collector.
7. Persons who transferred interests in silver bullion between May 15
1934 and the time of enactment of the Silver Purchase Act must file a return
on or before July 18 1934, reporting the transfer.
8. Persons who transfer interests in silver bullion after the time of enactment of the Silver Purchase Act must deliver to the transferee a memorandum, under oath, giving the details of the transaction, which memorandum
must be transmitted to a collector of internal revenue. If the transfer is
taxable, stamps must be affixed before delivery of the memorandum to the
transferee.
9. The regulations provide for abatement or refund of taxes in certain
cases where the profit is (1) realized in the course of the transferer's regular
business of furnishing silver bullion for industrial, professional or artistic
use, or (2) offset by losses incurred in silver foreign exchange transactions
hedged by the silver on which the profit is realized.
N. B.—Documentary tax stamps to be affixed to silver purchase memoranda have been supplied to the collectors of internal revenue.
The silver profits tax was also explained in the following
statement issued on June 17 by James J. Hoey, Collector
of Internal Revenue, second New York district:
The Silver Purchase Act of 1934 has just become law.
Under the provisions of this Act any profits accruing from transfers
made on and after May 15 1934 of any interest in silver bullion incurs an
Internal revenue tax of 50%.
Taxable profit is defined as the excess of the price for which such interest
Is or is to be transferred over the total of the cost thereof and allowed
expenses.
Allowed expenses are usual and necessary expenses such as storage.
Insurance and transportation charges actually incurred in holding, processing or transporting the silver bullion with respect to which an interest is
transferred.
Ito A memorandum ofsale in duplicate on the prescribed form must be signed
and sworn to by the transferor. The the original of such memorandum
of sale must be affixed the required number of silver stamps. These stamps
may be purchased from the Collector of Internal Revenue upon requisition
signed by the purchaser. These stamps must be cancelled by the Collector
of Internal Revenue in whose district is the principal place of business
of the transferor.
Failure to comply with the provisions of this law and the regulations
pertaining thereto renders both the transferor and the transferee of any
interest of silver bullion liable to severe penalties.
All owners of and dealers in any interest in silver bullion should give
careful attention to these provisions and guide themselves accordingly.
A statement in a New York newspaper that, because of
the passage of the Act and its expected curtailment of silver
trading, the silver futures market of the Commodity Exchange, Inc., would remain in existence only long enough
to permit traders to liquidate their present positions, was
denied on June 19 by Jerome Lewine, President of the
Exchange. Mr. Lewine, in a formal statement, said that
trading in silver futures will not be ended by the Act. He
added:
An article by a New York morning newspaper stated that it is believed
that the silver futures market will remain in existence only long enough
to permit traders to liquidate their present commitments. This statement
is erroneous.
The bill itself does not prohibit trading in silver, and the facilities of the
Exchange will continue to be available to those who wish to hedge or trade.
The Silver Purchase Act exempts industrial hedging operations and hedges
against silver foreign exchange from the tax which is imposed upon speculative profits.
The Exchange proposes to continue its silver futures market as long as
there is any demand for the use of its facilities. The Exchange has been
Informed that regulations are being promulgated by.the Treasury Departmentin amplification of the tax provision in the bill, and hedgers and traders
are urged to make a careful study of the bill and the Treasury Department
regulations as soon as they are published.
Postmaster Kiely of New York announced on June 16
that the Executive Order of Jan. 15 1934, regulating transactions in foreign exchange, transfers of credit, and the export
of coin and currency, prohibits the export or withdrawal
from the United States, or from places subject to its jurisdiction, of any currency or silver coin which is legal tender
in the United States, except under licenses issued pursuant
to the Executive Order. The announcement continued:
Currency and silver coin which is legal tender in the United States may
be accepted for export in the mails from the continental United States, or
from places subject to the jurisdiction thereof, to those foreign countries
accepting such articles only in those instances when mailers submit licenses
Issued by the Federal Reserve banks. Applications for such licenses may be
made by the mailers to any Federal Reserve bank, or branch. Licenses
obtained from the Federal Reserve banks for the export of currency and silver
time of mailing.
coin will be surrendered by senders to postmasters at
Currency and silver coin which is legal tender in the United States will
not, under any conditions, be accepted for dispatch to those countries
which have expressed an unwillingness to accept such articles.
The export of gold coin, scrap gold, gold bullion, or gold certificates
or parcel post mails
Is still prohibited in either the l'ostal Union (regular)
a license to export issued by
to foreign countries unless the sender presents
Treasury.
or under the authority of the Secretary of the
4223
Large Silver Purchases Believed to Be For Account of
Treasury-750,000 of Turnover in New York of
1,450,000 Ounces Regarded as a Morgenthau Deal—
No Set Program Says Secretary Morgenthau.
The withdrawal on June 19 of 5,066,443 ounces of silver
from depositories licensed by the Commodity Exchange,
Inc., made public by the Exchange on June 20, was believed
(we quote from the New York "Times" of June 21) in trade
circles to be for account of the United States Treasury,
which was said to be transferring metal in large quantities
to its own vaults. As a result, stocks recorded by the Exchange dropped to 97,640,932 ounces.
The same item said:
about
Trading in silver totaled yesterday 1.450,000 ounces, of which
unchanged
750,000 ounces werefor Treasury account. Nearby prices closed
lower to 30 higher. The
to 7 points lower and distant positions were 10
120 to 157
spread between the current and latest month lengthened from
points as a result.
From the same paper June 22 we take the following:
Government Taking Silver.
Roosevelt,
Since the signing of the Silver Bill on Tuesday by President
ounces,
stocks of silver in licensed depositories here have declined 5,504,170
that it has
indicating that the Government is taking delivery of the metal
delivered
been buying since early in May. Most of this silver is being
stocks of
to the Assay Office here. At the close of business yesterday
ounces, against
silver held in the licensed vaults amounted to 92,136,662
of 5,000,97,640,932 on Tuesday. The Assay Office has received in excess
exports
000 ounces from London. In the week ended on Monday silver
from England to the United States were valued at £97,175, indicating
understanding
another shipment of approximately 1,000,000 ounces. The
in the trade is that the Federal Government is continuing to buy silver
both here and in London.
Advices (Associated Press) from Washington June 20
stated:
silver purThe Treasury assumed to-day the task of arranging to start
made
chases that eventually may exceed 1.300.000,000 ounces, a course
plans for
mandatory by the new law. Secretary Morgenthau guarded
purchases
acquisition of this huge stock. The time and amounts of the
raising prices
werelmade discretionary so as to prevent speculators from
on the Government.
silver to a one-toPresident Roosevelt last night urged the act to bring
three ratio with gold in the nation's metallic monetary stocks.
silver at
The Treasury served notice to-day that all those transferring
by July 15. A
a profit since last May 15 must file returns on their gains
50% tax on the profits must be paid.
issued regulaFor those transferring silver from now on. the Treasury
memorandum drawn
tions that each exchange must be accompanied by a
stamps already issued must
up under oath and upon which special revenue
only white-metal sellers
be attached to cover 50% of the profits. The
regular business to
exempted under the rules are those who make it their
or artistic use.
furnish silver bullion for industrial, professional
_
In later Associated Press accounts from Washington Secretary Morgenthau was said to have told reporters on June
21 that the Treasury "will carry out the spirit of the silver
purchase act enthusiastically." These advices added:
before he left WashingThe new law, signed by President Roosevelt just
constitutes 25% of
ton. makes mandatory the purchase of silver until it
1,300,000,000
the Nation's metallic monetary stock. Experts figure
ounces must be bought.
said, the Treasury started purchases
Beginning yesterday, Morgenthau
the volume,
of silver out of its general fund. He declined to estimate
statement.
saying it would show up promptly in the daily Treasury
of silver purchases
The Secretary indicated, however, that the volume
the
would not be greatly speeded up. He recalled that until Wednesday
through the
Treasury had been buying the metal both at home and abroad
exchange stabilization fund.
To Issue New Notes.
of
The new silver purchases will be used immediately for the issuance
new silver certificates. There was no final expectation at the Treasury,
however, that this would increase the currency in circulation, but rather
Reserve
that the new certificates would retire an equal amount of Federal
notes.
there would be no
Morgenthau, discussing the expected purchases, said
set program.
as
"We want a healthy rise in silver prices, but not a sensational one,
the worst thing that could happen would be a collapse."
an example of what
He pointed to last summer's speculation in silver as
the Treasury wished to avoid.
Herbert E. Gaston, Assistant Secretary of Treasury,
on Government's Silver Purchase Plans.
On June 21 Herbert E. Gaston, Assistant Secretary of
Treasury, announced that the basis of issue of silver certificates against metal purchased out of general Treasury fund
would be, unless later changed, the cost price of the silver.
Associated Press dispatches June 21 from Washington also
had the following to say:
Mr. Gaston explained that whether additional certificates would be issued against the silver would be a matter of policy to be decided later. The
Treasury can issue certificates up to $1.29 per ounce against silver accumulated. It can issue certificates against any portion of the excess silver.
Mr. Gaston pointed out that the certificates issued on a cost price basis
would be a claim against only that portion of the silver represented by the
certificates on the basis of $1.29 per ounce, thus leaving in Treasury vaults
excess silver against which no claims would be outstanding.
The matter of policy to be later determined, he pointed out, would be
whether this excess or "profit silver" would remain as a mere commodity
of no value or would be available for the purpose of issuance of certificates.
If certificates are issued only on the cost price basis, the new currency
pumped out in the accumulation of silver out of general funds would not be
regarded as inflationary. On the other hand, if the excess silver is used
4224
Financial Chronicle
June 23 1934
for certificate issue purposes, this would be regarded as inflationary unless
other currency is forced out of circulation by the new certificates.
It was clearly understood Mat the Treasury intends to give the silver
purchase act a thorough trial.
By this means, it is believed', it will be possible to demonstrate whether
inflationists are correct in their assumption that pumping out of currency
will raise prices.
The issuance of silver certificates against all silver purchased out of
general funds will be with this design in view, it is understood. There
Is a feeling in some quarters that the silver certificates pumped out in the
accumulatibn of silver out of general funds will force back Federal Reserve
notes. However, this is the thing which is ,to be cleared up by practical
application.
"Summing up the premises laid down in the beginning, It seems to me
impossible to escape these legal conclusions: (A) That in the Congress
alone is lodged the power to say what shall be used as money;(B) No person in the Nation has the right to make a contract the effect of which is
to nullify, obstruct or circumvent the power of Congress to say what shall
be the national money, or medium or exchange;(C) Every person who enters into a contract is, in law, conclusively deemed to hold in contemplation the power of Congress to alter and change the nature and so-called
value of the medium or exchange, or money of the Nation; (D) No law
passed by Congress can be invalid when it does no more than carry out a
power vested by the Constitution in the Congress, and (E) Subsequent
valid laws have rendered strict performance of the gold clause value legally impossible."
Counsel for the Missouri Pacific trustees, the Reconstruction Finance
Corporation and the Commissioner of Internal Revenue opposed the Petition on the ground the legislation was imperative in view of urgent economic conditions.
Federal Court at St. Louis Upholds Constitutionality
of Congressional Abrogation of Gold Clause—
Rules Against Bankers Trust Co. of New York in
Suit Based on Payment Guarantee on Bonds—Decision Given in Case of Bonds of St. Louis, Iron
Mountain and Southern Ry.
United States District Judge Charles B. Faris, in a ruling
at St. Louis on June 20, upheld the constitutionality of
Congressional abrogation of the "gold clause" in contracts.
The decision was handed down incident to a petition of the
Bankers Trust Company of New York, trustee for $34,548,000 of bonds originally issued by the St. Louis, Iron Mountain & Southern R. R. (now part of the Missouri Pacific
System), asking that the court order the bonds payable in
gold of the quantity called for in the gold clause on the face
of the securities. Recognizing that settlement in gold is
now impossible, the trustee sought payment in present currency equivalent to the amount of gold specified in the contract. The court ruled that the bonds, now an obligation
of the Missouri Pacific Railroad Company, promising to
pay in "gold coin of the United States" of the weight and
fineness of the time of issue, should be paid only at their
face value in United States currency now legal.
The ruling was regarded as of great importance, since it
marked the first time that a Federal court had passed on the
constitutionality of the resolution (known as No. 10) enacted
in June 1933.
Associated Press dispatch from St. Louis June 20, as
given in the New York "Herald Tribune" is quoted in part
as follows:
The New York "Times" reported from Washington June
20 that gratification was expressed in Government circles
over the decision at St. Louis by Federal Judge Faris upholding Congress action of last June in abrogating the "gold
clause" in Governmental and private obligations. Formal
comment was withheld, however, as it is considered probable that the case will be carried to the Supreme Court.
The "Times" advices added:
Supreme Court Appeal Expected.
It is expected the case, which has been the subject of wide interest in
financial circles, will be appealed to the United States Supreme Court for
final decision.
After discussing all the points raised in the case, Judge Faris concluded:
"And so it follows, that Public Resolution No. 10 is, in my opinion,
valid; that the gold clause is therefore unenforceable in the ultimate letter
thereof as urged by interveners, and is enforceable in equity only, to the
extent that interveners as trustee, are entitled to recover or to be paid on
each $1,000 par value bond in controversy the sum of $1.000 in such money
of the United States as is now current, or as shall be current when the final
decree for payment is entered." . . .
But $11,000,000,000 of Gold Available.
I After pointing out that outstanding gold obligations are variously estimated at from $90,000,000,000 to $125,000,000,000, as compared with
$11,000,000,000 of available mined gold, Judge Faris said adoption of the
Bankers Trust Company contention would "well-nigh double the sum total
of the debts outstanding and now saddled upon transportation and industry,
upon States and municipal corporations and even upon many individuals."
It is obvious he continued, that the upholding of the so-called gold clause
contracts would "vastly hurt, if not destroy business, and shake if not
overturn the entire financial structure of this country."
"It would bankrupt well-nigh every railroad, every municipality, every
road district, or similar instrumentality of State Government and wellnigh every State in the Union. And, since in the financial crash of these
debtor classes, the creditor classes, now urging the letter of their bonds,
might well themselves go down in the common ruin, this situation, as already suggested, should be avoided, if it is legally possible to do so, within
constitutional limits.
"I think it is fairly clear, that validity may be decreed, witnout at all
impunging upon tne Constitution, and without stating a single novel proposition; but merely by following old rules, many times announced either
concretely, or in principle, by the Supreme Court of the United States.
And in doing so, I shall not find it necessary at all to rely upon the wellknown canon of construction, which admonishes that a statute may not
be held constitutionally invalid till the court is convinced of invalidity
beyond a doubt."
Promise is Ruled Illegal.
Leading up to his conclusion, Judge Faris set out the view that actually
the gold clause is not a promise to pay in gold coin. He said:
"It is a promise to pay in gold, not as money, but as a mere commodity,
the bulk, whereof, or the quantity of gold to be paid, to be equal to the gold
content of one thousand dollars of gold coin of the United States of the
standard and weight and fineness as of May 1 1903 (the date the bonds
were issued).
"In short, it is a mere agreement of barter, or swapping of commodities.
If in 1903 the contract had been that 30 years later the maker would pay
to the holder of each bond 100 Melds of Chinese opium, how would the
case stand? Since 1903 the Congress, having power to do so, has forbidden the importation of opium (except under conditions designed to admit its use to medical purposes) and made the possession of it, in ordinary
hands, a criminal offense. Thus, since the contract to pay in plonks of
opium has, since the contract was made, become impossible of performance
by operation of law, what would be the situation?
"In law, I assume the contract would be valid; in equity the rights of
the maker as well as those of the payee would be considered, and not those,
as here insisted, of the payee alone. These equities, involving the alternative of utter destruction of the debtor herein and total loss of its unsecured
creditors and stockholders. I have already pointed out. In such a situation the court of equity might well say to the payee that, having seen fit
to contract for payment, not in money, but in the presently unobtainable
commodity, that money of payment must be such money as the law provides in ordinary cases, and to be measured in quantity by tale and not by
the market price of opium in 1934."
Power of Congress Cited.
After going into the history of the case and arguments raised by counsel
for and against the gold clause, Judge Faris said:
Because of the great importance of the question at issue, the decision
has been awaited with intense interest, as, has it gone against the Government, it would have affected not only the status of $34,548,000 of St.
Louis, Iron Mountain & Southern Railway bonds, on which the suit was
based, but other obligations containing the gold clause which have been
estimated by Government experts as high as $100,000,000,000.
The case was also considered to have international aspects, as it was
reported that some of the bonds named in the suit were held by foreigners
and in any event many other railroad bonds and other obligations of American industries, the status of which came under the scope of the decision.
are held abroad.
So important was the case considered by the Government that Assistant
Solicitor Angus D. MacLean and Stanley Reed, general counsel for the
RFC, had been sent to St. Louis to plead the Government's case in the
District Court.
The main question at issue in the Government's viewpoint, it is said,
was whether Congress had the authority to declare that obligations containing the gold clause could be made payable in paper currency.
In the case of the $34,580,000 of Iron Mountain bonds alone, the Government experts figured that the equivalent principal amount to be paid
if converted into new dollars on the basis of the gold content specified on
the face of the bond would be $58,496,674 and the annual interest rate on
the bonds would be raised from $1,381,920 to $2,339.887.
Placing a conservative estimate of $75,000,000,000 on gold clause obligations, and figuring average interest at 5%, the experts estimated that
the annual interest payable would be increased from $3,750,000,000 to
$6,349,500,000, an increase of $2,599,500,000 annually.
United States Circuit Court Denies Appeal of Frederick
B. Campbell in Suit Over Holdings of $200,000 in
Gold Bullion.
The United States Circuit Court of Appeals, in a decision
hand down June 18, denied the appeal of Frederick B.
Campbell, an attorney, from a District Court ruling which
dismissed his motion to enjoin Martin Conboy, United States
Attorney,from prosecuting him for failure to report the holding of gold bullion valued at approximately $200,000. The
Circuit Court also denied Mr. Campbell's appeal from the
District Court's refusal to order the Chase National Bank to
surrender the gold to him and to refuse to surrender it to the
Government. Mr. Campbell said on June 18 that he would
appeal the case to the United States Supreme Court. The
New York "Herald Tribune" on June 19 noted the ruling
of the Circuit Court as follows:
The first motion was denied on the ground that the Court of Equity
has no authority to enjoin the Federal prosecutor from haling an offender
into court for trial unless there exist certain specific conditions not present
In the Campbell case. The second motion was denied on the ground that
Mr. Campbell should have sued to restrain the bank in State courts. No
opinion as to the legality or constitutionality of theigold hoarding was
set forth.
Mr. Campbell said last night that he would carry the case to the United
States Supreme Court.
The decision was Written by Judge Martin T. Manton and concurred in
by Judges Learned Hand and Thomas W. Evan. The appeal was opposed
by Mr. Conboy, who was assisted in preparation of the brief by Francis H.
Horan and Edward J. Ennis, Assistant United Stateal Attorneys.
The maximum penalty for failure to report gold holdings is 10 years
in jail.
Conference Report on Loans-to-Industry Bill Approved
by Congress and Signed by President Roosevelt—
Provides $580,000,000 for Loans by RFC and Federal
Reserve Board—Maximum Maturity Set at Five
Years.
The Senate and House, on June 16, approved a conference
report on the Administration's bill to provide for Federal
loans to industry, and sent the measure to the White House
for President Roosevelt's signature. The President signed
the bill on June 20. House approval, on June 16, was recorded by a vote of 190 to 4, while the Senate approved the
report on the same date without a record vote.
The bill, as finally drawn, provides for loans for working
capital to small industries in a total amount of $300,000,0001
by the Reconstruction Finance Corporation and approximately $280,000,000 by the Federal Reserve Board. Loans
would have a five-year maturity, and the maximum amount
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that could be loaned to any one organization would be
$500,000. The measure provides that the Federal Reserve
banks will set up in each Federal Reserve District an Advisory Board of from three to five business men. It specifies
that loans shall be made only to corporations "unable to
obtain requisite financial assistance on a reasonable basis
from the usual sources," and that they shall be made "on a
reasonble and sound basis."
A Washington dispatch of June 16 to the New York "Herald
Tribune" outlined the principal provisions of the bill as
follows:
•
The amount available for loans by the Reserve banks will be in the first
Instance $140,000,000, their present surplus. At the discretion of the Secretary of the Treasury an additional $140,000,000, representing the half of
their surplus which was subscribed to stock in the Federal Deposit Insurance
Corporation, will be restored to them by use of a part of the Treasury's
gold revaluation profit.
The RFO is authorized to loan up to $300,000,000 for the same purposes
but presumably under more liberal conditions.
The maximum loan to one borrower from the RFC Is $500,000.
Teacher Loans Approved.
The conferees also approved loans by the RFO to school districts for teachers' salaries to the amount of $75,000,000, and for drainage districts to the
amount of $25,000,000.
Another provision of the final measure authorizes the Federal Reserve
Board to assess member banks for an amount sufficient for the construction
of a building to house the Board in Washington. Its headquarters now
are in the Treasury, with various divisions scattered in other buildings.
The chief point of dispute which deadlocked the conferees related to the
restoration of the $140,000,000 of surplus of the Federal Reserve banks.
The Senate bill authorized and directed the Secretary of the Treasury to
turn the $140,000,000 over to the Federal Reserve banks, giving them a total
fund of $280,000,000 for loans to industry. The House bill, on the other
hand, provided for loans by the Federal Reserve banks only to the extent of
Its present $140,000,000 of surplus.
The House conferees contended that the $140,000,000 was probably more
-than the Federal Reserve banks would loan, and that the real relief would
be afforded through the RFO.
Under the compromise agreement the Federal Reserve banks will get the
-second $140,000,000 only if they loan the first $140,000,000, and if the
Secretary of the Treasury then sees fit to turn it over to them.
The major point of difference in conference arose over the
Senate proposal to appropriate from the Treasury $147,-000,000 to reimburse the Federal Reserve System for subscriptions to the Federal Deposit Insurance Corporation.
-The bill as passed by the Senate, May 14, would have added
-this sum to the present surplus of approximately the same
-amount in the Reserve System to provide a total fund of
almost $300,000,000 from whict five-year loans would be
made to private industry. The Senate bill also fixed the
maximum total RFC five-year loans at $250,000,000.
The House bill, as approved on May 23, increased the RFC
total to $300,000,000, but reduced the Federal Reserve System
maximum to $140,000,000.
References to the Senate and House measures appeared in
our issues of May 19, page 3378, and May 26, page 3539.
President Roosevelt Signs Bill Extending Temporary
Insurance of Bank Deposits for One Year—Maximum Amount Raised to $5,000.
On June 16 the President signed the bill, recently passed
by Congress, extending for another year the temporary
insurance of bank deposits; the bill also provides that the
insurance fund will apply to deposits to the amount of $5,000;
the limit had previously been $2,500. An item with reference to the final Congressional action on the bill appeared in
-our issues of June 9, page 3876 and June 16, page 4054.
President Roosevelt Defends Use of "Brains" in Government and Promises Practice Will Continue—
Speaks After Receiving Honorary Degree from
Yale University—Asserts There Is Great Need for
Trained Men, Who Are Displacing Politicians.
President Roosevelt, speaking at a luncheon in New Haven
on June 20 after commencement exercises at Yale University
at which he was awarded the honorary degree of Doctor
of Laws, referred to the intention of his Administration to
employ men of intelligence, and declared that it will continue this practice. "There has been a certain amount of
comment about the use of brains in the National Government," the President said, and added: "It seems to be a
pretty good practice—a practice which will continue—this
practice of calling on trained people for tasks that require
trained people."
The President spoke extemporaneously, and much of his
address was devoted to the relations between Harvard
College and Yale University, of both of which he is now an
alumnus. He also discussed National issues in a broad
manner, however, particularly the need for trained men in
Government. Now, more than ever before, he said, "it
is true that we are calling on the teaching profession, on the
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graduates of scientific schools and other schools, and I
think it is also true that in the conduct of Government
there has been no period in our history where what we call
in the wrong sense politicians enter less than they do to-day
in the conduct of Government." He added that qualification from the standpoint of ability rather than from politics
enters into most of the choices that are made. The President asserted that he himself would probably be unable
to name the party affiliations of most of the persons holding
responsible positions in Washington.
Referring to Governor Pinchot of Pennsylvania, who was
in his audience, the President said that 22 years ago he had
sought Mr. Pinchot's advice on problems of reforestation.
"He was one of the first brain trusters," said President
Roosevelt.
The President's address was given before about 2,500
Yale alumni and officials, less than an hour after he had
received the honorary degree from Dr. James Rowland
Angell, President of the University. On that occasion
Dr. William Llyon Phelps, University public orator, praised
the President as one who was not afraid of the responsibility
of his office—"a man of to-day who uses modern methods."
Dr. Angell, in conferring the degree, said:
Brave leader of your people in a time of peril: With indomitable courage
and good cheer, with patience and good humor, you have brought intelligence and complete devotion to the service of the Nation, winning to your
personal allegiance millions of men of every creed and part.
Yale University, desiring to do homage to the great office you adorn
and to mark her admiration and respect for your daring leadership, honors
herself in conferring upon you her highest distinction, the degree of Doctor
of Laws, and admitting you to all its rights and privilege.
President Roosevelt's remarks were extemporaneous. As
given in Associated Press accounts from New Haven, Conn.
on June 20 they follow:
President Angell and Fellow-Elis:
I don't believe that any higher academic honor can possibly come to
any Harvard graduate than to be made an alumnus of Yale.
I am especially happy because this cements more closely a bond which
I have had for many long years with a great number of Yale graduates
who have worked with me on many kinds of tasks and in many places.
To-day in Washington I count very heavily on the splendid assistance that
is given to me by Yale graduates in every department of the Government.
We have not yet come to the point of placing universities under the
code system. There have been suggestions to that effect, as, for instance,
not long ago when some of my friends of Harvard suggested that something should be done to correct the unfair trade practice when a certain
sacred ibis disappeared from the Harvard Lampoon office, and again a
suggestion was made when a certain pet bulldog disappeared from New
Haven.
It was suggested this morning by the public orator (Professor Phelps)
that Congress will do almost anything I wanted. But the dear, good
Congress almost prevented me from being with you to-day.
Last night, when I got aboard the train, I felt just like a school-boy
Out of school, yet here I am, back in academic surroundings!
However, I did want to tell you of my appreciation of being able to
work through these years with Yale men, and I want to tell you also very
simply of my thought that, while there has been a certain amount of comment about the use of brains in the National Government, it seems to be
a pretty good practice—a practice which will continue—this practice of
calling on trained people for tasks that require trained people.
To-day, more than ever before in our public life, it is true that we
are calling on the teaching profession, on the graduates of scientific schools
and other schools, and I think it is also true that, in the conduct of government, there has been no period in our history where what we call in the
wrong sense politics and in the wrong sense politicians enter less than
they do to-day in the conduct of government.
I find, for the sake of example, that in my own mind and. I am quite
sure,in the minds of most of the leaders in the Federal Government, qualification from the standpoint of ability rather than from politics enters into
most of the choices that are made.
There are, of course repercussions to that. Sometimes appointments
are made and people are called In to serve their country and weeks go by
before anybody discovers which party they happen to belong to.
I couldn't tell you to-day the party affiliations of probably the majority
of people holding responsible positions in Washington, and it is a mighty
good thing that I cannot.
I go back a great many years in calling on Yale men for help.
One of the most pleasant surprises this morning was the statement by
the dean of the School of Forestry that this year's graduates were not
present because they were already at work, and I looked down at Gifford
Pinchot,(Governor of Pennsylvania,) and smiled, and he knew what I
meant.
Twenty years ago or.more than that,22 years ago, when I wasa youngster
in the State Legislature for some perfectly unknown reason I was made
the Chairman of a committee—I think it was because nobody else wanted
the Chairmanship—on forests, fish and game. It was a subject about
which I knew very little.
I discovered immediately that one of the problems before us was the denudation of the Adirondacks. Timber had been cut there without rhyme
or reason or thought, and many of the upper slopes were being washed
away, until only the bare rock appeared.
I began to take an interest, and I sent a letter to the Chief Forester of
the United States, asking him to come to Albany to advise me and the
Legislature, and Gifford Pinchot came up there and delivered a professorial
lecture. He was one of the first of the brain trusters.
And the thing that sold it to the layman's mind—to the mind of the
average member of the Assemby or the Senate—was not so much what he
said as what he showed—photographs of North China, a region once covered
with magnificent forests, a region which to-day is a desert.
We passed our legislation, and that was the first step toward practical,
government-supervised forestry, so far as I know, in the Easterh part of
the country.
It started me on the conservation road. From that time on, in company with a great many other graduates of Yale. we have gone ahead by
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Financial Chronicle
the slow process of education until to-day the whole country, I believe, is
thoroughly familiar with the purpose of the great National plan for the
better use of land and water throughout our continental limits.
I cite this merely as an example of what may grow from the enthusiasm
of men. There are hundreds of other things we are doing to-day that are
new, and the Government of this country is seeking to progress in all the
affairs of governing the country in the same way that the great universities
of this country have succeeded because they would never stand still.
Harvard and Yale have pointed the way in education for a great many
generations, and to-day Harvard and Yale stand out in the world of edutation as being willing to experiment—thank God!
Just so long as that spirit remains in our education—and, as President
Conant suggested, we have still quite a way to go to catch up with the
seventeenth century—and just so long as that spirit is abroad in education,
we used not worry about the future of the Nation.
Warns of Narrow Viewpoint.
I want to say one word about the National point of view. Ever since I
graduated from college I have been more and more interested in the proposal, to-day in part a fact, that these great Eastern universities should
snake themselves National insofar as it lies within their power, and the
body of graduates of Yale and the body of graduates of Harvard every
year are increasing the useful influence of the two universities in all of the
sections of this country.
The danger for all of us graduates, especially, I believe, of the larger
Eastern universities, lies in a narrowness of point of view—the living within
the confines of one's own community, of living within one's own profession
and of typifying too greatly the man who is described by the West as the
man who never went west of the Hudson River.
To get to know our country is going to help us, not only individually
but our own Government.
We hear much in the more erudite press of the East about members of
the legislative branch of the National Government who are usually set down
as "local politicians." And yet in that body we must remember the simple
fact that they do represent every State and every Congressional district
throughout the length and breadth of the land and that the cross-section
of American public opinion is better displayed in the halls of Congress than
It is in any aggregation of educated citizens having purely the local point
of view.
After all, we are, whether we like it or not, living in a democracy. I
like it. We are going to continue to live in a democracy.
The fact that the influence of Harvard and Yale is becoming more cosmopolitan and more nationwide as each year goes by is one of the finest
things to which we can point and the effort that we lend to that end one
of the finest things we can do for our Alma Mater.
So, my friends, because Harvard and Yale have gone through these
centuries hand and hand, I am very happy to belong to both of them.
President Roosevelt Asks Aid of Advertising Men in
Interpreting Recovery Program to Public—Message
Read at Annual Convention.
President Roosevelt, in a message read at the 30th annual
convention of the Advertising Federation of America in
New York City on June 18, declared that through advertising
the American public can ba brought to realise the importance
of the functions and operations of the various branches of
Government. "Our citizens," he said, "are often in abysmal
ignorance as to how Government functions or how it is intended to function." Asserting that few groups can accept
and fulfill the responsibility of properly educating the public
as well as the advertising fraternity, the President added:
"You have rendered conspicuous service thus far in presenting sound interpretations of the purposes and objectives of
the recovery program."
The President's message was read by Edgar Kobak,
President of the Federation. Its text is given below:
My dear Mr. Kobak.
Three years ago it was my pleasure to meet personally with the 27th
annual convention of the Advertising Federation of America. Unfortunately, I cannot be with you in person this year, but I welcome this opportunity of extending a message of greeting to you.
May I call your attention to a statement I made to your organization
three years ago. "There is one field of human effort which to-day is insufficiently touched by the benefits of advertising. In spreading the doctrine
of the necessity of advertising, which your profession has so thoroughly
sold the American public, you can help also to establish in the minds of
people the importance of advertising the functions and operations of the
various branches of Government. If ever one thing needed advertising
publicity, it is Government—National, State, county and city. Our
citizens are often in abysmal ignorance as to how Government functions
or how It is intended to function." If this was true three years ago, it
also is true to-day.
The drastic economic and social emergency required an unprecedented
degree of governmental action and participation in functions not normally
vested in the Government.
There are few groups which can accept and fulfill the responsibility of
properly educating the public as well as the advertising fraternity. You
have rendered conspicuous service thus far in presenting sound interpretations of the purposes and objectives of the recovery program.
I wish for you in your consideration of these broad and specific problems
of advertising a most successful convention.
Very sincerely yours.
FRANKLIN D. ROOSEVELT.
President Roosevelt Urges Radio Broadcasting to
Maintain Freedom Similar to That of Press—
Message Read Before Radio Manufacturers Convention.
President Roosevelt, in a message read on June 13 before
the convention of the Radio Manufacturers Association in
Chicago, declared that radio broadcasting "should be maintained on an equality of freedom similar to that freedom
which has been and is the keystone of the American press."
The President said that hitherto radio, in co-operation with
June 23 1934
the Government, has been conducted as a public agency,
and added that it has "met the requirements of the letter and
spirit of the law that it function for 'public convenience and
necessity'." The text of his message, which was read by
Fred D. Williams, President of the Association, follows:
I take pleasure in extending greetings and best wishes to the radio
Industry as represented at your banquet given in celebration of the tenth
anniversary of the founding of the Radio Manufacturers Association.
Your manufacturing ingenuity and your agencies of distribution have
been so exercised that, I am glad to say, radio to-day is enjoyed in the
humble as well as the palatial home and contributes greatly to the enrichment of life.
Radio is a new and potent American industry. Reports of the United
States Department of Labor show that employment in your factories
has doubled since April 1933. Unemployed have found work In your
factories and I am advised that as business has improved in your industry,
your workers have received increased wage rates.
You have had many evidences of my interest in radio. In co-operation
with the Government, radio has been conducted as a public agency. It
has met the requirements of the letter and spirit of the law that it function
for "public convenience and necessity."
To permit radio to become a medium for selfish propaganda of any
character would be shamefully and wrongfully to abuse a great agent of
public service.
Radio broadcasting should be maintained on an equality of freedom
similar to that freedom which has been and is the keystone of the American
press.
Ogden Reid, Editor of New York "Herald Tribune,"
Declines to "Render Account" to Federal Radio
Commission of Charges That Radio Is Largely
Restricted to Government Propaganda—Cites Constitutional Amendment Providing for Freedon of
Speech.
Ogden Reid, Editor of the New York "Herald Tribune,"
in a letter addressed on June 17 to the Federal Radio Commission, replied to the Commission's resolution asking him
to furnish facts to support his charges that the radio is controlled by the Administration through its licensing power,
and as a result has been made the spokesman of the New
Deal and "largely restricted to Government propaganda."
Mr. Reid said that he would "decline to render you an
account concerning our editorial comment, which expressed
our reasoned and sincere conviction." He declared that the
freedom of speech or the press implies the right of all citizens,
"including even those who wish to use radio communications, to express opinions upon matters of public concern."
Mr. Reid's letter, as published in the "Herald Tribune" on
June 18, follows:
June 17 1934.
Federal Radio Commission, Washington, D. C.
Gentlemen:—I have for consideration the resolution formally adopted by
the FRO purporting to call upon me, as "President and Editor of the
New York Herald Tribune," to furnish the facts, with names ofinformants,
supporting out editorial comment that:
"The radio, controlled by the Administration through its licensing
power, was made the spokesman of the New Deal and largely restricted to
Government propaganda."
My first inclination was,and indeed my preference would be,to disregard
the manifest impropriety and unauthorized character of the resolution and
the attempted indirect press censorship involved; to furnish the facts supporting our opinion (but, of course, without disclosing names of confidential
Informants) and to begin the recital of the proofs by reminding the PRO
of its warning to those within reach of its "licensing power,"
On Aug. 14 1933 the Commission issued a statement which began as
follows:
"It is the patriotic, if not the bounden and legal duty of all licensees
of radio broadcasting stations to deny their facilities to advertisers who are
disposed to defy, ignore, or modify the codes established by the National
Recovery Administration, Commissioner Harold A. Lafount declared
to-day in a statement."
The statement then quoted Commissioner Lafount as follows:
"Under the Radio Act the Commission has no right of censorship. However, the Commission has the right to take into consideration the kind of
programs broadcast when licensees apply for renewals. . . . It is to
be hoped that radio stations, using valuable facilities loaned to them
temporarily by the Government, will not unwittingly be placed in an
embarrassing position because of the greed or lack of patriotism on the
part of a few unscrupulous advertisers."
On further consideration. I have concluded that preference should yield
to principle.
One of the principles involved is expressed—and it may serve a useful
purpose to quote it to the FRC here—in the First Amendment to the
Constitulon of the United States as follows:
"Congress shall make no law respecting an establishment of religion,
or prohibiting the free exercise thereof; or abridging the freedom of speech.
or of the press; or the right of the people peaceably to assemble, and to
petition the Government for a redress of grievances."
Another of those principles is that inherent in the freedom of speech or
of the press is the right of all citizens, including even those who wish to
use radio communications, to express opinions upon matters of public
concern. It is his own opinion that a citizen has a right to express; he is
not bound to hold or express opinions favorable to the policies of the
Government or acceptable to those for the time being in office and is
not, or should not be, accountable to the Government,or any of its agencies.
If he ventures to express adverse sentiments, Those rights, as we believe.
were among those which Congress intended to preserve when it forbade
the FRO to "Interfere with the right of free speech."
I am well aware that your resolution is phrased as a "request," that
the requests of a licensing power are likely to be viewed as commands by
those within reach of the power and periodically in need of renewals of
licensee and that, fortunately for the public, no licensing or other censoring
Jurisdiction over the press is or can be constitutionally vested in any
Government commission
Moreover, the most important time to stand upon such principles is
when they are, on the one hand, being subjected to attempts at direc
Volume 138
Financial Chronicle
and indirect invasion and are, on the other hand, being made the subject
of denials of invasion and disclaimers of intentional invasion.
Accordingly, I respectfully decline to render you an account concerning
our editorial comment, which expressed our reasoned and sincere conviction.
Very truly yours,
OGDEN REID.
Secretary of the Interior Ickes Assails Critics of "Brain
Trust" as Political Partisans—In Address at Tufts
College Urges Greater Utilization of Brains by
Government in Planning New Social Order.
Secretary of the Interior Harold L. Ickes, speaking at the
annual commencement exercises of Tufts College on June 18,
assailed critics of the "brain trust" as political partisans.
who fear that the Administration will end the "special
privilege of the few at the expense of the many." He declared that the era of individualism is vanishing, and the
Government should utilize on an increasing scale the best
brains available in its service. The new social order, he
said, will prohibit child labor, eliminate sweatshops, assess
taxes "in proportion to ability to pay," bring farm prices
into proper relationship with factory prices, and establish
a system of social insurance, "thus meeting in the most
economical and self-respecting manner an obligation which
in any event society must somehow meet."
In discussing the "brain trust," Mr. Ickes said in part:
I have stressed the subject of education because latterly it seems to
have fallen somewhat into disrepute, especially so far as the use of men
of trained intellects and cultivated intelligence in our Government are
concerned. The term "brain trust" has been made an opprobrious epithet.
There are those who, for not altogether worthy political purposes, have
chosen to make an issue of the use of brains in Government.
I wonder if it is seriously suggested by these critics of the so-called
"brain trust" that the grave social and economic questions now pressing
for solution can be solved wisely only by men who are lacking in expert
knowledge or special training on political and social issues?
After all I suspect that what those who decry the use of brains in Government fear is not brains as such, but brains that are used for the benefit
of the masses of our people instead of for the privileged few. They want
brains without heart, brains without soul, brains without conscience,
brains without sense of social responsibility. They want brains, that if
they cannot be bought or bullied, are content to lead a quiet existence
remote from the practical affairs of life.
Not only to a greater, rather than to a lesser, extent should our Government enlist in its service the best brains available, but every man or woman
possessing special ability and outstanding qualifications ought to give the
Government the first call on that ability and those qualifications. What
nobler ambition can any youth in our land have than that of service to the
State?
4227
Prior to entering the Government service Mr. Ryder had been a graduate
student in economics at Harvard University and had held an assistantship
in economics at that University and a professorship in economics at the
University of Louisville, Louisville, Ky. He has degrees from the University of Richmond, Richmond, Va., and from Harvard. His previous
Federal service before becoming a member of the staff of the Tariff Commission was with the Shipping Board, War Trade Board, and the Income
Tax Unit of the Treasury Department. He resides in Alexandria, Va.
The nomination of Mr. 0. B. Ryder, Virginia, to be a
member of the U. S. Tariff Commission was sent to the
Senate by President Roosevelt on June 13.
Governor Langer of North Dakota Found Guilty of
Fraud Through Forcing Political Contributions
from Federal Employees—Four Associates Also
Convicted.
Governor William Langer of North Dakota and four other
persons were found guilty on June 17 of defrauding the
Federal Government by forcing Federal employees to contribute to political funds. A jury returned the verdict after
deliberating for two days. Conviction on the criminal
charges carries a possible penalty of two years in prison
and a fine. Lieutenant Governor Ole H. Olson took the
gubernatorial oath on June 18, contending that Mr. Langer
could no longer serve as Governor because of his conviction.
The latter, however, declared that he would retain his office
"by force, if necessary." The North Dakota Supreme
Court on June 21 upheld Governor Langer's claim to hold his
office, despite his conviction of a felony.
A dispatch from Bismark, N. D., to the Philadelphia
"Record" on June 17 described the verdict in part as follows:
Convicted with the Governor are Highway Commissioner Frank A.
Vogel, Langer's close political ally; Oscar A. Chaput, business manager of
the Langer administration newspaper, the "Leader"; R. A. Kinzer. former
Federal Relief Committee Secretary, and Harold McDonald, solicitor for
the newspaper.
A long investigation preceded his indictment. Specific charges were that
he forced applicants for relief jobs to subscribe to his party newspaper.
Immediately Federal Relief Administrator Harry Hopkins removed him
as head of Government relief activities in his State.
The felony conviction, one of the few in American history that has
involved a State's chief officer, was the first the Federal Government has
obtained against such an official on the particular charge—defrauding the
United States through solicitation of Federal employees for political contributions.
Governor Langer, in a statement following the verdict, said.
"It has been the practice in both State and Federal offices to have employees of the Administration contribute to that Administration.
"It has never been the purpose of the present Administration to ask from
anybody other than State employees who believed in the principles of the
Administration that was then in power, and the solicitation of any of those
employees of the State emergency relief offices was done entirely without
any purpose or desire on our part to have this solicitation.
"This solicitation has been nothing more than has been done in the State
ever since territorial days."
Higher Schedule of Workmen's Compensation Insurance Rates Approved by New York State Superintendent of Insurance.
George S. Van Schaick, Superintendent of Insurance for
the State of New York, has approved a revised schedule of
premium charges for workmen's compensation insurance submitted by the Compensation Insurance Rating Board, it was
announced by the New York State Insurance Department on
June 16. The level of the new rate scale represents an increase of 10.3% over the rates prevailing and will be effective
July 1 1934, the announcement said. The following is also
from the announcement:
Reference to the charges against Gov. Langer appeared
in our issue of April 21, page 2681.
In September 1933, Mr. Ryder was loaned to the NRA to be chief of its
Imports Division, which was created to handle complaints under Section
3 (e) of the National Industrial Recovery Act. This section is designed
zo protect NRA codes when their maintenance is threatened by competition
from imports.
Under a resolution adopted by the Senate on April 30, that body would
have been required to vote to-day on three questions growing out of the
Thayer investigation. One was whether the letters written by the former
Senator to officials of the Associated Gas Sz Electric Co. were authentic.
Another was whether the record of the investigation had established
New York State Senate Finds Warren T. Thayer Guilty
of Official Misconduct While a Member—Sustains
Charges Growing Out of Relations With Utility
Corporations—Committee Begins Broad Inquiry
Into Utility Activities in State.
The sums available out of New York State premiums in 1933 for the
payment of benefits on account of injured workmen were deficient to the
The New York State Senate, by the unanimous vote of
extent of over $4,000,000. During the nine years from 1925 to 1933 incluthe 47 members present, on June 19 found Warren T.
sive, the proportion of earned premiums available for benefits was deficient
Thayer guilty of official misconduct in his transactions while
by $30,737,000 in sums needed to provide for incurred losses.
The importance of adequate rates tot this class of insurance lies in the
he was a member of the Senate. Mr. Thayer resigned on
necessity for providing sufficient reserves to enable companies to pay proper
June 11, as noted in our issue of June 16, page 4063. The
benefits to injured workmen and their families.
verdict of the Senate on June 19 followed an outline of
evidence in the case by Paul J. McCauley, Counsel for the
Appointment of Oscar B. Ryder as Member of United
States Tariff Commission Confirmed by Senate. Senate Judiciary Committee which had conducted an inThe Senate on June 18 confirmed the appointment by vestigation of the charges. These were originally instituted
President Roosevelt of Oscar B. Ryder as a member of the after the publication of correspondence between Mr. Thayer
United States Tariff Commission. Announcement was made while he was Chairman of the Public Service Committee
by the Commission on June 18 that Mr. Ryder expects of the Senate in 1927 and 1928,and officials of the Associated
to take office within a few days upon completing his work Gas & Electric Co., which had purchased through him a
with the National Recovery Administration, where he has controlling interest in the Chasm Power Co., of which he
been serving as chief of the Imports Division. The an- was Vice-President and General Manager. In one of his
nouncement said that Mr. Ryder has been on the staff of letters Mr. Thayer is said to have expressed the hope that
the Tariff Commission for nearly 15 years. The announce- his services in killing legislation adverse to utility interests
had proved satisfactory to the company.
ment continued:
Preparations were also begun this week by the Senate for a
At the time he entered on duty, he was assigned to the Textile Division
broad investigation into the public relations of utility corbecause of his knowledge of the silk manufacturing industry. While in
that division he prepared, among other things, a comprehensive report on
porations in New York State, together with their political
"Broad Silk Manufacture and the Tariff." He was later transferred to
activities and their participation in the election of State and
the Economics Division of the Commission. . . . While the Tariff
local officials. The investigating committee is composed of
Act of 1930 was under consideration in the Congress, Mr. Ryder carried
out important technical assignments and has served as an adviser on confour Senators and three Assemblymen.
sultant on subsequent legislation dealing with tariff matters. In 1933 he
An Albany dispatch of June 19 to the New York "Times"
was made Assistant Chief of the Economics Division and member of the
Commission's Planning and Checking Committee.
described the Senate vote in the Thayer ease in part as follows:
4228
Financial Chronicle
official misconduct. The third was whether Mr. Thayer should be expelled
as a member of the Senate.
Voted Only on Misconduct.
ill Senator William T. Byrne, Chairman of the Judiciary Committee,
pointed out that the first question had been answered by the admission of
Senator Thayer that he was the author of the letters and that his resignation
had removed the need for a vote on the third question.
On the remaining question of official misconduct, the Senate voted unanimously in the affirmative.
yi Governor Lehman sent a brief message to the Senate soon after a committee from that body had officially advised him that it was in session and
ready to proceed to business. The Governor cited the resolution adopted
by the Senate on April 27, calling upon him to convene that body in extraordinary session to pass upon the evidence-in the Thayer case. The
Governor added:
accordance with your request and pursuant to the prior resolutions adopted by your honorable body in connection with said investigation,
the
and by virtue of the authority contained in Article IV, Section 4, of
Constitutoin. I have convened your honorable body in extraordinary
as you
session, and recommend for your consideration and for such action
taken
may see fit to take thesubject matter of the report of and the evidence
thereof."
by your Judiciary Committee in respect
Joseph W. Harriman Convicted on 16 Counts Charging
Misuse of Funds—Albert M. Austin, Former VicePresident of Closed Bank, Exonerated.
Joseph W.Harriman,former President of the closed Harriman National Bank & Trust Co. of New York, was convicted
by a jury on June 19 on all of 16 counts in the Government's
suit charging false entries totaling $1,713,000 in depositors'
accounts as well as misapplication of the bank's assets in
connection with two loans of $300,000 each. Albert M.Austin,
former Executive Vice-President of the bank, was exonerated
by the jury on all counts and was discharged from custody.
Mr. Harriman's bail was continued at $25,000 until June 27,
when he is required to appear for sentence.
Previous references to the joint trial of Mr. Harriman and
Mr. Austin were contained in our issues of May 19 (pages
3375-76) and May 26(pages3549-50). The Government rested
Its case on June 1 and the defense opened on June 4. The
case went to the jury on June 19, and the verdict was reached
in two hours. The New York "Times" of June 19 described
the comments of the Judge, in part, as follows:
Judge John C. Knox, who presided over the five-week trial, commended
for
the verdict as "thoroughly understandable" as well as "highly salutary"
bankers in general. '
Before entrusting the case to the jury, who had been selected for this
trial after they had disclaimed any prejudice against bankers as a class,
Judge Knox, in his charge yesterday, emphasized the fact that the two
reopen,
defendants were not being tried because the Harriman Bank failed to
bank,
but because of specific abuses in the 1931 and 1932 operations of the
morawhich the Government found when the bank was closed during the
torium of March 1933.
"These defendants should not be convicted because they were bankers,"
high
the Judge said, "or for the reason that some people do not have as
opinion of the banking fraternity as of other occupations. Nor should they
be sacrificed because their bank failed. On the other hand, neither should
they be absolved because they were of gentle birth or high social position."
"No Doubt of Guilt."
When the jury returned, in two hours, the verdict, Judge Knox communicated his own convictions before he let them go.
"There is no doubt in my mind," he said, "that Mr. Harriman is guilty
on each count of the indictment. As to defendant Austin, I dare say you
found him, as I did, to be one who took his direction from the man in
control and followed instructions, fearful, no doubt, that if he did anything
other than follow them he would lose a position which he wanted very much
to keep, and that therefore such guilt as might rest on him was of a
different type than that which characterized Mr. Harriman.
"The verdict is altogether understandable," the Judge resumed, after a
moment of reflection. "Hard as your verdict may be on Mr. Harriman, it
will have a highly salutary effect in that those who are entrusted with the
funds of the public will know that the law intended to protect depositors
is something to be observed rather than disregarded. I hope that other bank
officers, entrusted with the proper use of the moneys in their care, will
•take this verdict very much to heart."
The principal defence witnesses were Mr. Harriman, who
testified on June 6, 7 and 8, and Mr. Austin, who testified on
,June 12 and 13. Mr. Harriman, on the witness stand, denied
.June 6 that he had any knowledge whatever of the $1,730,080
.of false entries or $600,000 misapplication of funds and assets
of the bank,for which he was indicted. He agreed that these
transactions were improper, but said that as President of the
bank he had not attended to operating details. He added that
he had depended principally on Mr. Austin for such matters.
Mr. Harriman denied that he had given instructions to any
one, and specifically to Mr. Austin, to make false entries in
the bank.
In the cross-examination of Mr. Harriman, on June 7, the
principal matter discussed was the stock distribution and
stabilizing campaign conducted by a syndicate of directors
of the bank. He again denied any knowledge of irregularities
In the bank's books or in payments for bank stock purchased
through the suspense account of the Harriman Securities
Corp.
Mr. Harriman's cross-examination was concluded on
June 8, when he continued to deny that he had made false
entries in the bank's books or misappropriated funds. He
June 23 1934
reiterated that as President of the bank he concerned himself
only with the purchase and sale of stock, and did not bother
with minor details. He refused to change any of the testimony he had given on the two preceding days, and insisted
that he had told only the truth. Mr. Harriman's defense
rested on June 11, after Mrs. Harriman, his wife, had testified that a certain loan of $200,000 made to her by the bank
at her husband's direction was for the purchase of bank stock
in an effort to sustain its price after the crash of the stock
market.
Mr. Austin took the witness stand on June 12 and contradicted Mr. Harriman, who had said that he left such details
as entries in the bank's books to Mr. Austin. The latter
asserted that Mr. Harriman bad told him exactly what
entries to make and that he had simply carried out instructions. Mr. Austin is also reported as saying that Mr. Harriman was responsible for the misapplication of $600,000 of
assets incident to bank loans to Sidney Bernheim and Dr.
Preston Satterwhite. Concluding his testimony, on June 13,
Mr. Austin, under cross-examination, repeated that h& had
simply obeyed Mr. Harriman's orders and that he had. no
suspicion that they represented false or illegal transactions.
The first witness in defense of Mr. Harriman, on June 4,
was Frederick W. Scholtz, a certified public accountant, who
declared that Mr. Harriman had continually taken steps to
preserve confidence in the bank after the stock market crash
of 1929 by taking its stock off the market at $1,500 a share
whenever it appeared. The Government rested its case on
June 2 with the calling of Christopher W. Karb, a member
of the brokerage firm of Harriman & Co., who testified regarding loans made by Mr. Harriman to partners of the firm
In 1930. He said that Mr. Harriman maintained several accounts with the firm from 1930 to 1932, and that the collateral
for these accounts was largely Harriman Bank stock.
Comptroller of Currency Approves Offer of Nine New
York City Banks to Pay $2,848,950 in Claims Arising
from Failure of Harriman National Bank & Trust
Co.—Plan to Be Submitted for Approval of Court
and Depositors.
J. F. T. O'Connor, Comptroller of the Currency, on June 13
announced his acceptance of the offer of nine banks, all
members of the New York Clearing House Association, to adjust claims against them incident to the failure of the Harriman National Bank & Trust Co. of New York, through the
payment of a total of $2,848,950. A compromise agreement
with these banks was signed on behalf of the Federal Government on June 8, and in his letter dated June 13, addressed to
Alfred A. Cook, Mr. O'Connor said that the offer of the nine
banks, if effective, "would dispose of the controversial matters involved so far as the aforementioned banks (and their
officers and representatives) are concerned, without further
litigation against them." The banks involved in this settlement are the Chase National Bank, the Central Hanover
Bank & Trust Co., the Manufacturers' Trust Co., the Irving
Trust Co., the New York Trust Co., the Corn Exchange Bank
Trust Co., the Bank of New York & Trust Co., the Marine
Midland Trust Co., and the Commercial National Bank &
Trust Co.
The $2,848,950 is equivalent to approximately 45% of the
$6,331,000 deficiency of the Harriman Bank at the time it
was closed in March 1933. The deficiency now Is about
$9,000,000.
It was announced on June 19 that Lawyers County Trust
Co. had set aside a reserve of $27,000 to meet any possible
liability which it may have in connection with the closing of
the Harriman Bank. This reserve was taken out of the
assets of the Lawyers Trust Co. (formerly a member of the
New York Clearing House Association), which was merged
with the County Trust Co. in the summer of last year.
We give below the text of a letter dated June 12, addressed
to Mr. O'Connor, outlining the terms of the proposed settlement:
June 12 1934.
Hon. J. F. T. O'Connor,
Comptroller of the Currency,
Washington, D. C.
Re The Harriman National Bank de Trust Co.
Dear Mr. Comptroller:
In connection with the action instituted by us in behalf of yourself and
the receiver of the Harriman National Bank & Trust Co. against the members
of the New York Clearing House Association, we submit to you herewith offers
of settlement in the aggregate amount of $2,848,950 from the following
banks: Bank of New York & Trust Co., Central Hanover Bank & Trust Co.,
the Chase National Bank of the City of New York, the Commercial National
Bank & Trust Co. of New York, Corn Exchange Bank Trust Co., Irving Trust
York,
Co., Manufacturers' Trust Co., the Marine Midland Trust Co. of New
and the New York Trust Co.
Financial Ch nick
Volume 138
The figure of $6,331,000 referred to in the offer of settlement represents
the amount which was reported to the Clearing House banks by the Clearing
House Examiner as the deficit of the Harriman National Bank & Trust C
at the time of its closing, on or about March 6 1933, under the proclamati n
of the President closing all of the banks of the country.
I have considered the situation with various depositors directly and with
the Committee for the Protection of Depositors of the Harriman National
Bank & Trust Co., representing, so I have been advised, a substantial amount
of deposits, and they have indicated a desire, in view of the delay, expense
and all other features necessarily involved in litigation, to receive the substantial payment now rather than to await the outcome of a protracted lawsuit with inevitable appeals irrespective of the outcome in the first instante.
I feel it is impossible to disregard this consideration.
In the suit, instituted on behalf of the Government, the contention was
made that if the bank had not been closed or had been allowed to reopen, a
deficit in excess of $6,331,000 would not have occurred, but, on the contrary, might have been considerably less, as there are always losses incurred
In liquidation. As I have mentioned to you before, in view of all the facts
and circumstances in the situation, I feel there is much equity in this contention and that in offering to pay their stated shares of $6,331,000 in settlement and adjustment without further litigation of the claims asserted against
them, the banks above mentioned have made a fair and reasonable offer
which should be accepted by the plaintiffs, subject to the approval of the
depositors as provided for in the offer.
Faithfully yours,
(Signed) ALFRED A. COOR.
June 12 1934.
I concur in the foregoing.
(Signed) CLARENCE J. SHEARN.
Mr. O'Connor's reply to that letter follows:
TREASURY DEPARTMENT,
Washington.
Comptroller of the Currency.
June 18 1934.
Alfred A. Cook,
20 Pine Street,
New York, N. Y.
Dear Sir: I have your letter of June 12 1934, and enclosed offers of the
following banks, which are defendants in the action instituted by me, as
Comptroller of the Currency, Frederick V. Goess, as receiver of the Harriman
National Bank & Trust Co., and Henry E. Cooper, for the benefit of the
depositors of the Harriman Bank, against the member banks of the New
York Clearing House Association and others:
Bank of New York & Trust Co., Central Hanover Bank & Trust Co., the
Chase National Bank of the City of New York, the Commercial National
Bank & Trust Co. of New York, Corn Exchange Bank Trust Co., Irving Trust
Co., Manufacturers' Trust Co., the Marine Midland Trust Co. of New York,
and the New York Trust Co.
The offer of these banks to adjust all claims against them arising out of
the failure of the Harriman Bank, by the prompt payment of their stated
shares of $6,331,000 (to wit, $2,848,950 in the aggregate), if the offer
becomes effective, would dispose of the controversial matters involved so
far as the aforementioned banks (and their officers and representatives) are
concerned, without further litigation against them, and, in my opinion, would
constitute a settlement of the controversy with them which is in the best
Interests of the depositors, and your recommendation that the offer be
accepted has my approval.
Will you kindly take appropriate steps to submit the offer for the approval
of the depositors and the Court?
Yours very truly,
(Signed) J. F. T. O'CONNOR,
Comptroller of the Currency.
Death of Former Representative Samuel Arentz of
Nevada.
Samuel S. Arentz, former Representative in Congress
from Nevada, died in Reno on June 17 at the age of 55.
Mr. Arentz, before beginning the first of his five terms in
Congress, had been active in mining operations and irrigation projects. In 1914 he'became a consulting engineer to
the United States Bureau of Mines, and was later named
President of the Western American Exploration Co. He
was first elected to Congress as Representative-at-Large
from Nevada in 1921.
Death of J. H. Blair, Former Governor of Federal
Reserve Bank of Chicago.
John Halsey Blair, former Governor of the Federal Reserve Bank of Chicago from 1921 to 1933, died June 20 in
Grant Hospital, Chicago. Mr. Blair, who retired from the
Reserve Bank because of ill health, was 69 years old. From
Chicago advices to the New York "Times" of June 21 we
take the following:
Mr. Blair was born at Belvidere, N. J., and was educated at Cornell
He was admitted to the Iowa bar in 1899
and began practice in Des Moines.
and attorney for the Iowa Loan and Trust Co.,
Mr. Blair was Secretary
l893-l9)3, then Vice-President of the Iowa National Bank of Des Moines.
the latter position in 1921 to come to the Federal Reserve Bank in
Ile 1
Ch go.
.\\
College, Mount Vernon, Iowa.
roducers Need Not Sell by June 30 Cotton Pledged
as Security to Notes Held by CCC, Corporation
Announces.
The Commodity Credit Corporation is in receipt of information that banks and lending agencies now holding cotton
producers' notes are circularizing the producer-borrowers, intimating that the cotton should be sold before June 30 1934,
the Corporation announced June 20. It is apparent that
these circular letters, the Corporation said, are being sent by
•
422
e banks and lending agencies, due to the fact that the Corporation's contract to purchase eligible cotton producers'
notes, expires June 30 1934. The Corporation stated that it
is not necessary for producers to make sale of cotton pledged
as security to notes held by the Corporation, unless they desire to do so. The announcement continued:
As indicated in CCK7s circular letter No. 5, dated May 12 1934, and in
press release of May 9 1934, no cotton pledged as security for producers'
loans, as long as the notes are held by CCC, will be taken over by the
Corporation prior to Feb. 1 1935, except as provided under the terms of
the loan agreement, e. g., when middling %-inch spot cotton reaches 15
cents per pound on the New Orleans market.
The maturity date on all 8 and 10 cents cotton loans held by the Corporation has been extended from Aug. 1 1934, to Feb. 1 1935. This extension
means that the producers may make repayment of the loan and obtain the
release of pledged cotton receipts at any time prior to Feb. 1 1935.
Ample provisions have been made for releasing pledged cotton receipts to
producers against repayment, and there will be no undue delay in producers
securing their receipts after the notes are in the hands of the Corporation.
Producers desiring to make payment of their loan and secure the release of
their warehouse receipts after the notes have been purchased by COO, should
communicate with the Federal Reserve Bank serving the district in which
they reside.
WC does not expect at this time to make a general reconcentration of
the cotton pledged as security to 8 and 10 cent loans after the notes are
purchased by it. Any reeoncentration made will be only in cases where it
Is necessary in order to protect the collateral or in cases where there are
excessive charges. Where reconcentration is made, it will result in a saving to the producer.
Producers should not become alarmed because of information sent to
them intimating the CCO will take over their cotton June 31) 1934. Such
is not the case and the producers will retain their present rights of securing release of the collateral against repayment until Feb. 1 1935.
The extension of the maturity date of loans to producers by
the CCC under the 10-cent cotton plan, was referred to in our
issue of May 12, page 3215.
Farm Debt Refinancing in Iowa Aggregates $75,000,000
According to FCA.
Iowa farmers have refinanced, since a year ago, more
than 17,500 new farm mortgage loans aggregating $75,000,000 obtained from the Federal Land Bank of Omaha,
as shown by figures released at Washington, June 13 by the
Farm Credit Administration. The volume of new Land
Bank financing in Iowa during the first year of the FCA is
second only to Texas, which covers an entire Land Bank
District. In issuing the figures the Administration also
•
announced:
Operating in Nebraska, South Dakota and Wyoming, as well as Iowa.
the Federal Land Bank of Omaha loaned over $147,000,000 during the year
prior to June 1 1934, and during the past five months has been making
loans at the rate of about $1,000,000 a day for each working day.
In addition to lower interest charges and temporary postponement of
principal payments, the mortgage-lifting work of the Federal Land Bank in
Iowa includes a direct saving of $4,377,000 which was charged off the
accounts of 2,600 Iowa farmers by creditors who scaled down their claims
to that extent. In instances where such scale-downs took place in Iowa,
amounting to about 15% of the total loans of the Land Bank and the Land
Bank Commissioner, the average scale-down of indebtedness refinanced
was about 33c. on the dollar.
Considering that the farmers in Iowa who have secured new loans under
the refinancing program had been paying average interest rates ranging
from 5.2 to 7% and in many instances as much as 8%, the low interest
rates on the new loans obtained through the Land Bank will also mean a
considerable saving. The farmers who secured new mortgage loans through
Iowa National Farm Loan Associations now pay only 4,4% interest a
year and will continue to pay this low rate until July 12 1938. The loans
obtained directly from the Land Bank bear an interest rate ;i of 1%
higher. Borrowers from the Federal Land Bank Commissioner pay 5%
per annum.
Thus, there is every indication that under the refinancing program Iowa
farmers have already obtained benefits that can be counted in dollars and
cents, as well as the eventual benefits that will accrue to farmers through
annual interest savings for the duration of the long-term amortized loans.
The figures also give evidence that there has been a substantial number
of mortgage creditors in Iowa who have willingly given their co-operation
to arrive at practical solutions of the farm debt problems In the state.
About 90% of Installments on Land Bank Commissioners Loans Paid Before Maturity.
Approximately 90% of the installments on Land Bank
Commissioner's loans which had matured prior to May 1
had been paid before that date, according to a statement
issued June 15 by W. I. Myers, Governor of the Farm
Credit Administration. Of the 10% of the maturities that
had not been paid at that time, Governor Myers said, about
half had been in default for less than a month. According
to the statement, the total installments which matured
between May 12 1933 and May 1 1934, was 41,357 for
$681,463.
Further Improvement in Farm Land Values Noted by
Farm Credit Administration.
Further evidence of the upturn in farm real estate values
was shown at Washington, June 13 by a statement from the
Farm Credit Administration that farms sold by the Federal
Land banks in the year prior to May 1 1934, brought on an
average 99.79% of the carrying valua placed upon them by
the banks. The Administration's statement further noted:
4230
Financial Chronicle
The carrying value of the farms sold by the Land banks during the oneyear period, as determined by their production and earning power over a
period of years, was placed at $13,360,629, and sold for $13,333,272. The
total number of farms sold during the year was 4,127, giving an average
sale price of about $3,230.
The location of a farm and its proximity to markets are factors considered
In arriving at the carrying value, but the principal factor usually considered
is net income from the farm. The net income is found by applying normal
prices to the number of bushels of wheat or corn, or bales of cotton, or head
of cattle, &c., that the farm will produce, and then deducting the cost of
operation. taxes, &c. From this net income the land is capitalized, that is,
given a carrying value.
Maximum Amount of Individual Emergency Loan
Increased to $400 in Drouth Areas of 16 Mid-West
States.
The maximum amount that may be loaned to one individual from the emergency crop loan fund of 1934 for the
purpose of summer fallowing and for seed for winter wheat
has been raised from $250 to $400 in the drouth areas of
15 mid-western States, according to a statement made at
Washington, June 15, by S. M. Garwood, Production
Credit Commissioner of the Farm Credit Administration.
The statement said that a farmer or stockman who has
Mrs.dy obtained an emergency crop loan and has satis--r
- y security may secure a. supplemental advance for
fact47
summer fallowing or for seed forwinter wheat provided his
total loan does not exceed $400.
Following are the 15 States in which are located the areas
to which the new regulation applies:
Arizona, Colorado. Iowa, Kansas, Minnesota, Montana, Nebraska,
Nevada. New Mexico, North Dakota, Oklahoma, South Dakota, Texas,
Wisconsin and Wyoming.
PWA Allocated $3,293,662,170 in First Year—Disbursements Total $1,200,000,000—Secretary Ickes Says
Program Has Provided 1,418,000,000 Hours of
Direct Employment.
The Public Works Administration, in the first year of its
existence, has allocated $3,293,682,170, of which about
$2,200,000,000 has already been disbursed, it was announced
or June 15. The.PWA estimated that the value of contracts
awarded and day labor begun as of June 9 was $1,397,461,045.
Harold L. Ickes, Secretary of the Interior and Public Works
Administrator, lltr an article made public June 17 summarized
the activities of the PWA during its first year. He said that
the PWA has already provided 1,418,000,000 hours of "honest
-work at honest wages" in direct construction employment to
men who otherwise would have been idle. In addition, he
said that for each hour of direct employment two hours of
other work are made possible on production of materials and
handling operations. "The general regenerative effect of
vast payrolls," he said,"means purehasing power for recovery
all along the line."
Mr. Ickes declared that public money "is guarded by PWA
as a public trust fund, and any misuse of it will be dealt
with as betrayal of a public trust." We quote, in part, from
his statement:
In the fury of the last 12 months PWA has adopted and clung to certain
policies that can never be popular and which do not represent the easiest
way around political difficulties. But we believe these policies to be sound,
and they have been and will be persevered in. These policies reveal PWA as
a recovery agency, not a relief agency. Among them are:
1. Even our emergency does not justify uneconomic or wasteful public
works construction. Every PWA project adopted must be socially desirable
and qualified on the basis of a careful economic, engineering, financial and
legal examination.
2. Where PWA makes loans, repayment is expected, and reasonable security
is required to make effective such repayment.
3. PWA will not connive at violations of legal restrictions on local
bodies assuming debts, and where such restrictions exist they must be removed
by legal means if that locality wishes to share more fully on the PWA
program.
4. PWA will not encourage localities to become hopelessly bankrupt, no
matter what may be the attitude of officials of those localities.
5. All projects adopted must be for the welfare of the most people affected
and not for private profit.
6. Public money is guarded by PWA as a public trust fund, and any
misuse of it will be dealt with as betrayal of a public trust.
Quoting statistics is frequently a dull and always a dangerous business.
So is serving as Public Works Administrator a dangerous business. Since
statistics and public works are bound up together on this first anniversary
of PWA, the following, despite the danger of citing figures, is offered for
whatever interest it may have:
The entire $3,300,000,000 fund was allotted to considered and approved
projects by Jan. 1 1934. Of this sum, approximately one-third was allotted
by Congressional enactment of Executive order. Of the remaining two-thirds,
approximately $1,400,000,000 went to Federal construction projects throughout the country under the supervision of some 60 Federal agencies, while the
remainder, a little under a billion dollars, went for loans plus grants, or
grants only, to various local governments, or for construction in the public's
interest.
Some 16,000 public works construction projects have been provided for,
and the majority are now under construction. Many have been completed.
Contracts have been awarded or work started without contracts on threefourths of the $2,000,000,000 allotted to the Federal and non-Federal projects. The majority of the work will be completed this year.
June 23 1934
Well over $1,000,000,000 of the fund has been paid out to date, carrying
with it all the regenerative purchasing power of such a sum.
Approximately one-half a billion dollars will be paid out during the year
1935, going for such long-term construction projects as the Midtown Hudson
Tunnel, the Chicago Sanitary District, the Columbia River Dams, the Mississippi River work, naval building and other stupendous construction jobs which
will require more than one or two years to complete.
The total original allotment to the PWA was $3,300,000,000,
and most of this sum was allocated to Government agencies.
Estimating that 2,000,000 workers have obtained employment as a result of the PWA program, Secretary Ickes said
on June 15:
It represents the best reflection possible of those receiving such employment under PWA funds to-day. It Is physically impossible to count the
thousands working on PWA jobs plus those in the production of materials
for these jobs on a single day. The sites of PWA jobs spread all the way
from Alaska to the Panama Canal and the Hawaiian and Virgin Islands, but
our study is reasonably accurate.
PWA employment has been increasing rapidly for several weeks and is
now carrying a heavy load in the recovery program. It should reach its
peak late in the summer—the best construction weeks.
A summary of the allocations made by the PWA in the first
year of its existence follows:
Item—
Loans and grants to States, cities, counties, railroad companies and Amount.
others for non-Federal projects
$759,549,693
Federal aid road system construction by States
Roads in parks, forests, Indian reservations and other public domain 400,000,000
50,000,000
Relief highways being built by States
7,431,000
Civil Works Administration
400.000,000
Civilian Conservation Camps
323,362,315
Naval vessels
Emergency Housing Corporation of Public Works Administration... 238,000,000
127,564,500
Farm Credit Administration
100,000,000
Tennessee Valley Authority
60.000,000
Surplus Relief Corporation
25,000,000
Power and reclamation projects being constructed by Reclamation
Bureau
103,535,000
Subsistence homesteads
25,000,000
Soil erosion prevention
10,000,000
Forest service for improvements in National forests
15,967.745
Indian service for day schools and other improvements on reservations
15,034,550
Airplanes for army and navy
15,000,000
Army motorization
10,000,000
Shore construction at navy yards and stations
31,698,924
Coast Guard for new cutters, patrol boats, airplanes and shore station
construction
25,031,372
Public buildings
67,427,288
Flood control on Mississippi, Ohio, and other rivers
73,921,500
General river and harbor work
179,924.206
Construction at army posts, seacoast defenses and other military
establishments
77,924,920
National park service for improvements to parks and public buildings
18,097,350
Miscellaneous allotments to Bureaus and Departments of the
Federal Government
140,291,503
Total
$3,293,662,170
Harvard Business School Report on Department
Stores Shows All Groups on the Average Earned
So me Profit.
The Bureau of Business Research, Harvard Business
School, issued on June 5 its 14th annual report on the
expenses and profits of department and specialty stores,
as the result of a study made in co-operation with the
National Retail Dry Goods Association. This report shows
that 1933 brought an impressive turnabout in the earnings
of department and specialty stores, the first reversal of
the steady downward trend which had persisted since before
the depression. The Bureau adds:
All classifications of stores on the average showed some profit in
1933.
as compared with the losses which were general in 1932. Nevertheless, the
average profit was only 1.8% on sales, or less than 2 cents of the sales
dollar, even after including non-merchandising income.
It was particularly noticeable in 1933 that the small department stores
Improved their relative position in comparison with large stores, although
the large stores still exhibited some superiority in earnings.
Improvement in the department store business in 1933 clearly was
brought about in large part by the upward surge in prices, but this improvement also was in considerable degree attributable to lower expenses in
comparison with 1932. The reduction in the cost of doing business was
particularly impressive in view of the fact that during the latter part of
1933 pay roll costs, which constitute almost half the total
cost of doing
business, were increased to conform to the President's Re-employment
Agreement and the NRA code.
The experience of specialty stores handling women's apparel and accessories was largely parallel to that of department stores in 1933, according
to the Bureau's report.
Tax Burden Rises.
In this report the Bureau also calls attention to the rising tax burden.
On the average, the direct taxes paid by department stores, not including
sales taxes passed on to consumers, amounted in 1933 to nearly twice as
much as the profits earned.
Department Store Results Summarized in Figures.
The following figures present in outline form the combined results for
the department stores which reported for the Bureau's study.
Net sales
$1,093,145,000
100.00
Cost of merchandise (net)
699,319,000
64.0
Other costs—Total pay roll
199,963,000
18.3
Real estate costs
63,964,000
5.85
Advertising
43.758,000
4.0
Interest (incl. int. on capital owned)
23.093,000
2.1
All other
85,829,000
7.85 .>
Total other costs
$416,607,000
38.1 %
Total cost of sales
1,115,926,000
102.1 %
Net merchandising profit or loss.. _ _(log8)$22,781.000 (loas)2.1
Net other inc.(incl. int. on capital owned)_
42,526,000
3.9
Net gain
1.8
19,745,000
From the Bureau's report we quote:
Relation of Operating Results to Size of Store.
In 1933, as in earlier years, there were important differences in operating
problems and results between department stores which differed in sales
volume.
Volume 138
Financial Chronicle
Occupancy expense, including both real estate costs and depreciation,
was larger in percentage of sales for the larger stores than for the smaller
ones and varied directly with size. The same was true of percentage delivery expense. Apparently differences in the populations of the cities
served and in the sizes of the geographic areas covered were related to these
differences in costs. Advertising expense, also, as might be expected.
displayed a tendency to be larger for large department stores than for
small ones. The average percentage expenditure for advertising, however.
was highest for stores with sales of from $4,000,000 to $10,000,000. The
two grpous of stores with sales of more than $10,000,000 had progressively
smaller rates of advertising expense: but even the very largest stores had
substantially higher costs than stores with sales under $500,000.
Payroll expense for the publicity function varied inversely with size of
store, being smallest for the large stores. This was true for total administrative and general expense as well and, less clearly, for administrative
and general payroll expense. It seems plausible that large stores might
be able to use personnel in administrative, general, and publicity work
more effectively than small stores: and also that they might have lower
percentages of total administrative and general expense.
Payroll expense for the selling function differed but little for stores of
different sizes.
The percentage of charge and instalment business to total business manifested an interesting characteristic. This percentage varied from 37%
to almost 55% from volume group to volume group. It was largest for
medium-sized stores with sales of from $1,000,000 to $2,000,000, and from
this high was progressively smaller for the several groups of both smaller
stores and larger stores. The typical percentage of charge and instalment
business to total business for stores with sales of $20,000,000 or more
(41%) was not markedly different from those for the two groups of stores
with sales of less than $300,000 (37% and 40%).
Losses from bad debts, expressed as a percentage of total sales, varied
but little as between stores of various sizes, ranging for the most part
between 0.5% and 0.65%. When these losses were expressed as percentages
of charge and instalment sales, however, it was distinctly noticeable that
the stores with salts of $1,000,000 and more had lower losses.
John Guernsey, in Taking Issue with Harvard University's Report on Department Store Operations,
Attributes Improvement in Retail Stores Solely
to Recovery Program.
Criticizing what he termed "unjust and prejudiced conclusions," John Guernsey took exception, on June 6, to the
Harvard University report on department store operations
for 1933,and particularly the story given out by the Graduate
School of Business Administration, which, he said, fails to
credit to the recovery program any part of the improvement
realized by retailers during the last quarter of 1933.
Mr. Guernsey is editor of "Retail Ledger," and is in charge
of the Detail Division of the Census of American Business.
Reference to the Harvard report is made in another item in
this issue of our paper.
The National Recovery Administration, under date of
June 6, in making public what Mr. Guernsey had to say,
stated:
For department stores the report shows that a loss of $2.40 per $100 of
sales in 1912 was turned into a profit of $1.80 per $100 of sales in 1933.
The statement by Harvard to which Mr. Guernsey objects particularly is as
follows:
"Improvement in the department store business in 1933 clearly was brought
about in large part by the upward surge in prices, but this improvement
was also in considerable degree attributable to lower expenses in comparison
with 1932. The reduction in the cost of doing business was particularly impressive in view of the fact that during the latter part of 1933 payroll costs,
which constitute almost one-half of the total cost of doing business, were
Increased to conform to the President's Re-employment Agreement and the
NRA code."
Mr. Guernsey does not question the accuracy of the figures presented by
Harvard, but points out the inconsistency and bias in Harvard's official
Interpretation by citing from the report itself. "Retailers well know and
gladly admit," said Mr. Guernsey to-day, "that the substantial improvement
in retail sales, which began in September and October of 1933 and which
has continued month after month for almost nine months now without any
sign of diminution, is attributable solely to the courageous recovery program,
of which NRA is a cohsplcuous part. . . .
"That retailers were right in supporting the NRA program to pay higher
wages is proved by the Harvard figures themselves. They show that in
spite of increased pay rates and more employment, the total payroll cost for
450 department stores last year was actually 2% less than the payroll cost
for 1932, being $18.30 per $100 of sales in 1933 against $18.70 the previous
year, when there was no NRA and wages were substantially lower. The cost
of doing business decreased 4% under NRA, from $39.50 in 1932 to $38.10
In 1933."
Managing Cloth Inventories in Cotton Textile Industry,
by John J. Madigan, Formerly of Research Staff of
Harvard.Business School.
The Harvard Business School, on June 20, issued a research
study entitled "Managing Cloth Inventories in the Cotton
Textile Industry," presenting an examination of the inventory policies and methods of control among grey goods mills
and producers and converters of finished cloth, by Dr. John J.
lkfadigan, formerly of the research staff of the school. At
least twice since recovery began last year, according to Dr.
Madigan,the existence of unusually large inventories relative
to sales prospects has caused periods of hesitation and stagnation of activity. He urges the industry to meet these periods
of declining sales promptly; instead of increasing inventories
he urges a more prompt curtailment of production, or, in some
eases, a reduction in prices to stimulate additional demand.
A summary of Dr. Madigan's comments follows:
The purpose of inventory and production control, he states, is to bring
about an adjustment of production to sales. How the accumulation of a large
4231
stock of grey cloth relative to deliveries in the market depresses manufacturing margins is illustrated graphically for the period 1926-1933. He shows
that normally the accumulation of inventories in such a situation ultimately
causes a more severe decline in prices than is anticipated by those mills
which run for stock. On account of the non-integrated organization of the
industry, Dr. Madigan advises staple grey cloth mills to operate normally
only on orders. The inventory policies and methods of inventory control
used by mills manufacturing staple fabrics, semi-staple cloths, and fancy
specialties are described and illustrated by specific examples.
Four chapters of the study are devoted to the inventory problems of
filo:shed and converted fabrics. One shows how to estimate deliveries which
are the basis for establishing inventory limits and production schedules.
Two chapters discuss the desirable size of inventory and consider how it is
influenced by production and distribution policies. The application of the
principles of control is included in a chapter which develops such details as
(1) item control and analysis of slow-moving stock, and (2) the over-all
control of total inventory. A final section considers organization for inventory control.
Dr. Madigan's study is complementary to a report on "Merchandising of Cotton Textiles," prepared by Professors M. T.
Copeland and E. P. Learned for the Textile Foundation, last
year. Dr. Copeland, in commenting on Dr. Madigan's study,
said:
Risks are inevitable in business as long as there is any possibility of
changes in conditions, and one of the points at which certain risks focus is
In the inventory. Fluctuations in the size of inventories, for example, cause
variations in carrying charges; differences in the level of commodity prices
Involve risk of inventory losses. Changes in the character of demand, particularly where style enters, also affect inventory values.
It is only human for business men to seek stability in the hope of attaining
security and freedom from mental effort and worry. Stability is, however,
in ettainable so long as change occurs, and change will continue so long as
new inventions are bronht out and consumers exercise any choice in what
they buy. Hence, uncertainty and risk still are factors to be reckoned with
in business management.
The improvement which has recently taken place in conditions in the
cotton textile industry, therefore, cannot be assumed to promise relief from
serious inventory problems in the future. On the contrary, it is reasonable
to assume that inventory risks will continue to perplex cotton mill executives.
It is with the basic questions involved in these inventory risks that Dr.
Madigan deals in this study.
Henry Ford Attacks Price-Raising Experiments as No
Aid to Recovery—Interview in Toronto "Financial
Post" Quotes Manufacturer as Advocating High
Wages to Redistribute Wealth—Opposed to Increasing Debt Burden—Views on Wheat Surplus.
Increasing the price level will not produce business recovery, according to Henry rod, in a copyrighted interview
published on June 16 by the Toronto "Financial Post"
Criticizing the Administration for "burdening people with
debt," Mr. Ford said that this practice is "an Old Deal; not
a New Deal." He declared that governments throughout the
world are seeking to make prices advance in the name of
patriotism, and asserted that putting prices up "is stopping
more progress than it has started." He advocated payment
of high wages as a means of redistributing the world's wealth
so that there will be greater security for all. "Giving the
worker good wages and plenty of time to spend those wages
on learning things and doing things is the way for both the
employer and the worker to develop their character," he said.
With regard to the New Deal, Mr. Ford said that "one day
It is one thing and the next day it is another." He then
added:
But I do know this: that a lot of the things that are being done are just
the same old practice of putting people into debt. And burdening people
with debt is an Old Deal, not a New Deal.
That's what they did in the war—loaded the world with debt. A great
many people made money out of the war. But they are not the ones who
have to pay the bills.
The depression came because we were all a lot of soft marks—easy marks.
The chief reason we have wars is that so many people make money out of
them. They make profit out of munitions and out of lending money to
fight the wars.
The way to end war is to take the profit out of it. When the day comes
that no one makes money out of war you won't hear so much about it.
After the war the stock market boom got people worse into debt. They
bought stocks and borrowed the money to pay for them. All of this was
the result of financial operations that made money for the same groups of
people who made the most money out of the war.
Big industries became more interested in finance than in manufacturing
until they went broke so that the money lenders could buy them up at a
song.
The debt business has not suffered during the depression. Private borrowings ceased and now they are forcing money on governments.
The worker wants a chance to go back on the land. That is where real
security and: real happiness will be found.
The working man and the country at large should have one foot on the
land and one foot in industry.
In reply to a question regarding the wheat surplus, M.
Ford said that the world could use many times as much wheat
as is grown to-day. He continued:
Wheat is wealth. The wheat surplus is a direct challenge to learn mor,
ways in which to use wheat. The trouble is, everybody thinks of wheat in
terms of money. They raise wheat in order to buy money with it. That
Is putting the cart before the horse. The wheat is wealth; the money is
merely part of the conveyor system which passes the wheat around.
What is wheat? We do not even know. We think it is something to be
used for grinding into flour so that we can eat it as bread. But wheat is
more than that. There may be a score of uses for wheat waiting for someone
to discover.
4232
Financial Chronicle
Yet with all the magic of an unraveled future in every kernel of wheat
we tell farmers that they must grow less of it, and we try to raise the
price so that people cannot afford to buy it.
The community is the basis of a happy national life, Mr.
Ford said. With regard to price-raising experiments, the interviewer quoted him as follows:
Governments all over are trying to make prices go up. They are doing it
in the name of patriotism the way they fought the war and the way the
money lenders sold Liberty bonds to load the nation with debt. I always
figured that Dr. Johnson was right in what he said about patriotism.
Putting prices up is not going to help. It is stopping more progress than
it has started.
High wages are a good way of redistributing world's wealth so that there
will be greater security for everyone. It is not right for anyone to get
rich by paying miserably low wages. We are here on earth to develop our
character and to help other people to do it. Giving the worker good wages
and plenty of time to spend those wages on learning things and doing things
is the way for both the employer and, the worker to develop their characters.
Every time you raise the price of goods artificially you are putting an
obstacle in the way of recovery. With any commodity, as prices go down,
new uses and new outlets are found for it, and you stimulate production and
make more good jobs.
The conclusion of the interview was described as follows
in the "Financial Post":
Mr. Ford closed the interview with a typical word of advice for people
baffled by the seeming complexities of the depression.
"There is a way out for us. That is to work with our minds, to find new
ways of making people happy and contented, of giving them great leisure.
That will come through education and scientific genius.
"But for the individual there is only one thing to do; to find something
useful that has to be done and then dig in and do it.
"Do the first thing you see that has to be done and soon you will not be
worrying about the depression. That is what I mean when I say that work
is the only cure for our troubles.
"And there is so much to be done; there are jobs to be accomplished in
this world that the most visionary of us cannot foresee right now."
AAA to Continue Licensing Program, Despite Failure
of Congress to Act on Proposed Amendments—
Officials Indicate Changes Were Only Intended to
"Clarify" Law.
Failure of the recent Congress to approve Administration
amendments to the Agricultural Adjustment Act will not
deter Agricultural Adjustment Administration officials from
continuing their program of regulating non-basic agricultural
products which are covared by numerous marketing agreements and licenses, it was indicated in Washington this week.
Officials were said to believe that the proposed amendments
were actually only "clarifying" in nature and would not have
added to the powers of the AAA. A Washington dispatch
of June 20 to the "Wall Street Journal" added the following
comment on this subject:
Announcement was made Tuesday that milk marketing agreements and
licenses "to increase producers' prices and to set up numerous protective
and informative features on the respective markets are being pushed
rapidly through the various stages toward completion."
Sixteen Pacts in Operation.
Thefarm Administration has in operation about 16 marketing agreements
supplemented by licenses covering approximately 30 commodities. In
addition to these there are 29 milk licenses and 6 agreements covering the
major types of tobacco in effect.
The Supreme Court has not yet passed upon licenses issued by the AAA.
The Administration has had five favorable decisions in the lower courts.
Other cases are still pending and are expected to be decided during the
course of the summer.
Irene L. Blunt, President of Trade Association Executives in New York City, Tells Convention of
Special Libraries Association That Trade Associations Provide Structure of Industrial Self
-Government.
Trade associations in the United States to-day provide the
structure of industrial self-government represented by the
thought behind the National Recovery Administration,
Irene L. Blunt, the first woman President of Trade Association Executives in New York City, and Secretary of the
National Federation of Textile, Inc., told delegates to the
Convention of the Special Libraries Association on June 20
at the Hotel Roosevelt, New York City. "The inauguration
of the National Industrial Recovery Act and all the new
activities under the NRA has given to trade associations a
new position in the economic life of the United States,"
Miss Blunt, who is also Secretary to the code authority of
silk textile industry, said in explaining to the librarians that
the trade association is the modern term for the co-operative
organization of business and industry that has existed
throughout the ages. She added:
The NIRA, with its code authority administration, has been steering
the way for recovery through the enforcement of the respective codes.
The recent announcements emanating from Washington, however, indicate that as the emergency period of the Act progresses, the regulation
becomes more and more general. The truly major issues of labor and hour
rules with the addition of the fundamental unfair trade practices are reported to be the anticipated provisions in the future broad-guage codes.
But this continuation of the co-operative spirit engendered by the work
upon codes must be taken up and carried on by the trade association.
June 23 1934
In stressing the importance of trade association libraries
in modern business, MiES Blunt said that "when the test
came as to whether industry and business were capable of
undertaking the tremendous responsibilities put upon them
by the NIRA, the industry with a live, modern trade association found itself in a decidedly advantageous position to
assume the duties laid down by governmental requirements.
And one of the first requisites in meeting those requirements
was adequate information about the industry, the people
and its products." Continuing Miss Blunt said:
The organization with an adequate information file saved hours of time
and effort, and without doubt, presented their story to the officials with a
greater feeling of confidence. As time went on, and trade associations
found themselves the vehicle for code administration, code authorities
were constantly alert for new rulings, changes in old rulings, reports from
various sources on the manner of handling their duties. Information was
frequently asked as to what other groups had done. Precedents were
quoted on the basis of past experience. The information was not only
wanted, it was wanted quickly.
It was in such an emergency that the trade association executive who
had organized his staff to keep information where it could be quickly
found, reaped the harvest of his foreisght. Many trade associations had
for some time past employed trained people to see that factual information
was gathered and compiled in regular fashion. The National Automobile
Chamber of Commerce library is an excellent example. We ourselves in the
Mr Association of America, now the National Federation of Textiles,
have endeavored on a smaller scale to follow through with this idea.
President Roosevelt Praises NRA on First Anniversary
—Lists Increased Employment, Higher Wages,
Abolition of Child Labor as Chief Accomplishments.
President Roosevelt,in a letter read on June 16 at the West
Virginia State celebration of the first anniversary of the
National Recovery Administration, declared that as a result
of the NRA millions of unemployed had found jobs, while the
evils of child labor and "starvation wages" have been almost
entirely abolished. He said that the first year under NRA
has shown "significant and extraordinary increases in industry and business generally," with a spread of employment and
higher wages. "We are not through yet," the President
added. "It is a notable record of recovery. It has led the
way for other nations and has produced widespread and, I
believe, permanent results."
In pointing out that 95% of American industry has been
codified, the President added that "soon we shall be free to
concentrate on the continuing task of code organization, code
revision and compliance." Experience, the added, will remove
"inequities" which occasionally appear, and at the same time
will "point out to the country the names of those who seek
unfair advantage over their fellow men."
The following is the text of the President's letter, which
was addressed to Governor H. G. Kump of West Virginia:
I am halms to know that you have proclaimed next Saturday as a State
,
holiday in honor of the first anniversary of the National Industrial Recovery
Act.
One year ago Congress placed this great measure before me and the
people of the United States. It was the response of Government to the plea
of prostrate industry for immediate and substantial help. It was also an
expression of mutual trust, providing the means by which the faith and
courage of our people might be given expression. When I signed the law I
observed that it created a challenge to industry, to labor, to Government and
to the people as a whole.
Industry had desired' and was given the right to act in unison for the
prevention of unfair practices. The law was based on faith that industry
would not violate a great public trust. Workers had long sought and now
were given a new charter of rights. Collective bargaining and the right of
workers to choose their representatives were established.
Government was directed to establish a nation-wide organization to set
employers and employees to work and to protect the public.
The people as a whole were called on for aggressive support.
Child Labor Abolished.
Fear of disaster has given way to faith in united action. Millions of discouraged and suffering unemployed found their names on payrolls again. The
evils of child labor and of starvation wages have almost everywhere been
abolished.
The Blue Eagle found its way into more than two million places of business.
Now that the year has passed, the NRA, under the leadership of General
Johnson, and with the assistance of thousands of unselfish men and women,
can rightfully and properly celebrate its first anniversary.
The first year under NIRA reveals significant and extraordinary increases
In industry and business generally. We have spread employment; we have
raised pay, and we are not through yet. It is a notable record of recovery.
It has led the way for other nations and has produced widespread, and, I
believe, permanent results. Certainly we have a right to celebrate this
anniversary.
People who cannot see the forests for the trees make much of controversy
in various groups which meet in NRA—employers, consumers employees.
NRA was deliberately conceived in controversy. It was deliberately set up
as a forum where views of conflicting interests can meet in the open, and
there, out of controversy, may compromise. If NRA did not invite robust
and unrestricted arguments it could not do the work assigned to it.
Extreme views formerly held by any group, either of capital or labor, have
already been modified in a better understanding of the simple fact that
the broad interests of 125,000,000 Americans are paramount to the narrower
Interests of any such group.
The first phase of NRA is drawing to a close. Ninety-five per cent, of
industry has been codified. Very soon we shall be free to concentrate on the
continuing task of code organization, code revision and compliance.
Volume 138
Financial Chronicle
4233
Industrial Leaders Propose Self-regulation with Retention of Chief Features of NRA Codes—Would
Ban Child Labor, Maintain Minimum Wages and
Maximum Hours.
Permanent adoption of the principal provisions of National
Recovery Administration codes through the self-regulation
of American industry was advocated in a statement issued
on June 18 by the present and past members of the NRA
Industrial Advisory Board, meeting at Hot Springs, Va.
NRA Not Merely an Emergency Undertaking, According
More than 20 industrial leaders signed the statement, which
to General Johnson—Recovery Administrator
asserted that the American people are willing to give industry
Praises Accomplishments of First Year—Record of
the opportunity to regulate itself in the public. interest.
NRA Summarized.
The statement recommended the retention of such NRA
The National Recovery Administration is not merely an principles as maximum hours and minimum wages, the
emergency undertaking, but intends to seek "the permanent prohibition of child labor and unfair trade practices, and
implanting of sane competitive ideas in industry" and to the promotion of fair competition in industry. No mention
develop "the true conception of partnership between em- was made of price-fixing provisions contained in some codes.
ployers and their workers," according to General Hugh S.
The men who signed the report suggested that codes should
Johnson, Recovery Administrator, writing on June 15 in an be simplified as much as possible, and should contain only
article copyrighted by the Associated Press. Among the provisions that are enforceable with a minimum of amount
accomplishments of the NRA in its first year of existence, administrative machinery. The statement follows:
General Johnson listed an -increase in private payrolls of
The present and past members of the TAB, who have been in session at
billions of dollars, re-employment of at least 3,000,000 Hot Springs, Va., during the past three days, are submitting the following
workers and the abolition of child labor. He attacked the recommendations to the IAD at Washington.
We believe the American people are willing to give American Industry
"fulminations of Clarence Darrow and his Review Board," opportunity to regulate itself; provided, however, that such regulation must
and said the codes have been designed to prevent "big, always be administered in the public interest.
We believe that American industry should accept this opportunity.
powerful firms from smashing their small competitors." In
In accepting this opportunity we believe that industry must recognize
conclusion, the Recovery Administrator said:
that the people will permit a system of codes to govern industry which,
Before the people of this country accept either preconceived conjectures of
Ill-informed commentators or the fulminations of minorities which still seek
special and selfish privileges, we shall consider the results already achieved
and look forward to greater gains on behalf of orderly progress for honest
labor and honest industry.
As time goes on experience will remove inequities which appear from
time to time—and experience will at the same time point out to the country
the names of those who seek unfair advantage over their fellow men.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
We have made mistakes. We have learnt that some things will not work;
that others do not serve or protect the intereSt of the consuming public as
every code under this program must do.
A Washington dispatch of June 16 to the New York
"Herald Tribune" summarized the work of the NRA in its
first year as follows:
In its behalf these results are claimed for its first year of effort.
Employment has been increased by 3.000,000.
Child labor has been abolished.
The number of employees in manufacturing lines has risen 37%.
The aggregate of factory payrolls has advanced 72%.
Production in manufacturing industries has gained nearly 50%.
Sales by department stores are up by 46%.
Production of automobiles has increased 184.8% •
The cost of living has risen only 9%.
Charges Made by Its Critics.
Against these claims, the first of which alone is described by General
Hugh S. Johnson, National Recovery Administrator. as "sufficient answer
to the calamity howlers." the critics have made these charges.
It has fostered the development of monopolistic tendencies.
Its method of codifying industries, 450 to date, threatens the destruction
of small businesses.
Its policies point toward industrial socialization.
It has virtually nullified anti-trust laws.
Its application of Section 7A of the Recovery Act has promoted labor
unrest.
It has increased the cost of living more rapidly than purchasing power,
especially on the farms, has been advanced.
The course of development of the NRA experiment in the first year
has fallen into three stages of initiation, conflict and change, as illustrated
by the following calendar of outstanding events:
First Phase.
June 16 1933.—President Roosevelt signed the National Industrial
Recovery Act and appointed General Johnson, Administrator.
July 9.—First code was approved, providing for'Government of the
cotton textile industry.
Aug. 1.—President's Re-employment Agreement was projected, with
blue eagle symbol of compliance, to bring all industries more quickly under
wage and hour limitations and to stop speculative price rises.
. Aug. 19.—Attempt to regulate prices is initiated with approval of
petroleum code; codes for iron and steel and lumber industries also were
approved.
Sept. 13.—Ballyhoo reached high point in huge NRA parade in New
York City.
Nov. 8.—Code for cleaners and dyers, which became most troublesome
of all to administer, was approved.
Second Phase.
Feb. 28 1934.—National code conference is held in effort to halt rise
in tide of criticism, but proves forum for many vigorous attacks.
March 7.—National Recovery Review Board, headed by Clarence
Darrow, is appointed in response to insurgent Republican Senators. Charge
of anti-trust law nullification and monopoly development.
March 14.—President issues Executive Order limiting government purchases to companies certifying compliance with codes, barring Ford products from contracts.
March 27.—President succeeds in averting strike of trade unions for
recognition by the automobile industry.
April 19.—General Johnson announces adoption of code eagle to replace
blue eagle in codified industries.
Third Phase.
May 16.—Code requirements are relaxed for local businesses in small
towns.
May
20.—In first report Darrow Board charges NRA with fostering
monopolies.
May 28.—Broad codification of service Industries is sharply modified.
June 7.—Policy adopted to bar price-fixing provisions from further codes
and seek abandonment in existing codes as rapidly as possible.
June 12.—Darrow Board attacks General Johnson in second report on
monopolistic tendencies under codes.
June 16.—General Johnson defends NRA effort to end "savage, wolfish
"
competitonn, and acceptance of its "new covenant of human decency"
by 95% of trade and industry.
among other things, will fix maximum hours and minimum wages, prohibit
child labor, prohibit unfair trade practices, promote fair competition in
industry, enable the American people to buy in competitive markets, make
for progress in industry and provide a way of ameliorating the hardships
to individuals in the introduction of labor-saving machinery and unemployment. Coal, oil and certain other raw-material industries may be
subject to certain special considerations made necessary by reason of the
necessity of conserving and not wasting our natural resources.
Codes should be drawn in the simplest possible manner and should
contain no provisions that cannot be enforced in practice with a minimum
amount of administrative machinery.
Among the signers of the statement were the following:
John J. Raskob of New York.
Mr. Mead, President of the Mead Corp., paper manufacturers.
Henry I. Harriman,President of the United States Chamber of Commerce.
Delancey Kountze, Chairman of Devoe & Reynolds.
R. Douglas Stuart, Vice-President of Quaker Oats Co., Chicago.
Sidney Weinberg, partner in Goldman, Sachs & Co., of New York.
Col. Robert G. Elbert, President of the Oakbourne Corp.
Gen. Robert E. Wood, President of Sears. Roebuck & Co.
Robert L. Lund, President of the Lambert Pharmacal Co. of St. Louis.
Gerard Swope, President of the General Electric Co.
New Jersey Court Ruling Holds State May Not Fix
Minimum Prices Above Level Prescribed by NRA
—Vice-Chancellor Backes Finds New Jersey Tire
Code Exceeds State Authority—Decision Favors
Sears, Roebuck & Co.
A ruling that a State code of fair competition may not
fix minimum selling prices above those which are specified in a
National Recovery Administration code was handed down
by Vice-Chancellor John H. Backes at Trenton, N. J. on
June 12. Vice-Chancellor Backes upheld the right of Sears,
Roebuck & Co. to sell automobile tires at a price below the
level which had been set by the New Jersey authorities, and
declared that "this is a National recovery, and not merely a
New Jersey recovery, and the Governor—or rather his
agents—overstepped their bounds when they established
prices higher than those approved by the President."
Sears, Roebuck & Co. had sold tires in New Jersey at prices
which conformed to the National code but which were
about $1 under the minimum prices fixed by the State code.
The court's ruling supported the contention of the company
that the National code took precedence over supplementary
State codes. Vice-Chancellor Backes stated, however, that
his decision did not attempt to pass upon the constitutionality
of the State Recovery Act, which was passed in 1933 to
supplement the National Industrial Recovery Act.
We quote in part from a Trenton dispatch of June 12 to
the Newark "News" regarding the court decision:
The State Recovery Administration had sought an injunction against
the company to prevent the sale of tires at prices lower than those called for
in the State code. J. Raymond Tiffany, Assistant Attorney-General,
charged the company with attempting to gain a monopoly of the tire
business and said it was driving small dealers out of business because
of "favored contracts" with manufacturers.
The Vice-Chancellor's ruling, in part, follows:
"I shall not dispose of the matter upon any constitutional ground. I
shall assume that the Legislature has the power to do what it attempted
to do. I shall assume that what it did was done in a constitutional manner
Insofar as the title of the Act is concerned, and I shall further assume
that it had the power to delegate to the Governor the duties it attempted
to impose upon him.
Must Be Consistent.
"Our Act, as passed by the Legislature is in emulation of the Federal
Act. It is so interwoven with the National law that the National law is
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Financial Chronicle
incorporated in it and cannot be withdrawn without destroying ours entirely. Our legislation must be consistent with Federal legislation.
"Now, it appears by the bill, that the President has approved a code
for this trade which enables it to sell at a certain discount below a standard
fixed by the Goodrich tire. I think it is referred to as the level of 70.
Forgetting the injunction of our Legislature that the delegated power to
the Governor was to co-operate with the Federal Government, and overlooking that any code which the Governor approves shall be consistent,
meaning practically the same, no different, he has established a level
of 100.
"I say that the Federal code is so Interwoven and permeates it, that
the power delegated to the Governor was not the power that he exercised
in approving the code at 100. He exceeded his authority, as it would appear from the bill. I understand that the Governor did not do it, I understand the administrators to whom the Governor delegated the details did it.
Taking that view of the case there can be no injunction."
A previous ruling bearing on a ruling of a New Jersey Court
on the NRA insofar as it affects strikes and picketing appeared in our issue of May 12, page 3217.
Officers and Directors of National City Bank of New
York Cleared on Most Counts in $70,000,000
Accounting Suit by Minority Stockholders—
Defendants Upheld with Regard to Loan Fund
and Sugar Loans—Further Investigation of Management Fund Ordered.
Justice Edward S. Dore, of the New York Supreme Court,
in a ruling on June 15 cleared the directors and former
officers of the National City Bank of New York and the
National City Co. of practically all charges of waste of the
bank's funds in the $70,000,000 accounting suit which was
brought by minority stockholders. The Court's opinion
found the defendants not guilty on all points with the exception of the $19,000,000 management fund distributed to
officers of the bank and its affiliate over a period of years.
Justice Dore decided that the disposition of this fund should
be investigated further and appointed former Justice Frank
C. Laughlin referee to determine if the directors of the bank
and the affiliate had failed in their duty in the distribution
of this fund and if the amounts paid to officers in the higher
brackets were excessive.
Justice Dore upheld the defendants in their contentions
with regard to other important aspects of the case, including
the setting aside of a loan fund of $2,400,000 for officers and
other important employees at the time of the stock market
crash in 1929. The Court also ruled in favor of the defendants
in the lending of $40,000,000 to Cuban sugar interests in an
effort to salvage $66,000,000 in loans which were outstanding
in Cuba in 1923. With regard thereto the Court said, in part:
The final test here is one of fact, not of law; was the salvage operation
though incidentally involving acts of management or improvement, in fact
carried on in good faith to render the properties valuable to secure liquidation
of the debts? Or was it in fact a mere cover to enable the bank to engage
in a business for ulterior purposes? On all the evidence, plaintiffs have
felled to sustain the charge that the salvage operation was a mere cloak for
engaging in business. On the contrary the overwhelming preponderance
of the testimony shows that the salvage operation was initiated and conducted in the exercise of the best judgment of the directors at the time in an
effort to save the then outstanding enormous loans that would have otherwise been a total loss. The sugar properties were carried because the
directors were convinced that the bank and its stockholders would lose more
by walking away from Cuban sugar loans than by attempting to save them.
With reference to the $2,400,000 loan fund, the Court
ruled:
But the testimony in this record is overwhelming in establishing that
these loans were not made for the above claimed improper purposes but
because the directors in November 1929,after the alarming reports they had
received from the executive officers on whom they had every right to rely
concluded in good faith and in the exercise of their best judgment at the
time that the loans were imperative for the continued efficiency of the
bank's personnel and even for the safety of the institution itself to help
avert possible disaster in a most grave emergency and during a time of
unparalleled strain and widespread financial panic. Plaintiffs' contentions
are not only refuted by the preponderance of the testimony but on the facts
must be unfounded as all the borrowers put together held only 14,000 out of
6,200,000 shares issued and outstanding i.e. about 2
-10th of 1%, and of
these only 3,300 shares, or 1-16th of 1% ever came as collateral into the
hands of the trustees who made the loans. I have reached these conclusions
after a careful examination ofall the testimony and exhibits. These directors
assume a grave responsibility in making these loans but under the circumstances they then faced to do otherwise might in their judgment at the
time have entailed a much more serious responsibility involving as I believe
they then thought even danger to the institution itself. Clearly they were
not making the loans to obtain any financial aasIstance for themselves, the
record shows that not a dollar of the $2,400.000 loaned was advanced to
any of the directors or officer-directors who authorized the leans. I limit
the ruling on these loans to the facts established in this record and on the
whole question of the leans attacked I conclude that the board of directors
at the time the loans were made had power to make them to employees and
officials, that they made them in the exercise of the fair and honest judgment
at the time for the purpose of preserving the security and integrity of the
institution, and %hat they considered the financial and moral responsibility
of the borrowers and their several Importance to the bank's organization,
The loans having been so made a Court of Equity will not hold the directors
personally liable even ifsome of the loans prove to be uncollectible.
In discussing the management fund, Justice Dore referred
to the decision of the United States Supreme Court criticizing
large payments to officers of the American Tobacco Co., and
said that Charles E. Mitchell received from the National
City Bank and the National City Co. payments of $1,375,534
June 23 1934
in 1929, of $1,417,149 in 1928 and of $1,156,230 in 1927.
The Court added:
Under the doctrine enunciated by the Supreme Court, the above figures
and certain others paid to a few of the officers at the top in the bank and the
company are so large that without holding, before complete investigation,
that they give rise to any inference of actual or constructive fraud or other
breach of duty, I rule that they do warrant a full investigation by this
Court of Equity in the interest of the corporation and the objecting stockholders, to determine whether there was in fact a deliberate or actionably
negligent waste of corporate assets, and if so, to what extent.
Approval of NRA Code of Fair Competition for Wheat
Flour Milling Industry—Members Named to Temporary Code Authority.
A code of fair competition for the wheat flour milling
industry was approved on June 9 by President Roosevelt,
to become effective June 13, it was announced by the
Agricultural Adjustment Administration. The code prohibits unfair methods of competition, sets forth provisions
governing flour sales contracts, and sets a minimum conversion charge for flour sales. The announcement June 9 of
the AAA continued:
In line with recently announced National Recovery Administration
policy, however, the stop-loss provision has been suspended by Executive
Order and cannot be used unless and until such time as the Secretary of
Agriculture may determine and declare that an emergency exists in the flour
milling industry to the extent that stop-less provisions are necessary.
Administration of wage and labor provisions of the code are subject to the
approval of the NRA Administrator, and other provisions which were drafted
in co-operation with the AAA are subject in their administration to the
approval of the Secretary of Agriculture.
The President also ordered that in addition to the suspension ofstop-loss
provisions, two sections of the code regarding unfair methods of competition
be stayed temporarily. The first, prohibiting advertising allowances, which
was added in the final stages of drafting the code, is to be stayed for 20 days
to afford consideration to the objections of any interested parties. The
second, prohibiting premiums, is to be stayed until a general NRA policy
regarding this practice has been adopted.
Unfair methods of competition prohibited by the code include giving of
rebates, paying of commission to buyers, waiving of carrying charges, guarantees against price declines, quoting of fictitious prices, and making of
sales beyond a definite time limit without charging storage.
Provisions regarding flour sales contracts require that differentials shall
-rising, and phosphated flour, and that there
be observed for packaged, self
must be a definite time of shipment stipulated. If the flour is not shipped
within the specified period, storage must be charged. Shipments to buyers
without a definite price are barred, and both buyers and sellers must be
signatory to sales contracts.
Minimum conversion or stop-loss bases, which have been suspended but
remain in the code,stipulate bulk, f. o. b. mill, price of a barrel of"straight"
flour sold or offered for sale by any member of the industry, to be calculated
as follows.
(1) Include the cost of 4.6 bushels of wheat of the classes, types, and
grades required to make the barrel of flour sold or offered for sale, at the
current car-lot price of such wheat at the mill on date of sale plus the processing tax, if any. In any area where, on account of freight rate structure,
It is not practicable to use the current car-lot price at the mill, there shall be
used instead a price of such wheat adjusted to the freight rate structures
and practices, as may be approved by the code authority. Such adjustments, however, must be made to determine the actual cost of the wheat.
(2) Subtract from said amount the current market value in carlots at
the mill of 76 pounds of mill run bulk feed (80 pounds less 4 pounds invisible loss).
(3) Add a further amount to be determined by the Code Authority
which shall not exceed 50 cents per barrel. Upon request of the Code
Authority, or upon the Secretary's own motion, and after due notice and
public hearing, such maximum may be changed by the Secretary.
The 15 members of the industry named to the temporary Code Authority
are: Fred J. Lingham, Lockport, N. Y., Chairman; Jess B. Smith, Salina.
Kan., Vice-Chairman; Sydney Anderson, Minneapolis, Minn.: Fred
lorries, Louisville, Ky.; J. P. Burrus, Dallas; Edgar H. Evans, Indianapolis, Ind.; 0. D. Fisher, Seattle; W. 0. Helm, Minneapolis; George E.
Hincke, Kansas City, Mo.; C. C. Hine. Los Angeles: Frank HUtCh12173011,
Lawrenceburg, Ind.; R. Ward Magill, Wichita, Kan.; Alfred E. Mallon.
Minneapolis: George E. O'Brien, Greenville, Ohio; Hunton Tiffany,
Manassas, Va.
The code was drafted by members of the industry in co-operation with •
NRA officials and officials of the AAA. Negotiations regarding the code
were handled by the grain processing section of the AAA by Frank A. Theis,
chief of the section, and C. H. Cochran, expert in charge of milling.
General Johnson Calls Findings of Board Headed by
Clarence Darrow "Communistic"- -NRA Administrator Denies NRA Sought to Limit Freedom of
Press—Asserts Section of Nations Press as Partisan.
General Hugh S. Johnson, National Recovery Administrator, in a speech at Charleston, W.Va.,on June 16, praised
the accomplishments of the NRA and declared that criticisms made by the NRA Review Board, headed by Clarence
Darrow, were communistic in purpose. He also assailed a
portion of the Nation's press as unfair to the NRA. Much
of the press, he said, is in the hands of "political opposition
anxious to regain office." He declared that "it is as impossible for the NRA to get a square deal from this segment
of the press as it is for a camel to pass through a needle's
eye." Denying that the NRA had any intention of interfering with the freedom of the press, the Administrator
said that "the press has fuller access to all that we do than
it has ever had to any department of Government—Federal,
State or local."
Discussing the findings of the Darrow Board, General
Johnson said:
Volume 138
Financial Chronicle
It has suppressed testimony from any side but one. It is guilty of
deliberately false and unsupported statements. Its findings and recommendations are not worth the paper on which they are written. Its
dominating members announced a doctrine of pure Soviet communism
straight from the book of Red Russia, and after that proposed to batter
down the guarantees of workers against savage and wolfish compeition
on this wholly unsupported ground.
Here, then, is one source of attack on the NRA guarantees to all workers
—the purpose of Lenin and Trotsky and Stalin. Let no man be deceived—
their smoke screen of code criticism is pure comouflage.
In his comments on the press, he remarked:
Then comes the partisan attack. Unfortunately much of the press is
in the hands of political opposition anxoius to regain office. It is as impossible for NRA to get a square deal from this segment of the press as it
Is for a camel to pass through a needle's eye.
Notwithstanding the denial of some of my friends in this field, I have
seen instructions to reporters to send in no news favorable to NRA, but
to play up everything that might be construed against NRA. Recently
In several instances disturbing news stories have been published by them
which have not one ounce of factual foundation—pure fabrications. We
can't even get the truth.
And these people claim that there is some hidden purpose in NRA to
interfere with what they say is the freedom of the press. We pretend to
no such authority. The press has a fuller access to all that we do than
It has ever had to any department of government—Federal, State or
local—but so far as NRA is concerned the freedom claimed is a freedom
to deceive the beneficiaries of a great social advance about their benefits
therefrom.
I can understand the communistic purpose of the Darrow Board as
an openly avowed assault on our whole system in favor of the semi-barbaric
atrocities of half-civilized Russia, but the betrayal of a great public trust
by a newspaper to accomplish a partisan end in utter disregard of the
present and future security of the wage and salary earning element of our
population Is quite another matter.
General Johnson then added, in part:
Exactly the same thing is true of a certain type of partisan politicians
and I am sorry to say that all of them do not align themselves on the side
of traditional opposition.
But what a responsibility also is theirs! I know men who have opposed
NRA and who are actuated largely by an avowed desire to maintain a
depressed condition among workers in their own constituency.
Of course they do not assert this cause. They also talk about the little
fellow or monopoly or some other moonshine. I sometimes wonder if
they never shiver at the record they are writing in the great doomsday book.
I know what is going on under NRA. It has prevented and will continue to prevent the savage, wolfish competition that in the end can come
only out of payrolls and weekly wages. I know that it has raised employment 37% and payrolls 72%. No power of attack—no disingenuous news
story—no collateral assault can ever take that satisfaction away from us.
Election of Seven Members for Code Authority for
Grain Exchanges.
From the Chicago "Journal of Commerce" of June 8, we
take the following:
Members of the Code Authority for Grain Exchanges and their members
were elected late yesterday at a meeting of the Grain Committee on National Affairs in Chicago. The seven members of the grain marketing
industry who will administer the code are George H. Davis, Kansas City;
James E.Bennett and Siebel 0, Harris, Chicago; Edgar B. Black, Buffalo,
N. Y.; Cecil C. Blair, Duluth, Minn.; J. H. Caldwell, St. Louis, and E. J.
Grimes of Minneapolis. An organization meeting of the Code Authority
will be held shortly, it was stated.
Representatives of 10 Grain Exchanges and of the Grain & Feed Dealers
National Association attended the meeting here to-day. All are members
of the Grain Committee on National Affairs. Before the code matters
were disposed of, Thomas Y. Wickham of Chicago was elected to serve a
thrid term as Chairman of the Grain Committee. Mr. Grimes and Fred
H. Clutton, Secretary of the Chicago Board of Trade, were re-elected ViceChairman and Secretary and Treasurer, respectively.
H. I. Harriman Contends Employers Have Right to
Refuse Jobs to Members of Labor Union—Holds
Union Labor Clause in NIRA Is Probably Unconstitutional.
No provisions of the National Industrial Recovery Act
can prevent an employer from denying work to a man
because he is a member of a labor union, according to a
statement prepared by Henry I. Harriman, President of the
Chamber of Commerce of the United States, and presented
on June 16 to 40 business leaders on the National Recovery
Administration Industrial Advisory Board, which met at
Hot Springs, Va. Mr. Harriman said that the part of the
NIRA which seeks to establish that membership in a union
shall not be used by an employer as a reason for refusing
a job is probably unconstitutional, violating the Fifth and
Fourteenth Amendments to the Constitution. Associated
Press adviees from Hot Springs on June 16 quoted from his
views as follows:
"The right of an employer to employ whom he will and of an employee
to work for whom he will, provided a suitable bargain can be made, is a
property right protected by the Fifth and Fourteenth Amendments to the
Constitution," Harriman said.
Citing Supreme Court decisions, he said it would seem "an employer
does have the legal right to say to a prospective employee, 'I will not
employ you if you retain your membership in or join a specific labor union.'
"While at first thought this may seem like rather a harsh legal provision, the history of American industry has well proved the merits of the
free and unhampered right to seek employment or to give employment;
and it should be remembered that the converse is true and that if an employer has the right to say to an employee, 'I will not employ you if you
are a member of the American Federation of Labor,' the the employee on
his part has a right to say to the employer, 'I will not work for you unless
all your employees belong to the union of which I am a member'."
Harriman reported that the portion of the NIRA giving employees the
right to organize and bargain collectively through their own representatives
was undoubtedly constitutional.
4235
Three NRA Codes for Tobacco Industry Approved—
Contain Price-Fixing Provisions, Despite NRA's
Recently Announced Opposition.
President Roosevelt on June 20 approved the Retail
Tobacco Code, fixing minimum wage rates and maximum
working hours, and containing a provision that retail tobacconists may not give away more than one pad of matches
with each unit sold. Not more than five pads of matches
may be given away with a box of 25 cigars and not more
than ten pads with a box of 50 cigars. A code for the wholesale tobacco industry was approved last week. General
fohnson on June 20 announced his approval of the cigar
manufacturing code, making this the third pact for the tobacco industry to become effective. Supplementing each
of the three codes is a cigar sales plan, which provides
that cigar manufacturers shall file their prices, exclusive
of Government taxes, and that these shall be used by retailers as a minimum retail price to customers. When
cigars are purchased in quantity, however,certain reductions
are permitted. Thus in effect the codes carry price-fixing
provisions, despite the recent announcement by the Natioanl
Recovery Administration that no more codes containing such
provisions would be approved.
Other principal features of the codes were summarized as
follows in a Washington dispatch of June 20 to the New
York "Times":
Minimum wages of $10 to $17.50 a week and work hours on a sliding
scale of maximum allowances, paralleling provisions of the Retail Trade
and Retail Drug Trade Codes, are provided in the code for the retail tobacco trade. The wage rates established are expected to increase payrolls
by 10% in the retail tobacco trade.
Although cigars must not be sold by retailers at a price lower than that
set by the manufacturer, a discount of 5% may be allowed on sales in lots
of not less than ten, if the cigar sells for more than 5 cents, and of 8% if
sold in lots of twenty-five, unless the manufacturer has set a box price.
In the Wholesale Tobacco Trade Code, a maximum forty-hour week is
set up, with permission to work forty-eight hours during two weeks of the
year. Minimum wages of $14 to $16 a week, depending on the population
of the city, are established, with a $1 differential in favor of the South.
This code will, it is believed, increase both payrolls and employment by
10% in the trade.
According to NRA estimates, the cigar manufacturing industry employs
50,000 workers in the country, of whom 75% are women. The code establishes a basic minimum work week of forty hours, and minimum wages
ranging from 25 to 34 cents an hour.
General Johnson declared that the cigar merchandising plan had the
approval of the retailers, wholesalers and manufacturers, as well as of the
tobacco growers.
Threats of Steel Strike Less Ominous as President
Roosevelt Gives Secretary of Labor Perkins Full
Authority to Conduct Negotiations—Miss Perkins
Forwards Proposals of Union Leaders to American
Iron and Steel Institute for Consideration—Secret
Ballots Reveal Huge Majority of Employees Against
Walkout.
Danger of a strike in the steel industry appeared more
remote this week, following further conferences in Washington and the action of President Roosevelt, on June 19,
after conferring with leaders of the _steel workers union.
After receiving the demands which the union heads asked be
transmitted to the American Iron and Steel Institute, the
President referred the proposals to Secretary of Labor
Perkins, giving her authority to represent him, and to take
any action she considered advisable. Miss Perkins submitted the union proposals to the Institute on June 20. The
program prepared by the AmalgamatedAssociation of Iron,
Steel and Tin Workers suggested the creation of boards
with authority to correct labor abuses under the steel code,
to hold elections to determine representatives for the purpose
of collective bargaining, and stipulated that the majority
representation should conduct wage and hour negotiations
on behalf of all workers.
The latest previous reference to the threatened strike was
contained in our issue of June 16, page 4067. President
Roosevelt's announcement that he had entrusted Miss
Perkins with full authority in negotiations, issued on June 19,
read as follows:
I have discussed with the Secretary of Labor every detail of the proposal
that has been made by the committee of the Amalgamated Steel, Iron
and Tin Workers on behalf of employees in the steel industry. The Secretary has described to me also the proposal that the employers in the steel
Industry made last week to the Administrator for National Recovery
Administration.
It is my hope that some method will be found to adjust all the points
that are in controversy and to preserve orderly relations without sacrificing
any principle that is involved.
I have referred the proposal to the Secretary of Labor for careful study
and to undertake any negotiations that seem advisable. The Secretary is
fully empowered to represent me in taking whatever action seems advisable
under the circumstances and will of course consult and co-operate with all
other agencies of government concerned.
A Washington dispatch of June 19 to the New York
"Times" commented on this announcement in part as follows:
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Financial Chronicle
By restoring the United States Department of Labor to its original
authority and prestige, the President indicated that he had chosen Secretary
Perkins to guide him in matters of labor policy. The steel workers interpreted this action as a rebuke to General Johnson, whose radio criticism
of them recently evoked a protest to President Roosevelt and a declaration
that he had "discredited himself in the eyes of the workers of the country."
Another factor leading to the belief that no general walkout
threatens the steel industry at this time was the publication
of further results of straw ballots taken in many plants to
determine the attitude of the workers toward a strike.
Most of these revealed that an overwhelming majority of
employees opposed any walkout. The "Iron Age" of June 21
said that a secret strike vote by employees of several plants
of the United States Steel Corporation, taken last week,
showed that less than 5% of those voting were in favor of a
strike. Over 90% of those eligible to vote at the 25 plants
where ballots were cast participated in the voting, the
magazine added.
Conference of Presidents of Midwest Regional Banks
for Co-operatives to Be Held July 9 at Madison,
Wis.
Frank W. Peck, Co-operative Bank Commissioner, Farm
Credit Administration, announced June 12 that he will hold
•a conference of the Presidents of the five regional banks for
co-operatives located in the Middle West, at Madison, Wis.,
July 9, during the 10th Annual Summer Session of the
American Institute of Co-operation. Mr. Peck's statement said:
Conferences of this kind usually are held at one of the banks, but the
five-day meeting of the American Institute of Co-operation, which will be
attended by hundreds of the leaders in co-operative marketing and purchasing activities throughout the United States, will afford the presidents
ofthese co-operative banks an opportunity not only to talk over the problems
inherent in loans to co-operatives, but to meet with the officers and directors, managers, and others interested in specific co-operative activities.
The program is of particular interest to these co-operative bankers. It
includes discussions of many of the problems of management of co-operatives, as well as the extension of credit to them.
Floyd L. Carlisle on "Regulation of Business by Governmental Agencies"—In Address Before New York
State Bankers' Association Declared That If
Extended Too Far It Will Kill Individual Initiative.
"Regulation of Business by Governmental Agencies" was
the title under which Floyd L. Carlisle, Chairman of the
Boards of the Consolidated Gas Co. of New York and Niagara
Hudson Power Corp., addressed the New York State Bankers
Association at Upper Saranac, N. Y., on June 12. Stating
that "we are passing through a tremendously important
period in our economic history," Mr. Carlisle expressed it as
his belief "that in some form our great industries, particularly those dealing with natural resources, should have some
regulation by government." Mr. Carlisle added:
I think we all ought to be open-minded, frank and candid in our approach
to flu-se problems. Blind resentment of all change is foolish. There are
many principles in the old order of things that should be preserved and
many that should be changed. The people who are in charge of government
at this time have a most difficult task. It should not be made more difficult
by unreasoning opposition. The world progresses by change. Experience is
the best guide toward change. The object of governments should be to promote thr best in our social life and to aid the best in our industrial and
agricultural enterprises. I counsel patience and co-operation.
Mr. Carlisle, in seeking to make clear that he was "not
advocating, nor am I disapproving, the attempts now being
made to extend regulation beyond those enterprises heretofore regulated," pointed out, "that the inevitable result of
regulation presents the tremendously important problem of
fixing fair prices and the necessity of changing such fixed
prices promptly to meet changing conditions." "This," he
said, "has been one of the great problems of the gas and
electric business." He went on to say:
A further great difficulty is to define to what degree regulation shall interfere with management. In the early days of public service commission regulation of utilities, fact-finding was the primary object sought. Now, more and
more, commissions have come to initiate rate proceedings and to prosecute
them, as well as to Judge them. This problem will become of enormous importance if regulation is greatly extended to all business enterprises. Extended too far, it will kill individual initiative and so straight-jacket management that it can barely function.
In the earlier portion of his remarks, Mr. Carlisle observed
that "having spent many years of my life in the intensely
regulated gas and electric business, I have naturally viewed
with great interest the extension now under way towards regulating practically all large business." In his further remarks he said:
In the modern world, industrial enterprises must be either privately owned
and operated or owned and operated by the Government. If not owned and
operated by the Government. certain of them have been and many more are
being singled out to be regulated by either the State or Federal Government,
or by both. In this State, the milk business has been declared to be a public
utility and is In the early difficult throes of its regulation. All security
and commodity exchanges are now subject to Federal regulation. The
Agricultural Adjustment Administration, on a national scale, is restricting
acreage to regulate the production of basic agricultural products. Processing
June 23 1934
taxes are being levied and collected for the purpose of reimbursing the farmer
for such curtailment of output. The National Recovery Administration has
codified almost all the major industries of the country and introduced new
elements that will affect prices and production.
It is perfectly obvious that a study of the history and success or failure
of the regulation of public utilities should be the most fertile field to determine the policy of regulation extended to other business enterprises.
Regulation inevitably results in fixing prices. The governmental agency
fixing such prices does not necessarily insure the realization of such prices.
Back of all enterprise, whether Government owned, privately owned, or regulated, the basic law of supply and demand operates.
Let me illustrate the regulation which the law of supply and demand itself
imposes upon the gas and electric industry. In order to induce a manufacturer to locate his plant in our territory or to buy our service, we must
directly compete with the cost to him of supplying facilities for generating
his own heat or power. When we go to a storekeeper to sell him additional
lighting for his windows, he will buy it only if he can attract more business
to his store by this means rather than the equivalent amount of money spent
in some other form of advertising. A village will not install additional street
lighting for the protection of its citizens at night if it can do BO more cheaply
by puttng on an additional policeman. Electric refrigeration to the housewife must be at a price competitive with ice. Electric cooking is done only
competitively with coal or gas. Regardless of Public Service Commission
regulation, when we sell securities to the public the price and terms are
controlled by the supply and demand for other securities.
Thus, no matter how elaborate a regulatory system is set up, in the last
analysis the most inexorable regulator is the law of supply and demand.
Criticism of Monetary Views of James P. Warburg by
Sir Henri W. A. Deterding.
Criticism of the monetary views of James P. Warburg,
New York banker, is contained in an article by Sir Henri
W.A.Deterding entitled "Silver: Its International Position,"
which appears in the current issue of "Economic Forum"
distributed June 18. Sir Henri, who is head of the Royal
Dutch Shell interests, classifies Mr. Warburg among the
international bankers, whom he criticizes along with the
gold enthusiast economists, for their opposition to a silver
policy which would aid the Far East. He says:
Bankers, like Mr. Warburg, lack the power of thinking from a trade
point of view, and their whole attention is centered on money as a metal,
Instead of considering it as a yardstick of trade. The international bankers,
in their concern over their gold stocks of metal, have a warped point of
view. The gold policy has led to idle men, idle factories and idle ships.
The real question we are up against to-day is:"How can weimprove trade?"
Sir Henri's references to Mr. Warburg were prompted by
a published opinion of the banker questioning the intelligence
of those who argue that raising the price of silver will benefit
the silver countries, particularly China. Mr. Warburg had
written "Why should it be good for China to raise her unit's
value, if it is good for the United States to depreciate its
dollar?" The gold enthusiasts and international bankers,
Sir Henri's article points out, started the present monetary
debacle soon after the war, by systematically forcing the
price of silver down by demonetization of their own silver
currency. India's transference to a gold bullion standard
further depreciated silver, he says, and helped bring on
China's present condition.
It is the contention of the article that purchasing power
of the masses in Asia can best be achieved by the "rehabilitation of silver, through a reasonable stabilization of its value
in relation to gold." Almost simultaneously with the
appearance of the article, the editors of "Economic Forum"
have issued a book by Sir Arthur Salter, British economist,
advancing a view in many ways diametrically opposed to
Sir Henri's. Sir Arthur's book is entitled "China and
Silver."
Mississippi Bank Law Held Constitutional—State
Supreme Court Relieves Stockholders on Reorganization.
From the Memphis "Commercial Appeal" we quote the
following from Jackson, Miss., June 5:
Constitutionality of the 1932 legislative Act releasing closed banks from
75% of the depositor's liability under a reorganization plan, was upheld by
the Supreme Court to-day in a case from Lee County,involving the defunct
Peoples Bank & Trust Co. of Tupelo.
Michigan Supreme Court Rules for Depositor—Holds
Payment Must Be Made in Full on Refusal of
Moratorium.
According to Lansing, Mich., advices June 4, to the
Chicago "Journal of Commerce," a decision which may set a
precedent whereby bank customers who have refused to
sign moratorium agreements will be entitled to the full
amount of their deposits, regardless of such refusal, was
handed down by the Michigan Supreme Court on that day.
The advices added:
The decision, covering only deposits Involved prior to the emergent"'
banking legislation of 1931, and that which followed the bank litigation
involving all accounts up to last year. The decision was a reversal of a
lower court decree.
The Court directed the Ypsilanti State Savings Bank, now under new
management, to pay Ernest Shekel', $1,582 which was still owed him
from a deposit of $1,600 placed with the bank in the fall of 1920. The bank
Volume 138
Financial Chronicle
closed in July 1931 and was reopened the following December under an
agreement signed by 96% of depositors.
Shekel' accepted the dividend of $18 but refused to waive his right to
demand full payment of the remaining account.
"When the receiver filed the petition for reorganization of the bank,
tating that, as required by statute arrangements had been made to the
satisfaction of the State Banking Commission to pay all credits, it meant
the bank was able to pay all depositors who had not signed the agreement.
as well as other creditors," the decision reads.
Plan Submitted to 15 Groups by Illinois Bankers
Association to Stabilize Bank Earnings in Illinois.
In our issue of June 16, page 4072, we referred to a plan
submitted to the 15 groups of the Illinois Bankers Association by M. A. Graettinger, Executive Vice-President, which is
expected to stabilize bank earnings throughout Illinois. The
plan was submitted in response to a resolution adopted by
the bankers at their recent convention held in Springfield.
Supplementing our item of a week ago, it may be noted that
in the Chicago "Daily Tribune" of June 9 it was stated that:
The charges recommended by the Association are the result of several
months' study and are designed to eliminate unprofitable accounts and "to
stabilize bank earnings."
From the same paper we quote:
The schedule sets up fees to be charged for a variety of banking services,
many of which in the past have been performed for Customers without cost.
Checking accounts having an average balance of $250 or less are to be
charged a flat monthly fee ranging from 10 to 50c., according to the size of
the account, and 4c. for each check above the maximum allowed, ranging
from 5 to 9c. per month. Accounts with average balances of from $250 to
$500 will be allowed from 10 to 22 checks monthly, with charge of 4c. for
each extra check drawn.
Charges on Larger Accounts.
Accounts in excess of $500 are to be treated according to a special formula
to determine the cost to the bank and the charge to be levied.
The schedule is to be voted upon at the various group meetings throughout the State, which will be held in the near future. It was pointed out
yesterday that many Chicago banks are already charging fees for certain
services higher than those in the schedule recommended by the Association.
These are not likely to be lowered. The charges announced by the Association
were set up to apply particularly in other sections of the State.
Interest on savings accounts is also limited to 2%% by the schedule.
Under the plan no interest is to be paid on Christmas savings, vacation, travel,
or similar "purpose" accounts. Interest will be paid on public funds only
"as legally required."
Expect Voluntary Approval.
The members of the Association are expected to adopt the schedule voluntarily, and it will not be submitted to the Banking Code Authority in Washington. Last December a stir was caused when the New York banks announced that the Code Authority had approved a schedule of charges. General Hugh S. Johnson, Administrator, withdrew the approval given the
schedule when the storm of protest broke.
No attempt will be made to get the Code Authority to approve the schedule
for Illinois banks. M. A. Graettinger, Executive Vice-President of the
Association, predicts that the recommendations will be accepted by the
banks in the State. The Association's membership includes 800 of the 880
banks in the State.
Among the numerous items for which fees will be charged are included
cashing of checks, collecting bond coupons, issuing cashier's checks, safekeeping and a long list of other services.
The announcement issued June 8 by the Illinois Bankers
Association said:
The schedule recommended is by no means new. It is the culmination of
an effort extending over a decade and is already in operation in about half
the banks in the State. Practically all banks have been operating with some
of the recommended charges.
Certain services rendered by banks require an actual expenditure of money
on the part of the bank to perform them. These include exchange, collections,
money transfers, escrows and safekeeping. In these general classifications
there are many subdivisions, and it has long been the custom to charge
there expenditures to the banks' customers utilizing the service.
Research and investigation made 10 years ago by the Bankers Association
disclosed that two-thirds of the checking accounts were handled at a loss
which was made up by the earnings on the balances of the other depositors.
This was obviously unfair, and the attempt was made to correct the situation by asking the depositors to maintain adequate balances or pay a charge
representing the loss in individual cases as disclosed by an analysis of
accounts. Since then the earnings from usable balances have been materially
reduced find the proportion of unprofitable accounts served at the expense
of the snore profitable ones has increased. As a result, about half of the
banks in the State have applied the plan of analyzing the accounts of their
depositors in accordance with a formula devised by the Association.
This formula divides the checking accounts in two classes. The larger
accounts are in one class and the smaller in another. The customary division
is above and below a $500 balance. The accounts in the upper class are
analyzed individually by determining the income available at prevailing
rates and deducting from the income earned the cost of servicing the account
according to the type of service any particular account requires.
There are a great many accounts in the lower bracket. To handle them
according to the same formula would add greatly to the expense. An arbitrary plan based on an average cost and applied to the checks issued was
adopted as being simple and inexpensive in operation and fair to all depositors in this class.
This plan contemplates a small base charge graduated according to balances and for which a certain number of free checks will be allowed. Checks
issued by the depositor in excess of the free ones will be charged for at the
average rate. .
Few people realize when they deposit checks in the banks that the banks
must collect the money represented by them; this costs something. Nor do
they appreciate that when they draw a check against that account, the money
must be shipped to the bank in which that check is deposited.
The responsibility of the bank and the work required in handling these
transactions create considerable expense for operation, to which must be
added new costs brought about by new economic conditions and new laws.
4237
.
Ninety-five per cent. of the nation's business is transacted by means of
bank checks. Checking account service has become rooted into modern life.
Its cost, just the same, is great, and must be provided for, and, as mentioned
before, there are two ways of meeting this cost: (1) maintaining adequate
balances, or (2) paying for it according to a definite price schedule.
Annual Convention of National Fertilizer Association—
Sales of Fertilizer in Past Season 15% to 20%
Above Last Year but 70% Below 1928-30 Average—
Government Interventions Factors of First Magnitude Throughout Industry—Criticism of Administration's Agricultural Policy.
At the 10th annual convention of the National Fertilizer
Association held at White Sulphur Springs, W. Va., Charles
C. Concannon, Chief of the Chemical Division of the Bureau
of Foreign and Domestic Commerce described on June 13
the conditions in foreign countries that affect the fertilizer
industry. He stated that Government interventions or fiats
of one kind or another, artificial devices from the standpoint
of free production and flow of commerce, are factors of the
first magnitude throughout the fertilizer industry of the
world. He mentioned in particular the Chilean Nitrate
Reorganization bill, the new German Potash Council, the
German Nitrogen Syndicate, the European International
Nitrogen Cartel, and the North African-American phosphate
agreement, and discussed their effect on the American
fertilizer industry. He also mentioned the efforts of Japan
.
and Russia, not only in building up their own fertilizer industries, but also in striving to gain an increased share in
foreign trade.
Mr. Concannon added:
In spite of everything, the world cannot get along without fertilizers,
and though the consumption of chemical fertilizers throughout the world
fell in 1932 to a record low for recent years, the sharp recovery which occurred during 1933 placed the total volume of chemical fertilizer applied
to the world's arable land in excess of the average consumption for the
five-year period from 1924-1928. The United States suffers by comparison with the world as a whole in that our consumption of fertilizers has
fallen below the general average.
In every country under the sun plant food developments are taking place
with increased basicity and of amazing complexity. Interpretation of
world fertilizer happenings of the present year is a phase of business existence
and progress that challenges the American fertilizer industry.
In advance of the opening of the convention on June 11
a meeting of the Fertilizer Recovery Committee, which is
the Industry Code Authority, was held on June 9 at which
problems of code administration were considered. Concerning the work of the Association during the past year
President John J. Watson said:
We have now completed seven months of operation under our code, and
I feel perfectly safe in saying that a great majority of the members of the
industry are well pleased with it, and this applies equally to the small
and to the large operators.
Mr. Watson stated that although the big work of the
Association during the past year has been connected with
the drafting and administration of the code, other work
formerly carried on by the Association has not been neglected.
He continued:
Last year due to vicious price cutting most fertilizer companies operated
at a loss. This year it would seem that most companies may make a
moderate profit. Obviously there has been some increase in the price of
fertilizer to the farmer, but our cost studies indicate that manufacturers
will make a net profit this year of only about $1 per ton on average fertilizer, and that does not include interest on investment. Even at present
prices the farmer gets from $2 to 83 worth of crop increase from each
dollar's worth of fertilizer. In other words, he usually makes more than
100% on his investment in our product, and it seems to me that it is not
unreasonable that we should make 5%.
A dispatch from White Sulphur Springs, June 12,to the
New York "Herald Tribune" reported Mr. Watson as
criticising the agricultural policy of the Administration calling for restriction and destruction of crops. From the dispatch we also quote:
Mr. Watson also assailed the "New Deal" ideas as untried and coming
from people of the "theorist class" who have previously accomplished little,
if anything, in constructive business building. He urged the delegates to
Impress upon the farmers the "dangers that this regimentation and bureaucratic control will eventually have upon the agriculture of the country."
He characterized the new measures and regulations as a "panic," forgetting
the old methods and sound principles which increased the wealth of the
nation.
"The continuous changes in rulings affecting the agriculture of the
country, which have come from new laws from Washington," he said,"have
made it difficult for us to conduct our industry, so closely related to the
farmer as it is, in a sound way with any hope of a long-time policy preveiling. We have never known when some new ruling was coming from
Washington that would change the whole situation as the Bankhead bill
has dones."
It is stated that sales of fertilizer during the season just
passed have been 15 to 20% higher than last year but still
for the country as a whole only about 70% of the 1928 to
1930 average. It was also stated:
This increase is due entirely to the increased purchasing power of the
farmer which in turn is to a very large extent due to the work of the Agricultural Adjustment Administration. Farm prices are about 50% higher
than a year ago, whereas prices paid by farmers are only 20% higher and
the exchange value of farm products has risen about 25% within the year.
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Financial Chronicle
In addition to this, both production and long time credit have been made
available to farmers through the Farm Credit Administration to an extent
never before attempted.
Horace Bowker, President of the American Agricultural
Chemical Co., and Code Authority representative on the
Labor Relations Committee for the Fertilizer Industry, who
spoke on the labor aspects of the code, pointed out that the
fertilizer industry is not a large employer of labor and that
it is highly seasonal due to the very nature of agriculture.
He observed:
In a sense it has been relatively easy for this industry to meet both in
letter and in spirit the primary objective of the National Recovery Administration with regard to wages and standards of employment. However,
it is a clear-cut indication of the good faith and sound ideals of this Industry
to be able to quote the industry's Code Authority to the effect that our
performance under the labor provisions of the code has been all that could
be aske for and that this is one of the articles of the code that has worked
most smoothly.
Charles J. Brand, Executive Director of the Code Authority and for the past nine years Executive Secretary and
Treasurer of the Association, spoke on "Industry Stablization
Through Open Pricing." "Too many ascribe to the term
'stabilization' the unfair enjoyment of unreasonably high
prices and fat profits," said Mr.Brand. "I say emphatically
that the open pricing provisions of the fertilizer code are
not and shall not be used to raise prices unduly, unreasonably
or unfairly."
Increase of 90.7% Reported by National Industrial
Conference Board in Cost of State Government in
United States from 1923 to 1932.
The cost of State government in the United States increased from $1,310.3 million in 1923 to $2,499.0 million in
1932, or 90.7%, according to an investigation of State
finances made by the National Industrial Conference Board.
The cost per capita in the same period rose from $11.75 to
$20.02, or 70.4%. State expenditures increased more
rapidly than those of other governments. In announcing
the results of its investigation, the Conference Board on
June 18 also said:
During this period the proportion of the gross cost of State government
attributable to operation and maintenance decreased and the proportion
for capital outlay increased. In 1923 operation and maintenance of general
departments accounted for 68.4% of the total, and capital outlays for 27%.
while in 1931 operation and maintenance accounted for 57.7% and capital
outlays for 37.5%.
The States spend relatively more for capital outlays than either the
Federal Government or local governments because of the predominance of
highway construction and maintenance as an item of State expenditure. A
larger proportion of expenditures of the States is accounted for by grantsin-aid than in the case of other governments. State expenditures for debt
service, on the other hand, represent a smaller proportion of aggregate
expenditures than do similar payments of the Federal and local governments.
Education accounts for the bulk of current expenditures of State Governments. In 1931 the States spent $592 million for the maintenance of
institutions of higher education and teachers' training schools, financed in
whole or in part by State appropriations, apportionments to minor civil
divisions for the support of public school education, expenditures of State
education departments, and a comparatively small amount for libraries.
State aid or apportionments to local governments for education amounted
to $393 million, or about two-thirds of all current expenditures for education. Only five States, Maine, New Hampshire, Vermont, Rhode Island,
and Oregon expended more for operation and maintenance of highways
than for education. Education ranked first as an item of current expenditure in 41 States. Massachusetts, Rhode Island, and Connecticut spent
more for charities, hospitals, and corrections than for any other function.
The percentage distribution of expenditures for operation and mainten-year period, 1923 to 1931, on a
ance of general departments over the 9
basis which avoids the influence of unusual or non-recurring expenditures,
is as follows: Education, 39.6%; charities, hospitals, and
for all States
corrections, 16.8%; highways, 15.5%; general government, 8.4%; protection, 5.6%; development of natural resources, 5.4%; conservation of
health, 2.4%; recreation, 0.3%, and miscellaneous, 5.9%.
The percentage of total State governmental costs in the 9
-year period
was as follows: Highways, 35.4%; education, 27.1%; charities, hospitals,
and corrections, 12.9%;general government. 5.8%;interest, 4.4%;development of natural resources, 3.8%; protection, 3.7%; conservation of health,
1.7%; public service enterprises,0.8%;recreation,0.6%;and miscellaneous.
3.8%. In this period, South Dakota paid in interest 18.5% of all its
expenditures, and North Dakota spent on public service enterprises 29.1%
of all its expenditures.
Cost of Depression to American People from 1930 to
1932 About $108,000,000,000, According to National
Industrial Conference Board — Loss of Wage
Earners Reported at More Than $37,000,000,000.
The three years of depression from 1930 to 1932 cost the
American people about $108,000,000,000, according to an
analysis of official data issued June 11 by the National
Industrial Conference Board. Of this amount, nearly twothirds was suffered by business proprietors and investors and
a little more than one-third by employees, the analysis said.
It continued:
Taking the income level of 1929 as a basis, the total loss to employees in
wages and salaries received in 1930, 1931, and 1932 exceeded $37,000,000,000.
The reduction in produced income available as a return for persons in
business for themselves, recipients of rents and royalties, and for interest
and dividends on invested capital was $47,400,000,000, In addition, busi-
June 23 1934
ness losses reduced assets ofindividual proprietors and of corporations during
these three years by $23,200,000,000, making the total cost to business
$70,600,000,000. Thus the aggregate cost of the depression, in reduction
of income and in capital used up during the three years, was about $108.000,000,000, and the cumulative losses suffered by business during this
period were nearly twice as great as the loss of income to employees working
for wages and salaries.
In the period during which the produced national income fell off 52.6%.
the amount of the national income that was paid to employees fell 40.3%,
while other than labor income declined 74.1%.
The balance of income produced, after subtracting labor income paid out,
formed 36.4% of the total income produced in 1929, and 19.9% in 1932.
In amount,such income fell from $30,200,000,000 in 1929 to $7,800,000,000
in 1932, while in the same period labor income fell only from $52,800,000,000
to $31,500,000,000.
In some of the largest industries in 1932, the worst year of the depression,
employees received more than the income produced, and business capital
was used to pay wages and salaries. In trade, the amount that was paid
out in wages and salaries was 3.5% more than the total income produced:
in manufacturing, wages and salaries paid were 18.5% in excess of the
total income produced;and in construction, the payments to employees were
51.8% more than the total income produced by the industry in that year.
From 1929 to 1932 interest and dividend payments to savings institutions
and to individuals with annual incomes of less than $10,000 declined from
$7,500,000,000 to $6,900,000,000, or 7.7%, while payments to individuals
with annual incomes of $10,000 or over decreased from $4,700,000,000 to
$1,500,000,000, or 67.1%. In the same period, dividends dropped from
$6,000,000,000 to $2,600,000,000, or 56.6%, while interest payments decreased only from $5,700,000,000 to $5,500,000,000, or 3.3% •
New York State Society of Certified Public Accountants to Hold First Regional Chapter Conference
at Skaneateles Lake, N. Y., June 29.
The first regional chapter conference of the New York
State Society of Certified Public Accountants will be held
near Syracuse at Skaneateles Lake on June 29. Representatives of trade and banking groups and members of the Society from the four chapters at Buffalo, Rochester, Syracuse and Albany and other cities throughout the State,
including New York, Troy, Schenectady and White Plains,
will attend the conference. An announcement issued by
the Society with regard to the forthcoming convention said:
Speakers at the conference will be representatives of government, banking, business and professional interests throughout the State. Morris
S. Tremaine, Comptroller of New York State, for four successive terms;
Rolland Marvin, Mayor of Syracuse; Cleveland V. Childs, Vice-President
of the Manufacturers National Bank of Troy and formerly an official of
the Manufacturers Trust Co. of New York. and Walter A. Staub. President
of the New York State Society, will speak at the conference.
The value to a banker and a credit executive of an independent audit by
a certified public accountant, the new Federal income tax law, and other
topics of interest to business men in the profession of accountancy, will be
discussed. The place of a certified public accountant in the business community will be the subject of an address.
While this is the first regional chapter conference of the Society, it has
for many years held eight monthly meetings annually in New York City.
Now in its 38th year, the Society has 2,100 members in New York and other
States.
Officers of the four chapters are scheduled to take an
active part in the meeting. the announcement said. The
officers of the various chapters are:
Albany Chapter—Raymond J. Hannon, President; John J. Magilton,
Vice-President; William J. Nusbaum, Secretary, and Irving L. Simon.
Treasurer.
Syracuse Chapter—George E. Bennett, President, Arthur W. Stover,
Vice-President; Howard P. Nicholson, Secretary and Treasurer.
Rochester Chapter—Carl D. Thorny, President; Otto A. Shults, Vice.
President; Sanford G. Slocum, Secretary, and Ralph S. Good, Treasurer.
Buffalo Chapter—Frederick A. Wagner, President; John M. Boyce,
Vice-President; and Carl C. Siegel, Secretary,
New York State Bankers Association Elects Officers
to Represent New York State in Councils of
American Bankers Association.
W. W. Maloney 3d, President of the Fallkill National
Bank & Trust Co., Poughkeepsie, N. Y., was elected Vice-President of the American Bankers Association to represent
New York State, at the closing session of the New York
State Bankers convention at Saranac Inn, N. Y., June 12.
In our issue of June 16, pages 4070 to 4072, we made reference to various addresses presented at the convention.
Others elected to represent New York State in the councils
of the American Bankers Association were as follows:
Members of the Executive Council,
George V. McLaughlin, President. Brooklyn Trust Co., Brooklyn, N. Y.
Thomas R. Dwyer. President. First National Bank & Trust Co..
Rochester, N. Y.
Members of the Nominating Committee.
Frank H. Houston, Executive Vice-President, Chemical Bank & Trust
Co., New York City.
Alternate—William S. Gray, President, Central Hanover Bank & Trust
Co., New York City.
Vice-Presidents of the Four Divisions of the A. B. A.
National Bank Division.—G. Albert Niles, President, Oneida National
Bank & Trust Co., Utica, N. Y.
State Bank Division.—George Nebank, President, Bank of Jamestown.
N.Y.
Savings Division.—George D. Whedon, Vice-President and Secretary.
Monroe County Savings Bank. Rochester, N. Y.
Trust Division.—Dr. Frank T. Delano, President, Bank of Rockville
Center Trust Co., Rockville Center. Long Island, N. Y.
Volume 138
Financial Chronicle
Col. Oliver J. Troster Elected President of New York
Security Dealers Association—Succeeds Mark A.
Noble.
Col. Oliver J. Troster, of Hoit, Rose & Troster, New York
City, has been elected President of the New York Security
Dealers Association to succeed Mark A. Noble, who has
resigned because of ill health. Mr. Troster was formerly
Secretary of the Association. In accepting the Presidency
of the Association, Mr. Troster said:
With the passage of the Securities Exchange Regulation Act of 1934,
the New York Security Dealers Association has an opportunity for service
greater than ever before.
The over-the-counter markets will be guided by rules and regulations
Prescribed by the Securities and Exchange Commssion. The powers of
the Commission under Section 15 are very broad—due mainly to the fact
that the framers of the bill fully realized the complex nature of our business
and very properly made this section extremely elastic.
It should be our privilege earnestly to co-operate with the Commission
and it is the intent of the Association to offer its services in every possible
manner.
Hart Smith of Hart Smith & Co., was elected Secretary to
succeed Mr. Troster. H. Prescott Wells, of Outwater &
Wells, and G. A. Elliot, of Elliot & Wolfe, were added to the
Board of Governors.
Underlying Tendency of Recent Legislation Is to
Restrict Banks,Says H.L. Clary of Bank of America
National Trust & Savings Association of San
Francisco.
Hugh L. Clary, Vice-President of the Bank of America National Trust & Savings Association of San Francisco, told the
delegates to the convention of the American Institute of
Banking Section of the American Bankers Association, in
Washington, on June 12, that "the underlying tendency of
recent legislation is to restrict banks, both directly and indirectly, in their lending activities and at the same time increase the lending activities of the Government. The advices
from Washington to the New York "Times" further reported
him as saying:
The adoption of permanent deposit insurance, by law, effectively places all
banks of the country, whether State banks or members of the Federal Reserve,
under the control of the Federal Government.
No bank without insurance could continue in business in competition with
insured banks. After July 1 1936, no bank can get deposit insurance except
by becoming a National bank or a member bank.
Under either classification, the bank would be subject to Federal regulation, and withdrawal would be impossible, as it would disqualify the bank
for deposit insurance and presumably mean Its liquidation.
F. M. Law, President of American Bankers Association,
Says Private Initiative Commands Greater Premium Than Ever Before.
Before the American Institute of Banking Section of the
American Bankers Association, in Washington, on June 12,
Francis Marion Law, President of the American Bankers
Association and President of the First National Bank of
Houston, Tex., declared that "there is no good reason for
pessimism to-day." He added:
The depression is not by any means over, but we are coming out of it.
Banking is a necessary business and will endure. In order to endure, it
must be the right sort of banking, under the right sort of management.
Mr. Law also said:
Let no man tell you that private initiative is dead. On the contrary, it
commands a greater premium to-day than ever before. If you and others
like you have courage enough, if you possess patience, if you have a passion
for hard work, and if, with an open mind, you look to and prepare for the
future and the opportunities which are sure to come, you cannot be denied.
Your generation will add prestige to the honorable calling that we know as
banking.
Mr. Law asserted that "profits have not permanently gone
out of banking, neither have profits gone permanently out
of general business. In part, be continued:
The American Institute of Banking commands and is entitled to great
respect because its major objective is to teach and promote the right kind
of banking. One of the chief reasons for my faith in the future of banking
Is that your organization has 219 active chapters, with over 60,000 members,
and with 33,000 students enrolled, and you are doing a good job in teaching
these thousands of bank employees what good banking is, and what
it is sot. . . .
Banking is a serious business, and I know not one single man or women
who has made a success of it who has not been over a long period of years a
hard worker. Mr. Owen Young recently said that the only reason why just
one out of a hundred becomes a leader is because the rest are not willing
to pay the price. While the majority watch the clock, those who are qualifying for leadership are toiling upward through the night.
Do not expect to get rich in the banking field; rather, take for your
motto the old German phrase, "Ich Den" (I serve). Meaning what? Serve
your depositors, your stockholders and society. I could wish that no man
in the banking business would covet great riches.
It has been said that bankers are reactionary; that they are always in
the objecting mood; always negative. Read the record of the past six
months. The American Bankers Association has favored more of the measures relating to banking before this present Congress than it has opposed.
R. E. Jones of Bank of Manhattan Co. Asserts Question
of Liquidity Has Been Carried to "An Absurdity."
In addressing the American Institute of Banking Section
of the American Bankers Association, in Washington, on
4239
June 12, Raymond E. Jones, Vice-President of the Bank of
the Manhattan Co., of New York City, stated that "as a practical banker who is trying to help in a period of stress, I am
frank to say that in my opinion the question of liquidity has
been carried to an absurdity." The Washington "Evening
Star" further quoted Mr. Jones as follows:
He called liquidity a "shibboleth," and answered in the negative to his
own question:
"Need we worry a great deal about liquidity when we are paying a premium
to insure the bulk of our deposits—and especially all the small deposits,
which in the past week the cause of runs on banks?"
Urges Long-Term Issues.
Citing the tendency of banks to take short-term Government bonds with
an almost negligible yield, he said:
"It is true that money rates on private loans are exceedingly low, but they
are not so low that a bank must get rid of its depositors' funds without any
yield or, what is even worse, to pay a premium to get rid of the responsibility. To my way of thinking, all this is caused by an insane desire to stay
too liquid."
He suggested that bankers forget about short-term Government obligations,
which pay nothing, or relatively nothing, and get "bullish on long-term Government bonds, which are just as good and which are just as liquid, provided
a good market is maintained for them by the Government."
Bank examiners were urged to take a broad view in considering loans, in
order to facilitate extension of credit.
The real disease which underlies the ills of the nation's banks is "a hybrid
banking system," he concluded.
In addition to the above, we also quote as follows from a
Washington account, June 12, to the New York "Times" bearing on Mr. Jones's remarks:
"We have all heard stories to the effect that banks are declining to loan
money to business and to industry. These are only half truths.
"As a matter of fact, for every sound loan that appears, there are at
least a dozen banks anxious to grab it and at very low discount rates. It
is true that many loans of a capital nature are being offered by concerns
whose assets are so frozen and their business so demoralized that it is a
question whether money alone would rescue them; and certainly it would
be unsound to give them additional credit."
Mr. Jones illustrated the trend to liquidity by quoting statistics on the
holdings of Federal Reserve members. In 1923, he said, loans totaled $19,051,000,000 and represented 45.6% of total assets. Ten years later loans
had dropped to $12,833,000,000, or 37.89% of Genets.
Outstanding Banking Problem Is HowY to),Restore
Confidence in Banks, 0. Howard Wolfe Tells
American Institute of Banking Section of A. B. A
Stating that "our outstanding banking problem is, first,
tow to restore public confidence in banks and bankers," 0.
Howard Wolfe, Cashier of the Philadelphia National Bank
of Philadelphia, Pa.,in an address before the concluding business session of the convention of the American Bankers Institute of Banking Section of the American Bankers Association, at Washington, D. C., on June 14, went on to say:
The theory that sound banking can be achieved by legislation is pretty
well exploded. As a matter of fact, consider carefully first the reasons for
the banking upset in the latter days of the depression, and then ask yourself
if any single piece of new banking legislation that has been proposed or
enacted can of itself prevent a repetition of what happened from 1926 to
1933, except to the extent it may re-inspire public confidence.
The American Institute of Banking is a body having no other aim than
the education of bankers—to produce bankers in whom the public can and
will have confidence. The obvious thing to suggest is that each should
look to his own housecleaning, and see to it that he will leave no stone
unturned to increase in knowledge and in understanding of sound banking
doctrines. The Institute, however, in my judgment, has a larger job. We
must cease being merely an organization of students, and become an organization of teachers; teachers not only from the public platform, the forum, and
the classroom, but teachers by example, as well as by precept.
The next two years should determine whether the American Institute of
Banking has the courage of its convictions; if it has the courage to accept
financial educational leadership. Have we the courage to teach that small,
weak banks unable, under any but the most favorable circumstances to earn
a living, are a menace rather than a help; that a real estate mortgage is
not a loan unless it is properly amortized; that the dual banking system has
Its weaknesses as well as its strong paints; that deposit insurance can never
be better than a temporary expedient for inspiring confidence in banks; that
what is needed is a banking system founded on economic laws and administered
by trained, bankers, educated in the theory and practice of sound finance?
Shall we go on teaching our students concerning that which is, or can we
rather hope from now on to teach them that which should and must be?
L. A. Chambliss Urges That Federal Reserve Be Taken
Out of Politics—Address Before American Institute
of Banking—Need of Saving in Time of Prosperity Pointed Out by A. W. Converse.
Strengthening the hand of the Federal Reserve System
is what the banks of America should concentrate on to-day,
is the opinion expressed by L. A. Chambliss, Assistant Vice..
President, Fidelity-Union Trust Co., Newark, N. J., in
speaking on "The Value of Co-operative Effort in Bank
Public Relations," before the business development and advertising conference at the convention of the American Institute of Banking Section of the American Bankers Association at Washington, D. C., on June 12.
"Let us get behind a program which gives the Federal
Reserve System such legislation as it needs to rediscount
various bank assets, to control openings and closings of banks,
and to assume the functions of the temporary governmental
4240
Financial Chronicle
agencies which were conceived and set up to stem the tide of
panic," Mr. Chambliss said. "Let us urge that the Federal
Reserve System be taken out of politics." He said that the
spirit of co-operation in business relationships has invaded
the banking business where pronounced inter-relationships
exist.
Accumulation in years of prosperity against the time of
adversity is the keynote of saving, A. W. Converse, VicePresident, The First National Bank of Chicago, said in an
address on "Savings Banking in the Present Decade," before
the savings banking conference on June 13. Mr. Converse
said:
In times of prosperity thrift has been ignored or scorned by many people.
When a period of recession sets in, the savings account begins to come into
Its own. Certain economists point out that over-saving has been one of
the chief factors in causing the depression. The desire to put men back to
work and start the wheels of industry moving again results in demands for
more spending and less saving. It need scarcely be pointed out that we are
experiencing this attitude toward saving in this country at present. Thrift
has been attacked on both moral and economic grounds. Those who criticize saving on moral grounds hold that money saved is withheld from industry and therefore retards recovery. Saving in the true sense of the word
cannot be rightfully made the basis for such criticism. When a man deposits a portion of his income in a bank, he merely transfers his saving to
some one else. The bank advances the money to corporations, whose bonds
It purchases, or loans it, for example, to some one who in turn spends it for
the hiring of labor and purchase of materials for a home. The saver therefore has not withheld his savingsfrom industry, but has made a very definite
contribution to many lines of business. Morally the saving of money has
much to commend it.
The most elementary treatises on economics point out that saving is the
basis of all capital. To deny the economic justification for savings is to
deny the benefits of capital. Capital has been perhaps the most outstanding evidence of the advance of civilization. The luxuries of one generation
become the necessities of the next, because thrift makes a higher standard
of living possible. Civilization is stagnant unless each generation gives
to the next more than it received from the preceding one. Without thrift
we would to-day be without light and water from central plants, without
transportation or means of communications; in a word, without thrift
we would be without most of the essentials to our present-day existence.
C. F. Ellery Elected President American Institute of
Banking Section—Other Officials Elected.
Charles F. Ellery of the Fidelity-Union Trust Co. Newark,
N. J., was elected President of the American Institute of
Banking Section of the American Bankers Associatoin at its
concluding business session at Washington on June 14,
and Maynard W. E. Park, Federal Reserve Bank, Kansas
City, Mo., was elected Vice-President. The following were
elected members of the Executive Council: J. B. Haslam,
Birmingham Trust & Savings Co., Birmingham, Ala.;
Earl V. Newton, Cleveland Trust Co., Cleveland, 0.;
Harry R.Smith, Bank of America National Trust & Savings
Association, San Francisco, Calif.; G. K.Strickland, Federal
Reserve Bank, Memphis, Tenn.
June 23 1934
said, and proposed restrictive and compulsory legislation is
seriously interfering with the normal function of banking,
he continued. He added:
But more serious than all this is the proposed new school of economics.
which argues that it is only by spending on a large scale and abandoning
thrift that economic stability can again be restored. There can be no sound
economy which does not recognize the fact that there is no substitute for
thrift, that experieince of civilizations bears out the fact that lack of consideration of the future has been the immediate step to eventual destruction.
There is no sound economy which has not as its base the principle of thrift,
applicable to community matters as well as to the individual.
Mr. Vogelsang said he believed that in the face of widespread propaganda against saving, it is expedient that
bankers counteract this movement by concerted action as
well as individual contacts with their depositors. "Spending
of course must and will be stimulated and purchasing power
must be built up, but every effort must be made to insist
that any proposed plan of economy recognize the timeproven principle of thrift," he said.
In an address on "Developing the Savirgs Department—
Why and How?" before the business development and advertising conference, Fred G. Mitchell, Manager Savings
Department, First & Merchants National Bank of Richmond, Richmond, Va., said in discussing interest notes from
the viewpoint of types of accounts and methods of payment,
that for a good many years the drain of outgoing payments
has had much the effect of a wasting disease upon our banking structure." He further said:
Although this outlay alone is not responsible for the sad record which this
country has made in the matter of bank failures, it has been a contributing
cause. A great many banks were persistently giving too much of each
year's earnings back to their depositors in interest and then had to atone for
It by making unwise investments. They felt compelled to prefer investments paying high returns, which frequently involved considerable risk,
otherwise they could not have kept up the generous payments of interest.
When the test came they found themselves with frozen investments and the
depositors demanding their money. . . .
Banking laws in the United States stand to-day in an uncertain position.
Changes are constantly taking place. We must bear in mind that the banking legislation and regulations adopted under the New Deal are designed to
abolish defects in the handling of our savings accounts by way of the
"standardization route." We should remember that no legislation can
ever operate to change the basic spirit of management, even though it
differed with institutions. Therefore, though all other means of distinction
be legislated out of the picture, a savings department will always be able to
preserve its individuality on the basis of the human factor involved in its
management. Savings banking is no longer a matter of dealing with money.
It is a problem of dealing with human beings. We must keep in touch at
all times and sustain human relation with our savings customers, and serve
them in those ways in which it is a bank's duty to serve.
"Present-Day Factors in Commercial Development,"
were discussed before the business development and advertising program conference of the convention, by Eliot H.
Thomson, Publicity Manager, The Washington Loan &
Trust Co., Washington, D. C.
Speaking on "Improved Operating Methods" before the
Trust and Savings Problems Discussed at Convention bank administration conference, R. H. Brunkhorst, Compof American Institute of Banking Section of troller Harris Trust & Savings Bank,
Chicago, Ill., stressed
American Bankers Association.
In the vast majority of cases the trust departments an improved operating method which costs nothing, reduces
opinion, has favorable effect on customer
"carried on successfully throughout the darkest days, and expenses, and in his
morale, namely "customer co-operation."
came through with an unsullied record," Robertson GrisCharacter is "the rock upon which enduring edifices are
wold, Vice-President, Maryland Trust Co., Baltimore,
built" and sooner or later "the storms of life demonstrate
declared in an address before the trust functions conference
the certainty of each men's structure," said Dr. Francis P.
at the convention of the American Institute of Banking
Gaines, President, Washington & Lee University, Lexirgton,
Section of the American Bankers Association at Washington
Va., in an address, "Character in Business—A Definition,"
June 13. In his comments Mr. Griswold said:
before the general session of the convention of the American
If we attempt to analyze the various criticisms which have been directed
Institute of Banking Section on June 12.
towards corporate fiduciaries, there are three that stand out predominantly.
As to the first, that it has been the common practice of banks to sell their
The basic principle governing the investment of trsut funds
own securities to their trust estates, it Is a rule of the common law that a
relates to the standard of care and skill required of a trustee
trustee may not deal with his trust estate to his own profit, and to
say.
by the courts, said Henry E. Sargent, Secretary, Trust
because of isolated instances, that trust companies as a rule engaged in such
a practice is unfair, unjust and unfounded in fact.
Division, American Bankers Association, in an address
As to the second accusation that securities held in trust are generally
entitled "Trust Investment Principles as Influenced by the
commingled with the bank's own securities, anyone connected with a wellregulated bank knows that separate and distinct vault space is always Depression and the New Deal," before the trust functions
assigned to the trust department. Even in banks with limited vault space,
conference at the convention of the American Institute of
where it is impracticale to assign an individual safe deposit box to every
Banking Section. "Regardless of its powers under the trust
trust, the securities of each trust are carefully earmarked and placed in
separate pockets or pouches, and then deposited in the boxes allocated to the
instrument, notwithstanding its views regarding the comtrust department.
parative merits of bonds, stocks and real estate, and even if
The third criticism, that a bank's attitude towards its trust customersIs
it stays within the shelter of the legal list, the trust instituimpersonal and unsympathetic, probably has its origin in the legal conception that "a corporation has no soul." hence its employees, by way of
tion must always be guided by these fundamental prociples,"
inheritance, are also cold-blooded and heartless. Such a notion entirey
Mr. Sargent said.
overlooks the personal equation and ignores the postulate that a corporation
In commenting on "Application of Analysis, Exchange,
can only function through human beings. All of this may be summed up
in the term "common courtesy," and no trust official or employee would
and Service Charges," before the deposit functions conferwittingly jeopardize hisfuture by alienating the affections of his beneficiaries
ence of the convention, C. C. Armfield, Assistant Treasurer,
A constructive relationship is one which contributes to the Wachovia Bank & Trust Co., Winston-Salem, N. C., said
mutual well being and advancement of both interests, and that analysis of accounts must be based on the actual cost
the bank is as necessary to the community as the community by the individual bank in which the account is carried, so
is to the bank,said Bernard Vogelsang of the Bank of America that the banker can convincingly explain the charges to his
National Trust & Savings Association, Los Angeles, Calif., depositors, especially when it is necessary to make them
before the Savings Conference. Mr. Vogelsang spoke on periodically against the account. In carrying accounts,
"Constructive Customer Relations." Much of the criti- whether active or inactive, a service to the customer and an
cism against the banks has been unjust, Mr. Vogelsang expense to the bank is involved, and the only way to handle
Volume
138
the service charge is to set up a system whereby each depositor is charged according to the services rendered, Mr.
Armfield said.
A definite knowledge of costs of banking operations and an
intelligent and practical application of this knowledge are
among the foremost factors in profitable banking, James H.
Kennedy, Assistant Cashier, The Philadelphia National
Bank, Philadelphia, Pa., said in his address, "Analyze,
Don't Guess Activity Costs," before the deposit functions
conference.
Annual Outing of Long Table Syndicate of Investment Bankers—Data Pertinent to Origin of Organization.
Historical data pertinent to the origin of the Long Table
Syndicate of Investment Bankers was supplied at the
gathering last week of the organization, when its annual
outing was held at the Westchester (N. Y.) Country Club.
About 200 participated in the various indoor and outdoor
sports. The best net score on the championship west course
was 81, by Schuyler Van Vechten of Lee Higginson Corp.
The other prizes were won by E. F. G. Taff of White Weld &
Co.; Wilson Jones of the Federal Reserve Bank; Albert C.
Lord of Lord & Lasley, and R. Roelofs of Dominick &
Dominick.
At the dinner which followed in the Main Clubhouse, the
question as to the inception of the organization was brought
up by some of the younger members of the Long Table, and
as one of the founders, Rollin C.Bortle,who acts as Financial
Counsel, read an address made at the Long Table Christmas
Party, held Dec. 17 1927, embodying its declaration of
ideals. We give herewith the following Declaration of the
Long Table of 1927, as read at last week's gathering by
Mr. Bortle:
The Long Table Snydicate of Investment Bankers was founded Nov. 14
1923 in the office of Rollin C. Bortle who was then Sales and Syndicate
Manager of the National City Co. in the National City Bank Building.
The other founders were Grosvenor Farwell, White Weld & Co.; Sanger B.
Steel, J. G. White & Co.; Edwin H. Barker, Clark Williams & Co.. and
Northrup Clarey, assistant to President Teagle of Standard Oil of New
Jersey.
The following Declaration of Sound Investment Principles was presented to the annual Christmas celebration at the Chamber of Commerce
of the State of New York on Dec. 17 1927.
"Four years and two months ago the investment fraternity brought to
the Chamber of Commerce the Long Table, conceived in good fellowship
and dedicated to the proposition that all Investment Houses regardless of
size have an equal voice at this Table.
"Now we are engaged in a great financial expansion, testing whether the
Independent distributor shall have a lasting position in our economic
structure or whether the large banking institution shall dominate both the
origination and distribution of investment securities throughout the land.
"We are met to-day to dedicate this Long Table as an open forum where
the Big Three and the Little Twelve Hundred may break bread, live and
let live and understand each other's problems.
"It is altogether fitting and proper that we should do this at the Christmas
season. At this opening of these festivals let us recall those members who
have gained the reward of permanent placement after the uncertain buffet
Inge of the syndicate and secondary markets of life.
"We ask the members to rise and drink a silent toast to the men whose
companionship we have enjoyed at this Table and whose sacred memory
we now revere.
Robert A. Bould—First editor "The Bawl Street Journal."
Lewis B. Brown—Minsch, Monell & Co.
Gilbert E. Jones—President. The Bond Club of New York, Vice-President, the Guaranty Co.
Sanger B. Steel—Former President—The Bond Club of New York, J.
G. White & Co.
"In a largo sense we cannot hallow their memory. These dear friends
who have brought joy, humor and good fellowship into our lives have
consecrated their own memories.
"The evil that bond houses do lives after them. But the ideals created
by their individual members will not vanish as long as this representative
group of 130 men from 92 institutions shall gather together weekly .and
'Behave as Human Beings' instead of functioning as cash registers to
increase the dividends of absentee partners and stockholders.
"With the possible exception of the National advertisers who have made
recent Mondays a series of pleasant surprise parties the world will little
note nor long remember what we say here, but it can never forget the
daily actions of the institutions represented here.
"It is for us the living, rather to be dedicated here to the unfinished
work which our Long Table has thus far so nobly advanced.
"We have been drawn together in these weekly luncheons with no ulterior motive. We meet here because we enjoy the companionship of
the men with whom our profession has thrown us in daily competition.
"At this Christmas season let us again dedicate ourselves with increased
devotion to an honest respect for our neighbor whether he be a humble
salesman with one of the 1,200 distributors in this world financial center
or a Vice-President or partner of the largest originating institutions in
the land.
"Let us resolve that the ideals of the Long Table shall not have been
established in vain in November of 1923, and that this investment fraternity shall have a new birth of freedom and that Wall Street will recognize
that the Long Table is of the people, by the people and for the people.
"With these principles firmly established the investors of the United
States, whether they reside in Kankakee, Aroostook County, the Everglades of Florida, or the sunny clime of California, will respect our judgment
and Wall Street will not be engulfed in its own mesh of excessive speculation
through the exhilaration of too much success."
Long Table Syndicate Committee.
Edwin If. Barker, President of the Bond Club, 1918.
Robert E. Christie Jr., Vice-President of the Bond Club, 1927. (President 1928 and President, Investment Bankers Association 1933).
Ralph T. Crane—Governor of the Bond Club, 1927. (Vice-President the
Bond Club, 1934).
4241
Financial Chronicle
Grosvenor Farwell—President of the Bond Club, 1920.
Wm.J. Minsch, President of the Bond Club, 1927.
Medley G. B. Whelpley, President of the Bond Club, 1926.
Rollin C. Bortle, President of the Bond Club, 1922; Treasurer. Long
Table Syndicate Committee.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of June 16 (page 4075),
with regard to the banking situation in the various States,
the following further action is recorded:
ALABAMA.
According to Gordo, Ala., advices on June 15, The Bank
of Gordo, successor to the Merchants' & Farmers' Bank of
that place, was to open for business within a short time,
it was announced on that day. The bank will operate
under the Government plan of insuring deposits up to
$2,500, it was stated.
GEORGIA.
Formal opening of the First National Bank in Waycross,
Waycross, Ga., occurred on June 14. It succeeds the First
National Bank of that place, which had been operated under
a conservator since March 21 1933. The institution begins
with a capital of $100,000 (half of which is preferred and
half common stock) and surplus of $20,000. The officers
are: John H. Quarterrnan, President; C. E. Layton and
W. N. Smith, Vice-Presidents, and George M. Bazemore,
Cashier. Waycross advices on June 14, appearing in the
Savannah "News," (from which the above information is
partly obtained), went on to say in part:
Mr. Quarterman served as conservator of the bank from July 9 of last
year, until the opening of the new bank,succeeding D. N. Stafford.
Mr. Bazemore comes to Waycross from Miami, having been connected
with the Federal Deposit Insurance Corporation as an examiner. He is
originally from Cordele, and has had 15 years of experience in bank management in South Georgia.
The new bank . . . is a member of the National bank system, which
requires all ofits banks to carry deposit insurance on all deposits to $2,500.
The reopening of the bank prevents liquidation; pays depositors 50% of
their deposits; places the other 50% under the management of three trustees:
Walter Thomas, 11. C. Bunn and L. H. Bell, with anticipation that the
receipts will pay this remaining 50%. • • •
MARYLAND.
Concerning the affairs of the closed Washington Trust
Co. of Ellicott City, Md., the Baltimore "Sun" of June 15
had the following to say in part:
Organization of a new bank at Ellicott City to replace the defunct Washington Trust Co., has reached the stage where officers for the institution
have been proposed, it was learnt last night (June 14).
It is planned to open the new institution—to be named the Commercial
and Farmers' Bank of Ellicott City—some time next month.
At a recent meeting of a committee named to select the directors of the
bank, the following officers were proposed:
J. Dougherty Mahon, President; Mr. Mahon is Vice-President of the
New Amsterdam Casualty Co.
Herbert H. Cross of West Friendship, Vice-President,
Jerome A. Loughran of Ellicott City, Secretary to the Board of Directors. . . .
According to proposals made by the organization committee, the capital
stock of the new bank will be $50,000, divided into 5,000 shares with a par
value of $5. A surplus of $10,000 also is proposed.
The new bank will use the building formerly occupied by the Washington
Trust Co. A complete renovation of the building will be started soon
in order that the new institution formally can be opened next month.
Certain legal matters pending in the Circuit Court of Howard County
Pertaining to the reorganization of the Washington Trust Co. remain
to be disposed of before the new institution is opened.
The Washington Trust Co. was taken over by the Central Trust Co.
of Frederick as a branch a few months previous to the closing of the Central
Trust Co. in September 1931. Subsequently the Court at Frederick put
the bank back in its original independent status and made the Bank Commissioner receiver on Dec. 27 1933.
MICHIGAN.
The Algonac Savings Bank of Algonac, Mich., which was
closed at the time of the bank holiday last year, reopened
on June 16, according to the Michigan "Investor" of that
date. Officers of the institution are: Dr. W. E. Bostwick,
President; William Newton, Vice-President, and W. E.
Folsom, Vice-President and Cashier. The paper added:
Mr. Folsom served as conservator during the reorganization period. The
bank made 50% of its deposits available.
We learn from the Michigan "Investor" of June 16 that
the new Security National Bank of Battle Creek, Battle
Creek, Mich. (which replaces the Old-Merchants National
Bank & Trust Co. of that city), opened on June 11 and
released $5,000,000 of deposits impounded in the old institution. The paper mentioned continued in part:
The Old-Merchants National Bank which was one of the oldest in Michigan, had an unusual history in that when the bank holiday terminated it
was licensed to reopen. The situation, however,later necessitated permanent closing and reorganization,impounding the deposits of24,000 accounts.
The reorganization was completed and a new name selected. with the
following officers: George C. McKay, Chairman of the Board; L. J.
Karcher. President; Waldo I. Stoddard, Vice-President; Horace Conklin,
Cashier, formerly Assistant Cashier.
The new bank is capitalized at $1,000,000, made up of
$600,000 preferred stock and $400,000 common stock.
Financial Chronicle
4242
In regard to the affairs of the First State Bank of East
Detroit, Mich., the "Michigan Investor" of June 16 had
the following to say:
The reorganized First State Bank of East Detroit is now ready for
opening under the reorganization, according to action taken in Circuit
Court at Mt. Clemens before Judge James E. Spier. An order to show
cause was issued, to be heard on June 28, why the reorganization should
not be approved and the bank opened. According to Judge Spier. 40%
of the deposits will be available at once to depositors when the bank opens.
The remaining 60% will be held in a trust fund to be administered by the
depositors themselves.
MISSOURI.
On June 12, John W.Snyder, receiver of the closed Grand
National Bank of St. Louis, St. Louis, Mo., filed suit in the
Federal Court to collect $240,000 assessment on Grand
National stock held by the defunct Wellston Trust Co. of
Wellston (St. Louis County), Mo. The assessment represents a 100% levy on 2,400 shares of stock listed by. the
State Finance Department among assets of the trust company. Both the Grand National Bank and the Wellston
Trust Co. remained closed after the banking holiday of
March 1933. The St. Louis "Globe-Democrat" of June 13,
from which the above information is obtained, furthermore
said in part:
The suit names as defendants the Wellston Trust; 0. H. Moberly, State
Finance Commissioner, and Ralph W. Griffin, Deputy Finance Commissioner, in charge of the Wellston Trust.
The Grand National was headed by Ed Mays, who also controlled the
Wellston Trust and is President of the Continental Life Insurance Co.,
recently declared insolvent by decree of the Circuit Court and turned over
to the Missouri Insurance Department.
Snyder's petition explains that in November 1931, the Wellston Trust
became owner of 2,400 shares of Grand National stock, listed on the books
in the name of Mays. After the stock was acquired from Mays the trust
company did not have the title changed.
Sale of the stock to the Wellston Trust, a rather involved deal, was one
of the major charges of interlocking relations upon which the State based
its allegation of mismanagement when suing to wrest control of the insurance company from Mays.
Mays was sold the stock by the Continental Securities & Holding Co..
which controlled the Continental Life and the Grand National. The same
day he sold the stock for $276,000 to the Wellston Trust, the price being
$115 a share. Mays gave notes in payment to the holding concern. Coincident with the transaction, the holding company executed an agreement
to repurchase the stock from the holding company at the rate of 800 shares
a year. The repurchase was never carried out. . . .
Under the national banking laws the receiver has a right to assess 100%
against the stock of a national bank for benefit of creditors.
NEW YORK STATE.
William H. Radcliffe, receiver for the Douglaston
National Bank, Douglaston, L. I., announced on June 21,
that he had received word from the Comptroller of the
Currency to pay dividends to all depositors who have filed
proof of claims. In reporting the above, the New York
"Herald Tribune" of June 22 added:
The dividend will be 433i% of the deposit. Mr. Radcliffe said that
preparation for this payment involves considerable clerical work, and
another announcement of the date and time of payment would be made
within a week. At the time of the bank holiday in March 1933, deposits
totaled $200,000.
NORTH DAKOTA.
The opening on June 11 of a bank at Reeder, N. D., was
indicated in the "Commercial West" of June 11, which said:
The Bank of Reeder, N.Dak.,opened its doors Monday. Coupled with
drouth-killing rains it was good news to Reeder which has been without
banking facilities since the State Bank of Reeder closed its doors. The new
bank will be located in the old State Bank building. L. V. Skoglund,
widely known Gascoyne, N.Dak., banker, heads the new bank and removed
assets of the Gascoyne bank to Reeder.
OHIO.
That the Lindsey Banking Co. of Lindsey, Ohio, which
has been operating on a restricted basis since last July, would
be reopened for normal business shortly, was reported in a
dispatch from that place on June 14, appearing in the Toledo
"Blade," which added:
Depositors will be paid 50% of their claims at once.
Stockholders have elected Elam S. Hoose, President; Ray E. 131oker,
Cashier; Donald Overmeyer, Assistant Cashier.
PENNSYLVANIA.
Reorganized with the help of a $1,650,000 loan from the
Reconstruction Finance Corporation, and its purchase of
$300,000 in preferred stock, the Farmers' Trust Co. of
Lancaster, Pa., resumed normal operations on June 18 under
the title of the Farmers' Bank & Trust Co. The institution,
one of the oldest banks in Lancaster County, had been
operating on a restricted basis since the banking holiday of
March 1933. When the new bank opened it announced it
had on hand $4,200,000 in cash and negotiable securities.
The foregoing information is obtained from Lancaster advices on June 18 appearing in the New York "Herald
Tribune," which also said in part:
Depositors in the old bank with net balances of $50 or less received
balances of $50 to
checking accounts for the full amount. Those with
depositors participation certificates
$100 received accounts for $50 and
received accounts for 50%
for the balance. Depositors with $100 to $250
balance.
of their net balances and certificates for the
for 4234%
Those with net deposits exceeding $250 received accounts
certificates for the balance.
common stock at $20 per share for 71i%,and
June 23 1934
The certificates entitle the holders to share in the earnings of the new
bank.
A State bank, the Farmers Bank & Trust Co. will be a member of the
Federal Reserve System and its deposits will be insured under the Federal
Deposit Insurance Act.
Gerald H. Effing is President of the new institution.
The other officers were all formerly officials of the Farmers Trust
Co. They are: W. J. Neuhauser, vice-president, formerly President of
the Farmers Trust Co.: George S. Kutz, Treasurer, formerly Assistant
Secretary; J. Chester Jackson, Secretary, formerly 1st Vice-President
and Secretary, and Frank J. Sekinger, Trust Officer, formerly VicePresident and Trust Officer. Charles G. Baker and Charles L. Miller
are solicitors. . . .
According to Reading, Pa., advices on June 19 to the
"Wall Street Journal," the Wyomissing Valley Bank, a new,
institution to be located at Mohnton, Pa., near Reading,
replacing closed institutions at Mohnton and Shillington,
another suburb of Reading, will open on or before June 30
for business.
The newly organized Northwestern National Bank of
Philadelphia, Pa., representing a reorganization of the old
Northwestern National Bank & Trust Co., which had been
in the hands of a conservator, opened on June 18, making
immediately available to 8,000 depositors 20% of the
restricted funds in the old bank. Officers of the new institution are James A. Bell, President; Linford C. Nice, VicePresident; Claire H. White, Cashier, and Charles J. Stahl,
Jr., Trust Officer. The Philadelphia "Record" of June 18,
in reporting the open ng, went on to say in part:
Opening of the new bank was made possible through subscription of
$350,000 to common stock by individuals, and 3250,000 furnished by the
Reconstruction Finance Corporation through purchase of preferred stock.
The total of new capital is $600,000,split in equal sums of $250,000 between
common and preferred stock, the remaining $100,000 constituting paid-in
surplus.
• In connection with the organization of the new bank, the RFC also has
advanced $1,165,000 In the form of a loan on assets of the old institution.
A statement issued yesterday (June 17) by James A. Bell, President of
the bank, says the bank "opens in a condition of exceptional financial
stability."
"The new institution is more than 110% liquid," the statement continues.
"In other words. 10% more cash is on hand than is necessary to cover the
entire total of deposits.
"All deposits are protected under the Federal Deposit Insurance Act
of 1933." • • •
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Three memberships on the Chicago Board of Trade sold
this week. The first at $7,500, on June 17; the second at
$7,600, and the third at $8,000, on June 19.
and
The New York Coffee-Sugar Exchange sold a membership, June 20, at auction, to John G. Fitzgerald, for $4,250,
an increase of $1,250 over the last previous sale.
Arrangements were completed, June 14, for the sale of a
membership in the Chicago Stock Exchange at $3,500, unchanged from the last previous sale.
The New York Trust Co., New York City, has promoted
Charles P. Luckey and C. J. Stewart from Assistant VicePresidents to Vice-Presidents. Mr. Stewart is with the
bank's 40th Street office and Mr. Luckey with the Fifth
Avenue office.
Kenneth M. Murchison has been appointed a Vice-President of the Central Savings Bank, New York City. Mr.
Murchison will head the bank's newly created department
of public relations.
4ddison H. Day, Comptr-oller of the Marine Midland
.
Trust Co., New York City, retired from that office on June
21. Mr. Day, who is 84 years old, had been with the Marine
Midland institution and its predecessor for 30 years. Upon
boarding a special train of the Lackawanna RR., the "Addison H. Day Special," at Hoboken, N. J., for his home in
Chatham, N. J., Mr. Day was presented with a silver cigar
box by James G. Blaine, President of the Marine Midland,
the gift of 22 business associates. On the lid of the box
was engraved "Friendship is no plant of hasty growth."
Mr. Day had been commuting on the Lackawanna RR. for
65 years, and James M. Davis, President of the railroad,
was among those who greeted Mr. Day at the Hoboken
station.
Trustees of the Brooklyn Trust Co., Brooklyn, N. Y
declared on June 21 a semi-annual dividend of $2 a share
on capital stock, payable July 2 to stockholders of record
June 23. This represents no change in the annual rate of
$4 a share paid prior to the change from a quarterly to a
semi-annual payment basis at the end of 1933, the bank
said. The last previous dividend was a quarterly payment
of $1 a share on Jan. 2 1934.
Volume 138
Financial Chronicle
Irving Trust Co. of New York announced on June 19
the promotion of Nolan Harrigan from Assistant VicePresident to Vice-President.
The Emigrant Industrial Savings Bank, New York
City, has appointed James A. Finn an Assistant VicePresident. Mr. Finn has been connected with the bank
since 1931.
James W.Shaughnessy, who recently became an executive
of the First National Bank in Yonkers, Yonkers, N. Y.,
died on June 14. Mr. Shaughnessy was born in Yonkers
in 1860. Formerly, for many years, he was Treasurer
and a director of the Westchester Trust Co. of Yonkers.
Prior to that he had operated a silk factory.
The New York State Ban- king Department on June 8
approved a certificate of reduction of the capital stock of
the Great Neck Trust Co.of Great Neck,L.I.,from $225,000
to $60,000; an increase in the par value of shares from $15
to $20 a share, and a reduction in the number of shares from
15,000 to 3,000, following which, June 16, the Department
gave its approval to a certificate of increase in the capital
stock from $60,000 to $160,000, and an increase in the number of shares from 3,000 to 8,000, having a par value of
$20 per share.
The Portland National Bank,Portland, Me., with deposits
of more than $12,600,000, is creating an issue of $1,000,000
preferred stock of which the Reconstruction Finance Corporation has agreed to take 50,000, the balance of $150,000
being disposed to other interests, according to advices from
that city on June 17, appearing in the Chicago "Journal of
Commerce."
The National Shawmut Bank of Boston, Mass., has
notified its shareholcters that in order to comply with the
Banking Act it will terminate the trust under which it
holds the stock of the Shawmut Corp. of Boston, its affiliate,
and liquidate the assets of the corporation. The New York
"Herald Tribune" of June 19,in reporting the matter, added:
As the stock of the Shawmut Corp. originally belonged to the bank,
it is proposed that the net proceeds realized in liquidation will be returned
to the bank for the benefit of shareholders.
An additional dividend of either 20 or 25% in the savings
department of the closed Inman Trust Co. of Cambridge,
Mass., amounting to approximately $435,000 if the former,
or $540,000 if the latter, and affecting about 6,000 persons,
was announced June 10 by Charles W. Mulcahy, the bank's
liquidating agent. The trust company, which was closed
Dec. 15 1931 in the collapse of the Federal National Bank
of Boston chain, already has paid savings department
dividends of 25% in December 1932, and 15% in August
1933; and in the commercial department of 10% ($90,000),
in December 1932. The above information is from the
Boston "Herald" of June 11, which in part added:
The new dividend will be paid the latter part of July, Mr. Mulcahy
said, adding that it was authorized late Saturday (June 9) by Justice
Charles Donahue of the Supreme Judicial Court in a memorandum which
did not at the time become public.
Payment of the dividend just authorized has been made possible largely
through the cash represented by a $300,000 loan made the bank by the
Reconstruction Finance Corporation and through the co-operation of
the Home Owners' Loan Corporation, the latter in refinancing mortgages
by exchanging bonds for mortgages on homes.
The liquid assets made available by these transactions have made possible the current dividend
Stockholders of City Trust Co. of Bridgeport, Conn.,
have voted to increase capital from $1,750,000 to $2,000,000,
issuing $250,000 additional capital stock, par $25, in the
ratio of one new share for each seven held, at par, according
to Hartford, Conn., advices on June 19 to the "Wall Street
Journal."
In indicating that two closed Connecticut banks will pay
dividends shortly, a disptaeh by the Associated Press from
New Haven on June 15 said:
Motions granted to-day (June 15) by the Superior Court will permit the
payment this month and early in July of $230,000 to savings depositors
by the Hamden Bank & Trust Co., Hamden, and the West Haven Bank &
Trust Co., West Haven.
Thomas Ran, receiver of the Hamden bank will begin payment of a 10%
dividend on $675,655.42 to-morrow. This will bring the total paid savings
depositors of the Hamden bank to 50%.
Approximately $163,000 will be distributed to savings depositors of the
West Haven Bank by the receiver,the New Haven Bank, N.B.A.in another
10% dividend apportionment. This will make 70% paid since the institution closed.
The First National Bank of Tuckahoe, Tuckahoe, N. J.,
was chartered by the Comptroller of the Currency on
4243
June 11. It replaces the Tuckahoe National Bank and
is capitalized at $50,000, consisting of $25,000 preferred
and $25,000 common stock. H. J. Morgan is President
of the new bank and C. E. Foster, Jr., Cashier.
Revision of the capital structure of the Fidelity Union
Trust Co. of Newark, N. J.., was approved on June 18
at a special meeting of the stockholders. A part of the
rearrangement was an issue of $7,000,000 of preferred stock,
which had been subscribed by the RFC. Newark advices
to the New York "Times" on June 18, authority for the
foregoing, continuing, said:
Common stock, formerly totaling 266,666 shares, was increased by
133,333 shares, and the par value was reduced from $25 to $10 a share.
The right was given to present shareholders to buy one share of new common
stock for every two shares already held. A syndicate has been formed by
directors to purchase any part of the issue not taken up by the holders
of rights.
Under the recapitalization, surplus and undivided profits were placed
at $3,500.000.
J. H. Bacheller, President of the bank, said he believed that under
the recapitalization the bank would be able not only to pay the preferred
dividends and set aside the proper reserves, but also to resume dividend
payments at the annual rate of $1.20 a share. He said all losses had
been written off, and all investments would be carried at actual value.
Under the new capital structure, preferred stock will amount to $7,000,000, common stock to $4,000,000, and surplus and undivided profits
to $3,500,000. Under the old structure, common stock totaled $6,666,675;
surplus,$3,500,000; undivided profits, $1.362,901, and reserves,$6,350,000.
The State Bank of Linden, N. J., which has been in
iquidation since April 1931, announced on June 19 that it
would pay another 5% dividend, making 50% paid to depositors and other creditors, according to a dispatch from
that place on the date named to the New York "Times,"
which added:
Frank J. Fitzpatrick, representative of the State Banking Department,
said 1,300 persons would share in the dividend, which would be $16,000.
William F. Sunday, a Vice-- President of the First National
Bank of Bernville, Pa., near Reading, was drowned on
June 19 in a mill pond on his estate after he had been stricken
with a heart attack and fallen into the water. The deceased
banker was 62 years old.
F. A. Heim, President of t- he E. P. Wilbur Trust Co. of
Bethlehem, Pa., has been elected President of the Savings
Institution of the City of Williamsport, Williamsport, Pa.
In indicating this, a dispatch from Bethlehem on June 21,
appearing in the Philadelphia "Record," also said:
Be will continue as a director of the local trust company and as President
of the "Globe Times." A former bank examiner, he came to Bethlehem
from Williamsport, where he was in the newspaper business.
David Barry Sr.,former President of two closed Johnstown
Pa., banks, the First National Bank and the Title Trust &
Guarantee Co., died suddenly on June 21 of acute indigestion, a few hours after he had been deposed as President of the
Climax Fire Brick Co. On June 16 the deceased banker,
who was 68 years old, is reported to have been convicted of a
charge of making false entries in the books of his banks.
Johnstown advices on June 21 to the New York "Herald
Tribune," reporting Mr. Barry's death, went on to say:
Sentence of Mr. Barry had been deferred pending action on a motion for
a new trial. Specifically, the State Banking Department accused him of
transferring funds from the First National to the Title Trust & Guarantee
to cover shortages in the reserves of the latter institution and causing false
entries to be made in the records to conceal the transfers.
Mr. Barry started his business career as a clerk in the plant of the Cambria
Iron Co. He was one of the most powerful figures in the industrial life of
Johnstown.
William A. Nickert has been appointed a Vice-President
of the First National Bank of Philadelphia, Pa., according
to the Philadelphia "Inquirer" of June 15. Mr. Nickert
has been associated with the banking business in Philadelphia for 40 years, it was stated.
The quarterly dividend of the Philadelphia National
Bank, Philadelphia, Pa., was increased on June 18 from
80 cents to $1 a share by the directors, according to Philadelphia advices on that date to the New York "Times,"
which went on to say:
The stock has a par value of $20 a share. The increased dividend.
placing the stock on a $4 annual basis, is payable on July 2 to stock of
record of June 22. The 80
-cent quarterly dividend was established on
April 1 1933. Previously the institution had paid $1.25 a share quarterly.
Joseph Wayne, Jr., President of the bank, said there had been
provement generally in the bank's earnings position and business.
The Girard National Bank of Girard, Pa., was chartered
Girard
by the Comptroller of the Currency on June 13. The new
institution succeeds the National Bank of Girard, Girard,
and the First National Bank of North Girard,North Girard,
and is capitalized at $75,000, of which $25,000 is preferred
Financial Chronicle
4244
stock and $50,000 common stock. Eben J. Gunnison is
President and C. M. Drury, Cashier, of the new bank.
The following with reference to the affairs of the defunct
Broadway Bank & Trust Co. of Richmond, Va., appeared
in the Richmond "Dispatch" of June 17:
General creditors of the Broadway Bank & Trust Co. will receive a second
dividend distribution of 10%, amounting to approximately $80,000. as a
result ofa loan made to the bank's receivers by the Reconstruction Finance
Corporation, it was announced yesterday (June 16).
Judge Robert N. Pollard of Law and Equity Court Is expected to enter
an order Monday. making possible the sending out of approximately 6,500
checks by June 30 at the latest.
The first dividend payment to general creditors was 15% or approximately $120,000, which was secured from the RFC. This loan was repaid
In full by the receivers, R. Latimer Gordon and Guy B. Hazelgrove.
With the payment of this 10% dividend, made possible by a second RFC
loan, together with funds accumulated by the receivers, the receivers will
have paid to the unsecured depositors a total of 25%. If the payment by
the receivers on preferred claims recognized by law had been distributed
generally, there would have been paid 57% of the deposits and claims of the
bank, the receivers stated yesterday.
make
Future dividends will be paid just as soon as the receivers can
collections on the bills receivable and other assets, and can advantageously
dispose of securities held by them, it was announced by the receivers. . .
The Broadway Bank has been in receivership two years.
June 23 1934
On June 9 the Comptroller of the Currency issued a,
charter to the Ionia County National Bank of Ionia, Ionia,
Mich. It replaces the National Bank of Ionia and is
capitalized at $100,000, consisting of $50,000 preferred
and $50,000 common stock. Edwin S. Yoemans heads
the new bank and W. G. Hawley is Cashier.
Joseph F. Holland, receiver for the Vandeventer National
Bank of S. Louis, Mo. (which closed in January 1932),
announced on June 16 that he is ready to pay an 8% dividend
to creditors of the institution. This is the fourth dividend
0,244.30. The St. Louis "Globeand amounts to
Democrat" of June 17, authority for the above, continuing
said in part:
Checks for this amount, made out to 3,525 creditors, were received by
Mr. Holland yesterday (June 16) from Washington. Other dividends
paid were 25%, 34% and 9%. Total claims proved are $1,003,236.09.
This payment will bring total dividends to 76% or $762,402 41
The Comptroller of the Currency on June 11 chartered
the Farmers & Merchants National Bank in Onley, Onley,
Va. The new bank is capitalized at $50,000, half of which
is preferred and half common stock,and succeeds the Farmers
& Merchants National Bank of Onley. Ben T. Gunter
and V. S. Burton are President and Cashier, respectively,
of the new institution.
The board of directors of the First & Citizens' National
Bank of Elizabeth City, N. C., on June 12 elected A. B.
Houtz President of the institution to bucceed W.G. Gaither,
who resigned, giving as his reason the need to devote more
time to three other institutions of which he is President,
according to a dispatch from Elizabeth City on June 14,
printed in the Raleigh "News & Observer." At the same
meeting, W. E. Griffin was named Vice-President and
Cashier; Graham Bell, Assistant Vice-President and Trust
Officer, and D. Guy Brockett, Assistant Cashier and Note
Teller, it was stated.
The Traders' National Bank of Bucknannon, W. Va.,
with capital of $50,000, went into voluntary liquidation
on June 11. The Central National Bank of Buckhannon
is the successor institution.
The American National Bank of Tucumcari, N. M.,
was placed in voluntary liquidation on May 25 last. The
institution, which was capitalized at $50,000, was succeeded
by the First-American National Bank in Tucumcari.
The defunct Standard Trust Bank of Cleveland, Ohio,
will pay a dividend of 5% late this month, according to
W. A. Kumler, liquidator. Approximately $550,000 will
be paid to 22,000 depositors. Cleveland advices to the
"Wall Street Journal" reporting this, added:
With reference to the affairs of the closed York Boulevard
State Bank of Los Angeles, Calif., San Francisco advices
on June 9 to the Los Angeles "Times" contained the following:
This payment, the first since the bank closed in December 1931, will
be made as the result of liquidation of the bank's assets, as no money
has been borrowed. The bank had deposits of $13,200,000 when it closed.
In its issue of June 16 the Toledo "Blade" stated that
a check by the liquidators of the Security-Home Trust Co.
of Toledo on that day showed that more than 3,000 persons
had filed proofs of claim for participation in a 5% dividend
of $825,000 to be paid June 28. The aggregate of the
new claims filed up until 4.30 p. m. Friday (June 15)
deadline for the new distribution, was $44,000. The paper
continued:
Persons in this group will receive all dividends declared to date as well
as the June 28 dividend. With the coming dividend the bank will have
paid 30% of its deposits. Accounts of $10 and under will be paid in full.
Claims as yet unfiled total about 7,000. These claims may be filed at
any time for subsequent distributions.
The Comptroller of the Currency on June 13 issued
a charter to the Mt. Healthy National Bank, Mt. Healthy,
Ohio. It replaces the First National Bank of Mt. Healthy
and is capitalized at $50,000, consisting of $20,000 preferred stock and $30,000 common stock. Albert E. Huber
and Robert S. Strasser are President and Cashier, respectively, of the new bank.
The Arcanum National Bank, Arcanum, Ohio, was
chartered by the Comptroller of the Currency on June 11.
The new institution has a capital of $50,000, half of which
is preferred and half common stock, and succeeds the
First-Farmers' National Bank of .Arcanum. Ward H.
Stutz and S. C. Gnagey are President and Cashier, respectively, of the new bank.
The Halstead Exchange National Bank of Chicago, Ill.,
has announced the appointment of C. Francis Crist as
Auditor of the institution, a newly created position, according to the Chicago "Journal of Commerce" of June 13.
-4--
A charter was issued by the Comptroller of the Currency
on June 9 to the Security National Bank of Battle Creek,
Battle Creek, Mich. The new institution succeeds the
Old-Merchants National Bank & Trust Co. of Battle Creek
and is capitalized at $1,000,000, consisting of $600,000
preferred stock and $,400,000 common stock. Lonn J.
Karcher is President of the new bank, while Horace F.
Conklin is Cashier.
Commercial depositors in the York Bouelvard State Bank of Los Angeles
have received an additional 10% dividend and savings depositors an
additional dividend of 7%, it was announced to-day (June 9) by State
Bank Superintendent Rainey.
Total recovery to date to commercial depositors is 40% and to savings
depositors 50%. All secured deposits and bills payable of the bank have
been paid in full, he said.
Carl F. Wente, a Vice-President of the Bank of America
National Trust & Savings Association (head office, San
Francisco, Calif.), was elected Chairman of the board
of directors of the First National Bank in Reno, Reno,
Nev., on June 14. Several weeks previously Mr. Wente
was elected a director of the Reno bank, which is owned
by the Transamerica Corp. An announcement in the
matter by the Bank of America (in the form of a Reno
dispatch dated June 14) went on to say in part:
It is expected that Mr. Wente will take residence in Reno in the near
future, in order to participate in the active management of the local institution, and to direct its policy with regard to establishment of a branch
banking system for the State of Nevada. . . .
In 1909 he was appointed Assistant Cashier of the Livermore National
Bank (Livermore, Calif.), which later became the First National Bank
of Livermore, a bank controlled by W. G. Palmanteer and Mr. Wente's
father, the late C. H. Wente.
At the time of the World War the younger Wente prepared to enter
the Service, and his father, unwilling to continue management of the
Institution without his son's aid, made arrangements for the disposal of
his controlling stock interest. Consequently, when A. P. Glannini later
sought young Wente for the Bank of Italy organization the Livermore
banker was in position to accept. . . .
In 1918 he Joined the Bank of Italy as Assistant Cashier in Madera,
Calif. His knowledge of agricultural credit and the insight gained from
his experience won him prompt recognition, and after managing several
branches he was promoted to the head office of the Bank of America in
San Francisco as a Vice-President with supervisory jurisdiction over
all credits.
In addition to his Vice-Presidency with Bank of America, Mr. Wente
is a Vice-President and a director of California Lands, Inc.; of Capital
Co., and of the California Joint Stock Land Bank.
At a meeting of the board of directors of the Bank of
Montreal, Montreal, Can., on June 15, Arthur Blaikie
Purvis was elected a director of the institution, according
to the Montreal "Gazette" of June 16, which furthermore
likewise said:
Mr. Purvis is President and Managing Director of Canadian Industries.
Ltd., which represents a score or more of Canadian industries, each connected with the chemical industry.
According to the Montreal "Gazette" of June 16, announcement was made the previous day that Allan A.
Magee, K.C., has been appointed a Vice-President of
Barclays Bank (Canada), Montreal, and that Charles A.
Volume 138
4245
Financial Chronicle
Dunning, former Minister of Finance, has been made a
director of the same institution.
Irregular movements were the outstanding feature of the
dealings on the Curb Exchange on Friday. The volume of
sales was again small with most of the changes on the side
J. R. H. Pinckney, C.B.E., has joined the board of' of the decline. Weakness in the oil stocks was the chief
directors of the National Bank of India, Ltd., head office. factor in the unsettlement of the market, Gulf Oil of PennLondon.
sylvania yielding 3 points to 61, followed by Humble Oil
which dropped 1% points to 41. Some of the mining and
THE CURB EXCHANGE.
metal stocks had brief flurries of advance and there were a
prices moved irregularly down ward during most of few of the less active issues that showed slight improvement.
Curb
the present week, and while there were a number of brief In the alcohol group Hiram Walker and Distillers Seagram
periods of modest strength, there was no real interruption made a good showing in the early trading, but fell off at the
of the gradual decline. The changes, however, were small close. As compared with Friday of last week, prices were
and the trading was dull. Mining stocks moved up and lower, Aluminum Co. of America closing on Friday at 653
%
down, and made little progress either way. Public utilities against 683 on Friday of last week, American Gas & Elec4
showed occasional periods of activity, but the gains were not
1
tric (4) at 25 against 26%,American Light & Traction (1.60)
maintained. The volume of trading was so small that the
at 13% against 14, Atlas Corporation at 103/i against 113',
tickers, at times, had scarcely enough to keep them busy.
Cities Service at 2% against 23/2, Creole Petroleum at 12
Trading on the Curb Exchange was moderately active
8
4
against 123 , Electric Bond & Share at 143/ against 163s,
during the two-hour session on Saturday, particularly in the
%
Ford of Canada A (p1) at 213 against 21%, Gulf Oil of
opening hour when the turnover showed the highest volume
Pennsylvania at 61 against 663/2, Humble Oil(New) at 41%
for a similar period during the month. There were no gains
against 44%, International Petroleum at 27 against 293/s,
that were especially noteworthy, but the market maintained
4
Niagara Hudson Power at 53' against 53 ,Pennroa,d Corpoa good tone throughout the session. Oil stocks and public
ration at 2% against 23' and Standard Oil of Indiana (1)
utilities were in the best demand, and while the gains were
at 263 against 273j.
4
largely fractional, the advance was steady. The active
A complete record of Curb Exchange transactions for the
shares of the oil group included such old favorites as Gulf
week will be found on page 4277.
Oil of Pennsylvania, Creole, International Petroleum and
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Standard Oil of Indiana. In the utilities list, the demand
Bonds (Par Value).
Stocks
centered around the usual trading favorites, including
Wed Ended
(Number
Electric Bond & Share, American Gas & Electric and
of
Foreign
June 22 1934.
Foreign
Domestic. Government. Corporate.
Shares).
Total.
Niagara Hudson Power. Aluminum Co. of America and
139,350 $2,305,000
$66,000
$98,000 $2,469,000
Sherwin-Williams gained a point each. Mining stocks Saturday
Monday
172,310 2,765,000
99,000
108,000 2,972,000
167,760 3,772,000
133,000
101,000 4,006,000
were in moderate demand and showed occasional gains, and Tuesday
Wednesday
115,520 3,173,000
57,000
94,000 3,324,000
so did the miscellaneous specialties.
Thursday
154,550 3,470,000
113,000
46,000 3,629,000
183,430 3,514,000
62,000
86,000 3,662,000
Stock movements were generally narrow on Monday, Friday
932,920 $18,999,000
Total
$530,000
$533,000 $20,062,000
though the tendency was toward higher levels. There were
a few of the usually inaRtive shares like Celanese pref. that
Sales at
Week Ended June 22.
Jan 1 to June 22.
New York Curb
moved higher, but such gains were exceptions to the slow
Exchange.
1934.
1933.
1933.
1934.
movements in the general list. Mining and metal issues
-No, of shares_
932,920
3,737,696
Stocks
37,524,096
45,599,899
showed small advances, especially Aluminum Co. of America
Bonds.
Domestic
and Newmont Mining, and there were more modest gains Foreign government_ _ $18,999,000 $18,096,000 $553,591,000 $442,013,000
530,000
1,242,000
20,461.000
20,382,000
533,000
1,023,000
17,015,000
21,837,000
in a few of the miscellaneous specialties. Public utilities Foreign corporate
made little progress and oil stocks were easier.
Total
$20,062,000 $20,361,000
$590,988,000
$484,311,000
Many of the principal shares showed moderate declines
on Tuesday, though the changes were small and the market
COURSE OF BANK CLEARINGS.
featureless. Most of the leaciers held fairly steady near the
Bank clearings this week show an increase as compared
levels of the previous day during the morning transactions, with a year
ago. Preliminary figures compiled by us, based
but prices eased off in the afternoon as the volume of trading upon
telegraphic advices from the chief cities of the country,
diminished. Public utilities were easier, though popular
indicate that for the week ended to-day (Saturday, June 23)
issues like Electric Bond & Share, American Gas & Electric,
bank exchanges for all cities of the United States from which
Niagara Hudson Power and United Light & Power were
it is possible to obtain weekly returns will be 1.0% above
fairly steady. Oil stocks showed losses in Gulf Oil of Pennthose for the corresponding week last year. Our preliminary
sylvania and Humble Oil, while Standard Oil of Indiana held
total stands at $5,162,513,248, against $5,109,627,190 for
fairly steady around the previous close. Mining stocks like
the same week in 1933. At this center there is a loss for the
Newmont and Aluminum Co. of America lost most of the
five days ended Friday of 7.2%. Our comparative summary
gains of the preceding day and Lake Shore Mines continued
for the week follows:
moderately steady. Hiram Walker sagged and Distillers
Seagram moved around with considerable activity, but in
Per
Clearings--Returns by Telegraph.
1934.
1933.
Cent.
Week Ended June 23.
a narrow channel.
-7.2
$2,627,219,913 $2,831,819,491
Dull trading and irregular price movements characterized New York
165,936,992 +13.9
Chicago
189,003,409
204,000,000 +19.6
244,000,000
the dealings on the Curb Exchange on Wednesday. To- Philadelphia
Boston
170.000,000
-4.7
152,000,000
ward the end of the session the volume of business had Kansas City
54,580,886 +17.7
64,233,593
54,200,000
+8.1
58.600,000
diminished to a point where the tickers scarcely moved. St. Louis
San Francisco
76,765,000 +13.6
87,204,000
68,785,098 +14.3
78,626,956
Public utilities attracted most of the speculative attention, Pittsburgh
39,017,196 +59.5
62,231,041
Detroit
though there were few gains, most of the popular stocks Cleveland
56,844,001
41,311,187 +37.6
32,238.615 +68.1
Baltimore
54,206,520
closing around the levels of the previous day. In the oil New Orleans
15,219,000 +59.4
24,266,000
group, Humble Oil slipped back and Standard Oi lof Indiana
Twelve cities, 5 days
-0.5
$3,698,435,433 $3,753,873,465
452,068,575 +25.1
603,658,940
moved within a comparatively narrow channel. Lake Shore Other cities, 5 days
Mines developed some strength, but many of the other
Total all cities, 5 days
+2.3
$4,302,094,373 $4,205,942,040
-4.8
903,68.5,150
860,418,875
strong members of the group were without movement. Dis- All cities, 1 day
Trital
Inn
Inn
tillers Seagram was the most active in the liquor group and
Hiram Walker was down on the day.
Complete and exact details for the week covered by the
The downward trend was again in evidence on Thursday foregoing will appear in our issue of next week. We cannot
and another day of listless trading carried many of the furnish them to-day, inasmuch as the week ends to-day
popular speculative stocks to lower levels. The recessions (Saturday) and the Saturday figures will not be available
were not particularly large, but as the session reached its until noon to-day. Accordingly, in the above the last day
final hour, the market, in general, was below the close of the of the week in all cases has to be estimated.
previous day. There were occasional gains, but these were
In the elaborate detailed statement, however, which we
few and far between. In the public utility stocks, the most present further below, we are able to give final and complete
active shares were Electric Bond & Share, American Gas & results for the week previous
-the week ended June 16. For
Electric and United Light & Power A. Mining and metal that week there is a decrease of 0.6%,'the aggregate of
stocks were slightly firmer and oil shares were without clearings for the whole country being $5,722,191,862, against
special movement. Alcohol issues were comparatively quiet $5,755,631,496 in the same week in 1933.
Outside of this city there is an increase of 13.3%, the bank
with Distillers Seagram and Hiram Walker inclined to be
clearings at this centre having recorded a loss of 6.7%. We
easier.
.11 "Ifialer Ie.. vm....1•
Off 1041 C1.1 OA 0
OC.
RO,
11 II
June 23 1934
Financial Chronicle
4246
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 loss of 6.1% and in the Boston Reserve Distriet of
12.7%, but in the Philadelphia Reserve District there is a
gain of 18.0%. In the Cleveland Reserve District the totals
show an expansion of 22.4%, in the Richmond Reserve District of 12.5% and in the Atlanta Reserve District of 32.2%.
The Chicago Reserve District has enlarged its totals by
21.3%, the St. Louis Reserve District by 15.0% and the
Minneapolis Reserve District by 5.8%. In the Kansas City
Reserve District the increase is 20.4%,in the Dallas Reserve
District 28.5% and in the San Francisco Reserve District 6.7%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended June 16.
Clearings al
1934.
1933.
1934.
Inc.or
Inc.or
1932.
1931.
$
$
$
$
Federal Reserve Wets.
%
226,138,969
259,140,794 -12.7
229,72.3,793
454,737,660
12 cities
let Boston_
3,847,282,084 4,097,785,981 -6,1 3,586,193,612 6,124,695,604
2nd /sewYork__12 439,709,849
326,887,372
277,120,635 +18.0
281,195,506
3rd Philadelpla 9 "
226,769,549
185,269,658 +22.4
205,516,179
327,932,255
4th Cleveland 5 "
95,297,184
84.700,805 +12.5
112,276,892
146,585,739
6th Richmond.6 "
102,980,907
77,888,937 +32.2
84,763,356
128,029,340
6th Atlanta___10 358,938,557
296,017,952 +21.3
356,939,573
591,981,782
7th Chicago _ -.19 "
112,638,798
97,963.230 +15.0
92,744,459
138,801,388
8th St.Louls___ 4 "
86,652.643
81,866,954 +5.8
79,536,776
102,274,130
9th Minneapolis 7 "
111,319,829
92,4.47,378 +20.4
101,719,906
146,439,24
10th Kansas City10 "
47,899,464
5 36,120,868
11th Dallas
37,276.730 +28.5
51,018,726
179,386,526
168,152,412 +6.7
253,385,793
12th San Fran 12 •
176.733,502
111 cities
Total
Outside N. Y. City
Canada
5.722,191,862
1,988,209,154
5,755.631,496 -0.6
1,754,192,459 +13.3
293.921_608
31963(947 -6.0
32 cities
5,343,484,422 8,903,591,311
1,856,918,372 2,922,031,089
234.746 418
129 1146 886
Week Ended June 16.
Clearings al
1934.
3
1933.
3
Inc. vr
Dec.
1932.
%
$
First Federal Reserve Dist rict-BostonMe.
-Bangor-_.
661,447
440,242 +50.2
Portland
1,695,134
1,121,613 +51.1
Mass.
-Boston... 197,903,883 227,510.440 -13.0
Fall River
707,426
618,203 +14.4
Lowell
296,149
305,349 -3.0
New Bedford
678,512
706,552 -4.0
Springfield_ _
2,996,847
3,047.668 -1.7
1,275,957
1,098,212 +16.2
Worcester
7,538,797
Conn.
-Hartford.
9,415,179 -19.9
New Haven
3,435.932
3,449,267 -0.4
R.I.-Providence
8,432,900
11,063,400 -23.8
N.H.-Manch'r_
516,005
364,669 +41.5
Total(12 cities)
226,138,969
259,140,794 -12.7
1931,
5
404,076
2,007,138
195,117,885
742,263
281,298
592,155
3,108,359
2,694,031
7,877,552
4,542,583
11,983,000
373,453
686,795
2,880,619
413,245,728
1,223,880
514,906
972,553
4,801,067
2,997,147
10,089,667
6,149.967
10,683,400
491,931
229,723,793
York
+39.8
4,787,683
5,493,033
-2.7
802,100
931,170
+9.7
26,509,056
42,647,814
-21.6
669.749
1,100,037
+71.8
556,744
860,867
-6.7 3,486,546,050 5,981,560,222
+0.6
6,742,993
8,703,806
+3.3
3,344.853
4,241,228
+35.3
2,843,983
3,816,755
-21.2
575,600
708,913
+64.1
22,790,141
37,083.950
-6.0
30,024,660
37,547,809
Total(12 cities) 3,847,282,084 4,097,785,981
-6.1 3,586,193,612 6,124,695,604
Third Federal Reserve Dis trict-Phila delphi a
Pa.
-Altoona__ _ _
374,173
292,058 +28.1
343,862
Bethlehem....
b
b
b
b
Chester
240,886
255,189 -5.6
362,550
865,145
Lancaster
611,103 +41.6
1,139,222
314,000,000 268,000,000 +17.2 263,000,000
Philadelphia
1,055,137
Reading
1,186,964 -11.1
2,443,079
Scranton
2,086,261
1,822,465 +14.5
2,332,875
1,373,704
Wilkes-Barre
1,463,981 -6.2
1,773.003
994,066
York
1,193,375 -16.7
1,275,215
N. J.
-Trenton..
5,898,000
2,295,500 +156.9
8,525,700
326,887,372
277,120,635 +18.0
Fourth Feder al Reserve D strict
-Cloy elandDhlo-Akron
c
c
c
Canton
c
c
c
Cincinnati ....
45,031,115
40,657,748 +10.8
Cleveland
69,027,963
55,909,926 +23.5
Columbus
10,127,100
7,912.000 +28.0
Mansfield
1,175,145
1,689,241 -30.4
b
Youngstown_
b
b
F.a._pittabnegi_ 101,408,226
79,100.773 +28.2
281,195.506
616,123
b
813,219
2,195,987
421,000,000
2,776,159
3,805,738
3,175,892
1,540,531
3,786,000
439,709,649
c
c
42,914,726
70,986,426
7,572,500
1,366,031
b
82,676,496
c
c
60.348,338
119,260,269
11,633,000
1,602,664
b
135,087,984
185,269,688 +22.4
205,516,179
327,932,255
Fifth Federal Reserve Dist rIct-Richm ond158,791
IV. Va.-Hunt'on
97,081 +63.6
ia.-Norfolk__ _ _
2,280,000
2,277,000 +0.1
29,786,115
Richmond
25,086,928 +18.7
.C.
-Charleston
825,888
719,720 +14.8
-Baltimore _
46,846,771
42,991,737 +9.0
10d.
15,399,599
13,528.339 +13.8
3. C.-Wash'ton
427,886
3,483,000
25,719,369
743,224
81,780,324
20,123,089
630,105
3,456,971
36,648,045
1,718,995
78,521,393
25,610.230
Total(5 cities).
Total(6 cities).
226,769.549
84.700,805 +12.5
112,276,892
146,585,739
Sixth Federal Reserve Dist rict-Atlant a
2,385,303
3,245,850 -26.5
-Knoxville
Conn.
12,351.854
9,446,117 +30.8
Nashville
36,100,000
29,100.000 +24.1
la -Atlanta....
883.082 -8.8
805.084
Augusta
507,065 +7.5
545,050
Macon
11,388.000
'la.-Jack'ville„
7.635,922 +49.1
14,914,861
10,829,801 +37.7
kla.-13Irm'gham
1,079,671
940,306 +14.8
Mobile
b
b
b
diss.-Jackson116,245
81,955 +41.8
Vicksburg
23,294,839
15,218,839 +53.1
.a.-NewOrleans
2,456,449
9,446.112
27,800,000
716,026
507,818
8,785,324
9,274,997
758,124
b
88,535
24,929,971
2,000,000
13,023,967
39,791,570
1,096,111
729,687
12,715,577
13,212,926
1,238,823
b
110,031
42,110,648
77,888,937 +32.2
84,763,356
156,587
604,843
144,893,122
4,906,826
2,581,455
2,192,471
16,549,000
1,096,775
5,182,989
22,714,841
2,585,751
6,268,921
4,006,078
b
1,473,291
369,699,524
814,250
3,117,346
1,153,941
1,983,766
296,017,952 +21.3
3513,9390573
591,981,783
b
64,800,000
18,027,449
9,381,680
b
535,230
b
100,500,000
25,446,876
12,054,624
b
799,888
97,963,230 +15.0
92,744,459
138,801,388
Ninth FederaI Reserve Dis trlct-Minn ea poll a3.705,582 -9.4
3,356,716
3,380,003
Minn.
-Duluth..
57,167,511
+1.1
57,787,499
53,739,863
Minneapolis .
16,651,964 +24.1
.
20.657,134
17,683,365
St. Paul
1,613,494 +7.5
1,725,564
1,734,266
N. D.
-Fargo .
484,497 +2.7
624,080
497,745
S. D.-Aberdee 1
282,603 +32.8
348,990
375,197
Mont.
-Billings .
1,961,303 +14.4
2,034,911
.
2,244.086
Helena
4,491,777
66,321,288
25,231,824
1,945,149
952.869
525,413
2,805,810
Total(4 cities). 112,638,798
79,536,776
102,274,130
Tenth FederaI Reserve Dia trict-Kann as City45,208 +104.0
210,846
92,218
Neb.-Fremont_ .
136,130
64,345
Hastings
1,687,913 +3:1 1
b-.
1,878,912
2,270,967
Lincoln
22,530,468 +16.1
22,458,002
26,158,889
Omaha
1.653,829 +41.2
1,549,966
2,334,775
Kan.
-Topeka..
2,665,235 +12.4
3,997,198
2,996,566
Wichita
59,953,983 +22.5
67,342,975
73,422,187
Mo.-Kan. City.
2,896,077 +1.4
2,510,826
2,935,920
St. Joseph
671,728 -11.0
871,184
508,670
Col.
-Col. Spelt
442,937 +20.9
863,867
535.292
Pueblo
225,770
297,899
2,617,632
35,970,221
2,400,524
5,390,378
92,777,110
4,515,537
1,028,612
1,215,361
86,652,643
81,866,954
+5.8
92,447,378 +20.4
101,719,906
146,439,244
-Da ilasEleventh Fed cal Reserve District
644,185 +13.0
728,118
Texas
-Austin
27,340,595 +37.9
37,705,923
Dallas
4,945,597 -3.2
4,788,078
Ft. Worth___
1.493,653 +66.8
2,491,000
Galveston
2,852.700 -23.4
2,186,345
La,
-Shreveport.
909,708
25,620,247
5,292,570
2,141,000
2,157,343
1,209,648
36,768,886
7,237,133
2,544,000
3,259,057
37,276,730 +28.5
36.120,868
51,018,726
Francl sco+20.6
25,348,079
+85.7
5,589,000
443,569
+88 8
.
+16.3
19,302,181
+17.8
9,212,462
-27.9
3,185,877
-10.2
3,021,766
+2.6
5,505,447
-0.8 100,960,335
+20.9
1,767,057
-21.6
1,216,840
+15.8
1,180,889
34,599,814
10,108,000
706,123
31,172,068
14,202,309
4,918,066
4,307.938
7,679,633
140,162,370
2,218,254
1,641,818
1,669,400
Total(10 cities
Total(5 cities).
111,319,829
47,899,464
Twelfth Feder al Reserve D istrict-San
20,513,113
24,740,176
Wash.
-Seattle..
4,582,000
8,508,000
Spokane
270,199
536,667
Yakima
18,356,829
21,350,767
Ore -Portland..
9,158,016
10,790,794
Utah-S. L. City
3,393,330
2,445,337
Calif -Long Bch.
3,010,808
2,705,075
Pasadena
3,301,627
3,388,427
Sacramento _
San Francisco_ 101,290,745 102,134,700
1,331,369
1,610,085
San Jose
1,099,793
861,776
Santa Barbara_
1,000,628
1,158,677
Stockton
Total(12 cities)
179,386,526
168,152,412
Grand total (111
5,722,191,862 5,755,631,496
cities)
+6.7
176,733,502
253,385,793
-0.6 5,343,404,422 8,903,591,311
Outside New York 1,988,209,154 1,754.192,459 +13.3 1,856,918,372 2,922,031,089
Week Ended June 14.
Clearings at
1934.
Canada-
$
1933.
$
.4745. OT
Dec.
%
1932.
1931.
$
$
Montreal
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 HatPeterborough_ _
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Sudbury
82,272,134
98,616,213
57,190.744
13,689.443
4,133,266
4,055,583
2,231,759
3,932,814
4,380,119
1,619,229
1,424,960
2,345,821
3,628,603
2,875,796
291,228
347,915
1,126,132
375,783
743,179
842,538
478,607
171,213
621,426
600,413
932,265
2,093,814
254,897
679,528
517,080
421,503
447,475
780,128
88,616,484
134,480,254
40,369,712
15,734,602
4,542,715
3,911.501
2,010,658
3,793,471
4,738.443
1,289,410
1,367,314
2.478,792
2,827,981
2,563,147
249,378
329,221
1,049,055
459,707
809,308
516,048
416.091
159,327
571,117
594,041
878,360
2,131,121
191,655
580,768
562,083
448,447
344,368
622,370
-7.2
-26.7
+41.7
-13.0
-9.0
+3.7
+11.0
+3.7
-7.6
+25.6
+4.2
-5.4
+28.3
+12.2
+16.8
+5.7
+7.3
-18.3
-8.2
+24.5
+15.0
+7.5
+8.8
+1.1
+6.1
-1.8
+33.0
+17.0
-8.0
-5.6
+29.9
+25.3
72,000,086
71,335,493
36,109,004
11,306,599
4,328,702
4,143,676
2,147,868
3,987,793
5,169,465
1,684,563
1,267,859
3,004,968
3,592,126
3,110,917
348,337
302,419
1,310,849
445,540
841,910
523,124
468,308
175,011
592,138
420,112
912,315
2,394,013
254,903
645,231
535,015
409,431
393,652
464,976
118,259,715
103,865,472
35,180,742
14,751,515
6,601,671
5,489,661
2,887,238
5,540,949
6,386,606
2,021,817
1,791,739
3,019,616
5,081,861
3,190,963
397,350
459,624
1,779,965
732,053
1,045.143
659,999
606.647
240,525
822,210
745,145
1,087,010
3,500,738
329,029
818,827
692,732
453,353
561,624
944,126
Total(32 cities)
293,921,608
319,634,947
-8.0
234,746,418
329,845,865
126,029,340
Total(10 cities)
95,297,164
$
454,737,660
Second Feder al Reserve D istrIct-New
-Albany...
N. Y.
13,155,398
9,408.002
Binghamton...
807,857
830,641
27,771,467
Buffalo
25,312,459
Elmira
45.5,881
581,529
Jamestown__..
593,337
345,294
New York_ __ _ 3,733,982,708 4,001,439,037
Rochester
6,346,241
6,311.470
Syracuse
3,618,257
3.504,001
Conn.
-Stamford
3,737,364
2,762,722
-Montclair
31. J.
376,129
477,023
Newark
29.103,893
17,731,313
Northern N. J.
27,333,552
29,082,490
Total(9 cities).
1931.
1932.
Eighth Feder a Reserve Die trict-St. Lo ulsb
b
b
Ind.
-Evansville
.
. 73.900,000
65,600,000 +12.7
Mo.-St. Louis_
20,908,253 +20.2
. 25,135,047
13,262,751
11,117,977 +19.3
Tenn.-Memphls
b
b
b
111.-Jacksonvill B
337,000 +1.2
341,000
Quincy
Total(7 cities).
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Inc. or
Dec.
$
%
$
$
Seventh Fed r al Reserve D 'strict-Chi cage
114,592
55,423
Mich.
-Adrian._
467,091 --13.8
b--539,641
Ann Arbor___ _
402,568
46,648,546 +66.9
73,770,838
77,860,986
Detroit
918,425 +97.1
2,819,622
1,810,661
Grand Rapids _
611,012 +46.2
893,426
1,131,800
Lansing
537,705 +14.4
1,122,498
615,150
Ind.
-Ft. Way e
12,613,000
10,416,000 +21.1
12,959,000
Indianapolis _
759,011
450,864 +68.3
956,413
South Bend..
3,223,554 +15.7
3,729,693
2,995,081
Terre Haute.._
15,213,448
11,919,090 +27.6
15,890,859
e
183,798 +22.0
588,080
710,467
Ia.-Ced. Rapida
4,470,117 +47.0
6,568.932
Des Moines.._
4,920,907
2,533,002
2,147,836 +17.9
Sioux City..._
2,310,893
b
b
b
b
Waterloo_
393,138
275,254 +42.8
Ill.-Bloom'gto _
1.041,869
_ 230,462,849 209,911,978 +9.8 229,905,155
Chicago
493,612 +11.1
.548,372
Decatur
454,839
2,083,895 +17.9
2,456,322
Peoria
3,303,779
511,232 +24.4
635,968
Rockford. _ _
477,628
747,943 +6.8
798,528
Springfield..._
1,513,692
) 358,938,557
Total(19 cities
Week End. June 16 1934.
1933.
102,980,907
b No clearings available. c Clearing House not functioning at present.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 6 1934:
GOLD.
The Bank of England gold reserve against notes amounted to £191,333.148
on the 30th ulto.showing no change as compared with the previous Wednesday.
In the open market business continued fairly active, about £2,200,000
of bar gold being disposed of during the week. The firmness of the dollar
caused a further appreciation of prices, which were fixed on dollar parity.
Quotations during the week:
IN LONDON.
Equivalent Valu
Per Ounce
of £ Sterling.
Fine.
12s. 4.87d.
1388. 1134d.
May 31
12s. 4.694.
137s. 1)4d.
June 1
12s. 4.644.
137s. 24.
June 2
12s. 4.644.
1378. 24.
June 4
12s. 3.75d.
May 5
1388
12s. 3.88d.
137s. 1034d.
May 6
125. 4.41d.
Average
1378. 4.584.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 28th ulto. to mid-day on the 4th mat:
Imports.
Exports.
Germany
£7.460
£995,818 France
34,403
323,985 Netherlands
France
8,800
886,147 Belgium
Switzerland
8,300
1,810.567 Switzerland
British South Africa
112.056 United States of America_ 2,398,708
British West Africa
715
20,990 Other countries
Iraq
640,958
British India
81,661
Australia
10,538
New Zealand
8,847
Egypt
22,891
Other countries
£2,458,386
£4,914,458
The SS."Corfu" which sailed from Bombay on the 2d inst. carries gold
the value.of £984,000, of which £896.000 is consigned to London and
to
£88,000 to New York.
The Southern Rhodesian gold output for April 1934 amounted to 57,360
fine ounces as compared with 57,941 fine ounces for March 1934 and 53,559
fine ounces for April 1933.
SILVER.
The market has shown a firmer tone, prices during the week having shown
improvement. China has sold and there have been some offerings from the
Continent; although the Indian Bazaars have sold, they have been more
disposed to buy and demand from this quarter has been rather a feature.
America has given support, operations to some extent being influenced by
the firmness of the dollar.
The market is still disposed to be hesitant pending development in the
United States of America, but the undertone seems good.
The following were the United Kingdom Imports and Exports of Silver
registered from mid-day on the 28th ulto. to mid-day on the 4th inst.
Imports.
Exports.
£46,253 Jugoslavia
£.39,348
Soviet Union (Russia)
16.520 Syria
36,904
Japan
21.065 United States of America_ 487,117
Australia
-via Karachi _
17,288 Bombay
Canada
19.170
1,135 French possessions in India_
1,500
British West Africa
15,904
4.462 Persia
Other countries
Irish Free State
13.065
Other countries
4,285
£106,723
£617,293
Quotations during the week:
IN NEW YORK.
IN LONDON.
Per Ounce .999 Fine.
-Bar Silver per Oz. Std.Cash.
2 Mos.
Holiday
May 30
19 9-16d. 19%d.
May 31
45c.
193id.
May 31
19 9-16d.
June 1
44 15-16c.
June 1
-Bid, 19;id.
197
June 2
44 15-16c.
193id.
June 2
199-16d.
June 4
44 15-16c.
19 11-16d. 19 11-16d. June 4
June 5
45c.
19 13-16d. 194d.
June 5
June 6
19.583d.
19.635d.
Average
The highest rate of exchange on New York recorded during the period
from the 31st ulto. to the 6 Inst. was $5.07( and the lowest $5.02N.
INDIAN CURRENCY RETURNS.
May 22.
May 15.
May 31.
(In Lacs of Rupees)
17,939
17,877
17,862
Notes in circulation
9,631
9,568
9.610
Silver coin and bullion in India
4,155
4,155
4,155
Gold coin and bullion in India
2,984
2,984
2,936
Securities (Indian Government)
1,169
Securities (British Government)
1,161
1,170
The stocks in Shanghai on the 2d inst. consisted of about 121,200,000
ounces in sycee, 383,000,000 dollars and 27,400.000 ounces in bar silver
as compared with about 123.600,000 ounces in sycee, 381,000,000 dollars
and 26,500,000 ounces in bar silver on the 26th ulto.
Statistics for the month of May last are appended:
Bar Gold
-Bar Silver per Oz. Std.2 Mos.
Per Oz. Fine.
Cash.
19 13-16d.
137s. 36d.
19 13-16d.
Highest price
18gd.
135s. 101d.
18 3-16d.
Lowest Price
19.3341d.
1388. 3.19d.
19.2764d.
Average
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c.,at London,
as reported by cable, have been as follows the past week:
Tues.,
Mon.,
June 16. June 18. June 19.
Silver, per oz__ 19 11-164. 19 13-16d. 19%d.
Gold. p.fine oz. 1378.9d. 1375.9Iid. 1376.9d.
77%
7731
Consols, 231% Holiday.
British 331%102%
102%
Holiday.
W. L
British 4%113%
Holiday. 113,1
1960-90
French Rentes
(is parts)3% fr. Holiday.
French War L'n
79.00
78.00
(in Parts)5%
Holiday.
1920 smolt
114.50
113.90
Thurs.,
Wed..
Fri.,
June 20. June 21. June. 22
19 3-164. 19 15-16d. 20 1-I6d.
1379.9%d. 138s.Sid. 138s.1d.
77%
77%
774
102%
102%
102%
113%
113%
11351
79.00
114.50
77.00
114.10
77.90
114.30
The price of silver in New York on the same days has been:
Silver In N. Y..
per oz. Ms.)
4431
453-1
45
453.1
45%
4 -1
53
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
past week have been
as received by cable each day of the
as follows:
4247
Financial Chronicle
Volume 138
June 16 June 18 June 19 June 20 June 21 June 22
1934.
1934.
1934.
1934.
1934.
1934.
Francs. Francs. Francs. Francs. Francs. Francs.
11,000 11,800 11,600 11,700 11,700
Bank of France
1,445
1,453
1.465
1,470
Banque de Paris et Pays Bas
181
183
185
187
Basqued'Union Parisienne
212
244
248
250
252
Canadian Pacific
18,900 19,000 19,200 19.100 19,100
Canal de Suez
2,330
2,340
2,335
2,345
Cie Distr. d'Electricitie
1:710
1,700
1,720
1,710
1.720
Cie Generale d'Electticitie
28
27
27
26
26
Cie Generale Transatlantique
165
167
16.5
165
Citroen B
1,012
1,024
1,025
1,029
Comptoir Nationale d'Escompte
"iio
110
Coty 13 A
7
.
-2 6
-2ii
-2i2
286
Courrieres
720
731
732
737
Credit Commercial de Franca....
2:070
2,070
2,100
2,100
2,090
Credit Lyonnais
2,520
2,520
2,530
2,530
2,550
Eaux Lyonnais
635
635
638
638
Energie Electrique du Nord825
830
828
830
Energie Electrique du Littoral
590
596
610
604
Kuhlmann
760
750
760
760
760
HallL'Air Liquide
977
1,004
1,014
1,002
day
Lyon (P L M)
1.421
1,440
1,444
1,445
Nord fly
474
474
475
470
466
Orleans Ry
64
66
67
68
Pathe Capital
1,062
1.075
1.083
1,090
Pechlney
7:56
77.60 7
78.00
79.00
78.00
Realm, Perpetual 3%
85.90
85.30
85.50
85.30
85.20
Rentes 4%, 1917
86.00
85.40 85.50 85.75 85.40
Rentes 4%, 1918
90.70 90.90
90.90
90.90
90.75
Bastes
%. 1932 A
88.90 89.30
89.30
89.25
89.10
Rentes 4%%. 1932 B
114.00 114.50 113.90 114.10 114.30
5%, 1920
Rentes
1.620
1.640
1,660
1,760
1,650
Royal Dutch
1,273
1,283
1,285
1,300
Saint Gobain C & C
1,612
1.65.5
1,654
1,653
Schneider & Cie
52
.54
.54
51
55
Societe Francalse Ford
70
73
77
74
Societe Generale Fonder°
2,525
2.530
2.535
2,545
Societe Lyonnalse
522
.521
520
Societe Marseillaise
"iii
118
119
121
Tubize Artificial Silk prof
768
713
713
712
Union d'Eleotricitie
79
80
81
80
Wagon-Lits
,
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
June June June June June June
22.
21.
20.
19.
18.
16.
Reichsbank (12%)
Berliner Handels-Gesellschatt (5%)
Commerz-und Privet Bank A G
Deutsche Bank end DIsconto-GeselischaftDresdner Bank
Deutsche Reichsbahn (Ger RI's) pref(7%)
Allgemeine Elektrizitaeta-Gesell(A E 0).... Holiday
Berliner Kraft u Licht (10%)
Dessauer Gas (7%)
Gesfuerel (5%)
Hamburg Elektr-Werke (8%)
Siemens & Halske(7%)
10 Farbenindustrie(7%)
Balzdetfurth (734%).....
Rheinische Braunkohle (12%)
Deutsche Erdoel(4%)
Mannesmann Roehren
Mimic
Norddeutscher Lloyd
159
88
52
61
66
112
25
142
134
109
125
149
149
167
236
122
69
28
33
Per Cent of Par
159
156
158
89
89
89
54
53
53
62
62
63
68
se 65
112
112
112
23
23
24
139
142
144
130
132
133
104
106
109
124
125
125
147
150
151
149
150
150
159
162
167
229
230
235
120
120
120
66
67
68
27
26
26
32
31
32
155
89
54
63
66
112
23
142
130
10.5
124
147
150
163
233
120
66
28
33
u LLEft.CRUTTEN DEN & COMPANY
An International Trading Organization
Brokers for Banks and Dealers Exclusively
Members:
Chicago Board of Trade
Chicago Stock Exchange
Chicago Curb Exchange Association
ST. LOUIS
CHICAGO
Boatmen's Bank Bldg.
120 So. LaSalle St.
Phone: Chestnut 4640
Phone: Dearborn 0500
German and Foreign Unlisted Dollar Bonds
Bid.
Bid. Ask
33 Hungarian Iva) Bk 73-4s,'32 179
130
Anhalt 75 to 1946
29
Jugoslavia 56, 1958
pies
Argentine 5%. 1945, 8100
/40
Jugoslavia coupons
92
/5312
31 Koholyt 6345. 1943
/26
Antioqula 8%. 1046
7012
Land NI Bk, Warsaw 88,'41
AustrianDefaultedCoupons fe6-120
22 Leipzig Olfuad Pr. 6345.'46 156
Bank of Colombia, 7%.'47 120
22 Leipzig Trade Fair 76, 1953 148
Bank of Colombia. 7%,'48 120
/3612 3712 Luneberg Power, Light dr
Bavaria 6Sis to 1945
15612
Water 7%,19 8
4
Bavarian Palatinate Cons.
Mannheim & Palat 7s. 1941 153
30
/27
Cit. 7% to 1945
13112
Bogota (Colombia) 63.4.'47 11912 2012 Munich 78 to 1945
8 Munk)Bk,Hessen. 7s to'45 131
16
Bolivia 8%. 1940
33 Municipal Gas & Elm Corp
/30
Buenos Aires scrip
Recklinghausen, 75, 1947 153
3912
Brandenburg Elec. 66, 1953 1371
6212 Nassau Landbank 6Sis.'38 150
Brazil funding 5%,'31-'51 611
Natl. Bank Panama 634%
1611 -Brazil funding scrip
1946-9
/43
Bntlab Hungarian Bank
Nat Central Savings Bk of
7Sis. 1962
Hungary 7345. 1962_ - - /55
Brown Coal Ind. Corp. 58
58
National Hungarian Os Ind.
60
(52
-is. 1953
63
/6112
Mtge.7%,1948
Call (Colombia) 7%, 1947 112
1312
13112
8 Oberpfalz Elec.7%. 1946
Callao (Peru) 734%. 1944 1612
8 Oldenburg-Free Mate 7%
Ceara (Brazil) 8%. 1947._ 1 5
to 1945
/29
44
Columbia scrip Issue of '33 142
/3312 3512 Porto Alegre 7%,1968.... 117
Issue of 1934
Costa Rica funding 5%,'51 4912 5112 ProtestantChurch (Ger143
City Savings Bank, Budamany), 7s. 1946
pest. 7s. 1953
11112 5312 Prey Bk Westphalia 6s,'33
Dortmund Man ULU 65,'48 15012 5212 Prov Bk Westphalia 88.'38 145
/23
Duisburg 7% to 1945
27 Rhine westph Elec 7%. 36 /66
'
32 Rio de Janeiro 6%, 1933_ /2312
/29
Duesseldorf 7s to 1945_ __
East Prussian Pr. 6s, 1953_ /4412 4612 Rom Catla Church 8%s,'48 f5g1.1
R C Church Welfare 75. '46 /4312
European Mortgage & In61 Saarbruecken M Bk 68, '47 72
-Is, 1986_ _ _ /58
vestment 73
132
French Govt. 534s, 1937.... 16.5
170 Salvador 7%, 1957
French Nat. Mall SS.68.'52 16012 18212 Salvador 7% ctf of dep '57 /27
115
Frankfurt 78 to 1945
32 Salvador scrip
129
German All Cable 7s. 1945 /37
41 Santa Catharina (Brazil).
/21
German Building & Land8%, 1947
bank 834%. 1948
R012 5212 Santander (Colon) 75. 1948 fl 1
German defaulted coupons. 145
55 Sao Paulo (Brazil) 65. 1943 12212
German scrip
/1912 21 Saxon State Mtge.(is, 1947 /56
29
80
German called bonds
73
/27 3 3 Serbian Se, 1958
(40
Serbian coupons
Haiti 6% 1953
Hamb-Am Line 634s to '40 180
92 Stem & 1ialske deb 68. 2930 132212
State Mtg Bk Jugosi 561958 28
Hanover Hans Water Wks.
138
coupons
6%. 1957
Housing & Real Imp 7s,'48 12 12 4212 Stettin Pub Util is. 1948- /11
36
8
/43
Hungarian Cent Mut 78.'37 14612 4812 Tucuman City 71. 1951_ _ 137
Hungarian Discount & ExTucuman Prov. 7s, 1950- 6012
change Bank 75, 1063....142
126
44 Veeten Eleo fly 75, 1947
Worternhare 7. to 1945_
fhtneFolvtn rloromItlx1 nrom. fka-100
/3112
1 Flat price.
Ask.
32
42
5512.
7212
59
50
6012
56
3312
33
55
53
44
57
6312
3312
32
18
4112
48
70
2512
614
4112
74
34
29
17
23
1212
2312
80
32
42
33212
32
42
44
39
6212
28
321s
4248
Financial Chronicle
BREADSTUFFS.
Figures Brought from Page 4325.
-All the statements
below, regarding the movement of grain-receipts, exports,
visible supply, &c.
-are prepared by us from figures collected
by the New York Produce Exchange. First we give the receipts at Western lake and river ports for the week ending last
Saturday and since Aug. 1 for each of the last three years:
Receipts at
-I Flour.
Chicago
Minneapolis_
Duluth
Milwaukee_ - _
Toledo
Detroit
IndianapolisSt. Lords_ _
Peoria
Kansas City.
Omaha
St. JosephWichita
Sioux City _
Buffalo
Total wk. '34
Same wk. '33
Same wk. '32
Wheat, I
Corn.
Oats.
Rye.
1 Barley.
bb18.1981bs bush 60 lbs bush. 56 lbs. bush. 32 lbs bush.581bs.bush.48lbs.
84,000
175,000
525,000
2,000
328,000
134,000
410,0001
250,000
100,000
428,000
37,000
431,0001
12,000
114,000
7,000
12 III
555,000;
96,000
16,000
184,000
85,0001
35,000
23,000
2,111
14,0001
2,000
10,000
16,000
30,000,
102,000
167,0001
1,000
118,III
242,0001
363,0001
54,000
2,000
3,000
38,000
44,000
10,000
81,000
188,000f
823,000
14,III
190,00
24,000
204,000
147.0001
4,000
23,000
73,000
14,000
792,000
23,000
3,000
2,000
11,000
1,000
2,872,000
497,000
93,000
62.000
355,000
324,000
323,000
6,571.000
8,257,000
3,184,000
2,567,001
818,000
8.101,000 3.609,000
1,407,00
592,000
67,000 1.022,000
728,000 1,749,000
81,000 358,000
Since Aug.11933
15,876,000216,033,000180,260,000 68,306,000 11,664,00049,090,000
1932
17,491.000315,777,000/204.578,000 91,447
16,107,000149,452,000
1931
18,638.000 298,569,000118,948,000 67,272,0001 7.694.000131.021,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, June 16 1934, follow:
Receipts at- I Flour. I
Wheat.
I
Corn,
Oats.
I
Rye.
I Barley.
bbls.1981bsbush. 60103.1truah. 56 Um bush. 32 lbs. bush58Ibs. bush.48lbs.
New York_ _ _
119,000,
924,000
117,000
71,000,
Philadelphia__
23,000,
6,000,
17,000
Baltimore.._- _
6,000,
30,000
2,000,
35.000
Newport News
1,000,
1
New Orleans *
22,000.
9,000
39,000
27,000,
Galveston1,000
Montreal_ _ _ _
62,000 1,586,000
101,0001
Boston
14.000
2,000
4,000
Quebec
561.000
Halifax
8,000,
Total wk. '34
255,000 3,083,000
Since Jan.1'34 6,314,000 30,233,000
190,000
3,479,000
207,000
52,000
2,892,000 1,106,000
235,000
Week 1933._ _
264,000 3,137,000
93,000
69,000
1,000 206,000
Since Jan.1'33 7,118.000 34,554,000 2,239,000 2,092,000 117,000 348,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
NATIONAL BANKS.
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED,
Capital.
June 9
-Security National Bank of Battle Creek, Battle Creek,
Mich
$1,000,000
Capital stock consists of $400.000 common stock and $600.000
preferred stock. President, Lonn J. Karcher; Cashier,
Horace F. Conklin. Will succeed No.7,589, Old-Merchants
National Bank & Trust Co. of Battle Creek.
June 9
-Vancouver National Bank, Vancouver, Wash
100,000
Capital stock consists of $50,000 common stock and $500,000
preferred stock. President, W. E. Carter; Cashier, Edwin
Winter. Will succeed No. 6,013, the Vancouver National
Bank.
June 9
-The Ionia County National Bank ofIonia,Ionia, Mich. 100,000
Capital stock consists of $50.000 common stock and $50,000
preferred stock. President, Edwin S. Yoemans; Cashier,
W.G. Hawley. Will succeed No. 5,789, the National Bank
of Ionia.
June 11-The Arcanum National Bank. Arcanum,Ohio_
50,000
Capital stock consists of $25,000 common stock and 825,000
preferred stock. President, Ward H. Stutz; Cashier, S. C.
Gnagey. Will succeed No. 4,839, the First
-Farmers National Bank of Arcanum.
June 11-The First National Bank of Tuckahoe,Tuckahoe, N.J.
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, H. J. Morgan; Cashier, C. E.
Foster, Jr. Will succeed No.8,681, the Tuckahoe National
Bank,
June 11-Farmers & Merchants National Bank in Onley, Onley,
Va
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, Ben T. Gunter; Cashier, V. S.
Burton. Will succeed No.7,258, the Farmers & Merchants
National Bank of Onley.
-The Girard National Bank,Girard,Pa
June 13
75,000
Capital stock consists of $50.000 common stock and $25,000
preferred stock. President, Eben J. Gunnison; Cashier,
C. M. Drury. Will succeed No. 7,343, the National Bank
or Girard, Girard, Pa., and No. 12,363, the First National
Bank of North Girard, North Girard, Pa.
-The Mt.Healthy National Bank, Mt.Healthy, Ohio _
June 13
50,000
Capital stock consists of $30.000 common stock and $20,000
preferred stock. President, Albert E. Huber; Cashier,
Robert S. Strasser. Will succeed No. 7,661, the First
National Bank of Mt. Healthy.
-First National Bank in Waycross, Waycross, Ga---June 14
100,000
Capital stock consists of $50,000 common stock and 850,000
preferred stock. President, J. H. Quarterman; Cashier,
G. M. Bazemore. Will succeed No. 4,963, the First National Bank of Waycross.
-The City National Bank in David City, David City,
June 15
Neb
50,000
Capital stock consists of $25.000 common stock and $25,000
preferred stock. President, Chas. Stoops; Cashier, Eugene
W. Burdic. Will succeed No. 3,934, the City National
Bank of David City.
-The First National Bank in Fort Myers, Fort Myers,
June 15
Fla
100,000
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President, Frank C. Alderman; Cashier,
W. C. Carter. Will succeed No. 9,035, the First National
Bank of Fort Myers.
-First National Bank in Lamar, Lamar, Mo
50,000
June 15
Capital stock consists of $25,000 common stock and $25,000
is preferred stock. President, Chas. B. Edwards; Cashier,
J. E. Krebs. Will succeed No. 4,057, the First National
- Bank of Lamar. _
June 23 1934
VOLUNTARY LIQUIDATIONS.
June 11
-The Trinidad National Bank, Trinidad, Colo
Effective June 4 1934. Liq. Committee, George Hausman,
Peter J. Dacca and Geo. Toiler, all of Trinidad, Colo. Succeeded by the "Trinidad National Bank," Trinidad, Colo.,
Charter No. 14,148.
June 11-The American National Bank of Tucumcari,N.M_.
Effective May 25 1934. Liq. Agent, W.A. Foyil, Tucumcari,
N. M. Succeeded by "The First
-American National Bank
in Tucumcari," Charter No. 14,081.
June 12
-The First National Bank of Tonasket, Wash
Effective May 26 1934. Liq. Committee, Arthur Lund, Hugo
Lund and P. E. Skogland, care of the liquidating bank.
Succeeded by "First National Bank in Tonasket," Charter
No, 14,166.
June 13
-The Traders National Bank of Buckhannon, W.Va
Effective June 11 1934. Liq. Agent, J. C. McWhorter, Buckhannon, W. Va. Succeeded by the Central National Bank
of Buckhannon. Charter No. 13,646.
100,000
50,000
25,000
50,000
BRANCHES AUTHORIZED.
June 12
-The National Bank of Bay City, Mich. Location of branches;
509 East Midland Street, Bay City, Mich.; 300 Salzburg Avenue, Bay
City, Mich.; 1501 Koscluszko Avenue, Bay City, Mich. Certificates
Nos. 990A, 991A, 992A.
June 15
-First National Bank of Seattle, Wash. Location of branch;
205-211 Railroad Avenue, Shelton, Mason County, Wash. Certificate
No. 993A.
CORRECTION ON REPORT OF JUNE 5 1934.
Under Voluntary Liquidations, Charter No. 12,950, Shenandoah NaMimi Bank, Shenandoah, Iowa, was erroneously reported as being succeeded by Charter No. 14,037, the City National Bank of Shenandoah.
whereas it should have been Charter No. 14,057, the City National Bank
of Shenandoah.
AUCTION SALES. .
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares. Stocks.
$ per Share.
13,626 2-3 Darlington Fabrics Corp. (Del.) no par
1
700 Schloss Securities, Inc. (N. Y.)
10
100 Hollywood Securities Corp., (Gel.) preferred, par $100
$6 lot
40 Hollywood Securities Corp. (Del.), common, no par
85 lot
20 Hotitle Holding Corp. (N. Y.), common, no par; $1,000 Seaboard Air
Line Railway Co., 1st consol. mtge. 6% gold bond, series A. Due Sept. 1
1945. Cit. of deposit; 810,900 bond and second mortgage on premises
N. E. side of 63d St., 140 ft. S. E. of 17th Ave., Borough of Brooklyn, City
of New York, guaranteed by J. Lehrenkrauss & Sons
$110 lot
10 Quaker City Leasing Corp. (Del.), no par. Subject to a certain agreement
entered into March 26 1923, as noted on the said certificate
$5 lot
280 Ogus RabinovIch & Ogus, Inc.(N. Y.), capital stock, V. t. ctfs_-__$25.000 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares.
Stocks
1,000 A. B See Elevator Co., Inc. (Del.), 2nd Pfd.
Per Share.
$3
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per Share.
8 Bates Manufacturing Co., par $100
834
4 Naumkeag Steam Cotton Co., par 8100
4634
1 The Collins Co., common, par $100
45
2 Boston Woven Hose & Rubber Co., common
1734
40 Eastern Equities Co
4
62 Paul's Italian Restaurant, Inc., common
UN lot
1 Boston Athenaeum, par $300
303
5 Sharmut Bank Investment Trust
434
3,000 Boston-Calaveras Mining & Milling Co., par $1; 100 Atkins Peerless
Axle Co., par 85; 20 Commonwealth Supply Co., class B:20 Fiberboard Co.,
common;50 First National Copper Co.. 83.75 paid in., par $5; 15 Insurance
Building Corp.. common: 500 Little Tiger Mining Co., par $1; El 10 Lynn
Commercial Realty Co.,6%'mom reg. notes; 20 Lynn Commercial Realty
Co., common; $2,000 Magee Realty Corp. 1st 7s, June 15 1943. C. D.;
$300 Melrose Athletic Field Association deb. 13s, Jan. 15 1936; 387 50-100
Scrip National Service Cos. pref. div. 15; $87 50-100 Scrip National Service
Cos. pref. dlv. 16; $87 50-100 Scrip National Service Cos, pref. div. 17;
20 Purdy Tow & Water Boat Co., par 825; 10 Reed Prentice Corp., preferred,
par $100: 10 Southern New England Ice Co., warrants; 10 Springfield Central
Realty Co., v. t. c.; 20 Thissell Co
8105 lot
BondsPer Cent.
$6,000 New Netherland Bond & Mortgage 65, 1933 reg. 50% paid extended
to 1935
8105 lot
$3,000 Eastern States Refrigerating Co. 1st 7s, June 1952, ctf. dem 32,000
Y D Service Garage-Worcester 64s. 1955 C D.; 32.000 Troy Cold Storage
Co. 1st 75. Sept. 15 1952: 82,000 Springfield Central Realty 7s. Feb. 15
1955; $2,000 Lynn Commercial Realty Co. 1st 6s, Aug. 1945
8100 lot,
By Crockett & Co., Boston:
Shares.
Stocks.
20 Old Colony Trust Associates
60 National Shawmut Bank, par 825
2 Springfield Railways, preferred, par $100
10 Newmarket Manufacturing Co
5 Geo. E. Keith Co., preferred, par 8100
10 Savannah Electric & Power Co.,6% preferred, par $100
100 Kreuger & Toll (American ctfs.)
100 Warrants Consolidated Investment Trust
4 Quincy Market Cold Storage & Warehouse, common, par 8100
4 Milton Bradley, preferred, par $100
Bonds
33,000 Park Square Corp. 6349, Aug. 1 1937, C. D
$ Per Share.
751
2334
46
55
18
734
$1.35 lot
134
6
2034
Per Cent.
$5 lot
By Barnes & Lofland, Philadelphia:
Shares.
Stocks.
IS per Share.
220 United States Loan Society, common, par $10
113 Chase National Bank, New York, par $20
2834
6 National City Bank, New York, par 320
2734
51 Pennsylvania Co. for Insurances on Lives and Granting Annuities, par $10- 3134
5 Philadelphia National Bank. par $20
6934
400 Weisbrod & Hess Brewing Co. par $1
8.20
2 Fidelity-Phoenix Fire Insurance Co.. par $10
81
40 Hartsell Mills Co., Concord, North Carolina, par $100
10
BondsPer Cent.
$3,000 The Temple Anthracite Coal Co., 7% sinking fund deb., due 1944
certificate of deposit
ak flat
By A. J. Wright & Co., Buffalo:
Stocks.
Shares.
15 Zenda Gold Mines
per Share.
120
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:
Financial Chronicle
Volume 138
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
A-B-C Trust Shares, E (special)------------5.057c June 30
Abraham & Straus, Inc., preferred (guar.)
$14 Aug. 1 July 14
Aetna Casualty & Surety (guar.)
July 2 June 16
Aetna Life Insurance Co
be July 2 June 16
Alliance Insurance (Phila.) (s,
-a.)
$14 June 29 June 28
American Crayon (guar.)
July 1 June 20
American Discount of Ga.64% pref.(s.
-a.).-- $1.62 July 1 June 20
Quarterly
150 July 1 June 20
American Fork & Hoe Co.. pref.(guar)
July 15 July 5
$1
6% preferred
June 28 June 21
h$1
American General Ins. (Houston), (guar.)
15c June 30 June 20
American Investors Trust Shares
4.43c June 30
American Maize Products 7% pref. (quar.)
$14 June 30 June 22
American Screw (guar.)
20c July 2 June 19
American Smelting & Refining preferred
)444 Sept. 1 Aug. 3
American Surety Co.of N. Y.
50c July 2 June 25a
American Thermos Bottle Co.common (guar.)-25 July 2 June 20
c
Preferred (guar.)
874c July 1 June 20
Amoskeag Co.,common (it:a)
75c July 3 June 23
Preferred__(8.-a.)
$2g July 3 June 23
Angostura-Wuppermartn Corp. (guar.)
Sc July 2 June 25
Apex Electric Mfg. Co. preferred (guar.)
July 1 June 20
$1
Arrow Hart Hegeman Electric, com. (guar.)...
10c July 2 June 25
Preferred (guar.)
$14 July 2 June 25
Arundel Corp. (quarterly)
250 July 2 June 22
Atlantic Steel (guar.)
$1 June 30 June 20
Atlas Thrift Plan(Mont,Que.),7% pref.(guar.) 174c July 3 June 23
Attleboro Gas Light (guar.)
$2 July 2 June 15
Austin, Nichols & Co., Inc., prior A (quar.)--- $1$4Aug. 1 July 16
Automobile Insurance (guar.)
25c July 2 June 16
Aviation & Industrial Corp., A (guar.)
7$4c July 15 Jtme 30
Birmingham Fire Ins. of Pa.(8.-a.)
$14 June 23 June 13
Bancohlo Corp. (guar.)
18c July 1 June 20
Barcelona Traction, Light & Power common
50c June 30 June 23
d Basic Industry Shares
6.87c June 30
Basic Investments of Canada A
13.62c June 15 June 1
Bell View Oil Syndicate (guar.)
$1 July 2 June 20
Belt RR.& Stockyards (guar.)
75c July 1 June 20
Berger Bros. 8% preferred (quar.)
July 2 June 15
Binghamton Gas Works,7% pref. (guar.)
July 1 June 20
$1
Bloomingdal Bros., pref. (guar.)
S1$4 Aug 1 July 20
Boston Acceptance 7% pref. (quar.)
174c June 30 June 15
Bourbon Stockyards (guar.)
.
$1 July 2 June 25
Brenner Norris Realty Investors (s.
$2 June 30 June 15
-a.)
Bridgeport Hydraulic (guar.)
40c July 16 June 30
Brooklyn-Manhattan Transit Corp., pref.(qu.)
$16 July 16 June 30
Brooklyn Trust Co. (s.
July 2 June 23
-a.)
Brooklyn Borough Gas (guar.)
$14 July 10 June 30
750 July 2June 20
6% preferred (guar.)
Extra
83.c July 2 June 20
Buffalo Insurance Co.(quar.)
$3 June 30 June 19
Builders Exchange Building of Balt. (B.
July 7 June 23
3
-11.J
Extra
July 7 June 23
3
Burco, Inc.. $3 cony. pref. (guar.)
750 July 2 June 23
California-Oregon Power,6% pref. (guar.)
75e July 16 June 30
7% pref.(guar.)
874c July 16 June 30
Canada Dry Ginger Ale, Inc.,(guar.)
25c July 16 July 2
Canadian Fairbanks Morse, pref. (guar.)
14 July 14 June 30
j$4 July 16 June 30
Canadian Industries, pref. (guar.)
Canadian Wineries
rlOc June 18 June 15
Case Lockwood & Brainard (guar.)
$24 July 2 June 18
Champion Coated Paper Co.,common (quar.)
Aug. 15 Aug. 10
$1
Champion International 7% pref.(guar.)
July 2 June 15
$1
Common (guar.)
July 2 June 15
$I
Chicago Daily News(semi-ann.)
5 c July 2 June 20
E Ara _
50c July 2 June 20
$7 preferred (guar.)
July 2 June 20
$1
Chicago Flexible Shaft common (guar.)
25c June 30 June 20
Cincinnati Advertising Products Co.(guar.)- 25c July 1 June 20
Cincinnati Newport & Coy. Lt. & Traction...- $14 July 16 June 30
31.125 July 16 June 30
Preferred (guar.)
Citizens Wholesale Supply,7% pref.(guar.).— 87 c June 30 June 28
6% preferred (guar.)
75c June 30 June 28
City Investing Co., pref.(guar.)
$1 X July 2 June 27
Claude Neon Electrical Products Corp
25c July 1 June 20
Cleveland, Chic. Chicago & St. Louis(semi-ann.)
$5 July 31 July 21
5% preferred (guar.)
$1 X July 31 July 21
Cleveland Union Stockyards (guar.)
124c July 2 June 22
Coca-Cola Bottling (Del.) (guar.)
624c July 1 June 19
Coleman Lamp & Stove
50c July 1 June 23
Collyer Insulated Wire
15c July 1 June 25
Columbian Vise & Mfg. Co.(guar.)
750 July 2 June 20
Commerce Liquidating (St. Louis, Mo.)(lig.)-$1
June 27
Commercial Credit Trust (guar.)
50c June 30 June 20
Commercial National Bank & Trust Co.(guar.)$2 July 2 June 27
Commonwealth Edison Co. (guar.)
$1 Aug. 1 July 14
Connecticut General Life Ins. (Hartford) (qu.).
20c July 2 June 16
Connecticut Investment Management
10c July 14 July 2
Consol. Min. & Smelt. Co.of Canada (semi-an.)
40 July 16 June 30
Consolidated Royalty Oil Co.(guar.)
July 25 July 15
$2 July 16 June 3
ConsolidatedTraction of N. J.(s.
-a.)
60c July 10 June 30
Continental Ins. Co.(s.
-a.)
5
Continental Public Service (s.
July 16 June 30
-a.)
$1
Coon(W. B.) Co.,7% pref.(guar.)
Aug. 1 July 14
Consumers Power Co., $5 pref. (guar.)
S1
Oct. 1 Sept. 15
6% preferred (quarterly)
313i Oct. 1 Sept. 15
6.6% preferred (quarterly)
$1.65 Oct. 1 Sept. 15
7 preferred (quarterly)
$1
Oct. 1 Sept. 15
6 preferred (monthly)
50c Aug. 1 July 16
preferredec onthly)
50c Sept. 1 Aug. 15
r
50c Oct. 1 Sept. 15
6 0 referred (monthly)
55c Aug. 1 July 16
preferred (monthly)
6.6
55c Sept. 1 Aug. 15
6.6
preferred monthly
55c Oct. 1 Sept. 15
6.6 0 preferred monthly
Cottrell(C. B.) & Sons (annual)
54 July 2 June 21
$14 July 2 June 21
6% preferred (guar.)
25c July 10 July 1
Creamery Package Mfg. Co. (quar.)
Preferred (guar.)
$14 July 10 July 1
624c July 16 July 5
Cudahy Packing Co. common (guar.)
$4 July 16 July 10
Detroit River Tunnel Co.(s.
-a.)
5.49c June 30
Diversified Trustee Shares, series C
1% June 30 June 18
Dixon (Jos.) Crucible Co
15c July 2 June 25
Dominguez Oil Fields (monthly)
12 c July 2 June 22
Duquesne Brewing, A,pref(guar.)
750 June 30 June 25
Eastern Magnesia Talcum (guar.)
-a.)
$3$4 July 31 June 30
Eastern Theatres. Ltd.. pref. (s.
36c Oct. 15 Sept. 15
Eastern Township Telep. Co
$14 July 3 June 15
Edmonton City Dairy,64% pref.(guar.)
$1 X June 29 June 15
Electric Securities, $5 pref. (guar.)
25c July 2 June 22a
Empire Trust Co.(guar.)
-a.)
$1.20 July 2 June 30
Excelsior Life Ins. Co.(Toronto) (s.
25c July 16 June 30
Excess Ins. Co. of America, common
60c July 10 June 30
Fidelity-Phenix Fire Insurance Co. (s.
-a.)
h5c July 16 June 25
First National Corp. of Portland (Ore.)
h$2 July 1 June 19
Flour Mills of Amer.,$8 pref. A
Foreign Light & Power Co.,6% 1st pref.(guar.) $14 July 1
290 June 30 June 26
Fostoria Pressed Steel Corp
53 July 2 June 25
Fulton Trust Co. (quarterly)
$4 July 16 June 30
Gardner Electric Light (semi-ann.)
$24 July 2 June 19
5% preferred (semi-ann.)
10c July 2 June 23
Garlock Packing Co.,common (guar.)
10c July 2 June 23
Extra
zw8
General Electric (Great Britain) ord.reg
zw8
Amer. dep. rec. for ord. reg
July 2 June 20
$1
General Machinery Corp.,7% pref. (quar.)..15c July 2 June 20
Gibson Art Co.(guar.)
5c July 2 June 20
Extra
10c June 15
Gilby Wire Co
250 July 2 June 15
Goderich Elevator & Transit (s.
-a.)
50c June 29 June 29
Goodman Mfg. Co. (quar.)
$1 X Aug. 1 July 12
Gotham Silk Hosiery Co.. pref. (guar.)
5 ti
I
Name of Company.
4249
When Holders
Per
Share. Payable. ofRecord.
Great Lakes Engineering Works (guar.)
10c Aug. 1 July 25
Sc Aug. 1 July 25
Extra
Great Lakes Power Co.,ser. A $7 pref.(quar.)_ _ $1$4 July 16 June 30
250 July 2 June 20
Great Lakes Steamship Co., Inc. (quar.)
$5 July 3 June 20
Great Western Life Assurance (quar.)
25e July 2 June 20
Griesedleck Western Brewery Co
50c July 2 June 25
Griggs Cooper (guar.)
S1$4 July 2 June 25
7% preferred (guar.)
$1$4 June 30 June 25
Gross (L. M.),7% pref. (guar.)
10c June 15 June 4
Hall(A. M.) Lamp
zw10%
Handley Page,10% partic. pref.reg
=10%
10% panic.pref.(Am.dep.rec.)
250 July 1 June 23
Harbauer Co
Hartford & Connecticut Western RR. Co.
$1 Aug. 31 Aug. 20
2% preferred (8.-a.)
750 June 30 June 15
Hartford Gas (quarterly)
50c June 30 June 15
8% preferred (quarterly)
31X July 1 June 20
Hatfield-Campbell Creek Coal pref. (qu.)
150 July 1 June 20
Prior preferred (guar.)
1)4% June 30 June 28
Heath (D. C.) & Co., pref. (guar.)
87c4 June 30 June 25
Houston Natural Gas, 7% pref. (guar.)
10c July 27 July 20
Hibbard,Spencer, Bartlett & Co.(mo.)
10c Aug. 31 Aug. 24
Monthly
10c Sept.28 Sept.21
Monthly
June 25
e6%
Hobart Mfg. Co
150 July 10 June 30
Honolulu Plantation (monthly)
75c July 14 June 30a
Household Finance Corp.cl. A.& B com.(qu.)
874c July 14 June 30a
Partic. preference (guar.)
10c July 5 June 30
Hutchinson Sugar Plantation (mo.)
Illinois Northern Utilities, 6% pref.(guar.).— 51x Aug. 1 July 14
50c July 2 June 20
Illuminating Shares (quarterly)
53X July 3 June 30
Imperial Life Assurance of Canada (guar.)
51% June 30 June 20
Inspiration Hosiery Mills, pf.(qu.)
35c July 15 July 9
-a.)
Interallied Investors Corp.,cl. A (s.
$3$4 July 3 June 30
Investors Trust Shares, A.(guar.)
13.68c June 3
Series B
July 2 June 20
51
Iowa Public Serv.,$7 1st & 2nd pref.(qu.)
July 2 June 20
51
$64, 1st preferred (quarterly)
514 July 2 June 20
$6, 1st preferred (quarterly)
50c July 15 June 30
Irving Investors Fund, investors sits. (guar.)._
$1% July 1 June 20
Jams Investors Corp.,$6 pref. A (guar.)
$1 X July 1 June 20
Kahn's(E.) Sons.7% pref.(guar.)
$1 X July 2 June 19
Kansas Gas & Elec. Co 7% pref.(guar.)
514 July 2 June 19
$6 preferred (quarterly)
20c July 28 July 10
Kaufmann Dept. Stores, Inc., corn, (quar.)_ _ _ _
51)4 July 14 June 25
Kentucky Utilities Co.,8% pref. (quar.)
1234c July 15 June 15
Kelvinator Corn
$
July 15 July 5
Keystone Steel & Wire, pref. (guar.)
514 July 10 June 20
Lamont Corliss & Co. (guar.)
Si July 10 June 20
Extra
514 July 2 June 21
Lane Co., Inc. (guar.)
514 July 2 June 21
Preferred (quarterly)
690 July 2 June 220
Lawyers County Trust Co (guarterly)
$1 July 2 June 22
Leaders Filling Station, 8% pref. (guar.)
390 July 5 June 30
Lee & Cady
750 July 2 June 22
Life Insurance of Va.(guar.)
50c July 14 June 30
MacAndrews & Forbes, coin. (guar.)
514 July 14 June 30
Preferred (quarterly)
50c July.16 June 29
Magma Copper Co
Manufacturers Finance Co. (Bait.), pref. (qur.) 21 Xc June 30 June 22
750 June 29 June 2
Massachusetts Lighting (guar.)
$3 Aug. 1 July 1
Massawippi Valley RR. (semi-ann.)
McColl-Frontenac Oil Co., 6% pref. (guar.)... r$14 July 14 June 30
2june 2
2
325 July 31 July 21
4
Michigan Central RR. (s.
-a.)
5310 July
Middlesex Water 7% pref. (semi-ann.)._ _ _
July 2 June 20
Minnesota Mining & Mfg
Montreal Light, Heat & Power Consolidated
350 July 31 June 30
Common (quarterly)
50c July 16 July 2
Mosser (J. K.) Leather Co
$1 X July 12 June 30
Mount Carbon & Port Carbon RR. 03.-a.)
54 June 30
Morris Plan Co. of Savannah, Ga. (8.-a.)
50c Oct. 15 Sept. 14
National Biscuit Co. common (guar.)
5151 Aug. 31 Aug. 17
Preferred (guar.)
124c July 15 June 30
National Cash Register, new corn. (hilt.)
Wc July 2 June 21
National Fire Ins. Co. (Hartford) (guar.)
250 July 16 June 30
National Fuel Gas Co
$154 Aug. 1 July 6
National Power & Light, $6 pref. (guar.)
1.9c July 2 June 15
Nation-Wide Securities (Md.)
$1 July 2 June 23
Naumkeag Steam Cotton
143 June 25 June 21
Neptune Meter Co.85 preferred
Newark Consol. Gas 5% guaranteed (semi-ann.) $24 July 2 June 21
-a.). _ 524 July 2 June 21
New Brunswick Lt. lit. & Pr.5% pref.(s.
$2 July 2 June 20
-a.)
New England Invest'& Security 4%, pref.(s.
514 July 2 June 11
New England Power6% Preferred (guar.)
40c July 2 June 18
New Hampshire Fire Insurance (quar.)
$2 July 1 June 15
New Hampshire Power, 8% pref. (guar.)
$2 July 2 June 15
New Haven Water (semi-ann.)
52)4 July 1 June 15
New London Northern RR.(guar.)
87 June 20 June 12
New On. Cold. Star. & W'house, Ltd.(quar.)_ _
5
June 30 June 23a
New York Trust Co. (quar.)
$354 Aug. 1 July 20
North Carolina RR. gtd stk. (8.-a.)
52 July 14 June 30
Northern Central Ry. (semi-ann.)
250 June 30 June 21
North Judd Mfg. Co. (guar.)
$14 July 2 June 20
Northland Greyhound I1nes. pref. (guar.)
$1 June 30 June 28
Northwestern Bell Telep. (guar.)
514 July 14 June 20
% Preferred (guar.)
51)4 July 1 June 20
Norwich Pharmacal Co.(guar.)
14134 July 14 June 30
Ohio Brass Co.6% pref. (guar.)
1$154 July 14 June 30
6% preferred (guar.)
25c July 1 June 20
Ohio Leather Co common (guar.)
$2 July 1 June 20
First preferred (guar.)
514 July 1 June 20
Second preferred (guar.)
290 July 1 June 20
Ohio Wax Paper (quarterly)
250 July 2 June 20
Oil & Industries
250 June 30 June 20
Ontario Mfg. Co common (guar.)
250 Oct. 1 Sept. 20
Common (quar.)
5151 June 30 June 20
Preferred (guar.)
514 Oct. 1 Sept. 20
Preferred (guar.)
50c June 30 June 20
Pacific Commercial Inc. (semi-ann.)
60c July 2 June 23
Pan-American Life Ins.(N. 0.)(s.
-a.)
Paul Knitting Mills, pref. (guar.)
5151 June 30 June 20
Peaslee Gaulbert Corp. 7% pref
85131 July 2
$2 June 30 June 20
Penna. Conley Tank Car 8% pref. (guar.)
$1 July 2 June 15
Penna. Investment (Phila.), pref
Pennsylvania Power & Light $7 pref. (guar.) _ $j3i July 2 June 15
$154 July 2 June 15
$6 preferred (guar.)
313i July 2 June 15
$5 preferred (quar.)
750 July 14 June 30
Pennsylvania Salt Mfg. Co.(guar.)
3c July 3 June 23
Petrol. Oil & Gas, Ltd
290 July 25 July 2
Philadelphia Co., common (guar.)
50e July 10 June 30
Phoenix Finance Corp.8% pref. (guar.)
50c Sept. 1 Aug. 15
Photo Engravers & Electro, Ltd
750 July 10 June 30
Piedmont & Northern Ry. (quar.)
$1 June 30 June 23
Pilgrim Mills (guar.)
51)4 July 1 June 15
Planters Nut & Chocolate Co.(quar.)
Plaza Permanent Bldg. & Loan Assoc. Bait.—
Semi-annual
5331 June 30 June 30
50c Aug. 31 Aug. 20
Portland & Ogdensburg RR.(guar.)
51% July 3 June 15
Provincial Paper Co.7% pref.(guar.)
250 July 2 June 15
Providence Gas Co. (guar.)
5131 Aug. 1 July 14
Public Service Co.of No. Ill. 7% pref.(guar.)
$14 July 14 July 14
8% preferred (guar.)
70c Sept.29 Sept. 1
Public Service Corp. of N. J. common (quar.)_ _
Sep .
$2 Sept.29 sept .
8V preferred (guar.)
$131 Sept. 29 Sept. 1
7 preferred (guar.)
$131 Sept.29
$5 preferred (guar.)
50c July 31 July 2
6 preferred (monthly)
50c Aug. 31 Aug. 1
6 preferred monthly)
50c Sept.29 Sept. 1
6 preferred (monthly)
750 Aug. 15 July 24
Pullman, Inc. (guar.)
250 July 2 June 20
Reed Roller Bit, common (guar.)
4250
Financial Chronicle
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Rand Mines, Ltd.. ordinary registered
3s 6d.
Ordinary bearer
38 6d.
Republic Stamping & Enameling Co.(quar.)_ _ _
25c July 10 July 1
Reversible Collar
Si July 2 June 20
Richmond,Fredericksburg & Potomac RR.Co.—
Common voting stock (semi-annual)
$2 June 30 June 22
6% voting & non-voting corn, stock (semi-an.)
$2 June 30 June 22
Robbins(Sabin) Paper,7% pref. (quar.)
$1 4 July I June 25
3
Santa Cruz Portland Cement (quar.)
$1 July 2 June 20
St. Joseph Ry.,Lt., Heat & Pow..5% pref.(qu) S1
July 2 June 15
St. Louis National Stockyards (quar.)
Si 3% July 2 June 25
Schuylkill Valley Nay. & RR.(semi-annual)
July 12 June 30
Sl
Scott Paper Co. 71 series A pref. (quar.)
*13% Aug. 1 July 17
6% series B preferred (guar.)
Aug. 1 July 17
Segrave Corp. V preferred (quar.)
$1% July 2 June 20
Selected American Shares
4.79 June 30 June 29
Selected American Shares Coup. No. 10 (s.
4.7907c June 30
-a.)
Selected Cumulative Shares Coup. No.6 (8.-a.)- 12.353c July 2
Selected Income Shares Coup. No. S (s.
7.8565c July 2
-a.)
Shamokin Valley & Pottsville RR.(semi-ann.)
*13% Aug. 1 July 15
Shuron Optical Co.6% prior pref.(guar.)
1S1M July 2 June 25
Silver King Coalition Mines (quar.)
15c June 30 June 20
Sloan & Zook Prod. Co
20c Juno 29 June 25
Preferred (quar.)
$1 Yi June 29 June 25
Southeastern Express Co. (semi-annual)
162M July 2 June 15
Southern Calif. Gas, preferred A (guar.)
373%c July 14 June 30
6% preferred (quarterly)
37%c July 14 June 30
Sc July 14 June 30
Southland Royalty Co. common (quar.)
Springfield Fire & Marine Ins. (quar.)
$1.12 July 2 June 20
July 2 June 21
Stahl-Meyer. Inc., preferred (quar.)
Sl
Staley,(A. E.) Mfg..7% pref.(s.
533% June 30 June 20
-a.)
Standard Cap & Seal Corp.common (quar.)_....
60c Aug. 1 July 5
Standard Fuel,
% preferred (quar.)
51% July 2 June 15
Standard Screw Co. common (quar.)
50c July 2 June 19
Preferred (semi-annual)
$3 July 2 June 19
lc July 2 June 20
Standard Utilities. Inc
Stanley Works (quarterly)
25c July 2 June 15
6% preferred (quar.)
373ic. Aug. 15 Aug. 1
State & City Bldg.. s% preferred (quar.)
July 2 June 20
51
Sunoco Products. 8% preferred (quar.)
$2 July 1 June 20
Superheater Co. (quar.)
12Mc July 16 July 5
Taunton Gas Light Co.(quar.)
*1 3% July 2 June 15
Texas Electric Service, $6 pref. (quar.)
July 2 June 15
SI.
Thatcher Mfg. Co., pref. (quar.)
90c Aug. 15 July 31
Thrift Stores. Ltd.. common (quar.)
rlOc July 2 June 20
7 2d preference (guar.)
14% July 2 June 20
6 % 1st preference (guar.)
13%% July 2 June 20
Tip-Top Tailors. Ltd.,7% pref
% July 3 June 15
Title Insurance & Trust (quar.)
40c July 2 June 20
Travelers Insurance Co. (quar.)
$4 July 1 June 18
Troy & Bennington RR.(semi-annual)
$5 Aug. 2 July 20
-a.)
Twin City Bldg. & Loan Assn. A, B,& C.(s.
July 1 June 23
Twin States Gas & Elec. 7% prior lien (quar.).. S114 July 2 June 15
Union Stockyards of Omaha (quar.)
513% June 30 June 20
United Gas & Electric Co.5% pref. (semi-ann.).. 23%% July 15 June 30
United Gold Equities of Canada, Ltd—
Standard Shares
2.5c July 16 July 2
United Investment Corp.(Des Moines) (quar.)_ 23%c July 1 June 20
United Loan Corp.(quar.)
*13% July 2 June 20
Extra
50c July 2 June 20
United Shirt Distributors, 7% pref. (quar.)__-. 87 Mc July 1 Juno 15
United States Banking Corp.(monthly)
7c July 2 June 18
United States El. Light & Pow. Shares (Md.)—
Voting shares
lc July 2 June 15
United States Guarantee (quar.)
$4 June 30 June 22
United States Playing Card (quar.)
25c July 2 June 20
Universal Leaf Tobacco common (guar.)
50c Aug. 1 July 17
Extra
Si Aug. 1 July 17
Preferred ((mar.)
$2 July 2 June 28
Westinghouse Air Brake Co.(quar.)
12Mc July 31 June 30
Western Massachusetts Companies
50c June 30 June 14
Western N. Y. Water Co.$5 pref.(guar.)
July 1 June 22
Western United Gas & Electric, pref. (quar.)__ _
July 2 June 18
63%% preferred (quar.)
SPA July 2 June 18
West flooteny Power & Light Co., pref.(qu.)
July 3 June 26
West New Brighton Bank (Staten Is.. N. Y.)—
Semi-annual
$3 July 10 June 30
Weston (Geo.), Ltd., common (quar.)
25c July 3 June 20
West Virginia Pulp & Paper Co. common (quar.)
10c July 2 June 19
Whitaker Paper, preferred (quar.)
$1% July 1 JUDO 20
White Villa Grocers preferred (quar.)
July 2 June 15
SI.
Whitten Can Co., Ltd., 63%% preferred
July 2 June 15
h$1.
Wichita Union Stockyards. 8% pref. (s.
-a.)__-$4 July 16 July 10
Quarterly
S1
June 30 June 21
Woodward & Lathrop
30c June 30
7% preferred
*1 3% June 30
Woolworth (F. W.), Amer. dep. rec. ord. reg.._ 28.3c June 22 May 21
Worcester Salt, 6% pref. (quar.)
$1 A Aug. 15 Aug. 6
Yale & Towne Mfg.(quar.)
15c Oct. 1 Sept.21
Young (J. S.) Co.(guar.)
513% July 2 June 22
7% preferred (guar.)
51 3 July 2 June 22
4
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 Sc Straus. Inc.. corn. (guar.)
Extra
Acme Steel(quarterly)
Special
Adams Express Co.. pref.(quar.)
Aetna Fire Insurance Co. (quar.)
Affiliated Products. Inc. (monthly)
Agnew Surpass Shoe Store, Ltd.. prof.(guar.).Air Reduction Co. (quar.)
Alabama Great Southern RR. Co., preferred
Alabama Power Co., $7 pref. (quar.)
$6 preferred (guar.)
$5 preferred (quar.)
Albany & Susquehanna RR.(s.
-a.)
Agricultural Insurance (Watertown. N.Y.)(qu.)
Allegheny & Western Ry.(s.-a.)
Allemania Fire Ins.(Pitts.,Pa.)(quar.)
Extra
Alles & Fisher. Inc. (quarterly)
Allied Chemical & Dye Corp. pref. (guar.)
Allied laboratories preferred (guar.)
Aloe (A. S.) Co.. 7% preferred (quar.)
Aluminum Co. of Amer.. pref
Aluminum Goods Mfg.(guar.)
Aluminum Mfg. (quar.)uarterly
Quarterly
% preferred (quar.
7% preferred (Qum.
7% preferred ((mar.
Amalgamated Leather Cos.. Inc.. pref
American Bakeries Corp.. 7% pref. (quar.)_ _
American Bank Note Co.. pref. (quar.)
American Brake Shoe & Fdy. Co.,common.
Preferred (guar.)
American Can Co.. pref.(guar.)
American Chicle (quarterly)
American District Teleg. Co.of N.J.,com.(qu.)
7% pre erred (quar.)
f
Per
When Holders
Share. Payable. of Record.
50c
15c
30c
15c
3734c
12%c
$134
40c
Sc
*1 3%
75c
$3
1
$14
$134
$434
65c
53
25c
10c
10c
13
,
"
87
h$1.34
37
10c
50c
50c
50c
$1
$134
$I
50c
$134
75c
20c
$134
75c
*1
$13‘
July 2 June 18
July 2 June 18
June 30 June 21
June 30 Tune 21
July 2 June 20
July 2 June 20
June 30 June 15
July 2 June 18
July 1 June 15
July 3 June 15
July 16 June 29
Aug. 15 July 14
July
June 15
July 2 June 15
Aug. 1 July 16
July 2 June 15
July 2 June 26
July 2 Tune 20
July 2 June 21
July 2 June 21
July 2 June 15
July 2 June 11
July 1 June 26
July 2 June 21
July 1 June 15
July 1 Tune 20
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 1 June 20
July 2 Juhe 15
July 2 June 11
June 30 June 22
June 30 June 22
July 2 June 15a
July 2 June 12
July 15 June 15
July 15 June 15
Name of Company.
June 23 1934
When Holders
Per
Share. Payable. of Record.
American Cigar Co., preferred (quar.)
$134 July 2 June 15
American Enka Corp. (quar.)
25c July 2 June 15
American Envelope,7% pref. (quar.)
$1% Sept. 1 Aug. 25
7% preferred (guar.)
$1% Dec. 1 Nov. 25
American Express Co.(guar.)
$1% July 2 June 22
10c July 10 June 30
American Factors, Ltd.(monthly)- - American Felt 6% preferred (quar.)
$13: July 2 June 15
June 7
American Gas & Electric, corn. ((mar.)
25c July
Common (semi-annual)
.1'2% July 2 June 7
Preferred (quarterly)
$134 Aug. 1 July 9
American Hard Rubber,8% pref.(quar.)
$2 July 2 June 16
American Hardware Corp.(guar.)
25c July 1
Quarterly
25c Oct. 1
Quarterly
Jan. 1
American & Hawaiian Steamship Co. (quar.)
25c July 2 June 15
American Home Products Corp.(mo.)
20c July 2 June 14
American Hosiery Co.(quar.)
37Mc Sept. 1 Aug. 28
American Investment Co.of Ill., B (quar.)
July 2 June 10
American Maize Products
25c June 30 June 15
American Mfg. Co. preferred (quar.)
July 1 June 15
American Motorist Insurance Co.(quar.)
60c July 1 June 25
American Optical Co.. 1st pref. (quar.)
$1 4 July 2 June 16
3
American Power & Light Co.56 preferred
37Sic July 2 June 6
$5 preferred
31 hc, July 2 June 6
American Safety Razor Corp.(quar.)
$1 June 30 June 8
American Snuff Co common (quar.)
75c July 2 June 14
Preferred (quarterly)
M July 2 June 14
American Steel Foundries, 7% pref. (quar.)
50c June 30 June 15
American Stores Co.(quarterly)
50c July 2 June 15
American Sugar Refining Co.. corn. (quar.)
50c July 2 June 5a
Preferred (quarterly)
$1% July 2 June 5a
American Superpower Corp. 1st pref.(quar.)
$134 July 2 June 15
American Telephone & Telegraph (guar.)
$234 July 16 June 15
American Thermos Bottle 7% pref. (quar.)_
87 Mc July 2 June 20
American Thread Co., pref. (5.-a.)
12Mc July 2 May 31
American Tobacco Co. preferred (quar.)
1M % July 2 June 9
American Water Works & Electric Co.—
$134 July 2 June 8
$6 first preferred (quar.)
American 'Woolen Co.. Inc.. preferred
$134 July 16 June 15
American Wringer (guar.)
6234c July 2 June 15
Anchor Cap Corp. cumulative (guar.)
15c July 2 June 20
$1% July 2 June 20
$655 preferred (quar.)
Anglo-Persian Oil Co., Am.dep.rec. ord. reg__x w734% Aug. 7 June 8
w
% July 31 June 9
Ordinary shares
Appalachian Electric Power Co.,7% pref. (qu.) h$1% July 2 June 5
$134 July 2 June 5
$6 Preferred (quarterly)
50c June 30 June 15
Apponaug Co., common (quarterly)
h58c July 2 Juno 15
Arkansas Power & Light,$7 pref
h50c July 2 June 15
$6 preferred
$1% July 2 June 9
Armour & Co.of Delaware 7% pref.(quar.)__ _ _
El% lull" 1 June 15
Associated Breweries. (Can.), pref. (quar.)_ _
$I Tune 30 June 20
Associates Investment, corn. ((mar.)
$134 June 30 June 20
Preferred (quarterly)
-a.) $234 Aug. I June 30
Atchison Topeka & Santa Fe Ry. Co..pref.(s
$234 July 1 June 12
Atlanta Birmingham & Coast RR.(8.-a.)
25c July 2 June 30
Atlantic City Sewerage(quar.)
75c Sept. 1 Aug. 20
Atlas Corp.,$3 pref. A ((mar.)
75c Dec. 1 Nov. 20
$3 pi eferred (quar.)
Atlas Powder Co., pref. (guar.)
$134 Aug. 1 July 20
Automatic Voting Machine Corp.—
25c July 2 June 20
Common (initial)
25c July 1 June 15
Avondale Mills, A & B (quar.)
$1.45 July 2 June 26
Avon, Geneseo & Mt. Morris RR.,334% guar
80c July 1 June 15
Axton-Fisher Tobacco Co., A (qua!'.)
40c July 1 June 15
Class B (quarterly)
Preferred (quarterly)
$1% July 1 June 15
Babcock & Wilcox Co.(quarterly)
25c July 2 June 20
Backstay-Welt Co. common (special)
35c July 2 June 16
Baldwin. 6% cum. pref. (guar.)
$1% July 14 June 30
Baltimore & Cumberland Valley Ext. RR.(a.-a.) $114 July 2 June 30
25c June 30 June 20
Bancamerica-Blair Corp
Bangor & Aroostook RR.Co.corn.(quar.)
62c July 2 May 31
$1 34 July 2 May 31
Preferred (quar.)
Banh.r Hydro-Electric Co..7% pt.(q11.)
July 2 June 15
6% preferred (quarterly)
$1% July 2 June 15
Bankers Investors Trust of Amer.(s.
30c June 30 June 15
-a.)
Bankers Trust Co.(quarterly)
734% July 2 June 12
Bank of the Manhattan Co.(guar.)
50c July 2 June 22
Bank of New York & Trust Co.(quar.)
$3% July 2 June 22
Barber(W.II.) & Co pref.(quar.)
$14 July 1 June 20
Preferred (quar.)
$lq Oct. 1 9ept. 20
Preferred (quar.)
$134 Jan. 1 Dec. 20
dBasic Industry Shares, bearer (s.
-a.)
6.87c June 30
Bay State Fishing. 7% pref
h$334 Juno 30
Bayuk Cigars. Inc., preferred (guar.)
$1 34 July 15 June 30
Beatrice Creamery Co. preferred (qua!'.)
$134 July 2 Tune 14
Beaver Fire Insurance
July 2 June 15
Beech Creek RR. (quarterly)
50c July 2 June 15
Beech-Nut Packing Co., corn. (quar.)
75c July 2 June 12
Bell Telephone of Can.(quar.)
$134 July 16 June 23
Bell Telep. of Penna., 63.5% prof. (quar.)
$134 July 14 June 20
Bickford's. Inc., common (quar.)
15c July' June 20
Preferred (quarterly)
6234c July 2 June 20
Bigelow-Sanford Carpet, pref
Juno 31 May 10
Bird & Son. Inc. (quarterly)
12% July 2 Tune 25
Birmingham Fire Ins. of Pa
June 23 Juno 13
Block Bros. Tobacco (guar.)
3734c Aug. 15 Aug. 11
Quarterly
37 34c Nov. 15 Nov. 11
Preferred (qua!'.1
Si
June 30 Tune 25
Preferred (quar.
Sept. 30 Sept.25
Preferred guar.
Dec. 31 Dec. 24
11
Bloomingdale Bros.. Inc.. common (quar.)
Oc June 27 July 16
Bohn Aluminum & Drafts Co
75c July 2 June 15
Bon Ami, class A (guar.)
$I July 31 July 14
Class B (guar.)
50c July 1 June 19
Boots Pure Drug,ord. register (extra)
5%
Borg-Warner Corp. common
25c July 1 Juno 15
Preferred (quarterly)
$I
July 1 June 15
Boston & Albany RR. Co
$2
June 30 May 31
Boston Elevated (quarterly)
$1 34 July 2 June 9
Boston-Herald Traveler
40c July 2 June 22
Boston Insurance(Mass.)(quarterly)
54 July 2 June;.20
Quarterly
$4 Oct. 1 Sept. 20
Boston & Providence R.R. Co.(quar.)
$2.125 July '2 June 20
Quarterly
$2.125 Oct. 1 Sept. 1
Boston RR. Holding. pref. (8.-a.)
$2 July 10 June 30
Boston Warehouse & Storage Co.(quar.)
$1.
June 30
Boston Wharf Co. (semi-annual)
Si A June 30 June 1
Dower Roller Bearing Co.. (guar.)
25c July 20 July 1
Bralorne Mines. Ltd.(quar.)
15c July 16 June 30
Brantford Cordage Co. preferred (quar.)
50c July 15 June 20
Brazilian Traction, Light & Power Co. pref.(qu)
July 3 June 15
Bridgeport Gas Light (quar.)
Tune 30 June 15
Bridgeport Machine Co.preferred
h$1 June 30 June 20
Briggs & Stratton Corp , corn. (quar.)
25c June 30 June 20
Extra
10c June 30 June 20
Brill° Mfg. Co., Inc.. corn.(guar.)
15c July 2 June 15
Class A (quar.)
50c July 2 June 15
Bristol Brass Corp.7% preferred (quar.)
$134 July 2 June 15
British American Oil Co., Ltd. (guar.)
r20c July 3 June 16
British-Amer. Tobacco Co., ord.(interim)
xwl0d July 7 June 4
British Columbia Power Co,. class A (quar.)_
37c July 16 June 30
British Columbia Telep.. 6% pref. (collar.). -- $134 Jt ly 1 June 15.
6% 2d pref. (quarterly)
Aug. 1 July 17
Broad Street Investing Co., Inc
20c July 1 June 18
Brooklyn & Queens Transit Corp. pref. (quar.) _ Si
July 2 June 15
Brooklyn Union Gas Co.(quar.)
July 2 June 1
$I
Bruck Silk Mills, Ltd.(guar.)
2c July 16 June 15
Bucyrus Erie Co.preferred
50c July 2 June 21
Buffalo Niagara & Eastern Power. pref. (guar.)
40c July 2 June 15
$5 1st preferred (quarterly)
$134 Aug. 1 July 14
Volume 118
Name of Company.
Financial Chronicle
When Holders
Per
Share. Payable. ofRecord.
Bucyrus Monignan Co.. class B ((mar.)
45c July 2 June 20
70c Aug. I Aug. 1
Bugwell Food Markets,7% pref. A
Building Products. A & B (guar.)
25c July 1 June 15
60c June 30 June 4
Bulolo Gold Dredging Ltd
Burmah 011 Co., Ltd., conc. (final)
ztv15 o
Common, bonus
xtv2 %
Common. bonus
e23 -3%
Burt (F. N.) Co., Ltd., corn. (guar.)
50c July 3 June 15
July 3 June 15
Preferred (quar.)
$1
Calamba Sugar Estates (quar.)
40c July 1 June 15
7% preferred (guar.)
35c July 1 June 15
Calgary Power Co., corn. (guar.)
$155 July 3 June 15
California Electric Generator. 6% pref. ((uar.) $134 July 2 June 5
California Ink (quart any)
50c July 2 June 22
Camden & Burlington County By.(semi-ann.)_ _
75c July 2 June 15
Cameron Machine Co.,8% pref.(guar.)
$2 June 30 June 20
Canada Northern Power Corp., Ltd..corn.(qu.)
25c July 25 June 30
Preferred (guar.)
1 4% July 16 June 30
3
Canada Packers Co.,7% pref
July 3 June 15
h$1
Canada Permanent Mortgage (guar.)
$2 July 3 June 15
Canada Southern By. (semi-ann.)
$155 Aug. 1 June 29
Canadian Canners, Ltd., 1st pref.(guar.)
r$1% July 3 June 15
2d 'preferred
r7%c July 3 June 15
Canadian Celanese, Ltd., 7% pref. (quar.)
$134 June 30 June 15
7% preferred
h75c June 30 June 15
Canadian Converters Co., common (quar.)
_
50c Aug. 15 July 31
Canadian Cottons, Ltd., conc. (guar.)
)11 July 4 June 17
Preferred (quarterly)
r$1% July 4 June 17
Canadian Foreign Investors Corp. (guar.)
25c July 1 June 20
8% preferred (quarterly)
July 1 June 20
$2
Canadian General Electric. corn. (guar.)
75c July 2 June 15
Preferred (guar.)
r87%e July 2 June 15
Canadian Oil Co., Ltd.. pref. (guar.)
$2 July 1 June 20
Canadian Westinghouse Co. (quar.)
50c July 1 June 20
Canadian Wirebound Boxes,class A
rh25c June 30 June 15
Canfield 011, 7% pref. (guar.
$1% June 30 June 20
Cannon Mills Co. (quarterly
50c July 2 June 16
Capital Administration Co.,'Ad.—
Preferred series A (quar.)
75c July 1 June 18
Carnation Co.,7% pref. (guar.)
$1% July 2 June 20
Preferred (guar.
$15.4 Oct. 2
Preferred (guar.
$1 54 Jan. 1
87c July 2 June 15
Carolina Power & Lht Co., $7 preferred
$6 preferred
75c July 2 June 15
Carolina Tel.& Tel.(guar.)
$234 July 2 June 23
25c July 16 July 9
Carpel Corp. (quar.)
Carreras, Ltd., A & B common (interim)
zw15% June 26 June I
Case (J. I.) Co. 7% preferred
$1 July 1 June 12
-a.)
Cayuga & usquehanna RR.(s.
$1.20 July 2 June 20
Celanese Corp. of America. 7% 1st preferred.._ $334 June 30 Tune 15
77 prior preferred guar.
$134 July 1 Tune 15
Central Aguirre Associates guar.)
3754c July 2 June 19
Central Cold Storage Co. common (guar.) _ _ 1234c Aug. 15 Aug. 5
Central Fire Ins.(Balt.)(s-a)
10c July 2 June 18
Central Franklin Process, let & 2nd pref. (qu.)_ $1% July 2 June 30
Central Hanover Bank & Trust Co.(quar.)
$134 July 2 Tune 18
July 2 June 15
Central Illinois Light Co.,6% pref. (quar.)
1
7% preferred (quarterly)
134% July 2 June 15
Central Maine Power Co.7% pref. (guar.)
$134 July 2 June 11
6% and $6 preferred (guar.)
$134 July 2 Tune 11
Central Power Co., 7% preferred (guar.)
87%c July 16 June 30
6% preferred (quarterly)
75c July 16 June 30
Central Tube (monthly)
10c June 30 June 9
Centrifugal Pipe Corp. (guar.)
10e Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 5
Chain Store Products preferred (quar.)_ _
3754c June 30 June 20
Champion Coated Paper Co.
1st and special preferred
$134 July 1 June 20
Champion Fiber Co., pref. (guar.)
$134 July 2 June 20
Chase Brass & Copper. gtd. pref. A
$134 June 30
Chatham Mfg.Co.,7% pref.((mar.)
$134 July 2 June 20
6% preferred (quarterly)
$154 July 2 June 20
Chemical Bank & Trust Co.(quar.)
45c July 2 June 19
Chesapeake Corp. (quarterly)
63c July 2 June 8
Chesapeake & Ohio Ry. Co., corn. (guar.)
70c Jury 1 June 8
Preferred (semi-annually)
$3% July 1 June 8
Chesetrough Mfg. Co.(guar.)
$1 June 29 June 7
Extra
50c June 29 June 7
Chicago, Burlington & Quincy R.R
$2 June 25 June 16
Chicago Electric Service (guar.)
75c July 1 June 15
Chicago Flexible Shaft Co.. coin. (guar.)
25c June 30 June 20
Chicago Junction Rye.& Union Stkyds.(qu.)25c July 2 June 15
Preferred (quarterly)
$1% July 2 June 15
Chicago Towel Co. preferred (guar.)
$134 June 30 June 20
Chickasha Cotton Oil (special)
50c July 2 June 8
Christiana Securities, 7% pref. (guar.)
$134 July 2 June 20
Chrysler Corp. corn. (guar.)
25c June 30 June 1
Common extra
25c June 30 June 1
Cincinnati Gas & Electric ,5% pref.(quar.)
$134 July 1 June 15
Cincinnati New Orleans & Texas Pacific (s.
$4 June 26 June 4
-a.)
Cincinnati Northern RE.Co.(s-a)
$6 July 31 July 21
Cincinnati & Suburban Bell Telep. Co.(quar.)
$1.12 July 2 Tune 20
Cincinnati Union Stockyards(guar.)
40c June 30 June 16
Cincinnati Union Terminal,4% pref.(quar.)
$134 July 1 June 20
4% Preferred (guar.)
$134 Oct. 1 Sept.20
4% preferred (guar.)
$154 Jan. 1 Dec. 20
Citizens Water(Washington. Pa.)(guar.)
1134 July 2 June 20
City Ice & Fuel Co., corn. (quar.)
50c June 30 June 15
Clearfield & Mahoning RR (s•-a.)
$154 July 2 June 20
Cleveland Electric Illuminating (quar.)
50c July 1 June 20
Cleveland & Pittsburgh, reg. gtd. (quar.)
8750 Sept. 1 Aug. 10
Registered guaranteed (guar.)
8754c Dec. 1 Nov. 10
Special guaranteed (guar.)
50c Sept. 1 Aug. 10
Sendai guaranteed (quar.
.50c Dec. 1 Nov. 10
)
Clinton Trust Co. (quarterly)
50c July 2 June 11
Clinton Water Works Co..pref.(quar.)
$154 July 16 July 2
Clorox Chemical (quarterly)
50c July 1 June 20
Cluett, Peabody & Co., pref. (guar.)
$15.4 July 2 June 21
Coca-Cola Co., common (guar.)
$134 July 2 June 12
Class A (sem -annual)
July 2 June 12
$1
Coca-Cola International Corp., class A (s.-a•)
July 2 June 12
Common (quarterly)
$3 July 2 June 12
Cohen (Dan.)
40c July 1 June 15
Colgate-Palmolive-Peet Co., pref. (guar.)
$154 July 1 June 9
Colonial Finance Corp.of R.I..7% pref.(guar.) 1754c July 10 July 2
Colt's Patent Fire Arms Mfg. Co.(guar.)
25c June 30 June 9
Columbia Broadcasting System, A & B (quar.)50c June 29 June 15
Columbia Pictures Corp. common (guar.)
25c July 2 June 15
Common (semi-annual)
1 254% Aug. 2 Juno 15
.
Commercial Credit Co.. corn. (guar.)
25c June 30 June 9
134% June 30 June 9
634% 1st preferred (quarterly)
15g, June 30 June 9
7 1st preferred (quarterly)
June 30 Tune 9
8% class B preferred (quarterly)
class A cony. stock (quarterly)
75c June 30 June 9
Commercial Investment Trust Corp.,corn.(qu.)
50c July 1 June 5a
Convertible preference stock
July 1 June 5a
n
Commercial Solvents Corp.common (semi-ann.)
30e June 30 Tune I
Commonwealth Investment (Calif.) (quer.)_ _
4c Aug. 1 July 14
Commonwealth & Southern Corp.$6 pf. (guar.) 1134 July 2 June 8
Commonwealth Utility, pref. A (guar.)
$1% July 2 June 15
Preferred B (quar.)
$154 July 2 June 15
Preferred C (qu_ar.)
$1 34 July 2 June 15
Commonwealth Water & Light,$7 pref.(quar.)_ 1134 July 2 June 20
$6 preferred (quarterly)
$134 July 2 June 20
NI Aug. 15 July 30
Concord Gas Co., preferred (guar.)
Confederation Life Association (guar.)
June 30 Tune 25
Quarterly
$1 Sept.30 Sept. 25
Quarterly
11 Dec. 31 Dec. 25
25c June 30 June 18
Congress Cigar Co.. corn. (quar.)
$4 July 2
Connecticut Fire Ins., Hartford (guar.)
75c July 2 June 15
Connecticut Gas & Coke Sec. Co..$3 pr.(guar.)_
Consolidated Gas Co.of N.Y.. pref. (quar.)__ - $154 Aug. 1 June 29
Name of Company.
4251
When Holders
Per
Share. Payable. of Record.
Connecticut & Passumpsic Rivers RR.—
$3 Aug. 1 July I
Preferred (s.
-a.)
Consolidated Gas, El. Lt.& Pow.Co.of Bait.—
90c July 2 June 15
Common (quarterly)
Series A,5% preferred (quarterly)
$1% July 2 June 15
Series D,6% preferred (quarterly)
$155 July 2 June 15
Series E, 534% preferred (quarterly)
$154 July 2 June 15
h50c July 2 June 8
Consolidated Film Industries. pref
$2 Aug. 15 Aug. I
Consolidated Oil Corp.8% pref. (guar.)
Consolidated Paper, pref. (quar.)
1755c July 1 Tune 20
$2% July 2 June 15
Consumers Gas Co.(Toronto) (guar.)
$154 July 2 June 15
Consumers Power Co.,$5 pref.(guar.)
$1.65 July 2 June 15
6.6% preferred (guar.)
$154 July 2 June 15
7% preferred (guar.)
50e July 1 June 15
6% preferred (monthly)
55c July 1 June 15
preferred (monthly)
50c June 30 June 15
Continental Assurance (guar.)
$I July 1 June 18a
Continental Baking Corp., pref. (guar.)
20c July 1 June 15
Continental Bank & Trust Co. (guar.)
Continental Gas & Electric Corp., pref. (guar.). $1% July 2 June 12
SI 54 July 2 June 15
Continental Gin.6% pref.(guar.)
July 2 June 21
$1
Cornet Phosphate Co
-a.)
11 .8668c June 30
Corporate Trust Shares, original (s.
11 .3139c June 30
Series AA (semi-annual)
4 .7526c June 30
Series AA modified (semi-annual)
Accumulative (semi-annual)
11 .3540c June 30
4 .7458c June 30
Accumulative (modif.)(semi-annual)
$1% July 1 June 15
Courier Post Co. preferred (guar.)
50c July 2 June 23
Cream of Wheat(quarterly)
25c June 25 June 14
Crowell Publishing Co. common (guar.)
$I July 1 SUDO 13
Crown Williamert e Paper Co.. $7 1st pref
$2 Sept.30 Sept. 19
Crum & Forster,8% pref.(guar.)
1254c July 15 July 5
Common (quarterly)
Crum & Forster Insuranceshares Corp.
8% preferred (quarterly)
$2 June 30 June 20
741% July 2 June 20
Curtis Publishing Co., $7 cum. pref
Dairy League Corp.7% pref.(semi-ann.)
$134 July 2 June 30
25c June 30 June 18
Danahy-Faxon Stores (quar.)
50c July 2 June 15
Davenport Hosiery Mills, Inc., common
Dayton & Michigan RR..8% pref. (guar.)_ _
$1 July 3 June 15
50c July 1 June 20
Dayton Power & Light Co.6% pref.(monthly)1234c July 2 June 20
Deisel-Wemmer-Gilbert common
$334 July 2 June 15
Preferred (5.-a.)
11 July 2 June 15
Delaware RR.(semi-annual)
De Long Hook & Eye Co. (quarterly)
75c July 1 June 20
50c July 1
Denver Union Stockyards (guar.)
50c Oct. 1
Quarterly
50c Jan. 1
Quarterly
7% preferred (guar.)
$134 Sept. 1 Aug. 20
$I% Dec. 1 Nov.20
7% preferred (guar.)
254% July 2 May 15
Deposited Bank Shares of N. Y.
Detroit Edison Co. capital stock (quar.)
$1 July 16 June 30
Detroit Hillsdale & Southwestern (semi-ann.)-$2 July 7 June 20
25c July 2 June 20
Devoe & Reynolds Co.,Inc.,class A & B (qu.)
Class A & B common (extra)
25c July 2 June 20
SI% July 2 June 20
First and second preferred (guar.)
15c July 2 June 20
Diamond Shoe Corp. common (guar.)
$134 July 2 June 20
634% preferred (guar.)
30c July 2 June 20
(semi-annual)
6% second preferred
$134 July 14 June 20
Diamond State Toler.% pref. (guar.)
15c Sept. 1 Aug. 15
Doctor Pepper Co.(guar.)
15c Dec. 1 Nov. 15
Quarterly
50c July 20 June 30
Dome Mines. Ltd. (guar.)
1154 July 20 June 30
Extra
$134 July 3 June 15 •
Dominion Glass, common (quar.)
$154 July 3 June 15
Preferred (ouarterly)
Si 32 June 30 June 20
Dominion Rubber Co , pref. (guar.)
5154 July 2 June 20
Dominion Security Corp.(Rich., Va.)(s-a)
r30c July 2 June 15
Dominion Stores Ltd.,common (guar.)
5154 July 3 June 15
Dominion Textile Co., Ltd.. common (quar.)
1154 July 16 June 30
Preferred (quarterly)
e50% July 2 June 16
Dow Chemical
h$354 July 1 June 20
Dow Drug, 7% preferred
60c July 2 June 2
Draper Corp.(quar.)
5134 July 1 June 20
Driver-Harris Co.. 7% pref. (guar.)
July 2 June 15
1
Duke Power Co., corn. (quar.)
134% July 2 June 15
Preferred (quarterly)
2 July 2 June 20
Dunlan Silk Corp pref. (guar.)
B.!.duPont de Nemours& Co.—
5154 July 25 July 10
Debenture stock (quarterly)
$134 July 16 June 15
Duquesne Light Co.,5% 1st pref.(guar.)
$1 July 2 June 26
Eagle Warehouse & Storage (quar.)
25c June 30 June 20
Early & Daniel Co. (guar.)
1134 June 30 June 20
7% pref. quarterly
Eastern Gas & Fuel Associates, prior pref.(qu.). 11.125 July 1 June 15
$154 July 1 June 15
$6 preferred (quarterly)
$154 July 1 June 15
Eastern New Jersey Power 6% pref. (quar.)
$134 July 2 June 15
Eastern Steamship Lines, let pref. (qu.)
8734c July 2 June 15
Preferred (quar.)
Eastern Steel Products. 7% pref. (guar.)
5134 July 3 June 15
$1 July 2 June 5
Eastman Kodak, corn. (ouar.)
5154 July 2 June 5
Preferred (quarterly)
$154 July 17 July 7
East Penn RE.,67 gtd. (s.
0
-a.)
ule July 1 June 9
Ecuadorian Corp., Ltd.. corn. (quar.)
354% July 1 June 9
Preferred $100 par (semi-ann.)
25c June 25 June 11
Edison Bros. Stores
Elder Mfg.Co.,8% 1st pref.(guar.)
$2 July 1 June 20
$154 July 1 June 20
Class A (quarterly)
25c July 1 June 20
Common (quarterly)
$13 July 1 June 25
Electric Auto-Lite Co. 7% pref. (guar.)
Aug. 1 July 6
Electric Bond & Share Co., $6 pref. (quar.)
$134 Aug. 1 July 6
$5 preferred (quarterly)
25c July 2 June 20
Electric Controller & Mfg. Co.(guar.)
10c Aug. 1 July 16
Electric Power Assoc., Inc., class A
10c Aug. 1 July 16
Common
50c July 2 June 9
Electric Storage Battery Co.common (quar.).__
50c July 2 June 9
Preferred (guar.)
Elizabethtown Consol. Gas(guar.)
$2 July 2 June 26
$2 June 30 June 20
Elizabethtown Water Consol. (s.
-a.)
$1 Oct. 1 Sept. 20
Elizabeth & Trenton (s
-a)
5154 Oct. 1 Sept. 20
5% preferred (s-a)
$1.61 July 2 June 20
Elmira & Williamsport RR.,pref.(s.
-a.)
El Paso Electric, pref. (guar.)
5134 July 16 June 29
50c July 1 June 15
Emerson's Bromo-Seitzer. 8% pref. (guar.)._
Empire & Bay State Teleg..47, guar.(quar.) $1 Sept. 1 Aug. 22
I% guaranteed (guar.)
11 Dec. 1 Nov. 21
Empire Power Corp.$6 preferred
$154 July 1 June 15
Empire Safe Deposit Co.(quar.)
2% June 29 June 22
Endicott-Johnson Corp corn. (guar.)
75c July 1 June 18
Preferred (quar.)
$134 July 1 June 18
Eppens, Smith (semi-annual)
52 Aug. 1 July 25
Equitable Office Building
10c July 2 June 15
7% preferred (quarterly)
5134 July 2 June 15
Equity Trust Snares in American reg. (5.
7c June 30 June 25
-a.)
In American coupon, on coupon No.8
7c June 30
Escanawba Power & Traction.6% prof.(quar•)- $154 Aug. 1 July 27
6% preferred (guar.)
5154 Nov. 1 Oct. 28
Eureka Standard Consul. Min. Co.(guar.)
3c June 30 June 16
Eureka Vacuum Cleaner Co.(guar.)
1234c July 1 June 15
Faber Coe & Gregg (quarterly)
25c Sept. 1 Aug. 15
25c Dec. I Nov. 15
Quarterly
Quarterly..
25c 3-1-35 2-15-35
Sc July 2 June 15
Falconbridge Nickel Mines
Fall River Electric Light (guar.)
The July 2 June 15
25c July 2 June 25
Fanny Farmer Candy Shops (guar.)
60c July 2 June 25
Preferred (quarterly)
Farmers & Traders Life Insurance Co.(guar.).- $24 July 1 June 10
5234 Oct. 1 Sept. 10
Quarterly
50c July 1 June 15
Faultless Rubber, com.(guar.)
Federal Insurance Co. (Jersey City. (s.-a.)....
$1 July 1 June 21
Federated Dept. Stores, Inc. (quar.)
I5c July 2 June 21
10c July 2 June 21
Extra
4252
Financial Chronicle
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Feldmuehle Paper & Cellulose (Berlin)
6%
Fidelity Title & Trust (Stamford), (guar.)
$134 June 30 June 30
Fifth Ave. Bank (quar.)
36 July 1
Extra
$10 July 1
Fifth Avenue Bus Securities Corp.(quar.)
16c June 29 June 15
Filene's (Wm.) Sons Co., corn. (quar.)
20c June 30 June 20
Extra
10c June 30 June 20
Preferred (guar.)
$1 A July 2 June 20
Finance Co. of Penna. (quar.)
$234 July 2 June 16
First National Bank (quar.)
$25 July 2 June 20
First National Stores, Inc.,common (quar.)
6234c July 2 June 9
Preferred (quar.)
31A July 2 June 9
First State Pawners Society(guar.)
$134 June 30 June 20
Fisher Flouring Mills,7% Pref. (guar.)
5134 July 2 June 15
Fishman (M.H.) Co.,7% pref. A & B (quar.)..
5134 July 14 June 30
Fisk Rubber Corp.$6 pref.(guar.)
$134 July 2 June 12
Five-Year Fixed Trust Shares, bearer (s.
-a.)._ _ 29.45c June 30
Fixed Trust Oil Shares. bearer (s.
12.'r 7c June 30
-a.)
Fixed Trust Shares—
Original series, bearer (s.-a.)
17.176c June 30
Series B. nearer (s.
16.028c June 30
-a.)
Food Machinery,6% preferred (monthly)
50c July 15 July 10
50c Aug. 15 Aug. 10
63% preferred (monthly)
6A % preferred (monthly)
50c Sept.15 Sept. 10
40c July 1 June 12
Fourth National Investors Corp.common
Freiman (A. J.),6% pref.(quar.)
$134 July 2 June 15
Freeport Texas Co.6% preferred(quar.)
$134 Aug. 1 July 12
Fruehauf Trailer Co..7% A preferred (guar.).- 87 Ac July 2 June 20
Fuller Brush,7% pref.(quar.)
31A July 2 June 25
e2% July 2 June 14
Fundamental Investors
8.6c. June 30
Fundamental Trust Shares, series A
80. June 30
Series B
Gachin Gold Syndicate (quar.)
15c June 30 June 15
10c June 30 June 15
Extra
Galland Mercantile Laundry (quar.)
87Sic July 1 June 15
Gan Co., Inc.,$6 preferred (guar.)
$134 July 2 June 15
Gannett Co., Inc., $6 preferred (quar.)
$134 July 2 June 15
25c July 1 June 20
Gardner Denver Co., common
Gas & Electric of Bergen Co.(N.J.)(s-a)
'
$234 July 2 June 20
General American Investors Co., Inc.. pref.(qu.) $134 July 2 June 20
General American Transportation Corp.—
Common (semi-annual)
50c July 1 June 15
31 A Sept. 1 Aug. 23
General Cigar Co., Inc.. preferred (quar.)
Preferred (quar.)
$1% Dec. 1 Nov.22
Generale d'Electricite
80 fr.
General Electric Co.. corn. (quar.)
15c July 25 June 29
15c July 25 June 29
$10 special stock (quar.)
General Italian Edison Electric Amer. Shares
$3.39 July 13 July 6
General Mills. Inc., pref. (quar.)
SI Si July 2 June 14a
General Motors Corp.. $5 pref.(quar.)
$134 Aug. 1 Jury 9
General Printing Ink Co., common
15c July 2 June 18
Preferred (quarterly)
$134 July 2 June 18
General Railway Signal Co., common (guar.)._
25c July 2 June 11
Preferred (quarterly)
5134 July 2 June 11
General Tire & Rubber Co., pref. (quar.)
--$1A June 30 June 20
General Water, Gas & Electric, $3 pref.(quar.)_ J75c. July 2 June 15
Georgia Power Co.. $6 preferred (quar.)
$134 July 2 June 15
$5 preferred (quar.)
$134 July 2 June 15
German National RR. Co.,7% preferred—
Coupon No. 16 of series IV and coupon
No. 12 of series V (s.
-a.)
3Si%
Gilbert(A. C.). $334 cumulative preferred
h87 Si July 2 June 20
Gillette Safety Razor Co.. common (quar.)
25c June 29 June 4
Prefererence (quarterly)
$134 Aug. 1 July 2
Glens Falls Ins. Co.(N. Y.)(quar.)
8% July 1 June 15
'Glidden Co.(quar.)
25c July 2 June 11
Preferred (quar.)
$134 July 2 June 11
Goldblatt Bros.(quar.)
25c July 2 June 11
Gold Dust Corp. preferred (guar.)
$134 June 30 June 16
Gold & Stock Telegraph (quar.)
$1 34 July 2 June 20
Goodyear Textile Mills Co., pref. Mari
$11 July 2 June 20
July 2 June 1
Goodyear Tire & Rubber Co..7% pref. (quar.)
Goodyear Tire & Rubber (Can.), corn. (guar.).
July 3 June 15
July 3 June 15
Preferred (quar.)
Gorton-Pew Fisheries (quar.)
June 30 June 20
July 2 June 20
Gottfried Baking Co.,Inc.. preferred (quar.)
Oct. 1 Sept.20
Preferred (quar.)
Preferred (quar.)
Jan. 2 Dec. 20
Grace(N.R.)6% first pref. (semi-annual)
$3 June 30 June 28
6% first preferred (semi-annual)
$3 Dec. 29 Dec. 27
Grand Rapids Varnish Corp
10c June 30 June 20
25c June 30 June 18
Granite City Steel Co.(quar.)
25c July 2 June 12
Grant(W. T.).(quar.)
Gt. Western Electro Chem Co.,6% 1st pf.(qu.) $134 July 1 June 20
60c July 2 June 15
Great Western Sugar Co.,common (quar.)
Preferred (quarterly)
$134 July 2 June 15
Green & Coats Street Phila. Passenger By.,pref. $134 July 7 June 22
$134 Oct. 6 Sept. 22
Preferred
July 2 June 15
$1
Green (D.) Co.,6% preferred (guar.)
Greenwich Water & Gas. 6% pref. (quar.)
$134 July 1 June 20
25c July 2 June 15a
Greif Bros. Cooperage Corp., cl. A. corn
51,1 July 1 June 20
Greif (L.) & Bro. Inc., 7% pref. (quar.)
$100 June 30 June 9
Group No. I Oil Corp. (guar.)
Guarantee Co.of N. Amer.(Montreal)(quar.)_ $134 July 16 June 30
July 16 June 30
$2
Extra
June 30 June 8
5
Guaranty Trust Co. of N. Y.(quar.)
Gulf Power Co..$6 pref. (quar.)
$134 July 2 June 20
$134 July 2 June 15
Gurd (Chas.), 7% pref. (quar.)
Hackensack Water Co.7% pref. class A (Guar.) 43 Ac June 30 June 18
15c Sept. 1 Aug. 15
Hale Bros. Stores.Inc.(quar.)
15c Dec. 1 Nov. 15
Quarterly
45c July 3 June 9
Halifax Fire Insurance Co
25c July 2 June 15
Haloid Co. (quarterly)
25c July 2 June 15
Extra
$13' July 2 June 15
7% preferred (quarterly)
June 30 May 31
Hamilton United Theater, pref.(quar.)
July 2 June 15
Hammermlli Paper Co.,6% pref. (quar.)
July 2 June 20
Hanes (P. H.) Knitting Mills,7% pref.(quar.)_
July 20 July 10
Hannibal Bridge (quar.)
July 2 June 18
Hanover Fire Ins. Co.(quar.)
Aug. 1 July 21
Harbauer Co.. 7% preferred (quar.)
Oct. 1 Sept.21
7% preferred (quar.)
Jan. 1 Dec. 21
7% preferred (quar.)
July 20 July 10
HarbIson-Walker Refractories, pref.(quar.)___ _
3
Sept. 1 Aug. 15
Hardesty (R.) Mfg..7% pref.(guar.)
Dec. 1 Nov. 15
7% preferred (quar.)
700. July 15
Harrisburg Bridge, preferred
50c July 2 June 15
Hartford Fire Insurance Co. (quar.)
20c June 30 June 25
Hawaiian Agricultural Co. (monthly)
60c July 15 July 5
Hawaiian Sugar (quar.)
20c June 30
Hawaii Consolidated By., Ltd., 7% pref. A.
$131 July 2 June 16
Hazel-Atlas Glass Co
June 30 June 28
Heath (D. C.) & Co.. pref.(quar.)
$131 July 2 June 11
Helme (Geo. W.) Co., corn. (quar.)
$1 A July 2 June 11
Preferred (quarterly)
75c June 25 June 14
Hercules Powder Co.. corn (guar.)
Hershey Creamery,7% pref.(s-a)
$334 July 1 Juno 15
$131 July 2 June 20
Heyden Chemical,7% pref.(quar.)
10c June 29 June 22
Hibbard. Spencer. Bartlett& Co.(guar.)
50c Sept. 15 Sept. 8
Hickok Oil Co. (semi-annual)
$131 July 1 June 23
7% preferred (guar.)
20c July 2 June 30
-a.)
Hoelscher (Wm.) & Co.. pref. (s.
Aug. 1 July 15
Holly Sugar Corp., preferred
June 25 June 20
Homestake Mining Co. (monthly)
$1 June 25 June 20
Extra
$131 July 2 June 20
Horn & Hardart Baking (Phila.)(quar.)
25c June 28 June 11
Hoskins Mfg. Co.(quar.)
$1.05
Household Finance,pref.(quar.)
750
Quarterly
$131 June 30 June 20
Howes Bros. Co.. 7% 1st pref. (quar.)
$1 A June 30 June 20
7% preferred (quarterly)
$134 June 30 June 20
6% preferred (quar.)
Name of Company.
June 22 1934
Per
When Holders
Share. Payable. ofRecord.
Hotchkiss Co.(France)
65frs
3c
Howey Gold Alines, Ltd
July 2 May 31
Howe Sound Co. (quar.)
75c June 29 June 22
Humble 011 & Refining Co.(guar.)
25c. July 1 June 1
Hunts, Ltd., A and B (quar.)
1234c July 2 June 16
Huron Sr Erie Mortgage (Ontario) (guar.)
$1 14 July 3 Tune 15
Huylers of Del.,7% pref. stamped (quar.)
$1 July 2
7% preferred unstamped (guar.)
$1 July 2
Hygrade Sylvania (guar.)
50c July 2 June 9
Preferred (quar.)
$134 July 2 June 9
Ideal Cement (quarterly)
25c July 1 June 15
Ideal Financing Assoc.. A (quar.)
1234c July 2 June 15
$8 preferred (quarterly)
32 July 2 June 15
$2 cony. preferred (quarterly
50c July 2 June 15
I. G. Farbenindustrie (conpar No. 12)
17%
Illinois Central RR..leased lines (s.
-a.)
$2
July 2 June 11
Imperial Life Assurance (quar.)
$331 July 3
Quarterly
$331 Oct. 1
3334 Jan. 1
Quarterly
Imperial Tobacco Co.of Can.,ord. shs. (quar.)- r15,Sa June 30 June 6
Incorporated Investors (semi-annual)
July 20 June 21
Independent Pneumatic Tool Co.(quar.)
50c July 2 June 22
Extra
25c July 2 June 22
Indiana General Service, 6% pref. (guar.)
$134 July 2 June 5
Indiana & Michigan Electric, 7% pref.(quar.)
3134 July 2 June 5
6% preferred (quar.)
3134 July 2 June 5
Indianapolis Power & Lt. Co.,634% pf.(quer.). $154 July 1 June 5
6% preferred (guar.)
$134 July 1 June 5
Indianapolis Water Co., 5% pref. ser. A (quar.) $131 June 30 June 110
Industrial CottonMilis(R.H..S.C.).7%rof.(qr.)
$134 Aug. 1 July 27
Industrial Rayon Corp. (new stock) (initial).—
42c July 1 June 18
Ingersoll-Rand Co.. pref. (5.-a.)
$3 July 2 June 4
Inland Investors. Inc. (quar.)
15c July 2 June 20
-a.)
Insurance Co. of North America (s.
$1 July 16 June 30
Intercolonial Coal. Ltd. (5.-a.)
$2 July 3 June 21
8% preferred (s.
-a.)
$4 July 3 June 21
Interlake Steamship Co. (quar.)
25c July 1 Juno 13
International Business Machines Corp. (guar.). 3134 July 10 June 22
International Button Hole Mach. Co.(quar.)—
20c July 2 June 15
Extra
10c July 2 June 15
International Carriers, Ltd., capital stock
5c July 2 June 18
International Harvester Co., common (quar.)
15c July 16 June 20
International Hydro-Elec. System, pref. (guar.) 8734c July 16 June 25
International Nickel Co. of Canada. corn
too June 30 May 31
Preferred (quar)
$334 Aug. 1 July 3
International Ocean Telegraph (quar.)
$1 34 July 2 June 30
International Salt Co
37 Ac July 2 June 15a
50c July 1 June 15
International Shoe Co., corn. (quar.)
July 1 June 14a
International Silver Co..7% pref (quar.)
International Teleg. Co.of Maine (semi-annual) $1.33 July 2 June 15
50c Aug. 15 Aug. I
InQuarttelyosiery Mills (quar.)
terstaer H
50c Nov. 15 NOV. 1
July 2 June 15
$2
Intertype Corp.. 1st pref. (quar.)
July 2 June 15
-a)
$3
2d preferred (s
July 16 Juno 30
Investment Foundation pref. (guar.)
h3 c July 16 June 30
12
8c
Preferred
$134 July 2 June 20
Investors Corp.of R.I..$6 pref.(quar.)
50c June 30 June 20
Investors Royalty Co. preferred (quar.)
20c Sept.
Aug. 10
Iron Fireman Mfg. Co., nom.(quar.)
20c Dec. 1 Nov. 10
Common (quar.)
25c July 2 June 4
Irving Trust Co.(quar.)
50c July 2 June 21
Island Creek Coal Co. common (quar.)
Preferred (quar.)
$134 July 2 June 21
25c July 3 June 15
Jamaica Public Service common (quar.)
Preferred (guar.)
51,1 July 3 June 15
Jamestown Telep. Corp.7% 1st pref.(quar.)
3134 July 2 June 15
$234 July 2 June 15
Series A preferred (semi-annual)
Jefferson Electric Co
25c July 2 June 15
Jersey Central Power & Light Co.—
7% preferred (quar.)
$134 July 1 June 11
July 1 June 11
$1
6% preferred (quar.)
July 1 June 11
5 T4% preferred (quar.)
$1
75c July 14 June 30
Jewel Tea Co., Inc., common (quar.)
Johns-Manville Corp., pref. (quar.)
3131 July 2 June 18
HI S, July 2 June 18
"
Preferred (quarterly)
Joliet & Chicago RR., gtd.(quar.)
$134 July 2 June 20
Joplin Water 'Works,6% pref. (quar.)
$134 July 16 July 2
Judson Mills, 7% pref. A & B
$134 July 2 May 25
Kalamazegetable Parchment Co.(quar.)
oo V
15c June 30 June 20
Quarterly
15c Sept.30 Sept.20
Quarterly
15c Dec. 31 Dec. 20
Kansas City Power & Light, 1st pref. B (quer.). $134 July 1 June 14
(guar.)
Kansas Elec. Power Co.,7% pref.
$1 N. July 2 June 15
51
July 2 June 15
6% Jr. preferred (quarterly)
Katz Drug Co., preferred (quar.)
July 2 June 15
$1
Kaufmann Dept. Stores, pref. (quar.)
VA July 2 June 9
Kaynee Co.. pref. (quar.)
$134 July 2 June 20
Kennecott Copper
15c Juno 30 June 15
Keystone Public Serv. $2.80 pref. (quar.)
70c July 1 June 15
Kimberly-Clark Corp., pref. (quar.)
$134 July 2 June 12
King Royalty, 8% pref. (quar.)
June 30 June 15
Rings County Ltg. Co.B 7% pref.(quar.)
Si
July 2 June 18
5% preferred (quarterly)
Si
July 2 June 18
Common(guar.)
3134 July 2 June 18
6% preferred (quarterly)
$134 July 2 Tune 18
Klein (13. Emil) Co.,common (quar.)
25c July 2 June 20
Ropper's Gas & Coke Co., pref. (quar.)
$134 July 2 June 10
Kresge(S. S.) Co.,common
20c June 30 June 14
Preferred (quarterly)
$1' June 30 June 14
Kroger Grocery & Baking. 8% pref. (quar._ — $1
July 2 June 20
7% preferred (quarterly)
$1
Aug. 1 July 20
Kuhlmann (Parts)
2 $0c1 .
7 fr
0
Lackawanna RR.of N. J.. 4% gtd.(guar.)._
July 2 June 8
Lambert Co., common (quar.)
suly 30 June 18
J ppt. 2
Landers.Frary & Clark,corn.(guar.)
37340 June 30
Common (guar.)
3714c
Common (quar.)
37 Sic Dec. 31
Landis Machine. pref. (quar.)
$1 A Sept. 15 Sept. 5
Preferred (quar.)
il ki Dec. 15 Dec. 5
Larus & Bros., B
$234 Juno 30 Juno 22
8% preferred (quar.)
$2 Juno 30 June 22
Lazarus (F. & R.) Co. corn. (guar.)
10c June 30 June 20
Extra
5c June 30 June 20
Lee Rubber & Tire Corp
20c Aug. 1 July 160
Lehigh Portland Cement Co.. pref
July 2 June 14
87
Lehman Corp.(guar.)
c July 0 Tune 22
Lenox Water Co. (semi-annual)
3234 July 2 Juno 15
Liggett & Myers Tobacco Co.. pref. (quar.)
$131 July 2 June 11
Lincoln Nat. Life Ins.(Ft. Wayne)(guar.)
30c Aug. 1 July 26
Quarterly
30c Nov. 1 Oct. 26
Linde Air Products. 6% pref. (quar.)
$134 July 2 June 20
Lindsay Light Co.. pref. (quar.)
i734c June 25 Juno 9
Link Belt Co.. preferred (quar.)
$134 July 2 June 15
Little Miami RR.special guaranteed (guar.).—
50c Sept. 10 Aug. 25
Special guaranteed (guar.)
50c Dec. 10 Nov. 24
Original guaranteed (guar.)
1
$1 ..10 Sept. 10 Aug. 25
Original guaranteed (quar.)
$
Dec. 10 Nov. 24
Little Schuylkill Nay., RR.& Coal (semi-ann.)_ $1.10 July 15 June 15
Loew's. Inc. (quar.)
25c Tune 30 Juno 16
Loew'a (Marcus) Theatres. 7% pref
h$131 June 30 June 15
Lone Star Gas Corp.. preferred (quarterly)
$3I
June 30 June 15
London Tin Corp . Am. dep. rec 734% pref.- 30
June 26 May 25
Long Island Lighting Co., ser. A 7% pref. (qu.) 134
July 1 June 15
Series B 6% preferred (guar.)
134 ,,
Long Island Safe Deposit (s.-a.)
31
Loomis Sayles Mutual Fund, Inc. (quar.)
July 1 June
50c jjtutyy 2 jjuu nnce 2105
Loose-Wiles Biscuit Co . pref. (guar.)
18
5
$131 July 1
Lord & Taylor. common (quar.)$234 July 2 June 16
Lorillard (P.) Co.. corn. (quar.)
30c July 2 June 15
Preferred (quarterly)
$1 N July 2 June 15
Loudon Packing Co.(quar.)
37 34c July 2 June 15
Extra
12 A c July 2 Juno lf
Volume 138
Name of Company.
When Holders
Per
Share. Payable. of Record
Louisville Gas & Electric Co.of Delaware—
3734c June 25 May 31
Class A & B. common (quar.)
8134 July 2 June 22
% pref. (guar.)
Ludlum Steel Co..
$184 July 1 June 22
Lunkenheimer Co., 634% pref. (guar.)
$114 Oct. 1 Sept.21
% preferred (guar.)
$1% Jan. 2 Dec. 22
% preferred (quar.)
40c July 2 June 15
Lykens-Valley RR. & Coal (semi-ann)
$.3 July 2 June 15
Lynchburg & Abingdon Teleg. (semi-annua)
100 fr.
Lyonnalse des Eaux
$3 July 10 June 30
MacFadden Publications, Inc.. $6 pref
25c June 30 June 15
Mack Trucks, Inc
10c July 15 June 30
Magnin (I.) & Co
El% Aug. 15 Aug. 5
Preferred (quar.)
$134 Nov. 15 Nov. 5
Preferred (quar.)
$64 Aug. 1 July 16
Mahoning Coal RR. Co., common (quar.)
$184 July 2 June 25
Preferred (semi-annual)
Manchester Gas,7% pref. (quar.)
$1% July 2 June 20
15c July 2
Mani Agriculture, Ltd.(quar.)
$1% July 2 June 20
Manischewitz (B.) Co.. pref. (quar.)
25c July 2 June`15
Manufacturers Trust Co. (quar.)
75c July 2 June 15
Mapes Consol Mfg.(guar.)
Marconi's Wireless Teleg. Co.. Ltd., corn
xv36%
10c July 2 June 15
Marine Midland Corp. (quar.)
%
$18 July 2 June 20
Marion Water,7% pref. (guar.)
50c July 2 June 21
Marlin Rockwell Corp. (quar.)
Mascot Oil Co.(guar.)
lc June 25 June 15
374c July 2 June 11
Mathieson Alkali Works, Inc.. corn. (quar.)
Preferred (quarterly)
$13( July 2 June 11
40c Sept. 1 Aug. 15
May Department Stores (quar.)
50c Aug. 1 July 14
McCall Corp., common (quar.)
McKeesport Tin Plate Co. (quar.)
$1 July 2 June 15
75c July 2 June 22
McQuay Norris Mfg. Co.. common (quar.)
75c July 2 June 15
Mead Johnson & Co., corn. (quar.)
25c -July 2 June 15
Extra
35c July 2 June 15
Preferred (semi-annual)
Memphis Power & Light Co.,7% pref. (quar.)_ $14 July 2 June 16
3134 July 2 June 16
6% preferred (quarterly)
50c July 2 June 20
Merchants Bank (guar.)
40c June 30 June 18
Merchants & Miners Transportation Co.(quar.)3134 July 1 June 25
Merchants Nat. Realty 6% pref. A & 13 (quar.)_
25c June 30 June 23
Merchants Refrigerating Co. of N. Y.(quar.)
52 July 2 June 18
Merck Corp., preferred
25e July 2 June 16
Mesta Machine Co.. corn. (quar.)
515-4 July 2 June 16
Preferred (quarterly)
July 2 June 15
$1
Metal Package Corp., common (quar.)
$1 Aug. 1 July 20
Metal Thermit Corp.(quar.)
$1% July 1 June 20
7% preferred (quar.)
3184 June 30 June 23
Metropolitan Coal, pref.(quar.)
8
81 % July 1 May 31
Metroploitan Edison. $1 pref. (quar.)
$134 July I May 31
(quarterly)
$6 preferred
$14 July 1 May 31
$5 preferred (quarterly)
314 July 2 June 20
Meyer-Blanke. pref. (quar.)
h$334 July 2 June 20
l'referred
32 July 1 June 26
Midland Steel Products (quar.)
$3 July 1 June 20
Milland Grocery 6% preferred (semi ann.)
Mill Creek & Mine Hill Navigation & RR (s-a)_ 81 34 July 12 Tune 30
$14 July 2 June 20
Minneapolis Gas Light, 5% units (quar.)
July 1 June 20
Minn.
-Honeywell Regulator, 6% pref. (quar.)
$1
$1.31 July 2 June 11
Minnesota Power & Light Co.7% pref
$1.12 July 2 lune 11
$6 & 6% preferred
Miss. River Power, pref. (quar.)
$134 July 2 June 15
Mississippi Valley Tuolic Service
6% preferred B (guar.)
$14 July 2 June 21
Missouri Edison Co.,$7 pref. (quar.)
58 1-3c July 2 June 20
Missouri River-Sioux City Bridge Co. pref.(qu.) $184 July 16 June 30
Mitchell (.1. S.) 7% pref. (guar.)
_
8134 July 3 Tune 15
Mobile & Birmingham RR., 4% gtd (s-a)
July 2 June 1
$2
Mock, Judson. Voehringer, common
25c luly 15 July 1
7% preferred (quar.)
4 July 1 June 15
$1 8
h$1 July 3 Tune 15
Monarch Knitting, 7% Preferred
Monongahela Valley Water, pref. (quar.)
3184 July 16 July 2
Monongahela West Penn Public Service Co.
7% preferred (quarterly)
4334c July 2 June 15
Monroe Chemical, pref. (quar.)
874c July 2 June 15
Montgomery Ward & Co., class A
hS1 % July 2 June 19
Moore Corp., Ltd., preferred A & B (quar.)_
3134 July 3 June 15
Moore Dry Goods Co.(guar.)
$134 July 1 July 1
Quarterly
$134 Oct. 1 Oct. 1
Quarterly
$14 Jan. 1 Jan. 1
Morris & Essex RR
3184 July 2 June 6
Morris Finance. A (quar.)
$134 June 30 June 20
Series B (guar.)
30c June 30 June 20
7% preferred (quar.)
813/ June 30 June 20
Morris 5 & 10c. Stores.7% pr.(quar.)
$1% July 1 June 20
7% preferred (quar.)
$134 Oct. 1 Sept.20
Morrison Cafeterias Consol., pref.(quar.)
$134 July 2 June 23
Morris Plan ins.Soc.(quar.)
$1 Sept. 1 Aug. 25
Quarterly
Dec 1 Nov. 26
Morristown Securities $5 nref.(9.-a.)
$24 July 2 June 15
Motor Finance Corp.,8% pref. (quar.)
$2 June 30 June 23
Mountain Producers Corp. (quar.)
15c Tidy 2 June 15a
Mountain States Telephone & Telegraph
$2 July 16 June 30
Mount Vernon Woodberry Mills, prof
55234 June 30 June 16
32 July 2 June 22
Murphy (G. C.). 8% pref. (quar.)
Murray (J. W.) Mfg. Co.,8% pref. (quar.)_-- 52 July 2 June 20
Mutual Chem.of America, pref.(guar.)
$134 June 28 June 21
Preferred (quar.)
$14 Sept.28 Sept. 20
Preferred (quar.)
134 Dec. 28 Dec. 20
Myers (F. C.) & Bros. (guar.)
25c June 30 Tune 15
Preferred (quar.)
$134 June 30 June 15
Nashua Gummed Ss Coated Paper Co.
7% preferred (quar.)
3134 July 2 June 25
Nashville & Decatur RR.. 734% guar. (s•-a.)- - 934c July 2 June 20
Nassau & Suffolk Ltg.,7% preferred (quar.)
$14 July 1 June 15
National Battery Co.. pref.(guar.)
55c June 30 June 15
National Biscuit Co.. coin. (guar.)
50c July 14 June 15a
National Breweries, common (quar.)
40c July 2 June 15
44c July 2 June 15
Preferred (quarterly)
National Candy Co.. corn. (quar.)
25c July 1 -June 12
8134 July 1 Tune 12
1st & 2nd preferred (guar.)
National Casket,pref.(quarterly)
$134 June 30 June 15
National Container Corp., preferred (quar.)_
50c Sept. 1 Aug. 15
h50c Sept. 1 Aug. 15
Preferred
50c Dec. 1 Nov. 15
Preferred (quar.)
h50c Dec. 1 Nov. 15
Preferred
30c July 2 June 4
National Dairy Prod. Corp.. common (quar.)_ _
Class A & B preferred (quar.)
$134 July 2 June 4
50c June 30 June 4
National Enameling & Stamping Co
15c July 2 June 11
National Finance Corp.of Amer.(quar.)
15c July 2 June 11
6%.preferred (quarterly
15c July 2 June 11
Extra
10c July 1 June 23
National Finance Corp.(Bait.), A.& B.(quar.)_
20c July 1 June 23
8% preferred (quarterly)
h$1% July 2 June 19
National Grocers 7% pref
$14 July 2 June 15
National Gypsum,7% pref. (quar.)
h$23 July 1 June 12
National Investors Corp., $534 pref. (quar.)
$1
June 30 June 15
National Lead Co..common (quar.)
Class 11 preferred (quar.)
$134 Aug. 1 July 20
$14 June 30 June 15
National Licorice,6% pref.(quarterly)
8
National Oil l'roducts, Inc.,$7 pref.(quar.)_ _ $14 July 2 June 20
5132 July 1 June 15
National Refining Co.,8% preferred
50c July 2 June 20
National Standard Co.(quar.)
20c July 2 June 20
Adjustment dividend
50c July 2 June 1
National Sugar Refining Co. of N. J
I5c July 2 June 14
National Tea Co., corn. (quar.)
15c July 2 June 15
Natornas Co.(quarterly)
$1 Aug. 11June 30a
Nevada-Calif. Electric, preferred
833 July 2 June Aa
I'referred
$134 July 10 June 30
Newark Telep.(Ohio),6% pref.(quar,)
25c July 1 June 16
Newberry (J. J.) Co.. corn. (quar.)
El% July 2 June 15
Plew Castle Water,6% pref.((mar.)
New England Gas& Elec. Assoc.$5 pf.(quar.) $184 July 1 May 31
4253
Financial Chronicle
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
50c July 2 June 11
New England Power Assoc..82 pref.(guar.)- _
514 July 2 June 11
$6 preferred (quarterly)
25c July 16 June 30
Common
$134 June 30 June 8
New England Telep. & Teleg. Co
$3 July 2 June 30
-a.)..
N. J. & Hudson River Ry.& Ferry Co.(s.
3134 July 1 May 31
New Jersey Pow.& Lt.$6 pref.(quar.)
3134 July 1 May 31
$5 preferred (quarterly)
51% July 2 June 20
New Jersey Water, 7% pref. (quar.)
3134 July 1 June 15
Newport Electric, 6% pref. (quar.)
50c July 1 June 15
New Rochelle(N.Y.) Trust (quar.)
$234 July 2 June 15
New York & Harlem RR.(semi-ann.)
3234 July 2 June 15
Preferred (semi-annual)
314 July 2 June 15
N.Y. Lackawanna & Western.5% gtd.(quar.)
75c July 2 June 30
-a.)
New York Mutual Teleg.(s.
New York Power & Light Corp..7% Pref.((PO- $184 July 2 June 15
3134 July 2 June 15
$6 preferred (quar.)
10c July 2 June 21
New York Shipbuilding Co.founders'shs.(qu.)_
10c July 2 June 21
Participating shares (quar.)
8134 July 2 3une 21
Preferred (quar.)
$134 July 2 June 15
New York Steam Corp., 6% pref. (quar.)
3134 July 2 June 15
7% preferred A (quarterly)
$134 July 15 June 20
New York Telephone. pref. (quar.)
50c June 28 June 15
New York Transportation Co. (quar.)
3134 July 1 June 14
Niagara Alkali Corp..7% pref.(guar.)
Niagara Share Corp. of Maryland—
J
1
$15 July 2 June 15
Class A preferred (quar.)
75c July 2
Niagara Wire Weaving, $3 pref. (quar.)
5814 July 2 June 15
preferred
$3
50c Aug. 15 Aug. 1
1900 Corporation, class A (quar.)
50c Nov. 15 Nov. 1
Class A (quarterly)
12%c
Nipissing Mines Co
25c July 2 June 20
Noblitt-Sparks Industries (quar.)
r$1 June 30 June 13
Noranda Mines, Ltd
124c July 2 June 5
North American Co.,common
el% July 2 June 5
Common
75c July 2 June 5
Preferred (guar.)
North American Rayon Corp.—
75c July 1 June 25
Prior preferred (quar.)
7% preferred (quar.)
5134 July 1 June 25
$134 July 2 June 11
North Central Texas Oil Co.,pref.(quar.)
$2 July 15 June 30
Northern Central Ry. (semi-ann.)
50c July 25 June 30
Northern Ontario Power Co., corn. (quar.)
% July 25 June 30
6% preferred (quarterly)
25c July 2 June 15
Northern Pipe Line Co.(semi-ann.)
$1 Sept. 1 Aug. 22
Northern RR.of N. J.4% guaranteed (quar.)
$1 Dec. 1 Mar. 21
4% guaranteed (quar.)
25c Aug. 1 June 30
Northern States Power Co. (Del.), corn. (quar.)
1 %% July 20 June 30
7% preferred (quar.)
6% preferred (quar.)
134% July 20 June 30
550c July 2 June 9
North Shores Gas. 7% pref
$134 July 2 June 15
North Western Teleg. Co.(s.
-a.)
8734c July 2 June 22
Norwalk Tire & Rubber Co. pref. (quar.)
$14 July 2 June 20
Norwich Pharmacal Co. (quar.)
$131 Oct. 1 Sept.20
Quarterly
$134 Jan. 1 Dec. 20
Quarterly
$2 July 2 June 15
Norwich & Worcester RR.8% pref. (quar.)_ _
50c July 2 June 20
Novadel-Agene Corp.,common
75c July 2 June 16
Nova Scotia Light & Power (quar.)
h$334 June 30 June 15
Nunn Bush & Weldon Shoe, 1st pref
15c July 15 July 11
Oahu By.& Land Co.(monthly)
10c July 14 July 6
Oahu Sugar Co.. Ltd. (monthly)
162 July 3 June 22
Ogilvie Flour Mills Co. (quar.)
$14 July 2 June 15
Ohio Edison Co., $5 pref. (quar.)
$134 July 2 June 15
$6 Preferred (quarterly)
$1.65 July 2 June 15
$6.60 preferred (quarterly)
$134 July 2 June 15
87 preferred (quarterly)
$1.80 July 2 June 15
$7.20 preferred (quarterly)
8
531% July 2 June 20
Ohio Electric Power Co., 7% Pref. (guar.)
5314 July 2 June 20
6% preferred (quar.)
July 2 June 11
162
Ohio Finance Co., 8% pref. (quar.)
July 2 June 11
$1
Class A (quar.)
11234 July 2 June 16
Ohio & Mississippi Teleg. Co
58 1-3c July 2 June 15
Ohio Public Service Co.. 7% pref. (monthly)_
50c July 2 June 15
6% preferred (monthly)
412-3c July 2 June 15
5% preferred (monthly)
20c
Oilstocks, Ltd
3134 July 2 June 18
Old Colony RR.(quar.)
15c July 2 June 15
Old Colony Trust Assoc., 1st ser. tr. shs. (quar.)
$2
Omnibus Corp.. pref.(quar.)
20c July 20 July 9
Onomea Sugar Co.(mo.)
8134 July 3 June 15
Ontario Lau & Debenture (quar.)
uar.)_
Orange & Rockland Electric,7% prof. (quar.) _ $1.34 July 1 June 25
$134 July 1 June 25
•
6% preferred (quar.)
10c June 30 May 31
O'Sullivan Rubber
50c July 3 June 15
Ottawa Electric Ry
50c July 3 June 15
Ottawa Traction
Ottawa Light. Heat St Power Co., corn. (guar.)_ $14 July 2 June 15
3134 July 2 June 15
Preferred (quar.)
$1.08 July I June 15
Otter Tail Power Co.(Mimi.),$6 pref
99c July 1 June 15
354 preferred
50c July 2 June 15
Pacific & Atlantic Teleg. Co. of IJ. S. (s.-a.)
Sc July 2 June 15
Pacific Finance Co. of Calif. (Del.)
Pacific Gas & Electric Co., common (quar.)_ _ _ _ 3734c July 16 June 30
5134 July 16 June 30
Pacific Lighting Corp.. $6 pref.(guar.)
40c July 1 June 20
Pacific Mutual Life Insurance Co.(guar.)
575c July 2 June 15
Pacific Southern Investors, preferred
3134 June 30 June 20
Pacific Telegraph'& Telephone (quar.)
814 July 16 June 30
Preferred ((mar.)
75c July 2 June 20
Page-Hersey Tubes. Ltd.,common (quar.)
8134 July 2June20
Preferred (quarterly)
Panama Power & Light Corp.,7% pref.(quar.)_ $134 July 2 June 15
50c June 27 June 18
Paraffin° Companies. Inc.. corn. (quar.)
25c June 30 June 19
Park tra
Ex Davis & Co.(quar.)
10c June 30 June 19
Pechiney Chemicals Co
$
Aug. 15 Aug. 6
Peninsula Telephone Co., 7% nref. (guar.1_
70c July 2 June 11
Penn Central Light & Power,$2.80 pref.(qu.). _
$134 July 2 June 11
$5 preferre (quar.)
30c June 30 June 20
Penney (J. C.) Co .com.(quar.)
$134 June 30 June 20
Preferred (quarterly)
Penna. Co.for Ins. on Lives & Granting Ann'ties
40c July 2 June 11
Quarterly
Pennsylvania Gas & Electric—
$134 July 2 June 20
$7 and 7% preferred (quarterly)
h$1 % July 1 June 15
Penna. Glass Sand. $7 preferred
Pennsylvania Power Co..$6.60 pref.(mo.)
55c July 2 June 20
55c Aug. 1 July 20
$6.60 preferred (monthly)
55c Sept. 1 Aug. 20
$6.60 preferred (monthly
$6 preferred (quarterly)
$134 Sept. 1 Aug. 20
Pennsylvania Telep. Corp..6% pref. (quar.).__ 3134 July 1 June 15
Penna Warehouse& Safe Deposit(guar.)
60c July 2 June 23
75c July 2 June 15
Pennsylvania Water & Power Co. (quar.)
Preferred (quarterly)
$134 July 2 June 15
$2 June 30 June 20
Peoples Coll. Corp., 8% pref. (s.
-a.)
7% preferred (s.
$184 June :30 June 20
-a.)
s on ug
mpr
50c June 30 June 20
Peoples
25c July 2 June 8
Stores (quar.)
Peoples Nat. Gas,5% pref.(guar.)
624c July 2 June 15
Peoria Water Works,7% Pref. (quar.)
5134 July 2 June 20
Perfect Circle Co. (quarterly)
50c July 1 June 15
30c June 30 June 20
Perfection Stove Co. (quarterly)
$1 84 Oct. 1 Sept. 25
Peterborough RR. (semi-ann.)
Peter Paul, Inc. (quar.)
50c July 2 June 20
Pet Milk Co.. corn. (quar.)
25c July 2 June 13
Preferred (quar.)
$134 July 2 June 13
Phelps Dodge Corp.. special
25c July 2 June 14
July 2 June 1
Philadelphia Co., $6 cum. pref. (quar.)
$1.
$14 July 2 June 1
$5 cum. preferred (quar.)
Philadelphia Electric Power Co.
8%. $25 par, preferred (quar.)
1 Ju
9
599 Ju l
Philadelphia & Trenton RR (quar.)
82% j l y 10 j ne 30
25c. July 16 July 2
Philip Morris & Co.(guar.)
39187
4254
Financial Chronicle
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Philip Morris Consolidated, Inc.
Class A (quarterly)
43rg July 2 June 18
Philips'Incandescent Lamps(Interim div.)
Phoenix Finance, pref. (guar.)
50c July 10 July 1
Preferred (guar.)
500 Oct. 10 Oct
1
Preferred (quar.)
50c Jan. 10 Jn 1 '35
Phoenix Ins.(Hartford, Conn.)(guar.)
50c July 2 June 4
Photo Engravers & Electro
50c Sept. I Aug. 15
Pie Bakeries, Inc., 7% pref. (quar.)
Si,' July 2 June 15
$3 cum. 2d preferred (guar.)
75c July 2 June 15
Piedmont & Northern (quarterly)
75c July 10 June 30
Pioneer Gold Mines of British Columbis, Ltd
15c July 3 June 2
Pioneer Mill, Ltd.(monthly)
10c July 2 June 21
Pittsburgh Bessemer & Lake Erie R.R. (5.-a.)...
75c Oct. 1 Sept. 15
Pittsburgh Fort Wayne & Chicago R.R.(quar.)_ $I
July 2 June 11
Quarterly
$1
Oct. 2 Sept. 10
Quarterly
$1
Dec. 10
770 preferred (quar.
July 2 June 11
$1
7% preferred guar.
$14 Oct. 2 Sept. 10
7 preferred guar.
$13i Jan.
Dec. 10
Pittsburgh & Lake Erie RR (s.-a.)
$1X Aug.
June 29
Pittsburgh, McKeesport & Youghiogheny RR
(Semi-annually)
Si 3.4 July 2 June 15
Pittsfield & North Adams RR.(s.
$214 July 2 June 30
-a.)
Pittsburgh Plate Glass Co.(guar.)
35c July 2 June 9
Pittsburgh Youngstown & AshtabulaR.R.7% preferred (quar.
$1 X Sept. 1 Aug. 20
%
7% preferred (quar.
$1X Dec. 1 Nov.20
Union Water(quar.)
$13' July 2 July 2
Plume & Atwood Mfg.(guar.)
50c. July 2 June 25
Plymouth 011 Co.(guar.)
25c June 30 June 12
Pollock Paper & Box Co., pref. (quar.)
Sept. 15
Preferred (quarterly)
Dec. 15
Ponce Electric, 7% pref.(guar.)
July 2 June 15
Porto Rico Power Co.,7% pref. (quar.)
$1X July 3 June 15
Powdrell & Alexander. Inc., pref. (guar.)
31% July 2 June 30
Powell River, 7% preferred
31% Sept. 1
7% preferred
$1,' Dec. 1
Pratt & Lambert, Inc.. corn
25c July 2 June 16
Premier Gold Mining Co.. Ltd
r3c July 16 June 16
Procter & Gamble Co..8% pref. (guar.)
32 July 14 June 25
Providence Gas (guar.)
25c July 2 June 15
Providence-Washington Ins. Co.(quar.)
25c June 28 June 15
Providence & Worcester RR.(quar.)
$23.4 July 2 June 13
Provident Adj.& Inv., Ltd..6 % pref.(quar.)_ $1
July 1 June 23
Prudential Investors, Inc., $6 pref. (quar.)
$1 X July 16 June 30
Publication Corp., 7% orig. pref. (guar.)
31
July 2 June 20
Public National Bank & Trust Co.(quar.)
3714c July 2 June
Public Service Colorado. 7% pref.(monthly)„ 58 1-3c July 2 June 20
15
6% preferred (monthly)
50c July 2 June 15
57 preferred (monthly)
°
41 2-3c July 2 June 15
Public Service Co. of Oklahoma
7% prior lien stock (guar.)
$1X July 2 June 20
6% prior lien stock (guar.)
$1X July 2 June 20
Public Service Corp. of N. J., corn. (quar.)___ 70c June 30 June 1
$8 preferred (guar.}
June 30 June I
$7 preferred (guar.
3112 June 30 June I
$5 preferred (guar.
$13.4 June 30 June 1
6% preferred (monthly)
50c June 30 June 1
Public Service Electric & Gas Co.. $5 pf. (qu.)_ Si
June 30 June 1
7% preferred (guar.)
$1X June 30 June I
Quaker Oats Co., common (guar.)
SI July 16 July 2
6% preferred (guar.)
$1 X Aug.
1
Queensboro Gas & Electric. 6% pref. (quar.)_ $1 X July 31 Aug. 15
1 June
Randall class A (extra)
50c. June 28 June 25
Class B
50c. June 28 June 25
Rath Packing Co.. common (guar.)
50c July 1 June 20
Reading Co.. 2d preferred (quar.)
50c July 12 June 21
Reece Button-Hole Machine Co.(quar.)
20c July 2 June 15
Extra
10c July 2 June 15
Reece Folding Machine Co.(quar.)
Sc July 2 June 15
Reliance Mfg. Co.(Ill.), common (quar.)
15c Aug. 1 July 20
Preferred (quarterly)
SI X July 1 June 20
Rensselaer & Saratoga RR (s.
-a.)
July 2 June 15
$4
Republic Insurance,Texas (quar.)
20c Aug. 10 July 31
Quarterly
20c Nov. 10 Oct. 31
Republic Investors Fund
lc. July 1 June 20
Republic Supply Co.(guar.)
25c July 5 July 2
(Quarterly
25c Oct. 5 Oct. 2
Reyn (R. J.) Co., B (guar.)
75c July 2 June 18
Reynolds (R. J.) Tobacco, corn. (guar.)
75c July 2 June 18
Common B (quar.)
75c July 2 June 18
Rice-Stix Dry Goods Co.,common
25c Aug. 1 July 15
1st & 2nd preferred (guar.)
513.1 July 1 June 15
Richmond Water Works,6% pref.(quar.)
Si X July 2 June 20
Rich's. Inc., 6X% preferred (quar.)
SI X Tune 30 June 15
Ridge Ave. Passenger By.(Phila.. Pa.)(quar.)- $3
July
June 15
Rike-Rumler Co.. 7% preferred (quar.)
$131 July 1 June 25
Riverside Silk Mills.class A
h25c July 3 June 15
Class A (quarterly)
25c July 3 Tune 15
Rochester Telephone Corp.(quar.)
Si X July 2 June 20
% 1st preferred (quarterly)
Si
July 2 June 20
5% 2nd preferred (quarterly)
$11.1 July 2 June 20
Rockville-Willimantic Lighting
preferred (quar.)
7%
31X July 1 June 15
6% preferred quar.)
SIX July 1 June 15
Ross Gear & Too Co.,common (quar.)
30c July 1 June 20
Royal Baking Powder (guar.)
25c July 2 June 4
6% preferred (quarterly)
$1X July 2 June 4
Royal Dutch Petroleum Co.(annual)
6%
Rubber Plantations Invest. Trust common
Tea %
0
Safeway Stores, Inc., common (guar.)
75c July 1 June 19
6% preferred (guar.)
31
July 1 June 19
7% preferred (guar.)
$11 July 1 June 19
St. Croix Paper. pref. (s.
-a.)
July 2 June 22
St. Joseph & Grand Island By. Co., 1st pref
$5 June 30 June 29
St. Louis Bridge, 1st pref.(s.
-a.)
$3 July 1 June 15
2nd preferred (quarterly)
$1
July 1 June 15
San Francisco Rem. Loan Association (quar.)
7
June 30 June 15
Saratoga & Schenectady RR.(s.
-a.)
$3 July 15 July 1
Savannah Electric & Power 8% pref. A (quar.)_ _
$2 July 2 June 15
7
preferred B (guar.)
II X July 2 June 15
7% preferred 0(quar.)
July 2 June 15
-(quar.)
61.4% preferred B
14 July 2 June 15
Sayers & Scovill,6% pref.(guar.)
513' July 2 June 20
Common (quar.)
$115 July 2 June 20
Scottish Type Investors A & B (qu.)
Sc June 30 May 31
Scott Paper Co.. corn. (guar.)
371ic June 30 June 16
Scoville Mfg. Co. (quarterly)
25c July 2 June 15
Scranton Electric Co., $6 preferred (guar.)
$31X July 2 June 5
Second International Securities Corp
6% 1st preferred (guar.)
50c July 2 June 15
Second National Investors Corp.,$5 preferred
h95c July 1 June 12
Second Twin Bell (monthly)
20c July 5 June 30
Securities Holding Corp.. 6% pref
50c July 3 June 15
Selected Industries. Inc.. $5).4 prior stock (gu.)July 1 June 16
Shaffer Stores, 7% pref. (guar.)
31X July 1 June 30
Shawmut Association (guar.)
10c July 2 June 15
Shattuck (Frank G.) Co.(quar.)
Sc July 10 June 20
Shell Transport & Trading Co..common (fInal)z to? 1.
Shenango Valley Water.6% pref. (guar.)
Sept. 1 Aug. 26
$1
8% preferred (guar.)
Dec. 1 Nov.20
$1
Silverwoods Dairy
h$1 July 3 June 18
Singer Mfg. Co.(guar.)
SI X June 30 June 9
Extra
$2X June 30 June 9
Sioux City Stockyards Co., pref. (guar.)
Aug. 15 Aug. 14
$1
Preferred (quar.)
Nov. 15 Nov. 14
$1
to June 30 June 15
Siscoe Gold Mines, Ltd.(guar.)
lc June 30 June 15
Extra
Smith (S Morgan) Co.(quar.)
Si Aug. 1
Quarterly
$1 Nov. 1
1
I1
Name of Company.
June 23 1934
Per
When Holders
Share. Payable ofRecord.
South Carolina Power Co., $6 pref. (quar.)---- $114 July 2 June 15
Southeastern Cottons.Inc
$4 July 1
7% preferred
$314 July 1
Southern Acid & Sulphur (guar.)
50c Sept.15 Sept. 10
7% preferred (guar.)
$tK July 1 June 10
73. preferred (quar.)
$131 Oct. 1 Sept.10
Southern Calif. Edison Co., Ltd., orig. pt.(qu.)
2
July 15 June 20
% preferred series C (guar.)
13.4% July 15 June 20
Southern Canada Power Co., Ltd..6% pt.(qu.). 13.4% July 16 June 20
Southern Indiana Gas & Electric Co.
7% preferred (guar.)
July 1 June 20
134
6.6% preferred (quar.)
1.65
July 1 June 20
6% preferred (quar.)
134%July 1 June 20
6% preferred (semi-annual)
3
July 1 June 20
South Manchuria By
8
South Penn Oil Co. (guar.)
36 June 30 June 15
South Pittsburgh Water.7% pref.(quar.)
Si,' July 16 July 2
6% preferred (quar.)
July 16 July 2
$1
5% preferred (s.
-a.)
$134 Aug. 20 Aug. 10
South Porto Rico Sugar Co.,corn.(guar.)
60c July 2 June 13
Preferred (quarterly)
2% July 2 June 13
Southwestern Bell Telephone. pref. (quar.).
5131 July 1 June 20
Southwestern Gas & Elec. Co.7% pref.(quar.). 51% July 2 June 15
8% preferred (quar.)
52 July 2 June 15
Southwestern Light & Power Co..5% preferred.. h50c July 2 June 15
South West Penna. Pipe Lines (quar.).
$1 July 2 June 150
Sparta Foundry (quarterly)
75c June 30 Tune 15
Spencer Rellogg & Sons, Inc., corn. (quar.)_
300 June 30 June 15
Spencer Trask Fund. Inc.(guar.)
1214c June 30 June 15
Springfield Gas & Electric Co.
Preferred series A (guar.)
313.4 July 2 June 15
Springfield Rys.,4% pref. (s.
32 July 2 June 20
-a.)
Extra
75c July 2 June 20
(Semi-annual)
31.15 July 2 June 20
Square D Co.,class A
27 c June 30 June 20
25c July 2 June 4
Standard Brands, Inc., common (guar.)
$131 July 2 June 4
$7 cum. preferred (quar.)
121ic July 1 June 20
Standard Coosa-Thatcher (guar.)
$134 July 15 July 15
7% preferred (guar.)
40c July 23 July 16
Standard Fire Ins. Co.(Trenton)(guar.)
Standard Gas & Electric Co., $6 cum. pf. (qu.).
45c July 25 June 30
52c July 25 June 30
57 cum. preferred (quar.)
-a.)
$
June 30 June 9
Standard Oil Exports Corp., pref.(s.
Standard Oil Co.of Kansas(guar.)
5112 July 31 j ly 30
5
16 June 2
Standard Oil Co.(Ohio),5% pref. (guar.)
52c Aug 1 July 14
Standard Power & Light Corp.. pref
$134 June 30 June 18
Starrett (L. S.). preferred (quarterly)
52 July 2 June 23
State Theatre, pref. (guar.)
30c Aug. 1 July 7
Steel Co. of Canada. corn. (guar.)
Preferred (quarterly)
433.4c Aug. 1 July 7
$154 July 2 June 15
Stein (A.) & Co., preferred (guar.)
&Ix, Baer & Fuller. 7% Pref. (quar.)
433.4c. June 30 June 15
16c June 26 June 12
Sunshine Mining Co.(quar)
h2734c. July 1 June 23
Superior Portland Cement
271:c. July 1 June 23
4
Monthly
July 2 June 15
1
Superior Water, Light & Power, pref. (quar.)
July 2 June 15
Supersilk Hosiery Mills,7% preferred
25c June 30 June 15
est Petroleum Corp.(guar.)
25c Juno 30 June 15
SupertOrdinary (guar.)
25c June 30
Bearer (quar.)
25e June 30
Ordinary bearer (guar.)
$lq June 30 June 15
$7 preferred A (quar.)
373'c June 30 June 15
RR ( ed (guar.)
preferr
s.
Sussex
c July 2 June 15
-a.)
Sutherland Paper Co., common
10c July 2 June 20
Swedish Ball Bearing Co.,pref.(quer.)
$134 June 30 June 12
Swift & Co.(quart
(quarterly)
12Mc July 1 June 9
Sylvanite Gold Mines
Sc June 30 May 26
Tacony-Palmyra Bridge,common (guar.)
25c June 30 June 10
Common class A (quarterly)
25c June 30 Tune 10
Tamblyn (G.) Ltd., preferred (guar.)
$1 X July 3 June 23
Taylor Milling Corp.(guar.)
25c July 2 June 12
Telephone Investment Corp. (monthly)
20c July 1 Tune 20
Monthly
20c Aug. 1 July 20
Tennessee Elec. Power Co.5% pref.(quar.)
lig July 2 June 15
6% preferred (quar.)
eferred
e(
13' July 2 rune 15
preferred guar.)
$1X July 2 June 15
7.2% preferred (quar.)
$1.80 July 2 June 15
6% preferred (monthly)
50c July 2 June 15
7.2% preferred (monthly)
60c July 2 June 15
Texas Corp.(quar.)
25c July 1 Tune 1
Texan Oil& Land Co.,common (guar.)
15c June 30 Tune 9
Thayers. 3334 pref. (s.
$131 July 2 Tune 15
-a.)
Tide Water Assoc. 011 Co.. 6% pref
June 30 rune 8
11$2
Time, Inc.(guar.)
50c July 2 rune 20
Extra
25c July 2 rune 20
$614 preferred (quar.)
5134 July 2 Tune 20
Third National Investors Corp.,corn.(guar.)_ _
40c July 1 Tune 12
TIntic Standard Mining Co.(quar.)
734c June 30 June 16
Title & Mtge. Guar. Co.(N. O. La.)(s.-a.)....._
$2 July 1 June 30
Tobacco & Allied Stocks. Inc
Si July 16 July 6
Toledo Edison Co., 7% pref.(monthly)
581-3c July 2 June 15
6% preferred (monthly)
50c July 2 June 15
5% preferred (monthly)
41 2-3c July 2 June 15
Toronto Elevators, 7% pref. (guar.)
SI Si July 16 July 3
Toronto Mtge. Co.(Ont.) (guar.)
5134 July 2 June 16
Tr -Continental Corp., $6 pref. (guar.)
3114 July 1 June 16
Trico Products Corp., common (guar.)
621Ic July 2 June 18
Trinidad Leaseholders, Ltd
Amer. dep. rec. for ord. reg
=5%
Torrington Co. (quarterly)
75c July 2 June 21
Trumbull Cliffs Furnace. pref (guar.)
313' July 2 June 15
Tuckett Tobacco Co., Ltd pref. (guar.)
% July 14 June 30
Tunnel RR.of St. Louis (5.-a.)
53
July 2 June 15
Twin Bell 011 Syndicate(monthly)
52
July 5 June 30
Underwood Elliott Fisher Co.,common (guar.). 3714c June 30 June 12
Preferred (quar.)
$151 June 30 June 12
Union Carbide & Carbon Corp
35c July 2 June I
Union Elec. Light & Power (III) 63." pref.(qu.).. 3114 July 2 June 15
Union Elec. Light & Pow.(Mo.)73. pref.(qu.)_ SW July 2 June 15
6% preferred (quarterly)
$1
July 2 June 15
Union Pacific RR., common
31
July 2 June 1
United Biscuit Co.of Amer., pref.(guar.)
$1
Aug. 1 July 16
United Carbon Co.. common (quar.)
44c July 2 June 16
Preferred (s.
-e.)
5314 July 2 June 16
United Companies of N. J.(quar.)
323' July 10 June 20
United Corp.. $3 preferred (guar.)
75c July 2 June 5
United Dyewood Corp.. pref. (guar.)
$131 July 2 June 15a
United Elastic Corp. (guar.)
200 June 23 June 7
United Fruit Co., corn. (quar.)
50c July 14 June 21
United Gas & Electric Corp., pref. (guar.)
% July 1 June 15
United Gas Improvement Co.common (guar.)._ 134
300 June 30 May 31
Preferred (guar.)
3114 June 30 May 31
United Gold Mines
lc July 15 June 30
United Light & Rys.(Del.),7% prior pref.(mo.) 53 1-3c July 2 June 16
6.36% prior preferred (monthly)
53c July 2 June 16
6% prior preferred (monthly)
50c July 2 June 16
United N. J. RR.& Canal (quar.)
$234 July 10 June 20
Quarterly
S23' Oct. 10 Sept. 20
Quarterly
321e Jan. I Dec. 20
United N. Y. Bank & Trust. C-3 reg..
1.4048c July 1 June 1
0-3 bearer
11.4048c July 1
ed q
Unged Shoe Machlnery Corp.(guar.)
efen. ( uar
6214c July 5 June 19
373cJuly .5 June 19
United States Foil. class A & B common (quar.)
15c July 2 June 15
Preferred (quarterly)
$134 July 2 June 15
United States Gauge. 7% pref.(s.
-a.)
$131, July 2 June 20
Semi-annual
July 2 June 20
$2
United States Gypsum Co., corn.(quar.)
25c July 2 June 15
Preferred (guar.)
$134 July 2 June 15
United States Playing Card (guar.)
25c July 2 June 20
4255
Financial Chronicle
Volume 138
When Holders
Per
Share. Payable. ofRecord.
Name of Company.
U. S. Petroleum Co.(quar.)
Quarterly
U. S. Pipe & Foundry Co.,corn.(quar.)
Common (quar.)
Common (quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
United States Tobacco Co.,common (quar.)
Preferred (quarterly)
United States Trust Co.(quar.)
Extra
United Verde Extension Mining (quar.)
Universal Products Co.(quar.)
Upper Michigan Pow.& Lt..6% pref. (quar.)
6% preferred (cluarl
s% preferred (quar.
Upressit Metal Cap Corp.,8% pref.(quar.)
Valley RR.of New York (s.-a.)
Valve Bag,6% preferred
Van de Kamps Holland Dutch Bakers—
$633 preferred (quar.)
Vapor Car Heating Co.. Inc.. 7% pref
Venezuela 011 Concessions, Ltd., corn. (final)._
Vermont & Boston Telegraph Co.(s.
-a.)
Victor Monoghan. 7% preferred (quarterly)_._
VirginiaPublic Service, 7% pref. (guar.)
6% preferred (quarterly)
Vortex Cup Co., common
Class A (quar)
Vulcan Detinning Co.. preferred (quay.)
Preferred (quar.)
Wagner Electric Co., preferred (quar.)
Walgreen Co., preferred (quar.)
Ward Baking Corp., 7% preferred
Ware River RE., guaranteed (s-a)
Waukesha Motor Co.. common (quar.)
Wayne Knitting Mills Co.,.6% pref. (s.
-a.)
Wooden & Co.(quar.)
Wesson Oil Sz Snowdrift Co., Inc.,com.(quay.).
Western Assurance Co.(Toronto). pref. (s.
-a.)
Western Grocers. Ltd.. pref. (quar.)
Western Maryland Dairy. $6 pref. (quar.)
Western New York & Penna. Ky.(8.-a.)
5% preferred (quarterly)
Western Tablet & Stationery.7% pref.(quar.)
West Jersey & Seashore RE.,common (8.-a.)....
Westmoreland, Inc. (quar.)
Westmoreland Water.$6 pref.(guar.)
Weston Electrical Instrument Co.—
Class A (quarterly)
Class A
West Penn Electric Co., class A
West Penn Power Co.,7% pref. (quar.)
6% preferred (quarterly)
12
12
12
lc
lc
c
c
c
30c
30c
$133
.
$1%
$15
$10
25c
20c
$133
$133
$135
$2
$233
h$133
Sept. 10 Sept. 5
Dec. 10 Dec. 5
July 20 June 30
Oct. 20 Sept. 29
Jan. 20 Dec. 31
July 20 June 30
Oct. 20 Sept.29
Jan. 20 Dec. 31
July 2 June 18
July 2 June 18
July 2 June 20
July 2 June 20
Aug. 1 July 5
June 30 June 20
Aug. 15
Nov. 15
Jan. 1
July 2 June 15
July 2 June 15
July 2 June 16
$1% July 1 June 9
h$333 Sept. 10
x5%
July 2 June 16
$2
July 1
$14 July 2 June 10
8
$133 July 2 June 10
30c July 2 June 15
6233c July 2 June 15
July 20 July 10
1 5 Oct. 20 Oct. 10
31 C July 2 June 20
July 2 June 20
Si
50c July 2 June 15
1.334 July 2 June 30
30c July I June 15
$133 July 2 June 20
50c June 30 June 20
1233c July 2 June 15
$1.20 July 2 June 30
$1% July 15 June 20
$134 July 2 June 20
$133 July 2 June 30
$1
$i July 2 June 30
July 1 June 20
$133 July 2 June 15
30c July 2 June 15
$133 July 2 June 15
50c
h50c
$13i,
P4%
133%
July 2 June
July 2 June
June 30 June
Aug. 1 July
Aug. 1 July
19
19
15
5
5
When Holders
Per
Share. Payable. ofRecord.
Name of Company.
1% July 2 June 15
West Point Manufacturing Co
1% July 2 June 15
Extra
75c July 2 June 15
West Texas Utilities Co.. pref. (quar.)
Westvaco Chlorine Prod., pref. (quar.)
S1% July 2 June 15
S1'% Sept. 15 Sept. 5
Weyenberg Shoe Mfg.. preferred (quar.)
$184 Dec. 15 Dec. 5
Preferred (quarterly)
S1% July 16 July 2
Wichita Water,7% pref.(quar.)
50c July 2 June 22
White Rock Miners! Springs Co. (quar.)
July 2 June 22
SI
1st preferred (quar.)
$233 July 2 June 22
2d preferred (quar.)
6233c June 30 June 20
Wilcox-Rich Corp., class A (quar.)
$2 July 2 June 15
Will & Baumer Candle, preferred (quar.)
July 2 June 16
h$1
Wilson & Co.,7% preferred (guar.)
50c July 1 June 20
Winn & Lovett Grocery Co., class A (quar.)..
1%% July 1 June 20
Preferred (quar.)
$134 Aug. 1 July 15
Winstead Hosiery (quar.)
Si 33 Nov. 1 Oct. 15
Quarterly
110% Sept.30 Sept. 15
Woodley Petroleum Co
50c June 30 June 20
Worcester Salt (quarterly)
10c July 2 June 9
-Hargreaves Mines (quar.)
Wright
Sc July 2 Jure 9
Extra
25c July 2 June 20
Wrigley (Wm.) Jr. Co. (monthly)
25c Aug. 1 fuly 20
Monthly
25c Sept. I Aug. 20
Monthly
25c Oct. 1 Sept.20
Monthly
I5c July 2 June 11
.(quar.)
Yale & Towne Mfg. Co.
25c Aug. 1 July 16
Young(L. A.) Spring & Wire, common
t The New York Stock Exchange has ruled that stock will not be quoted
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. g Payable in scrip. h On account of accumulated dividends. j Payable in preferred stock.
k I. G. Farbenindustrle 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. en
held, or at the option of the holder (exercisable in the manner stated in the
certificate of designation, preferences and rights of the convertible preference stock, optional series of 1929), in cash at the rate of $1.50 for each
share of convertible preference stock, optional series of 1929, so held.
o Pacific Bancshares, Ltd.. have authorized the exchange of 10 shares of
capital stock for one share,thereby increasing the liquidating value 10 times.
r Payable in Canadian funds, and in the case of non-residents of Canada.
a deduction of a tax of 5% of the amount of such dividend will be made.
is Payable in U. S. funds. o A unit. w Less depositary expenses.
z Less tax y A deduction has been made for expenses.
ex-dividend on this date and
Weekly Return of the New York City
Clearing House.
Condition of the Federal Reserve Bank of
New York.
The weekly statement issued by the New York City
Clearing 1-louse is given in full below:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business June 20 1934,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JUNE 16 1934.
Clearing House
Members.
• Capital.
Bank of N Y & Trust Co
Bank of Manhattan Co.
National City Bank_ _ ._
Chem Bank dz Trust Co_
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk dr Tr Co
Corn Etch Bank Tr Co_
First National Bank
Irving Trust Co
Continental Ilk & Tr Co
Chase National Bank...
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co_
New York Trust Co....
Comml Nat Bk & Tr Co
Public Nat Bk dr Tr Co_
• Surplus and Net Demand
Deposits.
Undivided
Average.
Profits.
$
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
4,000,000
e150,270,000
500.000
25,000,000
10,000,000
5.000,000
12,500,000
7,000.000
8,250,000
Time
Deposits,
Average.
$
$
$
94,545,000
10,318,000
9,885,400
295,928,000
29,945.000
31,931,700
35,561.900 a946,999,000 160,596.000
323,816,000
21,421,000
47,510,600
177,660,100 61,004,027,000
52,478,000
246,558,000 101,073,000
10,297,500
541,943,000
44,405,000
61,291,500
16,083,700
183,761,000
22,526,000
379,843,000
16,221,000
73,717,000
374,141,000
57,612,800
9,951,000
3,467,400
27,329,000
2,547,000
e59,526;800 c1,286,195,000
79,933,000
40,032,000
3,148,900
852,000
60,610,800 d564,740,000
38,819,000
17,912,000
10,655,800
296,000
50,489,000
7,314,700
4,999,000
21,490,900
213,533,000
19,550,000
7.572.600
51.638,000
1,180,000
4,860,600
47,509,000
33,799,000
Totals
614,955,000 700,200,700 6.690.938,000 650.909,000
• As per official reports: National, March 5 1934; State, March 31 1934; Trust
Companies, March 31 1934. e As of March 15 1934.
Includes deposits in foreign branches as follows: (a) $212,869,000:(b)857.396,000:
(e) $70,536,000: (d) $15,087,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended June 15:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. JUNE 15 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
8
Manhattan—
Grace National
23,620,000
Trade Bank of N. Y. 3,012,016
Brooklyn0........looN.1Innal
4 547 nnn
Res. Dep.,
Cash.
N. 7. and
Elsewhere.
$
94,800
130,536
8
1,689,800
705,571
non
319.000
en
Dep. Other
Banks and
Trust Cos.
4.900.000
TRUST COMPANIES—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Cash.
RM. DeP., Dep, Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits,
8
Manhattan—
1
$
55,044,500 *3,439,400 9,778,400
Empire
470,057
6,563,444
96,560
Federation
468,528
8,634,401
*536,386
Fiduciary
15,074,600 .3,544,800 1,598,200
Fulton
489,600
._
Lawyers County_ . 29,563,000 *4,959,700
63,747,464 7,955,975 16,790,961
United States
3
i
1,307,900 57,247,500
546,134 6,014,012
63,177 7,774,462
941,900 16.206,500
31,978,200
59,936,322
2,487,000 20,007,000
1 890 771
ft am 507
276,000 94,886,000
erookirs--
Brooklyn
88,674,000
95 908 517
26.637 5211
•Includes amount with Federal Reserve as fo lows: Empire.82,380.200: Fiduciary,
1309,346; Fulton, 13,413,300: Lawyers' County. $4,266,000.
Assets—
$
$
Gold certificates on hand and due from
1,601,246,000 1,591,900,000
U. S. Tressury_x
Gold
2,028,000
1.934,000
Redemption fund—F. R. notes
62.710,000
62,302,000
Other cash
1,665,482,000 1,656,638.000 1,004,619,000
3,000,000
2,264,000
1,921,000
Total reserves
Redemption fund—F.R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations-Other bills discounted
2,594,000
148,404,000
380,691.000
251,160,000
183,506,000
266,892,000
299,404,000
780,255,000
749,802,000
35,000
2,335,000
796,668,000
Total bills and securities
59,601,000
1,937,000
35,000
Gold held abroad
Due from foreign banks
F. R. notes or other banks
Uncollected items
Bank premises
Federal Deposit Insurance Corp.stock. •
•
Allother assets
13,016,000
780,255,000
Other securities
23,602,000
35,999,000
172,173,000
375,984,000
232,098,000
Total 13.8. Government securities-
3,303,000
9,713,000
1,937,000
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
3,564,000
10,877.000
14,441,000
Total bills discounted
Bills bought in open market
Total assets
$
277,672,000
635,030,000
5,233,000
86,684,000
795,243,000
814,332,000
1,195,000
6,045,000
115,501,000
11,449,000
42,529,000
27,636,000
1,195,000
5,481,000
129,679,000
11,441,000
42,529,000
35,184,000
1.419,000
8.296,000
104,720,000
12,818,000
22.182,000
• 2,668,426,000 2,679,654,000 1,971,386,000
Liabilities—
Gross
Deposits.
$
$
1,540,700 22,162,100
69,339 3,254,118
361.000
June 20 1934. June 13 1934. June211933.
637.767,000 635.338,000
F. R. notes in actual circulation
36,981,000
36,209.000
F. R. bank notes in actual circulation ne t
Deposits—Member bank reserve awl.. 1,545,540,000 1.566,269,000
19,231,000
28,527,000
U. S. Treasury—General account..,..
.
1.874,000
2,036,000
Foreignbank
134,574,000 122,715,000
Other deposits
650,019,000
54,432,000
965,647,000
25,858,000
3,472,000
18,740,000
. 1,710,677,000 1,710,089,000 1,013,717,000
Total deposits
114,091,000 123,870,000 101,389,000
Deferred availability items
58,530,000
59,719,000
60,298,000
Capital paid in
85,058,000
45,217,000
45,217,000
Surplus
Reserves (FDIC stock, self insurance
1.667.000
47,266,000
47,266,000
dm.)
6,574,000
21,174,000
16,901,000
All other liabilities
. 2,668,426.000 2,679,654,000 1,971,386,000
Total liabilities
Ratio of total reserves to deposit an 1
60.4%
70.6%
70.9%
F. R. note liabilities combined
Contingent liability on bills purchase 1
12,332,000
345,000
•
209,000
for foreign correspondents
•"Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
a 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 as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
4256
Financial Chronicle
June 23 1934
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,June 21,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions.'
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 20 1934.
June 20 1934. June 13 1934. June 6 1934. May 30 1934. May 23 1934. May 18 1934. May 9 1934. May 2 1934. June211933.
ASSETS.
$
$
$
I
$
$
I
$
$
Gold ctts. on hand & due from U. 5_1--- 4,788,726,000 4,787,162,000 4,706,157,000 4,648,631.000 4,633.584,000 4,583,812.000 4,586,034,000 4,586,500,000 965,238,000
Gold
2,523,720,000
Redemption fund (F. R. notes)
26,254,000
28,200,000
30,010,000
29,774,000
29.923.000
30,165,000
30,631,000
44,250,000
31,144,006
Other cash •
232,810,000 233,854,000 223.321.000 223,880.000 238.142,000 236,520,000 234,299,000 232.267,000 287,060,000
Total reserves
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Total bills discounted
Bills bought in open market
-Bonds
U.S. Government securities
Treasury notes
Special Treasury certificates
Certificates and bills
5,047,790,000 5.049,216,000 4,959,488.000 4,901.685.000 4,901,649,000 4.850,497.000 4.849,964,000 4,849.911.000 3,820,268,000
4,352,000
4,695,000
4,434,000
4.720.000
5,354,000
5,275,000
5,791,000
6,022,000
7,392,000
6,760,000
21,196,000
6,047,000
21,829,000
5,618,000
23,379,000
9,038,000
24,662,000
6.413,000
27,838,000
6.312,010
28.090,000
6,277,000
30.297,000
7,388,000
30,924,000
47,477,000
174.579,000
27,956,000
27,876,000
28,997,000
33,700,000
34,251,000
34,402,000
38.574.000
38,312.000
222,056,000
5,200,000
5,201,000
5,221,000
5.178.000
5,263.006
5,501,000
6,656,000
8,279,000
8,827,000
472,206,000 406.416,000 406,268,000 406.194,000 406,208,000 406,190,000 407,860,000 407,868,000
1,192,609,000 1,202,264,000 1,214.508,000 1,216.490.600 1,217,000,000 1.233.599.000 1,237,089,000 1,242,591,000
441,030,000
693,482,000
765,365,000
821,726,000
800,470,000
807,470,000
806.992,000
790,367,000
786,869,000
781.370,000
820,162,000
Total U. S. Government securities- 2,430,180,000 2.430.406.000 2.430.236.0002.430.154,000 2,430,200,000 2,430,156,000 2.431,818.000 2.431,819,000 1,954.674,000
Other securities
-527,000
534.000
534,000
535,000
546.000
546,000
747,000
747,000
2,923,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks._
Uncollected items
Bank premises
Federal Deposit Insurance Corp. st0ck
All other resources
Total assets
2,463,863,000 2.464,017,000 2.464.988.000 2,469.567,000 2,470,260,000 2,470,605.000 2.475,795,000 2,479,157,000 2,188,480,000
3,129,000
17,318,000
466,297,000
52,630,000
139,299,000
44,247,000
3,128,000
18.165,000
494,632.000
52,610,000
139,299,000
53,824,000
3,122,000
18,451,000
435.751.000
52.609,000
139.299,000
49,090,000
3.125.000
15,382.000
397,257,000
52,602.000
139,299,000
48,577,000
3.134,000
16.995,000
433,048,000
52,597,000
139,299,000
47,926.000
3,135,000
20,430.000
501,044,000
52,595,000
139,299,000
46,131.000
3,134,000
16,260,000
406,394,000
52.569,000
139,299,000
45,581.000
3,131,000
18,846.000
456,805.000
52,569,000
139,299.000
44,668,000
3,835,000
21,471,000
379,017,000
54,312,000
50,951,000
8,238.925.000 8.279,586,000 8,127,232.000 8.032.214,000 8,060,262,005 1,089.011.000 7.994.787,000 8.048.408,000 6,525,726,000
LIABILITIES.
F. R. notes in actual circulation
F. R. bank notes in actual circulation..
3,054,216,000 3,054.479,000 3,068,807.000 3,051,604.000 3,038,297,000 1,061,279,000 3,059,927,000 3,058.777,000 3,090,286,000
55,353,000
57,340,000
58,748,000
60,422,000
61.439,000
63,752,000
66.252,000
70,208,000 117,774,000
Deposits
-Member banks' reserve account 3,763,666,000 3,895,108,000 3,787.048,000 3,762.920,000 3.767,269.000 3,694,493.000 3,677,863,000 3,570.283,500 2,205,302,000
U.S. Treasurer-General account-a
196,951,000
47,893,000
75,758,000
45,074,000
51,638,000
11.343.000
60,115,000 142,776,000 129,5E7,000
Foreign banks
4,434,000
4,322,000
3,686,000
4,649.000
5,610,000
5,592.000
6.915,000
10,088,000
8,585.000
Other deposits
219,943,000 246,474,000 225,816,000 227.598.000 236,809.000 246,981,000 249,983,000 273,765,000 141,843,000
Total deposits
Deferred availability items
Capital paid in
Surplus
Reserves(FDIC stock, self Insurance. arc.)
All other liabilities
Total liabilities
Ratio of total reserves to deposits and
F. It. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Maturity Distrilnaton of Bills and
Short-term Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total 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
Total bills bought in open market
1-15 days U. S. certificates and bills.--16-30 days U. S. certificates and bills.-31-60 days U.S. certificates and bills-61-90 days U.S. certificates and bills-Over 90 days U.S. certificates and bills-.
Total U. S. certificates and bills
4,189,934,000 4,193,797.000 4,092,308,000 4,047.746,000 4,061,031,000 3.991,197,000 3.994,876,000 0,993,409,000 2,486,760,000
464,856,000
147,107,000
138,383,000
161,834,000
27,242,000
489.990,000
146,460,000
138.383,000
161.833.000
37,304,000
429,302,000
146,433,000
138,383,000
161,832,000
31,419,000
399,832.000
146.271.000
138.383.000
161,832,000
28.124,000
427,374.000
146,470,000
138.383,000
161,832,000
25,436.000
501.685,000
146,202,000
138,383,000
161.832.000
24,681.000
401.661,000
146.279.000
138,383.000
161,831.000
25.578,000
454,807.000
146,300,000
133,383,000
131,831,000
24,693,000
377,793,000
147,665,000
278,599,000
12,179,000
14,670,000
8,238,925,000 8,279,586,000 8,127.232.000 8.032.214.000 8.060.262.000 8,089,011.000 7,994,787.000 8,048,408,000 6,525,726,000
69.7%
69.7%
69.3%
89.0%
69.0%
1,957,000
2.093,000
2.447,000
2.730.000
3,268,000
$
8
$
$
68.8%
3,622,000
$
8
68.7%
63.8%
68.5%
4,002.000
4.261,000
36,948,000
8
$
$
20.006,000
1,075,000
1,514,000
5,064,000
297,000
20,927,000
1,565,000
1,856.000
2.927,000
601,000
22,451,000
2,644.000
1,763,000
1,846,000
293,000
26,540,000
2,474.000
1,893,000
2,497.000
296.000
24,480.000
5,334,000
2.007,000
2,132,000
298.000
25,118,000
3,502,000
3,037,000
2,499.000
246,600
24,950,000
2,813,000
5,777,000
2.460.000
574.000
27,956,000
27,876,000
28,997,000
33,700.000
34,251.000
34.402.000
•I,358,000
371,000
3,128,000
343,000
197,000
1,404,000
3,354,000
246,000
868.000
1,406,000
659.000
2.788.000
2.571.000
198,000
1.638,000
771.000
237.000
315,000
464,000
4,247,000
928.000
204.000
435,000
3,934,000
5,178.000
5,263,000
5,501.000
6,656,000
8,279.000
8,827,000
43,975,000
130,466,000
17,725,000
594,703,000
62,180.600
21,325,000
117,621.000
21 070 000
559:174,0 0
0
4
35,113,000
34,325,000
138,844,000
269 576,000
0
3 2,304,0 0
5.200,000
5,201.000
5,221.000
33.105,000
33,225,000
80,262,000
129 469,000
489:304,000
88,604,000
31.470.006
67,880,000
110,629,000
523,143,000
79,136.000
32,105,000
48.225,000
75,662.000
574,342,000
100,096,000
51,070,000
64,482,000
591,842,000
94,736.000
65.330.000
56.962.009
589,964,000
21.325.000
70,981,000
62,210.000
34,430,000
604,421.000
146,300,000
14,036,000
35,965,000
20,653,000
5,102,000
36.574,000
28,004,000
3,177,000
5.930,000
97801.0
223,006
38,312,000
222,056,000
2.218.000
191,000
437,000
3.810,000
3,238,000
910,000
272,000
3.859.000
4,336,000
894,000
1,431,000
2,166,000
765,365,090
821,726.000
809.470.000
807.470.000
806,992.000
790.367.000
788,869.000
781,370,000
820,162,000
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
492,000
492.000
7.000
492.000
7,000
500.000
506.000
506,000
5,000
499,000
8,000
5,000
2,803,000
5.000
499,000
8,000
5,000
35,000
35,000
35,000
35,000
35,090
10,000
38,000
72,000
Total municipal warrants
_
527,000
535,000
546,000
546,000
547.000
/97,000
2,923,000
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
35,000
35,000
534,000
35,000
534.000
3,348,703,000 3,351.519.000 3,359,601.000 3,330,033,000 3.332.511.000 3,337,686,000 3,345,138,000 3,323,359.000 3,362,087,000
294,487,000 297,040,000 290,794.000 278.479,000 294,214,000 276,407,000 285,211,000 264,682,000 271,801,000
In actual circulation
3,054,216,000 3.054,479,000 3,068,807,000 3,051.604.000 3.038,2e7.000 3,061,279,000 3,059,927,000 3.058.777,000 3,090,286.000
Collateral Held by Agent as Security for
Notes Issued to Bank
Gold ctfs on handle due from U.S. Tress)
By gold and gold certificates
3,102,871,000 3.076,771,000 2.999,771,000 3,004.771.000 3,014,771.000 3,021.771.000 3,013,771.000 2.9193.271,000 1528,968 000
Cold fund-Federal Reserve Board
1 227935 000
Bs eligible paper
16,245,000
15,672,000
15,271,000
18.871,000
16,440,000 ' 18,875,000
17.009.000
22,151,000 126,141,000
267,000,000 302.700,000 375,300,000 364,300,000 352,300,000 341.300,000 349,300,000 355,900,000 504,200,000
U. S. Government securities
Tata collateral
3,386,116,000 3,395,143,000 3,390,342,000 3,387,942.000 3,384.080.000 3,379.511,000 3,381,946,000 3,380,812,000 3,387,244,000
•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
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 1034 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 as profit by the Treasury under the provisions
of the Gold Reserve Act of 1934.
a Caption Changed from "Government" tO "U. S. Treasurer-General account" and $100.000.000 included in Government deposits on May 2 transferred to "other
ce.;osita."
4257
Financial Chronicle
Volume 138
Weekly Return of the Federal Reserve Board (Concluded).
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 20 1934
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
Boston. New York
Total.
Phila.
Cleveland. Richmond Atlanta.
Chicago. St. Louis. Minneap, Xan.City. Dallas. San Fran.
$
$
$
$
$
I
I
$
$
$
$
RESOURCES.
$
I
Gold certificates on hand and due
from U.S.Treasury
4,788,726,0 401,709,0 1,601,246,0 284,784,0 357,903,0 185,789,0 128,688,0 1,023,680,0 170,247,0 101,019,0 148,688,0 95,127,0 289,846,0
567,0 4,576,0
1,045,0
1,279,0
1,002,0
2,348,0
1,812,0 3,585,0
1,934,0 2,686,0 3,186,0
Redemption fund-F.R. notes
26,254,0 2,232,0
31,843,0 10,049,0 12,356,0 10,347,0 6,004,0 12,335,0
62,302,0 35,521,0 13,698,0 8,508,0 11,763,0
Other cash
232,810,0 18,084,0
Total reserves
5,047,790,0 422,024,0 1,665,482,0 322,991,0 374,789.0 196,109,0 144,036,0 1,057,871,0 181,298,0 114,654,0 160,080,0 101,696,0 306,757,0
474 0
134.0
715,0
858,0
1,921,0
Redem. fund-F. R. bank notes250,0
4,352,0
Bills discounted:
44,0
167,0
149,0
275,0
153,0
441.0
117,0
144,0
129,0
3,564,0 1,066,0
Sec. by. U.S. Govt.obligations
511,0
6,760.0
396,0
437,0
204,0
397,0
25,0
250,0
414.0
735,0
Other bills discounted
10,877,0 5,800,0 1,266.0
395,0
21,196.0
Total bills discounted
Dills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
879,0
193,0
1,395,0
487,0
6,866,0
536,0
14,441,0
1,937,0
906,0
371,0
27,956,0
5,200,0
178,0
121,0
691,0
649,0
531,0
177,0
546.0
85,0
479,0
142,0
563,p
360,0
481,0
142,0
30,022,0 35,998,0 17,502,0 15,115,0
83,289,0 107,018,0 52,026,0 44,815.0
53,809,0 70,009,0 34,034,0 29,318,0
76,502,0 16,165.0 17,340,0 15,671,0 20,387,0 28,106,0
214,375,0 46,570,0 29,176,0 46,048,0 30,883,0 83,561.0
139,966,0 30.465,0 19,082,0 30,125,0 20,205,0 54,664,0
167,120,0 213,025,0 103,562,0 89,248,0
492.0
430,843,0 93.200,0 65,598,0 91,844.0 71.475,0 166,331,0
796,668,0 175,014.0 214,907,0 104.634.0 89,956,0
109,0
119,0
300,0
341,0
1,195,0
994,0
883,0
623,0
639,0
6,045,0
115,501,0 37,647,0 46,919,0 43,281,0 13,421,0
11.449,0 4,170,0 6,788,0 3,128,0 2,372,0
42,529,0 14,621,0 14,147,0 5,808,0 5,272,0
27.636,0 5,449,0 1,417,0 1,842,0 2,456,0
432,183,0 93,499,0 66,229,0 92,465.0 72,098,0 157,254,0
222,0
88.0
88,0
7,0
10,0
414,0
267,0 1,038,0
921,0 1,310,0
3,072,0 1,185,0
60,384,0 18.624,0 12,566.0 27,540,0 17,709,0 22,710,0
1,657,0 3,485,0 1,757,0 4,089,0
7,387,0 3,124,0
19,749,0 5,093,0 3,510,0 4,131,0 4,359,0 9,850,0
610,0
959.0
457,0
280,0 1,144,0
1,181,0
472,206,0 27,225,0 172,173,0
1,192,609,0 78,864.0 375,984,0
765,365,0 51,590,0 232,098,0
Total U.S. Govt. securities. 2,430,180,0 157,679,0 780,255,0
Other securities
35,0
527,0
Total bills and securities
2,463,863,0 158,956,0
Due from foreign banks
236,0
3,129,0
Fed. Res. notes of other banks
17,318,0
341,0
Uncollected items
466,297,0 49,545,0
Bank premises
52,630,0 3,224,0
Federal Deposit Ins. Corp.stock_ 139,299,0 10,230,0
All other resources
816,0
44,247,0
8.238,925,0 645,623,0 2,668,426,0 561,730,0 660,605,0 155,804,0 258,616,0 1,582,691,0 303,247,0 200.688,0 289,556,0 199,409,0 512,530,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 3,054,216.0242,501.0 637,767,0 247,117,0 303,033,0 141,254,0 135,184,0
F.R. banknotes in act'l eirourn-36,209,0 5,003.0 11,916,0
507,0
55,353,0
Deposits:
Member bank reserve account. 3.768.556.0 301,812,0 1,545,540,0 205,693,0 233,573.0 135,857,0 73,159,0
U. S. Treasurer-Gen. acct-__ 196,951.0 15,956,0
28.527,0 8,804,0 12,692,0 15,274,0 11,629,0
131.0
359,0
142,0
389.0
Foreign bank
2,036,0
4,484,0
269,0
Other deposits
134,574.0 11,810,0 8,542,0 5,022,0 7,983,0
219,943,0 2,590,0
767,914,0 132.233,0 95,248,0 107,506,0 40,109,0 204,350,0
1,393,0
325,0
623,059,0 109,516,0 67,616.0 127,956,0 112.498,0 232,277,0
60,987,0 11,849,0 7,088,0 11,045,0 7,567.0 5,543,0
266,0
105,0
124,0
105.0
86,0
472,0
7,823,0 14,568,0 7,264,0 3.702,0 1,386,0 14.679,0
Total deposits
4,189,934,0 320,627,0 1,710,677,0 226,696,0 255,156.0 156,295,0 92,902,0 692,341,0 136,057,0 82,054,0 142,808,0 121,556.0 252,765,0
63,504,0 19.516,0 12,038.0 26.550.0 20,355,0 23,065,0
Deferred availability items
464,856,0 49,516,0 114,091,0 36,114,0 46,448,0 40,958,0 12,701,0
12,618,0 4,027,0 3,049,0 4.148.0 3,970,0 10,793,0
60,298,0 15,400,0 12,688,0 4,983.0 4,394,0
Capital paid in
147,107,0 10,739,0
20,681,0 4,756,0 3,420,0 3,613,0 3,683,0 9,645,0
45,217,0 13,352,0 14,090,0 5,171,0 5,145,0
Surplus
138,383,0 9,610,0
Reserves: FDIC stock, self in22,718,0 5,946,0 4,535.0 4,748,0 5,489,0 11,465,0
47,266,0 17,121,0 16,447,0 6,963,0 7,853,0
surance, &c
161,834.0 11,283,0
447,0
183,0 2,354,0
344,0
387,0
2,915,0
437,0
180,0
827,0
927,0
16,901,0
All other liabilities
840,0
27,242,0
Total liabilities
645,623,0 2.668.426.0 561,730,0 660,605,0 355,804,0 258,616,0 1,582,691,0 303,247,0 200,688,0 289,556.0 199,409,0 512,530.0
8,238,925,0
Memoranda.
Ratio of total res. to dep. & F. R
note liabilities combined
Contingent liability on bills purchased for tnen enrraannndiante
69.7
74.9
70.9
68.2
67.1
65.9
63.1
72.4
67.6
64.7
64.0
6.29
67.1
1 n,7 II
1020
209.0
278.0
257.0
102,0
93,0
337.0
89.0
61.0
75.0
750
• 190,(
•"Other Cash" does not Include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
&MM. New York.
Total.
Phila.
Cleveland. Richmond Atlanta.
Chicago.
St. Louis. Minneap. Kan.City. Dallas. San Fran.
Federal Reserve notes:
$
$
Issued to F.R.I3k. by F.R.Agt_ 3,348,703,0 266,970,0
Held by Fed1 Reserve Bank..__ 294.487,0 24,469,0
$
$
$
i
$
740,150,0 263,526.0 322,866.0 150,781,0 155,543,0
102,383,0 16,409,0 19,833,0 9,527,0 20,359,0
$
S
$
$
$
$
807,345.0 136,600,0 100,428,0 114,741,0 45,287,0 244,466,0
39.431,0 4,367,0 5,180.0 7,235,0 5.178,0 40,116.0
In actual circulation
3 054 216 0 242.501,0
Collateral held by Agent as se- ' . .
curity for notes Issued to blip:
Gold certificates on hand and
due from U.S. Treasury
3,102,871,0 271,117,0
Eligible paper
816,0
16,245,0
U. S. Government securities.. 267,000,0
--Total collateral
/ Ras i le n 971 033 0
637,767,0 247,117,0 303,033,0 141,254,0 135,184,0
767,914,0 132,233.0 95,248,0 107,506,0 40,109,0 201,350.0
743,706,0 232,000,0 274,931,0 132,340,0 96,385,0
455,0
759,0
422,0
9,043,0 2,517,0
32,000,0 50,000,0 19,000.0 60,000,0
809,513,0 121,936,0 81,115,0 97,390.0 45.675,0 196,763,0
239,0
481,0
384.0
382.0
168,0
579,0
50,000,0
16,000,0 20,000,0 20,000,0
752.749.0 266.517,0 325,690,0 151,795,0 156.807.0
810.092.0 138.104,0 101,354,0 117.772,0 46.156,0 247.147.0
FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent atFederal Reserve bank notes:
Issued to FR,I3k.(outstdg.)Held by Fed'I Reserve Bank__
In actual circulation-net •_
Collat. pledged agst. outst. notes:
Discounted & purchased bills.U. B. Government securities-.
Boston. New York.
Total.
$
$
71,250,0 1,511,0
15,897,0 1,004,0
507,0
55,353,0
Cleveland. Richmond Atlanta.
Phila.
$
i
i
38,765,0 16,035,0 12,205,0
2,556,0 11,032,0
289,0
36,209,0
Chicago.
3
$
Si. Louis. Mini:eat/. Kan.Cily. Dallas. San Fran.
$
534.0
209,0
$
$
$
2.200,0
807,0
3
325,0
5,003.0 11,916,0
1,393,0
•
80,474,0
5,000,0
39,974,0 16,500,0 15,000,0
1,000,0
3.000,0
80,474,0
Total collateml
$
5,000.0
39,974,0 16.500,0
1,000.0
3.000.0
15.000.0
• Does not Include 1593,277,000 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 resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. 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.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JUNE 13 1934 (In Millions of Dollars).
Federal Reserve DistrictLoans 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 banks
Due to banks
ca.sprnarIntra rrran F. it Bank
Total.
Boston. New York
$
17,370
$
1,149
8,089
676
3,788
3,556
4,533
265
411
1,948
1,840
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Mintway. Kan.City. Dallas. San Fran.
1,181
338
329
1,742
502
347
538
384
$
1,786
498
421
169
178
742
201
160
202
182
872
231
267
201
220
60
109
62
116
335
407
71
130
39
121
61
141
60
122
223
649
$
$
$
8,052
1,022
$
$
$
8
$
t
$
9.281
473
4,264
524
760
169
151
1,000
301
187
336
202
914
6,243
3,038
301
172
2,972
1,292
271
253
562
198
118
51
99
52
651
349
201
100
133
54
222
114
147
55
566
348
2,881
248
12,661
4,450
906
1,621
3,770
5
239
49
865
339
82
122
200
1,403
51
6,637
1,101
538
141
1,730
4
133
13
674
306
46
160
225
120
19
631
459
43
90
177
1
47
11
214
135
6
88
90
26
6
171
131
17
77
78
503
52
1,583
475
34
269
497
71
8
334
163
22
94
143
37
4
218
121
5
80
97
82
11
425
168
17
202
233
74
9
281
122
38
131
117
146
15
628
930
58
167
183
4258
Financial Chronicle
United States Government Securities on the New
-Below we furnish a daily record
York Stock Exchange.
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
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Including Postage12 Mos.
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United States, U. S. Possessions and Territories
$10.00
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In Dominion of Canada
11.50
6.75
South and Central America. Spain, Mexico and Cuba
7.75
13.50
Great Britain, Continental Europe (except Spain). Asia,
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15.00
8.50
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LONDON Orme-Edwards & Smith, I 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 (June 16 to June 22 inclusive) of shares not represented
in our detailed list on the pages which follow:
STOCKS.
Week Ended June 22.
,
Sales 1
for
Week.1
Range for Week.
Lowest.
Range Since Jan. 1.
Highest.
Lowest.
Highest.
RailroadsPar Shares.' $ per share. $ per share. $ per share.$ per share.
10 85 June 19 85 June 19 74
Apr 85 June
Caro Clinch & Ohio_ 100
30 7%June 19 7%June 19 .5
Jan 11% Feb
Chic St P & Om pref 100
10 18%June 20 18%June 20 10
Detroit & Mack pt 100
Mar 18% June
% Jan 1% Apr
Duluth S S& Ati__-100
500 1%June 16 1%June 18
100
100 15(June 19 1%June 19 1
Preferred
Jan 2% Apr
100 18%June 19 18%June 19 16
May 26% Jan
Hudson & Manh pt.100
Int Rys of Cent Amer
100
40 17 June 21 17%June 16 7% Jan 22% Apr
Preferred
10 134June 20 1%June 20
% Jan 2% Mar
Market St Ry_ __ _100
100
20 4 June 22 4 June 22 3% May 8% Apr
Preferred
NY Lack & West 100
20 96 June 16 96 June 16 83
Feb 96 June
Mar 87% May
Northern Central_ _50
40 86 June 19 87%June 19 81
Pitts Ft W & Chi pf100
10165 June 19165 June 19 41% Jan 165 June
10126 June 19126 June 19 114
Feb 126 June
Renssel & Saratoga-100
Indus. & Miscell.Abrah'm 3t Straus p1100
Am Coal Co of N J(Allegh County)_ _25
Amer Radiator & Stand
Sanitary pref_ _ _ _100
Andes Copper Mining_.
Art Metal Construet_10
Austin Nichols prior A *
Bloomingdale 7% pf 100
Bon Ami class A____*
Briggs & Stratton_ ___*
Col Fuel & Ir pref.100
Conde Nast Publica'ns'
Consol Cigar pref (7)100
Prior pref x-warr_100
Cushm Sons pref (8%)'
Dunkin Silk
*
Fed M & Smelt pref_100
FosterWheelerpref _ _•
.
Indian Refining
10
Interst Dept Sts pfd 100
Kresge Dept Str pfd 100
Werch & Min Transp.*
Peoples Drug Stores*
Rev Cop & Br pref__1
Hand Brands pref_.100
rhe Fair pref
100
LInderwd-Ell-F pret 1
Jnited Amer Bosch_ _ _*
Jutted Dyewd pref_100
J S Express
100
Jniv Leaf Tob pref_ 100
la Ir el & C 5% Pfd100
vVileox-Rich cl A conv_•
10107 Julie 21107 June 21 89
Jan 107% Apr
10 27 June 16 27 June 16 22
Apr 35% Feb
30 19%June 20119%June 22 111%
100 9 June 16 9 June 16 6
20 6%June 22 6%,June 22 5
100 58 June 22 60 June 21 39%
10 105%June 22105%,June 22 88
480 77 June 16 81%June 22 76
300 18%June 22 19%June 22 15
30 25 June 20 25 June 20 10%
100 954June 22 9%June 22 7%
20 503/,June 22 51 June 19 31
40 60 June 19 60%June 18 49
10 90 June 19 90 June 19 68%
100 15 June 22 15 June 22 15
200 90 June 20 90% June 19 70
20 71 June 16 71 June 16 60
200 2%June 22 3 June 16 2%
100 66%June 16 66%June 16 21%
70 44%June 21 4734June 20 19
200 32 June 19 32 June 19 32
500 46 June 18 47 June 21 21
20 87 June 21 87 June 21 46
120125%June 16 126 June 18 121%
30 78% June20 80 June 19 50
30118% June21121 June 18 102
170 10% June22 11%June 16 9
601 68 June 18 68 June 18 59.%
%June 22
%
%June 21
200
80 125 June 16 125%June 16 112%
10' 25 June 22 25 June 22 20
1001 32 June18 32 June 18 27%
Jan 121
May 10%
Jan 9%
Jan 64
Jan 105%
May 83
Jan 24%
Jan 32
Jan 13%
Jan 59
Feb 60%
Apr 90
May 23
Jan 95
Jan 80
May 4%
Jan 72%
Jan 55
June 33%
Jan 47%
Jan 87
Jan 126
Jan 83
Jan 121
June 17
Mar' 75%
May 1%
Jan 125%
Mar 27
Jan 32
may
Apr
Apr
Apr
June
Apr
Apr
Feb
Apr
Apr
June
June
Feb
Apr
Mar
Apr
Apr
Apr
June
June
June
June
Apr
June
Feb
May
Apr
June
Feb
Feb
• No par value. x Companies reported in receivership.
Quotations for United States Treasury Certificates of
-Friday, June 22.
Indebtedness, &c.
Maturity.
Int.
Rats.
Bid.
Sept.15 1934Aug. 1 1935_
June 15 1939___
Aug. 1 1934...
Dec. 151934...
Mar. 15 1935_
Dee. 151935...
Feb. 1 1938_.
Dec. 15 1930 -
I%%
1%%
256%
234 %
234%
2St %
234 %
234%
2%%
10012u
1011122
10122:
1002w
101211
101.22
103122
103732
1041.83
Asked.
Maturity
10021,2 Apr. 15 1938...
101.822 June 15 1938._
10110,2 June 15 1935...
Feb. 15 1937...
1012s: Apr. 15 1937._
1011.22 Mar. 15 1938._
103.22 Aug. 1 1936._
103 32 Sept.15 1937_ _ _
,
1041.33
Int.
Rate.
Bid.
104
104422
102',,
1041.22
104"n
104.222
105
1051,2
104.22
1042
..
102
022
10412,1
10412as
104"21
105:22
1052
::
Bid.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Asked.
Bid.
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
Dee 19 1934
Daily Record of U. S. Bond Prices. June 16 June 18 June 11 June 20 June 21 June 22"
High 1042
:: 1042
:: 1042:: 104',, 104 32 1042,2
,
First Liberty Loan
,
3)1% bonds of 1932-47__ Low.. 104',, 104',, 104.32 1042s: 104 32 1042n.
Close 104.33 104.32 104.31 1012
(First 334s)
,
:, 104 32 104222
5
6,
s
10
Total sales in $1,000 units__ _
6
8
Converted 4% bonds of _{High
Low_
1932-47 (First 48). _
_
Close
Total sales in $1,000 units___
Converted 4%% bonds_{High 102803 1023032 102.112 102 .32 10 -, 32
,
7 2
102.'32.
of 1932-47 (First 4%s) Low_ 10224s: 102222: 10222 102"32
:2
103 0
Close 10220:: 10222u 102,, 10222u
,
33
32
12
150
Total sales in $1,000 units__
33
15
Second converted 454% High
____
___
bonds of 1932-47 (First( Low.............
Second 4%5) .
____
___ _
__ _ _
Total sales in $1,000 unUs___
High 10322,2 10321 2 10322n 103
,
Fourth Liberty Loan
- -2c:
1C13 22
3,
434% bonds of 1933-38_ Low_ 103. 32 1032,32 10321:2 103"32 10310:2 103122:
Close 103no 1032232 1032.32 1031,32 10312:2 103,
(Fourth 4345)
32
26
28
Total sales in $1,000 units__ _
4
288
20
14
(High 1010n 101"32 101 1.32 101",, 1011,3 101,032
Fourth Liberty Loan
434% bonds (2d called)_ Low_ 101 1.32 1011.2 1011.32 1 01 "az 101 0 32 1011.32
Close 1011.32 1011.3 1011.32 101 1 0 101 0,22 101,032
'
6
2
Total sales in $1,000 units ___
2
36
59
104
(High 11312 113123: 11312:: 11310:: 113.32 113
::
Treasury
Low_ 113142 11312,2 113'n 11322: 112,432 11230::
4%s 1947-52
113.32 1130232 113"n 1132
Close
:: 112,1.2 11210w
26
15
5
50
156
56
Total sales in $1,000 units___
1 High 1082.32 108.
032 108"32 10820n 10822s: 10822u
Low_ 10822w 10822.: 1082
4s, 1944-54
.3: 10824n 10500., 10810u
Close 103..22 10822:: 10822a: 108,432 10821n 10822n
2
25
130
83
7
41
Total sales in $1.000 unUs___
(High 10322:: 10321u 10322:: 103222: 103 h, 10312n
High 103",,
,
Low_ 103,2 1032"” 10322,2 10321,12 10312 103"u
:2
43.4s-3%s,1943-45
Close 10322s: 10322s: 10322a: 10324: 10312,2 103121:
22
26
24
51
250
46
Total sales in $1,000 units._
(High
-_-_ 107.33 107
10723: 10621a: 10620n
____ 107.w 107
Low_
1072,2 10622n 10622u
35(5, 1946-56 •
-_ 107.32 107
107233 106211: 100 32
Close
,
70
- _ __
35
60
105
30
Total sales in $1,000 units___
,
____ 104 .33 104",, 10422:: 10412u 1041s,,.
(High
-___ 104 42 1041.32 10420:1 10412n 104121:
,
Low..
3345, 1943-47
--_ 104.122 1042122 104"n 104":: 1011.33
Close
2
......
52
76
54
25.
Total sales in $1,000 units__
(High 1011.22 1011.22 101"22 10111:: 1012n 101 33
,
Low_ 1011.22 101022 101.22 1012,2 10122: 101.13
3,1951-55
Close 1011.22 10112n 101102: 10113: 1012
:: 101.3:
35
18
188
61
47
209
Total sales in $1,000 units---- 1011232 10112:: 10111n 1012a: 101.32
(High
--- 10110:: 1010:: 1012n 101 24: 101.31
Low_
3s, 1946-48---- 101 1132 101.n 101 10:: 1014:: 10103:
Close
16
206
43
440
---470
Total sales in $1,000 units__-__ 105 32
,
”
-- 105132 10422
(High 1052:2
Low_ 1052,2
____ 105
- 104"32 10422n
3%8, 1940-43
,
--. 105 32
Close 105 32
,
1043.12 1042,32
---_
105
3
3
6
Total sales in $1,000 units-,
10- 11
(High 105 32 1057st 105
4;1042.32 10420n
Low. 10521: 1051:2 105
104' 22 104.32 10421,,.
,
334e, 1941-43
Close 105..2 105.22 105
104'41 104,832 104123:
6
5
105
4
3
1
Total sales in $1,000 units__
{ High 10212:: 10212:2 102123: 102.42 10212,2 102"a
Low_ 10211:2 10221: 10210.1 102,,n 10210n 1021112
3)4s, 1946-49
Close 1021122 102"32 102"32 102,
in 10212u 10212ar
11
II
102
103
17
573
Total sales in 51,000 units-(High 105.22 105231 105
1051n 1042s, 10422
::
Low_ 105 32 105,
,
32 104032 104 .22 10424:: 10422s:
,
3%8, 1941
Close 1052,2 105.22 104.222 105
10122,2 10422,2
3
4
158
831 1,496
Total sales in $1,000 unUs___
495
(High 1032:: 103102: 1032s: 1032,1 1032,2 103%
Low_ 1032s: 1032s: 10342 1032,1 10212s: 10221,2
Me, 194446
Close 103.22 10323: 10321: 10323: 102211
” 1032n
15
79
Total sales in $1,000 units-75
67
168
200
102.12 102
lederal Farm Mtge
{ High 102
10122n 101203: 10120n
Low_ 1012031 10122n 10122:: 10122:: 101,,n 101",,
3318. 1944-64
Close 101",, 102
102
10122n 101 1.32 101",,
26
117
Total sales in $1,000 units-29
233
87
81
'ederal Farm Mortgage (High 101.22 1012.: 10020a: 101
1002.22 1001,3s
Low_ 1012:2 101
3s, 1949
100221: 100111: 1001,32 1001.32
,
Close 101 32 101
100,532 10022:: 1001,n 1001.32
100
Total sales in $1,000 unites....
9
37
105
25
60
00213
,
tome Owners' Loan
(High 101 11:2 10114s: 1012n 10124: 101.32
::
”
4e, 1951
Low. 10110 101 10 101., 101221 100.32 10022
::
0 101,,n 101'32 1012n 100,832 100,13,
MOM) 1011,
Total sates in $1,000 units...
228
871
222
474
205 1,481
lome Owners' Loan
(High 101.3s 101.32 101
10022:: 10026,2 1001.31
3s.series A. 1952
n 101
(Low. 101,
101,732 10022n 10012s: 10011,,
[Moe 10142 101
100' 12 10021u 1001,32 1002s,,
,
Total sales in $1,000 units...
266
616
145
123
199
819
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
5
1
3
1
4
First 3St8
First 4Xs
Fourth 44s (uncalled)
Treasury 354s, 1944-46
Home Owners 4s, 1951
104.22 to 1042,2
1022.22 to 102,,a2
10112:: to 101 12n
102ton to 102..ss
1002.32 to 101
The Week on the New York Stock Market.
-For
review of New York stock market, see editorial pages.
Asked.
2)4%
234%
3%
3%
3%
3%
3)4%
334%
U. S. Treasury Bills-Friday, June 22.
Rates quoted are for discount at purchase.
June 27 1934
July 3 1934
July 11 1934
July 18 1934
July 25 1934
Aug. 1 1934
Aug. 8 1934
Aug. 15 1934
Aug. 22 1934
Aug. 29 1934
June 23 1934
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.1507.
Asked.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Rnded
June 22 1934.
Stocks,
Railroad
State,
Number of and MisceU. Municipal &
Shares.
Bonds.
Porn Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
676,295
605,200
850,845
548,535
529,700
931,900
$4,454,000
5,518,000
6,851,000
6,867,000
6,252,000
7,310,000
4,042,475 $37,252,000
1934.
$669,900
1,515,700
2,279,500
2,150,000
5,674,900
3,307,500
Total
Bond
Sales.
56,1(9,900
9,031,700
10,953,000
10,841,000
13,648,400
12,186,500
$9,981,000 315,597,500 $62,830,500
Week Ended June 22.
-No, of shares_
Stocks
4,042,475
Bonds.
Government bonds._ _ $15,597,500
State & foreign bonds_
9,981,000
Railroad & misc. bonds 37,252,000
Total
$1,046,000
1,998,000
1,822,500
1,824,000
1,721,500
1,569,000
United
States
Bonds.
1933.
Jan. Its June 22.
1934.
1033.
24,172,350
210,096,772
315,217,744
$4,905,000
15,422,000
53,898,000
$317,925,300
351,628,500
1,333,890,000
$252,548,300
370,869,500
998,506,900
*62.830.500 $74,225,000 $2,003,443,800 $1,621,924.700
4259
•
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
NOTICE.
-Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
sales In Computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 16.
Monday
June 18.
S per share
6012 62
867 87
8
413 4214
4
253 26
8
2814 2814
4212 43
.108 110
*11
12
. 14 6
8
,
.4738 50
39
3934
.90
92
153 16
4
*90
95
73
73
4712 485
8
*3
4
.312 512
*33
8 33
4
812 83
4
*5
514
83
4 9
1014 1012
3 per share
6112 62
8712 8712
42
4214
2514 26
28
2812
43 43
110 110
*105 12
8
"514 6 2
,
*4714 50
38
387
8
*92
93
155 157
8
8
*90
92
*70
76
473 4838
4
*3
4
*35
8 412
*33
8 33
4
.812 87
8
514 514
83
4 9
1014 103
8
Tuesday
June 19.
Wednesday
June 20.
Thursday
June 21.
Friday
June 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share $ per share $ per share Shares
Railroads
Par
60
6212 587 6014 5818 597
8
8 553 583 21.600 Atch Topeka & Santa Fe__100
4
4
875 875
8
8 8712 8712 87
1,100
100
Preferred
.853 87
4
87
42
421, 41
41
40
41
2,000 Atlantic Coast Line RR- 100
*3814 40
24% 26
2418 243
16,900 Baltimore & Ohio
100
4 2418 2412 225 24
8
2814 29
2838 283
4
Preferred
100
8 2812 2812 .263 2818 1,000
.423 43
4
0413 43
*4213 43
4
600 Bangor & Aroostook
42
42
50
108 108
108 108
100
140
Preferred
108 108 *10612 108
.1018 12
Boston & Maine
*103 12 .1018 12
100
*1018 12
8
.614 612 .538 612 .538 612 *53
Brooklyn & Queens Tr_No par
8 612
*47
48 .47
48 .4712 48
100
Preferred
No par
4712 4712
375 3918 3718 383
8
8 3658 3818 18,600 Bklyn Manh Transit.. No par
383
4 38
.9214 93
93
93 93
500
93
92
36 preferred series A_No par
92
155 16
8
4
25
4
1514 1512 143 1538 25,200 Canadian Pacific
153 153
8
92
*9112 95
92
365 Caro Clinch & Ohio stpd__100
*90
95
*9112 95
.68
300 Central RR of New Jersey_100
75
65
*88
75
65
68
68
4714 4818 4714 473
25
8 4612 4734 26,800 Chesapeake & Ohio
4 473 477
8
*3
4
4
.3
4
:Chia & East Ill Ry Co__ __100
.3
*3
4
*338 412
100
500
312 312
6% preferred
312 33
312 33
8
4
1C0
200 Chicago Great Western
338 33
8 312
.33
8
334 3%
312 *33
100
Preferred
812 812 *8
600
712 77
8
812
812 *8
5
518
5
518
47
8 51
4,2 478 1,800 ChM Milw St P & Pac__No par
100
Preferred
812 9
7% 814 8,100
814 83
8
834 812
912 10,100 Chicago & North Western_100
9
912 10
1014 1012
8
97 1018
100
1814 19
Preferred
173
4 2,500
187 19% 1812 1812 18
8
173 1734 17
4
18
314 3
33
1,300 :Chicago Rock tel & Pacific100
,
34 34
,
3
% 338
%
33
8 "3 4 312 *314 312
,
100
63
8 812
612, 612 .53
53
4 618
4 612 .618 612 .618 612
7% preferred
500
•45
8 5
100
43
4 434
8
43
200
8 458 *458 5
.412 47
.458 5
6% preferred
*30
50 Colorado & Southern
3112 3112 3112 3112 3112 *2812 3112 3114 3112 .2812 3112
100
100
233 2312 2312 2512 24
4% let preferred
8
380
243 243
4
4
24
247 25
8
24
25
.1914 223
4
8 2212 2234 223 223 .18
100
110
4% 2d preferred
223
223 .20
4
4
223 .20
4
4
*4
414
*33
4 414 .35
100
200 Consol RR of Cuba pref
8 4
.338 4
.33
2
8 4
314 33
7
712
0618 712
712 •7
7
712 •7
712 *7
•7
.100
GO Cuba RR 6% pref
5614 56
56
1,800 Delaware dc Hudson
100
5612 56
*5112 55
55
57
*53
.5338 54
25
2512 243 253
4
8 24
4
2214 233 12,100 Delaware Lack & Western_60
253
2314 24
8 233 24
8
1014 1014 *9
600 Deny & Rio Or West pref 100
1012 *914 1014 1014 1014 *914 97
8
814 0
2012 21
2018 2012 19% 20
3
100
1912 1912 1834 19 8 3,600 Erie
193 20
8
253 267
4
8 263 273
3,100
100
4
First preferred
8 2512 2612 2512 263 *25
2512 2412 25
8
•1914 2012 .1914 203 *1914 203 .1914 2014 1914 1914 *183 20
Second preferred
100
100
4
4
4
2314 24
233 243
4
8
100
8 2234 243
2238 2318 2118 225 28,500 Great Northern pref
8 2258 23
•1012 13
.10
*10
Gulf Mobile & Northern.,.,100
13
13
13
*10
13
*10
*10
13
.2318 28
Preferred
28
100
.2318 28
.22
•22
28
28
.22
28 .22
1
Havana Electric Ry Co No par
*3
4
•4 1
3
4
1
•3
4
*3
118
118
"4
3
*3
4
118
200 Hudson & Manhattan
100
8 8
*714 83
8 •77
77
8 77
714 714
*77
8 8
8 .714 8
2714 273
4 2714 273
100
4
8
4 263 28
8 223 2512 7,000 Illinois Central
8
26
2612 255 257
41
41
*39
42
*35
4014
43
40
100
200
8% pre series A
40
*37
4012 .37
*69
6312 6014 6014 .59% 6312 63
a6012 6012
Leased lines
60
100
40
60
63
.1718 19
20
17114 1718
*1612 18
RR Sec ctts aeries A__1000
"1718 19
*1718 19
*1612 19
.812 87
812 812
83
8
600 :Interboro RapidTran v t o 100
8
814
81
.818 87
8 .814 84
141 *1312 143 •13
14
400 Kansas City Southern
*1114 14
8
100
8
1414 .13
14 .125 14
.1814 20
193 20
4
200
*18
Prelerred
19
20
.1812 213 *18
100
213 •17
4
8 173 1713 1638 163
8
167 175
8
17
15
157
8 2,500 Lehigh Valley
161 *16
50
8 18
5413 53
•5412 557 *54
545
8 54
600 Louisville & Nashville____100
5114 5114
53
53
53
26
.24
.24
26
20 :Manhattan Ry 7% guar _100
27
27 .23
24
24
27 .23
.23
.14
147
8 1414 1412 143 144 1412 141
15
1,000
1312 14
15
Mod 5% guar
100
4
934 "
.718 93
*7111 914 . s 93
Market St Ry prior pref __ _100
71
4 *7
93
*7
7
934
•5
8
7
.3
4
7
8
3
4
34
300 :Minneapolis & St Louis...100
3
4
3
4
*3
8
.
3
8
3
3
•13
4 2
•112 2
.112 2
.112 2
*112 2
Minn St Paul & SS MarlelOO
.112 2
.23
4 3
,
.23
8 312 .23
7% preferred
8 312 *238 312 .234 31
•23
2 312
100
.312 412
*418 412 .4
412 .4
4% leased line etre
412 *312 41
412 *4
100
93 1012 10
1014
4
612 912
10
10
93
8 1)34
918 914 4,000 Mo-Kan-Texas FiR____No pa
8
2412 2518 247 25
4 2214 2318 3,100
8
2318 24
Preferred series A
.2318 2432 235 233
100
*33
8 4
.37
8 4
37
8 4
*37
8 4
*37g
4
.37
8 4
300 :Missouri Pacific
100
614 612
6,
4 614
6
618
618
53
4 57
Cony preferred
8 2,300
6
6% 618
100
03612 42
.3612 4112 3612 3612 .37
42 .37
42
42 .37
10 Nashville Chatt & St Louis 100
.112 2
13
4
15
; 1%
14 *112 17
20 Nat Rys of Mex lst 4% pf_ 100
118 2
8
8 .112 17 .
5
8
3
8
%
5
8 .
2d preferred
5
500
8
5
8
34
"8
5
3
8
3
4
100
3
4
.
5s
2812 3012 51,300 New York Central_-_No par
.3112 3214 3134 3214 3118 323
4 3012 3114 3018 31
_
2112 2112 *2012 2218 *18
2112 *1814 2018 *18
2018 1918 1918
200 N Y Chic & St LoulsCo
100
3414 1,600
367 367 .36
Preferred series A
8
8
3512 *3413 3518. 3414 3414 32
3612 35
WO
4
.1183 122 *11878 12112 .1187 12112 12138 122 *121 12212 121 12212
8
80 N Y & Harlem
60
183 163
8
4 16
167
8 16
184 1512 157
8 143 155
4
8
17
157
8 9,300 N Y N H & Hartford
100
8
2618 2712 273 275
8 26
1,800
2614 2518 2518 2512 2512 2434 25
Cony preferred
100
.813 83,
73
4 8
*734
778 .738 8
*752 8
714
712 1,000 N Y Ontario & Western
100
*7
8
1
•7
8
1
.
7
8
1
.78
1
•8
7
1
•7
8
1
N Y Railways pref
No par
.238 314 *23
8 3
.238 3
*23s 3
*23
8 3
•234 3
:Norfolk Southern
100
.1813 1837 18134 1821
1833 1834 *18113 184 .181 184
4
4
8
18112 18112
300 Norfolk & Western
100
99 100 .99 100
•99 100
.99 100
99 99
.99 100
30
Adjust 4% pref
100
26
2854 253 2614 243 2612 2412 25
4
2434 2514 233 251s 19,200 Northern Pacific
8
8
100
'234 334 .218 312 .21g
.218 334
312 *218 312 *218 334
Pacific Coast
10
•45
8 812 .412 812 .412 812 .412 813 *212 812 .212 812
lot preferred
No par
.212 518 .212 514 .212 514
*212 5
*212 5
.212 5
2d preferred
Vo par
3132 6 8 3112
313432
3
4 3118 3112 3034 3112 29 4 30s 26,600 Pennsylvania
50
.,
32 6
., 3232 .3,8 323
34
,
8,, •31,, 612 *318 612
*323 3
6I
Peoria & Eastern_
100
2618 2818 .26
29
2712 2818 .27
.2618 28 - .26
29
27'g
400 Pere Marquette
100
4313 4312 *40
.4212 45
*3712 4278 *3712 4273
40
40
43
200
Prior preferred
100
38
.31
38
*31
36
•31
36
*31
38
.34
.31
36
Preferred
100
8 4
4
4
*35
8 4
*35
350 3 8 *4
43
4
3
,2 312
5
200 Philadelphia Rap Tran CO.
.50
577
8 914
914 914 *73
950 950
8 98 .
,
77ii
834
912 .6
200
7% preferred
50
253 *19
8
255 •19
8
*19
253 *19
8
25
25
.19
•19
253
8
Pittsburgh & West Virginia 100
8
4
4 50
5018 .4712 497 .4712 4912 4712 48
4814 4814 493 493
700 Reading
60
•3712 413 •3713 4112 .3712 4118 .3712 4118 .3712 4118 .3712 41'8
8
1st preferred
50
537
.38
40
*3814 393
4 3912 3912 z383 383 .37
39
4
3812
4
200
2d preferred
50
*518 11
.81g 11
*818 11
.818 11
*818 11
*818 11
Rutland RR 7% pre
100
3
318 318
3 18
3
3
*23
4 318
4
23
4 3
23
4 23
1,100 :St Louis-San Francisco__ 100
4
4
*37
8 418 .312 414 533
4 4
33
4 33
4
4
4
400
let preferred
100
.818 18
18
*7
.812 15
18
8
*8
.8
*812 15
St Louis Southwestern____100
.118
11
1
118
114
114
118
1'4
5118
1
114
118 4,200 :Seaboard Air Line__ __No par
21
.2
21
.2
218
212 .2
2
218
2
.2
2
400
Preferred
100
247 261s 2412 2518 2438 2514 2278 2412 40,600 Southern Pacific Co
8
2512 261
8
253 26
100
2612 2838 2814 2858 2614 27
25
2612 12,900 Southern Railway
4
273 2814 2714 277
100
4 3312 331
3212 321 .3118 3212 3012 3212 3,200
3418 35 .3312 343
Preferred
100
43
.4113 43 .4012 43 .41
*41
43
43
*41
43
.41
Mobile & Ohlo elk tr etre 100
26
2513 251 .25
26
.26
28
28
28 .25
28
300 Texas & Pacific Ry Co__ 100
.26
.6
6
812 *53
*53
8
4 614
4 61
"558 6
*55
8 6
100 Third Avenue
100
534
' .513 534 "
514 5
400 Twin City Rapid Trans No par
513 512
512 512 *518
5
5 18
25
02512 277
25
27s 25
25
25
277 *25
8
25
110
Preferred
.26
100
12412 12422 123 125
8
125 1255 126 127
12212 123
128
2,000 Colon Pacific
•125
100
84
84
84
83
84
84
8414 84
8414 83
84
1,100 Preferred
100
84
312 312 .314 31
.314
33
8 31
.314 33
334
8
314 314
400 :Wabash
100
14 514
634
.614 65
8 .614 65 .
63
8
6%
63
8 612 *612
5
300
Preferred A
100
1314
125 13
8
8 123 1213 12
8
1214 123
1214 2,900 Western Maryland
133 1350 13
8
100
171.
1912 .15
8
1734 163 1712 *1518 1712 *15
2d preferred
1712 *16
100
•16
512 57
8 *514 614 *512 6,
58
8 55
8
6
6's
4
524
5 z 1.000 Western Pacific
,
100
8
8 1214 1318 1218 1218 123 1238 1234 12
1318 133
3,500
Preferred
1314
100
13
•Bid and asked prices, no sales on this day.
No account is taken of such
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933
Highest.
Lowest.
3 Per share $ per share $ per share
$ Per share
345 Feb 80% July
8
4
5112May 14 733 Feb 5
4
4
50 Apr 793 June
7018 Jan 5 873 Apr 27
1612 Feb 59 July
3414May 14 5414 Feb 16
8
814 Feb 377 July
21 May 12 3412 Feb 5
912 Apr 3914 July
8
2412 Jan 9 373 Feb 6
4
Jan 413 Dec
20
3913 Jan 9 4818 Feb 1
685 Jan 110 Aug
8
9518 Jan 5 110 Apr 20
6
Apr 30 July
912.1une 6 1912 Feb 5
93 July
8
312 Ma
83 Feb 7
8
472 Jan 8
41 Jan 18 5814 Apr 26
353 Apr 6018 July
4
2814 Mar 27 4014May 23
213 Feb 4114 July
4
64 Mar 8312 June
4
8218 Jan 4 943 Apr 28
123 Jan 2 1814 Mar 12
4
8
713 Apr 207 July
5014 Apr
70 Jan 6 92 June 19
7913 July
Apr 122 July
38
62 June 1 92 Feb 3
3913 Jan 5 485
8June 18
2434 Feb 4914 Aug
12 Apr
8 July
7 Feb 17
25 Jan 15
8
8 Feb 16
8
812 July
17 Jan 9
13 Apr
451ay 14
512 Feb 1
13 Apr
23
73 July
8
8
8
147 July
8
212 Apr
614 Jan 4 117 Feb 19
812 Feb 5
113 July
4
1
414 Jan 2
Apr
6347.iay 14 1314 Feb 5
112 Feb
184 July
8% Jan 3 15 Feb 5
114 Apr 16 July
1314 Jan 3 28 Feb 16
2 Apr 2414 July
234 Jan 3
614 Feb 7
1018 July
2 Apr
9 Feb 6
52
45 Jan 3
8
313 Apr 1913 July
334May 14
8 Feb 6
27 Apr 15 July
8
27 Jan 4 403 Feb 1
8
1514 Feb51 July
1212 Apr 4234 July
20 Jan 4 3314 Feb 9
20 Jan 12 30 Feb 3
10 Mar 30 July
63 Feb 5
4
213 Jan 6
114 Feb10% June
16 June
314 Jan 15 1013 Jan 23
212 Jan
49 June 2 7313 Feb 1
3
3738 Feb93 4 July
2018,May 12 333 Feb 5
4
1714 Feb46 July
4
2 Feb193 July
5 4 Jan 19 1314 Mar 28
2
8
137 Jan 8 247 Feb 5
8
4
3 4 Apr 253 July
3
16 Jan 3 2814 Apr 26
413 Apr 2912 July
12 Jan 3 23 Apr 21
212 Apr 2314 July
4
458 Apr 333 July
18 May 14 3212 Feb 5
1113 July
13 Mar
4
8
57 Jan 10 1614 Feb 20
15 Jan 11 3534 Feb 21
212 Mar 2312 July
73 Feb 13
32 Dec
113 Jan 23
23 June
4
8June 5 1218 Feb 7
19 June
65
613 July
813 Apr 503 July
22 May 14 387 Feb 5
8
4
16 Mar 60% July
35 Jan 13 50 Apr 26
31 Mar 60 July
483 Jan 5 66 May 2
4
413 Apr 34 Jut:7
16 May 23 2414 Feb 6
134 Dec
418 Feb
4
7 May 14 133 Jan 2
612 Feb 247s July
4
11 Jan 8 193 Apr 21
1934 Jan 5 2712 Apr 21 s12 Mar 3414 July
1258May 14 2114 Feb b
85 Feb 273 July
8
4
2114 Jan 6712 July
4814 Jan 4 6212 Apr 20
12 Mar 28
Oct
20 Jan 3 3212 Mar 29
6
3
Jan 20
Oct
13 May 12 19 8 Jan 12
17 Mar
8
2
8 June
47 Jan 16 1214 Apr 24
13 Mar 28
8
13 Jan 11
214 July
Is Jan
57 July
3% Feb 6
12 Mar
124June 6
34 Apr
518 Apr 20
813 July
134 Jan 8
212 Dec1413 July
712 Mar 10
313 Jan 2
8
712May 14 147 Feb 5
1718 July
5 4 Jan
3
1111 Jan 3714 July
173 Jan 6 3434 Fcb 6
4
6 Feb 5
1014 July
118 Apr
3 Jan 2
934 Feb 7
15 Apr
8
413 Jan 3
1514 July
13
Jan 67 July
32 Jan 2 48 Jan 24
18 Ma
312 June
214 Feb 23
1 May 113
1 Mar 7
13 June
8
18 Jan
% Jan 5
Feb 5812 July
14
25,18May 14 4514 Feb 5
15 Jan 3 267 Apr 24
2% Jan 2734 Aug
8
8
25 Apr 3414 July
1713 Jan 3 4314 Apr 23
108 Jan 2
13381Way 14
2313 Jan 6
714N1ay 12
7
8June 5
114 Jan 3
181 Jan
82 Jan 8
2118 Jan 6
2 Jan 4
334 Jan 19
2 Jan 3
2814May 14
4 Jan 16
1612 Jan 10
18 Jan 13
1612 Jan 10
3 Feb 8
412 Jan 12
15 Jan 3
43 Jan 2
337 Feb 7
8
2918 Jan 11
712May 14
23 Jan 2
8
214 Jan 4
1212 Jan 19
1 Jan A
13 Jan 11
4
1812 Jan 5
217
8May 14
275
8May 12
39 Jan 19
188 Jan 3
6 Mar 1
13 Jan 10
2
6 Jan 12
11012 Jan 4
713 Jan 18
4
214 Jan 6
318 Jan 2
814 Jan 2
12 Jan 9
23 Jan 2
4
4 2 Jan 5
5
139 Feb 1
24% Feb 5
375 Feb 5
8
115 Feb 5
8
4
13 Jan 16
418 Apr 20
18334June 18
100 JUDO 9
363 April
4
63 Mar 14
8
1114 Apr 20
612 Mar 14
377 Feb 19
8
8 Feb 17
38 Apr 24
5112 Apr 23
43 Apr 23
6 Apr 25
16 Apr 24
27 Feb 21
8
563 Feb 5
4112June 9
3912June 19
15 Feb 7
43 Feb 6
8
618 Apr 4
20 Mar 8
2 Feb 6
318 Feb 21
333 Feb 5
4
3812 Feb 5
4114 Apr 26
473 Apr 20
4
4314 Feb 1
814 Jan 12
812 Apr 24
39 Apr 24
1337 April
8
8414June 16
47 Jan 30
8
83 Apr 26
8
1714 Feb 20
23 Feb 20
813 Mar 29
1712Mar 28
4
100 Mar 1583 June
8
11 18 Feb 347 July
Apr 68 July
18
712 Dec 15 July
Is mar
312 July
47 July
8
12 Apr
11112 Mar 177 July
74 May 8713 Sept
95 Apr 347,4 July
8
Jan
7 July
1
10 July
1 5 Feb
8
Feb
7 July
1
133 Jan 4214 July
4
9 July
7 Feb
2
37 Mar 37 July
8
6
Jan 4412 July
412 Feb 3812 July
8
57 July
2 June
10 July
3 Dec
3
612 Apr 35 July
2313 Apr 6212 July
Apr 38 July
25
2312 Mar 37 July
1812 July
Jan
6
3
9 8 July
7 Jan
2
Apr
914 July
1
514 Mar 22 July
3 July
la Jan
8
47 July
3 Mar
8
4
8
11, Feb 383 July
418 Mar 38 July
5 8 Jan 49 July
7
Jan 4014 July
8
15 Apr 43 July
1218 June
418 Feb
43 June
4
14 Dec
15 June
412 Dec
8114 Apr 132 July
Apr 7512 July
66
713 July
113 Jan
97 July
3
118 Apr
16 July
Feb
4
1912 July
534 Jan
Apr
912 July
1
18 July
17 Mar
8
:Companies reported in receivership. a Optional sale. c Cash sale. 8 Sold 15 days. .r Ex-dividend.
y
Ex-rightsaedd.
I
New York Stock
4260
Record-Continued-Page 2
June 23 1934
,121 FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 16.
Monday I Tuesday , Wednesday
June 18.
June 19.
June 20.
Thursday
June 21.
Friday
June 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Industrial & Miscall. For
$ per share $ per share $ per share $ per share $ per share $ per share Shares
No par
9
914
878 9
873 9
84 83
914 9 4
,
4 4,800 Adams Express
9
9,
4
100
Preferred
*7712 80 *7712 80 *7712 80 *7712 80 *7712 80
*7714 80
No pa
2938 28
2712 2813 2712 28
29
2958 2952 29
4,800 Adams minis
27
271
97
10
1018
1013 101g 1018 10
978 *912 10
10
9 2 912 1,300 Address Multigr Corp
,
*54 6
No pa
300 Advance Rumely
5
5
54
*5 4 512
,
514
54 54 *5
678
678
600 Affiliated Products Ino-No Pa
7
7
74
67
8 67
8
73* 73*
74 714 *7
No Pa
2,600 Air Reduction Ino
9734 9812 973 98
4
10012 10114 101 10112 100 10112 "9812 100
238 253 *214 238 '238 238
300 Air Way Elea Appliance No par
*238
1
214 23* '214 212
207
14,300 Alaska Juneau Gold Min.-10
2014 1912 20
193 2038 20
20 4 20
3
2018 20 8 20
3
No par
400 A P W Paper Co
53* 558
4 6
5 4 5 4 *53
3
3
4 8
53
4 53
4
"5 4 8 4 '53
3
,
No par
278 3
278 3
234 27
2% 3
8
23
4 27
3
25
8 23
4 8,500 Aileghany Corp
Fret A with $30 wart.-100
1412 1312 1312 1312 1312 3,000
144 143
14
14
4 1432 1434 14
Fret A with $40 warr___100
14
100
*13
14 *1212 14
*1212 14
1312 1313 *1212 14 •13
Fret A without wars.__100
600
1312 *13
1314 1314 1318 1314 "13
1312 12
12
13
13
18
21
1812 1812 *18
17
400 Allegheny Steel Co___..No par
*18
21
*18
21
15
15
141 14134 13914 141
14112 142
4,700 Allied Chemical & Dye_No par
139 141
141 14112
100
'1 83 141'2 *128 ---- *12914 ---- *128
12 340 4
*128
100 Preferred
-- 130 130
167 1738 1613 1612 1614 1614 16
2
2
1714 Ii1- 1714
163
8 2,900 Allb3-Chalmers Mfg__..No par
15
1618 15
*15
16 *15
500 Alpha Portland Cement No pa
16
15
15
15 8 157
7
2 16
1
4 *414 • 44 *414 412
100 Amalgam Leather Co
414
414
*414 43
*414 5
4 •43, 43
50
7% preferred
4
*3214 3334 "3212 333 *3112 333 '3112 333 '3112 333 "3112 333
4
4
4
4
3 53
No par
5234 537
3,900 Amerada Corp
5314 5212 5212 51
52
54% 54% 533 54
4
*33
3314 33 33
1,000 Amer Agile Chem (Del) No par
3314 33 4 33 33 *33
,
33,4 33 33
10
2112 2214 21
2138 2113 2112 193 2114 3,800 American Bank Note
21 4 21% 21% 22
,
4
50
Preferred
*4818 49% *4818 498 "4812 4934 "4814 49 8
*4818 48% *484 50
7
1252 1312 1212 1273 1253 1318 1134 123 24,800 American Beet Bugar__No par
1212 1332
11% 123
4
4
100
7273 6858 72
7% preferred
70
70
684 6914 6812 6932 67 6814 2,500
66
27 2712 27
27 z27
900 Am Brake Shoe & Fdy _No par
27
*2634 27 2 27 27
2834 27
,
100
Preferred
20
1094 10912 10912 109 *10912 110 *10912 110 *10734 110 *108 110
25
9714 9938 9713 98
9814 9712 99
9834 9713 9512 9612 7,700 American Can
98
100
Preferred
145 145 *142 147
144 144 *14114 142 *142 144
400
*14212 147
2238 23
2212 227
223 2312 2134 2212 '2138 22
4
3,100 American Car & Fd.7.-No Par
20
20
*4012 45 4 *403
100
Preferred
4 4412 41
3
43% *39 43 *39 4018 "39 417
8
No par
*714 1014 "7 2 1014 *714 1014 "7 4 1014 *714 1014 *714 1014
American Chain
,
,
100
*2612 33 *2713 33 *2612 35 "2612 3318 •2612 3312 *2612 3312
7% preferred
No par
59 904 594 6038 58 58
5712 5712 5712 5712 57
5714 2,900 American Chicle
10
414 *4
414 *4
414 *4
Amer Colortype Co
414 *4
414
*312 414 *4
8
38
3814 37% 38% 377 38
35
52 363
5,300 Am Comml Alcohol Oorp_20
4 3512 3638 3452 36
*212 2%
2% 2%
3 3
238
278 232 232
214 214 2,200 Amer Encaustio Tiling_No par
*614 6% •612 7% *614 712 "612 74 '653 753 *83
Amer European See's__No par
2 73
8
.NO par
87
8 913
9
9 14
87
2 98
3
8 2 87
,
814 853
78 812 10,000 Amer Jr Porn Power.
2014 203
No par
211g 2132 213
4 21
Preferred
4 2112 2113 2112 2112 21
2114 2,100
No pa,
12
11% 12
*12
1212 12
2nd preferred
709
1114 114 1114 1114 1118 114
No par
*16
1912 *17
19
1712 171/ 1714 1714 1718 1718
68 preferred
300
1912 "17
15 *1414 1514 1518 154 •14
*144 1512 15
300 Amer Hawaiian S S Co„..10
15
15% '14
*74 8
712 712 '714 8
100 Amer Hide & Leather.No par
8
'714 8
*714 7% *7
100
*2914 33 *31
33 *31
32 *30
Preferred
32 '29 32 '2712 32
1
*34% 3453 34% 3518 *3412 34% 3412 3412 3413 3412 3412 3412 1,100 Amer Home Products
No par
712 7 4
712
712 74 714
2,200 American Ice
7
3
712 714 *7
7%
*384 3912 *354 414 *3738 4112 *3738 4112 *374 41 '3712 40%
100
6% non-cum prat
814 2,200 Amer Internal Corp_ __No par
9
9
9
9
83
4 9
8
812 9
,
814 8 2
*7
8 1
*7
8 1
7
4
7
4
7
8
7
8
7
8
900 Am L France & Feamite No par
3
4
*64 9 4 *7
100
,
Preferred
30
7
,
9 4 *7
,
712
8 4 *712 8 2 *712 814
,
4 2512 2812 28
253 253
4
26
2512 2512 *2412 2512 24
2434 1,900 American Locomotlye__No par
54 54
.56
*55
100
56
5834 58
Preferred
56
800
5814 5614 55 56
154 15 4 *1512 153
,
15% "1514 1512 1514 1514 1412 1412
700 Amer Mach & Fdri Co-No Par
4 15
7% 8
7% 8
7% 758
7% 7% 1,900 Amer Mach & Metals-NO par
4
75
2 74
712 73
3
237g 24
2318 24
22
2212 2212 23% 22 23
233 24
4
9,400 Amer Metal Co Ltd....-No Par
•76 86 "7912 8512 *7912 8518 *7912 8513 "7912 8514 *7912 854
6% cony preferred
100
28
*26
*263 2772 *26
4
2778 2612 2612 2512 26
180 Amer News Co Ino--No par
2514 2634
74 14,800 Amer Power & Llght_No par
718 73
773 814
8
832
7
8
838
73
4 8
4
No pat
21
2312 2312 2318 233
4 2212 2212 2112 2112 2114 2114 21
$6 preferred
1,000
No par
1814 1834
19
203 2038 •183 207 •183 203
8
$5 preferred
700
4
4 19
3
4
20'2 21
1412 1458 1412 1478 1434 1518 144 143
,
4 1412 143
4 13% 1412 32,000 Am Bad Jk Stand San's No par
25
20 2114 19% 203
3 19% 20
183 1958 17,400 American Rolling Mill
4
203 2118 2014 21
4
*53
54
53 53
*5234 54 •53
5372 *53
100 American Safety Razor No par
*53
54
54
600 American Seating v t e_No par
414 414
414 414 *414 412 *414 43
•414 4 4
3
4
414 4%
118
1
118 14
118
118
118 112
llg 118
118 118 1,700 Amer Ship Jr Comm___No par
2412 2312 24
25 "24
2412 24
2413 •24
290 Amer Shipbuilding Co _No par
*24
24 *24
43 433
4 4238 43% 413 433
4
4 4138 4238 4153 4314 4018 4214 41,300 Amer Smelting Or Relit _No par
Preferred
100
400
12212 122 2 *120 123 *122 123 123 123 *122 123 122 122
,
92
2nd preferred 8% cum._ _100
600
923 9234 '90 93
4
*9212 9514 *923 954 9212 923
4
4 92
*5712 564 *58
25
400 American Snuff
5913 5812 5812 *58
5873 5878 5878 5878 58%
Preferred
100
30
"120 125
124 124
124 124 *120 124 •120 123 *120 123
1712 1712 17% 165 17
16
8
18% 18 4 17
,
1814 1578 1614 2,800 Amer Steel Foundries_No par
Preferred
100
79
170
*6512 6778 *66
6773 87% 6778
6618 68
674 68 *66
No par
600 American Stores
41
.4218 4212 42 4212 *42
4312 42
43 "4112 4318 41
100
6234 637
6212 6252 62 63
6312 641
8 611 6322 6118 8112 6,300 Amer Sugar Refining
Preferred
400
100
4
4
4
4
•1147 117 •114% 117 *1163 117 1163 1163 11714 120% *118 1193
8
18 '1713 1814 *1714 184 1,100 Am Sumatra Tobaceo_No par
•1738 184 1813 187
8 1812 183
4 18
100
114% 115% 11312 11458 11,500 Amer Tele') & Teleg
117 11814 11514 11714 11512 116% 115 116
25
7312 7114 7114 71
7214 2,100 American Tobacco
7312 733
4 72
713 71% 7112 73
4
Common class B
25
74
7438 7334 743 16,500
76
754 76% 7414 75
4
7312 744 74
Preferred
100
800
121 12112
124 124 *12112 12312 12312 12312 *12112 12312 12114 122
600 :Am Type Founders.
6 8 7'8
6
8
-No Par
7
7
*618 7 4
,
,
7 4 712 *714 7 2
,
Preferred
100
90
16
'1812 18% •1712 1838 1718 174 1638 1638 16% 1638 16
14,700 Am Water Wks & Eleo_No par
2038 2113 2014 203
4 20 20% 194 20
2034 2114 2034 21
1st preferred
No par
200
*74 81 '74% 81
81
75
75 "74
75
*74
*75 81
1014 103
11
8 1,300 American Woolen. _No par
4 1118 114 11
8
1112 113
"117 12
4 1112 113
Preferred
100
2,000
61
6012 6112 60 60
4 6112 6258 61
8438 6412 6212 633
1
113 1% 11,300 Am Wilting Paper
112 134
178 2
152 173
17
8 172
*1% 2
7
72
4
714 714
Preferred
No par
8
6%
*718 712
612 732
53
4 814 3,500
612 64
300 Amer Zinc Lead & Smelt...1
*612 678 '812 7
7 7
63
4 6%
*63
4 7
*3912 45 "3912 45 *3912 45
Preferred
25
*3912 45 *394 45 "3912 45
8
8
4
1618 1632 153 1614 153 1614 1518 1558 1518 15% 143s 153 42,400 Anaconda Copper Mining 50
Anaconda Wire & CableNo par
*1012 1218 •1014 1218 *1038 1218 •1014 1218 •1014 1214 '1014 1218
No par
1,700 Anchor Cap
2038 207
8 2012 21
21
*2012 21
3 2072 207
21
21
21
46.50 cony preferred_No par
60
994 "9638 9912 •9632 9912 9632 9632 •9338 98
*98
100 100
7 31
30 3018 1,800 Archer Daniels MIdl'd_No par
30 4 3012 31
3
3078 31 .30
31
30
31
7% preferred
100
10
4
1154 1154 *11334 120 *1133 120
11514 120 *118 120
*11514 120
500 Armour & Co (Del) pref..100
3
4 90 4 9112 *9012 9112 9112 9112
*0112 913 *9112 912* *9112 913
4
53
5% 5%
7
512 53 12,800 Armour of Illinois class A..25
4
58
58 58
54 57
5 4 5%
3
Class B
25
2% 234 3,000
2% 234
258 234
23
4 27
8
4 2% *234 28
23
Preferred
100
6434 673
8 3,600
6712 6712 8734 68
6712 6818 6814 69
6712 68
5
900 Arnold Constable Corp
478 472
5
5
558 58 *5
5
33
512 .5 2 *54 553
,
712 •7
No par
100 Artloom Corp
7
7
712
712 *7
712 *7
712 *7
*7
200 Associated Apparel Ind No par
*134 2
16
8 1%
18 17 '13
8
4 2
*13
4 2
•17g 2
1
500 Associated Dry Goods
1134 12
4
123 123 *1212 13
4
*123 13 *1212 13
4
13
13
5% is: preferred
100
300
8
4
4 4 8312 *613 6312 8312 6312 *6134 6212 63 63 *5518 847
'613
7% 2d preferred
100
5712
5712 '45
5712 *45
5712 "45
5712 *45
*4714 57 2 "45
,
25
30 Associated 011
*3514 42
3814 3814 38 38
384 3812 *3814 42 *3812 40
At 0 A W 1 SS Llnee-NO Par
19
19 •14
19 '15
19 '14
19 •15
19 *15
•15
25
2512 2534 2434 2538 10,300 Atlantic Refining
2712 2712 2652 2718 2614 2714 2534 264
No par
47% 48
1,700 Atlas Powder
48 48
*4818 483
49 '48
49
4818 48
4 48
Preferred
100
60
100 100 *1004 101 '100 101
9934 993 100 100
4
*9912 100
*6
No par
200 Atlas Tack Corp
*9
10
9 10
10
114 1014 1014 10
*10
_No par
4
273
8 23% 263 12,400 Auburn Automobile
4
27% 2638 2752 263 2812 2612 2713 27
27
No par
800 Austin Nichols
12
1312 12
*1212 14 *1212 13 *1214 1314 "13
1312 14
613 65
8
84 612 11,900 Aviation Corp of Del (The)._5
678 7
63
4 67
2
4
63
4 83
7
11% 10% 10% 8.900 Baldwin Loco Worka No par
4 1138 113
4 1138 1112 11
1134 113
11% 113
4
Preferred
100
4412 4412
700
45% 45 45
*46
4712 4712 45
47
4818 47
50 Bamberger(L)& Co pre _100
9912
9912 *97
9912 .99
*gg
994 9912 9912 98
9912 *99
300 Barker Brothers
No Par
"412 5
4% 418 '412 5
4% 4%
5
5
*434 5
634% cony preferred____100
220
29
28
28
29
29
3112 •2912 327
8 29
3112 "29
•29
714 78
8 3,600 Barnsdall Corp
5
7% 7%
73
4 8
4
7% 73
7% 8
81
8
No par
400 Bayuk Cigars Inc
3
30% *3014 30 4 29% 3014
3012 31 "30
32
*31
333 •31
8
let preferred
100
50
9712
9712 •93 9712 *93
9712 9712 9712 .93
9712 *93
*93
25
1.300 BeatrIce Creamery
*1512 163 *1534 16% 1514 16
4
17 4 1712 1714 1712 168 17
,
100
Preferred
100
8713 8712
90 "8314 90
*8314 105 *87 105 *8314 90 *87
200 Beech-Nut Packing Co
64 '60 64
20
8
*6312 65 •6338 65 *635 6412 64
65
65
1318 1272 127
8 1234 12% 124 1212 1,800 Belding Hetainway Co_No par
131s 1314 131g 1318 13
Belgian Nat Rye part pref._
*11613 11912 11614 1174 *116 116% *118 11734 •118 117% •11658 11678
5
1512 153
4 1412 1512 10,200 Bandit Aviation
.2 16
34
1618 1612 1818 1812 15% 11 3
1714 16% 17% 3.900 Beneficial Indus Loan__No par
,
14 17 2 17
17%
1712 17
1714 1712 17
Ifs;
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
42554
•Bid and asked prices, no sales on this day. S Companies reported in receivership. a Optional sale. e Cash sale. x Ex-dividend. v Por-rtahts.
Highest.
$ per share
$ ver share
per share NT share
s
Me Jan 6 117 Feb 5
3 Feb 1314 July
70114 Jan 25 7712 Apr 19
39 Apr 71 June
/
1
Jan 5 344 Apr 5
16
8 AFpb 2983212 .111,11iy
3
01
r 1 152 1u e
2
7 4 Jan 6 113 Feb 6
3
752 Feb 5
412May 14
Feb
9% Feb 6
Ws Jan 13
July 11134 May
FebJul
12
4June 2 10614 Jan 24
913
Sept
338 Apr 28
11 Jan 3
/
4
Is Feb
4 May
1732May 12 2372 Jan 15
Ills Jan 33 Aug
7 Apr 24
/
1
4
5 Jan 13
1
Jan
Ws July
5 Feb 1
/
1
4
212May 14
7 Apr
s
8 4 July
,
1 Apr 217 July
/
1
4
5 Jan 4 1612 Apr 10
3
5 2 Jan 3 1452 Apr 10
5
11 Apr 21 July
/
4
514 Jan 6 14% Apr 9
114 Mar 20 July
15 June 16 2318 Feb 23
5 Mar 26 July
12612N1ay 14 16034 Feb 17
70 4 Feb 152 Deo
3
12218 Jan 16 130 June 22 115 Apr 125 Oct
4May 12 2338 Feb 5
133
6 Feb 263 July
2
123 Jan 2 2018 Feb 5
4
5 4 Jan 24 July
3
3I2May 12
734 Mar 12
52 Feb
914 July
25 Jan 6 45 Mar 13
5 Feb 40 July
4112 Jan 4 55
52June 8
1813 Mar 4738 Nov
2514 Jan 4 38 Jan 24
74 Mar 35 July
1412 Jan 4 2514 Apr 27
8 Mar 281 July
/
4
40 Jan 4 5012 Apr 27
34 Apr 49 June
/
1
4
/
1
4
1
7 Jan 4 1312june 19
Jan 1834 July
4612 Jan 4 724june 18
23 Jan 64 Sept
4
23%May 14 38 Feb 6
91s Mar 421 July
/
4
96 Jan 10 11012 Apr 18
60 Mar 106 Aug
9014May 14 107% Feb 15
4911 Feb 10013 Dec
12612 Jan 6 14512 Apr 13 112 Feb 134 July
/
1
4
1814June 2 33 Feb 5
els Jan 393 July
15 Feb 593 July
8814 Jan 8 5612 Feb 5
4
612 Jan 11 1214 Feb 27
15* Mar 14 July
312 Mar 3112 July
201 Jan 10 40 Apr 24
/
4
34 Mar 514 July
4614 Jan 8 6032June 18
2 Feb
612 Feb 5
3% Jan 29
61 June
/
4
13 Feb 894 July
/
1
32 June 2 6212 Jan 31
1
5 Feb 16
Jan
6 June
2 May 12
3 Apr 13 July
/
1
4
/
1
5%June 2 104 Feb 3
3 Feb 1933 June
/
1
4
7 May 10 13% Feb 6
/
1
714 Apr 444 June
17 Jan 4 30 Feb 7
43 Apr 2714 June
8
"
934 Jan 4 1712 Feb 6
6s Apr 35-58 July
12 Jan 4 25 Feb 6
/
4
41 Jan 211 July
/
4
1312May 14 22% Feb 16
212 Mar 16 June
/
4
61 May 24 1012 Feb 5
131 Feb 6712 June
/
4
2812May 14 4214 Mar 15
2434 Dec 4212 May
2818 Jan 5 36% Apr 26
304 Feb 1712 June
612 Jan 4 10 Feb 5
/
1
4
25 Feb 57 June
4514 Mar 26
3514 Jan 8
/
4
414 Feb 151 July
84 Jan 8 11 Feb 6
31/ June
14 Apr
Ile Apr 4
8 Jan 5
4
114 Jan 12 June
4 Jan 18 10 May 22
4
2214June 2 383 Feb 6
177 jan 276353397; Julylo
52 Jan
s
4
JulyJ
N
5
49 June 1 74 8 Mar 13
834 Feb 22% July
13 Jan 4 1934 Feb 5
6 June
a
15311,82 FebJJsn
3 Jan 3 1014May 11
1A
18 Jan 4 27% Feb 15
Nov
73 Jan 2 91 Feb 15
17 Jan 3012 July
21 Jan 3 34% Mar 13
8
4 Feb 197 July
5% Jan 4 1214 Feb 6
/
1
974 Apr 414 July
1334 Jan 6 294 Feb 6
9 Apr 35 July
1272 Jan 5 2614 Feb 7
43 Feb 19 July
8
12 May 14 17% Feb 1
4
/
1
163
8May 14 284 Feb 19
53 Mar 317 July
4
4
Jan 13 5434 Apr 26
20% Apr 473 July
38
71 July
/
4
732 Feb 19
314 Jan 10
/ Mar
1
4
41: June
2% Jan 30
1 Jan 4
Is Apr
1112 Mar 368 June
19 4 Jan 4 30 Jan 30
,
1034 Feb 5312 Sept
4May 10 5114 Feb 15
353
31
Jan 9912 Dec
100 Jan 2 123 Apr 12
,
2012 Jan 73 July
71 4 Jan 2 9434 Apr 11
4
321 Jan 5114 Sept
/
4
483 Jan 5 59 June 12
106 Feb 2 x125 June 13 1021s Jan 112 July
453 Feb 27 July
14 June 2 2612 Feb 5
8June 2 81 Jan 30
597
3752 Mar 85 July
37 Jan 3 4414 Feb 7
30 Feb 477s July
45 Jan 3 64I2June 19 2113 Jan 74 July
/
4
103 Jan 8 12018June 21
/
1
4
80 Jan 1121 July
4May 10 20% Mar 13
133
6 Jan 28 July
107% Jan 4 12514 Feb 6
864 Apr 1344 July
/
1
8232 Feb 6
49 Feb 90 July
85 4 Jan
,
/
1
4
4
67 Jan 8 8412 Feb 5
50 4 Feb 943 July
3
10714 Jan 3 124 June 16 10234 Mar 120 July
4 Jan 3 13 Feb 21
/
1
4
2 Dec 25 July
/
1
4
7 4 Jan 6 2834 Feb 21
3
/
1
4
7 Oct 37 Jaly
1638May 14 27% Feb 7
1072 Apr 4314 July
54 Jan 3 80 Feb 5
85 Mar 80 June
812May 14 1718 Feb 5
3 Mar 17 July
/
1
4
58 May 14 833 Feb 7
4
2233 Feb 6712 Dec
414 Mar 14
114 Jan 10
1712 Apr 23
5 4 Jan
,
9 Feb 16
2138 Feb 11041 Junes: Julyluy
14 FFee bb
4
Ms Jan 4
3712 Jan 4 50ig Feb 16
20 Feb 66 July
13 May 14 1734 April
5 Feb 2272 July
914 Jan 12 1234 Apr 26
41 Jan 1512 June
/
4
18 Jan 8 243 Jan 31
4
/
4
8 Jan 391 July
84 Feb 5 100 Apr 17
6212 Jan 90 June
98 Mar 2914 July
261s Jan 9 34 Apr 23
110 Jan 24 11514june 20
95 Feb 115 July
7614 Jan 2 9314 Apr 26
41
Jan 90 July
4 Jan 3
/
1
4
8 Apr 13
714 Juno
112 Feb
3 Apr 12
/
1
4
214 Jan 8
Feb 935
65 Jan 3 75% Apr 13
July
gas Jan 10
832 Fen 9
7 July
11 Jan
/
4
414 Jan 5 1012 Apr 21
2 Mar
9 June
/
1
4
312 P ,b 15
1 Jan 9
Juno
Apr
111s Jan 8 1814 Feb 6
31 Feb0 J l
5
514
/
4
60 Jan 1 771 Apr 20
18 Feb 6112 July
50 Jan 4 6472 Apr 20
15 Jan ISM July
2913 Jan 6 404 Apr 25
6 e Mar 35 July
,
/
1
4
12 May 15 16 Apr 12
41 Mar 26 Jute
/
4
2134May 14 8514 Feb 5
1232 Feb 3212 Nov
8514 Jan 8 551 Mar 13
/
4
9 Feb 3912 July
83 Jan 9 10112 Apr 17
60 Apr 8312 Sent
713 Jan 15 1614 Mar 14
5
11 Feb 34 4 Deo
/
4
8June 22 573 Mar 13
8
233
Oct 8414 July
31
7 Jan 4 1652 Mar 5
5111 Feb 91,13
7 Feb
2
July
5 Feb 10 1034 Jan 31
53
978May 10 16 Feb 5
g
3 Apr 173 July
/
1
4
35 Jan 8 6434 Apr 21
912 Apr 60 July
8812 Jan 9 9912June 20
2
6814 Feb 997 Aug
June
3 Jan 2
6, Feb 5
2
Jan
1618 Jan 9 3812 Apr 12
5% APT 244247'1: l
18
7 May 14 10 Jan 22
3 Mar 11 July
23 May 8 39 Feb 5
52112 Ju y
,
27 4 Jan 100 4,ulr
3
89 Jan 15 98 Mar HI
10% Jan 6 18% Apr 21
u
27 M ne
47 Msl; 85 j ay
5 Fa
65 Jan 13 8812june 14
45 Jan 7012 JUIN
58 Mar 2 67 Apr 23
Jan 3 1514 Apr 24
8
/
1
4
u
5 1 N uy
1 A
t
9512 Jan 9 119%May 25
:
t
631, eb 10:2114 jov
13 4 pr
22
1352May 14 2372 Feb 1
612 Feb 2114 July
/
4
1212 Jan 31 191 Apr 26
New York Stock Record-Continued-Page 3
4261
r3r FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
June 16.
Monday
June 18.
Tuesday
June 19.
1Wednesday
June 20.
Thursday
June 21.
Friday
June 22.
$ Per share
*3112 3212
355 36,
8
4
644 643
4
28
28
8
115 115
8
•1614 22
5612 561
273
8
27
8
243 2410
*13
3 214
17% 171
36
36
681
67
•521g 55
*818 9
618 613
1114 111
59
59
8
614 63
34
.31
8
314 33
4
*413 53
*912 10,2
•2
4
*814 912
1418 1414
*23
8 212
*33
4 5
10
10
*112
15
8
.2% 213
*23
4 3,2
233 24%
4
54
54
33
33,4
7
8
7
8
47
8 478
*93 10
4
22
22
*3312 34
.812 912
36
36
5412 543
4
71 12 71 12
273 273
4
4
275 2814
8
*214 25
8
*2
218
1312 13,
2
30
30
103 103
4
4
*82
93
40
40%
614 614
*2812 31
47
4814
84 812
2412 243
4
*20
273
8
*718 73
8
8
•14% 157
4318 437
8
2038 2113
85
85
118
14
$ Per share
3212 3234
3512 3614
64
645
8
28
28
1114 1114
.1614 22
5512 5612
267 273
8
8
24
243
4
*112 214
173 174
8
357 358
8
6812
68
*52
55
*8
812
618 614
1114 1114
*5918 65
64 6 2
,
*3012 34
314 3%
*44 5
*93 1014
4
*2
4
*814 914
1413 141
*248 21
*37
3 43
4
11
1113
•112 1%
24 214
.23
4 3
237 237
8
3
55
55
33
33%
7
8
7
8
5
5
.93 10
4
22 13 2214
34
3412
*813 9 2
,
35
36
$ per share
3113 3153
345* 365
6414 645*
273 28
4
11
113
4
*1614 22
4
538 553
263 2738
8
2414 2412
113 112
1718 1712
3514 353
4
68
6818
*5214 55
8
818
618 6,
4
*1053 11
*5912 65
63
8 612
$ Per share
*31
3110
3414 345
8
*6214 643
4
2813 2813
1118 1138
*1614 22
538 538
2638 267
3
24
243
8
..13
8 112
17
1733
3513 3512
*6614 6812
.5212 55
*712 8
618 64
*1014 11
x58
585
3
613 618
*263 34
4
34 3%
*413 5 4
,
*93 10
8
*2
4
.814 8%
1413 1414
214
214
*33
4 4
1112 11 4
,
P8
1%
24
8 218
23
3 23
4
23, 233
8
*5314 5418
3214 33
7
8
7
8
*412 43
4
93
4 93
4
2113 22
.325 3412
8
*814 83
4
34
34
S per share
315 315*
8
333 3412
4
*63
647
8
28
28
1113
11
.18
22
533 5414
4
8
2613 267
24
2412
113 112
1713 1733
*35
357
8
6714 6714
*5318 55
*712 8
*6
614
*1034 11
*5812 60
6
6 14
*2814 34
314 3 4
,
*418 518
*93 10
3
4
*2
814 814
14
1412
214
214
4
4
127 12%
8
8
*112 1 5
218 213
•25
8 3
.223 23%
4
.5418 56
3112 32 2
,
7
8
7
8
8
45
8 45
914 914
2118 2118
*32
3112
4
*812 83
36
*33
5212 5313
72
72
2713 27%
2614 2718
214 214
2
2
1453 15
29
28
.9% 10%
93
•82
4014 4218
614 612
31
*29
4634 463
4
813 818
23% 2412
26%
•26
4
63
4 63
.13
1412
4114
40
2014 2012
*8412 85
118
1
$ per share
32
32
33% 35 2
,
64
64
*2612 28
10% 11
22
*18
53 4 533
,
4
2578 267
8
23
2353
*I%
17
8
1614 17
4
3514 353
*65
6813
•5318 55
712 7 2
,
6
6
4
103 103
4
•5812 60
57
8 618
Sales
for
the
TWeek.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Shares.
600
31,700
1,700
190
1,800
Indus.& Miscell.(Con.) Par $ per share
Best de Co
No par 2612 Jan 8
Bethlehem Steel Corp_ _No par 303
8June 2
7% preferred
8June 2
100 587
Blgelow-Sant Carpet Ina No par 25 May 28
flaw-Knox Co
1014Nlay 14
No par
Bloomingdale Brothers_No par 18 Jan 12
s8M
5,400 Bohn Aluminum dr Br
.5 49ay 14
22,500 Borden Co (The)
8
25 197 Jan 6
5,200 Borg-Warner Corp
8May 14
10 203
400,:Botany Cons Mills class A-50
1 Jan 2
12,700 Briggs hfanufacturing_No po
12 Jan 6
1,500 Bristol-Myers Co
5 26 Jan 4
1,600 Brooklyn Baton Gas_ __No par 607
8May 8
Brown Shoe Co
No par 6014 Jan 5
4May 7
400 Bruns-Balke-C,ollender_No par
63
1,300 Bucyrus-Erie Co
51251ay 8
10
914May 12
Preferred
700
5
60
7% preferred
100 56 June 8
2,900 Budd (E G) Mfg
5 8 Jan 3
3
No par
303 303
4
*2814 34
100
7% preferred
100 25 Jan 2
*33
8 31
318 318 1,100 Budd Wheel
3 May 14
No par
*418
514
*418 518
278 Jan 9
Bulova Watch
No par
*9% 1034
Bullard Co
*9% 973
73 Jan 4
4
No par
*2
4
Burns Bros class A____No par
4
13 Jan 26
*2
8
*814 9
110
814 9
7% preferred
4 Jan 9
100
143 145
3
5,900 Burroughs Add Mach...No pat
133 14
4
1218May 14
212 21
212
*2
4May 12
300 :Bush Term
13
No par
*33
4 43
4
Debenture
100
312 Jan 20
100
*312 5
*918 1312
*10, 11,
8
2
150 Bush Term Ill gu pref ctfs_100
51s Jan 3
1,2 13
8
8 1,400 Butte dt. Superior Mtning__10
Vs Jan 13
*112 15
218 218
2 Jan 2
*218 214
500 Butte Copper dr Zino
5
*23
4 3
21s Jan 2
*25
No par
100 Butterick Co
8 3
23% 245
8
4June 2
2253 3,200 Byers Co (A M)
1S3
22
No Par
5413 .5414
Preferred
5418 5418
110
100 4714 Jan 15
33
34
183 Jan 4
4
3114 3212 7,700 California Packing____No par
7
8
7
8
7
8 1,500 Callahan Zino-Lead
7
8
7 Jan 9
8
10
4% 434
8 2,100 Calumet dr Ueda Cons Cop_25
4 Jan 3
4% 45
812may 14
400 Campbell W & C Fdy__ No pat
.9
912
93
4 93
4
2214 22,
3 1,800 Canada Dry Ginger AD:L...5 20 June 2
21
21,
4
34
35
500 Cannon 1511113
.32
No par 2812 Jan 4
333
4
200 Capital Adminis el A
83
3 838
1
8
53 Jan 2
8
83
3 83
Preferred A
140
*30
4
36
36
*30
10 263 Jan 24
5414 55
5312 5512 53
5,500 Case (J I) Co
8
475 521
100 46 May 14
533
4
40
•7114 77
72
Preferred certificates_ 100 673
4May 25
*7112 767
8 7112 7110
*70
2714 27 4 2712 2814 27
,
27
27% 7,200 Caterpillar Tractor_ __ No par 2312 Jan 4
2714
263 27% 2614 2712 2512 26
4
8June 2
243 2673 13,900 Celanese Corp of ArnNo par 223
8
2% 2%
2 June 22
2% 2%
900 ICelotex Corp
2
No par
2 14
214 212
2
2
Certificates
700
No par
214 2 4
114 Jan 9
13
4 13
218
218
,
133 157
4
Preferred
8 15
2.080
100
16%
612 Jan 18
1311g 141
1412 15
x295 2953 295 30
8
8
2,800 Central Aguirre Asso__No par 24 Mar 22
2712 28
29
29
10% 11
1014 1012 *10
*914 101
73 Jan 16
4
500 Century Ribbon Mi1113.No pat
103
4
*82
93
*82
Preferred
93
93 .82
.82
100 82 Mar 31
93
393 4114 3912 417
4
8 393 405
39% 4114 130,300 Cerro de Pasco Copper_No pat 30141sday 16
8
8
6% 7
6
61
718
63
8
314 Jan 2
5,900 Certain-Teed Products_No par
612 612
30% 32
•29
7% preferred
31
32
"29
200
100 1712 Jan 19
*29
32
48
4813 47
461
48% 4714 473
4,000 Chesapeake Corp
No par 34 Jan 4
45
3
84 812
8
8% 87
2,500 Chicago Pneumat Tool.No par
7% 77
512MaY 14
814 814
2414 2514 24
231
Cony preferred
1611 Jan 12
5,000
22
No par
25,
8 24
24
.264 273
8 2613 2618 *2614 267
300 Chickasha Cotton 011
26% 27%
10 1914 Jan 8
8
712
713
*714
718
900 Childs Co
No par
6 Jan 6
67
8 67
63
4 63
4
•1410 1513 143 14% *133 15
3
143
10 Chile Copper Co
*13
25 12187.iay 16
4
424 43
41
43% 4012 4118
3814 40% 72.900 Chrysler Corp
I 3612Nlay 14
2112 22
2114 2114 2034 203
2018 2018 2,200 City Joe dr Fuel
No par 1714 Jan 5
4
85
85
85
85
Preferred
8412 8412
310
*84
100 67 Jan 3
85
1
1
1
5,400 City Stores
1
1
1
No par
7 Jan 5
4
1,
8
14
•12
12'2
5
8
'2
Voting trust certifs. _No par
13 Apr 20
*12
5
8 6.100
•12
*3,8
53
'
10
.1.318 4
314
314
414
Class A
*318 4
100
*34 4
No par
*318 4
314June 18
*212 414 .212 4,
4 •3
4
ClassA v tc
4
*3
*3
No par
4
212June 5
*3
4
8
•1214 165 *123 16% •1213 16% •1212 193 *1212 19 4 *1212 19 4
8
Clark Equipment
3
3
No par
4
83 Jan 6
4
*363 38
4
3612 37
36
3412 3413
800 Cluett Peabody dt Co No par 28 Jan 3
35
3614 3513 3512 35
*102 106
106 106 *105 115 *110 115 *110 115 *110 115
Preferred
10
100 95 Jan 17
*124% 126
126 126
126 126 *12414 1263* •12414 1265* .12414 126
400 Coca-Cola Co (The)___No par 9514 Jan 2
.54% 5413 •543 541
3
5413 5412 *5412 54% 5412 5412 •543 5412
3
Class A
200
Vo par
5018 Jan 11
165
8 163 163
16
8
4
1612 17
3 1518 1612 19,300 Colgate-Palmolive-Peet No pat
1612 16% 1612 167
93 Jan 3
8
88
.87
•87
893 .87
4
*8612 88
88
8613 8612
100
.8613 88
100 6812 Jan 8
6% Preferred
18% 1814 1814
18
17% 1712 167 1714 163 17
16
4
163
4 3,400 Collins cir Aikman
No par
8
15%June 2
7
7
*63
4 73
8
53
4 618 1,000 :Colorado Fuel dt Iron_No par
6,
4 612 *63
8 63
4
614 638
35* Jan 2
75
751
76 4 75
,
74
7512 73
8,200 Columbian Carbon v t 0 No par 68 Jan 8
733
4 7314 7413 7014 73
*3212 33
3214 33
3138 3214 31
30 4 303
3
30 2 1,700 Columb Pict Corp v t e_No par 23 Jan 6
4 30
,
31
8
145 15
14% 1518 14% 153
1412 134 14
8 1414 1412 14
39,100 Columbia Gas dt Elec No par
1113 Jan 4
7618 7618 767 767 •7612 7712 7712 7834 .77
76
76
8
78
8
Preferred aeries A
600
100 52 Jan 5
*67
70
70
.67
*67
70 .67
70 •67
70
5% preferred
70 •67
100 41 Jan 9
30
3012 30
303
4 2912 31
2734 29% 6,400 Commercial Credit
30
3014 2912 30
10 1853 Jan 4
*2613 2812 *2613 281 *263 2812 *2634 2812 *263 2812 263 263
4
4
4
4
30
7% lot preferred
25 2312 Jan 5
4914 4914 *4613 491 *48
49
*48
48% *4612 48%
100
.48
Class A
49
50 38 Jan 3
28 .2753 29
28
.275 29
8
*2812 29
29
29
29
Preferred B
29
30
25 24 Jan 3
1043 105 •104 105 •104 105
4
105 10.5
310
614% first preferred____100 9112 Jan 3
105 10518 105 105
57
5814 574 58 4 57
,
5612 4,700 Comm Invest Trust___No pa
57
5814 57
55
57
,2 56
35 4 Jan 4
3
.108 1083 •108 1083 *10814 1083 .108 1083 •108 1083 •108 1083
4
4
4
4
Cony preferred
4
4
No pa
91 Jan 3
8 24
2413 243
241
2312 2414 23% 2312 23
2312 2214 2314 18,300 Commercial Solvents. NO Pa
193451ay 14
23
214 2 2
8 21
,
214 212
218 2.
218 214 28,900 ComrnonWIth dt Sou__ _No pa
214
23
3
13 Jan 2
4
49
49
50
50
48
49
48
4553 473
*47
3 4,200
475* 48
$6 preferred series._No pa
2113 Jan 2
2814 2812 2814 281
28
283
4 273 277
28
2612 277
4
8 3,500 Congoleurn-Nalrn lne No pa
3 28
23 Jan 9
4
•11% 14
*113 14
*11% 1212 •113 121 •118 13
*1134 13
4
Congress Cigar
No pa
93 Jan 12
4
97 10
8
104 1014
10% 103
•93 103
4
8 .918 10
3 *912 101
700 Consolidated Chiar
No pa
514 Jan 2
6012 .60
60
62
*6018 62
6018 601s
6012 61 .604 62
Prior preferred
200
4514 Jan 2
10
3 3 312
,
3
,3 31
8 •314 33
2
312 3,
600 Consol Film Indus
,
3 2 3 2 •314 33
,
212 Jan 2
154 15% 1514 1514 1518 15% 15
"1434 15
1414 1412 1,600
15
Preferred
No par
103 Jan 2
8
353
8 35
3412 353
3434 35% 34% 3514 34
353
8 3234 3412 52,100 Consolidated Gas Co_ No par 3118June 2
93
93
9312 931
933 94
4
94
94
93
9312 1,700
Preferred
No par 82 Jan 4
9334 94
.2% 2%
23
4 23
8 .258 2%
23
•25
8 23
8 27
8 •214
234
300 Consol Laundries C,orp_No par
218 Jan 8
114 1112 11
111
107 1112 1012 11
8
1012 107
8 1014 1053 26,900 Consol 011 Corp
912May 10
Vo par
.109 111 *109 111 *109 111 •109 111 •109 111 *109 111
8% preferred
100 108 Feb 9
1
118
1
1
1
Us
1
1
1
118
1
I
2,700 Consolidated Textile_ __No par
7 Jan 4
2
11% 11% *1034 1138 *1012 11
1012 1012 1014 1011
1012 11
700 Container Corp class A
618 Jan 5
20
418 414
418 438
414 414
37
37
8 38 1,900
8 4
413
4
Class B
No par
23 Jan 2
8
*912 10,
4 '934 m
8 .93 10
9,
4 94
*93 10
8
*914 10
8
200 Continental Bak class A No par
7 Jan 8
13
8
13
8
13
4 153
112
1%
114
114
13
13
114
13
8
114 2,600
Class 11
No par
1 Jan 1
*5818 60 .584 5914 *5813 59
*57
*57
59
59
*5818 59
Preferred
100 4614 Jan 6
7914 80
7912 803
8 7912 80% 79
7834 5,700 Continental Can Ino
79
78
7912 79
20 6912MaY 14
•8% 10
*83 10
4
*83
4 94
814 84 *84 10
8
85
8
,
300 Cont'l Diamond Fibre
5
718 Jan 5
33
3212 3212 3212 33
33
3213 323
4 3212 3212 313* 3112 1,200 Continental Insurance__ _.2.50 233 Jan 6
8
118
1,
4
118
14
118
118
118
118
118 4,600 Continental Motors.
113
118
..No par
l's Jan 2
2018 2012 203 2114 203 21% 2018 203
8
8
8 1912 2012 1812 1914 32,200 Continental Oil of Del
5 1612 Jan 13
6813 6938 69
6913 68
6978 67
6712 68
663 6812 5,600 Corn Product* Refining__ _.25 6013M11y 14
4
68
.14214 147 *14214 147 •14214 147 •14214 144
14312 14312 .14114 14412
100
Preferred
100 135 Jan 4
61,
6
53
4
57
3
6
6
6,
4 6%
6
6 18
53
4 6
4,100 Coty Inc
No par
Jan
33
33
33
3318 33
3314 3314 33
3314 2,100 Cream of Wheat etts.....No par 28 J
3314 .33
,2 x33
334
163 1712 17
4
1714
1612 17
1512 3,800 Crosley Radio Corp . par
15
16
s
1618 153 1614
No
8 Jan
27
27
27
27
*2614 27
4
257 2614 253 2534 25
3
2514 1,200 Crown Cork & Seal__..No par 2414May 11
40
41
.40
40
•38
40
•38
40 '38
40
.37
100
40
$2.70 preferred
No par 3512 Jan 2
518 5%
5'4 514
5
5
5
*513 5 2
,
54 1,300 Crown Zellerbaok v t c.No par
514 514
37 Jan
3
.2512 253
2512 2512
3 2512 253 .22
*23
2512 *2112 251
25
4
300 Crucible Steel of America..100 213 Jan
3
•60
61
61
*60
.60
61
60
60
*53
.60
607
61
8
100
Preferred
100 48 Jan 12
2
2
.1% 2
17
8
2
13
1%
4 *134
*13
1%
4
17
8
500 Cuba Co (The)
No par
1 Jan 2
,
74 84
3
74 7
,
%
712 8
7
% 84
,
75
8 73
4
712 7 4 10,300 Cuban-American Sugar_ ___10
3
313 Jan 10
4814 48
48
513
4 49
517
8 50
49
4912
5012 4914 50
800
Preferred
100 2018 Jan 9
4
46% •453 47
.46
46
46
46% *45% 4612 46
4512 453
4 1,100 Cudahy Packing
50 37 Jan 2
*2313 24
2313 2312 22% 23
23% 24
2218 223
8 22
22
1,100 Curtis Pub Co (The)___No par
1312 Jan 8
4
80 4 80% 8013 803 x80
3
8012 7912 80
787 SO
80 80
2.300
Preferred
No par 41,: jjan
131 Jl
n
33 10,100 Curtiss-Wright
312 33
313 3%
4
333
33
8 312
35*
4
3,4
312 33
21 Jan
1
103 1118
4
10
4
11
1014 1012 1013 1012
103 11
93 1014 9,100
4
Class A
1
514 Jan
*1712 18
*1713 18
.1512 17
•16
18
•1612 18
17% 17
%
100 Cutler-Hammer Inc___No pa
• 1114 and asked prices, no sales on this day. I Companies reported In receivership. a Optional sale. c Cash sale.
Highest.
PER SHARE
Range for Prevoius
Year 1933.
Lowest.
Highest.
$ Per share $ per share $ per share
3414 Apr 10
9 Mar 3318 Aug
4912 Feb 19
1018 Mar 4914 July
82 Feb 19
2514 Feb 82 July
40 Feb 5
flIs Apr 2912 June
161 Jan 30
/
4
312 Feb
1914 July
26 Feb 7
b 21 July
y
63838
683 Jan 24
912 Mar 5812 Dee
4
2712 Feb 5
18 Feb
347:33
28 8 Feb 5
,
512 Feb 2214 Dec
3 Feb 9
MayJuly
193 Apr 26
8
23 Feb 1433 July
8
37311 Apr 26
25 Dec 3814 Sept
8012 Feb 6
60 Dec 8812 June
61 Feb 16
2812 Mar 537 July
8
107 Mar 17
8
13 Mar 1812 June
4
938 Feb 5
2 Feb
127 June
8
1412 Apr 24
23 Feb
4
195* June
2011 Mar 72 June
75 Jan 15
97 July
73 Apr 25
4
3 Apr
4
44 Apr 25
3 Mar 35 July
53 July
4
1
Feb
53 Jan 30
8
612 Apr 28
7 Mar
8
5 June
1314 July
1513 Feb 16
213 Feb
5 June
6 Feb 21
12 Apr
13 June
134 Jan
1512 Feb 20
z193 Feb 1
613 Feb 207 July
8
8
Apr
8 June
37 Feb 9
1
8
6 Mar 8
1
Apr
912 June
15 4 Feb 23
3
418 Dee
8 Dee
218 Feb 16
Feb
27 June
3
1
3 Feb 16
414 June
12 Mar
114 Apr
43 Feb 1
4
712 June
3234 Feb 7
812 Feb 4314 July
677 Apr 23
3018 Mar 80 July
8
3412 Apr 30
734 Max
343 July
4
13 Jan 23
4
214 June
14 Jan
93 June
658 Fen 5
2 Feb
157 Feb 23
8
2 Feb
1614 July
2912 Apr 24
712 Feb4113 July
38 Apr 2
14 Feb3512 July
10 Apr 13
414 Oct1213 July
39 Apr 20
2518 Jan 3513 July
4
863 Feo 6
3012 Feb 10313 July
8412 Feb 6
41
Feb 8614 July
3338 Apr 21
512 Max
293 July
4
4478 Feb 5
413 Feb 587 July
8
45 Apr 12
8
12 Mar
57 July
8
4 Apr 12
38 Feb
43 July
8
223s Apr 13
112 Jan
123 July
4
3218 Feb 5
14
Jan 41 July
1238 Feb 19
8
2 Apr 115 July
95 Jan 2
52 Feb 100 Dee
4218June 21
57 Jan 443 Sept
2
4
734 Apr 5
1
Jan
73 July
3
35 Apr 5
4 Mar 3014 July
487 Apr 21
147 Jan 5213 July
8
8
97 Feb 5
218 Mar 123 July
8
3
283 Apr 24
4
512 Feb 2514 June
303 Feb 5
5 Mar
4
34 July
115 Feb 19
8
2 Feb
1011, July
175 Apr 9
8
6
Apr 2113 July
6038 Feb 23
73 Mar 573 Dec
4
8
243 Jan 30
718 Mar 25 June
8
45 Apr
72 July
86 A pr 23
218 Feb 6
3 8 July
5
14 Feb
114 Feb 6
218 July
18 Ma
538 Feb 6
812 July
112 Jan
518 Feb 21
514 July
84 Nov
2134 Mar 5
5
Mar 1414 June
45 Apr 7
10
Jan 4113 July
115 Apr 23
90
Jan 100 June
127 Apr 24
7312 Jan 105 July
55 June 1
Apr51 Dec
44
1818 Mar 13
7 Mar 223 July
8
9214 Apr 18
49 Apr 88 Aug
2812 Feb 19
3
Apr26 Sept
83 Feb 6
4
27 Dec 175 July
8
8
7714 Apr 23
2313 Feb7112 July
343
4May 28
63 Mar 28 Nov
8
1914 Feb 6
9
Mar 2818 July
50 Dec
4June21
783
83 June
71 Apr 24
7412June
40 May
3518 Apr 21
4 Feb
1914 Dec
29 Mar 3
1812 Mar 25 Sept
50 Mar 9
16 Feb3912 Aug
30 Mar 3
1813 Mar 2518 Sept
106 Apr 30
70 Mar 957 Sept
8
5934 Apr 11
18 Mar 4312 July
8
3June 12
Jan 977 Jan
84
1085
363 Jan 30
9 Feb 5714 July
4
618 June
114 Dec
334 Feb 6
5234 Apr 23
173 Dec 6012 June
3
3114 Feb 16
73 Jan 2753 July
8
18 June
1412 Mar 5
612 Feb
193 June
1338 Mar 17
4
312 Apr
Apr 65 June
61 June 20
31
4
53 May
5 4 Feb 15
3
134 Jan
145 May
1713 Feb 15
57 Mar
4
4738 Fro 6
34 Dec 6418 June
Jan
94 June 19
8118 Dec 99
51/ Jan
43 Feb 7
8
112 Dec
1414 Feb 13
5 Mar IPA July
11112 Apr 28
Oct
9512 Mar 108
314 July
218 Feb 7
1.4 Mar
1334 Apr 23
1014 July
1 1s Jan
412 June
53 Apr 18
8
14 Feb
3 Mar 1814 July
1453 Jan 24
313 July
238 Feb 7
13 Jan
Jan 64 July
64 Feb 9
36
3514 Feb 7838 Dec
8314 Apr 21
1713 July
113 Feb 6
312 Feb
4
3513 Apr 20
1012 Mar 3613 JUi1
4 June
1 Mar
238 Feb 21
478 Mar 195 Sept
2234 Apr 21
3
8
8412 Jan 26
45 8 Feb 905 Aug
3
4
145 Apr 25 11712 Mar 1453 Jan
712 June
238 Ma
We Fen 5
23 Feb 3912 July
35 Jan 31
17I2June 16
21s Mat 14sa June
1414 Feb 65 July
3614 Feb 1
2412 Feb 3811 July
4114 Apr 20
Apr813 July
653Apr 27
1
9 Mar 3712 July
383 Feb 19
3
16 Feb 60 3 July
3
71 Apr 19
3
13 Feb4 8 June
318 Feb 9
1112 May
118 Jan
978 Feb 8
Jun 68 June
10
517
8June 19
203 Feb5912 June
4
50 4 Feb 16
3
613 Mar 3214 June
293 Apr 12
8
8414 Apr 13
30 Feb66 June
3
112 Feb43 July
Jan 31
8 July
2 Ma
1214 Apr 2
21 July
2112 Feb 21
414 Jan
x Ex-dividend. I( Ex-rights.
4262
New York Stock Record-Continued-Page 4
June 23 1934
IV' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 16.
Monday
June 18.
Tuesday
June 19.
Wednesday
June 20.
Thursday
June 21.
Friday
June 22.
$ per share $ per share 3 per share $ per share $ per share $ per share
*7
712 *713 7
/ *71 734
1
4
/
4
712 713
7
/ 712
1
4
7
/ 712
1
4
207 2114 2118 2112 2118 213
8
191 2014
4 21
8
2133 207 21
*1112 12
1112 113 *1112 1134 1112 113
8
/
4
8
/
4
4 113 111 1112 111
*73
76
75
75
*75
76
7512 7513 76
7612 77
77
*4612 47
/ 48
1
4
48
x4812 4912 *4614 493 *4514 48
*4512 4612
4
23
23
2318 2314 23
2314 23
23
/ 2314 2314 *23
1
4
2312
3012 3012 308 307
8 3033 3118 *3013 311 3078 3114 *3114 3153
/
4
4312 433
4 433 45
4418 4512 43
4
44
433 443
4
4 423 438
4
*2118 2112 2118 2118 2118 2118 2118 2114 21
2078 21
21
221 2212 217 22 8 2034 2218 203 21
/
4
8
3
4
2012 203
4 19
2013
.1314 15
*14
147
8 14
*1314 1412 *1314 1412 13
14
13
111 1114 *107 1114 107 1118 *107 1118 107 10 8 103 11
/
4
8
8
8
4
7
*6
7
/ *6
1
4
718 *6
7
61 6
/
4
67
8 67
/
1
4
8
8 *614 67
*101 10212 *10118 10213 *102 10212 102 102
/
4
8
1015 10212 1021 10214
7 8 778 *712 77
7
712 712 *738 8
8
814
*81 813 *8
/
4
7
983 99
4
993 1003 100 101
4
4
9914 9933 97
9912 100
99
*143
_ *143
__ *146 148 *146 148
___ *145
*143-1814 1814 177 -- - 175 18
17 1 12 1718 1718 161 17
/ 1 7
4
8 177
8
/
4
92
9212 917 93
8
4
911 9312 9012 9112 893 9112 88
/
4
908
124 12414 12414 12414 12414 12414 12414 12412 12312 12412 12318 12314
*13
14
*1278 14
13
1312 1312 13
1233 1253 1214 1214
2314 2312 23
8 2218 2238 2112 2214 203 2112
8
2353 2212 233
*95
98
*95
98
98
98
98
98
97
9718 *9314 98
5
5
5
47
8 47
5
5
5 18
8 5
8 *47
453 5
3
*73
8 7 8 *7 8 733
3
7
712 712 *718 714
67
74 718
/
1
614 6
/
1
4
613 63
612 65
8
61 6
/
4
4
58 6
5
61 63
/
4
8
/
1
4
163 1712 1612 17
4
1638 16
163 1718 16
8
16
15
1512
143 153 *15
4
154 *143 15
1512 15
4
143 143
4
4
/
1
4 134 13
/
1
4
4214 4214 .42
/ 424 4353 4333 4312 4312 *42
1
4
/
1
4312 42
43
*114
7
8
78
78
*34 1
1
1
*3
4
1
*3
4
1
17
*112 13
*17
8 2
178
17
8
15
8
13
8 *15
8
*112 2
5612 5612 551 5512 *55
/
4
56
5612 *55
*55
56
5612 *54
*124
_ __ *124
_ __ *124
__ *125 - , *125 _ _ 125 125
*434 5
5
4
5 _45
8 - -58
5
414 412
,
1
43
4 - 43
4
143 1438 15
8
*15
16
15
15
*15
15
16
*15
1518
155 16
8
•153 18
4
16
16
16
16
16
16
16
16
1712 1712 *17
1813 1812 *17
19
22
*17
4
233 *1618 233
4
63
4 63
63
4 7
*65
8 67
8
8 7
4 *65
*638 678 *612 67
10
103 *1018 103 *1014 10 8 10
8
10
3
8
*10
104
/
1
9
/ 10
1
4
2512 257
8 2512 26
2412 2512 2412 25
24
248
223 243
4
8
7
74
/
1
612 612
6
614
614 6
67
64 61 *6
4
/
4
*1 218
/
4
*7
8 24
/
1
*7
8 24
/
1
*7
3 24
/
1
*7
11 21
/
4
*7
8 218
64 612 *6
712 712 *612 8
*518 712
8
*512 8
1412 1434 15
143 15
4
15
14
1412 *14
13
/ 14
1
4
15
*53
532
8 54
55
5452 5412 54
54
533 533 *5112 53 4
4
4
3
83
8 833
814 85* *8
838
77
8 814
8
8
74 7 4
3
3
*4812 55
*4812 .55
*4812 55
*49
/ 55
1
4
*484 54
/
1
*4812 54
*75
90 .72
90
*72
90
*72
90
*72
*72
90
90
*513 6
512 6
*53
4 614 *
*512 6
*512 6
512 512
7
*312 4
354 31 *34 3
37
*3
3 4 *3
3
/
4
37
8 *3
8
2
/ 2
1
4
/
1
4
24 218
218 24
/
1
/
1
2% 2
/ *2
1
4
2
21
2
/
1
4
/
4
*2012 23
23
23
*2012 244 *21
/
1
2412 *2014 2412 *2014 2413
*32
327 33
8
3212 3212 3238 3238 3112 3113 3013 303
/ 33
1
4
4
:812 913 *852 914 *812 gig
*813 914 *812 914 *812 nig
*2118 30
*2114 30
*20 8 30
3
*25
30
30
30
*25
30
*10212 104 *10212 104 *10212 104 *10212 104 *10212 104
10212 10212
1833 1914
183* 185* 1812 183
4 1758 1814 1712 17
/ 165 173
1
4
8
4
*824 86
/
1
.8212 85
*837 85
8
*83
86
*8314 843
4 83 8314
85
6512 *65
65
/ 6512 657
1
4
8 653 65
6512 8418 6414
4
/ 65
1
4
412 43
43
4
41
454
4 43
414 43
4
414 412
4
44 414
/
1
1814 *17 8 1814 *1712 1978 *177 197
*18
1914 *18
7
8
8 1814 1814
/ 1714 163 1712 16
1
4
163 165
8
8 16
7
4
153 153
4
4 15
/ 17
1
4
1618
1213 13
121 13
/
4
/ 1234 13
1
4
1212 13
13
/ 13
1
4
1153 124
22
22
22
22
22
2212 22 22
2113 215
8 2114 2238
1412 1412 14
3
/ 1512 *14 4 15
1
4
15
/ 15 8 15
1
4
3
1414 13
/ 14
1
4
*50
513
4 513 513 *50
4
4
513 *50
4
513
4 5014 5014 50 50
3
35
3612 30 4 3453 31
30 4 3212 313 3212 311 32
3
33
4
/
4
*2414 2812 *2414 2812 *2414 25 8 *2312 257 *2312 2812
23
23
7
8
*11
*12
15
11
12
*11
134 11
/
1
16
11
11
11
*214 2
214 214
/
1
4
/ 212 *214 212 *214
1
4
214 214 *2
Vs
1412 1412 1412 1412 *14
*14
1412 *14
14
1413 14
1412
9
/ *83
1
4
9
9 / *9
1
4
4 9
*812 8
/ *812 83
1
4
812 812
4
*81
*81
85
*81
85
85
*8312 85
*81
85
*81
85
391 3914 39
/
4
39
384 3912 37
/
1
39
39
38
385* 39
20
20 8 2014 2014 193 20 8 1912 1912 1918 194 185* 19
3
4
3
97 10
3
10 8 103
3
8 1018 108
1018 10
1014 1014 10
10
10012 10012 *101 103
10212 10212 10212 10212 *10112 103 *10112 103
8
814 83
8
7 4 518
3
8
812
83
712 78
8
8
414 438 *3 8 45
7
*4
458 *3 8 414
7
8
43
8 4 8 *37
3
8 45*
4 *814 812
*814 10 4 *814 103
3
814 814 *7
812 *718 812
*244 264 25
/
1
*2438 2714 25
*24
28
/
1
*241 28
25
25
4112 42
/
4
411 411 4178 42
/
4
41
*4112 4212
.40
4112 41
112 112 *110 112
*109 112 *109 112 *110 112 *110 112
2
203 211 205 2114 20
4
/
4
20 4 21
3
2053 1912 2018
8
053 20
1212 125
8 1213 1212 1212 1212 123 1212 1212 1212 1212 1212
32
324 318 3218
/
1
317 32
8
323
323
4 32
3212 3212 32
3
4
3
4
3
4
3
4
3
4
3
4
7
s
7
s
7
8
7
s
5
4
3
4
16
16
*1512 16
155 155 •
8
*1512 16
15
15
8 1512 157
8
*17
20
*17
20
*1718 20
*17
20
*171 20
/
4
*1612 26
*1813 21
*1812 21
*1812 21
*183 21
4
*183 21
4
•18
21
8
8
8
*541 5833 *5414 555* *533 5833 *543 5833 *5518 583 *5518 5833
/
4
*
57
57
58
5612 57
58
4
/ 58
1
4
/ 5734 573 57
1
4
57
8
- -- *112 115 •1123 115 *112 115 *112 113 *112 113
32
/
1
4
333
8 313 3214 3113 324 3012 32
3
*11233
3312 32 8 33
102 10214 102 10214
102 10212 102 102
102 103
103 103
*1512 18
*154 17
/
1
*1512 18
16
*16
173
4 16
17
17
*414 43
4
*41 5
/
4
*414 5
*414 5
*414 5
*43
4 5
4
/ 193 *1712 1984 173 18
1
4
4
1912 *17
19
/ 19
1
4
194 194 *18
/
1
/
1
*8612 88
*863 88
8
8612 864 *8653 88
87 . 87
*8612 87
333
333
27
8 27
3
312
*314 3 4 *3
3
*27
3 312
3
*3134 3384 3112 3112
4
/
1
3412 3412 3414 3412 3313 344 *313 32
17
8 178
2
2
17
8 2
2
2
2
2
112
218
*17
19
*17
19
*17
19
19
*17
*17
19
•17
19
164 1618
/
1
s
/ 1714 165 1633 1614 1614 *1618 17
1
4
/ *16
1
4
161 16
/
4
1512
*15
15 4 1538 1538 15
3
3
1514 153
8 1513 15 4 15 4 16
3
32
32
35
/
4
*2212 38
33
33
*25
371 *32
38
•33
/
1
4
10% 10% 1012 10
8
3
8 10 8 108 103 11
102 107
8
8 105 107
63
/
1
4
64
/ 64
1
4
/ 63
1
4
65 65
*6312 65
65
634 6312 *62
/
1
3
/ 3
1
4
/
1
4
*3
/ 4
1
4
38 4
7
4
4
4
4
4
4
2414
241 *22
/
4
233 *22
4
*22
2412 *22
24
2313 2312 *22
2412 24
255 2618 2513 2618 2412 2513 24
8
244 2312 24
/
1
100 100
100 100
71 713
/
4
714
714
2014
20
2018 20
8
3
*110 8 112 *1103 112
/
1
4
1412 145
8 1412 14
5312 5312
*.52
55
293 3012
4
30
31
8118
80
80
*77
/
4
8 *81 812
814 83
56
*52
*51
56
212 213
5
*213 2 8
113
8
1118 1112 11
614 614
*0's 63
8
38
3714 3714 38
*25 4 28
3
*253 28
4
*3112 33
33
33
1212 124
12
12
4
4 323 3314
3314 333
*1111s 113 *112 113
212 212
212 2
/
1
4
30
*26
30
.25
*604 75
/
1
*6018 75
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares.
400
6,000
1,500
600
500
1,600
1,400
23,200
700
14,400
200
800
200
200
200
4,300
Indus.& Miscell.(Con.) Pox
Davega Stores Corp
5
Deere & CO
No par
Preferred
20
Detroit Edison
100
Devoe & Reynolds A__No par
Diamond MatchNo par
Participating preferred___25
Dome Mines Ltd
No par
Dominion Stoma Ltd No par
Dougias Aircraft Co Inc No par
Dresser(SR)Mfg cony A No par
Convertible oleos B No par
Dunhill International
1
Duquesne Light 1st pref__100
Eastern Rolling Mllbt__No par
Eastman Kodak (N J)
-No par
6% cum preferred
100
Eaton Mfg Co
No par
El du Pont de Nemours---_20
6% non-voting deb
100
Eitingon Schlld new....No par
Elea Auto-Lite (The)
5
Preferred
100
Electric Boat
3
Elea & Mus Ind Am shares___
Electric Power & Light No par
Preferred
No par
56 preferred
No par
Elec Storage Battery_ _ _No par
:Elk Horn Coal Corp__No par
6% part preferred
50
Endleott-Johnson Co:p
50
Preferred
100
Engineers Public Berv__No par
$5 cony preferred____No par
No par
3543 preferred
$6 preferred
No par
Equitable Office Bldg__No par
Eureka Vacuum Clean
5
Evans Products Co
5
Exchange Buffet Corp_No par
Fairbanks Co
25
Preferred
100
Fairbanks Morse dk CO_No par
Preferred
100
Federal Light de Tree
15
No par
Preferred
Federal Min de Smelt C0.-100
Federal Motor Truck_ _No par
Federal Screw Worke No par
Federal Water Sery A No par
Federated Dept Stores_No par
Fidel Phen Fire Ina N Y__2.50
Fifth Ave Bus Sec Corp.No par
Filene's(Wm)Sons Co.No par
100
633% preferred
Firestone Tire & Rubber___40
Preferred series A
100
First National Stores__No par
:Follansbee Bros
No par
Food Machinery Corp_No par
Foster-Wheeler
No par
Foundation Co
No par
1
Fourth Nat Invest w w
Fox Film Maas A new__No par
1,800
46,200
2,200
400
10,400
60
2,300
6,500
8,800
3,200
3,100
500
200
200
200
10
1,100
300
1,000
200
2,400
1,100
8,300
170
50
1,200
170
1,500
700
100
2,000
100
1,200
20
20
5,900
200
1,200
2,100
100
3,500
13,900
1,600
3,400
40
19,500
10
60
200
50
300
4,100
3.500
1,900
30
2,800
300
100
200
800
10
59,900
19,600
10,200
1,700
400
1,300
82,400
2,100
200
150
60
300
700
800
600
1,600
50
5,200
700
2,100
100
6,700
360
3,600
5,900
200
2,400
800
7,400
200
1,900
10
4,600
1,800
800
700
100 101 *100 101
100 10018 100 100
63
4 7
6
/ 7
1
4
7
718
3
714 7 8
1912 197
19
/ 20
1
4
204 2
/ 012 197 20
1
3
3
112 112 *11038 112 *110 4 112 *110 4 112
1234 1384
14
/
1
14 8 143
3
8 144 1414 14
5013
5014 5014 50
53 4 533 *5012 52
3
4
3138 29
2912 29
30
4
/
1
293
4 273 294
8
*7912 8112 57912 817 *7912 8012 *7912 80
814 814
73
4 81
814 85*
*814 838
50
50
*53
56
56
*5212 56 .53
24 238
212 25
212 212
214 214
8
8 10
1012 1012 1012 103
10
10 8 11
3
53
4
53
53
4
54
3
4 612
5 8 64 *53
7
37
*3614 397 *37
38
8
37 3718 37
*2534 27
*253 27
4
*253 27
4
*253 27
4
*3114 3314 *3014 3112
100
*3014 33
*301 33
/
4
/
4
124 121 *12
/
4
4 1114 113s 3,100
121 111 113
/
4
325 3333 317 3233 317 3212 305s 32
18,700
50
/
1
4
113 113 *114 115 *114 11512 *114 116
212 25
8 *218 238 2,300
8
212 2
/ *212 23
1
4
*25
•25
30
30
*25
*25
30
30
•62
75
*62
75
*62
75
*60111 75
•Bid and asked prices, no sales on this day.
Po'
Sales
for
the
Week.
PER SHARE
Range Sawa Jan. 1.
On basis of 100-share lots.
Lowest.
3 Per share
8 Jan 10
18 June 2
1118June 7
6313 Jan 5
29 Jan 6
x213
4May 14
2814 Mar 27
32 Jan 25
19 Feb 10
1414 Jan 2
/
1
4
9 Jan 10
713 Jan 16
614May 14
90 Jan 18
54 Jan 3
79 Jan 4
120 Jan 16
1314 Jan 8
80 May 16
115 Jan g
11 May 14
1818 Jan 9
80 Jan 5
Ms Jan 8
414 Jan 3
412 Jan 3
8 Jan 3
/
1
4
8 Jan 2
z40 June 7
38May 11
/
1
14 Jan 10
51 May 14
120 Jan 3
4 June 7
115 Jan 3
8
11 Jan 8
141s Jan 2
614May 12
74 Jan 8
/
1
9 Jan 3
4 Jan 9
158Mar 9
414 Feb 14
7 Jan 6
80 Jan 10
7 May 10
341s Jan 12
75 May 10
5 June 22
2 Jan 13
114 Jan 5
223 Jan 8
4
23 Jan 5
/
1
4
7 Feb 15
25 Feb 1
87 Jan 10
1638June 22
71 Jan 9
/
1
4
54 Jan 5
214May 12
/
4
101 Jan 9
1214Ma3r 14
8May 14
87
19 8 Jan 5
3
12 Jan 5
/
1
4
/
1
Fkln Simon ds Co Intl 7% pf100 364 Jan 12
3
Freeport Texas Co
10 30 4June 18
/
1
Fuller (0 A) prior Dref_No par 164 Jan 19
9 Jan 4
No par
$620 prof
2 Jan 12
/
1
4
Gabriel Co (The) cl A No par
Ills Jan 18
Gamewell Co (The)
No par
73g Jan 4
Gen Amer Investors
No par
Preferred
No par 79 Jan 29
/
1
Gen Amer Trans Corp
5 334 Jan 4
General Asphalt
10 151s Jan 4
93
5
4Mag 12
General Baking
$8 preferred
No par 100 May 8
5
534 Jan 9
General Bronze
3 Jan 4
/
1
4
General Cable
No par
6 Jan 4
Class A
No par
7% cum preferred
100 1412 Jan 9
General Cigar Inc
No par 27 Jan 2
7% preferred
100 97 Jan 8
General Electric
1812 Jan 4
No par
Special
10 1133 Jan 2
8May 23
General Foods
No par 313
/ Jan 2
1
4
Gen'i Gas & Flee A
No par
Cony prof series A.
614 Jan 2
-No par
No par 12 Jan 29
$7 pref class A
88 prof class A
No par 14 Jan 19
Gen Ital Edison Elea Corp___ 50 Jan 24
8
General Mills
No par 537 Mar 20
Preferred
100 103 Feb 27
General Motors Corp
10 2918June 2
4
85 preferred
No par 893 Jan 6
88 Jan 5
Gen Outdoor Adv A__ _No par
3 8 Jan 2
5
Common
No par
General Printing Ink_ No par 1012 Jan 3
56 preferred
No par 7312Mar 10
213 Jan 8
Gen Public Sendoe
No par
Gen Railway Signal_
No par 3114May 14
1
112May 14
Gen Realty de Utilities
16 Jan 8
36 preferred
No par
1018 Jan 3
General Refractorles
No par
Voting trust certifs No par 1214 Jan 22
Gen Steel Castings prof No par 8012 Jan 13
812 Jan 6
Gillette Safety Razor No par
Cony preferred
No par 47 Jan 11
33
4May 12
Girable Brothers
No par
/
1
100 164 Jan 8
Preferred
Glidden Co (The)
No par 1633 Jan 4
Prior preferred
100 83 Jan 19
512 Jan 2
Gobel (Adolf)
5
4
Gold Dust Corp v I c_ __No par 168 Jan 11
/
1
$6 cony preferred......No par 964 Jan 6
Goodrich Co(BF)
No par 1214May 12
Preferred
100 40 Jan 5
4June 2
Goodyear Tire as Rubb_No par 253
1st preferred
No par 74 May 19
7 Jan 4
Gotham Silk Hoae
No par
Preferred
100 4912 Jan 22
Graham-Paige Motors
214June 22
1
8 Jan 2
Granby Con M 8m & Pr__100
,
Grand Union Co tr etfa
4 Jan 8
1
No par 23 Jan 6
Cony pref aeries
Granite City Steel
No par 23 Jan la
Grant (W T)
No par 30 June 8
1012May 14
GI Nor Iron Ore Prop_ _No par
Great Western Sugar No par 25 May 14
Preferred
100 102 Jan 2
1 Jan 2
4
Guantanamo Sugar....No par
Gulf States Steel
No par 24 Jan 2
Preferred
100 47 Jan 8
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
8 Per share i Per share $ Per Mare
8 Feb 5
/
1
4
834 July
13 Feb
8
3418 Feb 1
243 July 49 July
1512 Jan 30
6 Feb 18 June
/
1
4
/
1
4
84 Feb 23
48 Apr 9113 July
5518 Apr 25
10 Mar 83 8 Aug
7
2812 Jan 16
/
1
4
1712 Feb 29 July
3112 Jan 24
261 Feb 31 July
/
4
4512June 19
12 Feb 3912 Sept
23 Mar 10
1012 Feb 26 8 July
3
2812 Jan 31
1014 Feb 1814 July
19 Feb 17
63 Feb 18 June
4
117 Mar 28
8
24 Mar 108 June
/
1
4
113
4Mar 26
8
7 Apr 148 July
8
104 June 9
85 Nov 10218 June
1284 Feb 19
11 Mar 10 July
/
4
46 Apr 8934 July
101 June 19
145 June 15 110 May 130 Mar
224 Apr 19
/
1
3 Mar 16 July
/
1
4
103 Feb 16
/
1
4
321 Mar 963 Dec
/
4
8
12412June 20
9713 Apr 117 July
19% mar6-3138 Feb 21
YO .Vir IN July
101 Apr 6
75 Oct 88 July
/
1
4
712 Jan 29
1
8 July
/
1
4
Jan
918May 8
41 Dec
/
4
1
Feb
958 Feb 7
313 Feb 15 8 June
3
21 Apr 18
712 Apr 3612 June
19 4 Feb 7
3
612 Apr 323 June
4
52 Jan 24
21 Feb 54 July
178 Feb 21
4 June
is Jan
33 Feb 23
4
5 Apr
8
6 June
63 Feb 16
26 Feb 62 8 July
7
126 Mar 20 107 Feb 123 Oct
38 Dec 143 June
88 Feb 7
4
4
2313 Feb 6
11 Dec 47 June
2412 Feb 5
11 Dec 497 June
8
2512 Feb 5
12 Dec 55 June
103 Jan 22
8
612 Mar 133 July
8
1438 Feb 19
3 Apr 184 July
/
1
2714 Apr 27
7 Mar 10 Nov
2
312 Nov 1113 July
1012 Apr 2
23 Apr 17
8
23 June
3
7 May
s
1212 Apr 14
1
Feb
814 June
213 Mar 114 June
18 Feb 19
/
1
10 Feb 4253 Nov
58 Apr 24
111 Apr 3
/
4
43 Apr 1413 June
4
/
1
4
33 Dec 59 July
62 Mar 13
15 Mar 103 Sept
107 Feb 14
4
3 Mar 113 July
4
83 Jan 30
4
472 July
538 Feb 23
% Feb
63 June
4
13 Dec
8
4 Feb 6
7 Feb 30 July
/
1
4
31 Mar 6
1014 Mar 36 July
35 Apr 20
938 Nov
5 Mar
11 Jan 3
9 Apr 30 July
30 June 21
Apr 95 Sept
81
105 Apr 25
94 Apr 314 July
/
1
25 Feb 19
/
1
4
88 Apr 21
42 Mar 75 June
/
1
4
43 Mar 70 July
6712 Apr 23
173 Feb 21
19 June
8
212 Feb
21 May 4
6 Apr 16 July
/
1
4
22 Feb 16
412 Feb 23 July
2 Feb 2338 July
1714 Jan 30
2712 Feb 5
13 8 Mar 2614 June
5
1712 Feb 26
12
Oct19 Sept
63 Feb 7
12
Jan 50 Aug
/
1
5038 Feb 19
1618 Feb 494 Nev
3312 Apr 26
9 Jan 31 June
19% Apr 26
4
Jan 23 June
45 Mar 12
8
5 Aug
/
1
4
1 Feb
20 Feb 19
64 Jan 207 Aug
8
1113 Feb 6
2 Feb 12 June
/
1
4
87 Mar 13
42 Feb 85 July
43 8 Feb 19
5
/
1
4
133 Feb 43 July
4
2312 Apr 24
4 8 Mar 27 July
3
14 8 Feb 5
3
1(112 Dec 204 July
/
1
10812 Feb 7
994 Mar 1084 Sept
/
1
/
1
1018 Mar 9
24 Feb 1012 July
/
1
618 Feb 1
/
4
11 Mar 111 June
/
4
12 Feb 1
2 Feb 23 June
/
1
4
33 Apr 20
64 Mar 46 June
42 June 20
8
2414 Dec 485 June
Jan
112 June 21
90 July 112
2514 Feb 5
1012 Feb 3014 July
1234 Feb 26
107 Apr 1214 July
8
367 Jan 30
8
1
21
Feb 397 Sept
13 Feb 6
4
/
1
4
2 June
4 Dec
19 Mar 13
3 Apr 1612 June
/
1
4
21 Mar 13
6% Dec 1812 June
22 Mar 12
5 Apr 20 June
6114 Feb 16
2414 Jan 5534 Nov
644 Jan 15
/
1
3513 Mar 71 June
11214june 5
/
4
9212 Mar 1061 Sept
42 Feb 5
/
1
4
10 Feb 35 Sept
103 May 1
6512 Mar 95 July
21 Apr 14
5 Jan 24 June
/
1
4
65 Apr 20
8
212 Mar 1018 June
2513 Apr 23
314 Jan 17 June
88 Apr 24
31 Mar 82 Aug
5 8 Feb 7
5
2 Apr
814 June
4534 Mar 3
131 Jan 4912 July
/
4
3 Jan 30
/
1
4
45 June
8
/ Feb
1
4
263 Jan 30
8
4
512 Jan 223 June
233 Feb 23
212 Feb
8
193 July
4
1013 Feb 21
714 Sept18 June
4812 Mar 15
93 Feb 384 June
8
758 Dec 2014 Jan
1212 Feb 6
65 June 20
Jan
4512 Dec 75
64 Feb 5
/
1
7 fun.
/
1
4
3 Feb
4
30 Feb 5
64 Mar 83 July
283 Apr 26
8
3 4 Mar 20 July
3
103 Apr 27
48
Apr 9113 Aug
912 Feb 27
16 July
3 Feb
23 Apr 23
12 Feb 2738 July
112 June 19
9611 Dec 105 July
18 Feb 19
3 Mar 2112 July
6234 Apr 21
9 Feb 63 July
411111 Feb 19
/
4
914 Feb 471 July
864 Feb 19
27 Mar 8014 July
/
1
4
114 Feb 5
/
1
613 Oct1712 June
7112 Apr 26
41
Apr 73 July
412 Feb 1
5+8 July
1
Apr
133 Feb 16
8
Ws June
3 8 Mar
7
814 Jan 31
8
333 Mar 103 June
40 Apr 24
8
20 Sept 383 July
3118 Apr 25
3
1118 Mar 30 8 July
40 8 Feb 19
3
153 Feb 3812 Doc
4
4
168 July
1518 Feb 19
518 Feb
/
4
347 Jan 20
8
6
/ Jan 411 Sent
1
4
113 June 19
7212 Jan 110 Bent
412 May
312 Feb 8
14 Jan
42 Mar 13
63 Feb 38 July
4
83 Apr 20
1614 Jan 64 June
g Companies reported In receivership. a Options Jule. e Cash sale. z Ex-dividend. y Ex-rights.
4263
New York Stock Record-Continued-Page 5
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FIFTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
June 16.
Monday
June 18,
Tuesday
June 19.
Wednesday
June 20.
Thursday
June 21.
Friday
June 22.
$ per Share S per share 8 per share 3 per share $ per share S per share
*2518 26
*247 26
8
*247 26
8
*2518 26
*2518 26
.247 26
8
3012 *29
3012
3012 29
*285 3012 *2918 3012 *2918 3012 *29
8
53
538 55
8
512 512
4
4
55
8 53
53
4 53
4
4 53
52
4 57
8
40
*42
43
40
*38
42 - *38
43
40
*39
42
*42
63
4 64
718
•7
712 *714
712
714 714
*67
8 714
*67
8
.6
8
*6
8
*6
8
*6
8
.6
8
8
8
3412 35
39
39
*3614 39
39
*343 39
4
*3612 39
*37
94
93
93
*92
93
93
94
*93
93
94
94
94
8
197 197
8
20
20
*183 198 *183 197 *1878 1914
8
8 187 187
4
4
8
*5
5
5
*5
612 *519 618
612 *4
62
,
5
5
*6012 6212 6012 6012 *5912 61
60 6014 5912 5912 *5912 61 12
314
3
312
4
312 312
3 4 312 *314
,
*33
8 33
4 *312 33
*88
91
*88
89
90
91
89
90
8814 89
874 88
*107 115 *107 115 *10712 115 *10712 115 *10712 115 *10812 115
*812 10
*812 10
.812 10
*812 10
*812 10
*812 10
723 7314 7314 7314 7014 7314 697 697
4
8
8 7012 717
8 7012 72
*122 12312 121 122 *121 12312 *121 12312 122 122 *121 125
8
*62
63% 6312 635 *62
6318 6318 6318 6312 6312 *61
6312
95
*93
9312 943 *93 4 9412 *9314 9418 9314 9314
*93
94
4
,
914 914
812 9
918 912
9
9
9 14 914
979 979
1014 1079 1014 1014
1014 1014
1114 1212
4 117 13
8
1079 113
*370 385 *370 384 2380 380 *375 388
380 385 *378 38518
*19
21
*20
21
*20
*2012 203
21
*2012 21
4 2012 2012
414
458 45
8
412 412
8
410
412 479
412 412 *43
*613 60
4
*5218 60
*513 60
4
50 - 493 493
4
4
5114 513
4 50
2214 2214 2214 2214 2114 2214 *2118 2212 2112 2112 20
2118
37
418 418 *37
8 418
378
378
334 4
*4
44
38
543 557
4
5512 563* 5479 567
8 5414 5514 x54
55% 538 558
1218 125o
113* 1279
115 1214
8
1112 113
4
4
4
83 1112
1112 113
37
8 4
37
8 378
33
4 4
35
8 33
4
312 33
4
379
379
26
26
20
2679 2512 2614 258 2512 25
2514 2312 2479
62 62
6112 63
0179 63
6234 623
6018 6179
4 6212 63
.40
4112 *39
3912
40
39
*39
40
39
*3718 40
39
53*
412 412
5
5
*5
412 5
*43
412
412 479
37
8 4
8 4
3 8 37
,
8
*37
*378 418
*37
8 4
*37
8 418
*418 458 .4
418
8 43*
412 *4
412
418 .358 479 *35
714
714
714
714 7
,2
714
712 *7
75
8 *7
718 *7
314
34
3
3
*3
314 *3
314 314
3
*318 312
.2214 263 *2218 263
4
4 2279 225 *213 26
8
*217 263 *218 2612
8
4
4
13914 1393 14212 14314 14212 14314 14212 142 2 *138 143 *14014 141
4
,
4
83
4 9
87
9
83
8 87
8 *812 83
818 8,
4
812 8,
2
26
2712 2712 2714 2879 2779 2812 273 28
2712 2814 26
4
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share Iota.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
Shares. Indus. & Mlscell.(Con.) Par 3 per share
$ pa' share $ per share $ per share
15 Mar 2512 July
25 2012 Jan 9 26 Apr 18
Hackensack Water
25
Apr 287 Jan
8
7% preferred class A____25 27 Jan 4 30 Apr 23
1 18 Feb
912 July
43
4May 12
84 Feb 15
2,800 Hahn Dept Storea____No par
9 Apr 3812 July
100 254 Jan 9 5234 Apr 21
Preferred
100
318 Feb
1012 July
93 Feb 14
4
10
312 Jan 8
300 Hall Printing
212 Apr
9 July
8
35 Jan 26 117 Apr 20
8
100 Hamilton Watch Co___No par
15
Feb 35 July
100 26 Jan 15 5312 Apr 25
50
Preferred
4512 Jan 85 Aug
180 Hanna (M A) Co $7 pf_No par 84 Jan 8 96 Apr 4
618 Feb 2512 July
1412 Jan 2 244 Feb 21
400 Harbison-Walk Refrao_No par
7 Mar
8
712 June
612 Apr 13
27 Jan 2
8
300 Hat Corp of America Cl A__1
51a Apr 30 June
4
100 193 Jan 4 62 June 13
75
6)4% Preferred
31j July
3 Feb
4
2
114 Jan 2
64 Feb 15
700 Hayes Body Corp
65 July 9712 Dec
25 85
ay 14 96% Apr 23
1,500 Hazel-Atlas Glass Co
6912 Jan 105 Dec
25 101 Jan 9 10712May 5
Helme (0 W)
3 Mar 17 July
9 Jan 4 1218 Mar 15
Hercules Motors
No par
8
15 Feb 685 Dee
No par 59 Jan 4 75 Apr 24
1,800 Hercules Powder
Apr 110, Dec
8
85
40
100 111 Jan 4 12412June 1
37 cum preferred
3518 Mar 72 July
3May 8
ChocolateNo par 4812 Jan 15 647
400 Hershey
90 July
643 Apr
4
4June 19
No par 83 Feb 16 943
500
Cony preferred
1012 June
312 Jan
3,400 Holland Furnace
512 Jan 3 1014 Apr 23
No par
214 Mar 1012 June
5 4 Jan 2 13 June 21
3
12,700 Hollander & Sons (A)
5
Oct
Jan 373
100 310 Jan 4 388 Mar 29 145
300 Homestake Mining
418 Apr
15 June
11 Jan 8 2314 Jan 30
800 Houdallle-Hershey cl A No par
I Mar
64 June
Jan 26
67
8
4
1,500
Class B
No par
33 Jan 2
5114 Jan
43 Nov
400 Household Finance part pf _50 43 Feb 5 54 Mar 12
814 Mar 38 July
1,600 Houston 011 of Tex tern ctf.s100 1714May 12 294 Feb 5
1% Feb
73 July
3141),lay 12
579 Apr 6
800
Voting trust etre new____25
512 Jan 383 Dec
8
8June 19
34,000 Howe Sound v t e
5 3612 Jan 3 567
163 July
*
4June 22 2414 Feb 5
Feb
3
83
56,500 Hudson Motor Car----No par
7 4 July
3
15 Mar
8
318May 14
71.4 Jan 30
10
1,900 Hupp Motor Car Corp
8June 14
7,500 Industrial Rayon new_ _ No par 2238May 25 263
19, Feb - - July
- 8
78
No par 50 May 14 73% Feb 3
2,400 Ingersoll Rand
12
Feb 457 July
s
No par 35 May 23 493 Feb 21
4
400 Inland Steel
Feb
912 June
900 Inspiration Cons Conner___20
8May 10
6% Feb 5
2
35
37 June
414 Apr 25
114 Mar
218 Jan 2
900 Insuranshares Ctrs Inc
1
578May 4
5 Mar
8
412 July
214 Jan 15
100 Intercont'l Rubber__No par
12 July
11 14 Feb 19
218 Mar
900 Interlake Iron
No par
512June 1
2 Jan 8
618 Feb 5
53* July
1,300 Internat Agricul
No par
7 Feb
s
Jan
2712 July
5
Prior preferred
100 15 Jan 8 3714 Feb 3
100
75 4 Feb 1534 July
3
1,300 Int Business Machines_No par 131 June 2 14914 Jan 30
27 Jan
8
1218 Feb 21
107 July
2
I
900 Internal Carriers Ltd
53* Jan 11
618 Mar 40 July
6,200 International Cement__No par 2158June 5 373 Feb 5
4
8
7,800 Internat Harvester____No par 30 May 14 467 Feb 5
133* Feb 46 July
Jan 119181 Aug
8May 11
80
Preferred
100 11512 Jan 13 1253
137 July
2 12 Apr
4,400 Int Hydro-El Sys cl A
25
43 Jan 6 9 18 Feb 7
4
6 Jan 24
114 Jan
67 June
100 Int Mercantile Marine_No par
318 Jan 2
634 Feb 2314 Nov
38,800 Int Nickel of Canada__Ne par 21 Jan 4 2914 Apr 27
Jan 115 Dec
____ __
Preferred
100 1153 Jan 13 12538May 11
4
72
20 Internal Paper 7% pref
100 1012 Jan 5 25 Apr 24
212 Jan 214 July
10 July
900 Inter Pap & Pow el A _ _No par
334May 26
12 Apr
612 Apr 20
59 July
Class B
14 Jan 4
312 Apr 21
1,000
No par
14 Apr
4 July
13 Jan 4
234 Apr 23
500
Class C
No par
14 Jan
8
2
Apr 2212 July
2,800
Jan 8 247 Apr 23
Preferred
100 1014
14
Oct
9 Jan 13 25 Apr 21
312 Feb
1,100 Int Printing Ink Corp_No par
Apr 71
20
Preferred
35
100 66 Jan 2 86 Apr 21
Aug
131 Mar 273 July
4
1,700 International Salt
No par 21 Jan 3 32 June 19
24 8 Jan 563 July
3
8
No par 40 May 12 503* Jan 26
1,700 International Shoe
95 Feb 5912 July
4
700 International Silver
100 2912June 5 453 Feb 15
100
7% preferred
100 59 Jan 4 8412 Apr 9
2412 Mar 71% July
21,200 Inter Telep & Teleg___No par 1138May 7 173 Feb 6
2134 July
4
54 Feb
87 July
500 Interstate Dept Stores_No par
1 12 Mar
312 Jan 4 163* Apr 20
52 Jan 3 10 Feb 8
1114 July
8
100 lnterty De Corp
No par
17 Jan
Feb 32 July
11
Island Creek Coal
I 243 Jan 29 2912June 15
23 Feb 45 July
300 Jewel Tea Inc
No par 33 Jan 9 52 Apr 20
1214 Mar 6312 Dec
19,300 Johns-Manville
8
No par 44 May 12 663 Jan 30
42
Apr 10613 July
Preferred
100 101 Jan 4 112 Apr 18
35 Feb 91 July
Jones & Laugh Steel pref _100 60 May 25 77 Jan 23
9 8 June
3
8
25 Mar
8
1,200 Kaufmann Dept Stores $12.50
612 Jan 3 103 Apr 13
1912 July
68 Feb
3,500 Kayser (J) de Co
5 137g Jan 4 1812 Apr 20
7i3 Mar
618 July
214 Jan 5
412 Mar 12
5
1,000 Kelly -Springfield Tire
Feb 31 18 June
6
400
6% preferred
No par
10 June 22 20 Jan 30
8 May
2 Feb
Kelsey Hayes Wheel conv.c1A1
4 Jan 13 10 Feb 16
63 June
4
112 Dec
712 Feb 16
Class B
1
27 Jan 2
153* Sept
318 Feb
14,500 Kelvinator Corp
No par
117 Jan 4 21 14 Mar 14
8
73 July
Jan
30
10 Kendall Co pt pf ger A_No par 6518 Jan 18 881241ay 4
73* Feb 26 Sept
44,500 Kennecott Copper
No par
1734 Mar 27 2318June 13
Vs Apr 253* July
Kimberley-Clark
No par
12 Jan 2 1814 Apr 12
1
Apr
614 June
714 Apr 13
No par
3 Jan 16
100 Kinney Co
45 Feb 30 July
Preferred
No par
1312 Jan 6 41 Apr 26
512 Mar 167s July
8,000 Kresge (S S) Co
10 1379 Jan 2 223 Feb 5
Apr 105 June
88
100 101 Jan 4 Ill Mar 16
7% preferred
Jan 444 July
27
No par 36 Jan 3 61 Apr 27
500 Kress (S H) & Co
14% Feb 355 July
4,400 Kroger Groc At Bak
No par 2314 Jan 8 335 Apr 23
30 Nov 80 June
22 June 18 6312 Feb 13
130 Laclede Gas Lt Co St Louis 101
Jan
3712 Apr 61
5% preferred
100 32 June 9 60 Feb 9
8
193 Dec 4118 July
2,000 Lambert Co (The)____No par 224 Jan 4 313* Feb 5
1012 June
3 Feb
200 Lane Bryant
No par
5 Jan 6 1414 Apr 19
33 Mar 123 July
8
3,500 Lee Rubber & Tire
5
8 Jan 3 1412 Apr 26
57 Jan 27 June
11 May 14 20 Feb 23
400 Lehigh Portland Cernont5O
34 Feb 78 Sept
10
8June 22 81 Apr 26
7% preferred
100 735
Jan
6% July
1
5 Feb 21
2,100 Lehigh Valley Coal____No par
21 Jan 8
212 Apr 12 June
300
Preferred
50
5 Jan 3 1414 Feb 21
3712 Feb 79% July
8May 12 78 Feb 6
700 Lehman Corp (The)_N0 par 645
Feb 2314 June
14
4
700 Lehn & Fink Prod Co
5 163 Jan 23 2312 Apr 19
434 Mar 373g July
12,200 Libby Owens FordGlasallopar 273
8May 14 437 Jan 19
900 Life Savers Corp
5 1718 Jan 8 24 Apr 23
155* Oct 2218 Sept
49 Feb 98 Sept
1,300 Liggett & Myers Tobacco__25 73 Jan 8 9712June 18
4914 Feb 99% Sept
4,800
Series B
25 7412 Jan 8 9814June 18
100
8June 18 121 Mar 14018 Sept
100 129 Jan 13 1483
Preferred
2,800 Lily Tulip Cup Corp__No par
13 Apr 2112 May
16 Jan 15 2312 Apr 18
4
Jan 313 July
500 Lima Locomot Works...No par 22 June 4 3614 Feb 5
10
6% Apr 19% July
200 Link Belt Co
par
3 1938 Feb 6
No
1214 Jan
2,400 Liquid Carbonic
8
1014 Feb 50 July
4'May 14 353 Apr 23
No par 253
24,600 Loew'a Incorporated
8:2 Mar 3612 Sept
No par 253 Jan 6 3518 Apr 12
4
Apr 7818 July
35
Preferred
No par
72 Jan 2 9714 Apr 24
4 4 June
,
1,700 Loft Incorporated
112 Dec
No Dar
158 Jan 2
3 Jan 31
5% June
12 Feb
1,000 Long Bell Lumber A No par
114 Jan 12
23 Feb 20
4
4
900 Loose-Wiles Biscuit
1914 Feb 443 Dec
25 3812 Feb 26 x448g Jan 17
Jan
:
7% 1st preferred
100 1193 Jan 11 128 Apr 14 1131 M ty 120
,
9,200 Lorillard (P) Co
10% Feb 25 4 July
10 15 4 Jan 8 1913 Feb 5
3
8712 Feb 108 Nov
7% preferred
100 102 Jan 26 113 Apr 11
3214
333
4 323 3234 32
8
327 3318 33
3314 x3312 333
4 33
*118 123 *118 123 .118 123 .115 123 *115 123 *115 123
73
714
63
4 7
7% 7%
7
718
7 8 714
,
714
73*
.338 4
4
4
*33
*33
8 4
4 4
8 4
*33
4 4
*33
26
8
263 273
4
8 2614 2634 257 2612 25
27
2718 2634 27
____ •126
_
*123
_
*126
20_ *123
_
*123_ .123
*15% --18
4
4
19 3 1V3 *1512 19
4
•18 21
i .512 1
193 -- 3
4 1 418 4%
37
9 4
*4
414
4
414 *418 412 .418 414
2
2
2
2
214 218
2% 218
214 214
218 218
14
14
13
4
13
4 *179
14 14
13
4
13
4
13
4
13
4
13
4
1612 173
18
187 *1712 1812 .1712 18
8
183 194
4
185 19
21
2112 22
2012 21
2112 2112 *2012 213
4 21
*183 21
4
85
*8312 85
*8312 85
*8312 35
85
*8312 85
*8312 85
3112 3112 31
31
29
30
*3012 313
8 3118 3112 3112 32
4012 4012
4212 43
4214 4234 *4218 43
403 42
4
4214 43
*3213 3314 3012 3218
32
313 33
4
314 313
31
32
4 31
68
68
7012 70
71
*6812 7118
68
70
866
70
70
4
4 1258 1314
133 1418 1312 1418
135 133
,
14
1414
4 13 4 133
12
12
13
1312 1312 1312 1312 13
*1212 1314 *1212 13
73
8 8
*73
8
2 *75* 8
779
*712 8,
*714 8
73* *73
*29
30
*28
3018 *28
30
*2812 29
*2712 29
*271 29
.
*47
50
*4713 50
50
473 473 *473 51
4
4
4
473 48% *47
4
53
54
5412 5312 553
3 54
553
4 5379 543* 53
5479 51
*112 125 *10714 125 *10714 125 *10714 125 *1074 125 *10714 125
65
*51
65 .60
65
*51
65
*51
63
*51
65
*51
8
8
77
8 8
8
8
818
77
8
8
*77
8 84
1714 1714 1714 *1718 1714 174 18
167 1712
8
*17
1712 17
21
279 *212 23
8 212
28 25
4
212 212
212 212 *23
*1112 117 *1179 12
8
10
12
12
*10
113
4
1114 114 10
618 *5
618
*5
71s
718 *5
6% •5
*5
718 *5
.
1
410
*3
412 *3
412 *3
412 *318 412 *318 412 . 318
187 1914
8
183 1918 1818 19
4
x167 1712
1712 1818 174 18
93
*86
*86
93
*86
93
88
88
93
*87
93
*87
223 23
4
2212 23
217 23
8
4
2179 2218 2179 2214 2012 213
1512 *13
15
*13
15
•1312 1579 *13
*13
154 *13
15
6
6
*5
6
*514 679 •5
612 *5
614 *5
614
*297 34
.30
34
*303 34
*2918 3312 *2914 3312 *2914 3312
1918 193* 19
187 19
8
8
1818 1879
1912 183* 1914 185 19
*109 111 *109 111 *109 1103 *109 1103 *109 111 *109 111
4
4
*55
60
60
60
59
5912 *55
*5512 60
60
60
60
4 304 3034
315* 32
313 315* 3012 315
8
3038 3012 304 303
*20
27
22
22
25
26
*27
30
2618 27
27
30
*30
43
*3212 43
*35
*3234 43
43
*3612 43
*3412 43
265 267
8
8 267 2718 263 2718 2612 263
8
4
8
4 2618 2
6% 255 26
*1114 1218 *1114 11 8 1114 1114 *1014 117 "103 11
,
11
11
8
s
1312 13 4 1312 1312 1314 133
,
125
4 13
1312 1279 1314 12
*163 17
4
165 163
8
16
4 16
*1514 163
4
17
1612 1612 16
9
*735 77
8
*735 77
7379 735
735 77
8
*735 77
*
*735 77
3
3
3
318
318
318
3
318
3
3
3
3
*107 113*
113 113* 1112 1112 *103 113* *10 4 1114
8
1012 103
4
3
4
703 703
8
8 7034 7034 70
8 6812 6812
70
68 68
x685 685
8
*2079 2112 *2058 2114 203 203
4
4 2012 203
4 2012 2034 *2014 2012
5
33
33
3212 3338
305
8
3218 331
303 313
4
4 30
313* 32
2314 2312 *2318 2314 2318 2312 *23
2312 23
23
231 *23
95
9512 97 9712 965 965 *9412 963
4 958 955 *9412 9512
8
9714 973
4 97
9612 9613 9518 953
4
9814 9714 98
973
97
*144 15218 1485* 1483* *14414 155 *14414 154% *14414 1488 .14414 14838
2212 2112 22
22
223
8 2212 225
8 2214 227
8 2212 2212 22
2412 2412 *2318 25
.23
2412 223 23
4
•24
25
23
23
*14
1612 *1418 16
153
4 15
15
1512 1512 *____ 153 .14
4
30
29
31
2714 28
30
30
2912 3012 2914 2914 .28
323 327
8
8 3214 327
8 3118 327
8 3114 3112 3114 315* 2912 313
8
.965 98
8
*963 98
4
*9612 9784
*963 973 .9612 9712 *9612 98
4
4
2% 218
2%
2
2
2
21
2
2
2
2
2
17
*112 15*
112 13
112
4
14
17
8
15
8
15* *112
15*
440
4018 *40
4
4018 40
40
4018 4014 4018 4018 393 4018
*12414 128 *12414 128 *124, 128 *12414 128 *12414 128 .12414 128
4
1812 185
8 1814 183
4
1812 187
8 1814 188 1814 1879 178 1818
*112 140 *112 140 *112 140 *110 140 *112 140 *112 140
*2 - 214 *2
214
4 July
2
2
2
2
400 LouLsiana 011
2
214
2
No par
Ss Jan
*2
14 Jan 10
33 Apr 4
8
"1418 1812 "1418 1812 "1418 1812 .1418 1812 *141
1 112 *1418 1812
,
Preferred
100
312 Feb 29 July
714 Jan 2 23,2 Apr 4
.1714 177 *1714 177
4
1378 Apr 253 June
1712 1712 .1714 17% 174 1714 *17
177
200 LouL9ville Gas At Ni A_No par
15 Jan 9 21 Feb 7
15
15
15
15
1418 15
4
Feb 2018 July
900 Ludlum Steel
14
1418
1212M1Ly 10 1912 Feb 20
1479 14% *1414 15
1
*80
83
83
83
*80
86
Cone preferred
145* Mar 9512 Dec
*80
86
80 80
300
No par 80 June 14 97 Feb 20
*785* 86
*31
34% *33
4
34
34
912 Feb 313 Dec
343 *3418 3412 3412 3412 3412 3412
500 MacAndrews & Forbes
8
10 30 Jan 5 345 Apr 28
Apr 96 Nov
- - - •10414 --- *105
6% preferred
74
___ _ __
_ *105
100 95 Jan 13 107 June 4
- _ *105
__ •105
_
285
•10442814 2812 28 - 8 2814 - 8 2712 - .
1312 Feb 46% July
287263 4 27
3,000 Mack Trucks Inc
28
No par 235*May 10 413 Feb 6
2814 28 - 4
4
42
43,
8 427 4314 42
8
2479 Feb 653 July
4312 42
42
41, 4212 42
4
423
4 5,900 Macy (R H) Co Inc_No par 3812May 22 6218 Jan 30
93
4 68 *612 63
4
1% Mar
7 June
618 65*
Apr 27
65
8 64
614 614 2,300 Madison Sq Gard v t o_No par
23* Jan 2
7
612 612
195* July
2212 2212 2214 2214 22% 2212 213 22
1,900 Magma Copper
22
2218 22
22
5% Mar
8
10 1512 Jan 17 2212June 15
212 25*
7 Feb
8
514 June
25o
414 Apr 24
25
8 "212 27
8
300 MallInson (11 R) & Co_No par
8 "212 27a "212 234 '212 27
17 Jan 2
8
4
*15
35
75 Jan 9 338 Apr 24
*15
35
*15
3 Feb 263 July
35
*15
35
*15
7% preferred
35
*15
35
100
5 4 July
3
212 212
2,
2 212 *212 3
14 Jan
*212 314
*212 3
*25
8 314
33 Jan 23
4
300 iManati Sugar
100
1 Jan 8
97 July
73
38 Jan
73* *5
*5
73* *5
Preferred
914 Apr 26
1% Jan 3
100
*412 73
8 *412 73* "
412 73
8
7 June
I12 Jan
61_
*612 61,
9
6
*512 612 *512 612 *6
6
*512 612
100 Mandel Bros
812 Jan 26
No par
414 Jan 23
163 *15
4
4
161_ *16
512 Apr 23 July
163 *15
1612 .15
*15
161_ *15
1018
Manhattan Shirt
25 1214 Jan 4 2038 Feb 1
4 June
*23
8 2 2 *214 212 *23
,
8 21
33 Feb 17
8
.214
212 *214 21
23
8
200 Maracaibo Oil Explor_No par
12 Jan
13 Jan 10
4
25*
47 Nov
479 479 *45
55* Nov
412 412
43
4
*458 47
458 43
4
45
8 45
8 1,300 Marancha Corp
4125Iay 11
579 Feb 5
5
71
71
5 Dec 11% Jan
9 Feb 6
7
718
7
718
1,800 Marine Midland Corn
714
714
5
53 Jan 5
4
*712 75
*738 75
6
Feb 23 4 Dec
,
248 2412 2412 25
25
x24
24
*2114 24
*21
23
300 Marlin-Rockwell
*24
No par 203
4June 2 32 Jan 25
154 1614 16
151
1,700 Marshall Field & Co
183 June
8
16
414 Jan
16
16
154 154 1512 15% 15
No par
1212 Jan 4 19% Apr 11
12 Jan
77 Dec
*
8
*934 10
*93 10
4
"93 10
.1
93
4 931
934 10
931 10
900 Martin-Parry Corp_ _ No par
612 Jan 24 123 Mar 3
.
•Bid and asked prices, no sales on this day. I Companies reported In receivership. a Optional sale. c Cash sale. 8 Sold 15 days. :Ex-dividend. y Ex-rights.
4264
tar-FOR SALES DURING THE
New York Stock Record-Continued-Page 6
June 23 1934
WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT. 1 Sales
for
Saturday I Monday
Tuesday 1Wednesday I Thursday 1
Friday
the
June 16.
June 18.
June 19.
June 20.
June 21.
June 22.
Week.
$ per share
332 3414
4
*3814 39
63
8
*6
26
26
.75
78
2812 284
23
8 212
*214 212
22
2212
*818 9
49
4912
*873 88
8
714 712
30
30
47
8 5
.6012 63
3
7
37
.73
8 8
•3912 44
$ per share
34
3438
38
38
612
.6
.257 27
8
12
07612 78
29
294
24 23
8
23
8 238
21
21
.818 9
49
493
4
*8612 88
74 74
2912 2912
47
8 5
.61
63
3718 3814
*73
8 8
.4018 44
$ per share
3212 34
*3718 38
.6
614
2718 274
.7712 78
29
29
214 23
8
.218 212
2012 2012
*818 9
483 5012
4
.87
897
8
714
712
2912 3014
47
8 47
8
*61
63
38
3812
73
4 73
4
4018 4018
2512 253
4
2534 2534
5
518
1312 137
8
1312 1312
.70
84
53
.50
3
3
.15
20
19
19
8
4818 487
2818 2914
.46
483
4
4
3
4
.8
93
8
254 263
4
10
1018
•115 1212
8
3614 3612
.1612 20
714 73
8
.19
20
1718 174
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 g per share $ per share Shares. Indus.& Miscell.(Con.) Par $ per share
$ Per share $ per share $ per short
3214 3314 3212 3212 31
32121 5,100 Mathletion Alkali WorksNo par 28 May 14 403 Jan 21
4
14 Feb 464 Nov
.3712 3818 *3612 38
200 May Department Storee_10 30 Jan 2 443 Apr 23
363 367
4
8
8
934 Feb 33 Sept
614 61 1 *6
200 Maytag Co
614
6
6
43 Jan 2
No par
8
824 Feb 21
118 Apr
812 July
273 274 2712 2712 *257 2714 1,000
8
Preferred
8
10 Jan 2 2812 Apr 26
No par
318 Apr 1514 Aug
.7712 78
Prior preferred
10
7712 7712 .7712 78
No par 49 Jan 3 9212 Apr 3
15 Apr 58
Oct
"2712 29
"2712 29
2712 2818 1,500 McCall Corp
No par 24 Jan 11 32 Apr 13
13 Mar 303 Sept
4
214
214
214
214
214
214 1,900 :McCrory Stores classANo par
118 Jan 8
412 Feb 6
44 June
3 Apr
8
218
24
2
218
Class 13
1,500
2
2
8
13 Jan 4
No par
414 Feb 6
118 Dec
6
Jan
*1912 20
Cony preferred
*17
1912 20
700
207
8
100
514 Jan 2 253 Mar 17
4
24 Mar 21
Jan
.818 9
814 814
300 McGraw-H111 Pub Co_No par
4 Jan 4 1012 Apr 21
818
8
3 Apr
84 June
473 4914 473 487
4
4
8
8 477 4814 18,400 McIntyre Porcupine Mint:4_5 3813 Jan 25 5012June 19
18 Mar 4838 Oct
*8613 91
McKeesport Tin Plate_No par 83 May 10 9414 Feb 21
*8612 91
*8612 89
4418 Jan 953 Aug
4
412 Jan 2
918 Apr 10
67
5
2 718 4,200 McKesson & Robbins
8
74 7
4 *74 73
14 Mar 1312 July
Cony pref series A
2912 294 2912 2912 29
1,600
29
3
50 117 Jan 2 3412 Apr 27
354 Mar 25 July
47
8 518
43
44 43 23,000 :McLellan Stores
4 5
4
1 Jan 6
No par
53 Mar 17
8
33 July
8
14 Feb
603 61
4
60
61
.54
500
57
8% cony pref set A
100
218 Jan 227 July
912 Jan 2 6312June 8
3
373
8 37
8 4,000 Melville Shoe
3712 3712 3714 373
No par 26 Jan 2 38 June 19
83 Feb 2834 Oct
4
200 Mengel Co (The)
*73
4 83
4 *714 814
714 714
1
63 Jan 13 11 Jan 22
4
2 Mar 20 July
*3912 44
*3912 44
3912 3012
20
7% Preferred
100 30 Mar 21 52 Apr 19
22 Jan 57 July
253 2614 2614 2614
26
4
2812 257 2614 2414 2614 3,300 Mesta Machine Co
8
5 1612 Jan 4 30 Feb 19
7 Feb 21 Sept
.253 2612 .2614 2612 *2614 2612
4
.253 2612 .253 2612
4
4
100 Metro-Goldwyn Pict pref__27 21 Jan 5 263
4May 22
1312 Mar 22 Sept
5
5 18 *5
514
5
412 43
412 412 1.200 Miami Copper
.5
4
5
4 May 11
612 Feb 16
9s June
13 Mar
3
8 1312 1312
135 137
133 137
8
8
8 1314 1312 124 134 3,700 Mid-Continent Petrol
10 11 May 14 143 Feb 5
4
34 Mar 16 July
•133 1412 *1312 1412
4
.12
1412 *12
1412 •12
1312
400 Midland Steel Prod____No par
11 May 14 214 Feb 19
3 Mar 174 July
84 .70
84
.70
.70
*70
84
84 .70
84
8% cum let pref
100 7012 Jan 12 8514 Apr 21
26 Mar 72 Sept
5312 5312 53
*5014 5212 *48
53
*4812 51
300 Minn-Honeywell Regu_No par 38 Jan 4 5312June 16
53
13 Apr 364 De,
313 314 *3
700 Minn Moline Pow Impl No par
314
*3
34
34
312
3
54 Jan 30
3
254 Jan 4
53 Jul;
4 Feb
4
•15
25
24
"15
•18
23 .18
23
*18
23
Preferred
No par 174 Jan 11 3534 Feb 1
6 Feb
30 July
183 183
4
4 184 183
4
.1712 183 *173 18
8
4
600 Mohawk Carpet Mills
8
173 1712
20 1212 Jan 4 2238 Apr 21
7
Jan 22 July
48
4
4912 473 49
49
4912 4913 5012 483 493
4 6,400 Monsanto Chem Co
4
10 39 May 14 5012June 21
25 Mar 83 Dee
2918 293
8 2812 2914
273 283
4
8 2713 28
60,300 Mont Ward & Co Ino_No par 2114 Jan 4 353 Feb 15
2612 28
8
84 Feb 287 July
8
.4512 49
8
*4512 483
47
47 .46
46
200 Mortal (J) & Co
48
46
No par 37 Jan 4 5114 Apr 13
25
Jan 56 July
4
3
4
3
4
4
3
4
4 Jan 8
4 1,500 Mother Lode CoalltIon_No par
1
4
13 Feb 8
8
4
4
4
13 Jan
218 June
.9
93
93
8 *8
8
.8
938
818 818 .8
100 Moto Meter Gauge &Eq.........1
93
8
714 Jan 6 12 Feb 21
874 Dec
4 Jan
2612 2612 2612 2612
.2418 2512 *2418 25
23
23
1,000 Motor Products Corp No par 22 June 2 4434 Feb 15
74 Mar 363 Sept
4
3
1014 1012 10
10
.94 93
1,100 Motor Wheel
4
93
914 914
5
4 94
9 Jan 5 1612 Feb 18
112 Mar
113 July
8
1212 1212 *1212 124
•114 1212 •114 12
113
8
.11
400 Mullins Mfg Co
54 Jan 12 154 Apr 23
No par
112 Mar 103 July
4
"36
3612 36
36
.3412 3512 .3412 3514 3212 3412
Cony preferred
230
1218 Jan 12 46 Apr 21
No par
5 Mar 25 June
•1612 20
*1612 20
.1612 20
Muns1ngwear Ins
*1612 20 .1612 20
133 Jan 6 2514 Apr 13
No par
4
5 Mar 183 June
8
73
8 73
4
714 7 4
3
7
714
718 714
612 718 7,300 Murray Corp of Amer
6 May 12 114 Feb 16
10
13 Feb
8
1112 July
4
1914 1914 .183 20
*1812 20
19
200 Myers F & E Bros
19
*1812 20
No par
1510 Jan 2 21114 Feb 21
8
Jan 2012 July
174 1814 173 174
8
1612 174 163 167
4
8
154June 22 3214 Jan 30
No par
8 153 163 12,000 Nash Motors Co
4
1118 Apr 27 July
57
8 6
6
6
*53
4 614
6
6
53
4 53
4
8 1,100 National Acme
872 Feb 23
512 53
1
44 Jan 9
118 Feb
73 July
4
.814 83
4
8
8
8
8
738May 31
1314 Jan 31
8
8
4 1,000 National Aviation Corp.No par
93 Dec 1013 Dec
8
4 73
8
8
73
*812 914
812 812
812 812
812 812 *814 914
600 :National Belles Hess prof _100
314 Jan 6 1234 Mar 19
97 July
114 Jan
814 812
3
3678 36
36
363
4 36
3634 353 3618 3512 36
8
35
353
4 9,400 National Biscuit
10 334May 23 4912 Jan 16
314 Feb 603 June
8
•14212 14312 .14212 14312 *14212 145
14318 14318 14212 14212 *14218 14312
7% cum pref
100 131 Jan 3 148 Apr 2 118 Mar 145 Aug
200
17
173
8 163 18
4
1718 1814
1714 18
1738 1712 1634 1714 7,900 Nat Cash Register
No par
1412May 12 233 Feb 6
8
54 Mar 233 July
8
1814 1812 1814 1812 18
183
8 1778 1818 173 1814 1713 18
30,300 Nat Dairy Prod
8
No par
4June 9
13 Jan 4 183
1012 Feb 253 July
4
15
8
112
13
8
138
112
13
4 "112 134
14
112 1,400 :Nat DepartmentStoresNo par
112 112
1 Jan 9
3 Mar 16
213 June
4 Mar
194 21
1812 20
1912 20
*1713 19
"18
19
Preferred
*1712 1912
340
100
5 Jan 17 2212 Apr 18
114 Feb
10 June
263 265
3
8 2618 2612 253 263
4
4 237 253
8
4 237 2412 2314 2413 34,800 Nati Dtstil Prod new__No par 2314 Jan 3 314 Feb 1
8
207 Dec 3314 Nov
8
2934 *2718 29
29
2912 29
*2714 29
287 287 *263 2814 1,200 Nat Enam & Stamping_No par
8
8
4
1612 Jan 5 324 Apr 24
193 Dec
5 Feb
8
155 155
155 15612 15612 15612 .153 155
155 155
153 154
1.100 National Lead
100 135 Feb 10 16012 Apr 18
434 Feb 140 Nov
•13812 143 .135 143 *135 143 .1173 143 .125 143 *125 143
4
Preferred A
100 122 Jan 18 143 Apr 18 101 Mar 12814 Nov
.11314 11512 .11314 11512.11314 11514 .11314 11512 •11314 11512 .11314 11512
Preferred B
100 10012 Jan 9 113 May 12
75 Feb 10918 July
103 11
103 11
1038 1118 1012 103
8
8
4 1014 1012
94 1014 37,500 National Pow & Lt____No par
812 Jan 4 1512 Feb 6
g
6 7 Apr 2012 July
433 4414 4312 4414 42
4
43
413 423
8
8 42 42
40
41
19,200 National Steel Corp
25 3818June 2 5814 Feb 5
15
Feb 5518 July
•173 183
4
8
8 173 173
1754 177
8
4 17
17
.163 17
8
1612 163
8 1,200 National Supply of Del ___ _25 1112 Jan 10 2118 Apr 24
8
Apr 283 June
4
.54
5612 .54
5612 .5313 5612 *53
5612 "54
5613 .54
5612
Preferred
100 3312 Jan 4 60 Apr 23
17
Feb 6014 June
13
13
1314 1314
13
133
8 13
13
4 1212 12 8 1,300 National Tea Co
123 123
4
,
11 May 12 183 Feb 1
No par
4
612 Jan 27 July
.2212 2312 *2212 2312 2212 221, "21
2238 2234 23 .2114 2212
400 Nelsner Bros
No par
612 Jan 4 3014 Apr 13
112 Jan
124 June
*43
4
4312 423 43
423 423 *4112 43
4
4
*4112 44 .4113 44
400 Newberry Co (J J)_No par 3912May 14 497 Apr 10
8
*102 10318 *102 10318 *102 10318 10312 10312 104 105 *103 100
300
7% preferred
100 100 Apr 3 105 June 21
93
9
8
*9
9
9
9
912
9
.83
4 9
83
400 Newport Industrtes
8 83
8
1
6 Jan 10 13 Mar 6
18 Mar 11 July
3
-34
•1612 1712 1513 164 •16
1612 .16
163 .16
4
1713 16
16
600 N Y Air Brake
15 Jan 5 24114 Feb 7
No par
618 Apr 2312 July
.414 612 *414 612 *414
612 *414 6 2 "414 612 *414
,
New York Dock
33 Jan 11
G'z
3
814 Mar 19
100
2 4 Dec 117 June
,
8
*11
12
12
14
*11
14
13 .11
"11
14
11
11
Preferred
200
100
8 Jan 8 20 Mar 13
6
Oct 22 June
3
4
3
3
4
4
"4
4
3
4
4
4
52 1,200 jN Y Investors Ine____No par
4
5
8
12 Jan 2
114 Feb 7
3 Deo
8
23 June
4
•174 1712 1714 173
16
8
1618 1612 1612 1,000 NY Shlribldg Corp part tk_1
8 173 1738 z1614 1614
1158 Jan 3 227 Feb 1
8
14 Jan 2212 Aug
.8113 83
.8112 83
8112 8112 *8112 83 .7938 83 .79
83
20
7% preferred
100 7312 Jan 2 893 Apr 13
4
31
Jan 90 June
96
9412 9512 96
.9412 96
.9412 96
*9412 96
•9412 96
50 N Y Steam $6 prof
No par 82 Jan 5 9912 Apr 10
70 Nov 1017 Aug
8
•1063 10812 .1063 10812 .1063 10712 .1063 10712 1063 1063 .1063 1071
4
4
4
4
4
4
4
20
$7 let preferred
No par 90 Jan 15 1097
8May 26
Jan
83 Nov 110
4412 4412 4414 443
4 4312 447
8
8 4312 434 433 44
424 43'2 6,400 Noranda Mince Ltd
No par 334 Jan 4 453
8June 11
173 Jan 387 Sept
8
8
4
8 1812 194 1814 181. 18
183 1918 183 193
4
183
8 1612 1818 27,500 North American Co
133 Jan 9 2512 Feb 6
8
No par
1214 Dee 3612 July
44
4314 4312 44
.
4312 4312 .434 434 43
4312 43 43
Preferred
2,000
50 34 Jan 9 4514 Apr 20
Jan
31 Deo 46
43
43
4 5
412 44
4 5
47
8 5
44 434
412 43
8 6,300 North Amer Aviation
418 Feb 10
1
8 Feb 1
4 Feb
9 July
7313
*72
73
73
73
73 .72
73
73
73
7314 .72
900 No Amer Edison pref_.Vo par 4712 Jan 4 743 Apr 28
4
79 July
39 Nov
41
•36
•36
41
41
•34
.36
*36
41
41
41
•36
Northwestern Telegraph ___50 34 Jan 9 43 Apr 26
261 Apr 43 June
4
.23
3 312 *23
4
2 8 23
8
8 23
8 27
4 .23
8 *23
8 27
8 .23
500 Norwalk Tire & Rubber No par
8 24
2.4 Jan 8
412 Feb 19
118 Feb
54 July
8 1212 124 1214 1234
1212 125
117 1218 114 12
8
1138 113
8 8,200 Ohio 011 Co
No par 1012May 14 1578 Feb 5
8
43 Feb173 July
4
312 33
33
*33
4
8 1,400 Oliver Farm EquIp
'312 33
4 4
4 33
33
4
4 "
7
4
33
312 3 8
318May 14
No par
7 Feb 5
4
83 July
118 Feb
16
•1612 17
*1613 167
16
1612 1512 1512
8 1512 1612 16
Preferred A
800
12 Jan 8 273 Feb 5
No par
8
314 Feb 3034 June
•518 512 *518 512
800 Omnibus Corp(The)vto No par
514 614
618 614
618 51s
43
8May 23
43
4 5
614 Jan 2
14 Mar
814 July
*97 11
.912 11
*1012 11
*938 11
8
•912 1014 *912 1014
Oppenhelm Coll At Co-_No par
754 Jan 4 143 Mar 31
8
15 June
24 Feb
1614 x1578 16
8 1612 163
4 16
16
1552 154
163
1654 16
2 8,300 Otis Elevator
14 May 8 193 Feb 1(1
No par
8
1018 Feb 254 July
•100 101 "100 101 .100 101 .100 101 .1003 101 .1003 101
4
Preferred
4
100 92 Jan 18 102 May 12
9312 Apr 106 July
*54 514
54 54
43
4 512 2.900 Otis Steel
3
4
512 512
512 53
512 53
44 Jan 4
No par
8 Feb Ill
114 Mar
914 June
2234 .21
22 .203 2114 20
4 2113 2112 "20
*2114 223
4
Prior preferred
500
2018
9 Jan 2 25 Feb 20
100
24 Feb 2124 June
80
7934 78
.79
793 80
79
4
80 .79
78
77
2,200 Owens-1111mila Glass Co____25 7312May 14 94 Jan 30
78
3113 Mar 964 July
1818 1812 18
193
8 1812 19
187 1918 1914 1914 19
8
183
8 3,800 Pacific Gas & Electric
25 1513 Jan 6 2312 Feb 7
15 Dec 32 July
3312 .32
3212 323
327 .314 33
4 33
8
8 311z 31'2 1,200 Pacific: I.tg Corp
*3112 323
No par 2312 Jan 2 37 Feb 7
22 Dee 433 Jan
8
*2513 26
26
.253 263
26
4
2618 2612 26
26
8 2512
900 Pacific Mills
2614
8Slay 14 31 Feb 5
100 203
6 Feb 20 July
79
774 7814 7814 783 x78
783 79
8
4
•78
*7712 79
610 Pacific Telep & Teleg
79
100 72 Jan 11 8512Mar 13
65 Mar 944 July
_
*114
.114 125 *114 125 *114 125 .114 120
116 116
50
6% preferred
100 103 Jan 3 116 June 22
9914 Nov 11112 Sept
74 - .7
600 Poe Western 011 Corp_ No par
78
714 74 *7
74 *7
613 Mar 19
714 *7
7
4
87 Apr 25
8
7
7
53 Dec
912 Sept
4
378 4
34 4
34 4
37
4 4
37
33
4 37 17,900 Packard Motor Car.
._No par
4May 14
8 4
33
63 Feb 23
8
13 Mar
4
64 July
.103 1114
4
103 103 *103 1114 *103 1114 *103 1114 103 103
4
4
4
4
200 Pan-Amer Petr & Trans ____5 103 Jan 9 1112 Jan 30
4
4
4
4
8 June
14 July
.2514 2712 .22
277 *2414 277 "25
2712 *2412 2512 24
2
24
2
100 Park-Ttlford Inc
1 20 May 12 3512 Feb 6
6
8
Jan 363 Oct
112 •1
112 '1
118 *1
112 .1
112 *1
1 12
Parmelee Transporta'n _No par
•1
1 Jan 11
2 Feb 5
3 July
4 Mar
•13
8
112 "13
112
8
112 .114
112 .114
112 *114
112 *114
Panhandle Prod & Ret_No par
114 Jan 2
212 Apr 6
414 June
3 Apr
8
18
•15
.15
.123 144 *1212 147 .1213 144
14
8
18
14
8
8% cony preferred
10
100 12 Jan 3 2112 Apr 6
534 Jan
20 June
412 43
8
412 43
43
8 43
8
8
8
414 43
414 43
8
33
4 414 15,400 :Paramount Publlx otts____10
13 Jan 2
4
54 Feb 16
212 June
12 Apr
43
43
4 43
438 412
8 43
414 43
4
4
4
412 43
4
414 41 17,200 Park Utah C M
1
34 Jan 11
64 Feb 15
414 July
Jan
4
.24 23
24 23
4
4
4
4
212 23
212 212
212 23
23
8 212 2,300 Pathe Exchange
112 Jan 4
No par
4 14 Mar 2
ale July
14 Jan
237
8 2278 2318 223 2314 2114 223 11,600
237 2438 2312 2378 23
3
4
Preferred class A
No par 1011 Jan 4 2.134June 12
8
1414 Dee
114 Jan
1714 1618 163
1714 1712 17
1714 16
1332kluy 14 2112 Jan 2
8 1618 1638 154 1614 4,000 Patin() Mines & Enternr No par
53 Jan 25 Nov
8
1
418 4.
412 412
412
414
414 414 *44 414
3
2 •Jan 2
44 3,700 Peerless Motor Car
47
4
2June 5
918 July
14 Feb
.5512 56
.5514 56
56 - 5514 56 .5514 56
•55
*5514 56
300 Penick & Ford
No par 53 May 14 64 Jan 3(8 12512 Feb 60 Dec
34
5913 6012 6112 6212 x603 623
4
4
4 593 6014 5912 6014 57
NO par
5112 Jan 4 677 Mar 3
5854 8.700 Penney (J C)
3
1914 Mar
56 Deo
•108 110 "10712 110 .108 110 *10814 --. *10814 ---- "10814 ...... ______
Preferred
100 10512Mar 8 10812May 16
90
Jan 108 AN'
.33
8 312 •
21,1 Jan 9
338 312
200 Penn Coal Itt Coke Corp _ _10
374
/
37 '
/1
514 Apr 26
33
8 33
4 *35
4
314 34
8 33
14 Yet,9.8 July
37 Jan 6
8
8 Jan
4
514 2,100 Penn-Dixie Cement___No par
513 512
54 5
5
4
73 Feb 5
53
4
54 514
5
4 6
912 June
4 54
2412 2412 .23
24
243 .23
4
2218 23 - 23
28
Preferred series A
23
800
23
100 13 Jan 8 32 Apr 24
Ca Mar 32 July
8
8
4 353 3614 353 36
344 353
3414 3518 33
333
4 32
334 5,300 People's (1 L & C (Chic)_100 27 Jan 4 4)4 Feb 6
Jun
25 Dec78
*1414 15 .1412 15 .144 15
15 .1414 15
15
*1412 15
100 Pet Milk
914 Jan 3 15 Feb 23
No par
154 June
612 Feb
1118 111g
107 1112 103 103
2
2 1114 1114 1112 1114
•1112 117
4
4 1,800 Petroleum Corp of Am
5
9 Jan 5 144 Feb 3
43 Jan
8
15 July
174 18
1714 1814
17
173
8 1714 172
174 18
4 1612 173 13,900 Phelps
-Dodge Corp
8
8
25 143 Mar 27 187 Apr 26
8
8
187 Sept
413 Jat
3312 .33
354 .334 343 *33
3312 33
4
33
700 Philadelphia Co 6% pref. _50 244 Jan 2 37 Feb 9
3434 343 343
4
4
21 12 Nov
36 July
6518 '6112 6512 •613 6512 •6212 6518 •63
4
63 .61
735
64
63
$6 preferred
No par 49 Jan 12 644 Feb 17
3814 Dec62 July
412 • 438
4
412 412
4 43
8
43
43
43
4 47
4 47
8
414 412 1,800 Phi's & Read 0 & I
34 Jan 4
No par
64 Feb 21
911 July
212 Feb
2214 2412 2412 2518 2312 24
23 4 247
3
217 22
2 2452 253
8
3 7,400 Phillip Morris ds Co Ltcl___10
1112 Jan 3 254June 22
147 June
8 Feb
8
•1312 15 .1312 1512 .1313 15
.1312 15
*1313 15 '1312 15
Phillips Jones Corp____No par
9 Jan 5 21 Apr 2
184 July
3 Feb
65 .60 65
65 .60
694 .60
694 65
65
30
65
.60
7% preferred
100 58 Feb 27 747 Apr 7
8
35 June 35 June
183 1918 1812 1914 1812 183
8
1914
4 183 183
19
8
1518 Jan 9 x203 April
4 1712 1812 15.500 Philips Petroleum
No par
4
1834 Sept
484 Jan
*512 10
.5
8
10
.5
*53 10
*612 9
7
10
7
5
100 Phoentx Hosiery
518May 12 1312 Feb 3
13 Mar 173 Dec
8
4
23
4 23
4
8 *23
27
s 27
4 27
8
2 Jan 16
4 2,500 Pierce-Arrow Mot Car Co__ _5
612 Feb 19
2
23
4 27
212 23
4 23
8
4
3 Dec
712 Nov
25
511
5
8
5s
N
38May 10
5
8 1,200 Pierce Oil Corp
5,3
's
5
8
5
8
5
8
3
4
"8
118 Jan 30
3
173 June
4 Jan
300
4 *712 83
4
4
Preferred
7 4 754 .712 83
3
712 712
104 Feb 14
7 Slay 11
4 *712 83
*74 83
190
134 JUDO
34 Feb
112 112
112
114
13
8
112 112 6,900 Pierce Petroleum
13
114 .14
8
"114
114
2 Feb 6
14 Jan 13
No par
23 Jane
4
4 Jan
•27
2712 2712 2713 .2714 273 .2714 2712 27
8
2712 26
2613
800 Pillsbury Flour M1114
No par
1812 Jan 8 2712June 13
932 Feb 267 June
3
*774 80
*764 85
*79
8018 *78
803
.7618 85 .764 85
Pirelli Co of Italy Amer ahares 7014 Jan 22 8412 Star 24
8
333 Apr 75 Nov
8
,
8
.1118 1314, *1033 134 *103 1314 *10 8 1314 *1018 1314
12
12
100 Pittsburgh Coal of Pa
912 Jan 9 1812 Feb 9
100
4 Feb23 July
.32
36 1 .32
36
35 .31
.32
.31
36
36
36
.32
Preferred
Jan 48 July
100 30 Jan 8 4212 Feb 1
17
• Bid And asked prices, no sales on this day. :
Companies reported In receivership, a optional sale. c cash sale. s Sold 15 (lays. z Ex- IlvIdend. y Ex-rights
New York Stock Record-Continued-Page 7
4265
re FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 16.
$ per share
8
8 13
4
2714 273
23
4 23
4
*1312 1512
*3
312
4014
.39
*212 35
8
1212 123
4
*87
8 912
8
*33
4 43
*13
4 2
22 221
/
4
*27
8 3
.12
123
4
3512 354
/
1
/
1
4
11212 112
---- ----
Monday
June 18.
Tuesday
June 19.
g Per share S per share
813 8 3
,
8
8 14
*27
283 *2718 273
4
4
*212 3
*2
3
153 16
4
*14
16
*3
312 *3
312
*38
4014 .38
4014
*212 4
*212 4
1212 125
8 1218 1212
*812 912
8
814
4 33
4 *33
33
4 412
*11 2
/
4
*13
4 2
2112 2212 21
223
4
8 3
*27
2
/ 24
1
4
/
1
*1114 12
111 12
/
4
353 363
4
8 364 3 2
/ 6,
1
1127 1127 113 113
8
8
---- ------- ----
Wednesday
June 20.
Thursday
June 21.
g per share
*712 8
.2714 273
4
.2
338
15
15
3
3
*38
4014
*212 4
12
121
/
4
8
818
*33
4 412
112
13
4
2012 2078
3
3
*11
1214
36
3614
114 114
---- ----
5 per share
*74 77
/
1
8
*2714 2812
•2
3
15
15
*253 312
4014
*38
*212 4
12
1218
.8
8
/
1
4
*334 412
.112 2
2034 21
278 278
*11
123
4
3512 353
4
1134 114
/
1
____ ____
I Sales
for
Friday
the
Week.
June 22.
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 Shares. Indus.Sc Mlscell.(Con.) Par $ per share
$ per share $ per share $ per share
7 Jan 5 111 Apr 4
/
4
712 712 1,800 Pittsburgh Screw & Bolt No par
11 Feb 111 July
/
4
/
4
27
90 Pitts Steel 7% cum pref___100 2514June 8 43 Feb 21
274
1014 Jan 383 May
4
*2
100 Pitts Term Coal Corp
12 Feb
3
100
2 Jan 19
312 Feb 21
61 July
/
4
1412 1412
90
8% preferred
100
81 Jan 4 1712 Feb 23
/
4
4
Jan 2313 July
100 Pittsburgh United
214 Jan 2
5 Feb 19
25
*214 3 2
,
612 July
53 Feb
38
38
Preferred
10
100 3612June 7 59 Feb 19
/
1
4
16114 Feb 64 July
.212 4
Pittston Co (The)
11 Jan 4
/
4
No par
5 Feb 21
7 June
/ Apr
1
4
113 117
4
8 3.600 Plymouth Oil Co
/
1
4
5 10 May 14 16 Jan 30
6
/ Feb 17 July
1
4
/
1
4
1,000 Poor & Co class B
8
8
8
No par
6 June 2 147 Feb 5
13 Apr 133 July
4
4
*334 4
100 Porto Ric
-Am Tob cl A_No par
3 Jan 12
61 Jan 30
/
4
15 Mar
8
8 June
*112 2
Class B
314 Jan 30
200
No par
113 Jan 3
4 May
5 Feb
8
1914 204 3.700 Postal Tel & Cable 7% Vet 100 1614M3y 14 293 Feb 6
/
1
8
4 Feb 403 June
4
512 Feb 18
*24 2
/
1
/
1
4
17 Jan 5
8
400 :Pressed Steel Car
No par
513 June
3 Jan
8
1238
*11
200
Preferred
100
6 Jan 5 22 Feb 17
/
1
4
3 Jan 18 June
/
1
3518 354 7,300 Procter & Gamble
195 Feb 4712 July
8
No par 3318June 2 4114 Jan 23
114 114
400
5% pref (ser of Feb 1 '29)100 10213 Jan 22 114 June 20
97
4
Apr 1103 Nov
____ __
:Producers & Refiners Corp_50
114 Mar 15
27 June
14 Jan 2
8
14 Jan
Preferred
6 Feb 19
/
1
2 Nov
4
50
13 JUDO
118May 2
12 - / 38 - 4 37 381 3 / 39
/
4
81
37
4
38
39
1
4
383
37
11,500 Pub Ser Corp of N J___No par 33 May 14 45 Feb 6
i81s 36 nos Nov 571 June
/
4
8118 811 *801 8212 81
/
4
/
4
8112 *8012 8212 *807 8212 *81
8
82
300
85 preferred
No par 67 Jan 2 84 Feb 6
597 Nov 8812 Jan
8
*931 96
/
4
*9312 96
*944 96
/
1
98
9714 9712 9712 97 97
6% preferred
500
100 79 Jan 8 9712June 21
75 Dec 1013 Jan
8
10412 10412 10412 1044 *104 10434 1043 105 *10412 105 *10412 105
/
1
4
/
1
4
700
100 90 Jan 8 106 Feb 21
7% preferred
84 Dec 11212 Jan
*116 11634 *1163 11818 *1163 118 *1163 11813 .11658 11818 •11638 118,
4
4
4
Jan
8% preferred
100 105 Jan 12 11912 Feb 17
8
99 Nov 125
4
1033 1033 1031 103 *103 104 .103 104 *103 104 *103 104
4
/
4
/
1
4
200 Pub Ser El & Gas pf 35.No par 90 Jan 10 1037
8June 18
83 Dec 10313 Jan
/
1
4
52
5118 5214 52
511 5112 51
/
4
513
4 4914 4914 4814 4914 3,500 Pullman Inn
/
1
4
No par 4612June 2 59 Feb 5
18 Feb 5818 July
/
4
111 111 11
/
4
11
103 1118 1012 103
4
4 1012 1053
94May 10 144 Feb 16
/
1
No par
/
1
212 Mar 15 Sept
97 1012 7,300 Pure 011 (The)
3
/
1
4
*72
74
733 74
4
*71
74
7118
*7118 7312 *71
8% cony preferred
90
100 683 Jan 9 80 Feb 6
7312 70
4
30 Mar 69 Sept
/
1
4
1412 1412 1412 144 14
/
1
1412 13
/ 137 14
1
4
1,500 Purity Bakeries
4
8
/ 13
1
4
133 14
No par 124 Jan 6 19 Feb 5
/
1
4
3
5 4 Feb 25 8 July
7
712 734
712 75
8
73
8 74
3
714 73
8
918 Feb 6
67
No par
718 738
8 713 41.300 Radio Corp of Amer
612 Jan 4
3 Feb 1214 July
*39
4012 .39
4012 3912 40
39
50 2314 Jan 4 4112Slay 11
3812 37
39
1.200
38
3714
Preferred
134 Feb 40 May
/
1
321 33
3212 323
/
4
4 3134 3318 3114 32
32
Preferred B
8 9,900
285 303
3
No par 15 Jan 4 35 8May 11
31
8
612 Feb 27 July
5
8 233
21 23
/
4
4
212 23
4
212 212
218 212 6,400 tRadlo-Keith-Orph____No par
414 Feb 17
218June 22
5 June
/
1
4
I Mar
212 212
•183 183 *1814 183
8
4
/
1
4 184 184 1818 1818 18
/
1
400 Raybestos Manhattan_No par 16 Jan 9 23 Feb 5
17
/ 1778
1
4
18
/
1
5 Feb 204 Sept
*812 10
*9
97
8 .91 9
/
4
/
1
4
83
4 83
200 Real Silk Hosiery
8
10
4 *83 10
712May 14 14 Feb 6
*85 10
4
512 Feb 204 June
/
1
11 60
*51
*5
0
58
*5012 60
*5012 60
10
Preferred
/
1
4
100 45 Jan 23 60 Apr 28
51
*5013 60
Si
25
Jan 60 May
*3
33
4
4 *3
33
25
8 3
*278 33
4
4
218 Jan 5
6 Apr 2
500 Reis (Robt) & Co____No par
314
33
314 .3
412 July
14 Jan
•I6
19
16
16
*1614 25 .16
400
16
1s1 preferred
25
/
4
*16
15
100 1312 Jan 3 381 Apr 2
18
11 Jan
1812 June
/
4
107 104 104 111 107 1114
8
/
1
/
1
/
4
8
1
6 Jan 6 13 Feb 23
/
1
4
/
1
4
/ 103
1
4
103 11
4
4 6.300 Remington-Rand
10
212 Feb
10 4 11
3
1114 July
58
58
60
61
61
61
61
1st preferred
62
/
1
4
61
100 32 Jan 5 8912 Mar 14
61 --------800
712 Feb 3712 July
58
58
*5718 66
*58
647 *56
8
100
100 30 Jan 8 67 Mar 14
66
66
2d preferred
*58
63 .56
8 Feb 35 4 Dec
3
312 3
/
1
4
3
/ 3
1
4
/
1
4
314 3
/
1
4
512 Feb 23
314
314
3 Jan 2
/
1
4
314 312 3,800 Bee) Motor Car
312 35
5
8
14 Feb
/
1
6 June
/
1
4
1814 183
8 174 1812 175 183
/
1
8
8 1712 177
4
/
1
4 154 1713 22,500 Republic Steel Corp___No par 15 May 14 253 Feb 23
8 1718 173
4 Feb 23 July
50
51312 5012 5012 4834 49,2 .47
8% cony preferred
1,200
100 39 Jan 4 6712 Feb 23
47
483
4 4812 4812 47
9 Feb 5412 July
•9
1114 *10
11
*1014 104 .1014 103
800 Revere Copper & Brass
10
5
/
1
5 Jan 8 141 Apr 11
/
4
11 Jan
/
4
4 1014 1014 10
12 June
*21
2312 *2112 2312 21
21
200
10 111 Jan 29 2812 Apr 11
Class A
/
4
20
*193 2312 •19
4
20
21
214 Mar 25 June
213 22
4
211 211 21
/
4
2038 2,300 Reynolds Metal Co __No par 1512 Jan 2 273 Apr 26
/
4
4
213
4 211 211 2012 2114 20
6 Feb 2112 June
/
4
/
4
•1012 1112 *1012 11
*1012 1112 *1012 1112
1,100 Reynolds Spring
813 Jan 9 1312 Feb 25
No par
112 Feb 153 July
93 1012 1014 11
4
4
453 4614 4512 4614 4514 464 4514 45
8
/ 15,400 Reynolds (R J) Tob class B.10 3934 Mar 21 461
1
4
/
4
/
4June 14
/ 4514 451 4414 45
1
4
/
1
2812 Jan :5414 Sept
*57
60
*57
60
*57
Class A
6012 *57
60
10 67 Jan 5 5978 Jan 3
*57
60
60
60
*57
Jan 624 Jan
/
1
*81 1112 *814 1112 *814 1112 *A
/
4
100 Ritter Dental Mfg
10
7 June 7 1312 Feb 8
*7
No par
8
1018
8
812 Feb 163 June
4
.2918 30
30
30
2812 2812 2,600 Roan Antelope Copper Mines_
2638 Jan 3 331 Apr 26
/
4
293 3014 .257 2914 2914 291
3
233 Nov 2612 Nov
8
8
73
4 7 4 *73
3
4 814 *73
8
500 Rossi& Insurance Co
4 8
/ *718 77
1
4
4 Jan 3 10 Feb 6
/
1
4
7
/ 7
1
4
77
8 7
5
/
1
4
2 Apr 107 June
8
•354 36
/
1
3534 353
4 353 3618 354 353
4
1,200 Royal Dutch CO (N Y shares) 33 Apr 30 391 Feb 19
*3453 36
8
/
4
/
1
/
1
8 354 357
17 Mar 393 Nov
/
1
4
4
/
4
2112 211 215 2214 2118 213
8
4 204 205
4 4,800 St Joseph Lead
2014 203
Cl, Feb 311 Sept
10 1812Stay 12 271 Feb 5
/
4
/ 21
1
4
/
1
8 20
/
4
8
5212 523 251
5112 *5012 5114 5012 50'1 501 504 493 51
2,100 Safeway Stores
4
/
4
/
1
No par 44 Jan 5 57 Apr 23
28 Mar 623 July
3
•104 10433 210312 104
104 104
260
4
4
100 8434 Jan 3 105 May 13
6% preferred
104 10418 10312 104 *1003 1033
72 Apr 9412 July
112 113 211012 1113 *11014 111
4
230
7% preferred
100 9813 Jan 15 113 June 16
111 11114 .110 11012.110 11012
80 Feb 105 Sept
/
1
4
.7
1
8
*7
8
*7
*7
712
100 Savage Arms Corp__ __No par
6 Jan 13 1214 Feb 15
/
1
733•714
2
7
/ Apr 12 July
1
4
/ 74
1
4
3012 31
3014 304 29
/
1
2813 23,000 Schenley Distillers Corp
4 27
/ 304 2818 2914 28
1
4
283
/
1
8
5 25 June 2 387 Apr 11
24 Nov 4514 Aug
53
4 53
4
53
4 5
/
1
4
53
4 6
5
/ 818
1
4
514 512 3,900 Schulte Retell Stores
5
/ 6
1
4
1
33 Jan 4
8 Feb 5
4
/ Mar 10, July
1
4
4
2514 251 2512 2512 2512 26
/
4
26
8 24
950
26
267
Preferred
26
27
100 15 Jan 2 30 Apr 16
/
1
4
315 Apr 353 July
4
*43
/ 473 •4512 473
1
4
.1
4 46
46
20 Scott Paper Co
4
473 *4512 4734
*4512 473 *48
No par 41 Jan 10 50 Apr 5
28
Jan 444 July
/
1
35
3512 3518 3514 333 353
8
8 3312 344 33
3,900 Seaboard 011 Co of Del_No par 25 8 Jan 6 383 Apr 11
4
/
1
/ 334 313 33
1
4
3
15 Feb 43 Sept
8
/
1
4
.3
34
/
1
3
3
*23
4 3
.234 3
/
1
4
200 Seagrave Corp
24 24 *23
4 3
/
1
/
1
No par
25 Jan 18
478 Feb 7
8
118 Feb4 July
/
1
4
44
/ 453
1
4
8 4412 4514 433 4512 43 437
4
433
8 4114 4212 19,000 Sears, Roebuck & Co No par 383
8 43
8June 1 5114 Feb 5
1212 Feb47 July
4 *212 23
*214 23
4
212 212
212 212
4
300 Second Nat Investors
•213 23
212 21
2 May 10
1
414 Jan 26
114 Feb5 June
/
4
*3518 411 .351 411 •3813 411 *3818 411 *3813 411 •3812 411
/
4
/
4
/
4
/
4
Preferred
/
4
/
4
/
1
1 32 Jan 8 454 Feb 2
24 Feb48 July
1
Us *I
11
2,100 :Seneca Copper
/
4
1
1
11
/ 118
4
1
1
1
1
2 Jan 22
No par
1 Jan 5
18 Ma
3 June
/
1
4
7
/ 8
1
4
73
4 8
758 7
/
1
4
7
/ Vo
1
4
73
8 7
4 8,000 Servel Inc
/
1
4
718 73
Apr 24
1
43 Jan 8 9
4
112 Feb712 July
•1018 104 1014 1014 21018 104
/
1
/
1
912 9
/ 2,400 Shattuck (F G)
1
4
4
9
/ 93
1
4
934 101
8
No par
83 Jan 2 137 Mar 9
4
5 4 Apr 1314 July
3
8
8
*712 8
.712 8
712 712
400 Sharon Steel Hoop.
.712 8
4
.712 73
11 1314 Feb 23
518 Jan
No par
112 Feb12 July
612 612
618 618
61 61 .618 612
/
4
/
4
/
4
618 61 *6
614
600 Sharpe & Dohme
7 8 Feb 5
7
No par
4 Jan 2
/
1
4
212 Feb8 June
/
1
4
*45
46
46
48
*4512 46
500
Cony preferred Der A_No par 3814 Jan 8 49 Slay 3
*453 4612
4
46
46
4512 46
2114 Mar 417 July
8
8
/ 8
1
4
/
1
4
812 9
838 84
8
8 14 5,700 Shell Union 011
814
/
1
84 838
/
1
814
/
4
No par
7 Jan 3 111 Jan 27
/
1
4
312 Feb115 July
8
7914 .7314 76
*7314
*73
74
745
76
8 74
574
1100
*74
Cony preferred
76
100 58 Jan 2 89 Jan 26
2812 Mar 81 July
1712 1712 1712 1712 163 17
1612 2,900 Simmons Co
8
3 16
/ 1612 163
1
4
/
1
4 164 167
1412May 14 2418 Feb 5
No par
43 Feb31 July
8
8
1012 1012 103 1012 1014 1013 10
*9
/ 101
1
4
/ 1.700 Simms Petroleum
1
4
/
4
9
/ 9
1
4
101
10
1112 Feb 5
814June 1
4 Feb12 8 June
/
1
4
3
*914 10
*91 10
/
4
93
914 914 *914 10
8 94 1,100 Skelly 011 Co
/
1
93
4 08
7
25
7 Jan 10 1118 Apr 25
/
1
4
3 Feb9 June
/
1
4
*6214 65
'43214 65
*6214 65
*6214 65 .6214 65
*6214 65
Preferred
22 Feb5712 July
100 6 / Jan 9 6818 Apr 26
41
4
29
.17
•17
29
•17
*17
29
29
29
*17
29 .17
Sloss-Sheff Steel & Iron_100 15 Jan 9 2712 Feb 17
Jan 35 July
7
35
323 324 *303 35
*31
3
/
1
4
4
30
/ 303
1
4
3034 303 *303 32
70
7% preferred
4
100 2312 Jan 2 42 Apr 23
84 Feb42 July
/
1
/
1
144 144 1418 1418 14
/
1
145
8 1378 137
2,600 Snider Packing Corp__No par
s 1414 1414 131* 14
6 Jan 3 17 May 5
/
1
4
/ Mar
1
4
92 July
4
161 17,
/
4
8
165 17
8
/
1
1612 154 1618 36,500 Socony Vacuum 011 Co Ine_ _15 14 May 14 194 Feb 5
1653 171 1614 161 18
/
4
/
4
/
1
6 Mar 17 Nov
*10112 102 *1011 102 " / 1011 1017 1017 •1013 102
/
4
1011 1011
/
4
/
4
4
400 Solvay Am Invt Tr pre _100 86 Jan 6 1017
1011
4
8
/
4
8
8June 20
58 Feb92 July
14 35
3412 35
34
351 3412 3512 3312 3412 34
/
4
34
35
6.500 So Porto Rico Sugar___No par 2918May 14 391 Feb 5
/
4
8
154 Jan 483 July
/
1
*12514 130 *12514 129 *12514 130 *12514 129 .12514 129 *1251 129
/
4
Preferred
100 115 Jan 18 130 Mar 20 112
Jan 132 July
1614 161 1612 163
4
/
4
1812 163
4
1612 163
/
4
/
1
1612 7.500 Southern Calif Edison
4 164 161 16
25 15 4 Jan 4 224 Feb 7
28
,
/
1
Jan
1414 Nov
*9
1018 *9
1012 •9
1018 *9
1018 *9
1013
1018 *9
Spalding (AG)& Bros_No par
5 4 Jan 10 13 Apr 21
3
4
Jan
117 July
3
60
*54
*55
60
60
60 60
60
60
60
210
*57
1s1 preferred
65
100 3014 Jan 11 74 Apr 21
2518 Mar 61 June
Spang Chalfant & Co Inc No par
7 Jan 22 15 Apr 23
1512 July
/
1
4
412 Feb
60 .55
*55
60
55
55 .55 *55 60
60
10
60 .55 Preferred
100 30 Jan 23 62 Apr 24
1713 Feb 50 June
6
6
5
/ 57
1
4
8
534 8
53
4 5
/
1
4
5
/ 5
1
4
/
1
4
518 55
8 3.200 Sparks Withington____No par
3 Jan 5
/
1
4
8 Feb 21
8 June
2 Feb
4
*41 5
/
4
*414 5
14 413
*CI 5
70 Spear & Co
.414 5
4
4
43
4 43
12 Jan
No par
2 Jan 3
512 June
733 Apr 18
*2114 2213 22
'
221 2214 2312 2212 23
/
4
23
/ 237
1
4
8 23
23
1.200 Spencer Kellogg & Sons No par
1534 Jan 5 2412 Feb 23
712 Apr 22 July
/ 912
1
4
9
918 912
9
/ 912
1
4
9
918
9
914
812 914 13,800 Sperry Corp (The) V to
1
5 8 Jan 5 113 Apr 2
3
218 May
8
712 July
*6
918 .
6
9 14 *6
91 *7
/
4
914 *7
9
/ *7
1
4
Spicer Mfg Co
918
No par
8 Jan 10 13 Feb 7
16 June
Jan
5
4253 27
4
*2512 28
253 25
4
2512 2512
20
/ *2512 2878 .2512 28
1
4
Cony preferred A_ No par 214 Jan 2 3112 Feb 20
/
1
112 Mar 3213 Jura
4
56
58
5614 56
5414 561 524 54
4912 5214 3,500 Splegel-May-Stern Co_No par
54
/
4
54
/
1
19 Jan 4 6713 Apr 25
1
Feb 2112 Dec
8
2114 207 2114 21
21
2112 204 21
4
/
1
2012 204 2018 203 25,900 Standard Brands
/
1
No par
183
451ay 12 2514 Feb 1
8
4
132 Mar 375 July
53
4 6
6
6
6
814
534 6
5
/ 5
1
4
8 2.700 Stand Comm Tobacco_No par
/
1
4
5,
2 57
4 Jan 9
8 Mar 13
Jan
93 Aug
8
1
12
12,
4 12
1212 113 12
4
1114 8,400 Standard Gas & El Co_No par
/ 1112 12
1
4
8 10
113 113
8
658 Jan 4 17 Feb 6
518 Mar 2212 June
1312 1314 13
13
/ 13
1
4
8
/
1
133
4
1238 123
4 1214 1212 113 124 4,500
Preferred
No par
7 Jan 8 17 Feb 6
/
1
4
6 Dec 257 June
8
/
1
4
263 2638 *2512 28
8
2612 27
2218 23
25
500
8
.24
$8 cum prior pref __ No par
257 *23
18 Jan 10 33 Feb 6
15 Dec 61 June
/
4
3212 321 *313 32
4
*31
29
3112 30
600
*2812 30 .28
87 cum prior pref
30
No par
1712 Jan 4 3812 Apr 24
19 Dec 66 June
•114
11 •11
/
4
/ 11
4
14
13 114
/
4
14 *114
114
Stand Investing Corp No par
600
1
112
1
114
1
/ Jan 13
1
4
11 Jan 5
/
4
8
27 June
/ Mar
1
4
•109 10933 *10914 10912 10014 10913 10912 10912 10912 10912 109 109
4,900 Standard Oil Export prof __100 9612 Jan 2 11014May 26
9212 Mar 102 Sept
/
1
4
35
/ 3414 35
1
4
3678 37
38
371 353 361 3514 353
4 35
12,100 Standard 01101 Calif
/
4
4
/
4
No par X3058Slay 14 42 Jan 30
/
1
4
1912 Mar 45 Nov
*3614 37 .36
37 .36
37 .36
*353 363 *3514 37
4
Standard 011 of Kansas_ ___10 3334 Feb 13 41 Apr 21
4
37
/
12 Apr 39 Dec
1
4
/
1
4
/ 487 4714 47
1
4
47
8
/ 47
1
4
/
4
/
4
4714 4612 47
444 461 4312 441 37,400 Standard 01101 New Jersey_25 4118May 16 5018 Feb 17
/
1
22 Mar 4712 Nov
/
1
4
595 1014
9
/ 1014
1
4
1014 1012 *94 103
10
1012 10
800 Starrett Co (The) L S__No par
/
1
8 10
6 Jan 16 1414 Apr 19
4 Feb1111 June
6118 613
61
60
4 6118 617
8 61
611 6012 6115 60 6012 5,500 Sterling Products Inc
/
4
10 4714 Jan 4 617
451 Dec60 Sept
/
4
/
1
4
8June 19
.15
8 13
8
11 •15
4 *158
/
4
134 .11 13
/
4
4 •158 11 *15
/
4
8
13
3
Sterling Securities cl A_No par
138 Jan 2
3 Feb 6
3 June
/
1
4
/ Jan
1
4
/
1
.43
8 434
8 44 .45
4
/ 41 *41. 43
1
4
/
4
8
44 43
/
1
Preferred
4
600
412 41
No par
3 Jan 3
7 Feb 6
/
1
4
112 Feb
7 June
35 .34
35
.34
35
35
*3412 36
*3412 36
200
.341; 36
Convertible preferred____50 30 Jan 12 363 Feb 1
20 Mar 3614 July
4
7
/ 7
1
4
/
1
4
7
/ 74
1
4
3
63
74 71
4 7s 3,200 Stewart-Warner
/
1
7 8 75
5
8
73
8 733
10
614 Jan 8 10 8 Feb 21
1112 July
5
212 Feb
83
4 9
8
/ 914
1
4
813
84 914
/
1
73
814
4 81 10,900 Stone & Webster
812 83
4
No par
6 Jan 6 1314 Feb 6
512 Dec 1914 July
412 4
/
1
4
43
8 4'l 8,800 :Studebaker Corp(The)No par
41 43
/
4
/
1
4
412 4
4
4
/ 43
1
4
/
1
4
4
412 4
4 Jan 2
/
1
4
914 Feb 21
/
1
4
112 Ma
8 June
24
2212 23
*22
•23
22
22
26
2412 .2212 26 .22
300
Preferred
100 1913 Jan 2 47 Feb 19
9 Apr 3818 June
63
04
637 *63
8
.63
6214 61
64
61
62
6214 *61
700 Sun Oil
No par 5113 Jan 2 837
35 Feb 59 Nov
8June 18
111 1111 11112 11134 11112 112
11134 112
112 112
640
1113 112
4
Preferred
100 100 Jan 17 11312 Apr 23
89 Mar 103 July
•1514 17 '
1512 15's
400 Superheater Co (The)__No par 14185lay 25 2514 Feb 5
18
17
*1512 17 .1512 17
151 16
/
4
712 Feb 27 July
213
2'4
214
24 218 •218 21
/
1
214
2
2'e 1,700 Superior 011
218 21s
1
13 Jan 3
4
412 July
3 Feb 1
2 Jan
4
10'2 1014 101
10
9
93 10
4
91 10 4 10
/
4
933 2,200 Superior Steel
10
,
10
618May 14 153 Feb 19
3
2 Feb22 8 July
4
*334 414
41s
413 41
•4
.33
.3
4 414
/ 41
1
4
3
/ 37
1
4
200 Sweets Co of Amer (The)._50
314 Jan 9
1 Mar 10 July
5 4 Jan 26
3
•Its
11
*Us
11
*118
*1
11
112
*1
11
/ 11
4
118
100 Symington CO
No par
7
8May 11
3 June
212 Feb 19
18 Apr
*21 27
/
4
212 2
.238 27
8 •212 3
/
1
4
.213 25
212 21
900
Class A
No pa
212June 5
538 Feb 23
5 4 July
,
/ AD
1
4
*1012 11
1013 1012 11
1114 111 *11
1112
11
•1013 11
500 Telautograph Corp
5 1012May 12 1514 Feb 1
/
1
4
818 Feb16 July
5
512 51 .5
5
/ 58
1
4
512
/
4
/
1
4
.518
53
8 5
51
5
5
800 Tennessee Corp
5
418 Jan 8
63 Feb 19
13 Feb7.4 Aug
4
8
/
1
4 2514 254 2538 253
253
/
1
4 24
241s 244 2318 24
25
2
253
16,400 Texas Corp (The)
25 2112May 14 291 Feb 5
/
4
10 Feb3018 Sept
/
1
4
337 3552 347 3512 3412 353
8
8
2 3412 35'o 3412 347k 33
8
/ 343 20.800 Texas Gulf Sulphur____No par 3012May 14 4314 Feb 6
1
4
1514 Feb4514 Nov
4
418
4
4
4
4
4
4
4
418
378 37
8 1,700 Texas Pacific Coal de 011_10
318 Jan 8
612 Apr 4
13 Ma
8
612 May
918
9
9/
1
4
8
/ 9
1
4
8
/ 9
1
4
91 918
/
4
4,300 Texas Pacific Land Trust_ __I
8
/ 9
1
4
915
63 Jan 6 12 Apr 2
4
313 Mar 1118 June
1318 .12
13
1312 *12
125 124 .11
8
13
/
1
*12
•12
12
100 Thatcher Mfg
No par
10 Jan 4 1512 Jan 30
5 Feb2218 July
*4019 43
.401 43 .40
.401s 43
/
4
*4018 43
43
•1018 43
83.60 cony pre
No par 39 Jan 15 44 Jan 29
27 Feb44 July
/
1
4
_
• Bid and asked prices, no sales on this day. I Companies reported in receivership. a Optional sale. c Cash sale. 2 Ex-dividend. y FA-rights.
New York Stock Record-Concluded-Page 8
4266
June 23 1934
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 16.
Monday
June 18.
Tuesday 1Wednesday
June 19.
June 20.
$ per share $ per share
*714 9
*714 9
534 54
55
8 53
4
516
173 *1518 173
4
4
*612 8
612 612
*1414 1412 14
143
8
4
312 312
312 33
*19
21
*19
21
13
1312 13
1312
8012 81
*80
8112
*3118 38
*3118 38
*95
957 *95
9512
73
718
73
2
714
31
314 31
3112
63
4 7
63
4 7
87
8 87
8 *818 812
4%
43
4
412 45
71
71
*694 73
*37
38
*37
38
*212 23
2 *212 23
2
63
2 63
8
63
4
63
2 612
3
*23
8 3
212 *25
47 8 47% 4712 473
47
4
52
52
5112 5212
53
443
8 433 4412 4312 447
4
8
8
163 1718 167 167
4
1714
2114 203* 203*
21
21
8
21% 2118 2112 193 2112
26
2618 2513 26
26
8
120 *110 120 *1145 120
8 4412 453
4
4612 4512 463
57
8 6,
8
0
57
3 6
33 12 338 3312 33
333*
8
8 15% 1612
163* 163 163
74 *63
4 77
8 *83
4 712
5
*43
4 5
43
4 47
2
8 733 75
4
743
4 7412 747
s
167 1718
8
17
183 167
8
99
9812 9812 985 985
8
3
*2
3
*2
3
812 *8
812
8
8
50
*45
50
*45
50
8
418 418
412 *44 43
$ Per Share
*714 812
53
8 53
8
*144 1734
*612 8
1414 1414
*338 312
*19
2112
1314 133
8
*80
81
*31
38
*94
957
8
74 714
3118 313
s
63
4 67
8
*85
87
8
45s 4%
*69
71
*37
38
*2
232
Thursday
June 21,
Friday
June 22.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
53 per share Shares. Indus,84 Mlscell.(Corsa) Par
200 The Fair
No par
714 714
518 514 1,300 Thermold Co
1
1
*153 16
8
Third Nat Investors
25
612 612
200 Thompson (J K)
133 138 1.900 Thompson Products Inc No par
314
312 2,500 Thompson-Starrett Co_No par
No par
*19
$3.50 cum pref
21
No par
s
123 128 10,000 Tidewater Assoc 011
100
81
81
600
Preferred
Tide Water 011
No par
*31
38
400
Preferred
100
96
*94
10
3,600 Timken Detroit Axle
612 7
2812 283
4 5,400 Timken Roller Bearing_No par
612 63 13,000 Transamerica Corp__.No par
4
300 Transue & Williams es'i No par
74 74
45
43
4 6,500 Tr -Continental Corn__No par
No par
200
6% preferred
70
70
200 Trico Products Corp
No par
37
37
*212 238
Truax Traer Coal
No par
10
618 618 *6
612
53
4 6
900 Truscon Steel
612
No par
*214 23
214
400 then & Co
212
4 *214 28
23*
4634
473 48
4
473 48
4
4714 473
4 4,100 Under Elliott Fisher Co No par
5112 5212 *52
7g 4912 5114
53
52
1,800 Union Bag & Pap Corp_No par
434 4358 4234 433
44
4118 423 17,500 Union Carbide dr Carb_No par
4
165 163
8
4 1612 165
25
8 153 1612 5,700 Union 011 California
4
1718
*2014 2034 20 20 12 *1912 2012 1,600 Union Tank Car
No par
207
8
1912 20
213*
1914 2014 1818 1912 39,800 United Aircraft & Tran_No par
*2512
*2514 2512 *25
2512 25 25 18 1,200 United Biscuit
No par
100
115 115 *11412 120 *11412 120
10
Preferred
*110
4412 447
8 4412 4518 4212 4412 6,000 united Carbon
No par
453
4
512 .55
No par
54 512 37,500 United Corp
8
514 54
53
4
33
323 323
4
4 323* 33
3214 33
No par
2,300
Preferred
165
8
153 1618 153 1614 1514 153
4
4
5
4 4,700 United Drug Inc
10
65g 63*
300 United Dyewood Corp
*63
4
*678 77g
65
8 63
4
43
*434
43
4 43
4
43
2 43
4
43
8 1.700 United Electric Coal_ __No par
7212 3,000 United Fruit
x725s 73
74
7212 724 72
No par
1634 1678 1632 1658 1612 1612 13,400 United G8.9 Improve_ No par
164
*9812
9812 9812 *983 99
s
983 983
4
400
Preferred
No par
4
*2
*218 3
*218 3
*212 3
100
:United Paperboard
*8
714 712
900 United Piece Dye Wks_No par
718
73
8 *612 7 8
3
*45
*45
50
*45
50
*45
50
100
6F% preferred
4
418
*418
3% 4
33
4 33
4 1,000 United Stores class A__No par
*6114 65
*614 66
*6118 65
*6118 65
*6118 65
*6118 65
Preferred class A___ _No par
*463 47
4
1,000 Universal Leaf Tobacco No par
47
474 473* 474 47
4714 *4618 4714 *4514 47
42
*3812 42
*38
42
*38
42
*3812 42
*38
38 38
30 Universal Pictures 1st pfd_ 100
17
15
4
112 112
1
17
8 *13*
13
4
13
4
13
4 *15
8
13
112
1,400 Universal Pipe & Rad
4 2512 2614 2514 2612 243 253
2514 '253
4
8 243 2512 23
4
2412 10,000 U 9 Pipe & Foundry
20
187 19
187 187
8
183 183 *183 19
4
4
4
*183 19
4
No par
*1812 19
700
1st preferred
*13
4 212 *13
4 212 *13
4 212 •13
8 212 *15
8 212 *15* 212
US Distrib Cord
No par
20
*17
*17
20
*17
1914 *17
19
19
*1814 21
19
100 U 9 Freight
No par
11
11
11
11
1012 1012 *10
103 *10
8
105
8 *912 1012
300 U 9 & Foreign Secur
No par
86
*76
86
*75
85
*75
86
*75
86
*75
86
No par
*75
Preferred
4514 44
4552
4312 4414 4312 443
44
4412 44
8 4212 4414 7,300 U 9 Gypsum
20
13112 13112 132 132
13112 13112 132 134
100
*130 132 *128 132
140
7% preferred
5
87
8 9
8% 8%
87
g 87
9
93
2 *83
4 9
83
4 83
4
800 U 9 Hoff Mach Corp
s
443
4112 413
44
443
4 4414 4414 43
4 4114 4114 405 41
8
1,600 U 9 Industrial Alcohol_No par
No par
9
9
912 952
84 85* *812 84
500 U 9 Leather v t o
*918 93
4 *93
8 9'2
1412 14% 1412 1412 1412 144 1412 147s 2.300
8 137 143
138 137
Class A v t o
No par
6812 *51
6812 *51
693 *51
4
694 *51
693 *51
4
100
*51
Prior preferred v t o
693
4
74
83
8 718 5,700 U 9 Realty & Impt___No par
718
7
718
3
712 7 4
712 7%
712 7 4
3
203
2 195 203
8
203 203
2
4 20
4 1912 194 1912 193
4 18
19
14,200 U 9 Rubber
No par
50 50 12 4912 50
4412 4714 7,200
100
4812 5012 4814 483* 4814 48
1st preferred
8
1305 1333 12938 134
8
12712 12914 1283 13212 12412 130
40,700 U 9 Smelting Ref & Min___50
13112 133
4
65
*6478 65
*64
6412 6418 65
65
Preferred
50
300
*6412 65 I *6412 65
4112 434 4012 413
403 4114 3918 407 62,400 U 9 Steel Corp
8
100
423 4314 4218 43
4
8
85
89
88 883
4 86
88
864 85
86
8412 8512 4,000
100
89
Preferred
106 106 *106 107
4
10612 107 *106 107
No par
*104 106 *1033 106
400 U 9 Tobacco
1
34 318
318 33
8
318 34
34 33*
34 314
3
312 3,800 Utilities Pow & Lt A
118
118
112
112
118
1
1
118
1
1
No par
1,000 Vadsco Sales
13*
i's
2418 23
23
225 227
8
8 2112 23
233 2414 2314 2418 23
8
6,000 Vanadium Corp of Am_No par
5
912 91
, *912 10
914 914
800 Van Raalte Co Ins
94 94 *912 10
914 914
*77
7714 77
77
*77
771 *7614 7712 *7622 7712 *7612 7712
;
100
10
7% 1st pref
3434 3414 3414 3414 3414 3418 3414
343 343
8
4 344 343 *34
4
5
1,400 Vick Chemical Inc
*3
314
314
1,400 Virginia-Carolina Chem No par
314
3
4
3
3
318 314
3
33* 3,
18
1712 1712 18
1812 18
18
1734 173
100
18
4 1714 1714 1,300
8%. preferred
75
75
743
4 73
*73
76
*73
7512 573
743 *72
4
400
100
7412
7% preferred
*7618 764 76
7612 753 7612
76
76 12 7612 7612 7612 76
360 Virginia El & Pow $6 of No par
8
77
*6
*514 8
*514 8
*514 712 *514 712
*514 8
Virginia Iron Coal & coke.100
•
70
75
75
7612 7312 7412 *7412 76
69
70
100
*73
77
860 Vulcan Detinning
*534 6
*5 8 61
5
5552 618 *552 61g *552 612 *552 612
Waldorf System
No par
2814 283* 2812 2914 2814 2918 273 28
4
28
28
No par
273* 2712 3.300 Walgreen Co
*105 10612 *105 10612 *10412 10612 *106 10812 *106 10612 *108 10512
100
6.Si% preferred
No par
54 5 4
,
5
5 18
5
5 14
5
5
47
8 44 *412 43
4 1,500 Walworth Co
*712 9
*73
8 9
*73
4 9
*72
9
Ward Baking class A __No par
*75 10
*712 812
23g
218
218 *2
*215 2 2 *21g
3
214 *21s 214
218
218
Class B
No par
500
*31
33
*31
3314 *31
3212 *31
100
*31
33
33
33
32
100
Preferred
5
64 614
6
6 12
8
6
64
55* 57
534 57
514 57 18,200 Warner Bros Pictures
*2312 264 *2312 2612 *2312 267 *2312 27
*2358 27
*2312 27
No par
$3.85 cony pref
214 *214 213 *214
2121
200 Warner Quinlan
No par
214
214
214 *2
21 2 '23* 212
97 10
No par
1018 103
4
93 1014 10
8
1014
94 10
912 912 6,900 Warren Bros
s
*18
2172 *1812 23
.
*18
21
197 21
Convertible prof_ __No par
*18
21
*174 20
200
25
2514 2412 244 23
4 214 22
5,000 Warren Fdy St Pipe____No par
243
4 2212 2318 2212 223
4
414
*414 412
414 414
4
4
4
.
4
4
1,100 Webster Elsenlohr _ __No par
4
I
114
114
114
114 *114
15
8
118
112
90 Wells Fargo & Co
114
114 *114
118
22
22
2214 2214 223* *2212 23
2214 2212 *21
22
2212 1,900 Wesson 011 dr Snowdrift No par
No par
*58
5812 *5818 5812 *5818 5814 5818 5818 .58
5812 577 5818
8
400
Cony preferred
4814 49
49
8
455 4634 4418 46
9,100 Western Union Telegraph.100
4958 475 493* 4618 47
223 253
4
4 21
2314 2112 2218 213 223
4
2 2214 2212 213 2212 16,900 WestIngh'se Air I3rake_No par
4
87 3 14 3 4 39
4 365 3714 355* 364 30,200 Westinghouse El & Mfg___50
8
8
373* 394 3658 373
3
9
*9012 95
50
*9014 95
9014 9014 *90
95
*9014 95
*9014 95
1st preferrod
20
*103 12
8
*103 12
8
*103 12
8
Weston Elea 1 astruml_No par
*11
12
*103* 12
*1012 12
No par
30% *25
303 *25
8
*26
30% *25
303 *25
8
Class A
303*
303* *25
6712 6712 68 68
68
68
*6712 683 *6712 683
4
40 West Penn Elea Wass A_No par
4 6712 6712
100
79
*78
79
78
78
Preferred
79
79
*78
7512 7512 75
130
753*
100
684 *66
6812 *86
66
*66
6812 66
66 66
66 66
140
6% preferred
100
*10812 110 *1083 10912 109 109
4
10912 110
110 11014 10812 110
270 West Penn Power pref
100
6% preferred
*102 1054 *10214 1054 10214 10214 10312 10312 103 103 *10314 10534
80
23* 3
.1 1,000 West Dairy Prod el A__No par
*34 34
3
3 18
3
314
3
3
27
8 27
No par
*1
118
118
14
1
1
1
1
7
8
1
Class B v t e
3*1 5,500
7
8
19
20
20
600 Westvaco Chlorine Prod No par
*19
2014 20
20
1918 1912 1918 1918 19
*197 21
8
*197 21
8
100 Wheeling Steel Corn
No par
*197 23
8
*197 21
8
197 194 *1812 2018
8
*47
*1538
*2634
*214
*714
44
718
2212
8012
52
*23
42
*3114
56
64
•1512
*45
8
*3814
*177
8
223*
3
552
50
18
2714
213
912
418
74
23
81
523*
24
42
35
58
644
1712
43
4
41
1814
233*
3
57
8
*47
*153
8
*263
4
214
*612
4
714
22
7912
517
8
*213
4
*42
*3114
57
644
17
43*
3814
173
4
2212
*3
55
8
50
18
274
214
9
4
73
8
223
4
7912
5214
23
44
36
57
644
17
45
8
384
174
2312
318
53*
547
*153
8
263
4
2
*7
33
8
718
2232
80
51
213
4
*42
*30
5312
x6412
1712
45*
*40
18
224
*3
51 2
4914
173
4
263
4
214
83
8
33*
74
233
2
80 14
523
4
2212
44
32
56
644
1712
43*
45
18
23
314
552
$ per Share
*714 9
512 55
8
*1518 173
4
*612 73
1418 1418
312 312
*19
21
123 13
4
*81
8112
*31
38
95
95
712 718
2912 304
63
4 64
818 812
412 45
*70
73
3714 3714
232
*218
547
*153
8
263
8
*14
63
1
*312
74
2212
79
503
4
215
2
4118
*3114
*54
*8412
1614
*412
40
18
2112
*3
514
4812
18
265
8
214
63
1
4
714
2314
79
5112
215*
4118
37
59
644
17
43*
40
18
2134
314
5%
S Per share
73
8 75
53
8 538
*1514 1712
*612 7
1378 1414
35
8 35
8
*19
21
128 127
8
808 804
*31
38
2
953* 957
67
8 7
283 30
4
65
8 67
8
*8
812
4 43
4
43
*70
73
*37
38
•218 238
•47
*153
8
*26
*17
8
*612
4
714
23
80
514
*215
8
4
412
*3114
5414
*623
4
*1618
412
*40
18
2112
3
514
487
18
4
263
2
852
414
712
2414
8112
513
8
213
4
413
4
34
5412
643
4
1812
412
42
1814
2214
3
514
*47
*153
8
26
2
*612
33
4
7
22
7934
4912
21
4114
*3114
5212
*63
1612
414
40
1712
1914
8
.27
518
Preferred
100
4712
White Motor
60
18
300 WhiteRkItfinSpr ctfnewNo par
26
1,000 White Sewing Nfachlne _No par
2
Cony preferred
100
No par
852
418 2,400 Wilcox 011 dr Gas
3
75
No par
3,000 Wilson & Co Inc
Class A
2418 27,100
No par
Preferred
100
793
4 2,600
10
514 12,400 Woolworth (F W) Co
800 Worthington P & W
100
213
4
Preferred A
50
100
414
37
Preferred B
100
5312
340 Wright Aeronautical ___No par
64
800 Wrigley (Wm) Jr (Del)No par
700 Yale & Towne Mfg Co_ __25
1612
500 Yellow Truck & Coach c113_10
414
40
Preferred
40
100
18
1,500 Young Spring & Wire No par
22
8,000 Youngstown Sheet & T _No par
400 Zenith Radio Corp____No par
34
1
5 4 2,600 Zonite Products Corp
,
PER SHARE
Hangs Since Jan. 1.
Chs basis of 100-share lots.
Lowest.
Lowest.
Highest.
$ per share
$ per share $ per share $ per share
6 Jan 6 1218 Feb 18
23 Mar 1212 May
8
5 May 8
918 Feb 19
1
Feb 104 July
1312 Jan 2 1938 Feb 6
10 Mar 2114 July
812June 19 11 Feb6 Dec 1512 June
53 Jan 2014 Sent
1318 Jan 4 2014 Feb 16
27
8May 14
512 Jan 29
12 Mar
912 June
19 Mar 31 2412 Jan 30
12
Jan 30 June
84 Jan 4 1438 Apr 23
318 Jan 114 Sept
6412 Jan 4 8518 Apr 30
2312 Apr 6514 Nov
31 Mar 26 40 Apr 27
914 Apr 26 Dec
80 Jan 11 9612 Apr 27
45 Feb 80 Dec
37 Jan 4
812 Apr 24
112 Mar
814 June
4May 14 41 Feb 5
263
133 Feb 3512 July
4
93 July
57
8May 14
812 Feb 5
25 Mar
8
612May 10 1312 Feb 17
27 Mar 1712 July
4 May 14
64 Feb 3
23 Feb
83 July
4
6014 Jan 9 78 Apr 20
41
Apr z75 May
33 Jan 6 40 Feb 3
204 Feb 38% July
1% Jan 3
312 Feb 23
514 July
4 Apr
47 Jan 4
9% Feb 19
2 Mar 123 June
4
24June 22
4 Jan 15
614 June
3 Jan
4
36 Jan 5 Mt2 Jan 20
914 Feb 3912 July
43 Jan 8 604 Feb 23
512 Jan 60 July
8May 14 607 Jan 19
357
8
193 Feb 517 July
4
8
15 May 14 2012 Feb 5
812 Mar 233 July
8
155 Jan 9 21143une 18
1012 Feb 223 June
4
1758 Feb 13 373 Feb i
1612 Mar 4C7 July
8
23 Jan 8 294 Apr 26
1312 Feb 27,8 July
107 Jan 9 11512 Apr 27
92 May 111
Deo
33 Jan 4 4612June 16
1014 Feb 38 Dee
412 Jan 4
87 Feb 7
8
4 Dec 1412 June
243 Jan 3 377 Feb 7
8
2218 Nov 40% June
914 Jan 8 1814 Apr 28
618 Dec 12 Sept
33 Jan 2 107 Apr 26
1 Feb
4
68 June
6 Apr 25
318 Jan 10
1 Mar
8% July
59 Jan 5 77 Apr 21
2314 Jan 68 Aug
144 Jan 4 2018 Feb 6
137 Dec 25 July
86 Jan 8 9914May 19
8212 Dee 100
Jan
33* Feb 19
13 Feb 13
4
12 Jan
512 July
7 Jan 8 133 Feb 20
4
34 Mar 217 July
8
49 Jan 12 68 Feb 21
35 Dee 85 July
6 Apr 20
34 Jan 11
3 Feb
4
714 July
5418 Mar 21 66 Apr 16
43 Mar 66 July
4014 Feb 26 503 Apr 24
8
2112 Apr 5112 July
16% Jan 8 464 Apr 11
10
Apr 35 June
33 July
3 Feb 18
114 Jan 2
14 Apr
18 Jan 4 33 Feb 7
618 Mar 2218 July
1612 Jan 11
195 Feb 23
8
123 Apr 19 May
4
4 Jan 31
112 Jan 5
I
Oct
6 June
18781sIay 31 2712 Feb 5
7 Feb 293* July
814 Jan 2 .1514 Feb 5
34 Feb
173 July
4
6314 Jan 5 78 Feb 26
3812 Mar 84 July
3414Juno 1 504 Jan 24
18
Feb 5312 July
115 Jan 10 134 June 22 10114 Jan 121 Sept
13 Apr
4% Jan 9 1018 Apr 24
114 June
37 May 14 84% Feb 9
1312 Feb 94 July
'Patine 4 117 Jan 24
8
23 Mar 1714 July
45.1ny 12 1934 Feb 1
113
414 Feb 2734 July
5512 Jan 5 80 Jan 30
30 Feb 7814 Sent
5342Iay 14
1234 Feb 2
212 Feb
1412 July
4
148 Jan 5 24 Apr 21
27 Feb 26 July
244 Jan 8 6114 Apr 20
512 Feb 437 July
965 Jan 13 13512 Feb 18
8
1312 Jan 1053 Sept
8
544 Jan 13 65 June 18
3912 Jan 68 Sept
374June 2 597 Feb 19
233* Mar 6712 July
7918June 2 9912 Jan 5
53 Mar 10512 July
99 Jan 6 110 Feb 6
59
Jan 10912 Dee
23* Jan 5
5 8 Feb 6
3
1% Apr
84 June
17 Jan 25
1 Jan 2
318 July
% Jan
May 12 3134 Feb 19
18
75* Mar 364 July
412 Jan 2 113 Apr 18
10 July
15* May
x5414 Mar 1 98 Feb 5
2012 May (15 Sept
243 Jan 4 3434 Apr 23
8
2318 Dec 31 Sept
53 Jan 23
258MaY 14
% Feb
73 July
8
1412 Jan 3 28 Feb 5
33 Mar 2812 July
595 Jan 8 75 June 18
355* Mar 6312 July
65 Jan 2 78 Jan 31)
80 Dee 85% Jan
47 Jan 11
8
9 Feb 23
218 Feb
15 May
52 Jan 4 79 Mar 9
123 Feb 677 June
8
53*May 23
87 Feb 20
8
618 Deo 12 July
2214 Feb 26 2914June 18-_
8412 Jan 4 107 June 15
75 - - Ail- . r 9012 Sept
3
2 4 Jan 4
68 Feb 1
8
83 June
7 Apr
8
618 Jan 5 12 Feb 5
218 Mar 20 July
May 29
2
35 Feb 5
8
53* July
8
5 Apr
2718May 10 36 Jan 24
1112 Apr 447 July
8
47 Jan 6
8
814 Feb 5
1
Feb
Ws Sept
1812 Jan 19 317s Apr 24
414 Feb 2412 Oct
11* Jan 4
3% Feb 16
5 Mar
8
44 June
678May 14 133 Jan 24
8
212 Feb 223* June
16 Jan 8 287 Apr 23
8
74 Feb 353* June
16 May 14 31 Jan 20
6 Feb 30 Deo
33
4May 7
7 Jan 25
1
Jan
8 July
1 Jan 17
214 Jan 23
312 June
4 Apr
3
15 s Jan 4 273* Feb 21
7 Mar 3712 July
5212 Jan 5 (10 Feb 23
40 Mar 63 July
4May 14 664 Feb 6
403
1714 Feb 7714 July
21 June 18 36 Feb 6
115 Jan
3538 July
3014May 14 4714 Feb 5
193* Feb 58% July
8312 Jan 17 92 Jan 30
8012 Feb 96 JulY
67 Jan 3 14 Feb 5
8
312 Feb
1314 July
18% Jan 5 25 May 22
10 Mar 2214 July
4412 Jan 8 70 Juno 13
30
Apr 73 June
512 Jan 8 79 June 13
37
Apr 773 June
45 Jan 3 67 Apr 16
334 Apr 6912 July
8912 Jan 2 1105RJune 12
8812 Dee 1103 Jan
8
784 Jan 10 10312June 20
80 Dee 101
Jan
2June 21
64 Jan :10
27
212 Apr
113 June
4
8June 21
7
2i2 Jan 30
414 June
7 Mar
8
147 Jan 12 2714 Feb 8
s
5 Mar 2012 July
1812May 24 29 Feb 21
712 Jan 35 July
38 Jan 4 57 Feb 26
15 Feb 67 July
1612May 15 2812 Feb 19
14
Jan 2812 July
24 Jan 4 3112 Apr 19
Oct
23 Oct 29
37 Feb 6
45 July
112 Jan 8
12 Jan
518 Jan 12 1114 Apr 20
14 Jan
1012 July
3 12MaY 7
53 Apr 5
4
2 Mar
512 A11113
43 Jan 8
9 Apr II
11 June
7 Jan
8
1214 Jan 9 263 Apr 13
8
4
Jan 22 June
53 Jan 8 8412 Apr II
18 Mar 7212 July
4114 Jan 3 544 Apr 21
2518 Apr 50% July
17 May 14 317 Feb 5
8 Mar 397 July
34 Jan 10 53 Jan 24
14 Mar 51 June
30 Jan 10 42 Jan 24
14
Feb 47 June
167 Jan 8 75 Jan 27
8
8 Apr 24 May
5412 Jan 11 65 Apr 26
3412 Feb 57, Deo
4
14 Jan 5 22 Apr 24
7
Jan 23 June
4 May 14
7 4 Feb 19
,
218 Mar
7ss July
28 Jan 2 4712 Apr 26
18 Mar 42 July
15 Jan 8 2234 Feb 19
312 Mar 1918 July
1718:s.f ay 14 3334 Feb 19
8
712 Feb 375 July
43 Feb 5
4
5 Dec
212May 24
12 Feb
812 July
4
Feb
5 May 7
7 3 Feb 19
33*
• Bid and asked prices, no sales on this day. / Companies reported in receivership. a Optional sale. c Cash sale.
Highest.
PER SHARE
Rancid for Prostous
Year 1933.
5 Sold 7 days. z Ex-dividend.
y Ex-rights.
New York Stock Exchange--Bond Record, Friday, Weekly and Yearly
4267
income and defaulted bonds.
.
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interesie-ascern for
week. and when selling outside of the
NOTICE.
-Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the
computing the range for the year.
regular weekly range are shown In a footnote In the week in which they occur. No account is taken of such sales In
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 22.
ij
1t
.',a,
Price
Friday
June 22.
4 •
0
.
so0
Range
Shwa
Jan. 1.
BONDS
N. 'V. STOCK EXCHANGE
Week Ended June 22.
5g
ih
,-.4,
Week's
Range or
Last Sale.
Price
Friday
June 22.
- •Range
lw
Singe
..,
Jan. 1.
4103
5
Nigh
Migh No. Low
Ask Low
Bid
Low
High Foreign Govt. & Munie.(Eon.)
88 101
2
100
99
,
1004h 104 a Czechosloyakla(Rep of)8a-1951 A 0 99 100
90
5
9914
9912
A 0 90 101
1952
Shaking fund 8s ser B
10017n 103651
86
3
96
8611 98%
9514 Sale 94 4
1942 J r
-year esti 6s
110415n Denmark 20
1011
/
4
32
83% 95%
91
1955? A 8912 Sale 8912
External gold 530
10216n1021651
71
71
8
874
808
External g 430__Apr 15 1962 A 0 793 Sale 79%
101115104
/
4
0n
.Deutsche Bk Am part ctt 6s.1932
.
10100 10210
573 7714
4
6
5938
4
4
573 Sale 573
Stamped extd to Sept. 1 1935._ -.-104118511316n
43 4 67
3
/
1
4
6778 10
Dominican Rep Oust Ad 530'42 M 9 67 Sale 67
57
38
5
5612
4
1940 A 0 543 5618 5514
let ser 534a of 1926
103151210355n 378 97288,10326n
37% 57
2
56
4
5131 573 56
2d series sink fund 534s1940 A 0
,10881n
/
4
.
:210885 289 10121
10315
5818
46
10
49
48 Sale 43
1062132107624 300 10041 1076n Dresden (City) external 7a 1915 MN
_ 161 16212 June'34 ____ 150 165
/
4
1041121008n 210 9811111042112 Dutch East Indies esti 6,_.._1947 1 J
/
4
13 151% 165
164
1962 M 9 160 16412 163
5n101".,40-year external 6s
5n
10155, 101112 494 93' 10".,93'
/
4
%
151 164
30
-year esti use_ _Noy 1953 IN N 160 - --- 16312 June'34 ---- 151% 165
1011 1011212 832 101.6., 1011211
/
43
____ 16312 June'34 ____
-year ext 530-- -.Mar 19531W 8 160
. 30
10458
005631 116 98%2 1051
481 60
.
June'34 ---a
38 8 55
1
)
104",,105',,124 988821 1057,5 El Salvador (Republic 85 A_1948. 1 5013 ---- 58s.
54
54
5012 55
J J
Certificates of deposit
102en 10216n 805 951115102114,
577 76
2
2 11
723
70 Sale 70
10124321054n 2970 97278, 105631 Estonia (Republic of) 1___.1967' 1
9812
79
9814 13
6s--1945 M S 98 Sale 98
10223421031041 587 10118, 103un Finland (Republic) ext
86% 10012
9913 100
36
External sinking fund 715-1950 61 S 100 Sale
/
4
/
4
1
101 i151021 533 10111210216n
/
4
,
781 99
9738 30
8
External sink fund 634a-1956 M 2 975 Sale 9612
51011n
/
4
100113101432 411 10011
/
4
8
933
76
9214 14
92 Sale 92
External sink fund 5;0_1958 F A
/
4
10025340114n 3508 10011110156n
77
96
25
96
0943 Sale z9514
4
1001138101332 1959 1001113 101n Finnish Mull Loan 630 A-1954 A 0
75 3 96%
1
2 10
963
9514
96
B__1954 A 0 95
External 8 Ne serial
29 4 48
,
313
4 44
Frankfort(City of) s f 630_1953 MN 30 Sale 30
21 15414 185
185
French Republic ext1 730-1941 1 11 185 Sale 183
5 160 18512
18312
4
18312 Sale 1818
1949 1 D
External 7s of 1924
188 2718
4
26
_ 2614 May'34 German Government Interne26
20
5
24
24 Sale 24
35% 5
312
. 3
8 590
tional 35-yr 5He of 1930-1965 1 U 3612 Sale 351
1588 2914
3
2914
2714
_ 28
4952 8712
241
55
8
1949 A 0 4958 Sale 495
German Republic esti 7s
26
16
2312 263s 24June'34 ____
8
818 German Prov & Communal Bk,
6612
10
7714 795 771
4
/
4
78
3614 7112
56
38
36%
(Cons Agri° Loan)630 A_1958 1 D 38 Sale 84
818 17
/
1
4
3
114
/
1
1118 Sale 11
578 88%
$
11
85
Gras (Municipality) 8s
1954 MN 85 Sale
17
9
4
11 Bale 11
11
62
6512
' --_
.
7
_
Only unmatured coupons on..., ---- ------ 65 May 34 86 1118 12412
Pe 17
5
11
4
108 Bale 108
4
8
117
8
11014 117 1163
8% 1714 (ABM & Ire(U K of) 5345_. 1937 •• d 011414 Sale 0114 a1147 121 109 11712
6
11
107
8
1112 108$
8
IF
14% fund loan £ opt 1960_1990 -.4
818 141
10
1012 9 June'34 _-__
/
1
4
2
184 33
2
31%
June'34 -_9
2 2 2_
97
8
1458 Greek Governments f ser 75_1964 M
3
5
97 Sale
8
91/4
25
3le 24178
-1
A
8Isee lis Aug'33 coupon 1968 F N3 Sale 3
8
145
8
11
97
8
94 Sale
/
1
74i2 81
7978 25
7818
Haiti (Republic) at 6a ser A-1952 A 0 7918 85
8212 9918
8
9512
9514 Sale 9512
1946 A 0
5312 84 .Hamburg (State) 6s
56
84
311 58
8215
83
84
19
33
. y 3234 Sale 32
/
1
5312 844 Heidelberg(German)esti 730'50 4
8414 274
44
8
83 Sale 825
23
6
22
23
23
29
Helsingfore(City) ext 630_1960 A 0
84
53
81
84
82
8312 84
7284 95
38
95
95 Sale 94
837 Hungarian Muni(' Loan 7348 1945J 1 3618 40
8
53
8378 73
83
8
837 8218
/
4
28% 441
40 June'34 -___
Only unmat coup attached_a J 4
8
535 84
77
84
4
827 Sale 825
8
2714 2714
2714 M y'34 ___
__- 32
External a f 75 (coup)_.,....
535 84
8
80
84
30% 45
835 Sale 8212
4014 June'34 ____
194i j .
*
Only unmat'd coups attached. i -3618 41
53% 8418
8418 72
8212 Sale 8212
30 . 30
30 June'33 -___
40
7
8 62
5215 83 8 Hungarian Land M Inet 730'61 M ts
837
/
1
82% Sale 824
3312 5012
2
46
46
Sinking fund 730 Der B_._1961 I'd N
451 li 47 8
:
31
801
/
4
2
,
47 8
,
41
5215 85
85
/
4
83 Sale 811
Hungary (King of) a f 730.1944 F A
4712 78
45
78
31% 4214
78 Bale 77
June'34 __
4
s
1960 M N 354 383 3612 June'34 __-_-_ 11012 116
Irish Free Stateesti a f 5a
80% 99
14
93
92 Sale 92
n 110 11514 112
8
8812 975 Italy (Kingdom of) esti 78_1951 / - 9312 Sale 91
941 125
/
4
91 102
9312 170
893 Sale 8984
4
97
89
9715 Italian Cred Consortium 78 A '37 M 8 92
9314
9412 48
93 100
/
1
4
1
9314
91 Bale 91
External sec 8 f 78 ser 13_1947 M 13
95
83
908
4 54
90 100
8712 Sale 8712
53
90
91
91
10012 Italian Public Utility esti 7-8_1952 J J -.,...: Sale 76
911
/
4
12
98
9618 98 96
76
931
/
4
29
80
8UJapanese Govt 30-yr a f 630_1954 F A
77
50
71
68
68 Sale 6612
9612
86
917 144
8
917 Sale 90%
4
Esti sinking tund 530_
1985 MN
36
5912
388
4 24
384 Sale 36
73% 86
102
77
76 Sale 7515
Jugoslavia (State Mtge Bank)95 105
32
100
100 Sale 100
1987 A 0
Secured 11 f g 711
94 10412
/
1
4 1004 26
100 Sale 998
29
4212
1
29
29 Sale 29
7s with all unmet coup -1957 ---99 109
27
18
10512 Sale 10312 10512 67
3
18
1514 ___ 18
With Oct 1 '35 & sub coups on ---4
10414 61
95 2 1068
7
14
14
104 Sale 103
4
14
14 - / 1312
144
1
8212 Leipzig (Germany) a t 7a___ _1947 F A
7934
. 82 June'34 ---3715 6514
547 56 June'34 ___ _
8
D 51
8612 8212 Lower Austria (Prov) 734s,.19501
78% --1
8 - 81 June'34 _-__
60
89%
76
8912 8912 June'34 ____
Only unmatured coups attested -- 3212 52
36% 28
63
50
36 Sale 36
_ 50 Feb'34 ____
-year 621_1034 Idel 170 . ::: 17018 June'34 ____ 149 17015
3012 491 Lyons (City of) 15
38614 89
3612 Sale 36%
l
.
Marseilles (City of) 15-yr 613.1934 IN N 17018 Sale 170
171 24
8
10
21
2114 19
19
6 149 17015
170%
1311 113 Medellin (Colombia) 610-1954 J D
67
10
, 16 s
7
9
8
1
98
4 9
1012 11
10 Sale 10
73
5 4 1012 Mexican Irrig Asstng 4348_1943 MN
8
21
6%
7 Sale
3
es 7 5
1
5 Apr'34 ____
514 1012 Mexico (US) ext1 56 of 1899 g '45 Q i ---: --::- 4 Sept'33 -23
7
68 Sale
4
6%
---_za
Assenting 56 of 1899
June'34 -__ 149 17014
1945 ---- --i
618
7
/
1
4
7% i.7
818 7
170
____ 17018
Assenting Sa large
22 4 3612
8
2918 19
7% 1114
7
75
5
72
4
---- _ ___ ____
285 Sale 28%
i
Assenting 5s small
2014 32
25
/ 35
1
4
---25 Sale 25
718 Apr'34 -_
_ _
7
% 3
Assenting 411 of 1904
2014 32
25% 37
2515 Sale 25
4% 7%
5 June'34 ____
-.
5
1954Assenting 45 of 1910
-.-- ---2012 82
2515 19
25 Sale 24%
5
515 414 Mar'33 --__ --,- -AasenUng 413 of 1910 large
49
63%
---5012 26
48% 5014 4918
5
84
2
4
53
6
6 Sale
Assenting 4a of 1910 small
21
7314 88
84
---8314 Sale 8314
5%
5% 35
534 Sale
43
11 8,
01
•
Tress 68 of'13 assent(large)'33 / 1
73
8412 16
*
877
2
/
1
4
•
83 Sale 83
/
1
4
---Small
6
9412
83
*
9515
*
93 Sale 93
31% 4612 Milan (City, Italy) esti 630 1952 A 0 838 Sale 83
425
11
425 Sale 42%
821 917
1
83% 52
4
48% 793 Minas Gems (State) Brash4
48
791
77 Sale 77
External a f 630
47
70
3
70
1958 M 8 1818 193 1712 June'34
71
____ 70
24
17
S
4514 7012
Ext see 1330 series A
1959 IN - 1812 191 1712
7012 15
,
702 Sale 69 8
17
234
-6
181
12
50
3014 50
Montevideo (City of) 7s
1952 1 ..., 361 40
48
_ _ _ 49
2714 3814
/
4
361 June'34 _
/
4
4312 118
External if 68 series A_1959 MN
/
4
42 Sale 411
/ 3234
1
4
i 38
2614 4418
28
328
3234 Sale 308$
June'34 --__
314s 4912 New So Wales (State) esti 581957 F A 89 Sale 89
4912
49
55
90
88
11
913
External s f 5a
77
/
1
4
44
27
44
Apr 1959 A 0 89 Sale 89
8
43 Sale 42
85 4 25 s
1
9114 75
1943 F A 9912 Sale z99
22
Norway 20
6
-year ext 68
18 2 24
7
22
22'2 22
914 1011g
18
991
A
2112 26's
8
20
2112
-year external 8811444 F
21
231 2112
9014 10114
99's 13
9912 Sale 971g
135
29
8
1952 A 0 9914 Sale 9712
Meg 188
4
1312 Sale 127
993
4 47
30-year external lis
8912 100
,.,
4
40
-year e f 530
92 10215
1965 J .' 2318 95
9415 40
101 Sale 10012 1018 153
83% 9512
9314
11114 39 10314 II114
External a f 5a___Mar 15 1983 M 8 89% Sale 86
110 Sale 110
801* 92
62
90
Municipal Bank esti a t 58_1967 1 D 9015
__ 9018 May'34 ____
10414 Bale z10414 10414 12 100% 10412
8312 91
gra 804
Municipal Prank est! a t 56_1970 1 D 9014 Sale 90l4
91
76
81
8014 8012 June'34 _-__
5
9014
1312
4
4
1015 19
Nuremburg (City) extl 68-1952 F A
1214 130 128
287 551s
s
17
311
/
1
.. 304 Sale 3012
111
53
4612 73
Oriental Devel guar 68
49% Sale 4914
77%
85
16
741
/
4
1953 ,. V. 741 Sale 72
Pa
_
4014 44
3512 89
Esti deb 534s
i958 ,.. e. 691s 69'2 69
4014 Sale 3614
62 4 74
,
691i 11
393
73
Oslo (City) 30
3514 69
-year a t 611_1955 M N 90, 927 go
39 Sale 3612
8
7618 93
8
1
90
43
41
4
Panama (Rey) esti 534a.-._1953 1 L 102 10212 10112 1031
41 Sale 395
3
3814 70
98 10312
22
25
14
9
16
4
Extl s f Ss ser A _ _ _May 1519631W
123 Sale 128
4
2918 44
2
391
" 27
397 3918
8
13 4 28
3
718 16
Stamped
1284 Sale 1212
29% 44
9
3712
391
---- 3712 40
1312 16
7
1534 Pernambuco (State of) esti 74'471W 8 1414 Sale 1358
12% Bale 1212
107 18%
8
62
141
7
1315 87
153 Peru (Rep of) external 7a__1959 M S 1212 131 1212
127 Sale 12%
8
Vs 17
6
13
6
4
14
Nat Loan esti a t(Is lst ser 1960 J 0
7 4 153
,
4
914 56
13 Sale 120
5
/ 1418
1
4
814
88 Sale
4
0
714 1558
9
14
Nat loan esti a f 6.5 2d ser_1961 A 1212 Sale 121,
81/4 14's
33
83
8
9
9 Sale
7
/ 16
1
4
13114 30
Poland (REV of) gold 6s__ __1940 A 113 Sale 12%
79
, 7014 Sale 683
59
9
8
7111
1312 23
9% 1512
8
Stabilisation loan,f 78-1947 A 0 1118 Sale 110
1312 1334 13 s
88 118%
111)2 186
8
,
10
3
14 4
3
External sink fund g 8s.„1950 1 J
184
/
1
14
15
13
69% 9
7
84
0
83
84
85
D
812 154 Porto Alegre (City of) 8s-1961 .1
13% 36
13 Bale 13
175 247
s
2
1914 Sale 1812
19'i
8
1518
13% 33
Esti guar sink fund 730_1966 1 J
8
12 Bale 127
/
1
4
165 2412
8
9
1713 191 18
18'z
7
12
prune (Greater aty)730_1952 MN 92
8
912
9% Bale
915
83 100
941 95% June'34 ____
27% 42 8 Prussia (Free Btate1 esti (130 '51 bt S 38 Bale 368
7
38 June'34 ---35
584
391 .49
External a f 615
8115 93
8934 --- 93 June'34 ---927
1952 A 0 361 Sale 3514
347 5735
195
/
4
37
Queensland (State) extl e f 75 1941 A0 a10312 Sale z104
2718 50
74
31
3014 3313 29
15 102 10612
1043
_ ,
25
-year external 68
1947 r A 1005 102
9412 103
9
1001
995
8
2112 3582 Rhine-Maln-Danube 7s A__.1950 135 3 4812 505 49'
79
28
27 Bale 26
4918 69%
.535
4 31
8
s 33
35 4 Rio Grande do Elul exti a f 88_1946 A 0 20
3
26
21
287
2714 Sale 2614
19
18
2213 2112
22
15
24
4
23
2215
22% 25
Apr'32-Oct'33-Oct'34 cpn on
188$ 20
1918 23
19 June'34____
June'34 __
1512 2412
External sinking fund 64_1968 1 2212
1514 24
2215 25
u
1812 Sale 1778
18's 36
15
26
22% 24
External e f 7a of 1920-.1966 M N
2212 June'34 ____
1718 24
1815 14
1815 Sale 1812
6312 84
External e f 7e munio loan_1967 1 D
771 797 80 June'34 ____
1714 244
/
1
6
1814
1814 188 1712
31
1718 22 8
5912 7812 Rio de Janeiro 25
19
75
7412
731 75
-years t 88_1946 A 0 207 Sale 2014
7
21
8
1953 F A
323
4 10
External a f 630
1414 3514
328 Sale 32
4
22
16
20'l 33
2012 Sale 20
2978 37
June'34 ____
Rome (City) eat'830
37
321 40
/
4
92
83
1952 A 0 8514 Sale 84
8514 38
2518 535 Rotterdam (City) e111 65_1964 7 N 11714 Sale 116
5
53
/ 16
1
4
5314 5212
47
,
12 112 134
4
117'4
Roumania (Monopolies) 7e_ _1959 F A
40
23
176
28
2712 Sale 2314
30
38
17
38
Saarbruecken (City) (ts
38 Sale 37
661 81
,
1953 1 1 7884
24
__ 7815
79
241g Sale 24
184 2512 Sao Paulo(City) a f Es_ _Mar 1952 MN 2218 24
4
2
2415
221
/
4
2214
22
30
8
747a 95
4
94
94
External s t 830 of 1927 1957 MN 2218 23
1712 24
9714 93
2211 21
22
93
_ _ 95 June'34 ____
9512 Ban Paulo (State) extl a t 85_1938 1 1 35 Sale 3218
35
18
18
35
12
70
62 2 78
7
68
External see a f 8a
68
9412-76
1950 .1 J 24 alle 2215
8
135 25
26
24
73
7312 14
731 81
/
4
6178 8418
External 517, Water L'n_1956 134 S 21 Sale 193
13% 24
7
4
21
2314 71
23
External a t 6a
414
/
1
2318 Sale 2412
19683 1 20 Sale 1938
1215 22
32
20
1418 35
1052' 19%
133 Sale 13
Secured a f 78
88
1940 A 0 86 Sale 8512
65
73
83
Ask
Bid
U. S. G00000ment.
First Liberty Loan-334 of '3247.7 D 10434s Sale
J D
_
Cony 4% of 193247
J D 1032n Sale
Cony 43S% of 1932-47
J D 102115 __ _
/
4
34:1 cony 43S% of 1932-47
Fourth Lib Lean 44% Of 13-48 A 0 1.031344 Safe
10121 Sale
/
42
434% (2d called)
Treasury 434s
1947-1952 A 0 11230n Sale
Treasury 43.0 to Oct 151934.
thereafter 334%
1943-45 A 0 1031632 Sale
1944-1954 J 0 108"n Sale
Treasury 45
1946-1958 M 81092012 Sale
Treasury 8)(a
Treasury 330
1943-1947 1 D 1131113 Sale
/
4
Treasury 35-Sept 15 1951-1955 M El 101635 Sale
/
4
,
TreasurY 38---Den 15 1946-1948 J 0 1011 Sale
Treasury 330 June 15 1940-1943 J D 1012631 Sale
Treasury 830 Mar 15 19414943 M El 1042612 Sale
Treasury 330 June 15 1946-1049 .1 D 1021332 Sale
Aug 1 1941 F A 104212 Sale
Treasury 3301
/
4
Treasury 330_ _ ____1944-1946 ,- 1033 Sale
.1
Fed Farm Mtge Corp3;is..1964 ivfs lot Lon Sale
19444949 M 510018 Sale
38
,,
Home Owners Mtge Corp 42_1951 J .9 100n. Sale
3s series A
1952 MN 10002) Sale
State & City-See note below.
Foreign Govt. & Municipals.
Agri° Mtge Bank a t 611
1947 F A
Aug 1 1934 subseq coupon__
Sinking fund 6s A _ _ Apr 15 1948 --A0
With Oct 15 1934 coupon_
_
Akershue (Dept) ext 55
196a M N
_Antloquia (Dept) coil 7s A 1945 J 1
External at 7e ser B
1945.7 .1
External a f 7s ser ',
.)
1943.7 J
External a f 7a ser D
1945.7 J
External a f Te 1st ser. __ _1957 A 0
External sec e f 7s 2d ser_1957 A 0
External see a f 7s 3c1 ear_ _1957 A 0
Antwerp(City) external 58_ _1958 .1 D
Argentine Govt Pub Wks 68_1960 A 0
Argentine 68 of June 1925-1959 J D
Esti a I 6s of Oct. 1925
1959 A 0
External,f 6s series A
1957 M S
External 6s serial B_Deo 1958 J D
Esti a t (3a of May 1926_1980 MN
Externals f 68 (State Ry)_1960 M 5
Esti (is Sanitary Works_ _1961 F A
Esti 6s pub wks May 1927 1961 MN
Public Works esti 530-1962 F A
Argentine Treasury 15a L_ _1945 M S
Australia 30-yr 5s___July-- 19551 1
15
External 55 of 1927_18ept 1957 M S
External g 430 of 1928
1956 M N
Austrian (Govt) a f 7e
1943 1 D
Internal slaking fund 75_1957 J J
Bavaria (Free State)630
1945 F A
Belgium 25
-Tr esti 630
1949 M S
External a f 135
1955.7 J
External 30
-year of 711_1955 J D
Stabilization loan 75„
1956 1N N
Bergen (Norway)55--Oct 1949 A 0
-15
External sinking fund 58_1960 M 5
Berlin (Germany)a 1 6;0_1950 A 0
Externals f 6a__June 15 1958.7 D
Bogota(City)esti a f 88
1945 A 0
Bolivia (Republic of) esti 84_1947 MN
External secured 78 (fia0_1958 J J
External a t 7e (ffar)
19691W S
Bordeaux (City of) 15-yr 64_1934 MN
Brasil(US of) external 85
1941 1 D
External at630 of 1926._1957 A 0
External s t 630 of 1927.._1957 A 0
7/1 (Central Ry)
1952.7 D
Bremen (State of) ext17e
1935 M S
Brisbane (City) a f 58
1957 NI 5
Sinking fund gold 158
1958 F A
-year a t 63
20
1950 J 13
Budapest (City)(WI a t 65.._19132 J D
Buenos Aires(City)630 2B 1955 3 J
Externals 168 ser c-2__1980 A 0
External s t 6e eer C-3_ _1960 A 0
Buenos Aires (Prov) 0111 65_1961 M 13
Stpd (Sep 1 '33 0011D on)1981 741 8
External a 1 814s
1961 F A
Stpd (Aug 1'33 coup on)1961 F A
Bulgaria(Kingdom)s f 7a_1967 J J
Stabll'n Of 730.-Nov 15 1968 MN
Caldas Dept of(Colombia)730'46J J
Canada (Dom'n of) 30
-Yr 45-1960 A 0
5e
1952 MN
4345
1936 F A
Carlsbad (City)a t 8a
1954 3 J
Cauca Val (Dept) Colom 7348'46 A 0
Cent Maio Bank (Ger) _ _1950 M B
Farm Loan at 6s-July 15 1960 1 J
7sFarm Lean 8 f 6s..-Oct 15 1960 A 0
Farm Loan t3s ser A Apr 15 1938 A 0
Chile (Rep)-Ext1 51 7s
1042 MN
External sinking fund 6a-1960 A 0
Extsinking fund (18..-Feb 1961- F A
Ry ref ext s f 615
Jan 1961 1 J
Ext 8183183 fund 6e-Sept 1961 M 3
External sinking fund 136_1962 M B
External sinking fund 65_1963 M N
Chile Mtge Bk 6345 June 30 1957 J D
13 f Ms of 1926-June 30 1961 J D
Guar a t tle
Apr 30 1961 A 0
Guar a f tle
1962 IN N
Chilean Cons Munio 70
1960 MS
Chinese(Hukuang Ry)
_1951 J D
Chrletlanla (Oslo) 20-yr a ft3s '54 M 13
&a_Cologne(City)Germany 6301950 70 5
Colombia(Rep)68 of'28.-Oct'81
Oct 1 1934 and sub coupon,on. A 0
Eater 68(July 1 '34 coup on)'61. 1 3
Colombia Mtge Bank 634e of 1947 A 0
Sinking fund 7,of 1926_1946 MN
Sinking fund 78 of 1927_1947 F A
1982.7 D
Copenhagen (City) lis
-year g 430
25
1953 M N
Cordoba (City) esti 81 78
1957 F A
External of 78._ _ _Nov 161937 MN
Cordoba(Prov) Argentina 7a1942 1 J
Costa Rica (Republic)7e Nov 1 1932 coupon on_1951 MN
72 May 1 1936 coupon on_1951 ___
Cuba(Republic) 58 of 1904_1944 IN S
External 58 of 1914 ser A,,1949 F A
External loan 430
1949? A
Sinking fund 530 Jan 15 1953 k j
Public wks 530 June 30 1945 .1 D
Cundinamarea 6348
1959 MN
Week's
Range or
Last Bale.
High No,
Low
39
101334 104.22
102212May'34 -,-,
/
4
10224 00342 263
102 /
,11Tune'34 - 4
10313321032.32 357
5
101' 3,101203s 157
11224321131132 308
-iaT.
_
Yo
For footnotes see page 4272
-Sales of State and City securities occur very rarely on the New York Stock Exchange, dealings in such securities being almost entirely over the countir.
NOTE.
Dm and asked quotations, however, by active dealers In these securities, will be found on a subsequent page under the general heed of -Quotations for Unlisted 88ourlaes."
,
4268
BONDS
#.3:
N. Y. STOCK EXCHANGE iI
Week Ended June 22.
.
..c.
New York Bond Record-Continued-Page 2
Price
Friday
June 22.
Week's
Range or
Last Sale.
14
41,1
Range
Since
Jan. 1.
Foreign Govt.&Munk.
Bid
High No Low
Ask Low
(Cenci.;
High
Santa Fe (Pray Arg Rep)78_1942 M S 40 Sale 3938
1812 4312
403
8 50
Saxon Pub Wks(Germany) 7e '45 F A a4814 Sale 47
4914 36
4634 67
Gen ref guar 81
414 18
/
4e
1951 M N 41 Sale 4018
394 807
/
1
8
Saxon State Mtge Inn 7e
1945 .1 D 5912 Sale 694
62
17
56
/ 71
1
4
Sinking fund g 6 Me__Dec 1946 J D 54
60 56
11
67
5512 70
Serbs Croats & Slovenes 88-1962 MN 25
2 214 28
2514
2514
26
All unmatured coupon on_--- 183 21
1
1638
164
/
1
4
18
22
Nov 1 1935 coupon on
lb
17
1312 15
1334 June'34
External MC 7e ser B
1962 MN 2312 24
18
5
2312
24
2514
November coupon
163
/
1
__ ---- 164 174 1638
1234 20
2
8
7e Nov 1 1935 coupon on 1962 -- - a1238 Sale 1238 z124
11
5
on__-17
Silesia (Prov of) extl 7e
52
/ 71
1
4
1958 2 i3 65 Sale 6412
8514 18
4814 20
Silesian Landowners Aeon 881947 F A 47 Sale 4612
46
69
Soboona (City of) exil 86_1936 M N 17012__-- 17014 17014
1 150 171
Styria (Prov) external 78_1948 F A 8712 8912 8718
88
55 88
5
24 1013 1093
Sweden external loan 534s-1954 MN 10338 105 10314 104
4
4
1955 F A 90 Sale 8712
Sydney (City) a t b Hs
80 93
9012 57
3
6818
4
4
Taiwan Elea Pow e f 540_1971 1 J 673 693 68
Tokyo City be loan of 1912_1952 M S 663 68 6638 June'34 ---4
9
70
External a 1 540 guar__1961 A 0 69 Sale 69
1214 10
Tolima (Dept of) Intl 7e
11347 MN 1118 Sale 11
Troll/wow (City) 1st 5348_1957 MN 8114 Sale 7912
8114
8
/
1
4
_1945 J D 8112 85 83 June'34 --Upper Austria (Prov)
Only unmatured coups attch ------------74 May'34 ---7e__6
763
4
Externals!640-June 15 1957.176 763 7512
4
36 3812
363
8
3
Uruguay (Republic) extl 8e-1948 F A 36
/
1
4
1260 MN 32 Sale 3138
34
47
Externals f 68
/
1
4
40
34
Externals! - -May 1 1964 M N 33 Sale 32
/
1
VeneUan Prov88- Bank 7e '62 A 0 ____ 944 97 May'34 ---Mtge
89
/
1
4
15
Vienna (City of) extl 5!6e_ _1952 M N 88 Sale 8834
74
1
Unmatured coupons attache& MN --------74
24
64
Warsaw (City) external 78_1958 F A 62 Sae 8114
74
/ 33
1
4
8
Yokohama (City) mil 138_1961 3 13 737 Sale 7212
Railroad,
Ala Gt Sou let cone A 58_ _ _1943 .3 D
lat cone 4e eer B
1943 J D
Alb & Stun let guar 340_1946 A 0
Alleg & West let go 4e
1994 A 0
Alleg Val gen guar g 4e
1942 M S
!Ann Arbor let g 4s_July 1995 Q .
7
Atcb Top & S Fe
-Gen g 48_1995 A 0
Adjustment gold 4s__July 1995 Nov
Stamped
July 1995 MN
Cony gold 4e of 1909____1955 1 D
Cony 4s of 1905
19552 D
Con,14,issue of 1910-1960 2 D
Cony deb 434e
1948 3 D
Rocky Mtn Dl, 1st 4s__ _19613 2 ./
Trans-Con Short L let 4e_1958 1 1
Cal-Arts let & ref 434s A.1982 M S
All Knox & Nor let g 2/1_1948 J D
Atl & Charl AL 1st 434s A 1944 3 1
let 30
-year be aeries B,,,,_1944 J .1
Atlantic City 1st cone 4e
1951 J J
Ati Coast Line let eons 4s July'52 M 5
General unified 41 A,.19643 D
/
4
s
L &N coll gold 4s---Oct 1952 MN
Ati & Dan let g 4e
1948 3 J
3645
19483 1
All & Yad let guar- 4e
.
1949 A 0
Austin &'11 W 1st go 9:54„1941 ./ J
10418 _ - 104 May'34 --100 Sale 100
1
100
9812 99 99
994
4
88
9012 8812 Apr'34 ____
103
/ 23
1
4
10218 10314 102
54i
5
53
55 541/4
103 Sale 10234 10312 168
984 Sale 9734
98 4
,
7
9812 Sale 9734
9812 186
95 ---- 95
95
5
954 Sale 95
954
8
95 Sale 95
3
95
10514 Sale 104
105
/ 117
1
4
99
9914 99
9914 16
14
4
1033 Sale 10334 104
2 1054
6
1064 saw 1047
4
10414 ---- 993 Jan'34 _-__
- - 10178 1017
8
3
105 166
102- 10514 1054
8
91
96 90 May'34 ---994 61
9914 Sale 9812
88 Sale 8712
887
8 79
794 sale 7812
80 103
49
49 Bale 4734
15
4412
8
4212 45 42
69 Sale 59
60
4
91
894 91
4
90
Balt & Ohio Ist g 48-July 1948 A 0
Refund & gen be aeries A_19983 13
let gold 5e
July 1948 A 0
Ref & gen (is series C
19953 D
P L E & W Va Sys ref 48._1941 MN
Southwest Div let 5s,_19503i
Tol & On Div let ref 4eA.1959.7 .1
Ref & gen So series D_, 2000 M 8
Cony 440
1980 F A
Ref & gen M be4 F
/
1
1998 M 13
er
Bangor & Aroostook let 58_103 J 3
Con ref 4e
1951
J
Battle Crk & Stur let go38_1989
D
Beech Creek let go g 4,...,.1930J J
2d guar g bs
.1
1938
Beech Creek ext let g 31.1e 1951 A 0
Belvidere Del caw; :"..t 3411_1943 J J
Big Sandy let 4e guar
1944 0
Batton & Maine let 58 A 0_1987 M S
'at M 5e series II
1956 MN
Ian g 4418 ser JJ
1981 A 0
Boston &N Y Air Line 1st 4e 1955 F A
Bruns & West let go g 41938J J
Buff Roch & Pine gen ge68_1937 MS
Canso!434s
1957 MN
(Burl C R & Nor let & roll 581934 A 0
Certificates:of deposit
----
102
/ 156
3
4
10114 Sale 101
84
82 Sale 82
103
10812 Sale 10714 1084 38
9438 63
93 Sale 93
984 Sale 9834 100
/
1
83
9934 198
9912 Sale 99
____ 867 87
24
88
8
8314 46
8014 Sale 804
/
1
4
68 207
843 Sale 64
4
80 Sale 80
8312 128
110
2
1074 10914 110
/
1
4
9612 Sale 95
9812 56
62
86 133 May'34 -__
1
10118 Sale 10118 10118
9914
9912 _-_- 9914
1
8812 ---- 83 June'34 - ---_ ____ ---- ___
_ 10212 June'34
iii
88 Sale 8712
8912 98
893
8 58
88 8914 8812
834 65
82 Sale 82
68
67 8814 87
10
_ - 0012 May'34 -__
10512 10812 10538 1053
10018-5
4
75 Sale 743
4
763
4 96
•
•
_. 35 40 Apr'34 ---
Canada Sou cons iru tie A___1962 A 0 10612 Sale 10534 10612 18
1h.
Canadian Nat guar 434..1954 M S 1033 Sale 0334 10412 12
4
80
-year gold guar 440_1957 J 1 10712 Sale 107
47
108
Guaranteed gold 434e__ _1968 J 0 10678 Sale 0618 10678 54
Guaranteed g be
11312 32
July 1989 J 1 1124 Sale 112
Guaranteed 158
Oat 1969 A 0 11234 Sale 11238 11378 32
Guaranteed g541
1970 F A 11234 Sale 1124 11418 32
Guar gold 41 -June 15l955 J D 110 11038 11018 111
22
/
411Guar g 41/s
1083
4 44
1958 F A 10738 108 108
Guar g 4348
Sept 1951 M It 10734 Sale 1074 1084 36
Canadian North deb s 1 7,1940J D 10918 Sale 10918 10914 38
25
-year of deb OM
19463 2 1194 Sale 11914 11978 25
,
10-yr gold 44/s. _Feb lb 1935 1 1 10214 Sale 10214 10214
2
Canadian Pao Ry 47. deb dock- .:-.., 82 Bale 814
83
/ 89
1
4
Coll tr 434s
1946M li 984 Sale 97
100
98
1944J 2 107 108% 1073
5e equip tr ctfs
/
1
4
8 107
/ 10
1
4
Coll tr 160
10038 71
/
4
Dec 1 1954.7 D 1001 Bale 100
Collateral trust 430....„1980 3 , 924 Sale 92
93
/ 94
1
4
:Car Cent let cons g45
1949 1 J 4212 44 44
1
44
/
4
Caro Clinch &0let 30-Yr 68_1938 J D 1064 107 1081 10614 17
let & cone g 68 ser A-Deo 15'523 13 107 Sale 10634 107
29
Cart & Ad let gli g 4e
83 81 June'34 ___
1981 3 0 80
i Cent Branch U P let g 413_1948 1 D 5414 56
52
35
18
(Central of Ga let g f5-Nov 1945 F A 57
5612 June'34 ___
/ 84
1
4
Coneol gold 5e
5
1945 MN
28
Ref & fiet 5346 Balm 13_1959 A 0 28 Sale 28
16
1738 10
1778 17
Ref. & gen be series _ _1959 A 0 15
1912 1712 June'34 __
Chatt Div pur money g 48_1951 1 D 25
C30 33 May'34 --.
Mac A Nor Div let g 5,9_1948
37 35 Jan'33 .-_3
Mid Ga & AU Div pus' in be'47
Jan'34 _-__
__ 25 21
3
Mobile Div let g M
19463 J 27 ____ 3414 May'34 ---8214 23
Cent New Engl let go
_1981
J 8114 Sale 81
1
72
:Cent RR it Bkg of Ga coil 5s '37 MN 72 Sale 72
4e__ig8iJ J
-__ 08
Central of N 3 gen g be
15
108
General 48
4
9712
963 9712 9712
/
4
J 1071987
/
1
96
1949 F A 954 Sale 9514
111
Cent Pac 1st ref gu g
1
92
Through Short L let4e.go0_1954 A 0 92 Sale 92
83
/ 68
1
4
/
1
4
Guaranteed g be
1960 F A 83 Sale 834
J 10414 Sale 10414 10414
1
Charleston & Say% lot 78_1936
49
/ Ill
1
4
Chee & Ohio let con g be_1939 MN 11078 Sale 109
57
General gold 434s
1992 M 21 10912 Sale 10912 110
2
Ref & Min 4(0
1993 A 0 10514 Sale 10514 10514
.1 1054 Sale 10438 1053 144
1995
/
4
Ref ec Inapt 43.16 set B
Craig Valley let be-May 1940 3 1 104 105 105 June'34 -___
Potts Creek Branch let M-1946 3 1 101 --- 101 June'34 ____
8
R & A Div let con g 4s.._19803 3 1033 105I2 103 June'34 ____
- 10014 June'34 .
1989 J 3 10138
2d coma! gold 48
For footnotes see page 4282.
i
•
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 22.
11
t
'..8.
June 23 1934
Pries
Friday
Ju18 22.
Week's
Range or
Last Sale.
I•
1
Range
Since
Jan. 1.
Bid
Ask Low
High No. Lgts High
Railroads (Contioutd)Chee & Ohio (Canc.)
09 994
Warm Spring V let g 5s-1941 M S 1044_,-_-- 994 Jan'34 ____
Chic & Alton RR rota 38-1949 A 0 60 Sale 60
6212 20
5138 701s
Chia Burl & Q-III Div 3M-1949 3 J 9934 100 9914
997
8 60
88
99
/
1
4
Illinois Division 4s
1949.7 3 1044 Sale 10412 10518 33 97 105
/
1
4
1958 M 8 10238 Sale 10238 10312 76
924 104
General 43
/
_ 102
/ 103
1
4
31
1977 F A 103
884 103
181 & ref 440 ser B
/
3
4
108
/ 14
1
4
8
let & ref be eer A
1971 F A 10712 1083 108
/
1
96 1084
Chicago & East III let _ _1934 A 0 75
53 8118
90 80 May'34 ---(0 & E 111 Ry(netc co)6e- 1951 MN 13 4 Sale 1312
1
gen5a
lo
2512
1514 25
13
1412 1312 June'34 --,
Certificates of deposit
934 31
109
Chicago & Erie let gold 58_1982 M N 107 --_- 109
91 109
1
Chicago Great West let 45-1959 36 S 4618 Bale 4818
49
55
3512 59
32 35
35
_
(Chic Ind & Loulev ref 60,__ 19473 J 30
83 4712
1
Refunding gold M
19473 J 304 38 32123une'34 ____
4218
26
32 36 May'34 -1947 3 J 30
Refunding 45 aeries C
36 41
1966 M N 14
163 16
18
4
io 123 237
let & gen be series A
8
/
4
Tot & gen 6s series B_May 1966 1 1 15
/
1
184
/
1
2
164 164
/
1
25s
13
Chia Ind &Sou 50
934
-year 0_1956 1 J 9214 Sale 9214
71
9212
2
Chic L S & East lat 4 34s
/
1
4
1969 J D 102 -- -- 104 May'34 ----99 1054
1
me 7 /
47,
67
37
Chi M & SIP 180 48 ser A_.1989.7 J 684 Sale 651,
Gen g 340 ser B___May 1989 J J 61 Sale 60
/
1
4
81
53
71
6
may ig89 J J 8978 Sale 69
Gen 4 t4e ser C
/
1
4
7014 37 64
8012
Gen 434s ser E
7014 12
May 1989.7 J 8912 Sale 6912
6312 81
Gen 41 eer F
/
4e
7312 18
May 1989 3 J 7218 727 733
65 84
8
8
611 731/
/
4
8614 7312
8134 7334
1012 17
6734 8714
62 88
74
76
4814 7712
4412 421
3412 46 Chic Milw 51 1'& Pan be A1975 F A 4014 Sale 4014
154 422
Cony adj lie
30 42
Jan 1 2680 A 0 13 Sale 13
2914 42 Chic & No West gen g 334s-1987 M N 6114 62 62
, 63
4
1987 M N 54
6812 70 June'34 ---General 4e
97 109
Stpd 4e non-p Fed Inc tax '87 M N 6812 7312 7312 June'34 ____
58
9012
75
50
76
18
Gen 44(e stpd Fed Inc tax-1987 MN 7312 Sale 73,2
53
6814
Gen 5e etpd Fed Inc tax
8012 14
1987 36 N 78 Sale 78
430 stamped
66
77
1987 MN --------62 Jan'34 ---90
9014
15
91
10
-year secured g 634s
19313 M 5 89
may 2037 J D 56 Sale 56
58
49
lat ref g be
8
513
4 19
let & ref 434e etpd_May 20373 D 48 Sale 473
94 104
96 1004
lat & ref 414e eer C May 2037 J D 49 Sale 4812
514 50
/
1
4414 M7
1949 MN 39 Sale 3812
Cony 41 series A
/
4e
85 994
86
58
/
1
4
1988 1 3 83 Sale 8314
7334 8812 (Chic R 1 .1 P Ry gen 4s
64 June'34 ___
, -- 86
Certificates of deposit
96 1034
/
1
•
"
4s
1934 1V
29
69
Refunding gold deposit
___ 223 Sale 2212
4
93 10312
Certificates of
23
33
2478 244
/
1
28
83
Secured 430 series A
1952 M S 24
84 9814
_ 22
25 2312 June'34 __::
Certificate/ of deposit
83
9812
1060 Was! 1012 Sale 1012
124 50
Convg434s
824 9514
107
4
80 97 Ch St L & N 05s-June 15 19513 D 107 Sala 106
Gold MO
7812 95
June 15 1931 1 13 8218 ---- 834 Sept'33 -_
844
6
95 105
Memphis Div Ist g 4e---1951 J 0 8412 Sale 83
/
1
4
/
3
4
82 100 Ohio T H & So East let 5e_1960 3 D 69 Sala 69
70
.1
1_
9514 104
Inc an Es
Dec 1 1960 M S 4812 Sale 48
51
4i
05 1054 Chic Tin Sta'n let go 434, A-1963 1 1 106 Sale 106
1064 31
8
/ 1091/4
1
4
9934 103
let be series B
1963J J 10514 1097 109
1
1944 .1 D 10718 Sale 10878 10718
7
8678 102
Guaranteed it be
1963 J J 11234 8110 11212 11314 47
let guar 1340 series C
88 1054
/
1
9312 148
1952 .1 J 9238 Sale 914
CMG & West Ind con 4e
75 90
8
1062 M S 1037 Sale 10338 10412 50
9912
82
1st ref MO series A
52
48 June'34 __
Choc Okla & Gulf eons 5,._1952 M N 46
74 92
1937 J J 10114 ---- 101 June'34 ____
88
85 Cin II & D 2d gold 4 lie
10212 18
/
1
4
39
53 01St L & C let g 4e-Aug 3 1936 0 F 10114 -_- 02
8
35
47 an Leb & Nor let con go 48_1942 MN 982 ---- 9818 May'34 _--108
11
413
84 Cin Union Term let 4346-2020 J J 108 Sale 108
/
4
2020 J J 1101 111 11014 11014
7914 92
let mtge be series B
1
ist'nue g 3. wried a
1857 MN 11012 Sale 11038 111
57
/
4
8812 10238 Clearfield & Mali 188 go So 1943 J J 98 --.. 963 Feb'34 ___
9338 June'34 -6734 88 Cleve an Chi & St L gen 46_1993 2 D 9414 95
_ 100 Apr'34 --1993 J D
984 1084
General 50 aeries B
101--1941 J 1 101 10212 100 May'34 ---77
974
Ref & impt (35 ser C
89
/ 17
1
4
19633 3 8918 Sale 8918
85 100
Ref & inapt bs ear D
834 1004
78
Ref & impt 434s Der E._ 1977 1 3 7818 Sale 7818
110
Cairo Div let gold 4s
1043
1939 J .1 1044 Sale 104
66 88
/
4
8
90
9212 89 June'34 _ rii
67 851
Cin W & M Div let g 403_1991 J J
/
4
/
4
92
/ 17
1
4
57 723
4
St L Div Ise coil tr g 4e-1990 MN 9212 ---- 911
99 Apr'34 ___
1940 M S 100 103
Spr & Col Div let g 4s
8712 8578
93 87 Apr'34 -/
1
4
1940 3 2 89
101 110
W W FM Div 1st g 4s
75 9612
4
(10
85 Cleveland & Mahon Val g be 1938 J J 10212 Sale 10212 1033
3
go 1014 Cloy es Mar let int g 430_1935 MN 10112 10214 101 May'34 --92 997 Cleo & P gen gu 44e ser B1942 A 0 103 --- 98 June'33 --8
_ 86 Jan'33 ____
Swim B MO
83 83
1942 A 0 974
.-____
_
'34 ---Series A 434s
1942i J 103 108 10134 May
1948 MN 98 ---- 91 Aug'33 __
Serbia C 334s
9818 10212
_.- 83 Oct 33 ___
1950 A F 92
Series D 310
73 904
1977 F A 104 105 102 June'34 _- _Oen 4348 oar A
734 90
68 8414 Cleve Sho Line let gu 4(0_1981 A 0 10214 Fhb 10214 104
28
4
4 103
/ 43
1
4
51
7312 Cleve Union Term let Mis-.1972 A 0 1023 Sale 1023
1st a f be series B
1973 A 0 100 Sale 97
1004 91
8878 1003
4
97 10578
1st a f guar 4He series 0_1977 A 0 93'8 8 10 933
24
/
8
95
60 801 Coal River RY 1st go 48.-1945 J D 1004 ---- 100 Apr'34 _
4
Colo & South ref & ext 440_1935 M N 95 Sale 9514
e
9534 67
General mtge 434s ser A__1980 MN 70 Sale 69
40
7112 187
34
1948 A 0 10218 _- 1011 May'34 ......
/
4
Col & H V ltit ext 148
-- 10212 Apr'34 __
1955 F A
93 10812 Col & Tol let ext 48
98
9812 95 May'34. -98 1047 Coon & Paasum RI, 151 48_1943 A 0 10218-/
1
4
8
984 1084 Coneol Ry non-cony deb 4.1_1954 J ./ 5018 5112 5018
2
5014
Non-cony deb 4s
9918 1074
1956 J J ---- 54
/
1
1
53 2
,
5312
1933 A 0 --------59 Mar'34 Non-cony deb 44
105 11334
56 May'34 ....Non-conv deb 4s2
104 1 1147
7
8
1958 J J -- -- 56
1942 J D 3818 Sale 36
105 11434 Cuba Nor RY lid 5348
3712 82
10218 112 Cuba RR 1st 50
2814 30
-year M g_1952 3 1 27 Sale 27
1st ref 714e eerie*, A
1938J D 2714 Sala 2512
100 1094
2714 10
10018 1094
27
let Hen & ref tio eer B
1936J 0 27 Sale 25
11
105 1093
8
Del & Hudson let & ref 4s 1943 MN 9512 ftle 951s
108 120
/
1
4
96
179
1935 A 0 10114 Sale 10118 10114
as
10012 103
4
1937 M N 10312 Sale 10312 1033
Gold 1534e
61
84
4 22
/
4
7434 98 D RR & Bridge 151 Bug 4e--1936 F A 10214 103 1011 May'34 --/
4
5814 82
993 10734 Den & KG list cons g 44.-1936 2 J 5812 Sale 5612
1933 3 .7 60
8114 81
Conon gold 434e
7714 1004
5
8114
7118 93 Den & R 0 West gen be Aug 1955 F A 23 Sale 23
/
1
4
24
/ 95
1
4
_ 213 Sale 213
/
4
4
Assented (sub) to
324 44
2313 22
A0 48 Sale 48
plan)Ref & inapt lis eer B-Apr 1978 - 49
'95 10714
/
1
4
43
812 8
84 May'34 --9014 107 (Dee M & Ft Dodge 46 ctfe_1935 1 J
70 84 Des Plaines Val 1st gen 430 1947 M 8 70
90 84
84
1
4
1955 3 D 2012 243 23 May'34 ---Dot & Mao let lien g 4e
28
56
1095 2 D 10
20
12 May'34 ___
Second gold 4$
41
85
Detroit River Tunnel 4He__1961 M N 10414 Sale 1041g 10414
22 88
5
Dui Miesabe & Nor gen 54_1941 1 J 10514 ___ 0378 Jan'34 --12
/ 28
1
4
4
Ms 26 Dul & Iron Range let 5s___1937 A 0 1073 108 10714 10714
1
Dul Sou Shore & Atl g 5s____1937 1 J 40 4314 4212
18
37
42's 10
_
A 0 964 -- 95 Apr'34 -----___--- East Ry Minn Nor Div let 4e '48_
30
2118
East T Va & Ga Div 1st 58 1958 MN 10818 109 10812 1084
28
35
4
65 83
/ Elgin Joliet & East let g ba_1941 11/1 N 105 10512 10512 10512
1
4
2
53
7212 El Paso & SW 1st be
1965 A 0 8812 94 94
94
1
- 98 Feb'34 ____
95 1081/ Erie & Pitts it gu 334eser B__1940 3 'I99 Series C 3348
1940.7 1 99 ---- 99 May'34 ... _
78
9712
Ede RR let cone g 48 prlor-1996 .1 J 9478 Sale 944
75
/ 96
3
4
944 12
/
1
1st consol gen lien g 48-1998 2 J 7712 Sale 77
734 93
773
4 57
63 87
/
1
4
Penn coil trust gold 4a....1951 F A 10112 _ - 104 June'34
103 1044
50
-year cony 48 series A
1953 A 0 74 Sale 74
19
75
Series
1054 III
14 8110 73
/
1
4
7434 24
Gen cony 4e series D
9834 110
B9 A 0 --- 7312 7312 May'34 ___ _
1953
5
!
7
Ref & impt 5,0! 1927...A987 M N 73 Sale 73
88 10514
/
1
4
7814 126
8812 105
Ref & Impt be of 193&
1975 A 0 73 Sale 73
154
76
Erie & Jersey let a f 6
9712 105
b
1955J J 11312 Sale 113
11312
Genf:wee River let I fl3a-1957 J 1 111 Sale 110
9012 101
6
111
NY dr Erie RR ext let 48_1917 M N 10112 --__ 10114 May'34 ____
9712 103
3d mtge 4349
.
1938 M S 10112 ._ - 100 Mar'34 -.
874 1004
--
374 5612
1218 2338
70
52
5712 77
68
78
6312 82 4
3
68
873e
6012 82
70 08
4314 6612
39
607
8
38
/ 61
1
4
2914 5312
518. 731.
64
'
73
'
ao
29
gots 3238
22 28
34, 184
83 107
-air, .814
5512 80
444 62
100 1074
/
1
4
105 1104
/
3
4
9714 1074
1114 115
/
1
724 9312
841/ 10412
48
82
06 101
99 10212
85
984
/
1
10012 1084
10434 1113
/
4
10418 111
064 me
754 9534
924 100
80 100
us, 9112
64 83
92 10414
90
68
77 93
02
gg
73 87
/
1
4
9912 103 4
1
99381018,
__
- -lai14 11/13
-4
- -_-ii5072 104
- -82 104
8414 1037
8
82 10014
76
95
95 101
84
071
8
65 814
96 102
97 103
92 95
43 594
50 58
44
/ 59
1
4
44
5812
194 39
334
18
184 30
15 29
804 9
6
97 1024
92 105
994 1011
/
4
3512 614
42 63
1712 32
18
2312
2372 494
4
8
/
1
4
136 85
20 244
114 12
84 10414
103 10 /
/ 31
1
4
4
10212 10712
2312 4912
8912 96
91 10814
943 1053
/
4
/
4
814 94
9414 99
95 99
79
/ 95
3 /
4
1
4
8814 7 /
91
4
994 104
823 77111
s
77
63
63 "80 4 793
,
60
794
96 1134
97 ill
933 102
4
100 100
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 22.
Price
Friday
June 22.
Week's
Range or
Last Sale.
1.•.4
Range
Since
Jan. 1.
Bid
Ask Low
Railroads (Continued3—
High No. Low
High
,
1943 J J 4012 Sale 4012
5
431.
Fla Cent & Penn ba
34
46
.
:Florida East Coast lot 430_1959• D 55
557 56
8
5618
8
64
56
93 Sale
4
1974 M S
9
1st de ref 51i series A
812 19
93
4 14
Certificates of deposit
87
8 97
s 85
6 838 174
3
97
8
Fonda Johns dr(Hoy 4445_1952
:
74 147 12 May'34
Proof of claim filed by owner_ M N
8
712 13
(Amended) lot cons 2-48__1982
Proof of claim filed by owner MN
513 7
14
312 15
53
s
614
Fort St LI D Co let g 4348__1941 J J 97%
9712 June'34
83
9712
10514 June'34
9614 10512
Ft W &Den C lot it 5148----1961 J O 10512 _
Gale bus & bend let 534s A '38 AO
:Oa & Ala Ry let cons be Oct '45 J 3
)74a Caro & Nor let gu g 5s '29—
E:tended at 6% to July 1 1934 Ji
Georgia Midland 1st 3s____1946 AO
Gone &Oswegatchle let 5e...1942 3D
Or R & I ext lot gu g4)4s___19
41
Grand Trunk of Can deb 70_1940 AO
15
1936 M S
-year. f So
Grays Point Term let 68..1947 J D
Great Northern gen 7e ser A.1936 J J
1961 J J
lot & ref 43(o series A
General 53'4e series B
1952 J J
General 15a series C
1973 J
General 434s series D__1976 J
General 434e series E
1977 J J
Feb
Green Bay & West deb ctla A _
Feb
Debentures ctfs B
Greenbrier Ry Into 4a
1940 MN
Gulf Mob & Nor 1st 534s B_I950 AO
let mtge be series C
1950 AO
Gulf& 81101 ref & ter 58Feb 1952 J J
Stamped (July 1 '33 coupon on) 33
Hocking Val 1st cone g 410_1999 J i
Flousatontc Ry cons g Ss..
1937 SI N
II & T C lat g fe int guar__ _1937 J J
Houston Belt & Term 1st 58_1937 J J
Bud & anhat 1st 5s ser A 1957 FA
Adjustment income be Feb 1957 AO
Illinois Central let gold 48_1951 • 3
let gold 334s
J
1951
Extended 1st gold 3348_1951 AO
1st gold 38 sterling
1951 MS
Collateral trust old 4a
1952 A0
Refunding 4e3
1955 M N
Purchased lines 310
1952• J
Collateral trust gold 46_1953 M N
Refunding Is
1955 MN
15
-year secured 6 tee g
1936 J 1
40
-year 444s
Aug 1 1988 P A
Cairo Bridge gold 4p
1950 J D
Litchfield Div let gold 38_1951 J 3
Loulay Div & Term g 33.4s 1953 J J
Omaha Div 1st gold 3s. _ _ .1951 P A
St Louis Div & Term g 34.1951 J J
Gold 314s
1951 J
Springfield Div lat g 3148_1951 J J
Western Lines let g 48_1951 FA
III Cent and Chic Si L & N 0—
Joint 1st ref ba aerles A _1963
D
let & ref 434ei aeries C
1963 J D
Ind Bloom & West let ext 4a 1940 AO
Ind III & Iowa lot g 4s
1950 J J
:Ind & Louisville lot gu 40..1956 J J
Ind Union By gen be ser A 1965 .1 3
Gen & ref Is series B
1985 ▪ J
IInt-Ont Nor lat fla ser A _ _1952 J J
Adjustment 6s ser A_July 1952 AO
let Is series 13
19513 J J
1st g be series C
1956 J 3
lot Rye Cent Amer 1st bs B1972_ MN
lot coil trust 6% g notes_1941 M N
let lien & ref 640
1947 F A
:Iowa Central 55 etre
1038 J 0
1s1 & ref g 413
1951 MS
James Frank & Clear 1st 48_1959 J
Kal A & II let gu g 58
1938 J
Kan & M lot gu g 48
1990 A
C Ft S & M By ref g 4s 1938 A
Certificates of deposit
A
Kan City Sou 1st gold 381950 A
f Ref & impt ba
Apr 1950 J
Kansas City Term 1st 4s_ _1960 J
Kentucky Central gold 4s_1987 J
Kentucky & Ind Term 434s 1961 J
Stamped
1961 3
Plain
1961 3
D
J
0
0
0
0
.1
J
J
3
3
J
Lake Erie & West lot g 5s _1937 I 3
...13t1 gold 5a
1941 J J
Lake Sh & Mich So g 3548_ _ _1997 J D
Lehigh & N Y 1st gu g 4a__ _1945 M 5
Leh Val Harbor Term gu 58_1954 F A
Leh Val N Y lat gu g 440_ _ _1940 J J
Lehigh Val (Pa) cons g 48_ _.2003 M N
General cons 4 lie
2003 M N
General eons 58
2003 MN
Leh V Term lty let gu g 58_1941 A 0
Lax & East let 50-yr 58 gu .1965 A 0
Little Miami gen 4s series A.1962 MN
Long Dock consol g 644
1935 A 0
Long Island—
General gold 4s _ _
1938• D
Unified gold 40
1949 M 5
-year p m deb 5a
20
1937 M N
Guar ref gold 48
1949 M S
Louisiana & Ark 1st ease. A _1989 J J
Louie & Jeff Bdge Co gO g 48 1945 M S
Louisville & Nashville 5e
1937 M N
Unified gold 45
1040 J J
let refund 5145 series A.2003 A 0
2003 A 0
lst&ref5soeriesl3
2003 A0
let & ref 4 As series C
1941 A 0
Gold be
Paducah & Nfem Div 48_1946 F A
1980 MS
St Louis Div 2d gold 3a
Mob & Montg 1st g 4 34s 1945 M S
South Ry joint Monon 48.1952 J J
Atl Knoxv & CM Div 4s 1955 M N
1934• J
Mahon Coal RR 1st 5s
Manila RR (South Lines) 40_1939 MN
N
1959
1st ext 45
Man OB&NW 1st 3448_1941 J J
Men Internet let 4saastd._.1977 MS
Michigan Central Detroit & Bay
1940 3 J
City Air Line 4s
Jack Lane & Sag 31,4s.__1951 MS
1952 MN
let gold 3340
Ref & impt 414s ear C_ _1979
1940 AO
Mid of NJ 1st ext 5a
Mil & Nor let ext 4448(1880)1934 J
1934 JD
Cons ext 434e (1884)
For footnotes see page 427:.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 22,
Lel
4269
PTICE
Friday
June 22.
Week's
Range or
Last Sale.
Railroads (Continued)—
Bid
Ask Low
High
Mil Spar & N W let gu 48._ _1947 M
67is Sale 6718
6812
Milw & State Line lot 3445__1041 J j 75
__
75 June'34
:Minn & St Louis As etfs1934 MN
714 June'34
714
lot & refunding gold 48_ _1949
4
43
8 418 June'34
312 1112 312 June'34
Ref & ext 50-yr Is ser A___1982
218
Certificates of deposit
3% 3 2 June'34
,
M St P & 59 M con g 4s ill gu '38
4212 Sale 4212
4312
33
let cons As
357 June'34
34
8
1938
lot cons be gu as to it
404 49
46
1938
49
let & ref els series A
3412 35% 3412
35
1946
253 26
8
25
26
-year 544s
1949
2612
84
8312
90
5 75 9114 let ref 544s tier B
8412
75 Sale 75
1078
7512
2012 2412 24 May'34
1st Chicago Term of 45
1512 26
85
1941 7.1
Jan'34
8718 -1- 77
72
M188934113Pi Central let Ea__ _1949
Apr'34
4
28
28
31
30
10
2014 30
55
5912 56% May'34
40
2Mo-Ill RR lot be ser A
60
21
21
1959 J J 20
21
9612 1033 100
8
3D 914 Sale 9114
Jan'31
Mo Kan & Tex lot gold 4s_ _1990
92l2
102 Sale 102
12
0544 162
1024
-1; Mo-K-T RR pr Hen 5s ser A_1982"3 843* Sale 843* 8512
109 Sale 109
10914 33 105 10912
40
-year 45 series B
717 Sale 717
8
s
1982 J
7312
10712 Sale 10712 107% 47 1023 1073
Prior lien 4 tis s.r D
8
4
1978 J J
7412 June'34
73
76
68
____ 96 Nov'30
Cum adjust 58 ser A_Jan 1987 A0 5414 Sale 53%
513
8
9212 Sale 9212
FA
9512 251
86 -3014 Sale 3014
9972 Halo Pac Ist & ref bs ser A 1965
31
9814 Sale 973
4
9918 38
9918
78
Certificates of deposit
2814 2912 28 June'34
89 Sale 89
General 45
7618 99
91,2 100
1975 MS 14 Sale 14
15
82 Sale 82
833
4 45
4
lot & ref 5a series 1
68% 923
3
1977 MS 3012 Sale 3012
3114
78 Sale 78
787
8 25
67
8714
29 Sale 29
Certificates of deposit
293
4
76 Sale 76
79
MN
lot & ref 58 ser 0
8612
57
13510
3014 Sale 3014
1978
31
35
3312
2
38
26
36
Certificates of deposit
281
434 May'
34
5
6
53 May'34
4
53
4 85
8
Cony gold 53'4s
2034 eif" to34 1112
.e
1949 MN
10112
102 May'34
9812 102
lot ref g be series 14
1980 A0 3014 Sale 3014
31
82 Sale 82
82
2
6212 8612
Certificates of deposit
281
429
29
7612 78
7712
771, 10
81
let & ref loser I
59
30 gilY 30
1981 FA
313
8
67 Feb 34
.
57
70
Certificates of deposit
2834 Sale 283
4
29
a..__ 68
55 Dec'33
Mo Pac 3d 78 ext at 4% July 1933 MN
75
84
84 June'34
Mob & Mr prior lien g 5a___1945
85
91
85 May'34
10818 Sale 10818
10814
11
983 1083
8
8
J
Small
82
90
83 May'34
10118 10112 10118
11
82 101 14
10114
1st NI gold 4s
1945 J J 80
70
60 May'34
10118 105 1053 June'34
4
97 1053
4
J J 60
Small
687 80 Feb'34
10112 101% 10112 June'34
913 102 :Mobile & Ohio gen gold 48_1938 St S -___ 90
4
9912 Jan'34
89 Sale 87%
8912 86
72
897
Montgomery Div lot g 58_1947 FA
.8
19 Sale 19
19
8
8
357 Sale 357
3912 77
Ref & Inapt 430
32
50%
1977 MS 1112 1638 13
13
Sec 5% notes
1938 MS 1213 157 1414 June'34
10212 106 10012 June'34
9214 10012 Mob & Mal let gu gold 4s._ .1991 NI 5 84
8814 8312
8414
92 Mar'34
95
921: Mont C let gu 68
83
1937'Si 100 103 103
103
2
9512
95
9512
92
9512
lot guar gold 5a
1937 ii 101 Sale 100
101
73 Mar'30
Morris & Essex let gu 314s 2(100 J o 8914 Sale 8918
8958
83
764-84
82%
831
. 26 "8814 85
Conatr M ba ser A
10212
1955 SIN 10212 Sale 102
864 Sale 8534
8614 72
74
Constr NI 414s ser B
884
63
1955 MN 9 4 Sale 9614
97
75
80
80 June'34
82
63
777 Sale 77
77% 19
8212 79% Nash Chatt & St L Ale ser A 1978 FA
9414 Sale 9338
94
22
94
81
935 95
94
8
981 N Fla & S let gu g 5a
:
1937 FA 10114 105 104
103
103 Sale 103
10312 25
90 103% Nat By of Men pr lien 4148_1957 J J
18 July'28
68 Sale 68
5812 761
7018 55
:
Assent meta war rct No 4 on
Sale
414
314
99
87
9912 100
99 June'34 _
Guar 45 Apr '14 coupon .1977 AO 4
- 123 July'31
82%
Assent cash war rct No 5 on
75
823 ---- 8113 May'34
4
414 4 June'34
33
4
873 May'34
8
76
87% Nat RR Men pr lien 444s Oct '26
72
4
5
7112 May'34
378412
Assent cash war rct No 4 on
7112 76
_
_
- - 773 June'34
78
lot consol 48
78
68
22
1951 AO
Apr'28
8T2 Sale 8312
1
3%
8312
85
Assent cash war rot No 4 on
69
3%
37
8
- bi 73
_
80
Naugatuck RR 1st g 411
80 Mar'34
67
1954 111181
7112 Nov'32
2
90
90
New England RR cons Ife
8612
75
8318 June'31
1945 J J 87
Como! guar 48
8454 85 June'34
1945 J J 84
80 Sale 7914
61
NJ Junction RR guar 1st 43 1988 FA 904 91% 9112
83
87
88
91 12
723 Sale 7214
6812 693 68
New Orl Great Nor Is A __ _1983 j
81
62
743 122
4
4
68
NO & NE let ref&impt 4348 A '52 J J 66% 7258 69 June'34
89 100 100 June'34
New Orleans Term lot 4s
95 100
87
1953 J J 87 Sale 87
9312
933 June'34
4
95% IN 0 Tex & Mex n-e Inc 521_1935 A0 2018 233* 19 May'34
75
17 15
25
Feb'34
25
25
26% 24%
let 5s series B
1954 AO 24
2618
1033 10412 1034
4
3
24 Sale 24
lot be series C
9812 103%
1034
24
1958 FA
1033
4
103 Mar'34
100 103
27
lot 444e series D
28
26
1956 FA 20
3112 Sale 3111
3214 30
283 4412
4
let 534s series A
25
1954 AO 21 Sale 24
10 Sale 10
9
1114 39
8
1814 N & C Bdge gen guar 4 As 1945 J J 1017 10212 102 May'34
23
30
2912 June'34
25
4012 NYB&MIlletcong 58 1935 A0 10318 _--- 10312 10312
28
34
294 June'34
25
41
68 Sale 6612
68
12
454 70
8
N V Cent RR cony deb 6s 1935 MN 100 Sale 997
100
71% 7412 713
6
8
71%
4918 7412
Cony secured 6s
8
1944• N 117 Sale 116% 1183
66
61%
3
6612
4312 67
Consol 48 series A
8812
1998 FA 8818 Sale 87
83 Sale
4
83
4
914
5
412 11%
Ref & Inapt 4149 aeries A..2013 A0 6918 Sale 6915
7152
vs 512
33
4 4
3% June'34
Ref & impt 55 series C_2013 A0 7512 Sale 7512
78
2
NY Cent & Hud RI, M 314o 1997 J i 93' Sale 9212
9412
86 Sale 88
86
3
6918 8314
30-year debenture 4s
965 Sale 9652
8
9714
1942
100
103 Mar'31
Ref & impt 434s ser A_
69 Sale 69
7112
2013
943
496 9518 June'34
79
9518
Lake Shore coil gold 340_1998 /74 8612 Sale 8614
8832
463 Sale 453
4
4
473
4 44
38
5334
Mica Cent coil gold 3141_1993 FA 8712 Sale 8712
87 2
,
42
45
44
3
45
354 52
N Y Clalc & St L 1st g 4s
8
9972
1937 A0 997 Sale 99
7514 Sale 73%
7534 83
8212 7712
Refunding 514s series A1974 AO 77 Sale 77
79
72% 773 753
4
4
7712 94
8712 84
M
Ref 4 413 series C
65 Sale 65
68
1978
1023a Sale 10112 102% 169
9312 102%
3-Yr 6% gold notes
76 4
,
1935 A0 72 Sale 72
103 Sale 103
103
5
N Y Connect let gu 434s A.1953 FA 105 Sale 105
:"3 103
94
105
894 91
89%
91
5
73
91
1st guar 581 series B
,
107,
1953 FA 10714 ---- 107 4
4
92
93
6
93
N Y & Erie—Sec Erie RR.
80
93
93 June'34
93
93
NY Greenwood L gu g 6e1946 MN 75
85
87 May'34
N Y & Harlem gold 334s
2000 MN 98
_- 954 June'34
10112 Sale 1014
10112 21
8312 101% N Y Lack & West 4s
1973 MN 95 Sale 95
95%
9112 Salo 9112
9112
5
70
95
4 Sis series 11
____ 1014 June'34
1973 MN 103
95
9514 Salo
967
8 52
81
98
N VA Long Branch gen 4a._1941 M
100
_9912 June'34
3
7912 8114 8014
8114
57
83
NY&NE Boat Term 4s
9512 July'23
1939 A0 90
1024 10234 1023
4
1023
4
824 10234
M
60 Sale 60
63
9812 Sale 98
6 8314 99 NYNH& H n-e deb 4s 1947 M
9812
Non-conv debenture 3148_1947
56 Sale 58
.57
4
6334 82
593 Salo 5918
47
88
Non-cony debenture 3441_1954 AO 5212 Sale 52,
2
543
4
687 Sale 683
8
4
70
19
7412
52
Non-cony debenture 4e
575 Sale 5712
8
1955 J J
59,4
74 Sale 74
77
15
54
83
Non-cony debenture 4a
59
1959 MN 57 Sale 5612
1023 105 1041
4
8
105
14
94 10512
Cony debenture 3448
54,
1958• 3 52 Sale 52
2
108 1118 10814 June'34
91 10814
Cony debenture 8s
8412
1948 I J 80 Sale 79
100% --- 100%
1003
8
1
95 100%
Collateral trust 65
841 82
87
1940 AO 83
10314
1033
2
8
103%
99 10312
Debenture 48
54
1957 MN 5112 Sale 5112
Al 4
lot & ref 414a tier of 1927_ _1987 J O 6012 Sale 60,2
65s2
10312 104 10312
10312
2
9914 104
Harlem R & Pt Cites let 431954 MN 9912 Sale 9844
9912
102 Sale 102
102
5
95 102
NYO&W ref g 4s___June 1992 NI 5 66 Sale 6412
66
4
1033 Sale 1033
104
4
30
93% 10414
General 4s
58
1955 J O 5714 Sale 5714
102 Sale 1013
4
10212 28
9212 10212 N Y Providence & Boston 4s 1942 AO 99
90
Jan'34
6412 Bale 64
66
24
5018 88% N Y & Putnam 1st con gu 43_1993 AO 8512 - - - 87
871
87
10034 Sale 1003
4
10034
5
84 1003 NY Susq & West 1st ref 58_1937• J
4
7414 75
7512 June'34
1063 Sale 1083
8
8
107
2 102 107
2d gold 4 ais
51 12 70
53 June'31
1937 P A
1023 Sale 10212 10312 65
8
9412 10312
General gold 58
5214
1940 FA
54 June'31
1043 Sale 101
8
4
1017
8
92% 105 e
3
Terminal lot gold 53
9518 16O
1943 M
9612 May'34
1034 Sale 1031s
103%
12
90 1037g NY Weetch & B let ser I 4 ge'46 J J
5112 Sale 5112
55
98 Salo 98
9812 84
83
9812 Nord Ry ext sink fund 6148_1950 A0 16814 Sale 16318
16614
105% 107 10512 May'34
10112 10612 :Norfolk South let & ref 55 1961 FA
9712 100 1027 June'34
8
82
9814
Certificates of deposit
712 19
17
17
7212 74
74
7412
3
60% 7412 :Norfolk & South 1st g 5a. _1941 MN
•
4
1021 ---- 10312 June'34
Me 10312 N & W Ry 1st cons g 43
1998 AO 10534 Sale 1053
4
1081s
813 Sale 8112
4
8134
12
6418 83
Div'l let lien & gong 4s__ _1944 J J 105 Sale 1057
8
108
101 Sale 99
101
12
85 101
Pocah C & C joint 49
1941 J O 10518 1051 105 June'34
4
North Cent gen A ref bs A_1974 MS 1051
8
Oct'33
- 98
100 10014 10014 May'34
10014 101
Gen & ref 414s series A1974 MS 10114 Sale 104
10114
68 June'34
6612 69
5712 75 :North Ohio let guar g 58.. 1945 A0 52 Sale 52
52
63
72
69 June'34
65
7214
En Apr'33-Oct'33•Apr'34 cons_
47
53
60 June'31
70 Mar'34
6718 70
59% 70
Stmpd as to sale Oct 1933. &
11 June'34
8
2.112 1% 214
Apr 1934 coupons
48
58
52
Apr'34
4
North Pacific prior lien 48_1997 Q
16013 sile 68,s
05 Sa
99
1004
6912
10218 - - 102 June'34
94 102
Gen lien ry & Id g 3s Jan 2047 Q F
87 "bi 91 May'34
873 91
4
Ref & impt 414s series A..2047 J J 8514 Sale 854
8618
99 Sale 97%
99
7
93
88
Ref & inapt 6s series II_2047 J J
983 Sale 9812 10014
4
4
96
9634 963 June'3t
7514 97
Ref & impt 55 series C____2047 J J 9314 Sale 93
931
813 May'34
4
7918 84
82
Ref &impt 59 series D____2047 J J
854
93
9612 9212
933*
Nor Ry of Calif guar g 58_1938 A0 10012
Jan'34
100
•
Og&LCharnlstgug4s,l948 3
67
878! 67
671
•
•
453
Range
Since
Jan, 1.
No, Low
19
567s
70 4
3
4
212
2%
14
29
3434
334
29
38
8
20
6
1612
3
80
85
7812
2
29
18
12
21
25
49
136
7
59
75
4
4
79
13
10
10
2
3
33
53
10
33
20
14
26
757 9212
8
9112
70
6112 79
6318 833
4
4413 62%
2512 39
22
35
114 2034
3314
24
234 35
2412 3812
29
34
8
1612
24
3812
234 34
2414 3812
28
34
7214 89
85
91
83
90
48
60
80
55
99%
99
19
27
10
213e
13% 23
8312 8412
877 103
8
81 10112
743 895a
4
77 10212
97
73
8212 94 2
,
99 1043e
65
-114
218
12
12
2
11
18
3
1
12
High
7512
75
918
5%
414
4214
49
4212
58
3714
34
80
88
774
4
234
5
2
5
80
88
66
85
8212 9112
5712 77
54
75%
62% 8712
16
29%
19% 32
203 33
8
1714 302
201a 33
97 10212
10114 1034
25
749
95
72
88
42
15
88
23
6
26
72
301
34
18
2
83 101
11512 11812
73% 90,2
6014 75
8314
67
794 96
804 98
75
80
8918 8812
71
8712
8518 997
e
5512 8012
4714 70
49
80
96 10514
101 10714
139
68
86
95
100
9512
83
95 4
,
957
8
10114
9912
547
65
6012
58
8412
64
59%
87%
891s
58
7012
99%
71
6818
90
8712
757
8
5812
5812
973
4
5914
166,
4
51
26
45
15
79 • 54%
52
62
45
15
7114
73
71
37
44
9
574
98
83%
27
5712
81
50
24
90
717
2
50
43
38%
82%
42
47
22 128
5
16
29
7% 22
•
983 106,
4
4
1001s 10612
993 105
4
6
2
9912 10414
60
35
3534 64
160
51
13
155
14
14
3438 52
83 10/14
71
60
7312 90,
4
8618 103
7614 97,
2
7512 97
100 100
72
51
15
New York Bond Record-Continued-Page 4
4270
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 22.
•
i3
1 ...
... ?..,
Price
Friday
June 22.
Bid
Ask
Railroads (Continued)Ohio Connecting Ry let 48__1943 M S 10018
___
1936 1 D 103
Ohio River RR let g Se
1937 A 0 10312 104
General gold Is
Oregon RR & Na,corn a 40_1946 1 D 103 Sale
Ore Short Line lot cons a 58_1946 J 1 11112 Sale
1946 J .1 11214 Sale
Guar ertpd cons 51
Ore-Wash RR & Na,4s
1961 1 1 100 Sale
Week's
Range or
Last Sate.
.1 •
a
82e
High
High Na. Low
Low
__
97 Mar'32 ....... ___
-103 May'34 ____ 100 103
3 89 1034
10314 10314
92 10312
10318
6
103
4 10414 11112
11112
11112
11212 20 1044 11312
112
8311 100
134
9918 100
Pat RR of Mo lot ext g 48-1938 F A
1938.7 J
53 extended gold 58
Paducah & Ills 1st if g 434s_1953.7 1
Paris-Orleans RR ext 53411_1968 M S
Pauline Ry 1st refit 72 ___ _1942 61 S
Pa Ohio & Det let & ref 434a A'77 A 0
Pennsylvania RR cone g 4e 1943 57 N
1948 MN
Consol gold 48
Sc steel stpd dollar May 1 1948 M N
Consol sinking fund 4)0_1960 F A
1965 3 D
General 4340 series A
19881 0
Gereral IN series B
1936 F A
15-year secured 13348
-year secured gold 56_1984 MN
40
197C A 0
Deb g 434e
1981 A 0
General 4):a seriee D
Peoria & Eastern lat CS ea 42_1940 A 0
April 199C Apr
Income 48
Peoria dr Pekin Da let 0343_1974 F A
Pecs Marquette let see A 58 19513 3 1
1956 I J
let 45 series B
1980 M S
let g 4)4s serial C
Pllila Bait dr Wash late 43_1943 M N
1974 F A
General 5.2 series B
General g 434s miles C__ _1977 1 J
Philippine By let 30-vr if 46 1937 J J
10018 15
99 10018 100
98 10012 98 June'34 100 104 104 June'34 -- -15612 Sala 15118 15612 73
75
1
75 80 75
10318 Sale 10218 10314 97
1054 10614 10412 May'34 ____
10512 Sale 10512 10534 16
10558 Sale 10518 10558 11
11114 18
110 Sale 10914
1C314 163
103 Sale 102
10812 Sala 10814 10912 23
10718 Sale 10718 10714 113
10334 Sale 103
10412 67
9212 149
9178 Sale 9112
9812 157
9814 Sale 9714
4
4
74
763
7634 75
2
1014
9 11
8
95 Sale
5
10024 102 101 June'34 ---29
90
8712 Sale 8712
7612 10
4
4
753 Sale 753
81
78
76
78
23
12
10578 Sale l0578 108
110% ____ 10 June'34 -_25
4 105
105 Sale 043
2514 2834 28
5
4
283
1940 A 0
PC C & St L an 43411a
1942 A 0
Belles B 434a guar
1042 MN
Series C 4 Ne guar
1945 MN
Series D & guar
1949 F A
Berle, E 434s guar gold
D
1953
Series F 48 guar gold
1957 MN
Series CI 4s guar
1960 F A
Series H cone guar 48
1983 P A
Series I eons guar 4 Ns_
Series 1 cons guar 4 Ne___ _1064 MN
General M Se series A_l970J D
1976 A 0
Gen mtge guar de ger B
J
1977
Gen 434e series C
1
1934
Pitts McK & Y 2d an 6._
1940 A 0
PutsSh & L Elite Se
1943 3 1
let consol gold 56
1043 MN
Pitts Va & Char let 48
Pitts & W Va let 422e oar A_1968 ..1 D
1958 A 0
let M 434s series B
1960 A 0
let M 4348 seriee C
Pitts Y & Ash let 48 ear A 1948 .5 D
1982 F A
let gen Si series B
1957 MN
Providence Becur deb 4a
19561W S
Providence Term let 48
1
4
1063 107 10784 10751
3
1071
10712 ____ 07
2
10712 ____ 087
8 10712
.
10112 ____ 100 May'34 -- 8912 Aug'33 _-__
944
4
10018 ___ 023 May'34 ___
10318 105 lODe June'34
10014 10212 98 Nov'33 ____
1
106
10614 1091 106
107 109 108 June'34 _10938 13
10938 Sale 109
23
109 10938 10812 109
10234 71
4
1025 Sale 102
--------101 Sept'33 --__
10458 ____ r10412Deo'33 -___
- 100 Mar'33
10418
94 Oct'33
10134 _
5
7912
7912 sae 7912
6
78
8
78 sale 777
14
79
7878 7812
76
100 ____ 100 May'34 --__
107 __ 10514 May'34 --__
50 ____ 50 May'34 --__
9112 Apr'34
92
Reading Co Jersey Cent coll 4V51 A 0
1997 J J
Gen & ref 434s &Mee A
Gen & ref 4)411 series B
1097 3 J
Rensselaer & Saratoga 8._ 1941 MN
1948 MN
Rich & Merch 1st a 48
RIchm Term Ry 18t go, 58_ _j952 J .1
Rio Grande June let an 56_1939 J D
:Rio Grande Sou lot gold 4e_1949 J .5
Guar 48 (Jan 1922 coupon)1940 3 .1
Rio Grande West lat gold 48_1939 .1 .1
let con & coil trust 4s A._1949 A 0
IR I Ark & Louis lst 4348_1934 M B
Rut
-Canada 1st an g 4.L....1949 1 J
J
1941
Rutland let con 434e
9612 40
9578 Bale 95
103 Sale 1025* 10314 100
19
103 Sale 10212 103
-'30 -__
--------113 Oct
39 ____ 40 July'33 --__
10238 ___ 10158 May'34 ---.
99 95 June'34 ---98 114 Oct'33 --__
4
1
2 ___ 314 July'33
33
91
91 Sale 90
4 21
653
4
6512 Sale 643
*
•
1
6018
6714 6018
60
1
71
7434 71
70
1947 J .1
St Joe de Grand hid let 4e
.5
1998
St Lawr & Ads'lat g 58
24 gold 68
1996 A 0
St Louts Iron Mt & SouIffy & G Div let g 48
1933 M N
1
St L Peor & NW lit an fa_.1948
.1
-San Fran or lien 4e A_1950
:St 1,
Certificates of deposit.-- --J
Prior lien fa series B
1950
Certificates of deposit -_-- -,-1978 M S
Con M 4)4s series A
Ctfs of depot stamped _ MN
St L El W let g 42 bond otts 1989 -.
2e g 4s Inc bond ctfa-_Nov 19893 J
let terminal & unifying 58_1(258 .1 1
19901 .1
Gen & ref a 58 oar A
St Paul & K C fib L let 4%8_1941 F A
St P & Duluth lst con a 48_ _1968 J D
St Paul E Or Trk lot 434s_ _1947 J 1
St Paul Minn & ManitobaCons M de ext to July 1 1943._ -- _
1937 3 it
Mont ext let gold 4e
Pacific ext an 48(sterling)_1940 11 I
50.19723 1
St Paul Un Dep lot & ref
13 A & Ar Pass let an a 48___ _1943 1 J
Santa Fe Pr..& Phen let 54_1042 M S
1989 MN
Scioto V & NE 1st gu 4s_
:Seaboard Air Line let g 48_1950 A 0
Certlficatee of deposit
iiii A-6
Gold 4sstamped
Certifs of deposit stamped__ A 0
Oct 1949 F A
Adjustment 58
1959 A 0
Refunding 4e
Certificates of deposit ---- --,
1945 M S
lot & cons is series A
Certificates of depoelt_ ___ __ --.
Aff & Birm 30-yr 1st g 48 1933 M S
:Seaboard All Fla 68 A 0.68_1935 A 0
1935 F A
Series B certificates
So & No Ala cone gu g 5a____1938 F A
Gen cons guar 50
-year 5e__1983 A 0
So Pao coil 45(Cent Pao ooll) 1949.7 D
1st 4 Ns(Oregon Lines) A_1977 M 13
19681W 13
Gold 4540
Gold 4348 with warrante_1969 MN
1981 MN
Gold 4341
Ban Fran Term let 4... _1960 A 0
6
So Psc of Cal let eel) gui-8.1937 MN
1937 J 1
So Pao Coast let gu 6 4s
19553 1
So Par BR let ref is
Stamped (Federal tax)._1966 J I
Southern By Lat COOS g 51_1994 J J
Devel & gen 4e aeries A_1988 A 0
1956 A 0
Devel & gen 8e
1956 A 0
Devel & gen 83411
1996 3 .1
Mem Div let a 138
1951 1 .1
St Louis Div 1st g 48
East Tenn reorg lien a 68_1938 M S
Mobile & Ohio coil tr 48_1938 2.1 S
:Spokane Interest 1st a 58_1955 1 J
Staten Island By 1st 4345_1943 J D
Sunbury & Lewiston let 4a1938 J 1
For footnote@ see page 4272
Range
Since
Jan. 1.
8714 10012
84 111012
10054 104
12314 15612
75
50
85 10314
101 1044
4
100 1053
9978 10534
103 1114
8814 10358
974 10934
1034 10712
9114 10412
7814 921.
8312 9812
4
57 813
1914
7
8512 10112
5812 90
5014 7812
5112 81
10011 106
100 110
9214 105
234 3114
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 22.
i •
11
...,2.
Price
Friday
June 22.
Week's1 •
1
Range or
Last Sato.
Range
Since
Jan. 1.
High
High No Low
Bid
Ask Low
Railroads (Concluded)11
697
48
6314 11
Tenn Cent let Ge A or B____1947 A 0 6314 Sale 62
20 10028 108
0 10712 108 10712 108
Term Assn of St L hag 45415_1939 A
2 1013e 110
1944 F A 10734 ____ 10812 10812
let cons gold 5e
34
4
82 100
1953 1 J 993 Sale 994 100
Gen refund if g0
7514 97
16
95
4
4
Texarkana & Ft S let 534* A 1950 F A 933 Sale 931
89 89
89
84 90
1
J 87
1943
Tex & NO con gold M
I
9114 1083
2000 J D 109 11012 10834 10834
4
58
Texas & Pao let gold
64 87
85
41
1977 A 0 834 Sale 8312
Gen & ref be series B
8 52
847
,
65
86'4
1979 A 0 83 8 Sale 83
Gen & ref 5e series C
65 861,
46
85
1980 1 D 8334 Sale 8318
Gen dr ref 5e series D
5 67
90
91
8934 8912
Tex Pao-Mo Pee Ter 634e A_1964 M S 88
9412 10311
8
Cent 1st gu 58_1935 J J 1023 103 10112 June'34 ___
Tol & Ohlo
8
3
9712 1087
8
1935 A 0 1027 Site 10278 10278
Western Inv let g 56
1935 1 13 10112 102 10134 June'34 _--90 1013
4
General gold 58
8718 48
6724 8718
-year a 48-1950 A 0 86 Sale 84
Tol St L & W 50
9618 Apr'31
Tol W V &0gu 4s ser _ _1942 MS 10212
4
C963
3 -82- 9614
Toronto Ham & Buff let 1/4s 1946 J D 9634 Sale 9412
106 Sale 106
10638 86
101 Bale 10014 10178 150
10218 Bile 10218 103
64
11414 Sale 11418
11438 26
96 Sale 96
9712 136
10578 ___ 10558 June'34 -103_ _ 10114 May'34 -102 104 101 Apr'34 --_ 37
8
312
4
17
.
10278 ___ 10218 May'34 ---,
9212
9812 Sale 9212
6
834 86 83
8514 13
10812 Sale 108
109
45
10312 Sale 103
10312 16
9914 1073
s
89 1017
s
8924 103
10212 115
8212 97 2
,
8
1001s 1055
99 102
974 101
24 5
9814 1024
7572 93
67 87
9918 109
90 :0312
41
93
1939 M N 93 Sale 9112
:Wabash RR 1st gold 56
79
28
1939 F A 78 Sale 77
2d gold 5e
let lien 50
-year g term 4s_1984.5 J ---- 60 60 Feb'34 --10114 10712
9818 18
1941 .1 J 984 Sale 98
102 10712
Met & Chic Est let 5e
4
Des Moines Div let a 46_1989 1 ./ 553 59l 55 May'34 ____
103 10712
5434 10
Omaha Div let g 334s,..,,_1941 A 0 5012 - 5012
9918 101
1941 IN El 70 10 75 May'34 _
. Toledo & Chic Div g 4s
____
2212
1912
13 1912
_-4
99 1023 Wabash Ry ref & gen 634s A 1975 M -_ __._ Sale 25 Apr'34 ii
24
____
Certificates of
98 10318
e3
.
i
.
22 14 2
9
depositRef & gen 5e(Feb'32 coup) B'16 1.1A 1912 811e 2 14 Ap22144 ...4:
_
___
,--Certificates of deposit
_10014 10734
2214 21
1978 ;1- -0 2014 Sale 2014
Ref & gen 434s serial C
10158 108
Certificates of deposit_19 ____ 20 May'34 ___
94 10938
21
8
61 20 Sale 20
1980 A Ref & gen 58 eeries D
94•4 109
Certificates of deposit_ ____ 20 2312 Apr'34 --__
4
8444 1023
77 May'34 ____
____ _. Warren lit ref an g 8Ho_ _2000 I-A -.-- 81
79
8814 79 June'34 ---.
is
__ ____ Washington Cent let gold- 1948 Q M
1
9944
1945 F A 10012 ___ 095*
Wroth Term let gu 3348
95 Noy'33
:945 F A 100 let 40
-year guar 4e
8712 97
A 0 8612 Sale 8612
80
56
Western Maryland let 40_1952
9734 80
1977 J J 97 Sale 97
56
7914
let & ref 534s series A
8
1937 J 3 10812 Sale 10618 10812
80 West NY & Pa Iota 58
56
10212 14
1943 A 0 10212 Sale 102
General gold 46
9414 100
3928 52
1946 51 0 37 Bale 37
Western Pao let So oar A
101 106
8
8512 20
2381 1 J 8378 Sale 837
West Shore let 41 guar
50 50
4
1
4
4
803
2301 1 J 803 82 803
8111 914
Registered
4
99l
17
Wheel & L E ref 4)4s sty A ff168 M S 9834 100 981
103
103
7
1966 M 5 102
Refunding 58 series B
82 98
9934 39
1949 M S 9912 Sale 9834
RR let consol 42
88 10334
55
7
1942 1 D 53 Sale 53
8612 10312 Wilk & East let an g be
6
1938 J D 102 Sale 10112 102
____ ____ Will &9F let gold 58
S B lot 4s...1960 J 1 10014 10112 10014 June'34 -- __
--- _ _ Winston-Salem
4
143
1512 23
9954 10154 :Wis Cent 60-yr let gen 411._1949 1 J 1434 16
12 June'34 __ _
.
Sup & Dul dly & term 1st 4s'38 75 N 1018 12
73 95
J .1 5112 ____ 86 May'34 ____
____ ____ Wor & Conn East lit 434e.,.1943
95
74
581 83 2
. ,
60 60
70 981s
4
551
45
45 55
7314 75
151. 29
141e 25
5 2 12
16
4
84
Union Par RR lot & Id gr 411947 J J
June 2008 M S
1st Lien & ref 48
1967.7 J
Gold 430
let lien & ref Is
June 2008 54 13
1968 .1 El
40
-year gold 48
1944 M 8
UN J RR & Can gen 43
g 4s aeries A 1955 F A
Vandalla cons
1957 MN
Cons 814.series B
Vera Cruz & P nest 434c...1933 J J
Virginia Midland gen 58.--1936 M N
Vs & Southwest let an 58-2003 1 J
1958 A 0
let cons Is
Virginia Ry lot 58 series A-1962 IN N
1962 MN
let ratite 434e Bede. B
68 - 8
INDUSTRIALS.
937441s 6678 :Abltibl Pow & Pap 1st 5e _ _1953 J D
•
Abrabam dr Straws deb 8)48.1943
A 0
With warrant.
72
47
5311 7858 Adams Exprees coil tr g 4s_.1948 M 8
1952 A 0
Adriatic Elea Co extl 78
4
5 86 1003 Albany Perfor Wrap Pan 68_1948 A 0
10012 l02I 10034 10034
1044 F A
77
90
2
Allegany Corp coil tr 54
90
90
8812
1949 1 D
Coll & cony 58
7978 8818
97 8818 June'34 -89
1950 A 0
Coll & cony 50
*
•
Certificates of deposit_
•
W 11
5772 82 Allis-Chalmers Mfg deb 56_19117 18
74
7334 76 73511
4
168 28
42
21
AlpIne-Montan Steel let 711-1965 127 13
1834 Bale 1834
17
1838 12
26
18 Sale 1712
1935 F A
Amer Beet Sugar 8s
2114
5
175* 30
2114 24 2114
s A
68 extended to Feb I 194028
18
22
20
- --- 204 1914
1638 A 0
1918 103
1411 2512 American Chain 5-yr 6s
1718 Sale 17
1942 A 0
1412 244 Amer Cyanamid deb lie
1834 18
1712
8 17
161
6412 8114 Am & Foreign Pow deb 5e
2030 I& 5
9
78
78 Sale 771
1953 J D
12
425e 63 American Ice of deb 5s
63
63 ___ 6178
Amer 10 Chem cony 5343_1949 MN
48 6912
6212 14
62 Sale 62
43 584 Am Internet Coro cony 534e 1949 3 3
5258 61
52 Sale 51
1939 A 0
2312 37:4 Amer Mach & Fdy•f 6._
38
26
2512 Sale 25
_1938 MN
Am Rolling Mill cony 5e
95
84
95 May'34 ---85
A
73 June'34 ---. 63 764 Am Bm & R let 30-yr 15.ser- '47. A 0
68
193y J .1
Amer Bug Ref 5
-year tle
8 10614 83 97 10612 Am Teler Teleg cony 48_1936 al S
,&
10614 Sale 1057
19461 D
-year eon tr sa
30
7 94 10112
10112
101 Bale 101
1,.. j j
-year,f deb 58
35
851e ____ 99 June'34 --, 89 99
j94354 N
20-yesr 8 f 1535e
6 101 111
8
11014 Sale 11014 1105
1939 J J
Cony deb 4348
601s 8534
48
853
844 Sale 8412
:
1965 1 A
97 10678 jAm Type Founders Soetfe_1940--.
10558 1063 06 June'34 ---4
Am Water Works & Electric
9712 106
105
1
1054 ___.. los
•
1944 M 8
•
10-yr 5is may coll tr
1975 MN
Deb g flimessi A
2012 2312
26 2218 May'34 ---18
•
•
Am Writing Paper let a 6g 1947 J .1
25
15
22 21 May'34 ....
18
4
512
5
712 Anglo-Chilean Nitrate 78_1945 MN
5
5 Sale
4
Ark & Mem BrIdge & Ter 58_1964 57 S
•
Armour & Co (111) lot 4)41_1939 1 D
13
74
9 J1111,3•34 --,,
-7,- 10
1943 1 J
914 164 Armour & Co of Del 5 Ne
1112 19
1012 10
10
812 1458 Armstrong Cork cony deb 5.194O 1 D
958 25
9
9 Bale
notes_1935 MS
*
Associated 0116% g
•
1947 1 13
712 Atlanta Gas Lists.
4
4
44 40
4 Sale
358 714 All Gulf & W IBS coil tr 58 1969 J 3
5
34
4
312 414 33
1937 J J
104 ____ 10314 May'34 --__ 10058 10312 Atlantic Refining deb 5s
8
1067 ___ 107 June'34 - - 91 107
Loco Works let 58_1940 MN
8
747 Baldwin
56
56
72
714 Sale 71
8312 8414 Bstavian Petr guar deb 4)48_1942 1 J
116
83
82 Bale 82
Bell Talon of Ps 58 series B 1948 J 1
31
534 72
68
6514 Bale 6514
1960 A 0
let & ref 68 series C
72
53
6678 62
6518 Sale 65
Beneficial Indus Loan deb 61 1946 M 8
524 71
674 176
6454 Sale 644
Elee Co deb 6551 1951 .7D
4 48
973
8278 9818 Berlin City
9734 Sale 97
Deb sinking fund 634e...1959 F A
10412 ____ 103 mar34 ____ 101 103
1955 A 0
Debentures 68
9978
99
100__ _ 9958 May'34 --9014 Berlin Elm El & tinders 614e 1956 A 0
70
891k 56
8812 Sale 8812
_. Beth Steel lst & ref 6e-guar A '42 MN
--------9212 May'30 ---. -___
-year pm & impt a I 58_1939 1 J
30
86 11)478
10478 Sale 0312 10478 109
19501W 8
5718 7334 Bing & Bing deb 854e
123
70
88 Sale 66
95 :Botany Cons Mills 630-1934 A 0
87
75
9111
88 Sale 88
A 0
Certificate. of deposit
9734
78
9534 82
92 Bale 92
Bowman-Bilt Hotels lit 78_1934
4
803 100
9614
I
98 9614
95
Strap as to pay of $435 pt red 57 S
6614 91
20
89
89 88
88
1
84 10214 Grway & 7th Ave let 58___1943 J D
10212 10312 10218 10218
Brooklyn City RR lit 58„ 19413 .II
81
56
6
76
7212 7478 7412
Bklyn Edison Inc gen 5s A-1949 1 .1
934 17
11 June'34 __
1112 13
Gen mile be series E
1962J 1
May'33 ____ ___ _.
--------60
100 _--- 100 Feb'34 ____ 100 100 Bklys-Manh R T see 138__1968 .1 J
iii,
June 23 1934
•
10412 106
82 Sale
92 Sale
4
683 ..__
694 Sale
6212 Sale
3814 Sale
3958 Sale
9812 Sale
75% 85
•
10414
8012
9014
89
6914
8212
38
39
9734
82
1512 284
16
2512
15
28
234
14
6 77
'79
79
93 10012
7012 /7
-12
80 973
4
4
1021 106,
2
85 103
30
4
463
6878 88
654 8238
85 9912
9312 103
8824 100
395* 597
s
100 102
90 101
14
2212
10
,
17 2
66 66
•
10414 11
83
7
9212 21
69
1
7212 173
8712 104
4l1 206
3912
6
9858 82
82
5
93 10414
83
62
9014 110
69
56
5118 74
69is
44
48
25
3614 401s
904 9914
5614 8312
100 Sale 994 100
15
9018 934 85
9018 13
86 Sale 8534
9
8812
10212 Sale 10212 103
20
5412 146
5112 Sale 514
70 Sale 70
8
707
7
9812 Sale 9734
9812 143
83 Sale 83
8512 24
10758 ____ 1067 June'34 ____
8
1034 Sale 10313 1084 158
10412 sate 10414 105
32
10638 1074 106
10614
6
10312 __ .a10314 6l0314
2
8
1095 Sale 10918 110
87
110 Sale 10918 110
137
11114 Sale 11058 1115
8 78
10814 Sae 10818 10958 41
110 Bale 10914 110
157
30 3634 3018
30I
I
71 100
80
904
9052
64
9312 10314
35
5912
62
4
795
837e 99
674 87
103 10712
3
95 4 1164
9912 105
10414 10712
1015s 10418
10518 110
10314 110
10578 1115*
107 113
10318 110
liois 50
10614 Sale 106
87 Sale 87
10012 111
6414 90
10934 444
884 17
25 Bale 2313
8
267
10 Sale 10
4
121/
-- -- __ . 874 May'34
8
993 Sale 994
9912
8
977 Sale 97
9812
100 Sale 99
100
10312 1033 104 June'34
4
8
__. _ 007 May'34
8
1005
584
5812 Sale 5812
10718 Sale 107
1074
184
204
152
_
_
1
22
2312 62
5
1714
834 90
8714 99i2
82 9812
86 100
102 e 1047
1
5
95 10018
60 6112
1
1034 10714
10638 10811 107
107
3
109 Sale l09.
109
4
4
1133 Sale 11278 11514 17
11514 11534 11518 11558 16
1087e 78
106 Sale 106
4014 Sale 3814
41
98
4
393 Sale 3534
40
34
3714 Sale 3534
3714 13
41 Sale 4012
41
20
1.1212 Sale 112
11212 25
10212 Sale 10214 10224 37
3512 ____ 3712 June'34 ____
•
1314
1112 14
1312 11
102 10714
1025e 116
106 1154
106 1155*
84 108
664
38
4 3
353 1 7
6614
35
4
404 7
e
997 1115%
99 103
3712
80
•
20
6
*
•
*
•
8212 83 8034
10878 Sale 10812
1085s Sale 0858
4
1013 Sale 101
•
•
86
72
8
10512 1095
10514 110
9314 102
127
18
81
7
10878 18
10914 43
293
102
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 22.
-7. 7:
.,t,
Price
price
Friday
June 22.
P7eat's.Q. .
Range Of
g1
Last Sale.
az
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 22.
El
it
.,a,
4271
Price
FrOlog
June 22.
Weers
Range or
Last Sale.
l•
1
Range
Since
Jan, 1.
DM
Ask Low
bid
Ash Low
High No. Low
High
High No. Low
Industrials (Continued)Industrials (Continued)High
9914 38
9914
Inland Steel let 4 Ha
1978 A 0 99 Sale 98
57
87
6612 67 June'34 ---Bklyn Qu Co & Sub con gtd 58'41 M N 60
86
3
4
9814 72
1st M a f 434s ear B
573 June'34 ---,
4
1981 F A 98 Sale 973
57 .g 57 4
5
1941 J J 6712
tat 55 stamped
8513 9812
713 491
4
707 Sale 6954
8
7512 994 Hnterboro Rap Tran jet 68_1966 J J
994 91
4
Bklyn Union El let g Ss__ _1950 F A 973 Sale 97
6512 7214
6 1064 11412
4 11412
10
*
-year Ba
1932 A 0
Bklyn tJn Gas 1st cons g -s_1945 MN 11414 115 1133
5
•
3212 May'34 ---Certificates of deposit _-__ --__ 29
8
3812
1s1 lien & ref Bs aeries A...1947 M N 1175 ---- 1174 June'34 ---- 1107 1174
32
4
•
*
10
-year cony 7% notes
1932 M 3
Cony deb g 530
*
-- 158 Feb'34 --, 168 158
1936J .1--7612 23
76 Sale 7512
8 10412 21
-Debenture gold be
1950 J D 10414 10412 1037
Certificates of deposit_
98 1044
6712 7612
3
4
1957 M N 10812 1093 10912 109 4 13 10434 10984 Interlake Iron 1st 5s B
60
7718
17
8
75
1951 11N 74 Sale 737
let lien &ref series B
10718 10
99 10718 Int Agile Corp 1st & coil tr bisBuff Gen El 431. series B 1981 F A 107 Sale 107
80
60
57 June'34 --„,
59
:Bush Terminal let 48
1952 A 0 56
Stamped extended to 1942____ M N 6912 8012 80 June'34 ---62
8412
9214 39
Como! be
1948 hi N 9214 Sale 9118
225
8 22
1955 J 2 2212 Sale 52214
121 2612 lot Cement cony deb 55
8
794 9314
138
61
4
4
4
Bush Term Bldga ba gu tax ex '30 A 0 484 Sale 483
40% 693
12 604 Internet Hydro El deb 6s_1944 A 0 583 Sale 583
49
43
2
8
8312
54
32
56
82
82
82
Inter Mere Marine if 65_1941 A 0 534 5412 54
By-Prod Coke let 534e A_ _ _1945 MN 80
4
6112 88
754 34
Internet Paper 5a ser A & B_1947 J J 7418 Sale 7418
5712 8212
388 23
4
45
62
Cal()& E Corp unf& ref 58.1937 MN 10714 Sale 10714 10712 15 10318 10712
8
Ref at 65 series A
1955 111 8 61 Sale 605
63
8
123
5612 10214 lot Telep & Teleg deb g 4342 1952 1 3 61 Sale 61
8
Cal Pack cony deb 58
4314 6934
1940 J J 1017 1023 10138 10214 37
871 7318
8
189
71
8
.
Cony deb 4448
9618 103
Cal Petroleum cony debut 5s'39 F A 1025 103 10212 June 34 ---,
19392 2 6714 Sale 67
52
652
4
Cony deb if g 530
6712 136
9
9918 104
1938 MN 10414 10414 10312 104
Debenture be
1955 F A 65 Sale 65
5
5
5 Sale
Camaguey Sugar 78 ctfs__ _1942 _ _
97 June'34 ---5
Investors Equity deb Si A_1947 J D 8212 98
8238 98
27 12
88
1
9712
98
30
_2
33
Canada 88 L let & gen 88_1941 AO 31
30
Deb bs ter B with warr_1948 A 0 9712 Sale 9712
18
12 334
4
877 98
8
9712 June'34 ---Cent Dist Tel let 30-yr 58..1943 J D 1074 1083 107 4 1073
3
4
Without warrants
3 1045 1073
1948 A 0 8212 88
8
4
Cent Hudson G & E 58.Jan 1957 M 8 10818 10914 10818 June'34 _-_,., 10418 10812
Cent III Else & Gas let be_ _ _1951 F A 6412 6534
8 10012 10712
8
4514 697 H C Pow & Lt 1st 4345 ear B 1957 3 .1 1064 10712 10712 10712
6533 .33
Central Steel let get 13s___ _1941 MN 10614 Sale 10618 10614
7 1004 10912
let mhze 434s
1961 F A 10912 Sale 10914 10912
3 1014 112
64
27
Certain-teed Prod 5348 A _ .1948 fii 8 6314 Sale 8218
984 6
8218 714 Kansas Gas & Electric 41, _1980 2 D 983 Sale 974
4
9
7312 984
0
542
19
36'8
Cheesy Corp cony 58 May 16 '47 MN 10712 Sale 10712 110
9
32
28
36
Karetadt (Rudolph) let 68-1943 MN 31
96 110
8._1932 ,ff .1 106 Sale 1053
Ch a L & Coke 1st gu g 8
4 106
19
304 49
984 106
1612 32
29
3038 29%
Certificates of deposit
:Chicago Railways let be stpd
6818
1
6818
Keith (B F) Corp let 68____1946 1 13 6818 70
51
72
111
5.
Aug 1 1938 25% part pd
F A
*
•
45
Kelly-Springfield Tire 65_1942 A 0 44 Sale 44
44
9
5912
Childs Co deb bs
5414 21
1943 A 0 544 Sale 53
9514 42
Kendall Co 5448 with warr__1948 M 3 9412 Sale 94
43
65
74% 954
67
83
Chile Copper Co deb 58
1947 J .1 8212 Sale 82
Keystone Telep Co 1st 5e__193,5 J J
734 814
7912 ____ 804 June'34 - - -,
83
56
1024 57
On 0& E let M 48 A
1968 A 0 1024 Sale 102
1 104 10714
92 1027 Kings County El L & P 511_1937 A 0 10718 Sale 1074 10718
8
6518 June'34 ---Clearfield Bit Coal let 4e_1940 J J 65__
5218 6518
14,5
1 122 145
Purchase money 65
1997 A 0 13612 145 145
661 6512
2
6512
888 82
4
Colon 011 cony deb 6i;
1938 J J 60
913
Kings County Elev 1st g 48_1949 3 A
4 44
9112 Sale 91
75
913
4
59
5814
30
60's 11
6214 Kings Co Lighting Mt Si.,. _1954 J J 10812_ 109 June'34 ---- 10314 109
:Colo Fuel & Ir Co gen 5 f 561943 F A 51
2712 Sale 2712
1218 3312
13
29
Col Indus let & coll 55 gu_ _ _1934 F A
First and ref 6348
3 -1954 3 J 114 4 117 11714 May'34 ---- 108 120
5
8814 34
Columbia GI & E deb 55 May 1952 M N 87 8 Sale 8712
4
99
8112 100
.
69
884 Kinney(OR)& Co 734% notes 38 3 0 99
99'l 9812
8218
3
20
88's
8818 Kresge Found'n coil tr 68_1936 J D 99 Sale 9812
Debenture 55
Apr 15 1952 A 0 8712 88
99
28
8238 100
863 149
4
Debenture ba
6612 88 :Kreuger & Toll cl A 563118_1959 IN S 143 Sale 145
Jan lb 1981 J J 8612 Sale 85
13
8
15
1214 2138
4
98
98
75
36
.1 98 Sale 9714
Columbus By P & L let 434s 1957 J
1942 A 0 10512 Sale 10618
11
107
9014 10712 Lackawanna Steel let 54 & 1550 M 8 107 Sale 107
Secured cony g 5348
5
10712
97 1073
4
Laclede G-L ret & ext 55.- _1934 A 0
*
•
Commercial Credits f 5%8_ _1935 j 2 1004 101 101 June'34 _____ 101 103
Certificates of deposit
93
90
93
- 91
93
85
5
Comm'i Invest Tr deb 5348_1949 F A 10938 Sale 10938 110
Coll & ref 530 series C1953 II18 101 110
20
64
A 6312 Sale 6112
50
6918
.
4
6314 14
4
55
698
4
Coll & ref 530 series D___1960 F A 62 Sale 61
Conn RY & L let & ref it 430 1951 J J 1043 ---- 983 Nov 33 ____ _ __
43111113'34 ---8
Stamped guar 434s
8
144 99
171i I043- Lautaro Nitrate Co Ltd 68_1954 J 2 13 Sale 127
- 4
1951 3 J 1027 -- - 1043
51s 194
Lehigh C & Nay a t 4 As A__1954 J J 100
Consolidated Hydro-Elec Works
131 100
7
9912
100
___
365
8
3812 15
Cons sink fund 4348 ser C_1954 J J 10012 Sale 100
of Upper Wuertemberg 78_1956 J J 3738 40
10012 20
36% 60
80 10012
18 June'34 ---20
2514 Lehigh Val Coal lat & ref a f be '44 F A
Cons Coal of Mdlst & ref 58 _1960 J D 19
12
10
88
7912 91
88
88'z 88
18
18 Sale 18
6
let & ref a 1 Se
1114 24
Certificates of deposit
_ __ 57
6214
1954 F A
40
7
574
8 10712 88 10113 10712
1st & ref a f M
Consol Gas(NY)deb 6348_1945 F A 10714 Sale 1067
58 June'34 ---16
60
1964 F A 584212 59
10212 139
let & ref 8 t as
Debenture 4348
5312 June'34 ---1974 F A 544 56
9038 1024
1961 I/ D 10212 Sale 101
40
5614
9718 105
94
Secured 6% gold
Debenture 58
95
5
8118 97
16
_ _1938 J 3 9338 951 9418
1937 J J 1047 Bale 10414 105
5 100 1065 Liggett & Myere Tobacco 76_1944 A 0 128 Sale 12614
10518
8
Consumers Gas of Chic gu be 1936 J D 105 Sale 105
27 1191s 12812
128
notes58
1073
8 14 1004 108
Consumers Power lat ba C1952 MN 10712 --- 107
8 113
8
13 106 11338
1951 F A 1123 Sale 1123
70
9014 12
9612 Loew% Inc deb a t 68
55 10218
Container Corp let Bs
4
1941 A 0 1013 Sale 10112 10218 32
1946 J D 88 Sale 88
13
76
7455 75
15
-year deb as with warr_1943 J D 71
52
814 Lombard Riots 75 see A
7
76
7712
80
1952 J D 76
76
98
Copenhagen Telep ba Feb 15 1954 F A 8838 Sale 8638
Lorillard (P) Co deb Ti
1944 A 0 12214 1247 12212 12312 11 1124 1234
7518 95
6
89
10612 13
Crown Cork & Seal at(M
as
974 107
1951 F A 107 108 10612 1067
1947 J D 106 10614 106
994 107
2
8
95
Crown Willamette Paper 65_1951 J J 9412 Sale 9412
8
106
794 96
8
10
88 106
Louisville Gas & El(KY)58_1952 M N 106 Sale 1057
Crown Zellerbach deb 58 w w 1940 131 0 093 Sale 29312
9412
Lower Austria Hydro El 63481944 F A
96
79
70
5
4
823 823
4
3
823
4
al
8514
•
•
*
:Cuban Cane Prod deb 88
1950 J J
Cumb T & T let & gen 58-1937 1 J 10718 1071 107% 10714 11 10312 10738 :McCrory Stores deb 534s.. _1941
Proof of claim filed by owner__
50
66
19
62
- 61 Sale 61
Del rower & Light 1st 4346_1971 J J 10412 106 10412 June'34 --, 944 1053 McKesson & Robbins deb 5348'50 181N 8312 Sale 8318
4
844 104
-,.
5818 863
4
let at ref 434.
•
1023
4
1969 J J 102 Sale 102
2
*
•
8955 103 :Menet! Sugar let 8 f 734_1942 A 0
1st mortgage 434.
1812 May'34 ---94 104
1969 J J 10014 _ - - 103% May'34 _-_20
Certificates of deposit 10
20
_
- 15
Den Gas& El L 1st & ref s f 58'51 MN 101 10 1 10012 10038
•
Stamped Oct 1931 coupon 1942 --A0
*
•
88 1027
2
3
-13
Stamped as to Fauna tax_1951 M N 10118 1033 10014 101
5
4
Certificates of deposit
--_. 10
8734 1023
8
20
1614 20 Feb'34 ---4
Detroit Edison 55 ser A
1073
4
•
*
Flat stamped modified _
963 1073
8
1949 A 0 10712 Bale 10714
4
4
•
- -Gen .13 ref 58 series B
1955 J D 107 10718 10755
9638 10734 tManhat By(NY)coin g ia,A 0 48 Sale 47
7
10712
484 19
423 5112
4
Gen & ref be series C
963 10814
8
2
40
1962 F A 107 108 10814 June'34 ____
37
46
Certificates of deposit---------391g 4218 40
Gen & ref 434e series D_19131 F A 1037 Sale 1033
2d 4a
8
30
40
2
31
31
35
2013 .1 13 30
89 10414
4 1044 86
Gen & ref 58 series E
1952 A 0 1074 Sale 10718 10712 41
97 10712 Manila Bloc RR & Lt if 58_1953 M 8 8312 933 8
4 7 May'34 ---87
97
Dodge Bros cony deb 68
1940 M N 10514 Sale 105
954 10512 Mfrs Tr Co Ws of panto In
10512 so
Dold (Jacob) Pack let 138....1942 M N 92 Sale 9112
9212 14
5812 June'34 --A 1 Namm & Son let 6a_1943 J D 7012 74
60
797 93
77 4
3
Donner Steel let ref 7s
Marion Steam Shovel St 68_1947 A 0 5514 57
94 102
1942 J J 98 101
44
i
56
9912 June'34 -_61
56
Duke-PrIce Pow 1st 68 ser A_1966 MN 954 Sale 9518
7418 9818 Market St RY 7a ser A_April 1940 Q 3 8814 Sale 8814
9614 58
89 4 40
3
88
9112
Duquesne Light let 434s A 1967 A 0 10758 Sale 10714 108
53
9
78
80
4
81
4
7712 80
16 1013 1093 Mead Corp 1st Bs with warr_1945 MN
lat M g 430 series B
1
9118 116
Meridlonale Elec let 7e A_1957 A 0 ____ 944 a90
4
1957 31 S 110 ---- 1083 June'34 -- 10212 110
a90
Metr Ed let & ref ba ear C 1953 2 3 10
77 10114
0 10114 9918 10114 14
East Cuba Bug 15-yr a I g 734s'37 M S
•
•
•
8
95
let g 434s series D
71
95
62
1968 M 3 94 Sale 927
Ed El III Bklyn let cons 4&.1939 1 3 106 ---- 105 8 10538 10 100% 106
9218
5
80
Metrop Wet Sew & Dr 6348_1950 A 0 8814 Sale 8814
897
s 23
Ed Elm (N Y) 1st cons g 5e_1995 3 J 12112 Sale 12112 12111
*
•
2 110 12112 Met West Side El (Chic) 48_1938 F A
El Pow Corp (Germany)634560 M 8 44 Sale 44
46
50
50
9
50
78
1
50
42
694 Ming Mill Mach let.f 79-1956 J D 48
let sinking fund 6348
1953 A 0 4384 45
44
45
3
8
9715 10212
30
1021
8
4212 694 Midvale St &0 coil tr 8 f 55.1936 M 8 1023 Sale 10214
Ernesto Breda 7s
1954 F A 70
797 84 4 June'34 ---8
Milw El Ry & Lt 1st bs B
3
67
35
85
83 8 89
3
1961 J D 8312 Sale 8312
8512
Federal Light & Tr let 6e
1942 M S 80 Sale 80
80
56
85
4
84
6
64
82
let mtge 58
1971 J .1 8212 Sale 8212
As International serles_1942 M 8 ____ ___- 8034 June'3 ____
791k 10012
75
79
4 10014 36
Montana Power 1st 58 A1943 J J 100 Sale 985
181 lien 5 f be stamped-1942 M 13 8112 Sale 7832
6012 8112
4
5112
26
8
81
Deb as series A
53
813
4
1962 3 D 8014 Sale 783
lien Os stamped
let
1942 M B 8212 86
84 June'34 _--64
84
Montecatinf Min & Agile
30
-year deb Os series B
1964 J D 6612 Sale 61312
2
5112 6718
4
6612
91
Deb g 78
9812
1937 J J a9318 Sale 319318 09318
Federated Metals a f 7a
1939 J D 10214 106 1043
4
954 101
4 105
Montreal Tram let & ref 5s_1941 J J 9912 Sale z10012 10012
5 101 106
Flat dab. I g 7s
1946 3 J 9812 9912 98
98
9
8314 8214
8214 Apr'3 ____
9712 102
Gen & ref 8 1 be series A1955 A 0 784 83
Framerican Ind Dev 25-Te n22.42 .2 2 10718 1077 10712 10712
74
74
8
4 10212 110
Gen & ref a f be series B.1955 A 0 783 86
74 Feb'34 _ _ _ _
4
:French= Sug lst a f 730_1942 M N 2618 287 30 June'34 _--8
753 76
8
19
41
Gen & ref 5 f 434s serlee C.1955 A 0 7212 76
76 June'34 ____
83
85
Gen & ref 5 f ba perks D...1955 A 0 7834___ 85 Mar'34 ____
Gannett Co. deb 68 ear A_ _ _1943 F A 9514 Sale 944
9718
9778 110
97t2 98
954 12
84
13 98
7914 9514 Morrie & Co 181 at 434s
1939 J
Gas& El of Berg Co cons g 581949 .1 D 110
__-- 104 Feb'34 _-__ 104 104
403 Dec'33 ___- --- -5
Mortgage-Bond Co 45 ear 2A966 A 0 31_
Gelsenkirchen Mining Bs_ -_ _1934 M S
•
•
88 199
Murray Body lit 8416
913 4
19343 0 9512 - -3- 9512 June'34 --Gen Amer Investors deb baA1952 F A 9512 Sale 94
954 19
95 10512
794 97
Mutual Fuel Gas let gu g 52_1947 MN 1043 ____ 104 May'34 ____
4
Gen Baking deb 8 f 534,...l940 A 0 1043 Sale 1043
4
97 103 2
1
4 10514 10 102 1051 MAUD Tel attl 68 On at 5% 1941 MN 10212 Sale 10212 10211
,
4
Gen Cable let a t 534e A
J J 7412 Sale 7412
1947
753
4
7
59
774
Gen Electric deb g 334s
11342 F A 1033 ---- 10318 June'34 --- 100 1034 Namm (A I) & Son_Ses Mfrs Tr
4
Gen Eke(Germany) 78 Jan 15'45 J J 533 Bale 5112
5334 19
4
55
534 62 4
3
Nassau Else gu g 4s stpd
5912 16
4
1951 J 3 585 Sale 584
4938
St deb 634.
1910 J D 53 Sale 51
53
31
6512 86
48
6312 Nat Acme 1st s f 68
1942 J 0 6712 __- 85 June'34 ____
-year at deb Os,
20
1948 PA N 504 Sale 48
5014 58
7818 9812
45 4 63
2 278
3
12 Nat Dairy Prod deb 53411 -1948 F A 9818 Sale 973
4
Gen Petrol let sink f'd ae
1940 F A 1034 104 10312 10514 76 1034 106
91 10312
4 10311 174
Nat Steel let coll be
1956 A 0 10314 Sale 1023
Gen Pub San', deb 534e
1939 J J 93 Sale 93
93 3
17
76
8
1 1035 110
1097
8 1097
8
9455 Newark Consol Gas cons 58_1948 3 13 11018
Gen Steel Cast 514s with warn'49 J 2 82
8412 8112
6818 8914 Newberry (JJ) Co 544% notes'40 A 0 10312 104 10318
b
814
8814 1044
6
10312
Mien Theatres Equip deb 65_1940 A 0
*
13 10512 115
•
New Eng Tel & Tel bs A
1952 J D 115 Sale 11414 115
Certificates of deposit
8
8 Sale
912 23
3
1184
lst g 43413 series B
4
1961 MN 1103 Sale 11018 11038 40 101 1104
Good Hope Steel & Ir sea 78_1945 A 0 555 5712 5338
5512 24
5338 6318 NJ Pow & Light let 4341_1960 A 0 887 Sale 863
694 887
4
887
8 65
8
8
auvirlch(B F)Colas6348_1(147 J J 1047 Sale 10455 105
8
52
95 105
414 65
New on Pub Serv let as A 1952 A 0 593 Sale 593
4
6212 104
4
Cony deb 68
1945 J D 85 Sale 85
883
4 90
40 4 65
3
72
90
First & ref 15a series B
37
63
1955 J D 61 Sale 5914
Goodyear Tire & Rubb 1st 581957 131 N 100 Sale 9938
10012 264
8914 10012 N Y Dock let gold 4s
50
67
3
60
58 8 59
7
1951 F A 57
Gotham Silk Hosiery deb 68_1938 J. D 914 90
93 June'34 __--89 95
37
58
5
Serial 5% notes
48
47
1938 A 0 454 47
:Gould Coupler 1st 51 85_ _1940 F A
3.
NY Edison hit & ref 6548 A.1941 A 0 11418 Sale 1141a
114 4 38 10912 115
3
(It Cons El Pow (Japan)78_1944 F A 82 Sale 814
824 11
68
14 87
13 10512 11018
let lien & ret ba series B 11344 A 0 109 Sale 1087
8 109
1st & gene f 6348
1950 J J
7.52 Sale 754
681 7918
8
6
75 4
3
let lien & ref bs series C.-1951 A 0 10814 Sale 10814 l09's 56 10512 10912
Gulf State° Steel deb 5345_1942 J D 87
5 883 8712 , 88
4
12
71
89
NY Gas El Lt H & Pow g 55 1948 J D 11512 Sale 11512 1151
7 107 11512
14
Purchase money gold 4s 1949 F A 10612 Sale 1064 1061
994 10612
Hackensack Water let 48_1952 3 3 10314 Sale 1023
4 10314
b
7512 95
4
921s
96 10314 NY L E & W Coal & RR 5348'42 M N 92
947 90
MUM SS LInes 65 with warr_1939 A 0 48 Sale 48
48
2
3914 5712 NYLE&WDock& bay de'43 J J 995 103 100 May'34 ____
87 100 4
3
Harpen Mining 68 with warr_1949 3 J 6512 Sale 68
6818 25
63
614 7'i 7 May'34 ____
7025 N Y Rya Corp Inc 6s___Jan 1965 A pr
612
PS
Nu F A
38
45 (83814 a3814
Hav1111/1 Elm consul g se_
2912 3712
3
63
70
Prior lien 68 series A
6514 June'34 ____
3
1965 3 J 65 4 68
98
Deb 530 series of 192E5_1951 MS
8
72 June'34
4
-7
93 N Y & Richm Gaa Irt fie A 1951 MN 10514 - - 106 June'34 ____
4
96 106
moe(R)& Co 1st 630 ear A 1934 A 0
•
•
•
113 5
2
4
IN Y State RYI 4 34. A 018-1962 ---438 4
33
4 39 Des.33 __
Holland-Amer Line 6s (flat)_1947 MN __ _ 28
212 47
8
1
3
48
3
_ . 61421 series B certifIcatee_1962 - 45
438 Sale
Houton 0115Ink fund 5348..1940 M N iii Sale 85
857
ii "ii" 11 NY Steam as series A
N 1104 Sale 11018 11012 11 1024 11012
1947 M Hudson Coal 1st s t 5.2 see A.1962 3 D 43 Bale 43
447
40
39
51
98 8 106
5
25
let mortgage lis
1
1951 MN 105 4 Bale 10512 106
Hudson Co Gas let a 68
1949 MN 1124 Bale 1114 11212 12 10514 11212
lst mortgage 5s
97 1082
1a
4
1956 MN 10514 Bale 104% 10514 18
Humble Oil& Relining 58
1937 A 0 1044 Bale 104
10411 49 10312 1054 NY Telep let & genii 434s 1939 MN 10912 sale 10812 109
52 103 109
1956 .1 D 1093 Sale 10912 110
Illinois Bell Telephone 51
4
96 1054 11012 N Y Trap Rock 1.1 6.
51
63
7
59
1946 J D 5512 Sale 5512
Illinois Steel deb 4 He
1940 A 0 1063 Sale 1063
4 lO7li 28 10212 10714 Nlag Lock &0Pow let Si A 1955 A 0 1023 l031i 103
4
104
90 104
12
4
ififeder steel Cory mum 68-1948 F A 39 Sale 38
394 15
38
5912 Niagara Share deb 534s.,.1950 M N 0512 sale 67 4
6812 25
5
50
724
1215 Nat Gas & 011 ref 5i-...1936 MN 1014 --- 101 June'34 --__
94 101
Norddeutsche Lloyd 20-yr816217 MN 47 Bale 45 4
5
47
4 1 73
52
9
44 4 17
3
- 42 Sale 41
Certificates of deposit
41
57 s
7
-_
For footnotes see page 4272.
New York Bond Record—Concluded—Page 6
4272
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 22.
i•
.
81
.3
•i• t
...! a.
Prile
Friday
June 22.
Week's
Range or
Last Sale.
.3
,
gs
ai
Range
Since
Jan. 1.
r. .
tig
3 c,
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 22.,:',S.,
June 23 1934
Pries
Friday
June 22.
Week's
Range or
Last Sate.
1.
:?.
az
Range
Since
Jan. 1.
Industrials (Continued)—
Bid
Ask Law
High No. Low
High
Bid
Industrials (Concluded)—
Ask Low
High No. Low
High
Nor Amer C,em deb 6348 A.._1940 M S 3118 3512 33
33
2
2212 40
Ungewa Elea Power s 17s- - _1945 M 8 81
85
81 5s
83
26
7312 87
North Amer Co deb be
1961 F A
90 Sale 89
9014 66
6313 91
Union Elec Lt ds Pr(Mo)58_1957 A 0 107 Sale 106
107
24
96% 107
No Am Edison deb 58 ser A_1957 M 8 871* 893 8712
4
8812 Un EL & P (III) 1st g 594s A 1954 J J 1063 Sale 1053
8812
8
61
4
4
1063
4
6 102 107,
4
Deb 63.45 err B___Aug 15 1963 F A
94 Sale 94
94 14 30
62
•
943 Union Elev fly (Chic)58— _1945 A 0
•
Deb 56 ser C
Nov 15 1989 MN 85
86
8518
5618 86
86
50
Union 011 30-yr es A__May 1942 F A 1137 Sale 1137
114
7 10712 114
Nor Ohio Trac de Light 66_1947 M 8 10-1 1043 10212 1037
4
8
2
747 1037
8
8
Deb fe with Warr__ Apr 1945 J D 10312 104 1033
1033
25
943 103%
4
Nor States Pow 215-yr ba A__1941 A 0 10414 Sale 103
104% 72
8912 1048 United Biscuit of Am deb 65 1942 M N 10713 Sale 1063
4
10712
5 1033 107,2
4
let & ref 5-yr es ser B____1941 A 0 106% Sale 106
9414 1063 United Drug Co(Del)5a__1953 M 8 833 Sale 833
1063
4 16
4
8
8113 51
60
853
4
Norweg Hydro-El Nit 648_1957 MN 08018 Sale z8014
20
813
19
7812 90
20
:Milted Rya St L let g 4s _ _1934 .1 .3
187 June'34 _-_8
17
2012
Ohio Public Service 7945 A__1946 A 0 1043 1063 10634 June'34 ___.
4
4
89 108
U 8 Rubber 1st & ref Is set A 1947 1 J 8612 Sale 86
91
68
95
87
1st & ref 78 series B
1947 F A 10312 Sale 1038 1033
_ _1937 M N 05 10014 98
4
8
-year
78 1034 United SS Co 15
1
98
9012 98
Old Ben Coal let 68
1944 F A
1612 1814 1612
1612
2
23
Un Steel Works Corp 6948A_1951 J D 3712 Sale 37
15
as_3712 28
3612 66%
Ontario Power N F 151 58.1943 F A 110 Sale 108% 110
9 101 110
37
1951 J D
Sec.6 f 834s series C
373 367 June'34 -4
367 6614
Ontario Transmission lst 56_1945 MN 106 1087 10912 May'34 ____ 101 10912
8
Sink fund deb 634s see A _1947 ./ J 37 Sale 37
36
67
37,
2 3
4
Oslo Gas & El Wks ext1158.. _1963 NI 8 79 4 8012 78%
3
80
4
Up Steel Works(Burbach)7s 1951 A 0 11412 1198 1193 Apr'34 _-__ 107 120
30
6912 86
Otis Steel 1st mtge es ser A_1941 M 8 5814 Sale 5814
2614 2614 June'34 ____
65
654 Universal Pipe & Rail deb 63 1938 J D 20
9
28
13
31
Unterelbe Power & Light 68_1053 A 0 4512 Sale 45%
47
11
4514 7353
Pacific Coast Co let g 58
1946 1 D 34 Sale 34
35
2
25
40% Utah Lt & Trac let & ref 56_1944 A 0 6612 Sale 6614
673
4 45
5712 7513
Pacific Gas & El gen & ref ba A '42 J / 10612 Sale 10612 1067
8 45 10012 107% Utah Power & Light 1st 58..1944 F A
69 Sale 69
71
105
604 81
Pacific Pub Serv 5% notes 1936 M 8 8918 9018 8914 June'34 ____
67
9012 Utica Elec L & P 1st 6 f g ba 1950 J J 108
_ 100 May'34 ____
___
__
Pacific Tel & Tel 1st 158
1937 J J 10714 Sale 10714
107% 23 10414 1078 Utica Gas & Elec ref & ext 68 1957 ..1 1 1123 111 1123
4
12
4
1123
1 102 113%
Ref mtge bs series A
1952 MN 11114 Sale 110 4 11114 20 10518 11114 DUI Power & Light 5948
3
3112 Sale 3112
1947 .1 D
3412 91
2218 41
•
:Pan-Am Pet Co (Cal)cony es'40 J D
•
29 Sale 29
1959 F A
Deb be with warranta
317 174
1813 3818
Certificates of deposit
4112 44
41
413
6
28
463 Vanadium Corp of Am cony Is'41 A 0 8012 Sale 8012
4
823
4 17
62
89%
Paramount-B'way 1st 548.19151 .1 J 43
45
4418
4418
4
30
Vertlentes Sugar 75 afar__ _1942 ____
53
8 6
47
6 June'34 _ .._ _
3% 14
Certificate, of deposit
43
44
43
43
11
1812 23
Victor Fuel 1st s f 58
1953 J .1
30
47
18% May'34 ---7
18 11 1813
,
:Paramount Fame Lasky 138_'47
Va Elec & Pow cony 5948_1942 M S 108% 1083 10814
4
10812
9
96 10932
Proof of claim Bled by owners_
•
*
•
Va Iron Coal & Coke 1st g 56 1949 M 8 60 Sale 60
60
2
60
65,
4
Certificates of deposit
J D 533 Sale 53
4
343
1934 J .1 10014 10012 10014
44
4
2812 543 Va fly dk Pow 1St & ref 56
10014
1
99 110
:Paramount Publix Corp 5346'150 F A
Certificates of deposit
11312 Sale 11313
114
45 1083 11413
4
Proof of claim tiled by owner --•
•
•
Walworth deb 634s with wear '35 A 0 32
33
37 June'34 ____
1212 4413
Certificates of deposit __ iiii ____
54 Sale 5314
543
A 0 32 ____ 37 May'34 ___
4 36
29
Without warrants
543i
1538 37
Park-Lea 63.45 Mrs
1512 237 1812
93 2212
8
1st sinking fund es ser 14_1945 A 0 46 Sale 46
1812
2
49
35
21
50
Parmelee Trans deb 68
1944 A 0 a2812 Sale a2812 a290
3
2318 3513 Warner Bros Pict deb es____ 1039 191 S 5812 Sale 5813
6112 83
407 67
s
Pat & Pasisalc0& E cons be 1949 M is 110
_--- 1083 May'34 --__ 10312 109
4
Warner Co 181 mtge 63
1944 A 0 26
45
34
40
7
20
40
Paths Each deb 76 with warr 1937 MN 9834 Sale 9812
99
4
Warner-Qulnlan Co deb 6s 1939 M 8 393 Sale 393
8
85 100
4
4013 18
30
4812
Pa Co gu 334a coil tr A reg.._1937 NI S 101 --- 101 May'34 — __
4
Warner Sugar Reno 1st 78..1941 J D 1063 Sale 1063
94 101
4
107
3 10512 1083
8
Guar 34e coil trust see B_1941 F A
9912 __-- 9912 May'34 _ _ .._
1941 M 8 52 Sale 52
9434 9912 Warren Bros Co deb 68
533
20
42
63
Oust 33.45 trust ctfs C
1992 J D 9913 ____ 86
8__ 1057
Jan'34 —__
1939 J .1 1057
Wash Water Powers f be
1057
8
86
86
3
9818 105%
Guar 3946 trust ars D
1044 J Ill 963 ---- 963 June'34 ____
4
4
863 963 Westchester Ltg be stpd gtd 1950 J D 11418 115 1115 June'34 ___- 105 112,2
4
4
Guar 4s ser E trust ctle
1952 M N 0812 ___- 99 June'34 ____
85
11012
9912 West Penn Power ser A 56_1946 M 5 11012 Sale 11014
3 10334 11012
Secured gold 49414
1963 M N 10212 Sale 10112 10212 78
1963 M 8 112% Sale 11213 112%
let 58 series E
16 104 11258
8534 10212
Penn-Dixie Cement let (ta A 1141 M S 7218 Sale 7112
8
73
10
1956 1 D 1093 Sale 10918
1st sec 158 series GI
109%
10 104 1093
6612 77
8
Pennsylvania P & List 4948 1981 A 0 99 Sale 977
14 262
8
10313 511
99
79
9714 104
991 1 Western Electric deb 58.-1914 A 0 10314 Sale 1027
Peon Gas L dc C 1st eons 611_1943 A 0 112 113 112
112,
10114 35
918s 102
5 1007 112
Western Union coil trust 68_1938 .1 J 10012 Sale 10014
8
Refunding gold be
1947 M S 102 10212 10213 10314 28
8
8278 28
real est g 448_1950 M N 827 Sale 82
7414 9012
Fundire &
83 10314
Mile Co eec be series A
1087 J D 8838 Sale 8614
1936 F A 102% Sale 102
8813 177
10212 23
96 10234
633 8812
4
lb-year 63-48
Phil& Elec Co 1st & ref 4918 1967 NI N 107 s Sale
5
107% 1073
88
29
1951 J D 8514 Sale 8514
4
79% 95,
8
25-year gold be
4 101% 1077
4
1st & ref 46
1971 F A 1037 Sale 10234 104
79
9412
8714 71
1980 M 8 85 Sale 85
28
30
-year 531
9314 104
Phil& & Reading C & I ref 5111973 J J 60 Sale 5912
61
5412 74
533 Sale 5314
4
423 6814
4
22
Westfalen& Un El Power 6s_1953 1 J
5034 69
Cony deb 66
1948 M S 48 Bale 48 ,
495
8 44
4
933
923 9312 el%
8214 97
8 31
39
5518 Wheeling Steel Corp let 548 1948 J J
Phillips Petrol deb 594s___ _1939 .1 D 10012 Sale
10018 1005 199
84
8
10
72
1953 A 0 8313 8414 8338
873
4
let & ref 4 48 series EL
89% 100%
Pillsbury Flour Mills 20-Yr es '43 A 0 1073s 108 108
58 May'34 ____
58
58
10812
White Sew Meer ea woth wart'36 J J 5118 75
6 105 109
Pirelli Co (Italy) cony 7e
1952 M N 9912 1003 10014 June'34 _-__ 10014
8
1 .3 5118 70
49
69
67 June'34 ____
Without warrants
101%
Pocah Con Collieries let 8 f 15a '57 J .1 8212 85
8214 June'34 ____
50
48
____ 505 May'34 ____
52
8
1940 M N
Partio 6 f deb es
6738 88
Port Arthur Can & Dk ea A.1953 F A 89
9412 894
89
1
69
95 :Wickwire Spencer St'l 1st 76 .'35
let mtge es aeries B
1953 F A 89
91
88 May'34 --_9 Sale
0
9
9
7
1412
Ctt den Chase Nat Bank_ ___ __ _
70
e8
Port Gen Elec 1st 4349 ser C 1960 NI 5 45% Sale 44
47
413 14
4
177
812 10
73 June'34 ____
39
573
4
Ctfe for col & ret cony 78 A 1935 ?AIN
Portland Gen Elec let 66.,...1936J .1 90
02
9012
8
1941 A 0 1057 Sale 105%
1073
8 40
78
973 10738
4
9512 Wilson & Co. let a 1 es A_
Porto Rican Am Tob cony 6s1942 1 J 4113 Sale 40% June'34 __
42
9
3212 5712 Youngstown Sheet &Tube As '78 1 .1 8212 Sale 8212
84
258
7412 893
4
Postal Teleg & Cable coll 6e_1953 J J 50 Sale 50
531* 1611970A 0 8312 843 8312
_
8
8111 60
74% 8912
let mtge el 115s see B
4518 63
:Pressed Steel Car cony g 68_1033 J J
•
•
Pub Serv El & G 1st & rat 446'67 J D 108 Sale
108
1077
11 10012 10812
1st & ref 494s
1970 F A 108 Sale 108
108
32 100 108
lat & ref 45
1971 A 0 105 Sale 10312 105
58
93 105
Pure Oils f 154% notes
1937 F A 10014 Sale 10014 10012 21
901s 10012
81654% notes
1940 M 8 93 Bale 9712
9838 114
87
9813
Purity Bakeries 5? deb be_ A948 1 I 01
92,4 91
(Negotiability Impaired by Maturity)
924 30
7814 9612
:Radlo-Keith-Orpheum pt pd Ws
for deb es & Cohnstk (65% PM- 94 .
30 ---- 36% Apr'34 ____
35
37
Debenture gold es
.
1941 i 6
Range
MATURED BONDS.
Price
Week's
.
Remington Arms lat 6 f 6s 1937 M N 102% ---- 10238 1025
Range or1
Since
N. Y. STOCK EXCHANGE **,., ..
Friday
8
5
9611 103
Rem Rand deb 53413 with warm '47 MN 90 Sale 893
Jan. 1.
Week Ended June 23.
.7. 4. June 23,
. Last Sale,
4r;
4
91
61
76
92
Repub I & 8 10-30-yr 555 f_1940 A 0 101 Sale 10014 101% 37
85 10118
Ref & gen 6946 series A 1953 1 J 87 Sale 85 4
High
Foreign Govt. &Municipals.
Bid
Ask Log)
High No. Low
87
13
74
00
Revere Cop & Braes es see A 1948 NI 8 103 Sale 10014 104
Mexim Trees 65 assent large '33 1 J
812 11
7
12
9 Apr'31 ____
131
80 104
Rheinelbe Union If 78
j j --------613
1946 1 J 38 Sale 3714
612
2
6
1112
3814 37
35
73
Small
Rhine-Rubr Water series 6_1953 J J 3612 Sale 38
3613 20
36
56%
Rhine-Westphalia El Pr 7s-1950 M N ____ 583 58
4
Railroad.
58
2
58
7312
Direct mtge es
1952 MN 57
5912 583
35
4814
4
36
36
8
36
59
21
5514 71 - :Burl C R dr Nor 1st & coll 581034 A 0 34
Cons mtge ea of 1928__1953 F A 577 Sale 577
3112
20
:Chic It I & Pac ref 4s
8
1934 A 0 233 Sale 2334
4
5914 43
2512 113
553 71
Cons NI es of 1930 with warm '55 A 0 5712 Sale 5712
6618 71
19111w &Nor 1st ext 430(1880)'31 1 D 9018 96
78% 79
94 June'34 ____
.5913 51
:Richfield Oil of Calif 68_1944 MN
•
•
Cons ext 491s (1884)
95
65
1934 J D 8418 914 05 May'34 ____
•
Certificates of deposit
MN
203 Sale 2914
4
1414 40
35% :Norfolk dr South late 58_1941 M N 36% 3712 3212 May'34 __
32
7
20
Rims Steel lat a f 75
1955 F A 5414
5412 June'34 __
25
:Norfolk South 1st & ref 58 196i F A
8
17% Sale 17
1812 14
54% 60
Roth G&E gen M 548 ser C '48 M S 10814 Sale 10734 10814
25
15
153
_1931 54 8 1514 17
4
1812 19
7
99%1084 SRI Ark & Louis 1st 448_ _
1
Gen mtge 434s series D 1977 M S 102
_ _ 101 May'34 ____
86 101 - St Louis Iron Mt & Southern—
Gen mtge 65 series E
1962 M S 10618 107 107
Rio & 0 Div lat g 4a
4713 04
1933 M N 61 Sale 60
62
48
107
4
94 107
Royal Dutch 49 with warr_1945 A 0 132 1333 131
27
2434 23 June'34 ____
4
20
132
8 102% 14214 :Seaboard Air Line let g 48_1850 A 0 18
Ruhr Chemical a f lis
1948 A 0 5318 Sale 5318
Gold 4e stamped
23
2314 June'34 ____
1950 A 0 19
1712 27
5518
5
52% 742
73 14
93
4
9
Refunding 4e
9 Sale
9
1059 A 0
8t Joseph Lead deb 53418
1941 M N 112 Sale 11112 112
AU &131em 30-yr let g 48_1933 M S 1814 20
14% 25,
4
20 June'34 ____
5 1058 114
St Joe Ry Lt IR & Pr let 56_1937 NI N
04
95
94
Industrials.
9414
8
72
96,4 :Abitibi Pow &
St L Rocky Mt & P5* stPd_1955 J J 53
3634 61
5938 61 May'34 ____
4
Paper 1st 68_1953 J D 37 Sale 363
4
3812 27
1812 463
St Paul City Cable cons ba_1937 1 J 6838 737 72 May'34 __
25
1714 16
12
8
1614
4514 82 :Botany Cops Mills 648_1931 A 0 15
Guaranteed fis
1937 .1 .1 68% 80 80 May'34 ____
Bowman-Bill Hotels 181 7s 1934
4578 80
San Antonio Pub Serv let es 1952 1 J 9612 97
Stmp as to pay of $435 pt red__ M S
3
68
_
71
97
412 May'33 -----------0718
2
Schulco Co guar 034s
1946J J 3812 __-- 3912 May'34 ____
97 Ii
s
97, June'31 ____
:II-way at 7th Ave lit cons 581943 J D
8
% 97
353 41
4
Stamped (July 1933 coup on) --, 38
57% 67
-_ - 3913 May'34 _
56
67
3
47
57
30
45 :ChM Rye be stpd 25% part pal& F A
Guar 8 f 094e series B
1846 A0 36 58
:Cuban Cane Prod deb 68..1950 1 J
33 Sale
4
40
33
4
41
43
8 69
6
2,8 83
32
41
Stamped
397
East Cuba Sue 15-yr a f g 7948'37 M S 15 Sale le
36
50
2
40
167
8 32
7% 22,
3
30
41
Sharon steel Hoops I 545_ _ UM F A 6712 Sale 6712
38
76
Gelsenkirchen Mining es
1934 &I 8 5712 58
57
5412 80
18
68
58
4
Shell Pipe Llne ed deb 68_1952 MN 10112 Sale 10014 10214 118:Gen Theatre!!! Equip deb 63_1940 A 0
8% Sale
87
318 13
93
4 30
Shell Union 011 s f deb be___1947 M N 99% Sale 987
1212 15
13
1338
%
3
8912 1923 :Gould Coupler 1st s f 68_ _ _1940 F A
89 9911
838 1912
8
993
4 85
Deb 55 with warrante____1949 A 0 9914 Sale 983
8
638 6634 :Hoe(R)& Co lat 6 48 ser A 1934 A 0 28% 33
28
40
2814
4
9912 103
10
25
8hinyeteu El Pow 181 648_1952 J 11 74
4
343
8 38
77
3111 42
75
75 12
5
6438 7618 :Interboro Rap Tran 6s..,,1932 A 0 3234 Sale 323
Slemens & Halske 5 f 75____1935 1 J ---- 673 6613
10
-year 7% notes
4
1932 M S 79 Sale 7712
79
7
23
67
7014. 79
4
6512 81
1951 M S 57 Sale 56 8
Laclede G-L ref & ext 5s
Debenture 8 f 6348
6534 56
1931 A 0 92 Sale 9013
5714 33
93
79
9538
54
Sierra & Sais Fran Power 58_1949 F A 103 Sale 10212 103
233 16
4
8
634 103 :Mama' Sugar 1 a f 7348_1942 A 0 18
1712
3
9
233
4
17
Silesia Elea Corp St 848_1946 F A
4114 35
395 41% 39%
3
3912 6812
StmDd Oct 1931 coupon_1942 A 0 16
10
20
20
175 June'34 __
8
15
Silesian-Am Corp coil It 78_1941 F A 5712 Sale 5712
Flat stamped modified
2713 20
15
20
1"eb'34 ____
58
12
3734 5834
1012 1112 1112
Sinclair CODS Oil lb-yr 78_1937 M 8 104 Sale 104
10
18
1112
1
10412 161 102% 10434 :Met West Side El(Chic) 4s 1938 F A
lea lien 634s series B
4
1938 J D 1043 Sale 10412 105
41 12 13
25% 4712
23 101 10534 Wan-Am Pet Co (Cal) cony 66'40 J D 4113 Sale 4112
Skelly 011 deb 594s
8418 6678 Waransount Fern Lasky 68_1947
1939 M 8 963 Sale 9612
4
967
45
CoLitil Bell Tel a Tel let s f be '41 J J 10812 109 10838 109
Proof of claim filed by owner .1 D 55 Sale 54
553
4 46
2918 55
20 10518 109
Erwest Dell Tel 1st dc ref 58 1954 F A 10914 Sale 109
110
133 10518 110 :Paramount Publlz Corp 5348 '50
Proof of claim filed by owner
55 Sale 5414
Southern Cob Power es A1947 J J 83 Sale 827
F A
553 111
8
4
8314 22
2914 553
4
6318 86
Stand 011 of NJ deb 56 Dec 15'46 F A 1053 Sale 10512 10618 264 1041, 107
:Pressed Steel Car cony g 58_1933 1 .1
5118 61
.52 May'34 ____
4
5112 661 8
35
331s
Stand 01101 NY deb 43.4e,1951 .1 0 10313 Sale 10314 1033 430 100 1041 :Radio-Keith Orprieum fla _ _1941 J D 31
3318
I
1814 41
4
•
3018 Sale 3018
'2111ohneld 011 of Calif es____1944 M N
2 Stevens Hotel let Its series A '45
323
4 23
2114 36
•
:Stevens Hotels series A____1945 J 1 22
•
24
24
•
24
2
•
2 Studebaker Corp 6% g notes'42 .1 D
16
28,
4
:Studebaker Corp 6% Dotes.1942 J 0 4314 Sale 4314
Certificates of deposit
4212 Sale 4312
44
4
44
70
353 6838
18
34
67
28% _ _ 28 Aug'28
Syracuse Ltg Co. let g 56_1951 .1 D 113
____ 11312 June'34 __
10312 1131, Twenty-third St Ry ref 56--1962 J J
--- - ---- -ec R
18
18 May'34 ____
Tenn Coal Iron & RR gen 58_1951 J J 11018
17
24
11018 110%
3 104 1101; Union Ely (Chic) 5s___1945 A 0 12
8512 a8512 a8513
Tenn Copp & Chem deb 68 B 1944 M S 8018 5
6538 8838
Tenn Elec Pow let 68
1947 1 D 8114 Sale 80 4
r Cash sale not included In Year's Range.
3
83
88
57
84
Texas Corp Done deb 58
1944 A 0 103 Sale 10212 103
104
98 103
7
a Deferred delivery were not Included In Year's Range,
54% 33
41
6614
Third Ave Ry let ref 98
1960 J J 51
5312 5112
• Look under list of Matured Bonds on this page.
Ad)Inc Ss tax-ex N Y_Jan 1960 A 0 2714 Sale 2714
28
35
4
2538 313
- Accrued interest payable at exchange rate of $4.8665.
Third Ave RR lat g Sa
1937 1 J 99 Sale 983
4
9912 24
86 100
Tobacco Prods (NJ) 6348_2022 MN 10614 Sale 1053
-Companies reported in receivership.
4 10614 47 10118 10714
Tolm Elec Power let 78_19,55 M S 94% Sale 9414
95
22
80
05
z Deferred delivery sales in which no account Ls taken In computing the range.
Tokyo Elec Light Co Ltd—
are given below:
1953.3 D 70 Sale 6912
1st es dollar series
701 77
63% 7334
Bush Terminal 5s 1955. June 20 at 223.4. Montreal Tramways 5s 1041, June 18,11
Trenton 0 dr El Ist g 5e
1849 M 8 110
11012 110,2
5 102 11012 Canada
434s 1936, June 16 at 1044.
100,
Truax-Traer Coal cony 648_1943 MN
49 - 7 55
5i 8
5513
2
37
5518 Cleve. & Slab. Vail. 5s 1938, June 20 at Norway es
1943, June 16 at 974.
1940 M N 9414 Sale 9414
Trumbull Steel 1st s f es_
9414 19
8312 96
10134.
Norwelgan IIydro El 534s, June 22 a
Twenty-third St fly ref 5s_1962 J J
•
•
Crown Zellerbach 63 1940, June 22 at 93.
8036.
Tyrol Hydro-Elec Pow 7948_1955 MN 69 4 7212 71
3
7114
5
48
7514 Finnish 63493 A 1954, June 22 at 924.
Queensland 7s 1941, June 22 at 10334.
7014 Sale 70,1
1952 F A
Guar sec et 7s
701 1
2
45
76 Kentucky Cent. 4s 1937, June 18 at 101. Serbs 7s Nov. coup. on June 22
at 1234 •
...
,
—
1
Matured Bonds
t3
.
4273
Financial Chronicle
Volume 138
Outside Stock Exchanges
Boston Stock Exchange.—Record of transactions at the
Boston Stock Exchange, June 16 to June 22, both inclusive,
compiled from official sales lists:
Stocks—
Friday
Sales
Last 1Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Railroads—
Boston & Albany
100 139
138% 140
Boston Elevated
100 64
62
65
Boston & Maine—
Prior preferred
100
28
28
Class A 1st pret stpd 100
1034 11
Class B lot pret stpd_100 13
13
13
Class C 1st pret stpd_100
13
13
Class D 1st ptd stud -100 16
16
16
C3iicago Jet Ry & Union
Stock Yards pref. _ _ 100
99% 10024
East Maas St Ry—
Common
100 75e
75e
1
1st preferred
100
1234 13%
Adjustment
100
iq 1%
Maine Central Sty Co_ _100
7
7
NY N Haven&Harttord100
15% 16%
Old Colony ItR
100 10355 102 10341
Pennsylvania RR
50 2924 29% 32%
Vermont & Mass Ry Co100
114 114
Miscellaneous—
American Cont'l Corp__ •
7% 824
Amer I'neu Service Co_ _25
2%
224 2%
Amer Tel & Tel
100 114% 113% 11855
Amoskeag Mfg Co
•
6
6
655
Boston l'ersonal Prop Tr_'
10% 1135
Brown Co 6% corn pret •
13
15%
East Gas & Fuel Assn—
Common
•
7% 8%
6% cum pret
100 64
64
6595
434% prior preferred 100 71
70% 71%
Eastern Steamship com_ •
8
8%
Edison Elec Ilium
100 14024 140% 145
Employers Group
10% 11%
1024
Georgian Inc(The) cl A pf20
Gillette Safety Razor
Hygrade Sylvania Lamp_•
Int Hydro-El System cl A 25
Libby McNeil & LIbby_10
Locw's Boston Theatres _25
Mass Utilities /WOO V t 0-•
Mergenthaler LYno Co _ _ _•
New Eng Tel & Tel____100
Pacific Mills
100
Reece Button Hole Slch_ 10
Reece Fold Mach Co__10
Shawmut Assn tr Ws__•
Spencer Trask Fund Inc—
Capital stock
•
Stone & Webster
Swift & Co
2;
Torrington Co
•
Union Twist Drill Co_ .5
United Founders cow__ I
U Shoe Mach Corp
25
Preferred
25
Waltham Watch el B com•
Warren Bros Co_
•
Warren (S D) & Co
Mining—
Calumet & Hecla
25
Copper Range
25
Isle Royale Copper
25
Nipissing Mines Co Ltd.
.5
North Butte
2.50
Old Dominion Co
25
Pond Crk Pocahontas Co..
Mining
Quincy
2
Utah Apex Mining
5
Utah Metal & Tunnel
1
1%
.
Range Since Jan. 1.
242 109%
451 55
Jan 140
Jan 70
8
54
22
10
11
23% Jan
951 Jan
Jan
10
Jan
10
15% May
68
8694
160
55
25
50
163
60
856
50
High.
Low.
42%
16%
21
19
25
Jan 102
231
75c June
641 Jan 16%
124 Jan
3
Mar 14%
7
13% May 24
78% Jan 103
39
27% Jan
9951 Jan 114
June
Apr
Feb
Feb
Feb
Mar
Feb
Jan
May
Feb
Feb
Feb
June
Feb
June
Feb
Apr
Apr
Feb
Feb
Feb
10
125
131
854
19
4%
434
535
1
22
Jan
Jan
Mar
Jan
Feb
Apr
May
May
2
12%
25
9%
795
695
251
2735
Jan
Jan
Apr
Feb
Feb
Feb
Feb
Feb
94%
94
25
26
1194 1191
2% 2%
7
8
46
31
100
12
445
Jan
83
20% Mar
10
Jai
Jan
2
654 Jan
96%
3434
12%
3
934
Apr
Feb
May
June
Feb
16
16
8% 9%
1751 18
57.55 5844
30
325
199
88
15% May
5% Jan
Jan
14
49% Jan
1924 Feb
1355 Feb
Feb
19
Apr
62
11
54
6755
34%
4
1035
12%
150
156
1,041
198
7
2
15
Jan
8
Ii
May
5654 Jan
32% Jan
4 June
6% May
Jan
10
15
1%
6844
36
II
13%
1234
Apr
Feb
Apr
Mar
Apr
Jan
Mar
4% 4%
4% 5
1%
135
224 2%
430 50c
1
850
17
1841
1% 1%
1% 2
334 4%
10
76
6
16
1,12
33
12
7
950
7,91
3% Jan
Jar,
3
1
Jan
2 June
Jan
250
550
Jan
Jan
10
1
Jan
Jan
75e
1
Jan
8%
5%
2%
234
80e
1%
1824
2%
3
531
Feb
Feb
Feb
Feb
Jan
Feb
June
Apr
nti
Feb
124
23
1%
22%
94%
26
1195
2%
66%
34%
1224
424
430
85e
17
1%
154
4
losi 11
23
23
7% 7%
5% 5%
534 5%
134
1%
22
23
11
94
66%
34%
4
954
12%
25
13
25
15
1
Bonds—
CliJctIty& UnStkYds5s'40 104% 104% 105
67,000 93% Jan 10541 June
Fast Maas Street Ry—
Series A 455a
1948
2,000 38
Jan 52
Stay
49% 4944
Series 11 5s
1998
250 39
Jan
58
May
4754 47%
Series D tis
1948
Jan 62
2,000 41
June
62
62
I'd Creek Pocahontas 78'35
Ma 11035 June
110 110% 8,000 102
Ex-dividend. • No Dar value.
CHICAGO SECURITIES
Listed and Unlisted
Paul FLDavis &Co.
Members:
New York Stock Exchange
Chicago Stock Exchange
New York Curb (Associate)
Chicago Curb Exchange
37 So. La Salle St., CHICAGO
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange, June 16 to June 12, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last 1Veek's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
Abbott Laboratories com •
Acme Steel Co._ .
25
Adams Royalty Co corn_ •
Advanced Alum Castings_ 5
Allied Products Corp cl A _•
A itorfer Bros Co cony pfd •
Amer Pub Serv pret___100
Asbestos Mfg Co corn _ ___1
Assoc Tel & Tel Cool A..'
Automatic Products cont.('
50
3935
Bastian-Blessing Co com.'
isendis Aviation com____•
Bergbott Brewing Co._ _ _1
Binks Mfg cl A cony pret.•
itorg-Warner Corp com_10
Brach & Sons (E J) corn_
•
Bruce Co(E L) corn
431
14%
7
2
2351
2
17
954
231
715
50
3934
3%
2
14%
16%
9%
234
4
7
51%
393(
354
254
15
17
10
3
4
851
441
14%
7
2
23%
10
10%
535
16%
8%
2
2434
10
1024
200
Range Since Jan. 1.
Low.
High.
100
100
200
9
60
550
10
3,350
40
27%
134
2
10
10
5
234
35
2%
Jan
Jan
Mar
June
Jan
Jan
Jan
May
Jan
Jan
51%
47%
4
4%
2031
25
13
334
451
9%
Slay
Feb
Slay
Jan
Feb
Feb
Feb
Jan
May
Feb
650
1,500
3,550
90
3,350
50
100
494
1394
654
1%
20%
8
8
June
May
May
Apr
May
Jai
June
10
2315
11%
3
28%
11%
1624
Feb
Feb
Jan
Feb
Feb
Mar
Mar
so
Bucyrus-Monighan Cl A •
Butler Brothers
10
Canal Constr Co cony pref•
Castle & Co(A NI) corn..10
Cent Cold Storage com 20
Central Ill PS prof
•
Central Ill Security corn 1
Convertible preferred _ _•
Central Ind Pow pref__100
Cent SW Util common__ •
Preferred
Prior lien prof
Chicago City & Con pt pfd•
Certificates of deposit_ __
Chicago Corp common
•
Preferred
•
836
14
15
7%
6
2
2655
Chicago Flex Shaft corn. _5
Chicago Mall Order cona.5
Chic & N W Ry com___100
Chic Rivet & Nfach corn__•
Chicago Yellow Cab cap..•
Cities Service Co com_ _•
Coleman L'p & Stove com
Commonwealth Edison 100
Consumers 6 pr pfd A 100
Cord Corp cap stock
11
Crane Co common
25
Preferred
100
Dayton Rubber NIfg p1100
Deep Rock 011 cony pref..'
Elec Household Utll cap_ _5
Fitz Simons&Con D&D cm.
General Candy Corp A.__5
Gen Household 1.701 corn_•
Godchaux Sugar Inc Cl B.*
Goldblatt Bros Inc corn_ _•
Great Lakes D & D
Greyhound Corp new com •
Hall Print Co com
10
Hart
-Carter col:word_
•
Hormel & Co A corn
•
Houdaille-Hershey Cl B _ _•
Illinois Nor Util pref___100
Iron Fireman Mfg v t c___•
Katz Drug Co common__1
Keystone St dr Wire cora_•
Ken 17111 jr cum pref__ _50
Kingsbury Brew Co cap..!
Libby McNeil & Libby _ _10
Lincoln Print Co com---•
Lindsay Light corn
10
Lion (Ill Refining corn _ •
Loudon Packing corn____•
Lynch Corp common_
5
NIcGraw Flee Co Corn....5
McWilliams Dredging Co_•
Nfarshall Field common.
.•
Mer & Mfrs Sec cl A com.1
Mickelberry'sFdProd com 1
Middle West Util com___•
•
$6 cony pref A
MidiandUnited com
Convertible preferred_ •
Shetland 111117% prior lien
100
7'", preferred cl A _ _ _100
Miller & Hart Inc cony pf_•
osser Leather Corp com •
Mtn States rower pref 100
Muskegon Motor Spec A.
National Leather com___10
National Standard corn •
Nat'l Union Radio corn...!
Noblitt-sparks Ind com__•
North Amer Lt & l'r com_l
Northwest Bancorp coin _•
No West Util 7% pr lien100
Okla Gas & El 7% pref_100
Oshkosh Overall corn
13%
9
13
14
251
4%
851
5651
15
515
12
835
1734
7
4
16
3434
1844
5
535
3
19
934
18%
15
2
1%
34
13
12%
Parker Pen Co(The)comb0
8%
l'eabody Coal Co cl II corn"
Penn Gas & Elec A corn__• 17%
Perfect Circle (The) Co__• 29
Pines Winterfront corn ___5
I otter Co(The) cony
•
Prima Co common
•
53-4
Public Service of Nor Ill—
• 1755
Cornmon
6% preferred
100 60
7% preferred
100 68
Quaker Oats Co—
• 115
Common
Preferred
100
Raytheon SIfg6%preferredvtc
5
Reliance Mfg Co—
Common
10
14
Ryerson & Sons Inc com_ •
Sangamo Flee Co com
•
Southw Gas & El 7% pf 100
Stand Dredging cony pt __•
Stutz Motor Car corn__a
Swift International
is
Swift & Co
25
Thompson (J It) com
25
12th St Stores pref A
Utah Radio Prod cora _ _•
Util & Ind Corp corn
Convertible preferred •
Vortex Cup Co—
Common
Class A
•
Range Since Jan. I.
High.
Low.
1034 Jan
4
Jan
2
Jan
13
Apr
631 Jan
1255 Jan
% :June
5% Jan
6% Feb
95 Jan
4
Jan
Jan
5
1
Jan
1
NIar
I% Jan
254 Jan
334
20
6,050
100
100
60
350
450
150
10
150
70
30
100
200
2,750
1,000
10
1355
9
13
1315
254
18
54%
3
434
855
56%
10
14
10%
14%
1494
2%
19
56
3
4%
9%
5754
700
950
250
750
3,650
110
1,450
10
2,500
1,25
7
8
1295
694
6
11%
13-4
15
34
2
495
735
44
Jan
May
Jan
Nf ar
Jan
Jan
Apr
Jan
Jan
June
Jar
Jan
10% May
19
Feb
Issi Feb
17% Apr
16% May
444 Feb
25
Jan
Feb
62
Feb
6
834 Jan
11% Jan
6544 Jan
30
6%
15
15%
554
1154
854
17%
1754
7
5%
17
4
65
15;4
3234
18%
10
4%
30
6%
1594
15%
5%
14
8%
17%
18
17%
7
534
174.4
4%
6734
1631
34%
19
10
5
1
50
2,350
5
350
4,750
10
400
65
1,100
200
100
10
25
50
800
750
150
10
450
26%
654
834
1334
4
85(
33-4
1534
16%
5%
354
5
16
3%
4234
8
21
1134
10
4%
Feb
Jan
Jar
Jan
Jan
Jan
Jan
Mar
May
Feb
Jan
May
Slay
Jan
Jan
Jan
Jan
Jan
May
May
33%
734
1531
17
731
1651
10%
32%
22
19%
9%
9
19
6%
70
18
38
2395
23
994
Apr
Mar
June
Feb
Nfar
Apr
Mar
Feb
Jan
Stay
Feb
Feb
Jan
Jan
May
Jane
Apr
May
Jan
Jan
5%
36
2%
4
19
3634
935
1844
15
2
1%
34
34
34
%
634
31
3
4%
19%
37
955
19%
163£
254
1%
34
%
%
%
4,450
50
250
300
180
100
250
450
1,350
650
2,550
5,700
700
400
50
3
54
2
4
1655
27%
331
1451
1244
34
1
44
95
%
.%
Jan
Jan
Apr
Mar
Apr
May
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
June
754
195
334
594
20
4055
1054
2655
1955
455
344
34
2%
31
144
Apr
Feb
Jan
Feb
Mar
Feb
Slay
Jan
Apr
Feb
Jan
Feb
Feb
Feb
Feb
1
1
%
%
835 9
14
14
755
735
13
13
10
10
200
10
10
so
1
%
5%
9%
7%
9%
Jan
June
June
Jan
June
Jan
2
134
1055
15
10%
14%
Mar
May
Feb
Feb
Apr
Jan
154 1%
26%
26
4 1
7
12% 1351
234
244
3% 451
455 455
79% 80%
494 455
200
100
150
550
250
750
20
80
400
1
21
34
12
131
331
31
,4
60%
354
Jan
Jan
Jan
Jan
Jan
June
Jan
Jan
Jan
234
27%
134,
16
4%
6%
794
8155
834
Feb
Feb
May
Feb
Feb
Jan
Feb
May
Feb
8% 8%
.%
%
175( 19%
29%
29
34.1
2% 334
4
731
50
50
2,200
100
450
450
2,800
4%
54
6
23
94
235
4
Jan
Ma
Jan
Jan
Jun
Jan
June
9
1
19%
32%
234
79,4
12%
Apr
Jan
June
Jan
Feb
Apr
Jan
1734 18
56
60
68
6831
850
310
60
13
34
3834
Jan
Jan
Jam'
22
65
71
Feb
Feb
May
17%.
114
125
• 2
115%
125
2
14
14
15% 16
50
500 106
10 115
50
10
100
Apr 12334 Jan
Jan 125% May
2
Jan
June
14
1234 Jar
1951
20
Apr
Feb
Ma
Jan
Jun
Jun
Jan
Jan
Jun
Jan
May
Jan
Jan
734
60
554
1034
32%
18%
10%
8%
255
2
6
May
Mar
Feb
Feb
Apr
Feb
Feb
Apr
Jun
Feb
Feb
1
Apr
100
734
7%
2
5934 5934
251 2%
25
3%
10
334
4,200
30% 32
173( 1834 18,550
654
350
7
3
3
50
1%
150
1%
144
150
13
,
341 4
900
5%
40
235
394
24
14
674
134
1
%
1%
8% Jan
Mar
25
3044
150
100
Wahl Co corn
•
154
134
134
Walgreen Co
• 27% 27% 29
Ward (Monts) & Cool A.• 123
common_.
120% 123
Wayne Pump cony pref •
2%
254
235
Wieboldt Stores Inc com _• 12%
1234 1254
Williams 01140
-Mat com _•
254
295
Wisconsin Bkshares com_•
255
2*4
Yates-Amer Nlach pt pf •
.94
41
Zenith Radio Corp com •
2%
2%
33-4
200
1,150
130
50
50
50
100
100
650
30%
Jan
Apr
Apr
Feb
Feb
Apr
Feb
Feb
Apr
Jan
Jan
Jan
Jan
Mar
Jan
Feb
14
1031
251
14
6.%
1631
%
7%
10
1
6
16
1
1
2%
27
13.4 1334
31
1734
6%
14
12%
3%
20%
8
24
154
894
14%
2
1315
17
I
135
4
3134
14
8%
251
14
651
15
31
7%
10
1
6
15
1
1
2
26%
May
4% Jan
130
8% Feb
May
3% Jan
205
2
1,569 10755 Jai 12544 Feb
]
235
5% May 10% Feb
12% Feb
9% Jan
37
Jan
Apr
16
452
5
Jan 10%
413
5
Jan 68%
338 45
Jan
72
396 55
525
734 Jan 10%
545 12544 Jan 154%
1244
205
7.34 Jan
Sales
Friday
Last Week's Range for
1Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
30
Bonds—
Chic City Ry
1927
Certificates of deposit__
50 a5234 $12,000
Chicago Rya 5s Ws_ 1927
4,000
54
55
So La Salle St Bldg
208
5559
29
2924 10.000
1958 29
• No par value. z Ex-dividend. a Flat.
1435 June
June
32
2%
Jan
1
1751 Jan 29
Jan 123
88
6
1% Jan
10% Jai
1874
2% June 4
4
234 Jan
1%
31 Jan
5
255 Jun
44
47
Jan
Jan
54
55
26
Jan
is
Feb
June
June
Apr
Feb
Feb
Feb
Feb
Feb
Jan
June
Mar 11
4274
Financial Chronicle
CANADIAN MARKETS
JENKS, GWYNNE & CO.
65 Broadway, New York
230 Bay St., Toronto
256 Notre Dame St. W., Montreal
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, June 16 to June 22, both
inclusive, compiled from official sales lists:
Stocks-
Nues
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par Price, Low. High. Shares.
Range Since Jan. 1.
Low.
High.
1.30
Abitibi Pr & Pap com_ •
100
6% preferred
734
17
Alberta Pac Grain pref_100
•
Beatty Bros corn
8
6
Beaulaarnois Power corn__ e
100 11934 117
Bell Telephone
6
Blue Ribbon Corp corn_ •
634% preferred
30
50 31
Brantford Cordage 1st p125
2514
Brazilian T L & Pr corn...*
831
834
Brewers & Distillers corn.* 1.30 1.30
2%
234
BC Packers corn
Preferred
1334
100 1334
BCPwrB
5%
•
• 22
Building Products A
22
Burt (F N) Co com__25
3134
1.55
714
17
8
634
11934
6
31
2534
934
1.50
234
14
5%
22
3234
2,195 1.00
100
434
10 1534
150
631
431
334
221 110
130
4
16 2334
90 22
2,756
8%
1,945 1.20
2%
350
425 10
100
434
71 16
25 27
Jan 2.25
Jan
1034
June 23
May 10
Jan
934
Jan 120
May
6
Jan 32
Jan 2534
June 1434
June 2.95
June
3%
Feb
14
Jan
834
Jan 2334
Jan 34
Apr
Apr
Feb
Feb
Feb
May
June
Apr
June
Feb
Jan
Feb
June
Feb
May
May
2%
•
Canada Bread corn
7
Canada Cement com____*
8
Preferred
* 4334 4034
Can Steamship pref._ _100
6%
Canadian Canners com_ •
5
•
Cony preferred
734
85
100 84
1st preferred
Caned Car & Fdry com•
634
634
Can Dredge & Dock coin_•
2034
Can General Elec pre _50 62
61
10
Can Indus Alcohol A__ e 10
•
B
1034
•
Canadian 011 corn
1634
114
100 114
Preferred
Canadian Pacific Ry _25 1434
1434
Canadian Wineries
*
6
634
Cockshutt Plow corn._ _•
614
7
Consolidated Bakeries_ _•
831
831
Cons Mining & Smelting 25 148
14734
Consumers Gas
182
100 183
Cosmos Imperial Mills •
11
2%
8%
46
7
534
8%
86
634
2334
6134
1134
1034
18
118
1534
634
7%
934
154
184
11
210
2%
7,393
634
721 33
245
3
95
5
1,202
734
104 75
200
6
890 20
80 59
1,080 10
50 1034
45 12
195 92
3,175 1234
6
465
6
585
320
734
461 131
147 185
140
734
June
534
May 12
Jan 53
Jan
9
June
8
June 10
Jan 8714
May
9%
Jan 3434
Feb 63
May 2034
May 1934
Jan 18
Feb 120
Jan
1834
June 1134
June 1034
Jan
1214
Feb 170
Jan 186
Jan
1134
Jan
Feb
Feb
Apr
Apr
Feb
Apr
Mar
Feb
May
Jan
Jan
June
June
Mar
Jan
Feb
Feb
Apr
June
Feb
Dominion Stores cora• 2034 20
Easters Steel Prod com_ *
6
lel
Easy Washing Mach com.•
Famous Players
15
•
• 3034 3034
Fanny Farmer corn
Preferred
•
3834
21
Ford Co of Canada A_ _ _e 21
•
Frost Steel & Wire corn....
234
45
Preferred
5 47
434
General Steel Wares com_*
434
Goodyear T & R pref_ _100 11234 11234
Gypsum Lime & Alabast_•
634
631
21
6
234
15
3134
3816
22
2%
47
431
114
8%
121 19
5
6
131
175
30 15
310 13
51 28
3.142 15
1
234
245 30
180
3%
98 106
1,380
411
May 23
June 13
June
5%
June 15
Jan 3134
Jan 3814
Jan 2534
June
3
Jan 47
Jan
6
Jan 114
Jan
834
Mar
May
Apr
June
June
June
Feb
May
June
Feb
June
Feb
Ham Unit Theatres corn 25
Hinde & Dauche Paper...*
•
Hunts Ltd A
134 134
8
834
911 10
10
140
65
134 June
514 Jan
9
Jan
234 Feb
834 Feb
1634 Apr
Intl Milling 1st pref...100 11034 11034 11034
99
A preferred
99
100
Internet Nickel com__• 25.25 25.00 26.75
International Utilities A_ •
334
336
13
80c 80c
*
5 99
Jan 11034 June
50 84
Jan 99 June
8,451 21.15 Jan 29.00 Apr
3 May
5
1334 Feb
20 75c June 1.50 Feb
Keivinator of Can corn. 5
.
434 4%
Lake of Woods Mill corn.*
1034 1034
Laura Secord Candy com_•
56
56
Loblaw Groceterias A_• 1634
1634 17
B
16
•
1634
Loew's Theatres(M)corn e
1234 1234
85
Preferred
80
*
70c
70c
Maple Leaf MIling com_ •
100
7
7
Preferred
7
•
4% 4%
Massey-Harris corn
434
70
70
Monarch Knitting pref 100
* 16
1531 16
Moore Corp corn
100 112
A
11034 112
100
12034 12034
B
Muirheads Cafeterias come
1
1
100
436 June
514
60 1034 June 14
10 4634 May 59
1,006 14
Jan
1834
182 1314 Jan
1734
5 1234 June 1234
131 60
Jan 85
125
38
5
May 1031
1,420
834
434 June
10 45
Jan 70
Jan
85 11
1734
50 96
Jan 114
23 10934 Jan 130
1
June
55
3
Feb
Feb
June
Feb
June
May
Feb
National Sewer Pipe A_ _•
Ont Equitable 10% p(1- 100
Page-Hersey Tubes cora _.*
Photo Engravers & Elec_'
Pressed Metals corn
•
Simmons Ltd pref _ _ _ _100
Stand Steel Cons com_*
•
Steel of Canada corn.....
Preferred
25
Tip Top Tailors com____*
Traymore Ltd corn
•
Twin City Rapid com__•
Preferred
•
*
Union Gas Co corn
*
*
United Streit
Walkers (Hiram) corn _ ....•
•
Preferred..
Western Can Flour nref 100
Weston Ltd (Geo)man new*
100
Preferred
Winnipeg Electric cora__•
Preferred
100
8
175
171
220
90
120
90
239
130
25
650
53
10
585
10
2,866
1,732
5
315
5
100
30
1434 Jan 2034
5% June
9
55
Jan 77
14
Jan 2034
1434 May 2034
42% Jan 74
5 June 1134
28 [Jan 3834
31
Jan 3834
7 June 1334
50c Feb 1.00
1% Jan
8
2434 June 2434
3% Jan
634
4
June
6%
30
May 5734
15
May
1734
48
Jan 62
28
Feb 3934
8834 Jan 110
2
Jan
534
7
Jan
1034
June
Feb
Mar
June
Apr
June
Jan
Apr
Apr
Feb
Jan
Apr
June
Mar
June
Jan
Jan
May
Apr
June
Apr
June
Banks
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
100
20
534
6934
1934
88
3534
37
60c
431
434
3531
1534
145
166
170
191
260
149% 148
200
146
168
170
Loan and Trust
-100 125
Canada Permanent
100
National Trust
Toronto General Trusts 100
50
Toronto Mortgage
• No par value.
20
20
534 6
6934 71
1934 2034
15
15
6034 68
5
5
3534 3631
37
37
7
7
80c 65c
434 5%
2434 2434
4
4%
5
6%
38
35
1534 16
56
56
37
3714
108 108
234 2%
1034 1014
125
175
115
110
14814
172
171
191
260
14934
200
130
175
115
110
172
26
33
9
4
52
3
21
2
10
49
123
Jan 168
133
Jan 186
141
Jan 180
167
Jan 203
16034 June 278
13034 Jan 168
162
Jan 210
118
170
105
100
Toronto Stock Exchange-Curb Section.
-Record of
transactions in the Curb Section of the Toronto Stock Exchange, June 16 to June 22, both inclusive, compiled from
official sales lists:
Stocks--
Members New York Stock Exchange, Toronto Stock Exchange
and other principal Exchanges
Jan 140
Jan 185
Jan 120
Jan 110
Feb
Feb
May
Apr
Apr
June
June
Feb
Mar
Feb
Feb
Jan
Mar
May
Apr
May
Apr
June
June 23 1934
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares
Beath & Son(W D)A.. •
2% 234
Bissell Co(T E)corn
4% 4%
e
Preferred
28
28
28
Brewing Corp corn
9
9
9%
Preferred
28
28
30
Bruck Silk
• 16% 16% 16%
Canada Bud Brew corn. *
934
93(
Canada Malting COM
32
34
* 32
Canada Vinegars corn_ _ _ _• 26% 26% 26%
Canadian Marconi
1
2
2
Can Wire Bound Boxes A.
1434 14%
•
Consolidated Press A_
8
8
Cosgrave Export Brew...10
9% 9%
Cons Sand & Gravel
•
30
30
Dehaviland Aircraft corn.*
23( 2%
Distillers Seagrams
15% 16%
• 1531
Dominion Bridge
• 32% 31% 33
Dom Tar & Chem com_ •
2% 3
Preferred
22
100
22
Corrugated Box pref
*
41% 4134
DutferinPavg & CrSt pf 100
27
28
English Elec of Can A.__.*
1334 1334
•
4% 4%
Goodyear T & Rub com • 116
115 118
Hamilton Bridge com
•
6
7
Preferred
28
100
28%
Humberstone Shoe corn. •
26
26
Imperial Tobacco ord. _5
10).4 10%
Latigleys pref
•
50
52
Montreal L H & P Cons__• 36)4 36% 3834
National Grocers pref .100 112
110% 112
Ontario Starlit prof. -100
4034 41
1134
Power Corp of Can com...•
11
Rogers Majestic
8
8%
•
834
Robert Simpson pro!.
91
92
..100 92
Service Stations corn A...'
7
7%
7
55
Preferred
55
100
Shawinigan water& Pow21
21%
• 21
Stand Pavg & Mat'ls com_*
2
2%
2%
19
19
Preferred
100
Stop & Shop corn
631 7
•
27
Toronto Elevators corn •
27
99% 100
Preferred
100 "HZ
United Fuel Invest pref 100 16
15
16
Walkerville Brew
934 9%
•
9%
Oils
British American Oil
•
Crown Dominion 011
•
Imperial OU Limited
•
International Petroleum_ _•
McColl Frontenac 011 come
Preferred
103
Supertest Petroleum ord._•
Thayers Limited pref.__ _•
• No par value.
1434
1434
27
1334
23
4034
1434
3
1434
27
1331
8934
2231
403.1
10
10
20
2,921
700
75
810
1,125
280
120
200
10
85
45
15
1,180
554
475
15
25
35
50
10
285
589
70
40
145
85
580
62
11
13
2,48
70
235
10
75
465
10
30
so
60
90
72
1431
2,187
3
300
1534 10,515
3034 13.629
464
1334
8914
30
2434
70
4034
45
Range Since Jan. 1.
Low.
High.
4
June
5
Jan
June 29
11
Jan
Jan 31%
June 22
12
Jan
Jan 35%
Jan 27
4%
June
Feb 16%
Jan 11%
Jan 10
June 30
Feb
4%
15
May 28%
25% Jan 37
2
5%
Jan
18% Jan 30
Apr 4134
28
13
Jan 40
Ja
12
June 16
4
May
6
90
Jan 136
911
28 % Juay 37
3 M ne
24
Mar 28
1031 June 12%
25
Jan 63
39)1
9 11 j n 112
3
0
3
Ja
31
Jan 4334
15
24 j n
13
Ja
914
80
96
10%
6
3234 jan 60
Jann
a
18
Jan 2434
let Jan
4%
17% Jan 25
4% Jan
9
17
Jan 28
892m%
100
Jan 2034
5% Feb 10
Feb
Apr
Jan
May
Apr
Mar
Mar
Mar
Feb
Feb
Jan
Feb
June
June
Feb
Jan
Mar
Feb
Feb
June
Mar
Feb
Mar
Feb
Feb
Feb
June
Feb
May
Feb
June
Mar
Feb
June
Mar
Feb
Apr
May
Feb
Feb
Apr
Mar
June
Apr
May
1234
2
1234
1834
1034
7134
16
18
Mar
Mar
June
June
Apr
2%
2
28
5
15
1834
7%
28%
21%
2
13
6
53(
3
0
2
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1531
4%
1534
3034
1431
91
29%
42
may
Mar
June
Montreal Stock Exchange.
-Record of transactions at
the Montreal Stock Exchange, June 16 to June 22, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
•
Agnew-Surpass Shoe
*
Preferred
Alberta Pacific Grain A...5
Preferred
100
Amal Electric Corp pref_50
Bathurst Power & Paper A*
Bell Telephone
100
Brazilian T L & P
•
BC Packers
•
Brit Col Power Corp A...•
B
•
Bruck Silk Mills
*
Building Products A
5
Canada Cement
e
Preferred
100
Can Forgings class A_
•
Canada Iron Foundires_100
1
-referred
100
Can North Power Corp_ __•
Canada Steamship pref_100
Canadian Bronze pref 100
Can Car & Foundry
•
Preferred
25
Canadian Celanese
•
100
Preferred 7%
Canadian Cottons
100
Preferred
100
Can General Electric_ 50
Can Hydro-Elect pref._100
Can Indust Alcohol
•
Class B
•
Canadian Pacific Ay._ _ _25
•
Cockshutt Plow
Con Mining dr Smelting_25
•
Dominion Bridge
Dominion Coal prat_ __ _100
Dominion Glass
100
Preferred
100
Dom Steel & Coal B..25
•
Dominion Textile
Preferred
100
Dryden Paper
•
Enamel & Heating Prod _ _ •
Famous Players C Corp_ _•
Foundation Co of Can_ _ _•
General Steel Warm
•
Goodyr T pref ino 1927_100
Gurd (Charles)
•
Gypsum Lime & Alabast-•
Hamilton Bridge
•
Preferred
100
Hollinger Gold 1)1Ines_ _ _ _5
Howard Smith Paper M *
Preferred
100
Int Nickel of Canada.._•
Internation Power pref_ 100
Lake of the Woods
•
Preferred
100
Lindsay (C W)
•
Preferred
100
Massey-Harris
•
McColl-Frontenac 011_ _.•
Mont LB & Pow Cons_ _•
Montreal Telegraph. _40
Montreal Tramways. _100
National Breweries
•
Preferred
25
1234
634
119
834
2.14
2634
534
16
831
42
2014
634
13
110
63
7234
10
1434
7
148
31%
83
4%
883-4
1
1631
4%
111%
8%
6%
17.25
25.10
2434
103.4
254
4%
133.4
3634
2734
6
6
85
85
3
3%
16
16
1234 13
6% 7
117% 119
834 934
234 2%
2631 2711
534 6
17
16
22
2234
7
9
4034 46
4
4
18
18
50
50
2034 2034
7
7%
10134 101 34
6
615
13
1334
1834 1834
110 110
62
63
89
89
130 130
72
7334
10
1134
10
1034
1434 1534
654
754
148 154
31
3314
83
90
90
90
1263-1 128%
4% 514
8634 8734
130 130
4% 411
1
1
1334 14
14
1634
4% 434
111% 111%
834 9
634 631
6
7%
27
28
17.25 17.25
834 9
85
68
25.00 28.75
2234 243.4
1034 1034
6714 6734
254
254
40
40
43( 434
1334 1334
38
3634
52
52
100 100%
2731 28
35
3534
50
5
55
20
25
225
343
5,771
750
925
1,675
876
55
4.408
657
25
8
9
282
320
30
498
650
110
15
28
10
8
157
1,390
820
3,922
217
520
3,418
400
60
65
3,970
302
20
170
5
10
2,633
745
21
450
190
490
95
2,197
140
140
5,567
85
280
5
35
ao
1,210
1,771
2,883
130
38
910
140
Range Since Jan. 1.
Low.
8
72
3
18
10
3
110
831
2%
2234
434
16
1634
6%
32
4
15
50
16%
234
95
6
11%
10%
104
41
70
130
54%
10
10
12%
634
132
25%
10
80
113
2%
67
112
4
1
10
10
334
107
614
4%
534
26
11.40
4
33
21.15
14
10%
55
134
35
434
1034
33
50
99
2334
31
Jan
Feb
Jan
June
Jan
Jan
Jan
June
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
May
May
Jae
Feb
Jan
Jan
Feb
Jan
May
June
Jan
June
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
May
June
Jan
Jan
Jan
Jan
Jan
May
Jan
Apr
Feb
Jan
Jan
Jan
Jan
June
Jan
Feb
High.
8% Feb
Mar
90
Feb
7
Mar
22
14
May
834 Mar
Mar
120
1434 Feb
374 Jan
3234 Feb
8% Feb
Mar
22
2314 Feb
Feb
12
5234 Fel)
634 Feb
June
18
Feb
52
2234 Mar
9
Apr
109
may
9% Mar
Feb
16
2234 Mar
Apr
120
Feb
72
92
Feb
145
May
76
Apr
20% Jan
1951 Jan
1834 Mar
1034 Feb
Mar
170
Mat
37
92 June
100
Mar
130 June
534 Apr
88
May
140
May
7% Feb
334 Mar
Apr
18
1634 June
Feb
8
June
114
1134 Apr
83.4 Feb
934 Feb
Feb
37
19.50 Apr
May
11
Mar
73
29.00 Apr
2434 Jui(
Feb
15
73
Mat
314 Mar
Mn)
40
Pet
8
144 Ala
3915 FelMa)
55
Fel
125
2834 MaJ
36
Air'
51.
Sales
Friday
Last Week's Range for
Sale
Wed.
ofPrices.
Stocks (C0ficiadad)-Par Prize. Low. High. Shares.
National Steel Car Corp..' 14% 14% 15%
Ogilvie Flour Mills
•
198 198
Preferred
100
140 140
Ottawa L H dr Power-_100
88
88
Preferred
100
103 103
Power Corp of Canada.--• 11% 11% 11%
Quebec Power
* 17
17
17%
234
St. Lawrence Corp
*
2% 2%
A preferred
50 10
10
10%,
St Lawr Flour Mills__ _100 34
34
35
St Lawrence Paper pref.100 21
21
21%
Shawinigan Wat As Pow..' 20% 20% 22
Sher-Williams of Can_
•
14% 16
Preferred
100
83
84
Southern Can Power
• 13% 13% 14
Steel Co of Canada
• 36
35
36%
Tuckett Tobacco pref__100
Twin City
•
Vital Biscuit
•
Preferred
100
Wabasso Cotton
•
Windsor Hotel
*
Preferred
100
Winnipeg Electric
*
Preferred
100
Woods Mfgs pref
100
BanksCanadienne
Commerce
Montreal
Nova Scotia
Royal
* No par value.
100
100
100
100
100
Jan 18%
Apr 209
Jan 140
Jan 92
Jan 103
Jan 15
Jan 20
3%
Jan
Jan 11%
Feb 39
Jan 26
Jan 24%
Jan 21
Jan 87%
Jan 16
Jan 38
Feb
Feb
June
Mar
June
Feb
Feb
Feb
May
Feb
May
Feb
Mar
Mar
Mar
Mar
25 116
25
25
2%
5 17
105 20
2
19
5%
35
1%
195
4
30
10 20
Feb 125
8%
Ja
5
Jo
Apr 23
Jan 37
2
Mar
Feb 18
4
Jan
Jan 12
Jan 50
Jan
Apr
Jan
Feb
Apr
Mar
Feb
Feb
Feb
May
136 June 145
Jan 166
129
Jan 203
169
256 June 276
129% Jan 166%
148
Canada Bud Breweries_ __•
Cndn Light & Power Co100
Claude Neon Gen Ad Ltd •
Consol Paper Corp Ltd...*
Ford Motor of Caa Ltd A.•
Fraser Companies Ltd_ •
•
Voting Trust cert
General Steel Wares p1.100
Loblaw Groceterias Ltd A*
Price Bros Co Ltd
100
Preferred
100
•No par value.
137%
149
191
260
150
45
134
68
60
150
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Asbestos Corp vtg trusts--•
8% 9
8%
Assoc Breweries of Can....* 10
10%
10
Cum preferred
100 91
90% 91%
Assoc Oil & Gas Co Ltd._• 200
200 200
Bathurst Pow & Pap B.....
2% 2%
Beld-Corti Ltd cum pntf100
102 102
Brit Amer 011 Co Ltd_ __ _* 14% 14% 14%
Canada Vinegars Ltd.._ •
26% 26%
Cndn Dredge & Dk Ltd..* 22
23%
22
Cndn Foreign Inv Corp...' 24
24
24
Cndn Vickers cum pref.100
5
5
5
•
Cndn Wineries Ltd
8% 6%
Champlain 011 Prods Pf •
8% 8%
Comm Alcohols Ltd
•
60c 600
Cosgrove Exp Brew Ltd-10
9% 9%
Distill Corp Beast Ltd....' 16% 16
16%
Dom Engrg Works Ltd. • 23% 23% 2435
Dominion Stores Ltd
• 20% 20% 20%
Dom Tar & Chem Ltd. •
2% 2%
Cum preferred
100
22%
20
English Eleo Co of Can A •
13% 18%
Home 011 Co Ltd
1.20
1.20 1.30
219
330
22
4,350
25
10
812
50
155
125
75
40
917
100
40
866
60
165
495
93
50
675
20%
Imperial 011 Ltd
• 14%
Intl Paints(Can) Ltd A..*
4%
Intl Petroleum Co Ltd
• 27
Melchers Distll Ltd A_
•
•
Mitchell & Co Ltd (Robt)•
5%
Page-Hersey Tubes Ltd_ •
Regent Knttg Mills Ltd..*
4
Rogers Majestic Corn
•
Thrift Stores Ltd
•
Cunt preferred 6%%...25
United Distil of Can Ltd'
Walkerville Brew Ltd__ _ • 9.15
Walker Good & Worts ' 35%
Preferred
• 15%
Whittall Can Co cum pf100 53
14%
3
27
12%
654
5%
69%
4%
8%
10
23%
1.50
9.00
35%
15%
53
15% 15,001
525
4%
30% 2,923
835
15
220
7
22
5%
48
70
67
4%
8% 1,17
10
25
23%
135
2
9.40 3,140
292
37%
166
15%
32
55
Stocks-
Public UtilityBeauharnois Power Corp.*
C No Pow Corp Ltd prof100
City Gas & Elec Corp Ltd •
Foreign Pow Sec Corp Ltd*
Inter UM Corp class A_ •
1
Pow Corp of Can cum pf100
Sou Can P Co Ltd pret _100
63(
98
3
1.75
3%
750
80
89
99
3%
1.75
3%
800
82
89
Mining
Base Metals Min Corp Ltd'
Big Missouri Mines Corp.1
Bulolo Gold Dredging..
.6
Cartier-Malartlo 0 M Ltdl
Coniaurum Mines Ltd.._•
Dome Mines Ltd
*
FalconbridgeNickelM Ltd*
Jackson Manion Cons....'
Lake Shore Mines Ltd_ _._1
Label Oro Mines Ltd
1
McIntyre-Porcupine Ltd 5
Mining Corp of Can Ltd_•
Nomads Mines Ltd
•
99
3
75o
81
370 430
1.31 1.31
150 lfilic
1.29 1.55
2.30 2.43
420 470
6.60 6.80
900 900
11%0 11%
9.50 9.60
Unlisted Mines
•
30
Arno Mines Ltd
Central Patricia G Mines.!
700
1
Granada G mines Ltd
600
1
1.30 1.30
Howey G Mines Ltd
530
McVittle Grab M Ltd- I
...l
4.90
San Antonio GM Ltd.
1.00 98e
Sherritt-Gordon M Ltd -1
Stadacona Rouyn Mlnes._• 3834c 360
2.77
Sylvanite G Mines Ltd...-1
Thompson Cadillac M Ltd1
480
High.
3%
88%
3
1.50
3
65c
51
72
15% June
Feb
5
30% June
17
May
11% Jan
10% Feb
74% Mar
634 Feb
8% June
11% Jan
Jan
25
3% Mar
10.00 Apr
58
Jan
17% Jan
Apr
62
Jan 10
Jan 100
June 14%
Jan
3%
Jan
634
May
1.50
Jan 82
Jan 90
Feb
Mar
Mar
Feb
Feb
Feb
June
Mar
100
1.30 Jun
2.02 Mar
1.30 1.30
1,600 26340 Jun
27%c 270 300
50c Feb
345 23.50 Jan 34.50 Apr
32.00 31.00 32.00
Jan
lc
4%0
4c 4%s 9,400
9c Mar
Ja
100 97c
1.55 May
1.40 1.40
100 32.75 Ja
43.60 44.00
44.00 June
120 3.00 Fe
3.65 3.65 3.68
4.15 Mar
410
39c 42340 39.100 39c June 42340 June
280 42.50 Jan 54.25 Apr
52.50 53.00
180 14340 180 62,950 8%c Jan 25340 Apr
335 39.60 Feb 49.65 Mar
48.00 49.95
1.69 Feb
200
1.87 1.87
2.28 Feb
1,698 33.25 Jan 45.00 June
42.90 42.75 44.05
Parkhill Gold Mines Ltd 1 430
Premier G Ming Co Ltd !
Quebec Gold Ming Corp..! 16c
Read-Authier Mine Ltd...! 1.50
Blame Gold Mines Ltd...! 2.35
Sullivan Gold Mines Ltd.' 420
6.80
Tack-Hughes G M Ltd_..1
Ventures Ltd
Wayside Con G M Ltd.50c
Wright Harg Mines Ltd..*
9.50
Undated
Abitibi Pow dr Paper Co..'
cum preferred 6%....100
11113iVerti & Distill of Vane.*
Brews Corp of Can Ltd...'
•
Preferred
Canada Malting Co Ltd..'
409
15
705
25
80
9
40
1
1.50
8%
9
27%
32%
65.200 360 Jan 71%c May
100
1.05 Jan
1.75 Mar
27,57
!Sc June 700 Apr
59,81
26e
Jon
1.55 June
12,090
1.43 Jan
2.65 Apr
55,560 254 Jan 50c Apr
297 5.80 Jun
8.00 Apr
100 770 Jan
1.12 Mar
1,000 113$0 Jun 4834c Feb
1,645 6.75 Jan 10.25 Apr
So
500
3c June
500 54%c Jan
700
600
200 600 June
1.34
2,000 980 Feb
500 530 June
54lie
1,350
5.20
1.76 Jan
1.00
600 980 June
42%c 49.330 8%o Jan
2.85
900
1.30 Jan
100 20%c Jan
48c
1.35 1.75
854 8%
1.30 1.50
9
9%
27% 30
32% 3334
3,71
10
375
500
500
260
900
4
1.20
5%
15%
28
Jan
Jan
Jun
Jan
Jan
Ja
180 Feb
780 Mar
1.00 Apr
1.37 Apr
1.20 Jan
5.60 June
1.43 Apr
450 June
3.20 Apr
680 Mar
2%
10%
2.95
11
32
3534
234
High.
834
20
350
1.75
Jan
Jan
June
Jan
22
834
6
38%
16%
4
27%
610
60
440
628
20
730
35
15%
3
234
14%
14%
950
7
Jan
Jan
Jan
Jan
Mar
Jan
Jan
20%
8%
6
34
1634
3%
27%
38%
4
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Bell Tel Co of Pa pref__100
Budd (E G) Mfg Co
•
Preferred
100
Cambria Iron
50
Elec Storage Battery_100
Fire Association
10
Horn & Hardart(NT)Com
•
Preferred
100
8% June 13% Apr
Feb
9;4 June 13
Feb 93 May
90
Jan 350 Jan
20c
3% Feb
1.75 Jan
Feb 102 June
97
Jan 15% Mar
13
22% Jan 27% Feb
20% Jan 34% Feb
Jan 25 May
9
6% Mar
4% Mar
6% June 11% Jan
9
Mar
7% Mar
1.50 Jan
500 Apr
9% Apr
534 Jan
15 May 26% Jan
Feb
Jan 28
20
19% Feb 22% Mar
5% Feb
2% Jan
15
Jan 29% Feb
13% June 13% June
1.10 June 1.90 Feb
12% Jan
Jan
3
19% Jan
Apr
11
5 June
5.% June
Jan
56
Jan
2
8% June
Mar
9
Feb
23
1.25 Mar
3.90 Jan
30% May
15% Jun
33
Jan
Low.
30
30
5
938
12
40
800
3%
Mar
Feb
Jan
Jan
25% Feb
12% Apr
9 ,Apr
38% June
Apr
18
6 May
3734 May
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, June 16 to June 22, both
inclusive, compiled from official sales lists:
Range Since Jan. 1.
Low.
Range Since Jan. 1.
934 9%
22% 22%
380 350
234 2%
9%
Feb
Feb
Feb
Feb
Feb
125 125
4% 5
2% 2%
17
17
32
32
31
2
2
2
6%
6%
6
2%
2% 3
9% 10%
40
40
137
146
189
256
148
High.
Low.
330 12%
25 180
5 125
1 79
10 90
140
7%
300 15
1%
865
310
534
33
6
12
16
17%
2,28
11
12%
1
60
11
19
384 28
2%
137
146
189
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Montreal Curb Market.
-Record of transactions at the
Montreal Curb Market, June 16 to June 22, both inclusive,
compiled from official sales lists:
Stocks-
4275
Financial Chronicle
Volume 138
Feb
Apr
Feb
Apr
Apr
Mar
116
Insurance Co of N A__ __10
Lehigh Coal dr Navigation*
Lehigh Valley
50
Mitten Bank Sec Corp_ _25
Preferred
25
Pennroad Corp v t c
*
Pennsylvania RR
50
Penna. Salt Mfg
50
Phila Elec of Pa $5 pref..'
Phila Elec Pow pref
25
Phila Rapid Transit _ _ 50
50
7% Preferred
Phil dr Rd Coal & Iron_ •
Philadelphia Traction___50
Certificates of deposit__
Reliance Insurance
10
Tacony-Palmyra Bridge_ •
Tonopah-Belmont Bevel_ 1
Tonopah Mining
1
Union Traction
50
United Gas 1mpt com____•
Preferred
•
Victory Insurance Co_ _ _10
Westmoreland Inc
•
30%
41
4334
48%
20%
100
4734
8
16%
1%
I%
2%
30%
5934
105
3234
3%
8
434
23%
24
48
834
17%
1%
2
3
33%
61
105%
32%
4%
10
434
25
24
4734
8
1%
2%
30%
105%
32%
334
8
23%
934
34
7
16%
98%
9%
8%
9%
19%
he
"le
7
16%
98%
9%
8%
300
1,500
60
200
400
2,700
3,000
50
150
400
900
210
12
600
70
3934
5%
12%
1
%
2%
28%
51
93
30%
1
434
334
16%
18%
800
25
2,300
1,100
400
3,600
70
300
150
10
19%
St
14
7%
17
98%
9%
10%
BondsElec dr Peoples tr ctfs 4s '45
23% 24
Certificates of deposit__
23
23
Phil:a Elec(Pa) 1st 58 reg'68
112 112
•No par value. z Ex-dividend.
High.
Low.
200 11134 Jan 117%
7%
200
534 Jan
100 30% June 30%
Jan 40
100 34
36 40% June 51%
25 31% Jan 50%
Jan 85
50 71
Jan 100
10 89
11734
30%
41
42%
48%
20%
100
Range Since Jan. 1.
Mar
Apr
June
Feb
Jan
Apr
Mar
Apr
Jan 5134 Apr
Jan 1034 Feb
May 20% Feb
2% Apr
Feb
Jan
3% Apr
434 Feb
May
June 39% Feb
Mar 61% June
Jan 105% June
Jan
Jan 33
Jan 13 May
Jan 15% Apr
Jan
634 Feb
Jan 29% Apr
Jan 26% Apr
4%
17%
he
%
x534
14%
86
Jan
May
Jan
Apr
Jan
Jan
Jan
4% Jan
434 Jan
10 June
Jan
24
Mar
1
"a Feb
1134 Apr
20% Feb
99
May
9% June
10 June
$2,500 15% Jan 29% Apr
Jan 27% Apr
800 18
Jan 112 June
3,000 105
OHIO SECURITIES
Listed and Unlisted
GILLIS WOOD & CO.
Members Cleveland Stock Exchange
-Cherry 5050
Union Trust Bldg.
CLEVELAND, - - - OHIO
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, June 16 to June 22, both inclusive, compiled from official sales lists:
Stocks-
Malay
NUM
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Allen Industries Inc pfd..' 33
Central United Nat'l-20
City Iee & Fuel
• 20
Clev Aut Mach 1st pfd_ •
Clev Builders Realty._ _•
3
Clev-Cliffs Iron prof
*
Clev Eloc 111 6% pref._100 110
Cleveland Ry et& dep._100
Corrigan McKin non-vot_l
Range Since Jan. 1.
Low.
High.
10
122 30
144 10
345 17%
14
234
2
16
150 22
171 10034
106 3934
35 10
May 33
Jan 16
Jan 23%
June
2%
Jan
3
Feb 2834
Jan 110
Jan 57
Jan 17
Apr
Jan
Feb
June
Mar
Jan
June
May
Jan
69
38
1834
83
5%
2
41
25
18
1%
15
98
52
20
63
105
135
11
25
35
455
20
June
Jan
June
Apr
June
Jan
June
Jan
Jan
May
Jan
69
44%
1834
8434
734
334
41
25
19
1%
22
June
Jar
June
Jar
Jar
Fet
June
Fe!
Ap
Fel
July
Interlake Steamship
•
2534
Jaeger Machine
•
334
Kaynee
1434
10
Kelley held L & Trans...'
1134
Medusa Portland Cem't__*
9
Mohawk Rubber
*
!%
National Acme
1
6
National Carbon pref__100 140
138
National Refining
25
5
Preferred
70
100 70
National Tile
•
I%
134
Nestle LeMur cum el A •
3
Nineteen Hun Corp Cl A •
23
2534
4%
16
11%
9
134
6
140
534
70
134
334
23
458 2134
185
3
175
8
100
634
20
5
100
134
100
434
35 135
350
5
155 45
200
134
150
134
62 21
Jan 33
534
June
Feb 16
Jan 12
Apr 14
June
434
Jan
8%
Jan 140
Jan
734
Jan 75
June
3
Jan
3%
Feb 24
Fel
Fel
Ap
Ma
Fel
Jew
Fel
Ma:
Fe'
Ma
Fe
Ms
At
Ohio Brass B
14
• 14
6% cum preferred._.100 ___ __ 85
Peerless Corp
3 i
4
Richman Bros
• 42% 4234
Selberling Rubbe•
•
2%
Sherwin W'ms AA pref_100
101
Standard Testi* Prod. •
%
s
Cum A preferred
3%
Weinberger Drug Inc--.._•
854
8%
West Res Inv Corp
6% prior nref
24
100
• No oar value.
14
82
434
43
234
106
%
334
8%
50
20
420
150
50
34
52
26
50
12
75
2%
39
234
99
%
334
734
Fe
May 18
Nis
May 85
Jan
434 Jun
Jan 4934 Ja
5% Ja
June
Jan 106% At
Fe
1
June
May
434 At
Jan
934 Fe
22
Jane
Dow Chemical :
• 63
Federal Knitting $41118_ •
Firestone Tire & Rubber 10
6% preferred
100 82%
Foote-Burt
•
5%
Geometric Stamping
•
Great Lakes Towing pfd100
Greif Bros Cooperage A_ •
Harbauer
Harris-Seybold-Potter - *
1%
Higbee 1st pre(
ion
31
10
20
234
3
25%
109%
55
10
33
10%
21%
2%
3
25%
110
63
38
18%
82%
534
?
41
25
18
1
15
ze
22
25
63
34
1834
7954
5%
.%
41
21%
634
%
8
25
Ja
4276
Financial Chronicle
June 23 1934
Pittsburgh Stock Exchange.-Pecord of transactions
San Francisco Stock Exchange.
-Record of transacat Pittsburgh Stock Exchange, June 16 to June 22, both tions at San Francisco Stock Exchange, June 16 to June 22,
inclusive, compiled from official sales lists:
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Allegheny Steel corn
•
Amer Fruit Growers pfd100
Arkansas Nat Gas Corp_ •
Armstrong Cork Co
*
flaw-Knox Co
*
Carnegie Metals Co
1
Columbia Gas & Elee Co'
Devonian Oil
10
Duquesne Brewing
5
Class A
5
•
Electric Products
Follansbee Bros pref_ _..100
Fort Pitt Brewing
1
Lone Star Gas
•
•
McKinney Mfg
Nat Fireproofing corn_
•
Preferred
50
18
9
134
1834
1034
134
1434
1234
3
5
3
6
2%
514
1
134
2
18
9
134
19
1114
2
15
14
3
534
3
734
234
5%
1
114
2
100
25
100
244
355
4,107
217
380
200
550
100
270
2,200
2,879
100
50
230
Range Since Jan. 1.
Low.
High.
Stocks-
Friday
Sales
Last Week's Range for
Sale
0/Prices.
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Alaska Juneau G Mining 10
20
250 1734 May 2334 Jan
2034
Assoc Insurance Fund_ __10
1%
1% 1%
100
1
Jan
234 Apr
Atlas Imp Diesel En A_._*
614
614 614
2
100
Jan
734 Apr
Bank of Calif N A
150 150
100
10 121
Jan 159
Feb
•
7
10%
Byron Jackson Co
____
634 7%
3% Jan
8
May
134
Calamba Sugar com__20 1954
1914 20
840 1934 June 2534 Mar
7% preferred
20
20
20
100 19
Feb 2034 June
1234
Calaveras Cement com_ •
1
1
1
110
Apr
1
Apr
California Copper
10
% %
1,424
34
.14 Jan
14 Feb
554
Calif Cotton Mills com.100 10
10
55
414 Jan
1015
12% Feb
3
Calif Ink Co Acorn
• 2134 2134 2134
100 2034 Jan
2534 Mar
California Packing Corp._• 3134
3134 3354
1,364 19
Jan
343-4 May
214
Calif Water Serv pref _100
73
73
38 64% Jan 7334 Apr
554
Calif W Sts Life Ins Cap_10 1334
1354 1314
179 11
June 14
June
1
Caterpillar Tractor
• 27
27%
27
762 2314 Jan 3314 Apr
Clorox Chemical Co
28
28
•
110 2214 Jan
2
Mar
Cat Cos G & E 6% 1st pt100
76
76
9 58
Jan 76 June
Consol Chem Indus A_
•
2634 27
620 2434 Jan 2714 Apr
Phoenix 011
25
60
1,000
60
6c
Jan
5o
100 Apr Crown Zellerbach v t c___*
5
514
5
2,196
4
0% Apr
Jan
Pittsburgh Brewing corn_ •
110
Preferred A
Feb
334 3%
3 June
5
• 5534 55
25 34
5534
Jan 56
Apr
Preferred
• 3014
260 28
May
Preferred B
3034 31
39
Feb
* 55
55
144 34
55%
Jan 56
Mar
Pittsburgh Forging Co_ _1
14
314
134 Jan
354
334 May Diglorlgio Fruit Units_ _ _.• 2034 20
236 20 June 22
2034
May
Pittsburgh Plate Glees_ _25 50
50
850 3934 Jan 57
5034
Apr Emporium Capwell Corp_•
6%
6% 6%
100
614 Jan
83-4 Feb
Pitts Screw & Bolt Corp__•
714
265
734 8
7
Jan
1134 Apr Fireman's Fund Insur___25 58
5734 58
60 47
Jan 61
Mar
Renner Co
1
1%
900
1% Jan
234 Apr Food Mach Corp corn_ __ _• 1734
134 2
1755 1814
1.205 1014 Jan 20
May
Ruud Manufacturing_ _5
11
11
934 Jan
10
Apr Gen Paint Corp A corn. _ _•
15
9%
914 934
320
614 Jan
914 June
B common
1
40
San Toy Mining
40
500
30
7c Feb
Jan
•
2%
1% 23
1,520
1
Jan
4
2 June
Shamrock 011 & Gas
I%
•
150
114 May
134
134
•
514
434 Feb Golden State Co Ltd
621
414 Mar
7% Feb
63.4
Standard Steel Sluing
13
50
13
9
Feb
*
5
1834 Apr Haiku Pine Co Ltd pref.25
5
5
50
414 Apr
534 Feb
United Engine di Foundry • 1934
19
20
Hawaiian C di S Ltd_ _25 44
752 16
Jan
.
2534 Feb
44
44
25 40
May 62
Jan
Vanadium Alloy Steel__ •
19
19
10 1534 Mar 20
Jan Home IF & M Ins Co_ __10
29
29
45 253-4 Jan 31
Feb
Victor Brewing Co
1
134 7,768 90e
134
Jan
13
114 June Hololulu Oil Corp Ltd_ __ ..*
13
133
410 1134 Jan 1534 Feb
4
Western Public Serv v t c_•
434
325
Langendorf Utd Bak A_ _ •
414 May
434 434
12
7
12
Feb
140 1034 Apr 1454 Jan
Westinghouse Air Brake. •
2134 25
1,292 21.14 June 3534 Feb Leslie-Calif Salt Co
*
2234 223-4
110 2234 June 26
May
Westinghouse El & Mfg_50
Los Aug G & E Corp pf 100
3734 3834
40 3034 May 47
Feb
15 7914 Jan 9434 Apr
9234 9214
Magnavox Co Ltd
•
%
34
1,155
34 Jan
34
1
Feb
Bonds
Merchant Cal Mch com.10
1%
110
134
2% Jan
134
13-4 Jan
Mon R C & Coke 1st 6s '49
120 120
82,000 120
Mere Amer RIty 6% p1100
June 120
85
85
15 73
June
Jan 85
May
•
8%
Na tomes Company
834 914 2,160
8% May
1034 May
•No par value.
No Amer Inv 6% pref.-100
3154 3114
20 17
Jan 33
Apr
North Amer 011 Cons___10
7% 934
1.670
73-4 May
934 June
Oliver United Filters A
100
10
10
6
11
Jan
•
Apr
B
•
2
4% Apr
280
Jan
234
23-4
Paauhau Sugar
5
100
5
Jan
15
4
5
Jan
Pacific G & E corn
18
1934 2,625 15341 Jan 2334 Feb
25 18%
Members Cincinnati Stock Exchange
6% let preferred
2134 2234
1,832 1934 Jan 23
Star
25
1934 1934
1.083 173-4 Jan 2134 Apr
534% preferred
25
UNION TRUST BLDG.,
CINCINNATI
Pacific Lighting Corp Com* 3134 3154 323-4
502 2314 Jan 3634. Feb
6% preferred
•
Mar
8454 85
70 7114 Jan 89
PacPubServ(non-vot) com•
1
% Feb
1
915
114
134 May
(Non-voting) preferred.*
Slay
614
1% Jan
7
8
73-4 7,027
Pacific Tel dr Tel corn._100 7714
Mar
7754 79
207 71
Jan 86
6% preferred
June
100 116
Jan 116
116 116
10 103
Wire System-First of Boston Corporation
Paraffine Cos COM
June
2,033 2534 Jan 38
38
* 36
36
Ry Equip & Rlty 1st pf • 14
14
15 June
Jan
207
1434
5
Series 1
Jan
•
June
2
13
99
12
12
Series 2
Cincinnati Stock Exchange.
12
• 12
12
214 Jan
235
123-4 June
-Record of transactions
at Cincinnati Stock Exchange, June 16 to June 22, both Schlesinger & Sons(B F)
Preferred
May
2
2% Apr
25
100
214
234
Shell Union Oil corn
inclusive, compiled from official sales lists:
673
•
ssi 834
8 June 1134 Jan
834
Preferred
74
100
Jan 8654 Feb
74
100 62
1 1100/
,
nines
Southern Pacific Co_ __100
2414 26%
1,495 1834 Jan 33
Mar
Last Week's Range for
Range Since Jan. 1.
So Pac Golden Gate B.- •
5
255
5
354 Jan
534 Mar
Sale
ofPrices.
Week.
Spring Valley Water Co..'
220
534 534
536 June
4.34 Jan
StocksPar Price. Low. High. Shares.. Low.
Standard 011 Co of Calif...' 343-4
High.
3434 363-4
604 3034 May 4234 Jan
Tide Water Ase'd 011 com-•
13
13
165
Apr
14
834 Jan
A'uminum Industrles.
*
10
6% preferred
1034 1034
714 Jan
16
Jan
175 6134 Jan 85
100 8014 8034 81
May
Amer Laundry Mach_ __50
35 11
Jan
Jan Transmerica Corp
18
1334 1334
634 7
20,285
514 May
6%
•
834 Feb
American Products cora_ •
254 234
20
2
Apr
Apr Union 011Co of Calif ___ _25 15% 15% 1734
3
1,442 1534 May 2034 Feb
Amer Roiling Mill
25 1934
1934 20
40 17 Slay 28
614 6%
150
Feb Union Sugar Co corn_ __25
4
7% Apr
Jan
Amer Thermos A
434 5%
•
534
527
7% preferred
134 Jan
1714 1734
25 1634 Mar 19
25
834 Mar
Apr
CNO&T P pre.
100
101
101
39 82
Jan 101
June Wells largo Bk & U Tr..100 21834 216% 225
40 185
Jan 225
June
Cin Gas At Elm pref.__100
14 66
Jan 83
7834 80
Apr West Amer Fin Co 8°4 p110
%
34
100
Feb
14 Jan
1
Cincinnati Street
5
50
134
43.4 Jen
534
6
1034 11
Apr Western Moe de Steel Co_10
282
9 June
Feb
14
Cincinnati Teiephone___50 6834 6814 6934
121 62
Jan 71
Apr
• No par value.
Cin Tobacco Warehouse_ •
10
11
5
10
Jan
12
Feb
CM Union Stock Yard._ •
17 20
20
20
Mar 2434 Feb
San Francisco Curb Exchange.
-Record of transacCity Ice & Fuel
•
8 17
Jan 2434 Jan
2034 21
Cro"ley Radio A
100
394
1634 1734
8
V% June tions at San Francisco Curb Exchange, June 16 to June 22,
Jan
8
Eagle-Picher Lead
136
20
4% Jan
534
734 Mar both inclusive, compiled from official sales lists:
Early & Daniel
•
14
14 14
14
June 1834 June
Formica
•
12
1?
8
9
May 16
P maw
Jan
..14t.
Last Week's Range for
Range Since Jan. 1.
Gerrard S A
•
50
ofPrices.
% Feb
% June
Sale
%
Week.
54
Gibson Art common
Stocks•
15
15
37
9
Jan
Par Price. Low. High. Shares.
1514 May
Low.
High.
Goldsmith Sons Co
5
•
4
Feb
Apr
6
534 514
27
Hobart
40 1814 June 28
2755
•
May American Tel & Tel..--100 11454 114 11814
115 10834 Jan 125
Feb
100
Kahn 1st pref
60
21 52
Amer Toll Bridge Del_ __1
59
Feb 60
20
20
Feb
1,000 20
Jan
Mar 32
32
14 2334 June 32
Argonaut Mining
* 30
30
Kroger common
9% 10
Mai
5
1,880
4.50 Jan
1014 Apr
Leonard
5
•
5
3% Jan
3.50 3.50
95
Apr Calif Pat Trading pref_ •
6
10 3.50 June
3.75 Jan
•
Lincon Nat
5 135
135 135
Apr 135
Apt Cities Service
•
254
236
873
234
4% Feb
13-4 Jan
%
Magnavox Ltd
400
%
•
% Mar
1
70
114 Feb Claude Neon Lts
75
350 60
Jan
134 Feb
35
Procter & Gamble
Coen Cos A
3334 Slay 41
124
1.00 1.00
3634
•
•
Jar
1.85 Apr
400
1.00 Jan
P & G 8% Prat
Crown Will 1st pref
100
10 161
180 180
Jan 180
59
58
Jun(
• 59
145 4334 Jai
Apr
70
100 114
101 10334 Mar 114
2nd preferred
114 114
•
53; preferred
30
30
Juni
30
Apr
1934 Jan 35
Randall A
*
30 14
Jan 21
"
1734 1734
2254 2214
Api Dominguez Oil
15 203.4 May 2434 Feb
B
Elec Bond & Share
•
8
8
174
5
314 Jan
9
API
1734 1714
834
100 1714 June 2234 Feb
Rapid Electrotype
5
452 12
6%
• 17%
654 8%
Feb
1734 18
19
Jun( Emsco Derrick
200
8% Apr
634 Apr
U. S. Playing Card
136 17
General Motors
10
Jan 28
2334 24
10 303-4
3026 3334
Ari
2,474 2914 June 4254 Feb
r
U S Print common
10
Gladding McBean
•
2% Jan
5% 5%
6
334
Api
12
334
534 June
834 Apr
Whirnicar Parlor ram_
24
24
24
20 24
320 350
1 330
June 25 Jun( Idaho blaryland
3.110 250
Jan
May 375
Halo Petroleum pref
91 105
• 100
1,530 52
Feb
Jan 180
No par value.
•
Marine Bancorp
•
1334 1334
60 10
Jan
1434 May
•
Nat Auto Fibres A
7
734
245 375
734
9% Feb
Jan
St. Louis Stock Exchange.
-Record of transactions at Occidental Petroleum_ _. 1 30
31
30
980 26
Feb
June 56
Pacific Eastern Corp
214
1
234 2%
1.083
lyi Jan
3
Mar
St. Louis Stock Exchange, June 16 to June 22, both in- Pineapple Holding
20
740
614 Jan
1014 Apr
834 9
clusive, compiled from official sales lists:
Radio Corp
754
714
80
•
8% Jan
93.4 Feb
Shasta Water COM
21
20
225 1534 Jan 21
•
June
Friday
Sates
So Calif Edison
16
125 1554 Jan
1634
25 18
2234 Feb
Last Week's Range for
Range Since Jan. 1.
534% preferred
25 16%
1634 1734
216 1534 Jan
1934 Feb
Sale
of Prices.
Week.
6% preferred
1914 1934
25
85 173.4 Jat
2234 Feb
StocksPar Price. Low. High. Shares.
Low.
High.
7% preferred
2234 2234
25
5 2034 Jan
2434 Mar
Gas 6%
100 2314 June 24
2334 2354
June
Curtis Mfg common
5
634 6%
so 5 Jan 754 Feb So Calif preferred pref___25 2334 96 96
634%
•
15 79
June
Jan 96
15
Elder Mfg common
15
12 10% Feb 15 June So Pacific
•
G G pref....100
48
48
10 39
Mtu
Jan 48
80
Ely & Walker D G 2d p1100
80
15 75
Mar 80 June Sunset
-McKee B
6
6
•
10
534 Mar
6
May
Common
25
15% 1514
10 15% June 21
Feb U S Petroleum
26
1
26
200 25
May 42
Feb
25c 300
Fulton Iron Works com_ •
200 250 June
1% Feb Universal Cons 011
2.50 2.50
2.50
15
10
2.25 Jun
5% Jan
Hamilton-Brown Shoe
Waialue Agricul
3336 3334
10 32
Apr40
20
Feb
Common
5
25
5
3% Jan
50
8
Feb
6
6
1
55
6
May
8
Mar
42
42%
15 40% May 4914 Jan West Coast Life
.
Internat]Shoe common_.•
•No par value.
common...• 16% 16% 17
60 15% Jan 21
Nail Candy
Feb
1054 10%
125
9
Rice-Stlx Dry G'cls com__• 10%
Jan 12% Feb
Los Angeles Stock Exchange.
-Record of transactions
5
•
1
Scullin Steel preferred
Jan
434 Feb at the Los Angeles Stock Exchange,
June 16 to June 22,
•
10
100 10 June 10
10
Sielott Parking corn
June
12014 121
23 116,4 Jan 121
S'western Bell Tel pref..100 121
June both inclubive, compiled from official sales lists:
eom_ •
100
8 June 13
835 asi
,
Stlx, Baer & Fuller
Feb
Friday
Sales
om 10
105
9% June 12% Jan
Wagner Electric common15
Last Week's Range for
Range Since Jan. 1.
ofPrices.
Sale
Week.
Bonds
Stocks
Low. High. Shares.
-Par
High.
Low.
i
Hone Owners Tin Copr 3s_ _ 100.15 100.15100.15 $2,575 100.15 June 101.15 June
19% 19% 2.000 18
1934 1934
United Rys 45
June 20% Mar
Barker Bros corn
5
Feb
5
20(
Mayl
•
4
• No par value.
3
Boise ChIca Oil A
3
be.
10
434 Jan
234 MayI
•
18
'9
134
14
1034
1%
1134
9
234
434
2%
5
1%
5%
1
1
134
June
June
Jan
Jan
June
Jan
May
Jan
Jan
Jan
Jan
May
Jan
June
Mar
Jan
June
2234
934
3
2634
1634
3
19
18
434
5%
354
30
234
834
2
134
434
BALLINGER & CO.
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Feb
Apr
Apr
Feb
Jan
Feb
Feb
May
Feb
Feb
Apr
Feb
June
Feb
Mar
Feb
Feb
4277
Financial Chronicle
Volume 138
7
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Friday
Sates
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded)
-Par Price. Low. High. Shares.
Mar
4
Jan
2
15
Feb
200 374 May 60
73% Jan 124 Feb
300
143% Feb
94 May
100
8% Apr
Jan
3
100
Apr
Jan 325
5 300
154 June
114 June
100
Feb
100 10 June 14
Jan
10 95 June 100
831 Jan
6 June
200
Feb
Jan 95
178 79
414 June
234 Jan
1,200
34 Mar
1,400
134 Jan
8
Mar
10
331 Jan
714 Jan 103% Mar
200
94 Jan
Mar
9
100
94 Feb
714 Jan
100
36
Feb
100 233% Jan
32 71
Jan 883% Mar
2815 Feb
200 214 Jan
14 May
Apr
1
300
734 June
Jan
3
100
514 Jan
34 June
200
Mar 364 Jan
1,300 30
113% Jan
814 Jan
100
Feb
1.700 154 Jan 22
3714 Feb
70 3114 Jan
400 203% Jan 254 Feb
Feb
900 174 Jan 22
1931 Feb
1,900 154 Jan
1,900 184 Jan 3314 Feb
.53
200 304 May 4231 Jan
Feb 124 API'
9
200
Jan 28
Feb
20 20
sg Feb
534 May
2,500
May 203% Feb
2,200 15
5 June
5 June
300
4% May
4
Feb
500
Bagdad Copper
1 260
Beneficial Ind. pr A
* 444
Betz & Son
4
1
Bralorne Mines
* 143%
Brew dr Distl v t c
114
•
Bulolo Gold(DD)
20
Cache La Poudre
20 173%
Carnegie Metals
1
Clinton Distilleries
5
Columbia Broad A
5
Como Mines
1 620
214
Croft Brew
1
Davison Chemical
*
Distilled Liquors
5 22
1
Elizabeth Brew
1
Fade Radio
1
Flock Brew
2
Fort Pitt Brew
1
Fuhrmann & Schmidt.___1
1
Harvard Brew
1
34
Hendrick Ranch
*
Indian Motorcycle
*
International Vitamin_*
ICJidun MinIng
1
2
Kingston Barrel
1
Milner Air
1
14
Kuebler Brew
1
Lockheed Air
1
Morris Plan pref
10
National Surety
10
44
•
Newton Steel
New York Title
1
Northampton Brew pref _ _2
334
1
Oldetyme Distill
7
O'Sullivan Rubber
1
paramount Publix
4
10
Paterson Brew
1
Penn York Oil & Gas A_1
134
Petroleum Derivatives _ _ _•
Railways Corp
1
914
Rayon Industries A
1
1
New York Produce Exchange Securities Market.- Remington Arms
Renner Co
1
Followirg is the record of transactions at the New York Richfield 011
1 250
231
•
Produce Exchange Securities Market, June 16 to June 22, Rustless Iron
14
1
Simon Brew
both inclusive, compiled from sales lists:
1
Siscoe Gold
Squibb Pattison Br pref _ _1
Sales
Friday
Sylvanite Gold
1
Range Since Jan. 1.
Last Week's Range for
414
Texas Gulf Producing...._°
Week.
Sale
ofPrices.
Tobacco Prod (Del)_10 30
High.
Low.
StocksPar Price, Low. High. Shares.
1 23e
United Cigar
Preferred
100
Feb
2
Abitibi Power
34 Jan
100
"
134
13%
4
1
Jan 350 Feb Utah Metals
Admiralty Alaska
9c
1 190
160 250 12,000
1
1
Jan Victor Brew
Aetna Brew
34 June
1
100
4
54
1
Allegheny Corp pr w 1_ _• 28
325 2631 Mar 3514 Apr West Indies Sugar
28
3134
5 240
44 Feb Willys-Overland
May
Allied Brew
2
200
1
2
2
Preferred
100
214 Mar
Altar Cons Mine
1.00 Jan
1
1.64
1.20 1.64 3,700
Amerex Holding
150 14 June 144 June
10
144
14
Rends
514 Apr
Jan
American Republics_ _ _10
2
100
4
4
1932
774 Mar Fox Metro 634s
Angostura Wuppermann..1
391 Jan
100
44 43.4
434
Certits of dep 54s_ _1932 374
Arizona Comstock
350 June 550 Apr
1
500
40o 400
434 Apr
Atlas Pipeline
334 June
100
3% 34
34
*
par value.
• No
134 June
Austin Silver
114 June
1,200
114
114
14
1
Central Invest Corp___100
3
3
Chrysler Corp
5
41
414
Claude Neon Elec Prods_ • 103%
log lig
•
Consolidated Oil Corp_
114 114
Emsco Derrick & Equip_ _•
74 74
Farmers & Mer Nat Bk_100
320 320
Foster & Kleiser coca_ _10
1.4
14
•
Gilmore 011 Co
10
10
GoodyrTexMIlls pf(Cal)100
95
95
Hancock 011 corn A
64 614
631
"
Los Ang Gas & Elee pf_100 92
92
9214
Los Angeles Invest Co_ _ _ 10
414
34 44
Lockheed Aircraft Corp_ _1
234
234
214
Mortgage Guarantee Co100
8
8
Pacific Finance Corp com10
tig
81.4 834
Preferred A
10
934
934
Pacific Indemnity Co__-10
834 83%
Pacific Lighting corn
• 314 314 314
6% preferred
• 84
84
85
Pacific Mutual Life Ins_ 10
224 234
Pac Pub Serv N V corn_ •
1
1
1st preferred
•
714
714
Republic Petroleum Ltd_10
3%
314
Sec First Nat Bk of L A_25 3134
313% 333%
Shell Union 011 Corp corn •
834 84
So Calif Edison Ltd com_25 16
16
164
Original preferred_ _ __25 3334
3334 334
7% preferred A
25
224 224
6% preferred B
25 19
19
193%
54% preferred C_ _ _25 173%
.
173% 173%
Southern Pacific Co_-_100 2334
233% 26
Square D Co 13 corn
•
1
1
Standard Oil of Calif
•
35
363%
Taylor Milling Corp
* 10
10
10%
Title Ins & Trust Co_ ___25
24
24
Transamerica Corp
6% 631
64
*
Union Oil of Calif
25 153%
153% 174
VanDeKampsBakers corn*
5
5
WeberShowcase&Flx lstpt•
4
4
• No par value.
250
444
334
144
131
32
1731
114
6
2434
590
214
14
22
34
320
%
231
34
23%
4
3
54
214
2
45c
134
234
2
94
434
250
2
3
7
4
4
134
2
134
874
414
2
250
23.1
114
2.40
11£
2.95
4
2931
160
814
4
14
334
20e
114
1,500
30e
20
4434
500
43.g
.50
1431
1% 2,800
100
32
184 1,050
400
2
200
64
100
244
650 11.000
23% 4,100
100
14
1,500
274
2,700
114
200
320
100
%
100
234
14 1,100
100
214
200
g
150
334
300
34
24 1,400
900
234
1,000
14
900
134
100
24
100
2
700
14
700
44
200
25c
500
214
1,100
34
500
74
44 2,500
200
14
900
1%
600
2%
600
2
934 6,900
100
434
100
2
2,200
30e
300
2%
1% 3,800
100
2.40
300
2
200
2.95
5,800
5
120
30
250 11,200
400
934
1.000
44
100
114
100
314
2.300
24e
100
134
3714 3934 36.000
54,000
3334 40
Range Since Jan. 1.
High.
Low.
250 Mar 60c May
37
Jan 4431 June
Apr
5
3
Jan
1431 June 14% Apr
231 Jan
131 May
Apr
234 Jan 35
May 1934 Jan
15
34 Mar
1.15 Jan
64 May
5
June
June
May 28
24
430 May 900 Feb
Apr
3
1% Jan
14 Feb
45e June
134 Jan 4534 Apr
34 Jan
131 Apr
114 Feb
250 June
14 Apr
14 June
24 June
234 June
114 Apr
34 Feb
Feb
33% Mar
2
214 Feb
34 Jan
434 Apr
231 Feb
34 June
4 Mar
434 Mar
24 June
24 June
114 May
1
Feb
14 Jan
234 Feb
13% June
274 May
214 June
334 Feb
2 June
14 Jan
234 Apr
834 Feb
34 May
25e June 250 June
234 June
2 June
3
Apr 1934 Jan
74 June
634 June
574 Feb
114 Jan
Jan
1
14 June
134 June
134 May
Mar
5
1
May
Jan
4
194 June
934 June
634 Jan
4
May
694 Mar
14 Jan
234 Apr
4 Feb
25c May
24 Apr
14 Mar
g Jan
13.4 Apr
2.60 Apr
1.45 Jan
314 Jan
14 June
3.20 Apr
1.50 Jan
Jan
7
4
Jan
634 Feb3231 Apr
lbe May 290 May
7 June
934 June
414 June
1.13 Jan
14 Jan
i34 Apr
54 Feb
214 May
180 Feb4 Feb
34 Feb
34 Jan
32
24
June
Apr
394 June
40
June
For Other Stock Exchanges See Page 42841
New York Curb Exchange-Weekly and Yearly Record
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 ontside_of the
regular weekly range are shown In a footnote in the week in which they occur. No account is taken of such sales in computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (June 16 1934) and ending the present Friday,(June 22 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:
Sala
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
Week Ended June 22.
Stocks-
Indus. & Miscellaneous.
Adams Millis pref
100 90
Aero Supply Mfg el Et_
•
Ainsworth Mfg Corp____10 13
Agfa Ansco Corp com
_1
334
•
Air investors corn
Warrants
Alabama Gt Southern_50
Allied Mills Inc
•
Aluminum Co common __ _• 6534
0% preference
100 684
Aluminum Goods Mfg_*
Aluminum Ltd
6% preferred
100 53
American Book Co. _100 54
Amer Brit & Cont Corp_ •
Amer Capital
$3 preferred
*
,Amer Cyanamid el B n-v .
• 1754
Class A voting
10
4
Amer Founders Corp____1
7% prof scr LI
50
0% let prof ser D. -50
Amer Investors Inc
-Option warrants
Amer Laundry Mach_ -20
Amer Mfg Co corn_.,__ 100
9
American Meter Co
• 104
American Thread prof-- -5
Anchor Post Fence*
Arcturus Radio Tube _ _ _ .1
4
Armour & Co new w I_ _5
.
534
• 583.4
Prior preferred w I
Armstrong Cork corn____* 1834
sn Metal Works corn- _5 24
Associated Elec Indus Ltd
Amer dep rots ordinary-- ______
Assoc Laundries of Amer_*
Atlantic Coast Fisheries _ _•
534
Atlas Corp common
• 1034
•
$3 preference A
Warrants
4
•
54
Atlas Plywood Corp
Automatio-Voting Maoh_•
634
100 3234
Babcock & Wilcox
Baldwin Loco Wks warr•
64
Bellanca Aircraft v t c_ _1
Benson & Fledges rem_ _ _•
234
Blue Ridge Corp com_ _1
• 364
$3 opt conv pref
44
*
Bourjois Inc
re,-...., Boller Bearintr
5 13t1
90
234
13
331
134
34
51 34
834
7134
7014
954
25
100
400
300
100
100
150
700
1,200
350
200
53
55
53
54
4
4
500
20
200
90
254
1234
34
134
4
.5194
734
95
6814
874
Range Since Jan. 1.
Low.
73
134
10
334
134
Ire
40
73%
6234
6534
8%
High.
Jan 100
4
May
Jan 15
Mar
4
3
May
1
May
Jan 634
94
May
May 855(
Jan 78
1134
Jan
Apr
Jan
Mar
May
Jan
Jan
Apr
Jan
Jan
Jan
Feb
37
Mar
48
Jan
34 Jan
60
56
1
Apr
Apr
Mar
213%
1731
21
4
154
1534
100
213%
1834 9,300
100
21
ill
.
800
150
1814
75
184
1534
1514
1834
34
11
934
Jan
Jan
Mar
June
Jan
Jan
2114
223%
21
134
21
2294
Feb
Apr
Feb
Feb
Apr
Apr
4
1334
9
934
4
14
ei
534
884
184
234
34
1434
10
12
4
14
4
634
8934
1934
24
100
200
50
825
100
100
100
5,200
1,400
900
200
34
1074
9
7
34
134
Tre
54
59
1434
134
June
Jan
Jan
June
Jan
Jan
Jan
June
May
Jan
Jan
1
18
16
174
4
214
1
694
6034
2634
44
Max
Jan
Feb
Jan
Apt
Mar
Feb
May
May
Feb
Apr
434
3
534
1014
44
4
5
651
3254
634
434
234
2
303.4
434
12 Cc
454
34
834
114
45
414
64
7
35
634
434
234
294
3734
454
13 Si
500
600
2,100
6,600
200
3.000
700
1,100
175
800
100
1 ri
1,300
500
100
400
4
4
2
11)34
39
314
5
24
324
594
334
234
134
314
414
12
Mar
June
Jan
June
Jan
May
June
Jan
June
May
Jan
Mar
Jan
Jan
June
May
594
4
64
1514
49
854
8
84
51
11
6
4
314
3934
634
1714
Jan
Feb
Ape
Feb
Apr
Feb
Pet
Apr
Jar
Feb
Pet
apr
Feb
Ain
Jar
Mai
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Bridgeport Machine
•
*
Brill Corp class A
•
Class B
BrIllo Manufacturing_ _ _ _.
British Amer Tobacco Ltd
Amer dep rots bearer-C1
British Celanese Ltd
American deposit NU__
Brown Co 6% prof
100
Brown Forman Distillery _1
Burma Corporation
Amer deposit rcts
•
Butler Brothers
10
Range Since Jan. 1.
Low.
High.
34 Jan
134 June
1
Apr
554 Jan
314
334
294
714
Apr
Feb
Feb
Feb
234
154
1
6%
400
200
300
400
3014 304
1,000
2854
Jan
3134 Apr
1134
2% 274
14% 1534
1134 12
1,100
500
500
274 June
Jan
5
1034 May
434 Mar
1614 Apr
214 Mar
814
334 334
814 104
100
2,000
334
4
Jan
Jan
314 Feb
1234 Apr
14
1014
1074
9
1634
734
634
/4
1131
1034
9
1634
854
634
2.300
700
100
300
500
1,000
2,400
he
1034
954
634
1334
554
334
May
May
May
May
Feb
May
Mar
90
414
14
1394
2634
234
24
234
23
54
2134
3124
100
90
4.34
500
400
1434
1334
loo
30
2714
214 24,100
2514 3,600
800
234
20
2314
4
700
2154
100
31 34
300
82
434
94
494
1434
14
114
1
9
14
1894
2454
May 10434 Feb
Jan
734 Jan
Apt
Mar 20
Feb 1734 Apr
Jan 4234 Pet
Jan
434 Feb
Jan 2634 Feb
Jan
234 Feb
Jan 2334 June
Jan
13% Feb
Feb
.Jan 27
Feb 324 May
634
Cable Radio Tube v t c__•
14
Canadian Indus Alcohol A• 1031
Class B n-v
*
Carman & Co cl A
•
Carnation Co com
•
•
Carrier Corporation
794
Catalin Corp of Amer_1
614
Celanese Corp of Amer
7% let panic pre _100
Centrifugal Pipe Corp_
•
Charis Corporation
• 14
Chic Rivet & Mach
•
Childs Co pref
100
Cities Service cam
•
23.4
Preferred
• 244
Preferred B
•
24
Preferred BB
•
Claude Neon Lights Inc_ _1
Colt's Pat Fire Arms _ __ _25 2134
Columbia Pictures com •
Compo Shoe Machinery
stock trust Ws
1 1134
Consolidated Aircraft newl
914
Consolidated Automatic
Merchandising v t c_
•
Continental Seca Corp_ •
Carroon & Reynolds
Common
1
$6 preferred A
• 18
Cord Corp
5
434
Courtaulds Ltd
Amer deposit receipts
Crane Co corn
834
25
Crocker Wheeler Elea_ _ _.•
44
Crown Cork Internet'A__•
851
Davenport Hoe Mills__* 17
DeHavilland Aircraft Co
Am den rots ord rpa_ _ _
2%
134
1
634
4
203%
19 34
8
18
9
651
Jan
Jan
Jan
Apr
Apt
Max
June
Jan
Jan
Feb
14
1234 Mar
300
100
lie Jan
Jan
3
/re Jar
May
6
234 234
16% 1854
434 434
100
405
2,900
14 Jan
1014 Jan
454 June
Fet
4
2631 Pet
834 Jac
1234 1231
814 814
44
54
631 7
17
194
100
50
700
200
600
104
8
4
634
12
1594 1514
100
10
1134 113.4
934 974
lie
11
6
6
300
2,000
8
714
Jan
Jan
May
Jan
Feb
Feb
143%
11
8%
834
2094
Apr
Jan
Feb
Mar
May
1534 June
Financial Chronicle
4278
\s.
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Detroit Aircraft Corp
•
Distillers Co Ltd
Amer deposit rcts
Distillers Corp Seagrams_• 1534
Dom Steel & Coal B. _ _25
Douglas
(W L)Shoe 91_100
Dow Chemical
• 94
Draper Corp
* 59
Driver Harris7% pref_ _100 83
DubUer Condenser com...*
Duval Texas Sulphur_
•
Easy Washing Mach "B"_•
434
Elea Power Assoc com___ 1
531
Class A
1
534
Electric Shareholding
Common
234
1
$6 cony prof w w
• 48
Emerson's Bromo Selzer
Class B com
Equity Corp corn
134
10
Ex-cell 0Air & Tool
3
7
Fairchild Aviation
1
834
Falstaff Brewing
1
535
Fedders Mfg cl A
• 12
Ferro Enamel
Flat am dep rcts
• 2034
1
134
Fidello Brewery
First National Stores
7% let preferred-100 111
Fisk Rubber Corp
934
1
$6 preferred
100
Flintokote Co CIA
•
Ford Motor Co Ltd
Am dep rats ord reg_SI
8
Ford Motor of Can ol A__• 2134
• 37
Class B
Ford Motor of France
334
Amer dep rots
Foremost Dairy Prod pr_ •
7
Foundation Co (torn sba)•
General Alloys Co
•
General Aviation Corp_ _1
434
Gen Electric Co Ltd
Am dep rcts ord reg _ _£1
*
Gen Fireproofing com_
Gen Investment corn_ _5
18
$5 cony prat class
Warrants
Gen Rayon Co A stock- -•
1.34
General Tire & Rubber_ _25
Glen Alden Coal
• 1634
Globe UnderwritersEx__ -2
634
•
834
Godchaux Sugars B
• 14
A stock
h
Gold Seal Electrical
1
Gorham Inc
$3 pref with warrants_ _ _ ----Gorham Mfg Co
Agreement ext
Great Ati & Pac TeaNon-vol corn stook _ _. 139
•
Great Northern Paper__25
Greenfield Tap & Die_ _ *
5 1734
Greyhound Corp
Grocery Stores Prod v t o 25
35
1
Guardian Investors
1%
Hartman Tobacco Co_ _•
•
7
Hazeltine Corp
Helena Rubenstain Inc •
10
Hayden Chemical
Hires (Charles E) cl A_ •
Horn(A C)1st pref
50
•
Horn & Hardart corn
100
7% preferred
Hydro Elec Secur com__ _•
534
Hygrade Food Prod
5
• 24
3-IYgrade Sylvania
Imperial Tobacco of Can_5
Imperical Tobacco of Great
Britain and Ireland_
Insurance Co of No Am_ 10 4731
International Cigar Mach•
Interstate Equities Corp.1
Jonas & Naumburg
•
Jones & Laughlin coin..100
Kingsbury Breweries.. _1
Klein(D Emil) Co Inc_ - *
Koppers G & C 6% pref100
Kreuger Brewing-- - - I 11%
Lackawanna RR of NJ 100
1
Lakey Fdy & Mach
•
8
Lehigh Coal & Nav
Lerner Stores common_ •
--100
6% pref w w__ _
534
Libby McNair k Libby-10
Loblaw Grocetarisa Ltd
Class A
•
331
Louisiana Land & Explor-•
5 36
Lynch Corp
1
Maryland Casualty
Massey-Harris corn
•
34
Mavis Bottling class A---1
Mayflowers Assoc
434
McCord Had dr Mfg 13..•
McWllllams Dredging....
• 61
Mead Johnson corn
Merritt Chapman & Scott•
Michigan Sugar Co
•
10
Preferred
• 26
Midvale Co
Minn Honeywell Regulator
100 101
preferred
8
Molybdenum Corp v t(1_1
Montgomery Ward A___• 121
Moore Drop Forging A.. •
Mtge Bank of Colombia
Am shares reg stk
331
Nati Borba Hess corn_ _ _1
National Bond & Share* 2934
1 3434
Nati Container corn
-8Nat Dairy Product
100
7% pref class A:
National Investors com__1
Warrants
•
Nat Leather com
•
631
Nat Rubber Mach
1
31
NatService common
•
Nat Steel Corp wan'
• 3634
Nat Bugs rRefining
134
Nat Union Radio com......1
•
5
Natomaa Co
Neisner Bros 7% prof-100
New England Grain Prod' 27
•
334
New Haven Clock
134
New Mex dr Aril Land...A
New York Merchandise-..'
Niagara Share Corp
5
Class B common
Nitrate Corp of Chile
Otis for ord B shares..._ -----_*
Northam Warren nref
Range Since Jan. 1.
Low.
31
34
1,100
h
Jan
2234
15%
431
18
94
59
83
22%
17%
4%
18
9534
59
83
1
9
4%
6
534
8,500
2,900
200
75
800
50
10
2,000
700
100
900
700
20
14%
2%
16
6934
54
56
34
4
4%
4
331
Jan
May
Jan
Jan
Mar
Mar
Jan
Jan
Jan
May
Jan
Jan
2%, 234
4734 48%
100
350
h
h
534
530
Jan
Jan
34 Jan
2431
26%
531
18
9534
60
95
1
1034
8%
8%
8
Apr
Jan
Apr
June
June
Jan
Apr
Feb
May
Jan
Feb
Feb
4% Feb
Feb
52
1935
254
8%
9
8%
10
1434
2034
2%
Jan
Feb
Feb
June
Apr
Mar
Apr
Apr
Jan
90 110% June 117
111
8% Jan 20%
1234 11,100
Jan 81
100 65
73
4% Jan 1234
200
11%
May
Mar
Mar
Apr
25
1834
1% 2,800
7% 11,200
3,400
9
300
534
100
6
1,500
12
300
20%
134 2,700
1834
1%
6%
8%
535
6
11
20%
1%
1104
9
73
1131
2
36
High.
17
131
434
5%
431
6
731
1834
1%
June
Jan
May
Jan
Jan
June
Jan
June
Jan
5% May
15
Jan
20
Jan
9% May
24% Feb
40 June
835
8
21% 2231
38
37
2,500
2,100
80
3%
134
7
2
431
3%
134
7
2%
431
300
200
900
400
3,400
3%
)4
6%
2
4
June
Mar
Feb
Jan
June
4% Apr
131 Feb
8% Mar
3% Mal
931 Feb
10%
631
34
18
%
154
75
16%
6%
835
14
34
1031
6%
134
20
1,000
100
1,100
2,000
3,000
2,400
175
2,700
600
500
300
1,600
10%
534
he
6
hi
1
8434
1031
6%
4%
1334
%
June
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
May
Jan
Jan
Feb
Feb
Apr
Feb
331 Jan
Apr
99
20% Feb
Jan
7
10% Mar
Feb
18
Feb
1%
76%
17%
6%
834
1434
11%
8%
3
22
1654 1714
200
15
Feb
1731 Apr
12% 15
500
1234 June
18% Apr
70 122
139 142
50 1994
2334 2354
5
100
,
5% 534
534
17% 1834 11,000
34
200
34
34
he
600
-ii
100
1,14
14 134
3
100
7
34
400
34
nr
300 19
32% 33
100 19
25% 25%
50 14
20% 20%
125 1634
19% 19%
20 90%
100 100
100
5
554 534
3%
300
334 3%
50 1934
24
23
500 10%
10% 11
Jan 150
Mar 24
6
Apr
Jan 19%
34
Jan
Jan
4
Feb
Jan 12%
1%
Jan
Jan 37
Feb 2534
May 20%
Jan 21%
Jan 102
8
may
5%
Jan
Mar 24
June 12%
Feb
May
Jan
May
Feb
Mar
Mar
Mar
Mar
Apr
June
June
Apr
Apr
Feb
Apr
Feb
Apr
32%
5134
24
1%
31%
4734
24
31
51
31
534
11%
82
11%
76%
1
8
28
95
534
31%
47%
24
51
.4
32%
534
1134
82
1231
76%
1%
831
2935
95
6
100
200
100
100
100
120
500
100
25
600
20
400
1,600
400
50
1,000
28
38%
19
%
54
24%
431
10%
68
1031
76%
34
531
14
53
231
Jan
Jan
Jan
Jan
May
MAY
May
May
Apr
Jan
Jun
Jan
Jan
Jan
Jan
Jan
48
9%
13%
82
14%
76%
2%
10%
31%
99%
7%
Apr
Apr
June
Feb
Feb
Feb
Jan
Feb
June
Apr
June
Apr
Feb
Apr
Apr
Apr
16%
3%
36
1%
5
3.4
43
4
1934
61
1%
1
331
19%
150
16%
7,300
4
600
3731
400
1%
100
5
% 25,400
100
43
4% 1,500
200
1934
700
63
400
1%
600
1%
400
3%
150
28
15
2%
29
1%
4%
34
42
1%
16
45
1%
1
3
1834
Mar
Jan
May
Jan
Jan
Jun
Jan
Jan
Jan
Jan
June
May
May
May
18
4
41
3
8
2%
47
431
2636
63%
2%
1%
435
49
Apr
June
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Apr
Feb
Jan
Feb
Apr
101 101
8
9
11631 122
12
12
10
7,500
660
100
87
5
88
10
Jan 102% June
954 Apr
Jan
Jan 122 June
Jan 1234 June
100
3
3
331 3% 44,000
400
2934 30%
500
3531
33
231
2
29
25
Jan
Jan
May
Feb
331
4%
36
40%
Mar
Apr
Feb
Apr
231
38
1%
934
94
27
3%
134
2831
100
100
200
600
1,800
51,800
200
300
1,900
5,600
125
25
200
300
100
80
1)4
34
1
3%
fit
1%
29
34
8%
40
22
234
1
2331
Jan 100
3
Jan
1%
June
234
Jan
7%
Jan
Me
Feb
9
June
Feb 38
1%
Mar
May 1034
Jan 101
Mar 27
5
Jan
2%
Jan
Feb 32%
Mar
Feb
Feb
Jan
Feb
May
Jan
June
May
Apt
Apr
Feb
Mar
Apr
Apr
43‘
600
334 Jan
54
is
3634 36%
1,100
100
34 Jan
32
Jan
100 100
1% 1%
%
%
1% 1%
651 7
2%
38%
"r•
8%
90
27
3%
131
2831
4
7
Feb
% Feb
Jan
37
June 23 1934
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Novadel Agana
Ohlo Brass Co ol B
Outboard Motors Corp
Class A cony prof
•
Pacific Eastern Corn
234
1
Pan Amer Airways_ -10
Parke, Davis dr CO
• 24%
Fender(D)Grocery CIA •
Penns Salt Mfg Co
50 60
Pennroad Corp v 1 o
1
Pepperell Mfg Co
100
Pet Milk 7% pref
100
Philip Morris Consol cl A25
Philip Morris Inc
9%
10
Phoenix Securities
Common
1
Pie Bakeries v t c
• 1034
Pines Winterfront Co.. -5
Pitney-Bowes Postage
Meter
•
Pittsburgh & Lake Erie_ 50
Pittsburgh Plate Glass. 25 49%
Potrero Sugar corn
5
Powdrell& Alexander.. •
Prentice-Hail InoParticipating conv
*
Proper McCallum Hosiery*
Prudential Investors
•
$6 preferred
Pyrene Mfg Co
234
Quaker Oats com
Railroad Shares Corp_.'
Rainbow Luminous ProdA*
Class B corn
Reliance International A.*
*
Rellance Management- *
Reynolds Investing
1
Roosevelt Field
Royal Typewriter
Ruberoid Co
73(
Russeks Fifth Ave
5
Safety Car Heat & Light100 71%
334
lo
St Regis Paper com
100 35%
7% preferred
• 31
Schiff Co corn
Schulte Real Estate
•
Seaboard Utilities Shares_l
Securities Corp General_ _•
Segal Lock ar Hardware- •
•
Selby Shoe Co
Selected Industries Ino1
Common
57%
Allotment certificates_ _ _
•
534
Seton Leather Co
Shenandoah Corp com -1
sherwin-Williams com__25 66%
100 179
Singer Mfg Co
Smith (A 0)Corp oora___• 23
3
1
Sonotone Corp
Spiegel May dr Stern pfd100 8031
Standard Brewing Co
Starrett Corporation corn-1
131
6% preferred
10
• 3631
Steel Co of Canada
•
Stein(A) ex Co
•
2
Stein Cosmetics
3%
Stutz Motor Car
•
Sullivan Machinery
•
Sun Investing corn
•
• 41
$3 cony preferred
Swift dr Co
25 17%
Swift Internacional
15 31
Taggart Corp com
•
1
Tastyeast Inc class A____•
Technicolor Inc corn
• 13%
135
Tobacco Prod Exports-_-•
Trans Lux Pict Screen
Common
1
154
Tel-Continental warrants__
734
Tub's° Chatillon Corp_ 1
Tung-Sol Lamp Works •
4%
$3cony preferred
•
Union American Investing*
Union Tobacco corn
United Aircraft & Tramp
Warrants
7
United Carr Fastener.' 11
United Dry Docks corn _ _•
31
United Founders
1
United Molasses Co
Am dap rots ord ref. El
United Profit Sharing.. •
United Shoe Mach com_26 6634
Preferred
25
United Stores v t o
•
31
154
U S Finishing corn
Preferred
100
1231
U Foil Co class B
United Wall Paper Faert •
U S & Internat'l Securities
Common
•
1%
U S Rubber Reclaiming_ •
234
Utility Equities Corp....*
Utility & Industrial
•
1%
Common
•
Cony pref
Waoo Aircraft Co
15%
Wahl Co com
•
13(
Walgreen Co warrants..
......
Hiram Walker-Gooderham
& Worts Ltd com
• 36
Cumul preferred
• 15%
3,4
*
Wayne Puma Comm
West Va Coal & Coke_ __ •
3%
West Cartridge6% Met 100
Williams(R C)& Co_ •
•
Wilson-Jones Co
Woolworth(F W)Ltd
Amer deposit rcts
Youngstown Sheet & Tube
% preferred
100
Public Utilities
•
Ala Power $7 pref
$6 preferred
•
Am Cities Pow & Lt
25
Cony clam A
2%
1
New class B
534
Amer & Foreign Pow ware_
Amer Gas & Eleo corn...' 25
• 8834
Preferred
25 13%
Amer L & Tr oom
234
Am Superpower Corp com•
•
let preferred
Arkansas P & L $7 pref. •
•
Preferred
MIS00 Gas & Eleo1
Common
1
Class A
•
2%
VS preferred
Warrants
20% 2131
1434 14%
700
50
31‘ 331
234 231
35
37%
24
24%
30
30
5934 60
2% 2%
77
77
10334 10334
2635 26%
83( 10
100
1,200
200
600
100
50
6,100
10
20
200
8,400
1% 131
10% 10%
34
34
100
200
100
434
4
7234 73
49
61%
1% 1%
12
12
700
80
3,350
300
100
32
32
54 1
634 7
85
85
234 2%
114)4 115
31
34
24
131
%
1%
12%
28%
634
71%
3%
3534
31
31
34
134
34
22
24
131
%
1%
13
29
734
72
334
37
31
54
3-4
2
34
22
Range Since Jan. 1.
Low.
19% May
12 May
231
1%
35
22%
26
50h
2%
76
92%
19
2%
High.
2331 Apr
16% Feb
3%
Jan
331
Jan
Feb 51
Jan 25%
Apr 30%
Mar 60
43,4
May
May 101
Feb 104
Feb 2654
Jan 10
1
Jan
4
Jan
31 June
Apr
Jan
Jan
Jan
May
June
Feb
Jan
June
June
June
2
Feb
14% Feb
% June
4%
81
57%
3%
24
Apr
Apr
Apr
Apr
Jan
75 2135 Jan 32
254
54 May
800
834
3,400
531 Jan
200 - 6151 Jan 8754
354
174 May
300
200 108 May 122
34
200
31 Jan
100
34
Si Mar
34
he June
200
3%
231 Jan
300
2
100
34 Jan
1%
34 Jan
200
2%
% Jan
100
9
Jan 14
200
Jan 3454
200 28
5
Feb 10
800
Jan 83
200 50
534
2% Jan
5,900
180 21% Jan 51
100 1731 Jan 4031
31 June
31
200
%
hi Jan
500
4%
134 June
200
1
h May
700
Feb 24%
50 20
June
Jan
Feb
Mar
Apr
Jan
Feb
Feb
Feb
Mar
Feb
Apr
Feb
Jan
Apr
Apr
Apr
Feb
Apr
Apr
Feb
Feb
Feb
Jan
Apr
3%
61
39
1%
12
Feb
Feb
Jan
Jan
Apr
3
Feb
134 May
1% 1%
500
Jan 62% Feb
800 40
5734 5834
5 MAY 10% Feb
700
531 534
2% Feb
200
131 1%
1% Jan
66
6835 2,250 4734 Jan 70% May
Mar 180% June
210 156
175 180%
Feb
650 22 May 48
2534
23
431 Mar
2% May
2,000
2% 3
Jan 86% Apr
50 60
8051 80%
2% Mar
% Jan
400
134 1%
134 Feb
200
Ii. Jan
%
74
3% Apr
1% Jan
200
1% 131
Jan 3734 May
25 32
3631 3631
Jan 1034 Feb
7
100
10
10
2% June
h Jan
134 234 1,600
3 June 1034 Mar
3
334 1,100
100
1034 1034
89.4 Jan 1754 Apr
14 Feb
100
4
4
3% June
Jan 41% Apr
41
100 35
41
Feb
17% 18% 20,400 13% Jan 19
3034 313-4 3,500 2331 Jan 32% Apr
231 Apr
300
1% 1%
134 Jan
34 Jan
1% 2,500
134 Apr
1
7% Mar 14% June
12% 1431 16,600
600
134 1%
134 Apr
% Jan
134 131
131 1%
734 8
435 431
24
24
2234
22
114
800
500
600
100
100
300
100
134
1
6
3
1534
19%
34
May
May
May
Jan
Jan
Jan
Jan
3%
2%
15 •
734
30
25
31
Jan
Feb
Jan
Mar
Apr
Feb
Jan
531 754
10% 11
31
34
700
500
1,400
6,500
5%
5%
%
'hi
June
Jan
June
Jan
15%
12
2%
1%
Jan
May
Feb
Feb
4% 4%
134 131
6634 67%
3434 3434
34
54
131 2
5
5
1231 13%
3% 3%
600
600
625
100
500
400
50
1,300
300
3%
1%
57%
3234
54
131
5
5%
2
Jan
Jan
Jan
Jan
Jan
June
June
Jan
Feb
68%
36
1%
5
9
14%
4%
134
1%
2%
100
200
500
1% 1%
334 4
15% 17%
134 134
334
500
500
900
200
200
%
1%
1034
1%
2
Jan
Jan
Jan
June
Jan
231
5%
19
29.4
3%
Feb
Feb
Apr
Feb
Feb
5,100
1,200
200
400
7
100
100
3031
15%
34
34
6331
11%
11
May
May
Jan
Jan
Jan
Jan
Jan
57%
17%
1%
5%
88
20
17%
Jan
Jan
Feb
Apr
May
Mar
Apr
June
134
134
23(
3554
1534
31
3%
87
1354
15
38
16
31
3%
87%
13%
15
131 Jan
1
Jan
134 Jan
6% AV
ag Feb
Apr
Apr
Feb
Feb
Apr
Apr
Apr
Feb
2
1% Apr
Feb
4
26
26
10
2231 Jan
28
42
42
2
41
May
59% Feb
60
10
8134 Jan
32% Jan
58)4 Apr
Apr
52
25
Jan
Jan
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
84%
4)4
93.'
33%
88%
19%
4%
70
42
33
Apr
Feb
Feb
Feb
June
Feb
Feb
Apr
Apr
Feb
31 Jan
Jan
131 Jan
Jan
2%
2%
6%
%
Feb
Feb
Feb
Feb
56
58
4931 49%
30
2%
5%
24%
88
13%
231
66
37
1834
31
2%
400
31
3% 1,000
1,500
6
2834 14,100
475
88%
14% 2,100
3
17,700
6634
700
20
37
2034 1,300
34
74
300
4,100
100
1,800
451
18%
72
10%
3%
51%
2854
13%
Priday
Sales
Lot Week's Range for
Public Utilities
Sets
Week.
of Prices.
Par Price. Low. High. Shares.
(Concluded)
3(
Assoc Telep Utilties
•
31
44
941 9%
Brazilian Ti Lt dc Pow_ •
Buff /Slag & East Pr pref 25 1751 17% 18
95 let preferred
•
72
75
Cables & Wireless Ltolilt
nit
Am dep rots A ord shs /1
lit
Am dep rota B ord ahs 21
hs
Cent States Elea corn_ _I
134 1%
Columbia Gas & ElecCony 5% pref
100 88
92
88
Commonwealth Edison_100
55
56
Common & Southern Corp.
Warrants
3(
he
34
Community P dr L $6 prat*
8
8
Community Water Service!
34
%
Consol GE L&P Balt corn • 6431 62
64%
Duke Power Co
10
53
53
East Gas & Fuel Assoc _•
85( 85(
85(
6% preferred
100
64% 65
East States Pow nom B•
154
134
154
$6 preferred ser B
13
13
Elec Bond & Share nom--5 14% 14% 17%
• 43% 43% 44
$5 cumul preferred
$6 preferred
• 50
50
5254
Empire Dist El 6% pref100
21
2154
Empire Gas & Fuel Co
7% preferred
100 23
23
23%
8% preferred
100
23% 24%
European Electric Corp
Class A
10
8% 9
Option warrants
1
1
Gen G & E $6 cony pref B•
1531 16
Gen Pub Serv $6 pret
• 41
40% 41
Georgia Power $6 pref__ *
61
61
Illinois P & L $8 prat
• 18
18
20
Internat Hydro-EleoPref 33.50series
50 x22
822
254
Internat ]Utility
.
Class B
ills
34
Interstate Power $7 prof..'
10
10
Italian Superpower A_
•
154 134
Warrants
%
%
Long Island Ltg•
Common
45(
434 4%
Prof class B
100
53
51
Marconi Wire! T of Can..!
2% 2%
2%
Maas UM Assoc v t c- •
154 155
Memphis Nat Gas com--5
355 355
•
Met Edison $6 pref
69
69
Middle West Util corn...
•
'is
54
34
Moh & Hud Pow let pref_*
50
50
2d preferred
•
25
25
Montreal Lt Ht & Pow_ •
3654 36%
Mountain Sts Tel & Tel 100
108 108
Nations' P & L $6 prat__ _• 54
59
54
N
Telep 6%% pref_100
118 12051
N Y Wat Serv 6% pref_100 3954 39% 39%
Niagara Bud Pow
Common
15
555
5% 65(
Class A opt warrant._
Ill
Iro
S's
Class C opt warr
sit
Nor Amer Lt & Pr
26 preferred
• 8%
834 8%
Nor Amer UM Sec
•
54
14
Nor Ind Pub Service
7% preferred
100
38
38
Pacific G & E6% let pref25
2141 2231
Pacific Light 28 pref
•
85
85
Pacific Pub Serv1st preferred
• 7
6% 7%
Pa Cent Lt & Pow prat_ •
29
29
Pa Gm & Elec class A__ •
1951 1935
Pa Water & Power
53%
52
Philadelphia Co corn
• 13% 1344 15
Power Corp of Can com_ •
10% 12
Puget Sound P & L$5 preferred
• 15
15
16
•
$6 preferred
83(
8% 9
Ry & Light Secur coin •
854 854
Shawinigan Wet & Pow.
.• 213( 21% 2151
Sou Calif Edison
5% part orig pref. 25 33
33
33
7% pref series A
25 2235 2241 2244
6% pref series B
25 19
194
19
54% preferred C____25 17% 1741 17%
Southern Union Gas
*
I
I
Standard P & L corn
•
334 3%
•
3
Class B cam
3
351
Preferred
31
31
Swiss Am Elea pref -.100
4654 4654
Union Elec Lt & Pow(Mo)
7% preferred
100
106% 106,1
•
Union Gas of Can
4% 4%
United Corp warrants
1% 1%
United Gas Corp com1
2%
2% 3
Prof non-voting
• 40
40
4334
United Lt & Pow corn A •
2% 3%
• 14
98 cony 1st prat
14
16
US Elea Pow with warr. 1
lit
%
Warrants
41
Utah Pow & Lt $7 pref_ •
19;7 20
Pow & Lt new com._I
Util
1
1
141
7% preferred
100
9
10
Former Standard 011 Sub sidiari es
-Borne Scrymser Co
25
6% 641
25
119 119
Chesebrouirh Mfg
Humble 011 & Rat
• 4141 41
45%
Imperial 011 (Can) coup...* 1441 1444 1554
Registered
•
15
15
10
4,1
Indiana Pipe Line
4% 4%
National Transit_ -12.50
8
834
Northern Pipe Line - --10
55( 5%
25 25
25
2554
South Penn Oil
Standard 011(Indiana)26 26% 26% 27%
10 16% 16
Standard 011(Hy)
16%
Standard Oil(Ohio' corn 25
18% 19%
3
3
Swan Finch Oil Corn.. _25
-Other Oil Stocks
1
Amer Maracaibo Co
1% 1%
14
Arkansas Nat Gas com---•
•
1% 154
131
Common class A
2% 2%
10
Preferred
British Am Oil
1434 1454
Registered
341 435
25c
354
Carib Syndicate
2
2
2%
Colon 011 Corp coin_ _._•
1% 15(
Columbia 011 & Gas vt0._•
1%
141 1%
10
1%
Consol Royalty 011
241 244
1
2%
Coeden 011 corn
644 644
1354
Preferred
100
11% 1341
12
Creole Petroleum
!
Crown Cent Petroleum
74 1
6
6%
6% 7
Darby Petroleum
141
Derby Oil & Ref corn. •
61
68%
Gulf 011 Corp of Penna__25 61
27
30%
International Petroleum.• 27
!
251 231
Kirby Petroleum new
lii
Leonard fill Develop...25
%
4
4
Lion 011 Development. _•
•
5%
5% 555
Lone Star Gas Corp
•
1334 1334
McColl Fiontena c OIL
4279
Financial Chronicle
V.,1ume 138
200
400
500
500
200
300
2,000
675
500
6,700
25
400
2,500
100
100
75
400
100
58.900
300
2,300
100
Range Since Jan. 1.
High.
Una.
Its
8%
1531
6854
Jan
June
Jan
Jan
June
May
141 Jan
lilt
5(
454
14
53
40
6
48
1
514
10%
2844
31
13
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1241 Jan
Jan
17
400
200
150
50
50
450
8%
"is
7
25
44
1034
1,750
I% Jan
ht Jan
2% Feb
Feb
Jan 103
68
3455 Jan 6134 Feb
150
150
1,100
30
100
100
Feb
Feb
Feb
Jan
54
14%
19%
7534
June
June
Jan
Jan
Jan
Jan
1434 Jan
)1
8,1
141
54
May
Jan
Jan
Jan
54
11%
14
8556
57%
1054
6851
254
19%
23%
5041
60
2354
Feb
Apr
Jan
June
Apr
Feb
Apr
Feb
Feb
Feb
Feb
Feb
Feb
2955 Feb
32
Feb
12%
2%
19
57
64%
30
Feb
Feb
mar
Apr
Feb
Apr
31% Apr
141
19
8
1
Feb
Mar
Feb
Feb
831 Feb
8% Jan
1,500
3644 Jan 60% Apr
7
4% Fe!
Jan
2
2,500
251 Feb
1% May
500
Feb
4
Jai
3
200
Apr
Jan 75
51
2
% Feb
5( Jan
2,500
46
Jan 64% Jan
2
Feb
20 May 40
2
Jan 39% Feb
100 35
Jan 11141 Apr
20 100
550 3554 Jan 694 Feb
125 11454 Jan 120% June
Jan 39% June
25 25
13,900
700
1,20
4% /an
34 Jan
Jan
9% Feb
%
'It Jan
200
10
39-6 Jan
34 Jan
16
API'
141 Feb
5
30
25
38 June
19% Jan
70% Jan
38 June
2354 Mar
Apr
90
6,000
50
100
500
3,500
12
234
26
654
455(
8
9
Jan
May
Jan
Jan
Jan
Jan
73(
29
1944
5641
15
1441
May
June
June
Apr
June
Mar
150
55
150
10
11%
5%
55(
17
Jan
Jan
Jan
Jan
20
13
11
24%
Apr
Apr
Feb
Apr
2
600
1,800
900
100
100
300
50
50
3135
20
1751
15%
34
3%
2%
17%
86
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
36
25
2141
1934
231
10
7%
35
4934
Feb
Feb
Feb
Feb
Mar
Feb
Feb
Apr
Feb
60 106% June 106% June
341 Jan
200
6,1 Mar
144 May
500
2% Feb
134 Jan
5,300
3% Mar
Jan 45% , Apr
1,600 17
6,000
5% Feb
2% Jan
2,400
844 Jan 24% Feb
55 Jan
1,700
14 Feb
sis Jan
700
1is Mar
Jan 26% Feb
50 19
5( Jan
1,300
2% Feb
8
Jan 17% Feb
400
6
50
50 116
10,200 33%
31,100 12%
100 13
400
4%
7,4
700
4%
300
1,300 1754
15,300 25
8,000 14%
1 000 18%
100
2%
Jan
Jan 11
May 12654 Feb
Jan 4655 Apr
Jan 15% June
Jan 15% Apr
Jan
6% Feb
9% Feb
May
Jan
Feb
7
Jan 2654 June
Mar 32% Jan
Jan 17% Feb
June 284 Feb
454 Jan
May
2,200
900
2,800
100
%
1%
1
251
Jan
Jan
Jan
June
134
2%
2%
351
Feb
Feb
Feb
Apr
200
6,900
2,300
3,500
100
200
100
13,300
700
6,300
100
6,500
30,800
500
1,40
100
1,800
100
145(
2%
154
%
1%
131
5
9%
34
m
134
5644
19%
1%
las
34
551
12
June
Feb
Jan
Jan
June
Jan
Feb
Jan
Jan
May
Jan
May
Jan
Mar
Jan
June
May
Feb
1455
555
33(
1%
2
3%
9
13%
1%
734
234
7641
30%
3
/4
5%
8%
14
June
Mar
Feb
Feb
Jan
Jan
Mar
Apr
Feb
Jan
Feb
Jan
June
May
Mar
Jan
Feb
Apr
Sales
Friday
Last Week's Range for
of Prices.
Week.
Sale
Other Oil Stocks
Par Price. Low. High. Shares.
(Concluded)
Mich Gas& 011 Corp
•
Middle States Petrol
Class A v to
•
Class B vtc
•
Mountain Producers_10
National Fuel Gas
•
New Bradford Oils
5
Nor European 011 corn. _1
Pantepec Oil of Venez....•
1
Producers Royalty
Pure 011 Co 6% pref__100
Reiter Foster Oil
•
Richfield 011 pre/
25
Ryan Consol Petrol
•
Salt Creek Consol Oil__ _1
Salt Creek Prod Assn...10
Southland Royalty Cu
-5
Sunray 011
5
Texon Oil & Land Co... •
Venezuela Mex Oil
10
Venezuelan Petroleum...5
Woodley Petroleum
1
2%
%
5
15%
19-4
4834
1%
5.%
1%
6
1%
331
600
400
2,1 2%
1,000
%
34
5
536 1,700
1554 1654 1,200
255 254 1,100
600
'is
34
155 2
5,400
'Is
54 12,000
330
4854 50
3,4
400
he
100
144 14
200
14 14
500
1,100
631 7
400
531 531
151 141 2,900
6
735 1,800
100
1% I%
41
46 2,400
100
3% 3%
Range Since Jan. 1.
Low.
High.
231 June
5
Apr
11%
134
554
1834
251
61$
2)1
)4
63
1
4
331
14
7%
6
2
11
5%
1%
541
Apr
Apr
Apr
Ayr
June
May
Mar
Jan
Feb
Jan
Feb
Jan
Apr
Apr
Feb
Feb
Feb
Jan
Mar
Feb
1%
51
4
14
144
115
11
41
4331
44
4
144
'is
5%
4%
ii
4%
1%
he
341
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Jan
Jan
May
May
Jan
Jan
Mining
350 3954 May 63% Feb
Bunker Hill& Sullivan..10 41% 4141 44
1% Mar
% Jan
200
1
1
Chief Consol Mining
1
134 Feb
% Jan
1,000
1616 1
Consol Copper Mines_ _5
Mar
Feb 170
210 132
150 150
Consol Min & Smelt__ .25
1% Feb
54 Jan
900
1
154
Cresson Consol G M
1
Feb
Jan
2
1
43,200
141
CM Mexican Mining__50c
1% 1%
Jan
5( Jan
400
Evans Wallower Lead
34
*
55
Jan
54 Jan
800
Falcon Lead Mines
31
31
54 Jan
54 Apr
4,500
Goldfield Consol MInes_10
31
61
31
6
Apr
500
Hecia Mining Co
6
25
6%
8
Aeb
Hollinger Consol G M _ _ _5 1731 17% 1855 5,500 11% Jan 1941 Fllr
8% Jan 1441 Apr
13% 14% 17,000
Hud Bay Min & Smelt_ __• 14
800 1034 Jan 14% Apr
Internet Mining Corp__ _1 1331 13% 13%
33( Jan
554 5% 2,100
Warrants
6
11 Apr
I
Feb
100
154 154
Iron Cap Copper Co.. 10
Apr
,
% Feb •54411 M ar
400
Kirkland Lake G M
1
55
'is
'1
545( 6,300 414 Jan
Lake Shore Mines Ltd_ _ _1 5334 53
1% Jan
241 Feb
100
2
2
Mining Corp of Canada_ *
1,400 4741 May 63% Jan
52
54
New Jersey Zinc
25
Mar 57% Apr
Newmont Mining Corp_10 5135 5144 53% 1,600 45
Feb 36% June
950 28
364
N Y & Honduras Rosario10 35
34
2% Feb
2 May
24 2% 3,100
Nipissing Mines
5
Pioneer Gold Mines Ltd__1 1334 134 144 11,800 10% Jan 149-4 Apr
1
Jan
1% Max
1% 1% 1,900
Premier Gold Mining.....1
1%
sit
Ili
4,000
St Anthony Gold Mines__1
sit Jan
is
1% May
300
Shattuck Denn Mining __ 5
2
254
231
jn
FPb
Ae r
3
2
;" Fab
944 1051 3,000
Silver King Coalition__ __O 103.1
8 May 15
355 Jan
So Amer Gold dr Plat new.]
331 351 4,600
33'
41 Feb
5( Jan
25,100
Standard Silver Lead__ __I
41
44
31
854 Apr
6% 6% 9,700
Took-Hughes Mines
541 Jan
1
6%
1% Feb
54 Jan
300
Tonopah Mining Nov._.1
74
31
5
Feb
355 Jan
4% 4% 1,300
Un Verde Extension_ _.50c
4%
% Jan
2
, t!
1 A
Utah Apex Mining Co...5
134 2% 1,900
1%
% /an
1,400
Wenden Copper
1
31
644 Jan 1034 Mar
9% 951 12,800
Wright
9%
-Hargreaves Ltd •
41 Apr
41 Jan
Yukon Gold Co
1,800
isis
5
ule
3-6
Bonds
Alabama Power CP-.
Apr
Jan 89
1st & ref 5s
1946 8831 8831 89 $26,000 66
Jan 8541 May
1st & ret 58
1951 833-4 8241 83% 3,000 59
Jan 8431 Apr
83
83
1st & ref 55
5.000 60
1956 83
Feb
Jan 75
lat & ref 55
7254 73% 14,000 65
1968
Jan 70% Apr
lst & ref 4448
1967 6951 67% 7034 34,000 51
Aluminum Co is f deb 58'52 1033' 103 104% 44,000 95% Jan 104% June
Feb
Jan 91
Aluminum Ltd deb 58_1948
89% 9034 63,000 72
Am Commonwealth Pow
Feb
2
1
May
Cony deb 6s
13,4 151 4,000
1940
Jan
2
1% 131 2,000
1
Jan
555s
1953
87
Jan 9354 May
6,000 79
Amer & Continental 581943 8555 86
Feb
941 Mar 20
16% 1854 290,000
Am El Pow Corp deb 68'57
Jan 95% June
95% 176,000 73
94
Amer GI & El deb frs. _2028 94
Feb
33% 34,000 1634 Jan 34
31
Am Gas& Pow deb 88.1939 31
Secured deb 5s
1953 2651 2654 28% 32,000 1434 Jan 32% Apr
Am Pow & Lt deb 6t..2016 57
6034 146,000 414 Jan 6741 Feb
57
104 104% 6,000 97,1 Jan 105 May
Amer Radiator 4 Hs _ _1947
Apr
21,000 70% Jan 92
88
87
Am Roll Mill deb 513_1948 87
Apr
10,000 4751 Jan 70
60
59
Amer Seating cony 68_1936 59
June
Jan 99
Appalachian El Pr 58_1958 9834 9654 99 121,000 76
Jan 107 June
6,000 102
Appalachian Power 58_1941 10655 106% 107
Jan 88 June
3,000 59
Deb 68
87% 88
2024
Jan 79% Apr
Arkansas Pr & Lt 58...1956 7434 74% 75% 74,000 57
42,00
25% Jan 4234 Feb
Associated Elec 4318..1953 3834 38% 40
Associated Gas & El Co
Jan 2841 Feb
54,000 13
24
z20
Cony deb 5%a
1938
Jan 2341 Feb
Cony deb 4358 C-__1948 1831 17% 19% 18,000 10
Jan 24% Feb
Cony deb 4415
1949 1834 175( 19 151,000 10
1154 Jan 25% Feb
1835 2041 138,00
Cony deb 51;
1950 1931
17% 1731 1,000 16% Jan 17% June
Registered
Feb
1144 Jan 25
Deb 58
1968 1954 1854 20% 162,00
Feb
1114 Jan 22
1,00
18
18
Registered
Cony deb 5515
1954 22% 35,000 12% Jan 2941 Feb
1977 22
Jan 75% Mar
Assoc Rayon 55
1950 6441 63% 64% 13,000 53
1,000 80% Jan 96 June
96
96
Assoc Telephone Ltd 68 '65
Max
Jan 60
Anon T & T deb 5445 A '55 51 34 5055 52% 31,000 44
Feb
AaI300 Telep Till 5548_1944
95( Jan 22
1554 15% 1554 12,000
Jan 23
Feb
15
Certificates of deposit. 15
1554 22,000 10
Mar 2641 Feb
8s
3,000 1434
20
20
1933
Jan 26% Feb
19
Certificates of deposit.
13,000 14
22
Atlas Plywood 551s _ _1943
79
79
1,000 50% Jan 79 June
Baldwin Loco Worms
Feb
65 with warr
28,000 1055( Jae 137
119 125
1938 119
Apr
Jan 97
Os without wart% _..1938 9431 94% 95/4 81,000 74
Bell Telep of Canada
1st M 5s series A _ _1955 1085' 108% 109
71,000 10234 Jan 109 June
lit M Is series B.....1957 108% 108% 10954 71,000 101% Jan 110
May
1st M 5sser C
1960
4,000 10154 Jan 110% June
109% 110
Bethlehem Steel 68-__1998 120
Jan 122% May
120 120
4,000 105
June
Binghamton L H & P58'46
99% 100
10,000 7634 Jan 100
Birmingham Elec 4%a 1988 6634 66
Jan 7034 Mar
6655 59,000 51
Apr
Birmingham Gas 5s_ _1959 57
5,000 4041 Jan 60
5334 57
Boston Consol Gas 58_1947
Jan 108% June
108% 108% 1,000 104
Broad River Pow 58_ _1954 5434 5341 54% 17,000 364( Jan 58
May
Buff Gen Elec 58
_1939 108
108 108% 2,000 10334 Jan 109% June
Gen & ref 5.5
1956 10854 10834 108% 2,000 103% /an 113855 June
Canada Northern Pr be 'OS 9534 9551 97
May
Jan 98
9,000 81
Canadian Nat Ry 75_ _1935 104% 10454 10431 13,000 102
Jan 10544 Apr
Canadian Pao Ry 68_ _1942 1113$ 11144 11334 60,000 1024 Jan 117
Apr
Capital Adminis 5s.....1953
Apr
84
8441 4.000 70% Jan 90
Carolina Pr & Lt 58_ _ _1956 74
73% 75
45,000 5231 Jan 7831 June
Cedar Rapids M & P 58 '53 110% 11041 111
Feb 11131 June
6,000 103
Cent Ariz Lt & Pow 581960 86
86
8731 20,000 7654 Jan 9431 Apr
Cent German Power
Panic ctfs 68
1934
3934 40% 2,000 3941 June 63% Mar
Cent Ill Light 5s____1943 107
Apr
106% 107
Jan 107
7,000 100
Central Ill Pub Servioe58 aeries E
1956 70
5251 Jan 7641 Apr
69
70% 19,00
lit dr ref 4448 ter F_1967 6194 61% 62% 43,000 4741 Jan 68
Feb
5s series G
Jan 7434 Apr
52
1968 6834 684 69
35,00
436% series II
Apr
1981 624 62% 63% 6,000 47% Jan 68
Cent Maine Pow be D 1955
101% 102% 12,000 855( Jan 102% June
434s series E
Jan 9634 June
1957 9555 94% 9654 21,000 75
Cent Ohio Lt & Pow 581950
7434 75
Jan 77 May
4,000 57
Cent Power 5s ser D..1957 55
Jan 6144 Feb
54
5554 23,000 41
Apr
Cent Pow & Li let 5a_1956 5454 5454 56
90,000 4154 Jan 62
Cent States Elea 5s._ _1948 40
40
41% 116,000 27% Jan 5231 Apr
554s with warrants.1954 4031 404 43% 161,000 28
Apr
Jan 51
Cent States P & L 5548.'53 47% 47
47% 54,000 '39-' Jan 53% Apr
Financial Chronicle
4280
June 23 1934
4
Bonds (Continued)-
rulag
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Jan 8915 June
Chic Diet Elea Gen 4555'70 8835 8855 8934 72,000 62
Deb 54s__ _Oct 1 1935
Jan 9655 Apr
2,000 74
9533 9555
Chic Jet Rye & Union
June
Jan 105
1,000 95
Stockyards 5s
105 105
1940
Chic Pneu Tool 555s _ _1942
4,000 54% Jan 8455 Apr
77
77
Jan 5754 June
Chic Rye 58 ctfs
54
1927 57
5735 21,000 46
Cincinnati Street RY
Apr
Jan 81
535s series A
3,000 50
73
1952 73
7354
Apr
65 series 13
1955
77
774 2,000 5255 Jan 83
Cities Service 55
1966
48
4935 23,000 3055 Jan 5235 Apr
Cony deb 5s
1950 484 47
504 479,000 3055 Jan 53% May
Cities Service Gas 5555 '42 67%
6735 68% 28,000 4634 Jan 68% June
Cities Service Gas Pipe
June
35,000 574 Jan 85
Line 68
1943 84% 82% 85
45
Cities Serv P & L 5535 1952 45
4755 58,000 27.55 Jan 494 Apr
,
5559
1949 4554 454 4751 89,000 2755 Jan 4934 Apr
Jan 10735 June
Cleve Elea III 18t 5s 1939 107% 10755 10735 53,000 105
Mar
Jan 111
1,000 106
109 109
5s series A
1954
53 series B
1,000 105% Jan 11033 May
110 110
1961
Commerz und Privet
30,000 464 Mar 6235 Feb
Bank 5358
484 50
1937
Commonwealth Edison
Jan 10731 June
let M 55 series A___1953 10755 107 107% 30,000 92
Jan 10735 June
107 10735 13,000 92
let 36 be series B__ _1954
let 4555 series C_ _ _1956 10231 102 10255 38,000 8434 Jan 10253 June
Jan 102% June
4355 series D
1957 10234 101% 102% 48,000 86
Jan 10255 June
102 10235 14,000 85
4555 series E
1960 102
let M 45 series F_ _ _1981 0334 92% 9355 181,000 72% Jan 9334 June
June
555s series G
1962 10755 107% 10735 29,000 9431 Jan 108
Com'wealth Subeld 5555'48 844 8455 84% 11,000 584 Jan 87% May
June
56,000 3655 Jan 57
53
57
Community Pr & Lt 551957 5555
Connecticut Light & Power
1123.5 11234 5,000 10655 Jan 112% June
1954
555s series B
Jai 107% June
1074 107% 5,000 100
455s series C
1956
Jan 10955 June
109% 109% 2,000 104
1962
bs series D
June
48,000 91% Jan 105
10355 105
Conn River Pow 55 A 1952 105
Consol GEL&P 43361935 102% 10255 102% 11,000 10155 Jan 103% Apr
10255 Feb 103% Feb
3,000
102% 10255
Stamped
Consol Gas (Belle City)
June
5,000 104% Jan 110
110 110
5s
1939
COMM..
El Lt & P(Balt,
May
Jan 109
10855 10835 2,000 105
4558 series G
1969
may
5,000 10335 Jan 108
455s series H
1970 107% 10734 10734
Jan 10435 June
lst ref s f 48
1981 10434 10454 104% 23,000 93
Consol Gas Util CO
47% 4935 85,000 33% Jan 5251 Apr
let & coil 65 ser A_ _ 1943
June
Jan 77
6,000 63
9
9
Consol Publishers 748 '36
June
Consumers Pow 4558_1958 10555 105 105% 34,000 94% Jan 106
,
1936 105% 10535 105% 26,000 1024 Jan 10555 June
let & ref 55
Apr
5454 226,000 364 Jan 57
Cont'l Gas & E159___ _1968 524 52
1034 10351 16,000 10154 Feb 104% Apr
Continental 01154a...1937
Cosgrove Meehan Coal
Mar
454 Jan
9
535 535 4,000
1945
653s
Apr
Jan 99
19,000 85
Crane Co bs____Aug 1 1940 97% 9751 98
Apr
1940 02% 9134 92% 81,000 7355 Jan 96
Crucible Steel 58
June
79
79
8034 9,000 644 Jan 80
Cuban Telephone 73.4s 1941
Jan 1044 may
10355 103% 41,000 98
Cudahy Pack deb 5535 1937
106 1064 8,000 10335 Jan 106% Apr
s 55
1946
Jan 94% June
94% 24,000 74
Cumberld Co P& L 455558 9453 94
Apr
Dallas Pow & Lt 68 A_1949 108% 1084 109% 10,000 10455 Jan 110
Jan 10655 June
1,000 99
10655 10655
1952
Os series C
May
38,000 1024 Jan 108
10755 108
Dayton Pow & Lt 5s_11541 108
May
Jan 89
52,000 65
89
Delaware El Pow 5558-'5
9 88% 87
1,000 9255 Jan 10531 June
10534 10551
Denver Gas & Elea 56_1949
Apr
81
81% 10,000 5755 Jan 85
Derby Gas & Elea 58_1946
May
48,000 8435 Jan 101
994 100
Bet City Gas Cs ser A.1947 100
Jan 92% June
Se 1st series B
1950 9235 89% 9233 106,100 73
Detroit Interne t Bridge
7
Feb
334 Jan
1952
34 3% 3,000
655s
Jan 101
50,000 79
June
Dixie Gulf Gas 6358_1937 10051 10035 101
June
Jan 104
25,000 85
1967 103% 103% 104
Duke Power 4355
1004 100%
Jan 101% June
5,000 94
East Util ASsOC 55_
1935
Eastern Util Investing
Mar
18,000 10% Jan 25
1954 20% 19% 21
58 ser A w w
Edison Elea Ill (Boston)
10034 1004 6,000 10034 June 10155 Feb
1934
2
-year 58
1935 102% 10255 102% 36,000 100% Jan 10351 Mar
5% notes
Elea Power & Light 55_2030 40% 4034 4455 280,000 2555 Jan 51% Apr
1,000 64
Jan 86% May
85
85
El Paso Electric Ss_ _1950 85
El Paso Nat Gas
4,000 35
Jan 63 Juno
53g 63
1938
deb 6 45
Apr
5,000 62
Jan 85
83
83
Elmira Wet, Lt & RR 58'56
May
Empire Dist El 55_ _ __1952 684 684 6955 18,000 4655 Jan 70
Apr
65
6651 52,000 4655 Jan 72
Empire Oil & Ref 5558 1942 65
Ercole Marelli Elea Mfg
Apr
4,000 724 Jan 88
77
77
1953
655s x-warr
Jan 102
8,000 86
June
Erie Lighting 55
1967 10034 10055 101
Euro peanElecCorp 6555'65
Jan 10051 Apr
90
9015 10,000 SO
90
Without warrants
Jan 54
June
44% 9,000 29
European Mtge Inv 78 C'67 414 41
Jan 8955 Apr
9,000 63
8555 87
Fairbanks Morse 5s....1942
Jan 57% June
56
5735 4,000 42
Farmers Nat Mtge 75.1963
May
99,000 184 Jan 42
35
40
Federal Water Serv 555554 35
Finland Residential Mtge
834 58,000 7331 Jan 8955 Apr
1961 8355 82
Banks 68
Firestone Cot Mills 55.'48 1024 101% 10234 36,000 8955 Jan 10235 June
Jan 103% June
10135 10334 55,000 93
Firestone Tire & Rub 55'42 103
Apr
70
7255 21,000 5635 Jan 80
Fla Power Corp 5 45_1979 70
Apr
Florida Power & Lt 59 1954 6355 6331 65 143,000 5353 Jan 71
Jan 6731 Apr
5355 5653 116,000 34
Gary El& Gas baser A 1934 54
9335 94% 77,000 7755 Jan 94% May
Gatineau Power let 5s 1956 94
Jan 91% Juno
Deb gold 6s June 15 1941 90% 90% 9135 8,000 69
June
1941 8855 8834 89% 6,000 6831 Jan 91
Deb 65 series B
Jan 81% Apr
1,200 60
77
77%
General Bronze 65_ _ _ _1940 77
General Motors Acceptance
_ _1936 102% 10255 10255 1,000 10255 Jan 1033.3 Jan
5% serial
5% serial notes
1936 1044 1044 104% 11,000 1024 Jan 104% Mar
May
1,000 64
Jan 82
Gen Pub Serv 55
1953 80% 8055 8055
5255 99,000 2555 Jan 5235 June
Gen Pub Util 6 kin A.1966 5055 46
Feb 58% May
7,000 45
53
52
General Rayon Cs A_1948 53
Gen Refractories 65_ _1938
26,000 9835 Jan 14655 Apr
137 140
137
with warrants
June
Mar 96
17,000 85
96
96
Without warrants
Mar
1,000
531 551
234 Jan
Gen Vending 05 4-w_ 1937
Feb
Jan 61
62,000 40
58
61
55.1945 60
Gen Wet Wks & El
7931 80,000 594 Jan 8451 Apr
Georgia Power ref 55 _ 1967 784 78
Feb
Jan 65
574 59% 24,000 40
Georgia Pow & Lt 55_1978 58
Jan
38,000 3951 June 73
4055 42
Gesture( 65 x-warrants 1963 42
Jan 10255 June
102 10255 14,000 94
Gillette Safety Razor 58 '40
23,000 5755 Jan 7434 June
73
7435
Glen Alden Coal 45_ _1965 74%
1935 10155 101 101% 55,000 9755 Jan 10115 June
Glidden Co 534s
Gobel (Adolf) 655s. _ _1935
Apr
804 8333 16,000 73m may 85
with warrants
Grand (F W)Prop 65.1948
Apr
1,100 1631 Jan 41
35
3535
3535
Certificates of deposit. _ _
Apr
Grand Trunk RY 6555 1936 105% 10555 105% 14,000 10055 Jan 108
Jan 8835 Apr
8551 864 25,000 70
Grand 'trunk West 45_1950
loo 10034 30,000 93% Jan 10055 May
Great Northern Pow Os '35 100
June
16,000 9455 Jan 108
106% 107
Great Western Pow 58 1946
Jan 2653 Apr
35,000 12
20
20
Guantanamo & West Os '58
Feb
Jan 48
41
4234 4,000 24
Guardian Investors 5a1948
Jan 105% June
105 105% 51,000 101
1937 105
Gulf 011 of Pa 55
1947 105% 105% 106% 23,000 99% Jan 106% June
513
Jan 02% Apr
49,000 66
91
Gulf States Util 55__.1956 9055 90
Jan 10633 May
9,000 99
10451 105
Hackensack Water 55_1977
5,000 10031 Jan 10755 June
1938 1074 1074 10751
5s
Apr
Jan 83
35,000 61
80
Printing 533s___1947 7955 79
Hall
Feb
68% 68% 6,000 6834 June 82
1935
Hamburg Elea 75
June 7051 Jan
41% 4135 2,000 40
,
Hamburg Elev und 5355'38
Mar
Jan 81
3,000 66
76
79
Hood Rubber 5555_ _ -1936
Apr
2,000 7451 May 83
1936 79 14 794 80
7s
Bonds (Continued)
-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Price. Low. High.
Range Since Jan. 1.
Low.
High.
June
Jan 84
8355 10,000 42
Houston Gulf Gas 65._1943 814 81
Jan 7255 June
1,800 31
69
68
6555 with warrants.1943
1014 10255 6,400 8155 Jan 102% June
Hous LA P 1st 45-55 E_1981 102
be series A
1853 105% 105% 105% 1,000 9355 Jan 105% June
June
102 10255 11,000 8555 Jan 104
1st & ref 448 ser D_1978
Jan 118% Apr
41,000 104
Hudson Bay M & S 69_1935 11274 112 114
98
98
1,000 98 June 98 June
Hughes Tool Co 5355_1936
105% 105% 5,000 10355 Feb 1064 June
Hydraulic Pow 5s_ _ _1951
11031 11051
Jan 1104 June
1,000 1114
1st & ref 55
1950
Apr
Jan 70
6131 62
Hygrade Food 68 A__ 1945
6,000 48
Jan 954 June
94
95% 114,000 75
Illinois Central RR 455s'34 94
95
9555 15,000 92
May 9534 June
435s stamped
1934
90
9235 105,000 87
June 9355 Apr
6s
1937 90
June
101 102
Ill Northern Util 55. _ 1957 102
30,000 8255 Jan 102
Jan 783,5 May
Ill Pow AL let 65 ser A '53 7336 724 7451 80,000 52
Apr
69
lst & ref 5555 ser B_1954 69
7155 38,000 4735 Jan 75
Apr
70
1st & ref 5s ser C.__ 1956 673.5 6755 6833 100,000 4355 Jan
Apr
Jan 66
5933 6031 24,000 37
f deb 5 As __May 1957
Indiana Electric Corp
6s series A
1947 7034 704 7155 6,000 5454 Jan 7551 Feb
Apr
7334 74
Jan 80
16,000 59
655s series B
,
1953:
Apr
63
58 series C
Jan 68
13,000 47
66
1951 63
Indiana Hydro-Elec be '58 5754 5755 5935 23,000 47
Jan 6751 Apr
Apr
94% 95
Indiana & Mich Elea 58 '55
Jan 96
6,000 71
Jan 10854 June
5s
1957 10835 108 10855 15,000 91
Indiana Service 55
1950 4135 4155 4451 21,000 2555 Jan 4855 Apr
42
let Hen & ref 58_
44% 14,000 2455 Jan 484 Apr
l963 42
Apr
Jan 88
8,000 71
Indianapolis Gas bs A _1952 8751 874 88
Ind•nolis P & L 55 ser A '57 96
Jan 964 June
9551 964 39,000 76
235 Jan
355 3;5 3,000
b
Apr
Intercontinents Pow 65 '48
355
International Power Sec
75 series E
10,000 80
80
80
1957
June 10354 Mar
Jan 10353 June
10254 103
international Salt 58_1951
16,000 84
International See 55_ _1947 62
Jan
16,000 4655 Jan 65
60
63
80
Interstate Ir & Stee15553'46
3,000 5755 Jan 844 Apr
80
Interstate Nat Gas 6s_1936
Feb 105% June
10535 10555 9,000 103
5535 81,000 414 Jan 6153 Feb
Interstate Power 6s__1957 523-3 51
3655 434 62,000 2855 Jan 48
Debenture 65
Apr
1952 37
Interstate Public Service
Jan 64
be series D
5755 5835 7,000 48
Feb
1956
60,000 4253 Jan 61
52
4358 series F
Feb
1958 5134 50
Investment Cool Amer
June
Jan 84
1,000 67
84
84
55 without warrants 1947
Iowa-Neb L & P 58_1957 83% 8335 8455 28,000 6351 Jan 89% Apr
Jan 8955 Air
7,000 64
83% 84
55 series B
1961
Jan 9555 Apr
9,000 75
94
Iowa Pow & Lt 455s__1958 93
93
Jan 8755 May
Iowa Pub San 55
,
1957 7851 7755 8135 29,000 58
Apr
7,000 704 June 92
7551 764
Isarco Hydro Elea 75_1952
3,000 74 June 88
Feb
74
75
Isotta Frashini 7s_ _ _ _1942 74
Italian Superpower of Dm
June 784 Apr
6154 36,000 49
Deb 85 without war_1963 6151 49
Feb
May 53
3735 4255 111,000 32
Jacksonville Gas 5a___1942 39
May
Jan 105
1,000 100
105 105
Jamaica Wat Sup 5555 1955 105
June
Jersey C P L 4%6 C_1961 9354 92% 94 146,000 7355 Jan 94
Jan 10151 May
60,000 83
100 101
bs series B
1947 101
,
Jones & Laughlin 55_1939 10735 107 10753 16,000 103% Jan 10735 Juno
June
Jan 90
16,000 62
Kansas Gas & Elea 65_2022 894 8851 90
86,000 6055 Jan 864 Apr
744 78
Kansas Power 55
1947 78
Kansas Power & Light
1,000 8451 Jan 10055 Apr
68 series A
1955 10031 10031 10051
Apr
9455 95
28,000 73% Jan 98
bs series B
1957
Kentucky Utilities CoMar
Jan 68
62
6355 18,000 47
la intge bs
1961 62
Jan 8653 Apr
5,000 58
6558 series D
1948 7654 764 78
Apr
68
2,000 51
68
Jan 73
535s series F
1955
Mar
61
6335 9,000 4551 Jan 68
58 series I
1968 61
9755 16,000 8855 Jan 9854 Apr
Kimberly-Clark 58_..1943 9754 97
Mar
94
95
25,000 8255 Jan 97
Koppers GA C deb 55 1947 94
June
42,000 8453 Jan 100
Sink fund deb 5536_1950 9955 9951 100
1024 103
Apr
Kresge(88) Co 56... 1945
Jan 104
14,000 89
Certificates of deposit-- 100.4 10051 10034 25,000 8754 Jan 10135 May
71% 38,000 50
67
7555 Feb
Jan
Laclede Gas Lt 5555..1935
Feb
Lehigh Pow Secur 65..2028 8455 8335 84% 39,000 6155 Jan 86
Mar
32
32
2,000 30
Leonard Teitz 755s x-w '46
Jan 65
72
75
Apr
17,000 544 Jan 76
Lexington Utilities 55.1952 72
Libby McN & Libby 55 '42 8735 8655 8831 62,000 684 Jan 8951 May
Lone Star Gas 5s_ _ _1942
974 9855 14,000 824 Jan 98,54 Juno
Long Island Ltg 65...1945 8855 88% 89
16,000 67
Jan 94% Apr
Los Angeles Gas & Elea
109 10955 14,000 9931 Jan 10955 June
65
1942 109
555s series E
1947 10734 10751 10751 2,000 9431 Jai 1074 June
103 103% 25,000 89
Jan 10335 Juno
5
1961
9351 94
14,000 68% Jan 9455 June
Louisiana Pow & Lt 5s1957 94
10255 10255
June
1,000 90
Jan 104
LouLsville G & E 65 A.1937
101 102
June
59,000 82
Jan 102
4535 series C
1961 102
Manitoba l'ower 5555.1951 63% 624 64% 34,000 3855 Jan 6455 June
9555 96
22,000 74
June
Mass Gas deb be
Jan 96
1956 96
June
11,000 83
5558
Jan 102
1946 10055 10054 102
McCord Radiator & Mfg
Apr
654 9,000 40
65 with warrants...1943 6531 65
Jan 70
9335 5,000 70
Memphis P & L 5s A 1948 9251 92
Jan 93% Juno
Metropolitan Edison
8831 16,000 66
45 series F
Jan 884 Juno
1971 884 86
55 series F
Jan 9954 June
1962 984 9751 9934 64,000 73
48,000 534 Jan 74
70% 74
June
Mid States Petrol 6558 1945 74
Middle West
635 655 3,000
534 Jan 10% Feb
etfs of deposit. _1932
4,000
655 7
bs ctfs of dep
1933
555 Jan 10% Feb
5,000
7
7
5s Ws of dep
1055 Feb
1934
554 Jan
29,000
6
7
55 efts of deposit_ _1935
1053 Feb
555 Jan
19,000 60
Midland Valley 58____1943 6953 69% 70
Apr
Jan 75
Milwaukee Gas Lt 4535'67 105% 10455 105% 22,000 93% Jan 10551 June
8853 91
63,000 73
Minneap Gas Lt 4555.1950 91
June
Jan
91
Minn Gen Elea 5s____1934 10134 10135 1014 21,000 10035 Jan 10231 Apr
7455 7433 9,00
Minn P & L 4558
5551 Jan 7754 Apr
1955 7435
83
8351 10,00
64
be
1955 83
Jan 8455 June
M158058190 Pow 5s_ 1955 614 6131 6555 109,000 40
Jan 6555 June
Miss Pow & Lt 55_ _ 1957 6555 653.3 67% 67,000 484 Jan 69
Apr
Miss Rlver Fuel 6s
1944
984 9834
3,000 9053 Jan 100
With warrants
Apr
6,000 9835 Jan 10751 Juno
107 107
Miss River Pow let be 1951
Missouri Pow & Lt 5358'55 9551 943.5 9531 18,000 7034 Jan 9551 June
494 14,000 37
Missouri Public fiery 58'47 4754 47
Feb
Jan 68
Monongahela Weet Penn
Pub Serv 5% sec 13_1953 87% 87% 90% 84,000 61
Jan 9035 June
Montreal L H & P Con
1st & ref 55 ser A_ __1951 10835 10855 109% 29,000 104% Jan 110
Slay
1970 10854 10851 10835 39,000 10355 Jan 11034 May
5s series II
Munson 85 Line 6535_1937
7,000
7
751
7
With warrants
634 June 12% Feb
104% 105% 34,000 98
Narragansett Elea 55 A '57 105
Jan 105% June
105 10555 8,000 98
1957 105
5s Beries B
Jan 105% Juno
7055 7355 45,000 57
,
Nat Pow & Lt (is A..2025 71
Feb
Jan 83
6 1,000 4755 Jan
,
Deb 55 series B....2030 61% 61% 66
Feb
74
Nat Public Service bs 1978
955 10% 37,000
955
755 Jan
Certificates of deposit _
16% Feb
10535 10651 31,000 9135 Jan 1064 June
Nebraska I'ower 4535.1981
100 1004 13,000 77
2022 100
Jan 101% May
65 series A
Mar
Neisner Bros Realty 8s '48 7755 7755 7854 5,000 43
Jan 84
78
8055 51,000 57
Nevada-Calif Elec 65_1956 78
Jan 8056 June
100% 10155 22,000 85
New Amsterdam Gas 55 '48 101
Jan 10155 June
5853 91,000 3955 Jan 65
Feb
N E Gas & El Assn 55_1947 5755 57
5754 5851 49,000 39
Feb
1948 573-4
Jan 81
Cony deb 55
58% 90,000 3834 Jan 6151 Feb
Cony deb 59
1950 5735 57
Apr
68
66
65,000 5151 Jan 72
New Eng Pow Assn 58_1948 66
72
Jan 7755 Apr
57,000 54
Debenture 5359_ _ _1954 684 68
June
5435 63
34,000 3655 Jan 63
New Orl Pub Seri 435a '35 54%
Jan 4451 Apr
65 series A
1949 3953 3835 42% 65,000 25
May
7735 5,000 69
77
Jan 85
NY Central El 53-4s..1950
N Y Penna & Onto 4558 '36 10134 1014 10151 7,000 06% Jan 10235 June
Apr
Jan 94
NY P&L Corp 1st 44s'67 9334 9251 93% 86,000 74
Bonds (Continued)
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Price. Low. High.
Range Since Jan. 1.
Low.
I
High.
NY State G & E 4556_1980 84
84% 112,000 64% Jan 8451 June
83
June
Jan 98
1962
SO
2000,
98
98
5555
NY az Westch'r Ltg 45 2005
Jan 10051 June
100% 100% 3,000 88
Niagara Falls Pow 65_1950 109
108% 10934 10,000 104% Jan 110% Mar
Feb
1959
58 series A
106 10655 9,000 10051 Jan 107
Nippon El Pow 6368.1953
Jan 80% June
7955 8055 6,000 65
No American Lt & Pow
Jan 10151 June
5% notes
1935 10156 10135 10135 14,000 91
June
1936 10055 10055 100% 10,000 82
5% notes
Jan 103
Apr
5%5 series A
1956 5055 5055 5135 81,000 2551 Jan 56
Jan 36% May
Nor Cont Util 5SO_ 1948 3255 3255 3555 16,000 20
Jan 9655 May
No Indiana G & E 65_1952 96
2,000 71
96
96
Northern Indiana P 81966 71
55 series C
27,000 5451 Jan 7854 May
71
70
1969 70
55 series D
Jan 7655 Mar
72 130,000 55
70
Mar
455s series E
1970
Jan
74
17,000 50
67% 68
No Ohio P & L 5555._1951 100
99% 10051 46,00
7055 Jan 100% May
June
Nor Ohio Trac az Lt 55 '56 98
Jan 98
68
16,00
94
98
No States Pr ref 4555_ _1961 9255 91% 9255 94,00
7351 Jan 9254 May
555% notes
1940 92
9055 92
14,00
7151 Jan 92% Apr
Apr
N'western Elect 65
1935 74
Jan 87
75
8,00
74
54
N'western Power 65 A _196
27% 28
1255 Jan 36% Slay
6,00
June
N'western Pub Serv 55 1957 70
32,000 503-t Jan 73
70
73
Ogden Gas 55
June
1945 9634 9535 97
7751 Jan 97
44,00
Ohio Edison 1st 5s.._ _1960 96
96
6755 Jan 9711 June
9751 178,00
Ohio Power 1st 5s B_ _1952 10534 105% 106
June
5,00
953' Jan 106
let dr ref 455s ser D 1956 10234 10255 103
June
Jan 103
70,000 85
Ohio Public Service Co
Os series C
1953 99
Apr
99
99% 9,000 7054 Jan 100
55 series D
1954 9255 91% 92% 41,000 63% Jan 9351 June
5555 series E
1961 9455 93
June
Jo
95
95
17,000 63
Okla Gas az Elec 58.- _1950 9535 94% 95% 93,000 7335 Jan 96% Apr
6s series A
June
1940 93
Jan 93
43,000 66
91
93
Okla Power & Water 5s '48 5451 54% 56
Feb
Jan 60
5,000 44
Osgood Co Os w w._..1039
Nov 3555 Jan
33
33
5,000 33
Oswego Falls 68
1941
Apr
51% Jan 65
61% 63
5,00
Pacific Coast Pow la 1940 96% 96% 9635
Jan 96% June
100 77
Pacific Gas & El Colst 65 series B
1941 11234 11151 11255 2,200 101% Jan 11254 June
1st & ref 5555 ser C_1952 10751 107 108
June
17,000 9551 Jan 108
55 series D
Jan 10651 June
1955 10555 105% 106% 20,000 92
let & ref 4555 E
1957 10234 101% 10255 72,000 85% Jan 10254 June
lst & ref 4%5 F__ _ _1960 10234 10155 102% 81,000 85% Jan 102% June
Pacific Investing 55 A_1948
Jan 8255 May
3,000 70
82
82
Feb
Pacific Pow & Ltg 58_ _1955 4651
57
4655 4655 82,000 35% Jan
Pacific Western Oil 6555'43
June
Jan 97
With warrants
94
9351 9555 39,000 76
Palmer Corn 6s
1938
10055 10055 3,000 85% Jan 100% June
Penn Cent L & P 4345 1977 85% 85
87% 101,000 5954 Jan 87% June
May
Jan 75
Penn Electric 45 F._ 1971 73
17,000 57
73
74
Penn Ohio Edison
Apr
1950
68 series A xw
71% 7255 16,000 4654 Jan 74
Apr
Deb 5555 series
18,000 4114 Jan 70
_ 1959 6434 6435 68
Jan 10355 June
79
enn-Ohio P & L 5355 1954 10355 10251 10335 31,00
June
Jan 106
Penn Power 55
1956
3,000 95
106
106
June
Jan 101
Penn Pub Serv 65C _1947 99
30,000 75
98% 100
Slay
Jan 92
64
5sseries D
1954
6,00
90
89
Penn Water Pow 58_ _ _1940 11034 110 11051 25,00 103% Jan 11031 June
434s series B
1968 10554 10555 10555 9,00
9551 Jan 10555 June
Peoples Gas L az Coke
May
6235 Jan 80
1981
45 series B
7535 76% 29,00
4555 serial notes
Jan 10051 June
1935
95
1,00
100% 10051
Apr
Jan 99
68 series C
75
1957 8955 89% 90% 76,00
554 Jan
Peoples Lt& Pr 58_ _ _ A979
Jan
2
3
3% 4,000
Phila Electric Co 58_1966 112% 112 112% 7,000 10551 Jan 112% June
Chita Flee Pow 5 35s_ _1972
21,000 10455 Jan 10951 Apr
1083.4 108
Italia Rapid Tmnalt65 1962 7151 69% 7251 17,000 4955 Jan 7414 Apr
June
Phil Sub Co G & E 4555'57
Jan 107
5,000 100
107
107
Phil Sub Water 5s_ _ _ _1955
10454 104% 2,000 96% Jan 10434 June
June 9254 Apr
Pledm't Hydro-El 6558 'ISO 71
2,000 71
72
71
Piedmont & Nor 55._ _1954 9035 9055 9151 23,000 74% Jan 91% Apr
Pittsburgh Coal 6s_ __ _1949 103
June
Jan 103
26,000 93
100 103
June
Mar 96
Pittsburgh Steel 65_1948
95
9555 2,000 85
Pomerania Nice 65_._.19E4
34
34% 12,000 3251 June 54% Feb
Poor & Co 6s
Jan 91% June
1939 9151 9151 91% 3,000 83
Portland Gas & Coke 55'40 85
Jan 95% Mar
85
8835 17,000 83
Slay
Potomac Edison 55_ _ _1950 9755 9755 99
31,000 7451 Jan 100
June
4555 series F
Jan 93
1961
92% 7,000 73
92
PowerCorp(Can)4355 13 '59 7891
Jan 7931 June
7835 7856 22,000 63
Power Corp of N YJune
6 %s series A
Jan 91
1942 91
1,800 70
91
88
June
1947
534s
62% 6351 19,000 51% Jan 64
Power Securities Gs _ _ _1949
Jan 6234 Apr
5,000 45
59
58
Prussian Electric 65___1954 48
Feb
June 73
48
4855 6,000 48
Pub Sery of N It 43.58 B '57
10,000 8351 Jan 10351 June
102% 103
Pub Serv of N J pet etre_
Jan 117
May
7,000 103
11655 11555 117
Pub Serv of Nor Illinois
let & ref 55
Apr
65% Jan 90
1956 6.5
8455 85% 22,00
5s series C
1966
11,000 6051 Jan 86% Apr
8351 84
4555 series D
Jan 79% May
56
1978
74
7555 7,00
,
43-5 series E
5551 Jan 79
May
1980 7534 7355 7555 36,00
1st & ref 4555 ser F.1981 7434 7355 75
Jan 7855 Apr
55
74,00
63Is Beries G
1937 10034 99 10051 83,00
7655 Jan 10051 June
-Is
63 series II
7155 Jan 9555 June
1952 9534 92% 9534 24,00
,
Pub Serv of Oklahoma
5s series C
1961
Jan 90 June
88
89% 7,000 62
55series D
1957 8755 87% 9051 3,90
5751 Jan 9051 June
Pub Serv Subsid 5345.1949 79
Jan 8555 June
8,000 42
SO
79
Puget Sound P & L 5555'49 53
4151 Jan
5955 Feb
53
5554 92,00
let az ref 55 series C.1950 50
39% Jan 57% Feb
5155 54,00
50
1st & ref 4%5 ser D _1950 453-4 4555 4755 56,000 36% Jan
53
Feb
Quebec Power be
1965
Jan 10151 June
101 101% 6,000 89
Queens Boro G & E 4555'58
Jan 101
100% 100% 3,000 88
June
5%s series A
1952
Jai
89
82% 8354 5,000 62
Apr
Reliance Mgt 5s,w wari1954 7555 7555 7751 8,000 59
Jan 79
May
Republic Gas(is
1945
1,000 14% Jan
May
36
39
36
Certificates of deposit_ _ _
Jan 3751 June
35
35
3655 6,000 15
Rochester Cent Pow 55 '53
1,000 2835 Jan 47
41
41
Feb
Rochester Ry & Lt 65_1954
110% 11054 3,000 10254 Jan 11013 Rine
Ruhr Gas Corp 6555_ _1953 4555 4451 45% 22,000 4135 Mar 66
Feb
Ryerson (Jos T) & Sons
1943 10134 101 101% 16,000 9155 Jan 101% Apr
58
Safe Harbor Water Power
1979 106
4348.
95% Jan 10651 June
10551 10651 32,00
15,00
St Louis Gas & Coke as '47
6
3% Jan
7
655
11
Feb
San Antonio Puulic Service
55 series B
Jan 91
27,000 65
1958 8951 8835 90
May
San Joaquin I.t & Power
5s series D
1957 9755 97
9735 10,000 7551 Jan 9755 June
Saxon Public Wks 65..1937 5151 48
5251 53,000 48
June 72)i Mar
Schulte Real Estate Gs 1935
With warrants
10
10
93.5 May
10
6,00
1155 Feb
Without warrants
10
955 10
9,000
7
Jan
12
Feb
87
89
20
ScriPP(E W)Co 5555_1943 83)
Jan 8951 May
73
Seattle Lighting 55_ _ _1949 3135 31
33
51.000 2355 Jan 41
Feb
Shawinigan W az P 4555'67 9235 92
9255 38,00
72
Jan 9355 May
9235 92% 23,00
1968
4545 series B
7254 Jan 93
May
101 10255 30,00
1970 101
let 55 series C
Jan 10255 June
79
1st 4555series D___ _1970 9134 91% 9255 20,00
72% Jan 9355 May
Sheffield Steel 535s...1948 10334 9951 103% 17,000 8555 Jan 10351 June
46
46
Sheridan Wyo Coal Gs 1947 46
2,000 4155 Jan 4955 Feb
75
76
12,000 5155 Jan 79
Sou Carolina Pow 55_1957
May
Southeast P dr L Os _2025
Without warrants
7055 7055 7155 74,00
4351 Jan 7455 Apr
59,000 9355 Jan 106
Sou Calif Edison 55_ __ 1951 10534 10551 106
June
1939
107% 10755 27,00 10254 Jan 10851 June
5s
Refunding 55 June 1 1954 10534 10551 106
11,00
9355 Jan 106
June
Sep 1952 10534 10555 106
Refunding Se
23,00
93
Jan 106
June
,
Sou Calif Gas Co 4555_1961 9655 96% 96% 17,000 82
Jan 96% June
103 104
1957 103
9,00
89
let ref 58
Jan 104
June
10554 10555
1,000 9255 Jan 10534 June
1952
,
5%s series 14
4281
Financial Chronicle
Volume 138
Bonds (Concluded)
-
Friday
Sales
Last 1Veek's Range for
cf Prices.
Sale
Week.
Price. Low. High.
Range Since Jan. 1.
Low.
High.
1
993i 17,000 133% Jan 99% June
99
Sou Calif Gas Corp 55 1937 99
Sou'n Counties Gas 4%s'68
94% 9551 15,000 89% Feb 95% June
Jan 108
1,000 101
10755 107%
June
Sou Indiana G&E 53-481957
Apr
Sou Indiana Ity 4s____1951 62
64% 2,000 5135 Jals 73
62
Sou Natural Gas 6s_ __1944
Jan 74% Apr
5,000 60
7255 72
Stamped
Jan 7455 Apr
74
Onstarnped
37,000 59
72
72
Jan 6435 Apr
Southwest Assoc Tel 55 '61
60
1,000 42
60
Southwest G & E 5s A.1957 9055 8951 91
47,000 6251 Jan 91 June
5s series B
9054 June
89% 90% 13,000 6355 Jan
1957
S'western Lt & Pr 5s_1957 6931 69% 7355 45,000 47
Jan 7555 May
Jan 5455 May
25,000 34
S'western Nat Gas 65_1945 5255 51% 53
SoWest Pow & I.t 55_2022 5654 5655 5855 23,000 40
Jan 6655 Feb
Slay
Jan 84
3,000 57
Sweat Pub Serv 65_ 1945
7855 79
Jan 10151 June
1942 10151 100% 101% 18,000 87
Staley Mfg 65
June
Stand Gas & Elec tis_ _1935 90
94 463,000 4355 Jan 94
90
June
Cony 65
1935 9035 9055 94 411,000 43% Jan 93
June
1951
Debenture 65
5555 54
60 189,000 32% Jan 60
Apr
Debenture 6s_Dee 1 1966 5351 5351 59 110,000 3255 Jan 59
Apr
1,000 64% Jan 82
Standard Investg 555s 1939 77
77
77
Apr
2,000 66
78
Jan 83
78
Deb 5.5x-warr
1937 73
Stand Pow & Lt 65_ __ _1957 523-4
5155 5631 207,000 2934 Jan 57% Am
Stand Teiep 5355 A_ _1943
Jan 24% June
2,000 18
2451 24%
Stinnes (Hugo) Corp
Feb
June 55
36
4,00
1936 37
75 stamped
37
36
Jan
4,000 34
34
June 50
34
1946
7sstamped
Mar
Jan 106
14,000 103
104% 105
Sun Oil deb 5%s
1939
Jan 104% May
3,000 101
Sun Pipe Line 55
10455 10435
1940
Jan 8355 June
Super Power of III 4555 '68 8331 8055 83% 29,000 59
1st 4555
81% 83% 12,000 5755 Jan 83% June
1970 83
Jan 97% Apr
68
1961 9635 9555 96% 4,000 73
,
May
Swift & Co lst met 55.1944 107
17,00 10355 Jan 108
106% 107
5% notes
34.000 98% Jan 104% Mar
1940 10331 10355 104
1,000 10355 Jan 108
Mar
Syracuse Ltg 5%s _ _ _ _1957
10755 107%
Tennessee Eiec Pow 55 1956 70
75,000 55
75
Jan
Jan
6954 71
Tenn Public Service 58 1970 81
Jan 84
June
71
84 524,000 44
Terni Hydro Elec 6555 1953 6754 65% 68
8655 Apr
16,000 62
Jun
5,000 51
Texas Cities Gas 5a___1948 5551 55% 57
Feb
Jan 61
Texas Elec Service 53_1960 81
81% 116,000 63
Jan 8855 Apr
SI
Texas Gas Util (is_.._1945
5,000 1455 Jan 25
15
Apr
16
Texas Power az Lt 55__1956 93
85,000 6735 Jan
94
June
92% 94
58
1937 1033-4 102% 10355 57,000 8934 Jan 103% June
Thermold Co 65w w 1934
(is stamped
6,000 55
Feb
1937 6854 6855 70
76
Jan
Tide Water Power 55_1979 7255 7235 7434 12,000 50
7434 May
Jan
Toledo Edison 55
,
1962 10355 103% 10351 91,000 8635 Jan 103% May
Twin City Rap Tr 5558'52 4894 48
Apr
58
4855 99,000 23% Jan
Union Am Investg 58_1948
Jan 9055 June
89% 90% 2,000 85
Ulen Co deb (is
1944 463.4 4655 4755
300 3854 Jan 52% May
,
Union Eleo Lt & Power
55 series 13
1967 10534 10535 105% 2,000 95% Jan 10551 June
435s
22,00(
June
Jan 106
92
1957 10551 104% 106
Un Gulf Corp 55 July 1'S0 10535 105 10535 23,000 101% Jan 10555 June
United Elec NJ 4.5._ _1949 10791 10651 10755
4,000 100
Jan 107% June
United El Serv 75 x-w.1956 68
Apr
54,000 64
64
68
June 90
United Industrial 6 As 1941
51% 5255 39,000 50
June 69% Jan
let Os
1945 53
68,000 5035 June 67% Jan
51% 53
,
United Lt & Pow 68_1975 453-4 4551 47% 41,000 2755 Jan 5245 Apr
5555
Apr 1 1959
7951 8051 11,000 50
Jan 8051 June
Deb g 650
1974 47
47
Feb
4955 23,000 31
Jan 58
United Lt & Ry 5555-1952 53% 5355 5435 56,000 3555 Jan 56% Feb
65 series A
29,000 56
1952 8451 8455 85
Jan 85
June
65 series A
1973 43
22,000 2855 Jan 52
43
Feb
46
U S Rubber (is:
10055 101
90
1936
Jan 10155 May
8,00
6
serial notes___1935 10135 10051 10155 14,00
8935 Jan 10155 Slay
655% serlainotes _1936
Jan 99% Apr
9835 9874 27,000 77
634% serial notes___1937 94
9,00
94
95
7055 Jan 9934 Apr
655% serial notes_ _ _1938 9251 92% 92%
1,00
6955 Jan 9955 Apr
655% serial notes
93
1939
93
3,00
6955 Jan 083.4 Apr
655% serial notes___1940 92
60
92
Apr
92
68
Jan 99
Utah Pow & Lt 88 A _ _2022 52
5635 22,00
52
465.5 Jan 6754 Feb
Utica Gas & Elec 5s E_1952
1033-410334 3,000 93% Jan 103% May
55 series D
11,000 94
10351 104
Slay
1956 104
Jan 104
Vamma Wat Pow 5555 1957 8955 8954 91
3,000 7955 Jan 9154 May
Va Elec & Power 5s
1955 1023-4 1023-4 102% 49,000 89
Jan 10231 June
Va Public Seri. 5%s A_1946 7555 75
,
Apr
7555 24,000 5555 Jan 80
lst ref 58 aer B
14,000 51
7055 71
Apr
1950
Jan
76
68
63
21.000 4755 Jan
70
62
Apr
1946
Waldorf-Astoria Corp
75 with warrants_ _1954
1055 1055 10,000 10
Jan
June 20
75 ctfs of deposit__ _1954 1051
10
10% 17,000
Feb
9
June 16
Ward Baking 65
103% 10355 6,000 9655 Jan 10355 June
1937
Wash Gas Light 55_ _ _1958 9754 96% 97% 48,000 79
Jan 9754 June
Wash Ry & Ni 45
20,000 8335 Jan 98
June
9555 98
1951 98
Wash Water Power 55_1960 9654 96
20,000 80
June
97
Jan 97
West Fenn Elea 58_ _ _2030 6955 6954 7034 17,000 55
71
Apr
Jan
\Vest Penn Pow 45 ser II'61 105
10,000 9455 Jan 105 June
10451 105
West Texas UM bs A_1957 6355 6255 64% 72,000 48
Jan 67% Apr
Western Newspaper Union
88
14,000 25
3951 42
1944
Jan 4651 Apr
Western United Gas & Elec
1st 5555 series A____1955 8555 85
May
Jan 88
8591 23,000 65
Westvaco Chlorine 53-4s '37 1033-4 1033(10331 3,000 1015,5 Jan 104
Apr
Wise El Pow 55 A___1954 10434 104% 105
June
3,00
99
Jan 105
Wise-Minn Lt & Pow 55'44
Jan 9135 Slay
9051 9135 11,000 64
Wise Pow & Lt 55 F _ _1958
6,000 59% Jan 7954 Apr
77
77
58 series E
5,00
Apr
Jan SO
7735 7751
58
1956
Wise Pub Seri 68 A_ _ _1952 9755 9755 9755
,
5,00
7855 Jan 9835 June
Yadkin Riv Pow 55_1941 9494 9255 9454 5,000 66
Jan 94% June
York Rye Co 55
Apr 1
Jan 98
1937
9451
9454 9535 56,000 76
Foreign Government and Muni cipalitlesAgriculture Mtge Bk 78 '47
May
1,000 1931 Jan 27
25
25
Baden 75
15,000 2655 Jun
26% 30
1951 30
52% Jan
Buenos Aires (Province)
75 stamped
44
50,000 2551 Jan 46
Feb
1952 423-4 42
-Is
73 stamped
Apr
1947 44
44
443-4 96,000 2955 Jan 48
Cauca Valley 7s
Jan
955
Feb
8
1948
16
9% 10% 17,000
Cent Ilk of German State &
Prov Banks 65 B._ _1951 563-4 5655 57
28,000 50
73
Jan
Feb
65 series A
41% 4251 18,000 4051 June 70
Feb
1952
Danish 5915
Apr
86
1955
8751 6,000 7955 Jan 89
55
7,000 6231 Jan 82
June
82
80
1953 82
Danzig Port Waterways
655a
12,000 44
Jan 69% Mar
1952
0834 69
German Cons Muni° 75'47 3755 36
3754 92,000 3555 Apr 59% Feb
Secured fis
1947 36
3451 3654 72,000 33.% June 5755 Feb
Hanover (City) 75.....1939 3155 31
Feb
3135 4,000 29% June 53
Hanover(Prov)6355._1949 3334 33% 33% 6,000 3255 June 55
Feb
Indus Mtge 13k (Finland)
1st mtge coils f 75_ _1944
100% 100% 2,000 8654 Jan 10155 May
Lima (City) Peru 64e 1958
Jan
i23-4 Mar
1,000
751 7%
5
Maranhao (State) 7s_ _1958
15
16
4,000 12% Jan 21
Feb
Medellin 75 ser E
12
1951
1255 2,000 1051 Jan 2055 Feb
Mendoza 7%5
41
41
1,000 2655 Jan 45% May
1951
stamped
3,000 26% Jan 4451 May
3751 38
Mtge Bk of Chile 65...1931
1555 Feb
13
13
10,000
855 Jan
Parana (State) 7o...1955 1155
17
Feb
1055 1135 29,000
854 Jan
Rio de Janeiro 655s___1959 15
1455 15% 5,000 1431 Jan 19% Feb
Russian Govt
63
Mar
5
1919
-Is
3% 351
1,00
294 Jan
6555 certificates_ __ _1919
May
5
Jan
335 3% 28,00
2
354
5555
5% May
335 351
1921
1,00
2% Jan
5555 certificates____1921
Slay
5
2% Jan
7,00
355
335 33-4
Saar Basin is
Jar 14034 June
1935 14034 13555 140% 3,00 106
Santiago 78
Feb
13
1961
954 955 6,00
654 Jan
75
Feb
855 10
1949
8,00
855
5% Jan 13
• No par value. a Deferred delivery sales not Included in year's range. e Cash
sales not included in year's range. z Ex-dividend. :Deferred dell‘ery sales not
included In the current week's range are given below:
Associated G & N 5545 1938, June 16 at 193-4.
4282
Financial Chronicle
•
June 23 1934
•
Over-tlze-Counter + Securities + Bought and Sold
We maintain markets in Bank,
Insurance, Industrial, Public
Utility, Trust Company and
Investment Trust Stocks.
Real Estate, Industrial, Public
Utility, Railroad, Guaranteed
Mortgage Bonds, Canadian
Stocks and Bonds.
1101T,16ESAOTER,
74 Trinity Place, New York
Whitehall 4-3700
Open-end telephone wires to Boston, Hartford, Newark and Philadelphia.
Private wires to principal cities in United States and Canada
Quotations on Over-the-Counter Securities-Friday June 22
Industrial and Railroad Bonds.
Port of New York Authority Bonds.
Bid
Ask
Bid
Ask
Bayonne Bridge 4s series C
J&J 3 9912 10012
1938-53
Inland Terminal 445 set D
99
fIll&S 98
1936-80
Geo. Washington Bridge
Holland Tunnel 44e series E
48 series B 1936-50_ _ _J&D 9914 100
M&S 51.50 3.90
1935-60
445 ser B 1939-53M&N 53.15 4.125
Arthur Kill Bridges 4 348
111&S
series A 1935-48
98
100
U S. maular Bonds.
Bid
95
96
97
100
101
105
103
Philippine Government4s 1946
44s Oct 1959
43.4e July 1952
55 April 1955
56 Feb 1952
54a Aug 1941
Hawaii 44s Oct 1956
Ask
97 Honolulu 5s
98 US Panama 3s June 1 1961_
23 Aug 1 1936
100
2s Nov 1 1938
103
103 Govt of Puerto Rico
10612
4%,July 1958
5s July 1948
106
Bid All
101 104
10512 10612
101% 10238
8
1017 1023
,
102
104
105
107
Federal Land Bank Bonds.
Bid Ask
10012 101
10012 10114
10012 10114
10012 10114
10012 10114
10012 10114
101 1013
4
1s 1946 optional 1944
Is 1957 opuonal 1937_1148M
Is 1958 optional 1938..M&N
14s 1958 opt 1936__J&J
1413 1957 opt 1937___J&J
148 1958 opt 1938__M&N
is 1941 optional 1931_M&N
44s
44a
445
445
44s
4(s
4bia
1942 opt 1932_M&N
1943 opt 1933___J&J
1953 opt 1933_-__J&J
1955 opt 1935____J&J
1956 opt 1936____J&J
1953 opt 1933____J&J
1954 opt 1934__._J&I
Bid Ask
10012 10114
10012 10114
10012 10113
10012 10113
10114 102
100 10013
100 1001
:
New York State Bonds.
Bid Ask
World War BonusCanal de Highway44s April 1933 to 1939._
5aJan & Mar 1934 to 1935 91.50 ___
44a April 1940 to 1949_
58 Jan & Mar 1936 to 1945 02.50 __
5e Jan & Mar 1946 to 1971 03.50 3.30 Institution Building
4s Sept 1933 to 1940
is Sept 1941 to 1976
ILghway Imp 445 Sept '63_ 03.15 ___
Canal Imp 44s Jan 1964... 03.10 _ Highway Improvement
45 Mar & Sept 1958 to '67
Can & Imp High 44s 1965_ 08.10 _
Canal Imp 4s J & J 60 to'67
Barge CT 4s Jan 1942 to'46
Bid
Ask
52.00
52.50
......
52.00
53.00
52.95
03.00
93.00
Adams Express 45
_1947
American Meter 65 _ _ _1946
1951
Amer Tobacco 45
Am Type Fdrs Os
1937
Debenture 65
1939
Am Wire Fabrics 78 _ _1942
Bear mountain-Hudson
River Bridge 78
1953
Chicago Stock Yds 5s_ _1961
Consolidation Coal4 Hs 1934
Deep Rock 011 7s
1937
Equitable Office Bldg 5s '52
Forty Wall Street 6s_ _ _1958
Haytian Corp 8s
1938
Hoboken Ferry 68
1946
Journal of Comm 6345.1937
Loews New Broad Prop
1s1 Os
1945
Merchants Rettig 65_ _1937
Bank and Insurance Stocks
Bought, Sold and Quoted
POTTER
MUNDS WINSLOW & York
New
40 Wall Street,
Whitehall 4-5500
Members New York, Chicago and other Stock and Commodity Exchanges
New York Bank Stocks.
Bid
Ask
50
15
20
8
813
512 7
80
Railroad
Chicago Bank Stocks.
New York Trust Companies.
Bid Ask
145
362 368
6112 631.
12
10
6
8
107 112
Empire
Fulton
Guaranty
Irving
Kings County
Lawyers County
Par Bid Ask
10 1812 1912
lOOi 240 260
1001 362 367
101 153 1714
4
100 1800 1830
25 39
41
20 2012 22
20 126 130 Manufacturers
Central Hanover
25 105 108
Chemical Bank & Trust._10 3912 4112 New York
ao 40 50 Title Guarantee & Trust--20 8 912
Trust
Clinton
100 124 1412
Colonial Trust
100 45
55
13
1412 Underwriters
1
Continental Bk & Tr
100 1685 1735
20 5012 5213 United Statee
Corn Each Bk & Tr
e Defaulted.
5 No par value.
4 Last reported market.
I Et-ooupon.
•
1g•
onds
63 WALL ST., NEW YORK
Green 9-8120
Boston Hartford Philadelphia
PeckBOwling
Adams&
Dividend
Par In Dollars,
100
Alabama & Vicksburg (Ill Cent)
-100
Albany & Susquehanna (Delaware & Hudson)
100
Allegheny & Western(Buff Koch &PHU)
50
Beech Creek (New York Central)
100
Boston & Albany (New York Central)
100
Boston & Providence(New Haven)
100
Canada Southern (New York Central)
Caro Cllnehfield & Ohio(L& N A CL)4.% --.100
100
Common 5% stamped
Chic Cleve Chic di St Louis Pref(N Y Cent)_100
50
Cleveland & Pittsburgh (Pennsylvania)
50
Betterman stock
25
Delaware (Pennsylvania)
100
Georgia RR dz Banking(L & N,A CL)
.100
Lackawanna RR of NJ(Del Lack & Western)
100
Michigan Central(New York Central)
50
Morris & Essex (Del Lack Jr Western)
New York Lackawanna & Western(DL & W)_100
Northern Central (Pennsylvania)
ao
100
Old Colony (N Y N H & Hartford)
60
Oswego & Syracuse (Del Lack & Western)
50
Pittsburgh Bess & Lake Erie(U E1 Steel)
50
Preferred
Pittsburgh Fort Wayne & Chicago (Penn).---100
100
Preferred
Rensselaer & Saratoga (Delaware & Hudson).l00
100
St Louis Bridge let pref (Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR dr Canal(Penna)
Utica Chenango & Busquehanna(D L & W)--100
100
Valley (Delaware Lackawanna & weetern)
Vicksburg Shreveport di Pacific (Ill Cent).---.100
100
Preferred
50
Warren RR of N J (Del Lack & western)
50
West Jersey & Sea Shore (Penn)
6.00
11.00
0.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
8.00
3.00
3.00
10.00
6.00
5.00
5.00
6.00
3.50
3.00
Bid.
Ask.
94
200
99
35
137
152
52
84
91
90
77
43
414
172
75
900
69
94
87
102
74
34
67
146
163
124
125
83
125
230
95
95
78
78
53
60
98
206
103
38
142
66
88
94
94
79
46
44
178
79
72
98
89
106
78
36
72
152
167
129
130
66
130
234
100
83
83
58
63
Railroad Equipment Bonds.
Bid
3.00
Mantic Coast Line 6s
4.00
Equipment 83.48
3.00
3altimore & Ohio 65
Equipment 44s & Ss_. 4.25
luff Roch & Pitts equip 65._ 5.00
janadian Pacific 43.4s & as. 4.50
3entral RR of NJ Os
3.75
3.75
Jhesapeake & Ohio 65
3.75
Equipment 8 As
Equipment 5s
3.75
Niicago & North West Os- 5.50
5.50
Equipment 63-45
Nile R I & Pao 445& hs___ 8.00
Equipment 65
8.00
7olorado & Southern Oa__ _ 5.50
)elaware & Hudson Os___ 3.00
Erie 44s 53
4.40
4.40
Equipment Os
3reat Northern 85
4.25
4.25
Equipment 55
locking Valley 55
3.75
3.75
Equipment 65
ninth; Central 44s & 55_
4.25
Equipment 65
4.25
Equipment 75 & 645._
4.25
s Ex-stock dividends.
wS
no.o.o8g82ERR2R .o.onnnnnm,!o
"tcincin.innnnmvvocnnmmmm mnmmm
3512
2112
31
35
Par Bid Ask
Par Bid Ask
First National
100 96
99
American National Bank a,
Harris Trust & Savings--100 180 205
100 100
Trust
Northern Trust Co
100 375 385
Continental Ill Bank &
100 4114 42
Trust
Par
Banos Comm Itallana_ -.100
Bank of New York az Tr.100
10
Bankers
_20
Bank of Sicily
20
Bronx County
100
Brooklyn
Guaranteed &Leased Line
Preferred
Common
(Guarantor In Parenthesis.)
1
3312
20
27
25
As
Bid
N Y & Hob F'y 5.s _ _1948 7112 75
N Y ShIpbldg 5s
1940 8412
NorthAmerican Re/ractories
/4648
1944 .e3712 4012
34 Otis Steel 6s ctfa
61
1941 a58
93 Pierce Butler & P 6 As_1942 88
12
Prudence Co guar collateral
545
7412 7712
1961 e56
Realty Assoc sec 6e
86
_1937 8343
4
24 Sixty-One Bway 1st 5.4s '50 57
e21
60
Standard Textile Products
1st645 vnas'nted
e43
46
_1942 31
5112 5312 Starrett Investing 58.__1950 3614 4114
53 Struthers Wells Titusville
51
64s
614
16
1943 44
48
87
84
Toledo Term RR 4%s_1957 9954 10112
1939 07
4412 4812 Trinity Bldg 54s
99
Ward Baking 1st 6s._ _1937 101 103
93 Witherbee Sherman 68_1944 e14
16
90
Woodward Iron be
62812 32
8912
Guaranteed Railroad Stocks.
End
Bid
Ask
Ask i
10214 10234
1014 101381 0445 June 1974
a3sMaY 1935
10214 1023
9414 95 wiyis Feb 15 1978
ayis May 195
4
4
9414 95 a4I.Es Jan 1977
10214 1023
4
0345 Nov 1954
10214 1023
9812 9912 0448 Nov 15 1978
4
ati Nov 1955 & 1956
10214 1023
4
4
a4s M & N 1957 to 1959.... 10014 1003 a4lis March 1981
10514 1053
10014 100 4 0448 M & N 1957
3
4
a4s May 1977
10514 1053
10014 1003 a4413 July 1967
045 Oct 1980
4
4:
a4 Hs Dec. 15 1974
10514 1053
e4 Hs Feb 15 1933 to 1940_ _ 04.00
4
4
10514 1053
c:44s March 1962 dz 1964_ 10214 102341 8144s Dec 1 1979
10214 1023
4
0445 Sept 1960
10212 10234
10014 1003 065 Jan 25 1935
4
044s March 1960
10538 1057
10214 102341 065 Jan 25 1936
044s April 1968
8
10214 1023 a6s Jan 25 1937
4
0448 April 15 1972
2
a Interchangeable b Basis e Registered coupon (serial). d Coupon.
Par
Kingsboro Nat Bk
100
Nat Bronx Bank
50
Nat Safety Bank & Tr
25
25
Penn Exchange
Peoples National
100
Public National Bank &
25
Trust
Sterling Nat Bank & Tr.._25
Trade Bank
100
Yorkville(Nat Bank of)_100
Ask
81
Railroad Stocks
New York City Bonds.
Par Bid Ask
.10 2932 3112
Bank of Manhattan CO..
100 30
40
Bank of Yorktown
Bensonhurat National 100 25
13.55 26
2712
Chase new
2612 28
City (National)._ _ _ __12
Commercial National Bank
100 150 160
& Trust
100 1030 1080
Fifth Avenue
100 1670 1710
First National of N Y
35
100 30
Flatbush National
Bid
7912
33
10014
e30
e30
83
Kanawha & Michigan 65___
Kansas City Southern 53e.
Louisville As Naahville Os.Equipment 645
Minn St P & SS M 43.4e & 5s
Equipment 64s dz 7s
Missouri Pacific 645
Equipment(18
Mobile & Ohio 511
New York Central 43.4e & 55
Equipment Os
Equipment 7e
Norfolk & Western 4%e_....
Northern Pacific 7s
Pacific Fruit Express 7s
Pennsylvania RR equip 55._
Pittsburgh & Lake Erie 6%s
Reading Co 448 & 58
St Louis & San Fran 58__
Southern Pacific Co 4 AL Equipment 75
Southern Ry 44s & 5s
Equipment 65
Toledo & Ohio Central Ca.__
Union Pacific 7s
when issued.
5 Ex-dividend
Bid
3.50
5.00
3.75
3.75
8.00
8.00
9.00
9.00
8.00
4.20
4.20
4.20
2.00
4.25
4.00
3.50
4.25
3.75
3.00
4.25
4.25
4.40
4.40
3.50
3.00
As)
2.5(
4.0(
3.21
3.2/
6.0(
6.0(
6.0(
6.0(
6.5(
3.71
3.71
3.71
1.0(
3.7/
3.01
3.0(
3.01
3.21
6.5(
3.71
3.71
3.71
3.71
2.01
2.01
4283
Financial Chronicle
Volume 138
Quotations on Over-the-Counter Securities-Friday June 22-Continued
Industrial Stocks.
Public Utility Bonds.
Bid
Ask
4812 4912
70
713
4
1057 1067
8
8
8512 8812
90
92
50 52
5114 5312
101
_
*24
26
4312 4512
8312 85 4
3
61
6314
3212 3312
64
6612
72
74
973 9914
4
9912 102
101 104
883 9114
4
8914 90 4
3
Par
Amer El PS 54s 1948-M&N
Amer Wet Wks dr Elec 58'75
Appalachian Power 5s 1941_
6s 2024
Bellows Falls Hydro El 58'58
Central 0 & E 544s '46J&D
1st lien coil tr 6s '46.31,148
Colorado Power 5s I953___ _
Fed P S let (is 1947-J&D
Federated Util 51'ls '57 PA&S
III Wet Ser let As 1952-J&J
Iowa Bo UM 53413 1950.J&J
Kan City Pub Serv 38 1951.
Keystone Telephone 5145'55
Lexington Utilities 5s 1952_ _
Long Island Lighting fa 1955
'61
Louisville Gas & El 4
Debentures 13s 1937
New,N dr Ham 55 '44-J434.1
N Y Wet filer be 1951.M&N
Par
NY dr Westch'r Ltg 45 1004
Non & Portsmouth Tr 15s '36
56
North Am Lt dr Pow 518,
Okla Natural Gas (is 1946_ _
Old Dom Pow Si May 16'51
Parr ShoalsP 5s 1952__A&O
PenInsularTelephone54s'51
Pennsylvania Elea 5s 1962_
Peoples L & P 514e 1941 J&J
Power Sew coil tr Os 1949_ _ _
Public fiery of Colo 6a 1961Queensboro G & E 418 1958
Roanoke W W Bs 1950-J&J
Scranton Gas & Wat 4558'58
Sioux City Gas & Elec 68'47
Tidewater Power 5s 1979._
Virginia Power 5.1942
Western PS 5145 1960-F&A
Wisconsin Elec Pow 58 1954
Wise Minn Lt & Pow 58 1944
Bid Ask
100 102
106 1063
4
50 4 5214
3
713 7314
4
4712 50
7312 7612
10012 ,
1
8218 82 s
3314 3514
5812 61
9218 9318
99 100 4
3
7212 74 4
3
93 4 96
3
83 8514
7212 7412
104
661 6712
1034 10514
891 9212
We deal in
Public Utility
Preferred Stocks
W. D. YERGASON & CO.
Dealers in Public Utility Preferred Stocks
30
New York
Broad Street
Tel. HAnover 2-4350
Public Utility Stocks.
Par
Alabama Power $7 pref _100
Arkansas Pr & LI $7 prof __•
Assoc Gas & El orig prof __•
$6.50 Preferred
•
$7 profaned
Atlantic City Elec 58 pref,,'
Bangor Hydro
-E17% 0-100
Birmingham Elea $7 prat •
Broad lily Pow 7% pf.. 100
Buff Niag & East pr pret.25
Carolina Pr & Lt $7 Pref •
6% preferred
Cent Ark Pub Berv pref _100
Cent Maine Pow 8% pf_ioo
$7 preferred
100
Cent Pr & Lt 7% prof-100
Cent Pub Serv Corp Ore?.'
Cleve Elec 111 6% Pret-100
Columbus Ry. Pr & Lt
let 56 preferred A. .100
$6.50 preferred B
100
Consol Traction(NJ)_ .100
Consumers Pow $5 prof..*
8% preferred
100
6.60% preferred
100
Continental Gas & El
7% Preferred
100
DalLe Pow & Lt 7% pref 100
Dayton Pr & Lt 6% Pref100
Derby Gas & Bloc *7 pref..'
Eases-Hudson Gas
100
Foreign Lt & Pow units_ _
Gas & Elec of Bergen-100
Hudson County Gaa ___.100
Idaho Power $6 pref
•
7% preferred
100
Illinois Pr & Lt lat pref_•
Interstate Natural Gas._ _ _•
Interstate Power $7 prof __•
Jamaica Water Supply pf_50
Jersey Cent P & L 7% n1100
Kansas Gas & El 7% of 100
Kings Co Lis 7% pref _100
Long Island Lig 6% pf 100
7% preferred
100
Los Angeles G & E6% p1100
Memphis Pr & Lt $7 pref.•
Metro Edison 87 pref B...-•
6% preferred ser C__-•
Bid Ask
53 55
3512 37
12 112
12 112
12 112
8412
97 4 162
,
36, 3814
2
3412 36
1712 1838
4212 4412
3914 4112
6212
62
7214 'lily
16 4 1814
,
14 1
10914 11114
81
73
'2
3514
351
71
81
85
49
100
9614
63
166
63
10113
186
166
67
80
19
133
4
91
48's
6912
7612
84
5012
60
89
52
73
69
85
384
372 4
3
82
8712
5112
9 4
-.
67
70
83
20
15
1112
5012
72
52
62
92
Par Bid
Mississippi P & L $6 pret-.
..* 28
Miss Riv Pow 6% pref_ _100 86
4
Mo Pub Serv $7 pref ___ _100
14
Mountain States Pr corn.-s
612
100
preferred
7%
Ask
2912
8812
8
2
10
54
Nassau dr Suffolk Lia pf 100 51
Nebraska Power 7% pref100 100 101
100 105
Newark Consol Gas
New Erg Pow Assn6% pf100 5114 5214
New Jersey Pow & Lt 86 pf• 6412 69
1512 17
New On Pub Serv $7 pt_
N Y & Queens E L P p1100 100 105
Northern States Pr 87 p1 100 5912 6212
Ohio Power 6% Pret----100 88's 9012
7012
• 68
Ohio Edison 36 pre
7814 81
$7 preferred
67
Ohio Pub Serv 6% pt100 64
100 74
76
7% preferred
82
Okla G & E 7% Pre--100 79
Pac Gas & Elec 6% pf___25 211 2214
13
Pacific Pow & Lt 7% 91_100 11
1
Penn Pow & Light $7 Pret• 93 95
..50 5132
Philadelphia Co $5 pref
35 43
Piedmont Northern Ry 100 35
79
Pub Sen.of Colo 7% Pt- 100 76
.
Puget Sound Pow & Lt
• 1412 1612
$5 prior preferred
84 _
RochGas&Elec7% pref
77
79
6% preferred C
421 4412
Sioux City G & E $7 pref_
83
Som'set 17n & Mid•sex Lig
25 204 22 Sou Calif Ed pref A
25 18'2 193
4
Preferred 11
South Jersey Gas & Elec_100 167 173
52
Tenn Elec Pow 6% pref-100 49
58
100 5.5
7% preferred
Texas Pow & Lt 7% Pref.-- 8014 8212
Toledo Edison 7% pf A-100 83 86
623
4
United G & E (Conn) 7% pf 60
United 0&E(N J) prof leo 4812 5112
1814 20
Utah Pow & Lt 37 pref
78
80
Utica Gas & El 7% pref..
812 912
Util Power & Lt 7% Prof- 63 67
N'irginia Railway
Wash Ry & Elea com-100 315 340
100 98
5% preferred
Western Power $7 pref. _100 83
as
if'
Telephone and Telegraph Stocks.
Pax
j)corn•
Amer Dist Tells
Preferred
100
Bell Telep of Canada_....100
Bell Telep of Penn pref _ _100
Cineln & Sub Bell Telep_50
Cuban Telep 7% pref
100
Empire & Bay State Tel-100
Franklin Teleg $2.50
100
Int Ocean Teleg 6%
100
Lincoln Tel & Tel 7%
•
Mount States Tel & Te1.100
New England Tel & Te1.100
Par
Bid Ask
New York Mutual Tel.-100
7212 76
11012 11212 Northw Bell Tel pt6)4% 100
11612 11912 Pao & All Teleg US 1%.25
11514 11714 Peninsular Telephone com_•
Preferred A
100
88
7012
.100
2512 31 Boob Telep 86.50 151 91
50
60 Bo & All Teleg $1.25-25
37
41 Sou New Emil Telep_ _._100
8012 85 S'western Bell Tel. pf-100
.
•
90
'I'd States Tel & Tel
Preferred
10
107 10914
9312 9512 Wisconsin Telep 7% prat 100
Bid
Ask
2212 25
,
10812 110 4
14 4 173
,
4
518 71s
6814 7034
993 102
4
1612 1912
10512 10712
119 121
75
97
s
10912 112
Chain Store Stocks.
Par Bid
• 10
Bohack (H C) corn
7% preferred
100 51
Butler (James) corn... 100
12
314
Preferred
100
Diamond Shoe prof
100 60
Par Bid
Ask
Ask
100 135
13 Lord & Taylor
100 85
let preferred 6%
59
2nd preferred 8% _ _ _ _100 80
212
714 Melville Shoe pref
100 9812
100 153 19 ".
4
____ Miller(I)& Sons pref
MockJuds&Voeheger p1100 60
Murphy(0 C)8% prof-100 105 116
Edison Bros Stores pref-l00 84
Fan Farmer Candy Oh pf._* 33
'2
-.•
Fishman(MU)Stores.....' 10 IT Nat Shirt Shops (Del)
100
l'referred
let preferred
100 84
94
100
2nd preferred
Great A & P Tea pt
loo 127 130
Kobacker Stores pref-100
Kress(511)6% prof
10
Lerner Stores pref
100
Ask
Par Bid
114 2012
Herring-Hall.Mary Safe_ 100 18
Howe Scale
100
12
Preferred
74
3
30
Industrial Accept pref-100 25
15
6713 International Textbook...* 134 3
54
9
7
2 King Royalty com
75
65
88 preferred
99
7 4 1112 Lawrence Port Cement..100 1112 1412
3
4
14
5
11
1812 1912 Liberty Baking corn
100
312 612
Preferred
9
1212
43
8 638
50
59 Locomotive Firebox Co....'
5
12 612
10
1212 Macfadden Publlca'ns corn 5
37
• 35
Preferred
36% 39
33
35 Merck Corp $8 pret--100 125 129
39
National Casket
3
512
: 99 4
•
3
Preferred
24
30
20
30 National Licorice coin_-100 30
1
100
7 Nat Paper & Type
4
3612
11
1412 New Haven Clock pref_100 30
-3412 40 New Jersey Worsted prof 100
14
3 Northwestern Yeast____100 143 14612
4
56- .
3
414 Norwich Pharmacal Co....' 8012 84
3
4 13 Ohio Leather
22
• 19
4
100 33 40
54
56 Okonite Co $7 pref
• 15
4412 Publication Corp corn
41
88
1812 21
87 let preferred
2
2
18811 8 1 23%
Riverside Silk Mills
107 111
• 10
Rockwood & Co
97
100 52 iiPreferred
6
9 12
14 1
5 4 6 4 Rosy Theatre preferred A.•
3
3
12
31)
100 28
_ Ruberold Co
2912
25 21?a 2318
2112 223 Scovill Mfg
s
138 214 Singer Manufacturing_ __100 17912 184
29
5 25
612 712 Standard Cap & Seal
13
8 212 Standard Screw
100 60 65
2512 Stetson (J B) common_....23
7 4 912
3
18
12
Preferred
Corp2
901z
Taylor Milling
8 4 1112
3
12
114 Taylor Wharton Ir&St Conk•
Preferred---13
4
1912 2212
TennProducta Corp pref-50
102
188
8 --1
3
3
;
3
54 bi12 Tubize Chatillon cum pf _100 56 4 61
28 34
7
3
63 69 Urexcelled Mfg Co
10
32
100
512 8
36 U 8 Finishing prof
Welch Grape Juice pref-100 63 68
12
20
17
West Va Pulp & Pap com__. 1318 1414
62
58
Preferred
100 8512 8712
771 85
13 White Rock Min Spring
8
21
87 1st preferred
3
14
100 90
Wilcox-Gibbs corn
50 22 27
133
7
&i7 Woodward Iron
012
100
50
712 Worcester Salt
100 46 49
6
4112 Young (J13) Co com-_100 6912
37
100 90
221 24
7% preferred
Bid
90
Ask
3
4
112
Investment Trusts.
Al1
Par Bid
Pat Bid Ask
412 518
1 16.04 16.00 Investment Trust of N Y.*
Administered Fund
518
143 Low Priced Shares
8
14
Amerex Holding Corp
2
1.10 1.24 Major Shares Corn
Amer Bankstocks COrp-18.42 20.02
.93 1.02 Mass Investors Trust
Shares
Amer Busin
1 08 1.19
312 418 Mutual Invest Trust
Amer Composite Tr Shares.
7'812 Nation Wide Securities Co_ 3.22 3.32
Amer & Continental Corp..
1.14 1.24
Voting trust certificates_
19
AmFounders Corp 8% p150 15
313
ao 15 19 N Y Bank & Trust Shares.. 8618
7% preferred
8938
4
6 NoAmer Bond trust ells...
Amer & General Sec cl A--•
• 38
43 No Amer Trust Shares, 1953 1.82
$3 preferred
2.28
Series 1955
114 214
Amer Insuranstocks Corp.'
514 6
2.26
Series 1956
Assoc Standard Oil Shares
2.27 2.60
Series 1958
3
33
4 34
Bancamerica-Blair
75
100 71
1.01 1.26 Northern Securities
Bancshares. Ltd Part shs 50e
32
Basic Industry Shares
• 3.04 --- Pacific Southern Invest pf.' z29
412 512
•
Class A
7
.5 .0
4
British Type Invest A....1 1134 1234
115
7g
•
Claes B
Bullock Fund Ltd
.92 1.02
314 312 Plymouth Fund Inc el A_100
Canadian Inv Fund Ltd
1.28 1.38
2112 2312 Qu4rterly Inc Shares
CentralNat Corp class A_
12 212 Representative Trust Shares 8.16 8.91
Class B
1
48
3
13 4 213 Royalties Management
9
Century Trust Shares
Commercial Nati Corp
12 2
Second Internal Sec cl A__.•
Corporate Trwll Shares.... 2.01
14
1
•
1.93
Class B common
SeriesAA
31
6% preferred
50 25
1.93
Accumulative series
1.14 1.23
2.21 2.34 Selected Amer Shares Inc__
Series AA mod
2.21 2.34 Selected American Shares_ 2.50
Sates ACC mod
Selected Cumulative Ohs... 6.39
Crum & Foster Ins Shares
3.3 3.75
Common B
10 2012 2412 SelectedIncome Shares__
55
8
5
7% preferred
100 100 105 Selected Man Trustees She.
1514 1618
20 Spencer Trust Fund
Crum & Foster Ins cora_ • 16
101 106 Standard Amer Trust Shares 2.70 2 95
8% preferred
.72
.6
Standard Utilities Inc
Cumulative Trust Shares. • 3.78
.
• 63.22 68.32
Deposited Bank Ohs ser A.. 2.30 2.55 State Street Inv Corp
DepositedInsur She A__ 3.33 3.70 Super Corp of Am Tr She A 2.85
2.09
AA.
7
/
1
4
Diversified Trustee Ohs 13_
3.00
2.95 8.25
• 2.12
412 5
BB
5.48
1.19 1.21
Dividend Shares
5.49
30
26
Equity Corp cv pref
1.25 1.3
Equity Trust Shares A.... 2.70 3.00 Supervised Shares
8
3
14 33
43.13 46.43 Trust Fund Shares
•
Fidelity Fund Inc
212 3
Trust Shares of America
Five-year Fixed Tr Shares.. 3.53
1.04 1.15
Trustee Industry Shares
Fixed Trust Shares A
• 7.99
• 6.92
Trustee Stand Investment C 2.03 2.40
2.01 2.35
412
4
Fundamental Tr Shares A..
•
3
3
Trustee Standard Oil BM A 5.40
Shares B
4.95 6:LE
Fundamental Investors Inc 1.90 23.0
1.02 1.13
Trustee Amer Bank Sha B
General Investors Trust.
.1
1.45 1.60
1214 Trusteed N Y Bank Shares
Guardian Invest pref w war
Huron Holding Corp
20th Century Orig series.. 1.60
2.60 3.00
Incorporated Investors....' 17.01 18.29
Berke B
Independence Tr Shares..' 2.10 2.40
Indus & Power Security...* 1314 1412 United Gold Equities (Can)
1 2.41 2.47
Internal Security Corp(Am)
Standard Shares
14
•
18
114
Clam A common
1
U S & Brit lot class A com •
•
ts
12
5
8
Class B common
Preferred
•
4
1214 123
644% preferred
S Elec Lt & Pow Shares A
1612
100 13
1.96 2.06
1612
6% Preferred
100 13
.73 .81
Investment Co. of Amer
Voting trust ctfa
412
4
New common
10 23
2512 Un N Y Bank Trust C 3
• 23
17
23
8
7% preferred
Un Ins Tr Shs eer F
Sugar Stocks.
"929
Aeronautical Stocks.
Bid
Ask
d381
7 IlKinner Airplane & Moi.P.4.11 i
12
3 Warner Aircraft Engine...*
5 No par value. d Last reported market. a Defaulted. z Ex-dividend.
Be ForestPhon°film Corp..
•
Dictaphone Corp
100
Preferred
Dixon (Jos) Crucible...-100
Doehler Die Cast prof
•
50
PreferredDouglas Shoe preferred __100
•
Draper Corp
100
Driver-Harris pref
Eiseman Magneto prof. 100
Flour Mills of America....'
Franklin Railway Supply_ _*
Gen Fireproofing $7 pf. 100
Graton & Knight cora„--•
100
Preferred
Great Northern Paper_25
178
22
48
Reeves (Daniel) pref-100 107
3,
84
100 se
11
12 Schiff Co preferred
6
U 8 Stores preferred__ _100
90
9912
Par Bid
Aviation Bea Corp(NE)..'
5
•
1
Central Airports
Par
Adams-Millis Corp. pf..100
Aeolian-WeberP&P com100
100
Preferred
•
American Arch 411
100
American Book $4
American Canadian Prop--•
American Cigar $6 pref__I00
American Hard Rubber__50
25
American Hardware
100
American Mfg
100
Preferred
•
American Meter corn
Andian National Corp......'
100
Babcock & Wilcox
Bancroft (Jos)& Sons corn.'
Preferred
100
60
Blisi(E W)let prof
10
2d prof B
Bohn Refrigerator pref-100
Bon Ami Co B common_
Bowman-Biltmore Hotels'
100
1st preferred
100
2nd preferred
Brunsw-Baike-Col pref-100
Bunker H & Sullivan corn 10
Canadian Celanese coin...'
100
Preferred
Carnation Co $7 prof -100
Chestnut & Smith pret-100
Color Pictures Inc
ClInehfield Coal Corp pf 100
Colts Patent Fire Arma___25
Columbia Baking com____•
•
lst preferred
•
2d preferred
Crowell Pub Co $1 coin...*
100
87 preferred
Fajardo Sugar
Haitian Corp Amer
Ask
Par Bid Ask
Par Bid
9312
• 88
100 70
80 Savannah Sugar Ref
•
3
4
100 97 101
112
7% preferred
United Porto Rican ctts__•
12
•
Preferred offs
Realty, Surety and Mortgage Companies.
118k
34
78
Par Bki
Par Bid lAsk
Bond & Mortgage Guar.
.20
5
8 138 Lawyers Title & Guar_ 100
18
Empire Title & Guar__ _100 15
20 NY Title & Mtge Corp_ _10
7
8 18
4
Lawyers Mortgage
20
Ask
12
4284
Financial Chronicle
,
June 23 193 r
Quotations on Over-the-Counter Securities—Friday June 22—Concluded
Water Bonds.
Insurance Companies.
Par Bid
Ask
Par Bid Ask
Aetna Casualty dr Surety _10 49
51
Hartford Fire
10 5214 5414
Aetna Fire
56
10 37, 39,2 Hartford Steam Boller
10 54
2
24
2512
Aetna Life
10 1814 1934 Home
3
4
Agricultural
13
25 53
4
543 Home Fire Security
4
10
American Alliance
10 183 2014 Homestead Fire
4
10 1534 1714
714
American Colony
5
6
63 Hudson Insurance
4
10
American Equitable
173 2014
4
American Home
10
54 7
,
6,2 713 Importers & Exp. of N Y_25
4
American of Newark__ .._2 34
103 1214 Knickerbocker
4
7,
4 93
American Re-insurance _10 3812 41
Lincoln Fire
4,
4 514
5
2112
American Reserve
10 20
2
American Surety
2
25 22712 29 Maryland Casualty
Mass Bonding & Ins
25 1212 1312
10 1912 21
Automobile
Merchan ta Fire Assur com 234 3012 3212
034
312 412 Merch & Mfrs Fire Newark _S
7
Baltimore Amer
25 56
Bankers & Shippers
6012
614 7
10
100 480 496 National Casualty
Boston
66
National Fire
10 54
2
5 4 614
,
18 National Liberty
Camden Fire
5 17
Carolina
20 93 99
10 2012 22 National Union Fire
11
City of New York
5 10
100 173 180 New Amsterdam Cas
4
10 233 2514
Connecticut General Life_10 28
2912 New Brunswick Fire
34
Continental Casualty
4
10 13
5 123 13 New England Fire
313 1-- 2
Cosmopolitan Fire
20 New Hampshire Fire._ _ _10 235
10 15
3212
New Jersey
20 29
9 4 1214
3
2
23 New York Fire
4
Eagle Fire
5
234
69
Employers Re-Insurance_10 24
27 Northern
12.50 66
13 North River
4
Excess
2.50 193 2114
12
Northwestern National..25 101 105
Federal
10 6012 6412
Fidelity & Deposit of Md _20 39, 4014 Pacific Fire
25 6412 69
4
7 Phoenix
4
Firemen's of Newark
6
10 613 6334
2114 223 Preferred Accident
4
Franklin Fire
83 1012
4
Providence
-Washington _ _10 2712 2912
General Alliance
4
• 11, 123
4
22 Rochester American
Georgia Home
10 1612 2012
10 20
Glens Fails Fire
28
2912 St Paul Fire & Marine_ .. _25 135 140
Globe & Republic,
9,2 12 Security New Haven__ - -10 2714 2812
Globe& Rutgers Fire____25 3712 42 Southern Fire
10 18,4 1914
Great American
5 18 4 2014 Springfield Fire & Marire_25 97 100
,
3
4
1
Great Amer Indemnity
8 Stuyvesant
10
Sun Life Assurance
100 393 415
Halifax Fire
10 1614 1734
30 Travelers
25 25
Hamilton Fire
100 428 443
32 II 5 Fidelity & Guar Co....2
Hanover Fire
5
10 30
6
Harmonia
4 37
10 211 4 2234 U S Fire
39
Westchester Fire
2.50 2014 273
4
Short Term Securities.
Ask
Bid
Allis-Chid Mfg be May 1937 9814 98, Humble Oil 5s
1937
2
Amer Wat Wks 5s
1944 107, 108
Mag Pet 4 Ms...Feb 15 1935
4
Atlantic Refining 5s_ _1937 107 10712 Midvale Steel Is
1936
Bethlehem Steel 5s. _ 1938 10212 10234 Pennsylvania fly 6%3_1936
*No par value.
d Last reported market.
e Defaulted.
Ask
Bid
104, 1043
4
s
101 12
1023 1023
s
8
107,4 1073
s
Baltimore Stock Exchange.—Record of transactions at
Baltimore Stock Exchange, June 18 (closed June 16, State
Holiday) to June 22, both inclusive, compiled from official
sales lists:
28V°.52:2F.MW:7,228.e.'2'138
01
V)
.1;
.4
.4
45
%
%
1034 1034
n74 MIA
a
Inre
^
1054
1134 1134
8
8
17
17
45
45
§§§§ § §§§§ §§§
1034
00
106
105
10534
105%
010
10534
105
105
10534
V
Bonds3altimore City
43 sewerage impt_ _1961
4s burnt district_ _1960
45 paving loan
1951
45 2nd school loan1948
Salt Sparrows Point & Ches
43.4% (certificates)_1953
Salt Trac Co Nth Balt Div
1st 58 certificates_ _1942
i,rd El Hy 6 48 (fiat) 1957
1
6% (certificates). _1933
corth Ave Market 6s.1940
Jolted fly & Elee—
Funding 5$ (etre) _ _1936
1st Os ctfs (fiat)_.1949
1..• A.. ...AI, "tn.,
tn.r.
N
Arundel Corporation
15
16
* 1534
Baltimore Tube com_ _100
.
2% 234
234
Black & Decker com
*
634 6%
63.4
Ch & Pot Tel of Balt pfd100 118
11734 118%
Consol Gas, EL & Power_• 64% 6234 6434
6% preferred ser D100
10934 110
6% preferred
100 104
10334 104
Emerson Brom Seitz A 2.50 1934
19% 2034
Fidelity & Deposit
3934
20 39% 39
Fidelity dr Guar Fire Cp_10 19
1834 19
Houston Oil preferred__100
8%
834
8
1% 2
Maryland Gas Co
1%
1
Junior cony pref ser 13.._1
1%
1% 2
34
34
Merch & Miners Tramp_ •
Mon 15, Penn P S 7% pr_ 25
1834 1934
70
7c
Mtge Bil & Title Co corn.*
7c
42
42
Mt Vern-Wood Mills pf 100
NewArnsterd'mCasuaity 10 1034
1034 11
87
Northern Central
87%
50
Benno Water & Pr coM_ •
5334 54
US Fidelity & Guar
5
5%
2
5
Western Md Dairy Cp pr.*
8334 85
Western National Bank_20
2834 29
Range Since Jan. 1.
Low.
High.
18% Jan
1334 June
2% June
43-5 Feb
5
Jan
834 Feb
112
Jan 11834 Apr
5234 Jan 65
Feb
105
Jan 11134 May
93
Jan 104
June
18
Jan 22
Mar
19
Jan 443.4 May
Apr
1031 Jan 20
4
May
9% June
2% Feb
134 Jan
1% June
2 June
28
Jan 35
Feb
13
Jan
193.1, June
70 Mar
7e Mar
22
Jan 49
Apr
9% Apr 12% Jan
74% Jan 88
May
Feb
4534 Jan 56
3
Jan
7
Feb
Apr
6534 Jan 85
26
June 29
Apr
943.4 Jan 106
June
June
103% Apr 105
Feb 10534 June
100
10334 Apr 105% June
Jan
1034 June
1134 June
7
Mar
14
Apr
Jan
39
1134 June
834 Jan
17
June
4734 May
71. Apr
8% Jan
774 A nr
Ii June
1034 June
101.4 17nh
93-4
• No par value.
CURRENT
NOTICES.
—The 1934 edition of the Directory of Directors in the City of New York
has just been published. The new Directory includes residence addresses
for many Directors, in addition to the data previously given. Frequent
requests for residence addresses have reached the publishers from those
desiring to contact with Directors during week-end emergencies. These
requests have increased noticeably as the tendency to a shorter business
week has developed.
Another improvement in the Directory is the consolidation of data heretofore listed in the Appendix with that of the general corporate Index. The
Index lists all Corporations having two or more New York Directors with
individual data appearing in the Directory, thus making it easy to locate
other concerns in which Directors in a given corporation are also directors.
Bid
101
9712
96
92
80,
2
8612
9812
96
10012
Ask
- 691;
92
88
102 10312
14)03
4
1003
4
10012
95
81
101
95
95
New York Real Estate Securities Exchange
FRIDAY JUNE 22 1934
Bonds and Stocks.
Active Issues.
Bid
Ask
Bid
443
Bway Barclay OM Bldg 68.4 I
Butler Hall OS
1939
26
34
Bonds (Concluded)—
29
1961
3612 Prudence Co 6345
65
58
Dorset (The) 65 ctfs_ _ _1941
25
28
Equitable Office Blg 56_1952
52
55
Sherry Netherlands Hotel
1948
1950
61 Bway Bldg 534e
19
58
22
62
1958
Textile Bldg es
Trinity IlIdgs Corp .5%5 '39
_
2124-34 Bway Bldg
45
42
9512
1412
13
West End Ave A 104th St
1939
Bldg Os
1612 1912
50 Bway Bldg 68
1946
31
35
Film Center Big 68... 1943
Fox,The)&Office Bldg Os'41
45
9
48
12
Hotel Lexington Ws
2212
Hotel St George 53js_ _ _1943 39
Lincoln Bldg Cp .5%s w w'63 48
Mortgage Bond (N Y) 534e
(Ser 6)
1934 40
Ill John St Bldg 6s1948 4212
Pk Cent Hotel Annex Os ctfa
14
Penny (J C)Corp 5345_1950 len
z Ex-stock dividend.
24
42
4912
Active Issues.
Stocks—
City & Suburban Homes
43
4612 French (F F) Investing-1512
lIotel Barbizon, Inc
w i When issued.
3
1
5
214
60
z Ex-dividend.
The new edition contains 1,257 pages of compact. legible data about 31,748
prominent New Yorkers. The 1934 edition is bound in the familiar red
cover which has distinguished this publication during its entire 36 years of
issue.
(Concluded from page 4277)
Stocks—
firm WW 1st 5%s A'b4A&O
1st m be 1954 ser B__J&D
1st be 1957 series C__F&A
Butler Water 55 1957_ _A&O
City of Newcastle Wat 5s'41
City W (Chat) be B '54 JAB
let be 1957 series C_IVI&N
Commonwealth Water—
let be 1956 B
FAA
1st m 53 1957 ser C F&A
Davenport W 5s 1961 J&J
ES LA Int W Sc 1942.J&J
let m 65 1942 ser B J&J
1st 581960 ser D
F&A
I Ex-coupon.
Outside Stock Exchanges
.sates
niaay
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
Alton Water be 1956A&O
Ark Wat 1st 54 A 1956..A&O
Ashtabula W W be'58_A&O
Atlantic Co Wat be'58 M&S
Bid 'Ask
Ilunt'ton W let 6s'54__M&S
9812
1st m 58 1954 ser 13__111&S
98
99
bs 1962
92
Joplin W W 55'578er A !VMS
9212 94
Kokomo W W bs 1958.J&D
Monm Con W 1st 55'66 J&13
10112 103
Monon Val W 534e '50_J&J
98
9812
Richm W W 1st 59'57_M&N
St Joseph Wat 55 1941..A&O
92
100 4 101- South Pitts Water Co
, - 14
100
FAA
1st 55 1955
100 10112
let & ref 5s'60 ser A...I&J
1st & ref 5s'60 ser B.J&J
100
Terre Hte WW 6s'49 A JAB
9912 1 TD- 2
(
let m 58 1956 ser B_ JAI)
99
Texarkana W 1st 58'58 F&A
83
Wichita Wat 1st 6s'49..M&S
91
1st m 55 '56 ser B._ FAA
82
84
let m 59 1960 ser C_M&N
—Hemphill, Noye3 & Co., members of the Now York Stock Exchange,
announce that William L.'Mots° and Lawrence J. Lynch have become associated with thorn as managers of their Institutional Bond Department.
Mr. Moise was graduated from the United States Naval Academy in
1921 and has been associated with the National City Company and the
City Company of Now York since that date in their New York office as
assistant sales manager and institutional representative.
Mr. Lynch was graduated from the University of Wisconsin in 1915 and
since that date has been associated with Morris F. Fox & Co. of Milwaukee, the Bankers Trust Co. of Denver, Colorado, and the National
City Co. and the City Co. of Now York. He was with the National City
Co. for over twelve years as manager of its Denver office; general manager
of middle western territory with headquarters in Chicago; and for the last
several years as institutional representative in New York City.
—A possible solution of certain aspects of the housing problem is suggested by L. J. Towne of the Stone & Webster Engineering Corporation,
who believes that some regulation of apartment financing providing for the
amortization and gradual retirement of mortgage debt should permit of
lower rentals in good buildings as they become older, and,at the same time.
obviate the need of public ownership or subsidy. Mr Towne also points
out that it is economically impossible for private capital to provide rentals
of$6 to $8 per room in new housing,and that for public housing authorities to
provide those rentals on land corresponding in price to the lower oast side
of New York City, oven larger Government subsidy than already proposed
would be necessary.
—Huntington R. Hardwick, well known in the New England brokerage
and investment business, has Joined the staff of Doremus & Co. at their
Boston office.
Mr. Hardwick, Harvard 1915. became associated with the brokerage
and investment firm of Hayden, Stone & Co. in the fall of that year. With
the exception of the World War years, he remained with Hayden, Stone &
Co. until July, 1933, the last five years of which he was manager of their
bond department in Boston.
—Hugh D. Hite has been elected Vice-President, In charge of the listed
stock management department of Hadley, Livingstone & Co., Inc., Chicago. Mr. Hite was formerly with Loomis, Sayies & Co. and Morrill.
Lynch & Co. The firm also announces that Ralph C. Shoots, formerly
with the New York Office of the City Co. of New York, has been appointed head of their research department and that Gerald B. Horton has
joined their organization.
—Norris Henrotin, David O. Moss and Thomas J. Lewis announce the
formation of IIenrotin, Moss & Lewis, Incorporated with offices at 40 Wall
St., New York. to act as dealers and distributors of Government. State
and Municipal bonds and other high-grade securities. The Company will
also specialize in reorganizations as managers or merchandising counsel.
—Albert A. Custard,formerly assistant vice-president of The City Co.of
Now York, is now associated with Burr & Co.. Inc.. in their Now York
office. Mr. Custard has boon for seventeen years in charge of the Philadelphia office of tho National City Co. and The City Co. of Now York.
—Hogarty, Conroy & Co., Inc., of New York, announce that Edwin S.
Robinson has become associated with them as manager of their Trading
Department. Mr. Robinson was formerly a partner of Hardy & Co..
members of the Now York Stock Exchange.
—Munds, Winslow & Potter, 40 Wall St., New York, have prepared for
distribution, a special circular on the Amerex Holding Corporation and also
one containing the latest available data on Now York City bank and Insurance stocks.
Volume
Financial Chronicle
138
4285
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY-INDUSTRIAL-MISCELLANEOUS.
Below will be found in alphabetical arrangement current news pertaining to all classes of corporate
given
entities-railroad, public utility and industrial companies. This information was heretofore
as Current Earnings, Financial Reports, Steam Railroads, Public Utilities
under classified headings, such
and Industrial and Miscellaneous.
ing depreciation of $202,120 and selling, shipping, administrative and
general expenses of $220,313. z After expenses and depreciation amounting
to $5,941,506 in 1931 and $6,598,280 in 1930.
Consolidated Balance Sheet Dec. 31.
1932.
1933.
Liabilities1932.
1933.
Assetsx Plant & equip...31,766,492 $1,659,147 1st pref. stock_ ___31,750,000 $1,750,000
156,000
324,947 y Con1mon stock__ 156,000
383,962
Cash
600.000
Marketable secur_ 1,726,398 1,664,560 Notes payable.... 500,000
46.714
40,350 Accounts payable_ 106.849
Notes receivable_
77,027
168,733 Accru. labor & tax 144,447
Accts. receivable... 253,184
59,000
59,000
653,398 Serve for conting640,202
Inventory
458,004
30,192 Pald-1n surplus_ __ 458,004
30,661
Other assets
24,436 Earned surplus__ _ 1,650,974 1,419,019
24,375
Deferred charges
$4,825,274 $4,565,764
Total
34,825,274 34,565,764
Total
z After depredation of $1,443,328 in 1933 and $1,238,200sin 1932.
-V. 138. P. 2562.
no par shares.
y Represented by 156,000
-The following
Monthly Gross Earnings of Railroads.
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.
1933.
Inc.(4-) or
Dee.(-).
1932.
Per
Cent.
1933.
1932.
Miles
241.991
241.467
241.489
242.160
242,143
242,333
241.908
242,358
239,904
242,177
244,143
240,950
1933.
241,337
241,263
241,194
241.113
January__
February...
March
April
May
June
July
August
September
October
November_ _
December....
3
228,889.421
213.851.168
219,857,606
227.300,543
257463.036
281.353.909
297.185.484
300.520.299
295,506.009
297,690.747
260,503.983
248,057,612
$
274,890,197
266,231,186
288,880.547
267,480,682
254.378.672
245.869,626
237,493.700
251.782,311
272,059,765
298,084,387
253,225,641
245.760,336
$
-46,000,776
-52,380,018
--69.022,941
-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
-18.73
-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
January _ _
February_
March
April
1934.
257.719,855
248.104.297
292,775,785
265.022.239
1933.
226,276,523
211,882,826
217.773,285
224.565.926
+31,443,332
+36,221.471
+75,002,520
+40.456,313
+13.90
+17.10
+34.44
+18.02
1934.
239.444
239.389
239.228
239.109
The operations of your corporation during April and May have continued
at an increasing rate and the volume of orders received has necessitated
it of the corporation (includconstant expansion of production. The net
subsidiaries) for the month
es
ing the earnings of all domestic and fore
of April 1934, after deduction of depreciation, patents, development and
all other charges including estimated Income tax and preferred dividends
on minority stocks of subsidiary companies was $57,666, and for thefour
months ended April 30 1934 was 8170.823.
Total shipments in the month of April 1934 were 91% greater than'in
April 1933 and were the highest for any one month since September 1931.
During the four months ended April 30 1934, shipments were 46% ahead
of tne same period in 1933 and were slightly above the volume for the
corresponding months in 1932. Increased efficiency of manufacture already
has been reflected in lowered costa. The volume of factory production
has been steadily enlarged. Nevertheless, the sustained high volume of
sales has resulted in substantial increase of our backlog of unfilled orders
and assures a high rate of production for the immediate future.
On July 1 we will release to our Addressograph sales organization three
new devices that will not only be of great value to our present users but
will also open up a market that we have heretofore been able to serve only
in a limited way. Valuable additions to our line of equipment have been
made, which further broaden the innumerable services which we offer to
all business. Our new Multilith machine continues to be a sales leader and
its flexibility and efficiency have been broadened and proved by the many
machines now in daily operation throughout the world. Production has been
constantly increased to meet the growing demand.
Inc.(4.) or Dec.(-).
Nd Earn not.
Month
-Earnings for April
Addressograph-Multigraph Corp.
-J. E. Rogers, President and General
-Shipments Higher.
Manager,June 19, in a letter to the stockholders said in part:
1933.
1932.
Amount.
January
February
March
April
May
'June
July
August
September
October
November
December
48.603,287
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
66.886.614
59,129,403
45.964.987
58,187404
68.356.042
56,261,840
47.416,270
47,018,729
46,148,017
62.553.029
83492.822
98,337,561
63,962492
57,861,144
-361.700
-14,727,011
-25,258,013
-3.676,793
+27.428.140
+47,429,940
+54,334.821
+33,555,892
+11.129418
-7,336,988
+2.904422
+1.268.259
January
February
March
April
1934.
62,262,469
59,923,775
83,939,285
65.253,473
1933.
44,978,266
40.914,074
42,447,013
51,640,515
+17,284,203
+19,009,701
+41,492.272
+13,612,958
Per Cent.
--26.21
-36.94
--6.55
4-57.85
4-100.87
4-117.74
4-53.64
1-13.39
4-4.54
4-2.19
May Billings Higher
Business of Addressograph-Multigraph Corp.. manufacturers of business
machines and office equipment, again established a new post-depression
peak when in May combined domestic and foreign billings exceeded those
in April by 9.8% and those in May 1933 by 58.5%. Joseph E. Rogers,
President, announced on June 18. For the first five months of 1934. billings
were 489' above those of the same period of 1933. Domestic business
(United States and Canada) showed up best both in May and in the five
months, but foreign business continueskto run well ahead of last year with
-V. 138, P.
May billings passing April.
+38.43
+46.46
+97.75
+26.36
(J. D.) Adams Mfg. Co.
-Earnings.
Calendar YearsGross manufact'g profits
Commercial expense_ --
1931.
1930.
1932.
1933.
$811,490 $1,009,609 $1,665,700 $2,314.1F
1.364,17b
1,142,238
864,367
844,001
-Semi-annual Divs.Administrative 8c Research Corp.
Net operating gain _
1058.132.511
Miscall. income (net) 157,479
$145,242
135,771
$523,462
76,374
Total income
Net increase in reserve
for depreciation
Federal income tax
$124,968
$281,013
$599.836 $1,018,416
51.155
49,875
19,689
65.166
118,173
Net income
Divs. paid & declared_
Additional Federal income tax-1929
$73.813
$211,449
90.000
$534,670
450,000
$900,243
720,000
Balance, surplus
Previous surplus
Refund of U. S. inc. tax
for 1930
$73,813
960,447
$121,449
838,998
884,600
754,398
$950,013
58303
70
$180,243
574,155
74
Total surplus Dec.31- $1,034,335
$754,398
$838,998
$960,447
Earns, per sh.on 300,000
shs. com.stk.(no par)
$1.78
$3.00
$0.71
$0.24
Consolidated Balance Sheet Dec. 31.
Assets1932.
1933.
Llat%lUjet1933.
1932.
:80
8
Cash
3162,295 $12 21
3154,076 3164,066 Trade accts. pay
IT. S. Govt. &a.,
66,489
Other accts. pay _ bonds, at cost _ _ 2,345,568 1,742,102 Aces. commissions,
Trade notes and
wages and local
warrants rec. _ _}
39,536
taxes
40,977
207,590
Trade accts. roc_
_
119,325
312,758 lkilsoell. accounts
Other accts. rec. _ _
637
payable
6,713
Cash advanced to
19,689
Federal income tax
salesmen
19,244
11,111
14,585 Deterred income_ _
Cash dep. with bids
5,537
900 Y Common stock. 2.531,673 2,531,674
Inventories
1,034,335
960,448
537,107
553,023 Surplus
xLand,b1dg.,mach.,
equipment, ea). 651,645
691,223
Prepaid ins. prems.
9,869
10,732
{
y
Total
Total
$3,834,327 83,703,691
33,834,327 $3,703,691
z After deducting $373.865 for depreciation in 1933 and $334,239 in 1932.
Represented by 300.000 shares (no Dar).
-V. 138. D. 2088.
Adams-Millis Corp.(& Subs.).
-Earnings.
Calendar Years
Operating profit
Other income
1933.
y$619,987
60.800
$680,787
36,339
117,000
$378,256 $1,111,728
77,682
38,128
175,300
57.300
25.119
166,750
Net income
First pref. dividends_ _
Second pref. dividends_
Common dividends
$527,448
122,500
$282,827
122,500
$858,746
91,875
$906.036
10
2
9 5
12 . 00
156,000
312,000
234,000
312.000
$248.047 def$151,673
$532,871
$441,831
Surplus
$4.72
$4.83
$1.03
(no Par).•-$2.59
z After deducting provision for depreciation of $185,770 and selling,
shipping, administrative and general expenses of $233,920. y After deduct,-
-Dividend Resumed.
Aetna Life Insurance Co.
The directors have declared a dividend of 10 cents per share on-the
capital stock, par $10, payable July 2 to holders of record June 16. Quarterly distributions of 31) cents per share were made up to and incl. April 1
-V.138. D. 1745.
19324none since.
-Offer Rejected.
Alaska Juneau Gold Mining Co.
the Alaska
At a special meeting held on Arne 15, the stockholders ofproperty by
Mining & Power Co. voted to refuse the offer made for their3935.s
-V. 138, p. 3628, 3759.
the Alaska Juneau Gold Mining Co.
----" "Alleghany Corp.
-Deposits Under Plan.
1930.
1932.
1931.
4310,056 41,031,449 41,035,374
80,279 $1,097.905
62,531
68.200
Total income
Other deductions
Federal taxes
Earns,per sh.on 156,000
corn. stk.
The corporation on June 20 announced the following semi-annual distributions payable June 30 1934 to shareholders of the following investment
trusts:
Corporate trust shs., accum.series(modified) $474.58 per unit (10,000 shs.)
Corporate trust shares,series AA (modified). 474.26 per unit (10.000 ells.)
Corporate trust shares,accumulative series__1,135.40 per unit (10,000 elm)
1,131.39 per unit (10,000 she.)
Corporate trust shares, series AA
237.33 per unit( 2,000 shs.)
Corporate trust shares (original series)
171.76 per unit( 1.000 shs.)
Fixed trust shares (original series)
160.28 per unit( 1.000 sits.)
Fixed trust shares, series B
es,
147.29 per unit( 500 shs.)
fixed trust shares
255.41 per unit( 2.000 shs.)
Fixed trust oil shares
171.75 per unit( 2.50(1 shs.)
Basic Industry shares
Coupons for an trusts are payable by the Chase National Bank of the
of New York, trustee.
City
The corporation on Dec. 31 made the following semi-annual distributions
to shareholders of the following investments trusts:
Corporate d t shares, accumglative series
iidiflet
E442.90 per unit (10,000 shs.)
Corporate trust shares, ser. AA (modified)_ 442.87 per unit (10,000 shs.)
Corporate trust shares, accumulative series_1.648.31 per unit (10.000 sirs.)
1,649.14 per unit (10,000 shs.)
Corporate trust shares, series AA
(
Corporate trust shares (original series).-- 384.436 per unit 2,000 shs.)
409.774 per unit( 1.000 shs.)
Fixed trust shares (original Wks)
Fix
125.315 per unit( 1,000 shs.)
Fixed trust shares, series B
31.9915 per unit( 500 shs.)
Five-year fixed trust shares
142.942 per unit( 2.000 shs.)
es
Fix
Fixed trust oil shares
139.585 per unit( 2,500 shs.)
Basic industry shares
-V. 138, p. 1397.
Deposits of the 5s of 1950 in favor of the plan amount to t5.71.4.000.
or over 22% of the outstanding issue. The non-assented bonds amount
.
pO $18,8
t.4119 18,000. The company hopes to put the plan into effect before
-V.•138.
Oct. 1, the next interest date to which the readjustment applies.
AlIied Business Corporation Sitar ,Inc. Trust Agreement Extended Special Dividend.
The Trust Agreement creating ABC Trust Shares, series E dated as of
Jan. 1 1931, between the above Corporation Shares, Inc. and Empire Trust
Co., trusteee, has been extended for an additional period of three months,
In accordance with section 3 of article five of such agreement.
A special distribution of $.05059 per share will be paid to holders of ABC
Trust Sharee, series E on special distribution coupon No. 2 on June 30
7
3 . s4 1.
1934 p.t 17 office of the Empire Trust Co., trustee. N. Y. City. A special
i
distribution of $1.10711 per series E share was made on Dec. 31 last.-
4286
Financial Chronicle
Allied Kid Co., Boston, Mass.
-Earnings.
-
Alton RR.-Earnings.-
Calendar Years1932.
1931.
1933.
Net sales
17,744,600 $5,704,374 $6,916,557
Cost of goods sold
5,647,121
4,729,702 6,519,360
Gen., admin. & selling expenses
552,860
641,661
737,491
Adjust, of market,secur, to market_
96,258
Other income & deductions
-net
Cr36,126
67,750
67,785
Depreciation
89,714
Prov. for Fed. & State income taxes12,252
200,000
Net profit
$1,002,489
$445,687 def$408,473
Dividends paid
358,470
122.238
108,569
Surplus
$644,019
$323,449 def$517,042
Shares common stock outstanding
(no par)
195,000
198,925
194,500
Earnings per share
Nil
$1.66
$4.60
Balance Sheet Dec. 31.
Assets 1933.
1932.
Liabilities1932.
1933.
Cash
Market, securities
Notes accts. and
trade accept rec.
Merch. inventor's_
Value of life Maur_
Other assets
c Permanent assets
Deferred assets___
trademks.
&formulae
Total
$210,587
258,166
$249,319 Drafts against letters of credit _ _ _ $313,384
$14,530
958,926
Accounts payable_
164,194
88,167
1,097,444
42,765
31,884
700,016 Accrued expenses.
2,822.045 1,412,412 Fed. & State taxes 200,000
18,750
111,938
105,143 a $6.50 cum. pref.
57,921
1,221,100 1,714,800
13,545
stock
1,055,167
853,895 d Non-voting class
113.000
27,426
23,129
A stock
b Common stock. 994.625
1
Paid in surplus_ _ - 1,455,002 2,448.255
Capital surplus.
393.894
Earned surplus__ - 742,731
Earned
$5,640,695 $4,316,387
Total
$5,640,695 0,316,387
a Represented by 12,211 shares (no par value) in 1933 and 17,148 in
1932. b Represented by 198,925 shares (no par value) in 1933 and 194,500
In 1932. c After depreciation of $1,829,669 in 1933 and $765,683 in 1932.
d Represented by 22,600 no par shares.
-V. 138, p. 2237.
Allied Products Corp.(& Subs.).
-Earnings.
Calendar YearsConsolidated net inc_ __
Depreciation
1933.
1932.
$88,631 loss$48,715
124,796
125,290
1931.
$30,922
126,079
1930.
$15,102
153,830
Net loss
Class A dividends
Common dividends
$36,165
$95,157
43,750
$138,728
175,000
75,000
$36,165
$174,006
$138,907
Consolidated Balance Sheet Dec. 31.
1933.
1932.
Liabllities1933.
$388,728
'Balance, loss
$174,006
Assets1932.
Cash & Govt.secs- $142,132 $286,179 Accounts payable_ $52,219
$31,909
Receivables
199.605
143,362 Accruals
. 12,537
12,980
Inventories
377,366
367,206 Deferred liability_
1,006
Cash value insur
17,489
23,892 Land contr. pay,.
1,491
Due from officers_
22,819 Res, for conting...
9,923
9,923
* Inv. In Corcoran
x Class A stock
1,883,200 1,883,200
Brown Lamp
1,097,696 1,097.697 y Common stock, 750,500
750,500
Other investments
59,363
57,497 Capital surplus
1,021,806 1,250,664
Fixed assets
1,555,242 1,668,791 Deficit
170,622
106,888
Deferred charges.._
23.373
64,756
Other assets
88,300
101,582
Total
$3,560,569 $3,833,781
Total
0,560,569 $3,833,780
Carried at net book value of assets which are accordingly eliminated
from consolidated balance sheet. x Represented by 42,800 shares of no
par value. y Represented by 75,050 shares (par $10).-V. 137, p. 2275.
Al-Roy Apartments, Washington, D. C.
-Plan for Sale
of Deposited Bonds.•
The committee for the protection of the holders of bonds sold through
the F. H. Smith Co. (George E. Roosevelt, Chairman),in a letter dated
June 18 to depositors offirst mortgage 7% bonds of Barney Robins,secured
by‘the Al-Roy Apartments, Washington, D. C., states:
The committee has received an offer dated June 2 1934 from L. E.
Breuninger to purchase from the committee deposited bonds of this issue
for a price of $88.75 in cash for each $100 of bonds. Mr.Brueninger has
agreed to deposit in escrow with Hamilton National Bank, Washington.
D. C., a cabsier's check in the amount of $2,000, and to keep the offer
open until July 10. It is the plan of the committee to accept Mr. Brueninger's offer by delivering the deposited bonds to Hamilton National Bank
on or before July 10. as provided in the escrow agreement.
The purchase price payable by Mr. Breuninger under the offer is net to
the committee. However, from the purchase price it will be necessary
for the committee to pay approximately $170, representing the uncollected
expenses and disbursements of the committee, of its counsel and of the
depositary incurred in connection with this issue since the bonds were first
called for deposit in May 1930, including the proportion of the general
expenses of the committee allocated to this issue. The committee will also
reserve an amount for its compensation and for the fees of its counsel and
of its depositary, the allowance of which will be subject to the approval of
Hon. John W. Davis upon notice to the depositors, as provided in the
deposit agreement. The balance of the purchase price will be distributed
to depositors.
It is estimated that if the plan for the sale of the deposited bonds is not
disapproved by the depositors the committee will be in a position shortly
after July 10 1934 to distribute approximately $80 in cash for each $100
In principal amount of deposited bonds of this issue.
Defaults have occurred In the payment of the coupons which fell due
on June 29 1933 and Dec. 29 1933, respectively, and in the monthly payments required under the terms of the mortgage to be paid on account of
the coupons which will become due on June 29 1934. Defaults have also
occurred in the payment of $12,000 which matured on Dec. 29 1933 and
In the payment of the monthly instalments required to be paid on account
of bonds which will mature on Dec. 29 1934. The entire balance of the
$161,000 in principal amount of bonds of this issue outstanding will mature
on Dec. 29 1934.-V. 136, p. 2976.
Altorfer Brothers Co., Peoria, 111.
-New Pres., &c.
-
A. W. Altorfer has been elected President, succeeding Silas H. Altorfer,
deceased. Henry W. Altorfer, Secretary and General Manager, has
been elected to the additional post of Vice-President.
Calendar Years1933.
1932.
1931.
Net sales
$3,236,377 $1,592,743 $2,310,688
Cost of sales
2,392,705
1.190,514
1,668,959
Administration and general cost
420,254
458.880
842,248
Depreciation
92,555
101,703
Other charges
76.081
13,356
49,492
Provision for Federal income tax__ -35,000
Operating lass
Other income
Net loss
prof$219781
17,634
prof$237,415
Balance Sheet Dec. 31.
Liabilities1933.
1932.
$171,710
$250,011
13,908
$171,710
$236.103
Assets1933.
1932.
Cash
$296,653 $144,552 Notes payable_
$150,000
Receivables
185,147
212,848 Accts. payable__ $186,348
61,250
Inventories
486,687
366,302 Reserves
12,299
Fixed assets
573,501 1,045,192 Tax accruals
60,077
20,400
Other assets
7,636
18,284 Miscell. accruals
6,416
19,483
Patents
94.614
96,045 x Preference stock_ 1,015,284 1
Deferred charges...
45,615
51.912 x Common stock _ _ 321,892 11,781,694
Paid in surplus.-87,537 def97,689
Total
$1,689,855 $1,935,137
Total
$1,689,853 $1,935,137
x Represented by 26,718 shares of convertible preference stock (no par)
and 153,282 shares of common stock (no par)
.-V. 138, p. 863.
June 23 1934
1931.
1932.
1933.
May1934.
Gross from railway-$1,104,474 $1,085,373 $1,151.309 $1,687,863
421,229
220.087
319,864
Net from railway_ _ 167,024
158,846 def35,003
Net after rents ______
4.477
From Jan. 1
Gross from railway--___ 4,977,661 4,986,069 6.013,861 8,157,627
1,553,538
1,240.268
1,236,311
Net from railway
205,205
15.416
254,525
Net after rents ____
def44.664
V. 138, p. 2909, 3262, 3429, 3759.
-Earnings.
Aluminum Goods Mfg. Co.
1930.
1931.
1932.
1933.
Calendar Years$8,557,457 $5,914,141 $9,290,941 $10,847,973
Net sales
Cast of sales & expenses_ 5,891,238 5,539,336 8,031.888 9,454,468
$374,806 $1,259,053 $1,393,505
Profit from operation_ $666,219
275,262
267,568
231.270
181.344
Other income
$606,076 $1,526,621 $1,668,767
$847.562
Total income
201,996
149,358
46,354
61,666
Income taxes
486,761
471,037
452,017
433,161
Depreciation
$352,735
433.075
351,975
Net income
Sur.& undiv. prof. Jan. 1
Adjust.of res. for deprec
$107,705
908,700
$908,226
1,529,607
$980,010
2,005,774
$1,137,785 $1,016,405 $2,435,833 $2,985,784
Total surplus
1,437.985
629,255 1,423,585
445,706
Dividends 'paid
Adjust. of prior years'
18,192
103,547
Cr45,926
Cr1,308
Income taxes
Surplus and undivided
profits Dec.31
Shs. corn. out. (no par)_
Earnings per share
$433,075
$693,387
1,113,550 1,114,920
$0.10
$0.31
Balance Sheet Dec. 31.
1932.
1933.
$
Assets894,647
Cash
Accts. receivable_ _1 590,688
Notes receivable f
2,538,197
Inventories
. 962,530
Treasury stock._
58,705
Accrued int. rec. _
Invest. (at cost)... 4,373,232
302,803
Real estate
3,348,473
a Buildings
b Mach'y & equip_ 1,775,060
614,421
Other assets
47,046
Deferred charges
$
1 114,219
1557,997
44,494
2,224,102
949,774
54,908
4,230,638
303,225
3,329,101
1.738,564
615,347
56,171
15,505,805 15,218,543
Total
$908,700 $1,529,807
1,193,290
1.179,595
$0.84
$0.77
1932.
1933.
$
Liabilities
180,076
153.228
Accounts payable_
111,522
Dividends payable 107,479
Accrued labor and
81,404
87,747
commissions ___
46,354
71,581
Income taxes pay_
141,272
Accrued local taxes 167,541
stock _14,224,840 14,224,840
c Common
Surplus and un433,075
divided profits__ 693.387
15,505,805 15,218,544
Total
in 1932.
a After depreciation of $1,304,358 in 1933 and $1,319,918
Repb After depreciation of $4,710,867 in 1933 and $4,636,836 in 1932. c
-V. 136, p. 4269.
resented by 1.200,000 no par shares.
-Earnings.
(& Fully Owned Subs.).
Aluminium, Ltd.
1930.
1931.
1932.
-1933.
Calendar Years
Gross earns,after deduct.
In exp.incident to oper $2,770,505 $1.897,728 $1,831,173 $2.748,941
t
1,445,079 1,200,033
1,522,649
Interest
188,575
205,706
Cr361,320
Exchange losses
Cr84,519
Sundry adjustments.... aCr203,389 xCr291,598
1,468,676 1,465,972 1,624,545
Res, for depr. & deplet - 1,594,75%
155,829
34.043
Res,for income taxes...
87,000
Res.for doubtful accts..442,000
780,000
y227,500
Divs. accr. on pref.stock
$526,567
$130,806 df$1.157,634 df$1752,932
Balance, surplus
1.110,027 3,102,958 2.687,163
def107,714
Previous surplus
Sundry adj. not affecting
def110,772
def60,107
years' operations
Ad
Additional provision for
000
240,
anticipated losses..-Trans. to surp. from unused reserve provided
In prior years for exch.
150ON
P.& L.sur. Dec.31_ _ $173,091 def$107,715 $1,110,027 $3,102,959
572,678
592,299
592,699
592.877
Shs. corn. outst.(no par)
$0.92
Nil
Nil
Nil
Earnings per share
a Gain from purchase and retirement of preferred stocks and bonds,
y Dividends paid in 1932 on preferred stock. $292,500; less $65.000 for
amount accrued at Dec. 31 1931; balance as above.
Consolidated Balance Sheet Dec. 31.
1932. I
Liabilities-
1933.
Assets
-
d Land, prts, &c_33,260,489
a Invest. in & adv.
to other cos_ ___14,654,326
Deferred charges__ 2,593,319
Indem. deposits
141,071
21,696
Sinking fund bal
10,784,894
b Inventories
Accts. receivable_ 4,244,482
Marketable secure 1,470,870
1,542,338
Cash
Delivery orders for
584.598
aluminum
Total
1933.
$
1932.
$
34,610,006 Preferred stock.--12.672,600 12,765,600
e Common stock._25,639,859 25,634,519
14,038,200 Preferred stock of
1,000
2,397,173
Sprostons. Ltd.
115,515 5% gold bonds_ _ _.18,463,000 18,884,000
20,258 Bonds,subsidiaries 2,123,495 2,198315
1,500.000 1,500,000
11,335.017 c Notes
173,243
3,410,372 Accrued items.... 293.887
1,418,020 Accts. dr bills pay_ 7,746,525 6,683,712
922,864 Deferred exch.gain 178,406
92,786
Tax reserve
145,222
166,842
Exchange loss res
275,322
361,998
Other reserves_ _
Surplus
173,091 def107,715
69,298,083 68,267,426
Total
69.298,083 68,267,426
a Less accounts required due Oct. 31 1934, against which advances are
to be applied. b At cost or market, whichever is the lower. c Given for
property purchased and due 1934. 1935 and 1936. d After depreciation,
depletion and amortization of 114,289,857 in 1933 and $12,755,263 in
1932. •Represented by 592,877 no par shares in 1933 and 592.699 in
1932.-V. 138, p. 3077.
---.Anc
Holding Co.-Ad pitted to List.
oduce
dike New York Produce Exchange
stock, r $10, when issued.
as admitted to
sling the capital
-Earnings.
American Car & Foundry Motors Co.
1932.
1933.
1931.
Years End. Dec. 31
$1,131,664 $1,723,264 $1,938,500
Loss for year
Previous deficit Jan. 1.. 7,367,945 5,644,682 , 3.708,181
AdJ. portion of dev. exP.
for prior years
Deficit Dec. 31
1930.
$327,025
2,661,684
200,000
$8,499,610 $7,367,945 $5,644,682 $3,188,709
Consolidated Balance Sheet Dec. 31.
Assets-
1932.
Liabilities1933.
1933.
Cash
$554,576 $397,393 Loans payable__ 36,614,795
Bills & accts. rec.. 1,653,696 2,501,796 Bills payable
Inventories
95,889
789,867 1,309,437 Accounts payable_
Accr. wages, rent,
Prepaid int., taxes,
334,933
&c
91,396
taxes, drc
106,208
Other investments
10,100 Allow, for guar. &
contingencies...
11,261
x Prop'ty & equip_ 1,913,361 2,013,588
Organization exp.
Pref. 7% cum.stk. 4,351,779
and good-will...1,487,760 1,491,608 Y Common stock- 3,596,420
8,499,610
Deficit
1932.
$6,638,753
47,831
490,173
58,308
4,351,779
3,596,421
7,367,945
Total
$6.505,467 $7.815,319
$8,595,488 $7,815,319 Total
x After depreciation. y Represented by 287.713 shares (no par).
V. 136, p. 3910.
Volume 138
Financial Chronicle
4287
($20,000,000) and the balance was
made
74:merican Department Stores Corp. (Del.).-Bank- to be an original paymentifof 40% by the company. The subscription
s--called
paid when, as and
agreement provided that upon payment in full the subscribers would
ruptey Petition.-I
receive $50,000,000 principal amount of 6% 20-yr. gold debs., series due
Permission to submit reorganization plans was sought in a petition of
1950, together with 500,000 shares of no par value common stock of the
involuntary bankruptcy filed in U. S. District Court, Wilmignton, Del.,
company. The common stock called for by the subscriptions was to
-V. 138. p. 2907.
against the corporation.
be issued upon full payment of the subscription price.
In connection with the cancellation of the subscription agreement.
"---American Discount Co.(Ga.).-Dividend Increased.
Far East Power Corp. paid to the holders of the subscription receipts
The directors have declared a quarterly dividend of 15 cents per share
a total of $8,000,000 and issued to the holders $11,262,000 16-Yr. 6%
on the common stock, no par value, payable July 1 to holders of record
dote., series due 1950, and the equivalent of $738,000 in Chinese silver
June 20. This compares with 10 cents per share paid on April 1 last.
dollar notes, together with the shares of common stock called for under
Previously the company made quarterly distributions of ”i cents per
the terms of the subscription receipt. American & Foreign Power Co.
share.
-V. 138, p. 1920.
Inc., received its pro rata share of the cash and securities thus distributed.
-Debenture Holders!
Maturtties.-The 350,000,000 bank loans owed by company which
-...American Electric Power Corp.
,
matured on Oct. 26 1933 were renewed for a period of one year and now
Committee Plans Reorganization.
are due Oct. 26 1934. Electric Bond & Share Co. purchased from the
The committee for the 6% convertible gold debentures, series A, due
banks a participation of $10,000,000 in the extended bank loans and exSept. 15 1957 (Arthur C. Allyn, Chairman), states that the committee
tended the maturity date of the $35,000,000 two-yr. 7% note of company,
now represents directly the holders of more than $3,000,000 debentures.
which was due on April 15 1934. to Nov. 15 1934.
The committee states further: "The new Federal Corporate Reorganization
Under the terms of the bank loan extension agreement company agreed
Act will greatly facilitate the reorganization of this corporation. We
to apply ratably to the reduction of the bank loans so much of the net
under that Act
hope to be able to present a plan for such reorganization
proceeds of the sale of any securities or capital assets by company or any
at the very earliest moment possible."
of its direct or indirect subsidiaries (other than intercompany sales) as
The co-operation of the debentureholders is sought by the committee.
could be made legally available which (1)should be in excess of a reasonable
which asks them to sign a "letter of authorization" giving the committee
allowance for working funds and necessary construction of additions,
authority to act in their behalf in working out a plan of reorganization.
betterments or improvements of or to existing plants or systems. (2) shall
No deposits are asked.
not be used to pay at maturity any existing debts (or renewals), and (3)
1930.
Calendar Years1931.
1932.
1933.
can be transferred into United States currency without unreasonable
Operating revenues
$9,747,616 $10,204,303 $11,208,949 $14,195,480
expense for such transfer. In April 1934 these loans were reduced $4,000.Corp.'s
181.815
Other income
582,396
665,709
575,908
00
0 (8%) with funds made available through the Far East Power
debenture redemption previously mentioned.
Total gross earnings $10,413,325 $10,780,211 $11,791,345 $14.377,295
In January 1934 provision was made for the 310,000,000 five-yr. note,
Oper. expenses & taxes,
due Jan. 8 1934, of South American Power Co. (a subsidiary). Twenty
incl. Fed. inc. taxes
6,434,253 8,986,771
5,857,447
5,902,611
per cent of the note was paid in cash and in addition certain foreign securities
756,739
Retirement reserve
595.967
808.339
655,456
held as a minority investment were delivered as a further payment. The
Net earnings
$33,702,374 $4,267,308 $4,761,125 $4,633,785
balance of the obligation, which was made payable in pounds sterling.
Deduct. chgs. of sub.cos.:
amounts to £1.508.870 and is due in instalments of varying amounts in
Int on funded debt__ - 2,271,631
2.370,748 2,399,829
2,275,566
one, two and three years. The renewal rate was 6%, the same as the
43,580
Int. on unfunded debt
33,843
27,835
35,685
old note.
132,729
Amort. of dt. die.& exp132,854
117,496
121,540
Funded debt maturities, contractual obligations and cash sinking fund
Divs, on pref. and corn.
requirements of the company and subsidiaries during 1934 (exclusive
1.034,864
stocks held by public_ 1,156,556
1,011,257
1,108,979
of the bank loans and note due Electric Bond & Share Co. mentioned
Prov, for contingencies_
100,000
above) were $10,974,038. At the date of this report the South American
Cr22,560
Cr21,440
Int.charged to construe_
Cr4.836
Cr2,058
Power Co. indebtedness has been reduced $2,226,679 and the balance
extended (as explained in the previous paragraph) and $170,624 has been
Balance
$642,267 $1,233,864 $1,045,345
$119,020
Deduct-Charges of
paid on other maturities. As stated in a previous paragraph, $4.000.000
A. E.P. Corp.:
has also been paid on the bank loans. All such maturities, other than
518,527
555.846
Int. on funded debt
608,292
the bank loans and note due Electric Bond & Share Co., for the balance
595,672
32,589
17.234
of 1934 now total $803,414, and for 1935 and 1936, including the extended
Int. on unfunded debt
1,602
21,275
.
23,112
amounts due by South American Power Co. amount to 33,130,759 and
Amort.of dt. dia.& exp.
23.046
22.913
$3,664,477, respectively. These amounts are calculated at the rates
3474953
$637,672
Net income
def$499,564$9,326
of exchange prevailing at Dec. 31 1933.
Divs.on A.E.P.Corp.stk.:
-During 1933 a total of $5,304,865 in United States
Property Additions.
25,714
27,433
pref. stk.ser.of '27currency and in other currencies calculated at rates of exchange at the
210,000
{210,000
6 pf.stk.ser. of'28.
40,715
1
time of payment, was spent by the subsidiary companies for improve18,267
54,800
Second preferred
ments and additions to the properties, as compared with approximately
Balance Sheet (Per Books) Feb. 28 1934.
$6,600.000 during the previous year.
-For the first quarter
-First Quarter 1934.
Output and Earnings of Subs.
Company only.)
(Parent
of 1934 electric output of subsidiaries was approximately 9% above the
Assets
LtabUtttesfirst quarter of 1933. Operating revenues expressed in United States
preferred stock..:54,801,162
Organization expense
$14,989 Cumulative
dollars were favorably affected by greater exchange values in some counInvestments, (book value).- 15,904,486 Common stock (200,000 shs.)_ -1,000,000
tries. particularly China and Venezuela, but adversely affected by smaller
Cash
47,889 6% convertible debs., 1957._ 9,264,000
exchange values in other countries, particularly Brazil and Colombia.
262,836
Interest receivable
51 Current liabilities
They were also adversely affected by the use of free market rates for ex$1,425,000
Prepaid accounts
412 Reserve for investments
change calculations in Argentina and Chile, as compared with official
56,942
Cnamort. bond diset. Az ext.__
535,639 Other reserves
rates used during the first quarter of 1933. The strike and continuing
306.474
Deficit
unsettled conditions in Cuba resulted in a decrease in net revenues from
operation of the Cuban subsidiary of $893,038 for the quarter.
816,503,465
Total
Total
$16,503,466
As a result of these factors, operating revenues of subsidiaries for the
x $7 series of 1927 (3.919 she.). $3368,662; $6 series of 1928 (35,000 ells.).
first quarter show a decrease of $191,579, or 1.5%, and net revenues from
$3,062,500: second preferred stock (13,700 she.). $1,370,000.
operation a decrease of $691,414, or 12%,from those for the corresponding
Corporation defaulted on the interest of its debentures, payable March 15
quarter of 1933. The use during 1934 of free market rates in calculating
1934 and the Court of Chancery of Delaware appointed an equity receiver.
earnings, as mentioned above,and the regular monthly transfer of available
A protective committee for the debentureholders was created consisting
funds which has been possible this year should minimize large year-end
of Arthur C. Allyn, Chairman; Clarence L. Harper and William B. Scarexchange loss adjustments through surplus such as have been necessary
borough, with Henry G. Lambert, Sec. 20 Exchange Place, N. Y. City,
during the past two years. unless (which now seems unlikely) there should
and Wherry & Wight. New York. as Counsel.
-V. 138. D,4119.
occur further serious depreciation in free market rate values of the foreign
currencies involved in terms of the United States dollar.
-1933 Annual
American & Foreign Power Co., Inc.
Report.
-C. E. Groesbeck, Chairman, and C. E. Calder,
President, state in substance:
Operations of Subsidiaries.
-Consolidated operating revenues of subsidiaries for 1933 were 357,513,331, being $4,376,250, or 8%. greater
1932 and $7,912,839. or 12%, less than for 1931. Net revenues
than for
from operation for the year were $24,066,720, or M of 1% more for 1932
and 25% less than for 1931. Expenditures for maintenance and appropriations for property retirement reserves by subsidiaries for 1933
were $7,734,438. or 13% of operating revenues.
Total generating station output of the subsidiaries, including power
purchased, was 2,368,223.000 kwh.for 1933, an increase of 10% over 1932.
Total customers served at Dec. 31 1933 were 949,265, or 30,906 more
than at the close of 1932.
Economic conditions in the 13 counties in which the subsidiaries operate
have, in general, shown some improvement during the past year, except
in Cuba. Operating revenues of subsidiaries for 1933 when calculated
on a comparable basis with 1932, by leaving our exchange variations,
show an overall increase of 3%. Provision for reserves for uncollected
accounts is the principal cause of a decrease of 1% in net revenues from
operation on a similar basis.
Net revenues from operation of the Cuban subsidiary declined 27%
during 1933 and large losses are continuing during 1934. During 1933
approximately 18% of the total operating revenues of subsidiaries of
company was derived from operations in Cuba, as compared with 23%
for both 1932 and 1931.
Hope for the future in Cuba lies in a stable government and an improved
economic situation. The present economic outlook is still uncertain,
although the enactment of the Jones-Costigan Act by the United States
Congress, the 25% reduction in the United States tariff on Cuban sugar
and the establishment of a quota for Cuban sugar imports into United
States all presage better times for Cuba and a better understanding between the two countries.
Cash Balances.
-The cash balances in United States currency increased
during the year $3,973,093, to a total of $9,319,544. This reflects improvement in exchange rates and easing of restrictions on remittances.
The total cash balances in both the United States and foreign countries
at Dec.31 1933 improved more than 32,600,000 over the previous year-end,
despite the fact that "blocked" Brazilian milreis and Argentine pesos to
the total equivalent amount of $2,220.723. previously included in total
cash balances, were, as a part of the general plans of those governments
for the eventual elimination of exchange restrictions, converted into
monthly payment dollar notes due after Dec. 31 1933.
Capital Changes.
-Capital changes of company in 1933 consisted of the
issuance of 87,720 shares of common stock in exchange for a like amount
of option warrants. Holders of the option warrants in exercising their
rights surrendered 21.930 shares of 2d pref. stock, series A (37), in lieu
of cash.
In January 1933 Shanghai taels 33,000,000 of Shanghai Power Co.
let mtge. dais.,5;5% series due 1973, were sold. Shanghai Power Co.thus
raised sufficient funds on its own credit and through the issuance of longterm silver obligations to pay its debt to the Shanghai Municipal Counsel
and thereby avoided the necessity of continuing to raise funds by the
issuance of United States dollar obligations under its financing contract
with Far East Power Corp. (an associated company).
In March 1934 the sale of 21,000,000 Chinese silver dollars principal
amount of Shanghai Power Co.'s 54% dollar dote., due 1973. to net the
company a total of 20,055,000 Chinese silver dollars was effected in Shanghai. The proceeds so derived were used to purchase United States dollar
exchange and, with other available funds of the company, were used
to retire $7,000,000 20-yr. 6% gold deb. notes, series A, of Shanghai
Power Co. owned by Far East Power Corp.
In April 1934 Far East Power Corp.. with the consent of the holders
of subscription receipts (40% paid) for its 6% 20-yr. gold dohs.. Proceeded
with the cancellation of the subscription agreement which as to the 79%
interest of American & Foreign Power Co., Inc.. is shown as a subscription
liability of$23.910,000 on the balance sheet. Upon subscription the holders
Statement of Earnings 12 Months Ended Dec. 31.
[American & Foreign Power Co., Inc.]
A comparative statement of earnings of American & Foreign Power Co..
Inc.. reflecting only actual earnings, expenses and interest of the company, follows:
1930.
1931.
1932.
1933.
Calendar Years$9,828,532 y38,733,543426,751,524428.274,554
Gross earnings
1.600.421
2,005,107
415,519
587.223
Expenses, incl. taxes...
$9,241,308 $8,318,022 $25,151,103 $26,269,447
Net earnings
4,087.276
7,143,802
7,826,261
8,184.919
Interest to pub.& disc
Net income of Amer.
& Foreign Pr. Co.,
$491.762 $18,007,302 $22,182.171
$1,056,390
Inc
x Actual and do not include any undistributed income of subsidiaries.
are collectible in cash; those not collected during the period are
Earnings
represented by accounts and loans receivable. y Includes only incomeactually collected in cash in U. 8. currency.
Summary of Surplus 12 Months Ended Dec. 31 1933.
$15.035,527
Earned surplus. Jan. 1 1933
Bal.from statement of inc. for 12 mos. end. Dec.31 1933 before
1.056,389
exchange adjustments (as above)
78.939
Exchange adjustment (net)
$16,170,856
Total
1,223,297
Net loss on investments sold
13,734
Miscellaneous adjustments
$14,933.825
Earned surplus, Dec. 31 1933
Comparative Balance Sheet Dec. 31 (Company Only).
1931.
1932.
1933.
$
$
$
Assets492,584,749 494,011,790 491,711,811
Investments in subs., &c
. ,
4,795.153
7,626.824
Cash
38,707,256 37,836,472 42,972.074
Loans receivable-subsidiaries
3.335,090
2,361.003
930.734
Accounts receivable-subsidiaries_ _ _
56,682
Loans receivable--others
278,796
34.710
73.387
Accounts receivable-others
400
Treas. securs. held in trust for subs
23,910,000 23,910,000 23.910,000
Secur. of sub, subscribed for
689.373
890,985
Contracts receivable-subs
64,005
Claim receivable
38,828
7,541,524
7,674,412
Unamortized discount & expense_ -- - 7,188.550
5.725
400
14,134
Sundry debits
Total
572,022,129 571,377,318 572.786.735
Liabilities
a Capital stock
393,938.272 393,938,270 393.938.272
2.180
2.180
b Capital stock subscribed
2,180
Gold dohs., 5% series due 2030
50,000,000 50,000,000 50,000,000
Notes and loans payable:
40,000,000 50,000,000 50.060.000
Banks
-due Oct. 26 1934
Electric Bond & Share Co
45,000.000 35.000,000 30,000.000
2.203,500
Subsidiary-Far East Power Corp
1,418,769
Dividends declared
101.646
679.668
843,803
Contracts payable
223,437
41,443
432,707
Accounts payable
3,139,019
2,769,316
2,960,942
Accrued accounts
55,440
Subscriptions to pref. stks. of subs_ _
400
Treas, securities-held for subscribers
23,910,000 23,910,000 c23.910,000
Uncalled subscription liabilities
911
400
Sundry credits
16.695Reserve
14.933,825 15.035.527 17.777.376
Surplus
572,022,129 571.377,318 572.786,735.
Total
4288
Financial Chronicle
Dec. 31 '33. Dec. 31 '32. Dec. 31 '31.
a Represented by:
Shares.
Shares.
Shares.
Prof.stk.($7) (val.inliq.$100 a sh.) 478.995
478.995
478,995
$6 pref. stk.(val. in M.$100 a sh.) 387,019
387.019
387,019
$6 pref. stk. scrip ctf. equiv. to
6.65
6.65
6.65
2d pref. stk. series A ($7) (value in
liquidation $100 a share)
2,636,016
2,657,946
2,695,187
Common stock
1,928,050
1,840.330
1.691.366
Option warrants to purchase common stock equiveltnt to
6 797,550
6,885,270.8 7,034,234.8
b Securities to be issued upon payment of subscriptions and surrender of allotment certificates:
Preferred stock ($7)
5
5
5
2d pref. stock, series A ($7)
17
17
17
Option warrants to purchase common stock equivalent to
132
132
132
c Represents subscription for, and right on payment to receive securities
of Far East Power Corp. if and as called for payment. Far East Power
Corp. is a controlled subsidiary which in turn controls Shanghai Power Co.
Comparative Consolidated Statement of Income for Calendar Years.
[Inter-company items eliminated.)
Subsidiary Cos.1930.
x1931.
x1932.
x1933.
Gross earnings
$57.513,332 $53,137,081 $65,426,170 $78,655,635
Oper. caps. de taxes
33.446,611 29,207.180 33,526,370 38,935,652
Net earnings
Other income
$24,066,720 823.929,901 831.899.800 $39.719,983
722,946
2,642,095
769.422 1.387.141
Tune 23 1934
Notations.
-Foreign currency accounts have been converted into dollars
In accordance with the procedure and rates described in the accompanying
"statement offoreign conversions"(This we omit.
-Ed.). The net amount
of cash and receivables less current liabilities located in countries with
restrictions on transfers of funds is 81.385,303.83.
Dividends on the pref. stock ($7) and $6 pref. stock of American &
Foreign Power Co., Inc.. which are cumulative, have been paid to Dec.
31 1931; dividends on the 2d pref. stock. series A ($7), which are cumulative, have been paid to Sept. 30 1930. No provision has been made in
the above statement for undeclared cumulative dividends on the pref.
stock ($7) amounting to 36,705,930, on the $6 pref. stock amounting
to $4.644,228 and on the 2d pref. stock, series A ($'7), amounting to $59.967,227 at Dec. 31 1933.
The provision for U. S. Federal income taxes for 1933, as well as for
additional amounts claimed for certain prior years, represents the companies' estimates of the probable ultimate liability; the amounts of such
taxes on the basis of the Government's claims (excl. of int.) exceed such
provision by approximately $1,500,000. Claims for foreign government
taxes and other foreign governmental impositions, injury and damage
claims and contingent or possible liabilities. disputed or not ultimately
determined, are stated through provision of reserves and such reserves
are subject as to their adequacy to the ultimate determination of liability.
a Includes loans receivable. b Includes dividends unpaid. c Under
the terms of the agreements extending these loans to Oct. 26 1934, American
& Foreign Power Co., Inc., agreed to apply ratably to the reduction of
said $50,000,000 so much of the net proceeds of the sale of any securities
or capital assets by the company or any of its direct or indirect subsidiaries
(other than intercompany sales) as could be made legally available which
(1) should be in excess of a reasonable allowance for working funds and
necessary construction of additions, betterments or improvements of or
to existing plants or systems; (2) shall not be used to pay at maturity any
existing debts (or renewals), and (3) can be transferred into U. S. dollars
without unreasonable expense for such transfer.
d Represented by: Pref. ($7). cum. (entitled upon liquidation to $100
a share); pad passu with $6 pref.; authorized, 900,000 shares; issued and
outstanding. 478,995 shares; $6 pref. cum. (entitled upon liquidation to
$100 a share); pad pagan with pref. ($7); authorized, 2,000,000 shares;
issued and outstanding, 387,025.e5 shares, incl. of 6.65 shares of scrip; 2d
pref.,series A ($7).cum.(entitled upon liquidation to $100 a share); authorized, 3,000,000 shares; issued and outstanding, 2,636,016 shares common,
authorized, 10.000,000 shares; issued and outstanding, 1,928,050 shares.
Option warrants to purchase 6,797,550.8 shares of common stock for $25
per share (one share of 2d pref. stock, series A (27). acceptable, in lieu
of cash, with warrants for four shares, in full payment for four shares
of common stock): Capital stock subscribed (allotment ars.), $2.180.
-V. 137. p. 4528.
Gross corporate Inc-324,789,666 $24,699,323 $33,286.941 $42,362,078
Int. to public and other
deductions
4,676,265 4,037.447 4,672,800 6,055,384
Int. chgd. to construct'n Cr51,282 Cr249,874 Cr1,674.894
Pref. divs. to public_
2,657,986 2,465,368 2,503,043 2.333,412
Renewal & replacement
(deprec. apProP.)
3.662,713 3.165.245 3,149,110 3,436,625
Balance
$13,843,984 $15,281,137 $24,636,882 $30,536,657
Proportion applicable to
minority interest
141.976
196,410
230,157
367,938
Amer. & Foreign Pow.
Co.,Inc.
Balance of subs. cos.
earnings applic. to
Amer. & Foreign Pr.
Co.. Inc
$13,647,574 815,139,161 $24,406,725 830,168,719
Other income
123,130
150.426
347.390
679.539 5
"'"American Fork & Hoe Co.
-Pays Dividend Arrearages.Total income
813,770.704 815.289,587 $24,754,115 $30.848,258
The directors have declared a dividend of $1.50 per share to clear up all
Expenses. incl. taxes
587,223
415,520 1,600,4211 5,743,380
accruals on the 6% cum. pref. stock. Par $100„ payable June 28 to holders
Int.topub.fc oth.deduct. 8.176.662 7.795.014 6,906,764
of record June 25. A regular quarterly payment of like amount was also
Balance
declared on the same issue, issue payable July 15 to holders of record July 5.
$5,006,819 $7.079,053 $16,246,930 825.104,878
Divs. on $7 pref. stock
Distributions of $3 per share were made on the pref. stock on April 27
of Amer. & Foreign
and June 1 last as against $1.50 per share on Feb.27 1934.
Power Co., Inc
E. W. McCarty has resigned as a member of the board of directors be5,675,046 4,912,862
Divs.on $72d pref.stk.,
cause of ill health.
-V. 138, p. 3593.
series A. of Amer. &
Foreign Power Co.
American Gas & Power Co.(& Subs.).
-Annual Report.
applic. to respective
Calendar Years1932.
1933.
calendar yrs. whether
Gross operating revenues
87.258,914 $7.922.370
paid or unpaid
18,866.057 18.464,270
Operating expenses
3,657.332 3,688,957
Balance
Maintenance
$5.006,819 $7,079,053df$8,294,173 $1,727,746
290,674
320,200
x Before deducting exchange adjustments (as shown in surplus account
Taxes
-other than Federal income tax
752,585
778.913
below).
Note.
-The above statement includes earnings only for the periods
Net operating income
$2,502,468 33,190,154
during which the respective properties have been owned.
Non-operating income
40,748 def67,308
Notations.
-Dividends on the pref. stock ($7) and $6 pref. stock of
American & Foreign Power Co., Inc., which are cumulative, have been
Gross corporate income
$2.543,216 $3,122,847
paid to Dec. 31 1931; dividends on the 2d pref. stock, series A ($7), which
Interest deductions-subsidiary companies
1,219,994 1,257,245
are cumulative, have been paid to Sept. 30 1930. No provision has been
Other deductions-subsidiary companies
664,678
569.773
made in the above statement for undeclared cumulative dividends on the
pref. stock ($7), amounting to $6.705,930, on the $6 pref. stock amounting
Balance
$753,449 $1.200,924 .
to $4,644,228 and on the 2d pref. stock, series A ($7), amounting to $59,Disc, on reacquired securities-subsidiary cos.__ _
80,037
43,346
967,228 at Dec. 31 1933.
Total income
$833.485 $1,244,270
Consolidated Balance Sheet Dec. 31.
Dividends on pref. stock-subsidiary companies_ _
238,218
224,088
1933.
1932.
Income payments on partic. units-subeid.
90,652
119,287
Assets
interest on funded debt
654.400
654,400
Plant. property, franchises, &c
685,313,399 691.003,056
Interest on unfunded debt
8,752
Investments
6,679,976 8,662,197
Miscellaneous interest
2.123
Cash in banks
-On demand.,
12,643,028 9,930,169
Amortization of debt discount and expense-AmerTime deposits
662,750
740,534
ican Gas & Power Co
97.841
97,841
Notes receivable
3,046,496
a864,097
Accounts receivable:
Balance before Federal income tax & arrears of
Customers(excl.of munic.& other governments) 5.907,559 5,289,589
dividends on preferred stocks
$154,406
def$264.254
Officers and employees of subsidiaries
73.888
206,315
Subscrib. to cap. stk. (incl. subcrip.from empl.)
Consolidated Balance Sheet Dec. 31.
117.807
317,568
Interest and dividends
10.239
29,353
1932.
1933.
1932.
1933.
Miscellaneous
492.336
385,111
Assets$
8
Materials and supplies
11,219,890 12,502,827
Prop., plant, eq.,
Funded debt
35,732,000 35,908,000
Sundry assets
796,687
839.849
&o
51,532,694 Notes paY'le-due
51,638,408
Sinking funds and special deposits
899,737
854,183Inv. in American
Oct. 1 1935_ _ -- 338,726
366,208
Due from foreign munic. dr other governments_.. 10,677,466 11,600,546
Commonwealths
Current & accrued
Deferred receivables
-due from corporations &
Power Assoc_ _ _ 6,019,845 6,220,658 liabilities
1,401,098 1,485,790
Individuals for service billings, &c
737,703
709,204
Sink.funds & other
Consumers' meter
Unamortlzed debt discount & expense
8,508,229 7.951,278
special deposits_ 111,489
89.758 & extension dep. 616,161
667,487
Improvements to leased property
146,148
Cash
246,760
593,043 Unadjusted credits
689.854
9,718
9,320
Miscellaneous suspense
198,869
468,419
Mlscell. invest'ts
124,488 Reserves
154
3,525,697 3,107,709
Accts. receivable__ 846,068
864,088 Subsidiaries pf. stk 6,387,600 6,391,400
Total
748,132,211 752,601,054
Other accts. rec _ __
49,249 x let cum. pref. stk 4,000,000 4,000,000
21,253
Liabilities
Notes receivable__
1,639 yCum. pretce stk_ 8,250,000 8,500,000
1,993
Capital stock
d393,940,452 393,940.452
Unmetered services
z Common stock _ _ 105,000 1,050,000
Cap.stk.(and related surp.) ofsubs., held by pub.:
84.130 Cap. surp. of subs,
(est.)
Preferred stocks-Issued and outstanding
43.630,553 43,295.555
Accrued int. rec
3,262 since acquired
1,200
138,067
Subscribed-Not issued
_ 121,763
Merchandisb
422,062
484,380 Earned surplus of
449,876
Undeclared cumulative dividends
2,443,737
Insurance deposits
944,252
8,580 subs, since ac12,154
Common stocks-Issued and outstanding
8,999,254 9,001,635
Spec. depos. re tax
quisition & cap.
Net deficit applicable to minority interests
Cr1,181,432 Cr587,028
on bond interest
2,159
& earned surplus
Funded debt (incl. 1934 maturities):
Prepd.& def. chgs. 2,620,793 2.918,010 of holding co_
2,049,645 1,349.603
Dollar obligations
American & Foreign Power Co., Inc.:
Total
62,415,247 62,973,981
Total
62,415,247 62,973,981
Gold debs.,5% series due 2030
50,000,000 50,000.000
x40,000 shares $6 preferred (no Dar). y 82,500 in
(85,000 in
Notes payable (Electric Bond & Share Co.),
1932)shares $6 preferred (no par). x 105,000 shares of $11933in 1933 and
par
due Nov. 15 1934
35,000,000 35,000,000
105.000 shares at stated value in 1932.-V. 138. D. 3078.
Subsidiaries:
South American Power Co. 6% five-yr.
‘ --.
. 1kwrican Investment ity rest Shares.
"
secured note, due Jan. 8 1934
-Removedfrom List Ig
10,000.000 10,000.000 . York produce
.., ,ew
Exchange as moved from dealing the American
Other
30,120,650 30,099.650
,
CorpoNidon Depositor bearer ce
testes for American Investment Trust
Foreign currency obligations
36,126,322 36,551.78
' Shares.
c Notes payable, due Oct. 26 1934 by American
& Foreign Power Co., Inc
50,000,000 50,000,000.
Notes & loans payable by subsidiaries
-25
-cent Dividend.
255.586 1,175.045 ......American Maize Products Corp.
The directors have declared a dividend of 25 cents
Dividends declared by subsidiaries
no 4,
184,960
176,624
share
par value common stock, payable June 30 to holdersper recordon the22. 2r
Accounts payable
of
1,662,723 1,301,648
June
A similar distribution was made on this issue on March 311ast,as against
Taxes accrued
3.981,054 3,194,874
50 cents per share on Dec. 31 1933. $1 per share on Sept. 1 1933 and 25
Interest accrued
/
3,185,729 2,662,082
cents per share I prec ing guar
Miscellaneous accruals
.-V. 138. p. 2088.
339,160
830,301
Matured funded debt
85,584
Matured interest unpaid
efti it
Reuining Co.
145,392
J:'- Americ
-964.50 Preferred
Miscellaneous (taxes withheld, &c.)
733,895
821;211 Dividend The directors on June 19 declared a dividend of
Customers' deposits
3,004,916 2,536,838
. p share on account of accumulations on the 7%
Employees' superannuation-Shanghai Power Co.
694,511
Misc., incl. balances withheld pending settlement
cum. pref. stock, par $100, payable Sept. 1 to holders of
of claims, amts. to be liquid, by power sales, &c_
449,928
record Aug. 3. This will reduce accruals on this issue to
Deferred credits
360,597
496,242
Reserves
$2.50 per share. On June 1 last, a similar distribution was
Relating to fixed capital-Property retirement_ 50,224.150 49,704,674
made, as against $2.50 per share on March 1 1934 and $1.75
Statutory and contingency
1,842.318
1,959,051
Relating to working capital-Uncollectible sects 2,151,908 2,156,860
per share on Dec. 1 1933.-V. 138, p. 2397.
Casualty and insurance
703,780td 4- t 0
Inventory adjustment
477,148
---American Surety Co.
497;325
-Dividend
Miscellaneous
172,057
638,516
The directors on June 19 declared a dividend of 50 cents per shire on
Foreign exchange
806.786 7.085,594
the capital stock. par $25, payable July 2 to holders of record June 25.
Earned surplus
17,468,721 17,416,268
Quarterly distributions of $1 per share were made on June 30 and Sept. 30.
1931; none since. From March 30 1929 to and including March 31 1931.
Total
748,132,211 752,601.053
the company distributed $1.50 per share each quarter.
-V.138. P. 2735.
4289
Financial Chronicle
Volume 138
-$22,500,000 Asked in Seven
American Tel. & Tel. Co.
Suits Charging Violation of Anti-Trust Laws.
agSeven plaintiffs filed suits June 18 in U. S. District Court for sums Act
Anti-Trust
gregating $22,500,000 under the Sherman and Clayton
against the American Telephone & Telegraph Co., Western Electric Co.,
Inc. and Electrical Research Products. Inc. The actions were filed by
Ralph Vatner, of 1501 Broadway, and David Garrison Berger, of 1776
Broadway, attorneys.
The actions charge unfair competition in the field of recording, reproducing, replacement and servicing of talking motion-picture equipment.
They allege that the defendants have resorted to restraint of trade in interState commerce and base the allegations upon the contract between the
defendant and major motion-picture companies of the country which
"forbids producers and exhibitors to make and exhibit any pictures on any
other equipment other than that of the defendants, and also forbids replacement by others.**
The plaintiffs and amounts sued for are Standard Sound Reporting Corp.,
39.000.000;service on Sound Corporation,$4,500,000; Macy Manufacturing
Corp., $3,000,000; Granger Manufacturing Co., $1,500,000; Audio Equipment Maintenance. $1,500,000; Sound Picture Engineers. $1.500.000. and
-V.138. p.3936.
Standard Sound Service, $1.500,000 ("Herald Tribune").
'--American Thermos Bottle Co.
-Dividend Resumed.
The directors have declared a dividend of 25 cents per share on the
class A common stock, no par value, payable July 2 to holders of record
June 20. Quarterly distributions of 15 cents per share were made on this
Issue on Aug. 1 and Nov. 1 1931 and on Feb. I 1932; none since. Preeach
viously, the company paid quarterly dividends of 30 cents per sh
quarter.
-V. 138, p. 3760.
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1932.
1933
$
s
Liabilities$
Assets
Capital assets __ _89,713,906 90,079,438 6% preferred stk_21,908,489 21,898,502
482,970 Pref.stock of Little
449,089
Cash
500
500
Rock G.& F.Co
18,000
Marketable securs.
a common stock_ 4,083,539 4,082,505
Accts. & notes rec.
(less reserve).- 1,666,515 1,302,570 b Class A common
3.522,521 3,522,521
(no par)
Notes & accepts.
13,239,000 13,239.000
6,899 Funded debt
c1,754
rec.-not curr
1,000,000
544,692 3-yr. 554% notes
997.367
Inventories
181.026
Notes payable____ 238,404
Prepaid insurance,
47,211 Priv.oblig.notes pay. 677,500
60,557
rentals. &c
603,933
Accounts payable_ 565,567
Adv. to controlled
5,382,492 4,033,890 Current accounts_ 304,707
company
387,241 Salaries and wages
372,425
Other assets
29.191
35,515
payable
991,138
Deferred charges. 902,857
237.167
233,683
Accrued interest
451.441
483.901
Accrued taxes
11,194
49,104
Miscell. accruals
Other liabilities_ _ _ 6,941,140 8.364,630
15,434,062 14,324,144
Reserves
Capital surplus...22,406,832 22,410.051
9,440,500 7.520,246
Earned surplus
99,564,961 97,876,050
99,564,961 97,876,050 Total
Total
a Represented by 4.083,539sharesofno par valuein 1933(1932.4,082,505
Represented by 3,522,521 shares of no par
shares of no par value). b
-V. 136, p. 3725.
value. c Notes receivable only.
-Output Up 4.2%.
,./ Associated Gas & Electric Co.
American Trustee Share Corp.
-Div. on Series C Share4 'L Output of electric energy during the week ended June 9, was 53,090.584
units (kwh.) for the Associated System. This was 4.2% above the corre-
The corporation announces a semi-annual distribution to holders
Diversified Trustee Shares, series C, amounting to 5.49 cents per share,
payable June 30 1934. This compares with a distribution of 5.21 cents
per share made on Dec. 31 1933.-V. 138. p. 3936.
-Output.
American Water Works & Electric Co., Inc.
sponding week a year ago. Gross output. Including sales to other utilities.
was 57,531.148 units.
ease of
Gas send-out for this week was 294,265,900 cubic feet, an
"
0.4 0. (.../,d,;.•
4.3% above the same period of 1933.-V138 7i2
---2
tve.-
per
-PI
"tlanta Gas Light Co.
'
Output of electric energy of the company's electric properties for the 4
offe of Mar 30 to exchange
The company has declared operative
week ended June 16 1934, totaled 34,334,000 kwh., a decrease of 1% over
general mortgage bonds, 6% sinking fun series, due 1P44, for the $4.the output of 34,638,000 kwh. for the corresponding period of 1933.
000.000 overdue notes outstanding, over 95% of which have been deComparative table of weekly output of electric energy for the last five
posited in acceptance of the offer.
years follows;
Al etter mailed June 18 to noteholders states that the new bonds will
1930.
Wk. End.- 1934.
1931.
1932.
1933.
be ready for delivery June 19 at the office of the exchange agent. The
May 26--- 35,634.000 32,274,000 26,164,000 x31,689,000 36.597.000
Chase National Bank of the City of New York.
June 2-x33,692,000 x31.356,000 x24,932,000 32,861,000 x33,930,000
-Month-1933. 1934-12 Mos.-1933.
Period End.Apr.30- 1934
June 9--- 35,014,000 33,480,000 25,768,000 32,751,000 34.688.000
$217.427 32,494.846 $2,206,322
Gross oper. revenues._ _ $242,299
June 16--- 34,334,000 34,638,000 26,230,000 32,116,000 34.785,000
1,765,092 1,557,058
156,376
170,123
Oper. expenses & taxesx Includes Memorial Day.
$649.263
3729,753
$61,051
$72,175
Net operating revenue
The power output of the company's electric subsidiaries for the month
1.321
1,800
100
100
• of May totaled 158,851.868 kwh., against 140,797,501 kwh. for the corresNon-operating revenues_
ponding month of 1933, an increase of 13%•
$650,585
$731,554
$61,151
$72,275
Net earnings
For the five months ended May 31, power output totaled 758,717,522
Interest & other income
kwh., as against 617,583.163 kwh.for the same period last year, an increase
376.665
467,917
39,124
33,194
of 23%.-V. 138, p. 4120.
charges-net
152,697
107,275
9,566
tep
i_eot4/4
10,813
Deduct prov. for retirer
1-e
4 r'(Net income
3121.222
3156,361
$12,460
$28,267
138. p. 3431.
-Dividend Rate Further
Austin, Nichols & Co., Inc.
---Inoreased.-The directors on June 20 declared a quarterly
vidend of $1.25 per share on the $5 cum. prior A stock,
.
-Regular Quarterly DtvA
Angostura-Wuppermann Corp.
no par value, payable Aug. 1 to holders of record July 16.
The directors on June 18 declared the usual quarterly dividend of 5 cents
per share on the capital stock, payable July 2 to holders of record June 25.
This compares with $1 per share paid on May 1 last, 75 cents
Three months ago, the company declared an extra dividend of 5 cents
per share on Feb. 1 1934 and with 25 cents per share each
per share in addition to the quarterly dividend of like amount. both payable
April 2.-V. 138, p. 1921.
quarter from Nov. 1 1932 to and incl. Nov. 1 1933.
Dividends on the prior A stock became cumulative at the
"Apex Electrical Mfg. Co.
-Preferred Dividend.
The directors have declared a dividend of $1.75 per share on the
0'tate of $5 per share per annum, commencing with the quarcum. prior poref. stock. par $100, payable July 1 to holders of record June 20.
terly dividend payable Feb. 1 1934.
A similar distribution was made on this issue on Jan. 2 and April 2 last
and on Jan. 3 and Oct. 2 1933, the April land July 1 1933 payments having
Earnings for Years Ended April 30.
'-'-Amoskeag Co. (Mass.).
-Larger
A semi-annual dividend of 75 cents per share has been declared on the
common stock, no par value, payable July 3 to holders of record June 23
out of 1933 income. This compares with 50 cents per share paid on this
issue on Jan. 3 last and semi-annual payments of $1 per share made from
Jan. 1932 to and including July 1933.-V. 137, p. 4531.
dtj
been deferred.
-V. 138, p. 2088.
1934.
Armour & Co. (Ill.).
--Obituary.
Frederick James Reynolds, Vice-President, died on June 22 at Glencoe.
111.-V. 138, p. 4120.
Arundel Corp.
-Earnings.
Period End. May 20- 1934-Month-1933.
1934-5 Mos.-1933.
Net income after deprec..
$254,265
Federal taxes, &c-$174,437
$81,443
$75,863
Earns, per sh. on 492.556 shs. capital stock (no Par)
0.35
0.51
Current assets as of May 30 1934 amounted to $2,327,058 and current
liabilities were $618.191 as compared with $2,882.830 and $605,179,
respectively, on May 30 1933.-V. 138. p. 3430.
ssoqtasd
tition.
-Bankruptcy Peimmons Hardware Cos.
A pet ion to re'6Yanize under the Corporate Bankruptcy Act has been
filed in ederal Court, St. Louis. The petition was filed by Morris Snider.
atter= , representing Ernestine Block. Sidney Buchbinder and Nathan
Wolens, Chicago, who own $2,500 of notes of the company. It opposed
proceedings to foreclose a $4.791,000 note issue which have been begun
on behalf of note holders.
This petition charges non-depositing note holders were forced to deposit
their notes or be "frozen out" through a nominal bid by a protective committee. The petition adds that total assets of the concern as of last Dec. 31
are $2,777.392 against bonded indebtedness of $5,131,027. The company is
being operated by trustees under appointment of Circuit Court.
-V.138.
p. 2089.
-'---,Associated Telephone Utilities Co.
-Trustee Takes Over
Assets.
An order directing receivers for the company to transfer all the corporation's assets to •WlIllam J. Wardell, trustee in bankruptcy, was filed in
Chancery Court, Wilmington, June 21.
The petition of the company for relief under Section 77-B of the Corporate
Bankruptcy Act has been approved and William J. Wardell has been
temporarily appointed trustee by U. S. District Court of Southern District
of New York. A hearing will be held on June 26 to determine whether or
not the Court shall make the appointment permanent or shall terminate the
appointment and restore the debtor to possession.
-V. 138. p. 3761.
Arkansas Natural Gas Corp.(& Subs.).
--Earnings.
Calendar Years1932.
1931.
1930.
1933.
Gross oper. revenue_ _$15,923,996 $17,182,921 $14,887,045 $11,103,501
_315,923.996
Oper.exps., maintenance
and all taxes
10,502,485 11,666,768 9,788,802 6,544,684
Net oper.revenue_ $5,421,510 $5,516,152 $5,098,243 34,558,817
112.420
Non-operating income-225,874
285,317
377.544
Total income
Interest on funded debt_
Int. on floating debt &
discount
prop,ofloss ofcontrolled
85.706,828
794,340
$5,742,026 $5,210,663 $4,936.361
799,320
831.705
853,935
547,191
619,242
__ _
company for year...... 898,697
Approp. for replacement
1,518.051
and depletion
1,136.546
Net income
Preferred dividends_
$1,948.549
516,187
164,529
33.186.918 $3,862.771 $3,917.897
328,727 1,314.906
1,315,815
$1.948.549 $2,858,191 $2,547,865 $2,602,082
Balance, surplus
9,440,500 7,520,246 x6,849.847 6.534,826
Earned surplus
After charging $2,199,321 for replacements, depletion, &c., and
x
$33,523' or miscellaneous adjustments.
Net profit after all chgs.
and taxes
-V. 138, p. 2910.
1933.
$266,653 loss$28,356
1931.
1932.
$10,710
$124,587
-Earnings.
Balaban & Katz Corp. (8c Subs.).
Dec. 30'33. Dec. 31 '32. Dec. 26 '31. Dec. 27'30.
Years EndedNet operating income_ _ _ $1,350,368 $1,161.882 32,889.331 $3,860,405
218,133
404,605
166.661
53,259
MismIlaneous income_ -Total income
$1,403,626 $1,328,544 $3,293,936 $4.078.538
387.995
540.497
367.615
286,929
Interest charges
828,138 1,490,904 1,146.919 1.090,007
Deprec. & amortization_
311,274
195,145
Federal tax reserve
Prov. for share of oper.
losses of sub. cos. not
290,781
193,368
consolidated
Net profit
Preferred dividends
Common dividends
$95,1911088E993,638 81,584,256 $2,289,263
199.591
195,076
184,570
792,618
792,618
297,233
$956,562 $1.297.054
$95,191 df$1,475,442
Surplus
Profit and loss surplus
6,296,228 6,462.181 9,237,666 8.201,201
Earns.per sh. on 264.206
$7.91
$5.25
Nil
Nil
abs.com.stk.
(par $25)
• Consolidated Balance Sheet.
Dec. 3033. Dec. 31'32.
Dec.30'33. Dec. 31'32.
Assets$
s
Preferred stock__ 2,612,600 2,635.600
x Land. bldgs..
16,283,297 21,382,027 y Common stock__ 6,605,150 6,605.150
equip.. &c
% ser. g. notes_ 3,025,500 3,720,000
Prem, paid for cap.
289,261
Accounts payable_ 171,912
stks. of consol.
Int, of pref. stocksubs
647,157
663.666
holders in sub_
Deposits to secure
771,971 Mtges. & bonds
477,000
contracts
689,964
629,812 of subs
1,936,537
Investments
996,100
418.001 Ser. pay,on invest. 282,200
Cash
592,473
45,943 Ser. pay, on accts.
40,470
Working funds
18,467
Adv. to attn. cos
30,919 of still. cos
327,909
42,991
Pur. money °Wigs
Miscell. accts. &
Accr.gen.taxes int. 1,028,835 1,074.597
notes receivable_
46,746
128,772
309,000
Prepaid expenses.
11,382 Gold notes due_
Deterred charges
218,393
191,891 Curr. accts. with
158.595
23.147
at(II. cos
226,283
Res. tor conting_ _ _ 181,363
27,880
34,040
Advance payments
6,296,228 6,462.181
Surplus
20,569.983 23,610,717
Total
Total
20,569,983 23,610,717
x Less reserve for depreciation of 17,045.936 in 1933 and 36.474,293
n 1932. y Represented by 264.206 shares, $25 par.
-V. 138. P• 1564.
-Bookings Higher in May.
Baldwin Locomotive Works.
Business booked by the Baldwin Locomotive Works and subsidiary
companies for the month of May amounted to 52.341,000, which is the
largest amount of orders received in any one month since June 1931. when
orders amounted to $4,400,000. May bookings also compared with $1,694,000 in April and with $732.000 in May 1933. Bookings for the first five
months of 1934 total 39.982,000. as compared with $2,771.000 in like period
of 1933.
Shipments during May, on consolidated basis, amounted to 81.276,000.
as compared with $1,065,000 during April and with 8504,000 in May 1933,
while shipments for the five months amounted to $5,380,000 against
82.753,000 in corresponding period of 1933.
With bookings during May almost double shipments, the backlog of
unfilled orders showed a further gain, amounting ot 88,913,000 on May 31
4290
Financial Chronicle
as compared with $4,358,000 at the beginning of the year and with $2,640,000 at like date of 1933.
May was the second month this year in which business has topped the
82,000,000 mark, the first time being February. with $2,336,000. May
Included orders for 15 locomotives valued at roundly $1,000,000, of which
five were from the Lehigh Valley valued at 8600,000 and 10from the Chilean
State Rya. valued at $400,000. The $4,400.000 of business booked in
June 1931. which is last high month, included orders for 84 locomotives.
including the mechanical parts for 60 electrics for the Pennsylvania RR.
and 18 domestic and six foreign steam locomotives.
It is interesting to note that the volume of business booked in the first
five months of 1934 amounting to $9,982,000 compared with $10,635,000
for the entire calendar year 1933 and with 17,071,000 for the entire year
1932, although incoming business has shown a recession this month and
the outlook for the last half of the year is uncertain. Business had been
declining steadily for several years in the equipment market and reached a
low point in July 1932, when consolidated bookings of the Baldwin group
fell to only $385,000. Since then there has been a gradual pickup in new
business and the million-dollark-mark was first crossed in June 1933, and
since then only one month has fallen below one million dollars and that
month was shy only $12,000. (Philadelphia "Financial Journal.")
V. 138. p. 4120.
.
----13arcelona Traction, Light & Power Co., Ltd.
Common Dividend Resumed.
-
June 23 1934
Consolidated Balance Sheet Dec. 31.
1932.
Assets
Liabilities1933.
Cash
$355,i25 $520,392 Installment on 1st
$20,000
Notes receivable.. _
3,081
$20,000
mortgage
1,806
33,909
Accts. receivable_ _ 599,860
605,402 Accounts payable. 124,967
889
Finished goods_ _ _ 285,297
253,774 Dividends payable
876
84,055
Materials & suppl's 399,389
56,716
303,080 Fed, income tax_
Value of ins, on life
Reserve for foreign
of officers
47,033
77,426
exch.fluctuation
54,115
44,722
z Plant property
43,490
420,778 Accrued accounts.
394,873
Investments
9,701 First mtge. on land
9,701
40,000
Good-will, tradeand building- - 20.00
0
719,130
marks,receives &
Preference stock 681,880
392,225
formulae
1,105,833 1,105,833 z Common stock._ 392,225
95,782
68,735
Capital surplus_ _ _
Certificates of de141,290
posit pledged
Prof.& loss surplus 1,987,459 1,945,958
Prepaid & deferred
87,397
106.088
charges
$3,453,555 $3,356,450
Total
$3,453,555 $3,356,450
Total
x After depreciation of $149,994 in 1933(1932.$119,813). y Represented
by 45,444 shares (no par) in 1933 (1932, 47.942 shares of no par value).
z Represented by 392,225 shares (no par).
-V. 138, p. 3081.
Boot's Pure Drug Co., Ltd.
-Stock Increased-Rights.
The directors have declared a dividend of 50 cents per share on the common stock, no par value, payable in Canadian funds on June 30 to holders
of record June 23. Non-residents of Canada will be subject to a 5% tax
deduction.
A distribution of50 cents per share was also paid on this issue on March 14
1931; none since.
-V. 138, p. 3764.
The stockholders on June 7 approved an increase in the capitalization of
the company by creating an issue of 400,000 additional ordinary shares
(par 5s. each), to be offered to stockholders of record May 3 on the basis
of one new share for each 15 shares of ordinary stock held at 15s. a share.
Rights expire on June 23. Payment is to be made at the National Provincial Bank. Ltd., High Street, Nottingham, England -V. 138. p. 3263.
Beacon Participations, Inc.
-Offers to Purchase Junior
Shares.
In a letter to stockholders, Vice-President Danforth W.Comilla outlines
Augustus W. Smith, President and Treasurer, died on June 13 at Green-V.138. P• 3082.
ville. S. C.
an offer for purchase of the junior shares of the corporation, to be acted
upon by a meeting of stockholders on June 29.
The First National Bank of Boston, states Mr. Coming, owns all junior
shares (viz., 25,000 class B participating preferred and 25,000 common)
of the corporation, which have no value in liquidation until each class A
share shall have received $20 and accumulated dividends, now amounting
to about $2, and the bank also owns 1,743 shares of class A partic. pref.
stock. If the corporation were liquidated at this time, class A shareholders
would receive about $6.50 per share.
Under its settlement with the bank and others in July 1933, as authorized
by the stockholders, the corporation acquired an option to purchase its
junior shares at the best price offered to the bank. Messrs. Ernest F.
Henderson and Robert L. Moore have offered to purchase the junior shares
from the bank for $10,000 and to cause the corporation during a certain
period to purchase at current net liquidating value, less 2%, shares of
class A stock tendered, sellers to receive any additional sum from legal
action pending against certain persons, who were directors prior to July
1932.
Messrs. Henderson and Moore have offered to purchase the junior shares
from the bank if the corporation agrees to refrain from exercising its option.
They will manage the affairs of the corporation without salary for three
years,unless75% ofclass A shareholders otherwise vote
.-V.137, p.3330.
-Berkshire Fine Spinning Associates, Inc.-34ga-Pdant.
e mill at Warren, R. I., which was formerly operated as the Warren
Manufacturing Co- b... h''‘. tvw+. Idle for over lree years has been purchased by the Berkshire Fine Spinning Associates which already has three
mills in Rhode Island.•viz.: the Coventry at An ony, the Valley Falls at
Albion and the Parker at Warren. It is understood that the Warren plant
will be reopened in the inunediate future and employ 300 or 400 people.
The plant used to have about 130,000 spindles and 2,700 looms, but a considerable portion of them had been sold before the Berkshire company took
It over. It is reported that additional equipment will be installed as soon as
possible. ("American Wool and Cotton Reporter.")
-V. 137. p.3843.
(E. W.)Bliss Co.
(& Subs.), Brooklyn, N. Y.
-Earnings.
Calendar Years1933.
1932.
1931.
1930.
x Total earnings
loss$78.877 loss$166,485
$454,773 $1,328,404
Depreciation
210,485
445,030
297,042
417.492
Carrying charges on unused & idle property
203.726
690.250
383.728
825,510
Other deductions
640.382
43.750
Minority interest
Cr19
Cr285
Net loss
$536,819 $1,941,863
$225,998 prot$85,403
Previous surplus
5.039,186 11,453.945 16.137,693 18,086,866
Surplus account capital_
625.430
625,430
Special res. for carrying
charges
3.423,891
Miscellaneous credits__ _
428.734
Total
$4,931,101 $12,935,972 $16,537.124 $18,797.699
Adjust, of inventory, &c
993.752
1,024.304
Write-off of good2,389,710
Reduction in net values
of bldg., nutch'y,&c
3.659.548
Deductions from surplus
(net)
134,572
853,773
4.612,156
Dividends paid (cash)._
366.262
540.992
Dividends paid
(stock)....104,761
469,280
Burp. bal. Dec.31_ --- 84,796,528 $5,039,186 $11,453,945 $16,763,122
x After deducting all expenses incidental to operation, including ordinary
repairs and maintenance.
Condensed Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets
$
$
Bank loans
ash, notes & ac272,500 1,158,500
counts receiv_ _ 1,092.943 1,294,618 Accounts payable_ 460.183
280,365
Deferred income ._ 262,585
Real est. 0th. than
458,233
plant prop
Reserve for contingencies & taxes
2,593,373 2,585,640
Inventories
80,770
151.085
321.548
Investments
385,897 Accrued accounts_ 330,599
185,224
31,847
Deferred charges54,593 Unclaimed dive_
1,148
minority interests
:
Land, buildings
435
2,275
and equipment.. 5,117,420 5,879,467 1st pref. stock
1,500,000
1,038,702 y1,047,987 2nd pt. stk. cl. A
Patents
1,020,000 4,450,420
2nd pl. stk. Cl. B._ 295,030
Common stock_ - 1,635,435
Surplus
4,798,528 5,039,186
-Obituary.
Brandon Corp.
-Earns.
Brazilian Traction, Light & Power Co., Ltd.
1934-5 Mos.-1933.
Period.Rnd. May311934-Month-1933.
Gross earns,from oper__ $2,529,357 $2,376,949 $11,842,630 $11,474,922
5,307.798
1,223,955
Operating expenses
5.891,586
1.067,569
$1,305,402 $1,309,380 $5,951,044 $6,167,124
Net earnings
The operating results as shown in dollars are taken at average rates of
exchange. They have been approximated as closely as possible, but will
be subject to final adjustment when the annual accounts are made up. re
The above figures are also subject to provision for depreciation and
....i
amortization.
Owing to exchange and remittance difficulties the rate ofexchange adopted
,
for the month is necessarily arbitrary although less than the official rate
-V.138. e. 3596.
which is nominal only.
-Earnings.
Brill Corp.
Calendar YearsNet income
Preferred dividends__
Class A dividends
1933.
$1.849
1932.
8137,162
195,216
1931.
$260.614
260,288
73,878
1930.
8330.362
260,288
141,237
$58,054
$71.163
sur$1.849
$73,552
Deficit
Earns, per sh.on 217.288
Nil
$0.32
Nil
$0.01
shs. A. stock (no par).
Balance Sheet Dec. 31.
1932.
1932.
1933.
1933.
$
Liabilities$
$
Assets$
20,321 Preferred stock__ 3,718,400 3,718,400
22,182
Cash
Inv. in other cos_ _15,859,914 15,859,914 x Class A & B stk_ 8,000,000 8,000,000
99,477 Accts. pay. de accr.
99,477
Organization exps.
1,826
328,250
taxes
1,830
U.S. TreaS. notes.. 328,250
4,399 Surplus
4,593,984 4,592,135
4,391
Accr. int, on sec__
Total
18.314,215 16,312,381
16,314,215 16,312.381
Total
x Represented by 217,288 shares of no par class A and by 400,000 shares
-V. 136. p. 3912.
of no par class B stock.
-Earnings.
British American Oil Co., Ltd.
(Including Canadian Subsidiaries).
1932.
1933.
Calendar Years1931.
1930.
$4,451,529 $4,378.521 $4,415,745 $4,111,215
Profit for year
226,562
234,623
Debenture interest
244.486
208,333
1,201,155
1,176,650
Depreciation
1,138,329
1,017,848
Dominion income tax__ _
388.000 • 340.000
302,000
237,000
$2.660,317 $2,602,743 $2,730,930
Net income
6,810.805
Previous surplus
8.631,176
8,054,887
Add-Dominion income
Dr34,498
tax
Dr56,527
$2,648,034
7,504,967
$9.436,624 $11,233,919 $10,729,289 $10,153,000
Total surplus
Amount written off to
reduce good-will to $1
2,314,124
Adjust, of prior years
accounts
10,876
Dividends paid
2.098.114
2,098.114
2,098,114
2,098,114
Balance, Dec.31
$7,338,510 $6,810.805 88,631,175 $8.054,887
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
AssetsLiabilities$
$
$
Refinery plant and
:
Capital stock.....10,618,118 10,618,118
equipment ___y14,452,051y14,834,238 Surplus
7,338,510 8,810,805
Good-will
1 15
-year 5% cony.
1
Mtges. receivable. 733.478
sink, fund gold
792,228
Invests. In and addebentures
4,462,500 4,842,000
vances to assoc'd
Mtge.!. payable...
33,000
97,100
and other co's.. 2,857,205 3,236,252 Reserve for sinking
Cash
fund deb. purch.
28,519
644,511
715,880
38,928
Accounts and bills
Dividend payable_
524,528
524.528
receivable
2,240,048 2,422,540 Bank loan
1,750,000 3,000,000
Inventories
5,627,514 5,434,603 Accts. payable and
Deferred charges_
168,580
accrued charges. 1,399,941 1,529,906
135,195
Int. accr. on debs.
77,387
74,375
Res.for Domin.tax 388,000
340,000
Total
28,690,001 27,604,332
Total
26,690,001 27,604,332
x Represented by 2,622.642 no par shares. y After depreciation reserve
Total
10.654,067 11.248,203
Total
10,854,067 11,248,203
of $8,352,200 in 1933 and $7,300,040 n 1932.-V. 136. p. 1889.
x After depreciation of $9.342,909 in 1933 and $9,346.427 in 1932.V. 137. p. 2276.
^
Bremner-Norris Realty Investment, Ltd.
-Larger Dis-
trtbution.-
-Earnings.
Bourjois, Inc.(& Subs.).
Calendar Years1933.
1932.
1931.
Gross profit from oper__ $2.156,719 $2.105.308 82,482,481
Selling,shipping and gen.
1,656,299
1.575.673
1,758,351
expenses
1930.
$2,591,913
1,785,660
Profit from operations
Income charges, net.. _ _ _
$500,420
99,404
$529,635
67,504
$724.130
21,434
$806,253
32,176
Net inc. before prov.
for Federal inc. tax_
Provision for Federal
income tax
8401,016
8462,131
$702,696
$774,077
56,157
64.055
84,144
87.395
$344,858
Net inc. for the year
Surplus at beginning of
1,945,958
the year
$398.076
$618,552
$686,681
1,779,646
1,506,135
1,056,943
$2.290,816 $2,177,723 $2,124,687
Gross surplus
127.245
133,709
147,804
Preference dividends.. _ _
196,112
98.056
Common dividends
196,113
1,124
Other charges, net
$1,743,623
121,640
Surplus at end of year $1,967,459
$1.945.958
$1.779,646
Y1:982
$1,506.135
A semi-annual dividend of $2 per share has been declared on the common
stock, payable in Canadian funds on June 30 to holders of record June 15.
Non-residents of Canada are subject to a 5% tax deduction.
On Jan. 1 last, the company made a disbursement of $1 per share as
against semi-annual payments of $2 per share previously made.
-V. 137.
p.4532.
British Tyre & Rubber Co., Ltd.., London, Eng.. aae Wtlh AVerelftn-eantra*y.hareholders of the British Goodrich Rubber Co. have approved a
rcsojitl3n changing the name of the company to British Tyre & Rubber Co..
Ltd. approving an agrebment made with the B. F. Goodrich Co. of the
Urtifed States, and increasing capital to £2,000,000 by the creation of 1.
050.000 additional shares of £1 each,.
Sir Walrond Sinclair, Chairman, explained to the shareholders that when
the company was formed some 10 years ago its main activity was the
manufacture and sale, under an agreement with the B. F. Goodrich Co. of
America, of tires and other products previously made in America by that
company and sold here through a subsidiary. Since then the nature of the
business has fundamentally changed. Under the original agreement with
the American company the British Goodrich Rubber Co.'s markets were, in
the main, restricted to the British Empire, excluding Canada.
4291
Financial Chronicle
Volume 138
in
The new agreement, Sir Walrond stated, entirely freed their hands
that respect,so that they could now trade in any part of the world. Equally,
end of 1936 be free to reof course, the American company would at the
enter the British market if so desired. The full exchange with the American
company of patent licenses, technical information and advice will ntinue.
ee an-Sale of Assets.
Browning,
'Browning, King & Co., Inc.
A total of $236,850 was realized June 19 at a sale of assetof this co ts
pany (men's clothiers), comprising the merchandise, fixtures and acco
uniform
receivable of 13 stores in New York and other cities and thePeter B.
department. The sale was held in the offices of the referee,
Olney, Jr.. 19 Rector St., N. Y. City..
Two local stores, one at 551 Fifth Ave., N. Y. City, and the other at
Fulton St. and DeKalb Ave., Brooklyn, were purchased for $22,500 each
by M. L. Shaine, attorney, representing Joseph Hilton & Sons, also a
chain of men's clothing stores. The Hilton company also purchased
the merchandise of the Browning, King unit in Milwaukee.
The stores in the following cities were also sold: New Haven, Providence. Boston, Cambridge, Ithaca, Cincinnati, Milwaukee, Minneapolis,
St. Paul and Omaha. The Philadelphia store, which is controlled by
a Pennsylvania subsidiary corporation, is in a State court receivership
and the assets were reserved from sale. Included in the sales were t e
-V.138, p 2
merchandise,fixtures, accounts receivable and good-will.
-63.i-cent Extra Pref. 1B15.
---Brooklyn Borough Gas Co.
,
r
The company has declared on the 6% cum. & panic. pref. stock.
$50, an extra distribution of 63 cents per share in addition to the regular
payment of 75 cents per share, both payable July 2 to holders of
quarterly
record June 20. An extra of like amount was paid each quarter from
July 1927 to and incl. April 1934, while in April 1932, 1933 and 1934 an
extra participating dividend of 50 cents per share was also paid.
The directors also declared the regular quarterly dividend of $1.50
per share on the no par value common stock, payable July 10 to holders
of record June 30. Quarterly payments at this rate have been made on
the junior stock since and incl. April 1927. In Jan. 1932, 1933 and 1934
an extra disbursement of $6 per share was also made on the common stock.
-V. 138, p.4122.
Brooklyn-Manhattan Transit System-Earnings.[Incl. Brooklyn & Queens Transit System]
-Month---1933. 1934-11 Mos.-1933.
Period End. May 31- 1934
$4,642,568 $4,587,133 $48,267,587 $49,137,104
Operating revenues
2,726,278 29,639,099 29,800,331
2,821,210
Operating expenses
3.758,564
3,776,260
356.717
374,928
Taxes on oper. properties
Operating income_ _-_ $1,446,430 $1,504,138 $14,852,228 $15,578,209
704.967
688,894
63.826
65,781
Net non-oper. income__
by
Viaduct Realty Co. (all of the stock of which is owned or controlledcol
Charles Nevrmark), and is pledged with the National City Bank as note
demand
later for a demand note of $633.000 and as collateral to a junior behind them
for 810,000 held by Israel Friedkin. Both notes also have
other security of an unstated amount.
reaBrown, Wheelock, Harris & Co., Inc., have appraised the fair and 1933
able worth of the premises under present conditions as of Dec. 13 586.
-V.120, p.
$1,050,000, of which $190.000 represents the land value.
4; V. 136, p. 497, 2074.
-Earnings.
Bunte Brothers.
Earnings for Year Ended Dec. 31 1933.
Net sales
Other income
$3,680,363
19,392
Total income
Cost of goods sold, adminis., general & selling expenses
$3,699,756
3,660.706
839,050
3,650,329
2,552
Net profit for the year ended Dec. 31 1933
Balance, Jan. 1 1933
Discount on capital stock acquired
$3,691,931
1,072,985
14,511
45.167
Total surplus
Reduction in good-will to nominal value Of $1
ividends on preferred stock
Fivvision for additional taxes & doubtful accounts
82,559.268
Balance, Dec. 31 1933
$011
Earns, per sh. on 88,393 shs. corn, stock (Par $10)
1933.
Consolidated Balance Sheet Dec. 31
Liabilities
-•
Assets
$14.887
$317,447 Accounts payable
Cash
46,364
3,035 Accrued interest, wages, &c_
securities
Marketable
estate & personal
248,635 Accr. real
Accounts dc notes receivable_
130,432
property taxes
523.267
Inventories
6,622
640,713 Estimated Fed. Income tax__
Other investments
89.718 Serial 6% sec. gold notes,
Deferred charges
100,000
maturing March 1 1934 _ _ _
x Real estate, buildings, ma600.000
2,929,589 Serial 6% secured gold notes_
chinery & equipment
410,900
1 Preferred stock
Trade-marks & good-will_ _ _
883.930
Common stock
Sum. approp. for retirement
100.456
of preferred stock
2,458,812
Unappropriated surplus
$4,752.405
Total
54,752,405
Total
-V. 138, p. 1748.
x After depreciation reserves.
-Preferred Dividends.
81,512,211 $1,567,964 815,541,122 $16.283,176
"California Oregon Power Co.
Gross income
8.833,322
727,929
785,075 8,313,287
The directors have declared dividends of 8734 cents per share on the 7%
Total income deductions
75 cents per share on the 6% cum. pref. stock,
cum. pref. stock, par $100,
par $100. and 75 cents per share on the 6% cum. pref. stock, series of 1927.
xCurrent income car$782,889 87.227,835 57,449,854
8784.282
ried to surplus
par 8100, all payable July 16 to holders of record June 30. Similar disminority
stAccruing to
tributions were made on the respective issues on Jan. 15 and April 16 1934.
interest of B. & Q. 'I'.
and on Oct. 16 1933. prior to which payments were made at the regular
985,492
873,288
98.583
93,813
Corp
-V. 138, P. 3938.
quarterly rates.
-V.138, p. 3938.
-Earnings.
Brooklyn & Queens Transit System.
Period End. May31- 1934-Month-1933. 1934-11 Mos.-1933.
$1,870,379 $1,847,273 $19,332,183 $19,839,002
Operating revenues
1,339,619 14,617,914 14,570,593
1,392,719
Operating expenses
133.129
128,251
1,384,895
1.455,690
Taxes on oper. properties
Operating income_
Net non-oper. income--
$349,409
18.628
$374,525 83,329,374 $3,812,719
16,297
185,264
192,866
Gross income
Total income deductions
$368,037
130,676
8390.822 33.514,638 84.005,585
137,441
1,550.628
1.436,533
Current inc. carried to
surplus
-V. 138. p. 3938.
$237,361
$253,381
$2,078,105 $2,4 .9 7
--Builders Exchange Building (Baltimore).-Extr75
An extra dividend of 3% has been declared on the capital stock in ad
tion to the usual semi-annual dividend of like amount, both payabt
.;
trityg
July 7 to holders of record June 23.-V. 135. p. 2835.
--Butler Hall, N. Y. C.
-Reorganization Plan.
--
-Bondholders to Meet.
Biscuit Co., Ltd.
Canada
will be
At an adjourned meeting to be held June 26 prior lien bondholders liquid
asked to modify their claims in respect to sinking funds so that the
a similar request
assets of the company would not be seriously reduced while
interest
Is to be made to the first mortgage bondholders regarding default in
-V. 135, p. 300.
payments.
-Earnings.
Canada Iron Foundries, Ltd.
1931.
Calendar YearsOperating profits
Other Income
Total income
epreciation
terest
aintenance
°minion & provincial
income taxes
•
Net income
Dividend
1933.
$51,041
246,730
1932.
$187,303
182,597
345,448
316,259
1930.
$395.310
162,617
$297,771
10,959
24,300
3,713
8369,900
195,059
25,800
3,794
$661,707
195,059
27,300
4,440
$557,927
195,059
28,800
4.585
$145,247
y116,334
434,908
x280,635
8329,483
x280.635
5,951
$252,849
y116,334
848.848
$154.273
$28,913
$136,515
Surplus
149,638
The holders of Butler Hall 1st mtge. serial 6% coupon gold bonds are
198,487
352.760
381.673
notified that the protective committee has approved and adopted a plan -Previous surplus
$198,487
of reorganization and adjustment which has been approved by a referee
$352,761
$381.673
$518,188
Profit & loss surplus__
appointed by the New York Supreme Court.
s 6% on pref.stock and 3% on commonstock. y 3% on preference stock,
The members of the bondholders' committee are: Albert H. Ladner Jr.,
Balance Sheet Dec. 31.
Alfred B. Simonds. Dr. A. Spencer Kaufman and Julius Alexander, with
1932.
1933.
LiabilitiesEdith H. Kunen. Sec'y, 30 Pine St., N. Y. City, and Geo. J. Mintzer,
1932.
Assets1933.
counsel. 30 Pine St. The Empire Trust Co., 120 Broadway, N. Y. City,
$2.926,137 $2,927.503 Preferred stock _ _ _$3,877,800 83.877.800
Properties
is depositary.
2.980,831 2,974,831 Common stock_ _ - 1,598,900 1,598,900
Investments
430,000
In preparing the plan of reorganization, the committee has taken into
373,149 Debentures
Loans to sift'. cos_ 161,676
156,850
88,900
consideration the present financial and economic conditions and more
609,660 Accts. payable__
582,284
Inventories
particularly the real estate situation in the City of New York. The plan
258,879 Loans from aMl.
Accts. receivable
194,874
220,380
14,960
companies
57,215
is conditioned upon the purchase of the Butler Hall property by the com58,217
Government bds
58,167
58,167
mittee at the foreclosure sale for the benefit of the bondholders who have
55,530 Dividends payable
9,516
Cash
deposited their bonds.
450,000 Unclaimed wages &
Call loans
200,000
unadj.
Briefly outlined, the plan provides for the following:
& other
10,126
5,361
Deferred charges
849
(a) The transfer of the property so purchased and such other incidental
claims
25,943
5.950
assets as may be acquired by the committee to a new corporation to be
Tax reserves
12,900
formed and owned wholly by the depositing bondholders.
Deb.Interest
18.280
19,182
(b) The assumption by such new corporation of any indebtedness inUnclaimed diva_ _ _
936,000
curred by the committee, including such new money as may be required,
reserve.. _ _ 936,000
General
381,673
518.187
all of which indebtedness shall be prior in right of payment to the income
Surplus
bonds and interest thereon.
-year income bonds
$7,118,897 $7,716,893
(c) The issuance by the new corporation of 4% 15
Total
Total
$7,118,897 17.716.893
for a principal amount equal to the principal amount of bonds deposited
-V.136, p. 4484.
under the plan. Hence each depositing bondholder will receive bond for
bond. The new bonds, however, are to be unsecured obligations issued
andian Cottons, Ltd.- -Earnings.1931.
1932.
under an indenture and are to be retired at their face value out of the earn1933.
Years End. Mar.311934.
ings of the property as provided in the plan.
$5,789,476 $6,541,000 $6,431,172
Sales
Cr270,362
(d) The issuance of shares of common stock of the new corporation (withInventory of cloth (net)er without par value, as the committee may determine) in such amount
Not
that there will be given to each depositing bondholder in addition to the
Total
Reported. $5,789,476 86,541,000 $6,701,534
new income bonds, voting trust certificates representing one share of stock
Mfg. cost, depreciation,
of income bonds issued to him. A voting trust is to be set
for every $100
5,714,587 6,420,389 6,592,126
taxes, &c
up with respect to all the shares of stock authorized and issued to facilitate
8109.408
management of the property.
8120.611
the
Net profits
$74,889
$276,408.
159,228
169,061
All the bondholders who become parties to the plan will receive all of the
Other income
137,652
147.608
securities issued by the corporation and all of the distributable income of
$268,636
8289,672
Total income
the corporation. In view of this, it was deemed by the committee and real
$212,541
$424,016
137,723
132,465
Bond interest
estate experts who were consulted that it would be unwise to attempt to
87.030
81.648
25.762
estimate a reasonable and safe amount of fixed interest to be currently
Bad debts,&c
31.797
34,775
payable on securities to be issued as above set forth, inasmuch as a fixed
8105.151
$125,410
Net income
Interest payment might create a situation similar to the one now existing
$90,736
$342,368
219.690
219,690
Preferred div. (6%)--219,690
and possibly lead to the necessity of another reorganization in these times
219.690
Common dividend
54,310
of stress and uncertainty.
Bondholders who have not deposited their bonds must do so on or before
$114,538
894,280
Deficit
$128,956
surS68,368
June 30 with Empire Trust Co. depositary, 120 Broadway, N. Y. City.
'
Profit & loss surplus..
2,020,200 2,114,480
The property involved is the Butler Hall, an apartment at 88 Morning1,959,615
1,891,247
side Drive (southwest corner of Morningside Drive and 119th Street),
Balance Sheet March 1.
New York City.
1933.
1934.
1934.
1933.
First mortgage bonds of the par value of 81,500.000 were issued. $189.000
$
AssetsLiabilities$
$
have heretofore been paid; and there are presently outstanding $1,311,000.
Cash
72,744
116,460 Preferred stock_ _ _ 3,661,500 3,661.500
The Continental Bank & Trust Co. of New York is now the trustee. reAccts. receivable
807,313 Common stock_ _ _ 2,715,500 2,715,500
1,145,682
On Oct. 14 1932 the trustee commenced an action to foreclose. A
715.425
1,735,677 1,679,295 Aecta. payable__ 994,150
Inventory
ceiver was appointed on Oct. 18 1932. The action by the trustee was based
79.923
Investment bonds_ 3,306,322 2,702,422 Int. & diva. pay_ - 103.077
the defaults of the owner in failing to make monthly payments on acon
239.089
Treasury bonds_ _ _ 144,708
1932 to Sept. 15
985,256 Empl. benefit fund 262.521
count of principal accrued for the period beginning Jan. 15
1,997,140 2,851,140
.3 Bonds
Other co.'s stock
3
1932, in the sum of $33.750: in failing to pay interest for the period from
Prep. & def. chgs_
75,301
125,700 Deprec. reserve_ _ _ 4,200,000 3,850.000
July 15 1932 to Sept. 15 1932. in the sum of $19,665; in failing to pay the
100,000
Plant,&c
10,013,065 10,287.375 Bad debt reserve_
real estate taxes for the first half of 1932 due May 11932, in the sum of
600,000
Special replacemla 600,000
$22.780; and in failing to pay the Federal income taxes on account of inter1,959,615 1.891,247
Surplus
est on bonds in the sum of $2,005.
There is also on the property a second mortgage for $870,000. made in
16,493.504 16,703,823
Taal
Total
16,493,504 16,703,823
1926, which has been reduced to 8749.000 of principal together with $60,000
Riverside
-V.137, 13. 4533.
in unpaid and overdue interest. This mortgage Is owned by the
4292
Financial Chronicle
Canadian Foreign Investment Corp., Ltd.
-Earnings.
Calendar YearsInterest received
Dividends received
1933.
$235,970
89,797
1932.
$259.660
112,812
1931.
$254,651
111,769
1930.
$243,186
160,735
Total revenue
Expenses, taxes, &c.. _ _ _
Interest on debentures
$325,769
40.902
45,648
$372.472
68,747
56,514
$366.421
45,441
57,993
$403,921
32,157
57,095
Net profit
Previous surplus
Settlement receiv, for investment expenses
$239,218
639,381
3247,211
393,670
$262,986
300,184
$3314,668
135,455
Total surplus
Preferred dividend
Common dividends
Adv re investigations
Discount on debentures
Office equip. written-off
$878,599
277,770
36,708
$640,881
$568,420
174.750
Balance
AssetsCash
Drafts on bank_
Foreign currency
account
Advs. to At int. in
Brazilian Portland Cement Co
5,250
$450,123
105,102
10,552
34,286
1,500
$300,184
$564.121
$393,670
$639,381
Balance Sheet Dec.31.
1933.
1932.
1932.
1933.
$175,080
$47,415 Accts. payable and
20,000
$200
$22
33,000 accrued Habits__
Dividends payable
52,856
115,278
29,946 Brazilian inc. tax_
6.348
1,863
Exch. reserve acct.
2.230
28.140
17,465
Accrued deb. Int.
3,029,832 3,586,189 7% coll, gold debs_ 499,000
824,000
8% cum. pref. stk_ 1,725,100 1,741,200
456,060
x Common stock__ 456,060
Capital Surplus.._
5.706
16,987
639,381
Earned surplus_ _ _ 564,121
Total
$3,340,190 $3,696,550
Total
$3,340,190 $3,696,550
x Represented by 73,416 shares (no par)
.-V. 138. Lo• 3939.
Year Ended 3 Mos.End. -Calendar Years
Period
Dec. 31 '33. Dec. 31 '32.
1931.
1930.
Operating loss
S69.291
S148,082profS374.209
$27.291
Interest from investm'ts
11.176
3.609
50,911
52,353
Prof.on sale ofinvestmls
4,205
686
24.257
13.005
Total loss
$72,914 sur$439,567
$22,996
$53,910
Deduct
-Bond interest_
90,000
90,000
Depreciation reserve _
159,258
150,000
Prov. of Ontario Corp.
tax
702
3,134
Balance of reorganiz.exp
2,474
823,697
Deficit
Sinking fund
$23,697
$80.081
$325,305profS199.567
290,541
105,973
2,626
$32,138 sur$305,540
15,000
P.& L. deficit
$80,081
S23,697
$332,138 surS290,541
Note.
-The debit balance of profit and loss, amounting to $328,343
as of Sept. 30 1932, was written off in the general plan of reorganization.
Balance Sheet Dec. 31.
Assets1933.
Liabilities1932.
1933.
1932.
Land, bldgs. and
z Capital stock.._. $977,141
equipment
$1,611,333 $1,611.333 Common stock_
x$465,317
Inventories
82,162
80,893 Res, for abs. to be
Trade and misc,
issued to bondaccts. receivable
43,081
32,895 holders on cornInvestments
211,705
278,165
pletion of the
Cash
6,848
5,021
plan of capital
Deferred charges
9,799
10.621 reorganization_
y511,824
Deficit
80,081
23,697 1st mtge. 6% bds. 1,044,800 1,044,800
Current liabilities_
23,068
20,684
Total
$2,045,009 $2,042,625 Total
$2,045,009 $2,042,625
x Represented by 19,000 no par shares. y 20,896 no par common shares
and 3 no par management preferred shares. zRepresented by 39,896 shares
common stock and 3 shares of preferred management stock, all of no par
value.
-V. 137. p. 2106.
Canadian National Ry.-Earnings.Earnings of System for Second Week of June.
1933.
1934.
$2.231,000 $2,437,000
Gross earnings
-V.138, p.4122.
Increase.
$206,000
Canadian Pacific Ry.-Earnings.Gross earnings
-V.138, p. 4122.
Earnings for Second Week of June.
1934.
1933.
$2,231,000 32,437,000
Increase.
$206,000
Canadian Power & Paper Investments, Ltd.
-Plan
Approved.
The debenture holders at an adjourned meeting held on June 15 approved
a capital reorganization that provides for modification of interest payments
and makes allowance for operations on an "income" basis over a period of
years. (See V. 138,p. 1047).
Following the approval of the reorganization, J. A. Raymond, E. R.
Bremner and C. W. G. Gibson, members of the debenture holders Committee, were nominated to represent the debenture holders under the
voting trust agreement.
-V. 138. D. 2740.
Carolina Power 8c Light Co.
-Earnings.
(National Power & Light Co. Subsidiary]
Period End.May31- 1934
-Month-1933. 1934-12 1W'os.-1933
.
Operating revenues
$772,197
$735,876 $9,542,780 38.711,348
Oper.exps.,ind.taxes367.762
360,412 4,836.597 4.478,010
Rent for leased property
17,637
(net)
17,463
212,761
206.947
Balance
5386.798
$358.001 $4,493,422 $4,026,391
Other income
2,782
2.372
29.588
49,437
$389,580
Gross corp.Income_
$360,373 $44,523,010 84,075,828
197.086
Net int. & other deducs_
197.487 2.375,231 2,374,267
Balance
YS192,494 y$162,886 $2,147,779 $1,701,561
Property retirement reserve appropriations
960.000
960.000
Balance
$1,187,779
$741,561
x Dividends applic. to pref. stocks for the period,
whether paid or unpaid
1.255,237 1,255,219
Deficit
$67.458
$513,658
x Dividends accumulated and unpaid to May 31 1934 amounted to 3993,177. Latest dividends, amounting to 88 cents a share on $7 preferred stock
and 75 cents a share on $6 preferred stock, were paid on April 2 1934.
Dividends on these stocks are cumulative. y Before property retirement
reserve appropriations and dividends.
Note.
-'the above statement includes full revenues without provision
for possible revenue adjustments resulting from rate litigation now pending.
-V. 138, p. 4122.
-Earnings.
Carrier Corp. (& Subs.).
Years Ended Dec. 31Net loss for year
1933.
$673,617
1932.
'
$396.493
AssetsCash
Notes 8, accts. rec.
less reserve
Inventories
Value of life insur_
Due on subscrip.
to capital stock_
Customers' notes
discount
Adv.against comm
Def. notes reedy
Inv. In cap, stock
of Mill. cos
394,822
327,199
Other investments
3,303
5,007
Defer. receivables.. 232,183
91,224
Land, bidgs., machry. & equip.
less deprec
1,928,025 2,006,586
Deferred charges
117.857
199,148
Design, develop. dc
research
150,000
150,000
600,000
Patents & coPYrts_ 600,000
Good-will
1
1
Total
$6,277,724 $6,906,569 Total
$6,277,724 $6,906.569
x Represented by 310,923 shares, no par value in 1933 and 285,252 shares.
no par value in 1932.-V. 138. D. 2740.
Caterpillar Tractor Co.
-Earnings.
Period Ended May 31- 1934
-Month-1933.
1934-5 Mos.-1933.
Sales
$2,929,271 $1.168.468 $10,691,420 84,270,752
Net prof. after exp.,int.,
deprec., prov.for Fed.
inc. tax & oth.deducts
502,583 loss61.809 1,656.977
453,589
Earns, per sh. on 1,882.240 shs. cap.stock
Nil
$0.88
-V. 138. p. 3433.
Central Arizona Light & Power Co.
-Earnings.
-
Canadian Locomotive Co., Ltd.
-Earnings.-
Net loss
$56,383
Previous surplus
def23.697
Excess prov for Dom.tax
June 23 1934
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
$212,987 $446,012 Accounts payable_ $282,052 $400,854
650,000
Notes payable_,._ 550,000
149,257
1,076,222 1,458,450 Res. for addlt. cost 235,736
477,900
1,503.389 1,491,518 Mortgages payable 476,900
153,8.99
74,054 Other reserves__
82,084
2,440
Equity of non-de17,426
3,122
2,865 Positing stkhldrs
7% pref. stock..... 1,494,600 1,494,600
20,493 x Common stock__ 3,622,958 3,364,877
22,848
197.766
34,012 Surplus
6,430
def469,728
27,215
1931.
$513,694
[American Power & Light Co. Subsidiary]
Period End. May 31- 1934
-Month-1933.
1934-12 Mos.-1933.
Operating revenues
$214,985
5203,820 82,619.292 $2,626,891
Oper. exp. includ. taxes_
137.023 1,873,431
156,138
1,709,307
Net revs, from oper
Other income
$58,847
22.956
866.797
20.912
Gross corp. income_ -Interest and other deduc.
881,803
31,691
$87,709 31,015,130 $1,223,850
380,761
31,609
379,538
$745,861
269,269
3917,584
306,266
Y$50,112
Balance
y$56,100
Property retirement reserve appropriations
S634,369
441,526
8844,312
443,524
Balance
xDividends applic. to pref. stocks for the period,
whether paid or unpaid
3192,843
3400,788
107,791
108,173
Balance
$292,615
$8,5,052
y Before property retirement reserve appropriations and dividends
x Regtilar dividends on $7 and $6 preferred stocks were paid on May 11934.
After the payment of these dividends there were no accumulated unpaid
dividends at that date.
-V.138. D. 3940.
...."Central German Power Co. of Madgeburg (Mittel.deastscheps-Irltad gebur_g_Aktien g°Bellechaf
June 1 1934 Interest on Note Paid-Company Offers to Make
Payment on Account.of Principal.
The company in a notice to the holders residing outside of Germany of
partic. ctfs. of Central Hanover Bank & Trust Co. in the four-year 6%
gold note states:
Because of foreign exchange restrictions existing in Germany, company
is unable to pay the principal of the above-mentioned note at its maturity.
June 1 1934.in dollars. The six months'interest due on such note on June 1
1934 has been paid by the company, in accordance with the law of June 9
1933 concerning payments by German debtors to foreign creditors, in
Reichsmarks to the Conversion Office for Foreign Loans at the rate of
exchange existing on May 26 1934.
The company has, however, received permission to offer to make a payment on account of principal to the holders of the above-mentioned panic.
certificates who accept this offer, at the rate of 376.80 "blocked" Reichsmarks (Kreditsperrmarks) for each $1,000 principal amount of such partic.
certificates, which are the equivalent of 15% thereof at the Berlin official
middle quotation for dollars in terms of "free" Reichsmarks on June 1
1934, such payment to be made in full satisfaction of $150 of the principal
amount of each such participation certificate.
The company is to place to the credit of holders who accept this offer the
appropriate amounts of "blocked" Reichsmarks with Berliner Handelsgesellschaft, Berlin, which institution will advise such holders when such
credit has been made. The use and disposal of "blocked" Reichsmarks are
subject to German governmental regulations which may be changed from
time to time.
Any holder of participation certificates desiring to accept this offer should
present his certificate to Central Hanover Bank & Trust Co.,70 Broadway,
New York, for the stamping thereon of a notation of such 15% reduction
in principal amount. Certificates should be accompanied by a letter of
transmittal, forms of which may be obtained from Central Hanover Bank
& Trust Co. Central Hanover Bank & Trust Co. will thereupon instruct
Berliner Handelsgesellschaft to credit the requisite amount of "blocked"
Reichsmarks to such holder and, after receiving advice from Berliner
Handelsgesellschaft that such credit has been made, will stamp the partic.
certificates and return them to such holder.
The German foreign exchange regulations contemplate that permission
may be granted for further payments in "blocked" Reichsmarks, in instalments of 15% each (except the final instalment which would be 10%) at
the end of each six months' period after the maturity date of the note, and
the company will, provided that such regulations continue in force, apply for
permission to offer such further payments to holders of participation
Certificates on or about Dec. 1 1934 and each six months thoreafter.-V.
138, p. 4122.
Central Illinois Electric & Gas Co.
-Earnings.
Period End,Apr.30- 1934
-Month---1933. 1934-12 Mos.-1933.
Gross operating revenues $318,543
$3316,580 $3,924,270 S3,924,498
Oper. expenses & taxes_
189,885
174,181
2,176,484 2,187,064
Net operating revenue $128.658
$142,399 $1,747,786 $1,737.433
Non-operating revenues661
665
6,857
4,980
Net earnings
$129,320
$143,065 $1,754,643 $1,742,413
Interest & other income
charges
-net
75,967
79,057
957,529
939,814
Deduct prov. for retire_
25,000
44,568
577.172
458,021
Net income
$28,352
$19,489
5207.711
$356,807
-V.138, p. 3598.
•
Central Indiana Gas Co.
-Earnings.
-
Period End.Apr.30
- 1934
-Month-1933. 1934-12 Mos.-1933.
Gross operating revenues $106.254
$96,136 $1,279,773 $1,187,027
Operating exp. & taxes_
81,660
72,000
921,066
1,004,774
Net operating revenue
$24,593
$24,136
$265,961
$274,998
Non-operating revenues1
1
201
241
Net earnings
$24,594
$24,137
$266,163
$275,240
Interest St other income
charges
-net
24,883
296.420
24,893
298,031
Deduct prov. for retire_
5,003
75,978
4,591
58,793
Net deficit
$6,292
$5,347
$106,236
581.583
-V.138. p.3433.
Volume 138
Financial Chronicle
4293
Retire Preferred Stock.-
-To
Chase Brass & Copper Co.
-Proposes Issuing 50,000 Par- ---Century Shares Trust.
for redemption
of the outstanding pref.
ticipating Shares at $20.60 a Share.
-See "Chronicle," asAllJune 30 next at 105 andstock,series A. has been called at the office of
diva. Payment will be made
of
June 16, P. 4047.-V. 138, P. 2741.
-V.138, p.3083.
J. P. Morgan & Co., 23 Wall St., N. Y. City.
Central States Power & Light
Bonds.
-
-Description of
Corp.
Chesapeake & Ohio Ry.-Earnings.1931.
1932.
May1934.
1933.
Gross from railway
$9,401,973 $8,380,632 $7.588,624 $10,392.703
3.721,121 3.285.809 4.222,215
Net from railway
Net after rents
3,038,664 2,728,935 2,263,073 3.283.918
From Jan. 1
Gross from railway
45.507,677 38,403,595 39,198,697 48.514,001
Net from railway
15,809.728 15,688,537 16.614,716
Net after rents
15,152,986 11,524,283 11,529,845 12,362.622
-V.138. p.3941.
A description of the $6,000.000 5% debentures, of which $1,400,000
are offered in exchange for Central States Utilities Corp. 10-year 6%
secured gold bonds, follows:
Dated Jan. 1 1934; due Jan. 1 1944. Principal and interest (J. & J.)
payable at Continental Illinois National Bank & Trust Co. of Chicago
(trustee);interest also payable at Chase National Bank, New York. Interest
payable semi-annually, Jan. 1 and July 1. Denoms., $1,000, $500. $100
and $40. Red. as a whole at any time or in part on any int .date on 60 days'
notice at par plus int. Interest payable without deduction for Federal
-June Sales Increase.
Chevrolet Motor Co.
income tax up to 2%.
According to W.E.Holler, General Sales Manager,a total of 25,935 units
Capitalization.
10 days of June. which betters the
were sold by dealers during the first
Authorized, Outstanding
brisk selling period of the first 10 days of May when 21,688 units were sold,
let mtge. & 1st lien gold bonds 53 % series, dated
an increase of more than 4.000 units over the May period. This also exceeds
*Unlimited $13,500,000
Jan. 11928. due Jan. 1 1953
the sales of the corresponding period last year.
5% debentures, dated Jan. 1934, due Jan. 1944- - $6,000,000 X 6,000,000
June sales will surpass the May total, an unusual accomplishment in the
120,000 shs. 80.000 shs
$7 dividend preferred stock (no Par)
industry, Mr. Holler said.
Common (no par)
50.000 shs. 40,600 shs.
Chevrolet sales for the year including the June 10 report reached the
* The issuance of additional bonds is restricted by provisions of the
total of 316.181 units, a healthy margin over the same period in 1933, when
mortgage. x Proposed price par.
sales totaled 247,121 units.
-V. 138, p. 4122.
The $0,000,000 debentures will be used for the purpose of converting
Into long term indebtedness certain indebtedness of the corporation evi- .
-Admitted 9a .
3 ffSt.
1
Chgo Corp.
--danced by the corporation's demand note owned by Utilities Power & Light
adm13..ed to dealing the common
(New'
York Produce Exchange
Corp. dated Jan. 29 1932 in the principal amount of $6,139,371 which
stock,D $1.-V. 138 - 3266.
D
which
bears interest at the rate of 6% per annum payable monthly and on
there is a balance owing of principal and interest as of Dec. 31 1933 of
-Retail Sales Up.
Chrysler Corp.
$5,957,121. The debentures to be issued are 10
-year unsecured debentures
Retail sales of De Soto and Plymouth cars by De Soto dealers reached
bearing interest at the rate of 5% payable semi-annually. In addition
a total of 2,474 units during the week ended June 9, L. G. Peed, General
to surrendering said demand note dated Jan. 29 1932 for cancellation,
Sales Manager of the De Soto Motor Corp., announced. Mr. Peed said
Utilities Power & Light Corp. will pay to the corporation $42,879 in cash
this was an increase of 10.2% over the number sold during the preceding
so that the total consideration to be paid for the entire issue of debentures
week.
will be $6,000,000 or par. The cash received will be used by the corporation
De Soto dealers have sold 45,701 De Sotos and Plymouths since the
for working capital and other corporate purposes. None of the proceeds
first of the year, an increase of 49.1% over the 30.646 units sold in the
will be used for the _purchase of any property real or personal, tangible
same period last year.
or intangible.
-V. 138, p. 3768.
Shipments overseas by the Chrysler Export Corp. to June 15 were 22,778
cars and trucks, compared with 9,926 in the like period of 1933 and with
"Central States Utilities Corp.
-Plan for Exchange of
States Utilities 22,730 in the full year 1933.
10-Year 6%
Central
Secured Gold Bonds of
Corp. for 6% Secured Gold Bonds.
-
Plymouth Adds New Line.
The Plymouth Motor Corp. has added a new Plymouth Special Six to
A plan, dated March 15 1934, has been adopted and approved by the
-door sedan, a 2
-door
Its line, with a base price at $560. Models include a 4
corporation and Utilities Power &.Light Corp. for the purpose of affording
sedan,a town sedan with built-In trunk,a rumble seat coupe and a business
the holders of the 10
-year 6% secured gold bonds of Central States an opporcoupe -V.138, p. 4123.
for 5% debentunity to improve their ;position by exchanging their bonds
Cincinnati Street Ry.-Earnings.--tures of Central States Power & Light Corp.
Central States has outstanding $3,500,000 10-year 6% secured gold bonds
1934.
Month of Maydue Jan. 1 1938. Interest has been paid on the bonds up to and incl. Jan. 1
$521,206
Operating revenue
1934 and no default exists.
382,362
Operating expenses (including depreciation)
40,600 shares (entire
The principal assets of Central States consist of
48,134
Taxes accrued (including Federal taxes)
issue outstanding) of common stock of Central States Power & Light Corp..
andthe entire outstanding capital stock of Central States Production Corp.
$90,709
Operating income
pledged with
consisting of 4,643 shares. All of these shares of stock are
10,569
Interest and discount
Chase National Bank at trustee. Payment of interest on and principal
of these bonds is, therefore, almost wholly dependent upon income received
Gross income
$101,278
or to be received as dividends on the above mentioned stock.
Deductions from gross income
58.550
Central States Production Corp. is indebted on a promissory note made
Sinking fund requirements accrued
17,050
by it dated July 17 1928, payable to the order of Central States Power &
Light Corp. in the principal sum of $610,008 secured by purchase money
Bal. from ordinance oper. to apply to return on capital_ __ _
25,678
mortgage covering certain gas wells and leases of gas wells and a certain
Income from corp. invest., less expense (non-ordinance)
1,988
gasoline plant located in Oklahoma, which property comprises practically
the entire assets of Central States Production Corp. No dividends have
Balance to surplus
$27,667
Central States Production
ever been declared or paid on the capital stock of
-V. 138, p. 3598.
Corp.
Central States Power & Light Corp. Is indebted on its 1st mortgage and
C & K Brewing Co., Hamtramck (Detroit), Mich.
the principal amount
1st lien gold bonds, 5;i% series, due Jan. 1 1953, in
Stock Offered.
-John L. Brown & Co., Detroit, are offering
of $13,500,000. Interest has been promptly paid on these bonds and there
is no default thereon.
for sale (in the State of Michigan only) the capital stock at
Central States Power & Light Corp. is also indebted in the principal
market. A circular shows:
sum of $6,000,000 on its 5% debentures, dated Jan. 1 1934, maturing
per annum payable
-Company was incorporated in Michigan April 19
History and Business.
Jan. 1 1944, and bearing interest at the rate of 5%
1934 to acquire the brewing business owned and conducted by Casimir
semi-annually on Jan. 1, and July 1, in each year.
Kocot as sole proprietor doing business as C & K Brewing Co. in HamCentral States Power & Light Corp. also had outstanding as of Dec. 31
tramck, Detroit, Mich. Company was organized with a total capitalization
1933 80,000 snares (no par) cum. $7 dividend preferrea stock. Dividend'
of 300,000 shares (par $1), all of which were sold at $1 per share, less a
were fully paid on this stock until Dec. 31 1931, since which date dividends
selling commission of 15%, netting the company $255,000. Of this sum,
have been suspended thereon. As of Dec. 31 1933 there were unpaid and
undeclared cumulative dividends on this stock in the amount of $1,120,000.
$158,100 is being used to acquire the property free and clear of all indebtedness and the balance of $96.900 is for expansion of the company's storage
No dividends have been paid on the common stock of Central States
capacity and for cash working capital.
Power & Light Corp. since June 30 1931.
Prior to the repeal of the Eighteenth Amendment C & K Brewing Co.
Due to the failure to receive dividend payments on the stocks owned by
operated a malt business. When 3.2% beer became legalized, the brewery
it, Central States has been able to pay interest on its outstanding bonds
for some time past only by reason of funds made available to it by Utilities.
changed from the manufacture and sale of malt to the manufacture and
sale of beer, and has been in continuous operation, working at full capacity,
Utilities cannot be reasonably expected to make further advances for this
ever since.
purpose, and since it appears that no dividends will or can be paid on the
above mentioned common stocks for a long period of time, a default in the
The C & IC plant has a brewing capacity of approximately 125,000 barrels
payment of interest becoming due and payable on the bonds of Central
of beer annually, but has very little storage capacity at the present time.
States on July 1 1934. and for a considerable time thereafter, appears inNotwithstanding the lack of storage capacity, the brewery in its first six
evitable.
months of operation, for the period beginning July 1 1933 and ending
In order to afford the bondholders of Central States an opportunity
Dec. 31 1933. showed a net profit after all charges, including depreciation
materially to improve their present position. Utilities has proposed the
but before reserve for Federal income tax, of $33,072. These earnings were
following plan:
made exclusively for the sale of draft beer. Demand for C & K bottle beer
(1) Utilities will make available to Central States $1,400,000 of unsecured
from distributors now using C & K draft beer should keep the company's
debentures of Central States Power & Light Corp. dated Jan. 1 1934.
bottling plant, when completed, working at the same full capacity that its
(2) Central States will make an offer to its bondholders to exchange
draft beer business now enjoys.
said 5% debentures of Central States Power & Light Corp. with July 1 1934
Purpose.
-From the proceeds of this financing, the company is increasing
and subsequent coupons attached, for its outstanding bonds with July 1
its storage capacity, new storage cellar buildings already being under con1934 and subsequent coupons attached, on the basis of 40% of debentures
struction, so that within the space of a few months the company should
for 100% of secured gold bonds.
have a well rounded-out brewing and storage capacity of 125,000 barrels
Because of its desire to prevent default, if possible, by any of Its public
of beer a year.
utility subsidiaries, Utilities has made the following offer to Central States:
-h&j
-Smaller Dividend
(1) Utilities has caused Central States Power & Light Corp. to create 'Cleveland Union Stock Yards Co.
under the terms of a trust indenture dated Jan. 1 1934 to Continental
The directors have declared a quarterly dividend of 12 cents per share
Illinois National Bank & Trust Co. of Chicago as trustee, an issue of
on the common stock, no par value, payable July 2 to holders of record
unsecured debentures known as its 5% debentures in the amount of $6,000,June 22. This compares with 25 cents per share paid on Jan. 2 and April 2
000, dated Jan. 1 1934. Utilities is now the owner and holder of all of the
last and 12 cents per share paid on April 1, July 1 and Oct. 2 19.33.debentures, having purchased the same at par by surrendering for cancellaV. 137, p. 4533.
a demand note of Central States Power & Light Corp., dated Jan. 29
tion
1932, on which there was a balance owing of $5,957.121, 'being principal
-Patent Suit.
Colgate
-Palmolive
-Peet Corp.
and interest thereon at the rate of 6% per annum and by paying in cash
See Petroleum Derivatives, Inc. below.
-V.138. p. 1567.
the difference between the indebtedness so canceled and the $ ,000.000
-Collyer Insulated Wire Co.
-Larger Distribution.
in face amount of said debentures.
(2) Utilities will make available to Central States $1,400,000 of the 5%
The directors have declared a quarterly dividend of 15 cents per share
debentures of Central States Power & Light Corp. to enable Central States
on the common stock, no par value, payable July 1 to holders of record
to exchange the same for the $3,500,000 of outstanding bonds of Central
June 25. This compares with 10 cents per share paid on this issue on April 2
States on the basis of 40% of debentures for 100% of bonds. (Bonds so
last, 25 cents per share on Jan. 5 1934 and on Oct. 2 1933 and 10 cents per
received in exchange for debentures will be held by Central States subject
share on July 1 1933.-V. 138, p. 2570.
order of Utilities.)
to the
(3) The above offer is conditional, however, upon the bondholders of 'Columbia Vise & Mfg. Co.
-Dividend Rate Increased.
Central States depositing not less than 70% of the $3,500,000 of bonds
The directors have declared a quarterly dividend of 75 cents per share
outstanding as of Jan. 1 1934 (unless a lesser percentage shall be agreed
OD the common stock, no par value, payable July 2 to holders of record
upon between Central States and Utilities), with July 1 1934, and subsequent
June 20. Previously the company paid quarterly dividends of 373.i cents
coupons attached, for the purpose of accepting in exchange therefor on the
per share. In addition, extras of 12Si cents per share were paid on April 2
above basis the 5% debentures of Central States Power & Light Corp.
last and on Dec. 27 1933.-V. 138, p. 2091.
with July 1 1934 and subsequent coupons attached.
deposited with the company, as depositary. Office.
Bonds should be
Commercial Investment Trust Corp.
-Further Expan327 South La Salle St., Chicago. See also Central States Power & I1ig
sion.-V. 138, p. 3768.
Corp. above.
The corporation on June 21 announced the acquisition of Midland AcceptPince Corp., with headquarters in Cincinnati, Ohio. The stock of the latter
-Petitions to Reorg nize
-.--.Central West Public Service Co.
Company has filed a voluntary petition in Federal Court, Wilmington/ corporation is being purchased outright, and the business of the company
will be transferred to the operating subsidiaries of C. I. T., under whose
-V. 138. p. 2568.
to reorganize under Sec. 7713 of the Bankruptcy Act.
name the future business will be conducted.
The Midland Acceptance Corp. has specialized largely in the financing
-Earnings.
Chapman Ice Cream Co.
of the motor business and reI3oiled a 1933 gross volue of business of
m
1934.
1933.
$7.869.338. The comUany has been active in financing sales of all makes
Five Months Ended May 31
.. $102.457
$83,896
of nynor vehicles and has approximately 200 active dealer accounts.
Gross sales
5,786 loss12,978
The Midland company maintains complete branch offices in Louisville,
Net income after charges
Nil
$0.12
Lexington, Dayton, Indianapolis, Toledo, St. Louis, Pittsburgh, RichEarnings per sh. on 50,000 shs. common stock_ _
mond, Cleveland, Buffalo and Muncie.
-V. 138, p. 3435.
-1,r. 138, p. 2741.
Financial Chronicle
4294
-Earnings.
Commonwealth Edison Co.
1934-5 Mos.-1933.
-Month--1933.
Period End. May 31- 1934
Gross earnings
$6,037,401 $5,791,876 $31,813,010 $30,152,869
3,664,274 x3.518,937
2430,773
y Net income
506,671
y After interest, depreciation, taxes, &c. x After allocating 1933 year-V. 138, p. 3769.
end adjustments.
-Changes Made in
Commonwealth & Southern Corp.
Board of Directors.
Announcement was made that at the annual meeting of stockholders
on June 20, the by-laws were amended eliminating the office of Chairman
of the board and the following board of directors was elected: P. S. Arkwright (President of Georgia Power Co.), W.H. Berthold (Vice-President),
A. C. Blinn (General Manager of Ohio Edison Co.), C. M. Clark (of E. W.
Clark & Co.. Phila.), S. Sloan Colt (President of Bankers Trust Co.).
Jo Conn Guild Jr. (President of the Tennessee Electric Power Co.). W. H.
Hassinger, Jacob Hekma (Vice-President), George Howard (President of
United Corp.), D. E. Kern (General Manager of Consumers Power Co.),
T. A. Kenney (Vice-President), T. W. Martin (President of Alabama
Power Co.), R.S. Wallace (President of Central Illinois Light Co.), Wendell
L. Wilikie (President), and E. A. Yates (Vice-President).
Messrs. Arkwright, Blinn, Guild, Kam and Wallace are the new members
of the board. B. C. Cobb, Chairman of the board and one of the organizers
of the corporation and some of its predecessor companies retires on account
of Ill health. Other members of the old board retiring are C. E. Groesbeck
(Chairman of Electric Bond & Share Co.), A. L. Loomis, R. P. Stevens
and Langdon K. Thorne.
Wendell L. Wilikie, President of the Commonwealth & Southern Corp.,
stated, "The election to the board of the chief operating executives of the
six larger operating units ofthe Commonwealth & Southern system is another
to
step in the established policy of the Commonwealth & Southern
and the
unify more completely its functions and operations. State laws Corp'
absence of a Federal incorporation act make holding companies necessary
and now prevent the operation of all units under one corporate charter.
However, by close co-operation between the executives of the respective
operating units the practical effect is to make the system one large operating
unit. Some time ago intermediate holding companies were eliminated and
the supervising ofthe operating units was transferred to a servicing company,
the stock of which is owned by the operating companies."
May Production Up.
June 23 1934
Consolidated Income Account, Years Ended Dec. 31
1931.
1932.
1933.
Gross earnings
$907,332 $1,089,569 $1.421,767
566,786
Customers commissions & ticket costs
373,664
440,285
$649,284
32,141
$854,981
39,801
Gross revenue
$559,773
$681,425
Collection and field costs
202,033
232,257
Service costs
97,442
130,194
122,522
170,629
Selling. general & administrative exps.
Sundry incomes
Cr13,426
Cr6,917
Ordinary expenses
67,370 1
49,121
1
Loss on disposal of capital assets__ _ _}
107.567
Prov. for int. on gen. vending bonds _
201,300
201,300
Depreciation & amortization of cost _
639.111
681,054
Shares of expense
8894,782
295,382
173,734
300.054
Cr31,135
133,875
159,284
201,300
725,377
25,000
Gross revenue from machine earns_
Other sales
$533,668
26,105
Net loss for the year
$756,579
$883,780 $1,088,090
Consolidated Balance Sheet, Dec. 31.
1932.
1933.
Liabilities1932.
Assets1933.
$81,447 Notes payable._
$130,128
Cash
315,535
25,884
2,888,277 3,626,787 Accounts payable. $22.831
Property
26,314 Accr'd liabilities_
19,836
27,933
Notes & accts. rec_
20,897
12,875 6
18,518
gold bonds of
Securities
G. V. Corp__ __ 3,715,000 3,715,000
Due from agents &
9,976 Int. on G. V. Corp.
5,630
employees
2,209
3,164
MLsc, accts. reek._
bonds
306,488
529,388
Cash on dep. with
Accounts payable
600
(non-current)
600
skg. fund trustee
8,227
7,371
10,689 Def. credit items._
10.090
Inventories
116,751
114,298
275,646 Rm. for loss from
297,606
Investments
fire and theft.,...27,930
1,420.090 1,781,409
Intangible assets
28,063
169,379 Notes pay. & int.
114.308
Def'd debit items_
2,035 (Remington
3.406
Cash In closed bks_
Arms Co.)
175,313
166,338
Due to dep. of stks.
of sub. cos
6,565
6,565
Equity of min. In
cap. stock & surplus of subs_
12,220
12,160
r Preferred stock
4,771,545 4,771,545
y Common stock._ 2,541,358 2,541,355
Deficit
7,034,014 5,741,522
Electric output of the Commonwealth & Southern Corp. system for the
month of May was 501,153,617 kwh.,as compared with 458,880,561 kwh.
for May 1933 an increase of 9.21%. For the five months ended May 31
1934 the output was 2.409,513,214 kwh. as compared with 2,084,332,475
kwh. during the corresponding period of 1933. an increase of 15.60%.
Total
$4,910,699 $8,000,321
Total
$4,910,699 36,000.321
Total output for the year ended May 31 1934 was 5.633.419,585 kwh. as
compared with 4,997,064,579 koih. for the 12 months ended May 31 1933,
x Represented by 120,798 shares no par value. y Shares of $1 par value.
an increase of 12.73%.
-V.137, p. 1245.
Gas output of the Commonwealth & Southern Corp. system for May
was 684.242,500 cubic feet as compared with 641,667.500 cubic feet in May
'Consolidated Mining & Smelting Co. of Canada, Ltd.
last year an increase of 6.64.% For the five months ended May 31 1934
'-Dividend Rate Increased.
the output was 3.861,815,800 cubic feet as compared with 3,323,663,100
year an increase of 16.19% •
The directors on June 19 declared a semi-annual dividend of 4% ($1 per
cubic feet for the corresponding period last
share) on the capital stock, par $25. payable July 16 to holders of record
Total output for the year ended May 31 1934 was 8,093,942,300 cubic feet
June 30. This compares with 6% ($1.50 per share) paid on Jan. 15 1934
as compared with 7,739,536,800 cubic feet for the 12 months ended May
for the full year 1933. The latter cash payment was the first since Jan. 15
311933 an increase of 4.58%-V. 138, p. 3942.
1932 up to which date semi-annual dividends of 5% had been paid. A
"%-Co po Shoe Machinery
*-5% stock distribution was also made on Jan. 15 1932, which was followed
ew York Curb Exchange has authorized the listing) stock trust
by a 10% stock dividend on March 1 1933.-V. 138 p. 509
Corp.-L*4v,IafN
•
oe.-449...rV.
certifies for 32,594 additional shares of common stock pull
-Receivership ApConsolidated Retail Stores, Inc.
138, p. 2917.
-Earnings.
Connecticut Electric Service' Co.
1933.
1934.
$16,804,600 $16,169,240
9,416,648
9,905,544
2,289,712
2,308,104
12 Months Ended April 30-Operating revenue & other income
Operating expense
Deductions from gross corporate income
Net income
Dividends on preferred stock
$4,590,952 $4,562,880
824,099
822,298
Balance
Minority & former interests
$3,768,654 $3,638,781
1,275
598
$3,767,379 $3,638,183
Balance for dividends on common stock
$3.282
$3.170
Earnings per share
Consolidated Balance Sheet April 30 1934.
Liabilities
Assets
Prop., plant & investment_ _3115,584.461 Capital stock:
The Conn. El. fiery. Co.,
332,612
Miscellaneous investments__
(1,147.860 abs. corn.),,., $63,089,875
521,537
Sinking funds & special deps.
Pt. stk. of sub. In hands of
2,132,978
..,,
Cash
13,631,400
the public
2,626,233
Notes & accts. receivable__ _
Corn. stk. of subs. In
Accr. int, on secs., notes &
hands of the public_ _
2,200
57,541
accounts receivable
979,051 Fd. dl. in hands of the public 33,441,000
Materials and supplies
Mat, bond int. & dim deUnamortized debt discount
clared unpaid
477,676
2,354,554
and expense
711,911
652,798 Accounts payable
Prepd. & def. sects
814,624 Ousatonic Water Power Co.
Work in progress
6% 1st mtge. gold bonds_
111,600
116,431
Unadjusted debits
1,281,860
421,696 Accrued accounts
Empl. welfare fund (contra)
405,672
Consumers' deposits
61,775
Unadjusted credits
4.559.447
Reserve for retirements _ _ _
Other reserves
599,214
Empl. welfare res.
421,696
(contra)_
7,799,391
Surplus
Total
-V.138, p. 3434.
$126,594,516
Total
$126,594,516
-Omits Div.
----- Connecticut Gas & Coke Securities Co.
The directors have decided to omit the dividend ordinarily payable
about July 2 on the common stock, no par value. Quarterly payments of
five cents per share were made on this issue on Jan. 2 and April 2 last, as
against 10 cents per share in each of the two preceding quarters and 20
-V. 137. P. 4699.
cents per share previously,.
Connecting Ry.-Bonds Offered.
-S. C. Commission on June 1,8 authorized the company to issue
The I.
and deliver to the Pennsylvania RR. at par $1,217,000 1st mtge. 4%
bonds in partial reimbursement of indebtedness. The Pennsylvania RR.
was aulihorized to assume obligation and liability, as guarante r, in respect
of the ponds and to sell them. The report of the Commission says in part:
It is stated that to Dec. 31 1933 the Pennsylvania, as lessee, has made
additions and betterments to the property of the Connecting company in
the amount of $1,280,464, for which settlement has not been made. The
Pennsylyania has requested settlement of $1,217,000 of the foregoing
indebtedness by the issue and delivery to it at par of that amount of 1st
mtge. 4% bonds of the Connecting company.
The Pennsylvania will endorse on them its guaranty of the payment of
the principal and interest, as it has done with all the Connecting company's
1st mtge. bonds heretofore issued. The bonds, which by their terms
were made payable in gold coin, will bear a notation indicating that they
will be subject to the provisions of Public Resolution No. 10 of the Seventythird Congress, approved June 5 1933.
The Pennsylvania has arranged for the sale of the bonds to Edward B.
Smith de Co., Philadelphia. at 101.25 and accrued interest, which is on a
basis of approximately 3.90%-V. 138. p. 4123.
,
-To Reorganize.Consolidated Gas Utilities Co.
Howard Peterson and C. E. Davis of New York and Emma J. Steffenson
to reorof Brooklyn have filed a petition in Federal Court, Wilmington,
-V. 138.
ganize the company under Section 77B of the Bankruptcy Act.
p. 3600.
Consolidated Aut
organization. Petition.
-.-.
The company has filed a
Section 77-B of the Ba
General Vending Corp..
-Reerchandising Corp.
plication Denied.
Circuit Judge Green at St. Louis on June 11 denied an application for the
appointment of a temporary reeds er for the company ir a suit filed on
March 19 by Edward P. Hussman, owner of 20 shares of the 17.000 outstandirg shares of cumulative preferred stock. In denying the appointment
of a temporary receiver. the Court, however, retained jurisdiction for such
-V. 138, p. 2405.
orders as may be necessary.
-Resumes Extensions.
Consumers Gas Co. of Toronto.
The company has announced resumption of its extension program
which was interrupted at the end of 1931 with ,the collapse of the building
industry. The directors at a special meeting approved of an order for
a large supply of cast iron pipe to be used in the construction of mains
and service lines throughout the Province.
Sales of gas in May were approximately 5% in excess of sales for the
corresponding month a year ago, which represents the fifth consecutive
monthly gain over the corresponding months of the previous year.. 137, P. 4011.
Consumers Power Co. (Me.).-Avrtiresnifiehiga*--Propertirsti
,
T114o mpany announced the purchase of the gas and electric properties
ofle
chigan Federated Utilities Co. and the Lower Peninsular -Power
Co. which serve more than 20.000 customers in 50 COMMUnitles.
e Michigan Federated Utilities has gas plants in Mt. Clemens, Plymouth, Owosso, Alma, Marshall, Alpena and Sault Ste. Marie, Mich.
The Lower Peninsula Power Co. has electric systems in the territories
around Frankfort and Plainwell, Mich., and also has operated four hydroelectric plants, one on the Betsie River near Beulah, two on the Thornapple
River at Ada and Cascade and one on the Kalamazoo River at Plainwell.
The Consumers company has been a purchaser of power from several
of the hydro plants.
All of the newly acquired properties except the gas plants at Alpena
and the Soo fit naturally into the Consumers' system. The two gas
plants will be operated independently for the time being while the other
properties will be added to existing divisions of the Consumers coin_
pany.-V. 138, p. 2918.
Continental Gas & Electrical Corp.
-Earnings.
12 Months Ended April 30-1933.
1934.
Gross operating earnings of subsidiary companies
2
(after eliminating inter-company transfers) _ _ -$ 9,555,355 $30,318,475
Operating expenses_ _ ------------------------- 11,316,497 11,203,138
1.434,988
Maintenance, charged to operation
1,368,086
3,099,477
Taxes, general & income
3,169,570
Depreciation
4,187,470
4.130,187
Net earnings from operations of subsidiary cos _ $9,513,732 $10,450,683
616,061
Non-operating income of subsidiary companies_ .._
612,065
Total income of subsidiary companies
$10.125,798 $11,066,744
Int., amortization & pref. dive, of subsid. cos.3,960,060
Interest on bonds notes &c
3,963,354
347,174
Amortization of bond & stock discount & exp - 348,741
Dividends on preferred stocks
1,070,368
1,070.340
Proportion of earnings attributable to minority
12,178
common stock
6,395
Equity of Continental Gas & Electric Corp. in
earnings of subsidiary companies
$4,736.968 $5,676,965
34,164
Earnings of Continental Gas & Electric Corp-- - 49,109
Balance
$4,786,077
Expenses of Continental Gas & Electric Corp-- - 147,667
$5,711,129
132,824
Gross inc. of Continental Gas & Electric Corp..- $4,638.410 $5,578,305
,
Holding company deductions
Interest on debentures
2,601?zs
2,600.000
Other interest
164.172
Amortization of debenture discount & expense.
164,172
Balance
Dividends on prior preference stock
Balance for common stock
Earnings per share
-V. 138, p. 3601.
$1,874,238
1,320,053
8
$2,812.50
1,320,053
$554,185 $1,492,455
$6.96
$2.58
-Removed from List'
oral Court for reorganization under ----6o grave Export Brewer)Co., Ltd.
t tion n
New York Produce Exchange as removed from dealing the commonu
ptcy Act. At the same time a subsidiary,
$10.-V. 138, p. 192a.
stock,
permission to reorganize.
etd
‘....
SContoocook
4295
Financial Chronicle
Volume 138
Mills
Corp.
-Soon
to Pay Final Liquidating
Dividend.
Grels, former receiver for the company in the domiciliary jurisdiction in
Tulsa, is the trustee.
-V. 137, p. 3845.
-Assents to Plan.
The corporation will soon declare a final dividend llquidatlon of approxi- ----Denver & Rio Grande Western RR.
mately $13 per share on the 2,500 preferred shares. Previously a total of
Approximately $16,949,400, or 57% of the 5s of 1955 have been de$28 per share on the preferred had been paid. ("American Wool and Cotton
posited under the company's plan for deferment of interest.
Reporter.")
-V. 132, p. 2398.
Dotsero Cut-Off Formally Opened.
Formal opening of the Dotsero cut-off took place June 16 in Denver,
4 -Coronado Hotel Co., St. Louis.
"
-Bankruptcy Petition.
31o., amid an imposing ceremony which included Governors of several
A petition to reorganize under the Corporate Bankruptcy Act has
-V. 138, p. 4124.
States and a number of railroad executives.
filed in Federal Court, St. Louis, by certain bondholders. The pet ion
points out the company has defaulted interest on $2.145,000 in bond and
plan pro-Earnings.
allege it is insolvent. These bondholders attack a reorganization
Detroit Edison Co.(& Subs.).
posed by a bondholders' committee as unfair and in opposition to the
1933.
1934.
12 Months Ended May 31Corporate Bankruptcy Act.
$41,612,233 839,267,789
Total electric revenue
Under the proposed reorganization the company's property would
1,786,105
1,659.287
Steam revenues
be foreclosed and a new company would issue stock to bondholders and
405,710
374,930
Gas revenues
creditors. The petition requests appointment of a trustee and asks court
1,562
702
Miscellaneous revenues
scrutiny of the proposed reorganization plan.
-V. 121, p. 1682.
$43.647,152 $41.461,165
Total utility operating revenue
Creole Petroleum Corp. (& Subs.).
-Earnings.
269.193
284,443
Other revenue
Calendar Years1930.
1933.
1931.
1932.
Gross operating income_ $8,314,904 $7,184,078 $3,954,733 $4,191,707
$43,931,594 $41,730,359
Total revenues
Costs. oper. & gen. exp.. 2.940,824
1.757,694
2,922.910
2,307.944
29,823,573 29,762,408
Operating & non-operating expenses
Taxes
34,000
54.745
51.436
34,527
6,464,965 6.335,737
Interest on funded and unfunded debt
Deprec., depl. & amort_ 2,582,226
659,228
1,562,925
1,439,475
197.022
204.193
expense
Amortization of debt discount &
Royalty to Venezuelan
35.247
Miscellaneous deductions
Government
233,735
Loss on inv. in stock.._ _ _
a1,787,500
$7.438,863 $5.399,943
Net income
Loss on exchange
prof1,740,924
1,487,584
-V.138. p. 3601.
Retiremeots-Plant____
245,999
76,567
41,473
Canceled Se SUIT.leases....
154,730
16,810
2.239.205
-'Substitution.
Di Giorgio Fruit Corp.
The New York Produce Exchange has substituted on the list new common
Net°per.income
$4,077,303 $1.856,263loss$4685820 $1,507,049
stock, par $10 and new $3 ccum. part. preferred stock for old common stock
Non-oper. income (net)_
157,996
28.631
175,208
218,981
Loss applic. to min. mt.,,
(no par) and 7% preferred, par $100.-V. 138, p. 1568.
165
146
160
Profit for period_ _ _ _ _ $4,106,099 $2,075,4(4loss$4510,465 $1,665.045••---(The) Distillers Co., Ltd. (Del.).-Brtiish Company to
Shs.cap,stock outstandAcquire Interest in American Concern.- •
ing(no par)
6.524.391
6,974.356
6.974,356
6,974,356
-V. 137, p. 1058.
Earns, per share (no par)
See National Distillers Products Corp. below.
$0.25
Nil
$0.59
30.30
a Of Mends Oil Corp.
-Investment Averages Firm.
Group, Inc.
Distributors
Balance Sheet Dec. 31.
The investment companies common stock index held firm during the
1932.
1933.
1933.
1932.
June 15, as evidenced by the averages compiled by this corporaweek ended
AssetsLiabilities
$
$
tion. The average for the common stocks of the ten leading management
y Tot, fixed assetst85,867 50,222,565 x Capital stock_ _ _34,871.780 58,078,546
companies. Influenced by the leverage factor, stood at 13.93 as of the
Mall & supplies__ 915,214 2,123,251 Accounts payable_ 906,901
621,073
close June 15, compared with 13.83 on June 8.
31,945
11,863
Inventories
387,657
313,921 Other curr. Ilabil__
The average of the non-leverage stocks stood at 14.72 as of the close
177,481
Accts. receivable 2,016,268 1,503,279 Accrued liabilities_ 345,550
June 15, compared with 15.05 at the close on June 8. The average of the
Other curr. assets_
88,508 Capital & surplus
mutual funds closed at 10.99, compared with 10.85 at the close of the
19,480
19,314
Cash
301,312
144,450
of minority into.
previous week -V. 138. p. 3944.
Prepd. & def. chgs. 463,319
80,806 Capital surplus _ _.23,262,913
1,160,459 4.018,367
Organization costs
6,342
Deficit
-Resumes Common Div.
-" ---(Joseph) Dixon Crucible Co.
Stock invest, in
The directors have declared a dividend of $1 per share on the capital
affiliated cos.
53,219
18. A similar
stock. par $100. payable June 30 to holders of record June
MIscell. securities_ 381,882
380.157
distribution had been made on Dec. 31 1931; none since. Previously, the
-V. 137.
company paid quarterly dividends of $2 per share on tne stock.
58,257.862 54,910,157
Total
58,257,862 54,910,157
Total
p. 2278.
y After deducting
x Represented by 6.974.356 shares of no par value.
deprec., depletion, and amortization of $11,852,068 in 1933 and $9,386.-Bonds Called.
Dominion Coal Co., Ltd.
508 in 1932.-V. 138. p. 3436.
There were recently called for payment as of May 1 last a total of
Crompton & Knowles Loom Works.-Bal. Sheet Dec. 31. $306.000 of 5% 1st mtge. s. f. gold bonds, due May 1 1940. Payment
was made at the Royal Trust Co., 105 St. James St., Montreal, Can.
1932.
1933.
1933.
1932.
V. 137, p. 1942.
8
Assets8
Liabilities8
S
Fixed assets
4,617.211 2.954,331 Preferred stock.. 2,967,800 2,967,800
-Removed from List.
-----Doc=on Motors, Ltd.
Inventories
2,088,677 1,856,726 x Common stock__ 5,897,100 6,000,000 r
The New York Curb Exchangp has removed from ugted trading
Cash & receivable. 3,443,724 3,283,225 Accounts payable
118,920
Patent rights, &O.
privilee capital stock, par $ .-V. 138, p. 689.
accrued _ _ _ _ 647.323
and
1.750.000
•
46.553
Miscell. assets_ _ __ 1,594,402
862,417 Deferred credits._
Duluth Missabe & Northern Ry.-Bonds Called.
2.185,238 1,619,980
Surplus
redemption as of July 1 a total of $819,000
There have been called for
11,744,014 10.706,700
gen. mtge. 5% gold bonds due Jan. 1 1941, as 105 and int. Payment will
Total
11,744,014 10,706,700
Total
-V.138,
x etepresented by 240,000 shares of no par Nalue.-4. 136. p. 4276.
be made at the New York Trust Co.. 100 Broadway, N.Y. City.
p.3771.
r-••••Dartmouth Mfg. Co.
-Final Liquidating Dividend.
A final liquidating dividend of 90 cents per share has been declared on
the common stock, par $100, payable on demand. Previously the company had paid dividends on this issue of $20 per share in cash and $20 in
bonds of the Powdrell-Dartmouth Corp. A liquidating dividend of $100
-V. 137, p. 1246.
per share was paid July 5 1933 on the 6% pref. stock.
-Earnings.
Davega Stores Corp.(& Subs.).
Years EndedMar.31 '34. Mar.25'33. Mar. 26'32.
$7,209,426 $6,654,275 $11,570,265
Net sales of merchandise
Cost of mdse. sold, selling, gen, &
•
admin. exps., incl. prov. for bad
debts and remiss. losses (excl. of depreciation and amortization)
6,994,117 6,868,261 11,818.206
93.129
168,928
76.032
Depreciation and amortization
Net operating loss
Miscellaneous earnings
-Earnings.
Eastern Gas & Fuel Associates.
1933.
1934.
12 Months Ended May 31$11,937,820 $10,378,667
Total income
3,168,652 2,626,344
Depreciation & depletion
Int., debt discount & exp., Federal taxes, minority
4,606,239 3,901,220
interest
$4,162,929 $3,851,103
Net income
1,104,452
1,105,779
Divs. on 4%% prior pref. stock
Divs.on 6% pref.stock, exclusive of diva. on stock
1.970,514
by Eastern Gas & Fuel Associates & subs_ 1,970,518
owned
$776,137
$1,086,632
Surplus
$0.39
$0.55
Earns, per share on 1,987,762 els. corn. stock,,,,
-V. 138. p. 4124.
prof.$139,276
123,283
$307,115
124,783
$416,869
125,101
prof.$262,559
Net loss
Addl prov, for deprec. & amort., due
to revision or termination of leases_
Bonuses & exps. in connection with
35,347
revision of leases
Miscellaneous credits
55,359
41.045
Provision for taxes
$182,332
$291,768
77.817
194,357
46,762
67,144
Net loss transf. to earned surp__prof.$241,525
Earned surplus beginning of period_
Adjustment of charges to earned sursurplus with respect to stock dive.
paid in prior year
865,792
101,991
$355,770
764,889
75,303
Electric output for three major affiliates of the Electric Bond & Share
System for week ended June 14,compares as follows with the corresponding
week of 1933. (in kwh.):
Increase.
1933.
1934.
x2.7
71.472,000 73.449.000
American Power & Light Co
3.1
37.134.000 36,018.000
Electric Power & Light Corp
17.4
57,722,000
67,769,000
National Power & Light Co
x Decrease.
-V. 138, p. 4124, 3944.
Total
$241,525
Dividends on pref.stock (since retired)
y111,257
Dividends on common stock
$36.199
$484,422
112,500
269.932
-Increase in Sales
Elizabeth (N. J.) Brewing Corp.
Expected.
84,384
x103.515
$130.268
$101.991
Earned surplus end of period
x Of this amount $67,317 was charged to capital surplus. y Of this
amount $67,317 was restored to capital surplus.
Consolidated Comparative Balance Sheet.
LiabilUtesMar.31'34. Mar.25'33.
Mar.31'34. Mar.25'33.
Assets-Accounts payable_ $139,722 $133,126
Cash in banks and
53,382
$295,197 8366,507 Accrued expenses.
28,735
hand
on
543,659 Cust. dep. against
Acets & notes rec. 466,882
undeliv. sales &
664,532
1,191,109
Merchandise
other credit bats.
54,789
71,627
74,871
Val. of life Irts.pols.
2,888 Prov. for Fed'I and
Sundry deposits.
State taxes
58,830
389,440
28,442
Furniture & Mts._ 318,396
Pros. for Fed. and
'
Deferred charges &
State taxes (def.)
29,907
56,349
31,579
47,080
prepaid expenses
Corn, stk. (Par $5) 1.098,500 1,098,500
Capital surplus,,.,, 745,698
674,332
130,268
Earned surplus__
$2,327,931 82,069,585
Total
-V. 138. P. 867.
Total
$2,327,934 $2,069,585
-Meeting Adjourned.
Dayton Rubber Mfg. Co.
The adjourned stockholders' meeting to vote on the proposed recapitalization plan has been further adjourned to July 23. See also V.138, p. 3268.
-Chicago District Court Orders Final
--Deep Rock Oil Corp.
'
Report by Ancillary Receiver-Trustee Appointed.
judge John P. Barnes in the U. 5, Disirict Court in Chicago has ordered
if it is acceptable to
the ancillary receiver to render a final report and assets of the
company
the court the receiver will be ordered to turn over the who
is handling reto the trustee appointed by the Tulsa, Okla. court
organization of the company under the amended bankruptcy act. H. M.
-Collateral to Be Sold.
Eastern States Gas & Power Co.
The collateral securing the 1st mtge. coll. trust 6% sinking fund bonds
is to be sold at auction in Baltimore through Sam W. Pattison on July
18.-V. 128. p. 246.
-Output of Affiliates.
Electric Bond & Share Co.
0. L. Auf der Heide, President, in a letter to the stockholders, reports
combined sales of the company's Elizabeth and Baltimore plants of 58.848
barrels of beer and ale for the period from Jan. 1 to Juno 2 1934, inclusive.
Of this total, sales during the month of May accounted for approximately
15,000 barrels and, according to the letter, it is expected the average sales
.
,
for June, July, August and September, will greatly exceed this figure
'
"The company is now entering its season of heavy sales volume, the
letter states, "and we are confident that profits for the last five months of
Its fiscal year (May 1 to Sept. 30) will be substantial."
The appointment of Carl H. Fischer as General Manager of the corporation was announced.
-V. 138, p. 689.
-Earnings.
El Paso Natural Gas Co.(& Subs.).
x1931.
1932.
Calendar Years1933.
Gross revenue
$1,362,300 $1,339,733 $1,585.980
493.535
464,801
Oper. exps., maintenance, taxes, &c_
492,598
$874,932 $1,092,445
Net operating receipts
$869,702
3,292
7,314
Other income (net), interest. &c_ __ _
31,557
14,873
147,005
Profit on bonds retired
188.333
Total
Total income
Interest charges
Depreciation, bond discount, &c
Net income
Dividends on preferred stock
$219,890
$154,319
$18.165
$1,089,592 $1,029,251 $1,110,610
464,674
614,458
618,384
318,725
220,110
216,894
__
$254,314
$194,683
51.418
$327,211
67,125
$260.086
$143.265
$254,314
Balance
x Includes approximately 6)4 months of operation of Western Gas Co.
gathering lines, transmission system and disNote.
-Depreciation on
tribution system is based on 10% of gas sales for years 1932 and 1933.
4296
Financial Chronicle
Consolidated Balance Sheet Dec. 31.
1933.
1932.
Assets
Liabilities
-$
Cash
94,336
67,134 Accounts payable_
Notes receivable.
6,359
Notes payable__
Accts. rec'le (net)- 187,102
187,995 Consumers' depos_
Inventories
51,156
53,635 Provision for taxes
Securities owned._
923
675 Accrued interest ._
Notes & accts. rec. 886.510
Res. for deprec ___
Adv.,Ariz. project
390,363 Res. for conting.
Construction fund. 2,221,041
Min. Int. in Nat.
Sinking fund
Gas Service Co_
588
689
Fixed properties_ _12,423,855 12,414,626 1st mtge. 6)48____
Unamor. bond dis6)i% cony. deb__
count & exp
443,208 Western Gas Co:
578,976
1st mtge. 6s_
1st mtge. 534s-_
6% 2d mtge. bds
Preferred stock_ __
Common stock .. _ ...
Surplus
1933.
1932.
127,856
143,500
4,202
71,712
253,849
789,985
35,000
54,319
175,000
3,507
48,626
195,580
640,679
2,740
2,753
2,787,000 3,004.000
980,000
762,000
5,800.000
3,300,000
5,300,000
1,000,200 1,000,400
974,400
974,400
898,389
679.074
Total
16,450,846 13,558,325
16,450,846 13,558,325
Total
Note.
-Cumulative dividends of $93,886 were unpaid at Dec. 31 1933,
on the preferred stock.
-V.137. p. 3322.
Equity Corp.
-Reportfor 3 Months Ended March 31 1934.
A statistical statement showing combined assets and liabilities as of
March 31 1934 of corporation and three of its controlled companies, viz.:
Allied General Corp., Chain & General Equities, Inc., and. Interstate
Equities Corp., follows:
Liabilities
Assets
Cash
$394,015 Loans payable, secured
$243,717
Securities at market
3,364,246 Accounts payable
117,923
Invest, in affil. cos, at cost
3.994,625 Other liabilities
40,000
Accts. receiv. & other assets..
187,221 Reserves
42,520
$444,159
Excess of assets over liabilities 7,495,948
Total
Total
$7,940,107
$7,940,107
David M. Milton, President, states:
Further simplification of the corporate structure of the Equity group
was effected the early part of this year when Yosemite Holding Corp. anc.
Eastern Shares Corp. were liquidated. In March of 1934 American Colony
Insurance Co., Colonial States Fire Insurance Co. and American Merchant
Marine Insurance Co. were merged. The name of the resulting company
is American Colony Insurance Co. The following table shows the per cent.
ofoutstanding stock of the three controlled companies named above together
with companies carried as investments owned or controlled by Equity Corp..
directly or indirectly, as of March 31 1934:
Allied General Corp.:
$3, convertible preferred stock
92.23%
Class A stock
90.24
Common stock
86.94
Warrants
47.66
Chain & General Equities, Inc.:
% cumulative preferred stock
93.20
Common stock
73.84
Interstate Equities Corp.:
$3 convertible preferred stock
48.60
Common stock
75.29
American Colony Insurance Co.:
Capital stock
74.47
General Equities. Inc.: x
Convertible preferred stock
100.00
Common stock
34.35
Class A stock
34.35
General American Securities Corp.: y
Preferred stock
100.00
Common stock
100.00
x As the shares of preferred stock and common stock have the same
voting rights, the Equity Corp. together with its controlled investing
companies, had more than 68% of the voting power of General Equities,
Inc. as of March 31 1934. General Equities. Inc. has in its security portfolio class A stock (666,666 2-3 shares) and common stock (500,000 shares)
of United Founders Corp., as well as other securities of companies controlled
directly and indirectly by United Founders Corp.
y On March 31 1934,General American Securities Corp., Chain & General
Equities, Inc. and American Colony Insurance Co. together owned an
aggregate of97.89% of the capital stock of General American Life Insurance
Co.
At the special meeting of stockholders on Feb. 14 1934, the authorized
capitalization of corporation was increased to 10.000,000 shares of common
stock and 500,000 shares of preferred stock, such preferred stock being
issuable in series of which 150,000 shares of $3 convertible preferred stock
were authorized as the first series. Each share of such $3 convertible preferred stock is convertible at any time into 10 shares of common stock.
such conversion rate being subject to ratable adjustment from time to time
in accordance with charter provisions designed to give suitable protection
against dilution of the conversion privilege of shares of $3 convertible
preferred stock. On April 16 1934, the number of shares in the first series
of preferred stock was increased to 350,000 shares by action of the board
of directors,for the purpose of facilitating further exchanges of corporation's
securities for those of other companies.
-V. 138, p. 1236.
Erie Railroad.
-Pledging of Bonds.
The I.
-S. C. Commission on June 12 authorized the company to pledge
$4.000,000 ref. & improve.'mtge. 6% gold bonds, series of 1932, as part
of the collateral security for a note, proposed to be issued in renewal of a
note originally for $1,900,000 to the Railroad Credit Corp., and for any
short-term loans or renewal of loans heretofore or hereafter made to the
company by that corporation.
The third supplemental report of the Commission says in part:
The company, by supplemental application filed May 26 1934. applied
for authority to pledge $4,000,000 of Its refunding & improvement mortgage
8% gold bonds, series of 1932. as collateral security for loans from the
Railroad Credit Corp.
There will mature on June 27 1934, the applicant's note given to evidence
a loan from the credit corporation of $1,900,000, which has been reduced
to $1,362,253. There is pledged as part of the collateral security for this
loan $2,600,000 of the applicant's refunding and improvement mortgage
bonds, under the authority contained in our supplemental order of June 27
1932.
Two other notes of the applicant, one for $500,000 and the other for
$130,000, given to evidence a loan of $630,000 from the credit corporation,
will mature, respectively, Oct. 31 1934 and Dec. 13 1934. This loan is
secured in part by the pledge of $1,400,000 of the refunding and improvement mortgage bonds pursuant to the authority contained in our second
supplemental order herein of Oct. 31 1932.
The applicant proposes to renew the note, originally for $1,900,000.
less any payments of principal, for not more than two years from the date
of renewal, the new note to be issued within the provisions of section 20a(9)
of the Inter-State Commerce Act. It asks authority to pledge the $2,600,000
and the $1,400.000 of bonds mentioned above. aggregating $4,000,000.
as part of the collateral security for the proposed renewal note and for any
loans or renewal of loans heretofore or hereafter made to it by the credit
corporation.
-V. 138, p. 3945
European Mortgage & Investment Corp.
-Files Petition
-V. 136. p. 3170.
See under Roxy Theatres Corp. below.
-Earnings.
Federal Mining & Smelting Co.
Tons Produced-Quarters Ended
January 31 1934
April 30 1933
April 30 1934
5,437 Nov. 1933
5,329 Feb. 1933
Feb. 1934
4,338
5,362 March 1933
6,111 Dec. 1933
March 1934
3.915
5,771 Jan, 1934
6,111 April 1933
April 1934
3,941
Total
17,319
Total
16,802
Total
12,194
June 23 1934
Net Earnings (Before Depletion. Depreciation, Federal Income Tax and
-Quarters Etided
Year End Adjustments)
April 30 1933
April 30 1934
January 31 1934
x$41,020
Feb. 1934
Nov. 1933
$27,117 Feb. 1933
$33,499
March 193445,327 March 1933...-x13,324
42.444 Dec.1933
40
34,382 April 1933
April 1934
56,484 Jan. 1934
Total
Total
$132,427
x Deficit.
-V.138, p. 2574.
$106,826
Total
:$54,303
-New Vice-President.
Federal Motor Truck Co.
S. F. Bowman was recently elected a director and a Vice-President In
charge of sales.
-V. 138. P• 3773.
-Earnings.
Federal Water Service Corp. (& Subs.).
1933.
12 Months Ended March 311934.
Operating revenues
$15,911,093 $16,219,495
Operation expense
4.565,003 4,549,803
33,710
General expenses charged to construction (credit) _ _
71,511
192,469
Reserved for uncollectible accounts
183,855
Amortization of rate case expense
228,649
204,488
Special legal & other expenses of Federal Water
217,273
Service Corp
36.186
654,165
Maintenance
716.760
Reserved for retirements & replacements
1,004,538
1,019,386
1,271,138
General taxes
1,290,643
Reserved for contingencies
170,000
170,000
Net earnings from operation
Other income
$7.790,282 $7,965,170
163,559
188,648
Gross corporate income
$7,959,841 $8.153,818
Charges of subsidiary companies:
Interest on funded debt
5,016,333
4.919,601
Amortization of debt discount, miscell. int., &c_
299,967
303.421
Provision for Federal income tax
279,262
282,751
Dividends on preferred stock: paid or accrued..
411,181
353,273
Dividends on preferred stock-not declared- _ _ _
930,524
988,186
Balance
Charges of Federal Water Service Corp.:
Interest on debentures
Miscellaneous interest and other charges
$1,116,098 $1,213,062
386,073
228,066
Net income
$501,959
Consolidated Balance Sheet, March 31.
1933.
1934.
1934.
Liabilities$
$
$
AssetsFed. Water Ser.
Plant, property,
Corp. 5yi%
equipm% ‘ke _ 173,482,875 173,001,600
gold deb
7,019,500
Inv. in & loans
Pd. debt of subs. 96,326,200
to affil. & oth.
companies _ 6,493,054 6,543,950 Short-term notes
79,224 of subs
73.352
1,091,250
Misc. spec. dep.
. 6,388,900
Def. accts. rec._ 1,443,020 1,543,738 Notes payable290,520
Cash & wkg. Ids. 1,388,218 1,153,841 Accts. pay
Interest accrued 1,191,400
Depos. for unreDivs. accrued_ _
38,321
presented int.
Taxes accrued- - 1,782,505
21,542
coupons
Misc, curr. nab210,258
allotes and accts.
receivable_ _ _ 2,370,958 1,996,546 Cost. deps., &c_ 1,299,638
439.451 Unearned rev_ _
411.085
532,368
Unbilled rev_ _ _
861,721 Other def'd nab_
862,358
261,055
Materials dr sup.
Res.for retire. &
Prepaid taxes.
112,681
93,662
replacements_ 13,697,458
Insurance, &c.
56,596 Other oper. res.
Mix. eurr. assets
181,808
Contr.for extens.
Comm. on cat).
700,702
2.760,020 2.984.673 Mint.int. in cap.
stock
stk. & surplus
75,138
Debt disc. & exp 2,349,675 2,397,415
d Cum. pt stock
Organ. ex. of
446,114 (corp.)
424,732
15.179,740
parent co
b Class A stock_ 13,685,880
Def. charges &
unadj. debits_ 1.144,900 1,104,301 c Class B stock.. 2,500,000
Subs. pref. stock 24,879,990
Cap. dr paid-in
surplus
2,797,774
Earned surplus_ 3,199,045
386,072
258,266
$568,723
1933.
41
7,019,500
96,996,500
2,178,250
5,635,268
232,997
1,250,655
41,419
1,673,225
190,050
1,527,317
539,894
13,085,656
207,074
673,284
433,473
15,179,077
13,677,609
2,600,000
22,250,029
3,290,708
4,139,866
Total
193,319,452 192,721,851
Total
193,319,452 192,721,851
a After reserve for uncollectible notes and accounts of $339,426 1n1934
and $275,886 in 1933. b Represented by 569,540 (569,210 in 1933) shares
of no par value. c Represented by 542,450 shares of no par value. d Re-V. 138. p. 2407.
presented by 159.160 no par shares.
Ferry Cap & Set Screw Co.
--Earnings.
Calendar Years1932.
1933.
$50,548
Manufacturing loss for year
$4,993
Selling, general and administrative expense
90,501
60,011
55,385
Depreciation
28,613
$196,434
Operating loss
$93,617
Other income-net
440
Dr16,963
Net loss
$195,994
$110,579
Previous deficit
78,319
274,313
Other credits
57,058
Deficit, Dec. 31
$274,313
$327,834
Balance Sheet Dec. 31.
1932.
Assets
1933.
Liabilities
1932.
1933.
$63,981 Accounts payable_ $79,989
Cash
$10,358
$8,052
Notes payable_ _ _
a Notes and accts.
25,483
a12,918 Accrued expenses.
receivable
44,516
3,587
8.433
110,106 C Capital stock_ __ 778,730
156,211
Inventory
778,730
Profit & loss, def. 327,835
Cash surr. value of
274,313
12,448
life insurance. _
458
309
Other assets
17,770
b Bldgs., mach'y,
287,053
equipment, &c_ 313,975
Inventory value of
factory and office
26,259
18,856
supplies
Unexpired insur.
2,990
2,655
premiums, &c.. _
Total
Total
8564.801 1516,063
$564,801 $516,063
a After reserve of $3,473 in 1933 and $3,009 in 1932. b After depreciation of $372,417 in 1933 and $380,424 in 1932. c Represented by 77,783
no par shares.
-V. 138. p. 1752.
Fiberloid Corp.
-Earnings.
Years Ended Dec.31Net gain for the year
Depreciation
Federal income taxes
1933.
$365,174
185.170
28,200
1932.
$101,561
181.225
1931.
$166,736
Net profit
Bury,realized from purch.of pref.stk.
Transfer from common stock cap
Increase in market value of U. S.
Government securities owned
$153.803 loss$79.664
4,281
11,600
1.100,000
$148,236
8,146
Surplus
Dividends paid
Res.to reduce secs, to market value.
Res. for discount on Canadian fundsDecrease in market value of U.S. Government securities
$158,084 $1,069,921
106,574
81.127
Surplus
Balance,surplus Jan. 1
Adjustments of prior years
Balance, surplus Dec. 31
18,500
38.085
Cr4,174
$156,382
167.733
43.240
4.174
8.047
*47.636
1,076.636
1,632
$984,621 def$54,591
95.993
76,738
35,336
15,278
$1,125,904 $1,076,637
$76.738
Financial Chronicle
Volume 138
Condensed Balance Sheet Dec. 31.
1932.
1933.
Assets-1933.
1932.
Liabilities-Cash
178,855
116,060 Accounts payable.. 590,015
$80,555
239,532
26,200
U. S. Govt. sec_ _
298,125 Federal taxes
33,015
30.427
Accts. notes, acAccrued expenses_
ceptances me_ __ 578,823
1,133,800 1,147,200
487,258 Preferred stock_
1,624,500 1,624.500
Accts. rec., other_
13,941
8,592 y Common stock
Inventories
1,125,904 1,076,636
768,384
861,705 Surplus
Notes recelv.(sec.)
22,200
Deposits with mutual fire ins. cos_
46,341
x Plant, equip,and
processes
2,130,273 2,110,531
Prepaid expenses
33,504
69,642
Corn. stk. In treas_
18,994
18.994
Total
$4,030,847 53.970,906
$4,030,847 $3,970,906
Total
x After reserves for depreciation of $1.462.095 in 1933 and $1,425.310
In 1932. y Represented by 27.245 shares of no par value.
-V.137. p.4703.
f=m(Marshall) Field & Co.
-Dissolves Many Subsidiaries.
In the interest of simplicity and increased efficiency in the corporate
organization of this company, many of its wholly-owned subsidiaries are
being dissolved as separate corporations, it was announced recently.
Effective June 1 1934 The Davis Co. became known as The Davis Store.
and instead of being a separate, though wholly-owned corporation, became
a division of the parent concern. At the same time, The Carolina Cotton
& Woolen Mills Co. of Spray, N. C., another wholly-owned subsidiary.
is also being dissolved as a separate corporation and becomes a division of
Marshall Field & Co.
-V. 138. p. 2746.
- '"•Finance Co. of America (Balt.)-Div. Action Postponed.
-The directors on June 14 voted to postpone action on the quarterly
dividends due July 15 until after July 1 when a special meeting will be called.
Regularly quarterly distributions of 10 cents per share on the class A and B
common stocks and 1 %,'% on the pref. stocks were made up to and incl.
April 16 1934.-V. 138. P. 2248.
Financial Shares Corp.(Del.).
-Stock Offered.
-Offering
of 4,963,473 shares of capital stock (par $1) by means of a
prospectus, was announced June 21 by Stemmler & Co.,
New York. The shares are priced on application.
The corporation was organized under the laws of Delaware in February
1933 and shortly thereafter commenced operations as a medium for the
investment of funds in a well-diversified list ofstocks of the foremost banks
and insurance companies in the United States. Commercial Trust Co. of
New Jersey is custodian of the corporation's portfolio. Investment policy
of the corporation contemplates a relatively permanent position in the
various issues which are authorized for purchase in its by-laws, although
flexibility to meet changing conditions is provided.
The offering is fully registered as provided under the Securities Act.
x To Be
Outstanding
Mar.31 '34. Outstanding.
CapitalisationAuthorized.
Capital stock ($1 par)
5.000.060
36,527
5,000,000 shs.
x Upon and subject to completion of financing.
The total capital stock and paid-in surplus as of March 31 1934 was
$39,910. The amount of capital stock to be offered is 4,963,473 shares,
constituting the corporation's unissued and treasury stock together with
such treasury stock as may be hereafter acquired by the corporation.
Officers and Directors.
-Theodore W.Stemmler Jr.(Chairman), W.Harry
Johns (Pres.), Percy Ingalls (Vice-Pres.), T. W. D. Duke, G. I. Boyd
(Sec. & Treas.), New York.
Portfolio March 31 1934.
P. C. of
Funds
Shs. Bank StocksInvested.
30 Bankers Trust Co., N. Y
3.92%
26 Central Hanover Bk.& Tr.Co.,N.Y 6.75%
66 Chase National Bank, N. Y
3.71%
90 Chemical Bank & Trust Co., N.Y
7.42%
45 Corn Exchange Bank Tr.Co., N.Y_ 5.06%
5 First National Bank, N. Y
17.48%
14 Guaranty Trust Co. of N. Y
9.86%
81 Irving Trust Co., N. Y
2.82
40 New York Trust Co., N. Y
8.31
Manhattan Co., N. Y
58
3.66
20 Philadelphia National Bank
2.2500
Insurance Stocks
10 Aetna Casualty & surety Co.,
Hartford
1.05
35 Aetna Insurance Co., Hartford__
2.73
45 Hanover Fire Insurance Co., N. Y_ 2.62
10 Hartford Fire Ins. Co., Hartford_ _ _ 1.05
10 National Fire Ins. Co., Hartford
1.05%
10 Phoenix Insurance Co., Hartford
1.24%
10 Springfield Fire & Marine Insurance
Co.,Springfield
1.90%
13 St. Paul Fire & Marine Insurance
Co.. St. Paul
3.517
5 Travelers Insurance Co., Hartford_ 4.63
Cash
8.98
Market
Ledger
Value
Value
(at Cost). Mar. 31 '34
1,824.00
$1,830.00
3,330.00
3,146.00
1,656.75
1.732.50
3
3,380.00
.465.00
2.362.50
2,735.00
8,125.00
8,335.00
3,968.00
4,606.00
1,316.25
1,557.00
3,430.00
3,880.00
1,711.00
1,192.00
1,050.00
905.00
340.00
972.50
1,085.00
290.00
320.00
415.00
492.50
1,277.50
1,226.24
492.50
492.50
580.00
480.00
890.00
1,389.00
1,060.00
1,638.00
2,165.00
Totals
100.00% $38,664.25 $42,478.50
The portfolio of the corporation includes and in the future will probably
include shares of stock of banks.
Fire Association of Philadelphia.
-New Vice.-Pres.Frank M. Avery, of San Francisco, has been elected a Vice-President
of this company and of the Victory and Reliance Insurance Cos.
-V.
138. p. 2746.
Florsheim Shoe Co.- Earning8.7
Mos. End. Apr. 30Net income after deprec.,
Federal taxes, &c.._ _
-V. 138. p. 690.
1934.
$280,483
1933.
$178,338
1932.
$3,740
1931.
$414.852
First Boston Corp.
-Stock All Sold.
The offering by the First National Bank of Boston of the entire capital
stock of the First Boston Corporation has been completely successful, all
of the stock having been sold, it was announced last week. This transaction was in conformity with the provisions of the Banking Act of 1933
relating to the divorce of security affiliates -V. 138, p. 3773.
Daniel G. Wing, Chairman of the First National Bank of
Boston, in a letter (dated May 12) to the stockholders of
the First National Bank of Boston and the Chase Corp.,
states:
The First Boston Corp. is a security affiliate of the First National Bank
of Boston within the meaning of the Banking Act of 1933. As such, it
must under the law, ho disposed of by the Bank on or before June 16 1934.
The corporation management and control must be divorced from the Bank
and stockholders holding a stock control of the bank may not own or control,
directly or indirectly, a majority of the stock of the corporation. Although
Congress may extend the time for compliance, it is deemed desirable to
carry out at this time the plan described below.
The corporation was incorporated under Massachusetts laws as of June 27
1932. It is, we believe, an efficient organization with an enviable reputation and earnings record; its business is mainly trading in Government.
State, municipal and corporate bonds, but it is also authorized to do a general
securities business; it has about 675 officers and employees and maintains
22 offices in principal cities throughout the United States, the chief executive
office being in New York City. It is performing an important function in
the securities field, and its continued existence would seem desirable.
In planning for the diposition of the Bank's interest in the corporation,
we have sought to comply with the spirit and letter of the Banking Act;
to provide that such of our stockholders as desire may have an opportunity to subscribe for a proportion of the stock in the corporation within
the amount which the law permits our stockholders to own: to extend an
opportunity to the present officers of the corporation, who are neither
4297
officers, directors nor employees of the bank, to acquire stock in the corporation; and to bring in as stockholders bona fide investors who will lend
strength to the organization.
Certain members of the old "Harris Forbes" group have expressed a
desire to become purchasers of stock and a willingness to become identified
with the present management of the corporation in its future operations.
It was their suggestion that provision be made for the acquisition by the
corporation of the right to use, if desired, the name Harris Forbes and good
will, but not other assets, of the Chase-Harris Forbes companies (two corporations organized respectively under Massachusetts and New York laws
owned or controlled by the Chase Corp.), but without any assumption by
-Harris Forbes liabilities, and that an
the First Boston Corp. of Chase
opportunity be given to stockholders of the Chase Corp. to purchase stock
of the First Boston Corp.
To provide for the carrying out of this suggestion a contract has been
entered into between the First Boston Corp., the two Chase-Harris Forbes
companies and the Chase Corp., under which the First Boston Corp. acquires the right at any time before Dec. 15 1934 on 10 days' notice to take
over the good will of the securities business of the Chase-Harris Forbes companies, including preferential rights and right to use the name "Harris
Forbes- without restricting in any way the right now or hereafter of the
Chase Corp. and its affiliated interests, to deal in and solicit contracts and
maintain existing positions respecting any Government. State, municipal
or governmental instrumentality financing. In consideration of such rights
granted to it, the First Boston Corp. agrees at its expense to preserve and
maintain certain correspondence files, documents and other papers of the
Harris Forbes companies and of the Chase Corp. with the right of access
thereto at reasonable times by the representatives of the Harris Forbes
companies or the Chase Corp. The First Boston Corp. further undertakes
to furnish from time to time from the records in its custody all data required
by the Chase-Harris Forbes interests and the Chase Corp. in connection
with any claims made upon them, but without assumption of any liability
for such claims or for any expenses of legal defence; and to such extent as is
not inconsistent with any interests which it may represent, to provide, on
request, a suitable person to act on any protective committee formed to
represent securities in the public distribution of which Chase-Harris Forbes
companies or any corporation the securities business of which may have been
acquired by them have been interested.
It is the intention to continue the operations of the corporation in all
cities in which it at present has offices with the list of directors and officers
(as given below).
Just prior to the balance sheet audit a distribution from surplus was
authorized to be made to the bank reducing capital and surplus of the
corporation to $9,000,000 which is deemed by the management adequate
for its operations, with the result that the present working capital and
surplus is approximately $2,000,000 less than the average employed during
the period to which the accountants' statement of income applies.
During the period of operation covered by the accountants'statement the
general security market was not entirely satisfactory, but since Jan. 1 1934.
conditions, chiefly on account of general activity and price stability in the
market for Government bonds, have been very favorable to the corporation.
Earnings from April 21 1934 to June 15 1934 are to be withdrawn and
any other necessary adjustments made to the end that on June 15 1934
the net worth of the corporation as shown on a balance sheet, to be prepared and certified by Haskins & Sells, shall be 59.000.000. Except with
reference to ordinary current expenses and commitments accruing after
April 21 1934 the corporation knows of no liabilities not shown on its balance
sheet.
Right to subscribe at the rate of $18 per share for 222,500 shares of the
corporation was offered to stockholders of First National Bank of Boston
of record May 22, on the basis of one share of corporation stock for each
10 shares of bank stock held. Similar right to subscribe at the rate of $18
per share for 222,000 shares was offered to stockholders of the Chase Corp.
of record on the same date on the basis of one share of corporation stock
for each 33 1-3 shares of Chase Corp. stock held.
It is planned to sell the balance of the stock at the same price to the personnel of the First Boston Corp. who are neither officers, directors nor
employees of the First National Bank of Boston, to the several members of
the Harris Forbes group referred to above, and to others who, the officers
of the corporation believe, will lend strength to the organization. Such
persons will be required to certify that they are buying for bona fide investment and not for purpose of redistribution.
Statement of Income and Surplus, by Periods for Period from June 27 1932
to April 21 1934.
June 27 '32
Year
Jan. 1 1934
to
Ended
to
PeriodApr.21 '34. Dec. 31 '33. Dec. 31 '32.
Income (incl. trading profits of First
of Boston Corp.of Massachusetts)
Profits from trading on own account:
$791,137
$1,018,049 $1,629,308
U. S. Government securities
228,084
374,601
212,551
Municipal bonds and town notes-529,411
763.033
589,837
Miscellaneous bonds and stock
43,210
59,511
24,971
Acceptances
28,620
61,586
18,276
Profit from trading on joint accountsProfitfrom participations in syndicate
392,062
90,956
206,053
and group accounts
Commissions on trades executed by
22,423
58,262
28,889
others
199,661
538,321
214,980
Int.,disct. & divs,earned on secs. held
Interest earned on repurchase and re72.028
5,467
718
sale agreements
54.882
60,145
48,989
Miscellaneous income
$2,248,222 $3,756,290 $2,361,523
Total
Expenses and Charges (incl. proportion of expenses of the First of Boston (..orp. of Massachusetts and
other estimated charges)
29,582
157,102
71.570
Interest on bank loans
2.135
4,025
1,181
Other interest charges
762,314
1.500.794
500,412
Compensation of officers & employees
63,931
122,866
37,408
Rent
172,725
374,390
137,929
Telep.,teleg.& wire communic.stions_
Taxes (other than Federal income and
77.165
127,978
61.849
excess profits taxes)
255,499
471,560
General expenses
175,072
Expenses & charges borne by the First
Nat. Bank of Boston as estimated
and agreed to by officers of the cor72.050
144,125
28.580
poration and of the bank
Provision for:
40,766
79,235
Depreciation of furniture & fixtures
16,715
66,892
Loss on impounded bank balances_
89,593
53,232
Fed. income & excess profits taxes_
178,022
5,962
10,029
7,471
Miscellaneous charges
Net income as adjusted
51,032,009
Add-To eliminate revenue & expenses
of the First of Boston Corp.of Mass.
and other adjustments incl. above
but not on books of the First Boston
Corporation
21.860
Net income as shown by the books
of the First Boston Corp
$1,053,869
x Earned surp. at beginning of period_ 1,656,720
Surplus Credits
Arising from adjustment of balance
sheet at date of organization
Transfers from "reserve for initial operating exps" acquired at organiz n
5644,056
$789.794
266,177
19.523
5910.234
897,646
5809.317
1.028,840
560.000
88,328
Total
52.710,589 $2,836,720 $1,457.646
Surplus Charges
Writedown of book value of securities
to market value at April 21 1934_ _
$60,373
$560,000
Dividend distribution
2,650,216 $1,180,000
$897,646
Nil $1,656,720
x Earned surplus at end of period
x Including transfers from "reserve for initial operating expenses."
(exclusive of borNote.
-The average capital employed in the business
rowed money) was approximately $11,000,000 for each of the periods under
review.
4298
Financial Chronicle
June 23 1934
Balance Sheet April 21 1934.
At the same time, the directors have decided to adopt new articles
(Adjusted to give effect to subsequent distribution in cash of net worth
of association embodying modifications of the original articles drawn
up at the incorporation of the company in 1928 and necessitated by subin excess of 39.000,000.1
sequent passage of the Companies Act in 1929.
Assets
-LiafdltliesBoth the conversion of shares into stock and the modification of the
Cash on hand & on deposit at
Collateral loans payable
$56,422,539
articles of association are in accord with the recent action of many other
Apr. 21 1934, less declared
Deposits on securities loaned_
51,970
leading British companies and have no other significance. ("Wall Street
distribution as of same date $4,813,870 Trading secure. sold not yet
Journal.")
-V. 138, p. 2923.
Deposits on securs. borrowed 10,028,503
purchased(valued at marBankers' acceptances
1,218,982
ket quotations):
----Fostoria Pressed Steel Corp.-Quar. Div. Increased.
Trading securities (valued at
U. S. Govt. securities
4,810,072
The directors have declared a quarterly dividend of 20 cents per share on
market quotations):
Municipal bonds
30,850
the common stock, no par value, payable June 30 to holders of record
U. S. Govt. securities
25,655,882
MimeII. bonds and stocks
320,607
June 26. This compares with 15 cents per share paid in each of the three
Municipal bonds and town
Securities sold for Joint acct.
preceding quarters. In addition, an extra distribution of 5 cents per share
notes
648,765
not yet purchased (valued
was made on Dec. 30 last.
-V. 137. p. 4535.
Miscell. bonds and stocks
market quotations)
5,006,884
147,914
Scours, carried for Joint accts.
Accounts payable:
-Earnings.
Foundation Co. of Canada, Ltd.
(valued at mkt. quotations)
Securities purchased not yet
713,159
1931.
1934.
1932.
Years Ended Apr.30-1933.
Accts. receivable:
received
28,143,047
$324,614
$270,135
$404,430
Operating profits
$224,707
Secs, sold not yet delivered 51,833,708
1,127,682
Customers' deposits
84,600
21,150
74,025
Common dividends
Accrued int. receivable_ _ _
197,144
Accrued interest
36.396
725
5,421
Prior year Fed. tax
Miscellaneous
65,163
Unclaimed coupons & dive_
•27,963
20,202
40.000
18,000
Tax reserve
12,500
Furniture and fixtures (less
Accrued taxes-due in 1934_ _
19,712
147,468
145,920
141,968
120,589
Depreciation
depreciation)
130,800
Miscellaneous
34,990
Tax stamps
4,292 Reserve for taxes
192,856
$99,223
$195,087
$30,721
Balance, surplus
366,287
Deferred charges
57,523 Deferred credits (unearned
507,790
607,012
704,020
637,733
Previous surplus
discount agency fees, &c.)8,079
Capital stk. (anti]. & issued,
$607,013
$637,734
Profit & loss balance-- $899,107
$704,020
500,000 shs. of $10 each)
5,000,000
Earned per share on no
Paid-in surplus
4,000,000
$2.17
$2.56
$1.24
$0.78
par common stock_ ___
Total
Consolidated Balance Sheet April 30.
$100,374,677
Total
$100,374,677
1933.
Notes -Assets having a market value of $59.749,445 are pledged to
LtabtlIttes1934.
1934.
1933.
Assetscollateral loans payable. The accrual of the liability for Federal capital
Land, plant, &c_ _$1,899,387 $1,821,711 x Common stock__ $710,000 $710,000
63,654
stock and excess profits taxes at April 21 1934 has been made on a basis
1
1 Accounts payable_ 132,939
Good-will
of a proposed declared value of $16,000,000 for the corporation's capital
133,000
29,278
29.030 Bank loans
Inventories
12,654
stock. At April 21 1934 the corporation had contingent accounts as follows:
40,000
14.000 Tax reserve
14,000
Sundry investnfts
747,641
554,564 Depree. reserve_
883,465
Bankers' acceptances sold with endorsement (not confirmed)
354,192
Acc'ts receivable
$382,478
388,953
51,176 Res. agst. contets 184,937
Securities purchased on a "when issued" basis
9,270
Uncompl. contr'ts
1,408,939
31,032
Securities sold on a "when issued" basis
30,015
273,056
136,323 Insurance reserve..
Cash
The profit on the "when issued" position at April 21 1934 2,322,252
899,107
704.020
292,243
172,125 Surplus
Inyestments
based on
market values where available and in other cases the subsequent trans3,827
4,339
Accrued interest._
action price was $7,879.
8.197
4.696
Deferred charges
Officers and Directors.
The roster of officers and directors of the corporation is now as follows:
Directors
-H. M. Addinsell, *James Coggeshall Jr., *Eugene
*Nevil Ford, Duncan R. Linsley, John R. Macomber, *Allan I. Cowell,
M. Pope.
*William H. Potter Jr., George Ramsey, *Arthur C. Turner, George
D. Woods.
Officers
-Chairman of the board, John R. Macomber; President, *Allan
M. Pope; Chairman of the executive committee, H. M. Addinsell; VicePresidents, *James Coggeshall Jr., *Eugene I. Cowell, *William Edmunds,
*Nevi!Ford, *R.Parker Kuhn, Duncan R. Linsley, *L. Meredith Maxson,
*Louis G. Mudge, *William It, Potter Jr., George Ramsey, Frank M.
Stanton, *Winthrop E. Sullivan, *Arthur Turner, A. H. Wenzell, *Herbert
T. C. Wilson, George D. Woods; Treasurer, *A. A. Gerade; Secretary,
*Arthur P. Kenney. Executive offices: 100 Broadway, N. Y. City and
1 Federal St., Boston.
•Officers and directors of old First of Boston Corp.
-V. 138, p. 3773.
Florida Power & Light Co.
-Earnings.
-
Total
52,880,464 52,790,957
$2,880,464 $2,790,957
Total
-V. 138. p. 1405.
x Represented by 84,600 no par shares.
-Bid for Property.
Fox Metropolitan Playhouses, Inc.
In the hearing before Judge Mack on the reorganization plan (V. 138.
p. 3774), A. 0. Blumenthal, acting on behalf of Loew's, Inc., and Warner
Bros. Pictures, Inc., presented a new bid of 34,000.000 in cash for the property, bondholders to retain the present cash balance amounting to nearly
$2.000.000. Objections were also presented to the previously presented
reorganization plan.
The Court has taken the new offer under consideration. There are ap-V.138, P. $77 .z.
, ,
*
proximately $12,400,000 63.i %'•uates outstanding.
-2% Stock Dividend
Fundamental Investors, Inc.
The directors have declared a 2% stock dividend on the voting 'trust
certificates, payable July 2 to holders of record June 14. Holders of
fractional shares will receive cash.
Quarterly cash dividends of three cents per share were paid on Jan. 1
willss
and April 2 last and on Oct. 1 1933, while on July 1 1933 the comz
-V. 138, p. 2747.
tributed two cents per share in cash.
(American Power & Light Co. Subsidiary!
Period End, May 31- 1934
-Month-1933.
1934-12 Mos.-1933.
Operating revenues__
$856,400
$785,433 $9,980,570 $9,883.935 -Garlock Packing Co., Palmyra, N. Y.
-Extra Dividend
Oper. exps., incl. taxes_
512,475
417,117 5,602,467
4,826.858
The directors on June 19 declared an extra dividend of 10 cents
ol
Net revs, from oper__
share in addition to the usual quarterly dividend of 10 cents per shareP
$343,925
$368,316 $4,378,103 $5,057,077
Other income
the common stock, no par value, payable July 2 to holders ofrecord Juhe 23.
14.146
8.690
271,895
320,413
Three months ago the company declared an extra dividend of 15 cents per
Gross corp. income__ _
share.
-V. 138, p. 2092.
$358.071
$377,006 34.649,998 $5,377,490
Interest and other deduc.
340,297
343,173
4.133,086 4.110.752 --s
-Modifications vi,ade in
tory Electric & Gas Co.
Balance
y$17,774
y$33,833
Certain modifications (below) were made June 14 1934 of the Plan
$516,912 $1,266,738
Property retirement reserve appropriations
extension dated as of April 15 1934 of the first lien collateral 5% gold bonds
400,000
400,000
series A, dated July 1 1931, due July 1 1934:
Balance
(a) The $100,000 annual sinking fund provided for shall be made cumula$116,912
$866,738
x Dividends applic, to preferred stocks for the
tive, so that if in any of the annual periods referred to in the plan, while
period, whether paid or unpaid
any of the bonds shall be outstanding, the net income as defined shall be
1,152,655
1,148,690
less than $100,000, the deficiency shall be set aside in the sinking fund out
Deficit
of future net income in addition to the annual amounts required to be set
$1,035,743
$281,952
x Dividends accumulated and unpaid to May 31 1934,
aside in the sinking fund by the provisions of the plan of extension as hereby
31,633.428. Latest regular quarterly dividends paid Jan. 3amounted to
amended.
1933. Dividends on preferred stocks are cumulative. y Before property
(b) The "25% of any remaining net income," required to be set aside
retirement
reserve appropriations and dividends.
in the sinking fund shall be increased to 50% of any remaining net income.
Note.
-Income account includes full revenues without consideration of • (c) Payments of interest on and principal of the bonds will be made in
rate reduction in litigation.
lawful money of the United States of America instead of in gold coin, except
-V.138, p.3945.
and provided that if and when it shall become lawful to make said payments
in gold coin, all such payments thereafter becoming due will be made in
'
---Follansbee Brothers Co.
-To Reorganize.
gold coin so long as such payments in gold coin shall be lawful.
Complying with a petition filed by William D. Reid, Vice-President,
(d) New paragraphs are added to subdivision IV of the plan of extension
Judge R. F. Gibson in Federal Court, Pittsburgh, has appointed
John
as follows:
Follaiasbee and George Laird, who had been named receivers on May 11
12. Company further agrees that so long as any of the bonds are outas trustees in compliance with the provision of the,new Fe
al aw.standing or provision for the payment thereof shall not have been made
V. 138, p. 3438.
as provided in paragraph 10 of this subdivision IV and so long as the
company shall vote the stock of its subsidiary, Gary Heat, Light & Water
s-----flour Mills of America, Inc.
-Quarterly DividendA
election
The directors have declared the regular quarterly dividend of $2''W share . Co., at elections, the company will vote said stock at each annual
to elect to membership on the board of directors of said subsidiary the
on the no par value $8 cum, pref.stock,series A.payable July 1 to holders
memberjhip on the board of directors of the
of
same person to be elected to
record June 19. Three months ago a distribution of $2 per share was also
company as provided in paragraph 11 of this subdivision IV.
made in addition to the quarterly payment.
13. Any and all liquidating dividends received by the company, or by
After the July 1 distribution, accruals on the pref. stock will amount to
the trustee under the indenture securing the bonds of the company, from
$3 per share.
-V. 138, p. 2923.
its subsidiary, Gary Heat, Light & Water Co., shall be set aside in said
sinking fund and used for the purposes of said sinking fund as set forth
Fonda Johnstown & Gloversville RR.
-Earnings.
in said plan of extension, in addition to all other amounts required to be
Period End. May 31- 1934-Monlh-1933.
set aside in said sinking fund by the provisions of said plan of extension
1934-5 Mos.-1933.
Operating revenues
$53,698
$48,189
as hereby amended. The term "liquidating dividends" as here used means
$288,786
$223,503
Operating expenses
41.984
38,203
dividends paid out of proceeds from the sale of property as distinguished
209.117
196,547
Tax accruals
2,858
2,750
from dividends paid out of earnings.
14,289
13,750
14. All moneys received by the company in payment of the interest
Operating income- $8,855
$7,236
on or principal of the existing loan from this company to Midland Utilities
65,379
$13,206
$
Other income
4,891
Co. shall be set aside in said sinking fund and used for the purposes of said
def252
12,558
1,716
sinking fund as set forth in said plan of extension, in addition to all other
Gross income
$13,747
amounts required to be set aside in said sinking fund by the provisions of
$6,984
$77,937
$14,922
Deduct, from gross inc.
said plan a extension as hereby amended. All securities received by the
(incl. int. accruals of
company on account of said loan in the contemplated reorganization of
outstand,funded debt)
14,974
Midland Utilities Co. shall be pledged by the company with the trustee
15.485
73,211
80,92$
under the indenture securing said first lien collateral 5% gold bonds of the
Net income
def$1,227
company as additional security for the payment of said bonds.
-V. 138.
def$8,500
34,725 def$66.007
-V. 138, p. 4125.
P. 3438.
Co.
-Removed
List.
ew York Curb Exchange has remove
rom unlisted trading
pr
"
;17:.6-the common stock (no
'
‘
.-V. 137, 1:). 4195.
Ford Motor Co. of Canada, Ltd.
-Reduces Prices.
-
The company has reduced prices $15 to $25 on passenger cars and $15
to $20 on commercial cars and trucks, effective immediate' .
I The highest reduction was in the list price of the Ford -8 Victoria,
which was lowered $25. The price reduction on the standard and de luxe
tudor sedans, most popular individual models in point of sales, was $20.
Prices of other standard and de luxe types were reduced $15 except prices
of the roadster, phaeton and cabriolet, de luxe types, which remain unchanged.
-V. 138, p. 3946.
Ford Motor Co., Ltd., England.
-To Revise Capital.
The company has called a meeting for July 16 to vote on a resolution
for conversion of the 4,800.000 outstanding fully paid common shares
of El each into stock. (There are certain technical differences between
"shares" and "stock" in England.)
The directors state that such conversion is of great practical advantage
to companies with issued share capital held by large numbers of the public,
particularly as after conversion there is no longer the necessity of referring
to the distinctive number for each share, thereby reducing the amount
of work needed to check registration transfers, &c.
General Electric Co.
-Introduces a New Product.
A new 6-8 volt indicator lamp about as large as an ordinary flashlight
bulb, and designed to perform a variety of signaling services 'on automobiles, has been developed by the incandescent lamp department of the
General Electric Co.
-V. 138, p. 3776.
eral Household Utiliies Co.
-Admitted to List.
ew York Prod
Produce Exchanhas admitted to dealing,the common
ar).-V. 137, p. 2814.
General Motors Corp.-Frigidaire Announces a New
Model.
-
stock
Introduction of a small electric refrigerator that uses an extremely low
amount of electricity and makes it possible for persons in the lowest income
brackets to have in their homes modern means of food preservation was
announced on June 19 by Frigidaire Corp., a subsidiary,
The new refrigerator is a radical departure from conventional design
models with which the public is so thoroughly acquainted, the announcement by E. G. Biechier, President of Frigidaire Corp. stated, in that the
door opens upward rather than from the front outward. Its retail, delivered
and installed price will be only $77.50, plus freight charges.
Retooling operations already have been begun in Frigidaire's Moraine
plant and production will be started shortly, Mr. Blechler said, with
deliveries to field distribution points starting in August.
Financial Chronicle
Volume 138
Buick Deliveries Rise.
-
Retail deliveries of Buick cars during the first 10 days of June totaled
2,125 compared with 2,111 in the last 10 days of May and 1,579 in the first
10 days of June 1933, according to W. F. Hufstader, General Sales Manager of Buick Motor Co. "Shipments from the factory continue at the
highest rate of the year," he said.
-V. 138, p. 4126.
General Motors Truck Corp.
-Price Reduced.
The company announced price reductions ranging from $25 to $30 on
its 134 to 2 ton trucks recently introduced.
-V. 138. p. 2748.
General Public Utilities Co.
-Interest Payment Made.
The Central Hanover Bank & Trust Co., trustee of the two-year cony.
sec.
% gold notes, due Dec. 1 1933. has collected the interest due
April 1 1934 on the 1st mtge. & coll. trust 6;5% gold bonds, series C.
held by the trustee and pledged under said note agreement dated Dec. 1
1931 as security for the notes outstanding thereunder.
Pursuant to the provisions Of said note agreement the trustee fixed
June I 1934 as the date for a distribution out of the moneys so collected,
after giving effect to certain deductions, of the sum of $32.50 on each of
the above-mentioned notes in the principal amount of $1,000 then outstanding.
Payment of such distribution on each such note is to be made upon
presentation thereof at the office of the trust company, 70 Broadway.
N. Y. City, for endorsement thereon of a legend reading as follows:
"The holder of the within note has accepted a distribution by the trustee
therein named of $32.50 out of moneys collected by said trustee as interest
on the bonds pledged under the note agreement referred to in the within
note, as payment in full of the interest due June 1 1934 on
wi in
note."
-V. 137. p. 3842.
••••- General Theatres Equipment Inc.-Bankrup y Petitto4
Fede
A petition in bankruptcy against the company was filed in
Court, Wilmington, June 12, by the Colonial Mortgage Investment Co. o
Baltimore, and three individuals who stated they were creditors. The
mortgage company alleges it holds $225,000 of 10
-year 6% debenture bonds
of the Theatre corporation which are in default in Interest. The other
petitioners are George F. Snyder, of Washington; Irving L. Wilson, of
Philadelphia, and J. Louis Jones, of Baltimore.
-V.138, p. 3272.
--General Vending Corp.
-Reorganization Petition.
See
Consolidated Automatic Merchandising Corp. above.
Comparative Consolidated Statement of Income and Expense.
Years Ended Dec. 311931.
1932.
1933.
Gross earnings
$896,406 $1.064,045 $1,361,896
Customers' commissions and ticket
costs
566.786
440,285
373.664
Gross revenue from machine earns_ $522,742
$795,110
$623,760
Gross profit on sales
37,652
28,774
24,301
Total gross revenue
Direct cost of revenue
Selling expense
General and administrative expense_
Net operating profit, before deprec.
Other income, sundry
$547,043
286.759
2.026
100,396
$652,535
338,571
4,757
137,862
$832.763
418,662
7.511
268.379
$157,861
13.314
$171,343
6,405
$138,208
8,495
Total profit
3146,703
$177,749
$171,174
Ordinary expense
75,469
51.204
Loss on disposal of capital assets
157,664
Interest expense on notes and accts. '
payable to affiliated companies_ _
85.766
76,401
Provision for interest on general vending bonds
222,990
230,449
231.420
Provision for depreciation
583,356
Provision for amortization
80,162
Net loss for year
$900,649 $1.058,615
$705,005
Consolidated Balance Sheet Dec. 31.
Assets
1932.
1933.
1933.
LiabilUtes1932.
Cash
$13,715
$128,515
$79,978 Tr.accts. payable_ 314,419
Securities
1,106
4,915
18,519
12,875 Other accts. pay'le
Accts. & notes rec.
15,535
30,252
40,400 Notes payable_ _
Inventories
541
2,122
9,596
10,141 Taxes
ACetti. fee. from
5,043
4,137
Other accruals__
affiliated cos_
202,830
947,792 Int. on Gen. VendNote reedy. Auto318,203
549,622
ing bonds
drink Corp
6,360
Accts.& notes pay.
x Property
2,676,198 2,905,625
2,690,678 3,269,885
to affil. cos
Machy., tools and
Accounts payable
equip., &c
8.227
7,371
81,290 (non-current)
Intangibles
1,261,648 1,586,191 6% 10-yr. sink. fd.
Cash on dep. with
3,857,000 3,857,000
gold bonds
sink, fund trustee
600
600 Reserve for fire and
Deferred charges_
27,062
27,674
102,448
theft insurance_
159,622
2,795
873
Deferred credits
3,300,000 3,300,000
Preferred stock_
365,620
365,620
y Common stock
Total net deficit 6,358,504 4,631,697
11P:248
5
11191
7
0
5 6
Total
Total
84,451,447 86,188,774
34,451,448 $6,188,774
x After reserve for depreciation, amortization and write-off. y RePresented by 365.620 no par shares.
-V.137, P• 1586
.
Georgia & Florida RR.
-Earnings.Period
Gross earnings
-V. 138, P. 3947.
-First Week of June- -Jan. 1 to June 71934.
1933.
1933.
1934.
$471,019
$349,631
$15,650
(m10E18,800
..-'Gibson Art Co.
-Extra Dividend Payment.
The directors have declared an extra dividend of 5 cents per share in
addition to the usual quarterly dividend of 15 cents per share on the common stock, no par value, both payable July 2 to holders of record June 20.
Regular quarterly distributions of 15 cents per share have been made on
this issue since and incl. April 1 1933.-V. 138, p. 2093.
Wire Co., Newark, N. J.
-Dividend Resumed.
-
The company on June 15 paid a dividend of 10 cents per share on the
capital stock, no par value. This, it was announced, was the first distribution in three years.
lobe & Rutgers Fire Insurance Co.
-Plan Approved.lr"
----7G stockholders at a special meeting held June 15 approved the plan of
rhe
rehabilitation dated May 15 1934 and adopted amendments to the charter
(1) reclassifying the 80,000 shares of outstanding stock as common stock
and reducing the par value thereof to $15 per share and the capital stock
represented by such shares to $1,200,000; (2) Increasing the number of
shares of stock to 160,000, of the par value of $15 each, and (3) classifying
the capital stock into four classes and fixing the number of shares of each
class and the designagons, preferences, privileges and voting powers of
the shares of each class, and the restrictions or qualifications thereof.
The charter amendment will automatically convert the 80,000 shares of
capital stock now outstanding, share for share, into 80,000 shares of common stock of the par value of $15 each, which will be subject to the prior
rights of the preferred stocks of the three classes to be issued under the plan.
Digest of Plan of Rehabilitation Dated May 15 1934.
The Superintendent of Insurance of the State of New York and the SuCourt of the State of New York. under whose jurisdiction the Superpreme
intendent has custody of the assets of the company in rehabilitation proceedings, have approved the promulgation of the plan aad its submission
to creditors. The plan is made possible b1 the subscription of $500,000
of new cash capital, to be represented by 5,000 shares of new junior preferred stock, and by the agreement of the Reconstruction Finance Corporation in effect to convert up to $3,500.000 of its loans to the company into
first preferred stock, provided an equal amount of second preferred stock
is subscribed for by the other creditors of the company.
The benefits of the RFC's agreement and the subscription of 8500,000
of new capital cannot be availed of unless creditors and stockholders participate in the plan to a sufficient extent to assure a sound financial struc-
4299
ture for the company after rehabilitation, and thus to permit the plan to
be declared operative.
-Creditors (other than the RFC) assenting to the
Payment of Claims.
plan will be entitled to receive payment as follows:
Claims of $500 or Lsss,-For every claim as finally adjusted of $300 or
less, payment of the full principal amount thereof in cash.
-For every claim as finally adjusted in excess
Claims in Excess of $500.
of $500, payment as follows:
(1) 50% of the principal amount thereof (but not less than $500) in
cash;and
(2) One share of second preferred stock for each full $100 of the balance
of the principal amount of such claim, scrip for 1-10th of 1 share of second
preferred stock for each full $10 of such balance less than $100, and payment in cash of any amount of such balance less than $10.
The second preferred stock, to which creditors other than the RFC are
asked to subscribe, is junior only to the first preferred stock to be taken by
the RFC. The scrip to be issued in lieu of fractional shares of second preferred stock will be exchangeable for shares of such stock when presented
for exchange on or prior to a date to be fixed by the company, which shall
not be earlier than Aug.31 1937. The scrip may provide that, at any time
after Aug. 31 1937 the amount of second preferred stock called for by the
then outstanding scrip may be sold, after which the holders of such scrip
will haNe no further rights thereunder except to receive, upon presentation
of their scrip certificates, their pro rata shares of the cash proceeds of such
sale, and may also provide that all scrip outstanding after a date to be fixed.
which shall not be earlier than Aug.31 1940,will be void. and that the holder
thereof will not be entitled to receive any snares of second preferred stock
or the cash proceeds of any sale of such stock made as aforesaid.
-In all cases of adjusted claims (which term as used
Time of Payment.
herein, includes all claims for return premiums and all other claims except
those which, on the rehabilitation date, are unadjusted claims for loss or
other unliquidated claims), cash payments and deliveries of second preferred stock under the plan will be made within 60 days after the rehabilitation date, provided the company shall have received satisfactory proof of
ownership of the claim on or before that date and the amount of the claim
is not in dispute, or within a reasonable time after receipt of such proof of
ownership of the claim and settlement of any dispute as to the amount
thereof. The term "rehabilitation date" means the date on which the
management of the affairs of the company shall be restored to its board of
directors pursuant to order of the Supreme Court of the State of New
York. In all cases of unadjusted claims, cash payments and deliveries
of second preferred stock and scrip will be made within 60 days after such
claims, respectively, shall have been finally adjusted or liquidated and
satisfactory proof of ownership thereof received by the company.
-AR claims of creditors assenting to
Determination of Amount of Claims.
or accepting payment of their claims under the plan for return premiums
on policies canceled on or after March 24 1933 will be adjusted as of the
date of cancellation on a "pro rata" as distinguished from a "short term"
policy cancellation basis, except that claims of reinsured companies for
return premiums on reinsurance canceled because of cancellation of the
original contracts of insurance will be adjusted, as of the date of cancellation of the reinsurance, on the basis used in paying return premiums on
the original contracts of insurance. The amount of all other claims will
be determined in accordance with the policies or other contracts out of
which the same arise. Holders of unadjusted claims for loss do not, by
becoming parties to the plan, waive any right to have the amount of their
claims finally determined in the usual manner, according to the terms of
their policies (all rights of the company in respect of such claims being
similarly reserved), but merely agree to accept cash and second preferred
stock and scrip on the above basis for the amount of their claims as finally
determined.
All claims will be payable without interest, and all creditors becoming
parties to the plan, or accepting payment thereunder, waive interest thereon
If interest would otherwise be payable.
Payment of claims and deliveries of cash and second preferred stock and
scrip under the plan will be made to the holder or holders of such claims.
whether the original claimant or any assignee or assignees; but. in order
to determine whether any two or more claims constitute a single claim or
two or more separate claims for the purposes of the plan, all assignments
of claims shall be disregarded and. in order to determine the amount of
cash payable and second preferred stock and scrip deliverable under the
plan in respect of any claim or group of claims, the following rules shall
govern: (1) the aggregate amount of all return premium claims of any
policyholder (provided that the total of the same shall not be in excess of
$500) shall be treated as a single claim; (2) the aggregate amount of all
other adjusted claims of any policyholder or other original creditor (including claims for return premiums if the same aggregate more than $500)
shall be treated as a single claim;(3) the aggregate amount of all unadjusted
claims of any such policyholder or other original creditor shall be treated as
a single claim; (4) in determining the amount of the claim of any agent of
the company or insurance broker assenting to or accepting payment under
the plan, the company may treat the claim or claims of any policyholder
on policies written through such agent or broker (if such claims shall have
been assigned to such agent or broker) separately from the claims or claim
of the same policyholder on policies written through any other agent or
broker; (5) creditors holding claims by assignment shall be entitled to the
rights of each of their respective assignors:(6) whenever,either because of a
partial assignment of any claim or because portions of any aggregate
adjusted or unadjusted claim become payable at different times, it becomes
necessary to make payment in cash and delivery of second preferred stock
(or scrip therefor) in respect of part of the aggregate adjusted claim of
any policyholder or other creditor or in respect of part of the aggregate
unadjusted claim of any such creditor when the same shall become adjusted,
the amount of cash and the amount of second preferred stock (including
scrip) payable and deliverable in respect of the whole of such aggregate
claim shall be computed, and such payment in cash and delivery of second
preferred stock in respect of any part thereof shall be made on a pro rata
basis, with such adjustments in scrip, and in cash for amounts less than $10.
as may be made necessary by such proration; provided, that where claims
included in any such aggregate claim become payable under the plan at
different times, the company may first make the minimum cash payment
up to $500 hereinabove provided for, adjusting the amount of second preferred stock deliverable in respect of amounts thereafter becoming payable
in such manner that the aggregate amount of cash and second Preferred
stock (including scrip) paid and delivered with respect to such aggregate
claim shall be in accordance with the plan: (7) payments made by local
receivers shall be credited against cash payments due by the company pursuant to the Plan: (8) the company shall allow as offsets to creditors all
sums available to them as legal offsets, but in respect of offsets or other
rights available to the company, may treat all or any of such offsets or
other rights in such manner as it shall deem in its best interests; and (9) any
cash not herein specifically provided for shall be treated in such manner as
may be agreed upon between the company and the creditor.
-Creditors (other than the RFC)
Participation in Plan by Creditors.
whose claims against the company are in excess of $500 will become parties
with the company at its office, Ill William Street,
to the plan by filing
New York, N. Y. a duly executed consent in the form prepared for that
purpose and entitled "Consent of Creditor for Claim over $500."
Creditors whose claims against the company are for $500 or less may accept the plan without the filing of any formal consent, and will be deemed
to have accepted the plan either upon accepting payment pursuant thereto
or upon indicating their assent thereto in writing.
In determining the amount of the claims of creditors assenting to the
plan, no claim shall be counted for more than the amount shown to be due
or set up as an estimated liability in respect thereof on the books of the
company, and no assigned claims shall be counted unless the company shall
have in its possession satisfactory proof of the ownership thereof by the
assignee.
New Capital.
-3500.000 of new capital will be furnished to the company
through a subscription for cash to 5,000 shares of a junior preferred stock
of the company (junior as to assets and dividends to the first preferred and
second preferred stocks) at $100 per Share, payable on or before the rehabilitation date.
-Stockholders will become parties
Participation in Plan by Stockholders.
to the plan by delivering to the company at its office, 111 William Street.
New York, a duly executed "consent and proxy" in the form prepared for
that purpose.
-The existing loans of the
Reconstruction Finance Corporation Loans.
company from the RFC outstanding in the aggregate principal amount of
$9,995.500, are to be taken care of as follows:
(a) The RFC has agreed to lend, to a corporation formed for that purpose, the funds necessary for the purchase of not exceeding $3,500,000 of
first preferred stock of the company (at $100 per share), the amount to be
equal to the amount ofsecond preferred stock subscribed for by the creditors
under the plan (subscriptions by holders of unadjusted claims to be taken,
June 23 1934
Financial Chronicle
4300
Sales for the 12 months ended Jan. 31 1933 inclusive of the Isaac Silver &
for the purpose of this computation, at 85% of the amount thereof as shown
Brothers Co. chain for the same period, were $24,786,000. The first four
by the books and records of the company). The first preferred stock purmonths of the current fiscal year shows sales of $8,023,000, an increase of
chased is to be pledged with the RFC as collateral for the loan to the pur10.61% over the corresponding period last year, with three less stores now
chaser. The entire proceeds of sale of the first preferred stock are to be
in operation.
applied in reduction of the existing loans of the RFC to the company.
On Jan. 31 1934 the company's audited report showed current assets
(b) $4,500,000 thereof will be refunded into a secured loan from the RFC
(including $1,667,915 cash) amounting to $5,439,473 against current
to the company, maturing three years after the rehabilitation date.
liabilities (including $466,666 serial notes maturing July and December
(c) The maturity of the balance of the existing secured loan will be ex1934) of $1,363,772.
tended until six months from the rehabilitation date.
The company owns the entire outstanding capital stock of Metropolitan
Effect of Plan on Capital Structure.
-In the event that the plan becomes
Stores, Ltd., which operates 50 stores in the Dominion of Canada. This
operative through the assent of sufficient creditors and stockholders, the
Investment is carried on the company's books at a nominal value of $1.
effect will be to increase the cash assets of the company by $500,000 re-V. 138.
Its operations are not reflected in the figures mentioned above.
ceived from the sale of junior preferred stock, to reduce the loans from the
P. 2925.
RFC by $100 per share of first preferred stock issued, to reduce liabilities
and
to other creditors by $100 per share of second preferred stock issued,
-Asks Suit Be Dismissed
Greyling Realty Corp.
to increase the combined capital and surplus of the company by a sum
-V. 138, p. 4127.
See National Surety Co. below.
equal to $100 per share in respect of each share of first preferred stock and
each share of second preferred stock issued, and by $500,000 in respect of
-cent Dzviden
-25
---Griesedieck Western Brewery Co.
`
the junior preferred stock.
A dividend of 25 cents per share has been declared on the capital sto
2 to holders of record June 20. A similar
Sheet as of Dec.30 1933.
Balance
no par value, payable July
tribution was made on May 1 last and on Oct.2 and Dec. 18 1933.-V. 138,
[With securities adjusted to give effect to market values as of May 15 1934
of securities owned on that date and cash adjusted to give effect to
13. 2576.
proceeds of securities sold from Dec. 30 1933 to May 15 1934.1
Hagerstown Light & Heat Co. of Washington County.
Assets
-Month--1933. 1934-12 Mos.-1933.
$2,950,984
Period End.Apr.30- 1934
Cash-On deposit in banks and trust companies
$171.010
$13,529
$13,488
$164,710
7.053,666
Gross operating revenues
On deposit with RFC as security for loans
111,804
9,105
9,206
112,830
3,050.069
Operating exps. & taxes.
Bonds and stocks at market values
-Free
14,355,422
Pledged with RFC as security for loans
$59,205
$4,424
$4,281
oper. revenue_ _ _ _
$51,879
224,565
Net
On deposit with Insurance Departments
150
12
12
152
Non-operating revenues_
Due from other insurance companies for premiums and return
1,764,325
premiums and for adjusted and unadjusted losses
$59,355
$4,436
$4,294
506,401
$52,032
Net earnings
Due from agents and brokers, &C. (net)
50,000
Interest & other income
Mortgages owned (face value $120.875)
20,157
1.398
1,565
17,677
200.624
charges-net
Accrued interest and dividends receivable
15,509
1,200
14.400
1.200
Deduct prov. for retire_
1
Mixed claims commission award
$23,68
$1,836
$1,529
$19,955
Net income
$30,156,058
Total
-V. 138. p. 3440.
Liabilities
$8,962.906
Reserve for losses and loss expenses
-Reorganization Petition
"
--- Hamilton Gas Co.
Reserve for return premiums, reinsurance premiums payable
The company on June 8 filed a petition in Federal Court ew York, for
6,656,665
and agents', &c., credit balances (net)
under Section 77-B of the bankruptcy act. Smllar petitions
reorganizing
1,350,000
Reserve for unpaid taxes and for rehabilitation and other exps
have been filed by Lamer Gas Co. and Thompson Gas Co. A hearing
967,186
Reserve for unearned premiums
-V. 134, p. 3980.
will be held June 26 on the appointment of trustees.
9,995,500
-Principal
Secured indebtedness to RFC
33,957
Accrued interest
-Registrar.
Hamilton Shares, Inc.
2,000,000
Capital stock (80,000 shares, par $25)
The Manufacturers Trust Co. has been appointed registrar for 100,000
189,842
Surplus
-V. 138. p. 3604.
shares of $10 par common stock.
$30,156,058
Total
-Dividends Omitted.
Hancock Oil Co. of California.
Authorized Capital upon Consummation of Plan.
The directors have decided to omit the dividends ordinarily payable
the class A and class B stocks, par $25. Quarterly dis35,000 shs.
first preferred stock (Par $15)
Cumulative
about June 1 on
40,000 shs.
tributions of 10 cents per share were made on both issues on March 1 last
Cumulative second preferred stock (par $15)
5.000 she.
Cumulative junior preferred stock (par $15)
and on Dec. 1 1933 when they were resumed.
80,000 shs.
Quarterly payments of 10 cents per share were also made from Sept. 1
Common stock (Par $15)
1931 to and incl. Dec. 11932.-V. 138, p. 3091.
12 N'ew Directors On Board.
-10% Preferred Dividend.aheti•the/L
A new board of directors, includng only four of the 17 former members -"
Handley Page, Ltd.
was elected June 19 by stockholders. The personnel of the board was
The company has declared a dividend a 10% for the year 1933 on th
reduced to 16 members. The new board is constituted as follows:
-V. 137. IL 2815.
preference shares.
Earle Bailie, Chairman of Executive Committee. Tr -Continental Corp.
-Dividend Rate Increased.
H. Edward Bilkey. Globe & Rutgers Fire Insurance Co.; re-elected.
--Hartford Gas Co.
"
Pres. American Home Fire Assurance Co.,
Joseph S. Frelinghuysen,
The directors have declared a quarterly dividend of 75 cents per share on
re-elected.
the common stock. par $25, payable June 30 to holders of record June 15.
William 8. Gray, Pres. Central Hanover Bank & Trust Co.
Previously, the company paid quarterly dividends of 50 cents per share on
Charles Hayden, Hayden, Stone & Co.
this issue, and, in addition, paid extras of 25 cents per share on June 30
E. C. Jameson, re-elected.
and Dec. 30 last year and on June 30 and Dec. 31 1932.-V. 138. p. 2413.
Alfred Jaretski Jr., Sullivan & Cromwell.
John C. Jay. J. & W. Seligman & Co.
-Resignations.
Hotel Gibson Co., Cincinnati, Ohio.
Charles S. McVeigh, Morris & McVeigh.
Harry S. Layman. President, and Percy E. Kline, Vice-President,
E. G. Merrill, Chairman of Board Bank of New York & Trust Co.
recently announced their resignations as officials and directors of this comFrancis F. Randolph, Pres. TM-Continental Corp.
pany. Louis J. Dolle, a director, has been elected temporary President.
Robert C. Ream, n•es. American Re-Insurance Co.
Other officers are: Vice-President, G. W. Drach; Secretary-Treasurer,
John R. Simpson, Chairman of Executive Committee, Fiduciary Trust
F. W. Patient, and directors Bolton S. Armstrong, G. W.Drach, W.F.
Co. of New York.
-V.133, p. 122.
Wiley, W. Howard Cox and P. 0. Geier,
Missouri-KansasMatthew S. Sloan. Chairman of the board of directors,
Texas RR.
Haverhill Gas Light Co. Earnings.
Thomas J. Watson, Pres. International Business Machines Co.
Period End.Mau 31- 1934-Monih-1933. 1934-12 Mos.-1933.
Alfred H.Swayne,Chairman of Board, General Motors Acceptance Corp.;
$43,946
$606,520
$43,387
$589,745
Gross earnings
re-elected.
27,496
23,939
854,028
350,230
Operation
Those who were not re-elected include C. M. Jameson, II. S. Thompson,
1,834
1,506
19,786
18,296
Maintenance
John N. Stearns, R. K. Prentice, Lyman Candee, who was Vice-President;
2,916
45,000
3,750
40,833
Retirement res. accrual..
Alfred M. Rogers, Charles A. Dana, David Mahany. Louis V , Bright,
6,547
86,523
7,327
80,766
Taxes
Howard K. Brown, W. H. Paullson, Stunner Ballard and Gustavus
367
3,792
236
3,619
Interest charges
-V. 138, p. 3439.
Remak Jr.
(B. F.) Goodrich
-New
Co.
Agreement with English
Company.
Balance
-V. 138, p. 3604.
$4,783
$6,626
$96,098
$97,389
-V. 138. p. 3090.
See British Tyre & Rubber Co., Ltd.. above.
- 4
(G orge W.) Helme CO. 4119 ettlITrge.444441 'Ph stockholders will vote ieire on a resolution, adopte4-ea-bferfri
-May Sales Up.
Co.
Grand UnionIfing for a change in the name of the company
byt.h
-1933. 1934-22 W7cs.-1933.
Period End. June 2- 1934-4 Wks.
amending pagraph third of the comparagraph
to "Colonial Tobacco Co." nd
$2,127,062 $2,085.253 $11,429,601 $10,871.031
Sales
ation to empower the company "to buy, cure
pany's certificate of incor
-V. 138. p. 3439.
and sell leaf tobacco, and to buy, manufacture and sell tobacco, snuff and
-V.138, p. 3948.
the products of tobacco in any and all of their forms."
-Earnings.
Great Atlantic & Pacific Tea Co.
Feb. 28 '34. Feb. 25 '33. Feb. 29 '32. Feb. 28 '31
Years Ended"-Hobart Mfg. Co., Troy!, Ohio. Proposed Recapitaliza819,616.727 864.048.257 1,008,1,093
Sales
29,792.974 30,742,775
Net prof.after all chgs. 20,478,190 22.732,772
-V. 138, p. 3272.
r
-Extra Distn utzon,-.Great Lakes Engineering Works.
----An extra dividend of 5 cents per share has been declared on the corn/Ilion
stock, par $10, in addition to the usual quarterly dividend of 10 cents per
share, both payable Aug. 1 to holders of record July 25. Three months
ago the quarterly payment was increased to 10 cents from 5 cents per pare.
-V. 138. p. 2412.
06i;flit
4
-Preferred DividendAGreat Lakes Power Co. Ltd.
The directors on June 19 declared a dividend of $1.75 per share on theno
par value series A $7 cumul. preference stock, payable July 16 out ofsurplus
earnings to holders of record June 30. A similar distribution was made on
this issue on April 16 last, which was the first payment made since March 1
1933.
Accruals on the $7 preference stock, after the July 16 disbursement,
will amount to $5.25 per share.
With its 1934 earnings continuing to show a substantial increase as
compared with 1933. the company declared a dividend payment on its
pref. stock, it was announced.
Business conditions in the territory served by the company took an upturn
during the last two months of 1933,according to John A. McPhail,President
of the company. The company's current earnings, he said, reflect this
favorable trend.
The Great Lakes Power Co., Ltd., serves Sault Ste. Marie, Ont., and
-V. 138, p. 2082.
vicinity.
-Calls Series C Notes.
(H. L.) Green Co., Inc.
-cents to $1 stores, has called for payment
This company, operating 132 5
prior to maturity, as of July 28 1934. $366.666 par value, representing
the entire amount outstanding ofseries C serial gold notes, maturing Dec.29
1935. In addition payment will be made on July 1 1934 of $100,000 par
value, representing the entire series D of its outstanding 6% serial gold
notes, maturing at that date. These notes will be paid from surplus cash
in the company's treasury, no new financing being involved.
After payment at maturity of $366.666 of series B notes due Dec. 29 1934
there will remain outstanding as of Jan. 1 1935 a total of $500,000 notes
of all series as against $1.700.000 outstanding as of July 1 1933. The
company has purchased and now holds in its treasury $56,700 of its series B,
E. F and CI 6% notes
The audited report showed earnings of $5.76 per share on its common
stock for the 13 months ended Jan. 311934, the close of its first fiscal year,
which Included the earnings of Isaac Silver & Brothers Co. from July 1
1933, the date of acquisition.
tzon-Esp000sooz--Sieek-ElientiezrEtt-A special mceeting of the shareholders will be held on June 28 for the
following purposes:
1. To consider and vote upon a reorganization of the company,including
changes in its articles, 80 as to permit of the acquisition of certain of the
1
acneorp„inacordang wtg
wngplan
(aThatthe es of the Dayton te. sicnoflntenational Business
property and
authorized number of shares of the common no par stock of
the company, to-wit: 200,000 snares, shall be changed into 200,000 shares
without par value, and classified as class A stock.
(b) That the authorized number of shares of the 1st pref. stock (redeemed) of the company. to-wit: 6,000 shares of the par value of $100
each, shall be changed into 6.000 shares without par value, and classified
as class B stock.
(c) That the authorized number of shares of the 2d prof.stock (redeemed)
of the company, to-wit: 5,000 shares of the par value of $100 each, shall
be changed into 5,000 shares without par value, and classified as class
B stock.
(d) That the total authorized number of shares of the company,common
and preferred, as above, to-wit: 211.000 shares ,shall be increased to 300,000(0 Thatshares.
the total of such share increase, to-wit: 89,000 shares, shall
be without par value, and classified as class B stock-all of the above,
to the end that upon such reorganization, the total authorized capital
stock of the company shall consist of 300.000 shares without par value.
200,000 shares of which shall be classified as class A stock, and 100,000
shares of which shall be classified as class B stock.
(f) That said class A stock shall have preferential rights to non-cumulative dividends up to $1.50 per share annually, beginning with the year
1935 (but for the balance of the year 1934 up to 75 cents per share), before
any dividend may be paid in such year on said class 11 stock.
(g) That the entire voting power for the election of directors and for all
other purposes, except as may bo required by the laws of Ohio, shall be
vested exclusively in said class A stock; provided, however, that if at the
end of any period of two calendar years dividends shall not have been paid
upon said class B stock aggregating at least 50 cents per share for such
two year period, each share of said class B stock shall also be entitled to
vote for directors; and provided further, that upon the payment of dividends upon said class 13 stock of at least $1 per share at any time during
a subsequent year, said class B stock shall be restored to its former status
without voting rights; and provided further, that the sale, lease, mortgage
exchange or other disposition of all or substantially all of the property and
assets, including the good-will of this company, and (or) the consolidation
and (or) merger of this company with any other corporation, and (or)
any recapitalization of this company, shall be effected only when and
as authorized by the vote at a meeting of the shareholders of this com-
Volume
138
Financial Chronicle
4301
pany, called for that purpose, of the holders of at least two-thirds of the "
-Extends Time for Issuing
Hudson & Manhattan RR.
outstanding shares of said class A stock, and of the holders of at least
two-thirds of the oustanding shares of said class B stock.
(h) Holders of outstanding common stock will, without cost to them,
The New York Transit Commission has extended for two years the applireceive in exchange therefor, shares of said class A stock upon the basis
cation of the company to issue $6,414,300 1st lien ref. 5% bonds. The
of one share of said class A stock for each share of said common stock.
original approval set June 30. The two-year extension is conditioned on
(i) That said class B stock shall have rights to non-cumulative dividends
the company's receiving the Commission's approval with respect to price
up to $1 per share annually, beginning with the year 1935, after said class
-V. 138, p. 3604.
and terms of sale.
A stock has received $1.50 in said year, but for the balance of the ye
-Note Plan Operative.-L.A. Downs,
1934, said class B stock shall be entitled up to 50 cents per share aft'' Illinois Central RR.
said class A stock has received 75 cents per share.
-year
President, in a notice to holders of the company's 3
(j) That after there shall have been paid on said class A stock $1.50
472 Vo gold notes due June 1 1934 announces that the plan
in any year, and on said class B stock $1 in such year (or 75 cents on said
class A stock and 50 cents on said class B stock for the balance of the year
of partial payment and extension offered to the noteholders
1934). any additional dividends which may be paid in such year shall be
on April 24 1934 is now operative, pursuant to requisite
distributed pro rata upon said class A and said class B stock outstanding,
according to the aggregate number of shares, and without distinction as to
authority of the I.-S. C. Commission.
class.
Noteholders are requested to present their notes at the New York office
(k) That upon any dissolution or liquidation of this company, whether
of the company, 32 Nassau St., on or after June 19 1934, for surrender
voluntary or involuntary, or upon any distribution of its capital, the
against payment therefor in cash of 37;4% of the face value and delivery
holders of said class A stock shall have a preferential right to receive $25
-year 6% notes, bearing interest from June 1 1934 for the balance
of new 3
per share, after which there shall be paid upon said class B stock $20 per
of 62H% of face value. In addition, interest will be paid on the cash
share; all remaining assets shall be distributed pro rata to the holders of
Payments at the rate of 6% per annum from June 1 to June 19 1944.ts
p.
said class A stock and of said class B stock, according to the aggregate
number of shares held, and without distinction as to class.
(1) That no holder of any of the outstanding common stock without par
-Redeems Dutrg.value, shall be entitled to any pre-emptive right to purchase or subscribe ----troperial Chemical Industries, Ltd.
its
The company has announced that it has decided to redeem. out of for any of said class B stock, but that all of said 100,000 shares of said
liquid resources, debentures of subsidiary companies totaling £3,645,854.
class B stock shall be issued to International Business Machines Corp.
V. 138, p. 3949.
cornof New York, as consideration for the transfer by the latter to this
pany. of the property and assets of the Dayton Scale division of Inter---I•ndustrial Loan & Gruar nty Co., Birmingham.
national Business Machines Corp., as set forth in statement of assets and ."
liabilities of said Dayton Scale division of International Business MaPetition in Bankruptcy.
1-t i
chines Corp., as of Dec. 31 1933. consisting of:
der the new Federal Act permitting corporaA petition in bankruptcy
(1) The entire manufacturing plant of the Dayton Scale division of
lions to reorganize has been fi ed by the company against whom involuntary
International Business Machines Corp., situated at Dayton, Ohio, exbankruptcy proceedings had been filed.
cepting so-called plant No.2.
-Auction Postponed.
Insull Utility Investments, Inc.
(2) All the assets and patent rights appurtenant to the business of said
Dayton Scale division in connection with the manufacture and sale of
The sale at auction of securities deposited with New York banks as
collateral against defaulted loans to Insull Utility Investments, Inc. and
computing and automatic scales, meat choppers and slicers, coffee grinders,
&c., excepting the assets of the business conducted by foreign subsidiary
Corporation Securities Co.of Chicago,scheduled for June 20, was postponed
to July 25.-V. 138, p. 2750.
companies of International Business Machines Corp.. and excepting also,
the business of the International Scale division (heavy duty scales. &c.,)
-Two New Vice-Presidents.
International Harvester Co.
of International Business Machines Corp.
Edward A. Johnston, has been elected Vice-President in charge of the
At a special meeting of the board of directors held on May 21 1934. a
engineering department, and Albert A. Jones as Vice-President in charge of
dividend of 6% upon the outstanding common stock was declared, payable
manufacturing.
-V. 138, p. 3274.
in shares of treasury stock, except that where any amount of stock ..suable
for such dividend shall be less than one share, the company. in lieu of
International Mercantile Marine Co.
-Shipping Deal
scrip for fractional shares, shall pay the equivalent amount thereof in
Reported.
cash, on the basis of $25 per whole share. The directors have fixed the
close of business June 25 1934, as the time as of which shareholders entitled
Negotiations for the acquisition of the Dollar Steamship Co.'s interest
to said dividend, shall be determined. Distribution thereof will be made
in the United States Lines by the I. M. M. were reported on June 20 to
as soon after that date, as practicable. The last regular quarterly cash
-V. 138.
be under way. Officials of the I. M. M. declined to comment.
dividend of 25 cents per share was paid on June I 1934.-V. 138, p.3604.
p. 3949.
Holly Development Co.
-New President, &c.
C. A. Johnson, who had formerly been Secretary and Treasurer of this
C
company, was recently elected President to succeed the late S. W. Sinsheimer. Mr. Johnson will also continue as Treasurer. Richard H. Lacy
was re-elected Vice-President and H. Tannenbaum was elected Secretary.
A. M. Anderson succeeded Mr. Sinsheimer as a direct° .-V 138, P.
3948.
'Household Finance Corp.
-Smaller Preferred
unden
-Bonds Called.
Jensen-Salsbery Laboratories, Inc.
-year 6% s. f. gold bonds, dated May 15 1929,
All of the outstanding 10
were recently called for redemption as of May 15 1934 at par and int.,
plus a premium of ji of 1% for each year and fraction thereof of their
unexpired life. Payment is being made at the office of Stern Brothers &
Co., Kansas City, Mo.-V. 128, p. 3839.
-New President.
Jones & Laughlin Steel Corp.
Samuel E. Hackett, Vice-President in charge of sales, was recently
The directors on June 19 declared a regular quarterly dividend of 87
elected President, effective June 1 1934, to succeed George Gordon
cents per share on the participating preference stock, no par value, payed
-V. 138, p. 2928.
Crawford, resigned.
July 14 to holders of record June 30. This Compares with $1.05 per share
paid each quarter on this issue from Oct. 15 1931 to and incl. April 14 1934.
Kansas City Southern Ry. System. Earnings.
The regular quarterly dividend of 75 cents per share on the no par value
-Month-1933.
1934-5 Mos.-1933.
class A and class B common stock was also declared, payable July 14
Period End. May31- 1934
$833,937 $3,999.347 $31702,438
Railway oper. revenues- $840.564
to holders of record June 30.
951,091
1,067,513
257,354
227,665
Net rev, from ey. oper_
The company issued the following statement:
418,585
83,717
317,970
62,938
Railway tax accruals_ _ _
"Under the charter the preference stock is entitled to receive quarterly
1,105
139
526
20
Uncollect, railway revs_
dividends of 75 cents ($3 per share per year) before any dividends are paid
on the common stocks. If, however, by reason of stock dividends in prior
$531,401
$749,016
$173,498
Railway operating inc $164,706
years the common stocks receive dividends at the rate of more than $2.57
150,610
164,616
31.870
48.229
Equip. rents-net debit_
• per share per year, the dividend on the preference stock must equal 116.6%
Joint feed. rents-net
of the common dividend; provided that the preference stock may not
31,900
31,832
4,080
6,306
debit
receive aggregate dividends of more than $5 per share per year. Common
dividends have been at the rate of $3 per share per year since April 15
$348,890
$552,567
$137,546
Net ry. oper. income.. $110,170
1933. During this period the preference stock has thus been entitled to
-V. 138, p3779.
receive dividends equal to 116.6% of $3, or $3.50 per share per year (87H
cents per quarter).
-Earnings.
Kansas Gas & Electric Co.
"Each of the last five quarterly dividends to the preference stock was
[American Power & Light Co. Subsidiary]
declared by the board of directors at $1.05. viz., the 87% cents to which
1934-12 Mos.-1933.
-Month-1933.
the preference stockholders were entitled, as explained above, plus 17%
Period End. May 31- 1934
$376,052 $4,911,156 $5,068,410
cents of additional dividend which the charter permits the directors to
$393,915
Operating revenues
2,549,546
declare voluntarily. In letters transmitting dividend checks and in
192,141
2.591,093
207,764
Oper. exps., incl. taxes_
periodical corporation reports, it has been pointed out that stockholders
$183,911 $2,410,063 $2,518,864
should not count upon an indefinite continuance of this additional 173
Net revs, from oper
:0 6
$182 161
6 5
21.937
cents.
1,568
17,563
Other income
"At the June 1934 meeting of the board of directors a number of basic
policies of the company were fully reconsidered and redetermined. Not$185,479 $2,427,626 $2,540,801
Gross corp. income__ _
$188,217
withstanding the fact that preliminary reports for the first half of 1934
982,534
82,092
985,634
82,314
Net int. and other deduc
indicate satisfactory earnings and conditions, the directors deemed it
prudent to discontinue the additional 17% cents per quarter.
$1,441,992 $1,558,267
Balance
600,000
"It is the deliberate and settled policy of the company to lend money
550.833
appropriations
Property retirement reserve al°5
"prrp
p
under the State uniform small loan laws at the Lowest possible rates of
$958,267
charge consistent with a reasonable return to stockholders. This policy
$891,159
Balance
will tend to insure stability of earnings and safety of invested capital.
x Dividends applic. to pref. stocks for the period,
Notwithstanding the difficulties of the past four years the company's net
519.690
520,784
whether paid or unpaid
earnings have shown notable stability and its net asset position has been
unimpaired. The company's business is tinged with the public interest.
$438,577
$370,375
Balance
Sound business considerations dictate that the company operate along lines
z Regular dividends on 7% and $6 preferred stocks were paid on April 1
strictly consistent with the public interest.
1934. After the payment of these dividends there were no accumulated
"In December 1933 the company made a voluntary and drastic reduction
unpaid dividends at that date. y Before property retirem nt eserve
in its rate of charge to customers on the largest size loans. The company
-V. 138, P. 3951.
appropriations and dividends.
expects to make further reductions in its rate of charge to its customers a
vie....
-Bankruptcy Petitoin.
soon as the management feels that such reductions will jeopardize neitheaplan Co., St. Louis.
the invested capital nor adequate dividends.
A petition was filed June 8 in Federal Court, St. Louis, o effect reor"In view of the foregoing, the directors decided to restablish the preganization. The company filed a petition in its own behalf. t operates the
ference stock upon its proportionate parity with the common stock as
Park Plaza, Senate, Congress and Embassy apartment hotels and residences
fixed by the charter and they therefore discontinued the additional 17H
at 4242-4243 Lindell Boulevard. The petition states the properties are
cents to the preference stock, notwithstanding indications of an entirely
subject to liens of mortgage bonds aggregating $5,523.500, but is unable to
cure defaults in interest or principal on the securities. The suit asks Federal
satisfactory showing for the first six months'operations."-V.138, p.3273.
Court to approve the petition so a reorganization can be perfected. Two
Houston Lighting & Power Co.
-Earnings.foreclosure suits are pending in Federal Court against property of the
company.
-V.132, p. 4252.
[National Power & Light Co. Subsidiary]
-Month-1933.
1934-12 Mos.-1933. ---Period End. May 31- 1934
-(Rudolph) Karstadt, Inc. (Rfteleiph4fraretereit-Aktferfr
$671,951
$649,863 $7,989,527 $7.799,030
Operating revenues_ .. _ _
331,724
289,243
3,796.814 3,477,419
.-Pays Interest.g0Aftilar"ft)
Oper. exps., incl. taxes_
The company in a notice, dated June 18, to the holders of deposit certifi$340,227
$360,620 $4,192,713 $4.321,611
Net revs, from oper__
cates for 1st mtge. collat. 6% sinking fund bonds, said;
19,123
1,652
18,601
1,15.$
Other income
"Under the terms of the allocation plan, dated April 18 1933, to which
the bonds represented by the above deposit certificates are subject, interest
corp. Income_ _ _
$341,385
$362,272 $4,211.836 $4,340,212
Cross
became payable on June 1 1934 for the 15 months' period from Nov. 1 1932
115,381
1,390.651
1,392,686
Interest and other deduct
115,448
to Jan. 31 1934 incl., to the extent that such interest was earned during
such period under the terms of the allocation plan. Price, Waterhouse &
Balance
y$225.937 34246,891 $2,821,185 $2.947,526
Co., Berlin, auditors under the allocation plan, have determined that the
675,930
521,478
Property retirement reserve appropriations
full 67 interest per annum for such period upon the bonds subject to the
allocation plan has been so earned and accordingly interest at such rate,
Balance
$2,299,707 $2,271,596
or $75 per bond, became payable on such bonds on June 1 1934.
"Under German foreign exchange regulations now in force, however, the
x Dividends applic. to pref. stocks for the period,
313,962
314,317
whether paid or unpaid
company is prohibited from paying such interest to holders of deposit
certificates residing outside of Germany and is required to pay the Reichs$1,985,390 $1,957.634
Balance
mark equivalent of such interest at the current rate of exchange into the
Conversion Office for Foreign Debts. Payment ofsuch amount will be made
x Regular dividends on 7% and $6 preferred stocks were paid on May 1
dividends there were no accumulated
to the Conversion Office as soon as certain formalities regarding such
1934. After the payment of these
payment can be cleared. There being no restriction upon the payment
unpaid dividends at that date. y Before property retirement reserve
of such interest in Reichsmarks to holders of deposit certificates residing
appropriations and dividends.
-V. 138, p. 3604.
within Germany who have acquired such deposit certificates in the manner
permitted by the foreign exchange regulations, the company is paying
-To Pay Off Debentures.
Ideal Cement Co.
the Reichsmark equivalent of such interest directly to such holders.
The company will pay 102 and int. to July 1 for all of its outstanding
"The arrangements for the distribution of interest payments on German
debentures, amounting to $3,280,000, if holders wish to surrender them,
loans made into the Conversion Office during the first six months of 1934
--V. 136. p. 4280.
a Denver, Colo., dispatch states.
_
4302
Financial Chronicle
to the persons entitled thereto, partly in cash and partly in the form of scrip
of the Conversion Office, have not yet been completed. As soon as such
arrangements have been completed certificate holders will be notified
thereof."
-V.138, p. 1926.
'"'ICaufm
The directors have declared a dividend of 20 cents pe; share on the
common stock, no par value, payable July 28 to holders of record July 10.
A like amount was distributed on Jan. 27 last and on Aug. 15 93 .V. 138, p. 2415.
------Kelley Island Lime & Transport Co.
-15
-cent
ividend
thl
A quarterly dividend of 15 cents per share has been declared on
common stock, no par value, payable July 1 to holders of record June 22.
A like amount was distributed on April I last, on which date they were
resumed,
Quarterly dividends of 25 cents ;pow share were paid on the common
stock from Jan. 1 1932 to and incl. Jan. 2 1933.
New Director.Lawrance Hitchcock has been elected a director, filling a vacancy on
the board caused by the death of John Sherwin.
-V. 138, p. 2094.
(Spencer) Kellogg & Sons Inc.
-To Retire DebenturesjulTyhr.carr
wiphreeire aouo $rge0 (ef ,e fu y
e t xactib m tun
ei=es t r1 on
rm e
n0 b / dt
stated.
The company is building a large grain elevator on the southeast edge of
Des Moines, Iowa, capable of holding 1,000,000 bushels of grain. It will
soon begin the manufacture of soy bean oil in its local linseed oil plant.
Soy bean meal, a by-product, also will be manufactured and distributed
by the company.
The oil to be manufactured at Des Moines will be shipped in tank cars
to refineries maintained by the company in Minneapolis and St. Paul.
Minn.; Chicago, Ill.; Buffalo, N. Y., and Edgewater, N. J. The company
has sold refined soy bean oils for the past 15 years.
-V1 l38jTp. 3442.
4
Kelvinator Corp.
-12 2-cent Dividend.
A dividend of 123i cents per share has been declared on the no par corriL
mon stock, payable July 15 to holders of record June 25. A like amount
was paid on Jan. 15 and April 15 last. The previous payment was a quarterly 0(50 cents per share made on Feb. 21 1927.-V. 138, p.4129.
Kentucky Electric Power Corp.
-Contract Modified.The protective committee for holders of 1st mtge. 6% series A bonds
of the corporation announces that the Kentucky Utilities Co. has agreed
to abrogate the provision in the contract between the companies calling
for cancellation in the event either concern should seek court protection
Involving receivership, as soon as 75% of the outstanding bonds is deposited with the committee.
his cancellation, it is said, would have resulted in a total loss to the
bondholders, since the loss of more than 85% of the company's gross
income derived from electric power sales would make it impossible for the
corporation to earn operating expenses and pay taxes. At the present
time the committee represents 69% of the $1,100,000 bonds outstanding.
Kentucky Utilities Co. is in the Middle West Utilities group and the
electric power corporation is an independent unit.
-V. 123, p. 1876.
•"'""'"-Kolster-Brandes Ltd., London.
-To Reduce Capital.The carp matian is calling a meeting of shareholders at an early date to
consider proposals for reduction of capital. At present the issued capital
consists of 1,166,000 shares of £1 par and it is proposed to reduce these
£1 shares to approximately 6s. each.
-V. 128. p. 2102.
---taclede Gas Light Co.
-Files Under Bankruptcy Act.A petition to reorganize under the Corporate Bankruptcy Act has been
filed in Federal Court, St. Louis.
-V. 138. ro• 3779.
s•
--Lamont, Corliss & Co., N. Y.
-Extra Distribution
The directors have declared an extra dividend of $1 per share in addition
to the regular quarterly dividend of $1.50 per share on the no par value
capital stock, both payable July 10 to holders of record June 20. An extra
distribution of 50 cents per share was made on this issue on April 10 last.V. 138, P. 2591.
Lawyers Mortgage Co.
-Paid $11,440,194 Since August
--Gains in Rehabilitation.1933
June 23 1934
Milton Ignatius, of 27 Cedar Street, special counsel for Mr. Van Schaick,
declared that the Appellate Division's decision was of extreme importance.
The principle established by Justice Frankenthaler, he said, not only involves a precedent, but millions of dollars worth of certificates held by
mortgage companies, banks and other organizations of corporate char-
Lehigh Valley RR.
-Directorate Request Withdrawn.
Walter S. Franklin, President of the Wabash By., and Vice-President
-S. C.
of the Pennsylvania RR., has withdrawn his application to the I.
Commission for permission to serve as a director of the Lehigh Valley RR.
His action was not unexpected as the Commission is opposed to interocking directorates, and the Lehigh road is allocated to the Chesapeake
& Ohio system as opposed to the Pennsylvania.
Mr. Franklin was elected a director of the Lehigh Valley RR. while
he was receiver of the Wabash Ry., which owns a large block of Lehigh
stock. After he was elected Vice-President of the Penns ilvania, which
also owns an interest in Lehigh, he sought to remain a director of the
latter. The Commission, however, issued an informal denial to the request, whereupon the application was withdrawn.
-V. 138, p. 3606.
"="•-Lehrenkrauss Corp., Brooklyn.
-Holders File for ReorgV
A group of pref. stockholders filed in the Brooklyn Federal Court,June 11,
an application for reorganization under the new bankruptcy reorganizatio
Act.
The corporation went into equity receivership last year when its controlling interest, J. Lehrenicrauss & Sons, went into bankruptcy. Application was made by holders of $939,000 of the total of $1,612,300 of pref.
stock outstanding and Is in the names of a committee comprising Katie
Kiep, Flora Scherzingen, Elmer W. Hamcke, Arthur Kraft and Ernest S.
Black. Claims totaling $14.611.434 have been filed against the corporation.
it is said.
Loew's, Inc.
-Takes Over 18 Theatres.
General Manager Louis M: Segal, of the Poll-New England Theatres,
Inc., said that 18 theatres founded by Sylvester Z. Poll in Connecticut and
Massachusetts cities had been taken over by Loew's, Inc.. of New York,
representatives of Metro-Goldwyn-Mayer Corp. ("Boston News Bureau.")
-V. 138, p. 3094.
Lowell Electric Light Corp.
-Earnings.
Calendar Years1933.
1932.
1931.
1930.
Gross oper. revenue_ -- _ $2,024,886 $2,054,009 $2,092,766 $2,006,889
Other income
47,490
38,081
79,048
63,576
Totalincome
Operating expenses
Maintenance
Depreciation
Taxes
$2,072,385 $2,092,090 $2,171,814 $2,070,466
690,627
712,950
758,196
773,021
111,033
112,923
141.491
120,094
145,000
145,000
135,000
125.000
394,835
420,377
361.987
342,948
Net earns.bef.int. chgs
Interest charges
$730.888
3,072
$700,840
2,210
$775139
2,358
709401
1.730
Net earnings
Dividends paid
$727,816
602,842
$698,630
602,842
$772,781
475,221
$707,671
435.385
Balance$124,974
$95,788
$297,560
Refunds of over-assessments of Fed. income
taxes for 1924 & 1925..
Increase in stop.for year $124,974
yr
$95,788
$297,560
Comparative Balance Sheet Dec. 31.
Assets1933.
1932.
Liabilities1933.
Cash
$355,268 $416,969 Accounts payable_ $56,547
Notes rec. from
Accrd.taxes-Fed.
90,000
attn. cos
200,000
Consumers' depos_
50,022
Accts. & notes rec_ 287,268
316,798 Res. for deprec___ 1,304,457
t'is & supplies_ 141,167
114,516 Other reserves_ __
.
6,303
paid expenses_ _
4,082 Contrib. for °stens
2,520
9,878
ant & properties 8,684,964 8,565,984 Common stock_ _ _ 4,186,400
ns. work orders
Prem. on stock.-- 1,891.266
lb progress
50,282 Surplus
29,822
2,107,118
3.809
Unadjusted debits
982
Total
$9,701,990 $9,472,440
-V. 137, p. 1764.
Total
$272,285
$287,0 9
144734
597,856
1332
95,538
46,157
1,218,180
59,826364
4,186,400
1,891,266
1,982,143
$9,701,990 89,472,440
Lower Broadway Properties Inc.
-Trustee.-
See Roxy Theatres Corp. below.
-V. 137, p. 153.
Since August, 1933, when the company was taken over for rehabilitation
by the State Insurance Department, payments of interest to mortgage and
Lynch Corp.
-Earnings.certificate holders have amounted to $11,440,194, according to a report
Period End. May31- 1934
made public June 15 by George S. Van Schaick, Superintendent of Insur-Month-1933.
1934
-5 Mos.-1933.
7'
Net profit after taxes,
ance. Of the amount paid out, $5,041,421 went to certificate holders,
depreciation, &c
and the remainder to mortgagees.
$39.249
$36,594
$58,477
$140,687
Shares capital stock out..
The report as of June 1 shows that on that date there were 1,491 certifi90,000
78,044
46
78,04
90i 0
90
5
cated mortgages outstanding. Certificates totaling 53,330 and valued at
Earnings per share
$0.43
$0A7
$0.74
V. 138, p. 694.
$151.599.734 were issued against the mortgages. There were also 880
8151.599.734
specific certificated issues, valued at $149, 83,019 outstanding, and 25
group series having an outstanding value of $2,376,715. In addition, whole''''McLellan Stores Co.Zrtirop
A plan of reorganization for the
mortgages approximating $150,000,000 were outstanding.
mpany has been formulated
4
committee of common stockholders. t provides for an issue of 10
An analysis made by Charles J. Mylod, special Deputy Superintendent
-year
in charge of rehabilitation of the company, showed that the 53,330 certifi6% debentures to raise money to pay creditors and to provide additional
working capital. In addition, the present preferred stock would be excotes were held by 22,998 individuals in the certificated series. The surchanged for new preferred, and coramon stockholders would receive new
vey also shows there are 3,312 individuals holding certificates worth $300
or less each, totaling $1,163,594; 3,614 individuals holding certificates
common stock, both on a share-for-share basis. No final agicement has
been reached, it was indicated.
-V. 138. p. 3276.
ranging between $501 and $1,000, totaling $3,380,217; 1,477 individuals
holding certificates for from $1,501 to $2,000 for a total of $4,626,996, and
May Profit $121,022
-Five Months'Sales 28% Over 1933.12,234 individuals holding certificates for $2,001 and more for a total of
The profit for May before providing for Federal taxes totaled $121,022.
$140,399.061.
_
against $66,431 in May 1933
.
The report further says in part:
Sal for five months' period, show an increase of 28% over the same
Sales
"It appears, therefore, that the large majority of Lawyers Mortgage
period of 1933 and 7.2% over 1932. For May sales totaled $1,598,096.
certificate holders are in the $2,000 plus class. The survey shows that
against $1,373,631 in May 1933.
between Aug. 2 1933 and April 1 1934 some interest was paid on all certifiCash on hand May 1 aggregated $1,131,018 and merchavntorIØe
cotes in the 25 group issues. In the 880 specific series, some interest was
at cost $2,857,049.-V. 138. p. 3276.
paid to all holders except in 29 issues aggregating 52,664,159.
"The percentage of certificate holders who had received no interest is 4, -Magma Copper Co.
-Special 50-Cent Dtviden ....
hence very Small. In the whole mortgages, some interest was paid to all
directors on June 15 declared a dividend of 50 cents pl share
mortgagees except holders of 621 mortgages valued at $5,927,525 out of
the $150,000,000 total. Of thess 621 mortgages, 153 aggregating $1,608.on the common stock, par $10, payable July 16 to
210 are secured by foreclosed real estate."
of record June 29. A similar distribution was made on
It was pointed out that reorganization of certificated issues is going on
April 16 last, which was the first 'payment since the last
under the Schackno law. "Plans for reorganization of seven mortgages
totaling $1,251,308 are now in the hands of the Supreme Court for approval
quarterly of 12% cents per share was paid on Jan. 16 1933.
and other Schackno plans are being prepared for 314 mortgages aggregatThe directors stated that the July 16 dividend is being
ing 555,892,767," the report declares.
"It should be pointed out that the application made by the owners of
paid out of earned surplus and is not to be considered as
real estate for the reorganization of certificated mortgages are not granted
establishing a regular dividend basis.
-V. 138, p. 2753.
In every case," Mr. Van Schaick says. "Up to the present time the reorganization bureau has denied the applications for reorganizations on 44
'"Magnavox Co., Ltd.
-Proposes Capital Reduction.
mortgages totaling 86.138,075. These applications have been denied gen- A proposed reduction of capital will be laid before the stockholders at
erally for the reason that a careful inspection and appraisal of the propertY
the annual meeting to be held June 27, it is announced.
itselfshows that no reduction of interest is warranted and that the mortgage
The proposal is to decrease the c.apital of the corporation from $1,283,666
should be continued at the rate of interest called for in the bond and mortto $641,833 by reducing the amount of capital represented by the 1,283,666
Issued shares of capital stock without par value. It is also proposed to
ogress in the satisfaction of whole mortgages through the substitution
change the authorized 1,750,000 shares of no par capital stock into 500,000
of Home Owners' Loan Corporation bonds was reported. Up to May 24
shares of capital stock of the par value of $2.50 per share on the basis of
412 mortgages amounting to $2,061,395 had been refunded by this method.
one share of new capital stock for five shares of the old -V. 135, p. 2502.
Further applications have been filed for 2,350 mortgages approximating
511.600.000 in value.
Manhattan Ry.-Committee Member.-
Frankenthaler Ruling Affirmed in Lawyers Mortgage Case.Jules S. Bache has been elected chairman of the independent bondholders'
The Appellate Division of the N. Y. Supreme Court affirmed June 15
committee, representing the first and second mortgage 4s, to succeed
a decision of Supreme Court Justice Alfred n•ankenthaler, ruling that guarRollin C. Bortle, who has resigned.
-V. 138, p. 3952.
anteed mortgage certificates held by the companies issuing them are entitled
Manistee & Northeastern Ry.-Abandonment.to the same consideration as those held by all purchasers. George S. Van
Schaick, Superintendent of Insurance, applied for the ruling as rehabiliThe I.43. C. Commission on June 12 issued a certificate permitting
the company to abandon the portion of its line extending from Kaleva in a
tator of the Lawyers Mortgage Co., which had issued 88,000,000 in cergeneral northeasterly direction to Solon, 39.45 miles, in Manistee, Benzie.
tificates on the mortgage on the apartment building at 1399 to 1413 Madison
Avenue.
Grand Traverse and Leelanau Counties, Mich.
-V. 134. p. 323.
The Bankers Trust Co.and trustees of the estates of Edward and Marie
-Proposed Reorganization.
Cameron,holding a larger number ofcertificates,asked the Court to subordi- ""••••••Maple Leaf Milling Co., Ltd.
Plans for reorganization of this company are expected to be ready for
nate the interest of the mortgage company. The higher Court did not
submission to bondholders and other creditors in the near future.
hand down an opinion,
•
Volume 138
4303
Financial Chronicle
The plan that will be proposed, it is understood, will envisage:
1. Reduction of interest rate on bonds from 5%% to about 3%% for
five years.
2. Reduction of interest rate on 14,900,000 of current bank loans, secured by inventories and receivables, to about 4%.
3. By this means reducing fixed charges about 1200.000 per annum.
4. Remaining 12,000,000 of bank loans, secured by shares of subsidiary
companies, to be non-current for five years.
5. Principal amount of bank loans (16,900,000) and bonds (14,620,500)
to be unchanged.
6. Banks and bondholders to have majority representation on the board
of directors for five years.
7. After the five-year period, any margin of current assets over 110%
of current liabilities to be applied to a sinking fund to reduce the 12,000,000
bank loan and bonds. Other than this, sinking funds to be postponed.
8. Creation of class A and B no par value shares, carrying identical
provisions, except that class A will be preferred as to dividends when
earned. No dividends are to be paid, however, while the five-year plan is
In operation.
9. Class A shares to be given to creditors, chiefly banks and bondholders.
10. Class B shares to be given to holders of the present 12,930,000 of
A preferred, the 25.000 shares of $6 B preferred and the 100,000 common
shares.
Substantial consent of bank creditors has been obtained, it is understood. (Toronto "Financial Post.")
-V. 138, P• 157 .
5
Balance Sheet Dec. 31 (Company Only).
1932.
1933.
1932. 1
1933.
I Liabilities$
$
Assets$
$
Securities owned__46,899,878 46,730,209 Cony. participarg
27,793,265 27,793,267
pref. stock
Cash
458,006
328,565
x Common stocks_14,574,807 14,574,808
Dep. to cover deb.
skg.fund require
35,650 Debentures, series
3,661,000 3,755,000
Divs. receivable,
A5%
263,458 Preferred dividends
decl. or accrued_ 252,917
361,879
361,872
payable
Notes rec. of affil.
Accounts payable
companies
100,000
60,073
64,493
and accruals_ _ _ _
26,729
16,195
Accts. receivable__
Special reserve for
Unamortized debt
550,000
amortiz. of Inv.. 750,000
321,126
disct. dr exps_ _ _ 293,820
725,205
739,172
Surplus
Special dep., skg.
38,289
fund & other_ _ _
47,940,197 47.824,645
Total
47,90,197 47,824,645
Total
x Represented by 1,780.249 shares, no par value in 1933 (1,780,250
shares in 1932).
Consolidated Balance Sheet as at Dec. 31.
1932.
1933.
1932.
1933.
$
LiabilitiesAssets
Capital assets_ _ _ _55.317,567 55,088,121 Cony. partic. pref.
27,793.265 27,743,267
shares
2,208,562 2,741,458
Cash
shares
590,191 Common
Saves. bk deposits_ 529,995
Massachusetts Lighting Cos..
-Annual Report.
(1,780,249 shs.)14,574,807 1E574,808
Accts. dr notes rec.,
Income Statement of Trustees Holding Company.
less reserve
x2,301,711 1,334,599 Pref. dr corn, shs.
Calendar Years1933.
1931.
1930.
1932.
of underl'g cos 3,632,818 3,686,089
Decl. diva. rec. &
Total income
1927,414
$940,329 11.219,049 $1,012,348
4,193,000 4,312,500
80,642 Long-term debt_
int. accrued_ _ _ _
68,406
Expenses, taxes,inc.,&c.
81,226
13,967
26,778
27.632
436,829 Accounts payable
Mat'l and supplies 404,590
Balance
780,262
808,086
dr accruals
36,314
$846,188
Prepaid charges__ _
29,122
$926,363 11,192,271
1984,716
445,038
442.597
Consumer's deps
Consolidated Operating Accounts of Companies Whose Shares Are Owned by , Skg. funds dr other
361,871
136,766 Declared dividend 361,879
150,370
restricted deps
Massachusetts Lighting Companies.
687,667 DecI'd or accrd.
Unadjusted debits 626,108
Calendar Years1933.
1930.
28,999
1932.
1931.
28,904
divs. on min. shs
Gross income
14,064,429 14,352,995 14,482.916 $4,631,457
Reserves dr susNet income after exp.,
7,977,496 7,349.256
pense credits
deprec. & taxes, &c_ _
847,067
794,528
904,048
956,998
Earned surplus_ _ . 1,851,404 1,772,672
Other income
153.307
58.170
71,710
166,515
61,636,432 61,132.589
Total income
Total
61,636,432 61,132,589
Total
1852,699
S975,758 11,123,513 11,000,374
Interest charges
125.243
106,677
28,451
44,537
x Includes 11,040,000 notes receivable due from affiliated cos., not
Dividends
788,154
880,319
859,959
1.126.375
subsidiaries.-V. 138, p. 2931.
Balance,surplus-def_ _
186.976
1136,518
135,711
1195,154
Memphis Power & Light Co.
-Earnings.
Trustees' balance
846.188
984.716
926,363
1,192.271
Total, surplus
Calendar Years1932.
1933,164
1933.
1890,651
1997,117 $1,121,234
Mass. Light, pref. divs_ _
Operating revenues
$6.120,759 16,621,598
554,138
554,138
554,138
554,138
Mass. Light, corn. diva_
Operating expenses, including taxes
3,953.110
200,549
3,674,741
275,754
275.754
275.754
Surplus
$178,478
1291,342
$60,759
$167,225
Net revenue from operations
$2,446,018 12.668.488
Shs. corn. stk. outstandOther income
9782
35,159
ing (no par)
91,917
91,918
91.918
91,918
Earnings per share
43.49
16.17
$4.82
13.66
Gross corporate income
32,455,799 12.703,647
x Figured on average number of shares outstanding during the year the
Interest on o.crtgage bonds
737,375
737,375
arnings per share amounted to $5.67.-V. 136, p.3161.
Other interest an:,ieauctions
149,952
116.856
Interest charged to construction
Cr1.354
Maverick Mills (Boston).
-Bonds Called.
Renewal and replacement reserve appropriations
699,303
689,701
An of the outstanding 1st mtge. 7% gold bonds, due April 15 1943, were
recently called for redemption as of April 15 1934 at 105 and int. The issue
Balance carried to earned surplus
$911,868 11,118,370
originally totaled 11,050,000, but had since been reduced to approximately
Dividends on preferred stock 17 series
208,092
208,528
one-half that amount through operation of the sinking fund.
-V. 138, p.
Dividends on preferred stock /6 series
186.197
183.267
4130.
Dividends on common stock
100.000
720,000
Note.
-Statement for 1933 does not include earnings of /138,058 from inMelville Shoe Corp.
-Sales Continue Higher.
vestments in the renewal and replacement reserve fund or loss of $89,650
Period End. June9.-1933.
1934-24 Wks
1934-4 Wks.
-1933.
from adjusting ledger value of bonds of Memphis Street Ry. held therein.
Sales
12.910,143 12,054,505 $12.112,901 18,532.091
These earnings and adjustments have Peen carried directly to the renewal
-V. 138, p. 3608.
and replacement reserve.
the results (loss)
Income
of
Massachusetts Utilities Associates.
- Memphis from Investments in and in receivership, from operationsfor
-Annual Report.
Street Ry., a subsidiary
are not included
Cal.
Gas Sales
yNet
Electric Sales
1933 In the above statement.
Years.
xGross. Earnings.
(Cu.Ft.)
•
(ktch.)
xBalance.
Balance Sheet Dec. 31•1933.
1933- - -- 19,994,311 11,711,589 $264,071
1932_.-- 10,640,743
Assets
Liabilities-1,840,727
393,244 175,543,901 1,730,100,000
1931- - -- 11,234,521
:
Capital stock
$14,133,231
Plant, property, franchises,
1,985,900
538,444 181,516,094 1,806,687,200
1930- - -- 11,066,026
&c. (ledger value)
$31,240,732 Long-term debt
1,976,609
15,275,000
532,884 178,340,539 1,749,046,900
1929- .. -- 11.081,951
Notes and loans payable
Investment in Memphis St.
2.107.093
620,879 180.861.976 1,664,387.800
1928- - -- 10.594,438
Nat'l Power & Light Co..._ 1,117,500
Ry.(ledger value)
2,662,500
1.994,389
449,667 158.929.727 1.578.535,100
Cash in banks (on demand)
98,719
368,935 Dividends declared
x Excluding inter-company revenue. y Net earnings for dividends on
Notes receivable
263,580
400 Accounts payable
shares of Massachusetts Utilities Associates. z Balance for participating
Accounts receivable
666,709 Customers' deposits
150,815
preferred dividends and common dividends of Massachusetts Utilities
Materials and supplies
309,043 Accrued accounts
523,747
Associates.
1 repayments
9,221
16,455 Miscell. current liabilities_
Income Account for Calendar Years (Company Only).
10,439 Miscellaneous liabilities
274,162
Miscellaneous current assets_
1931.
1930.
1932.
1933.
1,543,166 Deferred credits
Miscellaneous assets
12,255
Dividends
11,964,075 $1,955,852 11,953,666
11,862,393
Deferred charges
736,007 Reserves
1,356,213
Interest
50.212
58,568
123,056
48,956
Capital surplus
2,817,374
Earned surplus
y1,521,769
Total income
11,911,349 12,014,287 $2,014,420 12,076,722
Taxes
5,005
10,800
14,052
5,388
Total
Total
$37,554,387
$37,554,387
Int. & amortization of
x Represented by cumulative preferred $7 series. 30,000 shares: $6 series.
debt disct. & expense_
210,101
224,156
228,901
205,099
General expense
32,000 shares; common, 400.000 shares. y Includes index fund as of
58,487
71,793
84.155
48,402
Oct. 1 1932 of 1767,809.-V. 138. p. 3608.
Netincome
11,652,459 11,740,695 11,707,670 $1,749,615
Miami Bridge Co.
-Earnings.
Pref. dive. of Mass. Util.
Assoc. paid or decl _ _ 1,447,517
Calendar Years1932.
1933.
1931.
1930.
1,447,483
1,447,456
1,443,724
Bridge revenue
$49,169
165,990
878.992
$54,094
Balancefor suplus_ _ _ _
Other revenue
2,144
1,440
4,180
1293,212
4,608
$204,942
1260,214
1305,891
Previous surplus
702,296
725.205
803,155
522,589
Disc, on deb. reacquired
Total
156,238
$50,609
170,598
183,173
11,334
9,025
Pref. divs. rec. during
Operation
28,327
37.122
35,522
26,355
1930 but accrued (not
Maintenance
8,147
24,183
16,053
6,639
decl.) at Jan. 1 1930..
Taxes
7,331
7.035
5,827
8,000
27,883
Total
Net earnings
124,266
$12,729
$11,788
11.291
1939,172 11,006,841 11,063.369
$856.363
Organization exp. arnort
Depreciation
31.636
18,235
12,150
16.919
18,523
50,000
50,000
Bal. of debt disc. & exp.
Other deductions
28
184
on debs. retired, net of
from deb.redemps
disc
Balance, deficit
15,534
15.742
4,348
1546
115,628
3,208
Res,for amortiz. of Inv_
Deficiency at start of
250.000
200,000
300,000
Loss from liquidation of
year (corrected)
4,452
3,906
Investment
6,726
Def. at end of year... _
14,452
19,987
Surplus Dec.31
Vehicles crossing bridge_
$739,172
$725,205
1702,296
677,729
600,812
781,362
901,314
1803,155
Consolidated Statement of Earnings Years Ended Dec. 31.
Balance Sheet Dec. 31.
Assets[Company and Underlying Companies and Associations.]
1932.
1933.
1932.
1933.
Fixed capital
1933.
1932.
1931.
$1,484,833 $1,487,491 x Cap. stk (14,830
1930.
Cash
21,509
5,541
$14,830
* Gross oper.revenue
shares no par)_ _ $14,830
Accts. receivable._
Electric
$7,155,854 17,407,933 $7,662,044 17,717,963
61
60 Income debentures 1,477,000 1,483,000
Meter deposits.
2,348.607
315
2,635,140 2,770,776
315 Accounts payable_
Gas
2,723,964
Y23
Deferred assets_
14,598
Non-operating revenue
y1,388
19,680 Taxes due
Deficit
56,333
59,622
Interest
93.712
5,269
2,798 Reserves for deprec
14,985
33,220
113,369
433,517
538,048
Other
Emblems sold mad
1,680
727,990
1,535
510.731
Total oper. revenue__ 19.994,311 110,640.743 111.254,522 111,066,027
5,442,683 5.669.370 6,107,162 5,799,884
General exPenses
Maintenance
304,798
323,421
395.454
424,805
Depreciation
855,535
1,073,830
991,039
1,101,651
1,151,363
1,173,365
Taxes
1.146,538
1.107,208
Net earnings before interest and dividend_ 12,239,933 $2,400,756 $2,614,329 12,632,479
229,528
265,221
288,245
Int.& amort.of bds.disc.
296,574
20.432
Other interest
x294,808
Minority pref. dividends x278,385
x340.184
359,296
Net consol. earnings__ 11.711,589 $1,840,727 11,985,900 $1,976,608
Pref. dive, of Mass. Util.
1,447,483
1,447.456
Assoc. paid or declared 1,447,517
1.443,724
$393,244
$538,444
Bal.for consol.surplus 1264.072
$532.884
* Excluding inter-company revenue. x Including reserve for minority
participating dividends not declared and minority common stock interest
In earnings, all of underlying companies and associations.
Total
$1,526,585 $1,515,887
Total
$1,526,585 $1,515,887
x Represented by 14,830 no par shares. y All of the current liabilities
ere paid in full during the month of January 1933.-V. 136, p. 1729.
Michigan Federated Utilities Co.
-Consolidation.
-
See Consumers Power Co. above.
-V. 123, p. 3320.
Michigan Steel Tube Products Co.-Earnings.CalendarY
Net loss before prov. for deprec_-_prof$107.695
Provision for depreciation
70,000
Loss on sale of bonds
26,578
Net loss for year ended Dec. 31_ _ _
811,118
Dividends
Deficit
111,118
Previous surplus
153,805
Adjustments prior years (Dr.)
Write-down of fixed assets
Balance Dec. 31
1164.923
1160,605
75,537
1235,542
1235,542
594.154
616
Dr204,190
1153,804
1931.
18,723
105,390
1114,113
40.000
1154,113
749.316
1.050
1594,154
Financial Chronicle
4304
Assets
1933.
Cash & Ws. of dep z$18,096
Notes & accts. rec_
93,090
Munic. bonds and
accrued interest
Inventories
182,797
Cash surr. val. of
life Insurance...
8,080
y Property & plant 469,919
Patents
1
Deferred charges
28,927
Balance Sheet Dec. 31.
LiabIlitIes1932.
$6,598 Accounts payable_
55,759 Payrolls & sundry
accruals
51,947 Employees' depos.
on badges
141,347
Notes payable__
11.736 Local taxes
y526,175 x Common stock.._
484 Earned surplus_
28,422
1933.
$81,545
1932
$60,601
11,933
8,952
485
42,027
500,000
164,923
70,000
29,110
500,000
153,805
$800,912 $822,468
Total
$800,912 $822,468
Total
x Represented by 100,000 shares no par value). y After depreciation
of $388,437 in 1933 and $320,130 in 1932. a Cash only.
-V.138, p. 1059.
June 23 1934
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
Liabilities$
Assets$
$
10,000,000
Funded debt
Property, plant,
equipment, &c.24.409.339 24,343,609 Curr. & accr. Bab.. 745,136
Consumers' meter
Organiz. & pref.
61,684
stock expenses__
83,853 & extension depe
83,853
53,323
Inter-co. payables
Sink. ids. & other
Unadjusted credits
8,453
special deposits_
20,958
1.924,890
422,389 Reserves
Cash
462,720
Subs. pref. stock. 2,861.500
Miscell. Invests_
2
,
380,695 Corn. stock -subs. 2,200,000
Accts. receivable. 408,049
1.835 Cap. & earned sun
Other accts. reedy.
2,149
566,968
274,767 of subs, at acq
Merchandise
266,169
1,866 Cap. surp. of subs.
Insurance deposits
5,056
Inter-co. rec
1,646,156 1,634,524 Easrnince.surapc.riof s tio
nisiubso10,308,667
Prepaid & deferred
1,061,202 1,165,358 since acq. & cap.
charges
& earn. surp. of
def364,969
holding cos
1932.
$
10,000,000
900,631
59,224
8,453
1,767,922
2,864,600
2,200,000
566.968
10,307,714
Middle West Utilities Co.
-Concurs in 77-B Proposal.
In answer to a court petition of creditors that the company be reorde1366,615
Bankruptcy Act, the
ganized under the provisions of Section 77o of the
company has concurred in the proposal and expressed the belief that
Total
28,365,652 28,308,900
Total
28,365,652 28,308,900
not only will such procedure be for the best interest of its creditors but
-V. 138, p. 504.
also that it will best serve the interests of preferred and common stockholders.
--Minnesota Mining 8c Mfg. Co.
-Increases Dividend.
Green, President, was filed
The answer, which was signed by D. C.
A quarterly dividend of 15 cents per share has been declared on the
by attorneys for the preferred and common stockholders' committees
common stock, no par value, payable July 2 to holders of record June 20.
-V. 138,
who, by arrangement, are acting as attorneys for the company.
This compares with 1234 cents per share paid on Jan. 3 and April 2 last and
p.4131.
on Oct. 2 1933, 734 cents per share on April 1 and July 1 1933. and 123i
cents per share in each of the three preceding quarters.
-V.137, p. 2282.
-Decision Reserved.
Midland United Co.
Minneapolis & St. Louis RR.
-Earnings.Judge Nields in Federal Court, Wilmington, Del., has reserved decision
-Second Week of June- -Jan. 1 to June 14on the petition for transfer of the reorganization proceedings of the com1934.
1933.
1933.
1934.
pany from the Wilmington to 4he South Bend (Ind.) District Federal Court.
-V. 138, p. 4131.
roes earnings
$125,073
$191,177 $3,137,614 $3,142,423
V. 138, p. 4131.
0 - 44t.i.
16
-Protective Committee
'Midland Utilities Co.
-Minneapolis, St. Paul & Sault Sainte Marie Ry.f wgh
A protective committee for the 6% debentures series
Comnuttee Advises Certificate Holders.
are outstanding, is being organized under the leatlefship of M
000,000
Emerich, partner in Hallgarten & Co. Interest on these debentures has
The protective committee for the 4% leased line stock certificates (Wisbeen paid up to date, the last semi-annual payment having been made on
consin Central Railway) of which James Bruce is head,in a letter to certifiMarch 1, last. The company has petitioned Federal court for permission
cate-holders states:
-V.138,
to reorganize under section 77B of the bankruptcy act as amended.
On Oct. 5 1933 this committee, organized at the instance of holder of
3783.
P•
the above certificates, announced its formation and requested persons
interested to communicate with the committee. This request has elicited
-Earnings.
Mining Corp. of Canada, Ltd.
a large response. In accordance with its announcement, the Committee
is pleased to send you, for your general information, this brief report of
[Lorrain Operating Co., Ltd., Frontier (Lorrain) Mines, Ltd.]
Its investigation to date.
1932.
1931.
1930.
Calendar Years1933.
The certificates which you hold were issued in 1909 in exchange for
$367,121
$802,602
$553,444
Income from production
preferred stock of Wisconsin Central Railway, and the stock was deposited
217,469
344,181
462,123
Mining expenses
with the New York agency of the Bank of Montreal, as trustee. The
Soo Line, which issued the certificates, became entitled to vote the deposited
$458,421
$91,321
Profit at mines
$149,652
stock and undertook to pay certificate-holders $4 per share per annum.
1,782
16,877
19,517
Other income
At the same time, the Soo acquired a majority of the common stock of
Wisconsin Central, and the Wisconsin Central leased all its lines to the
$151,434
$475,298
$110,838
Total income
$1,175,616
Soo for 99 years.
Administration expense,
Payments on the certificates by the Soo were omitted on April 1 and
royalties, &c
111,008
97,450
110,512
83,175
Oct. 1 1933 and on April 1 1934. Counsel advises the committee that
Option prop. & shares in
certificate-holders are now entitled to immediate payment ofarrears amountother cos. written off.
ing to $6 per share. The certificates provide that holders, on default, may
94,951
36.919
2,986
2,425,023
&c
27,862
draw from the deposited shares of preferred stock of Wisconsin Central,
Written off plant, &c_
without prejudice to other rights which they'may have. While it is underShutdown exp.at Cobalt
13,894
stood that the Soo does not admit that non-payment of past-due installFed.& prov. taxes, &c
4,559
ments constitutes a default, counsel advises the committee that a default
Charitable subscriptions
1,297
Clearly exists.
and donations
It is the contention of the committee that the obligation of the Soo
$977,739
$3,507
$347,000 df$2,424,697
upon the certificates is unconditional and not dependent upon either the
Net profits
347,000
67,439
Previous surplus
350,507
earnings of Wisconsin Central or the continuance of its lease with the Soo.
A report on pending litigation with respect to the status of this lease may,
$347,000d$2.357.258
$350,507
Total surplus
$1,328,246
however, be of interest.
3,665,408
In December 1932 the Wisconsin Central went into receivership. Its
Items written off
receiver and the Soo entered into an operating agreement, providing that
Res. for possible future
900,000
decline in value of inv.
the Soo would operate the road for the account of the receiver, who was to
bear any deficits from operation. The Soo claimed a deficit of $142,509
$350,507
$428,246
$347,000df$6,022,666
Surplus
for the period from Dec.3 1932 to Jan. 311933, and sought to make collection from the receiver. Prior to Commencement of the suit, however, a
Consolidated Balance Sheet Dec.31.
written stipulation, approved by the Court Feb. 25 1933. was entered into
Liabilities1933.
1932.
1932.
1933.
Assetsby the trustees of Wisconsin Central bonds, Wisconsin Central, its receiver
$15,772 Accounts payable_ $24,705
$52,742
$4,844
Cash
and the Soo Line. This provided for a prompt determination of the status
72,216 Workman's compOre Inventory _
of the lease, disregarding the receivership proceedings. The U. S. District
ensation Board_
68,231
15,063
15,546
Call loans
Court for the District of Minnesota, Fourth Division, on July 18 1933.
43,453 Adv. on ore & bul12,930
Accts.receivable
denied the Soo's claim and found and held, in part, as follows:
lion in transit Sc
Shares in other
"I find and hold as a matter of fact that the Soo has not terminated
at smelter
74.000
mining cos. at or
said lease and has not surrendered said properties held under the lease to
29.826
30,140
below markt. val 2,080,940 2,097,920 Balance due subs_
the Wisconsin Central.
Unclaimed diva_
27,211
27,285
Inv. in contr. subs. 1,037,697
"I hold as a matter of law and fact that under the terms of the lease,
Res. for Invest_ _
900,000
Stores & prepaid
and especially of Articles 24 and 25,thereof,the Soo is financially responsible
3,605 y Capital stock
10,023
2,000,000 2,000,000
expenses
for the expenses of maintaining and operating the road so long as it holds
96,174 Profit & loss bal.. 428,246
350,507
Advance to subs_
and operates said road, but .. that is is entitled to surrender said
Optioned properpremises to the Wisconsin Central and terminate said lease, for the reason
ties & shares in
that the revenues of said road are not sufficient to pay the operating and
147,621
143,414
exploration cos_
maintenance expenses, etc."
Plant, bides. &
In the course of its opinion, the Court stated, further, that
4,012
10,498
equipment
. . Article 24 does make the Soo liable, in the event of surrender
of the lease, for any floating indebtedness then existing."
Total
$3,409,989 $2,502,322
$3,409,989 $2,502,322
Total
The Soo has advised the committee that the effect of this decision is limited
par shares.
-V. 138, P. 3953.
v Represented by 1,660,050 no
because of the stipulation which disregarded proceedings in the receivership
through which the Soo asserts the lease was terminated. The committee
-Earnings.
Minnesota Power & Light Co.
is also advised that there is pending, a motion brought by the Soo line,
[American Power & Light Co. Subsidiary.]
to reargue this decision.
The deficit, after all charges, of the Soo for the following periods have
-Month---1933.
1934-12 Mos.-1933.
Period End. May 31- 1934
been: 1933. $4,843,496: 1934, first quarter. 31.735,818; 1933, first quarter,
3355,124 $5,037,850 $4,873.731
$446,105
Operating revenues
$2,073,749; and for Wisconsin Central: 1933,$2,184,965: 1934,first quarter.
152,497
175,888
2,088,166
1,919,628
Oper.exps.,incl. taxes_ _
$737,838: 1933 first quarter, 31,092,577.
The committee makes no recommendation at this time. It does not
$202,627 $2,949,684 $2,954,103
$270,217
Net revs, from oper__
request deposit of certificates or contribution for committee expenses.
10
64
888
8,386
Other income
No call for deposits will be made unless and until the committee feels that
the interests of certificate-holders will be furthered by united action and
$202,691 $2,950,572 $2,962,489
Gross corp. income_ __ $270,227
unless and until any necessary registration of certificates of deposit with the
145,603
1,740,304
144,587
1,752,182
Net int. et other deduc's_
Federal Trade Commission has been effected.
The members of the committee are: James Bruce, John M. Hincks,
y$57,088 $1,210,268 $1,210,307
y$125,640
Balance
Hugh G. M. Kelleher, Mark W. Potter, and Charles B. Wiggin, with
300,000
Property retirement reserve appropriation
250,000
-V. 138, p. 3783.
Marland Gale, Sec., 1 'Wall St., New York.
$910,268
$960,307
Balance
-Earnings.
Minnesota Northern Power Co.(& Subs.).
x Dividends applicable to preferred stocks for the
989.989
990,476
period, whether paid or unpaid
1932.
Calendar Years1933.
Gross revenue
$3,274,304 $3,356,109
$79,721
$330,169
Deficit
Operating expenses
1,612,286
1.635,83
6
Bond and other interest Sc deductions
968,738
1,013.886
x Dividends accumulated and unpaid to May 31 1934 amounted to
$659,823. Latest dividends, amounting to 87 cents a share on 7% pref.
$706,387
Net income
4693,280
stock, 75 cents a share on 6% pref. stock and 75 cents a share on $6 pref.
x Net income-from above, $693,279; deprec. & depletion, $430,166:
stock, were paid on April 2 1934. Dividends on these stocks are cumulative.
amortized bond discount St exp., $177,152; bal. transferred to surplus,
y Before property retirement reserve appropriations and dividends.
385.960.
It is announced that the 7% preferred stock of this company is being
Consolidated Balance Sheet Dec. 31 1933.
transferred at the First & American National Bank of Duluth, Minn.Liabilities
V. 138. 13• 3053
Assets.
$1,759,000
7% preferred stock
Plant equip. &c. (less res. of
Minneapolis Gas Light Co.(& Subs.). Earnings.
3,658,500
$31,579,327 6% preferred stock
$2,668,119.89)
1933.
9,329,953
1932.
Calendar Years* Common stock
Invest. In & due from assoc'd
$4,426.561 $4,606,970
20,597
Gross operating revenues
635,080 Payments rec. on stk. subset.
cos. (not consolidated)... _
2,281,273
2,046,182
2,303,272
Operating expenses
240,027 Minority interests
Cash
14,902,411
214,741
183,396
Maintenance
Funded debt of sub. cos
Notes Sc accta. rec. (less res.
418,275
1,225,023
368.351
-other than Federal income tax
Taxes
597,812 Notes payable
of $65,407.03)
69,127
Materials and supplies
345,505 Accounts payable
$1,512,272 $1,751,950
Net operating income
166,159
Other current assets
69,713 Consumers deposits
defl,524
44,587
Non-operating income
8,512
Other current liabilities
Unamortized debt discount
$1,510,747 $1,796,537
Gross corporate income
386,042
/
& expense
290,491 Accruals
457.097
-subs. cos
485,796
Interest deductions
149,067
Miscellaneous assets
18,801 Miscellaneous reserves
260,071
260.048
Other deductions-subs. cos
19,012
Stock discount & selling exp.149,839 Deferred credits
414,432
$793,579 $1,050,693
Balance
140,386 Surplus
Other suspense
186,122
185,380
67,037
Dividends on pref. stock-sub. cos
Prepayments
120,437
90,940
Income payments on part. units sub. cos
$34,134.017
$34,134,017
Total
Total
Balance before Federal income tax & arrears
-V.138, p. 1742.
• Represented by 631,032 no par shares.
$487,021
$774.374
of dividends on preferred stock
4305
Financial Chronicle
Volume 138
Balance Sheet Dec. 31.
-Earnings.
Mississippi Power & Light Co.
Years Ended Dec. 31Operating revenues
Operating expenses,incl.taxes
1932.
1933.
$4,403,546 $4.591,181
2,772,188 2.852,932
Net revenues from operation
Rent from leased property-net
Other income
$1,631,359 $1,738,249
34,604
9,855
36,932
15,015
Gross corporate income
Interest on mortgage bonds
Other interest and deductions
Interest charged to construction
Property retirement reserve appropriations
$1,656,229 $1,809,785
817,700
817,700
130.715
119,299
Cr1,959
350,000
350,000
$513.329
$369,229
Balance,surplus
402,622
268,943
Dividends on $6 preferred stock
210,000
52,500
Divs. on $6 second preferred stock
100,000
Dividends on common stock
in full to
-Dividends on the $6 preferred stock have been paid
Note.
April 30 1933, and on both Aug. 1 and Nov. 1 1933, dividends of 50 cents
a share, or one-third of the regular quarterly rate, were paid on this stock.
Dividends on the $6 2d pref. stock have been paid in full to Jan. 31 1933,
and no dividends have been subsequently declared for payment thereon.
Balance Sheet Dec. 31 1933.
AssetsLiabilities
$15,399,641
Plant, prop'y, franchises, &c-$33,660,802 x Capital stock
Investments
Cash in banks-on demand.Notes and loans receivable_ _ _
Accounts receivable
Materials and supplies
Prepayments
Miscellaneous current assetsMiscellaneous assets
Deferred charges
Consigned materials-contra
Total
70,633
79,294
81,785
475,322
259,845
39.625
20,901
487,339
587,849
8,979
Long-term debt
Contracts payable-municl- 16'663.299
.
pal obligations due 1934_ . 30,204
Loans payable-Electric Pow.
& Light Corp
121 909
585,580
Accounts payable
147,891
Customers' deposits
Accrued accounts
9
696 3
521;183
Miami]. curt.liabilities
58,853
Miscellaneous liabilities
1,000
Sundry credit
8.979
Consignments-contra
1,166,442
Reserves
205,461
Capital surplus
790,146
Earned surplus
$35,772,374
835,772,374
Total
x Represented by $6 preferred, 69,000 shares; $6 second preferred, 35,000
shares: Common, 1,000.000 shares.
-V.138. P. 3609.
-Earnings.
Missouri Public Service Co.(& Subs.).
1932.1930.
Calendar Years1933.
Operating revenues
$1,326,344 $1.400.064 81,557.400 $1,552,846
916,006
a Operating expenses..-843,464
772.591
722,602
3,388
4,893
Uncollectible bills
83,156
98,457
Taxes
97.787
108,973
Dr650
Cr5,702
Lease of lines and plants
$549,644
$616.287
Net operating income.. $494,767
$529,686
36.556
Non-operating income
43.059
Dr4,832
Dr8,284
Gross income
Int. on funded debt _ _
Miscell.interest deduct's
Int. charged to construe.
Amort. of debt discount
and expense
Miscell. deductions from
gross income
$486,483
323,321
98,699
$524,854
324,817
112,993
$659,346
310,404
94,426
Cr4,635
$586,201
293,749
88.180
41,034
40,847
35,826
32,975
1,203
3,817
Net inc. for the year _
Previous earned surplus_
$23,429
3,341
$46.195
87,799
$222,122
72.781
$167,478
65.303
Total surplus
$7 preferred dividends.
$6 preferred dividends.._
Common dividends__ _ _
Direct charges
$26,770
$133,994
32,812
1.964
17.991
77,887
$294,903
131,636
5,786
65.967
$232,781
132,021
2.993
24,985
10,779,923
Fixed capital
56,265
Cash
Notes & accts. rec. x254,245
Materials & suppl. 137,917
9,758
Prepayments
Misc. curr. assets..
Due from parent co 339,402
12,739
MIscell assets... _ _
Deferred debits_ _ 208,936
Discount & selling
expense on pref.
stock
Total
1932.
1933.
1932.
1033.
Assets
Liabilities
764,400
7% preferred stock 764,400
593,205
6% pref. stock...... 593,200
Common (271.849
979,255
979,256
shares)
8,412,000 8,500,000
Funded debt
Deferred pay. on
27,511
purchased contr.
U. S. Govt. serv.
30,012
purchased contr.
572,647
440,464
Notes payable_ _ _ _
99,824
40.037
Accounts payable..
99,161
102,397
53,984 Consumers' deps
7.842
1,498
Misc. curr. Habil
59.366
134,492
Accrued liabilities_
74,795
80,014
Miscell. reserves...
306,386
223,916
Surplus
10,815,345
135,340
278,921
168,541
24,552
52,500
364,402
13,804
179,499
11,799,185 12.086,893
Total
11,799,185 12,086,893
stock and
-At Dec.31 1932, dividends on preferred 7% cumulative
Note.
and
Preferred 6% cumulative stock were in arrears in amounts of $26,754
$17,796, respectively.
-V.138, p. 151.
x Accounts receivable only.
-Earnings.
Montana Power Co.(& Subs.).
[American Power 8z Light Co. Subsidiary.]
1934-12 Mos.-1933.
-Month-1933.
Period End.May 31- 1934
$693,194 $9,026,392 $8,163,246
$611.503
revenues
Operating
364,837 4,783.683 4.102,132
369,113
Oper. exps.,incl. taxes
$328,357 $4,242,709 $4,061,114
$242,390
Net revs, from oper__
49,852
90.673
4,850
9,910
Other income
$333,207 $4,333,382 $4,110,966
Gross corp. income..... $252,300
204,621 2,563,104 2.322,399
210,553
Net int. & other deduc's_
Y$41.747 y$128,586 81,770.278 51,788,567
Balance
217,916
415,000
Property retirement reserve appropriations
$1,355,278 81,570,651
Balance
x Dividends applicable to preferred stock for the
951.784
954,359
period, whether paid or unpaid
$618,867
$400,919
Balance
x Regular dividend on $6 pref. stock was paid May 1 1934. After the
at
Payment of this dividend, there were no accumulated unpaid dividends
and
that date. y Before property retirement reserve appropriations
-V. 138, p. 3954.
dividends.
-Earnings.
Montgomery Ward & Co.
1934-4 Mos.-1933.
Period End.May31- 1934-Month-1933.
Net profit after deprec.,
Federal taxes & State
$1,048,849 *$548,347 x$3,309.946 *$2.744,446
income taxes,&c
$7 classIA.
* Loss. x Equal to $16.42 a share on 201,554 no par shares ofper share.
stock, on which accundulated unpaid dividends amount to $7 on class A
requirements
Allowing for only regular four months' dividend
shares of
stock, the balance is equal to 63 cents a share on 4,467,240 no par
common stock, excluding shares in treasury.
on conservaThe above net profit, according to the company, is based
only at
tively stated book inventories, as physical inventories are taken
-V.138. p.3954.
the end of each six months season.
Montour RR.-Earnings.1934.
$187,310
77.884
71,707
1933.
$141,868
58,763
72.073
1932.
$100.069
14.094
31.514
1931.
$185,128
73,983
88,598
736,616
227,891
270,282
MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V .138, p.3444.
563.196
197.710
272,730
623.603
182.797
257.277
842,532
273,062
334,064.
44.561
7 7
$ 2. 81
Earned surplus Dec.31 defS17,792
$3,341
Morrison Hotel, Chicago.-To Reorganize.
0,
3 3 566 ""."--'
Capital surplus Dec. 31283.343
272,434
The Moir Hotel Co., owner of the Morrison Hotel, petitioned the U. 8.
a Including retirement provision of $116,124 in 1933; $101,838 in 1932
District Court at Chicago on June 21 for the right to reorganize under the
$45,880 in 1931 and $45,279 in 1930.
new Federal Bankruptcy Act. The petition. which said assets exceeded
Consolidated Balance Sheet Dec. 31.
iabilities listed a $6,000,000 first mortgage. $5,000,000 of which is out
1932.
1933.
standing; $2.000,000 in unsecured claims. $1,000,000 owed on matured
1933.
1932.
-V.120. p.461;
owed on bank loans.
bonds coupons,and $118,526 interest
Assets$
$
LiabUitleaV. 126, p. 3310.
Plant,prop.&equilp12.895,911 12,897,752 $7 cum. pref. stock 1,867,700 1,867,700
Cash
Working funds__ _
Notes receivable
y Accts. receivable
Material & supplies
Unbilled revenues_
Rec. from sale of
preferred stock
Other assets
167,628
3,439
138.918
48,604
786.724
Vat
156,960
150,813 $6 cum. Jr. pf. stk. 123,456
x Common stock__ 2,999,500 2,999,500
6,416,000 6,549,000
2,842 Funded debt
23,987
134,265 Parch. contr. oblig 122,031
56,760
60,790
63,626 Deferred liabilities
64,291 Notes payable to
Inland Power &
1,246,100
Light Corp
27,998
112,260
59,203
844,362 Cutrent liabilities_
195,802
162,053
Accrued liabilities_
84,943 1,471,558
Adv.from affU. cos
499,491
611,047
Reserves
3,341
Earned surplus.... def17.792
272,434
283,343
Capital surplus
Total
14,041,224 14.185,955
Total
14,041,224 14,185,955
x Represented by 59,970 shares of no par value. y After reserve for
uncollectible accounts. $13,759 in 1933 and $9,335 in 1932.-V. 138, P.
3444.
The directors have declared a dividend of 50 cents per share on the
capital stock, no par value, payable July 16 to holders of record July 2.
An initial distribution of like amount was made on Jan. 2 last.
-V. 138.
p. 336.
-Consolidated Income
Montana-Dakota Utilities Co.
Account Years Ended Dec. 31.-
1930.
1931.
x1933.
Gross revenues
02
x ,23
$1,206,162 $119 5,781 $1,070,053 $1,079,411
564,321
Operating expenses
477,417
549,640
485,579
Lease rental (net) and
amort.of dev.exp.....
22,107
23,775
$720.583
335,037
68,480
78,830
Net avail, for deprec.
and Federal taxes__ $238,236
x Includes Gas Development Co.
$656,142
348,247
$481,958
283,600
$579,886
138,068
79,304
77,243
52,403
$228,590
8121,115
$389,415
Net income
Bond interest
Other interest
Amortization of debt discount and expense
Miscellaneous deductions
Depreciation
Balance transferred to surplus
x Less $6,304 charged to construction.
$907.369
913,164
$5,795
Net loss
Balance Sheet Dec. 31.
1932.
1933.
Liabilttles1932.
1933.
Assets52,000.000 $2,000,000
WI est..mach., &c.$2.177,233 52,184,316 Capital stock
1,790
60
35,982 Accounts payable_
67,486
Investments
1,044,098 1,051,821
868,093 1,070,090 Res. for depreen
Inventories
37,814
25,000
Other reserves _ .._ _
161,596
Cash & receivables 312,492
360,559
356,148
Profit & lobs
Total
$3,425,306 $3,451,984
Total
53,425,306 53,451,984
-V.138, p.3097.
[Including Wyoming Associated Oil Corp.]
1930.
1931.
1932.
1933.
Calendar Years$1.242,317 $1,516,548 81,579,435 82,737.770
NetIncome
207.550
107.874
86,017
86,527
Provision for Fed.taxes_
$1,430,530 81,471,561 $2.530,220
$1.155,790
Net profit
1.111.095 1,274.887 1,496,208 2,549.774
Dividends paid
$44.695
2,469.059
Surplus
Previous surplus
Surplus Dec.31
$1,843.370 $2,469,059 $4,021,464 $5,948.979
.5
Shs. cap. stk. out. (par
1,682.182 1,682,182 1,682,182
1.593,584
$10)
$1.50
$0.87
$0.85
$0.72
Earnings per share
Balance Sheet Dec. 31.
]Including Wyoming Associated 01 Corp.)
827,011
813,693
$745,180
465,733
35,226
88,423
3,387
149.830
$783,507
467,500
x29,098
88,753
3,409
163,302
$2,582
$41,443
x011 lands & leases 10,952.258
YField inv. & eqpt.
4,256
Stock in other cos. 415,501
Advs. to assoc. cos. 572,000
Cash
1,197,442
U.S. bds. & notes_ 1,614,277
Accts. & notes rec. 207,424
Storage oll contract 3,114.981
Deferred assets......158,548
Deferred charges
30,048
Total
1932.
$
Assets-
1932.
1933.
$1,572,191 $1,597,201
$155,643 def$24.647 def$19,554
4,021,464 5,948.979 8,405.422
Total surplus
$2,513,753 $4.177.107 85.924,332 38,385.868
Depletion & adjust for
1,708,048 1.902,868 2.436.889
prior years
670.384
1933.
--Earnings.
Montana-Dakota Power Co.
Income Account Years Ended Dec. 31Gross income
Operating expenses, rentals and State and local
taxes
Earnings for Year Ended Dec. 31 1933.
-Earnings.
Mountain Producers Corp.
--••••=0. K.) Mosser Leather Corp.
-cent Dividend.
-50
Net income
Interest
Rental for leased prop..
Amort.of bd.disc., &c
-Earnings.
Morse Twist Drill & Machine Co.
Total income
Expenses
1933.
Liabilities-
1932.
$
15,935,840 16,821,820
12,321,786 Capital stock
45,075
59,344
4,660 Accounts payable_
349,343
620,054 Dividends payable 241,219
1,843.370 2,469,059
Surplus
1,236,268 Res. for taxes and
144,530
z93,401
contingencies_
1,634,858
93,558
754,867 Deferred credits
3,150,288
73,323
33.719
18,266,734 19,829,827
x Less reserve for depletion.
taxes only.
-V. 137. p. 4369.
Total
18.266.734 19.829,827
y reserve for depreciation._ z Reserve for
4306
Financial Chronicle
Mortgage Guarantee Co. of America.
-Petition Filed.
Sun Life Insurance Co.. Randolph Winslow and Anna W. A. Zang,
all of Baltimore, have filed a petition in Federal Court, Wilmington, to
reorganize the company under Sec. 77-B of the Bankruptcy Aet.--V. 130.
p. 4620.
June 23 1934
National Fuel Gas Co.
-New Vice-President.
James R. Taylor has been elected a Vice-President to succeed Glenn
Ford McKinney, decreased. Mr. Taylor has been a director of the company several years.
-V. 138. p. 3444.
---National Public Utilities Corp.
Moto Meter Gauge & Equipment Corp.
-Petitions to Reorganize.
-Plan Extended.-
The corporation has extended the time for deposit of its stock for
common stock of Electric Auto-Lite Co. to July 19.-V. 138, p. 3609. the
Mountain & Gulf Oil Co.
-Earnings.
Earnings for Year Ended Dec. 31 1933.
Earnings: Crude oil sales, $258,205; gas sales, 38.373; interest
revenue, 312,912; other earnings, 38.432; total income
Production expense. $58.184; general administrative expense,
$26,158; field administrative expense. $3.203; royalties paid,
$52,959; taxes paid, $14,211; depreciation on equipment,
$22.642; depletion of oil reserves, $55.710; other expenses,
33.661
Net profit
Assets: lands and leases
Oil
y Field equipment
Cash
Bonds
Accounts receivable
Accrued interest
Stocks of other companies
Contracts receivable
6287.922
236.731
651,190
Balance Sheet Dec. 31 1933.
Liabilities$2,065.073 Capital stock
114,990 Accounts payable
12,484 Dividends payable
202,057 Deficit
25,640
1,228
476,850
73,606
$4,000,000
17.850
8,126
1,054,048
Total
'52.971,928
Total
$2,971,928
x After reserve for depletion of 33,646.887. y After depreciation reserve of 952,633,394.-V. 137. p. 3503.
'National Cash Register Co. (Md.).-Dividend Resumed.
The directors on June 19 declared a dividend of 123i cents per share on
the common stock, no par value, payable July 15 to holders of record
June 30. This lathe first dividend on the new reclassified common stock.
On the old class A common stock (now identified as common stock) there
were paid quarterly cash dividends of 75 cents per share from April 15 1926
to and incl. Jan. 15 1931: 37;i cents per share in cash on Oct. 15 1931 and
20% in class A stock to stockholders of record Dec. 27 1932.
The company issued the following statement:
"The present dividend is warranted by the earnings for the current six
months period and with a continuation of earnings in substantially the same
amount, further payments of dividends in the same amount quarterly may
be expected. This would be at the rate of 50 cents a year on the 1.628,000
shares of outstanding common stock."
-V. 138, p. 2933.
National Distillers Products Corp.
-British Concern to
Acquire Stock Interest-Rights, &c.
The corporation on June 20 announced through Seton Porter, its President. that it had made arrangements to sell 337,000 shares of its common
stock to the Distillers Co., Ltd., of Great Britain. and that it would give
Its stockholders rights to subscribe for an equal number on the basis of
one additional share for each six shares held. The stock offered to shareholders will not be underwritten, but both lots will be registered with the
Federal Trade Commission. The prices are to be the same.
Mr. Porter said in his statement that the directors had decided to 'call
a meeting of stockholders for Aug. 1 to authorize an increase in the capital
stock from the present 2,488,761 shares to 3,000,000 shares and that
stockholders of record of July 2 would be entitled to vote. Mr. Porter
further stated:
"This increase of stock, when authorized, and after registration under
the Federal Securities Act of 1933, as amended, will enable the corporation
to carry out the following;
"I. To offer to stockholders the right to subscribe for an approximate
total of 337,000 shares, on the basis of one share of stock for each six shares
held, at a price of $25 per share, the board of directors reserving the right
to change such price should it deem such action advisable in the best
Interests of the company, after authorization and registration of stock
and prior to the issuance of warrants, but in no event shall such price exceed
$25 per share. The offering of such shares is in accordance with the
statement of the corporation's intention contained in its letter to stockholders of July 17 1933.
"2. To sell to the Distillers Co., Ltd., of Great Britain, in accordance
with a contract recently entered into with that company. 337,000 shares
of stock at the same price per share which the corporation realizes from the
stock offered to stockholders, provided such price shall not, in any event,
exceed $25 per share.
"Assuming full subscription by stockholders, and the completion of
transaction with the Distillers Co., Ltd., at the contemplated pricethe
of
$25 per share, the corporation's total outstanding stock will be 2.696.083
shares, leaving 303,917 shares unissued, and the corporation will obtain
additional capital amounting to $16,850,000.
"Five million dollars of this new capital arising out of the proceeds
of sale of stock to the British company will be used for the purchase of a
40% interest in the Distillers Co., Ltd.(of Delaware), an American corporation which will have a capitalization of 1,000.000 shares, the remaining 60%
to be owned by the British company.
"The British company is to cause to be transferred to the Distillers Co.,
Ltd. (of Delaware), exclusive rights for the manufacture and sale in the
United States of all the brands of gin now owned and manufactured in
Great Britain by the Distillers Co.. Ltd., and its subsidiaries, which include Gordon's Dry Gin Co., Ltd., Tanquery Gordon & Co., Ltd., Sir
Robert Burnett & Co., Ltd., Hills & Underwood, Ltd., Joseph & John
Vickers & Co.. Ltd., Humphrey Taylor & Co.. Ltd.,and Boord & Son, Ltd.
"The Distillers Co., Ltd.(of Delaware), has already undertaken the construction of new plants for the manufacture of these gins.
"The remaining $11,850,000 of the capital which this corporation would
receive on the consummation of the above should be sufficient to enable
It to carry forward the comprehensive program inaugurated last Fall.
National Distillers Products Corp. has no bonded debt and no preferred
stock, and until the present time has been utilizing its large earnings not
only for the manufacture and setting aside for maturation of large stocks of
whiskies, but also for the improvement and enlargement of its seven existing
distilleries which have now been completed.
Oh"Warrants covering the right of stockholders to subscribe will be issued
ear'y in September following the stockholders' action and registration of
the stock under the Federal Securities Act, and payments under the terms
of such warrants will not be called for until the early part of October."
The New York Stock Exchange has received notice from the National
Distillers Products Corp. of the proposed increase in authorized common
stock from 2.448.761 shares to 3.000.000 shares.
-V. 138. p. 4132.
Nebraska Power Co.
-Earnings.
(American Power & Light Co. Subsidiary.]
r" Period End. May 31- 1934-Monlh-1933.
1934-12 Mos.-1933.
Operating revenues
$516,459
$474,463 $6,181,567 $6,017,070
Oper. exps., incl. taxes
272,849
245,645
3.256.715 3,037,076
Net revs, from oper__
Other income
$243,i310
49,440
$228,818 $2,924,852 $2,979,994
60,803
196,044
297,747
Gross corp. income_ -Net int. 5: other deduc's
$293,050
86,459
$289,621 $3,120,896 $3,277,741
86,037
1,038,850
1,034,732
Balance
YS206,591 y$203,584 $2,082.046 $2,243,009
Property retirement reserve appropriations
300,000
300,000
Balance
$1,782,046 61,943,009
x Dividends applicable to preferred stocks for the
period, whether paid or unpaid
498,855
499,068
Balance
$1,283,191 $1,443,941
x Rerular diva. on 7% and 6% pref. stocks were paid on Mar. 1 1934.
After the payment of these dividends, there were no accumulated unpaid
dividends at that date. Regular dividends on these stocks were declared
for payment on June 1 1934. y Before property retirement reserve appropriations and dividends.
-V. 138, p. 3954.
Harold Barr and Richard M. Newham of Philadelphia and Richard E.
Wilson of Palmyra, N. J., have filed a petition in Federal Court. Wilmington, to reorganize the company under Section 77-B of the Bankruptcy
Act.
-V. 137, p. 3497.
National Power & Light Co.
-Annual Report.
C. E. Groesbeck, Chairman, and S. R. Inch, President, state in part:
There were no important property acquisitions or additions during 1933.
Only such construction work was undertaken as thought necessary to obtain
additional business. The subsidiaries, generally speaking, have a large
surplus in plant capacity.
Birmingham Electric Co., Carolina Power & Light Co.. Memphis Power
& Light Co., Tennessee Public Service Co. and West Tennessee Power &
Light Co., all subsidiaries. operate in or near the area in which the Federal
Government through its Tennessee Valley Authority is entering upon the
generation and distribution of electric energy.
Tennessee Public Service Co. OWDB and operates the electric distribution
properties and the street railway system in Knoxville, electric distribution
properties serving 23 other communities and rural customers in eastern
Tennessee and an extensive electric transmission system. At an election
held in Knoxville last November, bonds were voted for the acquisition or
construction by the City of an electric distribution system, within the corporate limits of the city. The Public Works Administration, an agency of
the Federal Government. has agreed to provide to the City 62,600010
($600,000 in the form of a gift and 32,000,000 in the form of a loan with
interest at 4%) for the construction of such a system. The City has
entered into a contract with the TVA for the purchase of its power requirements. In order to prevent the disastrous consequences of competition
representatives of the TVA and Tennessee Public Service Co. are in negotiation seeking a solution to this complex situation, the company having expressed its desire to co-operate with the TVA to the fullest possible extent
consistent with the interest of its security holders.
For the first quarter of 1934 electric output of subsidiaries was 11%
above the first quarter of 1933. During 1933 such gains as occurred in
the sale of electrical 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.
As a result of this greater output, the operating revenues of subsidiaries
for the first quarter of 1934 show an increase of $1,071,586, or 6%,and net
revenues from operation show an increase of $145,039, or 2%, over the
corresponding auarter of 1933.
Comparative Consolidated Statement of Income (Inter-Co. Items Eliminated).
Calendar Years1933.
1932.
1931.
1930.
Subsidiary Companies
$68,122,274 $70,854,198 $77.425,919 380,375.509
Gross earnings
35,940.226 37,020.333 41.086,599 44,029.658
Oper. exp., incl. taxes
Net earnings
Other income
$32,182,048 333,833.865 536,339.320 336,345,851
106.071
391,669
487,833
1,081,804
Total income
$32,288,119 $34,225,534 336,827.153 $37,427.655
Interest to public and
other deductions
12,845,751 12,897,920 12,981,386 12,272,225
Pref. dive. to public_ __ _ 6,060,152 6,039,204
5.986,156
5,750,673
Renewals and replacement (deprec.approP.) 5.393.390 5,526,782
5,900,972
5,848.179
Proportion applicable to
minority interests_
29,639
33.574
48,719
65,855
Balance
57,959,187 39.728,054 $11,962,713 $13,437,930
National Pow
Lt. Co
.Bal. ofsub. cos. earnings
applicable to National
Power & Light Co.(as
shown above)
7.959,187 9,728,054 11,962.713 13,437,930
Other income
141,368
309,996
461.652
327,297
Total income
$8.100,555 310.038,050 312,290,010 313,899,582
Expenses of Nat. Power
& Light Co
128.160
143,917
127,682
230,175
Int. deductions of Nat'l
Power & Light Co-- _ 1.356.627
1.348,353
1,357,574
1,039,375
Balance
$6,615,768 38.545,780 310,804.754 812,630,032
Divs, on pref. stocks of
Nat.Pow.& Light Co. 1,678,270
1,678,260
1,792,631
1.678,198
Divs. paid on common
stock of Nat. Power &
Light Co
5.454.946
5,450,942
5,442,235
5,448.974
Balance
def$517,448 31.416,577 33,677,582 35,395,166
Comparative Statement of Income and Summary of Earned Surplus (Co. Only)
Calendar Years1933.
1932.
1931.
Gross income
-From subsidiaries_ -- - 66,319,817 $7,590,561 $9,311,331
Other income
141.368
327.297
309,996
Total income
Expenses, including taxes
Interest and other deductions
66,461,185 67,900,557 $9,638.628
128,160
127,683
143,917
1,356,627
1,348,353
1,358.530
Balance carried to earned surplus-- $4.976,398 36.408.287 38,152,409
Summary of Earned Surplus 12 Months Ended, Dec. 31.
1933.
1932.
Earned'surplus Jan. 1
39.108,955 $9,829,871
Miscellaneous adjustment
2,500
Balance from statement of income for 12 mos.
ended Dec.31 1932 (as above)
6,408.287
4,976.398
Total surplus
314.082,853 316,238,158
Dividends on 66 preferred stock
1,678,270
1,678,261
Dividends on common stock
5,450,942
5,454.946
Earned surplus Dec. 31 1932
36.949,638 39.108.955
Balance Sheet Dec. 31 (Company Only).
1932.
1933.
1033.
1932.
Assets
Liabilities
Investments _ _141,077,431 142,156,214 x Capital stock.125,837,435 125,757,914
Cash
2,530.749 8,384,059 8% gold deben.
Bankers' accept.
series A
9,500,000 9,500,000
& U.S.Treas,
5% gold deben.
bills
858.355
y581,340
series B
15,000,000 15,000,000
Time deposit
10,350,000 4,850,000 AMA.Payable-.
39,811
24,204
State, municipal
Accrued accts._
127,212
408,923
& other shortPreferred stock
844,791
term securities
540,600
dly. payable.._
419,567
Accts. receivable
Accrued int, on
subsidiaries.
171.615
186,484 long-term debt
237,500
237,500
Accts. receivable
Reserve
281,378
281,378
others
22,197
34,053 Surplus
8,949,638 9,108,956
Unamort. disc.&
expense
2,891,701 2,719,918
Reacquired capital stock
z1,053
Special deposits_
285,000
285,000
Deferred debits_
139,856
Total
158,252,1388 180,458,730
Total
158,252,886 160,456,730
x Represented by:
Dec. 31 1933. Dec. 31 1932.
$6 pref. stock (value in liquidation $100 ash,) 279.712 sha.
279,711 Ms.
Common stock
5,456.061 shs. 5,452,501 ells.
y U. S. Treasury bills only. a Represented by 77 shares common stock.
Volume 138
Financial Chronicle
Consolidated Balance Sheet Dec. 31.
1932.
Assets1933.
Total plant, property, franchises, &c
$516,132,510 $518,971,522
, .
Investments
1,534,569
-x Securities (ledger value)
319,267
Long-term advances
311,267
27,730
Notes and loans receivable
Cash in banks
-on demand
12,574,265 22,152.779
9,547,122
Time deposits
21,186,167
294,432
Bankers' acceptances
5.060,704
U.S. Govt.,municipal & other short-term secure. 6,406,591
628,426
179,764
Notes and loans receivable
8,171.317
Customers & miscell. accounts receivable
7,666,450
31,015
Officers & employees of subs. accts. receivable..
93,975
Subscribers for pref. stocks of subsidiaries
5,245,742
Materials and supplies
5,030,534
277,805
Prepayments
241,505
174.984
Miscellaneous current assets
210.132
1,953,570
a Sinking funds and gpecial deposits
2,232,232
Notes and accounts receivable not current
834,265
2,206.806
Reserve funds
2,219,595
1,518,283
b Reacquired securities
1,526,209
10,817,747
Deferred charges-unamortized debt disct.& exp 10,528.088
147.244
y Property abandoned
347,448
Other
249,634
315.000
Securities guaranteed (contra)
300.000
8.976
Consigned material (contra)
17,973
140,058
Sundry debits
149,000
4307 •
the outcome of proceedings in the U. S. District Court in Utica for the
reorganization of the company under the new Bankruptcy Act and for a
ruling as to the constitutionality of the reorganization last year. A hearing
in this case is set for June 25. The referee denied the application temporarily.
The referee received the report of the reorganization committee, consisting of Harvey D. Gibson, Chairman, C. Prevost Boyce and John
W. Hannon, Ralph Wolf described the reorganization plan, which provides for the formation of a new mortgage company with subsidiaries
to work in conjunction with the Home Owners' Loan Corporation and
the Reconstruction Finance Corporation.
Van Schaick Fights Reorganization Plea.
Maintaining that the Federal Court has no jurisdiction because they are
insurance companies, the National Surety Co. and the Greyling Realty
Corp. of New York on June 21 asked that recent reorganization suits filed
against them be dismissed.
George S. Van Schaick, as State Superintendent ofInsurance,filed answer
in behalf of the National Surety Co. The Greying Corp. filed an answer
in its own behalf.
Mr. Van Schaick sets forth that the National Surety Co. no longer exists.
as it was dissolved by the State Court and its assets turned over to him for
reorganization.
He says that reorganization is proceeding with the co-operation of bondholders and others and that already $20,000,000 in bonds have consented
to the plan of reorganization.
The Greyling Corp. says that on June 11 it filed a voluntary petition in
the Southern District for relief under Section 77-11 of the Bankruptcy Act.
The National Surety Co. owned the assets of the Greyling Corp. before
they were turned over to Mr. Van Schaick.-V. 138. p. 4132.
Total
$589,535,752 $589,817,028
Liabilities
z Capital Stock
$125,837,435 $125,757,914
-New Officer.
National Surety Corp.
Subsidiaries-Preferred stock
96,054,409 96.036,309
Frederick S. Cone has been appointed Assistant to Vice-President
c Common stock
439,312
,
Sherman G. Drake, in charge of production at the home office of the
d Capital stock subscribed-Pref,stocks ofsubs_
183,064
735
corporation.-V. 138, p. 2933.
Long-term
280,156.500 280.834,380
Dividends declared
1.846,443 ••••••• Neptune Meter Co.
1,175, 23
-To Pay 3% on Account of Accruals.
Accounts payable
1,845.467
1,626.283
The directers have declared a dividend of 3% on account of accumulaNotes and loans payable
200,140
e94,540
tions on the 8% cum. pref. stock, par $100, payable June 25 to holders of
Matured bond interest of subsidiary unpaid_
461,739
945,731
record June 21. Regular quarterly distributions of 2% were made on this
Bonds and real estate mortgages
183,400
16,400
issue up to and including Nov. 15 1932; none since.
Accrued accounts
11,815,967 11,947,803
After payment of the June 25 dividend, accruals on the preferred stock
Customers'deposits
2,109,140
2,188,080
will amount to 9%.-V. 136. p. 3918.
Miscellaneous current liabilities
81,059
76,813
Matured and accrued int. on long-term debt,
-Resumes Dividend.
New Bedford Cordage Co.
and redemption acct. (cash in sinking funds
The directors recently declared a dividend of 25 cents per share on the
and special deposits)
1,373,893
1,i1M9
and class B common stocks, par $5. Quarterly distributions of
common
Notes and accounts payable, not current
12% cents per share has been made on this issue from March 1 1932 to and
315.000
Securities guaranteed (contra)
305,000
incl. Dec. 1 1932: none since. Previously, the company paid quarterly
8,976
Consignments (contra)
17,973
dividends of 25 cents per share.
Deferred credits
274.593
"The declaration of a dividend of 25 cents a share on the common and
16,340
Sundry credits
class B common stocks was unexpected and consequently more welcome
Reserves-Retirement
35,412,780 33,290.450
news to owners of the shares," says Sanford & Kelley, security dealers of
732,277
Uncollectible accounts
1,083,278
New Bedford, Mass. "The management specifically stated, however.
202.397
Inventory adjustment
189,094
that it was not to be considered a quarterly dividend, but that others might
1,845.005
Casualty and insurance
1,835,783
be declared as conditions justified. A vote was passed at the meeting
1,745,935
1.364,106
Other
authorizing the company to declare dividends on the common and class B
1,009,263
Undeclared cum. diva, on pref. stock of subs--stocks when justified. . .
206,383
158,256
Minority interest in surplus of subsidiaries
"Business in the industry Is not considered good and most cordage
28,154,196
Earned surplus
26,108,359
manufacturers report nothing in the way of larger volume or better prices.
This was particularly true with respect to March. April and May, all of
$589,817,028
Total
$589,535,752
expectations in the industry as a whole. Prices.
which months
x Includes $745,000 in 1933 ($945,000 in 1932) principal amount of however. havewere belowstable even though they have not advanced and
remained
county and municipal securities, which, together with $2.907,500 in 1933
all manufacturers are hopeful of better things.
($4,289,500 in 1932) reacquired bonds and certain inter-company held
"These expectations and the very sound financial position in which the
stocks, are pledged to secure collateral trust bonds and other long-term
management of the New Bedford Cordage Co. has been kept, have made
debt. Also includes $103,000 principal amount U. S. Govt. securities
it possible to declare this dividend at a time when it is most needed by
pledged by subsidiary as security for surety bonds. y Property abandoned
investors in general. This company owes nothing but current bills and has
account carried on books of Memphis Street Ry.,a subsidiary, was charged
-V. 138, p. 2756.
a considerable investment in Government bonds."
off to retirement reserve during 1933. This railway property was actually
abandoned prior to Jan. 1 1932. If this charge had been made when the
-Earnings.
New York, Chicago & St. Louis RR.
property was actually abandoned additional provision from income of
1931.
1932.
1934.
1933.
MayMemphis Street Ry. would have been required for retirement reserve of
beapproxi$2,866.384 $2.585,179 $2,401,226 33.160.575
Gross from railway
approximately $73,000 and the balance of earned surplus would
755,633
949.499
366.528
mately $73,000 less. a Represented by: National Power & Light Co.
Net from railway
264,692
562,489
-45.783
489,457
(no par value)
Net after rents
-$6 preferred. cumulative (entitled upon liquidation to $100
a share); authorized, 500,000 shares; issued and outstanding. 279,712 shares
From Jan. 1
14.382,656 11,332,908 12,806,114 16.267,888
in 1933 (279,711 in 1932); common• authorized, 7.500,000 shares; issued
Gross from railway
2.727,085 4,026,542
3.307.483
and outstanding (less 12,810 shares in1933, 12,887 in 1932 held in treasury),
Net from railway
'
1.549.816
1.329,765
539.726
5,456,061 shares in 1933 (5,452,501 in 1932).
2,913,817
Net after rents
•Including accrued and matured interest amounting to $202,256 in
-V. 138. P. 3784.
1933 ($118,464 in 1932) on bonds of Memphis Street Ry.(in receivership).
-Earnings.
b 77 shares common stock of Nat'l Power & Light Co.in 1933, 14,744 36-100
New York & Honduras Rosario Mining Co.
shares preferred stocks of subsidiaries in 1933 (14,061 36-100 in 1932)
1930.
1931.
1932.
1933.
Calendar Yearsreacquired by them. c 19,962 shares in 1933. 23,448 shares in 1932. d In$1,813,609 $1.274,040 $1,322,186 $1,247,011
Operating income
stallments received in 1933, $671.000; in 1932, $89,089. e Notes payable
872,757
970,439
916,654
962,842
Operating expenses, &c_
only.
$374,254
3405,531
$850,766 $306,601
Net profit
Earningsfor 12 Months Ended March 31.121,958
134,805
111,313
101,183
Other income
Subsidiaries1933.
1934.
Operating revenues_____________ $69,193,860 $68,964,875
$496,212
$414,914
$540,336
$951,949
Total income
Operating expenses, including taxes
36.866,773 35.941,666
14,990
75,190
89.353
123,079
Miscellaneous expenses_
13,552
21,776
x2,958
x1,156
Res.for depletion,&c_
Net revenues from operation
$32.327,087 $33.023,209
34.220
18,304
29,657
69,673
Federal income tax
Other income
296,410
96.365
Y1758,041. y$318,460 3399,550 3433.449
Net income
Gross corporate income
32,423,452 $33,319,619
375,000
375,001
280.859
659,325
Dividends
Interest to public and other deductions
12.857.455 12.877,846
Interest charged to construction
Cr4,736
Cr8,278
358,449
$24,549
y325,938
$98,716
Surplus
Property retirement reserve appropriations
5.429.220 5,372.292
Shares capital stock out200,000
200,000
188,983
188.367
standing (par $10)_ _ Balance ____
- -$14,141,513 $15,077.759
$2.16
$1.99
$1.68
$4.02
Earns. per sh. on cap.stk
Preferred diva,
r_____________
x Beginning with the year 1932, depletion has been taken on a percentage
applicable to respective 12-mo. periods whether
basis, in accordance with the Revenue Act of 1932. Entries recording deearned or unearned)
6,061,652 6,043.549
pletion as they effect the older portion of the property are still carried in the
general
Depletion deductions on
Balance _ __
-----------$8,079,861 $9.034,210 coveriesaccounts. for income tax purposes ore mined from the newer disonly. y For purpose of comare made
Portion aim16131e
27.464
28.760
parison the amounts set aside from earnings for insurance reserves during
the year 1932 in the amount of $11,663 have been excluded in the preNet equity of Nat.Pow.& Lt. Co.in inc. ofsubs. $8,052.397 $9,005,450
paration of the above summary.
National Power & Light Co.
Balance Sheet Dec. 31.
Net equity of National Power & Light Co. in in1932.
1933.
Liabtlatescome of subsidiaries (as above)
1933.
Assets$8,052,397 39,005.450
$64,384
Other income
1 28,330 Current habilities_ $176,317
7
Current assets_.....$3,065,914 $2, 932
110.629
250.260
148,724
41,776 Rea., Insurance_
38,862
Other assets
47,245
Total income
Res. diva. pay'le.- 188,367
Permanent assets,
$8,163,026 $9,255,710
Expenses, including taxes
428,398 Reserve-Sabana
128,863
less de ciatao e 408,246
ines,
ti tn
137.024
Grande - Hood's
Interest to public and other deductions
M
real estate
1,356,528
1,348.221
30,791
Mining Co. adv.
and concessions
1,883,670 1,889,830
Balance carried to consolidated earned surplus- $6.677,635 $7.770,465
Capital stock
less: depletion of
2,305,742 2,057,745
856,587 Surplus
854,275
mines
Note-All inter-company transactions have been eliminated from the
183,628
186,798
Deferred charges
above statement. Interest and preferred dividend deductions of subsidiaries represent full annual requirements paid or accrued (where not
$4,554,096 $4,238,721
Total
$4,534,096 $4,238,721
Total
paid) on securities held by the public. The "portion applicable to minority
interest" is the calculated portion of the balance of income available for
-V.138. p. 2419.
minority holdings by the public of common stock of subsidiaries. Minority._.
.
-Bankruptcy Hearing Postinterests have not been charg_ed with deficits where income accounts of subNew York Investors, Inc.
sidiaries have so resulted. The "net equity of National Power & Light Co.
poned.in income of subsidiaries" includes interest and preferred dividends paid
At the request of Robert P. Levis, attorney for the company, Judge
or earned on securities held, plus the proportion of earnings which accrued
Clarence G. Galston in the U. S. Court in Brooklyn adjourned on June 15
to common stocks held by National Power & Light Co., less losses where
until Sept. 5 a trial to determine whether the company is solvent. Mr.
Income accounts of individual subsidiaries have resulted in deficits for the
Levis told the court that reorganization plans under the new bankruptcy
period.
-V.138.P.3610.
laws were being prepared and that the chief difficulties against reorganization had been met. He said that the Realty Associates Securities Corp.,
'National Surety Co.
-Hearing opens on Plan to Re- a subsidiary of New York Investors, had effected a reorganization by
the votes of its bondholders and that Allied Owners, Inc.. another wholly
organize $20,000,000 Mortgage Issues.
owned subsidiary, expected to present reorganization plans soon.-V. 138.
Hearings on a plan for the reorganization of $20,000,000 in mortgage
p. 160.
Issues guaranteed by the National Surety Co. were begun June 19 in the
County Court House before James A. Martin, appointed referee by Supreme
-Seeks $3,New York New Haven & Hartford RR.
Court Justice Aaron J. Levy to conduct the hearings. The company
000,000 R. F. C. Loan-$2,437,000 Loss for Year Seen.
went into liquidation under George S. Van Schaick, Superintendent of
Insurance,in April 1933. Part ofits assets were taken over by the National
I.
-S. C. Commission for approval of
The company has applied to the
a $3,000.000 loan from the Reconstruction Finance Corporation to aid
Surety Corp., which was formed for the benefit of creditors.
in financing charges of $15,129,000 maturing between the end of JUDO
At the hearing Joel Ritz Parker, counsel for an insurance company
and Jan. 1 1935. The loan would be secured by the pledge of certificates
owing $4,000,000 of mortgage certificates, asked an adjournment pending
.4308
Financial Chronicle
for capital stock of Old Colony RR.and New York Ontario & Western By..
which will be pledged at the ratio of $125 in market value of stock for
each $100 principal amount of the loan.
In this connection the Commission was advised that impending maturities include $1,202,000 of equipment trust certificates, 57.917,000
of interest on bonds, debentures and notes, $5,310.000 of taxes and $700,000
needed for additions and betterments.
The company owes the Railroad Credit Corporation $3,665,955 and
has sold 81,525,000 of its registered serial collateral notes to the Public
Works Administration. The company has agreed to sell $4.800,000 of
these notes to the PWA, together with $2,300,000 of equipment trust
certificates. In addition, the carrier owes the RFC $578,223 on account
of a "work loan" made in May 1933.
The application for the loan is supported by exhibits, including an
estimated income acco sat for 1934 showing an estimated net loss after
guarantees of $2,437,000 for the year. This is based upon expected net
loss of $244,0j in June. $582,000 in July, $266.00o in Augtst and $100,000
In Septemoer, together with net Income of $380,00:, for Octooer, $313,000
for November and $59,951 in Decemeer. Gross income for 1934 is estimated at $23,852.000, total deductions, $25.163.00. and a deficit of
$1,311,000 income balance transferred to profit and loss for 1934.-V.
138. p. 4133.
New York Merchandise Co., Inc.
-Earnings.
Calendar YearsProfit from operations__
Res. for Fed,income tax
1933.
$420,376
61,441
1932.
$229,386
30.786
1931.
$183,981
21,374
1930.
$198,576
19,692
Net profit
Div.on 7% pref.stock_ _
$358,936
17,292
$198,599
19,919
$162,607
27,192
$178,884
38,939
Net profit applicable
to common stock_ _ _
Shares of common stock
(no par) outstanding_
Earns.per sh.on corn.stk.
Assets
1933.
Cash
5162,200
Accts. receivable_ _ 776,448
Trade accept. rec
Loans receivable._
7,500
Life ins, policies
cash surr. value_
26,280
Securities
105,676
Due from empl's_
Due from affil. co_ 185,563
Divs. receivable.
Inventory
1,485,163
Stock of Mill. cos_ 130,652
Furn. & fixtures_ _
12,915
Mch.-deprec. val
9,401
Patents
Prep'd Ins. & exp.
17,091
Treasury stock_ _ _
250
$341,643
$178,681
$135,414
$139,945
72,909
72,909
72,909
72.909
$1.92
$2.45
$1.86
$4.69
Balance Sheet Dec.31.
1932.
1933.
1932.
LiatrUthes3352,326 1st pref. 7% cum.
$189,900 5210,100
902,228
stock
43,200
43,200
1,059 2d pref.7% cum
374,124
x Common stock.. 374,124
Accept,under corn.
86,853
24,320
letters of credit131,349
67,223
59,577 Current liabilities_
2,263
34,875 Due to employees_
77,419
73,247 lies, for disc. on
6,500
8,000
3,000
accts. receivable
990,196 Surplus
2,096,650 1,829,522
142,752
14,683
5,000
5,000
12,772
250
Total
32,919,142 32,621,285
52,919,142 32,621,286
Total
x Represented by 72,909 shares no par stock.
-V. 138, p. 2419.
New Process Gear Co., Inc., Syracuse.
-Sale.
---
The business and assets of the company have been bid in at foreclosure
by Franklin Benkard of N. Y. City as Vice-President of Probon Corp.
of Del. for $200,100.-V. 137, P. 4708.6 -
June 23 1934
pany's 20
-year 6% sinking fund gold bonds from 6% in fixed interest to
4% in fixed and 2% in contingent interest, and for delivery to bondholders
of warrants to purchase ordinary shares of the company at 105% of Par.
has been declared operative. Holders of $12.942,500 of these bonds, or
more than 81% of the $15.969,500 now outstanding (exclusive of 5562.000
principal amount of bonds acquired by the company in anticipation of
sinking fund requirements) have assented to the plan.
Holders of certificates of deposit are requested to forward their certificates to the Chemical Bank & Trust Co., 165 Broadway, New York,
agent and depository of the company, accompanied by letter of transmittal.
In exchange for new bonds of the company, designated as its sinking fund
bonds of 1933,together with warrants. The company has made application
to the New York Stock Exchange for listing of the new bonds.
The company has authorized its agent and depository to accept, until
further notice, additional deposits of the old bonds to be exchanged for
the new bonds and warrants, together with $40 per $1,000 principal amount
of bonds deposited, representing the Nov. 1 1933 and May 1 1934 fixed
interest on the new bonds, which cash payment has already been made
available to bondholders who have deposited under the plan.
-V. 118.
P. 3785.
North Continent Utilities(& Subs.).
-Earnings.
Calendar Years
Operating revenues
Operating expenses
1932.
1933.
53.482,399 53,818,830
2,966,462
2.788,569
Net operating income
Non-operating income
5693.829
62,564
$852,369
74,359
Gross income
Deductions-Subsidiary cos.
Interest charges (net)
Amortiz. of debt discount & expense
Miscellaneous deductions
Provision for Federal income tax
Divs. on cumul. pref. stocks of subs
Prov. for diva. in arrears, accrued during year
on preferred stocks of subs
Portion of year's losses (net) of subs. applic. to
minority common stockholders
$756,393
$926,128
329,022
31,344
7,304
10,519
162,577
354,197
31,688
11.544
33,053
• 201,430
48.361
11,037
Cr.7.706
Cr.6,398
$174,972
$290,175
226,285
5,968
37,773
3,043
237,012
7,192
39,328
2,125
Net loss for year
$98,096
Earned surplus at beginning of year
601,922
Loss on sale of cap. stk. of Capital Ice Refrig. Co. Dr144,238
sur$4,518
597.403
Deductions
-North Continent Utilities Corp.
Interest on funded debt
Miscellaneous interest deductions
Amortization of debt discount St expense
Miscellaneous deductions
Earned surplus at end of year
$359,587
Comparative Consolidated Balance Sheet Dec..31.
1932.
1933.
1933.
L4abilitiesAssets$
S
Fixed capital
21,937,058 24,253,919 7% preferred stock 3,444,000
677,536 6% preferred stock 554,600
Cash
684,894
100,688 a Class A stock._ 1,522,219
U. S. cUs of indebt 100,000
589,829 b Common stock. 2,287,848
Accts. & notes rec. 495,773
641,026 Cap. stk. subscrib
534,942
Inventories
3,723
Prof. stks, of subs.
Prep'd Insurance,
22,879
with public__ 3,012,100
rents, &is
16,946
Funded debt
in Capital Ice
9,644,500
Term Indebtedness 254,000
Refrigerating Co 462,325
34,399 Cure. & accr. liab_ 509,897
Miscell. assets....50,356
Deferred charges_ 884,774 1,007,463 Reserves
1,391,430
Misc. unadj. ere& 117,699
Disc. & selling exp.
411,298 Minority int. In
on capital stock_ 411,292
109,021
Co.'s secs., at cost 171,641
sub. cos
145,038
Earned surplus... 359,587
Capital surplus... 2,503,359
$601,922
1932.
3,444,000
554,600
1,522,558
2,287,848
5,785
3,014,800
10,291,000
New York Central RR.
-To Open New Terminal.304,000
The company will open its St. John's Park freight terminal at Spring
668,579
St. in the west side (New York City) at ceremonies to be held on June 28.
1,816,185
The terminal embraces three olocks and represents 85% of the ap114,267
proximately $100,000,000 which the entire west side project will cost.
The new line from Spuyten Duyvil south to 72d St. Is ready with the
105,258
exception of crossings to be built at West 79th St. and West 96th St.
601,922
Reconstruction of the yards at 30th St. and at 60th St. will be started
3,117,256
soon, together with the construction of a subway through which the trains
will be operated between the two yards.
25,750,000 27,848,057 Total
Total
25,750,000 27,848,057
From 30th St. south the work is complete and special trains which will
a Represented by 61,765 no par shares in 1933 (61,788 shares in 1932)•
carry visitors to the ceremony will be operated over the new viaduct that
b Represented by 398,481 no par shares.
-V. 134, p. 3272.
runs from 30th St. south to the freight terminal. Regular operation over
the viaduct below 30th St. will start on July 2. The viaduct runs through
Northeastern Public Service Co.
-Plan Approved.
several large buildings.
Until construction between 30th and 60th Sts. is complete, the company
The reorganization plan was approved and all objections to the plan
will run trains on 11th Ave. The viaduct eliminates 40 crossings. Comas submitted by reorganization and general lien committees were overruled
pletion of the project within three or four years will eliminate 105 crossings
in an order filed June 21 in Chancery Court, Wilmington, Del.
within the city and give the railroad an entirely private right of way.
The committees were authorized to carry out the plan, subject to super(New York "Times.")
-V. 138, p. 4132.
vision of the Court,and to extend to a date not earlier than July 20 the time
In which general lien and collateral trust 5;4% gold bonds and unsecured
general claims may be deposited and in which cash payments may be made
New York Telephone Co.
-Adds Stations.
under the plan. The committee may make further extensions.
The company, which normally operates about 20% of all the telephones
The Court ordered that all assets pledged under the first Hen indenture
in the Bell system, reports for May a net gain of 6,487 stations connected,
and assets not subject to the first of general lien indentures be sold on July
bringing the net gain for the first five months of the year up to a total
24.-V. 138, P. 3956.
of 17,674. In the corresponding months of 1933 the company reported
a net loss of 85,039 and in the same months of 1932 a loss of 80,035.
The May gain compares with a loss of 14.122 in May 1933, and a loss of
NorthWest Utilities Co.
-Annual Report.
20.551 in May 1932. Gains in the first four months of this year were
Income Account for Calendar Years (Company Only).
as follows: January. 89; February, 1,841; March, 4,781, and April, 4.476.
Changes by wee. during May 1934 were as follows: First week, a
1933.
1932.
1930.
1931.
loss of 441; second week, a gain of 2,240; third week, a gain of 1,642, and
Int. received & accrued _
53.333
53,333
$118.515
$38,919
fourth week, a gain of 3,048.-V. 138. p. 3611.
Interest on bank balance
1,954
1,612
Dividends on stock of
subsidiary companies _
New York Title & Mortgage Co.-DataonGto'mpany
165,298
1,415,619
1,643.970
Sale ofsecur. to outsiders
122.705
Ordered by Court.
57
Miscellaneous Income..
357
14,897
A hearing in the County Court House June 19 on the application of
George S. Van Schaick, Superintendent of Insurance, to organize under
Total income
$3,390
$168,988 $1,578,855 $1,779,335
the Schackno Act a corporation to handle two issues of defaulted mortgage
22.863
Administration expense_
22,359
46,787
37,180
certificates was adjourned until July 6 by Justice Alfred Frankenthaler
12,464
Interest
13.194
35,672
9,910
on condition that Ar. Van Schalck produce Edward .,vIcLaughlin, Deputy
3,341
Taxes
2,779
10,292
19,892
Superintendent of Insurance. in connection with the rehabilitation of the
Amort. of debt disct. &
New York Title dc Mortgage Co., which sold the issues. Mr. McLaughlin
exp. of liquidated subs
48,966
48,025
and other employees of the Insurance Department will be asked to testify
in connection with Mr. Van Schaick's administration of $27,000,000 of
Net income for year.. def$84,245
$82,631 $1,512,075 $1,686,585
properties involved in the first issue and 52,600,000 of properties reprePrevious surplus
def1.435,745
1,054,770
850,110
1,011,949
sented by the second issue.
Mr. Leighton objected to a plan of rehabilitation proposed by Mr.
Total
df$1.519,999 $1,137,401 $2,524,024 $2,536,695
Van Schaick, declaring that it ;vas designed to cover up an "inefficient
Divs. on 7% prior lien
administration." He said Mr. Van Schaick had more than $600,000
preferred stock
77,000
308,000
304.178
in cash which he had refused to apply to delinquent taxes. The arrears,
Divs.on 7% pref.stock.
53,161
425,241
425,285
he said, were more than $800,000, covering a two-year period, and that
Divs.on $6 pref.stock_
18,000
144.000
144,000
penalties imposed by the city were running at the rate of 10%.-V. 138,
Divs.on common stock
p.4133.
In cash
651,327
547,115
Transfer to capital surp_
1.560,553
Res,for inv. in stocks of
Nipissing Mines Co., Ltd.
-Earnings.
subsidiaries (net)...
11,392,725
Calendar Years1933.
1932.
1931.
1930.
Pref.stk.commis.& exp.
701,903
Total income
$5,000
$10,000
$105,000
$370,000
Other charges
135,846
864,433
Expenses
8,413
8,351
14,270
16,056
Write-down of Invest. _
44,852
Net income
def$3,413
$1.649
$90,730
$353,944
Surplus Dec.31__ _def$13,750.464def$1435,745 $1,054,770 $1,011,949
Dividends
90,000
360,000
Consolidated Earnings Statement of the Subsidiaries for Calendar Years.
Balance,surplus
• def$3,413
$1,649
$730
def$6,056
1932,
1933.
1931.
1930.
Prof.& loss surp. Dec.31
4,964
1,550
3,316
2,586
Gross earnings
$11,290,036 $12,441,584 $14,741,661 $15,665,334
Earnings of Nipissing Mining Co., Ltd.
Open. exp., taxes, &c
7,418,701
7,575,429
9,820.668
9,168,965
1933.
1932.
Calendar Years1931.
1930.
$404,091
$635,407
$791,900 $1,236,514
Gross
Net earnings
$3,871,335 54,866,155 $5,572,696 $5,844,668
321,961
Net loss after tax & chgs_prof146,827
131,002
15,613
Rentals of leased prop _
25.581
25.720
5.000
Dividends
10,000
105,000
370,000
Bond.debt & other int
2,568,412
2,110,365
2,574.796
2,230,101
Amort. of disc. on secur197,736
214,920
239,127
255,455
sur$141,827
$331,961
Deficit
$236,002
$385,613
Divs. on stock & proper.
-V.138, P. 3956of undistrib. earns, to
outside holders
1,525,096
1,188.388
1.642,470
1,635,660
-Plan Operative.
'North German Lloyd of Bremen.
The company announced June 21. that its plan of readjustment dated
Total earns. accr. to
Dec.4 1933, providing for a change in the annual interest rate on the cornNorth West Util.Co det$83,201
$409,761 $1,425,780 $1,968,706
4309
Financial Chronicle
Volume 138
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1933.
1932.
Liabilities
Assess
Plant, property.
7% prior lien stk 4,400,000 4,400,000
&c
84,926,487 89,873,907 7% pref. stock_ 6,075,500 6,075.500
Pref. & corn stk.
$6 pref.stock___ 2,010,000 2,010,000
commis.& exp x350.795 2,004,296 Corn. stk. (260,Property aband_
531 abs.) _ _ _ _ 13,694,825 13,694.825
5,188,701
Inv.In & adv. to
Pref.stk. of subs 24,644,300 24,673,600
other cos., &c. 1,487,703
956,960 Min. int. in cap.
438,278
227,550
Sink. &c. special
& surpl of subs
deposits
64,280
545,817 Funded debt of
48,730,700 50,022,500
Bond disc. & exp 2,739,215 4,046,382
subs
482,109
593,854
Prep'd accounts
Deferred liabil's
J 52,525
& def. charges
178,542
209,565 Notes payable 1 341,429
1213,623
Cash in banks &
Acc'ts payable
on hand
1,486,959
607,505 Bonds maturing
U. S. ctfs. of induring' 1934_ _ y588,600
28,277
debtedness_
300,891
Due to MM.cos_
Cash for bd.int_
439,806
214,250 Acced State &
475,959
Working funds_
261,509
26,085
local taxes_ _ _
350,456
Notes & acc'ts
465,438
Fed. inc. taxes..
526,089
receiv
856,459
1,221,263 1,273,432 Accrued interest
Unbilled reven_
41,000
469,404 Accr. diva,on pt.
136,246
Due on subscrlp.
42,982
stocks of subs.
99,239
to pref. stocks
100,540
Mime.cur?. nab
of subsid. cos
4,587,252 2,305,739
17,176 Reserves
Inventories_ _
1,560,553
607,449
703,381 Capital surplus_
13,750,464 1,435,745
Deficit
Total
93,870,473 106,110,776
93,870,473 106,110,776
Total
x Preferred stock only. y Of which $412,600 were paid Jan. 2 1934.
-V.138, P. 4134.
Northwestern Electric Co.
-Earnings.
[American Power & Light Co. Subsidiary.]
Period End. May311934
-Month-1933.
1934-12 Mos.-1933.
Operating revenues
$273.439
$272,483 $3.327,975 $3,387,265
Oper.exps.,incl. taxes
209,799
2,183,878 2,167,723
165,598
Rent for leased property
200.370
16,879
202,110
16,797
Balance
Other income
$46,761
Dr221
$90,088
291
$941,987 $1,019,172
3,354
Dr661
Gross corp. income__
Net int. and other ded'ns
$46.540
54.168
$90,379
54,821
$941.326 $1,022,526
648,849
640,199
Balance
ydef$7,628
y$35,558
Property retirement reserve appropriations
$301,127
260.000
$373,677
260,000
Balance
x Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$41,127
$113,677
334,159
334,132
$220,455
Deficit
$293,032
x Dividends accumulated and unpaid May 31 1934 amounted to $515,541.
Latest dividend on 7% preferred stock was 88 cents a share paid Jan. 3
1933. Latest dividend on 6% preferred stock was $1.50 a share paid
Oct. 1 1932. Dividends on these stocks are cumulative. y Before property retirement reserve appropriations and dividends.
-V. 138. p. 4134.
."Occidental Petroleum Co.
-Dividend Omission.
The directors have voted to omit the dividend ordinarily payable about
June 30 on the common stock, par $20. On March 31 last, a distribution
of two cents per share was made, compared with three cents per share
paid each quarter during 1933.-V. 138, p. 2096.
.e -Ohio Brass Co.
-To Pay 3% on Account of Accruals.
A dividend of 3% has been declared on the 6% cum. pref. stock, Par
3100, on account of accumulations, payable July 14 to holders of record
June 30, thus clearing up back dividends for the September and December
quarters of 1933. A similar payment was made on the pref. stock on
Jan. 25 and April 14 last.
Accruals, following the July 14 disbursement, will amount to 335'70.
V. 138. p. 2096.
Oil & Industries, Inc.
-New Interests Acquire Stock.
Interests identified with Arthur S. Eleeman & Co., Inc., New York.
have acquired the holdings controlled by David M. Milton and associates
in Oil & Industries, Inc. (formerly Oil Shares, Inc.), an investment company, amounting to approximately 40% of the outstanding capital stock,
for a sum in excess of $500,000, it was announced by Arthur S. Kleeman.
President of Kleeman & Co. A substantial interest in the company is held
iniEngland.
As of March 31 1934 the outstanding capitalization of the company
consisted of 64,940 shares of capital stock of $1 par value of an authorized
issue of 500,000 shares. On that date, based on the quoted market or bid
prices, the company had a net worth of $1,274,176, or more than $19 per
share. Its investments consisted of $739,840 in the stocks of the Standard
Oil group of companies, $317.858 in independent oil companies and $78,855
in other companies related to the oil or gas industry. Cash on hand
amounted to $137,623. Net income for the quarter ended March 31 1934,
after expenses, including taxes, was
$35,518.on April 17 1934, at which
At a special meeting of -thxesesi
the change in the name of the company was approved, the charter of the
company was amended to permit of the unrestricted investment of the company's funds by the management.
Initial Dividend on New Shares.
-
The directors have declared an initial dividend of 25 cents per share on
the new capital stock, Par $1, payable July 2 to holders of record June 20
1934.-V. 138, p. 3448.
Oklahoma Power & Water Co.(& Subs.).
-Earnings.
-
Calendar YearsGross earnings
Operating expense and taxes
1933.
1932.
$1,077,749 $1.211,511
701.716
688.330
Net earnings from operations
Other income (net)
$376.034
2,870
$523,181
662
Net earnings
Interest deductions
$378.903
351.886
$522,519
358,463
Net income
-V. 138, p.3786.
$27,018
$164,055
& Council Bluffs Street Ry.-Pays Interest.
-
The company will on July 1 1934, through the New York Trust Co.,
100 Broadway, N. Y. City, pay 2%% interest to the holders of coupons
dated July 1 1934, attached to its 1st consol. mtge.5% gold bonds pursuant
-V.138, p.2758.
to third extension agree,aient and supplemental indenture.
Orange & Rockland Electric Co.
-Earnings.
Per. End. Mar.311934
-Month-1933.
operating revenues
$53,243
$52,597
°per. exps., incl. taxes,
32,002
but excl. deprec
35,194
Depreciation
7,563
6,612
1934-12 Mos.-1933.
$692,125
$737,446
410,667
87,734
405,041
89,163
Operating income_ _-_
Other income
$10,791
2,977
$13.678
2,968
$193.724
40,665
$243,242
33.501
Gross income
Interest on funded debtOther interest
Amortization deductions
Other deductions_ ___,.( _
Divs. accrued on mit
stock
$13,768
5,208
1
1,116
111
$16,646
$234,389
62,500
518
13,298
4.523
$276,743
62,500
896
13,681
4,209
8.573
8.167
99 983
94,133
Balance
Fed. inc. taxes incl. in
in operating expenses_
-v.138,13• 3283.
def$1,241
$1,654
$53 567
$101,324
1,200
2,000
27 300
33,975
5,BR
1,148
333
Oreida Brewing Co., In).
-Removed from List.New York Pr
Produce Exchange has removed from dealing the capital
stock, Wr $1.-V. 137, p. 155.
Pa ific Commercial Co
Removed from List.
New York Curb Exchange 1as removed from the list he common
stock(no par).
-V. 138, p. 293
Pacific Power & Light Co.
-Earnings.
-[American Power & Light Co. Subsidiary]
Period End. May 31- 1934
-Month-1933.
1934-12 Mos.-4933.
Operating revenues..___ $312,441
$274,481 $3,727,151 $3,762,392
Oper. exps., incl. taxes..
194,955
178.255 2,217,344 2,174.333
Net revs, from oper__
Rent from leased property (net)
$117,486
Total
Other income
$132,265
31.206
14,779
$96,226 $1,509,807 $1,588,059
14,697
176.909
175,170
$110,923 $1,686,716 $1,763,229
493,876
271,342
12,539
Gross corp. income__ - $163.471
$123,462 $1,958,058 $2.257,105
1.326,106
Net.int.and other deduc.
1,297,324
107,609
109,955
$930,999
$660,734
Balance
y$13,507
y$55.862
600.000
Property retirement reserve appropriations
600.000
Balance
x Dividends applic. to pref. stocks for the period.
whether paid or unpaid
$60.734
$330,999
458.478
457,998
$126,999
$397,744
Deficit
x Dividends accumulated and unpaid to May 31 1934, amounted to
$496,685. Latest dividends, amounting to 87 cents a share on 7% preferred
stock and 75 cents a share on $6 preferred stock, were paid on Aug. 1 1933.
Dividends on these stocks are cumulative. y Before property retirement
reserve appropriations and dividends.
-V. 138, p. 4135.
Peabody Coal Co.
-Change in Contracts, &c., Approved.
Authority to negotiate a revision of contracts with utility companies
which will result in relinquishment of control of the company by the utilities
was given to the directors June 18 by stockholders at their annual meeting.
The deal will divorce the utilities from the coal business.
Approval of the stockholders was limited to granting authority to directors to carry through the scheme. As the Illinois Commerce Commission
must pass on the plan, formal approval of stockholders was withheld until
the Commission gives its decision.
The meeting was adjourned to July 16, when the stockholders will be
asked to reduce the A common stock from 200,000 to 5,000 shares, to increase its par value from $25 to $1,000 and to eliminate the cumulative
dividend provisions of the issue.
James O. Hutchings, E. B. Kribben and F. E. Pierce were elected
directors to fill vacancies caused by the resignation of Samuel Insult Jr.
and the expiration of the terms of Mary S. Peabody and W. A. Fishert
Other directors and officers were re-elected.
In his remarks to stockholders for the year 1933, Stuyvesant Peabody, President, said in part:
The report of operations for 1934 is of secondary importance because
there have arisen conflicting claims between company and certain public
utility companies which are its largest customers, with respect to their
coal contracts. Directors believe the execution of these amendments
(voted by the stockholders) to be of the greatest importance for the welfare of the company. It is my desire in this communication to inform you
fully with respect to this situation, the manner in which it arose and the
nature and probable effects on company of the proposed settlements which
have been negotiated
Long-Term Coal Contracts.
-In May 1928, at or about the time of the consolida(a) Introductory.
tion between company and the corporations owning the coal properties
controlled by the Commonwealth Edison Co., Public Service Co. of Northern Illinois and Middle West Utilities Co.,long-term contracts were entered
into for supplying 90% of the coal requirements of Commonwealth Edison
Co. and Public Service Co. of Northern Illinois and for supplying a substantial part of the coal requirements of Peoples Gas Light & Coke Co.,
and,some time afterwards,similar contracts were entered into with Chicago
District Electric Generating Co., Super Power Co. of Illinois and Northern
Indiana Public Service Co.for 100% of the coal requirements of these utilities. At the time of the consolidation a contract was also entered into with
Middle West Utilities for the sale of coal to its subsidiaries at the current
market price, but this contract has been disaffirmed by the receivers of
Middle West Utilities Co. and is not included among the contracts hereinafter referred to.
These contracts were all cost-plus contracts, providing for the payment
for coal at the cost thereof per ton, determined as therein provided, plus
an allowance of 15c. per ton as profit to the company.
As a result of the consolidation and through the subsequent sale of additional stock for cash, a majority of the stock of company is now controlled.
directly or indirectly, by the utility companies.
In 1931 amendments to these contracts were made by which the price of
the coal, instead of including a 15c. per ton allowance for profit, included
as a profit item a charge based upon the utilities' proportion, on the basis
of tonnage delivered to them, of 8% upon company's investment in coal
properties, and, in addition, the grouping of the mines for purposes of cost
accounting was changed.
In 1932, upon the installation of new management in the utilities, the
relationships between company and the utilities were reconsidered. The
new management took the position that, as a matter of public policy, it
was undesirable for the utilities to be in the coal business and that they
should therefore divest themselves of control of the corporation from which
their coal was purchased. It was further thought by the utilities that the
contracts as then amended made the cost to the utilities of the coal received
from company too great, particularly during periods, such as the last few
years, when the volume of its production has been curtailed.
Since the execution of the original contracts in 1928, there has been extended into the Chicago district a natural gas pipe line, in the ownership
of which some of the utilities are interested. Natural gas is accordingly
available to all the utilities, and Peoples Gas Light & Coke Co.is now under
contract to take a large supply of natural gas from the pipe line. The cost
to the utilities of using natural gas, if available at prices equivalent to those
charged certain large industries in the Chicago district, would be less than
the cost of using coal under the existing contracts with company. From
time to time in the last few years one or more of the utilities have substituted, in part or in whole, natural gas for coal.
It is the claim of the utilities that the existing long-term contracts are in
effect simply options and are therefore not enforceable against the utilities.
and further, that if the contracts are enforceable they constitute an agreement only to purchase all or the stipulated percentage of the coal renuirements of the utilities and do not prevent the utilities from substituting gas
for coal so that they may eventually have no coal requirements. It is
the claim of company that the contracts are enforceable requirement contracts, and that 'coal requirements" must be construed to mean "fuel requirements" reasonably necessary for the operation of the utilities plants
as such plants were operated when the contracts were made, that is. with
coal, not natural gas.
On May 1 1933 temporary modifications were made in the contracts
with the utilities which provided for regrouping certain of the mines for
calculating certain elements of cost.
(b) Importance.
-The coal purchased by the utilities from company
represents, during the present depressed period in industry, approximately
one-half of its total production, and, during periods when industry is more
active, the utilities' coal business should represent at least 40% of such
production. Having acquired, by reason of the consolidation and in reliance upon the continued demand of the utilities, more coal properties than
are essential to its commercial business,the loss ofsales of coal to the utilities
mightfinancially ruin the company.
While the company has steadfastly maintained that the contracts are
enforceable requirement contracts and that the term "coal requirements"
as used in the contracts means "fuel requirements," it must be conceded
that the questions involved are so complex that it is impossible to forecast
what would be the result of a judicial determination. Furthermore, if the
utilities were to discontinue their purchases of coal from the company, the
loss of these sales would in all probability make it impossible for company
to continue in business for many years longer, and, even though company's
4310
Financial Chronicle
June 23 1934
contentions with respect to the contracts were thereafter sustained in every
Consolidated Balance Sheet April 30.
respect, it is extremely unlikely the amount of such damages as company
1933.
1934.
1934,
1933.
might be awarded as against the utilities would be sufficient to compensate
AssetsLiebtlittes$
$
company for the probable losses in the years which might be expected to
a Property, plant
6% pref.stock__ _ _15,828,400 15,828,400
intervene before the litigation could be concluded.
4,971,675 4,971,675
& equipment_ __36,935,417 37,963,250 Class A stock
Directors accordingly formed the opinion that the best interests of com9,222,610 9,222,610
Cash
2,301,204 1,071,533 b Class II stock
pany and its security holders require that amendments to the coal contracts
45,000
13,119,350 14,305,850
742,313 Funded debt
U. S. Treas. ctfs
be negotiated with the utilities.
Acc'ts & notes rec_ 2,302,802 2,036,685 Min. stockholders'
For more than 18 months past company and the utilities have been inint. in cap. stock
Deposit applic. to
vestigating all aspects of the situation. From this investigation followed
bond interest_
351,665 & sum. of subs_ 1,340,255 1,345,787
negotiations which have now reached a point where the utilities and comDeposit applle. to
Deferred liabilities 1,214,925 1,597,062
pany are in substantial accord on the terms of amendments to the contracts.
normal tax
6,409
Current & accrued
(C) The Proposed Amendments -The principal changes to be effected
Prepaid expenses...
114,130
91,174
2,386,051 2,278,046
liabilities
by the proposed amendments to the contracts are as follows:
122,881
885,855 Reserves
1,212,115
114,686
Inventories
1. For the purposes of cost accounting under the contracts, the mines
17,731
Sinking funds_.._
10,674 Deferred earnings.
10,741
are regrouped in a manner which should permit the utilities to receive the
2,585,410 2,539,547 Deficit
Investments
1,666,280 2,742,150
benefit of the reduced cost of mining their coal in the mines from which
Deferred assets.... 1,041,400 1,232,240
they take a large tonnage.
2. There is a reduction in the allowance for overhead expense.
46,531,672 46,947,891
Total
46,531,672 46,947,891
Total
3. A discount from the contract price is provided for excess screenings.
a After reserve for depreciation and depletion of 39,011,915 in 1934 and
4. The utilities are required only to take 75% of their coal requirements.
$8,217,239 in 1933. b Represented by 1,844.522 shares no par value.
as against 90% or 100% in the old contracts.
V. 138, p. 4135.
5. All contracts are to terminate on April 30 1958. whereas some of the
contracts, as originally written, extended as late as April 30 1959.
Pennsylvania Co.for Insurances on Lives & Granting
6. The allowance for profit in the computation of the price of coal is
again fixed at 15c. per ton as in the original 1928 contracts.
-Acquisition.
Annuities.
7. It is provided that the utilities (other than Peoples Gas Light dr Coke
U. S. District Court Judge Kirkpatrick on May 11 approved an offer
Co.) shall take in the aggregate an annual minimum of 32.634.000 tons
of the above company to purchase the main assets of the stock brokerage
(or a lesser amount equivalent to the coal necessary to generate all elecfirm of Stetson & Blackman, which was placed in equity receivership
tricity produced or distributed) or pay damages of 25c. per ton for any deSept. 15 1933. The transaction will yield creditors of the firm about
ficiency caused by the substitution of fuel other than coal.
60% of their claims of approximately $174,000.
8. In order to carry out the determination of the utilities to divest themThe bank will pay $57,172 in cash and $57,200 par value of Delaware
selves of control of company,the utilities will, as an incident of the amendValley Utilities Co. 1st coll. trust & ref. 6% bonds, due in 1952. This
ments of the contracts, surrender their holdings of class B common stock
will enable the firm to pay 30 cents in cash and 30 cents in bonds on each
of company, amounting to 991,499 shares.
dollar owed creditors.
IPIII
9. The proposed settlement negotiated with Peoples Gas Light & Coke
The Pennsylvania company had claims against the firm for $84,970
Co. provides that that company shall take an annual minimum of 366,000
and for a much larger sum against John B. Stetson, Jr., former U. S.
tons of coal and contains the further detail that company will re-convey to
Ambassador to Turkey, and Daniel S. Blackman, who comprised the
the Gas company a gas coal property in Kentucky originally acquired by
firm, which had 138 creditors.
company from the Gas company and not now of use to company, and that
One of the items enuring to the Pennsylvania company is $137,017
the Gas company will pay the company the sum of $97,500 in cash and
realized from the sale of the firm's seats on the New York and Philasurrender all shares of stock of company controlled by it (amounting in
delphia Stock Exchanges, which had been pledged as collateral for a loan.
addition to 195,881 of class B common stock included in the number of
-V. 138. p. 3285.
(Philadelphia "Inquirer.")
shares mentioned, to 8.450 shares of preferred stock and 27,290 shares of
class A common stock).
Petroleum Derivatives, Inc. (of Me.).
-Patent Suit.
The proposed amendments are expected also to result in the following
This company, which owns 50% of the stock of Eastern Manufacturers.
benefits to the company:
Inc., has sent a letter to Its stockholders outlining action which it has taken
1. Your company will avoid a very serious controversy with the utilities,
Its largest customers, and possibly expensive and disastrous litigation;
against the Colgate-Palmolive-Peet Co. in connection with patents assigned
and the future relations of the two interests should be on a friendly and coto the latter company which. it is contended, belong to Eastern Manufacoperative basis.
turers, Inc. The Eastern Manufacturers' Inc., was formed as a result of
2. The management will no longer be controlled by the utilities, which,
a contract made with Colgate & Co.. succeeded by Colgate-Palmoliveas large purchasers of coal from company, might at times have interests
Peet Co., in 1928.
adverse to the bondholders and stockholders of company.
A bill of equity was filed before Federal Judge Nields, and the cage came
to trial on May 21 and was concluded on May 31, F. W. Wilshire, President
Financial Statements.
of Petroleum Derivatives, Inc.. says. The case will be finally argued after
From the profit and loss statement, it appears that during the fiscal year
the submission of briefs some time in the fall, after which a decision will be
company and its subsidiaries showed a consolidated net profit of $534,922.
handed down.
This net profit, however, must not be taken as an indication of the earnings
Mr. Wilshire says: "Should Eastern Manufacturers' contention prevail,
which would have been shown had the proposed amendments to the conand the ownership of these patents finally be turned over to Eastern Manutracts with the utilities above referred to been in effect. A pro forma earnfacturers, Inc., we believe that they will become the basis of a very profitable
ings statement which has been prepared on the assumption that the conbusiness."
-V. 138, p. 2587.
tracts as proposed to be amended were in effect during the fiscal year ended
April 30 1934, during which the utilities purchased 3,773,562 tons of coal,
Philadelphia Co. for Guaranteeing Mortgages.
but not giving effect to certain provisions thereof which it is thought would
not materially affect the result and not giving effect to any reduction in
Hearing Continued.
the total amount of coal sold which might be brought about by the operaFollowing a conference of all attorneys in this company's case, hearing
tion of the amended contracts, indicates that during said fiscal year,
on the proposed reorganization plan was continued until June 25. This was
after payment of bond and other interest, there would have been a net loss
done to give the proponents and opponents of the plan an opportunity to
of approximately $316,000, after provision for depreciation, depletion and
go over the contentions advanced at the hearing for changing the various
amortization, amounting to 31.136,072. As these are non-cash items,
features of the plan.
-V. 138. p. 4136.
chargei as expenses during the period, there would have been approximately $820,000 of increase in current assets over the end of the previous"Philadelphia Rapid Transit Co.
-Reorganization Sought.
year available for additions, renewals, bond retirements and other corporA petition under the recent amendment to the Federal bankruptcy law
ate expenses. It is accordingly believed that even if operating under the
has been filed in U. S. District Court at Philadelphia against the company,
proposed amendments, under the conditions obtaining during the last fisby S. Davis Wilson, City Comptroller, on behalf of himself and two other
cal year, company's working capital would have improved.
bondholders to enable the company to offer a plan of reorganization.
In considering this estimate, it should be understood that there were
Mr. Wilson explained the action was taken to prevent possible bankruptcy
Included as expenses all the extraordinary expenses actually incurred during
of the company by its seizure by underliers for non-payment of interest.
the fiscal year endea April 30 1934 on account of labor controversies, which
He also asserted that a receivership is pending against the company in
completely close° some of the mines for considerable periods of time and
Common Pleas Court and that he is asking the Federal Court to appoint
made others very expensive to operate. Furthermore, this estimate is
trustees to hold the company until a reorganization plan is forthcoming.
based on the production and jobbing of 9,410,184 tons of coal, the actual
He says the company is insolvent and its assets have been depleted through
amount produced and jobbed during the fiscal year in question, whereas
payment to underliers and expenses for maintenance of the taxicab system.
under more normal conlitions higher tonnage is to be expected. This year
Judge George A. Welsh, of the U. S. District Court, issued a rule on
was a poor one generally for industry, and the effect of the general condiP. R. T.to show cause in 10 days why the trustees should not be appointed.
tions on company's volume of business is shown by the following table of
Meantime, the company remains under control and supervision of the six
tons of coal produced and jobbed by company during the fiscal years
directors chosen by Judge McDevitt, of Common Pleas Court No. 1. in
ended April 30:
April 1931. But if the Federal Court approves Wilson's petition, they will
1929
tons_12,264.191 1932
tons_ a 11,577,362
be replaced by Federal Court trustees.
1930
13,481,463 1933
b8.233,930
Philadelphia Council Ratifies Lease at Increased Rental.
1931
12,244,242
The Philadelphia City Council on June 21 ratified a now lease of the city
a One-month strike. b Three and a half months' strike and unsettled
owned subway system to the P. R. T.for a four-year term.
labor conditions all year.
At the same time Council approved an agreement between the P. R. T.
Any increase in tonnage of coal produced and jobbed, as well as
and the Delaware River Joint Bridge Commission for operation of the
tion or reduction of the extraordinary expenses referred to above,eliminamay be
high-speed line, now being built, over the Delaware River bridge from
expected, under normal operating and market conditions, to have a direct
Camden to a connection with the subways in this city.
favorable effect on earnings.
The subway lease provides return to the city of 375.000 a month basic
It may be expected that the proposed amendments to the contracts
rental, plus two cents for each passenger in excess of 52,000.000 a year.
with the utilities will have an adverse effect on the net earnings of
Last year about 46,000.000 were carried. The old agreement provided a
company for the next several years, but company will be able to continue
365.000 monthly rental.
In business and to meet all of its obligations. including bond interest and
The bridge line is expected to bring some 22,000,000 passengers into the
sinking fund requirements.
Philadelphia tubes annually. The line is being built with Federal funds at
Consolidated Income Account Years Ended April 30.
a cost of about $10,000,000. A 10
-cent fare will be charged and the Bridge
Commission will receive 2;i cents per passenger.1934.
1933.
1932.
1931.
138, p. 4136.
Profitfrom coal sales and
-Remo
& auxiliary operations $2,143.331 $1,119.615 $2,232,489 32,150,414 `----Rix Oil Co.
jfrom List.
Income from managem't
ew York Produce Exchangeias removed fro dealing the common
services. &c
25 cents.
stock
-V. 132. p.
5.
285.731
270,478
596,536
f185,854
Int., dive., rentals,
1585.726 ."'Poor's Publishing Co.
-Issues Preferred Stock.
Total income
$2,429,062 31,390.093 $2,829,025 52.921,994
The directors recently voted to issue 1.000 additional shares of preferred
Depletion & deprecia'n_ 1,025,640
973,312
1,351.144
1,128.330
stock. par $100.-V. 137. P. 3189.
Int.,incl. amort. of bond
discount & expense_ _ _
822,314
953,422
902,355
775.936
Porcelain Enamel & Mfg. Co. of Baltimore.
-Earnings.
Reed for Fed. inc. tax_
87,000
Prov. for Fed. inc. tax
.
Earnings for Quarter Ended March 31 1934.
of subsidiary
4,456
Not income after depreciation and other charges
$22,006
Amort, of mine mechanEarnings per share on 9,596 shares common stock
$1.98
ization expense
53,000
Proper. of losses applic.
Portland Gas 8r Coke Co.
-Earnings.
to min. stockholders'
[American Power & Light Co. Subsidiary]
int.in stock ofsub. co.
Cr6,814
Cr67.664
Cr32.260
Period End. May 31- 1934-Monlh-1933,
Profit for year
1934-12 Mos.-1933.
$534,922 loss$417,908
3552.263
5930.728
Operating revenues.... $239.518
Prey, earned surplus_ _ _def2,742,150 def2,398,778
$298,376 $3,071,614 $3,552,691
1,100,795
1,170,078
Oper. exps., incl. taxes_
181,011
Profit on bonds repurch_
180,828 2.114,539 2,255,520
549,721
290.651
140.902
Amt. realized on sale of
Net revs,from oper_ _
$58,507
note
$117.548
5957.075 $1,297.171
30,000
Other income
Dr254
Other direct surplus_ _
12,801
631
4,110
5.784
Deficit of sub, not pre-Gross corp. income...
$58,253
viously consolidated
$118,179
$961,185 $1,309,972
4.180
Net int. and other deduc.
44,396
44,460
549,968
535,815
Total surplus
def$1,627.507def$2524,431 $1,793,960 $2,100,806
Excess of cost. of sub.co
Balance
Y813.857
$760,004
y$73.719
$425,370
stock over book value_
217,719
Property retirement reserve appropriations
250.000
250,000
Divs, on pref. stock_
481,075
963.198
Additional Fedi income
Balance
$510.004
$175,370
tax•prior year
38,774
45,882
x Dividends applic. to pref. stocks for the period,
24,475
Wail
Res. for losses on empl.
whether paid or unpaid
429.296
430.187
saving & invest. fund.
1,995,548
Res,against notes reele_
1,250,000
Balance
$80,708
def$254.797
Res.for loss on syndicate
x Dividends accumulated and unpaid to May 31 1934, amountedfto
participation
203,310
$304.972. Latest dividends, amounting to 87 cents a share on 7% preferred
Miscellaneous charges
216.923
stock and 75 cents a share on 6% preferred stock, were paid on Fob. 1 1934.
Earned surp. Apr.30-.431.666,280 d$2,742,150 d$2,398.778 $1,113,133
Dividends on these stocks are cumulative. y Before property retirement
d Deficit.
reserve appropriations and dividends.
-V. 138. P. 4136.
Volume 138
4311
Financial Chronicle
dangerous precethe established rule" and unless corrected "will become a
dent."
Justice Cardozo
Attorneys for Radio Engineering Laboratories consulted expire.
-day limit for issuing the mandate was about to
Just as the 25
Circuit Court of
The decision, handed down May 21,reversed the Second
against the
Appeals, which had ruled for Radio Engineering Laboratories
restrain infringe13. C. A. The suit originated when the it. C. A. sued to
Laboratories
ment of the De Forest patents it held. Radio Engineering that Major
insisted
admitted infringement if the patents were valid, butthe original inventor
was
Edwin H. Armstrong and not 'Dr. Lee De Forest-V.138, p.4137.
"feed-back circuit" and audion "oscillator."
of the
-Awarded Contract.
Power Corp. of Canada, Ltd.
engineering
This corporation has been awarded a contract to supervise the
Power
and construction of a new power plant for the Minas Basin Pulp & plant
power
Co., N. S., according to an announcement on June 15. The Croix River,
a 176-ft. head on the St.
will have a capacity of 4,200 h.p. on
of the
where the natural facilities for drainage are excellent on accountlocated
is
relatively large area of watershed in Ponhook Lake. The site miles from
Windsor, and 12
about 30 miles from Halifax, 73i miles from
the company's pulp mill at Hantsport.
The power development will produce 20.000.000 k.w.h. a year, and the
company has another undeveloped site on the same river which can produce
-Bankruptcy Petition.
about one-third more.
'Radio-Keith-Orpheum Corp.
'porathe
The entire output from the power development will be used by the Minas
capacity
Judge Coxe has approved the reorganization petition filed by as icelver
Basin Pulp & Power Co.'s pulp mill at Hantsport, which has a
Co. which has been acting
tion and continued the Irving Trust
a hearing
of 40 tons per day of commercial pulp.
In equity for several months,in possession and operation pending
on Minas Basin
The company owns about 40,000 acres of timber limits
on June 26.-V. 138, P. 3958.
at the upper end of the Bay of Fundy,all of which are owned in fee simple.
Work on construction of the power development, which will cost in the
-Files Petition in Bankruptcy.
neighborhood of $300,000, will iproceed immediately, certain preliminary --.-Republic Gas Corp.
a debtor's petition,
work having already been done. It is expected that the plant will be in operThe corporation, a utility holding company, filedact, in U. S. District
-V.138. p. 3787.
ation by the end of the year.
under the new amendment to the Federal bankruptcy a decree appointing
Court at Wilmington, June 15. The court issued
-Trustees Appointed.
Pressed Steel Car Co.
M.Hayes Wilson, of New York, as temporary trustee. of Manufacturers'
Federal Judge R. M. Gibson on June 13 appointed George D. Wick,
The court also fixed July 10 for the appearance against the corporaBonitz and F. N. Hoffstot as trustees of the company under a
W. A.
Trust Co., plaintiff in an action for foreclosure of a lien
should not be
reorganization submitted to the court. The three were appointed retion, to show cause why an order staying that proceeding -V. 138. P.
action.
ceivers for the company in an equity suit a year ago. The company
-anted until final settlement of the debtor's petition
p
reorganization plan into effect.
filed a petition in bankruptcy to put the
2425.
V. 138, p. 3787.
-Earnings.
Subs.).
-Payment on Group B Certificates.
Prudence Co., Inc.
Notice is given that partial payment on account of the following coupons
Is available for distribution:
Series Date ofCoupon
Date of Coupon
Series
17 • Feb. 1 1934
12
Aug. 1 193:3
Feb. 1 1934
"B"
June 1 1933
14
Coupon or receipts should be presented at offices of company: 331
Madison Ave., New York or 162 Remsen St., Brooklyn, N. Y.
A notice further states: Holders of Prodence-bonds with coupons
attached should present their bonds to have same fully registered as to
principal and interest. This will avoid inconvenience and facilitate receipt
of interest payments, as thereafter they will receive interest checks by mail
when any distribution is made.
It was also recently announced that a payment on account of interest
on the coupon due Nov. 1 1933 pertaining to the collateral trust 5}i%
-V. 138. P.3787.
gold bonds, due May 1 1961 is available for distribution.
-Earnings.
Public Service Co. of Oklahoma.
1930.
1931.
1932.
1933.
Years End. Dec. 31$4,784,610 $4,963,650 69,026,759 $7.509.878
Operating revenue
4,163,605
5,236.854
2,663,200
2,924,867
Oper. exp. & taxes
926,822
1,395,671
1,004,592
1.006,117
Interest
Amount applicable to
315,575
outside holders
Amort. of debt discount
112.489
125.966
68.300
68.029
& expenses, Stc
Net income
3785,596 $1.227,557 $1,952,694 $2.306,959
222,931
225,850
1
533,606J
534,816
7% prior lien diva
280,730
309
6% prior lien diva
820,152
1,405,152
660.940
.
Common dividends.. _ 97.197
$983,147
$12,470
633,011
Balance, surplus
3153.583
Ohs. com. stk. outstand119,394
194,394
194,394
194,394
ing (par $100)
$15.10
$7.29
63.56
$1.29
Earned per share
Consolidated Income Account Year Ended Dec. 31.
1932.
1933.
Calendar Years66,947,471 $7.176.118
Gross earnings
4,144,051
4,493,773
Operating expenses & taxes
Net earnings from operation
Other income (net)
$2.453,698 33,032,067
50,013
60,573
Total
Int. & other deductions of sub. cos
$2,514,272 63,082.080
781,465
654,529
Balance avail. to Public Service Co. of Okla__ $1,859.743 $2300.615
Interest deductions of parent co.
976,485
972.786
Interest on funded debt
33.331
28,108
General interest
68,300
68,029
Amortization of bond discount & expense
Net income
Dividends on prior-lien stocks
Dividends on common stock
$785,596 31,227,723
533.606
534.815
97,197
660.940
Comparative Consolidated Balance Sheet Dec. 31.
1933.
1933.
1932.
Liabilities
Assets
$
56,763,518 56,882,604 7% prior lien stock 3,212,800
Fixed capital
prepayments
61,766
70,334 6% prior lien stock 5,171,600
Common stock..
to
.10,439,400
Subscriptions
45,541 Stk. of S'western
capital stock__
Lt. & Pow. Co_x4,667,372
Accounts & notes
702,466
27,652,100
752,918 Funded debt
receivable
Equity of minority
Materials and sup286,114
corn. stkholders
282,691
plies
In subsid. co_
13,224
Cash and working
1,812,396
645,598 Consumers' depos_ 661,252
funds
Deferred charges. 2,469,443 2,596,506 Accounts payable_ 205,812
4,964,090 5,455,974 Due to MM. cos
56,818
MiscelI. assets_
Divs. payable
153,341
Accrued liabilities_ 1,606,056
Reserves
2,067,704
Surplus
2,252,315
1932.
1931.
1930.
39.973,181 310,033,410
268.814
259,952
6,309.637
5,708,316
169,213
106.635
397,094
354,949
$15,138,115 $14,981.460 $16,403,033 $17,178.168
Total income
7.339,627
6.969.412
6,602.599
Operating expenses--- 6,634.107
1.953,024
1,753,154
1,358,501
1.165,415
Maintenance
1,224.253
1,253.207
1,171,149
1,425,150
Taxes
Int. charges amd amort.
2.044,737
2.027,683
1.841.643
1,821,421
of discount
Min.int. in earns. of Un.
3.445
Cr245
939
55
Electric Rys
1,417.999
1.480,114
1,434,239
1,456,595
Depreciation
32,635.370 $2.572.390 $2.919.708 $3,195,081
Consol. net earnings
990.972
990.972
990.972
990,972
Divs, on preferred stock
322.940
322,940
322,940
322,940
Divs, on class A stock
31,321.458 $1,258,478 31.605.796 31,881,169
Balance
x After elimination of inter-company sales.
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
$
$
Liabilities3
$
AssetsNotes & accts.paY.
Cash in banks and
to affiliated cos_ 673,415 2,723,009
999,563
695,268
on hand
Other accts. pay.
Notes & accts rec.
810.389
and accruals___ 1.061,706
from MM. cos..
cust. & others 2,115,176 1,793,506 Pref. & el. A diva.
218,985
218.985
accrued
862,520
Materials & supple 759,286
Funded debt of
Prep'd taxes, &C..
.34,726,800 31,930,000
subsidiary cos,
414,457
456,400
prepayments__ _
Res. for depree'n-11,907,894 11,170,620
Restricted deposits
289,222
Res. for casualties 310,200
& cash in sinking
166,000
40,971 Other oper. reserve 220,000
24,235
funds
81,995,703 Suspense credits of
Capital assets-- -.83.580.281
United Elec. Rys 3,028,463 3,628,462
Constr. wrk. orders
386,738 Suspense credits of
271,610
in progress
30,641
other sub. cos
Unamortiz. bond,
8,750
discount, &c. 2,567,524 2,502,370 Contribs. for eaten
Mtn. int. in corn.
stock and sur. of
United Electric
196,677
177,086
Rys. Co
y Preferred stock_13,625,865 13,625,865
4,440,425 4,440,425
x Class A stock
Class B stock (Par
13,609,002 13,609,002
$6)
6,439,299 6,778,421
Surplus
90,469,782 88,995,828
Total
90,469,782 88,995,828
Total
x Represented by 80,735 shares of no par value. y Represented by
-V.136. p. 3535.
495,486 shares of no par value.
-Reorganization Discussed.
•-•••• Richfield Oil Co. (of Calif.).
Oil
Pan American
3,213.800
5,210,100
19,439,400
4,586,215
27,922,200
13,476
655,105
118,467
32,230
219,636
1,540,510
1,421,495
2,359.533
Total
67.059,794 66,732,167
67,059,794 66,732,167
Total
x Includes 51,256 shares $6 cum. pref. stock (no par), and 751 shares
A common stock (par 3100).-V. 138, p. 3452.
class
-Earnings,
Public Service Corp. of New Jersey.
1934
1934-12 Mos.-1933.
-Month-1933.
Per. End. May3139,877.717 39,364.706 3118706.264 3119736.757
Gross earnings
Oper.oxps. maint.,taxes
6.748,520
5.864,763 77,395.929 78.054.086
and depreciation
Net inc. from oper__ $3,129,196 $3,499,943 $41,310,336 $41,682,671
2,288,202 26,171.902 26.768,194
Bal.for dive. & surplus_ 1,901,206
-F,138, p. 3452.
-Receivership
••••--Public Utility Holding Corp. of America.
-Suits Ended.Reeetverehtp suits against the Public Utility Holding Corp. of America
and the South American Rys. were dismissed in stipulations agreed to by
counsel for all parties in Chancery Court, Wilmington, Del.. on June 21.
-V.137.13.1066.
Complainants were Joseph Greene of Brooklyn and others.
-Stay Granted in Radio Decision.
Radio Corp. of America.
The New York "Times" June 19 had the following:
A setback to their victory on important radio patents has been met by
the Radio Corp. of America, American Telephone & Telegraph Co. and
Da Forest Radio Co., with the result that the Supreme Court's recent decision must remain suspended until the Court reconvenes in October.
Notice that a stay of the Court's mandate had been granted by Justice
Cardozo on Thursday (June 14) at Rye. N. Y., was received June 18 by
Court attaches at Washington. His action followed a petition for rehearing,
filed with the Court on the previous day by Radio Engineering Labotatories.
Inc.,loser under the Court's ruling.
The petition declares that the decision, written by Justice Cardozo, was
based on an error of scientific fact, and that the Court's holding as to presumption and burden of proof in patent cases "is a radical departure from
Rhode Island Public Service Co.(&
1932.
1933.
Years End. Dec. 31x Gross oper. revenue
$10.040,513 39.237,347
Electric sales
224.791
201,520
Gas sales
4,997,844
Rev, from transportat'n 4,576,139
351.904
206.032
Other operating revenue
169,573
113.911
Other income
and
An internal reorganization of the Richfield
Petroleum companies now appears to be impractical without substantial
a continuation of the receivership is shown
additions of new capital, and
to be hazardous to the interests of bondholders and creditors, G. Parker
Toms, chairman, Richfield reorgnziation committee declared on June 18.
Mr.Toms based his conclusions on evidence given by William C. McDuffle,
receiver, in United States District Court, Los Angeles. First pointing out
that bondholders who deposit under the plan of reorganization, based on
the offer of Standard Oil, may participate in better offers and asserting
that the reorganization committee will gladly welcome any better offer
from Cities Service or other interests, Mr. Toms tabulated outstanding
points of Mr. McDulfie's testimony as follows:
1. Richfield now purchases up to 86% of its crude requirements and
must either acquire large additional capital or additional oil lands for
economical operation.
2. Richfield had an operating loss of $217,000 in April, the heaviest loss
for any month during the period of receivership.
3. Richfield could not survive a gas price war similar to those frequently
recurring for a period of more than six months. si
Constitutionality of Gold Clause Legislation Enters Richfield
Receivership Proceedings-Court Asked to Set Early Date for
Sale of Properties.
Question as to the constitutionality of the gold clause legislation
recently enacted by Congress, was raised before Judge William P. James,
U. S. District Court, Los Angeles, June 19, following presentation to the
Court of a draft of a final decree of foreclosure and sale of the Richfieled
Oil Co. and Pan-American Petroleum Co. properties.
Contending that the gold clause legislation is invalid, Major Walter K.
Tidier, counsel for Security First National Bank of Los Angeles,stated that
the Richfield bonds were expressed to be payable in gold and that the bondholders were entitled to a judgment either in gold or in money equivalent
to gold, which would give the bondholders a judgement of approximately
$40,000,000 instead of $25,000,000.
Joseph V. Kline of Mudge, Stern, Williams & Tucker, N. Y. City, and
Clarence Hanson of Freston & Files, Los Angeles, counsel for the Chase
National Bank of New York and Bank of America (Cal.), the trustees under
the Pan-American 1st mtge., which is also involved in the Richfield Mtgetion, stated that these banks had not raised the question of the gold clause.
The question, they stated, is largely academic in the Pan-American situation, since the U. S. Government has been awarded a judgment exceeding
$9.000,000 which entitle them to priority in payment out of the unmortgaged
assets before the bondholders would receive any payment from this source.
In presenting the draft of the final decree of foreclosure and sale, Mr.
Kline and Mr. Hanson explained that Cities Service expects to bid for the
property and that the reorganization committee expects to purchase the
property pursuant to an offer from Standard Oil of California. They ask
that the decree be signed and the property be sold at an early date. They
also asked that the Court, after the sale in connection with allocating the
proceeds of the sale, to pass upon any questiion not heretofore determined.
Judge James ordered all counsel to submit to him within 15 days any
objections to the form of decree, which could not be agreed upon, and ini
-V. 138.
p cated
d. 413 that he would then pass upon the final form of decree.
7
4312
Financial Chronicle
Roanoke Gas Light Co.
-Earnings.
Period End. Apr.30- 1934
-Month-1933, 1934-12 Mos.-1933.
Gross operating revenues
$35,850
$34,988
$425,114
$431,237
Operating exps. & taxes_
24.815
206,279
18,651
254,453
Net operating revenue
Non-operating revenues_
$11,035
47
$16,337
38
$170,660
373
$224,957
583
Net earnings
Interest & other income
charges-net
Deduct prov. for retire_
$11,083
$16,376
$171,033
$225,541
8,474
2,560
9,143
2,506
106,764
30.748
114.117
33,743
Net income
-V.138, p. 3453.
$48
24,725
$33,519
$77,681
---", Roxy Theatres Corp.
-Plans Approved.
Petitions filed June 7 by the Roxy Theatres Corp. and United Cigar
Stores Co. of America for time within which to meet obligations and reorganize under provisions of the new bankruptcy law were approved
June 15 by Judge Alfred C. Coxe in U. S. District Court, New York. Each
concern has been in receivership for many months.
Howard S. Cullman, who was equity receiver for Rosy Theatres, was
appointed temporary trustee for the corporation, and the Irving Trust Co.
was named temporary trustee of United Cigar Stores bjt the court.
At the same time Jude Coxe directed Lower Broadway Properties, Inc..
of 1 Madison Avenue, owners of the building at 46-50 Broadway and its
own site, to act as "trustee in charge of its properties" until June 26. when
a hearing on the advisability of continuing the trusteeship will be held.
Lower Broadway Properties, through its attorneys, Tanner. Sillcocks &
Friend, of 1 Madison Avenue, listed its liabilities at $4,463,392 and assets
at $5,492,314. The liabilities include a mortgage for $4,105,000 against
the realty owned by the concern.
A petition for time was also filed by Sullivan & Cromwell in behalf of
European Mortgage & Investment Corp. The document stated that the
concern acts as representative in this country for holders of Austrian and
Hungarian securities and that conditions have made it "impossible to
meet current obligations at present." Liabilities total about $8,000,000
and assets nearly $10,000,000.-V. 137, p. 4371.
June 23 1934
Peter P. Zion, attorney for the company said. The directors of the company and officers will be continued until next year.
-V. 137. P. 2475.
Shawmut Bank Investment Trust.
-Earnings.
1931.
3 Mos.End. May 311934.
1932.
1933.
$78,614
Interest & dividends-..-$51,091
$53,064
$66,512
14,241
Administrative exps--- 5.597
5,883
7,877
73,358
61,044
Interest paid
65.450
69,205
Federal cap, stock tax_
680
Net loss
$16,230
$18,269
Previous surplus & undivided profits
def80,180 def120,128
Discount on senior deb.
Inirchased by the trust
1,950
41,590
Adjust. of prior period
1.007
Total surplus
Loss on securities sold
def$93,453 def$96,807
prof1,433
15,063
$10,570
$8,985
894,152
1,404,728
18,600
.
8,512
$902,182 $1,404,255
18,511
476,169
Surplur & undivided
profits May 31_ _
def$92,020 def$111,870
$426,013 $1,385,744
Condensed Balance Sheet May 31.
1933.
Assets-'
1933.
1934.
1934.
Liabilitiesy Investments_ _ _ _34,757,944 $4,985,138 Accrued int. payAccrued int. re$205,014 3151,204
able
31,557 Prov. for accrued
ceivable
29,596
Relchsmarks In GerFed, capital stk.
man banks
21,988
tax
2,040
PartIcIp. In credit
Debs, and notes
to foreign con4,882,000 5,197,000
payable
cems
125,360
176,812 a Cap.stock & sur. def92,020 def111,870
Accounts recelv'le_
2,239
Cash
21,139
$1,895
Total
$4.997,034 85,236,334
Total
84,997,034 $5,236,334
x Represented by 75 000 no par shares. y Market value, $3,735,300
in 1934 and $3,781,200 in 1933.-V. 138. P. 3789.
.
Shawmut Corp. of Boston.
Royal Butch Co.
-To Liquidate.
-Earnings.The National Shawmut Bank has notified its stockholders as follows:
Earnings for Calendar Years (In Florins).
The Banking Act of 1933 provides that after one year from the date of
1932.
1931.
1930.
the enactment of the Act. no National bank shall be affiliated with any
1933.
Income
poration engaged principally in the selling and distribution of securities.
35.343.085 35,139,620 32.331.059 92,069,548
ecur
es
Expens, taxes. &c_ _.
247,247
302,657
1.233.133 -cor
.239,811
The Shawmut Corporation of Boston is affiliated with the National
Service of 4% dollar deShawmut Bank of Boston, and while it has discontinued its business of
benture loan
selling and distributing securities, it has been deemed desirable, in order to.
1.000.000
1.000.000
1.000,000
Difference in exchange_
599.835
1,583.051
3.111,754
comply with the spirit of the Act, to terminate the trust under which the
Contractual obligaion.s_
26,880
22,500
Bank holds the stock of the corporation.
Int. on dollar deb. loan_ 2,934,632 3,978.750
The year specified in the Banking Act expires on June 16 1934, and
accordingly the National Shawmut Bank of Boston as trustee under the
Profit
30,546,306 28,303.692 27,916.648 90.836.415
Deed of Trust, has by written declaration terminated the trust as of June 14
Divs. on of. shs.(4%)-60,000
60,000
60,000
1934, and will proceed to wind up the affairs and liquidate the assets of
60.000
Priority shares (44 %)_
762.612
the Shawmut Corporation of Boston.
Ordinary shares (6%)... 30.217,440 30,217,440 20,217,440 30,217,440
As the stock of the Shawmut Corporation of Boston originally belonged
to the Bank it Is therefore proposed that the net proceeds realized inliquidaSurplus
268,866 def1,973,748def2,360,792 59,796.363
tion shall be returned to the Bank, for the benefit of its shareholders.
Avail, for ordinary div.:
V. 137, p. 4371.
93% of above surplus..
55.610.617
-Annual Report
6% on ord. as above-- 30,217.440 30,217.440 30.217,440 30.217.440
"Shell" Transport & Trading Co., Ltd.
Brought forward
1930.
,
278,605 2,252,353 4,613.145
2,219,313
1933.
1932.
1931.
Calendar YearsConamissaires' propor'n_
£306,693
2,181.855
}£2,790,9691 £278.719
£262,513
Interest received
1 2.426.329 2,341.157 4.767,722
Dividends received
Total
30.764,911 30.496.045 22,469.793 90,229,225
Amt. of ordinary div
30,217.440 30,217,440 30,217,440 85,616.080
Total income
£2,790.969 22,705,048 £2,603,670 £5,074,415
Rate per cent
175,662
(17%)
42.934
46,411
(6%)
(6%)
(6%)
Expenses
43,591
•
Carried forward
547.471
4.613,145
278.605
2.252.353
Our usual comparative balance sheet as of Dec. 31 1933 was published
in V. 138, p. 4137.
'
St. Louis Iron Mountain & Southern Ry.-Gold
Clause Invalid-Contracts Must Recognize Congress' Power
to Revise Money, Court Holds.
-Federal Judge Faris has
handed down an opinion in the case of Bankers Trust Co.,
as trustee, for the 1st mtge. bonds of the.St. Louis Iron
Mountain & Southern Ry. in which he rulei out the gold
clause of those bonds and states holders are entitled to
payment in "such money as is now current." The decision
of Judge Faris is discussed at greater length under "Current
Events" on a preceding page.
-V. 138, p. 2761.
-..-" St. Louis Public Service Co.
-Files Under Bankruptcy
Act.A petition to reorganize under the Corporate Bankruptcy Act has been
filed in Federal Court. St. Louis, in behalf of a bondholders' protective
committee.
-V.138. p. 3959.
-Earnings.---St. Louis
-Southwestern Ry. Lines.
-Second Week of June- -Jan.1 to June 14Period
1933.
-3
'
Gross earnings
$291,140 $6,545,438 35,476,200
$314,500
__Ar. 138, p. 4137.
Profit
Pref. dies,(5%)
2d pref. diva.(7%)
Ordinary dividends
Rate paid
Balance
Brought forward
£2,748,035 £2,661,457 '22,557,259 24.898.753
100,000
100,000
100,000
100,000
568,230
700,000
700.000
700,003
1,809.102
1,809,102
1.809.102 4,221,238
1734%)(
(7Si%)
(75i%)
(73.5%)
£138,933
250.445
£52,355 1068E51,843
249,934
198.090
£9,285
240.650
£249,935
£389,378
£198,089
£250,445
Balance Sheet Dec. 31.
Assets1930.
1933.
1931.
1932.
Property (shares, &c.)_ - 233,941,063 £29,242,973 234,822,603 £30,382,602
96,256
Debtors and loans
14.806
246,283
29,925
4,495,400
Dividends due
2,397.000
1,709,391
1.894,700
9,771,379
Investments
10,198,966 15,311.903 9,681,601
Cash
4,406.486
332.335
214,574
241.770
Total
' £46,884,170 246,721,271 £46,674.454 249,152.124
LiabilitiesCapital
46.121,361 £36,121,361 236321,361 £36,121,361
Reserve, &c
8.131,609 8,131,609 8,131,609 8,131,692
Creditors
.665
.
.
,
Unclaimed dividends..
ed
74.428
61,005
53,230
58,303
Pref. dividend accrued
25,000
25.000
25,000
25,000
2d pref. div. accrued_ _ _
291,666
291.666
291.667
291,667
Profit balance
2,198,480 2.059,542
2.007.192 4,471,172
£46,884,170 £46,721,271 £46,674,454 £49,152,124
-V. 138. P. 3618.
Carried forward
.60 East 65th Street Corp. Moves to Reorganize.
The company filed in the U. S. District Court June 18 a petition for extension of time in which to effect a reorganization under the terms of the
bankruptcy act.
The corporation (owner of Mayfair House), reports the property to be
mortgaged to the extent of $2,574,000, but alleged to have assets sufficient
to meet obligations within a reasonable time. These were listed in the
cmount of $3,323,018. Lewis H. Pounds is chairman of the bondholders'
aommittee, which also includes George Gordon Battle, Frank J. Murphy
Earningsfor Six Months Ended Jan.31 1934.
and Simon Newman.
Net loss after depreciation, expenses and other deductions_ _ __
$25,885 asus s
..
•
loan & Zook Producing Co. Resumes Dividend.-V. 138, p. 161.
A dividend of 20 cents per share has been declared on the common stock.
no par value, payable June 29 to holders of record June 25. Distributions
Sears Roebuck & Co.
-Sales Continue Higher.of 25 cents per share were made on this issue on June 28 Sept. 28 and Dec.
Per.End.June 18-1934-4 Wks.
--1933. 1934-20 Wks.
-1933.
23 1932; none since. Previously the company paid quarterly dividends of
Sales
225,023,393 $19,935,951 $118997,988 289.548,538
50 cents per share.
-V. 134, P. 4675.
-V.138. p. 3789, 3289.
..
"`
South American Rys. Receivership Suit Ends.
-See
Seattle Gas Co.
-Earnings.
Public Utility Holding Corp. of America above.
Period End. May 31-Month-1933.
1934
1934-12 Mos.-1933.
-V. 137,
Gross revenues
$146,515 $1,723,247 $1,881,154
$138.936
p. 3904.
Oper. expenses (excl. of
retirement provision)_
93,631
94,528
1,115,976
1,283.698 5 -" Southeast Power & Light Co. Files Debtor's Petition.
Income deductions
55,879
66,166
671,173
677,603 .
The company on June 13 filed a voluntary corporate debtor's petition
Retirement provision(for
n Federal Court, St. Louis, to effect a reorganization.
495
3,689
automotive eq. only)_
282
6,553
The petition stated liabilities of the company total 3299,912. as compared
with assets of $441,550, and that 'earnings of subsidiaries of the company
Net def. to earned sur.
$3,772 ' $67,591
$11,753
$86,599
are insufficient to meet its obligations. According to the petition, the
Note.
-Cumulative dividends on preferred stock, which have not been
company has ample assets to satisfy all of its obligations if It is given op.
declared or accrued since April 15 1932 amounted to $297,500 as of Ma 31
portunity to perfect reorganization.
1934.-V. 138. p. 3789.
The petition asks the Federal Court to approve the petition and to
enjoin prosecution of a receivership suit which had been filed against the
-Semi-annual Dividend
---Selected Shares Corp.
company in the Eastern District of Arkansas.
Semi-annual dividends on the Selected unit-type trusts, sponsored by
this corporation, have been announced as follows: Selected cumulative
Southeastern Cottons, Inc. Executive Committee.
shares will pay 12.353 cents per share on July 2; Selected income shares
Howard E. Coffin was recently made Chairman of the executive cornwill pay 7.8565398 cents per share on July 2 and Selected American shares
mittee, which includes the following other members: J. C. Chapman Sr..
per share on June 30. Semi-annual distributions
will pay 4.790709 cents
President of Inman Mills, Spartanburg, S. C.; W. B. Cole, President of
were made six months ago as follows: Selected cumulative shares, 12.0687
Hannah-Pickett Mills, Rockinghma, N. C.; Donald Comer, President of
cents; Selected income shares, 7.215998 cents and Selected American shares,
Avondale Mills, Birmingham, Ale; J. C. Eying, President of Clifton
4.070452 cents. Payments will be made by the Central Republic Trust
Manufacturing Co., Clifton, S. C.; Alfred Moore, President of Jackson
-V. 137. p. 157.
Co., trustee, Chicago, upon presentation of coupons.
Mills, Spartanburg, S. C.; John Porter, President of Steele's Mills, Rockingham. N. C.; Elliott Spring.s, President of Springs Cotton Mills, Lancaster,
Sentry-Safety Control Corp.
-Meeting Adjourned.S. C.; Henry Tichenor, President of Walton Cotton Mills, Monroe Ga.
The annual meeting which was scheduled for June 15 was adjourned
George Mountcastle, Lexington, N. C.; Elroy Curtis, President, and
until next year because of the inability to get a qqprum at the meeting.
Richard Reeves, Secretary of Southeastern Cottons, Inc.
-V.138, p. 3290.
t. Mary's Oil & Gas Co. of W. Va.-A4X14444444041..majority of the directors of the Los Olmos 011 Gas Co. have approved
the roposed sale to the St. Mary's company of its properties, consisting of
50 producing wells and 4,000
:cres of leases in Los Olmos pool and other
4
fields of Starr County, Texas ,
,
.........
-Earnings.-(B. F.) Schlesinger & Sons, Inc.
-Earnings.
Southern Bell Telephone & Telegraph Co.
1934-5 Mos.-1933.
Period End. May 31- 1934
-Month-1933.
Operating revenues
$4,100,859 $3,931,876 $20,554,124 $19,574,758
320,256
78,491
Uncollectible oper. rev
60.069
20,496
Operating revenues_ _ _ $4,121,355
Operating expenses
2,852,703
$3,991,945 $20,632,615 $19,895,014
2,640,276 13,912.385 13,188,422
Net operating revs_ __ $1,268,652
Operating taxes
488,683
$1,351.669
482,757
$6,720,230
2,456,183
$6,706,592
2,436,747
$868,912
$4,264,047
$4,269,845
Net operating income_
-V. 138, p. 3618.
$779,969
-Earnings.
Southern Counties Gas Co. of Calif.
1930.
Calendar Years1931.
1933.
1932.
Gross earnings
$7,848,131 $7:070,658 $6,883,647 $7,604,451
4,276.197
3,779,803
Oper. exps. and maint_ - 4,305,448
3,799,101
771,844
976,663
710,281
Taxes
847,487
Net earnings
$2,566,020 $2,424,070 $2,393,562 $2,556,410
Interest
543,140
540,000
540,000
540,000
Depreciation
913,450 . 826.588
936,862
912,987
Amortization
107,240
107,240
107,240
107,240
Net income
$981,917
$832,873 $1,079,442
$863,842
z
Pref. and corn. dividends 1,049,696
• 985,924
924,240
z Not available.
Comparative Balance'Sheet Dec. 31.
1933.
32.
1932.
19s
1933.
Assets$
$
Liabilities-S
Plant props
27,623,351 27,615,135 Common stock_ _ 6,000,000 6,000,000
Cash
427,974
760,898 Preferred stock_ __ 2,500,000 2,500,000
Demand dep. with
12,000,000 12,000,000
Funded debt
affiliated co_ _ _ _
969,477
925,019
984,928
Current liabilities_
Invest, in smuts__
23,072
15:65 Consumers'advan.
Matis dr supplies. 373,142
419,411
for construction 1,195,022 1,236,017
Notes and accounts
5,893,774 5,411.433
Reserves
receivable
875,267
3,306,242 3,391,517
875,510 Surplus
Deferred charges_ 1,587,682 1,780,099
Total
31,879,966 31,463,987
-V. 136, P. 2245.
31,879,966 31,463,987
Total
He will take charge of the company's affairs on July 1 and relieve Prank
J. Haas, General Manager, who has been confined at the Battle Creek
Sanitarium for some weeks with a nervous breakdown. V. 138, p. 3961
-
Southern Pacific Lines.
-Earnings.
Period End. May 31- 1934
-Month
-1933. 1934-5 Mos-1933.
13,625
Avge. miles of road o per.
13,356
13.567
13,273
Revenues
Freight
$10,348.661 $8,530,962 $43,899,298 $35,518,678
6,658,204
Passenger
7,096,700
1,508,879
1,407,633
1,640,527
Mail
1,639,606
340,404
326.030
1,171,811
Express
1,583,487
395,295
447.646
All other transportation
1,637.723
1,189.018
260,740
348,717
Incidental
1,066,351
1,279,183
222.913
175,491
Joint facility-Cr
48,037
68,994
8,062
18,844
Joint facility
-Dr
265,330
312,962
49.631
45,222
Railway oper. revs_ $13,129,051 $11,116,378 $56,890,031 $47,027,295
Expenses5,460,547
MaInt. of way & struct_ 1,383,905
6,779,045
1,041.962
9,660.705
Maint. of equipment.... _ 2,295,499
2,010,192 11,198,589
1,954,281
Traffic
1,955,359
430
408,499
.324
Transportation
4,024,283 20,710,303 19,156.496
4,539,070
841,427
Miscellaneous
961,546
170,714
201,938
General
3,943,894
3,698,946
792,290
736,262
Transp. for invest-Cr
66,191
91,220
11,244
22,617
Railway oper. exps__ - $9,564,383
Net rev,from ry. oper- - $3,564,667
By. tax accruals
1,062.729
Uncoll, railway revs_ _ _
5,040
Equipment rents (net)_ _
561,598
it. facility rente(net)
9,573
Net ry oper. income.. $1,925,726
-V. 138. p. 3790.
$8,436,696 $45,212,571 $40,951,161
$2,679,681 $11,677,460
5,282,384
1,162.869
19,263
6,174
2,455,674
495,038
189,556
36,138
$6,076,134
5,984.503
31,262
2,062,774
189,993
$3.730,581
$2,192,398
$979.463
Southern Ry. System.
-Earnings.-Second Week ofJune- -Jan. 1 to June 141934.
1933.
1933.
1934.
- $1,807,781 $2,042,063 $47,622,677 $42,306,458
Total
$40,074,185
Total
$40,074,185
x Represented by 363,500 no par shares.
-V. 138. p. 3454.
Southwestern Light & Power Co.(& Subs.).
-Earns.
Calendar Years1933.
Operating revenues
$2,170,617
Operating exp.& taxes
1,264,073
Retirement appropria'n_
267,836
Southwest Gas Utilities Corp.
-Sale of Assets.
The umpledged assets in the hands of the receivers were sold at
public auction in Wilmington, Del., on Jure 18 for $92,000 to the reorganization committee.
With about two-thirds of the 6%% bonds deposited in assent to its reorganization plan, the protective committee for these bonds, headed by
J. Lawrence Gilson, announced June 20 that it proposed to bid for the
pledged assets of the company at a sale to be held in Wilmington on June 25.
These assets consist of securities of wholly-owned subsidiaries or controlled
companies.
To be in the most effective position to bid for the pledged assets, the
committee is urgung remaining bondholders who desire to co-operate in
the plan to deposit their securities immediately with the Manufacturers
Trust Co., New York. It is pointed out that the deposit of substantially
all of the bonds will simplify and hasten consummation of the reorganization plan, which has been approved by the Chancellor of the State of
Delaware as being fair and equitable to bondholders, creditors and others
interested in the company.
The reorganization plan provides for the formation of a new company
with a single common stock capitalization, no bonds and no preferred
stock. Bondholders will receive about 99% of the new stock, in the ratio
of 20 shares for each $1,000 principal amount of 63i% bonds. Each
holder of 111,000 of notes or unsecured claims will receive 2 shares of common
stock and 20 class A warrants, permitting the purchase of new stock at
prices ranging from $6 to $10 per share. Holders of preferred and common
stocks will receive class B warrants, carrying the right to purchase new
stock at from $10 to $30 per share.
Only bondholders who deposit are entitled to receive the new securities
-V. 138, p. 3454.
and to participating in the advantages of the plan.
-Earnings.
Southwestern Gas & Electric Co.
Consolidated Income Account, Dec. 31.
1931.
1932.
1933.
revenues
Operating
$5,491,929 $5,751,279 $6,067,483
3.255,632
3,231.057
x Oper. exps. & taxes...- 3,436,216
.
Operating income
$2,055,715 $2,520,222 $2,811,851
Non-oper. income(net)36,204
83,436
34.325
Gross income
$2,090.037 $2,556.426 $2,895,287
1,041,230
916,263
Interest on funded debt. 1.041,230
171,447
121.623
157,060
Misc. int., amort., &c_ Balance
$891,747 $L343,749 $1,857,400
preferred dividends _1
668,610
668,030
8%
62,281
7% preferred dividends _I
617.950
1,344.950
Common dividends
$57,189 def$167,162
$223.717
Belem's. surplus
a Includes retirement reserve.
f
1932.
1931.
1930.
$2,235,924 $2,674.133 $3180,634
1,312,901
1,675,787
1,900,223
108,227
120,825
140,660
Net oper. income.....
Non-oper. income
$638,708
15,821
$814,796
5,994.
$877,521 $1,139,751
32,898
39,290
Gross income
Int. on funded debt_
Amort.& other int. chgs.
Miscell. deductions from
gross income
$654,529
420,000
34.043_
$820,790
420,000
34,045
$916,811
420,453
33,843
16,108
15,526
5,831
Net income
Preferred dividends_ _ _ _
Common A dividends
Common dividends
$184,378
166,564
$351,219
307,316
18,324
$456,684
310.051
18.324
118,945
$722,675
308,907
18,864
372,624
$17.814
$25,579
$9,364
$22,280
$1,172,649
414,305
35,669
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
AssetsLiabilities
$
Fixed capital
15,384,955 15,416,227 y $6 cum. pref. stk..4,492,272 4,511,115
Cash
582,140
201,691 Com. stock class A
305,400
305,400
Working funds_ _ _
x Common stock__ 4,466,166 4,466,166
5,380
U. S. Treas. ctfs.
Funded debt
8,400,000 8,400,000
of indebtedness_
300,891
Accounts payable_
71,940
47,939
Marketable secur_
85,000 Due to affil. cos_
34,885
z Notes & accts.
Consumers' depos. 266,869
256,720
receivable
229,701
276,868 Diva. declared_ __ _
86,108
25,628
Unbilled revenues_
88,592 Taxes accrued_ _
209,191
239,134
Due on subscripFed'I income taxes 119,228
73,437
tions to pref stk.
15,579 Interest accrued
168,912
168,787
Material & supplies 107,608
113,553 Reserve for contriPrepayments
butions for ex13,793
12,626
Invest, in affil. co_
tensions
965,694 1,115,694
90,864
100,330
Special deposits_
86,108 Miscall, reserves
25,628
62,356
287,800
Unamortlzed debt
Capital surplus_
20,404
20,404
&set. & exps
823,703 Earned surplus... 212,233
789,660
283,011
Pref. stock commission & exp
67,860
67,860
Abandoned prop'ty
of sub. co
707,948
707,948
Total
19,181,259 19,011,440
Total
19,181,259 19,011,440
a Represented by 95,156 shares no par). y Represented by 51,256
shares (no par) in 1933 (1932, 51,47 shares of no par value). z Less reserve for uncollectible accounts of $62,617 in 1933 and $69,412 in 1932.V. 1315, p. 4138.
Standard Brands, Inc.
-Plans Million-Dollar Plant.
The corporation or June 7 announced that it has started the construction
of a 19
-building 'unit on an 8-acre site at Oakland. Calif., for the menu
facture of yeast and for storage and distribution of other products manufactured by the company. Construction is scheduled for completion by
fall ard involves the expenditure of approximately $1.000,000.
Other expansion or,erations oy the company. Joseph Wilshire, President,
annour ced, will increase the output of"Royal" gelatin by 50% by next fall.
A new unit of the Fleischman's yeast plant at Yeekskill, N. Y.,to which the
manufacture of gelatin formerly carried on in Brooklyn will be transferred,
will account for higher level of production of this product. The building
will be 280 feet long, 50 feet wide and four stories high, of steel construction
with brick walls and concrete floors and roof.
-V. 138. p. 2943
1---••Standard Gas Light Co. of New York.
.
-Div. Deferred.
Southern United Ice Co.
-New Trustee.
The City National Bank & Trust Co. of Chicago was recently appointed
as successor trustee of an issue of 1st mtge. 6% s. f. gold bonds, series A,
and 1st mtge. 634% s. f. gold bonds, series B,to succeed the Central Republic Trust Co.
-V. 137. p. 2650.
Consolidated Balance Sheet, Dec. 31 1933
Liabilities
Assets
. $623,400
8% cumul. preferred stock_
Plant, property, rights, franchises, &c
$33,946,776 7% cumul. preferred stock__ 8,834,300
x7,270,000
Pref.stock commissions & exp
343,310 Common stock
20,364,600
Investments
81,852 Funded debt
318,495
Special deposits
13,450 Deferred liabilities
1,627,744
Bond discount & expense_ _ _ _ 2,388,788 Current liabilities
669,755
Prepaid accts.& deferred chss
50,487 Reserves
365,891
555,000 Surplus
Notes receiv. from parent co.
Cash
•
1,409,186
Working funds
12,325
Cash on deposit for diva & hit.
480,338
Acts, notes, &c. rec
453,272
Due from affiliated companies
10,915
Unbilled revenues
182,728
Construction & operating
145,759
materials & supplies
Surplus
Southern Indiana Gas & Electric Co.
-New Officer.
t. 9. Culley has been made Naecutive Vice-President and a director.
PeriodGross earnings(est.)-V. 138. p. 4138.
4313
Financial Chronicle
Volume 138
1930.
$5,469,818
3,391,359
$2,078,459
175.778
$2,254,237
903,230
125.151
$1,225,856
62112
363.500
$183,023
The directors recently voted to omit the semi-annual dividend due June 30
on the 6% non-cum. pref. stock, par $100. Regular semi-annual distributions of 3% had been made up to and including Dec. 30 1933.
Control of this company is owned by the Consolidated Gas Co. of New
York.,
-V. 137, p. 137.
Standard Oil Export Corp.
-Earnings.
-
Calendar YearsDivs. rec. from AngloAmer. Oil Co., Ltd_
Other income
$385,970
Total income
Operating expenses, &c_
$385,970
392,006
1933.
Net loss
Dividends
Deficit
x Profit.
$6,037
3.824,538
$3,830,575
1933.
Assets
Cash
69,723
Accts. receivable. _
83
0th. curr t assets_
4,039
Anglo-Amer. Oil
Co., Ltd
77,070,050
1932.
1931.
1930.
$375,734
$1.903,883
381.364
$4,148,546
388,699
$375,734
386,865
$2,285,247
361,760
$4,537,245
394,503
$11,131 41,923,487 44,142,742
3,824.675
3.824,930
3,824.420
$3,813,544
$1.901,443 sur$318,322
Balance Sheet.
1932.
1933.
1932.
$
Liabrifites8
124,365 Accounts payable_
212.882
271,837
3,434 Loans payable_ _ _ _
400,000400.000
10,904 Preferred stock...76,493,500 76,493,500
• Common stock...
100
100
77,070 032 Surplus
37,413
43,297
Total
77,143,895 77,208,731
-V.137. p. 329.
Total
77,143,895 77,208,735
Standard Utilities, Inc.
-Larger Distribution.
-
The directors have declared a dividend of one cent per share on the
capital stock, no par value, payable July 2 to holders of record June 20.
This compares with a dividend equivalent to fi of 1 cent per share, after
deduction of the 5% Federal tax, paid on Dec. 20 1933. The previous
payment was 2 cents per share paid on March 1 1932.-V. 137. p.3852.
• •
Sterling Coal Co., Ltd.(& Subs.).
-Earnings.
Years End. Mar
.31Profit for year
Bond interest
1934.
$72,623
42,690
1933.
$73,312
43,114
1932.
$52:081
44,299
Balance, surplus
Previous surplus
$29,933
200,667
$30,198
326.393
$7.781 loss$19,313
362.560
381,672
Total surplus
Approp. for depreciation
Written off invest, and
adv. to sub. cos. (net)
$230,600
50,378
$356,592
50,062
Profit & loss surplus
$180,222
$200,668
1931.
$25,483
44,796
$370,341
43,949
$362.560
$326,393
$362.560
105,862
June 23 1934
Financial Chronicle
4314
Consolidated Balance Sheet March 31.
1933.
1934.
Liabilities1934.
1933.
Assets$42,618
Cash
541,079 Accts. pay.& seer.
$174,292 $117,827
charges
a Dom. of Canada
247,479
132,444
228,213 Bills pay. (secur.)_
&o., bonds
14.814
15,621
312,914 Bond interest_
Accounts receiv'le. 306,235
55,971
50.610 Bank adv.& OverMerchandise
103,833
draft
8,929
7,679
Prepaid expenses_
Res.for alterations
Inv. in & adv. to
to Gerrard St.
1,359
4,000
subsidiary cos4,852
property
Sale agree. ac mtgs.
709,500
12,450
'21,644 1st mtge. bonds__ 709,500
receivable
143,197
143,197 b Capital stock. 2,500,000 2,500,000
Real estate
200,668
Bldg., plant, & eq. c304,908
349,700 Surplus account... 180.222
Accts. rec., bank
bal.41c 0th. assets
48,956
at Cleveland_ _ _
2,631,250 2,631,250
Good-will
...$3,688,320 83,790,287
Total
Total
83,688,319 53,790,287
a Market value $135,902 in 1934 and $218,320 in 1933. b Represented
by 25,000 shares of $100 par value. a After depreciation reserve of $228.750.
V.
- 136, p. 4476.
.
-Subsidiary Gets Service Contract.
Stone & Webster, Inc.
The Stone & Webster Service Corp. has entered into a contract to
render supervisory service to the Community Power & Light Co. This is
the second large contract of this nature to be arranged in recent months.
The Community Power & Light Co. was a holding company indirectly
controlled by the American Commonwealths Power Corp., but is now
independent. Its five operating subsidies are in Missouri, Arkansas, Texas,
New Mexico and Kansas, James T.Woodward is President of the company.
- 138, p.3107. ,.
V.
-Earnings.
Texas Power & Light Co.
[American Power & Light Co. Subsidiary]
-Month-1933. 1934-12 Mos.-1933.
Period End. May31- 1934
$721,678 89,254,874 $9.009,904
$731,569
Operating revenues
4,156,951
4,303,107
352,227
355.827
Oper.exps.,incl. taxes
30,000
30.000
2,500
2,500
Rent for leased property
Balance
Other income
$373,242
725
$366,951 $4,921.767 $4,822,953
22,380
8,77.1
267
Gross corp. income__ _
Net int. & other deduc's
$373,967
203,215
$367,218 $4,930,538 $4,845,333
2,463,288 2,444,016
203,215
y$170,752 y$164,003 82,467,250 $2,401,317
Balance
400,001)
450,000
Property retirement reserve appropriations
$2,017,250 $2,001,317
Balance
x Dividends applicable to preferred stocks for the
864,707
865,027
period, whether paid or unpaid
$1,152,223 $1.136,610
Balance
x Regular dividends on 7% and $6 preferred stocks were paid on May 1
1934. After the payment a these dividends there were no accumulated
unpaid dividends at that date. y Before property retirement reserve
appropriations and dividends.- V. 138, p. 4140.
Co.-Mmi/-.9,5604-To
Reorganize Under Bank-
ruptcy Act.
The company and wholly owned subsidiaries, exclusive of Southern Co.,
for April showed net profits after all charges, including debenture interest
and depreciation, but before allowance for Federal taxes, of $47.750.
according to data presented before Chancellor Eagan of the New Jersey
Chancery Court at the hearing on an application of bondholders for the
appointment of a receiver for the company.
from List.
d.
Btu ebaker Mail Order"-Removed
-- L
Representatives of the company stated that it had been operating ara
ading
ew York Curb Exchange as removed from unlisted
Tim
profit after all charges since March of 1933. For the quarter ended March
-V. 137.
ass A stock, both no par.
he common stock an
privile
31 last, it was stated, net after all charges but before Federal tax allowance
P. 3161.
was $56,108.
More than 90% of the $2,650,000 issue of 6% debentures have assented
to the plan for a three-year extension of the issue, the company stated,
-Earnings.
Superior Water, Light & Power Co.
and it is planned to invoke the terms of the McKeown Act for bringing in
Subsidiary.]
[American Power & Light Co.
the holdouts on the bonds into the original plan.
1934-12 Mos.-1933.
-Month-1933.
Period End. May 31- 1934
The consolidated balance sheet as of April 30 1934 filed with the Court
$925,392 'showed total current assets of $2.105.233, of which $266,137 was cash.
$885,205
$72,312
Operating revenues
$72,755
624,692
615,648
48,329
49,688
Oper. exps.,incl. taxes- $739,671 current receivables, and 81.096,657 inventories, carried at lower
Of cost or market. Current liabilities amounted to $434,707, which in8300.700
$269,557
$23,983
$23,067
Net rev, from oper_ _ _
cluded jorovision of $23,000 for Federal income tax, liability and $144,721
509
557
40
1
Other income
-V. 138. p. 3621.
due affiliated company.
8301,209
$270,114
$24,023
-New
$23,068
Gross corp.income- __
Roller Bearing Co., Canton, Ohio.
Timken
93,939
95,581
7.995
8,108
Net int. & other deducts'
President,
y$16,028
3414.960
Balance
Property retirement reserve appropriations
$174,533
46,960
$207,270
47,460
Balance
x Divs. applic. to pref. stock for the period,
whether paid or unpaid
$127,573
$159,810
35,000
35,000
$124,810
$92,573
Balance
y Before property retirement reserve appropriations and dividends.
x Regular dividend on 7% preferred stock was paid on April 2 1934. After
the payment of this dividend there were no accumulated unpaid dividends
at that date.
-V. 138, p.4140.
-Reorganization Proceedings.
'Susquehanna Silk Mills.
Judge Goddard on June 21 approved the reorganization petition filed by
the company and appointed the Irving Trust Co. and Henry Schniewind
Jr., who have been acting as equity receivers, trustees pending a hearing
to be held on July 17.-V. 138. p. 4140.
-New Options Granted.
Sweets Co. of America, Inc.
The company has notified the New York Stock Exchange that the
option has been canceled: 1,000 shares of common stock optioned
following
to an employee at $5 per share, such option to expire April 1 1935.
Options as follows have been granted to the President of the company
(options 2. 3. 4 and 5 do not become effective unless the prior block of
shares has been taken up on or before the expiration date):
(1) 1,000 shares of common stock at $4.90 per share on or before April
1 1935.
(2) 1,000 shares of common stock at $4.95 per share on or before May
1 1935.
(3) 1.000 shares ofcommon stock at $5 per share on or before June 1 1935
(4) 1,000 shares of common stock at $5.05 per share on or before July
1 1935.
(5) 1,000 shares of common stock at $5.10 per share on or before Aug.
,
1 1935.-V. 138, p. 3620.
Swiss Oil Corp., Lexington, Ky.-Resumes Dividend.
-The directors have declared a dividend of 10 cents per share on the common stock, par $5, payable June 15 to holders of record June 9. Quarterly
distributions of like amount had been made on this issue up to and Inc.
-V. 138. p. 1247.
July 1930; none since.
-Wharton
Taylor
Iron & Steel
Co. New
Securities
Ready.
Announcement is made by George R. Hanks, President, in conjunction
with the readjustment committee for the company, that the new securities
'satiable in acccrdance with the offer in the readjustment plan are now ready
for delivery. The committee is composed of Trowbridge Callaway, William
A. Ingram and William Ziegler, Jr. See also V. 138, p. 3791.
-Holdings of Indian Refining Co. Stock.
Texas Corp.
The corporation has notified the New York Stock Exchange that of a
total of 1,270,207 shares of common stock of Indian Refining Co. outstanding, it has acquired and holds at the present time 1,140,590 shares.
Subsidiary Building Additional Oil Stations.
The Texas Corp. through its Canadian subsidiary, the Texas Co. of
Canada, Ltd.• is building six additiona bulk stations in Alberta and Saskatchewan at'a cost of nearly $100,000. It is said that this does not mean
that the company is contemplating expanding its operations materially in
-V.138, p. 2943.
the Dominion.
Wm.E.Umstattd has been elected President, succeeding H. H.Timken.
Mr. Umstattd was Executive Vice-President 2A years.
Henry H.Timken, Jr.. has been elected a Vice-President of this company
-V. 13 , p. 108.
and a Vice-President of the Timken Steel 8t Tube Co.
444
-Preferred Divinded
"Tip Top Tailors Ltd.
"-The directors have declared a dividend of 14% on account of accumula-•
tions on the 7% cumul. pref. stock, par $100, payable in Canadian funds
on July 3 to holders of record June 15. Similar distributions have been
made each quarter since and incl. July 3 1933. The April 1 1933 payment
-V. 137, p. 706.
was deferred, arrearages still amounting to 1i%.
Title & Mortgage Co. of Westchester County, N. Y.
New Officers.
-
Mayor Walter G. C. Otto of New Rochelle was elected chairman of the
executive committee of the board of directors Jure 18. No president was
selected, but A. D. Cole, who was Vice-President and General Manager of
the Westchester Title & Mortgage Corp.• the former name of the new company. was made Vice-President and General 11.anager.
Lawrence F. Hannan, Special Dept_ty Attorney-Gereral, was elected a
Vice-President of the new company. He is rehabilitator of the Lawyers
Westchester Mortgage & Title Co. of White Plains, whose office will be
the main office of the ne,v company.
The next meeting of the board, whose Chairman Is John Burling, will be
held on June 28.-V. 138. p. 4140.
Tung-Sol Lamp Works, Inc. Earnings.
Earnings for 3 Months Ended March 31 1934.
Net profit from operation
Miscellaneous income
$162,174
7,641
Total income
Deductions from income
Prov. for Federal income & capital stock taxes
$169,815
54,256
21,419
Net income
Previous surplus
Additions to surplus
$94,141
1,137.349
24,878
Total surplus
Deductions from surplus
Preferred dividends
$1,256,368
8,245
92,432
$1.155.691
Comparative Consolidated Balance Sheet.
Mar. 3134. Dee. 3133.
Liabilities- Mar. 31'34. Dec. 3133.
Assets8288,153 5177,169 Notes payable._ _ 5108,626 $200,000
Cash
107,870 Accounts payable.
115,916
57,819
Maiketable Neu
85,505
359,693 Accr, sal., wages,
Notes & accts. rec_ 303,003
royalt., bonuses,
Mdse. Inventories
taxes and exice....
71,302
& madse. on con44,114
757,332 Prov. for Fed. tax_
11,162
690,633
signment
30,120
378,073 Long-term notes &
389,028
Other assets
730,1174
notes payable.
13,167
z Fixed assets_ .._ 719,109
Other loans pay.._
French., licenses,
4,389
1 Dividends payable
1
pat. rights, &c.
46,216
17,327 Deferred credit...
5,669
16,650 .Deferred charges.
16,330
Reserves
1A:27x
Preferred stock. 41:l
41
548,424
Y Common stock
548,424
Surplus
1,155,691 1,137,349
Balance
Total
52,522,494 $2,528,441
Total
$2,522
-Earnings.
Texas Electric Service Co.
x Represented by 60.919 shares preference (no par value). $,8 44
y ReP
4
e). 252 re
(American Power & Light Co. Subsidiary]
sented by 228,510 shares common no par value).) x After reserve for
-Month-1933. 1934-12 Mos.-1933.
Period End. May 31- 1934
-V. 138.
depreciation of 8689,026 in March and $664,128 in December.
$504,118 $6,356,664 $6,597,102
$532,052
Operating revenues
p. 2270.
236,338
3,060.954 3,007,902
265,276
Oper. exps., incl. taxes_
6,369
76.433
6,369
Rent for leased property
" ••
127,158 ••• --United Aircraft 8c Transport Corp. (Court Refuses
Balance
Other income
$260,407
2,061
$261,411 $3,219,277 $3,462,042
933
14,577
23,221
Gross corp.income_ __
Net in & other deduc's_
$262,468
144,433
$262,344 $3,233,854 $3,485,263
142,991
1,733,717
1.732,300
•
Y$118,035 y$119.353 $1,500,137 31.752.963
Balance
300,000
250.000
Property retirement reserve appropriations__
$1.200,137 $1,502,963
Balance
xDividends applicable to pref.stock for the period,
374,765
371,304
whether paid or unpaid
$825,372 $1.131,659
Balance
* Regular dividend on gg preferred stock was paid April 2 1934. After
the payment of this dividend there were no accumulated unpaid dividends
at that date. y Before property retirement reserve appropriations and
-V. 138, 9. 4.140.
dividends.
I junction Against Reorganization Plan
Chancellor Josiah 0. Wolcott, Wilmington,-, on June 20 refused to
restrain directors of the corporation from carrying out a reorganization
plan adopted by the directors on May 14. The restraining order had been
asked by Max Goldberg of Salem, Mass., a stockholder. Goldberg's bill
alleged that the plan did not represent the honent and unbiased judgment
of the directors, and was formulated for the solo purpose of enabling the
present board to continue to manage and control the present corporations
and new ones to be formed.
deorganization
Plan Approved-Action on Dissolution Deferred to July 11.
The special meeting-Fed the dissolution of the existing units of the corporaMon was adjourned June 20 until July 11 to give further time to enroll the
two-thirds vote necessary to take this step.
Before the adjournment. by' a majority vote, the reorganization plan of
the company setting up three new independent units to comply with the
Volume 138
4315
Financial Chronicle
--New Director.
-Earnings
United Gas Corp.
new air-mail law was approved. The company stated that plans are being
made to register the securities of the new companies with the Fedekal Trade
1933.
1934. '
Five Months Ended May 31Commission.
Net oper. revs. before prop. retires., deplet.
0
The new operating company which Is taking over existing transport routes
$5,887,903 $4.513,70
reserves, int. St'sub. divs
Is to be known as the United Air Lines Transport Corp. The new United
has been elected a director to succeed E. G. Diefenbach.
H. L.
Aircraft Corp. is to take over allexisting Eastern manufacturing companies,' resigned. Hollis
-V.138. p.3963.
existing Boeing
while the new Boeing Airplane Co. is to take over the
Airplane Co.,the Stearman Aircraft Co. and the present West Coast manu-Extra DistributioniZel
'' 'United Loan'Corp.
facturing units. Full details of plan given in V. 138, P. 3622.
An extra dividend of 50 cents per share has been declared on the common
stock, in addition to the usual quarterly dividend of $1.25 per share, both
Union Pacific System.
-Earnings.
'
payable July 2 to holders of record June 20. Like amounts were paid on
Period End. May 31- 1934
-Month-1933. 1934-5 Mo3.-1933.
-V. 138. p. 2597.
January 2 and April 2 last.
Operating Revenues
Freight
$7,864,294 $7,568,533 $38,135,290 $31,334,781
Passenger
-No.of Stockholders Increases.
780.248
691,558 3,143,114 2,817,526
United States Steel Corp.
Mail
349,627
351,702 1,710.457 1,721,116
There were 190,359 holders of United States Steel common stock at the
427,797
724,799
Express
278,315
142,590
beginning of June, an increase of 3,340 over March 1, when the total was
847,332
980.972
218,585
All other transportation..
255,251
187.019. In June last year there were 189,569 common stockholders.
624,107
775.249
Incidental
145,622
114,395
The dividend on the preferred stock paid in May went to 62,909 individuals, against 62,910 in February. In May 1933, there were 63,517
$37.772,659
By. oper. revenues_ _ _ $9,673,357 $9,087,363 '$45,469,881
holders of preferred stock.
Operating ExpensesThe following table shows the number of Steel common stockholders,
Maint.of way & struct_
1.078,112 5,042,909 3,776.048
1,444,822
each quarter:
Maint. of equipment _ _ _ 1,935,349
1,461.283 9,416,960 7,140,486
March.
June.
December. September.
YearTraffic
1.177,688 1,138,348
273,603
239,083
187,019
190.359
1934
Transportation
2,892,588 2,659.334 14,194,673 13,134,396
192.384
189.569
186.394
187,120
1933
Miscell. operations
510,249
659.508
132,635
89.853
190,024
186.981
190,284
190,169
1932
General
149,122
486,519'
490,239 2,444,998 2,506,229
156.239
166.788
174.507
1931
124.069
129.626
135,504
141,907
1930
Ry.oper. expenses_ _ - $7,165,516 $6,017,904 $32,936,736 $28,205.756
103,571
105,612
110.166
117,956
1929
Net rev,from ry. oper__ $2,507.841 $3,069,459 $12,533,145 $9,566,903
98,336
97,443
104,203
100.784
1928
Railway tax accrual_ _ _ _
932,833 1,000,000 4,664,168 4,200,000
90,269
87.128
97,000
96.297
1927
Uncoil. ry. revenues_ __ _
7,560
3,511
1,006
31
93,671
90,517
85.859
86,034
1926
94,198
93.446
92,191
90.576
1925
By. oper. income_ __ _ $1,574,977 $2,068,453 $7,865,466 $5,359,343
99.189
98,712
96.517
96,317
1924
Equipment rents
462.364
441.823 2,338,325 2,007.593
93,139
94,198
99,779
97,075
1923
Joint facility rents
215,202
160,465
39,302
50.046
106,811
99,512
96.307
93,789
1922
104,876
150,310
106.723
107,439
1921
Net income
$1,073,311 $1,576,584 $5,366,476 $3,136.548
87,229
83.583
95,776
90.952
1920
- 138, p. 3792.
V.
24.435
22,033
28.910
28,850
1910
15,887
13,318
1901
-- --UV1 Carbon Co.-Ryoved from List.
-V. 138, p. 4143.
3
'Ph
ew York Curb Exchange as removed from th st the preferred
-Extra Distribution of
e"
stock, p
100.-V. 138, p. 329 .
.. --Universal Leaf 'Tobacco ço., Inc.
-Trustee.
United Cigar Stores Co. of America.
See under Boxy Theatres Corp. above.
-V. 138, P. 4141.
United Gas Improvement Co.
-Electric Output.
Weeks EndedJune 16 '34. June 9 '34. June 17'33.
Electric output U. G.I.system (kwh.) 67,589,609 68,102,059 66,584,548
- 138, p. 4142, 3963.
V.
-Earnings.
United Light & Power Co.(& Subs.).
1933.
1934.
12 Months Ended April 30Gross operating earnings ofsubsidiary & controlled
companies (after eliminating inter-co. traiasfers)-171.846,549 $73,263,268
31.939,568 31,472,635
Operating expenses
3.857.635 3,989,289
Maintenance, charged to operation
7,908,551 8.083,077
Taxes, general & income
Depreciation
6,815.154 7,037,757
Net earnings from operations of subsidiary &
$21,325,642 $22,680,510
controlled companies
1,269,546 1,861,257
Non-operating inc. of subsid. & controlled cos-.
Total inc. of subsid. & controlled companies_ _$22,595,187 $24,541,767
Interest, amortization & preferred dividends of
subsidiary & controlled companies
Interest on bonds, notes, &c
11,581.999 11,596,648
Amortization of bond & stock discount & expense
719,769
744,343
4.258.499 4,267,575
Dividends on preferred stocks
Balance
$6.034,920 $7,933,201
Proportion of earnings, attributable to minority
common stock
2.058,158 2,379,124
Equity of United Light & Power Co.in earnings
of subsidiary & controlled companies
$3,976,762 $5,554,076
Earnings of United Light & Power Co
27,329
36,032
Balance
Expenses of United Light & Power Co
$4.004,090 $5,590,109
165,484
229,094
Gross income of United Light & Power Co
Holding company deductions
Interest on funded debt
Other interest
Amortization of bond discount & expense
Balance
Preferred stock dividends
$3.774,996 $5,424,625
Deficit on common stock
Deficit per share
x Accrued but net declared.
-V.138, p. 3793.
2,315.988
1,020
245,022
2,347,925
156,459
257,018
$1.212,966 $2,663,222
x 3,600,000 x 3,600,000
$2,387,034
$0.69
$936,778
$0.27
United Light & Railways Co.
-Earnings.
12 fontla Ended April 301934.
1933.
Gross operating earnings of subsidiary & controlled companies (after eliminating inter-cornpany transfers)
$64,232,692 $65,388,338
Operating expenses
28.386.66627,753,077
Maintenance, charged to operation
3,423,686 3,515,068
Taxes, general & income
7,661,751
7.943,267
Depreciation
5.987,293 6,222.091
Net earnings from operations of subsidiary &
controlled. companies
$18,773,296 $19,954,833
Non-operating Inc. of subsid. & controlled cos... 1,358,792 1814.973
Total income of subsidiary & controlled cos,__ -$20,132,088 $21.769,807
Interest, amortization & preferred dividends of
subsidiary and controlled companies
Interest on bonds, notes, &c
10.251,593 10,256,619
Amortization of bond & stock discount & exp.
667,053
683,915
Dividends on preferred stocks
3.028,241 3,037,414
Balance
$6,185,201 $7.791,859
Proportion of earnings, attributable to minority
2,064,630 2,385,735
common stock
Equity of United Light & Railways Co. in
earnings ofsubsidiary & controlled companies_ $4,120,571 $5,406,124
11,502
17.528
Earnings of United Light & Railways Co
$4.132.073 $5,423,652
Balance
226,829
71,504
Expenses of United Light & Railways Co
Gross income of United Light & Railways Co__ $3,905,243 $5,352,148
Holding company deductions
1,375,000
1.375,000
Interest on 5%% debentures, due 1952
38
52,213
Other interest
73,927
52.838
Amortization of debenture discount & expense
Balance
Prior preferred stock dividends
7% prior preferred-first series 1925
6.36% prior preferred--series of
6% Prior preferred-series of 1928
Balance for common stock
--V. 138. P. 3793. I
$2,477,367 $3,851,008
275,023
346,594
620,103
276.299
348,102
625,711
$1.235,647 $2,600,896
-s14.4.414. /
,4-4--o'
1
$1 per Share.
ividend of $1 per share in
The directors on June 19 declared
addition to the usual quarterly dividend of 0 cents per share on the
common stock, no par value, both payable Aug. 1 to holders of record
July 17. Regular quarterly distributions of 50 cents per share have been
made on this issue since Aug. 1 1932, prior to which quarterly dividends of
75 cents per share were paid. An extra of $1 per share was also distributed
on the common stock on Aug. 1 1933.-V. 137, p. 2991.
Virginia-Carolina Chemical Corp.
-New President, &c.
A. Lynn Ivey, Vice-President and Counsel, has been elected President
to succeed George A..Holderness.
Mr.Ivey's election culminated a contest between factions of the directors
that extended over ,Avo years.
The directors elected also Spencer L. Carter, 1st Vice-President in charge
of operations; M.S. Purvis, Vice-President in charge of sales; H. E. Perry,
Treasurer in charge of credits and collections: P. C. Smith, Secretary;
George G. Osborne, Assistant Secretary and Assistant Counsel, and L. W.
Dunn, Assistant Treasurer.
The board elected the following directors to the executive committee:
President Ivey, ex officio; George S. Kemp, John T. Wilson. Spencer L.
Carter and W. H. Slaughter -V. 138. p. 4144.
Warner Bros. Pictures Inc.
-Consolidated Balance Sheet.
Feb. 24 '34. Feb. 25 '33.
Feb. 24 '34. Feb. 25 '33.
Liabilities
Assets$
b Preferred stock 5,670.885 5.670,88
a Property acct..
&c
138.397,974 145.586.704 Common stock_c19,006.723 19,006,722
309,497 1.018,560
Cash
3,463,436 3,078,433 Notes payable__
818,773
788,525
Notes receivable
64,980
93,792 Purch. money ob
Accounts recelv_ 1,583,943
1,584,823 Accts. payable__ d6,048,212 6,058,374
Inventories
10.898,048 9,831,662 Sundry accruals 3,715,504 3,882,342
Due to affil. cos_
224,546
134,087
Rights & scenes
764,895 Royalties pay__ 1,290,711 1,241,033
unproduced
636,401
Res. for Federal
Producers.4 roy40,000
alty adv
36,765 taxes
14,348
Adv. pay. film,
Mtge. & special
365.528
303,912
accts. reserve_
486,519 dep.. &c
15i.876
Deferred Income 1,824,904
Dep. to sec. con917,707
Remit,from for'n
tract dr sink.
fund deposit
1.957,094 1,973,619 subs., held in
594,361
Invest. & adv.. 1,832.542 3,645,105 abeyanace
278,225
Good-will
8.516,561 8,549,829 Purch. money or
conting. obDeferred charges
886,962 1.006,937
liga'n, &c., maturing after 1
1,117,855 1,052,717
year
Mtge. & fund
debt
e88,622.714 93,962,417
Min. int. in cap.
stock & surp.
615,875
681.559
of subs
927,094 1,444,383
Res. for conting.
Capital surplus. 56,325.484 56,325,484
Operating deficit 19,078,453 16.158.097
168,409.965 176,639,083
Total
Total
168,409,965 176,639,083
a After depreciation and amort zation. b Represented by 103.107
no par shares. c Represented by 3 801,344 shares, par $5. cl Includes
$273,883 past due interest on funded debt of subsidiaries. e Includes
$37,700 s nking fund payments and instalments in arrears. $4,807,600
standing demand and other mortgages, $600,000 secured by mortgage
and capital stock of a subsidiary real estate holding company consolidated
herein and its notes for intercompany indebtedness and $2,423.900 instal-V.138,p.3795.
ments maturing within one year,subject in part to renewal.
-Earnings.
Washington Water Power Co.(& Subs.).
[American Power & Light Co. Subsidiary]
-Month-1933. 1934-12 Mos.-1933.
Period End. May31- 1934
Operating revenues
$563,776 $7,466,058 $7,394,361
$617.871
Oper. Exps., incl. taxes_
357,077
290,843 3,954,151 3,657,526
Net revs, from oper__
Other income
$260,794
3,346
$272,933 $3,511,907 $3,736,835
29.814
31,382
2.283
Gross corp. income.._ _
Net int.& other deduc's_
$264.140
90,282
$275.216 $3,543,289 $3,766,649
89,869 1,115.937 1,102,914
Balance
34173.858 34185.347 $2,427,352 $2,663.735
Property retirement reserve appropriations
539.500
621,992
Balance
$1,805,360 $2.124.235
x Dividends applicable to preferred stock for the
619.534
period, whether paid or unpaid
620,796
Balance
$1,184,564 $1,504,701
x Regular dividend on $6 preferred stock was paid March 15 1934.
After the payment of this dividend there were no accumulated unpaid
dividends at that date. Regular dividend on this stock was declared for
payment on June 15 1934. y Before property retirement reserve appropriations and dividends.
-V.138. p. 4144.
Western Maryland Ry.-Earnings.-Seetmd Week of June- -Jan. 1 to June 14Gross earnings(est.)____
--v. 138. p. 4145.
1934.
$276,452
1933.
1934.
1933.
$222,995 $6,430,790 $4.922.261
4316
Financial
West Texas Utilities Co.
-Earnings.
-
Calendar YearsOperating revenue
Operating expenses
Uncollectible bills
Taxes
1933.
1932
1931
1930
$4,373,687 $4,262,833 $5,752,102 $6,970,662
2,431,672
2,160.620 3,252,162 x4,011,647
19,798
21,348
333,945
287,816
355,463
425,464
Net operating income- $1.608,069 $1,814,396 $2,124,678 $2,512,202
Non-operating income_ 11,476
129,233
26,161
135,776
Gross income
$1,619,546 $1,840,557 $2,253,911 $2,647,979
Int. on funded debt_..._ 1,227,059
1,227,150
1,304,280
1,035,835
Amort. of debt discount
and expenses
92,139
72,411
92,139
92,037
Miscell, deductions from
gross income
18,338
6,225
59,895
23,904
Net income
Surplus Dec.31
Excess provision for Federal income taxes
$282,010
163.061
Total surplus
Divs, paid-pref. stock..
Dividends paid and declared on corn. stock.._
$445.072 $1,280,033 $1,635,680 $2,077,660
651,097
328,526
514,481
438,290
$833,690 $1,533,507
544,153
679,943
288,158
$841,743
Dr.678,680
755,445
$833,042
Dr.14,381
$671,118
Cr.8,825
Surplus, Dec. 31
$116,546
$163,061
$818,660
Balance Sheet Dec. 31.
1932.
1933.
1933.
Liabilities
AssetsPreferred stock,.__ 6,018,963
Plant,prop., rights,
franchises, &c.44,425,983 44,526,119 x Common stock_ _16,775,000
779,064 Funded debt
Investments
795,938
24,533,500
12,561 Ballinger munici27,115
Special deposits
pal bonds
Bond disc. & exp.
In proc.of amort. 2,188,091 2,280,452 Deferred liabilities 291,812
Due to attn. cos
12,426
Prepaid acc'ts and
30,642 Current liabilities- 865,067
deferred charges
33,066
45,799 Reserves
34,892
1,055,557
Due from affil. cos.
504,481 Surplus
Cash & wkg. funds 779,447
116,546
U. S. etts, of ind't. 100,297
Cash on deposit for
116,790
pay. of pref.divs.
Notes, accts., &c.,
685,940
receivable
925,669
Due on subser. to
16,589
$6 pref. stock_
131,844
137.198
'flub!lled revenues_
231,831
nerials & suppl's 226,529
$679.943
1932.
6,040,232
16,775,000
24,500,000
35,000
201,491
100,056
870,350
682,276
163,062
49,668,872 49,367,467
Total
Total
49,668,872 49,367,468
x Represented by 335,500 shares (no par value).
-V. 138, p. 4145.
Western Dairy Products Co.
-Balance Sheet Dec. 31.1933.
1933.
1932.
$
$
Assets
Liabilities
704,686
916,235 Accounts payable_ 580,569
Cash
Customers' notes &
Accrued liabilities_ 283,588
accts. receivable 871,194 1,047,843 Pray. for Fed. Inc.
tax
Sundry notes and
209.459 Res. for carr. chgs.
accts. receivable 239,128
297,159
299,548
of idle property_
24,818
Inventories
181,999 Funded debt
5,041,500
Prepaid expenses_ 196,778
Inv.in affil. cos-335.587
757,780 Pref. stk. Western
Dairy Prod., Inc 4,312,740
x Plant and equip- 8.072,980 8,833,928
6,210,324 6,210,324 y Capital stock__ 1,609,038
Good-will
Paid in surplus
4,940,374
Unamortized bond
84,135
Earned surplus_ _ _ 219,342
discount and exp
1932.
634,097
206,916
43,500
58,634
5,354,000
4,312,740
1,609,038
5,104,019
1,136,171
17,011,971 18,457,116
Total
17,011,970 18,457,116
Total
x After depreciation of $4,170.051 in 1933 and $3,545,260 in 1932.
y Represented by 131,312 shares no par class A stock and 294,478 shares no
par class B
stock.
Our usual comparative income statement or the year ended Dec. 31
1933 was published in V. 138,P.3795.
Western Pacific RR. Co.
-70% of Bonds Assent to
Revised Interest Plan.
T. M. Schumacher, Chairman of the Executive Committee, announced
June 18 that holders of slightly more than 70% of the road's $49,290,100
1st mtge. 5% bonds have agreed to the plan alk revised on May 29 for the
postponement of this year's interest. It is necessary for the company to
obtain the assent of an additional 5% before the plan can be made effective.
Since the announcement of the revision, the response of bondholders has
been satisfactory, Mr. Schumacher stated. He urged, however, that
remaining bondholders co-operate by depositing their 1934 coupons promptly
in order that the plan may become effective at the earliest possible date.
-V. 138, p. 3795
.
Western Power
organization.
June 23 1934
to holders of record June 15. A similar distribution has been made on this
issue each quarter since and incl. July 1 1933. Following the July 2 1934
payment, arrearages on the pref. stock will amount to 11%%.-V. 138.
P. 1940.
(H. F.) Wilcox Oil & Gas Co.
-Earnings.
Earnings for 3 Months Ended March 31 1934
Oil, gas, refining & marketing revenues
Rentals received & miscellaneous revenue
$939,491
4,344
Total revenue
Purchases & operating expenses
General administrative expenses
Other deductions
Depreciation & depletion
$943,835
740,702
56,075
117,610
110,956
Net loss
-V. 138. p. 3458.
$81,508
Yukon Gold Co.
-Earnings.
-
122,047
$116,546
Miscellaneous
$461,372
818.661
Chronicle
Light & Telephone Co.
-Asks Re-
The company has filed a petition in Federal court, Chicago for reorganization under Section 77-B of the National Bankruptcy Act as amended.
V. 138, p. 4145.
Years End.Dec.31Operating profit
Other income
1933.
$260,997
33,969
1932.
$41,353
87,985
• 1931.
$51,468
11,066
1930.
$267,264
26,441
Total income
Taxes, int., &c
Depletion
Exchange loss
Depreciation
Examination expense,.., _
Construction, eq., warehouse stk., &c., writeoffs
Miscell. deductions
$294,966
133,430
35,301
$129,338
167,612
22,397
$293,705
211,810
62,441
49,154
1,062
99,547
125,261
$62,534
189,335
27,017
12,341
225,724
267
Cr34,812
1.115,323
2,924
7,848
231,982
Net loss
prof$110.564 $1,400,803
$394,808
$220,375
Balance Sheet Dec. 31.
Assets1933.
1932. 1 Liabilities1933,
1932.
Prop, and invest_ _$1,804,657 :$1812,773'Pacific Tin Corp.
Constr. & equip__ 692,154
736,504
notes & Interest_$4,027,907 $4,742,970
Deferred charges.,,.
25,279
35,248 Accounts payable..
34,601
25,315
Material & suppl__ 153,030
160,824 Res've for replace_
58,922
57,899
Elkoro Mines Co.
Capital stock and
notes lic interest_
75,000 surplus
def1,031,069df1,141,632
Malay States Tin,
282,592
Ltd., advances_ 200,107
18,888
A cc'ts receivable__
16,274
Metal inventory208,280
22,792
Tin ore in transit__
46,116
131,652
152,744
Cash
200,000
N. Y. State notes.
Total
$3,090,364 $3,684,552
Total
$3,090,364 $3,684,552
x After depreciation of $14,851,579.-V. 137. P. 2992.
Zenith Radio Corp.
-Options Exercised.
-
The corporation has notified the New York Stock Exchange that the
options covering 4,400 shares of common stock granted to officers and employees at $1 per share have been exercised.
Years End. Apr.301934.
1933.
1932.
1931.
Mfg.profits after deduct.
of royalties & mfg.exp.
incl. maint.of plant,&c $522,227
$203,372
$546,984
$159,343
Reserve for inventories_
109,207
50,000
Excess over head due to
idle plant
157,438
168,495
Selling and admin. exps_
401,211
414,400
583,367
366,704
Depreciation
70,618
100.435
108,608
144,180
Int. paid and finan. exps
35,883
31.197
Net loss
prof$50,398
$578,110
$399,370
$482,740
Balance Sheet April 30.
Assets1933.
1934.
Liabilities1934.
1933.
Cash
$367,454 $268,810 Accounts payable_ $370,222
$91,215
U.S. Treas. bills_
125,000 Sundry accts. pay_
34,765
35,846
Receivables
257,810 Accrued liabilities_ 282,399
606,141
200,028
Mdse. inventory
151,805 yCapItal stock
667,474
3,609,910 3,609,910
Other assets
41,054 Deficit
16,588
761,266 1,133,247
xFurniture,
fixtures, &c
216,641
199,584
Broadcasting sta1
tions and equip_
1
Pats. licenses ,centracts,trade mks.
and good-will _ _ _ 1,665,541 1,665,541
Cash value of insurance policies
63,351
Deferred charges
14,327
12,659
Total
$3,537,111 $2,802,671
Total
$3,537,111 $2,802.671
x After reserve for depreciation of $351,822 in 1934 and $282,869 in 1933.
Represented by 500,000 shares (no par)
.-V. 138, p. 3119.
CURRENT
NOTICES.
-Growth of
Trust Co. with 14-year trend of
-.Westinghouse Air Brake Co.
-Dividend Rate Again book values andthe Chemical Bank and a
earnings are analyzed in
Decreased.
-The directors on June 15 declared a quarterly affiliated with Bank and Insurance Shares,historical report by Hare's Ltd.,
Inc., 19 Rector St., New York.
dividend of 1234 cents per share on the capital stock, no par
Harriman & Co., 111 Broadway,
York, have issued a
value, payable July 31 to holders of record June 30. This review on the air conditioning industryNew its principal corporatespecial
and
units,
compares with 25 cents per share paid each quarter from April tracing their progress during the last three years.
1932 to and incl. April 30 1934, and 50 cents per share
30
-Edward K. Hardy, Jr.. is now with The Illinois Co. of Chicago.
- Mr. Hardy was formerly with the City Co. of New York and the Harris
each quarter from Oct. 31 1927 to and incl. Jan. 30 1932.
Following the meeting of the board, A. L. Humphrey, Trust & Savings Bank.
Bancamerica-Blair Corporation announce the election of Vincent P.
Chairman, made the following statement:
Oatis as Vice-President and Elmore Song as Asst. Vice-President in charge
As forecast in the annual letter to shareholders issued under date of
of their Chicago office.
March 16 1934, it is now definitely known that the results of operation for
the first half of the current fiscal year will show a reduction in the loss
Sutro Bros. & Co. announce that Earl H. Medan has become assosustained during the same period last year. This improvement is largely
ciated with them in charge of their Buffalo Trading Department.
due to partial shipments on orders received for the new freight brake equipment to which reference was made in the annual report.
Clinton Gilbert & Co., 120 Broadway, New York City, have issued an
While much the larger proportion of equipment covered by these orders
eight-page prospectus on the Hanover Fire Insurance Co., New York.
remains to be shipped during the latter half of the year, the additional
orders anticipated has not as yet materialized and operating
The Agency, Bank of Montreal, 64 Wall St., New York City, ha
volume of
results for the latter halfof this year are therefore uncertain.
available for distribution road maps of the Provinces of Canada.
Since the close of 1930 the increasing reduction in net earnings due to the
Homer & Co., 40 Exchange Place, New York, discuss the market for
unprecedented lack of orders necessitated the liberal use of the company's
surplus which was built up during previous years by conservative managehigh-grade institutional bonds in its current bond bulletin.
maintain for the best interest of the stockholders the annual div.
ment to
-James Talcott. Inc.. has been appointed factor for Miltonia Mills.
of one dollar per share. It is now equally in the stockholders interest that
the remaining surplus should be protected so far as possible pending the
Milton Mills, N. H., manufacturers of blankets.
renewal of normal purchases by the railways. Consequently some revision
-Hoit, Rose & Troster, 74 Trinity Pl., New York, have prepared a
of the dividend rate seems unavoidable ant accordingly the board of directors
special circular on the Amerex Holding Corp.
at its meeting has declared a dividend of 12% cents per share for the current
-V.138, p. 3111.
quarter.
W. J. Sewell Bone has been appointed manager of the Philadelphia
office of R. W.Pressprich & Co.
Westinghouse Electric & Mfg. Co.
-Receives Order.
This company has received an order amounting to nearly $1,000,000 for
-Walter S. Nee is now associated with the Trading Department of
steel mill electrical equipment from the Mesta Machine Co. The equipment
James T. Fox Co. of this city.
-inch strip mill being built by the Mesta Machine
is to be installed on a 76
-V. 138, p. 3112.
the Youngstown Sheet & Tube Co.
-Harris, Ayers & Co.. Incorporated announce the removal of their
Co. for
( to 70 Pine St., this city.
.0 ces
o
Whittall Can Co., Ltd.
-Accumulated Dividend.
-Allen & Co., 20 Broad St.. New York, are distributing an analysis of
A dividend of 1%% on account of accumulations has been declared on
the 6%% cumul. pref.stock. par $100, payable in Canadian funds on July 2
t e Aetna Fire Insurance Co.
4317
Financial Chronicle
Volume 138
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES METALS DRY GOODS-WOOL-ETC.
Prices closed as follows:
Orders executed in
July1.82
1.651 January
1.89
September
1.73 March
1 94
December
1 81 May
WHEAT-OATS--CORN
and other commodities
Special letter regarding current
grain situation supplied upon request.
BABCOCK, RUSHTON & CO.
-Established 1895
MEMBERS
NEW YORK STOCK EXCHANGE
CHICAGO BOARD OF TRADE
and other principal exchanges
New York
50 Broadway
Chicago
185 So. La Salle St.
Des Moines
Fleming Bldg.
COMMERCIAL EPITOME
Friday Night, June 22 1934.
Coffee futures opened sharply higher on the 18th inst.
and held the gains to close 14 to 17 points higher for Santos
contracts with sales of 16,000 bags and 15 to 21 points higher
for Rio contracts with sales of 4,000 bags. Buying was influenced by reports of threatening weather in the coffeegrowing area of Brazil.
On the 19th inst. futures closed 2 points lower to 2 points
higher on Santos and 5 to 9 points higher on Rio, with sales
of 71 lots of Santos and 30 lots of Rio. Trade and local
operators absorbed the offerings. On the 20th inst. futures
closed 1 to 6 points higher on Santos and 3 to 4 points
higher on Rio, with sales of 11,000 bags of the former and
7,000 bags of the latter. On the 21st inst. futures closed
irregular with Santos contract 2 points lower to 4 points
higher and the Rio contract 1 point to 7 points lower. It
was a rather dull affair the turnover in the Santos contract
totalling 21,000 bags and in the Rio 10,500 bags. The
spreads widened as a result of speculative buying of the
late deliveries. There was some hedge selling by trade
interests against purchases of cost and freight coffee. Commission houses were selling. The business was largely in
the form of switches. Cost and freights were lower and
spots dull. To-day futures closed 40 to 47 points lower
on Rio contracts and 50 to 52 points lower on Santos.
Closing prices on Rio were as follows:
July
September
7.81[December
7.90 I March
7.93
8.05
Santos prices closed as follows:
July
September
9.94 I December
10.39 I March
10.56
10.65
Cocoa futures on the 18th inst. closed 3 points lower to 1
point higher with sales of 1,822 tons. July ended at 5.46c.,
Sept. at 5.630. and Oct. at 5.69e.
On the 19th inst. futures closed 5 to 7 points lower after
sales of 5,172 tons. London was unchanged. Liquidation
of Sept. and July was the outstanding feature. Holders
sold these and took Dec., Jan. and March. Commission
houses were the best buyers. July ended at 5.41c., Sept. at
5.56c., Dec. at 5.760., Jan. at 5.83c., and March at 5.96c.
On the 20th inst. there was a decline of 1 to 3 points on futures with sales of 2,559 tons. July ended at 5.39c., Sept.
at 5.55c. and Dec. at 5.75c. On the 21st inst. futures declined 5 to 7 points with sales of 3,551 tons, with most of the
trading consisting of switches of July and Sept. for later
deliveries. There was some liquidation by commission
houses and moderate hedge selling of new crop Accra was
noted in the late options. London cash prices were unchanged to 3d. lower. Only 210 tons were traded on that
exchange. Here prices closed with July at 5.34c., Sept. at
5.50e. and Dec. at 5.69e. To-day futures closed 7 to 8
points lower with sales of 340 lots; Jan. 5.67c., March
5.79c., May 5.90c., July 5.26c., Sept. 5.42c., Oct. 5.48c.,
and Dee. 5.61c.
Sugar futures on the 18th inst. closed unchanged to 2
points higher with sales of 27,500 tons.
On the 19th inst. futures closed 3 to 5 points lower under
profit taking sales and hedge selling for Cuban account.
Sales totaled 32,600 tons. Cuban raws sold at 1.63c.
c. & f., a new spot price for Cuban sugar. This is an advance of 11 points over the last previous sale. On the 20th
inst. futures advanced 2 to 4 points after sales of 28,000 tons.
Raws were in better demand and higher. On the 21st
inst. futures closed 1 point lower to 1 point higher. The
market was steady all day. After reaching the previous
high for the movement prices reacted. To-day futures
closed 1 to 2 points higher in active trading. Cuban raws
were at 1.68e. the highest price seen since 1930. Puerto
Ricos w3re 3 points higher at 3.15e. Cuban raws were
on a parity with duty frees for the first time in more than
five months.
Lard futures on the 16th inst. after showing early strength
because of the strength of outside markets,reacted and closed
5 to 17 points lower under general liquidation. Export
demand was slow. Hogs were steady; top, $4.75. Cash
5
lard easy; in tierces, 6.55c.; refined to Continent, 44 to
%
/
431e.; South America, 43 to 47sc. On the 18th inst. there
/
was an advance of 5 to 17 points on a good demand stimulated by bullish hog news. Hogs were 25 to 40c. higher
owing to smaller receipts at Western points. The top was
$5. Cash lard was firm; in tierces, 6.75e.; refined to Continent, 41%c.; South America, 47/80. On the 19th inst. after
some early firmness futures reacted under realizing sales and
closed at net declines of 2 to 7 points. Exports were small,
i. e., 374,902 lbs. to Liverpool, Southampton, Glasgow and
Antwerp. Hogs were 10 to 25e. lower with the top, $5.
Cash lard was easier; in tierces, 6.67e.; refined to Continent,
430.; South America, 47 c. On the 20th inst. futures de/
A
clined 10 to 15 points owing to the weakness in outside
markets. Export demand does not improve much. Hogs
were 25 to 35c. higher with the top $5.15. Cash lard was
weaker; in tierces, 6.55e.; refined to Continent, 4%c.;
South America, 43/8e. On the 21st inst. futures declined 10
to 15 points owing to general liquidation because of the weakness in grains, and a small export demand. There was a fair
demand on resting orders and also some buying by packers.
Exports were only 510,115 lbs. to Liverpool, Manchester and
Scandinavian ports. Hogs were unchanged to 10e. higher
with the top $5.25. Cash lard was easier; in tierces, 6.42c.;
refined to Continent, 4
South America, 4%c. To-day
futures closed 10 points higher.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
6.55
6.72
6.65
6.52
6.40
6.50
7.02
6.97
6.87
6.85
6,70
6.80
7.07
6.95
7.00
7.12
6.80
6.90
July
September
October
Pork steady; mess $19.; family $19.75 nominal; fat backs
$13.75 to $15.75. Beef steady, mess nominal, packer
nominal; family $12. to $13.50; extra India mess nominal.
Cut meats firm; pickled hams 4 to 6 lbs. 930.; 6 to 8 lbs.
/
9Y 8 to 10 lbs. 91 c.; 14 to 18 lbs. 163/2c.; 18 to 20 lbs.
2c.;
%
153c.; 22 to 24 lbs. 140.; pickled bellies, f.o.b. N.Y. 6 to
%
10 lbs. 143/20.; 10 to 12 lbs. 141%e.; bellies, clear, dry salted,
/
boxed, N.Y. 14 to 16 lbs. 1138c.; 18 to 20 lbs. 113/se.; 20
to 30 lbs. 1078e. Butter, creamery, firsts to higher score
/
than extra 24 to 26c. Cheese, flats 16 to 19c. Eggs,
mixed colors, checks to special packs 13 to 22e.
(Ms.
-Linseed was unchanged at 9.3c. for tank cars.
Demand was small. Cocoanut, Manila, Coast tanks 2Xc.;
China wood, N. Y. drums, delivtanks spot N. Y. 2
ered 81% to 9c.; tanks, spot 8.3 to 8.4c. Corn, crude tanks,
f.o.b. Western mills 5c. Olive, denatured, spot, Spanish
85c.; shipment Spanish 83 to 85e. Soya bean, tank cars
f.o.b. Western mills 5 to 6c.; cars, N. Y. 7c.; L.C.L. 7.5c.
2
Edible, olive $1.60 to $2.15. Lard, prime 93/c.; extra
strained winter 73c. Cod, dark 31c.; light filtered 32c.
Turpentine 503/i to 5434c. Rosin $5.50 to $6.25.
Cottonseed Oil sales to-day, including switches, 63 con3
tracts. Crude, S. E.,4% nominal. Prices closed as follows:
June
July
August
September
5.50
5.5515.56
5 58 5.67
5 72©5.74
October
November
December
January
5.705.80
65..0885059_5_
5.99(56.01
Petroleum.
-The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber futures on the 16th inst. ended 14 to 21 points
higher with sales of 2,260 tons. July ended at 13.77c.,
Sept. at 14.01e. and Dec. at 14.40e. On the 18th inst.
prices ended 4 to 12 points lower. Actuals were quiet and
foreign markets gave little incentive to buy. Sept. ended at
13.96c., Oct. at 14.09c., Dec. at 14.32c. and March at 14.65e.
On the 19th inst. futures closed 10 to 18 points lower
:with sales of 3,230 tons. Selling was not very heavy but
it was enough to depress prices. It was inspired by easier
cables and the sale of shipment rubber one a lower basis.
Standard and off-grade rubber outside fell 1-16 to Xe.,
with standard ribs for nearby arrivals held at 133'e., latex
at a premium of 17 3e. June ended at 13.42c., July at
/
13.49c., Sept. at 13.79 to 13.80c., Dec. at 14.15 to 14.16e.,
Jan., 14.30c.; Mar., 14.55c., and May at 14.79e. On the
20th inst. prices ended 6 to 9 points lower after being at one
time 20 to 27 points higher. Threats of a strike among
workers in Akron resulted in rather heavy selling. Sales
amounted to 3,760 tons. July closed at 13.48c., Sept. at
13.75c., and Dec. at 14.12e. On the 21st inst. futures
closed 6 to 14 points lower after being firmer in the early
4318
Financial Chronicle
,Tune 23 1934
trading. Stronger London prices caused the early firmness heavy melting steel was quoted at $11.75 Pittsburgh. The
but uneasiness over the labor situation at Akron led to demand for furnace and foundry coke was slow and prices
considerable selling by dealers and prices receded. To-day of crushed beehive coke were reduced 40c. to $3.35 per ton.
futures closed 1 to 2 points higher with sales of 337 lots. Furnace coke was quoted at $3.85 and foundry at $4.60
July ended at 13.38c., Sept. at 13.66c., and Dec. at 14.02 at ovens. Quotations: Semi-finished billets, rerolling, $29;
to 14.04e.
billets, forging, $34; sheet bars, $29; slabs, $29, wire rods,
Hides futures on the 16th inst. closed unchanged to 5 $39; skelp, 1.70e. per pound; sheets, hot rolled, 2c.; galpoints higher on the old contract and 4 to 10 points higher vanized, 3.25c.; strips, hot rolled, 2c.; strips, cold rolled,
on the new. March new closed at 11.10c. On the 18th 2.80c.; hoops, 2c.• bands, 2c.• tin plate, $5.25 per box;
inst. futures ended unchanged to 10 points lower with old hot rolled bars, 1.60c.; plates, 1.85c.; shapes, 1.85e.; rails,
standard, $36.375; rails, light, $35.
Sept. 9.73c. and new March 11.10c.
On the 19th inst. futures closed 35 to 60 points lower with
Pig Iron consumers have been accepting tonnage bought
sales of 1,240,000 lbs., of which 1,080,000 lbs. were in the on second quarter contracts rather freely and very few
new contract. There was a fair interest in spot hides. Old cancellations are expected. Evidently melters do not expect
June ended at 9.00c. Sept. at 9.20 to 9.300., and Dec. any reduction in prices, for they are taking in more iron
9.50c.• new Sept. 10.06c.,
Dec.10.75c. and March 10.50 to than they will need for many weeks. June shipments in
10.60e. On the 20th inst. futures closed 20 to 30 points the Philadelphia district are expected to be three times the
'
lower; old Sept. 9.00c.; new Sept., 9.70c.; Dec. 10.05c.; average monthly shipments during the first five months of
March, 10.25c., and June, 10.50e. On the 21st inst. futures the year. A few cancellations were reported in the
closed 20 points higher on old contract and 5 to 30 points district, but June shipments are expected to be 75%Chicago
greater
on the new. Light native cows sold at 932e. Old contract than those of May. Consumption of cast-iron pipe m the
closed with June at 8.95c., Sept. at 9.20c., Dec. at 9.50c. Pennsylvania district was somewhat smaller, although there
and March at 9.50c.; new contract Sept., 9.85 to 10.000.; was a fair number of Public Works Administration contracts.
Dec. 10.10 to 10.25e.; March at 10.50c., and June at 10.80e. Cast-iron pipe at Birmingham was davanced $2 to $3. No.2
To-day futures closed 15 to 25 points lower with sales of 22 foundry plain, Eastern Pennsylvania, $19.50; Buffalo,
lots; Sept. standard, 9.70c.; Dec., 9.95 to 10.050.
Chicago Valley and Cleveland, $18.50; Buffalo, $14.50;
basic Valley, $18; Eastern Pennsylvania, $10; malleable,
Ocean Freights were only fairly active.
Eastern Pennsylvania, $20, and Buffalo, $19.
Charters included-Grain booked: 15 loads. Montreal-Rotterdam, 5;4c.;
a few loads Canadian wheat, New York-Hamburg, 7c.; two loads to HamWool was quiet but prices remained rather steady.
burg at 8c. Sugar: United Kingdom-Continent, July. one port. Cuba,
12s. 9d.; two ports, 13s.; first half July to same, two ports, north side of
Boston wired a Government report on June 20th which said:
Cuba, 14s.; three ports, 14s. 3d.; United Kingdom-Havre, Dunkirk range.
one port Cuba, 128 9d.; two ports, 13s. Trips: Prompt West Indies, "Most lines of domestic wools in Boston are quiet. Terround, 60c.; prompt West Indies, round, $1.
ritory and Texas wools are quoted unchanged from last
-Bituminous production fell off slightly to 6,175,000 week, but they are not moving. Inquiries have recently
Coal.
tons, making a total for three weeks 18,754,000 tons against been received on Texas wools, but no sales have been re16,040,000 in the same three weeks last year. Consumptive ported. Occasional lots of new Ohio fleece move. Strictly
combing 65s and finer Ohio fleeces have sold at around 30e.
demand was smaller.
Silver futures were slightly tower early on the 16th inst. in the grease. These were described as not choice delaine
and on a small volume of business the market closed un- staple. The old clip fine Ohio delaine wools are being held
changed to 17 points lower. July ended at 45.05c. On the at 32e." Boston wired a Government report on June 21st
saying: "The Kerrville wool in Texas, to the amount of
18th inst. futures closed 5 points lower to 2 points higher about 1,000,000
with sales of only 950,000 ounces. July ended at 45.07c. an Eastern milllbs. is reported to have been turned over to
through a Boston house. Estimates inand Dec. at 45.60c.
dicate the scoured basis equivalent
On the 19th inst. futures closed 28 to 33 points higher the range of 70 to 75c., delivered to the price paid to be in
East. Despite the closing
in a more active market. Sales amounted to 3,000,000 of this transaction at a price
distinctly below recent quotaounces. A statement that futures trading was to be aban- tions here. Boston holders of spot
wools are asking around
doned because of the Silver Purchase Act, which is scheduled 80c. scoured basis for average
and
to be signed by President Roosevelt, was denied. July ungraded 12 months' Texas wool." around 83o. for choice
ended at 45.35c.• Aug. at 45.400.; Sept. at 45.60 to 45.65c.,
Silk futures on the 18th inst. closed Me. lower to Mc.
and Dec. at 45.95c. On the 20th inst. prices ended 10 points
lower to 30 points higher on sales of 1,450,000 ounces. higher with sales of 580 bales. June closed at $1.18, July at
Most of the business was in switching July to later positions. $1.19, Sept. at 31.203-, Oct. at $1.20, Nov. and Dec.
July ended at 45.30c.; Sept. at 45.50c., and Dec. at 45.85c. at $1.21M and Jan. at $1.22.
On the 19th inst. futures closed lc. lower to Mc. higher in
On the 21st inst. futures closed 5 to 30 points higher with
sales of only 850,000 ounces. July ended at 45.45c.; Sept. a more active market. Sales were 1,080 bales. Crack
at 45.65c., and Dec. at 46.15c. To-day futures closed 5 double extra was unchanged at $1.213'2. June ended at
points lower to 10 points higher with sales of 1,125,000 ounces. $1.18 to $1.20; July at $1.19 to $1.193/2; Aug. at $1.19 to
July ended at 45.40c.; Aug. at 45.40c.; Sept. at 45.65 to 31.203/2; Sept. at $1.21; Oct. and Nov., $1.21 to $1.22, and
Dec. at $1.213' to $1.23. On the 20th inst. futures ended
45.80c.; Dec., 46.15e., and Jan. at 46.35 to 46.65e.
3 to 4e. lower, with sales of 2,680 bales. June and July
Copper recently has turned weaker with demand small closed at $1.15; Aug. at
Sept., $1.173/2, and Oct.,
in all markets. European prices declined to 7.95 to 8.05c. Nov., Dec. and Jan. at 31.153.;On
$1.18.
the
while domestic copper was unchanged at 9c. In London closed unchanged to 2c.lower on sales of 21st inst. futures
on the 21st inst. standard fell Is. 3d. to £32 for spot and double extra was off 13-ic. to a new 1,280 bales. Crack
low
£32 6s. 3d. for futures; sales, 50 tons of spot and 350 tons of ended at $1.13 to $1.16; July at $1.14; of $1.20. June
Aug. at $1.15 to
futures; electrolytic bid unchanged at £35 5s.; asked off 5s. $1.163'2; Sept. at $1.17 to $1.18; Oct.
and Nov., $1.18, and
to £35 10s.• at the second London session prices fell is. 3d. Dee. and Jan. $1.17M to $1.18. To-day
futures closed
'
on sales of 150 tons of futures.
unchanged to' lower; sales 182 lots. June ended at
lc.
Tin was dull and prices have recently declined; spot $1.12 to $1.16; July at $1.13; Aug., $1.143/2 to $1.163-;
Straits 50M to 51c. English refined sold about Mc. under Sept., $1.17 to $1.173/2, and Oct., Nov., Dec. and Jan.,
Straits tin while No. 1 Chinese was Mc. under. In London $1.17 to $1.18.
on the 21st inst. standard fell 7s. 6d. to £225 15s. for spot
and £226 for futures; sales, 10 tons of spot and 450 tons of
COTTON
futures; spo* Straits 7s. 6d. off to £226 10s.; Eastern c. i. f.
London unchanged at £226 5s.• at the second session prices
Friday Night, June 22 1934.
The Movement of the Crop, as indicated by our telewere unchanged with sales of 225 tons of futures.
from
Lead was in only fair demand at best but prices remained gramsending the South to-night, is given below. For the
week
at 4c. New York and 3.8.5e. East St. Louis. Principal lead 47,623 bales, this evening the total receipts have reached
against 34,833 bales
pipe makers reduced prices Mc. to 532e. New York. In bales the previous week, making last week and 34,989
the total receipts since
London on the 21st inst. spot fell is. 3d. to £11; futures un- Aug. 1 1933 7,183,167
bales, against 8,405,483 bales for
changed at:11 3s.9d.; sales, 550 tons of futures.
the same period of 1933, showing a decrease since Aug. 1
Zinc demand was a little better recently as a result of the 1933 of 1,272,316 bales.
better prospects for settling labor disputes in the steel inReceipts atSat.
dustry. Prices were steady at 4.20c. East St. Louis. Ore
Mon. Tues. Wed. Thurs. Fri.
Total.
operators are said to be planning to reduce production to Galveston
521 1,068 4.278
588 1.966
533 8,954
20,000 tons for the month or 5,000 tons weekly instead of Texas City
593
593
Houston
7,000 to 8,000 tons a week, as was the case recently. In Corpus Christi- - 1,010 1,161 1,326 1,216
598 3.575 8,886
--524
--_-_
_
524
London on the 21st inst. prices declined is. 3d. to £13 18s. New Orleans_.._ 5,169 3,244 5,093 2,051 1,569 2,339 19,465
Mobile
846 1,170
415
9d. for spot and £14 2s. 6d. for futures; sales, 25 tons of spot Pensacola
504
108
300 3,343
317
....._
____
___
317
and 75 tons of futures; at the second session London prices Jacksonville
4
4
Savannah
978
172
757
fell is. 3d. on sales of 250 tons of futures.
71
-iti
428 2,583
Charleston
325
474
344
137
'79
16 1.275
operations fell off slightly during the week. In Lake
Steel
98
98
Wilmington
i§ _
3
68
ii
i
the Pittsgurgh district they were maintained at about 60% Norfolk
35
21
222
18
511
381
190 1,343
order to complete second quarter contracts Baltimore
of capacity in
170
170
before July 1. In the Chicago district the output dropped
Operations dropped almost immediately Totals this week_ 8.788 8.035 12.551 h ono A 570 2 951 47R25
5 points to 65%.
The following table shows the week's total receipts, the
after the threats of the steel strike had eased, and a further
drop is expected now that the possibility of a strike is de- total since Aug. 1 1933 and stocks to-night, compared with
finitely out of the way. Scrap was in small demand and last year:
Financial Chronicle
Volume 138
1933-34.
Receipts to
June 22.
Stock.
1932-33.
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
1933.
1934.
Galveston
8,954 2.123,963 13,134 1,982.714 573,391 551,054
7,241
19,436
Texas City
902 244.429
593 178,184
Houston
8,886 2,214,069 17,906 2,797,899 939,868 1,399,277
55,162
Corpus Christi__ 52,315
524 321,516
774 300.740
18,498
Beaumont
3,790
10.464
____
31,600
New Orleans
19,465 1,456.123 18,418 1.878,723 622.078 841,104
Gulfport
606
Mobile
91,865 123,068
3,343 164.667 2,109 326,216
24,212
11,142
Pensacola
317 149,977
--- 137.663
1,882
Jacksonville
4
3,939
9,305
13,841
25
Savannah
2,583 175,776 1,545 159,041 107,526 114,161
Brunswick
37,001
36,660
Charleston
51.216
1,275 134,500 2,069 192,188
49.998
73,838
Lake Charles__ - _
98 103,545 2,029 173,076
22,536
Wilmington
15,612
68 . 23,041
17.138
53,946
73
Norfolk
1,343
39,057
14,784
42,946
674
55,392
N'port News, &c_
8,689
New York
66,129 197,406
141
Boston
18,620
9,347
Baltimore _
.
170
3,270
2,863
33,754
695
16,255
Philadelphia
Totals
47.623 7.183.167 611.252 8.405.483 2.595.257 1.546.466
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.
Galveston_ _ _ _
Houston
New OrleansMobile
Savannah....
Brunswick
.
Charleston.
Wilmington. _
Norfolk
Newport News
All others.._--
8,954
8.886
19,465
3,343
2,583
13,134
17,906
18,418
2.109
1.545
3,467
4,476
26,905
2,173
2,589
1,291
1,799
7,255
1,475
4,319
2.092
4,075
6,610
1,260
8,269
3.715
1,628
2,595
274
787
1,275
68
1,343
2,069
104
177
44
329
63
452
8.372
8
175
2.306
70
196
1,706
4,498
858
4,151
1.798
1,519
Total this wk_
47,623
60.353
40.793
21,134
32.659
13.090
Since Aug 1
674
7 1 Ril 167 IR Ann .1820 cn4 700 R 417 5528.141.499 8.974.983
The exports for the week ending this evening reach a
total of 66,453 bales, of which 7,345 were to Great Britain,
2,921 to France, 14,184 to Germany, 6,102 to Italy, 16,546
to Japan, 5,989 to China, and 13,366 to other destinations.
In the corresponding week last year total exports were
122,603 bales. For the season to date aggregate exports
have been 7,014,270 bales, against 7,541,095 bales in the
same period of the previous season. Below are the exports
for the week.
Exported to
Week Ended
June 22 1934. Great
Ger- Britain. France. many.
Exports from
Galveston
Houston
New Orleans._
Mobile
Pensacola
Savannah
Norfolk
Gulfport
New York
Los Angeles... _
San Francisco...
Total
7,028
1,374
2,599
7,546
Japan. China. Other.
2,628
3,274
200
5,395
3,145
6,262
2,149
340
3,500
578
749
46
317
800
500
7,345
Total 1933_ _
Total 1939
894
2,027
2,921 14.184
1,204
6,102 16.546
Total.
8,345 17,176
6,449 28,671
430 14,778
3,500
570
749
46
317
142
142
2,004
500
5,989 13,368 66,453
24,918 12,831 28,314 18,297 15,049 9,073 14,121 122,603
6,856 2,974 20,383 3,748 39,429 20,709 4.660 98.739
Exported to
From
Aug. 1 1933 to
June 22 1934. Great
Exports from- Britain. France
Getmany. 1 Italy. Japan. China. Other.
Galveston
258,255238,600
Houston
264,764 256,253
Corpus Christi. 97,793 54,058
Texas City.._ _ _ 20,159 24,062
Beaumont ....
4,107 4,743
New Orleans. _ 293,914 110,945
10,723 24,653
Leke Charles
Mobile
48,612 9,267
Jacksonville
3,549 ____
22,281 1,432
Pensacola
22,745
259
Panama City
Savannah
68,215
100
Brunswick.... 30,767 ____
Charleston__
. 52,227
379
Wilmington..
- ---.
9,107 2,124
Norfolk.--.7,279
171
Gulfport
8,918
283
New York. _ .._
151
129
Boston
9
PhIladelphia..._
6,756 1,8E18
Los Angeles_
575
San Francisco. 2,25.
Seattle
239,185 187 094 539,326 102,932331,244 1896,838
424,719252,140 572.798 112,175340,7962223.645
30,425 17,621 127,259 8,895 43,289 379,340
179 22.316 118.495
43,017 4396 3,466
3,516 2,140 1,949 20,112
2,39
1,300
268.071152.961 206,082 44,815190,331 1267,119
2,857 17,761 11,58k 25,452 118.926
25,9
80,874 14,416 19,531 1,000 11,188 184,888
100 ._ _ _
9,101
__-.
670 13,420
35,676 13,267 16,549 2,000 1,817 93,022
16,634 ____ 11,100 8,51
1.720 60.958
69,011 1,324 18.168 -_ 9,531 166 349
5,868 ____
---25 36,660
--------2,187 117,547
62,688
56
500
._____ 1,350 13,909
12,059
798 ____
7,071
274
360 19.734
3,699
19
--------108 11,276
369
1,098 1,398 9,289 27.725
7,390
205 ---____ 8,54R
9.033
9
10;656 :::: 153,888 9;ilio 2,iii 183,088
2,175 _....- 42,969 2,237 1.710 51,921
316
316
Total.
1232.586729,218 1357,155648,604 733,749306,8971006061 7014,270
Total
Tots! 1933-34. 1345,370837,979 1772,050 757,222 1521,893 285,0631021518 7541,095
',........ 1o21_.39 1272 RAS 463.37(11554.5431330.179 2224.01810452111 f1R2 ?RA Ain 131
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard,
not cleared, at the ports named:
June 22
at
-
Galveston
New Orleans
Savannah
oharleston___ _
Mobile
Norfolk
Other ports *_ _
On Shipboard Not Cleared for
Other CoastGreat
GerBritain. France. many. Foreign wise.
2,600
6,365
1,200
2,162
4,000 25,900
3,520 11,698
2,000
4,000 34,560
0151
,
2,000
12,669
Total 1934_
Total 1933..-. 12,127
6.147
Total 1932_
•Estimated.
1,Na
-
Total.
Leaving
Stock.
1,500 35,200
23.745
538,191
598,333
107,526
49,998
2,877
88,988
14,784
500 43,000 1.093,715
5,362 11,520 73.271 2,000 104.822 2,491,535
5,971 16,637 107,950 12,356 155,041 3,391,425
6,299 8,392 52.018 1.310 74.166 3.527.593
4319
Speculation in cotton for future delivery has been light
and prices backed and filled all week, with the weather the
dominating factor.
On the 16th inst. after displaying early strength the
market weakened and closed unchanged to 3 points higher.
At one time they were up 12 to 14 points. The general
impression was that the Gulf storm, which had threatened
central and eastern portions of the belt would not prove
as disastrous as had been feared. On the bulges selling increased. The market lacked buying power. Light showers
fell in New Orleans and parts of Oklahoma and the Texas
Panhandle, but there was very little moisture elsewhere
in the belt. The weather was considered ideal for the crop.
The forecast was for rains throughout the central belt And
the Weather Bureau predicted that the tropical storm wbuld
strike the Louisiana coast. Rains in the central belt are not
wanted, for there have already been a number of complaints of boll weevil from this section. Offers from the
South were light and while the spot demand was small, the
basis was firm.
On the 18th inst., after opening steady at 3 to 6 points
higher in response to stronger Liverpool cables, the market
developed a sagging tendency and a quiet tone and closed
2 points lower to 1 point higher. It was a narrow market
with prices fluctuating over a range of 50c. a bale or less.
Western interests were credited with selling 25,000 bales or
more, mostly October. The weather was considerably unfavorable with heavy rains in the central and eastern belts
as a result of tropical disturbances, but they were offset
by reports of showers in the dry area of Texas. Southern
offerings were limited. The spot demand was slow, but the
basis was firm. Textiles were reported in smaller demand
but prices were firm. Sales of print cloths and sheetings
exceeded production last week. Southern spot markets
were 2 points lower to 1 point higher.
On the 19th inst., prices advanced rapidly on the news
that money was now available for the purchase of cotton for
relief purposes. The ending was 21 to 24 points higher.
In the rush upward March 1935 delivery reached the peak
of last week and May established a new high. Senator
Ellison D. Smith telegraphed the President of the Exchange
that money was available for the purchase of cotton to be used
for relief purposes and that he hoped to have a definite program as to what would be done worked out during the day.
Details as to the sum to be expended, however, were lacking.
One report said that $45,000,000 would be spent the remainder of the year, but it was not known whether this
would mean that amount of cotton or of finished goods and
garments. Wall Street and commission houses bought on
this news and buying increased on the rise. Shorts were
covering. New Orleans and the South sold. Offerings,
however, were rather light and the market advanced easily.
Liverpool cables were better than due, and helped brace the
market at the opening. Liverpool, trade interests and the
Far East were among the early buyers.
On the 20th inst., in a comparatively quiet market prices
under general liquidation inspired by more favorable weather
in the eastern and central belts and a better weekly weather
report lost practically all of the previous day's gains, and
ended with net declines of 16 to 19 points. There was very
little outside interest. Many traders prefer to await crop
developments and more definite information as to the
amount of money available for purchasing cotton for relief
purposes before buying on any large scale. The weather
map showed very little rain over the entire belt, but temperatures in Texas were very high,some 33 stations reporting
100 to 103 degrees. Liverpool was a good seller and hedge
selling by the South increased slightly. The Far East was
reported to be buying. Business in spot cotton continued
very light.
On the 21st inst., after an early advance of 4 to 7 points
on news that the Government would purchase a minimum
of 255,000 bales for relief purposes, came a recession, under
liquidation owing to the weakness in wheat and stocks, and
prices closed 6 points lower to 1 point higher. Continued
hot weather in Texas and stronger Liverpool cables also
contributed to the early strength. Favorable weather prevailed over the Eastern and Central belts. The Continent
and the Far East were fair buyers. Liverpool bought the
near deliveries and sold the distant months. The South and
the West were on the selling side. Many complaints were
received of boll weevil infestation and crop damage. There
• was no improvement reported in the spot demand, but the
basis continued firm.
To-day prices, after early firmness, reacted under heavy
July liquidation and ended 1 to 9 points lower in a quiet
and narrow market. Liverpool cables were slightly better
than due. New Orleans sold moderately, but the market
met further July liquidation for first notice day next Tuesday. The weather was favorable in the Eastern belt, but
it was hot and dry in the West. The trade and Wall Street
were early buyers. Fort Worth. Tex., wired that if the
drouth in Texas is prolonged a week or 10 days it will cause
serious damage. Washington wired that relief purchases
of cotton would begin soon, and that the announced plan
to buy 250,000 bales was only a beginning. Final prices for
the week and 1 point lower to 2 points higher. Spot cotton
closed at 12.25c. for middling, a rise for the week of 10
points.
Financial Chronicle
4320
Staple Premiums
60% of average of
six markets quoting
for deliveries on
June 28 1934.
15-18
awn.
1-inch &
longer.
.13
.13
.13
.13
.13
.11
.10
36
36
.36
.36
.36
.31
.27
.12
.12
.10
75 on
Middling Fair
White
59
do
Strict Good Middling
47
Good Middling
do
.32
do
Strict Middling
Basis
do
Middling
.38 off
Strict Low Middling__ do
79
do
Low Middling
1.29
'Strict Good Ordinary- do
I 74
do
*Good Ordinary
.48 on
Extra White
Good Middling
.33
do do
Viet Middling
.01
do do
Middling
.37 oft
Strict Low Middling- do do
.76
do do
Low Middling
.28 on
Spotted
Good Middling
Even
do
Strict Middling
.38 off
do
Middling
79
*Strict Low Middling_ _ _ do
1.29
do
"Low Middling
.02 off
Strict Good Middling.__Yellow Tinged
.26 off
do do
Good Middling
.43
do do
Strict Middling
.79
do
do
*Middling
1.26
do do
*Strict Low Middling_ _ _
1 68
do do
"Low Middling
Light Yellow Stained__ .42 off
Good Middling
80
do
do
do
"Strict Middling
do __I 28
do do
*Middling
.78 off
Yellow Stained
Good Middling
1.26
do do
"Strict Middling
1.89
do do
*Middling
.26 off
Gray
Good Middling
.50
do
Strict Middling
81
do
*Middling
80 off
BlueStained
*Good Middling
1.26
do do
"Strict iddling
1.88
do do
*Middv g
36
36
.30
.11
.11
.11
.29
.29
.27
.1.0
.27
.10
.27
.10
.10
Differences between grades established
for deliveries on contract June 28 1934
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
.27
.27
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
'Not deliverable on future contract
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Fri.
Sat. Mon. Tues. Wed.Thurs.
P June 16 to June 2212.15 12.35 12.20 12.20 12.10
12.15
Middling upland
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 day.
Spot Market
Closed.
Saturday_ _ _
Monday
Tuesday _ _ _
Wednesday_
Thursday _ _
Friday
Futures
Market
Closed.
Steady, unchanged_ Steady
Quiet, unchanged__ Steady
Quiet, 20 pts. adv... Very steady_
Steady, 15 pts. dec. Barely steady_ _
Steady, unchanged_ Steady
Steady, 10 pts. dec. Steady
SALES.
Spot. Conlr'c
Total.
172
172
375
500
1,059
375
500
1,059
2.106
2,106
108,852 208,100 316,952
Total week_
Since Aug. 1
Futures.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
June 16.
Monday,
June 18.
Tuesday, Wednesday, Thursday,
June 20.
June 21.
June 19.
Fr
JU1
y.
22.
June(1934)
Range_ _
11.95n
11.94n
12.12n
11.90n
Closing. 11.914
July
Range_ _ 11.94-12.05 11.90-12.00 11.97-12.17 11.97-12.13 11.94-12.04 11.8; -12.04
12.15-12.17 11.97-11.98 11.98-12.00 11.81 41.92
Closing. 11.95-11.93Aug.
Range_ _
12.06n
12.06n
I2.23n
11.91
12.02n
Closing. 12.03n
Sept.Range12.14n
12.15n
12.31n
12.01
12.104
Closing 12.11n
Oct.Range.. 12.18-12.30 12.15-12.25 12.22-12.42 12.24-12.37 12.19-12.31 12.1. 12.29
12.24-12.25 12.21-12.23 12.11 12.20
12.40Closing. 12.15-12.20 12.19Nev.
Range_ _
12.30n
12.26n
12.2 in
,
12.46n
12.24n
Closing. 12.24n
Dec.Range.. 12.29-12.41 12.27-12.35 12.34-12.53 12.36-12.50 12.30-12.42 12.21 12.40
12.36-12.37 12.32-12.33 12.31 12.31
12.52Closing. 12.30-12.31 12.30Jan.
(1935)
Range__ 12.36-12.47 12.32-12.40 12.40-12.59 12.42-12.55 12.35-12.46 12.31 -12.44
12.58-12.59 12.42- 12.36-12.38 12.31
Closing _ 12.36-12.36Feb.
N
.-Range..
p Closing.
March
Range _ _ 12.44-12.57 12.43-12.51 12.50-12.71 12.52-12.65 12.44-12.57 12.4( 12.56
Closing 12.47 ---- 12.46 ---- 12.70-12.71 12.52 ---- 12.49-12.50 12.41
AprilRange./ Closing.
May
Range.. 12.57-12.68 12.52-12.60 12.60-12.8112.62-12.75 12.54-12.67 12.5:-12.65
19 47.12.58 12.58 ---- 12.81 -- 12.62 -- 12.58,12.59 12.5/
n Nominal.
Range of future prices at New York for week ending
June 22 1934 and since trading began on each option:
Option for-June 1934..
July 1934._ 11.87
Aug. 1934
Sept. 1934..
Oct. 1934.. 12.14
Nov. 1934
Dec. 1934_ 12.26
Jan. 1935_ 12.31
Feb. 1935
Mar 1935_ 12.40
Apr 1935
May 1935... 12.52
Range for Week.
June
June
June
June
Range Since Beg lining of Option.
11.42
22 12.17 June 19 9.27
10.94
11.35
22 12.42 June 19 10.05
11.14
22 12.53 June 19 10.73
22 12.59 June 19 11.02
Jan. 15 1934 12.50
Oct. 16 1933 12.71
Apr. 26 1934 12.38
Apr. 26 1934 12.77
Nov. 6 1933 12.89
Apr. 26 1934 12.70
Dec. 27 1933 13.03
May 1 1934 13.09
June 22 12.71 June 19 11.13 May
Feb. 13 1934
Feb. 13 1934
Mar. 6 1934
Fcb. 13 1934
Feb. 13 1934
Feb. 23 1934
Feb. 13 1934
Feb. 13 1934
1 1934 12.71 June 13 1934
June 22 12.81 June 19 11.79 May 25 1934 12.81 June 19 1934
June 23 1934
The Visible Supply of Cotton to-night, as made up
by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
June 22Stock at Liverpool
Stock at London
Stock at Manchester
1934.
bales- 873,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
1933.
678,000
1932.
629,000
1931.
831,000
216,000
107,000
103,000
195,000
980,000
-
781,000
824,000 1,047,000
474,000 543,000
219,000 203,000
24,000
22,000
73,000 .83,000
61,000
99,000
13,000
8,000
339,000
180,000
22,000
96,000
67,000
424,000
337.000
10,000
121.000
52,000
872,000
704,000
944,000
950,000
Total European stocks
1,852,000 1.731,000 1,528,000 1,991,000
67,000
India cotton afloat for Europe--- 55,000
125,000
38,000
American cotton afloat for Europe • 143,000 359.000 166,000
80,000
Egypt, Brazil,&c.,afFt for Europe 143,000
76,000
85,000
95,000
Stock in Alexandria, Egypt
297,000 393,000 552,000 630,000
Stock in Bombay, India
1,133,000 926,000 860,000 929,000
Stock in U.S. ports
2,596,357 3.546,466 3,601,759 3,066,097
Stock in U. S. interior towns_ _ _ _1,262.078 1,392.603 1,450,054 910,874
U.S. exports to-day
9.381
16,262
9,109
5,441
Total visible supply
7,490.816 8,574,331 8,296,254 7,759,080
Of the above, totals of American and other descriptions are as follows:
American
363,000 357,000 302,000 410,000
Liverpool stock
43,000
62,000 119,000
Manchester stock
83,000
742,000 879,000 653.000 826,000
Continental stock143.000 359,000 166,000
American afloat for Europe_
80,000
2,596,357 3,546,466 3,601,759 3,066,097
U. S. port stocks
1,262.078 1,392,603 1,450,054 910,874
U. S. interior stocks
9,381
16,262
5,441
U. S. exports to-day
9,109
Total American
East Indian, Brazil, &C.
Liverpool stock_
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt. Brazil. &c.. afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
5,158,816 6,612.331 6,297,254 5,385,080
510,000
321,000
327,000
421,000
64,000
130,000
55,000
143,000
297,000
1,133,000
41.000
71,000
125,000
85,000
393,000
926,000
76,000
51.000
38.000
95,000
552,000
860,000
133,000
118,000
67,000
76,000
630,000
929,000
2.332,000 1,962,000 1,999,000 2,374.000
5,158,816 6,612,331 6,297,254 5,385,080
7.490.816 8,574.331 8,296,254 7,759,080
Total visible supply
6.69d.
5.43d.
6.18d.
4.41d.
Middling uplands, Liverpool_
12.10c.
9.50c.
10.35c.
5.30c.
Middling uplands, New York
9.01d.
9.40d.
9.00d.
7.45d.
Egypt, good Sakel, Liverpool_ _ _ _
5.20d.
5.37d.
4.08d.
4.56d.
Broach, fine, Liverpool
6.096.
5.88d.
4.21d.
5.21d.
Tinnevelly, good, Liverpool
Continental imports for past week have been 95,000 bales.
The above figures for 1934 show a decrease from last
week of 139,251 bales, a loss of 1,083,515 from 1933, a
decrease of 805,438 bales from 1932, and a decrease of
268,264 bales from 1931.
-that is, the
At the Interior Towns the movement
receipts for the week and spice 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 22 1934.
Towns
Receipts.
Week. Season.
Ala., Birming'm
Eufaula
Montgomery
Selma
Ark, Blytheville
Forest City..
Helena
Hope
Jonesboro_ _ _
Little Rock..
Newport _ _
Bluf.Pine
Walnut Ridge
Ga., Albany_ _ _
Athens
Atlanta
Augusta_
Columbus...
Macon
Rome
La., Shreveport
M iss.Clarksdale
Columbus_
Greenwood..
Jackson
Natchez.
Vicksburg...
Yazoo City..
Mo., Bt. LC888_
N.C.Greensirro
Oklahoma
15 towns._ _
S.C., Greenville
,Memphis
Tenn.
Texas, Abilene_
Austin
Brenham_ _
Dallas
Paris
Robstown_ _ _
San Antonio_
Texarkana..
Waco
Ship- Stocks
meats. June
Week.
22.
503 7,968
32.534
391
417 5.393
10,635
171
446 25,389
40- 32,642
918 25,086
175 39,431
556 40,055
51 127,595
626 9,208
18.009
11
16 14,264
73 45,518
700 11,148
213 49,267
58 30,899 364 5,899
96 30,638
600 114,673
31,101'
11,415
1
408 108,886 1,223ii 22,246
215 7,160
3 53,458
10
11,258
2
339
450 54,622
52 32.737
525 144.519 2,37 176,823
591 113,142
803 155,253
28.190
800 12.511
6
25 30.931
19,221
1
7
12,561
25
8,918
813 55,277 1,952 18,300
314 128,874 1,022 19,873
280 9,793
19,949
126
315 145,485 1,488 34.981
612 10,977
30,102
26
44
4,7324,294
1 4,373
118 22,073
5 27,327 124 .058
3,564 262,421 4,785 14,467
7,629
17,875
Movement to June 23 1933.
Receipts.
Week. ; Season.
Ship- Stocks
ments. June
Week. 23.
172 42,200
449
13,357
36 40,869
151 60,666
574 189,627
_ _- 23,46
0
29 69,4731
102 55,2681
73 20,479
1,867 160,9041
28 50,64
823 133,069
25 68,4831
1.385
-345 27,9951
691 233,473
1,767 146,
2,225 26,734
32 21,144
30 13,241
165 81,21
1,076 135,394
40
16,354
946 136,037
140 37,981
232
8,943
677 37,285
32,358
3,346 177,404
587 29,68
602 8,603
493, 6,043
1,3411 40,783
1,525 33,871
1,536 23,067
5 12.510
430 26,406
1,099 10,582
89 2,568
2,618 48,109
532 9,803
1.31 31.961
192 3,686
270 2,091
97 45,330
5,765233,076
3,399 96.646
3.470 10,681
1.016 35,279
3.1 13,232
3,944 38.592
2,909 22,765
379 6,380
2,508 47.152
741 20,790
117 4,815
810 9,459
277 10,995
5
3,346
774 20,363
534 805,158 3,250 56,605 1,928 738,955
1,249 172,107 1,760 87,715 3.632 167,891
9.0171,839.766 15,788 326,731 20,3272,023,238
73,557
1,975
57 19,807 "iii 1,868
88 23,997
92 3,586
72 27,319
55
18,000
859 4,850
484 99,077
714 101,338
394 4,930
_1 54,385
33 54,574
16
2.
5,479
505
12
89
28
11,334
154
40
11,888:
1281 34,423
171 10,119
503 47,304;
2641 93,508
813 6,894
245
78.3891
4,92 34,813
3,082 97,352
35,555344,562
330
-498 1,476
48 2,575
2,617 13,499
1,049 3,982
152
11
493
4
743 13,520
783 4,436
Total, 56 towns 21.375 5.038,176 45,477 1262078 44,2115,449,902 92,1821392603
• Includes the combined totals of 15 towns In Oklahoma.
The above totals show that the interior stocks have
decreased during the week 22,099 bales and are to-night
130,525 bales less than at the same period last year. The
receipts at all the towns have been 22,836 bales less than
the same week last year.
Financial Chronicle
Volume 138
New York Quotations for 32 Years.
The quotations for middling upland at New York on
June 22 for each of the past 32 years have been as follows:
1934
1933
1932
1931
1930
1929
1928
1927
12.10c.
9.35c.
5.30c.
9.75c.
13.70c.
18.30c.
21.80c.
16.95c.
1926
1925
1924
1923
1922
1921
1920
1919
18.55c. 1918
24.10c. 1917
29.65c. 1916
28.90c, 1915
22.90c. 1914
11.20c. 1913
38.25c. 1912
33.50c. 1911
30.40c.
26.55c.
13.45c.
9.55c.
13.25c.
12.40c.
11.65c.
15.20c.
15.20c.
11.60c.
•2.00c.
12.85c.
10.90c.
9.20c.
11.25c.
12.50c.
1910
1909
1908
1907
1906
1905
1904
1903
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:
----1933-34----.
Since
Week. Aug. I.
4,765 248,194
918 133,995
1.322
77
12.194
3,570 172,465
4.500 477,453
June 22ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
13.830 1.045,623
Deduct Shipments
Overland to N. Y., Boston, &c_ _ _
170
33,730
Between interior towns
237
14,927
Inland, &c.,from South
1,165 219,844
Total to be deducted
1,572 268.501
Leaving total net overland *_ _ _12,258 777.122
----1932 ----33
Sines
Week. Aug. 1.
3.346 178,175
5,053
470
16.920
3,795 154,667
2,647 313,217
9,788
668,502
695
343
6,276
16,722
11,316
188.238
7.314
216.276
2,474
452,226
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 12,258 bales, against 2,474 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 324,896 bales.
-----1933
-34----- -1932-33
In Sight and Spinners'
Since
Since
Takings.
Aug. 1.
Week.
Aug. 1.
Week.
Receipts at ports to June 22
60,353 8,405.483
47,623 7.183,167
Net overland to June 22
452,226
2.474
777,122
12,258
Southern consumption to June 22_100,000 4.589,000 105,000 4,610.000
Total marketed
159,881 12,549,289
Interior stocks in excess
*160
*22.099
Excess of Southern mill takings
over consumption to June 1_ _ _
20,163
167.827 13.467.709
*7,089
*49A24
Came into sight during week
Total in sight June 22
118,403
---- 13,603.934
137,782
12.569.292
North.spinn's'takings to June 22_ 10,350 1,224,014
* Estimated.
143,314
21.316
931,350
Movement into sight in previous years:
Week1932
-June 27
1931-June 28
-June 29
1930
Bales.
Since Aug. I195,525 1931
78,443 1930
97,226 1929
Bales.
15,402,161
13,728,537
14,597.688
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 22.
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. Thursd'y. Friday.
12.05
12.07
11.88
12.08
12.20
11.80
12.18
11.80
12.10
11.78
11.65
11.65
12.05
12.10
11.88
12.08
12.20
11.80
12.19
11.80
12.10
11.78
11.65
)1 RA
12.30
12.31
12.10
12.30
12.45
11.95
12.40
12.00
12.30
12.00
11.85
11 RS
12.15
12.15
11.92
12.12
12.27
11.80
12.24
11.80
12.10
11.82
11.65
11.65
12.10
12.10
11.93
12.14
12.15
11.80
12.22
11.80
12.10
11.82
11.70
11.70
12.05
12.07
11.84
12.06
12.10
11.70
12.19
11.75
12.10
11.74
11.60
11.60
New Orleans Contract Market.
-The closing quotations
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday,
June 18.
Monday,
June 18.
Tuesday, Wednesday, Thursday,
June 20. June 21.
June 19.
Fri day,
Jul 22.
June(1934)
July
11.94-11.95 11.95-11.96 12.15-12.16 12.0011.95 11.91
August - -September
October
12.1612.23-12.24 12.17-12.18 12.19
12.17-12.18 12.38November
December_ 12.28-12.29 12.2912.35-12.36 12.2912.5012.21
Jan.(1935) 12.32 Bid. 12.33 Bld. 12.54 Ind. 12.41 -12.33 Bid 12.3:
February
March___ 12.43-12.44 12.44 Bid. 12.65 -- 12.50 Bid. 12.44 Bid 12.41
April
12.53 Bid. 12.54 Bid. 12.75 Bid. 12.61 Bid. 12.54 Bid 12.51
May
Tone
Steady.
Spot
Steady.
Steady.
Steady,
Steady.
Sti
Options__ Barely stdy Steady.
weeny. Barely stdy Barely stdy Sti
Activity in the Cotton Spinning Industry for May
-The Bureau of the Census announced on June 20
1934.
that, according to preliminary figures, 31,029,950 cotton
spinning spindles were in place in the United States on May
311934, of which 25,891,366 were operated at some time
during the month, compared with 26,450,750 for April, 26,503,876 for March, 26,355,498 for February, 25,653,324
for January, 24,840,870 for December, and 24,609,908 for
May 1933. The cotton code limits the hours of employment
and of production machinery. However, in order that the
statistics may be comparable with those for earlier months
and years, the same method of computing the percentage
of activity has been used. Computed on this basis the
cotton spindles in the Unites States were operated during
4321
May 1934, at 98.2% capacity. This percentage compares
with 104.5 for April, 102.9 for March, 101.5 for February,
98.5 for January, 73.5 for December, and 112.4 for May
1933. The average number of active spindle hours per
spindle in place for the month was 235. The total number
of cotton spinning spindles in place, the number active, the
number of active spindle hours and the average hours per
spindle in place, by States, are shown in the following statement:
Spinning Spindles.
Slate.
Actite Spindle-Hours
for May.
In Place
May 31.
Active During May.
Total.
,4cerage per
Spindle in Place.
31,029,950
25,891,366
7.279,092.293
235
Cotton-growing States 19,343,014
New England States_ 10,659.096
All other States
1,027,840
17,671,210
7,513,652
706,504
5,390,565,608
1,736,958,433
151,568,252
279
163
147
1,778,560
735,746
3,099,944
752,422
4,049,720
185,122
876,022
282,966
5,435,442
1,001,766
5,600,302
534,110
227,026
632,978
699,240
553,295,315
158,728,338
935,371,518
149,311,935
955,510,747
47,102,816
196,109,300
54,752,708
1,521,179,565
256,935,209
1,850,307,770
181,572,825
62,603,748
187,182,854
169,127.645
287
166
276
150
167
210
175
101
247
147
320
282
229
287
189
United States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,925,268
956,768
3,391,820
996,168
5,725,604
224,216
1,119,764
541,172
6,154,882
1,743,528
5,787,272
643,940
272,924
652,892
893,732
First Bale of 1934-35 Cotton.
-The "Journal of Commerce" reports the first bale of cotton in a dispatch from
Houston, Texas, under date of June 18, as follows:
The first bale of 1934-35 cotton and the first bale to be ginned under
the Bankhead Act arrived in Houston Sunday morning, June 17, from
Lagrulla, Starr County. Texas, consigned to the Exporters Compress &
Warehouse Co. The new bale arrived four days later than last year and
about six weeks earlier than the 1932-33 first bale.
Amid fitting ceremonies yesterday the bale was auctioned on the floor
of the Houston Cotton Exchange and Board of Trade and brought
a
pound. It was bid in by L. R. C. Towles,spot cotton broker and a director
of the Exchange. The bale was officially classed as strict middling 1-inch
staple and met all Exchange requirements covering first bales.
It was grown by Teofilo Garcia in the Lagrulla community. Garcia also
produced last season's first bale. It was dispatched to Houston by motor
truck, covering the 425 miles from Lagrulla in seven hours flat. The Alto
Bonito Gin Co. of Alto Bonito received special permission from C. A.
Cobb of the Agricultural Adjustment Administration at Washington to
gin the new bale.
Import Duty on Long Staple Cotton Reduced by
Mexico.
The Mexican Government has reduced the import duty
on cotton over forty, millimeters (about 1% inches) long
from 40 to 10 centavos per gross kilo, according to a cablegram dated June 16 from Commercial Attache Thomas H.
Lockett, Mexico City, the United States Commerce Department announced June 19. There is also a surtax of
3% of the import duty, which will continue to apply, the
Commerce Department's announcement said.
St. Vincent Curbs Textiles.
From Kingstown, St. Vincent, June 19 Canadian Press
advices to the New York "times" stated:
St. Vincent became to-day the fourth West Indian colony to impose
quota restrictions on textile products from countries outside the British
Empire. The island's Legislature passed a measure making quotas retroactive to May 7. Their effects will be felt chiefly on Japanese trade.
Applications Issued for Identification Tags for Cotton
Exempt from Bankhead Cotton Control Act.
Application blanks for identification tags for the approximately 8,000,000 bales of cotton ginned prior to June 1 1934,
and therefore exempt from the tax provisions of the Bankhead Cotton Control Act were made available throughout
the Cotton Belt on June 12, the Agricultural Adjustment
Administration announced that day. In making public
regulations governing the distribution of the applications,
the Administration said that the applications were required
to be made prior to June 15 1934. The Administration
further announced:
Each old bale of cotton, that is cotton other than this season's crop,
must carry an official identification tag which will be certification that it is
not taxable under the Bankhead Act.
The Internal Revenue Bureau, which is charged with collection of the
Bankhead Act tax, has extended to July 1 1934, the last date on which
untagged cotton may be transported, sold, purchased or opened, except
cotton stored at a consuming establishment, such as a textile m111, which is
not to be removed from the establishment prior to manufacture.
Of the old crop, it is estimated that approximately 800,000 bales are
located on farms with the remainder being stored in warehouses. Two
methods of attaching the identification tags, therefore, have been worked
out, one for holders of less than 500 bales and one for holders of more than
500 bales.
Applications for the bale tags are to be filed with county agents who have
for free distribution regular forms on which applications may be made.
When an application for less than 500 bales is approved, the metal tags,
painted yellow, will be attached to the bale by a Government representative
who will be recommended in each county by the county agent. The tags,
when attached, automatically lock so that in order to remove one it would
be necessary to damage it so that it cannot be re-attached. Each carries
a serial number.
The number of each tag, together with any other identification, such
as gin marks, will be written in triplicate on an identification certificate.
One copy of this certificate will be given the owner of the cotton, one will
be retained by the Government representative, and the third will be filed
4322
Financial Chronicle
in Washington. These certificates are expected to aid in facilitating the
sale of cotton and in cotton-financing transactions.
When an application for more than 500 bales is approved, the routine
will be exactly the same except the applicant or some one in his employ will
be designated as the Government's agent and the attaching of the tags
will be done under his supervision. The person so designated, or the warehouse for which he works, will be bonded. This method is to be followed
in all large warehouses, including State warehouses.
In compensation for this tagging, certification and record keeping, the
Government will allow three cents a bale either to the designated agent
or to the warehouse he represents.
No application for tags need be made for cotton already at the point of
export and covered by an export bill of lading.
Applications for tags for old cotton, held outside of a cotton-producing
county, are to be made to the director of tagging for the county, city or
town in which the cotton is located, or directly to the director of cotton
tagging, AAA, Washington, D. C., giving the number of bales and location
of cotton handled.
520,000 Bales of Domestic Cotton Consumed During
May as Compared with 513,000 in April and 620,000
in May 1933, According to New York Cotton
Exchange.
Domestic cotton mills consumed slightly more cotton
during May than during April, but their daily rate of consumption in May was below that in the previous month
according to a report issued June 18 by the New York,
Cotton Exchange Service. During May, the report stated,
domestic spinners consumed 520,000 bales of cotton as
compared with 513,000 in April, 620,000 in May a year
ago, 333,000 two years ago, 465,000 three years ago and
474,000 four years ago. The Exchange Service's report
further said:
The daily rate of cotton consumption in May was 22,900 bales, as against
24,400 in April, 25,100 in May last year, 14,000 two years ago, 19,600
three years ago and 19,800 four years ago. The decrease in the daily
rate of consumption from April to May this year was 6.1%, as compared
with a normal seasonal decline of 3% to 4%. In comparing cotton consumption in May this year with that in May last year, it will be remembered that domestic cotton mills were very busy a year ago owing to the
large orders for cotton goods that had been placed by buyers in anticipation of higher cotton goods prices resulting not only from advancing raw
cotton prices but also from processing taxes and higher labor costs. Mill
activity turned upward from April through June last year, contrary to
the usual seasonal trend.
Domestic cotton goods production declined during May, while domestic
Production of general manufactures held about unchanged. The index
of cotton goods production for May, based on the average rate of production during the six years from 1922 through 1927. was 91 as against
98 in April, 109 in May a year ago, 61 two years ago, 86 three years ago
and 86 four years ago. The May index of production of general manufactures was 89 as compared with the same in April, 79 in May last year,
61 two years ago. 90 three years ago and 106 four years ago.
Cotton goods production in May this year was 16.5% smaller than
in May last year, but it was 49.2% larger than in May two years ago,
while production of general manufactures was 12.7% larger than a year
ago and 45.9% larger than two years ago. The average index of cotton
goods production for the 10 months from Aug. 1 to May 31 this season
was 92 as against an average of 95 during all of last season, 75 two seasons
ago, 81 three seasons ago and 94 four seasons ago. The average AugustMay index of general manufacturing production was 81 as compared
with 69 for all of last season, 67 two seasons ago, 86 three seasons ago
and 108 four seasons ago.
Dallas Cotton Exchange Weekly Crop Report.—The
Dallas Cotton Exchange each week publishes a very elaborate
and comprehensive report covering cotton crop conditions
in the different sections of Texas and also in Oklahoma and
Arkansas. We reprint this week's report, which is of date
June 18, in full below:
TEXAS.
West Texas.
Abilene (Taylor County).—Showers over this territory last night and today, not general, but still cloudy. Hope to get more to-night. Has been
very hot past week but cotton is still doing fairly well. Feed crops are
suffering.
Lubbock (Lubbock County).—Bigh winds have killed plenty of cotton in
the sandy lands and has been bad for the balance. We do not have any
underground moisture. Cotton has practically stopped growing and is
small. If we do not get rain soon crops will be short at best. Acreage is
going to be smaller than last year. so much cotton has been lost on account
of drouth and high winds. Prospects for crops are worst I ever saw at this
time of the year.
North Texas.
.—This week has been very favorable;
Clarksville (Red River County)
progress good. Moisture sufficient, good rain, subsoil moisture fair.
Warm enough; 85 to 90% chopped. Stand fair to good. Height ranges
from 6 to 14 inches tall, some squaring, some b,00ming, with a little shedding. Some talk of weevils. All fields well cultivated.
Commerce (Hunt County).—Cotton has made excellent progress these past
two weeks, especially since the rather general rains early part of this week.
Some of early cotton is blooming. So far but very few reports of insects.
Some little loan cotton sold recently.
Gainesville (Cooke County).—Crop well cultivated. Fields clean but
growth being checked by lack of moisture. Drouth will become serious
in two weeks more.
.—Weather for past week has been excellent
Honey Grove (Fannin County)
for the cotton crop in this section. Received a nice rain in the early part
of the week that was very beneficial. Size of plants ranging from 4 to 10
inches, fruiting nicely and some blooms showing up in various fields.
Weather continuing as favorable In the future as it has in the past, indications are very favorable for a nice crop.
.—There is very tie difference in the condition
Terrel( Kaufman County)
of the cotton crop now, compared to las' week, except that it has grown a
great deal and is blooming. The rain the first part of the week did no
damage;in fact, it speeded up the growth. Most of the farmers have gotten
back in their fields, and have followed up the rain with their plows. The
fields are very clean, there being practically no grass or weeds. There are
no signs of insect damage.
-25% cotton planted will not come up
Weatherford (Parker County).
account dry weather. Young cotton up dying, too dry, need rain badly.
working on old cotton. Farmers badly discouraged. Corn mostly
Weevil
save cotton if
gone. Rain coming week would .—Conditions weevil will let it alone.
very favorable at present.
IVillspoint (Van Zandt County)
Inch rain Tuesday morning beneficial to all crops. Practically all cotton
chopped. Blooms showing in early planted cotton; however, crop on an
average still 10 days late.
June 23 1934
Central Texas.
Caldwell (Burleson County).—Crop is growing slowly in spite of lack Of
top-soil moisture. Some blooms appearing and insects seem to have let
up to some extent account of hot weather. 10% of crop still not up and
will not germinate until we have good rain. 5% of this is planted in dry
soil and 5% yet to be planted.
Cameron (Milam County).—Contlnued hot and dry weather past week.
Feed crop will be lost if no rain in next few days. Cotton holding up well.
Rain will be beneficial on everything.
Glen Rose (Somervell County).—Dry and hot rain is needed. About 85%
cotton planted and up to a good stand. Balance will be planted as late as
July 4 if it rains.
Taylor (Williamson County).—Past week has been another hot and dry
one. Have been over most of the county past two days and am surprised
to find the cotton holding on as well as it is. Most of the feed crops, too,
seem as though they could hold on another week. Cotton has a good color
and where the flea is not working it seems to be fruiting well. General
rain this coming week would put things in fine shape. (Wire from Taylor
received to-day (18th): General rain this section yesterday very beneficial.)
Temple (Bell County)
.—Cotton in our county as a whole is two weeks late.
with 10% to 15% of intended acreage either not planted or planted after
too dry to come up. *50% of cotton is growing and very good size; 35% to.
40% small and not doing so well; 15% not up. Very dry and need rain.
Some complaint of cotton not fruiting.
Waco (McLennan County).—Weather has been dry all week without any
moisture whatever. Crop is still holding up but on light lands is beginning'
to suffer. Status of unplanted acreage in this county, amounting to about
15,000 acres, remains the same and the chances of this acreage ever being
planted into cotton is very slim, because even a rain in the near future would
make the yield very doubtful, as the weather would have to be ideal.
The situation is as yet not critical in this vicinity, but every dry day makes.
the outcome more hazardous, particularly in view of the fact that the temperature is very high.
East Texas.
Longview (Gregg County).—Cotton crop in this section in a good state of
cultivation at this time. Plant will average from 6 to 8 inches tall. First
blooms reported last Thursday morning. Had a nice rain last Monday.
which was beneficial to cotton as well as to feed; no insects or disease reported.
South Texas.
Corpus Christi (Nueces County).—The extreme heat of this week is
beginning to take its toll from the promising cotton crop. Young cotton,
especially, is burning and in a good many instances old cotton is throwing
off more than usual, even though blooming from top to bottom and full of
squares and many almost full-grown bolls. Weevil are prevalent in many
fields but the heat has retarded their activity. Ginning should be on in
three weeks unless rains are had and at present have no signs of same.
Having July heat in June; all this section very dry.
Cuero (De Witt County).—Since our last report weather conditions have
been very unfavorable. Continued hot and dry weather very detrimental
to cotton crop. Old cotton holding up fairly well, while young and replanted at a standstill. Unless we get a good general rain this territory
will make a very short crop. Insects plentiful,especially weevil and fleas.
OKLAHOMA.
Hugo (Chocklaw County).—Beneficial rains first of week followed by fair
weather. Cultivation excellent; plants from 2 to 24 inches high. Much
complaint of weevil but too early to determine damage.
.—A good rain fell in eastern Oklahoma the
McAlester (Pittsburg County)
first part of last week. Cotton is growing nicely and the first plantings
are beginning to square. Boll weevil are numerous in the early cotton and
hot dry weather is now needed.
ARKANSAS.
.—Ideal cotton weather this week; had good
Ashdown (Little River County)
rain over this section Monday. The writer has driven over quite a portion
of our territory this week and crops are well worked. Some 35% to 40%
of the acreage is small but healthy and is growing. Localities that received
good rains last week and again this week are complaining of too rapid
growth. Crops around Idabel. Okla are poor; considerable weeds and
grass; plant small and sickly; 25% to be chopped. Weevil numerous in all
sections. even the mountain section around Mena is badly infested. Some
farmers talking of poisoning.
Blytheville (Mississippi County).—Condition of crop 99% with stands
about perfect. Cotton squaring rapidly and is a week to 10 days early.
Very few blooms have appeared yet but will be plentiful in few days.
There is a surplus of labor and weather has been hot with showers about as
needed, except in few spots which may need rain. There has been a big
change in sentiment among farmers the past few days; they are now optimistic and working hard. Cotton is 100% chopped out and crops cultivated like gardens and believe condition is 25% better than at same time
last year. Present outlook is that acreage reduction will not decrease the
yield from last year.
.—Fields too wet to plow first two days of this
Conway (Faulkner County)
week. Since that time cultivation has made good progress so that fields
are mostly clean. Cotton on strong land is growing very fast; in fact, too
fast. More reports of boll weevil are heard.
Little Rock (Pulaski County).—Past 10 days have been very favorable.
During this time general rains very helpful. Crops growing nicely; weevils
showing up in most all sections but the plant is too small for them to work
on. Weather conditions will govern as to the actual damage.
.—Past week weather has been ideal for
Pine Bluff (Jefferson County)
growth of cotton. Temperature around 90 degrees during day. Some
complaint of weevil, but no damage done yet. Chances are still for a full
yield.
Searcy (White County).—Big rain last Sunday needed for crops to make
progress at all. It had been so dry all crops were at a standstill. This rain
gave farmer work, also, as it made grass come in a hurry; but with plenty
of labor and the balance of week hot and dry, they have been able to do
some good work. All cotton up and good stands with 90% chopped out.
Weather Reports by Telegraph.—Reports to us by
telegraph this evening denote that the weather during the
week throughout the cotton belt has been somewhat more
favorable, temperatures having averaged higher and rainfall
having been mostly light and scattered, except in the lower
Mississippi Valley, where there have been excessive rains
from the tropical storm.
Texas.—There have been np important changes in conditions during the week affecting the cotton crop. Drouth
conditions continued but cotton has held up well. No important boll weevil activity has been reported as yet.
Rain. Rainfall
Galveston,
Texdr 26 In.
Amarillo, Tex
1 day if.
1 day 0.14 in.
Austin. Tex
2 days 0.26 in.
Abilene, Tex
Brenham, Tex
1 day 0.30 in.
dry
Brownsville, Tex
dry
Corpus Christi, Tex
dry
Dallas, Tex
dry
Del Rio, Tex
dry
El Paso, Tex
Henrietta, Tex
1 day 0.76 in.
Kerrville, Tex
1 day 0.14 in.
dry
Lampasas, Tex
dry
Longview, Tex
1 day 0.12 in.
Luling, Tex
dry
Nacogdoches, Tex
dry
Palestine, Tex
dry
Paris, Tex
San Antonio, Tex
1 day 0.18 in.
1.60 in.
Taylor, Tex
1 day
Weatherford, Tex
1 day 0.06 in.
Oklahoma City, Okla
1 day 0.01 in.
Eldorado, Ark
1 day 0.12 in.
dry
Fort Smith, Ark
1 day 0.26 in.
Little Rock. Ark
1 day 0.34 in.
Pine Bluff, Ark
—Thermomete
high 96 low 80 mean 88
high 100 low 60 mean 80
high 102 low 72 mean 87
high 106 low 66 mean 86
high 100 low 72 mean 86
high 98 low 72 mean 85
high 96 low 76 %mean 86
high 100 low 72 mean 86.
high 108 low 74 mean 91
high 100 low 68 mean 84
high 104 low 64 mean 84
high 102 low 64 mean 83
high 104 low 64 mean 84
high 102 low 64 mean 83
high 108 low 72 mean 90'
high 98 low 68 mean 83
high 100 low 68 mean 84
high 100 low 68 mean 84
high 102 low 72 mean 87high 104 low 68 mean 86
high 104 low 62 mean 83
high 1CO low 66 mean 8.3
high 98 low 63 mean 81
high 102 low 66 mean 84
high 92 low 70 mean 81
high 95 low 60 mean 78.
Financial Chronicle
Volume 138
Rain. Rainfall.
Thermometer
Alexandria, La
1 day 0.25 in. high 96 low 73 mean 85
Amite, La
5 days 1.38 in. high 96 low 69 mean 83
New Orleans, La
5 days 1.78 in. high 92 low 58 mean 84
Shreveport. La
high 101 low 70 mean 86
dry
Meridian, Miss
1 day 0.80 in. high 96 low 66 mean 81
Vicksburg, Misshigh 94 low 72 mean 81
Mobile, Ala
1 day dr
I.56 in. high 95 low 67 mean 81
Birmingham, Ala
1 day 0.04 in. high 92 low 66 mean 79
Montgomery, Ala
2 days 0.86 in. high 94 low 72 mean 83
Jacksonville, Fla
2 days 1 40 in. high 94 low 74 mean 84
Miami, Fla
4 days 2.82 in. high 92 low 72 mean 82
Pensacola, Fla
high 92 low 74 mean 83
dry
Tampa,Fla
1 day 0.14 in. high 94 low 74 mean 82
Savannah. Ga
2 days 0.42 in. high 95 low 72 mean 84
Athens, Ga
dry
high 94 low 64 mean 79
Altanta, Ga
1 day 15.42 in. high 90 low 66 mean 78
Augusta, Ga
1 day 0.24 in. high 94 low 68 mean 81
Macon. Ga
1 day 0.38 in. high 92 low 64 mean 83
Charleston, S. C
1 day 0.05 in. high 94 low 72 mean 83
Greenwoou, S. C
1 uay
1.02 in. high 94 low 61 mean 78
Columbia, S. C
1 day 0.36 in. high 96 low 68 mean 82
Conway,S. C
2 days 0.76 in. high 94 low 64 mean 79
Asheville, N. C
2 days 1.83 in. low 94 low 58 mean 76
Charlotte, N. C
1 day 0.08 in. high 93 low 68 mean 81!
Newbern. N. C
1 day 0.24 in. high 95 low 64 mean 80
Raleigh, N.C
1 day
1.68 in. high 94 low 68 mean 81
Weldon, N. C
1 day 0.67 in. high 95 low 64 mean 80
Wilmington, N C
1 day
1.90 in. high 90 low 70 mean 80
Memphis, Tenn
1 day 0.94 in. high 94 low 69 mean 80
Chattanooga, Tenn
2 days 0.36 in. high 94 low 64 mean 79
Nashville, Tenn
3 days 3.21 in. high 92 low 66 mean 79
The following statement we have also received by telegraph, showing the height of rivers at the points named at
S a. m. of the dates given:
June 22 1934. June 23 1933.
Above zero of gauge15.8
2.0
Above zero of gauge12.8
8.0
Above zero of gauge.
8.7
12.6
Above zero of gauge7.1
7.8
Above zero of gauge7.5
35.5
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Receipts from the Plantations.
-The following table
indicates the actual movement each week from the plants,
tions. 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
Week
Ended
Receipts at Ports.
1934.
Mae.
23...
80...
April
6..
13.20..
27-May
411_
18__
25
June
1815._
22__
Stocks at Interior Towns.
1933. 1932.
1934.
1933. I
Receiptsfrom Plantations
1932.
76,297 78.8381 130,9681.687.66511.903.09111.872.87 43,060 49,682 95,336
64,579 71,916115.5871.662.7881,874.1801.847.155 39.702 43.005 89.864
68,255
70,948
74,294
79.17
75,548
58,769
80,344
92.386
75,235 90,027
46.544101.074
61,676118.296
34,486 79,657
93,7691.620.12011,839.23011,812.832
62.040 1.581.87111,806,896 1.781.096
76.159 1,546.878 1,772.695 1.747.767
86.624 1.506,117 1.739.038 1.710.830
53,102 1,467.68511,709,6611 1.664.135
62,170 1,436.369,1,672,791 1.622.896
37.536 1,404,254 1,624,351 1,588.105
54,967,1,378,269 1,566,959 1,554,722
33,148
34.989
34,833
47,623
84,258 1,351,40111,521.2261,528.180 6,280 43.2
37,716
30,5911,312,5791,478,2081.497.915
NIl 43,048 2.326
24,7831,284,1771,442.0271,476,605 4,431 36.501 3,473
40.7931,262.078 1,392,603 1,450.054 25,52 10,929 14.242
88,978
86,064
72,682
60,353
25.587
32.899
39.301
38.41
20,3
24,43
46,143
58.729
36.803
15.228
19,561
8,501
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 7,158,125 bales;
in 1932-33 were 8,315,265 bales and in 1931-32 were 10,141,383
bales. (2) That, although the receipts at the outports the
past week were 47,623 bales, the actual movement from
plantations was 25,524 bales, stock at interior towns
having decreased 22,099 bales during the week. Last year
receipts from the plantations for the week were 10,929
bales and for 1932 they were 14,242 bales.
World's Supply and Takings of Cotton.
-The following brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are obtainable; also the takings or amounts gone out of
sight for the like period:
Cotton Takings,
Week and Season.
1933-34.
Week.
1932-33.
Season.
Week.
Season.
Visible supply June 15
7,630,067
8,730.825
Visible supply Aug. 1
7.632,242
7,791.6ig
American In sight to June 22.._
137,782 12.569,292
118,403 13,603,934
Bombay receipts to June 21..
60,000 2,237,000
47,000 2,505,000
Other India ship'ts to June 21
3,000
841,000
27.000
500,000
Alexandria receipts to June 20
3,400 1,684,400
2,600
967,400
Other supply to June 20 *
9,000
554,000
10,000
505,000
Total supply
7,843.249 25,517,934 8,935,828 25,872,382
Deduct
7,490,816 7,490,816 8.574,331 8.574,331
Visible supply June 22
352.433 18,027,118
Total takings to June 23_a.._
361,497 17.298,051
244,033 13,242,718
280,897 12,890,651
Of which American
108,400 4,784,400
80,600 4,407.400
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4,589,000 bales in 1933-34 and 4.610,000 bales in 1932 -33
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 13,438,118 bales in 1933-34 and 12,688,651 bales in
1932-33, of which 8,653,718 bales and 8,280,651 bales American.
b Estimated.
India Cotton Movement from All Ports.
-The receipts
of India cotton at Bombay and the shipments from all India
and for the season from Aug. 1 as cabled,
ports for the week
for three years, have been as follows:
1933-34.
June 21.
Receipts at
Bombay
Week.
Since
Aug. 1.
1932-33.
Week
Since
Aug 1
1931-32.
Week.
Since
Aug. 1.
60,000 2.237,000 47.000 2.505.000 28.000 1,984.000
For the Week.
Exports
from-
Since Aug. 1.
Great Conti- Japn&/
Great I Conti- Japan el
'
!l
Britain. tient. China.' Total. Britain. I nest.
China. I Total.
Bombay
1935-34._
1932-33._
1931-32_ _
0th. India:
1933-34_
1932-33._
1931-32_ _
I
65,000
56,000
19,000
1
3,000 250,000
27,000 119,000
7,000 94,000
1,000i 5,000 18,000 24,000
8,000 11,000 7,000 26,000
6,000 9,000
I
314.0001 868,000 1,247.000
288,000 1,063.0001.407.000
135,000; 846.000 1.000,000
1,000 2,000
7,000 20,000
1,000 6,000
591,000!
381,000
256.000'
841,000
500.000
350,000
TOIA1
1933-34._ 2,000 7,000 18,000 27,000 315,000 905,000 868,0002.088.000
1932-33_ 15,000 31,000 7,000 53,000 175,000 669,000 1.063,000 1.907.000
1931-32._ 1,000 9,000 6,000 16,000 113,000 391,000 846,0001,350.000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
13,000 bales. Exports from all India ports record a decrease
of 26,000 bales during the week, and since Aug. 1 show an
increase of 181,000 bales.
Alexandria Receipts and Shipments.
-We now receive weekly a cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Alexandria, Egypt,
June 20.
1933-34.
1932-33.
1931-32.
17.000
8,411.608
Receipts (cantars)This week
Since Aug. 1
13,000
4.933.332
4.000
6,833.954
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (Bales)
-
To Liverpool
251,507
To Manchester, &c
5,000 177.708
To Continent and India_ 11,000 628,658
To America
1,000 69,234
145.415 5.000201,916
114,335 2.000 145,651
8,000 453,047 10,000 556.588
34,506 1,000 46,706
Total exports
17,000 1127107 8,000 747.303 18.000 950,861
Note.
-A cantar is 99 lbs. Egyptian ba on weigh about 750 lbs.
This statement shows that the receipts for the week ended June 20 were
17.000 canters and the foreign shipments 17,000 bales.
Manchester Market.
-Our report received by cable
to-night from Manchester states that the market in both
yarns and cloths is steady. Demand for China is poor.
We give prices to-day below and leave those for previous
weeks of this and last year for comparison.
60.6
6.407
64,204 20.931
69,856 2,745
22,275 21,584
59,476
30.304
42,830
49.687
4323
1934.
32s Cop
Twist.
mar.-
d.
23-- 9@114
30-- 914011R
April
6........ 93401154
13.... 93401134
20____ 9%@11
27.-- 95401034
May
4-- 91401034
11_ 91401034
18_ 93401034
25- 93401074
JIM
1.... 95401014
8-... 93401154
15_ 10 01134
22____ 10 01136
1933.
83i Lbs. Shirt- Cotton
ings, Common Mideg 32s Cop
to Finest.
Uprds. Twist,
e. d.
s. d.
d.
d.
83..1 Lbs. Shirt- Cotton
Wm, Common Vida()
to Finest.
Upl'els.
s. d.
s. d.
d.
9 1 093
91 0 9 3
6.46
6.35
8540 914 8 3 0 8 6
8340 9,4 83 0 8 6
5.13
5.15
9
9
9
9
1
1
1
1
093
09 3
093
09 3
6.40
6.35
6.18
5.88
8310 934
8300 934
8340 934
834010
88
83
83
83
08 8
0 86
08 6
08 6
5.28
5.87
5241
5.53
91
91
91
92
09 3
093
09 3
094
5.93
6.15
8.23
6.20
834010
93401054
93401044
9 01054
83
85
85
85
08 6
0 90
00 9 0
@ 90
589
6.19
6.96
8.07
92
92
92
92
0 94
@94
094
094
8.28
6.56
8.81
6.69
934101054
93(01054
934@10,4
91401054
87
87
87
87
0 92
@91
@91
a 91
6.87
8.12
6.18
8.18
Shipping News.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 66,453 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
GALVESTON-To Havre-June 14
-Oakwood,894
To Ghent
-June 14
-Oakwood,141
To Antwerp-June 14
-Oakwood.93
To Bremen-June 14
-Cranford, 1.374
To Gdynia-June 14
-Cranford, 78---June 16
-Topeka,811.
To Barcelona-June 14
-Western Queen, 1,287___June 16
Mar Negro.2,812
To Genoa-June 14
-Western Queen, 250..
.June 16
-Mon(lore, 760
To Venice-June 14
-Western Queen, 149..
..June 15
-Maria,
136
To Trieste-June 14
-Western Queen, 148- __June 15
-Maria.
1.185
To Maracaibo
-Velma Lykes,91
-June 16
To Gothenburg-June 16-Topeka,366
To Copenhagen-June 16
-Topeka,666
To Japan-June 21-Hakubasan Meru,5,935
HOUSTON-To Barcelona-June 15
-Mar Negro,1,173--June 16
-Western Queen, 1,621
To Genoa-June 14-Monflore, 571.. June16-Western
Queen,551)
To Leghorn--June 14-Monfiore, 100
To Naples
-June 14-Monfiore, 750..
.June 16
-Western
Queen, 1,000
To Liverpool-June 16
-Auditor, 3,905
To Manchester-June 16
-Auditor, 3,123
To Havre-June 16
-Oakwood, 455___June 20
-Arizona, 331
To Ghent
-June 16
-Oakwood.484_ --June 20
-Arizona,6
To Antwerp-June 16-Oakwood,7
To Venice-June 16
-Western Queen, 151
To Trieste-June 16
-Western Queen, 152
To Bremen-June 16
-Cranford, 2,599
To Oslo-June 16
-Topeka, 100
To Gothenburg-June 16
-Topeka,184_ _ _June 21-Tugela,50
To Copenhagen-June 16
-Topeka, 384..
.June 21-Tugela,
411
To Gdynia-June 16-Topeka,1,018...June 21-Tugela,1,011
To Bordeaux-June 20
-Arizona. 660
To Dunkirk-June 20
-Arizona, 286
To Marseilles
-June 20
-Arizona,295
To Japan-June 20
-Lisbon Maru,3,145s
To China-June 20
-Lisbon Meru, 2.149
MOBILE-To China-June 8-Fernbank,3,500
PENSACOLA-To Bremen--June 16-Delfshaven,570
SAN FRANCISCO
-To Germany_
(7)-----500
SAVANNAH-To Bremen-June 19-Sundance,749
Bales.
894
141
93
1.374
889
4.099
1.010
285
1.333
91
366
668
5.935
2.794
1,121
100
1.750
3.905
3,123
786
490
7
151
152
2,599
100
234
795
2,029
660
286
295
3,145
2,149
3.500
570
500
749
Financial Chronicle
4324
-To Genoa-June 16-Quistconck,200
NEW ORLEANS
-Cripple Creek,
-June 18-Wido.4,995-- _June 19
To Bremen
1.269
-Cripple Creek,
18-Wido,907_ _ _June 19
-June
To Hamburg
375
To Oporto-June 18-Wido,100
To Japan-June 18-Fernbank,6,262
To China-June 18-Fernbank, 340
To Barcelona-June 21-Mar Negro,330
-Tacoma,800
-To Bremen-June 14
LOS ANGELES
To Japan-June 9-Asama Maru, 800___add'i President Lincoln, 404
-City of Hamburg,46
NORFOLK-To Hamburg-June (7)
-To Danzig-June 16-Minnequa,142
NEW YORK
-June 13-Afoundria,317
GULFPORT-To Liverpool
Bales.
290
6.264
1,282
6.262
340
330
800
1,204
46
142
317
66,453
Total
-By cable from Liverpool we have the followLiverpool.
ing statement of the week's sales, stocks, &c.,at that port:
June 1.
64,000
914,000
405,000
39,000
17,000
40,000
141,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
June S. June 15. June 22.
46,000
49,000
57,000
908,000 879,000 873.000
393,000 375,000 363,000
52,000
22,000
53,000
9,000
13,000
17,000
28,000
29,000
24,000
134,000 148,000 143,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market, I
12:15
P. M.
Quiet.
Monday.
Tuesday. Wednesday. Thursday.
A fair
business
doing.
Saturday.
More
demand.
Quiet.
A fair
business
doing.
6.65d.
6.74d.
6.67d.
6.54d.
6.68d.
Steady, Quiet but
Quiet but Steady,
1 Quiet.
Futures.
1 to 3 pts. stdy. 5 to 2 to 3 pts. 2 to 4 pts. stdy., 2 to
Market
'
advance. 8 pts. dec. advance. advance. 3 pts dec.
opened
Steady. Quiet but Steady, Quiet but Quiet but
Market,
6 to 7 phi. stdy.. 6 to 8 to 9 pts. stdy.. I pt. steady, un4
P. M. I advance. 8 pts. dec. advance. adv. to 1 pt changed to
decline. 1 pt. adv.
I
Mid.UpFds
Friday.
Quiet.
6.69d.
Steady at
3 to 4 pin.
decline.
Steady at
1 to 3 pis.
advance.
Prices of futures at Liverpool for each day are given below:
Fri.
Wed. I Thurs.
Sat. I Mon. I Tues.
12.00 12.0012.15) 4.002.15 4.00 12.15I 4.0012.15 4.0012.15 4.00
p. m. p. m.p. m.1p. m.lp. m. p. m. p. m.p. m.p. m.p. m. p m p.m.
d. d.
d.
d. I d. I d.
d. d. , d.
d.
New Contract. d.
6.40 6.38 6.42 6.46 6.49 8.45 6.40 6.45 6.44 6.46
July (1934)____ __ __
6.35 6.33 6,38 6.42 6.44 6.411 6.36 6.42 6.41 6.43
October
6.30 6.28 6.33 6.37 6.39 6.36 6.31 6.37 6.36 6.38
December
6.30 6.28 6.33 6.37 6.40 6.37. 6.32 6.38 6.36 6.38
January (1935) __ -6.30 6.28 6.33 6.37 6.40 6.38 6.32 6.3 6.37 6.39
-- -March
May
.
_ __ 6.251_ __. 6.34__ __ 6.35_. -_ 8.36 - - 6.38
July
6.231- __I 6.32__ __ 6.33__ - 6.34 ---- 6.36
October
__ __ 6.23I__ __ 6.32 -_ __ 6.33... __ 6.3 ____ 6.36
__ __
December
January (1936)-- -6.37
6.33__6.3
6.24_
March
6.38
6.34__6.35
6.25.,..6.33_
May
1
c.b.21-...C4C.. NC.. bl. , IA
0
F.CA CDCO 01 03C000 COO CO CO a.
,
c..?Weae44.3C4E4i.44.364,4.•
June 16
to
!June 22.
BREADSTUFFS.
June 23 1934
ended M to Mc. lower, and Liverpool was % to Md.lower.
On the 20th inst. prices declined 234 to 234c. on liquidation
inspired by good rains in the spring wheat belt. Stop-loss
orders were caught on the way down. The outside public
remained out of the market. The movement of new wheat
in the Southwest continued to increase. Clear and warm
weather in the Southwest favored harvesting operations and
the movement of new wheat. One firm estimated that
Kansas would produce between 78,000,000 and 82,000,000
bushels as compared with its recent estimate of 63,000,000
and the Government's forecast of 81,000,000 bushels.
Winnipeg ended 134 to 1 Mc. lower and Liverpool was unchanged to Md. down. Export demand for Canadian wheat
was small. European crop reports continued bullish.
Canadian advices said that drouth, wind and grasshoppers
have done heavy damage in the Southern portion of the three
Provinces.
On the 21st inst. prices declined sharply, on selling induced by reports of showers and lower temperatures in the
Northwest. 'Stop loss orders were caught on the way down,
and hedging pressure increased. Buying was limited. The
closing was at about the low of the day and the lowest
since May 24. The movement of new wheat continued to
Increase, and there is a tendency to revise production estimates upward, owing to recent rains. Winnipeg was % to
%c. lower, with export demand slow. Liverpool was unchanged to M3d. lower.
To-day prices ended % to %c. higher, on buying owing
to unfavorable threshing returns from central Illinois and
Nebraska. One report estimated that the yield in Illinois
and Nebraska at only 2 to 8 bushels an acre, and the wheat
was said to be hardly fit for milling purposes. This contrasts sharply with recent reports from southeastern Kansas.
Rains in the Northwest and a partial breaking of the drouth
in Europe led to selling at one time, which sent prices below
the previous close. A new low record since May 24 was
reached. Harvesting in the Southwest was making good
progress. Final prices are 4% to 4%c. lower than a
week ago.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
111% 1123's 1123's 109% 106% 1073's
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat, Mon. Tues. Wed. Thurs, Fri.
94
94% 94
923's 893's 897i
July
September
943's 953's 953', 923's 8934 90%
95% 963.4 96% 93% 91% 91%
December
Season's Low and When Made.
Season's High and When Made.
106% June 1 1934 July
703's Oct. 17 1933
July
June 1 1934 September _ _
743.4 Apr. 19 1934
September ___ _107
December _ _ -109% June 5 1934 December-97% June 22 1934
PRICES OF WHEAT FUTURES IN WINNIPEG.
DAILY CLOSING
Sat. Mon. Tues, Wed. Thurs. Fri.
77
773', 77% 76% 763.4 763's
July
79% 80% 7974 78% 78
7834
October
80
81
December
7934
8034 79% 79
Indian Corn showed very little activity. On the 16th
inst. prices dropped 34 to 13/80: in sympathy with wheat and
also partly because of indications for general rain over the
belt. Local bulls and Eastern houses were selling. Early
prices were higher on buying owing to chinchbug damage
reports from Illinois. On the 18th inst. prices after some
early weakness owing to selling on beneficial rains in the belt
over the week-end, rallied in the late trading on a good demand from Eastern interests and short covering inspired by
further complaints of chinchbug damage. The ending was
134 to 134c. higher. On the 19th inst. prices ended Me.
lower to Mc. higher. Early prices were slightly higher but
selling by Eastern interests later in the day brought about it
decline. Offerings were light. It was purely a local affair.
On the 20th inst. prices closed M to 1 Mc. lower on selling
owing to rains over the belt and weakness of wheat. The
Government weekly weather report said that rains during
the last week had been timely and sufficient to produce
marked improvement in the crop.
On the 21st inst. prices ended 1% to 2%c. lower, on general liquidation owing to beneficial rains. Eastern interests
sold. Buying power was lacking. Yet complaints of chinch
bug damage continued to be received. Country offerings to
arrive were larger. To-day prices ended % to %c. lower.
Heavy rains in Illinois and Iowa, and predictions for more,
caused selling. Final prices for the week are 2% to 3c.
lower.
Friday Night, June 22 1934.
Flour has been in very small demand, with buying at the
moment on a hand-to-mouth basis. Prices recently declined
sharply in sympathy with wheat.
Wheat trading was of rather small volume. Prices on
the 16th inst. after displaying steadiness in the early trading
eased later on and ended with net losses of % to lc. Showers
in the American Northwest alid in Western Canada led to
selling. Some hedge selling was noticeable late in the
session. There was a lack of buying power. Showers were
said to be slowing up harvesting in the winter wheat belt.
Winnipeg was unchanged to Mc. lower owing to good rains
in Canada and a fair export demand. Liverpool closed
id. to 1 Md. higher owing to short covering influenced by
complaints of dry weather in Western Europe and Australia.
Broomh all said central Germany is still dry and much damOn the 18th inst. prices ended
age to wheat is resulting.
higher. It was a narrow market with early prices
% to %c.
slightly lower inder liquidation and hedge selling but a good
demand developed on the decline and prices moved upward.
Buying was influenced by the strength in corn, as well as by
DAILY CLOSING PRICES OF CORN IN NEW YORK.
the firmness in Winnipeg and Liverpool. The movement
Sat. Mon. Tues. Wed. Thurs. Fri.
of new wheat showed a marked increase and hedging sales No. 2 yellow
7274 74
,
, 73
737
7()34 70
were unusually large for this time of the year. Good rains
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Western Canada and the American Northwest and
fell in
Sat. Mon. Tues. Wed, Thurs. Fri.
57% 58% 583's 57's 55% 5434
further rains were predicted throughout the belt. Winnipeg July
58% 603's 60% 5934 57% 5634
lc. higher while Liverpool was Md. lower to September
3
ended 4 to
5934 6034 6034 59% 58
December
5734
Md.higher. On the 19th inst. it was another narrow market.
Season's Low and When Made.
Season's High and When Made.
unchanged to Mc. higher. It was one of July
64% June 1 1933 July
43
Apr. 17 1934
and prices ended
6674 June I 1934
45
Apr. 17 1934
the dullest sessions in recent weeks. After opening slightly September ____ 6334 June 13 1934 September _
December
December
5634 June 5 1934
higher under a light demand from commission houses inOats were rather quiet with little or no outside interest.
spired by higher temperatures in the Northwest there was a On
range
prices
reaction on light hedging sales. Covering of shorts, however, and the 16th inst. sessionfluctuated within a narrow The
with net losses
wound up the
late in the session brought about a moderate rally. In the weakness in other grain affected oats. of M to 3%o. inst.
On the 18th
Southwest scattered rains were said to be delaying the harvest prices closed Mi to Mc. higher
strength in
in some sections. Nat C. Murray said that in central and other grain. Beneficial showers reflecting the
caused
west-central Illinois chinch bugs have caused farmers to some early selling but the marketover the week-end buying
rallied later under
abandon some corn fields, that oats would probably not
prices
the advance in corn. On the
make one-fourth of au!) normal yield on the acreage planted inspired by lower to Mo. higher. It was a19th inst.
ended Mc.
narrow market.
in that area and that a few wheat fields had been almost Selling pressure was light. Local traders were buying. On
totally destroyed by chinch bugs, but he expressed the belief
inst. prices ended % to lc. lower. Argentine
that the outcome for wheat would be favorable. Winnipeg the 20th
Financial Chronicle
. olume 138
oats were said to be offering at Atlantic ports at 283i to 29e.
a bushel plus 16e. import duty and the general belief was
that the drouth in Europe makes importations at this time
unlikely.
On the 21st inst. prices declined 1% to 114c., owing to
/
beneficial rains over the belt, which caused scattered selling. Stop loss orders were encountered on the decline. Today prices ended with net losses of % to %c., owing to the
weakness in corn. Final prices show a decline for the week
of 3% to 3%c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
55
55% 55% 5431 52% 52
DAILY CLOSING PRICES OF'OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
43% 43% 43% 42% 41
40%
September
43% 43% 43% 42% 40% 40%
December
41%
44% 44% 44% 43% 42
Season's High and When Made.
Season's Low and When Made.
July
47% June 1 1934 July
2434 Apr. 17 1934
September _-__ 47% May 25 1934 September
2634 Apr. 17 1934
December
50
June 1 1934 December
4134 June 22 1934
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
3834 39% 39% 3834 3834 3831
October
38% 3834 3834 37% 3734 3734
Rye was influenced for the most part by the action of
wheat. Trading was light. On the 16th inst. prices ended
M to 9/80. lower. On the 18th inst., prices advanced 1 to
13,'c. under a fair demand from commission houses and
Northwestern interests, owing to the strength of corn. Offerings were rather light. On the 19th inst., prices ended
Mc. lower to / higher, reflecting the action of wheat.
3 3c.
A fair demand from commission houses and covering of
shorts caused a rally from the early low. On the 20th inst.,
prices ended 23./ to 2%o. lower, owing to the smallness of
the demand. The weakness in other grain also had its influence.
On the 21st inst. prices ended 1% to 2c. lower, in response
to the decline in wheat. Selling was rather light, but the
demand was small. To-day prices closed % to %c. higher,
In sympathy with wheat. Final prices show a decline for
the week of 3 to 3%c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
6634 6634 6334 6134 62
65
September
6634 6734 6774 6531 6334 53%
December
68% 6974 6974 6734 6531 66%
Season's High and When Made. I Season's Low and When Made.
July
70
Nov. 21 1933 JulY
50% Apr. 19 1934
September
7134 June 1 1934 September
5231 Apr. 19 1934
December
7234 June 13 19341 December
6534 June 22 1934
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
7
July
54% 5534 55% 54% 53% 5434
October
56% 5634 5635
58
SO/ 58
7
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. 'Wed. Thurs. Fri.
July
5631 5834 5834 5834 55
5334
September
54% 52% 5034 5034
5431 55
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
4451 45
4431 4531 4474 44
October
4534 4531 4531
45% 46% 46
Closing quotations were as follows:
GRAIN.
Wheat, New York
Oats, New YorkNo.2 red,c.i.f., domestic =-107%
52
No.2 white
,
Manitoba No.1,f.o.b. N. - 85%
51
No.3 white
Rye.No.2,f.o.b.bond N.Y 64
Corn, New York
Nom.
Chicago, No. 2
No. 2 yellow, all rail
Barley
70
No.3 yellow, all rail
69%
N.Y.,4734 lbs.malting
69%
Chicago,cash
55-101
FLOUR.
Spring pats.,high protein 17.0007.50 Ryeflour patents
$4.5004 75
Spring patents
7.7007.00 Seminola, bbl., Nos. 1-3_ 9.2509.55
Clears,first spring
2.80
6.2006.50 Oats good
Soft winter straights.._.... 5.75 6.30 Corn flour
2.10
Hard winter straights_-- 6.4006.80 Barley goods
Hard winter patents-_-- 6.7507.15
Coarse
3.60
Hard winter clears
Fancy pearl,Nos.2,48a 5.4505.62
6.0006.50
For other tables usually given here see page 4248.
The exports from the several seaboard ports for the week
ending Saturday, June 16 1934, are shown in the annexed
statement:
Exports fromNew York
Baltimore
Newport News
New Orleans
Montreal
Quebec
Hain
Wheat.
Bushels.
Corn.
Bushels.
230,000
2,000
3,000
1,586,000
561,000
•
Total week 1934__ 2,380,000
Same week 1933_ _ 3.452.000
.
Oats.
Bushels.
Flour.
Barrels.
13,040
1,000
1,000
2,000
62,000
Rye.
Bushels.
Barley.
Bushels.
101,000
8,000
2,000
101,000
3.000
87,047
05 ono
206.000
The destinatOn of thesa exports for the week and since
July 1 1933 is as below:
Flour.
Exports for Week
Week
and Since
June 16
Julg 1101934.
Since
July 1
1933,
Wheat.
1Week
June 16
1934.
Since
July 1
1933.
Corn.
Week
June 16
1934.
Since
July 1
1933.
Barrels. Barrels.
Bushels.
Bushels. Bushels.
Bushels.
368,000
United Kingdom. 37,360 2,673,606 1,293,000 43,557,000
256,000
29,665
Continent
654,389 1,083,000 59,108,000
469,000
2,009
1,000
61,000
4,000
So. & Cent. Amer_
55,000
4,000
52,000
2,000
784,000
West Indies
1,000
70,000
Brit. No. Am.Col. 5,000
10,015
735,000
13,000
213,248
Other countries
Total 1934
r,••.....1 I oTi
87,040 4,456,243 2,380,000 103,921.000
03.960 3.998.822 3 452.000 151.664.000
2,000
695,000
4,823,000
4325
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 16, were as follows:
United StatesBoston
New York
" afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha_
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
" afloat
On Canal
GRAIN STOCKS.
Wheal,
Corn,
Oats,
Rye,
Barley,
bush,
bush,
bush,
bush.
bush.
76.000
7,000
64,000
168,000
.45,000
84,000
63,000
101,000
140,000
153,000
24,000
a46,000
8,000
342,000
4,000
21,000
b25.000
1,000
115,000
11,000
146,000
16,000
39,000
1,000
430,000
1,910,000
84,000
112,000
5,000
18,000
831,000
2,134,000
4,000
263,000
1,149,000 1,661,000
2,000
24,443,000
847,000
213,000
86,000
20,000
3,303,000 4,587,000 5 04,000
28,000
24,000
127,000
5,000
311,000
316,000
14,000
26,000
183,000
150,000
63,000
1,786,000
999,000
438,000
274,000
69,000
80,000
974.000
1,902,000 12,635,000 2,426,000 4,386,000
76,000
318,000
905,000
108,000
528,000
500,000 1,559,000
17,168,000 2,945,000 9,812,000 2,390,000 5,563,000
11,319,000 4,048,000 7,312.000 1,811,000 1,129,000
8,000
15,000
26,000
72,000
90,000
4,158,000 7,881,000
829,000 1,203,000
204,000
214,000
450,000
317,000
101,000
Total June 16 1934... 73,036,000 39,086,000 23,585,000 10,228,000 8,643,000
Total June 9 1934
73,644,000 41,685,000 24,933,000 10,506,000 9,009,000
Total June 17 1933
119,736,000 42,182,000 25,077,000 9,761,000 11,549.000
• Includes 3,000 Polish rye. a Includes foreign rye duty paid. b Also has
174,000 Polish rye.
Note.
-Bonded grain not included above: Wheat, New York, 113,000 bushels:
New York afloat, 593,000: Buffalo, 4,345,000; Buffalo afloat, 715,000: Duluth,
4,000; Erie, 1,508,000; on Lakes. 756,000; Canal, 1,214,000: total, 9,248,000 bushels,
against 5,357,000 bushels in 1933.
Wheat,
Corn,
Oats,
Rye,
Barley,
bush,
bush,
bush,
Canadianbush.
bush.
Montreal
2.976,000
1,204,000
407,000
251,000
Ft. William & Pt. Arthur 61,572,000
1,822,000 2.175,000 3,922,000
Other Canadian and other
28,608,000
2,363,000
water points
471,000 1,120,000
Total June i611934__ 93,156,000
Total June 9 1934
Total June 17 1933
Summary
American
Canadian
5,389,000 3,053,000 .5,293,000
5,425,000 3,117,000 5,688,000
4,285,000 3,910,000 2,862,000
99,124,000
88,614,000
73,036,000 39,086,000 23,585,000 10,228,000 8,646,000
93,156,000
5,389,000 3,053,000 5,293,000
Total June 16 1934_A66,192,000 39,086,000 28,974,000 13,281,000 13,939,000
Total June 9 1934
172,768,000 41,685,000 30,358,000 13,623,000 14,697.000
Total June 17 1933
208,350,000 42,182,000 29,362,000 13,671,000 14,411,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending June 15, and since July 1 1933 and July 2 1932, are
shown in the following:
Wheat.
Exports.
1Veek
June 15
1934.
Since
July 1
1934.
Corn.
Since
July 2
1933.
•
Week
June 15
1934.
Since
July 1
1933.
Since
July 2
1932.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 3,912,000 210,975,000290,507,000
5,000
828,000 5,549,000
Black Sea,_ _
384,000 41,915,000 19,512,000 3,291,C00 36,381,000 70,764,000
Argentina._ 3,725,000133,553.000108,647,000
783,000204.508,000200,220,000
Austral 11
_ 1,236,000 85,290,000151,195,000
0th. countr's
840,000 27,516,000 24,125,000
170,000 11,050,000 31,513,000
Total
10,097,000 499.249.000 593,986,000 4.249,000252,767,000308,046.000
Weather Report for the Week Ended June 20.
-The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended June 20, follows:
A tropical storm moved inland from the Gulf into Louisiana on the
16th, and thence northeastward to the middle Atlantic area at the close
of the week. In Gulf sections it was attended by high, damaging winds
and excessive rainfall over a limited area, chiefly southern Louisiana and
southwestern Mississippi; the rainfall reached more than nine inches for the
week in some localities. As the storm moved northeastward, muchneeded general rains fell in the more northern sections, especially Ohio,
West Virginia, Pennsylvania and New York. The rains were decidedly
favorable over this area, effectively relieving drouthy conditions in many
places and being of substantial benefit quite generally. Rains were also
substantial in amount in western Oklahoma, most of Kansas and Nebraska,
and more locally in the northern Mississippi Valley area and the Northwest. But little rain occurred in the Southwest, with most stations from
Texas westward, including practically all of the Great Basin, reporting
little or no precipitation.
Chart I shows that the week was abnormally warm in the southern
Great Plains and west Gulf area, and also in much of the Northwest.
In most other sections the temperatures averaged moderately above normal
though there were slight deficiencies in parts of the Lake region, locally
In the Central-Northern States, and the far Southwest.
Additional showers, in some places general rains, brought further relief
to serious drouthy conditions over considerable areas. In the Northeast
the drouth was largely broken in New York, Pennsylvania, West Virginia and the western portions of Virginia, and an appreciable measure
of relief was afforded Ohio and parts of Kentucky. Farther west good
rains in western Oklahoma, Kansas and Nebraska were outstandingly
Important, as these, in addition to the more eastern States receiving relief,
had not been favored as much as some other sections by the rains of last
week.
At this writing, more or less rain has occurred since the first of June
over practically all drouthy sections east of the Rocky Mountains, but in
many cases showers have been irregularly distributed, with some localities receiving generous, even excessive, amounts, while others are stil
badly needing moisture. The drouth is by no means definitely relieved.
except locally, throughout the areas comprising the Lake region, the central valleys, and the Northwestern States. Preliminary reports show the
following Percentages of normal rainfall from June 1 to 19, inclusive:
Montana, 110%; North Dakota, 105; South Dakota, 128; Nebraska,
111; Minnesota, 111; and Kentucky, 132%. The other States have
had less than normal, as follows: Wisconsin, 73% of normal; Iowa, 81;
Kansas, 85; Missouri, 68; Illinois, 72; Indiana, 65; and Ohio, 97%.
While rains have been very beneficial rather generally over the drouthy
areas, these figures indicate very definitely that more rain is needed. In
4326
Financial Chronicle
addition, while the northern Rocky Mountain sections have had very
helpful rains in most places. the Southwest and far West, including parts
of Idaho, the Great Basin, the southern Rocky Mountain sections, and
most of Texas, are largely unrelieved. In the Southeastern States less
rainfall and more sunshine were helpful in permitting better cultivation
of row crops, and the situation in this area, where it has been too wet.
Is somewhat improved. With the exception of dryness in Texas, conditions in other Southern States are largely favorable, and good growing
weather continues in the middle and north Atlantic sections.
Farm work made mostly satisfactory advance, with the cultivation of
corn becoming active. The beginning of winter wheat harvest has advanced to central Illinois, southern Iowa and southeastern Nebraska at
an earlier date than normal. Grass and range lands in the Northwest
show appreciable improvement since the rains, though recovery naturally
will be slow. In this area the livestock situation has improved materially,
while emergency forage crops planted since the rains have come up quickly
and are getting a nice start; plantings continue, but in some areas there is
complaint of seed shortage. Chinch bugs are destructive in some central
valley areas, especially southern Iowa, Missouri and Illinois.
SMALL GRAINS.—Although light to moderately heavy rains occurred
over much of the Ohio Valley the latter part of the week, winter wheat was
generally too far advanced to be materially helped; the crop was largely
headed, with cutting begun to some central portions. In Missouri harvest is mostly comnleted, with heads not well filled, while in Iowa cutting
has begun two weeks early, with the crop on such short straw that it hampers the use of binders; kernels developed better the past week, but heads
are still poorly filled. Harvesting winter wheat is half to three-fourths
done in southeastern Kansas, while in Texas and Oklahoma this work is
nearing completion, with threshing begun. Cutting has started in Nebraska
while in Montana wheat is filling better. Harvest has commenced locally
In the Pacific Northwest and is advancing rapidly in the Southeast.
In the spring wheat region late-planted wheat showed improvement,
but moisture was too late for the early planted, which is generally heading
short and in some places too low to be harvested as grain. In Montana
late-seeded or dormant grain germinated well and stands were increased.
Much oats are reported beyond recovery in the central valleys; fields not
pastured or replanted are heading very short. In Iowa oats and barley
are reported the poorest of record, with about half the acreage scarcely
worth cutting for hay and being pastured; late oats made some growth,
but the crop Is still not over a foot high.
CORN.—The well-distributed rains during the past two weeks have been
timely and sufficient to produce a marked improvement in the condition
of the corn crop. Late-planted fields have come up to good stands generally, and while uneven, the crop Is now mostly in satisfactory condition.
The more recent rains in the eastern Ohio Valley will be especially beneficial,
and also in the southwestern corn belt. However, in Texas, because of
continued dryness, corn shows further deterioration, and rain is needed in
Oklahoma.
COTTON.—Weather conditions as affecting cotton show no important
change during the past week. Excessive rains, resulting from the tropical
storm, did more or less damage in the lower Mississippi Valley, but the
area appreciably affected is comparatively small. In the eastern belt
more sunshine permitted somewhat better cultivation than recently, but
plants are still sappy and many fields wet and grassy from previous excessive moisture. At the same time, conditions remain favorable for
weevil in the southeastern portions of the belt. In the central sections
the progress of cotton was satisfactory in most places, except where precipitation was heaviest. In Oklahoma progress of the crop was mostly
good, with fields well cultivated and clean. In Texas drouthy conditions
continued but cotton held up well during the week, considering the scanty
moisture.
The Weather Bureau furnished the following resume of
the conditions in the different States:
Virginia.—Richmond: Temperatures near normal; precipitation heavy
at close. Dryness ended in Great Valley. Growth of cotton poor to fair.
Potatoes and corn rapid advance. Wheat nearly ripe. Sweet potatoes
and tobacco thriving. Meadows and pastures short in sections of Great
Valley, but good elsewhere.
North Carolina.—Raleigh: Weather warm, with ample sunshine, favorable for growth of crops and field work, until interrupted by rain near
close of week. Progress of cotton good: much needed cultivation rushed.
Most crops doing well, though many fields still grassy
South Carolina—Columbia: Moderate rains Sunday and Monday.
Considerable progress in chopping cotton and cultivating crops, but much
remains to be done. Delayed grain harvesting rushed; threshing begun.
Gardens, truck, minor crops, and pastures excellent advance. Cotton
condition somewhat improved, with squares forming freely and first bloom
noted in south;stands poor in places and plants small for season, especially
In north.
Georgia—Atlanta: Rain at beginning and close, but conditions more
favorable middle of week. Crops show improvement locally, but fields still
grassy. Chopping cotton fairly good advance in some northern areas where
nearing completion; crop still sappy many sections; favorable for weevil
activity, especially in south. Corn, truck, cane, and minor crops good
growth.
--Jacksonville: Rainfall excessive, except in west and extreme
Florida.
south, damaging all crops, flooding lowlands, and washing out roads and
bridges. Cotton condition and progress fair; blooming slowly.
--Montgomery: Moderate temperatures and local showers.
Alabama.
Cotton progress very good and condition mostly good; cultivation progressed well, except where rains of previous week heavy; squaring well
to north and blooming in south. Corn, miscellaneous crops, and pastures
good.
Missiesippt.—Vicksburg: Generally moderate temperatures. Heavy to
excessive rains, with high winds, Saturday and Sunday in southwest and
west-central; moderate to heavy falls elsewhere. Progress of cotton rather
poor to good. Progress of corn fair, except poor in rainy areas. High
winds and excessive rains caused much damage to truck, corn, buildings,
trees, fruit, and fencing.
Louisiana—New Orleans: Wind and torrential rains from tropical
storm caused great damage to all crops in about 20 parishes in southcentral and along Mississippi River. Corn, truck, and fruit suffered most,
while cotton also badly damaged, but cane not seriously hurt. Outside
storm area, progress and condition of cotton and corn good, except in
northwest and extreme west where moisture needed for corn and flooding
rice.
Texas.—Houston: Warm during week; light to moderate showers in
central and northwest, but dry elsewhere. Cotton held up well during
week and condition continued fair to good. Winter wheat and oat harvests progressed rapidly and threshing begun; condition ranged from
poor to good. Corn deteriorated rapidly in dry areas and general condition averaged poor to only fair. All crops and ranges need rain.
Oklahoma.—Oklahoma City: Warm, with moderate to excessive rains
In west and central and a few scattered areas of east. Moisture very beneficial, especially in Panhandle. Oat and wheat harvests delayed somewhat, but nearing completion in some sections. Progress and condition
of cotton good to very good; fields clean. Condition and progress of corn
fair, but needs rain in small areas of east and extreme south-central.
Arkansas.—Little Rock: Progress of cotton very good to excellent,
with favorable weather, but too wet locally; condition favored checking
weevil activity generally, except locally; crop blooming in southeast and
squaring in many localities. Progress and condition of corn very good to
excellent. Very favorable for wheat and oat harvests, also for most other
crops.
Tennessee.—Nashville: Excellent prowess in harvesting winter wheat
and now mostly shocked in west. Widespread rains Sunday relieved
drouth and soil now generally well supplied. Corn growing rapidly; condition very good. Tobacco irregular. Condition of cotton good to excellent;
good progress in chopping;squares forming.
Kentucky.—Loulsville: Temperatures moderate to high. Transplanting tobacco nearly finished;stands fair to good. Moderate to heavy showers
unevenly distributed, but beneficial, especially to tobacco. Progress and
condition of corn generally very good and improving. Wheat harvest over
in southwest, but continuing in west; ripening in central and east. Oats
headed short. Pastures have improved irregularly; need more rain in most
districts
THE DRY GOODS TRADE
New York, Friday Night, June 22 1934.
r Reports from retail centers during the past week bore a
spotty character. Relatively best results continue to be
June 23 1934
recorded in the South, while business in the West is now feeling the effects of the drouth, although by no means to the
extent anticipated at the time when the first reports of the
affliction were current. While retail prices show more
steadiness than in recent weeks, reflecting the firming of
quotations in the wholesale market, current profit margins
for retail merchants are said to leave much to be desired.
Mark-ups in general have had to take into consideration
the continued sales resistance of the consuming public, and
stores are faced with appreciable inventory losses on goods
bought at prices above the present market. Sales of department stores in the metropolitan area during the first
half of June, according to the report of the Federal Reserve
Bank of New York, showed a gain of 1.7% compared with a
year ago. Excluding liquor sales, however, a decline in the
dollar volume of 0.1% was recorded.
A slightly better feeling continued to manifest itself in
the wholesale dry goods markets, resulting in increased
activity in practically all lines. Sales of fall goods to retail
accounts were said to show some expansion, spurred by
rumors of future price increases and partly in connection with
contemplated late June and July promotions. Wholesalers
on their part, bought good quantities of brown sheetings,
percales and printed wash goods for fall. The number of
buyers visiting the metropolitan market increased somewhat
over the previous week, but is still below last year's corresponding figure. Trading in silk goods was spotty with
the price trend continuing slightly downward, particularly
on summer goods, which are being cleared at concessions.
Greige goods were inactive. Figures released by the Textile
Code Authority state that the shutdown of silk mills during
the week of May 14 resulted in a cut in output for that
month as compared with April amounting to 22%, with
stocks on hand showing a decrease of 8%. Business in rayon
yarns showed a slow improvement, with 200
-denier weaving
yarns getting the bulk of the demand. Other counts were
less active, although fair amounts of 150-denier were taken
by broad silk weavers. A slightly better call appeared for
acetate and cuprammonium yarns. While the demand from
knitters continued to lag, some signs of improvement were
noted in that section of the market.
Domestic Cotton Goods.—Following the spurt of activity in the gray cloth market during the preceding week,
business slowed down considerably although prices held
steady. On Wednesday and Thursday activity increased
somewhat, as a result of a temporary upturn in raw cotton
prices. A goodly number of bids for August and September
deliveries appeared in the market but mills continued unwilling to sell at current prices and prospective buyers, on
the other hand, were equally reluctant to pay premiums for
such deliveries. While the movement of finished goods was
said to have improved, no real break in the present deadlock
on the gray cloth market need be looked for until such time
as either raw cotton prices show a pronounced enhancement
or consumer buying at retail experiences a substantial pickup.
While considerable amounts of goods may remain to be covered and the position of the mills appears sufficiently improved to minimize the possibility of distress offerings, the
large purchases of gray cloths during the last few weeks are
believed to have fortified the position of the buyers to a
corresponding extent. Following large sales earlier in the
week of combed lawns for July and August shipment, trading in standard fine goods constructions was quiet. Mills
were reluctant to accept orders for later deliveries while
buyers showed little interest in nearby goods. Closing
prices in print cloths were as follows: 39-inch 80's, 8% to
87 c.; 39-inch 72-76's, 8%c.; 39-inch 68-72's, 73' to 7fAo.;
4
383/-inch 64-60's, 6M to 6%o.; 3834inch 60-48's, 51
2
%0.
Woolen Goods.—Trading in men's wear fabrics expanded
somewhat during the past week with Western as well as
local manufacturers placing a fair volume of orders. Spot
sales of serges and oxford gray mixtures were said to be
quite substantial and there was also a steady call for rush
shipments of tropical worsteds, flannels and other summer
material. Prices showed few changes although a trend in
the demand towards lower-quality fabrics was again in
evidence and indications point to continued interest in
woolens and cotton-mixed goods. Reports from retail
clothing centers continued spotty with the chief demand
centering in seasonal summer apparel. Much interest was
shown in the announcement that the wool industry has rejected the proposal that it shut down all productive machinery
for a period of two weeks next month, the shutdown to be
followed by a mandatory 40-hour shift. It is generally believed that efforts to put a curb on production will be continued. Business in women's wear was again confined to a
fair number of sample orders.
Foreign Dry Goods.—The demand for linen dress goods
and suitings shows hardly any let-up, and most reports agree
that the turn-over in linen piece goods during the current
season has been the largest in years. Initial orders now being
placed by importers for next year's season reflect the continued heavy call in this market, their size in soma instances
being double that of last year. In line with lower quotations
reported from the Calcutta market, burlap prices sagged
appreciably. Orders were restricted to immediate spot
requirements. Domestically lightweights were quoted at
4.30c., heavies at 5.8.5c.
Financial Chronicle
Volume 13A
4327
State and City Department
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105 W.Adams St.
CHICAGO
.
DIRECT
WIRE
.
314 N. Broadway
ST. LOUIS
NEWS ITEMS
companies, which have paid premium taxes in lieu of all
other taxes. The decision leaves the old law in full force
and effect, according to report.
New Jersey.—Apportionment of Gross Receipts Taxes Set
Aside.—On June 19 the State Board of Tax Appeals ordered
the entire apportionment of gross receipts taxes set aside,
according to a Trenton dispatch to the New York "Journal
of Commerce" of June 20, which goes on to say: .
In an opinion regarded as the most important in recent years, the State
Board of Tax Appeals to-day ordered the entire apportionment of gross
receipts taxes, as performed by Tax Commissioner J. H. Thayer Martin.
set aside.
Declaring Martin's apportionment of gross receipts taxes levied upon the
Public Service Electric & Gas Co. was "arbitrary, capricious and illegal"
and based upon "a fanciful theory of valuation," Francis D. Weaver,
President of the Board, directed the Commissioner to reapportion the tax
upon the valuations returned to hini by the various county boards of
taxation.
Martin used a formula "completely disregarding the valuations made by
the assessors," Weaver contended.
The order affects more than 300 taxing districts, in which the property of
the utility is located. The specific appeal was brought by the City of
Hoboken, which placed a value of $3,244,100 for the year 1933 upon the
personal property of the company located in that district. This valuation
was certified by the Hudson County Tax Board but was cut to 41,090,579
by Martin, according to Weaver.
Kentucky.—Governor Signs 3% Gross Receipts Tax Bill.—
The 3% gross receipts tax bill became a law on June 15
when Governor Ruby Laffoon signed it shortly after it
had been passed by the Senate,thus concluding the Governor's Yung fight to make a general sales tax the foundation
of Kentucky's revenue system, according to the Louisville
New York City.—Cash Balance Shows Decline for Week.—
"Courrier Journal" of June 16. The law carries an emer- The weekly financial statement of Comptroller McGoldrick
gency clause but will probably not be enforced for several issued at the close of the week on June 9 showed that the
days, or until such time as the machinery for its operation city's cash balance had declined from the $57,130,503 of the
can be set in motion. The new law levies a 3% tax on gross preceding week to $40,729,152. The total receipts of the
receipts from almost all retail sales until June 30 1936, it is week from revenue were $7,246,277 and for the year $361,stated.
132,213. The total borrowings were $75,000 (special revenue
Massachusetts.—House and Senate Reject Biennial Sessions bonds), and for the year $195,703,000. This brought the
of annual total receipts for expenditure purposes down to $4,019,330
—An initiative petition for biennial instead
sessions of the State Legislature was rejected by a joint because of tax collections pledged under the bankers' agreeconvention of the,House and Senate on June 12, failing by a ment of $3,301,947, and for the year for expenditure purmargin of two votes to win the required approval of one- poses $345,601,715, allowing for $211,233,498 pledged to
fourth of the combined membership of the two branches. the bankers.
The payments for the week totaled $20,420,679 and for
Seventy votes were necessary and only 68 were cast in favor
of the petition, while 187 legislators voted against it. The the year $352,584,971. The excess payments over receipts
Grange and totaled $6,983,256.
petition, sponsored by the Massachusetts State
the State Federation of Taxpayers' Association, sought
NewYork State.—Comptroller Reports Continued Credit Imsubmission to the voters of the question of amending the provement.—In the annualreport of the Department of Audit
Constitution to provide for biennial sessions. Under the and Control for the year ended June 30 1933, that was
procedure the petition required acceptance by the Legis- issued recently, it was stated by Morris S. Tremaine, State
lature this year and again next year before the question could Comptroller, that New York State shows a continued imbe placed on the ballot at the election in 1936.
provement in credit rating. He expressed the belief that
Municipal Bonds Declared Past the Depression and millions of dollars in lowered interest costs would be saved
Credit.—Frank H. by municipalities if they adopted fiscal provision similar to
New Era Forecast in Municipal
Morse, manager of the municipal bond department of Leh- the State and made payment of their obligations the first
man Brothers, declared on June 19 in a round table discussion consideration. He warned against abuse of the State's
broadcast over the radio from New York,that the passage high credit, however, by too frequent borrowing.
of the Fletcher-Rayburn bill and the adoption of the InThe State's net debt for the year reviewed increased $66,vestment Bankers' Code "undoubtedly has marked the be- 683,444, of which $49,576,149 was in the form of temporary
ginning of a new era in the municipal securities business." loans. The gross State debt as of June 30 1933, is put at
The New York "Herald Tribune" of June 20 carried the $618,866,000. On April 4 1934, the State had $298,505,000
following article on Mr. Morse's predictions:
of bonds authorized but unissued.
A new era In the municipal bond business will result from the passage
Senate Votes W. T. Thayer Guilty Unanimously.—Former
of the Fletcher-Rayburn bill and the adoption of the investment bankers'
code, according to Frank H. Morse, manager of the municipal bond deSenator Warren T. Thayer, Chateauga.y Republican, who
partment of Lehman Brothers. In a round-table radio discussion last night
resigned on June 11 after Governor Lehman had called the
over aiNational Broadcasting Company network, in which he _,participated
with Howard P. Jones, Secretary of the National Municipal League, and
special session of the Senate—V. 138, p. 4161—was found
Professor Thomas H. Reed, director of the Municipal Consultant Service,
guilty of official misconduct by his former colleagues, the
Mr. Morse declared that investment bankers more than ever before will
have to become students of municipal credit and the factors underlying that
vote was 47 to O. The Senate adjourned sine die after being
credit.
in session two and a half hours, one of the shortest special
The whole tone of municipal credit is toward improvement. Mr. Morse
stated. During the last four months prices of local government bonds have
sessions in the State's history.
advanced to such a degree as to indicate that "the words depression and
(This subject is handled at greater length in our departmunicipal bonds belong in different languages." Last December many
municipalities were unable to sell their bonds, he pointed out, but a point
ment of "Current Events and Discussions" on a preceding
now has been reached where prices of some obligations are almost at the
page.)
high levels of United States Government securities.
Governor Reports Decline in State Tax Receipts.—The
Finds Many Bonds Too High.
"The credit of New York City, for instance, has so greatly improved
following report is taken from a Clinton, N. Y., dispatch
that its bonds formerly selling in the seventies are now selling at par value,"
to the New Yok "Journal of Commerce" of June 19, regardMr. Morse continued. "Chicago bonds have advanced from the sixties
ing"Governor Lelunan's statement on the alarming decline
to 94. And this situation has not been confined to a few large cities.
has been such general improvement that some municipalities formerly
There
in the collection of State taxes:
offering issues with the prayer that there would be at least one bid now find
keen competition among strong financial groups. This competition in
itself has tended to raise the price of even distinctly second and third grade
securities.
"Frankly, there isn't any rhyme or reason In some of the prices of municipal bonds to-day. Some elements of intrinsic value get considered,
while others do not. A debtor's reputation for paying his debts is an
element in the intrinsic value of the securities which bear his name. The
size of the debt in relation to the debtor's resources is another. Such
matters are considered by Prospective purchasers of bonds as is economy
in government and tax collections.
Says Slump Made Good Citizens.
"The depression has made more good citizens than all the laws on the
statute books." said Mr.Jones. "People who just took their local governments for granted a few years ago are suddenly realizing that the services
rendered by these governments are perhaps the most important purchases
they make and they are beginning to scrutinize the costwith appraising eyes."
Professor Reed predicted that "as we emerge from the period of graft
and inefficiency in local government, we have every reason to be hopeful
of creating in this country a democracy that will work, but In order to do
so we will have to create a government which will be responsive to public
opinion and efficient."
Nebraska.—Intangible Tax Law Held Unconstitutional.—
The intangible tax law passed at the last session of the State
Legislature was held unconstitutional and void by the
State Supreme Court on June 18 for the reason that its title
was defective and its provisions discriminatory, according
to press dispatches. The law was assailed by numerous
buaness interests, and they cited life and fire insurance
Governor Lehman disclosed to-day in an address before the Hamilton
College graduation class that there has been an alarming decrease in collection of New York State taxes.
He explained that "the result of these disappointing tax returns is that
the deficit for the current year ending June 30 1934, will be very considerably
larger than was estimated some months ago."
The Governor, principal speaker at the college's annual commencement exercises, explained that collections from the stock transfer tax, one
of the most important in the State's budget, decreased from a high of more
than $8,000,000 in August 1933, to approximately $1,500,000 in May 1934.
"The personal income taxes collected this year, but based of course on
1933 incomes, will alone show a falling off of about $16,000,000 from estimates," Governor Lehman continued.
"There are other substantial decreases in tax returns, particularly in
the corporation tax, motor vehicle and gasoline taxes and the alcoholic
beverage tax.
"Unlike municipalities, which can,and eventually do,collect substantially
all taxes on real property, even though payment may be greatly delayed,
the State suffers a permanent and irretrievable loss if taxes bring in a return
less than estimated."
Comptroller Defines Bank Collateral.—Government Bonds
Not Eligible as Security for State Deposits.—The Albany
"Knickerbocker Press" of June 14 reports that United States
Government bonds no longer are accepted by State Comptroller Morris S. Tremaine as security for New York State
4328
•
Financial Chronicle
deposits; under the law, now to be strictly enforced, only
bonds of the State itself, certain Port Authority bonds,
Buffalo and Fort Erie Bridge Authority bonds and bonds
written by surety companies authorized to do business i n
this State are eligible.
North Dakota.
-Governor Langer Convicted on Conspiracy
Charges-Sentence Deferred Until June 29.
-Governor William Langer was convicted on June 17 on Federal charges of
conspiracy to block the Administration's recovery program.
The particular charge upon which the Governor was convicted was "defrauding the United States through solicitation
of Federal employees for political contributions." The
donations were obtained for the support of "The Leader," a
newspaper established in 1933 to support the Langer regime
see V. 138, p. 2781.
Press reports from Bismarck state that on June 18 the
Federal Court deferred sentence until June 29, two days
after the June primary in which he is a candidate for re-election. Lieutenant-G3vernor Ole H. Olsen took the oath of
office as Governor but did not file it while legal methods are
being studied to oust Governor Langer through court
action. (This subject is treated in greater detail in our department of "Current Events and Discussions" on a preceding page.)
State's Financial Condition Analyzed.
-An analysis of the
financial condition of this State, utilizing for the greater
part figures supplied by the office of the State Tax Commissioner and including a summary of the revenues applicable to debt service on each type of bond, was issued recently by Gertler & Co. of New York. The report also
presents a complete record of the general property tax
collections and a statement of the gasoline and motor
vehicle license taxes, together with a comparison of receipts
and disbursements over the last three years.
Rhode Island.
-Special Session Convenes on Passage of
Appropriation Bill.
-The General Assembly convened in
special session on June 14 for the primary purpose of
balancing the State budget and passing the appropriation
bill
-a very much disputed issue. According to Prcividence
advices the outlook for a brief session is far from bright, as
is rapid passage of the appropriation bill in a form that would
actually cover State expenses during the fiscal year starting
July 1, and at the same time overcome a threatened deficit
of $1,125,000.
United States.
-Costs of State Governments Rise Sharply.
-The New York "Herald Tribune" of June 18 carried the
following article on the increase in the cost of State Government from 1923 to 1932, which is estimated at about 90%
in the 10-year period:
The cost of State Government in the United States increased from
$1,310,300.000 in 1923 to $2,499,000,000 in 1932, or 90.7%, according
to an investigation of State finances made by the National Industrial Conference Board. The cost per capita in the same period rose from $11.75
to $20.02, or 70.4%. State expenditures increased more rapidly than
these of other governments.
During this period the proportion of the gross cost of State Government
attributable to operation and maintenance decreased, and the proportion
for capital outlay increased. In 1923 operation and miantenance of general
departments accounted for 68.4% of the total, and capital outlays for 27%,
while in 1931 operation and maintenance accounted for 57.7% and capital
outlays for 37.5%.
The States spend relatively more for capital outlay than either the Federal
Government or local governments because of the predominance of highway
construction and maintenance as an item of State expenditure. A larger
proportion of expenditures of the States is accounted for by grants-in-aid
than in the case of other governments. State expenditures for debt service,
on the other hand, represent a smaller proportion of aggregate expenditures than do similar payments of the Federal and local governments.
Education accounts for the bulk of current expenditures of State governments. In 1931 the States spent $592,000,000 for the maintenance of
institutions of higher education and teachers' training schools, finance ind
whole or in part by State appropriations, apportionments to minor civil
divisions for the support of public school education, expenditures of State
education departments, and a comparatively small amount for libraries.
State aid ar apportionments to local governments for education amounted
to $393.000,000, or about two-thirds of all current expenditures for education. Only five States, Maine, New Hampshire, Vermont, Rhode Island
and Oregon expended more for operation and maintenance of highways
than for education. Education ranked first as an item of current expenditure in 41 States. Massachusetts. Rhode Island and Connecticut spent
more for charities, hospitals and corrections than for any other function.
The percentage distribution of expenditures for operation and maintenance of general departments over the nine-year period, 1923 to 1931. on
a basis which avoids the influence of unusual or non-recurring expenditures.
for all States is as follows; Education.39.6%; charities, hospitals, and corrections. 16.8%; highways. 15.5%; general government. 8.4%; protection,
5.6%; development of natural resources, 5.4%; conservation of health.
2.4%; recreation. 0.3%. and miscellaneous, 5.9%.
The percentage of total State Governmental costs in the nine-year period
was as follows: Highways, 35.4%; education, 27.1%; charities, hospitals
and corrections, 12.9%; general government, 5.8%; interest, 4.4%; development of natural resources, 3.8%; protection. 3.7%; conservation of
health, 1.7%; public service enterprises, 0.8%; recreation, 0.6%. and
miscellaneous, 3.8%. In this period. South Dakota paid in interest 18.5%
of all its expenditures. and North Dakota spent on public service enterpises
29.1% of all its expenditures.
-Court Upholds Abrogation of Gold Clause
United States.
-Associated Press dispatches from
in Payment of Obligations.
St. Louis on June 20 reported that the Federal Court there
had approved the action of Congress in abrogating the
"gold clause" of obligations payable in the United States.
In upholding the constitutionality of the Congressional
action, it was held by Judge Charles B. Fans that bonds
of the Missouri Pacific RR., despite the promise they
contain to pay "in gold coin of the United States" of the
June 23 1934
weight and fineness of the time of their issue, should be
paid only at their face value in the money of the United
States now current. The ruling was the first by a Federal
court since "Public Resolution No. 10" was enacted in
June 1933. This ruling will, of course, apply to payment
of municipal bonds.
(This subject is treated at greater length in our department
of "Current Events and Discussions" on a preceding page.)
BOND PROPOSALS AND NEGOTIATIONS
AIKEN COUNTY (P. 0. Aiken), S. C.
-BOND OFFERING.
-Sealed
bids will be received until 10 a. m.on June 25, by 0. R. Cofer, Clerk of the
Board of County Commissioners, for the purchase of a $75,000 issue of 5%
court house and gasoline tax bonds. Denoms. $1,000 and $500. Dated
June 1 1934. Due $7,500 from June 1 1935 to 1944 incl. Prin. and int.
(J. & D.) payable at the Farmers & Merchants Bank, at Aiken. The
'
Board of Commissioners reserves the right to reject any and all sealed bids
and to sell the same at public auction. Costs of preparing and printing
said bonds and legal opinion as to their validity shall be paid by the purchaser, and also pay accrued interest to date of delivery. A certified check
for $1,500, payable to the County Commissioners, must accompany the bid.
ALLEGHENY COUNTY AUTHORITY (P. 0. Pittsburgh), Pa.SUPREME COURT UPHOLDS AUTHORITY ACT
-$30,000.000 P WA
-The State Supreme Court, by a vote of 5 to 2, on
FUNDS SOUGHT.
June 13 upheld the constitutionality of the Act of Dec. 27 1933 under
which the above Authority was created to handle all details in connection
with a program of public works projects in the county.
-V. 138, p. 2614.
The decision, it is said, removed the last obstacle to actual start on the
program, which will necessitate the expenditure of about $30,000.000.
Funds are expected to be obtained from the Public Works Administration
on the usual loan and grant basis. The Court's opinion was given in a
test case filed by county officials at the instance of Federal authorities.
In holding the Act defective, the dissenting justices declared that the
legislation was not sufficiently clear and also stated that the carrying out
of the terms of the PWA agreement may serve to increse the county's
debt beyond the legal limit.
BONDS AUTHORIZED.-The Board of Commissioners recently authorized the issuance of $1,500,000 Commissioners' road improvement and
$750.000 voting machine repair bonds.
ALLIANCE, Box Butte County, Neb.-BONDS AUTHORIZED.
The City Council is said to have passed an ordinance recently, providing
for the issuance and sale of $214,327.46 in refunding bonds.
-LOAN OFFERING
-BOND SALE
ANDOVER, Essex County, Mass.
SCHEDULED.-Thaxter Eaton, Town Treasurer, will receive sealed bids
until 11.30 a.m. on June 25 for the purchase at discount basis of a $100.000
revenue anticipation loan, dated June 25 1934 and due on Nov. 21 1934.
Mr. Eaton advises that a sale of $293,000 junior high school building construction bonds is scheduled to be held about July 10.
-BOND CALL CORRECTION.
ARIZONA, State of (P. 0. Phoenix).
In connection with the various Territorial Funding and State Refunding
bonds that are being called for payment on July 16, as reported in V. 138,
p.4161. we are informed that the $62,000 State Refunding bonds, numbered
from 1202 to 1263, bearing 4M % interest, issue of April 11913, are due on
April 1 1938, not on Jan. 15 1938.
-BOND OFFERING.
ARKANSAS, State of (P. 0. Little Rock).
Sealed bids will be received until 10 a. m. on July 6. by the State Construction Commission, for the purchase of an issue of $1.327.000 4%
State construction bonds. Denom. $1,000. Dated May 1 1934. Due
on May 1 as follows: $5.000 in 1935; $6.000 in 1936; $14,000, 1937; $5,000
1938: 87,000. 1939; $8,000, 1940; $9,000, 1941 to 1943: $75,000, 1944
$78,000, 1945; $81,000, 1946; $84,000, 1947; $87,000, 1948: $90,000, 1949
$93,000, 1950: $96,000, 1951; $99,000, 1952; $102,000. 1953: $106,000
1954: $110,000, 1955; $114,000, 1956 and $40,000 in 1957. These bonds
are payable in such funds as are on the respective dates of payment thereof.
legal tender for debts due the United States, either at the office of the State
Treasurer or at the Chase National Bank in New York City. Interest
payable M.& N. The bonds shall be sold at not less than par and accrued
interest, on the basis of interest at 5% per annum from the date of the bonds
The Commission reserves the right to reject any and all sealed bids and to
(This report suppleauction the sale of said bonds if no bid is
satisfactory.
ments the preliminary notice given in V. 138, p. 4161.)
with the above offering we are Informed by the State
In connection
Treasurer that the bonds are to be sold to the Public Works Administration,
and no outside bids are expected.
-BOND ELECTION.
-An election is
ARP, Smith County, Tex.
scheduled for July 5 to have the voters pass on the issuance of water works
improvement bonds. (A loan and grant of $26,000 was approved by the
-V. 138. P. 27810
Public Works Administration in April for this purpose.
-BOND SALE.
-The 11200,000
AUBURN, Cayuga County, N. Y.
coupon or rezistered emergency relief bonds offered on June 18-V. 138. P.
Halsey, Stuart & Co., Inc. of New York, as 2.408.
4161-were awarded to
at a price of 100.165. a basis of about 2.37%. Dated June 15 1934 and due
$20,000 on June 15from 1935 to 1944, incl. The bankers are re-offering the
bonds for public investment at prices to yield from 0.75 to 2.40%, according to maturity. They are declared to be legal investment for savings banks
and trust funds in the States of New York, Massachusetts and Connecticut.
and to constitute general obligations of the City, payable from unlimited
ad valorem taxes to be levied against all taxable property therein. The
second highest bid for the issue was an offer of 100.20 for 2.60% bonds,
submitted by myth & Co., Inc. of New York.
An offer of par plus a premium of $122 for 2.80% bonds was submitted
-P. Murphy & Co.. New York. while the Manufacturers & Traders
by G. M.
Trust Co., Buffalo. bid a premium of $338.20 for 3% bonds.
AURORA SCHOOL DISTRICT, Dearborn County, Ind.-PWA
ALLOTMENT CHANGED.-The Public Works Administration has
7
lme t whereby it proposed to furnish
gxoolnco
as a oathe t
o
igreVo chanfe n anerms
of itr
d grantit a
$
for a grant only, in amount of o126,006.
-to provide
13• 4386
-BONDS VOTED.
-At the election
AUSTIN, Travis County, Tex.
-the voters approved the issuance of the
held on June 13-V. 138. p..3475
water, light and power department revenue bonds, according to
$857,000 in
the City Manager. It is said that these bonds will be taken by the Federal
Government as security for a Public Water Administration loan.
BALDWIN TOWNSHIP SCHOOL DISTRICT (P. 0. Pittsburgh),
-ADDITIONAL INFORMATION-The $45.Allegheny County, Pa.
% school bonds purchased recently by E. H. Rollins & Sons of
000
Philadelphia, at 100.28-V. 138, P. 4161-are dated June 1 1934 and
mature June 1 1944. Coupon, in denoms. of $1,000. Interest payable
In J. & D. Net interest cost basis about 4.46%.
-Collection of current taxes
BALTIMORE, Md.-TAX COLLECTIONS.
equal
by the city during the first five months of 1934 totaled $11,141.365.
of the estimated amount of $27,407,495 to be collected during
to 40.85%
the total levy of $31,144,880, according
the year and representing 35.78% of
to report. During the corresponding period of last year $9.360,218 was
collected, which was equivalent to 31.52% of the year's estimated levy or
27.42% of the total levy. The estimated amount in 1933 represented 87%
of the year's levy.
-BONDS AUTHORIZED.
BARBERTON, Summit County, Ohio.
issuance
The City Council recently adopted an ordinance providing for the
,
of 811.000 8% judgment payment bonds. Dated Oct. 11934. Due Oct. 1
Principal
as follows: $2,000 from 1935 to 1938, Incl. and $3.000 in 1939.
the
and interest (A. & 0.) payable at the City Treasurer's office or at
Bank & Trust Co., New York City.
Central Hanover
Mich.
-BONDS NOT SOLD-PROPOSI
BAY CITY, Bay County,
the
TION DROPPED.-0. A. Kasemeyer. City Comptroller, states that 13•
emergency relief bonds offered on June 11-V. 138.
$57,000 4;4%
been
-were not sold and that the plan to dispose of the loan has
3979
abandoned.
In •
.
.-Mr Kasemeyer will receive sealed bids until 4 It•tax
NOTE OFFERING
5%
(Eastern Standard Time) on June 25, for the purchase of $103.000
Volume 138
•
Financial Chronicle
anticipation notes, dated June 1 1934 and due on April 30 1935. They are
secured by over $170,000 taxes delinquent for the years 1930 and 1931,
which are irrevocably appropriated and set aside to repay said loan. Any
deficiency is to be advanced out of the general fund. A certified check for
2% must accompany each proposal. Legal opinion of Chapman & Cutler
of Chicago will be furnished the successful bidder.
BLACKWELL SCHOOL DISTRICT (P. 0. Blackwell) Kay County,
Okla.
-BOND SALE.
-The $160,000 school bonds offered for sale on
June 15-V. 138. p. 4162
-were purchased by the Public Works Administration, as 45, at par.
BELLEVUE, Campbell County, Ky.-BONDS AUTHORIZED-On
June 14 the City Council adopted an ordinance providing for the issuance
of $34,250 in funding bonds, to pay off the outstanding debts of the city.
BELMOND, Wright County, Iowa.
-It is reported
-BONDS SOLD.
that $16,000 in bonds have been sold as follows: $10,500 to the Carleton D.
Beh Co. of Deg Moines, and $1,500 to the Public Works Administration.
(A loan and grant of $16,000 was approved by the PWA in January.
138, p. 711.)
BENTON HARBOR SCHOOL DISTRICT, Berrien County, Mich.
BOND OFFERING.
-Carl A. Mitchell, Secretary of the Board of Education, will receive sealed bids until 2.30 p.m. on June 25 for the purchase of
$375.000 4
coupon refunding bonds. Dated July 1 1934. Denom.
$1,000. Due July 1 as follows: $12,000
1940.
from 1941 to 1943, incl. and $34,000 fromfrom 1935 to incl. incl.. $33,000
Principal and
1944
Interest (J. & J.) payable at the Farmers to 1949
& Merchants Bank, Benton
Harbor. A certified check for $2,000 must accompany each
Proposal.
The approving opinion of Chapman & Cutler
of Chicago will be furnished
the successful bidder.
BEXAR COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 1 (P. 0. San
-BONDS APPROVED.
It is reported that the DistrictAntonio), Tex.
Commissioners have approved 8100.000
in Public Works Administration collateral
bonds.
BISMARCK SCHOOL
County, N. Dak.-BOND DISTRICT (P. 0. Bismarck), Burleigh
SALE DETAILS.
are informed
District Clerk that the $203,000 4% school -We purchased at by the
par on
bonds
May 31 by the Public Works
-mature
-V. 138. p.
serially from 1934 to 1953 incl.Administrationcoupon bonds3979
in denominaSemi-annual
tions of $1,000.
BOSTON, Suffolk County,
-The
city made award on June 19 ofMAIM-SELLS $2,000,000 NOTES. dated
$2,000,000 tax anticipation notes.
June 21 1934 and due Oct. 10 1934, to a group composed of F. S. Moseley
& Co., Kidder, Peabody & Co., First
Harriman
of Boston
& Co. The bankers paid par plus a premiumCorp. and Brown notes at
of $11.75 for the
1.18% interest. An offer of par plus a premium of $13, based on a rate
of 1.34%, was tendered by an account composed of Halsey, Stuart & Co..
Inc., J. & W. Seligman & Co., Hemphill, Noyes & Co., Jackson & Curtis
and Darby & Co.
BOUNDARY COUNTY (P. 0. Bonners Ferry), Ida.
-BONDS SOLD.
-We are now informed that the $88,398.28 issue of coupon funding bonds
that was taken over by the county, as 6s at par
-has been
-V. 138, p. 529
purchased at the same price by Dahlstrom & Fenton, of Boise. Dated
Jan. 1 1934. Due in from 2 to 20 years.
BOWLING GREEN, Wood County, Ohio.
-BONDS OFFERED TO
PWA.-The $250.000 sewage disposal plant and sewer bonds authorized at
an election held on April 3-V.
purchase
138, p.
to the Public Works Administration. 2451-have been offered forthem, no
Should that body accept
public offering will be made.
BRENTWOOD SCHOOL DISTRICT (P. 0. St. Louis), Mo.FEDERAL FUND ALLOTMENT INCREASED.
and grant of
-The
$60,700 for building construction that was approved byloan Public Works
the
Administration on November 1-V.
-has been increased to
p. 3355
$62,800 because the contractors' bids 137,higher than the original estimate
are
of costs.
BROOKLI NE, Norfolk County,
-Sealed
-LOAN
bids will be received until 12 m. on June . for the OFFERING.
purchase at discount
25
basis of a $500,000 issue of notes, due Mass 27 1934.
Nov.
BRUNSWICK, Cumberland County, Me.
-TEMPORARY LOAN.
Lincoln R. Young & Co. of
Hartford were awarded on June 19 a $30.000
revenue anticipation loan at 0.97% discount basis. Due Nov. 5 1934.
Other bids were as follows:
Bidder
Discount Basis.
.75%
National Rockland Bank _____ _
___________________
1.18%
First National Bank of Brunswiai
_____
BUFFALO, Erie County, N. Y.-88.000,000 BONDS OFFERED FOR
SALE.
-Sealed bids addressed to William A. Eckert, City Comptroller,
will be received until 11 a. m. (Daylight Saving Time) on June 26 for the
purchase of$8,000.000 not to exceed 6% interest coupon or registered bonds,
divided as follows:
$6.000,000 refunding bonds. Due July 1 as follows: 8120.000 from 1935 to
1939 incl. and $360,000 from 1940 to 1954 incl. The bonds
to be refunded mature in the fiscal year 1934-1935.
2,000.000 work relief and home relief bonds. Due July 1 1944.
Each issue Is dated July 11934. Denom. $1,000. Principal and interest
(J. & J.) payable in lawful money of the United States at the City Comptroller's office or at the Central Hanover Bank & Trust Co., New York, at
holder's option. Rate of interest to be named by the bidder in a multiple of
X or 1-10th of 1%. Award will be made to the bidder whose offer represents
the lowest net interest cost of the financing to the City. A certified check for
$160,000. payabto to the order of the City Comptroller, must accompany
each proposal. The favorable legal opinion of Caldwell & Raymond of
New York will be furnished the successful bidder on delivery of the bonds.
Delivery of the bonds will be made to the purchaser at the Comptroller's
office or at the Central Hanover Bank & Trust Co., New York (bidder to
indicate preference) on July 17 1934, or as on thereafter as possible. The
bonds are said to be eligible for Postal Savings Deposits.
Report on Finances as of May 311934.
(Property Valuations-Assessed at 100% of Actual Value.)
Fiscal Year1933-34.
1932-33.
1934-35.
Actual or full vain $969,222,560.00 $1,038.770,775.00 81,125,853,030.00
Ass'd or tax. val'n_
969,222,560.00 1.038.770,775.00 1,125,853,030.00
Tax rate all purp's.. 25.396 per $1,000 20.469 per 81,000 23.619 per 81.000
Population of the city as of July 11934,estimated at 601,696. Population
of the city per 1930 U. S. census was 573,076.
Bonded Debt.
Amount in
Amount
Purpose or IssueOutstanding.Sinking Funds.
General (all purposes not listed below) _ __ $57,377,892.17 $1,393,924.29
Special Assessments:
•
) Payable only from spec]assess. taxes
.
395.736.78
ri) Payable as wellfrom general taxes __ _
1,275,000.00
UtilityDebt:
(a) Water
17,221,020.26
5,151,924.48
Home and work relief
15,000,000.00
General refunding
10,420,000.00
Deficiency refunding
2,985,000.00
Tax loan
2,114,414.99
5,000,000.00
Totals
$109,674,649.21 88,660,263.76
All water bonds are fully supported by earnings of the property. None of
these bonds are legally payable solely from earnings, however. The legsi
debt limit is regulated by the Constitution of the State of New York which
limits the total non-exempt debt to 10% of the assessed valuation of real
property and special franchises. The legal debt margin on May 31 1934, was
$8427,828.11. On July 11934. on which date the 1934-35 tax levy becomes
a lien, this margin will be increased by $3,824,985.74. which sum represents
the amount of bond principal payments included in the 1934-35 budget
to be raised by taxation.
Sinking Funds.
84.434,095.18
Cash on hand or in bank
Securities (City of Buffalo bonds)
4,226,168.58
Total
$8,660,263.76
Amount of term bonds for which sinking funds are provided - _114,445,020.24
4329
Debt Service Requirements for Next Five Years (Exclusive of Proposed Issues)
Principal Due,
To Be Paid by
Sinking t
inking
Fund Deposits.
Tax Levy.
Other Funds.
1934-35
811,252.979.18
$1,053,745.71 *$10,199,233.47
1935-36
7,229,456.07
6,889,564.86
339,891.21
1936-377,931.857.64
7,653,258.10
278,599.54
1937-38
10,213,881.95
7,465,590.74
2,748,291.21
1938-39
9,925,518.61
5.887,427.40
4,038,091.21
Average yearly interest requirements about $4,800.000.00
* $6,000,000.00 of this amount to be refunded.
Unfunded Debt (as of May 31 1934).
Tax anticipation notes
None
Delinquent tax notes
None
Bond anticipation notes
None
Bank loans
None
Warrants
*$1,005,522.39
Contracts and unpaid bills
*910,069.78
* As of April 30 1934-Estimated at same figure for May 31 1934. On
April 30,city had $4,407,573.82 cash applicable to payment of this indebtedness.
Tax Data.
Taxes for fiscal year beginning July 1 1934. are due July 1 1934. one-half
of which may be paid during the month of July without penalty and onehalf during the month of December without penalty. IN discounts for
prepayment are allowed. All unpaid taxes are sold annually about May 25.
Local taxes due and unpaid on March 1 of each year are spread and added
to general city tax rolls of ensuing fiscal year, and collection enforced in the
same manner as general city taxes. Constitution of the State of New York
limits the amount to be raised by tax in any one year to"2% of the assessed
valuation of all property, in addition to providing for the principal and
interest on existing indebtedness." Up to the present time the city has
never levied taxes in excess of actual requirements ie order to provide a
margin against delinquencies.
Tax Collection Data.
(a) Taxes levied for past four years with amounts collected in each
year oflevy, and amounts collected to May 31 1934:
1932-33.
1930-31.
1929-30.
1931-32.
$
Gen.city tax levy31,920,233.56 32,560,616.13 31,297,857.28 26,591,148.56
Unpaid local
assessments __
714,194.60
613,311.59
698.147.75
680,889.25
Tot,to collect _32,634,428.16 33.258,763.88 31.978,746.53 27.204,460.15
Collected in year
oflevy
32,368,690.04 32,828,191.44 29,761,932.74 24.079,558.21
Uncollected at
end of year
oflevy
265,738.12
430,572.44 2,216,813.79 3.124.901.94
P. C. uncollected
1.3%
.8%
11.5%
6.9%
Uncollected,
May 311934_ _
186,028.10
300,627.67
931,953.09 1,953,631.92
P. C. uncollected
.57%
.9%
7.18%
2.91%
(b) Taxes levied and amounts collected to May 31 of each year-present
year compared with three previous years:
(Current Year)
1930-31.
1933-34.
1931-32.
1932-33.
$
$
$
$1
Total levy (as
above)
33,258,763.88 31,978,746.53 27,204,460.15 21,696,720.99
Collected to May
31 of each year31,436,390.92 29,453,316.81 24,071,368.02 19,169,525.30
Uncollected _
1,822.372.96 2,525.429.72 3,133.092.13 2,527,195.69
P. C. collected__
94.52%
88.35%
92.10%
88.48%
(c) Accumulated total of uncollected taxes on May 31 1934.
(exclusive of
current year) represented by tax sale certificates purchased and held by the
city was $3,908,550.17.
BUTLER COUNTY (P. 0. Hamilton), Ohio.
-BOND OFFERING.
Dorothy G. Vinnedge, Clerk of the Board. of County Commissioners, will
receive sealed bids until 12 m.on July 6 for the purchase of 8100,000 3%
coupon poor relief bonds. Dated June 1 1934. Due as follows: $32.800
March 1 and $33,300 Sept. 1 1937. and $33,900 March 1 1938. Principal
and interest (M. & S.) payable at the County Treasurer's office. Bids for
the bonds to bear interest at a rate other than 334% expressed in a multiple
of
of 1%, will also be considered. A certified check for $1,000, payable
to the order of the County Treasurer, must accompany each proposal.
Legality to be approved by attorney for the bidder.
CANANDAIGUA, Ontario County, N. Y.
-BOND REPORT-The
City Clerk reports that the $15,000 sewage disposal plant repair bonds
authorized on June 1-V. 138, p. 3980
-will not be offered for sale until
the work on the project has been completed.
CANNING INDEPENDENT SCHOOL DISTRICT (P. 0. Canning),
Hughes County, S. Dak.-BONDS VOTED.
-At the election held on
June 12-V. 138, p. 3810-the voters approved the issuance of the 822,500
in school bonds.
CANTON Madison County, Miss.
-BONDS VOTED.
-At a special
election on June 12 the voters are said to have approved the issuance of
$160,000 in revenue bonds by a wide margin. The funds will be used for the
construction of a pipe line and distribution system, to be used as a Public
Works Administration project.
CARTHAGE, Jasper County, Mo.-FEDERAL FUND ALLOTMENT
REDUCED.
-The loan and grant of $107,000 for water plant improvement
that was approved by the Public Works Administration in January
V. 138, p. 712
-has been changed to a grant alone, in the sum of $29,500.
CEDARTOWN, Polk County, Ga.-FEDERAL FUND ALLOT-.
MENTSREDUCED.-The loans and grants aggregating $35.500. approved
by the Public Works Administration in January and February for various
purposes, have been changed to grants alone, in the sum of $10,200.
CENTERVILLE, Turner County, S. Dak.-BONDS DEFEATED.
At an election held on June 5 the voters rejected the proposed issuance
of 815,000 in sewage disposal plant bonds, according to report.
CHAMPION, N. Y.
-BOND OFFERING.
-E. G. Eggleson. Town
Supervisor, will receive sealed bids until 2 p. m.(Eastern Standard Time)
on June 29 for the purchase of $30,000 not to exceed 6% interest coupon
or registered welfare bonds. Dated May 1 1934. Denom. $1,000. Due
$3,000 on April 1 from 1935 to 1944 incl. Bidder to name a single interest
rate for all of the bonds, expressed in a multiple of 3 or 1-10th of 1%.
Principal and interest(A.& 0.) payable in lawful money of the United States
at the Carthage National Bank, Carthage. A certified check for $600.
payable to the order of the above-mentioned official, must accompany
each proposal. The approving opinion of Clay, Dillon & Vandewater
of New York will be furnished the successful bidder.
Financial Statement (As of June 1 1934)
Valuations
Full valuation, real and personal property
$4,293,000
Assessed valuation, real estate and special franchise
2,672.169
Debt
Bonded debt outstanding
40.000
This issue
30,000
Total bonded debt, including this issue
$70,000
Tax Data1933-34.
1930-31.
1931-32.
1932-33.
Total tax levy
$79,686.65 $73,304.13 $60,271.35 363,347.32
Uncollected at close of
year of levy
759.58
2,321.53
706.38
Uncollected April 4 1934 17,961.38
x The county assumes uncollected taxes after the expiration of collection
period, and conducts the tax sale.
-1920 Federal census, 2.704; 1930 Federal census, 3.002.
Population.
CHEHALIS Lewis County, Wash.
-BOND ELECTION CONTEMPLATED.-It is stated by the Deputy City Treasurer that it will be at least
a month before an election can be held to have the voters pass on the
proposed issuance of the $110.000 in water main bonds mentioned in V. 138.
p. 3134.
4330
CHICAGO SANITARY DISTRICT, Cook County, Ill.
-$42,000,000
SEWAGE PROJECT UNDER WAY.
-Joshua D'Esposito, Public Works
Administration project engineer, reported on June 16 that the District's
$42,000,000 sewage construction program, ordered by Supreme Court
decree, was already under way and that $10,000,000 will have been spent
on the project by Jan. 1 1935. Next year $20,000,000 worth of contracts
will be completed, the engineer stated.
Po' CLEBURNE, Johnson County, Tex.
-FEDERAL FUND ALLOTMENT REDUCED.
---The loan and grant of $35,000 for water system
Improvement that was approved by the Public Works Administration in
February
-V.138, p. 1606
-has been changed to a grant alone, in the sum
of $10,000.
In
COEUR D'ALENE,Kootenai County,Ida.
-BOND SALE NOT CONapplication of
TEMPLATED.
-It is stated by the City Clerk that the
the city for Government funds with which to build light and water plants
In the city has been approved, therefore it will not be necessary for the
city to sell the $600.000 electric light and water plant bonds that were
approved by the voters on Dec. 12 1933-V. 137. p. 4724-as the Federal
Government will take them.
-BONDS SOLD.COLORADO SPRINGS, El Paso County, Colo.
$100,000 43i% semi-annual water department bonds that were authorized
by the City Council recently
-are stated to have been
-V. 138. P. 3980
Purchased by several city funds.fa ...all
-BOND
COLUMBIA CIVIL TOWNSHIP, Jennings Couny, Ind.
OFFERING.
-Sealed bids addressed to Walter R.Cruser, Township Trustee
will be received until 1.30 p.m. on July 10 for the purchase of $7,000 5%
bonds,the proceeds of which will be used to assist in the cost of constructing
a new school building in Columbia School Township. Dated July 10 1934.
Denom.$250. Due $250 each six months from July 1 1935 to Jan. 1 1949.
A certified check for 3% of the bid must accompany each proposal.
P
-The $100,000
COLUMBUS, P atte County, Neb.-BOND SALE.
l
% semi-annual tity hall bonds that were approved by the voters on
April 3-V. 138. p. 2616
-will be purchased by the Central National
Bank of Columbus. Dated June 1 1934. Due in 1954, optional in 1939.
CONCORD, Merrimack County, N. H.
-ADDITIONAL INFORMATION.
-The $107,000 3% sewer bonds sold on May 31 to the First Boston
Corp., Boston, at a price of 99.625-V. 138, p. 4163
-are dated May 1
1934 and mature May 1 as follows: $6,000 from 1935 to 1948, incl.; $4,000,
1949 to 1953 incl., and $3,000 in 1954. Coupon bonds, with interest
payable in M. & N. Net interest cost basis about 3.045%.
CORAL GABLES, Dade County, Fla.
-BONDS VALIDATED.
-A
dispatch from this city to the "Wall Street Journal" of June 19 reported
that Judge Paul D. Barnes of the Circuit Court validated $5,703,000 of
school board refunding bonds which had been opposed by a taxpayers'suit.
COVINGTON, Kenton County, Ky.-BOND SALE.
-A $51,200
issue of refunding bonds was offered for sale on June 21 and was awarded
to the Well, Roth & Irving Co. of Cincinnati, as 4 Xs,paying a premium of
$600, equal to 101.17. a basis of about 4.14%. Denom. $1,000, one for
$200. Dated July 1 1934. Due as follows: $2,000, 1935 to 1954: $1,000,
1955 to 1963, and $2,200 in 1964. Prin. and semi-annual interest payable
In New York City.
COWLEY COUNTY (P. 0. Winfield), Kan.
-BOND DETAILS.
-In
connection with the sale of the $75,000 33(% relief bonds to the DunneDavidson-Ranson Co.of Wichita-V.138, p.3315
-we seelit stated that the
bonds are in the denominations of $500 and $1,000. Prin, and int.(M.&
N.) payable at the State Treasurer's office in Topeka. Legality approved
by Long, Depew & Stanley, of Wichita. Due from 1935 to 1944. incl.
CUDAHY, Milwaukee County, Wis.-PRICE PAID.
-The $283,000
4% coupon semi-ann. storm sewer bonds that were purchased by T. E.
Joiner & Co. of Chicago
-were awarded for a premium
-V. 138, p. 3980
of $900, equal to 100.31. a basis of about 3.96%. Dated Jan. 15 1934.
Due from Jan. 15 1937 to 1954 Incl.
DALLAS, Dallas County, Tex.
-SINKING FUND BOND SALE.
In connection with the notice given in V. 138, P.3980, that a total of $168,000 bonds owned by the interest and sinking funds, would be put on sale
June 13, we are informed as follows by Stuart BalleY, Assistant Director
.4e
of Finance, in a letter dated June 15: '
OrTor- you7informitil- n thrsirall T
- O
olicliiale Zoriime 13 was merely the
effort to sell at a profit a few of our own bonds owned by interest and
sinking funds, to derive funds for use in retiring certain callable bonds
outstanding in the same series which owned these investments.
"The best bid was by Garrett & Co. of Dallas and it will result in the
sale of 111 bonds at a profit of $7,083, to the funds which have held these
111 bonds as investments.'
DAWSON, Terrell County, Ga.-BOND ELECTION.
-An election
is said to be set for July 6 to vote on the proposed Issuance of $5,000 in
school heating system bonds.
DECATUR TOWNSHIP (P. 0. Decatur), Burt County, Nob.BOND ELECTION.
-It is said that an election will be held on July 6 to
vote on the issuance of $10,000 in not to exceed 6% town hall bonds. Dated
Aug. 1 1934. Due in 20 years, optional in two years.
DECHERD, Franklin County, Tenn.
-BOND ELECTION-An
election is set for June 30 to vote on the proposed issuance of $15,000 in
bonds for the construction of a municipal building.
r DELTA COUNTY (P. 0. Delta), Colo.
-WARRANTS CALLED.
It is reported that the County Treasurer called for payment at his office
on June 20 special school fund, general school fund, and county fund
warrants.
DENVER (City and County), Calif.
-BONDS AUTHORIZED.
-At
a meeting of the City Council on June 11 a bill was unanimously passed
on its final reading, authorizingithe issuance of the remaining half of the
$1000.000 special relief bonds.
DETROIT, Wayne County', Mich.
-PLANS TO SUE STATE AND
COUNTY FOR 35,000,000.
-Corporation Counsel Raymond J. Kelly
announced on June 10 that following approval of the action by the Common
Council, suit will be instituted in the Supreme Court to force payment
of the approximately $5.000,000 stated to be owed to the City by the State
of Michigan and Wayne County. The amount due from the State is said
to be $4,000,000 and represents the State Highway Department's share
of the expense of condemnation proceedings in connection with the Woodward Ave. widening project. The $1,000,000 sought from the County
consists of bills rendered by the City for the care of tubercular and other
patients in City hospitals.
DISTRICT OF COLUMBIA,.
-AUTHORIZED TO OBTAIN $10,750,
000 FROM PWA.-Linder the provisions of a measure passed at the
recent session of Congress and forwarded for signature of President Roosevelt, the District is authorized to seek $10,750,000 from the Public Works
Administration for the purpose of financing the construction of a modern
sewage disposal plant, a new tuberculosis hospital, build an addition to
Gallinger Hospital and effect further improvements at the District reformatory at Lorton, Va. The measure orgtnally called for the expenditure of
$20,000,000. The Washington "Evening Star" of June 14 described the
provisions of the measure as follows:
"The funds are to be applied for by the Commissioners under the 30-70
plan provided for in the Public Works Law, namely, 30% as a Federal
grant and 70% to be repaid by the District according to terms laid down in
this bill.
"The bill provides that until the 70% is repaid the District must earmark and set aside in a special fund 10 cents out of the tax collected on each
$100 of assessed value on real estate and tangible personal property.
"The bill requires repayment at the rate of not less than $1,000,000 on
June 30 each year, without interest for the first three years and with interest of not more than 4% a year thereafter on annual balances. The
bill also provides that whenever the District is under obligation to reimburse
the United States for appropriations that may be made by Congress in the
future for park developments under the Capper-Cramton law, the total
reimbursement under that law and under this bill shall not be less nor more
than $1,300,000 in any one year. Congress for the time being has discontinued further instalments under the Capper-Cramton law."
.
Financial Chronicle
June 23 1934
DOUGLAS COUNTY UNION HIGH SCHOOL DISTRICT NO. 1
(P. 0. Waterville), Wash.
-The $10,000 issue of school bonds offered for
-was purchased at par by the State
sale on March 31-V. 138, p. 2116
of Waqhington. Due in from 2 to 22 years after date, optional after 5 Years.
-The $44,500
-BOND SALE.
EAST AURORA, Erie County, N. Y.
coupon or registered bonds offered on June 18-V. 138, p. 3981-were
awarded as 3.90s to the Bank of East Aurora, at par plus a premium of
$18.25, equal to 100.041, a basis of about 3.89%. The sale consisted of:
$20,000 water bonds. Denom.$1,000. Due $2,000 on June 1 from 1936 to
1945 incl.
10.000 tax bonds. Denom. $1,000. Due June 1 as follows: $2,000 in
1935 and 1936 and $3,000 in 1937 and 1938.
5,800 fire dept. apparatus purchase bonds. One bond for $700,others for
$1,000. Due June 1 as follows: $700 from 1935 to 1938 incl. and
$1,00C from 1939 to 1941 incl.
5,000 street inapt. bonds. Denom. $1,000. Due $1,000 on June 1 from
1935 to 1939 incl.
3,700 grade crossing elimination bonds. One bond for $700, others for
$1,000. Due June 1 as follows: $1,000 from 1935 to 1937 incl. and
$700 in 1938.
Each issue is dated June 1 1934.
The following is an official list of the other bids submitted at the sale:
Amount Bid.
Int. Rate.
Bidder$444,500.00
3.90
Erie County Trust Co
44,576.00
4.00
Leach Bros. Inc., N. Y. City
44,561.00
J.& W.Seligman & Co.. N. Y. City
4.00%
44,570.00
Halsey, Stuart Co
4.00%
44,580.10
4.20T
Phelps, Fenn & Co
44,579.84
4.20
Mfrs.& Traders Trust Co.. Buffalo
44,517.36
4.20
A. C. Allyn & Co., Inc
44,562.30
4.25
Bacon, Stevenson & Co
George B. Gibbons & Co44,531.15
44,500.00
Buffalo Savings Bank
Financial Statement.
$6.463,344
Assessed valuation, real estate and franchise
90,250
Exempt property
'Ng.
$6,373,094
Net assessment
Bonds Outstanding.
$67,025
141,360
2.800
66.000
2,350
13.000
45,050
Sewer
Street paving
Tannery brook
Land purchase and municipal building
Sycamore storm drain
North West drain
Water
Total bonded debt exclusive of present issue
Less: Water
Street paving frontage
$337,585
$45,050
92,919
137,969
$199,616
Balance chargeable against debt limit
-ARRANGES FOR PRIVTTP
EAST ORANGE, Essex County, N. J.
-The $1,650,000 43 or 4i% coupon or
SALE OF $1,075,000 BONDS.
registered funding bonds scheduled for public award on June 25-V. 138.
-are part of an issue of $2,725,000 authorized by Chapter 60 of
Ei• 4163
the Pamphlet Laws of New Jersey of 1934. The balance of the issue,
amounting to $1,075,000, will be accepted by three banking institutions
in exchange for a similar amount of the City's short-term paper and, in
accordance with a specific agreement, will not be re-offered for public
Investment by the purchasers until Aug.25 1934, or prior thereto, depending
on the date that the syndicate, if any, which purchases the present offering
of $1,650,000 bonds is dissolved.,
-PROEAST ST. LOUIS PARK DISTRICT, St. Clair County, Ill.
-The District decided to postpone the proPOSED SALE POSTPONED.
posed sale of $600,000 5%. 17th series, park bonds which was scheduled
to have been held on June 18-V. 138. p.4163. Dated June 1 1934 and due
ow
1
serially on June 1 from 1938 to 1954 incl.
The postponement was caused by the institution of injunction proceedings by several civic bodies who opposed the financing, claiming that it
would serve to make the tax rate excessive and questioning the necessity
of the expenditure at this time. A temporary restraining order was issued
on June 16 by Judge M. V. Joyce in the St. Clair County Circuit Court
and a hearing on the petition for a permanent injunction will be neard on
July 16 1934.
-The
-CERTIFICATE SALE.
ELMIRA, Chemung County, N. Y.
issue of $400,000 certificates of indebtedness offered on June 18-V. 138.
Bank of the Manhattan Co, New York,
P. 3981-was awarded to the
which bid par plus a premium of $29 for an interest rate of 0.40%. Dated
July 2 1934 and due Oct. 1 1934. Other bids were as follows:
Premium.
Int. Rate,
Bidder$10.00
0.94%
Halsey, Stuart & Co
11.00
0.75%
Chemical Bank & Trust Co
27.00
Hemphill, Noyes & Co
1.40%
-BOND SALE.
-The $22,000 issue
FAIRFAX, Osage County, Okla.
-was
of water works bonds offered for sale on June 14-V. 138. p. 4163
purchased by the Public Works Administration, as 4s at par. Due $2,000
from 1938 to 1948 incl.
-The
FALL RIVER, Bristol County, Mass.
-TEMPORARY LOAN.
B. M. 0, Durfee Trust Co., Brown Harriman & Co. and the First of
Boston Corp. jointly purchased on June 21 a $500,000 revenue anticipation loan at 1.34% discount basis. Due April 25 1935. Other bids were
0
as follows: Fall Elver National Ban, 1.38% • Faxon, Gade & Co.. Arthur
Perry & Co. and Bond & Goodwin, jointly, 1:87%.
-Singer, Deane &
-BOND SALE.
FARRELL, Mercer County?, Pa.
Scribner, Inc., Pittsburgh, and E. H. Rollins & Sons of Philadelphia.
jointly purchased on June 5 an issue of $100,000 43j% refunding bonds
at a price of 100.10.
The bonds mature July 1 1954, making the net interest cost of the financing to the city about 4.24%.
FLORAL PARK Nassau County, N. Y.
-BOND SALE.
-The $50,000
coupon or registered public impt. bonds offered on June 19-V. 138. 13•
4163
-were awarded to the First National Bank & Trust Co., Floral
Park, as 33s, at a price of par. Dated July 1 1934 and due $10,000 on
July 1 from 1935 to 1939 incl. Other bids were as follows:
Premium.
BidderInt. Rate.
$10.00
Phelps, Fenn & Co
4.10
90.00
Manufacturers & Traders Trust Co
4.10%
35.00
George B. Gibbons & Co., Inc
4.40
Par
Floral Park Bank
3.60
(
F. Eberseadt & Co
58.50
4.00%
FOREST HILLS, Allegheny County, Pa.
-BONDS AGAIN REOFFERED.
-The issue of $95.000 not to exceed 434% interest coupon
bonds offered on June 6-V. 138, p. 3477
-was not sold and is being readvertised for award on July 11 -The issue was originally announced for
sale on May 2, at which time all ids were rejected.
FRANKLIN COUNTY(P.O. Columbus), Ohio.
-BOND OFFERING.
-Fred L. Donnelly, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a. m.(Eastern Standard Time) on July 7 for the
purchase of $220.000 4% poor relief bonds. Dated July 15 1934. Due as
follows: $3.900 Sept. 1 1934 $3,600 March 1 and $3,700 Sept. 1 1935,
$3,800 March 1 and $4,000 Sept. 1 1936: $65,000 March 1 and $67.000
Sept. 1 1937 and $69,000 March 1 1938. Prin. and int.(M.& S.) payable
at the County Treasurer's office. Bids for the bonds to bear int. at a
rate other than 4%, expressed in a multiple of X of 1%, will also be considered. A certified check for 1% must accompany each proposal. Bids
may be conditioned upon approval by attorney for the bidder of the
transcript of proceedings in connection with the bond issue, which will be
furnished the successful bidder at the time of award.
FRUITVALE SCHOOL DISTRICT (P. 0. Bakersfield), Kern
-BOND ELECTION.
County, Calif.
-It is stated that an election will
be held on June 30 to vote on the proposed issuance of $39,000 in bonds in
order to replace a burned school building.
Volume 138
Financial Chronicle
FULTON, Callaway County, Mo.-FEDERAL FUND ALLOTMENT
REDUCED.
-The allotment of $70,000 for sewer improvement that was
approved by the Public Works Administration in January
-V.138. 13.• 530
has been changed to a grant of $19,000.
GALLATIN SCHOOL DISTRICT (P. 0. Los Angeles), Calif.
BOND OFFERING.
-Sealed bids will be received by L. E. Lampton,
Clerk of the Board of Supervisors, until 2 p. m. on July 2,for the purchase
of a $20,000 issue of school bonds. Interest rate is not to exceed 5%,
payable semi-annually. Denom.$1,000. Dated July 1 1934. Due MON
from July 1 1935 to 1954 incl. Principal and interest payable in lawful
money of the United States at the County Treasury. Bids will be received for all or any portion of the bonds. No bid below par will be accepted. A certified check for 3% of the bonds bid for, payable to the
order of the Chairman of the Board of Supervisors, is required. The
following information is furnished with the official offering notice:
"Gallatin School District has been acting as a school district under the
laws of the State of California continuously since July 1 1900.
"The assessed valuation of the taxable property in said school district
for the year 1933 is $951,115, and said district has no outstanding indebtedness.
"Gallatin School District includes an area of approximately 2.79 square
miles, and the estimated population of said school district is 680."
GALLITZIN, Cambria County, Pa.
-The issue of
-DATE OF SALE.
$10,000 434% series of 1934 refunding bonds mentioned in V. 138, P. 4164,
will be awarded on June 30. Sealed bids will be received until 11 a. m.
(Eastern Standard Time) on that date by R. H. Biter, Borough Treasurer.
Denom. $1,000. Due $1.000 on July 1 from 1944 to 1953 incl. A certified
check for $250, payable to the order of the Borough, must accompany
each proposal.
GARDNER, Worcester County, Mass.
-TEMPORARY LOAN.
-The
National Rockland Bank of Boston was awarded on June 21 a $50,000
revenue anticipation loan at 1.18% discount basis. Due May 1 1935.
Other bids were as fillows: Faxon, Gade & Co., 1.33%; Merchants Nat'l
Bank of Boston, 1.34%; Gardner Trust Co., 1.36%; W. 0. Gay & Co.
1.387: National Shawmut Bank, 1.39%: First National Bank of Boston
0
1.395%; Brown Harriman & Co., 1.42k Newton, Abbe & Co.. 1.45%
r;
and First National Bank of Gardner, 1. 5%
•
GLEN ROCK,Bergen County, N. J.
-BONDS PARTIALLY SOLD.
We learn that a block of $76,000 bonds of the total of $105.000 for which
no bids were obtained on March 12-V. 138, p. 1954
-have since been sold
as follows:
851,000 bonds, including $30.000 disposal plant and $21,000 assessment
obligations, to Craig Colgate & Co. of New York.
17,000 assessment bonds to M. F. Schlater & Co., Inc. of New York.
8,000 assessment bonds to J. W. Hopper..
All of the bonds are dated March 1 1934. The total of $105,000 included
a $70,000 assessment issue, due serially from 1935 to 1942 incl., and a $35.000 disposal plant issue, due from 1935 to 1941 incl.
GLOUCESTER, Essex County, Mass.
-TEMPORARY LOAN.The $100,000 revenue anticipation loan of 1934, offered on June 20V. 138, p. 4164
Boston, at
-was awarded to the New England Trust
0.31% discount basis. Dated June 21 1934 and due on Jan. 21 1935.
Co..
Other bids were as follows:
Bidder
Discount Basis.
Cape Ann National Bank, Gloucester
W.0. Gay & Co., Boston
Safe Deposit & Trust Co
Faxon, Gade & Co.. Boston
.62
Gloucester National Bank
.78%
Washburn, Frost & Co., Boston
.79%
GREATER GREENVILLE SEWER DISTRICT (P. 0. Greenville),
S. C.
-BONDS SOLD.
-We are informed that the Public Works Administration purchased on June 9 at par, the following 4% semi-annual bonds
aggregating $492,000:
and Sewer Sub-District bonds.
165,000 Augusta Road Water and Sewer Sub-District bonds.
GREAT FALLS, Cascade County, Mont.
-It is re-BOND CALL.
ported that the following bonds are being called for payment at the Irving
Trust Co. in New York City: Nos. 181 to 195 of the 5% First Ave., North
Bridge bonds, dated July 1 1919; Nos. 165 to 179 of the 4(% Tenth St.
Bridge bonds, dated July 11918, and Nos. 401 to 403 and 411) of the 5 %
public highway bands, dated July 11921.
GREEN BAY METROPOLITAN SEWERAGE DISTRICT (P. 0.
Green Bay), Wis.-PRICE PAID.
-The $364,000 4% semi-ann. sewer
bonds that were said to a syndicate headed by the Harris Trust & Savings
Bank of Chicago, at a recent date
-were purchased at a
-V. 138, p. 2617
price of 100.47, a basis of about 3.96%. Due from Oct. 1 1946 to 1953.
GREENBURGH (P. 0. Tarrytown), Westchester County, N. Y.
-PROPOSED BOND SALE.
-The Town Council recently authorized the
disposal at private sale of $300.000 road improvement bonds. The Public
Works Administration has announced an allotment of $370.000 for the work.
GREENBURGH UNION FREE SCHOOL DISTRICT NO. 9 (P. 0.
Elmsford), Westchester County, N. Y.
-The $10,000
-BOND SALE.
coupon or registered school bonds offered on June 16-V. 138, p. 4164
were awarded on the 18th to the County Trust Co.. he only bidder, as 6s,
at a price of par. Dated June 15 1934 and due i2.000 on June 15 from
1935 to 1939. incl.
GREENE COUNTY (P. 0. Springfield), Mo.-BOND SALE NOT
CONSUMMATED.
--The sale of the $148,000 4% sanatorium bonds to
the Mississippi Valley Trust Co., of St. Louis, and the Union National
Bank of Springfield, jointly, at a price of 101.11-V. 138. p. 3316
-was
not consummated as the voters faired to approve the issue at the election
held on May 15. The bonds had been awarded pending the outcome of
this election.
HALLETTSVILLE, Lavaca County, Tex.
-BONDS VOTED.
-At
the election on June 7-V. 138. P. 3982
-the voters approved the issuance
of the $29,000 in water works improvement bonds.
HAMILTON COUNTY (P. 0. Cincinnati), Ohlo.-BOND SALE.
The $69,000 East Miami River road improvement bonds offered on June 20
-Ir. 138, P. 38I2
-were awarded as 33,g jointly to Seasongood & Mayer
and Assel. Goetz & Moerlein, Inc., both of Cincinnati, at par Plus a premium of $230,equal to 100.33, a basis of about 3.19%. Dated July 1 1934
and due on Sept. 1 as follows: $7,000 from 1935 to 1943, incl., and $6,000
In 1944. Other bids for the issue were as follows:
BidderAnd Bid.
Rate of Int.
Fox Einhorn & Co.,Inc.and Grau & Co., Cinti __ - 3
$69,213.90
0
Breed & Harrison, Inc., Cinti
3 0
..
Braun, Bosworth & Co., Toledo
3 %
69,105.00
Well, Roth & Irving Co., Cinti
334%
69,534.00
Chae.A.11lnscli&Co.
334%
69,505.00
2
_. nti
Provident Savings Ilank & Trust Co., Cinti
'
69,158.70
334%
Nelson Browning & Co. and Edward Brockhaus &
Co.,Cinti
69,217.00
334%
Lahr, Dolle & Isphording,
Van
3 70
69,055.21
, Chit!
_•
Otis & Co., Cleveland _ _ ___
Inc.
69,497.30
3 7
Johnson, Kase & Co., Cleveland ------------3
69,527.00
Merrill, Hawley & Co., Cleveland
3 Si%
69,382.50
E. 11. Rollins & Sons, Inc., Philo.
4%
71,153.49
HAMILTON TOWNSHIP (P. 0. Sullivan), Sullivan County, Ind./30ND OFFERING.
-Harvey Carter, trustee, will receive sealed lArls until
2P. m.on July 2 for the purchsere of $3,950 434% judgment and poor relief
bonds. Dated July 1 1934. One bond for $450, others for $500. Due
July 1 as follows: $450 in 1937 and $500 from 1938 ot 1944 incl. Interest
is payable in J. & J.
HARMONY, Fillmore County, Minn.
-FEDERAL FUND ALLOT-The loan and grant of $2,000 for water system
MENT REDUCED.
extensions that was approved by the Public Works Administration in Jan.
-V. 138. p. 714-has lneon changed to a grant alone, in the sum of $500.
HARRIS COUNTY (P. 0. Houston), Tex.
-FEDERAL FUND ALLOTMENTS REDUCED.
-The loans and grants aggregating $245.074.33,
that were approved by the Public Works Administration in Oct. and
Dec. 1933, for various purposes, were changed to grants alone, in the sum
of $71,400.
HATTON SPECIAL SCHOOL DISTRICT (P. 0. Hatton), Trail!
-The $29,000 issue of 5% school buildCounty, N. Dak.-BOND SALE.
-was purchased at
ing bonds offered for sale on June 16-V. 138. p. 3982
Gloucester
:RP
4331
Par by the Farmers & Merchants Bank of Hatton. Due serially from
1937 to 1954. N% other bid was received.
HEMPSTEAD 'UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-BONDS VOTED.
-At an election
Hempstead), Nassau County, N. Y.
held on June 19 the voters approved of issuing $350,000 school building
site and construction bonds by a count of 448 to 298.
HEMPSTEAD UNION FREE SCHOOL DISTRICT No.28(P.O.Long
Beach), Nassau County, N. Y.
-VOTE ON BOND ISSUE OPPOSED.
The Long Beach Board of Trade and the Taxpayers' Association on June 19
adopted a resolution urging the Board of Education to postpone until Oct.15
or later the special election which is scheduled to be held on July 9, at which
the voters will consider the question of issuing $100,000 high school Jonds.
The resolution pointed out that a large number of residents who would be
eligible to vote on July 9 would include summer residents only, who have
no children in the local schools. Under the State education law a person
residing in a district for 30 days is privileged to vote in a school election.
it is said.
-The
-BOND SALE.
HIGHLAND SCHOOL DISTRICT NO. 15, III.
issue of $157,000 school building construction bonds voted on Feb. 24-V.
-was sold recently as 4s to the Harris Trust & Savings Bank
138, p. 2118
of Chicago, at a price of 103.69. Due serially on April 1 from 1935 to
1954 incl. The hankers re-offered the bonds for general investment at
prices to yeild from 0.75 to 3.60% and effected resale of the obligations on
the same day of the award. Other bids for the bonds were as follows;
Rate Bid.
Bidder102.23
Mississippi Valley Trust Co
101.29
H. C. Speer & Sons Co
101.12
Walker & Co
-No bids
-BONDS NOT SOLD.
HOBOICEN, Hudson County N. J.
were obtained at the offering on June 19 of $146,000 6% coupon or registered school bonds, dated July 1 1932 and due serially on July 1 from 1934
to 1942 incl. The issue previously failed of sale at an offering on May 8.
-V.138. p. 4164.
HOT SPRINGS, Fall River County, S. Dak.-BONDS SOLD.
The $32,200 issue of sewage disposal bonds offered for sale on June 18-was purchased by the Public Works Administration, as
V. 138, p. 4164
4s at par. Dated Feb. 20 1934. Due from Feb. 20 1937 to 1954. No other
bid was received.
-BOND OFFERING CONTEMHOUSTON, Harris County, Tex.
-The City Council is said to be planning to offer for sale an
PLATED.
issue of $100,000 in street opening bonds.
-At the
-BONDS DEFEATED.
HOUSTON, Harris County, Tex.
-the voters are stated to have
election held on June 16-V. 138., p. 3478
rejected the proposal to issue $2,503,000 in water works revenue bonds.
-CERTIFICATE OFFERING,
HUDSON, Columbia County, N. Y.
Charles E. Hopkins, City Clerk, will receive sealed bids until 5 p. m.(Daylight Saving Time) on June 28 for the purchase of $20,000 not to exceed
6% interest coupon or registered certificates of indebtedness. Dated
July 1 1934. Denom. $1,000. Due $5,000 on May 1 from 1940 to 1943,
inclusive. Proceeds of the issue will be used for home and work relief
purposes. Principal and interest(M.& N.) payable at the City Treasurer's
office. Bidder to name a single interest rate for all of the certificates.
expressed in a multiple of 31 or 1-10th of 1%. A certified check for $400,
payable to the order of the city, must accompany each proposal. The
approving opinion of Clay, Dillon & Vandewater of New York will be
furnished the successful bidder.
-The
-BOND SALE.
HUNTINGTON, Huntington County, Ind.
$2,800 5% coupon real estate purchase bonds offered on June 13-V. 138.
-were awarded at par and accrued interest to the Recovery InP• 3644
vestment Corp. of Huntington, the only bidder. Dated June 1 1934 and
due as follows: $300 June 1 and $500 Dec. 1 1935; $500 June 1 and Dec. 1
In 1936 and 1937.
HUNTINGTON (P. 0. Huntington), Suffolk County, N. Y.
BOND SALE.
-The $3,000 coupon or registered water district refunding
-were awarded as 4345, at a
bonds offered on June 20-V. 138, P. 4164
price of par, to the First National Bank & Trust Co. of Huntington. The
sale consisted of:
$2,000 South Huntington Water District Enlargement No. 6 bonds.
Interest is payable in
Due Nov. 1 1950.
Dated May 1 1934.
M. & N.
1,000 South Huntington Water District Extension No. 3 bonds. Dated
July 1 1934. Due July 1 1950. Interest payable in J. & J.
-BOND OFFERING.INTERLAKEN, Seneca County, N. Y.
Jannette E. Medlock, Village Clerk, will receive sealed bids until 2 p. m.
(Eastern Standard Time) on June 29 for the purchase of $60.000 not to
exceed 6% interest coupon or registered water bonds. Dated July 1 1934.
Denom. $1,000. Due $2.000 on July 1 from 1939 to 1968 incl. Bidder to
name a single interest rate for all of the bonds, expressed in a multiple of
_}./ or 1-10th of 1%. Prin. and int.(J.& J.) payable in lawful money of the
United States at the Chase National Bank, New York. A certified check
for $1,200, payable to the order of the village, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater of New York
will be furnished the successful bidder.
-FINANCIAL STATEJACKSONVILLE, Duval County, Fla.
MENT.
-The following information is furnished in connection with the
offering scheduled for July 3 of the $95,000 refunding bonds, description
of which was given in V. 138, p. 4164:
Assessment Roil for 1933.
$76,336,340.00
Real estate
10.071,520.00
Personal property
Total
Total bonded indebtedness
Floating debt
$86,407,860.00
11,589.000.00
101,783.72
Total indebtedness
Less sinking fund
$11,690,783.72
1,434,304.20
Deducting; Water bonds
10,256,479.52
1,155,000.00
$9,101,479.52
Net indebtedness
In connection with the above statement, we give the following report
from a Jacksonville dispatch to the "Wall Street Journal" of June 18:41
"Tax collections through June 6 amounted to $922,351 representing
79.39% of the budget estimate for the year. Heavy tax collections were
responsible for the city calling off plans for seeking a loan of $100.000 to
meet maturities. Though less than half the year has passed delinquent
taxes amounting to $157,508 have been collected, equaling 51% of the
amount set up in the budget.
101
"The City of Jacksonville has sent $195,352 to its New York fiscal agent
to take care of bond maturities and interest due July 1. The City Treasurer also has on hand $51,500 to meet interest falling due July 15."
KANSAS CITY, Jackson County, Mo.-BOND SALE.
-TWO issues
of 33i% bonds aggregating $450,000, were purchased at private sale on
June 19 by Brown Harriman & Co., Inc., of New York, The issues are
divided as follows: $300,000 parks and boulevard. and $150,000 sewer
bonds. Denom. $1,000. Dated July 1 1934. Due from July 1 1936 to
1974. incl. Prin. and int. (J. Sr J.) payable in Kansas City. Legality
approved by Benj. H. Charles of St. Louis.
-The above company reBONDS OFFERED FOR INVESTMENT.
offered the said bonds for public subscription at prices yielding from 2.25%
to 3.70%, according to maturity. The bonds are being issued to provide
funds for park, boulevard and sewer purposes, and, in the opinion of
counsel, are direct general obligations of the city, payable both principal
and interest from unlimited taxes on all taxable property therein. Interest
on the bonds is exempt from all Federal income taxes and, in the opinion
of the bankers, the bonds meet all requirements as legal investments for
savings banks and trust funds in New York, Massachusetts and certain
other States.
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City) Jackson
County, Mo.-BOND SALE.
-The $500,000 issue of school, Series F.
bonds offered for sale on June 19-V. 138. p. 4165
-was awarded to a
syndicate composed of Phelps, Fenn & Co., F. S. Moseley & Co., both of
New York, and the Boatmens National Bank of St. Louis, as 3'%s. paying
a premium of $14,165, equal to 102.833, a basis of about 3.91%. Dated
July 1 1934. Due from July 1 1944 to 1954.
4332
Financial Chronicle
BONDS OFFERED FOR PUBLIC SUBSCRIPTION.
-The successful
bidders offered the above bonds for investment at prices to yield from
3.30 to 3.50%, according to maturity. The bonds arestssued for school
construction and site acquisition purposes and, in the opinion of counsel,
are general obligations of the Kansas City School District and payable
from unlimited as valorem taxes on all taxable property therein.
KINCAID, Anderson County, Kan.
-It is reported
-CORRECTION.
by the City Clerk that $60,000 in street lighting bonds were not approved
by the voters on April 3, as reported in V. 138. p. 2786.
-The
KING COUNTY (P. 0. Seattle), Wash.
-BOND SALE.
$500,000 issue of coupon indigent relief bonds offered for sale on June 18V. 138. p. 3813
-was awarded as follows: $200,000 as 5s, at par, to the
State of Washington, the remaining $300,000 at a price of 100.75 for bonds
maturing through 1949, as 6s, and for bonds maturing in 1950. as 5%'s, to
a syndicate composed of Wm. P. Harper & Son Co., the First National
Bank, the Seattle Trust Co.. Ferris & liardgrove, all of Seattle, Murphy,
Favre & Co. of Spokane, E. H. Rollins St Sons, of Chicago, the Wells
Dickey Co. of Minneapolis, and Stranahan, Harris & Co., Inc., of Toledo.
KINGFISHER SCHOOL DISTRICT (P. 0. Kingfisher), Okla.
-The loan and grant of
FEDERAL FUND ALLOTMENT REDUCED.
$40.700 for school building that was approved by the Public Works Administration in January
-has been changed to a grant
-V. 138, p. 715
of $12,700.
LAKE COUNTY (P. 0. Madison), S. Dak.-BONDS NOT SOLD.
The $75,000 issue of 4% court house bonds offered on May 8-V. 138, P.
2786
-were not sold.
BONDS RE
-OFFERED.
-It is stated that sealed bids will be received
until July 10, by J. J. Mackay, County Auditor, for the purchase of the
above bonds. Denom. $1,000. Due on Nov. 1 as follows: $1,000, 1936
and 1937; $3,000, 1938 and $5,000, 1939 to 1952. Prin. and int.(M.& N.)
payable at the County Treasurer's office or at any bank in the city of New
York.
-The Board
-BOND OFFERING.
LANCASTER, Erie County, N. Y.
of Trustees will receive sealed bids until 8 p. m. (Daylight Saving Time)
on June 25 for the purchase of $49,813.80 not to exceed 6% interest bonds.
divided as follows:
$29.100.00 general bonds. One bond for $100, others for $1.000. Due
June 1 as follows; $6,000 in 1935 and 1936; $9,000 in 1937
and $8,100 in 1938.
20,713.80 judgment bonds. One bond for $713.80. others for $1,000.
Due June 1 as follows; $4,000 from 1935 to 1938, inclusive,
and $4,713.80 in 1939.
Each issue is dated June 1 1934. Principal and interest (J.& D.) payable
In lawful money of the United States at the Citizens Natilonal Bank, Lancaster. or at the Marine Trust Co., Buffalo. Rate of interest to be expressed by the bidder in a multiple of 34: or 1-10th of 1%. A certified check
for $1,500, payable to the order of the village, must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater of New
York will be furnished the successful bidder.
LARAMIE COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Burns),
Wyo.-BOND SALE
.-A $10.000 issue of 4%% refunding bonds was purchased recently by Geo. W. Vallery & Co. of Denver. Denom. $1,000.
Dated July 1 1934. Due from 1943 to 1952 inclusive.
LARIMER COUNTY SCHOOL DISTRICTS (P. 0. Fort Collins),
Colo.
-BONDS CALLED.
-The following bonds have been called for
payment: On June 16 the entire issue of 551% School District No. 64
bonds. dated Dec. 16 1923, and on July 1 the entire issue of 5% School
District No. 64 bonds, dated March 1 1924. Both of these issues are payable at Brown, Schlessman, Owen & Co. of Denver.
Also Nos. 9 and 10 of School District No. 54. Payable at the office of
the County Treasurer.
LAWRENCE COUNTY(P.O.Ironton),Ohio.
-BOND OFFERING.
Pearl A. Pratt. Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m. on July 6 for the purchase of $27.000 6'% poor relief
bonds. Dated July 1 1934. Due as follows: $8,700 March 1 and $9,000
Sept. 1 1937 and $9,300 March 1 1938. Prin.and int.
(M.& S.) payable at
the State Treasurer's office. Bids for the bonds to bear interest at a rate
other than 6%.expressed in a multiple of 51 of 1%,will also be considered.
A certified check for $250. payable to the order of the County Commissioners
must accompany each proposal.
LAWRENCEBURG, Dearborn County, Ind.
-BOND OFFERING.
-Hosea B. Herrick, Clerk-Treasurer of the city, will receive sealed bids
until 7:30 p. m. on July 2, for the purchase of $17,000 45 % refunding
bonds. Dated April 1 1934. Denom.$500. Due $1,000 annually on April 1
from 1937 to 195.3. incl. Principal and interest (A. & 0.) payable at the
Peoples National Bank, Lawrenceburg.
LINCOLN, Lancaster County, Neb.-FEDERAL FUND ALLOTMENT REDUCED.
-The loan and grant of $216,000 for water system
extension, approved by the Public Works Administration in October 1933,
has been changed to a grant alone, in the sum of $60,000.
LINCOLN COUNTY (P. 0. Brookhaven), Miss.
-BOND OFFERING.
-It is announced by R. V. Massengill, Clerk of the Board of Supervisors,
that the said Board will receive bids at its regular meeting on July 2, for
the purchase of not exceeding $50,000 par value District No. 1, 5% road
bonds, issued in 1911, due in 1936.
LITTLE FALLS, Herkimer County, N. Y.
-BOND SALE.
-The
$66,000 coupon or registered bonds offered on June 15 were awarded to
Halsey, Stuart & Co. Inc., of New York, as 3s, at par plus a premium of
$123, equal to 100.18% a basis of about 2.96%. The sale consisted of:
$46,000 emergency relief bonds. Due June 15 as follows; $4,000 in 1936
and $7,000 from 1937 to 1942 incl.
20,000 public works bonds. Due June 15 as follows; $2,000 in 1936 and
$3,000 from 1937 to 1942 incl.
Each issue is dated June 15 1934. Denom. $1,000. Principal and interest (J. & D. 15) payable in lawful money of the United States at the
Little Falls National Bank, Little Falls. Legality approved by Clay,
Dillon & Vandewater of New York.
-BONDS CALLED.-The
LOGAN COUNTY (P. 0. Sterling) Colo.
County Treasurer is said to have called for payment at his office on June 20,
various school district bonds.
LOMAX TOWNSHIP (P. 0. Lomax), Henderson County, Ill.
-The Flist Galesburg National Bank & Trust Co. of GalesBOND SALE.
burg purchased during March, at a price of par, an issue of $2,000 6% road
bonds, due $200 annually in from 1 to 10 years.
•
-It is
LONE ROCK, Richland County, Wis.-BOND ELECTION.
reported that an election will be held on June 26 to vote on the proposed
issuance of $10,000 in municipal building bonds.
-BOND OFFERING.
LORAIN COUNTY (P. 0. Elyria), Ohio.
F. L. Ellenberger, Clerk of the Board of County Commissioners, will
receive sealed bids until 2 p. m. on July 5 for the purchase of $47,500 not
to exceed 6% interest poor relief bonds. Dated July 1 1934. Due as
follows: $9,800 Sept. 1 1934: $9,000 March 1 and $9,300 Sept. 1 1935:
$9,500 March 1 and $9,900 Sept. 1 1936. Int. is payable in M. & S.
A certified check for $250,payable to the order of the County Commissioners
must accompany each proposal.
LOUISVILLE, Boulder County, Colo.
-BONDS AUTHORIZED.
It is reported by John Moffitt, Town Clerk, that a $25,000 issue of 4%
water bonds has been authorized by ordinance. Denom. $1,000. Dated
June 1 1934. A Public Works Administration allotment is being sought
on this project.
LYON COUNTY INDEPENDENT SCHOOL DISTRICT NO. 46
-BOND SALE.
-The $27,000 issue of 454%
(P. 0. Marshall), Minn.
coupon semi-ann. refunding bonds offered for sale on June 16-V. 138,
p.4165
-was purchased at par by T. G.Evenson of Minneapolis. Denom.
$1,000. Dated Jan. 1 1934. Due 87,000, 1956 to 1958, and $6,000 in
1959. Optional on any interest payment date. Interest payable J. & J.
-BOND OFFERING.
-W.V.
McKEESPORT, Allegheny County,Pa.
Campbell. City Comptroller, will receive sealed bids until 1 p. m.(Eastern
Standard Time) on July 2 for the purchase of 8350,000 4% funding bonds.
Dated June 1 1934. Denom. $1,000. Due June 1 as follows: $20.000
from 1940 to 1944, inclusive, and $25,000 from 1945 to 1954, inclusive.
Interest is payable in J. & D. A certified check for 1% of the issue must
accompany each proposal. The approving opinion of Burgwin, Scully &
Burgwin of Pittsburgh will be furnished the successful bidder. Sale will
June 23 1934
,
be made subject to approval of the proceedings by the Pennsylvania Dopartment of Internal Affairs.
TOWNSHIP SCHOOL DISTRICT (P. 0. MahanoY
MAHANOY
-The State Employees'
-BOND SALE.
City), Schuylkill County, Pa.
Retirement Board has purchased an issue of $35,000 school stadium construction bonds at a price of par.
Bonds bear 5% interest and will mature serially in from 1 to 15 years.
-At an
-BONDS VOTED.
MANCHESTER, Coffee County, Tenn.
election held on June 15 the voters approved the issuance of $30,000 in
bonds for the erection of a factory by a count of 316 to 2.
MANDAN, Morton County, N. Dak.-BOND SALE.
-The $33,600
issue of 4% semi-annual water bonds offered for sale on June 20-V. 138.
-was purchased by the Public Works Administration, at par.
p. 3814
Dated May 1 1934. Due from 1935 to 1953. No other bid was received.
-BOND DEFAULT REPORT -Russell H.
MARGATE CITY, N. J.
Denny, City Clerk, recently reported that the city had defaulted on
$125,000 bonds which matured Feb. 15 1933 and $89,000 which came due
on Dec. 31 1933. The holder of the initial block, a New York bank,
agreed to extend the maturity date for a period of three years. while in
the case of the latter amount, $40.000 was paid on the obligations and the
balance due also extended for arse years. Interest charges have been
fully met on the debits.
-NOTE SALE.
MARION COUNTY (P. 0. Indianapolis) Ind.
The $750,000 notes,comprising $400,000 general iund and $350,000 sinking
-were awarded as 2%s,
fund issues, offered on June 15-V. 138, p. 3983
at par plus a premium of $6. to the following group of Indianapolis institutions: Union Trust Co., Indiana Trust Co., Fletcher Trust Co., Indiana
National Bank, Merchants National Bank and the American National
Bank. Dated July 1 1934 and due on Dec. 1 1934.
MARLBORO, Middlesex County, Mags.-P WA AGREEMENT
CHANGED.-The agreement under which the Public Works Administration was to make a loan and grant of $17,000 for street paving purposes
has been changed to provide only for a grant of $5,000.
-BOND OFFERING.
MARSHALLTOWN, Marshall County, Iowa.
It is reported that bids will be received until 8 p.m. on June 25, by Anne
McMahon, City Clerk, for the purchase of a $7,000 issue of funding bonds.
The bonds and attorney's opinion will be furnished by the city.
-RATES ON LOCAL NOTE ISSUES
MASSACHUSETTS (State of).
-The marked decline registered irk the rates paid by
SHARPLY LOWER.
local governments on their temporary borrowings in recent weeks, as
compared with the cost of similar financing in the early part of 1932, is
vividly illustrated in the following comparative record, which appeared
in the Boston "Transcript" of June 14:
-Early 1932-Recen
Months. Rate.
Months. Rate.
Borrower5.40
8
5
.29
Springfield
5.87
10
.43
6
Beverly
5.60
.49
8%
7
Brookline
5.75
9
.39
5
Milton
5.75
7
4
1.24%
Boston
8
.44
7
Salem
5.49
9
6
.37
Dedham
5.47
8%
.34
6
Manchester
5.59
9
.43
8
Wellesley
*
6.00
1.32
6
Taunton
6.00
9
.40
6
Norfolk County
9%
6.00
.42
6
Essex County
8
6
.99%
Malden
7
.59%
Gloucester
6.750
11
5
.49%
Northampton
*Not available.
MIAMI BEACH SCHOOL DISTRICT (P. 0. Miami Beach), Dade
-BONDS VOTED.
-At the election held on June 12-V.138,
County,Fla.
-the voters approved the issuance of the $700,000 in school conP. 3814
struction bonds.
-P WA ALLOTMENT
MILFORD, New Haven County, Conn.
CHANGED.
-The original allotment of $935,000 by the Public Works
--V. 137,, p. 4390
Administration for completion of a sewerage system.
has been changed to provide for a grant only, in amount of $240,000.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BONDS AUTHORIZED
.-We quote in part as follows from the Milwaukee "Sentinel"
of June 13:
"Issuance of $122,000 county park and airport bonds to meet land
contract payments falling due in the next nine months was authorized
by the County Board yesterday. The bonds will be issued as of July 1.
paying 2% interest and maturing April 1 1935. They will save the county
approximately $9,200, since interest on the land contracts ranges between
5% and 6%.
"The Board also voted to dispose of $65,000 worth of municipal securities
held in the contingent fund at a profit in excess of $2,000.
MOBERLY, Randolph County, Mo.-BOND ELECTION AGAIN
POSTPONED.
-We are now informed that the election scheduled for
June 5 to vote on the issuance of 3566,000 in power and light plant bonds
-V. 138, p. 3318, has again been postponed. The City Clerk states that
Sept. 11 was the date set for the election but that date was not acceptable
to the Public Works Administration, which suggested that the election be
held the last week in July. The City Council will pass on this suggestion
at its June 26 meeting.
R:R8
-FINANMORRISTOWN, Morris County, N. J.
-OTHER BIDS
.-In connection with the award on June 1 of $91,000
CIAL STATEMENT
coupon or registered general bonds as 4fis to B. J. Van Ingen & Co., Inc.
and H. L. Allen & Co., both of New York, jointly, at 100.41, a basis of
-we give herewith the other bidders for the
about 4.66%-V. 138, p. 3984
ssue and a statement on the financial conddition of the town.
BidderInt. Rate, Premium
$167.60
J. S. Rippel & Co
551
Adams & Mueller
217.00
431 s
Financial Statement.
-Outstanding bonds (for water)..$2,410,000.00
Gross debt
Outstandin bonds (other purposes)
1,282,000.00
Floating dent (tax notes)
468,962.23
Floating debt (relief purposes)
90,327.66
$4,251,289.89
-Cash
Deductions
$27,294.26
Sinking funds
207,128.67
Water bonds
2,410,000.00
2,644,422.93
Net debt
$1,606,866.96
-The above statement of indebtedness does not include the debt
Note.
of any other subdivision having power to levy taxes upon any or all of
the property subject to the taxing power of the Town of Morristown.
New jersey. The bonded debt of the school district is 31,085,000 and the
boundaries of the school district are coterminus with the boundaries of
the town.
1931.
Assessed Valuations1932.
1934.
1933.
$17,853,135 $17,898,950 317,632,875 317,467,525
Real
Personal
1,513,600
1,444,950
1,364,900
1,414,200
Tax Collections1931.
1932.
1934.
1933.
Amount of levy
8970.462.01 81.020,278.07 8782,371.52 $824,854.
98
Collected prior to
Dec.31 year oflevy_ 643,325.60
599.148.19 477,638.63
Uncollected Apr.30'34 64,509.55
150,902.66 212.898.95 704,315.79
Population, 1930 Federal census, 15,197.
MOUNTAIN HOME, Elmore County, Ida.
-BOND OFFERING.
Sealed bids will be received until 8:30 p. m. on July 3, by A. F. Anderson,
Village Clerk, for the purchase of a $24,000 issue of coupon water works
bonds. Interest rate is not to exceed 6%, payable semi-annually. Denom.
$500. Dated Jan. 11934. Due on Jan. 1 as follows: $1,000, 1936 to 1946:
$1,500, 1947 to 1952, and $2,000, 1953 and 1954. Prin. and int. payable
at tne Village Treasurer's office and elsewhere, as mutually agreed upon.
Bids for less than par will not be accepted. Bonds are registereable as to
both principal and Interest. A certified check for 5% of the bid, payable
to the Village, is required.
Volume 138
Financial Chronicle
MOUNT LEBANON TOWNSHIP (P. 0. Mount Lebanon), Al-A. C. Wood,
legheny County, Pa.
-ADDITIONAL INFORMATION.
Jr. & Co. of Philadelphia were associated with R. M.Synder - Co., also of
Philadelphia, in the purchase on June 11 of $90,000 4% park, street and
sewer bonds at par plus a premium of $1,269, equal to 101.40, a basis of
about 3.87%.-V. 138, P. 4166. A bid of par plus a premium of $270
was submitted by E.H. Rollins & Sons, while the Public Works Administration tendered its usual offer of par and accrued interest.
-NOTICE
MOUNT MORRIS CONSOLIDATED SCHOOLS, Mich.
-The following notice appeared in the "Michigan
TO BONDHOLDERS.
Investor" of June 16: Notice is hereby given to Bondholders on Mt. Morris
Consolidated Schools, District No. 3 Fri., City of Mt. Morris, Townships of Genesee, Mt. Morris, Thetford and Vienna. County of Genesee.
State of Michigan, by the Board of Education of said district: That sealed
bids on outstanding bonds will be considered with a view to retiring a
limited block of said bonds. As the Board of Education of said district are
convinced that the bonded indebtedness on said district can never be retired
at 100% par,said Board of Education are therefor taking steps to devaluate
said bonds to a level which will permit of eventual retirement. Highly
involved finances; insufficient basic property value to provide sufficient
tax money; and fictitious property values upon which said bonsd were
floated, compel a drastic devaluation of outstanding bonds; hence, only
drastically low bids can be considered. Said Board of Education requests
that all bids shall be in their hands by June 30 1934.
-SIGNS PWA CONTRACT.
MUNCIE, Delaware County, Ind.
The City Council on June 12 approved the contract whereby the Public
Works Administration will advance $1,060,000 for construction of an inter-V. 138. P. 533. The amount
cepting sewer and sewage disposal plant
includes a loan of $790,000 and a grant of $270.000.
-Sealed bids
-BOND OFFERING.
NASHUA,Hillsboro County, N.H.
addressed to the City Treasurer will be received until 10 a. m. (Eastern
Standard Time) on June 27, for the purchase of $200,000 not to exceed
3M",% interest bonds,of which $100,000 are sewer and $100,000 permanent
public improvement obligations. Dated June 1 1934. Due serially from
1935 to 1954, incl. Bidder to name a single interest rate for the entire
$200,000 bonds.
NEBO SCHOOL DISTRICT )P. 0. Provo) Utah County, Utah.-The $202,000 4% school construction and remodeling bonds
BOND SALE.
-was purthat were approved by the voters on March 6-V. 138. p. 2120
chased by the First Security Corp. of Salt Lake City, for a premium of
$1,050, equal to 100.519.
-BOND OFFERING.
NELSONVILLE, Athens County, Ohio.
Ellsworth Devore, City Auditor, will receive sealed bids until 12 in. on
not to exceed 6% interest water works
June 30 for the purchase of $3,500
extension and impt. bonds Dated June 30 1934. Denom. $500.
Due
Due $500 on June 30 from 1935 to 1941 incl. Principal and interest (J.& D.
30) payable at the City Treasurer's office. The bonds are declared to be
legal investments for savings banks in New York State. Proposals must be
accompanied by a certified check for 1% of the issue bid for, payable to
order of the City Auditor. Legal opinion other than that of the City Solicitor to be paid for by the successful bidder.
-The $5,674.35
-BOND SALE.
NEWCASTLE, Henry County, Ind.
% coupon corporation bonds of 1934, offered on June 18-V. 138,
-were awarded to the Citizens State Bank of Newcastle at par
P. 3814
plus a premium of $151.50, equal to 102.67. a basis of about 4%. Dated.
July 1 1934 and due Feb. 1 as follows; $1,000 from 1938 to 1942. incl.,
and $674.35 in 1943. A bid of par plus a premium of $11 was submitted
by the First National Bank of Newcastle.
NEW PROVIDENCE, Hardin County, lowa..-BONDS VOTED.
-the voters approved the
At the election on May 31-V. 138. p. 3480
issuance of $9,500 in water works system bonds.
-BONDS SOLD.-The $110,000 in
NEWTON, Harvey County, Kan.
bonds that were approved by the voters on April 10-V. 138, p. 2620
have since been taken by the State School Fund Commission. They are
as follows: $80,000 school, and $30,000 swimming pool bonds.
divided
NEW TRIER TOWNSHIP HIGH SCHOOL DISTRICT No. 203
-The Northern Trust Co. of Chi-BOND SALE.
(P. 0. Winnetka), III.
cago was awarded on June 19 an issue of $55.000 4 % refunding bonds
at par plus a premium of $3,370, equal to 106.12, a basis of about 4%.
Dated July 1 1934 and due on July 1 1951. Interest payable in J. & J.
Legality approved by Chapman & Cutler of Chicago.
NEW YORK, N. Y.
-EARLY SALE OF $60,000,000 LONG-TERM
OBLIGATIONS EXPECTED
-BANKERS AGREE TO 1% REDUCTION
-City Comptroller
IN INTEREST RATE ON $50,000,000 NOTES.
Joseph D. McGoldrick plans to offer for sale about July 10 an issue of
$60,000,000 long-term corporate stock and (or) serial bonds, according to
press reports this past week. Formal announcement of the projected sale
is being deferred pending a definite decision on the nature and terms of the
proposed loan. It is yet to be determined whether the city will specify
the rate of interest to be paid on the obligations, or whether the rate will
be left to the discretion of bidders. It wasreported in the "Herald Tribune"
of June 21 that tentative plans call for the issuance of $48,000,000 1 to 15
year bonds. $6,000,000 due in from 1 to 15 years, witn the balance of
38,000.000 due annually over a period of 36 years. The bulk of the proceeds of the new financing would be used to take up $58,500,000 corporate
stock notes, bearing interest rates at from 5 to 5%%, which mature in
September. These obligations are held by local banks and their redemption would not only result in a saving in interest charges to the city but would
also permit the disposal of additional corporate stock notes, within the legal
limit of $200,000,000, for the purpose of further reducing the unpaid contractual and other temporary obligations of the city. Payment of such
debts, it is held, would represent the final step in the financial rehabilitation of the city. The large advances that have occurred recently in the
market prices on outstanding bonds of the city indicates that any new
obligations will find ready favor with banking institutions and other investors, it is said.
INTEREST RATE REDUCED ON NOTES.-Conptroller McGoldrick
announced on June 22 that the banks which are financing the city in accord-year bankers' agreement have agreed to an interest rate
ance with the 4
of 3% on the revenue notes to be issued on June 30, as contrasted with the
rate of 4% borne by the similar notes issued on Dec. 31 1933. The Comptroller explained the reduction as follows:
"Pursuant to law and under the Bankers' Agreement the revenue bills
issued in each tax payment period and not redeemed at the end of the period
are refunded into revenue notes. In the current period, the one running
from Jan. 1 to June 30, the city has borrowed $200,000,000 against revenue
bills,of which approximately $150,000,000 will have been retired by June 30.
the remaining $50,000,000 are to be converted on that date into 3% revenue
notes callable at par at the city's option on any interest date. During the
same Period the city has retired $75,000,000 of the $200,000,000 callable
4% revenue notes outstanding on Jan. 1, so that there will still be a net
reduction of $25,000,000 in the city's revenue bills and notes on June 30
as compared with Jan. 1.
"This new agreement on interest rates will mean a 25% saving in interest
rates on the revenue note indebtedness to be presently issued, as compared
with the agreement made six months ago. Concretely, the saving to the
city over the previous interest arrangement is at the rate of $500.000 per
annum. It is a further index of the steady improvement which is being
made in the city'sfinancial condition and the renewed evidence ofthe willingness of the banking group to co-operate with the city administration.'
-OFFERING OF $30,000,000 BONDS.
-Morris
NEW YORK (State of).
S. Tremaine, State Comptroller, will receive sealed bids until 1 p. m.
(Daylight Saving Time) on June 28, for the purchase of $30,000,000 not to
exceed 4% interest coupon or registered emergency unemployment relief
bonds. Dated July 1 1934. Due $3,000,000 annually on July 1 from 1935
1944, incl. Bidder to name a single interest rate for all of the bonds,
expressed in a multiple of ti of 1%. Principal and interest (J. & J.) payable in lawful money of the United States at the Bank of the Manhattan
Co., New York City. Bidders may condition their bids upon the award
$30.000,000 issue.
to them of "all or none" of the for 2% of the bonds Proposals must be
bid for, payable to
accompanied by a certified check
the order of the State Comptroller. Approving opinion of Hon. John J.
Jr., Attorney-General of the State, as to the legality of the bonds
Bennett
will be furnished the successful bidder upon delivery of the securities. If
definitive bonds are not available for delivery at a time suitable to the
purchaser, the State reserves the right to deliver interim certificates and
will have these interim certificates ready for delivery on July 2 1934. The
net debt of the State on June 15 1934 amounted to $520,272,827.40, which
4333
is about 1.98% of the total assessed valuation of real and personal property
of the State subject to taxation for State purposes.
-The above bonds are the last
RECORD OF LAST PREVIOUS SALE.
of the $60,000,000 relief issue authorized by the voters at the general
in
election in November 1933. The first block of $30,000,000 was included by
the award on April 3 1934 of $50000.000 bonds to a syndicate headed
paid a price of 100.169
The bankers
City Company of New York, Inc.the
for $42,000,000 3s and $8,000,000 Ms, the terms representing a net
financing
interest cost basis of 2.887%, or the lowest at which long-term the bonds
has ever been negotiated by the State. The syndicate re-offered
for general investment at prices to yield from 0.50 to 3%, according to
maturity-V. 138, p. 2456. It is believed that the State will be able to
sell the current issue of $30.000,000 bonds at a cost basis even lower than
that obtained at the sale in April.
-In connection with the proposed sale of
STATE'S CREDIT LAUDED.
Tremaine.
$30,000,000 bonds on June 28, State Comptroller Morris S. bond sales
in a statement issued on June 21, declared that the record of
most
conducted by the State since 1930, when the decline in the value of itself
securities had set in, indicated that the credit of the State had proved
"depression proof." As illustrating the stability and high rating enjoyed
by obligations of the State, the Comptroller cited the progressively lower
interest rates at which the State borrowed money on succeeding issues.
as follows:
Int. Cost.
Amount.
Date ofSale.
3.46
$34,975,000
April 7 1931
3.22%
40;000,000
1031
Sept.15
3.02%
30.400,000
Dec. 14 1932
2.93%
26,595.000
June 28 1933
3.43%
29,500,000
Oct. 24 1933
2.88%
50.000.000
April 3 1934
StatementShowing State Debt as of June 15 1934.
Net Debt.
Gross Debt. Sinking Funds.
$
$
Loan for$
43,793,289.77 51,006.710.23
94.800,000.00
Highways
151,032.000.00 79,717,655.14 71,314.344.86
Canals
1,976,420.65 3,023,579.35
Palisades Interstate Park_..- 5.000,000.00
1,287.691.36 4,912,308.64
6,200,000.00
Forest preserve
27,000,000.00
27,000,000.00
World War bonus
38,596.000.00
38,596,000.00
Institutions building
12.729.000.00
12,729.000.00
Park system
71,518,000.00
General State improvement_ 71,518,000.00
61,000,000.00
Elimina'n ofgrade crossings_ 61,000,000.00
35,800,000.00
Emergency construction---- 35,800,000.00
57.795.000.00
Emergency unemploy.relief_ 57,795.000.00
Total bonded debt
Temporary Loansx Revenue loans
*561.470,000.00 126,775,056.92 434,694,943.08
Impounded
-Srs;14p.4
, 7
Revenues.
100,000,000.00 14,422,115.68 85,577,884.32
Total debt
661,470,000.00 141,197.172.60 520,272.827.40
* Of this amount $2,445,000 will be redeemed on July 1 1934; namely.
$2,085,000 emergency unemployment relief bonds, $120,000 elimination
grade crossing bonds and $240,000 general State improvement bonds. be
x These loans were made in anticipation of taxes and revenues to
collected; $10,000,000 of this amount will be redeemed prior to July 1 1934
and the balance will be redeemed within one year from date of issue.
(Official announcement of the above offering appears as an advertisement on page IV.)
NORFOLK, Norfolk County, Va.-BOND SALE-An issue of
a
$290,000 5% semi-ann. funding bonds is said to have been purchased byof
syndicate composed of the Investment Corp. of Norfolk, Gertler & Co.
New York, the Seaboard-Citizens National Bank of Norfolk, MasonHagan, Inc., and F. W. Craigie, & Co., both of Richmond, at a price of
100.53, a basis of about 4.90%. Due on June 15 as follows: $40,000 from
1938 to 1942. and $45,000 in 1943 and 1944.
-The successful bidders reBONDS OFFERED FOR INVESTMENT.
offered the above bonds for public subscription at prices to yield from 4.00
to 4.75%, according to maturity.
NORTH UNION TOWNSHIP SCHOOL DISTRICT (P. 0. Union-Robert N.Matthews,
-BOND OFFERING.
town) Fayette County,Pa.
StandDistrict Secretary, will receive sealed bids until 7;30 p. in. (Eastern
ard Time)on June 25,for the purchase of $50,000 not to exceed 6% interest
On Aug. 1 from 1935 to
school bonds. Dated Aug. 1 1934. Due $5,000
1944,incl. Issued under the provisions of the Mansfield .Act. May 18 1933.
P.L.813 to providefundsfor current operating purposes. A certified check
for $1,000. payable to the order of the District, must accompany each
proposal. District will furnish legal opinion upon request.
-BONDS AUTHORIZED.
NORWICH, Chenango County, N. Y.
Stuart C. Wilson, City Clerk, states that an issue of $18,000 fire departpurchase bonds has been authorized for sale.
ment equipment
-PROPOSED CONOKLAHOMA CITY, Oklahoma County, Okla.
-In connection with a tentative report that
SOLIDATION FAVORED.
the town of Nichols Hills was to be annexed to the above city, we are
Informed as follows by Eugene Jordan, bond attorney, in a letter dated
June 14:
"Referring to your letter of June 9, please be advised that the City
Council of Oklahoma City has not yet acted regarding the consolidation
of such city with the town of Nichols Hills; however, we understand that
the municipal counselor has made a favorable report to the City Connell
with reference to such consolidation."
-It is
-BONDS AUTHORIZED.
OLATHE, Montrose County, Colo.
reported that the Town Council recently authorited the issuance of $20,000
in 4% water bonds, to be used to secure a Public Works Administration
allotment. Denom. $1,000. Dated July 1 1934.
OMAHA, Douglas County, Neb.-COURT DENIES INJUNCTION
ON BRIDGE BONDS.
-In connection with the report of the authorization
-V. 138.
by the city recently of the issuance of $1,650.000 in bridge bonds
p. 2968, we quote as follows from a Lincoln dispatch to the "Wall Street
Journal" of June 18:
"The Nebraska Supreme Court has placed its approval upon an issue of
$1,650,000 revenue bonds issued by the City of Omaha to finance construetion of a bridge accross the Missouri River. a project for which Public
Work Administration funds have been allocated. The court holds that the
statute empowers municipalities to issue revenue bonds, and that the
construction of the bridge falls within the express powers granted. It
holds that it will involve no illegal expenditure of public funds, as alleged
by taxpayers, and will in no manner increase public taxation. It also holds
that the bonds will not be general obligations of the city."
-The $60,500
-BOND SALE.
ONEIDA, Madison County, N. Y.
coupon or registered refunding bonds offered on June 19-V.138,P.3985
were awarded as 3.60s to Halsey, Stuart & Co.. Inc., of New York, at par
plus a premium of $25, equal to 100.04, a basis of about 3.59%. Dated
June 1 1934 and due on June 1 as follows: $6,500 in 1935 and $6,000 from
1936 to 1944, incl. The Manufacturers & Traders Trust Co.. Buffalo.
the only other bidder, named a price of 100.186 for 4% bonds.
OSAGE CITY SCHOOL DISTRICT (P. 0. Osage City), Osage
-At the election on June 13-V.
County, Kan.
-BONDS DEFEATED.
138, p.3647
-the voters rejected the proposal to issue $90,000 in high school
building bonds.
-The $20,000 4%
OXFORD, Furnas County, Neb.-PRICE PAID.
semi-ann. refunding bonds that were purchased by the Kirkpatrick-Pettis
-were sold at par. Due on June 1
Loomis Co. of Omaha-V. 138, P. 3647
1949. optional after one year. It is also stated that the bonds to be refunded
bear interest at 4 % and mature on Oct. 11946.
PALISADES IRRIGATION DISTRICT (P. 0. Palisades), Douglas
-The District Secretary reports that
County, Wash.
-BONDS VOTED.
-the voters approved the issuance
at the election on June 7-V.138, p.3985
of the $28,500 in 4% refunding bonds. Due in 30 years.
-It is re-BOND ELECTION.
PARSONS, Labette County, Kan.
ported that an election will be held on Aug. 7 to vote on the issuance of
$35,000 in grade school bonds.
PASADENA INDEPENDENT SCHOOL DISTRICT (P. 0. Pasa-The voters are said to
dena) Harris County, Tex.
-BONDS VOTED.
have approved recently the issuance of $60.000 in school building bonds.
-No bids
-BONDS NOT SOLD.
PASSAIC, Passaic County, N. J.
were obtained at the offering on June 19 of $444,000 5% coupon or regis-
4334
Financial Chronicle
tered bonds, consisting of $268,500 improvement refunding and $175,500
improvement funding issues
-V. 138. P. 3985. Dated July 1 1934 and
due serially on July 1 from 1935 to 1944, inclusive.
PASSAIC COUNTY (P. 0. Paterson), N. J.
-BORROWS $1.000,000
AT 4q % INTEREST.
-John F. Streckfuss, County Treasurer, announced
on June 9 that arrangements had been made to borrow $1,000,000 on 4N%
tax-anticipation notes through the Bank of the Manhattan Co., New York.
The county is offering for sale on June 27 a total of $2,317,000 5% coupon
or registered bonds
-V. 138. p. 4167.
PASSAIC COUNTY (P. 0. Paterson), N. J.
-FINANCIAL STATEMENT.
-In connection with the proposed sale on June 27 of $2,317,000
5% coupon or registreed bonds, notice and description of which appeared
In Sr. 138, p. 4167, the following information has been issued:
Supplemental Debt Statement (as of May 31 1934).
Net debt (including proposed issues)
$10.450,255.03
Average assessed valuation oftaxable real property including
Improvements
-1934
354,175,917.00
33
363,150.807.00
1932
374,895. .7 %
2 87 0
46 .0
Average •
364,074,063.667
Percentage of net debt of average valuations
Tax Levies and Collections.
Uncollected
Uncollected
YearTotal Levy.
Close of Year. May 31 1934.
1929
None
None
$2,757,084.80
1930
None
2,751,759.55
None
1931
None
2,744,032.29
None
1932
$91.50
2.803.764.87 $1,524,913.99
1933
343,053.20
2,479,793.17
1,108.185.62
PAWNEE,Pawnee C.Junty, Okla.
-The $48,000 issue
-BOND SALE.
of power plant bonds offered for sale on June 20-V. 138. p. 4167
-was
purchased by the Public Works Administration, as 4s at par. Due $3,000
from 1937 to 1952, incl. No other bids were received.
PENNSYLVANIA.
-DEALERS' REFERENCE LIST
.-A complete list
of dealers interested in Pennsylvania municipals is contained in the 1934
edition of "Classified Market," just off the press. Firms who specialize in
these bonds are indicated by a star placed before the listing. The lists are
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.
PIERCE COUNTY (P. 0. Tacoma), Wash.
-BOND SALE NOT
CONSUMMATED.
--It is stated by the Deputy Clerk of the Board of
County Commissioners that the sale of the $350,000 funding bonds to a
syndicate headed by John Nuveen & Co of Chicago, as 5s
-V. 138, P.
2456
-was not consummated.
PITTSBURGH, Allegheny County, Pa.
-PLANS SALE OF BONDS.
-Preparations are being made for the early offering of a block of $450,000
bonds, the proceeds of which will be used for direct poor relief purposes.
The voters authorized a $3,000,000 issue to meet such requirements.
PLYMOUTH COUNTY (P. 0. Le Mars), lowa.-CERTIFICATE
OFFERING.
-It is reported that bids will be received until 2 p. m. on
June 25, by A. Langhout, County Treasurer, fox the purchase of a $40.000
Issue of 3;4% county secondary road anticipation certificates. Denom.
$500. Dated June 15 1934. Due $12,000 on Dec. 31 1934 and $28,000 on
Dec.31 1935. A certified check for 3% must accompany the bid.
PORTLAND, Multnomah County, Ore.
-BOND SALE.
-The $700.000 issue of 5% semi-ann. Improvement bonds offered for sale on June 20
-V. 138, P. 3985
-was purchased by a syndicate composed of Camp &
Co.. the Commonwealth Securities Corp., Atkinson, Jones & Co., all of
Portland, Ferris & Hardgrove, of Spokane, Conrad. Bruce & Co., and
Blyth & Co., both of Portland, at a price of 100.01, a basis of about
4.99%. Dated June 11914. Payable 10 years from date, optional after
three years from date. No other bid was received.
PORTLAND SCHOOL DISTRICT, Northampton County, Pa.
BONDS APPROVED.
-The Pennsylvania Department of Internal Affairs
on June 12 approved of $5,000 funding and $1,800 operating expense bonds
PORT LAVACA, Calhoun County, Tex.
-BOND ELECTION POSTPONED.
-It is reported that the election scheduled for June 26, to vote
on the issuance of $43,000 in water revenue bonds
-V. 138, p. 4167, has
been postponed to July 10.
PUEBLO, Pueblo County, Colo.
-BONDS CALLED.
-It is reported
by J. W. Carpenter, City neasurer, that he called for payment at the
First National Bank in Pueblo, on June 9, various improvement district
bonds together with interest due.
RAINIER, Columbia County, Ore.
-BOND EXCHANGE.
-We are
informed by the City Recorder that the $56,596.25 issue of coupon city
bonds offered on June 4-V. 138, p. 3648
-was exchanged with the holders
of the old bonds at par for par, the new bonds bearing 3% and 4%, as
compared to the previous rates of 5%% and 6%. Dated May 1 1934.
Due from May 1 1939 to 1953.
RALEIGH, Wake County, N. C.
-NOTES OFFERED.
-Sealed bids
were received until June 22 by W. E. Easterling, Secretary of the Local
Government Commission, at his office in Raleigh, for the purchase of a
$50,000 issue of 6% revenue anticipation notes, according to report.
(Financial Statement
-As Officially Reported.)
Estimated true value
$53,000,000
Assessed valuation 1933
44,615,464
Total bonded debt
-Feb. 1 1934
2,052,000
Lesssinking fund
$48,229
Net debt(4.5%)
$2,003,771
Population 1930 census
43,182
The above financial statement does not include the debt of other political
subolvisions having power to levy taxes on property within the district.
RALEIGH TOWNSHIP SCHOOL DISTRICT (P. 0. Raleigh)
Wake County, N. C.
-BONDS OFFERED TO PUBLIC.
-A $75,000 issue
of 5% semi-ann. school bonds is being offered by John Nuveen & Co. of
Chicago. Due $25,000 from May 1 1957 to 1959. Legality approved by
Reed, Hoyt & Washburn of New York. These bonds are said to have
been issued by vote of the qualified electors and are general obligations of
the District. It is also reported that the State has assumed the cost of
operating this district so that the only levy necessary is for debt service.
RANDLEMAN, Randolph County, N. C.
-BOND INCREASE APPROVED.
-The Local Government Commission is said to have approved
recently a petition by this city to increase an issue of $122,000 water and
sewer bonds to $137,000. (An allotment of $169,000 was approved by the
-V. 138, P. 184.)
Public Works Administration for the project
RECONSTRUCTION FINANCE CORPORATION.
-REPORT ON
LOANS MADE TO DRAINAGE AND IRRIGATION DISTRICTS.
The following statement was made public by the above Corporation on
June 15:
Loans for refinancing an irrigation district and a drainage district in
California, five drainage districts in Mississippi, an irrigation district in
Oregon and two drainage districts in Arkansas, totaling $1,346,000, have
been authorized by the RFC. This makes a total to date of $43,812,072.46
authorized under the provisions of section 36 of the Emergency Farm
Mortgage Act of 1933, as amended.
The districts are:
Big Springs Irrigation District, Siskiyou County, Calif
$26,000
Newhope Drainage District, Orange County, Calif
101,000
Rocky Bayou Levee and Drainage District, Yazoo County. Miss_ - 94.000
Atchafalaya Drainage and Levee District, Yazoo and Humphreys
Counties, Miss
81.000
Belzoni Drainage District, Humphreys County, Miss
122,500
Silver Creek Drainage District, Humphreys and Yazoo Counties,
Miss
121,500
Straight Bayou Drainage District, Humphreys and Sharkey Counties, Miss
167,500
Crook County Improvement District No. 1, Oregon
35,000
Drainage District No. 16, Mississippi County, Ark
195,000
Bub District No. 1 to Carson Lake Drainage District No. 8, Mississippi County, Ark
402.500
RAVALL1 COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Victor),
SALE.
-The $9,000 issue of school bonds offered for sale
-BOND
Mont.
June 23 1934
on May 28-V. 138, p. 3320
-was purchased by the Farmers State Bank.
of Victor, as 5s, at par. Due in not to exceed 20 years.
ROCKY MOUNT, Franklin County, Va.-BOND OFFERING.
Sealed bids will be received until June 28 by Walter St. Clair, Town Treasurer, for the purchase of a $15.000 issue of 5% semi-ann. town bonds.
ROME, Oneida County, N. Y.
-BOND SALE.
-The $106,000 coupon
or registered bonds offered on June 19-V. 138, P. 3986
-were awarded as
2.90s to Blyth & Co.. Inc. of New York, at par plus a premium of $254.40,
equal to 100.24, a basis of about 2.84%. The sale consisted of:
$77,000 public works bonds. Due June 1 as follows: $7,000 from 1935 to
1937 incl. and $8,000 from 1938 to 1944 incl.
29,000 public welfare bonds. Due June 1 as follows: $3,000 from 1935
to 1943 incl. and $2,000 in 1944.
Each issue is dated June 1 1934. Other bids were as follows:
Premium.
BidderInt. Rate.
$132.50
Halsey, Stuart & Co
3.10%
Manufacturers & Traders Trust Co
78.44
3.20%
.ROSCOE,Edmunds County,S.Dak.-BONDSPARTIALLYSOLD
Of the $6,500 registered town hall bonds offered for sale on April 20V. 138. p. 2622-a block of $2,500 was purchased by the First State Bank
of Roscoe, as 5s at par. The remaining $4,000 were not sold. Denoms.
$400. $500 and $1,000. Dated May 1 1934. Due from 1936 to 1948.
Interest payable July.
ROSENBERG INDEPENDENT SCHOOL DISTRICT (P. 0. Rosenberg), Fort Bend County, Tex.
-BONDS SOLD.
-The $8,500 in gymnasium building bonds that were approved by the voters on April 5-have been purchased by the State Department of EduV. 138, P. 2789
cation.
ROSS TOWNSHIP (P. 0. Perrysville), Allegheny County, Pa.
BOND SALE.
-The $17,000
% coupon bonds offered on June 18-were awarded to Glover & MacGregor, Inc. of Pittsburgh,
V. 138. p. 3816
at a price of 107.07, a basis of about 4.09%. Dated July 1 1934 and duer
on July 1 1964. Other bids were as follows:
BidderRate Bid.
S. K. Cunningham & Co
105.50
,
E. H. Rollins & Sons
104.30
Singer, Deane & Scribner, Inc
102.57
100.60
Leach Bros
RUMSON, Monmouth County, N. J.
-BOND SALE.
-The $20.000
,
coupon or registered refunding bonds offered on June 14-V.138, p.3816
were awarded as 414s to J. B. Hanauer & Co. of Newark, at par plus a
Premium of $351.11, equal to 101.75. a basis of about 4.13%. Dated June 1
1934 and due $2,000 on June 1 from 1935 to 1944,incl. Other bids were as
follows:
Int. Rate. Premium.
Bidder4,
;
6
$227.89
First National Co., Trenton
55.40
H. L. Allen & Co
10.00
6 o
Second National Bank & Trust Co., Red Bank--.SALE.
-The $65,000.
RUTLAND, Rutland County, Vt.-BOND
% funding and relief bonds offered on June 21-V. 138, p. 4167-were
awarded to the First Boston Corp. of Boston at a price of 106.20, a basis of
about 3.09%. Dated July 1 1934 and due on July 1 as follows: $3,000
from 1935 to 1955, incl., and $2,000 in 1956. Other bids were as follows:
Rate Bid.
Rate Bid. BidderBidderVermont Securities Co
103.0778.
Stone & Webster and Bled105.079 Clement National Bank----103
get
F. L.Putnam & Co
104.80
101.274
E. H. Rollins St Sons
104.773 Estabrook & Co
100.45
Arthur Perry & Co
Halsey, Stuart & Co
104.55
103.58
Newton, Abbe & Co
Killington National Bank,
103.81
Ross & Co., Rutland
to yield
3.45%
Ballou, Adams & Whitte103.4516
more
RUTLAND INDEPENDENT SCHOOL DISTRICT (P. 0. Rutland),
-The $15,0011 issue of school
Lake County, S. Dak.-BOND SALE.
-was awarded to the
bonds offered for sale on June 14-V. 138, p. 4167
Carleton D. Beh Co. of Des Moines, as 4s, paying a premium of $303,
a basis of about 3.79%. Dated May 1 1934. Due from
equal to 102.02,
Nov. 1 1936 to 1953, incl.
RUTLAND INDEPENDENT SCHOOL DISTRICT (P. 0. Rut-The $25.000 funding
land) Lake County, S. Dak.-INTEREST RATE.
-V. 138, P.
bonds that were purchased at par by Mr. Elmer L. Williams
were sold as 5s. Dated June 11934. Due from 1935 to 1943.
3986,
-BOND SALE.
-The $25,000
SABETHA, Nemaha County, Kan.
issue ofsewage disposal bonds offered for sale on June 12-V.138, p.3986
was awarded to local investors, as 3s. Dated July 1 1934. Due from
July 1 1935 to 1954.
-BOND SALE.
-The $200,000
SAGINAW, Saginaw County, Mich.
4% street improvement refunding bonds offered on June 19-V. 138. 1P•
-were purchased, at par, by the Sinking Fund Commission. No other
4168
bid was received. Dated July 1 1934 and due $20,000 on July 1 from 1935.
to 1944, inclusive.
-WARRANT CALL.
SAGUACHE COUNTY (P. 0. Saguache), Colo.
-The County Treasurer is said to be calling for payment on June 26
school, minimum salary fund and special school fund warrants.
general
-ACCEPTS PWA GRANT
ST. BERNARD, Hamilton County, Ohio.
ONLY.
-Arrangements have been made for the city to accept a grant of
from the Public Works Administration toward the cost of street
$13,500
improvements. The Public Works Administration originally had been
requested to provide a loan and grant of $50,000 for the work.
-BOND ISSUANCE DEFERRED.
SALEM, Marion County, Ore.
We are informed by the City Recorder that, contrary to recent press
reports, the city will not issue for some time a block of $1,000,000 water
bonds.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (p. o.
-BOND SALE.
-Two issues of bonds
San Antonio), Bexar County, Tex.
aggregating $170,000, were offered for sale on June 19 and were awarded
Jointly to Russ, Roe & Co., and Dewar, Robertson & Pancoast, both of
San Antonio. as follows:
$50,00()5% permanent impt. bonds for a premium of $25, equal to 100.05.
a basis of about 4.99%. Due as follows: $10,000, on Aug. 1 1936:
$20,000 on July 1 1943; $10,000 on July 1 1945 and on Aug. 11952.
120,000 refunding bonds as 4 Wis, paying a premium of $25, equal to 100.02,
a basis of about 4.745%. Due in approximately equal amounts
each year from 1935 to 1953.
-CITY MAY FILE BANKSAN BENITO, Cameron County, Tex.
-The following report is taken from a San Benito
RUPTCY PETITION.
dispatch to the Chicago "Journal of Commerce" of June 14:
"The city may petition for bankruptcy proceedings under the amendment of the municipal bankruptcy law passed by congress and signed by
the President recently, according to Leigh Stanley, city secretary. He
said that holders of more than $400,000 of the city's outstanding $600.000
bonds had sent in acceptances of a new basis of settlement and that more
were expected to agree on it.
"If the 75% of the bondholders accept tho new terms and the remainder
fail to participate in the plan, the city is ready to take the matter over to
Its attorney, A. L. Montgomery for bankruptcy action, Stanley said."
-BOND OFFERING.
SAN FRANCISCO (City and County) Calif.
Sealed bids will be received by J. S. Dunnigan, Clerk of the Board of
Supervisors, until 3 p. m. on June 25, for the purchase of two issues of
coupon bonds aggregating $5,000,000, divided as follows:
$3,000,000 school house bonds, 1934. Dated Jan. 11934. Due $300,000
from 1935 to 1944 incl. Interest payable J. & J.
2,000,000 high pressure system bonds. 1933. Dated Dec. 1 1933. Due
$100,000 from 1934 to 1953 incl. Interest payable J. & D.
Denom.$1,000. Interest rate is not to exceed 6%. Payable,at the option
of the holder,at the office of the Treasurer of the City and County,or at the
fiscal agency of the City in New York. The bonds will be awarded to the
bidder or bidders offering to purchase the same, bearing the lowest rate or
rates of interest, and if two or more bidders offer to purchase the bonds
bearing the same lowest rate or rates of interest, the bonds will be awarded
to the bidder offering to purchase the same, at such rate of interest and in
such amounts that the net interest cost to the city and county of the accepted bid will be the lowest net interest cost, considering the amount of
interest to be paid on said bonds during the life thereof at the rates specified.
and deducting any premium or premiums bid in addition. The approval of
Thomson, Wood & Hoffman, Attorneys, New York, as to the legality of
Volume 138
Financial Chronicle
these bonds will be furnished to the successful bidder without cost. All
proposals for bonds shall be accompanied by a deposit of 5% of the amount
bid, or by a deposit of a certified check payable to Clerk of the Board of
Supervisors for a like amount.
The following information is furnished with the official offering notice:
Controller's Financial Statement.
The outstaneing bonded debt of the city and county of San Francisco
Water Distribution Bonds 1933(exempt from charter limit)_
Spring Valley 1928(exempt from charter limit)
Water 1910 (exempt from charter limit)
Retch Hetchy 1925 exempt from charter limit)
Retch Hetchy 1928 exempt from charter limit)
H
Retch Hetchy 1932 exempt from charter limit)
Exposition 1912 (exempt from charter limit)
31.324,000
37,000.000
31,000,000
8.750,000
24.000,000
5,477,000
1.000,000
$108,551,000
55,048,100
Other bonds (not exempt)
Total
5163.599,100
The city has debt created for unemployment relief loan from the State
, California. $1,466,552.
of
The assessment roll for the current year is:
City and county non-operative property
$974,440,728
State operative property after equalization
437,973,267
Total assessment
$1,412,413,995
Property assessed at approximately 44% of its value.
SANTA ANA SCHOOL DISTRICT (P. 0. Santa Ana) Venture
County, Calif.
-BONDS NOT SOLD.
-The 54.000 issue of 435% semiann. school bonds offered on June 15-V. 138, p. 4168
-was not sold as no
bids were received, according to the Chief Clerk. Dated June 1 1934.
Due $500 from July 1 1935 to 1942, incl.
SCHENECTADY,Schenectady County, N.Y.
-BOND OFFERING.
Leon G. Dibble, City Comptroller, will receive sealed bids until 12 m.
(Daylight Saving Time) on June 26 for the purchase of $650,000 not to
4xceed 5% interest coupon or registered bonds, divided as follows:
$500.000 refunding bonds. Due June 1 as follows: $80,000 in 1935 and
$105,000 from 1936 to 1939 incl.
150,000 public impt. bonds. Due June 1 as follows: $14,000 in 1936
and $17,000 from 1937 to 1944 incl.
Each issue is dated June 1 1934. Denom. $1,000. Bidder to name a
single interest rate for all of the bonds, expressed in a multiple of 1-10th
or si of 1%. Prin. and int.(J. & D.) payable in N.Y.City and Schenectady.
A certified check for $13,000, payable to the order of the city, must accompany each proposal. The successful bidder will be furnished with the approving opinion of Reed, Hoyt & Washburn of New York that the bonds
are binding and legal obligations of the city, for the payment of which a
general ad valorem tax may be levied on all taxable property therein without
limitation or rate or amount.
-The $304,SCRANTON, Lackawanna County, Pa.
-BOND SALE.
.000 coupon or registered bonds offered on June 19-V. 138, p. 4168
were awarded as 33is to Brown Harriman & Co., Philadelphia, at a price of
100.56, a basis of about 3.44%. The award comprised:
$171,000 improvement bonds. Due July 2 as follows: $10,000 from 1935
to 1939, incl.; $9,000, 1940 to 1944, incl.; $4,000 from 1945 to
1960, incl., and $3,000 from 1961 to 1964 incl.
133.000 judgment and debt funding bonds. Due July 2 as follows:
'
$5,000 from 1935 to 1947, incl. and $4,000 from 1948 to 1964,incl.
Each issue is dated July 2 1934. Other bids were as follows: Halsey,
Stuart & Co. for 3(% bonds, $171,000 at 102.12 and $133,000 at 101.84;
E. H. Rollins & Sons for 3,i% bonds,$171,000 at 100.791 and 5133.000 at
100.941; Bloren & Co. for 3(% bonds, $304,000 at 101.1377.
Financial Statement.
Total bonded debt at May 1 1934
$2,196,000.00
Sundry Claims
Matured coupons outstanding
$188.75
Accrued interest on bonded debt
33,016.78
33,205.53
h.'
Yudgments (interest and costs estimated)
$39,350.00
4 Special assessments, payment of which is assumed by the city
35,130.28
b Contingencies (estimated)
92,919.53
167,399.81
$2,396,605.34
Resources
Cash in interest & sinking fund accounts
$172,212.63
Bonds in interest and sinking fund accounts:
Bureau of Fire Bldg. No. 3, 1910
$3.000
Municipal Improvement Loan 1929, 2d
series
30,000
33,000.00
Accrued interest
335.00
205,547.63
Net indebtedness at May 1 1934
$2,191,057.71
Assessed valuation of the taxable property of the City of Scranton, Pa.,
as certified by the Board of Assessors for the year 1934:
Land
$51,362,170 Tax rate 1934, 22.22 per $1,000
Improvements
71,119,840 Tax rate 1934, 11.11 Per $1,000
Est. at 50% of actual__ --$122,482,010
All of the above noted bonded indebtedness of the City of Scranton consists of Councilmanic bonds and there are no outstanding bonds authorized
by electoral vote.
paha All of which will be funded out of the proceeds of the issue of $133,000
judgment and debt funding bonds 1934, to be issued simultaneously herewith.
b Of which $56,000 will be funded out of the proceeds of the issue of
3133,000judgment and debtfunding bonds 1934,to be issued simultaneously
herewith.
Report of Tax Collections.
Total
Collections
Balance
YearDuplicate. to May 1 1934. May 1 1934.
1930
$2,313,863.79 $2,259,234.52
$54,629.27
1931
2,299,221.81
2,177,360.83
121,860.98
1932
2,241,731.40
1,955,302.71
286,428.69
1933
2,011,945.50
1,567,951.90
443,993.60
1934
1,989,957.33
1.117,712.20
872,245.13
SENECA COUNTY (P. 0. Tiffin), Ohlo.-BOND SALE.
-The
$50,000 poor relief bonds offered on June 21-V. 138 P. 3816
-were
awarded as 2)s to Seasongood & Mayer of Cincinnati, at par plus a
premium of $83, equal to 100.16, a basis of about 2.36%. Dated March 1
1934 and due as follows; $9,400 Sept. 1 1934;$9,700 March 1 and 510,000
Sept. 11935;$10,300 March 1 and $10,600 Sept. 1 1936. Other bids were
as follows;
BidderInt. Rate, Premium.
Mitchell, Herrick & Co
$41
Fox, Einhorn & Co
41
Johnson, Kase &
Co51
Provident Savings Bank & Trust Co
15
Hayden, Miller & Co
25
Commercial Bank, Tiffin
4
Par
SHEPHERDSTOWN,Jefferson County, W. Va.-BONDS VOTED.
-the voters approved the issuAt the election on June 9-V. 138, p. 3986
ance of the $2,500 in sewer system bonds. Interest rate not to exceed
5%. Dated July 1 1934. Due in 20 Yeras.
SH1PPENSBURG SCHOOL DISTRICT,Cumberland County,Pa.
-Errol F. Snoke, District Secretary, will receive sealed
BOND OFFERING.
bids until 3 p. m. (Eastern Standard Time) on July 6 for the purchase of
$100,000 4% coupon bonds, divided as follows:
$50,000 school bonds. Dated Feb. 11934. Due Feb. 1 as follows:$1.000
from 1935 to 1944 incl. and $2,000 from 1945 to 1964 incl.
50,000 school bonds. Dated May 1 1934. Due May 1 as follows:
$1,000 from 1935 to 1944 incl. and $2,000 from 1945 to 1964 incl.
Denom. $1,000. Bids must be for all of the bonds. Offer to be accompanied by a certified check for $2,000, payable to the order of the District
Treasurer. Prin. and semi-ann. int, on the bonds payable at the Distric
a vo
4335
Treasurer's office. Issued subject to the favorable legal opinion of Townsend, Elliott & Munson of Philadelphia. The Public Works Administration has announced allotments amounting to $125,000 for school building
purposes in the District.
SHOREWOOD SCHOOL DISTRICT NO. 4 (
P. 0. Milwaukee),
Wig.
-BOND SALE ARRANGED.
-It is stated by the District Secretary
that arrangements have been made with the First Wisconsin Trust Co. of
Milwaukee,for the sale of the $175.000 high school auditorium bonds that
were approved by the voters on Jan. 23-V. 138, P. 1086. The bonds are
to be taken as 4s, at par. Dated April 1 1934. Due $35,000 from April 1
1945 to 1949. incl. It is said that this sale is contingent upon receiving a
grant from the Public Works Administration.
S1LVERTON, San Juan County, Colo.
-BOND SALE.
-The Town
Clerk reports that a $6,000 issue of water works bonds has been sold to
local investors. (The Public Works Administration approved an allotment of $11,000 for water works improvement in Feb.
-V.138, p. 1613.)
SIOUX CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Sioux
City), Woodbury County, Iowa.
-BOND SALE.
-The $124,000 issue of
-was awarded at
school bonds offered for sale on June 18-V. 138, P. 4168
public auction to the White-Phillips Co. of Davenport, as 3s, paying a
premium of $326, equal to 100.26, a basis of about 2.93%. Dated Jan. 1
1934. Due from Jan. 1 1936 to 1945 incl.
-It
SIOUX COUNTY (P. 0. Harrison), Neb.-BONDS CALLED.
Is stated that $25,000
% court house bonds were called for payment on
' nrch 1 a 95 he office of Greenway, Raynor & Co. of Omaha. Due on
Jua e 15 it t
xi
0
-The
SIOUX FALLS, Minnehaha County, S. Dak.-BOND SALE.
$172.000 issue of 4% coupon semi-annual sewage disposal bonds offered
-was purchased at par by the Public
for sale on June 18-V. 138, p. 3816
Works Administration. Dated March 1 1934. Due serially over a
period of 25 years. No other bids were received.
SIOUX FALLS, Minnehaha County., S. Dak.-MATURITY.-The
$25,000 4% semi-annual trunk sewer bonds that were purchased at par by
-are due on Feb. 1 as
the Public Works Administration-V. 138, P. 3816
follows: 51.000, 1935 to 1949, and 52,000. 1950 to 1954.
SMITHFIELD INDEPENDENT SCHOOL DISTRICT (P. 0. Smith-BOND OFFERING CONTEMPLATED.
field), Tarrant County, Tex.
The Secretary of the Board of Education reports that the 59,000 school
construction bonds approved by the voters at an election in February
-are being prepared for sale.
V. 138, p. 1613
-NOTE OFFERSOUTH CAROLINA, State of (P. 0. Columbia).
ING.-lt is announced by E. P. Miller, State Treasurer, that the State
Finance Committee will receive sealed bids at his office until 11 a.m. on
June 26 for the purchase of a $4,230,000 issue of coupon or registered refunding notes. Denom. $1,000. Dated July 25 1934. Due on Feb. 1
as follows: 5600,000. 1935; $650,000. 1936; 5700,000, 1937: 5750,000. 1938
and 1939, and $780,000 in 1940. Bidders to name the rate of interest, to
be payable F. & A. 1. Bids must be for par and accrued interest. The
proceeds of these notes will be used to retire a like amount of outstanding
notes. In addition to the full faith, credit and taxing power of the State,
there is irrevocably pledged for the payment of said notes the proceeds of a
234 mill annual ad valorem tax of the State, which is sufficient to retire
both principal and interest as set out in the above schedule. Special
authority is conferred upon the State Finance Committee for the issuance
of these notes by an Act of the General Assembly of 1934, approved May
10 1934. Legal opinion of the Attorney-General of the State as to the
validity of the said notes will be furnished by the State. Opinion of Reed.
Hoyt & Washburn of New York will also be furnished at the option and
expense of the purchaser. A certified check for 540,000, payable to the
State Treasurer, must accompany the bid.
R
--TAX AD:10 ITTENTS SOUOHT BY MILL
SPARTANBURG, S. C.
OWNERS.
-The following report is taken from a Spartanburg dispatch to
the New York "Journal of Commerce" of June 19:
"Twenty mill owners, representing property listed on the Cleveland
County tax books at $4,400,000,are protesting certain alleged discrepancies
of valuations placed on their plants, and have taken steps to try to work
out with the County Commissioners an equitable plan to adjust their
complaints.
"At a meeting held, J. E. Blanton, Chairman of the County Commissioners, presided. Millmen pointed out that valuations have not been taken
since 1927, and that during that time vast changes have taken place in
textile properties.
"Of the 20 owners represented, 6 were completely dissatisfied with
the present setup and asked for a review or revision. A. G. Meyers,
receiver for Textiles. Inc., was one of these. No agreement was reached.
"The South Carolina Supreme Court has under advisement upon written
arguments the case of the Pacolet Mfg. Co. of Spartanburg County against
the State Tax Commission. The mill company challenges the present
interpretation of a tax law by asking a writ of mandamus to compel the
Commission to accept $6,000 instead of $12,000 in corporation license tax
fees. It is alleged the $6,000 represents the full sum due on $2.000,000 in
stock and contended that on equal sum in stock non-taxable under the law
because it was outstanding and related to mill holdings in Georgia.
"The Tax Commission's reply is that the Pacolet company had been
paying on the full $4,000,000 in past years and that the tax statute had been
correctly construed hitherto."
STORM LAKE INDEPENDENT SCHOOL DISTRICT (P. 0. Storm
Lake), Buena Vista County, lowa.-BOND SALE NOT SCHEDULED.
-It is stated by the Secretary of the Board of Directors that there was no
sale of $128,000 in school bonds scheduled for May21,as reported in V. 138,
p. 3483.
STONEYCREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Johns-No
-BONDS NOT SOLD.
town, R. D. No. 4) Cambria County, Pa.
bids were obtained at the offering on June 6 of 520,0005% bonds,including
-V.138. p.3649.
a $15,000 funding issue and a $5,000 refunding issue.
-It is reported that
-BOND ELECTION.
SUDAN, Lamb County.Tex.
an election will be held on July 2 to vote on the issuance of $7,300 in water
works improvement bonds. (An allotment of 59,000 for this purpose was
-V.138.p. 185.)
approved by the Public Works Administration in January
SUGAR CREEK TOWNSHIP (P. 0. West Terre Haute), Vigo
County, Ind.
-The $76,624.67 judgment funding bonds
-BOND SALE.
-were awarded as 43(s to Campbell
offered on May 1-V. 138, IL 2789
& Co. of Indianapolis, at par plus a premium of $413, equal to 100.05, a
basis of about 4.74%. Due as follows: 52,500 July 15 1935; 52,500 Jan. 15
and July 15 from 1936 to 1948 incl.; $3,000 Jan. 15 and July 15 1949 and
$3,124.67 Jan. 15 1950.
_
SUMMERHILL SCHOOL DISTRICT, Cambria County Pa.BOND OFFERING.
-W. P. Jones, Secretary of the Board of directors,
will receive sealed bids until 7 p. m. (Eastern Standard Time) on June 25
for the purchase of $16,000
% school bonds. Denom.$500. Due July 1
as follows; $500 from 1935 to 1955, mod.; $1,000, 1956:5500. 1957; 51,000
In 1958 and 1959 and $2,000 in 1960. Interest is payable in J. & J. A
certified check for $400, payable to the order of the District, must accompany each proposal. Sale will be made subject to approval of the Department of Internal Affairs of Pennsylvania.
SUMMERVILLE CONSOLIDATED SCHOOL DISTRICT (P. 0.
-It is
Summerville) Chattooga County, Ga.-BOND ELECTION.
reported that an election will be held on June 30 to vote on the issuance of
$32.500 in school building bonds. At the election on April 21-V. 138. n.
2458
-the voters rejected this proposal
SUMMIT COUNTY (P. 0. Akron), Ohio.
-BOND OFFERING.
W. B. Wynne, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m.(Eastern Standard Time) on July 9 for the purchase
of $200,000 no to exceed 6% interest selective sales tax poor relief bonds.
Dated July 1 1934. Denom. $1,000. Due as follows: 53,500. Sept. 1
1934; $3,200, March 1 and $3,300 Sept. 1 1935; 53,400 March 1 and $3,600
Sept. 1 1936: $59,000 March 1 and $61,000 Sept. 1 1937, and $63,000
March 1 1938. Principal and interest (M. & S.) payable at the State
Treasurer's office. A certified check for 2% of the bonds bid for, payable
to the order of the County Commissioners, must accompany each proposal.
SWARTHMORE SCHOOL DISTRICT, Delaware County, Pa.
BOND AWARD DELA YED.-Award of the 370,000 school bonds offered
on June 14-V. 138, P. 3649
-has been delayed, pending decisions by the
Public Works Administration authorities on construction bids. High tender
for the bonds an offer of 102.52 for 33(s, was submitted by E. H. Rollins
& Sons of Philadelphia. Bonds are dated June 1 1934 and mature June 1
4336
Financial Chronicle
as follows: $2,000, 1940 and 1941; $4,000, 1942 to 1955,incl.; $2,000, 1956
and 1957, and $3,000 in 1958 and 1959.
TAUNTON, Bristol County, Mass.
-BOND SALE.
-The $138,000
coupon bonds offered on June 19 V. 138, p. 4168
-were awarded as 3s to
Arthur Perry & Co. of Boston at a price of 100.839, a basis of about 2.79%.
The sale consisted of:
$78,000 sewer bonds. Dated May 11934. Due May 1 as follows: $8,000
from 1935 to 1942, incl., and $7,000 in 1943 and 1944.
60,000 macadam loan bonds. Dated June 1 1934. Due $12,000 on •
June 1 from 1935 to 1939, inclusive.
The following is an official list of the other bids submitted at the sale:
Bidder
Rate Bid.
Bond, Judge & Co.
-$78,000 as 3%s and $60.000 as 2%s
100 57
Tyler, Buttrick & Co.
-878,000 as 3s and $60,000 as 2s
100.15
. .
ons-,$78,000 as 334s
100.47
60,000 as 3s
100.73
Estabrook & Co.
-$78,000 as 35,s and $60,000 as 38
100.22
F. L. Putnam & Co., for 3% bonds
100.27
Halsey, Stuart & Co., for 3% bonds
100.05
Newton, Abbe & Co., for 3%% bon
bonds
100.26
Whiting. Weeks & Knowles, for 33% bonds
100.50
TEANECK TOWNSHIP (P. 0. Teaneck), Bergen County, N. J.
BOND OFFERING.
-Henry E. Diehl, Township Clerk, will receive sealed
bids until 8 p.m. (Daylight Saving Time) on July 3 for the purchase of
125,000 6% coupon or registered general improvement bonds. Dated
Jan. 1 1934. Denom. $1.000. Due Jan. 1 as follows: $2,000 from 1935
to 1939, incl. and $3,000 from 1940 to 1944, incl. Principal and semiannual interest(M.& S. 15) payable in lawful money of the United States
at the West Englewood National Bank, West Englewood. A certified
check for 2% of the bonds bid for, payable to the order of the Township,
must accompany each proposal. The successful bidder will be furnished
with the opinion of Hawkins, Delafield & Longfellow, of New York City,
that the bonds are binding and legal obligations of the Township.
TEANECK TOWNSHIP (P. 0. Teaneck), Bergen County, N. J.BONDS PARTIALLY SOLD.
-After no bids had been submitted at the
formal offering on June 1 of $112.000 coupon or registered tax revenue
bonds of 1933-V. 138. p. 3649
-the township disposed of at private sale
a block of $103,000 bonds as 5%s at par. The bonds are dated June 1 1934
and due Dec. 31 1937.
THOMASVILLE, Davidson County, N. C.
-BOND INCREASE
APPROVED.
-The Local Government Commission is said to have approved
recently the city's petition to increase an issue of $75,000 water system
bonds to $80,000. (An allotment of $75,000 has been approved already
on this project by the Public Works Administration.
-V. 138, P. 1780.)
UTAH, State of (P. 0. Salt Lake City).
-FEDERAL FUND ALLOTMENT REDUCED.
-The loan and grant of $50,000 for repairs and
improvements to the campus and buildings at State colleges, approved by
the Public Works Administration in October 1933-V. 137, P. 3362
-has
been changed to a grant alone, in the sum of $13,800.
WALNUTPORT, Northampton County, Pa.
-BONDS APPROVED.
-Approval of the issue of $35,000 water plant acquisition bonds authorized
by the voters at an election held in March-V.138, p.2123
-was announced
by the Pennsylvania Department of Internal Affairs.
WARREN, Trumbull County, Ohio.
-BOND SALE.
-The 1120.000
deficiency bonds offered on June 11-V. 138, p. 3817
-were awarded as
51s to Hayden, Miller & Co. of Cleveland, at a price of 100.405, a basis
of about 5.19%. Dated June 1 1934. Due $6,000 March 1 and Sept. 1
front 1938 to 1947, incl.
WARREN COUNTY(P.O. Warren),Pa.-BONDSALE.-The$30,000
4% Rouse Hospital rehabilitation bonds offered on June 19-V. 138.13• 3987
-were awarded to Yarnall & Co. of Philadelphia at a price of 101.31, a
basis of about 3.83%. Dated July 1 1934. Due July 1 1944; optional
July 1 1937. The bankers are reoffering the bonds at a price a 102.75,
to yield 3% for the optional period and 4% thereafter.
WASHINGTON COUNTY (P. 0. Akron), Colo.
-WARRANTS
CALLED.
-It is reported that the County Treasurer called for payment
at his office on June 7, Sepcial School District, 0. C. R.fund, poor fund.
and W. C. H. S. warrants.
WASHINGTON SCHOOL DISTRICT NO. 52, 111.
-ADDITIONAL
INFORMATION.
-The $15,000 4% school bonds purchased at a price of
par by the Danforth Banking Co. of Danforth-V. 138, p. 3322
-mature
serially on July 1 from 1935 to 1949. incl.
WATERTOWN, Codington County, S. Dak.-BOND SALE.
-The
$87.000 issue of 4% semi-ann. street improvement bonds offered for sale
on June 18-V. 138. p. 4169
-was purchased at par by the Public Works
Administration, Dated Feb. 1 1934. Due from Feb. 1 1935 to 1954, incl.
WATERVLIET, Albany County, N. Y.
-BONDS AUTHORIZED.
The City Council on June 9 voted to turn over to the Public Works Administration a total of $170,000 bonds in connection with the PWA's
allotment of $215,000 for construction of a water system plant, storehouse
and boat house.
-V. 138, p. 365.
WATFORD CITY, McKenzie County, N. Dak.-BOND ELECTION.
-An election is said to be scheduled for June 27 to vote on a proposal to
raise the city's debt limit 3 mills and to approve a $30,000 issue of water
works bonds.
WEBSTER, Worcester County, Mass.
-TEMPORARY LOAN.
Award was made on June 15 of a $100,000 revenue anticipation loan to the
First National Bank of Boston at 1.47% discount basis. Due $50,000
each on Nov. 15 and Dec. 5 1934. Other bids were as follows:
BidderDisct. Basis.
Faxon, Gade Se Co
2.95
W.O. Gay & Co
1.53
Lincoln R. Young & Co
1.59%
WEIMAR, Colorado County, Tex.
-BOND ELECTION.
-It is
reported that an election will be held on July 16 to vote on the issuance of
$8,000 in water bonds. (An allotment of$10,000 has been approved already
by the Public Works Administration.)
WENATCHEE HEIGHTS RECLAMATION DISTRICT (P. 0.
Wenatchee), Wash.
-BONDS PURCHASED.
-The $95,000 improvement
bonds that were approved by the voters at the election on May 12-V. 138,
p. 2972
-were purchased by the State of Washington.
WEST BEAVER TOWNSHIP SCHOOL DISTRICT(P.O. McClure),
Snyder County,Pa.
-BOND OFFERING.
-H. 0. Bingaman, Secretary
of the Board of Directors, will receive sealed bids until 1 p. m. on July 2
for the purchase of $5,000 5% coupon school bonds. Dated July 2 1934.
Denom. $500. Due July 2 1944; optional July 2 1936.
WEST BURLINGTON,Des Moines County,lowa.-BONDS VOTED.
-At the election held on June 12-V. 138. p. 3818
-the voters approved
the issuance of the $8,000 in water service bonds.
WESTMINSTER, Carroll County, Md.-BOND OFFERING POSTPONED.
-We learn that bids will be received until June 30 for the purchase
of$228,000 4% sewerage and refuse disposal plant bonds. It was originally
intended to sell the loan on June 23-V. 138. p. 4170
-but an error in the
notice of sale necessitated re-offering the Issue. The yondso
will be sold a
glibegapter
y
auetioa,ct. m (Eastern
Time)on ofni3:17 asuthorir
u 9 . Aa n t
ko
Assembly
Acts
Mary
by Chapter 96, Acts of 1931. Coupon bonds, datedFeb. 1 164,of $1.000
denoms. and mature Feb. 1 as follows: 110,000 from 1935 to 1939, incl.;
$11,000, 1940 to 1944, incl.; $12,000, 1945 to 1951, incl. and $13,000 from
1952 to 1954, incl. Bonds are registerable as to principal and interest.
Provision will be made in the tax levy each year to make payment of both
principal and interest.
The City of Westminster has a population of 4.463. The total assessable
property is $4,565.742.66. of which 83,020,931.43 is real estate. The
existing bonded indebtedness is $73,500.
-BOND ISSUANCE PROPOSED.
WEST POINT, Clay County, Miss.
-A petition is being circulated for the issuance of $50,000 in bonds to
supplement a proposed diversion of $25,000 from the electric fund surplus,
In order that the city may accept an offer recently made by a manufacturing
concern to locate here if suitable quarters were constructed. It is estimated
that a building to cost $75,000 would house both the factory and a vocational
school.
June 23 1934
WESTBROOK, Cumberland County, Me.
-PLANS REFUNDING
ISSUE-An order passed on first reading on June 11 calls for the issuance
of 190,000 refunding bonds, due $5,000 annually beginning in 1939, with
the proceeds to be used to meet the following principal maturities: $10,000
on a total of $25,000 due July 11934; 145,000 on Aug. 15 1934; 110,000.
Nov. 11934,and $25,000 due Jan. 11935.
WESTERLY, Washington County, R. I.
-TEMPORARY LOAN.James M.Pendleton, Town Treasurer, made award on June 15 of a $100,000 tax anticipation loan to Whiting. Weeks & Knowles of Boston, at
0.60% discount basis. Dated June 15 1934 and due on Nov. 5 1934.
Denoms. $25,000, $10,000 and $5,000. Legality approved by Storey,
Thorndike, Palmer & Dodge of Boston. Other bids were as follows: First
Boston Corp., 0.73%; First National Bank of Boston, 0.87%; Brown
Bros. Harriman & Co., 0.89%; S. W. Tourtellotte of Providence, 1% and
Lincoln R. Young Co., of Hartford, 1.19%.
Tax Levy.
Uncollected to Date.
Uncollected.
1932 $457,825.60
D.31 1932 $50,989.10
ec
$3,578.22
28,344.91
1933 430,113.90
Dec. 31 1933 61,677.63
WILLIAMS COUNTY SPECIAL SCHOOL DISTRICT NO. 88
(P. 0. Epping), N. Dak.-BONDS NOT SOLD.
-The $4,000 issue of
not to exceed 4% semi-ann. school bonds offered on May 29-V. 138. ri•
-was not sold as no bids were received. Due on April 1 as follows:
3484
$200. 1937 to 1950. and $300, 1951 to 1954.
WILLIAMSBURG, James City County. Va.-BONDS SOLD.
The 1180,000 4% semi-ann. water storage tank construction bonds that
-V. 138, p. 2624
were authorized in April
-were purchased on June 13
by Mason-Hagan, Inc. of Richmond for a premium of $3,639, equal to
'
102.016. (An allotment of $224,000 was approved by the Public -Works
Administration for this proiect.)
-OFFERED.
• WILLIAMS COUNTY (P. 0. Bryan), Ohio.
-BONDS RE
-The $29,000 6% poor relief bonds originally offered on June 11 at which
sale was postponed because of an irregularity in the maturity
time the
-are being readvertised for award on July 9.
schedule
-V. 138, p. 4170
Sealed bids will be received until 2 p. m. on that date by Mont Stuller.
Clerk of the Board of County Commissioners. The bonds will be dated
June 1 1934 and mature March 1 as follows: $6,500 in 1935; $7.000, 1936;
$7,500. 1937,and $8,000 in 1938. Principal and interest(M.& S.) payable
at the County Treasurer's office. A certified check for 5% must accompany
each proposal.
WILTON,Fairfield County,Conn.-PWA AGREEMENT CHANGED
-The agreement under which the Public Works Administration proposed
to make a loan and grant of $60,000 for the cmstruction of a new school
-has beea changed to provide for a grant only,
building
-V. 138. v. 2790
amounting to $17,000.
-TEMPORARY LOAN.
W1NCHENDON, Worcester County, Mass.
The Second National Bank of Boston was awarded on June 15 a $75,000
20 1935.
revenue anticipation loan at 1.13% discount basis. Due AprilHarriman
Other bids were as follows: W.0. Gay & Co.. 1.23%;Brown Bros.
& Co., 1.78%; Jackson & Curtis. 1.85%; Faxon, Gade & Co. 1.95%;
Bond & Goodwin, 1.95%, and First National Bank of Winchendoti, 2%•
-Numbers 1 to
-BONDS CALL.
WINFIELD, Cowley County,Kan.
66,69 to 92 and 95 to 125 of the 4%% water works improvement bonds are
payment at the office of the State Treasurer on July 1.
being called for
Due on Jan. 1 1943.
WINONA SCHOOL DISTRICT (P. 0. Winona), Winona County,
-It is said that sealed bids will be received
-BOND OFFERING.
Minn.
until 7:30 p. m. on July 6, by the Clerk of the Board of Education, for the
Purchase of an issue of $150,000 4% semi-ann. school bonds. (A loan
and grant of $298,000 was approved by the Public Works Administration
-V. 138, p. 2298.)
In March.
-NOTE ISSUANCE
WINSTON-SALEM, Forsyth County, N. C.
APPROVED.
-It is stated that the Board of Aldermen recently approved
the issuance of $600,000 in revenue anticipation notes to meet maturities
and interest on July 1.
-TEMPORARY LOAN.
YARMOUTH, Barnstable County, Mass.
The Secmd National Bank of Boston recently purchased an issue of $10,000
tax-anticipation notes at 0.75% discount basis.
,
YORKTOWN HEIGHTS FIRE DIST. (P. 0. Yorktown Heights)
-BOND SALE -The $9,500 coupon or
Westchester County, N. Y.
-were sold as 4.90s
registered bonds offered on June 11-V. 138, p. 3988
due
to the Mahopac National Bank of Mahopac. Dated June 1 1934 and
June 1 as follows: $1,000 from 1936 to 1943, incl. and $1,500 in 1944.
-BOND OPTION TAKEN -It is stated
YUMA,Yuma County, Colo.
Benwell
by the Town Clerk that an option has been taken by Oswald F.
of Denver on the $57,000 refunding bonds offered on June 13-V. 138.
1934. Due from Sept. 1 1949 to 1969.
la • 3650. Dated Sept. 1
CANADA, Its Provinces and Municipalities.
-The following is a list of the bids
GIFFARD, Que.-LIST OF BIDS.
submitted for the $55,000 5% improvement bonds awarded on June 5.V.138. p. 3988.
Rate Bid
Bidder
x98.55
Lucien Cote, Inc.; and J. E. Laflamme, Ltd
98.13
Dube, Leblond & Co.; and L. G. Beaubien & Co
98.01
Credit Anglo-Francais Ltd; and Garneau, Boulanger Ltd
97.13
Corporation de Prets de Quebec
97.02
Lagueux & Darveau, Ltd
x Successful bid.
-BOND SALE-George H. Morrison &
HALIFAX COUNTY, N. S.
Co. of Halifax recently were awarded an issue of $13,500 4%% bonds
at a price of 102.56, a basis of about 4.18%. Due June 1 1944. Other
bids were as follows:
Rate Bid.
Bidder
102.43
T. C. Douglas, Ltd
102.42
J. C. Macintosh & Co
101.67
Royal Securities Corp
101.35
Johnston & Ward
101.08
Dominion Securities Corp
101.079
Eastern Securities Co
100.80
W. C. Pitfield & Co
MONTREAL, Que.-CORRECTION.-We now learn that the interest
rate carried on the approximately $6,230,000 Treasury bills sold last week
through Drury & Co.. Montreal,to Dunn, Fisher & Co.of London,England.
Is 354;%, not 3%% as noted in V. 138, D. 4170. The bills were sold to provide funds for the payment of city bonds due June 15 1934. They brought a
Price of99.50. making the net interest cost about 3.75%. Payable in sterling
on June 15 1935.
-Hon. W. A. Gordon, Minister of Labor,
OFFERED $3,000,000 LOAN.
Is reported to have announced in the House of Commons recently the
willingness of the Dominion to make a loan of $3,000,000 to the city,secured
by 5% Provincial treasury bills, provided a similar amount is advanced
to the municipality by the Quebec Government.
-Griffis, FairNORTH BAY, Ont.-BONDS PUBLICLY OFFERED.
dough & Norsworthy of Toronto are making public offering of $200,000
Sept. 1 from 1934 to 1948 incl., at prices to
5)'% bonds, due serially on
yIeld 5.60%. and $130,178 6% bonds, due from 1935 to 1952 incl., on a
yield basis of 5.70%, according to the June 16 issue of the "Monetary
Times" of Toronto.
WESTMOUNT, Que.-BONDS AUTHORIZED.-The Council has received permission to issue $220,000 4% sewer construction bonds.
-PREMIER INTERVENES IN UTILITY MERGER
WINNIPEG, Man.
PLAN.
-Injecting a new note into the long drawn out negotiations for
sale of Winnipeg Electric Co. to its municipal competitor, the City of
Winnipeg, John Bracken, Premier of Manitoba Province, has intervened
with a plan of arbitration for evaluating the company's street railway
properties. That problem has proved the main obstacle to consummation
of the transaction which, it is held, has become a virtual necessity to both
the city an power company.