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The
0111intral
Volume 136
financial
•
1
iirortude
New York, Saturday, June 3 1933.
Number 3545
The Financial Situation
HE Administration bill providing for the elimi- chosen path, with ultimate good as its object, but
nation of gold as a medium for meeting the unmindful of the fact that resort to the expedient
payment of all obligations—past, present and future of repudiation and dishonor must surely in the end
—passed the House of Representatives on Monday bring the penalties which it invites by its mereof the present week by the decisive vote of 283 to 57, tricious conduct.
For the moment all this is lost sight of, and only
to the satisfaction of all those who would debase
of a wholesale the presence of multiplying signs of trade revival,
the American unit of value as part
scheme for inflating values—a proposal so popular which is concurrently taking place, and is misat the moment—and to the chagrin and mortifica- takenly attributed to the program of inflation
tion of those who believe in the sanctity of contracts mapped out,though there are numerous independent
and desire to see the American unit of value kept causes to explain this revival, and, indeed, actual
unimpaired and the credit of the Government pre- inflation has not yet occurred;—at present only this
served at the high standard which every Administra- attracts attention. When, however, prosperity gets
tion of the Government, of whatever political faith, under full swing it will, we may be sure, be recoghas deemed it its bounden duty to defend and protect nized that the undermining of the country's standever since resumption of specie payments on Jan. 1 ard of values constitutes a bar upon the permanence
1879, following the long period of greenback infla- of trade recovery, and then will arise a demand that
tion that marked the period after the close of the the hindrances to enduring trade activity shall be
Civil War on July 1 1865. In the United States removed by eliminating the shackles which are now
Senate an effort is to be made to change the meas- being forged with such frenzied fury. It is to be
ure, so far at least as the retroactive feature of the hoped that the popular awakening will not be degold provision is concerned, so that it may not layed until incalculable damage shall have been done
be said that the country, through its legislative and an actual setback has developed. This menace
body, has deliberately engaged in the violation of can only be avoided by enlightening the public mind,
contracts and of pledged faith, but it is known that and every effort must be made to that end.
In that view the greatest encouragement must
the effort will prove futile.
during the last be given to movements like those now being inauguOf all the numerous steps taken
three months to debase and to depreciate the intrin- rated by some of the prominent mercantile and
sic value of the American unit of value, the gold trade organizations throughout the country. On
dollar, this last stab is most to be deplored. It Thursday a resolution was adopted by the Chamber
cannot fail to lower the United States in the estima- of Commerce of the State of New York urging Presition of the world, and, in fact, has already done so dent Roosevelt to refrain from any act under present
if we may judge by European comment, and it will or future emergency which will tend to impair the
surely lower the country in the estimation of our gold standard. This is as it should be, and it should
own people with the lapse of time when its character be followed by similar protests from other mercanand significance shall have been driven home and tile and financial bodies throughout the length and
its meaning made plain. Now in a momentary ebul- breadth of the land. The resolution was contained
lition of frenzied enthusiasm quite common when in a report submitted by Edward P.Maynard,Chairemotion carries the crowd off its feet, the act man of the Chamber's Committee on Finance and
is finding wide support. The lure now is the infla- Currency. Mr. Maynard well said that the Chamber
tion of values, which is the aim of all the recent should express its opinion that a sound and persimilar moves, on the idea that prosperity can manent recovery in industry and business can be
thereby be restored. What captures the unthinking accomplished only by avoiding currency inflation.
masses is that there is to be credit and currency He pointed out that any decrease in the gold basis
inflation on a scale never before attempted by any of the dollar or any other form of currency debasesolvent nation. The experience of Germany in the ment would prevent permanent recovery and in the
years following the war, when billions and trillions end work an injury to the nation's business. The
of paper marks were put out, is not exactly in point, resolution was adopted by the Chamber by an overas this represented not a deliberate attempt to de- whelming vote.
The action of the New York Chamber should be
base and depreciate the mark, as in our case, but
aimless floundering about of a country under duplicated in mercantile and financial quarters
the
going the process of financial dissolution. The everywhere. For the reasons already stated, there
United States, on the other hand,is pursuing its own is more or less reluctance about antagonizing the
T
3764
Financial Chronicle
June 3 1933
policy of the Administration. But the situation is its purport is plain enough. The intention
is to
as urgent as during the Bryan campaigns of 1896 abolish the distinction between gold and other forms
and 1900, and sound money organizations should be of money and to permit payment "in any
coin or
formed everywhere to combat the threatening evils currency which is legal tender for public
and private
involved in persistence in the present unfortunate debts." What are the different forms of coin
and
course. As on those earlier occasions, the sober currency which may thus be tendered in payment
of
sense of the community should assert itself in vigi- public and private debts, even though there may
be a
lant opposition to the mistaken policies that are specific declaration for payment in
gold? The
being so sedulously pursued. Business men with- monthly Treasury statement, which indicates
the
out regard to party affiliations should unite, sound amounts of money in circulation mentions all of
the
money Democrats joining with Republicans in form- following: Gold coin, gold certificates, standard
ing committees and organizations with a view to silver dollars, silver certificates, Treasury
notes of
making common cause against the efforts to upset 1890, subsidiary silver, minor coin, United States
the country's whole monetary system. The eco- notes, Federal Reserve notes, Federal Reserve bank
nomic welfare Of the United States is more seriously notes, National bank notes.
threatened than in any of the previous periods when
Among all these the only tokens of real value are
political campaigns had to be conducted to deal with gold and silver; all the others are paper representathe matter. Not a moment should be lost in engag- tives. As gold is to be no longer available,
does not
ing in a wholesale crusade against the monetary that at once reduce the country to the silver
basis?
hallucinations that have taken possession of the And this being so, does not this necessarily
defeat
party in power.
all efforts at genuine stabilization? Remember that
Apart entirely from the ethical considerations the interchangeability of the different forms of
curwhich count so strongly against this latest move to rency and money as provided under the gold
standeliminate gold as the unit of value, a most serious ard Act of March 4 1900 is expressly abolished.
feature is that it leaves, and must continue to leave, And if silver is thus to be the ultimate
determining
the true value of the American dollar always an factor, will not the dollar thereafter be
dependent
indeterminate quantity. The purpose of Mr. Roose- upon the fluctuations in silver? Suppose the
Presivelt is to bring about a standardization of values, dent succeeds in bringing about an
international
but how is this to be effected, or can it be effected, arrangement for the stabilization of
the dollar, in
if gold in foreign transactions is to be completely terms of gold, will not the price of
silver in the
eliminated as a factor? Suppose the gold content markets of the world be the governing factor
in fixof the dollar be reduced to the extent of 25% or 40%, ing the value of the dollar?
is the new dollar to be merely something to look at.
This appears the more likely inasmuch as the
since it is not to be used in current transactions? Thomas amendment provides in express
terms for
Is it to be merely something for contemplation by the unlimited coinage of silver. It is
true that the
the outside world in the hope that this outside world President, by this same amendment,
is empowered
will recognize it as symbolic of what we would like to fix the relation between gold and
silver, and by
to have it regarded?
the utilization of that power it is expected to estabSecretary Woodin last week, in undertaking to lish a permanent relationship between
the two
explain the purpose of the joint resolution by which metals. That relation, thus determined,
may not be
the statutory departure from the gold standard is 16 to 1, as the silverites would have it;
it may be
to the taken, observed that gold was not now being 20 to 1 or 25 to 1, but that does not alter
the fact
paid out, nor was it available for payment upon that with huge masses of silver constantly
injected
public or private debts, and went on to say that into the country's monetary system, silver
will rerecently the Thomas amendment to the Farm Relief main the governing factor in any event,
especially
Act had made all coins and currencies of the United as the production of silver is certain to
be enorStates legal tender for the payment of every debt, mously increased under the plan for the
rehabilitaboth public and private. Th;e, however, to the lan- tion of the white metal which lies at the
bottom of
guage used in the amendment, doubt had arisen the whole scheme. The Thomas amendment
deserves
whether obligations expressed as payable in a par- to be carefully studied in the light of that
circumticular kind of money, such as gold coin, might be stance.
satisfied by payment in other forms of legal tender.
It may be deemed an exaggeration to say
One of the purposes of the joint resolution, he ob- that the Thomas amendment provides
for the unserved, is to remove any doubt and to avoid confu- limited coinage of silver, but the language
is clear
sion, so that debtors and creditors may have a clear and unmistakable on that point. We
published the
definition of their legal position. Another purpose full text of the Farm Relief Act containing the
of the joint resolution, he declared, is to make clear Thomas amendment, or inflation rider,
in our issue
that future obligations, public and private, shall not of May 20, pages 3415-3420, and by
reference to page
contain the gold clause. The Thomas amendment 3420 it will be found that under Title
III, Section
(or inflationary rider) did not contain specific pro- 43, Subdivision (2), the President is empowered
"by
vision to this effect. "Such a provision is contained proclamation to fix the weight of the
gold dollar in
in the resolution. The resolution makes it clear that grains nine-tenths fine and also to fix the weight
all obligations, past and future, will be upon the of the silver dollar in grains nine-tenths fine at a
same footing."
definite fixed ratio in relation to the gold dollar at
This makes it important to examine anew more such amounts as he finds necessary from
his investiclosely and more minutely the provisions referred gation to stabilize domestic prices or
to protect the
to as set out in the Thomas amendment. As was foreign commerce against the adverse effect of depointed out by us last week in our comment upon preciated foreign currencies, and to provide for the
the joint resolution, while it is not altogether clear unlimited coinage of such gold and silver at the
, what interpretation is to be given to the resolution, ratio so fixed."
Volume 136
Financial Chronicle
3765
There is no limit of time asto the application of this Civil War. Evidently it is time for the whole 'citiprovision, and therefore it continues indefinitely, zenry to bestir itself so as to guard against the danuntil the amendment is altered or once more removed gers that threaten if the Administration persists
from the statute book. There is a further provision in its present course and thereby invites such serious
relating to silver—Sec. 45(a)—by which the Presi- ill consequences.
dent is authorized to accept silver in payment of
UST now the country is being confronted with all
the whole or any part of the principal or interest j
sorts of anomalies, and not the least of these
any foreign govnow due, or to become due, from
account of any indebted- is the congestion of unemployed funds at the moneernment or governments on
ness to the United States, such silver to be accepted tary centers of the country, at the very time when
at not to exceed the price of 50c. an ounce in United the country is being prepared for a new era of credit
States currency. This provision is limited to a and bank inflation with the view to carrying out
period of six months from the date of the passage of the schemes of the new school of theorists for the
the Act, and the aggregate of the silver accepted may social and economic regeneration of the country.
not exceed $200,000,000, but there is absolutely no A striking instance of the kind has been witnessed
termination prescribed for the coinage of silver, and, the present week. The New York Clearing House
as a matter of fact, as is evident from the excerpt Association, after having repeatedly reduced the
quoted, the language itself says "unlimited" coinage rate of interest allowed on deposits, has felt itself
of both gold and silver at the ratio determined upon. impelled to make a new cut in the rate. In the case
Evidently there is to be silver galore, and in such a of deposits payable within 90 days, the reduction
state of things, can the country escape dropping to a amounts to a full 50%,the rate having been reduced
of 1% per annum, the new
/
from 1 2 of 1% to
silver basis? It will be a marvel if it does not.
effective yesterday, June 2.
A further portion of the Thomas amendment, or rate having become
inflationary rider, provides that "in case the Gov- This is the lowest rate ever fixed by the Clearing
l
ernment of the United States enters into an agree- House, and at the extraordinarily low figure of y
of 1% is obviously close to nothing. The banks, of
ment with any government or governments under
the terms of which the ratio between the value of course, have no alternative, since they are so overgold and other currency issued by the United States loaded with idle funds that money is virtually unand by any such government or governments is lendable. Evidence to that effect is seen in a conestablished, the President may fix the weight of the current further reduction the present week in the
gold dollar in accordance with the ratio so agreed open market rate for bankers' acceptances. A reduc/
upon, and such gold dollar, the weight of which is tion of 18 of 1% in the discounts for bills of all
so fixed, shall be the standard unit of value, and all maturities was made on Thursday, bringing the disforms of money issued or coined by the United States count for bills running from one to 90 days down
2
shall be maintained at a parity with this standard to only V of 1% bid and % of 1% asked. Let the
and it shall be the duty of the Secretary of the reader ponder well the degree of congestion involved
Treasury to maintain such parity." This direction in rates down to such abnormally low figures.
In other forms of borrowing, rates are quoted on
to maintain other forms of money on a parity with
the gold dollar has served to obscure the presence the same diminutive basis. Call loans on the Stock
of the provision for the unlimited coinage of silver Exchange command only 1% per annum, while outand to disarm criticism, on the supposition that it side the Stock Exchange loans on demand are freely
/
meant the continuance in force of the similar pro- obtainable at only 1 2 of 1% per year. The United
vision under the Gold Standard Act of March 14 States Treasury is now selling 91-day Treasury bills
1900, but the declaration, it would seem, is now ren- on a discount basis of only 0.32% per annum, that
dered entirely nugatory and non-existent by the having been the rate realized at a sale of $100,352,000
joint resolution which undertakes to pull the coun- of 91-day bills on Friday of last week. Yet the Fedtry's monetary system off the gold basis by statutory eral Reserve banks, by direction of the United States
enactment, and which, among other things, provides Treasury, have just resumed the purchase of United
that "Every provision contained in or made with States Government securities, $25,114,000 having
respect to any obligation which purports to give the been acquired last week and $27,866,000 the present
obligee a right to require payment in gold or a par- week on the assumption that what is needed is more
ticular kind of coin or currency, or in an amount bank credit, while the exact reverse is the case, as
in money of the,United States measured thereby, is money market conditions so palpably demonstrate.
declared to be against public policy; and no such
The incidental harm is completely overlooked.
provision shall be contained in or made with respect One phase of this is the inability of the banks to
to any obligation hereafter incurred"; further, that make an adequate return on their capital and re"every obligation heretofore or hereafter incurred, sources, a circumstance which is being completely
whether or not any such provision is contained overlooked. The banks have had most serious
therein or made with respect thereto, shall be dis- troubles to contend with during recent years, as is
charged upon payment, dollar for dollar,in any coin evident from the crop of bank failures which has
or currency which at the time of payment is legal overwhelmed all parts of the country. The time has
certainly arrived when the banks ought to be
tender for public and private debts."
It is thus made evident that other grave dangers allowed to earn a decent rate Of return, which means
beset the country by reason of the new monetary that they ought to be relieved from the constant
and economic program projected, entirely apart injection of new credit through open market purfrom the fact that the Federal Reserve banks are to chases of United States Government securities, the
put afloat $3,000,000,000 of new credit, and that the proceeds of which find their way into the banks. It
President also has authority to put out another is safe to say that at the present low levels of return
$3,000,000,000 of greenbacks under an Act put on the banks are close to a starvation point. And their
the statute book back in 1862 at the time of the future will not be assured until they once more
3766
Financial Chronicle
June 3 1933
can find more remunerative rates of return. They and other Treasury currencies. Upon making the
ought to be allowed to operate under normal con- substitution the Treasury deposited gold certificates
ditions, when proper correction would soon ensue, with the Federal Reserve banks.
instead of being overwhelmed with new supplies
Federal Reserve notes in circulation further deof funds at a time when they are obliged to struggle creased during the week from $3,221,429,000 to
so fiercely to put to profitable use the vast masses $3,203,102,000, but the greater part of this reduction
of idle funds that now clog the market. Purchases was offset by an increase in the amount of Federal
of United States Government securities through the Reserve bank notes in circulation, against which no
open market operations of the Reserve banks merely cash reserves are required. This is becoming a growadd to their difficulties, since the proceeds of such ing item, and it increased during the week from $84,sales, as already stated, ultimately lodge in the 211,000 to $96,280,000. The deposit liabilities are
banks, thereby deferring the coming of the brighter also a little larger this week at $2,393,773,000
day of which they stand so sadly in need.
against $2,392,817,000, but this is entirely due to the
increase in Government deposits from $37,668,000
HE Federal Reserve condition statements the to $72,328,000, member bank reserves (the principal
present week bear witness to the fact that the item in the deposits of the Reserve banks) having
policy of adding to the acquisitions of United States fallen off from $2,194,390,000 to $2,166,721,000. As
Government securities is continuing actively under a result of the decrease in Reserve note liabilities
way. After purchases of $25,114,000 of such securi- and the increase in the gold holdings, the ratio of
ties last week, there have been further purchases of total gold reserves and other cash to deposit and
$27,866,000 the present week. As it happens, how- Federal Reserve note liabilities combined has moved
ever, the experience this week has been the same as up somewhat further, rising from 67.8% to 68.0%.
that of last week, namely, that there has been no As previously noted,the Federal Reserve Board now
expansion in the volume of Reserve credit afloat, includes an item previously designated as non-Renotwithstanding the taking over of the large extra serve cash with "other cash" in computing the Reamounts of United States securities. As the pro- serve ratios. The amount of United States Governceeds of the purchases of Government securities find ment securities pledged as part collateral for Fedtheir way into the banks, the effect is to diminish eral Reserve notes increased during the week from
the borrowings of the member banks. It is not $471,900,000 to $480,900,000. The holdings of acstrange, therefore, that the discount holdings of the ceptances for account of foreign central banks keeps
12 Reserve institutions, which reflect member bank slowly diminishing, and the present week the amount
borrowing, have further decreased during the week declined from $36,770,000 to $35,731,000. At the
from $312,165,000 to $301,974,000. At the same same time foreign bank deposits have dropped this
time, the holdings of acceptances purchased in the week from $15,867,000 to $7,848,000.
open market have further dropped from $42,662,000
to $19,862,000, this being due presumably to the ma- ri"HE appearance this week of the annual report
turity of bills at a time when there is no occasion
of the New York Central RR. for the calendar
for the banks to go to the Reserve banks with new year 1932 attracts attention chiefly as showing how
supplies of bills.
even a railroad property of the superb strength of this
The result altogether is that the volume of Reserve great railroad system is bound to suffer in a period
credit afloat, as measured by the total of the bill of such unparalleled depression as the country has
and security holdings, has fallen during the week experienced during the last four years. The Central
from $2,221,925,000 tt• $2,216,237,000, notwithstand- failed to earn its fixed charges in 1932 by the sum
ing that the Reserve banks have enlarged their hold- of $18,326,550—something that would have been
ings of Government securities from $1,861,712,000 deemed unbelievable only a few years back. A mere
to $1,889,578,000. This again illustrates the point cursory examination of the figures shows that the
we made last week that itis easier to decree inflation unfavorable outcome has been due entirely to a
through the employment of Reserve credit than to shrinkage in the volume of traffic and revenues in
bring it about. However, future purchases of Gov- a degree and to an extent that has no parallel in
ernment securities ought to make a deeper impres- railroad history, the experience in this respect of
sion and give effect to the inflation program, since the New York Central System having been like that
the acceptance holdings are close to the vanishing of all other railroads without any exception. In the
point and the discount holdings are down to low previous calendar year railway operating revenues
levels. It should be noted, furthermore, that money fell from $478,918,347 in 1930 to $382,190,182 in
in actual circulation did increase $17,000,000 the 1931; in 1932 there was a further drop to $293,present week, while last week it showed a decrease 636,140, showing a decrease for the two years comof $57,000,000.
bined in the prodigious sum of $185,282,207. DrasGold holdings of the 12 Reserve banks further tic reductions reduced the operating expenses during
increased during the week from $3,499,234,000 to the two years in the huge sum of $149,552,797, but
$3,519,898,000, and as explaining these increases this, nevertheless, left a loss in the net revenue for
from week to week, although there are now no im- the two years in the sum of $35,729,409, these net
ports of the metal ,of any great consequence and revenues from railway operations having first been
the hoarded gold would appear to have been nearly reduced from $102,188,929 in 1930 to $75,124,502 in
all dislodged,the New York "Times,"in its financial 1931, and now to $66,459,520 in 1932.
column, had an item saying that it has developed
Fortunately, the indications now are for greatly
that under the Thomas amendment to the Farm Re- improved results in the near future. Train loadings
lief Act, which makes all coin and currency legal for current weeks demonstrate that the volume of
tender, it is possible for the Treasury to substitute tonnage is now exceeding that for the corresponding
other forms of currency for some of the gold that it weeks in 1932. This, if maintained, as seems likely,
has held as reserves against National bank notes affords the promise of larger gross revenues, and
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Volume 136
Financial Chronicle
3767
that,in turn, means improved net results—probably eral upward course,of stock prices. The bond marin much greater proportion than in the case of the ket continued to display strength throughout the
gains in the gross revenues, since running costs have week, though Chicago Rock Island & Pacific sufbeen greatly reduced as a result of wage reductions fered a sharp decline on the news that the Railroad
and various economies in the operation and admin- Credit Corporation had refused to grant any further
istration of the property. As a matter of fact, the loans to the company. On the other hand, the
return for the month of April, made public the pres- Southern Railway bond issues speeded up with
ent week,shows an increase in the net revenues from great rapidity on the favorable statement of earnrailroad operations, in face of a large loss in the ings which the company submitted for the month of
gross revenues. For the first quarter of 1933 there April.
was a further large shrinkage in gross and net revOn Thursday the course of prices still continued
enues alike—$19,144,304 in gross and $4,916,169 in upward, aided by the fact that all the commodity
net. For the month of May, on the other hand, with markets yielded to the general influence of buoyancy
$4,433,992 loss in gross operating revenues, there and again came under the spell of the speculative
is a gain in the net revenues of $714,671. With gross fever, establishing further violent advances. The
earnings now running equal to or above those for copper shares were whirled up on a rise in the price
1932, continued gains in net appear to be assured, of copper to 8c. a pound, and the oil stocks attracted
opening a correspondingly brighter vista for the buying by reason of the marking up of gasoline
future.
prices in New Jersey. The fact that so many business indications pointed to increasing trade activity
HE New York stock market this week has shown proved a further stimulating agency. Electric
unalloyed buoyancy, with further very striking power production for the week ending May 27,
advances in prices. New manifestations of the deter- it appeared, made the best comparison of the year,
mination to carry out the Administration policy showing total production of 1,493,923,000 kilowatt
of inflation have been the main factors in this re- hours, or 4.8% above the corresponding figure in
newed exuberance, while the multiplying signs of 1932. It seemed certain also that the carloadings
activity in all branches of trade and business have for the same week, when compiled, were likewise
contributed to the same end. On Saturday last the to show another increase over the corresponding
news which came in the afternoon of the day before week of 1932, the same as they had for the week
that a joint resolution had been introduced in Con- ending May 20. The "Iron Age" reported the steel
gress, at the instance of President Roosevelt, pro- mills of the country now engaged to 41% of capacity,
viding for the elimination of the gold clause by statu- which compares with 38% the previous week, 35%
tory enactment, thus reinforcing the President's the preceding week, 31% the week before, and only
own action to that end, had an exhilarating effect, 15% at the beginning of April. The foreign exand led to sensational advances in all sections of the changes continued to run strongly against New
Stock Exchange list, while the concurrent rise in York, and reports came of proposed increases in
the commodity markets still further heightened the wages from many different quarters. Thus, the
feeling of enthusiasm, making the day one of the General Motors Corp. decided on a 5% increase
•most noteworthy in Stock Exchange history. The in wages as a matter of corporate policy, leaving
sales reached 4,311,340 shares, or the second largest it up to the individual units comprising the company
on record for a Saturday half-day session. The fact to decide as to when the increase shall become
that all the foreign exchanges again turned strongly effective. Friday saw a repetition of the experience
against New York, involving further depreciation of the preceding days of the week, bullish enthusiof the American dollar, accentuated the upward asm indeed running wild, making the day the most
swing of prices and added new zest to the specula- sensational of the whole week. The railroad list
tive boom. On Monday the buoyancy remained un- manifested strength because many different roads
abated, even though some commodities, like grain, were able to show in their weekly reports for May
displayed a soberer tone. Profit-taking was on a larger carloadings than in the same week last year,
large scale, prompted by the great rise in prices that and also because quite a number of roads (though
had occurred, and influenced also by the fact that by no means all) were able to report improved net
Tuesday was Memorial Day, when the Stock Ex- earnings in their returns for the month of April—
change would be closed and many holders were dis- the Southern Railway being a conspicuous instance
inclined to carry any large blocks of-stock over the of the kind. As showing the general upward course
holiday. The foreign exchanges kept turning of commodity values, copper sold here in New York
against the United States, and showed further de- yesterday at 8c., against 7/ on Friday of last
14c.
preciation of the dollar, which appealed to the fancy week; crude rubber for spot delivery sold at 6.50c.
of the crowd, on the theory that the lower the Amer- against 5.17c.; spot cotton at New York sold at
ican dollar went the greater would be ,the rise in 9.25c. against 9.00c., and the July option for wheat
prices, both of securities and commodities, in this in Chicago closed at 733
4c. against 721 8c. Silver
/
country. On Tuesday, the only American market ruled very steady, being quoted yesterday at
of consequence open in the United States was the 19 1 16c. against 18Y on Friday of last week. Of
/
2c.
New Orleans Cotton Exchange, and this showed a the stocks dealt in on the New York Stock Exchange
further active speculation in cotton at another ad- 776 established new high records for 1933 during
vance in prices. The European markets recorded the week, while only one stock dropped to a new low
the tendency of commodities still upward, and the level. On the Curb Exchange 347 stocks advanced
American dollar suffered further depreciation. As a to high levels and three stocks recorded new low
consequence, there was a renewed upward spurt on levels. The call loan rate on the Stock Exchange
the Stock Exchange, though some realizing sales again ruled unchanged as 1%.
gave the Stock Exchange list a somewhat ragged
Some further reductions and suspensions of diviappearance at times, but without affecting the gen- dends by corporate undertakings marked the course
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3768
Financial Chronicle
of the week, but these attracted little attention,
being taken as reflecting past conditions and not
what the future may have in store for the properties. The Pure Oil Co. suspended the payment of
/
the quarterly dividends due July 1 on the 514%,6%
and 8% cumul. pref. stocks, and the Holland Furnace
Co. omitted the semi-annual dividend due July 1
on its 7% cumul. pref. stock. The South Penn Oil
Co. reduced the quarterly dividend on its capital stock from 25c. a share to 20c. a share, and Affiliated Products, Inc., reduced the monthly distribution on its capital stock from 10c. a share to Sc. a
share. The Coca-Cola Co. reduced the quarterly
dividend on the no-par common from $1.75 a share
, to $1.50 a share, and the Coca-Cola International
Corp. also reduced the quarterly dividend on its
no-par common stock from $3.50 a share to $3 a
share. The Wisconsin Power & Light Co. declared
dividends of 75c. a share on the 6% cumul. pref.
/
stock, and 8712c. a share on the 7% cumul. pref.
stock; three months ago, the quarterly payment on
the 6% pref. stock was reduced from $1.50 a share
to $1 a share, and the quarterly payment on the 7%
pref. stock from $1.75 a share to $1.16 2/3 a share.
Trading has been of large proportions all through
the week. On the New York Stock Exchange the
sales at the half-day session on Saturday last were
4,311,340 shares; on Monday they were 6,953,640
shares; Tuesday (being Memorial Day and a holiday) the Stock Exchange was closed; on Wednesday the sales were 6,076,350 shares; on Thursday,
4,753,570 shares, and on Friday, 6,877,860 shares.
On the New York Curb Exchange the sales last
Saturday were 597,721 shares; on Monday, 888,136
shares; on Wednesday,949,610 shares; on Thursday,
671,339 shares, and on Friday, 1,240,250 shares.
As compared with Friday of last week, prices are
quite generally higher, the gains in most instances
being quite large. General Electric closed yester/
/
day at 2314 against 211 8 on Friday of last. week;
/
/
North American at 2914 against 2612; Standard Gas
Elec. at 14% against 12; Consolidated Gas of
&
/
N. Y.at 58 against 54½;Pacific Gas & Elec. at 2712
/
against 24; Columbia Gas & Elec. at 2014 against
/
17%; Electric Power & Light at 1038 against 8;
/
1
4
/
Public Service of New Jersey at 5212 against 49 ;
International Harvester at 39% against 36%; J. I.
Case Threshing Machine at 76% against 70%; Sears,
Roebuck & Co. at 323 against 28½; Montgomery
/
4
/
1
2
Ward & Co.at 24 against 22½;Woolworth at 39
/
1
2
Stores at 51 against 51; Westagainst 39; Safeway
/
ern Union Telegraph at 4934 against 43; American
Tel. & Tel. at 1221 8 against 113%; International
/
Tel. & Tel. at 1714 against 12%; Brooklyn Union
/
/
4
Gas at 7814 against 773 ; United States Industrial
/
/
1
4
Alcohol at 47 against 47 ; American Can at 93
8
against 88; Commercial Solvents at 19% ex-div.
/,
against 18%; Shattuck & Co. at 11 against 978 and
Corn Products at 74 against 74.
/
1
2
/
Allied Chemical & Dye closed yesterday at 11278
against 10414 on Friday of last week; Associated
/
Dry Goods at 14 against 123 ; E. I. du Pont de
/
4
/
1
4
Nemours at 83 against 71%; National Cash Regis/
1
4
ter "A" at 191 8 against 19%; International Nickel
/
/
1
4
at 153 against 1418;Timken Roller Bearing at 26
4
/
against 25 ; Johns-Manville at 393 against 35;
/
1
4
4
Gillette Safety Razor at 16 against 13½; National
/
Dairy Products at 21 against 1912; Texas Gulf
/
1
4
/
Sulphur at 2978 against 27½; American & Foreign
/
1
4
/
Power at 14 against 1078; Freeport-Texas at 40
June 3 1933
against 35; United Gas Improvement at 20 against
/
1
4
19 ; National Biscuit at 5478 against 541%; Coca/
1
4
/
Cola at 8878 against 89 ; Continental Can at 58%
/
1
2
/
against 57; Eastman Kodak at 8278 against 75½;
/
Gold Dust Corp. at 23 against 21%; Standard
Brands at 21 against 20%;Paramount Publix Corp.
/
certificates at 1% against 78; Westinghouse Elec. &
Mfg. at 4534 against 41 ; Drug, Inc., at 58 against
/
1
4
/
511 ; Columbian Carbon at 59 against 55½; Rey%
/s
nolds Tobacco class B at 435 against 4112; Loril/
lard at 214 against 20; Liggett & Myers class B at
/
1
92 against 873 , and Yellow Truck & Coach at 6%
/
4
against 578
/.
The steel stocks have continued to share in the
upward movement. United States Steel closed
/
yesterday at 54 against 511 4 on Friday of last week;
United States Steel preferred at 953 against 90½;
4
/
Bethlehem Steel at 29 against 2778, and Vanadium
at 22 against 20%. In the auto group, Auburn
/
1
2
/
1
2
Auto closed yesterday at 67 against 53 on Fri/
1
2
day of last week; General Motors at 26% against 25;
/
4
Chrysler at 245/s against 223 ; Nash Motors at 20
/
1
4
against 18; Packard Motors at 5 against 412; Hupp
/
/
1
2
Motors at 53 against 4 , and Hudson Motor Car
4
/
4
at 978 against 73 . In the rubber group, Goodyear
/
Tire & Rubber closed yesterday at 3718 against 32%
/
on Friday of last week; B. F. Goodrich at 15
/
1
2
/
4
against 123 , and United States Rubber at 1438
/
against 9 .
/
1
2
The railroad shares have some of them been conspicuous features of strength. Pennsylvania RR.
/
closed yesterday at 28 against 2578 on Friday of last
week; Atchison Topeka & Santa Fe at 692 against
/
1
/
1
2
68; Atlantic Coast Line at 47 against 45%; Chicago Rock Island & Pacific at 678 against 8%;
/
/
New York Central at 3638 against 305s; Baltimore &
/
/
1
2
/
1
2
Ohio at 22 against 17 ; New Haven at 261 4
/
/
against 2378; Union Pacific at 11212 against 101½;
/
/
1
2
Missouri Pacific at 3 against 3 ; Southern Pa/
1
4
/s;
cific at 27 against 245 Missouri-Kansas-Texas at
4;
16 against 123 Southern Railway at 2514 against
/
167s; Chesapeake & Ohio at 3818 against 361 ;
/
/
4
4
Northern Pacific at 241 against 24, and Great
4.
Northern at 23% against 221
The oil stocks have shared in the general rise.
Standard Oil of N. J. closed yesterday at 371 8
/
/
against 3438 on Friday of last week; Standard Oil
/
of Calif. at 33% against 3118; Atlantic Refining
/,
at 26% against 2214 and Texas Gulf Sulphur at
/
1
2
2978 against 27 . In the copper group, Anaconda
/
Copper closed yesterday at 18 against 13% on Friday of last week; Kennecott Copper at 213 against
4
17%; American Smelting & Refining at 3518 against
/
31½; Phelps-Dodge at 15% against 12; Cerro de
4
Pasco Copper at 233 against 21%, and Columet &
4.
Hecla at 878 against 51
/
INCREASE in activity was reported this
week on stock exchanges in all the leading
European financial markets, with the undertone
good in every case despite some irregularity. The
generally favorable trends at London, Paris and
Berlin were influenced to no small degree by the
persistent upswing at New York, dispatches stated,
but some of the European developments also were
interpreted favorably. The London Stock Exchange
was stimulated in some measure by improvement in
important British trades and industries. The Paris
Bourse hailed the end of a long budget fight in the
French Parliament by a sharp advance in quota.
N
Volume 136
Financial Chronicle
3769
4
lions, even though the budget which was finally the month-end carryover was 1 to 114%,against 3/%
/
-adopted, Thursday, carries a deficit of $145,000,000. formerly. The upswing continued Thursday, as
The Berlin Boerse advanced substantially when the there was general satisfaction over the settlement
Hitler Government finally published its program, of the budget debate. Rentes improved substanThursday, for aiding German industry and decreas- tially, and common stocks also reflected further
ing unemployment. These influences were counter- buying. The tone was again good yesterday, despite
acted to a degree by uncertainty regarding the war diminished activity.
debt status, and the outcome of the several conferThe Berlin Boerse was dull and uncertain, Monences on disarmament and economic problems: day, as there was much uneasiness regarding the
There was general uneasiness over the American impending Berlin conference of foreign creditors
measures to eliminate the gold clause in bond con- of Reich borrowers. Prices fell at the start, and a
tracts and to disregard such clauses in existing late rally served to cancel only a part of the initial
agreements. The concern regarding the gold stand- losses. The irregularity continued in Tuesday's
ard occasioned by the American proposals was trading, but the general tone was firm, owing to the
heightened by indications of inflationary expedi- good impression created in Berlin by Dr. Schacht's
ents in Sweden, and by budgetary difficulties in opening speech at the creditors' conference, and by
Switzerland. In a Swiss plebiscite, Sunday, a pro- favorable reports of the trend at New York. Prices
gram for reducing Government and Cantonal sala- again slipped downward in Wednesday's dealings.
ries was voted down, and the increasing governmen- Theme was little public interest, dispatches said,
tal deficits were believed to contain a threat to the while professional operators liquidated. Equities
gold standard in that country, as inflation may be dropped from 2 to 6 points in the session, but bonds
considered the alternative.
showed greater resistance. When the Government's
The London Stock Exchange was firm and fairly program for combating unemployment was made
active in the initial session of the week, with the available, Thursday, prices moved forward sharply
stocks of rubber companies especially in demand, on the Boerse. Gains were largest in the issues of
owing to an advance in the commodity. British companies that are likely to gain from the Governfunds were weak at the start, but recovered most of ment program for stimulating employment, but
their losses. Good buying appeared in the indus- other securities also advanced. Prices advanced
trial stocks, while international issues moved further on the Boerse yesterday.
sharply higher on favorable week-end reports from
New York. Dealings were on a smaller scale, TuesTTEMPTS to find a practical method for interday, owing partly to the holiday suspension in New
national disarmament again occupied the
York. British funds lost a little ground, while home delegates of almost all nations in the world at the
industrial stocks displayed irregularity. The inter- General Disarmament Conference in Geneva, this
national group was generally good, in anticipation week, with results that are anything but encouragof further gains in Anglo-Amerian trading favorites. ipg. The flurry of optimism caused by President
The tone Wednesday was decidedly cheerful, the Roosevelt's stirring pronouncement of May 16 has
only exception being the South African gold mining died away completely, as the recent debates have
group of issues, which dropped as a result of pro- again emphasized the profound differences that
posals for heavy taxation. British funds improved, separate the heavily armed States of the world. All
while excellent demand was reported for industrial countries render lip-service to the principle of dissecurities. International issues enjoyed a further armament, but agreeittent on a method appears to
sharp advance. After an uncertain opening, Thurs- be little. nearer now than it was at the beginning
day, prices again moved higher on the London Stock of the tedious conference in Geneva, which started
Exchange. South African gold mining issues just 16 months ago. Norman H. Davis, chief Amerdropped sharply at the start, but improvement fol- ican delegate at the gathering, expressed irritation
lowed when better reports regarding the taxation at the endless delays, Thursday, when he remarked
proposals were circulated. British funds were in that more time is spent discussing the way things
good demand, while a number of bright spots ap- should be done than in discussing the things to be
peared in the industrial list. Anglo-American issues done. "Let us have more disarmament and less
maintained their strength. There was less activity procedure," Mr. Davis declared. Despite the many
yesterday at London, as the market will close until urgent appeals for early agreement, adjournment
Tuesday for the Whitsuntide holidays. Small fur- of the Conference was voted Thursday, the vacation
ther gains were registered.
to begin after a preliminary reading of the British
The Paris Bourse was firm in the opening session draft disarmament plan, and to end not later than
of the week, with international issues showing great- July 3. There were indications at Washington, late
est strength owing to the favorable advices from Mit week, of increasing pessimism regarding the
New York. French securities were in lesser de- Geneva Conference. President Roosevelt was said
mand, but advances were general in this department to hold the view that the meeting might as well end
as well. Dealings Tuesday were active on the if no advances can be made against the obstructions
Bourse, but the division between French and inter- of one kind or another which inevitably crop up.
national issues was even more sharply accentuated.
In a recent dispatch from Geneva it was remarked
Declines were registered in most of the leading that every day ends with a deadlock of some kind
French stocks, but the international group con- at the Conference, with the hope prevalent among
tinued its advance on further good reports from the delegations that efforts to bargain have been
New York. A general upward movement followed responsible and that none of the obstacles will prove
in Wednesday's dealings on the Bourse, with the insurmountable. "Should this sanguine belief prove
buoyancy ascribed largely to the reflected optimism true, the Geneva Conference would close its sessions
of New York. Equities of all kinds were in good successfully," the correspondent added, laconically.
demand, but rentes also showed gains. Money for A debate on aerial armaments, last Saturday, illus-
A
3770
Financial Chronicle
trates the divergent opinions and the difficulty of
making progress. "The United States, supporting
the Soviet Union, which has taken the leadership
on this issue, demanded complete abolition of aerial
bombardments and threw the balance against the
British draft text, which would permit bombardment for police purposes in outlying regions," a
dispatch to the New York "Herald, Tribune" said.
"Simultaneously, France conditioned limitation of
air forces upon supervision of civil aviation, instead
of its internationalization, and Germany, while conditioning its concession upon complete suppression
of air weapons, nevertheless accepted, for the first
time, the principle of supervision of civil airplanes.
Germany's stand on suppression, however, provided
the day's impasse,although the Little Entente States
had made trouble with a demand for internationalization of fighting airplanes to precede their reduction."
The British draft convention was adopted unanimously, Wednesday, as the basis for a future treaty,
but the Conference decided at the same time to close
the public hearings and to continue the discussions
in private. Only the Bureau of the Conference, composed of representatives from 19 countries, will participate in the private conversations, as the General
Commission will not resume until the course of the
London conference on monetary and economic matters is charted. The need for further "political understandings" is said to have occasioned the decision
to discard public hearings and substitute the private
meetings. The vote on adjournment of the General
Commission was not taken until Thursday, and it
was on that day that Mr. Davis expressed his disappointment and called for more disarmament and
less procedure. International control of all armaments was discussed for a time, Thursday, and Mr.
Davis accepted such control in principle in behalf
of the United States, but only on condition that this
country would not in any way be obliged to employ
.
military sanctions against a country violating a
treaty. "Some method must be found which clearly
excludes the United States from any obligation of
this character," Mr. Davis asserted. Japan entered
a general reservation in accepting the proposal for
supervision.
The new American concession on consultation, as
outlined by President Roosevelt and by Mr. Davis,
was discussed in the British House of Commons,late
last week, by Foreign Secretary Sir John Simon.
After quoting a recent address at Geneva by Mr.
Davis, Sir John Simon undertook to explain the
intent of the new policy. "It is of the utmost importance," he said, "that we should not exaggerate
or distort this declaration by a hair's breadth. Let
me explain what I understand it to mean: First,
the United States insists that it must preserve its
own independent judgment as to what is right and
what is wrong in connection with any dispute. That
is the characteristically British way of looking at
it, and we have no ground whatever for complaint.
But in agreeing to refrain from any action tending
to defeat a collective effort for peace, the United
States has abandoned, in favor of this doctrine, the
old idea of standing with folded arms, being the spectator from afar of a struggle between two States,
one of which has acted wrongly and the other the
sufferer. America now says: 'Trust us to face the
situation when we have consulted together. If we
come to the conclusion, as we very likely may, that
June 3 1933
we agree with the rest of you, we give our word that
we are not going to stand on the strict letter of the
law of neutrality. You shall not only have our good
will and our blessing, but our promise that we will
withhold from our own citizens, if they are tempted
to exercise strict neutral rights, the protection which
would otherwise be theirs.'" Sir John Simon
warned the House that "it would be foolish to delude
ourselves that we are on the eve of some definite
final agreement" on disarmament.
Much of a piece with the inconclusive disarmament negotiations is the four-Power pact for maintaining peace in Europe, upon the terms of which
Great Britain, France, Italy and Germany are reported to have agreed. Acting on a British suggestion, Premier Mussolini resumed discussions in
Rome on this proposal last week. In the effort to
gain French adherence, however, numerous important concessions were made and the resultant pact
is admittedly devitalized. The original proposal by
Signor Mussolini opened the way for peaceful revision of the dangerous boundary settlements of the
Versailles Treaty, but this is now understood to have
been supplanted, at French insistence, by a reference to Article 16 of the League Covenant, which
lays clown the principle of sanctions against an aggressor State, and to other Articles which keep revision in the hands of the League. The instrument
is innocuous enough to be acceptable to the Little
Entente States, a Paris dispatch to the "Herald
Tribune" remarks. Initialing of the agreement by
diplomatic representatives of the four countries
must be followed, moreover, by Parliamentary acceptance, and doubts were expressed in London,
Thursday, regarding such approval in all the countries concerned. "The pact in the form which the
French amendments have given it is nothing more
than an empty gesture," the Berlin correspondent
of the New York "Evening Post" reported Thursday.
\VAR debt instalments due to the United States
Government on June 15 remain a matter of
the deepest concern in London and Paris. Although
some of the leading European debtor countries made
formal requests nearly six months ago for reviews
of the debt agreements, no commissions or officials
have been appointed to study the problem. It is
altogether likely that the debt question entered
largely into the conversations at Washington preliminary to the World Monetary and Economic Conference, and there have also been intimations that
discussions on debts will be continued while American delegates to the conference are in London. In
every formal sense, however, the status of the war
debt problem remains unchanged. Whether the
London Government will pay the June 15 instalment
of $75,950,000 is quite as much a mystery in the
British capital as it is on this side of the Atlantic.
Chancellor of the Exchequer Neville Chamberlain
was asked in the House of Commons, Thursday, if
any decision had been reached by the British Government. "It would not be desirable for me to make
any statement on the matter at present," Mr. Chamberlain replied. Unless some arrangement is made
in Washington to avert difficulties on June 15, default by France is virtually certain, as that country
remains in default on the instalment due last December. There is no indication of Italian intentions, while other European debtor States obviously
take a waiting attitude.
Volume 136
Financial Chronicle
It was indicated in Washington, Monday, on "excellent authority," that President Roosevelt will use
his treaty-making power to effect a debt settlement
with European countries without recourse to Congress, but attempts to obtain verification of the reports at the White House were unsuccessful the next
day. "Since the Chief Executive is empowered under the Constitution to negotiate treaties, it is definitely understood he will carry on overtures already
in progress between this country and Great Britain
and France, with a view to permanent reduction of
the debts and probably suspension of the June 15
interest payments," a Washington dispatch of Monday to the New York "Times" said. Congress would
thus be confronted with a signed pact for ratification, the report added. In a further dispatch to the
same journal on Tuesday, it was remarked that
the White House characterized these published
statements as speculation, but "well-informed quarters" still insisted that the procedure was in contemplation. The understanding prevailed in Washington, the dispatch added, that President Roosevelt
world make a statement to the country in clarification of this situation immediately after Congress
adjourns. Such adjournment is expected on
June 10.
HE World Monetary and Economic Conference
will open at London in a little more than a
week, with delegates from almost every country in
attendance. Preparations have been virtually completed for the start of this gathering on June 12,
but as the date approaches forecasts of the possible
achievements are becoming steadily more pessimistic. In Great Britain and France there is general concern over the lack of any substantial developments regarding the war debt payments due on
June 15,and this matter admittedly is casting a very
dark shadow over the forthcoming negotiations in
London. Chancellor of the Exchequer Neville Chamberlain explained to the British House of Commons,
Thursday, that the London Government will gladly
co-operate with the United States or any other Government to raise prices throughout the World. Beyond such general statements, there is little knowledge of the British Government's intentions at the
Conference, and London opinion regarding the meeting is distinctly gloomy. "One hears it said all too
often that the World Monetary and Economic Conference cannot accomplish much, that if it patches
up a mere semblance of an agreement it will have
been successful," a London dispatch to the New
York "Times" states. French thoughts about the
Conference are equally gloomy, owing to the impression in Paris that great difficulty will be encountered in achieving monetary stabilization.
It was again made plain in Washington this week
that the American delegation will seek most earnestly to obtain general agreement for an advance
in prices, and the comments by Mr. Chamberlain in
London, Thursday, probably were a reflection of
such urgings. Secretary of State Cordell Hull and
several other members of the American representation departed for London, Wednesday,on the steamship President Roosevelt. Mr. Hull remarked, before sailing, that there is the strongest reason for
an agreement to lower tariff barriers and stabilize
exchanges. The American delegation was completed, Tuesday, when Senator Couzens, of Michigan, and Ralph W. Morrison, of Texas, were ap-
T
3771
pointed by President Roosevelt. American intentions to press for general reduction of tariff barriers
at the Conference were reiterated at London, Tuesday, by United States Ambassador Robert W. Bingham, in a speech before the Pilgrims of Great
Britain.
Conversations at Washington, preliminary to the
World Monetary and Economic Conference, have
now been concluded. A special delegation from
Brazil, headed by J. F. de Assis-Brasil, finished its
discussions with American officials on May 25, and
a joint statement was issued by President Roosevelt
and Senhor Brasil. "As a result of the conversations," the statement said,"we are gratified to find
there is entire identity of purpose between the two
Governments respecting the solutions of the economic and financial problems which confront the
world. We recognize fully the need for removing
the existing barriers to commerce between nations
and both countries will lend their efforts to that
end at the approaching conference." The paramount need for stabilization of currencies as a basis
for a general revival of international trade also was
recognized, the statement indicated. In touching on
the problems of trade between the two countries a
completely cordial interchange of views occurred,
and this extended also to the conditions of international payments, it was reported.
The last of the series of joint statements was
issued last Saturday by President Roosevelt and
Viscount Bikujiro Ishii, of Japan, at the conclusion
of extensive conversations with the Japanese delegation. Agreement was reported on the practical
steps which should be taken toward solving outstanding economic problems. "We concur in the
view," the statement said, "that economic stability
and political tranquillity are complementary essentials to a sound basis of peace; that neither of these
can be achieved without the other; and that both
economic and military disarmament are needed for
their attainment. We have had, of necessity, to
think of the unusual situation which has prevailed
in the Far East during the past two years. We hope
that the countries of the Far East, along with those
of the Occident, will be able to contribute substantially, in a spirit of co-operation, to the laying of
solid foundations for a structure of world peace
and prosperity." An orderly monetary regime was
held necessary in the joint statement, and it was
also remarked that unreasonable obstacles to the
flotv of trade and capital should be removed. A
"reasonable enhancement" of the price of silver was
considered highly desirable, as well as stabilization
of silver exchange. "With regard to many other
measures which need to be adopted in order to establish the conditions of economic and political health
throughout the world, we are in close agreement,"
the statement added.
TUDY of the German transfer, or foreign exchange, problem has been started at Berlin by
30 banking representatives of foreign long- and
short-term creditors of the Reich on the invitation
of Dr. Hjalmar Schacht, President of the Reichsbank. The meeting was opened last Monday by Dr.
Schacht, who pointed out that it was not a Government conference, nor ever a conference between German debtors and their foreign creditors, but merely
an "informal conversation" between the creditors
and the Reichsbank, which has control of all foreign
S
3772
Financial Chronicle
June 3 1933
exchange dealings in Germany. This gathering, nev- 1929 crisis in America. Since the American crisis,
ertheless, may well prove of outstanding importance we have paid out more than 10,000,000,000 marks in
to all foreign creditors of German private borrow- capital and interest in foreign currency. I believe
ers, as the Reichsbank officials obviously consider that all our creditors must recognize that this not
inevitable a downward scaling of the amount of for- only proves in a surpassing manner the good will
eign exchange made available for meeting the debt and self-respect of German industry, but that it
service. Dr. Schacht indicated in New York last represents an achievement which must have inflicted
month that such a meeting is necessary, in his harmful consequences on German economy in its
opinion, and the Reichsbank sent out the invita- entirety."
tions within a few days. Albert H. Wiggin and
The trend of events and their inevitable conseJohn Foster Dulles were named as the American quences were correctly discerned in Germany, Dr.
delegates, the former to represent American short- Schacht asserted, but the outside world shut its
term creditors of Reich borrowers, and the latter to eyes and refused to be better advised by German exrepresent the long-term creditors. Banking dele- perts, and ignored both the transfer problem and its
gates from England, France, Holland, Switzerland underlying causes. Much of the blame for the situaand Sweden also are participating. Foreign loans tion rests on the shoulders of S. Parker Gilbert, the
to German borrowers now are estimated at 19,528,- former Agent-General for Reparations Payments in
000,000 marks, of which 10,181,000,000 marks are Germany, Dr. Schacht charged. Mr. Gilbert "conshort-term loans and 9,347,000,000 marks are long- stantly ignored" the importance of the transfer probterm loans. American creditors have a greater in- lem in his reports, the Reichsbank official asserted.
terest in this situation than any others, as Amer- The standstill agreements on the short-term Gerican claims are preponderant. Short-term American man external indebtedness have postponed catasloans to German borrowers still outstanding are trophe, he remarkes, but have not provided a fundaestimated at close to $700,000,000, while the long- mental solution of the transfer problem. Withterm loans are only a little less than $1,000,000,000.
drawal from Germany in recent years of the sum
In a long address to the representatives of the of 10,000,000,000 marks has contributed to the reduccreditors as the meeting began, Dr. Schacht outlined tion of German foreign trade, he declared, and the
the position created by the rapidly dwindling gold huge decline in working capital made it impossible
and foreign exchange reserves of the Reichsbank, for German industry to operate on a normal basis.
and,in effect, asked his hearers to suggest remedies. Another disastrous result of the outflow of funds
After the American advance to the Gold Discount was the weakening of the Reichsbank, and impairBank, a subsidiary of the Reichsbank, is repaid on ment of its ability to maintain the value of the.
July 1, the gold and exchange reserves will have reichsmark on foreign markets, Dr. Schacht added.
dropped to less than 300,000,000 marks, supplying "The reserves in gold and bills of the central bank,
a cover of only 8% for the currency issues of the although they may be drawn upon occasionally for
Reich, he pointed out. Continuance of present tend- readjusting important payments, are not intended
encies involves the danger of complete dissipation to effect payment of the more or less long-term
inof reserves, Dr. Schacht declared, and of subsequent debtedness of the country's business enterprises,"•
devaluation of the reichsmark, with even more disas- he said. "If such a task is forced on a central bank,
trous consequences than those of the German infla- it is deprived of liberty of action. This is precisely
tion of 1923. "Such a catastrophe the Reichsbank what has happened to the Reichsbank through exwill not permit," he added. German debtors are cessive transfers, and this is the worst effect of this
meeting their obligations promptly, the Reichsbank whole development,for a nation whose central bank
President remarked, and the object of the conver- has lost freedom to maneuver is exposed to every
sations now initiated is to reach a readjustment of chance!'
transfer procedure.
Statements made by Dr. Schacht and statistics
"The present transfer crisis can be understood supplied by the German officials were studied careonly in the light of political developments 15 years fully by the bankers of the six creditor countries,
ago," Dr. Schacht stated. "Naturally, defeat in the and at the conclusion of the meeting yesterday a
war inflicted severe financial damages on the Ger- joint announcement was made in which general
man economic body, but it also had an immediate agreement was expressed that the free reserves of
effect on the transfer problem. This arose, in the gold and foreign currency of the Reichsbank have
last analysis, from reparations." The former Allies fallen to such a point that further reductions might
demanded reparations, but Germany was refused the impair the exercise of central bank functions by
possibility of meeting them in the only way they the Reichsbank. The desirability of gradually incould really be discharged, by export surpluses, Dr. creasing such reserves was admitted. "No concrete
Schacht declared. He criticized also the policy of proposals for dealing with the situation were put
making large loans to Germany. After stabilization forward by the Reichsbank, and the representatives
of the mark, some economic justification existed for of foreign creditors were present simply for the purraising German loans abroad for such purposes as pose of receiving and giving information and not
the restoration of the depleted stocks of raw ma- to conduct negotiations," the statement continued.
terials, but all borrowing in excess of that was an "Those attending the meeting concurred in the view
evil,the Reichsbank official continued. "It is to-day put forward by the Reichsbank that whatever action
generally recognized," he said, "that of approxi- the Reichsbank might feel obliged by the circummately 20,000,000,000 marks of foreign credits, stances to take, the Reichsbank will use every effort
easily half were employed for nothing else than repa- not only to maintain contact with the various credirations payments. This whole system was entirely tor groups but also to facilitate joint consideration
wrong and unsound, and it collapsed in a moment of the situation with the creditors with the intenwhen foreign creditors refused to extend further tion to lead to mutual understanding and agreeloans to Germany, that is, following the October ments."
Volume 136
Financial Chronicle
3773
German Fascist movement is sharply nationalistic,
with revision of the Versailles Treaty one of its chief
aims. Danzig is situated on the Baltic Sea, at the
end of the Polish Corridor.
In Austria, meanwhile, increasing bitterness has
been caused by propagandist activities of German
Fascists in Vienna, and by the methods employed
within Germany by Chancellor Hitler and his lieutenants. Although the prospect of a union between
Germany and Austria seemed bright only a few
months ago, any such possibility now is remote,
as the antagonism between the Berlin and Vienna
regimes is intense. Acting on instructions from
Chancellor Engelbert Dollfuss, officials of the Austrian Government last month informed several German Fascists in no uncertain terms that their presence in Vienna was unwelcome, and they were invited to return to Germany in the airplane which
brought them to Austria. The Berlin Government
countered by imposing a charge of 1,000 marks on
the visas of German tourists to Austria. This acASCIST methods of government are at length tion, taken last Saturday, was immediately followed
occasioning some open opposition within the by the recall of the Austrian Minister to Berlin,
German Reich, while in some of the contiguous coun- while direct measures of reprisal are likely to be
tries bitter antagonism to the spread of Fascism taken in addition, Vienna dispatches state. "The
has been expressed recently by well-supported na- latest move of the Hitler regime has given a deathtional leaders. There is no apparent likelihood, blow to the Pan-Germanist suggestions of union,"
however, of any great reaction from Fascism among the Vienna correspondent of the New York "Herald
Germans. A parliamentary election was held last Tribune" said, in a report of last Sunday.
The question of Fascist anti-Semitism in Germany
Sunday in the Free City of Danzig, which is under
League of Nations suzerainty but populated almost was discussed delicately, but rather pointedly, by
entirely by German-speaking people. The "Nazis," the Council of the League of Nations, Monday, when
or Fascists, polled 108,000 of the 215,000 votes cast a protest against the treatment of Jews in Upper
in this election, and thus obtained control of the Silesia came up for consideration on the petition
Volksrat by a very small majority. The opposition of Franz Bernheim, a refugee from that region.
to Fascist edicts within the German Reich was mani- Sean Lester, of the Irish Free State, reported on
fested last Saturday by leaders of the established the matter to the Council, and he found that the
Lutheran Church, who elected Dr. Friedrich von alleged discriminations conflicted with German
Bodelschwingh as their First Evangelical Bishop, treaty obligations in Uppen Silesia. Dr. Friedrich
despite the opposition of the Fascists to this ap- von Keller, of Germany, raised the question whether
pointment. The Nazis, who desired to "co-ordinate" Herr Bernheim is qualified tb submit a petition,
the Protestant Church with the National-Socialist and this matter was submitted by the Council to a
State, had put forward Dr. Hermann Mueller as committee of three jurists. Consideration of the
their candidate for the post, but they were defeated protest was postponed pending determination of
in this test. Fascist leaders promptly challenged this aspect of the problem. Some of the most imthe legality of the election of Dr. Bodelschwingh, portant members of the Council took occasion, howand indicated that they would carry the fight to the ever, to make comments which were clearly designed
for German ears. Captain Anthony Eden, of Great
church members themselves.
The Parliamentary election in Danzig resembled, Britain, remarked that it would be necessary to
in many essential respects, the recent conflict within grant the German demand for consideration of the
Germany between Republicanism and Fascism. In status of the petitioner, but he emphasized that
his capacity as the leader of the Nazis, Chancellor this did not signify that he endorsed the German
Adolf Hitler of Germany made a radio address attitude. Joseph Paul-Boncour, of France, pointed
to the Danzig voters on the eve of the election. He out that the question brought up by the petitioner
urged the election of National-Socialist repre- was only one aspect "of a much wider and more gensentatives to the Volksrat, but carefully avoided eral problem." He expressed the opinion that the
all reference to the international status of the League of Nations would not in any way desire to
city. Dr. Hermann Rauschning, leader of the ignore the rights of a race which is dispersed in
Danzig Nazis and prospective head of the Dan- many countries. Count Raczynsky, of Poland, adzig Government, issued a statement in Berlin, mitted that the Council can deal on the petition only
Monday, in which he pledged the observance of all with the Jews of Upper Silesia, but he remarked siginternational treaties, avoidance of the "co-ordina- nificantly that "every member of the Council has
tion" methods used by the Nazis in Germany, and the moral right to appeal urgently to the German
protection of the rights of Jews. Agreement with Government to insure equal treatment for all the
the Polish Government will be sought by his regime Jewr ;xi Germany."
.
The Fascist Government in Germany made public
on all problems that have led to friction between
Poland and the Free City in recent years, Dr. Thursday, an extensive plan for reviving industry
Rausehning declared. The Nazi victory in Danzig within the Reich and reducing unemployment. The
nevertheless has caused anxiety in Poland, as the most important feature of this plan calls for an
It was noted in the joint communication that
representatives of the long-term creditors have
established a small permanent group for maintaining contact with the Reichsbank, similar to the
short-term standstill committee. German foreign
trade and world trade are fundamental to the problem of transfer, the statement added, and the view
was expressed that one of the most urgent objectives of the World Monetary Conference will be
to facilitate a prompt and permanent solution of
the German transfer problem. Dr. Schacht read
this joint statement to press correspondents, and
then remarked that the decision for further action
rests with the Reichsbank. "Our decision, which is
irrevocable,is that we will not permit further shrinkage of our gold and devisen (foreign exchange reserves)," the Reichsbank head declared. Those
present assumed, an Associated Press dispatch remarked, that Dr. Schacht's declaration foreshadowed a German transfer moratorium.
F
3774
Financial Chronicle
issue of 1,000,000,000 marks in five-year serial notes
of the German Government, the funds to be utilized
in construction schemes, and in income tax exemptions and remissions. Federal loans are to be made
to the States an Communes for construction of
public buildings and bridges, gas, water and electric
light projects, river regulation and other purposes.
Home owners will be permitted to borrow for repair
• work, in the expectation that this also will contribute to employment of idle persons. The plan
also includes a number of novel features, designed
to induce employed single women to marry and
quit their jobs. Engagement of domestic servants
is to be promoted through reductions in income
taxes for householders having one or more servants.
Complicated provisions also were announced for
income tax exemptions for employers who install
new machinery in their plants, in replacement of
similar machinery already in use, and provided that
it will not result in a smaller number of men being
employed. The Nazi authorities made no statement
regarding the number of men these measures are
expected to put back to work,possibly because of the
mistake made by the former Chancellor, Franz von
Papen,in predicting the employment of 1,750,000 by
the far more extensive schemes announced last
summer.
OSTILITIES between Chinese and Japanese
troops in the area of old China south.of the
Great Wall and north of the cities of Peiping and
Tientsin came to a halt, Wednesday, when an armistice arrangement was concluded at the town of
Tangku, after extensive negotiations. The truce is
purely a military document, containing harsh terms
imposed by the victors upon the vanquished, but no
political provisions are mentioned. Under its terms
the Chinese troops are to withdraw immediately to
the south of a line 250 miles long, extending from
Yenking, near the Great Wall, to Lutai, 35 miles
north of Tientsin, near the coast. The line passes
through Tungchow, which is only 10 miles north of
the walls of Peiping. Japanese authorities are to
be afforded full facilities for observing the withdrawal, and when they are satisfied that it has been
carried out in good faith, they will withdraw their
own troops to the Great Wall. In the neutral area
thus established Chinese police authorities are to
maintain peace and order. These terms, dictated by
the Japanese, were accepted by the Nanking Nationalist Government of China, in order to "provide a
breathing space for our sorely tried troops and distressed population," a statement issued at Shanghai
said. "Any local arrangement with the Japanese
regarding the north China military situation will
not affect China's territorial integrity or her international position," the statement added. Japanese
authorities in north China expressed the hope,
Thursday, according to a Tientsin dispatch to the
New York "Times," that the invasion will result
in the Chinese Government's "realizing the wisdom
of negotiating to settle all the unpleasant controversies that have arisen since September 1931."
June 3 1933
Danish National Bank and the National Bank of
Sweden reduced their -discount rates from 332% to
3%. Present rates at the leading centers are shown
in the table which follows:
DISCOUNT RATES OF FOREIGN CENTRAL, BANKS
CcuntrY.
Austria_ ___
Belgium_
Buigazia.....
Chile
Colombia
Czechosloyacht__
Danzig _ .. _ _
Denmark_.
England__
Estonia__
Finland__
France _ __
Germany. _
Greece
Rate in
Effect
Date
June 2 Rstabitohat.
5
314
814
Oi
5
Mar. 23 1933
Jan. IA 1932
May 17 1932
Aug. 23 1932
Sept. 19 1932
334
4
3
2
534
555
234
4
7
Jan. 25 1933
July 12 1932
June 1 1933
June 30 1932
Jan 29 1932
May 27 1933
Oct. 9 1931
Sept. 31 1932
May 29 1933
Preotous
Rate.
Country.
6
234
934
534
6
Holland_ _
Hungary_
India
Ireland__ _
Italy
Japan
434 Lithuania_
5
Norway_
334 Poland...
234 Portugal._
tiii Rumania ...
6
South Africa
2
Spain
5
Sweden_ _
•9
Switzerland
Rate in
kfea
Date
June 2 Establtehed.
P•eeinem
Rats.
334 May 11 1933 234
434 Oct. 17 1932 5
334 Feb. 16 1933 4
3
June 30 1932 334
4
Jan. 9 1933 5
4.38 Aug 18 1932 5.11
7
May 5 1932 734
314 May 23 1983 4
6
(let. 20 1932 74
6
Mar. 14 1933
6
Apr, 7 1933 7
4
Feb. 21 1933 5
6
Oct. 22 1932 6%
3
June 1 1933 334
2
Jan. 22 1931 2%
634
In London open market discounts for short bills
on Friday were 7-16@3/2%, as against 7-16@3/ on
2
%
Friday of last week, and
for three months'
bills, as against
on Friday of last week. Money
on call in London yesterday was h%. At Paris the
open market rate remains at 23
4% and in Switzerland at 13/2%.
HE Bank of England statement for the week
ended May 31 shows a further gain in gold
holdings amounting this week to £394,090. This
brings the total again into new high ground and it
now amounts to £187,402,773 in comparison with
£129,341,726 a year ago. Since the gain in gold was
attended by an expansion of £4,190,000 in circulation,
reserves fell off £3,796,000. Public deposits increased £17,540,000 and other deposits decreased
£19,447,663. The latter consists of bankers' accounts
which decreased £21,732,174 and other accounts
which rose £2,284,511. The reserve ratio is now
48.80% in comparison with 50.69% last week and
34.29% a year ago. Loans on government securities
increased £2,505,000 while those on other securities
fell off £611,774. Of the latter amount, £33,68
3
was from discounts and advances and £288,091 was
from securities. The rate of discount is unchanged
at 2%.,„Below are the figures with comparisons for
five years:
T
BANK OF ENGLAND'S COMPARATIVE STATEME
NT.
May 31
1933.
June 1
1932.
June 3
1931.
June 4
1930.
June 5
1929.
E
.5
5
I
E
Circulation
a 374.064,000 355,413,751 356,370.794 359,798,602
Public deposits
33,246,000 18,552,692 6,545,145 8,877.942 361,576,772
Other depoalts
117,009.101 124,106,439 106,129,666 107.990,702 8,511,444
Rankers accounts_ 77,472,660 89,956,577 72,209,262 71,081,853 106,292,485
Other accounts
39,536,441 34,149,862 33,920,404 36,C08,849 70,346,971
35,045,514
Govt. securities
72,505,127 73,914,656 38,495,906
Other securities
22,198,831 37,601,752 35,416.843 58,380,547 43,106,855
Disct. di advances 11,249.948 12,481,965 7,106,070 19,192,897 27,215,003
6,476,057 6,21%102
10,948,883 25,119,787 28,310,773
Securities
Reserve notes di coin 73,338,000 48,927,975 56,563,284 12,716,840 20,999,901
Coin and bullion_ _ _ 187.402,773 129,341,726 152,934.078 57,080,483 62,274,358
156,879,085 163.851,130
Proportion of reserve
48.80%
34.29%
50.19%
48.84%
54.25%
Bank rate
2%
214%
2.1Z %
3clAt
a On Nov. 29 Ins he fiduciary currency was amalgamated
note Issues adding at that time £234,199,000 to the amountwith Bank of England
of Bank of England
notes outstanding.
—4
--
HE Bank of France statement for the week
ended May 26 shows an increase in gold holdings of 21,452,058 francs. The Bank's gold, which
now aggregates 80,950,775,958 francs, compares •
with 79,470,235,749 francs a year ago and 55,034,060,503 francs the year before. Increases appear in
credit balances abroad of 6,000,000 francs, in French
commercial bills discounted of 340,000,000 francs, in
advances against securities of 45,000,000 francs and
HE Bank of Finland on May 27 reduced its dis- in creditor current accoun
ts of 475,000,000 francs.
count rate from 6% to 53/2%, the former rate Notes in
circulation record a reduction of 100,000,000
having been in effect since Jan. 311933. On Mon- francs, bringin
g the total of notes outstanding down
day, May 29, the Bank of Greece reduced its rate to 83,268,305,370 francs. Circulation
a year ago
from 9% to 7%, the 9% rate having been in effect was 81,417,780,030 francs and two
years ago, 78,since Dec. 3 1932. On Thursday, June 1, both the 185,340,315 francs. The proportion of
gold on hand
T
T
to sight liabilities stands at 77.89%, as compared
with 72.92% last year and 55,20% the previous year.
Below we furnish a comparison of the various items
for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
Gold holdings
Credit bals. abroad_
a French commercial
bills discounted- bBillsboughtabroad
Adv. net.seems
Note circulation_ _
Cred• curr• accts.-Propor. of gold on
hand to sight liab_
3775
Financial Chronicle
Volume 136
May 27 1933. May 27 1932. May 29 1931.
Francs.
Francs.
Francs.
Francs.
+21,452,058 80,950,775,958 79,470,235,749 55,634,060.503
+6,000,000 2,468,414,601 4,474,215,474 5,430,227,861
+340,000,000 3,449,556,612 4,159,967,414 6,189,596,300
1,418,969,764 4,526,666,034 20,729,695.413
Unchanged
+45,000,000 2,674,173,048 2,699,905,394 2,806,102,825
—100,000,000 83,268,305,370 81,417,780,030 78,185,340,315
+475.000,000 20,657,045,309 27,559,956,707 22,609,034,316
—n 2f1 7:.
,
77.R9.1,
72.92%
55.20%
• a Includes bills purchased in France. b Includes bills discounted abroad.
•
HE Reichsbank's statement for the fourth
quarter of May reveals a decrease in gold and
bullion of 19,000 marks. The total of bullion is
now 372,329,000 marks, in comparison with 862,721,000 marks a year ago and 2,390,327,000 marks.
two years ago. Reserve in foreign,currency,silver and
other coin and notes on other German banks record
• declines of 9,546,000 marks, 97,243000 marks and
10,726,000 marks respectively. Notes in circulation show a gain of 223,202,000 marks, raising the
total of the item to 3,468,796,000 marks. Circulation a year ago aggregated 37960,563,000 marks and
the year before 4,299,122,000 marks. An increase
appears in bills of exchange and checks of 270,582,000
marks, in advances of 102,176,000 marks, in investments of 249,000 marks, in other assets of 46,485,000
marks, in other daily maturing obligations of 67,442,000 marks and other liabilities of 11,314,000
marks. The proportion of gold and foreign currency
to note circulation at 10.1%, compares with 25%
last year and 59.9% the previous year. Below we
furnish a comparison of the various items for three
years:
T
Wednesday night, according to the usual report of the
Federal Reserve Bank of New York.
.
EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% has
been the ruling quotation -all through the week for
both new,loans and renewals. The market for time
money has Shown some improvement this week.
There have been transac.tions in 4 months' maturities
3
at 1%. Rates are nominal at 4% for 30 days,
Y to 1% for 60 to 120 day periods and 1@)1H% for
i
five and six months. There has been a light demand
for commIrcial paper this week, though the supply
4
of paper has been slightly larger. Rates are 13 %
for extra choice names running from 4 to 6 months
and 2@23% for names less known.
D
HE market for prime bankers' acceptances has
been inactive this week. The demand has
been moderate and the supply of paper has been
very small. Rates were.reduced on Thursday, June
1, A of 1% on all maturities in both the bid and asked
columns. The quotations of the American Acceptance Council for bills up to and including threeA
months' bills are 1 % bid and M% asked; for four
months, 4% bid and %% asked; for five and six
3
A
months, 1% bid and 7 % asked. The bill buying
rate of the New York Reserve Bank is 2% for bills
/
%
running from 1 to 90 days; 21 8 for 91 to 120 days,
and 23,% for bills due in 121 to 180 days. The
Federal Reserve banks' holdings of acceptances
have dropped during the week from $42,662,000 to
$19,862,000: Their holdings of acceptances for
foreign correspondents also decreased during the
week from $3 ,770,000 to $35,731,000. Open market
rates for acceptances are as follows:
T
REICHSBANK'S COMPARATIVE STATEMENT.
Prime eligible bills
Changes
for Week.
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign curt'.
Bills of exch. and checks
Silver and other coin—
Notes on oth. Ger. bks.
Advances
Investments
Other assets
Liabilities—
Notes in circulation
0th. daily matur. °Wig.
Other liabilities
Propor,of gold 4:foreign
CUM. to note elrenl'n
D
May 31 1933. May 31 1932. May 30 1931.
Reichstnarks. Reiehsmarks. Reichsmarks. Reichsmarks.
—19,000 372,329,000 862,721,000 2,390,327,000
87.667,000 207,638,000
17,285.000
No change.
76,998,000 128,552,000 y186,181,000
—9,546,000
+270,582,000 3.139.842,000 3,008,473,000 1,816,432,000
—97,243,000 235,219,000 224,848,000 174,315,000
3,249,000
2,693.000
5.120,000
—10,726.000
+102,176,000 165,744,000 257,258,000 167,182,000
+249,000 317,338.000 363,472,000 102,697,000
+46,485,000 3.9,129,000 804,796,000 541,489,000
+223,202,000 3,468 796,000 3,960,563,000 4,299,122.000
+67,442,000 438,793.000 430,559,000 353,272,000
+11,314,000 159,108,000 694,260,000 244,018,000
...-.1 I101
in l 01
9k01
CO 001
ECLINING tendencies again were apparent in
the New York money market, owing to the
vigorous easy money policy of the authorities, as
reflected in additional open market buying of United
States Government securities by the Fedekal Reserve
Banks. The New York Clearing House Association
announced, Wednesday, that interest rates paid on
deposits would be cut in half, effective the next day
The new rates are N. of 1% on demand deposits, and
of 1% on time deposits. Yield rates on bankers'
acceptances were adjusted downward Thursday, by
N of 1% all Around: The official bill buying rate
of the New York Federal Reserve Bank remained
unchanged at 2% for obligations due up to 90 days.
Call loans against stock and bond collateral were 1%
throughout, on the New York Stock Exchange: In
the unofficial outside market transactions were reported at lower rates every day, the quotation being
34% Monday, and Wednesday, and M% Thursday
and yesterday. Time loan rates were unchanged.
Brokers' loans increased $72,000,000 in the week to
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Days-- —120 Days—
Asked.
Bid.
Asked. Bid.
Asked.
Bid.
1
34
1
34
44
H
—90Days— —60Days— —30Days—
Asked
Asked.
Bid.
Asked.
Bid.
Bid.
34
34
34
54
34
34
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
1% bid
1% bid
OTH the Boston and the San Francisco Federal
Reserve banks reduced their rediscount rates
this week from 33'% to 3%. In the case of the
Boston Reserve Bank the change was put into effect
June 1, while the 3% rate was made effective by the
San Francisco Bank June 2. The following is the
schedule of rates now in effect for the various classes
of paper at the different Reserve banks:
B
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reservela
Boston_
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
At. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Wert on
June 2.
3
234
334
334
334
314
334
334
334
334
3
Date
Established.
June 1 1933
May 26 1933
Oct. 22 1931
Oct. 24 1931
Jan..25 1932
Nov. 14 1931.
May 27 1933
Oct. 22 1931
Sept. 12 1930
Oct. 23 1931
•Jan. 28 1932
June 2 1933
Previous'
Rate.
314
3
3
3
4
3
334
234
4
3
4
334
is firm and in demand in all.
STERLING exchangeflowing to London attracted
centers. Gold is
by the motive of deposit and security from no less
than twenty countries, and is moving there also by
reason of the high premium offered in the London
open market, the only free gold market in the world.
The .range for sterling this week has been between
3.96 and 4.02 for bankers' sight bills, compared
3776
Financial Chronicle
with a range of from 3.865 to 3.933/i last week.
%
The range for cable transfers has been between 3.97
%
and 4.025 , compared with a range of from 3.868
%
to 3.94 a week ago.. The foreign exchanges are more
demoralized than ever and more nervous and hesitant
since the introduction in'Congress on Friday of last
week at the instance of President Roosevelt of the
bill to take the country off the gold basis by statutory
enactment. The reduction on Thursday of last week
of the New York Federal Reserve Bank rediscount
rate from 3% to 23/2% has had no effect on dollar
exchange in any market as bankers in all foreign
centers have been disinclined to place reliance in
Reserve Bank action here as authoritative marketwise since the bank holiday in March and the subsequent gold proclanhation of the President. The
general view of the foreign exchange market is that
the Reserve Bank has lost, all freedom of action with
the result that its operations can affect the technical
position of banks in their foreign exchange trading
only as a part of the general political situation, a
picture which affects only speculative traders and
dealers in so-called "bootleg" foreign exchange. All
markets are bearish with respect to the dollar and
bullish on sterling.
The dollar is now extremely weak in all centers,
but more than a third of the monetary gold stock of
the world is still here and business in all lines is showing rapid improvement due in large measure to natural
• economic causes entirely unrelated to political factors
or inflationary programs. This recovery may be
retarded but it cannot be definitely arrested and its
progress may yet be a strong factor in altering and
perhaps thwarting the unsound views rtnd programs
which have for months engaged the world's attention.
At last many voices, representing the more sound and
responsible business opinion, have been raised .in
warning and it is frequently asserted emphatically,
even though quietly, that Mr. Roosevelt is far from
believing in any form of inflation or from pinning his
historical reputation upon the experiment of unsound
economic measures. The Chamber of Commerce of
the State of New York at its meeting on June 1 drew
up a report urging that President Roosevelt restore
the gold standard and beseeching him to refrain from
any act even under emergency which would delay its
return. The report stated that a sound and permanent recovery in industry and business can be accomplished only by avoiding currency inflation. Issues
of fiat money, the report stated, a decrease in the
gold standard from its present basis of 23.22 grains to
the dollar, or other forms of currency debasement will
prevent permanent recovery and in the end prove
injurious.
A considerable body of the most responsible opinion.
on this side looks for a recovery in the dollar at no
far distant date. Meanwhile markets must continue
nervous and demoralized until the outcome of the
World Economic Conference which begins in London
on June 12 has offered a new terrain upon which
foreign exchange and foreign trade relations may
be aligned. It will be recalled that on Friday of
'last week sterling exchange became very firm when
cable transfers sold as high as 3.94, the high for the
week. The firmness at that time was attributed
solely to the introduction before Congress of the
resolution to repeal the Gold Standard Act. The
full force of this demoralizing proposal began to
register in the short session of Saturday last, When
8.
sterling sold as high as 3.983/ A further advance
June 3 1933
to 4.003/i was made on Monday. On Tuesday,
May 30, the New York market was closed in observance of Memorial Day, but on Wednesday
sterling opened at 4.02%, a new high on the move,
which compared with the year's high of 4.05. , At
this point there developed considerable selling of
sterling and buying of dollars in many markets.
Operations are asserted to have originated with London bankers and private interests. It could not be
discovered that the British authorities were in any
way active in attempting to keep the dollar-sterling
rate under 4.00, though a higher rate would at the
present juncture be decidedly distasteful to Londoh
business interests. Much of the gold coming from
the London open market, as during the past several
weeks, is taken for Continental account under the
influence of gold hoarders. However, very little of
these gold takings are shipped abroad, the hoarders
preferring to leave the metal in London vaults as the
safest place of deposit. It is estimated that during
the past four. weeks approximately £35,000,000
was received in London and that during the same'
period not much more than £3,000,000 was actually
exported. Gold hoarders and speculators in. the
metal are of course attracted by the high premium. .
For the first time in many weeks the Bank of
England has taken some of the open market gold and
has otherwise increased its bullion holdings by converting earmarked stock held in other centers. This
week the Bank of England withdrew $14,950,000 in
gold from its earmarked stock in New York. This
accession does not show in the Bank's current statement but doubtless will appear in its statement of
June 7. On Saturday last gold bars totaling £140,000
were taken in the open market, the quoted price
being 122s. 10d. On Monday £240,000 was taken
for Continental account. Bars were quoted at 123s.
3d. On Tuesday a total of $810,000 was available
in the open market, of which the Bank of England
took £343,171,the balance having gone for Continental
account. On Wednesday £70,000 was taken for
Continental account. The quotation was 123s. 10d.
On Thursday 1120,000 was available in the open
market and the quotation was 122s, 11d. on Friday
• £230,000 was sold for foreign account; the quotation
was 122s: 5d. Because of the great confidence felt
as to the fundamental soundness of the British position, funds continue to flow to London from all
centers and open market money rates are, consequently excessively low. Call money against bills is
in supply at M% down to 4,%. Two-months' bills
are easy at 5-16% to 7-16%. Three-months' bills
are 7-16% 'to %,four-months' bills.%% to 9-16%,
A
and six-months' bills are 5 % to %%. This week the
Bank of England shows an increase in gold holdings
of £394,090, the total standing at the record high of
£187,402,773 as of May 31, which compares with
£129,341,726 a year ago and with £150,000,000
recommended as the proper minimum by the Cunliffe
committee.
At the Port of New York the gold movement for
the week ended May 31, as reported by the Federal
Reserve Bank of New York, con,sisted of imports of
$93,000, of which $68,000 came from the Philippines
and $25,000 chiefly from Latin American countries.
Gold exports totaled $14,950,000, which was shipped
to England. In tabular form the gold movement at
the,
the Port of New York for the week ended May 31,
as reported by the Federal
Bank of New
York, was as follows:
Volume 136
Financial Chronicle
GOLD MOVEMENT AT NEW YORK, MAY 25=MAY 31 INCL.
Exports.
•
Imports.
$68,000 from Philippines.
$14,950,000 to England.
25,000 chiefly from Latin
American countries.
$14,950,000 total.
$93,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease: $14,950,000.
The above figures are for the week ending Wednesday evening. On Thursday and Friday there were
no imports or exports of the metal nor change in gold
held earmarked for foreign account. •There have been
no reports during the week of gold having been received at any of the Pacific ports.
Canadian exchange continues at a severe discount,
but more favorable to Montreal than in many weeks.
On Saturday last Montreal funds were at a discount
of 12%, on Monday at 113/%. On Tuesday,
2
Memorial Day, there was no market in New York.
2
On Wednesday Montreal was at a discount of 113/%,
on Thursday at 113/%,and on Friday at 11%.
2
Referring to day-to-day rates, sterling exchange on
Saturday last was up sharply. Bankers sight was
3.96@3.98; cable transfers,.3.97@3.98%. On Monday sterling was still firmer. The range was 3.96%@
4.00 for bankers' sight and 3.97@4.00% for cable
transfers. On Tuesday, May 30, Memorial Day,
there was no market in New York. On Wednesday
sterling opened at a new high on the • move but
reacted toward the close. The range was 3.98%@
4.023/2 for bankers' sight and 3.99@4.02% for cable
transfers. On Thursday the pound was irregularly
firm. The range was 3.98%@3.99% for bankers'
sight and 3.993/@4.60 for cable transfers. On
8
Friday sterling was again firmer, the range. was
3.989/@4.003/ for bankers' sight and 3.98%@
8
2
/
4.005 for cable transfers. Closing quotations on
Friday were 4.00% for demand and 4.003/ for cable
;
transfers. Commercial sight bills finished at 3.9932
4
60-day bills at 3.983/2; 90-day bills at 3.981 ; documents for payment (60 days) at 3.983/2 and seven-day
grain bills at 3.993 . Cotton and grain for payment
4
closed at 3.9932
.
XCHANGE on the Continental countries soared
this week with respect to the dollar, but rates
have been highly irregular and fluctuations wide.
All the Continentals are of course greatly demoralized
owing to the uncertainty of the general foreign exchange situation not only as it bears upon the dollar
.
but as it affects the future of sterling, marks, and
francs, to say nothing of the minor units which tend
to be forced up or down by the influences affecting
the major currencies. The general attitude of the
Continental centers with respect to the present and
future of exchange is indicated in the resume of
sterling. However high day-to-day quotations whatetrer their fluctuations may be, the markets are extremely dull, with only the minimum of either supply
or demand. Hence the smallest actual transaction
has'a most marked influence on quotations. French
francs while fluctuating were frequently quoted
during the week at close to the year's high. The
market to all accounts is doubtful as to the future of
the franc and feels that the Paris authorities may be
compelled to abandon gold if the standard .is not
restored by London and Washington as a consequence
of the forthcoming economic conference. However,
the most responsible authorities in Paris assert that
there can be no abandonment of gold by the Bank of
France or any form of monetary inflation. In this
E
3777
the bank has • the almost universal support of the
French people, who as a result of actual experience,
look with horror upon inflation in any form. This
week the Bank of France shows an increase in gold
holdings of fr. 21,052,058, the total standing at fr.
80,950,775,958, which compares with fr. 79,470,235,749 on May 27 1932 and with fr. 28,935,000,000
in June 1928 following stabilization of the franc.
German marks, while quoted excessively high with
respect to the dollar, are only nominally so quoted,
as practically no market in the German unit exists
either here or abroad,'as all foreign exchange transactions of the Reich are blocked by the Reichsbank.
Various items of importance relating to standstill
agreements and to the blocked mark accounts; as
well as to the dangerous position of the Reichsbank
will be found on other pages.
Finnish exchange is at all times a minor unit in the
New York market, but special interest attaches to
it at present, owing to the reduction in the rediscount
effecrate of.the Bank of Finland from 6% to
tive on Saturday last. The reduction in the Finnish
rate harmonizes with reductions made this week by
the banks of Sweden and Denmark and reflects the
general ease in money conditions as well as reduced
demands for credit accommodation.
Greek exchange is also a minor unit in the New
York market, but it is to be noted that the Central
Bank of Greece reduced its rediscount rate .on Monday from 9% to 7%.
The London check rate on Paris finished yesterday
at 85.78, against 85.72 on Friday of last week. In
New York sight bills on the French centre finished
on Friday at.4.663/2, against 4.58 on Friday of last
4
week; cable transfers at 4.663 , against 4.583, and
.
commercial sight bills at 4.653/2, against 4.571
4.
Antwerp belga,s finished at 16.47 for bankers' sight
bills and at 16.48 for cable transfers, against 16.20
and 16.21. Final quotations for Berlin marks were
27.68 for bankers' sight bills and 27.70 foil cable
transfers, in comparison with 27.19 and 27.20.
4
Italian lire closed at 6.133 for bankers' sight bills
4
and at 6.14 for cable transfers, against 6.023 and
6.03. Austrian schillings closed at 16.25, against
16.25; exchange on Czechoslovakia at 3.56, against
3.47; on Bucharest at 0.73, against 0.72; on Poland
at 13.45, against 13.15, and on Finland at 1.79,
against 1.76. Greek exchange closed at 0.663/b for
bankers' sight bills and at 0.673/2 for cable transfers,
against 0.65 and 0.66.
XCHANGE on the countries neutral during the
war, while dull and inactive in this market, is
generally firmer in sympathy with the upward swings
in sterling and French francs. On Thursday the
Danish National Bank rate of discount was reduced.
/%. The rate had been at 332%
to 3%, from 31
since Oct. 12 1932 when it was reduced from 4%.
The Swedish National Bank also, reduced its rate,
A
effective June 1, from 31 % to 3%. The 33/2% rate
had been in effect since Sept. 1 1932 when it was
reduced from 4%. It will be recalled that the Bank
of Norway reduced its rate of rediscount on Thursday
of last week from 4% to 4%; and, as noted above,
in the comments on the Continental exchanges, the
central bank of Finland, another Scandinavian
country reduced its rediscount rate this week from
The Scandinavian' countries are
6% to
strongly inclined to moye in harmony in all financial,
monetary and commercial matters. These lower re-
E
3778
Financial Chronicle
June 3 1933
discount rates indicate in part a• general easing in
against 7.95 and 8.00.
credit conditions on the Baltic, arising at present,
nally quoted 63/8, against 63/8.
however,
19.25, against 18.50.
more
from
activity than from
of
industrial
accumulation
the
at
Peru is nominal
of funds.
low • level
active
Chilean exchange is nomi-
largely as a seasonal influence, and the rediscount
E
rate reductions may be viewed as a filip to further
yen are firm in sympathy with the firmness in sterling
the upward trend of business.
The Swedish finance
and the other major currencies in terms of the dollar:
minister has asked the Riksdag for an increase of
The Chinese units move almost strictly in harmony
However, business is expanding in all these countries,
XCHANGE on the Far Eastern countries presents no new features of importance.
Japanese
100,000,000 kronor in the legal maximum note cir-
with the swings in silver prices.
culation in order to meet obligations involved by the
is firm in sympathy with sterling to which the rupee
increaied prices.
The actual note issue is far below
present legal limit.
The Danish international ac-
is attached at a fixed rate.
The Indian rupee
•
India maintains a good
export balance in international trade as the heavy
counts for 1932 show that there was a net balance
gold sales abroad offset commodity.import increases
in Denmark s favor of kr. 69,000,000, compared with
'
and a sharp decline in commodity exports.
a deficit of kr. 52,000,000 in 1931 and of kr. 18,000,-
estimated that India has sold abroad approximately
000 in
Holland
1930.
guilders
and
Swiss francs
fluctuated widely this week, but at their lowest were
exceptionally firm with respect to the dollar.
They
are also firmer in terms of European currencies, so
£100,000,000 of gold since Sept. 1931.
It is
There is as
yet no indication of any slackening of these shipments.
When they
began it
was estimated
India could easily ship £250,000,000.
that
The rest of
much so that the gold loss of both countries, recently
the world, particularly Great Britain, is well pleased
In Monday s trading the
'
to see this gold coming out of the Indian hoards and
conspicuous, has stopped.
guilder and the Swiss franc set new high records.
The guilder jumped 80 points to 48.40 (par is 40.20).
The Swiss unit went to 23.25 (par is 19.30).
There
made available for monetary uses.
closing quotations for yen checks yesterday were
245 8 against 24 3-16 on Friday of last week.
/
,
was an equally great reaction in Wednesday s market,
'
Kong closed at 283
with volume of transactions both here and abroad at
Shanghai at 25%
Hong
® 28%, against 271/i
.
@ 27 5-16;
253', against 24%
243/2;
@
to both the Dutch and Swiss markets is again in
Manila at 50%, against 50%; Singapore at 463
%,
%; Bombay at 303/8, against 29%, and
against 453
evidence.
Calcutta at 303', against 29%.
minimum amounts.
A return flow of foreign funds
Bankers sight on Amsterdam finished on Friday
'
at 47.60, against 46.65 on Friday of last week; cable
transfers at 47.62, against 46.70, and
sight
bills
against 46.55.
at 47.50, -
commercial
Swiss francs
clos6d at 22.91 for checks and at 22.92 for. cable
against
tranbfers,
22.41
22.42.
and
Copenhagen
checks finished at 17.86 and cable transfers at 17.87,
agai st 17.49 and 17.50; Checks on Sweden closed
'
at 20.54 and cable transfers at 20.55, against 20.11
and 20.12; while checks on Norway finished at 20.29
and cable transfers at 20.30, against 19.87 and 19.88.
pesetas closed at 10.11 for bankers sight
'
Spanish
bills and at 10.12 for cable transfers, against 9.91
and 9.92.
E
XCHANGE on
the
South
American
countries
continues quite demoralized as a result of the
major economic disturbances affecting all countries.
Rates are highly nominal.
A recent Buenos Aries
dispatch stated that the Argentine Foreign Exchange
Control Commission ruled that all dollar drafts on
New York must be covered exclusively by dollars
obtained
through
exports
to . the
United
States.
Argentinian importers of American goods view the
ruling with some concern as a discrimination in favor
• of
British
goods.
balances
American
retained
in
South American countries in so-called "
blocked accounts
"
are
estimated
at
around
$100,000,000.
American exporters, it is asserted, in order to obtain
payments have frequently to
accept discounts on
their bills and drafts as high as 15% in what is designated the"
"
bootleg exchange.
The published nomi-
nal rates for such part of the blocked accounts as are
set free, American importers assert, are .generally
misleading.
PURSUANT
of
is
Bank
to the requirements of Section
522
the Tariff Act of 1922, the Federal Reserve
now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world.
We give below a
record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MAY 27 1933 TO JUNE 2 1933, INCLUSIVE.
Country and Monetary
_
Noon Riving Rate for Cable Transfers in New York,
Value in United States Money.
May 27. May 29. May 30. May 31. June 1.
June 2.
$
$
5
5
EUROPE$
$
14.5500* .142916*
.148000 .143250 .142750*
Austria,schilUng
164200 .165050
.166075 .164858 .164523
Belgium, belga
.008033* 5)07886*
.007833* .007925* .007875*
Bulgaria, ley
.035677 .035525 .0315416
Czechoslovakia, krone .035225 .035325
.176850 .176972
.178341 .178063 .177676
Denmark, krone
England, pound
3.971583 3.972416
4.001071 3.996083 3.991696
sterling
.017625 .017566 .017591
.017566 .017580
Finland, markka
,
046564 .046698
.046748 .046676 .046550
France,franc
.276983 .276241 .276271
Germany, reichsmark .277408 .277008
.006745 .006722 .006705
006655 .006625
Greece, drachma
476742 .477358
.478927 .476958 .475585
Holland. guilder
201666* .201666*
.204166* .201333* .201666*
Hungary, pengo
061331 .061531
.061866 .061543 .061325
Italy, lira
201376 .201383
.202541 .202492 .201958
Norway, krone
130875 .132600
.133187 .132625 .133625
Poland, zloty
036183 .036110
.036358 .036390 .036266
Portugal, escudo
007075 .007060
.007180 .007100 .007160
Rumania,leu
101269 .101100 HOLI- .101826 .101210 .101089
Spain. Peseta
DAY
203700 .203441
.205166 .204909 .204708
Sweden,krona
.229558 .228955 .228435
Switzerland, franc_ .227950 .228707
.016425 .016000 .016116
Yugoslavia, Maar_ _ _ _ .016200 .016060
ASIA•
China.251458 .250000 .250000
.247083 .247500
Chefoo dollar
.251458 .250000 .250000
Hankow dollar- _ .247083 .247500
.251406 .249687 .250625
Shanghai dollar_ _ •.247187 .247500
• .251458 .250000 .250000
247083 .247500
Tientsin dollar
.279531 .279218 .279531
Hong Hong dollar__ .273125 .276562
.301250 .300200 .300000
.298300 .298450
India, rupee
.244250 .244500 .245020
242595 .243000
Japan, yen
.465000 .464375 463125
Singapore (B.S.) dollar .461250 .461250
NORTH AMER..885260 .884687 .885468
880284 .880208
Canada,.dollar
.999212 .999212 .999212
.999212 .999212
Cuba, peso
. .282175 .279375 .277975
Mexico, peso (sliver). .279050 .280000
.882750 .882250 .882875
Newfoundland, dollar .878125 .877750
SOUTH AMER..693913* .690007* .691386"
Argentina, Peso (gold) .679617 .684343*
.076350* .076387* .076387*
076350* .076350*
Brazil, mlireis
.066250* .066250*
'.067500* .075000* .075000"
Chile, peso
' .536666* .536666* .543333"
552500 .535000•
Uruguay. peso
862100* .862100*
.862100* .862100* .862100"
Colombia, peso
OTHER
.3.189166 3.181250 3.181668
3.160000 3.161666
Australia, pound
3.197500 3.189583 3.190000
New Zealand, pound_ 3.168333 3.170000
3.958875 3.950833 3.947187
South Africa, pound 3.925625 3.924375
*Nominal rates, firm rates not available.
Argentine paper pesos closed on Friday nominally
at 30.00 for bankers' sight bills, against 28% on Friday of last week; cable transfers at 30.50, against
29.50.
Brazilian milreis are nominally quoted 7.95
'
for.bankers sight bills and 8.00 for cable transfers,
table indicates the amount of gold
of
THE followingthe principalcomparisonsbanksofasthe •
European
bullion in
as
1 1933, together with
Jute
corresponding dates in the previous four years:
•
•
Financial Chronicle
Volume 136
Baas of—
1933.
1932.
1931.
1930.
1929.
£
£
£
England_ _ _ 187,402,773 129,341;728 152,934,078
France a__ 647,606,207 635,761,886 445,072,484
Germany b
17,752,200
38,196,300 109,134,450
96,945,000
90,108,000
Spain
90,374,000
60,895,000' 57,460,000
Italy
70,483,000
37,495,000
Netherlands
78,121,000
69,744,000
41,334.000
72,341,000
Nat. Beig'm
76,458,000
25.713,000
Switzerrnd_
73.388,000 •76.777,000
13,303,000
Sweden
12,031,000
11,443,000
9,552,000
Denmark
8,032,000
7,397.000
8,133,000
6,561,000
Norway
6,569,000
£
156,879,085
350,470,939
122,067,350
98,815.000
56,279,000
35,993,000
34,194,000
23,153,000
13,511,000
9,567,000
8,144,000
£
163,851,130
292,771,460
85,263,600
102,416.000
55,434.000
36,419,000
27,523.000
19,845,000
13,012,000
9,595.000
8,156,000
997,076,012
107'121
909,073,374
MO 072 558
814,286,190
808.449.152
Total week_ 1,259,205,180 1,207,577,912
Prim, ararlr
1 9K0 LAO 07.1 1 105057952
002
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 E864,250.
The Four-Power Pact and the Outlook
for Peace.
The announcement on Tuesday that the French
Cabinet had authorized the French Ambassador at
Rome to join with the Ambassadors of Great Britain
and Germany in initialing the Mussolini four-Power
pact, followed by a vote in the Chamber of Deputies
which was interpreted as indirectly approving the
Cabinet's action, does not necessarily mean that the
pact will shortly be ratified and put into effect.
Ratification involves the formal action of the Parliaments of the signatory Powers, and while it may
probably be assumed that the Italian Parliament
and the German Reichstag will assent to whatever
Premier Mussolini and Chancellor Hitler respectively approve, favorable action in Great Britain
and France is by no means a foregone conclusion.
.The initialing of the pact, however, will indicate
that the project for which the four Powers have
tentatively agreed to stand has been advanced, that
the differences of opinion which have developed
since the proposal was first broached, more than-two
and a half months ago, and which as late as yesterday had not been completely ironed out so as to
admit of initialing the document on that day as
was expected, have been adjusted, and that the pact
may now become a factor of greater importance in
discussions of European peace.
Precisely wherein the pact as now agreed upon
differs from the first Mussolini draft, or from the
three or four other drafts that are believed to have
been made since the project was first suggested,
cannot be known until all the texts are published.
It will be recalled that France, while eventually
expressing a general approval of the terms in principle as a basis for further discussion, objected
strongly from the first to certain provisions which,
it was believed, interfered with or curtailed some
prerogatives of the League, and that similar objection was shortly urged with outspoken aggressiveness by the States of the Little Entente and Poland.
The burden of complaint from all these sources was
the encouragement which the pact seemed to offer
to a revision of the peace treaties through the action
of the four signatory Powers without, apparently,
invoking for that purpose the agency of the League.
The Little Entente in particular affected to see in
the proposal a device for erecting a four-Power
alliance which, if it proved effective in practical
operation, would tend at important points to supercede or materially limit the League.
Paris dispatches report that the pact, in the form
in which it is expected to be initialed, has been modified, as a result of French insistance, by incorporating in it some limiting references to the League
.Covenant. Onq of these references, it is-understoqd,
is to Article X, which pledges the League to *e
maintenance of the territorial integrity and political
3779
independence of all the member States—a matter
which the Little Entente and Poland regarded as
particularly endangered by the proposed pact. Another reference is to Article XVI, which provides
for the imposition of sanctions upon a member State
which violates its obligations by resorting to war,
and requires a State to facilitate the passage through
its territory of the forces of another State which
joins in common action to enforce respect for the
obligations of League membership. A third reference is to Article XIX, under which the Assembly
may, from time to time, invite the members of the
League to re-examine treaties which have become
inapplicable because of changed international conditions, or whose continuance may imperil world
peace.
If it shall appear that these provisions of the
Covenant have been incorporated as essential parts
.
of the four-Power pact, it will register a victory for
France and the Little Entente, but the pact itself
will have been robbed of special significance. The
satisfaction in German official circles which was
reported by the Berlin correspondent of the New
York "Times" on Thursday does not seem to rest
upon a very solid foundation. Aceording to this
correspondent, Germany welcomes the pact because
it creates a super-council of fonr great Powers
which will be able to dispatch business more
promptly and efficiently than the cumbersome Council of the League, provides for the consultation 'of
Germany henceforth "in all international affairs on
the basis of equality," and explicitly acknowledges
her right to treaty revision. It is exactly the creation of a super-council, however, destined, if it
worked well at all, to displace somewhat the Council
of the League, that the Little Entente has strenuously objected to, and if its objections have now
been withdrawn it can be only because the independent action of the four Powers has been carefully
restricted. On the other hand, if a revision of the
peace treaties, which is the main thing that Germany
desires, is to be accomplished only through the
machinery of the League, the pact at this point
would appear to'amount to little more than an agreement to ask for the use of the machinery whenever
the four Powers agree that it should be set in motion. We know from experience that revision, while
looked upon at times in Great Britain with benevolent interest, has not yet commended itself seriously to any British Government,and that in France
revision is dreaded and strongly opposed. Without
the assent of either Great Britain or France, accordingly, Germany and Italy together could not
force the revision issue.
It is probable that the four-Power pact, if it actually comes into operation, will put an end to the
scheme of a Central European bloc made up of
Italy and some or all of the former Central Powers._
Beyond this negative effect, the most that can be
expected is that it may pave the way eventually
to more friendly and harmonious relations between
the four Powers and thereby impart some energy to
the League. The outlook for ratification, however,
is not bright. In spite of the success of Premier
Daladier In obtaining the preliminary approval of
his Ca'binet for the pact and in forcing forward the
budget debate, the position of the French Government appears to be increasingly jeopardized.by the
attacks on the pact by M. Herriot and other leaders,
and by the widespread revolt of the taxpayers over
3780
Financial Chronicle
the Government's financial policy. The four-Power
• pact does not, apparently, dispose of any of the
• questions which have been at issue between France
and Italy, notably the long-standing dispute over
naval parity, and it was reported on Wednesday that
the British Government had been unofficially informed that the pact would not be ratified until
these questions were settled. There is little evidence that Prime Minister MacDonald's enthusiasm
for the pact has been shared by the British Cabinet,
and British repugnance to.any further political commitments on the Continent has deepened as political
complications have multiplied.
The greatest single obstacle to ratification, however, is afforded by Germany itself, the country
which might fairly be expected to gain the mostfrom
the pact. No one who is in close touch with the
situation believes that Germany desires war, or
would fail to go a long way in concession in order to
maintain peace, but there is nevertheless much doubt
• of the sincerity of the Hitler Government, and much
anxiety regarding the ultimate effect of its irritating policies. The strong objection which it was reported on May 25 the Hitler Government would
make to any move intended to place the Jews in
Germany under the protection of the League as a
racial minority;together with the vigorous protest
made on Tuesday to action by the League on a petition of Franz Bernstein, a German refugee from
Upper Silesia, against the treatment of Jews in
Germany, have, it must be admitted, some substantial basis in the claim that the Jewish question in
Germany is a domestic matter and that Bernstein
himself has not fallen under the operation of any
of the discriminating German decrees, but they have
nevertheless brought the Jewish question into controversy before the League and further inflamed
resentment against German policy.
The anxiety created by the Jewish situation has
been intensified by a report, received by the French
Government from secret sources and made public
in substance on Wednesday, to the effect that the
Hitler Government has proposed to support Poland
in enlarging its territory in the Soviet Ukraine, in
the direction of the Black Sea, in return for a substantial territorial concession to Germany in the
Polish Corridor. The proposal, if it turns out to
have been made, involves also the Soviet Government, which has recently concluded with Poland a
pact of non-aggression as well as a commercial
treaty. The special significance of the matter for
France is the evidence which it affords of a political
rift between France and Poland. Poland, which is
not a member of the Little Entente but has been in
general sympathetic with its aims, has been even
more pronounced than the Little Entente in its opposition to the four-Power pact, and its opposition
continues notwithstanding that the pact has apparently 'been modified to meet the objections of the
Entente Powers. In spite of reports of extreme
hostility in Poland to the Hitler regime and a number of irritating incidents on both sides, there have
been rumors for some time that the two Powers were
getting together on the Corridor issue, and the tentative bargain reported on Wednesday, while it must
be taken with all reserve until confirmed,lends color
to the suspicion that a rapprochement is under
consideration.
We have more than once expressed the opinion
that a return to the old system of alliances, re-
June 3 1933
peatedly appearing as a tendency during the past
two or three years, holds no promise of stable peace
for Europe. The reception which has attended the
progress of the four-Power pact only confirms that
view. It is regretfully to be admitted that the prospect of peace through a general agreement about
disarmament is as yet no more'assuring. It was
apparently President Roosevelt's hope, when he sent
Ambassador Davis to Europe with wide authority
to pledge American co-operation in insuring security, that the Disarmament Conference might achieve
substantial agreement, sufficient at least to enable
it to postpone further debate for a time, before the
meeting of the World Economic Conference. There
is no likelihood of such an agreement now. The
British plan, so-called, has been so overlaid with objections and counter-proposals that it is now, as has
been well said, only a confused mass of uncertain
or contradictory provisions, and the confusion has
been increased by the demand of Japan for a more
favorable ratio of naval strength than was accorded
to it by the Washington and London naval treaties.
The American security proposals, moreover, are
unsatisfactory to France because they explicitly
do not include a promise to use force. It would
have been better for the Disarmament Conference
to adjourn aine die, and thereby free the Eco
,
nomic Conference from the overhanging cloud of
another international parley whose deliberations
Seem only to magnify international disagreements,
than .for it to take a qualified recess as it voted to do
on Friday. It is easy to understand why Mr. Roosevelt, with this cloud on the'horizon, should be reported as less disposed than formerly to use the London Conference as an occasion for international
bargaining, and as meaning to hold the United
States to an independent course unless substantial
all-round concessions and agreements can be
secured. There is every justification for such a firm
national policy where the spirit of international
accord is obviously lacking.
Storms Have Cleared Economic Atmosphere for
International Conference.
When, at this. season of the year, persons comfortably seated in their homes witness the 'terrifying display of an evening thunderstorm, with its
ominold approach, its increasingly brilliant flashes
of lightning at times descending perpendicularly
from a sky overcast with black clouds, the observers
behold nature's method of purifying the atmosphere.
In these sententious days of progress the air is
contaminated by inhabitants of the earth to a degree
which in an earlier period of the simple life never
occurred. Conversion of petroleum, hidden for ages
below the surface, into gasoline and utilization of
the gas for motive power have tended to defile the
atmosphere to an extent never contemplated until
ingenuity, science and industry provided the people
with automobiles.
Every observing person in populous towns and
cities has witnessed the air charged with fumes and
wondered as to the effect of their inhalation by human beings. They have speculated as to whether
the almost constant breathing of the impurities
may not undermine mankind physically, mentally
and morally, perhaps in a way accounting for the
wave of new forms of committing crimes, and almost
upiversal discontent. Are we using a natural resource in a manner and to such a great extent that
Volume 136
Financial Chronicle
3781
man is in danger Of weakening the powers with tasks with a common understanding, and, let us
which the Creator has endowed him? It would seem hope, in mutual accord with a subjugation of selfish
in this age as if nature's way of purification is more motives.
If the trials and hardships of the past three years
essential to man's well-being than at any time since
are not sufficient to bring men of the larger nations
the Garden of Eden.
The spectacle of the thunder storm, its purpose to a better understanding, must even greater distress
and beneficial results are not unlike what has been be thrust upon the world to bring about the benewitnessed for three years in the economic world. We ficial results now so sincerely desired? Common
have been building our Towers of Babel far higher sense would seem to indicate that the atmosphere
than the one of Biblical times, modern towers which must be kept clear.
It is for the survivors,in building anew, to profit
are known as skyscrapers, towers illuminated by
artificial daylight, which are heated and ventilated by sad experience, to avoid what has been demonScientific methods making them impervious to out- strated to have been wrong, and with determination
byside natural conditions. The tall structures are and zeal to make this glorious old globe a safer and•
made easily and quickly accessible to points high a better home for posterity.
The builders are again at work after the storm.
above the • Surface of the earth by swiftly-moving
They need and are entitled to the help and earnest
elevators.
From the pace of the pedestrian whose progress co-operation of the rank and file of all workers. It
was limited to a few miles per hour, man has pro- is well to put aside grudges, bearing in mind that
gressed so that he may now travel from 40 to 60 all have suffered, and that the more one had to lose
miles per hour in his private car over hard and the greater was his personal loss.
Not the farmer or the producer; not the manusmooth surfaced roads, an alacrity typical of developments in many other respects. From the quill pen facturer or the distributor; not the merchant or
and stylus we have advanced to the typewriter with the consumer, nor the debtor of creditor stands
its process of manifolding, which is characteristic alone. All interests, individual and international,
of advancement in a multitude of mechanical ways, are interwoven. Leaders of some nations are diswhile thoughts are.flashed almost instantaneously posed to erect lightning rods and to wear insulated
over land and sea by telegraph, telephone, cable, clothing, overlooking the fact that the storm has
wireless and the radio. Every new development is passed and that the purpose of the conference is to
quickly seized upon for the advantage of transacting build new .foundations for reconstruction to the
mutual advantage of all concerned.
business with expedition and accuracy.
We have been living and working at such a rapid
The Industrial Recovery Bill.
pace that the entire economic wcirld has been upset
When a military commander faces an opponent of
and the economic atmosphere has been defiled and
surcharged with evils which only a storm could overwhelming power, discretion prompts a retreat
clear away. The thunder storm, which may be until reinforcements may strenghten his first line
designated as a depression; burst upon us follow- of defense to a point which will justify the coming the climax of many follies in 1929. Purifying Mander in making a firm stand and to engage the
lightning has demolished many of our idols. But enemy with a possibility of achieving victory. Inthe Rosy-Fingered Daughter of Morn again appears dustry in the United States has been gradually
upon the horizon and bids men everywhere to be forced into a position very much like that of such
inspired with new hope, to inhale a purified air, and a military commander, in respect to enactment of
to gird their loins for new and mighty deeds in all the House bill designed, among other things, to "enworthy forms- of effort.
courage national industrial recovery."
•
The darkest clouds have rolled by. Wrecks must
When the bill was pending in the House at Washbe cleared away and foundations mist be laid for ington, industrialists evidently realized that it
new structures which undoubtedly will surpass would be futile to waste effort and ammunition in
the old.
• opposition to the passage of the measure by that
Man has conquered the earth. He has explored its body. Indications are that the bill may be passed
poles. He has invented marvelous machines for the by the Senate also and be signed by the President.
cultivation of the soil and learned how to obtain the Industry will then be in a position to profit by the
best results from its products. He has delved be- prediction of Senator Reed that the bill will not
neath the surface to obtain rich and useful ores at be upheld by the courts, and the'final test of legality
a depth where only the heat .of internal fires pre- will come in the Supreme Court of the United
vented further progress. He has developed means States.
of rapid transportation and communication, and he
If such litigation must come it would seem as if
has navigated by airship around the mundane it ought to be handled without unnecessary delay,
sphere.
and even expedited, in order that industrialists May
But to what purpose, if the whole world is sud- understand just where they stand after all doubt is
denly to be thrown into chaos by war? A new era removed. One basis for this conclusion is the mild
may come out of the international economic confer- attitude of manufacturers when the features of the
ence. Having conquered the earth it now only re- industrial bill were presented to members of the
mains for men of many nations to control them- Philadelphia Chamber of Commerce last week by
selves. If their representatives approach the con- Judge James A. Emory, counsel for the National
ference in the right spirit the present century may Manufacturers' Association, and David L. Podell,
in reality witness "Peace on Earth, Good Will to a New York lawyer, who was largely instrumental
in drafting the measure, which was introduced in
Men."
Such a conference could not have been called at the Senate by Senator Wagner of New York. The
a better time, as common suffering tends to make speakers limited themselves to interpretations of
the whole world akin and therefore to approach the various features of the important bill, and in this
3782
Financial Chronicle
respect, while edifying, they were scarcely emphatic
or positive enough on either side to arouse enthusiasm, although each speaker at the conclusion of
his address was given applause as a sign of appreciation. Mr. Podell, speaking for the bill, was evidently so sure of his ground that he Was content
to rest with a statement of possible benefits if the
measure becomes a law, while Judge Emory reservedly talked as if he might unwittingly reveal
a line of defense to his aggressive opponents.
Thus, if this was a typical discussion, industrialists of the country would seem to he calmly awaiting
a bombardment and are reserving defensive ammunition for use before the highest tribunal of the land.
Meanwhile, should the bill pass the Senate and be
signed by the President, the statute, until finally
judiciously construed, will constitute just one more
lowering cloud hanging threateningly over American business which is persistently struggling to get
once more squarely upon its feet.
As explained by Mr. Podell, these specific purposes of the bill are commendable, namely, "to encourage national industrial recovery and to foster
fair competition."
There are debatable methods and machinery set
up to accomplish desired ends, the whole proposition being based upon the declaration that a
national emergency exists. The club to be used as
an enfoicement agency to drive reluctant manufacturers into organized groups is the licensing power
by which, through the withholding of a license to
conduct business, a recalcitrant or reluctant mann-.
facturer may be driven into such a group in his particular line of business under penalty of being de'
prived of the right to continue his business upon an
inter-State scope.
Largely around this feature of the bill will be
built the attack if resort is made to the courts.
Justification for drastic methods of enforcement is
based upon the necessity for stopping price-cutting,
a bane generally recognized among business men,
arid the argument is offered that if price-cutting
can be abolished a basis of stabilization of prices
will be afforded for the protection of all members
of the particular group affected. The aim is to
effect higher prices, which, in turn, will justify the
payment of a fair wage, which will be attempted to
be fixed under the bill's provisions.
The consumer evidently will be adversely affected
in two ways. He will be paid in dollars having depreciated purchasing power, and he will have to pay
higher prices for what he buys, to which the theoretical answer is that whatever the consumer loses
by reason of higher prices will be offset by his increase in wages and salaries, which would have some
potency if all groups were to act in concert, which
is not likely to occur, even if an advanced date were
fixed for a change.
•
Another cause for seeming lethargy among business men as to the enactment of the bill is that
commercial conditions have sagged into a state
where any change will be welcome on the assumption that there is greater possibility of a change_
operating to better conditions rather than to make
them worse. Many business men have drifted to an
attitude expressed by the saying, "Any port in a
storm."
Special provisions are made for the protection of
labor, including the right to organize and to bargain
June 3 1933
collectively. There is a penal clause which pro-.
vides for a fine of $500 or iniprisonment for not
exceeding six months,or both,for certain violations.
There is tacked on to this business and labor bill
"Title II—Public Works and Construction Projects." This measure provides for loans to States
not exceeding in the aggregate $400,000,000, and
it also carries the much debated appropriation of
$3,300,000,400.
If the bill as it has passed the House becomes a
law it would still be possible for such an industry
as the Baldwin Locomotive Works to sell locomotives for use within the State of Pennsylvania, where
its principal plants are located, and for the Stetson
Co. to sell hats within Pennsylvania, while anthracite, which undergoes a process of manufacture before marketing, might be restricted to consumption
in the Keystone State, which contains the only fuel
deposits of the kind, provided these manufacturers
elected not to comply with the provisions of the bill.
What chaos would occur if the wearer of a Pennsylvania-made hat should "invade" any one of the
surrounding five States may Only be surmised. For
three years industry has been suffering from the
effects of smoke suppressors and electrical insulators. What is desires is to have handicaps removed, rather than to be bound-hand and foot with
endless rolls of red tape.
Bankruptcies Among Consumers.
Both the Department of Commerce and the Department of Justice have made studies'concerning
bankruptcies among consumers, and the conclusions
reached as a result of their investigations have been
embodied in proposed amendments to the existing
bankruptcy law which were submitted by the President to Congress, Feb. 29 1932. The report by the
Commerce Department is confined to the economic
effects and causes of bankruptcy, while the Departnfent of Justice investigated the legal phases and
operations of the law. Although working independently of each other, and differing in methods of approach, the conclusions reached by the two departments are similar. They reveal that the problem of
reducing the number of bankruptcies and the subsequent losses can be solved only by the concerted
aetion of legislators, credit grantors and debtors.
INCREASE IN NUMBERS AND LOSSES.
Since 1920 wage-earner bankruptcies, as classified
by the Attorney-General, have increased every year,
even at a greater rate than bankruptcies among merchants and manufacturers. According to the Census
Bureau, the population of the United States .increased from 105,710,620 in 1920 to 122,775,046 in
1930, an increase of 16.1%, whereas bankruptcies
among wage earners increased from 5,647 in 1920 to
29,067 in 1930, or 414%, and they now account for
nearly 50% of all bankruptcies.
Besides the millions of dollars lost through rer
•
corded bankruptcies, there ai e millions lost to creditors by persons who do not pay their bills and who
are not discharged of their debts through bankruptcy. No satisfactory estimate has been made of
the total bad-debt losses through consumer credit.
Recorded losses through bankruptcies of all types
—merchants,farmers, wage earners, and others—in
to
the 12 years, 1920 . 1931 inclusive, were $7,223,727,656, and the average amount received by creditors during this period was 8.43c. on the dollar.
Financial Chronicle
Volume 130
• The following table shows the number and percentage of total bankruptcies by types,from 1920 to 1930,
inclusive:
NUMBER AND PERCENTAGE OF TOTAL BANKRUPTCIES BY TYPES.
1920-1930.a
Wage Earners.
Total
Bankruptcles.
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
15,622
15,200
22,517
34,401
41,649
44,440
47,307
48,269
53,592
57,039
60,548
Merchants and
Manufacturers.
.
Year
Professional Persons.
Number.
Per.
Cent of
Total.
'Nuinber.
Per
Cent of
Total.
5,647
5,928
7,582
10,261
13,130
14,478
16,852
18,568
21,632
25,576
b29,067
36.1
39.0
33.7
29.8
31.5
32.6
35.6
38.5
40.4
44.8
48.0
510
299
352
497
671
765
1,028
1,221
1,352
1,354
c1,378
3.3
2.0
1.6
1.5
1.6
1.7
2.2
2.5
2.5
2.4
2.3
Farmers.
Others.
Per Cent
Per Centl
Per Cent
Number. of Total. Number. of Total. Number. of Total
3,906
25.0
6.4
999
1920
4,560
29.2
3,270
21.5
1921
9.0
1,368
4,335
28.5
18.0
14.4
4.060
1922
3,238
7,285
32.9
5,518
16.0
17.3
1923
5,945
12,180
35.4
6,437
15.5
18.7
1924
7,781
13,630
32.7
8,251
18.6
7,874
17.7
1925 •
13,072
29.4
17.6
16.4
8,304
1926
7,777
13,346
28.2
8,626
17.8
13.1
1927
6,314
13,540
28.1
18.1
9,681
10.6
1928
5,081
15,246
28.4
17.0
9,690
1929
8.7
4,946
15,473
27.1
10,665
117.6
7.4
e4,472
1930
24..7
d14,966
a Based on Attorney-Generai's reports. b Increase of 414% from 1920-1930.
c Increase of 170% from 1920-1930. d Increase of 228% from 1920-1930. e Increase
of 347% from 1920-1930. f Increase of 173% from 1920-1930.
37$3
of all bankruptcies have been traced to extravagance.
The unprecedented speculation which preceded the
collapse of stocks, bonds, and real estate, and commodity prices in 1929 was also widespread among
persons engaged in every conceivable occupation.
The vast majority of those speculating in stocks and
bonds had little knowledge of stock-market practices
or of the technique of financial speculation. This
was indicated by the fact that 7% of the bankruptcies
studied were definitely caused by speculation.
The inability of unwillingness to pay judgment
liabilities arising from defaulted notes indorsed for
friends or relatives, personal injuries and property
damages occurring as a consequence of automobile
accidents, slander, libel, and other tort actions is
also one of the most prevalent causes of bankruptcy
among consumers. In 15.4% of de cases studied the
Department of Commerce fund that bankruptcy was
resorted to in order to avoid payment of judgment
debts; 87.8% of these judgments were obtained
against indorsers of notes for others; 7.3% were
automobile accident judgments, and 4.9% were obtained by the administrators of the estate of a. dishonest automobile dealer who had secured the signature of the bankrupts to purchase agreements for
automobiles which he failed to deliver.
There is no question but what the ease with which
debts can be discharged through bankruptcy has had
THE BANKRUPTCY LAW.
a.material influence on the increase in the number of
The present bankruptcy law was passed in 1898,
consumer))ankruptcies. The bankruptcy court has
increasingly become a dumping ground for the refuse and has remained unchanged except Mr a few minor
unable to foresee
of poorly-managed personal affairs of consumers and amendments. The authors were
the tremendous growth of consumer credit and its
a sanctuary where debtors obtain cancellation of
their debts, regardless of how they have wasted their attendant abuses. The use of the bankruptcy law as
property, or how fraudulently, extravagantly, or im- a means of being relieved of automobile-accident
judgments was not anticipated. The practice of inprovidently they may have created obligations. There are, of course, some of the third classification dorsing notes for others has increased with the de-who are overburdened with debt and who cannot velopment of certain types of small loan financing.
Indorsers frequently resort to bankruptcy in order,
pay.
to be discharged from-liabilities on defaulted notes.
CHIEF UNDERLYING CAUSES.
Methods of financing real estate transactions have
' It is estimated that in 1910 the total volume.of
retail sales amounted to $20,000,000,000, of which changed considerably since the passage of the present
approximately $2,000,000,000, or 10%, was on credit. law. Unsuccessful real estate venturers now secure
The national retail credit survey, made in 1927 by freedom from their obligations in the bankruptcy
the Department of Commerce, showed that 47% of court. Retail merchants and other creditors in all
retail sales were made on credit. In 1929,the Census but a few cases are included in the petitions filed by
of Distribution revealed that retail sales through all persons seeking relief from automobile-accident
channels exceeded $53,000,000,000. •It is estimated judgments, liability as indorsers on defaulted notes,
that 50% of this was on a credit basis. Estimates and real estate obligations.
"The mere fact that 98% of the commercial bankalso show that in the year 1929 over six billion dol/
lars' worth of goods was sold on the instalment plan. ruptcies and about 991 2% of the non-commercial
Other sources of consumer credit, such as personal bankrupts who seek a discharge are granted disfinance companies, industrial banks, credit unions, charges outright suggests inquiry regarding the conpawn brokers; &c., have developed a business during sideration which is given to applications for disthe last decade which now amounts to approximately charge. The fact is thUt in most cases these applicafour billions annually. In spite of the fact that con- tions receive no consideration at all. No one is under
sumer credit is economically sound in principle and any duty to oppose his discharge, however fraudupractice, it remains for those concerned to so admin- lent or extravagant he may have been." One of the
ister it that its benefits may be secured and it abuses outstanding defects of the existing bankruptcy law,
therefore, appears to be that its leniency actually eneliminated.
Since the entire structure of consumer credit is courages many to use the law as a means of dischargbased on the continuity of income received for per- ing legitimate debts.
sonal services, the cessation of normal commercial
SUGGESTED RELIEF.
activities and the resultant unemployment, brought
Congress has the power to enact legislation to proabout substantial wage reductions and a huge decline tect the credit of the'nation and to control debtors'
in commodity prices. Therefore, a large number of affairs before assets'have been used or squandered.
bankruptcies can be traced to instability of consumer A bankruptcy law under which creditors in all types
income. Extravagance rather than thrift was an ac- of cases receive on an average less than eight cents on
companiment of prosperity. Throughout the last the dollar, and debtors receive discharges indiscrimidecade, particularly during the period 1925-1929, nately, should be amended.
Credit grantors can prevent bankruptcies of conwhen business was supposed to be at its best, bankruptcy was at its worst. As a matter of fact, 28% sumers by not permitting them to incur debts which
•
3784
Financial Chronicle
give rise to subsequent proceedings. Intelligent
credit methods bear indirectly on the reduction in
the number of bankruptcies and the attendant losses.
The avoidance by debtors of the causes of bankruptcy consequently would further materially decrease the number of bankruptcies. Some of the suggested preventives are:
•
1. Extravagance may be eliminated in part by:
(a) A denial of discharge in bankruptcy to extravagant
debtors until at least 50% of the bankrupt's debts have been
paid. This can be accomplished by forcing the debtor to
amortize his debts out of future eagnings over a period of
time.
(h) Careful credit extension, which would involve a
thorough knowledge of (1) income, (2) cost of living, (3)
entire debt position (including amount and itemization of
payments previously assumed and contingent liabilities as
indorsers), (4) antecedents.
(c)'Education of debtors and credit grantors in the standards upon which credit should be based.
(d) Credit grantors assisting debtors in budgeting incomes and refraining from overselling.
2. Dishonesty may be partly curtailed by:
(a) A thorough investigation of every bankruptcy, with
particulai reference to the causes, and a denial of discharges
to fraudulent debtors, with appropriate punishment for
each case.
(b) Co-operation between credit grantors in providing and
disseminating information concerning dishonest debtors,
especially among loan and finance companies.
3. Speculation.—Among the many ways of curbing speculation, the following are mentioned as worthy of consideration:
(a) Real estate development regulated by national, State,
or local supervision. Regulation of all projects financed by
construction loans when the participation of the public is
involved.
(b) Speculation in stocks and bonds regulated and controlled to prevent inflation or unwarranted stock and bond
issues.
(c) The bankrupt who has speculated in real estate,
stocks, bonds, or who has gambled, should be refused a total
discharge of his debts In bankruptcy.
4. It is stated that evasion of judgments might be dealt
with in the following ways:
(a) Debtors seeking relief from judgments which they
cannot pay should be prevented from including in their petitions for bankruptcy discharge debts owing to trade creditors
for necessities of life.
(b) Compulsory automobile-accident insurance would prevent many bankruptcies.
(c) Credit extension by loan companies based on the credit
worthiness of the individual rather than that of his indorsers. A poor credit risk who secures the indorsement of
friends and who later defaults frequently causes the bankruptcy of his indorsers.
Drop in National Wealth of United States from
362 Billion Dollars in 1929 to 247 Billion in
1932—Peak $488,700,000,000 in 1920.
The national wealth of the United States shrank from
$362 billion in 1929 to $247 billion in 1932, or from $2,977
per capita to $1,981 per capita, according to estimates
announced May 22 by the National Industrial Conference
Board in a bulletin entitled "Estimating the National
Wealth." According to the Board's estimates, the national
wealth reached its peak in 1920 at $488.7 billion, or $4,587
per capita. The next year, 1921, saw it drop to $317.2
billion, or $2,932 per capita. In the following years fluctuations were confined within relatively narrow limits until
1931, when the national wealth dropped to $280.3 billion.
In the 20 years from 1912 to 1932, while the total national
wealth increased from $186.3 billion to $247 billion, the
nation's population also grew, so that per capita wealth
increased only from $1,950 to $1,981, or $31 in the two
decades. •
Commenting upon the drop from $321 billion in 1922,
when the Census Bureau last estimated the national wealth,
to the figure of $247 billion for 1932, the Conference Board
points out that this shrinkage reflects largely the decrease
in prices or, in other words, the increase in the purchasing
power of the dollar that measures wealth, rather than a
June 3 1933
decrease in the quantity of things measured. The Conference Board also says:
The determining factor in these striking changes was not a change in
the volume of the physical assets of the nation, but rather in the rates at
which, accnrdlng to the varying price levels, those assets are valued. As a
matter of fact, there is well-grounded belief that despite the figures dted
the physical assets of the nation were greater in 1932 than 10 years before.
The national wealth is the sum total of physical assets
within the country.' To list them, make a complete inventory, and assign to each its value would be, the Conference
Board points out, an almost impossible task. Short cuts
and estimates characterize any effort to evaluate wealth.
These estimates do not include stocks, bonds and other
securities, which are merely titles to wealth. The rise or
the fall in the value of such securities does not change the
physical assets upon which they are based.
In all the changes of prices that have taken place, and in
all the changes in the value of the nation's assets, those
assets have had no corresponding changes in volume. In
the years of prosperity that followed 1922 the tangible wealth
is believed to have increased gradually in volume until 1930.
The marked decline of national income in 1931 and 1932
makes an increase in those years improbable. The Conference Board estimates that no appreciable change in volume
of physical assets took place in 1931, but that in 1932 there
was some impairment of the physical property of the nation.
The following table, made available by the Board, gives
the estimated valuation of the physical assets of the nation
in terms of actual dollars based upon current prices for 1920,
1925 and the depression years 1929 to 1932:
Year.
Estimates of National Industrial Conference Board,
Total.
1920
1925
1929
1930
1931
1932
Per Capita.
$488,700,000,000
382,400,000,000
381,800,000,000
329,700,000,000
280,300,000,000
247,300,000,000
$4,587
3,155
2,977
2,877
2,259
1.981
The Course of the Bond Market.
Bond prices made little headway this week, but on the
other hand they lost no ground. In fact, the price average
for 120 domestic issues stood at 85.35 all week with the
exception of Friday, when it rose to 85.87. Railroad issues
showed a slight upward trend, while utilities were irregular.
On Friday, May 26, the Administration introduced a measure in Congress which divorces the country from gold by
statute and repudiates all bond'contracts to pay in gold..
Ordinarily such a step would have precipitated a panic in
the bond .market, but under present conditions the result
has been merely a furious rise in speculative markets. Government and other high grade bonds have remained firm,
which is probably due chiefly to the technical support they
are receiving, or are counted on to receive, through Federal
Reserve operations and cheap money policy. It is not to be
overlooked, furthermore, that there is such a thing as "disguised depreciation"•in bonds, i.e., loss in their purchasing
power in terms of commodities, even when their quotations
remain stable.
Long term government bonds closed the week (up to
.Friday night) at an average price of 103.08, compared to
102.97 a week ago, and the years' high of 103.82 on February 2. They are apparently not disturbed over the prospects
of a new issue of between $800,000,000 and'$1,000,000,000
on June 15, because of the promise of Federal Reserve support. The Federal Reserve banks continued their purchases
of government bonds under the new open market policy,
adding $28,000,000 to their holdings this week.
Railroad bonds tended 'to be firm or strong. Certain of
the speculative and medium grade bonds showed large price
advances, but in the highest quality group .the gains were
limited to fractions. The Pittsburgh & West Virginia 414s,
1960, advanced from 46% to 60, the New York Central 4s.
1934, from 80 to 83n, the Cleveland Union Terminal 53.s,
1972,from 76% to 85,and the Erie 5s, 1975,from 413 to 51.
%
Here and there in the low-priced field irregularities were
shown because of the thought that possibly, despite the
recent traffic improvement, there might yet have to be certain capital readjustments. For example, Chicago, Rock
Island & Pacific 4s, 1934, started the.week at 31%, declined
i.
to 24 and finished at 28W Similarly, Chicago & North
4
%
Western 43 s, 1949, ranged from 255 to 203'g, finishing
at 22%•
Utility bonds in the past week were characterized by considerable irregularity in price but generally speaking a firm
tone was displayed. Net changes for the week were small,
Financial Chronicle
as illustrated by the following: Philadelphia Electric 4s,
%
1971, from 935 to 937 , Northern States Power 43/2s, 1961,
4
from 863' to 874, Georgia Power 5s, 1967, from 73 to 75,
and New Orleans Public Service 5s, 1955,from 56 to 59.
A strong tone continued to prevail in industrial bonds,
Setbacks from previous sharp advances were few. Highest
grade issues generally gained fractionally. Motion picture
issues of the more speculative class displayed considerable
strength, Warner Bros. Pictures 6s, 1939,and the Paramount
obligations, being features. Heavy industry bonds continued to do well. Petroleum issues were firm and advances
late •in the week in Sinclair issues were a feature. Packing
bonds held most of their former gains, receding moderately
in some cases. Tire and rubber and steel issues were still
in good demand.
An irregular trend characterized this week's foreign bond.
market. Outstanding developments included a, noticeable
decline in Argentine bond prices and strength in Bolivian
issues. German issues were irregular, Finnish, Danish and
Norwegian firm.
Moody's computed bond prices and bond yield averages
are given in the tables below:
MOODY'S BOND YIELD AVERAGES.*
(Based on individual Closing Prices.)
MOODY'S BOND PRICES.•
(Based on Average Yields)..
1933
Daily
ANTQ068.
RR.
P. U. indict.
49.95
858.c
90.41
90.41
90.27
90.27
90.00
89.86
89.45
89.45
89.31
89.17
88.90
88.23
87.83
88.10
87.69
87.17
86.12
85.10
84.72
84.85
84.85
84.22
83.97
83.60
83.60
4CCoiccioce2C.nti
a
rcoa) co occ-cco to
co
39.76
01.57
91.11
90.83
90.27
eMOVNWO...1 .V.WV.ONWCOONWOONaccot.ONOC.00._
,
,
70.0.0nt.M..W0.. 0 M
CNV5.4.1!CIORWIRCItiON.NMC!PV,
NCI
.
Nt..W.V 01G0
.
C!
00C10
, 0,1 ROM .W
55.99
WerN
co
52 72
58.32 74.36
55.73 71.38
nge Cio sod.
54.80 71.09
53.28 • 70.62
53.88 71.38
57.24 73.65
58.52 74.57
54.18 69.59
57.98 73.15
60.60 75.50
62.48 77.77
61.34 78.25
62.95 78.25
63.11 75.09
64.31 75.71
61.56 71.96
68.94 85.61
53.16 69.59
67.86 78.99
37.94 47.58
..-122aioC6Coc000rZtoCcom444.t.
c.r.c.conocc...--r-r-nc r-c-c.r_
,
mcc coo
74.46
72.16
Excha
73.95
72.65
72.85
75.82
77.33
72.06
76.25
79.45
81.54
80.49
81.18
81.07
81.90
79.34
82.87
71.87
78 55
54.43
•
A
C
I. C
,
v
82.87 68.94 85.61
82.02 68.49 84.85
82.02 68.40 84.72
Excha age CI esed•
82.02 68.49 84.60
82.14 68.58 84.60
81.78 68.04 84.47
81.78 67.77 84.35
81.42 67.33 83.97
80.95 66.73 83.23
80.72 66.64 83.11
80.84 66.73 83.35
80.72 66.98 83.35
80.60 66.30 82.74
80.49 66.55 82.50
80.03 00.04 81.90
79.91 65.71 81.90
79.91 65.62 82.02
79.34 65.62 81.66
78.99 65.12 81.66
77.88 63.50 79.91
77.11 62.64 78.99
77.00 82.95 78.77
77.00 62.79 78.88
76.67 62.56 78.55
75.61 61.41 77.11
74.88 60.38 76.25
74.88 59.95 75.61
74.88 59.65 75.40
kl,U,Mt.OWWt.W...WWFIC5.9COOONW
.
WW.W..WW..WWWWWNOZCII.../
t..
0.
00=1 00 00 t .Ct•
,5
ONC,.W000.00.400,
MOsrtMNN.CNO!NN..0 0.=NkOW
.
,
OWICCINWCi
8 MN ,
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RR 2a
0,==NNOWWNNNet.t..00t..WWWWWWWW
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.
,
59.15
NNN
75.61
74.46
74.77
77.8879.11
74.67
78.77
81.30
83.23
82.38
83.11
82.99
83.85
81.66
85.87
74.15
82.62
57.57
,ic.iC4CCair.4c.4c4c4ci-46c6Co;o6k-44..c6C44
uic4BCCCn:o;.60;goicioceico. ,-;
mcmccomocc000l000mococcoccoccoccmc mcmcmcwwww ommommccown n a
e
77.11
74.67
120 Domestics
by Groups.
AU
1933
120
Daily
Domes
Averages. tic.
120 Domestic, by Ratings•
Aaa.
Aa.
A.
5.97
6.04
6.04
Exch
6.04
6.03
6.06
6.06
6.09
6.13
6.15
6.14
6.15
6.16
6.17
6.21
6.22
6.22
6.27
6.30
6.40
6.47
6.48
6.48
6.51
6.61
6.68
6.68
6.68
1
85.35
85.35
85.10
84.97
84.60
84.10
83.97
84.10
84.10
83.72
83.72
83.23
82.99
83.11
82.74
82.38
80.95
80.26
80.03
79.91
79.68
78.66
77.99
77.55
77.44
<qt.:
W.000 MOOnWM
.
C!....C1C,RPC00
1••
C.
WWW
5
Coiviviviviccaivinicicucic.i.coocCCCaic Cr..6.d..,,,,I,;"..4,4,4"„,„,„
MC..;
moccocc0000cooaccooco '''
coo c00000006000ocoommomecommo co .
85.87
85.35
85.35
[
June 2
1
May 31
30
29
27
26
25
24
23
22
20
19
18
17
16
.15
13
12
11
10
9
8
6
5
4
3
2
1
Weekly
Apr. 28
21
14
13
7
1
Mar,24
17
3
Feb. 24
17
10
3
Jan. 27
20
13
6
High 1933
Low 1933
High 1932
Low 1932
Year Ago-.
June 2 1932
Two Years Ago
June 3 1931_ _ _
All
120
120 Domestics by Ratings.
DomesHe.
Baa.
Ana.
Aa.
A.
3785
83.35
81.30
81.90
79.91
80.14
82.14
82.74
78.44
83.11
84.97
86.25
85.48
88.38
86.114
87.56
86.38
91.11
78.44
85.61
62.09
62.69
ROW
June 2__
1._
May 31._
30__
29._
27._
26_
24._
23__
22__
20._
, 19__
18__
17..1
16._
15__
13__
12._
II__
10__
9__
8__
6__
5__
4__
3__
2__
1__
Weekly
Apr. 28._
21__
14__
13__
L._
1._
Mar.24_
17._
3__
Feb. 24_
17__
10._
3_
Jan. 27_
20-13-6__
Low 1933
High 1933
Low 1932
High 1932
Yr. Ago
June 2'32
2 Yrs.Ago
T.,.221
.5.73
.5.77
5.77
4.52
4.52
4.52
5.77
5.77
5.79
• 5.80
5.83
5.87
5.88
5.87
5.87
5.90
.5.90
5.94
5.96
5.95
5.98
6.01
6.13
6.19
6.21
6.22
6.24
6.33
6.39
6.43
6.44
4.51
4.51
4.51
4.52
4.52
4.53
4.54
4.54
4.55
4.56
4.58
4.59
4.60
4.59
4.61
4.63
4.70
4.73
4.77
4.77
4.79
4.82
4.82
4.83
4.82
5.14
5.17
.5.18
Sloe k
5.18
5.19
5.19
5.20
5.23
5.26
5.28
5.26
5.26
5.27
5.30
6.34
5.35
5.33
5.38
5.37
5.48
5.53
5.59
5.60
5.62
5.70
5.73
5.79
5.80
6.47
6.70
4.77
4.89
5.77
5.93
6,61
6.72
6.69
6.40
6.29
6.70
6.32
6.10
5.94
6.81
5.95
5.96
6.89
6.07
5.73
6.75
5.99
8.74
4.75
4.76
4.78
4.65
4.61
4.81
4.57
4.48
4.40
4.43
4.42
4.45
4.42
4.48
4.39
4.91
4.51
5.75
5.73
5.79
5.76
5.58
5.48
5.76
5.47
6.36
5.23
5.24
5.25
529
5.26
5.37
5.14
5.96
5.44
7.03
6.72
6.95
Stock
6.77
6.90
6.88
6.59
6.45
6.96
8.55
6.26
0.08
6.17
6.11
6 12
6.05
6.27
5.97
6.98
6.34
9.23
8.51
5.66
6.99
8.98
k 711
4 20
4 07
100
Baa. •
120 Domestics
by Groups.
RR.
•
mvc.403.1..cmcocccococcomccVcco occooccoccom.4-474-4741-4-4-4
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m c moo.com
Volume 136
P. U. Indus.
ao
Icordom.
6.11
6.14
6.09
5.34
6.36
5.40
9.62
9.68
9.68
6.08
6.07
6.14
6.15
6.19
6.23
6.22
6.22
6.20
6.22
6.20
6.22
6.24
6.27
6.29
6.33
6.46
6.50
6.49
6.53.
6.58
6.68
6.76
6.75
6.78
5.39
5.39
5.40
5.40
5.42
5.43
5.46
5.46
5.47
5.48
5.50
5.55
5.58
5.56
5.59
5.63
5.71
5.79
5.82
5.81
5.81
5.86
5.88
5.91
5.91
9.68
9.63
9.66
9.71
9.75
9.81
9.88
10.00
10.08
10.16
10.21
10.33
10.23
10.09
10.07
9.94
9.96
10.02
10.08
9.93
9.89
9.89
9.82
9.89
9.92
6.76
6.96
sed.
6.70
6.84
6.83
6.38
6.17
6.54
6.16
5.89
5.72
5.72
5.60
5.55
548
5.55
5.47
6.97
5.89
7.66
5.93
6.10
10 20
10.50
6.05
6.22
)3.20
6.03
5.98
6.35
5.95
5.80
5.70
5.76
5.69
5.87
5.60
5.69
5.34
6.35
5.75
8.11
10.83
11.0k
10.80
10.76
10.18
11.19
11.05
10.44
10.01
10.20
9.8/
9.81
9.61
9.91
9.61
11.11
9.81
15.82
7.48
8.04
15.8:
101
R 10
7.1
• Note.
-These prices are computed from average yield on the basis of one "Ideal" bond 4ti% coupon, maturing in 31 years) and do not Purport to show either
the average level or the average movement of actual price quotations. They merely serve to illustrate In a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the truer picture of the bond market.
t The last complete list of bonds used In computing these indexes was published in the -Chronicle" on Jan. 14 1933. page 222. For Moody's Index of bond prices
by months back to 1928. refer to the "Chronicle" of Feb.8 1932. page 907.
Purposes of New York Guaranteed Mortgage Protection
Corporation Explained by President Naumburg.
A statement as to the purpose and progress of the New
York Guaranteed Mortgage Protection Corporation was
issued on May 28 by George W. Naumburg, President of the
recently organized corporation. A recent account bearing
on its formation appeared as follows in the New York
"Herald Tribune" of May 19:
Trust companies holding guaranteed mortgage participation certificates
will form a committee to co-operate with the New York Guaranteed Mortgage Protection Corp., recently created under a special act of the Legislature at the behest of Governor Herbert H. Lehman, George W. Naumberg, its president, reported to the directors yesterday at a meeting in its
new headquarters. 60 East 42d St.
The trust companies are said to hold a large share of the $1,000,000,000
in such securities issued by title and guaranty companies on properties all
over the State. The New York quaranteed Mortgage Protection Corp.,
endowed with broad powers by the Legislature, was set up to protect the
Interests of holders of the certificates, interest on which, in many cases, is
in default.
At the offices of the corporation yesterday it was said that letters had
been sent to 2.774 certificate holders, apprising them of the functions of
the corporation, its powers and personnel, and asking the deposit of certificates.' Letters were sent to holders of only about $9,000,000 worth of
certificates, the names being taken from the first lists received from the
title companies. Similar letters will be sent out from other lists as rapidly
as possible.
There are more than 500,000 certificate holders, it was said, sharing in
the $1,000.000,000 securities issued by 58 title companies under the jurisdiction of the State Banking and Insurance departments. The holders
are located all over the world. About 70,000 properties in New York
state are involved, and they are mortgaged for about S2.000,000,000.
Savings banks hold some portion of the certificates; the trust companies
more, and small investors a great deal. Ender the terms of the law upon
which the corporation acts, it may, if necessary- become the greatest
landlord in the world, through due process of forclosure and management
of the properties involved.
All the directors of the corporation, appointed by George S. Van Schaick,
Superintendent of Insurance, were present at yesterday's meeting except
Edwin L. Miller, of Buffalo.. Besides Mr. Naumberg, President, there
were Henry Bruere. Peter P. Smith, Joseph P. Lincoln Cromwell and
Harold Stone.
The trust company committee is expected to be ready to function soon.
At present much of the work of the corporation is the assembling of information from the title companies as to security issues and their holders.
Mr. Naumberg's announcement of May 28 follows:
While the number and amount of certificates deposited to date have been
satisfactory, it is quite evident from questions asked that there are a number
of points in connection with the purpose of this organization which are not
entirely clear to the participation certificate holders. This corporation,
formed under sponsorship of the Insurance Dept. and of Governor Lehman
and endowed with broad powers by the Legislature, has been set up to
work out in a common-sense,logical way the difficulties of those guaranteed
properties which are in trouble.
This is first and foremost a non-profit making body, which is Operating
under different principles from those employed by so called "protective
committees." The corporation is under the supervision of and in constant
consultation with the Department of Insurance of New York State both
as to its actions and its expenses.
It is contemplated and so stated to depositing certificates holder that
without further consent of these holders, the expenses of this corporation
will not be more than I% of the face amount of the certificates deposited.
From this it can be readily seen that the operations of the company will
be conducted at the lowest possible expense and undoubtedly at a far less
cost than would be possible by any committee or individuals. Further.
due to the character of the corporation's board of directors, and the fact
that it is receiving the approval of the Banking and Real Estate Fraternities of this State, the best available advice is obtained.
Arrangements are now being made for the formation of various advisory
committees for different branches of the work to be done.
It is not the intention of this corporation, or its advisers, to recommend
the release of any of the guarantee companies from their obligations unless
it is felt that it is to the advantage of the certificate holders to do so. Our
purpose is at all times to protect the interest of the certificate holders, and
and at no time to relinquish any just claim that may be of value to them.
We believe it to be in the best interest of the holders of certificates to
act together. Therefore, deposits with this corporation, Room 443, Lincoln
Building, 60 E. 42d St., New York City, are invited. It is our intention
from time to time to keep certificate holders fully informed as to all developments affecting their interests.
3786
Financial Chronicle
June 3 1933
Text of Federal Securities Act.
The following is the text of the Federal Securities Act as
passed'by Congress and signed by President Roosevelt on
May 27:
(1) Any security which, prior to or within sixty•days after the enactment of this title, has been sold or disposed of by the issuer or bona fide
offered to the public, but this exemption shall not apply to any new
offering of any such security by an issuer or underwriter subsequent to
such sixty days;
(2) Any security issued or guaranteed by the United States or any
Territory thereof, or by the District of Columbia, or by any Stateof
the United States, or by any political subdivision of a State or Territory,
or by any public instrumentality of one or more States or Territories
exercising an essential governmental function, or by any corporation
created and controlled or supervised by and acting as an instrumentality,
of the Government of the United States pursuant to authority granted'
by the Congress of the United States, or by any -national bank, or by
any banking institution organized under the laws of any State or Territory, the business of which is substantially confined to banking and is
supervised by the State or territorial banking commission or similar
official; or any security issued by or representing an interest in or a
Definitions.
direct obligation of a Federal Reserve bank;
Sec. 2. When used in this title, unless the context otherwise requires—
(3) Any note, draft, bill of exchange, or bankers acceptance which
(1) The term "security" means any note, stock, treasury stock, arises out of a current transaction or the proceeds of which have been
bond, debenture, evidence of indebtedness, certificate of interest or
or are to be used for current transactions, and which has a maturity at
the time of issuance of not exceeding nine months, exclusive of days of
participation in any profit-sharing agreement, collateral-trust certificate,
pre-organization certificate or subscription, transferable share, investgrace, or any renewal thereof the maturity of which is likewise limited;
ment contract, voting-trust certificate, certificate of interest in property,
(4) Any security issued by a corporation organized and operated extangible or intangible, or, in general, any instrument commonly known
clusively for religious, educational, benevolent, fraternal, charitable, or
as a security, or any certificate of interest or participation in, temporary
reformatory purposes and not for pecuniary profit and no part of the
net earnings of which inures to the benefit of any person, private stockor interim certificate for, receipt for, or warrant or right to subscribe to
or purchase, any of the foregoing.
holder, or individual;
(2) The term "person" means an individual, a corporation, a partner(5) Any security issued by a building and loan association, homestead
ship, an association, a joint-stock company, a trust, any unincorporated
association, savings and loan association, or similar institution, suborganization, or a government or political subdivision thereof. As used' stantially all the business of which is confined to the making of loans to
In this paragraph the term "trust" shall include only a trust where the
members (but the foregoing exemption shall not apply with respect to
Interest or interests of the beneficiary or beneficiaries are evidenced by
any such security where the issuer takes from the total amount paid or
a security.
deposited by the purchaser, by way of any fee, cash value or other
device whatsoever,either upon termination of the investment at maturity
(3) The term "sale," "sell," "offer to sell," or "offer for sale" shall
include every contract of sale or disposition of, attempt or offer to
or before maturity, an aggregate amount in excess of 3 per centum of
dispose of, or solicitation of an offer to buy, a security or interest in a
the face value of such security), or any security issued by'a farmers'
security, for value except that such terms shall not include preliminary
co-operative association as defined in paragraphs (12),(13); and (14) of
negotiations or agreements between an issuer and any underwriter. Any
Section 103 of the Revenue Act of 1932;
security given or delivered with, or as a bonus on account of, any pur(6) Any security issued by a common carrier which is subject to the
chase of securities or any other thing, shall be conclusively presumed to
provisions of Section 20a of the Inter-State Commerce Act,as amended; •
constitute a part of the subject of such purchase and to have been sold
(7) Certificates issued by a receiver or by a trustee in bankruptcy,
for value. The issue or transfer of a right or privilege, when originally
with the approval of the court;
issued or transferred with a security, giving the holder of such security
(8) Any insurance or endowment policy or annuity contract or optional
the right to convert such security into another security of the same
annuity contract, issued by a corporation subject to the supervision of
Issuer or of another person, or giving a right to subscribe to another
the insurance commissioner, bank commissioner, or any agency or officer
security of the same issuer or of another person, which right'cannot be
performing like functions, of any State or Territory of the United States
exercised until some future date, shall not be deemed to be a sale of such
or the District of Columbia.
other security but the issue or transfer of such other security upon the
(b) *
The Commission may from time to time by its rules and regulaexercise of such right of conversion or subscription shall be deemed a
tions, and subject to such terms and conditions as may be prescribed
sale of such other security.
therein, add any class of securities to the securities exempted as provided
(4) The term "issuer" means every person who issues or proposes to' In this section, if it finds that the enforcement of this title with respect
issue any security or who guarantees a security either as to principal or
to such securities is not necessary in the public interest and for the
income except that with respect to certificates of deposit, voting-trust
protection of investors by reason of the small amount involved or the
certificates, or collateral-trust certificates, or with respect to certificates limited character of the public offering but no issue of securities shall
of interest or shares in an unincorporated Investment trust not having
be exempted under this subsection where the aggregate amount at which
a board of directors (or persons performing similar functions) or of the
such issue is offered to the public exceeds $100,000.
fixed, restricted management, or unit type, the term "issuer" means the
Exempted Transactions.
person or persons performing the acts and assuming the duties of depositor
or manager pursuant to the provisions of the trust or other agreement
Sec. 4. The provisions of Section 5 shall not apply to any of the
or instrument under which such securities are issued and except that following transactions:
with respect to equipment-trust certificates or like securities, the term
(1) Transactions by any person other than an issuer, underwriter,
"issuer" means the person by whom the equipment or property is or is
or dealer transactions by an issuer not with or through an underwriter
to be used.
and not involving any public offering or transactions by a dealer (in(5) The term "Commission" means the Federal Trade Commission.
cluding an underwriter no longer acting as an underwriter in respect of
(6) The term "Territory" means Alaska, Hawaii, Puerto Rico, the
the security involved in such transaction), except transactions within
Philippine Islands, Canal Zone, the Virgin Islands, and the insular
one year after the last date upon which the security was bona fide offered
posssasions of the 'United States.
to the public by the issuer or by or through an underwriter (excluding in
(7) The term "inter-State commerce" means trade or commerce in
the computation of such year any time during which a stop order issued
securities or any transportation or communication relating thereto among
under Section 8 is in effect as to the security), and except transactions as
the several States or between the District of Columbia or any Territory
to securities constituting the whole or a part of an unsold allotment to
of the United States and any State or other Territory, or between any
or subscription by such dealer as a participant in the distribution of such
foreign country and any State, Territory, or the District of Columbia, securities by the issuer or by or through an underwriter.
or within the District of Columbia.
(2) Brokers' transactions, executed upon customers' orders on any
(8) The term "registration statement" means the statement provided
exchange or in the open or counter market, but not the solicitation of
for in Section 6, and includes any amendment thereto and any report, such orders.
document,or memorandum accompanying such statement or incorporated
(3) The issuance of a security of a person exchanged by it with its
therein by reference.
existing security holders exclusively, where no commission or other
.
(9) The term "write" or "written" shall include printed, lithographed, remuneration is paid or given directly or indirectly in connection with
or any means of graphic communication.
such exchange or the issuance of securities to the existing security holders
(10) The term "prospectus" means any prospectus, notice, circular, or other existing creditors of a corporation in the process of a bona fide
advertisement, letter, or communication, written or by radio, which
reorganization of such corporation under the supervision of any court,
offers any security for sale except that (a) a communication shall not
either in exchange for the securities of such security holders or claims of
be deemed a prospectus if it is proved that prior to such communication such creditors or partly for cash and partly in exchange for the securities
a written prospectus meeting the requirements of Section 10 was received, or claims of such security holders or creditors.
by the person to whom the communication was made, from the person
making such communication or his principal, and (b) a notice, circular,
Prohibitions Relating to Inter-State Commerce and the Mails.
advertisement, letter, or communication in respect of a security shall
Sec. 5. (a) Unless a registration statement is in effect as to a security,
not be deemed to be a prospectus if it states from whom a written pros- It shall be
unlawful for any person, directly or indirectly—
pectus meeting the requirements of Section 10 may be obtained and, in
(1) to make use of any means or ihstruments of transportation or
addition, does no more than identify the security, state the price thereof, communication in inter-State commerce or of the mails to sell or offer
and state by whom orders will be executed.
to buy such security through the use or medium of any prospectus or
(11) The term "underwriter" means any person who has purchased
otherwise or
from an issuer with a view to, or sells for an issuer in connection with,
(2) to carry or cause to be carried through the mails or In interthe distribution of any security, or participates or has a direct or indirect
State commerce, by any means or instruments of transportation, MY
participation in any such undertaking, or participates or has a participa- such security for the purpose of sale or for delivery after sale.
tion in the direct or indirect underwriting of any such undertaking but
(b) It shall be unlawful for any person, directly or indirectly—
such term shall not include a person whose interest is limited to a com(1) to make use of any means or instruments of transportation or
mission from an underwriter or dealer not in excess of the usual and
communication in inter-State commerce or of the mails to carry or transcustomary distributors' or sellers' commission. As used in this paramit any prospectus relating to any security registered under this title,
graph the term "issuer" shall include,in addition to an issuer, any person
unless such prospectus meets the requirements of Section 10 or
directly or indirectly controlling or controlled by the issuer, or any
• (2) to carry or to cause to be carried through the mails or in interperson under direct or indirect common control with the issuer.
State commerce any such security for the purpose of sale or for delivery
(12) The term "dealer" means any person who engages either for all
after sale, unless accompanied or Preceded by a prospectus that meets
or part of his time, directly or indirectly, as agent, broker, or principal,
the requirements of Section 10.
In the business of offering, buying, selling, or otherwise dealing or trading
(c) The provisions of this section relating to the use of the malls shall
in securities issued by another person.
not apply to the sale of any security where the issue of which it is a part
Is sold only to persons rissident within a single State or Territory, where
Exempted Securities.
the issuer of such securities is a person resident and doing business withSee 3 (a) Except as hereinafter expressly provided, the provision of
in, or. if a corporation, incorporated by and doing business within, such
‘
State or Territory.
this title shall not apply to any of the following classes of securities:
111. R. 54801
AN ACT
To provide full and fair disclosure of the character of securities sold in
Inter-State and foreign commerce and through the mails, and to
prevent frauds in the sale thereof, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled,
TITLE I.
Short Title.
Section 1. This title may be cited as the "Securities Act of 1933."
•
•
Volume 136
Financial Chronicle
Registration of Securities and Signing of Registration Statement.
Sec. 6. (a) Any security may be registered with the Commission
under the terms and conditions hereinafter provided, by filing a registration statement in triplicate, at least one of which shall be signed by each
issuer, its principal executive officer or officers, its principal financial
officer, its comptroller or principal accounting officer, and the majority
of its board of directors or persons performing similar functions (or, if
there is no board of directors or persons performing similar functions,
by the majority of the persons or board having the power of management
of the issuer), and in case the issuer is a foreign or Territorial person by
its duly authorized representative in the United States except that
when such registration statement relates to a security issued by a foreign
government, or political subdivision thereof, it need be signed only by
the underwriter of such security. Signatures of all such persons when
written on the said registration statements shall be presumed to have
been so written by authority of the person whose signature is so affixed
and the burden of proof, in the event such authority shall be denied,
shall be upon the party denying the same. The affixing of any signature
without the authority of the purported signer shall constitute a violation
of this title. A registration statement shall be deemed effective only as
to the securities specified therein as proposed to be offered.
(b) At the time of filing a registration statement the applicant shall
pay to the Commission a fee of one one-hundredth of 1 per centum of
the maximum aggregate price at which such securities are proposed to
be offered, but in no case shall such fee be less than $25.
(c) The filing with the Commission of a registration statement, or of
an amendment to a registration statement,shall be deemed to have taken
place upon the receipt thereof, but the filing of a registration statement
shall not be deemed to have taken place unless it is accompanied by a
United States postal money order or a certified bank check or cash for
the amount of the fee required under subsection (b).
(d) The information contained in or filed with any registration statement shall be made available to the public under such regulations as
the Commission may prescribe, and copies thereof, photostatic or otherwise, shall be furnished to every applicant at such reasonable charge as
the Commission may prescribe.
(e) No registration statement may be filed within the first forty days
following the enactment of this Act.
3787
under subsection (d). In making such examination the Commission
or any officer or officers designated by it shall have access to and may
demand the production of any books and papers of, and may administer
oaths and affirmations to and examine, the issuer, underwriter, or any
other person, in respect of any matter relevant to the examination,
and may, in its discretion, require the production of a balance sheet
exhibiting the assets and liabilities of the issuer, or its income statement, or both, to be certified to by a public or certified accountant .7
approved by the Commission. If the issuer or underwriter shall fail
to co-operate, or shall obstruct or refuge to permit the making of an
examination, such conduct shall be proper ground for the issuance of
a atop order.
(f) Any notice required under this section shall be sent to or served
on the issuer, or, in case of a foreign government or political subdivision
thereof, to or on the underwriter, or, in the case of a foreign or Territorial person, to or on its duly authorized representative in the United
States named in the registration statement, properly directed in each
case of telegraphic notice to the address given in such statement.
Court Review of Orders.
Sec. 9. (a) Any person aggrieved by an order of the Commission
may obtain a view of such order in the Circuit Court of Appeals of
the United States, within any circuit wherein such person resides or
has his principal place of business, or in the Court of Appeals of the
District of Columbia, by filing in such court, within 60 days after the
entry of such order, a written petition praying that the order of the Commission be modified or be set aside in whole or in part. A copy of such
petition shall be forthwith served upon the Commission, and thereupon the Commission shall certify and file in the court a transcript of
the record upon which the order complained of was entered. No objection to the order of the Commission shall be considered by the court
unless such objection shall have been urged before the Commission.
The finding of the Commission as to the facts, if supported by evidence,
shall be conclusive. If either party shall apply to the court for leave
to adduce additional evidence, and shall show to the satisfaction of
the court that such additional evidence is material and that there were
reasonable grounds for failure to adduce such evidence in the hearing
before the Commission, the court may order such additional evidence
to be taken before the Commission and to be adduced upon the hearing
in such manner and upon such terms and conditions as to the court may
Information Required in Registration Statement.
Sec. 7. The registration statement, when relating to a security other seem proper. The Commission may modify its findings as to the
facts, by reason of the additional evidence so taken, and it shall file
than a security issued by a foreign government, or political subdivision
such modified or new findings, which, if supported by evidence, shall
thereof, shall contain the information, and be accompanied by the
be conclusive, and its recommendation, if any, for the modification or
documents, specified in Schedule A, and when relating to a security
issued by a foreign government, or political subdivision thereof, shall setting aside of the original order. The jurisdiction of the court shall
be exclusive, and its judgment and decree, affirming, modifying, or
contain the information, and be accompanied by the documents, specified
in Schedule B except that the Commission may by rules or regulations setting aside, in whole or in part, any order of the Commission, shall be
final, subject to review by the Supreme Court of the United States
provide that any such information or document heed not be included in
upon certiorari or certification as provided in Sections 239 and 240
respect of any class of issuers or securities if it finds that the requirement
of the Judicial Code, as amended (U.S.C., title 28, secs. 346 and 347)•
of such information or document is inapplicable to such class and that
(b) The commencement of proceedings under subsection (a) shall
disclosure fully adequate for the protection of investors is otherwise
required to be included within the registration statement. • It any" not, unless specifically ordered by the court, operate as a stay of the
Commission's order
accountant, engineer, or appraiser, or any person whose profession gives
Information Required in Prospectus.
authority to a statement made by him, is named as having prepared or
certified any part of the registration statement, or is named as having
Sec. 10. (a) A prospectus—
prepared or certified a report or valuation for use in connection with
(1) when relating to a security other than a security issued by a
the registration statement, the written consent of such person shall be foreign government or political subdivision thereof, shall contain the
filed with the registration statement.v* If any such person is named as same statements made in the registration statement, but it need not
having prepared or certified a report or valuation (other than a public
include the documents referred to in paragraphs (28) to (32), inclusive,
official document or statement) which is used in connection with the
of Schedule A
registration statement, but is not named as having prepared or certified
(2) when relating to a security issued by a foreign government or
such report or valuation for use in connection with the registration
political subdivision thereof shall contain the same statements made in
statement, the written consent of such person shall be filed with the
the registration statement, but it need not include the documents referred
registration statement unless the Commission dispenses with such filing
to in paragraphs (13) and (14) of Schedule B.
as impracticable or as involving undue hardship on the person filing the
(b) Notwithstanding the provisions of subsection (a)—
registration statement. Any such registration statement shall contain
(1) when a prospectus is used more than 13 months after the effective
such other information, and be accompanied by such other documents, date of the registration statement, the information in the statements
as the Commission may by rules or regulations require as being necessary
contained therein shall be as of a date not more than 12 months prior
or appropriate in the public interest or for the protection of investors. to such use.
(2) there may be omitted from any prospectus any of the statements
Taking Effect of Registration Statements and Amendments Thereto.
required under such subsection (a) which the Commission may by rules
Sec. 8. (a) The effective date of a registration statement shall be
or regulations designate as not being necessary or appropriate in the
the twentieth day after the filing thereof, except as hereinafter propublic interest or for the protection of investors.
vided, and except that in case of securities of any foreign public authority,
(3) any prospectus shall contain such other information as the Comwhich has continued the full service of its obligations in the United
mission may by rules or regulations require as being necessary or apStates, the proceeds of which are to be devoted to the refunding of
propriate in the public interest or for the protection of investors.
obligations payable in the United States, the registration statement
(4) in the exercise of its powers under paragraphs (2) and (3) of this
shall become effective seven days after the filing thereof. If any amend- subsection, the Commission shall have authority to classify prospectuses
ment to any such statement is filed prior to the effective date of such
according to the nature and circumstances of their use, and, by rules
statement, the registration statement shall be deemed to have been
and regulations and subject to such terms and conditions as it shall
filed when such amendment was filed; except that an amendment filed
specify therein, to prescribe as to each class the form and contents which
with the consent of the Commission, prior to the effective date of the
it may find appropriate to such use and consistent with the public interest
registration statement, or filed pursuant to an order of the Commission, and the protection of investors.
shall be treated as a part of the registration statement.
(c) The statements or information required to be included in a pros(b) If it appears to the Commission that a registration statement is
pectus by or under authority of subsection (a) or (b), when written,
on its face incomplete or inaccurate in any material respect, the Comshall be placed in a conspicuous part of the prospectus in type as large
mission may, after notice by personal service or the sending of conas that used generally in the body of the prospectus.
firmed telegraphic notice not later than 10 days after the filing of the
(d) In any case where a prospectus consists of a radio broadcast,
registration statement, and opportunity for hearing (at a time fixed
copies thereof shall be filed with the Commission under such rules and
by the Commission) within 10 days after such notice by personal service
regulations as it shall prescribe. The Commission may by rules and
or the sending of such telegraphic notice, issue an order prior to the
regulations require the filing with it of forms of prospectuses used in
effective date of registration refusing to permit such statement to become
connection with the sale of securities registered under this title.
effective until it has been amended in accordance with such order.
Civil Liabilities on Account of False Registration Statement.
When such statement has been aniended in accordance with such order
Sec. 11. (a) In case any part of the registration statement, when such
the Commission shall so declare and the registration shall become efpart became effective, contained an untrue statement of a material fact
fective at the time provided in subsection (a) or upon the date of such
declaration, whichever date is the later.
or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, any person acquiring
(c) An amendment filed after the effective date of the registration
such security (unless it is proved that at the time of such acquisition he
statement, if such amendment, upon its face, appears to the Comknew of such untruth or omission) may, either at law or in equity, in
mission not to be incomplete or inaccurate in any material respect,
Commission may determine, any court of competent jurisdiction, sue—
shall become effective on such date as the
(1) every person who signed the registration statement;
having due regard to the public interest and the protection of investors.
(2) every person who was a director of (or person performing similar
(d) If it appears to the Commission at any time that the registration
statement includes any untrue statement of a material fact or omits functions) or partner in, the issuer at the time of the filing of the part of
the registration statement with respect to which his liability is asserted;
to state any material fact required to be stated therein or necessary to
(3) every person who, with his consent, is named in the registration
make the statements therein not misleading, the Commission may, after
notice by personal service or the sending of confirmed telegraphic notice, statement as being or about to become a director, person performing
and after opportunity for hearing (at a time fixed by the Commission) similar functions, or partner;
(4) every accountant, engineer, or appraiser, or any person whose
within 15 days after such notice by personal service or the sending of
profession gives authority to a statement made by him, who has with his
such telegraphic notice, issue a stop order suspending the effectiveness
registration statement. When such statement has been amended
consent been named as having prepared or certified any part of the
of the
registration statement, or as having prepared or certified any report or
in accordance with such stop order the Commission shall so declare
valuation which is used in connection with the registration statement,
and thereupon the stop order shall cease to be effective.
Commission is hereby empowered to make an examination
with'respect to the statement in such registration statement, report, or
(e) The
valuation, which purports to have been prepared or certified by him;
case in order to determine whether a stop order should issue
in any
3788
Financial Chronicle
(5) every underwriter with respect to such security.
(b) Notwithstanding the provisions of subsection (a) no person, other
than the issuer, shall be liable as provided therein who shall sustain
the burden of proof—
(1) that before the effective date of the part of the registration statement with respect to which his liability is asserted (A) he had resigned
from or had taken such steps as are permitted by law to resign from, or
ceased or refused to act in, every office, capacity, or relationship in
which he was described in the registration statement as acting or agreeBig to act, and (B) he had advised the Commission and the issuer in
writing that he had taken such action and that he would not be responsible
for such part of the registration statement; or
(2) that if such part of the registration statement became effective
without his knowledge, upon becoming aware of such fact he forthwith
acted and advised the Commission, in accordance with paragraph (1),
and, in addition, gave reasonable public notice that such part of the
registration statement had become effective without his knowledge; or
(3) that (A) as regards any part of the registration statement not
purporting to be made on the authority of an expert, and not purporting
to be a copy of or extract from a report or valuation of an expert, and
not purporting to be made on the authority of a public official document
or statement, he had, after reasonable investigation, reasonable ground
to believe and did believe, at the time such part of the registration statement became effective, that the statements therein were true and that
there was no omission to state a material fact required to be stated
therein or necessary to make the statements therein not misleading and
(B) as regards any part of the registration statement purporting to be
made upon his authority as an expert or purporting to be a copy of or
extract a report or valuation of himself as an expert, (i) he had, after
reasonable investigation, reasonable ground to believe and did believe, at
the time such part of the registration statement became effective, that
the statements therein were true and that there was no omission to state
a material fact required to be stated therein or necessary to make the
statements therein not misleading, or (ii) such part of the registration
statement did not fairly represent his statement as an expert or was not
a fair copy of or extract from his report or valuation as an expert and
(C) as regards any part of the registration statement purporting to be
made on the authority of an expert (other than himself) or purporting
to be a copy of or extract from a report or valuation of an expert (other
than himself), he had reasonable ground to believe and did believe, at
the time such part of the registration statement became effective, that
the statements therein were true and that there was no omission to state
a material fact required to be stated therein or necessary to make the
statements therein not misleading, and that such part of the registration
statement fairly represented the statement of the expert or was a fair
copy of or extract from the report or valuation of the expert and (D) as
regards any part of the registration statement purporting to be a statement made by an official person or purporting to be a copy of or extract
from a public official document, he had reasonable ground to believe
and did believe, at the time such part of the registration statement
became effective, that the statements therein were true, and that there
was no omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, and that such
part of the registration statement fairly represented the statement made
by the official person or was a fair copy of or extract from the public
oflicial document.
(c) In determining, for the purpose of paragraph (3) of subsection
(h) of this section, what constitutes reasonable investigation and reasonable ground for belief, the standard of reasonableness shall be that
required of a person occupying a fiduciary relationship.
(d) If any person becomes an underwriter with respect to the security
after the part of the registration statement with respect to which his
liability is asserted has become effective, then for the purposes of paragraph (3) of subsection (b) of this section such part of the registration
statement shall be considered as having become effective with respect
to such person as of the time when he became an underwriter.
(e) The suit authorized under subsection (a) may be either (1) to
recover the consideration paid for such security with interest thereon,
less the amount of any income received thereon, upon the tender of
such security, or (2) for damages if the person suing no longer owns the
security.
(f) All or any one or more of the persons specified in subsection (a)
shall be jointly and severally liable, and every person who becomes
liable to make any payment under this section may recover contribution
as in cases of contract from any person who, if sued separately, would
• have been liable to make the same payment, unless the person who has
becomes liable was, and the other was not, guilty of fraudulent misrepresentation.
(g) In no case shall the amount recoverable under this section exceed
the price at which the security was offered to the public.
Civil Liabilities Arising in Connection with Prospectuses and Communications.
Sec. 12 Any person who—
(1) sells a security in violation of Section 5, or
(2) sells a security (whether or not exempted by the provisions of
Section 3, other than paragraph (2) or subsection (a) thereof, by the
use of any means or instruments of transportation or communication
in inter-State commerce or of the mails, by means of a prospectus or
oral communication, which includes an untrue statement of a material
fact or omits to state a material fact necessary in order to make the statements, in the light of the circumstances under which they were made,
not misleading (the purchaser not knowing of such untruth or omission),
and who shall not sustain the burden of proof that he did not know,
and in the exercise of reasonable care could not have known, of such
untruth or omission, shall be liable to the person purchasing such security from him, who may sue either by law or in equity in any court
of competent jurisdiction, to recover the consideration paid for such
security with interest thereon, less the amount of any income received
thereon, upon the tender of such security, or for damages if he no longer
owns the security.
Limitation of Actions.
Sec. 13. No action shall be maintained to enforce any liability created
under Section 11 or Section 12 (2) unless brought within two years
after the discovery of the untrue statement or the omission, or after
such discovery should have been made by the exercise of reasonable
diligence, or, if the action is to enforce a liability created under Section 12
(1), unless brought within two years after the violation upon which it
is based. In no event shall any such action be brought to enforce a
liability created under Section 11 or Section 12 (1) more than 10 years
after the security was bona fide offered to the public.
Contrary Stipulations Vold.
Sec. 14. Any condition, stipulation, or provision binding any person
acquiring any security to waive compliance with any provision of this
title or of the rules and regulations of the Commission shall be void.
June 3 1933
Liability of Controlling Persons.
Sec.115 IEvery person who, by or through stock ownership, agency,
or otherwise, or who, pursuant to or in connection with an agreement
or understanding with one or more other persons by or through stock
ownership, agency, or otherwise, controls any person liable under
Section 11 or 12, shall also be liable jointly and severally with and to
the same extent as such controlled person to any person to whom such
controlled person is liable.
Additional Remedies.
Sec. 16. The rights and remedies provided by this title shall be in
addition to any and all other rights and remedies that may exist at
law or in equity.
Fraudulent Inter-State Transactions.
Sec. 17. (a) It shall be unlawful for any person in the sale of any
securities by the use of any means or instruments of transportation
or communication in inter-State commerce or by the use of the mails,
directly or indirectly—
(1) to employ any device, scheme, or artifice to defraud, or
(2) to obtain money or property by means of any untrue statement
of a material fact or any omission to state a material fact necessary
in order to make the statements made, in the light of the circumstances
under which they were made, not misleading, or
(3) to engage in any transaction, practice, or course of business
which operates or would operate as a fraud or deceit upon the purchaser.
(b) It shall be unlawful for any person, by the use of any means or
instruments of transportation or communication in inter-State commerce or by the use of the mails, to publish, give publicity to, or circulate
any notice, circular, advertisement, newspaper, article, letter, investment service, or communication which, though not purporting to offer
a security for sale, described such security for a consideration received
or to be received, directly or indirectly, from an issuer, underwriter, or
dealer, without fully disclosing the receipt. whether past or prospective.
of such consideration and the amount thereof.
(c) The exemptions provided in Section 3 shall not apply to the
provisions of this section.
State Control of Securities.
Sec. 18. Nothing in this title shall affect the jurisdiction of the Securities Commission (or any agency or office performing like functions)
of any State or Territory of the United States,or the District of Columbia,
over any security or any person.
Special Powers of Commission.
Sec. 19. (a) The Commission shall have authority from time to
time to make, amend, and rescind such rules and regulations as may
be necessary to carry out the provisions of this title, including rules
and regulations governing registration statements and prospectuses
for various classes of securities and issuers, and defining accounting
and trade terms used in this title. Among other things, the Commission shall have authority, for the purposes of this title, to prescribe
the form or forms in which required information shall be set forth,
the items or details to be shown in the balance sheet and earning statetnent, and the methods to be followed in the preparation of accounts,
in the appraisal or valuation of assets and liabilities, in the determination of depreciation and depletion, in the differentiation of recurring
and nonrecurring income, in the differentiation of investment and
operating income, and in the preparation, where the Commission deems
it necessary or desirable, of consolidated balance sheets or income
accounts of any person directly or indirectly controlling or controlled
by the issuer, or any person under direct or indirect common control
with the issuer; but insofar as they relate to any common carrier subject
to the provisions of Section 20 of the Inter-State Commerce Act, as
amended, the rules and regulations of the Commission with respect to
accounts shall not be inconsistent with the requirements imposed by
the Inter-State Commerce Commission under authority of such Section
20. The rules and regulations of the Commission shall be effective
upon publication in the manner which the Commission shall prescribe.
(b) For the purpose of all investigations which, in the opinion of
the Commission, are necessary and proper for the enforcement of this
title, any member of the Commission or any officer or officers designated
by it are empowered to administer oaths and affirmations, subpoena
witnesses, take evidence, and require the production of any books,
papers, or other documents which the Commission deems relevant or
material to the inquiry. Such attendance of witnesses and the production of such documentary evidence may be required from any place
in the United States or any Territory at any designated place of hearing.
Injunctions and Prospectuses of Offenses.
Sec. 20. (a) Whenever it shall appear to the Commission, either
upon complaint or otherwise, that the provisions of this title, or of any
rule or regulation prescribed under authority thereof, have been or
are about to be violated, it may, in its discretion, either require or
permit such person to file with it a statement in writing, under oath,
or otherwise, as to all the facts and circumstances concerning the subject
matter which it believes to be in the public interest to investigate,
and may investigate such facts.
(b) Whenever it shall appear to the Commission that any person is
engaged or about to engage in any acts or practices which constitute
or will constitute a violation of the provisions of this title, or of any
rule or regulation prescribed under authority thereof it may in its
discretion bring an action in any District Court of the United States,
United States court of any Territory or the Supreme Court of the
District of Columbia to enjoin such acts or practices and upon a proper
showing a permanent or temporary injunction or restraining order shall
be granted without bond. The Commission may transmit such evidence
as may be available concerning such acts or practice3 to the AttorneyGeneral who may in his discretion institute the necessary criminal
proceedings under this title. Any such criminal proceeding may be
brought either in the district wherein the transmittal of the prospectus
or security complained of begins, or in the district wherein such prospectus or security is received.
(c) Upon application of the Commission the District courts of the
United States the United States courts of any Territory, and the
Supreme Court of the District Court of Columbia, shall also have jurisdiction to issue writs of mandamus commanding any person tocomply
with the provisions of this title or any order of the Commission made
in pursuance thereof.
Hearings By Commission.
Sec. 21. All hearings shall be public and may be held before the
Commission or an officer or officers of the Commission designated by it,
and appropriate records thereof shall be kept.
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Financial Chronicle
Jurisdiction of Offenses and Suits.
Sec. 22. (a) The district courts of the United States, the United States
courts .of any Territory, and the Supreme Court of the District of
Columbia shall have jurisdiction of offenses and violations under this
title and under the rules and regulations promulgated by the Commission
in respect thereto, and, concurrent with State and Territorial courts,
of all suits in equity and actions at law brought to enforce any liability
or duty created by this title. Any such suit or action may be brought
in the district wherein the defendant is found or is an inhabitant or
transacts business, or in the district where the sale took place, if the
defendant participated therein, and process in such cases may be served
in any other district of which the defendant is an inhabitant or wherever
the defendant may be found. Judgments and decrees so rendered shall
be subject to review as provided in Sections 128 and 240 of the Judicial
Code,as amended (U.S.C., Title 28, Secs. 225 and 347). No case arising
under this title and brought in any State court of competent jurisdiction
shall be removed to any court of the United States. No costs shall be
asses.sed for or against the Commission in any proceeding under this
title brought by or against it in the Supreme Court or such other courts.
(b) In case of contumacy or refusal to obey a subpoena issued to any
person, any of the said United States courts, within the jurisdiction of
which said person guilty of contumacy or refusal to obey is found or
resides, upon application by the Commission may issue to such person
an order requiring such person to appear before the Commission, or one
of its examiners designated by it, there to produce documentary evidence
if so ordered, or there to give evidence touching the matter in question;
and any failure to obey such order of the court may be punished by said
court as a contempt thereof.
(c) No person shall be excused from attending and testifying or from
producing books, papers, contracts, agreements, and other documents
before the Commission, or in obedience to the subpoena of the Commission or any member thereof or any officer designated by it, or in any cause
or proceeding instituted by the Commission, on the ground that the
testimony or evidence, documentary or otherwise, required of him, may
tend to incriminate him or subject him to a penalty or forfeiture; but
no individual shall be prosecuted or subjected to any penalty or forfeiture
for or on account of any transaction, matter, or thing concerning which
he is compelled, after having claimed his privilege against self-incrimination, to testify or produce evidence, documentary or otherwise, except
that such individual so testifying shall not be exempt from prosecution
and punishment for perjury committed in so testifying.
Unlawful Representations.
Sec. 23. Neither the fact that the registration statement for a security
has been filed or is in effect nor the fact that a stop order is not in effect
with respect thereto shall be deemed a finding by the Commission that
the registration statement is true and accurate on its face or that it
does not contain an untrue statement of fact or omit to state a material
fact, or be held to mean that the Commission has in any way passed
upon the merits of, or given approval to, such security. It shall be
unlawful to make, or cause to be made, to any prospective purchaser
any representation contrary to the foregoing provisions of this section.
Penalties.
Sec. 24. Any person who willfully violates any of the provisions of
this title, or the rules and regulations promulgated by the Commission
under authority thereof, or any person who willfully, in a registration
statement filed under this title, makes any untrue statement of a material
fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein not misleading, shall upon
conviction be fined not more than $5,000 or imprisoned not more than
five years, or both.
Jurisdiction of Other Government Agencies Over Securities.
Sec. 25. Nothing in this title shall relieve any person from submitting
to the respective supervisory units of the Government of the United
States information, reports, or other documents that are now or may
hereafter be required by any provision of law.
Separability of Provisions.
Sec. 26. If any provision of this Act, or the application of such provision to any person or circumstance, shall be held invalid, the remainder
of this Act, or the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be
affected thereby.
Schedule A.
(1) The name under which the issuer is doing or intends to do business;
(2) the name of the State or other sovereign power under which the
Issuer is organized;
(3) the location of the issuer's principal business office, and if the
Issuer is a foreign or territorial person, the name and address of its
agent in the United States authorized to receive notice;
(4) the names and addresses of the directors or persons performing
similar functions, and the chief executive, financial and accounting
officers, chosen or to be chosen if the Issuer be a corporation, association,
trust, or other entity; of all partners, if the issuer be a partnership; and
of the issuer, if the issuer be an individual; and of the promoters in the
case of a business to be formed, or formed within two years prior to
the filing of the registration statement;
(5) the names and addresses of the underwriters;
(6) the names and addresses of all persons, if any, owning of record
or beneficially, if known, more than 10 per centum of any class of stock
of the issuer, or more than 10 per centum in the aggregate of the outstanding stock of the issuer as of a date within 20 days prior to the
filing of the registration statement;
(7) the amount of securities of the issuer held by any person specified
In paragraphs (4), (5), and (6) of this schedule, as of a date within
20 days prior to the filing of the registration statement, and, if possible, as of one year prior thereto, and the amount of the securities,
for which the registration statement is filed, to which such persons
have indicated their intention to subscribe;
(8) the general character of the business actually transacted or to
be transacted by the issuer;
(9) a statement of the capitalization of the issuer, including the
authorized and outstanding amounts of its capital stock and the proportion thereof paid up, the number and classes of shares in which
such capital stock is divided, par value thereof, or if it has no par value,
the stated or assigned value thereof, a description of the respective voting
rights, preferences, conversion and exchange rights, rights to dividends,
profits, or capital of each class, with respect to each other class, including the retirement and liquidation rights or values thereof;
(10) a statement of the securities, if any, covered by options outstanding or to be created in connection with the security to be offered,
together with the names and addresses of all persons, if any, to be
allotted more than 10% in the aggregate of such options;
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(11) the amount' of capital stock of each class issued or included
In the shares of stock to be offered;
(12) the amount of the funded debt Outstanding and to be created
by the security to be offered, with a brief description of the date, maturity, and character of such debt, rate of interest, character of amortization provisions, and the security, if any, therefor. If substitution
of any security is permissible, a summarized statement of the conditions under which such substitution is permitted. If substitution
is permissible without notice, a specific statement to that effect;
(13) the specific purposes in detail and the approximate amounts
to be devoted to such purposes, so far as determinable, for which the
security to be offered is to supply funds, and if the funds are to be
raised in part from other sources, the amounts thereof and the sources
thereof, shall be stated;
(14) the remuneration, paid or estimated to be paid, by the issuer
or its predecessor, directly or indirectly, during the past year and ensuing year to (a) the directors or persons performing similar functions,
and (b) its officers and other persons, naming them wherever such
remuneration exceeded $25,000 during any such year;
(15) the estimated net proceeds to be derived from the security
to be offered;
(16) the price at which it is proposed that the security shall be offered to the public or the method by which such price is computed
and any variation therefrom at which any portion of such security is
proposed to be offered to any persons or classes of persons, other than
the underwriters, naming them or specifying the class. A variation
in price may be proposed prior to the date of the public offering of
the security, but the Commission shall immediately be notified of
such variation;
(17) all commissions or discounts paid or to be paid, directly or
indirectly, by the issuer to the underwriters in respect of the sale of the
security to be offered. Commissions shall include all cash, securities,
contracts, or anything else of value, paid, to be set aside, disposed of,
or understandings with or for the benefit of any other persons in which
any underwriter is interested, made, in connection with the sale of
such security. A commission paid or to be paid in connection with
the sale of such security by a person in which the issuer has an interest
or which is controlled or directed by, or under common control with,
the issuer shall be deemed to have been paid by the issuer. Where
any such commission is paid the amount of such commission paid to
each underwriter shall be stated;
(18) the amount or estimated amounts, itemized in reasonable detail,
of expenses, other than commissions specified in paragraph (17) of
this schedule, incurred or borne by or for the account of the issuer
in connection with the sale of the security to be offered or properly
chargeable thereto, including legal, engineering, certification, authentication, and other charges;
(19) the net proceeds derived from any security sold by the issuer
during the two years preceding the filing of the registration statement,
the price at which such security was offered to the public, and the
names of the principal underwriters of such security;
(20) any amount paid within two years preceding the filing of the
registration statement or intended to be paid to any promoter and the
consideration for any such payment;
(21) the names and addresses of the vendors and the purchase price
of any property, or good-will, acquired or to be acquired, not in the
ordinary course of business, which is to be defrayed in whole or in part
from the proceeds of the security to be offered, the amount of any
commission payable to any person in connection with such acquisition,
and the name or names of such person or persons, together with any
expense incurred or to be incurred in connection with such acquiJition,
including the cost of borrowing money to finance such acquisition;
(22) full particulars of the nature and extent of the interest, if any,
of every director, principal executive officer, and of every stockholder
holding more than 10% of any clas.3 of stock or more than 10% in the
aggregate of the stock of the issuer, in any property acquired, not in
the ordinary course of business of the issuer, within two years preceding
the filing of the registration statement or proposed to be acquired at
such date;
(23) the names and addresses of counsel who have passed on the
legality of the issue;
(2.) dates of and parties to, and the general effect concisely stated
of every material contract made, not in the ordinary course of business,
which contract is to be executed in whole or in part at or after the filing
of the registration statement or which contract has been made not
more than two years before such filing. Any management contract
or contract providing for special bonuses or profit-sharing arrangements,
and every material patent or contract for a material patent right, and
every contract by or with a public utility company or an affiliate thereof,
providing for the giving or receiving of technical or financial advice
or service (if such contract may involve a charge to any party thereto
at a rate in excess of $2,500 per year in cash or securities or anything
else of value), shall be deemed a material contract;
(25) a balance sheet as of a date not more than 90 days prior to the
date of the filing of the registration statement showing all of the assets
of the issuer, the nature and cost thereof, whenever determinable, in
such detail and in such form as the Commission shall prescribe (with
intangible items segregated), including any loan in excess of $20,000 to
any officer, director, stockholder or person directly or indirectly controlling or controlled by the issuer, or person under direct or indirect
common control with the issuer. All the liabilities of the issuer in such
detail and such form as the Commission shall prescribe, including surplus
of the issuer showing how and from what sources such surplus was
created, all as of a date not more than 90 days prior to the filing of the
registration statement. If such statement be not certified by an independent public or certified accountant, in addition to the balance sheet
required to be submitted under this schedule, a similar detailed balance
sheet of the assets and liabilities of the issuer, certified by an independent
public or certified accountant, of a date not more than one year prior
to the filing of the registration statement, shall be submitted;
(26) a profit and loss statement of the issuer showing earnings and
income, the nature and source thereof, and the expenses and fixed charges
in such detail and such form as the Commission shall prescribe for the
latest fiscal year for which such statement is available and for the two
preceding fiscal years, year by year, or, if such issuer has been in actual
business for less than three years, then for such time as the issuer has been
in actual business, year by year. If the date of the filing of the registration statement is more than six months after the close of the last fiscal
year, a statement from such closing date to the latest practicable date.
Such statement shall show what the practice of the issuer has been during
the three years or lesser period as to the character of the charges, dividends or other distributions made against its various surplus accounts,
and as to depreciation, depletion, and maintenance charges, in such
detail and form as the Commission shall prescribe, and if stock dividends
or avails from the sale of rights have been credited to income, they shall
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Financial Chronicle
be shown separately with a statement of the basis upon which the credit
is computed. Such statement shall also differentiate between any
recurring and non-recurring income and between any investment and
operating income. Such statement shall be certified by an independent
public or certified accountant;
(27) if the proceeds, or any part of the proceeds, of the security to be
issued is to be applied directly or indirectly to the purchase of any business, a profit and loss statement of such business certified by an independent public or certified accountant, meeting the requirements of
paragraph (26) of this schedule, for the three preceding fiscal years,
together with a balance sheet, similarly certified, of such business,
meeting the requirements of paragraph (25) of this schedule of a date
not more than 90 days prior to the filing of the registration statement or
at the date such business was acquired by the issuer if the business was
acquired by the issuer more than 90 days prior to the filing of the registration statement;
(28) a copy of any agreement or agreements (or, if identic agreements
are used, the forms thereof) made with any underwriter, including all
contracts and agreements referred to in paragraph (17) of this schedule;
(29) a copy of the opinion or opinions of counsel in respect to the
legality of the issue, with a translation of such opinion, when necessary,
into the English language;
(30) a copy of all material contracts referred to in paragraph (24) of
this schedule, but no disclosure shall be required of any portion of any
such contract if the Commission determines that disclosure of such
portion would impair the value of the contract and would not be necessary for the protection of the investors;
(31) unless previously filed and registered under the provisions of
this title, and brought up to date, (a) a copy of its articles of incorporation, with all amendments thereof and of its existing by-laws or instrua
ments corresponding thereto, whatever the name, if the issuer be
corporation;(b) copy of all instruments by which the trust is created or
declared, if the issuer is a trust; (c) a copy of its articles of partnership
the
or association and all other papers pertaining to its organization, if
issuer is a partnership, unincorporated association, joint-stock company,
or any other form of organization; and
(32) a copy of the underlying agreements or indentures affecting any
stock, bonds, or debentures offered or to be offered.
In case of certificates of deposit, voting trust certificates, collateral
trust certificates, certificates of interest or shares in unincorporated
Investment trusts, equipment trust certificates, interim or other receipts
for certificates, and like securities, the Commission shall establish rules
and regulations requiring the submission of information of a like character
applicable to such cases, together with such other information as it may
deem appropriate and necessary regarding the character, financial or
otherwise, of the actual issuer of the securities and/or the person performing the acts and assuming the duties of depositor or manager.
Schedule B.
(1) Name of borrowing government or subdivision thereof;
(2) specific purposes in detail and the approximate amounts to be
devoted to such purposes, so far as determinable, for which the security
to be offered is to supply funds, and if the funds are to be raised in part
from other sources, the amounts thereof and the sources thereof, shall
be stated;
(3) the amount of the funded debt and the estimated amount of the
floating debt outstanding and to be created by the security to be offered,
excluding inter-governmental debt, and a brief description of the date,
maturity, character of such debt, rate of interest, character of amortization provisions, and the security, if any therefor. If substitution of
any security is permissible, a statement of the conditions under which
such substitution is permitted. If substitution is permissible without
notice, a specific statement to that effect;
(4) whether or not the issuer or its predecessor has, within a period of
20 years prior to the filing of the registration statement, defaulted on
the principal or interest of any external security, excluding inter-governmental debt, and, if so, the date, amount, and circumstances of such
default, and the terms of the succeeding arrangement, if any;
(5) the receipts, classified by source, and the expenditures, classified by purpose, in such detail and form as the Commission shall prescribe for the latest fiscal year for which such information is available
and the two preceding fiscal years, year by year;
(6) the names and addresses of the underwriters;
(7) the name and address of its authorized agent, if any, in the United
States;
(8) the estimated net proceeds to be derived from the sale in the
United States of the security to be offered;
(9) the price at which it is proposed that the security shall be offered
In the United States to the public or the method by which such price
is computed. A variation in price may be proposed prior to the date
of the public offering of the security, but the Commission shall immediately be notified of such variation;
(10) all commissions paid or to be paid, directly or indirectly, by
the issuer to the underwriters in respect of the sale of the security to
be offered. Commissions shall include all cash, securities, contracts,
or anything else of value, paid, to be set aside, disposed of, or understandings with or for the benefit of any other persons in which the
underwriter is interested, made, in connection with the sale of such
security. Where any such commission is paid, the amount of such
commission paid to each underwriter shall be stated;
(11) the amount or estimated amounts, itemized in reasonable detail, of expenses, other than the commissions specified in paragraph
(10) of this schedule, incurred or borne by or for the account of the
issuer in connection with the sale of the security to be offered or properly
chargeable thereto, including legal, engineering, certification, and
other charges;
(12) the names and addresses of counsel who have passed upon the
legality of the issue;
(13) a copy of any agreement or agreements made with any underwriter governing the sale of the security within the United States; and
(14) an agreement of the issuer to furnish a copy of the opinion
or opinions of counsel in respect to the legality of the issue, with a
translation, where necessary, into the English language. Such opinion
shall set out in full all laws, decrees, ordinances, or other acts of Government under which the issue of such security has been authorized.
TITLE II.
Sec. 201. For the purpose of protecting, conserving, and advancing
the interests of the holders of foreign securities in default, there is hereby
created a body corporate with the name' Corporation of Foreign Security
Holders" (herein called the "Corporation"). The principal office of
the Corporation shall be located in the District of Columbia, but there
may be established agencies or branch offices in any city or cities of
the United States under rules and regulations prescribed by the board
of directors.
June 3 1933
Sec. 202. The control and management of the Corporation shall
be vested in a board of six directors, who shall be appointed and hold
office in the following manner: As soon as practicable after the date
this Act takes effect the Federal Trade Commission (hereinafter in this
title called "Commission") shall appoint six directors, and shall designate a chairman and a vice-chairman from among their number. After
the directors designated as chairman and vice-chairman cease to be directors, their successors as chairman and vice-chairman shall be elected by
the board of directors itself. Of the directors first appointed, two
shall continue in office for a term of two years, two for a term of four
years, and two for a term of six years, from the date this Act takes
effect, the term of each to be designated by the Commission at the
time of appointment. Their successors shall be appointed by the Commission, each for a term of six years from the date of the expiration of
the term for which his predecessor was appointed, except that any person
appointed to fill a vacancy occuring prior to the expiration of the term
for which his predecessor was appointed shall be appointed only for
the unexpired term of such predecessor. No person shall be eligible
to serve as a director who within the five years preceding has had any
interest, direct or indirect, in any corporation, company, partnership,
bank or association which has sold, or offered for sale any foreign securities. The office of a director shall be vacated if the board of directors shall at a meeting specially convened for that purpose by resolution
passed by a majority of at least two-thirds of the board of directors,
remove such member from office, provided that the member whom
it is proposed to remove shall have seven days' notice sent to him of
such meeting and that he may be heard.
Sec. 203. The Corporation shall have power to adopt, alter, and
use a corporate seal; to make contracts; to lease such real estate as
may be necessary for the transaction of its business; to sue and be sued,
to complain and to defend, in any court of competent jurisdiction,
State or Federal; to require from trustees, financial agents, or dealers
in foreign securities information relative to the original or present
holders of foreign securities and such other information as may be
required and to issue subpoenas therefor; to take over the functions of
any fiscal and paying agents of any foreign securities In default; to
borrow money for the purposes of this title, and to pledge as collateral
for such loans any securities deposited with the Corporation pursuant
to this title; by and with the consent and approval of the Commission
to select, employ, and fix the compensation of officers, directors, members of committees, employees, attorneys, and agents of the Corporation.
without regard to the provisions of other laws applicable to the employment and compensation of officers or employees of the United
States; to define their authority and duties, require bonds of them and
fix the penalties thereof, and to dismiss at pleasure such officers, employees, attorneys, and agents; and to prescribe, amend, and repeal by
Its board of directors, by-laws, rules, and regulations governing the
manner in which its general business may be conducted and the powers
granted to it by law may be exercised and enjoyed, togetner with provisions for such committees and the functions thereof as the board of
directors may deem necessary for facilitating its business under this
title. The board of directors of the Corporation shall determine and
prescribe the manner in which its obligations shall be incurred and its
expenses allowed and paid.
Sec. 204. The board of directors may—
(1) Convene meetings of holders of foreign securities.
(2) Invite the deposit and undertake the custody of foreign securities
which have defaulted in the payment either of principal or interest, and
issue receipts or certificates in the place of securities so deposited.
(3) Appoint committees from the directors of the Corporation and /or
all other persons to represent holders of any class or classes of foreign
securities which have defaulted in the payment either of principal or
Interest and determine and regulate the functions of such committees.
The chairman and vice-chairman of the board of directors shall be exofficio chairman and vice-chairman of each committee.
(4) Negotiate and carry out, or assist in negotiating and carrying out,
arrangements for the resumption of payments due or in arrears in respect
of any foreign securities in defauli or for rearranging the terms on which
such securities may in future be held or for converting and exchanging
the same for new securities or for any other object in relation thereto;
and under this paragraph any plan or agreement made with respect to
such securities shall be binding upon depositors, providing that the
consent of holders resident in the United States of 60 per centum of the
securities deposited with the corporation shall be obtained.
(5) Undertake, superintend, or take part in the collection and application of funds derived from foreign securities which come into the possession of or under the control or management of the corporation.
(6) Collect, preserve, publish, circulate, and render available in
readily accessible form, when deemed essential or necessary, documents,
statistics, reports, and information of all kinds in respect of foreign
securities, including particularly records of foreign external securities in
default and records of the progress made toward the payment of pastdue obligations.
(7) Take such steps as it may deem expedient with the view of securing
the adoption of clear and simple forms of foreign securities and just and
sound principles in the conditions and terms thereof.
(8) Generally, act in the name and on behalf of the holders of foreign
securities the care or representation of whose interests may be entrusted
to the corporation; conserve and protect the rights and interests of
holders of foreign securities issued, sold, or owned in the United States;
adopt measures for the protection, vindication, and preservation or
reservation of the rights and interests of holders of foreign securities
either on any default in or on breach or contemplated breach of the
conditions on which such foreign securities may have been issued, or
otherwise; obtain for such holders such legal and other assistance and
advice as the board of directors may deem expedient; and do all such
other things as are incident or,conducive to the attainment of the above
objects.
Sec. 205. The board of directors shall cause accounts to be kept of all
matters relating to or connected with the transactions and business of
the corporation, and cause a general account and balance sheet of the
corporation to be made out in each year, and cause all accounts to be
audited by one or more auditors who shall examine the same and report
thereon to the board of directors.
Sec. 206. The Corporation shall make, print, and make public an
annual report of its operations during each year, send a copy thereof,
together with a copy of the account and balance sheet and auditor's
report, to the Commission and to both Houses of Congress, and provide
one copy of such report but not more than one on the application of any
person and on receipt of a sum not exceeding $1; Provided, That the
board of directors in its discretion may distribute copies gratuitously.
Sec. 207. The Corporation may in Its discretion levy charges, assessed
on a pro rata basis, on the holders of foreign securities deposited with it:
Provided, That any charge levied at the time of depositing securities with
the Corporation shall not exceed one-fifth of 1 per centum of the face
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Volume 136
value of such securities: Provided further, That any additional charges
shall bear a close relationship to the cost of operations and negotiations
including those enumerated in Sections 203 and 204 and shall not exceed
1 per centum of the face value of such securities.
Sec. 208. The Corporation may receive subscriptions from any person,
foundation with a public purpose,or agency of the United States Government, and such subscriptions may, in the discretion of the board of
directors, be treated as loans repayable when and as the board of directors
shall determine.
Sec. 209. The Reconstruction Finance Corporation is hereby authorized to loan out of its funds not to exceed $75,000 for the use of the
Corporation.
Sec. 210. Notwithstanding the foregoing provisions of this title, it
shall be unlawful for, and nothing in this title shall be taken or construed
as permitting or authorizing, the Corporation in this title created, or
any committee of said Corporation,or any person or persons acting for or
representing or purporting to represent it—
(a) to claim or assert or pretend to be acting for or to represent the
Department of State or the United States Government:
3791
(b) to make any statements or representations of any kind to any
foreign government or its officials or the officials of any political subdivision of any foreign government that said Corporation or any committee thereof or any individual or individuals connected therewith were
speaking or acting for the said Department of State or the United States
Government; or
(c) to do any act directly or indirectly which would interfere with or
obstruct or hinder or which might be calculated to obstruct, hinder or
interfere with the policy or policies of the said Department of State or
the Government of the United States or any pending or contemplated
diplomatic negotiations, arrangements, business or exchanges between
the Government of the United States or said Department of State and
any foreign government or any political subdivision thereof.
Sec. 211. This title shall not take effect until the President finds that
its taking effect is in the public interest and by proclamation so declares.
Sec. 212, This title may be cited as the "Corporation of Foreign
LondholderslAct, 1933."
Approved May 127 1933.
Text of Act Providing for Government Operation of Muscle Shoals and
Creation of Tennessee Valley Authority—Law Also Makes Provision
for Issuance of $50,000,000 in Bonds to Finance Project.
As we indicated in our issue of May 20, page 3462, President Roosevelt's program for the development of the Tennessee Valley, with plans for Government operation of the Musch Shoals power project, received final Congressional approval on May 17, the President affixing his signature to the
new legislhtion on May 18. Noting that the enactment of the
measure brings to a close the 13-year-old controversy over the
disposition of the huge war-time Alabama power and nitrate
plant, the Washington correspondent of the New York
"Journal of Commerce" on May 18 said:
May Name Board.
The new Act authorizes the President to appoint a Board of Three as a
"Tennessee Valley Authority" to manage industrial and agricultural development of the valley, with offices near Muscle Shoals, Ala. It can acquire
real estate and build dams, power houses, reservoirs transmission lines and
navigation projects; unite power installation into one or more transmission
line systems; contract with commercial producers for fertilizer; manufacture experimental fertilizer, manufacture and sell explosives to the Government at cost; produce, sell and distribute power, lease nitrate plant No. 2
%
2
/
for the private manufacture of fertilizer; sell $50,000,000 in 31 50-year
bonds to finance the improvements, and with Presidential approval, complete
plant No. 2, near Muscle Shoals.
dam No. 2 and the steam plant at nitrate
In signing the measure the President caused to be issued a warning to
"innocent investors" against conscienceless wildcat land speculators. He
was represented as being made very happy in carrying to realization the
hope of the great principle which he has long maintained for the development of the Muscle Shoals property and the Tennessee Valley.
The legislation provides for construction of the Cove Creek Dam across
the Clinch River in Tennessee with a transmission power line from Muscle
Shoals.
Under the law 5% of the gross receipts received by the Board from sale
of power generated at Dam No. 2 or any other dam built later in Alabama
Is to go to the State of Alabama. Tennessee is to receive 5% of the gross
proceeds from the Cove Creek development or any other dam in Tennessee.
In putting the vast project into operation the Administration is hopeful
early employment may be given to thousands of men.
From the Washington "Post" of May 19 we quote the following Associated Press advices:
President Roosevelt yesterday made the Muscle Shoals bill law, radiating
pleasure but warning innocent investors against land speculators seeking to
exploit the new program for developing the Tennessee River Valley.
He signed only a few hours after it became known he had initiated a Department of Justice investigation into charges that private utilities which
have leased the Muscle Shoals waterpower in recent years misused and damaged the great hydro-electric plant, which has lain virtually dormant since
its construction by the Government in World War days.
End of Long Struggle.
An enthusiastic group from Congress, including Senator Norris, of Nebraska, and Senators and Representatives from the Shoals area, applauded
vigorously as the President put his name to the law which for a dozen years
they had struggled futilely to enact. Norris said:
"The law marks an epoch in the history of our national life. It is a
monument to the victorious ending of a 12 years' struggle, waged on behalf
of the common people against the combined forces of monopoly and human
greed."
The President issued no formal statement on land speculation, but made
sure that his warning be distributed by the press. The land development
program is his own, a dream of model communities, of industry brought to
the country, of land utilized for its best purpose, of new forests growing
where ancient ones have been wiped out, of streams protected against destructive floods, used to their full capacity for navigation and generation
of inexpensive electricity. After experiment here, Mr. Roosevelt hopes to
extend the plan to other parts of the country.
As signed by President Roosevelt on May 18,the text of the
newly-enacted laws follows:
[H. R.5081.]
AN ACT
To improve the navigability and to provide for the flood control of the
Tennessee River; to provide for reforestation and the proper use of marginal lands in the Tennessee Valley; to provide for the agricultural and industrial development of said valley; to provide for the national defense by
the creation of a corporation for the operation of Government properties
at and near Muscle Shoals in the State of Alabama, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That for the purpose of maintaining end operating the properties now owned by the United States in the
vicinity of Muscle Shoals, Alabama, in the interest of the national defense
and for the agricultural and industrial development, and to improve navigation in the Tennessee River and to control the destructive flood waters in the
Tennessee River and Mississippi River Basins, there is hereby created a body
corporate by the name of the "Tennessee Valley Authority" (hereinafter
referred to as the "Corporation"). The Board of Directors first appointed
shall be deemed the incorporators, and the incorporation shall be held to
have been effected from the date of the first meeting of the Board. This
Act may be cited as the "Tennessee Valley Authority Act of 1933."
Sec. 2. (a) The Board of Directors of the Corporation (hereinafter referred to as the "Board") shall be composed of three members, to be appointed by the President, by and with the advice and consent of the Senate.
In appointing the members of the Board, the President shall designate the
Chairman. All other officials, agents, and employees shall be designated and
selected by the Board.
(b) The terms of office of the members first taking office after the
approval of this Act shall expire as designated by the President at the time
of nomination, one at the end of the third year, one at the end of the sixth
year, and one at the end of the ninth year, after the date of approval of
this Act. A successor to a member of the Board shall be appointed in the
same manner as the original members and shall have a term of office expiring nine years from the date of the expiration of the term for which his
predecessor was appointed.
(c) Any member appointed to fill a vacancy in the Board occurring prior
to the expiration of the term for which his predecessor was appointed shall
be appointed for the remainder of such term.
(d) Vacancies in the Board, so long as there shall be two members in
office, shall not impair the powers of the Board to execute the functions
of the Corporation, and two of the members in office shall constitute a
quorum for the transaction of the business of the Board.
(e) Each of the members of the Board shall be a citizen of the United
States, and shall receive a salary at the rate of $10,000 a year, to be paid
by the Corporation as current expenses. Each member of the Board, in
addition to his salary, shall be permitted to occupy as his residence one of
the dwelling houses owned by the Government in the vicinity of Muscle
Shoals, Alabama, the same to be designated by the President, of the United
States. Members of the Board shall be reimbursed by the Corporation for
actual expenses (including traveling and subsistence expenses) incured by
them in the performance of the duties vested in the Board by this Act. No
member of said Board shall, during his continuance in office, be engaged in
any other business, but each member shall devote himself to the work of the
Corporation.
(f) No director shall have financial interest in any public utility corporation engaged in the business of distributing and selling power to the public
nor in any corporation engaged in the manufacture, selling, or distribution
of fixed nitrogen or fertilizer, or any ingredients thereof, nor shall any
member have any interest in any business that may be adversely affected by
the success of the Corporation as a producer of concentrated fertilizers or
as a producer of electric power.
(g) The Board shall direct the exercise of all the powers of the
Corporation.
(h) All members of the Board shall be persons who profess a belief in the
feasibility and wisdom of this Act.
Sec. 3. The Board shall without regard to the provisions of Civil Service
laws applicable to officers and employees of the United States, appoint
such managers, assistant managers, officers, employees, attorneys, and
agents as are necessary for the transaction of its business, fix their compensation, define their duties, require bonds of such of them as the Board
may designate, and provide a system of organization to fix responsibility
and promote efficiency. Any appointee of the Board may be removed in
the discretion of the Board. No regular officer or employee of the Corporation shall receive a salary in excess of that received by the members of
the Board.
All contracts to which the Corporation is a party and which require the
employment of laborers and mechanics in the construction, alteration, maintenance, or repair of buildings, dams, locks, or other projects shall contain
a provision that not less than the prevailing rate of wages for work of a
similar nature prevailing in the vicinity shall be paid to such laborers or
mechanics.
In the event any dispute arises as to what are the prevailing rates of
wages, the question shall be referred to the Secretary of Labor for determination, and his decision shall be final. In the determination of such
prevailing rate or rates, due regard shall be given to those rates which have
been secured through collective agreement by representatives of employers
and employees.
Where such work as is described in the two preceding paragraphs is done
directly by the Corporation the prevailing rate of wages shall be paid in the
same manner as though such work had been let by contract.
Insofar as applicable, the benefits of the Act entitled "An Act to provide
compensation for employees of the United States suffering injuries while in
the performance of their duties, and for other purposes," approved Sept. 7
1916, as amended, shall extend to persons given employment under the provisions of this Act.
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Financial Chronicle
Sec. 4. Except as otherwise specifically provided in this Act, the
Corporation—
(a) Shall have succession in its corporate name.
(b) May sue and be sued in its corporate name.
(c) May adopt and use a corporate seal, which shall be judicially noticed.
(d) May make contracts, as herein authorized.
(e) May adopt, amend. and repeal by-laws.
(f) May purchase or lease and hold such real and personal property as it
deems necessary or convenient in the transaction of its business, and may
dispose of any such personal property held by it.
The Board shall select a Treasurer and as many Assistant Treasurers as
it deems proper, which Treasurer and Assistant Treasurers shall give such
bonds for the safe-keeping of the securities and moneys of the said Corporation as the Board may require: Provided, That any member of said
Board may be removed from office at any time by a concurrent resolution
of the Senate and the House of Representatives.
(g) Shall have such powers as may be necessary or appropriate for the
exercise of the powers herein specifically conferred upon the Corporation.
(h) Shall have power in the name of the United States of America to
exercise the right of eminent domain, and in the purchase of any real estate
or the acquisition of real estate by condemnation proceedings, the title to
such real estate shall be taken in the name of the United States of America,
and thereupon all such real estate shall be entrusted to the Corporation as
the agent of the United States to accomplish the purposes of this Act.
(i) Shall have power to acquire real estate for the construction of dams,
reservoirs, transmission lines, power houses. and other structures, and navigation projects at any point along the Tennessee River, or any of its tributaries, and in the event that the owner or owners of such property shall fail
and refuse to sell to the Corporation at a price deemed fair and reasonable
by the Board, then the Corporation may proceed to exercise the right of
eminent domain, and to condemn all property that it deems necessary for
carrying out the purposes of this Act, and all such condemnation proceedings
shall be had pursuant to the provisions and requirements hereinafter specified, with reference to any and all condemnation proceedings.
(j) Shall have power to construct dams, reservoirs, power houses. power
structures, transmission lines, navigation projects, and incidental works in
the Tennessee River and its tributaries, and to unite the various power installations into one or more systems by transmission lines.
Sec. 5. The Board is hereby authorized—
(a) To contract with commercial producers for the production of such
fertilizers or fertilizer materials as may be needed in the Government's program of development and introduction in excess of that produced by Government plants. Such contracts may provide either for outright purchase
of materials by the Board or only for the payment of carrying charges on
special materials manufactured at the Board's request for its program.
(b) To arrange with farmers and farm organizations for large-scale practical use of the new forms of fertilizers under conditions permitting an accurate measure of the economic return they produce.
(c) To co-operate with National, State, district, or county experimental
stations or demonstration farms, for the use of new forms of fertilizer or
fertilizer practices during the initial or experimental period of their introduction.
(d) The Board, in order to improve and cheapen the production of fertilizer, is authorized to manufacture and sell fixed nitrogen, fertilizer, and
fertilizer ingredients at Muscle Shoals by the employment of existing facilities, by modernizing existing plants, or by any other process or processes
that in its judgment shall appear wise and profitable for the fixation of
atmospheric nitrogen or the cheapening of the production of fertilizer.
(e) Under the authority of this Act the Board may make donations or
sales of the product of the plant or plants operated by it to be fairly and
equitably distributed through the agency of country demonstration agents,
agricultural colleges, or otherwise as the Board may direct, for experimentation, education, and introduction of the use of such products in co-operation
with practical farmers so as to obtain information as to the value, effect,
and best methods of their use.
(f) The Board is authorized to make alterations, modifications, or improvements in existing plants and facilities, and to construct new plants.
(g) In the event it is not used for the fixation of nitrogen for agricultural
purposes or leased, then the Board shall maintain in stand-by condition
nitrate plant numbered 2, or its equivalent, for the fixation of atmospheric
nitrogen, for the production of explosives in the event of war or a national
emergency, until the Congress shall by joint resolution release the Board
from its obligation, and if any part thereof be used by the Board for the
manufacture of phosphoric acid or potash. the balance of nitrate plant
numbered 2 shall be kept in stand-by condition.
(h) To establish, maintain, and operate laboratories and experimental
plants, and to undertake experiments for the purpose of enabling the Corporation to furnish nitrogen products for military purposes, and nitrogen and
other fertilizer products for agricultural purposes in the most economical
manner and at the highest standard of efficiency.
(1) To request the assistance and advice of any officer, agent, or employee of any executive department or of any independent office of the
United States, to enable the Corporation the better to carry out its powers
successfully, and as far as practicable shall utilize the services of such
officers, agents, and employees. and the President shall, if in his opinion,
the public interest, service, or economy so require, direct that such assistance, advice, and service be rendered to the Corporation, and any individual
that may be by the President directed to render such assistance, advice, and
service shall be thereafter subject to the orders, rules, and regulations of
the Board; Provided, That any invention or discovery made by virtue of and
incidental to such service by an employee of the Government of the United
States serving under this section, or by any employee of the Corporation,
together with any patents which may be granted thereon, shall be the sole
and exclusive property of the Corporation, which is hereby authorized to
grant such licenses thereunder as shall be authorized by the Board: Provided further, That the Board may pay to such inventor such sum from the
income from sale of licenses as it may deem proper.
(j) Upon the requisition of the Secretary of War or the Secretary of the
Navy to manufacture for and sell at cost to the United States explosives or
their nitrogenous content.
(k) Upon the requisition of the Secretary of War the Corporation shall
allot and deliver without charge to the War Department so much power as
shall be necessary in the judgment of said Department for use in operation
of all locks, lifts, or other facilities in aid of navigation.
(1) To produce, distribute, and sell electric power, as herein particularly
specified.
(m) No products of the Corporation shall be sold for use outside of the
United States, its Territories and possessions, except to the United States
frovernment for the use edits Army and Navy, or to its allies in case of war.
June 3 1933
(n) The President is authorized, within 12 months after the passage of
this Act, to lease to any responsible farm organization or to any corporation organized by it nitrate plant numbered 2 and Waco Quarry, together
with the railroad connecting said quarry with nitrate plant numbered 2,
for a term not exceeding 50 years at a rental of not less than $1 per year,
but such authority shall be subject to the express condition that the lessee
shall use said property during the term of said lease exclusively for the
manufacture of fertilizer and fertilizer ingredients to be used only in the
manufacture of fertilizer by said lessee and sold for use as fertilizer. The
said lessee shall covenant to keep said property in first-class condition, but
the lessee shall be authorized to modernize said plant numbered 2 •by the
installation of such machinery as may be necessary, and is authorized to
amortize the cost of said machinery and improvements over the term of said
lease or any part thereof. Said lease shall also provide that the Board shall
sell to the lessee power for the operation of said plant at the same schedule
of prices that it charges all other customers for power of the same class and
quantity. Said lease shall also provide that, if the said lessee does not
desire to buy power of the publicly owned plant, it shall have the right to
purchase its power for the operation of said plant of the Alabama Power Co.
or any other publicly or privately owned corporation engaged in the generation and sale of electric power, and in such case the lease shall provide
further that the said lessee shall have a free right of way to build a transmission line over Government property to said plant paying the actual
expenses and damages, if any, incurred by the Corporation on account of
such line. Said lease shall also provide that the said lessee shall covenant
that during the term of said lease the said lessee shall not enter into any
illegal monopoly, combination, or trust with any privately owned corporation engaged in the manufacture, production, and sale of fertilizer with the
object or effect of increasing the price of fertilizer to the farmer.
Sec. 6. In the appointment of officials and the selection of employees for
said Corporation. and in the promotion of any such employees or officials,
no political test or qualification shall be permitted or given consideration,
but all such appointments and promotions shall be given and made on the
basis of merit and efficiency. Any member of said Board who is found by
the President of the United States to be guilty of a violation of this section
shall be removed from office by the President of the United States, and any
appointee of said Board who is found by the Board to be guilty of a violation
of this section shall be removed from office by said Board.
Sec. 7. In order to enable the Corporation to exercise the powers and
duties vested in it by this Act—
(a) The exclusive use, possession, and control of the United States nitrate
plants numbered 1 and 2, including steam plants, located, respectively, at
Sheffield, Alabama, and Muscle Shoals Alabama, together with all real
estate and buildings connected therewith, all tools and machinery, equipment, accessories, and materials belonging thereto, and all laboratories and
plants used as auxiliaries thereto; the fixed-nitrogen research laboratory,
the Waco limestone quarry, in Alabama, and Dam Numbered 2 located at
-electric and operating appur.
Muscle Shoals, its power house, and all hydro
tenances (except the locks), and all machinery, lands, and buildings in connection therewith, and all appurtenances thereof, and all other property to
be acquired by the Corporation in its own name or in the name of the
United States of America, are hereby intrusted to the Corporation for the
purposes of this Act.
(b) The President of the United States is authorized to provide for the
transfer to the Corporation of the use possession, and control of such other
real or personal property of the United 'States as he may from time to time
deem necessary and proper for the purposes of the Corporation as herein
stated.
Sec. 8. (a) The Corporation shall maintain its principal office in the
immediate vicinity of Muscle Shoals, Alabama. The Corporation shall be
held to be an inhabitant and resident of the northern judicial district of
Alabama within the meaning of the laws of the United States relating to
the venue of civil suits.
(b) The Corporation shall at all times maintain complete and accurate
books of accounts.
(c) Each member of the Board, before entering upon the duties of his
office, shall subscribe to an oath (or affirmation) to support the Constitution of the United States and to faithfully and impartially perform the
duties imposed upon him by this Act.
Sec. 9. (a) The Board shall file with the President and with the Congress, in December of each year, a financial statement and a complete report
as to the business of the Corporation covering the preceding governmental
fiscal year. This report shall include an itemized statement of the cost of
power at each power station, the total number of employees, and the names,
salaries, and duties of those receiving compensation at the rate of more than
$1,500 a year.
(b) The Comptroller-General of the United States shall audit the transactions of the Corporation at such times as he shall determine. but not less
frequently than once each governmental fiscal year, with personnel of his
selection. In such connection he and his representatives shall have free and
open access to all papers, books, records, files, accounts, plants, warehouses,
offices, and all other things, property and places belonging to or under the
.
control of or used or employed by the Corporation and shall be afforded full
facilities for counting all cash and verifying transaetiona with and balances
in depositaries. He shall make report of each such audit in quadruplicate,
one copy for the President of the United States, one for the Chairman of the
Board, one for public inspection at the principal office of the Corporation,
and the other to be retained by him for the uses of the Congress. The
expenses for each such audit may be paid from moneys advanced therefor by
the Corporation, or from any appropriation or appropriations for the General
Accounting Office, and appropriations so used shall be reimbursed promptly
by the Corporation as billed by the Comptroller-General. All such audit
expenses shall be charged to operating expenses of the Corporation. The
Comptroller-General shall make special report to the President of the United
States and to the Congress of any transaction or condition found by him to
be in conflict with the powers or duties intrusted by the Corporation by law.
See. 10. The Board is hereby empowered and authorized to sell the surplus
power not used in its operations, and for operation of locks and other Works
generated by it, to States, countries, municipalities, corporations, partnerships, or individuals, according to the policies hereinafter set forth; and to
carry out said authority, the Board is authorized to enter into contracts for
such ode for a term not exceeding 20 years, and in the sale of such current
by the Board it shall give preference to States, counties, municipalities, and
co-operative organizations of citizens or farmers, not organized or doing
business for profit, but primarily for the purpose of supplying electricity to
Its own citizens or members: Provided, That all contracts made with
private companies or individuals for the sale of power, which power is to be
resold for a profit, shall contain a provision authorizing the Board to cancel
said contract upon five years' notice in writing, if the Board needs said
power to supply the demands of States, counties, or municipalities. In order
Volume 136
Financial Chronicle
to promote and encourage the fullest possible use of electric light and power
on farms within reasonable distance of any of its transmission lines the
Board in its discretion shall have power to construct transmission lines to
farms and small villages that are not otherwise supplied with electricity at
reasonable rates, and to make such rules and regulations governing such sale
and distribution of such electric power as in its judgment may be just and
equitable: Provided further, That the Board is hereby authorized and
directed to make studies, experiments. and determinations to promote the
wider and better use of electric power for agricultural and domestic use, or
for small or local industries, and it may co-operate with State governments,
or their subdivisions or agencies, with educational or research institutions,
and with co-operatives or other organizations, in the application of electric
power to the fuller and better balanced development of the resources of
the region.
Sec. 11. It is hereby declared to be the policy of the Government, so far
as practical, to distribute and sell the surplus power generated at Muscle
Shoals equitably among the States, counties and municipalities within transmission distance. This policy is further 'declared to be that the projects
herein provided for shall be considered primarily as for the benefit of the
people of the section as a whole and particularly the domestic and rural
consumers to whom the power can economically be made available, and,
accordingly, that sale to and use by industry shall be a secondary purpose,
to be utilized principally to secure a sufficiently high load factor and revenue
returns which will permit domestic and rural use at the lowest possible rates
and in such manner as to encourage increased domestic and rural use of
electricity. It is further hereby declared to be the policy of the Government
to utilize the Muscle Shoals properties so far as may be necessary to improve, increase, and cheapen the production of fertilizer and fertilizer ingredients by carrying out the provisions of this Act.
Sec. 12. In order to place the Board upon a fair basis for making such
contracts and for receiving bids for the sale of such power, it is hereby
expressly authorized, either from appropriations made by Congress or from
funds secured from the sale of such power, or from funds secured by the sale
of bonds hereafter provided for to construct, lease, purchase, or authorize the
construction of transmission lines within transmission distance from the
place where generated, and to interconnect with other systems. The Board
Is also authorized to lease to any person, persons, or corporation the use of
any transmission line owned by the Government and operated by the Board,
but no such lease shall be made that in any way interferes with the use of
such transmission line by the Board: Provided, That if any State, county,
municipality, or other public or co-operative organization of citizens or
farmers, not organized or doing business for profit, but primarily for the
purpose of supplying electricity to its owe citizens or members, or any
two or more of such municipalities or organizations, shall construct or agree
to construct and maintain a property designed and built transmission line
to the Government reservation upon which is located a Government generating plant, or to a main transmission line owned by the Government or leased
by the Board and under the control of the Board, the Board is hereby authorized and directed to contract with such State, county, municipality, or other
organization, or two or more of them, for the sale of electricity for a term
not exceeding 30 years; and in any such case the Board shall give to such
State, county, municipality or other organization ample time to fully comply with any local law nor:' in existence or hereafter enacted providing for
the necessary legal authority for such State, county, municipality, or other
organization to contract with the Board for such power: Provided further,
That all contracts entered into between the Corporation and any municipality or other political subdivision or co-operative organization shall provide that the electric power shall be sold and distributed to the ultimate
consumer without discrimination as between consumers of the same class,
and such contract shall be voidable at the election of the Board if a discriminatory rate, rebate, or other special concession is made or given to any
consumer or user by the municipality or other political subdivision or cooperative organization: And provided further, That as to any surplus power
not so sold as above provided to States, counties, municipalities, or other said
organizations, before the Board shall sell the same to any person or corporation engaged in the distribution and resale of electricity for profit, It shall
require said person or corporation to agree that any resale of such electric
power by said person or corporation shall be made to the ultimate consumer
of such electric power at prices that shall not exceed a schedule fixed by
the Board from time to time as reasonable, just, and fair; and in case Of
any such sale, if an amount is charged the ultimate consumer which is in
excess of the price so deemed to be just, reasonable, and fair by the Board,
the contract for such sale between the Board and such distributor of electricity shall be voidable at the election of the Board: And provided further,
That the Board is hereby authorized to enter into contracts with other
power systems for the mutual exchange of unused excess power upon suitable
terms, for the conservation of stored water, and as an emergency or breakdown relief.
Sec. 13. Five per centum of the gross proceeds received by the Board for
the sale of power generated at Dam Numbered 2, or from any other hydropower plant hereafter constructed in the State of Alabama, shall be paid
to the State of Alabama; and 5 per centum of the gross proceeds from the
sale of power generated at Cove Creek Dam, hereinafter provided for, or any
other dam located in the State of Tennessee, shall be paid to the State of
Tennessee. Upon the completion of said Cove Creek Dam the Board shall
ascertain how much additional power is thereby generated at Dam Numbered 2 and at any other dam hereafter constructed by the Government of
the United States on the Tennessee River, in the State of Alabama, or in the
State of Tennessee, and from the gross proceeds of the sale of such additional
power 2% per centurn shall be paid to the States of Alabama and 2% per
centum to the State of Tennsseee. These percentages shall apply to any
other dam that may hereafter be constructed and controlled and operated
by the Board on the Tennessee River or any of its tributaries, the main
purpose of which is to control flood waters and where the development of
electric power is incidental to the operation of such flood-control dam. In
ascertaining the gross proceeds from the sale of such power upon which a
percentage is paid to the States of Alabama and Tennessee the Board shall
not take into consideration the proceeds of any power sold or delivered to
the Government of the United States, or any department or agency of the
Government of the United States, used in the operation of any locks on the
Tennessee River or for any experimental purpose, or for the manufacture of
fertilizer or any of the ingredients thereof, or for any other governmental purpose: Provided, That the percentages to be paid to the States of Alabama
and Tennessee, as provided in this section, shall be subject to revision and
change by the Board, and any new percentages established by the Board, when
approved by the President shall remain in effect until and unless again
.
changed by the Board win), the approval of the President. No change of
said percentages shall be made more often than once in five years, and no
made without giving to the States of Alabama and Tennessee
change shall be
an opportunity to be heard.
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present
Sec. 14. The Board shall make a thorough investigation as to the
1,
value of Dam Numbered 2, and the steam plants at nitrate plant numbered
Dam, for
and nitrate plant numbered 2, and as to the cost of Cove Creek
properthe purpose of ascertaining how much of the value or the cost of said
navigation,
ties shall be allocated and charged up to (1) flood control, (2)
The
(3) fertilizer, (4) national defense, and (5) the development of power.
the
findings thus made by the Board, when approved by the President of
thereafter be used in
United States, shall be final, and such findings shall
of said
all allocation of value for the purpose of keeping the book value
steam
properties. In like manner, the cost and book value of any dams,
turned
plants, or other similar improvements hereafter constructed and
shall be
over to said Board for the purpose of control and management
ascertained and allocated.
plant, or other
Sec. 15. In the construction of any future dam, steam
transmission
facility, to be used in whole or in part for the generation or
empowered to issue on
of electric power, the Board is hereby authorized and
not exceeding $50,the credit of the United States and to sell serial bonds
from the date
000,000 in amount, having a maturity not more than 50 years
per centam per
of issue thereof, and bearing interest not exceeding 3%
prices approved
annum. Said bonds shall be issued and sold in amounts and
as may be so issued and
by the Secretary of the Treasury, but all such bonds
sold below par,
sold shall have equal rank. None of said bonds shall be
be paid to any
and no fee, commission, or compensation whatever shall
or selling the
person, firm, or corporation for handling, negotiating the sale,
have all the rights
said bonds. All of such bonds so issued and sold shall
authorized by
bonds,
and privileges accorded by law to Panama Canal
by the Act
Section 8 of the Act of June 28 1902, Chapter 1302, as amended
5), as now compiled in Section 743
of Dec. 21 1905 (Ch. 3, Sec. 1, 34 Stat.
from the sale of
of Title 31 of the United States Code. All funds derived
such bonds shall be paid over to the Corporation.
advisable, is hereby
Sec. 16. The Board, whenever the President deems it
Muscle Shoals,
empowered and directed to complete Dam Numbered 2 at
in the vicinity
Alabama, and the stearn plant at nitrate plant numbered 2,
the additional power
of Muscle Shoals, by installing in Dam Numbered 2
and the additional
units according to the plans and specifications of said dam.
power unit in the steam plant at nitrate plant numbered 2.
is hereby
Sec. 17. The Secretary of War, or the Secretary of the Interior,
lowest responauthorized to construct, either directly or by contract to the
Clinch River in
sible bidder, after due advertisement, a dam in and across
become known and desigthe State of Tennessee, which has by long custom
line from Muscle
nated as the Cove Creek Darn, together with a transmission
including power
Shoals, according to the latest and most approved designs,
the generation of
house and hydro-electric installations and equipment for
be impounded
power, in order that the waters of the said Clinch River may
regulating the
and stored above said dam for the purpose of increasing and
that the maxiflow of the Clinch River and the Tennessee River below, so
Numbered 2 and
mum amount of primary power may be developed at Dam
Provided, howat any and all other dams below the said Cove Creek Dam:
order to direct
ever, That the President is hereby authorized by appropriate
of the Interior,
the employment by the Secretary of War, or by the Secretary
such duties
of such engineer or engineers as he may designate, to perform
of plans and
and obligations as he may deem proper, either in the drawing
or
specifications for said dam, or to perform any other work in the building
the
construction of the same. The President may, by such order, place
engineer or
control of the construction of said dam in the hands of such
further,
engineers taken from private life as he may desire: And provided
That the President is hereby expressly authorized without regard to the
assistrestriction or limitation of any other statute, to select attorneys and
ants for the purpose of making any investigation he may deem proper to
2, or
ascertain whether, in the control and management of Dam Numbered
River
any other dam or property owned by the Government in the Tennessee
therein, there has been
Basin, or in the authorization of any improvement
partnerships, or
any undue or unfair advantage given to private persons,
whether in
corporations, by any officials or employees of the Government, or
of
any such matters the Government has been injured or unjustly deprived
any of its rights.
the SecreSec. 18. In order to enable and empower the Secretary of War,
authority hereby contary of the Interior. or the Board to carry out the
or it is hereby
ferred, in the most economical and efficient manner, he
national defense
authorized and empowered in the exercise of the powers of
the Tennessee
in aid of navigation, and in the control of the flood waters of
e commerce, to
and Mississippi Rivers, constituting channels of inter-Stat
Act, and to
exercise the right of eminent domain for all purposes of this
necessary in
condemn all lands, easements, rights of way, and other area
rights for
order to obtain a site for said Cove Creek Dam, and the flowage
conclude conthe reservoir of water above said dam and to negotiate and
with
tracts with States, counties, municipalities, and all State agencies and
comrailroads, railroad corporations, common carriers, and all public utility
of
missions and any other person, firm, or corporation, for the relocation
railroad tracks, highways. highway bridges, mills, ferries, electric-light
whose
plants, and any and all other properties, enterprises, and projects
removal may be necessary in order to carry out the provisions of this Act.
power house shall have
When said Cove Creek Dam, transmission line, and
been completed, the possession, use, and control thereof shall be intrusted
to the Corporation for use and operation in connection with the general Tennessee Valley project, and to promote flood control and navigation in the
Tennessee River.
Sec. 19. The Corporation. as an instrumentality and agency of the Government of the United States for the purpose of executing its constitutional
powers, shall have access to the Patent Office of the United States for the
purpose of studying, ascertaining, and copying all methods, formulae, and
scientific information (not including access to pending applications for
patents) necessary to enable the Corporation to use and employ the most
efficacious and economical process for the production of fixed nitrogen, or
any essential ingredient of fertilizer, or any method of improving and cheapening the production of hydro-electric power, and any owner of a patent
whose patent rights may have been thus in any way copied, used, infringed,
or employed by the exercise of this authority by the Corporation shall have
as the exclusive remedy a cause of action against the Corporation to be
instituted and prosecuted on the equity aide of the appropriate district court
of the United States, for the recovery of reasonable compensation for such
infringement. The Commissioner of Patents shall furnish to the Corporation,
at its request and without payment of fees, copies of documents on file in
his office: Provided, That the benefits of this section shall not apply to
any art, machine, method of manufacture, or composition of matter, discovered or invented by such employee during the time of his employment or
service with the Corporation or with the Government of the United States.
Sec. 20. The Government of the United States hereby reserves the right.
in case of war or national emergency declared by Congress, to take possession
of all or any part of the property described or referred to in this Act for the
3794
Financial Chronicle
purpose of manufacturing explosives or for other war purposes; but, if this
right is exercised by the Government, it shall pay the reasonable and fair
damages that may be suffered by any party whose contract for the purchase of electric power or fixed nitrogen or fertilizer ingredients is
hereby violated, after the amount of the damages has been fixed by the
United States Court of Claims in proceedings instituted and conducted for
that purpose under rules prescribed by the court.
Sec. 21. (a) All general penal statutes relating to the larceny, embezzlement, conversion, or to the improper handling, retention, use, or disposal of
public moneys or property of the United States. shall apply to the moneys
and property of the Corporation and to moneys and properties of the United
States intrusted to the Corporation.
(b) Any person who, with intent to defraud the Corporation, or to deceive
any director, officer, or employee of the Corporation or any officer of employee of the United States (1) makes any false entry in any book of the
Corporation, or (2) makes any false report or statement for the Corporation,
shall, upon conviction thereof, be fined not more than $10,000 or imprisoned not more than five years, or both.
(c) Any person who shall receive any compensation. rebate, or reward, or
shall enter into any conspiracy, collusion, or agreement, express or implied,
with intent to defraud the Corporation or wrongfully and unlawfully to
defeat its purposes, shall, on conviction thereof, be dined not more than $5,000
or imprisoned not more than five years, or both.
Sec. 22. To aid further the proper use, conservation, and development
of the natural resources of the Tennessee River drainage basin and of such
adjoining territory as may be related to or materially affected by the development consequent to this Act, and to provide for the general welfare of
the citizens of said areas, the President is hereby authorized, by such means
or methods as he may deem proper within the limits of appropriations made
therefor by Congress, to make such surveys of and general plans for said
Tennessee basin and adjoining territory as may be useful to the Congress
and to the several States in guiding and controlling the extent, sequence,
and nature of development that may be equitably and economically advanced
through the expenditure of public funds, or through the guidance or control
of public authority, all for the general purpose of fostering an orderly and
proper physical, economic, and social development of said areas; and the
President is further authorized in making said surveys and plans to cooperate with the States affected thereby, or subdivisions or agencies of such
States, or with co-operative or other organizations, and to make such studies,
experiments, or demonstrations as may be necessary and suitable to that end.
Sec. 23. The President shall, from time to time, as the work provided for
in the preceding section progresses, recommend to Congress such legislation
as he deems proper to carry out the general purposes stated in said section,
and for the especial purpose of bringing about in said Tennessee drainage
basin and adjoining territory in conformity with said general purposes (1)
the maximum amount of flood control; (2) the maximum development of
said Tennessee River for navigation purposes; (3) the maximum generation
of electric power consistent with flood control and navigation; (4) the proper
use of marginal lands; (5) the proper method of reforestation of all lands
in said drainage basin suitable for reforestation; and (6) the economic and
social well-being of the people living in said river basin.
Sec. 24. For the purpose of securing any rights of flowage, or obtaining
title to or possession of any property, real or personal, that may be necessary
or may become necessary, in the carrying out of any of the provisions of this
Act, the President of the United States for a period of three years from the
date of the enactment of this Act, is hereby authorized to acquire title in the
name of the United States to such rights or such property, and to provide
for the payment for same by directing the Board to contract to deliver
power generated at any of the plants now owned or hereafter owned or constructed by the Government or by said Corporation, such future delivery
of power to continue for a period not exceeding 30 years. Likewise, for one
year after the enactment of this Act, the President is further authorized to
sell or lease any parcel or part of any vacant real estate now owned by the
Government in said Tennessee River Resin, to persons, firms, or corporations
who shall contract to erect thereon factories or manufacturing establishments, and who shall contract to purchase of said Corporation electric power
for the operation of any such factory or manufacturing establishment. No
contract shall be made by the President for the sale of any such real estate
as may be necessary for present or future use on the part of the Government
for any of the purposes of this Act. Any such contract made by the President of the United States shall be carried out by the Board: Provided,
That no such contract shall be made that will in any way abridge or take
away the preference right to purchase power given in this Act to States,
counties, municipalities, or farm organizations: Provided further, That no
lease shall be for a term to exceed 50 years: Provided further, That any
sale shall be on condition that said land shall be used for indratrial purposes only.
Sec. 25. The Corporation may cause proceedings to be instituted for the
acquisition by condemnation of any lands, easements, or rights of way which,
In the opinion of the Corporation, are necessary to carry out the provisions
of this Act. The proceedings shall be instituted in the United States district
court for the district in which the land, easement, right of way, or other
Interest, or any part thereof, is located, and such court shall have full
jurisdiction to divest the complete title to the property sought to be acquired
out of all persona or claimants and vest the same In the United States in fee
simple, and to enter a decree quieting the title thereto in the United States
of America.
Upon the filing of a petition for condemnation and for the purpose of
ascertaining the value of the property to be acquired, and assessing the compensation to be paid, the court shall appoint three commissioners who shall
be disinterested persons and who shall take and subscribe an oath that they
do not own any lands, or interest or easement in any lands, which it may be
desirable for the United States to acquire in the furtherance of said project,
and such commissioners shall not be selected from the locality wherein the
land sought to be condemned lies. Such commissioners shall receive a per
diem of not to exceed $15 for their services, together with an additional
amount of $5 per day for subsistence for time actually spent in performing
their duties as commissioners.
It shall be the duty of such commissioners to examine into the value of
the lands sought to be condemned, to conduct hearings and receive evidence,
and generally to take such appropriate steps as may be proper for the
determination of the value of the said lands sought to be condemned, and
for such purpose the commissioners are authorized to administer oaths and
subpoena witnesses, which said witnesses shall receive the same fees as are
provided for witnesses in the Federal courts. The said commissioners shall
thereupon file a report setting forth their conclusions as to the value of the
said property sought to be condemned, making a separate award and valuation in the premises with respect to each separate parcel involved. Upon the
filing of such award in court the clerk of said court shall give notice of the
June
3 1933
filing of such award to the parties to said proceeding, in manner and form
as directed by the judge of said court.
Either or both parties may file exceptions to the award of said commie.
sioners within 20 days from the date of the filing of said award in court.
Exceptions filed to such award shall be heard before three Federal district
judges unless the parties, in writing, in person, or by their attorneys, stipulate that the exceptions may be beard before a lesser number of judges. On
such hearing such judges shall pass de novo upon the proceedings had before
the commissioners, may view the property, and may take additional evidence.
Upon such hearings the said judges shall file their own award, fixing therein
the value of the property sought to be condemned, regardless of the award
previously made by the said commissioners.
At any time within 30 days from the filing of the decision of the district
judges upon the hearing on exceptions to the award made by the commissioners, either party may appeal from such decision of the said judges to the
circuit court of appeals, and the said circuit court of appeals shall upon
the hearing on said appeal dispose of the same upon the record, without
regard to the awards or findings theretofore made by the commissioners or
the district judges, and such circuit court of appeals shall thereupon fix
the value of the said property sought to be condemned.
Upon acceptance of an award by the owner of any property herein provided to be appropriated, and the payment of the money awarded or upon
the failure of either party to file exceptions to the award of the commissioners within the time specified, or upon the award of the commissioners, and
the payment of the money by the United States pursuant thereto, or the
payment of the money awarded into the registry of the court by the Corporation, the title to said property and the right to the possession thereof shall
pass to the United States, and the United States shall be entitled to a writ
in the same proceeding to dispossess the former owner of said property, and
all lessees, agents, and attorneys of such former owner, and to put the United
States, by its corporate creature and agent, the Corporation, into possession
of said property.
In the event of any property owned in whole or in part by minors, or
insane persons, or incompetent persons, or estates of deceased persons, then
the legal representatives of such minors, insane persons, incompetent persons, or estates shall have power, by and with the consent and approval of
the trial judge in whose court said matter Is for determination, to consent
to or reject the awards of the commissioners herein provided for, and in the
event that there be no legal representatives, or that the legal representatives
for such minors, insane persons, or incompetent persons shall fail or decline
to act, then such trial judge may, upon motion, appoint a guardian ad litem
to act for such minors, insane persons, or incompetent persons, and such
guardian ad litem shall act to tlie full extent and to the same purpose and
effect as his ward could act, if competent, and such guardian ad litem shall
be deemed to have full power and authority to respond, to conduct, or to
maintain any proceeding herein provided for affecting his said ward.
Sec. 26. the net proceeds derived by the Board from the sale of power
and any of the products manufactured by the Corporation, after deducting
the cost of operation, maintenance, depreciation, amortization, and an
amount deemed by the Board as necessary to withhold as operating capital,
or devoted by the Board to new construction, shall be paid into the Treasury
of the United States at the end of each calendar year.
Sec. 27. All appropriations necessary to carry out the provisions of this
Act are hereby authorized.
Sec. 28. That all Acts or parts of Acts in conflict herewith are hereby
repealed, so far as they affect the operations contemplated by this Act.
Sec. 29. The right to alter, amend, or repeal this Act is hereby expressly
declared and reserved, but no such amendment or repeal shall operate to
impair the obligation of any contract made by said Corporation under any
power conferred by this Act.
Sec. 30. The sections of this Act are hereby declared to be separable,
and in the event any one or more sections of this Act be held to be unconstitutions, the same shall not affect the validity of other sections of this Act.
Approved May 18 1933.
Silver Shipments from China to United States
Expected to Continue.
Exports of silver from China to the United States during
the period April 24 to May 3, inclusive, totaled 15,251,457
ounces, valued at $4,869,921, according to a cablegram from
Consul-General Edwin S. Cunningham, Shanghai, made public by the Commerce Department on May 10, at which time
the Department said:
Exports of silver from China became commercially profitable after
April 22 and it is the opinion in Shanghai that exports will continue so
long as the present disparity in the value of silver at New York and Shanghai
maintains unless the prevailing Chinese export duty of 2
/ ad valorem
1
4%
is correspondingly increased or an embargo on silver shipments is imposed,
according to the Consul-General.
Stocks of silver in Shanghai are estimated at approximately 360,000,000
ounces, according to the cable.
India Exported 34,664,500 Standard Ounces of Silver
During 1932—Imports Amounted to 8,718,900
Ounces.
Under date of May 22, the Department of Commerce at
Washington issued the following:
India exported 34,664,500 standard ounces of silver during 1932 and imported only 8,718,900 standard ounces, according to preliminary reports re-
ceived from India by the Finance Division of the Commerce Department.
Practically all the imports were on private account.
Of the 34,664,500 ounces of exports, the Government shipped 26,107,100
standard ounces, or slightly more than its silver exports during 1931.
During the find two months of 1933 net exports of silver from India
totaled 9,208,000 standard ounces. Imports were only about 948,000 ounces
and gross exports about 10,156,000 ounces, of which Government exports
accounted for 8,727,000.
In contrast to the silver trade India's net gold exports of 9,470,000 tine
ounces during 1932 were entirely on private account. Gross exports were
9,671,200 fine ounces, and imports 201,000 ounces. During the first two
months of 1938 net exports of gold amounted to 1,195,000 fine ounces, all on
private account. (One fine ounce of gold equals approximately $20.67 with
the dollar at par.)
Volume 136
Financial Chronicle
3795
THE OPENING OF THE
INTERNATIONAL EXPOSITION
AT CHICAGO, ILLINOIS
"A Century of Progress" in the Theatre of the World
Postmaster-General) Farley, Representing President
Roosevelt—Chicago's Century of Progress Typical
of CenturyTof Progress of Nation—Says Fate Has
Made Us Central Figure in World-Wide Negotiations.
Speaking as the representative of President Roosevelt at
the opening, on May 27, of Chicago's "Century of Progress,"
Postmaster-General James A. Farley stated that "President
.Roosevelt has delegated to me the honor of representing him
at the opening of this great Exposition." Mr. Farley, according to the Chicago "Tribune," went on to say that "Chicago's
undertaking this stupendous recognition of a century of
progress is no municipal affair, although the city has reason
for its pride in the magnificence of the effort. A Century of
Progress in Chicago is typical of a century of progress of
the nation.
"The development of the little settlement around Fort
Dearborn into the magnificent metropolis now called Chicago
typifies the growth of the nation which 100 years ago consisted of a thin line of States along the Atlantic border, with
projections here and there toward the Western wilderness,
into the most powerful country in the world." In congratulating Chicago, and welcoming its visitors, Mr. Farley felicitated Chicago "on having as directing head of this enterprise
your distinguished townsman, Rufus C. Dawes, under whose
masterly leadership the vision of a world exposition has become.a reality more beautiful than the hopes of those who
conceived it."
Mr. Farley indicated that the real purpose of his presence
was to convey the message of President Roosevelt, which we
are giving elsewhere. From the Chicago "News" we quote
further, as follows, what Postmaster-General Farley had to
say,in part:
"A hundred years ago we had not long emerged from a war which we did
not know whether we had won or not—a war which, though rather slighted
In history, was second in importance to America only to the revolution, for
It confirmed the promise of the struggle through which we had gained our
Independence.
"Chicago's motto, 'I Win,' might have been the watchword of the whole
United States, for in effect that is the spirit that has made you one of the
great cities of the world as it has lifted your country into eminence among
the nations.
Brings Roosevelt's Regrets.
"So it is fitting that our great President should have a part in your celebration. It is with keen regret that he could not be with you in person. Not
only did he realize the importance of this occasion, but Chicago stands out
In his memory as the greatest triumph of his career thus far. It was here
that his party nominated him for thd Presidency.
"Moreover, there is the tie of friendship with your martyred Mayor. The
most intense moment of our President's career was when he held in his arms
the friend who had stopped the deadly bullet aimed at his own heart. So it
Is that by sentiment, gratitude and by appreciation of the sturdy part this
city has played in the national life that President Roosevelt felt bound
to Chicago and was so reluctant to give up this engagement with you."
Mr. Farley then explained that President Roosevelt was the busiest man
in the world to-day, and the constant pressure to which he is subject involves
the welfare of the country and perhaps of the whole world.
"These are not engagements which can be postponed," he continued.
"Our envoys to the International Economic Conference are about to start
for London. They will be in session with the representatives of every other
great nation seeking methods by which commercial peace may be restored
to a sadly distracted globe, the currencies of which are all at odds, the
balance of which is all upset with each nation striving desperately to help
its own people regardless of the fate of the others, to the further confusion
of the fortunes of all.
United States Is Central Figure.
"Fate has made us the central figure in world-wide negotiations. We are
unique in a disturbed world in our immunity from fears of a military
almost
kind, and for that reason can enter into these international conversations
without anybody suspecting us of hidden purposes or selfish plans. Naturally
the world looks to us for leaderships and must not look in vain.
"Bitter experience has taught us that complete isolation is no longer
possible. Time was when we could look on a war across the seas with
as much detachment as we would a tornado in the Indian Ocean. Now
a major financial earthquake in mid-Europe closes banks in Chicago; our
markets rise and fall with a bumper crop or harvest failure in the Argentine.
The shifting values of foreign exchange rock our own security exchanges.
"In the final analysis each nation must work out its own destiny, but in
the process it must contribute something to the rest. They produce many
things we need; we can supply much they require. The resulting interchange should increase the profits on each side."
Mr. Farley then traced the history of tariff duties, showing how nations
tried, sometimes successfully, to win wealth for. themselves by excluding
the products of less resourceful countries or by levying tribute on importations, until in the end one tariff was answered by another "until the customs
walls have become insurmountable barriers," and trade was left to languish
from the Occident to the Orient.
Significant in World Trade.
"In the face of this paralysis of trade such a gathering as this memorial
to a country's progress is invaluable," said Mr. Farley. "This exposition
we begin to-day may well be as significant a factor in an international trade
revival as the Economic Conference itself if the latter realizes our fondest
hopes.
"I do not mean to intimate or suggest that the tariff towers will crumble
and the whole world be on a free-trade basis, for a thousand elements preclude this. A certain measure of protection is requisite, for revenue, for
encouraging domestic industries, for maintaining wages and a reasonably
high standard of living. . . . But there must be a temperance in tariffs.
Somewhere between the exorbitant heights and the absolute zero of duties
there must be a workable mean. When that is found the tides of trade will
flow with reasonable freedom to the end that no nation will be swamped
by competition it cannot meet and no nation will be able to profiteer through
tariff exactions."
Message of President Roosevelt to Fair.
Unable to be present at the opening of Chicago's "Century
of Progress" on Saturday, May 27, the felicitations of President Franklin D. Roosevelt nevertheless featured the start
of the mammoth Exposition. The President's message was
delivered at the formal opening ceremony by PostmasterGeneral James A. Farley, the President's representative at
the Fair. His conviction that the Exposition will be "one
of the historic gatherings" was expressed by President
Roosevelt, who also voiced it as his hope that it will mark
"the inauguration of a century of even greater progress—
progress not only along material lines; progress not only of
my own country, but a world uplifting that will culminate
in the greater happiness of mankind."
The President's message follows:
I have already expressed my regrets to President Dawes of the Exposition
at my inability to fulfill my engagement to open the Century of Progress
celebration, which I am sure will be one of the historic gatherings, and
which I hope will be the inauguration of a century of even greater progress—
progress not only along material lines; progress not only of my own country, but a world uplifting that will culminate in the greater happiness of
mankind, and release all peoples from the outworn processes and policies
that have brought about such a commercial and industrial depression as has
plagued every country on the globe.
Certainly the human intelligence that has accomplished the industrial and
cultural results displayed at your Exposition need not fall short of devising
methods that will insure against another perilous approach to collapse such
as that from which we are now emerging. The long and painful story of
the progress of mankind to the development of what we term civilization is
divided into chapters each of which marks the overcoming of a curse on
humanity.
Slavery, private wars, piracy, brigandage and well-nigh universal tyranny
have in turn been conquered and done away with. Plagues which in past
centuries decimated populations at frequent intervals have been studied and
medicine has triumphed over most of them. Here and there appear, perhaps,
sporadic vestiges of intolerance and cruel despotism, but what a change
from the world conditions in which they were practically universal!
Yet all of these have in their time been deemed the inescapable crosses of
mankind—beyond human power to ameliorate, much less cure. The advance
of science and the evolution of humanity and charity made it known to us
that whatever is the result of human agency is capable of correction by
human intelligence. Who is there of so little faith as to believe that man
Is so limited that he will not find a remedy for the industrial ills that
periodically make the world shiver with doubt and terror?
Every convention of the peoples of the world brings nearer the time of
mutual helpfulness, so I welcome the celebration you are now beginning.
It is timely not only because it marks a century of accomplishment, but it
comes at a time when the world needs nothing so much as a better mutual
understanding of the peoples of the earth.
I congratulate Chicago and its guests and wish the exposition unbounded
success—success as a show but more success in helping to bring about a
binding friendship among the nations of the earth.
3796
Financial Chronicle
June 3 1933
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, June 2 1933.
The evidence is voluminous and cumulative that this
country is distinctly on the mend. Trade, in other
words, continues to improve in both wholesale and retail
lines. The news is distinctly favorable and trade and prices
are moving into new high grounds for the year. Collections
are better. Credit has improved. The production of steel
is increasing. Even the copper trade, so long in the doldrums, is moving upward. Tin plate production is on a big
scale. Trade in lead and zinc for weeks past has been steadily
moving upward. Stocks and commodities have been active
and rising. To-day there was another outburst of activity
and strength in the stock market which is attracting general
attention. U.S. Steel touched a new high for the movement.
All this merely reflects the rising tide of trade in this country.
Production of various commodities is increasing and wages
In some cases are being advanced. The chief improvement
Is in the output of textiles such as cotton, woolen and
worsteds, but there is also steady improvement in the iron
and steel business which has always been more or less a
barometer of trade in this country. The demand for textiles
is notably good. The distrubition of cotton piece goods
during May exceeded that of either 1931 or 1932, with prices
approximately 10% higher than they were a month ago and
there are indications that the advance is going further.
The National Cotton Week promotions held during the
month of May resulted in the largest sales ever recorded for
this period. The demand was not confined to cotton staples,
however, or to yard goods but extended to ready-to-wear
items. This factor alone received wide publicity and tended
to increase the demand for other commodities on the principal
that example is contagious. One fact that stands out clear
and illuminative of the increasing production in this country
is the steadily rising output of electric power. For four
weeks in succession, the production of electric power has been
larger than in the same weeks last year, the average for the
latest week being nearly 6%,a progressive increase. In New
England the increase was even more striking, being over
11%. In other words the great organs of production are increasing their output as the demand for goods steadily increases. The trade increase is due partly to the widely disseminated talk about inflation, the universal need of replenishment of commodities and the fear that prices are
destined to reach a very much higher level in a hundred lines
of industry. Fall buying budgets have already been extended
it is said, as much as 30% in textile lines and actual fall orders
placed thus far in some divisions are fully 25% ahead of those
booked in the same time last year. The wholesale shoe
business continues to break all records for shipments for the
last 10 or 15 years. The demand is coincident with the
increase in employment in the industry. It is estimated that
80% of the shoe workers in this country are now employed.
This year retailers appear to be selecting their stocks of footwear judiciously, calling for correct style of good quality.
With basic industry improving it is small wonder that the
feeling throughout the country is more cheerful week by week.
One reason for this is the improvement in collections here
and there in this country as a natural result of the quicker
turnover. In the steel trade prices are generally firm and
some expect an advance in the third quarter. Billets and
sheet bars are $25 at Pittsburgh as a minimum while for
the third quarter an advance of $2.00 would not be surprising.
In fact it is expected in certain quarters of the trade. Wholesalers are being hurried to fill the requests for shipments of
summer goods which retailers badly need because of the
suddenness and unexpected size of the buying movement in
the last two months. The farmers' purchasing capacity is
larger after the great rise in their products. Purchases
made thus far for June delivery are estimated conservatively
to be at least 10% larger than those for the same time last
year. Re-orders for summer merchandise have been particularly large for dresses, sporting clothing, shoes, bathing
suits, beachwear generally, novelty jewelry and men's straw
hats. Orders for fall delivery of house furnishings and furniture are noted with prices rising in both divisions. In some
cases merchandise prices are not being quoted beyond the
middle of July. There is an old saying to the effect that
"success lies at the far end of a corduroy road." Perhaps
this may be illustrated in toe case of this country. Absolute
success in getting back to the hard firm ground of normal prepanic times has not yet been attained but what heartens
the American people is to know that progress to this end is
being steadily achieved.
In New York trade is increasing, even building showing
signs of awakening which has helped steel operations.
Other industries here have also improved including leather,
textiles and automobiles. It has put new snap into the
situation that both stocks and commodities were at times
extraordinarily active with the stock ticker nearly half an
hour behind the trading. Retail trade was also active. In
Chicago the pre-exposition trade was very promising.
Wholesale trade was good and hotels were more crowded
than usual. Steel output was about 35% and some new
lines were opening up. Plates were in better demand from
the building industry. It is true that the dollar volume of
wholesale trade is below that of last year but in not a few
eases there was an increase over that for March.
In St. Louis, with lead and zinc prices higher, mining•
operations are up to full capacity and this means increased
employment. The shoe industry is more active and other
industries also show more life so that relief stations report
less call upon them. Large department stores are said to
be adding to the number of employees as sales increase. In
Kansas City trade maintains its recent improvement. In
Cleveland retail trade increased sharply. Steel operations
were 56% at Cleveland, 80 at Wheeling, 25 at Pittsburgh
and 45 at Youngstown. The increase in shoe production
in April was at the rate of 40% over April last year with
signs of still greater improvement. Employment in most
cases has greatly improved since early in the year. Besides,
hours of labor have increased and in some instances, wages.
In Minneapolis good weather has helped trade greatly and
sales have increased even over those of recent favorable
weeks. Some large department stores have increased wages
and also some of the smaller industries. Flour was dull but
the business was still noticeably larger than a year ago and
there is a gain in shoes, clothing and paints.
In Philadelphia trade increases, though it is true that
retail sales are below those of a year ago in most cases.
Larger retail sales were made in wearing apparel, groceries
and hardware. The business in electrical supplies and drugs
was good. In San Francisco store business is better.
Lumber and steel are in better shape. Atlanta's trade was
reduced by the intense heat. Boston reports most of the
textiles at or near capacity. Some of them, indeed, have
brgun night work as the demand for both woolen and cotton
goods is persistent. Most of the shoe manufacturers have
further increased operations and the sale of the product is
rapid. Steel trade is better. Department stores are busier.
In the stock market, the 27th was one of the most hectic
days in the history of the New York Stock Exchange. The
turnover was 4,311,340 shares, the largest for a Saturday
since May 3 1930 and the second largest half-day's business
in the history of the Exchange. The total for the first hour
was 2,560,000 shares and quotations continued to be printed
41 minutes after the close on the ticker. Average prices
reached the highest levels in over two years and gains of
from $2 to $8 a share were common. Wall Street interpreted the Administration's bill to repeal the gold clause in
obligations as a new move toward inflation and all markets,
for commodities as well as securities, jointed in the bullish
demonstration. Trade news provided additional incentive.
Steel operations were up to approximately 43% Car loadings were larger than the previous week as well as for the
same week in 1932 and an advance in copper prices were
only a few of the indications of improved conditions. Bonds
followed the lead of stocks although the advance was not as
spectacular. Total sales were $9,916,000. U. S. Governments were irregular and the higher grade domestic issues
lagged somewhat. Speculative bonds scored some marked
advances, particularly some of the railroad group and
foreign issues were firm as a rule.
On the 29th trading assumed broader proportions than for
nearly three years although the net price changes at the end
of the session showed only a small average gain. Transactions in stocks amounted to 6,953,640 shares and in bonds
$15,720,000. A tremendous amount of profit-taking was
absorbed. Favorable trade news accumulating over the
week-end was sufficient in itself to have brought more
public interest into the market but when the inflationary
fever was added to it, speculation assumed proportions
reminiscent of 1929's peak bull market days. Railroad
stocks were relatively stronger than industrials although the
oils were bouyant. Bonds were far less active than stocks,
proportionately, and were rather mixed in tone. United
States Government's showed little trend either way. Some
domestice railways scored substantial advances but foreign
bonds did not make so good a showing and some domestic
issues were also weak.
On the 31st, after the holiday on the 30th, the turnover
was again of huge proportions, although nearly a million
shares under that of the preceding Monday. Total transactions amounted to 6,076,350 shares. Prices churned
around for the most part with little net change in the averages
although the tone at the close was rather tired and declines
were more numerous than advances. Low-priced stocks
were the principal features as far as strength was concerned
while the market leaders were reactionary. Foreign markets
had been generally strong on the 30th, both for stocks and
commodities, and bullish sentiment was still much to the
fore when our market reopened on the 31st. Mid-week
trade news continued to be favorable. Total bond sales
were $16,114,000. Prices were generally firm with domestic
rails and some utilities the strongest features. United
States Governments were unchanged to fractionally lower.
Foreign bonds were steady.
On the 1st activity slackened somewhat although still remaining on a very generous scale. Total sales were 4,753,570
shares. After hesitating during the morning, prices firmed
up later in the day with the railroad group showing particular
strength. Some price increases in raw coffee and gasoline
were reflected in the afternoon trading also. Oil companies
are counting largely on governmental regulation to straighten
out a badly demoralized condition with it appears,some prospect of their hopes being realized. Sales of bonds totaled
$14,971,000. The market showed an irregular tendency
with the lower grades scoring some substantial gains. Most
of the foreign group were soft. U. S. governments were
reactionary.
Stocks to-day ended 1 to 10 points higher after another
day of great activity. The sales aggregated 6,877,860
shares. U. S. Steel made a new high for the year as did a
long list of other shares. Such leaders as Allied Chemical
and du Pont were in the van. Bonds advanced as much as
8 points in some instances and trading was brisk. Sharp
advances were recorded in railroad and secondary utility
issues. Sales were estimated at $17,000,000.
As to the weather it was warm with showers over Saturday
and Sunday. Generally the forepart of the week was rainy
and cool. It was clear and cooler here on the 1st inst.
To-day it was 51 to 69 degrees here and clear. The forecast
was for fair and warmer weather to-morrow. Overnight
Boston was 48 to 62 degrees; Baltimore,54 to 70; Pittsburgh,
52 to 70; Portland, Me., 46 to 64; Chifago, 64 to 78; Cincinnati, 56 to 74; Cleveland, 58 to 74; Detroit, 60 to 80;
Louisville, 58 to 74; Milwaukee, 64 to 76; Dallas, 68 to 82;
Savannah, 60 to 80; Kansas City, 68 to 84; St. Paul, 70 to
90; Oklahoma City, 68 to 86; St. Louis, 64 to 82; Denver,
56 to 86; Salt Lake City, 56 to 84; Los Angeles, 52 to 60;
Portland, Ore., 52 to 72; San Francisco, 48 to 58; Seattle,
50 to 64; Montreal,48 to 64; and Winnipeg,60 to 90 degrees.
Improvement in Weekly Electric Production Continues.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended May 27 1933 was 1,493,923,000 kwh., compared with 1,483,090,000 kwh. in the
previous week and 1,425,151,000 kwh. in the corresponding
period last year. The current figure is the highest since the
week of Jan. 14 1933.
The percentage increase for the week ended May 27 1933
was 4.8% over the same week in 1932, as against 3.3% for
the preceding week over the week ended May 21 1932. The
Institute's statement follows:
PER CENT CHANGES.
Major Geographic
Regions.
3797
Financial Chronicle
Volume 136
Week Ended
Week Ended
Week Ended
May 27 1933. May 20 1933. May 13 1933.
Week Ended
May 6 1933.
Atlantic Seaboard- - - New England (alone)_ _
Central Industrial_ ___
Pacific Coast
+6.3
+11.2
+5.4
-7.3
+5.0
+7.1
+3.5
-7.2
-4.2
+7.7
+1.4
-7.2
+2.9
+3.8
-0.2
-3.5
Total United States_
+4.8
+3.3
+2.2
+0.5
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930 is as follows:
Week of-
1933.
Week of-
1932.
Week of-
1931.
Jan. 14 1,495,116.000 Jan. 16 1,602.482,000 Jan. 17 1.716,822,000
Jan. 21 1,484,089.000 Jan. 23 1,598,201,000 Jan. 24 1,712.78.6.000
Jan. 28 1,469,636.000 Jan. 30 1,588,967,000 Jan. 31 1,687.160,000
Feb. 4 1,454.913,000 Feb. 6 1,588.853.000 Feb. 7 1,679.016,000
Feb. 11 1,482.509,000 Feb. 13 1,578,817.000 Feb. 14 1,683,712,000
Feb. 18 1,469.732,000 Feb. 20 1,545,459.000 Feb. 21 1.680.029,000
Feb. 25 1,425,511.000 Feb. 27 1,512,158.000 Feb. 28 1.633,353.000
Mar. 4 1.422.875,000 Mar. 5 1.519,679,000 Mar. 7 1,684,125,000
Mar. 11 1,390.607,000 Mar. 12 1,538,452.000 Mar. 14 1,676,422,000
Mar. 18 1.375,207,000 Mar. 19 1,537.747.000 Mar.21 1,682,437,000
Mar. 25 1,409.655,000 Mar. 26 1,514,553,000 Mar. 28 1,689,407.000
Apr. 1 1.402,142,000 Apr. 2 1.480,208.000 Apr. 4 1,679,764.000
Apr. 8 1,399.367,000 Apr. 9 1,465,076.000 Apr. 11 1,647,078.000
Apr. 15 1.409,603,000 Apr. 16 1,480,738,000 Apr. 18 1,641,253.000
Apr. 22 1,431,095,000 Apr. 23 1,469.810.000 Apr. 25 1,675.570.000
Apr. 29 1,427,960,000 Apr. 30 1,454.505,000 May 2 1,644.437,000
May 6 1.435.707,000 May 7 1,429,032,000 May 9 1,637.296.000
May 13 1,468,035.000 May 14 1,436.928,000 May 16 1,654,303,000
May 20 1.483.090.000 May 21 1,435.731,000 May 23 1,644.783,000
May 27 1,493,923,000 May 28 1,425,151,000 May 30 1,601,833,000
June 4 1,381.452,000 June 6 1,593.662.000
June 3
ei Increase over 1932.
DATA FOR RECENT MONTHS.
Month of--
1933.
1932.
1931.
1930.
1933
Under
1932.
6.7%
7.1%
7.5%
8.4%
6.1%
4.9%
5.7%
6.4%
9.6%
10.6%
6.9%
5.3%
4.5%
4.8%
2.6%
1.8%
50.5%
a2.2%
a3.3%
114.8%
1933
Under
1932.
January_ __ _ 6,480,897.000 7,011,736,000 7,435,782,000 8,021,749,000 7.6%
February ___ *5,835,263,000 6,494,091,000 6.678,915,000 7,066.788,000 10.1%
6,182,281,000 6,771.684,000 7,370,687,000 7,580,335.000 8.7%
March
6.294,302,000 7,184,514,000 7,416,191.000
April
6,219,554,000 7,180,210.000 7.494.807.000
May
6,130,077,000 7,070,729.000 7,239.697,000
June
6,112.175,000 7,286,576,000 7,363,730.000
July
6,310,667,000 7,166,086,000 7,391.196,000
August
6,317,733,000 7.099,421,000 7,337.106,000
September
_6,633,865,000 7,331,380,000 7,718,787,000
October
6.507,804,000 6,971.644.000 7.270312,000
November
-6,638,424,000 7.288,025.000 7,566,601,000
December77.442112.000 86.063.969.000 89.467.099.000
Tntsti
* February 1933 has one less working day than February 1932 (Leap Year).
-The monthly figures shown above are based on reports covering approxiNote.
mately 92% of the electric light and power Industry and the weekly figures are
based on about 70%.
Loading of Railroad Revenue Freight Increasing.
Loading of revenue freight for the week ended on May 20
totaled 531,618 cars, the car service division of the American
Railway Association announced on May 27. This was an
increase of 523 cars above the preceding week,and an increase
of 15,990 cars above the same week in 1932. It was however,
a decrease of 223,120 cars under the same week in 1931.
Comparisons showed that all commodities for the week of
May 20 showed increases over the corresponding waek last
year with the exception of merchandise less than carload
lot freight and live stock, which showed reductions. Details
follow:
20 totaled 201,693
Miscellaneous freight loading for the week of May
cars, an increase of 2,882 cars above the preceding week, and 8.044 cars
of
above the corresponding week in 1932. It was, however, a decrease
96.476 cars under the same week in 1931.
Loading of merchandise less than carload lot freight totaled 165.976
cars
cars, an increase of 1,602 cars above the preceding week. but 15,182
the same
below the corresponding week last year and 56,280 cars under
week two years ago.
cars, a
Grain and grain products loading for the week totaled 35,247
the
decrease of 3,700 cars below the preceding week, but 7,480 cars above
corresponding week last year. It was, however, a decrease of 1,348 cars
below the same week in 1931. In the Western districts alone, grain and
grain products loading for the week ended May 20 totaled 23,828 cars, an
increase of 6,365 cars above the same week last year.
Forest products loading totaled 21,387 cars, 1,363 cars above the preceding week, and 2.816 cars above the same week in 1932, but12,247 cars
below the corresponding week in 1931.
Ore loading amounted to 8,198 cars, an increase of 1,474 cars above the
week before, and 5.197 cars above the corresponding week in 1932 but
12,532 cars below the same week in 1931.
Coal loading amounted to 79,646 cars, a decrease of 1.400 cars below the
preceding week, but an increase of 7,915 cars above the corresponding
ie 1931..
f n 19 2 It was, however, a decrease of 37,080 cars below the same
3
week
Coke loading amounted to 3,897 cars, 169 cars above the preceding week,
and 796 cars above the same week last year. Compared with the same week
two years ago, it was a decrease of 2,728 cars.
Live stock loading amounted to 15,574 cars, a decrease of 1.867 cars below
the preceding week, 1,076 cars below the same week last year, and 4,429
cars below the same week two years ago. In the Western districts alone.
loading of live stock for the week ended on May 20 totaled 12,019 cars, a
decrease of 781 cars compared with the same week last year.
All districts reported increases in the total loading of all commodities
compared with the same week in 1932 except the Central Western, which
showed a reduction. All districts reported reductions compared with the
same week in 1931.
Loading of revenue freight in 1933 compared with the two previous
years follows:
1933.
Four weeks In January
Four weeks in February
Four weeks in March
Five weeks In April
Week ended May 6
Week ended May 13
Week ended May 20
Total
1932.
1931.
1,910,496
1,957,981
1,841,202
2,504,745
523,819
531,095
531,618
2,266,771
2.243,221
2,280,837
2,774,134
533.951
517,260
515,628
2,873,211
2,834,119
2.936,928
3,757,883
745,740
747,057
754,738
9,800.956
11.131.802
14.649.656
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended May 20. In
the table below we undertake to show also the loadings for
3798
Financial Chronicle
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
May 13. During the latter period a total of 73 roads showed
increases over the corresponding week last year, the most
June 3 1933
important of which were the Southern Ry. System, the
New York Central RR., the Chicago Milwaukee St. Paul &
Pacific Ry., the Chesapeake & Ohio Ry., the Illinois Central
System, the Louisville & Nashville RR., the Chicago &
North Western Ry. and the Norfolk & Western Ry.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
-WEEK ENDED MAY 13.
Total Revenue
Freight Loaded.
Railroads.
1933.
Total Loads Received
from Connections.
1932.
1931.
1933.
1932.
1,995
2,704
7,312
899
2,312
9,714
629
1,892
2.920
7,825
674
2,661
10,487
647
1,827
3,812
10,436
888
3,301
14,032
705
305
4,366
9,222
2,491
2,325
10,497
935
449
4,438
9,207
2,471
2,568
10,501
1,152
25,565
27,088
35,001
30,141
30,786
3,968
7.425
10,120
165
1,160
7,061
1,429
17,543
1,733
345
303
4.963
7,963
10.406
201
1,342
6,442
1,235
16,826
2,143
410
371
6,106
10,401
13,218
244
1.665
9,642
2,114
25,698
2,165
688
492
5,690
4,996
11,964
1.652
882
6,250
37
22.488
1,729
45
146
6,015
5,147
11,226
1,739
931
6,238
31
22,815
2,016
71
236
51,252
52,302
72.433
55,879
56.485
493
1,223
7.349
22
331
250
1,244
2,982
6.466
3,076
4,159
4,381
3,383
998
4,845
2,988
554
1,145
7,132
31
234
164
1,739
2,735
1,882
3,511
3,965
3,883
3,211
570
5,163
1.899
595
1,934
10,028
71
482
323
2,167
5,023
8,464
4,116
5,537
6,172
5,306
1,693
6,271
3,543
821
1,480
8,721
46
87
1,684
716
4,876
6,871
147
7,167
3,528
3,892
647
6,131
2.126
897
1,469
8,038
69
98
1.461
849
5,163
6,804
209
6,996
2,938
3,546
572
6,647
1,726
44,190
41,818
61,725
48,940
47,482
Grand total Eastern District--
121,007
121,206
169,159
134,980
134,733
Allegheny District
Baltimore & Ohio
Bessemer it Lake Erie
Buffalo Creek & Gauley
Central RR.of New Jersey-Cornwall
Cumberland & Pennsylvania_ _ _
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
22,872
1,563
203
4,843
578
174
52
984
51,651
10,632
3,145
35
2,345
23,545
939
146
5,596
41
181
66
1,116
52,580
12,244
3,233
38
2,572
34,176
2,192
134
8,767
2
302
129
1,456
75,150
15,124
8,501
45
3,221
11,487
777
5
8,711
45
12
8
2,422
31,530
13,424
962
1
3,259
10,857
774
3
9,134
48
14
25
2,711
28,599
12,890
703
1
2,917
98.877
102,297
149,199
72,643
68,676
17.310
14,034
785
2,653
15.581
11,257
1,077
2,549
21,981
17,999
1,389
3,287
7,694
3,604
1,002
531
6,487
3.017
1,026
483
34,782
30,464
44,616
12,831
11,013
8,260
808
419
148
49
1,559
544
284
6,990
17,859
149
7,816
835
363
132
58
1,411
453
292
6,664
17,595
181
11,738
1.366
535
156
91
1,799
547
484
9,512
25,045
200
3,946
1,186
862
251
101
876
728
3,741
2,891
10,772
824
3,599
1,066
575
190
56
921
662
3,653
2,676
8,821
622
37,069
35,800
51,471
25.978
22,841
Total Revenue
Freight Loaded.
Railroads.
Eastern District
Group .4:
Bangor & Aroostook
Boston ge Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & Hartford..
Rutland
Total
Group B:
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western..
Pittsburgh & Shawmut
Pitts. Shawmut& Northern._ Total
Group C:
Ann Arbor
Chicago Ind. dr Louisville
Cleve. Cin. Chic. dr St. Louis
Central Indiana
Detroit dc Mackinac
Detroit & Toledo Shore Line-Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis_
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia-Wabash
Wheeling & Lake Erie
Total
Total
Pocahontas District
Chesapeake & Onto
Norfolk di Western
Norfolk dr Portsmouth Belt Line
Virginian
Total
Southern District
Group A:
Atlantic Coast Line
Cllnchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom.
Seaboard Air Line
Southern System
Winston-Salem SouthboundTotal
Total Loads Received
from Connections.
1933.
Group B:
Alabama Tenn. & Northern
Atlanta Birmington & Coast..
AU.dr W.P.
-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia dr Florida---Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin dc Savannah..._
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis..
NewOrleans-Great Northern..
TennesseeCentral
1932.
1931.
1933.
.164
719
643
3,599
.166
1,100
820
304
8411
16,177
14,820
112
148
1,851
2.681
502
302
241
622
540
3,188
199
942
871
284
666
16,146
13,132
107
103
1.820
2,805
470
420
226
799
741
4,374
263
2,031
1,168
404
882
22,817
21,486
132
194
2,505
3,499
935
556
160
635
998
2,164
172
473
1,203
287
671
7.971
3,730
368
218
1.358
2,145
336
413
1932.
126
524
717
1,848
131
620
978
253
598
6.971
3,025
291
166
1,092
1,753
256
411
44,949
42,560
63,012
23,302
19,760
Grand total Southern District..
82.018
78,360
114,483
49,280
42,601
NorthwesternDistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. St. Paul Minn.& Omaha_
Duluth Missabe .14 Northern.- Duluth South Shore & Atlantic.
ElginJoliet & Eastern
Ft. Dodge Des M.& Southern-Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul dr S.S. Marie..
Northern Pacific
Spokane Portland dr Seattle--
809
13,846
2,328
17,114
3.431
3,453
320
3,374
281
7,168
523
1,864
4,297
7,298
957
1,355
12,989
2,266
15,150
3,165
508
301
2,907
281
6,675
544
1,737
3.823
7.261
1,271
1,517
20,969
2,828
22,279
4,334
1,472
1,092
5,306
366
10,463
701
2,535
5,808
10,295
1,399
1.905
7,494
1,918
5,732
3,851
39
289
3,616
131
1,900
278
1,230
1.831
1,800
1,080
1,264
6,856
1,958
1,349
2,734
65
355
2,882
122
1.907
383
1,095
1,797
1,955
812
67,063
60,233
91,384
33,094
29,531
17.617
2,829
163
13,307
11,306
2,187
697
1,794
262
1,028
419
141
12,960
289
306
10,384
253
1,052
18.746
2,935
150
14,076
11,566
1,875
712
1,581
164
1,042
546
153
14,639
282
265
10,704
193
1.389
25,276
3,641
181
19,482
17,142
2,839
1,187
2,638
335
1,181
699
172
20,794
325
307
14,338
282
1,675
4,011
1,540
33
5,171
4,833
1,715
707
1,754
7
817
825
73
2,840
269
851
6,214
9
1.387
3,521
1,573
26
4,798
5,812
1,701
744
1,957
13
647
236
20
3,315
228
623
6,337
7
1,214
77.084
80,958
112,474
32,456
32,772
129
109
116
2,621
145
104
147
2,491
236
189
177
x3.016
2,805
294
122
867
2,506
352
116
1,000
5,440
97
1.506
1,197
183
412
89
4,192
11,806
52
107
7,015
2,539
1,571
117
1.522
1.187
104
467
46
4.066
12,116
35
73
7,194
1.994
5,052
373
2,201
1,795
221
654
146
5,255
17,737
36
89
10,114
3.410
1,722
706
1,218
614
636
195
261
1,830
7,085
17
82
2,882
1,455
1,612
483
1,248
972
396
237
325
2.130
6,512
25
74
2,772
1,290
5,800
4.914
1934,
26
5,448
3,188
1,713
14
7,454
5,241
2,321
45
2.637
3,199
1,947
43
2,494
2,876
1.693
44
50,264
43.742
65,762
30,607
29,157
Total
Total
Central Western DistrictAtch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado dr Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver CitY---Northwestern Pacific
Peoria eiC Pekin Union
Southern Pacific (Pacific)
St. Joseph dr Grand Island.
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
YHouston & Brazos Valley
International-Great Northern
Kansas Oklahoma & Gulf
KEMSBA City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri dr North Arkansas
Missouri-Kansas-Texas Linea- Missouri Pacific
Natchez & Southern
Quanah Acme dr Pacific
St. Louis-San Francisco
St. Louis Southwestern
YSan Antonio Uvalde dr Gulf_
Southern Pacific in Texas & La_
Texas & Pacific
Terminal RR.Assn.of St. Louis
Weatherford Min. Wells & N.W
Total
• Figures of preceding week. x Estimated. y Includes in Gulf Coast Lines.
Most Impressive Advances in Business Activity and
Price Levels Since Depression, Says Guaranty
Trust Co. of New York-Fundamental Change in
Relation of Government to Business.
The last month has witnessed the most impressive advances
in business activity and in price levels since the beginning of
the depression, says the Guaranty Trust Co. of New York
in the current issue of "The Guaranty Survey," its review
of business and financial conditions in the United States and
abroad, published May 29. "Thus far, the clearest evidences of recovery are largely confined to the heavy industries and the security and basic commodity markets," said
the "Survey," which continued:
But scattered reports Indicate that constructive influences have also
been felt in other branches of business, where comprehensive statistical
Information does not become available so promptly as in the lines Just
mentioned. Particularly encouraging are the numerous instances of increased employment and higher wage rates that have been reported from
all parts of the country.
Bases of Current Expansion.
Under the circumstances, it is inevitable that the question should arise
to what extent the recent improvement is due to norm expansive forces
mi
and to what extent it Is attributable to commodity hoarding inspired by
the fear of currency and credit manipulation. This question-which is,
unfortunately, very difficult to answer-is vital in its bearing on the outlook for the future. In so far as the current expansion represents a response
to natural recuperative forces, its significance is wholly favorable.
The first and most obvious consideration that comes to mind in this connection is the fact that no money or credit expansion has yet taken place.
Although the Federal Reserve banks increased their holdings in Government securities by 825,000,000 during the week ended May 24, the advance
was more than offset by decreases in other forms of Reserve credit. If
inflation has played any part in recent developments, it has done so only
by anticipation. That may tend to indicate that the recovery is based on
sound and natural grounds, or it may simply show how extremely sensitive
the price structure is to any doubts that arise concerning the stability of the
currency. To the extent that the latter is the case, it may well be given
most careful consideration by those who have assumed that inflation, or
"reflation," is a simple and controllable process whereby prices can be
raised to a desired level by forcing a limited amount of new currency or
credit into circulation.
Volume 136
Financial Chronicle
Reasons for Optimism.
There are, nevertheless, several reasons for believing that the recent
signs of improvement reflect, in part, at least, the operation of genuinely
constructive factors in the underlying situation. One is the simple historical fact that the recession has already continued well into its fourth
year. Seldom, if ever, in the past has a violent and continuous downward
reaction extended over such a long period without effecting the necessary
readjustments and laying the groundwork for a sound recovery.
This view is strengthened by a recollection of the revival that began last
summer and attained considerable momentum before it was halted by a
combination of factors, prominent among which was the growing distrust
of the banking situation. This obstacle now seems to have been removed.
It is not unreasonable, therefore, to regard the current expansion as the
continuation or the resumption of an upward movement that really began
almost a year ago.
It may be significant also that the movements of prices in the last few
weeks have become increasingly independent of the fluctuations of the dollar in foreign exchange markets. When the price advance began, it seemed
to be primarily a function of dollar depreciation. This is no longer clearly
the case. The dollar has shown signs of greater firmness in terms of goldstandard currencies, but prices in this country have continued to rise.
Furthermore, the aggregate advances in prices of some of the most important domestic and international commodities have considerably exceeded
the depreciation of the dollar from its gold parity.
In conjunction with these favorable reflections, the fact that a substnatial
upturn in business has taken place without any appreciable monetary manipulation appears truly encouraging. President Roosevelt has announced
that the extrardinary powers conferred upon him by the "inflation"
amendment to the farm bill will be exercised only when,as and if they seem
to be required. There is ground, therefore, for the hope that the current
improvement may proceed with sufficient momentum to forestall the use
of these drastic and dangerous experiments in currency tinkering.
Broad Scope of Revival.
As time goes on, the scope and magnitude of the advance in business
activity become more apparent. Most of the basic industries, including
steel, automobiles, bituminous coal, electric power, lumber, and some
branches of the textile industry, have already risen above the levels of a
year ago. Railway freight loadings have exceeded the total for the corresponding period of the preceding year for almost the first time since the
depression began. Department store sales increased in April by much
more than the usual seasonal amount. Most significant of all, factory
employment and payrolls increased last month, contrary to the usual April
trend. The increases over the March figures were moderate, particularly
in view of the abnormally depressing influence of the banking holiday.
Recent reports from various industries, however, indicate very strongly
that the upward tendency has gained momentum in the last few weeks and
that the figures for May will show substantial gains.
Improvement has also continued in the financial situation. The exchange value of the dollar has shown increasing firmness. The withdrawal
of currency from hoarding has proceeded to a point where the sharp increase in circulation immediately prior to the banking holiday has largely
disappeared. Gold reserves of the Federal Reserve banks stand at the
highest total on record. The rediscount rate of the Federal Reserve banks
of New York was reduced on May 25 from 3 to 2M %. The banks open
and operating without restrictions are estimated to represent 90% of the
banking strength of the country, as measured by deposits; and the 5,000
or more banks that are still under restrictions are being rehabilitated as fast
as conditions permit.
Sharp Rise in Raw Material Prices.
The most striking feature of the rise in commodity prices is the fact that,
thus far, it has affected chiefly the prices of basic raw materials. The
wholesale price index of the Guaranty Trust Co., which is based on prices of
23 commodities of this class, advanced 32% between Feb. 15 and May 15,
while the weekly index of the Bureau of Labor Statistics, which is based on
784 commodities of all classes,rose only 4.5% between March 4 and May 13,
the latest date for which an index number is available.
This comparison is in line with the usual experience,inasmuch as fluctuations in prices of raw materials almost always occur earlier and are more
violent than those in manufactured commodities. Some authorities are
of the opinion that the drastic decline in prices of leading raw materials in
recent years has been one of the major factors in prolonging and aggravating the depression and that a sustained advance in such prices, unless it
arises from artificial currency manipulation, will be among the most definite
indications of genuine business recovery.
New Relation of Government to Business.
Even a cursory examination of the new laws and the bills now pending
must impress the observer with two facts of basic importance. The first
is that the relation of government to business has, for the time being, at
least, undergone a fundamental change. The second is that the Federal
Administration has been given an extraordinary degree of latitude in the
formulation of policies. Some commentators have gone so far as to regard
these changes as constituting a political and economic revolution.
The modern economic system is both vast and complex, and its precise
workings are beyond the comprehension of any individual or group. The
Government, in assuming the responsibility of regulating its operation, is
indeed taking a bold step. Not only must there be assurance of protection
against the terrific temptations to corruption inherent in the grant of such
sweeping powers, but the public service must be kept free from the inefficiency and indifference that always tend to creep into governmental bureaus.
The successful administration of such a program will require integrity,
intelligence and alertness of the highest order. The laborer and the consumer must be protected against exploitation and the minority against
oppression. At the same time, efficiency must be permitted to enjoy its
rewards and inefficiency to suffer its penalties; otherwise, the incentive to
effort will be removed and industrial progress will cease. Demagogic appeals and selfish group interests must be encountered and combated at
every step.
To meet these stringent requirements with reasonable adequacy would
appear to demand a higher grade of public service than has ever been
achieved in the past. And for every error, every miscalculation, every
failure of the system to function according to expectations, the blame will
fall squarely on the shoulders of the Government. It is not without reason
that men of practical experience in economic affairs have consistently demanded that business be kept out of politics. The industrial recovery bill,
if enacted, will carry business into politics on a scale unprecedented in this
country.
Despite these disquieting considerations, the attitude of industrial leaders toward the bill is by no means one of unmitigated hostility. After
more than three years of ever-deepening depression, there is a fairly widespread disposition to try the experiment, with its recognized dangers and
pitfalls, rather than to risk an indefinite continuation of the almost intolerable conditions of the recent past. Even before the passage of the bill,
3799
leaders in tho electrical equipment industry have signified their intention
to avail themselves of its provisions. If the trial is even reasonably successful in achieving its declared aims, it will bring relief to all groups. If
It fails, it can be abandoned with less permanent damage than some of the
other economic experiments that are about to be tried.
April Output of Electricity Off 5% as Compared With
a Year Ago.
According to the Department of Interior, Geological
Survey, production of electricity for public use in the United
States during the month of April 1933 totaled 6,450,793,000
kwh., compared with 6,673,357,000 kwh. in the preceding
month and 6,790,119,000 kwh. in the same period last
year. Of the total for April 1933 there were produced by
water power 3,084,230,000 kwh. and by fuel 3,366,563,000
kwh. The Survey's statement follows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT HOURS).
Total—By Fuels and Water Power.
Change in Output
front Precious Year.
Division.
February.
March.
March.
New England
428,017,000 447,829,000 445,010,000
Middle Atlantic__
1,764,869,000 1,868,978,000 1,706,887,000
East North Central. 1,373,102,000 1,418,691,000 1,423,491,000
West North Central.. 429,826,000 445,376,000 409,656,000
South Atlantic
775,054,000 832,725,000 814.488,000
East South Central. 243,031,000 269,335,000 248,954,000
West South Central_ 307.568,000 311,912,000 312,748,000
Mountain
186,334,000 203,956,000 200,227,000
Pacific
777,905,000 876,555.000 889,332,000
—12%
—9%
—13%
—8%
—3%
—13%
—3%
—9%
—6%
April.
—5%
—5%
—5%
—5%
—2%
—11%
—4%
—2%
—7%
Total for U. S
6,285,704.000 6,673,357,000 6,450.793,000
—9%
—5%
The daily production of electricity for public use in Apr I was 215,000,000
kwh., practically the same as in March (revised figures). The normal
change from March to April is a decrease of about 1%. The output in April
of this year was 5% less than in April of the previous year, which in turn
was 11% less than in April of 1931. These figures indicate an improvement
in the demand for electricity for public use.
The production of electricity by the use of water power in April was
48% of the total. This is the highest percentage ever reached by water
power. The output by the use of fuels was only 282,000,000 kwh.,or about
9% greater than the output by the use of water power.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOIL PUBLIC USE.
1932.a
1933.
Kilowatt Hours Kilowatt Hours
January...._ 7,587,081.000 6,932,499.000
February__ 7,023,473,000 8,285,704,000
March
7,323,020,000 6,673,357,000
April
6,790,119,000 6,450,793,000
May
6,659,750,000
June
6,562,547,000
July
6,546,995,000
August
6,764,166,000
September. _ 8,752,091,000
October
7,073,149,000
November _ 6,952,085,000
.
December.— 7,148,606.000
Produced by
1i'cifer Power.
1933
Under
1932.
1932
Under
1931.
1932.
1933.
8%
138%
9%
5%
5%
b5%
7%
11%
13%
13%
16%
11%
10%
9%
6%
8%
41%
42%
42%
46%
45%
41%
7_
410
38%
36%
380741%,
3907-
43%
42%
45%
48%
...____
...-......
--
Total
WI ISR fIR2 nen
9.4W.
41,
7,,
a Revised. b Based on average daily production.
On May 1 the total stocks of coal at electric public utilities stood at
5,594,132 net tons, a decrease of 1.9% in comparison with the amount on
hand at the beginning of the previous month. Of the total, 4,445,974
tons was bituminous and 1,148,158 tons was anthracite. Consumption of
coal in April, however, was somewhat lower than in the previous month,
partly because there was one less day in April than in March and largely
because of the increase in the output of hydro-electric plants. Bituminous
coal consumed in April amounted to 1,973,085 tons, as against 2,163.248
tons in March. while hard coal consumption dropped from 121,104 tons to
102,142 tons.
At the rate of consumption prevailing in April the total stocks of coal at
electric utility plants on May 1 were sufficient to last 81 days. This is an
Increase over a month ago. when the total stocks were equivalent to 77
days supply.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 kwh. or more per month, engaged in generating
electricity for public use, including central stations, both commercial and
municipal, electric railway plants, plants operated by steam railroads generating electricity for traction, Bureau of Reclamation plants, public works
plants, and that part of the output of manufacturing plants which is sold.
The output of central stations, electric railway and public works plants
represents about 98% of the total of all types of plants. The output as
published by the Edison Electric Institute and the "Electrical World"
includes the output of central stations only. Reports are received from
plants representing over 95% of the total capacity. The output of those
plants which do not submit reports is estimated; therefore, the figures of
output and fuel consumption as reported in the accompanying tables are
on a 100% basis.
[The Coal Division, Bureau of Mines, Department of Commerce, cooperates in the preparation of these reports.]
Moody's Daily Index of Staple Commodity Prices
Continues Advance to New High Levels.
Prices of the chief raw commodities continued to advance
during the week in review, Moody's Daily Index of Staple
Commodity Prices advancing to 120.9 from 116.9, for the
ninth net gain in the last ten weeks. The closing figure was
the highest in nearly two years and was 53.6% above the
low point established on Feb. 4.
All but 3 of the 15 commodities entering into the Index
closed the week at an advance, scrap steel and hogs showing
declines and sugar being unchanged. Rubber, with a 25%
increase in price, was responsible for the largest single contribution to the advance, followed by hides, copper, and
Financial Chronicle
3800
cotton, while lead, silk, wool, silver, wheat, cocoa, coffee
and corn added smaller amounts to the Index number.
The movement of the Index during the week, with comparisons, is as follows:
Fri.
May 26
Sat. May 27
Mon. May 29
Tues. May 30
Wed. May 31
Thurs.June 1
Fri. June 2
116.9
118.5
119.5
holiday
120.7
120.3
120.9
114.9
--106.6
81.2
103.9
79.3
120.9
78.
2 wks. ago, May 19
Month ago, May 2-- Year ago. June 4
19321 High Sept. 6
Low Dec. 31
1933 High June 2
Low Feb. 4
Increase Noted in Wholesale Prices During Week
Ended May 20 by United States Department of
Labor.
The Bureau of Labor Statistics of the U. S. Department
of Labor announces that its index number of wholesale
prices for the week ending May 20 stands at 63.0 as compared with 62.3 for the week ending May 13, showing an
increase of approximately 1 and 1-10%. The Bureau
further said:
June 3 1933
was reported in March. The average rate of collections during April of
accounts outstanding at the end of March was nearly as large in 1933 as
in 1932.
Percentage Change from a
Year Ago.
P. C. of Accounts
Outstanding
Net Sales.
Stock Var. 31 Collected
on Hand
in April.
Feb. to End of
April. April. Month. 1932.
1933.
Locality.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
All department storm
Apparel stores
-11.7
+3.2
--13.8
--8.8
--7.2
--7.9
+1.0
--14.8
-3.6
--17.6
--9.9
--5.7
Week Ending-'
Apr. 22. Apr. 29. May 6. May 13. Molt 20.
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
60.4
44.6
56.2
69.1
51.4
62.4
76.8
70.2
71.3
72.2
57.7
61.5
46.4
58.1
71.8
52.4
62.5
77.6
70.5
72.0
72.3
55.6
61.9
47.8
58.2
73.3
53.7
62.1
77.5
70.8
72.4
71.7
58.8
62.3
49.0
59.1
75.8
54.0
61.3
77.9
70.8
72.6
71.8
59.0
63.0
50.9
59.9
77.9
55.3
61.2
77.9
71.1
72.9
71.9
58.9
Decrease of 6% Noted by Federal Reserve Bank of
New York in Chain Store Sales During April as
Compared with Year Ago.
The Federal Reserve Bank of New York in its June 1
"Monthly Review" reported as follows with regard to chain
store trade in the Second (New York) District:
Total April sales of the reporting chain store systems were 6% below a
year ago, the smallest decline since March 1932. This relatively favorable
comparison was due in considerable measure to the fact that Easter trade
occurred this year in April and last year in March, but the decline for March
and April combined was somewhat smaller than in most recent months.
Variety chain sales in April were slightly larger than a year ago, the
first increase since February 1932; shoe chain sales showed the smallest
reduction since June 1931;and ten-cent store sales registered a much smaller
decline than in a number of months. Sales of candy chains were the most
affected by the late date of Easter, showing a large increase over last year
following a large decline in March. The grocery and drug chains seemed
little affected by the date of Easter and sales continued to show a large
reduction from a year ago.
Candy chains during the past year have increased materially the number
of stores operated, while drug and shoe chains have reported sizable decreases in the number of units. For all reporting chains the averaeg decline in sales per store between April 1933 and April 1932 was slightly
smaller than the decline in total sales.
--22.3
--32.1
--23.9
--28.4
-20.0
--15.9
--18.1
43.6
41.3
44.0
24.5
39.1
34.3
29.9
44.0
38.2
40.1
25.6
37.9
29.6
26.0
-17.6
-19.6
-22.5
-25.5
40.4
41.6
39.7
40.0
April sales and stocks in the principal departments are compared with
those of a year previous in the following table:
These index numbers are derived from price quotations of 784 commodities, weighted according to the importance of each commodity and based
on average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ending April 22, 29 and May 6, 13 and 20 1933
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF APRIL 22,
29 AND MAY 6, 13 AND 20 1933.
(1926=100.0)
--16.4
-22.6
-23.3
-10.3
--21.7
--16.3
--18.1
Net Sales
Percentage Change
April 1933
Compared with
April 1932.
Stock on Hand
Percentage Change
April 29 1933
Compared with
April 30 1932.
+17.6
+7.7
+5.1
-2.8
-3.9
-4.3
-5.9
-10.8
-11.3
-11.7
-13.8
-14.9
-16.0
16.2
-18.6
-19.7
25.4
-26.0
-12.7
-23.5
-24.5
-17.6
-30.9
21.7
-17.6
-19.4
19.2
17.4
-18.5
-34.4
-14.0
-27.6
31.6
--19.5
--26.7
--25.3
--29.6
--27.6
Men's and boys' wear
Shoes
Woolen goods
Luggage and other leather goods
Men's furnishings
Toys and sporting goods
Women's ready-to-wear accessories
Linens and handkerchiefs
Women's and misses' ready to-wear
Toilet articles and drugs
Furniture
Cotton goods
Books and stationery
Silverwear and jewelry
Home furnishings
Hosiery
Silks and velvets
Musical instruments and radio
Miscellaneous
Monthly Indexes of Federal Reserve Board-Increase
Noted in Industrial Production During April
Compared with March.
Under date of May 25 the Federal Reserve Board issued
as follows its monthly indexes of industrial production,
factory employment, Sic.:
BUSINESS INDEXES.
(Index numbers of the Federal Reserve Board 1923-25=100)•
Adjusted for
Seasonal Variation.
1933.
Apr.
Industrial production, total
Manufactures
Minerals
Construction contracts, value z
-Total
Residential
All other
Factory employment
Factory payrolls
Freight-car loadings
Department store sales
Mar.
p67
pea
p75
p14
p9
p18
57.7
60
57
81
14
53
p68
18
56.6
so
55
Without
Seasonal Adjustment.
1932.
Ayr.
63
61
79
27
14
38
64.3
59
79
1933.
Mar.
p68
p68
p68
p16
pll
p21
57.8
38.6
51
p69
Type of Store.
No. of Stores.
Total Sales.
Sales per Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
-2.0
+0.3
-7.9
--11.6
+2.6
+11.2
15.5
-3.8
26.7
-9.6
+2.7
+61.7
-13.7
Total
-1.0
-6.4
-5.5
-20.4
+2.3
+0.1
+45.4
York Federal Reserve
Below April 1932.
"Total April sales of the reporting department stores in
the New York Federal Reserve District were 10% below a
year ago, the smallest decrease since December 1931,"
according to the New York Reserve Bank in its June 1
"Monthly Review." "While the late date of Easter contributed largely to the favorable showing in April," the Bank
continued, "total sales for the whole period from the middle
of March to the end of April showed a considerably smaller
decrease than in previous months." In its "Review" the
Bank added:
Department Store Sales in New
District During April 10%
Continued improvement in the first half of May is indicated by reports
from department stores in the Metropolitan area of New York, which showed
sales only 5% below the corresponding period of 1932.
In April the New York City stores bad the smallest decline in sales since
December. 1931. and in a number of other localities the stores reported the
smallest reductions in over a year. Two groups of stores, those in Syracuse
and the Southern New York State district, reported slight increases over a
year ago, the first since the spring of 1930. April sales of the leading
apparel stores showed the smallest decline since July 1931, following a large
decrease in March.
Department store and apparel store stocks of merchandise on hand April
29 at retail valuation showed a slightly smaller decline from a year ago than
Apr.
61
59
74
14
64
63
72
31
16
43
64.0
48.7
57
74
18
56.7
36.9
48
49
INDUSTRIAL PRODUCTION-INDEX BY GROUPS AND INDUSTRIES.*
(Adjusted for seasonal variation.)
Manufactures.
Percentage Change, April 1933 Compared with
April 1932.
1932.
Apr.
Group and
Industry.
1933.
Mining.
1932.
Industry.
1933.
Apr. Mar. Apr.
Iron and steel
35
Textiles
p85
Food products
p105
Paper and printing.-- -Lumber cut
24
Automobiles
p44
Leather and shoes__ p93
Cement
35
Petroleum refining
__
Rubber tires
Tobaccomanufactures 116
21
76
p91
p85
22
27
85
40
135
41
99
32
65
91
93
27
35
89
46
144
70
109
1932.
Apr. Mar. Apr.
Bituminous coal... _ p55
Anthracite coal
p44
Petroleum
p116
Zinc
45
Sliver
36
Lead
51
77
122
44
44
45
55
81
112
r43
40
45
FACTORY EMPLOYMENT AND PAYROLLS
-INDEXES BY GROUPS
AND INDUSTRIES.
(Underlying figures are for payroll period ending nearest middle of month.)
Group and Industry.
Employment.
Payrolls.
Adjusted for Sea- Without Seasonal Without Seasonal
tonal Variations.
Adjustment.
Adjustment.
1933.
1932.
1933.
1932.
1932.
1933.
Apr. Mar. Apr. Apr. Mar. Apr. Apr. Mar. Apr.
ironand steel
Machinery
Textiles, group
Fabrics
Wearing apparel
Food
Paper and printing
Lumber
Transportation equipment..
Automobiles
Leather
Cement, clay and glass
Nonferrous metals
Chemicals, group
I etroleum
Rubber products
rnhanen
50.0
42.6
68.5
69.2
66.8
81.2
78.8
33.3
40.1
41.5
76.4
40.2
43.4
77.6
75.9
56.7
57.5
48.3
42.2
65.4
66.9
61.9
78.4
78.5
32.5
41.7
41.9
75.7
38.9
41.0
75.6
76.6
56.6
57.8
59.0
56.4
66.7
66.8
66.4
83.6
85.7
40.2
51.1
55.1
80.2
48.4
52.7
78.5
78.6
66.1
70.1
50.6
43.1
69.7
69.6
69.8
78.2
78.4
32.8
41.4
44.4
75.0
40.5
44.4
82.4
75.9
57.1
56.2
49.1
42.8
67.7
68.1
66.7
76.9
78.7
31.8
42.5
43.9
76.6
38.1
42.3
78.2
75.8
57.0
A7 A
59.8
57.0
67.9
67.3
69.4
80.6
85.3
39.6
53.0
58.9
78.8
48.8
53.0
82.4
78.6
66.6
as &
24.4
24.4
45.2
43.0
49.8
62.6
62.4
15.6
30.6
32.3
45.9
22.0
27.4
00.8
63.8
34.2
aco
22.4
24.0
41.3
40.8
42.4
59.8
63.3
14.3
29.2
27.0
47.1
20.6
25.1
60.4
64.5
31.1
36.0
32.1
39.1
49.4
46.9
54.6
72.8
79.7
23.2
43.9
47.1
55.7
31.7
38.3
68.5
71.2
48.3'
49.3
• indexes of production, car loadings, and department store sa es based on dalli
averages. p preliminary. r Revised. z Based on three-month moving averages,
centered at 2d month.
Financial Chronicle
Volume 136
Advance in Commodity Prices Checked During Week
Ended May 27
-Index of National Fertilizer Association Still at 1933 High Point.
The continued climb of wholesale commodity prices was
arrested during the latest week, according to the index of
the National Fertilizer Association. This index has steadily
advanced for seven weeks, but for the week ended May 27
it showed no change whatever. The trend of the prices for
individual commodities was mixed; many important commodities declining while others advanced. The latest index
number, 60.1 (the three-year average 1926-1928 equals 100)
is 15 points higher than it was a month ago, and is only two
points lower than it was at this time last year. Several
groups in the index .re higher than they were a year ago.
This applies particularly to grains, feeds and livestock, textiles and fats and oils. The Association under date of May
29 continued:
During the latest week five of the major groups advanced, three declined,
six showed no change. The accumulated gain of the five advancing groups
was counteracted by the force of the loss of the three declining groups.
The advancing groups were textiles, metals, fuel, fertilizer materials and
miscellaneous commodities. The textile group showed the largest gain.
The declining groups were foods, fats and oils and grains, feeds and livestock. These are very important groups in the index.
Thirty-eight commodities advanced, the smallest number in many weeks,
and 30 commodities declined. This is the largest number of declines recorded during any week for several months. Important commodities
tht advanced during the latest week included rubber, wool, silk, burlap,
cotton yarns, cottonseed oil, beef, dried fruits, pig iron, finished steel.
lead, silver bars, petroleum, hides, rosin and tankage. Listed among the
declining commodities were wheat, corn, oats, many other grains and feedstuffs, hogs, cattle, lard, butter, eggs, linseed oil, cotton, cottonseed meal.
heavy melting steel and gasoline.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-19274=10W
Fe? Cent
Each Group
Fears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.00
Group.
Latest
Week
Mah 27
1933.
Preceling
Week.
Month
Ago.
Year
Ago.
Foods
59.7
61.0
60.3
61.1
Fuel
48.2
48.1
50.8
63.6
Grains, feeds and livestock
50.0
43.7
48.6
41.3
Textiles
46.5
529
42.6
51.4
Miscellaneous commodities
60.9
60.4
59.3
60.0
Automobiles
84.4
84.4
84.9
87.7
Building materials
71.8
71.6
73.0
71.6
Metals
71.5
70.6
69.1
71.2
House-furnishing goods
75.9
75.2
80.0
75.2
Fats and oils
51.0
36.6
52.6
48.7
Chemicals and drugs
87.2
87.2
87.2
87.8
Fertilizer materials
63.7
64.3
67.5
64.0
Mixed fertilizer
65.9
65.9
62.4
71.9
Agricultural implements.... 90.2
92.2
90.2
90.2
--All grouns eninhinPri
an 1
an I
AR a IRfl a
"Annalist" Weekly and Monthly Indices of Wholesale
Commodity Prices
-Weekly Index at New High for
Year During Week Ended May 29
-Monthly Index
Sharply Higher.
Further sharp advances in a large part of the commodities
carried The "Annalist" Weekly Index of Wholesale Commodity Prices 1.6 points upward to 92.7 on May 29, from
91.1 (revised) on May 23. Continuing, the "Annalist" said:
The average for May, reflecting the gains In the weekly figures, rose to
90.5 from 83.8 in April. All the group indices advanced during the week,
except chemicals, which is on a monthly basis: the sharpest gains were made
by the farm products index, which rose to 84.1 from 81.3 (revised) the week
before and is now the highest since 1931, and by the textiles index, which
rose to 92.1 (provisional) from 87.4 (revised), as prices were lifted sharply
by the sustained demand.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
[Unadjusted for seasonal variation (1913=10(0.1
3801
The advance of the weekly index was more than offset, however, by the
decline of the dollar, which fell on May 29 to 83.4 cents, in terms of exchange on France, Switzerland, Belgium, and Holland, from 86.2 May 23,
a loss of 3.2% for the six days. In terms of gold The "Annalist" weekly
Index accordingly declined to 77.3 from 78.5. May 23.
In this connection it should be noted that while the index on a gold basis,
as now given in the chart and tables, shows a continuation of last year's
decline, although at a reduced rate, it is far from certain that had we
remained on a gold basis the index would have fallen as much. This is
because the prices of commodities which are on a purely domestic basis,
without any direct connection with world markets, do not at once advance
in proportion to the decline in exchange. Such commodities as eggs, milk
(until placed under State supervision), butter, cheese, apples, potatoes,
salt, coal and coke, the prices of which have not shared in the general
advance of the past three months, continue on the whole to be governed
by domestic considerations, advancing with the gradual raising of the
general price structure. Because only a part of the commodities included
in the index are tied to world prices and have therefore advanced in proportion to the drop in the dollar, the index on a gold dollar basis shows a
considerably greater decline than would have taken place had the dollar
remained at Dar. The actual course of prices would probably have been
somewhere in between that of the index on a domestic dollar basis and that
adjusted for dollar depreciation.
Survey of Changes in Living Costs by National Industrial Conference Board-Decline of 0.4% Between
March and April-Decrease in Year 9.3%.
In the first of a series of monthly surveys on changes in
the cost of living (issued May 30), the National Industrial
Conference Board states that although there were practically no changes between March and April in average food
prices and in the cost of sundries, declines in rents and clothprices and seasonal reductions in coal prices lowered total
living costs 0.4% between these two months, according to
the indexes computed by the Board. The reduction in
living costs in April of this year since April 1932 was 9.3%
and since April 1929 27.9%, says the Board in its survey,
which further reports:
The purchasing value of the dollar was 139.9 cents in April 1933 as compared with 100 cents in 1923.
The comparative stability of food prices between March and April is in
contrast to their behavior during the preceding five months, when they
declined substantially from month to month, although it is not the first
time during the current depression that only slight changes were noted.
Compared with the price levels of April 1932 and April 1929, food prices
have dropped 12.8% and 40.4%, respectively.
Rents continued their downward trend, declining 0.9% between March
and April, which made them 14.2% lower than in April 1932 and 30.5%
lower than in April 1929. From 41 cities of the 172 cities from which rent
quotations were received, lower rentals were reported in April than in
March; from five cities increases were reported, and from the remaining
cities no changes.
Clothing prices fell 0.8% between March and April, bringing them 11.3%
below the level of April 1932 and 38.6% below that of April 1929.
Coal prices declined 2.2%, less than seasonally, between March and
April. Compared with April of last year and of four years ago, coal prices
have been reduced 4.0% and 12.4%, respectively.
A slight decline in the prices of housefurnishings made the April sundries
index 0.1% lower than that of March, 4.0% lower than in April 1932 and
10.3% lower than in April 1929.
Item.
Food •
Housing
Clothing
Fuel and light
Coal
Gas and electricity
Sundries
Relative
Importance
in Family
Budget.
Per Cent.
33
20
12
5
30
% Decrease
Index Numbers of the
Between
Cost of Living.
Average Price 1923=100. March 1933
and
April 1933. March 1933. April 1933.
61.8
64.0
60.7
84.6
80.1
93.5
89.3
61.94
64.6
61.2
85.8
81.9
93.5
89.4
71.8
71.5
Weighted aver.of all Items
100
•Eased on food price index of the 15. S Bureau of Labor Statistics
0.1
0.9
0.8
1.4
2.2
0.0
0.1
0.4
May 29 1933. May 23 1933. May 31 1932,
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
All commodities on gold basis_ x
84.1
97.1
*92.1
94.5
98.3
107.0
95.5
76.6
92.7
77.3
x81.3
96.9
:87.4
94.3
97.1
106.9
95.5
74.6
x91.1
78.5
65.9
90.4
69.2
134.2
95.9
107.4
96.2
82.4
87.8
THE ANNALIST MONTHLY INDEX OF WHOLESALE COMMODITY
PRICES.
[Unadjusted for seasonal variation-Monthly averages of weekly figures.]
(1913.100.1
May 1933.
April 1933.
May 1932,
68.1
79.7
Farm products
66.8
89.9
95.8
91.8
Food products
*84.0
Textile products
x68.8
71.2
102.0
98.3
Fuels
135.2
93.4
96.5
Metals
96.0
Building materials
106.6
106.7
107.9
95.5
Chemicals
95.0
96.2
Miscellaneous
74.2
68.0
82.4
:83.8
90.5
88.8
All commodities
77.
0
rn
All commodities on gal IlitslA A
• I rellininary. x Revised. z Rased on e.cliange quotations for France, Switzerland, Holland and Belgium.
Political developments dominated, as usual, the progress toward enactment of the bill abrogating the gold clause of all contacts being the chief
stimulant. The fact that the situation for practical purposes is little changed
made no difference, the markets generally regarding the bill as merely a
further sign of the inflationary intentions of the government. Supporting
factors were the continued improvement of business and the announcement
of preliminary hearings for acreage reduction under the Farm Relief Bill.
Gain of 17%'Notes in Farm Prices During Month
Ended May 15
-Largest Increase Recorded for Any
One Month Since April 1919.
The general Index of farm prices advanced from 53 to 62
during the month ended May 15, according to reports compiled by the Bureau of Agricultural Economics. This9
-point
rise amounted to a gain of about 17%, the largest recorded
for any one month since April 1919. An announcement issued
by the United States Department of Agriculture on May 29
continued:
The upturn in farm prices from April 15 to May 15 this year was led by
grains, that group gaining 15 points. Meat animal prices were up 8 points,
chickens and eggs 6, cotton and cottonseed 6, dairy products 4, fruits and
vegetables 2. Wool made the most striking advance for a single commodity,
the price advancing 42 points, or 75%, during the month.
' The May 1.5 farm price index at 62 for all commodities was 6 points above
a year ago and, the highest since January 1932. The increase in farm prices
resulted in a corresponding advance in the ratio of prices received by farmers to prices paid for articles purchased since the latter remained unchanged
at 100% of pre-war. Therefore, the exchange value of farm products was
62% of the 1910-1914 average compared with 50% a year ago.
Wheat at 59c. per bushel, the average farm price on May 15, reached the
highest level recorded since May 1931, and was 39% above a year ago. The
average price of corn at nearly 39c. per bushel in mid-May has more than
doubled in the last three months.
Hog prices advanced during the month in the face of a seasonal increase
in supplies, and at $3.88 per 100 pounds the average of prices paid to
farmers was about one-fifth higher than a month earlier and nearly one-third
3802
Financial Chronicle
above farm prices a year ago. The advance was greater in the corn belt than
in other sections of the country.
Cotton prices paid to farmers advanced 34% to 8.2e. per pound during
the month ended May 15. This price was 58% higher than a year ago and
the highest recorded since July 1931. The average price of potatoes advanced
only 3%,to 43.7c. per bushel, which was about 7% over a year ago. Butterfat prices advanced about 22% from April 15 to May 15, in contrast to the
usual seasonal decline recorded in this period. At 20.2e. per pound, the
mid-May farm price of butterfat was approximately 24% higher than a
year ago.
American Federation of Labor Report Finds Marked
Employment Increase in April But Notes Slackening of Rate of Increase in May—Unemployment
Dropped by More Than 600,000 in April, Survey
States.
Employment in April recorded substantial gains over
March, but the rate of increase showed signs of slackening in
May, according to a survey made public on May 26 by
William Green, President of the American Federation of
Labor, and based on reports from affiliated organizations.
Mr. Green's statement said:
Government figures now available show that more than 600,000 persons
went back to work in April with the recovery of industry from the bank
Crisis. Total unemployment in March was 13,359,000;in April, 12,730,000.
The largest number of new jobs were in agriculture, 250,000, where farmers
are taking on help for the planting season; retail trade 165,000—increased
buying due both to the Easter trade and to fear of inflation has created jobs;
manufacturing, 100,000—about half those laid off by the crisis have gone
back to work; building,59,000;roads, 20,000;laundries and cleaners, 11,000.
Trade union reports for the first part of May show another slight gain in
employment, but less than half that of April. Apparently the gain in jobs is
tapering off as the summer season approaches.
Union reports show that employment in building and manufacturing continued to gain slightly in May; service industries and water transport also
report continuing improvement. But in clothing and textiles the spring
season is over and unemployment is increasing again. In building, even
after alight gains, 69% are out of work and 15% on part time; metal trades
—only 29% have full time work; in manufacturing, 49% are unemployed;
theaters, 40%;seamen and longshoremen,41%.
Relief payments reached an all-time peak In March;total relief was nearly
trebled since 1931. and public relief has more than trebled.
To get these 12,700,000 back to work is the greatest task before the nation.
Up to May 20 1933,70,000 had been sent to the forestry camps. The public
works-Industry bill will furnish jobs to start industry going through its
$3.300,000,000 public works program; but the millions now depending on relief will for the most part have to depend on the process of business improvement and the fair practice codes to be established under the bill.
Decrease Noted in Exports of Farm Products.,
Continued reduced exports of farm products in April carried the index of exports down to 59 for 44 leading farm
products, reports the Bureau of Agricultural Economics,
which, according to an announcement issued May 27 by the
United States Department of Agriculture, added:
Exports of wheat and flour were only 1,754,000 bushels. Exports of
wheat and flour during 10 months ended April 30 were 37,982,000 bushels
compared with 118,880,000 bushels during the corresponding period the
preceding year.
Only the exports of fruit and tobacco were above pre-war in the Bureau's
index; fruit at 154, and tobacco at 118. All other farm products were below
pre-war in export volume. The index numbers were: Grains and grain
products, 22; animal products, 56; dairy products and eggs, 84; cotton, 65;
wheat and flour, 20; hams and bacon, 31; lard, 98.
Further Decline Shown in Farm Real Estate Values
as of March 1 1933 When Compared with March 1
1932.
The index of the value per acre of farm real estate for the
United States as a whole as of March 1 1933 averaged 73,
compared with an index of 89 on March 1 1932 and of 106
on March 1 1931, according to estimates by the Bureau of
Agricultural Economics of the U. S. Department of Agriculture. This index is based on average values for the years
1912 to 1914. An announcement issued May 22 by the
Bureau continued:
The declines from a year ago have been widespread and over a considerable part of the country they have been reasonably uniform, reflecting
the continued declines in farm income. From 1929 to 1932 gross income
from farm production decreased a little more than half. During the same
period farm real estate values dropped a little more than one-third.
Of the various geographic divisions, the East North Central at 62 and
West North Central States at 64 were the lowest values relative to pre-war.
For individual States the indexes ranged from 53 for Indiana to 80 for
Michigan and Wisconsin, and from 55 for Missouri and South Dakota to
79 for Minnesota.
The highest average values relative to pre-war were in the New England
States, where the index for the group as a whole was 105. Indexes for
individual States in that region ranged from 92 for New Hampshire to 124
for Connecticut.
In the three Southern geographic divisions the indexes for individual
States ranged from 57 for Georgia and South Carolina to 121 for Florida;
from 73 in Mississippi to 88 in Alabama, and from 76 in Oklahoma to 89
in Louisiana.
Following the 1920 peak in farm real estate values—when the index
mounted to 170—values declined rapidly for a few years and then more
slowly. During the years 1928 and 1929 the average declines were small,
and there were indications that substantial progress had been made toward
readjustment. Subsequent breaks in prices of farm products, however,
brought greatly reduced farm incomes, and precipitated a new wave of
forced selling and declining real estate values.
Indexes for other geographic divisions as of March 1 1933 were as follows: Middle Atlantic, 82; South Atlantic, 90: East South Central, 79;
West South Central. 82; Mountain, 69. and Pacific States. 96.
June 3 1933
FARM REAL ESTATE(
4)—ESTIMATED VALUE PER ACRE IN TERMS OF
PRE-WAR AVERAGE VALUE, BY STATES, MARCH 1 1933, WITH
COMPARISONS (STATE AVERAGE VALUE IN 1012-1914=109%).
Geographic Division
and Slate.
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New England
New York
New Jersey
Pennsylvania
Middle Atlantic
Ohio
Indiana
Illinois
Michigan
Wisconsin
East North Central
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
West North Central
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
South Atlantic
Kentucky
Tennessee
Slabama
/41ssissippi
East South Central
Srkansas
r.ouislana
Alahoma
Vexes
West South Central
Viontana
idaho
Wyoming
2olorado
few Mexico
krizona
Rah
gevada
1920 1925 1926 1927 1928 1929 1930 1931 1932 1933
% %
142 124
129 111
150 125
140 132
130 128
137 137
% % % %
126 124 124
113 112 112
126 125 123
134 131 131
130 133 134
137 138 139
122
111
123
131
134
139
% %
124 123
111 110
123 121
131 130
134 133
140 140
% %
111 94
102 92
112 101
120 112
126 118
133 124
140 127 128 127 127 126 127 126 116 105
133 111 109 108 106 105 103 96 92 82
130 124 129 128 127 127 125 123 118 110
140 114 114 112 111 110 107 101 96 78
136 114 113 111 110 109 106 101
96
82
159
161
160
154
171
70
60
66
97
91
59
53
54
80
80
87
73
62
133 116
113 98
92 79
95 85
93 83
113 106
113 103
98
80
67
73
67
90
89
79
58
55
66
55
69
70
81
64
110
102
115
133
130
105 99 96 94 90 82
95 87 84 83 80 72
109 99 96 95 91 80
129 127'
125 124 121 115
125 122 120 119 117 104
161 116 111 104 101 100
213
213
167
145
181
179
151
159
136
112
109
115
123
115
155
130
104
105
107
123
113
145
121
99
100
97
119
113
140
117
96
99
96
117
113
138
116
95
98
95
116
113
96
184 126 121 115 113 112 109
114
130
148
116
185
128
112
223
139
166
189
154
223
230
217
178
111
126
138
110
178
113
104
183
111
124
137
109
172
110
102
176
III
123
136
108
165
110
101
174
111
123
134
105
158
104
100
172
97
107 95 80
120 106 90
117 99 88
98 81 74
135 114 86
90 73 57
90 70 57
166 141 121
198 148 149 137 134 132 128 116
200
200
177
218
140
137
154
136
139
134
154
134
134
130
145
126
130
127
145
123
129
125
143
122
127
123
143
122
96
80
115 97
114 96
129 102
112 92
80
79
88
73
199 141 139 133 130 129 128 117
222
198
166
174
160
141
131
148
153
143
130
148
150
/35
128
141
147
132
127
139
145
132
127
138
141
132
127
138
97
79
118 104
121 103
116 94
122 96
80
89
76
83
177 144 144 139 137 136 136 121
126
172
178
141
144
165
167
135
75
123
100
92
108
121
130
102
72
119
95
89
106
125
129
99
70
117
94
82
108
123
128
99
71
116
95
82
108
122
127
99
72
116
96
82
109
123
127
99
72
116
98
83
110
123
126
99
97
82
70 58
114 96
95 77
81 65
109 89
123 104
122 98
97 78
48
76
62
54
75
90
83
65
Mountain
151 105 103 101 101 101 102 100 82 69
140 113 112 111 110 110 110 108 91 74
130 110 107 106 106 106 107 106 88 72
167 164 163 162 161 160 160 158 133 109
Pacific
156 146 144 143 142 142 142 140 118 96
United States
170 127 124 119 117 116 115 106 89 73
All farm lands with improvements.
Figures for 1933 preliminary, sub ect to correction.
Washington
)regon
alifornia
Level of General Business Activity in Boston Federal
Reserve District Increased More Than Usual
Seasonal Amount During April as Compared with
March.
"During April there was an increase from March of more
than the usual seasonal amount in the level of general
business activity in New England," it is noted by the
Federal Reserve Bank of Boston, which, in its "Monthly
Review" of June 1, adds:
The effects of the acute financial situation in March continued to influence industrial activity in April, but despite this disturbing condition
relatively little change other than seasonal was recorded in the aggregate
level of business activity during the first four months of 1933.
The average daily consumption of raw cotton by New England mills
during April was 3,177 bales, as compared with 2,780 bales in March and
1,923 bales in April 1932;a seasonally adjusted index of cotton consumption
in this District for April was higher than in any month since September
1931, with the single exception of September 1932. The index Is based
upon the average month of 1923-24-25 as 100%, and in April 1933 stood
at 52.9%, compared with 32% in April 1932. The amount of raw wool
consumed in New England mills during April was considerably larger than
In March or in April last year, and an adjusted index for this District in
April was 76.1% of the 1923-24-25 average, as compared with 40.9% in
April 1932 and 51.9% in March.
Between March and April boot and shoe production in New England
usually declines; although there was a decrease of about 3.6% this year,
the decline was smaller than usual. The volume of production during
April slightly exceeded that in the corresponding month last year. Employment and average weekly earnings per person employed increased between
March and April in the shoe Industry of this District.
In April the total value of new building contracts awarded in New England amounted to approximately $6,273,000. as compared with $12,792,000
in the corresponding month of 1932. In March the total value was $6,239,000. The small increase between March and April was less than usual.
Registrations of new automobiles in New England in April were 14.2%
smaller than in April a year ago, and during the first four months of the
current year registrations were 16.2% less than in the corresponding period
last year. The amount of new ordinary life insurance written in this
District during April was 13.2% less than in April 1932, while the cumulative total for January-April inclusive was 15.2% less than in 1932. The
number of commercial failures in this District during April was 26% less
Volume 136
Financial Chronicle
than in that month last year, while total liabilities of these failures dropped
from $6,383,000 in April 1932 to $5,602,000 during April 1933.
April sales of reporting New England retail establishments were about
12% less than in April 1932. Boston department store sales during the
first three weeks of May were 11% less than in the corresponding period
a year ago.
Wage Payments in Chicago Federal Reserve District
Increased 6% During April-Payroll Reports Denote General Recovery in Industrial Establishments in District.
The Federal Reserve Bank of Chicago in its May 31 "Business Conditions Report" said that "industrial payrolls
reported for April denote a general recovery in Seventh
(Chicago) District establishments from the curtailed operating schedules put into effect during March. An increase of
6% in the amount of wage payments," continued the Bank,
"slightly more than offset the March loss of 5
The
Bank added:
The manufacturing industries, which contributed mainly to the contraction in March, also were instrumental in bringing about the subsequent
recovery. Payrolls in these industries expanded 93. %, more than compensating for the March decline of 8%. Non-manufacturing industries,
which maintained their payrolls during March with a fractional increase,
registered a 2%% decrease for April.
Seven of the ten reporting manufacturing groups and two of the four nonmanufacturing classifications contributed to the April expansion in payrolls. Vehicles. increasing 153. %,reflected mainly expanding operations
In the automobile industry. Metal and metal products increased payrolls
6%, which served partially to offset the 10% loss of the preceding month.
In the food, stone-clay-glass, and the rubber products groups, gains ranged
from 18% to 21%.and were considerably larger than the decreases reported
for March. A rise of 13% in the payrolls of the wood products group offset
practically all of the loss experienced in the preceding month, while a fractional gain in the chemical industries compensated for about one-third of
the March decline. Wholesale and retail trade concerns also reported larger
payrolls in April than in March, the increase amounting to 8%,and an expansion in all types of building and construction work resulted in a payroll
rise of 20%% for this group.
While payrolls were expanding and thus gave indication of a rising trend
in industrial activity, there was no corresponding increase in employment.
The number of employees on April payrolls of the reporting industries remained at the low level reached in March, manufacturing industries contributing a further decline of nearly 1%, while non-manufacturing industries showed an increase of 2%%. The employment decreases, however,
with the important exception of the vehicles group, were limited to those
industries which also reduced payrolls and in most of which the downward
trend of the month was seasonal in nature. The groups in which both
employment and payrolls were reduced covered the textile industries,leather
products, paper and printing, coal mining, and public utilities. In the
last-named group the downward movement was contrary to the usual seasonal trend. In vehicles, a sharp rise in payrolls was accompanied by a
substantial curtailment of working forces. Figures reported for 68 Michigan
automobile concerns showed a decrease of over 9,000 in employment,
while the per capita earnings increased from $17.00 to $21.16 a week.
EMPLOYMENT AND EARNINGS
-SEVENTH FEDERAL RESERVE
DISTRICT.
Industrial Group,
Week Ended April 15 1933.
Per Cent Changes
from March 16.
No. of Number
of
ReportWage
ing
Firms. Earners.
Metals and products.:
Vehicles
Textiles and eroducts
Food and products
Stone, clay and glass
Wood products
Chemical products
Leather products
Rubber products_y
Paper and printing
Total mtg., 10 groups
Merchandistng_s
Public utilities
Coal Mining
Construction
Earnings.
712
147
137
347
139
257
108
77
8
302
103,619
141,670
28,852
56,856
4,405
17,519
12,144
15,728
5,446
38,475
$1,564,000
2,976,000
327,000
1,144,000
72,000
187,000
257,000
213,000
104,000
801,000
2,234
424,414
$7,645,000
-0.7
31,568
73,452
2,350
6,532
576,000
1,991,000
42,000
124,000
+10.7
-1.1
-0.5
+10.7
+7.8
-5.9
-9.1
+20.5
Wage
EarnEarners. trigs.
+1.5
-5.7
-2.2
+6.9
+11.8
+3.3
+0.5
-5.0
+15.0
+0.2
+6.2
+15.4
-9.3
+19.0
+18.8
+13.0
+0.6
-3.5
+20.9
-1.6
Total non-mfg., 4 groups..
616 113,902 $2,733,000
+2.6
-2.4
Total. 14 groups
21850 538,316 $10,378,000
-0.0
+6.2
Other than vehicles. y Michigan and Wisconsin. z Illinois and Wisconsin.
Sales of Merchandise at Wholesale and Retail in
Chicago Federal Reserve District During April
Less Than in April Last Year.
"April trends in the wholesale distribution of commodities
were for the most part favorable, reporting groups with the
exception of groceries and electrical supplies recording greater
than seasonal increases or smaller than usual declines from
March, with dry goods showing an expansion in sales,
contrary to trend," reports the Chicago Federal Reserve
Bank in its "Business Conditions Report" of May 31,adding:
The wholesale hardware trade gained 42% over the preceding month, as
compared with an increase in the 1923-32 April average of only 8%. The
decline of 2% in both drug and shoe sales compared with recessions of 5
-year average, while the espansion of 9% in the wholesale
and 6% in the 10
dry goods trade contrasted with an average decrease of 8% for the month.
The declines from March of 4 and 2%,respectively, in the wholesale grocery
and electrical supply trades, on the other hand, compared with slight gains
in 1923-32 average April sales over the preceding month, although the
decrease in the total of electrical supply sales may be attributed to recessions
shown by Chicago firms, the dollar volume sold by firms in other cities
increasing over March. With the exception of these last two named lines,
decreases from the corresponding month a year ago were smaller than in a
similar comparison for March. Sales in the first four months of 1933 totaled
Per Cent Change
From Same Month I ast Year.
Ratio of
Accts. OutAccts. OutColstanding to
Stocks.
standing. lections. Net Sales,
Groceries
-17.5
--19.3
---2.7
-16.7
133.1
Hardware
-25.9
--17.9
--16.4
-28.6
279.6
Dry goods
-25.1
--32.1
--25.7
-24.9
332.1
Drugs
-27.8
--23.1
--8.6
-29.0
274.0
Shoes
-8.8
--30.9
---19.8
-27.8
257.0
Electrical supplies
-26.0
--20.0
--6.5
-38.9
257.7
In department store trade, the 23% expansion in April sales over
March
compared with a gain in the 1923-32 average of only 8M %,and was greater
than in April of any of these years except 1930. Furthermore, sales by
reporting stores in the District were only 15% smaller than last year in the
same month, which represents the smallest decline in the year-ago comparison since July 1931. Easter coming in April this year partially
accounted for the favorable trend shown, but there was one less trading
day
than in the same month of 1932, so that daily average sales were
only 12%
smaller than a year ago and 31%% greater than in March this year when
there were 1 2-3 more trading days. In the monthly comparison.
Detroit
showed the greatest increase among the larger cities of the District with
a
50% gain in total sales, but recorded the heaviest decline
-24% from last
April, while Chicago with a gain of only 83 % over the preceding month.
experienced a decline of but 13% from April 1932. Little change took place
In inventories between March and April
-a customary trend for the period
but stock turnover was slightly more rapid than a year ago in the same month
bringing turnover for the year through April to approximately the
same
rate as in the corresponding months of 1932.
DEPARTMENT STORE TRADE IN APRIL 1933.
Commodity.
Net
Sales.
Per Cent Change
April 1933
from
April 1932.
Locality.
P.C.Change
4 Months
1933 from
Same Per.
1932.
Ratio of April
Collections
to Accounts
Outstanding
End of March.
Net
Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Stocks End
of Month.
Net
Sales.
1933.
1932.
-13.3
-23.8
-4.6
-12.2
-14.0
-13.8
-41.1
-22.8
-19.8
-28.7
-16.8
-34.4
-18.3
-23.0
-21.7
25.0
32.9
37.4
29.1
26.7
25.8
30.0
38.5
33.3
29.6
Seventh District
-15.1
-22.6
-22.2
29.2
29.9
The gain of 42% in April over March in the retail shoe trade was
heavier
than in April of any previous year on this Bank's records, going
back to
1926, comparing with an average increase of but 11% in those
years and
with an expansion of only 1% last April. Furthermore, sales of
shoes by
reporting dealers and department stores practically equaled those
in the
same month a year ago, bringing the aggregate for the year
to date to
within 20% of the corresponding period of 1932, as against a
decline of
30% shown for the first quarter of this year.
Sales of furniture and house furnishings by dealers and department
stores
likewise expanded greater than seasonally this April. The total
of these
sales exceeded that in the preceding month by 26%-the 1927-32
average
gain for the month is 21%-and was only 22% less than for last April,
which is the smallest decline to be recorded in the year-to-year comparison
since February 1932. Installment sales by dealers expanded 54% in
the
aggregate over March and totaled only 173 % below the dollar volume
of
last April.
Chain store trade followed other lines of merchandising in their upward
trend during April. Aggregate sales of 13 chains operating 2,489 stores
in the period, were 12% heavier than in the preceding month. Grocery,
drug,five-and-ten-cent store, shoe, cigar, and men's clothing chains shared
in the expansion, with musical instruments alone of the groups included
showing a recession. As compared with April 1932. total sales were
3%%
smaller, but average sales per store were only 1% less, since the number of
units operated was 2% fewer than a year ago. Most groups shared in the
decline recorded in this comparison.
+9.6
196
71
16
333
3803
smaller than in the same months of 1932 by 16% in groceries, 19% in
shoes.
25% in drugs, 28% each in dry goods and electrical supplies, and 29% in
hardware. Stocks of electrical supplies registered a slight expansion
on
April 29 over March 31, but those in other reporting groups were lighter
than a month previous. The majority of lines showed a smaller accounts-tosales ratio at the end of the month than on March 31.
WHOLESALE TRADE IN APRIL 1933.
Business Conditions in Philadelphia Federal Reserve
District-Marked Increases Noted Since Early
April in Production and Distribution of Commodities-Large Gains Shown in Output of Factory
Products During April and Early May.
In reporting business conditions in the Third (Philadelphia)
Federal Reserve District, the Federal Reserve Bank of
Philadelphia states that "production and distribution of
commodities in this district have shown marked increases
since early April," which follows "an extremely low level of
activity in March when closing of banks greatly disturbed
the ordinary course of business." The Bank, in its June 1
"Business Review," continues:
Output of factory products showed unusually large gains in April
which
apparently were well maintained in early May as indicated
by plant operations. Production of bituminous coal declined less than
was expected,
while that of anthracite registered a rather drastic
reduction in April.
While some improvement has been noted in building trades,
the volume of
contract awards had been lagging materially behind the usual
seasonal pace
and has continued over one-third less in the first four
months this year
than last. A rather exceptional gain is noted in building
permits, but the
total is exceedingly low as compared with recent years.
Both retail and
wholesale trade reported extraordinary increases in April,
even after an
adjustment is made for the spring holiday. Other indicators
of distribution
such as freight car loadings, automobile and life insurance sales
recorded
more than seasonal gains in the month, but all of them, except automobiles,
are below last year's level. Business liquidations increased sharply from
March to April both in number and the amount of liabilities, but
as compared with last year, commercial failures have been on the decline.
Industrial employment, payrolls and operating time on the whole showed
Increases in April and to some extent in early May. The gains as a rule have
been more pronounced in working time and payrolls than in the number of
3804
Financial Chronicle
additional wage earners. Among the industries and services that reported
increases in April were manufacturing, quarrying, building, retail, and
dyeing and cleaning establishments, while among those that registered
decreases were coal mining, public utilities, wholesale trade and hotels.
•
Manufacturing.
Activity during April and through the first part of May showed a considerable expansion in operation and in demand for factory products.
Sales of many important manufactures have increased substantially during
this period which ordinarily reflects the beginning of seasonal slackness.
In several instances the volume of sales reached the highest level this year
and exceeded that of a year ago. Such unusual gains probably reflect in
part the delay in seasonal activity during March and to some extent a
rather rapid risein prices particularly ofraw materials used in manufacturing.
Local reports show that price advances have been rather general; the
sharpest increases since about the middle of April have occurred in textiles,
certain metal, food, chemical and hide and leather products.
Unfilled orders for goods to be manufactured have increased substantially
during the month in many leading industries. In a number of cases, too,
the present volume is larger than at the same time last year. Stocks of
finished goods at factories have been reduced materially during the month
and appear to be much smaller than a year ago. While some individual industries have increased their supplies of raw materials, inventories of this
class of commodities for the manufacturing industry as a whole seem to be
somewhat smaller than at the end of the previous month; they are also
less than a year ago. Collections show gains over the preceding month,
though not as compared with last year.
Factory employment in this district, comprising eastern Pennsylvania,
southern New Jersey and Delaware, registered a gain of about 1% and
payrolls over 4% between the middle of March and April. The number
of hours worked also increased in this period; in Pennsylvania, for example,
employee-hours worked in about 75% of all reporting companies rose 7%
in April and preliminary reports indicate that there was a further increase
both in payrolls and operating time in the second half of April and the
first part of May.
There was a large increase in the output of factory products during April
as compared with a record low level reached in March when productive
activity was greatly affected by the bank crisis. Our index of output,
which covers about two-thirds of all manufacturing in this district and
which makes allowance for the number of working days and seasonal
changes, rose from a low level of about 52% of the 1923-25 average in
March to 59 in April. The most pronounced increases occurred in some
of the most important industries such as metals, textiles, building materials,
• leather, tobacco and food products. In normal times, the spring activity
In manufacturing usually begins in February and reaches its peak in March;
thereafter a seasonal recession takes place, a fact which has not been typical
this year. Compared with a year ago, the level of manufacturing production in this district was only about 3% lower.
Most of the individual industries reported exceptional increases in the
output of their products during April. Increases are especially significant
in industries which represent the two most important groups in this district
—fabrication of metals and the manufacture of te ctile products. Orders for
textile goods have been quite diversified, while demand for iron and steel
products has been coming largely from automotive and miscellaneous industries, there having been no pronounced buying by railroads.
While the general volume of factory production continues smaller than in
other years, there are several individual industries particularly in the textile
group that reported higher operations in April than a year ago, and in
the case of silk goods, hosiery, underwear, and shoes, the volume of production was greater in the first four months this year than last.
Consumption of industrial fuel and power increased noticeably in April
so that production of bituminous coal and fuel oil showed improvement.
The industrial use of electrical energy, when computed on the basis of
working days. rose 8% more than usual from March to April. As a result
the decline in the output of electric power was noticeably smaller than is to
be seasonally anticipated.
Business in San Francisco Federal Reserve District
Moved Vigorously Upward During April, According
to Isaac B. Newton of San Francisco Federal
Reserve Bank.
Isaac B. Newton, Chairman of the Board and Federal
Reserve Agent of the Federal Reserve Bank of San Francisco, states that "Twelfth (San Francisco) District business
moved upward vigorously during April, accompanying the
Nation-wide recovery in activity. Increased activity not
only made up for the decline of March," Mr. Newton continued, "but carried many seasonally adjusted production
and trade indexes to points higher than in February of this
year. Many commodities important in this district benefited from the general rise in prices. There was considerable
improvement in employment conditions and aggregate wage
payments also increased substantially." Under date of
May 23 Mr. Newton further said:
Low temperatures and less than the normal amount of rainfall retarded
the progress of the 1933 agricultural season somewhat during April. Forage
on lower livestock ranges was inadequate, necessitating more than the
usual amount of supplemental feeding. Cattle remained in fair condition,
however, but early lambs matured slowly. Some difficulty in securing
credit for fattening these animals in feedlots was reported. Although this
bank's index of the value of agricultural products sold decreased further to
a new low level during the first quarter of 1933, there was more than the
usual increase in marketing activity in April, accompanied by rising prices
for farm products.
Daily average output of both crude and refined oils increased during
April, but changed little during the first half of May. Production remained
considerably lower than in the corresponding period of 1932. Lumbering
expanded more than seasonally during April, partly as a result of increased
demand for building materials in southern California. Awards of contracts totaling $44,000,000 for work on the San Francisco-Oakland Bay
Bridge and Metropolitan Water District of Southern California projects
greatly increased the total value of engineering construction. Mining
activity was stimulated by higher prices for non-ferrous metals.
A sharp increase in the value of department store sales during April more
than made up for the decline during March, after allowance for the stimulus
given to April sales by the occurrence of Easter in that month and for other
seasonal factors. Sales were not far below those of April 1932. Wholesale
trade which had increased during March, when most other measures of
business were declining, expanded considerably further during April.
June 3 1933
Seasonally adjusted freight carloadings and automobile sales moved upward
from low levels, while intercoastal traffic remained unchanged.
Credit conditions in the Twelfth District improved further during the
four weeks ending May 17. Banking reserves were increased by a $10,000,000 favorable balance of payments with other parts of the country, and
by $13,000,000 of United States Treasury expenditures in this area in
excess of collections: Not only was the supply of funds thus increased,
but the demand was reduced by a further return of currency amounting to
$22,000,000. These changes enabled member banks to pay off $36,000,000
of their borrowings at the Reserve Bank and, in addition, to build up their
reserve deposits by $9.000,000. A large part of the inflow of funds from
commercial and financial transactions with other districts originated when
local banks sold for cash in national markets,substantial amounts of United
States securities which they had received by allotment from the Treasury's
May 2 financing. Since the 86,000,000 of securities received from the
Treasury were paid for with $67,000,000 of deposit credit and $6,000,000
in maturing obligations, only $13,000,000 of cash was required for their
purchase. There was little change in time or net demand deposits or
reporting member banks during the four weeks reviewed, although loans
continued to decline.
Lumber Orders Heaviest Since April 1931—Production
and Shipments Also Gain.
Lumber orders booked at the sawmills during the week
ended May 27 1933 slightly exceeded those reported for the
previous week and were the heaviest since April 1931;
production and shipments were respectively 3% and 5%
greater than the week before and exceeded all weeks since
November 1931, according to telegraphic reports to the
National Lumber Manufacturers Association from regional
associations covering the operations of 644 leading softwood
and hardwood mills. Orders totalled 238,792,000 feet;
shipments were 189,893,000 feet and production, 146,030,000 feet. For the 21 weeks of the year to date, orders
were 4% in excess of those received during similar period of
1932; softwoods being 4% greater, and hardwoods, 5%
more. The Association also added:
Production during the first 21 weeks of 1933 was 93% of last year's
output; shipments were 91% of similar 1932 period.
All regions showed excess of orders over production the week ended
May 27, softwoods totalling 58% above and hardwood orders being 2g
times production. Production was 17% greater; shipments 41% heavier,
and orders 85% heavier than in the corresponding week of 1932. All
regions shared in the excess of orders over last year's and all showed heavier
shipments.
Unfilled orders at the mills on May 27 1933, were the equivalent of
22 days' average production of the reporting mills, compared with 15 days'
a year ago. The 1933 record is the best since May 1930.
Forest products carloadings at 21.387 cars during the week ended May 20
were the heaviest since the week ended Nov. 14 1931. They exceeded
loadings in the corresponding week of 1932 by 2,816 cars but were 12,247
cars below similar week of 1931.
Lumber orders reported for the week ended may 27 1933. by 419 softwood mills totaled 212,192,000 feet, or 58% above the production of the
same mills. Shipments as reported for the same week were 164,975,000
feet, or 23% above production. Production was 134,184,000 feet.
Reports from 237 hardwood mills give new business as 26,600.000 feet,
or 125% above production. Shipments as reported for the same week were
24.918,000 feet, or 110% above production. Production was 11,846,000 ft.
Unfilled Orders.
Reports from 378 softwood mills give unfilled orders of 587,784,000 feet,
on May 27 1933,or the equivalent of 22 days' production. The 533 identical
mills (softwood and hardwood) report unfilled orders as 666,397,000 feet
on May 27 1933, or the equivalent of 22 days' average production, as compared with 444,342,000 feet, or the equivalent of 15 days' average production on similar date a year ago.
Last week's production of 405 identical softwood mills was 129,208,000
feet, and a year ago it was 108,813,000 feet; shipments were respectively
161,407,000 feet and 118,619,000; and orders received 203,931.000 feet and
111,706,000. In the case of hardwoods, 181 identical mills reported production last week and a year ego 9,635,000 feet and 9,692,000; shipments
20,357,000 feet and 10,680,000; and orders 21,653,000 feet and 10,100,000
feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 180 mills reporting for
the week ended May 27
INSHIPPED ORDERS.
SHIPMENTS.
NEW BUSINESS.
Feet.
Feet.
Feet.
Domestic cargo
Coastwise and
Domestic cargo
delivery. __ _ 55,915,000 delivery _ — -207,190,000 intercoastal. 26,939,000
89,273,000 Export
18,657,000
16,445,000 Foreign
Export
82,404,000 Rail
28.945,000
Rail
33,675,000 Rail
Local
6,824,000
Local
6,824,000
1
378,873,000 Total
81,365,000
112,859,000 Total
Total
Production for the week was 73,645,000 feet.
Southern Pine.
The Southern Pine Association reported from New Orleans that for 114
mills reporting, shipments were 43% above production, and orders 71%
above production and 19% above shipments. New business taken during
the week amounted to 46,056.000 feet. (previous week 38,291,000 at 106
mills); shipments 38,541,000 feet, (previous week 35,053,000); and production 26,863,000 feet. (previous week 25,899,000). Production was
42% and orders 72% of capacity, compared with 41% and 61% for the
previous week. Orders on hand at the end of the week at 111 mills wore
93,897.000 feet. The 111 identical mills reported an increase in production
of 10%, and in new business an increase of 84%, as compared with the
same week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
106 mills reporting, shipments were 29% above production, and orders
56% above production and 22% above shipments. New business taken
during the week amounted to 49,770,000 feet, (previous week 58,547,000
at 116 mills); shipments 40.926,000 feet, (previous week 37,331,000);
and production 31,809.000 feet, (previous week 29,923,000). Production
was 25% and orders 39% of capacity, compared with 22% and 43% for
the previous week. Orders on hand at the end of the week at 105 Mills
Financial Chronicle
Volume 136
were 149.878,000 feet. The 104 identical mills reported a decrease in
production of 5%, and in new business a gain of 55%, as compared with
the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Mimi., reported
production from 7 mills as 1,524,000 feet, shipments 3,062,000 feet and
new business 2.428.000 feet. The same mills reported production 8%
more and new business 53% more than for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported softwood production from 12 mills as 343,000
feet, shipments 1,081.000 and orders 1.079,000 feet. Orders were 18%
of capacity compared with 17% the previous week. The 11 identical mills
reported a gain of 178% in new business, compared with the same week a
year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported
production from 225 mills as 11,471,000 feet,shipments 23,290.000 and new
business 24,094.000. Production was 25% and orders 53% of capacity,
compared with 21% and 45% the previous week. The 170 identical mills
reported production 2% less and new business 100% greater than for the
same w ek last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported hardwood production from 12 mills as 375.000
feet, shipments 1.628.000 and orders 2.506.000 feet. Orders were 62%
of capacity, compared with 39% the previous week. The 11 identical mills
reported a gain of 68% in production and a gain of635% in orders,compared
with the same week last year.
Automobile Production April 1933, Compared with
Preceding Months.
April factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts made
in the United States and reported as complete units or
vehicles), based on data reported to the Bureau of the
Census, consisted of 181,029 vehicles, of which 153,330 were
passenger cars, 27,308 trucks, and 391 taxicabs, as compared
with 118,609 vehicles in March, 148,326 vehicles in April
1932, and 336,939 vehicles in April 1931.
The table below is based on figures received from 120
manufacturers in the United States, 33 making passenger
cars and 87 making trucks (nine making both passenger
cars and trucks). (The total number of manufacturers
heretofore reported as 144 has been reduced due to certain
establishments going out of business, discontinuing manufacture of automobiles, or being merged with other establishments). Figures for taxicabs include only those built
specifically for that purpose; figures for trucks include
ambulances,funeral cars,fire apparatus, street sweepers, and
buses. Canadian figures are supplied by the Dominion
Bureau of Statistics.
AUTOMOBILE PRODUCTION (NUMBER OF VEHICLES.)
Canada.
United States.
Year and
Month.
1931
January
February.
March
April
Total.
TartPassenger
Trucks. cabs.:
Cars.
FassenTotal. per Cars Trucks.
33,531
39,521
45,161
50,022
512
529
410
665
6,496
9,871
12,993
17,159
4,552
7,529
10,483
14,043
1.944
2,342
2,510
3,116
834,781 168,235
2,116
46,519
36,607
9.912
45,688
40,244
34,317
31,772
31.338
21,727
19,683
23,644
340
360
180
104
141
651
999
1,144
12,738
6,835
4,220
4,544
2,646
1,440
1,247
2,432
10,621
5,583
3,151
3,426
2,108
761
812
2,024
2,117
1,252
1,069
1,118
538
679
435
408
Total (year). 2,389,738 1,967,055 416,648
6,035
82,621
65,093 17,528
171,848
219,940
276,405
336,939
Total(4 mos.) 1,005,132
May
June
July
August
September
October
November
December
1932-January
February
March
April
Total(4 mos.)
317,163
250,640
218,490
187,197
140,566
80,142
68,867
121,541
137,805
179,890
230,834
286,252
271,135
210,036
183,993
155,321
109,087
57,764
48,185
96,753
119,344
117,418
118,959
148,326
98,706
s. 94,085
99,325
120,906
20,541
23,308
19,560
27,389
97
25
74
31
3,731
5,477
8,318
6,810
3,112
4,494
6,604
5,660
619
983
1,714
1,150
504,047
413,022
90,798
227
24,336
19,870
4,466
26,539
22,768
14,438
14,418
19,402
13,595
12,025
21,204
73
235
27
9
13
5
239
291
8,221
7,112
7,472
4,067
2,342
2,923
2,204
2,139
Total (year)_ 1,370,678 1,134,372 235,187
1,119
60,816
5
152
660
391
3,358
3,298
6,632
8,255
May
June
July
August
September -..._
October
November
December
1933
January
February
March
April
184,295
183,106
109,143
90,325
84,150
48,702
59,557
107,353
130,044
106,825
*118,609
181,029
157,683
160,103
94,678
75,898
64,735
35,102
47,293
85,858
108,321 21,718
91,340 15,333
99,885 *18,064
153,330 27,308
7,269
6.308
6,773
3,166
1,741
2,361
1,669
1,561
952
804
699
901
601
562
535
578
50,718 10,098
2,921
3,025
5,927
6,957
437
273
705
1,298
452,876 82,423 1,20* 21,543 18,830 2,713
TOW(4 mos.) 536,507
* Revised. a Includes on y factory-built taxicabs, and not private passenger cars
converted into vehicles for hire.
Divisions of General Motors Corporation Increase
Wages of 100,000 Employees 5%.
Announcement has been made by Lawrence P. Fisher,
Vice-President of the General Motors Corp. and President
And General Manager of the Cadillac Motor Car Co. that a
5% pay increase authorized by Alfred P.Sloan,Jr., President
of General Motors, will affect 100,000 wage earners employed
3805
in the various divisions of the company. Associated Press
advices from Detroit, Mich., June 2, continue:
In the majority of plants controlled by the corporation, the wage increases
went into effect yesterday, company officials said.
Advances in wages were announced to-day for employes of Cadillac
Motor Car Co., employing 3,000; Fisher Body Corp., 32.000; Chevrolet
Motor Co., 10,000; Pontiac Motor Co., Frigidaire Corp. and Inland Manufacturing Co., all units of the General Motors Corp.
No estimate of the total increase in payroll disbursements was available
from company officials. The increase is a partial restoration of previous
reductions.
Tire Prices Increased-Pennsylvania Rubber Co.
Announces 5% Advance.
Announcement has been made by W. 0. Rutherford,
President of the Pennsylvania Co., that effective May 29
tire prices have been advanced 5%. The company, which
was one of the few tire concerns to report a net profit for
1932, sells only to the public and not to car manufacturers.
The company's factory is working 24 hours daily and seven
days a week, according to Mr. Rutherford.
The Pharis Tire & Rubber Co. of Newark, Ohio, has
announced an increase of 20% in its retail tire prices.
Chrysler Corp. Reduces Prices of Its Models.
The De Soto Motor Co., a division of the Chrysler Corp.,
has reduced prices $30 to $100 according to a Detroit dispatch. The new prices range from $665 to $875. All standard
models were cut $30 and custom models $40 to $100.
Reductions of $50 to $110 have been made on the Chrysler
Six and Royal Eight lines. List prices of the Chrysler Six
line now range from $745 to $945 and for the Royal Eight
from 95 to $1,125.
Prices of the Chrysler Imperial line have been cut $80 to
$100 the new list prices ranging from $1,295 to $1,495.
Mid-West Distribution of Automobiles According to
Federal Reserve Bank of Chicago-Gain in Sales
by Distributors and Dealers During March Continued During April-Furniture Manufacturers'
Shipments Larger.
"Sales of automobiles by both distributors and dealers in
the Middle West continued to gain in April, despite the heavy
increases shown in March," according to the Federal Reserve
Bank of Chicago,"and for the second successive month the
number of new cars sold at retail was larger than a year ago."
In its "Business Conditions Report" of May 31, the Bank
continued:
The smaller decline from April last year registered in the number of new
cars sold at wholesale than in their value and the increase in number of
sales at retail as against the decrease shown in their value, are in part a
reflection of variations in price ranges of certain makes of cars as between
this year and last. Stocks of both new and used cars were somewhat heavier
at the end of April than a month previous, whereas decreases are usual for
the period, but they remained considerably smaller than a year ago. Data
on deferred payment sales for 23 dealers indicate a slight rise in the ratio
to total sales, from 48% in March to 49% in April, although the ratio
reported by these same dealers for April 1932 amounted to 56%.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
(Changes in April 1933 from Previous Months.)
Per Cent Change From
Companies Included.
March 1933. April 1932. March 1933 April 1932.
New cars:
Wholesale
Number sold
Value
Retail
Number sold
Value
On hand April 29
Number
Value
Used cars:
Number sold
Salable on hand
Number
Value
+34.8
+34.5
-22.2
-50.0
21
21
13
13
+23.5
+20.6
+3.6
-5.1
59
59
33
33
+13.3
+5.1
-26.5
-48.9
60
60
33
33
+16.9
--22.1
59
33
+4.5
+5.3
--24.8
--53.1
59
59
33
33
With regard to orders booked by furniture manufacturers,
the Bank said:
Operations of furniture manufacturers reporting to this bank were accelerated during April. shipments expanding 15% over the March volume,
-a reflection in
despite the decline in orders booked a month previous
part of the 29% increase in current orders. These gains were contrary to
trend, as were the declines experienced in March. Unfilled orders, however,
though increasing during the month approximately 4% in the aggregate,
were nevertheless markedly reduced in the comparison with current orders,
the ratio of 67% being 17 points under that of a month previous. Operations
averaged 30% of capacity, as compared with 33% in March and 41%
year ago.
International Wheat Conference Opened in London
on May 31 Following Geneva Parley Which Ad-Agreement Reported Reached.
journed May 17
In London the current week the International Wheat
Conference was resumed, in the hope it was stated, of reaching an agreement on restricted production before the opening
on June 12 of the World Monetary and Economic Conference. Yesterday (June 2) United Press advices from London
said:
3806
Financial Chronicle
The four leading wheat-producing Powers definitely agreed to-day to
restrict acreage and overcome the problems of surplus crops.
The delegates, representing the United States, Canada, Australia and
Argentina, however, had not yet reached the stage of deciding the exact
percentages for each country.
It was generally agreed the restriction should be for two years.
The present London parley follows the international
Wheat Conference held at Geneva in May. In advices
from London on May 28 the New York "Times" stated that
useful preliminary work was done early at Geneva, but the
meetings there came to a standstill a fortnight ago because
none of the delegates was empowered to commit the respective governments to definite decisions. The London Conference, had previously been scheduled for May 29, but the
change in the date to May 31 was announced on May 30.
Under date of May 31 Associated Press accountsfrom London
said:
Instructions were received from Sydney to-day by the Australian delegation at the International Wheat Conference that Australia would not participate in an agreement to limit wheat acreage. The stand failed, however,
to disturb the hopeful attitude of the American delegation, and the conference set its advisers to wotk on a draft program.
Henry Morgenthau, Sr., chief of the American group of experts, and his
colleagues expressed the belief that an agreement could still be reached for
the control of wheat production by the time the World Economic Con•
ference gets under way June 12.
Stanley M. Bruce, the Australian High Commissioner, announced at the
first formal session of the four-power conference that his government could
not participate in a proposed international scheme for limiting production
of the cereal.
The American delegates are understood to take the view that Australia
is bargaining for an arrangement whereby that country would not have to
restrict production as drastically as Canada and the United States.
At the morning meeting where the spokesman of each country outlined
his position, the Canadian delegation said that it must await the arrival
at London of Prime Minister Bennett before committing itself.
The harmony between Argentine and United :3tates policy on the wheat
problem, which developed at Geneva in the earlier discussions, became
more apparent here as the Argentine spokesman expressed his willingness
to co-operate to the fullest extent with the other great wheat-producing
countries for solving the question of world grain surplus.
Indicating on May 30 that delegates to the conference are
hopeful that some plan can be drawn up agreeable to each of
the principal producing nations, Associated Press accounts
that day added:
Since the harvest in the United States and Canada is imminent, and sowing for next season's crop already has begun in the Southern Hemisphere,
it is improbable that any plan could be made effective before 1934.
The adjournment of the Geneva Conference on May 17 according to Geneva advices to the "Times," was marked by
the publication of a long communique which, said the
"Times" message, gave no details of the plan for acreage
reduction, which had been reported the previous day, but
breathed confidence that this question would be definitely
solved &ion. In United Press advices from Geneva May 18
to the "Wall Street Journal" it was stated:
Delegates to the wheat conference have agreed on a secret aide memoire
covering acreage reduction and creation of an international control board.
The agreement was put into the form of a memoire pending approval of
the respective governments.
The memoire covers four main points:
1. Reduction of acreage as the most feasible way to increase world price.
2. Each government will decide the manner of obtaining reduction.
3. Rejection of the practicability of the export quotas system.
4. Creation of an international control board, probably with headquarters
in London, to supervise the reduction agreement.
As was noted in our May 13 issue, page 3247, the League
of Nations Economic Committee's consultation of experts
of the United States, Canada, Australia and Argentina on
the wheat exports problem, began at Geneva on May 10,
in preparation for the London Economic Conference. As to
the concluding session of the Geneva Conference and the
adoption of the communique we quote the following from
the Geneva advices May 17 to the "Times":
After stressing that the wheat problem was the main key to world recovery, the communique says:
"The problem can be solved only by international action. The three
main measures for this international action, which should be conceived as
something provisional, would be: (a) Limitation of production and possibly of exports; (b) liquidation of stocks; (c) maintenance of a reasonable
import mzrgin in European importing countries.
"The experts thoroughly examined the first two points and will resume
conversations in London on May 29 after having consulted their governments. Thanks to the progress already made, it is hoped definite conclusions may then be reached.
"Compared with the London wheat conference of May 1931, the present
meeting admits of a new element of the greatest importance: on the American side there exist legal possibilities for co-operation."
Much of the communique is devoted to an effort to bring European
producers into eventful accord and, above all, to persuade big European
importers to facilitate a solution by tariff reductions. There would seem to
be little point to all this unless the overseas countries anticipated agreement
among themselves. The experts point out that wheat acreage in European
importing countries increased 9% in 1930 and say this resulted from keeping
home prices high, in some instances four times the world price.
The experts explain that the four large exporting countries are "quite
prepared to take into account the desire of European countries to secure
adequate living conditions for agriculturists." They have no intentionof
demanding abandonment or modification of protectionist policy that Is
deep-rooted in national sentiment, but merely wish to ask Importing countries to apply this policy with necessary moderation.
June 3 1933
They proceed to give many arguments as to why Europeans should do
this in the general interest.
Under protectionism, "in exporting countries a disastrous price level
almost entirely wipes out purchasing power of population," say the experts.
"Wheat is the foundation of the economic edifice. . . .
Consequently,
every measure tending to reduce the difficulties of the wheat trade will be
a powerful remedy for the agricultural crisis—that is to say, for the crisis
In general. . . . To judge from the disastrous price level, it might be
thought there was an enormous overproduction, but if the figures for wheat
production and consumption are compared and analyzed it will be found the
annual surpluses do not represent the difference in quantity which might be
expected in view of the remarkable drop in prices.
"In these circumstances the difficulties in the way of readjusting production and consumption should not be insurmountable," they continue.
"The actual overproduction is comparatively small. But the wheat crisis
takes the form of an accumulation of exportable stocks,concentrated mainly
in the United States and Canada. The fact that this accumulation has
coincided with a number of abundant harvests in big producing countries
caused a glut on the market and surplus stocks are seriously affecting world
positions."
It is an open secret that the ability to dump these stocks on the world
market has been one of the best cards in the hands of Henry Morgenthau,
Sr., head of the American delegation, in pushing acreage reduction and other
American proposals. It is likely to be useful, too, in bringing Europeans
Into line.
World Has Record Stocks of Wheat.
Stocks of wheat available for export of carryover In the
principal exporting countries on May 1 totaled 774,000,000
bushels, or about 49,000,000 bushels more than on May 1 1932,
and stocks in the principal importing countries of Europe
were also larger on May 1 than a year ago, says the Bureau
of Agricultural Economics in its report on world wheat prospects for May, according to an announcement issued May 27.
The Danube Basin countries and Russia are reported to be
the only large wheat producing areas where stocks are relatively small.
World shipments have declined rapidly during the last six
weeks, and in April were 21,000,000 bushels less than for
April 1932, says the Bureau, adding:
It seems unlikely that world shipments and consumption will increase
sufficiently during the remainder of the crop year to prevent the world
carryover of wheat being larger than the record carryover as of July 1 1932.
The Bureau says that the recent rise of wheat prices "has
been closely associated with rising prices of other commodities," due "primarily to the expectation of inflation and improving business conditions, but only in part to any actual
depreciation of the dollar in the foreign exchanges." The
Bureau continued:
Chicago wheat prices have risen about 50%, while the rise of the dollar
value of the French franc (still on the gold standard) has amounted to only
about 17%. But wheat prices have also been affected' by the poor outlook
for the winter wheat crop in the United States.
Plan for Improving Cotton Industry to Be Proposed
by Cotton Mill Heads.
The cotton textile industry has organized to study the application of the Farm Adjustment Act to its business, and
has launched an immediate survey within the industry to
submit recommendations to the Agricultural Adjustment Administration, an announcement issued by the United States
Department of Agriculture, May 26, said, continuing:
Leaders in the industry conferred at length, May 25, with Administrator
George Peek and Co-administrator Charles Brand, discussing in a general
way the situation of the cotton textile business and its relation to the provisions of the new Farm Act. Those attending the conference represented
the majority of cotton mills in New England and the South.
George A. Sloan, President of the Cotton Textile Institute,
stated, following the conference, that "90% of the textile
industry is now educated to the point where it will co-operate
in any reasonable plan for improving conditions in the industry."
Those conferring with Administrator Peek and Co-administrator Brand, according to the announcement, included:
T. M. Merchant, of South Carolina, President of the American Cotton
Manufacturers' Association, which represents all Southern mills; Ernest
Hood, of Massachusetts, President of the National Association of Cotton
Manufacturers, representing New England mills; George Sloan, President of
the Cotton Textile Institute, representing mills in both the New England
area and the South; Colonel G. Edward Buxton, New England manufacturer; Cason J. Callaway, former President of the American Cotton Manufacturers' Association and President of a large group of Georgia mills, and
Robert Stevens, formerly a New York merchant and a representative of mill
interests of New England and the South.
Petroleum and Its Products—President Roosevelt Decides to Include Oil Control Measure in General
Industry Recovery Bill to Facilitate Action—East
Texas Wells Closing as Wide Open Flow Exhausts
Pressure—Commission Orders Tests Prior to June
12 Hearing—Oklahoma Refuses to Increase Allowable at Present Prices.
Important developments in Washington during the week
affecting the petroleum industry were featured by Secretary
of the Interior Ickes' announcement Thursday before the
Volume 136
Financial Chronicle
House Ways and Means Committee that President Roosevelt desired that an amendment be made to the Industries
Control Bill which would give him supervision over the oil
industry, and that the Marland Bill be dropped for the
present. This will have the effect of speeding Governmental
action, it is believed.
The amendment as drafted to meet the wishes of the President was read to the House Committee. It follows: "For
the oil industry, in addition to the powers granted the President concerning codes of fair competition, agreements and
licenses, he is authorized to prescribe regulations to supplement State conservation legislation regulating the production
of petroleum, to allocate equitably the national market
demand for petroleum and the products thereof among the
oil-producing states and between domestic production and
importations and to prohibit the transportation into interstate commerce of petroleum and the products thereof produced or withdrawn from storage in violation of any State or
Federal law or the regulations prescribed thereunder."
The President's expressed desire served the purpose of
causing the immediate suspension of consideration of the
Marland bill, which would have given Secretary Ickes the
control now transferred directly to the President.
Ickes declared that the wide powers as outlined are necessary for the President, adding that "it is necessary that the
power be lodged in the Government because the States have
not been able to meet the situation."
The Secretary declared that many oil producers would
undoubtedly express preference for the Marland Bill and its
provisions, but added significantly that "the amendment is
acceptable to the President."
The refusal of a three-judge Federal Court in Texas to issue
an injunction restraining the Railroad Commission from enforcing its present East Texas allowable of 791,201 barrels
daily has left the Texas situation unchanged, except for the
threat of pool exhaustion which is carried in the fact that
hundreds of wells have been closed down due to the ceasing
of bottom hole pressure, caused by the wide open flow.
Belief has been expressed that under present production
schedules the wells will be exhausted at the rate of 1,000
per month.
Because of the seriousness of this aspect of the situation,
the Railroad Commission has ordered that tests be made of
wells under wide open flow conditions, and that on June 12
a hearing be held to determine whether or not the present
order is creating waste.
A cut in East Texas production will have the effect of
causing prices to advance immediately, it is believed. The
general price is now 25e. throughout the State, the 100.
price having been sustained for but a short period following
the issue of the large production order which, while theoretically limiting output to less than 800,000 barrels daily, really
brought about production averaging 1,000,000 barrels daily.
The disruption of the Texas price structure was reflected in
other fields throughout the midcontinent area, and in other
oducing centers.
The Oklahoma Corporation Commission, recognizing the
national status of the industry, has refused to permit an
increase in the Oklahoma City field output, despite the fact
that nominations have been filed for an additional 100,000
barrels daily. The Commission held that the production
and sale of crude at 25c, a barrel is wasteful.
The Texas situation has had reverberations abroad, as
the Rumanian oil producers on Thursday lifted the restriction previously imposed on output and maintained under
agreement with world producers. The Rumanian officials
hold that the United States had violated the agreement and
had thereby jeopardized the possibility of an advance in
world prices. The Rumanian production may advance to
22,000 metric tons a day, from the former restricted level
of 18,000 daily.
There was a slight decline in national production for the
week ended May 27, the American Petroleum Institute
declares. The daily average output was 2,634,550 barrels,
a drop of 70,800 barrels from the daily average of the previous
week.
No crude price changes were reported this week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
$1.37 Eldorado, Ark., 40
$ .52
.85 Rusk, Tex., 40 and over
.25
Corning, Pa
.47 Salt Creek, Wyo., 40 and over -_-- .23
Illinois
.42 Dant Creek
.23
Western Kentucky
.70
Mid-Continent, Okla., 40 and above .25 Midland District, Mich
Hutchinson, Tex., 40 and over_
. . Sunburst, Mont
.25
1.05
.25 Santa Fe Sprgs., Calif., 40 and over .75
SpindeltoP, Tex., 40 and over
.25 Huntington, Calif., 26
.75
Winkler, Tex
Smackover, Ark., 24 and over
.20 Petrone, Canada
1.75
3807
REFINED PRODUCTS
-NEW JERSEY PRICE WAR ENDS AS
STANDARD ADVANCES PRICES
-NEW INCREASE IN TANK
CAR GASOLINE POSTED-BUNKER FUEL OIL STRONGER
BETTER TONE IN KEROSENE
-NAVY CONTRACTS FOR
FUEL OIL ANNOUNCED.
The protracted price-war which has kept gasoline prices
around 10c. a gallon in Northern New Jersey has come to
an end, with the posting yesterday (Friday) of advances by
Standard of New Jersey which will return service station
prices to 16.5e., less 2c. for cash. Other companies which
adopted the low prices during the price-war period will
undoubtedly follow Standard's lead and re-establish that
territory on a profitable basis.
In some circles the action of majors in returning to profitable prices is regarded as a victory for the independent
interests of New Jersey, who have steadfastly fought every
price cut during this period, and who have instituted legal
action against a group of the majors. The Independent
Oil Dealers Association of New Jersey has been especially
active in this regard.
The statement issued by the New Jersey Standard accompanying the posting of the increase pointed out that "prices
in New Jersey and certain other areas have been abnormally
depressed, and the present move will return prices to normal
levels. The adjustment will vary at different points, depending on local conditions." The company also advanced
tank car gasoline prices Mc. a gallon to Sc. at Bayonne,
and Xe. to 43 c. at Baltimore and Philadelphia.
4
The price adjustment is based on cargo-lot prices at seaboard, this being the new process of determining prices, as
adopted by Standard.
It is believed here that the settlement of the New Jersey
situation will react favorably throughout the Metropolitan
area, and that advances may be expected in New York and
New England.
Fuel oils have shown a stronger tendency this week, with
Grade C, bunker, firm at 75c. a barrel, in bulk at refineries,
and Diesel steady at $1.65 a barrel, same basis. The Navy
oil contracts for about 1,850,000 barrels of fuel oil were
allotted this week for the Service's east coast requirements,
and for more than 6,000,000 barrels on the west coast.
There has been a brisker movement in kerosene, with the
price ranging from 4Yic. to Sc. for 41-43 water white in
bulk at refineries.
Gasoline prices in Nebraska will be reduced throughout
the state, following a 2c. cut in Omaha, posted by Sinclair
Refining Co. and Phillips Petroleum Co. on June 1.
Pennsylvania lubricating oils have been active during the
past week, with prices showing a firmer tendency, reflecting
the improved tone noted throughout the industry as President Roosevelt's control bill nears passage in Congress.
Price changes follow:
-Tank car gasoline prices advanced 34 c. to 434c. by smaller
May 29:
companies, and met by Standard of New Jersey and other majors.
June 1:
-Standard Oil Co. of Nebraska, Sinclair Refining Co., and
Phillips Petroleum Co. reduce Omaha gasoline prices 2c. a gallon. Adjustment of statewide basis expected to follow.
-Standard Oil Co. of New Jersey advances tank car gasoline
June 1:
prices c. to Sc. a gallon at Bayonne; hc. to 434c. at Baltimore and
Philadelphia.
-Standard Oil Co. of New Jersey advances service station gasoJune 2:
line prices in New Jersey, posting advances ranging up to 3.5c. a gallon
In territories where "price wars" have been conducted. The new price
at Newark, N. J.. will be 14.5c. a gallon, cash, at service stations, including 4c. tax.
Gasoline, Service Station, Tax Included,
*$.15 New Orleans
$.128
New York
$.152 Cleveland
.12
18 Philadelphia
Atlanta
.19 Denver
.115 San Francisco:
Baltimore
16 Detroit
144
.17
Third grade
Boston
16 Houston
Above 65 octane-- 185
Buffalo
.195
.172 Jacksonville
219
Chicago
.12 Kansas City
.133 Premium
Cincinnati
.14
15 Minneapolis
125 St. Louts
* Less 2 cents cash discount.
Kerosene, 41-43 Water White. Tank Car, F.O.B. Ltd. Refinery.
N.Y.(Bayonne$.04)j-.05% Chicago
$.02%-.03% New Orleans, ex__ _$.03%
North Texas
.03 Los Ang.,ex_ .04(-.06
Tulsa
Fuel Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)California 27 plus 13
Gulf Coast C
$65
Bunker C
$ .75
$.75-1.00 Chicago 18-22 D_42%-.50
Diesel 28-30 D
1.65 New Orleans C
.60 Philadelphia C
.70
Gas 0 I, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)ChicagoTulsa
28 plus 0-L0351,04 32-36 G 0
,
$.01%
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne)
N. Y.(Bayonne)
Chicago
$.04-.044
Standard 011, N.J.
Shell Eastern Pet-$.043j New Orleans ex_ .04-.04%
Motor. U. S__$.05
New York
Arkansas
.04-.0434
Stand. 011, N. Y_ .0485 Colonial-Beacon.. 05 California
.05-.07
Tide Water Oil Co .05
z Texas
0460 Los Angeles, ex. .004-.07
Richfield Oil(Cal.) .053
Gulf
0485 Gull ports
.05-.051(
Warner-Quin. Co. .05%
Republic 01.1
.05 Tulsa
05-.05%
Pennsylvania__
.05M
Richfield "Golden." z "Fire Chief." $.0485.
Sugar Prices Advanced Ten Points.
It was announced yesterday (June 2) that the California
& Hawaiian Sugar Refining Corp., Ltd., has advanced the
price of refined sugar 10 points to 4.60 cents a pound,effective
at the close last night.
3808
Financial Chronicle
Revised Oil-Control Bill Offered in Senate as Amendment to Industrial Recovery Measure-Bill, Similar
to That Introduced on May 19 in Both Houses,
Would Create Government Official to Administer
Industry and Eliminate Secretary of Interior
Senate Finance Committee Concludes Hearings.
Revised legislation for the control of the petroleum industry was introduced in the Senate on May 26 by Senator
Capper of Kansas. The bill was immediately referred to
the Senate Finance Committee, which on the same day
began hearings on the petroleum situation. These hearings
were concluded on May 29. The new Capper bill closely
parallels the provisions of the Capper-Marland bill, introduced in the House and Senate on May 19, and described
in our issue of May 27, page 3639. The new measure, however, was introduced as an amendment to the National
Industrial Recovery bill, and differs from its predecessor
chiefly in providing that the dictatorship over the oil industry need not be placed in the hands of the Secretary of
the Interior, but shall be exercised by an administrator who
is to be an official of the Government. The revised bill also
eliminates natural gas from the regulatory provisions.
Among the provisions common to both the original and revised Capper bills are that prohibiting inter-State shipment
of petroleum or its products produced in violation of State
conservation laws; that authorizing the administrator to
investigate and announce domestic and export demand for
such products as he may choose; that for regulating imports
and limiting them to the daily average for the final half of
1932; that for a tax of 50 cents a barrel on oil produced in
excess of demand; and that for a tax of Yj, of 1% a barrel on
crude oil produced or imported.
Among the witnesses to appear at the hearings before the
Senate Finance Committee were Secretary of the Interior
Ickes, Representative Marland of Oklahoma, Jack Bialock
of Texas, J. B. Elliott of California and. J. E. Jones of
New York. Secretary Ickes explained that the proposed
measure would prevent transportation of illegally-produced
oil, and that under.it the Government would allocate to the
oil States their proportion of total market demand. Most of
the changes in the oil bill have been made to make it harmonize with the Industrial Recovery measure, he said.
Testimony of other witnesses was quoted, in part, as follows,
in Washington advices to the New York "Journal of Commerce," May 30:
Jack Blalock of Texas, Secretary of the independent association opposed
to monopoly, denied that there is over-production in the east Texas fields
nor the existence of an emergency that "justifies this drastic legislation."
He suggested that the committee follow President Roosevelt, as expressed
in his letter to the oil State governors early in April, and provide for divorcement of pipelines from other branches of the industry.
"There is the strangle hold is the oil Industry," he said. "That would
solve the question for the oil men."
The committee was urged by John B. Elliott of California, to sponsor a
Congressional investigation of the oil industry. Mr. Elliott is president of
the independent association opposed to monopoly.
"If you will do this. Congress will learn of the facts already well known
to the independents," Mr. Elliott said.
Support of the legislation was voiced by I. C. Grimm, representing Gov.
George White of Ohio and the oil and gas associations of Ohio.
"The small producers have exerted every effort to continue in the oil
business, to save their properties and keep their men employed," he said,
"but we find it impossible to continue any longer under the present low
price for crude oil. Unless some legislation is enacted at this session of
Congress to give immediate relief, it will result in a complete shutdown of
all small wells."
Opposing the Capper bill, J. Edward Jones of New York cited Supreme
Court opinions on the subject of Federal control of oil production and gave
views of prominent economists.
"Federal control of the industry inevitably would result in ultimate failure
to a point of disaster," he said. "Blame for such an end would be placed
upon the Administration that sponsored it."
Complete divorce of the transportation facilities from companies interested directly or indirectly in producing, processing or the marketing of
the product transported, Mr.Jones declared, is an effective means of placing
all operators upon an equal competitive basis: of enabling prices to result
purely front the effect of relationship between supply and demand: of
preventing monopoly and thereby bringing stabilization to the industry
and providing for the true convervation of oil.
"Let us solicit the aid of the Department of Justice in obtaining prosecutions for violations of our Federal anti-trust laws with respect to price fixing
tactics," he said, "instead of turning over the industry to a man who admittedly does not know the fundamentals of it and who,therefore, would be
Incompetent to dictate to us. We should regulate and curtail the law violators, not the economic elements of petroleum."
Crude Oil Output Declined During Week Ended May 27
1933, but Exceeds Same Period Last Year-Inventories Fell Off.
The American Petroleum Institute estimates that the
daily average gross crude production for the week ended
May 27 1933 was 2,634,550 barrels, compared with 2,705,350
barrels per day during the preceding week, a daily average
production for the four weeks ended May 27 of 2,680,650
barrels and an average daily output of 2,169,400 barrels
for the week ended May 28 1932.
June 3 1933
Stocks of fuel at all points decreased 95,000 barrels during the week ended May 27 1933 as against an increase of
443,000 barrels during the previous week.
Reports received for the week ended May 27 1933 from
refining companies controlling 91.6% of the 3,856,300barrel estimated daily potential refining capacity of the
United States indicate that 2,288,000 barrels of crude oil
daily were run to the stills operated by these companies,
and that they had in storage at refineries at the end of the
week 32,743,000 barrels of gasoline and 125,257,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit
and in pipe lines amounted to 20,809,000 barrels. Cracked
gasoline production by companies owning 95.4% of the
potential charging capacity of all cracking units averaged
473,000 barrels daily during the week.
The report for the week ended May 27 1933 follows in
detail:
DAILY AVERAGE CRUDE OIL PRODUCTION (FIGURES IN BARRELS).
Average
Week Ended 1Week Ended 4 Wks. End. Week Ended
May 27 '33. May 2033. May 27 '33. May 28 '32.
461,250
383,350
434,000
399,150
Oklahoma
110,400
112,250
105,650
96,900
Kansas
43,100
44,150
51,550
44,500
Texas
Panhandle
48,850
47,850
51,550
49,400
North Texas
20,200
25,450
21,000
19,800
West Central Texas
159,750
160,500
183,900
159,800
West Texas
58,350
58.450
58,500
58,900
East CentralTexas
805,050
814,500
334,300
808,700
East Texas
71,400
78,000
69,350
Conroe
52,250
48,500
50,200
54,600
Southwest Texas
26,200
26,400
29,250
27,100
North Louisiana
29,900
29,950
34,300
30,000
Arkansas
115,000
112,900
113,650
114,500
Texas (not incl. Conroe)_
Coastal
41,450
41,450
33.900
41,550
Coastal Louisiana
339,080
89,150
89,400
108,250
Eastern (not incl. Michigan)
16,050
16,100
19,200
16,300
Michigan
29,400
27,400
38,200
29,650
Wyoming
5,750
5,900
8,650
5,900
Montana
2,550
2,550
2,550
3,300
Colorado
36,100
36,100
36,100
36.700
New Mexico
485,200
484,000
479,900
489,700
California 2.634,550 2,705.350 2,680.650
2.169.400
Total
Note.
-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS, GAS AND FUEL OIL
STOCKS, WEEK ENDED MAY 27 1933.
(Figures in Barreb3 of 42 Gallons.)
Daily Refining Capacity
of Plants.
District.
Reporting.
Potential
Rate.
East coast
Appalachian
Ind., Ill, Ify
Okla..Kans..Mo.
Inland Texas
Texas gulf
Louisiana gulf.,.
-Ark..
North La.
Rocky Mountain
California
Total.
%
644.700 638,700 99.1
144.700 135,000 95.0
434,900 424,000 97.5
459,300 390,000 84.9
315,300 177,700 56.4
555,000 542,000 97.7
146,000 142,000 97.3
79,000 88.5
89,300
152,000 138,000 90.8
915,100 866,100 94.6
Crude Runs
to Stills.
a Motor
Gas and
Oil
Fuel
Fuel
%
Daily Oper- Stocks.
Stocks.
Average. Wed.
496,000 77.7 16,919,000 6,670.000
82,000 60.7 2,167,000
800,000
279,000 65.8 8,472,000 3,856,000
220,000 56.4 4,871,000 3,151,000
98,000 55.1 1,717,000 2,213,000
458,000 84.5 5,816,000 6,178,000
113,000 79.6 1,473,000 2,057,000
43,000 54.4
321,000
567,000
36,000 26.1 1,248,000
673,000
463,000 53.5 14,063,000 99,092,000
Totals week:
May 27 1933._ 3,856.3003,532.500 91.6 2,288,000 64.8 c57067000 125,257,000
q Sc,. Sons n2590 91.6 2.266.000 64.1 57 162 non 124 Ann Ann
'k,.., on I wet
a Below are set out estimates of total motor fuel stocks on U. S. Bureau of Mine
basis for week of May 27 compared with certain May 1932 Bureau figures:
58,770,000 barrels
A. P. L. estimate of B. he M. basis, week May 27 1933_6
68,811,000 barrels
U. S. B. of M. motor fuel stocks. May 1 1932
69,135,000 barrels
U. S. B. of M. motor fuel stocks, May 31 1932
b Estimated to permit comparison with A. P. I. Economics report, which is on
Bureau of Mines basis.
c Includes 32,743,000 barrels at refineries, 20,809,000 bulk termina s, in transit
and pipe lines, and 3,515,000 barrels of other motor fuel stocks.
Gasoline Prices Raised by Standard Oil Co. of
New Jersey.
The Standard Oil Co. of New Jersey announced on June 1
that with a view to raising gasoline prices to normal levels
it has made increases in its prices, effective June 2. The
New York "Times" of June 2, in noting the increases, said:
In areas where quotations have been depressed by a price war, particularly in New Jersey, the move will result in an advance of approximately
three cents a gallon in the retail price. The adjustment will vary at different points.
The new price at Newark will be 16.5 cents a gallon, less two cents
for cash, at service stations. This is an advance of approximately 3.5 cents.
A year ago the price was 16.2 cents, not including the 1-cent Federal tax,
which had not been enacted then.
The price of spot gasoline in tank cars has been advanced a quarter
cent a gallon to five cents, f.o.b. Bayonne, N. J. Prices at Baltimore and
43% cents a gallon.
Philadelphia have been advanced to
Marketing areas from Maine to Louisiana are believed to be affected
by the company's move. It is regarded in the trade as a contribution
toward a firmer price structure, and other large companies are expected
to fall in line. For several months the leading companies have been
engaged in a price war with independent marketers of East Texas gasoline
who have been cutting prices.
Standard Oil Co. of New York Advances
Gasoline Prices.
Effective to-day (June 3) an advance of 0.3 cents a gallon
in gasoline prices has been made by Standard Oil Co. of
New York, Inc., throughout New York and New England.
The new price at service stations in New York City will be
Volume
136
Financial Chronicle
14.5 cents a gallon, including 4 cents in taxes, according to
the "Wall Street Journal" of last night.
The company has also met the advance of 3' -cent in the
tank-car price of gasoline made by Standard Oil Co. of
New Jersey, its new price being 5.10 cents, Long Island.
Wire Prices Increased-Brass Prices Also Higher.
The General Cable Corp., following an advance of M and
yi cent a pound in wire prices in the morning of June 1,
announced a second advance that day of M cent a pound
for deliveries in car lots. The new prices are:
Bare wire, 10.50 cents a pound, up 0.625 cent; weather proof wire. 12.375
cents, up 0.625 cent, and magnet wire, 12 cents, up 0.75 cent.
Phelps Dodge Copper Products Corp., Anaconda Wire &
Cable Co. and other copper fabricators have followed the
higher postings on copper wire.
Revere Copper & Brass Co. announced an advance of M
cent a pound in copper and brass products with the exception
of phosphor-bronze, which was raised 1 cent. Welding rod
prices were unchanged.
Monthly Statistics of Tin Exports According to
International Tin Committee.
The International Tin Committee met at the Bolivian
Legation Paris on May 23. A communique issued by the
New York office of the International Tin Research & Development Council on May 25 noted the monthly statistics as
to exports as follows:
CABLED INFORMATION FROM PARTICIPATING COUNTRIES FOR
SEPT.-DEC. 1932, JAN. TO MARCH 1933 AND APRIL 1933.
Monthly
Export
Balance at September to January to
December
March
Permissible
Sept. 1
1932.
1933.
from
1932.
SePt.1 1932.
April 1933.
N. E. 1
Nigeria
Bolivia
Malaya
Siam
1,282
5,068
3,943
1,307
-40
321
949
1,260*
317
-26
3,600
1,224
5,177
1,224
+1,172
6,222
2,671
8,532
2,036
-113
830
2,510
833
3.296
-523
•For November 1932 the figure of export for Nigeria has been cor ected to 370
tons (previously reported 295 tons). The total for export for September-December
1932 has now been corrected.
Note.
-A plus sign means excess over quota; a minus sign means balance in hand
on quota allowance.
General Advance in Non-Ferrous Metals-Activity
Expands at Higher Quotations.
"Metal and Mineral Markets" for June 1 observes that
favorable reports on the general business situation and
uncertainty as to the ultimate value of the dollar caused
prices for non-ferrous metals to move upward sharply in the
week that ended yesterday. Demand for metals and metal
products seems to be expanding with each fresh advance in
quotations. Operators who favor an orderly rise in prices
are experiencing great difficulty in checking speculative
enthusiasm. Copper during the period scored a net gain
of /0.; lead and zinc advanced about Mc.; tin, 4c. per
3
pound, and silver, 13/2c. per ounce. The same publication
adds:
Copper Advanced to MC.
The market for copper scored a net gain of Kc. in the last week, both
here and abroad. Demand was fairly active in both markets, though
buying interest was more in evidence toward the close of the week than
earlier in the period. Shipments of copper into consumption are increasing as the market is moving into higher ground, and, with output
likely to show no appreciable change over the summer period, operators
believe that the uplift that has taken place is fully warranted. Copper.
it is pointed out, has advanced no more on a percentage basis than the
other major metals. The undertone late yesterday was strong.
Abroad, where inflation of the dollar would have little bearing on prices,
the trend of prices also was upward throughout the period. European
operators believe that a recovery in business in the United States should
stimulate trading in all directions and serve to increase commodity values.
On Thursday, May 25, activity in the European centers was restricted
because of a holiday. Beginning with Monday, May 29, trading abroad
became quite active, and prices realized daily covered a wide spread,
owing to the fluctuating exchange rates. Yesterday business was done
abroad at prices ranging from 7.625c. to 7.75c., c.i.f. basis.
Fabricators experienced good business in copper and brass products
and prices were advanced on two occasions. On May 29 leading interests
announced a general advance of Xc. in copper and brass products. Yesterday, May 31, phosphor bronze quotations were marked up lc., and all
other products .5.6c.
The copper statistics for North and South America for 1932 were issued
during the week and are about in line with expectations.
Lead at 4.10c., New York.
Stimulated by the general upward movement in commodity prices
and the marked advance of security markets, daily buying of lead increased steadily in volume as the past week progressed, reaching a total
of more than 3,000 tons on Monday. Yesterday, following the third rise
in prices during the week, activity diminished somewheat, but nevertheless
a fair volume of business was booked for the day, and the total of sales
for the seven-day period was far above that for an average week, exceeding
10,000 tons. The New York price level of the metal moved up last Thursday to 3.750., the contract settling basis announced by the American
Smelting & Refining Co. on that day. On Monday the company advanced
this basis to 3.90c., and yesterday an advance to 4.10c. was announced.
The price situation in the West was slightly irregular during the period,
ranging from 3.60c. to 3.6250., St. Louis, when the 3.750. level was quoted
3809
in the East, but holding uniformly at 3.75c. on Monday and at 3.950.
yesterday.
Business of the week was well distributed among the various consuming
Interests, with corroders placing the heavier share of the orders. Buying
by the foil interests was slightly less than in the preceding week, but the
purchases by cable, mixed-metal and pipe and sheet manufacturers improved.
Sales for the calendar week ended May 27 totaled about 11,000 tons.
Metal sold for shipment during May. according to statistics circulating
among producers, totaled 24,000 tons; sales for June shipment already
total about 22,000 tons, and those for July shipment have reached about
11,000 tons.
Zinc Again Higher.
The trend of prices in zinc again was upward, sales yesterday going
through as high as 4.325c. per pound, St. Louis, for Prime Western, as
against 3.850. a week ago. The sales for the calendar week ended May 27
totaled 5,200 tons, an excellent week's business. Demand continued
active over the last two trading days. Galvanizers were the principal
buyers, and quite a fair tonnage of forward material was booked during
the week. The strength in concentrate again was a factor, the Joplin
market advancing to $28 per ton.
Active Trading in Tin.
Demand in the domestic tin market was more brick last week than at
any time during the last few years; in fact, late last Saturday morning
trading came to a standstill because all metal available for sale had been
purchased. Despite the holiday on Tuesday, several importers did a fair
day's business, using sterling quotations as a basis for settlement. The
bulk of the business of the week was booked on Thursday and Friday.
On Monday a period of quiet developed, and this prevailed until just
before closing time, when trading picked up markedly for a brief period.
Sales yesterday were moderate in total volume. Prices during the sevenday period moved up from 37c. to 41.50c. for Straits, the higher figure
applying to some business booked early yesterday.
Chinese tin, 99%. prompt shipment, was quoted as follows: May 25.
33.50c.; May 26, 33.625c.; May 27, 34.875c.; May 29, 35.6250.; May 30.
holiday; May 31. 37.750.
Demand Continues to Gather Momentum as Steel
Output Rises to 41%
-Pig Iron and Steel Scrap
Prices Again Advance.
Further gains in production and demand, coupled with
growing strength in prices, are rapidly establishing the iron
and steel industry on the firm footing of a seller's market,
announces the "Iron Age" of June 1. Steel ingot output,
which has had an uninterrupted rise since the third week
in March, now averages 41% of capacity as compared with
38% a week ago. And expected seasonal influences have
not yet come into play to check the forward movement,
adds the "Age," further stating:
The remarkable upswing in tin plate demand has brought output of
that product up to 90% of capacity, with full operations likely to be
attained within a week. Continued expansion of specifications indicates
sustained production for at least two months.
Automotive support of the steel,industry is undiminished. Retail sales
of motor cars, which for long had been concentrated in the Northeastern
section of the country, particularly New York and the New England
States, are now broadening out in the South and other regions.
Miscellaneous steel consumers continue to increase their purchases.
Electrical sheets are more active and tack plate is moving in good volume.
Stamping plants are busier, especially those making kitchenware; electrical
refrigerator makers are taking a heavy tonnage of sheets; and oil supply
Interests are buying steel for development work in the Southwest. Makers
of conductor pipe and eavestrough are manufacturing on a larger scale
to build up their stocks. Plate fabricators are booking tank orders from
both the oil industry and brewers. A Detroit manufacturer has a backlog
of more than 100,000 insulated steel beer barrels and is using 150 to 500
tons of sheet steel a week.
Railroad buying continues to lag so far as orders for rails and rolling
stock are concerned, but growing interest is being shown in steel for equipment repairs. The Pennsylvania's release of 12,460 tons of rails to the
Steel corporation is being rolled at the Pittsburgh district mill, which
resumed operations late last week. A Chicago independent is rolling
3,250 tons for the same line. The New York Central will soon place
about 8,000 tons, and the Norfolk & Western is inquiring for 10.000 tons,
as well as for 6,000 kegs of spikes and a tonnage of tie plates.
Federal construction and road work requiring both structural steel and
reinforcing cars is in the offing, but current lettings are light. Fabricated
structural steel awards, totaling 11,800 tons, compare with 15,500 tons
last week and 3,750 tons two weeks ago. New projects of 20,350 tons
include 15,000 tons for a New York Central viaduct and 2,200 tons for a
brewery stock house in New York City.
Despite the relatively small tonnage now coming from the railroads,
the construction industry and the oil companies
-all three leading consumers of steel in normal times
-May steel bookings were the heaviest
for any month in nearly two years for many companies. Demand for sheets
and strip steel has been stimulated by the recent advances for third quarter.
However, not all companies participated in the advance and at least one
that did has withdrawn its quotations. Apparently these producers are
disposed to defer action on flat-rolled steel, as well as other finished products,
pending definite information on wage rates during that period.
The manner in which the American Iron and Steel Institute reacted
to the industrial recovery bill makes it possible that the first move of the
industry to carry out its part of the program will be a general advance in
wages. A 10% increase in coal miners' wages in conjunction with price
stabilization negotiations in the coal industry is considered significant. awl
Notwithstanding their unqualified support of the principles of the
Industrial control bill, iron and steel producers, as well as consuming
interests, are commencing to voice their dissatisfaction with certain provisions and omissions in the measure, as passed by the House of Representatives.
Absence of machinery to regulate foreign competition is regarded as
incompatible with increases in domestic wages and costs. The licensing
feature, besides being of doubtful constitutionality, is so drastic as to
excite universal apprehension. The employment clauses, it is feared
would invite labor trouble instead of promoting harmony in employeremployee relations, while the tax proposals would impose too heavy a burden
on lower bracket income and discourage investment.
The only important price advance on finished material to be announced
this week was an increase in bolts, effective immediately. Pig iron continues to show strength, with the recent advances in the Valleys established
Financial Chronicle
Direct reflexes of gains in freight car loadings are heavier pig iron and
steel shipments for railroad repair work; the expected placing of 10.000
tons of rails by Norfolk & Western;and the reopening of the Edgar Thomson
rail mill.0
Some farm implement manufacturers who planned to suspend for the
summer will continue production. Automobile output for May probably
will exceed the original estimate of 200,000 by 25,000, with further evidence
that June will be equally as good, and prospects that summer production
will be seasonally strong.
Structural steel also has joined the procession of improvement, awards
for the week going to 17,000 tons, largefy on the strength of 7,400 tons for
a New York apartment and 3.500 tons for an open-hearth building at
Detroit for the Great Lakes division of the National Steel Corp., which is
adding to its steel capacity.
A better outlook for Federal projects also has quickened demand for pipe.
Chicago sanitary district improvements ordered by the Government will
take 10,000 tons of cast pipe. Large inquiries are developing in Eastern
cities, and at Pittsburgh some steel pipe mill schedules have been speeded
up. Bids are being taken by Los Angeles for 4,150 tons of plates; by the
Navy for 1.133 tons of armor plate.
May sales of pig iron by lake furnaces exceeded all expectations, rising
to1150% over April, with tonnage placed so far this year larger than the
entire amount for 1932. Furnaces have accumulated backlogs which probably will carry them,at least at present rate of operations, through the third
quarter. Several additional stacks now are slated for early resumption.
A Pittsburgh foundry has booked orders for 4,200 cast steel car frames.
There has been little abatement in demand for sheets and strip from
automotive, refrigerator and washing machine manufacturers; some northern Ohlolmills have increased their output, anticipating present demand will
hold through June and July. Tin plate, most active of finished steel products, shows further evidence of expansion, with mills now averaging 80 to
85%. Export orders are heavier; one calls for 15,000 tons of tin plate
for pineapple cans.
Steel ingot production last week continued to mount in most districts.
At Wheeling, W. Va., the rate was 80%; Cleveland, 59; New England, 58;
Birmingham, 50; Youngstown. 47; Detroit, 38; Chicago, 37; Buffalo, 33;
Pittsburgh, 27; and Eastern Pennsylvania, 1934 %• Further advances in
some districts are indicated for this week.
This country again increased its favorable balance of foreign trade in
iron and steel in April, when exports rose 19,828 tons to 100,395 tons,
highest in two years. Seventy-three per cent of the April tonnage was
scrap. Imports gained only 5,947 tons to 28,061. Exports for the four
months this year, 301,618 tons, are 112,454 greater than last year; imports,
91.815 tons, are down 42,942 tons.
In practically all finished steel lines in which advances have not already
been announced for third quarter, consumers are pressing for prices, with
mills reluctant to name them until further clarification of Federal industrial
control and Its effect on costs. Some wire mills expect to limit sales to
a, month-to-month basis beginning July 1.
."Steel'."iron and steel price composite this week is unchanged at $28.50:
the finished steel composite remains $45.10; while the scrap composite is
down 4 cents to $9.37.
Steel ingot production in the week ended May 29 is placed
at a shade under 42% of capacity, according to the "Wall
Street Journal" of May 31. This compares with a fraction
over 39% in the preceding seven days and with 34M% two
weeks ago. The "Journal" also reports as follows:
U. S. Steel is estimated at a little over 35%. against 33;4% in the week
before and 2954% two weeks ago. Leading independents are credited with
a rate of about 48%, compared with 453.4% in the preceding week and
401i% two weeks ago.
The following table gives the percentage of production for the corresponding week of previous years, with the approximate changes from
the week immediately preceding:
42 -2%
75 -494
99l'i
8234+1
8735-134
40 -2
67)8-194
92 - H
76
72 -2
Bituminous Coal Output Continues Well Above the
Corresponding Period in 1932-Anthracite Production Lower.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal showed
little change in the week ended May 20 1933, continuing, as
in the past four weeks, well above the corresponding period
of 1932, amounting to 5,050,000 net tons, as compared with
5,080,000 tons in the week ended May 13 1933 and 4,298,000
tons in the week ended May 21 1932. Anthracite output in
Pennsylvania during the week ended May 20 1933 is estimated at 664,000 net tons, a decrease of 60,000 tons, or
8.3%,from the production of the preceding week, and compares with 698,000 tons in the corresponding period last year.
During the calendar year to May 20 1933 there were
produced 112,342,000 net tons of bituminous coal and
17,544,000 tons of anthracite, as against 119,535,000 tons of
bituminous coal and 20,371,000 tons of anthracite during the
calendar year to May 21 1932. The Bureau's statement
follows.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS.)
Week Ended
May 20
1933.c
May 13
1933.c
Calendar Year to Dale.
May 21
1932.
1933.
1932.
1929.
Bltum. coal
-a
Weekly total 5,050,000 5,080,000 4,298,000 112,342,000 119,535,000 203,957,000
Daily aver_
945,000 1,006,000 1,714,000
842,000 847,000 716,000
Pa. anthra.-b
Weekly total 664,000 724,000 698,000 17,544,000 20,371,000 28,308,000
Daily aver_ _ 110,700 120,700 116,300
149,300
173,400
240,900
Beehive coke
339,000
10,900
11,200
10,400
Weekly total
343,000 2,447,000
1.817
1.867
2,825
1,733
Daily aver_ _
2,858
20,393
a Includes lignite, coal made in o coke, local sales, colliery fuel. b Includes
Sullivan County, washer) coat, dredge coal, local sales, and colliery fuel. c Subklot
,
to revision. d Revised.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS)
Week Ended
Stale.
Alabama
Arkansas and Oklahoma
Colorado
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern
Western
Maryland
Michigan
Montana
New Mexico
North Dakota
Ohio
Pennsylvania (bituminous)
Tennessee
Texas
Utah
Virginia
Washington
West Virgins-Southern.b
Northern_a
Wyoming
Other states
May 13
1933.
MaY 3
1933.
May 14
1932.
141,000
143,000
143,000
13,000
13.000
12,000
75,000
63,000
48,000
486,000
402.000
132.000
193,000
168,000
137,000
41.000
41,000
47,000
61,000
61,000
69,000
432,000
387,000
373.000
98,000
89,000
166,000
22,000
19,000
22,000
1,000
1,000
3,000
24,000
27,000
26,000
14,000
19.000
18,000
18,000
18,000
15,000
311,000
274,000
90.000
1,372,000 1,385,000 1,331,000
50,000
49,000
52.000
13,000
14,000
11,000
34,000
31,000
27,000
150,000
147,000
115,000
21,000
16,000
30,000
1,129,000 1,020,000 969,000
319,000
298,000
396,000
61,000
63.000
62,000
1.000
2,000
1,000
May 16
1931.
§§§§n§§§§§§§§§§§1§§§§§§§
Accompanying the ninth consecutive weekly increase in
steelworks operations, lifting the National average to 43%,
is an:encouraging broadening of the entire iron and steel
market foundation, stated the magazine "Steel." on May 29.
That publication further reported as follows:
41 -2
71 -234
95
79H -I- 35
80 -135
t.
Steel Scrag..
May 29 1933, $9.75 a Gross Ton.
IBsaed on No. 1 heavy melting steel
ago
One week
$9.67 quotations at Pittsburgh. Philadelphia
One month ago
9.42f and Chicago.
One year ago
7.33
Low.
OIL
1933
36.75 Jan. 3
$9.83 May 9
1932
6.42 July 3
8.50 Jan. 12
1931
11.33 Jan. 6
7.62 Dee. 29
1930
11.25 Dec. 9
15.00 Feb. 18
1929
14.08 Dec. 3
17.58 Jan, 29
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
Independents.
N.4
Pig Iron.
May 29 1933, $15.01 a Gross Ton. Based on average of heal° iron at Valley
One week ago
814.56 furnace foundry irons at Chicago.
One month ago
14.10 Philadelphia, Buffalo, Valley and SirOne year ago
mingham.
14.06
High.
Low.
1933
$15.01 May 29
$13.56 Jan. 3
1932
14.81 Jan. 5
13.56 Dec. 6
1931
15.90 Jan. 6
15.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov.27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
U. S. Steel.
0.
Finished Steel.
May 29 1933, 1.892o. a Lb.
Based on steel bars, beams, tank plates.
One week ago
1.892o. wire, rails, black pipe and sheets.
One month ago
1.8670.1 These products make 85% of the
One year ago
1.9700. United States output.
High
1933
1.9480. Jan. 3
1.887e. Apr. 18
1932
1.9260. Feb. 2
1.9770. Oct. 4
1931
2.0370. Jan. 13
1.945e. Dec. 29
1930
2.2730. Jan. 7
2.0180. Dec. 9
1929
2 3170. Apr. 2
2.2830. Oct. 29
1928
2.288c. Dec. 11
2.217o. July 17
1927
2.4020. Jan. 4
2.212c. Nov. 1
Industry.
1932*
1931
1930
1929
1928
1927
•Not available.
. 00ca
00,
12.00W.W.o...W4
THE "IRON AGE" COMPOSITE PRICES.
June 3 1933
b2:4.
p.-i-ayroupo!xinaw..wkomeop,o0,,pp.-
In sales. The "Iron Age" pig iron composite has risen from $14.56 a week
ago to $15-01 a gross ton. Scrap markets continue to show no definite
trend, although a corrective movement in the East has raised the "Iron
Age" composite slightly from $9.67 to $9.75. The finished steel composite is unchanged at 1.892 cents a pound.
5,080,000 4,810,000 4,295,000 6,854,000
724,000 664.000
765,000
876,000
A SUM non 5.474 ono s nen elm 7 Ign nnn
Total
a Includes operations on the N.& W ,C.& 0., 1. irginian, K.& M.,and
C.cir
b Rest of State, including Panhandle.
Total bituminous coal
Pennsylvania anthracite
Appalachian Coals, Inc., Increases Wages 10 to 18%
in Four State Region-Approximately 75,000 Miners
Affected.
More than 75,000 bituminous coal miners in the four-State
Appalachian region received wage increases of 10 to 18%
on June 1, it was announced by Appalachian Coals, Inc..
according to Associated Press advices from Cincinnati, Ohio,
which added:
The scaling upward of pay in Eastern Kentucky, Southwestern Virginia.
Eastern Tennessee and Southern West Virginia was in accordance with
recommendations made by directors of the giant marketing agency May 25.
Officials could not give the average scale nor how far the advances would
go toward making up for pay cuts.
The more than 137 coal mining companies in the selling co-operative
are operating at about 50% of their capacity of 30,000,000 tons annually.
officials said.
The fields in which wage increases became effective to-day include those
of Hazard and Harlan, Ky.; Logan County. West Virginia, and the Southern Appalachian, which embraces Southeastern Kentucky and Eastern
Kentucky. Increases in other fields are expected later.
With regard to the recommendations made by the directors
of the Appalachian Coals, on May 25, Associated Press
advices from Cincinnati, May 26, said:
Volume 136
Financial Chronicle
A call for higher prices and a 10% wage increase went out to the coal
industry of four States from Appalachian Coals, Inc., huge marketing
agency.
The wage scales of more than 137 mining companies are involved in
Eastern Kentucky, Southern West Virginia, Southwestern Virginia and
Eastern Tennessee—the region where Appalachian Coals represents the
bituminous coal industry.
R. E. Howe, Executive Secretary of the agency, said he could not accurately state the average wage scale for the region or how far a 10%
raise would go toward restoring normal wages.
Directors representing the major part of the potential 80.000.000 ton
annual output of the agency's membership, approved a resolution saying
that "the present selling prices of coal, and, as a necessary result, the
prices paid for labor, are too low, and that an increase of each resulting
in the larger buying power is a necessary prerequisite to a return to
prosperity.
Wages of 8,000 Miners of Pittsburgh Coal Co. Increased
10%—Other Companies Take Similar Action.
Three large coal companies in the Pittsburgh, Pa., district,
employing over 10,000 men, announced wage increases on
3811
May 27 of 10%. The Pittsburgh Coal Co. announced that
wages of its 8,000 men, employed in 12 mines in Pittsburgh
and one in Kentucky, will be increased 10% voluntarily.
In announcing the increase, J. D. A, Morrow, President,
said that it is the first upward revision in the company's
wage scales since 1926. From the Pittsburgh "Post
-Gazette"
of May 29, we quote as follows regarding the increases:
Loaders will receive 3834 to 4934 cents a ton, as compared with the
former rate of 35 to 46 cents. Day workers will be paid $3.80.
The increase was made possible, Mr. Morrow said, by increased demand
for industrial coal in the last two weeks. Present demand now calls for
operation of mines at 65% of capacity, he said.
About 1,000 miners with the Keystone Coal and Coke Co. will be
affected by its 10% pay raise, officials stated. The company operates
five mines.
The Jamison CoaL and Coke Co.,employing about 1,200 men,announcing
a similar pay boost, said "greatly improved conditions in the industrial
situation indicate we will go into capacity operations at all plants within
a short time."
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ending May 31, as reported
by the Federal Reserve banks, was $2,208,000,000, a
decrease of $35,000,000 compared with the preceding week
and an increase of $127,000,000, compared with the corresponding week in 1932. After noting these facts, the
Federal Reserve Board proceeds as follows:
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current weeks, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
On May 31 total Reserve Bank credit amounted to $2,218,000,000,
course, also includes the brokers' loans of reporting member
practically unchanged from a week ago. Decreases of S27,000,000 in member
banks. The grand aggregate or brokers' loans the present
bank reserve balances and $6,000,000 in unexpended capital funds, nonweek shows an increase of $72,000,000, the total of these
member deposits, &c., were offset by an increase of $17,000,000 in money in
circulation and a decrease of $15,000,000 in Treasury currency, adjusted.
loans on May 31 1933 standing at $635,000,000 as compared
Bills discounted decreased $7.000,000 at the Federal Reserve Bank of
with $331,000,000 on July 27 1932, the low record for all
Cleveland. $3,000.000 at San Francisco and 1110.000,000 at all Federal
time since these loans have been first compiled in 1917.
Reserve banks. The System's holdings of bills bought in open market
declined $23,000,000 and of Treasury certificates and bills $9,000,000, while
Loans "for own account" increased from $539,000,000 to
holdings of United States bonds increased $10,000,000 and of United States
$611,000,000, while loans "for account of out-of-town banks"
, Treasury notes $27,000,000.
Beginning with the statement of May 28 1930, the text ,remain unchanged at $17,000,000, and loans "for account
accdmpanying the weekly condition statement of the Federal of others" at $7,000,000.
Reserve banks was changed to show the amount of Reserve CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
Bank credit outstanding and certain other items not included
New York.
in the condition statement,such as monetary gold stocks and
May 31 1933. May 24 1933. June 11932.
money in circulation. The Federal Reserve Board's explana6 933,000,000 6,786.000,000 6,635,000,000
tion of the changes, together with the definition of the dif- Loans and investments—total
ferent items, was published in the May 31 1930 issue of the Loans—total
3 427,000,000 3,287,000,000 3.875,000,000
"Chronicle" on page 3797.
On securities
1,733,000,000 1,863,000,000 1,815,000,000
All other
1,694.000,000 1,624,000,000 2,080,000,000
The statement in full for the week ended May 31, in com3,506,000,000 3,499,000,000 2.760.000,000
parison with the preceding week and with the corresponding Investments—total
date last year, will be found on subsequent pages, namely,
U. S. Government securities
2 429,000,000 2,384,000,000 1,777,000,000
Other securities
1,077,000.000 1,115,000,000 983,000,000
3859 and 3860.*
with
Beginning with the statement of March 15 1933, new Reserve vault Federal Reserve Bank_ __ _ 868,000,000 913,000.000 781,000,000
Cash in
44,000.000
37,000,000
40,000.000
items were included, as follows:
Net demand deposits
5,749,000,000 5,601,000,000 5.065,000,000
1. "Federal Reserve bank notes in actual circulation," representing
the amount of such notes issued under the provisions of paragraph 6 of Section 18 of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund—Federal Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption of such notes.
3. "Special deposits—member banks" and "special deposits—nonmember banks," representing the amount of segregated deposits received
from member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks
and in actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve bank notes.
Changes in the amount of Reserve Bank credit outstanding
and M related items during the week and the year ending
May 311933, were as follows:
Time deposits
Government deposits
688,000,000
105,000,000
Due from banks
Due to banks
685,000,000
105,000,000
767,000.000
90,000,000
77.000.000
75,000,000
75,000,000
1,356,000,000 1,300,000.000 1,100.000.000
Borrowings from Federal Reserve Bank.
Loanson secur. to brokers & dealers;
611,000,000
For own account
17,000,000
For account of out-of-town banks
7,000,000
For account of others
539,000,000
17.000,000
7,000.000
369,000,000
34,000,000
6,000,000
635,000,000
563,000,000
409,000,000
Total
On demand
On time
Loans and investments—total
481,000,000 413,000,000 306,000,000
154,000,000 150,000,000 103,000.000
Chicago.
1,180,000,000 1,186,000,000 1,353.000,000
Loans—total
916,000,000
TOTAL RES'VE BANK CREDIT_ _2,218,000,000 —1,000,000
Monetary geld stock
4,315,000,000 +1,000,000
Treasury currency adjusted
1,954.000,000 —15,000.000
5,812,000.000 +17,000,000
Money in circulation
2,167,000.000 —27,000.000
Member bank reserve balances
Unexpended capital funds, non-mem508,000,000 —6,000,000
ber depoalta, &c
+96,000.000
+208,000,000
+137.000.000
+345,000.000
+42,000,000
+54,000,000
Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Beginning with the returns for June 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
636,000,000
635,000,000
334,000,000
302,000,000
333,000,000 526,000,000
302,000,000 390,000,000
544,000.000
551,000,000
337,000,000
207,000,000
343,000,000 244,000.000
208,000,000 193.000,000
Reserve with Federal Reserve Bank.,... 187,000,000
Cash in vault
36.000,000
166,000,000 207,000,000
37,000.000 16,000.000
Net demand deposits
Time deposits
Government deposits
879,000,000
360,000.000
8,000,000
872,000,000 892.000,000
351,000.000 391,000,000
8,000,000
16,000.000
Due from banks
Due to banks
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
!tweeze (+) or Decrease(—)
Since
May 31 1933. May 24 1933. June 11932.
$
$
$
302,000,000 —10,000,000 —103,000,000
20,000,000 —23,000,000
—15,000,000
1,890,000,000 +28,000.000 +315.000,000
7,000,000 +4,000.000
—10.000,000
222,000,000
255,000,000
225,000,000
258,000,000
On securities
All other
Investments—total
U. S. Government securities
Other securities
Borrowings from Federal Reserve Bank_
437,000,000
155,000,000
277,000,000
3,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week,
The Federal Reserve Board resumed on May 15 the
publication of its weekly condition statement of reporting
member banks in leading cities, which had been discontinued
Financial Chronicle
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on May 24:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on May 24 shows increases for the week
of $44,000,000 in net demand deposits, $7,000,000 in time deposits and
$78,000,000 in reserve balances with Federal Reserve banks, and decreases
of $17,000,000 in loans and investments and $7,000,000 In borrowings from
Federal Reserve banks.
Loans on securities declined $74,000,000 at reporting member banks in
the New York district and $76,000,000 at all reporting member banks.
"All other" loans increased $7,000,000 in the New York district and at all
reporting banks.
Holdings of United States Government securities increased $31,000,000
In the Chicago district and $29,000,000 at all reporting member banks, and
declined $9,000,000 in the St. Louis district. Holdings of other securities
increased $11,000,000 in the Chicago district, $9,000,000 in the St. Louis
district and $23,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $78,000,000 on May 24, the principal change for the
week being a reduction of $7,000,000 at the Federal Reserve Bank of
New York.
Licensed member banks formerly included in the condition statement of
reporting member banks in 101 leading cities, but not now included in the
weekly statement, had total loans and investments of $735,000,000 and
net demand, time and government deposits of $678,000,000 on May 24,
compared with $712,000,000 and $661,000,000, respectively, on'May 17.
A summary of the principal assets and liabilities of the reporting member
banks in 90 leading cities, that are included in the statement, together with
changes during the week and the year ended May 24 1933, follows:
24 1933.
$
Loans and investments-total__ _ _16,329,000,000
May
Loans
-total
On securities
All other
Increase (+) or Decrease (-)
Since
May 17 1933.
May 25 1932.
$
-17,000,000
-533,000.000
8,352,000,000
-69,000,000 -1,700,000,000
3,648,000,000
4,704,000,000
-76,000,000 -691,000,000
+7,000,000 -1,009,000,000
7,977,000,000
+52,000,000 +1,167,000,000
U. S. Government securities_ _ _ _ 4,963,000,000
3,014,000,000
Other securities
+29,000,000 +1,141,000,000
+23,000,000
+26,000,000
Investments
-total
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
1,635,000,000
198,000,000
+78,000,000
-1,000,000
-14,000,000
+18,000,000
10,725,000,000
4,278,000,000
219,000,000
+44,000,000
+7,000,000
+1,000,000
+314,000,000
-329,000,000
-29,000,000
1,317,000,000
2,754,000,000
-11,000.000
-8,000,000
+203,000,000
+195,000,000
78,000,000
-7,000,000
-49,000,000
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note that,
beginning with the statement of Dec. 31 1927, several very
important changes have been made. They are as follows:
(1) The statement is dated for the end of the month instead
of for the first of the month;(2) gold held by Federal Reserve
banks under earmark for foreign account is now excluded,
and gold held abroad for Federal Reserve banks is now
included, and (3) minor coin (nickels and cents) has been
added. On this basis the figures this time, which are for
April 30 1933, show that the money in circulation at that
date (including, of course, what is held in bank vaults of
member banks of the Federal Reserve System) was $6,003,473,159, as against $6,319,514,854 on March 31 1933 and
$5,464,626,961, on April 30 1932, and comparing with
$5,698,214,612 on Oct. 31 1920. Just before the outbreak
of the World War, that is on June 30 1914, the total was
only $3,459,434,174. The following is the full statement:
e
June 3 1933
3
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after the report issued on March 6, giving the figures for
March 1. The present statement covers banks in 90 leading
cities instead of in 101 leading cities as formerly, and shows
figures as of Wednesday, May 24, with comparisons for
May 17 1933 and May 25 1932. Corresponding data by
weeks beginning March 1 will be published, it is stated, in
the Federal Reserve Bulletin.
Licensed member banks formerly included ix the condition
,
statement of reporting member banks in 101 leading cities,
but not now included in the weekly statement, had total
loans and investments of $735,000,000 and net demand,
time and Government deposits of $678,000,000 on May 24,
compared with $712,000,000 and $661,000,000, respectively,
on May 17.
As is known, the publication of the returns for the New
York and Chicago member banks was never interrupted.
These are given out on Thursday, simultaneously with the
figures for the Reserve banks themselves and covering the
same week,instead of being held until the following Monday,
before which time the statistics covering the entire body
of reporting member banks in 90 cities cannot be got ready.
In the following will be found the comments of the Federal
CIRCULATION STATEMENT OF UNITED STATES MONEY—APRIL 30 1933.
3812
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Cs
72.2."
gAc4c3
75
.10..84.
.E-4 .
4t4gj
•-• 0 4 .4 OA in.,
go
• Revised figures.
a Does not include gold bullion or foreign coin other than that held by the Treasury,
Federal Reserve banks, and Federal Reserve agents. Gold held by Federal Reserve
banks under earmark for foreign account is excluded, and gold held abroad for
Federal Reserve banks Is included.
b These amounts are not included in the total since the money held in trust
against gold and silver certificates and Treasury notes of 1890 is included under gold
coin and bullion and standard silver dollars, respectively.
c The amount of money held in trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money in the United
States.
d This total includes $61,919,401 gold deposited for the redemption of Federal
Reserve notes ($1,393,555 in process of redemption). $38,150,336 lawful money
deposited for the redemption of National bank notes ($17,448,989 in process of
redemption. Including notes chargeable to the retirement fund), $3,318,000 lawful
money deposited for the redemption of Federal Reserve bank notes ($45,298 In process
of redemption, including notes chargeable to the retirement fund), $1,350 lawful
money deposited for the retirement of additional circulation (Act of May 30 1908)•
and $55,615,842 lawful money deposited as a reserve for postal savings deposits.
e Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
I' The money In circulation includes any paper currency held outside the continental limits of the United States.
Note.
-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held in the Treasury for their redemption; United States notes are
secured by a gold reserve of $156,039,088 held in the Treasury. This leserve fund
may also be used for the redemption of Treasury notes 011890. which are also secured
dollar for dollar by standard silver dollars held in the Treasury; them notes are being
canceled and retired on receipt. Federal Reserve notes are obligations of the United
States and a first lien on all the assets of the issuing Federal Reserve Rank. Federal
Reserve notes are secured by the deposit with Federal Reserve agents of a iike
amount of gold or of gold and such discounted or purchased paper as is eligible under
the terms of the Federal Reserve Act, or, until March 3 1934, of direct obligations
of the United States If so authorized by a majority vote of the Federal Reserve
Board. Federal Reserve banks must maintain a gold reserve of at least 40%, including the gold redemption-fund which must be deposited with the United States
Treasurer, against Federal Reserve notes in actual circulation. Federal Reserve
bank notes are secured by direct obligations of the United States or commercial
paper, except where lawful money has been deposited with the Treasurer of the
United States for their retirement. National bank notes are secured by United
States bonds except where lawful money has been deposited with the Treasurer of
the United States for their retirement. A 5% fund is also maintained In lawful
money with the Treasurer of the United States for the redemption of National bank
notes secured by Government bonds.
Volume 136
Financial Chronicle
Henry L. Stimson to Head Permanent Conciliation
Commission Created by Locarno Agreements—
Ex-Secretary of State Accepts Joint Offer of France
and Germany—Will Not Reside in Europe Unless
Dispute Is Referred to Commission by Mutual
Agreement.
Henry L. Stimson, former Secretary of State, has been
offered the Presidency of the Permanent Conciliation Commission created by the Locarno arbitration conventions and
has accepted the post, according to an announcement from
Paris which was confirmed by Mr. Stimson on May 31. The
offer was made by joint agreement of the French and German Governments. The functions of the Commission are to
settle outstanding disputes, but it has no fixed headquarters
and Mr. Stimson's duties will not necessitate his presence
In Europe unless a dispute arises between France and Germany and is referred by mutual agreement to the Commission. A further outline of the work of the Commission follows, as quoted from a Paris dispatch to the New York
"Times" on May 31:
The Arbitration Commission was designed to take conciliatory action in
disputes arising between the signatory Governments, and it was provided
that it might be summoned before any arbitral action was taken by the
World Court.
The duties of the Commission are to elucidate and collect evidence by
snaking investigations, if necessary, in any matter in controversy and to endeavor to bring about an amicable settlement.
France, Britain, Germany, Italy and Belgium, which signed the Locarno
arbitration convention, have the right to appoint one member each to the
Commission. Three additional members of other nationalities also serve on
the Commission. These include Mr. Stimson.
It is provided that the Commissioners themselves should elect their President, but it has already been agreed that Mr. Stimson's acceptance means
his election to the Chairmanship.
Sir John Simon and Sir Austen Chamberlain Praise
U. S. Contributions to Peace—British Foreign
Minister Says United States Has Taken Long Step
in Renouncing Passive Neutral Tradition.
American changes in foreign policy, as indicated in the
recent disarmament message of President Roosevelt and the
pledges made by Ambassador Norman H. Davis at Geneva,
were praised in the House of Commons on May 26 by
British Foreign Minister Sir John Simon and Sir Austen
Chamberlain. Sir John told the House that the pre-war conception of neutrality is now substantially modified, and
added that the reversal of American policy was "historic."
In the future, he said, the idea of the impartiality of neutrals
would disappear whenever the United States decided as to
a wrongdoer. Sir Austen Chamberlain also expressed similar views, and said that he had no more doubt of the good
faith of the American people in selecting their course of
action than of Great Britain's in fulfilling the strict obligations of the Treaty of Locarno. Important passages from
Sir John's address were quoted as follows in London advices
to the New York "Times" May 26:
Speaking with all the weight of his authority as a lawyer, Sir John said
the importance of the United States action was not substantially less because of the limitations put upon it. On the contrary, he defended the
reluctance of the United States to bind herself in advance and said it was
"very characteristically the British way of looking at it."
He suggested, in fact, that it was snore effective than what he called the
Continental method, ivhich used "a most precise and elaborate definition
in cold blood and cold print" to describe the exact conditions under which
action might be taken.
Sir John's speech to-day was a remarkable exposition of the security
problem as affected by American decisions and by the draft disarmament
convention. Recalling Great Britain's incessant difficulties with the United
States during the years of the latter's neutrality in the World War, Sir John
implied that they were now a thing of the past.
"I cannot say how much I think we should appreciate this effort now
being made by the American Government and President to co-operate with
us in what is a piece of world work," he said, "to abandon a tradition the
American people have most jealously guarded, while of course circumscribing
strictly and clearly the limits within which they will undertake to act.
Sees Fundamental Changes.
"At the same time it makes fundamental changes in the prospects of
American influence being effectively exerted, if, unhappily, hereafter we are
faced with a conflict where one side, in the judgment of the American
people and ourselves, is a party which should be discouraged and, as far
as possible, put under the pressure which neutrals may exert."
Sir John said real progress had been made at Geneva, although disturbing
storm signals were still flying. He welcomed the better tone of Chancellor
Hitler's Reichstag speech, especially since it mused the withdrawal of the
German amendment which had threatened to disrupt the Disarmament Conference. Finally he summed up the British disarmament policy under five
heads.
First, Great Britain welcomes and responds to President Roosevelt's appeal that the Disarmament Conference press for practical results on the
text of the British plan.
Secondly, Great Britain cannot proceed further on the lines of singlehanded disarmament on which she has already gone far, but has pointed out,
through the British proposals, how much further disarmament by agreement can go.
Thirdly, Great Britain recognizes the validity of the concern of other
countries for security, a concern which Part 1 of the British plan, coupled
with the American declaration, has done much to meet.
3813
Fourthly, Great Britain will not undertake liabilities except those already
assumed under the League of Nations Covenant and the Treaty of Locarno
but will join in the proposed consultative pact.
Fifthly, Great Britain maintains that international disarmament must
depend on policy, and therefore, to be permanently effective, must depend
upon better relations among European States.
Senator Robinson Says President Has Not Obligated
Nation to Use Other Than Moral Force in Preserving Peace—Administration Leader, in Address
Before Iron and Steel Institute, Declares Davis
Plan Contains No Threat of War.
President Roosevelt has not obligated the United States to
use other than moral force to preserve world peace, according
to a declaration made by Senator Joseph T. Robinson, administration leader in the Senate, in an address on May 25
at the annual dinner of the American Iron and Steel Institute in New York City. Senator Robinson said that most
European Governments "hail the President's proclamation
and appeal as an abandonment by the United States of its
policy of isolation," merely because of the expressed willingness of this country to contribute to the security of other
nations. Additional remarks by Senator Robinson, as reported in the New York "Herald Tribune" on May 26, follow:
Roosevelt
"From a study of the language used it is apparent that President
of
merely announced his willingness to negotiate treaties for the elimination
the sovweapons for offensive warfare, for the entry into obligations by
the event
ereignties not to invade territory of others, and for consultation in
of violation of the agreements," he explained.
Senate to Pass on Pacts.
"The terms of such arrangements as may be found acceptable to the United
States must be worked out by the conference.
"The President and the Senate will scrutinize with care any consultative
pacts which may be negotiated and will be guided only by the determination to maintain those exalted standards of international relations which
are consistent with well recognized American traditions of justice and
honor."
After speaking in stinging terms of Japan's advance in China and the
long dispute between Paraguay and Bolivia over the Chaco, Robinson said
the "rule" laid down by Norman H. Davis, Ambassador at Large in Europe,
on determining an aggressor is "perhaps as near an acceptable single test
as can be prescribed."
But it is obvious, he added, that this rule is "not applicable to battles on
National boundaries or to cases where belligerents simultaneously occupy
enemy territory."
Mr. Robinson said Japan had "suffered in the esteem of mankind—her
claim that in some mysterious way she is merely acting in defense of treaty
rights being generally discredited as shallow pretense."
Sees Geneva Hopes Revived.
He said the League of Nations represented "the most effective organization established during the history of mankind for the preservation of international peace," yet two of its members "are now engaged in a war
which may continue until one or both of the belligerents becomes so completely exhausted that the conflict can not longer be carried."
Declaring the President had revived hopes for success at Geneva, Mr. Robinson said it the delegates to the Disarmament Conference "realize the
weighty consequences which devolve upon their action, they may be able to
enter into compromises which will strengthen the ties binding civilized
peoples and minimize their fears of one another."
Japan Seeks Naval Parity at Geneva Conference—
Ambassador Davis Replies That United States Is
Willing to Make Further Cuts in Naval Strength—
British Oppose Definition of "Aggressor" Nation.
The United States is prepared to reduce its naval strength
still further, according to a statement made before the Disarmament Conference at Geneva on May 25 by Norman H.
Davis of the United States. Mr. Davis was replying to a
move by Japan to strike from the draft of the proposed disarmament convention the limitations established by the
Washington and London naval treaties. On the same day
the British delegation to the Conference offered objections to
the definition of the term "aggressor" and contended that
greater elasticity was needed in determining responsibility
for a breach of the peace than a fixed definition would
permit.
Proceedings of the Conference, as described, in part, in
Geneva advices to the New York "Times" on May 25,follow:
Naotake Sato, for Japan, moved to strike out the first article of the
naval chapter of the British draft convention, incorporating the Washington
and London treaty provisions. Japan, he explained, did not seek to escape
her obligations but saw no reason why the rest of the world should thus be
made to "recognize these treaties."
Norman H. Davis of the United States, replying extemporaneously, agreed
that the omission of this article from the disarmament convention would
not modify the obligations of its signatories. "For that reason," he said,
"I should regret very much to have it suppressed because of the effect this
might possibly have on public opinion. The naval treaties have contributed
so much to the peace of the world and the solution of the general disarmament problem that I deplore any reference whatever that might give the
erroneous impression that we are going to take a step backward."
Terms Inclusion Unwise.
Mr. Sato thought it useless to mention these treaties in a general convention, which would probably not be ratified much before the 1935 naval conference. Under these conditions, he said, Japan was "convinced it is not In
the interests of disarmament to base the future general convention on the
tonnages in the said treaties to refer to them."
3814
Financial Chronicle
Captain Anthony Eden of Great Britain, who spoke before Mr. Davis,
made no reference to Mr. Sato's statement. He answered instead the argument that France raised against the basis proposed for her agreement with
Italy and the heavy attack on the naval chapter which Russia and Spain
made as discriminating against small navies.
Recalling that the United States had not "even attempted to build up to
the treaty limit." Mr. Davis reaffirmed that "we are quite prepared to go
further in reduction."
Mr. Davis argued not only for keeping the two naval treaties in the
framework of the world convention's naval chapter, but he said: "If we
tie up the naval problem with the land and air problems, we shall help to
solve them all."
Rene Massigli of France deplored the British abandonment of qualitative
disarmament in this naval chapter. He made it clearer what abolition
France wanted in compensation for the land weapons she is asked to forego
as aggressive when, recalling President Roosevelt's description of tanks as
"land battleships," he remarked that there were "ocean-going battleships,
too." He thought the period remaining before the 1935 conference too
short for the proposed basis of a Franco-Italian agreement. He wanted it
arranged, too, on the Hoover principle of relativity, which for him meant
relativity of status quo, whereas to Signor di Soragna, who replied for
Italy, it means relativity of needs.
The attitude taken by the British on defining "aggressor" was that it
was necessary to know the background of each case in order to determine
responsibility. The definition proposed yesterday by the security committee
of the conference stipulated that the term should apply to a nation taking
any of the following actions:
The declaration of war; the invasion by anrned forces of the territory of
another State, with or without a declaration of war; an attack by land,
naval or air forces; a naval blockade; support to armed bands formed within
a State which have invaded another State, or refusal to deprive such bands
of protection.
M. Politis, who received warm applause from all the delegates, replied
to Captain Eden that elasticity was assured under the text on consultation
proposed yesterday by Foreign Minister Sir John Simon of Great Britain.
This provides that the world shall not attempt to apply the definition of
aggression until all other efforts to restore peace have failed.
Governor Harrison of New York Federal Reserve Bank
Sails for London to Confer with Heads of Central
Banks.
Governor George L. Harrison of the New York Federal
Reserve Bank sailed for London last night (June 2) aboard
the S. S. Olympic to confer with heads of Central Banks.
Prof. Sprague Executive Assistant to Secretary of
Treasury Woodin Sails to Participate in World
Monetary and Economic Conference.
Professor 0. M. W. Sprague, Executive Assistant to Secretary of the Treasury Woodin, sailed for London on June 2
to be financial adviser to the American delegation at the
World Economic Conference. The appointment of Prof.
Sprague to his new Washington post was noted in our issue
of May 27, p.3636.
James P. Warburg Sails to Participate in World Monetary and Economic Conference in London.
James P. Warburg, Vice-Chairman of the Bank of the
Manhattan Co. on June 2 sailed on the S. S. Olympic to
attend the World Monetary and Economic Conference in
London. President Roosevelt appointed him financial advisor to the American Delegation.
Soviet Delegation to London Parley Will Be Headed
by Litvinoff.
The Soviet Government on May 22 formally announced
its intention to participate in the World Monetary and
Economic Conference at London, and issued a list of its
delegates to the conference. Foreign Commissar Maxim
Litvinoff was named Chairman of the delegation, while the
other members are:
V. I. Mezhlauk, Vice-Chairman of the State Planning Commission.
Ivan M. Maisky, Soviet Ambassador to Great Britain.
Alexander V. Ozersky, Vice-Commissar for Foreign Trade, who recently
was recalled as head of the Soviet trade delegation in London.
United States and China in Agreement as to Measures
Necessary to Effect Economic Stability—Conversations Between President Roosevelt and Chinese
Minister of Finance Soong—Disarmament Cuts
and Increased Price of Silver Held as Essentials.
A joint statement, issued May 19, by President Roosevelt
and T. V. Soong, Chinese Minister of Finance, said the two
were In agreement on measures to be taken to solve world
problems and that it was considered "essential that the price
of silver, the great medium of exchange of the East, should
be enhanced and stabilized." The statement also bore on
developments in the Far East, and said:
It is our ardent hope that peace may be assured and that to this end practical measures of disarmament may soon be adopted.
The.statement, wihich was issued at the conclusion of conversations between President Roosevelt and Mr. Soong, read
as follows:
At the conclusion of our conversations, we note with profound gratification
that we are in agreement in regard to the practical measures which must be
taken for a solution of the major problems which to-day confront the world.
We agree that economic stability cannot be achieved without political
June 3 1933
tranquillity and that economic disarmament can be attained only in a world
in which military disarmament is possible. It is our ardent hope that peace
may be assured and that to this end practical measures of disarmament may
soon be adopted. In this connection, our thoughts naturally have turned to
the serious developments in the Far East, which have disturbed the peace
of the world during the past two years. There the military forces of two
great nations have been engaged in destructive hostilities. We trust that
these hostilities may soon cease in order that the present effort of all the
nations of the world to re-establish political and economic peace may succeed.
We are in entire agreement that present unreasonable obstacles to international trade must be removed and that the present financial and monetary
chaos must be replaced by order. In this connection, we consider it essential
that the price of silver, the great medium of exchange of the East, should
be enhanced and stabilized. We are in the closest agreement as to many
other measures which must be adopted for the rehabilitation of the economic
life of China and of the world, and we are both resolved to approach the
problems of the World Economic Conference, as well as the problems of the
disarmament conference, with the determination necessary.
President Roosevelt and Viscount Ishii of Japan Issue
Joint Statement at Conclusion of Series of Discusions—Stress Need of Peace in Far East, Stabilization of Monetary Conditions and Rise in Silver
Price.
An understanding for the return of stable monetary conditions, for an improvement in the price or silver, and a hope
of peace in the Far East and throughout the world were
expressed in a joint statement issued on May 27 by President
Roosevelt and Viscount Kikujiro Ishii of Japan, at the conclusion of their series of conferences in Washington held as a
preliminary to the World Monetary and Economic Conference in London. The text of the joint statement follows:
At the conclusion of our conversations we are happy to note that our
views coincide in regard to practical steps which need to be taken toward
solving the outstanding economic problems which are now of common
interest and concern to all nations.
We concur in the view that economic stability and political tranquility
are complementary essentials to a sound basis for peace; that neither of
these can be achieved without the other; and that both economic and
military disarmament are needed for their attainment. It is our ardent
hope that both may be achieved.
We have had, of necessity, to think of the unusual situation which has
prevailed in the Far East during the last two years.
We hope that the countries of the Far East, along with those of the
Occident, will be able to contribute substantially, in a spirit of co-operation,
to the laying of solid foundations for a structure of world peace and prosperity.
We are in complete concurrence in the view that in place of the existing
monetary chaos there should be established by international effort an
orderly regime and that unreasonable obstacles to the flow of trade and
capital, where they now exist, should be removed, and where they do not
exist should be adequately safeguarded against.
We consider it highly desirable that the price of silver be reasonably
enhanced and that silver exchange be stabilized.
With regard to many other measures which neod to be adopted in order
to establish the conditions of economic and political health throughout the
world we are in close agreement.
We look toward the convening of the World Economic Conference and
we observe the work of the Disarmament Conference resolved to contribute
to the maximum of our ability, in a spirit of utmost co-operation, to the
end that, through the instrumentality of sincere and determined efforts
on the part of all the nations, principles and practices may be agreed upon
which will be helpful to each and to all.
France Pays Interest on Bonds on Basis of Gold Value
of Dollar.
It was made known in Paris advices May 31 (to the New
York "Times") that interest due June 1 on the French 734
and 7% bonds issued in the United States in 1921 and 1924
would be paid at the Paris branch of Morgan & Co.according
to the gold value of the dollar, it was announced by the
French Ministry of Finance. The rate of payment was
25.52 francs to the dollar.
At the same time it was announced in New York that the
French Government would pay the semi-annual interest due
to holders of its American dollar issues of 75% bonds due
on June 1 1941 and 7% bonds due on Dec. 1 1949 and would
adhere strictly to the gold clause in these loans. An announcement made May 31 through J. P. Morgan & Co.,
paying agents, for the French Government indicated that
payment would be made in dollars at a premium or in francs
at the gold parity of exchange, which is 25.52 francs a dollar.
The announcement was made by J. P. Morgan & Co. as
follows:
THE GOVERNMENT OF THE FRENCH REPUBLIC.
Twenty-Year External Gold Loan 7;i% Bonds.
Payable June 11941.
and
THE GOVERNMENT OF THE FRENCH REPUBLIC.
External Loan of 1924 Twenty-Five Year Sinking Fund
7% Gold Bonds Due December 1 1949.
To holders of above-described bonds:
The French Government requests the undersigned, Paying Agents .for
the coupons of the above loans, to announce that coupons maturing June
1 1933 and payable at the office of Messrs. J. P. Morgan & Co., 23 Wall
Street, New York City, may until further notice also be paid at the option
of the holder:
(a) Upon presentation and surrender at the office of Messrs. J.P.Morgan
& Co., 23 Wall Street, New York City, in United States currency at the
dollar equivalent of French Francs 25.52 per dollar of face value of coupon,
Volume 136
upon the basis of their buying rate for exchange on Paris at time of presentation.
(b) Upon presentation and surrender at the office of Messrs. Morgan &
Cie., 14 Place Vendome, Paris, France, in French Francs at the rate of
French Francs 25.52 per dollar of face value of coupon.
J. P. MORGAN & Co., Paying Agents.
New York City, May 31 1933.
It was pointed out in the New York "Times" of June 1
that on the basis of the closing quotation in New York
May 31 on the franc at 4.653i cents, a coupon of the 73/2%
loan, which would normally be worth $37.50, would be paid
June 1 at about $44.51, and a coupon of the 7% loan,
normally worth $35, would have a value of about $41.54,
oripremiums of $7.01 and $6.54 a coupon, respectively.
It was added, however, that the actual amounts to be paid
would depend upon the market quotations ruling at the
time the coupons were presented. The "Times" further
said:
This procedure follows the action of the French municipalities of Bordeaux, Lyons and Marseilles on May 1 when their coupons became due.
Germany, Italy and certain other European governments with dollar bond
issues outstanding, however, have elected to pay only in terms of the face
value in depreciated dollars.
Payment of the coupons due to-day on the French Government loans
will be made here at the offices of J. P. Morgan & Co., or, at the option
of the holder, in Paris at the office of Morgan & Cie.
France and Gold Clause—No Change Seen in War
Debt or Economic Parley Situation.
From the "Wall Street Journal" of May 29 we take the
following from Paris:
French bankers generally interpret the proposed American law abrogating
the gold clause as intended mainly to solve the problem of internal gold
bonds.
From the view of war debts, it is pointed out that should France resume
payments, the agreemert already gives her the option of paying in United
States Treasury bills, the price of which in francs already has been reduced
through depreciation of the dollar in the foreign exchange market. As far
as service on French dollar bonds is concerned, it is very unlikely that the
French decision to continue payment of coupons in dollars, plus the premium, or in francs at the gold parity, will be modified.
a It is also thought that the prospects for the world economic conference
have not been affected although th. American action reinforces the French
opinion that monetary reconstruction will be the paramount issue.
Dutch East Indies Government to Pay July 1 Coupons
on Gold Basis.
The decision of the Dutch East Indies Government to
adhere to the gold basis in paying coupons on its dollar
loan, was indicated by the Guaranty Co. of New York on
announcing on May 31 the receipt of a cablegram from its
European representative stating that the Dutch East Indies
Government has issued official notification that it will purchase at the rate of guilders 2.46 per dollar the coupons due
July 1, on the Dutch East Indies 6% dollar loan due 1947,
which are delivered to the Nederlandsche Handel Maatschappij in Amsterdam, Holland, on or before June 19 1933.
Return of Nations of World to Gold Standard Urged at
Congress of International Chamber of Commerce.
A proposal that the nations of the world return to the gold
standard is reported to have been received with enthusiasm
from the congress of the International Chamber of Commerce
at Vienna on May 31. With regard thereto Associated
Press advices from Vienna said:
To-day's suggestion in favor of rehabilitation of the yellow metal, which
has been a point made by other speakers before the congress, came from
Professor T. E. Gregory, British financial expert, who said all attempts
to manage paper currency has failed.
Individual countries, he asserted, were reluctant to return to gold because
each feared that others would employ the opportunity to get special advantages for themselvet
The way to overcome this fear, the British representative told the congress, "is the same as overcoming fear of a lonely road—we must all take
the road together"
From the same accounts we also quote:
Other speakers shared his views, but Eliot Wadsworth of Boston, Mass.,
warned the congress to remember the gold standard really is "99 per cent
confidence and 1 per cent gold."
Mr. Wadsworth said he would prefer to emphasize balancing budgets
and restoring to its pedestal the old maxim, "as good as a government
bond."
"Real business morality" was accepted as a commercial tenet to-day by
financial and industrial delegates to the Congress.
President Schacht of Reichsbank Says Germany Can't
Meet Credits—Asserts Transfers on Private Debts
Are Draining Reserves
-30 Bankers,Representatives
of Creditors in Six Countries, Hear Appeal.
The meeting of foreign bankers convoked by Dr. Hjalmar
Schacht, President of the Reichsbank, to discuss the transfer
of service payments on Germany's private foreign debts got
under way at the Reichsbank on May 29 with a lengthy
discussion of the present state of the transfer problem by
Dr. Schacht. It was noted in a wireless message from
Berlin on that date to the New York "Times" that 30
3815
Financial Chronicle
bankers, representing creditors in the United States, England, France, Switzerland, Holland and Sweden participated
in the discussions. Dr. Schacht and Vice-President Dreyse
of the Reichsbank were the only German participants in the
conversations which, it was said, would be occupied wholly
with an exploration of the transfer problem.
As to Dr. Schacht's statement the Berlin advices to the
"Times"continued:
Stresses Drain of Gold.
In his statement to the foreign bankers Dr. Schacht took pains to explain
that the meeting was not a governmental matter nor was it called to discuss
the relations between German debtors and foreign creditors. Since the
former were promptly meeting their obligations, the immediate object of the
conversations, he declared, was to reach a readjustment of present transfer
procedure, which was rapidly draining the Reiciisbank's gold reserves.
After listening to Dr. Schacht's presentation of the reasons opposed
to continuation of the present transfer methods, the meeting adjourned
until Tuesday. There was no exchange of opinions between both parties
to-day because no concrete proposals were advanced on the German side.
Dr. Schacht prefaced his statement with the request that the meeting
should not be regarded as a formal conference, but as being in the nature
of an informal discussion. He laid down the proposition that if the Reichsbank should continue to endeavor to supply bills of exchange for the German
debt service, the inevitable consequence would be a collapse of the mark
more calamitous than that of 1923. He added emphatically that the Reichsbank would not assume responsibility for or permit such a catastrophe.
Blames Reparations Payments.
The cause of Germany's troubles with her debt service he declared to be
her excessive borrowing during the years of her reparations payments.
"That whole system of borrowing was radically unsound," he said.
"It collapsed with the advent of the October 1929 crisis in the United
States, from which moment on the stream of foreign credits to Germany
ceased."
Among the plans up for consideration, according to reports in German financial circles, was one providing for the issuance of mark bonds,
which would take the place of foreign currencies for payments on debt
service. These would either be guaranteed by the Reich or would have the
character of government bonds, which would be recognized abroad and
would return 4% interest.
Recourse to such an expedient would make the Reich the guarantor or
surety for private business and adoption of the scheme would assume that
these bonds could be floated abroad in such a manner as to assure Germany's creditors ready access to their service payment, since their issuance
would be predicated on the assumption of loosening official exchange restrictions in Germany.
Preparatory Step Is Seen.
In the absence of concrete proposals from Dr. Schacht, foreign bankers
admitted to-night that thus far they had played the part of good listeners
only. It appears to be their conviction, however, that the present meeting
was conceived on the German side as constituting an essential preparatory
step for the World Economic Conference, and that Germany intends to
reiterate at London her well-known position that her foreign private indebtedness can be liquidated without disturbance to her own economy
or the interests of the creditor States only if she receives opportunities for
expansion of her exports.
The current conversations at the Reichsbank, therefore, are designed
to give renewed and timely emphasis to this thesis, which it.is already
plain will constitute the chief point of contention at the London conference
in connection with debates on tariffs and import restrictions.
The principal points advanced by Dr. Schacht in his statement to the
foreign bankers to-day were as follows:
"Our discussion is not a governmental matter. The representatives
of their respective governments have nothing to do with our meeting.
Neither is it a discussion between German debtors and their foreign creditors
—for all debtors are paying up. What is in issue is simply the foreign exchange problem, which first of all falls under the competence of the Reichsbank."
"Now," Dr. Schacht went on, "the present transfer crisis can be understood only in the light of political developments 15 years ago. Naturally,
defeat in the war inflicted severe financial damages on the German economic
body, but it had an immediate effect on the transfer problem. This arose,
in the last analysis, from war debts—with respect to Germany called
'reparations'."
Sound Justification for Loans.
After the restabilization of Germany's currency,the Reichsbank President
continued, Germany had sound economic justification for raising loans
abroad for a few specified purposes, namely the restoration of her completely exhausted stocks of raw materials; for reorganizing her exports, her
export industry and shipping, and finally for increasing the Reichsbank's
gold and exchange reserves as a support for currency.
"But all borrowing in excess of that was an evil," he emphasized. "Today Germany can transfer funds only by means of an export surplus. Then
it should follow that foreign loans, in so far as they could not be used
abroad, could come into Germany only in the form of goods.
"Our excessive use of foreign credits thus was the cause of Germany
having had an excess ofimports over exportsfrom 1924 to the middle of 1930.
"The politicians who had imposed reparations on Germany had started
from the opposite idea that Germany must find money for reparations
Payments through exports. But if that was the policy, it should not
have been countermanded by concurrently granting huge credits that
involved heavy imports into Germany."
Dr. Schacht said that industrial opposition to Germany building up an
export surplus developed everywhere in the world so that even deliveries
In kind on the reparations account met resistance.
"Under such circumstances, and with the politicians insisting on reparations being paid there was nothing left but to apply to them the funds
coming in from abroad, and of a round 20,000,000 marks that came into
Germany a good half was used for nothing but to pay reparations."
System Collapsed in 1929.
This system, he went on. was false and unsound. It collapsed with
the beginning of the depression in the United States in October 1929.
The stream of foreign credit stopped, and only with the greatest trouble
a few additional loans, such as that from Lee, Higginson & Co.. could be
negotiated.
The consequences, Dr. Schacht declared, were:
"First, we could no longer pay reparations; second, in place of an import
surplus we got an export surplus."
He insisted that in Germany the trend of events had been correctly
discerned ever since 1924, whereas the outside world shut its eyes. and.
Financial Chronicle
3816
refusing to be better advised by Germany,ignored both the transfer problem
and its underlying causes.
Criticizes Reparations Agent.
Dr. Schacht criticized S. Parker Gilbert for having, as reparations
agent,subordinated the transfer problem, as did the Young Plan conference.
When the collapse of the Austrian Creditanstalt in 1931 brought a run
of foreign creditors on Germany, precipitating her ultimate financial crisis,
this was met, Dr. Schacht said, by instituting control of foreign exchange;
but, while this supported German currency, it did nothing to mitigate
the crisis, which steadily got worse. So the standstill agreements, he said.
were only momentary palliatives, even if concluded "with the best intentions on the part of the foreign creditors."
Dr. Schacht said Germany, having repaid more than ten million marks
In principal and interest since the American crisis began, had given more
than ample evidence of the good faith of German business, but reminded
his hearers that giving up such a large amount under such circumstances
again had a crippling effect on German trade and industry.
Finally, Dr. Schacht asserted, no thought seems to have been given
to the fact that this repayment of credits could not be effected without
seriously depleting the reserve of the Reichsbank, which was responsible
for Germany's currency.
"The reserves in gold and bills of the central bank of issue, although
they may be drawn on occasionally for readjusting important payments,
are not intended to effect payments of the more or less long-term indebtedness of the country's business enterprises," he went on. "If such a task is
forced on the central bank, it is deprived of liberty of action. This is
precisely what has happened to the Reichsbank through excessive transfers.
And this is the worst effect of the series of events, for a country whose
central bank has lost freedom to manoeuvre is at the mercy of any accident.
Sees Danger of Catastrophe.
"From the figures submitted to you, gentlemen, you will see that there
is danger now that the Iteichsbank's reserves may shrink to zero. Its
present reserves, with the gold discount, stand at 300,000,000 marks.
Coverage thus has fallen to 8%. If we let this thing go on, the Reichsbank
will run into the danger of being no longer able to prevent the sale of marks.
That is, in such case, we should certainly experience an official discount
of the mark and subsequent devaluation of it, which, I think it is clear to
you all, would precipitate an even greater catastrophe than 1923. Such
a catastrophe the Reichsbank will not permit."
The leading American delegates at the meeting are Albert H. Wiggin
and John Foster Dulles.
Oscar Wassermann and Theodor Frank to Retire From
Board of Deutsche Bank.
Oscar Wassermann and Theodor Frank have notified
the governing board of the Deutsche Bank that they will
retire from it at the end of this year. We quote from Berlin
advices May 29 to the New York "Times" which also said:
Herr Wassermann,one of the most prominent bankers in Germany, long
has been a leading spirit in the Deutsche Bank, the governing board of
which he joined in 1912. His financial authority extended far beyond
this institution.
Herr Frank joined the Deutsche Bank's governing board after the
Disconto Gesellschaft's amalgamation with it.
It is reported that the bank hopes to retain the service of the retiring
officers in an advisory capacity.
•
Berlin to Help Shipping—Provides 20,000,000 Marks
to Offset Losses in Currency Upsets.
The following from Berlin, May 26, is from the New
York "Times":
The Reich Government to-day approved an appropriation of 20,000,000
marks out of which German shipping is to be reimbursed for losses in freight
revenues occasioned by the abandonment of the gold standard by the
United States and Great Britain.
While the losses are reported to have been heavy, they could not have
been foreseen since the altered international currency situation completely
upset all advance calculations.
Plans for a reorganization of German shipping along regional lines have
been completed as to the main points it was reported from Hamburg to-day.
The Lloyd-Hamburg-American pools will be made more flexible, but both
lines will continue to compete for the North Atlantic Far East business.
It is also proposed to dissolve the pools' allied units, restoring them to their
former position as independent lines.
1 Coupons of Hamburg-American
Line Bonds.
Speyer & Co., and J. Henry Schroder Banking Corporation paid, on June 1, the June 1st coupons of the HamburgMarine Equipment
American Line First Mortgage 6
Serial Gold Bonds.
Payment of
June
5% Free State of Bavaria Treasury Notes due June 1
1933—Offer to Exchange.
On June 1, RM. 40,000,000.—Free State of Bavaria
Treasury Notes, issued in 1928, become due for payment in
Reichsmark at 110%. The State of Bavaria has offered to
exchange the old 5% treasury notes against 6% Free State
of Bavaria Serial Bonds of 1933 at 9234% according to a
circular prepared by New York and Hanseatic Corporation.
Republic of Finland.
The National City Bank of New York, as fiscal agent,
external
is notifying holders of Republic of Finland 5
loan sinking fund gold bonds, due Feb. 1 1958, that $132,000
principal amount of these bonds have been selected for
redemption at par on Aug. 1 1933. Bonds so selected will
be paid at the redemption price upon presentation and
surrender at the head office of the bank on and after August 1,
after which date interest on such drawn bonds will cease.
Redemption of Portion of Bonds of
June 3 1933
To Pay Young Plan 534% Bonds in Current Money—
Bank for International Settlement Interest Payments to U. S. British, Swedish Holders in Paper,
Others on Gold Basis.
From Paris the "Wall Street Journal" of May 29 reported
the following:
June 1 coupon of the 5M% Young Plan bonds will be paid in paper
dollars, sterling and Swedish crowns without premium for exchange depreciation, while bearers of the French, Swiss and Belgian franc, florin, lira
and reichsmark coupons will receive interest as usual.according to a decision
taken by the Bank for International Settlements, as trustee for the German
government's obligation.
The B. I. S. reserves the rights of bondholders in the first category and
stands on its request to the Reich to pay a supplement on the basis of the
gold clause. There is little or no expectation, however, of inducing the
Reich to change its policy, especially since formal American abandonment
of the gold clause.
It is pointed out there is no provision for arbitration in the contract or
general bond, and even if the question were referred to arbitration, the
court's decision could not be enforced.
It is understood British banking agents offered no opposition to the payment in sterling at current value and that none is likely from the Americans.
A plan was considered for distributing the loss due to the difference between the amount receivable on a gold basis and the amount actually
received by the trustee over all groups of bondholders uniformly, but this
was abandoned as involving complications of litigation all around.
Austrian Government Remits Funds for Payment of
June 1 Interest on Guaranteed Loan 1923-1943.
Announcement was made on May 26 by the trustees of the
Austrian Government Guaranteed Loan 1923-1943 that the
coupons due June 1 would be paid. The loan was issued
under the auspices of the League of Nations and it is stated
that approximately $17,000,000 is outstanding here.
The trustees announcement follows:
Austrian Government Guaranteed Loan 1923-1943.
The Trustees of the above loan announce that the coupon maturing
June 1 1933, will be duly paid on the due date in the respective foreign currencies.
The provision for this coupon was to be constituted under the General
Bond by six monthly instalments payable from Nov. 1 1932,to Apr. 1 1933.
The Austrian Government has not remitted the instalments payable on Nov.
1 and Dec. 1 1932, but since Jan. 1 1933, has remitted the full monthly
Instalments except for the April instalment. As regards the latter instalment the Austrian Government only transferred an amount sufficient to
provide for the June, 1933, coupon after exhausting the remainder of that
part of the reserve fund applicable to interest which was created under
Article 10 of the General Bond.
The sinking fund requirements for the tenth fiscal year ending May 31
1933, have also been met in full. They were provided partly by payments
from the Austrian Government and partly by drawing on that part of the
reserve fund applicable to amortization, which portion has thus been exhausted.
The Trustees have renewed their demand to the Austrian Government
for the reconstitution of the reserve fund in accordance with the terms of the
General Bond.
ALBERT E. JANSSEN,
N. DEAN JAY,
MARCUS WALLENBERG,
Trustees.
M. MORIZE,
Trustees,
Secretary to the
14 Place Vendome.
l'aris, France.
Spanish Exchange of Abolition of
Gold Clause by United States
On May 27 Associated Press advices from Madrid said.
Little
Effect on
Abolition of the gold clause in all obligations by the United States will
have little effect in Spain, according to Julio Carabias, Governor of the
Bank of Spain, and Manuel Aleixandre. president of the Bank of Industry
and Commerce. They said that few American securities were held here.
and they did not look for the Exchange to be greatly affected.
Slight Aid to Chile in Reduced Exchange Value of
Dollar—Central Bank Report Says Gain in Commerce Will Be Offset by Price Rise Then.
The Central•Bank of Chile, in a report on May 27,forsees
only slight improvement in trade between Chile and the
United States as a result of the reduced exchange value of
the dollar according to a cablegram on that date from
Santiago to the New York "Times" which added:
The repercussion in Chile of the reduced value of the American money
unit cannot be considered beneficial. It is true that Chile can now purchase
with greater ease the dollars it requires, perhaps lowering the costs of such
imported articles as gasoline, lubricating oils and other goods, but on the
for
other hand a depreciation in the dollar value will signify higher prices
nitrate
goods manufactured and expo.ted from Chile, principally affecting
of soda and some agricultural lines.
will
We therefore do not believe our foreign trade with the United States
adbe benefited in any way by the depreciation of the dollar, since the
vantages of the new situation will be offset by disadvantages.
that of
The position of other countries in this respect will be the same as
gold
Chile, it being specially difficult for those still on it to maintain the
standard.
The only real practical stimulus to international trade would be &radical
change in customs tariffs policies.
currency.
The drop in the dollar may benefit debtors in that particular
strictly
but this advantage, as regards Chile, can only be considered as
foreign
theoretical,since this country cannot think of resuming service on its
debt nor payment of trade debts in arrears until a fundamental improvement.
improvements in
has taken place in the internal situation, followed by
liquidaexport trade, or until special agreements are reached concerning the
treaties.
tion of private debts on the basis of international compensation
Volume 136
Financial Chronicle
Argentine and Chile Sign Commercial Treaty, to Be
Valid for Three Years After Ratification by Both
Congresses.
A commercial treaty between Argentina and Chile was
signed at Buenos Aires on May 28, on the 31st anniversary
of the conclusion of a boundary treaty between the two
nations. The trade pact supersedes a modus vivendi which
has been in existence for six months, and provides that both
signatories co-operate to prevent a repetition of the 1932
closure of the Trans-Andean Railway. The treaty is subject
to ratification by Congresses of both countries. It is limited
to three years, but a clause permits revision in 1934 if experience shows that changes are necessary. Officials said
that the pact will facilitate the interchange of many essential
products, without requiring either nation to concede costly
tariff reductions to other countries with which it has most
favored-nation treaties.
Purchase of Argentine Bonds Through Sinking Fund.
J. P. Morgan & Co. and The National City Bank of New
York, as fiscal agents, are notifying holders of Government
of the Argentine Nation external sinking fund 6% gold
bonds, issue of June 1 1925, due June 1 1959, that $389,298
in cash is available for the purchase for the sinking fund of
so many of these bonds as shall be tendered and accepted for
purchase at prices below par. Tenders of these bonds, with
coupons due on and after December 1 1933, should be made
at a flat price, below par, before 3 p. m. July 3 1933. If
tenders so accepted are not sufficient to exhaust the available
funds, additional purchases on tender, below par, may be
made up to August 30 1933.
Tenders Invited for Purchase of Argentine Government Bonds Through Sinking Fund.
The Chase National Bank of the City of New York, acting
for the fiscal agents of the Government of the Argentine
Nation External Sinking Fund 6% gold bonds of 1924
Series "B," due December 1 1958 is inviting tenders at a
price below par of a sufficient amount of these bonds to
exhaust the sum of approximately $266,309 available in the
sinking fund. Proposals will be opened at 3 p. in. on July 3
1933, and should be sent to the Trust Department of the
bank at 11 Broad St., New York City.
Temporary Offer to Holders of Tucuman (Argentina)
7% Bonds Respecting Interest Payments
-60%
in U. S. Dollars and 40% in Scrip Certificates.
The Municipality of Tucuman (Argentine Republic),
through L. Yrrazabal, Mayor, and Julio C. Montini, Secretary, is notifying holders of its external 23-year 7% sinking
fund gold bonds due June 1 1951 of a temporary offer of
readjustment with respect to interest payments due during
the period from Dec. 1 1932 to June 1 1935, inclusive. The
offer, it is stated, is being made due to the present difficulty
of providing foreign exchange and the fact that the municipality now believes that it can obtain sufficient exchange to
make only partial payments in U. S. dollars on account of
interest due in that period. The municipality has previously deposited with the Bank of the Nation (Tucuman
Branch) Argentine pesos sufficient at the then current rate
of exchange to meet interest and sinking fund payment due
Dec. 11932. An announcement May 29 regarding the offer
says:
The offer provides for the payment of 60% of such coupons maturing
between Dec. 1 1932 and June 1 1935 in cash in U. S. dollars and 40%
($84 for each S1,000 bond, covering the amount not payable in cash during
the entire period) by the delivery of a transferable interest bearing scrip
certificate, payable in U. S. dollars and redeemable out of sinking fund
moneys after June 1 1935. Cash payments of the Dec. 1 1932 and June 1
1933 coupons will be made when the bond is deposited under the loan readjustment plan and other cash payments made when due. A suspension of
the semi-annual sinking fund payments during the period mentioned is
also provided under the offer. Holders desiring to accept the offer are
invited to deposit their bonds with City Bank Farmers Trust Co., New
York City, from whom copies of the loan readjustment plan may be
obtained.
Temporary Offer of Adjustment of Interest to Holders
of Bonds of Province of Mendoza (Argentine).
The Province of Mendoza (Argentine Republic) through
Guillermo Cano, Minister of Finances, and Ricardo Videla,
Governor, is notifying holders of its external 7.50% secured
sinking fund gold bonds, dated Dec. 1 1926, and due June 1
1951, of a temporary offer of adjustment with respect to
interest payments and the retirement of bonds during the
period from Dec. 2 1932 to Dec. 1 1937, inclusive. A
statement issued in the matter says:
Due to its greatly reduced revenues and the difficulty of providing foreign
exchange, the Province finds itself unable for the time being to continue in
full the semi-annual payments.
3817
The offer provides for the payment of coupons maturing from June 1 1933
to and including Dec. 1 1937, at the reduced rate of interest of 4% per
annum, or $20 for each $37.50 coupon. Under the offer, semi-annual
sinking fund payments accruing from Dec. 2 1932 to Dec. 1 1937 will be
suspended, but commencing June 1 1934, the Province agrees to make payments to the depositary to be applied to the purchase or redemption of
of bonds. The plan further provides for the waiver of the security fund
during the period and for the readjustment of the method of depositing
pledged revenues. Holders desiring to accept the offer, which is not
conditional upon the acceptance of any specified percentage of bonds, are
Invited to deposit their bonds with the Manufacturers Trust Company
New York,
from which copiesoftheloan readjustment plan may be obtained.
Argentine Foreign Exchange Control Commission
Rules that Dollar Drafts on United States Must
Be Covered by Export Receipts.
United Press advices from Buenos Aires May 31 to the
New York "Herald Tribune" stated that the Foreign Exchange Control Commission ruled on that date that all
dollar drafts on the United States must be covered exclusively
by the amounts of dollars obtained through the exportation
of Argentine products to the Northern Republic. The
advices added:
The ruling is viewed as threatening a drastic cut in the apportionment of
the available foreign exchange to the United States in view of the large
favorable trade enjoyed by that country.
Last year United States' exports to Argentina were valued at $27,459,868.
while her imports from this country aggregated only $11,180.828. A total
of 560,000,000 is reported to be tied up here, importing firms and bankers
being unable to remit to the United States to meet commercial obligations
there because of the shortage of dollar coverage.
The Commission's ruling also stipulated that permits for payment on
collections or other dollar transferences can be liquidated solely in dollars.
Special permits will be necessary to carry out payments in other currencies.
Argentina Said to Have Arranged to Cut Gold Bond
Rate to 4%.
The following (United Press) from Buenos Aires May 31
is from the New York "Herald Tribune':
Foreign Minister Alberto Hueyo announced to-day that an arrangement
had been made with holders of the 73.6 % external gold bonds, whereby the
interest would be reduced to 4%. The loan was contracted in the United
States in 1927. Such a reduction in interest implied a saving of 3,750,000
pesos to the government.
The present administration, he told the Senate in response to a demand
for information by Senator Sanchez Sorondo, has succeeded in scrupulously
fulfilling all obligations and has maintained Argentine credit intact abroad.
Enumerating the economies effected, he said the United States abandonment
of the gold standard had permitted a saving of 7,000,000 pesos on the debt
service.
Customs receipts have been on the increase since the first of the year
and at present total 10,000,000 pesos more than this time last year, Senor
Hueyo declared. The new income tax and the business transactions tax,
he said, have yielded 12,000,000 pesos, permitting a reduction in the budget
deficit to 6,000,000 pesos. This deficit will be wiped out if Congress
sanctions the proposed tax on incomes derived from government securities.
New Australian Refunding Loan Oversubscribed.
A cablegram June 1 from Canberra (Australia) to the
New York "Times" said:
Subscriptions to the £5,000,000 3,1% internal loan reached £8.100,000.
The Council therefore will meet next Tuesday without need to worry
about finding money for the unemployed during the Winter. When the
next loan is floated to make up £10,000,000 for the unemployed under the
Premier's plan, it is expected that the rate will be lower than 314%•
Customs revenue in the eleven months ending on May 31 was more
than E5,000,000 above the estimates. Allowing for budgetary expenditures, it is expected that the surplus at the end of the year will be more
than £2,500,000. Postal revenue also has greatly increased. indicating an
improvement in trade and industrial activity.
London advices June 1 to the same paper stated:
The Commonwealth of Australia 33 % five-year refunding loan amounting to £11,000,001) met with a good reception when the subscription lists
opened to-day. The lists for cash applications closed within two hours.
Canadian Press accounts from London May 29 had the
following to say regarding the loan:
Announcement was made by the Treasury to-day that Right Hon.
Neville Chamberlain, Chancellor of the Exchequer, had agreed to an
immediate Australian bond issue not exceeding five years' maturity for
the purpose of refunding certain Australian loans bearing interest at the
rate of6 %. The Chancellor made it clear, however, that this exceptional
measure in no way implied the withdrawal of his request made in January
regarding the conversion of trustee securities. At that time it was explained
that the capital market was free to domestic and Empire borrowers, with
one exception. The exception applied to the replacement of existing issues
by new issues in the case of optional conversions where the new issue ranks
as a trustee security, and involves either underwriting or an invitation to
the public to subscribe new cash.
Additional Rulings on Bonds of Upper and Lower
Austria by New York Stock Exchange.
The New York Stock Exchange has issued the following
announcements through its Secretary, Ashbel Green:
NEW YORK STOCK EXCHANGE
Committee on Securities.
May 26 1933.
Referring to the rulings of this Committee dated Dec. 1 1932 and Jan. 26
1933. in the matter of the non-payment of interest on Province of Lower
Austria Secured Sinking Fund ni% Gold Bonds, due 1950:
The Committee on Securities further rules that beginning with transactions of June 1 1933, the bonds dealt in as "with all unmatured coupons
attached" shall be ex the June 1 1933. coupon
Financial Chronicle
3818
That beginning June 1 1933, the bonds may be dealt in as follows:
(1) "with Dec. 1 1932, and subsequent coupons attached";
(2) "with all unmatured coupons (i.e., coupons, the due dates of
which have not been reached) attached";
That bids and offers shall be considered as being for bonds "with Dec. 1
1932, and subsequent coupons attached" unless otherwise specified at the
time of transaction; and
That all transactions in the bonds shall be "Flat."
NEW YORK STOCK EXCHANGE.
Committee on Securities.
June 1 1933.
Referring to the rulings of this Committee dated Dec. 1 1932 and Feb.
Province of Upper
24 1933, in the matter of the non-payment of interest on
Austria External Secured Sinking Fund 7% Gold Bonds, due 1945:
The Committee on Securities further rules that beginning with transactions of June 1 1933, the bonds dealt in as "with all unmatured coupons
attached" shall be ex the June 1 1933, coupon;
That beginning June 1 1933, the bonds may be dealt in as follows:
(1) "with Dec. 1 1932, and subsequent coupons attached";
(2) "with all unmatured coupons (i.e., coupons, the due dates of
which have not been reached) attached";
That bids and offers shall be considered as being for bonds "with Dec. 1
1932, and subsequent coupons attached" unless otherwise specified at the
time of transaction; and
That all transactions in the bonds shall be "Flat."
Previous rulings on the bonds were noted in our issues of
Dec. 3 1932, page 3788 and Feb. 11 1933, page 934.
June 3 1933
J. P. Morgan & Co., New York City, in United States currency at the
dollar equivalent of French Francs 25.52 per dollar of face value of coupon.
upon the basis of their buying rate for exchange on Paris at time of presentation, or (b) upon presentation and surrender at the office of Messrs.
Morgan & Cie., Paris, France, in French Francs at the rate of French
Francs 25.52 per dollar of face value of coupon:
The Committee on Securities rules that in settlement of contracts in said
-payment date and
bonds on which delivery was due prior to the interest
should have been made with the next due coupon attached, but where
-payment date without the coupon
delivery is made on or after the interest
attached, and in settlement of contracts in said bonds made "Delayed
Delivery" between May 25 1933, and May 29 1933, inclusive, the cash
settlement made in lieu of the coupons shall be on the basis of United States
currency in New York at the dollar equivalent of French Francs at gold
parity of exchange, the said dollar equivalent to be computed at the rate
at which coupons may be cashed at the office of Messrs. J. P. Morgan &
Co. on the date of actual delivery, under option (a) referred to above.
The computation of accrued interest is not changed by this ruling.
NEW YORK STOCK EXCHANGE.
Committee on Securities.
June 1 1933.
In view of the arrangements made for the payment of the June 1 1933,
-Year
coupons attached to the Government of the French Republic 20
External Gold Loan 7%% Bonds. due 1941, at the option of the holder
surrender at the office of Messrs. J. P.
either (a) upon presentation and
Morgan & Co., New York City, in United States currency at the dollar
equivalent of French Francs 25.52 per dollar of face value of coupon, upon
the basis of their buying rate for exchange on Paris at time of presentation,
or (b) upon presentation and surrender at the office of Messrs. Morgan dr
Cie., Paris, France, in French Francs at the rate of French Francs 25.52
per dollar of face value of coupon:
The Committee on Securities rules that in settlement of contracts in the
-payment date
said bonds on which delivery was due prior to the Interest
and should have been made with the next due coupon attached, but where
-payment date without the coupon
delivery is made on or after the interest
attached, and in settlement of contracts in said bonds made "Delayed
Delivery" between May 25 1933, and May 29 1933, inclusive, the cash
settlement made in lieu of the coupons shall be on the basis of United States
currency in New York at the dollar equivalent of French Francs at gold
parity of exchange, the said dollar equivalent to be computed at the rate
at which coupons may be cashed at the office of Messrs. J. P. Morgan &
Co. on the date of actual delivery, under option (a) referred to above.
The computation of accrued interest is not changed by this ruling.
Supreme Court Orders Inquiry on Bonuses Paid
Officers of American Tobacco Company—Suit of
Stockholder Results in Ruling for Review of Firm's
Distribution of Earnings.
The Supreme Court of the United States on May 29
ordered an inquiry to determine whether George W. Hill,
President of the American Tobacco Company, has been receiving more than a just share of the company's earnings.
In 1930 Mr. Hill was paid more than $1,000,000 in salary
and profits. The inquiry ordered by the court would also
include the distribution of earnings to Vice Presidents of the
firm. The ruling represented a partial victory for Richard
R. Rogers of New York, a stockholder of the company, who Allied Chemical & Dye Corporation Defends Its Stand
brought suit on the ground that a by-law authorizing large
—Declares Data Ordered by New York Stock Exchange Would Aid Competitors—Final Letters
bonus payments to officers was invalid, and that even if it
Made Public.
were held valid the amounts paid were unreasonably large
The New York Stock Exchange, which announced on
and subject to revision. He contended that the surplus or
net profits of the company, after meeting all liabilities, was May 25 that it would remove from the list on Aug. 23 the
exclusively within the control of the board of directors, and preferred and common stocks of Allied Chemical & Dye
that under the charter of the company it could not be dis- Corp. unless the corporation agreed to issue more detailed
tributed by stockholders. Officers of the company, on the reports to its stockholders, made public on May 29 the
other hand, replied that stockholders had authority to con- correspondence which passed between the company and the
trol the finances, and that officers were not receiving exorbi- Exchange preceding the ultimatum of the Exchange issued
tant allowances or unreasonable salaries. The court's May 25. H. F. Atherton, Secretary of Allied Chemical,
decision was summarized as follows in Associated Press in a letter to the Governing Committee of the Exchange
dated May 24, said it would be against the best interests
Washington advices on May 29:
In ordering the investigation into the money accruing to Hill and the of the stockholders to make public information which could
vice-presidents through the company by-law adopted in 1912, giving them
company's competitors. He reminded the
a percentage of surplus profits, the court upheld the legality of the by-law be used by the
Exchange that its Committee on Stock List had approved
itself.
Nevertheless, Associate Justice Pierce Butler who delivered the opinion
the listing of Allied Chemical stock on several occasions
said the "rule prescribed by it cannot, against the protest of a stockholder.
under an agreement which did not provide for the furnishing
and effect to
be used to justify payments of sums so large as in substance
of such information as the Exchange was requesting at the
amount to spoliation or waste of co-operative property."
The facts alleged by the plaintiff, Justice Butler continued."are sufficient
present time.
to require that the District Court upon a consideration of all the relevant
In reply, the Exchange, in a letter sent by its President
facts brought forward by the parties, determine whether and to what extent
Richard Whitney to Orlando Weber, President of Allied
payment to the individual defendants under the by-laws constitutes misuse
and waste of the money of the corporation."
Chemical, states that it is believed to be "essential in the
Under the 1912 by-laws Hill, as President, received 2;i% of profits after
public interest that our requirements and practices should
all dividends and expenses had been paid. The vice-presidents get 13 %.
Hill received $842,507 from the profits clause in 1930. He got cash
keep pace with the changes in business customs and concredit of $273,470 and salary of $168,000.
ditions which from time to time occur."
Charles F. Neiley, a Vice-President, received more than $400,000 under
For more than three years the Stock Exchange has been
the by-laws, $89,945 in cash credits and $50.000 in salary.
Vincent Riggio, a Vice-President, received an almost identical sum.
seeking to induce the Allied Chemical management to
The decision to-day reversed both the Circuit Court of Appeals and the
itemize more fully its balance sheet and income account.
Federal District Court for the Southern District of New York. The latter
The controversy reached an acute stage about a month
was directed to make an inquiry.
A dissenting opinion was filed to-day by Associate Justice Harlan F.
ago, when the Exchange made public the long correspondence
Stone.
between Orlando F. Weber, President of Allied Chemical;
The stockholders had assailed a stock issue which the directors allotted
H.F. Atherton, Secretary of the company; J. M. B. Hoxsey,
themselves and other officers. The court did not pass on the merits of the
case, but Justice Stone said he felt the court should go to the bottom of
Executive Assistant of the Committee on Stock List of the
the matter. He recited that there were 56,712 shares of common stock
Exchange, and Frank Altschul, Chairman of the Committee
being made available to directors and other company officials at a price of
$25 a share when the market price of the stock was $112.
on Stock List. (See "Chronicle" April 29, p. 2888.)
On that basis, he said, Hill's profit from that transaction alone was
Information regarding the Allied Chemical recent corre$1,169,280, exclusive of the more than $1,000,000 in profit, salary and cash
spondence and resolutions, transmitted by Frank Altschul,
credit.
Justice Roberts took no part in the consideration of either case.
Chairman of the Committee on Stock List to the Governing
Committee, is given under five headings, as follows:
Chemical dr
(1.) Copy of a letter dated May 24 1933, from the Allied
Ruling of New York Stock Exchange on Bonds of
Dye Corp. to the Governing Committee of the New York Stock Exchange.
Republic.
Government of French
Committee on
(2.) Copy of a report and recommendation made by the
The following announcements were issued by Ashbel Stock List to the Governing Committee of the New York Stock Exchange
on May 24 1933.
Green, Secretary of the New York Stock Exchange:
the
a resolution adopted by the Governing Committee on
NEW YORK STOCK EXCHANGE.
Committee on Securities.
June 1 1933.
In view of the arrangements made for the payment of the June 1 1933,
coupons attached to the Government of the French Republic External Loan
-Year Sinking Fund 7% Gold Bonds, due 1949, at the option of
of 1924 25
the holder either (a) upon presentation and surrender at the office of Messrs.
(3.) Copy of
recommendation of the Committee on Stock List on May 24 1933.
Exchange
(4.) Copy of a letter from the Secretary of the New York Stock
dated May 24 1933. in acknowledgment of the letter of the Allied Chemical
& Dye Corp. of May 24 1933.
(5.) Copy of a letter from the President of the New York Stock Exchange
dated May 26 1933, in reply to the letter of the Allied Chemical & Dye
Corp. of May 24 1933.
Volume 136
Financial Chronicle
(1 )
ALLIED CHEMICAL & DYE CORPORATION
61 Broadway, New York.
To the Governing Committee,
New York Stock Exchange,
New York, N. Y.
Mal/ 24 1933.
Dear Sirs:
We wish to call your attention to the following in connection with the
discussions between the Exchange and this company regarding its annual
reports to stockholders:
In Dec. 1920, when the stock of this company was originally listed, full
consideration was given by the Committee on Stock List and by the cornpony to the form of the application and the agreement contained therein.
Such application and agreement were the bases upon which the decision
of the company to have its stock listed, as well as the decision of the Exchange to list it, were made. No reference was made in the application
or the agreement to furnishing the information now being requested.
In Dec. 1929, the Exchange listed additional shares of our stock. At
an extended conference with the Committee on Stock List on Dec. 23 1929,
most of the points which the Stock Exchange has now raised were discussed and the reasons why we did not desire to supply the additional information were stated. In reply to the printed questionnaire, we advised
that we proposed to publish our financial statements In the same form as
theretofore published. Our application was approved by the Exchange
and an agreement executed. In a letter to the company, dated Dec. 31
1929. the Committee on Stock List recognized the mutual obligations
arising from the agreement which had been entered into as to the company's
stock which had been listed up to that date.
In Dec. 1930, the Exchange listed additional shares of our stock. We
conferred at length on Dec. 15 and Dec. 16 1930, with representatives of
the Stock List Committee. Most of the points which the Exchange has
now raised were again discussed and we again stated our reasons for not
desiring to disclose further information with reference to the company's
affairs. In reply to the printed questionnaire, we advised that we proposed
to publish our financial statements in the same form as theretofore published. Our application was approved by the Exchange and the agreement
now in effect was executed.
We have always considered and now consider that these listing proceedings
conitituted an agreement between the Exchange and the company as to
what reports the company was required to publish as a condition to the
admission and continuance of its stock on the trading list. At the same
time we have been willing to consider with the Exchange, and have recently considered with it at length, its suggestions for variations in our
regular system of reporting; and we have been entirely ready at all times,
as we are at present, to adopt any such changes which do not appear to
us to be contrary to the best interests of the company's stockholders. It
is in this spirit that we have been reconsidering with the Exchange from
time to time during the last year or so the same or similar suggestions regarding our reports as those which were disposed of upon the successive
listings of our stock as above indicated.
On March 28 1933 the Exchange wrote the company, requesting it to
make a statement not later than the date of the annual stockholders' meet-.
Mg in order to clear up any misunderstanding as to the value of marketable
securities carried in the balance sheet under current assets, and suggesting
that further consideration of all other questions which had been under discussion be deferred until later. After preliminary acknowledgment of
this letter, we replied on April 21 1933. stating that we would be pleased
to make a statement at the annual meeting regarding marketable securities
as requested by the Exchange. At the same time we pointed out that our
report explicitly stated that marketable securities were shown at cost
and
that the difference between cost and market value was amply provided for
in the general contingency reserves. The Exchange never made any reply
to this letter, and we did not doubt that the Exchange found it entirely
satisfactory, as it was intended to be.
At the annual meeting of stockholders held April 24 1933, among
the
statements made by the presiding officer with reference to the company's
report for 1932. was the following:
"U. S. Government and other marketable securities carried under
current
assets. aggregating $92,400,000 stated at cost, had a market
value as of
Dec. 31 1932 of approximately $28,000,000 less than cost.
The reserves
which have been provided are ample to take care of this
depreciation."
A transcript of the complete statement is attached.
We thus fairly complied with the Exchange's request of
March 28 1933.
There was obviously no occasion to comment on other items
of current
assets. Accounts and notes receivable have, of course, no
market value;
uncollectible items are currently written off and probable
future losses
therein are comparatively small. Cash was cash. As
stated in the report
itself, the policy of valuing inventories on a basis of cost
or market, whichever was lower, was being continued.
We hoard nothing further from the Exchange
until April 27 1933, when
we received the Exchange's letter of the previous day
stating that on that
day the Committee on Stock List had submitted a special report
regarding
this company to the Governing Committee. This letter
enclosed a copy
of such report and advised us that the Governing Committee
had deferred
action thereon until May 3, at which time an opportunity would
be given
to us to appear or submit a statement.
- The conclusion of the special report was that "the Committee on
Stock
List is forced to the conclusion that further discussion with the corporation
will prove unavailing." As appears in the report, this conclusion
was
based primarily on "reports appearing in the public press." On the
basis
of these press statements the Committee on Stock List reported that at the
stockholders' meeting: (a) "no statement appears to have been
made
calling specific attention to the overstatement of current assets resulting
from" the balance sheet statement of marketable securities at cost;(b)"No
statement appears to have been made as to what part, if any, of the
contingency reserve was required to reflect any shrinkage in other current
assets"; and (c) that a statement was made to the effect that "there would
be no change in the company's method of issuing statements." On this
basis the report stated that the Committee on Stock List "reports the matter to the Governing Committee for such action as it may deem appropriate
in the circumstances." This report appeared prominently in the evening
papers of April 26, the date of the report, as well as in the morning papers
of April 27, although, as above stated, we received no word from the Exchange on the subject until we received on April 27 their above mentioned
letter of the previous day.
We consider that this precipitate and misleading action of the Exchange,
based on newspaper reports, and without previous communication with the
company on the subject, was altogether improper and unreasonable and
obviously injurious to the interests of the company and its stockholders.
The occurrences at the annual meeting which are referred to in the special
report were in fact largely the contrary of what was stated in the report.
As above pointed out, the presiding officers' statement did specifically call
attention not only to the fact that the current value of marketable securities
3819
at Dec. 31 1932 was $28,000,000 less than cost, but also the fact that these
securities were shown in the balance sheet at cost, and also to the fact that
the difference was amply provided for in the reserves. Consistently with
the company's letter of April 21, no statement was made with reference to
any corresponding shrinkage in the balance sheet values of other current
assets—cash, accounts receivable and inventories—because there was no
such shrinkage. No one stated at the meeting "that there would be no
change in the company's method of issuing statements," or anything to
that effect. The Exchange knew as well as the company that consideration between them of various possible changes was then shortly to be resumed in accordance with the Exchange's letter of March 28 and the company's reply of April 21, above referred to.
By its sudden publication, without warning, of this unwarranted special
report, the Exchange apparently sought to transform what had previously
been a reasonable exchange of views between it and the company regarding possible voluntary changes by the company in the form of its annual
reports into a campaign by the Exchange to compel the company to make
such changes unwillingly by means of hostile and misleading public
propaganda.
This action by the Exchange raises fundamental questions regarding the
relationship between it and the companies whose securities it has admitted
to trading; and we will therefore state briefly our views in this connection.
The management of the Exchange is responsible to its members. Its primary object is, or should be,to provide a broad,free,fair and active market
for the purchase and sale of securities through its members, as brokers,
to their profit. The management of the company is responsible to its
stockholders. Its primary object is, or should be, to conduct its business
so as to yield the maximum of continuous earnings and dividends to the
profit of its stockholders. These different primary objects naturally lead
to somewhat divergent views on the part of the management of the Exchange and on the part of the management of a company whose securities
are admitted to trading on the Exchange in regard to the information which
the company should publish concerning its affairs. Hence, the agreements
which the Exchange requires of a company in this regard as a condition to
the listing of its securities. The management of the Exchange, we presume, would be the better pleased the more frequent and full a company
made its reports, and the greater the public interest thus inspired in trading
in the company's securities. The management of the company, on the
other hand,owes to its stockholders, not only a duty to report to them from
time to time regarding its affairs, but also a duty not to publish information
regarding its affairs which might be effectively used by the company's business adversaries to its disadvantage in the conduct of its business.
The management of the company is neither responsible to the members
of the Exchange in respect of the information to be published regarding the
company's affairs nor in any position to determine what the best interests
of the members are in that regard. The management of the Exchange is
neither responsible to the company's stockholders in respect of the information to be published regarding its affairs nor in any position to determine
what the best interests of the stockholders are in that regard. In connection with trading in a company's securities on the Exchange it is thus necessary that the management of the Exchange and the management of the
company, each representing their respective principals, should be in agreement as to what information the company will publish regarding its affairs.
If they agree, the securities can be admitted to trading. If they do not
agree, the securities cannot be admitted to trading. But neither the Exchange nor the company can properly undertake to settle the question for
both.
Regardless of all other considerations, we consider that we are under
obligation to our stockholders not to permit publication of information
regarding this company's affairs which might be used by Its business adversaries to the company's disadvantage in the conduct of its business, and,
further, that we are under like obligation to determine freely whether any
particular kind of information is of this character; and so long as the stockholders continue us in the management of the company we propose to continue to discharge these obligations to the best of our ability. At the same
time we will continue to give full consideration to the wishes of the management of the Exchange in this regard so long as our stock remains listed
on the Exchange, with a view to proper accommodation of the interests of
the members of the Exchange and the interests of the company's stockholders. If, however, our considered conclusions at any time prove to be
unacceptable to the management of the Exchange, we do not propose for
that reason to adopt their different conclusions.
We have assured you informally of the baselessness of the unfavorable
gossip regarding the company which has recently spread abroad. This has
concerned principally the company's marketable securities. We wish now
to confirm the facts in this regard as previously stated to the Stock Listing
Committee. It has been suggested that by reason of these security holdings the company was more of an investment trust than a chemical manufacturer. The fact is, as the company's published balance sheet shows,
that these securities constitute less than a quarter of its assets. It has been
rumored that, although the balance sheet describes the item as "U. S. Government and other marketable securities," no substantial amount of U. S.
Government securities are included. The fact is that about $20,000,000
of U. S. Government securities are included. It has been rumored that the
balance of the item represents a speculative trading account, largely affecting the company's earnings. The fact is that it consists practically entirely
of the securities of six companies. Of these holdings, the chief are substantial holdings of the company's preferred and common stock. The others
are in the main holdings in other companies which are related to this company's operations, and for this reason we consider that it would be contrary
to the best interests of our stockholders to publish the list of these holdings.
All these securities have been held for years; there have been no sales
of
any of them at any time, except that in 1931 the company
decreased its
holdings in one other company by less than 20% and in another by less than
15%. None of these securities are current assets in the sense that
the
company contemplates cashing them in the near future, but
only in the
sense they are in fact readily marketable. The company has
never speculated in the security markets and never will under the present
management.
Since the publication of the Exchange's special report on
April 26, we
have resumed our discussions with the Stock List Committee
in a sincere
effort to reach an accord with them upon such
changes In our annual
reports as would reasonably satisfy both the management
of the Exchange,
reflecting the interests of its members, and the management
of the company, reflecting the interests of its stockholders. In
the course of these
discussions we have sincerely endeavored to satisfy the members
of the
Committee as to the sufficiency of the bases for our judgment
that it would
be contrary to the best interests of our stockholders to
publish further
particulars of our income. In this respect we believe that
this company
Is to be distinguished from most whose securities are listed
on the Exchange.
Of course it is not a public utility. Furthermore, it has
never sold a share
of its stock or any other capital obligation. It does not
seek credit. There
are thus absent the usual bases on which companies may properly publish
information regarding their affairs in greater detail than the best interests
of their stockholders might otherwise warrant. This company's business,
moreover, has always been and is at the present time subject to competitive
Financial Chronicle
3820
conditions of extraordinarily severe and far reaching character. We are
well aware that our principal competitors, particularly those abroad,
scrutinize every item of obtainable information regarding our business to
use against us. We do the same against them and we know very well how
a little information regarding their affairs picked up here and there and put
together can assist us in our efforts to defeat their competition.
As a result of our discussions with the Stock List Committee we have
arrived at the following conclusions regarding their suggestions as a basis
for a mutually satisfaCtory accord, viz., that in future annual reports to
stockholders we will show in the body of the financial statements or by note
at the foot thereof:
(a) Property account is carried at cost;
(b) Marketable securities are carried at cost;
(c) Basis of inventory value;
(d) U. S. Government securities separately from other marketable
securities;
(e) Amount of other marketable securities which are listed on the Exchange or the Curb:
(f) Market value of U. S. Government securities;
(g) Market value of other marketable securities;
(h) Amount of reserve for depreciation of marketable securities;
(1) The item of further surplus consists of a specified amount of earnings
accrued to the company since its organization and a specified amount of
earnings accrued to its constituent companies prior to the company's
organization;
(j) Amounts of the company's preferred and common stock held in the
company's treasury, at cost, and the reserves provided, if any, to cover the
difference between cost and market;
(k) Any substantial amount of non-recurring items included in income;
(1) Dividends paid on the company's stock owned are included in income
or not as the case may be.
We have stated our views and our attitude about all these matters very
frankly because we believe that this course offers the best prospect of a
genuine and stable understanding between us in respect to the questions
Involved. We do not hope that you will agree with our views in all respects.
We do hope that you will understand clearly what they are and will appreciate that they are sincerely entertained; and we earnestly hope that you
will find acceptable our conclusions regarding the requested changes in our
annual reports.
Very truly yours,
(Signed) H. F. ATHERTON, Secretary.
• .
•
•
ALLIED CHEMICAL & DYE CORPORATION
Annual Meeting of Stockholders
April 24 1933.
Remarks of Chairman of the Meeting.
We are pleased to note the interest which you, ladies and gentlemen,
have indicated in the affairs of the company by your attendance at this
meeting.
You are all fully aware of the severity of the depression and of the attendant decline in commodity consumption by the basic industries which
we serve, such as steel, agriculture, oil, textiles, glass and building. A
decline in commodity consumption is always accompanied by intensification of competition. While costs of production, with the exception of
taxes, are largely within the control of the management, selling prices are
Invariably determined by competition. The decline in price levels of the
company's products during the past year has been accelerated in part by
depreciated foreign currencies and by the dumping of foreign commodities
Into the domestic market.
You have all received copies of the annual report for the year 1932. A
very large percentage of our present stockholders have also received copies
ofour reports each year since the company was incorporated. It has always
been the policy of the company to present to the stockholders in the annual
reports the essential information as to the company's financial status and
the results of its operation in a simple and consistent form, thus affording
a continuity of record. From an examination of the reports since organization you will note that: The company's total assets have increased from
$282,000,000 to $408,000,000. Funded debt has been eliminated and
current liabilities other than for dividends to stockholders have been substantially reduced. Total reserves have increased from $72,000,000 to
$191,000,000. Surplus has increased from $126,000,000 to $159,000,000,
notwithstanding the transfer in 1931 of $40.000,000 from surplus to reserve
for general contingencies to protect the company's assets and operations
against future contingencies. During the period, in addition to two stock
dividends of 5% each on the common stock, cash dividends amounting to
$163,000,000 have been paid to stockholders.
U. S. Government and other marketable securities carried under current
assets, aggregating $92,400.000, stated at cost, had a market value as of
Dec. 31 1932 of approximately $28,000,000 less than cost. The reserves
which have been provided are ample to take care of this depreciation.
As to results for this year to date, I may state that while net earnings
for the first quarter of 1933 have fallen short of dividend requirements,
the company's liquid position remains unimpaired. Cash dividend on the
common stock has been declared payable May 1 1933 at $1.50 per share,
which is the rate maintained since 1926.
(2)
Report and Recommendation of the Committee on Stock List to the Governing
Committee New York Stock Exchange May 24 1933.
Notwithstanding prolonged negotiations with Allied Chemical & Dye
Corp.. no agreement has been reached in regard to the information to be
furnished presently to stockholders or in regard to the future publication
of the balance sheet, surplus and income account of this corporation in a
manner which, in the opinion of the Committee on Stock List, would furnish stockholders with information essential to a proper understanding
of the condition of the corporation and of its operations.
Accordingly, the Committee on Stock List recommends to the Governing Committee that the preferred and common stock of Allied Chemical
& Dye Corp. be stricken from the list of the New York Stock Exchange on
Aug. 23 1933, unless prior thereto the corporation shall have furnished
stockholders with adequate information in regard to the present condition
of the company and shall have entered into an agreement with the Exchange, satisfactory to the Committee on Stock List, as to the manner in
which the financial reports of the corporation will be published in the
future.
(3)
Resolution Adopted by Governing Committee May 24 1933.
Upon motion duly made and seconded. it was unanimously resolved that
the preferred and common stock of Allied Chemical & Dye Corp. be stricken
from the list of the New York Stock Exchange on Aug. 23 1933. unless
prior thereto the corporation shall have furnished stockholders with ade-
June 3 1933
quate information in regard to the present condition of the company and
shall have entered into an agreement with the Exchange, satisfactory to
the Committee on Stock List, as to the manner in which the financial reports of the corporation will be published in the future.
(4)
Orlando F. Weber. Esq., President,
Allied Chemical & Dye Corporation,
61 Broadway, New York, N. Y.
May 24 1933.
Dear Sir:
The letter of May 24, signed by the Secretary of your company and
addressed to the Governing Committee of the New York Stock Exchange.
was duly received and submitted to the Governing Committee at its meeting this afternoon.
I am directed to inform you that, after due consideration, the Governing Committee unanimously adopted a resolution upon the recommendation of the Committee on Stock List. I enclose herewith a copy of such
recommendation and resolution for your information.
I am further directed to inform you that the President of the Exchange
will send you shortly a communication which will answer in detail the various
matters referred to in the above mentioned letter of May 24.
Very truly yours,
(Signed) ASHBEL GREEN, Secretary.
(5)
Mr.Orlando F. Weber, Esq.,President,
Allied Chemical & Dye Corporation.
61 Broadway, New York. N. Y.
May26 1933.
Dear Mr. Weber:
A communication addressed by your corporation to the Governing Committee of the Exchange under date of May 24 1933 was duly received and
submitted to the Governing Committee at its meeting held on May 24
1933. After due consideration,and upon the recommendation of the Committee on Stock List, the Governing Committee unanimously adopted the
following resolution, which has already been furnished to you:
"Resolved, That the preferred and common stock of Allied Chemical
& Dye Corp. be stricken from the list of the New York Stock Exchange
on Aug. 23 1933, unless prior thereto the corporation shall have furnished
stockholders with adequate information in regard to the present condition of the company and shall have entered into an agreement with the
Exchange, satisfactory to the Committee on Stock List, as to the manner
In which the financial reports of the corporation will be published in the
future."
A letter from the Secretary of the Exchange enclosing a copy of the resolution was sent to your office immediately after the adjournment of the
Governing Committee, meeting Wednesday evening. Unfortunately,
your office had already closed, and the messenger, finding it impossible to
deliver the letter by hand, thereupon mailed it to you.
Before stating the reasons which actuated the Governing Committeain
adopting this resolution, I feel I should refer to the history of the negotiations between your company and the Exchange. When we first brought
up for discussion, in December 1929, the question of more informative
financial statements, we also took up with you the question of certain
changes which we thought necessary In the form of your agreements with
the Exchange. You confined the lengthy discussion, when you appeared
before the Committee,almost entirely to the matter of the proposed changes
in the agreements entered into by your company as a condition of listing,
and eventually agreed to certain changes, though failing to meet fully the
Committee's views.
In our letter to you of Dec. 311929, to which your communication refers,
we advised you specifically that we believed it to be essential in the public
interest that our requirements and practices should keep pace with the
changes in business customs and conditions which from time to time occur.
We further advised you that the Committee had given favorable consideration to your pending application because it was aware that you might
not have been sufficiently advised of the policies of the Stock Exchange
to give them due consideration. We denied the contention that the form
of any application anti the agreements contained therein fixed the status
of future applications and agreements with the company. We expressed
our disappointment that our efforts to secure your co-operation had met
with so little success. When your application of December 1930, was
presented, we took up again with you questions of both agreements and
financial statements.
On each of these occasions your board of directors had declared a stock
dividend payable on Jan. 3 of the succeeding year, or as soon thereafter
as the additional stock was granted listing. The applications were presented in the early part of December, and therefore the time for discussion
as to changes in your financial reports was strictly limited, unless the
Committee on Stock List was willing to force a delay in the payment'of
the stock dividends to your stockholders. The listing of the additional
stock, under such conditions, I submit, can not be construed as approval
of the financial statements to which we were objecting.
I deny that the publication of the special report was in any way precipitate or misleading. The exact contrary Is the case. The requests contained in our letter to you of June 23 1932 were specifically denied in your
Secretary's letter of Aug. 17 1932. We would have been fully justified in
taking then the action which we have taken now. In an effort, however.
to avoid just the situation which has now occurred, we wrote advising you
of our intention to submit the correspondence to each of your directors.
On Aug. 25 1932 you stated that you would yourself have this done, and
that we would be advised of the action taken. However, the first definite
information which we had as to your final position was when we received a
Cony of your printed annual report on March 17 1933, nearly seven months
later, containing a sentence in your letter to stockholders reading:
"The balance sheet and the income account of the company for 1932 are
in the same form in which they have been previously stated."
Since this fact was perfectly manifest without the sentence in question,
we deemed this a final answer to our request.
We were still anxious, however, to avoid the necessity for drsatic action,
as to the possibility of which you had been fully advised the previous August.
We wrote, therefore, our letter of March 28 1933. No reply was received
until April 21, when we were advised of a verbal statement which it was
proposed to make at the forthcoming stockholders' meeting. This reply
indicated that the only concession which would be made was a statement
of the difference between the figure at which "U. S. Gov't and other marketable securities" were carried on your balance sheet, and the market value
of these securities. Far from being a satisfactory compliance with our
request, this communication indicated that you proposed to make an
announcement at the meeting of stockholders substantially similar to the
one which you had made at the preceding annual meeting, We had spedfically pointed out in our letter of March 28 that we did not consider such
a statement sufficient.
Financial Chronicle
Volume 136
The proceedings at the stockholders' meeting were convincing evidence
that up until that time there was no intention of complying with any of the
requests contained in our letter dated ten months earlier. We did not rely
upon the press reports of the meeting without having in our possession a
stenographic transcript of what had been said which fully confirmed these
reports.
Under these conditions, the Committee on Stock List had no choice
other than to bring the matter to the attention of the Governing Committee, and that Committee, in fixing the date on which it would consider
the matter, endeavored to give you ample time to make any statement
which you thought relevant to the matters under discussion. This was
afterwards extended from May 3 to May 10, and then until May 24. The
matter had been under discussion on the last named date for 11 months.
Surely this does not indicate any precipitancy upon our part.
Your implication that the Exchange is primarily interested in these
questions from the standpoint of securing for its members activity in the
market is not warranted. No such thought has ever influenced our listing
policies. Our interest has been, from the beginning, in the proper protection of stockholders through securing for them reasonable information.
In regard to the main question under discussion, the Governing Committee has been advised that on Monday of this week you appeared before
the Committee on Stock List to submit certain suggestions looking toward
an agreement with the Exchange in regard to your financial statements.
and also for the purpose of stating to the Committee the reasons why you
felt that a more complete disclosure of the income account of your company
would be detrimental to the best interests of your stockholders. Towards
the close of that meeting, and after you had fully expressed yourself in
regard to the competitive conditions existing in the chemical industry,
a question elicited the fact that your company had included under current
assets, and as part of the item designated as "U. S. Gov't and other marketable securities" substantial holdings of your own preferred and common
stocks. No statement as to the extent of these holdings was made other
than that they were substantial, but it appears from your letter to the
Governing Committee that holdings of your own stock constitute the most
important Item of the so-called "other marketable securities." This disclosure immediately raised serious questions which had not theretofore
been under consideration.
We can see no justification for this procedure, which you have advised
us has been continued since 1929. While custom has, in some instances,
sanctioned the inclusion of a corporation's own stock among its assets,
this can not be justified unless the facts are fully disclosed. Furthermore,
under the existing conditions, there is no justification for including such
holdings among current assets.
In the financial reports of your company since 1929 there has been no
indication, either in the balance sheet or in the income or surplus accounts,
which would lead stockholders to believe that your company had purchased
either its own preferred or common stocks. On the contrary, the statement
of surplus against which you have annually charged the amount of dividends paid has shown a deduction from surplus equal to the current rate
of dividend on the entire amount of preferred and common stock which
was issued and supposedly outstanding in the hands of the public. This
form of statement tended to make stockholders believe that your company
had not purchased its own shares.
The above described method of reporting the dividends paid by your
company necessarily casts doubt upon the validity of the income statement
of your company. When this fact was pointed out to you, you stated that
the amount of these dividends had not been included in the income account
because a corresponding sum had, simultaneously, been credited to an
unspecified reserve account. This explanation of the manner in which
the dividends on stock held by the company had been included in your
financial statements does not solve the problem. If it is improper for a
corporation to increase its income by including therein dividends on its
own stock (and this, of course, would be particularly true where the dividends paid were not fully earned, as was the case with your company in
1932, according to your published reports for that year). it is equally improper for a corporation to credit such dividends to some reserve account
without disclosing the relevant facts to stockholders.
In view of this development, the Committee felt that it was bound to
Insist upon a more informative income account.
While we recognize that the management of a company producing highly
competitive products must withhold detailed information in regard to the
cost of production and cost of sales, the interests of the stockholders which
would be served by a failure to disclose such information must be balanced
against the danger inherent in permitting a corporation which enjoys a
public market for its securities to submit annual statements which reflect
Inaccurately the results of its operations. Since you do not disclose the
amount of your annual appropriation for depreciation, or obsolescence.
It is possible to increase or decrease these at pleasure. It has also been developed at our hearings that income from securities and the above mentioned dividends upon your own reacquired stock, as well as non-recurrent
Items such as a large tax refund, may have been credited more or less directly
to reserves. Within wide limits, therefore, the lack of information as to
details of your income account makes it possible for the management of
your company to vary the reported income up or down, at pleasure, and
makes it impossible to compare intelligently the income account of one year
with that of another. We do not say that this great power has been
abused. We do say that it ought not to exist. After considering these
facts, the Governing Committee concluded that the income account of
your company, as it has been reported in the past, amounts to nothing
more than a statement of an arbitrary amount which the management
and directors of your company have elected to call "Income."
We have considered, carefully, your statements that to give the information requested in our letter of June 23 1932 would be helpful to your competitors. For this reason we initially omitted any request to show sales
or cost of sales, and have since verbally withdrawn the request that general,
selling and administrative expenses be shown. In view of the fact that
your company produces over 5,000 different products, we find it impossible
to believe that the mere statement of your net operating profit would furnish your competitors with any useful information. The arguments which
you have presented against disclosing further information in regard to your
income account are identical with those advanced by you in support of your
former contention, from which you have now receded, that no changes
should be made In your balance sheet.
As stated above, it seems probable that certain items which should have
been reflected in your income or surplus accounts have been charged or
credited directly to reserves. This practice is likewise objectionable.
Without questioning your sincerity, we are equally sincere in feeling that
the requested information is essential if the securities of your company are
to remain listed upon an organized stock exchange.
In order that the stockholders of Allied Chemical & Dye Corp. may fully
understand the reasons for the action taken by the Exchange, we feel it is
necessary to publish our recent correspondence.
Faithfully yours,
(Signed) RICHARD WHITNEY, President.
3821
Milton Hayman, Former Member of Failed Firm of
Hayman & Hayman, Reinstated as Member of New
York Curb Exchange.
On May 25, the Board of Governors of the New York
Curb Exchange reinstated to regular membership, Milton
Hayman, who was a floor member of the firm of Hayman &
Hayman, which was suspended from the Exchange on
July 11 1932, for insolvency.
0- Mr. Hayman, who was admitted to membership on the
Exchange on April 27 1921, will trade as an individual, the
former partnership having been dissolved.
Trial of Isidor J. Kresel for Charges Growing Out of
Failure of Bank of United States Adjourned to
Sept. 15—Supreme Court Justice Taylor Grants
Delay at Request of Counsel John W. Davis.
Supreme Court Justice George H. Taylor Jr. of Westchester County,in the Criminal Courts Building on May 22,
adjourned the trial of Isidor J. Kresel on charges of misuse of
the funds of an affiliate of the Bank of United States of
which he was a director and counsel, until Sept. 15. We
quote the following from the New York"Times" of May 23:
The adjournment was requested by John W. Davis, counsel for Mr.
Kresel, because of other engagements, and was not opposed by Assistant
District Attorney James G. Wallace.
Justice Taylor. who Is to preside at the trial at the request of the Appellate
Division, granted an application by Mr. Wallace for a special panel\ of
Jurors because "an ordinary Jury cannot be obtained without delay and
difficulty." The Court signed an order directing that a panel of 150 be
drawn at the office of the Commissioner of Jurors on Sept. 15. Mr. Davis
opposed the application.
New York State Stock Transfer Tax Law—Communication to New York Stock Exchange from F. S.
McCaffrey, Deputy Commissioner of Department
of Taxation and Finance.
The New York Stock Exchange has received the following
communication, dated May 25, from Frank S. McCaffrey,
• Deputy Commissioner, Department of Taxation and Finance
of the State of New York, it was made known on May 26 to
members of the Exchange by Ashbel Green, Secretary:
Your attention is called to the provisions of Chapter 643 of the Laws of
1933, effective June 1 1933, changing the tax on transfers of stock and other
taxable certificates from a par value basis to that of selling price. By this
amendment the rate of tax is fixed at Sc. per share on stock selling under
$20 per share and 4c, per share on stock selling at $20 and upwards per
share.
By the terms of the Act the rate of tax on taxable certificates, which are
transferred but not sold, is Sc, per share.
To aid in the carrying on of business between stock brokers, banking
Institutions and transfer agents, it is deemed advisable to permit the following certifications, which may be imprinted on certificates presented for
transfer.
On certificates presented for transfer, when the sale or transfer of title
occurred prior to June 1 1933, tax at the rate imposed prior to that date is
permissible. Such transactions must bear a certification as follows:
This is to certify that the sale of these shares or the transfer of title
thereto was made prior to June 1 1933,
Signed
Broker, custodian or transfer agent
On certificates presented for transfer when no sale has occurred, but under
the language of the Act are taxable, certification may be made as follows:
The undersigned hereby certifies that the transfer of the within shares
does not constitute a sale. Tax is paid at lower rate.
Signed
Broker or custodian.
Transactions on which the selling price is less than $20 per share, the
following certification may be imprinted on certificates presented for
transfer:
This is to certify that the transfer of the within shares represents a sale
In which the selling price was less than $20 per share.
Signed
Broker or custodian.
Transfer agents are permitted to accept certificates presented for transfer
bearing either of the above certifications, exacting tax on the basis of the
certification.
Transfer agents are also granted permission, for the period beginning
June 1 and ending at the close of business June 10 1933, to accept certificates
for transfer without either of the above certifications, that is to say, for
that period they are relieved of the responsibility of exacting proof or certification that tax affixed at the rate of 3c. per share is warranted. This
relief is granted to clear up incampleted transactions.
Chapter 455 of the Laws of 1933 exempts from tax transfers from an
owner to a custodian, where the certificates are to be held or disposed of
by the custodian for and subject to the instructions of the owner, or from
such custodian to the owner, or from such custodian to his nominee, or from
one nominee of the custodian to another, or from the nominee back to the
custodian, provided the stock continues to be held for the same purpose.
On all such transactions certifications must be imprinted on the certificates
presented for transfer bearing the following language, depending on the
particular transaction:
We hereby certify that the transfer of the within shares represents a transfer from the owner thereof to us as custodian or to our nominee, to be held
or disposed of subject to the instructions of the owner.
Signed
Custodian.
We hereby certify that the within shares standing in the name of our
nominee are being transferred to us or another nominee of ours to be held
for the same purpose as they would be held if retained by us as custodian.
Signed
Custodian.
Financial Chronicle
3822
We hereby certify that the transfer of the within shares represents a
transfer from us as custodian, or our nominee, to the owner thereof, heretofore held by us as custodian.
Signed
Custodian.
Chapters 454, 455, 472 and 643 of the Laws of 1933 all amend the stock
transfer tax law. The Department has ruled that while Chapters 454, 455
and 472 specifically mention only Section 270 of the law, and also that the
effective date for each of the three last mentioned Chapters is April 26,
and that for Chapter 643 is June 1, all of the Chapters are to be considered
as amending both Sections 270 and 270-a of the Act and should be read and
construed as a whole when applying the statute.
Ruling on Bond Purchases Amended by New York
Stock Exchange.
Green, Secretary of the New York Stock Exchange,
Ashbel
notified members of the Exchange on May 27 that the Committee of Arrangements has amended its ruling dated Aug.3
1932, to read as follows:
If a member purchases bonds from another member without specifying that
his bid is a "next day" bid, and if subsequently a disagreetnent develops as
to whether the transaction was mode for "next day" delivery or for "delayed
delivery," as provided in Paragraph B of Section 7 of Chapter I of the
Rules, and neither party can produce a witness, then the transaction shall
be considered to have been made for "delayed delivery."
If either member has reported the transaction as having been made for
"next day" delivery, such member shall, unless specifically permitted by
the Committee of Arrangements to do otherwise, render immediately a corrected report, which shall be binding upon all parties concerned provided
that the change is made before 2:15 p. m. of the next business day, or before
11:30 a. m. if such next day is a half holiday observed by the Exchange.
If the change is not made prior to such hour, and if such member then clears
the transaction at his own expense, he must pay an additional transfer tax
(unless the bonds are exempt from transfer taxes) and shall not charge any
commission.
New York Clearing House Lowers Interest Rates.
This week the New York Clearing House reduced the interest rates paid on deposit by Clearing House institutions.
This action follows an increase in rates which was put into
effect by the Clearing House in April, and to which we referred in our issue of Apr. 15, p.2522. In the case of demand
deposits the rate to banks, trust companies and private
banks was lowered this week from M% to 3,4%; the rate to
mutual savings banks and to others is likewise cut from M%
to %. The rate of interest on time deposits payable after
90 days is reduced from 1% to 34%•
The change in rates was announced as follows on May 31
by the Clearing House:
NEW YORE CLEARING HOUSE,
77-83 Cedar Street.
New York, May 31st 1933.
Dear Sir:
Acting under the provisions of SECTION 2,ARTICLE XI of the Clearing
House Constitution, relating to interest on deposits to be paid by Clearing
House institutions, we beg to advise you that the following maximum rates
have been fixed, effective Friday, June 2nd 1933:
YOUR ATTENTION IS CALLED TO THE FACT THAT BY THIS
RULING ANYTHING UNDER 90 DAYS CERTIFICATE OF
DEPOSIT OR 90 DAYS NOTICE IS A DEMAND DEPOSIT IN
FIXING INTEREST RATES.
On Certificatesrof Deposit Payable Within
90 Days of Issue or Demand, and on Credit
BalancesPayable on Demand or Within 90 Days
of Demand
To Banks, Trust Companies and Private
Bankers.
To Mutua
Savings
Banks.
On Certificates of Deposit
or Time Deposits, Which
by Their Terms are Payable
on or After 90 Days, But
Not More Than Six Months
From the Date of Issue or
Demand
To
Others.
34%
Certificates of Deposit or Time Deposits payable more than six months
from date of issue or demand are not subject to regulation as to rate of
Interest payable, but are subject to other regulations. including ruling No. 15.
By order,
GEORGE W. DAVISON,
Chairman,
Clearing House Committee.
CLARENCE E. BACON.
Manager.
Reduction in Rediscount Rates of Boston and
San Francisco Federal Reserve Banks.
Two of the Federal Reserve Banks—Boston and San
Francisco—have this week followed the action taken last
week by the New York and Chicago Reserve Banks in lowering their rediscount rates. Mention of the reduced rates
adopted in New York and Chicago was made in our issue of
May 27, page 3633. On May 31 the Federal Reserve Bank
of Boston reduced its discount rate on all classes of paper of
all maturities from 334 to 3%,effective June 1. The previous
change had been an advance from 234 to 334% on Oct. 17
1932. The Federal Reserve Bank of San Francisco reduced
its rediscount rate, effective June 2, from 334 to 3%. The
last named rate had been in effect since Oct. 21 1931.
June 3 1933
-Day
New Offering of $75,000,000 or Thereabouts of 91
Treasury Bills—Will Be Dated June 7 1933.
Tenders to a new offering of 91-day Treasury bills to the
amount of $75,000,000 or thereabouts were invited on May 31
by William H. Woodin, Secretary of the Treasury. The
bills, which will be dated June 7 1933 and mature Sept. 6
1933, will be used to retire an issue of $75,266,000 which
matures on June 7. Bids to the offering will be received at
the Federal Reserve banks, or their branches, up to 2 p. m.,
Eastern standard time,Monday,June 51933. Tenders will
not be received at the Treasury Department, Washington.
The bills will be sold on a discount basis to the highest bidders
and on the maturity date the face amount will be payable
without interest. Secretary Woodin's announcement continued in part:
They 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 5 1933.
all tenders received at the Federal Reserve banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those subnutting 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 7, 1933.
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.
President Roosevelt Authorizes Purchase of $100,000,000
of Government Securities by Postal Sayings
System.
Announcement that President Roosevelt had authorized
the Board of Trustees of the Postal Savings System to buy
$100,000,000 additional Government bonds or other securities was made on May 27, a White House statement in the
matter (May 27) saying:
Request of the Board of Trustees of the Postal Savings System for authority to purchase bonds or other securities of the United States to the
amount of $100,000,000 was approved to-day by President Roosevelt.
Previously the request had been approved by Postmaster-General Farley,
Secretary of the Treasury Woodin and J. Crawford Biggs, Acting AttorneyGeneral, all members of the Postal Savings System Board of Trustees.
The $100,000,000 purchase would be in addition to securities already
authorized for purchase by the Board of Trustees.
Power to grant the authority requested by the Board is conferred upon
the President by the Act of May 18 1916, which provides:
"When, in the judgment of the President, the general welfare and interests o
the United States so require, the Board of Trustees may invest all or any part o
the postal-savings funds, except the reserve fund of 5% herein provided for, in
bonds or other securities of the United States. (Sec. 2, Act of May 18 1918)."
On May 27 the Washington correspondent of the New York
"Journal of Commerce" said:
At the present time the Postal Savings System has more than $1,157,651,788 of deposits, much the highest on record. Authorization of purchase
bonds will make it possible to place these excess deposits in such bonds
from time to time.
The Secretary of the Treasury will supply the bonds either from old Issues
or new issues. The $100,000,000 will not all be purchased at once. . . .
The objective under the Postal Savings System is to take the deposits
given to the Government and place them back in the banks of the country
from which they came. There is a requirement, however, that such postal
savings deposits be collateraled by Government bonds up to 100%.
Statement by Secretary of Treasury Woodin Concerning Gold Clause Repeal—One Purpose to Make
Clear Future Government Obligations Will Not
Contain Clause.
Following the introduction in Congress on May 26 of the
joint resolution relating to the payment of obligations in
gold, making all coin or currency issued by the Government
legal tender for the payment of public and private debts,
Secretary of the Treasury Woodin issued a statement on
May 26 in which he said that one purpose of the resolution
"is to make clear that future obligations, public and private,
shall not contain the gold clause." It was pointed out In a
Washington account on that date (May 26) to the New York
"Times" that the resolution, being retroactive, would permit
the Government and corporations to redeem in any money
issued by the United States, current obligations containing
the gold clause. The "Times" dispatch continued, In part:
It also clarifies the wording of the Inflation amendment to the Agricultural Adjustment Act, which makes all money issued by the United States
Volume 136
Financial Chronicle
legal tender for the payment of public and private debts. Contracts drawn
up hereafter stipulating gold as the medium of payment would be illegal.
The provision of the Second Liberty Loan Act requiring that bonds, notes
and certificates issued by the Treasury should be payable in gold of the
present standard of value would be repealed.
Gold Act Held Unaffected.
The Act of March 14 1900, which is the gold standard law, would not be
affected by the resolution, officials declared. This Act provides that "the
dollar, consisting of 25.8 grains of gold nine-tenths fine . . . shall
be the standard unit of value, and all forms of money issued or coined by
the United States shall be maintained at a parity of the value of this standard, and it shall be the duty of the Secretary of the Treasury to maintain
such parity."
Secretary Woodin said the resolution had special significance with regard
to future issues of United States obligations. He explained that the Government would soon be issuing large amounts of bonds and that if the
resolution passed, they would not contain the usual stipulation as to pays,
bility in gold, as provided in the Second Liberty Loan Act.
Notes and certificates issued since the gold embargo in April have contained the gold clause in conformity with the law, even though payments
have been suspended on meeting all maturities. The Thomas Amendment
would permit the payment of such maturities and meeting of other obligations, specified as payable in gold, in any type of money issued by the
United States.
Coins Would Be Legal Tender.
One section of the resolution provided that coins and currencies issued by
the Government should be legal tender, except gold coin when below the
standard weight.
This was merely a restatement of the law which provides that when gold
is brought to the Treasury for redemption the coins are weighed, and if
below the 25.8 grains of gold, nine-tenths fine, the actual value only is paid.
Gold coin long in circulation may be worn sufficiently to reduce its value
from the amount stated on the face.
The gold resolution was drafted in the Treasury Department at President
Roosevelt's direction. In effect, it puts into statutory form the currency
policy adopted with the advent of the new Administration, under which gold
payments were suspended indefinitely and a partial embargo placed on gold
exports.
It removes confusion which arose. particularly among railroads and other
corporations with large volumes of outstanding gold bonds. As the country
was definitely off the gold standard under Presidential proclamation, the
resolution would make no change in this situation.
The provision that gold should be stipulated as the medium of payment
for Government securities, repealed by the resolution, was written into the
law at a time of currency uncertainty, so that a purchaser of bands could
be assured of full payment in terms of a standard fixed dollar at their
maturity.
No Effect on War Debt Position.
The resolution would have no effect on the position of this country with
relation to the possible payment of the war debts June 15, when $40,791,840
In principal and $102,813,454 In interest are due.
Under the Thomas amendment any lawful money of the United States
may be employed for the payment of debts. Therefore, the foreign governments. if they desired to pay, could obtain dollar exchange at a discount
In foreign markets with which to make the remittance. This Government
could hardly demand payment in gold when it declined to fulfil its own
obligations in gold.
Treasury experts said that there was no accurate estimate of the volume
of outstanding corporate gold bonds. The Government's public debt, normally payable in gold, is about $21,824,000,000. . . .
Secretary Woodin said that the National Metal Exchange had not been
asked for advice as to a plan for stabilization of gold, nor had any monetary
question been taken up with that organization so far as he knew.
The statement issued May 26 by Secretary Woodin
follows:
A joint resolution was introduced to-day in both houses of Congress designed to clarify the effect of recent legislation upon the status of the
"gold clause" in public and private obligations. This resolution has the
support of the Administration.
Since March 6, when the President declared a bank holiday, transactions
involving payments in gold have been brought under control in order to protect and maintain the supply which constitutes a reserve for the nation's
currency. Gold is not now paid, nor is it available for payment, upon
public or private debts.
Recently the Thomas amendment to the Agricultural Relief Act has made
all coins and currencies of the United States legal tender for the payment
of every debt public and private. Due, however, to the language used, doubt
has arisen whether obligations expressed to be payable in a particular kind
of money, such as gold coin, may be satisfied by payment in other forms of
legal tender.
While the Supreme Court of New York is reported to have held, in a recent
case, that an obligation calling for payment in gold coin could be satisfied
by payment of other lawful forms of money, confusion may be created if the
existing legislation is differently construed in other jurisdictions. One of
the purposes of the resolution is to remove any doubt and to avoid confusion,
so that debtors and creditors may have a clear definition of their legal
position.
Another purpose of the resolution is to make clear that future obligations,
public and private, shall not contain the gold clause. The Thomas amendment did not contain specific provision to this effect. Such a provision is
contained in the resolution.
The resolution makes it clear that all obligations past and future will
be upon the same footing.
Senator Fletcher's Statement Regarding Purpose of
Resolution Placing "Gold Clause" Obligations and
New "Legal Tender" Obligations on Same Footing.
With the issuance by Senator Fletcher, on May 26, of a
statement on the resolution repealing the gold clause in
public and private contracts, it was stated that Senator
Fletcher's statement was prepared at the Treasury and represents the official view respecting the resolution. The New
York "Times," in its advices from Washington, May 26, reporting this, also said:
3823
President Roosevelt regards the legislation as a simple proposal to legalize
a de facto situation. A statement made public by Senator Fletcher, who is
Chairman of the Senate Committee on Banking and Currency, explains fully
the position of the Administration, it was said on behalf of the President.
The President holds that the resolution in no wise involves the inflation
policies of the Government, nor will it, in his opinion, have any effect on
the coming economic conference in London.
The view of the President is that the legislation was necessary due to
possible complications that might be created by court decisions if the Thomas
amendment were permitted to remain in force as written. What the Government is doing, in the opinion of the President, is to inform the people that
they cannot retain gold in their possession, and that paying in gold would
be merely going through a "rigmarole," since the Government would immediately take possession of the gold.
From the same paper we take, as follows, Senator Fletcher's statement:
Certain questions of interpretation have arisen with respect to the legialation empowering the President to prevent the withdrawal and hoarding of
gold and the provision in the Thomas amendment making all coins and currencies legal tender for all debts.
Additional and immediate legislation is necessary to remove the disturbing effects of this uncertainty and to insure the success of the policy by
closing possible legal loopholes and removing inconsistency.
(1) By the Emergency Banking Act and the existing Executive order
gold is not now paid or obtainable for payment on obligations public or
private. By the Thomas amendment currency was intended to be made legal
tender for all debts. However, due to the language used, doubt has arisen
whether it has been made legal tender for payments on gold-clause obligations, public and private. This doubt should be removed.
These gold clauses interfere with the power of Congress to regulate the
value of the money of the United States and the enforcement of them will
be inconsistent with existing legislative policy. The Government should
have specific authority to control its gold resources. Furthermore, private
debtors with gold-clause obligations are entitled to protection and a prompt
and clear definition of their legal position.
To End "Uncertainty in Business."
(2) Future issues of a Government obligation should be payable in lawful currency of the United States and not in any specific coin. To promise
to do otherwise under the present circumstances would open the Government
to severe and merited criticism. This, however, requires legislation amending existing statutes relating to Government obligations. It is essential that
all obligations of the Government, past and future, be treated alike.
(3) In making all Wills and currencies of the United States legal tender
the Thomas amendment has created confusion, which was not intended in
the provisions of the pre-existing law relating to gold coin when below
standard weight, subsidiary coins and minor coins. Philippine coins may
also have been made legal tender for payment of debts in the Continental
United States contrary to real intent. These uncertainties should be
corrected.
It is of the utmost importance that legislation along the lines of that
suggested in the attached draft be enacted immediately because:
(a) It completely regularizes the present de facto situation as to both
public and private debts.
(b) An offering of Treasury obligations must be announced on June 5
and issued June 15. It is essential that no question as to the good faith of
the Government be raised in connection with this issue or future issues .
(c) It would greatly facilitate administration of orders against hoarding.
(d) It would eliminate existing uncertainty in business.
(e) It places old "gold clause" and new "legal tender" obligations on the
same footing in respect of payment.
(f) It makes certain of accomplishment the declared policy of Congress.
The introduction of the resolution repealing the gold
clause was referred to in our issue of May 27, page 3635.
Representative Steagall Reported as Holding That
Resolution Making All Moneys Legal Tender Repeals Gold Standard Act.
Incident to the introduction in the House, on May 26, of
the gold resolution by Representative Steagall, the New York
"Times," in Washington advices that day, said:
Steagall Sees Great Advance.
Immediately after introducing the measure in the House, Representative
Steagall declared it to be a "declaration of the economic independence of the
United States."
"I give it as my humble judgment," said Mr. Steagall, "that this legislation marks a final, definite and determinate step. the taking of which will
bring a revival of business and the restoration of prosperity and happiness
to the people of the United States.
"This is the President's bill, and its passage will mean that the United
States has declared by statute its abandonment of any obligation to maintain
the gold standard as a permanent law of this country."
Differing with some others, Mr. Steagall held that the new move was a
"repeal of the Gold Standard Act." Going on, he said:
"With the enactment of this legislation, which of course is certain, no
bonds, notes, securities or other obligations, whether public or private, will
have to be paid in gold. They will be payable in United States currency.
"Furthermore, the bill is retroactive. Also I will say that future obligations of the Treasury will be floated under the provisions of this Act. The
bill applies to everything owed by or to the United States or its citizens. The
passage of the bill will mark the greatest advance in the interest of the
people ever taken by a legislative body of this or any other country."
Representative Goldsborough, also a member of the Banking and Currency
Committee, said be wished to endorse every word said by the Chairman.
On May 29, when the resolution (which we note elsewhere)
was passed by the House, the New York "Times" reported
the following from Washington:
Steagall Eaplains Need of Move.
Defending the resolution, Mr. Steagall, the Banking Committee Chairman,
declared that the occasion for the declaration that the gold clause was contrary to public policy arose out of the experiences of the present economic
emergency.
These gold clauses, he said, rendered ineffective the power of the Government "to create a currency and to determine its value," and, that being so,
the only alternative was enactment of the resolution.
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Financial Chronicle
Two developments of the emergency he added, made the legislation
.
necessary, the first being the tendency to hoard gold, the second the tendency
of capital to leave the United States.
"There can be no substantial question," said Mr. Steagall, "as to the
constitutional power of Congress to make this legislation applicable to all
obligations, whether public or private, whether of the past or in the future.
The power of Congress in this matter is express and undoubted.
"So far as the future is concerned, the power to borrow, both of the
Government and of private interests, will be seriously impaired unless outstanding obligations and future obligations are placed on the same footing
In respect to the medium of payment."
Opposition to Gold Clause Repeal Resolution Voiced
by Senators Glass and Reed—Repudiation of Contracts by U. S. Unconstitutional, Says Virginia
Senator.
Noting that strong opposition was expected to develop to
the Fletcher-Steagall resolution which was introduced in
both houses on May 26, at the instance of the Administration,
and which would repeal the gold clauses in legislation of
1900, the Second Liberty Bond Act, and subsequent legislation, a dispatch on that date from Washington to the New
York "Herald Tribune" added:
.
This was made plain by Senator Carter Glass, Democrat of Virginia, former Secretary of the Treasury, who called the proposal unconstitutional. He
objected especially to its retroactive effect.
Senator Glass said:
"The proposal to repudiate all outstanding gold contracts is unconstitutional and the courts will so hold if there is any integrity left in the courts
with regard to the sanctity of contracts. It is utterly useless to enact this
legislation with 40% of the gold in the world in this country."
The language of the Virginia Democratic veteran, long a champion of the
gold standard, was no more pointed than that of Senator David A. Reed,
Republican, of Pennsylvania, also a gold standard adherent.
Senator Reed, when informed of the resolution and the fact the Administration was back of it, said: "That is terrible. It means plain repudiation
and it will hurt the credit of this country for a hundred years."
Senator C. L. McNary, Republican leader of the Senate said he had not
.
made up his mind as to how he would vote, but added: "Because of the
retroactive feature of the legislation proposed, there is certain to be considerable opposition."
Senator Henry F. Ashurst, Democrat, of Arizona, Chairman of the
Judiciary Committee, said: "The proposal is fully in accord with established
law. The Government has the right to establish legal tender."
How Debts Can Be Paid with U. S. Off Gold Basis.
On May 28, Associated Press accounts from Washington
said:
What going off the gold standard will mean:
Government bonds need not be redeemed in gold, but can be paid in any
legal money.
Private debts, such as mortgages, can be paid in any legal money regardless of whether the original contracts stipulated gold.
The war debts owed by foreign countries can be paid in any legal money
.
gold not being necessary.
It will be unlawful to stipulate gold, in contracts made hereafter, as the
medium of payment.
All coins and currency legally issued will become legal tender for payment
of public or private debts.
Canada's Interest in Repeal of Gold Clause by United
States—Move Here Would Lessen Payments to
United States.
Canadian Press advices from Ottawa, May 26, stated:
The progress in Congress of the new gold measure will be closely watched
In Ottawa. Monetary experts here expected that Washington would take
some such action in view of the litigation which going off the gold standard
and refusal to pay gold bonds in gold appeared to invite.
Most Canadian external gold bonds are held in New York or London. A
recent court decision in Great Britain held that since gold was not available
in the United Kingdom, debtors could satisfy the holders of gold bonds there
by paying in sterling.
Until the United States went off the gold standard in April, all commitments of Canada in New York had to be paid on the gold basis. Since the
United States went off the gold standard the dollar has fallen some 15 to 16%
below gold.
If the measure is successful, financial authorities here say, it will mean
that instead of paying New York debts in terms of gold, which was well
above 30% premium to-day over the Canadian dollar the debt could be met
.
by United States funds, which closed at a premium of 141%. In
/
2
the
meantime, Canadian gold would go to London, where to-day it brought
$27.44 an ounce, whereas par is $20.67.
The interest payments clue in New York on Canadian bonds—Dominion,
direct and guaranteed, provincial direct and guaranteed, municipal and
corporations, for the present calendar year was $156,731,324 and the
principal due was $100,392,776.
Bill Repudiating Gold Clause by U. S. Assailed by
British Press—Roosevelt Plan Repudiation, Says
Financial Editor of London "Times."
Indicating that strong criticism of the United States was
being made in the British press over the Steagall bill to
abolish the obligation to pay debts in gold, a London cablegram, May 28, to the New York "Times" went on to say:
"Repudiation of the gold clause may be held to be justified, as Walter
Lippmann sought to justify it, on the ground of public policy and interest,
but it is none the less repudiation," writes the financial editor of the London
"Times." "It is true that to determine the value of money is one of the
attributes of sovereignty, but to draw a parallel between the losses sustained by America's deliberate stoppage of gold payments and the subsequent repudiation of the gold clause is to confuse the issue."
Under the heading "Legalizing the Fraud," the "Financial News"
editorially says:
June 3 1933
"It does not go to the length of sabotaging the World Economic Conference in advance, but it is bad enough. It is bad enough that a civilized
country having 40% of the world's gold should descend to the trick of
locking up that gold and declaring to its creditors it has lost the key and
cannot pay them. It is bad enough that a civilized country, to quote the
New York 'Times,' should by a formal Congressional act repudiate a
solemn, explicit engagement of which the Government has long since obtained the fruits.
"The capitalist system has survived many shocks and doubtless will
survive this one, but a contract is the whole basis of capitalism, and the
deliberate shattering of contracts on this scale must leave its marks on the
system for generations to come."
After expressing the hope that the Supreme Court and the sanctity of
the Constitution may prevent this "colossal injustice" from being finally
ratified, the "Financial News" concluded:
"But history yields no evidence that there is any way of frustrating an
embarrassed and unscrupulous sovereign from debasing the currency of his
subjects if he really is intent on doing an, And in the face of recent events
it would be plainly foolish to count on any juridical obstacles being able to
impede Roosevelt from carrying through his modern rendering of the coin
clippers' art."
U. S. Money Policy Criticized by Charles Boissevain at
Congress of International Chamber of Commerce—
Move Off Gold Condemned—British Delegate Says
Settlement of War Debts Must Be Made to Improve
Business
In Associated Press advices from Vienna May 20 to the
New York "Times" it was stated that the Seventh Congress
of the International Chamber of Commerce was enlivened
by a denunciation of what was called the "immoral" monetary behavior of the United States. The account continued:
In the finance and industry section, Charles Boissevain of Holland was
applauded when he declared that the International Chamber of Commerce
should defend not only sound business spirit but should also watch over
"real business morality."
Ile condemned the behavior of those nations which abandon the gold
standard "although unquestionably in a position to maintain it." He
condemned also what he described as the "repudiation" of the gold clause
in contracts by the United States.
Earlier to-day the Congress was told settlement of the war debts must
be accomplished before it will be possible to improve world economic conditions. This was set forth in a report by NV. II. Coates, British delegate on
.
"The Maladjustment of Prim and its Influence on International Indebtedness."
The council of the International Chamber, Mr. Coates said, feels that it
is "voicing the almost unanimous opinion of the members" when it affirms
that the world cannot be raised out of the depression until the debt problem
has been settled.
In restoring the equilibrium of world economy the sanctity of contracts
must be preserved, but their literal fulfillment must not be unduly stressed,
Mr. Coates told the chamber. This applies particularly, he said, to the
contracts of international debts.
"Their execution in the literal terms of the bargain is so offending to
the conscience of the debtor peoples that an act of default no longer carries
in their mind any taint of moral obloquy," the British delegates asserted.
"If sanctity of contract is to be preserved, equity in fulfillment cannot
be denied. It is therefore urgent that there should be created by international agreement through the League of Nations a new series of Courts for
the application of equity to the problem of international debts."
Gold Obligations Affected by
r $100,000,000,000—Federal Gold Clause Reported at
Bonds Total $22,000,000,000.
The following is from the New York "Times" of May 27:
Obligations outstanding in this country lathe amount of $100,000,000,000
are, it is estimated, affected by the resolution introduced in Congress yesterday abrogating the "gold clause."
; The gold clause, which came into general use in this country following
the currency inflation of the Civil War, provides for payment "In gold of
the present standard of weight and fineness" as to interest and principal
on debts. It was designed to protect creditors from payment in depreciated money.
r. The largest item in the total of indebtedness.subJect to the gold clause
Is the $22,000,000.000 debt of the United States Government.
In addition, upward of $14,000,000,000 of securities issued by States
and municipalities is estimated to contain this clause. Nlost railroad and
other domestic corporation bonds contain the clause in their Indentures.
Following are estimated totals of securities outstanding hero, most of
which contain the gold clause:
United States Government securities
$22.000,000.000
State and municipal
14,000.000,000
Railroads
11,000.000.000
Other domestic corporations
34,000,000.000
Foreign "dollar" bonds
10.000,000,000
15 In addition to the foregoing totals, there are amounts of real estate
bonds, farm mortgages, private debts and other contracts which probably
call for payment In gold, the volume of which would bring the total above
3100,000,000,000.
World Gold Accord Needed, Says Prof. Gustav Cassel—
Fears Effect on Property of Abolishing Clause in
Our Bonds.
Professor Gustav Cassel, international economist and
member of the Swedish Monetary Committee,said on May 29
that the Steagall resolution in the United States definitely
attacks and endangers the sanctity of all contracts. Associated Press advices from Stockholm, Sweden, May 27,
went on to say:
The resolution providing for abolition of the gold-payment clause In all
obligations intensifies the desirability of a clear definition of American
monetary policy, Professor Cassel declared.
"The proposal may simplify payment of war debts," he said, "but the
possible effect on the security of private property in the world in general
must not be overlooked.
Volume 136
"An international agreement on this point must be forthcoming immediately. President Roosevelt now has sufficient power and a supporting
public opinion to define a monetary policy without difficulty, and it is
important that he do so to facilitate international accord."
President Roosevelt Urged to Restore Gold Standard in
Report Adopted by New York Chamber of Commerce.
A report urging President Roosevelt to put forth every
effort to restore the gold standard and to refrain from any
act, even under emergency, which would delay its return,
was presented to the Chamber of Commerce of the State of
New York on June 1. According to the report," . . . a
sound and permanent recovery in industry and business
can only be accomplished by avoiding currency inflation.
Issues of fiat money, a decrease in the gold standard from
its present basis of 23.22 grains to the dollar, or other forms
of currency debasement will prevent permanent recovery
and in the end be injurious."
The Chamber at its meeting on June 1 reaffirmed its
faith in the gold standard after an attempt to postpone
such action, made by Ambrose W. Benkert, an investment
banker, had been decisively defeated. Mr. Benkert sought
to have a report of the Committee on Finance and Currency
referred back for further consideration, declaring that
"there is a growing conviction that something is basically
wrong with the monetary system." The resolution attached
to the committee report, which was finally adopted, follows:
Resolved, That the Chamber of Commerce of the State of New York
herewith reaffirms its faith in the present gold standard, and expresses the
hope that the President will put forth every effort to the end that it may
be retained.
Resolved, That the Chamber repectfully urges the President to refrain
from any act under the pressure of existing or future emergency, that
would tend to impair such standard under which this country has weathered
many storms.
James Brown, President of the Chamber, who presided
and who is also in the investment banking business, listened
as the committee's report was read by Chairman Edwin P.
Maynard. After the reading was finished Mr. Brown invited a full discussion and Mr. Benkert rose and offered a
substitute resolution. He referred to the monetary policy
report unanimously adopted last year by the Council of the
London Chamber of Commerce, and said:
In the United States a more belated crystallization of opinion, but an
opinion none the less studied and aggressive, affirms that the gold standard
does not work satisfactorily. Such opinion believes that arrest of deflation, restoration of reasonable property and security values, and reestablishment of a fair price level are more important than retention of
any economic tradition.
Mr. Benkert urged that the Chamber committee hold
public hearings and submit to the Chamber a comprehensive
report on the following questions:
1. Whether it is necessary to raise the United States price level in order
to restore prosperity.
2. Whether there is logical reason for believing that prices can be raised
and maintained at a desirable level without altering the gold content of
the dollar.
3. Whether the monetary policies adopted by the present Administration are justified.
4. Whether a managed currency such as prevails in Sweden and Great
Britain, or such as is provided in House Resolution No. 5073, generally
known as the new Goldsborough bill, or any other type of monetary policy
would be preferable to the gold standard as it existed prior to March 41933.
In speaking against the substitute resolution, Mr.Maynard
said that the present economic situation of the world was
not due to fiscal or monetary conditions, but to the crushing
load of debt the World War had left as a legacy to those
who survived. When President Brown called for a vote
Mr. Benkert's resolution received only a few votes and the
committee resolution was then adopted.
The Committee on Finance and Currency, which sponsored
the report, expressed the belief that the Chamber would
not wish to take any action which might be construed as
hampering the recovery work of the Administration, but
felt that it is important nevertheless for the Chamber to
reaffirm its faith in the gold standard. The Committee,
of which Edwin P. Maynard is Chairman, warned that a
study of the history of all nations which have attempted currency inflation shows that it has resulted in financial and
commercial disaster. The report continued:
At this time credit expansion and higher prices for certain commodities
are most desirable. Some call this inflation, but it is quite different in its
consequences from currency inflation.
When a Government starts its currency printing presses or takes other
action to depreciate its money, its people rush to exchange their money for
goods, more or less regardless of their consuming needs. But when the
quantity of money is stabilized, and confidence is restored, people dispose
of at least their surplus holdings of goods for money. During all this proceeding, it is the speculator who profits most. In the final analysis, neither
the employer nor employee has gained anything, but has frequently suffered losses from the rapid fluctuation of prices.
Our people do not need more currency, but confidence in the stability
of our present monetary system. Fully 90% of this country's business is
3825
Financial Chronicle
done by checks; and our present system provides for a large expansion of
currency as the demands of commerce require.
Since this Chamber was reincorporated in 1784 by Act of the Legislature
of the State of New York it has taken official action on more than a score
of occasions against many Federal measures, proposed or in operation,
which involved derangement of the monetary system of this country. A
study of these reports and of contemporary financial and commercial history shows how vital to prosperity is sound money and the feeling that our
currency circulation will not be tampered with.
Mexican Gold Output Steadily Declining, Report
Shows.
Despite the increased demand for gold, Mexican output
of the precious metal has been steadily declining during the
past ten years, it is made known in official figures received
in the Commerce Department's Mineral Division. The
Department on May 23 went on to say:
Official statistics show that since 1900 Mexico has produced 23,826.723
fine ounces of gold, with the greatest output occurring about the end of the
first decade of the century.
Production has been on the decline during the past ten years. In 1927
gold output was recorded at 722.233 fine ounces,from which level it dropped
to 670,503 ounces in 1930 and 599,803 ounces in 1932. This decrease in a
period when demand for gold generally has been on the increase has been
attributed to restricted operations of major mining companies, due in turn
to world market conditions.
Silver production increased during the first part of the century. reaching
its peak to date with an output of 108,873.812 fine ounces in 1929. from
which it declined to 69,397,543 fine ounces in 1932. Total production
since 1900 is placed at 2,281,005,680 fine ounces.
Mexican production of other minerals in the past four years is shown in
the following table:
1932.
1931.
1929.
1930.
Kilos.
Kilos.
Kilos.
Kilos.
80,559,680 73,370,477 54,120,555 34,938,205
:
C3:Per
14
173,978,363 124,106,433 120.291,853 57,100,437
Zinc
254,633
166,221
254,650
84.973
Mercury
247,415,004 231,874,736 226,629,979 132,779,088
Lead
1,737,142
5,442,852
2,881,767
2,925,293
Antimony
2,085,135
3,121,862
5,852.508
7.029,784
Graphite
721,849
270,116
775.076
5.136
Tin
25.582
10,319
Tungsten
Manganese
5,222
5,709
Molybdenum
Figures for recent years show production of small quantities of platinum.
cadmium, vanadium, selenium and diatomite. No manganese has been
produced since 1927, and no important quantity since 1920.
Gold from
Twenty Countries
Safety.
Going to
London for
Under date of May 27, advices from London to the New
York "Times" said:
Large amounts of gold continue to reach London from abroad, chiefly for
safe custody. More than 20 countries are now sending gold to England,
which in the last three and one-half weeks received over £26,500,000.
During that period exports of gold have amounted to only £2,500,000.
It is a curious and instructive fact that France, Holland and Switzerland
have all sent large quantities, although these countries are still on the gold
standard. Owners of this gold are evidently very distrustful of their own
currencies and regard London as offering a place of greater safety for
deposit than their own countries.
America's action in going off gold has greatly increased the desire to
hoard gold, and no effective measures can be devised to prevent this movement to London, which, although Great Britain is still off the gold standard,
remains a free gold market. No restrictions at all have been placed upon
movements of foreign-owned gold.
New Treasury Regulations Eliminate Gold Clause
from Circular Under Which Treasury Bills are
Issued.
Under new Treasury regulations the gold clause it is
stated has been eliminated from the circular under which
Treasury bills are issued. This was indicated in a Washington dispatch June 1 to the New York "Times", from which
we also quote as follows:
This action, disclosed to-day, was taken in view of the administrationbacked resolution pending in Congress proposing to eliminate the gold clause
from all contracts, public and private. Nothing in existing law requires
that bills be designated as payable in gold, although there is such a requirement on bonds, notes and certificates.
The amendment to the regulations, signed by Acting Secretary Acheson,
really does not change the situation, since gold payments had already been
suspended under Presidential proclamation.
Prior to Oct. 16 1931, no specific stipulation as to the method of payment
was made in bill circulars. In Section 2 of the circular on that date it was
written:
"Treasury bills are payable at maturity in United States gold coin of
the present standard of value upon presentation to the Treasurer of the
United States in Washington or to any Federal Reserve bank."
The sentence has now been rewritten to read:
"Treasury bill.are payable at maturity upon presentation to the Treasurer
of the United States in Washington or to any Federal Reserve bank,"
The Secretary of the Treasury is authorized by Section 5 of the Second
Liberty Bond Act to issue Treasury bills on a discount basis and payable
at maturity without interest, and "to fix the form, terms and conditions
thereof, and to offer them for sale on a competitive basis, under such regula
tions and upon such terms and conditions as he may prescribe."
In 1931 many inquiries had come relative to the payment of bills in gold
and about the difference between their status and that of bonds, notes and
certificates in that regard. To bring about uniformity the Treasury then
decided to write in the gold clause.
Bills to the amount of about $1,000,000,000 are outstanding. The first
issue to be affected by the new order is one of $75,000,000 on which bids
will be received at the Federal Reserve Banks and branches on Monday.
The bills. of 91-day maturity, will be used to refinance an issue of 875,216,000 due June 7.
Bills were adopted as a pan of government financing by Ogden L. Mills
when he was Under-Secretary of the Treasury. In the last two years they
3826
Financial Chronicle
have been sold frequently on a level equivalent to less than one-half of 1%
interest on an annual basis. The government thus borrows frequently in
comparatively small amounts, instead of doing all financing at the quarterly
periods and in large amounts, saving on money costs for the Treasury.
Announcement by New York Federal Reserve of Amendment to Treasury Department Circular Governing
Issuance of Treasury Bills.
The following circular was issued on May 31 by the New
York Federal Reserve Bank:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1237. May 31 1933)
UNITED STATES OF AMERICA TREASURY BILLS.
To all Banks and Trust Companies in the Second
Federal Reserve District and Others Concerned:
In a telegram received on May 29 1933,from the Treasury Department,
we have been asked to advise banks and other subscribers to Treasury bills
in the Second Federal Reserve District that paragraph 2 of Department
Circular No. 418 relating to Treasury bills was amended on May 29 1933,
as follows:
2. Treasury bills are bearer obligations of the United States, promising
to pay a specified amount without interest on a specified date. They are
te be issued on a discount basis. Rach Treasury bill, prior to its issue,
must be validated by a Federal Reserve Bank as fiscal agent of the United
States, and the dates of the original issue . . .and the maturity thereof
will be stated thereon. Treasury bills are payable at maturity upon presentation to the Treasurer of the United States in Washington or to any
Federal Reserve Bank.
George L. Harrison, Governor.
House Passes Resolution Repealing Gold Clause in
Public and Private Contracts.
By a vote of 283 to 57 the House on May 29 passed the
resolution repealing the gold clause in public and private
contracts. The resolution was introduced in Congress a
week ago,as was indicated in our issue of May 27, page 3635.
As summarized in a Washington dispatch May 30 to the
New York "Journal of Commerce" the resolution accomplishes three purposes:
(1) It declares that the clauses in public and private obligations stating
that they are payable in gold or a specific coin or currency are contrary
to public policy.
(2) It provides that obligations, public and private, expressed to be
payable in gold or in a specific coin or currency, may be discharged dollar
for dollar in legal tender. It also provides that no future obligations,
public or private, shall be expressed as payable in any specific coin or
currency.
(3) It makes certain technical amendments to the Thomas amendment
which are necessary to carry out the intention of that legislation regarding
what shall be legal tender in the United States.
The resolution was reported to the House by its Banking
Committee on May 27 by a vote of 12 to 4, Representative
Byrns, the Democratic leader, announcing immediately that
it would be called up on a special rule when the House convened at noon on Monday May 29. In a Washington
dispatch May 27 to the New York "Times" it was stated
that developments in both Senate and House indicated that
the chief fight would centre about the proposal to make the
abandonment of gold payments retroactive. Several Senators, it was said, felt that the Government could with good
grace apply the plan to future issues, but not to past obligations. The dispatch from which we quote likewise said:
Both committees, however, approved the resolution exactly as it came
from the Treasury. The Senate Committee remained behind closed doors
for an hour and a half while Dean G. Acheson, Under-Secretary of the
Treasury,informed members that about $2.000,000,000 of the Government's
$21,000,000,000 debt must be refinanced within the next few months.
necessitating prompt action on the resolution.
Administration officials say that unless such a law is effective before
the next bond issue is offered, probably about June 5, the gold clause
must be written into the terms of this issue, as this is dictated under the
terms of the Second Liberty Loan Act.
Describing the House action on May 29, when that body
passed the resolution by a vote of 283 to 57, the "Times"
had the following to say in its Washington advices:
On the final roll-call 28 Republicans and five Farmer-Laborites joined
with 250 Democrats in favor of the resolution, while nine Democrats and
48 Republicans voted in opposition. More than half the Republican
membership was absent when the record vote was ordered.
All efforts to amend the resolution were defeated by overwhelming
majorities, and the arguments of the opposition that passage spelled
repudiation of sacred obligations, was an abandonment of American principles of honor and was"a deliberate effort on the part of the Administration
to cheat the creditors of the United States," fell on deaf ears, so far as
results were concerned. The Administration lines never wavered for
a moment.
The battle against the resolution was concentrated against the retroactive provisions, which make the proposed law applicable to all obligations
"heretofore or hereafter incurred," regardless of any clause stipulating
payment in gold.
Representative Luce of Massachusetts, senior Republican member
of the Committee on Banking and Currency, directed the attack. with
Representatives Beedy of Maine, Beck of Pennsylvania and Mapes of
Michigan as his principal lieutenants.
Amendments Are Badly Beaten.
Mr. Luce, as his first move against the resolution, offered an amendment declaring the proposed law to be of an emergency character, and
eliminating the retroactive provisions. This was defeated by a storm of
noes, the majority being so great that Mr. Luce did not even ask for a count.
The next move was a motion to recommit the measure to the Committee on Banking and Currency, with instructions to report it back
minus the retroactive provisions. On this there was a roll-call in which
the motion was defeated 263 to 78.
June 3 1933
The House was in an uproar when Chairman Steagall of the Committee
on Banking and Currency demanded a record vote on passage. From
all parts of the House came cried of "No, no." Mr. Wags,11 refused to
listen, however, and Speaker Rainey ordered the call of the roll.
The empty seats on the Republican side disclosed that the Republican
exodus was much greater than it was on the motion to recommit.
The nine Democrats who voted "no" were Representative Black of New
York, Boehne of Indiana, Brown of Michigan, Claiborne of Missouri.
Farley of Indiana. Fiesinger of Ohio, Huddleston of Alabama, Pettengill
of Indiana and Thom of Ohio.
Republicans who refused to follow their leaders and voted for the resolution included Representative Britten of Illinois, Carter of Wyoming,
Collins of California, Dirksen of Illinois, Dondero of Michigan. Gilchrist
of Iowa, Guyer, Hope, Lambertson and McGugin of Kansas, Wolfenden.
Kinzer and Turpin of Pennsylvania. Mott of Oregon, Taylor of Tennessee,
Welch of California, Whitley of New York, Wolverton of New Jersey,
Woodruff of Michigan, and the progressive group from the Middle West.
Luce Sees Repudiation of Faith.
Opening fire on the resolution, Mr. Luce said that if properly named
it would go down in history as "the Repudiation Act of 1933." The propoeal involved two elements, he said, one the renunciation of the obligations
of the United States, and the other prohibition of future obligations of the
same sort as those to be repudiated. . . .
Representative McFadden of Pennsylvania asserted that the legislation
was "foretold by a writer in The Dearborn Independent several years ago
when that paper published the so-called Protocols of Zion."
He quoted at some length from the "protocols," which among other
things, according to the Pennsylvanian, predicted that "when the crash
comes the Gentiles will have the paper and the Jews the gold."
"Is it not true," asked Mr. McFadden, "that in the United States
to-day the Gentiles have the slips of paper while the Jews have the gold
and the lawful money? And is not this repudiation bill a bill specifically
designed and written by the Jewish international money changers in order
to perpetuate their power?"
McFadden Refuses to Retract.
The remarks of Mr. McFadden were listened to in silence. When he
concluded, Representative Black of New York took the floor and denied
there was any basis for the insinuations.
"The gentleman from Pennsylvania," said Mr. Black, "has seen fit to
inject Hitlerism into this House. We don't want it here. I saw the Jewish
boys of New York go to war, and I say the remarks reflecting on this great
race were entirely uncalled for."
Representative Celler of New York called on Mr. McFadden to withdraw his remarks, but Mr. McFadden made no response.
Representative McGugin, Republican, of Kansas, speaking for the
resolution, warned his colleagues that the Republican party would "never
stage a comeback" under its present leadership. He named Representative
Snell of New York,the minority leader, Mr. Luce and ex-Secretary Ogden
L. Mills as among the party leaders who must be eliminated if the party
was to be restored to power.
Representative Beck of Pennsylvania, closing the debate,said it was true
that the Constitution did not prohibit the impairment of contracts by the
Government. A greater constitution did, however, and that constitution
VMS written on Mount Sinai, he said.
As to the Senate Committee action on May 27 the "Times"
said in part:
With Senators Glass and Gore, Democrats, and Kean, Republican,
voting nay, the Senate committee agreed, 9 to 3, to report the joint resolution. Senator Glass was reported to have voiced vigorous objection, and
after the committee meeting he said:
If you want my opinion, this whole thing is repudiation and nothing else.
You can talk until you are blue in the face and you can't make anything
else out of it.
Glass Nearly Wins on Change.
The resolution escaped substantial change by only a narrow margin
when the Senate committee by a vote of 7 to 6 rejected an amendment by
Mr. Glass to make the program inapplicable to Government bonds and war
debts.
The text of this amendment read:
Except obligations owing by or to the United States which by their
terms are payable in gold.
Not all of the twenty members of the Committee were present, but the
close division on the Glass amendment was held to presage opposition of
some proportions when the resolution reaches the floor, although administration leaders are confident of the ultimate result.
From the same account we also quote:
The action of the (House] Committee on Rules, which agreed to a rule
which permits amendment from the floor, gave indication that support of
the resolution on the Democratic side was not quite so solid as leaders
might like.
The rule permits three hours' general debate, and after that, amendments
under a five-minute limitation. There will also be an hour of debate on
the rule itself which, not taking into consideration the time to be consumed when consideration is under the five-minute rule, rdearis that it will
be 4 p. m.at the earliest before the real battle, which will involve the efforts
to amend. . . .
The opposition's program in the House is to concentrate the attack
on the retroactive phase of the legislation. Representative Luce, ranking
Republican member of the Banking Committee, so announced this afternoon following a conference with the minority leaders. Mr. Luce has no
delusions as to the strength of the Administration forces and expects the
resolution to pass by a substantial majority and without important amendment. The fight will be largely for "record" purposes.
Only two Republicans, Representatives Luce and Wolcott of Michigan,
attended the House Committee meeting at which the resolution was voted
out. Two Democrats, Representatives Brown of Michigan and Reilly
of Wisconsin, joined Messrs. Luce and Wolcott in opposing the resolution.
An amendment by Representative Luce to prevent cancellation of
existing governmental gold contracts was defeated by a vote of 11 to 5.
Luce Gives Opposition Views.
Following the meeting Mr. Luce was asked to outline the opposition's
Position as it would be expressed in general from the floor Monday or
Tuesday. . . . He said:
"I take the position that so far as this bill impairs the obligation of
contracts, it is unfair and undermines our whole business as well as our
social structure. The Federal Constitution embodied that belief in forbidding the States to impair the obligation of contracts. Just why the
application was not made to apply also to the Federal Government I
have never known. However, the principle involved is precisely the same.
"There would be no normal objection to providing that future obligations should not go to the extent of requiring specified sorts of performance.
Volume 136
Financial Chronicle
But to nullify public and private contracts now in existence is an example
fraught with the most dangerous significance.
"It would be a sad mistake to think that only individuals of wealth
are concerned. For many years the treasurers of our universities and
colleges, our hospitals and all other philanthropic institutions, have taken
into account the gold clause in making their investments. The worst
part of this proposal is the breaking of faith with those who hold money in
trust for the relief of the unfortunate and the afflicted.
Senator Vandenberg Questions Move.
"From a practical point of view this action at the present moment has
two very serious objections: First, it restricts the freedom of our delegates
to the Economic Conference by at least intimating what will be the policy
of the United States, and, secondly, it still further discourages merchants,
manufacturers and all men of affairsfrom attempts at immediate resumption
of activities.
"It is hard to reconcile this action with the repeated and most emphatic
assertions of the President that he stood for sound currency. It opens
the door wide for unrestricted inflation, and all history tells us it's one of
the hardest things in the world to stop, once started."
Senator Reed, not a member of the Banking Committee, but an expert
on the Government's financial policy, held that the resolution was an absolute repudiation of a pledge made with regard to Government obligations.
Mr. Reed, who bitterly opposed the Thomas inflation amendment to the
Farm Relief Bill some weeks ago, objects to this country's abandoning the
traditional gold standard in any way.
Stating that he had not entirely made up his mind on the matter, Senator
Vandenberg commented:
"I am inclined to wonder just how far we can go in reducing the obligations. If the Government can cut 20 to 25% off their value, why can't
it cut them down 100%? Where will the line be drawn, and who will draw
it? On the other hand, I am inclined to concede that the Government
can protect itself. It is a difficult subject and I have not yet studied it
all out. I am, however, much more opposed to any arrangement affecting
past obligations than I am the future ones."
Elsewhere we give the majority report of the House
Committee on the resolution and the minority report of
Representative Luce.
President Roosevelt Signs Bill Providing for Federal
Regulation of Securities—Purpose of New Legislation—Creation of Corporation of Foreign Security
Holders.
Following the completion of Congressional action last week
on the bill providing for the Federal regulation of securities,
President Roosevelt on May 27 affixed his signature to the
newly enacted bill. In approving the new legislation—an
Administration measure—President Roosevelt stated that
the Act is "intended to correct some of the evils which have
been so glaringly revealed in the private exploitation of the
public's money." The President's statement issued with
the signing of the bill on May 27 follows:
"It gives me much satisfaction to sign the Rayburg-Fletcher Securities
Bill, and I know I express National feeling in congratulating Congress on
its passage. For this measure at last translates some elementary standards
of right and wrong into law. Events have made it abundantly clear that
the merchandising of securities is really traffic in the economic and social
welfare of our people. Such traffic demands the utmost good faith and
fair dealing on the part of those engaged in it. If the country is to flourish,
capital must be invested in enterprise. But those who seek to draw upon
other people's money must be wholly candid regarding the facts on which
the investors' judgment is asked.
To that end this bill requires the publicity necessary for sound investment. It is, of course, no insurance against errors of judgment. That
is a function of no government. It does give assurance, however, that,
within the limit of its powers, the Federal Government will insist upon
knowledge of the facts on which judgment alone can be based.
The new law will also safeguard against the abuses of high pressure salesmanship in security flotations. It will require full disclosure of all the
private interests on the part of those who seek to sell securities to the public.
The Act is thus intended to correct some of the evils which have been so
glaringly revealed in the private exploitation of the public's money. This
law and its effective administration are steps in a program to restore some
old-fashioned standards of rectitude. Without such an ethical foundation,
economic well-being cannot be achieved."
3827
merce. In addition the Act is intended to protect investors against fraud
and misrepresentation.
Business, it is hoped, will benefit from the Act through the protection
which honest enterprise, seeking funds through honest means, will be
afforded against dishonest competition, according to a statement issued by
the Federal Trade Commission. Public confidence will be restored, and
capital which has been hesitant because of fraudulent security deals may
again enter the channels of finance and commerce.
Nevertheless, it is not intended that the Government shall be placed in
the position of passing judgment on the soundness of the security offerings.
In brief, the Act provides five ways in which the investor can inform
himself or will be protected. They are:
(1) Thirty-two differentstatements must be filed with the[Federal Trade]
Commission by any group issuing securities when the securities are registered. Copies of any or all of these statements, designed to show the
condition of the company and the reasons surrounding the security issue,
will be furnished to investors who ask for them at a fee which the Commission may fix.
Among other things which the 32 statements will show are the balance
sheet of the issuing company, its profit and loss statement, its articles of
incorporation and the underlying agreements affecting the issue.
Estimates of Proceeds.
Other statements will show the estimated net proceeds to be realized
from the issue, the specific purposes for which the money is to be used,
and the expenses surrounding the issue including commissions and fees paid
to underwriters. The price at which the security is to be sold to the public
must also be listed.
To show the general character of the issuer, one statement must state
the business engaged in. In addition, the funded debt, capitalization and
higher salaries of the company must be disclosed.
In the Act two separate lists ofstatements are laid down,one for domestic
issues and another for offerings of foreign governments. In general, however. the two lists follow the same outline.
All this information will be on file with the Commission 20 days before
the issuance of securities actually begins. During this "cooling off" period
the Commission may investigate the proposed issue, the prospective investors are free to inform themselves on it through •xarnination of the
statements.
Through this dissemination of information it is hoped that the most
good may be derived from the Act.
(2) Supervision of advertisements is the second method whereby the Act
seeks to protect the investor. The Commission may call for the filing of
any prospectus issued in connection with any registered security. If the
prospectus takes the form of a radio statement, the filing is obligatory.
Unless the Commission rules otherwise, each prospectus must contain
most of the information required when the security is registered and listed
as above. Certain documents, like the articles of incorporation, are specifically exempt.
Issuance of Stop Orders.
(3) The third device for protection involves Government intervention
and evoked much discussion in Congress before agreement was reached.
As it now stands, its most important part provides that the Commission
may issue a stop order against any security about which untrue statements
have been made in the registration statement. This section now reads:
"If it appears to the Commission at any time that the registration statement includes any untnue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements therein not misleading, the Commission may,after notice by personal
service or the sending of confirmed telegraphic notice, and after opportunity for hearing (at a time fixed by the Commission) within 15 days
after such notice by personal service or the sending of such telegraphic
notice, issue a stop order suspending the effectiveness of the registration
statement.
"When such statement has been amended in accordance with such stop
order the Commission shall so declare and thereupon the stop order shall
cease to be effective."
Official Liability.
(4) The fourth provision seeks to insure accuracy and truthfulness in
the registration statements of the issuing company by making its offlcers
and participating employees personally responsible for misinformation
unless they can prove that they had no knowledge of the misinformation.
The aggrieved investors may sue these persons to recover civil damages.
(5) The fifth feature of the law outlines remedies which are open to the
investor if the issuance of the security involved fraud. They are:
(a) The purchaser may rescind the transaction and sue for a return of
his money in the district whereof the defendant is an inhabitant or is found,
or transacts business.
(b) The Government may stop the further or threatened fraud or misrepresentation by injunction in the district courts.
(c) The registration of the securities may be revoked or suspended for
fraud or misrepresentation on the part of the issuer, but the revocation or
suspension does not apply to such parts of an issue of securities which have
already been sold and are in the hands of the public.
(d) Those guilty of the fraud may be prosecuted criminally by the
Attorney-General.
According to a Washington dispatch May 27 to the New
York "Times" Senators Fletcher and Robinson of Arkansas,
Representative Rayburn of Texas, Chairman of the Interstate and Foreign Commerce Committee, and officials of
Under the new securities Act provision is made for the
the Federal Trade Commission were grouped about the
President when he affixed his signature to the bill. The creation of the "Corporation of Foreign Security Holders,"
"for the purpose of protecting, conserving, and advancing
pen he used was presented to Mr. Rayburn.
Details of the passage of the bill have already been given the interests of holders of foreign securities in default."
The new Act will be found in full on pages 3786 to 3791
in these columns May 13, page 3271, and May 27, page
3639. The bill requires that before any one can sell, or of the current issue of the "Chronicle."
offer securities for sale in inter-State commerce, the securities must be registered with the Federal Trade Commission. Federal Securities Act Not Retroactive—Officials Say
It Applies only to Issues Floated After the Effective
In the "United States News" of May 27 it was pointed out
Date—Selling Can Proceed in Meantime as if No
that the six main features of the Act are:
Protective Legislation Had Been Enacted.
Six main features of the Act are: Registration with the Federal Trade
Officials of the Department of Justice and the Federal
Commission of information about forthcoming security issues.
Supervision of the advertisements of securities.
Trade Commission made it plain on May 31 that the
Power on the part of the Commission to issue stop orders against any
Securities Control law was in no way retroactive. A disissue.
patch from Washington on that date to the New York
Exemption of certain Federal, State and municipal issues.
Personal responsibility of officers for misinformation concerning their
"Times" went on to say:
security offerings, and
Four specific remedies in the case of fraud.
From the same paper we quote:
Telling the Investor.
Behind the Act is the basic intention of informing the investor of the
facts concerning the securities to be offered for sale in inter-State corn-
It would apply, they said, only to transactions initiated after the effective date of the Act, which is not until 60 days after its signing by the
President.
Reports from New York were to the effect that some believed the
protective features of the measure, particularly as set forth in Section 12,
might be considered retroactive. While preferring not to be quoted, officials of both government agencies agreed that this was not the case.
3828
Financial Chronicle
They pointed out that the bill had been redrafted in several important
respects, subsequent to its introduction in the House, with the sole purpose
of meeting this objection.
Enacted with the signature of President Roosevelt last Saturday(May 27)
the measure requires that all new security issues must face public examination by the Federal Trade Commission and by any investor desiring to examine the record underlying the issue.
Notice of intention to issue any security must be filed with the Commission, accompanied by a complete financial statement of the issuing
company.
An interesting comment made during the discussion of the law to-day
• was that the provisions governing the filing of intentions for registry with the
Commission do not become operative until 60 days from last Sunday.
During that time, it was explained, securities might be issued, advertised
and sold in inter-State commerce Just as though there were no law governing
such transactions.
Neither does the law apply to securities already issued, except where
only a part of a block of securities has been issued and the remainder withheld for future marketing.
Section 12 of the law provides that any person who sells a security in
violation of the various provisions relating to registration or on the basis
of untrue or misleading information "shall be liable to the person purchasing such security from him, who may sue either at law or in equity in any
court of competent jurisdiction, to recover the consideration paid for
for such security with interest thereon, less the amount of any income received thereon, upon the tender of such security, or for damages if he no
longer owns the security."
Federal Trade Commission's Announcement Bearing
on Administration of Federal Securities Act.
Following the signing of the Federal Securities Act on
May 27 by President Roosevelt it was announced that the
Federal Trade Commission will be prepared to handle the
statements required by the Securities Act to be filed with it
when such becomes effective. Before that time the Commission expects to have formulated rules and regulations
under the Act and to have worked out forms for the information required in the statement. While the time allowed
the Commission for examination of the statements for
incompleteness and inaccuracies is very short, only 10 days,
it is believed that the Commission can effectively administer
the Act if allowed sufficient funds and personnel. The
Commission's announcement of May 27 continued:
This Act Is probably the most important piece of legislation that has been
passed by the present Congress. It is not an emergency measure, but is a
permanent addition to our regulatory legislation. It will bring together
for the first time accurate and detailed information about the various concerns engaged in inter-State commerce. It will make available to the
public for the first time accurate information as to the operation and conduct of many of the business enterprises of the country. From the information required by this bill a great deal may be learned about business
trends, and information may be obtained that will enable the prediction
of the approach of economic depressions and the taking of steps to prevent
them. The publicity of this information will undoubtedly exert a great
stabilizing influence.
The basic policy of the Act is that of informing investors of the facts
concerning securities to be offered for sale in inter-State and foreign commerce and providing protection against fraud and misrepresentation. It
will be the aim and purpose of the Federal Trade Commission under the
authority of the Act to prevent further exploitation of the public by the
sale of fraudulent and worthless securities through misrepresentation, to
place adequate and true information before investors, and to protect honest
enterprise seeking capital by honest representations against the competition
afforded by securities offered through crooked promotion and misrepresentation. Statistics indicate that the sale of worthless securities through
misrepresentation and fraud has amounted to the colossal sum of $25,000,000,000 during the last ten years. This means $2.50 for every man,
woman and child in the United States.
Chairman March says the Commission intends to administer the Act
so as to give purchasers of securities full and accurate information and at
the same time interfere as little as possible with the legitimate financing
of legitimate business. The Commission is fully aware of the magnitude
and importance of the responsibility imposed upon it by this Act.
The Commission to a large extent is familiar with many of the problems
that will be presented as a result of its investigations into blue sky activities.
Huston Thompson, a former Chairman of the Federal Trade Commission,
was largely responsible for the draft of the bill as presented to Congress and
had a large part in presenting the bill to the committees of both Houses.
The public should thoroughly understand that the Commtssion is not
authorized to pass in any sense upon the value or soundness of any security.
Its sole function is to see that full and accurate information as to the security
is made available to purchasers and the public, and that no fraud is practiced in connection with the sale of the security. Speculative securities
may still be offered and the public is as free to buy them as ever. The
Commission's duty is to see that the security is truthfully presented to
prospective purchasers. The fact that a description of the security and
of the concern issuing the security is filed with the Commission is in no
sense and must not be regarded as an endorsement or approval of the
security or the concern by the Commission.
The Commission believes that a proper and efficient administration of
the Act will prevent a large part of the frauds that have heretofore been
practiced upon the public through the sale of securities. It will be the Commission's endeavor to so administer the Act.
An item noting the signing of the bill by President Roosevelt is given elsewhere in our issue to-day.
Study of State "Blue Sky" Laws by Federal Trade
Commission to Formulate Rules for Administration
of Federal Securities Act.
State blue sky laws throughout the country will be combed
by,Federal Trade Commission experts to help shape regulations for administering the new National Securities law.
Associated Press advicesfrom Washington May 30,indicating
this, added:
June 3 1933
Orders to obtain this data from all States having statutes protecting the
investing public went forth to-day after a conference between Commissioners
Ewin Davis and William E. Humphrey.
Davis, only Roosevelt appointee on the Commission, is slated for a major
part in enforcing the new law intended to shield the public from fraudulent
security sales. There is some possibility that President Roosevelt may
break a custom of years and designate Davis,former Tennessee Representative, Chairman of the Commission. The present practice is to rotate the
Chairmanship each year among the Commissioners.
To-morrow the Commission expects to examine in detail its duties under
the new securities law and arrange for funds to administer it.
Estimates now being prepared for the budget bureau fix $250,000 as the
minimum starting sum. Future allowances will be guided by the amount
of business done and experiences in administration.
Davis said one corporation already has notified the Commission of its
desire to file a statement of a new issue.
"We told them that such a statement could not be received for 40 days,"
Davis said, "and the corporation said it would hold up the issue in order
to receive whatever benefits might come from filing a public financial report
with the Commission."
Selling of Securities at Special Rates Covered in
Federal Securities Act.
Sales of securities below the market price by an issuing
house, as revealed in testimony by members of J. P. Morgan
& Co., will at least be matters of public record under the
provisions of the new securities Act, said a Washington
dispatch May 26 to the New York "Times," which likewise
said:
The bill, advocated by the administration and sent to the White House
yesterday, does not penalize this practice, but seeks to combat it, together
with other "weaknesses" in the present security-issuing business, through
publicity. Penalties for misstatements are as high as five years in prison
or a fine of $5,000 or both, in addition to authorization of civil suits by defronded investors.
The measure requires filing with the Federal Trade Commission, and for
transmission to investors, of the broadest possible information concerning
new securities issues, detailing 32 separate requirements for sworn statements, including "all commissions or discounts paid or to be paid, directly
or indirectly," by the issue to the underwriters in respect of the sale of the
security to be offered.
This section was inserted in the bill prior to the revelations in Senate
hearings, but the remainder of the bill was based principally on findings
from other investigations of stock and bond sales conducted by the Senate
Banking and Currency Committee for the past year.
In addition to publicity of all factors surrounding the physical issuance
of securities, the statements filed with the Trade Commission must show
the names of officers and directors of the issuing company, the names of
holders of 10% or more of prior securities, a detailed description of the
business and financial condition of the company and the salaries of its
officers.
In its entirety, the bill requires publication of virtually every prior Act
by the issuing company, including its public and private management
contracts.
The bill provides that this information shall be a public record when
filed with the Trade Commission, except that the Commission is authorized
to hold in confidence records of contracts, publication of which would hurt
the welfare of the company.
After the company's record is filed, twenty days must elapse before the
security at issue may be sold, and during that time it cannot even be promoted or advertised.
Even after the Commission shall have approved an application, under
the terms of the bill the issuing company is not relieved of liability, for at
any time in the future, evidence of untrue statements may be used as the
basis for criminal prosecution and for civil suits by investors to obtain
reimbursement for their losses.
Appeals in all cases from findings by the Commission may be taken to
the Federal courts.
Virtually parallel conditions are set up for publicity on issues of foreign
securities in the United States, except that liability for the truth of the
statements rests with the domestic finance agent of the issuing source.
House Passes Administration's Industrial Recovery
Bill—Increase in Normal Income Tax Rates—
Application of Rates to Corporate Dividends—
Increase in Gasoline Tax—Sales Tax Defeated.
The Administration's Industrial Recovery Bill, combining
a detailed plan for Government control of industry with
authorization for public works aggregating 83,300,000,000,
was passed by the House of Representatives on May 26 by
a vote of 323 to 76. As approved by the House the measure
specifies an increase in normal income tax rates from 4 and
8% to 6 and 10%, application of these normal rates to
corporate dividends, and an increase in the Federal refiners'
gasoline tax from the present rate of 1 cent a gallon to 1N,
cents. These various taxes were estimated to yield an
annual revenue of 8220,000,000 to finance the public works
program. In addition, as a means of raising a further
$480,000,000, a group of special excise and miscellaneous
levies which would have expired on June 30 1934, are extended by the bill for one year. Introduction of the National Industrial Recovery Bill in both Houses of Congress,
following President Roosevelt's special message on May 17,
was described in our issue of May 20, page 3461.
The bill is now under consideration by the Senate Finance
Committee, where various substitutes for the proposed tax
program have been suggested.
Before passing the bill on May 26 the House voted 265
to 137 against a general manufacturers' sales tax as a substitute for the increases in income taxes and gasoline tax.
Volume 136
The House wrote into the bill, however, repeal of the section
of the 1932 Internal Revenue Act which permits net loss
carryovers for one year. This action was considered to have
been prompted by recent testimony of J. P. Morgan before
a Senate subcommittee. In its passage through the House,
the bill had an easy path since debate was limited to seven
hours and no opportunity was given for amendment except
to the Ways and Means Committee. One of the amendments inserted was a provision transferring the existing 3%
electricity tax from the consumer to the producer.
The principal tax provisions of President Roosevelt's
National Industrial Recovery Bill were decided upon in the
House Ways and Means Committee on May 22 when, by a
vote of 13 to 9, the committee voted to recommend to the
House an increase in the normal rates of income taxes,
application of these normal rates to corporate dividends
and an increase in the refiners' tax on gasoline, from 1 cent
a gallon as at present to 13 cents. These measures are
%
calculated to raise $220,000,000 annually in new revenues
to finance the Administration's $3,300,000,000 public
works program. In addition the committee voted to extend
for another year the special excises, import taxes, miscellaneous imposts and stamp taxes enacted in the Revenue
Bill of 1932, yielding further estimated revenue of $480,000,000. These special taxes would all have expired on
June 30 1934.
In our issue of May 20, page 3462, there were listed
tentative tax programs which Budget Director Douglas had
submitted to the House Ways and Means Committee, in
connection with the raising of new revenues to furnish
sinking fund and interest to finance the public works projects.
The program agreed upon by the committee on May 22
is the first of four suggested by Mr. Douglas. A modified
general manufacturers' excise or sales tax, which was one
of the alternatives proposed, was defeated by the committee
by a vote of 18 to 6. The new tax program as recommended,
with the yields in new revenue estimated by Mr. Douglas,
follows:
Increase of normal rates from present level of 4% on first $4,000 of net
income and 8% on the remainder to 6 and 10%, respectively, $46,000,000.
Application of same rates-6 and 10%—to income from corporate dividends which now are subject only to surtaxes-383,000,000.
Increase of present 1-cent gasoline refiners' tax to 15'4 cents-392.000,000.
Total, $221,000,000.
In approving the above tax plan, the committee wrote
into the Recovery Bill the specific provision that the new
income and gasoline tax increases should automatically be
discontinued as soon as the 18th Amendment should be
repealed or at such time as the receipts of the Government
exceed its expenditures. The section of the bill in which
this provision was incorporated is as follows:
Effective as of the first day of the calendar year following:
"1. The close of the first fiscal year ending June 30 of any year after the
year 1933, during which the total receipts of the United States (excluding
public debt receipts) exceed its total expenditures (excluding public debt
expenditures other than those chargeable against such receipts), or
2. The date of the repeal of the 18th Amendment to the Constitution:
"Whichever is the earlier, as proclaimed by the President, the amendments by subsections, &c., of this section shall cease to be in effect, and the
Revenue Act of 1932 shall read as if such amendment had never been
made."
The special taxes, which the Committee recommended
be extended until June 30 1935, were included at the request
of the Administration, when Budget Director Douglas told
the Committee on May 22 that the credit of the government must be raised above all reproach. These taxes included import duties on coal, copper, lumber and oil; excises
on lubricating oil, home brewers' supplies, automobiles,
tires, tubes, accessories, trucks, jewelry, radios, phonographs, mechanical refrigerators, firearms, sporting goods,
matches, candy, chewing gum, soft drinks and electrical
energy; imposts on telephone and telegraph messages, oil
pipe line transportation, checks, safe deposit box rentals
and the new stamp taxes on stock and bond transfers and
conveyances on the produce exchanges.
In filing its formal report on the $3,300,000,000 measure
on May 23, the House Ways and Means Committee remarked that the added tax burden in the National Industrial
Recovery Bill should "be cheerfully borne" because of the
increased employment and other benefits to be expected.
The public works program, Chairman Doughton said,
"should produce an immediate, substantial revival of
business."
Other passages from the report of the Committee follow:
The industrial recovery program should not only add to this stimulation
but should Insure the permanence of a return to better, healthier and
happier conditions throughout the industries of the nation.
By establishing maximum hours of work and minimum wages we may
Insure the continued employment of those now employed and furnish
3829
Financial Chronicle
work for a substantial percentage of those now idle, and this brings about
security of employment for millions of our people at wages sufficient to
provide for living in decency and comfort.
By raising the standard of labor conditions throughout trade and industry, through voluntary co-operation with the aid of the government,
unfair competition, based upon the employment of underpaid and overworked labor, should be generally eliminated.
As a result of such a program, we may confidently expect a further
stimulation of industrial operations, greater security of capital, greater
security of labor and a steady increase in the prosperity of the nation.
While the House Ways and Means Committee was settling
upon the tax program to be reported with the bill, the
Senate Finance Committee on the same day (May 22)
held an open hearing at which Senator Wagner explained
the measure in detail, while its provisions were sharply
attacked by Senators King, Gore, Connally and Clark.
Discussion of the bill by these Senators, as reported in
part by the Washington correspondent of the New York
"Times" included the following remarks:
Senator Wagner strongly defended the bill against charges that it "emasculates" the anti-trust laws, remarking that the arguments against it by
committee members were very similar to those to which he had listened
during hearings in New York State on laws controlling child labor. He was
appearing before the committee as a witness for the bill.
Senator Wagner's reply was that the proposed organization of business
"is the necessary consequence of the growing complexity of our economic
machinery, and of the increasing interdependence between one State and
all States; between one industry and all industries, and between employment anywhere and employment everywhere.
Measure Called "Revolutionary."
Senator Gore termed this thesis as "revolutionary as anything that
happened In this country in 1776, in France in 1793 or in Russia in 1917."
Senator King inquired caustically:
"Is this bill drawn from the standpoint of Mussolini or from the German
cartel system?"
"Neither," retorted Senator Wagner. "We want to substitute efficiency
and industrial planning for the present lack of planning."
The purpose underlying the measure was described as follows by Senator
Wagner:
"The National Industry Recovery Bill has as its single objective the
widespread and permanent re-employment of workers at wages sufficient
to secure comfort and decent living. This desired end is to be reached by a
two-fold program, involving, first, co-operative action within Industry,
encouraged by law and supervised by the President for the protection of the
public, and, secondly, direct government expenditures for public works.
"The bill marks a far-reaching departure from the philosophy that
the government should remain a silent spectator while the people of the
United States, without plan and without organization, vainly attempt to
achieve their social and economic ideals. It recognizes that planlessness and
disjunctive efforts lead to waste, destruction, exploitation and disaster.
and that purposive planning awaits the substitution ofregulated co-operation
in place of the unlimited and frequently pernicious competition which_we
have heretofore regarded as the sole guardian of the public welfare.
Business and Public Interest.
"This trend in thought and action is accompanied by a widening concept
of business—that all business is affected with a public interest. That is the
necessary consequence of the growing complexity of our economic machinery
and of the increasing interdependence between one State and all States,
between one industry and all industries, between employment anywhere and
employment everywhere.
"At the same time the bill preserves as the central motivating theme of
American industry the voluntary action and individual initiative which
have contributed so markedly to our industrial progress. Competition Is
not abolished; it is only made rational. In this bill we say that business
may not compete by reducing wages below the American standard of
living, by sweating labor, or by resorting to unfair practices. Competition Is
limited to legitimate and honorable bids for the market and real gains in
technical efficiency."
Senator Wagner, a noted jurist, contended that the bill is constitutional,
particularly in relation to "the compulsion of the economic situation."
He also argued that the measure averts the "dangers of monopoly" through
planned economy, and does not endanger the anti-trust laws.
"But it is revolutionary, Isn't it?" asked Senator Gore.
"I do not think so," NM the reply.
"But will it not make the constitutional power of the government Vary
with economic conditions ?" insisted Senator Gore.
"Well, I think that always has been so," said Senator Wagner.
Senator Wagner said that the power of Congress, or of all government,
always varies with conditions that must be met.
When Senator Gore raised the point of possible confiscation of private
property under the measure, Senator Wagner replied that relief through
the courts would be available, just as appeals may be taken to the courts
under present laws.
Senator Gore, persistent, asked if the power "isn't too much to vest in a
Mussolini or a Stalin or anyone?"
"There has been an overstatement of the dictatorial power contained
in the bill." Senator Wagner heatedly replied.
1111
Senator Connally challenged the contention that Congress may broaden
Its power in emergencies, but Senator Wagner maintained that "we can
reach over a wide area in an emergency."
Says Prices Will Be Raised,
Senator Connally raised the argument that the bill will operate to raise
prices. Senator Wagner agreed that it would, but when Senator Connally
asked if the measure would not operate to put industrial prices above those
received by agriculture, Senator Wagner said:
"We want to put both on an equality. The Farm Relief Act and the
pending bill really are complementary. It would be absurd to lift agriculture
up a way and then lift industry still higher."
Senator Barkley asked Senator Wagner what would happen at the
end of the two-year period, during which the bill would be operative.
Confidence was expressed in reply that many features of the emergency
legislation will be incorporated in permanent law.
"I am confidence that the Administration of it will be made into Permanent form," Senator Wagner.went on. "If it proves to be the better way to
have an organized industry than to have chaos, It will be made permanent
by Congress."
3830
Financial Chronicle
U. S. Chamber of Commerce Endorses Industrial Recovery Bill, as National Association of Manufacturers Opposes Measure—Chamber to Help
Members Formulate Policies—Congress Warned
by Manufacturers that Bill in Present Form
Means Bureaucracy to Control Business—Harmful
Effects of Legislation Cited by James A. Emery.
Opposing views regarding the Administration's National
Industrial Recovery Bill were expressed in statements by two
important business groups issued in Washington on May 28.
The Chamber of Commerce of the United States endorsed
the measure and offered to render its members all possible
assistance in complying with the terms of the bill. The
National Association of Manufacturers, on the contrary,
urged Congress to "look before it leaps and not make haste
to repent at leisure." This latter statement was signed by
James A. Emery, counsel for the Association, who declared
that if the bill is enacted in its present form it will retard,
rather than promote, business recovery. Among the objections listed by Mr. Emery are that the bill transfers
control and authority over industry from the managers to
a Government bureaucracy, that it provides no protection
against imports, and that through the use of collective
bargaining the measure will result in the immediate and
complete unionization of all labor in all industry and the
closed shop.
The views of the Chamber of Commerce of the United
States were expressed in a letter to members, signed by
H. I. Harriman, President, as follows:
Because of the magnitude of the task to be undertaken, the application
of the Act will necessarily be gradual. Immediate emphasis will be placed
upon industries which can afford the largest volume of re-employment.
Since re-employment is an immediate objective, it is probable that
the first agreements will be expected to cover only minimum wages, maximum hours of labor and hours of operation to eliminate the depressing
effects of unfair competition in employment and to promote stabilization
and increase of activity.
Mr.Emery's statement,opposing the bill, was as follows:
Congress owes it to itself and to the country to scrutinize with care and
deliberation the control of industry—public works—tax bills now before
it and euphemistically entitled the National Industrial Recovery Act.
Congress should look before it leaps, and not make haste to repent at
leisure.
Our examination of the bill forces the conclusion that in its present
form, apart from every other consideration, it will, if enacted into law,
tend to retard rather than promote business recovery. It will in fact nip
In the bud the business recovery already manifesting itself. It will hurt
rather than help.
It will do this, in our judgment, first because it will transfer with a
stroke of the pen all control and authority over every aspect of business
operation and management from its private owners and managers to a
Government bureaucracy. Nothing is so illusory and ill-founded as the
assertion widely disseminated that this legislation primarily gives to
business and industry the power and authority to regulate itself. Nothing
may be done without Government sanction and approval. Anything
may be ordered or may be forbidden by Presidential edict. For weeks
and months business and industry is likely to be marking time waiting for
Administrative approval. It adds another to the uncertainties that are
an obstacle to necessary future commitments,if business is to move forward.
In the second place, it will retard business and industrial recovery
because with increased prices and without correspondingly import control,
the American manufacturers will be under increased competitive handicaps
in the home markets and foreign goods will undersell and displace American
goods with consequential decline in production at home and added unemployment—less work instead of more, for the American worker.
If in actual operation, the partnership between the Government and
business does not operate to shorten hours of labor in order to Spread employment and to raise wages in order to increase consumers' purchasing
power—and at the same time increase prices in order that business and
industry may have the means to sustain the resulting increased production
costs, then the primary purpose of the present proposals has failed of
realization. But if these results are attained the necessity ofsome additional
defense against cheaply produced foreign goods is self-evident. The bill
In its present form provides no such defense.
In the third place, the industrial recovery bill in its present form will
retard recovery and destroy the forward impetus of industry because in
the guise of leaving labor free and untrammeled and at the same time
insuring to labor the right of collective bargaining the bill in effect—
and designedly—means the virtually immediate and complete unionization of all labor in all industry and the closed shop.
Not the least important and significant provision of the present proposal is the two-year limitation clause for the partnership between the
Government and business and industry. It is said that it is an emergency
expedient to be discarded as soon as the emergency is passed. This seems
to recognize that unlimited control of industry by Government bureaucracy
Is a vice to be rid of as soon as possible. Yet the proponents of the measure
eaten its virtues and give assurances that business and industry have
nothing to fear and that the "partnership" will be wholly beneficent. If
it be beneficent, why should it not be permanent? If it be otherwise,
why embark upon it?
The remaining aspect of the present bill which ought to have the most
serious and painstaking consideration is the revenue section, the increased
taxes which it is proposed to impose to contribute to the support of the
$3,000,000,000 which it is intended to borrow and spend for public works.
Increased taxes under present conditions are an unmitigated evil, at best.
The increased levies written into the bill by the House are particularly
objectionable and disadvantageous. We submit that a fairer method of
raising the required revenue would be to spread a one-point gross manufacturers' sales tax over our industries.
The harmful position in which industry will be placed
as a result of the enactment of the National Industrial
Recovery bill was also pointed out by Mr. Emery in an
address delivered by him on May 23 before a large body of
June 3 1933
manufacturers who are members of the Phlladelphia Chamber
of Commerce. In this address Mr. Emery said:
The relation of public policies to the present critical industrial situation
cannot be over-exaggerated. The deadly spiral which has suddenly
dragged the price level downward has been accompanied by shrinking
contraction, and cut-throat competition for survival. The fears produced
in the minds of depositors led to hoarding and withdrawals of deposits
until, unable to distinguish between the sheep and the goats, the public
began to distrust all banking institutions.
The President's bold and vigorous step to bluntly separate sound from
unsound banks; to drastically reduce Governmental expenditures; and to
find a new source of revenue, transforms our public philosophy to a new
faith in vigorous leadership.
Under this situation the industry of the nation has been aroused by the
series of proposals to place it under drastic detailed Federal regulation,
which proposes to deny the facilities of inter-State commerce to mining
and manufacturing industries in any establishment of which any person
was required or permitted to work more than 30 hours in one week of
six hours in one day. To this was added, at the suggestion of the Secretary
of Labor, the compulsory establishment of what Was termed fair wage rates
and the control of production, the whole sanctioned by the most drastic
penalties for its violation. Slow to perceive the significance and effect of
these proposals, the industries of the country, with few exceptions, gradually
but generally concluded that they were unsound in principle and unworkable
In practice. Many undoubtedly were deceived by the plausible suggestion
of compulsory work spreading applied by the terms of the bill to those
forms of employment in which the most practical success had been had in
every form of work spreading, while excepting those forms of employment
In which the least progress had been made.
It should be squarely recognized that a revolution in political authority
was proposed,for, if Congress, under the commerce power. may arbitrarily
exclude any article which is not produced under the condition which it
fixes for inter-commerce between States, then the control of all local
• powers passes from local Government to Washington. For, if Congress
may prohibit, as it pleases, it may condition the entrance of any commodity into commerce. That means It may determine every circumstance
which it wishes to attach to production and distribution as the principles
of moving domestic and foreign trade outside the State of manufacture.
The enforcement of such a bill underrates the States to mere provinces,
operating under a buearocratic domination of the Federal Government.
The principal difficulty of successfully substituting the detailed control
of local operation by public authority for the expressed judgment of resPonsible management in local operation is too obvious to require amplification.
The plan of industrial control now pending before Congress involves
the granting to the Executive of unprecedented authority enforced through
unparalleled powers and penalties. As an official endeavoring to interpret
the industrial viewpoint, I believe they are translated when I say that
industry is desirous of co-operating with the President in every practical
way to meet this crisis. The evidence of its confidence in the good faith
and fairness of the President is found it its willingness to accept control
under existing condition, which, under normal circumstances are a shock
to our principles and practices. I believe there are certain major circumstances which deserve the attention of Congress in this measure, as
follows:
1. Primarily the recognition of the fact that, formulated in practicable
terms, its success rests upon the nature of the agencies and the quality
of the personnel employed in its administration.
2. If it attains economic effects intended, it is essential to its success
that the President shall possess authority to protect our market against
competitive production of low wages, especially in depreciated currency
countries.
If the pill operates as intended, to raise commodity prices, increased
wages and shortment of hours, it increases unit cost of production and
enlarges the advantages of our foreign competitors. If there is no executive
authority to meet this condition as it arises, our imports are likely to be
enlarged at the expense of our domestic safety.
3. The bill gives the power to license any industrial trade or business.
The condition that license can be revoked if certain conditions are violated,
that is the power of commercial exile. Such extraordinary authority seems
hardly necessary to the execution of the measure when it is recognized
that exclusive of it, the President possesses the power to enforce trade
agreements and wage standards by fine; the issuance of cease and desist
orders under agencies of his own creation; the power to reorganize an
industry that fails to act; and the power to repeal, modify or annul any
contract or agreement made. If it be said such power is rarely if ever used.
why grant It? "The Constitution," said Jefferson,"represents the measure
of our confidence in the beet of men." No provision of the measure is of
more dubious validity.
The labor provisions of the measure are neither an ample statement of
fundamental rights, nor a fair declaration of employment relations. Surely
It is not intended to seek a reorganization of mutually satisfactory employment relations in every form in which they exist in the United States and
throw them into a single mould. Industrial employers recognize the
fundamental right of men to bargain individually or collectively with
their employees, without arbitrary duress or coercion and where collective
relations exist or are established, they endure in any form mutually agreeable to the parties and operate through representatives a their own
choosing. Any attempt to coerce industry of the United States into a
single form of employment or organization is equally destructive of the
fundamental rights of both employer and employee. It must, moreover.
be clear that any form of coercion sought, to be applied in the Administrations' measure to employers, must be equally applicable to employees,
or the equation is destroyed.
The success of the measure will lie in the capture of its asserted philosophy; the preservation of private initiative, and its self organization
in all and its relations of employer and employee subject only to such
rational aid and restraint as is essential to the attainment of its objectives.
The appalling tax measure suggested in the House measure may break
the back of already overburnened industry. To spread the burden over
all,rather than a few,is the most outstanding end of an emergency situation.
A small gross manufacturers' tax would accomplish this objective not
without severe effort and many sacrifices, but it would involve less economic
°era than the concentrated burden proposed in the pending House bill.
President Roosevelt Would Include Provisions for
Petroleum-Control in Industrial Recovery Bill
Secretary Ickes Tells Ways and Means Committee
Section Covering Oil Would Meet Administration
Approval.
Hearings on the Marland-Capper oil-control bill were
opened by the House Ways and Means Committee on June 1,
Volume 136
Financial Chronicle
when Secretary of the Interior Harold L. Ickes offered on
behalf of President Roosevelt an amendment to include oil
regulation and to be attached to the industrial control bill
pending in the Senate. Mr.Ickes said that he was authorized
to speak for the President in stating that the latter hopes
that there will be included in the national industrial recovery
bill the following section on petroleum conservation:
"Section 10.—For the oil industry, in addition to the powers granted
the President concerning codes of fair competition,agreements, and licenses.
he is authorized to prescribe regulations to supplement State conservation
legislation regulating the production of petroleum, to allocate equitably the
national market demand for petroleum and the products thereof, among
the oil producing States and between domestic production and importations
and to prohibit the transportation in inter-state commerce of petroleum and
the products thereof produced or withdrawn from storage in violation of any
State or federal law or the regulations prescribed thereunder."
This short amendment would be offered as a substitute for
a forty-page bill which was drafted by the Department of the
Interior and which Senator Capper had intended to introduce
as an amendment to the industrial recovery bill. Introduction of legislation providing for control of oil production was
noted in our issue of May 27, p. 3639, and it was there indicated that the President had previously expressed the hope
that the oil legislation might be attached to the industrial
bill, although he had not specified what wording he would
favor.
House Passes Administration Farm Credit Bill and
Sends Measure to Senate Without Amendment—
Bill Would Set Up 12 Regional Co-Ordination
Agencies, One in Each Federal Land Bank District
—Revolving Fund of $120,000,000 Provided for
Financing.
The administration farm credit bill, providing facilities
to make effective President Roosevelt's recent order combining agricultural loan organizations, was passed unanimously by the House of Representatives on May 31. All
amendments proposed were voted down by large majorities,
and the measure was sent to the Senate in the form drafted
by Henry Morgenthau Jr., Governor of the Farm Credit Administration.
The new administration bill was introduced on May 25 in
the House of Representatives by Representative Jones,
Chairman of the Committee on Agriculture, and in the Senate
by Senator Byrnes of South Carolina. The measure authorizes a revolving fund of $120,000,000 to establish and
finance twelve production credit corporations. Of this
amount, $80,000,000 would be obtained from unexpended appropriations and an additional $40,000,000 would be appropriated by Congress. Each of the twelve corporations is authorized by the measure to supervise and finance local credit
associations, which would be established to enable farmers
to borrow for general agricultural purposes. The twelve
production credit associations would not supply direct loans
to the farmer, but would provide the capital for the local
associations.
The bill was drafted under the supervision of Henry
Morgenthau Jr., who has been named Governor of the Farm
Credit Administration. Representative Jones said on May
25 that enactment of the legislation would mean the saving
of approximately $2,000,000 in administration expenses, with
the elimination of many duplications, and would put farm
credits on a better basis. He added that the bill "will provide a system of credit outside of regular commercial banking channels which is suited to the peculiar needs of agriculture." An abstract of the measure, as contained in Washington advices to the New York "Times" on May 25. follows:
Each Production Credit Corporation will have an initial capital of 87,500,000 and will be empowered to finance and supervise the operations of
local production associations, these local units to be incorporated under
Federal charter for the purpose of enabling farmers to borrow from Intermediate Credit Banks for general agricultural purposes.
The Production Credit Corporations are authorized to subscribe for Class
A stock in each local unit served by them, and in amounts approximately
20% of the volume of loans made or to be made by the credit administration as estimated by the corporations. At no time can the amount of Class
A stock outstanding be less than $5,000, except with the consent of the
Credit Administration.
Local production credit associations may be organized by ten or more
farmer borrowers with credit up to four to eight times their capital. Under
the plan, it is asserted, this means that $1 capital will make possible about
$5 of sound production credit. No loan can be made by a local unit for
less than $50 unless the transaction is approved by the Production Credit
Corporation in whose jurisdiction the unit operates. Dividends cannot be
more than 7%.
For the purpose of creating and maintaining a surplus equal to at least
25% of the paid-in-capital of the corporation, the bill requires to be applied
for this purpose the excess of earnings on stock held by it above the amounts
necessary to pay operating expenses and to restore losses and impairment of
capital. The surplus will be invested by the Governor of the Farm Credit
Administration in obligations of the United States, or in Class A stock of
production credit associations, or both, as he may see fit.
The Governor of the Farm Credit Administration will have power under
the bill to establish a corporation to be known as the Central Bank for Co-
3831
operatives, with headquarters in Washington and with regional banks in
each of the Federal Land Bank districts. These banks are empowered to
make loans on a business basis to local co-operatives under regulations approved by the Governor of the Farm Credit Administration.
The Governor also is authorized to buy stock in the banks for co-operatives,
using the remainder of the revolving fund of the old Farm Board as loans
are liquidated. Each co-operative borrowing from the central bank or
from a regional bank must acquire $100 of stock in such bank for each
$2,000 loaned. Should additional funds be required, the central bank has
the power to issue and sell debentures. Interest rates, depending on the
kind of loan, range from 3 to 6%.
The bill also carries a number of amendments to the Farm Loan Act.
One removes the limitation against the taking of chattel mortgages by
Federal Land Banks, while another removes double liability on stock of
borrowers in national farm associations on engagement entered into after
enactment of the bill.
Another amendment broadens the eligibility of borrowers from Federal
Lahd Banks to include any person who is engaged or intends soon to engage in farming, or to any person the principal part of whose income is
derived from farming. There is also an amendment which prohibits the
formation of additional national agricultural credit corporations, and another permits direct loans to co-operatives on other collateral approved by
the Governor as well as on warehouse receipts and chattel mortgages on
live stock. Another amendment authorizes Federal Land Banks to enter
into agreements with local farm loan associations to share losses and gains
on foreclosed farms equally between local associations and the land banks.
In reporting on the measure to the House on May 31, Representative Jones of Texas, Chairman of the Committee on
Agriculture, made the following statement, as quoted by the
Washington correspondent of the New York "Times":
The bill is intended to take care of the production and marketing problems of agriculture in so far as the, matter of credit is involved, and is
supplementary to the Federal Farm Loan Act enacted early in this session
of Congress.
While direct lending by the Government to farmers to finance their production may be justified in cases of emergency, it is an unsatisfactory
system of providing the required credit.
At the same time the policy of permitting such lending to be done entirely by private agencies has proven equally unsuccessful.
In this bill the purpose is to provide the stimulus in the form of Federal
capital and supervision to the establishment of local institutions in which
farmers are participants and owners, and through which necessary credit
may be provided on a safe business basis and also at a reasonable rate of
interest.
Former Senator Brookhart Named Special Adviser to
Agricultural Adjustment Administration—Will Expand Markets for American Farm Products, Including Those in Processed Form—Report That He
Will Deal with Amtorg Trading Corp. in Seeking
Russian Barter Arrangements.
The appointment of Smith W. Brookhart, former Senator
from Iowa, as Special Adviser to the Agricultural Adjustment Administration, was announced on May 27 by George
N. Peek, Administrator of the Agricultural Adjustment Act.
According to Mr. Peek's announcement Mr. Brookhart "has
been designated to make purely factual studies intended to
be of service between business men of this country and
Eastern European business interests in the expansion of
markets for American farm products, including those in
processed form." In Associated Press accounts from Washington May 27 it was stated that the development of Soviet
Russia as an outlet for the surplus of several agricultural
products, including cotton and meat products, emerged that
day as one of the objectives of the Agricultural Adjustment
Administration. At the same time it was stated by the Associated Press that the Department of Agriculture refused to
admit specifically that the main function of Mr. Brookhart
would be •to develop trade relations with Soviet Russia.
However, the New York "Times" in its advices from Washington May 27 had the following to say in part:
With the announcement of his appointment it was revealed that Mr_
Brookhart will seek to expand the market for surplus American farm products
by a plan for large-scale bartering of such commodities for Russian articles,
which, formerly imported in considerable quantities here, have fallen off
with the sharp contraction in the purchasing power of the American urban
population.
The proposal contemplates that no money need change hands in the expected exchange of commodities and that there will be no direct contact between the two Governments.
Mr. Brookhart, it is understood, will act largely as a promoter and will'
deal only with the Amtorg Trading Corporation in seeking Russian orders
in exchange for an enlarged market here for that country's products.
It has been said that the surplus of agricultural commodities in this
country was threatening the successful operation of the new Farm Relief
Act.
Mr. Brookhart said to-day that "substantial progress" had been made in'
the direction of increasing farm exports, particularly to Russia. His efforts
would not be confined to Russia, he explained, adding that investigation has
been made of possible markets in Poland, Rumania, Latvia and other
countries of Eastern Europe. But in Russia, Mr. Brookhart sees the greatest
possibilities.
From the Associated Press advices May 27 as given in the
New York "Herald Tribune" we take the following:
Has Been Studying Soviet Needs.
Since he left the Senate on March 4, in consequence of his defeat in the Republican primary in Iowa last year, Mr. Brookhart has been occupying an
office in the Brooking Institution and devoted himself to the study of Soviet
Russia's agricultural needs. He referred to himself to-day as "a sort of
Secretary of State for Russian affairs during several administrations." He
3832
Financial Chronicle
visited Russia in 1923, and since then, he said, has read everything he can
find on the subject and has received regular reports on the development of
Soviet economy.
"Our people don't realize what a tremendous potential demand there is
In Russia for American agricultural and industrial products," Mr. Brookhart said this afternoon. "Soviet Russia is building a new civilization for
160,000,000 people. It will take them a generation to do it. There is a
tremendous demand there now and it will continue for many years."
Mr. Brookhart expressed the belief that Soviet Russia alone could take
the equivalent of the entire American agricultural surplus in raw or processed forms. "I believe that if we had had the proper arrangements we
could have sold 2,000,000 bales of cotton to Russia last year," he said.
"Their machines were running only at 60% of capacity, and they need
more machines. I believe they could take our 5% surplus of livestock and
our 30% surplus of hog products, and a lot of other things."
Says U. S. Could Take Manganese.
In return, Mr. Brookhart said, the United States might well take manganese and wood pulp and "lots of other things" of which Soviet Russia
produces a sUrplus. The intrusion of Russian woodpulp into the American
market created quite a furore in the industry about a year ago and led to
the agitation for a ban on its import on the ground it was produced by
forced labor. American manganese interests have likewise strongly fought
duty-free importation of the more cheaply-produced Russian manganese.
The power of the Reconstruction Finance Corporation to finance the exports of agricultural commodities and livestock might well be employed in
starting American-Soviet trade into motion, Mr. Brookhart said. By using
this virtually unused power, the Reconstruotion Finance Corporation may
accept drafts and bills of exchange drawn on it, having maturities up to
twelve months and growing out of transactions involving the export of
"agricultural or other products." It may also make loans to finance sales
of surpluses of agricultural products in the markets of foreign countries.
These powers would serve to establish short-term credits in this country
for Soviet Russia.
"Most of the processors don't want. to pay the processing tax which will
have to be levied if our surpluses are not disposed of abroad," said Mr.
Brookhart, "so we are going to try to help them to market the surpluses and
avoid the processing tax and all the complications that go with IL"
The State Department, when questioned, asserted complete ignorance of
Mr. Brookhart's appointment. It would have no bearing on the question of
recognition of the Soviet Union, it was stated. Through Amtorg and, for
a time, two or three other trading corporations, the Soviet Union has maintained trade relations with this country for more than a decade. However,
the volume of trade has greatly shrunk in the last three years, partly due to
the depression, partly to the failure of this country to provide either credit
or a market for Soviet products.
June 3 1933
States cannot, acting individually, provide for the interstate placement of
workers. The common-sense solution is the establishment of a co-operative
system wherein the Federal Government and the States unite in performing
together this indispensable service for the American people.
"Let no one delude himself that, with the resumption of business, men
will universally return to their former shops and work benches and resume
where they left off in 1929.
"Such a course is quite impossible in view of the many changes that have
occurred since that day. We must provide the best machinery we can
contrive carefully to bring the right man to the proper job. The bill which
has to-day passed the Senate is designed to accomplish that purpose.",s
Initial Grants Under Wagner Act Total $21,659,282—
Federal Relief Administration Allotment Goes to
31 States and Hawaii.
First allotments of Federal funds under the provisions of
the Wagner Act were made on May 29 when Vile Federal
Emergency Relief Administration announced grants totaling
$21,659,282 to thirty-one States and Hawaii, for the purpose
of meeting immediate relief needs. The immediate grant to
New York State amounted to $6,532,282 and about $2,000,000
additional will be made available by the end of June. Some
of the larger States, including Pennsylvania and Ohio, were
not on the preliminary list, either because they had not made
applications or because supporting data submitted were incomplete. The initial grants were made under the subsection of the act which provides for the automatic distribution
during the second quarter of the year of $250,000,000 of the
total of $500,000,000 appropriated, on the basis of one-third
of the amount expended during the preceding quarter by the
States out of public moneys from all sources for relief work.
The administrator considered only outlays made in January
and February, as satisfactory figures for March were not
available, but these will be examined later.
President Roosevelt signed the Wagner $500,000,000 direct
relief bill on May 12. This was noted, and principal features
of the legislation were described, in our issue of May 20,
page 3461.
Mr. Peek's announcement of May 27 follows:
Mr. Brookhart has been designated to make purely factual studies intended to be of service as between business men of this country and Eastern
European business interests in the expansion of markets for American farm
products, including those in processed form.
His assignment to these duties is in accordance with provisions of the
Agricultural Adjustment Act which specifically authorizes the Secretary of
Agriculture to take steps for expansion of markets and removal of surplus
agricultural products.
The assignment of these duties to Mr Brookhart was made by the Agricultural Adjustment Administration wholly on its own authority, and the
Agricultural Adjustment Administration does not regard this assignment
as one which will have any bearing upon the United States' Governmental
relations with any foreign country. All such matters are regarded as
strictly within the purview of the State Department which would have been
consulted if his undertaking these duties had been considered as having
the slightest international significance. In his purely factual studies Mr.
Brookhart is not to negotiate with any foreign Government.
Congress Passes Wagner Bill to Co-ordinate State
Employment Services—Bill Appropriates $1,500,000
First Year and $4,000,000 Each Year For 4 Years
Thereafter—Measure Ready For President's Signature—Statement by Senator Wagner Explaining
Aims of Bill.
The Wagner bill, authorizing a Federally-co-ordinated
State employment service, was passed by the Senate on
May 29 without debate and without a record vote,and similar
action was taken by the House on June 1. The bill is
identical with that passed by Congress three years ago and
vetoed by former President Hoover. It now goes to the
President for his signature. The measure provides for
establishment of public employment services by States,
modeled after the system already operating in New York
State, with the Federal Government co-ordinating the activitives of the State services. The bill includes an appropriation of $1,500,000 for the first year and $4,000,000 annually
for four years thereafter. Of this money three-fourths would
be distributed to the States to aid in maintaining the employment services, on condition that the States appropriated
equal amounts, while the balance would be used for administrative purposes. Senator Wagner issued a statement, after
passage of the bill by the Senate, in which he said that the
measure was designed primarily to adjust employment under
the anticipated business revival in keeping with changes
that have occurred during the depression and to establish
a permanent system that will abolish for all time the haphazard method of bringing together workers and jobs that
heretofore existed.
"The restoration of the 13.000,000 unemployed men and women to their
normal occupations is the most difficult task of the period of reconstruction." Senator Wagner said.
"The principal question that must be answered in the organization of a
nation-wide employment service is this: What shall be the relation between
the Federal Government and the States in the conduct of such a service?
"The Federal Government alone cannot perform the entire task. The
Loans by Reconstruction Finance Corporation for
Self Liquidating Projects Up to May 25 Totaled
$201,298,000—Construction
Work
Authorized
Through Loans Will Require Over 1,000,000 Carloads of Material.
A total of 1,006,500 carloads of material will be required
for the construction work authorized through self-liquidating
loans by the Reconstruction Finance Corporation up to and
including May 25, the Corporation announced on June 1.
The total amount in loans on that date was $201,298,000, the
announcement said, scattered over 35 States and territories
and these projects, according to engineers' estimates, will
provide a total of 291,785,000 man hours of labor. The
Corporation's announcement continued:
The million carloads of material will provide employment for thousands
in the mines, mills and factories, according to Director Harvey Couch, and
while the improvements are being made in only 35 States and territories,
they will involve indirect employment in practically every State ofthe Union.
Self-liquidating projects have begun to show their effect in the increased
output of steel. Several bridge loans have been authorized, including the
$13,000,000 bridge across the Mississippi River at New Orleans and the
$70000000 bridge across the bay at San Francisco. The first huge order
for structural steel for the San Francisco span was placed recently. Some
bridges also will require much timber piling and concrete materials, thereby
aiding other industries.
Following, according to the announcement, are the total
loans and man hours of labor listed by States:
State.
Alabama
Arizona
Arkansas
California
Colorado
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maryland_
Michigan
Mississippi
Missouri
Montana
Nebraska
New Hampshire
New Jersey
New Mexico
New York
North Carolina
Ohio
Oklahoma
Oregon
Pennsylvania
Texas
Utah _
Virginia
Washington _
Wisconsin
Porto Rico_
Total
Total Amount
Loaned or to be
Loaned.
Total Direct and
Indirect WanHours.
$77,000
1.414,000
1,167,000
132,058,000
1,784,000
650,000
41,000
60,000
3,155,000
773,000
10,000
600,000
1,023,000
16,063,000
60,000
634,000
325,000
742.000
27.000
15.000
250,000
80,000
5.396,000
22,953,000
668,000
493.000
300.000
735,000
100,000
2,718,000
709,000
1,854,000
3,026.000
40.000
1.300,000
$298,000
2.816,000
2,083.000
157,994.000
2,402.000
1,004,000
83.000
91.000
2,740,000
1,791.000
39,000
1.014,000
2,811,000
30,251,000
146,000
887.000
970.000
582,000
42,000
26.000
3,250.000
195.000
27,001,000
21,689,000
2,275.000
1,188,000
504,000
1,204.000
143,000
6,783,000
975,000
8,713,000
6.136,000
161.000
3.500,000
$201,300,000
$291,785,000
Financial Chronicle
Volume 136
Monthly Report of Railroad Credit Corporation—
Loans Made Up to May 31 1933 Totaled $73,691,368—
$1,312,340 Repaid.
The Railroad Credit Corporation, to May 31 1933, had
made loans to railroads, to meet their fixed interest obligations, totaling $73,691,368, with repayments of $1,312,340,
net loans outstanding $72,379,028, according to the monthly
report of that Corporation filed with the Inter-State Commerce Commission. In a letter addressed to chief executives
of participating carriers and accompanying the report,
E. G. Buckland, President of the Railroad Credit Corporation, said:
At the termination of the lending period, May 31 1933, substantially
all of the emergency revenues, whichaccrued to the 432 participating carriers
on traffic moved up to and including March 31 1933 had been received
and allocated to the purposes of the Plan. The receipts from lap-over
Items, which must be paid in June, will be used for general liquidation
purposes.
The plan was created, primarily, to benefit the credit position of the
transportation industry by preventing defaults in the fixed interest obligations of participants. The unexpected and unprecedented conditions, which
have existed during the entire life of the Corporation, made this task more
difficult than was anticipated when the Plan was first under consideration.
A review of the lending period shows that 64 carriers applied for loans
aggregating $149,241,868. Of this sum, applications for $75,550,500 were,
for various reasons (principally the granting of similar applications by the
Reconstruction Finance Corporation), removed from the docket or denied,
while loans actually made totaled $73,691.368. A brief summary of the
Corporation's resources to May 31 1933 and the application thereof, excluding accrued but uncollected interest, is stated hereunder.
RESOURCES.
Emergency revenues accruing to participating carriers through
March 31 1933 and reported to the Credit Corporation
$74,659,100.35
Less amounts reported but unpaid—receivership items,.kc
244,915.14
374,414.185.21
341,975.28
Total emergency revenue payments into the fund
Less refund of taxes paid on such revenues
Net available for the purposes of the Marshalling and Distributing Plan. 1931 _________________________________________$74,072,209.93
Proceeds from sale of capital stock
1,200.00
_
Interest collected on loans, bank balances, &e.—Net
584,015.73
Total
$74,657,425.66
APPLICATION OF RESOURCES.
Loans to participating carriers
I,as repayments
$73,691,368.00
1,312.339.78
Net outstanding ____________________________________________$72,379,028.22
Expense of administration
194,991.88
$72,574,020.10
Net disbursements
Balance in general fund
578,844.17
25.00
Balance in petty cash fund
Balance in reserve for tax refunds. 4,n
1,504,536.39
Total_____________________________________________________ $74,657,425.66
It will be noted that the fund heretofore reserved for the purpose of
making the tax refunds, required by Paragraph 4 of the Plan, has been
curtailed. This action was taken on the basis of revised estimates of claims.
as furnished by participating carriers. To the extent necessary, the reserve
will be replenished from collections properly creditable to the fund.
The Board of Directors will review, from time to time, the Corporation's
need for funds and any balance over and above its requirements will be
distributed in accordance with the provisions of Paragraph 14 of the Plan.
The report for the month follows:
TIIE RAILROAD CREDIT CORPORATION REPORT TO INTER-STATE
COMMERCE COMMISSION AND PARTICIPATING CARRIERS AS
OF MAY 311933.
Balance
Nd Change During
Assets-May 31 1933.
May 1933.
Investments in affiliated companies—Loans made_ _ $10,860,821.02 $72,379,028.22
Cash
578,844.17
*2,701,770.66
Petty cash fund
25.00
Special deposit—Reserved for taxes. .kc
1,504,536.39
*2,839,000.00
Miscellaneous accounts receivable—Due from
contributing carriers
244,915.14
*991,196.56
Interest receivable
455,121.88
115,896.46
Unadjusted debits
156,772.96
18,733.81
Expense of administration—Jan. 1 to May 31 1933,
inclusive
58,147.16
11,207.52
Total
$4,474,691.59 $75,377,390.92
LiabIlitIes—
Non-negotiable debt to affiliated companies—Reported rate increases under Ex Parts 103
$4,268,811.24 $74,317,125.07
Unadjusted credits
18,733.81
406,691.53
Income from funded securities—Interest accrued
on loans to carriers
167,521.14
586,433.32
from unfunded securities and accounts—
Income
Interest on bank balances, dm
65,941.00
19,625.40
Capital stock
1,200.00
Total
84,474.691.59 $75.377,390.92
•Denotes decrease.
Loans of $199,100,000 to Farmers Through Reconstruction Finance Corporation in Nine Months'Period—
Distributed by Regional Agricultural Credit
Corporation.
More than $199,000,000 was "pumped into the credit
stream" of American agriculture by the Regional Agricultural Credit Corporation in the nine-month period
ended May 28, during which this agency was a part of the
Reconstruction Finance Corporation. The foregoing announcement was made May 28 by the Reconstruction
Finance Corporation, which also had the following to say:
Figures compiled to-day giving virtually complete returns on the operations of the Regional Agricultural Credit Corporation show that 146,000
applications for loans were authorized to farmers in every State of the
Union and Puerto Rico for a total of $199,100,000; of this amount $135,000,000 had been disbursed when the Farm Credit Administration took over
the work at the close of business yesterday. Directors of the Reconstruction Finance Corporation feel that the livestock industry has probably
3833
been saved from'complete demoralization by theactivities of the Regional
Agricultural Credit Corporation.
The character of the borrowers may be judged by the fact that in the
Short interval since the Regional Agricultural Credit Corporation began
operations on Sept. 1 1932 repayments as of the close of business May 26
totaled $8.127,000.
Offices of the Regional Agricultural Credit Corporations were established
in each of the 12 Federal Land Bank districts at the time it was made
a part of the Reconstruction Finance Corporation, for the purpose of
providing credit facilities for farmers who were solvent but unable to
obtain credit through the usual financial channels because of closed banks
and general economic conditions. The Government has been able to
protect thousands of farmers from foreclosure by this method and provide them with funds to make a new crop.
Unlike ordinary banking institutions, the Regional Agricultural Credit
Corporations advanced money on any article of security the farmer owned,
provided such security had been appraised by local inspectors and approved
by local loan committees. Money was advanced in large sums.if necessary,
to cattlemen or wheat growers, or in small amounts to farmers who operated
on a limited scale. The small advances have been known as."barnyard
loans," the smallest on record Is $25. The largest loan that has been
approved was for $750,000.
The Government made direct contact with these farm borrowers, at
no expense to them, through field agents of the Corporations, but the
overhead expense of this method of farm relief was reduced to a minimum
by the patriotic co-operation of the boards of directors and loan committees of the Regional Corporations, who receive only a per diem of
$4.25 while they worked for the Government.
The Regional Agricultural Credit Corporations have not competed with
local banks, and have discouraged applications for loans if these loans
could be negotiated elsewhere. The organization was perfected simply
to provide credit for farmers, and especially farmers of limited means.
whose credit facilities had vanished, if those farmers had something they
could offer as security to safeguard the Government's investment. This
form of security was often only a cow, some hogs or a truck—anything
of value to insure refunding of the loan, which the farmer agreed to repay
out of crop returns or the sale of livestock.
In many cases, this temporary plan of farm financing made it possible for
farmers to continue producing and prevented them from abandoning the
farm in disgust and joining the great army of the unemployed.
These 12 Regional Agricultural Credit corporations and their 22 branches,
cover the United States like a blanket. They protected thesheepmen in the
Northwest, the citrus growers in California, Texas and Florida. the cattle
ranchers of the far West, wheat, corn and cotton growers and the fruit and
potato growers of New England. The inspectors in Maine last winter
used snow shoes to call on the potato growers.
When the Regional Agricultural Credit Corporation left the Reconstruction Finance Corporation, the approximate total number of loans approved
by the corporations was 146.000. showing the broad aspect of this campaign
to aid the Nation's farmers. Of this general total, 28,268, or 19.46 %.
was for loans of less than $250. The largest number was in the class between $500 and $1,000, a total of 42,328, but there were 37 loans, or .03%.
for more than $100,000. Loan have been made in all the States and Puerto
Rico. The largest totals were in the wheat-growing, livestock-raising and
cotton-growing sections. Minnesota leads in numbers with 17,516; North
Dakota second with 17.121, and Texas third with 13,071. In total amount
of loans, however, North Dakota is first with $17.086,309 and Nebraska
second with $16,838,631.
The corporations have a capital structure of $44,500,000, but they have
discounted almost twice as much of their paper with the Reconstruction
Finance Corporation. They paid out from $5,000,000 to $6,000,000 weekly
in farm loans, and repayments are made as fast as crops are sold. The
Corporation was organized Sept. 1 1932 and the first loan was approved
on Oct. 8 last year.
President Roosevelt Initiates Investigation by Department of Justice Into Alleged Misuse by Private
Utilities of Government Facilities at Muscle
Shoals—Communication to President by Officials
of Alabama Power Co. and Tennessee Electric
Power Co.—Deny Any Improper Action by Those
Companies.
In Associated Press advices from Washington, May 18,
it was stated that a few hours after the signing of the Muscle
Shoals Bill by President Roosevelt it became known that
he had initiated a Department of Justice investigation into
charges that private utilities which have leased the Muscle
Shoals water power in recent years "misused and damaged
the great hydro-electric plant which has lain virtually
dormant since the construction by the Government in World
War days." These Associated Press advices, as given in the
Washington "Post" of May 19, added
Ickes Makes Charges.
The investigation by the Justice Department concerns charges brought
to the President by secretary Ickes, of the Interior. After complaints, he
sent an investigator to the Shoals. and the latter's report was understood
to contend that the Alabama Power Co. and the Tennessee Electric Power
Co. had improperly and destructively used the Muscle Shoals substation to
interchange power.
At Birmingham,Thomas W.Martin, President of the Alabama company,
denied anything irregular had taken place. In Washington, Maj.-Gen.
Lytle Brown, Chief of Army Engineers, who has had control of the plant.
said the same. Nevertheless, a thorough Federal inquiry is in prospect,
which, it appeared likely, would be directed by Huston Thompson,former
Chairman of the Federal Trade Commission.
In answer to inquiries concerning charges made against
the Alabama Power Co. and The Tennessee Electric Power
Co., executives of these companies made public on May 18,
a telegram to President Roosevelt as follows:
Birmingham, Ala., May 18 1933.
Honorable Franklin D. Roosevelt.
President of the United States,
Executive Mansions.
Washington. D. C.
The statement in the afternoon newspapers that the Tennessee Electric
Power Co. and the Alabama Power Co., have been guilty of the theft of
power or of any improper action in connection with the purchase of power
3834
Financial Chronicle
or the use of government facilities at Muscle Shoals is absolutely and
unqualifiedly false.
We respectfully request you to instruct those who are making the investigation for you to proceed at once and make it public, thorough and
complete in order that the officials of the Alabama Power Co. and the Tennessee Electric Power Co. may be able to show at the earliest possible date
the recklessly false and untrue nature of the charges quoted in the afternoon
newspapers to-day.
None of the Government facilities at Muscle Shoals have ever been
used by the Tennessee Electric Power Co. or the Alabama Power Co. other
than in exact accordance with understandings.
THOS. W. MARTIN,
President, Alabama Power Co.
.10. C. GUILD,
Vice-President and General Manager,
The Tennessee Electric Power Co.
On May 18, Associated Press advices from Chattanooga
said:
Major Robert N. Neyland, District Army Engineer stationed here, when
informed of the investigation started at Washington into alleged misuse of
power facilities at Muscle Shoals,said the plant always has been operated in
strict accordance with War Department orders and there had been "no
misuse at all."
Dr. A. E. Morgan, College President and Flood-Control
Expert, Named Head of Tennessee Valley Authority
—New Director Says Valley Plan May Aid Millions
Within Decade.
The appointment of Dr. Arthur E. Morgan to direct the
Tennessee Valley Authority created under the Muscle
Shoals Act was announced by President Roosevelt on
May 19. Dr. Morgan has been named for the term of nine
years beginning May 18 1933. He is President of Antioch
College at Yellow Springs, Ohio, and an authority on flood
control; he has had charge of the $60,000,000 flood control
project on the Miami River, following floods of 1913. More
than 100 other names are said to be under consideration for
the other two places on the Authority.
In a statement made on May 20, Dr. Morgan said that he
believed the Tennessee Valley project might aid "greatly in
keeping the proper balance between city and rural population. One million persons have returned to the Valley
because they lost work in cities and now have only slender
means of livelihood, the director said. He then continued,
according to the Associated Press:
We have them back in the hills with nothing to occupy them whatsoever.
They merely sit there and wait for a job.
It seems to me that mass production has gone too far in America. If
some industries can be adapted to small communities, you may keep those
folks at home instead of having them go to Cleveland and Detroit, where
they do nothing except obey orders, press buttons and punch clocks.
The nation would be much better off if we could keep these people at
home. There are too many in the cities.
I believe we can absorb about 2,000,000 in the Valley in the course of 10
or 20 years.
RailroadRelief Bill Passed by Senate—Six-Hour Day
Amendment Dropped Because of Roosevelt Opposition—Dismissal of Employees to Effect Retrenchment Is Prohibited—New Basis of Rate-Fixing
Specified.
The administration's bill setting up a Federal co-ordinator
to bring about railroad consolidations and economies was
passed by the Senate on May 27 without the formality of a
roll call, and the measure was sent to the House, where a
similar bill is still pending in Committee. The bill, which
combines both permanent legislation and emergency projects,
was amended by the Senate to prohibit dismissal of employes in effecting retrenchment. The bill was introduced
in Congress on May 4 after a special message from President
Roosevelt, and a favorable report was agreed upon by the
Senate Inter-State Commerce Committee on May 19. A detailed description of hearings on the measure was given in
our issue of May 27, page 3649.
On June 1 the House Inter-State and Foreign Commerce
Committee favorably reported the bill, and at the instance
of President Roosevelt agreed in principle to the Senate
amendment protecting railroad labor against loss of jobs.
Other minor amendments were adopted.
Before the bill was passed by the Senate, Senator Black
of Alabama withdrew a proposed six-hour-day amendment
when Senator Dill, Chairman of the Inter-State Commerce
Committee, said that the President "opposed it as unworkable in this emergency and that it would ruin the bill." He
added that the President's position had been accepted by the
labor unions. An amendment adopted at the request of
Senator Norris would require the Inter-State Commerce
Commission to fix rates to give a fair return upon either a
basis of prudent investment or cost of reproduction now,
whichever was the lower. Features of the bill, as passed
by the Senate, were described as follows in Washington advices to the New York "Times" on May 27:
The measure suspends the Anti-Trust Laws for one year and authorizes
a Federal co-ordinator to effect economies in co-operation with three rail-
June 3 1933
road regional committees by eliminating unnecessary duplication of services,
arranging for joint use of terminals and trackage, taking steps to avoid
waste, and promoting financial reorganizations to reduce fixed charges and
Improve carrier credit.
This section is for a two-year emergency period, but it could be extended
another year if the President desired.
The bill has two permanent sections, one repealing the recapture clause
of the Transportation Act retroactively and the other placing railroad holding companies under Federal control.
Although the co-ordinator could not fix rates, the bill sets up a new
basis for rate-making by declaring broadly that the Inter-State Commerce
Commission shall give consideration, in fixing rates, to their effect on
traffic movements, the need of adequate, efficient railway service at the
lowest cost consistent with furnishing it and the need of revenues sufficient
to enable the roads to provide this service.
Senator Borah, Republican, of Idaho, expressed opposition to setting
aside the anti-trust laws to permit mergers and consolidations as the roads
saw fit, but Senator Dill explained there was nothing in the bill that enlarged the Inter-State Commerce Commission's existing power to authorize
consolidations.
Ile added, however, that the bill was intended to give the Commission
control over consolidations effected through holding company operations
which the Commission could not reach now.
Joseph B. Eastman, a member of the Commission, has been prominently
mentioned as the President's choice for Federal co-ordinator.
The regional committees to be set up by the co-ordinator would be comprised of five members each from the Eastern. Southern and Western railroad groups, with special members representing short lines and electric
lines when their interests were affected.
The co-ordinator would see to it that labor committees were set up for
each
regional group of carriers. These would be selected from the regular railway labor organizations and be consulted before any order affecting employes was handed down.
"Yellow dog" contracts and company unions would not be recognized.
The co-ordinator would be required to notify State Commissions or
Governors before issuing any order relieving a carrier from operation
under
any State law or State Commission order.
His orders could be appealed to the Inter-State Commerce
Commission,
where all interested parties would have twenty days to lay
their complaints
before an order took effect.
Railway Unions Plan Plea to President Roosevelt on
Behalf of Six-Hour Day—A. F. Whitney Sees Little
Hope of Inclusion of Plan in Legislation by
Congress.
A plea to President Roosevelt to support the six-hour day
on American railways may be made by the 21 railroad
Brotherhoods, according to statements by A. P. Whitney,
President of the Brotherhood of Railway Trainmen and
Chairman of the Railway Labor Executives Association. Mr.
Whitney added, in a newspaper interview in New York City
on May 28, that he entertained little hope for modification
by the House of the Emergency Railroad Transportation
Act
as passed by the Senate on May 27, with the six-hour
day
section eliminated. Further details of the interview, as
given in the New York "Times" on May 29, follow:
lie criticized Congress as "reactionary" and declared that
the railway
brotherhoods, backed by the American Federation of Labor,
would now redouble their efforts for a reduction of working hours as
essential to economic recovery. As part of their campaign, Mr. Whitney
indicated, the
railway brotherhoods may now try to enlist the interest and
support of
President Roosevelt.
He denounced as "subterfuge" the elimination of the six
-hour-day section from the Railroad Bill on the promise that it would
be reintroduced in
other form upon the re-assembling of Congress in the Fall.
He took occasion also to assail the reorganization of
the railroads as
proposed under the Transportation Act. He said the
brotherhoods were
opposed to the consolidation of the roads under a Federal
cause it proposes to set aside the anti-trust laws and co-ordinator, bethus strengthen
monopoly and because the bill is "a left-handed step toward
socialization of
the railroads."
Railroad Executives Testify Before L-S. C.
Commission
on Proposal to Reduce Freight
Rates—R. H.
Aishton Asks Restrictions on Competitive
Transportation—Daniel Willard Declares General
Rate
Cut Would Mean Disaster to Majority of
Carriers.
Testimony by leading railroad executives was given before
the Inter-State Commerce Commission at a
series of hearings beginning on May 25 to gather data
regarding a proposal to reduce freight rates. These hearings
represent the
final stages of an investigation by the Commission,
which
was undertaken on the request of national organizations
of
so-called basic producers that the railroads be called upon
to show cause Why they should not be
required to make
drastic cuts in prevailing rates. Testimony from shippers
supporting the general reduction had been given to the Commission before it opened the sessions at Which the railroads
had an opportunity to present their case.
Among the witnesses appearing during the recent hearings,
R. H. Aishton, Chairman of the Executive
Committee of the
Association of Railway Executives and Chairman of the
Board of the American Railway Association, declared on
May 25 that co-ordination of the nation's transportation
facilities Into an effective system cannot be achieved without relaxing railroad regulation and imposing similar restrictions on competitive transportation agencies. Daniel
Willard, President of the Baltimore & Ohio Railroad, told
Volume 136
Financial Chronicle
the Commission on the following day (May 26) that he
"staked his reputation" on the assertion that a general reduction in freight rates would mean disaster to a majority
of the railroads. Testimony of Mr. Aishton and Mr. Willard,
as summarized by the WaShington correspondent of the
New York "Times," follows:
Holding that it is generally conceded that adequate railroad transportation service is essential, Mr. Aishton declared the railroads can only meet
this public demand on a basis of equality of opportunity.
"The inequitable relationship of to-day cannot continue if railroad service
of to-rnorrow is to meet the public's requirements," he said. "Progressive
and sound co-ordination of all means of transportation cannot otherwise be
achieved."
In a statement Mr. Aishton set forth the decline in net railway operating
income from $1,251,698,000 in 1929 to $326,364,000 in 1932, and repudiated the contention that a blanket freight rate reduction would increase
traffic.
"For three years," he said, "the railroads have been advocating the
changes required for equality of opportunity with all instrumentalities that
serve the public in the field of transportation.
"It is essential that a realization of sound and equitable policies should
be had at the earliest possible moment."
Throughout a cross-examination by former Senator Smith W. Brookhart,
of Iowa, Mr. Aishton adhered to his argument that a general reduction in
rates would have little, if any, effect on the volume of traffic handled.
"Traffic may remain the same after as before a reduction in rates," he
said, "or it may increase to some extent, yet unless such increase is sufficient to overcome the loss in net revenue on the whole traffic due to the
lower rate, the final effect of the reduction is a decline in net revenue."
Statistics of Debt.
Answering a series of questions propounded by the Commission at the
opening of the investigation, Dr. Julius Parmelee, statistician for the Association of Railway Executives, said that Class I roads had a total outstanding
funded debt at the close of 1932 amounting to $10,812,796,385.
Deducting from this total $728,777,307 of equipment obligations, with
serial maturities and difficult to classify as to interest rate, and deducting
also a small amount of receipts outstanding, according to his estimate,
$10,084,013,450 of bonds bore an average nominal interest rate of 4.59%.
These outstanding bonds were grouped according to their interest rate by
Dr. Parmelee as follows:
Distribution
Interest Rate %—
Amount.
$571,507,955
17
3 to 3.993,458.755.458
34.3
4 to 4.49
2,102,766.179
4.50 to 4.99
20.8
5 to 5.99
2,900,841,625
28.8
6 to 6.99
9.2
934.625,544
7
1.1
107.359,000
Rate not shown
0.1
8,157,689
Total
$10,084,013,450
100.0
Called upon by the Commission for a statement of his opinion, as the
head of what it considers "the typical railroad of the East," Mr. Willard
said:
"I say that any general rate reduction at this time, with the present
greatly reduced volume of business, together with the uncertainty of the
future, would tend to bring financial distress if not disaster to the majority
of the railroad companies of the United States.
"I appreciate that this is a very serious statement to make, but I wish to
add that it reflects my carefully considered judgment, based not only on
the statements which the railroad witnesses have submitted but upon some
considerable personal experience of my own."
Argument Is Forceful.
Mr. Willard's was the most forceful language used by any of the witnesses
presented by the railroads to refute the argument advanced by national associations of basic producers that a general reduction in rates would aid
business generally and increase the volume of railroad traffic.
"I do not believe," he said, "that a general reduction in freight rates at
this time would have any appreciable effect on the volume of business now
moving.
"I ought perhaps to add that railroad rates are constantly being reduced
either upon the initiative of management or by order of the Commission.
There has been a total reduction of 18% since 1922, including the first 10%
reduction ordered in 1922."
Taking Commissioner Joseph B. Eastman as his authority, Mr. Willard
said that, contrary to the popular impression, railroads are not overcapitalized.
"The same thing is true of the Baltimore & Ohio," he went on. "It
is not
overcapitalized, and yet at the present time over $315,000,000 of its capitalization is receiving no return whatever and the average
rate of interest
paid upon its outstanding funded indebtedness is less than 5%.
"The applicants in this case have repeatedly called
attention to the
decline in commodity prices and to the fact that railroad rates
have not
declined in similar amount.
"Assuming that there is a relationship between commodity
prices and
railroad rates, which I do not concede, I venture to call
attention to the
fact that since this application was filed the Congress of the United
States,
responsive in part at least to requests from some of the associations
which
are among the applicants in this case, has enacted a law, which the
President
has signed, the announced purpose of which is to bring about an increase
in
commodity prices.
"If the law just enacted has the effect which the Congress
expects, the
alleged maladjustment between railroad rates and commodity prices
which
the applicants in this case complain of will be largely, if not
corrected—not, however, by the destructive method of further completely,
reducing or
deflating railroad rates but rather by the constructive method
of raising
the commodity prices themselves."
Reconstruction Finance Corporation Ruling Requiring
Reduction in "Excessive" Salaries of
Executives
Before Loans Will Be Made to Corporations—
Scale of Cuts Runs from 60% on Highest Salaries
to 10% Between $4,800 and $10,000—Rule, Already
Applied to Southern Pacific, Expected to Affect
Railroads Chiefly.
Corporations which in the future wish to obtain loans from
the Reconstructive Finance Corporation must reduce exces-
3835
sive salaries paid to executives, according to a ruling announced by Jesse H. Jones, Chairman of the Corporation, on
May 28. Under this ruling salaries exceeding $100,000 must
be reduced 60%,including previous cuts, while a sliding scale
of reductions is specified for salaries in lower brackets. The
reductions will remain effective until the loans are liquidated
or until the corporations are able to meet fixed charges out
of revenues. The procedure mentioned has been applied to
the Southern Pacific Co. when its request for a loan of
$23,200,000 was approved. The statement issued by Mr.
Jones follows:
Although Congress has not yet adopted the legislation limiting salaries of
officers of corporations borrowing from the Reconstruction Finance Corporation, the Board of Directors of the Reconstruction Finance Corporation
made it a condition of the loan to the Southern Pacific Co. that, in the event
such a law is passed by Congress, the officers of the Southern Pacific will
put whatever limitation Congress imposes into effect from June 1 1933.
Regardless of Congressional action, the Corporation made it a condition
of the Southern Pacific Co. loan that salaries be reduced according to the
following percentages:
Any salary that has heretofore been more than $100,000 per year, to be
reduced not less than 60%, including previous reductions; salaries that
have ranged from $50,000 to $100,000, to be reduced not less than 50%,
including previous reductions; those ranging from $25,000 to $50,000, to be
reduced not less than 40%, including previous reductions; those ranging
from $15,000 to $25,000, to be reduced not less than 25%, including previous reductions; those ranging from $10,000 to $15,000, to be reduced not
less than 15%, including previous reductions, and those salaries and wages
from $4,800 up to $10,000 to be reduced not less than 10%,including reductions heretofore made.
Deductions of approximately 25% have already been taken by the higher
salaried officials of this road. Union contracts are not affected by the
Corporation's requirements.
These are the maximum salaries that can be paid by the borrowing corporation during the continuance of the loan of the Reconstruction Finance
Corporation, or until the road is earning all fixed charges. The road is also
required to go to hankers and the public for funds to repay the Government
as soon as the money market will permit.
While the Southern Pacific RR. loan is the first in which these salary
reductions have been required, it will be the policy of the Corporation to
impose similar conditions in all future loans to railroads or other corporations
paying excessive salaries.
According to Washington advices to the New York "Times"
on May 28, it is the general impression that the ruling will
affect chiefly the railroads. Discussing salaries paid railroad executives, the dispatch mentioned states:
According to a compilation of salaries made by the Inter-State Commerce
Commission in June 1932, the Chairman of the Executive Committee of the
Southern Pacific Co. received $150,000 in December 1929, which was cut to
$135,000,000 as of March 1 1932 ; the Vice-Chairman, $85,000 in 1929 and
$76,500 in 1932, and the President $100,000 in 1929 and $90,000 in 1932.
The Chairman and Vice-Chairman held the same office also on the Texas
New Orleans. Such additional reductions as have been made have not been
tabulated.
This report was compiled from questionnaires sent to the railroads at the
request of Senator Couzens and transmitted to him by Commissioner Eastman. It listed the following salaries:
President—
Dec. 1 1929. Mar. 1 '32.
tchison
$75,000
$67,500
Atlantic Coast Line
30,000
27,000
Baltimore & Ohio
125,000
120.000
(Senior Vice-President)
75,000
76,500
Boston & Maine
50,000
45.000
Chicago & Northwestern
75,000
61.000
Chicago Milwaukee St. Paul & Pacific
75,000
67,500
Delaware & Hudson
100,000
90.000
Denver & Rio Grande Western
60.000
54.000
Erie System
75.000
67,500
Great Northern
90,000
60.000
Illinois Central System
100.000
90,000
Lehigh Valley
80.000
72.000
Missouri Pacific System_
100,000
73.333
New York Central System
100.000
90.000
New Haven System
75.000
90.000
Pennsylvania System
150,000
135.000
(Vice-President)
65,000
58.500
Southern Railway System
100,000
67,500
Union Pacific System
100,000
90,000
In connection with the salary of the President of the Baltimore & Ohio,
the report said that $120,000 as of March 1 1932 was figured after a reduction of 20%, effective May 1 1931, the salary at that time apparently having
been increased to $150,000 since the Dec. 1 level.
There have been numerous reductions since March 1932, bringing the
level of salaries to a somewhat lower range than given in the report, but these
have not been made available by the Commission.
Joint Stock Land Banks Must Liquidate, Says Webster,
Kennedy & Co., as Result of Enactment of Farm
Mortgage Relief Bill—Failure to Make Congress
Recognize Title "Instrumentalities of the United
States Government" Regarded as Adverse Action.
As a result of the enactment into law of the new Farm
Mortgage Relief bill, the future of the Joint Stock Land
Banks has been definitely defined, say Webster, Kennedy &
Co., of.New York, specialists in these securities, in a special
study of the new legislation. The firm says:
It will be learned with disappointment that all Joint Stock Land Banks
must liquidate--those that can, in an orderly manner, those that
cannot,
have the alternative of early receivership or readjusting their obligations in
line with their shrunken assets at the expense of bondholders.
The hope that Congress would recognize and endeavor to give some meaning to the title "Instrumentalities of the United States
Government" has
ended in disappointment. The effort, by friendly interests, to
have these
banks liquidated through the Federal Farm Loan System, on a fair appraisal
basis has also failed to get support. In fact, the new legislation has resulted
largely from the efforts of the "Farm Bloc" to bring about a reduction in
3836
Financial Chronicle
Interest rates to farmer borrowers and to stop foreclosures. Realizing that
they could not, legally, force the Joint Stock Land Banks to lower their
interest rates on farm loans and stop foreclosures, yet knowing that a
majority of the banks could not continue in business without financial assistance, the Farm Bloc leaders arranged the bill so as to make it virtually
impossible for these institutions to carry on.
Those weaker banks of the system which have been forced
to borrow from the Reconstruction Finance Corporation to
keep out of receivership now find themselves facing a critical
situation, the study continues. Having been authorized to
borrow only under provisions of the new law, they are apparently shut off from continuing on the old basis of unrestricted loans from the Reconstruction Finance Corporation.
The firm continues:
It appears certain that many of the banks will have to borrow or default
on bond interest within the next few months. Out of 46, only 18 have
earning assets equal to outstanding bonds, and, in many instances, a major
percentage of these assets simply represent loans that have not been foreclosed, although they have been definitely in default for some time. Certain
of these 18 banks are sound and will work out within their own resources,
but some will undoubtedly require reorganization.
As to the remaining banks, a number whose earning assets are slightly
below their outstanding bonds, yet which still show a good reserve and surplus, will probably be able to get along without borrowing from the liquidation fund (as provided under the new law). But the balance have such a
serious deficit between earning assets and bonds, and so many of these
assets are in default, that they will be forced to borrow soon or default on
interest, which means receivership.
The various banks "must offer some kind of compromise
proposition to bondholders which will scale down the indebtedness of the bank to a point which will permit continued
operation on an interest-paying basis," says the firm, which
adds:
If they apply for and receive loans from the $75,000,000 fund made available by the Emergency Farm Relief bill they must reduce their interest
rates on all mortgage loans outstanding to 5%. They can only hope that the
bondholders will see the picture clearly and co-operate in keeping the bank
out of receivership. That this can be accomplished is entirely problematical.
It will probably take several more receiverships to put force behind any
new reorganization plans.
Board of Indianw Commissioners is Discontinued—
President by Executive Order Abolishes Service as
Measure in Interest of Public Economy.
The Board of Indian Commissioners is to be abolished and
its functions taken over by the Secretary of the Interior.
From the "United States News" we quote:
Action to this end was taken May 25 by President Roosevelt in the
interests of economy, and subsequently the Department of the Interior
announced that substitution of Federal day schools and the public school
facilities for some of the Government Indian boarding schools is one of
the ways in which the Indian Service of the Department will accomplish
budgetary changes made necessary by the economy program.
The President sent a message to Congress with an executive order abolishing the Board of Indian Commissioners. The message follows:
To the Congress: Pursuant to the provisions of Section 1, Title III, of
the Act entitled "An Act to maintain the credit of the United States Government," approved March 20 1933, I am transmitting herewith an executive
order abolishing the Board of Indian Commissioners.
There is no necessity for the continuance of this Board and its abolition
will be in the interests of economy.
FRANKLIN D. ROOSEVELT.
May 25 1933.
Arms"Embargo Resolution Reported to Senate With
Amendment Providing That Any Ban on Arms
Shipments Would be Invoked Against All Parties
to a Dispute—Clause Urged by Senator Johnson
Said to Assure United States Neutrality.
The arms embargo resolution, which was passed several
weeks ago by the House of Representatives, was favorably
reported to the Senate on May 27 after an amendment had
been adopted restricting the President in the use of the
proposed embargo authority to prohibiting exports of arms
to all parties in international disputes. This compromise
measure was agreed to in conferences between Secretary of
State Hull and Chairman Pittman of the committee, and
was the result of proposals of Senator Johnson that the
embargo might not be decreed to affect a single nation.
The amendment adopted by the committee and included
in the reported resolution reads as follows:
Provided, however, that any prohibition of export, or of sale for export,
prohibited under this resolution, shall apply impartially to all of the parties
in the dispute or conflict to which it refers.
Authorship of this amendment was attributed to John
Bassett Moore, authority on international law, who had
severely criticized the resolution in the form in wLich it
passed the House. Senator Johnson said that the amendment
"retains the status of neutrality of this nation" and added
that "if an aggressor is to be determined, the Congress
retains the right to act." The complete text of the resolution, as amended, follows:
Joint Resolution to prohibit the exportation of arms or munitions of war
from the United States under certain conditions:
Resolved by the Senate and the House of Representatives of the United
States of America in Congress assembled. That whenever the President
finds that in any part of the world conditions are such that the shipment of
June 3 1933
arms or munitioneof war from-countries which produce these commodities
may promote or encourage the employment of force in the course of a dispute
or conflict between nations, and, after securing the co-operation of such
governments as the President deems necessary, he makes proclamation
thereof, it shall be unlawful to export, or sell for export, except under such
limitations and exceptions as the President prescribes, any arms or munitions of war from any place in the United States to such country or
countries as he may designate, until otherwise ordered by the President or
by Congress. Provided, however, that any prohibition of export, or sale
for export, prohibited under this resolution, shall apply impartially to all
the parties in the dispute or conflict to which it refers.
Sec. 2. Whoever exports any arms or munitions of war in violation of
Sec. 1 shall, on conviction, be punished by a fine not exceeding $10,000 or
by imprisonment not exceeding two years, or both.
Inquiry into Affairs of J. P. Morgan and Other Private
Bankers—President Roosevelt Reported as Telling
Senate Committee He Desires Inquiry Pushed.
In Associated Press advices from Washington May 29,
it was stated that President Roosevelt told members of the
Senate Banking Committee that day that he wanted their
investigation of J. P. Morgan & Co. and other private
bankers to be pushed forward "without limit." The
Associated Press added:
In an official source it was asserted that the President "renewed his expression of desire to have the investigation go through without limit and
indicated his complete confidence in the Committee."
At the beginning of the investigation into private bankers, President
Roosevelt gave the Committee his backing and urged that the inquiry be a
thorough one.
As a matter of fact, it was said to-day in an informed quarter, the President suggested to the Committee at that time that its activities be turned
toward the private bankers.
Documents in the hands of Senate investigators show J. P. Morgan &
Co. and its affiliate, Drexel & Co., have sold six bond issues during recent
years which do not mature until after the year 2,000.
This practice was severely criticized at the last session of Congress by
Senator Couzens, who was then Chairman of the Senate Inter-State Commerce Committee. Railroad officials defended the procedure,saying many
investors want securities which will insure return for many years to come.
The list, carried in documents filed with the Committee, by the Morgan
company, follows:
Issues managed by J. P. Morgan & Co.:
Cincinnati Union Terminal Co., issued Nov. 19 1931, first mortgage,
5%,$12,000,000, issue price 97,due July 1 2020; selling profits 359.793.
Same company, issued Sept. 25 1930, first mortgage, 43 %,$12,000,000,
issue price 102 H,due July 1 2020; profits $64,000.
Louisville & NashvIlle RR. first refunding mortgage, 4% 0, issued
Feb. 7 1930, $15,000,000, price 95, due April 1 2003; profits $113,360.
Morris & Essex RR., issued Oct. 21 1927, first refunding 3%%,$9,871,000, price 85, due Dec. 1 2200; profits $40,869.
New York Central RR., issued March 10 1931, refunding and improvement
%.$75.000.000. price 100, due Oct. 1 2013; profits $400,403.
Issues managed by Drexel & Co.:
Lehigh Valley RR. general consolidated mortgage, 4%, issued Dec. 28
1927, $12,686,000, issue price 923, maturity 2003; profits $54,822.
Inquiry into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Exchange Trading
—Senator Glass Disavows Any Morgan Link.
The following (copyright by Nana, Inc.) from Washington
May 29, is taken from the New York "Times":
Threats and insulting letters by the score have beaten down upon the
head of Senator Carter Glass of Virginia because of his persistent opposition
to the methods used in the J. P. Morgan & Co. inquiry before the Senate
Committee on Banking and Currency.
Many in Washington and the country at large are puzzled to know why
this frail but doughty Senator, who has fathered most of the bank-reform
legislation in Congress in the last quarter century, should seemingly take
up the cudgels for the house of Morgan, which fought most of that legislation tooth and nail.
All the threats, all the criticism and all but one of the insults directed
against Senator Glass as an alleged "tool" of Wall Street have glanced off
harmlessly. One single exception sent him into a tower of rage, for it was
an uncomplimentary telegram from a man of some standing in the East.
The Virginian wrote this reply:
"Dear Sir: I am wasting a three-cent stamp to say I always disregard
the insults of a blackguard, particularly when they come from a distance?.
Pecora Is Criticized.
"I haven't the remotest relation to the house of Morgan and I don't
give a continental for it," Senator Glass said in an interview. "I do care
a great deal for the dignity of the Banking and Currency Committee of the
Senate, of which I've long been a member, and for orderly and sensible
procedure by the committee.
"Our members have been drawn around a long table for nearly a week
without one particle of knowledge beforehand about what counsel for the
committee proposed to disclose, without being given one particle of information as to what,if anything, J. P. Morgan & Co. has done of an informal,
illegal or illicit nature.
"Counsel for the committee, with a corps of some 15 or 20 accountants
and experts, spent weeks in combing the files and private papers and correspondence of the firm of Morgan & Co. One thing they seemed to have
discovered was that the Morgan firm had illegally and irregularly charged
off a loss of $21.000,000, thereby escaping, contrary to law, payment of
income taxes on that amount.
"It seemed to me inevitable that any counsel intent upon making a
fair and honest investigation of a banking firm, whether it be that of Morgan
or some one else, would have immediately demanded to know the meaning
of this apparent illegal evasion of income tax payment.
"Yet, Mr. Pecora waited until he had Mr. Morgan on the stand, and
without informing the committee as to his purpose, deliberately made the
impression on the committee, upon the press and upon the country that
this banking firm had been guilty of an irregular if not a criminal evasion
of the income tax law.
Cites Waste of Time.
"The facts are that despite Mr. Morgan's contention that he personally
was ignorant of the details of the transaction in question, Mr. Pecora
refused until compelled by the committee to call to the stand Leonard
Volume 136
Financial Chronicle
Keyes. Morgan's office manager, who made out the firm's income tax
returns for 16 years.
It "When Mr. Keyes did go on the stand his testimony, uncontradicted
to this moment, showed that the firm had done nothing of an irregular,
immoral or illegal nature so far as its Income tax returns were concerned,
but it had complied with every requirement of the law and had freely
submitted its income tax figures to the sworn and tested examiners of the
Internal Revenue Bureau.
"Had these facts been presented to the subcommittee prior to the opening
of the hearing, the committee then could have decided whether or not to
waste an entire day in police court interrogations of Mr. Morgan and Mr.
Keyes upon the groundless assumption that the banking firm had been
guilty of some irregular or illegal evasion of its income tax."
Senator Glass insisted that he felt no antagonism toward Mr. Pecora
and no particular friendliness for Mr. Morgan.
Inquiry into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Exchange Trading
—Use of Private List by Banking House Defended
by George Whitney in Outlining Sale of United
Corporation Units Below Market—Senator Kean,
Dwight W. Morrow, Edgar Rickard, at One Time
Called Hoover Aide, Named at Probe.
Vigorous defense of the practice of J. P. Morgan & Co.
in offering common stocks of corporations in which it is
interested to individual buyers at cost, was offered before
the Senate Banking Committee on May 31 by George
Whitney, partner of the firm. The Washington correspondent of the New York "Journal of Commerce" in its
account of this went on to say:
Mr. Whitney's explanation of the practice to distribute risks to the
banking house came after a detailed probe into the financial set-up of the
United Corp., public utility holding company, organized by the Morgan
firm.
Ferdinand Pecora, counsel for the stock market investigation committee,
developed to-day that the Morgan firm passed on to another "private list"
of its customers units of United Corp. stock at a price of about 324 per
unit lower than it opened on the exchanges.
Option Warrants Cited.
The committee counsel further brought out that option warrants on
United Corp. stock, acquired by the Morgan firm during the transaction,
could have been marketed at a profit of about $68,000,000.
Mr. Whitney counteracted this latter development with the statement
that the banking firm could have made about $58,000,000 on certain stocks,
that it traded for United Corp. securities without taking the trouble of
organizing the holding company.
Protesting the reference to the list of customers allowed to purchase units
of United stock at the same price it cost the Morgan firm, as a "preferred
list," Mr. Whitney declared that those taking advantage of the firm's offer
assumed a definite business risk.
The idea is not new, he contended, and is common practice in England
and was in this country long before "boom" times. "We used them to
distribute the underwriting of common stocks we did not think it would
be secure for the bank to carry," he explained.
Mr. Whitney told Mr. Pecora that there were instances where his firm
had used the "private lists" before 1927, although there were few instances
during that period calling for their use.
Not Preference Lists.
"We do not consider them preference lists," he said. "They are lists of
people we know, have had relations with and are competent financially
and mentally to undertake the risk we offer them."
Later under cross-examination by committee counsel the witness declared
that the transactions were not underwriting the technical legal form, but
that they were done to "divide our risk."
"They were definite and direct purchases for sale transactions, but had
the same results as far as J. P. Morgan & Co. was concerned as underwriting," he emphasized. "While they were straight sales they
have in
the financial field an element of underwriting."
Asked what risk the customers had to take when the stock was offered
to them at $20 per share while it was selling on the market
at $37, the witness stated that he did not think that had been shown. He stated that the
stocks (Alleghany Corp.) were not being quoted on the market when the
Morgan house made the offer to sell.
Mr. Pecora replied that trading on a "when issued basis" opened on the
Alleghany stock Jan. I 1929 at 30 to 32, and asked if the witness could
produce letters to the private customers making offerings at 20 before that
date. Mr. Whitney stated that most of the offers were made in conversations over the telephone and no records were kept.
Harmony on Course.
Dissension that has existed in the committee at the manner in which the
investigation was being conducted was ironed out at an executive session
this morning. Senator Glass, who had objected to "circus" methods and
who had asked to be informed as to the course of the proceedings, declared
that he was satisfied and had obtained the information he desired.
In organizing the United Corp., J. P. Morgan & Co. received 800.000
shares of common stock in the corporation. 600.000 of the $3 preferred stock
and 714.000 optional warrants allowing the purchase of common stock at
$27.50 per share. Later the firm purchased for $10,000,000 400.000 shares
of common stock and 1,000,000 option warrants. An offer similar to the
latter transaction was made at the same time by Bonbright & Co. and
accepted.
In passing the stock in the corporation to customers on ita private lists,
the company sold the stock in $75 units consisting of one share of $3 preference stock, at its liquidating value of $5 and one share of common stock
at $25. Mr. Whitney explained that this private offering, made at cost
to the Morgan firm, was made during Jan. 9 and 14 1929.
Mr. Pecora pointed out that George Howard, President of the United
corp., had previously testified that on Jan. 21 the first quotation on the
counter market priced the units at $99.
Denies Bonus Grant.
After Mr. Whitney had stated that the stock was sold to the private customers at cost to the firm, Mr.Pecora asked if the option warrants the company received in the transaction were held as a bonus. Mr. Whitney replied
in the negative, adding that the warrants were not carried on the company's books because they were not "proper assets."
Mr.Pecora introduced evidence showing that the option contracts rose to
$47.50 during the climb of the United Corp. stock. Mr. Whitney stated
under examination that the company sold 200,000 of the warrants from
3837
July to September, 1929 at an average price of about $40, a total of 38,490.000.
The committee counsel then asked if the Morgan partners could not have
sold the remaining 1,514,000 warrants at a "very substantial" price for
some time after that.
Mr. Whitney pointed out that the firm still held the options and that
it was a matter of speculation as to at what price they could have been sold.
He added that the options are still bringing about $2 on the curb market
"because people still think it is a privilege to pay that amount for an
option to buy at $27.50 stock that now sells for about $9."
In the list of the customers invited to purchase the United Corp. units
were the names of Secretary of the Treasury Wood's', Senator McAdoo
(Dem., Calif.), John J. Raskob and Norman H. Davis, Ambassador-at
Large, all of whom have been named in previous lists.
Dwight W. Morrow,former Ambassador to Mexico, was another prominent notable listed, as was Charles G. Dawes, who was Ambassador to
England at the time he was indebted to the Morgan company.
An attempt to link former President Hoover with the private list through
Edgar Pickard. said to have been his financial agent, named on the United
Corp. list, was made by Senator Costigan (Dem., Colo.). Mr. Whitney
declared that he did not know Mr. Pickard.
Senator Kean (Rep., N. J.), whose banking firm of Kean, Taylor & Co.,
was listed, issued a statement through the committee pointing out that his
firm has associated in Morgan issues for a considerable time. He declared
that he had no knowledge of the United Corp. transaction.
The following is from the Washington dispatch May 31
to the New York "Times":
Kean Explains Morgan Offer.
The following explanation by Senator Kean of New Jersey for the name
of his firm Kean, Taylor & Co., being on the United Corp. list, was read
into the record by Senator Fletcher, Chairman of the Committee:
"A newspaper reporter came in to see me last Thursday and said the
name of my firm, Kean, Taylor & Co., was on the list of Messrs. J. P.
Morgan & Co.
"I asked Mr. Pecora on Friday if this was so, and he said he would look
It up.
"When I was a young man, after starting the firm in 1892, I was able
to place a considerable number of bonds brought out by Messrs. J. P.
Morgan & Co. I asked the present Mr. Morgan's father for an interest
in the bond syndicates that they were bringing out, and Mr. Morgan
having a kind heart and finding that I was ready to work, gave me a small
interest from time to time, on which amounts I made good.
"In other words, I sold more bonds than my proportion of the syndicates,
and I have taken interests in the Morgan offerings ever since. At about the
same time I obtained like interests in bond syndicates originated by Messrs.
Kuhn, Loeb & Co.; Dillon, Read & Co. and other issuing houses, because
as a distributer I could be useful to them.
"Since becoming a member of the Senate I have spent most of my time
in Washington, so that I am and have been out of touch with my office
and business there."
Inquiry into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Exchange Trading
—List of Those to Whom Stock of United Corporation, Inc., Was Sold Below Market Price.
The following list of those to whom J. P. Morgan & Co.
sold stock of the United Corporation, Inc., at $75 a share
in January 1929 when it was listed on the market at $99,
was placed in the record of the Senate investigation on
May 31 by Ferdinand Pecora, counsel for the Banking
and Currency Sub-committee, according to the "Times":
Name.
Shares.
Mrs. Helen B. Achelis
300
W. H. Aldridge, President, Texas Gulf Sulphur Co
1,000
A. M. Anderson, partner, J. P. Morgan & Co
2.000
Joseph Andrews, trustee, Bank of New 'York Sr Trust Co
100
Mrs. Irma D. Ashmead
50
I. C. R. Atkin
100
The Atlantic-Merrill Oldham Corporation
1,000
J. Howland Auchincloss
300
C. A. Austin, late President Equitable Trust Co
500
Mrs. Isabel Valle Austin
200
Gaspar G. Bacon and George Whitney
500
Trs. U-13 of trust dated 11-13-14, Mrs. Hope Norman Bacon
1.000
Priscilla T. Bacon, George Whitney and Gaspar G. Bacon, trustees
U-D of trust for benefit of Geo. F. Baker
5,000
Donald C. Bakewell, President Duquesne Steel Co
160
Bankers Company of New York, security affiliate Bankers Trust
5.000
Charles H. Barnes, director Medford Trust Co
30
Sosthenes Behn,Chairman International Telephone & Telegraph Co. 1,000
Otto F. Behrend. Treasurer Hammermill Paper Co
100
C. J. Bennett
15
J. J. Bernet, President
Ohio RR
500
Stephen Birch. director Kennecott Copper Co
1,000
C. N. Bliss, director Bankers Trust Co
2.000
Birth & Co., investment bankers
1,500
Amy W. Board
25
Bonbright & Co., investment bankers
81,262
Bonbright & Co., investment bankers
121,668
Nicholas F. Brady, late Chairman New York Edison Co
3,000
Charles S. Brewer
1,000
Bradford Brinton, director J. I. Case
300
Brown Brothers & Co., investment bankers
3,000
George F. Brownell, Vice-President Erie RR
200
Matthew Brush, President American International Co
1.000
Roger H. Bullard
50
George Burgess
50
W. E. Burnet, director South Porto Rico Sugar Co
200
Ward M. Canady, President U. S. Advertising Corp
1.000
W. C. Cannon, partner Davis. Polk, Wardwell, Gardner 81,
. Reed
300
George W. Carpenter, partner Jesup & Lamont, members New
York Stock Exchange
400
Mrs. Kathryn R. Carpenter
5
W. L. Carson
100
Dr. Alfred H. Clark
500
E. H. Clark, director Irving Trust Co
500
Clark. Dodge dr Co., members New York Stock Exchange
5.000
Leon R. Clausen, President J. I. Case
500
E.0. Congdon
160
Continental National Bank & Trust Co
3.000
Clinton H. Crane President St. Joseph Lead Co
500
8,, M. Crocker. Vice-President International General Electric Co.._
100
Mrs. P. E. Crowley
500
George Dahl
40
Arthur V. Davis, Chairman Aluminum Company of America
1.000
A. B. Davis
10
Henry G. Davis
100
John W. Davis, oounsed J. P. Morgan & Co
500
Norman H. Davis, U. S. Ambassador at Large
250
Donald K. David, trustee Bowery Savings Bank
200
nokakk.&
3838
Financial Chronicle
June 3 1933
NameShares.
Name.
Shares.
Lewis C. Dawes
Old Colony Corp.,security affiliate First National Bank of Boston_ _ 2,000
300
D. Debevoise
John Oldham, director Atlantic National Bank
200
Moreau Delane
Robert E. Olds, late Assistant Secretary of State
1,0(8
)
1
500
Wm. F. Delany
General John J. Pershing
20
250
Edward Dibrell
Harry Peters
250
500
D. J. Dimock
Frank L. Polk, partner Davis, Polk, Wardwell & Reed
50
500
Dominick & Dominick, member New York Stock Exchange
W.Julius Polk
5,000
200
Camille Dreyfus, President Celanese Corp
Daniel E. Pomeroy, director American Brake Shoe and Foundry.. _ _
300
250
J. A. M.de Sanquhez, employee J. P. Morgan & Co
25
W. C. Potter, President Guaranty Trust Co
7,000
Drexel & Co., Philadelphia partnership of J. P. Morgan & Co
000
John W. Prentiss, Hornblower & Weeks, member New York Stock
Drexel & Co., Philadelphia partnership of J. P. Morgan & Co
8
Exchange
1,000
1,883
W.Echtermeyer
Seward Prosser, Chairman Bankers Trust Co
7.000
1,06
3
F. H. Ecker. President Metropolitan Life Insurance Co
Phillips Exeter Academy, trustees for the benefit of
500
Mrs. Cornelia Cousins Egan, wife Morgan employee
Mrs. D Y. Ranson Jr
2C0
300
Dean Emory
John J. Raskob,former Chairman Democratic National Committee;
500
Robert W. Emmons 3d, partner Gammack & Co., members New
director General Motors
2,500
York Stock Exchange
100
Lansing P. Reed, partner Davis, Polk, Wardwell & Reed
500
Miss Alwens G. Evans
5
S. W. Reyburn, President Associated Dry Goods
500
Evans, Stillman & Co., members New York Stock Exchange
500
Miss Ester S. Rich
5
William Everdell. director Continental Mortgage Guarantee Co_ _ _
150
Edgar Rickard
400
George B. Everitt, President Montgomery Ward & Co
Mrs. Rose M. Ricketts
10
500
J. V. Ewing estate
J. Henry Reraback. director Aetna Casualty Co
1,000
300
Charles S. Ruffner, director A. P. W Pulp & Paper Co., Ltd
1,000
William Ewing, special, partner J. P. Morgan & Co
100
1,000
G. Faccioli
80
Salomon Brothers & Hutzler, investment bankers
50
Eliot Farley, President D. L. & W. Coal Co
1,000
A. H. Sanford
500
200
Herbert L. Satterlee, member Satterlee & Canfield
Mildred Farwell
1,000
Dr. E. Ross Faulkner
500
Franz Schneider, Vice-President Newmont Mining
William C. Finley
500
Schoellkopf, Hutton & Pomeroy, Inc.. investment bankers
1,500
Mrs. Florence S. Schuette
First Chicago Corp., affiliate First National Bank, Chicago
2.000
1,000
First National Corp
2,000
Robert Meridith Serale
1,000
15,000
First Security Co., security affiliate First National Bank of N. Y
Charles Seymour
160
2,000
Malcolm D. Simpson
25
Laurence P Fisher President Cadillac Motor Co
1,000
A. P. Sloan, et al., President General Motors
Major Max C. Fleischmann, director Standard Brands
3,500
50
Carl Flach
Matthew S. Sloan,former President N. Y. Edison
1,000
.500
H. A. Fortington, Financial Secretary Royal Insurance Co., Ltd
Harvey H. Smith 40
30
F. S. Smithers & Co., members N. Y. Stock Exchange
Albert Foster Jr
1,000
10
N. L. Snow
Teresa Fowler
200
10
A. H. Springer
25
Harry Frees
1,000
Mre. Edith T. Stanley
400
P. A. S. Franklin, Chairman International Mercantile Marine
1,000
W. E. Frew, Chairman Corn Exchange Bank
Gilbert Stanley
1,200
500
State Street Investment Corp.. investment trust
Giovanni Fumml, Morgan employee in Italy
2,000
10
John A. Stephens Jr
250
G. L. Gegen
Edward R. Stettinius, Vice-President General Motors
250
100
Mary B. Ganunack
'
Spencer Trask & Co., investment bankers
1,000
Thomas H. Gamrnack, partner Gammack & Co., members New
200
George D. Stewart
500
York Stock Exchange
500
1,000
George H. Gardiner, member Davis. Polk, Wardwell & Reed
Stockholms Enskilda Bank
100
Cornelius J. Sullivan, partner Eidlitz & Hulse
500
Thomas Garrett Jr.. member Davis, Polk, Wardwell & Reed
20
J. J. Sullivan--------25
Miss Lydia K. Garrison
1;dlic, Wiiidir- --Gardiner
-so
ell,
E. S. S. Sunderland, partner Davis,Mrs. Philip McKim Garrison
100
00
Reed
David L. George, member Dubosque, George & Farrington
Stock Exchange
Sutro Brothers & Co.. members New York
10
1,000
F. Gibbons
1,000
Miss Katharine Taylor
20
Harvey D. Gibson, President Manufacturers Trust Co
250
Myron C. Taylor, Chairman U. S. Steel Corp
5,000
Mrs. S. Parker Gilbert, wife of Morgan partner
1.500
Walter C. Teagle, President Standard Oil Co. of N. J
10
J. Gindorff
100
Eldredge Thomas
Rudolph Goepel
George H. Townsend, director Fairchild Aviation
300
2.0
101
Philip G. Gossler. Chairman Columbia Gas & Electric Co
500
Mrs. P. M. Trace
10
Guaranty Co. of New York, security affiliate Guaranty Trust Co
250
5,000
Mrs. Elizabeth S. Trippe
Guggenheim Brothers, bankers
400
William H. Thurston, director Edward Haynes. Inc
10
T. S. Hallett. employee J. P. Morgan & Co
1,000
Union Trust Co., Cleveland bank
500
Hambleton & Co., Inc., investment bankers
3.000
The Union Trust Co. of Pittsburgh
10
Henry Hammill Jr
0. P. Van Sweringen, President Allegheny Corp
5,000
1,000
C. P. Hamilton, director American European Securities Co
750
Edmund N. Wakelee
1.000
P. T. Hanscom, President United Electric Securities Co
10
Miss Anna Walsh
500
Mrs. Hebe Harris
10
Cornelius J. Walsh
10
Walter P. Haskell
400
Allen Wardwell. Davis, Polk, Wardwell, Gardiner & Reed
5
Chester W. Hawkins
100
Mrs. Marie Watkins
5,000
Charles Hayden, partner Hayden, Stone & Co
1.500
N. A. Weathers, Chairman United Electric Securities Co
250
R. C. Hill, Chairman Consolidated Coal Co
100
F. C. Weems
William Hill
-Wood
100
10
Hartland West
Charles D. Hines, National Committeeman for New York State;
John D. Ryan, late Chairman Anaconda Copper
1.000
resident manager Employers' Liability Assurance
1,000
500
Robert White
300
George C. Hitchcock
1.000
J. G. White & Co., Inc., investment bankers
500
Hitt, Farwell & Co., members New York Stock Exchange
2.000
White, Case & Co., Morgan attorneys
10
William E. Holloway Jr
10,000
George Whitney, agent, member .1. P Morgan & Co
50
George Holton, general counsel Socony-Vacuum
100
500
Martha B. Whitney
-----------R. G. Hutchings, director N. Y. N. H. & H
Trustees for Martha ---- -------------- iicWeri "I:. ifaitin, Ziaiiiii; iir.
W. J. Hutchison, director Kansas City Southern Ry
500
400
Bacon and George Whitney
500
Frederic Ewing, director Socony-Vacuum Oil Co
200
Margaret S.
2,000
-,--r -=-----, Arthur Curtis James, Chairman Western Pacific Ry
Whitney---- -Richard Whitney & Co., -----New York Stock Exchange.
1,000
P. H. Johnston, President Chemical National Bank
4,200
50
Richard Whitney & Co
A. N. Jones
2.000
Richard Whitney & Co
10
W. J. Jones
1,000
Ira Wight
500
Kean, Taylor & Co., member New York Stock Exchange
A. H. Wilson-------------------------------------- ---25
200
Dr. John J. Henan Keating
laman
A. H. wigen. rne
aseiiiitinaliiinft00
Daniel Kelleher
300
T R Williams Ichabod T Williams & Sons
1,
383
Cornelius F. Kelley, President Anaconda Copper Co
1.000
Joseph Wilshire, President Standard Brands
50
A. J. Kennedy, trustee Flushing Savings Bank
500
200
Garrard Winston, director Oliver Farm Equipment
Leonard A. Keyes, employee J. P. Morgan & Co
1,000
Wood, Low & Co., members New York Stock Exchange
2,000
Kidder, Peabody & Co., investment bankers
1,500
5000
:,0
Wood Struthers dc Co., members New York Stock Exchange
Roy Kinnier
1,000
William Woodin
Loeb & Co., investment bankers
250
A. H. Woods, President Rockefeller Centre
100
H. R. Kurrie
10 Clarence M. Woolley, Chairman American Radiator & Standard
A. C. Lange
1,000
250
Sanitary Co
Lapondos Corp.. holding company for T. W. Lamont
50
J M.Young
500
Augustin Legoretta
750
3,000
Percy S. Young
Lee. Higginson & Co.,investment bankers
500
L. Edmund Zacher, President Travelers Insurance Co
300
Colonel Charles A. Lindbergh
200
60
William Ziegler Jr., director Standard Brands
Dr. Harley P. Lindsay
100
Stoughton B. Lynd
Henry E. Machold, former N. Y. State Republican Chairman and
0
3.00
Chairman St. Regis Paper Co
1,000
Inquiry into Affairs of J. P. Morgan & Co. by Senate
C. H. Mackay, Chairman Postal Telegraph & Cable Co
25
C. MacVeagh
Committe Inquiring into Stock Exchange Trading
500
Mrs. Louis Pugh Macy
-Text of Agreement on Morgan-General Electric
1,883
Manufacturers & Traders Peoples Trust Co
1.000
E. H. Manville
Deal-Sale of Mohawk Power Holdings at $12,000,1,000
Marine Trust Co
000 Below the Market Detailed.
250
Isabel A. Marsh
100
Dorothy Martin
In its Washington advices May 31, the New York "Times"
100
R. C. O. Matheny
250
W. G. McAdoo, Senator and former Secretary of Treasury
gave as follows the text of an agreement between the General
Jersey
750
T. N. McCarter, President Public Service of New
750
Electric Co. and J. P. Morgan & Co., on the sale of holdings
Ural H. McCarter
50
J. J. McCloy, partner Cravath, de Gersdorff Swaine & Wood_ - - in the Mohawk Power Corp. to the Morgan firm at $12,Hall P. McCullough, partner Davis. Polk, Wardwell & Reed
3,
838
R. B. Mellon, President Mellon National Bank, Pittsburgh
000,000 below the market price:
1,000
'F. F. Merseles
100
The General Electric Co. agrees to sell to J. P. Morgan & Co. its holdings
Stephen Merselis, late President Johns-Manville
Albert C. Milbank, partner Milbank, Tweed, Polk & Webb
and the holdings of the General Electric Employees Securities Co., after
Edward 0. Miner, Chairman Pfaudler Co
the approval by the board, in the Mohawk Power Corp., on the following
1,000
C. H. Miner
terms:
1.000
Minsch, Monett & Co., Inc., investment bankers
100
William A. Mitchell
(1) The common stock at the price of $40 plus interest at 5% from June 1
500
Daniel J. Moran, President Continental 011 Co
1928 to date of payment therefor; such date to be as J. P. Morgan & Co.
100
Alexander Perry Morgan
may elect between Jan. 1 and Jan. 15 1920;
10
D. M. Morgan
date
(2) The second preferred stock at a price of 107 flat, at the same
Morgan Grenfell & Co., London partnership of J. P. Morgan & Co_ 15,000
500
H. S. Morgan, et al, partner J. P. Morgan & Co
as provided above;
100
J. J. Morgan
similarly to
(3) The option warrants at a price of $20 flat, payment
d
12,000
Morgan & Cle:N;ii-riititnerifili-- J. ic.------------ ii - O of.f
- -- be made as above provided.
1,200
J. P. Morgan No. 2 account
In making the purchase as described, J. P. Morgan & Co. recognize
500
J. R. Morron, director B. & 0. Railroad
Hon. Dwight'W. Morrow,late Senator from New Jersey and former
the importance of preserving the good-will of the Brady and up-State
2,000
partner in J. P. Morgan & Co
interests in the general power situation.
1,000
Frederick K. Morrow, President United Cigar Stores
J. P. Morgan & Co. plan to handle their holdings of Mohawk Hudson
1,000
Charles Munroe
in400
shares in harmony with the interests as described; having no present
J. A. Murray
nit
di-000 tention of divesting themselves of such shares to any so-called foreign cor,
The National diiit--------iiitiiiii-------------iiitiiiiiii - ilia- ---- -10,000
Newmont Mining Corp
full consulporation or foreign interests; and engaging not to do so without
1,000
Northern Trust Co
tation with such interests as described and with officials of the General
50
J. D. Northrup
3,000
Electric Co.
Nosivad Corp
10
J. P. Morgan & Co. recognize the services that have been rendered to
M. O'Connor
10
Miss Ruth Ogg
the Mohawk Hudson Power Corp. by Charles Brewer as Chairman of the.
7,000
C. E. Mitchell, former Chairman National City Bank
1,88g
Volume 136
Financial Chronicle
board, and are prepared to continue the obligations and present relations
of the General Electric Co. to him.
(Signed) J. P. M. & Co. G. S.
Photostat copy.
Inquiry into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Exchange Trading
—L. P. Fisher of Cadillac Motor Car Co. Did Not
Buy Alleghany Corporation Stock for Speculation,
He Says.
Lawrence P. Fisher, President of Cadillac Motor Car
Co., was reported as stating on May 26 that he purchased
stock through J. P. Morgan & Co. at less than the market
price "because I was buying for investment and not for
speculation." A Detroit dispatch to the New York "Times"
indicating this, added:
Mr. Fisher's name was included in a list given the Senate Committee
of those who were able to buy Allegheny Corp.stock at $20 a share when it
was worth 50% more.
"As a matter of fact," he said, "at the time the stock was purchased
It was not even listed and no one knew exactly what the market price was.
"I bought it and paid for it as an investment, and not for manipulation.
If it was higher than $20,that was because somebody else was speculating."
Senate Inquiry Into Affairs of J. P. Morgan & Co. by
Senate Committee Investigating Stock Exchange
Trading—Vote in Committee on Publication of
Morgan Partnership Agreement—$51,538,000 Taxes
Paid by Banking House 1917-1929—George Whitney
Explains Figures on Assets.
Incident to the action of the Senate Banking and Currency
Committee in making public on June 1 the articles of copartnership of J. P. Morgan & Co., the Washington correspondent of the New York "Herald Tribune" on that date
said:
The articles revealed that Mr. Morgan has reserved to himself important
powers over his partners, who now number 19. In case of a difference or
dispute among the partners. Mr. Morgan's word is final. Mr. Morgan
may dissolve the partnership at any time, provided partners representing a
majority interest in profits consent. Mr. Morgan may compel any partner
to withdraw and fix the amount due him.
Share of Each Partner Not Disclosed.
Among other provisions of the articles are these:
In case there should be no lineal descendant of Mr. Morgan in the firm,
the firm name of J. P. Morgan & Co. shall not be used more than 15 years,
unless there should again be a lineal descendant of Mr. Morgan in the
partnership.
The partners can take only half their profits each year, the rest being
kept as "undivided profits."
The basic articles were drawn in 1916 and have stood unamended since
that time, it was revealed. The supplemental provisions showing the percentage of profit to which each partner is entitled were not made public.
These have changed each time that a partner has died or resigned or a new
partner has been admitted. Mr. Morgan's older son, Junius S. Morgan,
became a partner in 1919, and his younger son, Henry S. Morgan, became a
partner in 1928. so that there seems little likelihood that the provision for
possible discontinuation of the present name of the firm will be used in the
visible future.
The Vote in Committee.
The publication of the articles, which John W. Davis, counsel to Mr.
Morgan, said week before last were so confidential that he never had seen
them, was voted by the Senate Banking and Currency Committee in executive session this morning. All the 14 or more member of the committee
present voted in favor of it except 3, who wanted the supplemental material
about the division of profits also made public. The three were Senator
Edward P. Costigan, Democrat, of Colorado; Senator James Couzens,
Republican, of Michigan, and Senator Peter Norbeck, Republican, of
South Dakota, who sent his vote by Senator Costigan.
In announcing the determination of the Committee to newspaper men,
Senator Duncan U. Fletcher, Democrat, of Florida, the Chairman, said
that the structure of the firm was deemed of public interest.
"The question was raised as to whether the powers granted to one partner
are such as to prevent the articles being construed as a real partnership
agreement," he said.
Bearing on Partner's Income Tares.
Senator Fletcher added that this point had a bearing on the question
of the income tax paid by the partners. As a co-partnership the firm does
not pay income taxes, the taxes being paid individually by the partners.
As was brought out last week, the profits or losses of the partnership were
periodically established by the dissolution of the partnership and the for
mation of a new one whenever a partner dropped out or was added.
The text of the partnership agreement as made public
by the Senate Committee is given elsewhere in our issue
to-day. As to what was brought out at the Committee
hearing on June 1 we quote the following from the "Herald
Tribune's" account of the hearing on that day:
From 1917, when the income tax law was first imposed,to 1929,inclusive,
the total income tax paid by Mr. Morgan and his partners was $51,538,000.
During the three boom years, 1927-29 inclusive, the partners paid in the
aggregate $21,675,000. It was brought out at the beginning of the investigation that, because of their capital losses, the partners had paid an aggregate of only slightly less than $48,000 for 1930 and no income tax for 1931
and 1932.
In 1929, the United Corporation, the Morgan-Bonbright utility holding
company, acquired 800,000 shares of the common stock of Public Service
of New Jersey and 53,000 of United Gas Improvement common from the
American Superpower Corporation by a transfer through a specially created
Mr. Pecora
third corporation, the Public Electric Holding Co.
persistently sought the reason for the creation of this third corporation.
He intimated that it was to evade the payment of taxes which would have
been incurred by the American Superpower Corporation if it had revalued
the stock on its own books. Mr. Whitney as persistently said he did not
know why it was done, but that he assumed it was to suit the "convenience"
of American Superpower, a corporation with which he had no connection.
J. P. Morgan & Co. and Bonbright & Co. opened a joint stock account
3839
in 1929 to support the $3 preference stock of United Corporation. A total
of 99,000 shares was bought and resold through the account. Mr. Whitney
called this a "merchandising operation." Mr. Pecora insisting upon the
term "stabilizing the market," which he found used in a cablegram concerning the operation taken from the Morgan files. Mr. Whitney did not like
the word "stabilize."
Two more lists of selected subscribers to Morgan stocks were made
public. One was of those who bought United Corporation units through
Drexel & Co., the Morgan house in Philadelphia. The other was a short
list of purchasers of Niagara Hudson Power Corporation. Among the
prominent names which had appeared on previous Morgan lists were Owen
J. Robert, now (but not then) Justice of the United States Supreme Court;
Owen D. Young, W. W. Atterbury, President of the Pennsylvania RR.,
and Justice John W. Kephart, of the Pennsylvania Supreme Court, and
J. Henry Roraback, Republican National Committeeman for Connecticut.
Harvey C. Couch, who later became a director of the Reconstruction
Finance Corporation, made a first appearance.
On Dec.31 1930, outstanding loans arranged by the Morgan firm for four
utility companies in the United Corporation group totaled $91,644,636.
in which the house of Morgan participated to the extent of $48,894,636.
The Niagara Hudson list of selected subscribers received units consisting
of one share of common, one class A warrant and one class C warrant for
$25 a unit. The first market quotations, in the summer of 1929 for the
common stock and class A warrants totaled $36 or more for the two, thus
affording a profit of $11 on a quick turnover without counting the class C
warrants.
Mr. Pecora revealed that the one person who was on record as refusing
to take the opportunity to subscribe to a Morgan stock issue was E.G.
Suckland, Chairman of the board of the New York New Haven & Hartford
RR, Mr. Buckland turned down the offer of United Corporation units
because his railroad was about to negotiate a contract with the Connecticut
Light & Power Co., in which one of the United group had an interest.
He did subscribe to the Morgan offerings of Allegheny Corporation and
Standard Brands.
When Mr.Pecora had finished reading Mr.Buckland'sletter to Arthur M.
Anderson, a Morgan partner, Mr. Whitney promptly read Mr. Anderson's
letter of reply, in which it was said "We wouldn't even have suggested that
you do such a thing if we had remembered," the complication of which
Mr. Buckland spoke
How many other persons may have declined to become subscribers is not
known as most of the offers were made orally.
Pecora Puzzles Auditors.
Mr. Pecora wound in and out during the day in a way which produced
continual rehashing of testimony previously given and left the few committee members in attendance and most of his auditors in the dark as to
what he was trying to bring out.
The sharpest conflicts between him and Mr.Whitney,who was again the
principal witness, came late this afternoon. Mr. Whitney's explanation of
the Morgan-Bonbright pool to support United Corp. preferred in 1929
as a normal merchandising operation dissatisfied Mr. Pecora. He insisted
that it was intended to "stabilize" the market. Mr.Whitney explained that
large blocks of the preferred were being sold by persons who evidently
wanted to hold only the common (the stock had been distributed in units of
one share of preferred and one of common). The result was that the price
of the preferred fell, he said, to an attractive investment point.
"We wanted to get the shares in the hands of those who wanted them for
investment," he finally explained.
Mr. Pecora broke the deadlock by going on to the transfer of securities
from American Superpower to United Corp. through a specially created
third corporation.
He relentlessly pushed Mr. Whitney for an explanation. Mr. Whitney
insisted he didn't know, but that it was something the lawyers contrived.
"Why the lawyers did it this way I don't just know," he said.
Mr. Pecora asked if it was not "in order to avoid payment of taxes
accruing to either corporation from such a transfer."
Mr. Whitney said he couldn't testify as to the motive.
"It didn't affect United Corp. one way or the other," he said.
Mr. Pecora's curiosity concerning the option warrants issued by United
Corp. consumed a considerable part of the morning session. But nothing
clear-cut emerged from this line of inquiry.
Glass on Capital Gains Law.
Senator Carter Glass, of Virginia, questioned Leonard S. Keyes, General
Manager of the Morgan firm, on the advantages and disadvantages to the
government of the capital gains tax.1 Mr. Keyes said he thought it would be
to the advantage of the government to repeal this provision of the income tax
law, because the "drop in values on the Exchange has been so great as to
wipe out the base for otherwise taxable income."
Senator Glass pointed out that this provision has yielded more than one
billion dollars in taxes in the seven years it has been in effect. It was in
this connection that the income tax payments of the Morgan partners from
1917 through 1929 were made public.
Mr. Pecora questioned Mr. Whitney at length on questions of public
policy toward utility holding companies. He quoted Owen D. Young's
testimony last winter in the I11131111 hearings that a holding company serves a
useful purpose but that there should not be more than one imposed over
operating companies.
Mr. Whitney agreed that the piling up of holding companies as in the
Insull pyramid was undesirable. He insisted that this had not been done
in the United States Corp. group. He said that while some of the companies
In which United Corp. has substantial interests are technically holding
companies to some extent, they were primarily operating companies.
Senator Fletcher announced to-night that the hearings will be continued
to-morrow and probably will extend through Monday or Tuesday of next
week.
From the Washington advices June 1 to the New York
"Journal of Commerce" we quote the following:
George Whitney, member of the firm of J. P. Morgan & Co., was
again the witness when the Senate Banking and Currency Committee
to-day resumed its inquiry into banking, financing and securities sales
practices. He was further questioned concerning the affairs of the United
Corporation, the public utilities holding company organized in 1929 by
J. P. Morgan & Co., Drexel & Co.. and Bonbright & Co.
At the outset of the morning session Ferdinand Pecora, counsel for
the Committee, endeavored to show that, if the Morgan firm had sold in
the open market, at a price several points below the peak high of 1929.
the securities which the Morgan firm had received from the United Corporation the firm would have "reaped profits aggregating $122,668,000."
Mr. Whitnet admitted that this checked with his own arithmetic, but
quickly added that, while this "might have been done," as a matter of
fact "it was not done."
At yesterday afternoon's hearing Mr. Whitney put into the record
figures concerning the value of certain United Corporation holdings at
3840
Financial Chronicle
acquisition and at the high market price of 1929. Questioned concerning
these figures this morning, Mr. Whitney said they related to the valuation
of those securities which were turned over to the United Corporation in
January, 1929, in exchange for certain stock and option warrants.
"And according to these figures." Mr. Pecora said, "had your firm
not transferred those securities, which consisted of securities of the Mohawk
Hudson Power Co., United Gas Improvement Co., and Public Service Corporation of New Jersey, to the United Corporation in January 1929. but
had held those securities until sometime in July, August and September of
1929, your firm could have sold those securities in the open market at
prices representing the highest valuations reached in the open market that
year, which would have yielded to J. P. Morgan & Co., a profit equivalent
to the difference—well a profit of $57,387,379. Am I correct in that interpretation of this statement?"
"That is correct," rejoined Mr. Whitney. "The reason I wanted to
get it in the record was because I was being questioned on certain supposititious circumstances, and I had said that we had done some guessing
ourselves."
Inquiry
Into Affairs of J. P.
Committee Investigating
Morgan & Co. by Senate
Stock Exchange Trading
—Text of Morgan Partnership Agreement.'
On June 1 the Committee inquiring into the operations
of J. P. Morgan & Co. incident to the investigation of
Stock Exchange trading made public the Morgan partnership agreement,omitting, however, the names of the partners
and the percentage of their interest. As given in Associated
Press accounts from Washington, the list follows:
This agreement made the 31st day of March 1916, between John Pierpont
Morgan and others, witnesseth:
That the parties hereto have this day formed a partnership for the transaction of a general foreign and domestic banking business in the cities of
New York and Philadelphia, upon the following terms and conditions:
First.—The business shall be conducted in New York under the firm
name of "J. P. Morgan & Co." and in Philadelphia under the firm name of
"Drexel & Co." and shall commence on the first day of April 1916.
Second.
--The capital of the partnership shall be as follows:
Third.—The net profits and losses shall be divided and borne as follows:
(Second and third sections not given completely in conformity with
earlier decision of the Senate Banking Committee.]
Fourth.—Interest at the rate of 6% per annum shall be allowed or
charged on all partners' accounts, including capital and undivided profits.
Fifth.—No transaction shall be made which shall be objected to by any
member of the partnership.
Sixth.—In case of a difference or dispute between members of the partnership, the same shall be submitted to the decision of Mr. John Pierpont
Morgan, which shall be final.
Provision For Dissolution.
Seventh.—The partnership may be dissolved at any time by Mr. John
Pierpont Morgan. subject to the liquidation thereof; provided that partners
representing a majority in interest in the profits of the partnership shall
consent to such dissolution.
Eighth.—Any partner may withdraw from the partnership upon giving
three months' written notice of his intention to do so. In that event, the
remaining partners may continue the business, and the shares of the profits
or losses of the withdrawing partner or partners shall be divided thereafter
among the remaining partners, or otherwise disposed of, according to the
decision of Mr. John Pierpont Morgan, who shall fix the valuation of the
assets, determine what portion of the assets, if any, shall be appropriated
as an offset to liabilities, and also be the judge of the amount due such
withdrawing partner or partners on account of capital, undivided profits and
credit balances.
The amount so due may be fixed by Mr. Morgan as of three months
after the receipt ()ranch notice or as of the 31st of December next ensuing
after the receipt ofsuch notice, and the interest ofsuch withdrawing partner
or partners shall continue at the risk of the business until the date as
adopted.
The determination of Mr. Morgan as to the dates for fixing the amount
due such withdrawing partner or partners shall be communicated in writing
to him or them within 30 days after receipt ofsuch notice of withdrawal.
The amountso fixed shall be paid to such withdrawing partner or partners
within three months after the date as of which the value of his or their
interest shall have been fixed, except in the event that a liquidation of the
partnership shall have been entered upon prior to such date, in which
event, and notwithstanding the foregoing provisions, the interest of such
withdrawing partner or partners shall abide the results of liquidation and
shall be payable only as the liquidation proceeds.
When Mr. Morgan shall fix the amount as due any withdrawing partner,
a schedule shall be furnished showing the valuations at which the various
assets of the partnership were appraised, and what portion of the assets, if
any, have been appropriated as an offset to liabilities. Any withdrawing
partner; if required, shall take his pro rata share of the assets not so appropriated to an extent covering the amount so due him.
Ninth.—It is further agreed that Mr. Morgan may, at any time, Compel
any partner at once to withdraw and retire from the partnership, upon
giving him written notice to that effect, and in that event, the mount due
such retiring partner shall be forthwith fixed by Mr. Morgan, and thenceforth the interest of such partner shall be dealt with in the same manner as
above provided for in the case of a voluntary withdrawal by such partner.
Tenth—In case of the death of any partner other than Mr. Morgan, if,
within 30 days after such partner's death, such of the surviving partners
as shall represent a majority in interest in the profits of the partnership
(exclusive of the interest of such deceased partner therein) shall give to
the persons named in his will as executors, or to his administrators or other
legal representatives, written notice that they desire an extension of the
partnership for a period specified in such notice, not exceeding three years
after the death ofsuch deceased partner, then and in that event the partnership shall continue for the period not exceeding three years so indicated
by them, and the capital and interests hereunder of such deceased partner
and his estate and his and its responsibility and interests in the business as
continued shall continue during such period of extension.
The interest of such deceased partner in the partnership shall be ascertained and dealt with in the same manner as is hereinbefore, in Article
VIII, provided for in the case of a voluntary withdrawal, and the date of
the death of such partner, or in the event that notice of extension of the
partnership shall have been given as hereinbefore in this article provided,
then the date of expiration of the extended period specified in such notice
shall stand in the place of the date adopted for termination of his interest
as required by said article VIII in the case of a partner voluntarily withdrawing.
June 3 1933
If at any time fixed by the provisions of said Article VIII or of this present
article for the doing of any act or the making of any decision by Mr. Morgan
with reference to the interest of a withdrawing or deceased partner, Mr.
Morgan shall not be living, then such act may be performed by such of the
continuing or surviving partners as shall at such time represent a majority
in interest in the profits of the partnership (exclusive of the interest of Mr.
Morgan therein) with the same force and effect as if performed by Mr.
Morgan.
ELEVENTH.—In case of the death of Mr. John Pierpont Morgan the
partnership shall be dissolved on the 31st day of December next ensuing,
unless his death be within a period of six months prior to Dec. 31 in any
year. in which event the partnership shall continue until the 31st day of
December in the next ensuing calendar year and shall then he dissolved.
If, however, within thirty days after Mr. Morgan's death such of the
surviving partners as shall represent a majority in interest in the profits
of the partnership (exclusive of the interest of Mr. Morgan therein) shall
give to the persons named in his will as executors, or to his executors, or
to his administrators (or other legal representatives) written notice that they
desire an extension of the partnership for a period specified in such notice
not exceeding three years after Mr. Morgan's death, and then and in that
event the partnership shall continue for the period not exceeding three years
so indicated by them and shall then be dissolved: and the capital and interests hereunder of Mr. Morgan and his estate and its responsibility and
Interests in the business as continued during such period of extension shall
continue.
Twelfth—Upon the dissolution of the partnership following the death of
Mr. Morgan, the good-will of the business and the right to use the firm
names of J. P. Morgan & Co., and Drexel & Co. shall belong to the then
surviving partners who shall thereupon decide whether to continue the
business and, if continued. upon what terms.
In case such surviving partners cannot agree either as to the continuance
of the business or the terms and conditions of the new partnership, the
surviving partners representing a majority in interest in the profits of the
old partnership (exclusive of the interest of Mr. Morgan therein) shall have
the right to decide and shall decide what shall be done in respect of continuing the business and the terms and conditions of a new partnership, and
their decision shall be conclusive and binding on all the surviving partners.
In case such majority in interest shall decide to continue the business,
such majority shall determine the amount due Mr. Morgan's estate OD
account of his capital, reserved profits and net credit balances, and the
interest of Mr. Morgan's estate shall be dealt with in the same manner as
hereinbefore in Article 8 provided for in the case of a voluntary withdrawal
of a partner, except that the powers vested in Mr. Morgan by Article 8shall
in such case be vested in such majority in interest.
In case such majority in interest shall decide not to continue the business,
the responsibility and interests of Mr. Morgan's estate shall be subject to
the results of the liquidation of the partnership.
In case such majority in interest shall decide to continue the business,
any partner not desiring to remain in the partnership may withdraw therefrom in the same manner and upon the same terms and conditions as provided in Article 8 hereof; and in no event shall such withdrawing partner
or partners be entitled to any interest in or allowance for either the good-will
of the business or the use of the firm names; but such good-will and firm
names shall belong to the remaining partners free from any claim whatever
of such partner or partners so withdrawing from the partnership.
If the business or any portion thereof be continued under the same
firm name of J. P. Morgan & Co. and at any time there should cease to be
any lineal male descendant of Mr. J. Pierpont Morgan in the male line
bearing the name of Morgan. in the partnership, the right to the use of
the firm name of J. P. Morgan & Co. shall cease after 15 years from such
time, unless before the expiration of such 15 years there should again be
such a lineal descendant of Mr. J. Pierpont Morgan in the partnership, in
which case the right to use said firm name shall continue unimpaired until
15 years after such time as there should again be no such lineal descendant of
Mr. J. Pierpont Morgan in the partnership.
In no event shall the good-will of the business or the right to use the firm
name have any cash or money value either as between the existing partners
or as between the existing partners and any withdrawing or former partner,
or the estate of any deceased partner or any descendant of Mr. J. Pierpont
Morgan, whether or not such descendant has ever been a partner in the
partnership.
And each of the parties hereto hereby covenants with each of the others
that he vrill never become or be a partner in any partnership using, and
that he will never use,said firm name of J. P. Morgan & Co. in violation of
the provisions of this article.
Thirteenth. It is further agreed not only with respect to the partnership
hereby formed, but also with respect to any successor partnership, that
upon the death of any partner and the termination of his interest or that
of his estate in the partnership, or upon the voluntary or compulsory
withdrawal of any partner or partners, or upon the dissolution of the partnership and the formation of a successor partnership, the good-will of the
business and the right to use the firm names shall belong to the surviving
or continuing partners, and that in no case shall any estimate ever be put
upon the good-will or right to use the firm names in ascertaining the amount
due any withdrawing partner, whether such withdrawal be voluntaryor
compulsory, or the estate of any deceased partner.
The valuations, decisions and determinations made by Mr. Morgan or
the majority in interest as hereinbefore provided shall in all cases be final
and conclusive against a withdrawing partner or the estate of a deceased
partner.
Fourteenth.—The books of the partnership shall be settled on the 31st
of December in each year. One-half of each partner's proportion of profits
shall be placed to his credit. The other half shall be set aside and kept
as undivided profits until such time as Mr. John Pierpont Morgan may
consent . its division among the various parties in interest as provided in
3
to
t
Article
It is also understood that no partner shall draw from the partnership
any money beyond the amount placed to his credit, without the consent
of the other parties hereto.
Fifteenth.—It is understood and agreed that no partner shall engage
in any other business or be a general or special partner in any other firm.
Sixteenth.—The firm name shall not be used by any partner except in
the partnership business.
Seventeenth.—Speculation In stocks or anything else by the individua
members of the partnership is prohibited; but this clause shall not be construed so as to prohibit any partner from investing his private means in
such way as he may see fit.
Eighteenth.—No member of the partnership shall become security or
endorse,except in the partnership business, without the consent of the Partied
hereto,
Nineteenth.—The firms of J. P. Morgan SG Co. and Drexel & Co. being
partners in the firms of Morgan, Grenfell & Co. of London, and Morgan,
Harjes & Co. of Paris, their proportion of the s pitsl thereof shall be
supplied out of the partnership capital mentioned in Article Second here-
of, and the profit or loss therein shall:be included in the partnership accounts hereunder.
Witness our hands and seals the day and year first above written in the
presence of
[At this point there was another blank in the document made public,
in accordance with the committee vote not to make public the names of the
partners. It was said in committee quarters, however, that there are no
secret partners and that the names are well known.]
Supplementary Notes.
There then followed these supplementary notes to the agreement:
Dec. 31, 1916.
Thomas Cochran has this day become a partner in the firms of J. P.
Morgan & Co. and Drexel & Co., subject to all the terms of the foregoing
agreement.
New York, Dec. 31 1919.
Junius Spencer Morgan Jr., Elliot Cowdin Bacon and George Whitney
have this day become partners in the firm of J. P. Morgan & Co. and
Drexel & Co., subject to all the terms and conditions of the foregoing
agreement.
New York, Dec. 31 1920.
Arthur E. Newbold's interest in the firms of J. P. Morgan & Co. and
Drexel & Co. having ceased this day and his contribution to the capital
having been repaid him, Thomas S. Gates has this day become a partner
In the firms of J. P. Morgan & Co. and Drexel & Co. subject to all the
terms of the foregoing agreement.
New York, Dec. 31 1921.
William Pierson Hamilton withdraws this date from the firms of J. P.
Morgan & Co. and Drexel &'Co. and his contribution to capital has been
repaid him.
New York, Dec. 31 1922.
After settlement of the books on the 31st day of December 1922, and each
year thereafter as provided in Article 14, the net balances then standing
to any partner's credit shall be considered as capital, and such amounts
shall not be withdrawn without the consent of Mr. Morgan.
New York, Dec. 311922.
Henry P. Davison's interest in the firms of J.P. Morgan & Co.and Drexel
& Co. having ceased this day, his contribution to the capital has been
repaid to his executors.
New York, June 30 1923.
Russell Cornell Leffingwell has this day become a partner in the firms of
J. P. Morgan & Co. and Drexel & Co.. subject to all the terms of the
foregoing agreement,
New York, Dec. 31 1924.
Elliott Cowdin Bacon's interest in the firms of J. P. Morgan & Co. and
Drexel & Co. having ceased this day,his contribution to the capital has been
repaid to his executors.
New York, Dec. 31 1925.
Edward It. Stettinlus's interest in the firms of J. P. Morgan & Co. and
and Drexel & Co. having ceased this day, his contribution to the capital
has been repaid to his executors.
New York, Dec. 31 1926.
William H. Porter's interest in the firms of J. P. Morgan & Co. and
Drexel & Co. having ceased this day, his contribution to the capital has
been repaid to his executors.
Francis Dwight Bartow, Arthur Marvin Anderson and William Ewing
have this day become partners in the firms of J. P. Morgan & Co. and
Drexel & Co.,subject to all the terms and conditions of the foregoing agreement.
New York, Dec. 311927.
Dwight W. Morrow, having retired on Sept. 30 1927, his interest in the
firms of J. P. Morgan & Co. and Drexel & Co. ceased on that date and his
contribution to the capital has been paid him.
Harold Stanley has this day become a partner in the firms of J.P. Morgan
& Co. and Drexel & Co., subject to all the terms and conditions of the
foregoing agreement.
New York, Dec. 31 1928.
Henry Sturgis Morgan, Thomas Stilwell Lamont and Henry Pomeroy
Davison have this day become partners in the firms of J. P. Morgan & Co.
and Drexel & Co., subject to all the terms and conditions of the foregoing
agreement.
Thomas Newhall and Edward Hopkinson Jr. have this day become
partners in the firms of J. P. Morgan & Co. and Drexel & Co., subject to
all the terms and conditions of the foregoing agreement.
New York, June 30 1930.
Thomas S. Gates withdraws this date from the firms of J. P. Morgan &
Co. and Drexel & Co. His contribution to capital and his share in full to
date of profit and loss have been paid to him.
New York, Jan. 2 1931.
S. Parker Gilbert has this day become a partner in the firms of J. P.
Morgan & Co. and Drexel & Co., subject to all the terms and conditions
of the foregoing agreement.
New York, Jan. 2 1932.
Charles Denston Dickey has this day become a partner in the firms of
J. P. Morgan & Co. and Drexel & Co., subject to all the terms and conditions of the foregoing agreement.
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Exchange Trading
-List of Those Invited by Drexel & Co. to Subscribe to Stock of United Corporation on Favorable
Terms.
The following list of those invited by Drexel & Co. to
subscribe at favorable terms to stock units of the United
Corporation, was put into the Senate record on June 1
before the Senate committee investigating J. P. Morgan
k Co., according to the New York "Times":
Name.
lifester S. Albright
Edgar Allegaert
.1. Howard Arthur
Thomas G. Ashton
W. W. Atterbury
Charles T. Bach
George Barker
C. D. Barney & Co
Thaddeus R. Beal
Charles G. Berwind
Anthony J. Drexel Biddle
Cordelia Bradley Biddle
Eugenia L. Biddle
Livingston L. Biddle
Thomas A. Biddle & Co
Bloren & Co
George H. Blake
Morris It. Boklus
William W. Bodine
3841
Financial Chronicle
Volume 136
Units.
100
100
25
300
2,500
50
100
2,500
1,000
200
100
100
100
100
2,000
1,500
50
500
500
Name.
Matthew It. Boylan
Francis 13. Bracken
Henry G. Brengle
Sarah H. 0. Bright
Clarence C. Brinton
Alex Brown & Sons
Edward Browning, Jr
Robert J. 13runker
James It. Calhoun
Cassatt & Co
E. W. Clark & Co
John A. Clark
John L. Clawson
M. Worthington Clement
Morris L. Clothier
B. Dawson Coleman
Thomas Conway, Jr
J. Cooke
Albert J. County
Units.
100
500
200
100
100
2,000
Units.
Name.
100
D. Graham Craig
Anne L. Croasdill
30
Samuel M.Curwen
300
300
Agnew T. Dice
William C. Diekerman
5,000
Emily P. Dickson
50
400
Anthony J. Drexel
Mary Thompson Drinker
50
Sophie H. Drinker
100
25
John C. Dunn
Frederick W. Edmondson
50
George D. Edwards
25
Elkins, Morris 8: Co
2,000
Eleanor Mayo Riverson
1,000
Florence L. Ening
25
Julian L. Eysmans
100
Edgar C. Felton
200
Philip H. Gadsden
300
John K. Garrigues
100
Jay Gates
400
Thomas S. Gates
1,000
C.H.Geist Securities Corporation. 2,500
General Coal Securities Corporation, 100
William P. Gest
600
2,100
Robert Glendinning & Co
25
Gertrude C. Grover
Herbert W. Doogdall
200
1,500
Graham, Parsons & Co
Alfred M. Gray
100
Albert M. Greenfield
1,000
John H. Gross
50
Harry J. Haas
100
T. Truxton Hare
100
Jonas S. Harley
100
Harrison & Co
1,000
Charles V. Henry
100
William M. Hollanbach
200
100
John Hopkins
1,000
Edward Hopkinson, Jr
Daniel Houseman
100
Thomas W. Hulme
100
George H. Huston
200
Fred S. Hutchings
100
James T. Hutchings
100
Charles E. Ingersoll
500
250
Albert A. Jackson
1,000
Janney A- Co
Archibald T. Johnson
50
25
Arthur Jones
Edith Bolling Jones
200
100
Moorhead C. Kennedy
Reid Kennedy
50
Florence M. Kephart
100
John NV. Kephart
200
Henry H. King
50
200
Leonard H. Kinnard
100
William T. Kirk
50
William NV. Kitzmiller
200
Charles Z. Klauder
500
Louis J. Kolb
Walter D. Larbelere
100
William A. Law
300
Van Antwerp Lea
100
Edward B. Leisenring
100
Francis A. Lewis
200
Charles F. Lineaweaver
200
Horace P. Liversidge
200
Eleanor M. Lloyd
100
George F. Lloyd
50
H. G. Lloyd
1,000
H. G. Lloyd, Jr
250
Stacy B. Lloyd
300
Walter E. Long
100
Edward E. Loomis
500
TJzal H. McCarter
450
50
Edward McDonald
500
George H. McFadden & Bros
100
William J. MeGlinn
25
John W. McGregor
Andrew J. Maloney
288
12
Caroline F. Maloney
300
Donalk Markle
1,000
John C. Martin
300
John H. Mason
100
Sidney Mason
200
William Clark Mason
100
Joseph B. Mayer
John C. Miller
50
Name.
John W. Minds
Montgomery, Scott & Co
C. Eldridge Morgan
E. Corliss Morgan
William R. Morgan
Marshall S. Morgan
Effingham B. Morris
Effingham B. Morris, Jr
I. Wistar Morris
Arthur V. Morton
Catherine T. Munson
Johnathan C. Neff
A. E. Newbold, Jr
W. H. Newbold's Sons & Co
C. Stevenson Newhall
Thomas Newhall
William A. Obdyke
Charles S. W. Packard
Joshua A. Pearson
George Wharton Pepper
Henry C. Place
Charles Raymond Potts
Francis X. Quinn
Evan Randolph
Catherine C. Hanley
Mary Thompson Reath
Edward B. Robinette
Alexander C. Robinson
Mary D. Robinson
Owen J. Roberta
Benjamin Rush
Fred J. Rutledge
Sylvester B. Sadler
Bernard J. Samuel
William I. Schaffer
Charles H. Schlacks
Frank C. Schroeder
Garfield Scott
Arthur W.Sewall
George Siefert, Jr
J. Willison Smith
Harrison Smith & Co
Alfred G. B. Steel
Samuel J. Steele, Jr
Stone, Webster & Blodgett, Ine__
E. T. Stotesbury
Morris W.Stroud
Stroud & Co., Inc
Jeremiah J. Sullivan, Jr
John J. Sullivan
Walter Lamar Talbot
Clyde C. Taylor
Frank H. Taylor
William H. Taylor
Paul Thompson
John B. Townsend
Joseph B. Townsend
Townsend Whelen & Co
Lewis H. Van Dusen
T. Wilson V. MIddlesworth
Alexander Van Rensselaer
Sarah Drexel Van Rensselaer
Samuel M. Vauclain
Robert Von INfoschzisker
C. D. Waddell
Edmund W. Wakele
Charles C. Walbridge
Philip Wallis
Clarence A. Warden
William G. Warden
Samuel D. Warriner
Joseph Wayne, Jr
Joseph NV. Wear
John H. Weaver
West & Co
John L. Wilkie
James M. Willcox
Parker S. Williams
Asa S. Wing
Clement B. Wood
Wendell J. Wright
Frederick S. Wynn
Edward H. York, Jr
Percy S. Young
Richard R. Young
Total
Units
100
100
200
200
100
100
500
500
200
200
300
100
500
1,500
100
1,000
500
200
200
200
100
100
200
200
25
50
2,000
50
200
100
300
200
200
25
500
200
25
200
200
25
100
1,500
200
100
2,000
1,000
00
3,000
300
300
100
25
50
200
200
100
100
500
200
50
200
200
600
400
100
200
1,000
25
1,000
1,000
600
1,000
500
300
1,000
1,000
300
300
50
200
50
200
100
200
100
90,061
Inquiry ,Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Exchange Trading
-E. G. Buckland of New York, New Haven &
Hartford R.R. Declined to Accept Offer to Subscribe to Stock in United Corporation.
E. G. Buckland, Chairman of the board of the New York,
New Haven & Hartford Railroad declined, for an ethical
reason, declined to accept stock in the United Corporation
offered byJ.P.Morgan at prices to a list of its customers below
market prices. Mr. Buckland's reason was given in a letter
to Arthur M. Anderson, Morgan partner, on Jan. 16 1929.
The letter, according to Associated Press advices from Washington June 1 said:
Dear Arthur:
I appreciate very much your telephone suggestion that I subscribe for
and purchase shares of the new corporation organized to acquire a substantial interest in public utility corporations furnishing electrical energy.
I understood that one of those corporations is the Connecticut Light and
Power Company, with which my company has a contract. We are about
to open negotiations for future dealings with this company in regard to
power requirements, and I feel that I ought not at this time to consider
any investment in its securities or in securities of any corporation which
may exercise a directing influence.
-excuse the paradox
This may seem to you leaning over backwards, but
I feel more comfortable in that posture. Just the same, I appreciate your
having brought this to my attention.
100
The name of Mr. Buckland, it is stated, was among those
who availed themselves of some of the firm's other special
offerings.
200
6
2,500
2,000
100
100
WO
1,000
300
300
2,000
100
Inquiry Into Operations of J. P. Morgan & Co. by
Senate Committee Investigating Stock Market
Trading-Herbert Hoover's Secretary Says Former
President Engaged in No Stock Dealings While
in Office-Statement by Edgar Rickard.
Paul Sexson, Secretary to former President Herbert
Hoover, issued the following statement at Palo Alto, Cal., on
3842
Financial Chronicle
May 31, incident to the Senate Committee investigation of
J. P. Morgan & Co.:
During his term, both as Secretary of Commerce and President, he
refused at all times to have any ownership or dealing in stock, directly or
Indirectly. in any shape or form.
Associated Press adviees from Palo Alto, from which we
quote, added:
Mr. Hoover's name was brought into the investigation by a member of
the committee in connection with that of Edgar Rickard, New York mining
engineer, named as a Morgan customer.
Edgar Rickard issued the following statement at his New York office
yesterday:
"Information from Washington states that I had a participation in the
United Corporation. This is true. My participation was entirely a
Personal matter of my own, and it is outrageous to attempt to capitalize
my association with Mr. Hoover to drag his name into this matter."
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Market Operations
—G. H. Howard of United Corp. Describes Financing by Banking House—Senator Glass Asks Aim of
Inquiry.
George H. Howard, President of the United Corporation
and President of its wfholly-owned subsidiary, the New York
United Corporation, was the only witness on May 26 before
the Sub-committee Senate Banking and Currency Committee inquiring into the operations of J. P. Morgan & Co.
Regarding Mr. Howard's testimony we quote in part as follows from the Washington dispatch (May 26) to the New
York "Times":
testified
The United Corporation, he testified, is a holding company principally
and was organized at
for securities issued by public utility
the instance of J. P. Morgan & Co., Drexel & Co., and Bonbright & Co.
"The United Corporation," Mr. Howard said in reply to Ferdinand
Pecora, counsel for the Senate Sub-committee, "was incorporated Jan. 7
1929.
"About Jan. 11 1929, it acquired from J. P. Morgan & Co. 350,957 shares
of common stock of the Mohawk Hudson Power Corporation, 62,360 shares
of second preferred stock of the Mohawk Hudson Power Corporation, 124,740
option warrants of the Mohawk Hudson Power Corporation, 130,565 shares
of common stock of the United Gas Improvement Company, 59,500 shares
of common stock of the Public Service Corporation of New Jersey, and
$700,801.10 in cash.
"The United Corporation issued in consideration of the receipt of those
shares and that cash, 600,000 shares of its $3 cumulative preference stock,
and 800,000 shares of its common stock, and 714,200 option warrants.
"The securities were turned in at a price of about $12,000,000 less than
their market at that time."
"Are you a Philadelphia lawyer?" asked Senator Couzens.
"No, sir," replied Mr. Howard.
"I had particular reference to that financial set-up when I asked if you
were a Philadelphia lawyer," said Mr. Couzens.
Value Was $55,566,644.63.
Mr. Howard testified that the market value of 130,565 shares of United
Gas Improvement stock on Jan. 8 1929, was $164 a share, and the total
market value for that stock was $21,412,660. On the same date, he said,
the market value of all the securities which. the United Corporation received in this initial transaction was $55,566,644.63.
"In exchange for those securities what, if anything, did the United
Corporation issue or give to J. P. Morgan & Co. in this initial transaction?" Mr. Pecora asked.
Mr. Howard answered: "Six hundred thousand shares of its $3 cumulative preference stock, 800,000 shares of its common stock ahd 714,200
option warrants."
The original stock plan of the United Corporation, he continued, authorized it to issue 13,000,000 shares, of which 1,000,000 were first preferred,
2,000,000 of "preference stock" and 10,000,000 of common.
"No first preferred stock has ever been issued," Mr. Howard said. "The
$3 preference stock is entitled to dividends at the rate of $3 a share a
year and $50 a share in liquidation if the Company is liquidated. The
common stock is ordinary common stock, entitled only to dividends in ease
dividends have been paid on the first preferred stock, if issued, and upon
the preference stock, which has been issued. Each share of stock has one
vote."
Morgan Control Brought Out.
Mr. Howard said the holders of the option warrants were entitled to buy
a corresponding number of common-stock shares at any time in the future
at $27.50 a share. Senator C,ouzens asked whether Morgan & Co. would
have had control only by the exercise of the 714,200 option warrants.
"With respect to the immediate first transaction," said Mr. Howard,
"they had 800,000 shares of common that would give them control. If
they had converted they would have gotten 714,000 more shares of common stock."
"They had control without exercising their right under any of these
option warrants?" Mr. Pecora inquired.
"That is right." . . •
"Of how many corporations does the United Corporation own any stock?"
Mr. Pecora asked. Senator Couzens suggested that the witness also give
the "percentage of control" in each instance.
Lists Unitedis Holdingtr.
"As of May 15," Mr. Howard testified, "United Corporation owned
Mohawk Hudson second preferred stock. 62,370 shares, 2.8%.
"Niagara Hudson common stock, 1,914,417 shares. 21.9%.
"Niagara Hudson Power Corporation 'A' warrants, 250,819 2/3. 9%.
"Niagara Hudson 'B' warrants, 145,530. 29.3%.
"Niagara Hudson Power Corporation 'C' warrants, 300,000. 132%.
"Common stock of the Public Service Corporation of New Jersey, 988,271
shares. 17.9%.
"6,066,223 shares of the common stock of the United Gas Improvement
Company. 26.1%,
"2,424,356 shares of the Columbia Gas and Electric Corporation common stock. 20.9%.
June 3 1933
"Columbia Oil and Gasoline Corporation Voting Trust Certificates, two
items, 49,053 shares and 35,716 shares. 3.6%.
"38,183 4856-8000 of Columbia Gas and Electric Corporation $5 convertible preferred. (I haven't that percentage.)
"Commonwealth and Southern Corporation, 1,798,270 shares. 5.3%.
"1,005,000 Commonwealth and Southern Corporation option warrants.
5.7%.
"34,857 505-600 of the stock of Electric Bond and Share Company.
67-100 of 1%.
"Societe Lyonnaise, 30,038 shares. 3.2%.
"48,705 shares of Lehigh Coal and Navigation Company. 2.5%.
"203,900 shares of the Consolidated Gas Company of New York. 1.8%.
"63,002 shares of the common stock of American Waterworks. 3.6%.
"33,175 shares of the Consolidated Gas Company of Baltimore. 2.8%."
Operate in Twelve States,
Morgan &
Mr. Pecora introduced in evidence a table from the office of
whiah United
Co., showing that the population served by these companies in
Corporation has an interest was 55,272,000, distributed through the following States: New York, New Jersey, Connecticut, Pennsylvania, Delaware,
Ohio, Michigan, Illinois, Tennessee, Mississippi, Alabama and Georgia.
Mr. Pecora—How much cash did the United Corporation receive from anybody in exchange for its capital stock in January 1929?
Mr. Whitney—Up to Jan. 11, $20,700,801.10.
Q.—And from whom did it receive that sum of money? A.—Well, I have
testified already as to $700,801.10. As to the other, $10,000,000 from
J. P. Morgan & Co., and $10,000,000 from Bonbrigth Electric Corporation.
Q.—You have already told us what securities issued by the United Corporation were received by J. P. Morgan & Co. for that consideration? A.—
No. Only as to the securities. As to the $10,000,000 in cash. J. P. Morgan
& CO. received 400,000 shares of the common stock and 1,000,000 option
warrants of the United Corporation, and as to the $10,000,000 which Bonbright Electric paid in at that time they received 400,000 shares of common
stock and 1,000,000 option warrants of the United Corporation.
Explains Option System.
"Do you know the reason for the authorization and issuance of these option
warrants which entitle the holders thereof at any time in the future to purchase from the company its common stock at $27.50 per share?" Mr. Pecora
asked.
"Well," replied Mr. Howard, "it has been customary in connection with
the creation of the financial structure of companies similar to this to issue
various option warrants as a class of security."
Q.—Do you mean to say it has been customary to issue option warrants
unlimited as to time? A.—Yes.
Q.—How many other corporations did that prior to 1929? A.—I don't
know.
.what consideration were the option warrants issued?" asked Senator
kier
Bu'Foy
"The option warrants—the shares and the cash—were issued in each case
here for the $10,000,000 in connection with the other transaction for the
shares. The options were carried in at $1 an option."
Q.—As part payment for the price of properties acquired? A.—In some
cases in part payment for shares of other securities acquired and in these
other cases for the value.
Senator Adams—On your balance sheet, under liabilities, you are oarrying 14,000,000 shares of common stock at a stated value of $5 a share?
A.—Yes.
Q.—Some $72,000.000 is the liability? A.—Yes.
Senator Adams—You carry these 3,700,000 option warrants at a listed
figure of $27.50, and your option warrant really represents a share of common stock, doesn't it? A.—No, they are carried at nothing. Option warrants outstanding entitling holder to purchase at any time without limit
three million seven hundred thirty-two—
Senator Adams (interposing)—You carry a liability item of 376,000,000
against that?
Mr. Howard—No, that is the capital surplus, 360,630,000.
Mr. Pecora—Let us assume the United Corporation's common shares at
some time subsequent to January 1929, reached a market value of $50 a
share. Any one holding any of these option warrants would immediately
demand the issuance to him by the company of shares of that comanon stock
having a market value of $50 a share for $27.50 a share. A.—That is right.
Mr. Pecora—To whom were any of these option warrants issued by the
United Corporation? A.—On the first ti insaction Morgan & Co. got 714,200.
On another transaction Morgan & Co. go-. a million of these and Bonbright
Electric Corporation a million.
United Gammon's Rise Detailed.
"What did Morgan & Co. pay for those option warrants when it got the
block of a million?" asked Mr. Pecora.
"Morgan & Co. did not pay for them separately at that time," Mr Howard
said. "Morgan & Co. paid to the corporation $10,000,000 in cash and received 400,000 shares of common stock and a million option warrants, and
Bonbright Electric had a similar transaction."
Q.—How long after the 9th of January 1929, did the common stock of
United Corporation reach a market value in excess of $27.50 per share?
A.—On the Philadelphia Stock Exchange, on Feb. 2 1929, the common stock
was quoted at 58%, 56% and 56%. On May 9 1929, after the stock had
been listed on the New York Stock Exchange, the corresponding prices
were 67%, 66% and 66%.
At this juncture Mr. Pecora said: "That is enough for my purposes now.
May I withdraw this witness temporarily and ask George Whitney to resume the stand?"
"Just wait a moment 1" exclaimed Mr. Glass. "I am tired of sitting
around the table here in absolute ignorance of where we are going or where
we are being taken or what is expected to be adduced from the examination of witnesses.
"I think members of the Committee are entitled to know some of these
things so that they may receive the testimony with some degree of appreciation of its significance, if it has any, and that they themselves may interrogate witnesses with some degree of intelligence.
Glass Asks Aim of Inquiry.
"I do not know what all this has meant this morning," Senator Glass continued. "I want to ask the witness now if any of the transactions enumerated have been contrary to the law of any of the States in which this company operates, or contrary to any Federal statute."
"No, sir," said Mr. Howard.
Senator Glass—I would just like to know what it is all about.
Senator Couzens—I wonder if we could get an answer to Senator Glass's
question as to "what this is all about I"
Volume 136
Chairman Fletcher—I do not see how we can anticipate what Mr. Pecora
expects to develop.
Senator Glass—But we could have anticipated if the Committee had been
told by counsel what he wanted to prove.
Mr. Pecora—I shall be very glad to comply with the Senator's suggestion
and answer as to what it is all about, or at least what, in my humble opinion, it is all about.
Mr. Pecora read Senate Resolution 56, which directed the Banking and
Currency Committee to conduct the investigation.
"That," said Chairman Fletcher, "is the authority under which we are
acting and that is the authority under which we are proceeding"—
Glass "Expresses Himself."
"Hold on!" interposed Mr. Glass. "The Senator from Virginia is going
to express himself, and there is no authority in this Committee to prevent
him from expressing himself.
"I say that, in compliance with this resolution, Mr. Pecora and his
numerous investigators went to New York and made this preliminary investigation, having had access to all of the books of this and perhaps other
concerns—we do not know how many other concerns; he obtained, apparently, complete information as to those things—and I have said, and I
insist now, that it was his duty to have come here to Washington and have
appeared before the Sub-committee and to have told us what he found, what
significance he attached to what he found, and what he proposed to establish by the investigation before this Committee, and not to have brought
the members of the Committee here before a crowded assembly room without knowing one solitary thing about the meaning of all this.
"And I say that is so, and other members of the Committee agree with
me."
Mr. Pecora—May I remind Senator Glass that after the enactment—
Senator Glass—So far as that is concerned, I have examined the minutes
of the various meetings of the Sub-committee and I do not find that at any
meeting of the Sub-committee the employment of Mr. Pecora was authorized.
Chairman Fletcher—The minutes have not been written up, then. That
is all I can say about that. I know he was employed, and the Sub-committee
did it unanimously.
Senator Costigan—I agree with what the Chairman says. There can be
no question about the employment of Mr. Pecora.
Senator Glass—I have within the three last hours examined the minutes
in detail. It may have been that the employment was authorized, but there
Is no record of it. That is immaterial because I think the Committee is
satisfied with Mr. Pecora's employment: . . •
Pecora Explains Aims.
Senator Glass—"This particular line of examination, into the activities
and operations of the issuance of securities of the United Corporation, is
being conducted under that clause of the resolution which empowers and
directs the Committee to make a thorough and complete investigation, among
other things, of the business of banking, financing, and extending of credit,
and of the business of issuing, floating or selling securities.
"This United Corporation, it has already been shown, to the extent
that
I have been permitted to proceed up to the present moment, is a
corporation that has issued hundreds of millions of dollars of securities
to the investing public.
"And certainly its size and the area of its operations were deemed
to be
of sufficient importance to merit the attention of this Committee
under this
resolution.
"It has already further been shown by the evidence presented
at this
hearing that 1,000,000 option warrants were issued to J. P.
Morgan & Co.
for an allocated value or consideration of $1 each,
and a similar amount for
similar valuation to the banking house of Bonbright
& Co.; that those
option warrants are unlimited as to time, and entitle the
holders thereof to
purchase for each warrant a share of the common
stock of the United Corporation at $27.50.
Rise in Stock Is Cited.
"It has already been shown at this hearing that,
within a few days after
the issuance of those option warrants for that
consideration of $1, the
common stock of this company was traded in
on the public Exchange in
Philadelphia at prices doubling or more the sum of
$27.50.
"Now, there was proof—and the proof on that
has not yet been completed, gentlemen of the Committee—that
the securities of the United Corporation were issued under circumstances and
upon terms that enabled a
very small number or group of individuals
to acquire, at terms certainly
against the interests of the corporation, those
of its securities that are
called option warrants.
"Now, r want to pursue the inquiry
further, and I think the developments
will throw considerable light on a
certain phase of the business of issuing
and floating and selling securities."
Senator Glass—Now, let me ask Mr.
Pecora if he did not ascertain all
these things by reason of his
investigation in New York, and if he could
not have made to the Sub-committee,
prior to the meeting of the general
Committee, just the statement that he has
made here, that he expected to
develop those facts?
Mr. Pecora—Senator Glass, if I had to come
to
members of the Sub-committee every time I had Washington to consult the
any
I would have been busy taking every train between development to report
New York and Washington.
Preliminary Parley Recalled.
"I did not ask you about 'every time' you discoverey
anything or had any
development," Senator Glass said. "What I wanted
you to do was to come
here at some time after you completed your investigation
and give to us
some idea of what you proposed to develop here, in order that
we might not
waste our valuable time sitting around a table here
listening to questions
propounded and answers given which were of no
significance to a man of
ordinary intelligence, if I have ordinary intelligence."
Mr. Pecora then replied:
"Senator Glass will probably recall that in the latter
part of March, or
shortly after the adoption of Resolution 50 I appeared before
a meeting of
the Senate Banking and Currency Committee and outlined to the
members
the general scope, the lines of inquiry, that I was about
to undertake as
counsel for the Committee.
"I specifically read at that meeting the draft of the
quesitonnaire, so
called, that has been alluded to in the evidence here in the past
few days,
which I had sent to J. P. Morgan & Co. and other private banking
firms doing business in the City of New York.
"Now, that questionnaire, to a definite extent, suggested quite
fully, I
think, the lines and scope of the inquiry that I was undertaking to
pursue
as counsel for the Committee. Since that time I have received not a
single
request from any Senator on the Committee for any (further or more
specific
advices or information concerning what I was doing.
3843
Financial Chronicle
Pecora Statement Applauded.
"In view of that, I have been, with the exception of one visit to Washington that I made about three weeks ago, spending my time in the City of
New York, from early morn until late at night, engaged on this preliminary
investigative work.
"And I want to add that I did not seek this assignment as counsel to
the Committee. I appreciated and I still appreciate the honor, the dignity
and opportunity for service in having been asked to serve as Committee
counsel.
"I have been happy to render whatever service, modestly, I could as
counsel to the Committee; and I want to assure Senator Glass that the compensation of $255 a month which I am receiving for these services certainly
is no incentive to me to render these services or to continue to render
them."
Glass Opposed Arrangement.
"I want to say to the counsel, to the dommittee," Senator Glass went on,
"that the mere sending out of interrogations to bankers did not constitute,
for the purpose of the Committee, evidence of data which should have been
submitted to the Sub-committee.
"As I have said, and as I insist, so far as the compensation of counsel
to the Committee is concerned—and I want to say this to the counsel and
to the Committee—I was utterly opposed to an arrangement of that sort.
I do not think that this counsel or any other counsel ought to be required
to come here to Washington, or to go to New York, or anywhere else, and
work for the United States Senate without adequate compensation.
"And I was in favor of giving whatever-counsel might be employed adequate compensation. And I do not imagine that counsel for the Committee
is working just for the $255 a month. Far from it!"
"As a member of the Committee," said Senator Costigan, "I wish to express my appreciation of the ability and the efficiency of counsel for the
Committee. In my judgment the investigation-thus far conducted has been
relevant and material." . . .
Glass Maintains Stand.
"I move that the Committee adjourn," said Senator Byrnes.
"I hope the Senator won't make that motion" Senator Glass declared.
"I do not intend to be put in an unreasonable attitude. And I am perfectly
indifferent to darner or applause. I want that understood.
"I still say it would have facilitated the operations of this hearing, and
enabled the members of this Committee to have come in session with some
comprehension of what has been discovered by Mr. Pecora, and what he
expected to develop, had he come to Washington and laid before the Subcommittee, briefly, the results of his examinations in New York. And member after member of the Committee have agreed that would have been the
better course.
"Now, I do not care anything about the 'House of Morgan.' The 'House
of Morgan' never loaned me a dollar in their lives and very likely never
would, in any way, shape or form"—
"Unless you were properly introduced," Senator Couzens broke in.
"I am not careful of the 'House of Morgan' except that I am careful for
the dignity and orderly procedure of this Committee." Mr. Glass continued. "As one member of this Committee I do not intend to see any injustice done to the 'House of Morgan' or any other house, whether it be of
large consequence or of little consequence or of no consequence. That is
the attitude I intend to maintain to the end of these hearings.
No Witnesses Excused.
"I am not afraid to do J. P. Morgan & Co. justice. Id they have done
anything they ought not to have done, I am not afraid to legislate accordingly. The only solitary sentence of statutory law that would have corrected the things we have here talked about was framed by me and passed
under my management on the floor of the Senate."
"These are things of the past." Senator Adams said. "I am not a member of the Sub-committee, but if the Sub-committee feels that counsel should
make some statement in advance, I am satisfied that in future they would
have no difficulty with counsel as to advice in advance as to the prospects."
"That does not alter my contention that it ought to have been done in
the past," Senator Glass declared.
The Sub-committee then adjourned until 10 o'clock next Wednesday morning [May 31].
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Market Operations
—Profits of Banking House in Security Issues—
$18,284,908 in Five Years 1927-31, Papers Turned
Over to Senators Show.
According to Associated Press accounts from Washington
May 27 (copyright), figures of profits through security
flotations and syndicate operations were disclosed on that
date in documents obtained from the files of the banking
house by Senate investigators. The Associated Press further
said (we quote from the New York "Times"):
They showed that the Morgan firm reported to the investigators gross
profits of $18,284,908 from the sale of securities alone during the five-year
period from 1927 to 1931, inclusive, in addition to untabulated millions on
other operations.
Bare details of stock pool or syndicate operations in which the Morgan
house participated hinted at millions of additional profits, but the total
could only be guessed because of the form in which it was reported.
Committee investigators have gone back of the figures presented by the
Morgan firm and found additional profits which will be totaled and submitted later to the inquiry Committee. The Morgan reports showed them
only as shares still held.
A joint account in Proctor & Gamble Company common stock from July
1929, to June 1930, in which the Morgan profits were $1,853,959, revealed
the size of some of the operators. A total of 180,900 shares were bought
and sold for the account.
The period covered by the figures included two and a half "boom" years
and the same number of "depression" years.
Testimony before the Committee has shown that the twenty partners in
the firm paid total income taxes of $11,000,000 in 1929; $48,000 in
1930,
and none in 1931. But the profits revealed to-day were not divided Into
years.
Pool Profited in Crash.
One of the most interesting documents was a summary of the operations
of the so-called bankers' pool which went into the market in 1929 shortly
3844
Financial Chronicle
after the collapse. It showed that the pool, listed under the name "special
suspense account," made a total profit of $1,067,355 of which Morgan's
share was $170,776.
The Morgan files gave much additional information also about the socalled selected lists of clients to whom the firm sold stock at bargain prices.
Two such lists already have been made public by the investigators, including the names of many famous persons of high position in public life and
out. Stock In the Alleghany Corporation and Standard Brands, Incorporated,
was sold to them at prices below the market quotations for those stocks.
In June 1927, Morgan & Co. acquired 400,000 shares of Johns-Manville
Corporation common at 47%. It disposed of 343,750 shares to a selected
list at the purchase price of 47%, and 56,250 to another selected list at
57%.
Many noted persons are understood to have been on the second selected
list and to have responded readily to the price, Which realized a profit of
•
$562,000 for Morgan & Co.
Another special list of favored customers obtained 315,070 units of United
Corporation the Morgan holding company, at 75. Each unit included a
share of preference stock and a share of common.
List for Niagara Hudson.
The third list obtained common stock in Niagara Hudson Power Corporation. This company sold 2,000,000 shares of the stock on Aug. 19 1929,
each carrying one Class A and one five-year Class C warrant, at $25 a unit.
Morgan and Bonbright & Co. purchased 200,000 units, of which the house
of Morgan sold 56,500 to a selected list, leaving a balance of 143,500 to be
divided between the two companies.
The record showed the bankers' pool was one of the biggest syndicate
Operations participated in by the Morgan house during the five-year period.
Other participants were listed as the First Securities Company, Chase Securities Corporation. Guarantee Company of New York, National City Company,
Bankers Company and Daniel, Murry, S. R. Simon Guggenheim.
Each participant had a 4-25ths interest, except the Guggenheims, who
had 1-25th, the record disclosed, and the pool engaged in operations in
some of the better-known stocks with varying results. Altogether, 1,146,609
shares in thirty-seven different stocks were traded.
The syndicate bought 60,000 shares of Columbia Gas and Electric Company stock for $4,016,425 and sold them for $4,622,060, realizing a profit
of $605,635.
It bought 66,600 shares of General Electric for $15,902,050 and sold
them for $16,521,000, for a return of $618,960.
A profit of $326,484 was made in United States Steel by purchasing
148,400 shares at an average price of $182.45 or a total of $27,075,700, and
selling them for an average of $184.65, or 07,402,184.
A loss of $608,394 was sustained in Anaconda Copper, in which the syndicate bought 76,200 shares for $6,514,215 and sold them for $5,905,821.
Losses of $404,339 and $206,785, respectively, were listed for dealings in
Sears, Roebuck and Johns-Manville Corporation stock. The stock of the
latter company was bought for 170 and sold for 138. . . .
It was impossible for Committee agents to calculate total Morgan profits
from the documents furnished them by the firm because in many cases they
were listed entirely or partially as blocks of stock.
For instance, in one underwriting issue the firm report said: "Profits
received by J. P. Morgan At Co., 1,375 shares."
Further research will be required to determine what that represents in
cash.
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Market Operations
—Mr. Morgan's Explanation of Payment of British
Income Tax—Capital Gains and Losses Ignored
in England.
While reference was made in these columns May 27 (pages
3654-3656) to the testimony by J.P. Morgan before the Senate
Banking and Currency Committee in which he made an explanation as to the payment by him of a British income tax,
we give herewith the following explanation made by Mr.
Morgan (according to the New York "Times") to the Senate
Committee on May 25 of the fact that he paid an English income tax in 1930, 1931 and 1932, although he did not pay income tax in the United States:
"There was a question raised about my having paid income tax to the
British Government, yesterday. I was asked yesterday whether I had paid
any income taxes to any foreign Government, and replied that I had paid
Income tax to the British Government. My memory was not entirely clear
about it, so that I thought I would like to explain it a little.
"My income tax to the British Government is paid upon the basis of the
English income tax law, and it is fixed by the Inland Revenue authorities,
as they call them there. I paid an assessment during 1932 of £7,000, and
approximately similar amounts for 1931 and 1930.
"The English income tax includes a tax on the rental value of property
owned which the owner uses and which would have increased his income
had he rented it, and does not include any capital gains and losses."
When questioned by Mr. Pecora, counsel for the Committee, Mr. Morgan
said that if the English system of income tax were adopted in this country
he would have had to pay income taxes for the years 1930, 1931 and 1932,
and would have had to pay a "lot less" in 1928 and 1929.
London ad vices May 25 to the same paper said:
The simplest explanation as to how J. P. Morgan paid income tax in
Britain in 1931 and 1932, though he was not required to pay in the United
States, is that authorities here base their annual assessments on certain
classes of Income at the source and ignore altogether the point whether the
recipient loses part or all of it afterward.
If, say, a man receiving a salary of £1,000 saves £200 which he invests
wisely, the income tax authorities take a tax on his salary and then, when
the investment matures, they take a tax on that too.
But it is no concern of theirs whether another £200 of savings have
been lost in the meantime.
They regard the ownership of a house as a form of income. Thus, speaking hypothetically, if Mr. Morgan owned property in Britain (which he
did largely), he would be forced to declare, under heavy penalties, the exact
amount of money he brought over from the United States to Britain. This
would be taxed. If he leased estates, the income therefrom would be
taxed, too.
Moreover, if he received a salary as a partner or a director in the English
company it would be taxed, as would his income from British investments.
June 3 1933
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Market Transactions—Letters from John J. Raskob and Charles
Francis Adams Accepting Offer of Stock of Allegheny Corp. Below Market Price.
During the examination on May 25 of George Whitney by
the, Senate Committee inquiring into the affairs of J. P.
Morgan & Co., Ferdinand Pecora, counsel for the Committee,
introduced letters from John J. Rascob,then Chairman of the
Democratic National Committee,and Charles Francis Adams,
subsequently Secretary of the Nary, relative to the offering
of Alleghany Corporation stock to them in 1929 by the Morgan firm. These letters were publighed as follows in the
New York "Times":
The letter from Mr. Raskob to Mr. Whitney read:
Whitehall, Palm Beach,
Dear George:
Many thanks for your trouble and for so kindly remembering me. My
check for $40,000 is enclosed herewith in payment for the Alleghany stock,
which kindly have issued when ready, in the name of John J. Raskob, Wilmington, Del. I appreciate deeply the many courtesies shown me by you
and your partners, and sincerely hope the future holds opportunities for
me to reciprocate. The weather Is fine and I am thoroughly enjoying golf
and sunshine.
Best regards and good luck.
JOHN.
The letter was received by J. P. Morgan & Co. on Feb. 8, 8:10 A. M.,
1929 according to a notation.
Tlie letter from Mr. Adams read:
15 State Street, Room 102,
Boston, Feb. 13 1929.
H. S. Morgan, Esq.,
23 Wall Street, New York, N. Y.
My dear Henry:
As you probably know, I have duly signed on. I see no reason why this
should interfere with this bit of investment. I accordingly send a check
with many thanks to you. Please have the certificate put in my name.
Always affectionately yours,
C. F. ADAMS.
Inquiry Into Affairs of J. P. Morgan 8c Co. by Senate
Committee Investigating Stock Market Transactions—Defaulted Bond Issues Floated Prior to
1927 by J. P. Morgan & Co. and Drexel & Co.
Incident to the inquiry into the operations of J. P. Morgan
& Co. by the Senate Banking and Currency Committee investigating stock market trading, it was stated in Washington advices May 28 to the New York "Times" that the following list shows bond issues made prior to 1927 by J. P.
Morgan & Co., and Drexel & Co., which are in default as to
interest or principal:
J. P. Morgan & Co.
Chicago City & Connecting Railways, collateral trust sinking fund gold
5s. issued Jan. 1 1910; due Jan. 3 1927; defaulted Jan. 3 1927.
Florida East Coast Railway, first and refunding mortgage 5% gold bonds,
issued Sept. 1 1924, Series A, due Sept. 1 1974; defaulted Sept. 1 1931.
Interborough Rapid Transit Company, 10-year secured convertible 7%
gold notes, issued Sept. 1 1922; due Sept. 1 1932; defaulted Sept. 1 1932.
Imperial Russian Government credit of 1916, issued June 1918.
Republic of Mexico, 4s, 5s and 6s, of 1899, issued prior to July 1913.
Drexel de Co.
De Bardeleben Coal Corporation, first mortgage 6% bonds, 1953, issued
May 22 1928; defaulted Dec. 1 1931.
Franklin County Coal Company, first mortgage 6% bonds, issued Jan. 8
1924; defaulted Jan. 1 1931.
Terre Haute, Indianapolis & Eastern Traction Company, first and refunding mortgage 5% bonds, 1946, issued May 23 1910; defaulted Oct. 1 1930.
Indianapolis, Crawfordsville & Danville Electric Railway Company, first
mortgage 5% bonds, 1952, issued June 1 1912; defaulted Nov. 1 1930.
The Baldwin Locomotive Works, 3-year 5%% notes, 1933, issued March
11 1930; defaulted March 1 1933.
Lehigh Valley Coal Company, first mortgage 4% bonds, 1933, issued in
1904; defaulted Jan. 1 1933.
Red Jacket Consolidated Coal and Coke Company, consolidated mortgage
5% bonds, 1944, issued in 1904; defaulted Jan. 11 1932.
Other Defaulted Issues.
The following are the names of all issues in which either firm has had
any participation and which are now or have been at any time between
1927 and 1931, inclusive, in default:
Republic of Peru secured 7% sinking fund gold bonds, due Sept. 1 1959;
defaulted Sept. 1 1931.
Republic of Peru Peruvian National loan 6% external sinking fund gold
bonds, first series, due Dec. 1 1960; defaulted June 1 1931.
Republic of Peru Peruvian National loan 6% external sinking fund gold
bonds, second series, due Oct. 1 1961; defaulted April 1 1931.
Chicago Rapid Transit Company first and refunding mortgage 6%go
bonds, Series A, due 1953; defaulted July 1 1932,
Chicago Rapid Transit Company first and refunding mortgage 6% bonds,
Series B, due 1944; defaulted July 1 1932.
h% external sinking fund bonds, due Oct. 15
United States of Brazil 61
1957; defaulted April 15 1932.
International Match Corporation 5% twenty-year sinking fund debentures,
due Nov. 1 1947 ; defaulted May 1 1932.
International Match Corporation 5% ten-year convertible debentures, due
Jan. 15 1941; defaulted July 15 1932.
Williamsport Wire Rope Company first mortgage sinking fund 6% bonds,
due Nov. 1 1947; defaulted Nov. 1 1932.
City of Vienna external loan sinking fund 6% bonds, due Nov. 1 1952;
defaulted Nov. 1 1932.
Republic of Chile external loan sinking fund e% bonds, due Sept. 1 1961;
defaulted Sept. 1 1931.
Republic of Chile external loan sinking fund 6% bonds, due March 1 1962;
defaulted Sept. 1 1931.
Volume 136
Republic of Chile external loan sinking fund 6% bonds, due May 1 1963;
defaulted Nov. 1 1931.
Republic of Chile Railway refunding 6% sinking fund external bonds,
due Jan. 1 1901; defaulted Jan. 1 1932.
Items bearing on the inquiry into the affairs of J. P. Morgan & Co. appeared in these columns May 27, pages 36513661.
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Market Trading—
Samuel Reyburn Tells of Incidents Bearing on
Participation in Preferred Stock List—Asserts New
York Bankers Saved Little Rock Institution from
Red Attack.
Samuel W. Reyburn, President of the Associated Dry
Goods Corporation, New York City, whose name appeared
on J. P. Morgan & Co.'s preferred list of buyers of the stock
of the Alleghany Corporation, told the Advertising Club of
New York at its luncheon meeting on May 26 how he had
"won a place on the list of underwriters."
The foregoing is from the New York "Herald Tribune" of
May 27, from which we also quote:
Mr. Reyburn said that more than thirty years ago, when he was President of a trust company in Little Rock, Ark., he had opened a New York
account with the Morgan firm. He told how, after he had built up deposits in his company to about $400,000 on an original capital of $10,000,
a "radical group" had sought to undermine confidence in his bank and of
how the day had been saved by J. P. Morgan & Co. and others.
Chosen for Special Work.
Mr. Reyburn said he was asked by the Morgan firm to come to New York
for some special work in 1914, the recommendations having come from two
bankers, William Porter, a Vice-President of the Chemical National Bank
and later a Morgan partner, and Thomas Cochran of the Astor Trust Company, who also became a Morgan partner.
Mr. Reyburn said he undertook the special work assigned in July 1914,
but in the fall of that year economic conditions were such that it brought
the business close to receivership. Again he was indebted to the Morgan
firm, which provided half of a $1,000,000 loan, two other banks putting up
the remainder, half at the suggestion of the Morgan company.
"As confidence returned in January 1915, I received my first invitation
to join in the underwriting of some venture that the Morgan firm had agreed
to help finance," Mr. Reyburn said, adding that the matter had been presented to him by the late Dwight W. Morrow. "That investment I think
I held over a year and then disposed of it at a nice profit." Other investments followed, he added, and "naturally, I was proud of the fact that my
dealings with the firm had won me a place on their list of underwriters and
I am glad to say that, despite losses on some of the obligations, on the whole
it had been a valued and profitable association."
IVile Joined in Purchase.
He said that when the participation in the Allegheny Corporation was
offered to him, he "was rather short of ready funds and only took a small
amount." When his wife heard about it, he said she "begged for an interest" and he finally agreed to sell to her, for the price he paid, the 600
shares of the stock he had taken, "explaining that if a loss occurred she
would have to stand it." Some time after that, he said, she sold her holdings at a profit of $4,887.50.
Mr. Reyburn said he also wanted to explain the $90,000 loan he received
from J. P. Morgan & Co. soon after the market break in the fall of 1929. He
said he borrowed this money to help out several friends who were "in trouble."
Their collateral had depreciated, their loans were due, and their collateral
was about to be sold at figures less than the face value of their loans, he
said. When they appealed to him for help, he said, he went to the Morgan
firm, where he had his "largest personal account," and arranged the loan,
which was repaid within six weeks.
"I believe in the soundness of a private banking business," he concluded.
"My confidence in the firm of J. P. Morgan & Co. is of the highest and in
these times when public opinion is so misguided and hostile to private
bankers, I do not mind in the least giving my favorable opinion."
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Market Operations
—Gov.Pinchot of Pennsylvania Calls for Resignations of Two State Supreme Court Justices on
Preferred Stock List.
Governor Gifford Pinchot of Pennsylvania, demanded on
May 27 the resignation of two State Supreme Court Justices
who bought stocks from J. P. Morgan interests at prices
below the market. Associated Press accounts from Harrisburg, Pa., on May 27, authority for the foregoing added:
Urging Justices John NV. Kephart and William I. Schaffer to step down
from the bench, he asserted. "If I had the power I would remove them at
once."
The justices who were elected for twenty-one-year terms, replied that they
have no intention of resigning. They denied the Governor's charge that
they had accepted "favors from utility bankers" and "utterly disqualified
themselves for further service in the State's highest court."
Justice Schaffer, who said he bought Allegheny Corporation stock for
Investment and "sold it at a heavy loss," asserted his right to buy securities
•
as any other citizen would buy them.
Justice Kephart declared he holds the stock for which he paid $6,000 and
now values it at $600. He added:
"Unless a judge must resign because he eats in a restaurant owned by some
banker there is no more reason for my resignation over the Allegheny matter
than there would be for eating in a banker-owned restaurant."
The Governor's request for the resignations came closely in the wake of a
similar request from Warren Van Dyke, Pennsylvania Roosevelt leader and
Chairman of the Democratic State Committee. Mr. Van Dyke went further,
insisting the disclosures by the United States Senate Banking Committee
were sufficient to warrant impeachment proceedings.
Offerings of stock by J. P. Morgan & Co. below market
price were referred to in these columns May 27, pages 3654
•
and 3657.
3845
Financial Chronicle
Annual Convention of Illinois Bankers Association to
Be Held in Chicago June 5 and 6.
The 43rd annual convention of the Illinois Bankers Association is to be held in Chicago June 5 and 6. The annual
dinner of the Association will take place in the evening of
June 5, and on June 6 two business sessions will be held.
Francis H. Sisson, President of the American Bankers Association and Vice-President of the Guaranty Trust Co. of
New York, will deliver an address at the dinner on "Looking
Forward." At the morning session on June 6 addresses
will be made by William F. Ploch, President, National City
Bank, Long Beach, N. Y.; R. H. Brunkhorst, Comptroller,
Harris Trust & Savings Bank, Chicago, and William H.
Dietrich, United States Senator from Illinois. At the afternoon session Louis J. Krensky of A. M. Krensky & Bros.,
Chicago; H. A. Lyon, Advertising Manager, Bankers' Trust
Co., New York; N. G. Kraschel, Lieutenant-Governor of
Iowa, and Victor A. Olander, Secretary, Illinois State Federation of Labor, will deliver addresses. Following the annual election of officers, the convention will adjourn on
June 6.
Suspension of Holidays and Opening of Banks for
Business.
Since the publication in our issue of May 27 (page 3662)
with regard to the banking situation in the various States,
the following further action is recorded:
DISTRICT OF COLUMBIA
Referring:further to the new National bank being formed
in Washington, D. C., through the union of a number of
restricted banks in Washington and which is to be known
as the Hamilton National Bank of Washington, announcement was made on May 29 that there had been 8675,000
worth of stock subscribed to date to open the new institution.
The announcement followed meetings of the general subscription committee and the subscription committee of the
Federal-American,National Bank & Trust Co., one of the
restricted banks committed to the plan for the new bank
The Washington "Post" of May 30,is authority for the foregoing, from which we also take the following:
This was the first announcement of a general total. It was made at the
beginning of the second week's campaign to secure $1,250,000 worth of
stock to create the new bank and make available 50% of the deposits of
the seven participating banks, more than $10,000,000. Members of the
general subscription committee hope to have the remaining $575,000 worth
of stock subscribed by the close of the week.
With more than half of the necessary amount of stock subscribed, however, organizers of the new bank emphasized the importance of every
stockholder and depositor in the institutions concerned subscribing to the
fullest extent possible. An oversubscription, they said, would add greatly
to the prestige of the new institution. . . .
Seven restricted banks are now in the plan to create the "Hamilton National Bank of Washington." They are Federal-American National Bank
& Trust Co., District National Bank, Potomac Savings Bank, Washington
Savings Bank, Northeast Savings Bank, Woodridge-Langdon Savings &
Commercial Bank and United States Savings Bank.
Entry of the last institution into the merger plan is protested by Col.
Wade H. Cooper, its President and majority stockholder, who has submitted a plan to the Treasury Department for reopening the bank independently.
(Jul. Cooper said his plan was designed to make available for depositors
75 cents on the dollar instead of 50 cents. He declared last night(May 29)
that he was confident that it would be approved in preference to the merger
Into the Hamilton.
ARKANSAS
TheBoard of Directors of the Reconstruction Finance
Corporation on May 25 authorized the purchase of $25,000
of preferred stock in a new bank which it is proposed to
organize at Conway, Ark., a community now without banking facilities.
The preferred stock authorization is contingent on the
subscription of an equal amount of common stock by those
interested in the organization of the new bank.
GEORGIA.
On May 29 the directors:of the Reconstruction Corporation authorized the purchase of $50,000 worth of preferred
stock in the Gainesville National Bank at Gainesville, Ga.,
a reorganized institution. The authorization for the purchase of the preferred stock is contingent upon the subscription of an equal amount of common capital stock by
those interested in the reorganization of the institution.
ILLINOIS.
A reorganization program looking towards an early reopening of theMustin State Bank at 5645 West Lake St.,
Chicago, is being pushed by officials of the institution,
according to the Chicago "Tribune" of May 26, from which
we quote further as follows:
Perley 13. Castle, President of the Austin State,said yesterday (May 25)
$200,000 of new money is being raised through the sale of stock to shareholders and business interests in the community. Depositors are being
asked to waive claims on 60% of their deposits. The bank, which is forty
3846
Financial Chronicle
years old, had deposits of $1,700,000 when the moratorium began March 3.
The reorganization plan has been approved by State Auditor Barrett,
Castle said.
That a new bank is being organized, and will open shortly,
as a successor to the Halsted Street State Bank of Chicago,
Ill., is indicated in the following taken from the Chicago
"Tribune" of May 26:
A new bank, the South Town National, is being formed to take over
50% of the deposit liabilities of the Halsted Street State. Half of the
$200,000 of new stock has been placed, officials state. Assent of depositors
to the 50% waiver is being sought. Assets not acquired by the new bank
will be liquidated to satisfy 50% of deposits not assumed.
The National Security Bank of Chicago, Ill..—the new
institution which replaces the Security Bank—opened on
May 27 in the former quarters of the old bank. The new
bank is capitalized at $200,000 with surplus and reserves of
$50,000. The Chicago "Journal of Commerce" of May 27,
in noting the opening, furthermore said:
The Security Bank has been in process of voluntary liquidation since
the moratorium was lifted March 13. It was organized in 1906 and was
the oldest bank on the Northwest Side. The same officers who were
chiefly responsible for the policies and management of the old institution
will head the new national bank.
In commenting on the establishment of the new bank, Norman B. Collins,
President, stated the new institution will fill the pressing need for banking
facilities on the Northwest Side.
We learn from the Chicago "Journal of Commerce" of
May 26 that the Iroquois Farmers' State Bank of Iroquois,
Ill., and the Bowen State Bank at Bowen, Ill., resumed
businega on that day without restrictions.
The following day, May 27, six more Illinois State banks
were reopened on an unrestricted basis, according to the
Chicago "News," namely, the Wheeling State Bank, Wheeling; Golden State Bank at Golden; Martinsville State Bank,
Martinsville; Arrowsmith State Bank at Arrowsmith;
Brighton State Bank at Brighton, and Pleasant Plains
State Bank at Pleasant Plains.
According to the Chicago "Journal of Commerce" of
May 27, the following Illinois State banks reopened on that
date under authority of the State Auditor: The wheeling
State Bank at Wheeling; the Golden State Bank at Golden;
Brighton State Bank, Brighton; the Martinsville State Bank
at Martinsville; the Arrowsmith State Bank at Arrowsmith,
and the Pleasant Plains State Bank of Pleasant Plains.
The West Thirty-First Street State Bank of Chicago, Ill.,
reopened for business on May 29 after having been closed
since the moratorium, according to the Chicago "News" of
that date, which stated that deposits greatly exceeded
withdrawals on the opening day. The bank it was stated,
has $55,000 new capital and old deposits of $135,000. Deposits at the time of closing, it was said,were $248,000,but
$113,000 has been waived by the depositors. Officers of
the institution are as follows: Ignatius Chap, President;
Edward J. Visk and Frank Chap, Vice-Presidents; Arthur
I. Chap, Cashier, and G. V. Chap and Michael A. Dolinyak,
Assistant Cashiers.
Two Illinois State banks, the Farmers' State Bank of
Mount Sterling and the Farmers' State Bank of Lewistown,
reopened for business without restrictions on May 31. •
June 3 1933
an institution organized to succeed the Gretna Trust & Savings Bank of Gretna. The authorization to purchase the
stock is contingent upon an equal amount of common tock
being subscribed by those interested in the new organization.
The new Hibernia National Bank in New Orleans, New
Orleans, La., which opened fo business on May 22 with
combined capital and surplus of $3,000,000 and deposits
of $14,000,000, on the night of May 24, three days later,
showed a gain in deposits of well over a million dollars.
Chairman R. S. Hecht and President A. P. Imahorn expressed themselves as well satisfied 'with this concrete
evidence of the co-operation and confidence of the community."
MAINE.
The Reconstruction Finance Corporation on May 29
authorized the purchase of $50,000 of preferred stock in the
Calais National Bank of Calais, Me., a new bank. The
authorization to purchase the preferred stock is contingent
upon the subscription of a like amount of common stock by
those interested in the organization of the new institution.
Associated Press advices from Augusta, Me., on May 26
reported that Financial Institutions, Inc., a holding company
for a chain of Maine banks, and organized and controlled
by Walter S. Wyman and Guy P. Gannett, was placed in
receivership on May 25 by Chief Justice William R. Pattangall of the Maine Supreme Judiciary. The action was taken
on petition of Mrs. Wyman and Mr. Gannett. 0. Beane,
an Augusta attorney, was named receiver. The dispatch
continued in part:
Ten of the banks are now closed and in the hands of conservators or
receivers while two banks—the First National Granite, of Augusta, and
the National Bank of Gardiner—divorced themselves from the chain. In
the case of the Gardiner institution this was accomplished by purchase of
$50,000 stock owned by another of the chain's banks, while the details
of the Augusta transaction were not disclosed.
The closed banks are: Fidelity Trust Co. of Portland (said to be the
largest bank in Maine); State Trust and Augusta Trust of Augusta; Maine
Trust & Banking Co. and Gardiner Trust of Gardiner; Security Trust and
Rockland National of Rockland; Peoples-Ticonic National of Waterville:
Thomaston National and York County Trust Co. of York Village.
Wyman,who is President of the Central Maine Power Co.,and connected
with other corporations, and Gannett, publisher of daily newspapers in
Portland, Waterville and Augusta, issued a joint statement which said the
receivership appeared "the only proper course" to take to "properly conserve the interest of the creditors and stockholders."
The last annual report of the State Banking Department listed time and
demand deposits in the seven closed trust companies as totaling $49,536,170,
of which $38,991,839 were time and $10,544,331 demand. The Fidelity
Trust Co.,had the most,$18,241,980 of time and $7,872,401 of demand. ...
Capital stock was listed as 25,000 shares preferred, $100 par value, and
200,000 shares of common no par value.
A reorganization plan of the People's Ticonic Bank of
Waterville, Me., which has remained closed since the bank
moratorium, was approved on May 29 by the Comptroller
of the Currency, according to a dispatch from Washington
on that date by the Associated Press.
MARYLAND.
A plan for the reorganization of the Hopkins Place Savings
Bank of Baltimore, Md., has about been completed and the
management hopes to release it soon, according to the
Baltimore "Sun" of May 28. The statement of the bank
INDIANA.
issued last Dec. 31 showed total deposits of $18,661,282 and
The organization of a new National bank in Plymouth, resources of $19,858,233. The savings bank has been
hid., to replace the First National Bank of that place, now operating on a 06% withdrawal basis since termination
in the hands of Samuel Schlosser, Sr., as conservator, is of the bank holiday, March 14.
being undertaken by Mr. Schlosser upon the recommendaWe learn from the same paper that G. Pitts Raleigh has
tion of the National Banking Department, according to a succeeded E. Stanley Gary as President of the institution.
dispatch from Plymouth on May 29 to the Chicago "Tri- Mr. Gary, who held the office of Chairman of the board as
bune." The dispatch continued:
well as President,continues as Chairman. Mr. Raleigh, who
The conservator will continue the operation of the First National Bank
heretofore was a Vice-President of the Maryland Trust Co.
until the new organization is completed. Then plans for taking over the
of Baltimore, was to assume his new duties on June 1, it
assets or liquidation will be perfected.
was stated.
IOWA.
Concerning the affairs of the Union Trust Co. of BaltiRelease of 11 State and savings banks in Iowa from the
more, Md., the reorganization plan of the institution was
restrictions of S. F. 111, imposed upon the banks during
the State Bank Commissioner
the National and State banking holiday was announced approved by the directors and
complete
on May 23 by D. W. Bates, Deputy Superintendent of of Maryland, John J. Ghingher, on May 29 and
details of the proposal have now been mailed to the stockBanking for Iowa. The Des Moines "Register" of May 24
holders and depositors. The Baltimore "Sun" of May 30,
in reporting the matter, named the banks as follows:
from which the above information is obtained, continued:
Sanborn Savings Bank, Sanborn; Dallas County Savings
. on its acceptance will make immediately available
Bank, Minburn; Perry State Bank, Perry; Rowley Savings toThe plan . . in cash. 40% in certificates of deposit and 40% in cerdepositors 20%
Bank, Rowley; Farmers' State Bank, Bayard; Fairfax State tificates of beneficial interest. These distributions are contemplated in
already
available.
Savings Bank, Fairfax; Le Mars Savings Bank, Le Mars; addition to the 5% of depositors' funds a parity made general deposits of
with
The certificates of deposit will be on
Tipton Savings Bank, Tipton; Silver City State Bank, the reorganized bank and will be deemed to represent time deposits. They
Silver City; Watkins Savings Bank, Watkins and Sioux will be liquidated with all possible speed in various installments or in a
lump sum 30 days after so directed by the directors with the approval
County Savings Bank, Maurice.
of Mr. Ghingher.
LOUISIANA.
The directors of the Reconstruction Finance Corporation
on May 29 authorized the purchase of $100,000 worth of
preferred stock in the First National Bank of Gretna La.,
The certificates of beneficial interest will be issued by a newly formed
holding company and will represent slower assets for deferred liquidation
and distribution.
Stockholders will receive stock in the holding company carrying the
same liability, share for share, for their present trust company holdings.
Financial Chronicle
Volume 136
Plans for the reorganization of the Chestertown Bank of
Maryland at Chestertown have been approved by the Maryland State Bank Commissioner, John J. Ghingher, according
to Baltimore advices on May 29 to the "Wall Street Journal," which added:
They provide for an increase in capital to $50,000 from $27,000, and the
issuance of certificates of beneficial interest to depositors. Depositors
would be permitted to receive 35% of their deposits in these certificates.
The Westminster Deposit & Trust Co. of Westminster,
Md. which had been operating on a 10% withdrawal basis
since the legal holidays, was to reopen on a 100% basis on
May 31, according to an announcement the previous day
by John J. Ghingher, State Bank Commissioner for Maryland. In reporting the matter in its issue of May 30 the
Baltimore "Sun," continuing, said:
The complete reopening of the bank, which had approximately $1,000,000
iedeposits, has been made possible. Mr. Ghingher said, by the voluntary
subscription on the part of some depositors and stockholders of $180,000
in new capital. The bank previously had 1,000 shares of $100 Par capital
stock outstanding. This capitalization was reduced to $10,000 by cutting
the par value down to $10, and 9,000 new $10 par shares were issued at
$20 to restore the bank's capitalization to $100,000 and leave $90.000 to
be carried to surplus.
Charles E. Nicodemus is President of the bank. N. H. Baumgartner
is its Treasurer.
Announcement was made on May 27 that the new Seat
Pleasant Bank at Seat Pleasant, Md., formed from the
Southern Maryland Trust Co., now operating on a restricted
basis, is expected to open on June 5, according to the Washington "Post" of May 28, from which,we also take the following:
The articles of incorporation for the new institution were filed with the
State tax commission yesterday (May 27) after having been approved the
• day before by Judge Joseph C. Mattingly, of the Prince Georges County
circuit court.
The charter for the new bank, recently approved by the Maryland State
Bank Commissioner, grants the right for the new institution to open on a
$25,000 capital. It is expected to operate on a 100% basis.
A conservator will be appointed for the Seat Pleasant Bank, and as the
stock of the trust company is liquidated it will be placed to the credit of
the depositors of the new establishment. An application for membership
in the Federal Reserve System will be entered.
MASSACHUSETTS.
Governor Ely of Massachusetts on May 27 announced
that the Bay State National Bank and the Merchants'
Trust Co., both of Lawrence, Mass., closed since the National bank holiday, would re-open about July 1 under a
reorganization plan approved by the Comptroller of the
Treasury, the State Department of Banking, the Federal
Reserve authorities and the State Supreme Court. The
Boston "Herald" of May 28, authority for the foregoing,
went on to say:
The plan, affecting 20,000 depositors, calls for the operation of both
banks under the charter of the Bay State National in the quarters of the Merchants Bank. Fifty per cent of the deposits of each will be taken over by
the new bank, or a total of about $6,000,000. The balance of the assets and
liabilities will be held in trusteeship, and stockholders and depositors of both
banks will be asked to subscribe to $825,000 in new stock.
Depositors will receive certificates representing the 50% of the deposit
not assumed by the reorganized bank.
MICHIGAN.
The Allegan State Savings Bank of Allegan, Mich., will
re-open on July 5 next, according to an announcement by
officials of the institution on May 29. The bank has been
closed since the proclamation of the Michigan banking
holiday. A dispatch by the Associated Press on May 29,
reporting the foregoing, went on to say:
Under a conservator's plan, approved by State and Federal authorities,
a 100% assessment was made against stockholders, and 50% of all deposits
will be impounded.
The other 50% of deposits, officials said, will be released gradually, a
part on the opening day. The impounded 50% will be released when conditions warrant.
The new Wabeek State Bank of Birmingham, Mich.,
organized and owned by U.S. Senator Couzens of Michigan,
and to which reference was made in our April 29 issue, page
2910, opened for business on May 22. The new institution
has a capital structure of $100,000, made up as follows:
$62,500 capital; $17,500 surplus and $20,000 undivided
profits. George B. Judson is President of the new bank;
Cecil R. Cummings, Vice-President and F. C. Schlorff,
Cashier. In noting the proposed opening of the new bank,
the "Michigan Investor" of May 20 had the following to
say regarding Mr. Judson and Mr. Schlorff:
The new President brings 24 years' experience to the new bank. In
1909 he opened the Highland Park State Bank with E. G. Leibold. Secretary to Henry Ford. He left in 1917 to become Cashier of the Bank of
Detroit.
Mr. Judson succeeded Senator Couzens as President of the Bank of
Detroit and continuecrin that office for seven years, when the bank was
consolidated with the Guardian National Bank of Commerce in 1930. He
also became an officer of the enlarged bank and resigned in March of this
year asISenior Vice-President.
Mr. Schlorff, Cashier of the Wabeek State Bank, was also formerly
associated with the Bank of Detroit and the Guardian National Bank of
Commerce.
3847
MINNESOTA.
The following Minnesota State banks were reopened on
May 25 by order of Elmer A. Benson, Commissioner of
Banks for Minnesota: Bank of Wilmar at Willmar; Farmers'
State Bank of Cyrus and the First State Bank of Leroy.
Reopening on an unrestricted basis of the following State
banks in Minnesota was noted in a Minneapolis dispatch
to the "Wall Street Journal" under date of May 29:
Audubon—Farmers State Bank; State Bank of Audubon.
Evan—State Bank of Evan.
Glenville—Citizens State Bank.
Mazeppa—Bank of Mazeppa.
Minneapolis—Marquette Trust Co.
Otisco—Otisco State Bank.
Pillager—Security State Bank.
Spring Grove—State Bank of Spring Grove.
MISSISSIPPI.
Reopening of the People's Bank & Trust Co. of Tupelo,
Miss., and its two branches at Rienzi and Nettleton, Miss.,
releasing $92,000 to depositors, was reported on May 24 by
the Mississippi State Banking Department. J. S. Love,
State Superintendent of Banks, said the three reopenings
brought to 196 the number of State banks that had been
reopened since the March banking holiday. The Jackson
"News,"from which we have quoted above, went on to say:
The project marks reopening of a bank in liquidation, Mr.Love explained.
The reorganized institution will have capital of $55,000 and surplus of
$53,000. To-day's release of deposits equals 5% of the total, with 20%
deterred deposits aggregating $271,000 to be paid from time to time, Mr.
Love said. Additional assets of the old bank, he said, should account for
collections equivalent to a minimum 15% dividend above the 25% assured.
More than $700,000 in preferred and secured deposits already has been
paid in the old liquidation, the Superintendent said.
Officers of the new bank are: V. S. Whitesides, President; F. L. Spight,
Chairman of the Board; R. W. Carruth, Vice-President; E. M. PerrY,
Vice-President; W. H. Patton, Cashier.
The bank reopened under a decree from Chancellor James Finley under
whose jurisdiction a committee will handle deposits trusteed for depositors.
Three appeals from the Chancellor's decree have been filed by persons
opposing the reopening.
Advices from Natchez, Miss., to the Jackson "News"
under date of May 27 stated that definite assurance that a
new bank would be formed in Natchez to succeed the Britton
& Koontz National Bank, was given with the announcement
that the stock-selling campaign had gone over the top and
that A. B. Learned, President of the Britton & Koontz
National Bank; G. L. Wooley, Executive Vice-President and •
Conservator, and L. T. Kennedy, attorney, were in Washington for the purpose of filing an application for a new
National bank. The dispatch added:
The committee also will confer with officials of the Reconstruction
Finance Corporation with a view to soliciting aid in the liquidation of the
old Britton & Koontz Mational Bank.
MISSOURI.
The National Bank in North Kansas City, North Kansas
City, Mo., was granted a charter by the Comptroller of the
Currency on May 22. The new institution, which is
capitalized at $50,000, succeeds the National Bank &Trust
Co. of North Kansas City.
NEW JERSEY.
The following with reference to the affairs of the Citizens'
National Bank of New Brunswick, N. J., which closed on
Feb. 14 last, was contained in a dispatch by the Associated
Press from Newark, N. J., on May 25:
A committee of depositors in the Citizens' National Bank of New Brunswick presented a reorganization plan to Treasury Department officials yesterday(May 23), which they hope will result in reopening the institution.
After conference with Senator Barbour and Representative Sutphin, the
committee interviewed William Smith, one of the reorganization directors,
in the office of the Comptroller of the Currency. Details of the plan were
not made public. The committee included Louis L. Hendler, Raymond A.
Hale, Charles Englehardt, Robert F. Mitchell and William Woodruff, all
of New Brunswick.
The committee was made up of members of Joyce Kilmer Post, American
Legion. They said their post considered reorganization of the bank a
necessary public project in New Brunswick. Deposits in the closed institution, they said, amounted to approximately $900,000. The institution
already has borrowed funds from the Reconstruction Finance Corporation,
William Gugelman, conservator and also Cashier of the
North Arlington National Bank of Arlington, N. J., announced on June 1 that the conditions required by the
Comptroller of the Currency for full opening of the bank
had been met, and the institution is expecting authority
from Washington to resume business without restrictions.
The Newark "News" of June 1, reporting the above, went
on to say:
The bank was required to raise $50,000 additional capital stock and
dispose of $50,000 worth of North Arlington short term municipal notes
which it held.
Directors and other stoekholders took the entire stock issue. North
Arlington property owners, Gugelman said, acquired the greater part of
the municipal notes. Their sale was expedited by agreement of borough
officials to accept them in payment of taxes or assessments to the extent
of 50% of the amount due.
"Nothing that we can see," said Gugelman, "stands in the way of immediate reopening."
Financial Chronicle
3848
NEW YORK STATE.
Normal operation of the Jamaica National Bank, Jamaica,
L. I., under the terms of a license approved by the Secretary
of Treasury, began at 8 a. m., May 31, when the bank was
returned to its board of directors after being under the
supervision of a conservator since March 4. This bank is
the first in New York to be released from the supervision
of the conservator. The New York "Herald Tribune,"
from which this is learnt, continuing, said:
Stockholders of the institution, at a meeting on April 6, voted for a reorganization plan based upon the issuance and sale of 4,500 shares of preferred stock to increase capitalization. Holders are to receive 6% interest
on the stock, which was sold at a par value of $100. The issue was approved
by the Comptroller of the Currency and the Federal Reserve Bank.
The bank has its main office at 163-18 Jamaica Ave. and a branch office
at Sutphin Boulevard and Hillside Ave.
OHIO.
License to reopen on an unrestricted basis was granted the
Commercial Banking Co. of Green Springs, Seneca County,
Ohio, on May 26 by the Ohio State Banking Department,
according to a dispatch by the Associated Press from Columbus, Ohio, on that date, which added:
The bank has been in charge of B. A. Young, former Cashier of the
Institution, as conservator.
A meeting of the stockholders of the National City Bank
of Cleveland, Ohio, to act on increasing the capital and
serving as liquidator of the Union Trust Co. of Cleveland
and the Guardian Trust Co. of that city adjourned until
June 5 after approving the plan in principle, according to
Cleveland advices to the "Wall Street Journal" on May 31,
which furthermore said:
The plan will have to be approved by the Comptroller of the Currency,
the State banking department, conservators of the Union Trust and
Guardian Trust, and the Reconstruction Finance Corporation.
When approval is received complete report will be made and final action
of National City stockholders taken.
On May 24 the Ohio State Banking Advisory Committee
approved plans for the organization of the People's Savings
& Commercial Bank of Cleveland, according to Associated
Press advices from Columbus, Ohio, on that day, which
continuing said:
The new bank will replace the Lorain Street Savings & Trust Co., which
is now in the hands of a conservator. The People's Bank'would have capital
of $200,000, surplus of $40,000 and $10,000 in undivided profits.
The Huntsville State Bank at Huntsville, Ohio, has received a license from the Ohio State Banking Department
to reopen for normal business, according to Columbus, Ohio,
advices by the Associated Press on May 24. The institution
had been operating under a conservator.
OKLAHOMA.
The directors of the Reconstruction Finance Corporation
on June 1 authorized the purchase of $25,000 of preferred
stock of the First National Bank in Frederick, Okla., now
being organized to succeed the First National Bank of
Frederick. The authorization to purchase the preferred stock
is contingent upon the subscription of the common stock
by those interested in the new bank.
PENNSYLVANIA.
Further referring to the new Pitt National Bank of Pittsburgh, Pa., organized to take over the assets of the defunct
Diamond National Bank and Monongahela National Bank
of that city, a Pittsburgh dispatch on May 31 to the New
York "Journal of Commerce" contained the following:
An agreement under which the Pitt National Bank will take over the
assets of the Diamond National and the Monongahela National has been
approved by the United States District Court. The bank being formed
assumes 40% of the deposits of the Diamond and 65% of the proved claims
against the Monongahela. The new bank will open with capital funds of
$1.050.000 and deposits of about $7,500.000.
VIRGINIA.
The board of directors of the Reconstruction Finance
Corporation on May 26 authorized the purchase of $200,000
worth of preferred stock in the reorganization of the Petersburg Savings & American Trust Co. of Petersburg, Va.
The preferred stock authorization is dependent on the subscription of $300,000 in common stock by those interested
in the reorganization.
The purchase of $50,000 worth of preferred stock in the
Bank of Waverly, Waverly, Va., which is being reorganized,
was authorized on June 1 by the directors of the Reconstruction Finance Corporation. The authorization to purchase the stock is contingent upon subscription of the
common stock by those interested in the institution.
June 3 1933
contingent upon subscription of the common stock by those
interested in the bank.
WISCONSIN.
The following Wisconsin banks have been re-opened
without restrictions according to Minneapolis advices on
May 29 to the "Wall Street Journal": People's State Bank
of Augusta; State Bank of Fall Creek at Fall Creek; Phelps
State Bank at Phelps, and the People's State Bank at Three
Lakes.
Additional List of Banks Licensed to Resume Operation in Second (New York) Federal Reserve
District.
The Federal Reserve Bank of New York, supplementing
ts statement of May 24 (noted in our issue of May 27, page
3665), issued the following list showing additional banking
institutions in the Second (New York) District which have
been licensed to resume full banking operations:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1236, May 31 1933).
MEMBER BANKS.
•
NEW YORK STATE.
Jamaica.—The Jamaica National Bank of New York.
Red Creek.—The Red Creek National Bank.
NONMEMBER BANKS.
NEW YORK STATE.
Buffalo.—x Adam, Meldrum and Anderson State:Bank.
x Bank in Buffalo branch territory.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Paul J. Daspet sold a membership on the Commodity
Exchange, June 1, to Harold L. Bache for another at $2,500,
and George N. Berlet a seat to Enrico A. Stein for another
at $2,500.
Arrangements were made, J- une 2, for the sale of two New
York Curb Exchange seats, one at $42,000, up $10,000 from
the previous transaction, May 26, and the second at $43,000.
The membership of Paolino Gerli in the New York Cotton
Exchange was sold, May 27, to William W. Cohen for
$18,500, this price being $250 in advance of the previous
sale and that of Samuel T. Hubbard was sold, June 1, to
George F. Mahe for another for $19,500.
Arrangements were completed, May 26, for the sale of a
membership in The Chicago Stock Exchange for $6,500, up
$1,500 from the last previous sale.
A Chicago Board of Trade membership sold, May 27,
at $9,000 net, off $800 from the previous sale. Next membership is offered at $9,500.
A Toronto Stock Exchange membership was sold, June 2,
for $25,000, up $5,000 from the last previous sale.
George Brinton Caldwell, o- rganizer and 1st President of
the Investment Bankers Association, died at his home in
Bronxville, N. Y., of heart disease on May 27. He was 69
years of age. Mr. Caldwell was formerly President of
George B. Caldwell & Co., Inc., New York,from 1924, when
it was organized, until his retirement in 1931. Until recently
he was Vice-President of the United States Bond & Mortgage
Corporation, a director of the Irvington National Bank,
Irvington, N. Y., C. W. McNear & Co., investemnt brokers
of New York and Chicago,and an executive in other financial
concerns. Through Mr. Caldwell's efforts the Investment
Bankers Association was formed in 1911. He served as the
Association's first President for two terms, in 1912 and 1913.
James Loeb, retired banke-r, and son of Solomon Loeb,
founder of the banking house of Kuhn, Loeb & Co., died
on May 27 at Murnau, Germany, near Munich, of pneumonia. He was 65 years old. Mr. Loeb, who was born in
New York, was a graduate from Harvard in 1888. Following
his graduation he entered the firm of Kuhn, Loeb & Co.
He retired from banking in 1901 and in 1905 he moved to
Murnau. He founded the Psychiatric Experimental Institute at Munich, now part of the Kaiser Wilhelm Institute,
for the systematic study of mental diseases.
WASHINGTON.
The following is from the New York "Sun" of last night
(June 2):
On June 1 the directors of the Reconstruction Finance
Corporation authorized the purchase of $125,000 worth of
preferred stock of the First National Bank of Bremerton,
Wash., which is being reorganized. The authorization is
Sale of 7,000 shares of Continental Bank & Trust Co. scheduled to take
place at auction to-day, was postponed untll 10:30 a. m.June 6.
Also to be sold is a certificate for 5.000-20.000ths of beneficial interest
In certain assets segregated from the merger of the Straus National Dank
Into the Continental Bank and at the same time there will be offered 2,805.
Volume 136
Financial Chronicle
shares of $100 par of the stock of the American National Bank & Trust
Co. of Chicago, which was formerly the Straus National of that city.
The sale is for the account of Straus interests, the stock In both the
Continental and the American National banks being shares they received
in exchange for their interests in the Straus National Bank of New York
and the Straus National of Chicago.
The distribution of a 10% dividend to the 32,000 depositors
of the defunct Federal National Bank of Boston, Mass., was
begun on May 22, according to the Boston "Transcript" of
that date. The current dividend is the second of similar
amount-10%—that has been paid to depositors since the
Institution closed Dec. 15 1931 and was placed in charge of
Herbert Pearson, receiver. It is payable to both savings and
commercial depositors. The failure of the Federal National
Bank of Boston was indicated in our issue of Dec. 19 1931,
page 4104. Our last previous reference to its affairs appeared in the "Chronicle" of April 15 last, page 2551.
At a recent meeting of the directors of the Sussex & Merchants' National Bank of Newton, N. J., Charles L. Inslee
was elected Executive Vice-President of the institution;
Frank B. Boss, Vice-President and Cashier, and Rolland T.
Hull, Acting Trust Officer. Mr. Boss has been associated
with the bank for many years as Vice-President and Trust
Officer, and Mr. Hull has likewise seen long service, his
father having been one of the Presidents of the old Sussex
National Bank. The change in the official staff was the
result of the resignation of John P. Dalton, who had been
Vice-President and Cashier since 1926. Mr. Dalton leaves
to assume the Executive Vice-Presidency of the First National Bank in Paterson, N. J. Judge Henry T. Kays is President of the bank, which was originally organized as the Sussex Bank in 1818. A consolidation was effected in 1925 of
the Sussex National Bank and the Merchants' National
Bank.
Spencer Carpenter, formerly Assistant Treasurer of the
Commercial Trust Co. of Jersey City, N. J., was promoted
to a Vice-President and placed in charge of the Bergen Ave.
Branch of the institution at a recent meeting of the directors.
Mr. Carpenter succeeds Timothy J. Callahan whose sudden
death occurred in Atlantic City on May 19. The new VicePresident—according to the "Jersey Observer" of May 29,
from which the foregoing is learnt—entered the employ of
the Commercial Trust Co.as a clerk in 1906 and rose through
successive stages to Assistant Treasurer in 1926, the office
from which he has now been advanced. He is a member of
the Jersey City Chamber of Commerce and the Bergen
Avenue Business Men's Association.
That the Potter Title & Mortgage Guarantee Co. has been
separated from the Potter Title & Trust Co. of Pittsburgh,
Pa., of which it was an affiliate, has been announced by
officials of the trust company, according to the Pittsburgh
"Post Gazette" of May 29, which went on to say:
3849
bank disaster by a hurried merger of the two largest banks. By an eleventhhour rally of industry and business behind the Credit Corp. of Akron,
$15.000,000 was raised to put through the coalition.
Later, $18,000,000 of Reconstruction Finance Corporation aid was received and advances made by the Credit Corp. repaid, the corporation
remaining as the bank's largest stockholder, with 37.000 shares.
Cramer found the bank's collateral either pledged to the R. F. C. or
largely "frozen" in real estate and other loans.
A Vice-President of the Illinois Merchants' Trust Co. (Chicago) and a
former Deputy Governor of the Chicago Federal Reserve Bank, Cramer
had scarcely had time;to draw upon his banking experience to meet the
problems here wheu the banks of the country were hit by heavy withdrawals
which turned into serious "runs."
In swift succession came the "Akron plan" of restricted withdrawals
by which it was hoped to;stem the tide, the Mar. 4 bank closing and failure
of the institution to:gain a license. Then followed Cramer's dramatic fight
to form a new nationallbank in Akron,forovhich he won It. F. C.approval
only to have the reorganization',move, now up for approval, brought for'
ward and the Cramer plan put aside,at least temporarily.
Cramer is 52. A Kansan, he started in Chicago as a bank messenger.
L. S. Burk has succeeded Carl L. Jernberg as President of
the Liberty Bank of Chicago, Ill., according to the Chicago
"Journal of Commerce" of May 29, which added:
Mr. Burk formerly was connected with the National Banking Department.
Deposits of the bank have been increasing substantially, according to officials
who report current deposits totaling $3,700,000, compared with $2,200,000
in March.
We learn from the Chicago "News" of May 29 that depositors in the closed Midland National Bank of Chicago were
to receive a 32% dividend on May 31, according to an announcement by M. E. Jensen, the receiver of the institution.
The paper mentioned continued:
Approximately 2,500 depositors will receive between $90,000 and $100,000.
It is the bank's first dividend since closing June 24 1932.
The closing of the Midland National Bank was noted in the
"Chronicle" of July 2 last, page 71.
Announcement was made May 24 that the Dansard State
Bank of Monroe, Mich., plans to reopen about July 1, according to Monroe advices on that date, appearing in the Detroit
"Free Press," which added that revised plans for reopening
the institution have been approved by the State Banking
Commissioner for Michigan. The closing of this bank on
Aug.28 1931 was noted in our issue of Aug.29 1931, page 1398.
The First National Bank of Lyman, Neb., capitalized at
$25,000, was placed in voluntary liquidation on May 10 1933.
The institution was absorbed by the First National Bank in
Morrill, Morrill, Neb.
A dispatch by the Associated Press from Spartanburg,
S. C., on May 23, stated that $100,000, representing a dividend of 10%, was to be distributed the following day to depositors of the defunct Carolina National Bank of Spartanburg, according to an announcement by J. L. Campbell, receiver. The payment, it was stated, would bring the total
paid to the depositors since the bank closed to 45%.
The name of the Potter Title & Mortgage Guarantee Co. has been changed
to the Pittsburgh Title and Mortgage Guarantee Co., under the management
of officers who have no connection with the bank.
None of the officers of the bank are now either directors or officers of
the mortgage company and the bank will confine itself to that of banking
and trust business.
William L. Isom, former President of the American National Bank of Spartanburg, S. C., was acquitted in the
Federal court, on May 26, of a charge of misapplying the
funds of the bank, according to a dispatch by the Associated
Press from Anderson, S. C., on May 27.
The respective directors of three small Virginia banks—
the Bank of Carson at Carson; the Prince George County
Bank at Prince George, and the Bank of Stony Creek at
Stony Creek—have approved plans for merging the institutions and submitted the same to their respective stockholders
for ratification, according to advices from Petersburg, Va.,
on May 22, to the Richmond "Times-Dispatch," which went
on to say:
A dispatch by the Associated Press from San Francisco,
Calif., on May 30, stated that, according to a disclosure on
that day, the Standard Oil Co. of California plans to acquire
a substantial interest in the Anglo-California National Bank
of San Francisco. The advices, continuing, said:
All three of the banks were licensed to reopen after the close of the
national bank holiday, and each has increased its deposits materially since
then. The merger is advocated in order that a larger bank with capital
sufficient to meet the requirements of the three localities will be
available.
This is in accord with the present banking policy of both State and Federal
bank authorities.
Under the consolidation deposits will amount to over half a
million dollars
and resources will be more than three-quarters of a million.
It is proposed that the name of the new bank be "The Bank of
Scrutheide
Virginia."
Sterling B. Cramer, President of the First-Central Trust
Co. of Akron, Ohio, since last fall until the failure of the
institution to reopen after the National banking holiday in
March, on June 1 became Executive Vice-President of the
Fifth Third Union Trust Co. of Cincinnati, Ohio. In reporting his appointment, a dispatch from Akron on May 31
to the Cleveland "Plain Dealer," said in part as follows:
A little more than twelve months before he (Mr. Cramer) succeeded
Harry Williams as First-Central chief. Akron bankers had averted a major
K. R. Kingsbury, President of the Rockefeller subsidiary, confirmed
rumors of the move which would mark the initial entry of the Rockefeller
fortunes into western banking.
The expansion program, planned by the local institution, would be
financed through the enlargement of capital stock, much of which would be
purchased by Standard Oil. The first of the expansion steps was reported
to provide for acquisition of 15 banks throughout the State, with resources
approximating $20,000,000, now controlled by the Anglo-National Corporation, a holding company.
"The Anglo-California Bank always has done a large share of our business,
and our faith in the institution leads us to acquisition of a direct interest
in the future program of the bank," Mr. Kingsbury said. "The bank is
planning on expanding its facilities, and we believe there is no time more
propitious than the present for sound expansion."
The oil company executive is a close friend of the Fleischhackers, principal owners of Anglo-California.
Appointment of Frank K. Galloway as Vice-President and
Manager of the Hollywood and Cahuenga branch of the Security-Eirst National Bank of Los Angeles, Los Angeles,
Calif., was announced on May 19, following the monthly
meeting of the directors. He succeeds the late George G.
Greenwood. The Los Angeles "Times," from which this is
learnt, continuing, said, in part:
3850
Formerly Assistant Cashier of the bank, Mr. Galloway has been engaged
In banking in Hollywood for nearly a quarter of a century. . . . His
entire business career has been with the bank branch which he now heads.
He began as a bookkeeper in the old Hollywood National Bank in 1910, remaining with this institution when it merged and became a branch in the
Security-First National system. Advancing through the regular clerical
positions, he was elected Assistant Cashier in 1917. . . . He is now
serving his third term as President of the Hollywood Clearing House Association, which he also served one year as Secretary.
THE WEEK ON THE NEW YORK STOCK•EXCHANGE.
The stock market has continued buoyant during most of
the present week, though, at times, price movements were
somewhat irregular. On Saturday stocks soared from 1 to
10 points and the turnover established next to the highest
record for end of the week trading in the history of the Exchange. Many stocks among the industrials, rails, utilities,
oils and metals reached new high levels for the present year.
The trading was so heavy that the ticker continued to fall
back and at one time was about 20 minutes late. Profit
taking was in evidence at various times during the week, but
this, as a rule, was quickly absorbed as the market continued
to forge ahead. Call money renewed on Monday at 1%
and remained unchanged at this rate throughout the week.
The avalanche of buying that flowed into the stock market
on Saturday carried prices upward from 4 to 6 points, and
in some cases, up to 8 or 9 points. Transactions were
bunched in sales of 5 to 25 thousand shares and the volume of
business was so large that the tickers were, at one time, as
already stated, 20 minutes behind the transactions on the
floor. The largest gains were recorded in the mining
shares, Homestake Mining reaching 227 at its top for the
day and closed at 220 with a net gain of 3 points. Heavy
profit taking appeared during the second hour, and while
this canceled part of the early advances, the gains, at the
close, were of a substantial character. Amer. Tel. & Tel.
was one of the strong stocks and closed with a jump of 531
points to 119. Other noteworthy gains were American Can,
331 Points to 913-1; American Car & Foundry, 531 points
to 2531; American Commercial Alcohol, 33% points to 33%;
American Tobacco B, 3 points to 89; Central RR. of N. J.,
43/i points to 803'; Continental Baking pref., 4% points to
69; Drug, Inc., 331 points to 543'; Eastman Kodak,..43
points to 80; Goodyear 1st pref., 3 points to 70; International
Cement, 3 points to 29; Liggett & Myers,531 points to 90%;
Standard Gas & Elec. pref. (7), 3 points to 36; Union Pacific,
103- points to 112; United Air & Transport, 2 points to 313/s;
United States Industrial Alcohol, 43% points to 52; Western
8
Union Tel., 23/i points to 45%; Westinghouse, 2 points to
4331; Worthington Pump, 2 points to 35; International
Shoe, 4 points to 49, and J. I. Case Co., 33- points to 733.
Despite early losses, stocks continued to move ahead on
Monday, public utilities, oil shares and mining stocks leading the upward surge. American Can reached its peak for
the past two years as it broke through 93, oil shares reached
new tops for the year, Amer. Tel. & Tel. and Auburn Auto
hit new highs for 1933 and stocks like Douglas Aircraft,
Warner Brothers and Howe Sound reached new high levels.
The gains ranged from 1 to 5 or more points and the tickers
were again far behind the floor transactions. The outstand/
ing advances were American Car & Foundry pref., 31 2
points to 40; American Hide & Leather pref., 4 points to 43;
American Metals pref., 4% points to 65; American Smelting
2 pref., 53 points to 603'; Auburn Auto, 43% points to
583%; Byers Co. pref., 6 points to 62; Central RR. of N. J.,
43/i points to 85; Federal Mining & Smelting, 73% points to
48; Inland Steel, 33% points to 36; Ludlum Steel pref., 33%
points to 393%; New Haven pref.,3 points to 48; Reading Co.,
7 points to 533%; Standard Oil of Kansas, 6 points to 25;
4
Tide Water Oil pref. (n), 33% points to 403 ; United States
Steel pref., 23% points to 973%, and Wilson Co. pref., 2
points to 49.
The New York Stock Market, the Curb Market and all
commodity markets were closed on Tuesday in observance of
Memorial Day.
Stocks were higher, but prices were irregular on Wednesday, and while the trading continued fairly heavy during
the early dealings, the activity simmered down toward the
end of the day. Railroad shares were strong during most
of the session and there was considerable demand for the
metal stocks and industrial issues, though the reaction during
the latter part of the trading left the closing prices somewhat
lower than the day's best. The turnover exceeded 6 million
shares and approximately 920 listed stocks figured in the
transactions. Mining issues moved briskly forward under
the leadership of Kennecott and Anaconda, and there was a
June 3 1933
Financial Chronicle
very considerable amount of speculative interest displayed
in the rubber and oil issues. The gains for the day included
among others, Allied Chemical & Dye, 2% points to 102;
American Can, 23% points to 893%; American Metals pref.,
23% points to 623/3; Brooklyn Union Gas, 23j points to 76;
Ludlum Steel pref., 23% points to 42; Radio Corp. pref.,
3
63 points to 363%; Wilson & Co. pref., 53 points to 53%;
4
4
& Towne, 23% points to 21; and United States Rubber
Yale
pref., 2% points to 273%.
Railroad shares, copper stocks and oil issues were the
outstanding features of the trading on Thursday, and Nvhile
many of the active stocks moved upward,there was considerable irregularity in evidence during the greater part of the
session. Profit taking was apparent but was well absorbed
as the market continued to move upward. The buying in
the copper group was stimulated by the improvement in
metal prices and the favorable outlook for further advances.
Distillery stocks and allied issues like National Distillers and
Libby-Owens Glass were among the strong shares, and
industrial stocks such as J. I. Case Co. and Goodyear Tire
showed substantial gains. Oil issues also were in demand
on the strength of the advance in gasoline prices. The
principal changes were on the side of the advance and
included such active speculative favorites as American Can,
13% points to 91%; American Locomotive pref., 2 points to
45; American Metals pref 23/b points to 65; Brooklyn Union
3
Gas, 2 points to 763 ; J. I. Case Co., 5 points to 74%;
4
2
Central RR.of N. J., 43% points to 90; Coca Cola, 13/ points
4
to 84; Delaware, Lackawanna & Western, 23 points to 3831;
Detroit Edison, 2 points to 78; Federal Mining & Smelting,
23% points to 505 ; General Printers Ink pref. (6), 23% points
%
to 53; Inland Steel, 23% points to 38; International Business
Machine, 2 points to 122; Laclede Gas (6), 105 points to
%
4
603%; Pere Marquette, 2% points to 213 ; Reading Co.,
4 points to 56; Tide Water Oil pref. (n), 23/ points to 433/2;
Union Pacific, 131 points to 10931; Universal Leaf Tobacco
pref. (8), 4 points to 109, and Wilson & Co. pref., 53j
points to 59.
Speculative interest centered around the railroad shares
and public utilities as the market again moved vigorously
forward on Friday. The gains ranged from 1 to 10 or more
points and a number of prominent issues broke into new
high ground for 1933. United States Steel reached a new
peak above 54, and there were numerous other fast movers
like Allied Chemical & Dye, Du Pont, Homestake Mining
and Air Reduction. Some profit taking was in evidence
but this made little impression on the list as the market
rushed ahead. Among the noteworthy gains for the day
4
were Air Reduction 33 points to 83, Allied Chemical &
%
Dye 103% points to 1125 , Auburn Auto 3 points to 673%,
Coca Cola 43% points to 883%, Ludlum Steel 5 points to 47,
New York & Harlem 7 points to 143, Pere Marquette pref.
8% points to 283%, Ward Baking pref. 5 points to 333%,
and Western Union Telegraph 53% points to 493%. The
market was strong at the close with prices near the best
of the day.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY. WEEKLY AND YEARLY.
Week Ended
June 2 1933.
State,
Railroad
Stocks,
Number of arul Miscell. Municipal db
For'n Bonds.
Bonds.
Shares.
4,311,340
6,953,640
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total _
6,076,350
4,753,570
6,877,860
$2,073,000
3,311,000
HOLIDAY.
11,841,000
3,283,000
2,986,000
11,073,000
15,631,000
3,780.000
Week Ended June 2.
Total
Bond
Sales.
$424,000
718,100
39,893,000
15,720,100
773,800
882,000
1,146,000
15,897,800
14,941,000
20,557,000
33.943.900 577.008.900
Jan. 1 to June 2.
1932.
1933.
7,746,055
226,871,029
159,224,340
$3,943,900 $11,364,850
15,433,000 14,534,000
57,632,000 32,080,000
$238,982,200
317,597,500
813.859,900
5341,425,550
327,016,500
650,619,300
1933.
Stocks
-No. of shares_
Bonds.
Government bonds-State & foreign bonds_
Railroad St misc. bonds
Total
$7,396,000
11,691,000
28 972.760 557.632.000 515,433,000
Sales at
New York Stock
Exchange.
United
States
Bonds.
28,972,760
1982.
$77,008,900 $57,978,650 $1,370,439,600 51.319,061,350
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
June 2 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey week revised
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sates. Shares. Bond Sales.
$3,000
54,930
18,100
98,806
Holl day.
9,000
94,451
35,000
67,831
3,000
36.495
42,006
74,399
$11,100
11011 day.
58,786
13,000
44.549
11,300
37,203
5,076
-- --55:000
8,067
Holt day.
2,000
5,774
14,000
3,165
2,670
1,0
00
352,513
$68,100
256,943
$35,400
24,752
$22,000
292,205
$33,050
193,596
550.800
13,507
$38,200
Volume 136
Financial Chronicle
THE CURB EXCHANGE.
Trading on the Curb Exchange closely followed the movements of the big board during most of the present week,
and while there were occasional periods of hesitancy, the
trend, on the whole, was strongly upward. On Saturday
the dealings were so heavy that the facilities of the curb
market were taxed to the utmost. The buying centered to
a large extent around the public utilities, industrials and
specialties, though the mining stocks were also in demand
at times. Profit taking was frequently in evidence, but
made little impression on the strong upward movement.
On Saturday the trend was sharply upward as arge blocks
of stocks changed hands under a flood of buying orders.
The industrial list attracted a large part of the speculative
intere it, particularly Aluminum Co. of America, which
reaclod 83 at its top for the day and closed at 8134 with a
nef gain of 5 points. Alabama Great Southern was up 334
p Ants to 3334; Great Atlantic & Pacific Tea Co. surged
,orward 5 points to 176; Pittsburgh & Lake Erie (234)
forged ahead 434 points to 5734, and United States International 1st preferred moved ahead 4 points to 42. Mining
stocks were strong and advanced under the leadership of
Newmont, followed by Hudson Bay, Roan Antelope and
United Verde Extension. Investment trusts were active
and strong, and oils shared in the advance. Mining issues
and oil shares led the rebound following the early weakness
on Monday. The upswing developed around mid-day when
Humble Oil & Gas suddenly turned upward and registered
a gain of 73% points. Industrial shares were represented in
the advance by Cord Corp., Sherwin Williams and John
Deere, and there were lesser gains by other members of the
group. Public utilities were under pressure in the early
dealings, but steadied later in the day and many issues
showed modest gains at the close.
The Curb Market was closed on Tuesday in observance of
Memorial Day. Public utilities assumed the market leadership during the early dealings on Wednesday but were superceded later in the day by the industrial shares and oils. Some
profit taking was in evidence around the middle of the
session but this gradually fell off as prices continued to move
toward higher levels. Oil shares were in demand at higher
prices, especially Humble Oil which moved up to 7334 at its
top for the day followed by Gulf Oil of Pennsylvania with an
advance of 234 points. Public utilities were represented in
the upturn by Electric Bond & Share, American Gas & Electric corn. and pref. and Cities Service, the latter making a
new top above 6 with a gain of 1 point. Celanese 1st pref.
was up about 3 points and the prior pref. gained 5 points to
85. Following a weak tone during the early dealings on
Thursday, new buying flowed into the market and large
gains were scored by the public utilities and industrial
stocks, while many miscellaneous issues registered substantial
gains at the close. Aluminum Co. of America, for instance,
dropped back to 78 and then swiftly climbed up to 80. General Tire and Rubber, usually inactive, jumped 8 points to 62
and Pittsburgh & Lake Erie rose 4 points to 64. Public
utilities were irregular at the start but improved as the day
progressed. Consolidated Gas of Baltimore was a strong
feature and closed with a gain of 134 points. American Gas
& Electric reached 373% at its peak for the day and Celluloid
1st prof. scored a gain of 734 points. Oil shares were higher
all along the lino, particularly Humble Oil which was exdividend and made a net gain of 134 points to 71 and Gulf Oil
which forged ahead 234 points to 52. Mining shares were
higher and moved ahead under the guidance of Newmont
which broke through 43 at its top for the day.
The big demand for curb stocks whirled all sections of the
list upward on Friday and many substantial gains were
recorded among the active speculative issues. Aluminum
Co. of America led the uprush with a gain of 53% points to
85, and General Tire & Rubber moved up about 9 points
at its peak for the day, though it lost part of its early improvement and closed with a net gain of about 3 points.
Public utilities attracted considerable speculative attention,
%
Alabama Power pref. (7) forging ahead 53 points to 85,
Electric Bond & Share rushing upward 4 points to 2634, and
Public Service of No. Ill. improving 5 points to 38. Investment shares were higher, Selected Industries pref. having an
advance of 634 points to 68. Mining stocks also moved up,
Newmont leading the forward movement with a further gain
3851
of 13 points to above 44 and Pioneer Gold made a new top
%
above 12. The gains for the week included many prominent
stocks such as Aluminum Co. of America,82 to 85; American
%
Gas & Electric, 353 to 3934; American Laundry Machine,
%
1334 to 153; American Superpower, 43 to 5%; Asso. Gas
& Electric A, 134 to 234; Atlas Corporation, 1434 to 1534;
Brazil Traction & Light, 1134 to 123 ; Central States
%
3
Electric, 234 to 33 Cities Service, 4 to 5%;Commonwealth
%;
Edison, 70 to 73; Consolidated Gas of Baltimore, 5934 to
613s; Cord Corporation, 1134 to 12; Creole Petroleum,
/
534
3
to 5%; Deere & Company, 1934 to 193 ; Duke Power, 55
%
to 60; Electric Bond & Share, 25 to 2834; Ford of Canada A,
834 to 1134; Gulf Oil of Penn., 46 to 5534; Hudson Bay
3
Mining, 734 to 934; Humble Oil, 6134 to 73%;International
Petroleum, 13 to 1434; New Jersey Zinc, 45 to 5134; Niagara
Hudson Power, 103% to 113 ; Pennroad Corporation, 234
%
to 334; Singer Mfg. Company, 13834 to 1433 ; A. 0. Smith,
%
4234 to 45; Standard Oil of Indiana, 2634 to 2934; Swift &
Company, 207 to 213%; United Gas Corporation, 23 to 3;
%
%
United Light & Power A,634 to 738; United Shoe Machinery,
463% to 47; and Utility Power, 134 to 23%.
A complete record of Curb Exchange transactions for the
week will be found on page 3879.
DAILY TRANSACTIONS AT THE NEW YORK
Week Ended
June 2 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(Number
of
Shares).
EXCHANGE.
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
597,721 $2,675,000
888,136 3,966,000
949,610
671,339
1,240,255
$185,000
803,000
HOLIDAY
4,098,000
203.000
3,271,000
109,000
5,659,000
228,000
Week Ended June 2.
1933.
1932.
-No,of shares_
Stocks
4,347,061
1,053,153
Bonds.
Domestic
$19,669,000 $15,541,000
Foreign goverwnent
1,528,000
328,000
Foreign corporate
720,000
1,036,000
$21,917,000 $16,905,000
Total.
$131,000 $2.991,000
170,000 4,939.000
162,000
154.000
103,000
4,347,061 $19,669,000 $1,528,000
Sales at
New York Curb
Exchange,
Total
CURB
4,463,000
3,534.000
5,990,000
$720,000 $21,917,000
Jan. 1 to June 2.
1933.
1932.
28,821,092
22,261,893
$376,113,000
16,020,000
19,148,000
$314,914,100
12,334,000
31,662,000
$411,281,000
$358,910,100
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday June 3), bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns will
be 13.8% below those for the corresponding week last year.
Our preliminary total stands at $4,578,277,369, against
$5,312,804,827 for the same week in 1932. At this center
there is a loss for the five days ended Friday of 9.4%. Our
comparative summary for the week follows:
Clearings-Returns by Telegraph,
Week Ending June 3.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louts
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Twelve cities, five days
Other cities, five days
1933.
1932.
$2,674,099,579 $2,952,079,795
144,844,615
174.887,319
165.000.000
189,000,000
145,000,000
161,000,000
37,346.621
44,699,174
52,300,000
57,500,000
68,944,000
77,305,000
No longer will re port clearings.
59,680,112
60,604,341
18,930,888
50,638,683
33,690,183
48,557,049
26,310,298
44,610,447
23,098,326
Per
Cent.
-9.4
-17.2
-12.7
-9.9
-16.4
-9.0
-10.8
-1.5
-62.7
-30.6
-41.0
$3,884,030,134
468,074,725
-11.8
-16.9
$3,815,231,141
763,046,228
$4,352,104,859
960,699.968
-12.3
-20.7
!A m00 000 'an
•
Total all cities, five days
All cities, one day
$3,426,146,296
389,084,845
er 010 onA on,
.
10 o
•
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last
day of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous, the week ended May 27. For
that week there is a decrease of 5.5%, the aggregate of
clearings for the whole country being $4,183,475,985, against
$4,428,309,840 in the same week in 1932. Outside of this
city there is a decrease of 15.4%, the bank clearings at this
center recording a gain of 0.4%. We group the cities according to the Federal Reserve districts in which they are located,
and from this it appears that in the New York Reserve
District, including this city, the totals show a gain of 0.2%,
but in the Boston Reserve District there is a loss of 10.5%
and in the Philadelphia Reserve District of 4.2%. The
Cleveland Reserve District has suffered a contraction of
22.6%, the Richmond Reserve District of 28.7% and the
Atlanta Reserve District of 2.8%. In the Chicago Reserve
District the totals are smaller by 30.7% and in the St.
Louis Reserve District by 12.4%, but'in the Mmneapolis
Reserve District the totals are larger by 3.3%. The Kansas
City Reserve District records a decrease of 17.2%, the
Dallas Reserve District of 2.4% and the San Francisco
Reserve District of 14.5%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1932.
1933.
Week Ended May 27 1933.
110 cities
Total
Outside N. Y. City
4,183,475,985
1,407,279,981
32 cities
224.089.814
1931.
1930.
4,428,309,840 -5.5 6,588,414,329 8,388,192,446
1,663,716,148 -15.4 2,329.272,250 2,958,934,344
193.966.244 +15.5
322.273.814
1932.
Inc. or
Dec.
$
%
8
First Federal Reserve Dist rict-Boston398,322 -7.0
370,619
Maine-Bangor..
2,062,751 -38.5
1,268,889
Portland
-Boston _ . 171,489,498 189,622,697 -9.6
Mass.
749,341 -21.4
588,712
Fall River_ -262,415 -18.0
220,316
•
Lowell
562,143 -33.9
371,832
New Bedford3,122,348 -18.6
2,540,965
Springfield _ _ .
2,190,944 -53.6
1,015,578
Worcester _- .
7,525,250 +2.9
7,743,485
-Hartford
Conn.
5,360,053 -34.4
3,517,434
New Haven .
6,620,800 +0.2
6,636,700
R.I.-Providenc
466,520 -37.3
292,303
N.11.-Manches'
Total(12 cities 1
196,056,331
218,943,584 -10.5
1931.
It
1930.
8
441,233
2,364,296
305,000,000
704,112
350,558
654,123
3,256,212
2.292,017
8,969,066
5,641,940
8,520,000
395,759
441,881
3,098,641
360,000,000
868,968
864,479
717,267
3,962,152
2,610,768
10,888,626
6,100,083
10,171,400
615,404
388,589,316
Inc. or
Dec.
1931.
217,809,108
314,158,012 -30.7
Eighth Fed ra I Reserve Dis trict-St. Lo Wsb
b
Ind.-Evansville
65,500,000 -19.5
52,700,000
Mo.-St. Louis
15,895,390 +4.8
16,665,489
Ky.-LouLsvill L
7,629,774 +15.2
8,790.509
Tenn.- Memp els
Jacksonv Ile No clearings; only one ban k open.
454,991 -47.9
237,265
Quincy
•
1930.
5
810,375
144,517,896
4,447,000
2,285,033
2,700,982
17,151,000
1,797,370
3,646,815
23,385,899
2,647,608
5,724,932
4,946,079
1,641,435
4511,375,586
k891,845
3916,112
2032.468
2,( 9,78
515,139,043
678,01 535
b
80,059,113
10,301,141
866,598
\
1
b
129,700,001
33,940,291
12,984.790
643,178
1,126,945
97,870,030
177,752,026
Ninth Fede -ill Reserve Dist rict Mione apolis 1,907,175 +1.4
3,207,720
1,933,310
Mlnn.-DuiutTh .._
41,817,138 +5.7
47,243,918
44,208,319
Minneapolis. __
13,088,474 -0.9
14,052,777
12,967,470
St. Paul_ _
1,549,846 -19.4
1,404,373
1,249,478
N. D.
-Fargo._ _
604,569 -24.7
648,694
455,051
S. D.-Aberd en
279,895 -6.3
387,293
262,321
.
MOnt.-BIUlnws
1,503,980 +13.2
1,940,658
1,702,360
__
Helena
4,035,068
61,494,497
19,467,067
1,474.408
839.394
515.743
2,468.390
Total(4 citi 0_
78,393,263
89,480,155 -12.4
60.751,077
+3.3
68,885,433
90,294,567
Tenth Fede ral Reserve Dist rict-ICansa a City153,416 -76.8
236,033
35,549
Neb.-Fremon presen
Hastings-- __ No clearings available at -11.9 t.
1,457,325
2,059,322
1,284,371
__
Lincoln
21,566,608 -13.4
25,381,906
18,669,701
Omaha
1,740,990 -42.1
2,278,994
1,008.216
Kan.
-Topeka __
3,576,599 -58.1
3,820,226
1,498.381
Wichita _ _ _ _ _
58,548,031 -15.6
65,120,538
49,414,671
Mo.-Kan. City_
2,433,615 +2.3
3,702,688
2,488,990
St. Joseph_ _
603,683 -32.6
833,978
406,671
-Colo.S ga
Colo.
722,567 -47.6
784,048
378,951
Pueblo
2,414,879
34,035,249
2,333,660
6,191,754
93,987,095
5.215,319
857,261
1,135,293
62,778,309
269,734
400,339,649
Second Fede r al Reserve D istrict-New York6,457,975
4,071,068
5,232,162 +103.8
-Albany. •
10,662,054
N. Y.
776,558
1,146,977
624,693 -2.9
606,376
Binghmaton 32.741,794
43,656,793
22,835,913 -8.0
20,998,727
Buffalo
1,296,915
836,010
722,568 -40.3
431,049
Elmira
1,248,258
598,139
559,236 -50.8
274,887
Jamestown_ _ _
New York_ _ 2,776,196,004 2,764,593,692 +0.4 4,259,142,079 5,429,258,102
6,790,964
9,528,619
4,964,512 -2.3
4,849,151
Rochester
2,996,081
6,035,295
3,262,496 -18.4
2,661,883
Syracuse
3,013,131
4,181,347
2,309,508 -8.6
2,110,213
Conn.-Stamfor
548,883
644,400
362,985 -24.1
275,634
N. J.-Montclal
25,015,010
19,611,855 -30.5
30,520.944
13,629,335
Newark
25,668,303
41,348,238
23,158,923 -12.0
20,377,603
Northern N. J
Total(12 cities 2,853,072,916 2,848,238,543
1932,
%
$
$
$
Seventh Fedler al Reserve D istrict-Chi cago-Mich.
-Adrian - Clearing Hou se not functio ning at present.
640,007
340,404 -17.5
280,914
Ann Arbor..--70,122,572 -1.8 109,186.025
6,887,182
Detroit
3,370,342
2,215,495 -65.3
769,420
Grand Rapt Is..
1,907,554
1,931,000 -80.5
375,936
Lansing - - __
1,759,340
922,322 -60.3
365,828
-Ft. Way ne
Ind.
12,403,000
10,831,000 -28.3
7,768,000
Indianapolis _ _
1,512,538
1,458,911 -71.7
413,097
South Bend __
3,121,559
2,605,678 -89.9
262,159
Terre Haute._ _
16,385,819
12.552,431 -22.8
9,691,756
:ise
2,163,027
724,134 -78.6
154,881
Ia.-Ced. RapIds
4,670,000
4,838,598 -19.6
3,888,297
Des Moines __
2,941,519
1,878,464 -2.1
1,839,364
Sioux City_ __
Waterloo -- _ _ No c.earings available.
1,170,844
833,873 -95 5
37,342
Ill.- Bloomin -I'll
Chicago.. _ _ _ _ _ 181,904,652 199,409,074 -8.8 349,146,802
801,883
429,628 -0.9
425,631
Decatur_ --__
2,456,962
1,950,467 -11.1
1,733,719
Peoria
1,894,636
514,919 -2.4
502,397
Rockford_ _ _ __
1,323,176 -49.9
1,770,213
Springfield. _ --663,414
Total(7 till 0.
Ilreek Ended May 27.
1933.
1933.
330.684.844
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Clearings at
Week Ended May 27. .
Clearings at
Total(18 MI66)
Inc.07
Dec.
S
$
$
%
8
Federal Reserve Dists,
400,339,649
3E8,589,316
218,943,584 -10.5
196,056,331
lit Bo8ton...-12 cities
2,853,072,916 2,848,238,543 +0.2 4,362,202,000 5.575,323,863
2nd New York 12 "
431.393,422
357,693,067
265,336,815 -4.2
254,294,882
3rd Philadelphia 9 "
327,626,941
246,829,048
185,155,712 -22.6
143,329,391
4th Cleveland_ -. 5 "
134,318,148
114,449,363
68,055,714 , 95,467,812 -28.7
6 "
6th Richmond._
125,497,745
103,031,409
73,209,686 -2.8
71,194,383
6th Atlanta_ _ _ _10 "
678,020,536
515,139,043
314,158,012 -30.7
217,809,108
7th_ Chicago.---18 "
07,870,030
177,752,006
89,480,155 -12.4
78,393,253
8th 85. Louis.-- 4 "
90,294,587
68,885.433
60,751.077 +3.3
62,778,309
9thiM Inneapolls 7 "
146,440,244
104,217,733
90,802,834 -17.2
75,185,501
Ransaselty 9 "
10th
45,1E8,213
40,229,167
30,300,298 -2.4
29,580.672
Ilth Dallas____ 5 "
255,997,093
189,278,720
156,465,312 -14.5
133,725,515
12th San Fran...13 "
ranalla
June 3 1933
Financial Chronicle
3852
+0.2 4,362,202,000 5,575,323,863
Third Federa Reserve Dist rict-Philad elphia 2,613,323
3,906,634 -92.6
289,199
-Altoona _ _
Pa.
Bethlehem.... Clearing Hou se has suspen ded de snags.
745.304
356,325 -37.7
221,903
Chester
2,014,305
1,109,356 -36.7
702,231
Lancaster
246,000.000 251,000,000 -2.0 340,000,000
Philadelphia 2,309,202
2,021,594 -52.2
966,695
Reading
3,363,165
2,029,697 -34.6
1,327,858
Scranton
2,109,760
1,415,901 -11.8
1,249,209
Wilkes-Barre
1,300,000
1,032,908 -21.5
York
810,787
3,238,008
2,464.400 +10.7
2,727,000
N.J.
-Trenton-
890,499
1,543,710
414,000,000
2,911,422
3,585,837
2,682,708
1,717,753
2,974,000
357.693,067
90,802.834 -17.2
104,217,733
148,440,244
Eleventh F de ral Reserve District-0 alias860,511 -33.5
571,983
Texas
-Austin __
21,550,649 +2.2
22.021,990
Dallas
4,726.432 -9.5
4,278,422
Ft. Worth -1,278,000 -10.9
1,138,255
_
Galveston_
1,884,706 -16.7
1,570,022
La.-Shrevepo i.
1,357,493
26,890,000
6,727,000
1,900,000
3,354,674
899,621
29,950,271
8,536,983
1,823.000
3,978.338
-2.4
40,229,167
45,188.213
Total(9 citi 0.
Total(5 tit( ).
75,185,501
29,580.672
30,300,298
Twelfth Feder al Reserve D istrict-San Franc sco.20,849,089 -15.6
22,860,538
17,602,447
Wash.
-Seattle __
4,630,000 -23.3
6,784,000
3,551,000
Spokane_ -- __
360,022 -35.8
582,988
231,176
Yakima_ _ _ - 17,757,402 -12.5
21,999,118
15,544.698
Ore -Portland..
7,888,819 -2.0
10,994,927
7,734,588
Utah-Salt L.0 ii
2,875,871 -9.1
4,476,125
2,614,286
Calif-Long 13'ell
Los Angeles_ -- No longer will report clearin P.
2,337,040 -14.8
3,310,668
Pasadena.-- --1,991,737
5.378,829 -55.0
6,341.008
2,423,123
Sacramento-.• San Diego -- _ No longer will report ciearin gs.
90,406,815 -13.1 106,421,074
78,548,800
San Francisc D.
1,213,649 -9.3
1,612,571
1,100,888
San Jose_ - -- _ _
824,140 -6.3
1,351,684
772,449
Santa DarbaxtL.
870,528 -15.8
1,123,419
732,817
Santa Monl s.
1,073,108 -18.2
1,420,600
877,506
Stockton. ._
32,865,010
18,890,000
782,674
29,239.715
15,032,457
5,770,026
3,938,724
4,000,000
139,339,145
1,868,485
1,357,621
1,473,236
1,440,000
431,393,422
1,087,493
Total(13 dB a) 133,725,515 156,465.312 -14.5 189,278,720 255.997,093
Grand total (1 to
_ 4,183,475.985 4,428.309,840 -5.5 6,588,414,329 8,388,192,446
cities)
Outside New Yo rk 1,407,279,981 1.663,716,148 -15.4 2,329,272,250 2,958,934,344
Week Ended May 25.
Clearings at
1933.
Total(9 cities)
254,294,882
265,336,815
-4.2
Fourth Feder al Reserve D istrict-Clev elandOhlo-Akron.
Majority ban Its unlicensed; Cleari ng house not I unctioning.
b
b
b
Canton
b
52,234,000
45,403,768
36,778,877 -16.8
30,582,880
Cincinnati _ -77,164,808 112,837.976
62,606,813 -36.4
39,795,624
Cleveland
13,017,800
8,726.900
6,414,100 -7.1
5,960,500
Columbus
1,797.887
1,389,084
938,493 -23.2
720,945
Mansfield
b
b
b
Youngstown
b
78,417,429 -15.5 114,144,488 147,739,278
66,269,442
Pa.-Pittsburgh _
185,155,712 -22.6
246,829,048
327,626,941
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'n_
314,887 -74.2
81,298
3,135,618 -38.0
Va.-Norfolk _
1,945,000
Richmond _ __
25,011,201 -9.0
22,748,389
S.C.-Charlesto
898,691 -44.4
648.452
49,157,242 -32.8
33,020,782
Md.-Baltimore16,950,173 -43.3
D.C.-Wash'ton_
9.611,793
375,575
2,308,148
28,590,352
1,533,008
65,534,002
17,108,278
957.057
2,951,780
37,043,000
1.700,000
71,546,492
20,119,819
114,449,363
134,318,148
Total(5 cities).
Total(6 cities).
143.329,391
68,055,714
95,467,812 -28.7
Sixth Federal Reserve Dist rict-Atlan ta1,300,000
Tenn.-Knoxvill
2,129,848 +51.7
3,231,988
8,966,717
Nashville
8,587,278 -7.7
7,926,615
33,587,584
Ga.-Atlanta.. _
23,700,000 +4.2
24,700,000
1,129,298
Augusta
602,110 +42.9
860,171
748.495
Macon
432,945 -29.2
306,689
11,733,899
Fla.-Jackfenville
7,637,501 +26.0
9,625,000
12,382,747
Als.-131rmingbm
9,316,964
7,919,539 +17.6
1,241,267
Mobile
795.125
632.943 +25.6
-Jackson_ Clearing H'se not function! ng at pr esent.
Miss.
98,745
84,318
96.337 -12.5
VIcksb urg - _
31,842,657
14,347,513
-New Orleans
La.
21,471,185 -33.2
122.716
36,483,723
103,031,409
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Manisa
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat._
Peterborough Sherbrookes
Kitchener
Windsor
Prince Albert _--Moncton
Kingston
Chatham
Sarnia
Sudbury
$
55,336,359
75,581,982
50,108,015
11,180,076
3,324.958
2,325,454
1,667,816
2,702,108
4,790.390
1,405,418
1,111.488
1,682,231
2,346,269
1,858.180
199,982
217,596
873.944
357,442
644,985
380,567
327,735
138,739
397,634
475,962
725,535
1,671,955
182,489
694,391
374,244
309,150
304,157
392,503
Total(32 cities)
224,089,814
1932.
71,194,383
73.209,686
-2.8
1931.
1930.
%
-7.0
+27.1
+79.6
+10.7
-9.8
-32.6
-8.4
-31.4
+22.5
-0.3
+5.2
-9.2
-21.5
-36.3
-15.1
-1.9
-22.2
-18.2
-11.6
-12.0
-22.0
-3.1
-19.8
+2.5
+12.2
-22.0
-40.0
+11.3
-22.6
-19.8
-3.0
-0.5
$
123,621,660
96,412,163
42,477,240
13,420,421
4,697,243
4,430,436
2,433,941
5,195,563
4,625,983
2,088,893
1,532,953
2,393,668
4,476,586
2,624,667
307,874
344,415
1,332,023
525,161
836,771
501,334
442,810
172,996
557,831
675,891
716,908
2,406,656
305.524
609,702
547,831
448,166
427,160
683,344
$
107,326,353
106,739,598
43,823,533
16,168,440
5,179,880
4,820,875
2,504,279
5,262,513
6,555,271
2,138,800
2,160,589
2,622,779
4,758,083
3,866,516
375,826
592,628
3,962,648
1,647,833
910,891
941,082
778,139
234,370
781,460
796,069
1,098.793
5,262,513
346,505
803,656
631,718
460,167
523,612
947,425
193,968,244 +15.5
322,273,814
330.884,844
8
59,502,489
59,445,045
27,899.240
10,098,134
3,685,464
3,448,591
1,821,309
3,938,196
3,909,271
1,409.338
1,056,674
1,852,586
2,989,556
2,918,731
235,530
221,892
1,123,847
436,844
729,285
432,425
420,106
143,218
495,956
464,271
646,612
2,144,747
303,969
624,008
483.743
385,490
305,004
394,675
125,497,745
Total(10 cities)
1,712,504
16,033,721
38,357,021
1,510,784
1,220,275
10,582,004
17,734,801
1,740,196
enc. OT
Dec.
b Clearing house not functioning at present
Volume 136
Financial Chronicle
3853
THE ENGLISH -GOLD AND SILVER MARKETS.
PRICES ON PARIS BOURSE.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 17 1933:
GOLD.
The Bank ofEngland gold reserve against notes amounted to £185.988,501
on the 10th instant,as compared with £185,988,164 on the previous Wednesday.
No purchases of gold have been announced by the Bank of England during
the week.
In the open market, moderate amounts of bar gold have been available
daily and have been readily absorbed by the Continent. The demand
continued keen and prices ruled well above franc parity.
Quotations during the week.
Equivalent Value
Per Fine
Ounce.
of £ Sterling.
May 11
123s. 6d.
138. 9.09d.
May 12
123s. 3d.
13s. 9.43d.
May 13
123s. 6d.
13s. 9.09d.
May 15
123s. 3d.
13s. 9.43d.
May 16
1238.
13s. 9.76d
May 17
138. 8.43d.
1248.
Average
1235. 5.00d.
13s. 9.20d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 8th instant to mid-day on the 15th instant:
Imports.
Exports.
Germany
£301,279 Italy
£29,960
Netherlands
3,417,907 Netherlands
402,747
Belgium
63,400 Belgium
1.100
France
1,222,845 France
74,323
Switzerland
163,880 Switzerland
29,373
Iraq
22.289 Austria
24,745
British South Africa
1,316,039 Czechoslovakia
17,265
British India
561,767 Poland
2.400
British Malaya
39,642
Australia
112,017
Canada
645,025
British West Africa
62,359
1J. S. A
25,980
Other countries
16,961
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
May 27 May 29 May 30 May 31 June 1 June 2
1933. 1933. 1933. 1933.
1933. 1933.
Francs. Francs. Francs. Francs. Francs. Francs.
Bank of France
11,900 11.800 12,000 12,400 12,700
Banque de Paris et Pays Ras
1,660 1,647
1,630
1,690
1.700
Banque d'Union Parisienne
380
366
382
383
Canadian Pacific
311
309
302
314
Ili
Canal de Suez
18,585 18,570 18,690 18,650
Cie Hiatt d'Electricitie
2,570 2.626
2,630 2.655
Cie Generale d'ElectricItie
2,370 2,295 2,270 2,330 2:3543
Cie Generale Transatlantique56
56
57
56
_Citroen B
525
527
536
550
Comptoir Nationale d'Estompte
1,160 1,157 1,150
1,180
1:180
Coty Inc
240
234
230260
Courrieres
348
357
362
-itii
Credit Commercial de Franoe
816
820
825
840
Credit Fonder de France
4.820 4,820 4,810 3,870 4:856
Credit Lyonnais
2,240
2,230 2,220 2,290
2,300
Distribution d'Electricitie is. Par
2,680
2,670 2,570
2,650
2,630
Eaux Lyonnais
2,940
2,900 2,860
2,900 2,900
Energle Electrique du Nord
749
762
745
773
Energie Electrique du Littoral
980
994
1,005
1.010
French Line
57
56
--Zi
Gaieties Lafayette
92
56--ii
92
93
94
Gas le Bon
1,060
1,050 1,040
1,060
1,060
Kuhlmann
620630
630
640
L'Air Liquide
830
-iia
827
830
840
Lyon (P.L M.)
HOL/909
902
880
860
Mines de Courrleres
DAY.
360
350
350
360
-570
Mines des Lens
470
470
450
470
470
Nord Rs'
1,260
1,250
1,260 1,280
1,280
Orleans Ry
862
Paris, France
1:616
Lois 1,010
1.620
_ _ __
Pathe Capital
97
97
97
99
Pechiney
1,190
1,168
1,160
1,200
1:220
Rentea 3%
67.50 66.70 66.80 68.70 68.50
Rentes 5% 1920
106.60 105.70 105.70 109.60 108.50
Reines 4% 1917
76.90
76.90 76.40 77.80
78.00
Bente))434% 1932 A
82.60 81.70 81.80 84.30
84.90
Royal Dutch
1,730
1,702
1,660
1,730
1,750
Saint Gobsin C & C
1,215
1,250
1,320 1,574
Schneider & Cie
1,609
1,585 1,587
1,589
Societe Andre Citroen
530
530
520
551)
"lie
Societe Fiancatse Ford
85
78
78
81
80
Societe Generale Fonciere
145
139
138
143
150
Societe Lyonnalse
2,865 2,920
2,920
2,900
_Societe Maraellaise
587
586
587
589
Suez
18,700 18.500 18,600 18,600 18:566
Tubtre Artificial Silk pref
180
180
182
186
Union d'Electricitie
920
907
890
900
-Ho
Union des Mines..
____
____
190
____
180
Wagon-Lit
76
76
77
80
----
£7,971,390
£581,913
The S. 8. "Strathaird" which left Bombay on the 13th instant carries
gold to the value of about £898.000: ofthis £600,000 is consigned to London,
£238,000 to Amsterdam and £60,000 to New York.
The Transvaal gold output for April last amounted to 895,097fine ounces,
as compared with 946,863 fine ounces for March 1933 and 949,796 fine
ounces for April 1932.
SILVER.
The market developed an easier tendency during the Past
week. Prices
declining from 19 1-16d. for cash and 19%d. for two months quoted on the
11th instant, to 18 3-164. and 1834d.for the respective deliveries yesterday.
With the pressure from America easing, the market could offer little
resistance to some moderate sales from the Continent, the demand from
the
Indian Bazaars and speculators being insufficient to offset offerings.
Although towards the end of the week the decline in the New York quotation
caused free selling, on some afternoons, the price there fluctuated sufficiently to attract buying also from the same quarter.
Following firmer advices from New York, there was a sharp
reaction
here to-day, but, as regards the outlook, it seems probable that silver
in,
common with other markets, may be influenced to a large extent by developments in the general political situation.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 8th instant to mid-day on the 15th
instant:
Imports.
Exports.
Germany
£39.690 Germany
£6,228
Netherlands
22,120 France
1,938
Belgium
3,000 Canada
2,208
British South Africa
Other countries
3,069
4,049
British India
12,806
Australia
15,719
Other countries
2,871
£99,275
Quotations during the week
£14,423
IN LONDON.
IN NEW YORK.
Bar Silver per Oz. Std.
(Cents per Ounce .999 Fine.)
Cash Delis.
2 Mos. Dello.
May 11...19 1-16d.
May 10
1931d.
34%
May 12_19d.
191-16d.
34%
Mai 11
May 13- _18 d.
May 12
184d.
34
May 15--18 d.
186-164. Mai 13
33 13-16
May 16_-18 -164.
May 15
18Mel.
32 516
May 17..19d.
19 1-16d.
May 16
3334
Average--18.687d.
18.7404.
The highest rate of exchange on New York recorded during the period
from the 11th instant to the 17th instant was $4.00, and the lowest
23•87%•
INDIAN CURRENCY RETURNS.
(In lace of Rupees)May 7. Apri130. Apri122
Notes in circulation
17585
17666
17636
Silver coin and bullion in India
11044
11158
11128
Gold coin and bullion in India
2626
2626
2612
Securities (Indian Government)...
3915
3882
3896
The stocks in Shanghai on the 13th instant consisted of about
143.400.000
ounces in sycee, 250,000,000 dollars and 8,760 silver bars, as
compared
with about 150.000,000 ounces in sycee. 245.000,000 dollars and
8,460
silver bars on the 6th instant.
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &o., at
London,
as reported by cable, have been as follows the past week:
Sat.,
Mom,
Tues.,
Wed.,
Thurs.,
Fri.,
Afar 27. May 29. May 30. May 31.
June 1. June 2.
Silver, per oz-- 1834d.
18 15-16d. ---19 1-16d. 1834d.
191-164.
Gold,p.tine oz. 1228.10d. 1233.3d. 1236.10d. 1236.10(1. 1228.1d.
122s.50.
Consols,2%%. 7234
7234
7234
7334
7334
7334
British 334%w.L
9834
9834
9834
9834
9834
9934
British 4%1960-90
10934
10934
10934
0934
109%
109%
French Rentes
66.80
66.80
(in rarie)3% It. Holiday.
67.50
68.70
68.50
French War L'n
(In Paris)5%
105.70
1920 amort_ Holiday.
105.70
106.60
109.60
108.50
The price of silver in New York on the same days has
been:
Silver in N. Y.,
3434
per oz. ot.a.
Holiday.
3434
3534
3414
3544
THE BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange resumed trading on Friday,
April 29 1932,after having been closed by Government decree
since Sept. 18 1931. Closing prices of representative stocks
as received by cable each day of the past week have been
as follows:
May May May May June June
27. 29.. 2.
Per e'ent of l'ar
Reichsbanic (12%)
125
125 125
125 124 129
Berliner Handelo-Gesellschafi (5%)
93
93
94
93
93
92
Commerz-und Privat-Bank A. G
51
51
50
51
51
51
Deutsche Bank und Disconto-Gesellschaft 53
53
53
53
53
54
Dresdner Bank
52
52
52
52
52
51
Deutsche Reichsbahn(Ger Rya) pref(7%)_. 97
97
97
97
97
98
Allgemeine Elektrizitaets-Geaell(A E G)
25
24
25
24
25
26
Berliner Kraft u Licht (10%)
112 111
110
112 113 114
Deesauer Gas (7%)
111
111
112 113
116
117
Geefuerel(6%)
92
91
92
92
94
Hamburg Elektr-Werke (834%)
104 104
102 103 106
105
Siemens & Ilaiske(7%)
157 157 158
159
163
159
IC Farbenlndustrie(7%)
130
129
131
130 132 136
Salzdetfurth (9%)
181
178
180 185
187
Rhelnische Braunsohle(10%)
199 201 202 203
198
197
Deutsche Erdoel(4%)
114
112
117 118
115
120
Mannesmann Boehm
70
69
70
69
66
72
19
19
18
18
19
Hares
19
Norddeutscher Lloyd
20
20
19
19
18
24)
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of June 2
1933:
Ask.
Bid
Ask.
29 Hungarian Defaulted Coup 155
Hungarian Ital Bk 734s.'32 f71
V(r
.
Kohoiyt 634s, 1943
70
3312 3612
An oquia 8%. 19 6
ptlieces
., 23
25 Hatztadt 65. 1943 C
-D..._
13
4
18
AustrianDefaultedCoupons 170- Land M Bk, Warsaw 88,'41 43
80
Bank of Colombia.7%.'47 1 3112 1312 Leipzig o'land Pr. 630,'46 53
55
Bank of Colombia,7%.'48 13111 3312 Leipzig Trade Fair 7s, 1953 2412 26
Bavaria 6348 to 1945
4112 Luneberg Power, Light &
38
Bavarian Palatinate Cons.
Water 7%, 1948
46
50
Cit. 7% to 1945
24 Mannheim & Palat 7s, 1941 43
20
45
1334,'47 122's2412 Munich 78 to 1945
32
35
1 7
B5Dogloovtaia(6C°%I.om1940bial
9 Muni° Bk, Hessen,75 to'45 26
29
Buenos Aires Scrip
1 10
20 Municipal Gas & Plec Corn
Brandenburg Elec. 68. 1953 501
Recklinghausen. 75, 1947 28
5212
33
Brazil Funding 5%,'31-'51 44
45 Nassau Landbank 634a,'38 6212 6412
British Hungarian Bank
Nat Central Savings Bk of
634a, 1962
Rungs.,, 734a, WIN__ 137
39
Brown Coal Ind. Corp 1 35
36'2 National Hungarian & Ina.
6hs, 1953
Mtge. 7%, 1948
136
38
Call (Colombia) 7%. 19 1 6143
47
6135 Oberptalz Elea 7%, 1946.. 3012 33 z
,
Callao (Peru) 734%, 1944 1 4
8 Oldenburg-Free State 7%
Ceara (Brazil) 8%, 1947__ 1 812 1012
to 1945
27
31
City Savings Bank, BudaPorto Alegre 7%,1968__ 11612 1712
pest, 75, 1953
3
0
12 84 Protestant Church (Ger1 32
177
Deutsche 13k 6% '32 unst d
many) 78. 1946
29
32
Dortmund MUD Bill 68.'48 30
32 Prov Bk Westphalia 65,'33 79
81
Duisberg 7% to 1945
115
18 Rhine Westph Elec Ts 1938 40
4.5
Duesseldorf 7s to 1945
24
28 Rio de Janeiro 8%, 1933.. 1 23
26
East Prussian Pr. 6e, 1953. 40
43 Rom Cath Church 6345,'48 47
49
European Mortgage & InR C Church Welfare 7s,'46 391
41
vestment 7355, 1966 _
51 Saarbruecken M Bk 6s,'47 74
1 49
76
French Govt. 534s, 1937
110
Salvador 7%, 1937
17
French Nat. mail SS.6a,•52 109
ifi" Banta Catharina (Brazil) 1 16
Frankfurt 75 to 1945
25
28
8%, 1947
11612 18
German Atl. Cable 7s, 1945 54
57 Santander (Colom) 7s, 1948 1 1412 1515
German Building & LandSao Paulo (Brazil) 6a, 1947 1 17
19
6aok 1914% 1948
bs 657 .
.
31 Saxon Public Works6%,
281
'32 1 52
Haiti 6% 1953
72 Saxon Mate Mtge 65, 1947 51
67
86
Hamb-Am Line 634s to '4() 61
64 Siem & Halake deb 65, 2930 275 295
Hover Harz Water Wks
an
Stettin Pub Utli 7s, 1946_
42
39
27 Tucuman City 7s, 1951___ I 20
24
23
Housing & Real Imp 75,'46 30
33 Tucuman Prey. 7s, 1950-- I 33
3
7
Hungarian Cent Mut 78'37 1 8012 32 Vesten Else fly 7s, 1947_ 1 10
20
Hungarian Discount & Ex36
Wurtenberg 7s to 1945-- 32
change Bank is, 196-.3. 1 291
31
Flat price.
Admit 7,to 1946
Argentine 5%. 1945, 3100
Bid
26
3854
Financial Chronicle
By
Commercialand wisccuancoussews Shares. Barnes & Lofland, Philadelphia:
Stocks.
-
-- •
--National Banks.—The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
May 20—The Hibernia National Bank in New Orleans, New
Orleans, La. Tne capital stock of this bank is
$2,700,000 and is composed of $1.200,000 common
stock and $1,500,000 preferred stock.
President, A. P. Imahorn; Cashier, G. L. Owen Jr.
Will succeed Hibernia Bank & Trust Co. of New
Orleans, La.
May 20—The National Bank of Commerce in New Orleans,
New Orleans, La. The capital stock of this bank
is $2.700,000 and is composed of $1,200.000 common
stock and $1,500.000 preferred stock.
President. 0. G. Lucas; Cashier, Dale Graham.
Will succeed Canal Bank & Trust Co. of New Orleans,
La.
May 22—The National Bank in North Kansas City, North
$50,000
Kansas City, Mo
President. Nathan Rieger; Cashier, V. K. Tuggle.
Will succeed the National Bank & Trust Co. of North
Kansas City, Mo., Charter No, 10367.
200,000
May 23—The National Security Bank of Chicago. Chicago, Ill
President, Norman B. Collins; Cashier. John L.
Brichetto.
VOLUNTARY LIQUIDATIONS.
40.000
May 16—The First National Bank of Bardwell, Tex
Effective April 24 1933. Liquidating agent, J. W.
Tolleson, Bardwell. Tex.
Absorbed by Citizens National Bank in Ennis, Tex.,
Charter No. 13667.
60,000
May 18—The First National Bank in Midlothian, Tex
Effective April 4 1933. Liquidating agent, First National Bank In Midlothian, Tex., Charter No. 13670.
Succeeded by First National Bank in Midlothian,
Charter No. 13670.
25,000
May 25—The First National Bank of Lyman, Neb
Effective May 10 1933. Liquidating agent, C. F. W.
Bloedorn, 804 Security Bldg.. Denver, Colo.
Absorbed by First National Bank in Morrill. Neb.,
Charter No. 12625.
BRANCHES AUTHORIZED UNDER ACT OF FEB. 25 1927.
May 20—The Hibernia National Bank in New Orleans. La.
Locations of branches: 340 Verrett St., Algiers; 3401
South Broad St.; 1100 Decatur St.; 1427-29 Dryades
St.; 129 Bourbon St.; 4121 St. Claude St.; 4300
Magazine St.; 4101 Canal St.; 3400 St. Charles Ave.
(Certificates Nos. 813A to 821A inclusive.)
May 22—The National Bank of Commerce in New Orleans, La.
Locations of branches: Camp and Gravler Sts.
(Louisiana Bldg.); 1529 Dryades St.; 941 Decatur St.
3200 Magazine St.; 800 North Clairborne Ave.
'(Certificates Nos. 822A to 826A inclusive.)
May 24—First National Bank of Seattle, Seattle. Wash.
Locations of branches: 2050 Market St.; 216 Broadway North; 1209 Dale St.; 4824 Rainier Ave. (Certificates Nos. 827A to 830A inclusive.)
Auction Sales.—Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
$ per Sh.
Shares. Stocks.
1
1.020 Edrington Investment Co., par $100
25c.
31 American Indemnity Co., par $10
$10101
4.400 American Tin Corp., Dar $10
$50 lot
2.400 California Ahumada Mining Co.. par $1
$11 lot
$55 Earl Carroll Realty Corp., par $100
$23101
250 44 East 72nd St. Building Corp., par $100
$5 lot
60 The Planet Insurance Co., par $10
$6 lot
18 Strawn Coal Co., par $100
$2 lot
16 Strewn Merchandise Co., par $100
534
102 Texas Pacific Coal & 011 Co.. par $10
5
10 Texas Pacific Coal & Oil Co., par $10
$2 lot
29 Traders Compress Co., par $100
$10 lot
29 Traders Compress 011 Co., no par
1
250 Edrington-Minot Corp., par $100
$10101
Theatre, Inc., par $10
855 Earl Carroll
$10 lot
20 Guaranty Abstract & Title Co., par $100
$1101
Ii.( Interstate Compress Co., par $100
$3 lot
12 John E. Quarles Co., par $100
$3 lot
I() Texas Indemnity Insurance Co., par $10
$1 lot
19 Texas Electric Railway, par $100
50 National Republic Stockholders Trust Certificate of Beneficial Interest $25 lot
69
20 Continental Illinois Bank & Trust Co
$7.50 lot
6 Central Republic Bank & Trust Co., Chicago, Illinois
200 United States Kings County Bond & Mortgage Corp.. 7% corn. pref.,
Par $100; 200 United States Kings County Bond Sr Mortgage Corp..
$5 lot
common, no par
$5 lot
25 Premier Guaranteed Mortgage Bond Corp., corn., no par
$12 lot
50 Premier Guaranteed Mortgage Bond Corp., pref., par $100
$5 lot
10 American Woman's Realty Corp., pref., par $100
$126 lot
20 Fred F .French Investing Co., Inc., pref., par $100
.
10 59 Locust Avenue Corporation, pref., par $100; 10 59 Locust Avenue Cor$11 lot
poration, common, no par
20 244 North Bay Shore Drive, Inc., pref., par $100: 20 244 North Bay Shore
EIS lot
Drive, Inc., common, no par
$25 lot
34 Fort Wayne & Jackson Railroad, common, par $100
$11101
10 Hotel Irvin for Women par $100
3
100 Stony Point Land Co., par $100
200.
291 Texas Land Syndicate, no par
10 Rickenbacker Motor Co., common, no par; 5 National Radiator Corp.,
corn., car.. no par; $500 Promissory note dated Jan. 12 1929. due June 12
$1 lot
1929;$300 Promissory note dated Aug. 11 1928, due Feb. 11 1929
Per Cent.
Bonds—
premises at 11-45 47th Ave.,
$8,000 Bond and mortgage (second mortgage) on
$4,500 lot
Long Island City. New York, 6% due may 15 1935
$4,000 Erie Railroad General Lien 4% bonds, due 1996, fully registered-55% & int.
$1,000 Erie Railroad Co. Prior Lien 4% bonds, due 1996, fully registered.79% & int.
Promissory notes aggregating 52,337.86, dated from Jan. 10 1930 to Nov. 1
1930. due Jan. 10 1933 to April 22 1933, bearing Interest at 6% per annum.$10 lot
$20,000 Maryland Mortgage and National Title Co., convertible 534%,series
10% & lat.
A, due Dec. 11948. With coupons attached
By R L. Day & Co., Boston:
6
we United States Trust Co. of Boston, par $10
26
2 Farr Alpaca Co., $100
4634
25 American Manufacturing Co., pref.. par $100
2634
ID Dennison Manufacturing Co., 7% preferred. Par $100
7X
6 Everlastik, Inc., preferred A
Per Cent.
Bonds—
$1234 flat
$5,000 Baragua Sugar Estates, Inc., deb. 68, July 1 1947
$27 lot
$400 Hartford Aetna Realty Corp. 68, Jan. 1959 reg. certificate dep
1234 flat
$2,000 New England Southern Mills 7s Dec. 1933 coupon
1. Assignment of lease from Locateill's Capital Theatre. Inc. to J. J.
Theatrical Enterprises, Inc.. dated July 23 1930; 2. Assignment of lease from
Ball Square Theatre, Inc. to J. J. Theatrical Enterprises, Inc., dated July 23
1930: 3. Assignment of lease from Central Amusement Co., Inc. to J. J.
Theatrical Enterprises. Inc. dated July 23 1930; 4. Assignment of lease from
Dedham Community Theatre, Inc. to J. J. Theatrical Enterprises, Inc.
35.000101
dated July 2 1931
June 3 1933
10 Philadelphia National Bank, Par $20
5 Central-Penn National Bank, par $10
4 Integrity Tru.st Co., par $10
12 Integrity Trust Co., par $10
25 Real Estate-Land Title & Trust Co., par $10
26 Penn. Co. for Insurances on Lives and Granting Annuities, par $10
25 Ninth Bank & Trust Co
$ Per Sh.
51(
2334
7(
734
734
27
10
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
20 The Como Mines
5 Zenda Gold Mines
$ Per Sh.
20c.
25c.
CURRENT NOTICES.
—Louis K. Boysen & Co., announce the opening of offices at 105 So.
La Salle St. (Chicago) where they will conduct a mortgage service for
holders of mortgages on farms and city property. In addition to the
regular mortgage collection business the firm will engage in the liquidation
of mortgages for investors, particularly under the provisions of the Federal
emergency mortgage measures. In 1920 Mr. Boysen joined the First
Trust & Savings Bank. Chicago, as organizer and manager of the Real
Estate Loan Department and later its affiliated institution, the First
Trust Joint Stock Land Bank of Chicago.
—Holsapple, Safford & Co., members of the New York Stock Exchange.
announce the association with them of a group of former members of the
Chase Harris Forbes organization and previously of Harris, Forbes & Co.,
C. Ashmead Biddulph, Robert E. Cleary, George K. Coggeshall, James H.
Jenkins and John W. Sharbough. Earle T. Hoisapple and George Safford
also were formerly with Harris, Forbes & Co. previous to the establishment
of their own firm.
—Kean. Taylor & Co., members of the New York Stock Exchange,
announce that Michael J. Donovan is now associated with them. Mr.
Donovan is widely known in investment circles and until recently he was
-P. Murphy & Co.
associated with G. M.
—The American Associated Dealers, Inc. announce that A. Vere Shaw
& Co., New York City, have accepted the supervision and management of
Trusteed Industry Shares and Trusteed American Bank Shares, new
series; both restricted. management trusts.
—G.H. Walker & Co., members New York Stock Exchange, with offices
in New York and St. Louis, announce that Anthony L. McKim has been
admitted to general partnership in their firm. Mr. McKim will represent
the firm on the floor of the Exchange.
—J. S. Bache & Co., whose main office is at 42 Broadway, New York
City, are opening a Boston office, located at 10 Post Office Square (street
floor). The new Boston office will be in charge of Daniel W. Gurnett as
Resident Manager.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Beech Creek (guar.)
Continental Passenger fly. (8.-a.)
Morris & Essex
-a.)
New York & Harlem (s.
Preferred (s.
-a.)
Old Colony (quar.)
Philadelphia Bait. & Washington 01-10 -Pittsburgh McKeesport & Yough.(5.-a.)
Tunnel RR.of St. Louis(s-a)
Per
When
Cent. Payable,
50o
$2%
%
$2%
$234
$134
$134
$134
$3
Books Closed
Days Inclusive.
July 1 Holders of rec. June 15
June 30 Holders of rec. May 31
July 1 Holders of rec. June 6
July 1 Holders of reo. June 15
July 1 Holders of rec. June 16
July I Holders of rec. June 17
June 30 Holders of roe. June 15
July 1 Holders of rec. June 15
July 1 Holders of reo. June 15
Public Utilities.
July
American Gas& Elec.,corn.(guar.) ...- 250
Holders of rec. June 9
2%
July
Holders of reo. June 9
Common (s-a)
131% Aug.
Holders of tee. July 8
6% preferred (guar.)
$134 July
Amer.Superpower, 1st pref.(guar.)
Holders of rec. June 10
Holders of tee. June 5
Appalachian Elec. Pow.,$7 pref.(guar.) $134 July
$1 34 July
Holders of rec. June 16
Atlantic & Ohio Teieg. Cs. (guar.)
$134 July
Holders of reo. June 20
Battle Creek Gas Co. $6 pref. (quar.)
Bell Telephone Co. of Canada (guar.)— $134 July 1 Holders of rec. June 23
134% July 1 Holders of reo. June 20
Bell Telep. of Pa.634% pref. (quar.)
$1X July
Boston Elevated fly.(guar.)
Holders of rec. June 10
Brazilian 'Frac., Light & Power, Ltd.—
$IX July
Preferred (guar.)
Holders of reo. June 15
Canada Northern Power Corp., Ltd.—
20e July 2 Holders of rec. June 30
Common (guar.)
134% July 1 Holders of rec. June 30
7% preferred (guar.)
Citizens Water Co.(Washington. Pa.)
July
7% preferred (guar.)
Holders of rec. June 20
July
Columbus fly., Pow.& Lt., corn.(guar.) $2
Holders of reo. June 15
% July
6% preferred (guar.)
Holders of rec. June 15
1% July
Duke Power Co., common (guar.)
Holders of rec. June 15
July
134%
Preferred (guar.)
Holders of rec. June 15
Eastern N. J. Pow. Co.,6% pf.(quar.)- - 134% July
Holders of roe. June 15
$1.44 July
East Tennessee Teleg. Co (8.-a.)
Holders of reo. June 16
June
Gas Securities Co., C0E11111011 (monthly)-- g
Holders of roe. May 15
500 June
Preferred (monthly)
Holders of roe. may 15
$134 July
Gold & Stock Telegraph Co.(quar.)Holders of tee. June 30
Greenwich Water dc Gas Systems
• 111% July
6% preferred (guar.)
Holders of rec. June 20
Hackensack Water Co. cl. A (guar.) ...- 43340 June 3 Holders of reo. June 16
% July
Indiana Mich. Else. Co.,7% pt.(guar.)Holders of ree. June 5
iss% July
Holders of rec. June 5
6% Preferred (guar.)
Indianapolis Power & Light Co.
134% July
Holders of rec. June 5
634% preferred (guar.)
$2 June 1 Holders of rec. June 1
International Power Securities pref
$134 July
International Teieg. Co. (guar.)
Holders of rec. June 30
Jersey Central Power dc Light Co.
% July
7% preferred (guar.)
Holders of reo. June 10
134% July
6% preferred (guar.)
Holders of rec. June 10
% July
rreiriers of rec. June 10
534% preferred (guar.)
Kansas Elec. Power Co.,7% pref.(qu.). IX % July
Held :re of reo. June 15
6% preferred (guar.)
134% July
irsiders of rec. June 15
700 July
Keystone Public Service pref. (guar.).—
Holders of reo. June 15
$2 July
Lynchburg & Abingdon Telep. Co.(8.-a.)
Holders of reo. June 15
Marion Water Co. 7% pref.(guar.).— 1,1% July
Holders of rec. June 20
$154 July
Metropolitan Edison $7 pref. (quar.)
Holders of rec. May 31
$134 July
Holders of rec. May 31
6 $6 preferred (guar.)
$154 July
$5 preferred (guar.)
Holders of rec. May 31
Holders of tea. June 15
Mississippi River Power 6% prof.(an.) 134% July
July 10 Holders of roe. June 30
New Eng.Pow. Assoc., corn.(guar.)
_ 500
6% preferred (guar.)
% July 1 Holders of tee. June 10
500
July 1 Holders of roe. ALM 10
$2 preferred (guar.)
Volume 136
Name of Company.
Public Utilities (Concluded).
New Jersey Pow. & Lt. Si) pref. (au.)...
If Preferred (quar.)
New Jersey Water Co. pref. (:man)._ -New York Mutual Telep. Co.(s.-a.)Northern Ontario Power Co., Ltd.
Common (guar.)
6% preferred (quar.)
Northwestern Telep. Co.(s.-a.)
Northwestern Utilities,6% pref. (quar.).
Ohio & Mississippi Telep. Co.(annual)._
Ohio Public Service Co. 7% pref. (mo.)% preferred (monthly)
5% preferred (monthly)
Pacific & Atlantic Telep. (s -a.)
Pacific Tel.& Tel., corn.(quar.)
Preferred (quar.)
Penn Central Light & Power Co.
55 preferred (guar.)
$2.80 preferred (queer.)
Peoria Water Works Co.7% pf.(qu.)._.
Rochester Tel. Corp.(quar.)
634% preferred (quar.)
San Joaquin Lt.& P.,7% pref.(queer.)..
6% preferred A (queer.)
7% preferred A (queer.)
6% preferred B (quar.)
Scranton Elec. Co., pref.(queer.)
Southern Calif. Edison Co., Ltd.
Original preferred (quar.)
534% series C preferred (guar.)
Southern Canada Power Co.. Ltd.
6% preferred (guar.)
Southwestern Gas & El. Co.8% pf.(qu.)
7% preferred ((mar.)
Toledo Edison Co. 7% pref. (monthly)% preferred (monthly)
5% preferred (monthly)
Union Elec. Lt. & P.of III.,6% pt.(qu.)
Union El. U.& P.of Mo.,7% pf.(qu.).
Union Traction Co.(5.-a )
U.S. Elec. Lt. & P. Shs., Inc., Del.ser.A
Vermont & Boston Telep.(annual)
Westmoreland Water Co.(quar.)
Wisconsin Pow.& Lt.,6% pref.(queer.).
7% preferred (guar.)
Wisconsin Pub. Ser. Corp. 7% pf.(MO655% preferred (queer.)
6% preferred (guar.)
Fire Insurance Companies.
Halifax Fire Ins. Co. (s.m.)
Home Fire at Marino Ins. Co.(queer.)...
Bank & Trust Cos.
Irving Trust Co. (quar.)
United States Trust Co.(guar.)
Financial Chronicle
Per
When
Share. Payable.
$155
5154
$134
75e
July
July
July
July
50c
135%
$155
134%
5255
58 1-3c
50e
41 2-3e
50c
5135
$155
$134
70c
134%
5134
51%
I 3,4 %
155%
134%
155%
3135
Books Closed
Days Inclustee.
Holders of
Holders of
Holders of
Holders of
Name of Company.
rec. May
rec. May
rec. June
rec. June
31
31
20
30
July
July
July
June
July
July
July
July
July
June
July
25 Holders of rec. June
25 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. May
1 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
1 Holders gf rec. June
30 Holders of rec. June
15 Holders of rec. June
30
30
15
27
16
15
15
15
15
20
30
July
July
July
July
July
June
June
June
June
July
1 Holders of
1 Holders of
1 Holders of
1 Holders of
1 Holders of
15 Holders of
15 Holders of
15 Holders of
15 Holders of
1 Holders of
10
10
20
20
20
7
7
7
7
5
1
1
1
1
rec. June
rec. June
rec. June
rec. June
rec. June
rec. June
rec. June
rec. June
rec. June
rec. June
2% July 15 Holders of rec. June 20
13.5% July 15 Holders of rec. June 20
134% July
2% July
134% July
58 1-3c July
50c July
41 2-30 July
155% July
134% July
75c July
June
26c
54 July
30e July
June
75e
873.5c June
13.4% June
134% June
155% June
15 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
1 Holders of me. June
1 Holders of rec. June
1 Holders of rec. June
1 Holders of rec. June
1 Holders of roe. June
1 Holders of rec. June
1
1 Holders of rec. June
1 Holders of rec. June
15 Holders of rec. May
15 Holders of rec. May
20 Holders of rec. May
20 Holders of rec. May
20 Holders of rec. May
20
15
15
15
15
15
15
15
9
16
20
31
31
31
31
31
45e July 3 Holders of rec. June 10
50c June 15 Holders of rec. June .5
25e. July
July
$15
1 Holders of rec. June 9
1 Holders of rec. June 20
Miscellaneous.
Affiliated Products, Inc.(month.)
50. July 1 Holders of rec. June 19
Allied Chem. & Dye Corp., pref. (qu.)- 134% July 1 Holders of rec. June 12
Alpha Portland Cement, pref. (quar.)- - $154 June 15 Holders of me. June I
-American Factors, Ltd.(monthly)
100. July 10 Holders of rec. June 30
American hosiery Co.(quar.)
3735c June 1 Holders of rec. May 25
Quarterly
37550 Sept. 1 Holders of rec. Aug. 24
American 15ifg. Co., pref. (queer.)
$154 July 1 Holders of rec. June 15
American Tobacco Co.. prof. (quar.)
--- 155% July 1 Holders of rec. June 10
Anchor Cap Corp., corn. (quar.)
15e. July 1 Holders of rec. June 20
$655 Preferred (quar.)
$135 July 1 Holders of rec. June 20
Andian National Corp
ur$1 Juno 15 Holders of rec. June 5
Associated Breweries of Canada, Ltd.
Preferred (quar.)
$134 July 1 Holders of rec. June 15
Bandini I etroleum Co.(monthly)
June 20 Holders of rec. May 31
Sc
Bankers Invest. Trust of Amer.(s.
30c. Juno 30 Holders of rec. June 15
-a.)
Beatrice Creamery Co., pref. (quar.)- $134 July 1 Holders of rec. June 14
Biltmore Hats, Ltd. 7% pref.(guar.)
134% June 15 Holders of rec. May 15
Bohn Aluminum & Brass Co.eons.(qu.)
25c. July 1 Holders of rec. June 15
Borg Warner,7% pref.(queer.)
13.4% July I Holders of rec. June 15
Boston Investing Co.(s-a)
$135 June 15 Holders of rec. June 5
British American Tobacco Co., Ltd.
Ordinary stock (interim)
10d.
Cables.5 Wire, Ltd. Am.dep.rec.555 pf
70. June 3 Holders of rec. May 5
%
Canadian Car & Foundry, pref. (queer.)44e, July 10 Holders of roe. June 26
Carreras, Ltd., ord. reg. Cl. A
June 19 Holders of rec. May 23
15%
Amer. dep. rec. for reg. A
15%
June 26 Holders of rec June 1
Ordinary register cl. 11
June 19 Holders of rec. May 23
15%
Amer. dep,rec,for Ii reg
15%
June 26 Holders of rec. June 1
Carter(Wm.) Co..6% pref. (guar.)
---- 155% June 15 Holders of rec. June 10
Chicago Dock & Canal Co.5% pf.(qu.)_ 134% June 1 Holders of rec. May 27
Chic. Junction Ry.& Un. Stkyds.(au). $2% July 1 Holders of
rec. June 15
Preferred (queer.)
$134 July 1 Holders of rec. June 15
Clorox Chemical Co., el. A (quar.)
500 July 1 Holders of rec. June 20
Coca-Cola Co.,class A (s.
$155 July 1 Holders of rec. June 12
-a.)
Common (quar.)
$155 July 1 Holders of rec. June 12
Coca-Cobs Internat. Corp. corn. (quar.). $3
July 1 Holders of rec. June 12
Class A (0.-a.)
July 1 Holders of rec. June 12
$3
Colgate-Palmolive-Peet Co., pref.(qu.)
- $135 July 1 Holders of rec. June 10
Col. 1310g..5 Loan Assoc.(N.0.)
June 1 Holders of rec. May 31
$1
-a.)
Congress Cigar Co., com.(guar.) (s.
25e. June 31 Holders of rec. June 14
Commercial Credit Trust. prof. (qu.)
50c. June 30 Holders of rec. June 20
Consolidated Paper, pref. (guar.)
17 Mc. July 1 Holders of rec. June 20
Consolidated Paper, pref.(quar.)
1735e July 1 Holders of rec. June 20
Corporal Investors, Ltd
4c.
Dart Mfg. Co., pref.(guar.)
$1% June 1 Holders of rec. May 8
DeLong Hook & Eye Co.(guar.)
50e. July 1 Holders of rec. June 20
Extra
250. July 1 Holders of rec. June 20
Dominion Textile Co., Ltd.(quar.)
July 3 Holders of rec. June 15
$1
Eastern Theatres Ltd.. 7% pref.(0.-a.).. $355 July 31 Holders of rec. June 30
Edison Bros. Stores, Inc., pref. (queer.).. $13i June 15 Holders of rec. May 31
Electric Contr. & Mfg. Co. (queer.)
250. July 1 Holders of rec. June 20
Equity Fund, Inc.,(initial)
100. June 15 Holders of rec. June 5
Falconbridge Nickel Mines
100 June 30 Holders of rec. June 15
Faultless Rubber Co.,corn.(quar.)
590 July 1 Holders of rec. June 15
Freeport Texas.6% pref.(queer.)
134% Aug. 1 Holders of rec. July 14
Goodall Securities Corp. (guar.)
50c June 1 Holders of roe. May 29
Gorton Pew Fisheries Co., Ltd. (quar.)_
50e June 30 Holders of rec. June 20
Granite City Steel Co.(quar.)
June 30 Holders of rec. June 15
2,50
Grant (W.T.) Co., common ((uteri
25c July 1 Holders of rec. June 12
Gum antee Co.of North Amer.(quar.)
$154 July 15 Holders of rec. June 30
Hamilton United Theatres, Ltd., pf.(qu) $134 June 30 Holders of rec. May 31
Hanna(M. A.) Co. $7 pref. (queer.)
$134 June 20 Holders of rec. June 5
Helms (Geo. IV.) Co.. common (queer.).. $154 July 1 Holders of rec. June 10
Preferred (guar.)
$134 July 1 Holders of rec. June 10
Hercules Powder common (guar.)
6755c June 24 Holders of rec. June 13
Hollinger Consolidated Gold Mines
1% June 17 Holders of rec. June 2
Honolulu Plantation Co. (monthly)_ _ _ _
25e July 10 Holders of rec. June 30
Mygrade Sylvania Corp. common (qu.).
50c July 1 Holders of roe. June 10
$1% July I Holders of rec. June 10
$634 preferred (quar.)
Ideal Financing Assoc., $8 pref. (quar.)
$2 July 1 Holders of rec. June 15
50c July 1 Holders of roe. June 15
$2 Cony. preferred (quar.)
Class A (quar.)
12550 July 1 Holders of rec. June 15
Indiana General Sore. Co.,6% pf.(qu.)- 155% July 1 Holders of rec. June 5
Investors Corp.0tH. I., $11 Prof.(guar.). $135 July I Holders of rec. June 20
Kekaha Sugar CO.(monthly)
be July 1 Holders of rec. June 25
Kresge (S. S.) Co. pref. (quar,)
$134 June 30 Holders of rec. June 15
Langendorf United Bakeries el. A
250 July 15 Holders of rec. June 30
20e June 15 Holders of rec. June 1
Ladle Calif. Salt Co.(quar.)
30c July 1 Holders of roe. June 15
Lorillard (P.) Co. common Num%)
Preferred (quar.)
$1% July 1 Holders of rec. June 15
2s, 100 June 2 Holders of rec. May 15
Lyons (J.) & Co., Ltd., ord. mg
Amer. dep, rec,for ord. mg
25.100 June 2 Holders of rec. May 15
Metropolitan Coal,7% pref. (quar.)_
13.4% June 30 Holders of rec. June 23
3855
Per
When
Cent. Payable.
Miscellaneous (Concluded).
McClatchy Newspaper, 7% pref. (queer.) 4334e
prefrred (queer.)
43340
Motor Motor, cone. ext
50c
Mohawk Min. Co. cap. stk. (Ilquidat'g)
$5
Morrell (J.) & Co.(quar.)
50c
Morris (Philip) Consol., Inc. (queer.).._. 4334c
On account of accumulations
43340
Myers (F. E.) & Bros. Co. pref. (quar.)_
$155
National Gypsum Co. 7% pref. (quar.)_
$154
National 011 Products,$7 pref. (quar.).. $134
Semi-annual
$1
Extra
$1
National Standard Co.(guar.)
30e
Noranda Mines (Interim)
a50c
Ohio Finance Co., common (quar.)
25c
8% preferred (quar.)
2%
Pacific Tin Corp., special stock
$1
Parke, Davis & Co.(quar.)
25c
Pechiney, A bearer shares
17.53f
Amer. dep. rec. for A bearer shares__ _
17.53?
Prentice-Hall, Inc., Prof.(queer.)
75e
Pure Oil Co.554%,6%,8% pref. divs. o mitred.
Reynolds(R. J.)Tobacco Co..co m.(111r.)
75c
Ruud Mfg. new common (quar.)
25c
New common (queer.)
250
St. Louis Bridge, 1st pref. (s-a)
$3
20 preferred (s-a)
$1 34
Siscoe Gold Mines, Ltd. (quar.)
30
Southern Acid & Sulphur, pref.(quar.).. $1%
South Penn Oil Co.(quar.)
200
South Porto Rico Sugar Co.com.(qu.)..
400
Preferred (quar.)
2%
South West Penn Pipe Lines (quar.)
$1
Standard Oil of Ohio $5 pref. (queer.).... $134
Stein (A.)& Co., pref.(quar.)
$1%
Thomson Electric Welding (queer.)
250
Time, Inc. (queer.)
3755c
Extra
12340
Tile° Products Corp.(quar.)
6235c
United Molasses Co., Ltd., pref.-Div. p assed.
United States Foreign Secur. let pf.(qu.) $15i
Wagner Elec. Corp., pref.(guar.)
$1%
Waukesha Motor Co.(quar.)
300
Wellington Oil Co., Ltd.(queer.)
20
Wesson Oil .5 Snowdrift Co., Inc.
Common (guar.)
1255c
Western Canada Flour Mills pref. (qu.)_
750
Western Maryland Dairy $6 pref. (qu.). $135
Westvaco Chlorine Products Corp.
7% preferred (quar.)
134%
Books Closed
Days Inclusive.
Sept. 1 Holders of rec. Sept. ri
Dec. 1 Holders of rec. Dec. 1
June 15 Holders of rec. May 29
July 20 Holders of rec. June 24
June 15 Holders of rec. May 27
July 1 Holders of rec. June 20
July 1 Holders of rec. June 24)
Juno 30 Holders of rec. June 15
July 1 Holders of rec. June 17
July 1 Holders of rec. June 20
July 1 Holders of rec. June 20
July 1 Holders of rec. June 21)
July 1 Holders of rec. June 29
July 10 Holders of roe. June 13
July 1 Holders of rec. June 10
July 1 Holders of rec. June 10
June 12
June 30 Holders of rec. June 19
June 7
June 13 Holders of rec. June 6
June 20 Holders of rec. June 10
July 1 Holders of rec. June 17
June 15 Holders of rec. June 5
Sept. 15 Holders of rec. Sept. 5
July 1 Holders of rec. June 15
July 1 Holders of rec. June 15
June 30
July 1 Holders of rec. June ID
June 30 Holders of rec. June 15
July 1 Holders of rec. June 12
July 1 Holders of rec. June 12
July 1 Holders of rec. June 15
July 15 Holders of rec. June Si)
July 1 Holders of rec. June 15
June 1 Holders of rec. May 25
June 30 Holders of rec. June 23
June 30 Holders of rec. June 23
July 1 Holders of rec. June I()
June 10 Holders of
July 1 Holders of
July 1 Holders of
June 15 Holders of
rec. June
roe. June
rec. June
rec. June
1
20
15
6
July 1 Holders of rec. June 15
June 15 Holders of roe. May 31
July 1 Holders of rec. June 20
July
1 Holders of rec. June 15
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.
Vane of Company.
Railroads (Steam).
Albany & Susqueeanna (s-al
(semi annual)
Atlanta Birm. & Coast, pref. (a a)
Atlanta & Charlotte Air Line(s-a)
Bangor & Aroostook, corn.(quar.)
Preferred (queer.)
Boston & Albany
Barton & Providence (queer.)
Quarterly..
Carolina Clinchfleld & Ohio (quar.)
Guaranteed certificates (quar.)
Chesapeake & Ohio (quar.)
Preferred (semi-annually)
Chestnut Hill (quar.)
Cleveland & Pittsburgh, guar (guar.)
Special guaranteed (quar.)
Guaranteed (quar.)
Special guaranteed (queer.)
Dayton & Michigan 8% pref. (quar.)Delaware RR. Co. (s.-a.)
Erie & Pittsburgh 7% guaranteed (guar.)
7% guaranteed (guar.)
7% guaranteed (quar.)
Guaranteed betterment (quar.)
Guaranteed betterment (Queer.)
Georgia RR.& Banking (quar.)
Grand Rapids & Indianapolis (s.-u.)Greene (N. Y.) (5.-a.)
Illinois Central 4% leased line
Lackawanna RR.of N.J.4% gtd.(qu.).
Little Miami original guaranteed
Special guaranteed (quar.)
Louisville fiend.& St. L.5% pf.(s-a)Common (s-a)
Mill Creek & Mine HUI Nay. de RR.(a-a)
Mobile & Birmingham pref.(s -a.)
Morris & Essex (s.
-a.)
Nashville & Decatur 734% gtd. (s.
-a.)
N. Y. Lack.& WesUn.5% gtd.(queer.)..
Norfolk .5 Western common (queer.)....
North CaroUna (8.-a.)
North. RR. of New Jer. 4% gtd. (queer.)
4% guaranteed (guar.)
Norwich & Worcester,8% pref. (quar.)_
Phila. Bait. & Wash.(s.
-a.)
Pitts. Bess. & Lake Erie com.(8.-a.)....
Pittsburgh Fort Wayne .5 Chicago (qu.)
7% Preferred (queer.)
Quarterly
7% preferred (quar.)
Quarterly
7% Preferred (quar.)
Pittsburgh Youngstown & Ashtabula
7% preferred (queer.)
7% preferred (quar.)
Reading Co. preferred (queer.)
2d preferred (guar.)
Rensselaer & Saratoga,com.(s-a)
Sussex (s-a)
Terman Rys., pref. (final)
Union Pacific common (quar.)
United N. J. RR.& Canal Co.(guar.)._
Quarterly
Valley RR.of New York (s-a)
West Jersey & Seashore, corn. (s.
-a.)Common (s -a.)
6% special guaranteed (0.-a.)
Public Utilities,
Alabama Power Co., 57 pref. (queer.)....
$6 preferred (quar.)
$5 preferred (quar.)
American Telep. & Tcleg. Co.(quar.)--Amer. Water Wks. at El. Co., pl.(quar.)
Attleboro Gas Light Co.(queer)
Bangor Hydro-Elect. Co., 7% Pf.(qu.)
I.% preferred (quar.)
Bell Tel. Co. of Pa., 635% pret (queer).
Birmingham Water Works,6% pf.(QU)
Per
When
Share. Payable.
Books Closed
Days Inclusive.
$435
5455
$255
$455
500
$134
$235
$2.125
$2.125
$1
$135'
62550
$3
The
87550
500
87550
500
$1
$1
87350
87550
873.40
800
800
$255
$2
$3
$2
$1
$1.10
50c
234%
34
5134
$2
434%
93340
$134
32
3%
$1
$1
2%
5155
75e
134%
134%
134%
134%
134%
134%
July 1 Holders of rec. June 15
Jan. 1 Holders of rec. Dec. 15
July 1 Holders of rec. June 12
Sept. 1 Holders of rem Aug. 20
July 1 Holders of roe. May 31
July 1 Holders of rec. May 31
June 30 Holders of rec. May 31
July 1 Holders of rec. June 20a
Oct. 1 Holders of roe. Sept. 20a
July 10 Holders of rec. June 3()
July 10 Holders of rec. June 30
July 1 Holders of rec. June 8
July 1 Holders of reo. June 8
June 5 Holders of rec. May 20
Sept. I Holders of rem Aug. 10
Sept. 1 Holders ot rec. Aug. 19
Dec. 1 Healers of rec. Nov. 10
Dec. 1 Holders of rec. Nov. 10
July 5 Holders of rec. Junej16
July 1 Holders of rec. June MI
June 10 Holders of rec. May 31
Sept. 10 Holders of roe. Aug. 31
Dee. 10 Holders of rec. Nov.3D
Sept. I Holders of rec. Aug. 31
Dec. 1 Holders of rem Nov.30
July 15 Holders of rec. July 1
June 20 Holders of rec. June 10
June 19 Holders of rec. June 13
July 1 Holders of rec. June 12
July 1 Holders of rec. June 8
June 10 Holders of rec. May 2(3J
June 10 Holders of rec. May 26
Aug. 15 Holders of rec. Aug. 1
Aug. 15 Holders of rec. Aug. 1
July 10 Holders of roe. July 3
July 1 Holders of rec. June 1
July 1 Holders of rec. June 9
July 1 Holders of roe. June 20
July 1 Holders of rec. June 15
June 19 Holders of rec. May 31
Aug. 1 Holders of rec. July 20
Sept. 1 Holders of rec. Aug. 21
Dee. 1 Holders of roe. Nov. 24)
July 1 Holders of rec. June 15
June 30
Oct. 1 Holders of rem Sept. 1
July 1 Holden of rec. June 1
July 4 Holders of rec. June 1
Oct. 1 Holders of rec. Sept.
Oct. 3 Holders of rec. Sept.
Jan.2'34 Holders of rec. Doe.
Jan.4'34 Holders of rec. Doe.
13.4%
134%
50c
50c
$4
50e
33-4%
$135
,
$255
$255
$235
$135
$155
155%
Sept. 1 Holders of rec. Aug. 2
Dec. 1 Holders of rec. Nov.2
June 8 Holders of rec. May 1
July 13 Holders of rec. June 2
July 1
July 1 Holders of rec. June 17
July 1
July 1 Holders of rec. June la
July 10 Holders of rec. June 20
Oct. 10 Holders of rec. Sept. 20
July 1 Holders of ree June 19
July 1 Holders of rec. June 15
Jan 1'34 Holders of rec. Dec. 15
Dec. 1 Holders of rec. Nov. 15
$1%
$13.4
$254
$135
$3
134%
1 3.4%
134%
155%
July 1 Holders of rec. June
July 1 Holders of rec. June
Aug. 1 Holders of rec. July
July 15 Holders of rec. June
July 1 Holders of rec. June
July 1 Holders of rec. June
July 1 Holders of rec. June
July 1 Holders of rec. June
July 15 Holders of rec. June
June 15 Holders of rec. June
15
15
15
20
9
15
10
ID
20
1
Financial Chronicle
3856
Name of Company.
Per
Whoa
Sham AWOL".
Books Closed
Days Inclusive.
Public Utilities (Conflated).
Bridgeport Gas Light Co.(guar.)
1300 June 30 Holders of rec. June 18
Brit. Col. Pow.. cl. A.(quar.)
fr.500 July 15 Holders of rec. June 30
Brooklyn Sz Queens Tran Corp.. pt.((Lu') 8134 July 1 Holders of rm. June 15
Brooklyn Union Gas Co.(quar.)
$131 July 1 Holders of rec. June 1
Butler Water Co., 7% pref.(guar.).— 154% June 15 Holders of roe. June 1
Carolina Tel. dc Tel. Co.(guar.)
8231 July 1 Holders of reo. June 24
Central Kansas Power 7% prof.((MAL)- 131% July 15 Holders of rec. June 30
7% preferred (guar.)
134% Oct. 15 Holders of rec. Sept.30
7% preferred (quar.)
134% 1-15-34 Holders of rec. Dec. 31
6% preferred (qua:.)
134% July 15 Holders of me. June 30
6% preferred (guar.)
144% Oct. 15 Holders of rec. Sept.30
6% preferred (guar.)
134% 1-15-34 Holders of rec. Dec. 31
Citizens Pass. By.(Phila.,Pa.)
OM July 1 Holders of rec. June 20
Commonwealth dr Southern Corp.—
$6 preferred (quar.)
8144 July 1 Holders of rec. June 9
Commonwealth Utilities pref. A (quar.)- 3134 July 1 Holders of rec. June 15
Preferred B (guar.)
$134 July 1 Holders of rm. June 15
Preferred C (guar.)
$134 Sept. 1 Holders of rec. Aug. 15
June 15 Holders of rec. June 5
Concord Gas Co.(s.
$8
-a.)
July 1 Holders of rec. June 15
Connecticut Elect Service,corn. (guar.)- 750
900 July 1 Holders of rec. June 15
Consol. Gas of Baltimore corn.(quar.)._
Preferred A (quar.)
$111 July 1 Holders of rec. June 15
Preferred D (guar.)
$154 July I Holders of rec. June 15
Preferred E (quar.)
$134 July I Holders of rec. June 15
850 June 15 Holders of rec. May 12
Consolidated Gas Co.of N.Y.com.(qu.)
Preferred (quar.)
$134 Aug. 1 Holders of reo. June 30
Consol. Gas. El. Lt.& Pow.Co.of Bait.
Common (qua:.)
900 July 1 Holders of roe. June 15
141% July 1 Holders of rec. June 15
5% preferred series A (guar.)
6% preferred series D (guar.)
144% July 1 Holders of roe. June 15
154% July I Holders of rec. June 15
511% preferred series D (qua:.)
Consumers Power Co..$5 Prot (1111ar.)-- sve July I Holders of rec. June 15
6% preferred ((Mar.)
144% July 1 Holders of roe. June 15
6.6% preferred (guar.)
1.85% July 1 Holders ot rec. June 15
131% July I Holders of rec. June 15
7% preferred (quar.)
6% preferred (monthly)
500 July 1 Holders of rec. June 15
550 July 1 Holders of rec. June 15
8.8% preferred (monthly)
Dayton Power & Light Co.6% pt. (mo.)
500 July 1 Holders of rec. June 20
Diamond State Tel. Co..634% Pt.(qu.)_ 154% July 15 Holders of rec. June 20
Duquesne Light Co.5% 1st prof.((Mari 131% July 15 Holders of reo. June 15
Eastern Gas dz Fuel Assoc.,6% pf.(qu.)- 134% July 1 Holders of rec. June 15
434% preferred (guar.)
$1.125 July 1 Holders of roe. June 15
El Paso Elec. (Del.),7% pref. A (qu.)
131% July 15 Holders of rec. June 30
$6 preferred B (quar.)
al% July 15 Holders of roe. June 30
El Paso Elec. (Texas), 6% pref. (qu.).., 131% July 1 Holders of roe. June 30
Electric Bond & Share Co.$8 pref.(qu.) $IM Aug. 1 Holders of rec. July 8
$5 preferred (guar.)
$134 Aug. I Holders of rec. July 8
Empire & Bay State Teleg 4% gtd.(qu.)
Sept. 1 Holders of rec. Aug. 21
4% ruaranteed (guar.)
Dec. I Holders of reo. Nov.20
51
Elizabeth & Trenton Bit. (s.
-a.)
Oct. I Holders of rec. Sept.20
$1
5% preferred (s.-a.)
$134 Oct. 1 Holders of roe. Sept. 20
Empire Power Corp. $6 pref.(qua:.)
$134 July I Holders of roe. June 16
Escanaba Pow.& Tree.6% pref.((Bt.).
% Aug. 1 Holders of ree..July 27
6% preferred (quar.)
141% Nov. 1 Holders of rec. Oct. 27
6% preferred (qua:.)
144% 2-1-'34 Holders of rec. Jan. 27
Frankford & Southwark.Phila. City
Passenger By
$414 July 1 Holders of rec. June 1
$IM July 1 Holders of rec. June 15
Georgia Power Co. $6 prof.(guar-)
$131 July 1 Holders of rec. June 15
$5 preferred (quar.)
Germantown Passenger By.,(qual.)....... 51.3134 July 1 Holders of roe. June 15
(qu.) 5134 July 1 Holders of roe. June 22
Green dc Coats St., Phila.Pass.By.
$134 July 1 Holders of roe. June 20
Gulf Power Co. $6 pref.(qual.)
Gulf States Utilities Co., NI pref.(qu.),.. $134 June 15 Holders of roe. June I
$111 June 15 Holders of roe. June 1
$534preferred (guar.)
Hackensack Water Co. A (guar.)
43510 June 30 Holders of ree. June 16
Honolulu Gas Co.(monthly)
15c July 1 Holders of rec. June 15
June 30 Holders of rec. June 29
Illinois Bell Telep. Co.(qual.)
$2
Indiana Hydro-El. Pow. Co.7% prof
87340 June 15 Holders of rec. May 31
Indianapolis Water Co.,5% pref. A (qu.) I M% July 1 Holders of roe. June 100
Kansas City Pow & Lt., pt. B.,(Qua:.)... $144 July 1 Holders of roe. June 14
Kings County Lighting (guar.)
$134 July 1 Holders of rec. June 19
134% July 1 Holders of rec. June 19
7% Preferred (guar.)
6% preferred (guar.)
144% July 1 Holders of rec. June 19
131% July 1 Holders of rec. June 19
5% preferred (guar.)
8144 June 15 Holders of rec. June I
Laclede Gas Light Co.common(quar.)..
8241 June 15 Holders of rec. June 1
-a.)
6% preferred (s.
Lexington Utilities Co.634% pf.(qu.).. 134% June 15 Holders of rec. June 1
Lone Star Gas Corp. common (quar.),,- j160 June 30 Holders of rec. June 15
$134 June 30 Holders of rec. June 15
6% preferred (quar.)
% July 1 Holders of rec. June 16
Long Island Ltg. Co.7% pt. A
134% July 1 Holders of rec. June 16
6% preferred B (quar.)
Louisville G.& E.(Del.), A&B em.(qu.) 43410 June 24 Holders of rec. May 31
Marconi Wirel. Tel. Co.—
2% June 3 Holders of roe. May 24
Amer. deposit rec., ordinary bearer.
2% June 3 Holders of roe. May 24
Amer. deposit rec. ord. reit
Memphis Nat. Gas Co..$7 Pref. (qual.).. 8134 July 1 Holders of roe. June 20
$154 July 1 Holders of rec. June 17
MemphisPow.& Lt.Co.,$7 pf.(qu.)
SIM July 1 Holders of rec. June 17
$6 preferred (guar.)
% July 1 Holders of rec. June 21
Miss. Vail. Pub. Serv.,6% pref. B (qu.).
Monongahela West Penn Public Service,
134% July 1 Holders of roe. June 15
7% cum. preferred (guar.)
2% June 15 Holders of rec. June 1
Muncie Water Works Co..8% pref.(qu.)
Nassau & Suffolk Ltg. Co..7% pf.(qu.)- 134% July 1 Holders of rec. June 16
350. June 15 Holders of rec. May 31
National Transit Co.(quar.)
New Eng. Gas & El. Assoc. $531 pf.(qu.) $134 July 1 Holders of rec. May 31
New England Tel. & Tel. Co
8134 June 30 Holders of roe. June 10
New York Pow.,k Lt.$5 Prot (Qua: -- $134 July 1 Holders of rec. June 15
.)
7% preferred (guar.)
134% July 1 Holders of rec. June 15
N. Y.dr Queens Elec. Lt.& Pow.(qua:.) $2
June 14 Holders of rec. June 2
New York Steam Corp..$7 pref.(qua:.)- $131 July I Holders of rec. June 15
$6 preferred (quar.)
3144 July 1 Holders of rec. June 15
$im July 15 Holders of rec. June 20
New York Telep. Co.. pref. (guar.)
500 June 28 Holders of roe. June 15
New York Transportation CO.(guar.).Newark Telep. Co.(Ohio)6% pref.(qu.) 141% July 10 Holders of rec. June 30
June 10 Holders of rec. May 31
Quarterly
81
% July 20 Holders of rec. June 30
Nor. States Pow. Co.(Del.) 7% pf.(qu.)
6% preferred (quar.)
134% July 20 Holders of rec. June 30
Ohio Edison Co.,$5 pref.(quar.)
$141 July 1 Holders of roe. June 15
RS preferred (guar.)
8144 July I Holders of rec. June 15
81.65 July 1 Holders of rec. June 15
$8.60 preferred (quar.)
$7 preferred (quar.)
$134 July 1 Holders of rec. June 15
$7.20 preferred (quar.)
$1.80 July 1 Holders of roe. June 15
Oklahoma Gas & Elect. Co..8% rd.
(qu) 134% Juno 15 Holders of rec. May 31
7% preferred (titian)
134% June 15 Holders of roe. May 31
Peninsular Telep. Co.. (quar.)
July 1 Holders of rec. June 15
260
7% preferred (guar.)
134% Aug. 15 Holders of rec. Aug. 5
7% preferred (guar.)
141% Nov.15 Holders of roe. Nov. 5
7% preferred (guar.)
141% 2-15-34 Holders of roe. 2-5-34
Pennsylvania W.& Pow. Co., eom.(0n.)
760 July 1 Holders of rec. June 15
um July 1 Holders of rec. June 15
Preferred (quar.)
Philadelphia Co.$O Pref.(guar.)
3134 July 1 Holders of rec. June 1
85 preference
gm July 1 Holders of rec. June 1
Phila. Elec. Pow. Co..8% M.(luar.)-z500. July 1 Holders of rm. June 10
Phba Germant'n & Norrtst'n RR. Wu./- $114 June 5 Holders of roe. May 20
Ponce Elect. Co.. 7% pref. (guar.)
131% July 1 Holders of roe. June 15
Pub.Serv. Co.of N. H.. $6 pref.(qu.)
8134 June 15 Holders of roe. May 31
85 preferred (quar.)
$141 June 15 Holders of rec. May 31
Public Service Corp.of N.J.corn.(qu.).
700 June 30 Holders of res. June 1
8% preferred (quar.)
2% June 30 Holders of rec. June 1
1% preferred (guar.)
131% June 30 Holders of roe. June 1
$5 preferred (guar.)
8141 June 30 Holders of rec. June 1
Cumulative preferred (monthly)
500 June 30 Holders of roe. June 1
Public Service Co. of Oklahoma,
7% prior lien stock (guar.)
% July I Holders of roe. June 20
lien stock (guar.
% July 1 Holders of reo. June 20
6% prior
Public Service El.& Gas Co.7% (qu.). 141% June 30 Holders of rec. June 1
preferred (guar.)
$131 June 30 Holders of roe. June 1
$6
Queensborough Gas & El.6% pt.(qu.)._ 134% July 1 Holders of rec. June 16
July 1 Holders of roe. June 15
Ridge Ave.Pass. By.Co.(guar.)
83
Shenango Valley Water Co.8% pf.(qu) 141% &lot. 1 Holders of roe. Aug. 20
6% preferred (guar.)
154% Dec. 1 Holders of roe. Nov.20
Na... of ConsPane.
Public Utilities (Concluded).
Savannah Elec.& Pr.,8% pret. A (qu.)7,4% Preferred B (quar.)
7% preferred C (guar.)
634% preferred B (guar.)
2d & 3d Sta. Pam. By.Co., gtd.(quar.)Southern California Edison Co., Ltd.
7% preferred, series A (quar.)
6% preferred, series B (quar.)
South Carolina Pow.Co.$6 pt.(guar.).Southern Col. Pow. Co.7% pf.(quar.)-Southwestern Gas dr Electric Co.,
7% preferred (guar.)
8% preferred (guar.)
Syracuse Ltg. Co., Inc.,8% pref.(quar.)
841% preferred (guar.)
6% preferred (guar.)
Telephone Investment (monthly)
Tennessee Elec.Pow. Co..5% W.0111146% preferred (guar.)
7% preferred (guar.)
7.2% preferred (quar.)
8% preferred (monthly)
7.2 preferred (monthly)
United Corp. common (guar.)
Preferred (guar.)
United Gas & Elec. Corp., prof.(qual.)United Gas Impt. Co.common (quar.)
$5 preferred (quar.)
United Light & Railways (Del.)
6.38% preferred (monthly)
Virginia El. dc Pr. Co.. 86 prof (qua:.)...
Virginia Pub.Sexy..7% prof.(quar.).....
6% preferred (quar.)
Waahlngton Water Power $8 pref.(qu.)..
Wisconsin-Michigan Pow.,6% pt.(qu.).
June 3 1933
When
Per
Mars. Payable.
July
July
July
July
July
Books Closed
Days hichates.
1 Holders of rec. June
1 Holders of rec. June
1 Holders of reo. June
1 Holders of rec. June
1 Holders of rec. June
16
16
16
16
1
131%
June 15 Holders of rm. May
114% June 15 Holders of roe. May
$134 July 1 Holders of rec. Juno
1% June 15 Holders of rec. May
21)
20
15
31
134%
2%
2%
144%
144%
200
1,4%
134%
1,4%
$1.80
5013
604
100
760
134%
300
$1,4
July 1 Holders of rec. June 15
July 1 Holders of rec. June 15
Aug. 15 Holders of rec. July 31
Aug. 15 Holders of roe. July 31
Aug. 15 Holders of roe. July 31
July I Holders of rec. June 20
July 1 Holders of reo. June 15
July 1 Holders of ree. June 15
July 1 Holders of rec. June 15
July 1 Holders of roe. June 15
July 1 Holders of rec. June 15
July 1 Holders of reo. June 15
July 1 Holders of rec. May 29
July I Holders of rec. May 29
July I Holders of roe. June 16
June 30 Holders of rec. May 31
June 30 Holders of roe. May 31
530
$1,4
134%
134%
$IM
135%
July
June
July
July
June
June
1 Holders of rec. June 15
20 Holders of rm. may 31
1 Holders of roe. June 10
I Holders of roe. June 10
15 Holders of roe. May 25
15 Holders of rec. May 31
Banks and Trust Companies.
Public National Bank & Trust Co.(qu.)- 3734c July
1 Holders of rec. June 20
Fire Insurance Companies.
Agricultural Ins. (Watertown)(q1191 )%.
Glen Falls Ins. Co.(qua:.)
Halifax Fire Ins. Co., cap. stk.(s
-a)
North River Ins. Co.(guar.)
2%
134%
141%
144%
$3
50e
400
45e
15e
July
July
July
June
1 Holders of rec. June
1 Holders of rec. June
3 Holders of rec. June
10 Holders of reo. June
24
15
10
1
Miscellaneous.
500 July
Abbott Laboratories (guar.)
Holders of rec. June 15
30c June 30 Holders of rec. June 21
Abraham & Straus. Inc..com.(guar.).
Agnew Surpass Shoe Sts..Ltd.,pret.(qu.) 134% July 3 Holders of rec. June 15
Allied Newspaper, Ltd.—
re 4% June
Amer. dep. roots. ord. rug
Holders of rec. May722
June 30 Holders of roe. June 16
500
Aluminum Mfg.,Inc.,corn.(guar.)
500
Sept.80 Holders of reo. Sept. 15
Common (guar.)
Deo. 8 Holders of roe. Dee. 16
50e
Common (guar.)
$114 June 30 Holders of reo. June 15
Preferred (quar.)
$141 Sept.80 Holders of rec. Sept. 15
Preferred ((Mar.)
$141 Dec. 3 Holders of rec. Dec. 15
Preferred (quar.)
750 July
American Bank Note Co. pref.(qual.),.
Holders of ree. June 120
American Can Co. prof.(Qum-)
131% July
Holders of rec. June 160
July
50c
American Chicle Co.(guar.)
Holders of rec. June 12
July
25e
Extra
Holders of roe. June 12
June 1 Holders of roe. June 2
$2
American Cigar Co., corn.(quar.)
Preferred (guar.)
$1,4 July
Holders of rec. June 15
134% Sept. Holders of rec. Aug. 25
American Envelope Co.7% pf.
7% preferred (guar.)
134% Dee.
Holders of rec. Nov.25
June I Holders of roe. May 31
100
American Factors, Ltd.(monthly)
260
July
American Hardware (quar.)
Holders of roc. June 17
Oct.
250
Quarterly
Holders of roe. Sept. 16
1-1-34 Holders of ree. Dee. 16
250
Quarterly
250 July 1 Holders of rm. June 15
American Hawaiian Steamship (guar.)-250 July 1 Holders of rec. June 14a
American Home Products(monthly)-- —
American Paper Goods. 7%ptel.(qu.). 131% June 15
750 June 30 Holders of reo. June 9
American Safety Razor Corp.(quar.)--500 June 30 Holders of rec. June 15
American Steel Foundries, pref
50c July 1 Holders of rec. June 15
American Stores Co.(quar.)
50e July 3 Holders of rec. June 5
American Sugar Refining Co.,com.(Qu.)
8154 July 3 Holders of coo. June 5
Preferred ((Mar.)
12110 July 1 Holders of rec. May 31
American Thread Co., pref. (s.
-a.)
July 3 Holders of rec. Juno 24
81
Amoskeag Co.. common (s
-a)
$234 July 3 Holders of roe. June 24
Preferred (5-s)
Armour & Co.of Del., pref.(guar.)
$15' July 1 Holders of rec. June 10
June 30 Holders of rec. June 20
Associates Investment Co.. corn.(guar.) $1
$154 June 30 Holders of rec. June 20
Prete.red (guar.)
250 June 15 Holders of rec. May 22
Atlantic Refining Co. corn.(quar.)
25e July I Holders of roe. June 20
Babcock & Wilcox Co
$1,5 June 15
Baldwin Co.class A prof.(qua:.)
May 51
160 June 30 Holders of rec. June 15
Bankers Investment Trust of Am.(s.
-a.)
$144 July 1 Holders of rec. June 26
Barber(W.H.),pref.(qMW.)
8141 Oct. 1 Holders of roe. Sept.26
Preferred(guar.)
760 July 1 Holders of roe. June 12
Beech-Nut Packing Co.. cons. (quar.)-Belding-CortIceill, Ltd.. prof.(Qum.)--- $154 Ante 15 Holders of rec. May 31
Block Bros. Tobacco.6% prof.(Qum).-- $144 June 30 Holders of rec. June 20
July 31 Holders of rec. July 15
$1
Bon-Ami Co., class A (lum.)
50o July 1 Holders of rec. June 19
Clam B (quar.)
Boot's Pure Drug—
w ls. June 16 Holders of rec. May 24
Am. dep. rcts. ord. reg. (extra)
250
Jan. 12 Holders of me. Jan. 12
Boniest. Ins., Maas A
$114 June 30 Fielders of rec. June I
Boston Wharf Co.(e-a)
June 15 Holders of ree. June 1
83
Boston Woven Hose & Rubber Co. pref
250 June 30 Holders of roe June 20
Briggs Jr Stratton Corp.(qua:.)
15e July 1 Holders of rec. June 15
Brillo Mfg. Co., Inc., common (qual.)...
500 July 1 Holders of reo. June 15
Class A (guar.)
British American Tobacco Co.. Ltd.—
106. June 30 Holders of roe. June 3
Ordinary stock (interim)
3% July 1
British Controlled Oilfields, Ltd.,7% pf.
British United Shoe Mach. Co.. Ltd.—
w744% June 8 Holders of MO. May 22
American dep. coo. ord. rig
750 June 15 Holders of roe. May 31
Buckeye Pipe Line Co.(guar.)
July 1 Holders of rte. June 15
$I
Burger Bros.,8% pref. (qua:.)
81
Oct. 1 Holders of roe. Sept. 16
8% preferred (qual.)
Burmah 011 Co., Ltd.—
zw15% June 16 Holders of roe. May 15
Amer. dep. rcts. ord. cog
100
June 5 Holders of rec. May 5
Burroughs Adding Mach. (quar.)
Cables & Wireless,Ltd „preference (final) zw241% June 3 Holders of rec. May 5
400 July 1 Holders of roe. June 15
Calamba Sugar Estates. common
500 July 1 Holders of rec. June 21
California Ink Co.. Inc.(qua:.)
$246 July 3 Holders of roe. June 15
Canada Permanent Mtge.(guar.)
Canadian Canners. Ltd., 1st Id.(quar.)- 8141 July 3 Holders of rec. June 15
Sc
July 3 Holders of rec. June 15
Cony. preferrence
Canadian Cottons, Ltd.. pref.(quar.)..... $144 July 4 Holders of roe. June 17
Canadian Foreign Investment Corp.—
June 15 Holders of rec. June 1
$4
$4 preferred (s.
-a.)
Canadian oil Co., Ltd.8% prof.(guar.) 2% July 1 Holders of rec. June 20
15% ..............._
Carreras. Ltd., el. A dc B (interim)
87340. Jan. 31 Holders of rec. Jan. 14
Cartier, the., 7% pred
July 1 Holders of rec. June 12
Case(J.I.) Co., pref.(guar.)
$1
10e. Aug. 15 Holders of re0. Aug. a
Centrifugal Pipe Una Cortr.eaPatk.(qu.)
100. Nov. 15 Holders of rm. Nov.
Capital stock (guar.)
Champion Coated Paper Co.
7% preferred (guar.)
131% July 1 Holders of roe. June 20
7% special pref.(guar.)
131% July 1 Holders of roe. June 20
Chapman Knitting Mills, 7% prof 91-10-- 334% July 1 Holders of rec. June 30
50o July 1 Holders of coo. June 8
Chesapeake Corp.,corn.(qual.)
June 29 Holders of rec. June 8
$1
Chmebrough Mfg. (guar.)
500 June 29 Holders of rec. June 8
Extra
Chicago June. Hy.& Un. sur. Yds.(qu
$2,1 July 1 Holders of rec. June 15
$134 July 1 Holders of roe. June 15
0% Preferred (quar.)
Christiana Securities 7% pref.(guar.).— 131% July 1 Holders of roe. June 20
Citizens Wholesale Supply 7% pf. (qu.). 87140 July 1 Holders of roe. June 29
6% preferred (quar.)
750 July 1 Holders of rec. June 29
300 June 5 Holders of roe. June 1
City & Suburban Homes(s a)
Name of Company.
Miscellaneous (Continued).
Clark Equipment 7% Pref. (guar.)
Clorox Chemical Co. (guar.)
Colombo Sugar Estates, cora. (guar.).7% preferred (guar.)
Colt's Patent Fire Arms Mfg.Co.(1111.)-Commercial Credit Co.,654% pt.(qu.)
7% lot preferred (guar.)
8% preferred B (guar.)
Commercial Investment Trust Corp.
Common (guar.)
Cony. pref.out.ser.(guar.)
Commercial Solvents Corp. corn. (s.
-a.).
Community State Corp.,$5 el. A
Compressed Industrial Gases(quar.)__
Confederation Life Assoc. (qua:.)
Quarterly
Quarterly
Congoleum.Nairn, Inc.. cow'.(quar.)-Consolidated Diversified Standard Securities. pref
Cottrell(C. B.)& Sons Co.(annual).....
8% preferred (guar.)
6% preferred (guar.)
6% preferred (guar.)
Crowell Publishing (guar.)
Crown Cork & Beal Co.. Inc.. pref.(au.)
Crown Willamette Pa. Co., lot pf.(an.).
Crum& Forster, preferred (guar.)
Cuneo Press, Inc.
% Pref. (guar.) --
When
Per
Cent. Payable.
Books Closed
Days Indus-toe.
Name Of Company.
15Holders of reo. May 31
1Holders of rec. June 20
lEolders of reo. June 15
'Holders of rec. June 15
30Holders of rec. June 10
30Holders of rec. June 10
30Holders of rec. June 10
30Holders of rec. J1100 10
134%
50c
40o
350
250
134%
433(0
500
June
July
July
July
June
June
June
June
500
n$1M
300
150
350
$I
$I
$1
15e
July 1Holders of rec. June 50
July 'Holders of rec. June 5a
June 30Holders of rec. June 2
June 30Holders of rec. June 15
June 15Holders of rec. May 31
June 30Holders of rec. June 2.5
Sept.30Holders of rec. Sept.25
Dec. 31Holders of rec. Dec. 25
June 15Holders of rec. June 1
250
$4
134%
134%
134%
250
680
141
$2
IM%
June 15Holders of reo. May
July 1
July I
Got. 1
1-1-34
June 24Holders of rec. June
June 15Holders of reo. May
July 1Holders of rec. June
June 80Elolders of rec. June
June I5Holders of rec. June
15
14
31
13
19
1
Deposited Bank Shares, series B-1
7540 July 1
Deposited Bank Shares, N. Y. A (5.-a.). 6234% July 1Holders of refs. May 15
Devoe & Raynolds Co.. Inc.
let and 2d pref. (quar.)
Si,' July 1Holders of reo. June 20
Dome Mines, Ltd. (quar.)
250 July 20Holders of rec. June 30
Extra
250 July 20Holders of rec. June 30
Dominion Glass Co.,com.(guar.)
WS1M July 3Holders of reC. J1100 15
Preferred (guar.)
trilM July 3Holders of rec. June 15
Dominion Stores, Ltd., common (guar.)
3043 July 1Holders of rec. June 15
Dominion Textile CO.,Ltd., com.(qu.)
July 3Holdens of rec. June 15
Preferred (guar.)
$134 July 15Holders of rec. June 80
Draper Corp. (guar.)
500 July 'Holders of reo. May 27
Driver-Harris Co., 7% pref.(quar.)... SIM July Molders of rec. June 20
Duncan Mills.7% Preferred (quar.)
134% July 1
Dunlop Rubber Co., Ltd.
Amer. dep. rcts. ord. stock
zro 4% May 31Holders of reo. May 3
E.I.duPont de Nemours & Co..com.(qU)
500 June 15Holders of reo. May 25
Debenture stock (guar.)$154 July 25Holders of rec. July 10
Eastern Malleable Iron Co.(guar.)
So June 10Holders of reo. May 23
Eastman Kodak Co., common (qua:.)
750 July 1Holdere of reo. June 5
Preferred (quar.)
$134 July 1Holders of reo. June 5
El Dorado Oil Works (guar.)
37540 June 15Holders of rec. May 31
Electric Storage Battery Co.(quar.).__.
500 July 'Holders of reo. June 10
Preferred (guar.)
50o July 'Holders of rec. June 10
Equitable Office Bldg. Corp.(guar.).
250 July molders of rec. June 15
7% preferred (guar.)
% July 1Holders of reo. June 15
Equity Trust Shares registered
8c June 30Holders of roe. June 26
Bearer
Se June 30
Ever Ready Co.(Gt. Britain) Ltd.
American dep. roe. ord. reg.(final)... sw25% June SHolders of rec. May 15
Ewa Plantation Co.(extra)
June 15Holders of ree. June 5
$1
Fifth Ave.Bus Securities Corp.(guar.).lac June 29Holders of rec. June 15
First National Stores, Inc., com.
6230 July 1Holders of rec. June 2
8% preferred (guar.)
200 July 1Holders of rec. June 2
7% lot preferred (guar.)
134% July 'Holders of rec. June 2
Florsbelm Shoe Co. pref. (guar.)
$IM July molders of rec. June 15
Gamewell Co., preferred (guar.)
5134 June 15Holde:s of lee. June 5
General Electric Co.,coin.(guar.)
100 July 25Holders of rec. June 30
Special (guar.)
150 July 25Holders of rec. June 30
General Mills, Inc., Prof.(guar.)
5134 July 'Holders of rec. June 140
General Motors Corp., com. (guar.)._ 250
June 12Holders of rec. May 11
$5 preferred (guar.)
$134 Aug. 1Holders of rec. July 10
General Ky. Signal common (guar.).
250 July molders of reo. June 10
Preferred (guar.)
6151 Jury 1Holders of rec. June 10
Gillette Safety Razor Co.,com.(guar.)
25c June 30Hoklers of rec. June 5
$5 preferred (guar.)
SlM July 'Holders of rec. June 10
Glidden Co. prior preference (quar.).. $lM July 'Holders of rec. June 16
Gold Dust Corp., pref. (guar.)
5134 June 30Holders of rec. June 17
Goldblatt Bros.. Inc. ((Mar.)
3734c July 'Holders of rec. June 10
Golden Cycle (quar.)
June 10Holders of rec. May 31
400
Goodman Mfg.Co.(guar.)
45o
June 30Holders of rec. June 30
Goodyear Tire & Rubber Co.$7 Pref.-500 July 1Holders of recs. June 1
Goodyear T.& Rub. of Can., corn.(qu.) 600
July (Molders of rec. June 15
Preferred (guar.)
t7$154 July 3Holders of rec. June 15
Gottfried Baking CO.. Intl.. OL A (qilan) 750. July 1Holders of rec. June 20
Class A (quar.)
75o. Oct. 'Holders of rec. Sept.20
Preferred (guar.)
134% July 'Holders of rec. June 20
Preferred (guar.)
134% Oct. 2Holders of reo. Sept.20
Preferred (guar.)
% .712.2 14Holders of ree. Dee. 20
Grace(W.R.)& Co.,8% prof. (S.-113.3% June 30Holders of rec. June 28
% Preferred (s.
3% Dec. 29Holders of rec. Dec. 27
-a.)
Great Western Sugar Co. Prof.(quar.)-- $IM July 'Holders of rec. June 15
Hammermill Paper Co.6% pref.(qu.).. 134% July 'Holders of rec. June 15
Rabid Co. common (guar.)
250 July Molders of rec. June 15
Common (extra)
250 July 'Holders of rec. June 15
7% preferred (guar.)
134% July 1Holders of rec. June 15
Hannibal Bridge Co., com.(guar.)
July 20Holders of rec. July 10
$2
Quarterly
$2
Oct. 20Holders of rec. Oct. 10
Harbauer Co.,7% pref.(qua:.)
134% July 'Holders of rec. June 21
7% preferred (guar.)
134% Oct. 'Holders of rec. Sept. 21
7% preferred (guar.)
154% 1-1-'34 Holders of rec. Dec. 21
Hardeety (R.). 7% prof. (guar.)
134% Sept. 1Holders of ree. Aug. 15
7% preferred (quar.)
134% Deo. 1Holders of reo. Nov. 15
Hawaii Commercial & Sugar(mt.) -25e June 5Holders of rec. May 24
Hawaiian Sugar Co. (monthly)
20o June 15Holders of rec. June 10
Hazel Atlas Glass Co.(guar.)
750 July 'Holders of rec. June 17
Extra
250 July 1Holders of rec. June 17
Hearst Canso!. Publishers, A pref.(qu.)- 4334 June 15Holders of reo. May 31
Hoyden Chemical Corp. Prof.(guar.)-- $154 July molders of rec. June 20
Hibbard. Spencer, Bartlett & Co.(me.) 10e
June 30Holders of MO. June 23
Hickok Oil, 7% pref.((mar.)
lyi% July 1Holders of rec. June 24
Hiram Walker-Gooderham & Worts,Ltd.
Quarterly
t r 250. June 15Holders of reo. May 27
Honolulu Plantation Co.(monthly)
250 June 10Holders of reo. May 31
Humble Oil & Refining (guar.)
500 July molders of rec. June 1
Imperial Chem.Industries, Ltd.(final).: w354% June 8Holders of rec. Apr. 13
imperial Tobacco Co. of Can. ord. she.. I r154% June 30Holdets of rec. May 31
Industrial Cotton Mills.7% pref.(quar.)
% Aug. 1Holders of rec. July 20
Ingersoll-Rand Co., pref.(5.-a.)
July 1Holders of rec. June 8
$3
Internat'l Business Mach. (guar.)
$154 July 10Holders of rec. June 22
International Harvester Co..com.(an.).
150 July 15Holders of ree. June 20
Internat. Petroleum Co.. Ltd
1? 280. June 15Holders of rec. May 31
Intl, proprietaries. Ltd.. cl. A (quar.).
17650 June 15Holders of rec. May 25
International Salt Co..cap.stock (qua:). 37340 July 1Holders of ren. June 15
intertype Corp. 1st pref. (s.
$2
July 1Holders of rec. June 15
-a.)
July 1Holders of rec. June 15
83
2d Preferred( a)
8,
750 July 15Holders of rec. June 30
Jewel Tea Co.. corn.(guar.)
250 July 'Holders of rec. June 13
Jones & Laughlin Steel Corp.7% pf.(qu)
500 June 15Holders of rec. May 31
Katz Drug Co., con'.(qua:.)
Preferred (quar.)
$134 July 'Holders of rec. June 15
Kimberly-Clark Corp.6% pref. (guar.). $134 July 'Holders of rec. June 12
Klein (Emil D.) Co.,common (guar.).- 12510 July 1Holders of rec. June 20
Kroger Grocery & Baking,6% pt.(p.). 134% July 1Holders of rec. June 20
7% preferred (qua:.)
% Aug. 'Holders of rec. July 20
tr50c June 15Holders of rec. June 1
Lake Shore Mines, Ltd.(guar.)
£7500 June 15Holders of rec. June 1
Extra
Landis Machine. Prof. (guar.)
% June 1511olders of roe. June 5
Lehigh Portland Cem. Co.. pt. (guar.).- 687Ho July 'Holders of rec. June 14
July 1Holders of rec. June 12
Liggett & Myers Tob. Co., pf (guar.)._
Lily-Tulip Cup Corp. common (guar.).- 87540 June 15Holders of reo. June 1
S154 July 'Holders of rec. June 20
Linde Air Products, pref.(guar.)
3857
Financial Chronicle
Volume 1S6
Miscellaneous (Continued).
Lincoln National Life Ins. Co.cap.stock
Capital stook
Lindsay Light Co., pref.(guar.)
Link Belt preferred (guar.)
Lock Joint Pipe Co.(monthly)
Preferred (quar.)
Lord & Taylor, common (guar.)
Loudon Packing, common (guar.)
Lunkenhelmer Co.,pref.(guar.)
Preferred(quar.)
Magnin (I.) & Co.,6% pref.(quar.)--6% preferred (quar.)
Mapes Consol. Mfg. Co.,(guar.)
Extra
Mathieson Alkall Works, corn.(qu.)....
Preferred (guar.)
Mayflower Associates(guar)
Mesta Machine Co., com.(guar.)
Preferred (guar.)
Metro-Goldwyn Pictures Core.
7% preferred (guar.)
Monaghan (Victor) Co., pref.(guar.)
Monsanto Chemical Works(guar.)
Montreal Cottons, Ltd.. prof.(nuar.)- -Montreal Loan & Mtge. Co.(quar.)..-Moore (Wm.) Dry Goods Co.(guar.)-Quarterly
Quarterly
Morrell(Johni & Co.,100.,coin.(1:10.).Morris 50.& 100.to $1 Sta.,7% pf.(qu.)
7% preferred (guar.)
7% preferred (guar.)
Morris Finance Co..corn. A (guar.)
Common B (guar.)
7% preferred (guar.)
Muskogee Co. common (guar.)
Mutual Chem.Co.of Am..6% of.(qu.).
Per
When
Mare. Payable.
Books Closed
Days Inclustee.
600.
700.
17340.
$134
34c
52
$234
250.
$134
5134
134%
134%
750.
25e.
3734c.
$134
50o
150.
5134
Aug. 1 Holders of roe. July 26
Nov. 1 Holders of rec. Oct. 26
June 19 Holders of rec. June 10
July 1 Holders of rec. June 15
June 30 Holders of rec. June 30
July 1 Holders of ree. July 1
July 1 Holders of rec. June 17
July 1 Holders of rec. June 24
July 1 Holders of ree. June 21
Oct. 2 Holders of rec. Sept.22
Aug. 15 Holders of rec. Aug. 5
Nov.15 Holders of rec. Nov. 5
July 1 Holders of rec. June 15
July 1 Holders of rec. June 15
July 1 Holders of rec. June 12
July 1 Holders of rec. June 12
June 15 Holders of rec. June 1
July 1 Holders of rec. June 16
July 1 Holders of rec. June 16
473(e
51%
3134o.
$134
75e
$134
$134
al%
500
IM%
%
134%
81%
275Io
134%
280
134%
June 15 Holders of rec. May 26
July I
July 1 Holders of rec. June 10
June 15 Holders of reo. May 31
June 15 Holders of ree. May 31
July 1
Oct. 1
1-1-'34
June 15 HOlders of rec. May 27
July 1
Oct. 1
1-2-34
June 30 Holders of rec. June 20
June 30 Holders of rec. June 20
June 30 Holders of rec. June 20
June 15 Holders of reo June 5
June 28 Holders of rec. J1100 15
700 July 15 Holders of rec. June 160
National Biscuit Co.common (guar.)...
$154 May 31 Holders of rec. May 150
Preferred (quar.)
250 June 15 Holders of rec. May 31
National Bond & Share Corp.(guar.).-400. July 1 Holders of rec. June 15
National Breweries, Ltd.,coin.(guar.)
44e. July 1 Holders of rec. June 15
Preferred (qua:.)
62540. July 1 Holders of rec. June 10
National Distillers Prod., pref.(qu.).
15e July 1 Holders of rec. June 10
National Finance Corp.of Am.oom.(qu)
15o July 1 Holders of rec. June 10
8% preferred (quar.)
156 July 1 Holders of rec. June 10
6% preferred (extra)
$134 June 30 Holders of rec. June 16
National Lead Co., corn.(quar.)
5154 June 15 Holders of rec. June 2
Preferred A (quar.)
Preferred B (guar.)
5114 Aug. 1 Holders of rec. July 21
National Sewer Pipe (guar.)
50o June 15 Holders of roe. May 31
July 1 Holders of rec. June 1
National Sugar Refining Co.of N.J.__ 500
New England Grain Prod., A pref.(au.). $154 July 15 Holders of rec. July 1
100. July 1 Holders of rec. June 20
N. Y.Ship Bldg. Corp. part.sh.(qu.)
100. July 1 Holders of reo. June 20
Founders shares (guar.)
$1.54 July 1 Holders of rec. June 20
Preferred (guar.)
Newberry (J. J.) Co., corn.(quar.).___ 15o
July 1 Holders of rec. June 16
Niagara Share Corp. of Md.July 1 Holders of roe. June 15
Class A 56 Preferred (gum.)
Class A $6 Preferred (guar.)
$lM Oot. 1 Holders of rec. Sept. 15
Class A $6 preferred (quar.)
$134 Jan2'34 Holders of rec. Dec. 15
Nineteen Hundred CorP.401ans A (guar.) 50e. Aug. 15 Holders of rec. Aug. 1
500. Nov.15 Holders of rec. Nov. 1
Class A (qua:.)
North Amer. Co.,COm.(quar.)
/2% July 1 Holders of rec. June 5
Preferred (guar.)
75c. July 1 Holders of rec. June 5
North Central Texas Oil pref.(guar.)... 154% July 1 Holders of rec. June 10
250 July 1 Holders of rec. June 9
Northern Pipe Line Co.cap.stk.(s.
-a.)Norwalk Tire & Rubber Co., pref.(qu.) 8754e July 1 Holders of rec. June 22
June 20 Holders of rec. June 10
Oahu Ky.& Land Co.(monthly). --- 200
5c June 15 Holders of rec. June 6
Oahu Sugar Co., Ltd.(monthly)
$154 June 15 Holders of rec. June 3
Ohio Oil Co. pref. (quar.)
July 1 Holders of rec. June 15
$2
Omnibus Corp. pref.(qua?.)
Owens Illinois Glass Co.,6% pref.(qu.). $154 July 1 Holders of rec. June 15
750. July 1 Holders of rec. June 20
Page-Hersey Tubes, Ltd.. com.(qu.)--Si,' July 1 Holders of rec. June 20
Preferred (quar.)
June 15 Holders of rec. June 1
Penick & Ford, Ltd.. Inc., coin.(elm.) 25o
300 June 30 Holders of rec. June 20
Penney (J. C.) Co.,common (guar.)---$154 June 30 Holders of reo. June 20
Preferred (guar.)
July 1 Holders of ree. J1100 8
Peoples Drug Stores, Inc., com.(quar.)_ 250
$194 June 15 Holders of rec. June 1
Preferred (guar.)
300 June 30 Holders of rec. June 20
Perfection Stove Co.(guar.)
$134 July I Holders of rec. June 10
Pet Milk Co., pref.(Qum.)
Pioneer Gold Mines of Brit. Col., Ltd.
trl5e. July 3 Holders of rec. June 10
Quarterly
150. July 1 Holders of rec. June 10
Pittsburgh Plate Glass Co.(guar.)
Procter & Gamble Co.,5% pref.(quar.) 134% June 15 Holders of rec. May 25
July 15 Holders of reo. July 1
Quaker Oats Co., com.(quar.)
July 15 Holders of rec. July 1
$I
Quaker Oats(guar.)
$lM Aug. 31 Holders of rec. Aug. 1
Preferred (guar.)
30 Aug. 1 Holders of rec. July 15
Quarterly Income Shares,Ine
June 15 Holders of rec. May 31
Raybestos-Manhattan.Inc.,corn.(qu.). 15o
3754C. June 15 Holders of roe. May 31
Reeves (Daniel) Inc., corn.(guar.)
134% June 15 Holders of rec. May 31
654% preferred (quar.)
Reliance Grain Co., Ltd., pref.(qua:.). $134 June 15 Holders of rec. May 31
Rich's, Inc., 634% preferred (quar.)_.. 134% June 30 Holders of rec. June 15
250 July 1 Holders of rec. Jll00 5
Royal Baking Powder Co.,corn.(gum.)
13.4% July 1 Holders of rec. JI100 15
6% preferred (guar.)
6%
Royal Dutch Petroleum Co. (final)...
250. June 15 Holders of rec. June 1
Ruberol1 Co.,capital stock (quar.)
750 July 1 Holders of rec. June 19
Safeway Stores. Inc.. common (qua:.)..
7% preferred (guar.)
% July 1 Holders of roe. June 191
6% preferred (quar.)
134% July 1 Holders of rec. J000 19
San Carios Milling (monthly)
20e. June 15 Holders of rec. J11013 7
Scott Paper Co.,coin.(guar.)
350. June 30 Holders of rec. June 16
Scovill Mtg. Co.(guar.)
25e July 1 Holders of rec. June 15
Seaboard Oil Co.of Del.(War.)
15c June 15 Holders of rec. June 1
Senior Securities (qua:.)
30e. June 10 Holders of rec. May 31
Shaeffer(W.A.) Pen, pref.(oar.)
July 20 Holders of ree. June SO
$11
Oct. 20 Holders of refs. Sept.30
Preferred (guru.)
$2
Shell Transport & Trading, corn
234% July 6
Schiff Co.common (guar.)
25e June 15 Holders of rec. May 31
Preferred (guar.)
$134 June 15 Holders of rec. May 31
Sioux City Stkyds.. $6 pf.(glum)
37540. Aug. 15 Holders of rec. Aug. 15
$8 preferred (guar.)
37540. Nov. 15 Holders of rec. Nov.15
Spencer Kellogg & Sons,Inc.. com.(q11.) 15o
June 30 Holders of rec. June 15
Standard Brands, Inc ,corn.(quar.)- - -250. July 1 Holders of rec. June 5
$7 preferred. series A (guar.)
8154 July I Holders of rec. June 5
Standard 011 Co. of Calif
250 June 15 Holders of rec. May 15
Standard 011 Co. of Indians (quar.)....
250 June 15 Holders of rec. May 15
Standard 011 Co. of Kentucky (anal.)..
250 June 15 Holders of MO. June 1
Standard Oil of Neb.(guar.)
250 June 20 Holders of rec. May 27
Stand.Oil Co.of N.J., cap.stk.(e...a )./
50c June 15 Holders of rec. May 16
Capital stock, $100 par (s.
-a.)
$2 June 15 Holders of rec. May la
Stand. Oil Export Corp.,5% pt.(8.-a.).. 6254 June 30 Holders of rec. June 9
Suez Canal
:510*7.
Sun 011 Co.common (quar.)
250 June 15 Holders of rec. MAY 25
Sylvanite Gold Mines, Ltd.(s.
2% June 30 Holders of rec. May 31
-a.
Bonus
;sof1% June 30 Holders of rec. May 31
Tacony-Paimyra Bridge, Cl. A (qua?.)... 250
June 30 Holders of rec. June 10
Texas Corp.(quar.)
280. July 1 Holders of rec. J1100 20
250 June 15 Holders of rec. June 1
Texas Gulf Sulphur Co.(qua:.)
100 July 1
Thrift Stores. Ltd.,com.(Initial)(qu.)-Timken Roller Bearing Co. (guar.)...- 15o
June 15 Holders of reo. May 19
250. June 20 Holders of rec. June 5
Todd Shipyards Corp.(guar.)
'Puckett Tobacco Co.. Ltd., pref.(gu.).. $141 July 15 Holders of rec. June SO
Underwood Elliott Fisher Co..corn.(qu.) 12540 June 30 Holders of rec. June 120
Preferred (guar.)
$1 3' June 30 Holders of rec. June 120
250. July 1 Holders of rec. June 2
Union Carbide & Carbon Corp
United Aircraft & Trans. Corp.. Pl.(qu.)
750 July
Holders of rec. June 10
United Companies of N.J.(guar.)
$254 July 10 Holders of ree. JU00 20
be
United Elastic Corp.(guar.)
June 24 Holders of ree. June 9
Financial Chronicle
Per
When
Share. Payable.
Name of Company.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
U.S. Foil Co., cl. A & B corn.(quar.)
Sc. July 1 Holders of rec. June 15a
Preferred (quar.)
11% July I Holders of rec. June 15a
U. S. & Foreign Secs. Corp., 1st pf.(qu ) 1251,ti June 10 Holders of rec. June 1
United States Gypsum, corn. (euar.)
25e
July 1 Holders of rec. June 15
Preferred (guar.)
July 1 Holders of rec. June 15
$H1
U.S. Pipe & Foundry Co.. corn. (quar.)_ 12.45c. July 20 Holders of rec. June 30
Common (quar.)
123ic. Oct. 20 Holders of rec. Sept. 30
Common (quar.)
12340. 1-20-34 Holders of rec. Dee. 30
lot preferred (quar.)
300. July 20 Holders of rec. June 30
151 preferred (quar.)
30e. Oct. 20 Holders of rec. Sept. 30
1st preferred (guar.)
300. 1-20-34 Holders of rec. Dec. 30
U. S. Playing Card Co.(guar.)
25c
July I Holders of rec. June 20
United Stores Corp. pref.(Quer.)
81 tic June 15 Holders of rec. May 26
Upressit Metal Cap,8% pref. (quar.)__ _ 2%
July 1 Holders of rec. June 15
Viking Pump Co., 12.40 pref. (near.)
June 15 Holders of rec. Juno 1
600
Vuican Detinning Co., pref. (quar.)
July 20 Holders of rec. July 7a
Walalua Agricultural Co
600. June 30 Holders of rec. June 20
Ward Baking Corp cum. pref (guar.)—
25e July 1 Holders of rec. June 17
Western Tablet & Stat., 7% pref.(qu.)
131% July 1 Holders of rec. June 20
Westmoreland, Inc.(quar )
30c July 1 Holders of rec. June 15
White Rock Mineral Springs Co.—
Common (quar.)
50e
July 1 Holders of rec. June 20
1st preferred (quar.)
$154 July 1 Holders of rec. June 20
2nd preferred (quar.)
$245 July 1 Holders of rec. June 20
Wilcox Rich Corp., cl. A.(quar.)
6234 c June 30 Holders of rec June 20
Winstead Hosiery Co.(quar.)
$145
Aug. 1 Holders of rec. July 15
Quarterly
Nov. 1 Holders of rec. Oct. 15
$134
Wiser 011 Co.(quar.)
250 July 1 Holders of rec. June 10
Quarterly
2.5e Oct. 2 Holders of rec. Sept. 12
Quarterly
25e Jan2 34 Holders of rec. Dec. 12
Woolworth (F. W.) & Co., Ltd.—
Amer. dep. rec. for ord. shs. (Interim) zwis.fki. June 22 Holders of rec. May 26
Amer. dep. rec. 6% pref. (s.-a.)
zw3% June 8 Holders of rec. May 12
Wrigley (Wm.) Jr. Co.(monthly)
25e July 1 Holders of rec. June 20
Monthly
25e Aug. 1 Holders of rec. July 20
Yale & Towne Mfg. Co.(quar.)
15e. July 1 Holders of rec. Juno 10
The Ness York Stock Exchange has ruled that Meek will nor be quoted ox.
dividend on this date and nut until further notice.
I The New York Curb Exchanee Association ham 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.
Correction. s Payable In stock.
!Payable In common stock. g Payable in scrip. iOn account of accumulated
dividends. I Payable lu preferred stock.
on Amer. Cities Power & Lt. Corp. pay 1-3201 1 oh. of class B stock or cash at the
Option of the holder. The corporation must receive notice within 10 days after
holders of record date to receive cash.
n Dividend of Commercial Investment Trust IS at the rate of 1-52 of 1 eh. of
com. stock per sh. of cony. pref., ups, series of 1929, or In cash, at the option of the
holder.
o Unilever. Ltd.: the amount of silver will be fixed according to the rate of sterlingguilder exchange on April 28.
P Blue Ridge Corp declared a dB.at the rate of 1-32d of one share of the common
,
Kock of the corporation for each share of such preference stock, or, at the option of
such holders (providing written notice thereof Is received by the corporation on or
before May 15 1933) at the rate of 75c. per share In cash.
r In the ease of non-residents of Canada a deduction of a tax of 5% of the
amount of such dividend will be made.
8Payable In Canadian funds.
Payable in United States funds.
CA unit.
to Less deduction for expenses of depositary.
e Less tax.
y A deduction has been made for expenses.
June 3 1933
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAY 27 1933.
Clearing House
Members.
• Capital.
*Surplus and Net Demand
Undivided
Deposits,
Profits.
Average.
Time
Deposits,
Average.
$
I
$
Bank of N. Y.& Tr. Co_
9,354,200
6,000.000
88,206,000
Bank of Manhattan Co__
36,931,700
20,000.000
248,170,000
55,983,000 a819,384.000
National City Bank _ __
. 124,000,000
46,119,500
Chemical Bk.& Tr Co.._
20.000,000
264.505,000
Guaranty Trust Co
90,000.000 e176,676,800 13891,759,000
20,297,500
Manufacturers Trust Co.
32,935,000
194,463,000
Cent. Han. Bk.& Tr. Co
64,023.700
21,000.000
512,389,000
22,493.500
Corn Exch. Bk. Tr. Co
15,000,000
179,079,000
First National Bank...
10,000,000 172,579,800
395,798,000
62,764,900
50.000.000
Irving Trust Co
321,356,000
5.756,300
4.000.000
22,794.000
Continental Bk. & Tr Co
148,000.000 08.163.800 c1.159,418,000
Chase National 13ank
3,639,900
500.000
Fifth Avenue Bank
41,250,000
25.000.000 h62.202.700 d548,191,000
Bankers Trust Co
Title Guar. & Trust Co
20.481,100
10.000,000
23,269.000
5,549.000
10,000.000
Marine Midland Tr. Co.
41,804,000
2.145.400
3.000,000
Lawyers Trust Co
8,105,000
22.104,000
New York Trust Co_ __
12.500,000
.
194,295.000
8,669,400
7,000,000
Com'l Nat Bk. dr Tr. Co_
43.518,000
4,439,300
8,250,000
Public Nat. Bic. & Tr.Co.
38,599,000
3
8,959,000
32,195,000
154.841.000
24,738,000
35,665,000
95,800.000
44,552,000
20,751.000
8,450,000
48,650,000
1,641,000
78.978,000
3.161,000
46,633,000
248,000
5,124,000
1,561,000
13,449,000
1,732,000
28,837,000
Totals
017_185.000 760.375.500 6.036.352.000 65100(5.000
• As per official reports: National. March 31 1933; State, March 31 1933; Trus
Companies, March 31 1933.
e As of May 3 1933. f As of April 14 1933. 8 As of May 25 1933. h As of
April 10 1933.
Includes deposits In foreign branches as follows: a $180,726,000. b $49,504,000.
c $66,989,000. d 525,523,000.
The New York "Times" publishes regularly each week
returns of a number of lianks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended May 26:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH TIIE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, May 26 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Disc. and
Investments
Manhattan—
Grace National
Trade Bank
Res. Dep., Dep. Other
N. F. and Flanks and
Elsewhere, Trust Cos.
Cash.
18,382,600
2,580,720
Brooklyn—
Peoples National....
92.700
103,810
1.451,800
502,028
5,399,000
77.000
332,000
Gross
Deposits.
1,403,000 16,717,300
275,491 2,730,320
44,000
4,926,000
TRUST CONIPANIES—AVERAGE FIGURES.
Weekly Return of New York City Clearing House.—
Beginning with March 311928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
Loans.
s
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
Cash.
$
$
$
Gross
Deposits.
$
Manhattan-County
Empire
Federation
Fiduciary
Fulton
United States
16,424,000 3,040,800 2.060.300
51.505,800 *2,820.500 10,784,900
47,676
391,035
5.696,726
*671,102
346,328
9,557,416
782,300
18,108,700 *2,315,300
70,129,663 5,984.000 23,220,387
18,631,200
2,161,900 56,737,600
540,659 5,151,300
513.537 9,257,370
447,800 16.921,300
71,876,588
Brooklyn—
Brooklyn
Kings County
81,537,000
22,605,592
2.591,000 25,177,000
1,570,134 6,715,250
109.000 93,798,000
24,282,729
A
• Includes amount with Federal Reserve as follows: Empire, $1,906,300; Fiduciary, 8243,628; Fulton, 52.166,600.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business May 311933,in
comparison with the previous week and the corresponding date last year:
May 31 1933. May 24 1933. June 1 1932.
Resources—
Gold with Federal Reserve Agent
Gold redemption fund with U.S. Treas'Y_
719,546,000
3,013,000
727,546,000 483,254,000
3,646,000
10.151,000
Gold held exclusively agst. F.R. notes.
722,559,000
731.192.000
493,405,000
147.596.000
151,693.000
147.576,000
151,411,000
96.701,000
224,017,000
1,021,848,000 1,030.179.000
May 31 1933. May 24 1933. June 1 1932,
$
1,504.000
1,271,000
1,282.000
4,528,000
3,547,000
5.176,000
90,160,000
84.469.000 130.101,000
12,818,000
14,817,000
12.818,0110
24,831,000
21,569,000
23.883,000
814,123,000
Gold settlement fund with F. R. Board
Gold and gold certificates held by bank
Total gold reserves
Resources (Concluded)—
Due from foreign banks (see no(s)
F. R. notes of other banks
Uncollected Items
Bank eremises
All other resources
Total resources
2 060,216,000 2,071,150,000 1,855,659,000
2,500,000
2,500,000
28,195.000
40,135,000
29,117,005
40.635,000
Ltabilille.s—
68.1,951,000 688,729,000
F. R. notes In actual circulation
47,595,000
40,153,000
I'. R. bank notes In actual circulation.-883,697.000 Deposits—Member bank—reserve acc't 1,026.467.000 1,082,430.000
41,115,000
3,147,000
Government
48274.00000
21..0000
10
Foreign bank (see note)
5 633,0 0
1i4 68 0 0
0
551,,
Special deposits—Member bank
66,785,000
Non-member bank
9.930.000
38,316.000
9,937,000
Other deposits
Total bills discounted
68,330,000
69,752,000
105,101,000
BIls bought In open market
U. S. Government securities*
Bonds
Treasury notes
Certificates and bills
7.186,000
6,922.000
186,240.000
258,746,000
295,200.000
187.763.000
251,569,000
298,101.000
Total deposits
Deferred availability Items
11.136,000 Capital paid In
Surplus
177.294,000 All other liabilities
70.481.000
433,187,000
Total liabilities
740,186.000
737,436,000
680,962,000
Other cash5
Total gold reserves and other cash
Redemption fund—F. R.bane notes
Bills dLscounted:
Secured by 0,5, Govt. obligations
Other bills discounted
Total U. S. Government securities_
Other securities (see note)
Total bills and securities (tee note)
82.184,000
92,029,000
1,104,032,000 1.122,208.000
4,141,000
4,704.000
819,843,000
818,814,000
69,574,000
Ratio of total gold reserves & other cash•
to deposit and F. R. note liabilities
3,458,000
combined
Contingent liability on bills purchased
800,657,000
for foreign correspondents
570,716,000
961,147,000
9,602,000
23,889,000
19,688,000
000
1,087,518,000 1,108.019,000 1.014,326,
88,294.000
83,299,000 125,456,000
59,130,000
58.527.000
58,532,000
75,077,000
85.058.000
85,058,000
10.954,000
8,273,000
7,360,000
000
2,060.216.000 2,071,150,000 1,855,659,
62.3%
62.5%
55.8%
11.247,000
12,286.000
56.377,000
•"Other Cash' doe* not include F R notes or a bank's own F. R. bask notes.
NOTE.—Beginning with the statement of Oct. 17 1925, two new items were added In order to show separately the amount of balances held abroad and amounts
due to foreign correspondent*. In addition, the caption "All other earnings assets," previously made up of Federal Intermediate Credit Bank debentures, was enangel
.
so -other securities.- and ne caption, "Total earnings assets" to "Total bills and securities: The latter tern was adopted as a more accurate description of the total
of the discount acceptances and Securities acquired under the provisions of Section 13 and 14 of toe Federal Reserve Act. wnloti It was stated are the only Items Included
the sin.
3859
Financial Chronicle
Volume 136
Weekly Return of the Federal Reserve Board,
The following is the return issued by the Federal Reserve Board Thursday afternoon, June 1, 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 on page 3811, being the first item in our
department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 31 1033.
I
May 31 1933. My 24 1933. May 17 1933 May 10 1933. May 3 1933. Apr. 26 1933. Apr. 19 1933. APT. 12 1933. June 1 1932.
S
3
s
S
S
S
S
s
RESOURCES.
$
Gold with Federal Reserve agents
2,813,639,000 2.832.714,000 2,731.939,000 2,706,759,000 2,665.104.000 2,671,746,000 2.627,454.000 2,590,790,000 2,038,319,000
41,729,000
64,775,000
73,425.000
63,871,000
46,333,000
54,824,000
Gold redemption fund with 13.8. Treas._
57,633,000
62.500.000
44,353.000
Gold held exclusively ages. F. R. notes 2,857,992,000 2,879,052,000 2,786,763,000 2,764,392.000 2.727.604.000 2,735.617.000 2.692,229,000 2,664,216,000 2,080,048.000
Gold settlement fund with F. R. Board
409,834,000 359,464,000 346,260.000 341,268,000 321,318,000 307,419.000 321,495,000 327.719.000 300 348 000
Gold and gold certificates held by banks- 252.072.000 260,718,000 331,485,000 336,474,000 346.648.000 353,302.000 351.871,000 323.511.000 370,671,000
3 519,898,000 3,499,234.000 3,467.508,000 3,442,134,000 3,435.570.000 3.396.338,000 3.365,595,000 3.315,446.000 2,751,067,000
218.764.000 222.713,000 215.597,000 213,830,000
270,589,000
286,770,000 308,706.000 303,983,000 315,910,000
Total gold reserves
Reserves other than gold
Other cash.
Total gold reserves and other cash
.654.334.000 3.619,051,000 3,581.192.000 3.529,276.000 3,021,656,000
3,806.668,000 3.807,940,000 3.771.491,000 3,738,044,000 3
Non-reserve cash
93.551.000 106,105,000 106.957.000 109,901.000
1.400,000
1.601,000
4.992,000
6,242,000
3.293,000
Redemption fund—F. R. bank notes
4,518,000
30318.000
6,242,000
Bills discounted:
93.434,000 124,077,000 130,707,000 204,770,000
Secured by U. S. Govt. obligations_
72,082,000
97,976,000
73,379,000
64,472.000
65,989.000
Other bills discounted
235,985.000 247.693.000 256,846,000 266,159,000 302.126.000 291,567,000 290,193,000 297,749,000 289.831,000
Total bills discounted
Bills bought In open market
U.S. Government securitles—Bonds___.
Treasury notes
Special Treasury certificates
Other certificates and bills
494,601.000
35.479.000
396,794,000
171,622,000
301.974.000
19,862,000
441,071,000
656,593,000
312,165,000
42.662,000
430.606.000
629,583.000
330.225,000
77.543.000
420,992.000
594,482.000
338.241.000
112.807.000
421,595,000
588,922,000
400,102.000
144,152,000
421.576,000
588.972,000
385,001,000
177.450,000
421,476,000
506,083.000
414.270.000
208,443.000
421,506,000
457.873,000
424.456.000
216,964.000
421.590.1100
457.872,000
791,914.000
801,523.000
821,124,000
826.676,000
826,730.000
909.513.000
957.725,000
957.721,000 1,006,784,000
Total U. S. Government securities
Other securities
Foreign loans on gold
1,889,578,000 1.861.712.000 1,836,598.000 1.837,193.000 1,837.278.000 1.837,072.000 1.837,104,000 1,837.183.000 1.575,200.000
5,144,000
5,541.000
5,559,000
5,386,000
5,464.000
5,641.000
5,451,000
5,404,000
4,823,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
2,216,237.000 2,221,925,000 2,249,770,000 2.293,505,000 2.387,173,000 2,404,974,000 2.465,376.000 2,518,144,000 2,110.424,000
3,815,000
15,143.000
316,047.000
54.255.000
48,020,000
3,593,000
17,921,000
316,172.000
54,255.000
47.146.000
3.662.000
19,095.000
359,775,000
54.251.000
44,949,000
3,662.000
17,637,000
316,398,000
54,250,000
44,490,000
3,656.000
19,471,000
337.157,000
54,250.000
44.673.000
3.656,000
20,355,000
318,392,000
54.134.000
46.242.000
3.760.000
24,829,000
354 608,000
54.29.000
44..j42.000
3,760,000
20.670.000
321,107.000
54.122,000
52.646.000
3,643,000
12,102.000
403.247,000
58,084,000
40,903,000
6,466.427,000 6.475,194,000 6,507,985,000 6,492,504,000 6,597,883,000 6.576,202,000 6.6:,7,394,000 6.611,026,000 5,650,059,000
Total resources
LIABILITIES.
F. It. notes In actual circulation
3,203,102,000 3.221,429.0003.299,995,000 3.349.753,000 3.395,369.000 3,424,114,000 3,477.393,000 3.547,285,000 2,564,399,000
19,890,000
56,059,000
24.529.000
F. It. bank notes In actual circulation
74.218,000 062,835,000
84.211,000
36.798.000
96.280,000
Deposits—Member banks—reserve acc't_ 2,166.721,000 2.194,390,000 2,114,283,000 2.089,115.000 2,033,930.000 2.135,808,000 2,158,636.000 2.096,079.000 2,124,685,000
12,985,000
34,992,000
42,467,000 144,406,000
37.668.000
25.465,000
Government
31,260,000
37.165,000
72,328,000
74,035,000
10.697,000
11,088,000
23,021,000
27,272.000
22.943,000
15.867.000
Foreign banks
26,810.000
7.848,000
72.993,000
75.603.000
87,467.000
81,904.000
77.664.000
Special deposits: Member bank__
86.045,000
80,512,000
83,637,000
19.451,000
18.921,000
17,642,000
17.641,000
16,155,000
14,354,000
17.461.000
18,059,000
Non-member bank....
39.518.000
31.376,000
51,849,000
57,825,000
50,539.000
56.511.000
Other deposits
46.859.000
45.347.000
45.180,000
2,393,773,000 2.392.817.000 2,320,454,000 2,309,541,000 2,360.101.000 2,345.451,000 2.347,538,000 2.273.730.000 2,243,081,000
318,082.000 322.322,000 359,554,000 316,346,000 331,621.0Q0 315.218.000 333,854.000 314,530,000 394,972,000
150,271,000 150,287,000 150,217,000 150,229,000 150.117,000 150,330,000 149.700,000 149,636.000 154.801,000
,
278.599.000 278.599.000 278,599,000 278,599,000 278 .99.000 278.599.000 278,599.000 278,599,000 259,421,000
33,385,000
27.356,000
25,781,000
25.529,000
25.947,000
21,944,000 025,201,000
25,692,000
26,320,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
6.466,427,000 6.475,194.000 6,507,985,000 8,492,504,000 6.597.883,000 0,576.202.000 6.637.394,000 6.611.026,000 5,560,059,000
Ratio of gold reserve to deposits and
57.2%
F. It. note liabilities combined
56.9%
62.3%
61.6%
57.7%
60.8%
59.6%
62.9%
58.8%
Ratio of total reserve to deposits and
61.4%
F. R. note liabilities combined
61.5%
60.6%
64.6%
63.5%
62.7%
Ratio of total gold reserves & other cash to
62.9%
deposit At F.R. note liabilities combined
67.8%
67.1%
66.4%
68.0%
Contingent liability on bills purchased
48.274,000 179,564,000
50.223.000
for foreign correspondents
36,770.000
38,886,000
42.189.000
48,280,000
41,340,000
35.731,000
AralurIty Distribution of Bills and
Short-Term Securities
1-15 days bills discounted
16-30 days bills discounted
41-60 days bills discounted
41-90 days bills discounted
Over 90 days bills discounted
s
$
$
a
s
$
s
$
$
192,071,000
24.148,000
41,687,000
36,416,000
7,652.000
195.699,000
22,195,000
26,813,000
61,411,000
6.047,000
212,662.000
22,485,000
23,570,000
64.943.000
6,565,000
215,315.000
22,711.000
28,606,000
64.701.000
6.908,000
255,564,000
27,458,000
47,382.000
62,530.000
7.168.000
254.905,000
24,725,000
48,636.000
49,133,000
7,602,000
287.935,000
22.051.000
49,318,000
47,222,000
7,744.000
294,881,000
28.271,000
33,731,000
63,319,000
8.254,000
335,698,000
35,449.000
46,420,000
34,265,000
22,769,000
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market
81-60 days bills bought In open market
61-90 days bills bought in open market
Over 90 days bills bought In open market
301,974.000
12,479.000
5,239.000
842,000
1,302,000
312,165,000
33.563,000
3,677,000
3,870,000
1,552.000
330,225,000
65.036,000
4,533,000
2.634,000
5,340,000
338.241,000
75.017,000
28,705.000
3,819.000
5,016.000
50.000
400.102,000
73,716,000
60,400.000
4,252,000
5,734.000
50,000
385,001,000
71,214,000
74.240.000
26,022,000
5,923,000
51,000
414,270.000
68.531,000
73,052.000
59,024,000
7.715.000
121,000
428.456,000
60,566.000
76,618,000
100.380.000
9,198,000
202.000
494,601,000
7,506,000
7,447,000
8,019,000
12,493,000
14,000
Total bills bought In open market,..,..
1-15 days U. S. certificates and bills-18-30 days U. S. certificates and bills—
31-60 days U. S. certificates and bills—
81-90 days U. S. certificates and bills_ -Over 90 days certificates and bills
19,862.000
127.625,000
37,500,000
81,288.000
111,646,000
433.855,000
42.662.000
71.450.000
97.775,000
62,638,000
141.796.000
427.864,000
77,543,000
86,600.000
127,875,000
73,238,000
127.950,000
405,455.000
112.607.000
95,500.000
70,750.000
120,975,000
72.100.000
467.351,000
144,152,000
52.400,000
86.600.000
164.360.000
56.000.000
467.370.000
177.450,000
91,438,000
85,300.000
210,875,000
54.550,000
467,350,000
208,443.000
127,997,000
52.400.000
246.975.000
67,450.000
462,903.000
246.964.000
60.100,000
95,497.000
156,050,000
163,675.000
482.399,000
35,479.000
39,550,000
36,550,000
158,635,000
204,649,000
567,410,000
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
81-90 days municipal warrants
Over 90 days municipal warrants
791.914.000
4,738,000
25,000
10,000
821,124,000
5,192,000
127,000
25,000
10.000
50,000
820.676.000
5.201,000
51,000
152.000
10.000
50.000
826.730,000
5,401,000
51.000
152,000
10,000
27.000
909,513,000
5,211,000
957,725,000
5,346.000
50,000
801,523,000
5,174.000
127.000
25,000
10,000
50,000
178,000
35 000
27.000
177.000
26.000
10,000
957,721,000 1,006,784,000
4,580,000
5.333,000
463,000
35,000
51.000
31,000
152,000
35,000
5.000
4,823.000
5.386,000
5,404,000
5,464,000
5,641,000
5,451.000
5.559,000
Total municipal warrants
Federal Reserve Notes—
Issued to F. It. Bank by F. R. Agent
Bald by Federal Reserve Bank
5,541,000
5,144,000
3.436.872,000 3.471,471.000 3,556,1104,000 3,613,316,000 3,671,321.000 3.715.341,000 3,760.879.0003,843.900,000 2,765,241,000
233.770,000 250,042.000 256,609,000 263,563,000 275,952,000 291,227.000 283.486,000 296.675.000 200,842,000
In actual Circulation
3,203,102,000 3,221,429,000 3,299.995.000 3.349.753.000 3.395,369,000 3.424,114,000 3.477.393,000 3.541.285,0002,564,399.000
—====
Collateral field by Agent as Security
00. for Notes Issued to Bank—
1,466,704,000 1,457,279,000 1,381,104,000 1,379,924.000 1,323.269.000 1,317.411.000 1.298.619.000 1.303.955.000 797,624,000
By gold and gold certificates
1,346,935,000 1.375.435,000 1,350,835.000 1,326,835,000 1,341,835,000 1,354,335,000 1,328.835.000 1.286,835.000 1,240,695.000
Gold fund—Federal Reserve Board
190,397,000 217,760.000 249,447,000 292,811.000 371,749,000 417,659,000 485,164.000 518,837.000 488,992,000
By eligible paper
480,900,000 471,900.000 613.400,000 633,400,000 659,400,000 650,500,000 690.000.000 768.000.000 263,300,000
cr. S. Government securities
3,484,936,000 3,522,374,000 3,594,786,000 3,632.970.000 3.696.253.000 3.739.905.000 3.802.618.000 3,877,627.000 2,790,611,000
•"Other cash" does not IncludeFede al Reserve notes or a Bank's own Federal Reserve bank n Kes a Revised.
Total
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH Op THE 12 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS MAY 31 1933
Two Ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.Ctiy. Daiwa. San From
Federal Reserve Bank of—
Total.
—
RESOURCES.
$
$
s
a
s
$
$
S
s
$
$
s
s
3old with Fed. Res, Agents—. 2,813,639.0 216,219,0 719,546,0 172.000.0 210,770,0 134,665,0 93,550,0 797,587.0 126,000,0 59.046.0 84,290,0 20,703,0 175.263,0
3,013.0 4,492,0 7,019,0 1.246,0 3,059.0
44,353,0 5,055,0
5.027,0 1,342,0 2,089,0 2,798,0 1,295,0 7,918.0
Gold redm.fund with U.S.Treas.
'
00ld held excl. asst. F.R.notes 2,857,092,0 221,274.0
Gold settlem't fund with F.R.Ild 409,834.0 31,527,0
Dold St gold dbl. held by banks_ 252,072,0 22,431,0
••••...•.1 ....1.1 rage,171441
2 kin R11 2 n 97A 922
,
722,559,0 176,492,0 217,789,0 135,911,0 96.609,0
147,596,0 11,432,0 32,523,0 10,257,0 15,997.0
151.693,0 13,492,0 4.753.0 4,503.0 3,520.0
n 1 n21
444
n
2111
410 n
25A
ons n isn
A715
n 1 lA
19R A
802,614.0 127,342,0 61,135,0 91,048.0 21,998,0 183,181.0
75,900.0 17,270.0 13.952.0 16,798,0 9.189,0 27,393,0
7,380.0 1,494,0 1,327,0 13,026,0 6,065.0 22.343,0
R111c R04
n
14A
ins
A
7A did n 1.7,1019n
27 95211922052
n
3860
Financial Chronicle
June 3 1933
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) omitted.
Total.
RESOURCES (Concluded)Other cash.
Boston.
Cleveland Richmond Atlanta.
Phila.
New York.
5
$
$
$
$
82,184.0 24,869,0 23.713,0 15,822,0 15.358,0
$
$
286,770,0 20,890,0
Total gold reserveAother cash 3,806,668,0 296,122,0 1,104,032,0 226,285,0 278,778,0 166.498,0 131,484,0
Redem.fund-F.It. bank notes.
250,0
2,500,0
292,0
150.0
6,242,0 1,000,0
Bills discounted:
Sec. by U.S. Govt.obligations
28,195,0 8,457,0 8,562,0 2,478,0 1,243,0
65,989,0 6,103,0
Other bills discounted
235,985,0 10,049,0
40,135,0 35,597,0 40,463,0 15,882.0 17,004,0
Total bills discounted
13111s bought in open market
U. S. Government securities:
Bonds.
Treasury notes
Special Treasury certificates_
.
Certificates and bills
301,974,0 16,152,0
19,862,0 3,114,0
68.330,0 44,054.0 55.025,0 18,360,0 18,247,0
7,186,0 1,273,0
761,0
429,0
705,0
441,071,0 20,132.0
656,593,0 36,400.0
186,240,0 30,585,0 35,851,0 10,218,0 10,193,0
258,747,0 51,039,0 67,190,0 19,150,0 19,094,0
Chicago.
St. Louis. Minneap. Kan.Cify. Dallas. San Fran.
$
$
41,214,0 13,458,0
5
$
4,772,0 10,956,0
5
$
9,697,0 23,837.0
927,108,0 159,564,0 81,186,0 131,868,0 46,949,0 256,794,0
1,500,0
100,0
100,0
100,0
50,0
200,0
3,505,0
11,672,0
2,442,0
2,513,0
257,0 1.662,0
6,815,0 10,884,0
591,0 2,494,0
4,574,0 34,397,0
15,177,0
2,127,0
4,955,0
375,0
7,072,0 12,546,0
288,0
353,0
5.165,0 36,891,0
445,0 2,806,0
61,545,0 14,064,0 17,166,0 12,160,0 17,268,0 25,649,0
77,866,0 25,422,0 18,061,0 21,911,0 13,624,0 48,089,0
791.914,0 41,534,0
295,199.0 58,239,0 76,669,0 21,851,0 21,779,0
131,590,0 29,011,0 20,607,0 25.004,0 15.548,0 54,883,0
Total U.S. Govt.securities_ 1,889,578,0 98,066,0
Other securities
4,823,0
Bills discounted for, or with
(-),other F. R. banks
740,186,0 139,863,0 179,710,0 51,219,0 51,066.0
4,141,0
525,0
271,001,0 68,497,0 55,834,0 59,075,0 46,440,0 128,621,0
107,0
50
Total bills and securities
2,216,237.0 117,332.0
Due from foreign banks
3,815,0
281,0
Fed. Res, notes at ether banks_.
15,143,0
329,0
Uncollected Items
316,047.0 37,712,0
Bank premises
54,255,0 3,280,0
All other resources
48,020,0
749,0
819.843,0 185,715,0 235,496,0 70,008,0 70.018,0
1,504.0
403,0
362,0
143,0
128,0
4,528,0
271,0 1,153,0 1,389,0
873,0
90,160,0 23,025,0 28,411,0 26,725,0 9,584,0
12,818,0 3,337,0 0,929,0 3,238,0 2.422.0
24,831,0 3,786,0 1,842.0 2,953,0 5,586,0
288,355,0 73,827.0 63,301,0 71,974,0 52,050,0 168,318,0
16,0
499,0
11.0
106,0
256,0
106,0
2,748,0
731,0
588,0
937,0
338,0 1,258.0
38,356,0 12,149,0 9,066,0 16,626,0 10,116,0 14,117,0
7,605,0 3,285,0 1,746,0 3,559,0 1,792,0 4,244,0
1,984,0
732,0 1,742,0
986,0 1,468,0 1,361,0
Total resources
6,466,427,0 456,805,0 2,060,216,0 443,114,0 553,221,0 270,954,0 220,245,0 1,268,155,0 250,404,0 157,740,0 220,106,0 112,919,0 446,548,0
LIABILITIES.
F. R.notes in actual circulation. 3,203,102,0 221,624,0 684,951,0 245,101,0 320,384,0 146,632,0 127,629,0
F. R. hank notes in act'l circul'n
47,595,0 5,607,0 3,152,0
96,280,0 13,463,0
1,888,0
Deposits:
Member bank-reserve account 2,166,721,0 142,196,0 1,026,467,0 113,229,0 132,526,0 62,698,0 46,732,0
Government
41,115,0
476,0 3,288,0 4,153,0 10,761,0
72.328,0 1,034,0
Foreign bank
7,848,0
542,0
2,905,0
779,0
735,0
289.0
260,0
Special-Member bank
5,668,0 6,751,0 13,857,0 6,481,0 2,638,0
83,637,0 3,167,0
Non-member bank
1,433,0 1,612,0
790,0 1,611,0
18,059,0
257,0
Other deposits
9,930,0
197,0 3,975,0 4,099,0 3,514,0
45,180,0 5,367,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
833,956,0 145,385,0 91,497,0 114,318,0 36,630,0 234,995,0
20,954,0
661,0
91.0
797,0
625.0 1,447,0
272,141,0 62,118,0 40,859,0 74,314,0 48,486,0 144,955,0
3,518,0 1,607,0 1,814,0 1,189,0
588,0 2,785,0
252,0
171,0
965,0
215,0
520,0
215,0
30,273,0 3,483,0 1,134.0 4.354,0
262,0 5,559,0
5,618,0 4,357,0 1,591,0
144,0
646,0
3,133,0 4,122,0
950,0
310,0
855,0 8,728,0
2,393,773.0 152,306,0 1,087,518,0 123,054,0 155,171.0 79,331.0 64.162.0 315,648,0 75,939,0 46,519,0 80,526,0 50,406,0 163,193.0
88,204,0 23.261,0 29,385,0 26,709,0 8,303,0
318,082,0 37,432,0
39.195,0 5,617,0 8,172,0 17,277,0 11,764,0 14,673,0
150,271,0 10,759,0
58,527.0 15,800,0 13,906,0 5,423,0 4,778,0
15.539,0 4,032,0 2,821,0 4,248.0 3,885.0 10,553,0
85,058,0 29,242,0 28,294,0 11,616,0 10,544,0
278,599,0 20,460,0
39,497,0 10.186,0 7,019,0 8,263,0 8,719,0 19,701,0
26,320,0
761,0
8,273,0 1.049,0 2,929,0 1,243,0 2,941,0
3,366,0 1,154,0 1,051,0
677,0
890,0 1,986,0
_
0,466,427,0 456,805,0 2,060,216,0 443,114,0 553,221,0 270,954,0220,245,0 1.268,155,0 250,404,0 157,740,0 226,106,0 112,919,0 446,548,0
Total liabilities
Memoranda.
Ratio of total gold reserves and
other cash• to deposit & F. R.
note liabilities combined
Contingent liability On bills Purchased for Torn correspondents
68.0
79.2
02.3
61.5
58.6
73.7
68.6
80.6
72.1
58.8
67.7
53.9
64.t
35,731,0
2,684,0
11,247,0
3,860,0
3,639,0
1.434,0
1,287,0
4,779,0
1,250,0
846,0
1,066,0
1,000,0
2,573,1
•
"Other cash" does not include Federal Reserve no m• or a Bank's own Federal Reserve blnk notes.
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Boston. New York.
Total.
In actual circulation
3,203,102,0 221,624,0
Collateral held by Agent as security for notes issued to bks:
Gold and gold certificates
1,466,704,0 70,202,0
Gold fund-F.R. Board
1,346,935,0 146,017,0
Eligible paper
190,397,0 18,390,0
U. S. Government securities
480,900,0
•-)
AS. °Qat') 92.1 SAO
n
Phila.
s
Two Ciphers (001 omitted.
$
$
Federal Reserve notes:
Issued to F.R.Bk. by F.R.Agt. 3,436,872,0 234,527,0
Held by Fed'I Reserve Bank. 233.770,0 12,903,0
Cleveland. Richmond Atlanta,
$
s
$
Chicago.
s
s
St. Louis. Minneap. Kan.Citg. Dallas, Son Fran.
a
$
$
s
S
760,250,0 259,185,0 333,529,0 152,696,0 147,107,0
75,299,0 14,084,0 13,145,0 6,064,0 19,478,0
861,077,0 155,270,0 94,103,0 123,195,0 38,965,0 276,908,0
27,121,0 9,885,0 2,666,0 8,877,0 2,335,0 41,913,0
684,951,0 245,101,0 320,384,0 146,632,0 127,629,0
833,956.0 145,385,0 91,497,0 114,318,0 36,630,0 234,995,0
473,446,0 97,450,0 107,270,0 49.160,0
246,100.0 74,550,0 103,500,0 85.505,0
49,885,0 21,238,0 32,003,0 11,272,0
68,000,0 100,000,0 12,000,0
435,587,0 42,300.0 29,046,0 21.490,0 18,703,0 99,500,0
362.000,0 83,700,0 30,000,0 66,800,0 2,000,0 75,763,0
11,361,0 3,928,0 5,100,0 6,145,0 5.148,0 13,443,0
61,000,0 26,000,0 30,900,0 32,000,0 15,000,0 92,000.0
RAO ()Aran 1 cr.(1%2 n 0504601264300 41152, n 9Qn .7n0 A
11
70 1431 fl9A1 2:1 2n:140 771
,
,
n
17 ,
117 n
22,550,0
71,000,0
12,484,0
44,000,0
1 cn
n'ti A
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at
-
Total.
Boston. New York
Phila.
Two Ciphers (00) omitted.
Federal Reserve bank notes:
Issued to F. R. Bk.(outstdg.)
Held by Fed'I Reserve Bank_
123,134,0 15,680,0
20,854,0 2,217,0
62,274,0
14,679,0
6,280,0
673,0
In actual circulation
Collatpledged agst.outst. notes:
Discounted & purchased bills_
U.S. Government securities__
96,280,0 13,463,0
47,595,0
5,607,0
26,039,0
136,274,0 20,000,0
62,274.0
162,313.0 20,000,0
62.274.))
Cleveland Richmond Atlanta.
Total collateral
Chicago.
$
4,840,0
1,688,0
St. Louis. AfInneap. Kan.Ctly. Dallas. San Fran.
$
$
160,0
69,0
740,0
79,0
1,000,0
203,0
1,800,0
1,175,0
3,400,0
1,953,0
20,954,0
91,0
661,0
797,0
625,0
1,447,0
30,000,0
331,0
5,000,0
2,000,0
1,000,0
100,0
2,000,0
5,000,0
30,000.0
5,331,0
2,000,0
1,000,0
2,100,0
5,000,0
2,740,0
852,0
24,220,0
3,266.0
3,152,0
1,888,0
22,910,0
8,000,0
2,698,0
1,000,0
8,000.0 22,910,0
3,698,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always
a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions" on page 3812,
ceding which we also give the figures of New York and Chicago reporting member banks for a week later. immediately preBeginning with
the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other
sold
all real estate mortgages and mortgage loans held by the bank. previously acceptances of other banks and bills of exchange or drafts werewith endorsement" and Include
endorsement
banks
Included with loans, and some
of the banks included mortgages in Investments. Loans secured by U. S. Government obligations and bills sold with separately,
only the total of loans on securities
are no longer shown
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show
the amount secured by U.S. obligations and those secured by commercia
Paper, only slump total being given. The number of reporting banks formerly covered 101 leading cities, but was reduced
10 00 cities after the declaration of bank holidays
or moratoria early in March 1933. Publication of the weekly returns for the reduced number
of
of them Is to be found in the Federal Reserve Bulletin. The figures below are stated In roundcities was omitted in the weeks from March 1 to May 10, but a summary
millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OP
BUSINESS May 24 1933 (In millions of dollars).
Federal Reserve DistrictLoans and investments-total
Loans
-total
On securities
All other
Investments-total
U.S. Government securities
Other securities
Reeerve with F. R. Bank
cash In vault
Net demand deposits
Time deposits
Government depoelts
Due from banks
Due to banks
...___-a-__ f.....”. IP 0 Vann!,
Total.
Boston. New York
$
16,329
$
1,153
8,352
645
3,648
4,704
$
7,730
Phila.
3
Cleveland. Richmond Atlanta. Chicago. Al. Lewis. Minneap. Ran.City. Dallas. San Fran.
992
$
1,098
3.833 •
527
257
388
1,890
1,943
7,977
510
4,963
3,014
1,635
198
10,725
4,278
219
1,317
2,754
70
$
$
313
308
$
1,471
486
172
181
269
258
240
246
61
111
59
122
3,897
465
612
141
320
190
2,539
1,358
218
247
400
212
95
46
91
16
711
380
8
134
154
963
48
6,022
1,072
113
111
1,353
69
10
594
261
12
87
152
0
18
$
$
$
439
294
479
810
215
161
398
412
88
127
50
111
127
661
224
81
46
406
255
114
110
70
24
17
16
10
5
588
178
137
368
129
127
9
3
5
66
75
53
156
56
51
On
186
47
1,029
470
10
287
313
38
8
259
157
2
81
84
$
$
358
1,602
210
212
000
58
152
00
146
212
688
133
269
146
792
69
64
163
106
92
54
16
5
152
141
46
12
320
159
1
122
150
28
8
210
123
5
75
69
2
5
466
326
peil
87
13
525
891
51
143
153
33
83
63
Financial Chronicle
Volume 136
011 Sinanriat
(glintrt
Orannorri3
TAre ,
STOCKS.
Week Ending June 2.
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage—
12 Mos.
6 Mos.
United States. U. S. Possessions and Territories
$10.00
$6.00
In Dominion of Canada
11.50
6.75
South and Central America, Spain, Mexico and Cuba_ _ _ 13.50
7.75
Great Britain, Continental Europe (except Spain), Asia.
Australia and Africa
15.00
8.50
The following publications are also issued:
MONTHLY PUBLICATIONS—
COMPENDIUMS—
PUBLIC UTILITT—(somi-annually)
BANK AND QUOTATION RECORD
RAILWAY & INDUSTRIAL—(four a year) MONTHLY EARNINGS RECORD
STATE AND M uniciesL--(semi-ann.)
The subscription price of the Bank and Quotation Record and the
Monthly Earnings Record is $6.00 per year each: for all the others Is
$5.00 per year each. Foreign postage extra.
NOTICE.—On account of the fluctuations in the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
in New York funds.
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
CHICAGO Orvics—in charge of Fred. H. Gray. Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, London. E. C.
WILLIAM B. DANA COMPANY, Publishers,
William Street. Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert;
Business Manager, William D. Riggs;
Treas., William Dana Seibert; Sec., Herbert D.Seibert. Addresses of all, Office of Co.
Wall Street, Friday Night, June 2 1933.
Railroad and Miscellaneous Stocks.—The Review of the
Stock Market is given this week on page 3850.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ending June 2.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Railroads—
Par. Shares. $ per share. $ per share. $ Per share.$ per share.
Central KR of N J__100 2,700 794May 27 90 June 1 38
Apr 90 June
Chic Ind & Louis pf_100
20 93May 29 124May 27 6
May 15
May
Chic St PM & 0...100
200 1 June 1 1 %June 2 1
June 2 I MaY
Preferred
100
10 8 June 2 8 June 2 2
Jan 8 'June
Colo & Sou 1st pref _100
690 264June 1 314June 2 123 Apr 314•June
100
26 preferred
130 234May 29 25 June 2 10
Mar 25 , June
100
Cuba RR pre(
100 74May 29 8 May 31 254 Jan 94* May
Duluth S S & A_ _ _ _100 1,000
%May 29 14May 27
31 Feb 154 May
100 1,100 1 May 29 1.04June 2
Preferred
4 Feb 14 June
Erie & Pittsburgh_-_50
1C 45 May 29 45 May 29 45
Apr 50 - Jan
Havana Elec Ry p1..100
10( 44june 1 431.1tme 1 14 Feb 44 June
Hudson & Manh pf.100
10( 39 May 29 39 May 29 274 Apr 414 May
Ill Cent preferred.. _100
501 42 May 31 43 I May 29 16
Mar 43 May
Leased Lines...100
& 49 May 29 49 May 29 31
Mar 49
May
Jot Rys of C Am p1.100
41 114May 29 1331June 1 43.1. Apr 14
May
Market St Ry 26 pf_100
11
4 Feb
%May 29
%May 2
.21 May
M St P& SS M pref100
200 4 May 27 44June 1
4 Apr 434 June
0. Leased Line
100
180 731May 29 8.35June 2 4
Apr 84 June
Nash Chatt & St L.100
310 434June 1 46 May 29 13
Jan 46
May
NatRysofMex 1st p1100
y Mar 14 June
180 1 May 29 14.1une 2
Pacific Coast 1st pf _100
80 6 May 31 64June 2 154 Feb 64 June
Pitts MeKeesp & You50
May 49
20 49 June 1 49 June 1 49
May
Rensselaer & Sara. 100
May 105
10 105 May 31 105 May 31 97
May
South Ry M &0 etts100 1,000 2934May 27 36 May 31 8
Jan 36
May
Wabash RR pref 13_100
200 321June 2 331Jime 2 1
Jan 331 June
Indus. & Miscell.—
Am Agri Chein(Conn).*
Preferred
*
Amer Coal Co
25
Am Mach & Mets ctfs *
Art Metal Construct10
Assoc D Gds 1st 1)1_100
26 preferred
100
Austin Nichols pr A_ _ _•
Barker Bros pref
100
Bigelow-Sanfd Carp...*
Brown Shoe pref
100
Burns Bros class A _ _ _*
Preferred
100
Class B
•
Class A etts
*
Class B etts
*
Chile Copper
25
City Stores clss A
0
V TC
*
Cob Fuel & Iron p1.100
Comm Cred prof (7).25
Crown Will let pref
*
Devoe & Ray lot p1..100
Dresser Mfg CIA
*
Class B
0
Elk Horn Coal pref-50
Eng l'ub Serv pf(6). —*
Fairbanks Co pf etfs100
25
Certificates
Fast' Park Asso prof 100
Fed Min & Smelt...100
100
Preferred
Freeport-Tex Co p1.100
Greene Can Copper_100
Guantanamo Sug pt 100
Hamilton Watch
*
1
Hat Mfg class A
Helme (G W) prof..100
Houdaille-ersh el A..*
H
Indian Moto pref _100
Keith-Albee-Orph pf100
Kelsey-Hayes Wh el 13 1
Kresge Dept Stores— -•
100
Preferred
100
Laclede Gas Com
100
Preferred
Malthison & Co pref100
Martin-Parry Corp.—.
Mengel Co prof..._.l00
Mexican Petroluem_100
Nat Distillers l'rods rts_
Omnibus Corp pref_100
0
Outlet Co
100
Preferred
Pac Tel & Tel pref _.100
Pan-Amer I'et & Tr....5
P'hdle Pro & Ref pf.100
Penn Coal & Coke_ _ _ 50
600 2 May 29 64June 2 2 May 64 June
500 1734May 29 2134May 31 104 Mar 2154 May
20 21 June 2 21 June 2 21
June 21
June
4 Feb 54 June
2,600 334May 27 54June 2
490 434May 27 64June 2 334 Feb 64 June
Feb 53
may
200 53 May 27 53 May 27 18
Jan 45
300 44 June 2 45 May 27 15
May
Feb 244 June
80 244June 1 2434June 1 13
10 15 May 31 15 May 31 554 Apr 15
May
410 1731June 1 19 May 27 854 Apr 19
May
1 1144June 2ll434June 2 1084 Mar 11454 June
4 Apr 234 May
800 1 May 27 234May 31
680 4%May 29 11%June 1 14 Jan 1154 June
400 1 May 31 14 MaY 31
May 134 May
1
200 1 June 1 24June 2
4 Jan 234 June
4 Feb
%June 1
200
% June
4June 1
640 14 May 31 164June 2 6
Apr 164 June
630 3 June 1 334May 31 14 JanI 34 May
% Marl 1% May
15,600
%May 29 154June 2
20 444June 2 45 June 2 16
AprI 45
May
80 2054May 29 234June 2 1854 Marl 2354 June
10 4136june 1 41 4June 1 17
Mayl 414 June
50 86 May 31 86 May 31 794 JanI 90
Jan
1,400 144June 1 18 June 2 64 FebI 18 June
5,800 84May 29 1021June 2 24 Mar 104 June
4 AprI 131 June
610 14May 27 131June 2
500 37 May 29 3734May 29 2054 AprI 40
May
70 4 May 29 64June 2 24 AprI 654 June
Mayi 134 May
100 14May 31 134May 31 I
FebI 11
1,000 6 May 27 11 June 2 3
June
1,431 474June 1 60 June 2 15
Marl 60 June
Feb1 50 June
500 3834May 29 50 June 1 18
May 31 97
Apr 119
200 117 May 31 117
May
10 29 May 31 29 May 31 854 FehI 29
May
FebI 30 June
300 21 May 29 30 June 2 5
1,050 5 May 27 6 May 31 234 AprI 6
May
400 254May 27 34June 1
4 Mal 334 June
Apr
20 125 May 27125 May 27 1164 Mari125
May
14
3,400 11 May 27 14 May 31 431:
May
May
70 10 May 29 11 May 31 44 May 11
Jan 25
May
350 23 May 27 25 May 31 8
Marj 54 May
300 5 May 29 54May 29 2
MasH 64 May
900 4 May 27 6%May 31 1
10 25 May 31 25 May 31 10
May
JanI 25
Jan
Mayl 65
30 604June 1 604June 1 50
Jan
70 56 June 1 59 May 29 3734 AprI 61
FebI 15
June
120 104May 31 15 June 2 3
35 JanI 3 May
100 254May 31 234May 31
JanI 3654 May
170 324June 1 35 May 27 22
Apr( 584 May
10 55 May 27 55 May 27 55
4 May 43 May
4,500 44May 27 434May 27
-4
JanI 80
May
400 76 May 29 80 May 29 64
AprI 42
Jan
100 344May 27 37 May 31 22
Feb
40 100 June 11004May 3 100
AprIl05
Jan
20 1034May 31 105 May 27 10154 May 110
100 8 June 2 8 June 2 8 Junel 8 June
20 954May 31 94May 31 531 Janj 1035 May
4 Febf 5 May
400 34June 1 44May 29
3861
Range for Week.
Sales
for
Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Indus. & Misc.(Conc.) Shares. $ Per share. 3 Per share. $ per share.$ per share.
Apr 17
Jan
Pierce-Arrow Co pf..100
300 12 May 31 12 May 31 4
% Feb 24 May
Pitts Term Coal_ _ _ _100 1,200 14May 31 24May 31
Jan 10
Preferred
100
180 8%May 31 9 June 2 4
May
Feb 46
Revere Cop & Br p1.100
140 46 May 31 46 May 31 7
May
May 18
Feb
Rhine-Wphlia El & P _
60 15 June 1 15 June 1 14
Jan
Shell Tramp & Trad_ £2
40 15%May 27 18 May 31 1131 Mar 18
Jan 264 May
Sloss-Sheff St & Ir _100
600 25 May 27 264May 31 7
June
Preferred
100
400 30 May 29 35 June 2 84 Feb 35
Sou Dairies el A
*
100 74June 2 74June 2 34 Jan 74 June
Sperry Corp Mrs
1 75,100 4%May 27 5'/,May 31 234 May 534 May
Mar 834 May
lin Amer Bosch
*
400 8%May 31 8.4May 31 3
may
U S Gypsum pref___100
10 110 June 1 110 June 1 10131 Jan 112
Apr 112 June
Unix" Leaf Tob pref_100
100 1074May 29 112 June 2 96
Mar! 83 June
Utah Copper
10
100 60 May 27 83 June 2 35
Feb 100
May
Vulcan Detinning pf 100
440 94%May 27 100 May 31 57
Aprl 8834 Jan
Walgreen Co pref.__100
30 804June 1 804June 1 75
34 Apr 2 Slay
Wells Fargo & Co
10 14May 29 14May 29
1
* No par value.
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, June 2.
Maturity.
Int.
Rate.
Dec. 15 1933._
54%
. 1 Si %
Sept.15 1933_ _
June 15 1933..... 154%
Aug. 1 1934... 24%
Feb. 1 1938... 254%
Dec. 15 1936.... 2Si %
An,' IA 1,
13A
VA %
Bid.
100221
1002:s
100 33
,
1002,33
992.is
1002.33
1011,1
100 23
,
100",,
100 33
,
1002233
1002sz
101223
101501t
Maturity.
Int.
Role.
Bid.
Asked.
May 2 1934....
June 15 1935_ _.
Apr. 15 1937...
Aug. 1 1936._
Sept.15 1937...
Aug. 15 1933......
Dee. 15 1913W
3%
3%
3%
34%
34%
4%
41.4%
33
1022,
1022,33
1012,23
102n31
31
1021,
10022sz
102 22
,
102"as
102 tsi
,
101"4,
102"31
102' 33
,
100"ss
102 s,
,
Asked.
U. S. Treasury Bills—Friday, June 2.
Rates quoted are for discount at purchase.
Bid.
June
June
June
July
July
inlv
7 1933
21 1933
28 1933
5 1933
12 1933
19 1933
0.05%
0.05%
0.05%
0.15%
0.15%
0.15%
Bid.
Asked.
0.40%
0.40%
0.40%
0.40%
0.40%
0.40%
July 26 1933
Aug. 2 1933
Aug. 9 1933
Aug. 16 1933
Aug. 23 1933
Aug. 30 1933
Asked.
0.40%
0.40%
0.40%
0.40%
0.40%
0.40%
0.15%
0.20%
0.20%
0.20%
0.20%
0.20%
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Daily Record of U. S. Bond Prices. May 27 May 29 May 30 May 31 June 1 June 2
High 1022,33
First Liberty Loan
x,
334, bonds of 1932-47_ Low. 102"33
Close 102"33
(First 3SW
-39
Total sales in $1,000 units....
{
Converted 4% bonds of Hig
___
Low_
1932-47 (First 4s)
Close
___Total sales in $1,000 units___
_—_
,
{
Converted 431% bonds High 102 .23
of 1932-47 (First 44s) Low_ 102.33
Close 1022,33
4
Total sales in $1,000 units. _ _
Second converted 44% High
------_
bonds 011932-47 (First Low.
Second 431s)
Close
---Total sales in $1,000 units_ __
---,
Fourth Liberty Loan
{High 103 33
44% bonds of 1933-38_ Low. 103233
Close 103133
(Fourth 44s)
135
Total sales in $1,000 units__
illigli 109",,
Treasury
Low_ 1091233
448. 1947-52
933
Close 109'
38
Total sales in $1,000 units—.
33
{High 1052,
Low_ 10520n
1944-1954
Close 1052zn
25
Total sales in $1,000 units__ _
(High 1042n
Lo5_ 1042n
s,
334s, 1946-1956
Close 1042n
37
Total sales in $1,000 units___
(High 102
Low_ 102
34s, 1943-1947
Close 102
4
Total sales in 11.000 units_ -(High 98",,
.,
um_ 9326
3s, 1951-1955
[Close 98,931
119
Total sales in $1.000 units__
{High 1021:2
Low. 102
354s. 1940-1943
Close 102
5
Total sales in $1,000 units.....
{High 10110,1
Low_ 1012,
33
34s, 1941-43
Close 101 2033
5
Total sales in SLIM unit:.....
{High 9922n
334s, 1946-1949
33
Low_
992,
Close 992.3,
Total itni.in si nnn ...w.
12
102.33
102'233
1021.3,
21
10250,, 10208.32 103
1022223 1020032 1022,31
10222sz 102"32 103
207
27
65
____
------------73;
1022023 102"33 162u
102.
331
33
102,,33 102uss 1022,
102'223
102.233 102",, 1022.32
1022,
33
26
98
31
46
102
---102
---102
---1
,--103
;
- -2
103 33 103
; - -2
,
103 23
,
103
1023.ss 103
103,
23
103233 103%, 1032a
10343
72
70
217
82
109.833 1090,23 1092,33
109"as
10912a: 109.23 1092231
109"sz
,
1091*,, HOLI- 109"az 109' 13 1092,31
188
35
62
49 DAY
1052233 105":1
105,03,
1052,23 1052223 1,05"sz
1050 3s
1052,4s.
10522s: 1052231 1052,33
10570zz
113
89
19
101
104',, 104'31 1042,3s
104221,
1042ss 1042n 1042
::
1042sz
104032 104 23 104"zs
,
104.e
175
137
11
24
1012,33 1012,33 101"zz
101"31
1012433 1012,23 101"zz
1012,23
10122n 1012,33 10122zz
1012,33
26
22
82
37
982h, 982,33 982231
93"3,
98,,
27
9822.2 98",, og22,,
9824., 98,13, 982,33
982931
225
165
61
109
102
101"al 1012231
102
1
1012,
1012213 10P.al 1012,33
1012, 101"e 1010223
102
33
30
47
18
13
102
102'33 101.31 101
1012,23 101"st 101"11
1012,2
1012233 10100,2 101",,
102
13
32
20
57
99233, 9927n 992033
99u3
09i2,2 9915,1 99"al
99223
9933.
992,33 992
'n 99,032
Ma
159
150
71
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
45 4th 43Is
1 Treasury 3.31s
1 Treasury 4s
1022,33 to 103
104 23 to 104 33
,
,
1051,33 to 1052,33
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 3.98%04.00%
for checks and 3.983-404 0034 for cables. Commercial on banks, sight,
3 9934: 60 days, 3.9854; 90 days, 3.9834, and documents for payment 60
.
days, 3.99. Cotton for payment, 3.9934.
To-day's (Friday's) actual rates for Paris bankers francs were 4.65%0
4.6734 for short. Amsterdam bankers' guilders were 47.50047.68.
Exchange for Paris on London. 85.78, week's range, 85.78 francs high
and 84.87 francs low.
The week's range for exchange rates follows:
Sterling, Actual—
Checks_ .
_ _
Cables.
High for the week
4.02 N
4.0234
Low for the week
3.96
3.97
Paris Bankers' Francs—
High for the week
4.73%
4.7354
Low for the week
4.5534
4.5534
Germany Bankers' Marks—
High for the week
27.79
27.80
Low for the week
27.62
27.53
Amsterdam Bankers' Guilders—
High for the week
48.40
48.39
Low for the week
47.55
47.40
3862
June 3 1933
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
•
HIGH AND LOW SALE PRICES
-PER SHARE, NO?' PER CENT.
Saturday
May 27.
Monday
May 29.
Tuesday
May 30.
Wednesday
May 31.
Thursday
June 1.
$ Per share
68
70
*757 793
3
4
4614 473
4
173 1814
4
2318 237
8
3112 3212
90
90
*1612 171 4
512 512
*47
544
35
353
4
*793 80
4
14
13
4
1312 14
•67
69
3012 3718
*218 25
8
*234 3
5
5
95
8 93
4
34 4
553 57
8
87
8 012
145 16
8
7
83
4
104 12
8
1012
•18
50
*614 612
70
7158
313 33
4
7
7 14
10
103
8
1312 1412
.814 653
2218 23
712 8
17
17
1414 1414
313 3213
8
818
20
65
8 7
1712 183
8
2834 2912
18
183
4
5112 524
*22
24
1334 1412
$ per share $ per share $ per share $ per share
8
70
66
67
663 687
693
4
8
79
79
4
773 773
7712 7812
4
46
46
48
48
45
483
8
1814 2 12
2012 22
2014 22
0
'
2714 2912 2614 2812
2312 2614
3314 34
35
x3412 344 34
89
*863 9112 *91
4
91
93
18
16
1653 165
163
8
8 18
8 *512 614
53
614 63
4 614
*47
543
543
50
8
8 50
•46
347 373
354 363
8
4
8
4 343 3612
8
*793 80
*7912 807
4
8
*793 81
13
4
13
13
4 13
4
4
14
13
4
163
8
1312 14
4 14
144 143
67
67
70
70
*67
*68
8 365 3712
8
3612 374
3659 375
*214 25
8 *23
8
214 21
8 25
23
234 27
4 23
23
4 23
4
8
4
414 5
43
4 5
412 518
0 4 1012
,
3
912 94
9
,2 97
334 4
37
8 4
37
8 4
8
6
6
5 8 64
7
63
614
8
812 912
918
,
84 9 8
143 1512
1412 1518 133 1514
3
4
63
7
4 74
7
7 12
8
3
8
9
5
1012
9 8 105
914 1012
712 834
94
8
8
95
8
*18
50
*18
*2012 26
25
614 612
3
63
612 712
4 7$
71
7512 72
7514
72
733
4
4
315 3412
8
3212 3412 3212 353
612 718
67
67
8 7
8 71s
10
1014 113
8
4 105 127s
1014
1312 1433
1614 153 173
14
4
4
.tg
93,
11
93 11
8
123
2134 233
8 214 237
2214 234
914
878 9
818 914
*8
•17
19
*17
19
19
20
1438 15
14
143 15
8
15
3118 3212
Stock
3012 324 3014 323
8
19
1812 181 .1813 1912
193
4
634 73
678
74 Exchange
734
8
7
1918 193
4 1914 21
174 19
2812 293
*27
29
8 Closed
2812 2914
1812 2018 183 2118
8
8
177 193
8
54
51
4914 5212
5312 Memorial
51
.21
24
*20
2412 020
2412
1312 1512
Day
143
4
1414 15
14
6
6
12
12
*23
4 3
1212 1314
2738 2814
3 8 312
3
5 4 512
,
12
12
3158 3212
97 1012
8
1318 14
14834 1483
4
2312 2438
*43
45
124 13
218 214
14
15
8
1513 152
8
*80
804
2359 24 8
3
*34 37
8
264 265
8
63
8 63
8
1812 193
4
2478 2518
21
21
16
16
4513 47
*30
34
31
31
24 214
212 24
*11
1214
*11
__
4
Is
2
2
25
263
8
173 184
4
2434 26
•28
33
814 84
*134 3
*11
137
8
107 112
693 693
4
4
k27
8 3
8254 77
8
12
12
3
3 12
1214 1318
274 2818
3 4 31 2
,
5
53
8
4
12
32
35
912 10
124 1318
138 140
233 255
4
8
44
48
1214 13
14 23
8
17
8
17
3
149 15012
8018 80's
235 2412
8
8
*212 37
2618 267
s
63
8 612
71812 19
25
2514
*1912 23
18
183
4
4812 55
*314 3 4
4
.31
344
218 24
234 27
8
*11
127
8
*11
__ 3
4
17
134 218
2438 26
18
2314
2514 3212
*2912 33
8
938
.13
4 238
*10
14
10813 112
70
70,
2
*23
4 3
43
11 438
103 1112
8
14
153
4
4
414
73
4 8
441"43
8
11 I 1114
1414 147
8
414 44
83 J 812
1
*30
333
8 3114 3212
*95
99
*90
99
9
94
9
934
*64
65
65 65
173 1812 17
4
173
4
94 94
918 9 2
,
' 47 , 47
5
8
712
8
' 814 83
4
8 8 84
3
627
8
79
82
80
*34 33
312 31 2
4
4
173 1914
1913 20
312 34
34
3
8
238 25
8 258
23
58
8
3
473 47
5
412 5
47
8 5
,2
44
*4
44 5,2
612
612 612
6
12
12
12
5
8
24 3
34
3
133 1618
4
1318 15
273 2914 2812 304
4
3
38 3 8
3
34 312
478 512
44 512
12
12
12
12
343 3612 344 3612
4
94 1018
914 94
1212 1358 12
1338
136 138
137 140
24
2612 2414 26
47
45
4812 46
4
125 1314 125 143
8
8
158 218
214
218
158 14
13
4 13
4
145 148
2148 148
82
82
82
82
3
2312 24 8 224 2412
*234 37
8 *212 34
4
263 273
4
263 28
4
63
8 64
614 614
213
4
1912 1912 20
25
274 28
25
2118 2118 *2114 244
2212 25
4
193 21
56
51
55
52
3458 *3112 3412
*31
3414
3212 3212 *31
2
2 12
2,
4
2
234 27
23
4 27
8
8
54
*8
13
13
*1118 15
*9
25
1
13
8
114
13
8
2
23
8
214 214
2518 265
8 2412 2612
23
25
2214 254
30
4
327
3 303 334
347
8
*31
33
33
3
812 9 8
912
9
•13
4 218 a134 218
12
*10
12
12
8
1094 1117 .210713 110
7112
7112 7112 70
27
24 3
8 3
4
312 4
4 14
114 1034 12
104
1712
15 4 15
3
15
414 414
4
4,
8
73
74 9
8 818
3
33
89214
93
8
6312
163
4
83
4
614
84
784
312
18
3
25
8
312
51 1
434
PrtdaY
June 2.
STOCKS
NEW YORK STOCK
EXCHANGE.
-Railroads
Par
Atch Topeka & Santa Fe__100
Preferred
100
Atlantio Coast Line RR..100
Baltimore dr Ohio
100
Preferred
100
Bangor & Aroostook
60
Preferred
100
Boston & Maine
100
Brooklyn & Queens Tr _No par
Preferred
No par
Bklrn Manh Transit_ __Na Pat
$6 preferred series A_No par
Brunswick Ter & Ry SeoNo par
Canadian Pacific,
25
Caro Clinch St Ohio sty& _100
Chesapeake & Ohio
25
Chic & East Ill Ry Co
100
6% preferred
100
Chicago Great Western. 100
Preferred
100
Chic Milw St P & Pao_ _No par
Preferred
100
Chicago & North Western_100
Preferred
100
Chicago Rock Isl & Pacific_ 100
1012 12
5,900
7% preferred
100
814
914 11,600
6% preferred
100
20 Colorado & Southern
26
26
100
74 712 1,600 Consol RR of Cuba pref 100
4
7312 743 28,900 Delaware & Hudson
100
3514 3678 152,000 Delaware Lack & Western_50
8 2,000 Deny & Rio Gr 1Vest pref_ _100
612 75
1234 14
37,200 Erie
100
8
1712 183 18.700
First preferred
100
1212 14
3.700
Second preferred
100
234 79,200 Great Northern prof
23
100
914
912 1,600 Gulf Mobile & Northern- 100
1812 1934
500
Preferred
100
15
16
5.500 Hudson & Manhattan_ _ _ _100
313 32
8
46,400 Illinois Central
100
*18
1912
140
RR Sec ctfs aeries A__1000
714 778 10,900 Interboro Rapid Tran v t 0.100
193 203 17,500 Kansas City Southern
4
4
100
285 2912 1,300
8
Preferred
100
2014 2118 42,800 Lehigh Valley
60
52
53
10,100 Louisville dr Nashville...AN
2412
*20
Manhattan Ry 7% guar. 100
8
1418 155 13,800 Manh Ry Co mod 5% guar.100
*612 77
8
700 Market St Ry prior pref_100
8,300 Minneapolis & St Louts_ _ _100
4 I
3
3
1,300 Minn St Paul & SS Marie_ 100
1534 1612 99,600 Mo-Kan-Texas RR-- --No par
19,200
30
31
Preferred series A
100
33
3 312 6,700 Missouri Pacific,
100
514 54 16,700
Cony preferred
100
12
5
8 1,000 Nat Rys of Nf Woo 2d pref..100
354 363 279,600 New York Central
4
100
93 1014 4,600 NY Chick St Louts Co
4
100
1414 1514 12,200
Preferred series A
100
140 14712
500 NY St Harlem
60
2518 2614 55,000 N Y N II & Hartford
100
4712 48
3,000
Cony preferred
100
14
143 36,400 N Y Ontario & Western
8
100
*13
4 14 5,500 NY Railways pref
No par
4 1,800 Norfolk Southern
13
4 13
100
145 146
3,400 Norfolk & Western
100
82
82
Preferred
80
100
243 58,600 Northern Pacifle
8
23
100
•
212 318
Pacific Coast
100
2712 2818 103.600 Pennsylvania
50
63
4 7
3.300 Peoria & Eastern
100
2212 1,901 Pere Marquette
22
100
2912 3018
900
I'rior preferred
100
24
2912
500
Preferred
100
*2312 2712 1,600 Pittsburgh & West Virginia 100
55 55
6.900 Reading
50
*30
343
4
1M preferred
50
*3114 3312
2(1 preferred
200
50
218 212 8.200 St Louts-San Francisco__100
27
8 33
4 6,700
1st preferred
100
*II
14
100 St Louis Southwestern__ I00
*1118 15
Preferred
100
13 78,200 Seaboard Air Line
8
14
No par
3 3,900
218 23
I referred
100
263 273 143,000 Southern Pacific Co
8
8
100
245 255 159.000 Southern Railway
8
8
100
323 343 37,800
4
4
Preferred
100
37
*32
300 Texas & Pacific,
100
912 1112 8,700 Tbird Avenue
100
212
212
500 Twin City Rapid Trans No par
12
12
50
Preferred
100
108 11212 38.500 Union Pacific
100
694 70
2,300
Preferred
100
106
24 3 8 3.400 Wabash
,
4
43
8 5,500
Preferred A
10111
115 123 37,600 Western Maryland
8
8
1001
17
173
8 4,200
2d preferred
100
3,600 Western Pacific
4:
12 5
100
6,900
812 9
Preferred
lOOl
$ per share Shares.
6712 6912 75,500
7812
78
800
463 4812 20,600
4
217 2212 158.700
8
2818 287 14,600
8
35
35
3,800
100
9114 9114
173 1814
000
4
614 64 1,700
100
52
*50
4
364 373 30,800
7912 7912
200
4,400
14 2
153 161 1 270,400
4
70
30
70
37
3814 111,600
212 212
300
8 1,100
23
4 27
5 8 54 15,600
,
8
1012 127 23,200
414 17,600
4
64 612 52,000
914 70.800
9
1512 3,400
15
8
67
3 75 45,300
8
3312 347
700
*3112 34
33
1004 *9112 10014 *91 12 10014
8
a9
914 10
10
95
63.600
64
70
*64
64
350
64
1712 1612 171 1 17
174 5.900
94
9
9
9 14 6,300
94
714
614 67
8
8,300
673 7
84 914
94 94 21,200
9
78
82
804 804 8312 14,300
34 34
314 34 1.200
37
s
.
8 174 20 128,300
184 171 183
34
3
3
*318 34
900
3
24 312
312 4 141,300
512 7
714 74 8,200
8
57
514
53
612 612 1,900
8 612
5
512 5 2
61, 67s 2.200
,
•Bid and asked prices, no sales on this day. a Optional sale.
Sales
for
the
Week.
PER SHARE
Range Sines Jan. 1
On baits of 100-share lots.
Highest.
Lowest.
p Ex-rights.
Lowest.
Highest.
$ per share $ per share 8 per share i per share
Jan
3158 Feb 25 70 NI ay 27
177 June 94
8
35 July 86
50 Apr 3 79 May 31
Jan
1612 Feb 25 4812June 2
94 May 44 Sept
334 June 2138 Jan
814 Feb 27 2212June 2
912 Apr 5 2912NIay 31
6 June 4112 Jan
912June 3534 Aug
20 Jan 5 35 June I
50 June 91 Sept
6852 Jan 4 9114June 2
4 July
6 Apr 19 184June 2
193 Sept
4
63
4Nlay 19
24 July
312 hlar 29
1014 Mar
353 Apr 19 50 May 18
4
2314 June 58 Mar
41110e 2
1118 June 5014 Mar
213 Feb 25 373
4
8
3112 June 7838 Mar
64 Mar 2 807 Mar 27
218May 19
12 Jan 11
218 Aug
12 Apr
8June 1
714 May 204 Mar
712 Apr 3 163
39 July 70
Feb
5014 Apr 4 70 June 2
245 Feb 28 3814June 2
8
93 July 3112 Jan
4
12 July
212May 25
33 AMR
4
12 Apr 18
318May 25
5 Aug
12 May
12 Apr 5
3June 2
53
114 June
138 Apr 6
53s Aug
8June 2
212 May 154 Jan
212 Apr 5 127
414J1lne 2
3 June
4
412 Aug
1 Apr 6
118 May
612June 2
8 Aug
14 Feb 28
8May 19
2 May 1413 Aug
14 Apr 5 103
4 Dec 31
Jan
2 Apr 5 16 May 13
914May 5
112 may 1638 Jan
2 Apr 5
314 Dec 2712 Jan
312 Apr 10 131411lay 5
115
8May 18
2 May 2412 Jan
27 April
8
412Jun
2912 Sept
1514 Feb 24 26 June 2
814May 17
1 Dec 1112 Jan
114 Feb 24
32 July 9212 Sept
3758 Feb 25 7512N/fay 31
8June 2
1714 Feb 25 367
811June 4578 Sept
74June 2
2 Feb 28
9 Jan
112 May
2 May 114 Sept
3 4 Apr 4 14 June 2
3
8June 2
23 May 164 Aug
3
412 Apr 4 183
2 May
212 Apr 4 14 June 2
1012 Aug
8June 1
522 May 25
Jan
458 Apr 5 237
912June 2
2 May 10 Sept
13 Mar 31
4
212 Dec 1512 Sept
212 Mar 31 20 June 1
8 May 303 Jan
4
1112 Feb 27 1618May 3
4'iJune 247 Sept
8
812 Apr 5 324May 31
4 May
412 Apr 18 1931May 25
1412 Jan
84M ay 24
214 June 144 Mar
418 Feb 27
612 Feb 27 21 May 31
214 June 1514 Sept
5 June 2514 Sept
:12 Mar 31 2912May 24
5 June 2914 Sept
85 Feb 24 21 18June 1
8
712 May 3814 Sept
214 Jan 3 54 May 31
4N1
9 Sept463 Mat
8
12 afar 16 243 ay 23
4 June 204 Mar
6 Jan 3 1512N1ay 24
61212ay 31
218 Dec
9 Jan
17 Mar 3
8
1 June 2
Is Jan
18 Jan 23
3 Aug
8
312May 29
12 1)ec
12 Mar 20
43 Sept
8
114 May 13 Sept
534 Jan 3 1612June 2
314 June 24 Sept
1112 Jan 3 31 June 2
43 Jan II
3
118 Apr 1
1 12 May 11
Jan
7 Jan 10
212 May 26
158 Apr 1
Jan
%June 2
4 Feb
18 Jan 3
7 Sept
8
4June 2
83 June 3658 Jan
4
14 Feb 25 363
112 May
24 Jan 25 1012May 27
93 Sept
4
1514June 2
2 JUne 155 Jan
25 Apr 11
8
8
4May 27
8214 May 12712 Aug
100 Mar 31 1483
2612May 31
6 May 315 Jan
1118 Feb 27
8
117 July 783 Jan
8
18 Apr 4 4812May 31
4
45u11e 1
34 July
8
75 Jan 4 143
1534 Sept
8May 29
23
18 1)ec
is Mar 15
1
Feb
214Nlay 19
12 Apr 4
14 11cc
334 Sept
1114Mar 2 152 May 27
57 June 135 Sept
05 July 8112 Dee
74 May 9 834 Jan 5
3May 31
512 May 254 Sept
952 Apr 5 243
414Nfay 19
1 Mar
1 Jan 25
312 Sept
Cl!Stifle 2338 Jan
4
133 Jan 3 2818June 2
78 May
7 June 2
4 Feb 17
514 Sept,
134 June 18 Aug
34 Nfar 3 2212June 2
6 Jan 3 30 Julie 2
312June 20 Aug
212 June 24 Aug
412 Feb 28 2912June 2
6 Dec 2112 Aug
612 Apr 19 25 June 1
2312 Apr 5 56 June 1
912 June 5214 Sept
15 July 33
25 Apr 25 31 14May 23
Jan
2312 Mar 31 3212May 31
15 May 38 Sept
212May 17
4 Jan 30
3 May
8
658 Jan
334June 2
1 May
1 Apr 17
934 Jan
514 Mar 15 13 May 31
3 May
137 Sept
8
------------------8, Dec 2012 Jan
14 Jan 3
4 Jan
13
8MaY 31
1 Sept
24Nlay 31
4 Jan
38 Mar 25
l5 Sept
8
8June 2
612June 374 Jan
114 Feb 25 273
2l May 184 Sept
4/8 afar 2 253,inn° 2
4June 2
3 July 233 Sept
57 Jan 3 343
8
4
35 Sept
13 Nov
15 Apr 24 33 May 31
34 May 14 Mar
44 Feb 25 1112Juno 2
3 May 25
118 Dec
112 Jan 10
412 June
7 June 2412 Jan
578 Apr 19 12 Nfay 31
6114 Apr 5 11212June 2
275 July 9412 Feb
8
40 May 713 Aug
8
58 Apr 6 71 12May 31
112 Jan 4
318Juno 2
414 Aug
%June
43
8May 27
6 :an
1 June
118 Apr 1
8.lune 2
112 May 113 Sept
4 Feb 27 123
,
2 May 1114 Sept
55 Jan 12 1712.fune 1
8
il June
434 Aug
5 June 2
1 Apr 22
9 June I
178 Mar 2
84 Aug
114 May
Industrial & Miscellaneous
Abraham &Straus
No Par 134 Feb 23
Preferred
lOOl 80 Mar 3
Adams Express
3 Feb 28
No purl
Preferred
100 39 April
Adams Mills
8 Apr 7
No par
Address Muffler Corp No purl
51s Apr 15
Advance Rumeli
No purl
134 Feb 21
Affiliated Products Ino_No pars
7451y 26
Air Reduction Inc
No purl 4712 Feb 25
Air Way Eleo Appliance No purl
12 Feb 28
Alaska Juneau Gold Min_ _ _10 1118 Jan 14
A P W Paper Co
1 Jay 6
No par
Alle,thany Corp
73 Apr 4
No par
Prof A with $30 warr__100
1 Apt 5
Prof A with $40 warr-100
14 Apr 17
Prof A without wart....100
1, Mar 30
4
2 Sold 15 days. x Ex-dlyidend.
PER SHARE
Range for Precious
Year 1932.
8June 2
347
90 May 26
10 May 31
65 May 18
1812Nlay 27
104 Jan 3
712May 29
113 ay I
4NI
8312.11111e 2
4 May 23
20 May 27
312Nlay 9
4 Juno 2
Mauna 2
613,911110 1
67.
3June 2
10 June
68 July
14 May
22 June
12 June
812 Dec
1 14 June
414 May
307 July
8
12 June
74 June
7 Dee
8
as May
3, May
3 June
8
84 June
2423 Allg
98 Mar
912 Sept
73 Sept
303 Mar
8
14 Sept
47 Aug
8
1612 Mar
6312 Sept
3 2 Sept
,
8
163 Jan
4 6187
353 Sept
8 4 Sept
'
8 Sen.
8 Scot
or FOR
New York Stock Record-Continued-Page 2
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 27.
3863
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
Monday
May 29.
Tuesday
May 30.
Wednesday
May 31.
Thursday
June 1.
Friday
June 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range SftWe Jan I.
-share lots.
On basis of 100
Lowest.
Highest.
PER SH A liE
Range for Precious
Year 1932.
Lotoest.
Highest.
$ per Share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Mlscell. (con.) Par $ per share $ per share $ per share $ per share
17
17
17
1712
5 May 15 Sept
8 1718 1812 18
5 Mar 30 1812June 1
1712 175
1812
420 Allegheny Steel Co_ ___No par
10512 109
10212 10514
103 113
102 1043 10112 104
4
4212 June 8814 Sept
74.500 Allied Chemical & Dye_No par 703 Feb 27 113 June 2
4
11812 120
8
1193 1193
4
9612 Apr 120 Dec
118 11812 115 118
11612 118
100 115 Apr 21 1217 Feb 1
1,700
Preferred
4
16
167
8 1614 1714
4May 31
4 June 153 Sept
1614 173
4 1612 1714
6 Feb 27 173
17
1712 40.700 Allis-Chalmers Mfg__ No par
8
16
1612 16 8 1612
412 July 10 Jan
,
53 Jan 10 1612May 24
4
1512 1612 1512 1512 1512 153
4 2,400 Alpha Portland Cement No par
4 May 18
58 Feb 21
14 Apr
33
4 4
218 Sept
37
8 4
37
8 4
33
4 37
8
34 37
8 5,600 Amalgam Leather Co. No par
.24
25
25
2512
4 Dec 10 Mar
*2413 253
5 Feb 23 26 June 2
8 2314 2314 25
26
100
600
7% preferred
3513 363
8 363 383
8
12
4
3914 3818 39
Jan 223 Sept
373 393
8
8 37
26,700 Amerada Corp
No par 1812 Mar 2 3938May 31
4
1718 1712 174 2
312 June 1512 Sept
1978 2014 15,500 Amer Agile Chem (Del)No Par
1912 205
8 1912 20
714 Mar 1 2058May 31
04
1914 20,38 2012 23
5 May 2212 Sept
21
223
8 21
22
217 2212 10,600 American Bank Note
8
8 Mar 2 23 May 29
10
8June 2
28 June 47 Feb
47
47
*47
49
49
493 *47
4
4914 4912 497
8
270
Preferred
50 34 Apr 7 497
5
57 Apr 20
s
512
518 53
8
5
5 18
514 53 10,000 American Beet Sugar__No par
14 Apr
47
8 53
4
1 Jan 30
24 Aug
8
81May 16
36
367
8 37
3778
1
Apr
94 Aug
3518 383 *31
8
3612 3512 3712
850
100
23 Jan 5 423
4
7% preferred
2414 257
612 June 177 Sept
8 26
28
27
29
8
27
918 Mar 3 2412May 11
2714 264 2712 6,000 Am Brake Shoe dr Fay _No par
40 July 90 Feb
86
86
*85
8712
85
85
85
85
*85
90
230
Preferred
100 60 Mar 28 90 May 10
4May 29
295 June 737 Mar
8
9012 93
8912 9331
8
89
9212 8912 9212 9014 93 120,900 American Can
25 4912 Feb 25 933
1285 1283 130 130
8
4
9312June 129 Mar
130 130 *130 150 *132 150
800
Preferred
103 112 Feb 27 130 May 29
2114 2514 23
34 June 17 Sept
2478
2112 2312 20
2214 2114 2312 21,300 American Car & Fdy___No par
618 Jan 23 2514klay 27
36
15 Dec 50 Aug
3612 3812 40
8May 31
41
425
8 40
413
4 4,900
407
8 41
100 15 Feb28 425
Preferred
618 618
618 614
612 612 *438 612 *4
612May 31
17 Apr
8
714 Sept
63
8
800 American Chain
No par
15 Mar 31
8
1414
1334 1334 14
15 June 1
7 June 26
34Mar 1
Jan
15
15
*15
17
500
100
*15
20
7% preferred
18 June 38 Nov
43
44
43
44
43
44
44
47
6,000 American Chicle
43 43
No par 34 Mar 2 47 June 2
418 418
2 July
814 Sept
4
4
414 43
10
2 Feb 24
514June 1
4
5
5 14
514
514 1,800 Amer Colortype Co
32
353
4 3218 3431
11 May 27 Sept
4May 27
8 3134 323 86,200 Am Comm'l Alcohol Corp._20 13 Feb 27 353
4
304 3312 3018 327
44 414
4
414
534June 1
3 Dec
4
5 Jan
4,900 Amer Encauette Tiling_No par
1 Jan 5
44 514
43
4 53
4
43
4 5
23 Apr 153 Sept
4
914 10
1014 107
8
37 Apr 1 107
8
4
9
9 58 1014 104 1,700 Amer European Sees__No par
8May 29
1012 1012
01114 123
8 1118 1214
2 May 15 Sept
12
125
8 113 1212 1214 1412 240,600 Amer & For'n Power___No par
37 Feb 27 14I2June 2
/1
4
223 2312 223 2312
4
4
5 May 384 Jan
2312 2414 24
2414 244 27
10,700
Preferred
No par
714 Apr 4 27 June 2
15
1512 143 16
23 May 2114 Aug
4
4
1534 187
43 Apr 4 184June 2
8
155 164 1514 1534
8
8 7,400
2.3 preferred
No par
19
19
33 June 33
4
1812 19
Ws Apr 4 2114June 2
Jan
19
1912 1812 183
86 preferred_ _ _ _ _ No par
4 1812 2114 6,000
*1012 11
103 11
4
3 May
612 Aug
.1012 107
8 11
11
11
1114 1,300 Amer Hawaiian S S ------ 10
415 Jan 5 1114June 2
_1 May
123 134 135 153
4
4May 29
8
4
15
1418 143 19,900 Ames Hide & Leather_No par
4
212Mar 2 153
67 Sept
15
153
8 14
8
3818 39
383 4314
8
44 May 27 Sept
4May 31
4312 4434 4214 4314 4214 4312 10,100
100 1312 Feb 14 443
Preferred
4018 407
8 4014 4 8
25 June 513 Mar
8
40
4212 4012 4138 4018 4114 12,400 Amer Home Products__No par 291IMar 1 4212May 31
07
8
8
34 Dec 213 Mar
125 1314 127 1314
8
1218 1318 117 1212 1218 1212 29,100 American Ice
8
No par
33 Feb 24 1314May 27
4
5014 53
5514 56
35 Dec 68 Mar
55
55
*44
54
*45
52
800
6% non-cum prof
100 25 Feb 15 56 May 29
1114 113
4 107 1138
8
212June 12 Sept
414 Feb 27 1214June 2
11
1112 1114 1214 85,300 Amer Internet Corp_ __No par
104 12
14 Jan
114June 2
*3
8
53
5
8
5
8
118
118
114 10,000 Am L France & Foamite No par
14 Apr 21
3 Aug
4
3
4
*58 3 kl
312
3
•3
1 July
44 Aug
6 June 2
6
100
114 Jan 3
4
6
270
Preferred
4 43
43
34 412
17
18
185 195
8
8
57 Jan 3 213
8
8June 2
339 July 1514 Aug
18
193
4 18
8
8
193
8 191 213 23,400 American Locomotive__No par
407 4212 423 4312
8
4
1718 Dec 49 Sept
43
44
4412 457
8 46
5012 6,100
100 174 Jan 3 5012June 2
Preferred
1712 1818 1712 185
8
712June 2214 Jan
1812 1912 174 185
8
83 Feb 27 1958June 2
4
8 1818 193 35,300 Amer Mach dr Fdry Co.No Par
45
8 43
1 June
4
6 June 2
43
8 43
1 Jan 27
33 Mar
4
4
434 47
8
6.300 Amer Mach & Metals...No par
43
4 57
8
53
4 6
2018 217
8 1912 22
112 June
2078 77,300 Amer Metal Co Ltd_ __No par
914 Aug
20
2112 20
318 Feb 24 22 May 29
1918 2112
59
62
60
65
612 June 32 Aug
100
512 Jan 4 65 May 29
65
*60
65
1,040
6% cony preferred
5912 6212 60
.203 22
4
22
22
14 July 33 Jan
2112 21
2112
300 Amer News Co Inc__ _No par 17 Jan 20 30 Feb 6
2112 215
8 21
3 June 1714 Sept
85
8 914
83
4 914
4 Feb 27 12 June 2
05 12 115,700 Amer Power & Light__No par
8
914 10
912 97
8
1514 June 58
25
2512 2414 2512
Jan
25
2512 24
25
24
No par
We Apr 5 28I2June 2
2812 6,400
86 preferred
2112 215
8 20
2112
10 July 494 Jan
25 June 2
No par
9 Apr 1
21
22
21
21
2112 25
8.500
85 preferred
1158 123
8 1218 1314
4May 31
318 June 1214 Sept
458 Feb 27 133
13
133
4 123 1314
4
1234 1314 234,600 Am Rad & Stand San'y No par
05 5 3 Mar 2 2018June 1
3 May 1813 Sept
1712 183
8 183 197
8
8
4
1812 195
8 1814 2018 1914 197 126,100 American Rolling Mill
8
133 June 52914 Mar
8
293 307
4
8 31
325
8
33
3,100 American Safety Razor No par 2018 Apr 6 33 May 31
33
33
33
3212 33
512May 31
33 Sept
4
314 334
4
512
2,200 American Seating v t e_No par
7 Mar 20
8
314
5
5
4
4
4 June
*3
4 Apr
7 Sept
8
18 Apr 8
*5
8
7
8
7
8
7
8
2.300 Amer Ship & Comm_.No par
I May 17
*4
7
8
5
8
4
4
3
4
17
1712 1712 18
10 June 254 Jan
18
18
18
360 Amer Shipbuilding Co.No par 1112 Mar 3 1818May 19
18
18
18
33
3414 335s 363
8
3478 3534 125.800 Amer Smelting dr Retg_No par 1034 Feb 25 363
518 May 2714 Sept
4
345 3612 345 36
8
4May 29
71
71
7412 75
22 June 85
Jan
Stock
7712 78
1,300
Preferred
7514 7514 7512 76
100 31 Jan 10 78 June 2
.5212 55
5712 6012
60
6012 6112 1,200
15 July 55 Feb
GO
*5712 62
2d preferred 6% cum
100 2012 Jan 2 6112June 2
4714 4712 4718 473 Exchange
4
213 June 3612 Aug
4
47
4May 29
47
4612 463
4 4612 4612 1,900 American Snuff
25 3212 Jan 10 473
*10512 _ __ *105
_
90 Jan 106 Sept
*105
_ *105
_ *105
__ __ ___
Preferred
100 10218 Jan 9 106 Feb 23
15
1618 1614 163
- -4
3 May 154 Sept
Closed
1618 _- s 1614 1 -3
167. 8 17 -- 8 26:600 Amer Stee IFoundrieti__No par
7
183
458 Feb28 1838June 2
*68
77
*68
74
74
34 July 80 Feb
.88
75
*68
74
*68
Preferred
100 375 Mar 28 70 May 5
8
44
4412 45
4512 Memorial
8June 1
20 May 363 Mar
8 453 4512 3,100 Amerman Stores
8
4
4514 453
No par 30 Feb 27 457
4 4514 457
597 62
8
603 613
4
4
4
17,400 Amer Sugar Refining
13 June 3914 Jan
59
62
5812 6118 593 62
100 2112 Jan 19 62 May 27
1013 102
4
10212 10212
Day
45 May 90 Aug
103 103
104 104 *1037 105
8
903
Preferred
100 80 Jan 19 104 June 1
1514 1512 1512 1614
1514 1634 18,100 Am Sumatra Tobacco_No par
4June 2
23 Apr 1014 Aug
4
8 Jan 13 163
154 1612 1518 16
4
6934 July 1374 Feb
116 1193 117 120'8
8
1163 1193 1163 1183 1173 12214 180,200 Amer Telep & Teleg
8
8
4
4
100 8912 Ayr 18 122I4June 2
8314 8518 84
863 Mar
4
843
4 7,900 American Tobacco
25 49 Feb 23 86 May 29
4012 Jun
86
8414 85
833 834 83
4
867 89
8
4
87
Common class B
25 504 Feb 25 893
4May 29 44 June 893 Mar
893
4
8
86
8812 855 8718 8512 885 50,800
8
11012 111
4Mar 1 117 Jan 14
95'4June 11812 Oct
112 112
Preferred
112 112
112 112 *111 11214
600
100 1023
1614 164 1712 177
1712 18 .12
Jan
44 Apr 10 1914May 13
4 June 25
1712 1712 1778 1,100 Am Type Founders____No par
8
283 283
8
1012 July 70 Jan
8 263 283
4May 12
510
Preferred
100 10 Apr 6 323
4
287
8
4
27
283
4 2812 283
4 28
2618 273
11 May 3412 Mar
8 253 277
8
8
2612 283
4 2714 283
8 273 2912 50.100 Am Water Wks & Elec_Na par 104 Apr 7 2912June 2
4
23
11 May 31 Mar
2318 2214 237
912 Apr 4 26 June 2
31,300
Common vet tr otts_No par
8
2312 2518 2318 243
8 2412 26
*61
Jan
65
let preferred
No par 35 Mar 24 70 June 2
26 June 75
64
700
64
644 65
65 65
69
70
1118 1112 115 117
15
8May 10 Sept
No par
312 Mar 2 123
8May 15
8
8
115 123
8
8 1114 115
8
8 113 1214 44,500 American Woolen
1512 Jan 397 Sept
4414 453
8
8 44
100 225 Feb 16 4778June 2
8
Preferred
463 4778 25,900
8
453
8
4518 473
4 4512 46
14 may
214 Aug
13
8 13
h Feb 8
8
2 May 31
112 158
2,800 Am Writing Paper ctts_No par
15
8 2
13
4 2
.48 2
7
•518 57
8 4.5i8
534
2 July
8 Aug
3 Feb 17
4
Preferred certificates No par
6 May 5
140
514 534
534 53
4 *514 6
14 May
8May 31
214 Feb28
93
64 Sept
7'2 77
a
712 9
812 94
83
8 914
85
8 918 33.800 Amer Zino Lead & Smelt____1
47
5413 5012 51
10 June 35 Aug
47
25 20 Feb 21 51 June 2
4812 4912
Preferred
1,200
*4712 53 .48
3 June 193 Sept
8
137 1412 a1418 1512
8June 2
8
5 Feb28 185
185 458.600 Anaconda Copper MinIng 50
8
163 1818 18
8
1618 17
3 Apr 15 Sept
•1212 14
44 Jan 8 14 May 31
1318 13Ig
*1312 1412
800 Anaconda Wire dr CableNo par
14
14
123 14
4
514 May 1712 Mar
2234 243
4May 27
4 2218 237
No par
8 Jan 20 243
2314 22
223 10,100 Anchor Cap
4
8
22
224 22
40 May 75 Sept
8112 8212 821 *82
19
*80
8212 80
80
85
16.50 cons' preferred_No par 6212 Jan 11 8212June 1
81
25 Feb 7 1414June 2
8
13 May
s
9 Sept
7
7
712 9
12
1212 14
1414 1.200 Andes Copper Mining No par
11
11
4June 2
7
Apr 1512 Sept
2112 233
93 Mar 3 263
4
4 2312 2412
2338 24
2312 2412 2412 263
4 6,900 Archer Daniele kildlel_No par
85 Apr 10014 Oct
*100 101 *100 101
100 95 Feh23 10012June 2
preferred
10012 10012
10
7%
*100 10012 *100 101
24 May 61 Aug
73
7318 73
734
7314 7514 75
77
78
8012 2,900 Armour & Co (Del) pref 100 41 Jan 3 8012June 2
%June
23 Sept
4
6
118 Feb 28
7 June 2
614
53
4 618
57
8 64
64 7 155,200 Armour of Illinois class A__25
55
8 64
2 Sept
4 May 17
h Feb 20
358 37
8
39 June
312 33
34 33
4
61,400
Class B-----25
4
4
312 33
4
34
312 May 157 Aug
8
7 Feb 27 54 June 2
3412
100
333 3412 33
4
Preferred
3314 36
35
4012 42
54
27,900
1 May
35 Aug
8
412May 26
14 Jan 19
4
43
8
34 43
s
4
412
4
4
33
4 44 6,000 Arnold Constable Corp_No par
15 Dec
8
54 Sept
5
512May 31
514
2 Mar 27
No par
43
4 43
470 Artloom Corp
4
5
558
5
5'4
512 512
214 238
58 June
3 Aug
212 212
358June 2
4 Apr 17
212 24
212 212
23
4 3 4 5.900 Associated Apparel Ind No par
5
13
3 May 11 Sept
137
8 13
1312
1
312 Feb 20 1412June 2
1212 134 1212 133
4 1312 1412 18,700 Associated Dry Goods
•154 _ - *1514 20
612 July 1612 Aug
63.4 Mar 2
20 May 31
2
20 20
*18__ •18
_
20 Assochited Oil
*11
438 Dec 1214 Aug
id
*15
18
412 Mar 22 15 May 5
15
15
*18 - 25
*18 30
100 Atl 0 & WI SS Linee__No par
*1012 15
•13
53 Dec 1512 Jan
4
15
*11
412 Apr 11 20 June 2
17
100
*17
20
20
1934 20
l'referred
23
24
2418 2618
8
85 Feb 217 Sept
8
25
26
8June 2
2414 26
8
2618 267 105,300 Atlantic Refining
25 123 Feb28 267
8
2118 213
8 204 2112
8June 2
7 Dec 2512 Feb
21
214 2112 2112 213 233
8
8 8,100 Atlas Powder
No par
9 Feb 14 233
•6612 70
*67
72
4512June 7213 Jan
*67
70
70
70
70
120
100 60 Apr 5 70 May 10
70
Preferred
37 Aug
8
618 63
818May 31
1 July
8
618 77
7
818
7
7 12
67
8
73 11.400 Atlas Tack Corp
8
112 Feb 27
8
No par
5418 6112
513 56
8
6014 6512 6114 643
285 May 15154 Jan
*
8 634 68 164,400 Auburn Automobile
No par 3114 Feb28 68 June 2
318 34
8
4 Feb
17 Sept
*3
314
3
3
8May 29
314 33
314 33
8
33
1.200 Austin Nichols
8
No par
7 Feb 2
2
113 1212 1112 13
4
123 1318 12
8
123
4 1214 123 251.000 Aviation Corp of Del (The)__
112 Jun
87 Dec
8
4
512 Feb 27 1318May 31
83
8 9
2 May 12 Aug
812 9
8
9
83
8 83
4
83 1014 154.600 Baldwin Loco Works No par
312 Apr 12 10I4June 2
4
30
3012 3112
30
30
31
303 303
4
4 303 344 7,200
4
8 May 3718 Aug
912 Apr 4 3418June 2
Preferred
100
__ *83
*83
083 - -- *83 -- _ *83
62 July 99 Feb
Bainberger (L) &Co pref __100 6814 Feb28 8214May 16
*218 _- 4 .212 _12 Apr
23
23
8 - 8 *212 23
23
-4
312 Aug
24
23
4 23
4
120 Barker Brothers
2 4June 2
3
No par
se Jan 4
8
812
8
0
87
8 914 159.600 Barnsdal Corp
718 74
78 8
3
338 June
7 Sept
914Ju0e 2
3 Mar 2
5
343 3512 353 3714
8
8
347 367
8
8 3414 3614 35
3614 15,100 Bayuk Cigars Inc
2 Dec 13 Feb
314 Jan 6 3714May 29
No pa
78
78
80
79
*75
78
78
79
80
80
Jan
70
let preferred
30 Dec 59
100 27 Jan lb SO May 31
8 197 203
2018 203
4 20 2012
194 207
8
4 2014 213
8 9,100 Beatrice Creamery
loll Nov 4312 Jan
50
7 Mar 2 2112May 17
9018
904 *80
.80
9018 *80
90
*78
*79
95
62 Dec 95
Jan
Preferred
100 45 Feb 24 85 May 25
6012
61
60
62
06012 613
(I1
62
4 6012 61
600 Beech-Nut Packing Co
2914 May 453 Dec
4
20 45 Jan 5 64 May 12
718
612 7
618 612
714
7
618 67 11,200 Belding Heminway Co_No par
8
7
25 Jan
8
83 Sept
4
312 Feb 20
714May 27
75
75
74
74
7518 7518
74
75
*7512 77
900 Belgian Nat Rye part pref.._ 6214 Apr 7 7518May 11
573 June 624 Dec
8
8
1612 173
8 1618 164 165 1714 137,000 Bendix Aviation
413 May 1834 Jan
8
8
154 1512 155 167
5
618 Feb 27 I738May 31
22
2314 2218 225
22
23
2212 2314
8 23
2334 7,900 Beet & Co
43une 2
4June 2478 Feb
No par
9 Mar 2 233
53
274 2812 2718 2814 274 293 86,100 Bethlehem Steel Corp_ _No par 1018 Mar 2 2938J8ne 2
8 2738 2
9
2818 283
814
714 June 2958 Sept
67
GS
67
6818 6614 667
65
67
8 67
698 7.400
7% preferred
Jan
100 2514 Feb28 097
8June 2
1614 July 74
4
133 144 1312 1414
4
143
1312 141 11,100 Blaw-Knox Co
4 14
1414 143
312 Feb28 1434May 27
No par
3 8 June 10 Aug
5
•15
1612 15
15
15
1611
1518 1612 1612 1612
170 Bloomingdale Brothers_No par
64 Feb28 1612May 27
614 June 14 Feb
__
*60
*65
--- *65
_ *65
_ _ __ ___
*60_
Preferred
Jan
100 53 Jan 25 65 May 16
49 Dec 61
3658 - - - 37 - 8
387
8
374 - 3 3718 -- -12 35 - - 24:700 Bohn Aluminum & Br_No par
393
38
374
39394 Mar 2 393
8May 29
47 June 221.4 Jan
8
.67
70
*67
70
*67
68
*67
68
68
68
2,300 Bon Aml class A
No par 52 Feb 23 68 June 2
31 June 55 Nov
Booth Fisheries
1 Aug
No par
4 May
14 Nov
1st preferred
114 Jan
rred
100
345 - s
8 3'..
337 347
8
8 33
343
8 3318 343 37:100 Borden Co (The)
6
3
8
25 18 Feb 27 35 sMay 13
3
20 July 4318 Mar
-HT4 -- - 4
155 167
8
8 153 16
8
153 1614 45,200 Borg Warner Corn
4
144 1512 154 163
10
512 Feb28 167
338 May 1414 Sept
8May 31
218 218 *178 2
218
218
2
214
114 Sept
2
1,600 Botany Cons Mills class A 50
2
h Apr
5 Apr 17
8
25
8May 12
12
117 1212 1112 1214
8
11
1118 12 160.300 Briggs NIanufacturbag_No par
84 11
2 4 Feb 24 12I2May 31
3
27 June 1104 Mar
8
•md and asked prices, no sales on this day. a Optional sale.
r Ex-dlrldene. tr En -rights. c Cash sale.
New York Stock Record-Continued-Page 3
3864
June 3 1933
c9 FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
sales
Saturday
May 27.
for
the
Week.
Monday
May 29.
Tuesday
May 30.
Wednesday
May 31.
$ Per share $ per share $ per share 6 Per share
*13
*13
15
14
*13
15
791
7712 7914 7712 7912
76
47
473
8 4712 4812
49
4912
1112 115
8 1114 113
103 1112
4
4
918 93
8
83
4 912
812 914
1212 1412 125 1438
8
1212 13
*56
60
56
56
*5412 58
314 312
27
8 3
27
8 318
12
1212 *13
1414 1414
144
412 5
412 514
43
4 5
4
4
34 33
8
414 43
8
914 1014
8
93 103
4
4
93 103
4
165 1714
8
163 1718 1612 1714
8
312 33
312 318
3
33
8
4
*9
10
*8
10
*753 8
20
*10
20
*6
*8
20
112 112
114
13
8
114
114
2
2 14
14 14
112 14
414 43
8
4
412
418 43
8
23
2434
2318 237
8 2314 243
4
59
60
59
62
56
57
2318 2518
24
2518
243 25
8
13
2
5
4
7
8
3
4
1
7
8
54 53
4
53
4 64
714 83
4
11
10
107
8
8
722 814
8
2118 23
207 213
8
4 2014 213
29
3012 30
3014 31
3112
914 9 2
,
83
8 914
914 914
*25
35
*25
34
*25
34
743
8
723 745
4
8 71
6912 723
4
72
75
72
72
723 75
4
2018 2112
19
1912 1914 2152
31
33
2612 3112
3018 314
418
418
4
4
418 418
2
2
15
8 2
17
8 2
412 412
47
8 6
4
64 63
283 29
8
28
293
4
2814 29
4
4
37
8 4
37
8 4
*70
80
*70
80
*7012 80
2214 23
2212 24
225 243
8
4
438 43
37
8 4
4
4,8 414
*1612 20
*1612 25
*1612 25
1718 1712 17
1712 18
1712
553 56
8
56
60
60
6212
*15
19
17
17
*15
1712
30
307
8 295 305
8
8
3018 3114
7
73
8
64 712
7
712
1712 18
18
1914 18
18
137 15
1812 2238
8
153 18
8
197 20
8
1812 2012 204 207
8
518 63
4
514 512
5
65
8
2314 2414
2318 24
233 24
8
1
118
118
1 18
1
118
11
11
11
11
•10
11
29
293
4
28
28
26
26
*984 100
*97 100
*9612 100
Stock
8212 87
8 8612 8712
885 897
8
*47
4712
5012
*47
4812 *47
18
193
8
1714 177
8 1718 1812 Exchange
8
7812 7812
*7812 79
*7812 785
1112 1178
Closed
117 12
8
1112 1214
*65
7018 *66
75
*66
82
*618 1012
*6
1012 *6
1012 Memorial
1138 123
4
2
8
117 1218 113 117
1.
Day
5612 5812 5612 5814
55
58
4 1514 177
1612 1712
144 153
8
8
18
1914
175 1814 175 19
8
714 723
4
*715 74
8
715 713
8
4
1118 127*
1112 1214
1214 13
30
30
*27
33
*27
33
22
2012 2012
203 203
4
4 22
77
77
*77
7912
77
77
3312 3412
325 3414 33
8
337
2
925 924
8
94
*92
9318
*92
--gT Ii 2
I 4 127
8 3
4118 4112
*612 8
135 1412
8
1212 13
123 13
8
45
45
412 43
4
137 143
8
8
5412 5512
893 893
4
4
412 412
912 10
*98 10618
112
lt4
712 8
3
318
1614 1712
218
238
5812 60
58
597
8
914 97
8
25
253
4
23
4 3
123 1314
4
7412 7512
*131 1313
4
5
518
3172 3212
77
8 77
8
5012 52
37
3712
314 314
2414 253
4
50
50
2 4 314
3
914 11
48
5212
487 49
8
167 1712
8
4812 483
4
23
4 27
8
53
2 54
15
163
4
5
55*
*13
4
113
8
75
2114
2314
273
4
2814
1918
8
147
5112
9
-16T -4 II
278 3
414 413
4
8
*6
8
1412 147
13
133
4
11
11
454 4518
44 53
4
137 143
8
4
5412 57
8912 90
412 43
4
10
1118
*99 10618
Us
13
8
714 73
4
278 318
16
1714
214
238
60
6212
8
575 59
9 8 103
5
8
2512 26
278 318
1312 143
8
735 7578
8
133 133
5
53
8
312 32
4
73
4 67s
4812 5112
3712 38
412
3
235 2514
8
49
5214
27
8
103
4
53
49
18
4912
23
4
8
47
1534
514
3,4
1112
57
50
19
51
2741
58
5
1612
6
2
*13
4 3
1112 1112 12
78
76
79
25
2114 *22
24
2318 24
2731 273 277
4
8
8 87
2912 275 2 8
1812 1938
1914
16
1512 15
541
53
557
8
8
Fs 105
10
183
8
27
8
4112
*7
1414
1314
12
45
5
1312
543
4
.893
4
412
1912
3
42
8
144
133
8
1214
454
53
8
1414
573
8
90
5
11
115
8
*99 10218
138
114
612 7'2
27
8 3
8
1512 165
218
23
8
60
60
4
58
583
4
1012 103
2512 2614
270 318
137 15
8
7338 747
2
133 133
512 53
4
313 33
4
93 1014
4
4534 493
8
*36
37
4
412 43
24
25 8
3
51
5314
212 314
1018 11
59
607
8
473 493
4
8
1814 193
4
50
51
23
4 3
512 6
16
1612
614
6
*2
113
4
76
*21
235
8
2712
264
1812
1412
5338
9
3
124
7612
23
24
2712
277
8
187
8
16
55
912
•Bid sod asked prices. no sales on this day
Thursday
June 1.
Friday
June 2.
$ per share
.14
15
x76
763
4
4
*4812 493
10
1012
814 812
1214 123
4
*5412 60
34 312
14
15
43
4 514
44 412
918 97
8
163 18
8
312
3
912 912
10
12
2
28
5
212 32
414
4
23
2438
60 60
2212 24
112
112
,
84 9 4
83
4 9
203 2214
4
304 3012
*83
4 9
*25
34
70
7514
72
7714
1918 20'8
2712 2918
4
4
2
2
612 65
8
28
283
4
414
4 14
70
7012
22
244
412 45
8
*1612 25
175 18
8
593 60
8
*15
18
303 3312
4
7
7
17
17
22
19
20
20
65
8 63
4
227 233
8
4
1
118
11
11
26
2612
*9814 100
82
84
47
4712
1914 2012
7812 79
1118 1112
7018
*66
0618 1012
127 137
8
8
535 563
8
4
153 1718
4
1818 19
74
74
113 12
4
293 30
4
*2214 2212
7714
77
33
34
94
94
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share
14
14
77
783
4
*49
493
4
1012
10
8
85
8
1112 123
8
*54
60
314 34
163 163
4
4
47
8 514
412 412
914 95
8
1712 18
8 43
8
37
*9
20
133 15
8
25
8 27
8
35
8 44
414 414
Lowest.
Shares. Indus. 6c Miceli.(Con.) Par
No par
200 Briggs & Stratton
4,400 Brooklyn Union Gas_ _ No par
No par
2,800 Brown Shoe Co
8.600 Bruns-Balke-Collender_No par
10
10.400 Bucyrus-Erie Co
Preferred
5
9,700
100
7% preferred
20
No pa
21,700 Budd (E 0) Mfg
450
7% preferred
100
No par
53,200 Budd Wheel
No par
1,400 Bulova Watch
No par
14,500 Bullard Co
99,200 Burroughs Add Mach_No par
3,300 Bush Term_
No par
100
100
Debenture
210 Bush Term Ridge gu pref 100
10.800 Butte St Superior MinIng___10
5
32,600 Butte Copper & Zino
2,000 Butteriok Co
No par
2318 243 44,300 flyers Co (A All
8
No par
Preferred
100
100
61
62
24
24 2 16,400 California
,
--No Par
112 17 69,000 Callahan Zinc-Lead
8
10
Packing_83
4 94 105.100 Calumet & Heela Cons Cop_ 25
9
9 12 4,300 Campbell \V & C Fdy_ _No par
213 2214 53.600 Canada Dry Ginger Ale
8
5
3012 10.700 Cannon Mills
No par
29
3,400 Capital Adminls ol A._ _No par
9
9
*25
34
Preferred A
50
8
100
733 767 177,700 Case (J D Co
4
75
970
Preferred certificates_ _ _100
75
2018 207 61.300 Caterpillar Tractor__ . _No par
8
2978 31
87,200 Celanme Corp of Am __No par
4
4
700 Celotex Corp
No par
218
218 2,200
Certificates
No par
810
Preferred
6
7
100
293 11.200 Central Aguirre Asso_ _No par
4
29
412 412 1,900 Century Ribbon Mills_No par
50
Preferred
100
*704223 - -14 84.900 Cerro de Pasco Copper_No par
4 24
8 7,100 Certaln-Teed Producta_No par
412 47
*1612 25
7% preferred
100
5,400 City Ice & Fuel
No par
177 18
8
1,280
Preferred
100
60
60
6
200 Checker Cab Mfg Corp
1612 1714
8
No par
3212 345 17,900 Chesapeake Corn
7
712 15,700 Chicago Pneumat Tool.No par
Cony preferred
1714 19
1.200
No par
183 20
4
2,050 Chicago Yellow Cab_ _ _No par
1,800 Chickasha Cotton 011
20
10
20
7,400 Childs Co
67
8 8
No par
8
233 245 180,400 Chrysler Corp
8
5
114
13 10,800 City Stores
8
No par
105 1058
8
590 Clark Equipment
No par
*27
28
2,800 Cluett Peabody & Co_ .No par
30
Preferred
100 100
100
8878 11,900 Coca-Cola Co (The)_.N,. par
85
600
Class A
47
4712
No par
64,000 Colgate-Palmolive-Peet No par
203 22
8
400
80
80
6% preferred
100
1112 127 14,600 Collins' & Alkman
8
No par
7018 7018
100
Non-voting preferred_ _ _100
Colonial Beacon 011 Co_No par
*610 1012
1314 137 23,200 Colorado Fuel & Iron. _No par
8
55
5914 44,500 Columbian Carbon v tø No par
167 173 11,000 Columb Pict Corp v t o.No par
8
8
185 2014 278,500 Columbia Gas St Elec. _No par
8
7512 7512
600
Preferred eerle8A
100
113 1412 27,600 Commercial Credit___ No par
4
Class A
30
30
900
50
*2214 2212
140
Preferred B
25
79
79
130
684% first preferred_ __100
334 343 17.300 Comm luvest Trust___No par
8
Cony preferred
9312 94
700
No par
654% lot preferred
100
2
1812 1822 x183 1912 113,900 Commercial Solvents_ _No par
27
8 3
27
8 314 244,500 Commonw'Ith & Sou___No par
4118 4112 4212 45
5,800
$6 preferred series___No par
100 Conde Nast Pubitens_No par
*7
8
714 714
x137 143
8
8 14
147 20.100 Congoleum-Natrn loo-No par
8
13
14
133 14
4
2,800 Congress Cigar
No par
13
14
1,700 Consolidated Clgar
12
1214
No par
4
170
100
*4518 4634 463 47
Prior preferred
I
45
8 5
10,200 Comm! Film Indus
452 5
123 135
4
8 124 133 27,100
8
No par
Preferred
8 555* 58 195,600 Consolidated Gas Co.,.. No par
5412 563
2,200
Preferred
No par
90
90
897 00
8
47
8 5
47
8 5
6,600 Consol Laundries Corp_No par
No par
4
8
105 115
8
8 113 123 284,800 Consul 011 Corp
100
9914 991 1
200
8% preferred
*99 103
112
138
112 33,700 Consolidated Textile_ No par
13
8
20
7
74 6,600 Container Corp class A
7
718
No par
Class B
27
8 3
3
314 12,500
1412 1514
143 157 28,100 Continental Bak class A No par
4
8
No par
Class B
218 214
2
2 14 29,300
100
55
56
*5512 58
1,700
Preferred
20
57
573
4 5712 594 22,700 Continental Can Inc
8 1014 103
103 105
8
5
4 8.900 Cont'l Diamond Fibre
2412 2638 264 2712 16.000 Continental Insurance. __2.50
27
8 3
27
8 3
44.400 Continental Motors,.:No par
1312 1412
1412 1478 159,400 Continental 011 of Del_No par
7212 74
725 75
8
34,100 Corn Products Refining__ _25
134 13414 *134 135
220
Preferred
100
No par
531 614
653 718 38,900 Coty Inc
3214 33
323 3312 6,300 Cream of Wheat otts
No par
4
10
10
5,800 Croaley Radio Corp.- _No par
93 1014
4
22,700 Crown Cork & Seal_ _ _No par
453 4814 4612 49
4
37
3712 363 363
4
4
No par
1.700
$2.70 preferred
44 45
8
412 422 7.400 Crown Zellerbaok v t a_ No par
233 243
4
4 2414 25
13,000 Crucible Steel of America. 100
50
50
51
55
Preferred
100
550
No par
212 258
23
4 34 36,600 Cuba Co (The)
10
1012 82,900 Cuban-American Sugar___ _10
105* 10
Preferred
100
59
59
6012 62
920
48
50
5038 493 58
4
40.400 Cudahy Packing
177 18
8
17
18, 14.700 Curtis Pub Co (Thal_ _No par
4
No par
Preferred
50
50
4518 49
4.100
1
23
4 3
23
4 3 110.000 Curtiss-Wright
1
55
8 6
54 53 27,000
4
Class A
8 4,200 Cutler-Hammer Ino-No par
1614 16 14
164 163
5
6
612
632 612 2,600 Davega Storm corn
Dav1mon Chemical _ ...No par
Debenham Securities
.214 3
*214 3
20
1212 127
8 123 1314 9.000 Deere & CO pre(
4
100
78
3,100 Detroit Edison.
77
78
82
100 Devoe At Reynolds A._No par
23
*21
23
*21
No par
6.500 Diamond Match
235 24
8
233 24
4
Participating preferred...25
400
*2712 28
28
28
No par
265 2918 79,500 Dome Mines Ltd
8
253 27
4
18
18'2 1814 18 2 3.500 Dominion Storm Ltd No par
,
51.700 DOLUffita Aircraft Co Inc No par
1452 15'2 155* 16
No par
63,300 Drug Inc
4
53
545* 533 58
3.000 Dunhill International_ .No par
87
8 9
*8
9
a Optional :Sale.
s Ex-dIvidend
PER SHARE
Range Sines Jan. 1
On basis of 100-share lots.
r CaM sale.
8 P,•-rishts.
Highest.
$ per share
714 Feb 28
6312 Apr 5
2812 Mar 3
13 Mar 3
4
2 Feb 27
23 Feb 23
4
2012Mar 31
$ Apr 15
4
3 Mar 16
1 Feb 8
7 Mar 2
8
212 Feb 17
618 Feb 14
I Apr 1
1 Apr 3
712 Apr 26
1 Feb 10
12Mat 31
114 Apr 10
812 Feb 25
3018 Mar 2
4
73 Mar 2
14 Jan 19
2 Feb 7
2 Feb 28
712 Feb 25
14 Feb 2
412 Feb 24
2518 Jan 18
304 Feb 27
41 Feb 27
512 Mar 2
418 Feb 27
12 Mar 15
, Feb 4
ti
112 Jan 5
14 Jan 3
2 Apr 19
52 Feb 27
57 Jan 4
8
1 Jan 9
4 Mar 27
718 Mar 3
45 Apr 7
712 Mar 23
1+7 Jan 3
8
24 Mar 31
512 Feb 28
618 Jan 4
5 Mar 2
2 Feb 28
7 4 Mar 3
3
14 Feb 28
5 Mar 24
10 Jan 27
90 Jan 4
7312 Jan 3
44 Apr 19
7 Mar 30
49 Apr 3
3 Apr 4
637
sMay 17
514May 10
312 Apr 4
2318 Feb 27
65 Mar 27
8
9 Mar 31
59 Mar 2
4 Feb 27
16 Feb 27
1818 Mar 21
70 Mar 24
18 Mar 3
84 Jan 4
1033 Jan 18
4
9 Feb 25
138 Apr 1
21 Apr 4
3 Apr 4
73 Jan 31
2
612 Feb 24
312 Apr 6
31 Apr 5
134 Jan 4
57 Mar 21
8
40 Apr 3
a80 Apr 24
24 Apr 17
6 mar 3
9512 Mar 1
14 Mar 1
118 Jan 10
14 Feb 15
3 Mar I
II Jan 5
38 Jan 3
3514 Feb 23
312 Feb 25
1041,4%1.28
I Mar 27
47 Mar 3
8
452 Feb 25
8
117)2 Mar 15
a2 Mar 24
23 Feb 25
214 Mar 28
154 Feb 27
2412 Feb 27
1 Apr 10
9 Mar 2
10 Feb 27
II Feb 21
DR Jan 16
10 Jan 9
2034 Feb 21
612 Mar 3
30 Feb 23
118 Feb 23
2 Mar 30
4 4 Jan 6
,
152 Feb 23
4 Mar 27
112May 20
84 Feb 24
48 Apr 3
10 Mar 1
1712 Feb 28
264 Feb 27
12 Feb 28
1012 Feb 27
1014 Feb 14
29 Mar 31
7 Apr 10
2
$ Per share
14 June 2
82 Jan II
4912May 31
113
4May 26
912May 29
1412May 27
63 May 1/,
312May 31
15 June 1
514MaY 31
412June 1
103
4May 27
18 June 1
438June 2
912June 1
2312 Jan 5
27
sJune 2
414June 2
412May 17
243
4May 29
62 May 29
2518May 29
14June 2
94June 2
11 May 29
23 May 31
3112May 29
912N1ay 25
26 Jan 16
767
8June 2
7714June 1
215
8May 29
33 May 27
44Nlay 17
314May 18
73
8MaY 17
3014May 5
5 May 18
71 May 20
243
4May 31
47
8June 2
15 May 25
18 May 31
6212NIay 31
207 Jan 18
8
345
8June 2
712Nlay 29
1914May 27
223
8May 31
204May 29
8 June 2
2458June 2
13
8June 2
11 May 29
293
4MaY 31
100 June 2
92 May 26
4712June 1
22 June 2
81 Jan 18
127
0nne 2
7018June 2
12 Jan 4
137
8June 1
5914June 2
174Nlay 29
2014June 2
775 Jan 16
3
1412June 2
30 May 26
22 May 21)
79 June 2
3412Niay 31
9: $ Jan 31
7
11112 Mar I
1912May 25
34May 17
50 Jan 12
714June 2
147
8May 29
14 June 1
14 June 2
50‘ Apr 22
511May 29
143
4May 29
6314 Jan Ii
99 Jan 3
54 Jan li)
123
8Juue 2
10014 Jan II
112May 16
8 May 13
312Niay 13
1712May 27
23811ay 27
6212May 29
597
811ay 27
103
4MaY 31
2712June 2
312May 10
15 May, 31
757
8May 29
14153 Jan 21
4
718June 2
333
4Nlay 5
1014Nlay 31
52 May 27
38 May 111
43
4May 31
253
4Nlay 27
55 June 2
314Nlay 211
1112N1ay 29
62 June 2
58 June 2
193
4May 31
.51 May 29
3's May 17
612Nlay 17
103
4May 27
612Ju1ie 1
44 Jan ill
23* Inn 20
13I4June 2
82 June 2
21 14May 27
25 May 13
284 Apr 29
2958:May 27
20147tay 17
16 May 29
58 June 2
1058N1ay 29
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share
4 May
1012 Jan
46 June 8912 Mar
23 July 36 Feb
118 July
412 Sept
112 June
714 Sept
212 May 1018 Sept
35 June 80 Sept
318 Sent
It Apt
312 July
14
Jan
5 May
8
412 Jan
118 Apr
312 Jan
218 May
8 Sept
64 June 1314 Aug
3 Dec 214 Mar
7 Dec 65 Mar
1214 July 85
Jan
17 Sept
8
12 July
2 Sept
12 Apr
138 June
57 Sept
2
8
7 May 245 Sept
3514 May 69 Sept
414 June 19 Sept
18 June
118 Sept
112 May
8
77 Sept
212 June
914 Aug
6 June 15 Sept
1018 June 233 Sept
4
218 Apr
912 Sept
19 June 32 Aug
163 June 653 Sept
4
4
30 May 75 Jan
43 June 15 Jan
8
114 June 125 Sept
8
78 Aug
3 8 Jan
5
5 Dec
8
214 Feb
118 Dec
712 Mar
738 June 2012 Sept
238 June
614 Jan
55 Dec 85
Jan
312 June 1512 Sept
4 Dec
34 Feb
45 Dec 1853 Aug
8
11
Oct 2812 Feb
433 Nov 68
Jan
8
1612 Aug 3018 Sept
47 June ,c203 Sept
8
4
1 May
63 Jan
4
212 June 1214 Sept
6 Dec 14 Mar
5 June 1212 Sept
112 J line
8 Sept
6 June 213 Sept
4
218 Jan
14 July
314 July
83 Jan
4
10 Apr 22 Mar
90 June 96 Feb
6812 Dec 120 Mar
415 July 50 Mar
8
1014 Dec 3111 Mar
65 June 95 Mar
23 May
4
107 Mar
8
55 June 80 Mar
9 Jan
1212 Oct
27 July
8
147 Sept
8
1312 May 417 Mar
2
414 Slay
1478 Aug
414 June 21 Sept
40 Apr 7978 Aug
37 June 11 Mar
8
113 July 28 Sept
4
1012 June 21 Sept
40 June 75 Nov
107 June 277 Mar
8
8
5512 June 82 Nov
88 June 102 Dec
312 May 133 Sept
4
15
8June
518 Aug
273 June 6812 Mar
8
5 May 12 Sept
612June 1214 Sept
4 May 11 Sept
358 Dec 2412 Jan
17 June 60 Mar
1 June
53 Jan '
8
23 June II% Mar'
4
31 12 June 683 Mar
4
724 June 991s Dec
4 Dec 107 Jan
2
4 June
9 Aug
79 Feb 101 Sept
24 Mar
15 Aug
8
212 Feb
3* June
4 may
14 Jan
278 May
8 Sept
138 Aug
It Apr
2478 June 474 Mar
175 J une 41 Mar
8
812 Sept
, Apr
63 May 2514 Aug
4
4
5 May
8
33 Sept
35 June
8
938 Sept
2434 July 5538 Sept
Oct
9912 June 140
112 May
738 Sept
1312 June 264 Oct
21 May
.
74 Sent
277 May 2378 Deo
8
173 June 304 Nov
8
4 June
3 Aug
6 May 23 4 Jan
,
14 Dec 4972 Jan
12 June
34 Sent
14 May
322 Aug
34 May 20 Aug
20 May 3512 Mar
Jan
7 June 31
374 Dec 86
Jai]
12 May
314 Sept
112 Mar
43 Sent
4
312 May
12 Sent
4
214 Oct
73 Sept
I May
94 Sept
1 JIMA
238 Dee
154 Jan
614 June
Jan
64 July 122
104 Oct
7 May
1912 Sept
12
Apr
4
2012 May 263 Dec
712 Jan
127 Dee
8
III, June
1812 Sept
8
185 Sept
5 June
23 May 57 Feb
34 Bent
4 Dec
<0
New York Stock
Record-Continued-Page 4
3865
qr 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
May 27.
Monday
May 29.
Tuesday
May 30.
Wednesday
May 31.
Thursday
June 1.
Friday
June 2.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SEAR
Range Slate
1
-share lots.
on basis of 100
Lowest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ Per share $ Per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscell. (Con.) Par $ per share $ Per share $ per share $ per share
912 Apr 22 17I21une 2
512 June 15 Sept
No par
600 Dupian Silk
17
1712
16
14
*103 14
4
16
14
16
14
87 May 10138 Nov
190 Duquesne Light lot pref__100 90 May 4 102 Jun 3t
96
943
4 943 95
95
957
8 9712 9712 96
4
*94
77
8May 27
73
118 Mar 30
1 June
6I2 Sept
63
4 7I8 11,900 Eastern Rolling MIlls No par
63
8 7
67
8 712
713 7 4
3
77
s
3514 July 8734 Jan
,
8014 827 18,100 Eastman Kodak 11 1 JI_No par 46 Apr 4 83 June I
8
7714 80
7712 83
79
7812 801s
78
99
Jan 125 Oct
100 110 May 2 130 Mar 20
6% cum preferred
10
*117 119
*11712 119 *118 119 *118 119
119 119
s1xlay 17
3 June
318 Mar 2 133
97 Sept
8
No par
19.100 Eaton Mfg CO
125 1314 13
8
127
8 125g 13
1218 134 12
1314
22 July 59 4 Feb
3
7312 793
8312 225,700 El du Pont de Nemours___20 3218 Mar 2 83I2June 2
7614 7914
7514 783
4 76
7514 79
80N June 10518 Aug
100 9712 Apr 20 108 May 29
10512 10512 10612 108
6% non-voting deb
1.700
108 108
10712 1074 1075 108
s
2 May 29
3 Feb 4
5
'June
218 Sept
No par
7,400 EitIngon Schild
17
s
2
17
8
17
s
17
8
17
8
17
8 2
s
4
214 May
4 Mar 29 1238May 31
1212 Jan
1,500
635% cony 1st pref____100
10
1114 123 *1138 1178 *1118 1178
8
10
105 1178
8
81:, June 32 Mar
5
5 10 Apr 4 23 June 2
2112 23 109,200 Elec Auto-Lite (The)
2118 215
8 2118 221
21
227
s 2118 22
61 June 10014 Feb
100 7814 Mar 29 88 Jan 5
Preferred
500
8412 85
83
84
82
83
83
84
*8218 85
2 4May 16
3
72 June
12
4212
1 Jan 3
3
212 23
4
25s
23 10,200 Electric Boat
4
212 23
4
212 25
212 23
4
3 June 2
Jan
1 Feb 14
23,200 Elec & Mm 2nd Am shares___
24 3
8
212 27
8
2 8 27
5
25
8 27
8
238 278
8June 2
2 34 July 16 Sept
318 Feb 27 103
5
814 8
85 1038 162,300 Electric Power & Light No par
8
8
812
8
812 87
838 914
10 4 July 64 Jan
3
712 Apr 4 2412June 2
No par
19
1914 1838 1914
Preferred
207 2412 10,100
8
19
201s I938 21
87s July 5512 Jan
614 Apr 5 2112June 2
No par
56 preferred
17
167 167
8
8 16
1818 187
s 184 2112 7,000
1714 181
12N June 3314 Mar
39
40
8,500 Elec Storage Battery No par 21 Feb 16 46 June 2
383 3938
4
4018 4214 46
39
393 a39
4
3
4June 2
18 Jan
12
58
3 Aug
4
12
58
4 Jan 4
910 Elk Horn Coal Corp_ No par
3
4
3
4
*as
3
4
5
1
N
16 July
8May 27
374 Sept
5212 52 8 523 5234
7
4
8 1,900 Endicott-Johnson Corp____50 26 Feb 27 527
5234 52
5218 527
52
52
98 May 115 Nov
100 107 Feb 17 116 June I
*10978 120 *10978 120
Preferred
40
11514 11514
*115 120
116 116
4 June 25 Feb
4 Feb 23 12 May 17
•10
9
97 10
8
1014
912
934 10
934 1132 5,200 Engineers Public Serv__No pa
16 July 51
Feb
1512 Apr 7 35 May 17
*30
33
$5 cony preferred___ _No par
31
500
31
3212 34
*3112 32
32
32
18 July 57 Mar
No par 15 Apr 4 39 May 15
*32
preferred
343 35900
35
*32
5535
35
*32
34
34
35
129,2 Jan
6l2Mar27 123
101122
4May 31
8
12
123
4 11
113 11N 1112 125
4
4
117
8 113 1214 14,400 Equitable Office Bldg_ _No par
1112May 31
2 June
714 Mar
3 Apr
10
Eureka
93 101
4
9,400 Eeka Vacuum Clean_No par
10
101
11
1012 1112 11
213 Sept
May
414May 31
7 Mar
5
5
338 37
3,500 Evans Products Co
334 414
37
8 4
8
4
37
/
4
93 Jan
4
113 Jan
4
10 Jan 4
10 Jan
*10
15
*10
20 Exchange Buffet Corp_No pa
15
10
*10
15
a10
15
1 Sept
134 Sept
2 May 31
gMay 1
7
25
*1
Fairbanks Co
112
15
8
158
700
2
2
2
2
2
2
612June 2
1 June
4 Aug
412 412
1 Feb 23
100
518
4
518
5
Preferred
110
514 514
612 st
214 Dec
61s Aug
212 Mar 23 1114June 2
912 9N
912 11
1012 105
8
93
93 1114 5,600 Fairbanks Morse & Co_No par
4
4 93
4
10 Dec 473 Mar
4
100 10 Feb 25 4012May 27
4012 4012 40
Preferred
40
30
40
*40
40
*40
__
_- -2 May 11
.2 Ju 17 Sept
8
5 Jan 26
8
13
4
2
17
8
2
3,400 Fashion I'ark Assoc.....NO par
18 2
7
2
2
IN
1-7-s
814 Dec 22 Jan
43 Apr 6 12 May 16
4
15
*912 12
*912 1112 *912 1112 103 1113
*9
111
400 Federal Light & 'Frac
4
30 June 64 Mar
*46
No par 38 Apr 20 54 Feb 18
49
*46
Preferred
55
5010
46
*46
50
•46
46
4June 2
112
,2
v
334 Aeb
28 F
5
83
3 Mar 16
4
75
74 814
7 4 83
3
4
67
135
8 7
s
7
7 5 11,900 Federal Motor TruckNo par
8
May
31
Aug
414June 2
3 Feb 27
4
No par
3
3t
38
3
3
34
318 314
312 414 4,300 Federal Screw Works..
214 Dee 103 Mar
sJune 2
153 Feb25
47
8
312 312
34 313
314
33
312 47 14,100 Federal Water Sere A No par
8
312 312
612 June 15 4 Sept
3
712 Feb 27 2312May 29
231
2214 2214 23
Federated
2212 2212 23
*2218 24
1,200 Ferated Dept Storffi_No par
2312
2634June 2
6 May 273 Jan
2412 2514 25
2514 2612 25
26
263 10.100 Fidel Phen Fire Ins N Y_ _2.50 1014 Mar 2
4
2612 26
9 June 1
5 4 Jane
3
812 Mar
5 Mar 22
*8
10
*8
97
10 Fifth Ave Bus See Corp.No par
9
9
*812 9
7 Mar 1612 Sept
9 Apr 5 1612 Apr 25
•1612 ____ *1612 -__
No par
Filene's Sons
____ 47 -9-1-2
*1612 ---- *17
12
Apr tt 86 Jun 16
75 June 94 Jan
100 81
*82
*8014 85
Preferred
30
85
*8014 85
8312 8312 *8014 85
1012Jun
187 Aug
8
918 Apr 4 23 May 31
2012 21
203 21
8
4
2112 225
2012 23
8 213 2212 54,400 Firestone Tire & Rubber___1
45 July 68 Aug
100 42 Mar 3 7412June 2
72
721s 74
Preferred series A
74
7412 2.000
7414 7414 74
73 4 74
3
35i8 July 5431/i
u
5812 5912 5918 6034
x593 603
5912 61
4
4 8,000 First National StoresNo par 43 Mar 3 62 May 31
60
62
Aug
-No pa
Fisk Rubber
_-- 14 Feb
24 Aug
100
1st preferred
Is Oct2 Aug
10
_ 1st pref convertible
414 Apr10 Feb
;HT4 11- ;iii 16712 Feb 7 16 May 19
4
100 Florsheim Shoe class A_No pa
ic
-ff- "ii- 63 July 99 Nov
*86
95
100 80 Apr 19 97 Jan 10
*86
95
6% preferred
*86
95
1186
95
*86
95
2 june
84 Sept
12
123
8 1212 1318
212 Feb 28 1314June 2
No par
113 1212 1212 1314 2,800 Follansbee Bros
4
13
12
8June 2
3 May
157 Sept
8
8
412 Feb 28 185
157 163
s
8 153 Isis
No par
4
8
17
1812 173 185 40.100 Foster-Wheeler
16
18
•712 8t4
1 July
714 Aug
77
8 814
2 Feb 27 1314June 2
No par
103 1314 21,600 Foundation Co
4
97 1078
8
8
104
2238 Sept
1014 Jun
8Mar I 2535June 2
223 237
4
s 2312 243
1 135
244 233 253
2414 2514 23
4
s 9,900 Fourth Nat Invest w w
4
1 July
57 Aug
8
438June 2
278 314
34 Mar 29
318 4
No par
4
43 64,900 Fox Film class A
8
3
521 418
353 4
10 May x28N Nov
10 16N Feb 28 4012June 2
38
8 37
353 37
4
387 4012 39,500 Freeport Texas Co
8
365 373
8
3614 3714
Stock
218 May 26
Oct
16
16
*1234 16
9 Jan 9 22 June 2
Ier 0 pre
22
22
16
20
*1212 16
80 Fu 6 2(G A) prior pref_No par
0
3 Juu
32 Feb
4 Jan 19 12 June 2
913 912 10
No par
240
1012 1012 12
1012 1012 *10
10 Exchange
312 Sept
14 Jun
4
.1N
3 June 2
18 *IN
1 Feb 27
2
13
4
17
8
2,800 Gabriel Co (The) ci A No par
2N
3
212
IN
5:2 j c C 15 2 SeptJan
2 le
)
u,
7
,
:
13
1312 14
612 Jan 20 20 June 1
1714 1714 1712 20
15
690 Gamewe41C0(The)___ _No par
Closed
1753 18
2 8 Feb 28
5
814June 2
13,400 Gen Amer Investors_ No par
7
54 77
8
.
74 8
3
73
4 8
74 8
3
26 Jun
71 Sept
*70
78
par 42 Feb 23 78 May 23
73
74
75
78
73
Preferred
CorDNo
400
*75
8
8081'
Memorial *74
912 Jun
35 4 Mar
3
34
35
135 Feb 28 3618June 2
4
33
343 3615 37,300 Gen Amer Trans
4
36
333 343
4
4 3314 35
45 Mar 3 1738June 2
4 4 June 1512 Jan
3
1518 153
4 155 1612
8
No par
173 27,600 General Asphalt
153 163
4
4 155s 1612 16
Day
1012 June
1938 Mar
1912 2018
1934 2014
1912 183g 19
5 13 Jan 3 2014May 29
27.600 General Banking
19N 2018 19
90 June 108 Sept
10312 10312 10312 104
4
$8 preferred
260
104 105 *10312 104 *104
No par 993 Mar 30 10514 Jan 26
73
834May 24
12 June
5 Aug
8
714 8
218 Feb 6
5
7 4 814
712 8
8
83 26,000 General Bronze
4
3
8 May 31
14 May
5 Sept
7
712
653 718
114 Mar 3
51712 8
75
8 8
No par
712 77 16.800 General Cable
112 May
1112 Sept
1314 1312 14
214 Feb 27 16 May 31
15
1512 1514 1512 4.000
1412 16
1414
Class A
No par
34NJune 2
3.4 June 25 4 Sept
3
25
2712 2712 3112
a3012 3212 3212 343
612 Mar 3
30
33
100
7% cum preferred
2,830
8
20 June 383 Mar
3718 38
39
39
391
No par 29 Jan 3 40 Apr 29
4,500 General Cigar Inc
38
39
38N 397
8 38
75 June 106 Dec
*10518 110 *1051s 110
100 100 Mar 15 112 Jan 25
*10518 110 *10518 108 *10518 110
7% preferred
812 May 2618 Jan
213 22
5
2114 2178
107 Apr 26 2314June 2
8
8
8 2212 2314 364,700 General Electric
215s 2318 217 227
No par
105 July
8
117 Sept
8
5
115 113
115 1178
8
10 111s Apr 20 12 Jan 12
4
8 7.200
8 113 117
113 117
4
s 114 117
Special
4June 2
195 May 4012 Mar
8
335g 34
353
3312 34
3312 343
s 3318 3414 3412 353 60,300 0 neral Foods
No par 21 Feb 2
4
218June I
3 July
8
2 4 Feb
3
17
118
112
112
114
5 Apr I
5
13
4 2N 51,800 + .eu*I Gas & Elec A__ No par
8
11
13
4
17
3 June 2444 Jan
*12
1212 1212 121
3N Apr 3 1314June.
1212 1212 1314
*12
151 1512
Cone prof series A No par
400
5.4 July 30 Aug
•14
20
7 Apr 20 1412June 2
*11
1412 1412
13
13
*13
20
20
No par
$7 pre: class -'.
20
514 July 40 Feb
*13
20
5 Apr 6 15 May 24
*12
197s •18
*14
197 *14
197
No par
1812
$8 pref class 4.
18.8 Apr 25 Mar
3212 3258 3258 3318
2414 Jan 9 3318May 29
_ *324 -- -.
*327 ___ *3212 _
8
600 Gen Hal Edison Elec Corp__
28 May 4812 Sept
55
56
3512 Mar 3 5758May 2.
5512 9755
5512 17,100 General Milt
5514 i6
-34 55
55 8 571
3
No pa
76 July 9612 Dec
9818 981s 9812 981
100 9212 Mar 28 10014May 22
10018 1001s 1004 10018
99 100
700
Preferred
2512 257
a 25
243 2553 244 2514 25
4
683,200 General Motors Corp
257
2653
5614 July 8714 Mar
873 874 87
4
89
8812 88
No par 6512 Mar 3 89 June 2
2,800
88
8614 88
88
$5 preferred
4 June
8June 2
9 Feb
111
5N Jan 9 113
*11
1018 11
1114 1138
11
No par
1,100 Gen Outdoor Adv A
11
il's 11
4 Jan
212 Mar 1
5 4May Pi
3
44 514
253 Nov
53
4 53
No par
*518 512
5
5
512 51
Common
800
212 July 14 Jan
314 Jan 4 13 June 2
1114 1212 1212 13
11
11
1018 11
914 97
530 Genera,Printing Ink-No par
;iii4
*52N
4
35N
*77
2
15
1112
*23
133
4
53 8
3
453
21
13N
7412
.1212
215
8
*101
127g
394
333
6912
1318
*48
;HT,
70
*5212 70
5812 60
53
53
56 preferred
No par 31 Mar 18
40
*5214 60
418
41
412
2 Apr 6
412 43
4
41
47
45
8 53 10,700 Gen Public ServiceNo par
4
3714 3412 36
36
3412 35
No par 1314 Jan 3
7,100 Gen Railway Signal_
33
3214 35
100 694 Jan It
*79 10112 *79 10112 *79 10112
a79 1011
95
6% preferred
214
preferred7 Feb 16
,
13
2
218
2
214
17s
2
218
13.400 Gen Realty & Utilities
2
153g
15
512 Jan 19
1412 144 2.400
14
15
1512 14
1512
$6
No par
1212 1112 1238
11
1112 1012 1178 124 127
211 Feb 27
g 7.300 General Refractories_ No par
26
*27
____
*25
____ *25
29
29
9 8 Feb 17
3
10 Gen Steel Castings pref No par
144 137 144
1378 141
8
934 Apr 20
133 1414 143 Ter 100,400 Gillette Safety Rasor_No par
8
4
53 8 53 5352 5212 *5312 54
3
4
547 56
1.500
Cone preferred
No par 473 Apr 19
453 478
44
43
4 5
438
43
47
538 22.000 Gimble Brothers
h Feb 9
No par
21
2112 2112
*20
24
*20
2218 2112 25
514 Mar 1
900
Preferred
100
13 8 13N 1412
7
1212 133
4 1218 13
123 13
4
20.100 Glidden Co (The)
33 Mar 2
4
No par
75
7412 76
75
75
7412 75
7712 7712
260
Prior preferred
100 48 Apr 22
13 1158 i v,
4
115 1214 103 113
5
1118 113 39.200 Gobel (Adolf/
4
4
3 Feb 16
No par
2253 213 2178
8
213 227
4
s 2112 2238 2214 2314 51,400 Gold Dust Corp v t c_ No par
12 Feb 27
103 *101 103
*102 103 *102 103 *102 103
$6 cony preferredNo par 100 Jan 18
1312 154 1414 1538 15
1312 131s 1418
155 117,700 Coodrich Co (B F)
8
3 Mar 2
No par
41
407
s 403 4154
424 415s 434 4418 48
4
5,200
9 Feb 2S
Preferred
100
344 343 36
3514 3753 36
337 37
4
3712 114.300 Goodyear Tire & Rubb_No par
914 Feb 27
4
693 7314
4
70
73N 743 573
7412 7312 75
4.000
4
1st preferred
par 273 Mar
133
4 13
123 1514 14
4
133
8
144 144 143 40,200 Gotham Silk Hose
4
75 Apr
8
No
No
*47
55
55
55
54
54
55
56
56
GO
Preferred
100 41 Apr
314
3gg
318
314 312
312 47,700 Graham -Paige Motors
1 Apr
1
314 3N
318 33
4
1418 15
14
15
123 1312 1314 14Is
4
143 15Iz 39.000 Granby Cons M Stu & Pr__100
4
3 8 Mar
7
73
75
718 73
718
7
3g 73
4
753
358 Mar 2
5.100 Grand Union Co tr ctLs.No par
712
774
31
2878 293 •29
8
304 307
8 30
2914 303
3012
Cony pref series
No or 2212 Apr
1,100
2412 2412 2412
24
24
*24
247 *24
s
4
223 223
400 Granite City Steel
No par 11l5Mar 2
53 334 334 33
3314 3.500 Grant (v T)
3212 324
32
327
33
33
15 Feb 28
5
NO Dar
1338 144 1318 133
1318 1378
4 13
123 13
133 24,800 0t Nor Iron (Ire Prop_ _No par
8
553 Feb 27
263 284 2612 2738 27
4
2812 52,200 Great Western SugarNo par
271g 2814 274 28
638 Jan 19
1037 104
8
105 105 .102 105
10412 106
Preferred
350
103 103
100 7212 Jan 3
15
13
3
23
4 3
112 13
4
No par
24 33 100.100 Grigsby-Grunow
13
4
%Mar
8
234 43
312 414
214
2l
312 37
35g 4
14 Jan 2
35,700 Guantanamo Sugar_
No par
22
22
22
221
22
22
243
22
13114 Feb 27
No par
6.200 Gulf States Steel.
24's 24
43
*3612 38
43
47
43
50
363 38
4
Preferred
100 164 Jan 16
58360
2hz 21
21
21
21
21
21
21
25 15 Mar 18
2014 204
1,300 Hackensack Water
*27
28
*27
28
28
*27
25 25 Apr 8
*27
28
8
7% preferred class A
4
.265 28
378
41
4
43
8
37g
4
4 14
4
118 Feb 28
44 46.800 Hahn Dept Stores
453
NO Dar
*2412 277 *2412 27N
9 Apr 1
100
1,000
277s 30
8
Preferred
277 277 *2412 271
73
73
4
31s Feb 27
10
73
712 712
712 8
6N
4 2,700 Hall Printing
*614 64
_
•25I2 __ _
*2512
*25N
*251 ___
25
10 Hamilton Watch pref._ ..100 15 Feb 11
25
i3
75
75
73 73
75
75
*73
75
130 Hanna(M A) Co $7 pi_ No par +1;12 Jan 4
73
184 1914
185 1914 18
8
1778 187
618 Feb 25
1912 1912 2018 26.700 Harbison-Walk Refrac_No par
15 Apr 3
N
3
*h
7
8
h
7
N
as
3
4
3
4 7.200 Hartman Corp clam B.No par
13
h Mar 18
1381N
lag
13
13
4
Class A
NO par
IN
13
4 2.600
II
1
• Bid and asked prices, no sales on this day. a Optional sale. z Es die Hal. e 11:s
53 June 1
4June 2
53
37I4M5y 27
80 May 2
212May 24
1612Nlay 24
1334May 15
29 May 31
2014 Jan II
75 Jan 9
8June 2
53
25 June 2
1418May 29
7712June 2
13 May 27
2314June 2
103 Jan 4
1558June 2
48 June 2
3758June 1
75 June 2
1514may 31
56 June 2
4 May 24
151zJune 2
814 A pr 20
3412 Jan 9
2412June 2
3338May 31
1418May 31
2812June 2
106 May 31
43 lay '29
338t e 2
8 m
247sJune 1
58 June 2
22 May 25
287 Jan 12
s
478.1une 2
30 June 2
8 May 31
25 May 27
75 May 31
20I8June 2
7
8MaY 31
INMae 29
2712June 60 Feb
74 Aug
1 May
618 July 285s Jan
65 July 90 Jan
14 May
214 Sept
5 June 163 Sept
4
3
114 June 15 8 Sept
8 Mar 27 Aug
1058 Jan 2414 Mar
45 Jun
7212 Aug
3 4 Aug
5
4 June
Jan
63 Dee 31
s
3 a June 10 8 Sept
3
35 Apr 76 Sept
2- s May
'
8 Aug
8
8 4 Stay 205 Sept
,
70 July 10112 Dec
123g Sept
24 May
7 May 3314 Sept
5'2 May 29 4 Aug
3
1944 June 6912 Aug
3
714 Jan 30 4 Sept
50.4 Jan 7012 Oct
438 Jan
1 May
23 June 11N Sept
8
314 June
9 4 Mar
3
22 June 3514 Mar
63 June 17 Sept
4
14,2 May 3014 Mar
5 June 1314 Jan
12 Aug
314 Apr
48 June 83 Aug
2N Sept
N Apr
1 Sept
Is Mar
212 June 214 Sept
12 July 40 Oct
15 May 23 Jan
19 May 28 Apr
Aug
July
44
7 58 July 28 Aug
4
Ills Jan
312 July
20 (let 30 Mar
33 May 70 Jan
7 May 18 Sept
2 Sept
Is Dee
.
3 Jifle
4 Max
New York Stock Record-Continued-Page 5
3866
June 3 1933
Or FORPSALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 27
Monday
May 29.
Tuesday
May 30.
Wednesday
May 31.
Thursday
June 1.
Friday
June 2.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sines Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Rang, to Preston*
Year 1932.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share 3 per share Shares. Indus. & MIscell. (Con.) Par
__
Hawaiian Pineapple Co Ltd_20
__ ________ ____
212 318
212
28
7
314
No par
2.1 27
23
8
s
2% 23 26,700 Hayes Body Corp
4
9318
Helms (CI W)
93% *85
8
8
*90
25
•85
9318 *917 93% *917 9318
*812 912
100 Hercules Motors
•812 10
No par
*812 10
8
*812 10
8
333 3512 3318 3414 335 37
8
4
28.900 Hercules Powder
No par
33
3312 33
3514
99 102
100 100
*98
100
$7 cum preferred
98
1027s 10278
963 99
4
190
54
55
54
53
5414 54
5412
58
56
5712 7,300 Hershey Chocolate___ _No par
800
7912 81
No par
Cony preferred
8314 8314
78% 80
*817 8314 813 813
8
4
4
Hoe (R)& Co class A No Par
__ ____ ___ ____
83
4
14,300 Holland Furnace
8
918
814 10
No par
63
4 7
7
814
63
8 6%
65
612 67
8 73
6
4 *75
67
8
73
4 3,800 Hollander & Sons (A) No par
210 223 *20612 219
220 227
212 230
219 225
3,800 Homestake Mining
100
514
5
5
53
8
5
433 5
514
5
5 14 23,900 Houdaille-Hershey Cl II No par
49
4912 *495 50% 50
400 Household Finance part pf_50
8
*4812 49
*48
40
50
263 2933 27
4
8
2518 2614 267 2833
301
8 2912 303 33,600 Houston Oil of Tex tern ctfs100
4
514 53
8
43
Voting trust etre new____25
4 47
8
533
514 53
47
4
o
53
4 618 34.300
20
218 20
25
23
227 233 28,200 Howe Sound v t c
8
8
8
184 1933 187 2012
9
03
4
50.100 Hudson Motor Car_ ___No par
83
8 03
8
014 10
818 912
73
4 81s
43
4 47
8
438 43
45
8 5
10
4
412 43
4
5
5 3 33,100 Hupp Motor Car Corp
4
114
118
118
124
lis
118
114
No par
*1
118
138 7,800 Indian Nfotocycle
27
8 27
23
4 3
10
23
4 23
4
900 Radian Refining
*27
8 3
3
318
61
647
8 6118 623
No par
6614 6312 6614
65
4 6214 6412 48,200 Industrial Rayon
54
57
No par
4 551 58
54
56
573
5612 55
553 10,100 Ingersoll Rand
4
3218 323
4 32
3512 36
36
6,000 Inland Steel
36
No par
38
38
40
53
4 614
514 57
8
614 712
714 914
9
9 12 42,500 Inspiration Cons Copper___20
211 23
214
8
23
8
.2is 23
3
23
4 314 *3
314 1,500 Insuranshares Otte Inc_No par
33
8
27
8
312
314
3
3
333 2.700 Insuranshares Corp of Del....1
s
3
314 33
*238 212
24 314
212 233
No par
24 38
27
8
333 9,800 Intercont'l Rubber8
712 8
95
8
No par
714 7 8
5
83
8 93
8
8 8 914 14,400 Interlake Iron
7
No par
212 233
2 4 234
3
212 25
8
212 233
23
8 23
4 3,600 Internet AgrIcul
1314 14
13
14
1,700
100
13
Prior preferred
13
13
*1314 1312 13
4,600 Int Business Machines.No par
120 122
12312 1243 122 12414
121 12212 122 124
4
1
67
8 718
7
712 10.600 Internet Carriers Ltd
73
8
67
8 75
63
4 718
7
8
28
2812 2714 2812 2712 2812 10,500 International Cement_ _No par
2712 2914 2712 2933
Inter Comb Eng Corp.. No per
___ ____ ____ ____ ____ ___
____
Cony preferred
No par
-5F - 4 -i6is - - - "al igle 1-- 2 ,600 Internet Harvester-No par
5
-5i1 19 -5734 ---1.
4 73;
3133 2
9
387i
500
100
Preferred
11018 11018 *109 110
*10612 1097 109 110
110 11018
8
724 77
22.300 Int Hydro-El Sys cl A__No par
63
4 6%
733 9
812 712
7
7 12
3 8 33
3
4
35
3
8 35
8
8
312 412
312 33
412 514 10.400 Int Mercantile 1,1arine_No par
4
15
1433 153
153
4 1518 155
8 1512 153 306,400 Int Nickel of Canada-_No par
8
1433 15
100
800
*91
Preferred
9312 95
9913
93
98
*91
93
9612 97
912
8
912
9
318 318
3
3
114
114
Ds
118
7
8
7
8
7
8
7
8
75
8 818
712 712
10
912 9% 10
*56
60
54
55
247 25
25% 253
4
48
49
46
49
2912 30
287 30
8
46
467
8 47
4833
13
133
1318 1412
8
812
4
614 63
*25
35
33
33
6
6
6
*5
4
25
2512 253 29
43
41
39
42
3612 3938 373 4133
4
7212 7212 7212 7212
743 75
4
75
76
•103 105 *103 105
61
614
6
6,
4
1314 1333 13% 134
35g 33
4
35
8 33
4
20
20
193 21
4
---724
91
*4312
183
4
133
4
312
123
4
113
4
.94
32
---- ---714
714
914
10
48
*4614
1912 1912
1514
14
318
3
15
137
8
1214 123
8
96
*94
34
32
-i - 1
-o" 29136
•4
914
16
65
23
8
-28T4
4
373* 343
*518
6
10
93
4
16
16
85
*65
23
4
25
8
---714
10
48
2013
1514
312
14
13
96
3214
-- ,-8
2c5
363
8
6
1014
1612
70
33
8
512 6
*512 612
63
66
8212 633
4
1918 1912 195 20
8
287 30
8
2814 2912
90
903 .90
4
9012
8814 92
9012 9212
130 130 *13114 140
201 2118
2014 21
203
1912 2078 20
19
17
17
15
351g 3612 3313 3512
183 22
8
8
183 1914
63
60 60
*62
333
3
318 314
414 43*
4
4 12
8
39
397
8 3912 397
*11612 118 *11612 118
203 207
8
8 203 21
997 997
8 997 998
2
214
214
212
•12
1733 18
187o
1814 1812 183 19
8
1314 14
14
147
8
$ per share $ Per share $ per share $ per share
____ ____ -- ---- ---- -112 Nov
10 Jan
314Nlay 31
84 Feb 27
14 June
312 Sept
4Nlay 25
6912 Jan 16 923
50 June 815s Sept
8 May 19
3 Mar 20
43 June
4
812 Jan
15 Feb 27 37 June 2
137 Aug 29% Sept
8
8June 2
7012June 95
85 Apr 6 1027
Jan
4312 July 83 Mar
3518 Mar 29 58 June 1
57 June 83 Mar
643 Apr 5 8412May 12
4
24 Apr
-------------------13 Jan
4
_
314 Dec 1212 Aug
312 Jan 4 iu June 2
4June 1
234 Dec 103 Mar
73
214 Star 2
s
146 Jan 16 230 June 2 110 Feb 163 Dec
53
8May 31
1 May
1 Mar 2
412 Sept
4331May 6 5114 Jan 12
4214 June 5718 Jan
4June 2
814 Mar 13 303
83 May 2814 Sept
4
618June 1
1% Feb 28
1 18 May
53 Sept
8
47 Dec 1812 Jan
8June 2
512 Jan 3 233
3 Feb 28 10 June 2
27 May 113 Jan
8
4
53
4June 2
138 Mar 3
112 MaY
53 Jan
s
138May 17
14 Afar 16
%June
218 Sept
318NIay 23
118 April
1
Apr
23 Nov
4
24 Apr 4 6614May 27
7% June 40 Sept
1914 Feb 27 58 May 29
143 Apr 447 Sept
4
8
10 June 277 Sept
12 Feb 27 40 June 2
8
912June 2
2 Feb 25
34 May
73 Sept
4
314Jj in io
ul e l
a
114 N1ar 29
3,4 J u ly
1 june
4i2
Apr 5
134
8 8 Sept
3718 ja
33
8June I
sy Mar 21
14 Apr
318 Aug
95
8May 31
218 Mar 1
133 July
714 Sept
33
8May 17
7 Feb 17
8
14 Apr
312 Aug
35 Apr 15 Aug
4Nlay 17
5 Jan 3 153
4Nlay 27
5212 July 117 Mar
4
753 Feb 28 1213
758June 1
114 May
27g Jan 18
512 Jan
8Nlay 29
618 Mar 2 293
35 June 183 Jan
8
4
3 Jan 10
4
18 Apr 13
12 May
17 Jan
g
6 Jan 5
138 Apr 12
412 Nov 21
Jan
4May 27
1333 Feb 28 393
103 July 3418 Aug
8
80 Jan 5 11018May 31
683
4June 108
Jan
9 June 2
212 Apr 4
253 June 115 Mar
8
514June 2
114 Jan 4
7
8June
414 Aug
4N1
fild Feb 27 153 ay 31
312 May 1212 Sept
72 ran ii 9912June 2
50 June 86 Mat
212 Jan 4 10 June 2
13
290 Internet Paper 7% pref-100
8June 12 Sept
10
912 912
8 10
833 85
314N1ay 20
12 Apr 21
3
1,500 Inter Pap & Pow cl A__No par
3
12 June
4% Aug
*212 3
23
4 3
2 June 2
14 Apr 1
Class B
2.200
No par
14 May
2 Aug
112 2
118
118
118
118
138June 2
14 Jan 6
14 Apr
Class C
13 17,800
8
112 Sept
No par
1
7
8
7
8
7
8
7
8
8June 2
2 Apr 5 113
Preferred
134 Dec 123 Sept
8
100
814 83
8
84 113 12,600
73
4 814
312 Feb 28 12 June 2
3 Dee
900 Int Printing Ink Corp_No par
1112 12
•1018 1218 11
83 Mar
4
11
218
Preferred
4
100 35 Apr 18 60 June 2 7243 Jan 45 Nov
60
5612 58
60
56
56
4Nfar 28 2612June 2
No par 133
9 4June 2312 Feb
3
2514 2618 25
2533 2518 2612 11,500 International Salt
4June 1
2014 July 443 Jan
4,200 International Shoe_ No par 2433 Jan 3 493
4812 4912 48
493
4 4812 49
100
71 Judy 26 Sept
93 Feb 25 3134 Apr 20
4
4,300 International Sliver
29
29
29
3014 29
29
26 May 65 Feb
48 48
48
487
700
4712 48
100 24i2 Mar 2 50 Apr 20
7% preferred
518 Feb 28 1714June 2
1414 15
4
137 1412 1412 1714 600,000 Inter Telep & Teleg_ __No par
8
233 May 153 Sept
7 May 18
1125far 2
618 612 4,700 Interstate Dept Stores_No par
618 612
112 May II
614 612
Jan
120
Preferred
18 June 5221 Jan
30
30
30
100 12 Apr 7 34 May 26
30
30
30
17 Jan 24
7 June 2
212 Dec
5
512
5
614
7
7
3,200 Intertype Corp
Stock
7 Apr
No par
4June 2
28
29
2712 2812 29
11 Feb 27 293
1014 Apr 2012 Aug
293
4 3.100 Island Creek Coal
1
397 41
42
42
Exchange
1518 May 35 Feb
417 417
4,600 Jewel Tea Inc
No par 23 Feb 27 43 May 29
10 May 33% Sept
373 4014 38
4
39% 3812 4014 66,000 Johns-Manville
No par 1214 Mar 2 4158NIay 29
•78 100
*7712 89
Closed
Preferred
45 July 993 Jan
*7712 89
100
100 42 Apr 5 7212May 27
4
76
7512 78
7612 7634 76
560 Jones & Laugh Steel pref.. 100 35 Feb 1 78 June 2
30 July 84
Jan
Memorial 105 105 *100 105 *100 105
50 K CF & List pref ser B No par 10014Nlay 3 110 Jan 17
9012 Apr 1133 Jan
4
7 May 2
614
618 614
612 2,900 Kaufmann Dept Stores $12.50
3 May
238 Mar 15
914 Mar
58 618
16,200 Kayser (J) & Co
Day
123 137
4
8 133 133
8
4 1333 14
43 July 143 Sept
4
67 Feb 27 14 Juno 2
a
8
25
514June 2
78 Mar 2
433 514 38,600 Kelly-Springfield Tire
5
33
4 412
33
4 4
233 30
4
29
213 23
4
31 18 4,000
6% pref
No oar 6 Feb 28 3118June 2
---8% preferred
100
8% pref certlfs of deposit__ ____ __-_ - ---- ---- 7 June 24 Sept
6% preferred
20 Jan 532 Oct
--- ---- -100-Slay 12
8
600 KelseyllayesWheel cony.cLA 1
2 Feb 27
4
714
733 •
714 73
*714 73
4
23 May 103 4
914 97
914
318 Feb 28 10 May 11
No par
912
914 97 77,300 Kelvinator Corp
8
8 Feb
48
17 July 38 Feb
*47
4712 4712 *44
48
70 Kendall Co pt pf ear A.No par 30 Jan 10 50 Slay 1
41 June 1014 Sept
2112 22 389,600 Kennecott Copper
211
21
20
73 Feb 28 22 Jun3 2
8
20
No par
57 Apr 6 17 June 2
612 Dec 1912 Jan
16
17
17
20
800 Kimberley-Clark
16
•16
No par
3
41sMay 17
3
3
3
1 Apr 3
12 Apr
333 318 1,500 Kinney Co
5 Sept
No par
8May 20
15
14
3 June 19 Aug
14
740
14
Preferred
1333 147
No par
433 Feb 14 167
512 Star 2 1314May 31
65 July 19 Jan
8
10
123
4 1214 127 98,300 Kresge (SS) Co
1218 1314 12
8
96
88 May 110 Mar
94
*94
96
96
*94
20
7% preferred
100 88 Apr 4 100 Jan 5
35
35
1.700 Kress (Sit) & Co
18 June 37
8
337
8 337 35
No par 27 Jan 17 35 June 1
33
Jan
14 Jan 3
gis Jan
14, May
'<Tenger & Toll (Am WO__ 1-32 Jan 26
10 May 187 Mar
1412 Feb 28 3118June 2
8
.
-.
-2823 --2033 -331-2 iiiii -3oi /its 53,100 Kroger Gros & Bak_No par
25 May 5634 Jan
4
8
No par 22% Mar 2 3738May 27
34
36
337 3433 343 363 51,800 Lambert Co (The)
5'4M ay 6
2 Slay
3 Feb 8
*418 8
"418 6
Lane Bryant
•4
6
No par
733 Aug
sJune 1
33 Mar 2 107
13 Apr
4
4
103 26,600 Lee Rubber & Tire
8
9 8 107
5
8 10
8% Sept
5
93 1014
4
33 Apr 11 Aug
s
1.200 Lehigh Portland Cement_ __50
1714 1778 18' 18
16% 17
57 Jan 8 18 June 2
3
40 Dec 75
85
*69
70
50
100 34 Feb 9 70 June 1
70
7% preferred
70
Jan
•68
312June 2
I May
1 Jan 13
312 9,300 Lehigh Valley Coal____No par
43 Aug
4
27
8 314
3
27
8 3
612May 17
212 Apr 10
114 July 1112 Aug
50
Preferred
5,300
8
512 68
8
53
8 53
518 55
3012 June 517 Sept
637
8 6314 6512 6512 6612 19,300 Lehman Corp (The)_No par 3712 Feb 28 0612June 2
62
8
4June 2
6 May 2414 Mar
5 14 Feb 27 213
203 213 11,300 Lehn & Fink Prod Co
4
4
2018 201z 197 21
434 Mar I 323
4June 2
33 May
4
93 Sept
8
29
3214 313 323 221,500 Libby Owens Ford Glass No par
275 29
8
3
32% June 8512 Oct
89
8834 90
905
8 89
90
1,400 Liggett & Myers Tobacco_25 49 Feb 16 90 4Nlay 27
25 4914 Feb 16 9212May 29
Series 11
3418 May 8714 Sept
22,600
9014 897 92
9114 88
89
100 121 Mar 22 132 Feb 1 100 May 132
132 132
Oct
Preferred
300
13114 13114 41130 132
14 June 21 Mar
20% 4,200 Llly Tullp Cup Corp__No par 13 Apr 6 2112May 16
8 20
8
2012 207 32014 207
8% Apr 1933 Aug
5,200 Lima Locomot Works-..No par 10 Jan 17 22 June 2
19
193 *19
8
20
20
22
1838 •15
63 Apr 17 19 Slay 29
612 June 14 Mar
4
1712 1,700 Link Belt Co
*17
No par
•1612 18
4May 25
9 May 22 Mar
34
No par 1014 Feb 25 363
8 33
22,300 Liquid Carbonic
4 3218 337
325 343
8
813 Mar 22 22 Slay 29
8 20% 22
1314 May 3734 Sept
4 193 217
73,300 Loew% Incorporated
No par
4
20
213
8 647 65
39 July 80 Sept
8
No par 35 Apr 4 65 June 2
Preferred
8
700
647 647 *6212 647
8
33
4June 1
IN Feb 24
17 June
8
5 Sept
No par
4
312 33 20,400 Loft Incorporated
4
318 33
318
314
412May 29
II Feb 28
27 Aug
8
4
14 May
33
4 414 3,470 Long Bell Lumber ANo par
4
433
43*
1618 July 3633 Feb
39
3912 2.500 Loose-Wiles Biscuit
25 1914 Feb 27 4018May 25
38
3914 38
38
Oct
98 July 118
4
20
4
4
4
100 11312May 9 120 Jan 14
7% let preferred
1163 1163 1163 1163 *1163 120
8May 31
9 May 183 Sept
8
8
3
203 2114 57,200 Lorillard (P) Co
8 2018 21
No par 10 8 Feb 16 213
205 213
8
7318 Jan 10818 Sept
300
7% preferred
10014 10014 *10014 110
100 8712 Feb 23 10014June 1
*101 108
3 June 2
214 July
8
is Jan 5
12 Jan
27
8 3
7,300 Louisiana 011
213 27
4
No par
213 23
Jan
312 Feb 24 19 May 2(3
*10
3 Dec 18
17
1878 *11
20
17
*10
100
Preferred
8June 2
821 June 233 Mar
191
9,300 Louisville Gas & El A_No par 137 Apr 8 197
8
1814 18
8
187
8 18
x18
8
153 13,600 Ludlum Steel
8
112 Jan 113 Sept
1412 1512 15
4 Feb 28 1512June 1
1
1412 147
-500
Cony preferred
47
49
47
No par 14's Mar 28 47 May 2
42 .40
40
36
36
39% 3918
2112 2118 2112 6.400 MacAndrews & Forbes
912 Feb 16 2112June 1
21
10
2012 21
1812 193
4 1912 2012
20
6% preferred
100 74 , A pr 18 8112June 2
8012 8012 81,
8012 *79
2
*75
*75
7912 *75
80
8May 27
No par 1312 Feb 27 377
4 3412 3614 34,400 Mack Trucks Ins
363
4 3312 353
35
363 3778 35
8
367
8
8May 31
613 12,000 Macy (It 16) Co Ino
s
No par 2414 Feb 25 613
4
6014 613
s 593 60% 60
564 583
4 584 60%
4%May 17
300 Madison Sq Gard•t o_No par
lug Mar 30
8
8 37
4 *33
4
4
33
8 33
*312 4
*33
4 4
881ar 2 18 June 2
8,600 Magma Copper
18
No par
17
53
17
1512 15
15
14
14
1433 15
312June 2
7 Feb 15
8
23*
25
8 312 9.100 Mallinson (H It) & Co_No par
212
214
214
214 23
214 23*
37 Apr 29
318
312
3
106
3 12
14 Jan 4
3
312 2,300 Menet'Sugar
3
23
4 318
33*
9 June 1
Preferred
32 Jan 6
8
750
100
8
814 9
612 612
8
84 85
714 83
4
912J1fl1e 2
950 Mandel Bros
914
112 Jan 3
914 912
No par
8
a712 833
5% 57
7
7
4June 1
512 Apr 1 143
25
8
4 133 1412 9.300 Manhattan Shirt
8 1233 143
1118 1114
8
107 127
103 11
4
23
4June 2
212 234 3,100 Maracaibo 011 Explor_No par
12 Jan 18
212
2
112 112
13
8 18
2
14
9
11% Jan 9
912 912
514 Mar 31
84
77
93 31,800 Marine Midland Corp
8
10
712 8
73
4 8
8June 2
6 Feb 27 195
No par
19% 8,300 Marlin-Rockwell
17% 1912 19
18
17
4 1714 173
171 173
4
178 Jan II
14Nfay 5
% 114 85,900 Marmon alotor Car_ _ _No par
5
8
% 1
%
5
8
12
5
8
12
414 Jan 30 18 NIay 31
8
s 165 1712 30,400 Marshall Field & Co. .No par
1614 173
, ItPe 1712
1652 18
161
15
8June 2
8
275 29% 2914 317 33,800 Mathleson Alkali Workallo par 14 Feb 27 317
8
273 287
4
274 2812 2712 283*
__
_ __ _ _ ._
100 10018 Jan 20 105 Apr 29
Preferred
___ *108 - .*108
108
10814_ •10812
13,800 May Department Stores
4
25
93 Feb 24 30 June 2
3
0
Ws -- 8
2714 - 8 2712 2 .313
287
2814
2
6
2518 - - -12 2614 -5 June 1
400 Maytag Co
No par
l's Apr 10
*514 53
8
5
5
412 412
*414 5
*412 5
93
4June 2
3% Apr 4
300
No par
Preferred
93* 93
4
912 912
.67
8 8
107
8
928 91 *10
Prior preferred
4212
200
No par 15 Apr 5 40 May 29
4212 *21
*201 4212 *21
,
40
38
40
•29
sate. s Sold II days. x En-dividend. y En-rights.
•Bid and anted prices so sales on ma day. a Optional sale. e Clash
_6.5,_ _e iif,
.4 _
.
Sept
612 Jan 26 Sept
912 Aug 1514 Feb
5712 Slay 80 Sept
4
10 June 283 Sept
17 June 6018 Jan
412 Sept
218 Jan
4
412 Apr 133 Sept
4 Sept
12 Jan
214 Sept
Is Mar
14 Apr
314 Sent
4' Sept
Dec
1
9 Aug
312June
112 Aug
38 June
8
612June 143 Aug
55 May 1334 Sept
312 Sept
12 Apr
3 July 1312 Jan
8
9 June 207 Mar
Jan
8934 Apr 105
Jan
912 June 20
8 Aug
1 July
3 Apr 1012 Sept
2218 Dec 3514 Jan
rd.- FOR SALES
New York Stock Record-Continued-Page 6
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
May 27.
Monday
May 20.
:4 per share $ per share
231 233
4 2334 24
*218 214
2
218
.2
3
.2
3
9
9
812 9
.54 6
.518 6
283 30
8
2818 2914
813 8312 82
4
834
5
5 14
5
53
8
125s 1312 1218 13%
%
3
4
%
7
8
.612 8
612 612
183 1912
8
1812 19
83
4 9
8% 9
16
1618 16
17
20
*17
20
20
438 5
54 6
1014 1012 1012 11
1034 11
11
133
5914 60
64
59
19
193
4 193 22
4
3
3 14
3
3 14
1812 1812 1812 1914
1512 154
10
1612
49
4958 49
50
23
2312 2212 2378
.4318 45
44
44
%
4
4
88
13
4 2
13
4 2
207 2112
2034 22
64 714
718
734
8
83* 87
83
8 912
2012 2118 2012 2114
12
12
12
13
84 934
93 1034
1914 193
4 183 19
4
14 184 2034
183* 19
53
5
,2
514
534
35
8 334
4
414
5412 5512 5412 5518
136 136 .135 136
1912 20
193 2 8
8 03
193 2012 193 2014
4
7,
3
4
7
8
7
8
5
4
5
4
67
71% 63
677
72
763
4 7012 73
.113 1214 .115 1214
8
*
•105 115
1093 110
4
.112 11718 11718 117.8
*92
9718 .92
9718
133 145
4
8 1334 1518
4312 453
4 43
45
16
165
8 167 217
4312 4312 423 50
4
312 33
4
3% 33
4
2012 213
8 2014 21 14
712 814
712 75*
9
912
912 10
34 34
34. 4
17
18
173 1012
4
.6
10
.6
83
4
•10
14 .13
15
1 18
lls
1
114
734 77
8
734 74
*63
68
.63
68
08714 9512 *8714 9612
100 100
100 100
2714 2814 2712 2838
26
2714 263 28
8
*4212 48
*4314 4518
73
718 7
,2
7
6712 6712 66
6712
06
618 *6
618
40
40
41
413
3
338
314 334
11
1134 113* 123
4
43
4 4%
45
514
1938 20
1914 233
4
7
64 73
714
123 13
4
12/ 1334
8
.
218 6
15, 218
1734 IS
173 187
4
8
10018 10018 .9814 9918
55, 57
55, 54
17
17
*1512 1612
7412 7712 723 75
4
2418 254 2514 2614
3012 3212 31
325
22
22
213 2214
843 8518 85
8
8512
412 43
4
4% 43
4
- 814 29122 -El..! . 212
234
212 234
0114
112
1% 15
7
8
%
3
4
1
212 23
8
23
8 27
8
%
5
8
58
7
8
278 27
8
278 3.2
1212 13
1312 15
138
13
8
112
112
45
457
8 45
453
4
3918 3 4 3812 3038
03
1 102 10212 10212 10212
5
5 14
518 53
8
.20
26
20
20
.22
___
28
28
.78_ .80
__
6612 - - 7
67 8 6612 -. 8
693
93 10
4
93 10
4
8%
1218
*20
.53
54
12
.45*
.2512
1234
8
*314
1
914
13
2214
4514
134
40
63
4
*36
5
5112
918
13
2912
55
112
123
4
814
60
13
8
6
1 18
912
112
2212
4514
134
40
6
38
614
6212
94
123
4
2912
52
5
1212
*318
.2512
1318
8
512
1
912
112
22
457
1312
4012
53
8
.36
44
5312
97
8
14%
30
52
57
131 1
814
60
1438
8
612
114
1012
13
8
2212
47
1514
42
57
8
38
51,
5534
Tuesday
May 30.
Wednesday
May 31.
Thursday
June 1.
$ per share $ per share
2312 237
214 214
.2
27
8
812 812
.41s 614
2718 283
8
834
82
47
514
1214 13
7
8
7
8
918
*8
193 203
4
4
814 9
164 1612
.19.4 2014
614
73
4
8
103 113
4
1312 1434
65 4
3
65
22
22
3
314
1812
•17
.
153 1614
8
4812 50
2212 233
4
4514 4618
% %
15
2
20
2212
734 8
912
20
3
123
4
98
,
19
1918
512
43*
5312
136
1812
2012
Friday
June 2.
Sales
for
the
Week.
$ per share
823
2312
218
214
823
4 3
9
9
*5
6
2718 28
815 83
8
43
4 5
1218 1212
3
4
7
8
8
8
20
2012
812 81
18
17
*1912 2012
64 812
4
103 1112
4
8
133 147
70
.63
*1912 23
3
312
188 19
1512 16
4712 4812
4
2234 233
47
47
15
8
3
4
13
4 14
214 22
714 73
4
97,,
9
934
22
2012 2212
1412 154
14
107
8
9
93
4
19 .18
19
203
183 193
4
4
618 63
8
6%
412
4% 43
8
55 8 5312 5514
3
136 *13512 136
194 1812 1912
21 14 2012 21
$ per share Shares.
1,700
2312 234
214
23
4 5,500
100
23
23
4
9
1014 2,900
*5
6
274 2912 60.400
8178 8438 8,900
47
8 54 32,500
1212 1212 7.900
17 50,000
8
7
8
9
10
190
203 22
4
4.300
9
912 16,200
1712 18
2,500
.18
100
20
812 914 47.000
1112 1178 45,600
14
147 20.100
8
68 68
800
*1912 22
1,600
314 312 36,400
183 1934 1,100
4
1578 16
11,200
47
504 5,200
23
24% 336,700
4712 50
900
8 218 76,600
15
13
4 14 7.200
10,400
2118 23
1
72 77
8 7.800
87
8 95, 20.200
21
23
1,480
164 18
6,600
9
934 128,700
900
18
18
195 20'g 110,300
8
614 63 17.200
4
47
1,900
43
8
8
5412 553 28,100
138 138
400
184 194 45,100
2012 214 119,700
78
34 15s 5.100
5
6
610
312
658 6418 6534 140.000
5,500
7114 703 71
4
500
13
13
13
700
III *109 111
100
117 *11214 117
96
9718 .92
91,600
1434 1414 16
46
4
4514 463 60,200
27,200
2414 2312 24
1,510
52
52
60
304 4.300
33
4
312
72
2034 2012 2) 18,200
9
0
14 87
8 2,400
104 107 1134 18,500
8
6
512 55
7.400
1612 1612 183
4,900
812
812 812
GO
150
147
8 15
15
118
1
114 14,800
754
714
712 12,600
671
6712 *65
7
8
54
7
8
4
4
314
61
667
8 63
3 7234 70
70 4
1214 1314 .1234
10978 111 .105
*114 117 *114
.92
9718 .92
1414 1518 135
8
44
46
44
20% 244 213
49
6012 49
312 334
312
2014 214 193
4
77
Stock
812
814
10
103
8 10
Exchange
4
43
4
43
4
17
1812 1534
Closed
0 8 84
67
6
*1312 147
8 14
114
1
Memorial
118
74 7 4
3
714
e65
6712 *65
Day
9012 9012 *8714 9512 .8714 9512
10
•10014 105 *10014 11012 .10014 11012
40
2814 2914 281 293
,
72,100
4 2918 30
2638 283
8 263 2712 2718 2914 171,400
8
434 434 *4212 45
100
•424 4418
718 7 8
3
71s 712
74 712 96,400
6712 6712 6638 68
900
684 6818
6
61a .55* 6
400
512 6
3812 4112 •413 42
180
4
413 42
4
33
314 334
318
33* 334 12,700
124 1334 123 1312 134 14 130.500
8
53 27,900
4
45
54
514
47
8 514
2234 23
22
254 2514 2812 4,800
7
73
8
67
8 712 22,800
634 7
1212 1311a 124 138 1418 15
16,900
218 212
33
8 414 *43
390
8 83
4
183 2018 1918 21
8
2012 213 44.900
*
30
8
984 9814 *9814 100
983* 983
57
57
6
53
4 6
618 29,400
16
1612 16
16
1612 1612 1,000
7012 73
72
733
4 73
753 24,500
4
2512 263* 25
253
4 2512 2712 40.300
313 3234 3112 3214 32
3434 40.000
21
22
203 203
1,500
4 2034 21
84
8512 84
650
851
8512 87
43
438 44
434 4%
5 192,100
25
274 2614
212 23
212
13
8
112
13
8
1
118
118
3
314
334
7
8
1
7
8
33
8
314 4
15
1712 1614
14
112
138
447 45 z4418
1
3814 3912 3818
103 103 *10218
8
5'8 5
53
8
20
2114 20
.24
283 .24
78
78
*84%
6612 69
66
1012 1012 1012
97
10
103
4
14
1514 1414
304 3014 3018
*52
67 :55
53 6
3
512
1212 1314 123
4
.334 814 e318
*2512 60 .2512
14
1412 133
4
8
8 12
85
6
7
74
118
114
1
1012 104 103
4
15
8 13
4
15s
2178 2212 213
4
__ .46
.46-- 12 16
15 4 16
3
40
40 .41
53
8 6
6
35
36
*35
47
5
5
56
58
5412
2714 25
214
234
112
112
138
1 12
33
4
33
4
1
1
4
3%
18
1634
13
8
112
453
8 447
39
3812
___ •10212
634
57
8
2012 .20
283 .25
4
_ _ .8438
-68
673
4
1112
114
103
4 1014
1512 1518
3014 323
55
55
57
55
8
1314 134
814 *318
60 .2512
1412 14,
4
83
8
812
712 .7
114
118
104 104
17
8
14
22
2112
---- 4
614
1612 1634
43
45
6
6
38 .35
518
514
564 56
• uld and asked Prices no sales on this day. a Optional sale,
3867
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING.
27
2%
184
2
34
114
43
1734
2
4518
39
_ _
614
21
283
4
_
ii
117
s
10,500
5.100
1,600
25,800
47,300
21,300
14,400
60,000
3,500
4,400
20,000
200
33,100
800
100
30
7,100
2,600
41,900
131,700
900
500
57.300
4,700
111
1512
323
4
55
634
133
4
814
60
143 111,400
4
812
620
8
2,300
114 21.000
1114 2,700
2
29.600
22
3,000
700
4614
1912 7.200
45
1,300
6
2,000
38
60
614 3.900
583
8
740
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share tots.
Lowest.
Indus. & Miscell. (Con.) Par
McCall Corp
No par
McCrory Stores class A No par
Class B
No par
100
Cony preferred
McGraw-BM Pub Co_No par
McIntyre Procupine Mlnes_5
McKeesport Tin Plate_No par
McKesson & Robbins
5
Cony pref series A--- __ --50
McLellan Stores
No par
8% cony pref ser A-----100
Melville Shoe
No par
Mengel Co (The)
1
Mesta Machine Co
5
Metro-Goldwyn Pict pref_27
Miami Copper
5
Mid-Continent Petrol__No par
Midland Steel Prod--__No par
8% cum lot pref
100
Minn-Honeywell Regu.No par
Minn Moline Pow Impl No par
No par
Preferred
Mohawk Carpet MID/3.N° par
Monsanto Chem Wks_ _No par
Mont Ward & Co Ind._No par
Morrel (J) & Co
No par
Mother 1.ode Coalition_No par
Moto Meter Gauge&Eq No par
Motor Products Corp_ _No par
No par
Motor Wheel
No par
Mulllias Mfg Co
No par
Cony preferred
Munsingwear Inc
No par
Murray Como(Amer
10
No par
Myers F & E Bros
No par
Nash Motors Co
National Acme
10
National Bellas Hess pref_ _100
National Biscuit
10
100
7% cum pref
Nat Cash Register A._ No par
No par
Nat Dairy Prod
Nat Department Stores No par
Preferred
100
National Distil Prod___No par
40
$2.50 preferred
Nat Ensm & Stanaping_No par
100
National Lead
100
Preferred A
Preferred B
100
National Pow dx Lt__No par
National Steel Corp. No par
National Supply of Del
50
Preferred
100
National Surety
10
No par
National Tea Co
Nelsner Bros
No par
Nevada Consol Copper_No par
Newport Industries
1
No par
N Y Air Brake
100
New York Dock
100
Preferred
No par
NY Investors Inc
N Y ShIpbldg Corp Part stk_ _1
100
7% preferred
NY Steam 26 prer
No par
57 lot preferred
No par
Noranda Mines Ltd
No par
.No par
North American Co_
Preferred
50
North Amer Aviation
5
No Amer Edison pref._No par
North German Lloyd
Northwestern Telegraph.-50
Norwalk Tire &Rubber No par
No par
Ohio Oil CO
Oliver Farm Equip__ _No par
Preferred A
No par
Omnibus Corp(The)vto No par
Oppenhelm Coll & Co_ _No par
Orpheum Circuit Inc pref_100
Otis Elevator
No par
100
Preferred
No par
Otis Steel
100
Prior preferred
Owens-Illinois Glass Co____25
Pacific Gas & Electric
25
No par
Pacific Ltg Corp
100
Pacific Mills
100
Pacific, Telep & Teleg
Packard Motor Car_ _.No par
Pan-Amer Petr & Trans
5
Class Li
5
Park-Tilford Inc
No par
Parmelee Transporta'n_No par
Panhandle Prod & Ref _No par
Paramount Public ars. _-_10
Park Utah C M
1
Pathe Exchange
No par
Preferred class A _ _ _ _No par
Patin° Mines & Enterpr No par
Peerless Motor Car
3
Penick & Ford
No par
Penney (J C)
No par
Preferred
100
Penn-Dixie Cement___No par
Preferred series A
100
Peoples Drug Stores__ _No par
83.% cony preferred___ _100
People's0 L & C (Chic)_100
Pet Milk
No par
Petroleum Corp of Am_No par
Phelps-1)odge Corp
25
Philadelphia CO 6% pref-50
26 preferred
No par
Phila Jr Read C & I. _No par
Phillip Morris & Co Ltd_ ___10
PhillIps Jones Corp.
-No par
Preferred
100
Phillips Petroleum
No par
Phoenix lloslerY
5
Pierce-Arrow class A__No par
Pierce 011 Corn
25
Preferred
100
Pierce Petroleum
No par
Pillsbury Flour M ills_ No par
Pirelli Cool Italy Amer shares
Pittsburgh Coal of Pa
100
Preferred
100
Pittsburgh Screw & BoltNo par
Pitts Steel 7% cum pref
100
Pittsburgh United
25
Preferred
100
a Ex-dividend and en-rights.
a 801d is dam
Highest.
PER SHARK
Range for Previous
Year 1932.
Lowest.
$ per share
13 Mar 3
38 Apr 15
114 Jan 13
212 Mar 17
3 Apr 4
18 Mar 16
4418 Jan 4
134 Mar 2
338 Mar 3
14 Feb 24
24 Jan 16
83 Feb 27
4
2 Mar 1
7 Feb 24
1312/vier 1
13 Mar 3
8
334 Mar 2
3 Mar 2
26 Mar 3
13 Apr 4
78 Feb 3
6 Feb 7
7 Jan 23
25 Mar 3
83 Feb 25
8
25 Jan 6
18 Jan 9
14 Jan 5
73 Mar 1
4
112 Mar 1
112 Mar 21
5 Mar 21
5 Mar 30
134 Feb 25
8 Jan 25
11 18 Apr 12
118 Feb 28
14 Jan 27
3112 Feb 25
118 Mar 3
54 Mar 2
1012 Feb 27
is Mar 15
114 Feb 23
167 Feb 15
8
24 Feb 8
5 Feb 2
4314 Feb 23
101 Mar 1
75 Feb 23
64 Apr I
15 Feb 27
4 Apr 6
17 Feb 23
114May 3
612 Jan 4
112 Jan 16
4 Feb 28
13 Mar 29
8
6,8 Apr 4
5 Apr 25
612 Mar 30
12 Apr 3
134, Jan 4
31 Jan 9
80 Mar 24
a9314 Apr 25
173 Jan 14
8
154 Apr 4
32 Feb 28
4 Feb 27
48 Apr 19
5 May 18
263 Apr 27
4
1 18 Feb 23
43 Feb 27
14 Feb 27
314 Feb 28
13, Mar2
212 Feb 28
18 Jan 30
1018 Feb 27
9312 Apr 5
114 Mar 1
214 Feb 28
3112 Slat 3
20 Apr 7
2514 Mar 31
Highest.
4 per share $ per share $ per share
24 May 29
10 May 21
Jan
3 Jan 12
612 Dec 16 Apr
6 Jan 5
5 Dec 19 Jan
21 Jan 9
20 Dec 62 Feb
213 Stay
6 May 24
712 Jan
30 May 27
13 May 215 Dec
8
843
8June 2
28 June 6214 Feb
53
8May 17
14 June
612 Sept
1312May 27
3', May 23 Feb
17
8June 2
3 July
8
4 Mar
10 June 2
7 Dec 36 Mar
22 June 2
74 Dec 18
Jan
912June 2
1 July
5 Aug
514 May 1912 Jan
1812S1ay 16
14 June 2214 Jan
20 May 24
3
112 June
9 4June 2
614 Sept
117
8June 2
33 Apr
4
8% Sept
1478June 1
2 June 1238 Sept
68 June 2
25 June 65 Sept
22 May 29
11 June 234 Jan
3 June
8
33 Aug
312May 17
8
1938June 2
4 Dec 145 Aug
8
16121May 29
512 June 14 Sept
4June 2
133
8May 303 Mar
503
31 May 1612 Sept
243
8June 2
20 Slay 3514 Mar
50 June 2
4 May
218June 2
3 Aug
4
2 May 16
14 Apr
114 Sept
73 June 293 Sept
23 June 2
8
65 Sept
8 May 31
2 June
8May 31
2 June
97
1334 Jan
23 June 2
5 June 2712 Sept
18 June 2
7 Aug 1541 Sept
107
24 Jul)
94 Mar
87*iay 31
718 June 19 Feb
20 May 5
8 May 193 Sept
20 41May 29
4
3
4June 2
114 May
514 Sept
63
8June 2
18 May
47
6 Sept
5512May 27
2014 July 467 Mar
1387 Jan 10 101 May 14214 Oct
8
2038May 29
z614 Dec 18% Sept
2138June 2
143 Jun
8
313 Mar
*
138June 2
24 Aug
14 June
6 June 2
114 Dec 10 Aug
7138May 27
13 Jun
2714 Aug
4May 27
763
204 May 3212 Feb
33 July
8
818 Sept
1314May 31
Ja.,
45 July 92
111 May 31
11718May 29
87 July 125 Mar
Jan
61 July 105
95 May 6
8
16 June 2
65,June 203 Sept
4634June 2
1312 July 334 Sept
3l2June 13 Sept
2434May 31
131 Slay 3918 Aug
00 June 2
412 July
197 Aug
8
812 Jan 6
312 Slay 104 Aug
2158May 27
512 Jan
112 Apr
9 June 1
1138June 2
212 May 1014 Sept
33
4Sept
1 12 June
6 June 1
414 June 1412 Sept
19 May 13
318 Dec 10 Sept
9 Slay 11
20 Apr 30 Aug
15 June 2
t2June
3 4 Aug
5
13
sMay 19
614 Feb
13 Dec
8
818 Apr 7
20 June 57 Mar
6912 Apr 7
101 Jan 9
70 May 100 Oct
110 Jan 11
90 June 10918 Mar
30 June 2
8
10 4 May 213 Sept
3
314 Jan 11
133 June 4314 Sept
4
2512 July 248 Sept
46 Jan 12
63 Dee
8
114May
8 Apr 29
49 July 88 Sept
7412 Jan 16
Jan
25 June
8
8
8 Mar 20
42 June 2
15 June 33 Aug
212 Aug
334June 1
% Feb
11 Aug
5 Jan
14 June 2
12 Apr
4 Aug
578.1une 1
2' Slay 1014 Aug
2812June 2
434 Mar
112 Jan
712June 2
94 Jan
3 June
15 June 2
314 June 15 Sept
514 Jan 12
9 May 2212 Jan
2138June 2
90 May 106 Nov
102 Jan 27
914 Sept
114 May
612May 11
318 May 203* Sept
197
8Nfay 11
12 June 4214 Nov
77125tay 27
164 June 37 Feb
3114 Jan 11
20 4 June 4712 Aug
3
4334 Jan 11
314 Stay14 Aug
6 Feb21 23 May 18
58 June 104% Mar
65 Mar 3 87 June 2
514 Jan
112 July
5 June 2
13 Mar 24
4
14 Sept
6 July
12 Jan 5 1212 Jan 11
714 July 1412 Sept
1112 Mar 2 1212 Feb 18
2 Apr 10 Sept
a Jan 20 2912May 27
2 Jan
4 June
2 4MaY 31
3
la Mar 21
114 Jan
134May 13
38 Apr IS
4 Dec
2 June 2-la Apr .5
38 Apr
2 Sept
8June 2
34 Jan 9
37
14 Stay
114 Aug
14 Jan 4
114JUne 2
55 Feb
114 June
438June 2
114 Jan 25
912 Sept
318 July
538 Jan 16 18 June 1
43 Apr
4
%June
2 June 2
3 Feb 16
4
16 June 3204 Mar
8May 25
22512 Feb 27 457
13 Slay 3412 Star
4May 27
194 Mar 2 393
60 June 91 Star
90 Jan 4 c1041 Feb 17
,
12 Apr
212 Aug
63
8June 1
34 Jan 25
8 Sept
44 Mar 2 2114May 31
3 Nov
10 4 Jan 25 28 May 29
12 Oct 1612May
3
5018 July 95 Feb
65 Apr 11 78 May 31
Jan
4134 Apr 18 78 Jan 9
39 July 121
8June 2
612 Feb 2 117
5 Dec 1212 Jan
3 Sept
22, May7
4June 2
45 Jan 3 113
8
8
378 June 113 Sepr
412 Jan 4 1512June 1
4June 2
18 June 41 Mar
25 Apr 11 323
47 May 12 x55 June 1
48 June 76 Sept
74 Sept
24 Feb 27
638June 2
2 June
7 June 13 Aug
8 Feb 23 1334June 2
4
3 Feb 8
512May 9
312 Apr 123 Sept
10 Apr 32 Feb
818 Sept
4June 2
2 June
43 Jan 4 143
4
94 Aug
8June 1
2 Nov
83
15, Mar 15
112 Apr 18
9 Jan
712June 1
114 June
34 Sept
14 Jan 3
14 Jan
114May 24
37 Feb 27 1114June 2
9 Aug
312 Jan
12 may
13 Sept
8
0 Jan 23
8
2 June 2
Ai Feb 24 233
8May 12
912 Dee 2212 Jan
4
333* Apr 4 47 May 29
21 June 313 Mar
4 Feb 25 1912June 2
8
3 May 113 Sept
17 Jan 25 45 June 2
17 Dec 40 Jan
47s Aug
8
618May 13
17 Feb 15
2 Apr
4
1014 Jan 6 3834May 26
912 June 243 Sept
4
38 Sept
4 Dec
1 Feb 6
4
64June 2
14 Slay 64 Sept
15 4 Feb 27 583
3
8June 2
x En-dividend
e Cash sale
v 122 rights.
New York Stock Record-Continued-Page 7
3868
lae-FoR
-PER SHARE. NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday
May 27.
Monday
May 29.
Tuesday
May 30.
Wednesday
May 31.
Thursday
June 1.
Friday
June 2.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
Indus. & Miscell. (con.) Par
$ per share $ per share
No par
Pittston Co (The)
*2% 31
8 3
.23
5
Plymouth 011 Co
1412 16
4
1414 143
No par
Poor & Co class B
4 9
83
5
88 9
Porto Rio-Am Tob cl A_No par
512 6
6
3
54
No par
Class B
314
3
318 311
Postal Tel & Cable 7% prat 100
4
1438 1518 143 158
25
Prairie Oil& Gas
1158
*9
*914 10
25
10,300 Prairie Pipe Line
15
4 14
143
.10
No par
19,700 Pressed Steel Car
17
178 2
2
100
I referred
1,600
8
8
*612 7
No par
24,500 Procter 4 Gamble
4
4218 4312 4134 423
330
5% pref leer of Feb 129)100
100 101
100 100
10,300 Producers & Refiner. Corp_ _50
1.78
132
112 IN
50
60
Preferred
9
9
812
.8
31,000 Pub Sec Corp of NJ.__No par
49
3
5034 4914 50 4
No par
500
$5 preferred
4
793
*7812 797 *79
100
6% preferred
200
8
927
.89
93
.91
100
7% preferred
8
.101 1047 *102 1047
8
100
100
8% preferred
.116 1208 "116 1201s
100 Pub Ser El & Gas pf $5_No par
8
*9312 96
97
968 967
*94
*9414 96
96
*94
No par
4412 38,600 Pullman Inc
8 42
427
40
4114 43
4158 44
45
44
No par
4
8 83 65,000 Pure 011 (The)
83
812
8
8 12
8
8
53
8
8 912
27
100
8% cony preferred
8 1,100
5012 5012 517
47
53
49
4814 51,
57
4
54
No par
8
223 22,700 Purity Bakeries
22
8 2118 22
2112 227
8 224 233
8
8
233 237
8
8 93 588,700 Radio Corp of Amer_ No par
85
4
814 83
0
8
8
8 83
73
3
712 7 4
50
Preferred
3312 3512 7,500
347k 35
40
29
2512 2618 26
3012
No par
Preferred B
2212 67,200
21
181., 227
s 204 22
8
175 19
1714 18
No par
314 33
3
,
3 2 45 31,900 Radlo-Keith-Orph
312 3 4
4
25 33
25
4
1
4
163 1712 31,200 Ray bestos Manhattan_No par
s
x1612 173* 163 171
4 1612 173
4
1714 173
10
4
1312 143 15,200 Real Silk Hosiery
8 1312 14
1314 143
1312 14
135 137
100
55
Preferred
*47
55
*47
55
*50
55
60 .47
*47
No par
178 2,200 Eels(Robt)& Co
4
13
4
13
8
13
112 158
I%
8
15
158
8
15
100
let preferred
*512 7
*414 7
"414 7
*414 818 .414 818
1
44,600 Remington-Rand
8 8
67
612 7
4 71.1
63
7 14
7
68 7
100
let preferred
8 2714 2812 1,200
8
2712 2712 267 267
2612 2612
28
.26
100
110
27
26 preferred
27
2212 2712 *2212 29
2812 2712 2712
*2612
5
4
8 43 30,200 Reo Motor Car
45
4
412 43
4
8 43
45
4
8 43
43
4
43
45
8
147 153 68,900 Republic Steel Corp- __No par
8 1412 1514
8
143 153
1512
1512 15
15
100
6% cone preferred
4 3512 3618 7,600
4
3514 36% 343 353
8 3518 36
35% 357
1,900 Revere Copper & Brass_No par
1114 12
4
113
11
10
9
812 812
8
8
No par
600
Class A
2412 25
24
20
25
.15
•1212 20 .10
1934
1914 18
185 18
1812 32,100 Reynolds Metal Co.__ _No par
18
1712 17
8
17
183
No par
3,200 Reynolds Spring
10
10
2 1014 1012
912 97
10
9
9
9
4
8
423 4312 4214 4314 427 433 105,800 Reynolds(R J) Tob class B_10
43
414 4212 42
10
Class A
40
6012 6012 6012 60 2
,
.6012 61
61
61
61
.60
112 31,700 Richfield Oil of Calif_ __No par
1%
138
114
1%
Ds
i's
114
114
1
No par
700 Ritter Dental Mfg
•143 1612 1414 1412 *1412 16
4 1612
1414 1414 *143
5
3
8 7 8 11.900 Rossla Insurance Co
65
3
78
67u
618 714
6
6%
64 64
2618 265
4
8 263 2714 5,000 Royal Dutch Co (N Y shares)
26% 27
4 2514 26
243* 243
10
4
2214 233 75,900 Si Joseph Lead
24
8 21
8
193 217
18% 19%
1814 19
No par
8
517 26,500 Safeway Stores
514 493 513
4 50
4
50
50% 5212 492 50%
100
6% preferred
10
8612 8612
*8612 88
*8612 88
*8612 88 .8612 88
100
7% preferred
870
9612 97
98
97
8
957 97
97
96
3
95 4 97
5,200 Savage Arms Corp____No par
814 9
812 812
914
8
912
9
8 95
9,
518 612
612 77
63
8
4 712 22.900 Schulte Retail Stores_ ...,) par
4
64 73
3
7 4 812
100
Preferred
780
297
1912 20
26
26
*20
30
26
26
26
5373 40
No par
460 Scott Paper Co
*373 40
4
.3712 40
4
Stock
40
3712 3712 38
4
3112 3312 23114 3214 3012 313 62,100 Seaboard 011 Co of Del_No par
304 31% 3114 3312
No par
500 Seagrave Corp
8
43
8
43
43
.4
438 Exchange
45 438 •4
.
*312 4
4
323 194.500 Sears. Roebuck & Co No par
4
30
313* 293 31% 31
2934 28% 3012
29
1
314 312 1,800 Second Nat Investors
314
314 .3
3
Closed
27
3
234 278
1
Preferred
500
44
8 44
*4314 455
44
44
4314 4314
42
41
No par
5
214 3 8 93,400 Seneca Copper
2
1
8
7
4 Memorial
3
58
34
4
3
4
3
1
47 43,200 Servel Inc
434
478 514
4 5
43
5 14
5
514
5
No par
4
4 1014 1114 103 1114 47,100 Shattuck (F G)
103
10
Day
4
103
10
101.1
10
No par
9 18 3.100 Sharon Steel Hoop
9
9 1,s
9
8 914
87
912 912
9,8 93
4
No par
8
8 67 17,500 Sharpe & Dohme
63
614 612
614 7113
71 i
7
4 714
63
Cony preferred ser A_No par
300
4
4
4
4
*373 3812 *373 3812 373 373
377 377
38
38
No par
818 85 136,300 Shell Union 011
712 814
74 77
3
7'8 7 4
68 714
100
Cony preferred
8
4918 4714 4812 487 4912 1,900
47
4612 47
45
45
Shubert Theatre Corp-No Par
_
No par
S_rnmons Co
a I
..,
.
1 •
_
-i5i4 IE "iii4 "1-1; "iiig 15 - ___.30_ Simms Petroleum
i
.
-ii Iii -ig4 -Ws
10
8
8
4 115 123 20,700
113
8 11
115
10
912 1018
914 91,
25
8,300 Skelly 01. Co
912 97
8
812 87
812 9
767
712 812
100
Preferred
800
.36_ _ 3614 3614 *3612 3712
3318 3512
33
33
4%
414 438 5,800 Snider Packing Corp__No par
41 4
4
45 - -34
43
334 438
412
25
8 104 1112 1112 12 277,300 Socony Vacuum Corp
113
11
1014 105 107
8
10
8012 81
8012 8012 1,100 Solvay Am Invt Tr pref___100
82
82
82
82
80 80,s
3314 26,400 So Porto Rico Su r_ __No par
3212 32
3214 345 31
3214 337
8
32% 337
100
Preferred.
_ _ _ _
_
•I24
_
__ 5124
.124
._
.124_ •124
...
25
23 8 3
22 --12 22% - .2 -3 31,300 Soutt n Calif Ed19012
21% i2
22
3 21 1. 215 - -12
20 4 - South. 1 Dairies A B_ _No par
200
8 3
•23
"214 3
.214 3
3
3
214 214
300 Spann]. (A G)& Bros_No par
9
9
4
.83 12
8
.85 12
818 81s
7
7
100
1st preferred
40
*25
*25
40
*25
40
*1518 50
50
*30
50 Spang Chalfant&Co IncNo par
15
*13
15
*13
13
13
__
*1313
12
12
100
Preferred
60
3514 3612 3612
35
35 35
35
-35 .31
*31
37
518 612 77,900 Sparks Withington____No par
33
8
53
5
8
55
4
418
4
No par
90 Spear & Co
25
8 •1
25
2 25 .1
7
.
8
8 15
15
8
*112 15
9,200 Spencer Kellogg & Sons No par
1614 1712 1712 18
18
17
17
13% 1414 14
No par
100 Spicer Mfg Co
11
11
*1018 12
•1018 12
3
*10 4 12
*1114 12
No par
Cony preferred A
130
2812 '2914
35
.25
2512 28
35
*2214 35 .24
1118 4,800 Spiegel-May-Stern Co_No par
814 814
8's
95 10
712 814
7% 712
No Par
193 21 106.500 Standard Brands
2018 2118 193 2014
2112
2112 21
21
No par
Preferred
200
.122 125 .122 12312 .122 125
124 124
.123 124
318 318 1,600 Stand Comm Tobacco_No Par
27
3
3
25
*218 212
212 212
4
8
127 143 42,800 Standard Gas & El Co. No par
4
8 113 13
8
125 135
8
117 1212 1214 127
No nar
Preferred
1814 10,700
4
153 1612 16
1612 171 1
8
3
1717 15 4 167
16
No par
$6 cum prior pref
800
4 3512 3512
315 3218 3117 313
.3012 3412
31
31
ar
No ,
$7 cum prior pref
1.800
4
*373 39
3612 40
3712 39
37
36
36
35
8 27
23
,3
23
21 1
8 7,300 Stand Investing Corp_.No par
8 218
15
4
13
8
15
13
15
200 Standard 011 Export pref. 100
•100 1003 *10014 10012 10012 10012
s
8
*987 993 100 100
34
8
335 343 94,200 Standard Oil of Calif_..No par
8
344 33
33
313 3214 323 34
16,500 Standard 011 of Kansas_..10
4 243 25
8
247 2614 2412 243
1912 25
1714 19
4
4
353 375 3618 3714 363 3712 184,400 Standard 011 of New Jersey_25
3
35 4 36
35
374
.
Starrett Co (The) L S .No par
72 9
.,
9
712
•
*712 9
.8
95 *712 9
2% 24 6,900 Sterling Securities 01 A_No par
218 218
218 21 1
2,8
2
2
214
No par
Preferred
4 1,800
4 53
53
.514 6
512 6
6
8 612
6,
6%
Convertible preferred..-_50
400
*3312 35
34
3412 3412 34
35
353 35 4
35
4
3
10
8
8 83 53,600 Stewart-Warner Corp
73
,
72
7
7 12
7
64 65
65 75
No par
1412 157 71,300 Stone & Webster
8
8
8 141 1 147
8
143 153
1412 15
1414 15 4
,
37
4
37
418
514 63,300 Studebaker Corti (The) No par
4
3
34 4
35 4
100
Preferred
970
2012 2218 2218 33
2014 21
18
1912 2012
18
No par
4,200 Sun 011
44
434 4412 4318 4378 44
413
41
417 43
100
Preferred
40
9712 9712
96 .96_
96
.94
96
96
96
1,200 Superheater Co (The)__No par
19
18
1812 1812 18 - 14 19
1812
8
177 1814 18
No par
4 33 44,800 Superior 011
23
8 3
27
8 314
27
27
3
4 318
23
100
9
4
0% 7,800 Superior Steel
512 10
812 9
812 912
9,2 93
314 312
,
3
32 4
3
1,800 Sweets Co of Amer (Ttee)_ _ _50
314
3
312
1 .3
No par
700 Symington Co
112 112
14
1 14
114
114
1
I
1
114
*14
No par
Class A
2% 27s 2,300
4
24 23
8
214 212
8
214 23
23* 27
1214 1214 1412 2,600 Telautograph Corp....No par
12% 1214 12
1214
12% 12
12
No par
4
612 63 203,00 Tennessee Corp
8
8 65
55
4% 518
514 5%
4% 43
25
21 18 2278 2225 2314 128.800 Texas Corp (The)
221s 23
8
1.97 22
1918 195
8
2814 2912 x275 28% 2812 3014 58.500 Texas Gulf Sulphur ____No par
2912
a28
2818 29
38,000 Texas Pacific Coal & Oil._ 10
5% 6
43
4 6
53
612
6
Ws
4 54
43
4
914 93 78,000 Texas Pacific Land Trust..__I
77
s 912
83
8
814 85
4
83
8
8
No par
4 187 1912 36,000 Thatcher Mfg
1817
1814 19% 185 193
8
147 1512 15
No par
$3.60 cony prof
4212 43
4312 2.800
42
413
40
40
36
2
8
.35, 39,
No par
1,700 The Fair
8 1212 121
123
12
1212
12
4
113
9
8% 9
100
7% preferred
75
*55
75
*55
62
*5038 62
553
62
.52
No par
11,500 Thermold Co
4 4
23
3
3
3
3
2
4 3
23
3
3
1
700 Third Nat Investors
1813 1818 1818
18
19
19
4
4
1712 1712 *183 193
$ per share $ Per share $ Per share $ per share
218 212
4
*214 23
*214 3
4
4 16% 163
163
16
4
153 17
8
74 85
3
4 74
73
812 9
512 6
55
5
512 512
3 18
3
3 18
3
3 18
3
1312 1518 1358 1414 1412 2018
s
*1112 117 •1112 1178 .1112 117s
8
161, 1614 1512 1614 163 18
212 312
218 212
178 218
8 1514 16
814 93
814
8
8
413 4214
4112 42
417 43
100 101
100 101
100 101
8 2
17
173
1%
4 17
13
4 912
812 812 .83
*812 9
s
5012 4914 5212
513 x49
50
4
4 7934 793
8
7934 •767 793
79
4
923
4 92
8
.897 927 *8812 923
4
*102 1043 .9914 105 .101 10218
12018 12018 *115 125 .116 125
• 1116 end
June 3 1933
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS ...aST, SEE SEVENTH PAGE PRECEDING.
3411IN1
prIres no sales on this day
, Optional sale.
Shores.
160
83,000
5,500
3,100
3,900
33,200
z Ex-dividend.
v Ex-rights.
C Cash sale
PER SHARE
Range Since Jan. 1
-share lots.
On Pasts of 100
H:ghest.
Lowest.
$ per share
8
3 Apr 1
4
63 Feb 24
4
11 Apr 3
IN Mar 23
4 Feb 27
4 Feb 27
553 Mar 21
7 Mar 22
% Jan 21
3 Jan 27
8
195 Feb 28
97 Apr 18
14 Jan 3
3 Feb 2
334 Apr 4
68 Apr 18
80 Apr 4
917 Apr 17
107 Apr 25
8912May 3
812 Jan 4
212 Mar 2
30 Mar 3
57 Feb 24
3 Feb 23
1314 Feb 28
612 Feb 28
1 Star 31
5 Feb 23
512 Feb 27
25 Jan 4
14 Jan 3
1% Jan 3
212 Feb 23
712 Feb 27
8 Feb 27
8
13 Feb 28
4 Feb 27
9 Feb 28
114 Jan 10
214 Mar 2
6 Feb 27
14 Feb 28
2612 Jan 3
60 Jan 5
14 Feb 21
612 Feb 25
2 Apr 8
1758 Mar 2
618 Feb 27
28 Mar 3
72 Apr 5
104 Feb 15
214 Apr 3
NI Mar 3
318 Apr 25
28 Jan 21
15 Feb 13
118 Feb 25
1212 Feb 25
114 Feb 28
24 Feb 24
le Mar 28
DI Feb 4
4
53 Apr 8
112 Feb 23
212 Feb 27
2114 Mar 2
312 Feb 17
2812 Mar 28
-- - -,-- r48
-3 Feb 28
47 Feb 28
3 Feb 20
22 Feb 28
%Star 31
6 Mar 23
58 Feb 25
157 Jan 12
112 Jan 4
1712 Apr 7
114 Feb 28
4 Jan 18
2518 Mar 28
412 Feb 18
1712 Feb 9
54 Feb 28
4 Jan 10
712 Apr 10
5 Jan 3
114 Mar 21
1 Feb 28
1354 Mar2
121 Feb 18
1 Jan 3
5' Mar31
85 Apr 3
17 Apr 4
20 Apr 4
ilMar 31
0212 Mar 3
1912 Mar 3
1234 Apr 4
2234 Mar 3
4 Feb 16
Bs Jan 11
112 Feb 10
20 Mai 2
212 Feb 24
534 Feb 27
111 Mar 20
9 Apr 3
35 Feb 25
89 Mar 16
712 Feb 17
es Jan 4
2 Fob 28
I Mar 22
18 Apr 6
4
, April
818 Feb 17
138 Feb28
5
10 * Feb 2S
1514 Feb 20
8
13 Mar 3
34 Mar 31
5 Feb 15
273* Feb 6
23* Star 31
33 Feb 28
1 Feb 28
10 Mar 1
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share 2 per share $ per share
4May 19
33
3 Sept
4 Dec
17 May 31
8
83 Nov 1212 Sept
9 May 27
111 May
8
65 Sept
614May 17
114 May
8
65 Sept
4 May 17
4
% May
23 Aug
2018Ju1,e 2
1% July
1712 Sept
912May 23
312Juiae
912 Sept
512 June 1214 Sept
18 June 2
54 June
312June 2
4 Aug
16 June 2
8
25 June 17 Sept
50 Apr 20
1978 June 423 Jan
4
10412 Jan 12
81 July 10312 Dec
2 May 19
18 May
8
13 Mar
9 May 24
1 May
4
93 Mar
5514 Jan 11
28 July 60 Mar
8812 Jan 31
62 June 90% Sept
8
1013 Jan 24
7112June 10212 Aug
11212 Ian 12
9212 May 114 Mar
125 Jan 9 100 July 13014 Mar
10312 Jan 11
83 June 10312 Dec
46 May 26
1012 June 28 Sept
4Junc 2
83
278 June
612 Aug
62 Jim 12
50 Jan 80 Aug
237
8May 27
43 May 157 Mar
8
93
8June 2
212 May 1312 Sept
40 May 31
10 June 32% Jan
33 May 23% Sept
227
8May 31
8June 2
43
112 June
4
73 Sept
4May 26
173
4% July 51234 Aug
1512May 17
218 July
812 Sept
60 May 16
7 June 30 Sept
212May 17
112 Sept
18 Apr
912May 16
cl 14ec
758 Sept
8 Juno 2
1 May
712 Aug
2812June 2
4 June 29 Aug
3014May 12
5 June 3112 Aug
37 Sept
,
5 4May 15
14 Apr
1512May 17
17 June 13% Sept
8
8May 31
365
5 June 287 Sept
8
12 June 2
614 Sept
1 July
25 June 2
2 Dec 1212 Aug
1914May 31
8
8
55 July
117 Sept
1012June 1
3 Feb 127 Sept
8
4331June 2
2612 June 4014 Jan
4
623 Jan 21
64 May 7118June
112.1une 2
8
13 July
14 June
1412June 1
Oct
4 July 12
912 Aug
112 May
75101,e 1
2714June 2
4
121s AM 233 Sept
24 June 1
4% July
4
173 Sept
4May 24
513
3018 July 5914 Mar
90 May 11
60 Muy 90
Oct
98 June 1
69 June 09 Oct
912May 29
114 July
73* Feb
4May 26
03
12 Dec
Jan
4
30 May 26
5 Oct 30 Jan
40 May 29
18 May 42 Feb
3312May 29
8
65 Apr 20% Dec
43
8May 29
1
Apr
24 Jan
323
4June 2
8
97 June 37% Jan
312June 2
12 July
3 Aug
44 May 31
2114 June 3618 Aug
8June 2
33
1 Aug
18 May
514May 27
112 June
538 Jan
1114June 1
5 May 123 Mar
4
10 May 18
14 July
4
73 Sept
73
8May 26
8
17 June
7 Sept
38 May 27
1112 July 304 Jan
8June 2
85
212 Apr
88 Sept
4912June 2
18 May 6514 Sept
18 June
l's Aug
---- ---- ,7
15 May 31
24 June 13% Sept
123
8June 2
314 Apr
712 Aug
8June 2
97
24 Feb
4
53 Sept
3614June 1
12
Jan 3312 Sept
4May 31
43
P8 DOC
712 Sept
12 June 2
514 May 1214 Sept
85 May 24
35 June 67 Sept
8May 31
343
412 Apr 183 Sept
4
120 Mar 30
8612 May 11212 Dec
28 Jan 14
4
153 June 323 Feb
4
3 May 29
114 May
3 Feb
9 June 2
412 July
12 Jan
31 Feb 3
25 Dec 95 Jan
85 Mar
13 May 31
94 Mar
15 Nov 4812 Jan
3514June 1
6 sent
612June 2
1 May
8May 29
15
'.July
1% Apr
18 may 31
8 May 11 Sept
11 June 2
3 Dec
8
87 Sept
2914Ju1,e 2
912June 18 Sept
,
5 An
8
5 may
8June 2
113
2112MaY 27
83 June 177 Aug
8
8
191 May 4 110 June 123 Dec
2 Jan
'
3 8J111117 2
4 July
155 Jan 11
75 June 3414 Mar
25 Jan ii
914 June 4114 Jan
41 Jan 3
21 July 6212 Aug
464 Jan 10
28 June 75 Jan
27
8June 2
214 Aug
'.June
101 Jar. 6 581 June 10012 Dec
3412May 31
1518 June 317 Sept
8
2614May 31
7 Apr 1612 Aug
8
3712June 2
19% Apr 373 Sept
834 Sept
93
8Mlo 24
3 July
i2 may
214 Sept
3
2 8May 17
4 Sept
612May 27
8
3 July
36 May 24
1312 June 26 Aug
8
17 may
812 Sept
8June 2
83
738 Sept
1612 lay 17
8
43 July
24 May 1314 Sept
,
5 4 fan 6
347 yin 11
30 Nov 104% Mar
444 any 31
245 Apr 3978 Oct
98 Feb 2
68 July 92 Deo
eMay 17
197
7 June 1418 Sept
2 Sept
8June 2
33
14 Jan
94 Sept
214 May
10 Juno 1
Jan
11
4 Juno 2
July
8
13
1 Sept
1127day 18
14 Mar
234 Aug
851ay 31
4 May
27
4
133 Mar
1412June 2
6 July
43* Sept
I Stay
4June 2
63
June 1814 Sept
2314June 2
914
3014June 2
12 July 26% Fob
4 Aug
112 Apr
612May 29
3
9 4June 2
812 Sept
24 June
10 Nov
2 Am
1934June 1
4312.fune 2
2218 Apr 32 Dec
814 Sept
24 Dec
1212June I
62 Apr 26
38 July 85 Jan
4 Sept
%June
4 June 2
10 May 1712 Dec
19 May 31
tar FOR
New York Stock Record-Concluded-Page 8
3869
SALES DURING THE WEEK OF STOCKS NUT lECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SIIARE, NOT PER CENT.
Sales
STOCKS
for
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday Thursday
Friday
the
EXCHANGE.
May 27.
May 29.
May 30.
May 31.
June 1.
June 2.
Week.
_
$ per share $ per share $ per share $ per share $ per share S per share Shares. Indus. & Nfiscell.(Cowl.)Par
12
12
1012 11
1214 1212 123 13
133 1512 1,800 Thompson (J R)
4
4
25
1238 124 1212 1318
8 1314 1334 1378 1412 17,800 Thompson Products IncNo par
1318 137
8 3
27
3
3
3
37
8
37
8 412
43
8 5
67,800 Thompaon-Starrett Co_No par
821
2012 21
*197 2012 .194 201 2
8
*24
30
40
500
$3.50 cum prof
No par
612 77
64 614
8
712 8
64 7
,
73
4 8 177,700 Tidewater Assoc OIL _No par
4078 42
3712 3811 384 40 4
4114 4312 4214 433
3
8 5,800
Preferred
100
15
*11
1512 *14
1312 1312 131 2
25
*14
300 Tide Water 011
25
No par
65
*60
.62
65
*60
65
65 65
65
65
600
Preferred
100
414 512
8
41. 47
54 57
8
54 53
4
53
4 718 156,300 Timken Detroit Axle
10
251; 263
2518 27
8 25 4 2718
3
243 254 25 8 2614 71,900 Timken Roller Bearing_No par
4
,
____
___- _-_ _-__ ____ ____ ____ ______ Tobacco Products Corp No par
__No
------------------------------Class A
par
63
8
6
614
614 74
6
63
4 718
67
8 718 248,600 Transamerica Corp.__ _No par
8 4 814
,
814 9
8
*73
9
4 83
8
8
1,600 Transue & Williams St'l No par
8
57
8 63
4
54 6
3
638 63
54 6
4
8
612 67 52,400 Tri-Continental Corp_ _No par
68
68
.6512 66
70
*68
66
66
67
67
500
8% preferred
No par
8
323 3314 325 337
8
334 35
8
333 343
4
4 3414 347 13,900 Trico Products Corp_ _ No par
8
4
212 23
214 212
274 274
23
4 23
23
4 314 5.400 Truax Traer Coal
4
No par
7
7
67
8 714
67
8 7
67
8 714
718 712 9,700 Truscon Steel
10
4
212 212
25
8 23
258
278
212 25
8
25
8 3
9,600 Ulen dr Co
No par
2612 273
28
8 27
28
29
2912 2914 3012 7,800 Under Elliott Fisher Co No par
28
1378 14
137 14
8
133 1412 *123 1412 *123 144 1,600 Union Bag & Pap Corp_No pa
4
4
4
3914 404
394 40
3
84 397
8 3814 393 x384 4018 70.800 Union Carbide & Carb_No par
4
1438 15
1512 1638
163 17
8
1618 167
8 167a 1712 57,700 Union 011 California
25
173 1814 IS
2
2114 2212 21
2114
2112 2012 223 15,300 Union Tank Car
4
No par
313
8 307 34
30
8
303 333
8
4 303 323
4
8 313 3318 492,400 United Aircraft & Tran_No par
4
6014 6014 6014 62
61
613
4 62 62
627 627
8
8 2,000
5% Prof serles A
50
2412 247
8 233 243
4
233 24
4
4
2314 24
237 247 18,200 United Biscuit
8
8
100
.101 115 .101 115
*101 115 *101 110 *101 110
Preferred
100
234 233
4 223 233
4
4
2218 2312 2218 227
8 224 2412 33,800 United Carbon
No par
____ ___ ____ ____ ____ ____ ______ United Cigar Stores
____
1
_
__-Preferred
100
x83
4 914
83
4 9
87
8 914
83
4 9
9
1014 358'
00 United Corp
No par
3538 36
z343 354
4
344 347
s 3414 3412 3414 Sti
Preferred
14
No par
234 3
3
3
212 3
3
3
24 3
United Dyewood Corp_ __ 100
94
4
4
4
4 14
4
4 18 *4
414
4
41; ;_•;oot) United Electric Coal
No par
52
533
8 5212 54
513 5312 5114 5212 52
4
53 I 20,100 United Fruit
No par
19
193
4 1914 20
x1914 20
187 1912 1918 203*1 79,000 United Gas Improve__ No par
8
.923 94
*9212 04
8
.924 943 *91
4
9412 *93
943*1
Preferred
No par
*238 312 .2
214 214 .2
34
314 *2
100 United Paperboard
3141
100
10
11
11
12
1214 143
8 123 137
4
4
8 133 141u 19,000 United Piece Dye Wks_No par
70
66
*65
75
*65
75
*70
75
794 80 I
210
6Si% preferred
100
314 312
3
310
234 3
314
312
254 274 5,800 United Stores class A. No par
51
51
*5012 54
.50
75
*50
75
*50
Preferred class A___ _No par
100
75
40
40
34 40
4012
393 4012 39
8
40
411 11,000 Universal Leaf Tobacco No par
40
*1812 25 .18
30
*24
*2014 29
25
*18
25
Universal Pictures 1s1 pfd_ 100
234 21
214 23
4
214 234
214 212
23
4 212 6,300 Universal Pipe & Rad_No par
1614 1714 1612 1713
16
1712 1614 1714 17
173 39.100 US Pipe & Foundry
8
20
18
1814
1814 183
8
177 18
1814 4,100
8
18
18
18
1st preferred
No par
*33
4 412 *33
4 5
*33
*334 4'2
4 43
*33
4 5
US Distill) Corp
No par
1
1
118
1
1
118
113 7,700 U S Express
1
118
1
100
1714 1712 17
1718
164 17
1612 17
1612 17
2,500 U 81 Freight
No par
87
4 914
9
812 914
93
4
83
8 9
83
4 914 11,600 US dr Foreign Secur__ _No par
*70
72
73
73
70 70
72
72
733
*70
400
Preferred
No par
3712 3812 3812 3914
40
39
3912 4014 40
413 12,500 US Gypsum
4
20
812 912
84 9
812 94
812 83
4
84 9
4,900 U S Hoff Mach Corp_ No par
50 4 54
3
49
52
Stock
4512 507
8 45
483
4 4612 48
76,700 U S Industrial Alcohol_No par
143
8 14
14
133 1433 1312 143
143
4
4
8 1314 15
28,800 U S Leather v t 0
No par
2314 2374 223 24
4
2314 24
Exchange
2212 2314 2214 243 17,700
4
Class A sr t 0
No par
*6212 75
*68
75
.7018 75 .66
73
*65
__ _ ___
Prior preferred v to
10
9
9 12
9
10
Closed
912 10
87
4
4
9
94
_- _- 17,900 U S Realty & Impt___ _No par
93
93 10
4
93 1014
4
1012 117
8 1114 123
4 1212 144 87,000 U S Rubber
No par
2418 25
2434 26
Memorial
25
28
27
2912 29
tat preferred
303 34,100
8
100
4214 4354 4114 441 1
407 43
4
4074 4274 42
433 43,000 US Smelting Ref & NI In _.
8
.50
.494 4912 4912 4912
4912 491
Day
4912 494 50
1,300
50'3
Preferred
50
5212 5312 52
533
8
514 533
8 513 5318 5214 5414 285.900 U 6 Steel Corp
8
100
94
96
94
9712
9514 967 a94
96
943 9614 14,300
4
Preferred
100
8142
8118 8138 81
8014 813
8 80
80
7812 80
10.100 U S Tobacco
No par
438 434
438 43
4
412 478
412 43
4
45
8 513 55,600 Utilities Pow & Lt A-- _No par
76
1
7
8 1
1
1
1
1
1
114 13,100 Vadsco Sales
No par
*7
2114 87
2012
*7
2118 *6
2118 *6
2118
Preferred
100
21
217
8 2114 223
2118 2238 2118 2238 211 22% 55,800 Vanadium Corp of Am_No par
4
3
8 21's
*3
4
3
312
3
4
4
4
37
8 4
690 Van Raalte Co Inc
No par
2112 2112 2112 223
8
*1812 2212 *20
2112 *1812 2112
7% 1st prof stamped-- _100
SO
3
314
27
8 3
23
4 24
234 278
27
8 3
6,100 Virginia-Carolina Chem No par
12
12
12
1212 123
4 1112 1112 12
127
8
12
1,700
8% preferred
100
*51
*51
*51
__ _
51
55
*52 --.
100
200
7% preferred
•7814 83
79 - 79
80 80
80
80
430 Virginia El & Pow $6 pf No par
8014 83
46
47
434 487
8
4814 52
4914 55
56
100
60o 4.740 Vulcan Detinning
73
8 712
7 4 8'4
3
77
2 83
8
712 774
77
4 8
No pat
5,700 Waldorf System
43
8 45
514
8
44 5
718
6
634
6
612 31,200 Walworth Co
No par
1014 107
8 1012 10,2
9 s 10
7
10
10
1012 1114
1,500 Ward Baking class A No par
258 23
4
238 23
4
212 238
238 21
258 31 15,000
Class 1.1
No par
263 2812 28
4
2712 2812 27
283
4 4,100
4
Preferred
4
28'2 283 333
100
14
3
3
3
414
4
414
4
43
4
45
8 57 258,100 Warner Bros Pictures
5
*10
13
*1112 14
*9
15
*1012 15
1312 15
200
$3.85 cony pref
No par
218 21.
238 212
254 33
4
3
314
314 314 8,500 Warner Qulnland
No par
123 133
4
4 123 1314
4
13
133
4 1212 133
s 1312 153 32.200 Warren Bros
2
No par
24
24
2312 2514
25
2612 2512 2712 2712 301
1.580
Convertible prefNo par
1512 16
1514 16
153 167
8
8 157 163
8
4 163 174 23,300 Warren Fdy de Pipe_
4
No par
37
2 4
3 4 414
3
37
4 47
4
412 43
4
454 514 9,200 Webster Elsenlohr
No par
21
2134 21
22
21
2134 20
21
20
20'o 8.900 Wesson Oil& Snowdrift No par
52
52
a51
52
53
53
*52
a52
53
52
700
Cony preferred
No par
4414 453
8 4212 454
434 461
4312 4538 443 4934 83,100 Western Union Telegraph_ 100
4
247g 263
4 2612 275
2734 2914 27
4
4
4
2812 273 283 17.400 Westingh'se Air Brake_No par
4218 4312 4112 4414
4314 451
4234 45
434 457 123,200 Westinghouse El & Mfg- _5
.79
8272 82
82
8312 8312 83
84
85 85
120
1st preferred
50
912 93
4
912 97
8
9
978
9
94
94 918 3,200 Weston Eleo Inatruml_No par
•15
18 1 2 •14
1812
15
18 .14
181 .14
1812
Class A
No par
58
58
5813
58
5814 583
s 58
58
58
290 West Penn Elec class A _No par
60
8 62
597 607
g
6312
63
64
6318 631
6118 634
810
Preferred
100
54
54
54
55
5314 55 .5314 54
5312 5312
140
6% preferred
100
.1003 105 .1004 105
8
103 103 *101 105 *101 105
10 West Penn Power pref___ _100
*934 95
933 941
8
92 92
.90
92
92
92
130
6% preferred
100
714
7
7
7
7
714
74 8
812 914 2,600 %Vest Dairy Prod 01 A__No par
8
23
8 23
212 21.
214
23
8
218 212
23
8 23
4 3,100
Class 11 v t 0
No pa
143 157
4
8 1414 157
8
153 1612 1512 1612 1512 163
4
4 7,700 Westvaco Chlorine ProdNo par
174 173
8 173 18
8
175 175
8
8 1712 1712 *1714 18
1,000 Wheeling Steel Corp- No pa
16
18
*14
20
._ _ _ 20 *____ 20
18
18
300 White Motor
10
__ __
___ ____
___. ___ _ _ ___
.
Certificates of deposit
-B- 154 ilia ii1-2
2414 25
23 14
2334 24
4,400 White Rock Min Spr ett No par
112
13
4
13
4 2
134 2
13
4 2
134 2
2,800 White Sewing Nlachine_No par
*412 5
43
4 5
5
5
5
5
5 12
612 1,000
Cony preferred
No par
438 412
43
8 5
412 47
4
412 5
5
512 26,600 Wilcox Oil& Gas
5
24
2412 25
24
26
26 18 *2514 27
2512 2512
900 Wilcox-Rich Cl A conv_No par
_ ._ _ ___ _ ____ ____ ____ ____ ______
--__
Willya-Overland (The)
L
--- ---- ---- ---Cony preferred
100
54 54
512 57
8
53
8 638
614 63
4
674 712 37,500 Wilson & Co lno
No par
1414 1434 al414 1514
1412 174 16
1712 174 194 43.600
Class A
No par
47
48
49
47
49
543
4 543 60
4
60
6912 10.200
Preferred
100
3914 4014
3912 40
39
3978 373 3914 377 393 85.200 Woolworth (F W)Co
4
8
4
10
4
263 2844 2612 28
2612 283
4 2612 273
4 27
313 31,300 Worthington P & Itt
4
100
35
35
35
35
37
37
37
37
*3812 45
Preferred A
500
100
33
3212 3212
*31
34
34
34
34
35
36
Preferred II
900
100
*1518 18
24
24
•1514 1712 *14
1712 1712 1812
110 Wright Aeronautical. _No par
4
4912 5014 493 50
49
5018 48, 487
4
8 4814 483
4 3,800 Wrigley(Wm)Jr (Del).No par
174 18
1818 1818
20
21
.20
23
2112 22
800 Yale & Towne Mfg Co
25
53* 57
512 57
54 6
8
512 54
4
55
8 612 53,500 Yellow Truck dr Coach el 13_10
50 .36
40
*35
*37
45
34
36
3512 3512
Preferred
40
100
3312 134
14
16
154 164 1512 16
16
1612 12,900 Young Spring & Wire_.No par
8
284 30,1 2912 313
2812 304 29
304 297 303 55.700 Youngstown Sheet le T _No par
3
8
•13
4
17g
14
2
23
4
14
212 23
8
212 212 5.400 Zenith Radio Corp____No par
612 7
63
4 738
614 74
63
8 64
63
4 7
32,300 Zonite Products Corp
1
• Hid and asked prices, no sales on this day
a Optional sale. • Sold seven days.
r Er.divtriend
w Ex maw
PER SHARE
Range Since Jan. 1
On Oasis of 100 share lots.
Lowest.
Highest.
PER SHARE
Range or Preetosu
Year 1932.
Lowest.
Highest.
$ per share 3 per share $ per share $ per share
634 Mar 18 1512June 2
712 Nov
1634 Mar
538 Jan 6 1412June 2
23 June 10 Feb
4
12 Nlar 3
5 June 2
3 June
*
214 Aug
12 Jan 10 21 May 31
12 June 1712 Sept
8 June 1
318 Jan 13
2 Apr
54 Sept
2312 Apr 6 4418 Jan 12
20 Feb 60 Sept
914 Apr 20 1512N1ay 31
5 June 10 Aug
30 Feb 62 Sept
45 Feb 2 65 June I
2 July
112 Mar 22
718June 2
83 Sept
4
13 4 Feb 23 2719 MaY 29
4
3
73 July 23
Jan
____ ____. ____ ____ __
27 Jan
8
63 Star
2
--------------------638 Jan
9 Mar
253 Mar 2
718May 31
218 Jan
718 Sept
918Nlay li
214 July
278 Mar 21
812 Sept
113 May
678June 2
Feb 27
512 Sept
41 Apr 8 73 May 9
42 Jan 72 Sept
193
2018 Feb 25 35 May 31
8NleY 3138 Mar
12 Apr 4
318June 2
14 May
31g Jan
2 Apr
712May 24
714 Aug
2 Mar 3
Its Jan 16
3 June 2
12 May
34 Aug
738 July 243 Sept
914 Feb 24 3012June 2
8
512 Jan 13 144May 31
512June 115 Aug
8
4
1512 Slay 363 Mar
193 Feb 24 4038May 29
8
8 July 1538 Sept
812 Mar 2 1712June 2
1012 Feb 21 2234June 2
113 June 1914 Jan
4
1612 Mar 2 34 May 29
612 May 345 Sept
8
5112 Mar 1 62 8June 2
7
3014 May 58 Dec
1312 Feb 24 2578May 24
11 July 2812 Nlar
92 May 2 99 May 2
75 July 103 Mar
1014 Feb 25 2412June 2
64 June 18 Sept
14 Jan 4
18 Jan 3
13 Jan
4
4 Nov
37 Jan 13
8
612 Feb 2
Jan
214 May 20
47 Mar 31 1014June 2
8
312 June 14 Sept
2478 Apr I
37125lay 11
20 June 393* Sept
3 May 17
4 Apr
31s Sept
34 Feb 17
1 Mar 31
64 Aug
412June 2
23 July
8
2314 Jan 3 54 Slay 29
,
1014 June 32 8 Aug
14 Mar 31
2034 Jan 11
914 June 22 Sent
85 May 1 100 Jan 9
70 June 99 Dec
12 Jan 23
3 Aug
4
23
453ay 25
12 Dec
312 Mar 3 1412June 2
8
338 June 117 Sept
50 Apr 19 80 June 2
6412 June 9312 Jan
34 Feb 28
312MaY 27
3 Jan
1 May
4
45 Mar 21 5118 Feb 3
Jan 4814 Mar
27
202 Apr 1 4118June 2
11 May 31 Sept
10 Apr 24 25 May 25
4
103 Dec 50 Jan
234Nlay 18
218 Aug
4 Apr 4
12 Apr
618 Mar 1
1712MaY 29
714 June 184 Sept
1234 Apr 10 19 May 26
8
1112 June 163 Aug
518 Dec
2 Feb 23
5 May 18
2 June
114 Sept
14 Jan
3 Jan 30
8
114May 22
1514 Sept
312 Slay
7 Feb 16 1734NlaY 25
4May 29
13 June
614 Sept
8
93
318 Feb 23
28 June 64 Sent
3612 Mar 28 73 Slay 29
1012 June 27 Sept
18 Feb 25 4134June 2
912May 27
34 Apr
6 Sept
138 Apr 3
1312 Feb 28 54 Slay 27
1314 June 36 4 Sept
,
114 May
714 Sept
238 Mar 1
15 June 2
8June 2
314 June 16 Sept
414 Feb 25 243
4414 June 7018 Sept
30 Feb 23 70 Slay 28
2 June 113 Sept
4
212 Feb 28 10 May 20
114 June 1014 Aug
24 Feb 27 1458June 2
3
318 June 20 4 Aug
512 Feb 23 3038June 2
10 June 223 Aug
4
1312 Jan 3 4414may 29
31 July 457 Aug
8
3912 Jan 4 5014June 2
2338 Mar 2 5414June 2
2114 June 524 Feb
514 June 113 Feb
53 Mar 2 9712A1ay 29
55 June 66 Apr
59 Jan 9 85 Apr 20
512June 2
17 Apr 18
8
8
112 May 103 Jan
11•June 2
14 Ma
14 Sept
3 Jan 8
8
4
Jan
12 June 20
1518 Jan 11 243 Mar 20
8June 2
514 Slay 233 Sept
4
75 Mar 2 227
8
2 Dec
lssNlay 5
4141slay 20
7 Feb
147851ay 11 22387'lay 29
378May 16
12 Mar
23 Aug
s
38 Feb 23
318 Feb 114 Aug
338 Mar 2 1412May 17
20 Apr 69 4 Nov
3538 Mar 31 55 June 1
3
60 June 90 Sept
854 Apr 17 855 Jan 25
8
74 July 3474 Aug
124 Feb 25 6078June 2
84 Jan 20
74 Slay
538 Mar 29
Jan
19
718May 31
3 June
43 Aug
4
4 Apr 5
8
4June 2
214 May 104 Jan
24 Mar 15 113
314June 2
4 Slay
5 Apr 13
8
24 Jan
4June 2
12 May 4012 Mar
1112 Apr 17 333
578June 2
12June
412 Sept
1 Feb 25
4 June 20 Feb
414 Feb 7 15 June 2
N Mar 21
3 8May
3
214 Aug
12 May
212 Feb 25 1538June 2
114 May
83 Sept
8
712 Feb 14 3012June 2
2 June 1712 Jan
5 Feb 20 1758June 2
714 May 14 4 Sept
,
518June 2
4 May
1 Jan 16
2 Jan
818 July 20 Sept
7 Mar 3 22 May 29
40 Mar 3 53 May 31
423 July 5812 Sept
4
1714 Feb 25 4934June 2
123 June 50 Feb
8
113 Jan 3 2914May 31
4
914 Apr
1818 Sept
8June 2
155 June 4312 Sept
193 Feb 25 457
8
8
5212 June 82 Sept
6012 Feb 2 85 June 2
312 Feb 27 1014May 18
212 Apr
914 Feb
1314 Apr 19 Jan
10 Mar 31 1638May 16
25 Slay 80 Sept
30 Apr 22 60 June 2
37 Apr 4 64 May 31
Jan
22 June 76
3312 Apr 6 55 Slay 20
20 June 70 Jan
80 June Ill
92 Apr 13 110 Jan 12
Oct
81 Apr 3 101 Jan 11
6812June 1013 Mar
4
312 Nov
212 Apr 5
914June 2
1612 Mar
74 Mar 31
43g Mar
27
8May 17
1 June
5 Mar 3 1612May 31
3 June 125 Mar
8
712 Jan 4
1812May 17
5 June 15 Sept
14 Jan 25 1912 Apr 24
67 Jun
8
2714 Sept
19 Nov 24
14
Oct
115 Apr - 1
8
11 July 2812 Mar
2512Nlay 29
12 Jan 20
2
14May 18
Apr
14
214 Aug
612June 2
lls Jan 14
4
23 Sept
N Apr
2 Mar 2
512June 2
23 May
4
814 Aug
15 Mar I
2618May 31
1312 June 2012 Mar
37 Sept
8
232 Jan 4
1•4 Mar 30
38 m ay
12 Feb 14 1712 Jan 24
6 June 25 Jan
712June 2
7 Jan 3
8
bsiune
114 Mar
4 Jan 3 193
8June 2
11 May
4
44 Sept
19 Mar 2 6912June 2
11 June 31 Mar
211s Apr 8 40 %'lay 29
22 June 4538 Mar
8 Ntar 2 3134June 2
5 May 24 Sept
14 Mar 15 38 May 16
Jan
1412 June 41
14 Feb 28 36 June 2
12 May 31 Sept
6 Apr 5 24 May 27
34 Apr
1812 sent
3412 Feb 28 5014May 25
Jan
254June 57
7 Jan 20 22 June 2
15 Sept
612 July
24 Mar 2
612June 2
138 June
7 Sent
14
18 Mar 2 36 Slay 25
12 May 4018 Sent
312 Mar 30 167
8May 31
3 June 114 Sept
74 Feb 28 31587ilay 29
4 Slay 2712 Sept
12 Feb 27
4 May
2
23
Jan
4May 31
338 Feb 21
,
94 Mar
738May 31
4 Dec
al
r Ex warrants.
3870
New York Stock Exchange-Bond Record Friday, Weekly and Yearly
On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now -and interesi"-ex ept for Income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 2.
''
b...
.... t
^t 2.
Price
Friday
June 2.
Week',
;
.
CZ
S
Range or
Last Sale.
Oil 2
High
Bi4
Ask Low
U. S. Government.
First Liberty LoanSale 1021332103
J D 103
3.44% of 1932-47
Apr'33
101
J D 1011332
Cony 4% of 1932-47
Cony 4)4% of 1932-47
J D 102112 Sale 102 / 1022632
'2
1
4
/
4
102
102
2d cony 4 St % of 1932-47
.1 D 102
Fourth Liberty Loan4q% of 1933-38
A 0 103232 Sale 1022332103632
/
4
Treasury 4)4 a
1947-1952 A 0 109'32 Sale1091121092432
Treasury 48
1944-1954 J D 10518, Sale 10523n 1053132
Treasury 330
1946-1956 M 8 1011232 Sale 104223 1041232
'32102
/
4
Treasury 33413
1943-1947 .1 D 101312 Sale 1012
/
4
Treasury 04._ _Sept 15 1951-1955 M 8 982432Sale 98112 983132
,
83
Treasury 330 June 15 1940-1943 1 D 101363, Sale 101 .33102,
Treasury 330 Mar 15 1941-1943 M 23 1013132 Sale 1012'32102132
Treasury 350 June 15 1946-1949 1 D 993033 Sale 991332 993132
Range
since
Jan. 1.
No. Low
High
347 993121032322
/
4
____ 101 1022233
169 99223210211n
1 1011622102
468
373
347
280
140
545
103
99
642
100,
42103312
/
4
1031422111432
99312210714n
98'42210511 22
9742210222n
931422 99122
98 1022232
9512102212
/
4
/
4
95422100433
State & City-See note below.
4
N Y City 430
Slay 1957 Nt N --------973 Feb'33 ____
9734 9734
Foreign Govt. & Municipals.
,
Agric Mtge Bank a f 65
1947 I A
Sinking fund (is A _ _Apr 15 1918 A 0
Akershus (Dept) ext 5a___. 1963 M N
Antiogula (Dept) coil 7s 5.1945 J .1
External s f 75 ser 13
1945 J J
External of 78 ser C
1945 J J
1945 J J
External s f 75 aer D
Externals 175 lot ser
1957 A 0
External sec s f 78 2d ser 1957 A 0
External sec s 1 7s 3r1 ser 1957 A 0
Antwerp (City) external 58._1958 J D
Argentine Govt Pub Wks 68_1960 A 0
Argentine Nation (Govt of)Sink funds 69 of June 1925-1959 J D
Exti a f (is of Oct 1925
1959 A 0
External s f 68 series A___ _1957 M S
External 89 sertes IL _Dec 1958 J D
Exti a f 6s of May 1926._1960 M N
External et (is (State Ry- _1960 M S
)
Exti 68 Sanitary Works
1981 F A
Extl 68 pub wits May 1927 1961 M N
Public Works ext1 540_1962 F A
Argentine Treasury 58
_1915 Sr S
Auatralla 313-yr 5s___JulY15 1955 J J
£_-External be of 1927__Sept 1957 M S
External g 430 of 1928_1956 M N
Austrian (Govt) 5 f 763
1943 J D
Internal sinking fund 78 1957 J J
Bavaria (Free State) 630
1945 F A
Belgium 25-yr exit 640
1949 M S
Externals t 65
1955 J J
1955 J D
External 30
-years f 78
1956 M N
Stabilization loan 7e
I3er en (Norway)Esti sink funds 564__Oct 15 1941? A 0
External sinking fund be 1960 M S
Berlin (Germany)81 63-0_1950 A 0
External St as_ _June 15 1958 J D
Bogota (City) male f 8s_ __ _1945 A 0
Bolivia (Republic of) extl 88_1947 M N
External secured 75 (flat)_1958 J J
1969 M S
External a f 75(flat)
Bordeaux (City of) 15-yr 6E1_1934 51 N
Brazil (U 801) external Rs 1941 .1 D
Externals f 650 of 1926-1957 A 0
External 5 f 640 of 1927 1957 A 0
1952 J D
7s (Central Ry)
Bremen (State of) extl 7E4_1935 M S
Brisbane (City) s f be
1957 M 8
Sinking fund gold be
1958 F A
20
1951) J D
-years f 65
Budapest (City) extl e f 6s 1962 J D
Buenos Aires (City)640 2 B 1955.3 J
External s f 69 ser C-2
1960 A 0
External s f 65 ser 0-3....1960 A 0
Buenos Aires (Prov) ext1 68_1961 M 8
Stpd (Sep 1 33 coup on)1061 M 8
1961 F A
External a f 640
Stpd (Aug 1 '33 coup on)1961 F A
Bulgaria (Kingdom) a f 761_1967 J J
Stabil'n a 1 740__Nov 15 1968 Al N
3114
293 37
4
8
317 Sale 317
8
7112 Sale 7112
1214 Sale 1218
1214
11
15
1212
11
15
1212 Sale 12
1212 Sale 11
11 Sale 1012
1112 Sale 11 12
8
74
78 a743
8
a593 Sale 583
4
/
4
6012 Sale 581
60 Sale a5818
5914 Sale 5814
69 Sale 5918
8
60 Sale 583
/
4
601 Sale 5814
60 Sale 58
8
6012 Sale 585
/
1
4
543 Sale 52
4
72 Sale 68
813 Sale 8012
8
81, Sale 804
2
4
7612 Sale 753
5
89 Sale 883
83 Sale 611
/
4
4012 Sale 40
96 Sale 953
8
9112 Sale 8912
9912 Sale 9912
100 Sale 993
4
323
8
323
4
72
13
13
13
1314
1212
1314
13
76
6318
3
3
6
21
10
8
66
8
19
19
6
13
1718
1718
63
7
618
638
6
6
5
438
71
41
314
r3512
7212
13
13
13
1314
1212
131
/
4
13
83
6318
Price
4
Week's
Range
Range or
Friday
g.'.1.1
Since
Last Sale. 0Q 2
June 2.
Jon. 1.
High No. Low
Ask Low
Bid
Hwa
bl May'33 __-55
4212 Al
Dominican Rep Cost Ad 530'42 M 23 53
40
40
6
/
1
354 42
jot ser 540 of 1926
1940 A 0 384 50
8
38
1 a3414 4212
2d series sink fund 530_1940 A 0 387 421 38
4014
4
41
/
1
39
6519
Dresden (City) external 75_1945 M N 404 43
108 Sale 10512 108
43
93 109
Dutch East Indies extl 6s
1947 1 .1
11012 Sale 10712 11012 74
9314 1101 2
40-year external 68
1962 M 9
8 108
16
9134 109
30-year ext 530____Mar 1953 M 9 108 Sale 1043
.5
108
924 108
30-year extl 540_ _Nov 1953 144 N 10712 Sale 107
26
43
2
3514
60 3514
El Salvador (Republic 8s A_1948 j .1 36
)
35
35
4
3
j j 323 40
323 35%
4
Certificates of deposit
55
11
4212 55
51
Estonia (Republic of) 7s____1967 J J 55 Sale . .
_
58i2 67
Finland (Republic) ext 69_1945 Si g 6512 ____ 6412 May'33
701* __78
594 72
External sinking fund 7s__1950 M 8 68 Sale 68
65
27
57
66
External sink fund 630_1958 M S 6414 Sale 6312
643
8 59
54
6418
External Billk fund 530-1958 F A 63 Sale 6018
64
75 6312
10
557 64
2
Finnish Mun Loan 630 A__1954 4 0 64
64
65 6312
64
65
2
External 640 series B____1954 A 0 94
28
31
2714 34
2518 61
9
Frankfort (City of) 816 Sis_-1953 M N
12714 104 120 133%
French Republic extl 740._1941 J D 124 Sale 124
External 78 of 1924
1949 1 D 12418 Sale 1244 12818 42 611124 131
'
.,
BONDS,....3
N. Y. STOCK EXCHANGE `'`,...
...a. ,,t.
Week Ended June 2.
German Government Interns43 657
3514 6414
D 43 Sale a3814
Bona' 35-yr 5;0 of 1930._1965
621 393
/
4
534 863
/
1
4
German Republic esti 7a__ _1949 A 0 6112 Sale 57
German Prov ex Communal Bks
8112 104
27
D 3114 Sale 2912
(Cons Agric Loan)640 A_1958
5512
Sale 5214
524
2
46
64
Graz (Municipality) 88
1954 51 N 5214
10414 811 1013 107
4
oat Brit ,I6 Ire(U K of) 530 1937 F A 104 Sale 0103
----- -10514 Jan'33 ____ 1051 1054
/
4
Registered,,
a873
4 95 072 089,
4
4
84% fund loan f opt 1960.1990 MN 0173 Sale 87
Greater Prague-See "Prague"
23 May'33
2518 32
284
a16
Greek Government at ser 79_1964 M N
8
20 _-/
1
4
11
143 21
4
Sinking fund sec 68
1968 F A 19 Sale 173
75
47 all
783
8
Haiti (Republic) s f 68 series A_'52 A 0 75 Sale 75
33
53
2812 59
amburg (State) 68
1946 A 0 31 Sale 30
28
30
7
261 60
/
4
eideloerg (German) extl 740'50 J J ---- 33
64
/ 5812
1
4
607
8 20
47
61
128181138ton (City) ext 630_ _1966 A 0 61
24
4
153 24
4
17
'tuna:Ilan Munic Loan 740 1945. J a233 Sale 2118
1
2218
2
19
25
External s f 7s (coup)_ _ _1916 .1 J ---- 2018 2218
May'33 __
1612 1612
Unmatured coupons attached. .7 J ---- ---- 1612
24
Hungarian Land M last 730 '61 M N 2914 ____ 2812 May'33 ___
32 2
,
2914 15
2312 31
Sinking fund 7449 ser B__ _1961 M N 2914 Sale 28
33,
8
35
8
35
311 45
/
4
Hungary (Kingd of) of 730_1944 F A 323 35
___ 8612 May'33 --_.
7618 8712
Irish Free State extl s t 58__ _1960 M N 88
9812 185
9414 101
Italy (Kingdom of) ext1 7E3_1951 J D a9414 Sale a9414
9414 101
6
Henan Cred Consortium 78 A'37 M S 9514 Sate „ 34
, n
97
9n
5
9212 16
8738 97
External sec 91 75 ser IL 1947 M S "''-,'4 ''"
9
91
30
8412 9512
Italian Public Utility eat' 7E2_1952 1 , 8912 Sale 89
6118 31
41
623
4
404 623
623
4 32
4
6212 94 04018 627
62
6218 42 04053
6318 42
4038 6318
6314 55 a4018 63,4
6012 30
4014 6212
41
6318
627
8 44
58
38
55
58
4978 72
72
10
7114 8312
8312 132
83
125
7214 83
6818 79
7824 134
947
8 32
8512 95
647
8
6314 41 049
41
38
9
69
763 193
8
78 Sale 72
4524 7512
967
8 31 0212 10212 Japanese Govt 30-yr s f 630_1954 F A
66
83
9212 37 a883 98
3511 60
Exti sinking fund 640
4
1965 M N 66 Sale a6112
10114 28
947 10812 Jugoslavia (State Mtge Bank)
8
183
4
184
/
1
2
12 r25
1017
2 35
Secured 8 I g 7s
96 10712
1957 A 0 1818 22
3614
38
30
61
6
Leipzig (Germany) s f 7s.....1947 F A 3618 40
56
75
80
2
72
65
75
75
1
494 6032
Lower Austria (Prov) 740_1950 .1 D 8713 5812 55
73
65
97
63
754 Lyons (City of) 15
7412
4
51 al01 120
-year 89..1934 M N 11212 Sale 11212 114
114
32 Sale 29
3112 69
110 01014 120
204 60
/
1
Marseilles (City of) 15-yr 68.1934 M N 112 Sale 112
8
1412 42
/
1
4
28
267 Sale 2678
8
43
263 57
8
73 14,2
8
Medellin (Colombia)6;0_1954.3 D 13 Sale 123
26 Sale 2518
26
23 ---- 3 APr'33 ---4
3
15
26
Mexican Irrig Asstng 440 1943 141 N
24 3
, sale26 Apr'30
_
4
73
8
113 Sale
117 188
8
4
117 Mexico (US) extl 59 of 1899 £ '45 Q - __,_,_
8
1
6
8
7
91 Sale
/
4
6
97
8 98
34 978
17 iTs 575
1945 ____
Assenting As of 1899
57s
7
8 Sale
/
1
4
/
1
4
--- 5 May.33 _
34 93
8
93 159
8
Assenting As large
31 2
-C2 gale
11212 Sale 11214 114
24 412
4
312
105 a1014 120
Assenting 4s of 1904._ .
- --3
3018 Sale 29
3214 74
Aesenting 4s of 1910_ .
164 3214
--:- --:: - - 314 Dee'32
414
42
,
43
4 1.1
2912 146
iE
8 - -32
4
2812 Sale 2818
-5
163 2912
4
Assenting 48 of 1910 large
-2814 Sale 27
/
1
4
,
412
293 118
4
312 4
/ 42
1
4
1
24 4,
143 29
/
1
Assenting 48 of 1910 small
4
/
1
4
2
__---26 Sale 25
•
*
*
2712 44
Tress 6801 13 assent(large)'33 J- -.I
1212 2712
•
51 Sale 492
51 18 18
•
461 724
/
4
Small
•
711 18
/
4
6612 711 71
/
4
2
136
86
6412 713 Milan (City, Italy) ext16345 1952 A 0 854 Sale a84,
8
80
90
7014 14
7018 Sale 6912
637 7014 Minas Geraee (State) Brazil
8
8
1958 M8 3018 Sale 273
78
7812 10
76
78
3918 14
12
3018
7018 784
External 8 1 63is
/
1
4
3018
28
29
2912 28
4
244 3924
2
1112 3018
Ext sec 650 series A
1959 M S 3018 Sale 27
8
553
5014 5614 523
8
3
2612
37
9
553 Montevideo (City of) 7e
8
124 2612
/
1
1952 .1 D 264 __ _ 24
214
4718
_ 43 May'33External s 1 6s series A
4
11
___
3714 50
2158
1959 NI N 2114 Sale 20
4
81
51
46 - - 3 51
408
29
344 51
1
714 81
8
New So Wales (State) extl 55 1957 F A
777 Sale 773
16
79 Sale 7818
353
4 41
3312 Sale 3218
8012 31
353
4
71
8012
External 8 t bs
Apr 1958 A
30 Sale 30
/
1
4
/
1
4
34
8111 9312
9312 52
23
2012 3414 Norway 20-year ext 6e
1943 F A 92 Sale 91%
32
____ 32
89911/4
9314 19
33
6
814 9314
171 35
20
/
4
-year external 68
44 A
19965 F D0A
11952,
18
894 8ale
8
94
32 Sale 31
91
3412 24
63 a8012 91
21
30
3412
-year external (38
8
884 53 a7412 883
1712 33
/
1
8514 87 87
1514 Sale 16
40-years 1 530
14
234
/ 7'26,
1
4
233 Sale 23
4
87
/ 30 a7212 87
1
4
,
2 13 a2112 2712
External 5 1 bs___Mar 16 1963 M 9 84 2 Sale 8418
/
1
4
85 8118
83
2
7414 83
Municipal Bank eati s i 5s_1987 .1 D 83
83
85
/
1
83
9 075
Caldas Dept of(Colombia)734s'46 J I 184 Sale 1712 r20
33
83
11 r20
Municipal Bank extl 5158_1970 .1 D 80
Canada (Dom'n of) 20-yr 45_1980 A 0 85 Sale 8312
Nuremburg (City) en!68._ _1952 F A
79
88
85
138
27
524
15
295
33 Sale 2108
6612 42
/
1
8
984 108
/
1
8
1952 M N 99 Sale a973
9018 1014 Oriental Devel guar (is
ba
35
1953 M 24 663 724 6112
66,2
86
/
1
4
4
89
973
4 83
1936 F A 973 Sale 9714
311s 65
440
1958 NI N 64 Sale 05714
Extl deb 540
934 10014
8518
9414 85
74 May'33
85
1954 1 J 80
b
Carlsbad (City) s 1 85
_
80
Oslo (City) 30
69
88
88
-year 5 f 89_ 1955 M N 84
/
4
17 __Cauca Val (Dept) Colom 730'46 A 0 16 Sale 141
14
812 17
9412
8
7
944
/
1
85 1023
Central Agile Bank (Germany)4
Panama (Rep) extl
_
1953 .1 D 943 95
1814 46
293
4 21
513
8 62
8
Farm Loans t 7s_Sept 15 1950 M S 513 Sale 48
3914 75
Ext1 St be ser AMay 15 1963 M N 28 Sale 2712
54014
42
14
Farm Loan a t 6s__July 15 1960 .1 J 42 Sale 3918
79
812 14
324 67
Pernambuco (State of) eat' 712'47 M 8 14 Sale 13
9
/
1
4
11
39
42
/
4
Farm Loan a f 68_ _Oct 15 1980 A 0 411 Sale 39
136
33 11
4
3212 6678 Peru (Rep of) external 7a
1959 141 5 11 Sale
7
7
918 214
8 8 Sale
48
4
Farm Loan 68 ser A Apr 15 1938 A 0 473 Sale 45
312 918
98 a38
7512
Nat Loan extl a t (3s 181 ser 1960.3 D
9
Chile (Rep)-Ext1 8 1 711- -1942 M N
1211 Sale 114
131
9 Sale
534 134
133
8 67
3
/ 9
1
4
7
Nat loan mitt a f 6s 2d ser_1961 A 0
94
11
External sinking fund 0_1960 A 0 11 Sale
208
/
4
5
5212 59
5
5714
Poland (Rep of) gold 6s
1940 A 0 574 Sale 551
11
614 584
/
4
55
4
11
55
Ext sinking fund 6s__Feb 1961 F A
194
104 Sale a934
/
1
4
/ 11
1
4
Stabilization leans I 711_1947 A 0 573 Sale 561
Jan 1961 .2 J
8
6612 14 a59
11 Sale
167
IQ. ref ext s I 58
478 11
93
4
11
69
External sink fund g 88_1950 J J 653 Sale 6514
11
4
20
Ext sinking fund 6s_ _Sept 1961 51 5 11 Sale 10
47
913 20
5
Porto Alegre (City of) 88_1961 J D 2018 2412 184
11
1712
27
101 24
/
4
20
External sinking fund 6s__1962 M S al018 Sale 1018
4
83 20
4
Exti guar sink fund 7%8 1966 1 J 20
5
104
/
1
/
1
103
103 Prague (Greater City) 75a s._ 1932 M N _ _ - 864 91 Mar'33 __
4
4 71
5
101z Sale 10
External sinking fund 6s_ _1963 M N
9012 03
12
33
714 13
/ 11
1
4
3612 45
1114 12
Chile Mtge Bk 640 June 30 19.57 J D
28
Prussia (Free State) extl 630 '51 M S 3614 Sale 03214
83
/
1
4
/
1
1312
4
23 f 61 of 1928__June 30 1961 J D 1312 Sale 134
/
45
2712 8112
36,
4 72
1952 A 0 36 Sale 32
912 15
External 5 f 612
9312 92
8
127
8 57
9312 35
Guar a f 65
Apr 30 1961 A 0 11 Sale 107
88
97
612 121 Queensland (State) ext1631751941 A 0 91
/
4
12
Sale 11
/
1
4
87 84
12
Guar 5 f 6s
1982 M N
87
33
78
87
17
25
612 12
-year external (is
1947 F A 80
1014 36
8
Chilean Cons Munic 7s
41
20
49
1960 141 5 10 Sale
714
44 1014 Rhine-Slain-Danube 7s A.....1950 M S 48 Sale 48
2512 2212
1838 May'33 ____
25
Chinese (Hukuang Ry) 55_1951 .1 D
12
25
Rio Grande do Sul extls f 88_1948 A 0 24
12 r25
7
84
84
86
Christiania (Oslo) 20-yr 5 1 69 '54 M 8 84 - 1
2518 40
81
84 2518
8512
External sinking fund 6s._1968 J D 25 Sale 214
4
34
Cologne(City)Germany6401950 M 8 a327 Sale a327
31
o
8
7
25
573
8
9
25
114
External 5 I 7s of 1926
1966 MN 25 Sale 203
20
343
8 83
Colombia (Rep) 661
241 11
/
4
Jan 1961 J J 33 Sale 3212
814 244
161 3714
/
4
/
1
External a f 7e mimic loan_1967 J D 214 25
Ext a t 68 of
8
9
24
30
24
34
4
_ _Oct 1961 A 0 333 Sale a323
64
1612 37
Rio do Janeiro 25
-years f 0_1946 A 0 24 Sale 19
3212
Colombia Mtge 1928-8
22 Sale 1814
1.
118 3212
4
8
/ 22
1
4
22
13ank640 of 1947 A 0 313 Sale 31
73
External 516449
1953 F A
Sinking fund 7s of 1926___1946 4.1 N 3134
/
1
3212 21
_ 30
927
s
1938 3212 Rome (City) extl 640
82
887
8 80
1952 A 0 854 Sale a8518
993 9912 101
8
Sinking fund 7s of 1927___1947 F A 32 __- 32
036
35
7
904 104%
183 a36
9
4
Rotterdam (City) extl 6s
1964 M N 95
59
6712 • 71)
Copenhagen (City) An
10
73
1952 J D 6812 71
32
45
31
45
Roumania (Monopolies) 78..1959 F A 4412 Sale 4212
25-year g 440
67
67 3
8
51
7212
70
1953 M N 66
9
9
51
58
6778 Saarbruecken (City)0
1953 J J 51 Sale 51
Cordoba (City) eta s f 713
1957 F A 197 Sale 1918
2012 30
1814 __.. _ 19
8
1018 20,
2
103 1978 Sao Paulo(City) et 8s_ Mar 1952 NI N
4
191
/
4
4
External 5 t 7s____Nov 15 1937 NI N 30
'241 343
/
4
4
343
4
_ 30
2
20
/
4
714 20
42
External of 840 of 1927 1957 M N 201 Sale 17
Cordoba (Prov) Argentina 78 1942 1 J 33 - - 14 40 May'33 ____
1418 27
18
27
2434 40
4
0
San Paulo (State) extl 5 1 85_1936 1 J 2612 Sale 24
Costa Rica (Republic)173
4
4
1313 20
193 24
20
32
External sec a 1 fie
1950 J J
8
75 Nov 1 1932 coupon on _1951 SIN 27 Sale 273
273
8
3
/
4
38 a1l1 20
20
2312 30
External a t 7s Water 1112.1956 M S 20 Sale 1514
17 May'33 _--718 May 1 1936 coupon on_1951 ___
4
15
23
915 2014
204 62
/
1
1818 Sale 153
14
1934
External 5 I 60
1968J J
4
89
Cuba (Republic) 58 01 1904..1944 M 8 a87 Sale a863
2
/
4
/
4
7814 89
/
1
4
501 61
61
108
Secured of is
1941) A 0 80 Sale 591
External be of 1914 ser A_.1949 F A 85 Sale 85
4
25
26
85
8 a794 9314 Santa Fe (Prov Ars Rep) 78_1942 M 5 24
123 25
25
1
External loan 440
72
72
3912 7734
82 a75
1949 F A
1
27
55
Saxon Pub Wks(Germany) 7s '45 F A 55 Sale 51
7112 73
Sinking fund 550 Jan 15 1953 J J 75 Sale 703
4
75
10 0312 75 4
4
373 8012
3
35
45
Gen ref guar 640
1951 M N 4312 Sale 4312
Public wits 540 June 30 1945 J D 4512 Sale 45
48
18 a56P4 744
Saxon State Mtge Bast 7s
32
48
55
r66
1945 J D 64 Sale 61
Cundlnamarca (Dept) Colombia
544 138
/
1
7
5812
Sinking fund g 830__ Dec 1044.3 D 594 Sale 584
22
External s 1 640
1914 27
1814 Sale 1818
1959 NI N
104 191 3 Serbs Croats & Slovenes 88_1962 M N 18 Sale 1812
14
20
44
Czechoslovakia(Rep of) 88_1951 A 0 03
/
1
4
943
8
6
121/ 213
3
8
184 Sale 157
/
1
88
9914
9414 93
183
8 46
External sec 75 ser B
1962 NI N
455
8
Sinking fund 85 ser B
411
9414
1952 A 0 94 Sale 94
3
4238 14
8512 9812 Silesia (Prov of) exti 7s
1958 .1 D 42 Sale 4112
Denmark 20-year extl 68.- 1942 1 J 9114 Sale 901
4
92
/ 61
1
4
4
3018 50 1
'
10
38
75
928 Silesian Landowners Assn 68_1937 F A 37 Sale 37
External gold 540
69
874 Solesons (City of) extl 138_1938 NI N 11618 Sale 11512 11618 25 100 r118
87
1055 F A 8212 Sale 8212
59
674
External g 440__Apr 15 1982 A 0 73 Sale 73
45
2
77
III
5012
Styria (Prov) external 7s
19413 F A 50 Sale 50
584 77
88
984
/
1
9214 158
Deutsche BS Am part elf 85_1932
Sweden external loan 540_1954 M N 9112 Sale 9114
793 713 73
4
4
73
85 Switzerland Govt sill 6145_1948 A 0 1094 Sale 1094 112
73
Stamped extd to Sept I 1935_ _. ____
3
179 010212 113
/
1
/
1
a Deferred delivery.
payable at exchange rate of 31.8055 • Look under list of Matured Bonds on nage 3375
Accrued Interest
r Cash sale.
.
NOT E--Stata and City Sseurltles -Sales of 8fato and city securities occur very rarely on the New York Stock Exchange and usually only at long Intervals, dealings In
such securities being almost entirely at private sale over the counter. BM and Asked quotations, however, by active dealers in these securities will be found on a gungeagent page under the general head of "Quotations for Unlisted Securities...
New York Bond Record-Continued-Page 2
June 3 1933
BONDS
N. Y. STOCK EXCHANGE
Week Eade,1 June 2.
.."
t
. a
z ,,...,
...a,
Price
.
Friday
June 2.
Ask
Bid
Foreign Govt. & Municipals.
7612 Sale
Sydney (City) s I bAs
1955 F A
Taiwan Elec Pow s f 5568_1971 J J 6318 Sale
Tokyo City be loan of 1912_1952 NI S 5012 52
Externals f 550 guar
1961 A 0 63 Sale
16
16
1947 Nt N
Tolima (Dept of) esti 75
72
Trondhjem (City) 1st 5368_1957 M N 66
Upper Austria (Pm') 78- -1915 J D 5618 60
60
Externals f 650
13 1957 J D 49
.June 42
39
Uruguay (Republic) esti 85 1946 F A
3314 Sale
Externals 1 6s
1960 M N
35 Sale
External of 61- - - May 1 1964 51 N
Venetian Prov NItge Bank 7s '52 A 0 9812 Sale
Vienna (City of) 01 3111 f 68-1952 Si N 63 Sale
(
Unmatured coupons attached_ MN ____ ____
Warsaw (City) external 78_1958 F A 39 Sale
Yokohama (City) exti 68_1961 3 O 67 Sale
Railroad
Ala Gt Sou 1st cons A 58
1943 J D
let cons 48 ser 13
1943 J D
Alb & Simi 1131 guar 330- _1916 A 0
1998 A 0
Alice de West 1st gu 48
Alleg Val gen guar g 48
1942 M 9
Ann Arbor 1st g 48_ __July 1995 Q J
Atch Top & S Fe
-Gen g 48_1995 A 0
A 0
Registered
Adjustment gold 4s ,July 1995 Nov
Stamped
July 1995 M N
IVI N
Registered
Cony gold 4s of 1909____1955 4 0
Cony 48 01 1905
1955 J 0
Cony g 4s issue of 1910_1960 J D
1948 1 D
Cony deb 430
Rocky Mtn Div 15t 4s_ _ _1965 J .1
Trans
-Con Short L let 481958J J
Cal-Ariz 1st & ref 430 A_1962 M 9
Atl Knoxv & Nor let g 58_1946 3 0
AM & Charl A L 181 4148 A I944 J 1
1st 30-year be series 13
1944 J J
Atlantic City let eons 48_ _ _1951 3 J
All Coast Line lot cons 4s July .52 NI S
General unified 4368 A _ _1964. D
1
L & N coil gold 48____Oct 1952 MN
Atl he Dan 1st g 48
'gig J J
2441
1918 3 J
All & Yad 1st guar 4s
1949 A 0
Austin & N W lot gu g 58 1941 J .
1
Week's
Range or
Last Sate,
.Z.1
g.9.,
QQ,
Z
Range
Since
Jan, 1.
High
LOW
High No. Log
7612
763
4 19
66
4
763
3318 6318
54
6318 84
26
46
5012 37
5012
33% 63
13
6012
63
8
3
16
16
16
7514
3
66
66 12
81
4514 6212
8
55
5434
3
4714
49
44 r56
9
4018
42
2112 42
1512 3518
3314
3518 57
14
3534
163 353
4
3338
4
94 100
4
9818
99
58
6818
30
a613
4
63
50 8 503
3
8
50% May'33 ____
35
417
8
33
40
a38
357 67
22
643
4
67
75
7714 8712 75
75
5
_ 60 May'33 ____
67
60
78
84 May'33 ____
82 15
65
5
6512
6512 Sale 6512
3
89
947
947 Sale 947
2212
2712 18
25 Sale 25
823
4
9314 242
9212 Sale a92
8912
--------91 May'33 ____
76
10
85
84
85
84
43 a7518
85
85 Sale 84%
--------80 Aug'32 ____ ___
73
____ 82 May'33 ____
84
72
7
8412
8
8412 Sale a827
73
____ 82 80 Mar'33 __
ii 079
9412 Sale 94
953
78
82
4
8
78
8212 817
89
9614 21
9614 Sale 9514
7
99
8714
9514 Sale 95
____ 10312 Feb'31 ____ ____
70
Oct'32 ____ _,
--------71
6712
8914 85 May'33 ____
86
65
65 May'33 ------- 75
66
4
833
4 61
8314 Sale 803
51
215
4
75
75 Sale 683
45
s
717 138
717 Sale 66
8
1314
4038 Sale 35
408 75
8
59
35
35 Sale 2612
20
4
44
43 Sale 4212
__
75 104 Mar'31 --- ----
Balt he Ohio 1st g'48...__July 1948 A 0 84 Sale 8212
84
84
Registered
July 1948 Q J ---- ---- 75 May'33 •
•
20
-year cony 430
•
1933 M 5
Refund he gen be series A_1995 J 0 663 Sale 60
6638 187
8
1st gold bs
8911 94
8912 87
July 1948 A 0 89
168
76
Ref he gen 61 series C____1995 J 0 7512 Sale 6918
P L E he W Va Sys ref 45__1941 M N 81 Sale 8012
33
81
Southw Div 1st 5s
77% 49
1950 3 J 76 Sale 754
Tol he CM Div let ref 45 A.1959. J 677 69
6
6518
6518
1
Ref he gen be series D2000 M 5 6518 Sale 603
65% 46
4
Cone 410
1960 F A 57 Sale 45
720
58
Bangor he Aroostook 1st 58_1913 J J 95
1
90
95
' 99
Con ref 48
4
76
1951 3 3 76 ---- 79
Battle Crk he Slur lot gu 38.19891 0
61
Feb'31 ---Beech Creek let gu g 4s
1936 J J 88- Sale 87
2
87
2d guar g Is
100
Jan'30 ____
1936 Jr J 80
Beech Crk ext lot g 31ia
1051 A 0 65 73
71 May'33 ---Belvidere Del cons gu 330_1943 J J
Big Sandy 1st 4s guar
1
Feb'373 -_---_-_
-661944. D -iLi2 Boston he Maine 1st 58 A C_1967 N4 s 7514 Sale 7412
7514 29
let NI be series II
38
75
1955 M N 75
7114
78
lot g 434s ser JJ
10
71
1961 A 0 71 Sale 6914
Boston he NY Air Line 151 41 1955 t' A 64 Sale 60
37
64
Bruns he West 1st gu g 45_ _1938
8434 Mar'3 ____
'
3
Buff Roch he Pitts gen g 58,1937 M S -913 3 12 88 Slay'3 ____
5
Consol 410
1957 M N 61 Sale 54
611 147
Burl C R he Nor let he coil 58_1934 A 0 52
50
56
57
60
iiii--
-}171- ,
. 4
53
5412
48
50
843
4
85
3338
45
--- 2
9717514
75
71
61
4
843
8912
6112
60
3871
Price
F'riday
June 2.
Week's
/tangs or
Last Sale.
,
c
Range
1
,.91
Since
'',,
Jan. 1.
High No. Low
Bid
Ask Low
High
49
324
20
49
Chicago Great West let 4s__1959 NI S 45 Sale 43
50
40
52
50
50
Chic Ind & Louise ref 65____1947 J J
28
5
44 May'33 ____
40
58
44
44
1947.1 J
Refunding gold Is
38 May'33 ---40
50
1947 J J
Refunding 4s series C
33
38
30
30 Sale 267
207
9
30
1966 M N
lot & gen 58 series A
33
35 Sale 31
63
12
33
let & gen 68 series B_May 19661 .1
_ __ 6812 May'33 __
6112 7112
Chic Ind & Sou 50
-year 4s_1956 1 .1 69
95 May'33 ____
96
94% 991*
Chic L 5 & East 1st 436s1969 1 D 9312 61
169
38
61
Chl NI dc St P gen 4s ser A1989.1 .1 6014 Sale a5718
56
6
35
56
Gen g 3365 ser B-May 1989.1 .1 56 Sale 53
4
63
57
40
63
May 1989 J .1 6218 Sale 593
Gen 430 ser C
62
64
40
62
May 1989.1 J 62 Sale 59
Gen 430 ser E
63
23
38
63
May 1989 J J 63 Sale 61
Gen 430 ser F
4
37 1338
37 Sale 323
11
37
Chic /3111w St P & Pac bs A1975 F A
1312 2458
31g 1312
Cony ad) 5s
Jan 1 2000 A 0 1312 Sale 10
5118
34
19
50
50% 50
5112
Chic & No West gen g 330_1987 MN
Q F --------47 Aug'32
Registered
71
60
30 16
58118 Sale 5712
1087 51 N
General 4.5
___ 5712
9
5814
36
Stpd 4s non-p Fed Inc tax '87 M N
5814
6212 May'33 _--541247
6912
Gen 414s stpd Fed Inc tax-I987 NI N 624 66
6812 52
40
6812
6812 Sale 64
Gen Is stpd Fed Inc tat
1087 NI N
•
*
*
1933 M N
Sinking fund deb 55
•
*
•
M N
Registered
435 74
55
74
8
15
-year secured g 630_ -1936 M 5 7312 Sale 72%
165
40
15
40
1st ref g 58
May 2037J D 3812 Sale 3618
36
15
183
36
3214 Sale 30
1st & ref 450 stpd_Nlay 2037 J D
206
35
15
35
1st & ref 436s ser C Nlay 2037 J D 32 Sale 31
255 1675
8
23 Sale 201
412 26
1949 SIN
Cony 434s series A
BONDS
N. Y STOCK EXCHANGE
.
Week Ended June 2.
75
60
87
6512
9814
28%
97
9112
8714
8812
___
6__1988 J .1
Chic R I & p Ey gen 4
82
.1 J
8412
RegLstered
1934 A 0
Refunding gold 4s
80
18
Secured 4)43 series A
1952 M S
951
1960 M N
Cony g 4548
85
961114;h St L & NO 58June 15 1951 J D
.1 D
Registered
99
Gold 3565
June 15 1931 1 D
____
Memphis Div lot g 4s.,,,,,..1951 J 0
___
Chic T H & So East 1st 5s__1961, J D
85
Inc gu Ss
Dec I 1960 M 5
65
8334 Chic Un Stan lot gu 430 A_1963 3 J
1963 3 .1
1st bs series 13
75
1944 J 0
Guaranteed g Ss
717
1963 J J
1st guar 636s series C
40 8
3
Chic & West Ind eon 4s
1952 3 J
35
1st ref 5368 series A
1962 NI S
44
--__ Choc Okla & Gulf cone 5s1952 MN
CM II & D 2d gold 4365... _1937 A J
11
C St L he C let g 4s__Augl 1936. F
74
86
F
_
Registered
August 2 1936
72
80
*
Q_1...
an Leb & Nor lot con gu 48_1942 5 _
33% 663 CM Union Term let 4348,,_2020 J J
8
2020 J .1
1st mtge 58 series B
a7918 9012
1st mtge g 58 series C_1957 M N
3712 76
6121 82
Clearfield & Slab 1st gu 5s 1943 3 3
„
Cleve Cth Chi he St L gen 4s..1993" D
55
78
1993 J D
General 55 series B
4512 6515
Ref he impt 6s ser C
1911 3 3
3434 6518
Ref & Inlet 58 ser D
1963 3 J
2512 58
Ref & impt 410 ser E
88
96
1977. 3
.
3
Cairo Div lot gold 4s__ 1939 .. J
85
76
Cin W he M Div let g 48 1991 J J
St L Div tot coil tr 618_1990 M. N
__- ----8087
Spy & Col Div 1st g 4s
1940 M s
_ _
W W Val Div lot 3 45._ _1940 3 J
____- 71
71
Canada Sou cons gu 58 A
84
787 8512
8
4
35
85
1062 A 0 833 88
Canadian Nat guar 4 30
1954 NI S 8833 Sale 86%
7914 8834
8834 39
30-year gold guar 4 ifi1057 J J 887 Sale 8714
793 89
8
89
89
Guaranteed gold 434s_ _ _1968 J 0 883 Sale 8612
883
8
8
8 46
79 4 883
3
Guaranteed g Ss
94
III a8412 94
4
July 1969Jr, 3 9312 Sale 913
Guaranteed g Es
84
934
935 146
8
Oct 1969 A_ 0 9314 Sale 92
Guaranteed g 5a
6
42 a843 91
1970 r A 94 Sale 92
94
Guar gold 431e___June 15 1955 J P 904 Sale 8933
4
803 904
903 69
Guar g 4 He
8918
8918 110
887 Sale 873
8
80
1959 F A
Guar g 430
793 594
4
8914 116
8
Sept 1951 m s 887 Sale 8712
Canadian North'deb If 781940 J 0 102 Sale 101
9634 10478
10214 102
25
-year s 1 deb 630
9112 107
1017
8 20
1946 J. J 101% Sale 1004
10-yr gold 430___Feb 15 1935" 3 97 Sale 9614
90
99
13
97
Canadian Pac Ry 4% deb stock
49
6812
324
68
677 Sale 6512
Coll tr 4368
787
32 055
75
1946 m s 7518 833 a737
8
4
55 equip tr ctfs
8012 90%
47
1944 3 3 88
88
884 a863
4
Coll tr g be
Dec 1 1954 3 0 8014 Sale 787
5812 85 4
3
8112 86
Collateral trust 410
7414 39
74 Sale 73
5312 77
1960J J
Car Cent 1st eons g 4e
15
15
15 Mar'33 ____
1949 3 3 13_
Caro Clinch he 0 let 36-yr 55_1938 3 D_ 9212 _-_-_- 03
80
93
5
93
let he cons g On ser A.Deo 1852 i "_ 90 Sale- 80
68
90
4
90
Cart he Ad let gu g 0
58
60
69 60 Feb'33.
1981 J. _." 61
Cent Branch U P 1st g 0_1948 !.. u 45
24
44
13
40
44
59
Central of Oa 1st g 6 -Nov 1945 F A
32
42
2014 227 41 May'33 ____
sConsol gold 56
2212 Sale 20
93 23
4
9
23
1945 m N
Ref & gen 550 series 13_1959 A 0 12 Sale 12
3
13
5
12
Ref he gen 5s series C
31
13
212 13
1959 °t 9 1212 Sale 11
Chatt Div Our money g 48.1951 J "..
23
15
1833 ____ 17 May'33 ____
Mac he Nor Div let g 58_1996 3 J
9314 June'31 ____ ____ __
22 __
Mid Oa he Ati Div pur m 58'47 J. J. 2212 ___ 1024 Nov'31 ____
__--:
Mobile Div 1st g bs
34
21
7 ___- 30
24
245 35
8
J
'
1948
C C C& I gen cons g 68-1934 ir J
Clev Lor & W con 1st g 5.9._1933 A 0
Cleveland he Nfabon Val g 38 1933 3 3
Clev he Mar 1st gu g 430_ -1935 IN, N...
Clev he P gen gu 434s ser 11 1942 A "
Series 51 3348
1942 A 0
3
Series A 430
1942 - 3
Series C 336s
1918 MN
Series D 310
1977 F A
Gen 456e ser A
Cleve Sho Line 1st gu 430_1981 A 0
Cleve Union Term lot 5368 1972 A 0
1973 A 0
let 5 f 58 series B
1st 8 f guar 430 series C1977 A 0
1915" D
Coal River Ry lot gu 48
CoM he South ref he ext 4368_1935 PA N
General mtge 410 ser A 1980 MN
1948 A 0
Col he H V let ext g 4e
1955 F A
Col he Tel 1st ext 4s
Conn he Passum Riv 1st 4s 1943 A 0
Consol Ity non-cony deb 48_1954 3 3
1955 3 J
Non-cony deb 48
1955 A 0
Non-cony deb 4s
1956 J J
Non-cony deb 48
1942 J D
Cuba Nor Ry 1st 530
Cuba RR lot 50-year 58 g I952 J J
1936 J D
1st ref 7348 series A
1936 3 0
let lien he ref 68 ser B
62
26
5912 Sale 5738
50
6612
--------6413 S pt'32 -----------.
3
36
2814 Sale 24
1812 33
236
30
28 Sale 23
1712 662
6
16 Sale 1212
20
72
78
73 May'33 ____
7012 90
--------6412 Mar32
712 ____ 85:2 May'31
____ 50 May'33 -___
55
46 60
54
5212 Sale 51
36
54
29
1434 39
95
39
8
383 Sale 3412
01 10118
9812 73
98 Sale 973
95 106
2
10214
10214 10313 10214
9234 102%
26
4
98
98 1013 973
8
23 1033 114
8
113
113 Sale 1123
597k 76
3
0
747
3
79
71
7
5
8212 Sale 81
83
6611 90
32
50 May'33 ____
5053
50
50
85
Apr'33 ____
85
88
83 8818
955 Feb'33 ____
95
9018 95
95%
Oct'32 ____ ___-___
-_-- ____ 97
------83_
82
83
3110 33 ---'
93 10012
96 May'33 ____
9108 98
10338 31
101 Sale 101
9812 10514
9614 10312
10212 Sale 10212 10314 201
72
72
2
72
-,,- ---- 72
68
7612
3
76
79 Sale 76
Apr'33 ___
_ r _ 99
85
86
8833
4
49
71
71
73
7912 7014
32
47
70
70
70 Sale 6414
6512
37
6512 96
8
645 Sale 614
85
88
88 May'33 ____
88
85
4
60
8
71
72
707 707
8
68
69
80
745 May'33 ____
8
85
65
____ 76 Dec'32 ____ ____ ____
65
---- -___ 5618 Aug'32
9718 101 95
5
9512 9633 9
90 101
55
98 99
94
9614
9612 101
------ 86
__ 96
961
84
290
864 ___
____-_- 80
847
82
76 Sale
74 Sale
4
8712 893
8414 Sale
68 Sale
9112 9312
92 Sale
-------618 ___
46 49
20
20 50
2914 Sale
31 Sale
237 Sale
18 Sale
7912 Sale
Del he Hudson 1st he ref 48_1943 M N
96
1935 A 0 94
38
1
Gold 6165
1937"N 91 Sale
__
D RR he Bridge 1St go g 45..1936 F A 92
.,
Den he R 0 1st cons g 45
1938 11 3 485 Sale
8
1936 J J 493 Sale
Conan! gold 430
2112 Sale
Den he It G West gen be Aug 1955 F A
Ref he impt bs ser B_ _Apr 1978 A 0 2912 Sale
Des NI he Ft D 1st gu 4/
1935
2
312
3 3
Certificates of deposit
65
Des Plaines Val let gen 430_1947 M 5 30
__
Del he Mac 1st lien g 48
1955 3 D
15
35
Second gold 45
_
1995 3 D 20-___
m198 N 85
Detroit River Tunnel 410_
Dul Niissabe he Nor gen 68_1941 J J 10112 -__ _
4
Dui he Iron Range 1st 59
1937 A 0 1003 Safe
Dul Sou Shore he All g
23 Sale
_ _1937 J _J
East Ry Slinn Nor Div5s-48'48 A 0 87 Sale
let
East T Va he Ga Div lot 58.1956 _NI _N 84 Sale
Elgin Joliet he East 1st g 55.1911 M. iN
85
_ __
El Paso & S W 1st bs
1965 ti 9
-_
Erie he Pitts g gut 330 ser B 1940 J
-823
' 4 12 Series C 316e
4
1940 3 3 823 ____
Erie RR 1st cony g 0 prlor 1990 3 J
8312 Sale
___ __ _
Registered
1996 3 3
1st consol gen lien g 48_1996 J. J. -62 Sale
Registered
'
"__..
1996
Penn coll trust gold 4s
1951 F A„, -9812 19
56-year cony 48 series A 1953 A 3
-1 5612 Sale
1933 A 0 564 Sale
Series B
._.
1953 A o
Gen cony 4s sees 13
Series
__
58
Ref he Impt Scot 1927
1997 M N 51 Sale
Ref he Impt Soot 1930
1975 A 0 51 Sale
1
Erie & Jersey let s f 6s
1955. 3 91
____
Genessee River 1st 8 I 6s 1957 3 3 89 Sale
Fla Cent he Pen 1st cons g 5e 1943 3 3 2012 ____
Florida East Coast 1st 4368_1959 J D 55 Sale
let he ref Se series A
1974 m s 14 Sale
---1012 1334
Certificates of deposit
Fonda Johns he Glov 1st 4 Rs 1952 Ni N
4
5
33
8
412
(Amended) 1st cons 410_ _1982 NI N
Fort St U D Co 1st g 4 10__1941 J J _ _
__
Ft W he Den C let a 510_1961 3 0 oo
-95
55
1
68
Cent New Engi let au48_ 1961 L _J 68 Sale 68
685
Cent RR he Bkg of Oa coil 66.1937 m rl
25
45
1
45
, 45 Sale 45
Central of N J gen g Se
82
95%
9414 26
4
1987 3 J 933 Sale 9312
Registered
83
90
3
90
90
95
1087 9 J
General 48
77
_
77,2
1987 J 3 70% ___ 7712 Mar'33
6312 8612
108
83
Cent Pac let ref gu g 48
1949 FA 82 Sale 79
783 78%
4
Registered
4
. 783 Jan'33 ___
F A _ _
a68
Through Short List gu 45_1954 A_ 9 G912 16 a68
1 a(14
80
Guaranteed g 58
45
7112
7112 65
1980 r A 7(12 Sale 68
Charleston he Say'h 1st 711-1938 J J 106%10714 111 June'31 ____
__ _ _
_
MN 106 Sale 1053
ches he Ohio let con g 58_1939
8
3 _- 8
10633 80 0100 8 1063
Registered
_ 10112 Nfay'33 ----10118 10112
1989 ..M t
l
8733 103:2
General gold 448
1003
4 54
1. 10014 Sale 100
1992 ..
NI S
92 May'33 _
Registered
9012 02
1993 A 0 91 Sale 91
80
9214 32
9334
Ref he impt 410
RefMint 43.45 tier B., _1995 3 3 92 Sale 903
4
he
79
9312
59
92
90
90
90
5
Craig Valley let 50,-Slay 1940 i 3 ____ 95
98
,
945 A'32 ____ _ - -8 ug
ee
90
J
'80
Potts Crk;B ranch 1st0
.1940 .
4
90
8434 96
IL he A Div lot con g 48_19893, 9012 --_ 90
84
8514 Mar'33 ____
8612
87
1089" J 80 I 2d consol gold 4e
,
93 May'33 ___Warm Spring V 1st g 58 1941NI :•-.. ___- 100
93
93
4
30
496
50
50
Chic he Alton RR ref g 3s_ _1949 A " 494 Sale 44
91
80
8
863
4
ChM Burl ‘VQ-111 Div 350_1949 3 3 8614 Sale 864
Registered
_„_
_
84 Dec'32 __
9554 33
874 I812
Illinois Division 0
1949 __J A 9512 Sale 9
731
931,
9012 159
. 9012 Sale 894
.
1959 1
General 4s
A
1977 F . 8212 8412 84
86
68
8 36
843
lot he ref 4365 ser B
7614 9333
9312 63
1971 F A_ 93 Sale 92
let he ref 54 ger A
57
East
32
58
5
3
_
Chicago he Ea 111 lot 601934 A ' 57 Sale 50
1012 Sale 1012
33 1233
4
104
11
C he E III Ry (new co) gen 58_1951 51 N
4 08614 945
90
90
Chicago he Erie let gold 58...1982 M .4 ____ 91.
rCash sales a Deferred del very. • Look under list of M•tured Bonds on Mie# 1971
,
-
57
t,' 0
...,
--,3„
May'33 ____
May'33 ---Sept'31
Feb'33 ---_
May'33 ____
Jan'33 ____
Mar'33 ____
Apr'33 ____
81
Oct'32 ___
i
78
78
74
7712
85
61
73
77
66
69
74
87% May'33 ____
8414 48
8314
Ill
64
68
9112 May'33 „....
11
92
92
90 Dec'30 ____
5
4812
4714
47 May'33 ____
4612 Sept'32 ____
45 Dec'31 ---123
2512
30
2512
3112 81
3
2378
2112
17
1812 24
95
95
99
9814
86
96
84
101%
9513
99
9614
88
98
88
_55166012 85
54
77
4914 74
8712 8712
6712 85
48
68
85% 911,
90
92 ___
___.38
43
40
47
---- _----10 -30
3112
15
lb
29
11
25
673 84%
4
75%
797 199
91
97
9114 May'33 ____
79
9112 28
93 2
,
904
9214 Dec'32 -----------2
464
4912 267 8 512 4912
27
5214
48
5214 41
814 223
233 356
4
184
32
11
137
29
32
1
1
314
3
3
45
55
1
55
55
34
Oct'32 ____ ---- -25 Dec'32 -----------1
5
86
86
1013 May'33 ____ 10112 103'e
4
11
100
10034
99 10212
25
12
5
23
25
57
84
2
87
87
85
65
11
83
84
782 8918
84 May'33 __
81
72
Feb'33 ____
61
86 Aug'32 -----------3
883 88is
883 Feb'33 ____
8
83
84
874 54
31
5712 June'32 - 62
Tio iols - - 58
62
41
41
41
Jan'33 ____
99
9914
99 May'33 ____
301t 6612
5112
5612 54
3
303 5634
5112
5634 48
4018
40
40 Mar'33 ____
2014 51%
417
5134 533
4112
2012 5134
5134 808
81
9012
5
9012
9012
904
76
1
89
89
18
lb
Apr'33 ____
18
3412 55
4
52
55
14
3
63
12
14
2
1312
3
1312
13
312 933
97 May'33 ____
8
214 5
3
358
334
87 Nov'32 ----------__
92
88
2
90
90
New York Bond Record-Continued-Page 3
3872
BONDS
N. Y STOCK EXCHANGE
Week Ended June 2.
1. I
tI
Z; r..1
Frem Elk & Mo Val lot 6s...1933 A 0
Galv Hous & Hend let 58....A933 A 0
Ga & Ala Ry 1st cons bs Oct 1945 J J
Ga Caro & Nor lot gu g 5s 1929Extended at 6% to July 1 1934 J J
Georgia :Midland 1st 3s____1946 A 0
Gouv & Oswegatchie 1st 55__1942 .1 D
Or R & I ext let go g 4340_ _1941 J J
Grand Trunk of Can deb 78_1940 A 0
15
-year s f 63
1936 151 5
Grays Point Term lot _ _1947 J D
Great Northern gen 78beserA_1936 J J
1st & ref 4;2s series
_1981 J 1
Stpd (without Jly A__-coup) ---1'33
General 584s series B__1952 a J
General Is series C
1973 1 J
General 4 34s series D
1976 J -I
General 43415 series _ _1977 2 J
Green Bay Jr West deb etfs A___ Feb
EFeb
Debentures ars 13
Greenbrier Ry 1st gu 4s____1940 M N
Gulf Mob & Nor lot 5345 B 1950 A 0
1950 A 0
1st mtge 5s series C
Gulf & S I let ref & ter bsFeb 19522 J
flocking Val 1st cons g 430_1999 J J
Housatonic Ry cons g 5s_ _1937 MN
Il & T C let g 5s lot guar._ 1937 J J
Houston Belt & Term let 53_1937 J J
ilud & Mantua lot 55 ser A.1957 F A
Adjustment Income 55 Feb 1957 A 0
Illinois Central let gold 4s 1951 2 J
let gold 33.54
1951 1 J
Extended lot gold 3343
1951 A 0
1st gold 3s sterling
1951 M S
Collateral trust old 4s......1952 A 0
Refunding 45
1955 M N
Purchased lines 334(5
1952 J 1
Collateral trust gold 4s- _1953 MN
Refunding 53
_1955 MN
15
-year secured 6340 g__ _1936 J J
40
-year 43.8s
Aug 1 1966 F A
Cairo Bridge gold 40
1950 J D
Litchfield Div 1st gold 38_1951 J J
Loulsv Div & Term g 33481953 J J
Omaha Div 1st gold 3s__ _1951 F A
St Lou!, Div & Term g 3s_1951 J 2
Gold 330
1951 J J
Springfield Dtv 1st g 3359-1951 / J
Western Lines 1st g 48_1951 F A
111 Cent and Chic St I. & N 0-Joint lot ref 53 series A.1963 J 0
lot & ref 434s series C__ 1963 J D
Ind Bloom & West 1st ext 4s1940 A 0
Ind III & Iowa lot g 4s
1950 J 2
Ind & Louisville 1st gu 4s 1956 1 J
Ind Union Ity gen 5s ser A 1965 1 J
Gen dr ref 50 series B
1965 J .1
Int & Grt Nor let 6s ser A_ _1952 1 1
Adjustment 6s eer A_July 1952 A 0
lot 5s series 13
1956 J 2
lot g 58 series C
19582 2
lot Rya Cent Amer let 5s 13 1972 M N
lot coil trust 8% g notes_1941 M N
lot .ten & ref 8345
1947 F A
Iowa Central tot gold 5s
1938
Certificates of deposit
1 D
let& ref g 45
1951 M S
James Frank & Clear let 48 1959 1
Kal A & G It 1st gu g 5o....1938 .1
Kan & 51 1st gu g 43
1990 A
K C Ft S & 51 Ry ref g 4s 1936 A
Certificates of deposit
A
Kan City Sou lot gold 3s___1950 A
Ref & Inapt SoApr 1950 J
Kansas City Term 1st 4o...1960 1
Kentucky Central gold 4s__1987 1
K ntucky dr Ind Term 430_1961 J
1951 j
Stamped
Plain
1961 1
Bid
75
Week's
Range or
Last Sale.
.1
gn
.2
o?1,
Mahon Coal RR lot be
19342 1
Manila RR (South LInes) 413 1939 M N
let ext 4s
1959 M N
Manitoba SW Coloniza'n Is 1934 1 D
Man 0 B & N W let 33443._1941 .1 J
Mex Intermit 1st 4s asstd.._ _1977 M 5
Michigan Central Detroit & Bay
City Air Line 4s
1940 .1 J
Jack Lan, & Sag 334e..
1951 M S
lot gold 334e
1952 M N
Ref & imps 4345 ser C
1979 J J
Mid of N J let ext be
1940 A 0
Mil dr Nor lot ext 434e (1880)1934 .1 D
Cons ext 434s (1884)
1934 J D
Mil Spar & N W 1st gu 44_1947 M 8
15111w & State Line let 33.1941 .1 .1
r Cash sales. a Deferred del very
Range
Since
Jan. 1.
:2,
6
,
BONDS
N. Y. STOCK EXCHANGE 'i I;
Week Ended June 2.
•-• a.
Ask Low
80
78
High No. Low
High
Minn & St Louis 1st cons 58_1934
5414 80
80
8
•
Cti's of deposit
1934 M N
10
518 15
15
1412
12
lot & refunding gold 4s
19
1949 M S
Ref & ext 50-yr 58 ser A 1982 Q F
18
24
_ 22
24
3
15
Certificates of deposit
Q F
2312 40
---- 16 r45 May'33 ____
M St P &SS M con g 4s lot gu '38 J J
--------100 Jan'31 ____
____
_
1st cons be
1938 J J
84
9612
84 Sale 84
1
84 --let cons 5s gu as to int
1938 J J
961 1043
4
10114 Sale 10012 10114 93
4
1st & ref 60 series A
19462 J
9878 Sale 9812
9878 49
933 10114
4
25
-year 534s
1949 M 8
48
____ 98 Nov'30
lst ref 5348 ser 13
19782 J
541
4514 82
82
80 Sale 78
let Chicago Term St 4s1941 MN
4
663 80
7812 Sale 7812
1
7812
Mississippi Central 1st 5s...1949 J J
2
7612 Sale 7612
7612
66
7612
737 Sale 697
8
39
737 Mo-Ill RR 1st 58 ser A
8
73% 138
1959 J J
8
4012 715 Mo Kan & Tex lot gold 4s_ _1990 1 D
7158 Sale 64
715 153
8
633 66
4
64
62
25
37
64
Mo-K-T RR pr lien 5s ser A_1962 1 J
65 Sale 62
34
6512 180
6512
40-year 4s series 11
1962 J J
24
30 May'33 ____
30
30
Prior lien 434e sec D
1978 1 J
5
314 8
8
314 Apr'33 ____
Cum adjust bs ser A_Jan 1967 A 0
_ _ Mo Pac 1st & ref 58 ser A
--------90 Aug'32 __55_ ___
1965 F A
2212 - ale 4812
54
54
54
General 4s
1975 M SI
51
51 Sale 4312
23
lot dr ref 5s series F
64
51
1977 M S
--------22 May'32 __ --__ ____
1st & ref 5.8 ser 0
1978 MN
Cony gold 534e
1949 M N
9514 Sale 95
99
84
1st ref g 5s series H
97
IS
1980 A 0
79
80
79 Mar'33
lot & ref 58 sort
71
1981 F A
/ 89
1
4
85
/ 97 8512 Mar'33 ____
1
4
Mo Pac 3d 7s ext at 4% July 1938 MN
85
8314 90
86
Mob & Bir prior lien g bs
78
5
8214
8214
1945 J -1
83 Sale 8112
24
72
83.
Small
88%
J .1
4
553 Sale 53
3918 558k
lot M gold 4s
553 231
4
1945 J 1
Small
J J
81
7812 82
85 a81
7
Mobile & Ohio gen gold 45__1938 M 5
8114
____ 86
79 Feb'33 ____
4
7812 793
Mongomery Div lot g 58_1947 F A
45 ____ 72
72
72
72
1
Oaf & Impt 4354
1977 M S
___
8114 Sale 73 Mar'30____
oee 5% Dotes
1938 51 S
74
74 Sale 7058
50 74
8
Mob & Mal lot gu gold 45..1991 M S
7114 Sale 6914
45
72
36
72
Mont C 1st gu 68
19372 2
1st guar gold 53
/
1
50
647 544 Dee'32____ ---_
8
19372 J
40
62
92
62
62 Sale a59
Morris & Essex 1st gu 3345_2000 J 0
52% 77
785 78
8
7518
5
Constr AI 5s ser A
77
1955 MN
89 Sale 84
601s 90
20
Constr M 4348 ser 13
90
1955 SIN
60
30
6112 Sale 577
349
60
Nash Chatt & St 1.4s ser A 1978 F A
5012 65
- 65 May'33 ____
65 60 4 N Fla & 9 lot gu g 5s
,
--------58 Feb'33 ____
58
1937 F A
63% Nat Ity of Men pr lien 4348 19572 2
5774_ 58 Apr'33 ____
58
- -1-14 6014 Feb'33 ____ 613 6014
6
Assent cash war rct No. 4 on -- ,
591
/
4
53
53
Guar 4s Apr '14 coupon 1977 A __ a58 May'33 ____
0
62 63
_ 16
Assent cash war rct No. Son ---63 Feb'33 ___
__ Nat RR Men pr lien 43415 Oct '26
____
--------5858 Nov'32 ____
7478 Sale 747
68 -75
5
75
Assent cash war rct No. 4 on1051 Kb
1st consold 40
8
66 Sale 84
387 66
97
66
Assent cash war rct No. 4 on ,,,
62 Sale 60
6212 Naugatuck RR lot g 4s
37
6212 47
N
1954 M 71 Sale 80 Dec'31 ____
____ ____ New England RR cons (58_1945 J 2
____ ___
65
75 Nov'32
Consol guar 40
19. J J
15
34
27
22
N J Junction RR guar lot 48_1986 F A
35
34
39
34
2
92
9914 92
88
85
923 NO & NE lot ref & impt434s A '52 1 J
4
88 ____ 85 May'33 _
85
90
New Orleans Term lot 4s _ 1953 J 2
1814 40
N 0 Tex & Men n-c Inc 5.9_1935 A 0
106
40
39 Sale 3514
134
13 Sale 1112
3
lot 5s series B
1312 214
1954 A 0
3413
33 Sale 3212
lot bs series C
16
337
23
1956 F A
34
16
16
327 Sale 3212
8
let 434sserles D
331
1958 F A
43 Sale 4012
3314 46
9
43
1st 534e series A
1954 A 0
4
37
4712
47
47
/ N & C 13dge gen guar 434E1_1945 2 1
1
4
4712 50
45
25
8
42 Sale 40
N Y 13 & M 181st con g 5s 1935 A 0
45
*
312 107 r6 May'33 ____
8
212 Sale
212 18
I%
D 6212 66% 643
5
6512
4
J --------103 Mar'31 ___
0
82
72 May'33
0 545 60
5412
8
56
21
0
19
53
524
/
1
67 2 50
,
0 6758 Sale 857
8
73
31
J 72 Sale 7018
J 9112 Sale 91
9314 97
7912
2
9112 7912
J 80
J _
_ 80
84 Aug'31 ___
j ,
i
Bale 75
75
i
J --------89 Apr'30 ____
Lake Erie & West 1st g 5s 1937 1 J
2d gold 551
1941 J J
Lake Sh & Mich SO g 3348_1997 J D
Registered
1997 1 D
Lehlgh & N Y 1st gu g 413_194551 S
Leh Val Harbor Term gu be 1954 F A
Leh Val N Y lot gu g 430-19 0 J 1
4
Lehigh Val (pa) cons g 4s 2003 M N
Registered
M N
General cons 440
2003 M N
General cons be
2003 MN
Leh V Term Ry lot gu g 55.1941 A 0
Len de East 1st 50-yr 5s gu_1965 A 0
Little Miami gen 40 series A_1963 M N
Long Dock consol g 6s
1935 A 0
Long IslandGeneral gold 4s
1938 J D
Unified gold 45
1949 M S
Debenture gold Es
1934 J D
20
-year p m deb be
1937 M N
Guar ref gold 45)
1949 M S
Louisiana & Ark 1st En ger A _1969 J J
Louis & Jeff lodge Co gd g 48 1945 M 8
Louisville & Nashville be__ _1937 M N
Unified gold 4s
19402 1
Registered
J J
let refund 5340 series A__2003 A 0
let & ref 5s series B
2003 A 0
let & ref 4354 series C
2003 A 0
Gold 5s
1941 A 0
Paducah & Mem Div 48_1946 F A
St Louts Div 2d gold 38_1980 M El
Mob & Montg lot g 43.0_1945 M $
South Ry joint Monon 4s-1952 .1 1
AU Knoxv & CM Div 4s 1955 M N
Price
Friday
June 2.
-.
70 Sale 70
70
55
____ 5812 55
7818
764 Sale 7612
74
74
____ 74
65 Sale 65
65
70
793 83 Nov'32
4
71i4
79
71
71
52
52 Sale 4618
--------34 May'33
51
51
53
50
5718 Sale 53
57%
91
90 may.33
86
8612 8912 8912 May'33
--------9112 May'32
9318 May'33
93 100
15
I
29
2
2
__
L
112
___
17
8
____
____
___
_
4
97 Sale 964
97
8814 9012 89 May'33 ____
100 10012 10018 10018 10
9212 9312 9312
933
4 10
8 33
893
89 Sale 89
497 169
54 Sale 477
5
7258 85
71
71
5
10114
1003 ____ 10114
9418 41
94 Sale 09212
---- ----82 Apr'33 __ _
19
90 Sale 873
90
85
10
8712 88
87
8 41
795
8
795 Sale 78
87 Apr'33 __
98
45 ____ 56 Apr'33 ___
7
54
54 Sale a5112
8012 89
82 May'33 --_8
6631
66 Sale 64
76
74
7912 23
77
96 1004 9514 May'33
4
4
493
4
493 Sale 493
5112 Jan'33
51
45
70
72
80
70
45 ____ 47 Feb'33
--------2 Sept'32
____
5
____
2
____
____
--------08 Aug'31 __
--------79 May'26 ____
85 May'33 ____
82
71
88 May'33__ _
/
1
4
55
75
.
4
55
55
70
58
50
65
50
50
1
70 Nov'30 ____
69
41
6
50
50 Sale 46
Jan'33 --__
____ 597 40
June 3 1933
r6
NY Cent RR cony deb 6s 1935 M N
212
Consol 4s series A
1998 F A
Ref & irnpt 434s series A 2013 A 0
66
60
Ref & impt 53 series C._ _2013 A 0
____
_ N Y Cent & Hud Rio 151 334s 1997 J 2
60 --76
Registered
19972 .1
31% 5612
Debenture gold 4s
1934 M N
32
5312
30-year debenture 4s
1942 1 2
548
0712
Ref & impt 430 ser A __ _2013
47
73
Lake Shore coil gold 330_1998 FA
--83
94,
2
Registered
1998 F A
741 82
/
4
Mich Cent coll gold 3348_1998 F A
-7--Registered
1998 F A
57 -75
N Y Chic & St L let g 4s. _1937 A 0
---- ---Refunding 5340 series A..1974 A 0
Ref 434s series C
1978 M S
58
7
0
3-Yr6% gold notes
1935 A 0
53
55
N Y Connect lot Cu 434e A_1953 F A
La guar 5 series B
4
8
713 82
1953 F A
7212 77
N Y Erle lot ext gold 451_1947 M N
46
65
N Y Greenw L gu g 551946 M N
_
---- ---- N Y de Harlem gold 330-2000 M N
k
597 7114 NY Lack & W ref 434s B__ _1973 M N
25
52
NY & Long Branch gen 455._1941 M 5
28
34
N Y & N E Bost Term 48_ 1939 A 0
32
/ 51
1
4
NY N H & H n-c deb 4s_ _1947 M S
5718
33
Non-cony debenture 3348_1947 M S
90
94
Non-cony debenture 3345_195 A 0
4
79
89
/
1
4
Non-cony debenture 0_1955 J .1
---- ---Non-cony debenture 4s
1956 M N
9012 101
Cony debenture 334s
1956 1 J
Cony debenture 13s
1948 - J
1
954 983
/
1
4
J J
Registered
8
573 91
Collateral trust 6s
1940 A 0
97 101
1957 M N
Debenture 48
90 100
1st & ref 434* ser of 1927.A967 J D
7912 91% Harlem R & Pt Ches 1st 4a 1954 M N
20
497g
70
758 N Y 0& W ref g 4s June ._1992 M S
9634r103
General 4s
1955 1 D
8112 9418 N Y Providence & Boston 4s 1942 A 0
77
86
N Y & Putnam 1st con gu 4e_1993 A 0
6511 90
N Y Susq & West let ref 5.
1937 .1 J
/ 87
1
4
63
2d gold 434e
1937 F A
597 795
8
General gold bs
1940 F A
87
88
Terminal 1st gold 55
1943 MN
56
70
NY W Ches & 13 lot ser 14348'46 .1 1
54
43
32
85
Nord Ry ext sink fund 634s 1950 A 0
663 Norfolk South 1st & ref A 5s..1961 F A
40
4
80
75
Norfolk & South 1st gold 50.1941 M N
Norf & West RIO. impt&ext 6s '34 F A
0514 10114
N & W Ity lot cons g 4s
1996 A 0
958 534
514
Registered
1968 A 0
50
5111
Dly'l let lien AC gen g 4s 1944 J 1
70
7512
Pocah C & C joint 45
1911 / 0
47 47
North Cent gen & ref 55 A...1974 M S
---- ---Gen & ref 434s ser A
1974 M 8
North Ohlo lot guar g 58_194 A 0
___. ____ North Pacific prior lien 4s.._199 Q .1
---- ---Registered
Q 1
79
85
Gen lien ry & Id g as_Jan 2047 Q F
61
6812
Registered
Jan 2047 Q F
40
55
Ref & Impt 434s wiles A_ _2047 J .1
5
Ref & Inapt 54 series B____2047 J J
0
5
0
____ ____
Ref dr inapt St series C____2047 J J
3412 50
Ref &Inapt 55 series D____2047 J J
40
40
Nor Ry of Calif guar g 58_1938 A 0
2
1
•Look under list of Matured Bonds on page 3475
Price
Friday
June 2.
Bid
Week's
I e'l
Range or
2:52
Last Sale.
ciic
elsk Low
55
4
3 Sale
7
s 8
112
__
38 Sale
25 Sale
4418 Sale
20 Sale
1618 18
6114 Sale
82
__
70 13
Range
Since
Jan. 1.
High No. Low
4
4
2
258
3
12
118 Feb'33 ____
5 Dec'32
38
41
33
2012
25
11
43
4418 38
197
23
24
21
20
4
57
6114 28
955 Dec'30
8
655 May'33 ____
High
4
12
l's
558
3
11/1
24
16
2811
912
a812
37
-44
25
45
23
21
62
85
85
27 Sale 317
27
11
84 Sale 83
8418 35
7812 Sale 7712
79
24
7158
8
7158 Sale 68
70
72
72
75
14
/
573 Sale 541
4
4
5812 116
3414 Sale 3114
3412 63
1312 Sale 123
4
1412 268
3512 Sale 313
4
3512 421
4
343 Sale 32
343 131
4
94
1014 Sale
/
1
1012 261
3414 Sale 3112
3414 61
3414 Sale 31
3' 317
65
72 65
65
1
95 Aug'31 ____
91
58
55
90 40 May'33
--------53 Aug'32 ____
35
50 60 May'33
28 Mar'33 ___
20
15
15 .
15
:20
i
12 Sale 11
1212 22
1312 Sale 1212
1358 13
693 65 Aug'33
8
60
__ 90
933 Jan'33
4
92
79
Jan'33
89
744 Sale 74
/
1
763
8 41
69 May'33
79
72
7112 Sale 71
7112
6
15
6812
59
5115
55
03212
1812
7
18
1811
3
1812
184
/
1
5012
____
3658
754 -__
/
1
90
8512 _
____
13
1 _----- --_
2
112 - -12
60
85
____
1%
____
1
75
75
5
68 May'33
18 July'28 ____
11 May'33
/
4
123 July'31 ____
2
2
3
2812
84%
79
71%
72
5812
3412
a
147
3512
343
4
1358
34 4
,
35
7312
_ __
60
_
____--60 60
28 T72
/
4
71 15
414 1212
41 13,
/
4
2
64
65
84
9334 93
92
90
7018 7812
6778 69
60
7212
75
85
_--5ti
1---T212
1
a2
2
178
17
4 214
13
--------22 Apr'38 ____ --r13
i2 2
13
4
5
1
---13
4
7112 Nov'32 ____
____ 83
___
__68 Mar'33
68
6612
-68 79 Nov'32 ____ ____ ____
6618
-85 92 Nov'30 ____
_---4912 Sale 47
4912
4912
4
30 -49
6412
6412
6412 Sale 6412
1
237 20 Dec'33 -----------8
18
2512 Sale 25
1612 2815
2812 16
2512 Sale 25
8
160 26
2512
27
4
11
25 Sale 25
163 27
30
2714 Sale 2714
17,„; 30
26
8912 Aug'32 -----------8514 90
9912 ____ 9814 May'33
_
98 I003
4
----
8012 Sale 73
8114 336
7434 Sale 73
74
68
623 Sale 5912
63 4 212
3
6758 Sale 64
67
210
7614 99
757 75
8
75
--------70 Apr'33 ____
334 Sale 8058
84
121
75 Sale 7312
75
10
4
64
168
6218 Sale 593
7012
6914 7012 7012
6
6518 Nov'32 ___
_ __ 68
68
68
3
6912 69%
---- ----57 Apr'33 ___ e
76 May'33 _ 80
76
363
74
3612 Sale 33
32
400
323 Sale 2918
30 Sale 28
3012 420
9312 Sale 92
933
4 14
98
5
98 Sale 98
_ 84 Apr'33 __
4
85-- 12 593 May'33 __
56
6g
847 ____ 84 Mar'33 ____
90 Nov'32
85
85 76
8414 Doc'31 ____
__ ___ 9512 July'29 ____
6018 _-__ 56 May'33
_
55___ 50 May'33 ,__
47 6
5414 53
5414
6412 Sale 5812
6412 35
60 Sale 60
60
5
45
55
55
55
1
82 Sale 07912
82
107
80 May'33 ____
82 Sale 8112
8212 46
5712 Sale 5412
58
27
723 Sale 69
8
723
8 48
89 May'33 ____
88
90
62
5412
70
66
4934
33
40
493
4
523
4
Sale
Sale
87
69
Sale
Sale
Sale
Sale
Sale
60
62
53
5314
5534 36
85 Nov'32 ____
68
68
5
4614
4934
8
33
1
33
35
40
35
64
Jan'33 _ _ _
50
527
96
48
811
/
4
571 74
/
4
3412 633
4
3
9
67
6834 8012
70
74,
2
84
60
75
64
3412 64
60
7358
_ _
____
65 - 71
57
57
68
7912
3034
14
12
32
51 3012
/
4
87
97
89 1013
86% 89
513 593
4
4
84
88
-- ---45
--,---56
44
50
44
543
4
45
6412
45
60
43
55
83
57
80
80
59
83
3478 58
45
7258
823 90
4
5018
43
-64
2312
33
1612
64
31
62
553
4
-734
/
1
. 4
103
33
40
64
527
8
10578 Sale 51037 106
s
225
933 1107
4
8
.
*
19% Sale 193
4
193
4
1
6
1954
10214 10312 103
103
2 10112 104,
2
98 Sale a963
4
9812 80
87 100 4
,
____ ____ 9418 Jan'33 ____
9458 944
/
4
99 Salo 981
9312 101,1
9912 128
95 2
,
9614 98
96
13
8912 9014
94 ____ 87 Aug'32 ____ ____ _--78_ 85 Aug'32 -----------20 May'33 __
'1935
19 17
87,2
85 Sale 8412
85 4 71
3
73
_ 83
80
745 824
8
1
80
62
48
62 Salo 59
109
62
____ ___
5512 Jan'33
_
554 551
/
1
/
4
74 Sale 73
74,
4
50
7414 26
8438 Salo 8312
8512 166
8512
60
79 Salo 7312
5918 80
11
80
7934 Sale 75
7934
11
5614 7911
95% Oct'31 ___
--- ----
New York Bond Record-Continued-Page 4
BONDS
N. T. STOCK EXCHANGE
Week Ended June 2.
,...."
a
11, i..
4;07,
Pries
Friday
June 2.
Week's
Range or
Last Sale,
4
E 72
az ,
e
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 2.
.4
;'.'g
1'7:
4. a
-s
;
3873
Price
Friday
June 2.
Week's
Range or
1-7
Last Sale.d
Range
Since
Jan. 1.
Ask Low
High No. Low
Bid
HUM
High No, Low
High
Ask Low
Bid
88
84
55
84
Southern Ry 1st cons g 5s__1999 J J 84 Sale 81
3812 55
55 May'33 ____
42
53
Og & L Chum let HU g 45__ A948 J J
J J -___ ___ 5812 Apr'33 ____
5812 59
_
Registered
Ohio Concerting fly let 45__1943 M 5 85_ _ 97 Mar'32 ____ ____
58
609
17
80 --89
58
Devel & gen 95 series A.....19.56 A 0 58 Sale 4514
River RR 1st g 5e__1936 J D ---- - - 86 May'33 ____
91
Ohio
72
20
398
72
1956 A 0 72 Sale 56
Devel & gen 6s
70
85
85 May'33 General gold be
1937 A 0
195
77
207 77
8
Devel & gen 610
1956 A 0 77 Sale 5714
841 9612
/
4
2
9212
Oregon RR & Nay com g 49_1946 .1 13 9212 Sale 9212
5818 May'33 ___
74
40
1996 J J 58
Mem Div let g Es
9
103
99 105
584
/
1
Ore Short Line 1st Cons g 5819'6.2 J 10218 Sale 10218
--------6113
62
4
36
St Louis Div let g 45
1901 1 J
105
6212
3 100 107
Guar stpd cons be
1946 J J 10312 105 105
80 May'33 ____
85
60
80
East Tenn reorg lien g 58_1938 M S 75
75
89
8514 292
Ore-Wash RR & Nay 45
1961 J J 844 Sale 8418
/
1
53
34
20
5 53 Sale 4234
53
Mobile & Ohio coil tr 9s 1938 M
22 May'33 _
30
18
22
7712 8378 76
7312 8614 Spokane Internat 1st g 5s 1955 J , 20
Apr'33 -___
Pac RR of Mo 1st ext g 4s 1938 F A
Staten Island fly 1st 4 1is 1943 1 D --------60 May'32 ____ ___ ____
75
85
85 May'33 ____
85
2d extended gold bs
1938.2 J 80
____ ____
--------97 Nov'31 ____
___ Sunbury de Lewiston 1st 48_1936 J 1
.
____ 87 Sept 32 ____ ____
Paducah & Ills 1st s I g 4140_1955 J J 69
1047
8 55 a9612 10612
/
1
4
Pails-Orleans RR ext 5145_1968 M S 103 Sale 10318
54
25
16
54
Tenn Cent 1st 68 A or B_ _ _1947 A 0 54 Sale 41
36
46
1
45
45
Paulista RY lot ref s I 78_1942 M S 4018_
9
6 10114
/ -__ 9912 May'33 ---1
4
Term Assn of St L 1st g 414s 1939 A 0 99
71
88
8
86
Pa Ohio & Det let de ref 430 A '77 A 0 85 173- 86
4
914 100 4
2
99
99
1
1st cons gold 58
1944 F A 9714 100
9534 100
N 9612 ____ 97 May'33 ___
Pennsylvania RR cons g 48_1943 NI
1953 J .1 8014 Sale 8014
68
8014
8414
3
Gen refund erg 45
91 1005
8
95
98
4
Consol gold 4s
1948 NI N 97 Sale 953
75
59
10
76
73
75
80
90 10012 Texarkana & Ft 5 1st63.4sF A
4
9718
45 sterl stpd dollar May 1 1948 PA N 9718 Sale 9718
A 1950
60
65
1943 J .1 --------60 Apr'33 ____
9412 10412 Tex & NO con gold 5s
10312 103
Consol sinking fund 4348_1960 F A 103 Sale 102
857 100
8
973
4 42
4
7318 9114 Texas & Pac 1st gold 5s
2000 J D 973 Sale 94
8718 117
8
General 43.48 series A
1965 1 D 8612 Sale 855
78
977
8
83
95
2dinc5s(Mar'28cpon)Dec2000 Mae -------- 95 Mar'29 ---- ---- - --General 5s series B
Sale 9312
1968 J D 94
4212 20
22
1977 A 0 el) sale 66
70
Gen & ref Os series B
95 10912
15-year secured 61is
1936 F A 1023 Sale 10212 10314 90
4
4314 7018
1979 A 0 70 Sale 65
7018 47
Gen & ref 55 series C
9212
73
40-year secured gold 5a
877
8 45
1964 SON 87 Sale 86
43
70
27
1980 J D 6912 Sale 6612
70
Gen & ref 5s Belles D
56
78
227
78
Deb g 43.45
8
197C A 0 7712 Sale 735
50
61
61 May'33 ____
92
8512 Tex Pac-Sio Par Ter 514s A 1964 M 5 62
68
General 434s ser 13
61
82
1981 A 0 817 Sale 79513
8
86
90
90 May'33 __
Tol & Ohio Cent let en 5s 193 . i 8612 93
62
30
Peoria & Eastern 1st cons 46_1940 A o 55
11
62
5J
6158 53
85
85
85 May'33 ____
89
Western Div 1st g Os,.
es
1935 A 0 85
13
4 878
878 62
Income 49
618
818 Sale
April 1990 Apr
73
8213
General gold 55
6934 77
1
1935 J 13 -_ 8412 75 Feb'33 ____
Peoria & Pekin Un let 5 Sis_ _1979 F A 78
77
8012 77
603
4
44
1
603
4
603
4
Tol St L & W 50-year g 4s
Pere Marquette 1st ser A 58_1956 J J 63 Sale 54
1950 A 0 6014 90
2834 63
75
63
,
5418 Tol WV & 0 gu 434s ser B 1933 J. J ---- ____ 10014 Feb'33 ____ 100 4 10014
28
1st 45 series B
5918 21
1956 1 J 53
-150 guar 45 series C
.
1942 51 5 --------9618 Apr'31 ____ ____
1st g 4 Sia series C
28
55
25
57
083- 5018
198081 5 5612 - 4 48
80 - 0 a
80 Feb'33 ___
84
Toronto Ham & Buff let gls 1946 1 D 56
Phila Halt de Wash 1st g 43_1943 MN 99 Sale
94 101
11
99
1
99
9031 100
216
/
1
4
8
99
4
Union Pac 1st RR & Id gr 48 1947 1 .1 983 Sale a967
General bs series B
97 100
98 Mar'33 ---9
1974 F A 873 94
937 9918
8
94 May'33 ____
J J -_-- 94
Registered
General g 43.0 series C
88
81
1
8518
/
4
1977 J J 851 ____ 8518
9312
875 134 078
8
1st lien & ref 45
241.
June 2008 M S 8712 Sale 87
19
Philippine Ry 1st 30-yr s 1
2412 27
2912 Sale 23
-4a '37 J J
95
887
8 79 a75
8
1967 3 3 887 Sale a88
""
Gold 414s
95 10534
28
8
102
1st lien & ref Os
PC C & 5t L gu 434s A___ _1940 A 0 a9814 Sale 09814
June 2008 M 8 102 Sale 1005
4
4 a933 102
99
4
8514 46 a693 8818
8
40-year gold 48
1968 J 13 845 Sale 84
Series B 410 guar
94 10112
2
9914
/
4
1942 A 0 9914 Sale 991
96 100,
9
9812
2
1944 M 5 9812 Sale 9812
Series C 414s guar
4
993 993 U N J RR & Can gen 4s
4
4
9712___ 993 Feb'33 ---1942 M N
1933 J 1 -__ ____ 100 July'3I -----------Utah & Nor 1st ext 4s
Series D 4s guar
95
95
95 Feb'33 _
90 97
1945 SIN
85 85
85
Apr'33 ____
Vandalic. cons g 4s series A 1955 F A 83 __
Series E 414s guar gold
1949 F A 85 __
8512 Oct'32 ---- __ ___
____ 9312 Sept'31 ---- ---- -1957 M N 83
Series F 4s guar gold
8
____ 917 Dec'32 ------------Cons s f 48 series B
1953 1 D 90
138 258
3
25
8
112
2 Sale
/
1
4
9212 Vera Cruz & P asst 434s_1933 J 1
Series G 9s guar
92
1
92
1957 MN 90 ____ 92
92
80
85 May'33 ____
Virginia Midland gen ba_ _1936 M N ---- 95
Series H cons guar 48_ _ _1960 F A 90 ____ 80
Apr'32 ____ __ _
60
75
20
75
1 J 75 Sale 7012
Series I cons guar 41.48_ 1053 F A 92
9118 - - -1- Va & Southwest 1st gu 55_2003
9 2
____ 96 May'33 ____
8
1958 A 0 60
3612 624
/
1
60
6214 58
65
let cons 58
Series J coos guar 410
0112 9812
9412 Apr'33 ____
1964 MN 92
81
52
96,2
06
General NI 55 series A
Virginian Ry lot Os series A_1962 WI N 96 Sale 9312
92
76
5
90
9012
1970 J D 90 - 2
78
89,
2
1st mtge 4345 series B... 1962 M N 8512 9012 85 May'33 ____
7612 92
8
89 3
4
Oen mtFle guar 5 ser 11_1975 A 0 8918 Sale 89
Gen 410 series C
69
861, Wabash KR 1st gold Os
12
861.1
847
8
1977.2 J 8612 99
72
1939 M N 70 Sale 68
43
61
72
1939 F A 52 Sale 5014
53
33
38
53
Pitts Melt & Y 2d gu 6s
2d gold Ss
9958 093
4
4
1934 J J 9814 10014 993 Mar'33 ____
---Pitts Sh & L E let g 5s
Deb 65 series B registered 1939 J J ---- ____ 9818 May'29 ____ --1940 A 0 --------100 May'33 ___ 100 102
1
37C2 3713
3712 Apr'33 ____
let consol gold 55
let lien 50-year g term 45_1954. J __ 74
1943.2 J --------100 Mar'33 _-_ 100 10012
62
623
4
9818 6214 Feb'33 ____
Pitts Va & Char 1st 4s
Del & Chic Ext 1st 53__ _1941 1 J 62
1943 MN 65 ---- 00 Nov'32 -___ ____ _ _ __
35
35
Pitts & W Va let 4 3.4s ser A_1958 J D 5818 Sale 55
Jan'33 --35
Des Moines Div 1st g 42 1939 1 J ---- 45
5818
5
5818
30
L 2712 37
35
35
39
let M 41is series li
1941 A 0 32
.561
. Omaha Div 1St g 3145_
8
5612
30
7
1958 A 0 5612 Sale 477
41
55
let M 4;is series C
58 May'33 -65
Toledo & Chic Div g 45.1941 M S 55
60 30
111
60
1960 A 0 60 Sale 4718
4
53 16
5
16
Pitts Y & Ash 1st 42 eer A 1948 J 13 9014 ---- 8513 Oct'32 ___
4
Wabash Ry ref & gen 510 A 1975 M 8 15 Sale 143
__
512 1612
8
1612 70
1514 Sale 147
1st gen 55 series 11 __ _
Ref&gen 5s(Feb'32 couP)B '70 F A
1962 F A --------90 July'32 ____ ---- - 16
4
147
16
Providence Secur deb 413.. 1957 M N 35 -- -_ 713 Jul '31
Ref & gen 434s series C
1978 A 0 1414 Sale 1414
---- --- 8
43 16
2
15
16
Providence Term let 45
1980 A 0 1512 Sale 15
____ 80 Mar'33 ____
80 80
1956 M 5 75
Ref & gen 58 series 0
50
50
Warren let ref gu g 3Sis_ _ _2000 F A -------- 50 Feb'33 ____
4
a513 52
Reading Co Jersey Cen coil 45 '51 A 0 7712 83
Washington Cent 1st gold 451948 Q M -------- 52 Feb'33 ___
78
66
16
7613
78
87
91
1
88
Gen de ref 410 series A
88
Wash Term let gu 31i9.__ _1945 F A ____ 90
1997 J J 881 Sale 8618
4
753 91
8
814 38
/
4
0212 95
Gen de ref 410 series B.._1997 J J 87 sate 8612
F A ____ 9312 9312 May'33 ___
1945
let 40-year guar 48
9112
78
11
87
53
7012
57
7
Rensselaer de Saratoga 65_1941 M N-70
4
___ Western Maryland lot 4a_1952 A 0 693 Sale 69
Oct'30 ___
---_ 113
78
52
Rich de Merch 1st g 45
66
78
8
let & ref 51.0 series A
1977 3 J 767 Sale 76
1948 NI N ____ 38
40 Sept'32. - --_-_- 991 109,
/
4
Rtchm Term Ry let gu bs_1952 J J 97
5
2
/
4
__ 1011 10114
4
2 97197, MaY'33 _::: -97T -- - 2 West N Y & Pa 1st g 58--1937 1 J 1013
2
99
7938 85 4
Rio Grande June 1st gu bs 1939 J D 60_ 63
,
85 May'33 ___
1943 A 0 8212 15
General gold 4s
65
63
1
63
2013 39
Rio Grande Sou 1st gold 4s_1949 J J
16'
7
39
/
1
Western Pac let 5s ser A
1946 M S 384 Sale 3612
1
Dec'32 __
Guar 4s (Jan 1922 coupon)'40 J J -_-_-_- --788
4
67
7712
783
4 86
7712 78
2361 1 J
-_
712 Apr'28 __-_-_ --_-_- ---- West Shore let 48 guar
2
6414 74
33
Rio Grande West lst gold 49_1939 J J
71
72
Registered
2361 1 .1 ____ 73
- _71
71- Sale 6512
127 -55.
71
65
2
1st con & coil trust Is A 1949 A 0 5114 Sale 51
7612
7612
Wheel & L E ref 414s ser A_1966 M 5 7312 7612 7612
2512 52
15
52
6212 80
R I Ark & Louis 1st 410_193-1 M 5 28 Sale 26
____ 6212 Apr'33 ____
Refunding Os series B
1966 SI S 60
1818 3212
323 109
8
79
70
Rut-Canada let gu g 4e
1949 M S 5212 _ _ _ 78 May'33 ___
RR 1st consol 45
19 9 J .1 44
,
54
50 May'33 ____
3558 5112
1884 36
8
Rutland 1st con 434s
36
1942 1 D 36 Sale 30
1941 J .1
4714 55
5112 Wilk & East let gu g ba
39 Apr 33 ---39
.
1938 .1 D --------9158 Oct'31 ____ ---- ---Will & S F let gold be
7654 90
St Jos de Grand 151 1st 48_1947 .1 .1 84 Sale 8114
4
Winston-Salem S B let 48_1960 3 i 813 ____ 80 May'33 ___
90
70
2
84
83 1912 '
4
St Lawr & Adr 1st g Os
191 88
/
4
18 Sale 1514
1996 J 164 885 Feb'33 ___ _
8
8
8
3
885 885 \Vie Cent 50-Yr let gen 45_1949 J -1
1478
6
2d gold (is
8 26
147
MN
13
Sup & Dul div & term 1st 48'36
147 12
8
____ _
1996 A 0
-- 68
663 Oct'32 ____
4
St Louts Iron Mt & Southern- -- Wor de Conn East 1st 434s 1943 J J -------- 8514 Sept'31 _-__ ---- --RN & G Div 1st g 18- _•
•
•
MN
-1933
St L Peor & N W let eu -59_1948 J J 53 Sale 50
INDUSTRIALS.
2812 53
6
53
•
•
*
St L-San Fran pr lien 4s A 1950 J J
Abitibi Power & Paper 1st bs 1953 J D
19 Sale 1712
19
8
141
19
Certificates of deposit
1812 Sale 17
812 1812 Abraham & Straus deb 530_1943
1812 84
91
80
28
91
Prior lieu be series 11
A 0 90 Sale 89
/
1
4
With warrants
19 Sale 18
1950 .1 J
19
49
19
10
5313 68
7
68
Certificates of deposit _--- --Adams Express coll tr g 46_1948 M 5 68 Sale 6712
9
54 19
88
19
1712 Sale 1718
92 10118
Con M 434s series A
101 May'33 ___
10218
8
187 220
/
4
1978 NI 5 181 Sale 17
8
(361/4 187 Adriatic Elec Co extl 7s_ _1952 A 0
3
,
i
2412 401
/
4
Certits or neposlt stamped__ -- 6
39
40
4
614 173 Albany Perfor Wrap Pap - 8_1948 A 0 39 173 102
4
1712 Sale 1612
2513 57
St L El W 1st g 4s bond ctfs-1989 M277
57
57 Sale 45
Allegany Corp coll Or 5s____1944 F A
65
N 65 Sale 63
49
28
65
53
258 a1912 53
2sg 49 Inc bond ctfs Nov_ _1989 J .1 423 Sale 413
1949 1 D 5112 Sale 38
Coll & cony Os
333 44
8
0
4
423
4
4
23
5
let terminal & unifying 68_1952 1 1 44 Sale 43
386
23
1950 A 0 2212 Sale 1712
Coll & cony 55
19
45
50
45
85
05
47
85
Oen & ref g 5s ser A
35 Sale 3012
1990 J J
Allis-Chalmers Mfg deb 58._1937 NI N 8414 Sale 8314
35
12
80
35
5212 62
4
53
Alpine-Montan Steel 1st 78.1955 M 5 53 Sale 5212
St Paul & K C So I. 1st 410_1941 F A
60 a28
48
48 Sale 44
98
2614 a69
St P de Duluth let con it 4s 1968 J 13 __7
8012 Amer Beet Sue cony deb 65_1935 F A a69 Sale 6612 a69
Apr'33 ---75
75
•
*
•
Elt Paul E Or 'Irk lst 4 yis..1947 J J 50- American Chain deb a f 68_1933 A 0
____
62 Sept'32 ____
70
2012 9212
St Paul Minn & Man con 46_1933 J J 073 983s 973
9212 11
A 0 8712 9212 89
82 16-- Amer Cyanamid deb 5s_ 1942
4
38
4
98
23 8 53
5
let consol g Os
348
55
Am & Foreign Pow deb 5s 2030 M 5 54 Sale 46
1933 1 .1 9814 Sale 973
99
89
4
9814 27
52
72
65 reduced to gold 4340_1933 J .1 975 Sale 973
46
72
6978 70
American Ice s f deb 5s_ __ _1953 1 D 67
881 99
/
4
8
120
8
98
8312
64
94
Registered
81
J D _ __ 9834 9612 May'33 __
9612 Amer I (1 Chem cony 5;0_1949 MN 81 Sale 79
92
Mont ext 1st gold 4s
6612 81
120
75
83
77
857 83 May'33 __
8
1937 J D 78
Am Internal Corp cony 534s 1949 1 .1 76 Sale '7512
103 10518
Pacific ext thi 48 (sterling)_1940 1 .3
Amer Mach & Fdy s f 6s_ __ _1939 A 0 10312 105 103 May'33__
_ _ 7412 70 Apr'33 ____
70 71
91
60
71
St Paul Un Dep let & ref 58_1972 J J -68 Sale 98
91
Amer Metal 514% 901418- -- -1934 A 0 89 Sale 8712
89 101
9
98
20138
196
05
A m 5m & R 1st 30-yr 59 ser A '47 A 0
Sale 9412
sale 10412
le
10838 1063
72
95 4
5 A & Ar Peas let gu g 4s
54
66
133
66
Amer Sug Ref 5
1937 / .1 109414
512
1943 1 J 66 Sale 6012
-year(
/
1
4
Santa Fe Pres & Phen 1st 58_1942 M 5 8512 947 90 May'33
10214
Am Telep & Tejeg corky 4s_1936 NI 5 10314 sale 10214
82
90
_
8
1 09612 10312
Say Fla & West let g 68._ 1934 A 0 9812 100
lO47o 74 100 10711
30
94
97
94 May'33 _
-year coil tr be
1946 J D 104 Sale 10312
93 10712
1st gold be
10214 168
NV 4 0 975 100 101
35
____
_ _
Oct'31 ____
8
4
-year is f deb be
1960 1 3 1013 Sale 10018
9912 1091
/
4
Scioto V & N E 1st gu 4s19 M N 93
-e9
10614 170
94 May'33
94
20
-year s f 510
90 98
1943 SIN 105 Sale 105
99 107 4
5
Seaboard Air Line let g 46_1950 A 0
,
5
5
Cony deb 434s
68
4
107
1939 J 1 107 Sale 1053
•
•
Gold 4s stamped
/
1
924 10714
1965 F A 10118 Sale 10014
1950 A 0
309
Debenture 5.8
•
102
Certlfe of deposit stamped__ A 0 16
62
35
16
1612 16
Am Type Found deb 6s__ A940 A 0 62 Sale 55
3
16
6
113
62
Adjustment be
12 4
Oct 1949 F A
Ara War Wks & El coil tr - 9_1934 A 0 92 Sale 91
314 4
711 9613
/
4
13
312
4
62
5
92
Refunding Is
*
*
1959 A 0
Deb g Cis series A
49
7912
50
79
7712 Sale 763
1975 M N
4
Certificates of deposit ____ --2
758
6
75
8 35
8
75 Sale
let & cons 68 series A
97 Sale
8
1945 M S
288
814
10
Am Writing Paper let g 65.1947 1 J
23 10
4
28 61211 a39
39 sale 3234 a39
/
4
___
Certificates of deposit
734
914 87
9 sale
21 13
/
4
-Chilean Nitrate 7s_ _1945 M N
13
4
912 Angle
82
13
10 Sale
9
/
1
4
Atl de Birm 30-yr 1st g 4a_iiii5 NI s
•
•
•
Ark de Mem Bridge & Ter 55_1964 M S 835 8412 85 Apr'33 ____
8
80
85
Seaboard All Fla let itu (is A 1935
87
Armour & Co (III) let 4145_1939 J D 8612 Sale 8518
77
863
4 88
Certificates of deposit
8
A 0
/
4
512 Sale
711 843
578 Armour & Coot Del 5 Sis_ 1943 J J 86 Sale 8212
1
5
146
5
/ 52
1
4
84
Series 11_
65
7912
7912 31
1935
Armstrong Cork cony deb 66_1940 1 D
79 Sale 78
Certificates of deposit
1
1
514
514
514 Associated Oil 6% e notes_ _1935 M S 10314 Sale 103
212 6
F A
2
11 10012 1033
10314
Atlanta Gas L let 58
4
4
983 983
_
_ 983 Feb'33 ___
4
1947 1 D
/
4
__ 8914 Oct'32 ____ ---35
511
___ Atl Gulf & W I SS coil tr Os 1959 1
5178 '26
So & No Ala cons gu g 58__ _1936 F A 9514
4912
517 Safe 8
-year 59_1963 A 0 83 18
84 May'33 _--Gen COOS guar 50
97 103 4
,
75 8512 Atlantic Refining deb 5..1937J .1 102 sale 10118
10212 34
5
40
60
48
791 95
/
4
Baldwin Loco Works let 5s 1940 M N 92
8
60
4
So Pac coil 4s(Cent Pee coil) '49J D a583 Sale 583
92
92
93
6912 118
9014 9618
53
707 Batavian Petr guar deb 4;0_1942 I
2
let 410(Oregon Linea) A 1977 M S 6912 Sale 6714
957
8 55
/
1
947 954 95
8
871.1 84
I
84
1934 J D 84 Sale 84
83 a90
Belding-Heminway 65
20-year cony 55
1936 1
863 92 a90 May'33 ___
4
3812 693 Bell Telep of Pa ba series B 1948 J J 10412 Sale 10418
4
1968 IN 5 5812 Sale 5612
593 106
4
Gold 434s
1057
8 44 101 111
3714 69
143
1st & ref be series C
59
Gold 4348 with warrants 1969 NI N 59 Sale 56
42 10012 1113
1960 A 0 1055 Sale 105
2
8
107
89
3614 5578 Beneficial Indus Loan deb 68 1946 M S 5312 Sale 8014
587 357
8
1981 NI N 68 Sale 55
Gold 4348
75
8312 11
4
16 0703 85
Berlin City Elec Co deb 610 1951 J 0 50 Sale 4618
82
3512 7012
San Fran Term 1st 4s........1950 A 0 8112 Sale 8112
110
50
let con eu g5a 1937 SIN 99
9718 lin
Deb sinking fund 614s
4612 Sale a9114
1959 F A
____ 9714 Apr'33 ____
36
6912
So Pao of Cal
4612 118
1937 J i -------- 96
____
_
Jan'30 ____
,
Debenture 68
58 03914 64 2
1955 A 0 43 Sale 4014
So pao coast 1st gu g 4s
43
Berlin F,lec El & Underg 6 Sis 1956 A 0 3818 Sale 333
1955 J J 76 Sale 733
60 379
--4
765 106
8
637
s
4
3878 57 a28
So Pao RR let ref 48
93
71
Stamped (Federal tax).- -1955 J .1 --------9212 May'30 ____ ____ ____ Beth Steel let de ref be guar A '42 MN a92 Sale 92
73
93
93
79
30
-year pm & inapt 5 f 541_1936 J J
947 Sale 9418
8
94
/ 91
1
4
I
r Caen sales
a Deferred delivery. •Look under list of Matured Bonds on page 3475
New York Bond Record-Continued-Page 5
3874
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 2.
z
;23
3h
.,e,
Price
Friday
June 2.
Week's
in
Range or
,
Last Sate.i'i 2
Range
dente
Jan. 1.
.$
g.
BONDS
t•-•
N. Y. STOCK EXCHANGE z b
,a,
Week Ended June 2.
June 3 1933
Prize
Friday
June 2.
Week's
Range Of
Last Sale.
4
gE
al
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low
High
Nigh
8
21
Hackensack Water lot 4s_ _ _1952 J J 9512 96 935 May'33 ____
923 9812
8
1812 Hansa SS Lines(is with warr.1939 A 0 34 Sale 3018
34
29
81
12
1414 Harpen Mining 6s with stk purch
war for corn stock of Am she '49 J J 4418 4512 4414
39
45
42
7212
18 82412
4
412 Havana Elec consol g 58_ _ _1952 F A 2918 3712 24 May'33 ____
412 Ma'33 ____
_
214
912 1014 93
4
10
Deb 5S4s series of 19261951 M S
712
2
2
314 10
4
7
7 _- 8 7
971278 21
1514
20
1614
4
1
7 8 Hoe(R)& Co lot 634s ser A_1934 A 0 17
7
7 May'33 ____
712 8
297 r29 May'33 ___
8
6512 7512 Holland-Amer Line 88 (flat)_1947 M N 25
177 z20
8
7214 May'33 ___
71
74
Houston Oil sink fund 5348_ _1940 M N 6512 Bale 61
38
70
112
3
70
105 Bale 1043
4 1053
8 7a 100 4 108
Hudson Coal 1st of 55 ser A-1962 1 D 4212 Bale 3714
4212 132
2712 4
212
10412 Sale 10418 10518 24 100 108
8414 96
Hudson Co Gas 1st g 58
1949 MN 103 10412 0312 May'33 ____ 10138 10814
599
4
91
903 Sale 893
4
4 103
Humble Oil& Refining 5s_ _ _1937 A 0 103 Sale 1023
56
60
8
13 1003 104
56
7012 60 May'33 _ _ _
--------50 Nov'32 -----------87
105
16 10058 10714
Illinois Bell Telephone 58-1956 J D 105 Sale 104
75
31
81 Sale 8012
81
Illinois Steel deb 43.o
1940 A 0 10218 105 102
4
10238 28
95 10312
8 1013 112
10814
10612 108 107
4
263 5812
4
3214 43
34 108 11718 Ileeder Steel Corp mtge 68....1948 F A 3214 Sale a293
8 11238
11212 ____ 1123
955 9612
8
Ind Nat Gas & Oil ref 5s_
1936 M N - -- - 98 9612 Feb'33 ____
--------158 Feb'33 ____ 158 158
g
Inland Steel lot 43.gs
1978 A 0 8312 Sale 837
93 105
66
863
4 19
8 78
1023
101 Sale 101
863
4
4
4
1st M a f 4 iis ser B
1981 F •A 843 853 83
9778r1073
4
65
85
847
8 36
39
8 104
1033 Sale 1035
4
9712 10512 Interboro Rap Tran lot 58 1966 I J 58 Sale 56
47
59
5812 215
1007 Sale 10012 10118 43
4‘
*
•
*
.
1932 A 0
42
6712
10
-year 8.5
50 May'33 _
45
52
____
21
23
22 May'33 _ _ _
3314
b
14
Certificates of deposit
2412
44
17 Sale 17
18
*
•
;
10
-year cony 7% notes_ __1932 M S
19
6412
40 Sale 377
8
407
8 60
_-_ 64 Sale 6112
66
84
37
52
70
29
Certificates of deposit__
2
66
65
68
70
ii&i. MN 6418 Sale 6318 8418 6 32 13412
Interlake Iron 1st 58 B
4
4 14 100 1063 Lot Agric Corp 1st dr eon tr be
Cal0 az E Corp unf & re /55_1937 M N 10312 10412 010314 1033
59
9
Stamped extended to 1942._ MN 5414 63 5818
623 86
4
85
3812 59
10
85
86
1940 J 1 83
Cal Pack cony deb bs
9412 Int Cement cony deb 58_ _1948 M N 078 Sale 7512
79
23 a50
79
13 a81
87
Cal Petroleum cony deb s t bs '39 F A 87 90 84
46
Internal Hydro El deb 88.-1944 A 0 46 Sale 41
96
222
1938 MN 86
2414 46
25 083
92 a91
a91
Cony deb s f g 534e
62
Inter Mere Marine at _ _1941 A 0 51 Sale 40
66 a29ig 52
Camaguey Sugar ctfa of deposit
5612 39
5 Internet Paper 5s ser A deB.1947 J J 5612 Bale 5312
5
58 Apr'33 ____
6a14
9
__
39
1942 - 5612
for 1st 70
8
Ref s f 6s series A
10 4 2412
3
2412 23 May'33 ___
10
32
32
112
1955 M 13 32 Sale 277
Canada SS List & gen 6a-1941 A0 2212 -Int Telep & Teleg deb g 4%8 1952 1 J 51 Sale 37
bl
1712 51
340
i 102 108
105
Cent Dist Tel lot 30-yr 58,1433 0 105 Sale 105
8
Cony deb 4548
60
1939 3 J 58 Sale 457
32 100 107
2018 60
587
8 105
Cent Hudson 0 & E be_Jan 1957 M S 105 Sale 1035
50
75
5214 848
47
Debs ba
18
5214
1955 F A 5214 Sale 40
63
Cent Ill Elea & Gas 1st ba 1951 F A 825g Sale 61
701g 95
Central st
eel i8g got 88I941 MN 94 Sale 9114
85
56
75
86
5
Investors Equity deb be A_1947 I D 85 Sale 8312
95
26
5114
Deb 58 ser B with warr
1948 A 0 8314 85 85 May'33 ____
80
86
5012 102
4
Certain-teed Prod 5540 A-1948 M 5 5
0 Sale 493
,
6312 87
8412 29
Without warrants
75
86
1948 A 0 8314 85 2 84
Chesap Corp cony bs May 15 '47 M N a8712 Sale 8312 08712 486
97 1057
s
10212 20
Cb 0 L & Coke lot gu g bs_ -1937 J J 102 Sale 102
8 1013
K C Pow & Lt 1st4%s aer B.1957 1 3 10134 Sale 997
4 12
9612 10412
Chicago Railways lot 58 stpd
•
•
•
4 102
lot M 454s
F A
96 105 4
3
41
1961 F A 102 Sale 993
Sept 1 1932 20% part. Pd
8
25
4812 Kansas Gas & Electric 4048.1980 J D 857 Sale 847
4612 39
95
11
72
4
857
8
1943 A 0 4612 Sale 4378
Childs Co deb bs
1812 35
6412 Karstadt (Rudolph) 1st 65_1943 MN 18 Sale 16741
27
6412 360
19471 3 63 Sale 5314
1378 4114
Chile Copper Co deb be
90 100
Keith (B.F.) Corp. let 68- _1946 M El 46 Sale 4214
2914 45
9618 79
32
45
1968 A 0 9512 Sale 9538
CM 0 & E lot M 45 A
38
38
Kelly-Springfield The 6s_1942 A 0 61 Sale 55
81
32
61
40
Clearfield Blt Coal lat 48_1940 1 J 36 ____ 38 Apr'33 ____
1940 J ------------------------ Kendall Co 55'4o with wart_ _1948 M S 7218 76 071
74
55
74
5
Small series B
65 May'33 __
68
463 Keystone Telep Co lot 58.-1935 .1 1 60
4
647 7012
8
Colon 011 cony deb 644
1938 J 1 46 Sale 46
46 4 20 a32
-383
Kings County El L & P 58_1937 A 0 104--- _ 104
38
104
2 10138 108
Colo Fuel & Ir Co gen of 58_1943 F A 60 Sale 59
6012 10
1912 45
Purchase money 6s
1997 A 0 12014 126 126
35
126
4
1 1153 135
45
Col Indus 1st & coil 58 gu
1934 F A 43 Sale 43
8
893 Kings County Elev lot g 48._1949 F A 72 Sale 717
8
72
66
3
6812 7712
Columbia G & E deb bs May 1952 M N 8314 Sale 813
8514 137
4
6812 89
102
1954 J J 102 Sale 102
4
99 10612
2
Kings Co Lighting lot ba
83
Debenture bs
Apr 15 1952 A 0 83 Bale 83
72 11412 Mar'33 ____ 11414 11412
First and ref 610
1954 J J 68
6612 877
s
8414 217
Debenture Ss
Jan lb 1961 1 J 8312 Sale 82
8
84
9714 Kinney(OR)de Co 7% %
11
92
notea'36 J D 6812 697 6712
69
69
2 a42
Columbus Ry P& L 1st 4%5 1957 J J 9118 Sale 91
Kre,ge pound'n Coll tr _ -1936 1 D 7012 Sale 6612
9712 106
7012 26
8
Secured cony g 5;4s
3114 7012
1942 A 0 993 Sale 993
8 10012
8
Kreuger & Toll class A ctiaof dep
Os1959 M B 13 Sale 12
134
97 10314
10
13
for sec a f g 58
123
8
3
Commercial Credits f Os A 1934 M N 101 10114 100 4 101
96 100
973
4 13
Coll tr of 534% notes__ _1935 J J 9712 Sale 9718
88
75
8912
953 1047 Lackawanna Steel lot 5 A-1950 M S 90 104
4
a
8
8912
Comml invest Tr deb 550_1949 F A 101 Sale 9914 10114 48
8
91
7 104 10818 Laclede G-L ref & ext 58-1934 A 0 90 Sale 8912
108
33
7918 96
Computing-Tab-nee 8 t 68...1941 J 1 107 108 107
97 10112
28
64
Coll & ref 534e series C-1953 F A 64 Sale 81
48
Conn Ry & L lot & ref g434s 1951 .1 J 96 ____ 97 Mar'33 ____
673
4
8
Coll & ref 534e aeries D_ _1960 F A 6214 Sale 587
95 10112
6214 32
1951 1 J 97 --- 95 Mar'33 __
487 6612
8
Stamped guar 454s
958
4
13
Lautaro Nitrate Co Ltd 60.._1954 1 1 a103 Sale
218 13
441
Consolidated Hydro-Elec Works
4
J 853 Sale 85
38 Sale 38
6
8514
Lehigh C & Nay of 434o A_ _1954 1
35 8 68
3
7712 90
6
3812
of Upper Wuertemberg 78_1956 -I J
Cons sink fund 43.4o ser C.1954 1 3 851/ 97
88
30
17
78
79 May'33 ____
'2
4
O's 17
Cons Coal of Md 1st & ref 5s-1950 J D 16 Sale 1512
9978 9978
7
1934 F A 99 --- - 99 8 May'33 ____
9812 10714 Lehigh Valley Coal lot 5e
Consol Gas(NY)deb 554s_1945 F A 0104 Sale 10414 10478 197
55
lot & ref 8 f be
1951 1 D 9614 Sale 9518
2
8712 1017
8
191
97
45
1944 8 A 55 Sale 55
Debenture 454o
8012
31 May'33 ___
8
1954 F A 205 32
let di ref a f be
93 10512
20
31
Debenture bs
1957 1 J 10114 Sale 10012 1013 285
4
29
4
97 1053
2
1st & ref of 58
1964 F A 29 Sale 29
5
101
Consumers Gas of Chic an ba 1936 J 0 101 Sale 101
1618 30
29
9
lot & ref of 58
97 107
22
3
1974 F A 29 Sale 29
Consumers Power let be C1952 M N 10212 10414 1005g 10312 13
8
4
747
35
8
7478 lb
57
73
Secured 6% gold notes
1939 1 I 685 723 70 May'33 _ _ _
Container Corp 1st 68
1946 2 D 7312 Bale 6912
s
8 12512 108 1177 1261s
,
Liggett & Myers Tobacco 78_1944 A 0 125 4 Sale 1245
163 .54
4
76
53
15
-year deb 55 with warr_1943 1 D 5118 Sale 48
731
50
Copenhagen Telep 5s
-Feb 15 1954 F A 7018 7712 70 May'33 ____ 065
1951 F A 10918 Sale 10912 11012 70 102 11012
23
,
76
48
Corn Prod Refg let 25-Yr of 5834 M N 10212 10312 10212 10312
1941 A 0 76 Sale 73 14
3 101 10412 Loew's Inc deb of 818
8412
99
79
84
Lombard Elec 78 ser A
46
10
4
99
Crown Cork & Seals f 6s
1947 J 0 98 Bale 973
781g 90 4
1952J 0 8418 8712 a83
,
Lorillard (P) Co deb 78
1944 A 0 11314 Sale 11112 11314 25 010212 114
56
78
36
78
Crown Williamette Paper 68_1951 1 J 78 Sale 76
Sale 973
4 100
be
36
67
5
67
44
1951 F A 100
Crown Zellerbach deb 5s w w 1940 M 5 66 Sale 66
90 100
•
a
*
Louisville Gas & El(Ky)68_1952 M N 10012 Sale 993
4 10112 43
9414 10612
Cuban Cane Prod deb 6s
1950 1 3
Lower Austria Hydro El Pow
4 14 100 107
1937 3 J 10412 Sale 10412 1043
Cumb T & T let & gen 5s
let a t(13415
48
6
1944 F A 48 Sale 47
42
53
94 10212
19
4
3
98
Del Power & Light let 4548_1971 J 1 97 4 Sale 973
893 99
4
1969 .1 J 90
9212 9114 May'33 ......
McCrory Stores Corp deb 554,3'41 1 0 40 Sale 3412
2158 62
24
40
let & ref 434s
4
9512 1013 McKesson di Robbins deb 6355'50 NI N 4912 Sale 48
2
231 50
204
50
9912
1969 1 .1 9912 100 9912
let mortgage 434s
*
i
e
88 100
•
8
Manati Sugar tot s f 7340- _1942 A 0
90 12
Den Gas & El L lot & ref s 1 bs'51 M N 9012 9112 90
25 Sale 18
25
20
Certificates of deposit_
9112
31 25
88 r9 4
63
4
9112
Stamped as to Penne tax.1951 M N 9012 92
*
I
0
Stamped Oct 1931 coupon 1942 I851a 103 4
3
167
Detroit Edison be ser A
1949 A 0 100 Bale 9912 100
_
25 Sale 17
25
863 103
4
17
9
3
Certificates of
25
1955 1 D 100 Bale 9812 100
Gen & ref 58 series B
4
8418 10312 Manhat Ry(NY)cons g 48_1990 A0 383 Sale 3714
deposit29
41
391 1 38
5
8
983
4
1962 le A 9838 Bale 983
Gen de ref be series C
35 May'33 ____
36
-, 30
2238 35
9212 19
Certificates of deposit
75 100
Gen & ref 434s series D_,1961 F A 9212 Sale 91
31
84 103
175 3114
8
14
31
25 4o
995 132
8
2013 -I Is 2514 33
4
Gen & ref 55 series E
1952 A 0 99/8 Sale 983
873 893 Mar'33 ___
4
4
893 8 4
4 93
Manila Elec RR & Lt of 58-1953 M 5 70
703 91
4
Dodge Bros cony deb Os_ _1940 M N 9
905 137
8
014 Sale 8914
1
65
72
Mfrs Tr Co aft of partio in
72
Dold (Jacob) Pack 1st 82._1942 M N 72 Sale 72
5614
5614
A I Namm & Son lot 64
1943 1 D 5712 62
75
2
57
40
57
16
Donner Steel let ref 78
75
75
1942 J 1 78
79
43
7312 Marion Steam Shovel of 68._1947 A 0 53
55 54
Duke-Price Pow 1st Os ser A_1966 M N 6912 Sale 67
55
7312 70
9
251 5712
4
9718 10538 Market St Ry 7a ser A_April 1940 Q 3 70 Sale 70
72
95
16
57
Duquesne Light let 4348 A-1967 A 0 102 Sale 10112 103
753
3
4
30
537
8 14
Mead Corp lot Os with warr_1945 M N a533 Sale 61
96 107
5378
50
lot M g 4545 series B___ _1957 M S 102 2 Sale 10212 103
,
105
25
1957 A 0 10412 Sale 104
87 105
Merldionale Elec let 7s A
•
•
•
. 89
89 May'33 ____
847k 99
Metr Ed let & ref be aer C_ _1953 1 J _ _ _
East Cuba Sus 15-yr of g 7%8'37 M S
95 10412
lot a 434s series D
793
4 10
1968 M 8 7912 Sale 7812
7
101
7112 90
Ed El Ill Bklyn lot COOS 48._1939 3 3 10018 10114 101
_ 7518
8518 76 2
7712 21
Metrop Wat Sew & Dr 5%8_1950 A 0 ____
Ed Elec(N Y) lot cons g 58.19953 J 11012 120 no May'33 __ _ 106 120
,
35
4 35
68 4 Met West Bide El(Chic)43_1938 F A 143 _-- 1812 May'33 __
3
18
40
El Pow Corp (Germany)6%6 '50 M S 40 Sale 3618
11
1812
37
33
68
343 May'33 ____ 03312 674
59
40
4
Mies Mill Mach let at 7s
1956 1 D
8
lot sinking fund 6 Ms_ _ .,l253 A 0 393 Sale 37
4
Midvale St &0 coil tr 8 1 be 1938 M 5 933 Sale 925
80
95
8
9334 53
Ernesto Breda Co 1st M 70._1954
13
77
72
7612
79
80
75
Milw El Ry & Lt 1st be B
83
84
7814 29
1981 1 D 7814 Bale 7814
With stock purchase warrants_ F A
lot mtge 58
82
83
42
78
1971 1 3 77 Sale 7618
63
71
Montana Power 101 56 A
71 May'33 __
60
86
50
81
1943 1 1 80 Sale 7812
77
Federal Light & Tr lot 55„_1942 M El 70
85
72
2
45
82
4
Deb 55 aeries A
70
4
61
70
75
lot lien of 5s stamped
1942 M S 70
1962 1 D 81 Sale 603
66
7712 Montecatini Min & Agri's76 May'33 ___
lot lien (is stamped
1942 M 5 7218 78
48
60
973
4 41 08714 9812
Deb g 741
30-year deb (is series 13 _ _1954 J D 5814 -_ _ go May'33 ___
1937 1 3 9718 981a 096
81
93
785 86 4
8
8512 13
Montreal Tram 1st &ref 58_1941 3 1 8513 Sale 85
Federated Metals of 7s- _ _1939 I D 9314 106
,
. 9212 May'33 ___
93 100341
9
9912
5914 6612
Gen & ref a f be series A_ _1955 A 0 6814 70 6914 May'33 ____
Flat deb s f g 7s
1946 3 1 9915 993 9914
4
*
r
*
158
8
Gen & ref a f iSs ser B... _ _1955 A 0 6814 ____ 685 Feb'33 ____
11,15a 10
Fisk Rubber let s f 13s
1941 M S
9
4 102
- - - 573 May'33 ____
4
Gen & ref of 450 ser C 1955 A 0 591
9918 27
57 4 57
1
Framerlcan Ind Dev 20-yr730'42 J J 98 Sale a98
14
1012 48
27
4
Gen dc ref s f as ear D
47
Francisco Sug lots f 7%5_1942 M N 4412 Sale 4412
663 663
4
4
1
683
4
1955 A 0 6814 100 663
Morris & Co 1st of 430_ _ _1939 3 1 85 Sale 8412
78
8514
4
8514
66
6
67
80
40
4085 Dec'32 -----------Mortgage-Bond Co 4a aer 2__1968 A 0 25
Gannett Co deb 60 aer A_ _ _1943 F A 66 Sale 66
._
86
89
83
76
9818 June'32 ___ ---- , Murray Body lot 6540
Gas& El of Berg Co cons g 5010 J D 1025 105
28
83
8
08
1934 3 0 82
12
55
50 75
Mutual Fuel Gas lot gu g 58_1947 MN 96 100
95 Apr'33 ____
Gelsenkirchen Mining 6s_-_ _1934 M S a55 Sale 53
9 8 107
45
/
1
4
76
82
Can Amer Investors deb 5.5A1952 F A 7912 83
997 85
8
Mut Un Tel god 68 ext at5% 1941 M N 76
75
85
82 May'33 ___
16
85
97 10112
69
Gen Baking deb of 5Sis___ _1940 A 0 1003 Sale 0018 101
4
36
35
68
68
Names(Al)& Son_ _See Mice Tr
Gen Cable let of 534e A,
1947 J J 68 Sale 65
96 10214 Nassau Flee gu g 48 stpd
8
Gen Electric deb g 354s. __ _1942 F A 10015 1013 99 May'33 ___
51
5912 12
1951 1 3 58 Sale 587
4
5912
2914 6212 Nat Acme let of lle
6154
80
8114 May'33 __
3512 14
Gen Elec(Germany)70 Jan 15'45 3 J 35 2 Sale 3412
53
,
1942J 13 53
2812 5712 Nat Dairy Prod deb 5343_1948 F A 8718 Sale 8612
7714 91
St deb 6340
3314 28
1940 3 D 33 Sale 311s
873
4 67
25 -557 Nat Steel let coil be
s
69
893
4
37
20
-year of deb 68
8
4
313
8 80
19-1801 N 31 Sale 293
893
1958 A 0 893 Bale 89
44 101 105
Newark Como! Gas cone 55_1948 3 0 1001 10412 10312 103 2 122 10211 107
4
Gen Petrol lot 0158
,
1940 F A 10258 Sale 10285 103
713 8612 Newberry (33) Co 554% notes'40 A 0 7812 Sale 77
8
82
8412 11
Gen Pub Serv deb 554*
65
19393 J 81
7812 91
85 84
New Eng Tel & Tel 5.5 A
47 075
10534 24 100 11114
28
Gen Steel Cast 534s with wan'
'493 1 a735s Sale 7218 a75
1952 1 D 10512 Sale 105
•
•
9611 10712
let g 434s series yi
a
Gen Theatres Equip deb Gs_ _1940 A 0
43
102
1961 M N 101 Sale 1007
95
53 NJ Pow & Light lot 4 iis__ _1980 A 0 80 Sale 7912
4
76
1
Certificates of deposit
8012 24
5 4 177
3
23
4
412 5
14 0391g 6518 New Orl Pub Serv 101 68 A 1952 A 0 59 Sale 565
48
4312 13412
8
51
59
Good Hope Steel 433 Ir sec 7
11-1945 A 0 4514 Sale 4412
444 6418
57
62
74
59
91
91
Goodrich(B F)Co 10t 634a.,,1947 J J 90 Sale 90
3 59 Sale 5614
First & ref 5e series B
1955 1 1
8014
45
N Y Dock lot gold 40
298 113312 71
71
1945 1 D 71 Sale 65
8
Cony deb 68
5914 28
1951 F A 5758 Sale 575
39
1
28
68
88
24
Serial 5% notes
1933 A 0 3814 Sale 38
178
88
39
Goodyear Tire & Bubb lot 581957 MN 87 Sale 87
NY Edison 1st & ref 61.0 A_1941 A 0 1115 Sale 11112 112
4
18 1063 1/5
8
7412 87
34
8018
85
88
Gotham Silk Hosiery deb 65-1936 J D 80
•
•
2
lot lien & ref be aeries B
v
1944 A 0 10514 Sale 10514 1053
4 26 1011.4 1083
Gould Coupler lots f 68-.1940 F A
8 58 101 1084
let lien & ref 58 series(3_ _ _1951 A 0 10514 Sale 10512 1067
37 8 83
5
22
63
Ot Cons El Pow (Japan) 711-1944 F A 62 Sale 5934
8
19503 J 5312 Sale 50
31
5312 N Y Gas El Lt II & Pow g ba 1948 J D 10612 10714 10612 10712 36 1017 11238
5312 18
lot & gen of 6540
1942 J D 75 Sale 70
75
8 10018 27 69314 103
Purchase money gold 48_1949 F A 9878 Sale 987
42
35
75
Gulf States Steel deb 5%8
Bing & Bing deb 610
1950 M El
Botany Cons Mills 6)48_..__1934 A 0
A 0
Certificates of deposit
Bowman-BM Hotels 15S78._1934
Stmp as to pay of 8435 IA red. M S
Sway & 7th Ave 1st cons.58_1945 J D
J D
Certificates of deposit
Brooklyn City RR 1st 58_ _1941 J .1
Bklyn Edison Inc gen be A__1949 1 J
Gen mtge 5s series E
1952 J J
Bklyn-Manh It T sec 6s1988 J .1
Bklyn Qu Co & Sub con gtd 58'41 MN
let be stamped
1941 J J
1950 F A
Bklyn Union El lot g _
Bklyn On Gas 1st cons g 58_1945 M N
58lot lien & ref Os series A 1947 M N
1936 J J
Cony deb g 53se
Debenture gold ba
1950 J D
1st Hen de ref series B
1957 M N
Buff Gen El 4%s series B.. _1981 F A
Bush Terminal lot 4s
1952 A 0
1955 .1 J
Consol be
Bush Term Bldge 55 gu tax ex '30 A 0
By-Prod Coke lot 5540 A_1945 M N
r Cash sales.
a
Deferred del very
Bid
Ask
20 Sale
1514 1712
1414 Sale
Low
20
1512
1314
Niok No. Low
8
6
2018
b
1812 58
44
1414 48
•Look under 1101 of Maturod Bonds on page 3375. z Holland Amer. Line 6a 1947 Bold On May 3 at 28 • eel)"
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 2.
F7
,
,
.,a,
Price
Friday
June 2.
Week's
Range or
Last Sale.
4
7
CZ'
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 2.
z,
7.'5
4.1;
-,o.
3875
Price
Friday
June 2.
Week's'''
Range or
7,7
Lan Sale.
cp
Range
Since
Jan. 1.
Ask Low
High No Low
Bid
High
Mph
High No. Low
Bid
Ask Low
4
723
73
753 7212
59
81
3
4
75
75 May'33 ____
Southern Colo Power 68 A1947 J J
75
NY L E & W Coal dr RR 5348'42 MN ____ 95
8
128 100 105
____ ____ Stand 011 of N.)deb 58 Dec 15'46 E A 1037 Sale 10312 104
N Y L E & W Dock & Imp be '43.1 J __-- 95 100 June'31 ____
98
100
8814 100
96
Stand 011 of N Y deb 4 4s_ _1951.1 D 98 Sale 97
37
8
43
.
4 Sale
5
8 5
N Y Rya Corp Inc
_Jan 1065 Apr
•
5
5
''
32
7
Stevens Hotel let 65 series A _1935
60
60
8
Prior lien 6s series A
8s.1965 J J 525 5912 58
2014 1418
3712 261
983 10514 Studebaker Corp 6% g notes 1942.1 D 3612 Sale 2614
4
N Y & Richm Gas 185 68 A 1951 M N 100 101 100 May'33 ____
106
10 103 110
Syracuse Ltg Co 1st g 58_1951 J D 10514 107 106
NY State Rye let cons 44e A '62
100 May'33 ____
8
97 104 4
1
2
212
212
,
212 Tenn Coal Iron & RR gen 56_1951 .1 J 1003
212 Sale
MN
Certificates of deposit
50
68
65 Mar33 ---Tenn Copp & Chem deb 68B 19•‘ M S 65 -7-5
5
,
50-yr 1st cons 648 ser 13__1962
803
4 53
72 10014
1947 J D 80 Sale 79
112 112 Tenn Elec Pow 151 6*
112 Apr'33 ____
158 9
Certificates of deposit
09012
9112 257
7714 93
98 109
3
10512
Texas Corp cony deb 5s
1944 A 0 9112 Sale
1947 M N 1058 10712 10514
NY Steam 68 sec A
153
50
8
36
50
90 10412 Third Ave fly let ref 443
10112 42
1960 .1 J 497 Sale 4718
181 mortgage 5s
1951 M N 10014 Sale 9934
3112 588
205 3112
8
90 104
Ad)inc 5s tax-ex N Y_Jan 1960 A 0 3014 Sale 27
987
8 72
1956 NI N 9812 Sale 9712
let M Es
1
87
87
83
88
90
984 106
Third Ave RR let g 55
1037
8 93
8
1937J .1 86
8
NY Telep let & gen e t 446_1939 M N 1037 Sale 1025
963 185
4
537 ill
8
89 102
387 6014 Tobacco Prods (N .I) 6413_2022 M N
8
4
965 Sale 96
8
N Y Trap Rock 1st 6s
1946.3 D 5214 Sale 493
41
5
63
947 105
15
63
8
100
Toho Elec Power 1st 78_1955 M 5 63 Sale 6112
4
Nlag Lock &0 Pow let be A_1955 A 0 993 Sale 9912
63
72
6314 74
Tokyo Elec Light Co LtdNiagara Share deb 545.- - _1950 M N 58 Sale 55
5712 89
30
2818 60
5712
D 5712 Sale 5012
1st Bs dollar series
393 160
4
1953 1
393 Sale 31%
4
Norddeutsche Lloyd 20-yr 13168'47 M N
4
1018 2618 Trenton 0 & El let g 58
57
4
20
1939 M S 1023 ____ 104 May'33 ____ 10212 106,
Nor Atner Corn deb 634e A 1940 51 S 20 Sale 18
5
30
1512 30
30 Sale 30
60
89
813
8 37
Truax-Traer Coal cony 6348_1943 NI N
793 Sale 78%
4
North Amer Co deb be
1961 F A
7512 40
3912 75,2
7512 Sale 70
87
1940 51 N
64
11
Trumbull Steel lets f 65_
79
77 a7212
No Am Edison deb 58 ser A-1957 M 9 74
15 May'33 ____
613 8938 Twenty-third St fly ref 58_ _1962 J .1
4
22
80
15
15
Deb 53451ser 13---Aug 15 1963 E A 77% Sale 75
10-0 60 May'33 .- -5618 6
57
847 Tyrol Hydro-Elec Pow 745_1955 M N
8
5
5 63,
37
75
3
74 Sale 73
Deb be series C__ _Nov 15 1969 NI N
6214
50
1
5512
5512
551 60
88 10714
973
8 20
1952 F A
Guar sec 81 7s
Nor Ohio Trac & Light 6s 1947 M 9 96 Sale 9318
9018 1044
997
8 46
8
s
Nor States Pow 25-yr be A 1941 A 0 987 Sale 983
3712 625
8
8 10
615
8
1945 M S 635 Sale 5712
98 106 2 L7Jigawa Elec Power s f 7s
17
10334
,
1st & ref 5-yr 69 ser B_ _ _1941 A 0 10318 Sale 103
93
86
Union Elec Lt & Pr(Mo)
93 May'33 ____
North W T 1st fd g 454egt4_1934 J J 8912 95
94 10413
1007
8 91
8
1957 A 0 1003 Sale 99
6314 80
31
Gen mtge gold be
80
Norweg Hydro-El NIt 54e-1957 SIN 7912 807 79
8
Un E L & P (III) 1st g 5345A 1954 3 .1 10212 Sale 10212 10312 10 100 105
145 20
8
___ 20 May'33 ____
90 105
8
union Elev fly (Chic) 5s
96
1945 A 0 25
Ohlo Public Service 744s A 1946 A 0 96 Sale 9513
2
993 1053
4
4
4
Union 011 30-yr 65 A_May 1942 F A 10312 194 10312 1033
86 104
2
92
92
94
1947 F A 91
let dr ref 75 aeries 13
2
10014
9812 100 4
3
27
14
9
let lien a t 5s ser C___Feb 1935 A 0 10014 10012 10014
27
Old I3en Coal let 13e
1944 F A 24 Sale 24
923
4 50
75
92%
9318 1013
4
963
Deb bs with
8 10
-_Aor 1945 J D a92 Sale 90
Ontario Power N F let be_ A943 F A 9212 9614 9638
9512 10014
10
10014
8938 100 3 United Biscuit of Am deb 6s_1942 51 N 10014 Sale 9918
1
,
95
95
Ontario Transmission let 5s 1945 M N 9118 98
warr-43
7112
707 161
8
64
79
79
United Drug Co (Del) 58
8
7612
79
1953 M 9 70 Sale 6912
Oslo Gas & El Wks extl Se 1963 M S 70
15 May'33 ____
28
14
912 40
22,4
United Rye St L 1st g 4s
1934 J 3 16
83
34
13 3312 Sale 3214
OUR Steel lot 51 69 ser A_1941 M
2914 6712
6712 187
99 103
US Rubber 1st & ret be ser A 1947 J .1 6712 Sale 60
10112 10
Owens-III Glass St g bs
1939 3 3 10112 Sale 10114
75
88
8812 81 May'33 ____
23
7
82
34
34
United SS Co 15
Pacific Coast Co 1st g be_
lig; J LS 3312 Sale 3212
-year 63...,J937 M N
2612 8014
3414 63
4
.,
9914 1065 Un Steel Works Corp 6 meA_1951 J D 34 Sale 323
1048 50
8
Pacific Gas Jr Elgen dr ref 58 A '42 J J 1037 Sale 10314
9
3412
2512 60
1951 .1 13 33 ____ 34
607 8812
8
Sec 5 1 6 4eseries C
11
63
Pee Pub Serv 5% notes_ _ _ _1936 M S 63 Sale 6112
48
30
29 Sale 27
25
59 3
,
4
Sink fund deb 644s5er A_.1947 J J
1047
8 58 101 1073
Pacific Tel & Tel let 5e__1937 3 J 10418 Sale 10418
16418 22 10014 10834 United Steel Wks of BurbachRef mtge bs series A
8
1952 M N 1037 Sale 10314
9314 995
8
9614
967
8
*
4
Each-Dudelange s f 78_ _1951 A 0 9614 100
•
Pan-Am t'etCo(of Cal)conv 68'40 J D
5
1212
1318
10
IS
16
25
6
10
3878 Universal Pipe &Rad deb 62; 1936.1 D
38
3618 381 3718
Certiticato3 of deposit_ __
3712 22
3312 664
25
37
25
373 Unterelbe Power dr Light 68 _1953 A 0 3712 Sale 34
4
Paramount-1Pway 1st 54s 1951 .1- .1 37 Sale 3418
5212 7214
11
67
Utah Lt & Trac 1st & ref 5s_1944 A 0 67 Sale 65
-_ ____ ---Certificates of deposit_ ____ __ __ _
5712 74
45
73
73 Sale 71
412 - 8 Utah Power & Light let 58_1944 F A
1671418 168
Paramount-Fern's-Lasky 6E3_1947 5 13 14 Sale a9
.-102%
_ 100 May'33 ____ 100 105
____ ____ --,- ---- Utica Elec L &P lets f g 58_1950 3
Certificates of deposit- ____ ____ _3
9912 108 4
10114 165 10012 10412
,
55 1612 Utica Gas & Elec ref &ext 58 1957 J
1612 165
1414 Sale 1212
Paramount Publlx Corp 5 As 1950 1-A
1318 3434
129
32
1937 J D 32 Sale 2714
712 1012 Util Power & Light 54s
I
10
Certificates of deposit
---- 124 ____ 10
12
30
284
28
28 Sale 2412
Deb 58 with warrants_ _1959 F A
Park-Lex let leasehold 64s 1953
1453
8
17
____ 145 Apr'33 ___ 1458
Deb 5s without warr ...1959 F A
warr_. 1959
12 May'33 ---712 10
09
Certificates of deposit_
4
83 25
5
22
25
25
I'armelee Trans deb 68
A 0 20
1944 --348 6712
6712 43
101 10814 Vanadium Corp of Am cony 55'41 A 0 6714 Sale 63
Pat & Passaic G & El cons bs 1949 M ... 10212 104 104 May'33 ___
13
6 4712 78 Vertientes Sugar let ret 78_1942
78
Path° Etch deb 7s with warr 1937 M -'''
78 Sale 75
112 1112
818
1112 22
1112 Sale
____
.,
Pa Co gu 348 coll tr A reg_ _1937 MS --- 913 87 Nov'31 __ -,,- 2 4
Certificates of deposit
1012 14
1418 1012 Mar'33 ___
11
75 78
Victor Fuel lets t 5.5
1953 J J
Guar 334s coil trust ser 13.1941 F A
75 ____ 7514 May'33 ____
73
95 105%
2
1005
8
74
8
8
. _ 73 May'33 ____
.
Va Elec & Pow cony 54s 1942 NI S 1005 10212 1005
Guar 34e trust etre C
1942 3 13
7912 8238 Va Iron Coal & Coke let g 53 1949 M S 5038_ 48 May'33 ____
4753 60
73- - 8
Guar 348 Wait etre D _ _ ,J9443 0 ____ 793 7912 Jan•33 ____
9712 103
80
8312 Va Ry &Pow 1st & ref be_ _ _1934 J J 101 101 101
10112 41
- -38
8012 May'33 ____
Guar 4e ser E trust etre-1952 MN 8014 84
l71
21
10
7454 90
6
21
15
29
Walworth deb 64s with warr '35 A 0 17
86
88
Secured gold 448
1963 51 N 8612 88
3412 6512
161 18
2
18
31
A 0 18
18
6512 15
Without warrants
Penn-Dixie Cement 1st 6s A 1941 M 5 8.5 Sale 611
812 31
103
31
76
9612
1st sinking fund 6s sec A__1945 A 0 30 Sale 25
88 a 197
8
Pennsylvania P & L 185 44131981 A 0 877 Sale 87
12
3512
8
3512 448
Warner Bros Pict deb 65__1939 M S 3412 Sale 247
Peon Gas L & C let cons 68_1943 A 0 10714 10912 10812 May'33 __ _ 103 114
90 1074 Warner Co let 68 with warr_1944 A 0 25 Sale 2312
973
4 47
10
25
10
25
Refunding gold be
4
1947 51 5 973 Sale 9512
123 2418
8
A 0 2312 Sale 2218
8
24%
---- --NI S
96
Oct'32 ___
Without warrants
Registered
68 90
pima co see as series A__1967 J D 8312 Sale 81
1312 37
51
73
37
Warner-Quinlan Co deb 821_1939 M 5 37 Sale 27
85
10 10212 106
106
97 10513 Warner Sugar Refln 1st 78__1941 J 0 106 Sale 105
10212 25
51 N 10118 Sale 10118
Phlla Elec Co let & ref 4t 8.1967
647
90 100
30
647
8 75
1941 M S 648 Sale a5612
112
1st & ref 48
Warren Bros Co deb 68
94
1971 F A 937 Sale 93
48
67
1 10012 108
8
10338
Wash Water Powers f 65_1939 J 3 10314 105 1033
593
4 25
Plilla & Reading C & I ret bs 1973 3 3 59 Sale 56
3212 49
262
49
4949 IN 9 4814 Sale 46
6 102 11012
1033
8
Cony deb 68
Westchester Ltg 5s stpd gtd_1950 J D 104 106 105
674 8614 West Penn Power sec A 58_1946 M S 10438 Sale 10353
Phillips Petrol deb 54E1- - - -1939 3 13 855 Sale 84
10411 24 100% 108
8614 85
8
95 104
,
1st 5s series F
Pillsbury F1'r Mills 20-yr 14.1943 A 0 10112 Sale 10112 10212 18
1963 M S 103 104 10312 10438 20 100 4 10915
*
9912 107
I'lreill Co (Italy) cony 7s_ _ A952 MN 1003 Sale 10038
9
10412
let sec 58 series0
2 12995 101
10012
1956 3 D 101 10414 104
8
81 102
9612 78
60
5
Pocah Con Collieries lets f be '57 J 3 60
69
67
69
75
Western Electric deb 5s
1914 A 0 96 Sale 9412
84
50
52
28
7012 Western Union colt trust 58_1938 3 J 84 Sale 80
71 sale 7012 May'33 ___
Port Arthur Can & Ok 65 A-1953 F A
84
71
71
37% 7012
7012 Sale 68
5
71
1st m 6s series It
70'2 50
Funding & real eat g 448_1950 M N
71
6912 71
1953 F A
4312 70 3
55
883
4 59
3
Port Gen Elec let 4345 ser C 1960 M 5 5958 Salo 58
8814
597 171
15
-year 6448
1936 E A 88 Sale 84%
94 10158
361 7712
77's 101
10118 34
25
1951 J 13 7712 Sale 69
4
l'ortland Gen Elm let 53-1935 J JP 9812 Sale 993
-year gold Os
4
3684 778
95
773
18
3713
Porto Rican Am 'Fob cony 6s 1942 3 J 35 Sale 33
3710 36
30-year 5s
1960 M 5 7612 Sale 69
2312 56
304 108
Postal Teleg & Cable coil 58_1953 J 3 4612 Sale 37
Westphalia Un El Power 65_1953 J J 3018 Sale 2812
16, 47
8
762
47
•
52
805
8
4
8012
85
Pressed Steel Car cony g 58.1933 3 J
8053
Wheeling Steel Corp let 54t3 1948 J J 65
7
31
72
97 106 4
3
Pub Serv El &0 1st & ref 445'67 J 0 101 Sale 100
4138 73
48
let & ref 44s series B
I953 A 0 7014 Sale 7014
101
37
9714 1055 White Sew Mach 6s with warr '36 1 J 35
8
__ a27 May'3 ____ 1227
let dr ref 444s
16
101
F A 100 Sale 100
1970
J .1 3453 38
2212 37
9014 1004
1971 A 0 9512 Sale 942
35 May'3 ____
let & ref 45
85
Without warrants
957
2214 37
68% 8512
Pure 011 s f 54% notes
33 May'33 __
35
Partic s t deb 88
1940 SIN 33
8512 49
1937 F A 8312 Sale 8312
9 t 54% notes
Wickwire Spencer St'l 1st 75_1935
63, 83
2
823
4 63
1040 M 5 8112 Sale 81
84
115 7
9
512
7
65
7 Sale
19
Purity Bakeries a t deb Es_ A948 3 .1 8278 Sale 8112
84
Ctf dep Chase Nat Bank__ _ _ --..
713(Nov 1927 coupon) Jan 1935
Itadio-Kelth-Orpheutn part paid
% 5
9
5
5
6
7
etre for deb 6s & corn stk 1937 MN ---- --- 60 Dec'32 ____ --,Ctt dep Chase Nat Bank____ MN
_-35
795*
3
44
812 22
7
4
403
48
Debenture gold 13a
WIllys-Overland s 1 1348...„1933 51 5 38
1941 3 13 22 Sale 18
84
95
50
94
58 10018 Wilson & Co let s f 6s A
1941 A 0 9312 Bale 90
Remington Arial; let St 65_1937 M N 941 Sale 923
4
94% 19
52
8012
8012 84
Rem Rand deb 5345 with war '47 M N 66 Sale 6212
4112 67
8012 Sale 75
116
Youngstown Sheet & Tube be '78 J
67
,
5214 80
74
Repub 1 dr S 10-30-yr 5s a f_ _1940 A 0 845 87
80
•1970 A 0 7914 sale 76
12
845
8
85
1st mtge a f 58 sec B
55
85
72
30
Ref & gen 534s series A.1953 3 J 72 Sale 70
9
72
Revere Cop & Brass es eer A 1948 51 S 78 Sale 7312
498 78
19
78
Itheinelbe Union s f 7a
6618
51 a30
3714
1946 3 J 3714 Sale 35
Rhine-Ruhr Water series(L.1953 3 3 303 Sale 293
25
57,
2
12
4
3034
4
IthIne-Weetphalla El Pr 7s_ _1950 51 N
4812 42 04623 77
4812 Sale a4612
(Negotiability Impaired by Maturity)
Direct mtge 68
3258 70 2
,
4014 43
1952 M N
4014 Sale 3712
Cons IN (is of 1928
331s 7013
3912 74
1953 E A a39 Sale 3718
i•••
Week's.Range
Price
MATURED BONDS.
95
Con M 68 01 1930 with warr '55 A 0 3914 Sale 37
32
70
39'
t4
Stites
7
Friday
Range or
•
N. Y. STOCK EXCHANGE u t
•
1944 M N
Richfield 011 of Calif (is
Jan. 1.
cli
Last Sale.
...n.
June 2,
MN 29 Sale 2812
Week Ended June 2.
Certificates of deposit
1912 32
2912 23
Rims Steel let a t 7s
47
3712
3
47
45
51
1955 F A 47
High
HIgh No. Low
Ask Love
Bid
Foreign Govt. & Municipals.
9612 107
!loch G & El gen 51 5345 ser C'48 M 5 10353 Sale 10353
3
105
38
4 6%
514 May'33 ____
512 57
3
99% 99 4 Mexico Tress 65 assent large '33 3 .1
Gen mtge 4349 series D
__ 897 9914 Apr'33 ___
1977 NI 5
314 6
.1 J --------558 May'33 ___
96 105%
997
8 17
Small
Con mtge be series E
1962 M 5 9814 Sale 08
a5712 125712
Roch & Pitts C & 1 14 m 53.1946 6 N 68
4
____ a5712 May'33 _
Railroad.
Royal Dutch 4a with wary,
83
93
31
93
.1945 A 0 92 Sale 92
94
67
1933 M S 90 Sale 8914
9053 23
Ruhr Chemical a t 68
Bait dr Ohio cony 45511
38
82
10
44
45
45
1948 A 0 42
88
58
85 May'33 ____
Chic & No West deb 5s.-1933 M N 8214 99
59
80
M N --------80 May'33 ____
Lead deb
Registered
1941 M N 9812 Sale 96
9918 160
St Joseph
81
9
94
84%
55
8
4%
2
84%
98
Galv nous & Hend let 5s..._1933 A 0 80
79
93
80 May'33 ___
85
54a_St J08 RY Lt Ilt & Pr 1st 543_1937 SIN 80
87
21
57
4
60
6
812 Sale
Norfolk South 1st & ref 58 A.1961 F A
307 41
8
.
1
41
St I. Rocky Mt & P Os etpd_1955 3 3 41 Sale 41
42
51
St Louts Iron Mt & Southern
Apr'33 __
_ 501 48
St Paul City Cable cons 5s 1937 3 3
353* 5112
511: 110
1933 M N 50 Sale 50
Guaranteed bs
Itiv & G Div hat g 45
50
65
50 May'33
69
1937 3 J
1618
17 1618
5
1
7414 92
1
Seaboard Alr Line let g 4s_1950 A 0 1618 Sale 1618
. 83
San Antonio Pub Serv let tle 1952 3 J 83 Sale 83
518 17
16
17
25
Gold 4s stamped
1950 A 0 17 Sale 16
50
48 May'33
36
Schulco Co guar 634s
1916 3 3 20
77 Sale
138 8
95
7
8
195•1 A 0
Refunding 4/3
2012 50
4
341 34
Stamped (July 1933 coup on
3412
, 26
15
6
17
15
Atl & Birm 30-yr let g 4s....1933 51 S 15 Sale 15
28
50
3
50
50
45
AU 40
Guar s f 648 series 13_ ___1946 7535
8
40
Stamped- 40
57'2 40 May'33___
'6
16
Industrials
46
45
46
46
is 42
Sharon Steel Hoop 5 f 554e_ _1948 F5 21
10
21
60
Abttibl Pow & Paper let 5e 1953 J 13 2012 Sale 17
69
85
8412 48
Shed Pipe Line a f deb 58-1952 SIN 84 Sale 8112
704
38
70
70 May'33 ____
1933 A 0 60
American Chain deb s f 6s
65
83
65
79
7814 Sale a7712
Shell Union 011 8 f deb 5e ___1947 M N
0 79 Sale 78 4
57
49
587
8
7
60
687
8
58%
8312 8334 Chic Rya 5s etpd 20% part paid._ F A
1949 A
,
7912 54
Deb 58 with warrants_
h 6%
4 556
53 Sale
4
Cuban Cane Prod deb
_ _1950 .1 J
52
28
13
50
52
Shinyetau El Pow let 6 345 1952 J 0 0312 60
238 12
170
812
12
East Cuba Sus I5-yr 8 f g7 45'37 51 S 12 Sale
6s..75
95
3
76
7714
14 Sale7
Siemens & lialske e t 78_
.1935 3 3
45
69
67
356
8212 Fisk Rubber 1st 13 f its
1941 51 S 66 Sale 63
51
5812 101
Debenture a t 6 4s
1951 M 5 5812 Sale 54%
538
I
258
513 441
19
97
512 Sale
Gen Theatres Equip deb (93_1940 A 0
915 102
97
Sierra dr San Fran l'ower 58_1949 E A 9512 97
47 1112
1940 F A
11/8 11
42
10
313 Sale 3158
8
11
30
594 Gould Coupler 1st s t 69
12
325
Silesia Elec Corps f 6345...1946 F A
2412
12
1932 A 0 23 Sale 22
49
3912 45'2 3553
23
32
4
38
4253 Interboro Rap 'Fran 85
Silesian-Am Corp colt 0 78_1941 E A
5112 71
1932 51 S 6412 Sale 62
6412 90
113-year 7% notes
9014 10012
tg37 M 9 99 Sale 98
10012 146
Sinclair Cons 011 I5-yr 78
30
5
1942 A 0 2418 30
8812 98
79
98
9
manau Sugar let of 745
15
30
1038 3 1) 98 Sale 95
1st lien 644e series 13
25
2
20
Stmpd (Set 1931 coupon_ _1942 A 0 30 Sale 16
25
9912 10334
1942 A 13 1013 Sale 10113
4
10212 50
Sinclair Pipe Lines t 58
25% 397
3812 17
597k 803 Pan-Am Pet Co (Cal) cony (Is '40 3 13 38 Sale 37
8
803
8 63
8
1939 m s 803 Sale 7812
Skelly 011 deb 548
3514 57%
32
47
Pressed Steel Car cony g 55 .1933 J J 51 Sale 44.8
87
97
9612 16
0714 96
601•al An Invest 54 sec A 1942 Al 9 96
32
21
31
88
3034 Sale 291
1944 M N
Richfield 011 of Calif 68
99 107
10414 48
south Bell Tel & Tel let 5? be '41 3 3 10418 Sale 10314
23
10
22
227
8
1945 J J 227 Sale 21
8
:Tweet Bell Tel 1st A ref 5a-1954 F A 10518 Sale 1044 10578 70 100 1074 Stevens Hotels series A
Matured Bonds
r Cash sales
a llefrrred del very
,
•Look uncle list of Matured Bonds nn this nage.
3876
Financial Chronicle
June 3 1933
Outside Stock Exchanges
of transactions at
the Boston Stock Exchange, May 27 to June 2, both inelusive, compiled from official sales lists:
Boston Stock
Exchange. Record
-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Backstay Welt Co corn_ "
20
374
331
374 may
374 May
BastIan-Blessing Co oont_• 1234
12,050
13
11
3
Feb 13
May
Range Since Jan. 1.
Beadle Aviation com____• 1754
1534 1734 22,350
64 Feb 174 May
Berghoft Brewing Co____ 1
54,700 12
15
1431
12
May
15 June
StocksHigh.
Low.
Binks Mfg cl A cony
•
334
Apr
234 334
540
1
334 June
Borg-Warner Corp eom_10 1634
1434 1634 34,650
554 Feb 1654 May
Railroad7% preferred
8455 85
70 70
100
Jan 85
June
Boston & Albany
100 105
103 105
Jan 105 May Brach & Sons(E J) corn..' 10
54 80
8
650
10
44 Jan 10
June
Boston Elevated
100 64
68
64
610 5334 May 70
Feb Brown Fence & Wire
Boston & Maine•
7
7
400
Class A
7
454 Feb
834 May
Preferred stamped
I00
15
12
45
15
Feb
6
May Bruce Co (EL) corn
934 1031
1.750
434 Jan
• 10
1074 May
CI A 1st pfd stpd-__100 20
19
225
20
Feb 20 June Butler Brothers
6
431 551 17,150
551
10
134 Feb
541 May
1st pre( class A
100
15
10 12
15
May
15
May Canal Const Co cony pf_•
251 234
100
154 Apr
254 May
Class B lot pre stpd_100 25
25
25
39 10
Apr 25
May Castle & Co (A M)com_10
1234 1635
550
1655 May
73-4 Apr
Class C 151 pref stpd_100 23
23
19
166
8
Apr 23
May Central Ill PS pref
630 1434 May 3354 Jan
2134 25
• 25
Class Dial pre!stpd_100
2534 27
30 1434 Jan 27
1
May Cent-Ill Secur corn
55 2
4,700
4 Mar
13-4
2
June
Prior pref stpd
100 40
380 17
3834 40
Feb 40 May
8
6
650
Convertible preferred..'
5
63-1
Feb
8 June
Conn & Passumpsic River
A
.4
Central Pub Serv Corp A-1
820
A Mar
54 June
Preferred
100
67
67
10 62
May 67
May Central Pub =East Mass St Rya com_100
131
131
10 20e
Jan
154 May
4 1
2,320
•
Class A
1
34 Feb
1
June
1st preferred
5
4
5
150
134 Jan
5
May Cent S W UtilPreferred B
100
431
451
4
200
44 Jan
455 June
*
334
25,500
Common
3
5
1
Feb
5
May
Maine Central
934
935 10
155
334 Apr
10 May
26
23
580
Prior lien preferred._..' 23
831 Feb 26
May
Preferred
100 2251
23
20
172 15
May 23
May
21
Preferred
370
•
17
5
Mar 21
May
NY N Haven & IIartford_
24
652 1134 Mar 2634 May
34
2634
31
31
350
Chic City & Con Ry coin,*
55 Jan
34 May
Norwich dr Worces p1_100
84
84
6 78 IMay 84
Jan Chicago Corp
Old Colony RR
100 85
85
85
20 73
•
Mar 85 June
355 451 80,950
Common
1
Feb
43
434 June
Pennsylvania RR
28
50 2734 26
1,776 10
Feb 28 June
Preferred
• 2734 2451 2834 5,600 1234 Apr 2834 May
Providence & Worcester109 109
5 105
May 110
May Chi N S & Milw pr Ilen _100
60
55 Jan
51
55
% June
Chi & N W Ry com____100
934
854 934 8.800
14 Apr
103-4 May
Mining7.800
Chicago Yellow Cab cap..' 18
6
1334 22
Apr 22
May
Calumet dr Hecla
2,249
534 955
834
134 Feb
951 June Cities Service Co com--•
351 634 61,600
2
531
Feb
631 May
Copper Range
25
6
351 634 5,450
654 June Club Aluminum Uten Co.•
14 Apr
%
154
5,610
31 Feb
1
134 May
Hancock Consol Mining_25 50c
50c
50e
100 10c May 50c May Coleman Lamp&Stve com•
644 7
200
7
May
634 May
Isle Royal Copper
234
134 231 4,275
234 June Commonwealth Edison 100 7451 67
55 Jan
743-4 6.300 50
Mar 82
Jan
Mohawk Mining
13
11
25 13
490
9
Apr
1334 Feb Construct Mall 5351 pt.
1
150
1
54 Mar
1
2
May
Nipisaing Mines
255 254
475 85e
Jan
234 May Consumers Co
North Butte
13,5 40c
Pis 22,050 20c
Jan
Pre Juno
7% cumul preferred_100
5
50
5
1
May
5
May
Olibway Mining
25
1
1
154
300
May
134 May Continental Steel com____*
1
7
7
50
6
Apr
7
12
May
Old Dominion Co
25
134
134 4,345 40c
1
Apr
131 June Cord Corp
454 Jan
1031 1234 78,050
5 1254
1234 June
Pond Creek Pocohontas Co 1634
380
1554 17
934 Jan 174 May Crane Co
Quincy Mining
431
25
Feb
431 June
134 455 6,845 30c
854 10
3,100
Common
3
Feb
934
10
May
Union Ld & Cop MM Co 25 25e
20e
25c 1,000
Jan 25c Mar
5c
880 15
Preferred4931 52
100 50
Feb 53
May
Utah Apex Mining
134
154
2,850 Mc
I%
Jan
13-4 May Curtis Mfg Co corn
60
4
Mar
534 634
634 June
5
651
Utah Metal & Tunnel____1
70e
62c
73e 5,840 250
Jan
78c May Dayton Rubber Mfg
•
50
Prior common
131 Jan
534 534
534 May
Miscellaneous•
Class A common
100
211 3
1
Jan
3 June
American Conti con)corn 554 6
775
Mar
3
6
6
Jan
Preferred
1351 1335
50 1235 May
100
1334 May
Amer Pneu Service
25 9.5c
75c
1
700 25c Mar
1
May De Mets Inc pref
120
1354 1355
434 Jan
•
1334 May
Preferred
3
4
580
Apr
4
1
May Dexter Co (The) corn_ __5
300
2
231 24
Jan
3
Feb
1st preferred
25
1431 25
345
751 Feb 25
May Eddy Paper Corp (The)..'
150
5
134 Feb
5
5
May
451% prior pref
100 61
61
59
260 54
Apr 69
Dec Elec Household Util Corp 5
10
1,200
951
9
3
Feb
10
May
Amer Tel di Tel
100 122
11655 122
5,549 8634 Apr 122 May Fitz Sim Sr Co(D&D)corn'
450
12
9
Feb
12
MAY
Amoskeag 1510; Co
8
8
3,245
9
134 Mar
9
May Godchaux Sugar Cl B._..'
535
535 6
3 100
.
434ar
M
631 May
Andes Petroleum
11c
15c 7,910
5 150
5c
Apr 15c June Goldblatt Bros Inc corn.... 2051
2,400 1014 Mar 2031 Juno
1554 2035
Bigelow Sanford Carpet_.' 19
1631 19
397
6
Feb 19
May Great I.akes Aircraft el A_•
154
17-4 9,550
M Feb
134
13-4 May
Preferred
55
55
35 28
Feb 55
May Great Lakes D & D---• 19
13,400
MA 20
651 Feb 20
May
Boston Personal Prop Trust
934
98
9
7
Mar
954
935 Slay Greyhound Corp com_ ..•
,
13,5
2
50,050
54 May
135
231 May
Brown Co preferred
554
434 531
140
151 Jan
554 May Grigsby Grunow Co co-334 68,350
141
354
n1.•
51 Apr
354 June
Brown Durrell Co
3
3
3
42
134 Feb
3 June Hall Printing common__10
734 2,950
83-1
351 Mar
8
May
EaSt Boston Land
10
134
1
136
225 50c
Apr
155 May Harnischfeger Corp corn__•
200
255 Mar
535 6
6
May
East Gas & Fuel Assn450 12
Hormel & Co common...' 21
183-4 21
Feb 21
June
•
9
Common
490
834 9
334 Apr
9
May Houdaille-Hershey cl B__•
1
434 535 19,800
Feb
534
551 May
Preferred
53
53
53
75 473-4 May 60
May
Class A
1.550
*
1154 1336
334 Mar
1351 May
lot preferred
100
120 82
95
95
Jan 95 Slay Illinois Brick Co cap___25
3.400
8
5
351 Jan
634
May
8
6% cum pref
100
454 3534 Apr 59
4474 5155
Feb Illinois Nor URI pref_100
10 5351 Apr 6634 Feb
60
60
Eastern Steamship Lines_• 114
94 1134
1.915
5
Jan
1131 May Indep Pneum Tool v t0..' 1131
700
1035 1151
1151 June
63-4 Apr
Preferred
3951 38
3955
135 23
Feb 38
May Jefferson Electric corn....'
160
944 10
335 Mar 103.4 May
25 preferred
75
355
354 May
354 355
355 May Kalamazoo Stove corn___• 22
2236
600
21
4
Feb
2435 May
Edison Elea Ilium
100 156
146 157
997 133
Mar 183
Jan Katz Drug Co common_l 23
23
1,050 1731 Mar 23
21
June
Employers Group
438
8
5
Jan
734 8
8 May Kellogg Switchb'd com__10
150
534 7
334 May
7
May
General Capital Corp
1.230 1334 Mar 2231 May Ken-Rad Tube & L com A•
2254
21
20
34 4
150
134 Feb
4
May
Gilchrist Corp
351 434
454
233
151 May
454 Juno Ky Util Jr cum pret____60 2234
210
1834 25
634 May 25
May
Gillette Safety Razor1331 1445 2.107
•
954 Apr 2034 Jan Keystone St & Wire corn.' 10
1,350
931 10
4
Mar
10
May
IIathaway's Bakeries70 25
Preferred
50
50
100
Mar 50
May
Class B
2
2
165 500 Feb
2
May Libby McNeill & Libby
Preferred
10 1551 Slay 2454 May
1535 1534
Common
434 635 8,000
10
5
134 Feb
535 May
2254 2231
21 12
FlYgrade Sylvania Lamp Co
Feb
24
May Lincoln Printing Co corn..
151 254
1,250
2
1
Jan
254 May
International Hydro Elm- ___
6% 7%
220
734 May Lindsay Light Co com 10
244 Air
1,490
251 451
3
151 Feb
434 May
Libby McNeil Sz Libby.135 Feb
50
435
435 535
55.1 May Lindsay Nunn Pub $2 prat*
431
451
450
431
2
Jan
844 Apr
M898 Utilities Assoc v t o.
•
1,489
251
131 254
134 Apr
231 Jan Lion Oil Ref common...'
334 431
1.750
4
14 Feb
434 May
'Mergenthaler Linotype 100 23
494 1554 Feb 28
23
22
May Loudon Packing corn____• 163-4
1231 1651
290 10
Mar
16.51 June
N E Public Service
3
234 335
876
151 Mar
4
Jan Lynch Corp corn
8,950
8
5 3254 3034 36
Feb 36
May
New Eng Tel & Tel____100 89
1,471 72
90
85
Apr 94
•
Jan McGraw Eke corn
535
4
6
1,550
155 Apr
6
Pacific Milts
100 2154 21
965
2134
534 Mar 23 May McWilliams Dredg com • 1531
1554 mg
1,300 7 Jan 1654 June
May
Reece I3uttonhole Mach Co
37
736 8
8
436 Jan
May Manhattan-DearbM com.•
300
235 3
3
151 Mar
3 May
Shawmut Assn tr ars- _-•
2,070
15
951
874 10
10
1734 34,600
67-4 Jan
May Marshall Field common..' 1734
434 Feb 1741 May
Stone & Webster
1451 1534 2,612
•
551 Feb
1655 May Meadows Mfg Co corn....
31
150
31
35
51 Jan
31 June
Swift & Co
2151
5,028
19
• 2155
7
Feb 224 May Mer & Mfrs See A corn
2
2
200
2
•
4 May
23% May
Torrington Co
40
33
461 22
Apr 40 June Mickelberry'a Food Prod
• 40
Union Twist Drill
12
5
8
12
Mar 12
6
534 834
May
3,650
1
Common
6
24 Feb
7
May
United Founders corn....'
1,209
Ills May
155
134
134
144 May Middle Weet Util new...'
31 29,800
A
g Jan
54
U May
U Shoe Mach Corp
2,899 33
4651 4731
25 47
Jan 4736 June
$8 cony pref A
255
231
350
•
31 Feb
351 May
Preferred
61 3036 Jan 32
3134 3131
25
Jan Midland United
Waldorf System Inc
834
734 834
393
551 Feb
84 Jan
•
134
2,350
134
1
Common
A May
134 June
Waltham Watch cl B corn.
10
351 Mar 10 Juno
10
10
2
2
100
Convertible preferred •
34 Apr
2
May
Prior preferred
42
44 29
50
100
Apr 50
May Midland Utilities Co
Preferred
1534
14
100
235
934 Feb 16
May
100
354
334
6% prior lien
2
13
134 May
0
4
Jan
Warren Bros Co
4,247
• 1531
1235 1551
251 Feb
1531 June
7% prior lien
354 531
60
100
535
3
Feb
531 Jan
Cony preferred
2431 25
200
954 Apr 25
May
2
6% preferred A
2
100
40
35 Feb
2
May
Westfield Mfg Co elf of dep
3
155
3
1
3
Jan
3 May
7% preferred A
3
80
4
100
1
Jan
May
4
1454 15
Miller&Ilart Inc cony pfd • 15
10
5
0
June
15
Jan
BondsMinn-Mollne Pr Imp corn •
351
355 354
200
1
Apr
34 June
Amoskeag Mfg Co 613-1948 58
51,000 31
Feb 58
58
58
May Modine Mfg Co com
1134 1455
1,400
• 1436
831 Apr 1431 Jnue
Brown Co 5%s
1946
27
27
2.000 17
Mar 28
May Morgan Lithograph corn.'
51
154
3,300
1
51 Feb
134 MaY
53
-Is
27
5,000 25
1950
27
Slay 2731 May Muskegon Motor Spec A_•
210
631
531 654
14 Apr
74 May
Can Internet Paper _1949
34
34
1,000 14
Apr 34
May Nachman Springt'd corn_ •
651 634
250
344 Mar
631 MaY
Chic Jet Ry dr Un Stk 5,40
95
95
1,000 93
May 9834 Feb National Battery Co prof.' 19
19
290 14
19
Apr 19
May
4.9
1940
5,000 82
88
87
May 91
Feb Nati Leather corn
255
236 5,350
2
10
51 Mar
May
3
East Mass St RyNat'l Sec Invest Co corn_ 1
131
154
131
150
A Mar
154 June
Series A 451s
1948 30
51,000 24
30
29
Jan 30 June National-Standard corn.' 21
800 10
2034 22
Feb 22
May
Series B 55
1948 30
30
30
1,000 25
Jan 3034 May Nat lUnion Radio corn _ _1
.
131
800
31
134 May
54 May
Series C 6s
1948
33
33
1,000 31
Apr 3354 Apr Noblitt-Sparks Ind corn_.• 2354
24
22
3,250
951 Mar 24
June
•No par value.
North Amer Car corn....'
8
1,850
7A
5
231 Apr
May
8
No Amer Gas & Elec A___•
251
251
1
450
.4 May
23-4 June
Chicago Stock Exchange.
-Record of transactions at No Amer Lt dr Pwr corn__•
334 651
1.000
651
134 Apr
634 June
74 854
950
5
Chicago Stock Exchange, May 27 to June 2, both in- Northwest li
Feb
1034 Mar
Northwest Hn5rOrn
com-: 8h.
an
851
8
300
24 Jan
834 MAY
elusive, compiled from official sales lists:
74 751
Ontario Mfg Co corn_ •
500
4
May
Feb
8
Parker Pen Co corn
10
734
7
3
10
Apr
854 May
Sales
Friday
Penn Gas & Elec A corn..'
654 631
50
5
May
834
751 Feb
Range Since Jan. 1.
Last Week's Range for
Perfect Circle (1 he) Co... 21
600 18
22
21
Jan 22
may
Sale
Week.
of Prices.
Pines Winterfront com___5
24 351
500
3
1
Feb
354 Jima
StocksPar. Price, Low, High. Shares.
Low.
High.
Prima Co common
25,150 10
June
1534 21
• 2031
21
Feb
•
Process Corp corn
6
5
1,450
534
1
Apr
04 MaY
Abbott Laboratories corn.' 3334
3451
27
550 214 Jan 3435 May Public Service of Nor 111Acme Steel Co cap stk__25 29
25
1,200 10
2934
Feb 2955 May
Common
3934
1,300 16
• 3936 36
Jan
Apr 48
Adams (J D) Mfg com___•
20
Apr
651 Feb
5
634 63-4
Common
Jan
363.4
100
200 18
36
Apr 47
Adams Royalty com
•
1,050
231
234 3
1
Feb
May
3
6% preferred
63
70 3755 Apr 85
62
100
Jan
Allied Products Corp el A •
1036 13
May
900
4
June
13
7% preferred
Jan
50 40
7354
71
100
Apr 95
Altorfen Bros cony pfd..'
20
8
May
83.4 835
854 May Quaker Oats Co
American Pub Serv pref 100 1051
9
130
1051
234 Apr 1055 Juno
Common
•
11431 1173.4
310 63
Feb 11735 May
Mfg Co com__ -_1
Asbestos
334 73 40,300
634
Ate
2
735 June
Preferred
100
40 106
11451 11454
Jan
Apr 117
Assoc Tel & Tel class A_ •
2
2
20
May
251 Jan Railroad Shares corn
2
June
131
•
131 2
4.250
2
35 Jan
Assoc Tel UtilRath Packing Co com__10
250 1534 Jan
253-6 27
27
May
•
Common
134
4 Apr
134 5,150
14 June Raytheon Mfg Co corn__•
34
7%
6
750
May
8
134 Jan
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
sates
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Reliance Mfg Co com___10
Preferred
100
Rollins Hos Mills cony pfd'
Ryan Car Co (The)corn..'
Ryerson dr Sons Inc corn.'
Sangamo Eleecom
•
Seaboard Util Shares__ __•
Sears, Roebuck az Co eon)•
So Colo Pow A com
25
Southern Union Gas corn.'
Standard Dredge conv Pt.*
•
Common
Storkline Fur cony pfd__25
Studebaker M Ord el A_ *
Super Maid Corp com___•
Swift international
15
Swift & Co
25
Tel Bd & Sh-Class A
*
Thompson (J R) com--.25
12th St Store prat A
*
United Gas Corp com___ _1
U 8 Gypsum
20
US Rad & Tel corn
•
Utah Radio Prod cora •
Util az Ind Corp
•
Convertible preferred..'
UtU Pow & Lt Corp A_*
Viking Pump Co Ore!....'
Vortex Cup Co corn
•
Class A
•
•
Wahl Co corn
Walgreen Co oommon____•
Ward (Monts) & Co cl A..•
Waukesha Motor Co corn.*
Wayne Pump Co
Common
*
Wieboldt Stores Inc com •
Williams 011-0-Matio corn*
Wisconsin Bank Shares
Common (new)
•
Yates-Amer Mach in pf_.•
Zenith Radio Corp corn..'
12
18
134
3234
234
1%
5
734
234
3034
2134
1514
33.4
1814
134
1%
414
534
2834
934
2434
1934
77
Range Since Jan. 1.
High.
Low.
1034
89
10
234
16
634
%
2834
234
1
334
234
7
U
134
2634
1934
1,600
12
10
89
20
10
50
234
600
20
150
634
134 5,450
3234 13,600
50
234
500
134
534 1,450
1.250
4
8
1,400
50
34
23.4 2,850
3034 21,650
2134 75,900
6
8334
.5
34
734
5
34
1334
2%
%
14
34
314
14
%
12%
7
3
1034
13.4
234
3734
1734
%
134
434
5
2834
834
22
134
1734
7434
25
60
3
15% 7.950
20
134
200
334
1,750
40
39,100
22
2,650
2
134 2,940
434 3,850
200
534
100
28%
1054 6,500
450
2434
500
134
14,500
20
550
77
70
25
1
6%
34
2
18
1134
%
34
134
234
20
434
17
34
II%
4734
12
June
May
May
May
May
May
May
June
June
May
May
May
May
May
May
June
June
Photo Engr &
Pressed Metals cora
Riverside Silk Mills A....*
Simpson's Ltd B
100
Preferred
Standard Steel Cons corn.'
Steel Co of Canada corn..'
Preferred
25
Tip Top Tailors con)
*
100
Preferred
Traymore Ltd pret
20
Union Natural Gas
Walkers (Hiram) cora
*
Preferred
Western Can Flour Mills.*
Weston Ltd (Geo)
Preferred
100
Winnipeg Electric corn...'
Apr
334
Mar 1534
Apr
234
Jan
334
Mar 40
Feb22
2
Jan
Feb134
Mar
434
Mar
534
Apr 28%
Feb1054
Mar 2434
Jan
134
Feb 20
Feb 793.4
Feb 25
Jan
June
Jan
June
June
May
June
June
May
June
June
June
May
May
May
May
May
Bank
Commerce
100
Dominion
100
100
Imperial
Montreal
100
Royal
100
Toronto
100
Loan and Trust
Canada Permanent_ __100
Huron & Erie Mtge_ __100
20% paid
Toronto General Trusts 100
Toronto Mortgage
50
• No par value.
334
134
734
4
900
200
650
34 Mar
4
Apr
2 May
134 June
734 June
4 June
414
234
234
4
234
134
434
234
234
950
910
8,900
Apr
3
34 Jan
34 Mar
Jan
10
234 May
234 May
Jan
Mar
1834 May
60 June
5,000 1834 Feb
26
26
Ex-dividend. y Ex rights.
2834 Api
1634 18
60
60
317,000
1,000
11
49
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, May 27 to June 2, both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Abitibi Pow&P 6% pfd 100
Alberta Pao Grain A____•
Preferred
100
Beatty Bros common .*
Bell Telephone
100
Blue Ribbon Corp cora....
634% preferred
50
Brazilian T L & Pow corn.'
B C Packers common__ __*
Preferred
100
B C Power A
•
Building Products A
Burt(F N) Co corn
25
Brewers az Distillers-----*
Canada Bread common*
1st preferred
B preferred
100
Canada Cement corn
Preferred
Can Wire & Cable B
•
Canadian Bakeries A_
*
Preferred
100
Canadian Canners cora___•
Convertible preferred._*
1st preferred
100
Can Car az Fdry pret____25
Can Dredging&Dock corn •
Canadian Gen Elec com_50
Preferred
50
Can Indust Alcohol ACanadian 011 common_ •
Preferred
lE10
Canadian Pao Ry
25
•
Cockshutt Plow corn
Consolidated Bakeries. _ _*
Consolidated Industries_.*
Can Car & Fdry
Cons Mining & Smelting 25
Consumers Gas
100
Cosmos Imp Mills corn...*
Dominion Stores cont....*
Economic Inveetment___50
Fanny Farmer corn
•
Ford Co of Canada A__ _.*
Frost Steel & Wire corn...*
Gen Steel Wares corn__.•
Goodyear T & Rub pre:100
Great West Saddlery corn.'
Preferred
50
Gypsum Lime & Albast__*
Hamilton Cottons pret 30
Ham United Theat com.25
Preferred
100
Hind° & Dauche Paper...*
•
Hunts Ltd A
•
Internatl Mill 1st prof -100
Internatl Nickel corn
*
Intermit' Utilities A
Kelvinator of Can corn._.*
Preferred
100
,
Lake of Woods Mill corn...
Laura Secord Candy corn.'
Loblaw Groceterias A_ _ __•
•
B
Maple Leaf Milling com *
Preferred
100
•
Massey-Harris corn
Monarch Knitting pref_loo
•
Moore Corp corn
100
A
100
B
Out Equit Life 10% 0.100
•
Orange Crush tom
100
Preferred
•
2d preferred
Page-Hersey Tubes Corn..'
3
4
8
8
30
30
8
8
08% 102
3% 4
5
19
19
18
14%
14% 13
534
314 6
20
15
20
2234 24,4
5% 5%
16
15
16
32
30
2.00 1.65 2.05
431 6%
6
55
55
25
20
24
714
534 734
34
33% 28
11
1131
1% 134
5
5
534 7
7
9
7% 9
75
73
70
1734
17% 15
18K
18% 17
123 123
56
55
56
4% 6
5%
3% 434
12
10
12%
95
90
95
17% 1534 18%
734 10
1034
7
10
934
1,4 1%
1%
7%
6
714
13434 109 135
175 178
534
5
5
21% 20% 22%
12
12
12
11
11
12%
12% 10
40
40
40
2% 5
5
99 10135
101
1
1
8
8
5
2% 511
534 534
3
254 3
46
50
50
6
6%
6
6
6
6
6
100 100
17.50 16.50 17.75
814 934
2% 2%
4
4
.55
55
16%
16% 15
42
41
1314 14
14
1234 1311
13
534 634
16
15
15
534 631
6%
30
30
11
931 11
80
80
88
88
635
5
6%
134 1%
5
10
5
1% 134
5714 6035
60
4
8
Range Since Jan. 1.
Low.
1
725
3%
175
105 20
3%
5
810 80
1
471
60 10
734
49,296
1
20,100
6
261
55 14%
3%
5
265 1034
605 20
85,420 550
1%
6,318
5 40
7
38
214
13,093
1,460 13
7
20
1%
5
10
5
234
415
3
4,430
32 46
9%
280
830 10
3 100
190 51
134
5,965
34
100
6%
1,257
45 79
9
33,257
314
5,395
2
4,892
34
75
3
625
7,547 54
138 170
2
455
880 12%
25
7
834
36
6
13,348
10
%
699
134 80
170
34
5
80
134
11.639
5 4
114
180
30 46
2
370
434
8
5
10
10 98
68,453 8.15
75
514
114
25
30
2 55
5
30
311 36
3.615 1014
683 10%
3
45
5
77
234
7,321
25 20
5
1,125
7 65
20 70
5
87
14
305
5
20
34
50
525 40
Friday
Sales
Last Week's Range for
Wee/c.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
12
90
10
234
20
634
134
3234
211
134
534
4
8
%
234
3034
2134
Feb
Jan
Mar
Mar
Mar
Jan
Mar
Feb
June
Jan
Mar
Mar
Jan
May
Apr
Feb
Feb
34
734
2
1%
Bonds
Chic City & Con RP'5s '27 1634
Chicago Railways 5s 1927
208 So La Salle St Bldg-5345
1958 26
• No par value. r Cash sale.
Stocks-
3877
Financial Chronicle
Volume 136
Jan
Mar
Apr
Jan
Apr
Apr
Feb
Mar
Apr
Jan
Jan
Feb
Apr
Feb
Jan
Mar
Mar
May
Feb
Apr
Apr
May
May
Mar
Apr
Apr
Apr
Mar
Feb
Mar
Mar
Mar
Apr
May
Apr
Feb
Jan
Apr
Apr
Mar
Jan
Apr
Feb
Feb
Jan
Apr
High.
4 June
8 June
32 May
8 May
102 June
5 June
19
May
1434 June
6 June
20 June
24% May
5% June
16 June
32 May
2.05 May
6% June
68
Jan
25 May
734 May
34 June
1134 May
1% May
5 may
7 June
9 June
75 May
1734 June
1834 May
123 June
56% may
June
6
4% May
1234 may
96
Jan
18% June
1034 June
10 June
234 May
7% June
135 June
181
Max
6 May
23 May
12 June
12 June
12% June
5 June
Mar
Apr 101% June
1
Jan
May
8 May
May
5% June
Feb
Apr
534 Jan
3 June
May
May 50 June
Mar
7 May
Mar
8
Jan
May
6 May
Jan 102% May
Mar 17.75 June
Apr 10 May
234 May
May
4 May
Mar
Jan
May 57
Mar 16% June
Jan 42 May
Apr 14 June
Mar 13% May
614 May
May
Apr 16 May
Mar
634 June
Apr 30 May
Mar 11 June
Apr 80 June
Apr 88 June
May
634 June
1% May
May
June 10 May
114 June
Apr
Apr 6014 June
14
1414
1315
34
5
29
31
434
17%
14%
734
150
155
192
155
14
12%
13
5
22
4
2514
29%
5
40
2
434
16%
14
634
22
75
2%
Law.
405
15
820
14%
490
1314
60
6
406
34
670
5
1,730
29
310
31
55
6%
5
40
25
2
965
5
54,242
19
11,982
15
290
8
125
26
20
75
80
3
8
14%
7
5
6
1
14%
25
1
35
2
214
4
934
4
1614
67
1%
Apr
June
Mar
May
Mar
Jan
Feb
Mar
May
May
May
May
Mar
Mar
Feb
Mar
215
116
70
132
69
41
120
124
123
151
12334
152
Apr
Apr
Apr
Apr
Apr
Apr
145 154
145 155
144 162
187 192
147 .155
170 179
140
78
1234
14934 14934
95
Range Since Jas. 1.
145
78
12%
150
95
2 120
23 77
380 12%
15 138
23 90
may
May
High.
15
8
14
6
34
5
29
31
6%
40
2
5
19
15%
834
26
75
334
154
155
162
192
155
179
May 153
May 102
May 18
Mar 167
Mar 9854
May
Apr
June
June
June
June
June
Jan
June
May
May
May
May
May
May
May
May
May
June
June
June
June
June
June
Jan
Jan
Jan
Jan
Jan
Toronto Curb.
-Record of transactions at the Toronto
Curb, May 27 to June 2, both inclusive, compiled from
official sales lists:
Stocks-
SakU
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
5 May
Feb
3
60
5
5
Beath & Son, W D "A"..'
may
Jan 2.00
740 1.15
1.60
'1.25 1.25
Brevring Corp com
.% Mar 1534 May
934 1034 1,035
934
*
Preferred
514 Apr 10 May
5,626
834 10
834
Can Bud Breweries corn..*
* 2834 2734 3034 8,441 1334 Mar 3134 May
Canada Malting Co
1,060 1334 Jan 25 May
1934 25
* 23
Canada Vinegars corn
Sc May 250 May
500
10c 10o
Canadian
4 May
114 Jan
820
274 4
3%
*
Wineries
Canadian Paving*
9 May
105
334 Mar
9
7
Can Wire Bound Boxes A *
5 May
Apr
3
10
5
5
Consolidated Press, A....'
334 May
1% Jan
20
234
254
Cosgrave Expt Brewery_10
9% May
Feb
4
834 914 8,085
8,4
Distillers Corp Seagrams.*
May
1,590 1414 Feb 26
* 2534 2334 26
Dominion Bridge
3 May
1
Apr
2
294 1,030
234
Dorn Motors of Canada_10
4 May
Apr
1
50
4
4
Dorn Tar & Chemical corn *
Jan 2334 June
5
30
23%
Dufferin P & C Stone pf 100 23% 15
Feb 13 June
5
35
1034 13
Engllsh Elec ot Canada A.* 13
3 May
114 Feb
5
234 234
B
234
*
Mar 96 June
325 40
85
96
Goodyear Tire & Rub corn* 96
734 June
234 Apr
654 714 1,440
734
Hamilton Bridge corn....'
105 35 June 35 June
35
35
Preferred
100 35
May
1,645 350 Mar 1.75
1.75
1.35
Honey Dew corn
* 1.75
Mar 10 May
5
10
10
10
*
Preferred
95 1434 Jan 19 June
1834 19
Humberstone Shoe corn..' 19
8 June
334 May
25
494 8
8
Howard Smith
*
7
Feb 10 June
1,440
934 10
9%
Imperial Tobacco ord._ 5
3
1,419 2634 Apr 3834 June
38K
Montreal L, H & P Cons.* 37% 34
75 1634 Mar 2454 June
National Breweries corn..' 2434 2354 2431
534 Mar 14 June
505
14
11
National Steel Car Corp..
Jan 1334 June
0
980
13,4
Power Corp of Can cont..* 1334 10
55 4634 Mar 78 May
78
75
Robert Simpson prat __100
5
Jan 10' May
115
914 10
Robinson Cons Cone
*
234 Apr
8 May
2,315
7
6
7
Service Stations Corn A..*
Apr 45 June
80 16
45
39
Preferred
100 45
9% Feb 16 June
1,165
16
13
Shawinigan Water & Pr....* 16
3 June
34 Apr
100
3
3
Stand Pay az Mat'ls com_ *
515 1234 Feb 27 May
26
25
Toronto Elevators com_ •
434 May 12 May
130
554 12
United Fuel Invest pref 100
334 June
134 Feb
445
334 334
•
354
Waterloo Mfg A
Oil
734 Jan 13 May
13.443
13
* 1254 1234
British American 011
334 May
114 Apr
100
3
334
334
Crown Dominion 011 Co..*
734 Apr 1314 May
1234 1334 23.667
* 13
Imperial 011 Limited
14,758 1034 Mar 17 June
International Petroleum_.* 1634 1474 17
734 Mar 1234 May
1234 1,449
McColl Frontenan 011 com• 1234 12
70 5434 Apr 80 June
80
75
100 80
Preferred
234 June
34 Apr
510
134 234
214
5
North Star 011 corn
134 Apr
355 June
105
334 334
5
33
Preferred
234 June
34 Apr
330
134 234
•
Prairie Cities 011 A
Mar 20 June
1.715 11
17% 20
Supertest Petroleum ord__• 19
API
Jan 97
5 93
96
96
100
Preferred A
•No par value.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, May 27 to June 2, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
44
45
American Stores
110% 112%
Bell Tel Coot Pa prat __100 112
2% 314
Buff(HG) Mfg Co
•
1234 15
Preferred
100
Budd Wheel Co
431 5
33% 34
Cambria Iron
so 34
11% 14
Camden Fire Insurance..
.5 14
Central Airport
214 234
•
Elea Storage Battery__100
39% 40
Fire Association
27
30
10
Horn dr Hard(NY)corn_
22
22
Insurance Coot N A....10 42% 41
41%
Lehigh Coal az Navig_ ___• 10
834 10
Lehigh Valley
18
21
50
Mitten Bk Sec Corp pf__25
134 2
134
Pennroad Corp v t c
2%
•
3%
26% 2731
Pennsylvania RR
50
Penna Salt Mfg
45
46
so 45
Phila Elec of Pa 45 pref..' 100
100 110%
Phila Elec Power pref _25 31% 31% 31%
19% 20
Pinks Insulated Wire....'
Phila Rapid Transit__ _SO
2% 2%
514
5
7% preferred
5
50
5% 5%
Phila & Rd Coal az Iron_ •
21
20
Philadelphia Traction.
..50 21
49% 55
Reading RR
50
39
39
Scott Paper
1% 134
Seaboard Utilities Corp_ •
13(
4
4%
Shreve El Dor Pipe L...25
18% 2031
Tacony-Palmyra Bridge_
Tonopah-Belmont Devel_l
11
Tonopah Mining
1
"is
94
Union Traction
811
7% 815
50
734 734
Ctfs of deposit
Range Sinai Jan. 1.
Lem.
High.
Feb 45 may
300 30
300 106% Mar 11414 Jan
334 June
% Mar
4,500
334 Mar 15 June
205
5 May
34 Mar
3,410
Apr 3414 Jan
150 33
9
Apr 14 June
1,020
2% may
34 Apr
200
295 2114 Feb 40 May
Mar 30 May
375 18
Apr
100 1734 Jan 24
Mar 41% May
700 25
5% May 10 June
6,200
1,614
8% Feb 21 June
2 May
200
% Feb
3% June
1% Mar
20.100
9,225 13,4 Jan 2734 June
225 2531 Mar 46 May
140 93
Apr 103% Jan
Jan
2,100 28,4 Apr 33
Jan
10 19% Feb 20
400
114 May
234 Jan
5% Jan
200
134 May
514 may
260
214 Feb
600 15
Mar 22% Jan
Jan
215 25% Jan 55
12 28
Jan 39 may
30
5 May
600
1
Jan
150 1814 May 3014 Jan
III May
Jan
1,300
114 Apr
34 Jan
1,400
3% Mar 1214 Jan
2,500
7% Mar
7% May
100
3878
Financial Chronicle
Stocks (concluded)
Fria/4
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
United Gas Impt com____*
Preferred
Victory Insurance Co_ __10
Westmoreland Coal
•
20%
451
BondsElec & Peoples tr ctfs 4s '45
Ctfs of deposit
Phila Elec (Pa) 1st 5E1_1966
•No par value.
18% 20
28,900
92% 94%
40
4
4)1
300
531 531
50
Range Since Jan. 1.
Low.
14
86
334
4
Mar
May
Feb
Mar
High.
20)4 Jan
99% Jan
4% May
5% May
Apr 2151 May
1955 2134 $14.000 15
5,300 17
Feb 21
May
1834 21
106 10755 16,100 10234 Ma 110% Feb
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, May 27 to June 2, both inclusive, compiled from official sales lists:
Stocks-
r naay
00644
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Arundel Corp
•
AU Coast Line (Conn)50
Baltimore Tube preferred__
Black dc Decker corn
•
Preferred
Cites & Pot of Bait pref.100
Comml Credit Corp cornPreferred B
26
614% lot preferred__100
7% preferred
Coiasol Gas, El Lt & Pr*
6% preferred ser D__100
5% preferred
100
Eastern Rolling Mill
•
Emcrson Brom Seitz A w 1_
Fidelity & Guar Fire Cp_10
Fidelity & Deposit
50
Houston 011 preferred
Mfrs Finance lot pref___25
Maryland Casualty Co_ _ _ _
Merch & Miners Tran.sp__*
Monon W Penn PS pref _25
Mtge Bond & Title w 1____
Mt Vern-Woodb Mills pfd..
New Amsterdam Cas Ins__
Northern Central
Penns Water & Power---*
U S Fidelity dr Guar new 10
Bonds
Baltimore City
45 paving loan
1951
Balt Sparrows Point &
Chesapeake 434%__ 1953
Maryland Elec Ry 634s '57
Southern Bankers Sec Corp
5% coil trust notes_1938
Wash Balt az Ann En flat '41
United Ry & Electric
1st 6s flat
1949
Income 45 (flat)_ __ _1949
19
2434
39
40
4
4
4
7
9
11
11335 116
116
1235 1335
1334
2051 2034
76
75
2034 2035
62
62
58
107 108
108
3334 99
3834
734 8
2134 22
9
11
9
31
38
38
434 6
7
7
334
334 434
2834 27
2835
1435 1435
31
%
%
28
26
28
15
1334 15
71
70
5535 54
5535
434 434
434
23
40
4
635
4,125
496
1
8,969
271
12
35
4
5
8
503
67
94
105
305
75
526
1,090
50
1,592
210
10
100
157
1,860
56
373
3,144
Range Since Jan. 1.
Low.
High.
955 Apr
1334 Apr
4 June
1
Feb
5
May
112
Apr
435 Apr
1835 Mar
70
Apr
1874 Mar
43
Apr
Apr
103
9135 Apr
135 Feb
1531 Apr
435 Mar
Mar
15
235 Mar
May
6
135 Mar
1955 Jan
Mar
10
34 June
935 Mar
Apr
7
May
63
Mar
40
134 Mar
2434 May
40
May
6
Feb
May
7
May
11
11634 Feb
1355 June
2034 May
75
Feb
2035 May
Jan
65
11034 Feb
102
Jan
May
8
2494 Jan
11
May
May
38
6 June
934 Feb
434 May
2854 June
1435 Jan
134 Apr
28 June
1735 Jan
Jan
71
60
Jan
5
May
9634 9634 $1,000
1034 1034
9
9
1135
1,000
1,000
1034 May
8
Apr
12
123-4
5235 5251
234 3
1040
9655 June 102
1,000
1,000
133-4 Feb
234 Feb
5255 May
351 Apr
1135
11
%
55
11
11
8,000
4.000
400e1
854 Apr
35 Apr
a 14 An
Jan
13
I% Feb
1:444 Jan
•No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, May 27 to June 2, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. High. Shares.
Allegheny Steel
•
Arkansas Nat Gas Corp_.*
Preferred
10
Armstrong Cork Co
•
Blaw Knox Co
•
Clark (D L) Candy Co •
Columbia Gas & Electric_•
Devonian Oil
10
•
Electric Products
Fort Pittsburgh Brew_ _1
Harbison-Walker Refract_*
Independent Brevring. _ _50
Preferred
50
Jones & LaughInStlpfd 100
Koppers Gas&Coke pfd 100
Lone Star Gas
•
Mesta Machine Co
5
Pittsburgh Brewing
50
Preferred
50
Pittsburgh Forging Co_ _.•
Pittsburgh Plate Glass 25
Pittsbrgh Screw & Bolt_ -•
Pittsbrgh Steel Fdry_ _100
Plymouth Oil Co
5
Renner Co
1
Rudd Manufacturing_
•
United Engine 41‘ Fdry___•
Westinghouse Air Brake.._•
Westinghse Elec & Mfg_50
Western Public Serv v t c_•
65
93,4
18
8
37
3
3335
534
1634
13,4
1834
2835
755
80
73,4
2435
500
76
26
735
5154
8
2534
50c
80
2734
835
5334
56
56
135
2,360
600
40
831
1,416
1,545
$1,000
710
150
344
85
89
129
300
151
170
52
100
635
15
3
5
6%
6
3
2%
1335
55
1%
43%
6
20%
20
3356
1
,
735
5%
125
551
235
1
2034
1335
55
5
20
1%
41%
33i
16
19
33
91
35
23(
731
49
6%
125
6%
3
3
2035
14
55
5
20
131
44
655
20%
20
38%
91
1
3
734
50
Low.
96
Apr
10
Feb
1735 Jan
26
Mar
6
Apr
25
Apr
29
Feb
1
June
4035 May
1055 Feb
34
Mar
35 Apr
14
Feb
6.51 Apr
2
Apr
151 Feb
15
May
Feb
6
1
Mar
5
May
3 May
8
Apr
1,625
2
25 110
685
3
727
1
1,180
31
100 2055
625
5%
37 44
30
2
10
9%
100
1%
1,901 2235
4,540
I
38 10
370 10
1,540 1331
36 70
35
35
460
%
150
7
30 17%
High,
98
20
21
33
9
63
60
134
4035
37
73)5
235
25
1235
255
654
20%
9
335
5
7
19%
Apr
May
May
Jan
Jan
June
May
May
May
June
June
Jan
June
May
Apr
June
May
May
May
May
May
May
Apr
6% June
Mar 125 June
Apr
6% June
Jan
3 June
Apr
3 June
May 24
Jan
Jan
1455 May
Feb 55
May
Feb
Apr
7
Jan 20
May
June
1% June
Apr 44 June
Mar
655 June
Apr 2051 June
Jan 20
May
Feb 3851 May
Mar 96
May
June
June
1
Apr
335 May
Feb
8% Jan
Feb 50
May
• No par value.
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, May 27 to June 2, both
inclusive, compiled from official sales lists:
Stocks-
Friday
oases
Last Week's Range for
Sale
of Prices.
Week,
Par Price. Low. High. Shares.
Aluminum Industries__ •
Amer Laundry Mach.
-20
Amer Rolling Mill Com_ _25
Amer Thermos Bott1e A_ •
Baldwin corn
20
Carey (Philip) com_ __100
Champ Fibre pref
100
Churngold Corp
•
Cm n Adv Products
•
CM Gas & Elec pref_
100
Cincinnati Street Ry_
50
Cin dr Sub Bell Tel
50
Cin Union Stock Yards •
City Ice & Fuel
•
Crosley Radio A
•
Dow Drug com
*
Eagle-Picher Lead
20
Preferred
100
•
Formica Insulation
834
1331
1731
4
2
40
70
4
20
81
8
6035
19
17
8
435
45,4
35
1151
834
1531
1934
4
2
45
72
454
20
82
9
6234
20
1755
1055
5
794
35
1194
95
1,782
800
5
110
12
15
50
25
147
773
283
10
71
881
495
1,762
9
30
Range Since Jan. I.
Low.
3
63,4
634
194
2
25
70
%
10
7034
451
5731
1755
1035
255
131
235
32
5
Mar
Mar
Feb
Apr
May
Apr
Apr
Feb
Apr
Apr
May
May
Apr
Mar
Mar
Apr
Feb
Jan
Jan
High.
894. May
1535 June
1994 May
4
May
2
May
Jan
45
72 June
455 Apr
20 June
Jan
93
9
May
64
Mar
20
May
1734 June
1035 June
5
May
734 June
35
May
12
May
17
May
40
•
834 9
7
5 June Gibson Art corn
Apr
1174 Apr
*
235
231
8
5 June Gruen Watch corn
135 Mar
255 May
Preferred
10
10
101)
5
5
15
Apr 1135 May
May
•
2
2
89
2 June
15
May Hatfield-Campbell
2 June
Preferred
100
94
934 974
93,4 May
734 May
974 Feb
•
18
1855
76 10
20 June Hobart Mfg
Feb
1835 May
100
5655 5655
40 35
9 June Int Print Ink pref
Apr 5651 May
8
•
8
3
6
5 June Julian dr Kokenge.
Feb
10
May
40
10
10
20 10
Mar 12
234 Mar Kahn Part A
Jan
•
1,260 1535 Feb 3074 may
283-4 3074
1934 June Kroger corn
91
100
90
15 85
335 Mar Lazarus preferred
Apr 91
June
•
1034
9
130
494 Mar Ltuntenheimer
8
Feb 1055 May
•
8
8
53
7
Apr
75
May Manischewitz corn
9
Mar
5
•
535
50
5
Apr
Jan Meteor Motor
65
555 June
Printing Mach pref.
42
100
43
680 1931 Mar 43
93,4 June
May
100
3755 3755
50 20
May Pure Oil 6% Pre
18
Apr 48
Jan
1735 1855
•
489 13
Mar Rapid Electrotype
10
May
1831 June
•
10
10
100
4
40
Jan
May Richardson corn
10
May
10
1751 2035
584
9
3 May U S Playing Card
Mar 2051 June
631 1155
•
374
3335 June Waco Aircraft
23,4 Jan
1134 June
•
10
10
162 10
mav
In
may
6
May Whitaker Pacer corn
May
6
•No par value.
1634 May
2 May
St. Louis Stock Exchange.
-Record of transactions at
May
12
20
May St. Louis Stock Exchange, May 27 to June 2, both in29
May clusive, compiled from official sales lists:
4554 May
Friday
8
May
Jails
Last Week's Range for
Range Since Jan. 1.
Week.
of Prices.
Sale
Stocks8
Apr
5
May
Par. Price. Low. High. Shares.
High,
Low.
955 Feb 2555 May
Jan 50e May Aloe Co (A 5) pref __100
150
3534 3574
13 35
Apr
Brown Shoe common__ _ _• 4894 4734 4834
Apr 80 June
55
165 29
Apr
137-4 Feb 2734 May Iturkart Mfg preferred- •
7
734
232
4
Mar
755 May
874 May Chicago Ry Equip pref.25
8
8
100
5
May
Common
455
454
2334 Feb 5334 May
25
25
I
May
Coca-Cola Bottling com_1 1234
10
1235
60
634 May
Consol Lead & Zinc A_ •
174
134
105 25e Mar
Mar 56
35
May Corno Mills corn
13
13
25
• 13
894 Mar
Curtis Mfg corn
5
535
531 536
180
455 Apr
Ely & Walker Dry Gds
2d preferred
60
60
100
25 55
May
of transactions at
13
Common
25
13
51
6
Mar
June 2, both in- Ilamilt-Brown Shoe com 25 33-4 374 37-6
10
234 Feb
Internat Shoe pref. __I00
10731 108
60 10234 Jan
Common
49
46
392 26
• 49
Mar
Johnson-S-S Shoe com
17
• 17
105 16
16
May
Laclede-Christy Clay Prod
Range Since Jan. 1.
•
5
Common
5
5
200
3
May
Laclede Steel corn
20 17
Low,
510
9
1534 17
High.
Jan
• 40
McQuay-Norris corn
3335 40
37 2494 Mar
850
634 1035
455 Feb
Jan
6 June Mo-Portl Cement com_25 1034
Natl Candy 1st pref _100
98
98
15 June
Jan
9 85
Apr
Common
• 1635
1454 1535
955 Apr 18
411
594 Mar
May
3
3
22
140
May 2254 May Pedigo-Lake Shoe corn.*
245 May
77
77
9555 Mar 110
20 70
Feb
Jan Rice-Stlx Dry Gds lot Pf100
Common
795
*
655 736
29
704
Apr 43% Feb
3
Feb
•
3
3
4
3
65
Jan
Apr
1
May Scullin Steel pref
8
115 116
331 Jan
148 1093-4 Apr
12
May Southwest Bell Tel pf__100 116
1094
595
9
236 Feb
534 Feb
1034 May Rix Baer & Fuller corn_ _ _* 1035
Wagner Electric com__ _15 11
935 11
1,755
3% Feb 11% June
455 Apr
Mar
2
254 June
* No par value.
WillgWS,==
Allen Industries corn
*
255 6
53,4
Preferred
•
15
15
City Ice & Fuel
• 18
1755 18
Cleve-Cliffs Iron pref__ *
22
22
Elect 1116% pref-100 105
Cleve
103 105
100
Cleve Ry ctIs dep
33
3335
Cleve Worsted Mills corn.•
6
6
6
12
Corr McKin Steel vot cOml
10
12
Non-voting common _100
9% 10%
• 1155
Cliffs Corp v t c
1155 1151
Commercial Bookbind._ _•
2%
2
294
1
37
73%
10
25
100
40
75
320
120
600
1(10
691
50
1,275
40
85
63
6,984
10
70
820
300
20
200
2.
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Sham.
High.
63
98
20
21
33
7
63
60
1
40%
37
7331
35
25
11%
2%
634
15
9
335
5
7
1935
CM ,
OCOPk...
OV.
Cleveland Stock Exchange.
-Record
Cleveland Stock Exchange, May 27 to
clusive, compiled from official sales lists:
National Acme corn
10
National Carbon pref__100
National Refining com__25
National Tile common___•
Nestle-LeMur class A__ __•
Nineteen Hund Corp cl A •
•
Ohio Brass B
Preferred
100
Packer Corp common
•
Patterson Sargent
•
Peerless Motor common...3
Richman Brothers corn---*
Selberling Rubber corn_ _ -•
Preferred
100
Selby Shoe common
•
Sherwin-Williams com__25
AA preferred
100
Standard Text Prod cont.'.
Van Dorn Iron Wks corn.•
Weinberger Drug
Youngstown S di T pref 100
17
98
17
21
33
6
43
65
1
4035
34
73%
3i
23
11
2%
4%
15
9
3
5
7
1934
IS"'"Vn
2g222"2,.
Bonds
Independent Brew Rs 1955
• No par value.
20
851
5
234
1931
2
334
Low.
17
100
53-4 Apr
1
868
5
Feb
5
764
234 Apr
3,246
1335
434 Feb
3,723
15
4
Feb
975
751
3 May
3,178
20
934 Mar
1,011
7
9
Apr
385
5
134 May
234 12,155
134 Jan
2,615
1934
63,4 Feb
134 Mar
2
340
Mar
2
sg
427
Feb
10 37
75
215 45
Mar
65
Mar
5
945 32,126
Feb
7
18
900
Jan
1,445
5
834
Mar
5,290 10
413
134 Jan
400
3
Mar
2,963 13
3331
4,185
145 Feb
8
6
6
160
May
634 Feb
1634 2,940
151 8,526
134 May
150
Mar
6
12
Feb
1854 1,020 10
3.604 1234 Jan
29
1,196 1934 Feb
4534
434 Mar
734 7,171
Dow Chemical pref_ __100
Elec Control' dz Mfg com..•
Faultless Rubber corn_
•
Fed Knitting Mills corn_•
Foote-Burt common
Gen Tire & Rub com_ _ __25
Gen T & R 6% pfd serA 100
Geometric Stamping
•
Goodrich preferred__ _100
Goodyr T& Rub corn__ __•
1st preferred
•
India Tire & Rub corn.. •
Interlake Steamship com..•
Kelley Island L & Tr corn.*
Konach (5) common
•
Lamson Sessions
•
McKee(A G)& Co cl 13 •
Medusa Cement
•
Mohawk Rubber coin__ _•
Preferred
100
Murray Ohio Mfg com
•
Myers (F E)& Bros
•
Range Since Jan. 1.
.000A00.4.NNMC
,
UnlistedCopperweld Steel Co
*
General Motors Corp_ _10
Leonard Oil Developm't_25
Lone Star Gas 6% pref_100
Pennsylvania RR
50
Radio Corp of America_ •
United States Steel_ _ __I00
5
434
12
14
Range Since Jan. 1.
17
234
3
1134
1351
435
1734
8
2
17-4
18
145
23-4
75
63
771
16
73,4
37
234
2735
531
6
1494
135
10
18
26
4255
7
Friday
Sates
Last Week's Range for
of Prices.
Sale
IWeek.
Stocks (Concluded) Par. Price. Low. High. Shares.
Feb
Jan
Jan
June 3 1933
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, May 27 to June 2,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
June
4,767 11% Jan 20
Alaska Juneau Gold Min _
20
20
18
Jan
20
834 May
Anglo Calif Nati Bk of S F_
1634 26,197
9
1234
131 May
% Apr
2,110
Assoc Ins Fund Inc
131
1% 1%
534 May
Feb
2
360
Atlas Imp Diesel Eng A
55.1 534
Feb 15234 Jan
15 101
Bank of Calif N A
137
137 137
131 Feb
534 June
hood & Share Co Ltd
434 5% 2,390
531
4
May
1
Mar
6,044
Byron Jackson Co
3% 4
4
8
Mar 22% June
Calamba Sugar corn
22%
1534 22% 12.299
Mar 1834 June
650 11
7% preferred
17% 1634 1834
34 May
31 Jan
1,605
Calif Copper
34
%
4 June
34 Jan
120
4
3;
,
6 4
Calif Cotton Mills com
May
Mar 18
300 12
18
Calif Ink Co A corn
18
24% 5.651
California Packing Corp_ _ _
24% 23
834 Mar 2474 May
13
Apr 3134 Jan
Life Ins Cap 20
204
Calif West Sts
20
19
531 Feb 2134 May
Caterpillar Tractor
20%
18'34 2134 29,460
May
1734 May
1,443 13
Clorox Chemical Co
17
1534 1734
Jan
May 79
110 57
68
Coast Cos GdeE 6% 1st pref 66
66
Mar 2134 June
21% 2,135 11
Cons Chem Indus A
21% 20
Feb
Apr 215
25 185
Crocker First Nati 13ank_ 205
205 205
Feb
5 June
1
27.285
Crown Zeller v Ic
331 5
5
June
7% Niar 32
903
Preferred A
32
32
7
Mar 3034 June
B
630
Preferred
30%
2134 3034
June
2% Feb
6
Emporium Capwell Corp_ _
6
5% 634 2,370
June
484 3434 Afar 46
Fireman's Fund In
46
45
1334 June
Food Mach Corp corn
534 Jan
13%
11% 13% 9,744
Jan
1.34 May
1
100
Foster & Kleiser corn
1% I%
May
_
55 2634 Mar 35
Galland Mere Laundry
33
32% 32
9
June
7,085
Golden State Co Ltd
334 Apr
8%
634 9
31 Mar
2 June
2,734
Haiku Pine Co Ltd com_
2
1% 2
Apr
4
May
5
Preferred
4
4
434 Apr
8
May
154
Hale Bros Stores Inc
8
8
Apr
Hawaiian C & S Ltd
Jan 45
1,175 27
40
37
40
Apr 24
June
Home F de M Ins Co
200 18
24
24
22
8% Feb 1431 June
1,758
Ilonolulu Oil Corp Ltd._
1431
1334 14%
Apr
Mar 42
10 30
Honolulu Plantation
40
40
Feb 1034 June
1.530
Hunt Bros A common
2
10%
1034
9
434 Feb
Langendorf United 13ak A_
113.4 June
11% 2,117
1135
1034
334 June
314 Jun
240
334
3% 314
La Gas & Elee Corp pref_ _ _
83% Apr 9834 Jan
88% 88%
Lyons Magnus Inc A
534 June
534 May
534 5%
534
Nlagnavox Co Ltd
% Mar
1
June
23,455
1
34
1
(I) Nfagnin & Co corn.
334 Feb6 June
500
6
531 6
Merchant Cal Mach corn _ _
% Feb19-4 June
737
134 1%
7 June
Maya Investors Assoc(The)
2% Mar
50
7
7
May
More Amer ItIty 6% pref._
Jan 66
60
66
65
Natornas Co
Feb 3534 May
3,045 15
3434 3234 3531
May
North Amer Inv corn
Feb
5
2
125
4
5
North Amer Oil Cons
334 Apr
7 June
8,583
7
4% 7
Occidental Insurance
123-1 June
8% May
12%
11
7
May
Oliver United Filters A
390
33-4 Jan
7
634 7
34 Feb
325
234 May
2% 2%
231
Jan
Pee Gas & Nice corn
203.4 Apr 31
27% 2474 2734 16,491
6% let preferred
23% 2334 2331 6,174 2134 Mar 2534 Jan
534% preferred
837 199-4 Mar 2334 Jan
2134
2134 2134
pac Lighting Corp corn
Jan
3,145 2534 Mar 43
31
34%
349-4
6% preferred
May 9334 Jan
552 77
79
78% 78
Pac Pub Serv non-sot coin
34 Slar
134 June
134 5,824
1%
34
Non-voting preferred__
Apr
4% Jan
2
3% 434 8,293
434
Pac Tel St Tel corn
Apr 89
May
758 67
89
89
83
6% preferred
Jan
130 9934 Apr 110
105,4
10334
Paraffine Cos corn
834 Feb2134 May
2134
1934 2133 2,898
Phillips (Pete)
9% May
1434 June
700
14%
1331 1434
Pig 'n Whistle prof
34 Fob
1
Jan
645
34
1
1
Ry Equip & ItIty lot pref.._ ______
6
Jan
90
334 Apr
3% 3%
Ry Equip & Rity Ser l...
234 June
100
234 Feb
234 2%
Series 2
1% Mar
3
Feb
20
3
3
Rainier Pulp de Paper Co........ 1334 1334
1334 May
125
6
Jan
Richfield Oil common
% Jan
134 June
,
134 4,150
1
134
7% preferred
% Feb
1
May
2,450
% 1
1
San Joa I.& P7% pr prof........ 79
May 97
20 75
Jan
79
Schlesinger & Sons(BF)pfd
10
234 June
23-4 June
2% 234
Shell Union 011 corn
4
Feb
834 June
8% 10,67
7
Preferred
June
200 383-4 Jan 49
49
49
47
Socony Vacuum Corp
79
631 Feb 123.4 June
12%
12%
12
Southern Pacific Co
June
2734 8,33
25
113-4 Feb 27
Sou Pac Golden Gate A.__
474 Jan
1,125
731 June
634 734
7%
13
43.4 May
1,062
534 June
434 534
534
Spring Valley Water Co_
10
Apr
a% Jan
4% 434
Standard Oil CO of Calif.__
Feb 34% June
3374 3134 3431 13,237 20
Telephone Invest Corp____
Feb
110 2234 Apr 31
25
25
25
Thomas Allen Corp A
490
3% Slay
2% 3%
234
294 Jun
Tide Water Assd 011 corn
334 Feb73-4 June
7% 6,352
6
731
6 Preferred
Apr 4431 Jan
155 24
4334
4334 40
Transamerica Corp
6
734 154.807
734 June
734
43-4 Mar
Union 011Co of Calif
934 Feb
1434 1731 14,589
1731
1734 June
Union Sugar Co corn
3,410
June
4
1% Apr
334 4
4
7% Preferred
10 1 134 Apr
16% 16%
1634
1634 June
United Aircraft
Feb 3331 May
3334
3134 3334 6,410 17
Weill & Co (Itaphael)8%pd
30 90
90
June 94
90
Jan
Wells-Fargo lik de U T____ 197
Apr 21034 Jan
87 165
188 197
West Amer Fin Co 8% prof
100
31
34
31 Mar
34 May
Western Pipe & Steel Co__
11
534 Feb
2,*33
1034 11
11
May
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, May 27 to June 2,
both inclusive, compiled from official sales lists:
Stocks-
3879
Financial Chronicle
Volume 136
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
•
Aasoc Gas & Elec A
Alaska Juneau
Barnsdall Corp A
13olsa Chita Oil A
10
California Packing Corp_.•
234
234
1934
18
8
8
3% 3%
24% 2431
23.4
331
2441
300
600
100
3,300
50
Range Since Jan. 1.
Low.
1
Apr
14
Apr
3% Mar
114 Jan
1314 Apr
High.
234
1931
8
5%
19%
June
May
May
May
May
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
May
11
5
3
Apr
5
..b00
Central Invest Corp.
5
200
9% Mar 2431 June
• 24% 2334 2434
Chryskr Corp
Jan
450 26
Mar 38
27
2834
20 28
Citizens Nati Bank
11% May
Jan
3,200
6
931 11%
Claude Neon Elec Prod__' 1134
12% June
5% Jan
800
10% 1234
Cons 011 Corp
1234
400 11% Jan 15% June
15%
15%
15
Douglas Aircraft Co Inc_
June
38 265
Feb 305
Farm & Merch Nati Bk 100 305
305 305
Mar
10
May
700
6
Globe Grain de Mill com_25 10
9
10
15 60% Feb 80
May
80
Goodyr Text Mills pref.
80
.100
Mar 65
May
100 22
65
GoodyrTire&Rubber pf 100
65
3% Feb
734 May
1,200
•
Hancock 011 corn A
734
7
7%
9
Jan
1
May
100
1
1
Internatl Re-1mm Corp.10
Jan
48 82% Apr 98
Los Aug G & E pref.. 100
8831 88%
4
June
1
Jan
2.000
Los Ang Investment Co_10
4
234 4
4
Mar
73.4 Slay
7,400
Pacific Finance Corp corn10
634 7%
7
Apr 30% Jan
700 20
Pac Gas & Elec com____25 27% 2531 2731
Jan
1,000 25% Mat 43
34
Pacific Lighting corn
33
34
Mar 29% Jan
1,500 19
Pacific Slut Life Insur__10 20
20
23%
434 Jan
300
2% May
Pacific Pub Serv let pref.°
331 4%
6% June
2% Mar
Pacific Western 011 Corp.*
5% 6% 4,000
634
3% June
1% Feb
Republic Petrol Co Ltd.10
2
3% 16,900
3%
1% June
% Feb
1%
1,100
1
Richfield 011 Co com
134
*
1% May
% Jan
1,000
25
Preferred
1
31
Jan
Apr 98
20 78
78% 78%
San Joan L&P7% pr pfd100
10 6034 June 60% June
6034 60%
6% prior preferred _100
Mar 4534 Jan
2.550 35
Sec First Natl Bk of L A_25 40
38
40
8% June
4% Mar
7% 854 2,900
Shell Un Oil Corp corn___*
May
4
134 Mar
100
331
33'
•
Signal Oil & Gas A
MOO 17% Apr 2734 Jan
21
2331
So Calif Edison Ltd c0m_25 23%
30
381
Slay 40% Jan
3134 3134
25
Orig prof
27% Feb
500 22% Apr
2434 24%
25
7% pref A
1,200 19% Apr 2431 Jan
25 20% 20% 20%
6% pref )3
1,500 1734 Apr 22% Jan
1831 1934
25 19%
5%% pref C
100 2131 May 22% Apr
21% 2134'
So Calif Gas series A pf _25
May 24% Feb
21%
200 21
21
25
6% pref
Feb
4 8334 Apr 90
84
84
So Counties Gas 6% pf _100 84
1,200 11% Feb 26% June
Southern Pacific Co_ ..100 2631 25% 264
Feb 34% June
5,400 20
3134 34%
• 33%
Standard Oil of Calif
734 June
6
734 47,100 4134 Apr
•
Transamerica Corp
734
17% June
934 Fria
14% 17% 14,800
25 17%
Union 011 of Calif
Weber Showcase & Fix
3% Slay
SO
3% May
534 5%
1st pref
• No par value
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, May 27 to June 2,
both inclusive, compiled from sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Admiralty Alaska Gold_1
.10
.08
Altar Cons Mines
1
1.50
1
Andes Petroleum
.17
.12
1
Bancamerica-Blair
3%
334
Barry Hollinger
.10
1
.10
Brett Trethewey
1
.25
Chemical Research
•
1%
Como Mines
.19
1
Continental Shares
.12
.23
*
Davison Chemical
34
34
*
Elizabeth Brewing
3
3
1
Fade Radio
2%
1
234
Falstaff Brewing
1534
1
1734
Fidelio Brewing w w
4
1
59-4
Fort Pitt Brew
2
1
Fuel Oil Motors
.10
.11
10
3%
General Electronics
4
1
Golden Cycle
1534
10
Granada Gold
1.43
1
Helena Rubenstein pr_
5
•
a
6
Henion & Hubbell
Hooven Aut,o Type
2
1
234
Independent Brew pr___50
234
Intl Combustion w 1
1
1
Intl Combustion Eng...._•
.12
.15
Preferred
34
134
•
Pr C
-D
31
34
•
.25
Intl Rustless Iron
.30
1
1.60
Kildun Nfining
2.05
1
Krueger Brewing
1834
1
1834
4
5
Leanings
134
Lock Nut
131
1
.44
NIacassa Mines
I
2%
•
Newton Steel
%
Paramount-Publix
10
13.4
34
Petroleum Conversion. _5
834
•
Pittsburgh Brewing
234
234
1
Polymet Mfg
2.00
2.00
1
Reno Gold
2
Rhodesian Selec Tr_ _5 sh
15
RossvIlle Ale & Chem pr_25
1.00
1
Sherritt Gordon
.18
Shortwave & Television__1
1.35
1.35
1
Siscoe Gold
331
Standard Brewing
•
1.04
Sylvanite Gold
1
4.82
Trustee Std 011A
.16
.27
United Cigar
1
U S El Lt Power 13
2.75
Van Sweringen
.24
.34
•
.125
Ventures Ltd
•
.40
Western Television
.50
•
5
A
634
1
Willys-Overland
.20
.38
5
Wing Aero
. .06
10
Wisconsin Holding A
234
_10
Zenda Gold
1
.28
* No par value.
.10 6,000
100
1.50
.17 9,500
300
3%
.10 1,500
500
.25
200
1%
.20 4,000
.50 4,200
1.00
%
334 10.200
9,800
3%
2034 12.800
5% 20,100
100
2
.13 10,300
6,500
4
100
1534
200
1.43
200
5
200
634
1,100
234
50
245
300
134
.36 13.400
1,700
1%
500
134
.30 8,600
2.25 13.000
1834 3,300
100
4
400
1%
.50 31.000
300
33(
131 38 400
31 . 700
25
834
234 12,200
600
2.10
234 2,000
50
15
300
1.0
300
.18
800
1.60
5% 2,300
1.10 1.100
100
4.82
.27 32,300
100
2.75
.34 1,200
200
1.25
.50 4,700
634 14,400
.38 26,700
600
.06
150
4
.29 3.00
Range Since Jan. 1.
High.
Law.
.19 Feb
.05 Mar
1.50 May
1.50 May
.17 June
.05 Jan
1% Mar
334 May
.17 Feb
.07 Apr
.25 May
.13 Slay
I% May
34 Feb
.20 May
.08 May
34 May
.10 Feb
31 NIal
.15 May
231 May
334 May
2
Jan
334 May
May 2034 May
7
Apr
2
534 May
2% Mai
2
May
.10 Jan
.28 Feb
May
4
254 Jan
8% Mar 1534 May
1.75 Fet
1.00 Mar
May
234 Mar
5
534 Jan
63.4 Slay
1% Mar
33-4 May
234 Ap
234 Apr
134 May
May
1
.38 Ma:
.12 June
34 May
234 Ma:
134 Ma;
34 June
.35 Nla
.10 Feb
225 Ma:
1.00 Mar
1834 Ma:
1334 Apr
Jal
5
May
4
134 May
144 Ma
.50 Ma
.19 Jan
334 Ma
May
2
134 Jun
.12 Mar
134 Fe
.38 Apr
Apr
834 Jun
7
234 Ma
May
2
2 10 Ma
1.45 May
33/i Nla
Jan
1
Jun
15
3% Jan
.30 Feb1.00 Ma
.40 Jo
.15 Apr
1.60 Ar
1.01 Mar
331 Slay534 Ma
1.10 Ma
1.04 May
4.82 Nla
4.82 May
.27 Jut
.06 Feb
2.75 Ma
2.75 Slay
.34 Jut
.12 Jan
1.25 Ma
.90 May
34 Jo
31 Apr
6% Jut
Jan
2
.49 Ma
.06 Mar
Fe
1
.06 May
93-1 Ja
234 June
.35 Till
00 .1an
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last(May 27 1933) and ending the present Friday, (June 2, 1933). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Sales
Friday
Lail Week's Range for
Week.
Sale
of Prices.
Par. price. Low. High. Shares.
Week Ended June 2.
Stocks
-
Indus. & Miscellaneous.
Adams Millis Corn7% lot preferred ..100
Aero Supply Mfg cl B____•
10
Ainsworth Mfg com
Air Investors corn v t 0___•
Convertible preferred_ •
Warrants
Alabama(it Southern-50
•
Allied Mills lob
Aluminum Co common„.•
inn
-. -............,.
13-4
83.4
29-4
63.4
873.4
7
0
73
1
834
254
14
%
31
53,4
753.4
il7 U
73
50
135
5,200
400
83-4
25.4 3.100
14
200
%
300
3631
550
634
500
8734 17.850
79
1 qui
Range Since Jan. 1.
Low.
11108.
60
%
13.4
34
534
14
8
3
3734
Apr
Feb
Feb
Jan
Mar
Jan
Jan
Apr
Feb
/7
S....79
73
134
8%
3
14
%
3654
7
8714
May
May
June
May
May
May
May
May
June
Inna
Sates
Friday
Last Week's Range for
1Peek.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. 1110h. Shares.
Aluminum Goods Mfg.*
Aluminum Ltd
Common
•
56 preferred
100
Series C warrants
Series 1) warrants
Amer Beverage Corp__5
American Book Co_
_100
Amer Capital Corp CIA,.'
•
Common till
T1(7 nrrtrrraei
•
974
43
1031
234
2
%
Range Since Jan. 1.
Low.
High.
931 June
9
9%
300
3531
4331
631
9
43
449-4
1034
11
1,200
200
315
15
13
20
2
2
Mar
Feb
Apr
Apr
43
4434
IOU
11
June
May
May
June
294 334
45
4634
2
2
%
%
0
10
2,600
60
200
1,100
154
34
1
.1
44(
Mar
Mar
Feb
Jan
Jan
514
53
2
1
10
Mar
May
June
May
May
Suer
73.4
Air
3880
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Per. Price. Low. High. Shares.
Amer Cyanamid
Class B non-vot
•
Amer Equities com
1
Amer Dept Stores Corp...'
Amer Founders Corp....'
6% 1st pref series D__50
Amer Hardware Corp_ 25
American Investors
1
Warrants
Amer Laundry Machtne_20
American Maize Products•
Amer Thread pref
5
Anchor Post Fence
•
Arcturus Radio Tube_ _1
Armstrong Cork com__..'
Art Metal Works
5
Assoc Elea Industries
-Amer dep rata
£1
Assoc Rayon corn
•
Atlantic Coast Fisheries--•
Atlas Plywood Corp
•
Atlas Utilities Corp com..•
•
$3 preference A
Warrants
Automatic-Vot Mach.. _•
Axton Fisher Tob 01 A...10
Babcock & Wilcox
100
Bananas Aircraft v t c____1
Beneficial Indus Loan- •
Bickfords Inc corn
13Iauner's common
Blue Ridge Corp
Common
•
6% opt oonv pref
Botany Consol Mills*
Bourjois Inc
•
Bower Roller Bearing- •
Bridgeport Machine
*
Bright Star Elm el B
*
Brill Corp class B
Brillo Manufacturing--*•
British Amer Tobacco Ltd
Amer deposit rats bearer_
British Delanese Ltd
Am dep rcts reg Bias
British South Africa Co
Amer dep rcts
Brown Co6% pref
100
Bulova Watch $3.50 pref..'
Burro Inc com
Warrants
Burma Corporation
Am dep rata for reg shaButler Brothers new.__ _10
•
Carnation Co
Carrier Corp
•
Celanese Corp of America
7% 1st partic pret___100
7% prior preferred_ _100
Celluloid Corp corn
•
1st Preferred
$7 preferred
Centrifugal Pipe Corp__ •
Charts Corp corn
•
Chicago Corp
1
Childs Co pref
100
Cities Service common._•
•
Preferred
Prefered B
•
Preferred BB
•
City Auto Stamping Co_ _•
Claude Neon Lights
Cleveland Tractor
Club Aluminum Utensil_ _•
Colts Patent Fire Arms.25
Columbia Pictures
•
Consolidated Aircraft.. •
Consol Automatic March
Common v t
Consol Retail Store
Continental Securities_ _ _*
•
Cooper-Bessemer
$3 prof class A w w
•
Cord Corp
Corroon & Reynolds
1
Cony pret A
•
Courtlauds Ltd
Amer dep rats ord. _£1
Crane Co corn
25
Crocker Wheeler Elee_.--•
Crown Cork Internat A--•
Crown Zellerbach Corn
$6 cony pref class A ..•
Cuneo Press cora
Davenport Hosiery Mills..'
Deere& Company
•
Diesel Wemmer Gilbert *
Detroit Aircraft Corp
•
Dixon (Jos) Crucible__100
Doehler Die-Casting
•
•
Dow Chemical
Preferred
100
Draper Corp
•
Driver-Harris Co
10
Hubner Condenser com __1
Durham Hosiery Mills
Class B common
Duval Texas Sulphur----•
Eastern Util Invest A. *
Easy Wash Mach cl B
•
EislefElectrie Corp
•
Elea Power Assoc corn....1
Clams A
1
Electric Shareholding
Common
$6 Cum pref with warr
Elgin National Watch..15
Ex-Cell-0 Air & Tool__ •
Fairchild Aviation
•
Fajardo Sugar
100
Fansteel Prod Co
•
D Corp
F
Federal Bake Shops
*
Flat Amer dep Be
Fisk Rubber Co
Preferred
100
Flintokote Co cl A
Ford Motor Co Ltd
Amer dep rcts ord reg.£1
Ford Motor of Can CIA..'
Class B
•
Ford Motor of France_ _
Foremost Dairy Prods_ •
Foundation Company
Foreign shares
*
(H H) Mfg
Garlock Packing
General Alloys Co
General Aviation Corp.--1
Gen Elec Ltd Am den rats•
11%
54
1%
14%
4%
133
15%
3
11%
3%
2
551
15%
42.%
6%
3%
55
50
2
5%
Range Mace Jan. 1.
Low.
Feb
Jan
Jan
Apr
may
Feb
Apr
11% 69,100
100
2%
200
13
1% 6,700
1513
75
18
50
4% 4,100
1% 8,900
15% 2,000
50
26%
333 1,400
1% 31,100
100
Si
1133 11% 2,600
3% 433 5,600
3%
2%
31
%
9
12%
2
3% 3,300
3% 1,400
2
200
5% 1,200
15% 97,800
1,400
4313
633 19,567
3% 3,100
55
675
51%
350
2
500
1,600
9%
200
5%
100
10
2%
33
1
134
5%
33
2%
194
25%
25
z
8
1%
Apr
Apr
Jan
Apr
Apr
Mar
Feb
Jan
Feb
Jan
May
A pr
4
6
May
Jan
8%
233
33
1
14%
18
4
%
13%
2634
3
1%
311
231
2
4%
1433
42
4%
2;1
52
46
2
933
5
10
4b
Fa
67 Me r
1533 Feb
233 Apr
h Feb
34 Feb
4% Mar
gi Mar
733
2% 414 10,100
2,400
33
31
100
%
34
333 433
1,500
9
100
9
200
300
200
800
300
16
234
400
1
Apr
4% 4%
331 4%
14% 14%
256 213
34
34
100
225
100
100
800
4%
3
12%
233
33
May
May
May
May
May
213
5
5%
15% 16
7% 9%
800
2,800
300
1,200
1)4
134
5%
4
Feb
Feb
Mar
Feb
05
1,100
8634
275
1311
5,700
50
600
22
300
3,700
4
100
736
4%
900
18
80
6% 361,300
30
3,000
3% 1,800
25
40
18
500
2,700
1
334 2,000
600
114
1533
200
1814
400
234 1,700
27
51
2
20
20
2%
81£
1
Apr
Apr
Apr
Jan
May
Jan
Apr
Mar
Mar
Feb
Mar
Apr
Apr
May
Apr
Mar
May
Jan
Feb
Mar
're
ore
1%
1
4%
4%
33
,
6
Jan
Jan
Jan
Mar
Mar
Feb
An
Mar
4%
4%
234
234
Mar
Mar
Feb
Jan
413
33
34
4%
34
533
16
95
13%
50
4
18
26%
3,1
20
18
1
3%
1
235
34
7
1813
1234
13
%
13%
7%
6%
86%
80
1014
39%
22
333
7%
3%
1533
4
21%
1%
19
9
X
331
53
15
1614
111
33 11,000
1
1
700
431 434
100
7
4
900
12% 18%
600
10% 1213 56,100
133 1%
200
13%
12
600
7
7
9X, 10
7%
713
6
22
13
11
20
5
34
57%
11
34
5
7%
2
65
534
35
4
4%
1134
1734
3
133
834
134
7%
25
400
500
931 11
24,500
1811 20
100
5
5
% 2,700
10
40
40
3% 4% 1,100
2,700
58
55
9633 9615
10
43
43
100
11
10
1,000
31 1
1,800
4 upr
234 Ane
7% May
11 Mar
94 May
31 Jan
6% Feb
31
635
x2
934
5
5
134
34
Mar
10
AD
934 Apr
6
5%
5
h
35
134
30
96%
43
3%
ha
Apr
Mar
June
Jan
May
Feb
Mar
May
May
Feb
Feb
200
1,200
200
900
600
2,300
6,600
2
33
%
1%
34
2%
233
May
Feb
Apr
Jan
Apr
Apr
Apr
4% 534 1,500
100
4531 45%
300
7
7%
700
33,4 334
2,700
1% 2
50
65
62
40
134 3
3,00
711 8
100
1
1
700
13% 14%
5% 26,000
33
40% 1,40
1,600
4
4
234
35
833
1%
X
22
133
3%
31
9
53
18
1%
Mar
Apr
May
Feb
Apr
Mar
Apr
Mar
Feb
Mar
Apr
Jan
Feb
431 14,500
,
833 1116 9,800
37
14
1713
10
3%
354
10
Si
15
233
4%
9%
3
31
Feb
Feb
Feb
Mar
May
2%
13
4
33
2%
655
,
Mar
Jan
Ma.
Ma
Jan
Jan
2
2
1
134
8%
8%
22
15
600
250
6,800
1,600
134 Mar
2133 Mar
133
7%
753
3
7(
151
7%
834
2
211
134
334
1%
831
8%
3%
134
115
811
8%
500
700
400
2,400
2.700
1.100
High.
June 3 1933
Friday
Salsa
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
General Fireproofing
•
200
2% Feb
5% 6%
634 May
1133 June Gen Theatres Equipment
Jan
3
$3 cony preferred
•
34 Feb
% May
% 8,400
51
Si June General Tire & Rubber__25 66% 4634 71
1,635 23
Apr 71
June
133 May
6% preferred A
1,890 51
May 80 June
25 76
80
60
1535 May Glen Alden Coal
• 14% 11% 1431 30,100
633 Apr 14% June
May Globe Underwriters
18
2
Feb
600
4
534
May
513 531
6
4% June Gold Seal Electrical
19,300
1
33 1
1
3£ Jan
June
1% June Gorham Mfg corn v t c_ • 15
200
6
13% 15
Jan 15% Apr
15% June
$3 prat with warrants. •
9% Jan
50
1634 1613
1633 May
2614 June Gt Lakes Dredge & Dock_.
May 16
100 16
16
16
May
313 May Gray Telep Pay Station." 1413 13% 1433
8% Apr 20% Feb
350
1% Jan Gt Alt & Pao Tea33 May
Non-vot corn stock. • 177
Feb 181% May
350 128
170 178%
15% May
7% let preferred_ _100
80 118
121 122%
Jan
Mar 124
4% May Great Northern Paper__25
May
Apr 23
100 11
23
23
Greyhound Corp corn.._.•
2,400
233 May
1% 2
1% May
3% June Grocery Stores Prod etc 25c
3,200
131
;1 2
% Jan
2
May
331 May Happiness Candy Storm •
100
Si Mar
Si
% Jan
Si
2% May Hazel Atlas Glass Co____25 61% 60% 65% 14,900 44
May 65% May
5% June Hazeltine Corp
34 3
100
•
,
313 June
134 Mar
15% June Helena Rubenstein
•
700
% Feb
34 Mar
31
%
4331 May Hires(C E) class A
•
18
18
50 17
Apr 1931 Feb
6% June Horn & Hardart com--• 22
20% 22%
925 17% Jan 22% Apr
3% June Huyler's of Delaware_
231
500
•
h May
2% May
55
Jan
7% preferred
100
020 020
400 20
Jan
Jan 20
5114 May
7% Pret stamped_ _100 27
27
27
200 27 June 27 June
213 May Hydro Electric Securities..'
700
711
631 711
7% Jan
3% Mar
1213 Jan Hygrade Food Prod new__5
635
551 731 10,400
7% May
2% Mar
513 Apr HYgrade Sylvania
23
23
•
75 13
Feb 24
May
10
May Imp Tobacco Cool Can_ _5
x831 x831
100
6%, Feb
831 May
Insurance Co of No Am-10
4213 1,200 25
41
Mar 42% May
4% June Internatl Cigar Mach_
800 15
24% 2733
•
Mar 2753 June
33 June International Products- •
213 2%
500
33 Feb
333 May
% June Internatl Safety Razor B_*
100
133 Mar
234 236
233 June
413 May Interstate Equities CorP-1
1
134 4,700
11£ May
% Jan
9
May
$3 cum pref ser A
17% 19
1,100
50 19
9
June
19
Apr
1
May Irving Air Chute new____1
8
7% 8% 3,200
4% Apr
833 May
% May
Warrants
300
% Jan
13 Apr
X
X
114 May Jonas & Naumburg corn..'
113
X 134 13,500
133 June
34 Feb
1131 Apr Jones & Laughlin Steel_100 52
52
450 19 I Jan 52
50
May
Kielnert Rubber corn_
100
•
7Si 7%
2
Apr
7% May
May Knott Corp new corn
21
1
1
300
May
1
May
1
Kolster-Brandes Ltd
2% May
Amer shares
£1
900
June
1
1
Si Mar
Lakey Foundry & Mach.. •
100
113
114
31 Jan
1% May
4% May Land Co of Florida
100
34
Si
Si May
34 May
4% June Lefcourt Realty new
1,100
1
13,4 2
2 May
% May
14% May
Preferred
6
6%
300
•
6
3
Apr
7;3 May
213 May Lehigh Coal & Navigation• 10
9,100
8% 10
June
5% Apr 10
Si May Lerner Str Corp-Common
6%
200
•
7
4
Jan
May
7
2% Apr
35
6 % pref w w
100 35
200 17
35
May
Feb 38
5% May Libby-McNeil & Libby_10
4% 533 7,200
5
1% Feb
531 May
18
May Louisiana Land & Explor_•
2
16,000
131
're Apr
234 May
9% May
Maryland Casualty
600
2
334 4%
1% Apr
434 May
Mavia Bottling el A
133 16,900
1
1
31
134 May
1£ Jan
95 June May Hosiery Mills Inc
8634 May
$4 pret with warr
20
100 20 June 20 June
*
20
1331 June Mayflower Assoc
•
37
100 27
37
Ma
May
37
50 June McCord Radiator & Mfg
May
32
Class B
2
200
2
1
Feb
May
2
4
May Mead Johnson & Co corn •
700 383£ Feb 69
63%
60
May
7% Apr Mercantile Stores com_ •
200
13%
12
Feb 1334 June
8
4% June Merritt Chapman & Scott•
115 234 3,900
231
251 June
35 Jan
18% May Mesabi Iron Co
4,500
•
35
36
May
5514 May
631 May Midland Royalty Pref - *
100
3% 334
333 May
Feb
6
30
May Midland Steel l'rod
700
733
633 73''
111 Apr
713 June
June Minn-Honey Reg prat...100 88% 68% 68%
331
10 69
Apr 6831 June
25
May Mississippi River Fuel_ _ -----100
1% 1%
134 Jan
1% Jan
18 June Montgomery Ward dc Co
June
1
Class A
220 4634 Feb 80
• 76% 7234 76%
May
4
May Moody's Investors Service
134 June
200 14
Participating preferred.*
1831 18%
Feb 20
Jan
15% May Morgan Lithograph
100
Si May
31
'o
31 May
51
1815 May Mtge Bank of Columbia
2% June
2
100
American shares
2%
2%
1% Feb
Jan
3
100
Nachman Springtilled____•
7
7
7
7 Jun
7 June
33 Jan Nat American Co
5'1
36 1,200
Si Rine
34
34 Jan
1
300
May National Aviation
433 Apr
834 93,4
9% May
431 May National Baking com_
,
100
1
Jan
156 13,4
•
113 May
27,800
7 June Natl Dallas Hess corn.
233 3
...1
3 May
34 Jan
1813 June National Bond & Share...' 34
1,500 z20
3114 34
Feb 34
June
5,300
1213 June Nat Investors common-1
1
23' 4
33.1
Feb
4
June
200 24
46
1% June
35
New 513% prat
Apr 46
1 46
June
1% 2% 6,500
13% June
2%
33 Apr
Warrants
2% June
1% 215 8,400
2%
% Feb
National Leather corn...'
334 May
400
4
4%
7 May Nat Rubber Mach
•
Isis Mar
5 May
31 Mar
10
1%
151 131 4,400
May Nat Service common
1
234 May
200
3
331
3
Feb
751 June
Cony part preferred- *
6% May
300
733 May Nat Steel warrants
431 915
% Feb
956
9% June
5,500 22% Feb
National Sugar Refining..' 39
x3731 39
39
May
100
Si
22
1
May Nat Union Radio corn.. _1
33 Jan
May
1
100
15
13 May
•
%
May Nebel (Oscar) Co corn_
Si May
100
2913 35
9
Feb 35 June
Neisner Bros pref
100
433 4%
June Nelson (II) Corp
100
11
2% Mar
5
4% May
I%
I%
100
20 June New Haven Clock Co_ -•
X Mar
131
134 June
5 June New Mexico & Ariz Land_ 1
113
113 2,000
13,4
34 Jan
134 June
% June New York Shipbuilding
40
1
1% Jan
May
634 6% 2,800
Founders shares
6% Apr
4% May Niagara Share of Md el B.5
5
634 5,900
3
Apr
674
7% May
47
2
58 June
47
43
A preferred
100
June
May 47
96% May Niles-Bement
1013 14
1.900
4% Apr 14
• 1334
-Pond
May
May Nitrate Corp of Chile
43
4,600
11 June
31
Ctts for ord B shares-si May
ore Jan
54
14
831 834
200
113 Apr Northwest Engineering- •
2
Jan
836 May
4 105
140 140
Northwestern Yeast..__100
Jan 140
May
3 May Novadel-Agene Corp....* 47
47%
44
1,900 34% Feb 4734 May
1431
225
234 May Ohio Brass class B
6
14
Jan
14
1431 June
1% May Oilstocks Ltd
300
3
6%
Feb
631
5
6% June
100
31
31
313 May Outboard Motors el B.....'
Jan
31
34 June
1% Jan Overseas Securities Co. •
800
3%
3
% Apr
333
3% May
331 4
11,400
831 June Pacific East Corp
4
1% Apr
June
4
1
834 Juno Pan-American Airways-10
38% 4131 2,200 20
Feb 41% May
7% 836 2,300
253 Feb
Paramount Motors
7%
834 May
•
534 May Parke, Davis & Co
21% 2033 2231 4,900 12% Mar 22% May
48
Jan Parker Pen Co
700
7
3% May
7
7
May
7
10
731 May Parker Rust
50
2,180 2013 Mar 50 May
44
-Proof
• 48
331 May Patterson Sargent
18
25 10% Apr 18
18
May
•
2 June Pennroad Corp new v t 0.1
2% 3% 70.600
3% June
1% Mar
331
June Pepperell Mfg
65
70%
300 2613 Fe
66
77% May
100 66
3 May Phillip Morris Inc
1,800
2% 3
1% Feb
211
3 May
10
a5 2113 2113 2113
8
100 15
May
Class A
Mar 21% June
1
May Phoenix Securities
14% May
1,600
June
Common
Mar
1
1
31
1
June
2,200
2013 21
5% May
913 Feb 21
$3 cony pref ser
-10 21
42 May Pie Bakeries corn v t c_
200
6% June
131 Jan
636 611
•
1.000
6
4% May Pierce Governor
6%
1% Apr
6% June
636
% 42,800
h
May
Pilot Radio & Tube CIA..'
2
33 May
4% June Pitney-Bowes Postage
•
1134 June
2,700
331
2
331 May
Meter
Feb
33,4
3%
June
400 28
1753 June Pittsburgh & Lake Erie...50 64
5715 84
Mar 64
433 Jan Pittsburgh Plate Glass.
26% 33% 4,000 13
Feb 33% June
.23 33
May
900
1% 2
2
34 MAY Potrero Sugar new
5
36 Mar
100
Powdrell & Alexander_
20% 2031
Feb 2031 May
•
3% Jan Prudential Investors
5,000
8 June
Feb
713 8
• •8
113 June Pub Util Holding corn
% Apr
8,200
831 June
Without warrants
Feb
•
h
ill Jan
135 May
1,300
its Apr
Warrants
6% May
953 May
500
6%
1;5 Mar
$3 cum preferred
•
6
5% June
1.700
May
551
,
8% May Pyrene NIfg Co
2
10
551
•
Financial Chronicle
Volume 136
Sales
Frtdau
Last Week's Range for
Week.
Sale
of Prizes.
Stocks (Concluded) Par. Price. Low. High Shares.
Quaker Oats corn
•
Railroad Shares Corp_ _
Rainbow 'Armin Prod
Class A
•
Class B corn
•
•
Raytheon Mfg v t
Reeves (Daniel) corn
Reliable Stores Corp
•
Reliance International
*
Reliance Management_ *
Republic Gas common_
Reybarn Co
10
Reynolds Investing
•
Richman Bros Co
Rike-Kumber Co
•
Roosevelt Field Inc
Rossia International
Royal Typewriter
Ruherrold Co
•
Russeks Fifth Ave new..
.5
Ryerson (J T)& Son
•
Safety Car Heat&LIght 100
St Regis Paper corn
10
7% preferred
100
Schiff Co corn
•
Schulte Real Estate
•
Scotten Dillon Co
10
Scoville Mfg Co
25
Securities Allied v t c
•
Securities Corp Gen
•
Seaboard Util Shares new 1
Seeman Bros Inc
•
Segal Lock & liardware .
Selberling Rubber
•
Selby Shoe coin
Selected Industries Ins
Common
1
$556 prior stock
25
Allotment certificates_ __
Selfridge Provincial StoresAmer dee rec
£1
Sentry Safety Control
*
Seton Leather Co
Shenandoah Corp
Common
1
$3 cony pref
25
Sherwin Williams corn.
.25
Singer Mfg
100
Amer dep roc ord reg_L1
Smith (L C) & Corona
Typewriter v to
•
Smith(A 0)Corp
•
Southern Corp common_ •
Spanish & Gen Am dee__ g1
Speigel NIay&Stern pfd 100
Stahl-Meyer corn
•
Sra.ndard Cap & Seal
_5
Standard Investing Corp
$5.50 cony preferred..*
Starrett Corporation new 1
6% pref new
10
Stein & Co
•
Stutz Motor Car
•
Sun Investing Co
•
Swift & Co
25
Swift Internacional
16
Tastycast Inc class A__ __•
•
Technicolor Inc coin
Thermold Co 7% pref__100
Tobacco & Allied Stocks_ •
Tobacco Products Export_•
Torrington Co of Maine_ •
Transcont Air Trans
•
Trans Lux Pict Screen
Common
1
Tri-Continental warrants_ _
Triplex Safety Glass
AM dep me ord reg-L1
Tubize Chatillon Corp....1
Class A
1
Tung-Sol Lamp Wks
•
United Carr Fastener corn •
United Chemicals Ino$3 cum & part met
•
United Dry Docks
•
United Founders
I
United Profit Sharing _ _.
United Shoe Mach com.25
Preferred
25
United Stores Corp v t c •
US Dairy Prod B com
•
U S Finishing corn
•
U El Foil class B
I
U S dr Internatl Secur _ - - _•
1st prof with wart
•
US Lines Inc pref
•
U S Playing Card COM...10
U S Radiator Corp
•
U S Rubber Reclaiming...
Universal Pictures
•
Utility Equities common..
Priority stock
•
Utility & Indus Corp_
•
Cony preferred
•
Van Camp Packing
•
7% preferred
25
Waco Aircraft Co
•
Waitt it Bond class B....*
Wagner Elec Corp
15
Walgreen common
•
Iliram Walker Gooderham
& Worts Ltd corn
•
Cumulative pref
•
Watson (John Warren)_ •
Wayne Pump Co
•
Convertible preferred._•
West Auto Supply A
•
West Cartridge 6% pf -100
Western Maryland Railway
7% let preferred_ ___100
West Tab & Stet v t c....
•
West Va Coal & Coke_
Wil-low Cafeterias new _ _1
Convertible preferred _ ..•
Williams(R C)& Co
•
Wilson Jones Co corn _ _ •
Woolworth (F W) Ltd
Amer dep rots for ord she
Public Utilities
Alabama l'ower S7 pref..*
Am Cities Pow it Lt
25
Cony claw A
I
New claes B
Amer Common'ith Power
•
Class A common
•
CrJnIncu -.ass ii
-100
Amer Dist Tel NJ pref.
Amer it Foreign Pow wart.
Amer Gas it Elec corn...'
•
Preferred
116 116
1%
13.4
131
31
22%
4
331
1%
231
31
135
91
30
234
47
431
3931
12
1%
18
8
1
6
2%
6055
62
734
50
1,000
231 234 18,400
5135 6031
1,780
1,300
62
56
31 Feb
Mar
33
26% Mar
2% May
6011 June
June
62
31 Mat
14, Jan
134 Apr
13,4 May
May
7% June
131
34
4%
131
31
731
20
10
2,00
700
2,500
600
600
50
1,800
300
1
11%
%
'is
15
2%
17%
631
15%
9-4
2
631
13
4%
19
26%
3.1
835
1431
34
31
a30
534
336
231
3
234
1331
2194
3031
X
9
18
131
10
1431
7
Jan
June
May
May
June
May
Jan
May
June
June
May
May
May
June
May
June
June
May
May
June
June
June
Slay
June
May
June
June
May
May
May
June
May
31 Apr
31 Feb
Feb
2
1531 Jan
Apr
131 Feb
9-1 May
35 Feb
,3, Apr
5
% Mar
Mar
25
Mar
r4
% Jan
31 Mar
5% Mar
15% Feb
134 Apr
736 Mar
16% Feb
I% mar
1231 Ma
6% Feb
34 May
Jun
18
931 Fe
6
Fe
2
Apr
31 Apr
Jan
26
34 Jan
136 Apr
931 Apr
431
41
2
31
40
931
27
20
lilt
31
31
8
23
431
331
I%
31
235
31
41
934
131
31
10
30
231
18
47%
4%
41%
12
2%
18
24
11
8
I
36
1
6
20
300
31
600
36
100
6
200
22%
2,900
431
334 1,300
600
131
2,600
34
236 2,600
7,800
31
50
41
851
100
1%
SO
31 2,10
50
10
30
30
50
231
100
18
600
4731
43.4 52,500
720
4134
100
12
235 3,100
100
18
1,050
24
100
11
200
8
1
1,900
700
35
8,400
1
2,700
6
100
20
.%
31
6
2236
235
2%
131
31
1%
36
41
836
131
36
9%
2951
2%
1631
44
331
3134
12
1
18
2134
11
735
35
34
31
331
20
1%
12%
12%
90
135
40
12
High.
Mar 116
64
May
% Star
1% June
234 4% 11,70
4%
900
20%
19
2031
3936 2,375
34
34
120
14331 13834 143%
500
2
2
5
45
Sales
t
Last 13
7eek's Range for
Week.
Sale
Publities Utilities
ofPrices.
(Continued)Par Price. Low. 1111h. Shares.
Range Since Jan. 1.
Low.
6
47
216
,
15
40
12
28
250
20
ll
200
1,300
2%
100
735
,
15
1,400
200
451
,
21% 47,100
3034 23,400
300
Ve
1035 15,200
18
400
35
200
I% 1,200
030
25
631 5,900
331
2%
2,70
2,00
10
10
10
13,400
13% 16
24% 27% 2,20
3,80
6
7
700
4% 6
6
34
'as
431
8%
1%
7
12%
1.4,
2%
5
22
36
30
2%
4%
Feb
May 20%
Mar 39%
Mar 143%
2
Jan
June
June
May
May
Apr
Feb
Fob
Jan
Jan
Apr
Apr
AD
6
47
2%
35
40
12
28
May
May
May
May
June
June
May
Feb
Apr
Apr
May
Feb
Feb
Feb
Feb
Apr
Feb
Feb
Jan
Jan
May
Jan
20
51
231
734
17%
434
22
3035
%
1031
18
37
131
30%
631
,
June
Apr
May
May
Jan
May
May
June
Mar
May
June
May
June
May
May
1% Mar
31 Apr
334 May
2.% May
551
2
835
131
131
Feb
Apr
Mar
Jan
Feb
16
2731
7
6
May
May
June
May
7
20%
L134
1%
131
4731
31%
%
134
431
831
15.4
43%
131
20
2
1%
4
3
46%
1%
4%
36
35
1131
2
11%
1934
June
June
May
June
May
Feb
May
May
June
may
may
May
June
June
May
June
Slay
May
May
May
May
Mar
May
June
May
June
May
103,4 May
451
8%
136
42%
1%
20
131
2%
43.4
31
31
1131
1131
19%
15%
1235
1%
4%
49
8
2
9
10
831
,
3034
30%
54
1
74
2%
"is
1731
36
8
134
31
1
134
25
1
131
31
31
10
31
7%
1134
Jan
Mar
AD
Ma
Mar
Mar
Jan
Feb
Feb
Apr
Jan
Mar
Jan
Mar
Slay
May
Feb
Apr
Apr
Feb
Apr
Jan
Jan
May
Mar
Apr
Feb
14%
1231
35
1
3%
1731
62
40,20
17
1331 3,100
300
31
800
1%
500
4%
100
17%
75
6235
331
731
X
31
I
934
,
5331
Feb
Feb
Jan
Mar
Ma
Jan
Apr
17
14
131
231
431
19%
6231
May
NtaY
Apr
May
June
May
June
49
8
34
2
9
10
836
20
100
500
200
50
600
100
40
6
,%
31
73,1
4
6
May
Apr
Jun
May
Feb
Ma
Jan
49
8
31
231
1231
10
834
June
June
June
May
Jan
June
June
1531 1531
94
31
131
34
46%
31
31
1%
2%
7
1%
4031
%
1734
131
131
3
2%
45
1%
4
31
31
10
1%
0%
18
1,100
20%
1% 2,900
194 39,900
900
134
1,475
47%
20
31
31 4,300
700
1%
4% 3,500
835 7,100
131 5,100
4331 1,800
1%
600
1,100
20
300
2
100
134
300
4
2% 1,300
40
46%
700
135
,
700
4%
31 13,300
800
51
4,200
1131
900
2
800
1131
1931 4,300
40
8
2035
131
135
134
47
100
11%
Jan
16% May
250
37
Apr
6536
17
3-6
131
831
8
831
36
%
5734
50% 57%
33%
634
400
32% 3334
4% 6% 26,700
25% Feb
3
Feb
31
400
•ie
Si
Si 3,300
3-4
23
98
98
731 9% 9,800
53,800
40
34
9.000
82% 85
'is
,
is
84%
2%
1751
6911
98
9.36
39%
84%
Mar
Slat
May
Apr
Mar
Apr
Jan
33% June
631 June
31
31
98
931
40
9134
3881
May
May
June
May
June
Jan
25
Amer L
Tr corn
Amer Sts Pub Serv ci A...
Am Superpower Corp oom•
•
1st preferred
•
Preferred
Arkansas P & L $7 pref_ •
Assoc Gas it Elec1
New common
•
Class A
•
$5 preferred
Warrants
Assoc Telep $1.50 pref___"
Assoc Telep Util com__ •
Bell Telep of Can
100
Brazilian Tr Lit P ord...
Buff Nhtg it East Pow__25
•
15 1st preferred
Cables it Wireless Ltd
Ass dep refs A ord shs_f
Am dep rcts B ord shs_ £1
Cent Hud G & E vtc
•
Cent & So'west Utli$7 preferred
•
Cent States Elec new corn I
Cony pref opt ser '29_100
Cities Serv P it L S7 pref_•
SO preferred
•
Cleve Elec Illum com
Columbia Gas it Elec100
Cony 5% pref
Commonwealth Edison.100
Common & Southern Corp_
Warrants
Community Wat Serv newl
Consol0E L&P Bait corn •
1
Duke Power Co
East Gas it Fuel Assoc...'
East States Pow corn B__•
•
l'referred It
•
East Mil Assoc corn
Cony stock
•
Eleo Bond it Share com 5
$5 curnul preferred_ - •
$6 preferred
•
Electric Pwr it Lt 2d pf A •
Option warrants
Empire Dist El 6% pref 100
Emigre Gas it Fuel
100
6% preferred
100
7% preferred
Empire Power Corp
European Electric Corp
10
Class A
Option warrants
Florida P it L 57 pref ____•
General Gas it Elec Corp
$6 cony pref series B___•
Gen Pub Serv $6 prof....
•
Georgia Pow $6 pref
Gulf Sts Util Si) pref
•
Range Since Jan. 1.
High.
Low.
18%
1%
431
68
36
38
20% 7,300
300
1%
7 179,600
400
68
2,300
40
10
38
12
Apr
1
Apr
231 Mar
Apr
52
15
Apr
35
Apr
2031
13,1
7
69
40
38
May
June
June
Jan
June
May
131
90
12%
1531
80
1%
1%
6
115
153-4
,31
86
1134
1531
80
231 1,500
2% 45,300
300
834
34 3,600
100
19%
194 4,900
75
90
1331 2,400
600
1936
100
80
134 May
1
Apr
3 May
IS! Apr
15% June
% Mar
Feb
70
Feb
6
1531 June
Apr
75
234
2%
10
31
1931
1%
90
1331
22%
92%
June
June
Jan
Jan
Feb
Jan
June
June
Jan
Jan
12%
1
1
35
35
123% 12%
200
200
100
"Is Apr
"is Feb
1034 Apr
134 Slay
"is May
13
Jan
8
1%
7
11
931
2031
Jan
Feb
Jan
Mar
Mar
Mar
16%
3%
1431
2956
26
32%
68
50
June
Apr 104
82% Jan
AD
20
7
40
2%
2%
631
34
331
31
104
74
134
61
60
9%
334
3
30
49
1634
20
5
1935
27
1231
40
47%
1634
235
12
2334
2031
30
95
68
31
31
583
,
1
55
831
234
17
1631
2%
2331
4234
48%
16%
3%
14
10
1635
3% 32,200
200
1431
150
2931
150
26
300
31
104
74
11,80
3,800
18,900
60
131
61% 6,60
30
6334
2,100
931
331 1,800
,
100
17
350
17
800
335
30 387,000
3,400
49
56% 3,800
2,750
20
10,400
5
100
17
sis
35
4331
3835
4
131
15
13%
134
10
2231
25
4%
1%
6
June
June
May
June
May
Jan
Apr
May
Apr
AP
Mar
Mar
May
Apr
Apr
Feb
Apr
Apr
Feb
Feb
Mar
% May
1% June
Jan
65
6331 May
931 June
3% June
May
17
22% Jan
331 Jan
30 June
49 June
5631 June
20 June
June
5
17
May
1934 1934
25
20
1235 1235
25
600
100
Apr
6
73.1 Apr
6% Mar
21
May
25 June
12% May
331 4%
.%
27
25
600
4,100
375
234 Ma
34 Apr
Mar
12
434 may
X June
33% Jan
13
43
63
47%
5,150
520
475
25
3
1831
4331
4731
1234
38
61%
4735
31
Hamilton Gas corn v t
*Is
31
2331 26
Illinois P & I. $6 pref._ •
Indianapolis P & Lz75 275
100 275
634% preferred
Internet Hydro-Elec13.50 cony preferred...
• 2
034 16% 2031
Internatl UtilitY9
•
9
Class A
231 231
Class B
1
231
34
Warrants
34
831 1035
Interstate Pow $7 pref...• 1036
231
1% 2%
Italian Superpower A____•
35
35
Warrants
Jersey Central P it La5S a58
100
53-4% preferred
Lang Island Leg
• 1034
Common
1031 10%
7% preferred
7431 76
100 7534
6431
100 64% 63
6% pref class B
Marconi Internet Marine
634 634
Commun Am dep rec.£1
1%
136 1%
Marconi Wirel T of Can..
231
231
Mass UM ASSOC V t C
•
431
4% 5
Memphis Nat Gas new_.5
'14
15
Middle West Uill com •
31
231 3
$6 cony pref A
•
75
75
Mohawk it Ilud Pwr let pf•
33
3131 33
Montreal Lt, lit it Pr....
Mtn States Tel & Tel_ _100
9631 9531
2
57% 62
National P it L $6 pref..
9
10%
Nev Calif Elec corn_ _100
New England Pub Service
45
4731
$6 preferred
•
85
New End l Tel it Tel___100
85
42%
Y Steam Corp COM--* 4231 40
N Y Telep 6%% pref._100
114 115
Niagara lind Pow
15 12%
Common
9.% 1234
Class A opt warrant__
3-4
".5
9-4
Class C opt warrants _ _
3.4
31
3,4
4
Nor Amer Lt it Power._ _50
4
$G preferred
11% 1135
• 1136
Nor Am Util Sec cont
.
4
31
31
Nor States Pow corn A.100 41
36% 41
Oklahoma Nat Gas pre 100
6
63.1
6%
Pacific 0 it E 6% 1st p121
2231 23%
Pa Power & Lt $7 pref__ •
82
8235
Pa Water it Power Co....• 5631 54
5634
Philadelphia Co corn
8% 10
•
Pub Serv of Ind pref_ _100
35
35
Public Service of No Ills • 38
38
38
Puget Sound P it L-27
$5 preferred
2531 27
$6 preferred
1536 1734
17%
Ry it Lt Secur corn
934 1031
•
Shawinigan Witt it Pow..• 14
11% 14%
Sou Calif Edison
7% preferred series A_25
2494 25
6% Pref ser Et
20
25
2031
1931
534% preferred C
1831 1936
,
Southern Colo Power A_25
2
2
2
Southern Nat Gas corn....
36
4
34
Southern Union Gas
1% I%
1%
•
So'West G it E pref_ __100
45
48
Standard Pr it Lt
435 5
474
Common class B
.5
5
Preferred
25% 28
• 27
•
Swiss Amer Elec pref
2631 2834
Tampa Electric Co
• 27% 2431 2731
Tenn Lice l'ower
57
57
pf 100 57
Toledo Edison 7% prof.100 71
71
71
Union Gas of Canada_
4% 431
434
United Corp warrants
331
231 331
United Gas Corp corn newl
231 351
331
Pref non-voting
• 29% 26% 31
Option warrants
.31.
34
United Lt it Pow COM A--•
731
6.35
731
Common clas B
9
9
•
cony 1st pref
$5
• 25% 2331 26%
US Elec Pow with wart. •
131
% 131
Apr
Nla
AP
June
13
May
May
7036 Jan
47% June
43
31 Jan
1831 Apr
% Feb
3431 Jan
25
53
Star
75
1,500
11
Ap
2031 June
AD
Feb
Feb
Mar
Feb
Mar
9
254
3.4
11
211
31
June
May
Slay
Jan
May
Jan
7131
Jan
200
200
200
8,400
1.400
340
5,200
2,100
25
5
34
31
531
31
31
70
Feb
May
10 May
Apr
59
48% Apr
12% Mar
8236 Feb
Jan
74
5%
34
1%
234
14
31
68
21%
8034
34
9
6%
234
23.4
6%
31
3
85
33
96%
69
1034
Way
May
Feb
May
May
May
Feb
June
May
Jan
May
360 1015 May 1231
Apr 94
50 75
Feb 45
800 35
123 10931 Apr 116%
Jan
Jan
Jan
Jan
2,300
130
125
100
15,200
1,300
900
18,100
300
2'
200
10
1,150
1,030
Jan
Apr
Slay
Feb
Jan
Apr
May
Apr
Apr
Apr
Slay
50,900
2,800
600
50
25
200
2,600
550
1,500
150
700
600
10
50
834 Max
Apr
36 Fe
2
Apr
731 Mar
35 Mar
2335 Apr
431 Jan
2131 Apr
76% May
Apr
39
Mar
z5
32% May
Apr
22
16%
au'.
31
531
1335
1
41
8%
2534
95%
60
10
45
43%
Jan
Jan
Jan
Jan
Feb
Jan
June
May
Jan
Jan
Mar
May
Feb
Jan
6
12
2'
1,52
Apr
12
8
mar
531 Apr
Feb
8
27%
19%
10%
1431
May
May
May
May
200
800
40
100
2,200
600
30
400
200
250
300
1,200
25
10
1,800
7,100
58,100
5,400
5,900
45,000
200
9,600
5,900
2231 AD
18% May
1731 Ma
Jun
2
Ma
3,4 May
May
45
331 May
231 May
16
Apr
1835 Mar
1931 Apr
47
May
71
June
131 Apr
131 Mar
1% Feb
13
Feb
31 Feb
Mar
2
236 Feb
831 Apr
34 Apr
27
2431
2234
3%
35
1%
50
6
7%
36
33
2731
75
73
431
334
331
31
%
7%
9
2691
134
Jan
Feb
Jan
Apr
May
May
Jan
May
Feb
Jan
Jan
June
Jan
Mar
May
Jan
May
May
Jan
June
May
May
May
Financial Chronicle
3882
Fridap
sag's
Last Week's Range for
Public Utilities
Sale
of Prices.
Veek.
(Concluded)
Par. Price. Low. High. Shares
Utah Pr & Lt $7 pref
Mil Pow & Lt corn
ClassBytc
7% preferred
•
•
•
100
Former Standard 011
SubsidiariesBorne Scrymser Co
25
Buckeye Pipe Line
50
Eureka Pipe Line
100
Humble Oil& Ref
25
imperial 011 (Can) coup....
Registered
•
Indiana Pipe Line
10
National Transit ____12.50
NY Trans('
5
Ohio 011 Co 6% pref_ -100
South Penn Oil
25
Southern Pipe Line
10
So'west Pa Pipe Line_ __50
Standard 011 (Indiana)__25
Standard 011 (KY)
10
Standard 011(Nab)
25
Standard Oil(Ohio) COM 25
Swan Finch 011 coin
25
24
5%
164
MiningBunker Hill& SullIvan_10 3934
Vol trust ctfa
10
Bwana M'Kubwa Copper
111
1
American shares
Comstock Tun& Drain Col
1
Consol Copper Mines___5
234
•
Copper Range Co
Cresson Consol(3 M
1
'Ds
Curd Mexican Mining_50c
4
Eagle Metier Lead Co_ _20
Evans Wallower Lead com•
I
Falcon Lead Mines
'az
1
Goldfield Consol Mines_10
Heels Mining Co
831
25
9
Hollinger COIL901 0 M___5
934
Bud Bay Min & Smelt___•
Iron Cap Copper Co____10
2
Kerr Lake Mines
4
34
Kirkland Lake G M Ltd_l
Lake Shore Mines Ltd...! 3634.
Mining Corp of Can
•
Mohawk Mining
25 1134
N Y Honduras Rosatio_10
New Jersey Mao
25 514
Newmont Mining Corp.,10 45
5
24
Nipissing Mines_
Ohio Copper Co
34
1
Pacific Tin spec stk
*
Pioneer Gold Mines Ltd__1 13
Premier Gold Mining____1
1
Roan Antelope Copper_ ___
2134
St Anthony Gold hlines_l
lir
Shattuck Dens MInIng...5
454
Sliver King CoalitIon____5 --- _ _
So Amer Gold & Plat____5
134
Standard Silver Lead____1
54
Teck-Hughes Mines
1
551
Tonopah Belmont DevilTonopah Mining Co
1
United Verde Extension 50e
54
Utah Apex Mining
14
5
1
Wa ker Mining - ___ - __1
Wenden Copper Mlnini.-1
54
Wright-Hargreaves Ltd_•
54
7,,
5
Yukon Gold Co
BondsAlabama Power Co1948
1st & ref 5s
1951
1st & ref 55
1968
1st & ref 56
1967
Ist & ref 43is
Aluminum Co is f deb 55'52
Aluminum Ltd deb 56_1948
Amer & Com'wealths Pow
1940
Cony deb as
Am El Pow Corp deb 6s'57
ri dr El deb 5s._2028
Amer
844
7454
69
9534
79
21
8434
Low.
High.
25
2934 2914
13( 214 18.900
5
300
534
700
1434 163-4
20
34
2
534
Mar
Apr
Mar
Apr
200
300
400
13.100
21,600
700
800
2,200
2.200
300
4,800
500
50
78.6011
23,700
700
3,450
100
6
25
20
40
634
64
3%
534
3
7034
11
2%
2434
17
8%
11
1534
1
May
8
Jan
Jan z39
May
Mar 2834 Jan
Mar 7334 June
Mar 12
May
114 June
Apr
Feb
7% May
Apr
May
10
Feb
334 Feb
Apr 79
May
Fen
1734 May
May
6
Apr
Mar 33
Jan
Mar
3034 May
Mar
17% June
1714 June
Apr
Mar 264 June
234 May
Jan
4 114 26.000
2
534 11.400
62,500
13-4 4
334 4% 2,400
1134 11% 4,500
4 1
1.500
134
134 10.000
134 134 3,600
900
2%
2
he
13i
z1
2
634
4
3.1
4
1
Mar
Feb
Mar
Feb
Feb
Feb
Feb
Apr
Jan
14
54
3%
4
1134
1
1%
134
24
May
June
May
June
May
Apr
May
May
May
500
3% 5
2% 434 4,800
100
9
9
20.800
4% 6
5,300
Si
31
44 634
2.400
15-4 2% 1.300
35,600
454 56
4
1%
234
4%
4
21i
71
24
Feb
Jan
Jan
May
Feb
Feb
Mar
Mar
5
44
9
6
Si
64
254
56
June
May
May
June
June
June
June
June
44 534
400
1.300
334 5%
42,300
15
13
4.300
1
2
3.500
A
%
2% 44 1.200
745 934 11,400
300
334 4
334 414 4,800
114
134
zit%
4
4
13.4
44
2
1
Apr
Jan
Feb
Jan
Apr
Apr
Apr
Feb
Feb
514
534
15
2
34
436
94
5
4%
May
June
June
June
May
June
June
Apr
June
14 14 1,300
800
Si
4
34
Si
500
435 634 8,900
13.600
174 20
13-4 14 2.000
4,500
5,
34
64 2,300
6
4
4 2,500
4
34
31
24
10
34
lir
3
4
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Mar
134
4
34
63-I
20
14
4
6%
Si
June
May
Apr
June
May
May
Feb
June
May
31
% 13 100
.
34 14 9,400
650
45
37
34
ft 2,800
4 134 3,400
21
8
3631
28
25
73% 6134
1134
1114
11% zll 4
634
74
9
834
334
334
78
1534
1734
434
54
3234
29% 2634
174 14
14
264 1934
24
Other Oil StocksAmer Maracaibo Co
I
1
Arkansas Nat Gas com
•
434
•
4
Common class A
434
Preferred
100
Brit Amer0 Coupon- •
Carib Syndicate
25c
I
1%
•
Colon Oil Corp corn
134
Columbia Oil & Gas vto •
10
234
Consol Royalty 011
Credal 011 Co•
5
Common
34
Ctfs of deposit
Fret Mrs of deposit_100
5%
Creole Petroleum new__5
Crown Cent Petro 1 com__•
4
Darby Petroleum corn___*
6
Derby 011* Ref corn_--•
2%
Gulf 011 Corp of Penna-25 55%
Indian Ter Ilium Oil•
Non-voting class A_
3
Class B
•
54
International Petroleum_• 14%
Kirby Perroluem
•
2
Leonard 011 Develop---25
36
•
Llon Oil Ref imng
43-4
934
•
Lone Star Gas Corp
Mexico Ohio Oil Co
•
434
Mich Gas & 011 Corp._.
Middle States Petrol•
134
ClassA v t a
Class 13 v t 0
•
Si
Mountain & Gulf 011_ _.1
634
hiountaln Producers__ _10
• 1834
National Fuel Gas
134
New Bradford 011 Co_-25
Nor European 011 corn_._•
Si
614
Pacific Western 011
*
34
Pantepeo Oil of Venez___•
Petroleum Corp of Amer-Stock purchase ware....
34
4
1
Producers Royalty
Pure 011 Co 6% pref.--100 3735
•
4
Reiter Foster Oil
Richfield 011 pref
25
114
Root Refining CoNew cony prior pref__10
•
234
Ryan Consol Petrol
Si
Salt Creek Consol Oil___10
Salt Creek Prod Assn___10
834
Southland Royalty Co___5
534
5
4
Sunray 011
Tenon Oil& Land Co......• 124
Venezuela Petrol
5
Si
Woodiey Pe.roluem
I
Range Since Jan. 1.
8
z39
28
734
12
1111
7%
10
334
79
1734
6
3234
304
17%
1734
264
24
4
300
414
334 6,400
2
500
Si
34
5% 94 14.000
434 534 11 100
4
34 3.000
13% 3,000
II
34 6,700
%
100
2
2
sti Jan
iii 134a3
Ailt.
4 A
4 , an
',. .i
)
zi
3
34
4
634
4
134
h'ry
Feb
Feb
Feb
Feb
Jan
Apr
Jan
Mar
Jan
36
24 May
Feb
8
2534 Jan
34 May
4 .f Y
May
'6
ft May
134 May
414
334
4
931
554
4
1334
34
2%
May
May
June
June
June
May
May
Apr
May
1436 Jan
15
Apr
43
40
May
May
134 3,300
134
1
134 40 200
34 234 11,900
534 54
200
34 20,700
Si
4 27,700
nie
300
54 64
4,900
'Is I
SI 11.500
4
4,,
sz
100
5
83-4 18,300
8% 9% 19,900
734 934 37,300
800
4 2
900
34
54
ti
. 7
0
300
384 22.100
35
2
600
234
100
1134 1134
1534 154
100
5114 3.700
46
31.700
45
36
24 2% 12.800
14 124,400
he
300
834 84
13 103.400
11
4 14 23.000
20
223-4 23.200
*is 39,500
34
234 434 7,900
300
64
5
14 14 6.700
% 18.400
fit
36.200
554 6
100
34
Si
100
34
34
33,800
3% 6
1,800
134 154
800
54 1
54 53.200
A
534 634 64,600
II,
ri
. 3,800
34
34
u
134
116
4
434
4
iiii
liz
234
534
234
34
31
34
2534
134
8
734
264
114
1
hi
3
334
'al
74
ii,
%
24
3i
rill
314
rig
4
134
34
34
III
IS%
'as
Jan
Mar
Apr
Feb
Jan
Jan
Apr
Feb
Apr
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Apr
Apr
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Feb
Jan
Mar
Feb
Feb
May
Mar
Mar
Jan
Jan
Jan
Jan
Feb
134 May
134 May
24 June
54 June
4 May
I
Apr
634 June
1
June
'ii June
, May
III
834 June
93-4 May
934 June
2 June
34 May
34 Feb
3854 May
234 June
1134 June
1634 Apr
5134 June
45 June
23-4 May
34 June
834 May
13 June
131 May
223i May
ss June
434 June
64 June
14 May
4 Apr
6
May
4 Feb
34 June
6 June
134 June
1
June
% June
634 Mm
rt. May
6
3.000
14.000
48.000
19.000
84,000
4,000
75
6634
5834
54
80
4734
Apr 10034
Apr97
Apr 8934
Apr 814
Apr99
Mar 80
35
39
8334
74
67
61
94
79
43
40
8434
7434
69
64
98
80
134 2
21
23
82
85
1,300
150
3.000
11 Apr
50.000 z1234 Apr
98,000 69
Apr
Jan
Jan
Jan
Jan
Jan
June
234 Jan
28
Jan
92
Jan
Bonds (Continued)-
June 3 1933
Frt.iay
Sates
Last Week's Range for
of Prices.
Sale
Wed.
Price. Low. High
5
Range Since Jan. 1.
Low.
High.
Am Gas& Pow deb 68.1939 25% 2334 26
7.000 13
Apr 29
Jan
Secured deb 55
1953 23
Apr 254 Jan
2234 234 13.000 11
Am Pow & Lt deb 6s_20la 6334 5914 63% 233,000 32% Apr 6434 Jan
Am Radial deb 434s.1947 97
15.000 83
97
96
Apr 97
Jan
Am Roil MIll deb 56..1948 6934 62
71 170.000 33
Apr 71
June
81 244,000 45
4)4% notes_ __Nov 1933 81
77
Apr 824 may
Amer Seating cony 66_1936 44
44
37
4,000 22
Apr 44
June
Amer Thread 5Sirs- - -1938
9914 9914 9.000 9634 Jan 100
May
Appalachian El Pr 56_1956 8514 8514 87
52,000 7134 Apr 973.4 Jan
12.000 94
Appalachian Power 56_194 I 100
99 100
Apr 105
Feb
2.000 63
77
Debris
75
2024 75
Apr 554 Feb
Arkansas Pr & Lt 5s_ 1956 7814 75
73.000 62
79
Apr 90% Jan
Associated Elea 446..1953 35
84.000 254 Apr 474 Jan
36
34
Associated Gas & El Co
-Cony deb 54s
1938 2034
174 2134 74.000 13
Mar 26
Jan
Registered
18
18
1,000 1234 Mar 254 Jan
Cony deb 4 is
18.000 124 Mar 27
1048 1734
1734 19
Jan
Registered
1.000 812
a16 a16
May a16
May
Cony deb 4348
1949 174 1634 184 461,000 1134 Mar 2614 Jan
Registered
17
2,000 15
17
May 2434 Jan
Cony deb 56
1950 1834 01634 194 356,000 1334 Mar 28
Jan
194 378.000 13
Deb 5a
17
1968 1814
Mar 27
Jan
17
17
2.000 z14
Registered
May
25
Jan
Cony deb 53.48
194 2234 57,000 16
1977 21
Mar 3534 Jan
38,000 33
Assoc Rayon 58
3934 42
1050 40
Apr 52
Jan
15
ARsocSimmon,tlard6346'33
15
4.000
6
Mar
15
May
3314 37
Amor)T & T deb 53.4s A '55 37
69.000 15
Feb 37
June
Assoc Telep Util 530_1944 16
16 132,000
15
5
Mar 2435 Jan
47.000 11
1933 22
6% notes
1934 22
Apr 5334 Jan
Atlas Plywood 5 lis_ _1943 49
4434 49
25.000 27
htsr 49
May
85 212,000 50
Baldwin Loco Wks 546'33 85
80
Apr 81334 Jan
804 7814 804 17.000 484 Apr 804 June
Ctfs o 'deposit
Bait & Ohio 55ser F__1996 63% 58
644 276,000 32
Feb 644 June
Bell Telep of Canada
96% 107,000 87
1st M 5s series A_ 1955 9634 94
Feb 100% Jan
1st M 55 series B___1957 964 9434 964 40.000 854 Apr 100
Jan
1st M 58ser C
1960 964 9454 9634 7,000 87
Mar 1004 Jan
66
6734 8,000 5814 May 80
Birmingham Elea 4345 1968
Jan
4734 5,000 40
47
Birmingham Gas 56_ _ _1959
Feb 5734 Jan
Blackstone Valley G & E
104 104
1,000 101
5•3
1939 104
Apr 104
June
2.000 964 May 10434 Feb
101 101
56 series B
1952
18,000 9934 Apr 105
Boston Como! Gas 56_1947 105
104 105
Jai)
Broad River Pwr 56 A_1954 40% 38% 4034 5,000 274 Apr 4834 Jan
3.000 101
10134 105
Buffalo Gen Eleo 5s._ _ 1939 105
Feb 10734 Jan
1.000 9934 Mar 10634 Jan
105 105
Gen dz re 55
,
1956 105
45,000 98
Canadian Nat Re 76..1935 101
10034 101
Apr 102
Jan
7314 6,000 59
Canada Northern Pr 55 '53 734 70
Mar 734 June
Canadian Pac Ely 63-1942 924 8834 9234 118.000 70% Mat 924 Jan
Capita AdmInis 5s___1953
76
7534 76
10.000 67
NV'th warrants
Apr 774 Feb
Carolina Pr & Lt 6s_ _1956 6834 (3831 70% 29.000 54
Apr 7334 Jan
22,000 88
Catererfar Tractor 5 _1935 9734 97 a98
6
Mar z3734 Jan
91% 9.000 8634 Mar 9834 Jan
91
Cedar Rapids M .3t P 516'53
844 854 6.000 7714 Apr 9334 Apr
Central Ariz Lt & P 5s '60
Central Illinois Light 5s '43
10214 10214 2,000 984 Apr 105
Jan
Central III Pub Service•
69
8,000 52
67
56 series E
1956 67
Apr 7914 Jan
95,000 4834 Apr 733.4 Jan
lit & ref 414s ger F.1967 5814 5814 59
22,000 52
66
64
Jan
1968 65
5s series0
Apr 78
614 8.000 48
59
434s series H
1981
Apr 73
Jan
87
2.000 85
87
Cent Maine Pow 5.6 DI955 87
May 101
Jan
4,000 8134 May 9334 Jan
85
83
4 Lis series E
1957
64
7.000 5334 Apr 76
63
Cent Ohio L & P 58_ _1950
Jan
18.000 49
65
64
Cent Power 51; ger D- _1957 64
Apr 75
Jan
44.000 42
5934 62
Cent Pow & Lt 186 58.1956 60
Jan
Apr 67
Cent Pub Sery 5 4s___1949
3-4 44 26.000
34 Jan
3%
With warrants
434 Mar
134 Jan
Without warrants_ __ _ -----3% 3% 5 000
.
434 Mar
4634 57.000 274 Apr 464 May
43
Cent States Elea 56-1948 46
Deb 5 Sis Sept 15 1954
4634 4334 4634 95.000 28
With warrants
Apr 47
Jan
29
A irr 44% may
Without warrants _ _ __., ---._., 443i 4434 5.00
364 36,000 234 Apr 41
363434
Cent States P & L 5 4e '53
Jan
20.00
70
58% Apr 8434 Jan
Chic Dist Elea Gen 4346 '70 6936 67
794 7934 3.000 74
Deb 534s
Apr 894
1935
Jan
5034 21.000 234 Jan 5214 May
Chlo Pneu Tool 5146_ '42 4934 4934
Mar *5914 June
Chic Rys 5s etre
1927 5834 58 a5934 21.000 47
5.000 41% May 62 June
62
58
Cincinnati St Ely 5345 1952 62
13,000 484 Apr 633i Jan
1955 6134 60
62
6s series 13
80.000 244 Mar 44
44
1966 4234 39
Cities Seri/Webs
May
a404 4534 1030000 2454 Mar 4534 May
1950 45
Cony deb 55
604 127.000 42
56
Cities Service Gm 534* '42 60
Feb 60% May
30.000 54
78
70
Jan
Cities Serv Gas Pipe L '43 78
78 June
394 4234 179.000 25
Cities Serv P & L 54s 1952 42
Apr 424 may
4254 120.000 2534 Apr 424 May
39
1949 42
51-4.
1065-4 104451074 32.000 10134 Mar 810714 May
Cleve Elea III let 58-1939
10534 1064 12.00 10234 A rpr 10834 Jan
Saseries A
1954
1961 10734 10734 10734 3,000 102
5s series B
Apr 110
Jan
Commerz nod Privat
80,000 474 Apr 6834 Jan
1937 554 5434 56
Bank 534s..
Commonwealth Edison22.00 z91134 Apr 1063.4 Jan
9934 101
ist M Is series A-1953 100
Apr 10614 Jan
1st NI 56 series B___1954 10034 994 10034 26,000 92
16.000 z634 Apr 10234 Jan
95
94
1st 43.4s series C...1956
9234 9334 13,000 834 Apr !mg Jan
1st 31 4!4s series D.1957
37,000 82
Apr 101
1980 9134 914 92
4 46 series E
Jan
1941 813-4 8134 834 76.000 744 Apr 9354 Jan
1st M 46 eerier' F
100% 102% 78,000 95
1962 102
Apr 10634 Jan
5)4* series 0
764 85,000 57
75
7434
Apr 8634 Jan
Com'wealth Subsid 54s'48
53,000 363.4 Apr 52% J•n
484 51
Community Pr & Lt 56 1957 51
Connecticut Light & Power
1034 1.000 1024 Mar 11014 Jan
1034
1954
5343 aeries B
102 Rag 8.000 9734 May 10534 Feb
1958 102
43.4* series C
944 97
53. 0 89
00
May 100
Conn River Pow 56 A 1952 96
Jan
1024 102% 19,000 994 Mar 104% Feb
Consol 0, EL & p43-45 '35
Consol Gas El Lt & P (Haiti
1,000 98
102
102
1969 102
Apr 106
Jan
434s series G
430 series II
1970 1004 10034 100% 35,000 95% May 1073.4 Jan
76,000 89
1981 9534 0531 96
May 99g Jan
lit ref s t4.
Como'Gas (Balt City)
1,000 0734 Apr 1074 Jan
10234 10234
1954
Gen mtge 43.4s
Consol Gas Utll Co384 443'S 76.000 21
Jan 4434 May
lit & coil 6s ser A..1943 41
11
45.000
4
10
Apr
114 May
Deb 634* with warr 1943 10
974 503-i 45.000 904 Apr 10434 Jan
Consumers Pow 448_1958 98
Jan
Mar 106
1st St ref 58
1936 1043-4 1044 10431 15.000 100
534 57 244.000 37
AM 614 Jan
Cont'l 0.8 & El 56-1958 57
9834 9.000 92
Mar 9864 Jan
Continental CM 5 gel 1937 9834 98
7931 21.000 65
Apr 7934 Juno
Crane Co 56. _ Aug 1 1940 7834 78
724 39.000 25
67
Apr 7234 May
Crucible Steel deb 55_1940 69
9.000 554 Apr 73
73
Jan
70
Cuban Telephone 73-4s 1941 73
9634 39 000 87
Mar 96ft may
Cudahy Pack deb 5)461937 9634 96
103 10334 5,000 9934 Mar 10334 May
Sinking fund 58. _1946
834 844 15.000 724 Apr 9134 Feb
Cumber 'd Co P&L 4416'58
2.000 100
Apr 1084 Jan
Dallas Pow & Lt 68 A-1949 1034 10334 10334
101 1014 4.000 9831 May 1034 Feb
1952
58 series C
1024 1044 77.000 99
Apr 1064 Jan
104
Dayton Pow dt Lc 5.3_1941
June
16.000 60
85
Apr 85
Del Elec Power 534s...1959 834 75
5,000 963,4 Apr 113-434 Jab
Denver Gas & Elea 56_1949 9934 9934 100
6934 4.000 60
May 7414 Jan i
Derby Gm & Elea 58-1946 6934 67
894 914 7.000 75
Mar 9834 Jan
Det City Gas 66 sec A 1947
Jan
may 91
11.000 68
82
79
1950 79
69 1s1 series B
Detroit dz Intl Bridge8348
531 3g bit 3,000 3 Mar 534 June
Aug 1 1952
4
Mai
2.000
Jan
2
4
4
84s ctnt of dep. _1952
Dixie Gulf Gas6 Sis 1937
9,000 70
Apr 87
Jan
8234 83
With warrants
May 984 Jan
6.000 90
91
90
East Utility Assoc 58-1935 90
East Utilities Invest
Jan
04 Fah 23
1734 33,000
a16
5* with warrants _1954 16
,...J
Financial Chronicle
Volume 136
Bonds (Continued)
-
Friday
Sales
Las! Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
$
Edison Elea Ill (Boston)
2-year 58
1934
101% 10231
5% notes
1935 102% 102 10215
El Paso Nat Gas 6158_1943
With warrants
60
60
Else Power & Light 55_2030 48% 42
4834
Elmira Wat Lt & RR 5556 7135 70
72
El l'aso Elect 50
1950 79
79
79
Empire Dist El 551952 59
5455 60
Empire Oil& Ref 545 1942 5135 504 524
Ercole Marelli Else Mfg
645 with warr
1953 69
69%
69
European Eleo 815s__ _1965
Without warrants
6835 6831 6935
European Mtge Inv 75 C'67 32
29% 32
Fairbanks Morse deb 58_'42 664 654 664
Federal Water Serv 555854 32% 284 324
Finland Residential Mtge
Banks Os
1961
5131 514 51%
Firestone Cot Mills 5s_'48 8735 86
8755
Firestone Tiro & Rub 5s'42 9234 904 924
Fisk Rubber 555s
1931
5411 53
5511
Certlficates of deposit_ _ _ ...... 524 54%
fei etre of deo
1941 65
62% 6555
Fla Power Corp 545_1979 63
a62% 64
Florida Power & Lt 55 1954 67
674
64
Gary Elk Gas Esser A 1934 50
54
50
Gatineau Power 1st be 1956 71% 6915 72%
Deb gold 65 June 15 1941 65
6231 65
Deb 65 series B_ __ _1941 6431 60
6531
General Bronze 8s__ _.1940 61
62
60
Gen Motors Accept Corp
5% serial notes
1934 102% 102% 102%
5% serial notes_. _1936 10314 zt10231 10331
General Pub Serv 5,9_1953 70
70
70
Gen Pub Util 63411 A.1956 3135 31
33
2-yr cony 615s
1933
42
42
General Vending es
1937
335 315
Gen Vat Wks & El 55 1943 53
57
53
6s series B
1944
11
11
Certificates of deposit- _
14
1551
14
Georgia Power ref Es_ -1967 75
734 754
Georgia Pow & Lt 58-1978 53
58
its
Gesfurel deb Cie
1953
Without warrants
374 4031
40
Gillette Safety Razor be '40 95% 92% 96
Glen Alden Coal 4s__ -1965 5635 .53
5655
Glidden Co 5158
1935
91
91
Gobel (Adolf) 6558.-1935
With warrants
804 7935 81
,
Grand (I W) Prop 68_1948
94 955
Grand Trunk Ry 834e 1936 9751 9615 974
Grand Trunk West 45.1950
6215
61
Great Nor Pow 513____1935
96
96
Great Western l'ower 55' 46 100% 10035 1014
Guardian Investors 55 1948
42
40
Gulf Oil of Pa be
1937 100
9831 100
Se
1947 98
96% 98
Gulf States 1%11 55-1956 7535 7531 7631
415s series B
1961 69
71
69
Ilacitensack Water 55_1938 10031
flail Printing 534e____1947 6715
hamburg Electric 75_ _1935 72
Hamburg El & Und 5345'38 5811
flood Itubber 10-yr 548'36 50
75
1938
Houston Gulf Gas
6358 with warr____1943 35
Jet Os
1943 46
Hous I.& P 1st 431e E 1981 89
let & ref 4158 ser D_1978 90
58 series A
1953
Hudson Bay M & Slis_1935 108
Hungarian-Ital Bk 7358'63
hydraulic Pow (Sling Falls)
Ref & impt 58
1951 100
IlYgrade Food Products
68 series A
1949 61
es series B
1949 61
Idaho Power 55
1947 97
Illinois Central RR 431a'34 6931
11, Northern litil 5s_ _1957 90
111 Pow & L 1st 6e set A '53 6515
1st ,5 ref 5413 ser B_1954 60
let & ref 58 ser C
1956 59
I deb 5358._May 1957 4831
Independent 011&Gas 65'39
Indiana Electric Cornea series A
1947
Indiana General Serv 5848
Indiana & Mich Else
1st & ref Es
1955 8831
58
1957 984
Indiana Service 5a _ _ _ _1963 3034
,
let & tel 55
1950 32
Indianapolis Gas .58 A.1952 74
Ind'polla P & I. 5s set' A '57 86
Intercontinents Pow 681948
With warrants
915
International Power See
Secured 64s eer C_ _1955 80
'Miseries F
1957 85
is series F
1952 8231
International Salt 55.-1951 844
International Sec 5s_ _1947 594
Interstate irk Stee15155'46 63
Interstate Power 5s- 1957 5334
Debenture 65
1952 3915
Interdate Public Service
58 series D
1956 62
43.4eserieeF
1958 57
Investment Co of Amer
58 without warrants 1947
lowa-Neb L & P fs_ _1957 7834
58 I erio 13
1901
Iowa l'ow & Lt 455e A 1958
Iowa Pub fiery Se.._- 1957 7715
Isaroo-Hydro-Elect 78 1952
Issotta Frans/11M 75_ __1942
Without warrants
Italian Superpower of Del
Debe 85 without war '63 48
Jacksonville Gas 5s_ __1942 4834
Jamaica Water Sup 548'55
Jersey Cl'& I. 5813_ _1947
1961
434e series C
9031
1947 7155
Kansas l'ower 58
Kansas Power & Light
1955
13s eerie.; A
1957 87
55 aeries 13
Kentucky utilities Co
1961 6835
let M 55
1948 8831
6358 series D
1955 75
5358 series F
1969 6731
5s series I
Kimberly-Clark 58 A._1943
Koppers 0 & C deb 58 1947 774
Sink fund deb 548_1950 8031
Kresge(58) Co 5s_ _ _ _1945
Certificate's of deposit__ _ ......
33,000
53,000
4,000
449,000
15,000
1,000
35,000
82,000
Range Since Jan. 1.
Low.
High.
094 Apr 1034
954 Apr 10355
40
21
67
65
37
2851
Apr
Apr
May
Apr
Apr
Apr
60
48%
88
864
60
524
Jan
Jan
May
June
Jan
Jan
May
May
4,000
66
Apr
7651 Feb
31,000
27,000
24.000
73,000
60
23
46
18
Mar
Apr
Apr
Apr
70% Jan
36
Jan
6635 May
36
Jan
Jan 53
Mar 8855
Apr 9251
Mar 56
Feb 56
Feb 664
Apr 64%
Mar 70
Mar 72
Apr r73
Mar 65
Mar 6511
Apr 62
May
May
June
May
May
May
May
Jan
Jan
Jan
June
June
May
7,000 100% Mar 103
Mar 104
6,000 100
1,000 65
Apr 75
18,000 12
Mar 33
2,000 1715 Mar 43
1,000
Slay
2
515
22,000 384 Mar 60
Apr
1,000 10
18
14,000 1015 Apr 154
Apr 904
60
180,00
18,00
Apr 59
40
Feb
Feb
Jan
May
May
Feb
May
Feb
May
Jan
Jan
4,000 38
18,000 68
32,000 71
109,000 37
29,000 36
61,000 40
19,000 44
124,000 48
33,000 354
95,000 594
12,000 39
65,000 39
7,000 z434
39,00 z35
32,00
89
62.00
45
12,000 75
May 6934
Apr 102
Apr 5831
Apr 91
Jan
Feb
May
May
May
Jan
Jan
June
Jan
Jan
May
Feb
Jan
Jan
Jan
31,000
2,000
47,000
14,000
4,000
7.000
11,000
130,000
17,000
30,000
6.000
55
7
94
50
89
93
26%
92
92
60
53
Apr
Apr
Apr
Apr
AD
May
Apr
Apr
Ma
AP
Apr
Nam
65
72
5611
484
65
100% 12,000
674 9,000
74
8,000
39,000
59
524 17,000
2,000
55
96
49
6231
43
314
44
Mar 102% Feb
Mar 704 Apr
Apr 8611 Jan
Apr 7254 Jae
Mar 524 June
Feb 61
May
30
45
88
8915
984
100
45
35
47
8931
90
99
109
45
18,000
43,000
28,000
6,000
7,000
222,000
5.000
2155
3134
7955
7815
88
77
3515
Mar 3731 Jan
Mar 5115 Jan
Apr 9631 Jae
Apr 9635 Jan
May 104
Jan
Mar 109
June
Feb 45
May
98
May 106
41
40
854
33
85
52
50
454
38
844
Apr 61
June
Apr 61
June
May 102% Jan
Apr 69% June
May 100% Feb
Apr 77
Jan
Apr 7254 Jan
Apr 71
Jan
Apr 60% Jan
Mar 98
May
57
98
Apr 91
Ma 105
80
94
124
14
65
7335
Apr 99
Jan
May 105
Jan
31
AP
May
3231 Jan
AP
Apr 8334 Jan
Apr 954 Jan
99% 100
a57
594
97
8631
89
64
59
57
4735
96
61
61
97
6911
90
65%
62
604
50
96
9.000
23,000
3,000
2,000
69,000
12,000
63,000
40,000
53,000
23.000
1,000
73
98
73
98
834
954
30
30%
734
854
8835
1,000
9835 32,000
31
14,000
32
16,000
75
5,000
8635 49,000
7
78
85
80%
84
5831
5535
52
3311
1.000
1,000
10
20,000
155
Jan
80
86
824
85
5935
63
5335
3935
14,000
24,000
12,000
18,
23.000
10,000
62,000
75,000
78
82
70
74%
40
21
3855
2055
June
May
May
Mar
Mar
Apr
Apr
Apr
6131 6431 23,000
5655 584 34,000
71
7831
80
82
73
814
71
2,000
8035 21,000
80
6.000
824 7,000
7755 23,000
82
4,000
7731 7951
6,000
48
4851
101
95
r93
7155
44,000
16,000
10,000
10,000
50,000
7,000
45
4735
100%
944
894
71
844
12
1004
624
101
10634
42
101%
100%
82
74
Jan
Feb
Jan
10
June
91
96
90
$5
5934
63
61
4331
Feb
Jan
Jan
May
May
June
Jan
Jan
4635 Apr
Apr
45
7814 Jan
72
Jan
63
63
634
74
6031
71
75
Feb
844 Jan
844 Jan
9211 Jan
834 Jan
864 Feb
03
Mar
Apr
May
May
Apr
Apr
Jan
80
May
3735
30%
98
86
80%
65
48
AP
Juno
AD
51
Jan
May 102
Jan
Apr 10131 Jan
Mar 96% Jan
May 80
Feb
924 9235
1,000
88
86
17,000
83
71
Apr
May
664
88
73
65
80
7751
804
924
8335
55
Mar
67
Apr
56
Apr
52
Apr
72
Apr
Apr
70
72
Mar
77
Apr
6631 Mar
6855
8835
75
6734
814
784
83
924
8431
30.000
5,000
13.000
11.000
2.000
20,000
33,000
2,000
6,000
95
Feb
8954 Feb
75
93
80%
7434
814
79%
83
96
90
Feb
Feb
Feb
Jan
Jan
Jan
May
Jan
Jan
Bonds (Continued)
-
3883
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
F'rice. Low, High.
Laclede Gas 545
1935 70
Larutan Gas 6545. _1935 944
Lehigh Pow &cur 65_2026 764
Leonard Teitz 735s. _1946 294
Lexington Utilities 55_1952
Libby MoN & Libby be '42 7035
Lone Star Gas 5s
1942
Long Island Ltg 65_ _1945
Los Angeles Gas & Eleo54e series I
1949 100
55
1939
1st & gen 55
1961 96
Os
1942
Los Angeles Pacific 4s_1950 48
Louisiana Pow & Lt 5s 1957 84
Louisville G & E 68 A.1937
Manitoba Power 545_1951 3815
Mass Gas Co
Sink fund deb 58-1955 82
535s
1946 83
McCord Rad & Mfg
es with warrants_ _ _1943 28
Memphis Power & I.t 5s '48
Metropolitan Edison
1971
4s series E
55 series F
1962 8534
71
Middle States Pet 634s 45 45
Middle West Utilities
5f3 Ws of deposit_ 1932 1255
.5s Mrs of deposit_ 1933 1255
58 ctfs of deposit_ _ _1934 1215
Is etre of deposit_ _ _1935 1214
Milwaukee Gas Lt 448'67 9415
Minneap Gas Lt 4158_1950
Minn Gen Elec 5s__ _1934
Minn P & L 4358
1978 733-1
55
1955 80
Mississippi Pow 58
1955 6135
Miss Pow & Lt 5s_ _1957 71
Miss River Fuel 6s 1944
With warrants
Miss River Pow let 53_1951 103
Missouri Pow & Lt 515s '55
Missouri Public Serv 58'47 .53
Monon West Penn Pub Sec
let lien & ref 548 B 1063 69
Montana-Dak Pow 54s'34
Montreal L H & P Conlst & ref 5sser A__ _ 1951 92
1970
58 series 13
Munson 88 Line 6158_1937
14
With warrants
Narragansett Else be A '67 9$54
195
5e aeries B
Nat Pow & Lt Os A_ _ _2026 7415
Deb be series B .2030 6631
Nat Public Service Se 1978
18
Certificates of deposit
National Tea 55
1935 9535
Nebraska Power 65 A_2022
. Jot Si 43
-is
1981
Nelsner Bros Realty es '48 40
Nevada-Calif Else 58_195(3 5931
New Amsterdam Gas 513'48
N E Gas & El Assn 55_1948 49%
,
1 47
51
Cony deb 5s
Cony deb 5s
1950 5055
New Eng Pow Assn 55_1948
Debenture 515e. _ _ _1954 6215
New On Pub Fiery 448'35 51
6s series A
1949
NY Penna & Ohio 4148 '35
NY P&L Corp 1st 455e '67 8935
NY State G & E 448_ 1,62 7835
980
5 35s
NY & Westch'r Ltg 4s 2004 88
Niagara Falls Pow 65_195 10531
96
,
0
be series A
10135
Nippon Else Pow 6358 1953 55
No American Lt & Pow
5% serial notes
1936
545 series A
Nor Cons 02(11 5355_ _1946 39
1958
Nor Indlana G & E 68_1952
Northern Indiana P 81st & ref Ss set' C
1966 76
78
58 series D
69
44s series E
Nor Ohio Pow & Lt 534199699 92
5 51
'
7
Nor Ohio Tr & Lt 58_ _1956
No States Pr 555% netee'40
Refunding 4345._ _1961
Nor Texas Utilities 7s 1935
N'western Power 65 A 1960 18
11%
Certificates of deposit_ _
N'weetern Pub Serv 58 1957 6555
Ogden Gas 58
1945
Ohio Edison let 58-_.-1960 8631
Ohio Power let 5s B._1952 97
tat & ref 435e sec D 1956 91%
Ohio Public Service Co
6s series C
1st & ref baser D_ _ _19 3
1954
535s series E
Okla Gas & Elea 5a-1950 854
1991
Os series A
1940 71
Okla Pow & Water 58_1948 51
Osgood Co Os w w__ _ _1938
Oswego Falls 65
1941
Pacific Gas & El Co
-1st fie series B
1941 106
let & ref Es ear C.._ _1952 1034
Se aeries D
1955 101
let & ref 43.48 E.....1957 9331
let & ref 435s F_ _ _1960 93%
Pac by 5s without war.48
Pac I.tg & Pow 58_ _1942
Pao Pow & Light 58_ _ _1955 61%
Pacific Western 011 8345 43
With warrants
7035
Palmer Corp of La 611_1938 87
Penn Cent L & P 415s 1977 76
Penn Dock & Warehouse
6s ctfs of dep
1949
Penn Electric 45
1971
Penn Ohio Ed
65 ser A withou wart' 50 6535
Deb 54s series 13_ 1959
Penn-Ohio P & L 534e 1954 94
Penn Power be
1956 98
Penn Pub Serv es C _1947
5s D
1954
Penn Telephone 5s C_1960
Penn W at & Pow 5s._.1940 10331
4555 series B
1968 953a
Peoples Gas Lt & Coke
44% serial notes.,..1934
03 series 13
1981
&series C
1957 9731
Peoples Lt & Pwr 5s1979
235
Phil* Electric Co 58_1966 107
6315
90
73
29
6814
6834
89
85%
100
103
95
102%
48
83
100
3435
70
9455
7655
2955
6835
7055
90
85%
69,000
12,000
42.000
8,000
2,000
20,000
4,000
2,000
Range Since Jan. 1.
Low.
47
5835
56
29
56%
4615
84
80
June
June
Jan
Jan
Jan
May
Mar
Jan
2,000 9835 May 106% Jan
100
104
4,000 10015 Mar 10611 Jan
5,000 9135 May 103% Jan
96
10231
Mar 10415 Feb
1.000 100
48
June 48
1,000 48
June
85
12,000 7335 May 94% Jan
Mar 1024 Jan
1,000 99
100
Apr 46
Jan
384 36,000 20
83
88
26,000
38,000
71% Apr
Apr
75
23
a20
13,000
964 9615 5,000
834 Apr
May
81
82
87
High.
70
Mar
Jan 9455
Apr 8835
Slay 68%
Apr 7235
Mar 70
May 97
Apr 100
714 75
8535 87
45
45
10,000
8,000
1,000
Apr
68
79
Apr
27% Mar
9451
99
28
103
Jan
Jan
June
Jan
86
Jan
9735 Feb
45
June
124 1235 10.000
34,
11% 124 34,000
3%
11
311
1255 23,000
alsi 124 20.000 44
0435 964 14,000 91
80
8231 14,000 7214
102 1024 8,000 100
0834 74
38,000 57
7635 8215 25,000 66
60
6135 5,000 44
71
.(39
.
11,000 50
Mar 144 May
Mar 14
May
Mar 14% May
14
Mar
May
Apr 10234 Jan
Apr 90
Jan
Mar 10335 Feb
Apr 81
Jan
Jan
Apr 87
Apr 7335 Jan
Apr 83
Jan
894 90
10215 103
8355 85
51
53
Mar 90
May
May 1054 Jan
Apr 9234 Feb
Apr 65
Jan
5,000
15,00
2,00
9,00
79
98
79
3731
68
6931 26,00
424 4255
1,00
48
27
Apr
Apr
76
48
Jan
Jan
90% 9235 54,00
8915 9115 13,000
84
82
Feb
Feb
9635
9531
Jan
Jan
134
9815
9851
71
62%
15
0915
99%
75
67
8
9435
96
50
41
16%
9515
8715
954
3931
5855
94
4911
49%
4931
55
5931
49
34
9435
8835
7715
90
88
10555
10115
504
18
96%
874
96
4855
60)4
94
50%
5111
5015
56
624
51%
38
9455
9015
7935
93
9051
106
10115
55
82%
30
2935
86%
76
75
69
91
8735
a844,
8535
90
12
11%
6411
9055
85
9635
90
83%
77
80
8531
7015
51
25%
494
31,000
62,000
3,000
26,000
58,000
16
Fe
May
May 1034 Jan
Jan
AI) e103
Jan
Mar 85
Jan
Mar 74
117,000 1115 Apr
35,000 83% Jan
6,000 80
Apr
7.000 88
May
23,000 17
Apr
105,000 4734 Apr
Apr
1,000 89
44,000 37
Apr
18,000 38% Apr
156,000 3735 Apr
71,00
35% Mar
88,000 40
Ma
42,00
40
AD
13,000 25;5 Apr
3,000 88
Apr
103,000 82
Apr
26,00
6835 AP
9,00
Apr
80
9,00
Apr
82
11,000 1014 Mar
4,000 9635 May
30,000 3551 Fe
2335
97
9834
10135
4935
4
1024
5935
60
59%
6215
654
65
494
95
99
9154
105
9735
10835
106
55
Jan
May
Jan
Jan
May
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
833-4 5,000
4035 135,000
3511 26,000
88% 3,000
68
2134
22
7854
May 91
Jan
Apr 46
Jan
May 3634 Jan
Slay 1023-4 Feb
10,000
7,000
7,000
16,000
2,000
6,000
18,000
3,000
5.000
4,000
32,006
1,000
35,000
32,000
26,000
5914
59
54
80
77
70
75
8331
10
11
55
85
73
904
81
Apr
Apr
Apr
Apr
May
Mar
Apr
Jan
Apr
Feb
Apr
Apr
Apr
May
Apr
904
91
8535
10331
10
055
92
9751
91
18
14
75
10135
98
10435
9915
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Slay
June
May
Jan
Feb
Jan
Jan
Jan
83
4,00
4,000
80
3.000
81
32,000
87
7254 25,00
51% 4,000
1,000
25%
10,000
53
75
64
70
7031
63
35
2534
38
Apr 9535
Mar 8934
Apr90
Apr 9154
Mar 7834
Mar 5915
May
2531
Apr 53
Jan
Jan
Jan
Jan
Jan
Jan
May
Feb
7731
78
70
9231
88
8415
8711
91
18
14
68
9035
87%
99
9235
Mar
Apr
May
Apr
MS/
Apr
May
Apr
11235 Jan
10635 Jan
10554 Jan
10114 Jan
1013i Jan
7634 Jan
10331 Feb
7151 Jan
69
7015 27,000
6,000
834 87
47,000
7431 76
574 Apr
7935 Apr
60
Apr
7031 May
884 Feb
8034 Feb
2,000
4,000
29
Mar
5134 Apr
3454 Mar
7431 Jan
106
10351
10035
93%
9335
7331
105
(30
107%
10535
10134
9431
95
7435
105
62%
34;5 3434
66
68
20.000 101
65,000 9834
40,000 943.4
24,000 8635
28,000 86
3,000 64
2,000 103
47,000 48
64
6035
933-1
98
8335
7635
9015
10331
95%
66
6135
95
9831
8315
7655
91
10434
96
37.000
3,00
12,00
41,00
2,000
2,000
5,000
36,000
9,000
100
a7734
9711
2
107
100
7935
9835
3
108
2,000 9735
20,000 66
81,000 8735
z34
48,000
15,000 1024
53
45
85
96
81
70
90
9931
9455
Apr 82
Apr 7535
May 10335
Mar 104
Apr 100
Apr93
Mar 9731
Apr 108
may 101
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Mar 10031 Feb
Apr 93% Jan
Apr 10634 Jan
Apr
331 May
Mar 1103-a Jan
3884
Bonds (Corifitaued)-
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Price. Low. Iligh.
Phi% Elec Pow 5348_1972 105
Mita Rap Transit 6s_ _1962 55
Phila Suburban Counties
Gas & Electric 414s_ 1957
Piedmont Hydro El Co-lot & ref 6148 el A_ _1960 70
Piedmont & Nor Ry 5s '54 80
Pittsburgh Steel 6s___1948 78
Pomerania Elec 6s____1953 3536
Poor & Co es
1939 68
Potomac Edison Ss E..1958 8236
4455 series F
1961 78
Potomac Elec Power Is '36 10434
Power Corp of N Y
1942
634s series A
1947 ,58
534s
Power Securities 65_ _1949
American series
Procter & Gamble 4348 '47 104
Prussian Elec deb 6s_1954
Pub Serv (N H)4354 B1057
Pub Serv of N .1 pet ctfs
Pub Serv of Nor Illinois
1956 83
1st & ret 5s
1966
13.7! series C
1978
4348 series D
1st & ref 4345 ser E_1980 7334
let & ref 4345 ser F_1981 7231
1937 9644
614s series 0
1952
6%5 series It
Pub Seri' of Oklahoma1081
& series C
1957
Ss series D
Pub Serv Sub 5148 A.1949 6134
Puget Sound P & L 5348'49 6014
let & ref bs ser C_ _ _1950 58
let dr ref 414s ser D.1950 53
1968
Quebec Power be
Queens Boro G & E 4345'58 8834
Radio-Keith-OrPheum1941
65 full paid
Reliance Management
55 with warrants_ _ _1954 68
Republic Gas Co
June 15 1945
es
Certificates of deposit.-Rochester Cent Pow be '53 36
Rochester Ry & Lt 58-1954 10214
Ruhr Gas Corp 634a....1953
Ruhr Housing 6345.-1958
Safe Harbor Wat Pr 434:19 96%
St Louis Gas & Coke 68 '47 10%
San Antonio l'ub Serv 5558 77%
San Diego Consol G & E1960
534: series D
San Joaquin Lt & Power
1952
Os series 11
1957 8514
5s series D
1955
Salida Falls be A
Saxon Pub Works 65._ 1937
Schulte Real Estate 6s 1935
11
Without warrants
Scripps (E U) deb 5345 '43 66
Seattle Lighting 5s_ _ _1949 4214
1948 58
Serval Is
Shawinigan W & P4)48'67 6214
1968 6214
444s series B
1970 6914
1st 5s series C
1st 4354 series D...1970 6214
Sheffield Steel 514s
1948 80
Sheridan Wyo Coal 65_1947 3935
South Carolina Pwr Is 1957
Southeast P & L 6s....2025
Without warrants
6614
Sou Calif Edison 58._ _1951 10014
1952 10014
Refunding 58
Refunding 5s June 1 1954 10014
1939
Gen & ref bs
Sou Calif Gas Co
1961 8314
1st & ref 4348
Sou Calif Gas Corp 5s_ 1937
Southern Gas Co 64451935
Without warrants
Sou Indiana G & E 5345'57 10214
Sou Indiana Ry 4s_ _ 1951 48
Southern Natural Gas 6544
Unstamped
5514
Sweat Assoc Telep 58_1961 50
Sweat Dy Prod 6345 w w'38
Southwest G & E 5s A_1957 7834
1957
55 series 11
Sou'west Lt dr Pow 5.3_1957 67
Sou'west Nat Gas(38..1945 4014
Sweat Pow & Lt 6.3.....2022 61
Sweat Pub Serv 65 A. 1945
Stand Gas & Elec 68..1935 65
Cony Os
1935 6514
Debenture 68
1951 49
Debenture 68_Dec 1 1966 4714
Stand Investing
534s
1939 72
Is en-warrants
1937
Stand Pow & Lt 6s____1957 49
Stand Telep 534s.._..1943 2211
Stinnes (Hugo) Corp
78 without warr Oct 1 '36 3936
7s without warr___ _1946 37
Sun 011 deb 5358
1939 10134
Sun Pipe Line 5s
1940 9744
Super Power of III 4345.'68 6934
1st 414s
1970 6814
1st Os
1961 85
Swift & Co lst m s 158_1944 10314
5% notes
1940 97
Syracuse Lt 58 ser B._1937 100
Tennessee Elea Pow 581956 7.5
Tennessee Pub Serv 5s 1970
Tern! Hydro Eiec 614s 1953 7735
,
Texas Cities Gas 58_1948 54
Teta/ Elea Service 5a_1960 77
Texas Gas Utli es___1945 2214
Texas Power & Ltbs__1956 8014
55
1937
Thermold Co 6s
1934
With warrants
48
Tide Water I'ower 58_1979 57
Toledo Edison 55
1982 9194
Twin City Rao Tr 53.4:52 3114
Ulen Co deb Bs
1944 3336
Union Amer Invest 55_1948
With warrants
Union Atlantic 4345_1937
Union Elec Lt & Power
1957 9434
434.3
1954
58 series A
1967
5 series B
Un Gull Corp 5s_July 150 100
United Elec(NJ)4s-1949 9834
ted Elee Serv 78_1956 75
Un,
United Industrial 8345 1941 4735
1945 4614
1st 68
10334' 105
51% 55
Range Since Jan. 1.
Low.
33,000 10131 Mar 108
Feb
4,000 4334 May 60% Jan
100
100
11,000
69%
7414
76
35
66
81%
78
103%
70%
82
7831
36%
68
82%
79
104%
67,000 65
23,000 6034
16,000 63%
32,000 28
16,000 41
32,000 74
6,000 65
14,000 102
4,000
85
5844 13,000
85
58
High,
58 60
2,000
103 104
29,000
54
53
23,000
87% 88
3,000
108% 10914
7,000
95% May 10431
Jan
Jan 76%
Apr 82
Feb 79
May 59%
Apr 68
Apr 89%
May 8634
Apr 106%
Jan
June
May
Jan
June
Jan
Jan
Feb
80% May
Ap
52
99% Feb
Jan
60
Apr 66% Jan
44
98% May 105% Feb
43% Apr 70
Jan
Apr 95% Jan
85
103% Apr 119
Jan
83
8045
74
7334
72%
95%
90%
84%
82
76
74
74%
9731
92
10,000
5.000
16,000
8,000
20,000
120,000
31,000
66
61
60
61
60%
8034
75%
70
69
61
60%
58
53
a80
88%
73
73
63
62%
59%
54%
8015
88%
7.000
16,000
38,000
75,000
56,000
56,000
13,000
2,000
5234
54
42
47
4531
40
71
88%
7634
AD
Apr 7734
Apr 8034
Apr 67%
Apr 66
Ma
63
Apr 85
May 100
Apr 100% Jan
Apr 98
Jan
Apr 90% Jan
Apr 91% Jan
Apr 93
Jan
Apr 107% Jan
Apr 100
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
54
55
3,000
50
May
60
Jan
68
68
1,000
55
Fe
68
June
18% 19
18%
18
36
35
102% 10335
39
42%
3234
31
9614 97%
934 13
7734 77%
5,000 14
22,000 13
16,000 25
50.000 100
21,000 3534
9,000 23%
32,000 90
93,000
7
13,000 z65
102
102
96
85%
101%
50
96
1,000
87
15,000
10111
1,000
5131
7,000
11
64
39
58
61%
61%
68%
61
78
38%
59%
11
66
4331
58
62%
62%
70
6235
80
40
61%
64%
100
100
100%
105%
68%
102
101%
101%
105%
83% 85
85
84
2,000
Apr 19%
Apr 19%
Mar 48
Mar 108%
May 67
May 6031
Apr 102
Apr 16%
May 83%
Feb
May
Jan
Feb
Jan
Jan
Jan
Jan
Jan
99
Ma
92%
77%
97%
47
May 107
May 98
Mar 105
May 67%
7
5544
30
49%
49
50
57
48%
65
23
48
Apr
Apr
Apr
Jai
Apr
Apr
Mar
Mar
Apr
Feb
Apr
11
72%
5031
65
65
64
7051
65
80
40
66
June
Feb
Jan
May
Jan
Jan
Jan
Jan
June
May
Jan
253,000 4734
44,000 94
25,000 94%
17,000 94
3,000 101
Mar
May
Apr
May
Feb
82%
10514
105%
105%
108
Jan
Jan
Jan
Jan
Jan
1,000
44,000
35,000
1,000
91,000
55,000
65,000
71,000
3,00
8,000
22,000
2,000
8,000
94
94
4,000
101% 102% 14,000
4931 13,000
48
79
72
Apr
May
106
Jan
Jan
Jan
Jan
Jan
95
Jan
89% Feb
91% Jan 96
Jan
Apr 105% Jan
98
34
Apr 49% May
54%
49
436
77
7635
66%
40%
57
65
61%
62
46%
4531
47,000
56
5,000
50
4% 2,000
78% 26,000
8,000
78
6831 31,000
42% 8,000
61
51,000
2,000
6534
66 123,000
6535 72,000
81,000
49
4835 100,000
39
35
4%
60
52
50%
26
32
5534
35
35
2814
2834
Apr
Mar
June
Apr
Apr
May
Mar
Apr
Apr
Mar
Apr
Apr
Apr
57
56
434
82%
82
70
43
63%
70
66
66
53%
53%
May
Jan
June
Jan
Jan
Jan
May
may
Feb
June
Jan
Jan
Jan
70
67
44%
22%
15,00
72
2,00
67
4934 154,00
13,00
23
63
61
26%
10
Apr
Apr
Apr
Apr
72
6834
50%
3234
June
Feb
May
Jan
32
2934
9931
95%
59
60
76%
96%
87
96
63
70
69
48
66
1131
70
90
Apr
May
Apr
An
May
Apr
May
Apr
Ma
Ma
May
Apr
Jan
Feb
Apr
Feb
Apr
Apr
65
59%
102%
100
84
83%
03%
103%
98
10614
95%
94
81%
57
90
22%
92
104
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
May
Jan
Jan
Jan
Feb
Jan
Jan
June
Jan
Jan
39%
36
35% 3745
100% 101%
97% 97%
6934 72
68% 71
85
85
10234 103%
96% 97%
100 100
75
73
77% 81
77% 78
53% 54
7736
76
21% 22%
80% 83%
97% 98%
44%
56%
9034
2834
31
16,00
45,00
11,00
3,000
29,00
24,000
3,000
17,000
22,00
20,000
13,000
12,000
31,000
8,000
46,000
28,000
61,000
37,000
3,000
48
9,000
58
9235 85,000
3444 105,000
52,000
34
78% 78%
98
98
1,000
8,000
95
103
98
10036
9934
7631
47%
47
53,000
6,000
2,000
38,000
51,000
6,000
53,000
19,000
9434
100
98
99%
98%
7334
44%
4614
2634 Apr
44% Apr
80% Apr
Apr
20
15
Jan
48
June
69
Jan
99% Jan
34% May
34
May
72% Ma
7834 May
Apr 100
92
Jan
87%
97
92%
96
95
70%
35
35%
Apr
Apr
Apr
Apr
Mar
May
May
May
99%
106
406
103
103
8331
66
68
Jan
Feb
Jan
Feb
Jan
Feb
jan
Jan
Bonds (Concluded)
-
June 3 1933
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Price, Low. High.
Range Since Jan, 1.
Low.
United Lt & Pow Bs__ _1976 47
4534 48% 40,000 2731
74
1st 53.4s____April 1 1959
73
6,000 54%
Deb g 634s
54
51
1974 52
41,000 2914
Un Lt & Ry 5348
1952 5434 52;4 54% 61,000 31%
13s series A
72
76
1952 75
25,000 64
68 seriec A
1973 4534 4531 46% 12,000 2534
U S Rubber
99% 100
3
-year 6% notes
1933 100
82,000 68
9414
94
6% serial notes_ _ _ _1936 94
5,000 94
% serial notes ..1934 9534 9231 9534 32,000 5031
17,000 2934
635% serial notes_ _1935 84
21,000 27
614% serial notes 1936 79
7964
74
61
6795
1937 74
634% serial not
13,000 25
64% 75
16,000 27
614% serial notes 1938 75
75
63
634% serial notes.__1939 75
39,000 27
62% 66
634% serial notes_ 1940 66
8,000 25
62
9534 14,000 45
92
6
5
Utah Pow ttc Lt 6s A- _2022
Utica Gas & Elee Is.. __1952
4,000 92
8211 82%
Vamma Wat Pow 5145 1957
2,000 68
11% 1531 18,000 1031
Van Camp Packing 68_1948 1234
72
5
Va Elec & Power 55_ _1955
9434 9
69
2,000 89
Va Public Serv 534s A 1946
10,000 57
6134 6434 15,000 54
1st ref 55 sec 13
1950 63
(30
58
65
1946 60
2,000 43
Waldorf-Astoria Corp
12% 1334 7,000
7s with warrants
1954 13
5
834 5,000
8
Certificates of deposit....
214
835
,
Ward Baking Co 65.- _1937 9234 9234 93
17.000 90%
89
Waal:. Gas Light 5s
42,000 78
1958 8734 87
8834 8834 5,000 82%
Washington Sty & Ni 4s '51
9231 93
Wash Water Power 58_1960 93
18,000 87
64
63
%Vest Penn Elec 58......2030 64
29,000 44%
9311 6,000 93
93
West Penn Pow 4s II_ _1961
68
64
West Penn Traction Is 1960
6,000 60
West Texas UM 58 A _1957 5236 51% 52% 114,000 3534
Western Newspaper Union
2531 34
Cony deb Os
1944 34
21,000 521
Western United Gas & Elec
8336 85% 21,000 64
1st 534: ser A
1955 85
Westvaco Chlorine Corp
10134 101% 1,000 101
10-yr 5.345 Mar 1.._..1937
10134 10134 2,000 99
Wheeling Electric 5s_ _1931
100 100
Wisconsin Elec Pow 55 1954
6,000 97
82% 84
Wise-Minn Lt & Pow 5s'44 84
29,000 70
Wise POW & Lt Is E___1956 7614 75% 77
7,000 62%
85
85
Yadkin River Pow 58_1941
5,000 75
Foreign Government
And MunicipalitiesAgric Mtge Bk (Colombia)
33% 33% 3,000
7s
1946
34
32
Baden externa 7s____1951 33
25,000
3634 37
Buenos Aires(Prov) 734847
4,000
38
35
7348 stamped_ ___1947
8,000
33
33
78
1,000
April 1952
29% 32
7s stamped
38,000
1952 32
1234 1435 10,000
Cauca Valley 7:
1948 13
Cent Bk of German State &
4834 26,000
Prov Banks Os B
1951 473.4 45
37% 14,000
36
65 series A
1952 3631
71% 74
Danish 534s
21,000
1955 74
67% 5,000
66
be
lo53 67
Danzig Port & waterways
38
37
6348 July 1 1952
2,000
38 130,000
4
37
3036 3
German Cons Mush,75.'47 34
4
3031 31 34 133,000
Secured as
1947 333-4 31
Hanover (City) 7s.....1939 5834
7,000
Hanover(Prov)6%s_ _1949 31
5,000
Indus Mtge Bk (Finland)
72
1st mtge coils f 7s 1944 71% 69
49,000
631
6
Lima 6%s
7,000
1958
4
455 7.000
Ctfs of deposit
16
15
Maranhao 7s
8,000
1958
16
16
7,000
Medellin 7s ser E
1951 16
Mendoza 734s
1951 2734 2711 2834 8,00
Mtge Bk of Bogota 78_1947
32% 7,000
(Issue of May 1927).... 32% 31
Issue of October 1927..... 32% 32% 33
2,000
1134 14,000
11
Mtge Ilk of Chile 6s_ _1931
66
66
Mtge Bk of Denmark 53 12
2,000
Parana (State) Brazil
79
1958 13% 12% 1334 6,000
1514 17
Rio de Janeiro 6345
36,000
1959
Russian Govt
3% 434 41,000
634s
1919
4
3% 4 707,00
6345 certificates.-_1919
336
4% 41,00
4
4
534s
1921
334 4
62,00
1921
5154 eertificates
334
3,0(5
Saar Basin Cons 75_ _1935 1003-4 10034 100%
734 1034 6,000
Santiago 78
1961
7% 811 24,00
75
844
1949
17%
30%
2531
34
19
29%
7
Apr
Mar
Apr
Apr
Apr
Apr
High.
Jan
53
74
Slay
54
June
Jan
57
80
Jan
4834 Jan
Apr z110
June 94%
Apr 95%
Feb 84
Feb 79
Apr
74
Feb 65
Feb
75
Feb 66
Apr 62%
Apr 103
Jan 82%
Feb 24%
May 101
May 77
Apr 71%
Apr 6234
May
June
June
June
June
June
June
June
May
Jan
Feb
May
May
Jan
Jan
Jan
Jan
Mar 1334 May
Feb
10 Slay
Apr 97
Jan
Mar 94% Feb
May 91
Jan
Apr 10231 Jan
May 64
June
May 101
Jan
May 7434 Feb
Apr 55
May
Feb
34
Apr
8934 Feb
June
Mar 103% Jan
May 104% Jan
Mar 103
Jan
Apr 91
Feb
May 89
Jan
May 89
Jan
Apr
Apr
Feb
May
Ma
May
Ma
35
57%
38
3934
35
32
1434
Mar
Jan
May
May
May
June
May
36% May
30
May
58
Ma
57
Jan
66
55
75
68
Jan
Jan
Jan
May
37
28%
26
5334
28
May
May
May
May
May
Jan
54
62% Jan
6134 Jan
Mar
61
54% Jan
59
4
3
6%
1034
17
Ma
Feb
May
Jan
Mar
Ma
Feb
73
631 June
Jan
5
June
16
16
Jan
29
May
1834 Fe
20
Ma
Apr
8
5731 Apr
32% Juno
33 May
Jan
13
66
Jan
Jan
Jan
13% May
17
Slay
5
7
2
I%
2
1%
97
434
4
Apr
434
Mar
43.4
Mar
4%
Apr
4
Apr 102
Jan 10%
Mar
831
Mar
Jan
May
Jan
Apr
May
May
• No par value. a Deferred delivery. 00 d Certificates of deposit. cons Consolidated. cum Cumulative. cony Convertible. a See note below. m Mortgage. r. Sold under the rule. n-v Non-voting stock. r Sold for cash. via Voting
w w With warrants.
trust certificates.
w I When Issued.
z Ex dividend.
SW Without warrants.
See alphabetical list below for "Deferred delivery" sales affecting the range
for the year:
American Laundry Machinery, corn., March 16. 94 at 10.
American Manufacturing. pref., Feb. 7. 30 at 4334.
Arkansas Natural Gas, corn., class A, March 15.400 at 34,
Associated Gas & Elec. 534s. 1938, registered Jan. 24, $5.0001at 2331.
Associated Gas & Elec. 58 1968. registered, Mar. 29, $1,000 at 13.
Associated Telephone, $1.50 preferred. Feb. 9, 100 at 1934.
Beneficial Industrial Loan corn, April 19, 200 at 8.
Caterpillar Tractor 55 1935, June 2, 95,000 at 98.
Central States Dectric 55 1948, April 7, $16.000 at 2731
Chicago Railways Is eel, 1927, 52,000 at 5
9311
Cities Service, corn.. April 13. 100 at 134.
Commonwealth Edison Is. series A. 1953, April 24, $5,000 at 91.
Commonwealth Edison 4154, series C 1956. April 24, $2,000 at 83.
General Bronze Corp. (3s. 1940, April 10, 87,000 at 43.
Gestarel es x-warrants, 1953. May 16. $2.000 at 34.
Illinois Power be 1933, Jan. 9, $13,000 at 1009-4.
Indiana Electric So. series C. 1951. Feb. I, $7,000 at 80.
International Petroleum, Feb. 2. 200 at 834•
pref., May 29, 25 at 58.
Jersey Central Pow & Light
Letcourt Realty Corp., pref. Apri 4. 100 at 236
Niagara-Hudson Power clas B option warrants Moro 21, 10
,
Peoples Light & Power 5s, 1979, April 18, 52.000 at 14.
Reliance Management 5s w. w. 1954. Mar. 27. 52.000 at 55.
San Antonio Public Service 58, 1958, May 3.51,000 at 64.
Syracuse Lighting 5148, 1954, Feb. 1. 31.000 at 10934.
Union American Investment Sow. w. 1948. April 12, $1,000 at 72
United States Rubber Os. 1933. $8,000 at 10034.
Western Newspaper Union 65. 1944, March 16. 51.000 at 21.
a See alphabetical list below for "Under the rule" sales affecting the range for
r
the year:
Chicago District Electric 5345. 1953. Feb. 2. $7,000 at 9534.
Cleveland Electric illuminating Is 1930, June 1, 81,000 at 10794•
Crown Central Petroleum corn.. April 24, 67 at 1.
General Vending 6s, 1937. Jan. 20. 51 000 at Ci•
.
HYgrade Food Products. new corn.. March 15. 52 at 334.
Narragansett Electric Is, series B. 1957. Jan. 17. $1,000 at 104.
New York & Westchester Ltg 55 1954, Mar. 27.85.000 at 10614.
Niagara Hudson Power class A option warrants. Jan. 12. 100 at 1.
Salmon River Power, 5e, 1957. Feb. 14, $1,000 at 10914.
Southwestern Public Service 6s, A, 1945. Feb. la. $1,000 at 70.
Tennessee Public Serviee Is. 1970. Jan. 13. 81.000 at 95%.
Financial Chronicle
Volume 136
3885
Quotations for Unlisted Securities-Friday June 2
Port of New York Authority Bonds.
Public Utility Bonds.
Bid Ask
Bid
Arthur Kill Bridges 430
Bayonne Bridge 48 series C
series A 1933-46
M&S 57.50 6.50
1938-63
J&J 3 80
Inland Terminal 43i8 ser D
Geo. Washington Bridge
1936-60
M&S 70
48 series B 1936-50_ _ _J&D 55.75 5.40 Holland Tunnel 43‘13series E
430 ser B 1939-53.._M&N 55.75 5.40
1933-60
M&S 54.75
Ask
90
so
4.50
U. S. Insular Bonds.
Philippine Government
-Bid Ask
423 1934
97 100
88 92
4s 1946
410 Oct 1959
88 92
88
92
4348 July 1952
94 100
58 April 1955
94 100
be Feb 1952
100 103
5345 Aug 1941
94 100
Hawaii 414s Oct 1956
Bid Ask
Honolulu bs
95 100
S Panama 3s June 1 1961_ 102 103
28 Aug 1 1936
9912 10012
28 Nov 1 1938
,
99 2 100 2
,
Govt of Puerto Rico
414s July 1958
93 97
bs July 1948
98 102
Federal Land Bank Bonds.
Bid
Ask
45 1957 optional 1937_51&N 833 843
4
4
48 1958 optional 1938_M&N 833 84%
4
4315 1956 opt 1936____J&J 84
85
43is 1957 opt 1937____J&I 84
85
4348 1958 opt 1938___M&N 84
35
bs 1941 optional 1931_M&N
9312 9412
436s 1933 opt 1932___J&D 1003s 101
434s
430
434s
434s
414s
434s
43(8
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____JdzJ
1954 opt 1934J&J
Bid
8812
8812
8612
8612
86,
2
8812
8812
New York State Bonds.
Bid Ask
Canal & HighwayWorld War Bonus
55 Jan & Mar 1933 to 1935 53.40 __
4348 April 1933 to 1939__
bs Jan & Mar 1936 to 1945 53.60 ___
4348 April 1940 to 1949__
Es Jan & Mar 1946 to 1971 53.80 ___ Institution Building
45 Sept 1933 to 1940
Highway Imp 43is Sept '63 53.70 ___
4s Sept 1941 to 1978
Canal Imp 4%a Jan I964..__ 53.70 ___ Highway Improvement
Can & Imp High J & M 1965 53.70 ___
48 Mar & Sept 195810'57
Barge CT 434ts Jan 1945_. 53.50 ___ Canal Imp 48J & J '60 to'67
Barge CT 45 Jan 1942 to 46
Bid
53.40
53.60
53.60
03.65
53.65
53.65
53.55
Bid
Amer S PS 5145 1948_M&N 4512
Atlanta G L bs 1947 __J&D 95
Cen G & ES
1933_ _ F&A
17
1st lien toll tr 5 As'46J&D 44
1st lien coil tr 68'46_M&S 4712
Fed P S 1st 68 1947___J&D
1914
Federated Utll 530'57 M&S 4114
Ill Wat Ser let be 1952.J&I 71
Iowa So Util 530 1950_J&J
51
Louis Light let 5s 1953_A&O 10114
Public Utility Stocks.
Par Bid Ask
Arizona Power pref....100
30
Assoc Gas & El orig pref__•
5
3
$6.50 preferred
4
•
6
$7 preferred
•
414
Atlantic City Eiec $8 pref..' 83
8612
Ask
Bangor Hydro-El 7% pf_100 953 100
4
8012 Broad River Pow pf__100 24
23
8012 Cent Ark Pub Serv pref.500 34
8712 Cent Maine Pow 6% p1_100 5212 zif12
14
15
371
. Cent Pub Serv Corp pref.•
8712
Consumers Pow 5% pref_' 6912 72
6% preferred
8912
100 8012 83
8912
6.60% preferred
100 8314 8614
Dallas Pow & Lt 7% pref 100 9234
Derby Gas & Elec $7 pref_• 41
46
Essex-Hudson Gas
100 142
Ask
Foreign Lt & Pow units__ _
423 iC
4
Gas & Elec of Bergen.._.100 9012 95
Hudson County Gas__ 100 142
Idaho Power 6% pref
• 61
CFR
7% preferred
100 73
7412
--- Inland Pow
dc Lt pref 100
2
-- Jamaica
Water Supply p1_50 48
50
New York Bank Stocks.
Fifth Avenue
100 1220
First National of N Y
100 1375
FlatImsh National
100 35
Fort Greene
100
Grace National Bank
100
ICIngsboro Nat Bank_ _.100
Par Bid
Ask
Lafayette National
25
6
9
Nat Bronx Bank
50 25
30
National Exchange
25 1422 1712
Nat Safety Bank di Tr_ _25
5
7
Penn Exchange
26
100
Peoples National
Public Nat Bank & Tr_.25
1270
1425 Sterling Nat Bank & Tr__25
Textile Bank
ig Trade Bank
100
200 Washington Nat Bank...100
54 Yorkville(Nat Bank of) 100
273
9
80
293
4
101,
33
13
12
30
1412
36
18
4
40
5
Trust Companies.
f'ar
Hance Comm Banana Tr100
Bank of Sicily Trust
20
Bank of New York & Tr_100
Bankers..
10
Bronx County
20
Brooklyn
100
Bid Ask
142
_
12
10
355 370
63% 6534
10
13
126 136
Par
25
20
100
100
10
100
County
Empire
Fulton
Guaranty
Irving Trust
Kings County
Ask
Bid
32
30
2012 2212
230 260
300 305
2118 21%
1900 2000
Central Hanover
20 13012 134i2 Manufacturers
20 1738
Chemical Bank & Trust. 10 3754 393 New York
4
25 8014
Clinton Trust
50 30
37 Title Guarantee & Trust_20 2414
Colonial Trust
100 11
15 Trust Coot N A
100
Cont Bk &Trust
10 1618 1738 Underwriters Trust
20 35
Corn Etch Bk & Trust..
.20 5812 6012 United States
100 1480
1878
9214
2614
4-e1530
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par in Dollars.
Alabama & Vicksburg (III Cent)
Albany & Susquehanna (Delaware & I(udson)_100
Allegheny & Western (Buff Roth & Pitts)
Beech Creek (New York Central)
50
Boston & Albany (New York Central)
100
Boston & Providence(New Haven)
100
Canada Southern (New York Central)
100
Caro Clinchfleld & Ohio(L dz N A CL)4%.....100
Common 5% stamped
100
Chit Cleve Cino & St Louis pref(N Y Cent)
I0
0
Cleveland & Pittsburgh (Pentuzylvania)-50
Betterman stock.........................50
Delaware (Pennsylvania)
Georgia RR & Banking(L & N, A CL)
100
Lackawanna RR of NJ(Del Lack Ai Weetern)-100
Michigan Central (New York Central)
100
Morrie & Essex (Del Lack & Western)
50
New York Lackawanna & Western(D L & W)-100
Northern Central (Pennsylvania)
50
100
Old Colony (N Y N II & Hartford)
Oswego & Syracuse (Del Lack & Western)
60
Pittsburgh Bees & Lake Erie(U 0 Steel)
Preferred
Pittsburgh Fort Wayne & Chicago (Penn)
100
Preferred
100
Rensselaer & Saratoga (Delaware dr Hudson)....100
100
St Louis Bridge 1st pref (Terminal RR)
2nd preferred..............................
100
Tunnel RR St Louis (Terminal R11.)
100
United New Jersey RR & Canal(Penne)
Valley (Delaware Lackawanna & Western)...100
viomburg Shreveport & Pacific (III cent)
Preferred
Warren RR of N J (Del Lack & Western)
50
Went Jersey & sea Shore (I'enn)
0 IAst reported market.
par value,
• No
6.00
11.00
6.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.0(1
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
5.00
5.00
5.00
3.50
3.00
Ask.
60
160
70
24
100
131
43
63
70
60
59
33
30
125
62
600
61
80
70
83
55
26
ao
110
140
105
102
52
102
201
78
53
53
42
48
s Defaulted.
Nassau Sc Suffolk Ltg pf 100
Newark Consol
New Jersey Pow & Lt $6 pf •
N Y & Queens E L & P pf100
Ask
5
5
6512
45
86
1012
57 2 62
,
92
58 62
8912 105
Pacific Northwest P 13____•
10
6% preferred
100
9
Prior preferred
6
100
7
Philadelphia Co $5 pref__50 4212
Somerset Un Mcl Lt.....100 68
72
South Jersey Gas & Elec_100 146
Tenn Elec Pow 6% pref_100 48
United G & E(NJ) met 100 451 50
Wash Ry & Elee com___100 260 325
5% preferred
100 81
85
Western Power 7% pref_100 713
4
Investment Trusts.
Ask
Bid
Bid Ask
338 May 1935
8212 8412 a434s June 1974
7612 7712
d3 As May 1954
68
7612 7712
70 a43is Feb 15 1978
a3 As Nov 1954
7612 771.
70 a434s Jan 1977
68
ais Nov 1955 dz 1956
72 a43.(s Nov 15 1978
7612 7712
70
M & N 1957 to 1959_ _
74 a434s March 1981
72
7612 7712
a4s May 1977
72
74 a41is M & N 1957
80
79
ais Oct 1980
74 a434s July 1967
79
72
SO
c4 34s Feb 15 1933 to 1940
57.00 6.50 a4348 Dec 15 1974
80
79
a434s March 1960
76 a4342 Dec 1 1979
74
79
SO
a4303 Sept 1960
7612 7712
a434a March 1962 & 1964_
7612 7712 368 Jan 25 1935
9012 9112
a434s April 1966
901 911,,
.
761 7712 a6s Jan 25 1936
.
34348 April 15 1972
7612 7712 ails Jan 25 1937
9012 0112
a Interchangeable. bl3asis. c Registered coupon (serial). dCoupon.
Ask
2512
35
34
2712
95
3334
152
Par Bid
Kansas City Pub Serv pref •
Metro Edison $7 pref B.__• 67
6% preferred ser C
• 6112
Mississippi P & L $6 pref__• 4212
Miss River Power pref...100 8312
Mo Public Serv pref_100
---
New York City Bonds.
Par Bid
Bank of Manhattan Co...20 2314
Bank of Yorktown
100
liensonhurst Nati
100 25
Chase
20 2512
Citizens Bank of Bklyn.100
City (National)
20 111
4
Comm'l Nat Bank & Tr_100 142
Ask
Bid Ask
4812 Newp N & Ham be '44-1&J 7612 79
N Y Wat Ser be 1951_M&N 71
74
22 Oklahoma Gas 631940_ _ _ _ _
75
70
49 Old Dom Pow 5a_May 15'51 67
51 Parr Shoals P58 1952_ _A&O 43
_
2214 Peoples L & P 5158 1941 JdrJ
3812 42
433 Roanoke W W be 1950_J&J
4
56
60
7512 United Wat Gas de E 581941 79
5414 Western PS 530 1960_ F&A 49
53
Wheeling Electric 5s 194I___ 100 102
65
75
28
105
48
74
66
62
37
34
135
65
64
85
73
88
60
30
60
120
145
110
_
56
205
85
60
60
46
5.5
Par
Administered Fund
1
Amer Bankstocks Corp
•
Amer Brit & Cont $6 pref .•
Amer Business Shares
Amer Composite Tr Shares_
Amer & Continental Corp....
Am Founders Corp 6% p150
7% Preferred
ao
Amer & General Sec el A_ •
Class B corn
S3 preferred
Amer Insuranstocks Corp.*
Assoc Standard 011 Shares_
Bancamerica-Blair Corp_
Bankers Nat Invest'g Corp •
BanesicIlla Corp
Basic Industry Shares
•
British Type Invest A _1
Bullock
Central Nat Corp class A..
Class 13
Century Trust Shares
Chain & Gen Equities
Chartered Investors com •
Preferred
•
Chelsea Exchange Corp A__
Class B
Consolidated Equities Inc_
Corporate Trust Shares___ _
Series AA
Accumulative series
Series AA mod
Series ACC mod
Crum & Foster Ina Shares
Common 11
10
100
7% Preferred
Crum & Foster Ins coin... •
8% preferred
Cumulative Trust Shares
Deposited Bank Shs ser
Deposited Ineur Sin A
Diversified Trlstee Sin B
Dividend Shares
Equity Trust Shares A
Fidelity Fund Inc
First Commonatock Corp...
•
Five-year Fixed Tr Shares
Fixed Trust Shares A
•
•
Fundamental Tr Shares A_ _
Shares B
Fundamental Investors Inc
.
.
General Investors Trust _ _ •
Guardian Invest pref w war
Gude-Winmill Trad Corp...'
Huron Holding Corp
Incorporated Investors____•
Independence Tr Sharea _ _•
Indus & Power Security...
V t o units
Internet Security Corp(Am)
634% preferred
100
6% preferred
100
Investment Coot America_•
7% preferred
100
Investment Fund of N J__
Investment Trust of N
Investors Trustee Shares
Low Priced Shares
Bid Ask
16.25 17.40
1.20 1.38
11
1212
1.58 1.71
37
8 412
6
5
19
15
19
15
6
11
13
11:
32
42
2
3
5
512
33
8 33
4
14
10
2
214
3.29
1.15 1.40
135 14%
Par
Major Shares Corp
Mass Investors Trust
•
Mohawk Investment Corp..
Mutual Invest Trust class A
Mutual Management com_•
National Shaw mut Bank......
National Trust Shares
National Wide Securities Co
Voting trust certificates_
Y Bank de Trust Shares....
No Amer Bond trust etfa_ _
No Amer Trust Shares
Series 1955
Series 1956
Not thern Securities
100
011 Shares Inc units
Old Colony Inv Tr corn___•
Old Colony Trust Assoc Sh •
Pacific Southern Invest pf-Claes A
2112 231,,
Claw B
d12 212 Petrol & Trad'g Corp el A..
1612 1778 Quarterly Inc Shares
5
4
Representative Trust Shares
4 Royalties Management _ _
2
55 60
d14 1 Second Internet Sec cl A__•
'it
Class B common
•
2
210
6% preferred
SO
2.40
Securities Corp Gen $6 pf •
2.33
Selected American Shares__
2.33
Selected Cumulative She___
2.41 2.48 Selected Income Sharee _ _
2.41 2.48 Selected Man Trustees Sin..
Shawmut Association corn..•
11
14 Spencer Trask Fund
68
Standard All Amer Corp...!
15 Standard Amer Trust Shares
12
78
State Street Inv Corp
•
4.10
Super Corp of Am Tr fibs A
2.34 2.60
AA
2.97 3.30
B
77
8
BB
3.15 3.40
C
518 5%
D
1.28 1.37 Supervised Shares
3.00 3.30
8
523 563 Trust Fund Shares
8
1.21 1.38 Trust Shares of America...
4.12 ___ Trustee Stand Investment C
8.98
7.31
Trustee Standard 011 Sin A
418 154
4
412 Trustee Amer Bank Sha A_
2.07 2.27
Series B
438 43 Trusteed N Y Bank Shares_
4
9
12 20th Century twig series......
35
Series B
50e 60e Two-year Trust Shares
17
1812
2.15 2.90 United Bank Trust
125 14
United Fixed Shares ser Y.
1.28 1.40 United Insurance Trust _ _ U 8 & British International
1512 1912
Preferred
•
1512 1912 U Elea Lt & Pow Shares A
B
3
8 114
8
10
Voting trust etre
2
3 Un N Y Bank Trust CS....
43
4 53 Un Ins Tr She ser F
4.80
U S Shares ser H
54
,
Universal Trust Sharee_
Bid Ask
28
3
177 1938
8
363 38
4
412 512
2%
2614 2314
6% 73g
3.45 3.55
8
103 107g
3
312
7812 8184
1.95
2.50 2.80
2.50 2.80
30
35
5
,2
114
8
94
,
1212
14
12
9
1.45 1 55
9.19 9.69
12
13
4
14
1612
029
2.69
7.01
3.74
554
8%
143
4
4.95
3.10
587
8
3.00
2.17
3.15
2.17
6.10
6.00
1.48
4
1
1312
2:5L
7.25
4.25
6%
87
8
1512
4.75
3.30
63%
2:45
27.:16
6.60
6.50
1.58
3%
3
2.27
2.20
47
8
4%
2.20
1.02
1.30
1.90
2.7
14%
418
312
2.55
2.45
3%
218
s
23
484
27
13
10
1412
2.81
1.12
4
2
412
3.07
14
15
2.91
1.19
4%
212
5
3.12
17
2
1.10
1.50
3.10
1618
Telephone and Telegraph Stocks.
Par Bid Ask
Par Bid Ask
Cuban Telephone
100
- 40 Northw Bell Tel pf 6 Si %100 1037 104%
8
7% preferred
100 3112 37 Pug & A tl Teleg US 1%...25
9
Empire di Bay State Tel_100 37
Porto Rico Telephone__ _100
1156Franklin Teleg $2.50_100 23
Roth Telep $6.50 1st p1_100 93 96%
1st Ocean Teleg 6%
100 57 65 So & All Teleg $1.25___25 12
15
Lincoln Tel & Tel 7%
• 80
Tri States Tel & Tel 25..-• 80
New York Mutual Tel...100 12
Wisconsin Telep 7% pref100 1017
a
Sugar Stocks.
Par 1 Bid I Ask
lAsk
Falardo Sugar
60
65 11Sugar Estates Oriente p1100 Bid
---1001 ---- 13
Haytlan Corp Amer
8
•
s Ex-stock dividends.
Ex-dividend.
Financial Chronicle
3886
June 3 1933
Quotations for Unlisted Securities-Friday June 2-Concluded
Aeronautical Stocks.
Chain Store Stocks.
Par Bid
34
Butler(James)corn
100
314
Preferred
100
Diamond Shoe pref
100 45
Edison Bros Stores prof.100 40
Fan Farmer Candy Sh pf_ _• 2012
Fishman(M 11) Stores_ _ _ _•
4
Preferred
100 40
Kobacker Stores pref._ _100 16
Lord & Taylor
100 100
1st preferred 8%
100 75
Sec preferred 8%
100 75
AU
Par Bid
SO
Melville Shoe prof
100 75
9
1212
Miller (I) & Sons pref.,. _100
MockJuds&Voehringerpf 100 34
80
- -pref 100 75
Murphy(SC)
3
1
•
Nat Shirt Shops(Del)
25
100 17
Preferred
NY Merchandise 1st p1.100 733 -4
414 ___
Piggly-Wiggly Corp
•
Reeves (Daniel) pref.. _ _ _100 109
56Rogers Peet Co corn_ _ _ _100
72
100
___ Schiff Co pref
Ask
214
612
12
45
2412
9
60
Industrial Stocks.
Par Bid
Ask
_
Alpha I'ortl Cement pf_ _100
4412 4812
100 67- American Book $4
Bliss(E W)1st prof
50 10
10
2
2d pref B
30
Bohn Refrigerator pf __ _100 15
• 2912 3212
Bon Anal Co B corn
Brunsw-Balke-Col pref _ _100 5012
100 20
3.c
.
Burden Iron pref
Ask
1314
95
21
19
15
Canadian Celanese corn...'
100
Preferred
•
Carnation Co corn
100
Preferred $7
Chestnut & Smith cora_ _ _
100
Preferred
Color Pictures Inc
Columbia Baking com____•
•
let preferred
2d preferred
Congoleum-Nairn Si Pf 100
Crosse & Blackwell corn_ _•
•
Crowell Pub Co 51 com
100
$7 preferred
78
De Forest Phonofilm Corp_ _
Doehier Die Cast pref
Preferred 550 par
Dry-Ice Holding Corp....
Eiseman Magneto corn__ _ _•
100
Preferred
Gen Fireproofing 57 pf_ _100
•
Graton & Knight com
100
Preferred
Herring-Hall-Mary Sate_ 100
100
Howe Scale
100
Preferred
Industrial Accept com_ _ _ _•
100
Preferred
Locomotive Firebox Co_ _ _•
Macfadden Publiens com_5
Par Bid
Macfadden Publiens pt_ _ _ • 1114
100 90
Merck Corp $8 pref
National Licorice com_ _ _100 18
National Paper & Type.100
New Haven Clock pref _100 16New Jersey Worsted pr. 100 3912
• 25
Ohio Leather
100 10
Okonite Co $7 Pre
Publication Corp corn
• 10
11
1512
100 73
57 let preferred
74
79
• 1412
1412 1612 Riverside Silk Mills
Rockwood &Co
• 10
8112
2
100 40
Preferred
413 10
Rolls-Royce of America__ _• - _
38
338 458 Boxy Theatres unit
Common
18
Preferred A
112
100 z29
Ruberoid Co
5
5
100 103
•
12 Splitdorf Beth Else
12
-- - 24 Standard Textile Pro___100
20
100
Class A
80
100
Class B
10112 114 Stetson (J 13) Co pref.._ _25 -- 2
•
5
Taylor Milling Corp
1012
12
5
Taylor Wharton Ir&St corn •
100
Preferred
3
7
112
4 Term Products Corp prof _50
100 341 1
15 TubizeChatillon cupf
2512 3512
114
112 3 Unexcelled Mfg. Co
2
14
17
Walker Dishwasher com_-_•
9
1312 White Rock Min Spring
100 78
3
4 2
$7 1st preferred
100 75
$10 28 pref
5
912
112
4 Woodward Iron
100
22
25
100 40
WorcesterSalt
38
3
Young (is) Co com___ _100 49
100 81
1 12 3
7% Preferred
_
1
134
1
32
1
2
5
2
1312
10
15,
7
414
39
238
3
4
45
Par Bid
Alexander Indus 8% pf _100
1
Aviation Sec Corp(N E)__.
Central Airport
12
•
14
Klraner Airplane & Mot_ _ _1
Par Bid
Ask
2
10 Southern Air Transport_ _ _•
•
3 Swallow Airplane
112 United Aircraft Transport
Preferred x warr
43
1
Ask
5
2
4612
17
8
7
2
Warner Aircraft Engine_ _ _•
Insurance Companies.
Par Bid Ask
Par Bid Ask
b7s
77s
4
Aetna Casualty dc Surety_10 453 473 Importers & Exp of N Y-25
4
36
Aetna Fire
10 34
5
7
5
Aetna Life
10 1714 1914 Knickerbocker
25 4414 4914
Agricultural
23
4 33
4
American Alliance
10 14, 1614 Lincoln Fire
4
118 318
378 .57 Lloyds Ins of Amer
8
American Colony
10
13
American Equitable
5 10
13
8 23
8
5
47
8 67 Majestic Fire
s
American Home
20
35
8 553
2
9
10 Maryland Casualty
American of Newark _ _--2Si
8
8
25 117 147
4
American Re-insurance._10 283 313 Mass Bonding & Ins
4
4
4
638 838 Merchants Fire Assur com10 243 283
American Reserve
10
43
4 63
4
American Surety
25 1914 2114 March & Mfrs Fire Newark 5
37
8 57
8
10
Automobile
4
4
10 173 193 Missouri States Life
10
278 37 National Casualty
8
234
10
4
4
25 213 313 National Fire
National Liberty
2
100 409 434
National Union Fire
20
Carolina
10 1338 1538 New Amsterdam Cas._ _ _10
New Brunswick Fire
City of New York
10
100 111 121
77 107 New England Fire
10
8
Colonial States Fire
8
10
30 New Hampshire Flre_ _ _ _10
Connecticut General Life.10 28
818 1012 New Jersey
20
Continental Casualty_ .10
15 New York Fire
10
10 12
Coamopolltan
Northern
12.50
218 318 North River
Eagle
2.50
5
Excess
4
5
93 103 Northwestern National_ _25
4
512
4714
414
383
4
14114
14
77
8
32
107
8
712
44
1412
6712
Baltimore Amer
Bankers & Shippers
Beaton_
Federal
10
Fidelity & Deposit of Md_20
Firemen's
5
Franklin Fire
5
•
General Alliance
Glens Falls Fire
5
Globe & Republic
5
Great American
10
Great Amer Indemnity...
.5
Halifax Fire
10
Hamilton Fire
50
Hanover Fire
10
Harmonia
10
Hartford Fire
10
Hartford Steam Boiler_._10
Home
6
Home Fire SecurltY
10
Homestead Fire
10
Hudson Insurance
10
712
4914
514
42$4
1634
16
127
2
35
1278
012
49
1612
7212
25 2812 3812
5012 5412 Pacific Fire
4
10 5214 543
363 3934 Phoenix
4
6
8 Preferred Accident
5 878 1078
25
1538 167 Providence-Washington _.10 23
8
3
4
Public Fire
5
30
5
7 Rochester American
25
2412 2612
11 St Paul Fire & Marine
8
25 106 III
4
4
1538 167 Security New Haven_ __ _10 243 263
e
712 912
43
8 638 Southern Fire
25
Springfield Fire & Marine 25 7014 7514
178 412
1358 1558 Stuyvesant
25
1434 393 Sun Life Assurance
4
100 400 450
2612 2812
1212 1412 Travelers
100 387 402
4314 4514
458 558
453 483 U S Fidelity & Guar Co__ _2
4
4
28
4 26
1812 20 U Fire
138 238
21
2.50 19
858 1018 Westchester Fire
37
2 712
Industrial and Railroad Bonds.
Adams Express 45 '47.J&D
American Meter (is 1948._
Amer Tobacco 45 1951 F&A
Am Type Fdrs 65 1937 M&N
Debenture Os 1939_ _M&N
Am Wire Fab 7s '42__M&S
Bear Mountain-Hudson
River Bridge 7s 1953 Adr0
Chicago Stock Yds 59_1961
Conaol Coal 434s 1934 MdeN
Consol Mach Tool 7s_1942
Congo! Tobacco 413 1951_ _ _ _
Equit Office Bldg bs 1952...
Flaytian Corp 88 1938
Hoboken Ferry 51 1946
Journal of Comm 634s.1937
Kans City Pub Serv 68 1951
Loew's New Brd Prop
J&D
88 1945
Bid I
823
4
795
8
9612
4812
42
45
Bid
Ask
Ask
85
6614 Merchants Rettig 63 1937_ _ _
NO Or No RR 58 '55_F&A 61912 274
-65
9812 N Y & Hob Ferr 55'48 J&D 55
55 N Y Shipbdg 58 1940_M&N 63
50
7
54 Pierce Butler Ar P (ilis 1942 53
Prudence Co Guar Coll
4012 43
534s. 1961
71
61
0i- Realty Assoc Sec 6s'37.J&J 28
1612 61 Broadway 534s '50_A&O 52
13
8
565
8 97 So Indiana Ry 4s 1951_ F&A 4612
Stand Text Pr 834s '42 M&S 1212
9312
Struthers Wells Titusville
38
55
5912
6lie 1943
01012 1314
Tol Term RR 414s'57_M&N 7412
60
114
U S steel bs 1951
65
72
1812 2012 Witherbee Sherman (is 1944
Certificates of deposit.... 5412
Woodward Iron Is 1952_ J&J 52612
62
66
32
5612
012
20
40
712
31
Chicago Bank Stocks.
Par
Par Bid lAsk I
100
Amer Nat Bank & Trust_100 68
-- First National
7
8
Harris Trust dt Savings.,.100
Central Republic
100
100
Continental III Ilk & Tr_100 71
72 , Northern Trust Co
Bid Ask
108
250 265
340 355
Realty, Surety and Mortgage Companies.
Ask
Par Bid
Bond dr Mortgage Guar_ _20
8
218 35
Empire Title & Guar.--100
30
Guaranty Title & Mortgage. .50
80
13
4 33
4
Home Title Insurance-_25
International Germanic Ltd
15
20
As
Par Bid
Lawyers Title & Guar__100
4
83 103
4
Lawyers Mortgage
212 4
20
National Title Guaranty 100
112 312
N Y Title & Mtge
8
10
13
8 23
New York Real Estate Securities Exchange
Bonds and Stocks.
Active Issues.
Bid
Bonds
Albany Metropolitan Corp.
1938
6Stir _
Allerton N. Y. Corp.ctfs.__
Colonial Hall Apts Ott:L.-Crossways Apts Bldg ctfs__
1939
Drake. The 6s
10 Emit 40th St Bldg (is 1940
18-20 East 41st St Bldg 88'40
Harding Court Apts
Lincoln Bldg.
Certificates
Loews' Theatre de Realty
Corp. 68, 1947
79 Madison Ave 1314.63 '40
Merchants' Nat. Prop. 65
958 w. w
Active Issues.
Ask
Bid
Ask
Bonds (Concluded)
Montague Court Office Bldg
11
1414
17
13
6 gag945
-- Morls leBond Co.of N. Y.
___
51.45
New Weston Hot Ann 6s'40
10-- New Weston Hot Ann Ws_
19
22
2
N. Y. Athletic Club 6s 1946
21
25
18
20 Postum Bldg. 812 1943_ _ _
8
15
___ 301 East 38th St. Bldg. ctfs_
Varick St. Sta. P.O.6s '41_
134 Waverly Place Apts. Otis
32
39
2014
14
Stocks13eaux Arts Apta.,Inc., units
City dr Suburban Homes Co
17
27
14
1612
13
- 4
103
63
15
73
8 6
1712
8
5
10
Other Over-the-Counter Securities-Friday June 2
Short Term Securities.
Bid
Allis
-ChM Mfg 55 May 1937 84
Amer Metal 534s 1934_A&O 89 4
3
Amer Wat Wks 561934 Ark° 913
4
Bid
Ask I
85 'Mag Pet 4345 Feb 15 '34-35 109
Union 011 ba 1935._ F&A 100
91
93
Railroad Equipments.
Ask
1661.4
Water Bonds.
Bid
Ask
84 IluntIon W lot tls'54__M&S 90
.M&S 80
1st m 55 1954 ser B.
82
78
Is 1962
75
76 Joplin W W 55'57 ser AM&S 75
Kokomo W W 5s 1958 _J&D 73
94
99 Moon Con W 1st 58'56 J&D 77
94 Monon Val W 5/is '50.1da 82
91
94 Richm W W 1st 5s *57.111&N 81
91
73
78 St Joseph Wat 5s 1941.A &O 90
8712 8912 South Pitts Water Co
9412
F&A
1st bs 1955
90 94
94
1st dr ref bs '60 ser A_J&J 90
90
let dr ref 58'60 ser B_J&J 90
85
90 Terre IFte WW (is'49A J&D 99
let in 5s 1956 Fier B J&D 80
85
90
82 85 Texarkana W let 55'58 F&A 75
77
80 Wichita Wat 1st 68 '49 M&S 93
F&A
ao
82 86
1st m 5s '56 ser B
7412 7612
1st m 58 1960 ser C_M&N 80
Bid
Alton Water 611 1955__A&O 81
Ark Wat let Is A 1956_A&O 80
Ashtabula W W be'58_A&O 72
Atlantic Co Wat bs'58 M&S 74
1311'M WW 18t 534* A'54A&O
1st m 58 1954 ser BJ&D
1st 55 1957 series C.
F&A
Butler Water 58 1957_ _A&O
City of Newcastle Wat 55'41
City W (Chat) 58 B '54 J&D
lat 68 1957 series C_M&N
Commonwealth Water
F
1st 58 1956 B
1st m 5a 1957 ser C._ F&A
Davenport W 58 1961 J&J
J&J
E FM& Int W 5a'42
1st m 6a 1942 ser B J&J
1st 58 1960 ser D_ _ _ F&A
Ask
93
83
80
80
76
79
85
84
92
96
93
93
95
77
8186
Atlantic Coast Line 6s
Equipment 8/is
Baltimore & Ohio 6s
Equipment 434s & Is....
Buff Koch dr Pitts equip 65_
Canadian Pacific 4/is dr 65
Central RR of N J 65
Chesapeake & Ohio 65
Equipment 610
Equipment 5s
Chicago & North West (is_ _ _
Equipment 63-4s
Chia RI & Pao 43.4s & 5s_.
Equipment (is
Colorado & Southern 65....
Delaware & Hudson 68
Erie 434s 5s
Equipment 65
Great Northern Os
Equipment 5a
Hocking Valley Is
Equipment 8a
Illinois Central 4/is d5 Is...
Equipment 6s
Equipment 7s & 6344
Bid
6.25
6.00
7.50
7.50
7.50
6.25
5.50
4.75
4.75
4.75
10.00
10.00
12.00
12.00
6.00
5.00
9.00
9.00
5.75
5.75
5.25
5.50
7.00
7.00
7.00
Ask
5.25
5.00
6.50
6.50
6.00
5.50
4.50
4.25
4.25
4.25
8.00
8.00
8.50
8.50
5.00
4.25
7.50
7.50
5.00
5.00
4.75
4.7'5
6.00
6.00
6.00
Kanawha & Michigan 68-Kansas City Southern 5/is.
Louisville & Nashville 68....
Equipment61.4*
Minn SIP & SS M 4 Sis & Ss
Equipment 634* dr 75....
Missouri Pacific 834*
Equipment 65
Mobile & Ohio Ss
New York Central 4/is & Is
Equipment 65
Equipment 7s
__
Norfolk & Western 4
Northern Pacific 78
Pacific Fruit Express 75_ _ _ _
Pennsylvania RR equip Es
Pittsburgh & Lake Erie 63.48
Reading Co 430 & 55
St Louis & San Fran bs
Southern Pacific Co 434*...
Equipment 75
Southern Ry 41.4s & 55
Equipment 65
Toledo At Ohio Central @B.-Union Pacific 7s
• No par value. d Last reported market.
Bid
6.00
8.50
6.50
6.50
12.00
12.00
12.00
12.00
12.00
7.00
7.00
7.00
4.50
5.00
4.50
5.25
6.50
4.75
13.00
5.75
5.75
12.00
12.00
8.50
4.50
Ask
5.50
7.00
5.50
5.50
8.50
8.50
8.60
8.50
8.55
6.00
6.00
8.00
3.00
4.50
3.50
4.60
5.75
4.25
8.50
6 25
6.25
8.00
8.00
5.50
3.60
e Defaulted. s Ex-dividend.
Volume 136
Financial Chronicle
3887
Current Earnings—Monthly, Quarterly, Half Yearly
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, quatterly or half
-yearly,that have appeared the present week. It covers all classes of corporate entities, whether railroads, public utilities,industrial concerns or any other class and character of enterprise or undertaking. It is all
inclusive in that respect,and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand the present week.
It includes also some of those given in our issue of May 27. The object of this index is to supplement the information contained in our "Monthly Earnings Record," which has been enlarged so as to embrace quarterly
and semi-annual statements as well as monthly reports. The "Monthly Earnings Record" was absolutely complete up to the date of issue, May 26, embracing every monthly, semi-annual and quarterly report which was
available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the
list, representing companies which had not yet made up their returns when the Mey number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week,furnishing a reference to every
return that has appeared since the last preceding number of the "Monthly Earnings Record." The latter is
complete in and by itself, and for most persons will answer all purposes. But to those persons who are desirous
of seeing the record brought down to date every week, this further and supplementary index in the "Chronicle"
willfurnish an invaluable addition. The"Chronicle"index in conjunction with the"Monthly Earnings Record"
will enable any one at a glance to find the very latest figures of current earnings and income,furnishing a cumulative record brought down to date each and every week—an absolutely unique service. A further valuable feature
Is that at the end of every return,both in the "Chronicle" and the "Monthly Earnings Record," there is a reference
line showing by date and page number the issue of the "Chronicle" where the latest complete annual report
of the company was published.
Issue of Chronicle
Name of Company—
When Published. Page.
Advance Bag & Paper Co., Inc
June 3__3909
Akron Canton & Youngstown
June 3__3888
Alabama Great Southern
May 27__3706
Alabama Power Co
May 27._3708
Alabama Water Service Co
June 3-3893
Alton & Southern
May 27...3704
Alles & Fisher. Inc
June 3__3910
Alton RR
June 3__3888
Amer. Car & Fdy. Motors Corp
June 3_3910
Amer. I. G. Chemical Corp—May 27..3724
Amer. La France & Foamite Co
June 3__3894
American Public Service Co
May 27....3708
American Service Co
June 3__3910
American Thread Co
June 3__3910
Ann Arbor RR. Co
May 273714
Arkansas Natural Gas Corp
May 27_3725
Arrow-Hart & Hegeman El. Co
June 3-3911
Art Metal Works
June 3__3911
Arundel Corp
June 3__3893
Associated Gas & Electric Corp
June 3_3905
Associated 011 Co
May 27_3708
Atchison Topeka & Santa Fe Sys—June 3__3892
Atchison Topeka & Santa Fe
June 3__3888
Atlanta Birmingham & Coast
June 3__3888
Atlanta Gas Light Co
May 27-3708
Atlanta & West Point
June 3__3888
Atlantic City
June 3__3888
Atlantic Coast Line
June 3__3888
Atl. Gulf & West Indies SS.Lines-.._June 3..3894
Babcock & Wilcox Co
June 3_3912
Baltimore & Ohio
June 3__3888
Baltimore 8c Ohio Chic. Term
June 3__3888
Bangor & Aroostook RR. Co
June 3..3893
Barcelona Trac. Lt. & Pr. Co.,Ltd June 3_3894
Baton Rouge Electric Co
June 3._3894
Beaumont Sour Lake & Western
June 3_3891
Belt Ry. of Chicago
June 3.._3889
Bessemer & Lake Erie
June 3..3889
Bickford's, Inc
June
Bing & Bing,Inc
May 27...3708
Boston & Maine
May 27_3706
Boston Revere Beach & Lynn RR
June 3__3892
Brill Corp
June 3..3912
Brill° Mfg. Co
May 27_3708
British Columbia Telephone Co.__ -June 3_3905
Broad River Power Co
June 3__3905
Brooklyn Eastern District Terminal_May 27__3704
Brown Shoe Co., Inc
June 3__3894
Brunswick Term & Ry. Sec'ties Co June 3_3894
Bunker Hill & Sullivan Mining &
Concentrating Co
May 27-3708
Burlington-Rock Island
June 3....3889
Bush Terminal Co
May 27_-3708
California Water Service Co
June 3__3894
Cambria & Indiana
June 3...3889
Canada Northern Power Corp
June 3__3994
Canadian National Rya
June 3_-3893
Canadian Nat'l Lines in New Eng
June 3__3889
Canadian Pacific Ry. Co
June 3._3893
Canadian Pac. Lines in Maine
June 3_3889
Canadian Pac.Lines in Vermont
June 3_3889
Central of Georgia
June 3__3889
Central Indiana Gas Co
May 27__3708
Central & South West Utilities Co _May 27_3709
June 3._3889
Central RR.of New Jersey
June 3..3889
Charleston & Western Carolina
May 27 3709
Checker Cab Mfg. Corp
May 27._3704
Chesapeake & Ohio Ry
June 3__3894
Chester Water Service Co
June 3_ .3889
Chicago Burlington & Quincy
May 27__3705
Chicago & Erie
June 3__3889
Chicago & Eastern Illinois
June 3__3889
chicago Great Western
June 3 3889
Chicago & Illinois Midland
Chicago Indianapolis & Louisville_ -June 3-_3889
Chicago Junction Rys. & Union
May 27-3726
Stockyards Co
June 3_3889
Chic. MIlw. St. Paul & Pacific
June 3__3889
Chicago & North Western
June 3....3889
Chicago River & Indiana
June 3_3889
Chicago Rock Island & Gulf
June 3-3889
Chicago Rock Island & Pacific
June 3-_3889
Chicago St. Paul Minn.& Omaba
Cinc. New Orleans & Texas Pacific May 27-3706
May 27-3709
Stores Co
City
June 3....3913
Clinchfield Coal Corp
Issue of Chronicle
Name of Company—
When Published. Page.
Clinchfield
June 3__3889
Coca-Cola Co
June 3._3894
Colorado & Southern
June 3_.3889
Columbia Pictures Corp
June 3__3894
Columbus & Greenville
June 3__3889
Commonwealth & Southern Corp_ _June 3__3902
Connecticut Power Co
June 3_.3894
Consolidated RRs. of Cuba
June 3__3892
Consumers Power Co
May 27__3709
Continental Diamond Fibre Co
May 27..3709
Crosley Radio Corp
May 27..3727
Cuba Co
June 3__3894
Cuba Northern Rys
June 33893
Cuba RR
June 3...3893
De Beers Consol. Mines,Ltd
June 3_3914
Delaware & Hudson
May 27...3705
Delaware Lackawanna & Western_ _June 3__3889
Denver & Rio Grande Western ItR_June 3__3893
Denver & Salt Lake
June 3__3889
Detroit & Mackinac
June 3_3889
Detroit Terminal
June 3__3889
Detroit Toledo & Ironton
June 3__3890
Detroit & Toledo Shore Line
May 27__3705
Diamond Match Co
June 3_3894
Duluth Missabe & Northern
June 3__3890
Duluth South Shore & Atlantic__ _June 3_3890
Duluth Winnipeg & Pacific
June 3..3890
Eastern Gas & Fuel Associates
May 27_3709
Eastern Massachusetts St. Ry.Co___May.
27_3709
El Paso Electric Co
June 3__3894
Elgin Joliet & Eastern
June 3__3890
Empire Gas & Electric Co
May 27..3709
Empire Oil & Refining Co
May 27__3727
Emporium Capwell Corp
June 3__3895
Engineers Public Service Co
June 3__3895
Equitable Office Bldg. Corp
June 3._3915
Erie Lighting Co
June 3__3895
Erie RR.Co
June 3__3893
Evans Products Co
May 37..3709
Famous Players Canadian Corp.,
Ltd
June 3__3915
Farr Alpaca Co
May 27...3709
First National Stores. Inc
June 3_3916
Florida East Coast
June 3__3890
Florida Power Corp
June 3__3906
Fonda Johnstown & Gloversville RR May 27__3706
Ft. Smith & Western
June 3__3890
Ft. Worth & Denver City
June 3__3889
Ft. Worth & Rio Grande
June 3_3891
Ford Motor Co
June 3__39l5
Foster &Kleiser Co
June 3__39I6
Foundation Co
June 3..3894
Galveston Wharf
May 27__3705
General Motors Corp
June 3__3895
Georgia
June 3__3890
Georgia & Florida RR
June 3__3893
Georgia Power Co
May 27_3710
Georgia Southern & Florida
May 27__3706
Grand Trunk Western
June 3_3890
Great Northern
June 33890
Green Bay & Western
June 3__3890
Grigsby.Grunow Co
June 3__3895
Gulf Coast Lines
June 3_3893
Gulf Colorado & Santa Fe
June 3._3888
Gulf Mobile & Northern
June 3_3890
Gulf & Ship Island
May 27.._3705
Gulf States Utilities Co
June 3__3895
Gypsum Lime & Alabastine, Ltd
June 3..3916
Hagerstown Light & Heat Co. of
Washington County
May 27...3710
Hudson & Manhattan RR
May 27_3710
Illinois Central System
May 27__3705
Illinois Central RR
May 27__3705
Illinois Terminal
June 3_3890
Indiana Harbor BeltiRR
June 3.._3900
Insuranshares Ctfs., Inc
June 3__3895
International Great Northern
June 3__3890
International Rys. of Central Amer_June 3__3893
International Tel. & Tel. Corp
May 27_3715
Iowa Public Service Co
May 27.._3720
Kansas City Southern
June 3_3890
Kansas Oklahoma & Gulf
June 3_3890
(Rudolph)ICarstadt, Inc
May 27..3729
Keith-Albee-Orpheum Corp
May 27,...3730
(B. F.) Keith Corp
May 27_3731
Kentucicy,Securitle‘Corp
June,.3.-3895
Issue of Chronicle
When Published. Pace.
Name of Company—
May 27_.3710
Kentucky Utilities Co
Keystone Telephone Co. of Phlla—May 27__3720
June 3__3895
Key West Electric Co
Kresge Department Stores, Inc
May 27_3731
June 3—.3890
Lake Superior & Ishpeming
May 27_3705
Lake Terminal
June 3__3895
Lee Rubber & Tire Corp
June 3__3890
Lehigh & Hudson River
June 3__3890
Lehigh & New England
May 27__3731
Lehigh Valley Coal Co
Lehigh Valley Coal Sales Co
May 27_3732
June 3_3899
Lehigh Valley RR
May 27._3720
Lehigh Valley Transit Co
June 3_3895
Lexington Utilities Co
June 3_3907
Lexington Water Power Co
May 27..3710
Loblaw Groceterias, Ltd
June 3_3907
London Street Ry. Co
June 3-3891
Long Island
June 3__3892
Los Angeles & Salt Lake
June 3__3890
Louisiana & Arkansas
June 3__3890
Louisiana Arkansas & Texas
May 27_3716
Louisiana & North West RR
-June 3._3895
Louisiana Oil Refining Corp
June 3_38941
Louisville & Nashville RR
June 3._3893
MahonIng Coal RR
May 27_3706
Maine Central
June 3-3895
Manila Electric Co
may 27-3733
Maracaibo Oil Exploration Co
Massachusetts Utilities Associates_June 3_3907
May 27_3733
Massey Harris Co.. Ltd
May 27-3733
Mead Corp
May 27__3733
Mesta Machine Co
June 3_3895
Mexican Light & Power Co
June 3_3895
Mexico Tramways Co
May 27_3733
Middle States Petroleum Corp
June 3_3890
Minneapolis 8c Sc. Louis RR..
June 3_3890
Mississippi Central
May 27..3721
Missouri Edison Co
June..3__3890
Missouri Illinois
June 3__3890
Missouri-Kansas-Texas Lines
June 3__3890
Missouriok North Arkansas
June 3..3891
Missouri Pacific
June 3.._3891
Mobile & Ohio
June 3__3891
Monongahela
May 27__3705
Monongahela Connecting
Mother Lode Coalition Mines Co____May 27_3734
June 3. _3917
(Philip) Morris & Co., Ltd
June 3__3895
Murray Corp. of America
'
June 3__3917
(G.C.) Murphy Co
May 27-3710
(F. E.) Myers & Bro. Co
June• 3__3891
Nashville Chat.& St. Louis
May 27..3734
National Fireproofing Corp
May 27_3707
National Railways of Mexico
June; 3_3918
Neptune Meter Co
Nevada California Electric Corp..__.May 27_3710
June 3_3891
Nevada Northern
May 27_3705
Newburgh & South Shore
May 27_3705
New Jersey & New York
June 3__3891
New Orleans Great Northern
May 27_3706
New Orleans & Northeastern
New Orleans Texas & Mexico
June 3__3891
New River Co
June 3...3918
June 3__3898
New York Central RR
N. Y. Central Electric Corp
May 27_3721
New York Chicago & St. Louis
May 27..3705
June,3__3891
New York Connecting
New York New Haven & Hartford_May 27._3706
New York Ontario & Western
May 27_3706
N.Y.& Richmond Gas Co
June 3...3895
N. Y. State Elec. & Gas Corp
May 27__3710
N. Y. Susquehanna & Western
May 27...3705
New York Telephone Co
May 27_3710
N. Y. Water Service Corp
June 3__3895
N.Y. Westchester & Boston Ry
May 27__3710
Niles-Bement-Pond Co
May 27.._
Norfolk Southern
June 3__3891
Norfolk & Western
May 27_3707
North American Cement Corp
May 27._3711
North American Edison Co
May 27-3711
North American Gas & Elec. Co
May 27._3722
Northern Alabama
May 27...3706
Northern Pacific
June 3_3891
Northern Pennsylvania Power Co.. June 3__3908
North Penn Gas Co
June 3__3908
Northwestern Pacific
June 3__3891
North West.Utilities Co
June_ 3. _3908
3888
Financial Chronicle
Issue of Chronicle
• Name of CompanyWhen Published. Pape,
Ohio Edison Co
May 27__37I1
Old Dominion Power Co
May 27__3711
Oklahoma City Ada-Atoka
June 3__389I
(The) Orange & Rockland Elec. Co__May 27__3711
Oregon Short Line
June 3_3892
Ore.
-Washington Ry. & Nay. Co__June 3..3892
Ore.
-Washington Water Service Co__June 3__3895
Pacific Fruit Express Co
June 3__3919
Pan American Foreign Corp
June 3..3919
Pan American Petroleum Co
June 3__39I9
Panhandle & Santa Fe
June 3_3888
Park & Tilford, Inc
May 27_3711
Parmelee Transportation Co
June 3_3895
Peerless Motor Car Co
June 3__3895
Penn Central Lt.& Pr. Co
May 27._3711
Pennsylvania RR
June 3__389I
Pennsylvania RR. Regional System_May 27_3707
Pennsylvania Rubber Co
June 3__39I9
Peoria & Eastern Ry. Co
May 27__37I7
Peoria & Pekin Union
June 3_3891
Pere Marquette Ry
May 27__3705
Phila.& West Chester Traction Co__May 27._37i1
Phoenix Hosiery Co
May 27__3735
Pittsburgh & Lake Erie
June 3__389I
Pittsburgh & Shawmut
June 3_3891
Pittsburgh Shawmut & Northern___June 3._3891
Pittsburgh Sub'ban Water Serv. Co_June 3..3895
Pittsburgh United Corp
May 27__3736
Pittsburgh & West Virginia
June 3__389I
Ponce Electric Co
June 3__3895
Public Service Co.of New HampshireMay 27..3723
Puget Sound Power & Light Co.,. __June 3__3895
Pyrene Mfg. Co
June 3...3919
Quincy Market Cold Storage & Warehouse Co
June 3_3920
Railway Express Agency,Inc
June 3..3897
Reading Co
May 27__3705
Remington Arms Co
May 27__37I1
Richfield Oil Co
May 27__3736
Richmond Fred•ksburg & Potomac_June 3_3891
Ritter Dental Co
May 27_3711
Roanoke Gas Light Co
May 27__37I1
Roch.& L.Ontario Water Serv. Co.
.June 3_ _3897
Rossville Alcohol & Chemical Corp__May 27__3736
Issue of Chronicle
Name of CompanYWhen Published. Page.
Royal Dutch Co
June 3__3900
Rutland RR
June 3__3891
St. Joseph & Grand Island
June 3__3892
St. Louis Brownsville & Mexico
June 3__389I
St. Louis San Francisco
June 3__3891
St. Louis San Francisco & Texas ___June 3__389I
St. Louis Southwestern Ry. Lines.
..May 27_3707
San Antonio Uvalde & Gulf
June 3...3891
San Diego & Arizona
June 3__389I
Savannah Electric & Power Co
June 3..3897
Seaboard Air Line
May 27__3705
Seattle Gas Co
May 27_3711
Scovill Mfg. Co
June 3__3920
Scranton Spg.Brook Water Serv. Co-Tune 3__3896
(E. W.) Scripps Co
June 3__3921
Serial, Inc
June 3__3897
Shell Union Oil Co
May 27...3711
Sioux City Gas & Electric Co
May 27__3723
Snia Viscosa
June 3__392I
Snider Packing Corp
May 27..3737
Soo Line System
May 27..3707
South Bay Consolidated Water Co__June 3__3897
Southern Bell Tel. &Tel.Co.,Inc- May 27__37I1
Southern Ice Co
June 3__392I
Southern Pacific
June 3__3892
Southern Pacific Lines
May 27__3707
Southern Pipe Line Co
May 27._3737
Southern Pacific SS. Lines
June 3__3892
Southern Ry
May 27_3706
Southwest Pipe Lines
May 27__3737
Southwestern Light & Power Co_ _ _June 3__3909
Spokane International
June 3__3892
Spokane Portland Seattle
June 3__3892
Standard Cap.& Seal Corp
May 27__37I1
Standard Commercial Alcohol Co.
..June 3__3922
Staten Island Edison Corp
June 3__3897
Staten Island Rapid Transit
June 3__3892
Swedish Ball Bearing Co
June 3__3922
Stromberg-Carison Tele. Mfg. Co..
.June 3__3922
Sweets Co. of America
June 3..3897
Tennessee Central
June 3__3892
(The)Tennessee Electric Power Co__May 27_3712
Term RR. Assoc. of St. Louis
June 3..3892
Texarkana and Ft. Smith
June 3__3890
Latest Gross Earnings by Weeks.
-We give below the
latest weekly returns of earnings for all roads making such
reports:
Current
Year.
8
2,883,262
1,940,000
14,750
168,707
1,904,760
260,400
201,459
Period
Covered.
3rd wk of May
3rd wk of May
3rd wk of May
26 wk of May
3rd wk of May
2d wk of May
3rd wk of May
Name
Canadian National
Canadian Pacific
Georgia ee Florida
Minneapolis & St Louis
Southern
St Louis Southwestern
Western Maryland
Previous Inc.(+) or
Year.
Dec.(-).
$
i
2,935,728
-52,466
2,218,000 -278,000
12,500
+2,250
132,516
+36,191
1,751,013 +153,747
226,956
+33,444
210,244
-8,784
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Gross Earnings.
Length of Road.
Month.
1932.
January
1931.
365.522,091
336,182,295
375.617.147
369.123.100
368,417,190
369,133.884
376,314.314
363.778,572
364.385.728
382.551.904
304.829.968
288.205.766
1932.
274,890.197
231,978,821
288.880,547
274.976,249
266.892.520
289.633,741
267.473.938
254,382.711
245.860.615
237,482.789
251,761.038
284.724.582
298.076,110
2.53.223.409
February
March
April
May
June
July
AAIMMt
September
October
November
December
245.751.231
1933.
228.889.421
185,897,862
219.857,806
January
February
March
(+) or
Dec.(-).
-90,545.842
--69.289.775
-85.983.406
-101,649,162
--114.034.479
--123,273.269
--138,851.525
-112.017.534
---79.661.146
-64.475.794
-51.606.559
--42,454.835
-46.000,776
-46,080,759
-69.022,941
.
Net Earnings.
1931.
Mlles.
244,243
242,312
241.996
241,876
241,995
242.179
242,228
242.208
242.292
242,031
241.971
241.806
1933
241.881
241,189
240,911
Mlles.
242.365
240.943
241.974
241.992
242,163
242.527
242.221
242.217
242,143
242.024
242.027
241.950
1932.
241,991
241,467
241,489
Inc (+)Or Dec.(-).
1932.
1931.
Amount.
Per Cent.
8
8
2
-26.082,646
-8.702.988
-17.036,708
-22.022.366
-36.24
-13.11
-20.18
-28.97
-41.41
-47.58
-52.43
-34.12
-9.83
-8.51
-4.32
47,008 035
JULY
AtItIlst
46.125,932
62.540.800
46.940.685
67,375,637
67.670,702
72.023.230
66.078.525
84.706.410
56.263.320
47,429.240
79385,676
81,052,518
89.688.856
83,092,939
March
63.482.600
+4.372.095
+8.17
1433.
45.603,287
41,460,593
.
43.100.02)
No..wary
101.914,716
86.854.615
67.854.695
January
92.153.547
98336,295
63,966,101
September
October
November
December
-33,823378
-42.680,821
-60.857,623
-32.530.008
-9.060.608
-3,578,421
-2,888,514
1932.
45,964,987
56,187.604
88.358.042
-361,700
-14,727,011
-25,256.013
-0.76
-26.21
-36.95
96.983.456
95.070.808
Net Earnings Monthly to Latest Dates.
1932.
$132,439
30.998
11,777
1931.
$184,400
64,634
35,961
1930.
$262,557
94,733
50,851
424,937
119,266
43,515
543.252
175,595
89,105
686,561
217,894
110,476
1,007.554
345,850
181,739
Net from railway
Net after rents
Alton-
April1931.
1932.
1930.
1933.
Gross from railway... $1,012,369 $1,150,264 $1,630,662 $2,021,499
Net from railway_ _ _ _
447,407
352,651
202,243
242,495
Net after rents
160,566
12,210
-66,197
67,130
From Jan. 1
Gross from railway... 3,900,696 4,862,552 6,469,764 8,143,414
Net from railway_ _ _ _
1,132.309
1.436,037
916,447 1.020,181
Net after rents
38,181
237,525
50,419
05.769
Atlanta Birmingham & Coast1931.
April1930.
1932.
1933.
$314,979
Gross from railway--- 8229.310
$343.055
$227.753
29,833
Net from railway__ --33.158
20,932
-25,347
68,884
-66,326
Net after rents
-10,998
-55,998
From Jan 1
820,286
Gross from railway---6.429
Net from railway
-115,339
Net after rents
921.540
-170,937
-293.455
Atchison Topeka & Santa Fe SystemApril1932.
1933.
Gross from railway-- $8,986,311 $10,808,049
Net from railway____ 1,187,354
1,790,664
170,833
Net after rents
633,291
From Jan. 1
Gross from railway
33,568.237 43.411.202
Net from railway2,986.539 7,212,866
Net after rents
1.456.757 2,272.247
Atch Top & Santa FeApril1932.
1933.
Gross from railway._. 7,451.018 9,058,076
Net from railway__ _ _ 1,090,592 1,707,701
Net after rents
880,516
370,289
From Jan. 1
Gross from railway_ _ _ 27,549,992 35.872,716
Net from railway_ _ _ _ 2,650,372 6,315.800
Net after rnets
-550,335 2,741.155
1,218,802
-172,129
-324,289
1931.
1930.
$14.360,750 $18,249,852
2,142,147 2,350,930
896,794
917,876
56.952,330 71.416.438
10.625,448 12,148,478
..4,999,232 5.781.650
1931.
1930.
12,130,628 15,174,326
2,260.629 2,270,207
1,296,416 1,221,996
48,254,490 58,763,264
10,142,146 11,446.745
5,961.716 6,756,410
Gulf Colorado & Santa FeApril1932.
1933.
1931.
1930.
Gross from railway_ -- $903,053 $1,080,848 $1,385,834 81,877.758
83,250
Net from railway_ _ _ _ -11,423
92,085
4,829
Net after rents
-189,740 -103,317 -197,611 -138,507
Gross from railway_ _ _ 3,637,975
Net from railway_ _ _ _ -39,851
Net after rents
-793,523
Panhandle & Santa FeApra1933.
Gross from railway_ - _ $632,240
Net from railway_ --108,186
Net after rents
-9,717
From Jan. 1
Gross from railway_ _ _ 2.380,270
Net from railway_ _ - _
376,019
Net after rents
-112,899
Atlanta & West PointApril1933.
Gross from railway...
$92,408
Net from railway_ ___
-9,552
Net after rents
-30.748
From Jan. 1
-
373,150
Gross from railway...
Net from railway_ _ _ _ -37,366
-116,917
Net after nets
Atlantic City1933.
AprilGross from railway... $103.333
Net from railway.... -32,638
-81,757
Net after rents
From Jan 1
424,025
Gross from railway...
-145,944
Net from railway
-336.788
Net after rents
Atlantic Coast LineApril-
Gross from railway
Net from rallway
Net after rents
From Jan. 1
Gross from railway
Net from railway_ _ _ Net after rents
4,741,930
573,622
-220,251
5,351,805
192,685
-627.511
1932.
$669,124
-288
-143,907
1931.
1930.
$844,288 $1,197,768
-23,311
-11,361
-180,929 -186,694
2,796,556
323,444
-248,657
3,346,035 4,886,976
290,617
380,781
-343,973 .-336,318
7,766,198
320,952
-638,441
1932.
$109,773
-2,055
-22.686
1931.
$170,033
27,603
6,404
1930.
$219,735
39.181
11,825
467,307
-6,607
-88,450
662,279
74.417
-6,928
860,925
164,404
57,046
1932.
$128,292
-35,853
-78.369
1931.
•8195.273
--45,259
--96,527
1930.
$220,683
-32,838
-90,279
500.977
-181,888
-356,578
665,282
--271,614
--475,503
810,610
-231,860
-454,116
1932.
1933.
1931.
1930.
33,836.054 $4,016,738 $5,991,836 $6.148.325
1.012,889 2,013,895
1,384,171
1,770,251
351,666
671,449
1,019.144
1,150,658
15,053,965 16.776.530 24,443,531 26,336,943
4,175.783 8.145,832 8,251,511
5,064,351
1.563,479 4,885,614 5,319,583
2.482,161
Baltimore & Ohio System
Baltimore & Ohio
Akron Canton & YoungstownApril
1933.
Gross from railway... $111.025
Net from railway____
36.651
Net after rents
18,600
From Jan 1
Gross from railway...
Issue of Chronicle
Name of CompanyWhen Published. Page.
Texas Mexican
June 3_3892
Texas & New Orleans
June 3__3892
Thatcher Mfg. Co
June 3_3897
Third Avenue Railway System
June 3__3897
Toledo Peoria & Western
June 3__3892
Toledo Terminal
June 3_3892
Transamerica Corp
June 3_3901
Tung-Sol Lamp Wks.,Inc
June 3._3922
Union Sag & Paper Corp
May 27..3737
Union RR. of Penns
June 3__3892
Union Pacific Co
June 3..3892
Union Twist Drill Co
June 3__3923
Union Water Service Co
May 27_3723
United Dyewood Corp
May 27_3737
United Piece Dye Works
June 3..3923
United Profit Sharing Corp
June 3_3923
United Shoe Machinery Corp
May 27_3713
United States Corp
May 27..3738
U. S. Finishing Co
June 3__3923
Universal Pictures Co., Inc
June 3_3924
Utah
June 3__3892
Utica Gas & Electric Co
May 27..3724
Virginia Electric & Power Co
June 3__3897
Virginian
June 3__3892
Wabash Ry
May 27._3706
Waco Aircraft Co
June 3__3897
Warner Quinlan Co
May 27_3712
Water Service Cos., Inc
June 3__3909
Western Air Express Corp
June 3__3924
Western Maryland Ry. Co
June 3__3893
Western N. Y. Water Co
June 3_3897
Western Pacific
June 3_3892
Western Public Service Co
June 3__3897
Western Ry. of Alabama
June 3__3892
Western Pr. Lt. & Telephone Co____May 27_3724
Weston Electrical Instrument Corp_June 3._3898
Wheeling & Lake Erie
June 3__3892
Wichita Falls & Southern
June 3__3892
Willys-Overland Co
May 27..3714
Winnipeg Electric Co
May 27..3724
Winston-Salem Southbound Ry. Co_May 27_3718
Yazoo & Mississippi Valley
May 27..3705
York Railways Co
May 27_3712
Yukon Gold Co
June 3..3924
From Jan. 1
-
1932.
Month.
January
February
March
April
May
June
June 3 1933
1,391,303
--115,206
--245,676
1932.
1931.
1930.
-1933.
April
Gross from railway... 89.128.831 811.150,489 $15,047,016 $18,080,233
Net from railway_ _ _ _ 2,493,910 2,192,494 3,274.504 4,281,871
1,147.378 2.108,037 3,132,732
Net after rents
1.479,223
From Jan 1
-
35,145,292 45,038,526 59,392,981 69.311,404
Gross from railway
Net from railway_ __ _ 9,279.258 9,659,367 11,054,200 14,529,241
Net after rents
5,290,619 5,621,581
6,668,760 9,937,950
B &0 Chicago Terminal1932.
1930.
April
1933.
1931.
5355,875
$276,548
$267,494
Gross from railway... 8228.478
73.886
39.664
Net from railway_.__
44.413
40.292
113.356
70,006
Net after rents
81.820
151,182
From Jan 1
1,286,303
1,144,220 1,037.655
Gross from railway
945,114
116,660
151.992
Net from railway_ --113,035
95.767
330,037
330,717
Net after rents
355,990
320,055
Bangor & AroostookApril1933.
Gross from railway___ 8613.630
Net front railway....
318,463
Net after rents
251,213
From Jan. 1
Gross from railway... 2,597,137
Net from railway.... 1.341,691
Net after rents
1.012,050
1932.
$827.381
458.402
368,348
1931.
$789,368
350.555
270,038
1930.
$893,386
384,640
287.173
2,907,747
1,449,251
1,110,300
3,309,202
1,458,959
1,112,377
3,742.780
1,724,993
1,347,113
Volume 136
Financial Chronicle
Belt Ry of Chicago-April1933.
1932.
1930.
1931.
Gross from railway_ _ _ $302,959
$603,308
$452,409
$306,446
Net from railway.._-170.254
81,433
147,250
116,275
Net after rents
151.875
74,814
46,912
140,841
From Jan 1
Gross from railway.-- 1,117,445
1,815,505 2,380.411
1.318,716
Net from railway _ 663,885
337,050
605,127
366,273
Net after rents
601,997
506,781
495,760
293,835
Bessemer & Lake ErieApril1930.
1931.
1932.
1933.
Gross from railway
$965,241
$614,778
$277,070
$319.863
Net from railway
173,154
-1,752
126,748
-59,017 Net after rents
140,002
155,020
-83,642 -21,343
From Jan 1
Gross from railway..._
1,946,980 2,875.275
829,182 1.016,175
Net from railway
--9,676
-591.560.
481,369 -431,089 Net after rents
--33,374
-702,175
555,449 -463.843 Burlington & Rock IslandApril1930.
1931.
1932.
1933.
Gross from railway.-$143,015
$99,423
$62,700
$57,923
Net from railway_ _ _ -13,658
--16,307 -114,571
-12,517
Net after rents
--49,333 -148.525
-30,989
-26,083
From Jan. 1
Gross from railway.....
602,559
430,386
368,192
249,651
Net from railway_ _ _ _
-15,110
-32,897 -352,364
30,081
Net after rents
-54.660 -170,989 -490,596
-75,614
Cambria & IndianaApril
1930.
1931.
1932.
1933.
Gross from railway__ _
$95,769
$94,040
$90,984
Net from railway
15,724
28.866
22.397
Net after rents
63.796
73,018
53,787
From Jan 1
Gross from railway....
431,923
393,751
414,896
Net from railway_ _ _ _
118,677
127,707
151,651
Net after rents
352,554
305.947
330,057
Canadian National SystemApril1931.
1930.
1932.
1933.
Gross from railway--411.110,406 $13,529,951 $15,233,779 818.310.024
Net from railway-- -134,839
2,190,693
782,977
894,891
From Jan. 1•
Gross from railway.- 41.688,433 53,185,255 60,434.769 79,892,654
Net from rallway____-4,158,082
546,574 3,993,352 6.755.214
Canadian Nat Lines in New EngApril1930.
1931.
1932.
1933.
Gross from railway.-$108,342
$161,770
$118,596
$62,658
Net from railway__ -30,312
-49,576
1.795
-39.645
Net after rents
-97,778 -120,938
-54.436
-82.711
From Jan 1
Gross from railway.-755.163
537.070
411.699
318,087
Net from railway.... -72,378
-48,125
-92.456 -109,606
Net after rents
-272,902 -324.720 -367,156 -336.959
Canadian Pacific Lines Main
April1930.
1931.
1932.
1933.
Gross from railway_
$296,258
$155,173
$215,415
$135,151
Net from railway_ _ _ _
47,174
51,023
17,472
18,360
Net after rents
10,782
18.745
-14,908
-11,460
From Jan. 1
Gross from railway__..
830,252 1,002,618 1,160,967
727,739
Net from railway_.._
212,114
268.306
188,797
204,126
Net after rents
128,350
61,961
77,534
84,626
Canadian Pacific Lines in VermontApril1930.
1931.
1932.
1933
Gross from railway- -_
$191,880
$105,932
$104,037
$65,920
19,444
Net from railway_ _ _ _ -13,225
-21.789
8,506
Net after rents
-15,053
-53,848
-18,788
-36,084
From Jan. 1
Gross from railway__ _
638,066
453.119
367,451
245,044
Net from railway_ __ .. -93,086
12,874
--57,909
-44,430
Net after rents
-184,263 -150,335 --182,207 --124,494
Central of GeorgiaApril1930.
19311932.
1933.
Gross from railway..-- $992,156 $1,126,259 $1,584,513 $1,956,738
Net from railway
430,039
316,820
153,903
133,182
Net after rents
314,502
197,626
42,053
22,181
From Jan 1
Gross from railway.-- 3,626,642 4,318,494 6,298,352 7,859,452
1,824,075
1,491,304
571,976
354,288
Net from railway
Net after rents
981,999 1,293,387
97,640
-136,776
Central RR of New JerseyApril1930.
1932.
1931.
1933.
Gross from railway
$1,985,040 $2,888,050 $3,601,272 $4,375,531
Net from railway......
981,107
1,135,919
931,141
435,241
Net after rents
419,383
629,599
463,663
77,479
From Jan 1
Gross from railway.-- 8.526,346 10,886,522 13,620.053 17,184,311
Net from railway---- 2,292,445 2,921,726 3.165,834 3,673.541
Nst after rents
1,974.930
1,766,841
1,126.592 1,564,174
Charleston & Western CarolinaApril1930.
1931.
1932.
1933.
Gross from railway_ _ _ $190,290
$290,100
$180,294
$268,763
Net from railway_ _ _
63,980
99,967
58.268
94,110
Net after rents
40,987
38,179
73,024
73,503
From Jan. 1
Gross from railway.....
1,003,372
645,438
908,021
618,193
Net from railway......
160,841
152,113
242,209
215,501
Net after rents
69,082
77.489
143,616
140,178
Chicago Burlington & QuincyApril1930.
1932.
1931.
1933.
Gross from railway.-- 135,465,204 $6,550,714 $9,442.326 $11.713.530
Net from railway...-- 1,365,380
1,650,356 2.659,795 3.489.655
Net after rents
1,531,020 2,312,717
689,833
348.914
From Jan 1
Gross from railway.... 20,901,092 27,813,036 38.508,965 45.730.394
Net from railway.... 4,666,544 7,797,846 12,140,211 14.669,359
Net after rents
7.504,819 9,836,855
820,596 3,797,771
Chicago & Eastern IllinoisApril1932.
1931.
1930.
1933.
Gross from railway... $831,659
8910.546 $1,313,031 81,681.820
Net from railway_ _ _ _
494
146.559
242,875
92,848
228,596 -106,187
--52,470
Net after rents
-99,030
From Jan 1
Gross from railway..... 3,613,682 4,320.115 5,348.673 7,009.220
411.662
395,713
882.923
Net from railway- _ 450,321
Net after rents
-381,011 -533,009 -616,934 -238,206
Chicago Great Western
1931.
1930.
1932.
1933.
Gross from railway__ $1,049,815 $1,305,890 $1,674,080 $1,910,411
474,003
423,930
418,997
Net from railway_ _ _
224,972
197.597
153,658
174,358
Net after rents
-28,984
From Jan. 1
5,315,573 6,475,514 7,327,094
Gross from railway..... 3,942,831
1,464.472
1,964,186
1,687,411
Net from railway......550,281
386,207
869.404
701,848
Net after rents
-443,899
Chicago & Illinois Midland1931.
1932.
1930.
April1933.
$227,989
$85,361
$256,798
Gross from railway.... $223,752
36,403
-45,728
57,649
77,127
Net from railway- --20.671
-68,583
46,512
73,838
Net after rents
From Jan. 1
919,097
934,411
1,017,632
918,406
Gross from railway-149,433
284.539
193,148
285,343
Net from railway__ - _
88,514
232,420
rents
135,902
260,195
afterN
Chicago Indianapolis & Louisville1931.
1932.
1930.
April1933.
$984,537 $1,269,439
$619,978
Gross from railway_.- $556,100
78,366
210,968
273,703
106,100
Net from railway_ _ _ _
27,741
-61,549
79,244
-17.655
Net after rents
From Jan. 1-.
from railway-- _ 2,135,166 2,834,636 3,914,238 5.147.300
Gross
790.010
472,266
1,140.574
281,309
Net from railway..... _
98.399
332,501
-207,112 -158,921
Net after rents
Chicago Milwaukee St Paul & Pacpril1932.
1933.
Gross from railway__ $6,426,177 $6,751,125
Net from railway.... 1,586,416
959,136
Net after rents
500.465 -217,374
From Jan 1
Gross from railway_ 23,469,862 27,953,386
Net from railway...-. 3.952,562 4,545,409
Net after rents
-368,327 -210.198
Chicago & North Western1932.
April1933.
Grossfrom railway.-- $5.098,578 85,898.089
Net from railway_ _ _ _
624,540
532.862
Net after rents
-239,698 -324.642
From Jan 1
Gross from railway
19,449,089 24,344,488
Net from railway_ _ _ _ 1,597,477 3.545.823
Net after rents
-1.70,2.943 -189,400
Chicago River & Indiana1932.
April1933.
Gross from railway.-- $342.437
$356.177
Net from railway...-.
170,537
194,020
196,110
Net after rents
222,567
From Jan 1
Gross from railway.-- 1.304,652 1.517.280
Net from railway__ -739.241
693,493
832.228
Net after rents
808,144
3889
1931.
1930.
$9,474.705 $11,973.713
1,240,945 2,028.570
124,954
881,472
37,222.578 46,027,522
6,518.945 8,231,097
1,830,866 3,640,302
1931.
1930.
$8,809.875 $10,586,279
1.047,269 1.629.371
104,071
729,099
33,854.225 41,180.068
5.557.462 6.916.300
1.825.771 2.987.328
1931.
$480,997
209.371
234,177
1930.
8528.084
208.383
240,140
1,879.420
314,881
948,375
2.128,938
856,390
983,175
Chicago R I & Pacific System
Chicago Rock Island & Gulf
1932.
1931.
1930.
April
1933.
8549.470
Grossfrom railway.-- $263.992
$434,812
$318.183
173,331
85,040
135.541
Net from railway...-.
74,270
81,876
91.257
21.867
Net afterrents
-31,2,14
From Jan 1
Gross from railway
1,028,640 1,407.795 1,849,213 2,173.882
646.583
626,403
495,209
Net from railway....
254,484
391,634
436,601
230,780
Net after rents
-124.730
Chicago Rock Island & Pacific1930.
1931.
April1932.
1933.
Gross from railway..... $4.714,682 85.400,751 $7,992,355 89,981,869
2,707.023
1.066,377
1,787,333
Net from railway__ 1,055.351
779.504
1,555.586
200,300
Net after rents
304.779
From Jan. 1
Gross from railway- 17.987,220 22,984.924 31.599,184 39,278,379
Net from railway_ - 2.493.773 4,255,663 7.121,826 8,441,118
847.510 3,373,429 4,438,743
Net after rents
-511,672
Chicago St Paul Minn & Omaha1931.
1930.
April1933.
1932.
Gross from railway..... $995,239 $1.161,033 $1,566.687 $1,9I2.692
148,217
264,550
107,094
25,398
Net from railway
-781
92.992
-39,504 -131.133
Net after rents
From Jan. 1
Gross from railway.... 3,734.825 4.794,570 6,182,224 8,103,331
1,360,214
577,784
323,192
225.896
Net from railway_ _ _ 631.134
-71.869
-341,962 -314,287
Net after rents
Clinchfield1930.
1931.
1932.
April1933.
$559.300
$476.882
$335,249
Grossfrom railway_ -- $333.934
189,163
172,456
105,242
136,739
Netfrom railway
161.465
130,899
52,571
Net after rents
90.756
From Jan 1
Grossfrom railway.... 1,467,638 1.486.122 1,957.372 2.203.266
771.923
673.090
502.988
645,825
Netfrom railway
786,490
608,972
291,873
Net after rents
467.491
Colorado & Southern System
Colorado & Southern1931.
1930.
1932.
April1933.
$790,969
8603.161
$407,260
• Grossfrom railway- $330,998
135.599
22,851
55.765
-4,829
Netfrom railway
--59,408
--33.471
43.956
-74,347
Net after rents
From Jan 1
Grossfrom railway--- 1,451,846 1,864,430 2.653,421 3.494,622
822.709
468.237
244.213
119,579
Netfrom railway
449,451
-82,691
124.410
-166,992
Net after rents
Fort Worth & Denver City1930.
1931.
1932.
1933.
April8743.917
$521,815
$403.807
$343,216
Grossfrom railway.. _
164,346
115,394
73,822
81,798
Netfrom railway
119,147
69.473
17,346
30,480
Net after rents
From Jan 1
Grossfrom railway.... 1,477,873 1,871,453 2.219,673 3,160,748
731.688
562,749
580.933
420.141
Net from railway
522,545
363.412
351,328
219.684
Net after rents
Denver & Salt Lake1931.
1930.
1932.
1933.
April$133,111
$122,615
$73,054
868,573
Grossfrom railway_
-24.453
15,999
-2,113
2,952
railway
Netfrom
--32,276
3.796
17,213
-2.822 Net after rents
From Jan 1
970.967
606,667
635.635
409,013
Grossfrom railway--328,240
166.858
281,477
122,006
Netfrom railway
298.611
137.266
231,891
88.713
Net after rents
Columbus & Greenville1930.
1931.
1932.
1933.
April$143,241
$94.044
$59,409
Gross from railway..$55.596
21,594
17,334
--186
10,850
Net from railway....
12.937
15,208
707
11,403
Net after rents
From Jan. 1587,398
356,438
274,884
198,680
Gross from railway
112.829
42,962
7.564
Net from railway....... -17,486
78,420
37.894
-10,339
-17,640
Net after rents
Delaware Lackawanna & Western1930.
1931.
1932.
April1933.
Gross from railway... $3.169,660 $4,432,186 85,433.158 85,848.386
1.423,720
1,402,981
1,084,882
Net from railway_ _ _ _
446,421
918.923
882,451
614.976
Net after rents
1.665
From Jan 1
20,304.966 22,964,492
Gross from railway_ _ _ 13,063.600 16.722.097
Net from railway...... 1,696,690 3,725.749 4,423.177 4,816.281
Net after rents
-59,682 1.998,160 2,587,933 2,942.704
Denver & Rio Grande Western
1930.
1931.
1932.
1933.
Gross from railway-- $1,092,398 $1,145,131 $1,768,928 82.071.705
493.555
407.210
115.344
Net from railway... _
184,560
349.874
249,389
Net after rents
-29,275
43.629
From Jan. 1
Gross from railway..... 4,378.769 5.215,500 7,534,789 9,136.172
722.117 1,843,870 2.285,678
Net from railway_ _ ..
687.929
1,674.069
1,290.327
Net after rents
155,986
169,904
Detroit & Mackinac1930.
1931.
1932.
April- .
1933.
$95,967
$101.627
Gross from railway......
344.631
$48.346
17.228
--2,368
38,795
Net from railway_ _ _
3,831
7.543
Net after rents
-2.156
--10,109
28,464
From Jan 1
324,956
197,186
Gross from railway.....
150,700
287,675
8.478
Net from railway......
--7,850
6,961
66,650
-29.713
Net after rents
-32,207
--24,599
28,108
Detroit Terminal1930.
1932.
April1933.
1931.
$145,878
Gross from railway...
$47,484
3101,410
$51.785
43.644
Net from railway__
6,666
4,046
25.430
24,603
Net after rents
-4,027
-14,251
--1,028
From Jan. 1
555,793
382,842
Gross from railway.....
200,600
267,565
148,139
93,813
30,645
Net from railway.56.188
84,662
9,059
Net after rents
-25,884
21.724
3890
Detroit Toledo &IrontonApril1933.
Gross from railway-- $270.683
Net from railway....
79,013
Net after rents
38,757
From Jan 1
Gross from railway- _ 1,181,671
Net from rallway
441.685
Net after rents
250.081
Financial Chronicle
1932.
$373.292
96,684
42.645
1,522,671
393,153
157,555
1931.
1930.
$560,190 $1,248,546
161.622
635,189
92,378
510,075
2,549,562
920,751
629.010
4,508,310
2.248,518
1.797.808
Duluth Missabe & NorthernApril1933.
1931.
1932.
1930.
Gross from railway_ _ _
8149,907
$93,193
$170.041
$73,788
Net from railrmy
--260,490 --339.099 --680,710 --648,107
Net after rents
-264.146 --345,683 --693.172 --732.045
From Jan. 1
Grossfrom railway317,126
257.118
508,021
737.709
Net from railway___--1,173.880 --1,448,501 --2.326.657 --2,268.394
Net after rents
--197,985 --1.483,803 --2,577,092 --2,671.151
Duluth South Shore & AtlantIcApril1933.
1932.
1931.
1930.
Gross from railway...... 8138.429
$138,984
5259.
421
$333,130
Net from railway....
7,588
40.297
-6.900
69.919
Net after rents
-18,035
6.266
-37,133
25,335
From Jan. 1
Gross from rail way557,922
1,007,177
501.291
1,354,367
Net from railway._ -40.218
-59,220
157.692
231.370
Net after rents
-147,102 -183,857
9.690
52,372
Duluth Winnipeg & PacificApril1932.
1933.
1931.
1930.
Gross from railway.-$70,324
$54,119
$100,319
$133,084
Net from railway.... -23,805
-15,830
-28,613
-7,174
Net after rents
-9,123
-898
--22.494
-10,723
From Jan. 1
Gross from railway....
215.183
333.409
456.059
696.897
Net from railway.... -98,814
-18.391
-64.138
71.703
Net after rents
-33,590
38,430
31.344
-52,538
Elgin Joliet & EasternApril1933.
1931.
1932.
1930.
Gross from railway
$628,296
$639,703 $1,450,707 $2,161,916
Net from railway
120,106
320,194
690.764
38,243
Net after rents
-18,236 -105,083
141,918
577,270
From Jan. 1
Gross from railway-. 2,339,369 3,170,631
5,768.034 8,202,884
Net from railway._
235,261
408,694
1,186,069 2,439,688
Net after rents
-298,536 -217,939
397,007 1.196.591
Erie SystemAyrii-1932.
1930.
1933.
1931.
Lehigh & Hudson RiverGross from railway... $5,147,199 $6.303,915 $7,880,866 39,089.535
April1933.
Net from railway....
1,253,144
738,466
1,006.551
1,349,059
Gross from railway.-- $107,104
Net after rents
667.426
997,554
445,756
949,906
Net from railway
28,576
From Jan. 1
Net after rents
7,900
Gross from railway
20,729,628 25.011.601 31,052,825 36,319,072
From Jan. 1
Net from rallway
3,040,131
3,969.486
5,559,893 5,510,773
Gross from railway
440,772
Net after rents
1,886.707 2.733.220 4.334,069 4,121.813
Net from railway........
125,552
Net after rents
Florida East Coast.35,451
April1932.
1933.
1931.
1930.
Lehigh & New EnglandGross from railway__ _ $815.283
$731,397
3986,153 31,320,215
April1933.
Net from railway....
320,600
202.708
354.869
499,552
Gross from railway.-- $224,713
Net after rents
177,657
43.996
173,670
294,630
Net from railway
44,303
From Jan 1
Net after rents
46.415
Gross from railway.._.. 3,503,643 3,618.123 4,688,928 5,048.153
From Jan 1
Net from railway
1,500,385 1.443,001
1.803,858 2,600,780
Gross from railway
901.543
Net after rents
996,453
815.084 1,080.156 1,772,906
Net from railway.-152,076
Fort Smith & WesternNet after rents
162.690
April
1932.
1933.
1931.
1930.
Louisiana & ArkansasGross from railway__ _
$43.911
$47,809
$58,920
$91,911
April1933.
Net from railway
-2,893
-7.950
--1,232
253
Gross from railway- $317.107
Net after rents
-9,884
-16.534
--14.783
-15,345
Net from railway.......
113,485
From Jan 1
Net after rents
71,207
Gross from railway.. _
221.124
203,346
286,338
464,574
From Jan 1
Net from railway
--9.336
4,532
22,599
65.422
Gross from railway - 1,255,804
Net after rents
--35.404
--17.176
-27,211
3.378
Net from railway
461,525
Net after rents
285,696
GeorgiaApril
1932.
1933.
1931.
1930.
Louisiana Arkansas & Texas
Gross from railway... $271,511
3266,516
$393,032
3434,855
April1933.
Net from railway____
57,292
41.214
79,633
77.388
Gross from railway.....
361.250
Net after rents
59,406
46,778
77,371
78.969
Net from railway....
7,921
From Jan. 1
n4
Net after rents
-4.323
Gross from railway
990.361
1,415,353 1,607,339
964,966
From Jan 1Net from railway
22.220
124.406
184,737
219,837
Gross from railway 226,372
Net after rents
127,422
38.058
196,774
236,369
Net from railway
5.946
Net after rents
-44,338
George & FloridaLouisville & NashvilleA.pril1932.
1931.
1933.
1930.
Gross from railway._ _
April$77,142
$131,311
$75,090
1933.
$124.664
Net from railway...Gross from railway...... $4,551.561
-8,690
-1.120
13,857
4,193
Net after rents
Net from railway__
576,848
--16,256
-6,438
1,592
--3,566
From Jan. 1
Net after rents...
105,823
Gross from railway..._
From Jan 1
300,514
263,889
506,436
506,528
Net from railway.... Gross from railway _ 19.258.327
-47.827
36.366
15,135
28,068
Net after rents
Net from railway __ 3,641.266
-84,307
-29.685
67,726
-12.027
Net after rents
2,189,525
Grand Trunk WesternMinnejpolia & St LouisApril1932.
1931.
1933.
1930.
April1933.
Gross from railway.... $1,132,860 $1,246,127 $2.033.431 $2,673,888
$577,749
Gross from railway
Net from railway____
45,381
281.879
14,035
700,062
Net from railway__._
35,386
Net after rents
-151,639 -157,358
3,476
397,598
Net after rents
-31.322
From Jan. 1
From Jan. 1
Gross from railway_.._ 4,577,089 5.280.355 7,398,036 9,950,066
Gross from railway... 2,106,781
Net from railway..
291,691
999.284 2.257,881
270,028
Net from railway.... -46,223
Net after rents
-521,569 --571,281 -258,535 1,097,779
Net after rents
-291,465
Great Northern RyMississippi Central
April1931.
1932.
1933.
1930.
April1933.
Gross from railway.... 83,961,764 $4,194,930 85,841,572 37,425,102
Gross from railway-.
$49,940
Net from railway____
463,904
921,487
873,145
909,231
Net from railway____
4,592
Net after rents
178,497 -287,046
90,898
136,060
Net after rents
-2,385
From Jan. 1
From Jan. 1
Gross from railway
14,450,859 16.234,773 23,377.968 27,847,938
Gross from railway
168,157
Net from railway
1,272,080 4,194.694 3,718.995
1.753,034
Net from railway........
419
Net after rents
927,634
-1,146.869 --1,611,979
674,385
Net after rents
-23.401
Green Bay & WesternMissouri IllinoisApra1932.
1931.
1933.
1930.
April
1933.
Gross from railway....
$121,400
$99,844
$80.305
$148,052
Gross from railway....
358.672
Net from railway...-_
16,880
10.330
7,949
34.203
Net from railway____
11,179
Net after rents
7.999
1,507
18,942
1,364
Net after rents
-4,475
From Jan 1
From Jan 1
Gross from railway......326,072
392.171
475.791
573.991
Gross from railway
241,187
Net from railway
45,765
48,340
34,932
149,007
Net from railway
22.543
Net after rents
12,609
10,117
6.544
97.072
Net after rents
-32,853
Gulf Mobile & NorthernMissouri-Kansas-Texas
April1931.
1932.
1933.
1930.
April1933.
Gross from railway... $283,482
8307.980
$3387,491
$539.881
Gross from railway... $1,819,962
Net from railway
79,270
94,138
136,948
91,257
Net from railway..___
321.650
Net after rents
40,434
40,057
49,996
73,066
Net after rents
-31,288
From Jan. 1
From Jan. 1Gross from railway-.
1,460.337 2,093,792
1.094,697
967,428
Gross from railway..... 6,939,182
Net from railway
210,311
239,013
110.307
425,275
Net from railway
876,680
Net after rents
27,201
-52,312
178,701
44,630
Net after rents
-545,179
Illinois Terminal CoMissouri & North Arkansas
April
April1931.
1932.
1933.
1930.
1933.
Gross from railway...... $382,256
3547,992
Gross from railway.-$379,928
$643,099
$72,596
Net from railway
183,272
Net from railway...-.
128,200
102,543
200,862
13,624
Net after rents
Net after rents
46,604
127,179
75.325
135,305
3,155
From Jan 1
From Jan. 1Gross from railway_ _ _ 1,381,519 1,645,333 2,124.353 2,513,774
Gross from railway...
237,008
Net from railway
368.471
Net from railway..
444,391
670,497
747.034
-1,196
164,304
Net after rents
Net after rents
212,112
442.627
460,798
-40,508
June 3 1933
International Great Northern
Arpil1932.
1933.
Gros from railway--- $1,075,992
3874,063
Netfrom railway
332.296
137.083
Net after rents
153,313
6.075
From Jan 1Grossfrom railway- _ _ 3.771.751 3,545,768
Netfrom railway
1.023.431
395,581
Net after rents
417.610 --132.686
Kansas City Southern System
Kansas City SouthernApril1932.
1933.
Gross from railway..._ 8684,991
$746.551
Net from railway
190,643
186.936
Net after rents
86,449
75,090
From Jan. 1
Gross from railway- 2,591,871 3,083,911
Net from railway
630,499
789,875
Net after rents
250,538
354,107
Texarkana & Fort SmithApril1933.
1932.
Gross from railway.-877,495
387.780
Net from rallway
23,768
19,989
Net after rents
-3,771
-6,192
From Jan. 1
Gross from railway......
276,629
365,633
Net from railway
.
63,238
87,954
Net after rents
-39,194
20,182
Kansas Oklahoma & GulfApril1933.
1932.
Grossfrom railway..-- $135,607
$153.828
Netfrom railway
54.782
63.806
Net after rents
23,945
32.776
From Jan 1
Grossfrom railway.... _
518.593
628.473
Netfrom railway
229,268
271.372
Net after rents
116,870
140,465
Lake Superior & IshpemingArpil1932.
1933.
Grossfrom railway _ _
.
320,465
$26,154
Netfrom railway
-26,210
--26,960
Net after rents
-39.536
--42,981
From Jan 1
Grossfrom railway.. _ _
107.990
87,842
Netfrom railway
104.034 -109,106
Net after rents
-157.474 173.683
1930.
1931.
31,957,685 $1,289.405
156,189
531,635
1.422
254.064
6,070.621
1,446.464
691.742
5.118.925
586,401
18.996
1930.
1931.
31,037.959 31,387,182
363,452
267,213
134,934
200,910
4.401,458
1,424,396
936,289
5,574,855
1.655,615
979,081
1931.
3174,240
71,868
42,334
1930.
$230,329
81.380
52,209
585,982
210.887
88.584
822.536
289,476
124,503
1931.
3198.073
63,893
29,392
1930.
$256,583
105,729
64.013
824,432
333,156
188.228
1.059.091
499,771
328.149
1931.
$52.949
-22,700
40.465
1930.
$80.294
-18,028
-32,565
203,860
-133,078
-210,836
267.939
-100,617
-167.097
1932.
3154.333
54,461
24,001
1931.
$187,399
74,485
40,401
1930.
$190,769
53,742
24,809
572,006
142,162
33,861
678,857
201,760
78,848
743.661
169,043
62.045
1932.
$352,316
102,160
96.153
193].
$400,527
109,111
102.798
1930.
$431,694
121.907
98,904
1,203.231
303,742
300.430
1.439,314
311,232
306,763
1.527.992
323.248
273.287
1932.
$335,095
82,437
52,661
1931.
$473,816
151,656
88,488
1930.
$642,844
176.096
84.396
1,422,619
390,303
217,778
1.739,654
514,783
271.255
2,499,905
747,093
381.324
1932.
$43.797
--590
-7.785
1931.
$56.943
-5,842
--15,882
$86,409
3,817
--12.282
191,422
6,352
--24.791
249,976
11.983
--34.450
3 -'
1 5,836
3
--14,506
--85.580
1932.
1931.
1930.
35,054,273 57.712,081 89,586,518
383,060 1.278,300
1.282,114
-121,500
694,563
817.095
22,241,466 31,122,186 39.606.818
2,759,531
4,939,431
5.789,528
1.025,742 2,933,944 3.890,361
1932.
$630,056
7.112
--61,163
!PI
2,565,428
80.670
-186,805
1932.
352.908
-1,021
7.763
214,942
-21,749
[--51,774
1931.
-1
1930.
$868,143 $1,021,477
174,665
98,685
83.668
25,715
t.
3,363,506 3.925,601
310.256
268,438
-32,493 -105,692
1931.1
$76,903
10.120
1.612
1930.
8127,495
32,306
25,063
•••
335,453 11 499,545
51,682 , 113,499
16,069 ,t L84,682
1932.
798
571.
13,244
285
1931.
3110,357
25,445
17,437
1930.
$160.553
41.892
31,726
301,408
61.732
8.452
429,514
86,827
30.980
608,817
161.573
107,214
1932.
1930.
1931.
82,219,253 $2,760,831 $3,617,166
991,327
579,197
536,595
554,526
190,492
131,788
8,966.880 11,039,456 14.451,697
3,678,571
2.101,176
2,486,381
1,928,340
630,079
908,270
1932.
365.000
-11,059
-21.529
1931.
$124,476
29,925
14,918
1930.
$167,126
, 47,760
28.731
307.301
-6,089
-51,227
442.838
42,429
-13,345
603,101
127,359
59.813
Financial Chronicle
Volume 136
Missouri PacificApril
Gross from railway__ _
Net from railway_ _ _
Net after rents
From Jan. 1
Gross from railway__ _
Net from railway_ _ _ _
Net after rents
Mobile & OhioApril
Gross from railway...
Net from railway__ _
Net after rents
From Jan 1
Gross from railway__ _
Net from railway....
Net after rents
1933.
1932.
1931.
1930.
$4,780,719 85.636,112 $8,140,251 $10,144,941
692,044
1,276,395 2,147,187 2.250.081
527,618
1.455,924
1,474.565
55,633
19,130,245 23,874.120 32,676,253 40,694,684
3,322,372 5,193,528 8,665.400 9,874,963
638,974 2,305.628 5,616,223 6,434,521
1933.
$668,155
158,452
44,920
2,297,515
280.705
-115.417
1932.
1931.
1930.
$758,391 $1,031,506 $1,362,993
240,709
349,380
137,178
101,187
189,816
8,633
2,758.527
272,013
--198,974
3,770,904
628,327
135.718
5,045,301
1,031,475
446,039
MonongahelaApril
1932.
1931.
1930.
1933.
Gross from railway_- $231,830
$349,629
3407,407
$539,998
Net from railway
235.345
191,879
209,777
133,897
Net after rents
103.444
115.511
120.341
57,630
'.From Jan. 1
Gross from railway_
966.169 1,325.772 1,659,159 2,136,594
Net from railway
771,609
903,210
694,877
555.236
Net after rents
389.030
427,390
346,844
247,112
Nashville Chattanooga & St Louis
Arpil1930.
1932.
1931.
1933.
Gross from railway__ _ $1,078,423
$986.673 $1.516.015 $1.873.481
Net from railway
54.269
374,377
259,807
215.197
Net after rents
281,193
188.818
--3.517
160.803
From Jan 1
Gross from railway _ 3,866.905 4,090,725 5,620,406 6,971,531
Net from railway
1.174,523
296,548
755.080
500,598
Net after rents
891,818
446,729
86,706
303,848
Nevada NorthernApril1931.
1930.
1932.
1933.
Gross from railway.-347,327
$67.040
$27.737
$19,492
Net from railway._ _ _
26,975
1,062
14,335
-2,910
Net after rents
9,224
19,218
-5,885
-4.777
From Jan. 1
Gross from railway
179,254
285.861
115,324
78,258
Net from railway__,,_ -18,802
41,078
127,358
-2,046
Net after rents
92,511
19,283
-20.653
-31,158
New Orleans Great NorthernApril1930.
1931.
1932.
1933.
Gross from railway.... $132,299
$270.209
3182,832
$145,564
Net from railway_ _ - _
56,114
99,588
48.316
52,288
Net after rents
27.804
43.435
24,581
13.915
From Jan. 1
Gross from railway...
721,790 1,034,329
586.459
517,497
Net from railway330.042
209,564
179,658
194,740
Net after rents
129.951
100.685
41.694
68.283
New Orleans Texas & Mex System
New Orleans Texas & MexicoApril1930.
1933.
1931.
1932.
Gross from railway--- 3134.966
3299,150
$218,468
$147,300
Net from railway-- _ -38,232
95.296
29,575
61,369
Net after rents
55,840
108,950
65,413
39.098
From Jan. 1
Gross from railway--1,113,487
792.091
472,463
601,295
Net from railway.--84.141
167,869
108,890
319.527
Net after rents
199.324
144.282
124,282
354,190
Beaumont Sour Lake & WesternApril1932.
1931.
1933.
1930."
Gross from railway.-- $136,440
3323.542
$156,097
$309.962
Net from railway.. _ _ _
53,948
126.398
37,668
78,644
Net after rents
4,094
-18.684
-4,834
46.930
From Jan. 1
Gross from railway.-618,969
937,661
464,510
1,229,195
Net from railway.._.
258,471
126,094
129.937
371,245
Net after rents
-95,859
-24.785
-53.777
70.531
St Louis Brownsville & MexicoApril1932.
1931.
1933.
1930.
Gross from railway_ _ _ $436.100
$544,021
$811,797
1,023,253
Net from railway
274,083
363,098
170,949
425,437
Net after rents
192,859
248,625
286,269
80,629
!From Jan. 1
Gross from railway.-- 1,597,781
2.309,118 2,856,274 3.826.716
Net from railway---1.081,277
1.101,507
1,604.544
599,287
Net after rents
749,237
687,883
1,177,681
309,672
New York Central System
New York CentralApril1932.
1931.
1930.
1933.
Gross from railway-320.403,720 324.837.712 333.679.119 841.329,147
Net from railway
5,023,691 4.309.020 6.869.133 9,145,818
Net after rents
363,974 2,801.601
5.489,952
1.420,162
From Jan 1
Gross from railway.-- 82.593,236 106,171,265 133.011,198 164,533,670
Net from railway.-- 19,225,949 23,427,180 26,357,860 34,375,215
Net after rents
4,815,423 7.520.136 10.138,900 19,945,620
Indiana Harbor BeltApril1931.
1932.
1930.
1933.
Gross from railway- $603,311
3804.814
$612.193
3976.479
Net from railway_ _ _ _
251,134
237.227
197,359
338,630
Net after rents
128,664
161.767
99,370
239,013
From Jan 1
Gross from railway_ 2,239,339 2,590,723 3,230,161
3,764,780
Net from railway.....
792,092 1.051,744
825,739
800,441
Net after rents
514,371
464,306
439,826
745.428
Pittsburgh & Lake ErieApril1932.
1931.
1930.
1933.
Gross from railway... $895,242 $1,091,297 31.637.396 32.437.425
Net from railway....
299.189
74,599
133,006
481.486
Net after rents
163.060
392.631
.
104.904
602.942
From Jan 1
Gross from railway_ _ _ 3,492,148 4.372.802 6,492.232 9.321.695
Net from railway....
429,260 1.059,139 1.643.821
217,550
Net after rents
584.197 1.367.088 2.132,989
349,306
New York ConnectingApril1931.
1932.
1933.
1930.
Gross from railway.-- $221.745
$185,011
$190,416
$208,747
Net from railway....
141,184
125,184
181.082
139.910
Net after rents
62.680
61,926
113.598
76,864
From Jan. 1
Gross from railway
797.794
766,449
938,838
881,525
536,408
Net from railway---..
614.126
768,616
632,272
311,964
271,912
Net after rents
466,909
368.909
Norfolk SouthernApril1932.
1931.
1930.
1933.
$564.409
Gross from railway... $358,643
$400,595
$639,289
47,030
124,863
Net from railway
67,198
163.748
-9.519
57.487
13,541
Net after rents
88,807
From Jan 1
Gross from railway
1,204.355 1.386.177 1.976.109 2,340,287
11.659
290,162
Net from railway.... -33.963
481.354
39.047
--233,586 -202,146
Net after rents
208,216
Northet n Pacific1931.
1932.
April1933.
1930.
$3,805,917 $5,246,076
Gross from railway..... 83,371,687
$6.394,268
242,576
350,585
582,591
Net from railway---- -76,696
3.248
-348,158 -106,383
215.296
Net after rents
Jan. 1
Gross from railway... 11,739,969 14.315.051 19,P47,767 24,332,255
-78,493 1,778,582 2.734,156
-988,179
Net from railway
391,096
-2.047.417 -1,480.625
1,342,152
Net after rents
3891
Northwestern PacificApril1930.
1932.
1931.
1933.
$434,145
Gross from railway... $201.041
$244.191
$322,742
--12,222
Net from railway_ ---42,548
-16,227
-6,777
Net after rents
--55,856
-60.113
-88,300
-40,986
From Jan. 1
936,058 1,188,878 1,580.812
Gross from railway.-697.925
Net from railway_ _ _ _ -163,884 -148.581 --265,815 --147,802
Net after rents
-297.064 -313,455 --444.614 --310.242
Oklahoma City-Ada-Atoka
1932.
1931.
1930.
April1933.
$33,892
Gross from railway-$55,436
$86.351
$30,409
10,487
Net from railway_ _ _ _
12,012
21.454
13,209
-1.479
-4.186
4,134
Net after rents
2,496
From Jan. 1210,285
140,359
338.366
Gross from railway_ _ _
112.541
51.981
38.172
59,328
Net from railway_ _ _ _
43,245
-10,452
-13.544
Net after rents
2,425
-11.076
Pennsylvania System
Pennsylvania RR
1930.
1932.
1931.
April1933.
Gross from railway-S23.476.055 $29,328,474 $40,720.388 850,337.469
Net from railway_ _ _ _ 6,645,457 7,986,103 8.562,567 13.740,165
Net after rents
3.333,259 4.581.414 4,784.312 9.570.360
From Jan 1Gross from railway
92,814.574 119.931,417 155.803,293 194.308.130
Net from railway
23.111,035 27.985.244 28,243.425 44,246.253
Net after rents
11,529.319 16.284,390 15.111,129 29.505.396
Long Island1930.
1931.
1932.
April1933.
Gross from railway..-- $1,796,130 32.404.950 $2.976,402 33,123,136
876,051
927.753
Net from railway_ _ _
496,524
785.763
497.044
582,574
420.824
Net after rents
153,976
From Jan 1
Gross from railway
9,341.954 11.142,907 11,778.043
7,304,648
2,951,737 2,673,268
Net from railway
2.018,432 2.410,681
1,803,467 1.482,382
Net after rents
846,258
1.202.406
Peoria & Pekin Union
1930.
1931.
April1932.
1933.
3139,314
392.656
Gross from railway-.
$68,181
$66.758
14,752
-4,227
Net from railway_ _ _ 17,715
11,246
19.185
Net after rents
2.703
21,912
15,478
From Jan 1576.612
408,382
Gross from railway....
301.588
265.558
117.328
62,503
Net from railway...-.
47,641
59,512
120,280
103,298
Net after rents
67,784
71,253
Pittsburgh & Shawmut1930.
1931.
April1932.
1933.
$108,988
$81,036
Gross from railway.-$60,316
$42,675
28.341
21,088
8.935
Net from railway_ _ _ _
-316
30,213
18,713
Net after rents
8,544
-1,139
From Jan. 1437,374
304,607
Gross from railway..._
184,880
247,396
108,152
54,503
23,599
Net from railway_ __ _
913
114,138
47,635
23,069
Net after rents
836
Pittsburgh Shawmut & Northern1930.
1931.
1932.
April1933.
3143.965
8105,510
387,728
Gross from railway_ -$69,620
28:177
27,476
5,331
8,686
Net from railway__ _ _
18,392
19,508
--900
Net after rents
2,564
From Jan. 1
566,738
428,673
352,350
Gross from railway_ -276,679
143.185
110,721
32,748
Net from railway_ _ _ _
30.612
104.543
87,420
7.127
Net after rents
3,738
Pittsburgh & West Virginia
1930.
1931.
1932.
1933.
$361.717
$280,238
3195.274
Gross from railway
$195,210
141.164
80,124
45,800
Net from railway_ _ _ _
65,679
169,391
81,626
38,540
62,210
Net after rents
From Jan. 1
1,268,002
1,047,614
787.018
Gross from railway
670,043
421,494
263,576
170,104
150,526
Net from railway_ _
486.236
286,092
128,165
Net after rents
125,796
Richmond Fredericksburg & Potomac
1930.
1931.
1932.
April1933.
$923,827 31.009,498
$627,292
Gross from railway- $574,727
223,211
313,178
156,876
Net from railway.....
174,333
113.896
185,169
68,156
Net after rents
85,646
From Jan. 1Gross from railway_ . 2,223,259 2,680,074 3,605,645 4,162,397
_
1.187.596
1,238,324
661,176
591,407
Net from railway_ _ _ _
738,296
695.071
287,497
248,772
Net after rents
Rutland1930,
1931.
1932.
1933.
April$442,729
$409,478
$334,665
Gross from railway_ _ _ $261,593
84,369
74,645
65,302
22,936
Net from railway_ .... _
60,776
67,504
46,391
14.737
Net after rents
From Jan. 1
1,739.233
1.316,533 1,484,426
999.470
Gross from railway_ _ _
200,331
102.160
165.547
39,505
Net from railway- --.
40,428
153.734
93.578
3.867
Net after rents
St Louis-San Francisco System- Fort Worth & Rio Grande1932.
1931.
1930.
April1933.
$58,273
$72,288
$38.785
333,017
Gross from railway.---19,339
--21,410
--16.819
Net from railway__ _ _ -22.620
-36,476
--31,114
--34,358
-33,891
Net after rents
From Jan. 1
192,806
279,486
141,316
126,216
Gross from railway....
-98.993
--55,728
Net from railway_ --- -96.290 -105,632
Net after rents
-139,811 -153.261 --154,744 --107,709
St Louis-San Francisco Ry Co
1930.
1931.
1932.
1933.
Gross from railway-- $2,995.529 $3,475,971 84.849.794 86.078.078
806.628 1.373,658 1,669,735
Net from railway____
514,573
981,712 1.333.338
441.734
Net after rents
143.649
From Jan. 1
Gross from railway
11.517,496 13,694,254 18,734.793 24.332.631
Net from railway..--- 1.553.864 2.456,289 4,916.641 6,553.774
920,994 3,359.008 5,303.435
27.702
Net after rents
St Louis-San Francisco of Texas
1931.
1932.
1930.
April1933.
370,162
$100,386
$139,908
Gross from railway...
385.980
-7.053
14,875
13,857
Net from railway_ _ _ _
5.691
--44.592
-18,620
-45,118
Net after rents
-22,473
From Jan. 1405,182
305.068
560.618
294,852
Gross from railway_ _ _
77,869
--20,265
72.792
Net from railway_ __ _ -48,321
Net after rents
-162,085
-167,673 -214.826 -59.975
San Antonio Uvalde & Gulf1932.
April1931.
1930.
1933.
394.738
Gross from railway
$163.534
358.380
$133,665
51,522
Net from railway_ _
31.887
23,967
4,795
Net after rents
-2,870
18.806
-20,582
-8.190
From Jan 1
Gross from railway...
250,714
427.738
610,463
635,257
Net from railway_ _ _ _
204.388
41,404
146.460
196,370
77.003
Net after rents
-64.344
14.553
64.178
San Diego & Arizona
April1932.
1930.
1933.
1931.
Gross from railway__
3102.480
$27,912
$15,379
$54.885
29,075
Net from railway._ _ _ -12,150
-27,531
-7.537
23,882
Net after rents
-14.240
--11,944
--32,613
From Jan 1414,465
Gross from railway
166.347
278,553
143,746
114,854
Net from railway....
26.595
-6,121
30,002
95,581
Net after rents
11,325
--16,655
-47.073
Financial Chronicle
3892
Southern Pacific System
Southern Pacific CoApril1933.
Gross from railway_ _ _ $6,979,594
Net from railway_ _ _ _ 1,252,805
72,572
Net after rents
From Jan 1
Gross from railway_ .... 26,124,306
Net from railway.. _ __ 3,068,517
Net after rents
-1,791.433
Southern Pacific SS Lines
1933.
Grossfrom railway_ _ _ $293,117
Net from railway.. _ _ _ -80,853
Net after rents
-82,287
From Jan 1
Grossfrom railway_ _ _ 1,171,959
-346,973
Net from railway
-354.320
Net after rents
Texas & New Orleans1933.
AprilGrossfrom railway_ _ _ $2,272,956
337,645
Net from railway_ _ _ _
-97,672
Net after rents
From Jan 1
Grossfrom railway.._ _ 8,614,653
674,909
Net from railway __
-1,026,099
Net after rents
Southern Ry System
New Orleans Terminal
1933.
Gross from railway_ _ _ $107,161
67,262
Net from railway.. _ _ _
46,487
Net after rents
From Jan. 1
442.799
Gross from railway_ _ _
285,232
Net from railway_. _ _
183,223
Net after rents
Spokane International1933.
April$30,051
Gross from railway.--10,469
Net from railway
-17,462
Net after rents
From Jan 1
114,315
Grossfrom railway- -Net from railway_ _ _ _ -47,146
Net after rents
-73,802
-Spokane Portland & Seattle
1933.
AprilGross from railway__ _ $328.591
111,674
Net from railway_-26.942
Net after rents
From Jan. 1
Gross from railway_ _ _ 1,117.450
238.618
_
Net from railway
-88,595
Net after rents
Staten Island Rapid Transit1933.
ApraGross from railway__ _ $142,534
39,786
Net from railway.. _ _ _
10,367
Net after rents
From Jan. 1
545,493
Gross from railway- _
116,411
Net from railway__ _ -14,237
Net after rents
CentralTenn
1933.
AprilGross from railway__ _ $141,396
26,733
Net from railway_ _ _ _
7,395
Net after rents
From Jan. 1
618,201
Gross from railway_
143,851
Net from railway_ __ _
68.574
Net after rents
Terminal Ry Assn of St Louis1933.
AprilGross from railway..
- $481,329
217,394
Net from railway_ _ __
200,739
Net after rents
From Jan. 1
Gross from railway.... 1,805,700
618,502
Net from railway__ _ _
526,750
Net after rents
Texas Mexican1933.
April254,737
. Grossfrom railway_ _
-5,983
Net from railway__
-12,939
Net after rents
From Jan 1
207,468
Grossfrom railway.. _ _
Net from railway_ _
-16,059
Net after rents
-45.801
Toledo Peoria & WesternApra1933.
Gross from railway_ _- $124.999
Net from railway.. _ _
28.663
Net after rents
13.783
From Jan 1
442,960
Gross from railway- _ _
87.705
Net from railway_ _ _ _
38,240
Net after rents
1930.
1931.
1932.
$8,792.787 $12,156,049 $15,413,087
1,893,644 2,581.726 3.687,217
975.620 2,182.413
273,334
35,152,514 48,441,338 61,371,039
6,070,647 9,396,056 14,671,142
392,286 3,324,116 8,332.230
1932.
$342,598
--78,145
-83,750
1931.
$545.998
--109,889
--111,237
1930.
$665,940
--76,561
--74,032
1,511,928
--433,477
-442,124
2.083,486
-428,614
--434,020
2,699,883
--283,780
--274,595
1930.
1931.
1932.
$2,858,530 $3,825,489 $5,057,853
884,922
519,626
259,475
345.857
-546
-197,425
10,903,098 15,543.680 20,755,600
1,983,527 3,789,863
961.244
1,521,219
102,001
-865,408
1932.
$106,829
47,900
15,485
1931.
$138,412
60,647
31.145
1930.
$130,722
29,037
22.696
440,383
220,281
110,091
475.671
159.496
28,999
537.812
185,545
125,945
1932.
$43.118
--4,883
--12,290
1931.
$63.771
8,469
144
1930.
277,123
17,571
6,847
175,968
--34,041
-66,566
• 245,985
31,115
-2,243
297,615
39.779
--818
1932.
$356,444
64,617
-17.774
1931.
$498,251
165,232
99,179
1930.
$647,264
188,991
84,546
1,494,371
312,586
27,410
1.897,242
541,977
192,425
2,502,230
719,841
317,519
1932.
$152,700
36,545
6,596
1931.
$176,863
47,153
23,169
1930.
$198,184
45,522
34,026
598,050
111,552
-19.275
682,388
145,096
22,708
782,095
162,714
70,755
1932.
$155,610
22,925
6,715
1931.
$244,752
56,269
35,320
1930.
$263,381
43,454
18,499
670.644
124,995
56.960
929,790
149,320
62.905
1,001,455
115,530
26.445
1932.
$464,030
109,255
87.577
1931.
$699,687
162.854
163,807
19JU
$912,148
227,055
212,272
2,012,927
500,175
422,416
2,797,498
587,775
545.093
3,592,033
794,196
830,600
1932.
293,331
42,408
34,679
1931.
$103,442
18,357
5,858
1930.
$103,805
14,162
2,386
238,778
45,734
13,990
351.408
17,084
-26,337
370,065
37,244
12,455
1932.
$108.946
15.968
4,543
1931.
$141.546
28.898
15,387
1930.
$173.595
44,471
26.709
434,383
62.886
20,596
529,639
104.995
60,734
663,101
106,305
47,297
1913.
$53;380
12,098
17,308
1932.
263,292
4,116
6,738
1931.
$94,592
22,485
31,570
1930.
$107,445
17.171
22,627
237.478
53,356
69,905
288,556
63,042
78,819
383,265
107.005
148,805
429,322
107,809
146,756
April
1933.
Gross from railway_ -$49.416
Net from railway -_- _
8.273
Net after rents
-8.002
From Jan 1
Gross from railway- _ 417,752
Net from railway_ _ _ _
170,295
Net after rents
78.314
Union RR (Pennsylvania)April1933
Gross from railway......2128,420
Net from railway..__.. -65,344
Net after rents
58,692
From Jan. 1
Gross from railway
466,510
Net from railway...._.. -303,798
Net after rents
-282,948
VirginianApril
1933.
Gross from railway...._ $873,869
Net from railway_
352,859
287,492
Net after rents
From Jan. 1
Gross from railway...... 4,210,882
2,024,867
Net from railway
1.733,628
Net after rents
1932.
261,127
10.523
-2.163
1931.
$78,904
15,058
3,260
1930.
$87,484
9,228
4,296
463.537
170.859
78.445
486.167
155,175
72,372
616,783
195,604
83,886
1932.
2168,860
-83,843
-64,486
1931.
$448,940
--65,166
-24,403
1930.
$709,140
82,805
86,918
784.379
-301,505
-224,367
1.711,866
-285.639
-110,876
2,638,048
322,879
373,136
Toledo TerminalAprilGross from railway
Net from railway_ _
Net after rents
From Jan 1
Gross from railway_ _ _
Net from railway..__..
Net after rents
Utah-
1931.
1930.
1932.
$953,003 $1,187,079 $1,445,474
670,039
484,556
375,270
412,385
566,073
314,340
4,682,243
2,233,393
1,878,833
5,164.232
2,225,657
1,893,517
6,205,448
2,968,731
2,576,745
Union Pacific System
Los Angeles & Salt Lake1932.
1933.
AprilGross from railway_ -- $1,038,165 $1,215,025
334,985
268,201
Net from railway__ _ _
55,218
34,760
Net after rents
From Jan. 1
5,194.792
Gross from railway.... _ 4,098,351
Net from railway_ _ _ _ 1,031,782 1,467.997
357,028
92,698
Net after rents
Oregon Short Line1932.
1933.
AprilGross from railway-- $1,429,899 21,568,262
403,508
432,088
Not from railway_ _
56,483
107,494
Net after rents
From Jan. 1
6.772,575
Gross from railway_ _ _ 5.509.041
Net from railway.. _ _ - 1,467,489 1,886,825
540,928
185,775
Net after rents
Ore-Washington Ry & Nay Co1932.
1933.
AprilGross froth railway_ _ _ $990,327 21.074,501
34,836
103.965
railway_ _ _
Net from
-127,886 --235,465
Net after rents
From Jan. 1
Gross from railway...... 3,412,232 4,475,038
341,025
124,835
Net from railway_
-776,693 -710,474
Net after rents
St Joseph & Grand Island1932.
1933.
April$184.344
Gross from railway...... $196,195
55,693
37,732
Net from railway_
29,111
5,940
Net after rents
From Jan. 1
754.783
684.204
from railway_ _ _
Gross
248,597
209,883
Net from railway
129,628
90,385
Net after rents
Union Pacific Co1932.
1933.
April$4,337,232 $5,044,506
Gross from railway
Net from railway_ _ _.. 1,278,260 1,379.920
668,334
782,802
Net after rents__
From Jan.1Gross from railway_ -- 15,665,671 20,255,532
Net from railway_ _ _ 3,873,338 5,659,763
2.058,185 3,090,896
Net after rents
Western Maryland1932.
1933.
AprilGross from railway...._ $850.783 $1,062,873
338.512
Net from railway........291,998
264,708
226,991
Net after rents
From Jan 1
3.581,506 4.515,065
Gross from railway
Net from railway---- 1.306,628 1.487,413
1.186,917
1.041,091
Net after rents
Western Pacific1932.
1933.
April2828,903
$755,802
Gross from railway
60,096
94,886
Net from railway_ _ _
-32,511
1,545
Net after rents
From Jan 1
Gross from railway--- 2,566,238 3,140.724
-64.687
-4,108
Net from railway........
-310.974 --424,168
Net after rents
Western Ry of Alabama1932.
1933.
April$106,940
Gross from railway..-- $103,007
-14,068
-1.980
Net from railway.. _ _ _
--20,506
-7.543
Net after rents
From Jan 1
466.904
399,465
Gross from railway
33,370
Net from railway_ .. _ - -14,424
55.131
-26,238 Net after rents
Wheeling & Lake Erie1932.
1933.
April$543,819
Gross from railway...... $647.061
-7,952
125,731
Net from railway_ _ _
-99,901
26,763
Net after rents
From Jan. 1
Gross from railway--- 2,587.755 2,794,049
473,062
524.355
Net from railway...._
65.807
Net after rents
139,956
Falls & SouthernWichita
1932.
1933.
Arpil$42,077
244,248
Gross from railway......
6,763
11,530
Net from railway--376
5,009
Net after rents
From Jan 1
190,146
163,650
Gross from railway
47.457
34.602
Net from railway..
16.015
10,963
Net after rents
June 3 1933
1930.
1931.
21,650,334 $1,877,004
383.245
344,748
86,263
67.728
6,442,155
1,070.670
-35,998
7,655,848
1,685,459
517,119
1930.
1931.
22,326,533 $2,550,978 '
498,077
534,221
99,994
138.434
9,308.138 10,449,799
2,575,938 2,925,274
1,386,072
1,026,254
1930.
1931.
$1,530,602 $1,886,760
207,696
102,223
--73,868
-375,674
6,222,011
283,934
--879,960
7,666,083
1,022,155
--104,451
1931.
$275.106
77,549
35.404
1930.
$277,481
78,820
41,004
1,071,206
354.402
181,110
1,140,836
379.705
225,038
1930.
1931.
$7,173,974 $7.721.908
1,727,422 1,915,523
819,835 1,150,249
28,258,645 30,092,742
7,500,034 7,840,099
4,040,223 4.618,503
1930.
1931.
$1,285,717 $1,460,816
499,715
409,121
429,745
346,487
5.221,657
1.793.986
1.517,335
6,054,495
2,066.506
1,820,032
1930.
1931.
$1,060,432 $1,101,012
-81,765 -108.855
--189,246 --186,059
3.842,473
--104,328
--425,645
4,388,683
-168.743
-400.778
1931.
$186,670
28,679
23,433
1930.
$251,448
60.312
45,142
711,874
80,242
58.742
967,684
208,417
142,602
1930.
1931.
$1,033,642 $1,479,222
369,720
204,573
245,257
103,291
3,899.179
753,117
330,225
5,525:708
1,418,705
954,198
1931.
$47.696
6,668
-1,166
1930.
$95,126
32,715
21.171
194,194
19,461
-14.933
327.153
84,901
41,033
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, Sas., or where they differ in
some other respect from the reports to the Commission.
(The) Atchison Topeka & Santa Fe Ry. System.
(Includes the Atchison Torka & Santa Fe Ry. Gulf Colordao &
Ry.)
Santa Fe Ry., anhandle & Santa
1930.
1932.
1931.
1933.
Month of AprilRailway oper. revenues_ $8,986,311 $10,808,049 $14.360,750 $18,249,852
7,798,957 9,017,385 12,118,603 15,898,922
Railway oper. expenses..
1,174,735
1,123.396
1,153,020
965,412
Railway tax accruals_ _ 279,400
33.975
171.250
51,110
Other debits
e.
$896,794
$633,291
$917,876
Net ry. oper. income- 2170,833
13,134
13.545
13,343
13,555
Average miles operated4 Mos.End. Apr.30
$71,416,438
Railway oper. revenues_233.568,237 $43,411,202 $56,952,330
Railway oper. expenses.. 30,581.698 36,198,336 46,326,882 59,287,980
Railway tax accruals. 3,958,045 4,485,075 4,738,274 5,018,114
1,348,712
455,542
Other debits
485,251
896,941
Net ry. oper. income_ $1,456,757 $2,272,247 $4,990,232 $5,781.650
13.134
Average miles operated13,545
13,558
13,341
farLast complete annual report in Financial Chronicle Apr. 8 '33, p. 2412
Boston Revere Beach & Lynn RR.
(As reported to the Massachusetts Department of Public
3 Months Ended March 31
Revenue fare passengers carried
.
1.925,808
Average fare (cents)
10.28
Net loss after all charges
$31,148
utilities.)
2,179,534
.10.64
$12,690
Consolidated Railroads of Cuba.
Period End. Mar.31- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
$3,571 prof.$2,184
Net loss after exps.,
$7,709 prof.$9.051
Combined net income of Consolidated Railraods of Cuba and subsidiaries for quarter ended'March 31 1933, was $183,638 after expenses.
&c., but before intercompany dividends, compared with $738,812 in March
quarter of last year.
tarLast complete annual report in Financial Chronicle Sept. 11 '22, p. 1981
3893
Financial Chronicle
Volume 136
Bangor & Aroostook RR.
1931.
1932.
Month of April
-1933.
oper. revenues__ _ $613,630
$827,381
$789.368
Gross
Oper. exps. (incl. maint.
438,813
368,979
and depreciation)_
295,167
1930.
$893.386
Net rev, from oper___
Tax accruals
$384,640
81,360
$318,463
60,532
3458.402
74,628
$350,555
70,860
508,746
Operating income_
-Dr
Other income
$257,931
3,385
$383,774
13,283
$279,695
6.498
$303.280
8,206
Gross income
Deduc'nsfrom gross inc.:
Int. on funded debt....
Other deductions
$254,546
$370,491
$273,197
$295,074
67,117
481
67.381
599
67,705
630
72,683
599
Total deductions_ $67,598
Net income
$186,948
4 Mos. End.Apr.30
Gross oper. revenues_ -- $2,597,137
Oper. exps. (incl. maint.
and depreciation)_ -- - 1.255,446
$67,980
$302,511
$68,335
$204,862
$73,282
$221,792
Net rev, from oper
Tax accruals
$2,907,747 $3,309,202 $3,742,780
1,458,496
1,850.243
2.017,787
$1,341.691 $1,449,251 $1,458.959 $1,724,993
248,080
285,996
304,723
244,163
Operating income_ -- - $1,097,528 $1,201,171 $1,172,963 $1.420,270
-Dr
Other Income
39,288
65,091
72,637
29,320
Gross income
$1,032,437 $1.128,534 $1,133,675 $1,390.950
Deduc'nsfrom gross inc.:
Int. on funded debt
268.522
269,530
270,819
299,371
Other deductions......
2,794
1,413
2,385
3,535
Erie Railroad Co.
(Including Chicago & Erie RR. Co.)
1930.
1931.
1932.
1933.
Month of April$5.147,199 $6,303,915 $7,880,866 $9,089,535
Operating revenues
Oper. expenses and taxes 4,408,733 5,297.363 6,627.722 7,740,476
Operating income ._
Hire of equip. and facil.
-net debit
rents
$738,466 $1,006,551
292,709
$1,253,144 $1,349,059
339,125
303,237
351,505
$997.554
$667,426
$949,906
$445.756
Net oper. income..
4 Mos.End. Apr.30
$20,729,628 $25,011,601 $31,052,825 $36.319.072
Operating revenues
Oper. expenses & taxes_ 17.689,496 21,042,114 25.492,931 30.808,299
$3,040,131 $3,969,486 35.559,893 $5,510.773
Operating income
Hire of equip. and joint
1,236,266
1,225.824
1.388.959
fedi, rents
-net debit 1,153,425
Net ry. oper. income- $1,886.707 32,733,220 $4,334.069 34,121.813
M
-Last complete annual report in Financial Chronicle Mar.18'33, p. 1876,
and Apr. 15 '33, p. 2598.
Gulf Coast Lines.
1930.
1931.
1932.
Month of April1933.
$830,669 $1,035,431 $1,369,861 $1,630,151
Opmating revenues
463,183
358.605
197.618
Net ry. oper. income
99.110
4 Mos.End.Apr.30
$3.024,268 34,303,179 $4,642,395 $4,597.039
Operating revenues
1.190.075
839.455
708.626
228,637
Net ry. oper. income
0
-Last complete annual report in Financial Chronicle May 7 32, p.3449
Total deductions
$272,324
$270,907
$272,232
$302,906
Net income
$836.210
$861.443 161,088.044
$761,530
10
-Last complete annual report in Financial Chronicle Apr. 1 '33, p. 2232.
and Apr. 8 '33, p. 2413.
International Rye. of Central America.
1931.
1930.
1932.
1933.
Month of April1729.139
3555.333
3489.538
3430.583
Gross earnings
369,903
330.011
283.754
294,242
Operating expenses
Canadian National Rye.
Month of April1932.
1931.
1930.
1933.
Gross revenues
$11,110,406 $13,529,951 315,233.779 $18.310,024
Operating expenses
11,245,245 12.746,974 14.338.888 16,119,330
$359.209
3225.322
$205.784
Inc.appl.to fixed chgs- $136,341
4 Mos. End. Apr. 30
$1,811,160 $2,069,636 32,468,415 33.167.659
Gross earnings
1,582.091
1,361,111
1,142.213
1,115,660
Operating expenses
$927,423 $1,107,304 $1.585,568
fixed chgs- $695,500
Inc.appl.to
10
-Last complete annual report in Financial Chronicle Apr. 29 '33, p. 2969
Net revenues
4 Mos. End. Apr.30
Gross revenues
Operating expenses
def$134,839
$782,977
$894,891 $2.190,693
$41,688,433 $53,185,255 $60,434,769 $79,892,654
45,846,515 53,731,829 56,441,417 64,137,439
Net revenues
$546,574 $3,993,352 $6,755,214
def$4,158.082
10 Last complete annual report in Financial Chronicle Apr. 1 '33, p. 2234
Canadian Pacific Railway Co.
Month of April1932.
1931.
1933.
Gross earnings
$7,912,873 $9.511,106 312,254.080
Working expenses
7,385,408 8,592,623 10,907,040
Net profits
$918,483 $1,347,039
$538,465
4 Mos.End. Apri130Gross earnings
31,494,578 38,031,142 47,282.172
Working expenses
29,658,633 35.095,244 43,469,885
1930.
$13,977,550
12,303,693
$1,673,856
52,908,293
47.548,589
Net profits
$1,835,945 $2,935,898 $3,812,286 $5,359,704
0•Last complete annual report in Financial Chronicle April 1 '33, p. 2230
Cuba Northern Rye.
Period End. March 31- 193'3-3 Mos.-1932.
1933-9 Mos.-1932.
Gross revenues
$899,339 31,101.086 31.785.377 32,413,205
Expenses
791.025
r.805,866
2.167,781
617,298
Net inc. to surplus__ _ $282,041
$310,061 def.$20,489
$245.425
0Last complete annual report in Financial Chronicle Sept. 17'32, p. 1987
Cuba RR. Co.
Period End. Mar.31- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Net loss after exps., &c$93,289 prof.$426,543 $867.895 pf.$614.376
0Last complete annual report in Financial Chronicle Sept.17'32, p.1987
-
Mahoning Coal RR.
1932.
1931.
1933.
3 Mos.End. Mar.31$161,304
Income from lease ofroad $102,346
3210,628
36.332
44,704
45.419
Other income
Total income
Taxes
Interest on funded debtOther deductions_ _
$138,679
11,466
18.750
2,063
$206,008
17,018
18,750
2.237
$256.047
23,037
18,750
2,769
1930.
1281,435
46.277
$327,711
32,996
18.750
1,888
$211,491
$274.077
Net income
$106,400
3168.003
W"Last complete annual report in Financiat Chronicle May 13'33, p. 3338
Western Maryland Railway Co.
Month of April1932.
1931.
1933.
Net ry. oper. income___ $226,991
$264,708
$346,487
Other income
12,302
10,141
13,955
1930.
$429.745
14.436
Gross income
Fixed charges
3444.181
290.396
3239.293
272,997
3274.849
269,416
Net income
def$33,704
4 Mos.End. April 30
Net ry. oper. income
1,041.091
Other income
49,635
$5,433
$68,796
$153.785
1.186,917
38,429
1,517.335
51,387
1.802.032
59,171
Gross income
Fixed charges
1360,442
291,646
31,090,726 $1,225,346 $1,568,722 $1,879,203
1,080,155
1,151,249
1,161,512
1,089,005
$145,191
$417,473
$717,691
Net income
$1,721
0
-Last complete annual report in Financial Chronicle May 20 '33, p. 3528
Earnings of Large Telephone Companies. The Inter
Denver & Rio Grande Western RR.
Month ofApril1932.
1931.
1933.
1930.
Operating revenues
$1,092,398 $1,145,130 $1,768.928 $2,071,704
Operating expenses
1,029,787
1.361,771
907,838
1.578.150
Net revenue
$184,560
$115,343
3407,210
3493.554
Net ry. oper. income._ _
43,629 def29,274
249,388
349.874
Available for interest_
69,174
33,282
250.071
355.230
Int. on funded debt_
440,340
444,033
447,724
542,522
def$371,166 def$410,749 def$197.652 def$187,292
SurplusMop.End.Apr.30
Operating revenues
$4,378,769 $5,215,500 $7,534,789 39,136,172
Operating expenses
3
.690,840 4,493,382 5,690,919 6,850,494
Net revenue
$687,929
$722,117 $1.843,870 32.285.677
Net ry. oper. Income.....
169,904
155,986
1,290,326
1,674.069
Available for interest...._
145,218
202,753
1,307,951
1,710,897
Int. on funded debt..._ _ 1,765,266
1.780,036
1,794,806
2,170.094
Surplus
defS1.620,049df$1,577,282 def$486,854 def$459,197
ramost complete annual report in Financial Chronicle Apr. 22 '33, p. sus
Georgia & Florida RR.
Month of April
1932.
1933.
1931.
Net ry. oper. income._ _ def$6,436 def$16,255
$1.591
Non-operating income_ _
1,641
1,412
1,700
Gross income
def$4,795 def$14,842
$3,291
Deductions from income
1,192
1,081
1.162
INDUSTRIAL AND MISCELLANEOUS CO'S.
1930.
def$3.566
1,804
def$1,761
1,161
Net earnings
Total other income
$326,695
4,945
$386,896
5.320
Gross corporate income
Interest on funded debt
Miscellanectus interest
Amortization of debt discount and expense
Provision for Federal income tax
Prov*s on for retirements and replacements
Miscellaneous deductions
$331,640
211,910
606
960
4,089
77,853
4,732
$392.216
215,490
2.228
729
4,481
37,250
2.446
$2,129
def$2,922
$12,026
6,405
Gross income-Dr__ _
Deductions from income
$23.181
4,581
$5,621
4.546
Deficit applic. to int__
$82,488
$65,260
$27,762
$10,168
-The decrease in freight revenue for the month of April, 1933, was
Note.
in part to reductions in freight rates to most motor truck competition
due
as well as slight decrease in loaded cars handled; principal decreases occurMg in movement of fresh vegetables, lumber, gas and oil and fertilizers,
considerable of which is attributable to motor truck competition, as well
as barge line competition on the Savannah River, which handles considerable gas and oil tonnage.
Passenger revenue shows an increase this month for the first time in
several years. This was due to the operation of several special excursion
trains at greatly reduced rates, as well as slight increase in regular passenger
earnings due to decreased passenger rates.
The decrease In "other revenue" was due to decrease in express earnings
due to general economic conditions and motor truck competition; decrease
In revenue for switching for other lines; decrease in revenue for delayed cars
and freight, and decrease in earnings of commissary due to decreased wages
and number of employees, and necessity to reduce the margin of profit
to meet competition of stores.
Operating
Operating
Expenses.
Income.
$
$
57,386,587 14,253,564
65,655,81b 18,355,446
171,161,228 41,378,843
199,524,560 50,761,441
1932.
3828.346
292.233
9.039
38.054
4,979
97.145
$29,685
6,503
$77,777
4,711
March 1933
March 1932
3 mos.endea March 31 1933
3 moo. ended March 31 1932
No.of Co.
Operating
Stations in Revenues.
Service.
$
14,779,316 78,924,504
16,639,020 92,072,664
234,711,784
274,330,821
Alabama Water Service Co.
1933.
12 Months Ended Apri 7 30-$725.015
Operating revenues
265,532
Operation
8.770
Rent for leased prpoerty
23,296
Maintenance
Provision for uncollectible accounts
10,538
General taxes
90.183
Surplus applic. to int_ def$5,876 def$16,034
4 Mos.End. Apr.30
Net ry. oper. inc.-Dr_
$84,306
$67,726
Non-oper. income
6,090
6,529
$61,636
3,624
State Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
Net income before preferred stock dividends and
interest on notes and 5% debentures subordinated thereto
$129,591
$31,488
Interest on $372,000 5% debentures, owned by Fedora. Water Service
Corp., is subordinated to the payment of preferred dividends.
At April 30 1933, the cumulative preferred dividends not declared
amounted to $16,975 and the subordinated interest, not accrued, amounted
to 87,750.
Last complete annual report in Financial Chronicle April 29'33, p.2972
Arundel Corp.
Period End. Apr.30-- 1933
-Month-1932.
1933-4 Mos.-1932.
Net income after deprec.,
Federal taxes, &c_ $79,273
$493,283
$92,793
$114,971
Earns, per eh.00492.556
shs. cap. stk.(no par)
$0.18
$1.00
0Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1019
-
3894
Financial Chronicle
American-La France & Foamite Corp.
Quar. End. Mar.311933.
Operating loss
prof.$17,221
Depreciation
41.888
Interest paid
41.456
Interest received
Cr.15,998
Gain in liquid'n of gold
notes at less than par_
1932.
$132,689
1931.
5104.956
43.730
Cr.16,125
41,705
Cr.19,599
Canada Northern Power Corp., Ltd.
1930.
533,935
46,675
Cr.14,288
Cr.34,438
Net loss
$50,126
$120,358
$66,323
$132.561
laMast complete annual report in Financial Chronicle Feb. 25 '33, p. 1378
Atlantic Gulf & West Indies SS. Lines.
(And Subsidiary Companies)
Vfonth of arch-3l
fos. End. d'ar. 311932.
1932.
1933.
1933.
Operating revenues
$1,947,199 $2,049,550 $5.746,895 $5,748,341
Oper. exp., incl. deprec_ 1,652,128
1.731,045
4,945.978
5.109.740
Net oper. revenues
Taxes
$295,070
15,911
$318,504
20.324
5800.916
54.173
$638,601
62,413
Operating income_
Other income
$279,158
5,605
$298.180
13.096
$746,743
18.017
9576,187
29,148
$284,764
149,980
$311,276
153.512
$764,761
441,899
$605,336
462,927
Gross income
nterest and rentals_ _ _ -
Net income
$134.783
$157,764
$142,408
$322,861
larLast complete annual report in Financial Chronicle May 20 '33, p. 3539
Barcelona Traction, Light & Power Co., Ltd.
-Month of April--4 dos. End. Apr.301933.
1933.
1932.
1932.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Gross earns,from oper-- 8,954.467
8,971,999 39.702,189 39,049,021
Operating expenses
3,200,016
2,953,342 12,972,594 12.527,550
Net earnings
5,754,451
6,018,657 26,729,595 26.521.471
The above figures have been approximated as closely as possible, but
will be subject to final adjustment in the annual accounts. They are also
subject to provision for depreciation, bond interest, amortization and other
financial charges of the operating companies. The net earnings for the
month were adversely affected by labor troubles.
rarLast complete annual report in Financla .Chronicle July 16 '32, p. 458
Baton Rouge Electric Co.
-Month of April
-12 Mos.End.Apr.301932.
1932.
1933.
1933.
$121.714 91,426,571 $1,424,625
$110,644
718,271
53,410
701.216
56,719
62,663
6,036
5,468
58.165
12.921
137,447
11,827
150,636
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Interest & amortization_
$38,275
14,532
$47,699
14,309
$495,000
174,039
$527,796
169,109
Balance
$23,743
Reserve for retirements (accrued)
$33,390
$320,960
115.000
$358,686
115.000
$205,960
37,233
$243,686
35,679
Balance
Dividends on preferred stock
Balance for common stock,divs. and surplus_ _ _
$168,727
$208,007
During the last 26 years the company has expended for maintenance a
total of 6.72% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total of
13.66% of these gross earnings.
larLast complete annual report in Financial Chronicle Mar. 4 '33, p. 1545
Brown Shoe Co., Inc.
(And Subsidiaries)
1932.
1933.
1931.
1930.
Net sales
$8.939,439 $10,852,510 $12,507,931 $14,045,976
Exps., deprec., int.. &c_ 8,421,934 10,259,542 11,863,928 13,378.705
Federal taxes
76,000
61.000
76.000
69.000
"6 Mos.End. Apr.301 ..
Net income
Preferred dividends_ _ _ _
Common dividends
$456.505
115,249
370,830
$516.968
122.962
378,000
$568,003
132.301
378,000
9598,271
137,630
378,000
Surplus
def$29,574
$16.006
$57.702
$82,641
Shs. common stock outstanding (no par)
248,450
247,000
252,000
252,000
Earnings per share
$1.58
$1.38
$1.73
$1.83
larLast complete annual report in Financial Chronicle Nov. 26'32, p. 3685
Brunswick Terminal & Railway Securities Co.
Quarter Ended March 31- 1933.
1931
1932.
1930.
Net loss after expenses
and taxes
$11,236 prof.$14.543
414.372
y$4,999
Earns,per sh.on 131,951
shs. cap. stk.(no par)
Nil
Nil
Nil
$0.11
x Exclusive of $1,650 loss on property foreclosure. y Exclusive of loss
of $600.000 on forefeiture of Manganese Corp. of America bonds to Plan
Liquidating Corp.(carried on books at $900,000) for the surrender of $300,000 note held by Chase National Bank.
la'Last complete annual report in Financial Chronicle May 20 '33, p. 3540
California Water Service Co.
12 donths Ended April 30Operating revenues
Operating expenses
Maintenance
General taxes
1933.
1932.
$2,054,783 $2,048.321
$808.131
$774,073
70,778
70.869
149.373
145.698
Net earnings from operations
Other ncome
$1,026,500 91,057.681
8,124
19.028
Gross corporate income
Interest on long term debt
Retirements and replacements
Federal income tax
Miscellaneous deductions
51.034,624 $1.076.709
436.900
433,897
137 592
130.406
50.694
48.287
17,787
4,499
Net income
$391.651
$459.620
Dividends on preferred stock
174.840
173.957
ItarLast complete annual report in Financial Chronicle Apr. 22 '33, p. 2796
Coca-Cola Co.
(And Subsidiaries)
Quar. End. Mar.311931.
1932.
1930.
1933.
Gross receipts
$3.963,451 $7.281,140 97.838,527 $8.370,589
Mfg. & general expenses 1.892.591
4.550,287 4,790,352 5,165,419
Operating profits_ _ - -52,070.860 $2,730,853 $3.048,175 $3,205,170
Other income
105,536
Total income
$2,176,396 52.730,853 $3,048,175 $3,205,170
Miscellaneous deductions
356.014
145,374
52.996
84,113
Federal taxes
359,637
286,065
Net income
$1,806,218 $2.318,220 42.902,801 42,849,156
Earns, per sh. on 1.000,51.30
000shs.com.stk.(no par)
x$2.01
41.94
$1.80
x Before Federal taxes.
r"Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1722
June 3 1933
,donth of April- -4 dos. End. April 301932.
1933.
1932.
1933.
$292,757
$286,552 $1.190,408 $1,152,901
90.413
87.392
362,378
357,602
Gross earnings
Operating expenses
Net earnings
$199,160
$202.344
$795.299
5828,030
ItarLast complete annual report in Financial Chronicle Mar. 25 '33, p. 2066
Chester Water Service Company.
(Including Wholly Owned Non-Operating Companies)
12 Months Ended April 301933.
1932.
Operating revenues
$464,620
$526,136
Operating expenses
126,543
139,543
Maintenance
22,021
25,490
General taxes
15.484
18,814
Net earnings
Other income
$300.573
2.769
$342.288
5,571
Gross corporate income
Interest on long-term debt
Miscellaneous interest
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$303.342
149.354
1,220
1.261
10.765
28,432
1,774
$347,859
148,995
171
1.196
9,830
21,250
1.302
Net income
$110,536
$165,114
Dividends on preferred stock
66.000
66.000
larLast complete annual report in Financial Chronicle April 22'33, p.2796
Columbia Pictures Corp.
(And its Domestic Subsidiary Companies)
Consolidated Statement of Operations 39 Weeks Ended March 25 1933.
(Including operations of the corporation in foreign territories and of its
foreign subsidiary companies and branches for the eight months ended
Feb. 25 1933.)
x Net profit before amortization offilm, int. charges & inc. tax_ _$4,409,104
Amortization of film
3,797,269
Interest charges
21.627
Balance
Other income
$590.208
49,299
Net profit before Federal income tax
Provision for Federal income tax
$639,507
92,729
Net profit
Balance,June 25 1932
$546,779
1,296,808
Total surplus
Preferred dividends
$1,843.586
39.164
Balance at March 25 1933
51,804 A22
Earns, per sh.on 167.885 shs,corn.stk. outstand.(no par)
$3.02
x After deducting $23,469. depreciation of furniture and fixtures in main
office and branches charged to profit and loss.
Depreciation of studios and studio equipment amounting to $110,672,
has been capitalized as production cost and is being written off as film
amortization.
ri'Last complete annual report in Financial Chronicle Oct. 1 '32, p.2343
Connecticut Power Co.
(Not a Consolidated Statement)
3 Mos.End. Mar.311932.
1933.
1931.
1930.
Gross earnings
91,045,014 $1,087,722 $1,155,885 51,210,552
Oper. exp. and taxes-- _
546.756
508,269
561,433
642,626
Int. chgs. & lease rentals
35,743
37,160
39,339
35,795
Balance for reserve,
$365,607
diva. & surplus_ _ -- $499,585
$505,222
$028,5,36
ra'Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1013
Cuba Co.
(And Subsidiary and Affiliated Companies.)
Period End. Mar.31- 1933-3 Mos.-1932.
1933-9 Mos.-1932.
Gross revenues
$2,965,718 33.979,139 56,111,978 $8,526,559
Expenses
3.405,261
4.536,688 8,107,563 9,446.209
Loss before subs. pref.
diva. and min.int__
3557.549 $1,995.585
$439,543
$919,650
larLast complete annual report in Financial Chronicle Sept.24'32, p.2169
Diamond Match Co.
Quer. End. Mar.31Operating income
Federal taxes, &c
Depreciation
Net profit
Preferred dividends- - - Common dividends
(And Subsidiaries)
1932.
1933.
$925,384
9789.326
236,741
169,012
116,253
109,688
$510,626
229,500
175,000
$572,390
245,175
262.500
1931.
$957,435
161,721
123,751
1930.
$998.886
154,682
134,068
$671,963
260,737
$710.136
340,000
Surplus
$106,126
$64,715
$411,226
$370,136
(no par)
Shs.com.stk.out.
700,000
1,050,000
1.050.000
1,050,000
Earnings per share
$0.40
$0.31
$0.42
$0.39
larLast complete annual report in Financial Chronicle Mar.4 1933, p.1556
El Paso Electric Co. (Del.).
Gross earnings
Operation
Maintenance
Taxes
(And Constituent Companies)
-Month of April- -12 Mos.End.A r.301932.
1933.
.
$203.893
$228,570 $2,637,384 $3,212,$79
88,408
93.592
1,336,578
1,110,154
11,874
14,361
175,237
137,928
24,325
28,064
6
316,0 1
279,804
Net oper ting revenue
Interest & amortization_
$79,284
36.564
Balance
$42,720
Reserve l' retirements (accrued)
or
a
$
92,551 $1,109,497 $1,385,001
37,225
446.799
440,185
555,325
9669,311
230,000
$938,202
230,000
Balance
Dividends on pref.stock of constituent company_
$439,311
46.710
$708,202
46,523
Balance
Divs,on pref.stock of El Paso El. Co.(Del.)
$392,601
194,998
$661.679
194,764
Balance for common stock, dive. and surplus__
$466,914
$197,603
During the last 31 years the company and its predecessor companies
have expended for maintenance a total of 6.88% of the entire gross earnings
over this period, and in addition during this period have set aside for reserves or retained as surplus a total of 10.03% of these gross earnings.
rairLast complete annual report in Financial Chronicle Mar. 4 '93, P. 1546
Foundation Co.
.
.
3 Mos End. Mar 311930.
1932.
1933.
1931.
Net loss after all expenses, ord'y tax., &c.
$2,459
931,046
948,288
$152,329
-Last complete annual report in Financial Chronicle May 27'33, p. 3728
rff
Volume 136
Financial Chronicle
Emporium Capwell Corp.
(And Subsidiaries)
12 Months Ended April 30Total income
Interest
Federal taxes
Subsidiary preferred dividends
1933.
$199,562
373,537
17,522
1932.
3576,770
404,244
41,903
17,522
Net loss
$191,497 proflt$113,101
KarLast complete annual report in Financial Chronicle Apr. 15 '33, p.2617
Engineers Public Service Co.
Gross earnings
Operation
Maintenance
Taxes
(And Constituent Companies)
-Month of April- -12 Mos.End. Apr 30.
1932.
1933.
1933.
1932.
$3,316,724 $3.723.066 $43,030,957 $49,464,360
1,317,143
1,527,899 16,960,317 20,247.007
173,237
2,833,516
219.879
2,290,303
333.154
4.006.273 4,016,887
345,368
Net operating revenue 31,480.975 $1.642,133 $19,774,062 $22,366,949
Inc.from other sources a
1.130.154
110,657
37,806
1,286,929
Balance
$1,518.781 $1,752,791 $20,904,217 323.653,878
Interest & amortization_
724,012
8.710,028
730.175
8,611,545
Balance
$788.606 31,028,778 $12,194,188 $15,042,333
Reserve for retirements
4,546.315 4,686.704
Balance
37.647,873 $10,355.629
Dividends on preferred stock of constituent cos
b4,334.906 4,328,611
Balance
$3,312,966 $6,027.017
Amount applic. to common stock of constituent
companies in hands of public
15,741
53,558
Balance for dividends and surplus
$3,297,225 35.973,459
Divs,on pref.stock of Engineers Public Serv. Co_
2,323,549
2,323,546
Balance for common stock diva. and surplus__ _ $973,675 $3.649,912
Earnings per share of common stock c
$.51d
$1.91
a Interest on funds for construction purposes of $710,493.52 (1932,
$846,359.23) and income from miscellaneous investments.
b Includes cumulative dividends not paid of $1.198,982.50.
c After deducting 10.6% (1932, 9.5%) of gross earnings for retirements.
d The earnings of Puget Sound Power & Light Co. and the Key West
Electric Co.. adjusted for minority interest, were in the aggregate $115,883.52 less than the full dividends on preferred stock of those companies
held by the public deducted in the above statement. This
is not a claim against either Engineers Public Serviceamount,however,
Co. or its
Constituent Companies. The earnings of Engineers Public Serviceother
Co.,
plus Its proportional part of earnings of constituents other than the above
companies, amount to 3.57 per share on Engineers Public Service Co.
common stock.
During a period averaging about 28 years for which records are available,
the companies in the Engineers group have expended for maintenance a
total of 9.3% of their entire gross earnings for the period, and in addition
have set aside for reserves or retained as surplus a total of 10.2% of such
earnings.
rai'Last complete annual report in Financial Chronicle Feb.11 'SS p. 1014
1933.
1932.
$1,309,559 $1,904,018
184.358
189,392
Total operatinr revenues
31.493.917 $2.093,410
Operating expenses
644.074
778,926
Maintenance
83,926
103,730
Provision for retirement-renewals and replacements
160,240
248,935
Taxes
91,796
126,002
Operating income
$513,881
$835,816
Other income
741
3,121
Gross income
$514,622
$838,937
Interest on funded debt
246,414
215,203
Interest on unfunded debt
12,138
79,287
Amortization of debt discount and expense
13.480
16,850
Interest during construction
Cr232
Cr8.895
Net income
$242.822
$536.401
OrLast complete annual report in Financial Chronicle May 6 IS,
p. 3158
General Motors Corp.
Condensed Consolidated Income Account Three
Months Ended March 31.
Sales ofcar & truck units:
1933.
1932.
1931.
1930.
Retail sales by dealers
to users--U.S
140,369
143,514
231,881
286,690
Sales to dealers incl.
Canada and foreign
367,333
363,560
304,547
368,635
$
$
$
$
Net sales-value
Profit from oper. & inv.,120,000,163 149.663.716 218,246,772 289,554,453
after all exp. incident
thereto, but before deprec. of real est. plants
& equipment
Prov. for deproc, of real 16,983.090 23,012,770 47,683,754 65,848,729
est., plants & equip__ _ 7.369.586
9,306,963
9,517,582 9,457,910
Net profit from oper.
& investments
9,613,504 13,705.807 38.168,171 56.390.819
Non-oper. profit(net)-- Dr313,592
246.595
579,333
670,908
Net profit
9,299,912 13,952,402 38,745.504 57.061.725
Less
Payment to Gen. Motors
Management Corp_
1,595,000 3,250,000
Employees' savings &
investment fund
1,097,317
2,854,517
2,725,201
3,290,966
pay. to employees
Spec.
under stock subs. plan
21,122
35,858
55,266
69,562
Fed. & for, income taxes 1,291.000
1,377.000 3.841.000
5,471,000
Net income
6,890.473
9.685,027 30.529,037 44,980.197
Gen. Motors Corp. proportion of net income_ 6,870,007
9,693.027 30,529,037 44.980,197
Dividends
s5 preferred dividends_ _y2,294,930
2,344.207
2,343.569
Deb. div. at rate of 6%
29,275
7% pref. stock dividends
2.372,192
Pref.dive. at rate of 6%
21,157
Total dividends
2.294,930
2,344.207
2,343,569
2,422.624
,
Amt. earned on com. stk. 4,575,077
7.348.820 28.185,468 42,557,573
*Incl. Gen. Mot. Corp.
equity in the undivided
profits or losses of cos.
below (x), the amount
earned on corn.stk.is. 4,575,077
7.348,820 26,655,840 42.545,963
Earned per share on corn
$0.11
$0.17
$1.61
$0.98
Including the General Motors Corp.'s equity in the undivided profits
x
or the losses of Yellow Trukc & Coach Mfg. Co., Ethyl Gasoline Corp.,
Vauxhall Motors, Ltd., Adam Opel A. G., Bendix Aviation Corp.,
Aviation Corp., successor to Fokker Aircraft of America, General General
Radio Corp. and Kinetic Chemicals, Inc. (since Jan. 1 1931). Motors
y After
deducting dividends on preferred stock hold in treasury.
Total cash dividends
paid or accrued
13,219,207 24,094,207 34,968,569 35.047.624
Less amount received or
accrued by General
Motors Corp. on capital stock held in treasury in 1933 (on common $111.624;on pref.
$49,277)
.160,901
Net cash dividends
paid or accrued
13,058,306 24,094,207 34,968.569 35,047.624
Earned surplus at end of
end of period
232,043.445 286,865.302 339,825,755 390,501,846
131"Last complete annual report in Financial Chronicle April 1 '33, p. 2231.
and April 15 '33, p. 2595.
Grigsby Grunow Co.•
(And Subsidiaries, Including Columbia Phonograph Co.)
Months Ended March 311932.
1933.
Net sales after royalties
$1.510,867 $3,007.452
Costs, expenses, depreciation and amortization_ _ _ 1,877,204 3,661.823
Operating loss
Other income charges
Loss applicable to minority interests
$366.367
69.610
3,221
3654.371
100.347
7.692
Net loss
3700.178
3747.026
After royalties of $62,957.
"Last complete annual report in Financial Chronicle Mar. 4'33, p. 1559
Gulf States Utilities Co.
-Month of April- -12 Mos.E'nd.Apr.301933.
1932.
1933.
1932.
$379,558
3395,227 35,223,279 36.041,079
176,305
196,383
2.288.511
2,666,354
15,493
17,584
180.024
215,734
34.927
37,721
425.029
440,730
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Inc. from other sources*
Erie Lighting Co.
12 fonths Ended larch 31Electric revenue
Steam heating revenue
3895
Summary of Consolidated Surplus Account March 31.
1933.
1932.
1931.
1930.
$
$
$
$
Earned surplus at beginning of period
238,231,744 301.266.482 344,265,275 380,560,273
General Motors Corp.'s
proportion of net inc.
(as above)
6,870,007
9,693,027 30.529,037 44,980,197
Cap.surp.arising through
exchange 0(6% deb.&
6% pref.stk.for 7% stk
9,000
Earned surplus before
dividends
245,101.751 310,959,509 374,794,312 425.549.470
Casn diva. paid or accrd.:
Pref.stock-35 series_ 2,344,207
2,344,207
2,343.569
Deb.div. at rate of6%
29,275
7% pref.stock divs__
2,372,192
Pref.divs.at rate of6%
21,157
Common capital stock 10,875,000 21,750,000 32,625.000 32.625.000
Rate per share
$0.25
$0.50
$0.75
$0.75
3152,831
93,167
3143.538 32,329.713 32,718.260
90.886
7,659
Balance
$59,663
$52,652 $2,329,713 32,725,919
Interest and amortization (public)
1.092.852
1,081,857
Balance
51.236,860 31,644,061
Interest (Eastern Texas Electric Co. Del.)
8,266
Balance
$1.236.860 $1.635,794
Reserve for retirements (accrued)
458,000
458,000
Balance
$778.860 $1.177,794
Dividends on preferred stock
567,182
567.059
Balance for common stock, diva. and surplus
$211,677
1610.735
* Principally interest on funds for construction purposes.
a"Last complete annual report in Financial Chronicle Mar. 4 '33, p. 1546
Insuranshares Certificates, Inc.
Operating Income for Four Months to April 30 1933.
Dividends earned-domestic stocks
Dividends earned-foreign stocks
$37.005
491
Total dividends earned
Interest earned on U. S. Treasury notes. &c
Interest earned on bank deposits
$37.496
1.008
218
Total income
Expenses
Interest expense
$38.724
8.607
5,047
Net operating income (losses on sales of securities have been
charged to capital surplus)
Undistributed operating income Jan. 1
$25,069
451.299
Total
Less: Amount appropriated to reserve for tax liabilities
3476.368
2.451
Undistributed operating income April 30
$473.917
1217
-Last complete annual report in Financial Chronicle May 20 '33, p. 3547
Kentucky Securities Corp.
(And Subsidiary)
(This company is a unit in the Middle West Utilities System.)
Earnings for 'he Quarter Ended larch 31 1933.
()metals revenues
3438.009
Non-operating revenues (net)
59.371
Total gross earnings
Operating expenses and taxes
Interest on funded debt
General interest (net)
Amortization of bond discount and expense
Dividends on preferred stock of subs, held by the public
Net income
$497.380
300.276
88.894
1,165
8.278
41.564
$59,203
(The) Key West Electric Co.
Gross earnings
Operation
Maintenance
Taxes
-Month of April---12 Mos.End.Apr.301933.
1933.
1932.=
312.454
3171,141
9
$132 50
195,.
3203,044
4,845
16,429
69.589
1 83,278
831
752
17,551
1:
[19,529
1,358345
14,880
I 19.043
Net oper. revenue____
Interest & amortization_
$5,689
2.226
$5,936
2,260
169.120
27,217
$81,192
27.656
Balance
$3,462
Reserve for retirements (accrued)
$3.675
$41.903
20.000
$53,536
6,668
$21.903
24.500
$46,869
24.500
Balance
Dividends on preferred stock
Balance for common stock, dividendiand Burpdef$2,596• I $22.369
During the last 26 years the company has expendeerforonahatenance a
total of 9.34% of the entire gross earnings over this
,period.
during this period has set aside for reserves or retained as and in addition
surplus,:a total
of 14.45% of these gross earnings,
larLas complete annual report in Financia Chronicle Mar.4 1933, p.1547
June 3 1933
Financial Chronicle
3896
Oregon-Washington Water Service Co.
Lee Rubber & Tire Corp.
6 Mos.End.Apri130Net sales
Expenses, &c
1933.
1930.
1931.
1932.
$2,556,436 $2,769,713 $4.211,461
2,545,655 x2,978,034 x4,269,125
Operating profit
Other income
loss$139,818
25,590
210,781 def$208,321 def$57,664
51.025
37,779
40,892
Totalincome
Interest
Depreciation
loss$114,228
251,673 def$170.542
22.659
17,162
83,987
80,931
def$6,639
57.975
$64,614
$193,201
$49,476
Net loss
$195,159
x Includes depreciation.
tarLast complete annual report in Financial Chronicle Jan. 7 '33, p. 154
Lexington Utilities Co.
(And Subsidiaries)
(This company is a unit in the Middle West Utilities System)
Earnings for the Quarter Ended March 31 1933.
2438,009
Operating revenues
39.457
Non-operating revenue (net)
Total gross earnings
Operating expenses and taxes
Interest deductions of subsidiary companies
Interest deductions of Lexington Utilities Co •
$477.466
298,453
30,530
65.640
$82,843
Net income
Louisiana Oil Refining Corp.
1930.
1931.
1932.
3 Mos.End. March 31- 1933.
Net loss after interest,
263.798
$827,996
2444,371
deprec., depletion, &c. $890,905
tarLast complete annual report in Financial Chronicle May 27 '33, p. 3732
Manila Electric Co.
1932.
1933.
12 Months Ended March 31$5,066.303 $5,335,729
Total operating revenues
2,036,236
1,846,021
Operating expenses
449,486
412,886
Maintenance
394,626
380.353
Pros', for retirement-renewals & replacements_ _
159,400
143,003
Taxes
47.111
136.812
Interest on funded debt
1,242.630 1,309,593
Interest on unfunded debt
36.000
36.000
Amortization of suspense
20,069
12,081
Earns, of acquired props. prior to date of acquis
Cr42,727
Cr21,877
Interest during construction
2925.934
$878,395
Net income_
Mexican Light & Power Co.
(And Subsidiaries)
-Month of April- -4 Mos.End. Apri1301932.
1933.
1932.
1933.
$782.406 $3,114,685 $3,498,860
Gross earns.from oper__ $735.343
492.428 1,961,234 2,120.106
482.418
deprec.exps
Operating &
$289,978 $1,153,451 $1,378,754
$252,925
Net earnings
The operating results as shown in Canadian 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.
tZPLast complete annual report in Financial Chronicle July 16 '32, p. 458
Mexico Tramways Co.
(And Subsidiaries)
-Month of April- -4 Mos. End. Apr. 301932.
1932.
1933.
1933.
$960,518 $1.192,078
$277.266
Gross earns,from oper__ $237.368
342,674 1,266,113 1.438,483
313,968
Operating & deprec.exps
305,595
246,405
65.408
76,600
Net earnings-def____
The operating results as shown in Canadian 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.
larLast complete annual report in Financial Chronicle July 16 '32, p. 458
Murray Corp. of America.
(And Subsidiaries)
1932.
1933.
3 Months Ended March 31$798,471
2445.688
Net loss after depreciation, interest, &c
in Financial Chronicle April 22 1933, p.
larLast complete annual report
2808 and April 29 1933, p. 2986.
New York & Richmond Gas Co.
1932.
1933.
7Months Ended March 31' .
$306,558
2328,206
Gross revenues
91,558
84,657
deprec. & charges
Net income after taxes,
10'Last complete annual report in Financial Chronicle April 15'88, p.2607
New York Water Service Corp.
(And Subsidiary, Rochester & Lake Ontario Water Service Corp.)
1932.
1933.
, 12 Months Ended April 3022.797.413 32,825.008
Operating revenues
776.132
779,283
Operating expenses
58,115
11,971
Provision for uncollectible accounts
2,714
33.854
General expense charged to construction-Cr-101.229
72,581
Maintenance
264,351
255.696
General taxes
21.634,452 21,705,179
Net earnings
39,457
28,460
Dividend revenue
36.939
20,009
Miscellaneous income
21,682.921 21,781.575
Gross corporate income
794.078
794,682
Interest on mortgage debt
102.500
110,433
Interest on gold notes
13,520
14,354
Miscell.interest (incl. int. charged to construction)
60,951
57,693
Amortization of debt discount and expense
36.306
53.887
Provision for Federal income tax
153.250
179.250
Provision for retirements and replacements
12.072
10,373
Miscellaneous deductions
$610,598
2480.550
Net income
104,430
Dividends on preferred stock (note)
Note -Cumulative preferred dividends which have not been declared
to $174.495, and for the
or paid for the year ended April 30 1932 amount
year ended April 30 1933 amount to $279,192.
WI-4st complete annual report in Financial Chronicle April 15'83, p. 2607
Parmelees Transportation Co.
(And Subsidiaries)
1931.
1930. 1932.
1933.
Quar. End. Mar. 31Net loss after deprec..
$79,574 pf.3173.657
3343,437
2300,863
interest, &e
a'Last complete annual report in Financial Chronicle Apr. 29 '33, p. 2987
12 Months Ended April 30Operating revenues
Operating expenses
Maintenance
General taxes
$462,364
168.072
19.706
58,872
1932.
2487,203
157,661
18.188
62,677
Net earnings from operations
Other income
$215,713
1.137
2248.677
4,102
Gross corporate income
Interest on long-term debt
Retirements and replacements
Federal income tax
Miscellaneous deductions
3216.850
136,956
22,000
6.061
4,238
$252,779
136.998
25.750
4.494
Cr132
$85.669
$47.595
Net income
38,496
38,496
Dividends on preferred stock
UPLast complete annual report in Financial Chronicle May 20 '33, p. 3535
Peerless Motor Car Corp.
1933-6 Mos.-1932
Period Ended Mar.31- 1933-3 Mos.-1932
Net loss after charges,
$110,084
$37,160
267.001
$18,373
derrec., etc
farLast complete annual report in Financial Chronicle Jan. 21 '33, p. 505
Pittsburgh Suburban Water Service Co.
12 Months Ended April 30-Operating revenues
Operating expenses
Maintenance
General taxes
1933.
$331,965
101,118
12,216
8,125
1932.
$333,220
113.104
15.388
8,871
Net earnings
Other income
2210,505
385
$195.856
637
Gross corporate income
Interest on long-term debt
Miscellaneous interest charges
Amortization of debt discount and expense, &c_ _ _
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$210,890
95.606
153
3.397
8,513
17,750
1,270
$196,493
93,466
2.905
4.949
14.750
1,068
179,354
$84,201
Net income
27.500
27,500
Dividends on preferred stock
rLast complete annual report in Financial Chronicle April 15'83, a.2608
Ponce Electric Co.
-Month of April--12 Mos.End. Apr.301932.
1932.
1933.
1933.
$322,453
231,928
$29,102
$322,096
128.629
11.449
11,015
120,755
1,545
20,132
1,387
14,839
36,332
3,791
3.559
41.272
Gross earnings
Operation
Maintenance
Taxes
$13,139
75
215,142
75
$145,229
905
$137,358
1,035
$13,063
Balance
Reserve for retirements (accrued)
$15,067
$144,323
40.000
$136,323
40.000
$104,323
25.986
$ 96,323
26,252
.
Net oper. revenue_ __ _
Interest charges
Balance
Dividends on preferred stock
$70,070
378.336
Balance for common stock, divs. Si surplus.-During the last 31 years the company and its predecessor companies
have expended for maintenance a total of 7.63% of the entire gross earnings
over this period, and in addition during this period have set aside for reserves or retained as surplus a total of 10.39% of these gross earnings.
ItarLast complete annual report in Financial Chronicle Mar.4 1933, p. 1548
Puget Sound Power & Light Co.
Gross earnings
Operation
Maintenance
Taxes
(And Subsidiary Companies)
-Month of April- 12 Mos.End. Apr
.301932.
1933.
1932.
1933.
$990,638 $1,128,610 $12,920.385 215.111,885
464.628 4,865,206 6,120,731
380.764
59,200
828,213
613,846
43,406
84,022 1,179,596
1,014,346
106.494
.
Net oper. revenue_ _ _ _
Inc.from other sources a
$459.972
34,895
2520,758 26,261,736 $7,148,594
107.160 1,094,197
1,222,397
Balance
Interest Sr amortization-
$494.867
343,523
2627.918 S7,355.933 $8,370,992
340,200 4.107,717
4,139,234
$151,344
Balance
Reserve for retirements (accrued)
$287,718 $3,248,216 $4,231,757
1.228,482 1,292,037
Balance
Dividends on preferred stock
22,019,734 $2,939,720
b2,133,945 2.132,773
$806,947
Balance for common stock, divs. and surplus-- def$114,210
a Includes interest on funds for construction purposes, current month
none (1932, 172.300). current 12 months $675,621 (1932, 2783,2211.
b Includes cumulative dividends unpaid or not declared of $1,198,983.
During the last 33 years the company and its predecessor companies
have expended for maintenance a total of 9.90% of the entire gross earnings
over this period, and in addition during this period have set aside for reserves or retained as surplus a total of 7.28% of these gross earnings.
arLast complete annual report in Financial Chronicle Mar.4 1983, p.1548
Scranton-Spring Brook Water Service Co.
12 Months Ended April 30Operating revenues
Operating expenses
Maintenance
General taxes
Reserved for contingencies
1932.
1933.
34,904,816 $5,137,881
1,111,045 1,178.601
256.613
230,471
164.463
150,545
170,000
170,000
Net earnings
Other income
$3,242,755 $33,368,204
25,169
15,329
Gross corporate income
Interest on long term debt
Interest on gold notes
Miscellaneous interest
Amortization of debt discount and Menge
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
23,258,084 $3,393,373
1,614,098
1,646,100
147,368
70,738
11,275
35,731
48,275
7,374
56,773
96,301
249,750
263,402
11,600
17,783
$1,120,655 $1,3H
Net income
Dividends on preferred stock
on the special loan due Federal Water
-The payment of interest
Note.
Service Corporation is subordinated to the payment of dividends on the
company's cumulative preferred stock. At April 30 1933, the cumulative
preferred dividends not declared, and the subordinated interest on the
special loan account not reflected in the accompanying financial statement
were as follows:
Total At
At
Add-Yr.
Apr.30'32. End.Apr.'33. Apr.30'33.
$601,016
$188,891
$412,125
Preferred stock
442,879
251,455
191,425
Subordinated interest
$663,580 $1,043,895
$380,315
Total
ra"Last complete annual report in Financial Chronicle Apr.29'83, p. 2975,
and April 22 '33, p. 2799.
3897
Financial Chronicle
Volume I?
Third Avenue Ry. System.
Railway Express Agency, Inc.
-Month of March- -3 Mos. End. Mar. 31
1932.
1933.
1932.
1933.
Revenues and IncomeCharges for transport'n- $9,207,621 $13,085.142 $26,032.949 $36.008,996
709,506
.536.591
248,809
197,768
Other revenues and inc.
Total revs,and income $9A05,389 $13,333,951 $26,569,540 836,718,502
Deductions from Revs.
and Income
$5,971,404 $7,469.867 $18,000.225 822,642.815
Operating expenses
307.400
323,886
93,757
104,920
Express taxes
Interest and discount on
439,204
430.210
146.740
143.772
funded debt _
13,522
9.914
2.760
4,223
Other deductions
(Railway and Bus Operations)
10 Mos End. Apr.30-Month of April
1932.
1932.
1933.
1933.
Oper. revenue-Railway 5903.328 $1,036,954 $9,154,543 $10.767.375
248.327 2,244,597 2,488.510
219,143
Bus
Total oper.expenses
-Railway
Net oper. rev.
Bus
5803,898
$287,377
31,196
8936.379 58,449.824 89,857.229
$314,991 82,795,322 83,108,185
153.995
290,471
33.911
$6,224.319 $7.713,124 818.764,235 $23.402,941
Total deductions
Rail transportation rev(payments to rail
enue
and other carriers
express privileges)---- $3,181,070 $5,620,827 $7.805,305 $13,315,561
IZPI.ast complete annual report in Financial Chron.cle May 13 '33, p. 3360
Total net oper. rev_
Taxes
-Railway
Bus
8318,573
861,465
6.455
$348.903 $2,949.317 83.398.656
$834.481
$710.898
580.826
7.746
72,186
79.115
Total taxes
Oper.income-Railway..
867,920
8225,913
24.740
8783,085
8913.596
$88,572
8234,165 82,084.424 $2,273.704
81,808
211.356
26,164
Rochester & Lake Ontario Water Service Corp.
Total oper. income_
Non-oper.inc.-Railway
Bus
8250.653
827,426
786
8260,330 82.166.232 32.485.060
$267.809
$245,885
$26.809
8,456
8.364
820
Total non-oper.inc_
Gross income-Railway..
Bus
828.212
253,339
25,526
Total gross income_
Deductions (incl.full int.
on adjustment bonds):
Railway
Bus
$278,865
8287,959 $2,442,405 32,739.402
$212,313
16,260
8219.957 82.143.046 $2,204.773
170,361
17,486
166.687
Total deductions_
Net income-Railway._
Bus
8228,573
$41,025
9,267
3237.444 82.309,734 52.375,135
$314,816
$209.187
$41,017
49,451
9,498 def76,515
12 Months Ended April 30Operating revenues
Operating expenses
Rental of mains and hydrants
Maintenance
General taxes
1933.
8515,578
159.845
8.858
13,821
46,741
1932.
$549,312
159.971
8.822
26.108
49.846
Net earnings
Other income
$286,312
1,061
$304,565
215
Gross corporate income
Interest on funded debt
Amortization of debt discount and expense
Interest charged to construction-Cr
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
8287.373
125.000
4,202
10
12,247
25,420
253
8304.779
125.000
432
8,881
25.420
547
$145,364
$120.262
Surplus net income
ta'Last complete annual report in Financial Chronicle April 15'33, p.2609
Total oper. rev.. - 81,122.471 81,285.282 311.399.141 813,255,885
3721,962 86,359.221 87,650.190
$615,951
Oper. exps.-Railway
14,416 2.090.603
2,198.038
187,947
Bus
$69,349
33,900
882.834
34.174
$869,642 $1,018,645
416,388
407,635
Balance
835,448
Reserves for retirements (accrued)
848,660
8462.007
150.000
$602,257
50,000
$552,257
$312,007
Balance
208,633
209,105
Dividends on debenture & pref. stock
3343,624
$102.902
Balance for common stock divs.& surplus
During the last 31 years the company and its predecessor companies have
expended for maintenance, a total of 8.40% of the entire gross earnings
over this period,and in addition during this period have set aside for reserves
or retained as surplus a total of 7.68% of these gross earnings.
lerLast complete annual report in Financial Chronicle March 4'33, p. 1549
Servel, Inc.
(And Subsidiaries)
1933-3 Mos.-1932.
1933-6 Mos.-1932.
Per. End. Apr.30Net loss after taxes, deprec., int. & other
8222,901
8574,797
$190.691
$333.998
charges
VirLast complete annual report in Financial Chronicle Jan. 21 '33, p. 507
South Bay Consolidated Water Co., Inc.
12 Months Ended April 30Operating revenues
Operating expenses
General expense charged to construction
Amortization of rate case expense
Maintenance
General taxes
1933.
3514.817
156,778
Cr.6,478
23.747
23.651
36.972
1932.
8543,568
172,255
Cr.30,804
Net earnings
Other income
$280,146
2,303
$331,474
1,570
Gross corporate income
Interest on funded debt
Miscellaneous interest charges
Amortization of debt discount and expense
Interest charged to construction-Cr
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$282,449
158,105
37,926
12,176
375
5,301
22,750
1,234
$333.044
158,189
23,584
12,004
1,961
6.643
21,750
1,329
27,266
43,377
8111,507
$45.332
Net income
62.664
Dividends on preferred stock (Note)
--Cumulative preferred dividends which have not been declared
Note.
or paid for the year ended April 30 1933 amount to 862,664.
There is included in the year ended April 30 1932. $13.055 dividends
accrued which have not been declared or paid, dividends having been
omitted since Feb. 15 1932.
rirLast complete annual report in Financial Chronicle April 15'33, p.2609
Staten Island Edison Corp.
1932.
1933.
12 Months Ended March 3133.815.949 $4,000,464
Operating revenue
1.495.239
1,400,272
Operating expenses
269,112
230,868
Maintenance
375.508
307.606
Provision for retirement-renewals and replacements
366,545
378,205
Taxes
21.460.755 81,532.303
Operating income
321,825
235,633
Other income
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest during construction
$1,782,580 31,767.936
40,065
645,107
36,000
Cr4.614
40,840
270,889
36,000
Cr28,461
51,066,022 81.448.668
Net income
a"Last complete annual report in Financial Chronicle June 4 '33, p. 3200.
Sweets Co. of America, Inc.
Earnings for 3 Months Ended March 31 1933.
$3tt.l41
Net loss after all charges
OrLast complete annual report in Financial Chronicle May 20'33, p.3555
Thatcher Mfg. Co.
Earnings for 3 Months Ended March 31 1933.
$46,399
Net profit after deprec., taxes & other charges
arLast complete annual report in Financial Chronicle Feb. 25'33, p. 1392
3254.342
2.519.589
219,812
Virginia Electric & Power Co.
-Month of April--12 Mos.End. Apr.301932.
1933.
1932.
1933.
8166.097 81,818,080 $2,024,552
$143,439
674.840
639,792
54,373
48,754
116.316
117,596
10,310
9,023
214,750
191,048
18,579
16,312
Net operating revenue
Interest & amortization_
8276.173
2,352.233
9.0,172
Total combined net
income-Railway
$364,267
$132,672
$50.515
$50.292
and bus
lO'Last complete annual report in Financial Chronicle Oct.8 1932, p. 2487
Savannah Electric & Power Co.
Gross earnings
Operation
Maintenance
Taxes
327,629
260,974
26,984
(And Subsidiary Companies)
-Month of April- -12 Mos.End. Apr
.301932.
1933.
1932.
1933.
$1,177,572 81,305.916 814.853.567 816.598,631
419,555
474.792 5.373.399 6,246,301
91,036
970,714
1,185,636
73,877
117.442 1,385,727 1.487,852
118,119
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue $566,019
2.911
Inc.from other sources x
$568,931
Balance
160.234
amortization.....
Int. &
Balance
*408,696
Reserve for retirements (accrued)
$622,644 $7,123,726 87.678,840
34.665
36.262
2.917
$625,562 $7,158,391 $7,715,103
1.937.572 1.874.622
162,256
8463,306 55,220.819 85.840,480
1,800,000 2,000.000
$3,420,819 $3,840,480
1,171,450 1.171,227
Balance
Dividends on preferred stock
Balance for common stock dividends & surplus_ _ $2,249,369 32,669,253
x Interest. on funds for construction purposes.
During the last 23 years, the company has expended for maintenance
a total of 10.57% of the entire gross earnings over this period, and in addition during this same period has set aside for reserves or retained as surplus
a total of 13.15% of these gross earnings.
la'Last complete annual report in Financial Chronicle March 4'33, p.1550
Waco Aircraft Co.
Earnings for 3 Months Ended March 31 1933.
Net sales
Cost of goods sold
Operating expense
$221.722
152,768
37,938
831.017
3,293
Net profit from operations
Other income
$34.310
Net profit for quarter
larLast complete annual report in Financial Chronicle April 8 1933, p.
2440, and April 15 1933, p. 2630.
Western New York Water Co.
12 Months Ended April 30Operating revenues
Operating expenses
General expense charged to construction
Maintenance
General taxes
1933.
$723,683
183.012
Cr.814
14,775
90,874
1932.
$762.378
196.482
Cr.10,752
15,433
90,630
Net earnings
Other income
$435,836
933
$470,585
11,644
Gross corporate income
Interest on mortgage debt
Interest on 6% debentures
Miscellaneous interest charges
Amortization of debt discount and expense
Interest charged to construction-Cr
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
S436.769
204.887
58,620
4.448
9,447
29
9,720
50,500
2,895
8482.229
204.947
58,620
8,935
9,436
1,694
8.261
53.250
4.985
96.280
135,487
Net income
51,530
51.530
Dividends on preferred stock
kiMast complete annual report in Financial Chronicle Apr. 15 '33, p. 2611
(The) Western Public Service Co.
Gross earnings
Operation
Maintenance
Taxes
(And Subsidiary Companies)
-Month of April- -12 Mos.End.Apr.301932.
1933.
1932.
1933.
8165,126 81,955.839 82.398,847
8147,011
1,070,360
81,333
86,264
1,248,440
8,171
80,645
89,675
6,597
12,000
151.438
12,267
125,440
Net operating revenue
Inc.from other sources x
$446,812
858,689
579
8653,395
1,290
8935,292
5.017
Balance
Interest & amortization-
$46,812
31,995
$59,269
23.976
8654,686
331,948
8940,309
287,089
Balance
Note int.(Eastern Texas
Electric Co., Del.).
S14.817
835,292
8322,738
$653,220
19,431
122,416
225,679
$15,860
$200,321
213,333
8427,541
220.000
y$13.011
87,785
$207.541
59.405
Balance
$14,817
Reserve for retirements (accrued)
Balance
Dividends on preferred stock
8148.135
y5100.797
Balance for common stock dividends & surplus_
x Interest on funds for construction purposes. y Deficit.
'33, p. 1550
EirLast complete annual report in Financial Chronicle Mar. 4
3898
Financial Chronicle
Weston Electrical Investment Corp.
June 3 1933
During the year company sold to the Lehigh Valley RR. one-half of the
capital stock of the Owasco River Ry. at a sum equal to one-half of the cost
Quarter Ended March 311932.
1933.
to the company of the acquisition of the entire capital stock plus interest.
Net loss after taxes, depreciation, &c
$47,298
$50,517
This sale was in pursuance of the arrangement in contemplation at the time
IP rig" st complete annual report in Financial Chronicle Mar. 26 '33, p. 2087
La
of the purchase of the stock by this company in the preceding year.
and May 13 33, p. 3364.
There still remaih pending before the I.
-S 0. Commission proceedings
with reference to the acquisition of the Boyne City Gaylord & Alpena RR.
and Chicago Attica & Southern RR.
Discount on Funded Debt.
-There remained on the books of the company
at the close of the year unamortized discount on funded debt amounting to
$13,100,659, which,upon authority of the board of directors, was eliminated
from the accounts by the appropriation of surplus for its extinguishment.
New York Central RR.
Discontinuance of London Stock Registry.
-Effective July 1 1932, the Lon(Annual Report
-Year Ended Dec. 31 1932.)
don, England, registry of stock of the company was discontinued, there
having been such a shrinkage in the shares on that registry during the World
Extracts from the remarks of F. E. Williamson, President, War and subsequently as to make the service unnecessary. Morgan, Grentogether with the corporate income account statement, are fell & Co., who acted as the company's fiscal agents, will continue as Lonthe company.
cited under "Reports and Documents" on a subsequent don correspondents for -Loans and bills payable totaling $58,500,000 at
Bank and Other Loans.
the end of 1931 were increased during the year by additional bank loans
page. President Williamson further says in part:
amounting to $7.400.000 and by a loan of $2,000,000 from the Railroad
Railway Tax Accruals.-Rallway tax accruals were $30,083,642, a deCredit Corporation.
crease of $2,131,687. Taxes on real and personal property decreased
Loans from Reconstruction Finance Corporation.
-The R. F. 0., with the
$1,759,276, due to lower rates of taxation,taxes on gross earnings decreased
approval of the I.-S. C. Commission, authorized i oans to the company
$128,466, due to diminished earnings, special franchise taxes decreased
aggregating $20,499,000.of which $15,600,000 was advanced during the year.
$131,130 and Canadian income taxes decreased $199,173. These decreases
The amounts authorized and advanced upon these loans and the purwere offset in part as follows: Federal income taxes (payable by the composes thereof were as follows:
pany, under lease covenants, in respect of rental income of certain leased
A loan of $4,399,000, of which $2,000,000 was advanced during the year,
lines) increased $70,235, due to the increased rate of taxation, capital stock
was authorized for the completion of parts of the West Side Improvement
taxes increased $7,398 and other taxes increased $8,725.
Project, N. Y. City.
Equipment Rents.
-The net debit to equipment rents amounted to $11,A loan of $13,600,000. all of which was advanced during the year. was
281,581. a decrease of $491,186. Rentals received for the use of the comauthorized for the payment of certain fixed charges due n June, July
pany's equipment on foreign roads decreased $540,725, while rentals paid
and August 1932.
to others for use of equipment decreased $1,031,912.
A loan of 32,500,010, none of which has as yet been advanced, was
-There was a net debit to joint facility rents of
Joint Facility Rents.
authorized for the repairing of certain equipment.
$4.190,637, an increase of $1,232,752.
Loan from the Railroad Credit Corporation.
An increase of $160,589 in rentals paid was mainly due to payments on
-On Dec. 27 1932 the company borrowed $2.000,000 from the Railroad Credit Corporation, pledging
account of the use,jointly with the Chesapeake & Ohio Ry.,of the Nicholas
as collateral security therefor $5,600,000 of the company's 5% ref. & impt.
Fayette & Greenbrier RR. which was opened for operation Jan. 7 1932,
mtge. bonds of series C, together with the company's distributive share in
and to additional payments to the Rutland RR.in adjustment of accounts
the fund derived by carriers from the emergency freight charges hereinof former years for use of its line between Norwood and Malone, N.
before referred to and paid to the Railroad rWit Corporation under the
offset in roan by smaller payments in connection with other joint facilities,
marshalling and distributing plan.
due to diminished use. A decrease of $1,072,163 in rentals received was
due to adjustments in connection with former years, to a decrease in taxes,
Advances to Clearfield Bituminous Coal Corp.
-The company advanced to
to tenants, and to the diminished use
:
fpar.
Clearfield Bituminous Coal Corp., its wholly owned subsidiary. $3,356,000
to enable that company to pay maturing bonds, secured by lien upon its
-Non-operating income amounted to $23.622,181.
properties, consisting of its gold bond mtge.44% bonds, due Nov. 1 1932,
Non-Operating Income.
a decrease of $12,113,060. The more important items contributing to the amounting to $2,500,000. and Pennsylvania Coal & Coke Co. 1st mtge.
decrease are as follows:
5% bonds, due July 11932, amounting to $856.000.
Miscellaneous rent income decreased $1,208,561, of which $1,057.568
Advances to the Pittsburgh dcKeesport & Youghiogheny RR.
-Company
resulted from the deferment of rentals and taxes payable by tenants in
advanced to Pittsburgh McKeesport & Youghiogheny RR. during the year
respect of properties in the Grand Central Terminal area, made necessary
one-half of the amounts required to retire at maturity that company's
by unfavorable conditions. A net decrease of $150,993 in other rentals is
1st mtge. bonds, due July 1 1932, amounting to $2,250,000 and principal
due to cancellation of leases and reductions in rental rates in certain cases.
installments of equipment trust certificates totaling. $284,000, Pittsburgh
There was a decrease of $196,842 in profit from separately operated prop& Lake Erie RR. having made like advances Such advances by this
erties in connection with Pittsburgh McKeesport & Youghiogheny RR.,
company, aggregating $1,267,000. were partially offset by credits to the
resulting from diminished revenues from the operation of that property.
advances account of the amount of net retirements of equipment and other
Dividend income decreased $9.325.922. Of this decrease $6,959,170 was
property and other miscellaneous items totaling 3426,802, resulting in a
due to the inclusion in such income for 1931 of extra dividends upon the
net increase in the advances account during the year of $840,197. Total
Indiana RR., Merchants Despatch Transstock of the Chicago River &
advances at close of Dec. 31 1932 (including a $300.000 note) stood at
portation Co. Pittsburgh & Lake Erie RR., New York State Realty &
$17,431,303.
Terminal Co. and the Detroit Terminal RR., as compared with one extra
'
-On July 13 1932 the I.
-S. C. Commission
Consolidation of Railroads.
dividend only received in 1932, being that of $95,477 on the stock of Toledo
issued its plan for the consolidation of railroads in the Eastern District of
& Ohio Central Ry. $2,462,229 of the decrease resulted mainly from rethe United States into four systems, excluding New England, similar in
ductions in regular dividends upon the company's stockholdings.
most respects to the plan proposed in the application filed by the Baltimore
Income from funded securities decreased $286,634. principally in interest
& Ohio, Chegapeake & Ohio, Pennsylvania and this company, the principal
on advances to affiliated companies, no interest having been accrued on
exception being the assignment of the Virginian Ry. to this company
advances to the New York & Harlem RR. during the year and for ten
instead of to the proposed Chesapeake & Ohio-Nickel Plate System. Submonths only on advances to Merchants Despatch, Inc., the decrease being
sequently conferences have been held by the representatives of the several
offset in part by interest upon equipment trust certificates of Merchants
railroad companies with a view to further progress in this matter
Despatch, Inc., acquired by the company in December 1931.
Income from unfunded securities and accounts decreased $1.003,897.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Approximately $800,000 annual interest on advances account buildings in
[Including Boston & Albany RR., Ohio Central Lines, Michigan Central
Grand Central Terminal Zone, credited to this account in prior years, was
Lines and Big Four Lines. Results for Jan 1930 as to the roads covered
carried in suspense during 1932, and there was a decrease of $426,000 in
by,the leases effective Feb. 1 1930 are included for purposes of comparison.
interest upon funds in interest-bearing deposits, by reason of lees funds
Figures for 1929 have been revised by including the figures for roads
in such deposits, and in miscellaneous items. No interest was accrued upon
covered by leases effective Feb. 1 1930.1
advances to the Securities Corporation of the New York Central RR., a
wholly owned subsidiary, as against $504,369 in 1931. These decreases
1931.
1930.
1932.
1929.
were offset in part by increases of $205,427 in interest during construction,
Aver, mileage of
11,388.48
$352,559 in interest upon advances to the Nicholas Fayette & Greenbrier
road operated_
11,421.55
11,438.32
11,485.18
RR. and $223,054 in interest upon advances to other companies.
Passenger
Total No. rev.
-Deductions from gross income amounted
Deductionsfrom Gross Income.
63,166,911
Pass. carried__
72,951,015
50,781,188
79,215,092
to $62,753,422, an increase of $1,291,652.
Total No. rev.
Rent for leased roads decreased $723,279. of which $350,623 was due to
carried 1 m11e_2,276,744.358 2,988,079.198 3.687,407.033 4,234,627,369
the retirement of obligations of lessor companies, with accompanying deTotal pass. rev_ - $60,151,922 $86,304,508 $111,184,745 $131,062,256
crease in interest roayable as rental, $358,841 to diminished revenues of lines
Average rev, per
the rental for which is based upon such revenues and $14,313 to decreases
2.888c.
3.015c.
Pass. per mile..
2.642c.
3.0950.
in sundry items.
Aver pass. serv.
Interest on funded debt amounted to $28,348,689. an Increase of$189,378.
train rev, per
Interest on mortgage bonds increased $148,333, due to the inclusion of in$2.30
$2.57
train mile_ _ _ _
$1.93
$2.96
terest for 12 months on $75,000,000 of refunding and improvement bonds
Freight
issued and sold Apr. 1 1931, as compared with interest thereon for nine
Tons of revenue
decreased interest on other issues
months of last year, offset in part by
freight carried 86,322.846 113,750,950 150,046.279 203.193,204
retired at maturity during the year. There was a net increase of $447,516
Tons rev, freight
In interest on notes and advances, principally on loans from the Reconcarried 1 mile 19,776.624,043 24902,953.692 30483,123.158 36527,099,839
struction Finance Corporation, whlle interest on equipment obligations
Total freight rev. $193,328,132 $245,897.087 $307.177,575 $381.981,375
decreased $406,471, due to the payment of maturing installments.
Aver, rev, per
Interest on unfunded debt increased $1,920.250 due to additional loans
0.987c.
1.008c.
0.978c.
ton per mile-1.046c.
from banks and others during the year and to larger accruals for interest
Aver. rev, per
upon loans contracted in the later months of 1931 by reason of the longer
$7.38
$6.73
$8.01
train mile..--$8.58
period involved.
Deficit for the Year.-Results for the year show a deficit of $18,256.400,
COMPARATIVE INCO VIE ACCOUNT FOR CALENDAR YEARS.
as compared with net income of $2,430,101 for 1931. After appropriations
[Including Boston & Albany RR., Ohio Central Lines, Michigan Central
of income amounting to $70,150 for sinking and other funds, there was a
Lines and Big Four Lines. Results for Jan. 1930 as to the roads covered
total deficit of $18,326,550 which was carried to profit and loss.
by the leases effective Feb. 1 1930 are included for purposes of comparison.]
ceockhoiders.-The following table shows the number of stockholders of
1931.
1932.
1930.
1929.
the company at the end of each year:
$
$
$
RevenuesS
193,328,132 245,897,087 307,177,575 242,332,737
Freight
-Abroad-Total- -In United States60,151,922 86,304.508 111.184,745 97,105,738
Passenger_
Average
Average
Average
11,602,434 12,348.067 13,000,881 14,616,407
Mail
Number Holding
Number Holding
Dec. 31Number Holding
7,317,117 11,517,760 14,675,189 13,367,705
Express
2,772
104
64
1915
22.270
100
25,042
11,966,846 14,491,024 16,955,902 15,307,021
Milk, switching, &c
265
82
67
1919
30,180
82
30,445
Dining cars, storage_... - 9.269.690 11.631.737 15,924,056 14.187,650
444
77
70
1923
34,502
34,946
77
384
77
72
1927
54,146
54.530
77
Total oper. revenues-293,636,140 382,190,183 478,918.348 396,917,258
346
88
68
1928
52,529
88
52,875
88
366
70
1929
52,356
88
52.722
Operating Expenses88
353
68
1930
56,282
56,635
88
Maint. of way & struct- 28,286,249 48,391,853 64,832,896 53.253,742
1,402
81
63
1931
61,317
62.719
80
Maint. of equipment..-- 64,786,861 81,509,925 103.757,393 88,739,955
1,510
67
1932
79
62,204
63.714
78
8,862,831
5,841,784
6,788,435
9,594,315
Traffic expenses
Transportation expenses 110.546.897 146,301,549 174,455.031 137,265.129
Changes in Funded Debt
.-The changes in the funded debt of the company,
6,250.567
6,715.466
In detail, were as follows: The amount on Dec. 31 1931 of $667,161,669 Miscellaneous operations 4,197,335 15,997.501 8,148.135 11,213.645
16,664,346
12,615,285
General expenses
has been increased as follows: 3
-year notes issued to the Reconstruction
415,475
248.545
44,440
722.699
Transp. for inv.-Cr.._
Finance Corporation, dated as follows: May 16 1932. $1,500.000; June 30
1932, $11.100,000; July 15 1932, $500,000; Aug. 11932. $2,500,000: total,
Total oper. expenses__227,176,620 307,065,681 376.729,418 302,614.247
$15.600,000; real estate mortgage on N.Y. City property, due Oct 15 1933.
Net operating revenues- 66,459,520 75,124,502 102,188,929 94,303,012
$40,000: State of New York, advances for grade crossing eliminations,
(76.24)
(80.34)
(77.37)
(78.66)
Per cent of exp. to rev__
$148,043; total, $682,949,712; and has been reduced as follows: Little Falls
Railway tax accruals__ 30,083,642 32,215,329 34,009,021 27,626,062
& Dolgeville RR. Co. 1st mtge. bonds matured July I 1932, $250,000;
99.348
102.942
90.672
125,750
Uncoil, railway revenues
payPine Creek Ry. 1st mtge. bonds matured Dec. 1 1932. $3,500,000;
ments falling due during the year on the company's liability for principal
Ry.operating income- 36,285,206 42,806,231 68,054,158 66,577,601
installments under equipment trust agreements, $9,040.167, leaving the
5,096,157
Equip.rents, net debit_ - 11.281,581 11.772,767 10.288,151
funded debt on Dec. 31 1932 $670.158,845. an increase of $2,997,176.
Joint facil. rents, net--Dr4,190,637 Dr2,957.885 Dr530.479 Cr3,143,220
Emergency Freight Rates.
-Under the increases in freight rates permitted
-S. C. Commission in ex parte 103, which became effective Jan. 4
by the I.
Net ry. oper. income- 20,812,988 28.075 579 57,235,527 64 624.664
1932, the company received additional freight revenue amounting to 36,073,751, of which $5,982,644 was deposited with the Railroad Credit Corfiscellaneous Operations
699.318
909,761
999.419
745,324
poration under the marshalling and distributing plan.
Revenues
706,507
828,709
963.297
683,470
Expenses and taxes
-S. 0. Commission having
Acquisition of Short Line Railroads.
-The I.
fixed the commercial value of the Ulster & Delaware RR. at the sum of
loss7.189
81.052
36,122
61.854
was effected on
M scell. oper. income..
$2.500,000. the acquisition of the railroad at that price
Total operating income.. 20,874,842 28,156,631 57,271,649 64.617,475
Feb. 1 1932.
FINANCIAL REPORTS.
e y
cotmopaoc7shi!achurilescli3ayrgoettble
rinn
Volume 136
Financial Chronicle
1929.
1931.
1930.
1932.
Non-Operating Income-$
$
Inc.from lease of road__
164,397
162,613
139.936
126.361
Misesli. rent income...-. 4,785,432 5.993,994 5,887,458 5,028.252
Miscell. non-operating
physical property - 3,545,802 3,664,354 3,448,361
2.670,058
Separately oper. properties-profit
336.321
713.073
2,003.285
139,479
Dividend income
6,817,340 16,143.262 14,916.582 41,174.838
Inc.from fd.sec.&accts_ 5,218,300 5.504,934 6.045,985 4.980,928
Income from unfunded
securities and accounts 2,562.573 3,566,470 4,377,681 3,949,638
Income from sinking and
other reserve funds- _
203.232
211,045
187,566
186,309
Release of premium on
funded debt
31,057
33,410
286.997
Miscellaneous income.-144,670 2.672,189
207,175
Totalnon-oper.income 23,622,181 35,735,241 39,726,984 59,146.953
Gross income
44.497,022 63.891,872 96.998.633 123,764,427
Deductions
Rent for leased roads
25,659,829 26.383,109 27,762,047 14,553,046
Miscellaneous rents..- _ _ 1.504,887 1.495,710
1,523.116 1,125,552
Macon. tax accruals
1.851.107
2,515.288 1,936,442 2,097.183
Separately oper.
erties-loss
50,435
148,657
114,194
93,907
Interest on funded debt- 28,348.690 28,159,311 27,217.660 26,497,380
Int. on unfunded debt
659,678
3,988,230 2.067,980 1.414.407
Amort. of discount on
funded debt
539,845
508,949
491,922
471.457
Maint. of invest. organiz
35,277
14,922
7.658
18,251
Miscall. income charges278,650
781,154
250.357
152.881
Total deductions
62.753,422 61.461.771 61.016,841 45.487,136
Net income
def18,256,400 2,430.101 35.981.792 78,277,291
Dividends declared
x19,970,305 x39,940,593 37.090.532
Rate of dividends_
x(6%)
Sink.& other red.funds.
91,087
119.913
190,949
65.418
Invst. in phys. prop
100
Miscell. appropriations of
income
834
4,732
Deficit
18,326,550 17,661,051 4.049,889 sur40995811
Shares of capital stock
outstanding (par $100) 4,992,597 4,992,597 4.992,597 4,637,092
Earns, per share on capital stock
$7.21
$16.88
$0.49
Nil
z Dividends paid out of surplus.
COMPARATIVE CONDENSED GENERAL BALANCE SHEET, DEC.31.
Assets
-1932.
1931.
Investment in road
3689,869.737 $662.196.959
Investment in equipment:
Trust
207.032.416
183,783.628
Owned
243,997,325
248,031.914
Improvements on leased railway property
158,761,594
159,163.109
Deposits in lieu of mortgaged property sold.2,563
15,763
Miscellaneous physical property
29,424.595
29,318,136
Investments in affiliated companies:
Stocks_
156,103,475
153,660,298
Bonds
9,116,115
8,343.674
Notes...............................
35,521,550
13,025,582
Advances______
189,867,379
157,448,487
Other investments:
Stocks
28,001,969
28,001,569
Bonds
1,382,557
1,063.903
Notes
1,101,704
1,231.704
Advances
17.186,161
17.718,877
Miscellaneous
305,741
92,373
C
Cash
22,655,245
20.016.816
Demand loans and deposits
10.000
60,000
Time drafts and deposits
60,000
605.000
Special deposits
388,570
408,041
Loans and bills receivable
15,552
7,361
Traffic and car-service balances receivable
2.487,609
2,191,077
Net balance receivable from agents & cond'rs
3,310,010
3,971,845
Miscellaneous accounts receivable
13,430,086
12,470,345
Materials and supplies '
29,385,055
33,901,648
Interest and dividends receleable
3,867,614
6,866,365
Rents receivable
365,953
367,088
Other current assets
139.720
576,749
Working fund advances
208,479
252.559
Insurance and other funds
4,012,552
4.055.736
Other deferred assets
18,379.701
9,750,928
Rents & insurance premiums paid in advance
78,093
389.896
Discount on funded debt
13,215,158
Secs. acquired from lessor cos.(per contra).125,001
125.001
Other unadjusted debits
10,098,442
14.076,854
Total
81.825.367,729 $1,837.729,280
Liabilities
Capital stock
$499.259,735 $499,259,735
Premium on capital stock
4,880,241
4,880.241
Equipment obligations
67.909,602
76,950.469
Mortgage bonds
568,901.000
572,651,000
Debenture bonds
17,560,200
17,560.200
Collateral trust bonds
15,600.000
Miscellaneous obligations
188,043
Non-negotiable debt to affiliated companies16,294
3,419.987
Loans and bills payable
67,900.000
58,500.000
Traffic & car-service balances payable
5,475,633
6,256.628
Audited accounts & wages payable
15,210,696
17,939,436
Miscellaneous accounts payable
1,705.139
1.522,689
Interest matured unpaid
2,415,915
2,447,126
Dividends matured unpaid
162,707
. 186,393
Funded debt matured unpaid
139,790
159,090
Unmatured interest accrued
5,648,387
5,901,445
Unmatured rents accrued
2.754,865
2.611.249
current liabilities
Other
7.128,619
7.568,149
Liability to lessor companies for equipment.._
14,715,323
14,715,322
Other deferred liabilities
29,003,699
27.174,071
Tax liability
15,465,787
16,539,546
Premium on funded debt
207,013
3,240,423
Insurance and casualty reserves
4,204.771
536,923
Accrued depreciation-road
2,551,845
2,739,401
Accrued depreciation-equipment
167,260,827
167,956,243
Accrued depreciation-miscellaneous physical proPertY
3,539,079
3,105.409
Liability to lessor companies for securities
acquired (per contra)
125,001
125,001
Other unadjusted credits
62,629,885
51.925.859
Additions to property through income &
a lus
2,482,058
2,464,353
M
aneousfund reserves
1.701,055
1.701,055
2
Profit and loss-balance
38.624,521
267,691.835
Total
81.825.367.729 $1,837,729,280
--y. 136. p. 2601.
Lehigh Valley RR.
(79th Annual Report
-Year Ended Dec. 31 1932.)
Our usual tables of comparative income account and
traffic statistics were given in V. 136, p. 3338.
E. E. Loomis, President, says in part:
World-wide economic conditions laid a heavy hand on the railroads
during the year. Operating revenues of company were 23% less than in
1931. This reduction in traffic, however, compares favorably with the
figures of other railroads serving the same general section of the country.
While maintaining the quality of its service to the shipping and traveling
public, it was possible to make a reduction of 23% in operating expenses,
despite the substantial reductions in these expenses which have been made
every year since 1927.
3899
For the year 1932, net operating revenue amounted to $7,052,900, and
45% of this went for taxes. In addition the company is faced with grade
crossing elimination orders which will involve further non-productive expenditures of approximately $2,000,000. These Government assessments must
be met before the company is in a position to provide for its necessary
obligations, such as interest on its bonds, rentals. &c. The development of
the motor vehicle has increased traffic competition, and has resulted in a
public demand for elimination of rail-highway grade crossings. Expenditures for such non-productive improvements constitute a real menace to
the financial stability of the railroads, because of the high proportion of
the cost which must be assumed and also because of the additional assessment and a resultant permanent increase in the tax bill.
To protect our ownership of the land at West 27th St. and 13th Ave.,
N. Y. City, the Pioneer Real Estate Co., a subsidiary, was compelled to
-Lehigh Building from its former owners.
take over the $8.000,000 Starrett
The only consideration was the assumption of the $4,500,000 mortgage on
the land and building. The street level is used by company as a railroad
yard, equipped with adequate team tracks, gantry cranes, and loading
platforms, which serve both the public and the tenants. The building
contains 1.800,000 square feet of rental space.
Under the Marshalling and Distributing plan, company during the
Year deposited $820.928 with the Railroad Credit Corporation, representing
earnings resulting from certain increases in freight rates. The increased
rates permitted under the plan were to be eliminated March 31. but the
I. C. Commission has authorized their continuance, with some modifica-S.
tion, until Sept. 30 1933. The proceeds of the increased rates, however.
will be retained by the individual carriers.
In connection with the purchase of 20 new locomotives delivered during
the Spring of 1932, the locomotive builders issued in the name of the
railroad company, but without legal or banking costs to the Railroad.
Equipment Trusts"T"and "U," each in the amount of $1,039,000. The
certificates bear interest at the rate of 5% and will be retired by semiannual payments over a period ending March 1 1937.
The first mortgage bonds of the Lehigh Valley Coal Co., which matured
Jan. 1 1933. were guaranteed by company. This guarantee was made in
1892 when the coal company was owned by the railroad company and when
the coal industry was in a prosperous condition. The enforcement of the
guarantee, therefore, was never looked upon as a possibility. Furthermore,
at the time of the segregation of the coal and railroad companies, provision
was made in the decree of the court for the creation of a new coal company
mortgage under which bonds were to be issued for the purpose of retiring
this maturity. Because of existing financial conditions, the coal company
was unable to market these bonds to retire the $6,409,000 of its first
mortgage bonds, and on account of the poor coal business it did not have
the available cash to pay them. Company, therefore, unexpectedly was
called upon to assume the obligation of its guarantee and a plan was
presented jointly by the coal and railroad companies and accepted by the
holders of the bonds, which provided for the payment of 50% in cash and
50% in new coal company notes. The railroad company must, of course,
continue its guarantee. For the purpose of financing this polar' the Reconstruction Finance Corporation authorized a loan of $2,000,000 to company.
which was in turn loaned to the coal company. As a result of the transaction there will be no increase in expense inasmuch as the interest received
from the coal company offsets the interest company must pay to the
Reconstruction Finance Corporation. Since the first of the year the plan
has become operative and practically all outstanding bonds have
exchanged for the new notes.
Notwithstanding a reduction of over 61% in maintenance of way expenses
during the last five years, made possible through the use of heavy rail,
creosoted ties. stone ballast, and improved machinery and methods, the
roadbed of company has been maintained at its usual high standard.
On Feb. 1 1932. an agreement was entered into with employees for a
deduction of 10% from earnings for a period of one year. This agreement
has since been extended to Oct. 31 1933. Likewise, substantial deductions
from the pay of all officers and supervistory employees have been made.
Because of the general business depression the year 1932 was the first
since 1904 that the railroad was unable to pay its stockholders dividends
on their shares.
GENERAL BALANCE SHEET DEC. 31.
1932.
1931.
1932.
AssetsLiabilities
$
Inr. in road and
Common stock 60,501,700
equipment-106,114,623 109,170.134 Preferred stock _
37.950
/mprv. on leased
Grants in aid of
railway prop_ 2.847,665 2,346,950 construction _
43,888
Misc. phys. prop
120,207 Long-term debt. 95,714,391
119,366
Inv.In Mfg.cos:
Loans & bills pay 4,650,000
Stocks
93,574.706 98,583,538 Traffic and carBonds
20,856,130 20,856.180 service balance
Advances_- 9,391,098 8,228,007 payable
28,249
Other investmls 1,815,612 1,789,789 Aud. accts. and
wages payable 2,253,255
Cash
3,096,280 3,141,564
Special deposits_
213,632
4,835 Misc.accts. pay.
2,763
Loans & bills ree.
377,998
1,940
926 Int. mat. unpaid
Traffic J.: car-ser.
30,904
Divsanat. unp'd
balances rec..
539,727
498.705 Fund, debt mat.
Net balance reo,
unpaid
1.000
from agents &
ITnmat.dIvs.decl
664,349
585,683
610,932 Unmat.Int. accr
conductorsMisc. accts. reo.
682,310 Unmat.rents ace
503,825
587,238
Material & anDP 2.446,423 3.067,977 Other cure. flab..
203,217
Int. 4: diva, reo.
6,856
112,828 DeferredHahn
185,756
44,113 UnadJ credits.- 82,899,966
49,845
Rents receivable
Other our. assets
202,595 Adds.to property
167,996
255,352 through inc.&
242,700
Deferred assetsUnadJ. debits. 2,897,867 2,280,428 surplus
316,715
Profit and loss
surplus
46,217,024
1931.
60,501.700
106,300
36.473
90,338,659
5.000,000
75,668
2,890.717
190,859
377,385
31,067
1,000
2,658
603,230
503,825
223,642
177,426
33,637,875
309.278
51.984.560
Total
244,843,819 246,992,321
Total
244,843,819 246,992,321
Note.
-The item investment in road represents only road property of
Lehigh Valley RR. proper (Phillipsburg, N. J., to Wilkes-Barre, Pa.).
The total road and equipment investment of the system, including transportation subsidiaries, owned by company, is $265,880,208.-V. 136. p.
38.
General Motors Corp.
(Financial Statement
-3 Months Ended March 31 1933.)
President Alfred P. Sloan Jr., wrote in part:
Net sales of General Motors Corp., excluding inter-company and Inter.
divisional transactions, amounted to $120,000,163, as compared with
3149.663,716 for the corresponding quarter ended March 31 1932. Net
earnings of the corporation, including equities in the undivided profits
or the losses of subsidiary and affiliated companies not consolidated,
for the quarter ended March 31 1933, amounted to $6.870.007. This
compares with earnings of $9,693,027 for the corresponding quarter of
a year ago. After deducting dividends of $2,294,930 on the preferred
stock, there remains $4,575,077. being the amount earned on the common
shares outstanding. This is equivalent to $0.11 per share on the average
common shares outstanding during this quarter and compares with $0.17
per share earned in the first quarter of 1932.
Net earnings for the first quarter of 1933 do not
any provision
for losses on cash balances in closed banks, since the reflect of these losses
extent
is not determinable at this time. At April 25 1933 cash balances in closed
banks amounted to $13.943.878.
Cash, United States Government and other marketable securities at
March 31 1933 amounted to 6135,711.686 (excluding cash balances in
closed banks). In addition, an amount of $12,500,000 was invested
In the National Bank of Dal...lit capital stock. Cash, United States
Government and other marketable securities amounted to 8172,780,695
at Dec. 31 1932 and 6186,777,639 at March 311932. Net working capital
at March 31 1933 amounted to $217,468.700 (excluding cash balances in
closed banks),compared with $225,437,194 at Dec.31 1932 and $271.536.282.
at March 311932.
441
During the quarter ended March 31 1933 General Motors dealers in
the United States delivered to consumers 140,369 cars and trucks, compared with 143,514 cars and trucks in the corresponding quarter of 1932.
Sales by General Motors operating divisions to dealers in the United
States during this quaiter amounted to 167.584 cars and trucks, compared
with 166,304 cars and trucks in the first quarter of 1932. Total sales
to dealers, including Canadian sales and overseas shipments, amounted to
3900
Financial Chronicle
199.799 cars and trucks, compared with 197,256 cars and trucks in the
corresponding quarter of a year ago.
For income statement for 3 months ended March 31 see
"Earnings Department" on a preceding page.
Condensed Consolidated Balance Sheet March 31.
1932.
Assets
1933.
Cash
$90,162,440 $110,408,462
68,974,396
U. B. Government securities
23.824,334
7,394,781
Other marketable securities(short-term)_ _ _ _
21.724,912
National Bank of Detroit capital stock
12,500,000
Sight drafts with bills of lading attached &
4,410,763
0.0. D.items
4.487,218
3,890,689
1,904.471
Notes receivable
27,150,745
24,569,622
Accounts receivable & trade acceptances.. _ _ _
109,808,331
76,184,220
Inventories
2,589.691
3,227,302
Prepaid expenses
Cash balance in closed banks at Apr.251933
13,943,878
212.776,006
210.963,946
Sub.Sc ami.cos. no consoi. & misc.invest_ _
General Motors Management Corp. serial
39,875,000
39,875,000
6% debenture bonds
General Motors Corp. capital stock held in
8.640,170
10,580,778
treasury
599,490.510
500.394.908
Real estate, plants and equipment
18,456,423
12,390,852
Deferred expenses
51,839,988
51,839,252
Good-will, patents, &c
June 3 1933
Nothing much need be said about the condition of industry in general
during the year 1932. The crisis, depressing every industry, continued
unabated over the whole world.
The oil industry has not escaped the consequences, notwithstanding
continued efforts to restrict production, which was some 10 million tons
less than that of 1931.
According to the most reliable data available, the world's production of
oil, divided among the various countries, was as follows (in metric tons):
1931.
1932.
116,317,309
Metric tons 106,653,329
United States
22,334,700
21,395,700
Russia
17,303,690
17,085,278
Venezuela
8,657,803
7,350,321
Rumania
5,842,779
6,549,246
Persia
5,043,073
4,906,536
Mexico
4.897,748 '4,520,151
Dutch East Indies
2,537,223
2,342,976
Colombia
1,705,006
1,892.003
Argentina
1,491,140
1,468.105
Trinidad
1,365,826
1,337,884
Peru
1,131,620
1,164.694
British India
630,484
556,685
Poland
535,178
527,0'89
British Borneo
284,859
265,056
Egypt
284,769
233,237
Taiwan
Japan, including
1,286,163
1,279.314
Other countries
189,271,773
179,905,201
Total
Throughout the year we were actively co-operating with the other big
stabilize the situation on the werld export
oil companies in an endeavor to
Liabilities
markets, and the year 1932 was therefore, as regards oil, one of conferences.
$21,453,165
$12,560,900
Accounts payable
At the first conference, in May 1932. negotiations were begun with dele17,169,161
14,696,938
Taxes, payrolls, & sundry accrued items_ _ _ _
gates of the Soviet Government. The basis of the negotiations was that
12.143,335
U.S.and foreign income taxes
1,756,517
all the oil exporting organizations, including that of the Soviets, would
11,400,721
9,901,048
Employees say,funds, payable within 1 year
respect each other's position. In this way it was hoped that a regular
1,562,805
1,562,805
Accrued dividends on pref, capital stock_ _ _ _
supply of the world's requirements at the lowest prices compatible with a
246,580,098
178,976.838
Depreciation of real estate, plants & equip
sound industry would be secured, and that the dumping of surplus quan1,560,743
Employees investment fund
tities for which there is no demand and which only leads to unnaturally low
31,806,243
11,368,429
Employees say.fds., pay.subsequent to I yr.
Prices could be avoided.
10,936,5.58
10,018,690
Sundry and contingencies
All the private companies represented at these meetings had already for
187,536,600
187,536,600
a Preferred stock
a considerable time adopted the principle of conservation-that is to say,
435,000,000
b Common stock
435,000,000
they had been and still are producing much below the quantity that existing
Interest of minority stockholders in subsidwells could produce. In that way they had already contributed largely
2,328,835
2,513,312
iary cos. with respect to capital and surplus
towards putting an end to dumping. The Soviet Government, however,
286,865,302
232,043,445
Earned surplus
having been increasing their production as fast as they could and keeping
internal consumption as low as possible-although this was bound to in$1.097,935.522 $1,266,343,566
Total
crease largely, owing to the advanced industrialization of the country
a Represented by 1.875.366 no par $5 series shares. b Represented by
at the above-mentioned conference declared themselves unwilling to fall
-V.136, p.3545.
43,500,000 $10 par shares.
into line with the policy of co-operation, conservation and respect of each
other's position, as proposed by the private companies. Thus it was impossible to arrive at any result with the Soviets.
Indiana Harbor Belt RR.
The Soviet Government. however, have failed to increase their production further, notwithstanding the greatest activity in drilling. In ftct their
-Year Ended Dec. 31 1932.)
(Annual Report
production for 1932 was 21,395,700 tons as compared with 22,334.700 tons
in 1931,showing a drop of 939.000 tons, or more than 4%,although in 1932
OPERATING RESULTS FOR CALENDAR YEARS.
in Russia no less than 752,411 metres were drilled as against 707,363 metres
1929.
1930.
1931.
1932.
Earningsin 1931. The significance of this will be clear when it is considered that
Railway oper. revenues.. $7,298,620 $9,214,027 $10,856,069 812.967.446
in Venezuela, for instance, in the past year our group drilled 12,252 metres
Expensesand had a production of 7,564,111 metric tons.
1,132,406
1,131,847
953,169
560.465
Maint. of way & struc_
Russia's home consumption increased from 11,900,000 tons in 1931 to
1,342,411
1,188,404
901,233
634,464
Maint. of equipment_ _ _
14,300,000 tons in 1932. Previous to 1932 the Russians had been accunm61,182
58.540
45,135
55,825
Traffic
ating considerable stocks of oil, on which they drew for their export busi5,095.518
4,533.252
2,891,840 4,004,426
Transportation
ness in 1932, and which allowed them, notwithstanding their decline in
147,161
238,905
174,779
150.996
Miscell.-stock yards...,..
production and the increased home consumption which could no longer be
327.497
381,470
327.949
240,899
General
prevented,to increase their exportsfrom 5,224.301 tons in 1931 to 6,011,299
345
312
16,610
6
Trans. for inv.-creditstons in 1932. We may assume that by now those surplus stocks have been
depleted, and that unless they succeed in substantially increasing their
$4,513,795 86.464,897 $7,467,978 $8,105,830
expense
Total
production they must be regarded by consumers as suppliers who on the
2,749.130 3,388,090 4.861.616
Net rev,from ry. opers- 1774,826
(62.51) export markets may very well run short of their supplies; in fact, during
(68.79)
(70.16)
(61.98)
Percent. of exp. to revsthis year they have been buying benzine f.o.b. U. S. A. ports in order to
776,341
546,826
550,329
527.044
Railway tax accruals
meet their shortage, while tankers are delayed and have been known to
714
6.750
973
341
Uncollectible ry. revs..
wait no less than 25 days in the Russian Black Sea ports before they could
be fully loaded.
Railway oper.income_ $2,247,441 $2,201,589 $2,836.787 $4,078,526
After the meeting with the Soviet representatives in May, 1932, another
205,859
369,388
526,130
294,031
Equip.rents, net debit.._
conference took place in July and September with the representativ es of
Joint facility rents, net
the Rumanian oil industry, when an agreement was arrived at on the prin302,671
283,049
148,905
426.095
debit
ciples of co-operation along the lines indicated above. It took some time
to get the agreement put into effect, but from Jan. 1 1933 it has been actuNet ry. oper. Income- $1,527,315 $1,526.552 $2,347.880 $3,406,467
ally applied.
Non-Operating Income
Although not really appertaining to the year 1932, we want to say a few
$2,302
$5.626
$770
$770
lease of road
Inc. from
words about the first results of the world-wide co-operation on the export
Dr9,104
25,869
33,597
21,249
Miscell, rent income_....
markets (with the exclusion of the Soviets). Unfortunately, in the beMiscellaneous non-oper.
ginning of 1933 certain difficulties arose in the U. S. A. which threatened
. 6.136
4,958
5,899
5,770
physical property.to lead to a continuance of the dumping of oil products on the export mar108
54
27
Dividend income
kets. All the major comtpanies in the U. S. A. used their influence towards
653
1,997
968
1.194
secur
Inc.from funded
straightening out these difficulties, but it takes quite a considerable time
•
Inc. from unfunded sec.
to make the generally accepted policy of preventing wasteful exploitation
195,881
127.142
36,085
12,538
and accounts
above the market demand work smoothly. This is not surprising consid1,001
1,032
1,493
1,172
Miscellaneous income_ering the enormous number of interests involved-not only as producers,
-and the complexity of U. S. A.
but also as refiners, marketers,lessors, &c.
$201,538
$162,063
$78,866
$42,720
Total non-oper.inc_..
laws in these matters. Although the authorities in the U. S. A. appear to
2,509,943 3,608,005
1,605,418
1,570,035
Gross income
be quite willing to lend their active co-operation towards improving condiDeductions
tions in the oil industry, the desired result has not yet been reached.
26.452
39.095
61.859
43,887
Rent for leased roads.,....
It cannot be repeated too often how highly important it is that produc40,691
31,372
32.253
34.338
Miscellaneous rents_
tion and consumption should be balanced. It is a common error not to
99
86
96
tax accruals__ _ Miscell.
realize that by trying to find a market for commodities overproduced in
438,511
432,641
426,771
422,521
Int. on funded debt
spite of decreasing consumption, the overproducer is first of all competing
1,769
751
270
343
Int. on unfunded debt....
with his own normal production; furthermore, when the price begins to
Amort. of discount on
fall as a result of such overproduction, profits do not diminish proportion13,587
12,899
12,384
11,987
funded debt
295
ately but far more quickly and soon disappear altogether; given a selling
3,101
3,131
3,021
Miscall. income charges_
price of say $1, with cost price of 90 cents and profits thus 10 cents, it only
h er e w to w thorit l profit.
a
ir a dg nof nto furt;;)n
relV tnut ror g ilO cents er tlgtslling pricee feelpe a alm
$521,306
8519,958
$536,754
$516.192
Total deductions
de
Without
3,086,699
1.989,985
1,068,664
1,053,843
Net income
that since the Rumanian export industry has been found prepared to
clear
(10%)760,000 (10)760.000 (50)3800000(50)36800000
Dividends
join in a world-wide co-operation, provided the U. S. A. manages to find
from net income.
x $760,000 of this was appropriated
a satisfactory solution of her particular part of the problem, this movement
embraces all exporting organizations (with the exception of the Soviets)
COMPARATIVE CONDENSED GENERAL BALANCE SHEET DEC. 31.
which by reason of their potential or actual productive capacity might be a
1932.
1931.
1931.
1932.
menace to the balance of supply and demand on the export markets.
$
$
LiaMitties-g
$
Assets-That such has been possible is because the leading companies, who had
7,600.000 7,600.000
stock
Inv. in rd. & equip23,909,698 23,770,067 Capital
taken the initiative in this movement, realize that in the future there will
216,001 Long term debt... 9,760,000 9,845,000
Inv.in aini. cos.- 216,001
be a much greater demand for oil products and that with the proposed
Traffic & car serv.
Adv. to RR. Cred.
method of conservation not only can all demand be met for a very long
697,446
balances payable 639,764
29,060
Corp
period, but also prices can be stabilized at reasonable levels instead of be45,255 Audited accts. 5c
35,946
Other investments
coming liable to violent fluctuations. Nobody, neither producer, nor con438,584
Payable- 436,384
wages
937,874
Cash
1,425,079
sumer, and certainly not governments, can ever benefit from abnormal
26,308
24,957
125 misc, accts. pay_
Special deposits_..
135
197,135 wastage of natural wealth which is not replaceable.
2,880 Int. matured unp'd 197,135
Loans & bins rec._
4,404
The experience of last year has shown that with such an enormous poten2,229
2,583
Unmat'd Mt. seerTraffic dc car-ser.
tial producing capacity as the oil industry has at its disposal to-day, it is
291,756
324,032 Unmard rents seer 124,535
balances receiv_ 275,490
extremely difficult to establish a really satisfactory balance between supply
102,055
98,473
curr. Habil-Other
Net bal. rec. from
and demand when consumption is declining as it is at present. This de67,321
5.524
167.820 Other def. Habil__
agents & conduo 182,005
dining consumption, of' course, is the result of the world crisis. 011 pro843,774
870,346
782,725 Tax liability
Misc. accts. recelv. 344,993
ducts are so necessary, however, for the economic functioning of the world
63,576
46,380
438,007 Ins. & casualty res.
Materials 5c supp- 394,157
that if it had not been for the outrageous taxation put on the consumption
29.895 Accrued deprec.Rents receivable__
29,160
-more serious
of benzine practically everywhere, even the present crisis
2,211,899 2,056,130
equipment
6.355
Other curr. assets_
6,933
than any other the world has ever experienced-would not have diminished
614,547
2,200 Other unadl. cred. 567,939
Working fund adv.
1,400
combination of the world crisis and
the consumption of oil products. The
305,747 Add. to property
Other def. assets.- 386,516
outrageous taxation has resulted in a falling off in consumption, and this
through Inc. &
Rents & ins. prem.
has placed before the industry, in the effort to find a way to establish a
64,620
80,098
surplus
paid In advance_
948
1,201
balance between supply and demand, a problem which is very difficult
L. balance.... 5,096,555 4,823,037
Disc,on fund. debt 237,177
249,163 P.&
to solve satisfactorily.
437,564
0th. unad. debits_ 298,056
In some countries, for instance, measures are taken which, while being
intended to support other branches of industry and especially agriculture.
27.777,412 27,716,679
Total
Total
27,777,412 27,716,679
are decidedly prejudicial to the oil industry and at the same time impose
-V.136, p. 1543.
heavy burdens on the taxpayers. We have in mind particularly the compulsory blending of alcohot in benzine, as in force in Prance since 1923 and
introduction of
Royal Dutch Co. for the Working of Petroleum Wells now also in Germany and various other countries, and the
which is now being contemplated in the U. S. A. The object is to lend
in Netherlands Indies.
cereals, potatoes and other products from which
support to the growers of
alcohol can be produced, but in practice it is nothing more than a substan-Year Ended Dec. 31 1932.)
(Annual Report
tial subsidy (in Germany more than 100 million marks) to a relatively few
producers of alcohol and is of comparatively little help to agriculture.
The report, presented by the Managers to the Board of The erection of the necessary installations costs large sums of money and
once such a measure is introduced it is not easy to break away from it.
Commissaries, says in substance:
Total
$1,097,935,522 81,266.343,566
Volume 136
Financial Chronicle
3901
rates of exchange, forms the equivalent of more than £16,000,000. so that
Moreover, if agriculture is to have any benefit from it at all, the price of
the total liquid resources of the group represent the equivalent of over
alcohol requires to be raised to such a level that the benzine blend will in
£51,000,000.
turn become far too expensive. Such artificial measures of bolstering
It is also to be taken into account that in the course of the year under
up one industry at the expense of another cannot but eventually lead to
review the Shell Union redeemed its own debentures to a nominal amount of
industrial chaos. Unfortunately, political post-war activities in a great
$26,299,000, thus substantially reducing its debenture debt. Furthermany countries have resulted in much interference in business affairs.
more, all our stocks of crude oil and products over the whole world are
If the leading companies had not joined in time in the efforts to prevent
unencumbered.
chaotic conditions on the oil markets of the world and stood up against the
The net profits for the year 1932 amounted to Fl. 28,303,691.75, allowdestructive policy that the Soviets have in view, the results of last year,
ing of a dividend of 6% after paying 4% on the preference shares.
though still no better than those of the previous year, would have been very
much worse than they are.
EARNINGS FOR CALENDAR YEARS.
A satisfactory solution for the oil industry, as for all other industries.
1931.
1932.
1930.
1929.
(In Florins.)
can, however, only be achieved if consumption commences to increase
35.139,620 32,331,059 92,069,548 126,843,819
Income
again, and that will only happen as the crisis gradually disappears. On
Expenses, taxes, &c__ _
247,247
302,657
1,233,133
372,128
1
the other hand, the crisis will not begin to disappear until consumption
Service of 4% dollar deincreases, and that leads us to the opinion that only by bringing unemployed
1,000,000
benture loan
1,000.000
producers and underconsuming consumers together can the crisis be Perma3,111,754
1,583,051
Difference in exchange
nently overcome. In other words, purchasing power must be created and
Contractual obligations..
26,880
the remedy not sought in cheaper products obtained at the cost of less and
Int. on dollar deb. loan_ 3,978,750
(or) cheaper labor. This does not mean to say that under the present circumstances such cheap labor would not be required, but rather that the
28,303,692 27,916.648 90.836.415 126,471,391
Profit
necessity is there solely because no attempts are being made to increase
60.000
60,000
60,000
Divs. on pf. shs.(4%)_..60,000
purchasing power. This, however,is a world problem and should be tackled
762,612
1.282.500
Priority shares (414 7)
0 _
.
on a world basis, not by restricting production and thus increasing unemOrdinary shares (6%)_ _ 30,217,440 30,217,440 30,217,440 30.217.440
ployment, which in turn means reduction of consumption again, but by
increasing consumption by the creation of more demand, instead of reducdef1,973,748 def2,360,792 59,796,363 94,911.451
Surplus_
ing consumption more and more by continued deflation and everything
Avail, for ordinary div.:
connected with it.
55.610.617 88,267,650
93% of above surplus
The retarding influence caused by the tyranny of gold is still inadequately
6% on ord. as above— 30.217,440 30.217,440 30.217,440 30,217.440
realized by many. When speaking recently of silver, the president of one
2.219.313
1.015.026
Brought forward
2,252,353
4,613,145
of the biggest Eastern banks referred to it as being nothing else than a
2,181,855 3,588.958
Commissaires' propor'n_
medium of exchange whose intrinsic value did not matter much. One of
his colleagues did, it is true, express a different opinion. but he in turn lost
30,496,045 32,469.793 90.229.225 123.089.073
sight of the fact that the low silver prices are so bringing down the level of
Amt. of ordinary div_ _ _ 30,217.440 30,217,440 85,616.080 120,869.760
wages in silver countries as to lead inevitably to low prices of world products
(24%)
Rate per cent
(6%)
(17%)
(6%)
produced in gold countries.
We might ask, have economists occupying themselves with the silver
2,219,313
2,252,353 4.613.145
Carried forward
278,605
problem ever taken into account the fact that in the main it is the silver
countries which need to be further developed, and that the necessary railBALANCE SHEET AS AT DEC. 31.
ways, roads, &c., have to be constructed with foreign capital? For that
1932.
1931.
purpose loans have to be raised in sterling or gold, and the lower the price
Florins.
Florins.
Assets—
of silver, the more.units of silver will be needed for interest and amortization.
49i,876,000 494,876,000
Unissued share capital
If, however,silver is their only money,the people will only be able to develop
312,094,100 312,094,100
Share holdings, less reserve
the country if they are prepared to pay the large amount of silver required
407.861
240.478
Cash
for service of the loan. There is then a great danger that once develop2,489.375
26,728,447
Short-term deposits
ment has been brought about, the population can pay only a normal amount
18,944.501
301,422
Securities
silver, with the result that they will fall in arrears with their payments
of
347.589,325 344,646,091
Claims on undertakings
on the gold and sterling loans, as has already been seen in China, where
4.107
58,157
Debtors
the country is in default in respect of various foreign railway loans.
Debtors for dividends
24,230,008
23.146,037
Once foreign capitalists have had this experience, further development
becomes impossible, and this is one of the causes of the present crisis.
1,200,635,278 1,202,090,732
Total
Asa matter offact the crisis cannot come to an end without silver recovering,
Liabilities—
and this recovery (which is inevitable) is being delayed owing to many coun998,500.000 998,500.000
Share capital
tries artificially keeping down the demand for silver by demonetizing silver
Preference shares
1.500.000
1,500.000
money or reducing its fineness of silver. There has been a great deal of talk
117.520
266.448
Priority shares
about the artificial raising of the price of silver, but this has been used to
100,000.000 100,000,000
4% debenture loan
direct attention away from the fact that it is the demand for silver that has
11.649
103,599'
5% debenture loan
been artificially depressed; for instance, what other result has the alleged
881,605
937,163
Interest, new account
profit arrived at by the issue of coins containing in some cases only half of
1,540.801
1,814,988
Unclaimed dividends
itself?
the previous weight of silver than merely to reduce the value of silver
5.094
Unclaimed dividends on priority shares
11.178
We can only mention these problems here en peasant in order to empha156,550
61.551
Due to creditors
size that the world cannot get out of the present impasse until it is realized
Undistributed dividends
2,252,353
4,613,145
that the interests of producers and consumers are paramount and that the
66,366,011
Reserve
67,366,011
financial machinery standing between producers and consumers must be27,916,648
Profit balance
28.303,692
come a willing servant to its natural masters, that is to say, to producers
and consumers.
Total
1,200,635.278 1,202,090,732
We do not want to prophesy whether or not the present crisis is likely to
—V. 136, p. 3361.
last for a long time yet, neither do we venture to predict what world conditions in general will be once the crisis comes to an end, but we feel satisfied
that as soon as the world gets into smoother waters the consumption of oil
Transamerica Corp.
products is bound to increase rapidly, and that the position of our company
Is so strong, and will still be so then, as to allow it to reap the full fruits of
(Annual Report—Year Ended Dec. 31 1932.)
such a revival.
In regard to our own group, the following is to be reported.
John M. Grant, President, states in substance:
The present board feels that, provided the stockholders are plainly inAccording to the latest figures available, the production was:
formed. it will not be misleading to include profits and losses on sales
1932.
1931.
of securities in the income account. The method of arriving at profits
Dutch East Indies
Metric tons.. 4,057,440
3,811,902
or losses on security transactions has therefore been changed:
Sarawak ___________________________________
350,471
535,178
(a) All marketable securities owned by Transamerica Corp. and holding
Serie,(Brunei)
,
companies on Dec. 31 1931 and still held at Dec. 31 1932 are shown in
Egypt
265,056
284,859
the consolidated balance sheet at their market value as of the former
Rumania
1,245,670
1,119,636
date, with subsequent additions at cost. The approximate market value
Mexico
1.928,952
1.731,250
of all such marketable securities at Dec. 31 1932 is shown opposite the
Venezuela—Caribbean
1,939.036
1,775,316
carrying value in the consolidated balance sheet.
V.0.0
4,785,161
4,898,792
(b) Investments of Transamerica Corp. and holding companies in
Colon
839,914
1,028,500
controlled subsidiaries are shown in the consolidated balance sheet at their
Trinidad
125,746
162,844
respective net asset values as of Dec. 31 1931. with subsequent additions
United States—Shell Petroleum Corp
2,707,519
2,478,338
at cost. The net asset value of all such investments at Dec. 31 1932 is
Shell Oil Co
2,448,285
2,229,156
shown opposite the carrying value in the consolidated balance sheet.
Argentina
345,663
247,806
(c) Profits or losses on sales of securities by Transamerica Corp. and
holding companies are determined on the basis of market values as of
20.986,330
20,532,758
Dec. 31 1931, or cost of subsequent additions. Profits or losses deterFrom these figures it is seen that our group's production has increased
mined as above and realized after Dec. 31 1931 are included in the conslightly in the past year. It would be quite wrong to conclude from this.
solidated income account.
however, that we have been co-operating less than any others towards
(d) Carrying values of marketable securities owned by Transamerica
restriction of production. A conclusion can only be drawn if, instead of
Corp. and holding companies and investments in controlled subsidiaries
looking at the production of one year, we take that of the last three years,
as established (see (a) and (b) above) will not be changed by reason of
when it will be seen that whereas in 1931, for instance, the total world promarket fluctuations or decrease or increase in net asset values. Unduction fell by 5%,our group's production was reduced by no less than 14%.
realized appreciation or depreciation will be shown in the annual conand that the extent to which we have restricted production from 1930 onsolidated balance sheets of the corporation and holding companies, opposite
wards is more than 12%, a voluntary restriction exceeding not inconsidthe carrying values.
erably that of the whole world, so that we have certainly begun in good
(e) Marketable securities owned by banks and Occidental Life Intime with intensive restriction of production.
surance Co. are taken at their carrying value, while securities owned by
Our group's interests in the nitrogen compound industry have not been
Bancamerica-Blair Corp. and Pacific National Fire Insurance Co. are
further extended during 1932. The nitrogen plant at Velsen, Holland, betaken at market value as of Dec. 31 1932.
longing to "N. V. Maatschappij tot Exploitatie van Kooksovengassen
(Mekog)" as well as that of the Shell Chemical Co. of San Francisco, in
(f) Profits or losses on sales of securities by controlled companies other
California, have been working at full capacity and the whole production of
than holding companies are determined on the basis outlined in (e) above,
both plants has found a ready market.
except that for the six months ended Dec. 31 1932 profits of BancamericaResearches in our laboratories have been continued with the same zest
Blair Corp. are determined on the basis of market values at June 30 1932.
and with good results, both in regard to the manufacture of new chemical
Directors feel that this policy is in keeping with present-day conservative
products from our own materials and in the attaining of the maximum
thought and in the best interests of Transamerica Corp. and its stockuseful effect of our plants and refineries.
holders. It will also be helpful to stockholders, present and prospective.
At the close of the year 1932 our group had at its disposal in tankers a
in judging intelligently the value of the corporation's shares.
loading capacity of 1,872,358 tons, including the fleet of the Eagle Oil &
Assets.—Based on available market quotations on Dec. 31 1932. marShipping CO., Ltd., and chartered tonnage.
ketable securities carried on the consolidated balance sheet at $38.337.576
The fleet transported some 16,623,000 tons of cargo, of which about
were worth approximately $39,786,100 at that date. After eliminating
tons by the vessels of the Eagle Oil & Shipping Co., Ltd.
2,348.000
all good-will and going concern and control value, as well as the value
The year 1932 was a difficult one for all shipping concerns throughout
of insurance now in force with the insurance companies controlled by
the world and also the tanker trade had to bear its share of the very unTransamerica Corp., investments in controlled subsidiaries as of Dec. 31
favorable circumstances. In the course of the year a large number of our
1932 carried on the consolidated balance sheet at $166.738.173 had a net
time charters expired and this automatically brought about to a very conasset value of $161,983,808.
siderable extent the necessary reduction in tonnage.
Surplus and Reserves.—There has been charged to consolidated paid-in
As to the financial results of our business, at the time that our previous
surplus $1,591,408 resulting from exchange of and miscellaneous transreport was compiled a gradual recovery of the pound sterling was expected
actions in capital stock of Transamerica Corp. This charge includes the
and hopes were entertained of our being able to supplement the reserve,
reacquisition and retirement to treasury of 300,000 shares of Transamerica
from which Fl. 11,000,000 had been taken, wholly or partly from a rise of
Corp. by exchange for voting trust certificates representing 150,000 shares
sterling. Our expectations have not been realized, however. The pound,
of Cieneral Telephone & Electric Corp. As a result of this exchange,
after first rising above Fl. 9, has again fallen considerably, so that the year
Transamerica Corp. is no longer interested in that company.
to be closed at a rate a Fl. 8.27 j4, in consequence of which the Bahad
To insure proper control, reserves amounting to $17.039,178 carried
taafsche Petroleum Maatschappij had to book a loss on exchange of round
formerly on the books of the real estate subsidiaries have been transferred
Fl. 6,500.000.
to the books of the holding company, and this amount has been added
position, which was particularly strong the previous year already,
Our cash
to the carrying value of the real estate subsidiaries on the books of the
is now oven stronger still.
holding company.
The liquid resources in various currencies (inclusive of investments in
holding companies of our group
Earnings.—The statement of consolidated income shows that, after
debentures, treasury paper, &c.) of the two
including net profits on sales of securities, and after eliminating minority
and of the affiliated companies in which the group holds all of the shares,
holding
Interests, the consolidated net profit of Transamerica
the moment of writing this report—beginning of May, 1933—
amount at
Corp..
companies, and all controlled subsidiaries for the year 1932. was $7.967,255.
to the equivalent of more than .C35,000.000 at the rates of exchange preor $0.34 per share on the 23,368,186 shares outstanding in the hands
veiling at that time.
of the public on Dec. 31 1932.
Further, the Shell Union, the Astra Romans, the V.0.0., the AngloDuring the last six months of the year, when business activity was at
Egyptian Oilfields, the United British °Melds of Trinidad, the Mexican
a low level. Bank of America N.T.& S.A. and Bank of America (California)
Eagle and some smaller companies in which we are largely
& Canadian
showed a consistent increase in earnings. After deduction for depreciation,
interested have at their disposal an amount which, calculated at the same
3902
Financial Chronicle
combined earnings for the entire year 1932 were $6,198.034. Between
March 12 and Dec. 31 1932 combined deposits increased $90,354,000.
At Dec. 31 1932 reserves to the amount of $6.987.175 remained on the
banks' books for losses and contingencies.
Simplifiraticm and Economy.—The board has made no radical change
during the year in the structure of the corporation. But within the last
10 months of the year 1932, with a view to greater simplification, efficiency and economy, these companies Included in the annual report
of Transamerica Corp. for the year 1931 were dissolved or disposed of:
Transamerica Mortgage Holding Co.. Transamerica Public Utilities
Holding Co.. Realty Holding Co. of America, Transamerica International
Corp., Bankitaly Mortgage Co., Ontario Bond & Mortgage Co., California
Mortgage Insurance Co. and America Investment Co. Ameritalia Corp.
is in the process of dissolution.
Drastic economies have also been effected by the controlled subsidiaries
of Transamerica Corp., which resulted in increased efficiency. General
and administrative expenses, exclusive of interest, taxes and fees, of Transamerica Cone., holding companies, and all controlled subsidiaries totaled
$34,793,023 for 1931 and $25.516,769 for 1932. This decrease of$9,276,254
in general and administrative expenses is inclusive of $4,130.866 decrease
In the general and administrative expenses of Bank of America N.T. &
S.A. and Bank of America (Calif.) for the year 1932.
CONSOLIDATED INCOME ACCOUNT YEAR ENDED DEC. 31.
(Transamerica Corp. and Holding Companies.)
1931.
1932.
Income—Dividends
$2,504,292 $10,838,508
Interest
1,577,243
752.595
Other
79,545
387.730
Profit on sales of securities
328,632
Total
Interest
All other expenses
Minority interest in earnings of consolidated sub
$3,973,250 $12,495,293
1.928,408
1.037,813
2.402,216
1,080,313
7.915
1.439
Net profit a consolidated companies
$1.853,684 $8,156.754
Net profits of contr. subs, other than holding cos.
(after prov. for minority int.) in excess of divs.
paid to holding companies
bCr6,11.,571 a1,910,917
cConsolidated net profit of corp.& all contr.subs $7,967,255 $6,245,837
a This amount is reflected In the consolidated surplus account in t na
item "net decrease in asset value of non-consolidated subsidiaries for the
year ended Dec. 31 1931." b $485,639 represents proportionate share
of net profits for six months ended Dec. 31 1932 of Bancamerica-Blair
Corp which adjusted its capital and wrote down its assets against capital
surplus at June 30 1932. A substantial profit for sitmonths ended June
30 1932 was credited to capital surplus. C Provision for Federal income
taxes for 1932 and 1931 has not been made inasmuch aslinterest from
tax exempt securities and dividends from domestic corporations more
than equal net income.
CONSOLIDATED SURPLUS ACCOUNT DEC. 31.
1932.
Balance of surplus at Dec. 31
107,462,410:469,946.202
Credits: Net profit of consolidated cos. before
taking up net loss on security transactions.
as shown above
8,156,754
Reduction in minority interest through decrease
in net asset values
283.824
Credit arts,from transfer of part of res. for depr
of assets & for conting. which no longer e:dst
1,425,000
Recoveries on inkwell. assets previously res. for
889,750
Credit arising through reduc. of Transamerica
Corp. capital stock to $1 per share
588,527,904
Total
109.777,161 1,088.914,684
Charges—
Dividends paid in cash
8,418,375
Net loss on sales of securs. based on Dec. 31 1930
market val, or cost of subsequent acquisitions,
less profit on syndicate participations
2'4.278,187
Additional provisions for:
Res. for non-consol subs, covering deprec. of
Assets, contingencies. &c
33.919,762
Reserves for doubtful notes, accounts, &c
5,025,908
Reserves for taxes and other contingencies
4,981.359
Net decrease in asset value (incl. reduc. of excess
carrying value) of non-consol. subs, for the year
ended Dec. 31 1931
38.023.311
Reduction of securs, held by consol. cos. to market
or appraised values at Dec. 31 1931
37.003.298
Charge resulting from exchange of and miscell.
transac.in,cap.stk. of Transamerica Corp., &c... 1,591,408 16,035.309
Miscellaneous charges, net
275,294
Prov. for uncoil, portion of Dec. 31 1931 accrual
of interest on notes
289.223
Additional franchise taxes for prior years, &c
117,953
Reduction of carrying values of subs, to net asset
values as of Dec. 31 1930
811,491,469
bBalance of paid-in surplus at Dec. 31
107,798,578 107,462,410
a Includes $2,887,500 profit resulting from sale of stock received in
connection with reorganization of non-controlled company under contract
providing for serial payments. b $1,479,298 ($1.188,116 in 1931) is
amount of capital represented by shares of capital stock held in treasury
at Dec. 31 1931 and shares treated as held in treasury in preparat .yn of
balance sheet.
CONSOLIDATED BALANCE SHEET DEC. 31.
(Transamerica Corp. and Holding Companies.)
1932.
1931.
Assets—
Invests,in cap. stks, of non-consol. banks & corPs-166,738,173 152.600,457
Othinvests.in affil.cos.as appraised by managem't 1,288,096 p 2,461,569
Marketable securities
b38,337.575 38,596,030
Cash in banks and on hand
4,796.398
1,361.978
Notes, contracts, accounts receivable. &c
112,974,799 15.271,537
Officers' and employees' notes and accounts
3,118,116
2,619,709
Owing from subsidiaries not consolidated
7.354,134
8,184.782
Other assets
344,328
984,449
Good-will, going concern and control value
1
1
Total
230,305.8.517224.684,283
Liabilities—
s^
Notes payable to banks, secured
b10,950,000 20.599.069
Accounts payable
62,415,953
555,033
Owing by contract or otherwise to subs, not consol.
36.206,613
Owing to subs, other than holding cos
10,107.660
A
Res, for liab. & possible loss under outstanding
inter-company contracts
634104626
Res,for deprec. of assets ofsubs, not consolidated-19:373:202 17.874,707
Reserves for doubtful notes. accounts, &c
8.441.927
9,236,676
Reserve for taxes and contingencies
9,017,172
8,833,166
General reserve
2,800,000
Minority int. in cap.stock & surp. of consol.sub
74.864
257,239
Capital stock (23,659,368 ells.. without par value) 23.368,186 23,659,388
Paid-in surplus
107.798,576 107,462,410
surplus
Earned
1,853.684
Total
230.305.8511.224.684,283
b Marketable securities having a market value of $27,718,945 and capital
stock valued at $2,832,396 of controlled companies were pledged as security
for notes and accounts payable. Marketable securities valued at $2,087,267
and capital stock of affiliated banks and corporations valued at $32,972.434, and secured note of $1.700,000, were pledged in connection with
contract. See "Reserve for liability and possible loss, &c."—V. 136. P.
3178.
June 3 1933
The Commonwealth & Southern Corporation.
(Annual Report—Year Ended Dec. 31 1932)
B. C. Cobb, Chairman, and Wendell L. Willkie, President,
state in part:
Results.—Cross earnings, including other income, decreased $15,602,712.
or 11.99% and operating expenses and maintenance, before taxes, deo,
creased $7,713,725, or 16.19%, as compared with 1931. Provision for
retirement reserve amounted to $9,538,718. or 8.41% of the operating
revenue.
After providing for taxes, interest and other fixed charges, including
dividends on the preferred stocks of subsidiary companies and provision
for retirement reserve, there remained a balance of 313,242,998, an amount
equivalent to $8.83 on the corporation's outstanding preferred stock,
as compared with $14.91 per share in 1931. After allowance for preferred dividend requirements, the balance for the year was $4,247,693.97.
or 12 cents per share on the common stock outstanding on Doc. 31. as
compared with 40 cents for the year 1931.
Service Rendered.—Comparative figures showing principal services
rendered by the system are as follows:
1932.
1931.
Sales of electricity in kwh
3,906,983,386 4,495,095.702
Electric meters in service
1,015,998
1,046,971
Sales of gas in 1.000 cu.ft
7,480,423
8,480,956
Gas meters in service
204,243
218.002
Revenue passengers carried
150,976,285 187,576,388
Heating sales in 1,000 lbs
2,429,267
2,425,389
Due to curtailment of power requirements by industrial and commercial
users and household economies, sales of electricity decreased 13.08% in
1932, as compared with the preceding year. Sales of gas showed a reduction of 11.80%. The number of revenue passengers carried decreased
19.51%, partially due to the discontinuance of some lines of operation.
Sales of steam for heating purposes showed a slight increase over the sales
of the previous year.
Property Additions and Improvements.—During the year $11,974,657
was expended for property additions and improvements and other capital
purposes. Approximately 82% of this sum was for the electric department which devoted the expenditures in the main to necessary additions
to and improvements in the transmission and distribution systems. Expenditure of the remaining 18% was for the other departments of the
13usiness. The retirement of property, however,reduced the fixed property
account of the consolidated companies in the net amount of $6,660.040,
reflecting the retirement during the year of $18,634,697 of property consisting of the following:
Current retirements
93489:047037
$4,749,707
Reduction in book value of coal properties
Reduction in book value of realty holdings
212,384
Retirement of transportation properties, lines and equipment,
the operation of which was discontinued
12,734,202
A total of $9,009,895 of the above retirements was charged to contingencies reserve.
Financial.—During the year $8,678,000 long-term bonds were sold by
the subsidiary companies and $4,964.100 of subsidiary companies' bonds
were retired through payment at maturity. In addition, $2,157,600
bonds were retired through sinking fund operations or otherwise reacquired
and $328.000 of the corporation's funded debt was acquired. Total funded
indebtedness outstanding was accordingly increased by $1,228,300 net.
Total preferred stock of subsidiaries outstanding at Dec. 31 1932 was
2,334,626 shares, as compared with 2,344,128 shares at Dec. 31 1931,
a net decrease of 9,502 shares. Assigning the liquidating value of $100
thereto represents a net decrease of $950,200 in the preferred stock capitalization of the system.
The policy of corporate simplification was continued. During the
year 13 companies were dissolved and tne capital structures of others
were improved through the retirement of outstanding second preferred
stocks and floating debt held by the corporation, its investment in the
common stock of such companies being correspondingly increased.
The corporation's investment In its subsidiary companies' securities
was carried heretofore on its books at a cost which was substantially equal
to their market value at the time of acquisition, and the excess of such cost
over the stated or par value of said stocks and securities was deducted
from capital surplus and other surplus in the consolidated balance sheets
as set out in the annual reports heretofore issued. As of Dec. 31 1932
the amount at which the securities owned was carried was reduced to an
amount equal to the stated or par value of said stocks and securities of
subsidiary companies, plus earned surplus as of the dates of control and
the capital surplus of such subsidiaries, thus bringing the balance sheet
of this corporation to accord with the consolidated balance sheet.
Neither your corporation nor any of its subsidiaries has any bank loans
or floating indebtedness except current accounts not due.
Dividends.—Quarterly dividend payments of $1.50 per share were made
during the year on the preferred stock. A dividend of 15 cents per share
for the six months ended March 1 1932 was paid on that date to common
stockholders of record Feb. 5 1932. No further action was taken on
common stock dividends during tho remainder of the year.
Muscle Shoals.—Many inquiries have been received from holders
securities of this corporation and certain of its southern subsidiaryof the
companies regarding the Muscle Shoals bill which was recently passed by
Congress. This bill provides, among other things, for the development of
generating plants along the Tennessee River. including Muscle Shoals
and grants discretionary authority to the Muscle Shoals board, the
Tennessee Valley Authority, to build transmission and distribution lines.
Inasmuch as the entire territory within transmission distance
generating plants is now adequately and economically served byof these
companies, it is obvious that their existing markets for electricity present
will be
adversely affected to the extent that the Government appropriates such
markets. These markets have been developed under Governmental
lation and many millions of dollars have been invested in reliance reguupon
the protection of State and Federal laws.
It is difficult to believe, therefore, that the Tennessee
will build lines, particularly in view of the fact that thisValley Authority
corporation
Its subsidiaries have offered to purchase surplus power generated by and
the
Government as rapidly as it can be absorbed and redistribute it
consumers at rates which will give full recognition to any savings to its
made
by the Government in the cost of generation.
General.—In view of the publicity given to holding companies during
the past year and the lack of distinction made in the various types and
functions of those in the public utility field, stockholders may be interested
in the position occupied by their company. The corporation, as the
direct owner of all of the common stock of its principal operating subsidiary companies, except the Tennessee Electric Power Co., of which
It owns 98;5 %, is practically analogous to an operating company; the
gross revenue of these subsidiary companies being 95% of the total for
the entire system. In addition, it owns substantial amounts of bonds
and some preferred stock in certain of these companies. It collects no
fees from and it has no management, supervision, engineering or financing
service contract or arrangement of any kind with any of its subsidiary
companies. Its income is derived solely from interest and dividends
on securities which it owns, being principally securities of operating companies forming the Commonwealth & Southern System.
Supervisory service at cost is rendered the operating companies by
Commonwealth & Southern Corp. of New York, all of whose outstanding
capital stock is owned by such operating companies. This supervisory
service in connection with the purchasing of materials and supplies and
the handling of corporate trust, tax, insurance, engineering, financial matters, &c., gives the operating companies benefits which no one operating
company could obtain by itself except at a large expense. The service
thus supplied supplements the activities of the officers and staff of the
operating companies and does not duplicate their activities or superimpose an additional organization. In short, it is recognized that a number
of those engaged in this co-operative service can give their time and efforts
to more than one company, to the advantage and economy of each.
At the end of the year corporation had 21.314 preferred and 170,056
common stockholders. Preferred stocks of the subsidiary companies
were owned by 119,681 stockholders, a large majority of whom are also
customers. About 300,000 stockholders, therefore, have a direct financial
interest In Commonwealth & Southern System. In addition, many
banks, insurance companies, educational and other institutions of a public
character have invested large KIM in securities of the corporation and
Its operating companies.
3903
Financial Chronicle
Volume 136
INCOME ACCOUNT FOR YEARS ENDEDVDEC.31:(C0MPANY ONLY).
1930.
1931.
1932.
Income from subsidiary companies
Dividends on pref. & corn. stocks$12,446,201 $21,723.858 $28,035,998
3.336.756
Int. on bonds, notes & advances-- 2,416.403
3,121,296
Income from outside sources
113.430
62.685
Dividends
760,494I
770,078
1,054,444
Interest
Total income
General expenses
Taxes
Int. on funded & unfunded debt
$15,623,099 $25,677,917 $32.540,628
665.560
433,071
380.696
223,528
96.933
94,202
2.942.823
3.289,945
3,286,850
Net income carried to surplus--__$11,861,350 $21.857,968 $28.708,717
3,393.441
Previous surplus
9.105,901
5,314,085
Surp. since date of control of subsid.
holding cos. merged during 1930
4,346,743
pursuant to plan dated Jan. 7 1930
Surplus credits (net)
16,251
293,866
201,920
Tax adjustments & other misc. credits
Total surplus
$17,191,686 $31.257.734 $36,650,821
8,995,416
7,512.023
Cumulative preferred dividends
8.995,304
16,948,233 20,032,897
Common dividends
Net def. since date of control of sub.
cos. dissolved during year
429.508
Excess of cost over amount received
from sale of sub. co. bonds
100.000
Surplus balance Dec. 31
$7,666,874 $5,314,085 $9,105,901
BALANCE SHEET DEC. 31 (COMPANY ONLY).
1932,
1931.
1932.
1931.
Assets
Liabilities$
Capital stocks,
'Capital stock__318,366,640 318,366,640
bonds & notes
Funded debt___ 55,161,500 55,489,500
of sub. cos___354,948,443 911,173,235 Div. on common
Secured 6% gold
stock
5,049,259
:"notes at par__ 6,663,200 6,663,200 Accrued int. on
Miscell. Invests_
1,066,578 1,073,138
7,771
13,800 funded debt
Due from subsid.
Accr. dividends_ 2,288,156 2,299.449
131,522
cos
117,581
5,401,746 22,369,984 Accrued taxes
Accrued int. on
Conting. reserve 5,360,589 15,151,333
other invests_
1,475
102,031
171,883 Miscell. reserves
Cash
18,997,928 12,080,068 Capital surplus.. 2,365,259 565,488,515
U. S. Govt. seEarned surplus_ 7,666,874 5,314,085
curities, &c..- 6,286,000 15,873,128
Prepaid accounts
5,678
Total
Total
392,407,119 968,3.50,976
392,407,119 968,350,976
x Represented by pref. stock, cum. voting $6 series, no par value (preferred in dissolution to $100 and redeemable at $110 per share), issued and
outstanding. 1.500.000 shares; common stock, no par value, issued and outstanding, 33.673,328 shares; option warrants entitling the holders thereof
to purchase a like number of shares of common stock at $30 per share
at any time, without limit, issued and outstanding. 17.588.956 warrants.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDED,,DEC. 31.
[Commonwealth & Southern Corp. and(Subsidiary Cos.)
1932.
1931.
1930.
$
Subsidiary operating cos.
-electric __ 90.690.884 100,395,557 104.46.610
Transportation
11,465,193 15,273,759 19,848.143
/ Gas
9.561.074 10.111.515
8,682,593
Water, Ice, heating & miscellaneous 2,646.168
3.117,918
3.695.568
Non-operating revenue
263,189
417.528
598,376
Otherkincome
765.893
1,350,797
3.306.318
i5 Total income
114,513,921 130.116,633 141.656,531
Operating expenses
39,945,480 47,659,206 54,970,356
Taxes, incl. Federal income tax
11,934,053 12,752,126 14,002.057
Interest on funded & unfunded debt
of corp. & subs
25,141.513 24,754,548 23.558,805
Divs. on pref. stocks of subs
14,355,919 14,132.760 13.157,627
Amortiz. of debt discount &'expense920,030
864,153
966,657
Miscell., incl. min, corn. stkhldrs. int.
109,642
109,688
132,581
Interest charged to construction
Cr721,061 Cr2,128,416 Cr3,312,676
Provision for retirement reserve
9.538,719
9,547,161
9,548,370
w
NetIncome carried to surplus
13,242,998 22,369,532 28,735,257
Previous surplus
5,278.870
9,548,255
9,129.826
'Total surplus
18,521.868
31,917,787 37.865,084
1932.
Direct surplus charges
Direct surplus credits
Cr344,003
Dr421.140
1931.
$
Dr701,154
18.599.004 31,216.633 37,810,309
Balance
Cr48.332
Cr22,500
Min. corn, stkhldrs int. in net Inc_
Dr29.449
Dr16,615
Divs. paid to min. corn. stockholders
Divs. on Com'wealth & Southern Corp:
8,995.305
8.995,416
8.179,889
On preferred stock
On common stock
16.948.233 x20.101,047
9.603,700 y5.278.870
9,548.255
Surfaus balance Dec. 31
$8.83
$14.91
$19.15
Earnings per share on preferred stock
$0.12
$0.40
Earnings per share on common stock
$0.60
x Includes dividends paid to public on stock of sub, holding cos. 'which
Were merged with Corn. & South. Corp. pursuant to plan dated Jan. 7
1930. y Includes $10,842 minority stockholders' interest (1930. $35.298).
CONSOLIDATED BALANCE SHEET DEC. 31.
[Commonwealth & Southern Corp. and Subsidiary Cos.]
1931.
1932.
1930.
$
$
$
AssetsProperty, plant & equipment_-1,044,303,751 1,032,252,068 1,032,252.068
Construction & other capital
18,711,724
charges during year
Investments in & advances to
11.276,351
24,054,765
11.210,593
affiliated & other companies_
261.967
4,605,684
14,328.400
Special deposits
Debt disc., prem. & expense in
16,899,988
17,101.555
17.410.099
process of amortization
2,388,077
2,464,173
2,549,335
Def. charges & prepaid sects
18.984,938
26.315,230
22,214,678
Cash
20.347.665
16.186,616
U. S. Gov.securs.& ctfs. of dep. 12,440,000
2,209,171
2,182.763
Other marketable securities
13,860,624
15.326,973
17,378,611
Accounts receivable
617.920
468,268
802.678
Notes receivable
328.333
382,535
Interest & dividends receivable
1,670,593
1,928,037
Due on subscrips. to pref. stk
8,033,424
9,861.055
10,781.207
Materials and supplies
199.762
Miscellaneous current assets78,534
350,653
1,136,542.942 1,155,760.639 1,162.717.284
Total
Liabilities
318,366,640 318,366,640 320,055,052
&Capital stock
225,737.005 229,364,246 212,342,378
Subsidiary cos.-pref. stock
213.033
222,764
810,037
Minority corn. stockholders_
55.161,500
55,489.500
55,489,500
Corporate funded debt
Subsidiary cos. funded debt__ _ 439,083,400 437,527,100 428.046.400
1.506,942
1,788.453
1.464.883
Equip. & purch. money obligsBonds & debs. being retired,Incl.
int., &c., covered by deposit
4,424,192
13,198,228
(contra)
5,211.568
5,474.321
6,296.454
Deferred liabilities
229.983
Notes payable
2,936,942
3.651.224
4,350,131
Accounts payable
5,682.502
5,216,681
5,241.085
Accrued interest
7,909,445
9,759.545
10,819,732
Accrued taxes
3,190,591
8,204.653
3.109.013
Dividends accrued or payable
539,507
Pay, on subscrips. to pref. stock
538,229
Miscellaneous current liabilities
624,635
780.436
Contracts pay. & misc. items
42,994.574
44.743.736
43,831,067
Retirement reserve
20.082.613
28,903,176
9,937,410
Contingency reserve
2,684,464
3,217.772
Other reserves
2,490,356
Contribution for ext. & prem.
1.820,022
2.007.920
2.237,844
on preferred stock
c2,442,443 b12,406,812
d2,365,259
Capital and special surplus_ _
5.278.870
9.548.255
9,603.700
Earned surplus
1,136,542,942 1,155,760,639 1,162,717,284
Total
a Represented by cum. voting pref. stock $6 series, no par value (preferred in dissolution to $100 and redeemable at $110 per share), outstanding.
1,500,000 shares; common stock, no par value, outstanding, 33.673.328
shares; option warrants entitling the holders thereof to purchase a like
number of shares ofcommon stock at $30 per share at any time without limit;
outstanding, 17.588,956 warrants. b Capital surplus balance of sub. cos.,
$43.515,329; surplus balance of present sub. cos, as of dates of control.
$23.394,739; capital surplus balance of Commonwealth & Southern Corp.,
$575,609.701; total, $642,519,767. Less excess amount at which sub. co.
securities are carried by parent company over the par or stated value of
such securities of sub. cos.. $630,112,957. c Balance Dec. 31 1930. per
previous report, $12,406.812; deduct: charge as authorized by board of
directors, representing reduction in book value of certain investments
(net), $9,964,370: total as above, $2,442,443. d After charges during
year totaling $77,183.-V. 136. p. 3341.
General, Corporate and Investment News
STEAM RAILROADS.
PlaniTo SpeediRail Loan Returns.
-A plan for expediting the repayment
of Reconstructionrinance Corporation loans Ito railroads now amounting
to some i$337,000,0001ha.s been advanced by Jesse H. Jones, Chairman
of the Corporation.i,It;provides ;Tor a reduction in interest rates on the
loans, the amount Ito ibe-,,impounded in a special fund which would be
returned to the carriers when their loans have been repaid. N. Y."Times"
MaY.30,1p. 26.
P1Freight InspectionlAgency Formed In East.-OrganizatIon of the itailroad
Perishable iFreight lInspectionliAgency by the Eastern lines was announced
by
;,Ohairman sof the Presidents' Traffic Conference.
The conference is'onelof theltwokommittees formed/tAreduce competitive
wastes by the agency is designed to traduce waste due to duplication and
lax damage claim payments. N. Y."Times" May 30. p.
Freight Cars in Need of Repairs Increased During April.
-Class I railroads
on May 1 had 286,987 freight cars in need of repair or 13.8% of the number
on line, according to the car service division of the American Railway
Association. This was an increase of 12,619 cars above the number in
need of repair on April 1, at which time there were 274,368 or 13.2%.
Freight cars in need of heavy repairs on May 1 totaled 204,448 or 9.8%,
an increase of 5,465 cars compared with the number in need of such repairs
on April 1, while freight cars in need of light repairs totaled 82,539, or 4%,
an increase of 7,154 compared with April 1.
More Locomotives in Need of Repairs.
--Locomotives in need of classified
repairs on May 1 totaled 10,743 or 21.2% of the number on line. This
was an increase of 198 compared with the number in need of such repairs
on April 1, at which time there were 10,545 or 20.6%. Class I railroads
on May 1 had 8,783 serviceable locomotives in storage compared with
9,215 on April 1.
New Freight Cars and Locomotives Placed in Service During First Four
Ionths.-Class I railroads of the United States in the first four months
of 1933 placed in service 893 new freight cars, the car service division of
the American Rallway'AAssociation announced. In the same period last
year. 1,341 new freight cars werelplaced ittservice. The railroads on May 1
this year had 1,561 new freight cars on order compared with 2,812 on the
same day last year.
The railroads placed one locomotive In service in the first four months
this year compared with eight in the same period in 1932. New locomotives
on order on May.l_this year totaled three compared with 31 on the same
day last year.
i... Freight cars and locomotives leased or otherwise acquired are not included
In the above figures.
Surplus Freight Cars.-OlasslI railroads on April 30 had 618,864 surplus
freight cars in good repair and Iimmediatelyjavailable for service, the Oar
40.
,Lawrence,
1930.
Dr746.798
Cr692.023
I
Service Division of the American Railway Association announced. This
was a decrease of 32.102 cars compared with April 14, at which time there
were 650,966 surplus freight cars.
Surplus coal cars on April 30 totaled 237,072. a decrease of 5,523 cars
below the previous period, while surplus box cars totaled 313,700, a decrease
of 22,873 cars compared with April 14.
Reports also showed 29,628 surplus stock cars, a decrease of 1,699 compared with April 14, while surplus refrigerator cars totaled 13,256, alciecrease of 397 for the same period.
Matters Covered in the "Chronicle" of May 27.-(a) New York Stock
Exchange rules bonds of Missouri Pacific RR. Co. be dealt in "flat" on
Exchange-Like ruling made on bonds of New Orleans Texas & Mexico
-Interest due Aug. 1 and Sept. 1 1933 unlikely to be paid. p. 3632;
RY. Co.
-S. C. Com(b) Investigation into general level of railway freight rates by I.
-R. H. Alshton of Association of Railway Executives, in appearing
mission
as witness, reports net income for railways in 1928 of 5786,824,000 wiped
out in 1932 and replaced by net deficit of 3152,135,000
-Finds operating
expenses in 1932 46% below 1928. p. 3648; (c) Railroad bill amended in
-S. C. Committee to protect labor-Changes seen as limiting
Senate I.
economies visualized in administration measure-Hearings before committees of Senate and House-Secretary Roper, Commissioner Eastman and
D. R. Richberg among those heard. p. 3649; (d) Head of Railway Labor
Union threatens nationwide strike if carriers move for further cut in wages.
-S. 0. Commission issues rules to govern petitions filed for
P. 3650; (a) I.
approval of bankruptcy proceedings against railroads. p. 3650; (f) Eastern
railroads agree to cut milk rates 19% for experimental period of one year
Presidents' conference reaches no agreement on passenger fare reductions.
p.3651.
Ann Arbor RR.
-Reconstruction Finance Corporation Loan
Denied.
The I.
-S. C. Commission has denied approval of the company's request
for an additional loan of $365,243 from the R. F. C.to pay Interest on underlying mortgage bonds, equipment trusts and principal and interest of first
mortgage bonds of Ann Arbor Boat Co. The Commission concluded that
the prospective earning power of the road and the security offered are not
such as to afford reasonable assurance of the receiver's ability to repay the
loan.
-V. 136, P. 3714.
Boston Revere Beach & Lynn RR. Co.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings
-V. 136, p. 654.
Department" on a preceding page.
Central of Georgia Ry.-June 1 Interest Not Paid.
The interest due June 1 1933 on the Chattanooga Division purchase
money mortgage gold 4% bonds, due 1951, is not being paid. The Committee on Securities of the N. Y. Stock Exchange rules that beginning June 1
3904
Financial Chronicle
June 3 1933
1933 and until further notice the bonds shall be dealt in "flat" and to be
a delivery must carry the June 1 1933 and subsequent coupons.
-V. 136.
p.3337.
New York Central RR.
-Abandonment of Mahopac Falls
Branch.
-
Central RR. Co. of N. J.
-Reading Co. Gets Right to
Regain Control.
-See latter company below.
-V.136, p.3716.
Chicago & Eastern Illinois Ry.-Deposits of Bond Asked.
The I.
-S. C. Commission on May 20 issued a certificate permitting the
company to abandon its Mahopac Falls branch extending from Baldwin
Place to Mahopac Falls, approximately 2.05 inter+, all in Putnam County,
N. Y.
-V. 136, p. 2601.
The protective committee for the general mortgage 5% gold bonds, due
May 1 1951, of which Carrol M. Schanks of Prudential Insurance Co. of
America, Newark, N. J., is Chairman, has issued a call for the deposit
of bonds. In view of the further proceedings had on May 18 in the U. S.
District Court at Chicago, the committee deems it necessary to be placed
in a position to take effective action. Holders of these bonds are therefore
urged to make deposit promptly with the Chemical Bank & Trust Co.,
New York, depositary. Arthur McClement, 50 Broadway, New York, is
secretary for the committee.
-V. 136. p. 3716, 3529.
Chicago Great Western RR.
-Awards Box Car Order.
-
An order for 500 steel box cars has been placed by this company with the
Pullman Car & Manufacturing Co. for August delivery. The order will
be financed with $825,000 of equipment trust notes.
"These cars," President P. H: Joyce stated, "will replace equipment
Which is obsolete and expansive to mainta n. We feel that business has
taken a definite turn for the better and we want to be prepared to handle
our traffic in modern equipment and without excessive cost."
-V. 136.
P. 3529.
Chicago Indianapolis & Louisville Ry.-Notes Auth.The I.
-S. C. Commission on May 24 authorized the company to issue not
exceeding $515,000 of promissory notes to procure part of the funds necessary to pay maturing interest.
The report of the Commission says in part:
The applicant states that the interest on its bonds issued and assumed,
aggregating $515,150, will become due July 1 1933. To avoid default in
the payment of the interest on its obligations the applicant proposes to
borrow $515,000from the Railroad Credit Corporation, and requests authority to issue a note or notes to evidence its indebtedness for the loan.
The proposed note or notes will be made r ayable to the Credit Corporation
or its order, will bear interest at the current rediscount rate of the Federal
Reserve Bank in the New York district, and will mature on or before two
years from the date of issue. The applicant also requests authority to renew or extend any note or notes which may be issued having a maturity
of less than two years.
The proposed notes together with all other short-term notes outstanding
will exceei 5% of the par value of the applicant's securities outstanding.
-V. 136. p. 3529.
Consolidated Railroads of Cuba.
-Earnings.
--
_For income st-tement ft.a• 3 and 9 months ended March 31 see"Earnings
Department" on a preceding page.
-V. 136, p. 1716.
Cuba Northern Rys. Co.
-Earnings.
For income statement for 3 and 9 months wised March 31 see"Earnings
Department" on a preceding page.
-V.136, p. 1716.
Cuba RR. Co.
-Earnings.
For income statement f. 3 arm 9 months ended March 31 see"Earnings
Department" on a preceding page.
-V.136. P• 1716.
Gainsville Midland Ry.-Reconstruction Finance Corporation Loan Denied.
The I.
-S. C. Commission on May 27 denied the application of the company and its receivers for authority to borrow $55,105 from the R. F. C.
Under date of Oct. 27 1932 the Commission entered a report and certificate approving a loan of not to exceed $25,000 for specified purposes, conditioned upon the deposit of receivers' certificates having a paramount
lien upon the property and authorized by the Court having jurisdiction of
the receivership. Pursuant to this approval, the board of directors of the
Finance Corporation approved a loan of $10,539 to the receivers on Dec. 13
1932. but no advance thereon has been made.
On April 26 1933 the receivers and the company jointly filed a supplemental application amending the original application so as to Join the company with the receivers as applicants and substitute for the receivers'
certificates offered in the original application the joint and several notes
or evidence of indebtedness of the receivers and the railway company,
collaterally secured by pledge of the following securities:
Gainsville Midland Ry. 1st mtge. bonds maturing Nov. 1 1933,
with unpaid interest coupons attached
$879,000
Gainesville Midland Ry. notes matured Oct. 1 1920, with unpaid int. coupons attached
101.800
Negotiable subscription receipts for Gainesville Midland Ry.
coupon notes
186,485
In addition, transfer or assignment of the final decree, as amended, foreclosing the above-mentioned first mortgage is offered. The securities
listed are now held by the reorganization committee of the Gainesville
Midland Ry.
In conclusion, the Commission states:
"Upon further consideration and investigation of the original and supplemental applications, we conclude that the prospective earning power of
the applicants and the security offered as a pledge of the proposed loan are
not such as to afford reasonable assurance of their ability to repay the loan.
We are unable to find that the Finance Corporation would be adequately
secured. Approval of the loan is accordingly denied; and our previous
certificate will be canceled."
-V. 135. p. 3350.
Great Northern Ry.-Bonds Authorized.
The I.
-S. C. Commission on May 23 authorize(' the company to procure
the authentication and delivery of not exceeding $45.000,000 gen. mtge.
6% gold bonds, series F, in partial reimbursement of capital expenditures
heretofore made. The report of the Commission says in part:
It proposes to use from $12,000.000 to $15.000,000 of the gen. mtge. bonds
as collateral security for a loan of$6,000,000from the Reconstruction Finance
Corporation, application for which is now pending before us. The remaining bonds will be held in the applicant's treasury for use as collateral for any
further loans that may be required. When necessary application will be
filed requesting authority for such pledges.
Retirement.
George R. Martin has retired as Executive Vice-President of the company.
-V.136, p. 3716.
Gulf Mobile & Northern Ry.-Operation.The I.
-S. C. Commission on May 20 issued a certificate (a) authorizing
the company to operate, under trackage rights, over the railroad of the
Illinois Central RR. from Bemis. Tenn., to Paducah, Ky., 113 miles, and
over certain terminal facilities of the Nashville Chattanooga & St. Louis
Ry. at Paducah, Ky., and (1,) permitting the company to abandon operation under trackage rights over the railroad of the Nashville Chattanooga
8c St. Louis Ry., between Jackson, Tenn., and Paducah, Ky., 145.33 miles.
-V. 136, p. 3333.
-Earnings.
Mahoning Coal RR.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V.136, p.3338.
Marshall Elysian Fields & Southeastern Ry.-Loan
Denied.
The I.
-S. C. Commission has denied the company's application for authority to borrow $60,000 from the Reconstruction Finance Corporation.
-V. 136, p. 3339.
Missouri Pacific RR.
-June 1 Interest Ordered.
The Federal Court at St. Louis has authorized the company to 'arty semiannual interest on the following obligations of the Missouri Pacific and its
subsidiaries, all of which became due June 1: $57,960 on Missouri Pacific
equipment trust series E: $9.000 on New Orleans Texas & Mexico equipment trust series B assumed by its subsidiary, St. Louis Brownsville &
Mexico Ry.; $23,040 on International Great Northern equip. trust series A,
and $32,560 on Missouri Pacific's central branch of Union Pacific Ry.
-V.136. p.3716.
1st mtge.4% bonds.
Mound City & Eastern Ry.-Withdraws Loan Application
The company having withdrawn its application for a loan of $850,000
-S. C. Cornfrom the R. F. C., the application has been dismissed by the I.
mission.
-V. 134, p. 4655.
Norfolk & Western Ry.-Directorship Application.
-
Richard K. Mellon of Pittsburgh, has requested authorization by the
I.
-S. C. Commission to serve as a director of the Norfolk & Western Ry.
and its subsidiary and affiliated companies.
The applicant was elected to the board in February but has not assumed
any duties pending authorization of the Commission.
-V. 136, p. 3339.
Reading Co.
-Gets Right to Regain Jersey Central.
The I.
-S. C. Commission on May 27 authorized the Reading Co.to regain
its control of the Central RR. Co. of New Jersey. The Reading Co. in
1913 owned 145.000 shares of the stock of the Central of New Jersey,
constituting full control. At that time the Reading coal trust case was
decided and the stock placed in the hands of trustees.
Since the Commission has worked out the consolidation plan, placing the
Central of New Jersey in the same system with the Reading, the Reading
Co. was authorized to apply to the Commission for permission to again
acquire this stock. The permission was granted May 27 without hearing
and without any opposition having been made.
The Commissions authorization, however, does not permit the Reading
Co. to gain control of the Central line without sanction of the Federal Court
for the Eastern District of Pennsylvania. It was regarded, however, that
the Commission's authorization would automatically result in the Court's
approval.
-V. 136, p. 3531.
St. Louis-Kansas City Short Line RR.
-Reconstruction
Loan Denied.
-The I.-S. C. Commission on May 27 dismissed the application by the company for a loan of $35,000,000 from the Reconstruction Finance Corporation.
The report of the Commission states:
The company on Nov. 5 1932 filed an application and on Jan. 27 1933 a
supplementary application to the R. F. C. for a loan under the provisions
of Section 5 of the Reconstruction Finance Corporation Act. approved
(
Jan. 22 1932, as amended. Objections to the anting of the application
have been filed by the Chicago Burlington & Quincy RR., the MissotuiRansas-Texas RR., the Missouri Pacific RR. the Alton RR. and the Wa'
bash Ry. and its receivers, Walter S. Franklin and Frank C. Nicodemus, Jr.
The applicant requests a loan of $35,000,000 for a term of three years,
to be expended for the completion of the construction of its railroad.
The applicant is not engaged in inter-State commerce. The only steps
taken toward securing its line of railroad have been the acquisition of about
176 miles of right-of-way and some preliminary engineering work. The
applicant was incorp. in Missouri on Nov. 28 1924. The railroad, as projected, will be double track, extending for a distance of 236 miles between
St. Louis and Kansas City, Mo., and will consist of 512 miles of track, 472
miles of which will be main line and 40 miles yard tracks and sidings. The
applicant's authorized capital stock consists of 24,000 shares of common
stock, of which 2,981 shares have been issued. The applicant contemplates increasing the amount of authorized capital stock to $70,000,000.
par value, when and if the additional amount of stock is required for construction financing. There is no funded debt as yet authorized.
No certificate of public convenience and necessity under paragraph (18)
to (21) of Section 1 of the Inter-State Commerce Act has been issued by us
authorizing the construction of the proposed railroad. The capital stock
which is now outstanding has been issued without our authority.
We conclude the applicant is not a qualified applicant for a loan under
the provisions of Section 5 of the Reconstruction Finance Corporation Act,
as amended.
An appropriate order dismissing the application will be entered.
-V.135,
p. 3351.
St. Louis-San Francisco Ry.-Probe of Managementfrom
1920-1933 Asked-Bondholder Urges Court to Compel Inquiry
by Receivers.
-
The St. Louis "Globe-Democrat" of May 24 had the following:
In an intervening petition presented yesterday in the company's bankruptcy proceeding, a bondholder asked Federal Judge Faris to instruct
receivers for the road to make a thorough investigation of alleged wrongful acts committed by a group dominating the road from 1920 to 1933,
and if deemed proper to compel restitution. The petition was prepared in
behalf of Don A. Livingston, St. Louis County, owner of $6,000 prior lien
mortgage bonds, by his attorneys, J. Hugo Grimm and R. E. La Driere.
Judge Faris set June 5 for a hearing to determine whether leave should be
granted to file the intervention.
It is charged in the petition that a small group of individuals, partnerships and banking houses dominated and controlled the railroad through
influence over the executive committee, directors and officers, and used it
for making profits. The allegations are somewhat similar to charges in one
of several receiverships suits previously filed against the road.
The petition continues that under the Inter-State Commerce Act, as
amended in 1920, the road was required to set aside net operating income in
excess of 8%, half to a reserve fund for the road and the other half to the
Inter-State Commerce Commission for a contingent fund.
Allegation is made the road omitted to set up the funds, but instead
mingled all of its excess income with its own funds and wrongfully used
the money for other purposes than what was intended by the law. Further, it is charged the dominating group held large blocks of securities and
through mismanagement and manipulation caused great loss to the reserve
fund.
According to the petition, a tabulation of earnings between 1920 and
1932, taking into account investments made by the road, showed $21.384,317 was due to the road's reserve fund as of Jan. 1 last. The Inter-State
Commerce Act also provides when a road does not earn 6% on its investment it may take the difference between that figure and its earnings out of
Its reserve fund.
Another table attached to the petition shows the road owes the InterState Commerce Commission $30566,393 for the Government contingent
fund under a decision of the District of Columbia Court of Appeals.
The petition then states: "Paragraph 2 of the Inter-State Commerce
,
Act provides railways of the country shall be operated under honest.
' Under business conditions proefficient and economical management.
vailing since 1929 a reasonable business prudence would have dictated only
sufficient money should have been taken from the reserve fund to meet
interest and principal on maturing securities.
"If this had been done there would have been a balance remaining in the
reserve fund on Jan. 1 last in excess of $10,000,000 after meeting in full
fixed charges. This would have provided ample protection for bondholders."
-V. 136, p. 3713, 3717.
South American Rys.-Offer to Noteholders.
The Public Utility Holding Corp. of America, which on April 28 1933
declared operative its recent exchange offer to the holders of South American
HYs. 6% cony, gold notes due April 15 1933, has now advised that it has
made arrangements to purchase the small number of such notes still ouostanding in the hands of the public at their principal amount and interest
accrued to May 311933. upon their delivery to Marine Midland Trust Co.,
120 Browadway, New York. This step marks the successful completion
of the management's efforts to refund or retire its liability on this issue of
notes bearing its guaranty and formerly outstanding in the principal amount
of $12,000,000.
This provision for payment of the remaining notes removes any possible
ground, it is considered, for the granting of the applications made for the
anointment of a receiver.-V. 136, P• 3155.
-Reduction in Salaries as a Basis
Southern Pacific Co.
for Reconstruction Finance Corporation Loans.
-A statement
issued by Jesse H. Jones, Chairman of the Reconstruction
Finance Corporation on May 29 follows:
Although Congress has not yet adopted the legislation limiting salaries
of officers of corporations borrowing from the Reconstruction Finance
Corporation. the Board of Directors of the R. F. C. made it a condition of
the loan to the Southern Pacific Co. that, in the event such a law is passed
by Congress, the officers of the Southern Pacific will put whatever limitation
Congresses imposes into effect from June 1 1933.
3905
Financial Chronicle
Volume 136
Regardless of Congressional action, the corporation made it a condition
of the Southern Pacific Co. loan that salaries be reduced according to the
following percentages: Any salary that has heretofore been more than
$100,000 per year, to be reduced not less than 60%, including previous
reductions; salaries that have ranged from $50,000 to $100.000, to be
reduced not less than 507,, including previous reductions; those ranging
from $25,000 to $50,000 to be reduced not less than 40%.including previous
reductions; those ranging from $15,000 to $25,000. to be reduced not less
than 25%, including previous reductions; those ranging from $10,000 to
$15,000, to be reduced not less than 15%, including previous reductions;
and those salaries and wages from $4,800 up to $10.000 to be reduced not
less than 10%, including reductions heretofore made. Deductions of
approximately 25% have already been taken by the higher salaried officials
of this road. Union contracts are not affected by the Corporation's
requirements.
These are the maximum salaries that can be paid by the borrowing corporation during the continuance of the loan of the R. F. C., or until the
road is earning all fixed charges. The road is also required to go to bankers
and the public for funds to repay the Government as soon as the money
market will permit.
While the Southern Pacific RR. loan is the first in which these salary
reductions have been required, it will be the policy of the Corporation to
impose similar conditions in all future loans to railroads or other corporations paying excessive salaries.
-V. 136, p. 3717, 3340.
Wabash Ry.-To Pay Interest.
-
The receivers have been authorized by the various courts having jurisdiction over the property to pay out of funds advanced by the Reconstruction Finance Corporation the interest due May 1 on the Wabash first 5s.
the interest due April 1 on the Wabash Omaha division bonds and the in-V. 136.
terest due May 1 on the Columbia & St. Louis first mtge. bonds.
p. 3718.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of May 27.-A further increase noted
in electric output.
-p.3613.
Alabama Water Service Co.
-Earnings.
Per income statement for 12 months ended April 30 see "Earnings Department" on a preceding page.
-V.136. p.3340.
American Gas & Electric Co.
-Dividends.
-
The directors have declared the following dividends on the common
stock: (1) the regular quarterly cash dividend of 25c. per share, and (2) a
regular semi-annual extra dividend of 1-50th of a share in common stock.
These dividends are payable July 1 to holders of record June 9. Extra
dividends of 1-50th of a share of common stock have been paid semiannually since July 1924, and in addition the company in January 1925
paid a special extra dividend of 50% in common stock, one of 40% in
January 1927, one of50% in January 1929, and one of 20% in January 1931.
The directors also declared the regular quarterly dividend of $1.50 Per
share on the no par value preferred stock, payable Aug. 1 to holders of
record July 8.-V. 136, p. 2237.
American Gas & Power Co.
-Annual Report for 1932.
The detailed consolidated income account of the company and subsidiaries
for the year ended Dec. 31 1932, representing the first annual report issued
under the Fitkin management,shows gross operating revenues of $7,922,370
for the year and gross corporate income of $3,122,846. After deducting
interest charges, depreciation reserves and other deductions there remained
a balance for the year of $154,406 before federal income taxes and arrears
of dividends on the preferred stocks.
The detailed consolidated balance sheet as of Dec. 31 1932, showed total
assets of 362,973.981 of which $51,532,693 represented fixed assets. Current assets totaled $2.212,862 including $593.043 cash while current liabilities totaled $1,485.789.
F. W. Seymour, President, in his report in part said:
"As a consequence of the declining volume ch. business in the various communit.es served and the lack of building activity, very little new construction
has been required during the year. The properties of the company have
been maintained in a high state of efficiency and are in excellent physical
condition in all respects. Requirements for renewal and replacements of
the various elements of the property have been assured by the continuance
of the setting aside of reserves for this purpose."
-V. 136. p. 2065.
--.. -Associatecl Gas 8c Electric Co.
"
-Chase Harris Forbes
Corp. Advises Against Deposit of Debentures Under Plan.
The Chase Harris Forbes Corp. in a letter dated May 27 advises holders
of debentures not to deposit their securities at this time under the company's recent offer of an exchange. The reasons for advising investors not
to deposit their debentures at this time are set forth asfollows in the letter:
"We have received a copy of the 'plan of rearrangement of capitalization'
of Associated Gas & Electric Co., which we understand has been mailed to
all known holders of the company's debentures. We were not consulted
in connection with this plan and had no part in formulating it.
"Through our counsel we have informally requested certain essential
information and documents necessary for a complete understanding of
the plan. Thus far we have not received this data.
"We are preparing a formal request to the company for the information
necessary to enable our counsel to form a final opinion as to the legality of
the plan and of the new securities to be issued under its terms and to enable
us to form an opinion as to the fairness of the plan.
"Under the circumstances we do not believe it advisable or necessary for
debentureholders to act under the plan at this time, and it is our recommendation that debentureholders do not at present deposit."
Debenture Holders' Committee Formed-To Oppose Plan.
Formation of a protective committee for holders of debentures of the
company was announced June 1. The committee's statement to the debenture holders says:
"On May 15 the Associated Gas Sr Electric Co. requested all debenture
holders to exchange their debentures under one of three options. These
options apparently are so adverse to the interest of debenture holders that
many holders feel they should take steps to protect their rights.
"The committee feels immediate concerted action is necessary and feels
you can beat conserve your rights by depositing your debentures with the
committee."
The members of the committee are: W. A. Nash, Chairman. 27 State St.,
Boston, Mass.; Rex R. Thompson. 120 Broadway, New York, N. Y.,
Ambrose W. Benkert, 52 Wall St., New York, N. Y., E. G. Diefenbach,
44 Wall St. New York, N. Y.
Counsel are: Battle, Levy, Van Tine & Fowler, 37 Wall St., New York,
and Poland & Davis, 27 State St., Boston, Mass.
John H.Galloway Jr., 20 Broad St., New York,is Secretary and Roger It.
Phillips, 27 State St, Boston, is Assistant Secretary.
The Commercial National Bank & Trust Co. 56 Wall St., New York,
Boston, 30 Congress St..
Is depositary, and the National Rockland Bank
Boston, co-depositary.
-V.136, P. 3718, 3531.
Eteetric Output Continues Above 1932 Figures.
Net electric production of 48,455,031 units (kwh) for the week ended
May 20 is reported by the Associated System, an increase of 10.3%. Although this is the fifth consecutive weelc in which increases were effected
over the corresponding periods of last year. it cannot be assumed that this
improvement in output will result in anywhere near a proportionate increase in earnings available for interest charges. Since 1931 there have
been numerous rate reductions and taxes have materially increased. In
addition, the sales causing the output increase are, for the most part,industrial sales at the lowest rates. When carried back two years, the comparison shows that the net output was4.3% lower than the same week in 1931.
Sendout of gas by Associated properties during the week ended May 20
was 0.4% under that of the same week of last year, the amount being 310,-V. 136. p. 3718.
625.500 cubic feet.
"•-.4.,4ssociated Telephone Utilities Co.
-Reorganization
Plan Tentatively Approved.
The reorganization committee, of which R. G. Page, Vice-President of
Bankers Trust Co. is chairman, has announced that it has agreed in
principle upon a plan of reorganization which will be submitted to the
security holders as soon as possible. Meanwhile the committee is urging
security holders not to deposit with any committee until holders have
had an opportunity to consider the forthcoming plan. The bankers who
distributed the company's securities are also urging that security holders
-V. 136, p. 3718.
defer deposit pending presentation of the plan.
-Earnings.
Associated Gas & Electric Corp.
[Preliminary pending completion of audit for the year ended Dec. 31 19323
1932.
1933.
12 Months Ended March 31$69,243,945 364.787.887
Total electric revenue
12,095,013 11,444,697
Total gas revenue
8,730,769
Water, transportation, heat and miscell. revenues.. 8,483,578
$89,822.535 $82.972,352
Total operating revenues
42,674,101 40,444,299
Operating expenses
4,955,415
5,291,899
(exclusive of Federal income taxes)
Taxes
Provision for retirements (renewals, replacements)
8,486.614
7.079,033
of fixed capital. &c
$33,706,406 $30,157,122
2,454.226
488,827
Operating income
Total other income
Other expenses and taxes
$1.965,399
Net other income
$32,122,522
Gross income
Fixed Charges and Other Deductions of Subsidiaries
9,508.220
-Interest on funded debt
Operating companies
483,622
Interest on unfunded debt
2,027,289
Preferred stock dividends
3,325,634
-Interest on funded debt
Group companies, &c.
191,590
Interest on unfunded debt
208.022
Preferred stock dividends
stocks of subsidiary companies held by the
Income applicable to
202,315
public and earnings prior to acquisition
$15,946,693
162,056
Sub-total
Credit for interest during construction
$15.784.637
Total underlying deductions
$16.337,884
Balance
Interest of associated Gas & Elec. Corp. paid or accrued:
85 8-year gold bonds due 1940
0
Unfunded debt
783,195
1,588
Balance for Federal income taxes, optional reserves, diva.
(incl. int. on indebtedness now converted into stock) and
$15.553,101
surplus of Associated Gas & Electric Corp
-This statement excludes all income received from Associated Gas
Note.
dependent thereon.
& Electric Co. and all deductions
Comparative Balance Sheet.
Mar.31 '33. Dec. 31 '32.
Mar.31 '33. Dee. 31 '32.
Liabilities
Assets
Capital & surf:P-456,500,949 455,398,158
Investments in &
15,514
Inter-co. accts._ 2,186,314
obligations of
-year gold
subsidiaries _ _622,552,798 619,843,016 8% 8
bonds due '40 9,951,200 10,000,000
14,784,177 14,918,111
Inter-co. accts._
247,917
33,171
1,935,929 1,686,256 Accrued interest
Cash
Res.for conting_168,000,000 168,000,000
Int., diva., &e.,
849,603 Mined. reserves 3,729,481 3,651,834
1,087,947
receivable
16,436 Contingent lia40,265
Suspense
bility for subNotes of suba.ensidiary notes
dorsed or guar500,000 endorsed or
312,500
anteed(contra)
500,000
312,500
gtd. (contra).
640,713,615 637,813,422
Total
-V. 136. p. 2418.
Total
640,713,615 637,813,422
-Expenditures Authorized.
Bell Telephone Co. of Pa.
The directors on May 25 approved an appropriation of $289.741 for
essential replacements, bringing the total of appropriations for the year
to date to $1,252,038. -V. 136, p. 3156.
-Earnings.
British Columbia Telephone Co.
Earnings for 12 Months Ended Dec. 31 1932.
Operating revenue
Non operating revenue, interest, &c
$44,749.156
163.355
Total revenue
Maintenance, operating, employees' benefit fund, &c
Dominion, provincial and municipal taxes
Depreciation
Interest on bonds
Employees, savings plan interest
Amortization of bond discount and expense
$4,912,511
2,459,677
310,471
900,111
562,187
8.321
35,064
$636,677
60,000
270,000
326,250
Balance
Dividend on 6V preference stock
Dividend on 6V preferred stock
Dividend on ordinary stock
$19.572
Deficit charged to surplus
BalanceSheet Dec.31 1932.
LiaouthesAssets
1st mortgage gold bonds, due
Real estate. bldgs.. Plant &
510,000,000
due Dec. 1 1960
$24,882,756
equipment
125,279
984,557 Employees' savings plan__
Material in stores
141,198
Accounts payable
-year notes due Aug.
534% 5
20,308
1,974,905 Unearned rentals
1 1937
394,497
Accr. liabilities not due
Acct. rec. from Assoc. Tel. &
590,720
Employees' benefit fund
531,736
Tel. Co
396,482 Reserve for depreciation of
Accounts receivable
taiga., plant & equipment_ 7,273,758
83,567
Prepaid expense
Reserve for fire loss, accident
IJnamortized debt discount,
988,458
and contingencies
914,465
premiums & expense
218,531 6% cum, preference stock_ _ - 1,000,000
Cash
6% cum. preferred stock__ _ _ 4,500,000
4,500,000
Ordinary shares
452,782
Surplus
Total
-V.135, p. 2996.
$29,987,004
$29,987,004
Total
-Earnings.
Broad River Power Co.
1929.
1930.
Earns.for Cal. Years1932.
1931.
Operating revenues
$2.673.196 $3,044,522 32,836.734 $2,713,604
672.264
858,512
1,444,224
Operating expenses
997,520
144,734
95,570
Maintenance
102,559
116,900
Prov for retire, of fixed
capital (replacements,
127,173
274,754
242,065
192,306
renewals, &c.)
Taxes (incl. prov. for
296,348
411,810
319,997
378.301
Federal income taxes)
Operating income_ _ _ _
Other income
3988.168
39,949
$1,028,117
Gross income
679,577
Interest on funded debt131,229
Int. on unfunded debt_
Amort. of debt discount
45,369
and expense
Cr4,428
nterest during construe.
Net income
Preferred dividends_ _ _ _
Common dividends
Balance surplus
$811,175 $1,320,590 31,473.085
97,647
35,066
45,116
$846,241
642.171
92,366
$1,365,706 $1,570,732
661,673
653,703.
81,406
88,457
65,403
Cr9.847
67,381
Cr18,248
70,065
Cr40,289
$56,148
288,963
162,353
$574,413
266,735
216,470
$797.878
266,735
216.470
$109,687 def$395,168
$91,208
3314.673
3176,371
66,684
3906
Financial Chronicle
Balance Rigel December 31.
1931.
1932.
1932.
1931.
AssetsLiabilities$
$
$
Plant & property_30,995,899 31,061,034 x Capital stock___ 8,139.900 8 139,900
2,366,774
Investments
4
4 Adv. front stkhldrs
44,730
42,210
Sinking funds and
Matured bond int.
lk other dep
9,401
Due to stockholders 1,014,575
Dep. for matured
12,759,000 11,796,500
Funded debt
bond interest_ _ _
42,210
Notes payable_50,000
Cash on spec. deps.
66,684
186,715 Pref. divs. declared
Cash
146,713
131,336
28,583
80,625 Accts. payable_
Notes receivable
297.395
4,800
7,200 Accrued taxes____ 197,223
Accts. receivable_ 297,358
428,632 Accrued interest__ 200,691
Materials & suppl. 108,713
33,960
130,012 Contrib. for exten.
Prepayments
54,456
69,811
8,112
2,351 Consumers' deps
Unamortized debt
1,517,060 1,458,841
Reserves
disc. & expense_ 1,254,200
Capital surplus__ 7,929,134 6,862,422
Cash in closed bks.
748,611
638.924
4,050
Surplus
Mace11. suspense_
30,204
26,744
Total
32,783,535 31,923,317
Total
32,783,535 31,923,317
x Represented by 38.105 shares of cum. pref. 7% stock (par $100) and
43,294 shares of common stock (par $100).-V. 136, p. 1717.
Boston Elevated Ry.-Paying Off $3,000,000 Bonds.
The company on June 1 paid off the maturing $3.000,000 issue of 6%
bonds.
The Massachusetts Department of Public Utilities has approved the
issuance by the company of not to exceed $3,000,000 bonds or notes to
be dated June 1 1933, payable in not exceeding 15 years and bearing interest at a rate not exceeding 6%%, as an issue reasonably necessary and
Of an amount required for the purpose of providing for the payment or
refunding of outstanding bonds amounting to $3,000,000 coming due
June 1 1933.-V. 136, p. 1544.
Cables & Wireless, Ltd.
-Dividend.
The dividend recently declared on the 534% preferred stock is equivalent
to seven cents per share on the American depositary receipts for this stock,
and Is payable June 3 to holders of record May 5.-V. 136, p. 3726.
California Water Service Co.
-Earnings.
-For income statement for 12 months ended April 30 see "Earnings Department" on a preceding page.
-V.136, p. 3156.
Chester Water Service Co.
-Earnings.
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V.136. p. 3532.
--\,Fhicago Rapid Transit Co.-Forelcosure of Mortgages.
he bondholders' committee has served notices upon trustees for the
mortgages of the system requesting that these mortgages be foreclosed
Immediately. This is one step in the consolidation program for all traction properties in Chicago.
-V. 136, p. 3156.
Connecticut Power Co.
-Earnings.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136, p. 1013.
June 3 1933
Florida Power Corp.(& Subs.).
-Earnings.
Calendar Years
-1930.
$2,210,682 $2,633,5'01 $2,566,045
Operating revenues
943.618
1,146,821
Operating expenses
1,249,937
16,709
Uncollectible bills
12,961
136,430
106,464
Taxes, general
109.736
Net operating come
Non-operating income
$1,130,933 81,260.867 $1,296,050
22,134
18,828
34,295
$1,153,067 $1,295,162 $1,314.878
Gross income
639,365
748,014
840,639
Bond & other int. chgs. paid or accr
47,965
42,167
Amortiz. of debt discount and expense
34.575
108,249
Retirement appropriation
90,589
3,075
Miscell.deductionsfrom gross inc_
8,948
8.170
Provision for Federalincome tax
Net income for the Year
Earned surplus,previous
Miscellaneous
$462,662
208,476
$405,444
235,011
68,169
$323,244
193,730
Total surplus
Divs. paid & accrued on pref. stock_ Dividends paid on common stock_ __ _
Other deductions
$671,138
222,852
97,500
32.490
$640,455
138,827
275,500
85,820
$516,975
106,964
175,000
$318,296
$235,011
$208,476
Earned surplus Dec.31
Consolidated Balance Sheet Dec. 31.
1931.
1931.
1932.
1932.
LiabilitiesAssets
$
$
$
-$
Capital stock:
Plant, property &
7% preferred _ ... 300,000
300,000
23,569,861 26,154,159
equipment
35,226
Cash
50,166
7% pref. ser. A_ 2,890,400 2,858,100
Common
35,914
Notes reeetvable 1 x193,794l
6,500,000 x10840,650
341,217 Cash rec. on subAccts. receivable_ -J
subscr. to pf. stk
16,753
Unbilled revenues_
65,143
166,708 Cap. stk. subsc_
90,100
Materials & suppis 170,829
11,060,000 11,060,000
Prepayments
7,523
20,496 Funded debt
Purch. cont. oblig.
Subscribers to capdue 1934
65,049
31,843
10,000
ital stock
60,238 Note payable
51,575
Meet'. assets__ __
30,133
300,000
68,509
103,787
Deferred debits_ _ 1,986,099 2,061,995 Accounts payable_
2.400 Disctd. contrs.pay
69,381
Reacquired secur.
45,007
18,493
Consumers' depos.. 264,066
Diset.& exp. on pf.
263,887
cap. stk. sales_
252,961 Misc. cur. liabils
342
396
Accrued liabilities_ 139,234
98,729
Due to MM. co.'s_
419,439
Reserves
1,890,660
751,999
Misc. unadJ. erdts.
37,663
42,458
Capital surplus.- 2,229,265 2,027,388
Earned surplus,
318,296
208,476
Total
Total
26,092,040 29,196,365
26,092,040 29,196,365
x After reserve'for uncollectible accounts and notes of 838.511. r Rep-V.135, p.629.465.
resented by 650,000 shares (no par).
Indiana Central Telephone Co.
-Protective Committee.
-
On May 1 1933 William J. Wardall and Christopher L. Ward Jr. were
appointed receivers for the company by the Court of Chancery of Delaware.
The following committee has been formed to prepare and
Consolidated Electric & Gas Co. (Del.).
-New Sub.
- bondholders a plan ofreorganization. The plan which is now beingsubmit to
developed
The Mobile Gas Service, Inc., a subsidiary, filed incorporation pap'ers
coll. 10
-year 53.6% gold bonds,
of the first
at Mobile, Ala., on May 26. It will have an authorized and outstanding I Is solely in the interestsubmitted at lienearly date. Until an opportunity
an
series 1928, and will be
capitalization of 1,000 shares. The new company will ask for franchises to
has been had to consider such plan of reorganization, all bondholders are
distribute gas in Mobile and other nearby cities.
advised and requested to await publication of the plan before depositing
Luke C. Bradley is President of the new subsidiary, and L. N. Borsen
their bonds with any committee.
Is 1st Vice-President.
--17. 136, p. 326.
The members of the committee are: Lee J. Schimberg, Pres.Schimbesg.
Josiah Macy, formerly Vice-President
Co., Inc.,
Consolidated Gas Utilities Co.
-Interest Being Paid.
- Trahan & & Co., NewChicago;
York: Laurence H. Sloan, Vice-Pres., Standard
Hambleton
The committee for the protection of the company's first mortgage &
Statistics Co., Inc., New York. Benjamin N. 'Prahan. Sec., 120 South
collateral 6% gold bonds. Series A, due 1943, of which William W. Battles
La Salle St., Chicago, Illinois. Dickinson, Smith, Farrel & Wham,counsel,
Is Chairman, announces it has been officially advised that interest on these
-V. 136, p. 3160.
231 S. La Salle St., Chicago.
bonds was available when due on June 1 and is being promptly paid on all
coupons presented.
-V.136, p. 3157.
Interborough Rapid Transit Co.
-Judge Manton 18
Delaware Electric Power Co.
-To Acquire Remaining
Shares of Delaware Power & Light Co. Stock.
The company on June 1 announced that arrangements were being made
for the acquisition from the United Gas Improvement Co. of 75,000 shares
of Delaware Power & Light Co. stock, in exchange for Delaware Electric
Power stock.
The deal is part of a plan for strengthening the security and earnings
available for the latter company's issue of $8,000,000 5349' debentures
which is now outstanding, it was explained. Upon the acquisition of the
block of 75,000 shares, the entire 375,000 shares of Delaware Power &
Light stock will be pledged as security for the Delaware Electric Power debentures. This pledge will be effected by a supplemental agreement to
be dated as of July 1 1933.
"At the present time," the statement said, "the Delaware Electric Power
Co. owns 300.000 shares of the 375,000 outstanding shares of common stock
of Delaware Power & Light Co.,the remaining 75,000 shares being owned by
the United Gas Improvement Co. None of these shares owned by Delaware Electric Power Co. is pledged as security for its debentures, but the
agreement dated Jan. 1 1929. under which these debentures were issued,
contains a clause prohibiting their pledge to secure indebtedness maturing
more than three years unless the debentures are equally secured by such
pledge.
"The Delaware Electric Power Co. will also arrange to acquire underlying
bonds and stocks of its traction subsidiaries with an aggregate principal
and par value of $2,462,100 and to have canceled its note for $1,746,000
Issued to raise funds for the payment at maturity of a subsidiary bond issue
due April 1 1933. These arrangements will permit the creation of a contingent reserve of about $2,000.000 to provide a means for the future writeoff of unproductive traction investments.
"Application will be made to list the Delaware Electric Power Co. debentures, 534% series, due 1959, on the Philadelphia Stock Exchange."
V. 135. p. 463.
-Complete Stock Control
Delaware Power & Light Co.
Sought by Delaware Electric Power Co.
See Delaware Electric Power Co. above.
-V. 133, p. 1451.
''"--Denver Tramway Corp.
-Offer to Bondholders.- .
The holders of the Denver Consolidated Tramway Co. 1st consol.
mtge. 5% gold bonds due Oct. 1 1933 are in receipt of a letter from the
corporation dated May 27 1933 offering to exchange each $1,000 of the
present outstanding bonds for 10% in cash, or $100, and 90% in new
notes of the face value of $900.
Copies of this offer may be obtained from The Denver Tramway Corp.,
Denver, Colo., or International Trust Co., Denver, Colo. which has
been designated as depositary under such offer -V. 136. D. 3342.
'
Eastern Massachusetts Street Ry.-New Public Control
Bill Approved.
The stockholders on May 31 accepted the new Public Control Act,
which extends public operation of the road for five years from Jan. 15 1934.
Bee also V. 136. p. 3157, 3719.
Eastern Shore Gas Co.
-New Interests.
William H. Wulf and L. D. Pierson have purchased the properties of
this company in Maryland, Virginia and Delaware from Robert Lewis,
President, and P. J. Minck Secretary-Treasurer, it is reported.
East St. Louis & Interurban Water Co.-Registrco
The Bankers Trust Co. has been appointed registrar for the cumulative
1st pref. stock, 7% series, and the cumulative 1st pref. stock. 6% series.
-v. 130. P. 1653.
Erie Lighting Co.
-Earnings.
-For income statement for 12 months ended March 31 see "Earnings De-V.136, p. 3158.
partment" on a preceding page.
Asked by Supreme Court to Quit Case-Suggestion Made That
He Will Clear Way for Another Judge in Receivership Proceedings-Legal Authority Upheld
The legal right of Senior Circuit Judge Martin T. Manton to designate
himself a District Judge and name receivers for the Interborough Rapid
Transit Co. and Manhattan Railway was upheld May 29 by the Supreme
Court. The Court severely criticized the "propriety" of his action, however,
saying he "acted hastily and with questionable wisdom," and urged hint
to withdraw from further contact with the case.
Justice Van Devanter delivered the opinion. Neither Chief Justice
Hughes nor Justice Brandies participated in the decisson nor heard the
arguments, as relatives of both were attorneys in the issue.
The New York "Times" in its issue of May 29 had the following:
The opinion upheld the Second Circuit Court of Appeals, which had
reversed the Southern District Court of New York, which, in turn, had
rejected Judge Manton's course. The particular case involved was the
dual suit of Benjamin F. Johnson and Lillian Boehxn. stockholders, against
Manhattan company.
"Acute Controversy- Recognized
Justice Van Devanter recognized the issue as "an acute controversy"
between Judge Manton and the district judges respecting the authority
of a judge especially assigned to that district--espectally the Senior Circuit
Judge
-to entertain an application for appointment of receivership in
equity suits.
Reviewing the legal phases of Judge Manton's authority, Judge Van
Devanter said the decision of the Circuit Court of Appeals must be sustained.
"But," he continued,"in the interest of right judicial administration and
to avoid any misapprehension as to what is here decided, something more
needs to be said.
"The possession of power is one thing; the propriety of its exercise in
particular circumstances is quite a different thing. This is true of the power
of a senior circuit judge to assign himself to sit in a particular case in a district court.
"In its very nature this power is one which should be sparingly exercised,
and then only in special exigencies and with commensurate care and discretion. The occasions are rare in which the matter cannot be referred to
the Chief Justice or the circuit justice and committed to his considderation
and judgment. A receivership is not grantable as of course, but only for
reasons strongly appealing to the judge to whom the application is made.
Importance of the Task.
"When large properties are involved, a receivership usually involves
widely conflicting interests and presents questions fraught with difficulty
and exceptional delicacy. This was true of the receivership here in question. It involved properties, estimated to approximate $500,000,000 in
value, which were held and used by a public carrier employing thousands
of persons in its work and carrying hundreds of thousands of passengers
each day. The carrier was in greatly embarrassed condition, had thousands of creditors whose interests were divergent and was confronted with
possible forfeiture of some of its franchises.
"All this shows that the situation was one in which the assignment of a
judge to take charge of the receivership, if one was to be assigned, was a
task which needed to be performed upon careful consideration and with
the utmost impartiality.
"The difference of opinion, between the Senior Circuit Judge and the
District judges, respecting the relative fitness of individuals and trust
companies as equity receivers, was not a proper ground for taking the
cause away from the District Judge before whom it ordinarily would come,
and bringing it before the assinging Senior Circuit Judge.
"Granting that the latter was most sincere in what he did, there was yet
no compelling reason for assigning himself. Had he reflected, he probably
would not have made such an assignment, but he acted hastily and evidently
with questionable wisdom. This action has embarrassed and is embarrassing the receivership.
Withdrawal Is Suggested.
"If he were now to withdraw from further participation in the receivership proceedings, the embarrassment would be relieved; and the belief
Is ventured here, that on further reflection, he will recognize the propriety
Financial Chronicle
Volume 136
of so doing, and by withdrawing, will open the way for another judge with
appropro,to authority to conduct the further proceedinp."
The history of the controversy was recited by Justice Van Devanter.
who told how, when the American Brake Shoe & Foundry Co. asked for
appointment of receivers for the Interborough last August, Judge Manton
designated himself because he thought a District Judge might select a trust
company or other corporation, which would be "unwisejand should be
prevented." The Manhattan Co. came into the case later.
In September, Benjamin F. Johnson and Lillian Boehm brought suit.
A month later Judge Woolsey of the District Court held that Judge Manton's acts were void.
While not an active participant in the suits, the City of New York has
been watching them closely, and filed a brief noting that the city has an
interest of $309,000,000 in the subway system. The city specifically asked
the Court to see that the receivers, if continued, should not disrupt the five'
cent faro, but the Supreme Court did not touch upon that subject in its
opinion,
Judge Indicates Withdrawal.
Judge Manton indicated last night that tie would soon withdraw from
the Interborough receivership proceedings after designating a District
Court Judge to exercise jurisdiction in the future.
"It has been my intention right along," he said, "to withdraw once my
original authority was established." He voiced the belief that the Supreme
Court decision would in no way change the status of the receivership or of
Thomas E. Murray Jr. and Victor J. Dowling, his appointees as receivers.
Be declined to make any other comment in advance of a study of the opinion
of Justice Van Devanter.
The decision was described as "a distinct victory" by Louis Boehm of
counsel for the appellants. Although it upheld the receivership on technical grounds, he said, it "establishes beyond question the independence
and authority of the U. S. District Court."
The Supreme Court's failure to take cognizance of the city's plea for the
Imposition of certain conditions upon the receivers in order to safeguard the
contract right to a 5-cent fare on combined subway and elevated system
was a source of disappointment to Corporation Counsel Arthur J. Billy,
who filed a brief for the city as a "friend of the Court."
Mr. Hilly, in opposing a recent move to have the city intervene as a
party in the case, had voiced a strong hope that the Court would exercise
its admonitory powers and impose some of these conditions. The principal condition asked by the city in its brief was a requirement that the
Interborough receivers, in case of abrogation of the company's lease of the
elevated lines, should provide substitute facilities affording rapid-transit
riders the same through rides for the nickel fare.
Samuel Untermyer Warns City on I. R. T. Case-Supreme
Court Ruling Makes It More Vital to Intervene in Receivership,
He Says.
The Supreme Court decision makes it more imperative than ever that the
city intervene as a party, Samuel Untermyer declared May 30.
The
Court's criticism of Judge Manton's assumption of jurisdiction over the
proceedings and its recommendations that he withdraw, Mr. Untermyer
said, do not reduce in any way the peril faced by the city should it continue
to remain aloof and permit its contract rights to be destroyed by default.
Further dealy in entering the case, he warned, will jeopardize the 5
-cent
fare, probably through abrogation of the Interborough's lease on the elevated
lines. The city, he declared, has a perfect defense to any move to abrogate
the lease, but cannot plead it
it is a party to the action. Mr. Untermyer said that the defense consisted of the Court of Appeals decree that
the Interborough render specific performance of its full contract duty to
supply a 5-cent ride over a combined subway and elevated system.
The action of the Supreme Court in ignoring the brief filed by the city
as "a friend of the Court," Mr. Untermyer said, should awaken the city
to the danger of relying upon the "admonitory" relief that Corporation
Counsel Hilly told the Board of Estimate was to be expected. He characterized the brief itself as the "one ray of humor" in the proceedings.
It was, he said, a confession that the city, although not a party to the proceedings, would be most vitally affected because the 5-cent fare was imperiled.
"I have frequently warned that the city should intervene and stop these
proceedings before they go too far," Mr. Untermyer continued. "It is
Immaterial whether it takes that action to enforce its judgment in the State
or Federal Court. But it should be taken somewhere, instead of sitting
like 'a bump on a log' while the procession goes by. The city could not do
worse if it were deliberately trying to destroy the 5-cent fare, which I am
too charitable to belies e is the purpose of its unfathomable conduct."
-V. 136, p. 2972.
Kentucky Securities Corp.
-Earnings.
-
For income statement for 3 months ended March 31 1933 see_"Earnings
Department" on a preceding page.
-V.135. P. 465.
Lexington Utilities Co.
-Earnings.
For income statement for 3 months ended March 3111933 seel"Earnings
Department" on a preceding page.
-V.136, P.2606.
Lexington Water Power Co.
-Earnings.
19327
177'
$1,942,456 $1,764,721
937.563
1,118,968
Years Ended Dec. 31Operating revenue (electric)
Total operating expenses, &c
Operating income
Other income
$1.004,892
5645,753
685
47.675
Gross income
21,005,578
$693,428
Interest on funded debt
875.000
875,000
Balance
5130,578 def$181,571
Int. and demand notes, open account and miscall
63,690
97,082
Int. notes cony,into stock as of April 1 1932
71.208
305,778
Amortization of debt discount and CX1)(311S0
43,210
43,210
Deficit (transferred to surplus [deficit] account)$47,531
5627.643
-V.136, p.3342.
London Street
Years End. Dec. 31Gross earnings
Operating expenses
Interest & taxes
Depreciation
Dominion income tax_
Net deficit
-V.134. P• 2719.
Ry. Co.
-Earnings.
1932.
1930.
$512,704
5561.625
$610,436
465,403
434,626
513,413
38,481
42,060
45,185
69,700
67,850
67.320
530.103
513,387
$15,483
1929.
5592,844
495,219
42,555
51.625
115
prof$3,330
Manchester (N. H.) Electric Co.
-Omits Dividend.
-
This company, owned by the Connecticut Power Co., has omitted
dividend action on the common stock. The company was paying 12%
on its capital of 3560,000. President Samuel Ferguson states as follows:
"The earnings of the company are so reduced this year and the amount
of money borrowed has so increased that the directors felt that it was
a wise precaution to omit for the present the usual dividend and conserve
the cash resources of the company as necessary to the maintenance of
to the community.
prover service
year's earnings are low, not only on account of reduced induss
"rids
trial, commercial and street lighting business, but also on account of the
material increase in expenses caused by an unduly increased tax assessment, the cost of the rate case brought by the Taxpayers' Association and
the companies direct and indirect contributions to alleviate the unemployment situation.
"The loans which the company has been obliged to incur during the
past six months has brought the floating indebtedness of the company
up to $150,000.
"The effect, both direct and indirect, of the attack on the company
by the Taxpayers' Association has been to very materially reduce the
earnings of the company and to increase its debt. If the objective of
this association was to damage the company and to lessen its ability to
render service,it can have the satisfaction of knowing that it has succeeded,
lf, however, the objective was to hasten the day of materially lower rates
it has failed most signally since the greater expense, with which the company is now burdened as a result of its efforts, is definitely postponing
the day when this desirable objective is possible of accomplishment."
V. 136, p. 1014.j.
3907
Manila ElectrieCo.-Earnings.For income statement for 12 months endecinfarchl3lIsee "Earnings
Department" on a preceding page.
-V. 136. p. 3343.
Massachusetts Utilities Associates.
-Annual Report.
yNel
Cal.
Eh-Uric Sales
Gas Sales I
Earnings. xBalance.
xGross.
(kwh.)
Years.
(Cu. Ft.)**
1932- - --$10.640.743 $1,840,727 5393,244 175,543.901 1.730.100,000
1,985,900
11,254,521
538,444 181,516.094 1.806.687.200
1931_ 1,976,609
532,884 178.340,539 1,749,046,900
1930_ _ _ - 11,066,026
620.879 180,861,976 1.664.387.800
2.107.093
1929.___ 11.081,951
1,994,389
1928- ___ 10.594,438
449,667 158.929.727 1.578.535,100
x Excluding inter-company revenue. y Net earnings for dividends on
shares of Massachusetts Utilities Associates. z Balance for participating preferred dividends and common dividends of Massachusetts Utilities
Associates.
Income Account for Calendar Years (Company Only).
1932.
1931.
1930.
1929.
Dividends
51.964,075 51.955.852 51.953,666 51.856.856
Interest
50,212
58.568
123.056
170.353
52,014.287 32,014,420 52.076,722 52,027.209
Total income
Taxes_
14.052
5,005
10,800
10.288
Int. & amortization of
debt disct. & expense_
210,101
22
8.901
224,156
163.209
General expense
58,487
71,793
84,155
89,790
Net Income
51,740.695
Pref. diva, of Mass. Util.
Assoc. paid or deci_ 1,447,483
51,707,670 $1,749,615
1,447,456
1,443,724
51,763.922
V
1,486,214
$260,214
803.155
$305,891
522,589
$277.708
269,881
Total
$1,006,841 $1,063,369
Organization exp.amort_
31.636
50.000
Bal. of debt. disc. & exP•
on debs. retired, net of
disc.from deb.redemps
4,345
Res. for amortiz. of inv_
250,000
300,000
Loss from liquidation of
Investment
6,726
5856.363
50,000
Balance for surplus
Previous surplus
Disc, on deb. reacquired
Pref. divs. rec. during
1930 but accrued not
decl. at Jan. 1 1930_
$293,212
702,296
11,334
27.883
5547,589
25,000
3.208
Surplus Dec.31
5725,205
5702.296
5803,155
5522,589
Consolidated Statement of Earnings Years Ended Dec. 31.
[Company and Underlying Companies and Associatiors.]
1932.
1931.
1930.
1929.
•Gross oper. revenue
Electric
57.407.933 57.662,044 17.717,963 58,286.195
Gas
2,635,140
2.770,776
2,723,964
2,783,911
Non-operating revenue
Interest
59,622
93,712
113.369
137,631
Other
538,048
727,990
510.731
542,251
Total open revenue_ -$10,640.743 $11.254,522 $11,066.027 511,750,988
General expenses
5,669,370
6.107,162
6,472,331
5.799.884
Maintenance
323,421
395,454
424,805
399.381
Depreciation
1,073,830
991,039
1.101.651
1.134.473
Taxes
1,173,365
1,146,538
1.107,208
1,035,426
Net earnings before interest and dividend_ 52,400,756 52,614.329 52,632,479 $2,709,378
Int.& amort.of bds. disc.
265,221
288,245
296,574
224.470
Minority pref. dividends x294,808
x340,184
359.296
377.815
Net consol. earnings__ 51,840,727 $1,985,900 $1,976,608 52,107.094
Pref. divs. of Mass. Util.
Assoc. paid or declared 1,447,483
1,447.456
1,443,724
1.488.2Th
Bal,for consol. surplus 5393,244
$538,444
5532,884
5620.879
* 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.
Balance Sheet Dec.31 (Company Only).
1931.
1932.
1031. 1
1932.
LtatglUtesAssets
Securities owned...46,730,209 46,529,092 Cony. participat g
pref. stock
Cash
27,793.267 27,793,267
458,006
382,693
x Common stocks_14,574,808 14,574,808
Dep, to cover deb.
sink. fd. require.
35,650
34,523 Debentures, series
Divs, receivable,
A 5%
3,755,000 3.866,500
decl. or accrued_ 263,458
284,858 Preferred dividends
payable
Accrued and pre361,872
361,866
paid interest_ _
11,002 Accounts payable
and accruals__ _
65,951
16,195
Accts. receivable
64,493
Special reserve for
Unamortized debt
atnortiz. of thy. 550,000
300,000
350,919
(Met. & expens_ 321,126
39,965 Surplus
702,296
Unadjusted debits
725,205
Unamort. organi31,636
zation expense_
Total
47,824,645 47,664,688
Total
47,824,645 47,664,688
x Represented by 1.780.250 shares no par value.
Consolidated Balance Sheet as at Dec. 311932.
A ssetsLiabilities
Capital assets
$55,088,121 Cony. partic. pref. shares___$27,793.267
Cash
2,741,458 Coin,shares (1,780,249 shs.). 14,574,808
Savings bank deposits
.590,191 Pref.& com.shs.of underl.cos. 3,686,089
Accts. & notes rec., less res.- 1,334,599 Long-term debt
4,312,500
Declared diva. rec. & int. accr
80,642 Accts. payable & accruals_
808,086
Material and supplies
436,829 Consumers' deposits
445.038
Prepaid charges
361,871
36,314 Declared dividend
Sinking funds and other reDeclared or accrued dividends
stricted deposits
on minority shares
136,766
28,999
Unadjusted debits
687,667 Reserves and suspense credits 7,349,256
1,772.672
Earned surplus
Total
-V. 135. p. 4384.
.$61,132,589
Total
$61,132,589
Middle West Utilities Co.
-Stock Worthless-Receivers'
Report Next Month to Show Nothing for Holders of Shares
Little for Note Owners.
The New York "Times" May 28 had the following:
Holders of $40,000,000 of notes of the Middle West Utilities Co. are
awaiting a comprehensive report regarding the properties still controlled
by the company, which has been in receivership more than 13 months.
Such a report has been promised for early June by the receivers, Edward
N. Hurley and Charles A. McCulloch.
The 98,000 stockholders who bought the preferred and common stocks
of Middle Vl eat Utilities once regarded as a 52,000,000,000 corporation.
have only a sentimental interest in the report. It has been indicated clearly
that they may hope for nothing. Prospects are that even note-holding
creditors will receive only a small percentage of their investment.
On Dec. 31 1931, when Midale West Utilities was still a going concern
dominated by Samuel Insull, it had assets-on the books-of $304.000,000.
consisting mostly of shares of underlying companies and designated as
"investments in subsidiaries."
The $304,000,000 of Middle West was the lever that controlled properties valued aoout 1929, in a hazy sort of way at $2.000,000.000. The
holding-company set-up made the control possible. It was, in some
instances, four or five paper steps from the parent company to the operating
units that actually furnished electricity, gas, ice ana even bus and rail
transportation to the puolic. Subsidaries had subsidaries and these subsidaries had other subsidaries until the maze was confusing even to marketwise persons and to auditors.
3908
Financial Chronicle
Altogether, the operating subsidaries served 5,321 communities in 32
States and in Canada with a total population of 6,572.000. Gross operating revenues of the Middle West properties in 1931 were $172,788,000.
Heavy Loss in Gross Revenue.
Perhaps the best clue to the shrinkage of Middle West lies in the loss of
gross revenue-money paid in by customers for services rendered by the
bottom subsidaries. The last available figures on what is left of Middle
West cover the first 11 months of 1932, when operating revenues of the
properties under control of the receivers were $67.206,000, indicating an
annual revenue for 1932 of approximately $73,500,000.
This vast discrepancy between the money taken in by Middle West operating companies in 1931 and those in receivership does not mean that
utility bills were sliced by more than half. Some of the principal subsidaries were removed from the wing of the parent concern. In fact,
revenue from properties controlled by the Middle West receivers fell off
only about 10 % in 1932 from the 1931 figures.
The principal suosidaries referred to are being operated either in bankruptcy or in receiverships separate from that of Middle West itself. They
include the National Electric Power Co., witn 33 subsidaries of its own,
operated over a wide area in New England and the Atlantic States; the
Inited Public Service Co. with 16 underlying companies serving in the
Mississippi and Ohio Valleys; the Commonwealth Light & Power Co.,
with 8 subsidaries concentrated mostly in Kansas and Missouri. and the
Mississippi Valley Utilities Investment Co. and investment agency with
a wide and highly intricate scope.
In these now separated companies Middle West had investments of
$98,000,000; it had put $40,000,000 into National Electric Power alone.
There have been indications that if there is any return on this sum it will
be small. A witness before the Federal Trade Commission estimated
recently that the Mississippi Valley Investment Co. had realizable assets
of only 10 to 12% of liabilities.
Until the receivers report, no outsider can make a fair estimate on the
possibilities. However, Middle West Utilities usually put its investments
into common stock of suosidaries to obtain voting control. As the subsidaries in separate receiverships also had sold bonds and preferred stocks
in most instances, Middle West's prospects are regarded as far from good.
When the senior creditors get the amount of their claims, little is expected
to be left for the top company's creditors and stocknolders.
Banks Hold the Best Securities.
Another complicating factor is that banks hold almost all the good or
even hopeful securities that Middle West once owned. Samuel Insull and
his brother Martin used these to secure loans. There has been doubt as
to the right of the management to hypothecate a large part of these securities.
Efforts have been made by a committee representing the holders of the
$40,000,000 of notes to compel the banks to give up this collateral. On
May 21 their work bore some fruit. Banks here agreed to absolve Middle
West of obligations totaling $7,000,000 and to turn over to the receivers
one-third of the collateral pledged in the last four nionths of Middle West's
independent existence.
But with the doubts that exist about the worth of this collateral-much
-the new arrangement
of it is paper of the separate receivership companies
did not cause any great flurry in the market for the Middle West notes.
They are still selling at 1236 to 13 cents on the dollar. They are dealt in
on the New York Curb Market.
What this means is that a claim to the 4,40,000,000 of assets, second
only to that of banks holding securities, is figured as worth only $5,000,000
in the markets. The $40,000.000 ranks ahead of the $216,000,000 of stocks
(book value of Dec. 31 1931).
To sum up, Middle West as a receivership unit now takes in hardly
half the revenues of Middle West in its pre-crash days. Half, or thereabouts, of its properties are gone, and the receivers have put in a new
which they have said will correct the errors,or
sritemofbone made
ccanery, which
•
than they actually had.
The operating companies, in general, are sound. The shrinkage is in
the paper pyramid that the Instills set up and then blew down. As it
stands now, the senior creditors of the parent company may get something
from the wreck. They hope for, but few expect, 40 cents on the dollar.
As for the stockholders, they have little hope. They are merely wishing.
i'
New Vice-President.
George C. Mathews, Chief Examiner of the Wisconsin P. S. Commission, has tendered his resignation to the Commission in order to become
-V. 136. p. 3721.
a Vice-President of the Middle West Utilities Co.
-Judge Coxe Doubts Legality
National Electric Power Co.
of Holding Company for Five Operating Concerns.
The legality of the Penn Southern Power Co. which was created on
May 4 by order of Irwin Kurtz, Federal bankruptcy referee, to hold five
of the operating companies in the Eastern Insult group for the benefit
of creditors, was questioned May 31 by Federal District Judge Alfred
C. Coxe.
Judge Coxe heard arguments as to why the five operating companies
were removed from the assets of the National Electric Power Co., National
Public Service Corp. Seaboard Public Service Corp. and Electric Management & Engineering Corp.
'
The arrangement VMS defended by Edward L. Williams, counsel, who
negotiated it for the Irving Trust Co., as trustee in bankruptcy. He said
the new Penn Southern Power Co. would be formed to hold stocks of operating companies now held by the New York Trust Co. and the Chemical
Bank as collateral for loans made to the bankrupt National Electric Power
Co. and its bankrupt subholding companies, under terms which are now
the subject of intercompany and pledge claims and counter-claims.
The referee's order creating the Penn Southern Power Co. was brought
before Judge Coxe for review by Hobert Starr, counsel for the Utilities
Power & Light Corp.. a creditor of the bankrupt National Public Service
Corp.
-V. 131, p. 3161. 3721.
-Earnings.
New York & Richmond Gas Co.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136, p. 2607.
-Earnings.
New York Water Service Corp.
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V.136. P• 3534.
-Earnings.
Northern Pennsylvania Power Co.
Years Ended Dec. 31Total, operating revenues
Total operating expenses
1931.
j.930.x
1932.
$1,439.802 $1,428,384 $1,354,399
906,549
957,084
916,065
$447,850
Operating income
$523,736
$471,299
87.024
Other income
82,963
96,065
Gross income
$558,324
$606,700
$543,916
Deductions from income:
170.497
128,273
Interest on funded debt
190,771
77,830
Interest on unfunded debt
150.697
29,116
16,957
13,479
Amortization of debt disct. & exp_
19,056
Interest during construction
Cr12,207
Cr23,829
Cr2.181
$305,248
Net inc. (transf. to corporate surP.) $369,937
$275,294
x Includes operations of all properties now owned.
Balance Sheet Dec. 31.
1932.
1931.
AssetsLiabilities1932.
1931.
Fixed capital
$7,950,741 $7,869,131 xCapital stock---$2,600,0001$3,220,197
Investments
126,811
100,501 Capital surplus-- 1,026,949f
706,648
Cash
195,741
86,999 Adv. to st'kholders
3.863,000 3,247,200
Special deposits_ 8,495
4,394 Funded debt
25,000
Notes receivable_ 41,000
3,803 Notes payable..
1,500
43,670
50,881
Accts. receivable__ 165,517
242,850 Accounts payable95,508
87,285
Mat's' & supplies_
16,202
17,359 Taxes accrued-48,985
Amortiz. debt disc.
130,079
Interest accrued..),
508,893
1 2,264
Other accruals_-& expense
34,114
Undistributed deb.
Miseell. liabilities_
items
7,000 Consumers service
65,808
7,688
63,288
?Atwell. assets__
& line depos.ts938,114
791,525
Reserves
83,448
Corporate surplus_ 248,664
$8,981,588 $8,332,040
$8,981,588 88,332,040
Total
Tots
-V. 135. P. 2338.
x Represented by 22,130 shares (no par).
June 3 1933
North Penn Gas Co.(& Subs.).-Eamings.Calendar YearsOperating revenues
Non-operating income
1931.
1929.
1932,
1930.
$1,655,684 $1,530,285 $1,589,827 $1,701,063
23,040
74,930
18,807
36,327
Gross earnings
$1,692,012 $1,553,326 $1,608,634 $1,775.993
Oper.expenses & taxes_ - 1,061,628
927,318
1,169,979
1,113,445
Non-oper. expenses
61,698
$626,007
189,750
47,009
$495,189
188,788
20,853
$544,316
165,000
35,551
12,363
11,272
11,203
56,250
42,000
42,000
9,808
2,453
42,000
$335,886
112,875
$232,346
92,120
$289,504
92,120
135,000
$223,011
$140,226
Balance
$93,338
-V. 135, p. 1654.
a Includes oil and gasoline revenue.
$62,384
Operating income__ _
Interest on funded debtInt. on unfunded debt
Amortiz. of debt disct.
and expenses
Int. charged to constr'n_
Retirement reserve
$630,384
191,973
46,829
Net income
Preferred dividends._ _ _
Common dividends
$322,969
129,631
100.000
-Annual Report.
North West Utilities Co.
Income Account for Calendar Years (Company Only).
1931.
1930.
1929.
1932.
$38,919
8691,519
Int.received and accrued
$118,515
$3,333
1,612
Interest on bank balance
1,954
2,977
Dividends on stock of
1.415,619
1,285,937
subsidiary companies_
165,298
1,643,970
122,705
40,825
Sale ofsecur. to outsiders
3,740
357
14.897
Miscellaneousincome_ _ Total income
Administration expense..
Interest
Taxes
Amort, of debt disct. &
exp. of liquidated subs
Net income for year
Previous.surplus
$168,988 $1,578,855 $1,779,335 $1,424.998
37,180
46,787
48,995
22,359
9.910
35,672
60,600
13,194
19,692
2,779
10,292
48,025
$82,631 $1,512,075 $1.686,585 $1,315,403
1,011,949
71,766
1,054,770
850,110
Total
$1,137,401 $2,524,024 $2,536,695 $2,027,169
Divs. on 7% prior lien
308,000
304,178
291,868
preferred stock
77,000
425,285
425,241
Divs. on 7% pref. stock..
53,161
407,528
144,000
Divs. on $6 pref. stock
25,500
18,000
144,000
Divs.on common stock
547,115
452,163
In cash
651,327
Transfer to capital surp.. 1,560,553
Other charges
864,433
44,852
Write-down of invest_
$850,110
Surplus Dec. 31_ _ _ _def$1,435,745 $1,054,770 81,011,949
Consolidated Earnings Statement of the Subsidiaries for Calendar Years.
1931.
1930,
1929.
1932.
Gross earnings
$12.441,584 $14.741,661 $15,665,334 $12,79,0147
9,168.965 9,820,666
Oper. exp., taxes. &c__ _ 7,575,429
8,118,589
Net earnings
$4,866,155 $5,572,696 $5,844,668 $4,671,558
25,720
Rentals of leased prop_
25,581
24,310
2,230,101
2.574,796
Bond.debt & other int
2,110,365
1,645,469
255,455
Amort. of disc. on secur137,374
239,127
214,920
Divs, on stock & propor.
of undistrib. earns, to
1,635,660
1,525,096
1,154,523
outside holders
1,642,470
Total earns. accr. to
North West Utll.Co. $409,761 $1.425,760 $1,968,706 $1,709,882
Summary of Consolidated Surplus Account -Balance Jan. 1 1932 (unaudited). $2,538.147. Net income for 1932 (after pref. diva.), $261,600:
-Capital
total, $2,799,747. Deduct: Transferred to capital surplus
surplus arising from revaluation of investments, $1,064,627; capital surplus
arising from sale of preferred stock reacquired from parent company,
$495,925; write-off of expired portion at Jan. 1 1932 of debt discount and
a ed su in varr comianles
exvig5 ricviale tofbr nrevalad
t f liquigrtneanabsidies ine
n
alln abi nn a o ds a na&onesniif m
,
$837,313; abandoned property written off, $649,571; provision for prioi
years' taxes,$458.731; provision for bad debt losses of prior years,$187,546;
provision for obsolete materials and supplies, $74,415; miscellaneous direct
items (net), $133,684; deficit, Dec. 31 1932 $1,435,744.
Consolidated Balance Sheet Dec. 311932,
Liabilities
Assets
7% prior lien stock
$4,400,000
Plant, property, rights,
6,075.500
franchises, &c
$89,873,907 7% preferred stock
$6 preferred stock
2,010,000
Preferred and common stock
13,694,825
commissions and expenses 2,004,296 Corn. stk. (260.531 shs.)
5,188,701 Pref, stock of subsidiaries_ 24,673,600
Property abandoned
Min. int. In capital stock
Investments in and advances
and surplus of subs
438,278
to other companies, &c.,
956,960 Funded debt of subs
50,022,500
at book values
Deferred liabilities
482,109
Sinking funds and other
545,817 Notes PaYab'e
52,525
special deposIst
Accounts Payable
213,623
Bond discount and expense
28,277
in process of amortization 4,046,382 Due to affiliated companies_
209.565 Accrued State & local taxes..
475,959
Prepaid accts. & del' charges
607,505 Federal income taxes
350,456
Cash in banks and on hand
Accrued interest
526.089
Cashon deposit for payment
214,250 Accrued dividends on pref.
of bond interest
1,273,432 stocks of subsidiaries _
136,246
Notes and accts. receivable_
469,404 Miscell. current liabilities_
99,239
Unbilled revenues
Reserves
2,305,739
Due on subscriptions to pert.
1,560,553
17,176 Capital surplus
stocks of sub. companies_
Deficit
1,435,745
Construct. & over. mat'ls &
703,381
supers & mdse.( nventories
Total
-V.136, P.3722.
$106,110,776
Total
$106,110,776
-Tenders.
Northwestern Utilities, Ltd.
The Trusts & Guarantee Co.. Ltd., trustee, will until June 14 receive bids
for the sale to it of 7% 1st mtge. 15-year s. C. gold bonds dated June 1 1923
to an amount sufficient to exhaust $51,000.-V. 136, p. 2424.
-Transfer Agent.
-Ohio Service Holding Corp.
The Continental Bank St Trust Co. of New York has been appointed
-V.136.
tra2sfer agent for 30,000 shares of $5 non-cumulative pref. stock.
p n97 .
.
4
-Earnings.
Oregon-Washington Water Service Co.
For income statement for 12 months ended April 30 see "Earnings De-V.136. fo• 3535.
partment" on a preceding page.
Pittsburgh Suburban Water Service Co.-Earntngs.-
For income statement for 12 months ended April 30 see "Earnings
-V. 136. P. 3535,
Department" on a preceding page.
-Offers to
Public Utility Holding Corp. of America.
-See South
Buy South American Rys. Notes Not Yet Converted.
-V. 136, p. 3162.
American Rys. under "Railroads" above.
-Sinking Fund Plan Operative
Grande Valley Gas Co.
Frederick Peirce & Co. announce that the plan sponsored by them and
Smith, Camp & Riley. Ltd., for the readjustment of the sinking fund
has been declared operative by the company. Over 75% of the out
1d1 p onds have been deposited in acceptance of the plan, it is said.37b n63
6 .
.
V.
Financiai Chronicle
Volume 136
Rochester
&
'
Lake Ontario Water Service
Corp.-
Earnings.
For biome statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V. 136. p. 3535.
Louis Public Service Co.4o ee mittee
l
Expects Default
on July 1-Calls for Deposit of Bonds.
The protective committee recently form
for.the outstanding United
Railways (,now St. Louis Public Service Co.) 1st gen. mtge. 4% bonds has
sent out letters to holders of these bonds urging deposit of their certificates
at once, expressing the opinion that "it is very probable the court will not
permit the receiver to pay the July 1 interest." This interest amounts to
;357,880 on the $17.894,000 of 4s in the hands of the public, which are
exclusive of the $16,625,000 held by the banks as collateral for a $10.000,000 loan. James H. Grover, President of St. Louis Union Trust Co.,
is Chairman of the committee. Depositaries for the general 4s are enumerated as follows: St. Louis Union Trust Co., Mississippi Valley Trust Co.,
Boatmen's National Bank, St. Louis; Chase National Bank, New York,
Mercantile Trust Co., Baltimore, and Louisville Trust Co., Louisville, Ky.
-v. 136. P. 3163, 2799.
Scranton-Spring Brook Water Service Co.
-Earnings.
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V. 136, p. 3535.
South Bay Consolidated Water Co.
-Earnings.
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-'t. 136. IL 3 3 .
55
Southwestern Light & Power Co. t & Sub.).
-Earns.
Calendar Years1930.
1929.
1931.
1932.
Operating revenues
$2,235,924 $2,674,133 $3,180.634 $3,277,521
Operating exp.& taxes.... 1,312,900
1,900,223
1.675,787
1,974.674
Retire. appropriation
140,660
120,825
139,990
108,227
Net oper. income__ _ _
Non-oper. income
$814,797
5,994
$877,521
39.291
$1,139,751
32,898
$1,162,858
34.067
Gross income
Int. on funded debt
Amort.& other int.chgs.
Miscell. deductions from
gross income
$820,791
420,000
34,045
$916.812 $1,172,649
414.306
420.453
35,669
33,843
$1,196.925
310,000
44,927
15,524
5,831
Net income
Preferred dividends_ _ _ _
Corn. A dividends
Common dividends
$351,219
307,316
18,324
$456,685
310.052
18.324
118,945
$722,675
308.906
18.864
372.624
$741,997
304,444
18,864
314,624
$25,679
$9.364
$22,281
$104,065
Surplus
3909
Union Electric Light & Power Co. of III.
-Tenders.
The Chase National Bank of the City of New York, as successor trustee,
is notifying holders of 1st mtge. gold bonds, 5
series A,due Jan. 1 1954.
that there has been drawn by lot for account of the sinking fund for redemption on July 1 1933, bonds in the principal amount of $125,000. Interest
will cease to accrue on and after July 1.-V. 136, P. 3346.
Union Traction Co. of Phila.-75-Cent Dividend.
The directors have declared a semi-annual dividend of 75 cents, payable
July 1 to holders of record June 9. This is the same ratt. paid Jan. 1. under
the rental agreement with the Philadelphia Rapid Transit Co. covering
dividends up to July 1 1934. The previous rate was $1 50 semi annually.
See also V. 136,p. 160.
-Holdings
United Gas Improvement Co.
of Delaware
Power & Light Co. Stock to Be Exchanged.
-V. 136. p. 3164.
See Delaware Electric Power Co. above.
-Bondholders' Committee.
United Public Utilities Co.
Randolph F. Tucker, of Pearson, Erhard & Co., Inc.. Boston investment bankers, has joined the committee formed to protect the interests
of holders of the let lien gold bonds in the plan for reorganization of the
United Public Service Co., Southern United Gas. Southern United Ice
and United Public Utilities, which was filed in the U. S. District Court
for the Northern District of Illinois. This committee represents series A
and C 6% and series B 53.$ bonds, due April 1 1937. Other members
of the committee are Joseph W. Swain Jr. of Baker, Young & Co.; Gerald
P. Kynett, of Brooke, Stokes & Co.; Herbert Welsh. of Welsh Brothers,
and Lee Barroll, of Gillet & Co.
There are outstanding $14,535,000 of the let lien gold bonds issued
from 1927 to 1929. The Provident Trust Co. of Philadelphia is depositary
for the committee.
-V. 136. 'p. 2800.
-Earnings.
Water Service Cos., Inc.
1932.
1931.
Calendar Years$172,635
$117.341
Income from investments
12.749
2.135
Income from sale of secs.&oth.sources
1930.
$173.723
22,749
$185.384
$196,472
$119.476
Total income
7,471
4,775
3.743
Administration expenses and taxes
50.000
50,000
49,532
Interest on long-term debt
26,825
88,825
130,412
Miscellaneous interest charges
Amortization debt, discount and ex7,379
7.064
7.373
penses and miscellaneous deduct'ns
$30,964
$35,751
$1,215
Net income transferable to surplus
Balance Sheet Dec. 31.
1932.
Liabilities1931.
1932.
1931.
AssetsLong-term debt__ $967,500 $1,000,000
Inv. in & loans to
98,000 1,000,000
affiliated cos_ _ _$1,516,830 $2,329.391 Due affiliated cos.
6,000 Payments rec. on
Special deposit_
subscrip. to cap.
Due from subsc. to
40,363
132,485
stk. of MM.cosstock of affil.cos.
1,734
5,059 Liability to subCash & work. fds_
128,253
scribers to deity.
21,862
Due fr. affil cos.
210,636
Ms. of Mill. cos_
55,567
Debt MM.& exp_
1,332
Accounts payable_
1,230
Organiz. expense_
33,542
61,723
36,029 Due affiliated cos.
Int.& diva. reedy.
908
Misc.& prep.accts.
125 Miscell. assets_ _ .. _
125
16,125
27,180
Accr. Int., tax.,&c.
Deferred chgs. &
80,040 a Capital stock... 305,0001
unadjust. debits
13,982
416,510
Paid in surplus__ _
Stock sales expense
3,439
125,368(
Earned surplus_ _ _
Consolidated Balance Sheet Dec. 31.
1932,
1932.
1931.
1931.
Assets$
Liabilities-$
$
$
Fixed capital
15,416,227 17,010,800 y $6 cum. pref.stk. 4,511,115 4,601,296
Cash
201,691
209,930 Cora, stock class A 305,400
314,400
Marketable secur_
85,000
x Common stock__ 4,466,166 4,466,166
Notes nsceivable__} 1
51,359
276,858j
5
9,645 Cap stock subscrlb
Accts. receivable...
8,400,000 8,400,000
I 465,121 Funded debt
Unbilled revenues88,592
Notes payable__
100,000
Due on subscrip106,312
Accounts payable_
47,939
Lion to Prof. stk.
15,579
Consumers' depos_ 256,720
248.826
$1,600,787 $2,717,381
Total
Total
$1,600,787 $2,717,381
Interest receivable
86,108
76,653
21,135 Divs. declared_ _ __
-V.135. p. 3693.
x Represented by 5,100 shares no par value.
Material & suppl_
113,553
3,905
222,081 Misc. curr. Habil__
Prepayments
231,647
. 239,134
15,237 Taxes accrued__ _
-Earnings.
Western New York Water Co.
Subscrlp.to capital
Fed,income taxes_
73,437
stock
For income statement for 12 months ended April 30 see "Earnings
173,873
34,486 Interest seemed__
168,787
-V. 136. p. 3536.
Department" on a preceding page.
Invest. In affil. co_ 1,115,694 1,000,000 Retirement reserve
678,441
Adv.to atilt co
223,736 Reserve for contri-Preferred Dividends
-Misc. investments
buttons for exten
90.225 - "..Wisconsin Power & Light Co.
90,864
2,678
Special deposits_
86,108
-The directors, it was announced on
2,009
3,091 Miscell. reserves__
62,356
Again Decreased.
TJnamortized debt
Misc. unadj. cred_
11,812
June 2, have declared a dividend of 75 cents per share on the
disct. & exps___ 823,703
853,259 Capital surplus__
20.404
Pref. stock com.
6% cum. pref. stock, par $100, and a dividend of 873/i
Earned surplus.... 283.011
736.328
mission & exp__
67,860
cents per share on the 7% cum. pref. stock, par $100, both
Abandoned prop.
Of sub. co
payable June 15 to holders of record May 31. Three months
707,948
Miscellaneous deago the quarterly distribution on the 6% pref. stock was
ferred debits_ _ _
12,626
35,306
Reacquired scour.
reduced to $1 from $1.50 per share and the quarterly pay136,750
ment on the 7% pref. stock to $1.16 2-3 per share from
Total
19,011,440 20,293,253
Total
19,011.440 20,293,253
$1.75.-V. 136, p. 3536.
x Represented by 95,156 shares no par). y Represented by 51,471
shares (no par) in 1932 (1931, 52,500 shares of no par value).
-V. 136.
p. 3723.
INDUSTRIAL AND MISCELLANEOUS.
"..Standard Gas & Electric Co.
-Capital Decreased.
The stockholders on June I approved a proposal to reduce the capital
of the company from $223,880,665 to $108,897.013. by reducing the
amount of capital represented by the common stock, the shares of which
have no par value, from $136,609,722 to $21,626,070. The stated value of
the common stock has been decreased to $10 per share.
-V. 136, p. 3536.
Staten Island Edison Corp.
-Earnings.
Years Ended Dec.
31-1931.
Operating revenue
$3,891,846 $3.979,290
Operating expenses
1,410.485
1,501.638
Maintenance
272.029
207.372
Provision for retirement
308,317
380.050
Taxes
396,073
319.873
Operating income
Other income
$1.504,640 $1,570,355
326,240
158,146
Gross Income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest during construction
$1,830,880 $1.728,501
40.065
41,120
546,821
245,155
36,000
36,000
Cr5,168
Cr31.048
Net income
Preferred dividends
Common dividends
$1,213,162 $1,437,274
6,8131
Not
216,000J reported
Balance
$990,349 $1,437.274
Quarterly Statement.
-For income statement for 12 months ended March
-V. 136, P. 3346.
31 see "Earnings Department" on a preceding page.
Balance Sheet Dec. 31 1932.
Liabilities
Assets
$14,600,000
Fixed capital
617,949,961 Capital stock
Investments
1,000,000
5,902,838 Funded debt
5,666,000
Other investments
3,001 Short term, debt
Due to stockholder
271,116
Deposits for matured notes
Matured notes & Interest
34,849
34,849
and interest
8,434 Advances from finance comSpecial deposit
pany-secured
99,000
127,174
Cash
56,309
18,261 Accounts payable
Notes receivable
200,167
Accounts receivable (less res.) x391,502 Taxes accrued
110,679
71,878 Interest & miscell. accruals
Accrued interest receivable_ _
446,846
140,560 Consumers'service & line dep.
Materials and supplies
1,251,400
Unamortized debt disc.& exp.
434,412 Retirement reserve
51,720
18,101 Federal income tax reserve
Prepay ments
'
21,208
95,059 Other reserves & unadj. cred.
Miscall. unadjusted debits
Contributions for extensions,
non-refundable
100,875
Capital surplus
163,992
Corporate surplus
1,121,869
Total
$25,196,036
625,196,036
Total
x After reserve for doubtful accounts of $135,024.-V. 136, p. 3346.
-American Smelting & Refining Co. had adPrice of Lead Advanced.
vanced the price of lead 15 points to 3.90 cents a pound, New York."Wall
Street Journal," May 29. p. 29.
-Under the stimulus of a heavy demand for
Price of Copper Advanced.
cent to
copper from fabricators the price of the metal was advanced
8 cents a pound, the highest price this year. It was the fourth consecutive
business day on which the price was advanced. The European price ranged
between 7.85 and 7.90 cents. Buying was in good volume. N.Y."Times,"
June 2, p. 27.
Matters Covered in the "Chronicle" of May 27.-(a) Work in plants of
Ford Motor Co. to be increased. p. 3618; (b) Pay of 2,500 employees of
Nashua Mfg. Co. raised. p. 3618;(c) Textile mills increase wages of 30.000
workers, p. 3618; (d) Steel production at highest rate since June 1931Operations now at 38% of capacity-Prices of finished steel and pig iron
higher. p. 3623; (e) Ultimatum given to Allied Chemical & Dye Corp.
New York Stock Exchange to drop shares unless company revises its
accounting by Aug. 23. p. 3631.
-Earnings.
Advance Bag & Paper Co., Inc.
1930.
1932.
1931.
Calendar Years$109,913
$236,620
5415,712
Earnings before deprec. and interest_ _
252.862
236.257
Bond and other interest
164.212
$362 def$142.949
Surplus
$251,500
Earnings of Subsidiary-Southern Advance Bag & Paper Co.. Inc.
1931.
1930.
1932.
Calendar Years$498,842
$540.111
Earnings before deprec. and interest_ _
$428.800
179.933
171.267
175.668
Bond and other interest
Balance. surplus
$257,533
$464,443
$318,909
Balance Sheet Dec. 31.
1932.
AssetsLiabilities-1931.
1931.
1932.
Inventories other
Accounts payable- $57,620
267,110
than pulpwood_ $227,275 $354,359 Notes payable__ 215,363
279,362
Pulpwood
432,194 Accrued salaries,
97,621
6,194
wages, taxes and
Notes receivable...
4,527
Accts. receivable
365,190
expense
23,455
39,385
380,872
Accrued interest
Cash surf. value
12,502
20,888
life ins. policies.
53,863 So. Advance Bag
69.055
&Paper Co.. Inc
Cash
193,928
74,251
108,057
Deferred liability..
So. Advance Bag
12,000
12,000
& Paper Co.,Inc
99,250 Reserve for deprec. 1,101,834
957,197
Funded debt
Pleasant Ms.Pulp
,
2,148,950 2,107,750
4,165 8% prior lien stock 1,731,990 1,775,090
Co., Inc
71,449
542,644 $6 pref. stock-. 664,720
Special cash fund_
664,720
Investments
2,556,197 2,556,196 Common stock__ 1,827,700 1,827,700
Surplus
980,053
Treas, bonds pur.
708,890
for sinking fund_
6,866
7,560
Deferred and pre148,983
paid charges.._ _
97,156
Fixed assets
4,975,430 4,951,487
Total
$8,595,207 $9,715,326
-V. 136, p. 3347.
Total
$8,595,207 $9,715,326
3910
Financial Chronicle
Affiliated Products, Inc.
-Halves Dividend-New Pres.
The directors have declared a monthly dividend of 5 cents per share on
the capital stock, no par value, payable July 1 to holders of record May 19.
This compares with 10 cents per share paid. on April I, May 1 and June 1
1933, prior to which monthly distributions of 13 1-3 cents per share were
made.
Rolla Lawry, formerly Vice-President, has been elected President,
succeeding O. E. Glidden.
-V.136. p. 2976.
Alles & Fisher, Inc.
-Earnings.
--
Calendar YearsGross earnings
Sell., admin.& gem. exp.
Prov. for depr. & amort.
Prov. for Fed. inc. tax.
1932.
$253,638
216,259
35,602
1931.
$465.936
284,484
35,731
16.517
1930.
$686.179
322.814
35,162
36,800
1929.
$835,560
314,897
36.745
52.043
Net earnings
Misc. inc., int. rec., &c_
$1,777
7.494
$129.204
8.465
$291,402
5,151
$431,875
18.078
Total income
Int. paid & other charges
$9.271
10,995
$137.669
17,029
$296.553
32,323
*449.953
29.293
Net income
loss$1,725
Previous surplus
839,502
Adj.of pr. year's tax.,&c.
Crl.082
Dividends paid
82.901
$120,640
875,188
Dr9,210
147.116
$264,230
890,177
$420,660
769,047
279.219
299.530
Surplus Dec.31
Earnings per share on
150.000 no par shares_
$839,502
$875.188
$890,177
$755,958
Nil
$0.83
$1.76
Balance Sheet Dec. 31.
Assets1032.
1031.
1932.
Fixed assets, less
x Capital stock__ $627,749
reserve
$175,378 $177,519 Current liabilities_ 184,822
Current assets_ 772,544
990,785 Reserve for State
Trade-marks, &o.. 500,000
excise tax
500,000
2,300
Other assets
122.907
199,945 Res. for Fed. taxes
Surplus
755.958
$2.80
1931.
$667,000
337,281
June 3 1933
•
American Car & Foundry Motors Co.
-Earnings.
-
Years Ended Dec.311932.
1931.
Loss for year
$1,723,264 *1.936.500
Previous deficit Jan. 1
5.644.682 3,708,181
Adj. portion of dev. exp.for prior yrsDeficit Dec.31
Assets
Cash
Bills & accts. rec
Inventories
Prepaid int., taxes.
arc
Other investments
Devel. expenses
Prop'ty & equip.
Organize. exp. and
good-will
1930.
$327,025
2,661.684
200.000
57.367.945 *5,644.682 $3,188,709
Consolidated Balance Sheet Dec. 31.
1932.
Liabilities1931.
1932.
1931.
$397,393 $481,291 Bills payable
56,638,753 $6,714,795
2,501,796 2,759,626 Accounts payable_
47,831
296,185
1,309.437 2,660,845 Acer. wages, rent,
taxes, &c
490.173
328,263
50,469 Allow, for guar. &
91,396
10,100
9,500
contingencies_
58,308
67,037
47,729 Pref. 7% cum. stk. 4,351,779 4,351,779
2,013,588 2,208,477 y Common stock_ 3,596,421 3,596.420
Deficit
7,367,945 5,644,b82
1.491,608 1,491,860
Total
$7,815,319 $9,709,798
Total
57,815,319 39,709,798
x After depreciation. y Represented by 287.713 shares (no par).
-V. 136. p. 1721.
American Chain Co., Inc.
-New Director.
-
Three directors were elected by holders of the preferred stock at the
annual meeting of stockholders, pursuant to charter provisions in regard
to the status of the preferred stock after $7 in dividends are unpaid. Six
directors were elected by the common stock. All of the retiring directors
were re-elected on this basis, with the exception of W. A. Phillips, who was
succeeded by Clark P. Lane. A total of 210.090 shares of common stock
out of 250,222 outstanding, and 58.050 shares of preferred stock out of
95,261 outstanding, were voted in favor of the directors placed in nomination by the management. There were no votes cast in opposition.
-V. 136.
P. 3538.
24,467
839,502
American-Hawaiian Steamship Co.
-Offers to Purchase
Own Stock.
-
Total
51.570,830 $1,868,250
Total
51,570,830 51.868.250
x Represented by 141,173 no par shares in 1932 and 150.000 in 1931.
-V. 135, p. 988.
The company has sent a letter to all its stockholders inviting them to offer
their stock for sale to the company and asking them to set a price on the
shares. The company, it is stated, has surplus cash and prefers to invest
it in its own shares rather than in some other company, it is stated. The
amount which will be bought will depend upon the amount offered and the
prices asked by shareholders.
There are outstanding 468.600 shares of$10 par stock which are currently
selling at $11 a share. At the end of 1932 the company held $2.101,960
In cash, had marketable securities, at cost, of $201.121,insurance fund cash
of $281,924 and mixed claim awards of $1,710,447, Liabilities included
$167,076 of accounts payable. $146,230 representing excess of revenue over
disbursements on uncompleted voyages, and a reserve of $1,710,447 for
collection of the mixed claim awards -V.136, p. 2071.
Allied Brewing & Distilling Co.
-Registrar.
-
The Manufacturers Trust Co. has been appointed registrar for 500.000
Shares of capital stock. par $1.
Allied Chemical & Dye Corp.
-Defends Its Stand
Declares Data Ordered by the New York Stock Exchange Would
Aid Company's Rivals-Final Letters Given Out-President
Whitney of Exchange Insists listing Rules Keep Pace with
Changes in Business Customs.
-For full details see under
"Current Events and Discussions" on a preceding page.
Minority Stockholders Organize-To Fight Present Management in Connection with N. Y. Stock Exchange Controversy
.-
A committee, representing it is said the holders of more than 25% of the
common stock, was formed Thursday in connection with the controversy
now going on between the company and the New York Stock Exchange
as to the information which the company should furnish to its stockholders.
The committee, consisting of C. W. Nichols, Chairman, Gordon Auchincloss, E. Roland Harriman, Grayson M.
-P. Murphy, J. C. Traphagen and
Francis M. Weld, announced that it is addressing the other stockholders
with a view to calling a special meeting of stockholders to remove three
or four of the 12 directors and to elect their successors. The committee
Issued the following statement:
"As a result of the Management's policy of concealment the New York
Stock Exchange has announced that the company's stocks will be stricken
from the Stock Exchange list on Aug.23 1933, unless prior thereto the company accedes to the views of the Stock Exchange as to the information
to be furnished to stockholders.
"The recent correspondence between the company and the Stock Exchange has for the first time disclosed that the company has purchased
and holds large amounts of its own stocks, has been declaring dividends
on its treasury stock and has been crediting an equivalent amount to unspecified reserves. The president of the New York Stock Exchange has
advised the management of the company that 'within wide limits' the lack
of information as to details of your income account makes it possible for
the management of your company to vary the reported income up or down,
at pleasure.' The Stock Exchange has accordingly concluded, its president
states, that the income account of the company, as furnished its stockholders,'amounts to nothing more than a statement of an arbitrary account
which the management and directors of your company have elected to
call "income".'
"Experience has long demonstrated the inherent risks of a policy of
concealment and the danger to stockholders of permitting secrecy and
mystery to displace a fair disclosure of facts.
'The present board of directors does not require the management to give
the stockholders the information to which they are entitled. As now
constituted the board does not adequately represent the stockholders.
At least a fourth of the board consists of the management itself.
"The committee believes that the directors who are subordinate officers,
and perhaps a fourth director,should be replaced. The committee is addressing stockholders with a view to calling a special meeting of stockholders to
remove not more than four directors and to elect their successors. This is
is felt will force a change in the attitude of the Management toward stockholders, will result in immediate compliance by the management with the
request of the New York Stock Exchange to furnish information to stockholders and will produce a Board representative of the stockholders.
"The secretary of the committee has available forms of a call for such a
meeting, which stockholders are urged to obtain, sign and return to him.
"The committee has appointed Messrs. Sullivan & Cromwell as its
counsel and Rogers S. Lamont, of Sullivan & Cromewll, 48 Wall St.
New York, N. Y., as its secretary."
-V.136, p.3724.
I Allied-Distributors, Inc.
-Investment Trust Stock Averages Establish New High for Year
Vfii=stnierTi-truat average as compiled by this corporation during
the week ended May 26 established a new high record for the year to date.
The average for the common stocks of the five leading management trusts,
influenced by the leverage factor, stood at 16.35 as of May 26, compared
with the average of 14.62 on May 19, an increase of 11.8%. The low for
the current year to date was 8.22 on March 31.
The average of the non-leverage stocks stood at 14.01 as of the close
May 26, compared with 13.35 at the close on May 19, an increase of 4.9%.
The average of the mutual funds closed at 10.15 ocmpared with 9.59 on
May 19. an increase of 5.8%.-V. 136, p. 3724.
oAcquisifionsnnouncement was made on May 29 of the merger with the Allied Kid
C . of Boston, of the New Castle Leather Mfg. Co. of Wilmington, Del
and its sales affiliate, the New Castle Leather Co., Inc. of New Yotp
The Boston concern has two manufacturing divisions at Wilmingto ,
with others in Philadelphia and Camden, N.J.
-V.136, p. 1201.
(B.) Altman & Co.
-New Directors.
-
John Wood, Vice-President in charge of advertising and publicity,
and Lawton S. Quick. Controller, were recently elected directors.
-V.
134. p. 2724.
Amerada Corp.-Stock Options Granted-Emptoyees.-1
The corporation has notified the New York Stock Exchange that in
accordance with the Third Employees' Stock Acquisition Plan, options on
a total of 33,800 shares of the 147,200 shares held in the treasury as at
Dec. 31 1932, have been granted to certain officers and employees in key
positions.
Options cover from one to three years, from Dec. 31 1932, and are
subject to extensions by the directors of the corporation at their discretion.
The option price is the average cost to the company, or approximately $18
-V. 136. p. 3165.
per share.
American-La France & Foamite Corp.
-Earnings:
-
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136, p. 1378.
American Locomotive Co.
-Receives $1,000,000 Order.-
Alco Products, Inc.. a division of the American Locomotive Co., has
received an order from Compania Mexicana de Petroleo (El Aquila) S. A.
(Mexican Eagle), Mexican subsidiary of the Royal Dutch-Shell group, for
a large modern gyro-vapor phase cracking unit, together with an absorption
and stabilization plant and a large distillation unit to reduce the viscosity
of heavy residue. Complete installation represents an expenditure of about
$1.000,000, it was stated.
The new unit is designed to produce between 1,000 and 1,500 barrels
daily of gyro-finished gasoline.
-V. 136, p. 2801.
American Service Co.
-Earnings Year Ended Dec. 31 '32.
Sales
-Net
Production,selling and delivery costs
General administrative expense
Provision for depreciation
$2,897.477
2,420.853
157,670
130,245
Operating profit
Interest and rentals income
$188.710
18.463
Income before interest charges
Interest charges
Special charges
ar
Special credit
$207,173
672,251
Net deficit for period
Earned surplus balance Dec.31 1931
Earned surplus adjusts,affecting periods prior to Dec.31 193
$644,231
CP1032213
1. 7
1
Deficit Dec. 31 1932
-V.136, p. 1202.
-
7
162.'83
30 762
$937,829
""American Smelting & Refining Co.-A-cifiThAst 'goo,-
he company has acquired the Grand Central propet of the Chief
De)
ty
Consolidated Mining Co. in the Tintic district of Utah or $300,000 in
cash and royalties, it was announced on May 28.
elopment of the
property, with an estimated 600,000 to 1,000,000 tons of low-grade ore,
will be conducted this Summer,it was said.
-V.136, p.3348.
-Earnings.
American Thread Co.
9 Mos.End,
PeriodDec. 31 '32.
x Net profit
$65.257
Employees' pension fund
50,000
Preferred dividends__ -228,757
Common dividends-
Years Ended Mar, 31
1932.
1931.
1930.
$147.423
*890,068 *1,309.053
50,000
50,000
200,000
234.462
244,921
244,994
216,000
648,000
810,000
Deficit
$213.500
$353.039
$52,853 sur$54,059
x After providing for bond interest, depreciation and taxes and reducing
the inventories at end of period to cost or market, value whichever is lower.
Comparative Balance Sheet.
Dec. 31'32. Mar. 3132.
Dec. 31'32. Mar. 31'32.
Liabilities
Assaf-$
$
Y Property account 9,145,748 9,490,100 Preferred stock_ 4,890,475 4,890,475
Investments
2,907,025 2,841,425 Common Stock,.10,800,000 10,800,000
Co.'s own bonds
1st M.gold bonds. 2,880,000 4,000,000
purchased
928,000 Accts. payable and
Cash with trustees 120,317
6,042
accrued charges. 303,902
300,299
Inventories
3,900,477 4,015,017 Prov. for Federal
Accts.& notes rec_ 969,619 1,441,240 income taxes
3,137
State & municipal
Accrued interest__
91,667
26,483
notes and bonds 4,340,506 3,473,777 Unpaid dive. and
Cash
bond coupons_ 120,318
6,042
646,474 1,597,679
Prepaid expenses._ 146,500
13,050 Reserves
1,848,318 1,879,229
Deferred charges.. 234,925
121,136 Surplus
1,533,098 1,962,597
Total
Total
22,4i1,593 23,933,466
22,411,593 23,933,466
a Represented by 1,200,000 shares of 810 par value stock, of which $9 per
share is paid up. y After depreciation of $7.728,393 in Dec.and $7,459,211
n March.
-V.135. p. 989.
American Sumatra Tobacco Corp.-Bal. Sheet Apr. 30.
AssetsLiabilities-1932.
1932.
1933.
1933.
a Plantations, liveb capital stock .52,884,000 $2,884,000
11,468
stock,equIp.,&c.$4,904,530 $4,999,138 Accounts payable.
478
Cash
7,645
411,448 Accruals
633,436
11,784
Notes & accts. rec_ 457,200
518,312 Insur. & coating.
Crops harvested,dtc 1,048,337 1,515,863
reserves
34,204
37.928
Prepaid taxes, ins.,
Initial surplus
1,749,342 2,132.564
&a
120.492
45,736 Capital surplus... 2,433,903 2370,667
Erni). stock acct._
7,315 d Earned surplus2,430
319.289
57,063
C Capital stock of
corporation
4.340
365,740
Total
$7.170,774 $7,863,561
Total
87,170.774 57.863.561
a After depreciation. b Represented by 193.105 no par shares inIM
and 216,300 in 1932. c 87 shares in 1933 and 19.395 in 1932. d As final
Volume 136
Financial Chronicle
cost cannot be determined until the close of fiscal year, nor cash earnings
from sales be established until then, the earned surplus reflects the earned
surplus as stated at conclusion of last fiscal year, less all expensse, excluding
profits or losses from sales, since July 31.-V. 136, p. 1888.
American Tobacco Co.
-Bonuses Must Face Inquiry
U. S. Supreme Court Orders Study to Learn if They Amount
to "Misuse and Waste."
The bonuses paid to George Washington Hill and other officials of the
company must be reviewed by the courts. This action, to ascertain if
the bonuses constitute misuse and waste of the corporation's money,
was ordered by the U. S. Supreme Court May 29 in an opinion by Justice
Butler. The opinion declared that while the amounts gave "rise to no
inference of actual or constructuve fraud, the payments under the bylaws have by reason of increase of profits become so large as to warrant
investigation in equity in the interest of the company."
The New York "Times," in its issue of May 30, further states:
Richard Reid Rogers, a stockholder, brought the suit which the court
decided. He protested against a by-law, adopted by the stockholders in
1912,allowing payments to the President of 2;i% of the excess of 88.222,245
net profits and 134% to each of the Vice-Presidents.
Through this arrangement, Mr. Rogers contended, Mr. Hill received
a bonus of $842,507 in 1930, in addition to his salary and cash credits.
In 1931 he received from all sources $2,627,978. Charles A. Penn, a
Vice-President, received $1,587,712. A. C. Mower, C. F. Neiley and
V. Riggio, other Vice-Presidents, received from $746,358 to $950,349.
Mr. Rogers won a victory in the Southern Federal District Court of
New York, which granted a temporary injunction against the percentage
payments, but the Second Circuit Court of Appeals reversed this decision
and handed down a mandate, whereupon the lower court dismissed the
case.
The Butler opinion, however, held that this mandate did not close
the matter. The Supreme Court reversed the Circuit Court and ordered
the temporary Injunction reinstated while the case is retried.
Justice Butler held that as the bonuses depended upon gain of business.
the specified percentages were "not per se unreasonable," but that the
by-law could not, against the protest of a shareholder, "be used to justify
payments of sums as salaries so largo as in substance and effect to amount
to spoliation or waste of corporate property."
Justice Roberts took no part in the agreement or decision.
Suit Last Year Failed.
This is the second suit brought by Mr. Rogers. He lost last year in
the Supreme Court, which held that suit could not be brought in New
York against the company, a New Jersey corporation. This time his
suit was directed against Mr. Hill and the Vice-Presidents.
The amounts concerned in the suits, said to have been paid to Messrs.
Hill, Nelley and Riggio are as follows:
(1) Mr. Hill as Vice-President
Year
-Cash Credits.
By-Laws.
Salary.
1921
$89,833.84
1922
82,902.61
1923
77.336.54
1924
88,894.26
1925
97,059.38
(2) Mr. Hill as President
1926
188,643.45
$75,000.00
1927
268,761.45
75,000.00
1928
280,203.68
75.000.00
1929
447,870.30
$136,507.71
144,500.00
1930
842,507.72
168,000.00
273,470.76
(3) Mr. Neiley1929
33,333.32
115,141.87
44,897.89
1930
409,495.25
89,945.62
50,000.00
(4) Mr. Rigyzo192933.33332
115,141.87
.
45,351.40
1930
50,000.00
409,495.25
90,854.06
Chief Points of the Decision.
-The Supreme Court decision
on the American Tobacco payments follows in part:
Plaintiff suggests that, because the by-law purports to direct payments
out of profits, it violates charter provisions which he construes to require
the directors to apply all profits to the acquisition of property and the
payment of dividends.
We need not examine the charter, for the contention rests upon a misapprehension of the meaning of "profits" as used in the by-law. As
there defined it includes the sums to be paid to the President and VicePresidents. Compensation to an officer for his services constitutes a
part of operating expenses deductible from earnings in order to ascertain
net profits.
It is immaterial whether such compensation is a fixed salary or deponds in whole or in part upon earnings. There is no conflict between
the charter and the by-law.
It follows from what has been shown that when adopted the by-law
was valid. But plaintiff alleges that the measure of compensation fixed
by it is not now equitable or fair, and he prays that the court fix and determine the fair and reasonable compensation of the individual defendants,
respectively, for each of the years in question.
Salaries Not Considered.
But the allegations of the complaints are not sufficient to permit consideration by the court of the validity or reasonableness of any of the
payments on account of fixed salaries or of special credits or of the allotments of stock therein mentioned.
Indeed, plaintiff alleges that other proceedings have been instituted
for the restoration of special credits, and his suits to invalidate the stock
allotments were recently considered here. Rogers vs. Guaranty Trust Co.,
288 U. S. 123.
The only payments that plaintiff by this suit seeks to have restored
to the company are the payments made to the individual defendants under
the by-law.
We come to consider whether these amounts are subject to examination and revision in the District Court. As the amounts payable depend
upon the gains of the business, the specified percentages are not per se
unreasonable.
The by-law was adopted in 1912 by an almost unanimous vote of the
shares represented at the annual meeting, and presumably the stockholders supporting the measure acted in good faith and according to their
best judgment.
The tabular statement in the margin shows the payments to individual
defendants under the by-law. Plaintiff does not complain of any made
prior to 1921. Regard is to be had to the enormous increase of the company's profits in recent years. The 2Yi% yielded President Hill $447,870.30
in 1929 and $842,507.72 in 1930.
The 1 3470 yielded to each of the Vice-Presidents, Nieley and Riggio,
$115,141.86 in 1929 and $409,495.25 in 1930, and for these years payments under the by-law were in addition to the cash credits and fixed
salaries shown in the statement.
Inquiry Held Necessary.
While the amounts produced by the application of the prescribed percentages give rise to no inference of actual or constructive fraud, the
payments under the by-law have by reason of increase of profits become
so largo as to warrant investigation in equity in the interest of the company.
Much weight is to be given to the action of the stockholders, and the
by-law is supported by the presumption of regularity and continuity.
But the rule prescribed by it cannot, against the protest of a shareholder,
be used to justify payments of sums as salaries so large as in substance
and effect to amount to spoliation or waste of corporate property.
The dissenting opinion of Judge Swan indicates the applicable rule:
"If a bonus payment has no relation to the value of service for which it
is given, It is in reality a gift in part and the majority stockholders have
no power to give away corporate property against the protest of the minorihy.
Tt e
;acts alleged by plaintiff are sufficient to require that the District
Court, upon a consideration of all the relevant facts brought forward by
payments to the inthe parties, determine whether and to what extent misuse
and waste of
dividual defendants under the by-laws constitute
1, he money( of the corporation. in the answer to the amended
complaint
The separate defenses set up
with Equity Rule 27, ratification,
are: Failure of plaintiff to comply that the
forum non conveniens, laches, and we refrainpayments were justified.
from expressing opinion
As they were not passed on below,
concerning them.
3911
The decree-of the Circuit Court of Appeals is reversed, the decree of
the District Court dismissing the bills on the merits is vacated, and the
case is remanded to the District Court with directions to reinstate its
decree granting injunction pendente lite and for further proceedings in
conformity with this opinion.
-V. 1
.36, p. 2612.
Anaconda Copper Mining Co.
-New Director.--3
Gray
-son M.
-P. Murphy has been elected a director to fill a vacancy.
The chairmanship of the board, made vacant by the death of' the late
John D. Ryan, has not been filled.
-V. 136, p. 3150.
''"-Anchor Cap Corp.
-Decreases Stated Capital,
The stockholders on May 24 approved certain charter amendments
having to do with the reduction of book value of patents and patent rights
to $1 and the reduction of book value of plant assets by $575,036 and at
the same time a reduction of the stated value of the 230,758 shares of common stock to $10 per share.
-V.136, p. 3539.
-81 Dividend.
Andian National Corp., Ltd.
A dividend of $1 per share (U. S. currency) has been declared on the
outstanding capital stock, payable June 15 1933 to holders of record June 5
1933. Holders of bearer share warrants may obtain payment of this
dividend by presenting on or after June 15 coupon No. 9 detached from
their warrants at the Royal Bank of Canada.60 Church St., Toronto, Can.,
or at the agency of the Royal Bank of Canada,68 William St., N.Y. City.
In accordance with the provisions of the recent amendments of the Canadian Income Tax Act, an amount equal to 5% of the dividend payable in
respect of each coupon presented will be deducted by the company and
remitted to the Canadian Government. Each shareholder will receive,
therefore, only 95% of the amount of the dividend.
-V. 134, p. 3639.
Arrow-Hart & Hegeman Electric Co.-Ordered to Divest
Itself of Stock.
The company must divest itself of ownership of common stock of the
Arrow Electric Co. and Hart & Hegeman Mfg. Co.. acquired in a merger
in 1928, under the provisions of a decision rendered by the U. S. Circuit
Court of Appeals. The Federal Trade Commission had issued an order
directing the company to divorce itself of the stock acquired in the merger
on the ground that the combination tended to restrain competition in
violation of the Clayton Act and the company appealed from the Commission's decree.
Evidence offered before the Federal Trade Commission and the Federal
Appellate Court showed that total sales in the electrical wiring device industry in 1927 and 1928 amounted to $32,703,331 and $43,120.005, respectively, and that the competing companies in the merger controlled
approximately 25%.
'IL'he Federal Appellate Court held that the merger resulted in a substantial lessening of competition and constituted a violation of the Clayton Act,
Judge Martin T. Manton and Judge Augustus N. Hand concurred in this
view, but Judge Thomas D. Swan dissented.
Income Account for Calendar Years,
Calendar Years1932.
1931.
1930.
1929.
Net income after deprec. $169,624 4250,713 4522.529 a$1,353,956
Preferred dividends_ _ __
113,585
119,957
124.959
132,490
Common dividends
120.000
380.000
600.000
530.000
def$63.961 def$249,244 def$202.430
Balance, surplus
$691.466
Earns, per sh. on 200.000
Nil
sks.com.stk.(par $10).
$0.65
$1.98
$6.10
a After providing for State and Federal taxes.
Balance Sheet Dec. 31.
Liabilities1932.
Asses1931.
1932,
1931.
5503,7291
Cash
Accounts payable
Marketable secur. x894,390151,306,663
& accr. liabilities $166,147 $306,885
834,201 Reserve for loss on
Pref. stk. in treas. 375,856
foreign exchange
Notes & accts. re15,700
553,226 634% cum. pref.
ceiv., less res've 402,198
stock
Inventories
1,160,804 1,528,193
2,103.300 2,652,300
152,380
Other assets
236,965 Common stock._ _ 2.000,000 2,000,000
Surplus
Real estate. plant
2,003,980 2,483.573
Sr equip., less res. 2,739,071 2,899,205
Total
$6,278,428 $7,458,458
Total
56,278,428 57,458,458
x After reserve of $422,119 against decline in market values.
-V. 135.
p. 2178.
Art Metals Works, Inc.(& Subs.).
-Earnings.
-c1931.
$334.590
d492,785
61930.
1929.
$783.200 $1,866.191
674,740
820,140
Operating income_ ___ def$71.759 def$158,195
8,815
Other income
8108,459 $1,046,051
al34.037
60.213
def$71,759 def$149,380
Total income
Income taxes
Miscellaneous deductions
$242.496 $1.106,264
31,000
107.409
72.486
Calendar YearsGross profits on sales_-_
Sell. & admin. expense__
1932.
$274,915
346.674
def$71.759 def$149,380
Net income
$211,496
$926.368
Nil
Nil
Earns, per corn. share
$0.94
$4.10
a As follows: Profit on sales of fixed assets, $143.340; less interest and
discount (net of miscellaneous income). $9.303. b Excludes $10.356 loss
for the year of a 100% owned subsidiary and such portion of $33,259 loss
for the year of a 73% owned subsidiary as the parent company may sustain.
c Does not include losses for the year of $8,022 and $10.900 respectively
of two 100% owned subsidiaries nor any amortization of development
expenses. d Includes provision for Canadian income taxes. e Does not
include the losses for the year of $7,461 and $6,162 respectively of two 100%
owned subsidiaries, nor any amortization of development expenses.
Consolidated Balance Sheet Dec. 31.
LiabilitiesAsses1931.
1932.
1932.
1931,
Cash
$206,959 $237,910 Trace acceptances
payable
Notes & accts. rec.
511,630
less allowances
335,160 Accounts payable_ $79,341
261,434
100.702
Inventories
555,105 Notes payable_
469,302
60,000
81.464
City of Newark tax
Liabilities under
revenue bonds
letters of credit_
10,000
10,750
Invest. In & adv.
Provision for into subsidiaries
279,006
235,218
come taxes
3,374
8,030
Invests, at cost
37,744
37,741 Subscriptions to
y Land, bldgs..&e. 832,857
852,769
capital stock_
7,338
7,338
Pats., tr.-mks., &c. 216,925
198.088 x Capital stock_
1.124,175 1,673,171
Develop. exp. unCapital surplus._ 565,362
amortized
43,924
43,924 Earned surplus._ 525,989
613,317
Prepaid insur., &c.
5,607
10,487
Treasury stock_
2,320
Total
$2,366,080 $2.506,403
Total
$2,366,080 $2,506,403
x Represented by 224,835 shares of $5 par value in 1932 and 219.748
no par shares in 1931. y After depreciation of $297,419 in 1932 and
$274.118 in 1931.-V. 136, P. 2247.
Arundel Corp.
-Earnings.
-
For income statement for month and four months ended April 30 see
"Earnings Department" on a preceding page.
Current assets as of April 30 1933 amounted to $2,629.739 and current
liabilities were $440.513, comparing with $3,407,867 and $292,296, respectively, on April 30 of previous year.
-V. 136. P. 2976.
Austin, Nichols & Co., Inc.
-Tonnage Ahead of 1932.
-
Although dollar volume of this company is about even with last year,
tonnage is running slightly ahead of a year ago, according to President
Thomas F. McCarthy, who stated that after operating the past few years
on a basis of declining markets for food staples, the recent reversal of
trend in commodities is making for improvement which has already benefited the company.
He pointed out that higher prices for some canned foods are in prospect
owing to the failure of many to plant for this season because of the low
prices which prevailed at the beginning of the planting season. In some
Instances packs will not even amount to one-third of the volume reached
last year. Mr. McCarthy noted no drastic change in the general consumption of staple foods, although he said that there have been recent
3912
Financial Chronicle
Indications that some consumers are beginning to use somewhat better
grades.
The return of beer has, Mr. McCarthy said, proved a stimulus to hotel
and restaurant business, and while it is still too early to gauge the effect
on the company's business, there has been a good increase in the use of
pickles, olives and pretzels.
-V. 136. p. 1888.
Babcock & Wilcox Co.
-Earnings.
Calendar YearsUnfilled orders
Gross profits
Other income
1932.
1931.
$13,557,902 $5,288,759
loss1,530,793 loss153.860
522,244
829,150
Total income
Depreciation,&c
Federal taxes
Moving expenses
loss$1,008,549
451,961
Net income
Dividends
loss 1,687,493
567,500
1930.
1929.
$9,773,146 $13.698,756
2.054,134
2,005.172
693,110
1,112,753
$675,290 $2,698,282
452,120
400.342
230,200
$3,166,887
387,357
233,000
226,983
$223,169
1,021,500
$2,067,740
x1,589,000
$2,546,530
x2.043,000
Surplus
der$2,254,993 def$798,331
$478,740
$503,530
Profit and loss surplus__ 4,457,335
6,905,179
7,703,510
7,224,770
Shares capital stock outstanding (par $100)-_
227,000
227,000
227,000
227.000
Earned per share
Nil
$6.98
x Including dividends payable April 1 of each year succeeding.
Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
8
Liabilities3
$
Assets
Capital stock (par
Real estate, mach.,
22,700,000 22,700,000
$100)
equipment,&c__ 6,199,069 6,514,076
197,493
228,000 Accounts payable.. 242,152
Dies, patt.& draw. 228,000
227,000
Cash
6,176,260 3,047,423 Dividends payable 113,500
Advances on conNotes&accts.rec.,
157,338
tract
34.160
&c.(less reserve) 2,196,308 3,000,927
Commissions,
State, Co. & mun.
406,941
394,705
500,940
wages,&c
short-term bds_
105,456 Reserve for conDeferred assets_
2,500,000 2,500,000
tingencies
Other market. sec.. 200,000 5,205,908
4,457,335 6,905,179
2,566,150 3,532,082 Surplus
Inventories
U.S. Govt. securs. 1,817,687 1,424;640
45,616
23,394
Accrued interest
Inv. In other cos 10,498,260 9,875,247
64,571
35,784
Deferred charges ._
30,441,853 33,093,951
Total
30,441,853 33,093,951
Total
x After deducting $84,922 for reserve for doubtful notes and accounts
in 1932 and $81,016 in 1931.-V. 136, p. 1888.
-Enters Air-Conditioning
Baldwin Locomotive Works.
•
Field.As part of its diversification program, this company, through its subsidiary, the Baldwin-Southwark Corp. has entered the air-conditioning
business. More than 70% of the company's business is now represented
by its diversified interests outside of the locomotive field.
The air-conditioning equipment is handled through the De La Vergne
Engine Co., sales agent for the Baldwin-Southwark Corp. The latter
company consolidates all of Baldwin's activities in the field of heavy
machinery not connected with locomotives. It controls, besides the
De La Vergne Engine Co., the Southwark Foundry & Machine Co., I. P.
-V. 136,
Morris & De La Vergne, Inc., and the Peiton Water Wheel Co.
p.3349
-Initial Distribution.
Bancshares, Ltd.
An initial dividend of five cents per share was recently declared on the
6% cum.& partic. stock, payable June 1 to holders of record May 27.
-New President.
Barker Bros., Inc.
June 3 1933
Bohn Aluminum & Brass Corp.
-Resumes Dividend.
The directors on June 1 declared a dividend of 25 cents per
share on the common stock, no par value, payable July 1
to holders of record June 15. Quarterly distributions of
37 cents per share were made on this issue from Oct. 1
1930 to and incl. Jan. 2 1932; none since.
The "Wall Street Journal" of May 26, quoting a dispatch from Detroit,
stated:
Continuing to benefit from the expanding motor business and advancing
metal prices, earnings of this corporation, which turned sharply upward
at the beginning of the present quarter, are showing consistent gains as
the period progresses.
April improved the first quarter's net profit of $100,602 after all charges
equivalent to 28 cents a share on 352,418 shares of capital stock (no par
value). May brought a further substantial increase in sales volume with
a corresponding improvement in earnings, and an advance in business
booked for June indicates that the trend is still upward.
The company entered the current quarter with an inventory of 45,000,000
pounds of non-ferrous metals valued at roughly $3.000,000 which since
then has appreciated approximately 40% due principally to advance in
copper which constitutes the bulk of its holdings.
The company is steadily adding to its working forces. Two plants are
on a 24
-hour basis; one plant is working 18 hours a day and another 12
hours, all five days a week.
-V. 136, p. 2801.
Boonton (N. J.) Full Fashioned Hosiery Mills.-Strike
Settled by Agreement.
The strike at the company's mill was settled when representatives of
the union and the company met on May 7. The men returned to work
on May 8.
No announcement was made of the terms of the agreement, but It is
understood that the men went back to work for less than the scale, gradually
returning to the full rate, and that the shop was completely unionized.
V. 136, p. 2248.
-Preferred Dividend Deferred.
(Milton) Bradley Co.
The company has notified holders of the 8% cum. pref. stock, par $100.
that the directors have decided to defer the June 1 dividend because of
industrial uncertainty due to Governmental activities and economic conditions at the present time. "The company to-day is in an excellent liquid
financial position," President Clark says. "but your officials feel that we
should do everything to conserve our working capital to the utmost during
this period of uncertainty."
-V. 112. p. 936.
Brill Corp.
-Earnings.
Calendar Years
Net income
Preferred dividends____
Class A dividends
1932.
$113975:216126
1931.
$260,614
260.288
73,878
1930.
$330.362
260,288
141,237
1929.
$393,863
260,288
325.932
ci
Earns, per sh. on 217,288
t
shs. A stock (no par)..
$58,054
$73,552
$71,163
$192,357
1932.
Assets
Cash
20,321
Inv. in other cos_ _15,859,914
Organize. exps
99,477
U.S. Treas. notes.. 328,250
Liberty bonds_ _
Accr. Int. on see._
4,399
Nil
$0.01
Balance Sheet Dec. 31.
1931. 1
8
Liabilities6.993 Preferred stock.. _
15,859,914 x Class A & B stk..
99,477 Pref. divs, payable
Accts. pay. & accr.
taxes
465,000
4,117 Surplus
$0.32
$0.61
1932.
1931.
S
$
3,718,400 3,718,400
8,000,000 8,000,000
65,072
1,841
1,826
4,592,135 4,650,188
Total
Total
16,312,361 16,435,501
16,312,361 16,435,501
x Represented by 217,288 shares of no par class A and by 400,000 shares
of no par class B stock.
3349.
-V. 136. p.
H. E. Bennett, General Manager, has been elected President, succeeding
-V. 136, p. 3801.
F. K. Colby, resigned.
Columbia Pulp & Paper Co., Ltd.
-Bond
Interest Deferred.
-
-Earnings.
Bickford's, Inc.(& Subs.).
1931.
1930.
1932.
r• Calendar Years-
Holders representing $1,820,500 of the $3,321,000 6% 1st mtge. sinking
fund gold bonds on May 26 voted approval of modifications in the trust
deed with regard to interest and sinking fund payments.
The meeting approved postponement of 1933 and 1934 interest payments,
and waived default on 1932. 1933 and 1934 sinking fund payments.
Coupons for 1933 and 1934 interest become "Income coupons," and will be
paid in their respective order when cash is available from operations, bearing interest at 8%, and must be paid by maturity date of the bonds.
V. 134, p. 4497.
$6,911,770 $7,834,222
34.207
51.070
$5,972,889
71.638
1929.
$5,312,409
75,715
$6,945,977
Total income
6,342,042
Cost of sales, exps., &c
265.887
Deprec. & amortization_
49,302
Federal income tax
$7,885,292
6,905.023
245,418
86.418
$6,044,528
5,156,762
169,389
84,967
$5,338,124
4,675,338
139,726
63,489
$288,743
127,245
273,019
$648,433
132,015
344.863
$633,411
132,012
261.183
$509,572
132,012
124,372
Sales
Other income
Net income
Divs, on pref. stock.__ _
Divs, on common stock_
$240,216
$253,188
$171,555
def$111,521
Balance
Shs. common stock out248,744
248,744
287.388
287,388
standing (no par)- -- $2.01
$1.51
$2.01
$0.54
Earnings per share
Consolidated Balance Sheet Dec. 31.
1932.
1931.
Liabilities1951.
1932.
Assets
$567,924 $731,496 Accounts payable_ 8263,774 8277,742
Cash
19,340
27,568
55,507 Accrued wages_ _
46,451
Accts. receivable
4,276
4,276
50,000 Accrued interest__
58,298
Notes receivable
91,067 Unpaid & accrued
71,574
Merchandise
50,172
122,406
taxes
44,462
7,390
Marketable securs.
88,944
119,220
Dividends payable
Crockery, glass140,906 Mortgage payable
133,739
ware,&c
298,000
298,000
on real estate_ _ _
77,427
52,086
Prepaid expenses..
12,182
12,922
Tenants' deposits_
Fixtures, equip. &
Reserve for conimpr. to leased
tingencies
103,760
deprec_ 2,769,322 2,771.771
prem.
552,448 x Preference stock_ 2,006,552 2,006,552
533,596
Real est•-deprec_
y Common stock &
Leaseholds-un1,789,448 1,905,243
surplus
153,700
142,254
amortized amt.
122,956
6,329
Deposits
85,949
93,723
Investments
Total
84,532,688 $4,877,688
Total
x Represented by 52,804 shares (no par).
shares (no par).
-V. 136, p. 1889.
$4,532,688 $4.877,688
y Represented by 287,388
-Sales Up.
Black & Decker Mfg. Co.
Improvement in the business of this company which began to appear
about two months ago, is still under way and the curve of sales has now
reached the level of the period last year, according to President S. Duncan
Black. As a result of this pickup which has applied generally to all lines
and to both domestic and foreign business, operations were in the black
throughout April and May, exclusive of depreciation charges, it was
stated.
Mr. Black said the company has mapped out a program for the gradual
reduction of bank loans and has so far lowered this indebtedness from a peak
of $1,870,000 to a current level of around $800,000. V. 136, p. 3349.
W.) Bliss Co., Brooklyn, N. Y.-Moolee-P-laftes,--
The company announces *ha completion of plans to consolidate its manufabsuring, engineering and principal sales office with those of its subsidiary,
the Toledo Machine & Tool Co.. at Toledo,
, can machinery and special
It is stated that the entire line of Bliss pr
machinery formerly built at the Brooklyn N. Y., plant will be manufactured at Toledo. A sales office and complete repair shop will be maintained
-V. 134, p. 2914.
at the present Brooklyn plant.
-May Sales.
(H. C.) Bohack Co.
1933-17 Wks.
-1932.
-1932.
period End. May 27- 1933-4 Wks.
$2,266.890 $2,526,392 $9,706,614 $11.064,987
Sales-....
During the four weeks ended May 27 1933 tonnage increased 6.7V over
the 1932 period and for the 17 weeks there was an increase of 2.7% over
-V. 136, p. 3167.
the corresPonding period of the preceding year.
Brown Shoe Co., Inc.
-Earnings.
-For income statement for six months ended April 30 see "Earnings
Department" on a preceding page.
Balance Sheet April 30.
1933,
1932.
1933.
1932.
AssetsLiabilities$
$
$
$
a Land, bidgs.,&e_ 2,621,387 2,729,999 Preferred stock...... 3,266,100 3.384,500
Lasts, less deprec_
1
1 b Common stock_ 3 365.503 3 315 3
,
. . 59
Insur., licenses, &c
1
1 Accounts payable. 829,400
842,955
Good-will, trade
Accrued accounts_
38,000
35,000
name, &c
1 Reserve for taxes &
1
Other assets
853,186
862,755
contingencies..._
61,000
76,000
Short-term invest_ 1,136,290
150,000 Earned surplus___ 8,565,728 8,624,641
Cash
2,696,694 2,163,579
Accts.receivable- 4,854,460 5,808,703
Prepaid charges....
12,371
5,079
Inventories
3,951,345 4,558.367
Total
16,125,736 16,278,485
Total
16,125,736 16,278,48.5
a After allowance for depreciation. b Common stock and surplus
represented by 247,000 shares, without par value. in 1933 and 248,450 in
1932.-V. 135, P. 3685.
Brunswick Terminal & Railway Securities Co.Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136, p. 3540.
"i.x,.California Ink Co., Inc.
-To Decrease Capitalization.
The stockholders will vote June 19 on reducing capital from $1,907,042
to $1,632,000, to be effected by reducing the number of outstanding shares
of the company.
The cash position is strong, the company having on hand in excess of
$360,000. Provided stockholders approve the above proposal, the company
plans to utilize $170,000 In the purchase and retirement of 10,000 shares
of its capital stock at $17 a share. Stockholders are invited to indicate the
number of shares they are willing to sell to the company at that price.
V. 135, p. 4037.
Canadian Foreign Investment Corp., Ltd.
-Stock'
Redemption Features Modified.
Modification of the redemption features of the preferred stock, whereby
the company need not provide an annual sinking fund of $40,000, was
approved by the stockholders last week. The Company will not have the
right to purchase preferred stock in the open mart et for sinking fund purposes as long as the dividend is in arrears. Accumulations now amount
to $2 a share, compared with $8 on Jan. 1, following the delcaration last
week of$4 for the six months ended Dec.31 1932, payable June 15 to holders
of record June 1. Preferred shareholders were given a vote a share.
V. 136, p. 3726.
Canadian Foreign Investment Corp., Ltd.
-Redemption Features of Preferred Stock Modified.
The stockholders have approved a modification of the redemption features
of the preferred stock whereby the company will not be called upon to
provide an annaul sinking fund amounting to $40,000. Under the new
arrangement, the company will not have the right to purchase preferred
stock in the open market for sinking fund purposes so long as dividends
are in arrears -V. 136, p. 3726.
Financial Chronicle
Volume 136
Canadian Northern Coal & Ore Dock Co., Ltd.
Bonds Called.
A total of $31,000 of 5% 1st mtge. 20
-years. f. gold bonds, dated Jan.1
1916, have been called for payment July 1 next at 105 and int. at the
Irving Trust Co., New York City.
-V. 136. p. 161.
Chicago Mail Order Co.
-Wm.R. Stuart
-Stock Offered.
& Co., Inc., Chicago, are making public offering of 25,000
shares of common stock. The stock is being marketed at
$14 per share. The offering involves no financing on the
part of the company.
The company has had an average net yearly volume for the past 6 years
ended Dec. 31 1932 of more than $18,500,000, and net earnings for this
period have averaged in excess of $560,000 yearly after depreciation and
taxes. Net sales in 1932 were more than $18,000,000, and net profit after
depreciation, amortization and taxes was over $620,000, equal to about
$1.80 per share on the common stock. The company has no funded debt,
mortgages or preferred stock. Capitalization of the company consists
wholly of the common stock, of which 400,000 are authorized and 346,181
shares are outstanding.
The company is the largest exclusively mail order house in the world and
the third largest in the industry. It operates no chain or retail stores and
Its business is strictly cash. The business has remained profitable during
the past three depression years. In 1932. more than 6.200,800 separate
orders were received from more than 2,500,000 customers. The broad
distribution and stable nature of the company's business is seen in the
fact that it has shipped its merchandise to more than 44,000 of the 48,000
post offices throughout the country.
-V. 135, p. 680.
Chief Consolidated Mining
-Sale of Grand Central
Co.
Property.
-V.129. p. 966.
See American Smelting SE Refining Co. above.
Chrysler Corp.
-Plymouth Reports Record Sales.
With sales of 5,793 Plymouth cars by dealers in the week ended on
May 20, the Plymouth Motor Corp. broke its weekly records of sales for
the third consecutive time, H. G. Moock, general sales manager, announced on May 29. The number was 51.7% larger than in the same
week of 1932. Sales for the last seven weeks have been larger than in the
same weeks of last year, Mr. Moock stated.
-V. 136. p. 3726.
City Ice & Fuel Co.
-April Sales Increased.
Sales of the ice-using appliances during April by the merchandising
divisions of this company increased 53% over April 1932, and four months'
sales figures show a 48% increase over the corresponding period last year.
The sales of all types of beer service equipment, in which the company is
now engaged in addition to household and commercial refrigerators, cooler
chests and room coolers, were partially responsible for the increase, it was
stated.
-V. 136. p. 2075.
-Earnings.
Clinchfield Coal Corp.
28,287
1931.
$102,314
23,825
38,480
1930.
$155,315
25,340
46.136
1929.
$189,967
26,839
42,895
$311,430
52,418
$164,619
64,761
$226,791
72,239
$259,701
73,710
Calendar YearsxOperating loss
Fixed charges
Pref.stock sink.fund_ _ _
1932.
$283,143
Net loss
Preferred dividends
Balance, deficit
$299,030
$333,411
$229,380
$363,848
x After depreciation and depletion (amounting to $311,781 in 1932) and
also fixed charges in 1932.
General Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
AssetsLiabilities
$
Property & plant.x16,465,848 16,729.344 Common stock...15,000,000 15,000,000
Investments
714,896 Preferred stock.-- 2,021,000 2,104,800
714,912
464,000
Treasury stock_
1.673,200 1,671,600 Del real est. pay- 431,000
Sinking funds_ -19,724 Audited vouchers,
15,465
81,344
74,547
Inventories
207,347 & payrolls
175,599
15,517
9.473
Cash
230,252 Individuals & cos_
102,060
281
572
Cash with trustee
Unclaimed wages.
to pay bond int11,660 Ine.tax on coup.01
10,725
454
479
Bills receivable_..
tax-free bonds.97,400
4,524
Cllnchf. Fuel Co.,
Mdse.orders, unre6,984
9,754
due for coal_ _
348,573 deemed
339.661
41,496
93,776
Sundry accts. rec.
58,285 Pref.stock(Dv..._
32,475
Ins. proms., unexInt. on def. real
10,725
11,660
pired portion.
estate payments
19.898
4,741
120,486
114,486
Oth.def.deb.ltems. 237,426
90.554 Reserves
3,722
2,644
Rent coll. in adv
1,995,373 2,361,596
Profit and loss
Total
19,776,637 20,199,534
Total
19,776,637 20,199,531
x After depreciation reserve of $5,937,008.-V. 134 P. 2345.
Cluett, Peabody & Co. Inc.
-To Reopen Plant.-
The company on May 25 posted notice that the mill at Leominster,
Mass., would reopen "within 10 days" on a full-time basis. The plant
will employ about 200 persons.
-V. 136. p. 837.
--- \-Coca Cola Co.
"
-Common Dividend Rate Decreased.
The directors on May 27 declared a quarterly dividend
of $1.50 per share on the outstanding 1,000,000 shares of
common stock, no par value, payable July 1 to holders of
record June 12. This compares with quarterly dividends
of $1.75 per share paid on this issue from April 1 1931 to
and incl. April 1 1933, $1.50 per share each quarter from
April 1 1930 to and incl. Jan. 1 1931 and with $1 per share
quarterly from April 1 1929 to and incl. Jan. 1 1930. From
April 1 1931 to and incl. Oct. 1 1932 an extra distribution
of 25 cents per share was also made each quarter.
Quarterly Earnings.
-For income statement for three months ended
March 31 see "Earnings Department" on a preceding page.
-V. 136.
p. 2075.
•"....Coca-Cola International Corp.
-Reduces Common Div.
It was announced on May 30 that in conformity with the action taken
by the Coca-Cola Co. on May 27 this corporation will likewise pay a
regular semi-annual dividend of $3 per share on its class A stock and a
regular quarterly dividend of $3 per share on its common stock, both being
payable July 1 to holders of record June 12. Previously, the company
made regular quarterly payments of $3.50 per share on the latter issue,
and, in addition, paid extra dividends of 50 cents per share each quarter
from April 1 1931 to and incl. Oct. 1 1932.-V. 136, p. 2980.
Columbia Building & Loan Association, New Orleans,
-Decreases Dividend.
La.
The directors recently declared a semi-annual dividend of $1 per share
on the capital stock, payable June 1 to holders of record May 31. This
compares with $1.50 per share paid on Dec. 1 last, $2 per share on June 1
1932.. $2.50 per share on Dec. 1 1931 and $3 per share on June 1 1931.V. 135, p. 3529.
Columbian Carbon Co.
-Export Unit Formed.
Carbon Black Export, Inc., organized in accordance with requirements
of the Webb Act, has been incorporated, with the Columbian Carbon Co.,
United Carbon Co., Godfrey L. Cabot, Inc., J. M. Huber, Inc. Century
Carbon Co.. Panhandle Carbon Co., Texas Carbon Industries, Inc.,
and Palmer Carbon (Jo. as subscribers to its capital stock. The new
corporation will handle the carbon black for export of the above named
producers, as well as that of all other producers engaged in export who may
-V. 136, p. 3542.
later join the new corporation.
3913
Columbia Pictures Corp.
-Earnings.
Income statement for 39 weeks ended March 25 1933 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
LiabilitiesAssetsMar. 25'33. Sept. 2432.
Mar. 25'33. Sept.24'32.
Cash
$632,596 Notes payable.... $195,656 $192,323
$949,240
Accts.receivable__ 928,458 1,169,748 Accts. payable dr
accrued expenses 665,548
2,945,649 2,689,955
Inventories
730,998
109,513
123,898 Adv. payable from
Prepaid expenses_
domestic cust__
56,232
4,803
Deposits
99,758
50,400
Adv. pay. foreign
Invest. in whollycustomer
owned foreign
176,128
Purch. contr. pay.
99,314
73,758
subsidiaries... _ _
within 1 year..
9,068
Cash surrender
Producers shs. pay 119,099
value of life in32,200 Owing to 0th. prosurance
37,300
ducers
Miscellaneous in124,308
2,695
2,197 Res. for Federal
ments
income tax
92,729
a Land, buildings,
117,603
1,325,296 1,406,524 Depos. rec. from
drc
for'gn customers
126,518
Mortgage payablel 218,1361 259,068
Purch. cont. pay.)
after one year )
27,204
Due to officers_
17,789
rtes. for conting__ 413,876
503,260
b Cony. pref.stock 525,225
.
525,225
c Common stock__ 2,069,196 2,069,196
64,857
Capital surplus__
68,283
Earned surplus__ 1,804,422 1,503,503
Total
Total
$6,453,699 $6,315,680
$6,453,699 $6,315,680
a After reserve of $718,441 in March and $621,544 in Sept. b Represented by 17,391 no par shares. a Represented by 167,885 no par shares.
-V.136, p. 3726.
Commercial Credit Co., Balt.-To Decrease Capital.
The stockholders will vote June 22 on approving a proposal to change
the par value of the common stock from no par to $10 per share, each share
to be exchangeable for one new share, on decreasing the authorized number
of shares from 3,000,000 to 2,000,000, and on reducing the authorized
class A convertible stock from 1,000,000 shares to 500.000 shares.
The stockholders will also vote on authorizing the retirement of 45.948
shares of common stock purchased in connection with the liquidation of
the Commercial Credit Management Co., and on authorizing the purchase
from time to time of 54,052 additional common shares at a price not in
excess of $20 per share.
The stockholders further will vote on the transfer to capital surplus of
the difference between the present stated value of $12 per share for the
common stock and the proposed par value of$10 per share.
-V.136,p.3726.
Consolidated Investment
Company Incorporated.
Corp.
of Canada.
-New
-V. 136, p. 2980.
See United Corporations, Ltd. below.
-To Change Par, &c.
Continental Motors Corp.
The stockholders will shortly vote on changing the par value of the
common stock from no par to $1 per share and on increasing the number
of shares from 3,000,000 to 5,000,000.
Sale of Truck Motors for Re-Motorizing Shows Increase.
During the first six months of its fiscal year, which began Nov. 1 last, the
corporation remotorized more truck units, in which Continental power
plants teplaced competitive equipment, than during the entire proceding
yes/.
In this statement, which was given out by President W. R. Angell. It is
stated that 26% more engines were sold for this purpose during the sixmonth period than during the 12 months before.
-V. 136, p. 3727.
Continental Shares, Inc.
-Collateral to Be Sold June 12.
The greater part of the assets of the company, an investment trust,
will be sold at auction at the Exchange Salesroom, New York, on June 12
by the Chase National Bank. The assets were deposited as collateral for
a certain promissory note made to the trust in 1930.
The collateral to be sold comprises the following:
-Nine parcels, each comprising 10,000 shares of
Parcels 1, through 9, inclusive.
the common stock without par value of Republic Steel Corp.
Parcel 10.
-Comprising 5,000 shares of the common stock without par value of
Republic Steel Corp.
Parcels 11 through 15, inclusive -Five parcels, each comprising 10,000 shares of
the common stock without par value of Cliffs Corp. (Ohio).
-Six parcels, each comprising 10,000 shares of
Parcels 16 through 21, Inclusive.
the common stock without par value of United States Rubber Co.
Parcel 22.
-Comprising 2,368 shares of the common stock without par value of
United States Rubber Co.
-Six parcels, each comprising 10,000 shares of
Parcels 23 through 28, inclusive.
the common stock without par value of B. F. Goodrich Co.
Parcel 29.
-Comprising 5,000 shares of the common stock without par value of
B. F. Goodrich Co.
-Two parcels, each comprising 10,000 shares of the common
Parcels 31) and 31.
stock without par value of Harbison-Walker Refractories Co.
-Comprising 4,500 shares of the common stock without par value of
Parcel 32.
Harbison-Walker Refractories Co.
Parcels 33 through 37, inclusive -Five parcels, each comprising 10,000 shares of
the common stock without par value of Youngstown Sheet & Tube Co.
Parcel 38.
-Comprising 4,796 shares of the common stock without par value of
Youngstown Sheet & Tube Co.
-Nine parcels, each comprising 10,000 shares of
Parcels 39 through 47, inclusive.
the common stock of the par value of $10 each of Firestone Tire & Rubber Co.
Parcel 48.
-Comprising 8,400 shares of the common stock of the par value of $10
each of Firestone Tire & Rubber Co.
-Seven parcels, each comprising 10,000 shares of
Parcels 49 through 55, Indus-W.
the common stock without par value of Goodyear Tire dr Rubber Co.
Parcel 56.
-Comprising 6,000 shares of the common stock without par value of
Goodyear Tire dr Rubber Co.
Parcels 57 through 91, inclusive.-Thlrty-flve parcels, each comprising 10,000
shares of the common neck without par value of Lehigh Coal & Navigation Co.
Parcel 92.
-Comprising 900 shares of the common stock without par value of
Lehigh Coal & Navigation Co.
Parcels 93 through 136, inclusive.-Forty-tour parcels, each comprising 10,000
shares of the class B common stock without par value of United Light & Power
Co.(Md.).
-Comprising 8,667 shares of the class B common stock without par
Parcel 137.
value of United Light dr Power Co.
-Four parcels, each comprising 10,000 shares
Parcels 138 through 141, inclusive.
of the class A common stock without par value of International Paper & Power Co.
Parcels 142 through 158, inclustve.-Seventeen parcels, each comprising 10.000
shares of the class B common stock without par value of International Paper dr
Power Co.
Parcels 159 through 188, inclusive.-Thirty parcels, each comprising 10,000 shares
of the class C common stock without par value of International Paper dr Power Co.
Parcel 189.
-Comprising 506 shares of the capital stock of the par value of $190
each of the Bank of Nova Scotia.
Parcel 100.
-Comprising 1,236 shares of the capital stock of the par value of
$100 each of the Canadian Bank of Commerce.
Stockholders Move on to Save Company-Say Auction Will
Leave Nothing for Them.
Efforts to save the company from the auction block are being considered
by stockholders according to Cleveland dispatches June 1. They may ask
the courts to compel the Chase National Bank to defer its proposed sale
of the collateral that it holds to satisfy a loan approximating $27,000.000
made to the company.
George T. Bishop, President, is quoted as saying:
"Sale of the assets at this time would mean that there will be no equity
for either preferred or common stockholders. As some of the stockholders
paid more than par for their stock, the loss probably would reach
$125,000,000.
"We were hopeful that we could ride out of the storm. At the low point
of the depression, Continental's assets totaled $13.000,000. To-day they
approximated $33,000,000, but the obligations still are about $10,000,000
more than the market value of the assets."
-V.136. p. 3352.
Financial Chronicle
3914
Dominion Stores, Ltd.
-Sales.
-
Corporate Investors, Ltd.
-Acquisition.
It was announced on May 25 that this company has taken over the assets
of Transamerica Corporation, Ltd.. the arrangement having been approved
by shareholders of the latter. Shares of Corporate Investors will be issued
to individual shareholders of Transamerica on the basis of 43i shares of
Corporate Investors no par common for one share of Transamerica pre
ferred. The basis of exchange of Transamerica common will depend on
the market value of Transamerica's assets as at the date of consummation
of the merger, not later than July 15 next.
Corporate Investors, Ltd., was formed late in 1931 and first public offering of shares was made late in 1932. An investment trust of the management type, the assets of Corporate Investors, Ltd., were entirely in marketable bonds until recently, when the management started a conservative
program of investing in preferred and common stocks.
It is proposed that Transamerica Corp. shall be liquidated by July 15
and that the proceeds will be invested in Corporate Investors Ltd. stock at
$5.60 per share. Founders of Corporate Investors Ltd. have relinquished
5,290 bearer stock warrants for distribution to Transamerica shareholders,
which entitle the holder to purchase Corporate Investors Ltd. stock at
$5.50 per share up to Dec. 31 1936.
Corporate Investors will commence the payment of regular quarterly
dividends of 4 cents per share in August, President W. D. Glendinning,
in announcing the dividend policy, says Corporate Investors are following
the conservative practice of Scottish Trusts in dispersing only a portion of
earned income.
The board of Corporate Investors will include a representation of Transamerica and will be constituted as follows: President, W. D. Glendinning;
Vice-President, A. E. Gooderham Jr.; Secretary, Hugh J. McLaughlin;
T. H. Hogg, Major W. D. Wilson, Leon Frazer, W. F. Stewart, Louis 0.
Breithaupt, Rolph R. Corson and MacKenzie Williams.
Cosden Oil Corp.
-Registrar.
The Bankers Trust Co. has been appointed registrar for the preferred
stock.
-V. 136, p. 3727.
Crosley Radio Corp.
-Larger Sales.
President Powel Crosley stated at the annual meeting that the company's
production of electric refrigerators is greater now than ever before, and
orders on hand are sufficient to keep the plants busy through June. Sales
are now more than twice as large as a year ago.
Mr. Crosley said the company's radio business, in relation to the industry and its dealer organization, was larger now than at any previous time.
-V. 136, p. 3727.
Cuba Co.
-Earnings.
For income statement for three and nine months ended March 31 see
"Earnings Department" on a preceding page.
-V. 136. p. 1723.
Dayton Rubber Mfg. Co.
-April Output.
April tire production of this company was 89% of normal capacity.
against 44% in March and 55% in April 1932. Employees have been
placed on a 5.V6-day week schedule, compared with two and three days
up.to the second week in Aprii.-V. 136, P. 2075
De Beers Consolidated Mines, Ltd.-Earnings.PeriodYear Ended June
-6 Mos.End.1931.
1930.
Dec. 31 32.
1932.
Previous year's balance
(diamonds unsold,&c.) £992,982 £1,135,463 £1,401,717
£650.029
Diamond acct.during yr.
429
307.822
679.553 3,262.665
Int.& divs. on inv'ts,Scc.
503.168
61,655
699.769
323.897
112,052
Exchange
2.247
50,469
32.642
Sundry receipts, &c
9.566
Total income
£1,057.313 £1,888,801
700,986
Mining expend., &c_
166.098
194.832
Int.on debs.& sink. fund1
60,4251
Int.on cap.of leased cos.1
48,196J
Income tax-Union of
South Africa
Exchange
5,316
Pref. divs.(aft. tax)__
Def.dive,tax free
Suspense profit acct.
(diamonds unsold)-
a 55.
£777,276
£2,831,515 £4,448.504
1,428,597
1.155,392
242.975
140.660
3,385,529
1
271,941
7,298,278
1,244,107
68,607
1,643,450
141,246
1
Total
14,238,699 14,033,163
-V.135, p. 3685.
800.000
a272,628
£992,982 £1,135,463 (£1.401,717
Comparative Balance Sheet.
Dec.31'32. June30'32
Assets-Claims, other min.
interest, estates
and farms
3, 65,504
3
Mach., permanent
works, bidgs. &
1
stores
Blue ground on Bs. 271,941
Invest.in diamond
min. cos.. diamond Corp.,Ltd.
& kindred int's_ 7,304,860
Amt. due by Will.
7..4(11amond cos.._ 1,450,029
Live stock
68,510
1,588,532
Investments
Debtors and cash- 189,319
Diamonds on hand
1
302,588
400.000
Dec.31'32. June30 '32
Preference shares- 2,000,000
Deferred shares-- 2,726,285
5S4% red, sterling
debentures
2,414,600
Res., blue ground_ 271,941
Approp.for stabillment of the dia4,238,864
mond trade
1,363,100
Reserve, general
12,416
Credit balances
Exch. susp. acct_
Loans from attn.
113,926
diamond cos_ _ _
Current liabilities_ 320,289
Bal. trans. from
approp. account 777,276
Total
2,000,000
2,726,285
1,823,023
271,941
4,238,864
1,361,585
21,287
192,924
129,741
274,529
992,982
14,238,699 14,033,163
-Tenders.
De Laval Separator Co.
The New York Trust Co., trustee, 100 Broadway, N. Y. City, until
-year 6% s. f.
2 p. m. on June 2 was to receive bids for the sale to it of 10
gold notes, due July 15 1935, to an amount sufficient to exhaust 850,000
at a price not exceeding 100 and int.-V. 135. p. 3697.
-Extra Distribution.
De Long Hook & Eye Co.
An extra dividend of 25 cents per share has been declared on the common
stock. par $100. in addition to the regular quarterly dividend of 50 cents
per share, both payable July I to holders of record June 20. Like amounts
-V. 136. p. 1556.
were distributed on April 1 last.
-Earnings.
-Diamond Match Co.
For income statement for quarter ended March 31 see''Earnings Department" on a preceding page.-V. 136, p. 3169.
Dixie Bridge Co.
-Reconstruction Finance Corporation
Loan.
-
The company, eprivatercorporation authorized by the laws of Florida,
obtained(a loan not,to.exceed 4115.000 from the Reconstruction Finance
Corporation tMay.27 to build two timber trestles to be used as toll bridges
on ?Highway No 10 between Niceville and Camp Walton in Okaloosa
County, Fla. The toll(bridges:will replace a toll-free ferry now operated
by.the State Highway iDepartment in a section adjacent to the northwest
Florida 'beachiresorts.
The loaniwill be used Welefray part of the cost of construct'ng the trestles.
approaches and intervening causeways. The loan was authroized under
the ,provisions of Section 201 (a), paragraph 3, of the Emorency Relief
and.Construction,,Ace.of 1932.
Dominion Square Corp., Montreal.-Depes------ilioiders of the 1st Mtge.6% bonds are urged to deposit their bonds with
o
the Royal Trust Cotin a letter which is being sent to them by the bondholders' protective mmittee.
stIn the letter it is pointed out that the semi-annual interest due April 1
1933. upon the bonds has not been paid and the compnay has also failed
to pay the instalment of sinking fund which under the terms of the trust
deed securing the bonds was due on Feb. 15 1933, and certain taxes due and
payable to the City of Montreal on Oct. 1.
The personnel of the committee is announced as follows: Andrew Fleming,
chairman; R. C. Glassford, J. Colin Kemp, D. I. McLeod, F. L. Whitaker
-V. 136. p. 2431.
and Hon. J. M. Wilson.
June 3 1933
-1932.
Period End. May 20- 1933-4 Wks.
-1932.
1933-20 Wks.
Sales
$1,554,037 $1,774,837 $7,514,974 $9,063,032
-V. 136, p. 3170.
-To Surrender Charter.
'Dominion Sugar Co., Ltd.
The company is making application to the Secretary of State of Canada
for the acceptance of the surrender of its charter, its cancellation and
fixing the date upon and from which the company shall be dissolved.
See also V. 133, p. 1771.
Drug, Inc.
-Dividend on Boots Pure Drug Co. Shares
Sale of Control of Latter Concern Reported.
Boots Pure Drug Co.. Ltd., has declared a cash bonus of Is. per share
on the American depositary receipts for ordinary stock, par £1, payable
in New York on June 16 to holders of record May 24. The dividend is
free of British income tax, but less deduction for expenses of depositary.
An extra of like amount was paid in each of the four preceding years. The
dividend, tax free, is payable in England on June 9 to holders of record
May 6.
Four quarterly dividends at the rate of 24% per annum were paid during
the fiscal year ended March 31 1933.
Recent London dispatches stated that the United Dr-0; Co., a subsidiary
of Drug, Inc., had completed negotiations for the sale of its controlling
interest in Boots Pure Drug Co., to a British group, reported to be the
Tobacco Securities Trust, Ltd., a subsidiary of the British-American
Tobacco Co.. Ltd. The United Drug Co.owned 1,125,000 out of 1,500.000
in its annual report for the year 1932
Boots ordinary shares. Drug,
Inc.'
(see V. 136. p. 1368). stated that "Arrangements have been made for the
disposal of a substantially lesser number of shares." The British interests
originally proposed to acquire 1,000,000 Boots ordinary shares. Of this
amount Tobacco Securities Trust, Ltd., are reported to have purchased
200,000 shares, and that it was now exercising an option to acquire the
-V. 136. p. 3543.
remaining 800,000 shares.
-Suits Settled.
Du Pont Cellophane Co., Inc.
A settlement out of court has been reached in the patent infringement
actions brought by this company against the Sylvania Industrial Corp.
it was announced at the offices of the former company about a month ago.
Suits had been instituted against the Sylvania interests in the District
Courts of Delaware and Virginia for the infringement of patents owned by
the Cellophane company and covering the moisture-proofing of cellulose
transparent wrapping materials.
According to the announcement, the Sylvania Industrial Corp. has
taken a license under the du Pont Cellophane Co.'s patents. As granted
by the Patent Office, it was said, these broadly cover the new moistureproof articles and also the process and apparatus for making them.
"In view of the novelty and great utility of the invention they represent
a valuable asset to the du Pont Cellophane Co. and its licensee, the Syl-V. 136, p. 1023.
vania Industrial Corp.," the statement said.
Eastern Steamship Lines, Inc.
-New President.
George Hawley, of C. H. Sprague & Son. Inc., was recently elected
acting President of the company, succeeding the late Capt. Eugene E.
O'Donnell.
Mr. Hawley has been associated with the steamship company as a member of the board of directors for a number of years.
-V. 136, p. 2804.
Eilert Brewing Co., Cleveland, Ohio.
-Stock Offered.Phalen & Co., Inc., Chicago, recently offered (at market)
49,500 shares class A common stock. Listed on the Chicago
Curb Exchange. A banker's circular affords the following:
The class A common stock is entitled to current dividends and liquidating
disbursements on a basis of two for one over the class B stock. Both the
class A and class B shares will be fully paid and non-assessable, and have
equal voting rights, share for share.
Capitalization Upon Completion of Present Financing.
Authorized. To Be Outstanding.
Class A common stock (no par)
50,000 shs.
50,000 she.
Class B stock (no par)
shs.
50,000 shs.
Transfer Agent: Trust Co. of Chicago; Registrar: Contin5
ontIl0
Illinols
0
National Bank & Trust Co., Chicago.
History and Business.
-Company was incorp. in Ohio Dec. 16 1932, for
the purpose of manufacture, sale and distribution of carbonated beverages,
syrups, malts, extracts, cereal beverages, &c., and to engage in the manufacture, buying, selling and (or) distributing of cereal malt beverages of
such alcoholic content as may be permitted by law. The brewery, located
in Cleveland, Ohio, occupies two full city blocks and is at present producing first-grade beer of authorized alcoholic content. Preparations
are under way for operating at full capacity of approximately 45,000 barrels
annually.
From 1920 the predecessor company, the Eilert Beverage Co. when
operating the plant, produced near-beer and carbonated beverages under
'
one of the two existing Federal cereal beverage permits in the City of
Cleveland. Prior to 1920, the plant was operated by the Kress-Weissbeer
Brewing Co. and the Excelsior Brewing Co.,the business of the three named
concerns dating back some 35 years.
Prospective Earnings.
-Based on operating capacity of 45,000 barrels,
or 540,000 cases per year, gross income of the plant is conservatively estimated at $621,000. Deducting total costs of production and distribution.
estimated at $389,950, including taxes and insurance and provision for
depreciation and replacement in the amount of $50,000, net yearly profit
is indicated at $181,049. On the basis of the respective rights of the
class A and class B stocks as to dividends, the foregoing estimate indicates earnings available for the class A stock of approximately 82.38 per
share on 50,000 shares and for the class B stock of approximately $1.19
per share, after deducting mortgage interest.
Purpose.
-The purpose is to obtain funds for acquisition of brewery
inventory, rehabilitation of brewing and bottling machinery, to provide
working capital, and for reduction of mortgage indebtedness.
Management.
-Henry Eilert. President and Treasurer; Henry Spang,
Vice-President.
Balance Sheet (After Giving Effect to Present Financing).
Assets,
Liabilities & Net Worth--Cash
$90,675 Mortgage payable
$460:000000
Organization expense
pens
9,300 Accounts payable
Machinery & equipment_ _ _ _
145,000 Net Worth:
Land & bullaings
Cl. A stock (50,000 shs.)__
125,000
215,989
Cl. B stock (50.000 shs.)__
107,992
Total
$369,975
Total
$369,975
Elk Horn Coal Corp.
-Removal Notice.
The offices of C. W. Watson, Receiver, J. F. Caulfield, Treasurer, and
Roland Kintner, Secretary and Assistant Treasurer, have been moved
from Fleming, Ky. to Transportation Building, Cincinnati, Ohio,
-V. 135,
p. 1335.
7/ 1/
Emporium Capwell Corp.
-To Remove Stock fromMatt.-
The stockholders on April 27 last authorized the company's officers to
take the necessary steps to remove the stock from listing on tho New
York Stock Exchange.
Earnings.
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V. 136, p. 2617.
(The) Equity Corp.(Del.).
-New Interests.
--
Interests represented by David M.Milton. President of the Consolidated
Funds Corp., have announced the acquisition of a controlling interest in
The Equity Corp. from Wallace Groves, who has been identified with the
Equity group of companies since the middle of last year.
At a meeting'of the board of directors'of the Equity Corp. held on June 1,
Mr. Milton was elected President to succeed S. W. Anderson, who was
elected Executive V ice-President. Mr. Milton and his associates. EllerY C.
Huntington, were also'elected to the corporation's board of directors to
succeed Edwin N. Clark and Dean Langmuir. Other members remaining
on the board of directors are S. W. Anderson, Chase Donaldson, and
Walter S. Mack Jr.
It is understood that Mr. Milton and his associates will also be elected to
the board of directors of certain of the Equity Corp.'s controlled Cora-
/1
Financial Chronicle
Volume 136
panics, and that Mr. Groves and his associates will retire from these boards.
Mr. Groves will also retire as President of Interstate Equities Corp.
Association of the interests represented by Mr. Milton through the
Consolidated Funds Corp. with those of The Equity Corp. is expected to
result in a substantial widening of the scope of the activities of The Equity
Corp. and its controlled companies in directions closely allied to the investment trust field.
The statement of The Equity Corp. and its controlled companies as of
March 31 1933 showed combined net assets in excess of $5.000,000. and
it is understood that as of May 31 this figure had increased to over $7.000,000.-V. 136, p. 3170.
Equitable Office Building Corp.
-Earnings.
[including Vault Co., Inc.]
Years End. April 301931.
1932.
1930.
1933.
Rentals earned
$4,987,504 $5,717,835 $5,996.755 $5,791,726
Miscellaneous earnings_
400,636
346,117
268,882
541,064
Total earnings
Operating expense
Depreciation
$5,256,386 86.063.951 $6,397,390 $6,332,790
1,155,448
1.142,182
1.020.335
949.596
300,025
297,687
291,273
302,766
Net operating profit.._ $4,015,517 $4,745.930 $4.955,183 $4.874.576
Other income
75.863
112,057
101.213
73.013
Total income
$4,088,530 $4,857,986 $5,031,046 $4,975,788
Int., real est. taxes, &c_ 2,337,552 2,301,663 2.204.561
2,171,419
Federal income tax
313.600
340.000
240.000
312.600
Res. for addit'l deprec
111.062
93,502
128,913
76.221
Net profit
$1,382,065 $2,131.662 32.392,9M $2.415,548
Preferred dividends_
469
2,546
469
1,011
Common dividends_ _ _ _ 1,231,267 2,238.666 2,460,669 2.232,732
Balance, surplus
$150.329 def$107.472 def$68,696
Shares corn, stock outstanding (no par)_ _ _
895,464
895,464
895.464
Earnings per share
$2.38
$2.67
$1.54
Comparative Balance Sheet.
1933.
1933.
1932.
Assets
$
c Land
17,816
.156 17,816,156 Preferred stock
6,700
Bu'Ming
14,173,946 14,465,219 d Common stock__ 9,333,300
Misc. equipment
14.585
16,355 Equit. Life Assur.
Rights, priv., tenSoc. mortgage _ _18.765,057
ancies & going
6% gold mtge. bits.
35,000
value
4,390,000 4,390,000 35-yr. 5% sink.
Premium paid for
fund debenture_ 7,874,000
cancel. of lease_
64.286 Accts. pay., taxes
42,858
sinking fund dem_ 244,444
1,327,355
233,070 Interest, do _
Invest, held for acRents received in
count of employ. 181,699
194,567 advance,&c_ _ _
38,616
Cash
1,203,732 1,019,091 Employ., retirem't
Accts. receivable._
125,650 fund reserves.... 143,686
84,122
&mit. office bldg.
Approp. surplus_ 49,189
corp. corn. stk _ 336,252
944,678 Addit. dep. rec.
569,951
Bills rece'vable._
17,039
50,351 Surplus
885,538
Market. securities a121 480 b296,912
5% 35-yr. sinking
fun- debs
215,936
220,670
Stk accept.as rent
8.600
Inventories
32,361
21,083
Deferred charges._ 156,462
157,555
$180,
270
893584
.
$2.71
1932.
6,700
9,333,300
18.926.751
35,000
8.106,000
1,427,527
104,494
131,008
49.189
441,038
1,465,911
Total
Total
39,028,393 40,026,921
39,028,393 40,026,921
a Market value. la Cost. c After deducting $6,038,143 depreciation
reserve in 1933 and $5,746.871 in 1932. d Represented by 895,464 shares
of no par value.
-V.136. p.2432.
Equity Fund, Inc.
-Initial Dividend.
-
An hiLLI ui,Liend of 10 cents per share has been declared, payable
June 15 to holders of record June 5. This company is under the management of Drumheller, Ehrlichman & White of Seattle, Wash.
Equity Securities Corp.
-Regular Dividend.
-
The corporation announces that the sixth semi-annual distribution,
payable June 30, will be 8c. per Equity trust share, which is the same
as the last distribution made Dec. 31 1932.
It was also announced that arrangements have been made to enable
holders of Equity trust shares to reinvest the proceeds of this distribution
into additional Equity trust shares at a discount of 334% under the offering price at the time the additional shares are purchased.
-V. 134.
p.4501.
Eureka Vacuum Cleaner Co.
-To Change Par.
-
The company has notified the New York Stock Exchange of a proposed
change in the par value of the capital stock from no-par to $5 a share,
each present share to be exchangeable for one new share.
-V.136. p. 1207.
Evans Products Co.
-Cash Position Better.
-
President E. S. Evans in a report to the stockholders, says:
"In answer to many inquiries, I wish to say that through the sale of
contracts of Evanite wood flooring and other means, we have been able to
raise additional cash to replace that lost in Detroit banks. We now have
sufficient cash for our immediate needs, but I do not aniticipate that we will
be able to pay any dividends for two years or probably three. We are
determined, if and when, the company gets on an earning basis, to first pay
off all our bank and bonded indebtedness."
-V. 136. p. 3728.
Export Indemnity Coe-Liquidation.
-
The Superintenoent of Insurance of the State of New York has been
directed by order of Supreme Court, New York County, entered April 7
1933. to liquidate the business and
of company. All persons indebted to the company or having any of its property in their possession are
required to render an account of such debts, pay the same, and deliver such
property to the liquidator at his office, 2 Lafayette St., New York. All
persons having unsatisfied claims must file duly verified proofs of claim
or before July 14 1933. All liabilities and claims duly presented will on
be
determined and all assets distributed without further notice.
Federal Motor Truck Co.
-New Director.
-
George de Bonneville Kelm was recently elected a director to succeed
William E. Metzger, deceased. No one was chosen to succeed Mr. Metzger
-V.136. p. 3354.
as Vice-President.
Famous Players Canadian Corp., Ltd. (& Subs.).
-
Years EndedDec.31 '32. Dec.26 31. Aug.30'30. Aug 31 '29.
.
Operating profit
$1.587,831 $2,478,721 $4,268,893 $3,376.845
Interest
629,071
561,292
614,170
575,852
Depreciation
969,323
786,983
484,559
225.507
Deferred charges
289,346
152,980
Proper. of cost of Movietone equip.& instal_
633.338
208.280
49,791
U.8.exchange
Provision for conting__
100,000
for Dom inc. taxes
Prey.
125,000
176,190
170.000
Port. applic. to min.int.
165,035
Net profit
Divs. on capital stock...
$21.985
378,790
$823.106 $1,906,255 $2,044,223
757.555
735.730
Balance, surplus
def$.356.805
Previoussurplus
3,613,535
Net profits for 4 mos.
ended Dec.271930_
Profit from sale of prop_
97,796
Earned Burp. ofsub.co_ _
$65.549 $1.170.525 $2.044,223
3.217.681
3.071.433
986.151
519,660
41.058
Totalsurplus
$3,354.526 $3,802,890 $4,241,958 $3.071.433
Dividends paid (4 mos.)_
189,358
Special approp. for contingency.&c
1.024,278
Profit & loss surplus.... $3,354,526 $3,613,535 $3,217.681 $3.071.433
3915
Comparative Consolidated Balance Sheet.
Dec.3112. Dec. 2611.
Dec. 31'32. Dec. 26'31.
Assets
Liabilities$
Property account_11,961,154 12,615.317 :Common stock._ 8,991,725 8,991,725
Franchises. &c____ 7,820,328 7,403,283 Funded debt
9,146.500 9,219,242
193,103 Int. of min. stockAdv. to MM.cos__
85,115
372,684
Adv. on film rent_
holders
936,211
890,449
247,973 Accounts payable_
Prepaid expenses__ 208,943
70,313
188,343
Dorn. of Can. bds_ 625,048
557,510 Purch. money obliEquity acquired in
gation (current) 238,182
281,180
affiliated cos._ 2,284,139 2,417,874 Res. for U. S.ex
17,152
37,171
Dep. to sec. contr..
18,125
35,458 Adv. payable. &c_
21,387
7,520
Cash in hands of
Mtges. on theatres 1,250,024 1,494,406
14,682
466 Res.for conting___ 150.000
trsutee
50,000
403,373 Accr.int..taxes,&c, 218,664
Cash
569,835
267,703
81,383
97,460 Res.for taxes
Mtges. receivable_
125.000
133.356 Surplus
Sundry debtors_ _ _
109,344
3,354.526 3,613,535
688,412
Deferred charges__ 616,586
24,394,684 25,166,274
Total
Total
x Represented by 378,790 no par shares.
24,394,683 25,166,274
New President.
N. L. Nathanson has been elected President and a director. He had
resigned from the company some years ago at the time when the Paramount
Publix Corp. took control and has not been identified with the management
since then. Adolph Zukor, President of the Paramount Publix Corp.,
Sir William Wiseman and Victor Ross were re-elected to the board. New
directors are W. D. Ross, Major A. P. Holt, T. J. Bragg, R. W. Bolstead
and J. J. Fitzgibbons.
Mr. Nathanson stated that while control of the company is held at pros
ent by the trustees of the Paramount Publit Corp.. he thought control
eventually would pass into Canadian hands, although no such move is
contemplated at present.
-V.135. p. 1999.
Fifty-Five Fifth Ave. Building (Fifty-Five
Ave. Corp.).
-Interest.
-
Fifth
The protective committee for the 1st mtge. 6% gold loan, Edward L.
McBride, Chairman, announces that funds are now in the hands of the
trustee available for the payment of the semi-annual interest which fell
due May 1 1933. at which time the coupons that were presented were returned to holders account no funds. Holders should, therefore, present
their May 1 1933 coupons to Manufacturers Trust Co., 55 Broad St., N.Y.
City, and they will be honored.
-V.135. p 3363.
Fiscal Bond & Share Co., Baltimore.
-Fraud Charged
Against Officials.
We take the following from the New York "Times" of May 30:
Seventeen former officers and directors of the Fiscal Bond & Share Corp.
of Baltimore. and its two New York subsidiaries, were accused yesterday
of "illegal, fraudulent and wasteful transactions," which made the companies insolvent.
The charges were made in a Supreme Court suit for an accounting brought
against the officials by Lindsay Goeltz and J. Charles Gutberiet as receivers
of the corporation.
Two subsidiaries, the United States Fiscal Corp. and the Fiscal Securities
Corp., were dissolved in December 1931. four months after the parent
company was put into receivership by the Circuit Court in Baltimore.
No specific amount was mentioned in the complaint, but Mr. Goeltz
said that 4,500 stockholders had lost money, and that the total losses to
the company amounted to approximately $15.000,000. Mr. Goeltz, an
attorney of Gennert
Goeltz, 70 Pine St., filed the suit in behalf of himself and' co-receiver.
his
The defendants named are Reed B Dawson, who was counsel for the
three companies as well as a director and officer; Jarvis W. Rockwell Jr..
and Willard W. Seymour, both of whom served as Presidents of Fiscal
Bond SE Share; Mervyn Scudder, for a time President of United States
Fiscal, who also runs the Marvyn Scudder Financial Library; Frederic R.
Gaiser, Embree H. Henderson, Philip B. Sawyer, Donald Young, William
A. Shenton, C. Arthur Fiske, Howard E. Spencer, Rolland T. Veitch,
Raymond M.Smith, Ira G.Jones, William F. Sweeney, Daniel 8. Hamilton
and Challiss Gore.
Mr. Dawson of the law firm of Chaffee. Dawson & Shealy, 1 Wall St..
declared that the "charges are not well founded," and Mr.Scudder. through
his attorney. Robert G. Starr. declared that any allegations of improper
conduct on his part were not true.
The complaint set forth that the Fiscal Bond & Share Corp. was engaged in the general security business, that the United States Fiscal Corp.
was an investment trust which also undertook the management of other
corporations, and that the Fiscal Securities Corp. was an investment trust.
It declared that the defendants falsely represented that the United
States Fiscal Corp. operated independently in the organization and operation of investment *
trusts, whereas it actually was interested in and dealt
in the stocks of the corporations it managed. The corporation's literature
said that it had use of the Marvyn Scudder Financial Library, according
to the complaint.
The corporations were wholly dominated by the directors for their
personal gain, the complaint charged. Funds of the three corporations,
t was said, were used for "hazardous, unlawful and speculative transactions" and were squandered in an effort artificially to stimulate and
increase the price of stock of another company, the Financial Investing Co.
The complaint also charged the payment of excessive salaries, and
payment of illegal dividends of the United States Fiscal Corp. and the
Fiscal Securities Corp.. at times when they actually had deficits. At the
time of the receivership, Fiscal Bond & Share owned all of the outstanding
capital stock of these corporations, according to the complaint.
Ford Motor Coe-Earnings, &c.
Assets-
Balance Sheet December 31.
1931.
x1932.
Real estate_ _ _ _ _______ 161,774,842
Mach. & equipment_ _126.243,611
Inventory
67,814,080
Cash*
303,186,085
Deferred charges
5,909,691
158,387,688
124,601.735
64,884,691
372,483.105
1.972,496
Total
664,928.308 722,329,715
Liabilities
Capital stock
17,264,500 17,264,500
Accounts payable,&c_ _ _ 30,223,430 38,824,298
Reserves
10,938,670
Accrued exp., taxes pay_ 6,360,698
Profit & loss surplus_ _ _611,079,680 655,302,247
.
1930.
$
152,,931
636
131,884,056
112,482,374
382,898.719
2.062,491
1929.
154.320.351
138,928,264
118,883.082
346,937,496
2.008,803
781.964,571 761.077.996
17.264.500 17,264.500
45,315,919 73,056,929
10.495,905 6,329,143
708,888,247 664,427,424
Total
664,928,308 722,329,715 781,964,571 761,077.996
x Tentative balance sheet filed in New Hampshire. balance sheets for
previous periods are those filed with Mass. Commissioner of Corporations.
* Includes notes and accounts receivable, securities, patent rights, &c.
Changes in the profit and loss account over the past 10 years, as reported
to the Mass. Corporations Commissioner (1932. New Hampshire), are
appended herewith:
Feb. 28 1922
$240,478,736 Dec. 31 1927
$654,851,061
Feb. 28 1923
359.777,598 Dec. 31 1928
582.629.563
Dec. 31 1923
442.041,081 Dec. 31 1929
664,427,424
Dec. 31 1924
542,476,497 Dec. 31 1930
708,888.247
Dec. 31 1925
622,366,893 Dec. 31 1931
655,302,247
Dec. 31 19261
697,637.788 Dec. 31 1932
611,079,680
Net earnings and profits per share for the past years, as indicated by
the increase in profit and loss surplus, have been as follows:
Profits!
Profits
Year tob Profits, per Sh.I Year tob Profits,
per Sh.
Apr. 30 1921a-__$17,198,564 $1001Dec.311926___ $75,270.695 $436
Feb.28 1922a_ _ _ 57,601,040 334 I Dec.311927_ _ _ _108842,786,727 Nil
Feb. 28 1923
119,298,862 6911Dec. 31 1928_ _ _loss72,221,498 Nil
Dec.31 1923a _ _ _ 82,263,483 476 Dec. 31 1929- -18.797.861 473
Dec.31 1924
115,105,416 667 Dec. 31 1930.__
44.460,823 257
Dec.31 1925
115,078.383 666 Dec. 31 1931_ loss53.586.600 Nil
1Dec. 31 1932_ _ _loss55,161,237 Nil
a 10 months. b Exclusive of any dividends paid.
-V. 136. El• 3544•
Financial Chronicle
3916
-Dividend Deferred.
Financial Institutions, Inc.
The dli ectors recently decided to defer the quarterly dividend due May 1
on the $e cum.preferred stock. The last regular quartuly payment of $1.50
per share was made on this issue on Feb. 1 1933.-V. 135, p. 1500.
First National Stores, Inc.
-Earnings.
Years EndedSales
Net profit after taxes, deprec.& all chgs
Preferred dividends paid
Apr. I '33 Apr. 2'32
$107,634
$100,892
4,220,099 4,825,611
343,779
336,159
Available for common
Shs. corn. stk. outstanding..
Earns. per share
-V.136, p. 3544.
$3,883,940 $4,481,832
811,799
812,299 •
$4.78
$5.52
1930.
.735,458
784,738
1932.
115,877
149,145
4,414
1,877
47,049
365,005
27,875
1,369,800
6.085,750
3,218,017
1,807,762
11,054,624 13,192,570
11,054,624 13,192,570
Total
Total
a After reserve for doubtful accounts of $27,178. b After depreciation
reserves.
-V.135. p. 305.
Foundation Co.
-Earnings.For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136, p. 3728.
Four Wheel Drive Auto Co.
-Omits Dividend.The directors recently voted to omit the semi-annual dividend ordinarily
payable about April 1 1933 on the common stock. par $100. Semi-annual
distributions of $3 per share had been made on this issue to and incl.
Oct. 1 1932.-V. 136. p. 1381.
Fox Film Corp.
-New Treasurer, &c.Sydney Towell has been elected Treasurer to succeed Charles E. Richardson, Mr. Towell has been Comptroller of the company several years
and recently was elected a director and a member of the executive committee.
John D. Clark has been appointed General Manager of distribution. He
Joined the company in December as a personal representative of President
S. R. Kent and recently was elected a director.
Richard A. Rowland on May 2 last announced his resignationZas VicePresident, effective immediately.
-V.136. p. 2433.
--Committee Formed for Creditors..."
---Franklin Plan Corp.
A committee formed to protect holders of bonds of thecorporation, in
bankruptcy, and its subsidiaries has advised bondholders and other 'investors in the companies to prove their claims in bankruptcy.and send in
these proofs immediately.
Companies affiliated with Franklin Plan are the National Cash Credit
Association, the American Cash Credit Corp., the Franklin Thrifk& Loan
Association of America and the Community Finance Service, Inc.
The committee consists of James J. Myers, Edgar A. Wightman and
Hubert J. Middleton. William S. Congezer, Sec., Haddon Heights, N. J
-V,133. p. 2442.
General Motors Corp.
-Authorizes Pay Increase of 5%.President Alfred P. Sloan, Jr., this week sent a letter to the heads of
the operating divisions of the corporation authorizing an increase of 5% in
the wages of employes. The increases are left to the discretion of the head
of each division.
An increase of approximately 5% in hourly wage rate of all employee Is
announced by the Buick Motor Co. and the Olds Motor Works, divisions
of the General Motors Corp. About 8,000 employes will participate in
the higher wage.
The Cadillac Motor Car Co. increased hourly wages of employes 5%.
effective June 1. May shipments of the company were the largest for any
month this year. June schedule calls for an even greater number of cars,
tentatively set at around 1.000 units. Cadillac went into_June with more
unfilled orders on hand than for any month this year.
The Fisher Body Corp. increased the hourly wage of employes 5%,
effective June 1. About 30,000 are affected.
The Chevrolet Motor Co. will follow the increase. More than 30,000
will be affected.
The Frigidaire Corp. and the Inland Manufacturing Corp.. General
Motors subsidiaries, increased wages 5%,the former effective immediately
and the latter June 4.
Oldsmobile Output Higher.
Production of the Oldsmobile six and straight eight during the first five
months of 1933 exceeded the total Oldsmobile production for the full year
of 1932.according to R. M.W.Shaw,Oldsmobile sales manager.- V.136.
P. 3545.
Record Electric Refrigerator Sales.So exceptional has been the upturn in sales volume of Frigidaire Corp.,
a subsidiary of General Motors Corp., that production of household electric
-day period in the
refrigerators in June will exceed the total during any 30
history of the company, E. G. Blechler, President and General Manager,
stated to-day.
Approximately 10,000 men, the largest number since 1929, now are
working full time in the company's two Dayton plants, he said, to meet
orders from virtually every section of the nation. Buying has far exceeded
previous estimates, Mr. Biechler said, with the result most of the shipments
are for immediate installations and not for stock.
-V. 136, P. 3545.
--------General Refractories Co.
--Listing of Additional Stock.The New York Stock Exchange has authorized the listing of 240.000
additional shares of capital stock (no par) on official notice of issuance upon
exercise of stock purchase warrants attached to 5
-year 6% let mtge. bonds.
and 54,000 additional shares of stock upon official noticel of issuaunce as
compensation for deferred payment of interest onithe;5
-year 6% let mtge.
bonds, making the total amount appliedffor 594,000:Shares.
Application for the listing of voting trust certificatesffor the 594,000 shares
of capital stock on official notice of issuance from time to time upon the
deposit of a like number of shares under a voting trust agreement was also
authorized.
The voting trust agreement creates a voting trust for all of the present
outstanding common stock and the additional shares to be issued in accordance with the stock warrants to be attached to the income bonds and the
stock to be issued in the event of non-payment of interest. Alfred Burrell,
A. R. Horr. and William I. Schaffer are the voting trustees. The voting
trust agreement will terminate March 15 1938 or upon such earlier date as
-year 6% 1st mtge. cumul. income bonds shall be redeemed.
the 5
-V.136.
P. 3171.
Great Falls Mfg. Co.
-Dissolved.-
Complete liquidation of this company, which formerly owned and operated a cotton mill and bleachery at Somersworth, N. H.,for more than 100
years, has now been accomplished and the corporation dissolved. All
obligations have been met but the directors say that "on account of shrinkage of values, due to the depression in the textile industry, no assets remain
for distribution to the stockholders and stock certificates of the company
therefore have no cash value."
The cotton mills at Somersworth were abandoned when they were bought
by the Nashua from the Dwight, the recent owners. The bleachery was
sold by the Nashua to a new corporation called the Great Falls Bleachery
& Dye Works, Inc. ("American Wool Sz Cotton Reporter.")
-V. 129. 13•
291.
-Earnings:
Grigsby-Grunow Co.
For income statement for 12 weeks ended March 25 1933 see "Earnings
Department" on a preceding page.
-V. 136. P. 2434.
Gruen Watch Co.
-New Director.
At the annual stockholders' meeting held on May 26. Otto Burger was
elected a director, succeeding Frank Gruen.
-V.136,13• 1726.
Guarantee Co. of North America.
-Extra Dividend.-
Foster & Kleiser Co.
-Earnings.
Years End. Mar.311931.
1932.
1933.
Grossincome
$3,575,715 $5,092.037 $7,024.206 ;
Net profits before Fed215,692
eral taxes
1oss752,409 loss230,761
Comparative Balance Sheet March 31.
1933.
1932.
1933.
Liabilities
Assets
$
74,329
421,056
375,422 Accounts payable_
Cash
84,858
585,835 Plant pur. obliga__
Accts. dr notes rec _ a350,460
181,591 Pay. on perm. Im156,993
Inventories
prove, to leased
ITnezp. contr. with
property
adv't'rs (contra) 612,575 1,807,762
Customers credit
Notes rec., longbalances
term
17,400 •
14,000
67,497
MIscell. accruals_
Deposits in closed
98,911
Long-term 'labs
banks
23,240
218,672 Empl. corn. stock
216,114
Investments
12,950
subscriptIons...._
b2,940,435 3,624,707
Fixed assets
185,647 Preferred stock__. 1.254,200
117,414
Deferred assets
6,198,934 6,198,935 Common stock. _ _ 6,085.750
Leaseholds
Earned surplus_- 2,763,552
Surp. def. (contra) 612,576
June 3 1933
An extra dividend of $2.50 per share has been declared on the capital
stock, par $50, in addition to the usual quarterly dividend of $1.50 per
share, both payable July 15 to holders of record June 30. Like amounts
were paid on Jan. 16 and on April 15 last -V. 136, p. 2078.
Gypsum, Lime & Alabastine, Canada Ltd.
-Earnings.
Calendar Years
Net profits for year_ _ _ _
Interest on funded debt_
Interest on bank loan_
Depreciation
Depletion
Losses by subsidiaries
1932.
$96,453
258,390
1931.
$551.605
247,581
25,173
195,913
13,473
1929.
1930.
$796,333 $1,315,316
160.613
185,594
38,070
13,417
274,516
238,870
16,146
17,958
def$226,802
57,935
$94,637
244,094
$317,890
530,034
Total surplus
def$168,867
Dividends paid
Prov. for Dom.inc. tax_
Miscellaneous charges..
Prov.for poss.loss in for.
exch. & bad debt &
doubtful accounts
68,769
$3338,731
225,396
4,500
Net profit
Surplus, Jan. 1
39,691
$850,623
239,178
$847,924 $1,089,801
594,303
450,547
63,600
9,525
45,621
50,900
Surplus, Dec. 31
def3237,635
$57,936
$530,034
$244,094
Earns,per sh.on 450,876
shs, corn, stock outstanding (no par)....
Nil
$0.21
$1.89
$0.70
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
AssetsLiabilities$
$
$
$
Cash
86,425 Accounts payable_
18,740
116,195
194,670
538,243 Accrued interest_
Receivables
376,360
83,381
79,978
Advances
60,978 Tax reserve
1,040
Investments
35.025 ContIng. reserve__
35,025
15,790
14,085
Bonds purchased_
99,596 aCommon stock- 6.183,393 6,183,393
11,059
Inventories
769,873 Surplus
567,956
def237,635
57.935
Trustee acct.re emBonds
4,190,373 4,338,843
ployees' stock__ 225,441
Mtges. payable__
55,200
68,600
Deferred Habits__
Due from subscrlb.
25,290
21.600
on shs. of aboveBank loans
975
232,269
35,000
Life insurance__
21,773 Reserves
25,403
959,213
972,214
Land, plants, dai-- 5,973,817 5,932,037
Mines, doi
3,814,018 3,829,939
Invest. in & adv.
to subsidiaries_
130,935
133,687
Sundry assets
60,399
60,387
Deferred charges
87,233
79,328
Bonds, debenture
discount, &c
301,349
314,824
Total
Total
11,628,713 11,962,117
11,628,713 11,962,117
a Represented by 450,876 no par shares.
-V. 135 p. 1829.
-Pays Interest.
Hamburg-American Line.
Speyer & Co. and J. Henry Schroder Banking Corp. are paying the June!
coupons of the Hamburg-American Line 1st mtge. 6M % marine equipment serial gold bonds.
-V. 135, P. 3864•
Hartman Furniture & Carpet Co., Chicago.
-Reorganization Group Purchases Assets.
The company was sold May 26 to Hartman, Inc., a reorganization group,
for a
cash payment of $501,000 and the assumption of $235,000 due a
finance company, making a total of $736.000. Claims of $981,000 were
waived. The sale was acceptable to the creditors, it is said.
Hartford Steam Boiler Inspection & Insurance Co.
To Cease Operations in Canada.
This company is ceasing to transact business in Canada, there being no
outstanding policy or policies of the Boiler Inspection & Insurance Co.
upon which its guarantee is endorsed, it was announced on May 17. The
company will apply to the Minister of Finance of Canada for the release of
its securities on deposit with the Receiver General, under the provisions
of the Foreign Insurance Companies Act, 1932, on Sept. 1 1933. Policyholders of the Boiler Inspection & Insurance Co. of Canada opposing the
release of this deposit have been requested to file their opposition thereto
with the Minister of Finance on or before Sept. 11933.-v. 136, p. 2434.
Holland Furnace Co.
-Dividend Suspended on Preferred
Stock.
-The directors on May 29 voted to defer the semiannual dividend due July 1 on the 7% cum. pref. stock,
par $100. The last regular semi-annual payment of $3.50
per share was made on this issue on Jan. 1 1933.-V. 136,
p. 3173.
Hollinger Consolidated Gold Mines, Ltd.
-New Directors, &c.
J. Y. Murdoch, President of Noranda Mines. Ltd., and J. I. Rankin
have been elected directors, increasing the board to nine from seven
members.
The company has 8,250 shareholders, of which 6,683 are resident of
Canada and hold 4,579,548 shares of the company's stock, It was announced on May 11.
The net assets of the International Bond & Share Corp., a subsidiary.
have increased in value to $3,044,745 as of May 5 1933.-V. 136. p. 3173.
Hupp Motor Car Corp.
-May Shipments.
May shipments totaled 1,007 cars, an increase of 46% over April and
31% over May 1932. It was the biggest month since April 1932.
May shipments, plus the carryover of orders into June were 32% greater
than the like figure for April.
-V.136 P. 3729.
Hygrade Food Products Corp.
-Employees Increase.
The number of employees in the eight plants of this corporation has been
Increased approximately 25% within the past two months and now exceeds
4,000, it was announced on May 27. Sales for the month of May were
reported to be running ahead of the month of April, when net earnings,
after all charges, were in excess of 3150.000. compared With a deficit in the
same month last year.
-V. 136, p. 2805.
Industrial Rayon Corp.
-Expanding Output-Retires
Notes.
The corporation reports that additional machinery and special equipment
is being installed to increase the capacity of its Covington, Va. plant by
2,700,000 pounds of rayon to a total of 10.000,000 pounds a year. The
expansion will be completed In July, when the combined production of
the company's Covington and Cleveland. Ohio plants will be 16,000,000
pounds annually. Operations and output, it was stated, are continuing at
full capacity.
Payment at maturity on May 16 of 3105600 notes of Industrial Fibre
Corp. of America, the sole remaining obligation ahead of Industrial Rayon
common stock, also was announced.
-V.136. P. 2805.
Volume 136
Financial Chronicle
Insuranshares Certificates, Inc.
-Listing of Common
Stock of $1 Par Value (Voting).
The New York Stock Exchange has authorized the listing of 894,539
shares of common stock of $1 par value on official notice of issuance (on a
share for share basis) in substitution for certificates without par value now
outstanding.
Balance Sheet April 30 1933.
Assets
Liabilities
Cash on hand and in banks_ _ $249,776 Notes payable, banks secured' $500,000
Divs. reedy. (declared and of
Accrued liabilities
1.774
record)
2,350 Contingent nab. of trust funds
Accrued interest receivable
less contingent refund to
1,677
Prepaid expenses
corporation
2,637
118,161
Securities In portfolio*
x3,324,239 Common stock
894,539
Net capital surplus
1,594,287
Undistributed oper. income
473,917
Total
$3,580,679
Total
$3,580,679
* Securities in portfolio include 16,670 shares and $210,000 U. S. Government obligations at market value of $909,568 on April 30 1933 pledged as
collateral. x After deducting $5,640,101 reserve for shrinkage.
-V. 136.
P. 3547.
---- International Power Securities Corp.
-Smaller Pref.
Dividend.
-The directors on May 29 declared a dividend
of $2 per share on the $6 cum. pref. stock, series A, no par
value, payable June 15 to holders of record June 1. During
1932, the following distributions were made on this issue
$2 per share on June 15 and $3 per share on Dec. 15. Previously the company paid regular semi-annual dividends
of $3 per share.
-V. 135, p. 4223.
International Re-Insurance Corp.
-Removal of One of
Receivers Asked.
A petition asking for the removal of Carl M. Hansen, Philadelphia, as
one of the receivers for the corporation was filed in Chancery Court at
Wilmington, May 29, on behalf of the Pacific Indemnity Co., Aetna
Casualty & Surety Co.,and a group of stockholders of the defunct company.
Chancellor Josiah o. Wolcott issued a rule on Mr. Hansen directing him
to show cause on June 14 why he should not be removed.
A similar rule was issued on Iless & Co., auditors for the insurance
company. The petitioners seek the removal of this firm as auditors.
The petition for the removal of Mr. Hansen recites that he was President
of the insurance company at the time it went into receivership and is
largest single stockholder, owning 40,000 shares. It is stated that the
by
reason of his personal interest in the affairs of the company he is not a
proper person to make an investigation of alleged mismanagement of the
corporation by its officers and directors. The petition raises the question
whether a $100.000 dividend declared by the company a month before it
went into receivership was lawful -V. 136, p. 2806.
Interstate Casualty Co.
--To Make Further Distribution.
An additional dividend of between 15 and
will
to general creditors of the company, which 20% been be distributed soon
has
in receivership for
almost nine years, according to a statement made May 13 by former
Judge Charles G. Revelle, receiver. The additional dividend will be
paid on claims aggregating about $300,000. A 15% dividend previously
was paid.
In a final report filed in Federal Court at St. Louis the
$53.676 available for the payment, which will be the finalreceiver showed
dividend, after
fees to the receiver, his attorney and other expenses of the receivership.
Secured creditors, *with claims totaling about $200,000, have
received
payment to the extent of the security plus
15%•
James Madison Memorial Bridge, Inc.
-Reconstruction
Finance Corporation Loan.
-
The James Madison Memorial Bridge, Inc., a proposed toll bridge
across
the Rappahannock River between Port Royal and Port Conway,
which has been discussed several weeks, um assured May 27 'when Va.,
the
Board of Directors of the It. F. C. agreed to purchase $135.000 worth of
the applicant's bonds at a price to yield 6% to maturity. The loan
will
be repaid in six annual installments, beginning in 1935, according to
Harvey Couch, sponsor for self-liquidating loans for the R. F. Director
C.
average of 150 men will be employed 30 hours a week on the structure An
8 months and the principal materials, including lumber and steel, for
will
provide work indirectly for many others.
Kroger Grocery & Baking Co.
-Sales.
Period
End. Mau 20- 1933-4 Wks.
-1932.
1933-20 Wks.
-1932.
Sales
$15,943,378 $18,279,996 $75,962,468 $86.181,165
The average number of stores in operation for the four weeks ended
May 20 1933 was 4,637 as against 4,839 in the corresponding period
of
1932. a decline of 4%.
Retail food prices declined 13% between April 15 1932 and April 15 1933,
according to the Bureau of Labor Statistics of the U. S. Department of
Labor, this percentage being identical with the percentage of sales
indicating an equal physical volume of sales In the two periods. decline,
-V. 136.
p. 3173.
Langendorf United Bakeries, Inc.
-Class A Dividend.
A
dividend of 25c. per share has been declared on the $2 cum. class
stock, no par value, payable July 15 to holders of record June 30. A
A
similar distribution was made in each of the three preceding quarters, prior
to which the stock was on a regular $2 annual dividend basis.
-V. 135.
p. 2182.
Lee Rubber & Tire Corp.
-Earnings.
---
For income statement for six months endeu April 30 see "Earnings
Department" on a preceding page.
-V. 136, p. 670.
Lexington Surety & Indemnity Co.
-Directors Sued
for Laxity.
George S. Van Schatek, New York State Superintendent of Insurance,
filed suit for more than $500,000 May 29 in Supreme Court against 17
former directors of the company. He charges waste and misappropriation
,
offunds,improper loans,secret'bonuses and issuance of false and misleading
reports.
Mr. Van Schatck brought suit as liquidator of the company, which
was taken over by the Insurance Department on Jan. 5.
In the complaint. the Insurance Superintendent named as defendants
Chester L. Jones. Benjamin Shepard and 15 other former directors. He
asked the court to require them to account for their acts as directors and to
hold them responsible for the assets wasted.
The company was first known as the Grand Central Surety Co., but in
April 1931 its name was changed to the Lexington Surety & Indemnity Co.
Libby Hotel Corp.
-New York Supreme Court Rules Bond
Need Not Be Met in Gold Coin.
-See detail in "Chronicle"
of May 27, p. 3636.
Louisiana Oil Refining Corp.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136, P. 3732.
-Lists Assets.
--------McCrory Stores Corp.
Liabilities of $9,702,342 and assets basing a book value of $33,903,660
were listed in schedules in bankruptcy filed May 31 in Federal Court by
the corporation through Andler Haas and Collins, attorneys.
Secured claims against the corporation amount to $1,355,299 and unsecured claims to 57,820,588. Among assets real estate holdings total
more than $5,150,600: stock in trade, $5,472.272: leasehold improvements,
$7.437.105; furniture and fixtures, $3,360,875: good will. $4,000,000 and
deposits in banks, $1,273,782.-V. 136, p. 2254.
-Pays June 1 Interest.
Maple Leaf Milling Co., Ltd.
-
The company is meeting the June 1 payment on its 5M % mortgage
bonds in Canadian funds only, despite the fact that the trust deed stipulates
that interest and principal on the bonds are payable in Canadian gold coin,
3917
United States gold coin or in sterling at $4.86 2-3 according to a statement
by Major A. E. Nash, a director.
-V.135. P. 3366.
Meteor Motor Car Co.
-Extra Dividend.
-
An extra dividend of 50c. per share has been declared on the capital stock,
no par value, payable June 15 to holders of record May 20.-V. 136. D. 1212:
V. 134, p. 3649.
Mohawk Mining Co.
-Initial Liquidating Dividend.
-
An initial liquidating dividend of $5 per share has been declared on the
capital stock, par $25, payable July 20 to holders of record June 24. The
stockholders on March 28 last approved a proposal to liquidate the company in accordance with law.
A capital distribution of $2 per share was made OD April 22 last.
-V.
136. p. 3174.
Monsanto Chemical Co.
-Rubber Division Increases
Capacity.
President Edgar M. Queeny stated that the operations of the Nitro plant
of Rubber Service Laboratories, a subsidiary, manufacturing chemicals for
the rubber industry, are at the highest capacity since 1928 and that orders
for some of the new products were requiring nstallations for increased
capacity.
-V.136. p. 3733.
(Philip) Morris & Co., Ltd., Inc.
-Earnings.
Years End. Mar. 31Operating profit
Interest received
Dividends received _
Other income iterns
1933.
$387,355
16,524
54.084
50,656
1932.
$509,735
19,531
67.536
12,791
1931.
$389.618
19,350
36,780
29.570
1930.
$419,380
52.826
43,180
6,364
Total income
Sundry expense items__ _
Federalincome tax
5508,619
40,661
50,000
5609.593
50,759
60,000
$475.318
3,491
54,920
5521.750
41,968
53,349
Netincome
Dividends
$417,957
385,051
$498,833
384,926
$416,906
388,568
$426,433
402,308
532,906
1,966,068
5113.907
1.852,160
$28.338
1,823.822
524.125
1.799.697
Surplus
Previous surplus
Profit & loss surplus_. $1,998,974 51,966.068 51.852,160 51,823,822
Shs.cap.stk out.
(par$10) x415,465
x415,465
x415,465
415.465
Earnings per share
$1.00
51.20
51.00
51.02
x Including shares in treasury for resale to customers and employees.
Balance Sheet March 31.
Assets1933.
1932.
1933.
1932.
Mach'y & equip__ $121,373 5122,306 Capital stock.....y$2.498,650 52,498,650
Leaf tob., oper.
Accts. payable____
5,640
62.603
supplies, &c____ 1,327,285 1,747,419 Due Will. cos
150,074
80,192
1,207,683
833,160 Divs. payable_ _ _
Cash
96,330
96.208
Investments
1,650,388 1,572,129 Reserve for allowCap, stock purch.
ances, doubtful
359,276
352,712
for employees
accts., deprec.,
168,872
Accts. receivable
206,096
advertising, &c_ 219,457
218,908
97,474 Surplus
90,949
Bills receivable...
1,998,975 1,966,068
12,640
Prepaid expenses
21,990
$4,969,126 $4,922,627
Total
Total
$4,969,126 $4,922,627
y Represented by 415,465 shares (par 510)-V. 136, p. 3550.
(Philip) Morris Consolidated, Inc.
-Accumulated Divs.
The directors on June I declared the regular quarterly dividend of 1,4%
(43% cents per share) and a further dividend of like amount on account
of accumulations on the 7% cum.class A stock, par $25, both payable July 1
to holders of record June 20. Following the above payment, accruals will
amount to 22U %,or $5.683( per share.
-V. 136. p. 1730.
Morris Plan Co. of New York.
-Interest Rate Reduced.
In lino with the general readjustment of interest rates on savings bank
accounts, certificates of deposit and thrift accounts, the company has announced a reduction on its outstanding certificates to 4%. effective July 1.
All its outstanding investment certificates, therefore, will bear a uniform
rate of 4% on and after that date.
Reflecting the general upturn of trade and sentiment, banking loans of
this company to the public increased 13% during the month of May over
April of this year, it is announced. An increase of 12% was reported in
the company's collateral loan volume.
-v.136. p. 2081.
-Earnings.
(G. C.) Murphy Co.(& Subs.).
-Calendar Years1931.
1930.
1929.
1932.
518,532,012 519,238,362 $17,498,023 515,726.652
Sales_
Rents and miscellaneous
220,907
187,595
Income
169,891
242,768
Total income
$18.774,780 $19,459,269 $17,685,618 515,896.543
Operating expenses
17.664,976 18.104.312 16,905.861 14.889,152
292,256
285.100
Depreciation
84,950
97.149
113.624
Res. for Fed. inc. taxes_
110,221
118.133
134.589
Bond interest
78,913
5602.266
240,000
239,900
5821,644
240,000
239.900
5615,893
239,965
239,900
5897.168
213.127
150,000
Balance, surplus
$122,366
Previous surplus
2.902,812
Sale of common stock in
exclus'n of stated value
Prem.on sale of pref.stk
Disc,on bonds purchased
and retired
Dr51,975
Stock div. com.stock...
Cr646
Adjustments
$341,744
2,556,307
$136,028
2.558.521
$534,041
1,794.647
Net income
Preferred dividends.. _ _
Common dividends
288,691
33,310
Cr4,762
Dr128,410
Dr9,834
Dr6,165
Profit & loss, surplus_ 52.973.849 $2.902,813 $2,556.307 $2,644,525
No. of common shares
outstanding__ _ ____
149.938
149.938
149,938
125,000
Earned per share
$2.42
$3.88
$5.47
$2.51
Comparative Balance Sheet Dec. 31.
Assets-Liabilities
1931.
1932.
1932.
1931.
Cash
F695,459 $681,487 Accts. pay.
-trade $23.318
$27.294
Notes & accts. rec. 124,636
113,978 Accts. pay.-of'crs
Accts. rec. (Mach
& employee,... 206,555
285,129
Realty Co.).
387,323 Divs. payable._
382,009
60,000
60,000
Life Ins.- cash stir.
Accrued taxes__
36,643
73,156
value
17,322 Res. for Fed. Inc.
18,806
Prepaid ins., tax k
97,149
taxes
113,164
supplies
77,066 Long-term loan...
66,006
49.798
12,458
Inventories
2,437,413 2,303,750 Funded debt
1 818,937 1,823,788
Investments
665,310
661,855 Preferred stock... 3,000,000 3.000,000
Furn. & fixtures,
Common stock__ .y1,196,915 1,196,915
leaseh'd Improv.x4,980,884 5,051,399 Surplus
2,973,849 2,902,812
Deferred charges
129,152
164,026
Total
$9,409,878 $9,458,205
Total
$9,499,676 $9,458,205
x After depreciation of $1,719,362 n 1932 (1931. $1,432,177). y Represented by 149,938 shares (no par).
-V. 136. p. 3358.
Murray Corp. of America.
-Business Votume Increased.
As a result of an increased volume of business, together with widespread
economies and improved operating efficiency throughout the entire organization, this corporation during the first quarter of the current year was
able to reduce its operating loss by nearly 50% as compared with the corresponding period of 1932, President C. W. Avery announced on May 27. 4
The company this week employed a total of 6,200 in RS seven plants.
This represents an increase of 2,900 since Jan. 1. Two shifts daily are
engaged in manufacture of motor car bodies for leading automobile companies in the Detroit area.
Introduction several 'weeks ago as a part of its diversification plan of a
new insulated steel barrel for the brewing industry, it was said, apparently
had been made at a most appropriate time. The new product, it was explained, had been accorded immediate recognition by the industry.
3918
In order to keep pace with the heavy flow of orders being received, a
decision has been reached to increase employment in barrel production
from 400 to approximately 800 workers and steel requirements from 150
to more than 500 tons weekly.
Orders for more than 100,000 barrels already are in production and the
total is being increased daily, it was added.
Earnings.
For income statement for 3 months ended March 31 see "Earnings
-V. 136, p. 2986.
Department" on a preceding page.
-To Mortgage
Nashawena Mills, New Bedford, Mass.
Mill A.
-
A special meeting of the stockholders will be held June 5 to consider and
act on the recommendation of the directors that the corporation give to
William Whitman Co., Inc., a mortgage upon a portion of the real and
personal property of the corporation (Mill A)to serve as collateral security
or endorsements of the William Whitman Co., Inc., on the notes of the
Nashawena Mills now outstanding. The mortgage will be a blanket
mortgage without specific amount, but will cover only Mill A. It will not
bear interest.
During the period of the banldng emergency, It was found necessary for
the William Whitman Co. to guarantee the bank loans of Nashawena
Mills. owing to the fact that real estate and machinery or other fixed assets
could not be taken as a basis on which banks could extend credit. The
endorsement of the selling house was offered to cover the situation and the
non-interest-bearing blanket mortgage is now proposed to cover endorsement. Interests of the stockholders are in no way affected, since any
liability of the corporation, to the selling house on account of the endorsements, would precede claims of the stockholders, even if the mortgage
were not given. Owing to the receipt of a great deal of new business,
Nashawena Mills is planning to operate parts of Mill A on a two-shift
basis, and is &read) running some of the equipment nights up to 10 P.m.
-hour week schedule to operate a
It is expected, under the proposed new 40
large section of the plant, perhaps around 3,000 looms, on a double shift
warrant. ("American Wool and
schedule as soon as market conditions
-V. 136. P. 337.
Cotton Reporter.").
-Advance in Commodity
National Bellas Hess, Inc.
Prices Stimulates Sates.
past several weeks
The advance recorded in commodity prices during the
has resulted in substantial increase in farmers' purchasing power as evidenced by current sales of this corporation. President Carl D. Berry stated
for
on May 27. The number of orders on May 24 was the largest reported
any single day since the present company started operations last October,
shown a gradual increase since the company mailed its midsummer
and has
catalogue a few weeks ago.
During six of the past seven months the company has shown a profit
from operations. Based upon present indications, the statement covering
the fiscal year ended July 31 1933 is expected to show a satisfactory profit
steadily
as the sales acthlties of the new management have been expanding
since taking over the National Belias Hess Co. last August, the announcemerit added.
-V. 136. p. 3550,2624.
-May Sales.
National Cash Register Co.
1932.
1933.
Month of May$1,635.675 $1,469,325
Sales
volume was the largest of any month since 1931 and the second
May 1933
consecutive monthly gain over the previous year.
Officials stated the annual two-weeks' factory Inventory shut down will
not take place this year. The office force will take the regular two weeks'
vacation as usual.
since
I The company is currently employing 4,196 men, an increase of 700
April 3.-V. 136, p. 3550.
-Stock Increased.
National Distillers Products Corp.
The stockholders on April 19 approved a proposal to increase the authorized common stock, no par value, to 629,587 sharesfrom 429,587 shares.
V. 136. p. 3358.
-Exfor 1932
-Results
National Fireproofing Corp.
pansion, &c.
Greer McIlvain, Executive Vice-President, in the annual report for the
calendar year 1932. stated in part:
Loss from operations for the fiscal year ended Dec. 31 1932. before depletion and depreciation and idle plant expense, amounted to $423,267.
Depletion, depreciation, and idle plant expense amounted to $411.629.
In addition thereto, a decline in the market prices of our commodities
necessitated an adjustment of inventory, which is carried at the lower of
cost or market, in amount of $290,342. The loss for the year, after all
charges, was $1.125,239.
The company has had to contend with the lowest volume of business in
its history. In order to meet this condition, it was necessary to make
several substantial reductions in overhead charges, and the management
feels that these expenses have been reduced to the minimum. in volume of
The following figures illustrate the tremendous decrease
business in our marketing territory and show its effect upon or sales:
Volume of
NATCO Sales.
Gen. Construction.
$4,861,600
Hollow tile
$4,139,833,500
1929
3,362,500
Conduit
3.974.300
Hollow tile
2,747,805.400
1930
2,356.200
Conduit
2.574.500
Hollow tile
1.819,807,700
1931
817,100
Conduit
1.146,600
Hollow tile
898,653,200
1932
158.800
Conduit
During the year the Structural Clay Tile Association caused to be inthe Cellular Clay Corp., to which it sold the Bole patents covercorporated
ing the manufacture of cellular clay. The National Fireproofing Corp.
purchased 5,644 shares of 7% cumul. pref. voting stock of this corporation.
This represents 56% of the total authorized voting stock of the Cellular
Clay Corp. The corporation also obtained a license from the Cellular
Clay Corp. permitting it to utilize these patents. It is the opinion of the
management that this process will prove of considerable value.
The construction department has in excess of $500,000 of construction
contracts for work to be prosecuted during the year 1933.
During the year the corporation added to its line of products a complete
me of roofing tile, and also a spray glaze 5x8 finished face wall tile in two
pleasing colors. Also, during the year the corporation caused to be incorporated a wholly-owned subsidiary company known as the Mellotone
Muffler Co., which company will manufacture and sell exhaust mufflers
for automobiles, trucks and buses. The muffler uses a core of the cellular
clay product referred to above.
During the year there were retired in accordance with the terms of the
indenture governing the 53i% sinking fund gold debentures of the corporation, 1674,000 of the debentures outstanding.
See also V. 136, p. 3734.
-Regular Dividend Declared.
National Standard Co.
The company has declared the regular quarterly dividend of 30 cents
per share, payable July 1 to holders of record June 20. for the first
and
President W. F. Harrah stated that while earnings
second quarters of the present fiscal year, which began Oct. 1 1932, were
rate of operations indicates that
below dividend requirements, the present
earnings for the full nine months' period ending June 30 should be approximately equal to dividend requirements for the first three quarterss
The recent increase in the production schedule of the tire industry ha,
resulted in a substantial increase in specifications for metal tire beading,
necessitating an overtime schedule for the National Standard Co.'s plants.
-V. 135, p. 4394.
a Chicago dispatch stated.
-Earnings.-- •
Neptune Meter Co. (N. J.) (& Subs.).
1930.
1929.
1931.
1932.
Calendar Years$860,958
$889.795
$455,283
10888114.831
x Netincome
159,440
159,440
159,440
159.308
Pref. dividends(8%)
488.921
458.208
412.237
Common dividends
8272,147
$212,597
$116,394
loss$274,139
Balance,surplus
Sirs. of corn. stk. out229,104
229,104
228,104
227.404
standing (no par). _ - $3.19
$3.06
Nil
61.30
Earned per share
other charges (Inc
x After providing for depreciation, interest and all
Income tax in years 1929-1931).
eluding
June 3 1933
Financial Chronicle
Comparative Balance Sheet Dec. 31.
1931.
Assets
--1932.
8500,063
181,706 $162,602 Notes payable _ _ $408i00
Cash
$
52,572
28,730
102,975 Accts. payable____
77,519
Marketable securs.
Income and other
y Notes & accts.
taxes accrued_.... a14,711
88,576
788,324
651,742
receivable, Sa
17,675
609,089 1,214,007 Can. mtge. pay..
Inventories
79,896 Salaries and wages
Sundry investmls
88,745
accrued
10,694
6,888
Stock Installments
30,957 6% gold notes and
10,489
PurCh. contracts
187.000
247,002
mortgage
247,002
Land
4,499
5.783
Accrued int. & exp.
machy.,
71,000
71,000
1,341,858 1,448,863 6% gold notes
&c
60,000
76.650
Mtges. payable_
Loans & working
74,352 General reserve for
101,911
fund adv
10,000
contingencies
10,000
119,801
78,984
Deferred charges._
1,990,800 1,993,000
8% pref.stock
Patents, goodwill,
1,234,918 1,731.815
458,474 z Surplus
458,474
Sro
Total
83,847,521 $4,727,153
$3.847,521 $4,727,153
Total
x After deducting reserve for depreciation of $1,911,496 in 1932 ($1,793,691 in 1931). y After deducting reserve for bad debts and allowances
of $101,563 in 1932 ($77,761 in 1931). z Representing 227,404 shares
(no par) common stock in 1932 (228,104 shares in 1931). a Taxes accrued only.
-V. 136. p. 672.
-Sales.
National Tea Co.
-1V32.
-l932.
1933-20 Wks.
4
Period End. May 20- 1i33- Wks.
$4,843,404 $5,182.780 $24,507,762 826,930,596
Sales
The number of stores in operation in these periods compared, declined
from 1,466 in 1932 to 1,343 as of May 20 1933, which is a decrease in
number of stores in operadon of slightly more than 8%.-V. 136, p. 3175.
-Earnings.
New River Co.(& Subs.).
1932.
Calendar YearsProduction (net tons)- - 2,529,669
Net profit for year
$37,535
2,153,646
Previous surplus
Net refund of tax Sr int_
Transfer of reserves for
conting. & deprec_
13.105
Miscel. surp. adjustm't156,145
Disc, on pref. stk. & bds.
Settle, of suit against
Panama Ry. Co
Total surplus
Preferred dividends_ _
1931.
2,597.585
8156,758
2,428,136
1930.
3.141,178
$539,391
2,291.831
1929.
3,158,369
a$588.426
1,858,042
121.232
Dr36.592
23,908
47.120
1,563
33,019
82,360,432 82,581,320 $2,855,132 $2,616,384
(86)225.927 (86)427.674 (86)426,996(4Si)324,552
Profit & loss surplus_ 82,134,505 $2.153,646 $2,428,136 $2,291,832
a Includes $39,494 net income arising from encroachment on coal lands
owned.
Comparative Consolidated Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
Liabilities$
$
5
$
Assets420,883 Notes payable__ 100,000
Cash
200,000
409,368
InclivId. for purch.
U.S. Govt.& other
of land, &c
395,997
54,052
25,507
mark.securs.,&c. 404,545
854,338 Accts. payable
268,854
262,729
Accts.receivable__ 905,078
48,319
888.660 Burial assn. dep's_
49,227
1,019,256
Inventories
68,066
413,771 Accrued accts.__
21,190
Other assets
289,524
Est. Fed. Inc. tax
30,275
Land, buildings,
4,192
110,529
76,520
mines, &c...... _x13,259,653 13,836,472 Deferred accts.__
Bonded indebted.. 1,803,000 1,819,000
Mining suppl., pre103,781 Res. for conting- _ 1,002,236 1,002,236
paid exps.. &c
111,858
0% cum. pref, stk. 7,035,400 7,367,900
Common stock._, 3,837,900 3,837.900
Surplus
2,134.505 2,153.647
Total
Total
16,399,283 16.913,901
16,399,283 16,913,901
x After depreciation of $2,446,445 depletion of $231,925 and amortization of 81,910,658.-V. 134. D. 4507.
-Suit Filed for $300,000,000
Niagara Share Corp.
Mismanagement and Illegal Acts Alleged.
The following is taken from the "Herald Tribune" of May 30:
A 8300,000,000 suit against Niagara Share Corp., huge investment
company, WS filed in Supreme Court here (Buffalo) May 29 by an attorney
for a member of a stockholders' protective committee. The complaint
charges the officers and directors of Niagara Share with "unlawful and
deliberate mismanagement and illegal acts."
The plaintiff is NI illiam J. Winter, of Buffalo, described as a member of
the stockholders' protective committee, recently organized. His attorney
is Michael Cahill, of Elmira and Corning.
The complaint says if the defendants-officers and directors of the
corporation-had "properly and in good faith" exercised their powers, the
value of the corporation's holdings would be $300,000,000." It continues:
"But by reason of the unlawful and deliberate mismanagement and Illegal
acts of the defendants and their associates, agents and representatives as
herein set forth, and otherwise . . . the shareholders and the plaintiff
have been damaged in the sum of $300,000,000."
The charges are based on the Niagara Share purchase in August 1930 of
Schoellkopf, Hutton & Pomeroy, Inc., Buffalo brokerage concern. The
complaint says that of the $10,218.381 paid for the brokerage house,
$9,700,000 actually was for "good will," although the management "did
raudulently represent with intent to deceive plaintiff and other stockholders" that the purchase price actually represented the "real intrinsic
;value" of Schoellkopf, Hutton & Pomeroy.
The plaintiff further alleges the Niagara Share management charged
off as worthless the $9,700,000 good will valuation in Dec. 1931.
Jacob F. Schoellkopf Jr. is head of both Niagara Share and Schoellkopf,
-V. 136, p. 857.
Hutton & Pomeroy.
-Smaller Dividend.
Noranda Mines, Ltd.
The directors on June 1 declared an interim dividend of 50 cents per
share payable in New York funds on July 10 to holders of record June 13.
This compares with 60 cents per share paid on Dec. 21 last and 50 cents
per share paid on June 30 1932 and on Dec. 21 1931.-V. 136, p.3358.
-Decreases Dividend.
Ohio Finance Co.
The directors have declared a quarterly dividend of 25 cents per share
on the no par common stock, payable July 1 to holders of record June 10.
A distribution of 37% cents per share was made on this issue on April 1
last, as compared with quarterly payments of 50 cents per share previously
made.
-V. 136, p. 1565.
-New President.
Ontario Paper Co., Ltd.
Arthur Albert Schmon has been elected President, succeeding Col.
Robert R. McCormick, retired.
The following officers of the company were also appointed for the ensuing
Year: 1st Vice-President, Joseph M. Patterson; 2nd Vice-President and
Treasurer. Col. Robert R. McCormick; Secretary, E. M. Antrim, and
Auditor and Comptroller, D. M. Deininger. Directors were elected as
follows: Mrs. Albert 0. Sims, Col. Robert R. McCormick, Joseph M.
Patterson, Mrs. Eleanor Patterson, Alfred Cowles, Henry D. Lloyd, E.
S. Beck, W. E. Macfarlane and Arthur A. Schmon.-V. 127. p. 119.
-Debentures Called.
Owens-Illinois Glass Co.
All of the outstanding 10
-year 5% sinking fund gold debentures, dated
Jan. 11929. have been called for payment July 11933. at 101 Si and interest
at the Continental Illinois National Bank & Trust Co., trustee, 231 South
La Salle St., Chicago, 111.-V 136, P. 3735.
-Capital Disttibution of $1.
Pacific Tin Corp.
The directors have declared a capital distribution of 81 per share on the
special stock, payable on June 12 1933. This is a payment of 1-23d the
distribution value of each of these shares and will be paid upon surrender
of distribution coupon No. 15 attached to each certific ate.
President S. W. Howland states that this distribution has been made
possible by the fact that a contract against whh h a reserve had been set
up by one of Yukon Gold's subsidiaries had been carried through without
loss. Freeing of this reserve furnished most of the $200.000 that Yukon
Gold Co. paid in to the Pacific Tin Corp. The payment leaves the Yukon
Gold Co. with sufficient funds for equipping the properties which it purchased three years ago, as well as for necessary working capital.
Last November the Pacific Tin Corp. made a capital distribution of $5
per share on the special stock. This also was made possible by receipts
from Yukon Gold Co.. amounting then to $1,000,000. (See V. 135, p.3368.
Statement of Assets and Liatilittes as of Dec. 31 1932.
Assets
$1.950,000
Yukon Gold Co. notes-principal amount
2.166,518
Yukon Gold Co. notes
-accrued interest to Dec.31 1928
2,002,304
Yukon Gold Co.stock-2,860,275 shares
Investment in Societe Internationale Forestiere et
•
$38,728
Miniere du Congo
1,507
Less: Capital distribution
37,220
15.429
Investment in Companhia de Pesquisas Mineiras de Angola___
152
Yukon-Alaska Trust Scrip
76,348
Cash
23,573
Profit and loss-deficit (on cash income basis)
$6,271,547
Total
Liabilities
Special stock, authorized and issued. 208,433 shares.
Common stock, authorized and reserved for issue in exchange
against surrender of special stock. 208.433 shares.
Of the 208.433 shares of special stock
The redeemable value of $23 per share corresponding to.._ $4.793,959
2,918,062
Less: Distributed to stockholders $14 per share
The right of exchange for common stock corresponding to --
$1.875.897
4,395.490
Accounts payable
$6.271.387
160
Total
-V. 135, p. 3368.
$6,271,547
-S. 0. Commission
Supplementing the information submitted to the I.
In 1931, income accounts of Pacific Fruit to the end of 1932 and a balance
sheet as of Feb. 28 1933, were filed by the Southern Pacific in connection
with pleding of Pacific Fruit stock for a loan from the Reconstruction
Finance Corporation. The Pacific Fruit is jointly owned by Union Pacific
RR. and Southern Pacific Co.
Income Account for Calendar Years.
1929.
1930.
1931.
1932.
Total operating revenues$37,320.779 $42,795,392 $46,500,553 $44,393,200
Total operating expenses 18,046,556 22,292,896 23,244,230 23.872,960
Revenue over expenses$19,274,223 $20.502,495 $23,256.322 $20,520,239
Taxes
3,063,498 2,856.787 3,162.783 2,625,192
Uncollectible revenues
769
1,103
1,620
1,530
Net operating income416,209.194 $17,644.088 $20,092,436 $17,894,277
Other Income Credits:
Interest, discount, & exchange credit
11,669
20,122
16,086
13.107
Miscellaneous income_-1,844
2,849
2.663
2,428
Int. on company's own
fds. used for construe_
13,222
17
10,966
2,737
Int. account with Penn.
Co. for Insurances on
Lives and Granting Annuities
4,599
1,512
Tota.other inc. credits
$22,568
$31,228
$32,341
$17,689
Total income
816,226,883 $17,666,656 $20,123,664 $17,926.618
Other Income Debits:
Divs.on equipment trust
certificates
1.501,596
1,782,076 2,062,556 2,343,036
Int., discount & exchange
-debit
1,464
1,837
28,340
316
Deprec , miscellaneous
non-operating physical
property
528
518
527
532
Amortization of discount
on equip, trust ctfs_
169,301
124,104
146,021
190,408
Miscell. tax accruals_ _ _ _
1,160
1,499
1,665
1,721
Miscall. income charges_
497
889
169
548
Total other inc. debits $1,656,610 $1,931,760 $2,234,865 $2.538.086
Net income for year $14,570,273 $15.734,896 $17,888,799 $15,388,532
Comparative Balance Sheet.
Feb. 28 '33. May 31 '31.
Feb. 28 '33.
Assets$
$
Invest. in physCapital stock.-- 24,000,000
ical property..117,130,083 117,004,180 Fund, debt unOther mtge. bds.
400
400 matured
25,797.000
Cash
367,159
974,170 Audited accts.
Special deposits:
de wages pay...
405.390
Sou. Pao. Co_ 12,449,034 12,534,962 Misc. accts. pay
18,197
Un. Pao, RR. 12,449,034 12,534,952 Mat. int., dive.
East.Exchange
& rents unpaid
225,785
purchased,,
627
3,277 Accrd. lot., diva.
Misc, accounts
& rents pay__ 7,288,997
received
1,055,407 2,053,015 Other cur. nabs6,000
Mat'l & supplies 1,032,847 1,509,955 Tax liability_. 2,639,612
Interest. diva. &
Other def'd dab_
297,877
rents received.
12
6 Insurance & casOther cur. assets
579
334,804
3,317 ualty reserves.
Work.fund adv_
3,589
6,815 Accrd. deprect.- 61,676,815
Other def. assets 1,889,973
20,555 Otherunadjusted
Rents & insur.
165,112
credits
prem. paid in
Profit and loss
advance
3,663
3,940 balance
24,010,521
Met.on funded
debt
331,249
557,581
Otherunadjusted
debits
152,451 4,527,847
146,866,114 151,734.787
Total
Consolidated Statement of Assets and Liabilities Dec. 31 1932.
LiabilfliesAssets
$10,441,400
$19,891,582 Funded debt
a Capital assets
6,351 Accounts payable, accrued
Sink, and released prop.funds
601,892
43,010 taxes,&c
Impounded funds
1,338,587
399,825 Accrued interest on bonds_
Miscellaneous investments__
Reserve release litigation vs.
Claim for refund of Federal
9,448,639
421,403 U.S. Government
Income tax
265.692
400,150 Excess of Habil. over assets
Cash in banks and on hand__
Wm. C. McDuffie, receiver,
25,718
Richfield 011 Co. of Calif
35,580
b Notes and accounts reedy.
Crude oil on leases at market
25,245
value
Materials & supplies, includ172,476
ing salvage
143,486
Taxes, rents, &c
$21,564,827
$21,564,826 Total
Total
a After reserve for depletion and depreciation of $4,177,286. b After
reserves of $19,408.
Note.
-The receiver for the Pan American Petroleum Co. has filed a
claim against Richfield Oil Co. of Calif. in the amount of $17.505,950 plus
interest, which claim is subject to the approval of a compromise agreement
in the amount of $1,100,000 payable in oil and cash as a preferred claim
and $14,392,606 as a general claim. Los Angeles Midway Pipe Line Co.
(a subsidiary) has filed a claim against Richfield Oil Co. of Calif. in the
.-V. 136,p. 1900.
amount of $10.326
-Earnings.
Pan American Foreign Corp.(& Subs.).
Earnings for Eight Months Ending Dec. 31 1932.
$35,044.796
Gross operating income
21,450,229
Costs, operating and general expenses
627,027
Taxes
Balance
Non-operating income (net)
Pacific Fruit Express Co.
-Earnings, &c.
-
Total
-V. 136,
3919
Financial Chronicle
Volume 136
May 31 '31.
24,000,000
32,798,000
982.557
25,086
428,225
218,830
4,011
2,653,392
232,367
53,169,917
1,146,528
36,075,870
$12,967,541
132,901
Totalincome
Interest charges
Depreciation, depletion, amortization and retirements
Loss applicable to minority interests
$13,100,442
150,059
10.985,930
Cr33,906
$1,998,359
Net profit accrued to corporation
Consolidated Balance Sheet Dec. 311932.
I LiabilitiesAssets
$5,261,8921 Acceptances & notes payable $4,925,000
Cash
2,625,638
33,693 Accounts payable
Marketable securities
294,074
878,244 Reserved for income taxes
Acceptances & notes reedy_
183,573
13,559,707 Other accrued liabilities_ _
Accounts receivable
2,098
4,448 Other current liabilities__ _ _
Other current assets
Funded and long term in011 (cost or market which50,000
6,566,554 debtedness
ever lower)
284,425
Materials & supplies (cost). 6,067,527 Deferred credits
Steamship insurance reserves
229,232
Stocks of companies not con2,378,404 Capital and surplus of minosolidated herein
742,212
6,368 rity interests
Miscellaneous securities_
999,957
991,629 b Class A stock
Special trust fund
2,416,125
135,107,416 b Class B stock
a Fixed (capital) assets
157.745,469
1,443,206 Capital surplus
Prepaid & deferred charges_
1,801,283
Unappropriated surplus
$172,299,088
$172,299,088 Total
Total
a After depreciation of $106,391,102, depletion of $21,721.385 and
amortization of $16,441,242. b Par value $1.-V. 135, p. 1340.
-Earnings.
Parmelee Transportation Co.
For income statement for 3 months ended March 31 see "Earnings
-V. 136, p. 2987.
Department" on a preceding page.
-Earnings.
Peerless Motor Car Corp.
For income statement for 3 and 6 months ended March 31 1933 see
-V.136. p. 859.
"Earnings Department" on a preceding page.
-Earnings.
Pennsylvania Rubber Co.(& Sub.).
Earnings for Year Ended Dec. 31 1932.
Gross profit on sales
Selling general-administrative expenses
Other charges
$1,414,869
925.683
459,142
$30,045
Net profit to surplus
Consolidated Balance Sheet Dec. 31 1932.
Liabilities
Assets
$252,265
$152,643 Accts. & notes payable
Cash
500,000
796,759 3-yr.5% notes pay.(unsec.)Notes & accts. receivable
6,407
856,028 Reserves
Inventories
2,848,816
44,485 Capital stock
Deferred charges
125,225
370,136 Surplus
Investments
1,512,663
Permanent assets (deprec.)
Total
-V.136, p.3176.
$3,732,713
Total
$3,732,713
Price Realty Co., Ltd.
-Protective Committee.
Membership of a bondholders' protective committee consists of C. El.
Macdonald, Toronto; A. P. Earls, Montreal; H. P. Thornhill, Montreal:
F. L. Whitaker, Waterloo, Ont.; and R. P. Kernan, Quebec.
The committee represents between 60 and 70% of the outstanding bonds.
-V.134. p. 4336.
Propper-McCallum Hosiery Co., Inc.
-New Pres., &c.
George Bliss McCallum has been elected President in addition to being
renamed Chairman of the board. Leo Propper recently resigned as President.
Samuel S. Kahn has been elected Vice-President and Treasurer. and
Revell McCallum has been elected Secretary. James Boyle and Revell
McCallum have been elected directors, succeeding Leo Propper and Bernard Kahn, resigned.
-V. 136, p. 3553.
146,866,114 151,734,787
Pure Oil Co.
-Suspends Dividends on Preferred Stock.
The directors on May 27 voted to suspend the quarterly
dividends due July 1 on the 5X% cum. pref. stock, the
Pan American Petroleum Co.(& Subs.).
-Earnings.
- 6%
cum. pref. stock, and on the 8% cum. pref. stock, par
Earnings for Period from Jan. 15 1931 to Dec. 311932.
(Based upon operating agreement and lease with William C. McDuffie, $100 each. On April 1 last a distribution of 373 cents
per share was made on the 5U% and on the 6% pref.
Receiver for Richfield Oil Co. of Calif.).
Jan. 15'3110
stock, while 50 cents per share was paid on the 8% pref.
Jan. 15'31 to
Dec. 31 '31.
1932.
Dec. 31 '32.
stock.
profit before deducting int., deplePreviously the company paid $1.50 per share in April
tion, depreciation, &c
$445,046
$457,413
$902,459
Interest on bonds
618.448
666,772 1,285.220
and $1.25 per share in January, July and October on the
Reserve for int. on income derived
,
- 53,4% pref. stock. Regular quarterly payments of $1.50
from leases in litigation:
On income derived prior to Jan. 14
per share and $2 per share, respectively, were made on the
1931
416,717
397.467
814,184
6% and 8% pref. stocks on Jan. 3 1933.-V. 136, p. 2258.
On income derived subsequent to
Jan. 14 1931
2.216
2,708
4,924
Pyrene Mfg. Co.
-Earnings.
Depletion, deprec., &c. based on
p. 338.
appraised values as at Jan. 14
1931:
Depletion and deproc. on proven
developed properties
743,852
Depreciation on pipe lines, refinery, marketing facilities, &c_.. 1,447,424
Loss on properties abandoned or
126,421
sold
Net loss
Calendar YearsProfit after taxes
Dividends paid
'
521,813
1,265,665
1,498,295
2,945,719
32,624
159,044
$2,897,665 $2,674,632 $5,572,297
1932.
1931.
loss$179,627 loss$132.121
109,732
1930.
$262,352
175,571
1929.
$332,869
175,571
Balance, surplus
def$179,627 def$241,853
$157,298
$86.781
Profit & loss surplus_ _ _ _
370,889
1,613,322
y697,653
455,800
219,470
Shs.cap.stk.out.(par$10)
207,000
219,470
219,470
Earns.per sh.on cap.stk.
$1.52
Nil
$1.20
Nil
y After write-down of patents, trade-marks and good-will from $1,002,450
to $1.
3920
Financial Chronicle
Condensed Balance Sheet Dec. 31.
Assets1932.
1931.
Liabilities1931
1932.
Cash3460,245 $414,644 Accounts payable_ $13,031
$11,101
Accts. Sr notes rec. 224,834
85,974
353,305 Reserves
99,047
309
Inventories743,809
1,200
827,799 Accrued payroll
Land, bldg. & eq. x685.344
.
724,809 Common stock__ 2,070,000 2,194,700
Inv. In att'll. and
455,800
370,889
Surplus
sub. cos
427,216
411,607
Pats.. tr.-marks &
good-will
I
1,
Prepaid expenses_
13,719
15,219
Total
12,534,168 $2,747,884
$2,554,168 12,747,884
Total
x After reserve for depreciation of $665,896.-V. 135, p. 2543.
Queen Dyeing Co., Providence, R. I.-Defers Dividend.
Payment of the quarterly dividend due June 1 on the 7% cum. pref.
stock. par $100, has been deferred with the approval of the majority of the
preferred stockholders, it is announced. The last regular quarterly payment of 1.4i% was made on this issue on March 1 1933.-V. 120, p. 339.
Quincy Market Cold Storage & Warehouse Co. (&
Subs.).-Earnings Years Ended March 31.Gross income
Operating expenses
1930.
1933.1932.
1931.
$1,366,973 $1,625,212 $1,941.025 $2,092,093
1.577,426
1,525,088
1.367,499
1,194,894
Gross profit
$514,668
$415,937
$257,714
$172,079
Other income
2.526
Total income
$257.714
3517.194
$415,937
$172,079
Salaries (officers and general office)
46.478
58,260
56,896
General expenses
81,576
52,584
44,051
Interest paid (net)
113,645
123.315
98.704
111,835
Prov. for Fed. inc. tax
5,095
Other charges
26,097
108.083
Net profit
319.823
def330,285
$136.359
3199,946
Preferred dividends- - - 94,207
24,500
84.356
70.813
Surplus for the year
$105,739
def$54.785 def$50,990
152,003
Earns, per share on 35,000 common shares_ _ _
$3.02
Nil
Nil
Consolidated Balance Sheet March 31. $1.48
Assets1932.
1933.
1933.
1932.
LiabilitiesCh
Cash
$11.285
$56,670
$32,441 Accounts payable_ 314,719
U. S. Treas. bonds 250,465
400,796 Accrued interest &
Notes receivable
65.114
57,725
207,553
223,873 other expenses__
.Accts. receivable._ 131,793
145,070 Prey, for Fed. inc.
Accrued rents, int.
14,221
10.480
& Mats. exc. tax
miscel. accts,rec
150,000
y2,691 Mtg. on real estate
50,000
Investments
2,302.000 2,559,000
5,807 Funded debt
20,027
Sinking funds_ __ _
4,815
3,939 5% pref.stock_ 1,400,000 1,400,000
I Fixed assets__ __ 6,232,273 6,779,902 Common stock... 3,000,000 3,000.000
Unamortlzed bondSurplus
474,371
142.437
discount
30,290
35,868
Unexpir.insur. premiums Sr prepaid
rent
29,063
28,400
Miscell. Supplies
15,074
14,540
-Total
$6,977,381 $7,673,993
Total
S6,977,361 $7,673,993
x After depreciation of $3,256,606 In 1933 ($3,111,057 in 1931). y Accrued interest on securities only.
-V. 136, p. 2809.
June
3 1933
shares and option certificates registered at the close of business on June 2
in the proportion of one new share for every fifteen shares hold or under
option. The transfer books of the company will be closed from June 3 to
June 10, both inclusive. The proceecLs of the share issue will be available
for the cost of the debenture conversion, for extensions to the smelting
plant when required and for the general purposes of the company."
-V.135
P. 1340.
Royalton Apartments (Highland Apartment Co.),
-Hotel Sale Protested.
Philadelphia.
The sale of the 10
-story Roosevelt Hotel, at the southeast corner of 23d
and Walnut Sts.,0101a.(formerly known as Royalton Apartments), by Girard
Trust Co., as trustee, to Steer° & Co., which he says is an affiliate of the
trust company, was attacked in court May 29 by 0. 13. Lansinger of Philadelphia (holder of over $10.000 of the
Lansinger, in an objection filedbonds).Mr by his attorneys, Lemuel B. Schofield, David Malls and Michael Francis Doyle, asks that confirmation of
the sale for $120,000
-by which $600,000 worth of first mortgage and
$100.000 worth of second mortgage bonds were wiped out
-be denied.
Judge Smith hoard argument of counsel for Mr. Lansinger and of John
Hampton Barnes, for the trust company, and reserved judgment.
The F. H. Smith Co. originally financied the Royalton Apt. by the issuance of 1st 63i5% bonds. The Geo. E. Roosevelt committee failed to
protect the bondholders, as they did not bid at the foreclosure sale held
Oct. 31, when the property (now known and operated as the Roosevelt
Hotel) was bid in by a representative of the Girard Trust Co. for $120,000.
The main features to the bill of exceptions filed and arguments brought
out, were:
(1) The Girard Trust Co. as trustee sold this property at a sale where
there was no competitive bids, and at which the trustee had reason to know
there would be no competitive bidding.
(2) The trustee purchased the said real estate for its own account at
an affiliate Steere & Co. composed of five of their
mg; l _sprlodsisdalets.
te a
through
--------.Radio-Keith-Orpheum Corp.
-June 1 Int. Not Paid.The interest duo June 1 1933 on the 10-year 6% gold debentures, due
1941, is not being paid. The Committee on Securities of the N. Y. Stock
Exchange rules that beginning June 1 1933 and until further notice the
debentures shall be dealt in 'flat" and to be a delivery must carry the
.._ June 1 1933 and subsequent coupons.
-V. 136, 13• 3360•
aytheon Mfg. Co.
-To Reorganize.
A special meeting of the stockholders as well as the holders of voting
trust certificates has been called for June 8 to consider a proposed plan of
reorganization.
-V. 135, p. 3010.
Realty Foundation, Inc.
-Trustee Appointed.At the first meeting of creditors of this bankrupt, held In the office
of the Peter 13. Olney Jr.. referee in bankruptcy for the Southern District
of New York. a contest for the trustee took place.
William G. Riley, of W. G. Riley & Co., bankers, Chairman of the
bondholders' protective committee, stated to the referee that the organizalion of the independent committee was necessitated by the understanding
among the bondholders that the "Marshall" committee,so called, was sponsoredjand supported by the bankrupt company and that, therefore, it could
not safeguard the Interests of the bondholders where those interests come
es
In conflict with the defaulting company.
Mr. Riley pointed out that the resources of the General Surety Co..
guarantors of the mortgage bonds issued by Realty Foundation, Inc., were
certified to the insurance department as $12,842,922 on Dec. 31 1928
that the total volume of bonds guaranteed and also secured by mortgages
valued at not loss than 125% of the face of the bonds totalled only $6,500,000. that said surety company has transacted practically no other business
except the guaranteeing of these bonds, that it had made no payments as
losses on these obligations and that it appeared inexplicable that its capital
and surplus, engaged practically in naught but collecting premiums, and
Its office expense should be permitted to practically disappear and thus
require the Interposition of the insurance department which is now liquidatlug the company.
Mr. Riley further stated that the attorneys and investigators of the
committee had already traced the sum of more than 12,500,000 which
it WWI alleged might have been illegally invested by said surety company
and the said money might be recovered by effective action.
To that end. Joseph P. Nolan and Sydney Ehrlich, counsel for the
Independent committee, urge the appointment as trustee of an outstanding
man, one in whom the public as well as the bondholders and creditors
can and will have the utmost confidence. Therefore, counsel for the cornmittee recommended that the referee appoint Col. E. J. W. I'roffitt, who
has no connection whatever with the company or any of its affiliatesor
officers or directors.
When all votes were taken into consideration, there appeared to be a
deadlock. Thereupon, at the suggestion of the referee and the agreement
of all conflicting interests, the referee appointed the Irving Trust Co. as
trustee and also appointed an advisory committee,composed of Col. E.J. W.
Proffitt, representing the "Riley" committee, Robert P. Marshall and a
representative of the New York State Insurance Department, to advise
with the trustee in connection with the administration of the estate.
-V 136.
p. 1216.
-Earnings.Reynolds Spring Co.
-Sates
President Charles G. Munn announces that sales for the first 15 days of
May were 3116,396 as compared with sales of $195.660 for all of April.
we
Net profit for April was about $20,000. he estimated, and profit for May
will be between $25.000 and $30,000. or at the annual rate of about $1.50
per share on the outstanding common stock.
May shipments of automobile springs, the company's principal line, will
be the largest of any month since 1929. Shipments for the first 15 days
were $27,000 ahead of the same period in April, and orders during the latter
part of the month have run considerably heavier.
-V. 136. p. 2809.
Roan Antelope Copper Mines, Ltd., London.
-To
Refund 7% Debenture Stock-Rights.
The following cable has been received by Chas. D. Barney & Co.from the
company:
above
"The directors announce that arrangements are being made to replace
i he existing issue of E1,500.000 of 7% debenture stock by the issue of a
similar amount of 6% debenture stock with a cumulative sinking fund of
2% per annum commencing in 1935. Holders of the existing debenture
stock will be given an opportunity to convert their holdings into the now
stock and any of the present stock not thus converted will be paid off in
cash.
"The company will also offer about 431,716 shares for subscription at
he price of 21 shillings per share. Such offer will be made to holders of
(3) Trustee sold to itself at the said sale the said real estate at a price
greatly less than its fair value and at a price grossly inadequate and at a
price which would leave nothing for the 1st mortgage bondholders for whom
the Girard Trust Co. was trustee. There was a let mortgage of $600.000
and a 2nd of $100.000, property being assessed at $4475,000 and appraised
within past year at $418,000 exclusive of furnishings. The property being
sold and bought by the trustee for $120,000 to cover advances and fees.
etc., would 'wipe out 1st mortgage bonds entirely.
(4) The Girard Trust Co. as trustee conducted the sale at a time when it
knewed d had reasons to know that a fair and adequate price could not be
an
secured.
(5) The Girard Trust Co conducted the said sale for the sole purpose
of reimbursing itself, and although being trustee for the holders of the 1st
mortgage bonds secured by deed of trust on the said real estate, failed
properly to protect the interests of the beneficiaries under the said deed
of trust with the result that although the trustee protected itself and reimbursed itself, none of the bondholders has received any money what
soever. due to the manner in which the said Girard Trust Co. has exercised
and carried out its duties as trustee.
(6) The Girard Trust Co. without notice to the bondholders incurred
certain expenses and made certain payments by way of fees and otherwise
es
which were improper and without authority in law.
Wherefore the petitioner respectfully requests the court not to confirm
the account of the Gird Trust Co. and to surcharge. the said Girard
Girard
Trust Co. as trustee in an amount equal to the difference between the amount
accounted for and the fair value of the said property.
-V.135, p.4569.
Ruud Mfg. Co.
-Resumes Dividend.The directors have declared a quarterly dividend of 25 cents per share on
the common stock, par $5, payable June 15 to holders of record Juno 5.
A distribution of like amount was made on the old no par common stock
on Feb. 1 1932; none since. In August and November 1931 quarterly dividends of 50 cents per share were paid, as against 65 cents per sh&re previously.
A further quarterly dividend of 25 cents per share was also declared on
the common stock, payable Sept. 15 to holders of record Sept. 5 1933.V. 136, p. 3177.
Safeway Stores, Inc.
-Sales.
Period End. May 20- 1933-4 Wks.
-1932. 1933-20 Wks.
-1932.
Sales
317,203,321 $18,199,105 $79,717,009 391.876,704
Stores in operation on May 20 1933 totaled 3.321, compared with 3,491
stores a year ago -V. 136. p. 3177.
St. Louis (Mo.) Cotton Compress Co.
-To Decrease
Stock.The stockholders will vote Juno 6 on approving a plan to reduce the par
of the capital stock from $100 to $50 and so effect a transfer from capital
to surplus of $750,000.
Scoville ManufacturineCo.-Earninas.930
1
Calendar YearsL034.
Operating profit
3 154 $5,773,645 18,372,181
1271
$2,137,303 $4,79 ,
19 9
5
Other income
138,380
158,029
157,227
440,174
Total income
$2,295.332 $4,866,134 $5,930,872 $8,815,355
Exp.for maint.& repairs 1.030.125
1.668,872
2,257,925
2,594,931
Provision for depreciatin
1.293,202
1,331,415
940,274
837,402
Miscellaneous charges_
85,464
Interest on debentures
871,675
854,150
922,801
Contrib. to unempl.fund
77,186
65,030
Loss on foreign exchange
47,655
Amortization of debs
50.450
51.767
53,083
Taxes,&c
704.181
676,920
859,028
1,177.470
Not income__ ___Ioss$1,322.9.33
$152,912
$506,618 $4,120.087
Previoussurplus
4.664,795
7.472.324
9,924,893
9,299.636
Miscell. credit adjust__
919
Adjust, of fixed assets Sr
depreciation
744.517
Prior year adjustment
66,395
Adjustment to par value
of shares acquired.,...
15.049
59.686
Total surplus
34,146,065 $7,706.681 $10.431,511 513,420,643
Cash dividends-- ------1.203,126
1,774348
1,203,126
2, 75:7793 3,495.750
87 5
2
6
Adj.to par val.of shs.acq
Charged off pats, of subs
461.164
15,640
Prior year adjust. (not)_
61,008
39,998
Prov, for diff. between
cost & market value of
securities owned_ ___ _
806.574
Prov, for settlement of
1918 and 1919 taxes__
192,118
Adjust, of secur. values
to market _ _
271.628
Profit:3 d loss surplus
p a ni
$2,418.185 $4,604.795 37,472,324
924,893
Shs.p.stk.out.(par$25)
879.763
872,617
882,912 39,885,000
ca
$0.17
Earn. per sh.on cap.stk.
Nil
$4.65
$0.57
Balance Sheet Dec. 31.
1931.
1931.
1932.
1932.
LinemanAssets-$
$
$
3
Capital stock
a Land, buildings Sr
21,815,425 21,994,125
,
18,021,243 18,200,073 15 yr. 535% cony.
machinery
Cash and call loansb4,080,756 2,225,555
gold debt
15,530,000 15,530,000
U. S. Govt. secs
198,181
1,691,671 Reserves
187,973
Accounts payable_
419.596
Other marketable
195,327
securities
944,120 l'rior years Federal
685,785
taxes
Accts. Sr notes rec. 1,830.339 1,961,331
192,118
Mdse. inventories. 6,238,852 8,162,219 State, prop, and
Other assets
other taxes accrd 140,045
9,102,872 9,339,247
440.420
840,515 Dividend declared 218,154
Deferred charges._ 864,796
Patents
1 Accrued wages and
1
117.617
salaries
127,416
Surplus
2,418,185 4,664,794
Total
Total
40,824,1345 43,364,733
40,824,645 43,364,733
a After deducting $21,914,765 depreciation in 1932 and $24,887,202 in
1931. b Cash only.
-V. 136, p. 2259.
1
Financial Chronicle
Volume 136
(E. W.) Scripps Co.
-Earnings:
Calendar YearsDividends received
Interest received
1929.
1931.
1932.
1930.
$1.416.350 $1,472,384 31,674,812 $1,505,925
245,066
204,552
191,103
180,457
Total income_
51,596.807 31,663.487 31.879,364 51,750.991
Expenses
89.227
71,700
58,216
63,360
Interest paid
600,324
561,973
601,977
604.180
Amortization of bond discount and expense._ _
39,201
44.887
38,985
36,580
Prov. for loss on notes
rec. for adv. of funds
used in devel. of equip.
18,586
Net income
$962,105 31,166,485 31.054,903
$877,957
Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Assets
$
Cash
500
442,286
500
310,689 aCapital stock._
Time ctfs. of depos 225,000
225,000 Notes payable:
Notes receivable:
Controlled cos__ 600,000
15,547
Controlled cos._ 231,200
1,530,000 3,016,452
Others
75,000
Buffalo Times,
Curr. port. of longInc
98,392
84,236
term contr.oblig.
131,108,800
N.Y.World Tele187,378
181,866
Interest accrued
gram Corp
10,345
322,900 Taws accrued..._14,142
c233,400
Officers, employ.
671
671
Trustees fees, &c.
& stkholders. 1,555,469 2,007,300 Long term dent 8,319,580 9,991,364
Accts.rec.from sale
432,957
Deferred credit_
of stk. of Buffalo
121,200
Donated surplus
184,787
Times,Inc
d2,250,000
Surp. arising from
Accr. Int. receivle
revel. of invest.33,369,579 31,388,511
15,673
17,923
Divs. receivable_ 244,031
240.038 Profit & loss surp_ 4.893,334 4,306,369
Adv. to R. W.
Howard Co.._ _ _
165,915 3,275,750
Notes rector perm.
adv. of funds to
Scripps Howard
Cos
1,287.557 1,578,429
Notes ree. for adv.
of funds used In
develop,of eept. 305,157
301,500
Stks, of contr. 005.36,725,398 33,926,592
Stks, of non -contr.
Scripps-Howard
Cos
3,486,476 3,502,989
Stock of Buffalo
Times, Inc
162,659
Stk. of N.Y.World
Telegram Corp_ 866,032
616,539
Other Investments
23,600
419,040
Deferred charges
280,747
319,293
Total
49,611,651 47,136,731
49,611,651 47.136,731
Total
a Represented by 1.000 shares class A voting and 3,000 shares class B
non-voting stock, all of no par value. b Notes receivable from the Buffalo
Times, Inc., in the amount of $1,108.800 represent a portion of demand
notes issued by that company in the total amount of $1,608,800, which
have been guaranteed by various companies and individuals, and to the
extent of $268.133 by this company. The company's contingent liability
to others on account of this guaranty amounted to $83,333 at Dec. 311932.
The notes of 31.108,800 have been subordinated to a note of $500,000
payable to a bank by agreement. c The N. Y. World-Telegram Corp.
has issued $4,859,500 demand notes payable, which are guaranteed by
various companies and individuals, and to the extent of $1,177,942 by
this company. The company's contingent liability to others on account
of this guaranty amounted to 51.121.366 at Dec. 31 1932. d Of the
$2.250.000 accounts receivable, from sale of stock of Buffalo Times, Inc..
the amount of $2.000,000 has been guaranteed by various companies and
individuals, of which amount this company's portion was $166.666, leaving
$1,833,333 guaranteed by others at Dec. 31 1932.-V. 134, p. 4172.
Sears, Roebuck & Co.
-March Mail Order Sales Lowest
Since July 1911.
General R. E. Wood, President of this company,was quoted last week as
stating: "We have to go back to July 1931 to find as low mail order sales
as we had in March this year." This should have read July 1911. See V.
136, p. 3736.
Seatrain Lines, Inc.
-Railroads Sue to Halt Operation.
-
Ten Eastern trunk-lino railroads, which have opposed unsuccessfully the
right of the Seatrain Lines, Inc., to operate rail-water-rail service between
Hoboken and Now Orleans, via Havana, in actions before the I.-S. C.
Commission brought suit June 1 in the U. S. District Court at New
York to prevent the lines' operation.
I An action filed by the New York Central and Erie RR. asked that
Seatrain be prevented from "taking, appropriating, converting and placing
aboard steamers" freight cars hauled by the railroads or their agents to
Hoboken. Permission to join in the action as plaintiffs was requested by the
Baltimore & Ohio, the Central RR. of New Jarsey, the Delaware. Lackawanna & Western, Lehigh Valley, Reading, Pennsylvania, New York
New Haven & Hartford and Now York Ontario & Western roads.
The Restrain Lines and the Manufacturers Railroad Co. of Hoboken,
which Seatrain controls, were named as defendants. The railroads charged
they had an agreement with the Manufacturers, which provides for its
hauling and unloading their cars, then returning them to their owners.
The railroad, instead, turns them over to Seatrain which then places them.
loaded, on the r boats and transports them to Southern ports, the plaintiffs
alleged. They asked for an injunction to end this practice.
-V.135, p. 2506.
Second National Investors Corp.
-To Purchase Own
Stock.
Arrangements have been made for the Second and Third National Investors Corporations to purchase all the shares of their stocks that are owned
by the Atlas Corp., it was announced on May 29. The stockholders of the
two investment trusts will pass upon the proposal at a special meeting
to be held on June,8. The two companies are members of the national
group of stock exchhnge Investment trusts.
The letter sent to stockholders does not state that the present holder of
the stock is the Atlas Corp., which has acquired nearly 25 other trusts in
the last throe years, but it was learned definitely that this lathe case.
jo The Atlas Corp.
17,383 shares of the Second National Investors
pref. stock, of which there are 100,000 shares outstinding, and 52,724 shares
of Third National capital stock, of which there are 220,000 shares outstanding. In each case, the Atlas Corp. was believed to be the largest
individual stockholder.
)1 Under the terms, already approved by the two boards of directors, after
negotiationsAtlas C
iockao Corp.
fju,8anTlNtIlwilpa4oige
pay 80% of the
Secondigo=
asset value of its stock.
Net asset value of Second National pref. as of March 31 was $44.71 a
share and yesterday it was reported in the vicinity of $60 a share. Third
National had an asset value on March 31 of $17.50 a share, which is understood to have appreciated similarly, inasmuch as the portfolios of the two
companies are much alike. (Now York "Times).
-V. 136. P. 2627.
Seiberling Rubber Co.
-Increases Production,
-
The company has adopted a full time production schedule 24 hours a
day seven days a week. The company will place new molds in production
for Juno which will increase plant capacity 50% over May in an endeavor
to fill back orders.
"We will close our business for the month of May further behind in orders
than we were on May 1," J. P. Seiberling, Vice-President and sales manager
stated. "Not since 1925 has our production been so taxed to meet buying
demands. We shall close our May business with more dollars in orders
than our factory has been able to produce.
"Of particular significance at this time is the tendency of tiro buyers to
buy quality rather than price merchandise. This tendency is concretely
evidenced by the fact that sales of Seiberling air cooled tires, a patented
product which sells above first line tire prices, have exceeded by 50% the
sales made during the like period for 1932."-V. 136. p. 339.
3921
-Stock Option Extended.
Servel, Inc.
The option to the Chairman of the Bearc', to purchase 15,000 shares of
common stock at $4 per share during the period commencing March 25
1932 and ending Feb. 28 1933, has been extended to Feb. 28 1934, pursuant
to authority of the board of directors.
Earnings.
For income statement for 3 and 6 months ended April 30 see "Earnings
Department" on a preceding page.
-V. 136. p. 2259.
Siemens & Halske (A. G.).
-To Redeem $132,500 Bonds.
Dillon, Read & Co., as sinking fund agent, announce that $132,500 of
the outstanding 10
-year 7% secured sinking fund gold bonds, due Jan. 1
1935. will be redeemed at 102 and int. on July 1 1933, out of moneys to
be paid to them, as sinking fund agent, by the corporation under the sinking fund agreement. The bonds which have been designated by lot for
redemption will be paid at the office of Dillon, Read & Co.. 28 Nassau St..
N. Y. City.
-V. 136. p. 2259.
(The T. L.) Smith Co., Milwaukee, Wis.-Receivership.
Harold E. Smith, formerly President of this company, on May 22 was
appointed receiver for the concern.
The appointment was made by Circuit Judge Otto H. Breidenbach
upon application of a creditors' committee consiting of Arthur M. Hewitt.
Chairman; Paul S. Grant and Richard Czajowski.
The company is in default on a $35,000 principal maturity of its outstanding $505,000 series 6% notes and on two interest payments.
It is intended to put the plant in operation. Mr. Smith said. (Milwaukee "Sentinel"). V. 126, p. 263.
"Snia Viscosa" (Societa Nazionale Industria Applicazioni Viscosa), Italy.
-Earnings.
(An figures given in Lire.)
Calendar Years1930.
1931.
1932.
1929.
Profits on merchandise,
diva, on stock, &c_ _ __ 58,904.062 66.840,308 42.136.447 47,666.133
Expenses, taxes. &c_ _ _ _ 15.098,422 21,798,570 21,696.144 12,658.471
Sinking fund 1930
31.000,000
Depreciation and various
amounts set aside_ __ _ 21,500,000 21,500.000 657,231.243 33.883.389
Profit
22,305,640 23,541.737df667790,940
1.124,273
Balance Sheet Dec. 31.
(In Italian Lire)
Assets1932.
1931.
Freehold buildings
5,000,000
5.000,000
e Furniture and fittings
1
1
e Freehold land
10,436.051 10,500,000
e Producing factories
204,669,654 189,239,287
Subsidiary factories
12,502,619 12,074.285
a Workmen's houses, dormitories, &c
14,515,000 15,760,000
b Shareholdings and interests in associated cos., &c.
Italian and foreign
30,280,493 29.316.592
c Stocks of finished goods, raw materials and stores
at factories and depots. at cost or under
37,952.021 48.301,358
Customers and sundry debtors, less reserve for bad
debts, &c
16,937,282 d25,520,707
Payments in advance, int, accrued, deposits, &c
3,869.752
6.196,107
Cash in hand and at banks
127,954.775 152.116,174
Govt. securs, and debs., Italian and foreign
78,202,094 60.505.362
Debs. of "Snia Viscosia" purchased on the market_ 21,819,375 19,956.650
Bills receivable
11,116,616 12,354,911
Shares of"Snia Viscosa"
16,885,398
3.107,108
Securities deposited
130,814,500 107,068,310
Total
722,955,634 697.016,853
Liabilities
Capital stock
350.000,000 350,000,000
Reserve
47,809,870 46,632.784
Mortgage debentures
74,735,400 80.930.500
Profit brought forward from 1931
693.711
Reserve for taxes
8,500.000
8.500.000
Reserve for indemnity to employees, payable on
dismissal
11,500,000 11.500.000
Reserve for reconstruction of plant
20,000,000 20.000.000
Reserves for contingencies
1.500,000
Depreciation reserve, 1931For producing factories
20,000.000
For subsidiary factories
. 43,000.000{ 1,000.000
1.
Workmen's houses, dormitories, &c
500.000
Sundry creditors-Associated companies
1,603,326
4.814,692
Suppliers and sundry creditors
7.455,791 11,219,201
Accrued charges, &c
4,087,526
9,809.629
Profit and loss account
22,305,640 23,541.737
Unpaid dividend
449,868
130,814,500 107.068.310
Depositors of securities
722.955.634 697,016,853
Total
a After writing off 61.418,548 lire. b Alter reserve of 10,000,000 lire.
c After reserve of 24.000.000 lire. d After reserve for bad debts, &c.
e After writing off a total of 995,428.354 lire.
-V. 134. p. 4173.
-Earnings.
Southern Ice Co.
Calendar YearsGross sales and earnings_
x Net sales-Ice
x Net sales-Coal
1931.
1932.
1930.
1929.
$890,006 $1,108,810 $1,220,389 $1,348,552
576.076
467,642
630,493
758.232
72,740
54,503
75,585
76.830
Net sales
-Ice and coal
Delivery sell. & gen.exp.
Taxes
$522,146
365,652
See z
$648,817
421.931
See z
$707,423
458,807
48,238
$833,817
460,272
61,295
Operating income_ _ _ _
Non-operating inc.-Net
$156,494
3,620
3226,886
7,108
5200,378
8,139
$309.250
7,811
Gross income
Interest charges
$160,114
z107,603
3233,994
z110,855
5208,517
66,965
$317,062
67,229
Balance
Prior earned surplus_ _ _ _
552,512
310,229
5123,139
304.826
$141.552
322,973
$249,833
239.329
Total surplus
y Retirement reserve_ - -
$362,740
105,000
$427,965
105.000
5464,525
106,000
5489.162
105,000
Balance
Net direct credits
$257,740
12,771
5322,965
4,522
3358,525
15,475
$384,162
12,972
Balance
Preferred dividends_
3244,969
3327.487
17.258
$373.999
69,174
$397,135
74,162
Earned surplus
$244.969
$310.229
$322,973
5304,826
x Gross sales leas cost of products sold. y Amount set aside by the
directors during the 12 months' period. z Includes taxes.
Comparative Balance Sheet.
Assets
Mar. 31 '33. Dee.31'32. Liabilities-- Mar. 31 '33. Dec.31'32.
82,402,281 82,402,281 Pref. stock, 7% _ _- 5986,200 8986,200
Plant
28,499
27,119 Bonds: 0.1'. S. Co.
Cash
Notes receivable_ _
6.4258s 1942
7,225
692,600
692,600
Accts. receivable_ _ 103,400
107,421 Notes payable_ _ _ _
82,000
84,000
Materials & suppl_
12,732 Accounts payable_
16,249
73,839
44,000
3,278 Interest accrued
Ice Inventory
5,903
14,154
796
7,949
10,384 Mat. Int. unpaid
Fuel inventory
27,704
Prepayments
15,055 Taxes accrued_ _ _ _
14,570
14,176
19,884
Misc. Investments
30,705 Misc. liabilities. _ _
30,705
510
872
Sinking funds _ _ _ _
141
141 Retirement reserve 372,458
371,179
Unadjusted debits
21,132
8,731 Operating reserves
926
Common stock
172,486
172,486
Earned surplus_ _ _
244,969
208,292
Total
52,638,057 52,624,274
-V. 135, p. 1341.
Total
$2,638,057 $2,624,274
Financial Chronicle
3922
June 3 1933
South Penn Oil Co.
Swedish Ball Bearing Co. (Aktiebolaget Svenska
-The
-Dividend Rate Reduced.
directors on May 29 declared a quarterly dividend of 20 Kullagerfabriken).-Earnings.cents per share on the capital stock, par $25, payable
(All figures in Swedish Kronor.)
1929.
Calendar Years1931.
1932.
1930.
June 30 to holders of record June 15. This compares with Sales
65,834,499
25 cents per share paid each quarter from March 31 1931 Cost of products sold.incl 41,456.991 50,502,213 53,637,706
maintenance & repairs
to and incl. March 31 1933. Previously the company made Selling & adminis. exps_ 29,698,723 33.665,807 34.537,096 38,853,559
4.484.109
4,034.089
4,409,421
quarterly distributions of 50 cents per share.
-V.136, p.2628 Sundry losses on dwelling 3.427,919
221,096
eluding transfers
273,564
266,964
276,195
Standard Commercial Tobacco Co., Inc.(& Subs.).
Earns.for Cal. Years1932.
Net sales
$286,377
Cost ofsales
300,681
Admin.& gen. expenses_
231.953
1930.
1929.
1931.
$463,343 $1,964,728 $4,508.507
1,887,281
4,651,025
431,037
403,704
457,052
385,375
Net loss
Other income:
Divs. rec.from invests
Interest receivable-- _
Net prof. on sale ofsecur
Miscellaneous
$246,257
$353,070
$326,258
$599,570
75,100
3,556
121,442
152
50,917
29,980
104,672
1,701
45,524
150.355
17,225
234,232
34,216
243
Loss
Interest
$46,007
14,045
$165,800
17,721
$96.161
199,602
$347,870
391.744
Net loss
Com.and pref. diva--
$60,051
$183,521
$295.763
x52,728
$739,614
388,615
Balance,deficit
$348,491 $1.128,229
$60,051
$ 183,521
x Preferred dividend only.
Balance Sheet Dec. 31.
1932.
1931.
AssetsLiabilities-1932.
1931.
Cash
$286,177 $370,953 7% pref.stock__ __ $756,500 $756,500
Receivables
278,820
283,968 x Common stock__ 2,466,035 2,466,035
40,750
14,652
Inventories
442,610
793,501 Def. credit items__
Securities owned
132,257
188,576
742,519 Other payables_ _ _
799,146
100,000
100,000
Invest.in for.subs_
1 Refi. for conting__
1
Cash surr. val. of
1,399,602
934,818
Deficit
life Maur. policy
8,692
84,875
U.S.Mixed Claims
Comm. award__ 229,672
222,032
Miscell. receivable
12,920
y Land,warehouses,
&c
22,355
22,450
Prepaid int.,insurance,.kc
15,546
68,646
Total
$2,095,940 $2,588,944
$2,095,940 $2,588,944
Total
x Represented by 283,193 no par shares. y After reserves of $35.254
In 1932 and $34,802 in 1931.-V. 135. P. 1341.
-Acquires Interest
Standard Oil Co. of Calif. (Del.).
in Bank.
Participation by this company in a bank-expansion program through a
direct investment in the Anglo-California National Bank, San Francisco,
Calif., has been announced by President K. R. Kingsbury.
Mr. Kingsbury said the company had decided to take advantage of
"this opportunity to go along with the bank in its growth." He added
that the bank, of which he Is a director, was the company's principal dePositorY.-V. 136, p. 3178, 3151.
Standard Oil Co. of Kansas (Del.).
-Stock Option.
Under date of March 6 1933, the directors by appropriate resolution
granted the general manager, as part consideration for his services, an
option to purchase 50,000 shares of common stock heretofore purchased
by the company and held in its treasury for a consideration of $17 per share,
less credit on the price of each share in an amountequal to dividends declared
or paid prior to the exercise of the option. The option may be exercised in
whole or in part at any time during the five years beginning March 6 1933.V. 136. p. 3178.
Standard Oil Co.of Kentucky.
-Changes Div. Dates.
The directors recently declared a quarterly dividend of 25 cents per
share on the common stock, par $25, payable June 15 to holders of record
June 1. A like amount was paid on March 31 last to holders of record
March 15.
In each of the last three quarters of 1932, a dividend of 30 cents per
share was paid, as against 40 cents per share in preceding quarters.
-V.136.
p. 2443.
Standard Oil Export Corp.-Regutar Dividends.
The corporation has declared the regular semi-annual dividend of $2.50
a share on the 5% cum. non-voting guaranteed pref. stock, payable June 30
to holders of record June 9. This issue consisting of 764,935 shares is guaranteed jointly and severally by Humble Oil & Refining Co., Standard 011
of Louisiana, Standard of New Jersey and Carter Oil Co. as to dividends
and principal. In 1932 the Standard Oil Export Corp. called upon the
-V.134,p.4173.
guarantors for $3,824,675 to enable it to meet its dividends.
-Earns.
Stromberg-Carlson Telep. Mfg. Co.(& Subs.). 19
1931.
Calendar Years1932.
xNet income
yloss$777,593 loss$598,402
65,002
Preferred dividends_ _ _ _
65,002
Common dividends
304,903
Surplus
Previous surplus_ _ _ -
loss$842,595 der$968,307
3,281,800
- 2,313,493
1930.
$669.703 $1,070,055
65,002
65.002
370,330
334,476
$234,371
3,047,429
$670,577
2,376.852
Total surplus
loss$1,470,899 $2,313,493 $3,281,800 $3,047,429
x After provision for interest, depreciation ($104.858 in 1932) and
Federal taxes 1930 and 1929.
Consolidated Balance Sheet Dec. 31.
1932.
LiabilitiesAssets1931.
1931.
1932.
Cash
$831,731 $481,224 Accts. pay. & accr.
liab., incl. Fed.
Market.securities_
20,540
Notes receivable
income taxes___ $139,956 $410,434
73,565
43,710
Accts. receivable- - 481,717 1,068,170 Res. for unempl.
benefit
46,995
Cash surr. value of
29,373
life ins. policies_
35,788
30,750 Pref. 6.'4% cum.
1,000,000 1,000,000
stock
Inventories_ _ _
1,432,965 2,212,280
2,732,800 2,732,800
Unemp. benefit Id.
46.995
29,373 xCommon stock
Sun. inv.& adv... 153,239
200,528 App, for invest. in
Invest In & adv. to
500,000
500,000
add,to prop
foreign Mill. cos_
1,470,899 2,313,493
50,386
59,719 Surplus
Land, bldgs., machry.. factory,
equip.. tools, &c 2,769,594 2,810,499
Prepaid taxes, ins.,
&c
49,847
14,170
$5,890,851 $6,986,100
Total
Total
55,890,651 $6,986,100
x Represented by 273,280 shares (no par) (1931. 273,800 shares).
V. 134, P. 3998.
Studebaker Corp.
-June 1 Interest on 6% Notes Not Paid.
The corporation did not pay the June 1 interest on its outstanding 6%
gold notes.
-V. 136, P. 3737.
Syracuse Hotel.
-Depositary.
The Continental Bank & Trust Co., New York, has been appointed
depositary for the independent bondholders committee for $1.754.000
,
6
1st mtge. 63 % gold bonds dated Oct. 23 1922.
-Earnings.
Sweets Co. of America, Inc.
For income statement for 3 months ended March 31 1933 see "Earnings
Department" on a preceding page. V. 136, p. 3737.
Thatcher Mfg. Co.
-Earnings.
For income statement for 3 months ended March 31 1933 see "Earnings
Department" on a preceding page. V. 136. p. 2990.
Total net income from
manufacture & selling before deprec'n
& provision for taxes
Divs. from subsidiary
and other companies
Interest & sundries
8.056,754
12.535,352
14,414,995
22,275,735
3,182,822
5,217,536
3.584,637
2.982,339
6,211.512
2,826,294
5,572,013
2,961.764
Total income
16,457,112 19,102.328 23,452,801 30,809,512
Depreciation on property
3,497.323
4.079.171
machinery, &c
4,165.210
3,723,275
2.400.000
Reserve for taxes
5.400.000
2.000,000
2,800,000
Net income
10,291,902
Lees sundry amounts not
connected with year's
208,989
operations
Net profits
Dividends
Rate
Res, for pensions, &c-
12,623,157
16,929,526
21,912,189
142,184
306.642
491,069
10,082,914 12.480.973
9,100,000
9,100.000
(7%)
(7%)
16,622,884
13,000,000
(10%)
21.421,130
15.600 000
3.622,884
11,144,738
5,634,862
5,509,876
Balance carried over to
surplus account._.982.914
Bal.on sur.acct.at Dec.31 18.148,595
3,380,973
14,767,622
186.209
Surplus Dec. 31
19,131,509 18.148.595 14.767.622 11,144.738
Balance Sheet Dec. 31 (All Figures in Swedish Kronor.)
Assets1931.
Liabilities1931.
1932.
1932.
x Plants & prop_ 17,815,860 20,356,685 Share capital...130.000,000 130,000,000
Shares owned__ 82,168,039 88,598,771 Reserve fund_ __ 13,200,000 13,200,000
Deferred charges
494,234 Pay. rec. in adv. 3,151,526
1,700,821
238,086
Inventories _ _ - 25,882,706 22,370,424 ACCW. payable
Loans to subs__ 8,255,483 13,843,014
and payrolls__ 2,222,743 3,573,627
103,108
Accts. receivable 13,603,070 12,385,755 Goods in transit
121,638
Notes & accepts.
Unpaid diva_ ___
155,655
149,855
receivable__ _ 4,502,251
1,236,818 Res. for taxes_
4,483,480 4,454,358
Divs. receivable
588,523
1,358,992 Div. as proposed 9,100,000 9.100.
000
Cash
30,823,839 22,100,629 Res.for pens.,drc 2,091,252 2,084,415
Sven Wingquist.s
222,742
fundsfor empl. 223,856
Surplus
19,131,509 18,148,595
Total
Total
183,875,858 182,723,323
183,875,853 182,723,323
x After depredation of 41,952.002 kronor in 1932 and 38.494,302 in 1931.
-V. 136. P. 355 .
4
Texon Oil & Land Co.(& Subs.).
-Earnings.
Earnings for the Year Ended Dec. 31 1932.
Gross operating income
Costs, operating and administrative expenses
Taxes
Net operating income
Equity in current year's earns, of contr. cos. not consolidated
Dividends and interest received
3205.536
85.482
12.627
$107.427
1.360.665
246.603
Total income
Depletion and surrendered leaseholds
Depredation
Adjustment of inventories to lower of cost or market
$1,714,695
86.983
27.284
19.562
Net income
Dividends
$1.580.866
1,404,051
Balance, surplus
Consolidated Balance Sheet Dec. 31 1932.
Liabilities
AssetsCash
892,845 Accounts payable
Accounts receivable
2,374 Accrued liabilities
240,939 b Capital stock
Inventories
Donated surplus
Investments in and advances
to contr.cos.not consol.(net) 4,161.854 Earned surplus
Other Investments & advances
25,918
a Leases, wells, equip., &a_ _ _ 1,958,004
$176,815
$4,772
10,043
4,680,139
320,579
1,466,199
Total
$6,481,732
Total
$6,481,732
a After reserves for depreciation, depletion and intangible development
costs of $1,098,173. b Represented by 936,028 no par shares.
-V 135.
P. 3870.
--To Purchase Own Stock.
Third National Investors Corp.
-V. 136, p. 3178.
See Second National Investors Corp. above.
-New President, &c.
Tide Water Associated Oil Co.
-
The directors of this company on May 25 elected William F. Humphrey
as President to succeed Axtell J. Byles, who resigned to accept the Presidency of the American Petroleum Institute. They also elected Edward
H. Salrin a director in place of Mr. Byles and placed Alden Anderson on
the board to succeed Jackson E. Reynolds, resigned.
The directors of the Tide Water Oil Co., a subsidiary, elected Mr. Humphrey as Chairman of the board, a new position, and. elected E. L. Shea
as President to succeed Mr. Byles.
The Tide Water Associated 011 Co. announced that it planned to merge
further the operations and activities of its two major ckerating subsidiaries.
the Associated Oil Co. on the Pacific Coast and the Tide Water Oil Co. on
the East Coast and in the Mid-Continent field. The further consolidation
of these two companies, together with their underlying companies, will be
done, the statement read, 'so that the greatest advantage of the company's vast operating facilities and properties will be realized." •
Mr. Humphrey has been President of the Associated Oil Co. for several
years. Mr. Shea has been connected with Tide Water 011 Co. more than
17 years, and for the last year has been Executive Vice-President -V. 136.
P. 3555.
Tide Water Oil Co.
-New President, &c.
See Tide Water Associated Oil Co. above.
-V. 136, p. 3555.
Time, Inc.
-Extra Dividend.
An extra dividend of 12M cents per share has been delcared on the common stock, no par value, in addition to the regular quarterly dividend of
373 cents per share, both payable June 30 to holders of record June 23.
Like amounts were distributed on March 31 last.
-V. 136. p. 1904.
Tung-Sol Lamp Works, Inc.
-Earnings.
Calendar YearsNet operating profit.-Other income
1932.
$160,399
43,967
1931.
$570,361
63.924
1930.
$590,428
82.116
Gross income
fled. Incl. disc. & amort.
Federal tax provisions..
$204.366
304,388
$634,286
229,189
52.232
$672,544 $1,346.288
210,676
214,788
129,907
51.563
$352,865
182.757
228,510
$406,193 $1,005,705
236.209
182,757
289.842
342,765
$58,402
$119,329 sur$479,654
Net income
loss$100,022
Divs, on pref. stock _ -- t
263,3481
Divs. on corn, stock
1
I
Deficit
$363.370
1929.
$1,249,660
96,628
Assets
Cash
Marketable secur_
Notes & accts. rec.
Due from Mill. &
subsid. sell. cos_
Mdse. Inventories
& mdse. on con•
signment
Other assets
Fixed assets
Frauds,, licenses,
pat. rights, &c
Deferred charges--
3923
Financial Chronicle
Volume 135
Consolidated Balance Sheet Dec. 31.
1931.
1932.
Liabilities
1932.
1931.
$75,000
$182,856 $284,150 Notes payable.
$40,687
28,747
286,059
683,594 Accounts payable_
178,102
95,368 Due subs. &
5,715
3,624
selling cos
137,232 Aeon sal., wages,
86,035
royal., bonuses,
32,882
36,201
taxes and exps_.
473,931
298,500 Provision for Fed52,232
eral income tax_
407.695
235,586
2,746
3,131
756,668
831,757 Dividends payable
7,365
Deferred credit- -57.600
171,600
1,087,011 Reserves
438,617
14,582
• 10,174 x Preferred stock.. 438,617
548,424
548,424
y Common stock_
1,073,221 2,487,467
Surplus
1
$2,385,929 33,663,372
Total
Total
$2,385,929 $3,663,372
x Represented by 60.919 shares preference (no par value). y Represented
by 228,510 shares common (no par va ue). z After reserve for depreciation
of $560,215.
for the purpose of making a thorough and impartial investigation of the
charges, and to take such action for the protection of the stockholders as
may be warranted.
-V. 136. p. 2811.
-Earnings.
United Piece Dye Works (& Subs.).
Calendar Years-
Operating income
Other income
1931.
1930.
1932.
$54,738 $3,217,982 16,436,512I
291,423
323,862
84.897
1929.
Not
$139,636 $3.509,405 $6,760,374
Total income
1,479,711
1,779,269 Available
1,210,930
Expenses
1,101.649
1,159,786
1.101,461
Depreciation
97,654
455,791
Federal taxes
$830,391 $3.365.528 $3,391,320
Net profit__ _ _____def$2,172.755
480.004
487,500
462,839
Preferred dividends_ ___
446,337
1,800.000 1.800.000
450,000 1,800,000
Common dividends
def$3.069.092df$1.432,448 $1,085,524 $1,103,820
Surplus
Earns, Per share on 900,$3.22
$0.41
$3.20
Nil
000common shares__ Comparative Balance Sheet Dec. 31.
1932.
1931.
1931.
-Value of Assets.
AssetsTobacco & Allied Stocks, Inc.
.
11 2
8 .
Preferred stock.. 6, 95,600 7,026,600
Land, bldgs., maNet assets value on May 25 was $50.26 a share, as compared with a :
chine .6 equip _10,773,224 11,529,953 y Common stock.- 1,125,000 1,125,000
net asset value in January 1929, when the trust was formed of $50 a share.
1 Accts. payable &
Good-will
1
V. 136, P. 2259.
Operating on Full Time Schedule.
-
This corporation, which is the largest licensee of the General Electric Co
manufacturing automobile incandescent lamps, has stepped up its outpu
and is operating on full time schedule, President Harvey W. Harper an
nounced on May 16, the increased business being due chiefly to the increased activity in the automobile field. The company does business
directly with the largest automobile manufacturers in the country, their
daily capacity being 175,000 lamps. Sales of auto lamps to dealers selling
direct to the public also are increasing. While the company does not issue
quarterly reports, it is understood that it has earned a substantial net
profit, the announcement added.
Production of radio tubes, which division was augmented last year when
automobile lamp sales declined, are running substantially ahead of 1932.
when sales were about 75% greater than in 1931. Radio tubes are produced under a 17-year license from the Radio Corporation of America. The
greater part of the company's sales of radio tubes are not made direct to
manufacturers, but only for replacement purposes direct to the public,
consequently the decline in sales of radio sets has had no unfavorable effect
on this division of the company's business. Fifty new hands were added
to this department since May 1. The radio tubes manufactured by the
company are now distributed by more than 7,500 dealers as against 2.400
dealers on June 1 1932.-V. 136, p. 171.
Union Twist Drill Co.
-Earnings.
Calendar Years-
Manufacturing profit
Selling and general expenses
Depreciation
1932.
$183,483
295,992
111,061
1930.
1931.
$508,542 $1,255,941
540,806
424.780
206,008
144,292
Operating loss
Other inc. (int., tenement rents, &c.)
$223.570
18,966
$60,531prof$509,127
18,444
26,021
Total loss_
Cash discounts, addition to reserve
for bad debts, &c
Loss on plant items sold or scrapped
Res. for Fed. & Canadian inc. taxes..
Reserve representing excess of manufacturing burden included in inventory costs
$204,604
$42.087prof$535,148
21,962
743
$336,969
item
Adjustment of res. for 1929 taxes
Surplus at beginning of the year
3.528
3,230
4,092,715
_ Total surplus
djustment of Federal & Mass. taxes
prior years
38,217
21.643
57,000
109,660
Net operating loss
Surplus credits-Refunds of Federal
& Maas, taxes paid in prior years
& int. on such taxes less ent of
collection & less reserve for taxes
on taxable income included in this
25,778
2,314
$70,178prof$418.288
4,492,965
282.122
19
4,161,051
$3,762,504 $4.422,787 $4,861,482
1,998
Res. for loss on foreign exchange____
30,270
15,017
Surplus charges-Addit. to res. for
sink. fd. for pref. stock
107,594
62,592
62,592
Divs, paid-on Prof. stk $7 per sh_
60.922
52,101
54,384
On common stock $1 per share
200,000
196,081
192,561
Surplus, Dec. 31
$3,424,980 $4,092,715 $4,492,965
Earns, per sh. on 200,000
Nil
Nil
$1.78
olls• (Par $5) common stock
Comparative Condensed Balance Sheet Dec. 31.
Assets1931.
Liabilities
1932.
1932.
1931.
Cash
$598.362 Accts. Payable &
Accts. & notes rec.
$42,134
accrued expenses $28,907
(less reserve).... 125,480
217,705 Preferred stock_
3,129.600 3,129,600
Merchan. & supp- 1,252,999 1,458,035 Common stock_
1,000,000 1,000.000
Miscell. accts. rec.
70,125
85,132 Res.for sink.fund.
Athol HomesCorp.796,135 733,542
t stock
68500
,
stock (cost)- 68500
,
Surplus
3,424,980 4,092,714
Mind'. securities_
10,975
10.975
Plants & equipm't 3,141,793 3,221,045
Sink, fund, invest.
pref. stock
796.135
733,543
Pref, stock of co
deposit,for sink
fund requirem'ts 1,685,735 1,727.403
Good-w., pats., ace 742,105
742.105
Prepaid expenses34,336
37,899
Treas.stock-corn,
(cost)
116,107
97,286
Total
$8,379,621 $8,997,991
Total
$8,379,621 $8,997,991
x After reserve for depreciation of $2,589.606.-V. 136. p. 1219.
United Corporations, Ltd.
-Incorporated.-
U. El. Govt. scour. 1,010,312
Cash
3,043,552
Accts. receivable
857,738
693,813
Inventories
Accrued inc.on inv
2,575
Unexpired ins., &c.
48,697
Investments
307,550
3,935,808
1,456,929
1.951,909
1,139,784
9,613
61,728
307,550
518,918
accrued liab____ 325,886
114,247
110,754
Dividends payable
139,612
97,654
Federal taxes
57,032
57.032
Capital surplus_ _ _
Earned surplus_ _ _ 8,163,581 11,453,824
16,737,464 20,393,279
Total
16,737,464 20,393,275
Total
x After depreciation of $10,589,332 in 1932 and $9,983,663 in 1931.
-V. 135, p. 1176.
y Represented by 900,000 no par shares.
-Earnings.
United Profit-Sharing Corp.
Calendar YearsNet profits
Federal taxes
$107,482
1931.
$89,549
1930.
$149,218
1929.
$237,918
19,300
Net income
Preferred dividends__
Common dividends
$107,482
19,929
$89,549
19,927
$149,218
19.927
$218,618
19.925
141,931
Balance, surplus
$87.553
63,625
$69,622
17,888
$129,291
814,290
$56,761
751,062
8,370
2,241
140,000
Previous surplus
Excess provision for coupon redemption
Federal tax re.und
Total
Loss on securities sold
Profit and loss surplus
Shs.com.stk.out.(no par)
1932.
$98,121 $1,083,581
131,498
5.997
$92,124
$952,083
236,901
236,898
$0.54
Earnings per sh.on coin..
$0.29
Comparative Balance Sheet Dec. 31.
1932.
Assets LiabilitiesCash
U. S. Treas. bonds
$120,140
51,469
97,157
a232,306
101,976
260
9,764
Other market. sec_
Accts. & notes rec.
Inventories
Interest receivable
Special deposit_ _ _
Prepaidtaxes,postage, insurance,
supplies, &c____
46,864
Bond dr mtge. rec.,
3,669
Furn., fix. & impts. 143,337
C Treasury stock_
23,073
Total
$710,014
$151,178
6,570
$144,608
236.905
Nil
$101,i09
91,469
103,817
187.816
68,299
167
10,246
35,154
3,669
20,343
23,072
$605,760
Accounts payable_ $108,751
Unpaid cash and
stock dividends_
18,208
Dep. adv. for convon redemption_
4,857
Prov. for redempRon of coupons_
143,706
Provision for con2.870
tingencies
Preferred stock
199,290
Common stock_ _ _ d59,226
Capital surplus...
28,498
Earned surplus... 144,608
Total
$710,014
$807,824
$807,824
236 895
$6.84
1931.
897,488
18,850
1,925
133,883
3,014
199,270
59,225
28,499
63,625
$605,760
a Less allowance for doubtful accounts, $5,460. b Less allowance for
depreciation of $11,415. c Represented by 12.305 shares of common stock.
-V. 134, p.2741.
d Represented by 236,901 shares of no par value.
-Earnings.
United States Finishing Co.
1929.
1930.
1931.
1932.
$5,385,785 87,758,700 $8,989,566 $11.268,005
6,088,496 8.198.075 9.168.694 10,178.410
$179,128 $1.089,595
$702,711
$439,375
Net loss
17.726
64.203
22,674
Other income
4,951
$161,402 x$1,153,798
$416,701
Total loss
$697,760
77,452
. 80,134
74,511
71,671
Interest
240.572
174,511
Federal taxes, &c
$491,212
$413,366 sur$833,091
Net deficit
$769,431
252,000
161,000
Preferred dividends....
z61,136
y260,558
Common divs. (cash)_
35,000
35,000
35.000
Queens Dyeing Co. pref$526,212
$635,502 x$285,533
Balance, deficit
$804,431
121.200
124,858
124 858
124 858
Shs. corn. outst.(no par)
Nil
N'il
84.50
Earns, per sh on combin
x Profit. y In addition, 2% in common stock (2,412 shs.) was paid
on common. z In addition, 3% in common stock (3658 shs.), capitalized
at $121,933, was paid on common.
Consolidated Balance Sheet Dec. 31.
Calendar YearsGross income
Expenses, deprec., &c
1932.
Assets
-
1931.
1932.
1931.
Liabilities
-
16,000
237,484 Notes payable____
Cash
170,982
Accounts payable. 390,512
Notes & accounts
receivable
451,742
695,252 Accr. wages, taxes 179,830
Bond interest
Insurance premium
refunds
82,271 Dividend payable.
2,500
Inventories
545,763 Def. contract liab_
361,962
Sinking fund
3,623 Notes payable due
49.205
88,500
Feb. 1 1935Property account.x9,602,943 10,129.125
Deferred charges-.
67,552
84,914 Subsidiary pref... 775,000
1,474,000
Good-will
588,013
588,014 Bonded debt
40,618
Minority interest_
3,600,000
Preferred stock
Common stock...y4,161,933
563,507
Surplus
510,000
172,707
79,330
43.325
8,750
775,000
1,523,000
62,524
patent have been issued under the Seal of the Secretary of State
3,600,000
of Canada, dated May 6 1933, incorporating this company for the following
or
4,161,933
Principal purposes, viz:
1,429,876
(a) To acquire the undertaking and assets of Consolidated Investment
Corp. of Canada, a company incorporated by letters patent of the Province
Total
11,292,399 12.366,446
11,292,399 12,366,446
Total
Quebec, dated Feb. 11 1929 (see V. 136. p. 2803), for such consideration
of
x After depreciation of 24,622,597. y Represented by 124,858 shares
and on such terms and conditions as the company may determine;
no par value.
-V. 134, p. 3999.
(5) To subscribe for, underwrite and acquire by purchase, exchange or
other legal title and to hold, deal in and sell bonds,debentures,debenture
'United States Radio & Television Corp.
-merger:
stock shares, stocks and other securities and generally to make investments
William C. Grunow,President of the Grunow Corp. on June 1 announced
Of the funds or moneys of the company and to change, alter, vary or realize
a contract had been signed for t
et
merger of that company with the United
upon any investments from time to time and to reinvest the proceeds
States Radio & Television Corp
thereof
Mr. Grunow said the merg
ould be subject to the approval of stockThe United Corporations, Ltd.. will have an authorized capital stock
holders, which, he declared, "would undoubtedly
as soon
consisting of 200,000 class A shares and 500.000 class B shares, all without as the usual legal time,requirements and etc., have be forthcomingwith."
been complied
nominal or par value.
Mr. Grunow, formerly President of the Grigsby-Grunow Corp., manufacturer of radios, entered the electric refrigerator manufacturing field
-Protective Group Formed.'•--....United Founders Corp.
Announcement was made May 18 of the formation, by a group of stock- last October. The corporation at present is turning out 500 refrigerators
daily, he said.
holders representing a substantial amount of stock, of a stockholders'
Merger with the Television company, he said, was the first step in the
protective committee. William J. Keville of Boston is chairman, and
formation of a corporation which would eventually manufacture all houseMaurice B. Davis, George Brackman and Jacob Wirth are the ()Ater
hold utilities as well as radios.
-V. 135, p. 3178.
of the committee. Walter H. Barrow, 475 Fifth Ave., New
members
York, is secretary. Blau, Perlman & Polakoff, New York and Abbott and
Carroll of Boston are Counsel.
The protective committee stated that in view of serious charges made
against the management in a suit asking for a receiver recently commenced
In the Supreme Court of New York, the committee has been organized
United States Rubber Reclaiming Co., Inc.
-Transfer
Agent.
-
The Chase National Bank of the City of New York has been appointed
transfer agent.
-V. 124. p. 2394.
Western Canada Flour Mills Co.,Ltd.-Preferred Div.
-Earnings.
Universal Pictures Co., Inc.
Years EndedOct. 29 '32. Oct. 31 '31. Nov. 1 '30. Nov.2'29.
Income from operations_818,986.472 823,021,814 325,319,119 $29,111,380
Cost of sales & service- - 13,555,693 14,468.823 18,460,260 18,237,061
8,850.188
Selling & branch expense 5,871,710 6,701,629 7,668,961
Gen. & adminis. expense 1,056,509
1,890.128
1,805,741
1,388,791
Other charges
283.340
,497,439
247.156
8462,570def$2899383
851,362
153,217
8134,003
357.355
Total profit
def$1,250,283
Preferred dividends_ ___
428,392
$615.787def$2047,821
175,448
172.474
$491,358
186,028
8443,313def$2223,269
$305,330
Operating profit_ _
Other income
Surplus
def$1.678,675
Consolidated Balance Sheet.
Oct. 29 '32. Oct. 31 '31.
Oct. 29 '32. Oct. 31 '31.
Assets
LtablItties-$
Fixed assets
_ 1,788,400 2,021,400
x4,650,382 4,835,445 1st pt ef.3tock
Invest. Ft adv. to
2d pref. stock._ _ _ 2,000,000 2,000,000
attn., &c. cos
915,731 Common stock. x4,173,951 4,173,950
150,666
900,000
Cash
1,089,046 1,102,503 Real-estate mtge__ 873,582
565,671
Marketable scour.
1,200 Notes payable_ __ _ 1,049,151
258,784
Notes & accts. rec.y1,098,924 1,231,272 Adv. payments_ _ _ 280,077
Inventories
5,684,447 6,335,629 Accts. pay., &c._ 1,659,038 1,604,936
116,806
Dep. on leases, &e. 237.421
270,554 Cooling. reserve__ 218,445
Advances to proDisc. on 1st pref.
103,894
58,495
ducers &royait's 335,790
stock
202,741
Deferred charges
223,214 Surp. from revel.
212,078
Deferred salaries
of studio land._ 1,354,000 1,354,000
122,458
Notes &c. accts.
Earned surplus_ _ _ 701,103 2,194,125
res. (domestic)
not current_
423,684
Mdse. in transit to
foreign offices._
11,844
37,778
Good-will, &c_ _- 137,501
137,501
14,154,241 15,293,565
Total
14,154,241 15,293,565
Total
z Less reserve for depreciation and amortization of 83.882,221. Y Less
reserve for bad and doubtful accounts 8343,238. z Represented by 250,000
shares of no par value.
-V.136. p. 2990.
Waco Aircraft Co.
-Earnings.
-
For income statement for 3 months ended March 31 1933 see "Earnings
Department" on a preceding page. V. 136, p. 2630.
...." --Victoria Copper Mining Co.
-Final Div. in Liquidation.
Checks have been mailed in payment of final dividend in liquidation
at the rate of $0.217 per share to stockholders of record April 27.-V. 129.
P. 2094.
(John Warren) Watson Co.
-7'o Issue $390,000 Income
Debentures.
The stockholders will vote July 21 on approving a plan approved by the
board of directors to finance the manufacture and marketing of a new shock
absorber which has been developed by John W. Watson, President of the
company. The new device is known as the Watson Gyro. It is stated that
Gyro is not of the snubber type nor of the hydraulic, but that its principle
of operation is entirely new.
In outlining the plan of financing President Watson in a letter to the
stockholders says: "That the company shall author ze an ssue of $390,000
Income debentures, entitling the holder to receive non-cumulative interest,
payable only out of the available net earnings of the company,as determined
by the board of directors, up to but not exceeding $2 per annum upon each
$1 of par value, before any dividends shall be declared upon the common
and deferred common stock These debentures to be offered for subscription at par to the holders Of common and deferred common stock, upon
the basis of $3 par value of debentures for each five shares of common and
deferred common stock. I will agree to subscribe for my proportionate
share of the debentures, and to pay for the same by a credit against the
company's Indebtedness to me."
The letter reveals advances by Mr. Watson to the company as of Feb. 15
1933, and other amounts owed him as of that date for interest and back
salary and to Watson Realty Co. for rent and improvements totaling
$1 139,578.-V. 132. p. 3189.
Washington Post.
-Sold for $825,000.
The "Washington Post" was sold under the auctioneer's hammer June 1
for $825,000 to George E. Hamilton Jr., a local attorney representing an
undisclosed principal. The consensus of opinion is that the group represented by Hamilton is composed either of a Democratic group headed by
James M.Cox of Ohio or a Republican group led by Representative Chester
Bolton. Other names mentioned were John J. Raskob and Louis K.
Liggett, prominent Democrat and Republican.
Other leading bidders were Geoffrey Konta of New York, said to be a
representative of the Hearst interests, 8800,000. Mrs. Evalyn Walsh
McLean. $600.000. Bascom Timmons, correspondent, said to represent
Amon G. Carter, publisher of the Fort Worth "Star Telegram," $370.000.
William Burlburt, representing the International Paper Co., largest
creditor of the "Post." and V. V. McNitt.-V. 136. P. 2264.
Western Air Express Corp.
-Earnings.
Calendar YearsGross revenues
Total oper. caps.& depr.
1929.
1931.
1930.
1932.
$935,163 $1,295,915 $2,543.602 $2,950,922
2,649,636
983,724
1.955.789
901,959
Net profitfrom oper'ns
Other income
$33,204
37,499
$312,191 loss$106,034
12,924
Dr94,636
Total income
Provision for taxes
Loss on equipment sold
and other charges_
Net loss on Aero Corp. of
Calif., Inc
$70.702
8325,115 loss$200,670 $1.087,852
124,235
Net income
Dividends paid
$43.271
$995,132
92.720
84,633
y27,431
47,100
$193,382 loss$200.670
x131,298
31.605
$963.617
51,914
Balance, surplus
$161,777 loss$331.968
$43,271
$911.703
x Includes $16,327 dividends on pref, stock of Aero Corp. of Calif., Inc'
i 7T . liquidation losses charged to special reserve in amount of
r i es
l
i
Consolidated Balance Sheet Dec. 31.
Assets
1932.
1931.
1932.
1931.
Cash
$76,804
54,005
$677,291 $474,121 Accts. pay-trade.
Cats. of deposit
83,638
175,000 Contracts PayAccts. rec.-II. S.
Notes payable....
42,100
213,700
15,101
Government 13,766
107,287 Accrued expenses.
Accts. rec.-raiscel 140,725
14,378 5% prom. notes
Inventories
pay.July 1'34.
60,700
35,707
24,837
Deposit for purch
32,309
Reserves
97.320
of airplanes_
30,000 Corn. stk. to be isInvest. andadv.to
sued to stockallied .to, cos_
holders of Mid138,111
Sundry investmls
Continent Air
13,087
Invest.in Trans.&
Express
233,100
Western Air Inc. 2,720,899 2,720,899 7% cum. pref, stk,
17.8. Govt.& other
500
of subsidiarybonds
2,228,110 2,107,920
24,371
24,371 Capital stock
Sundry assets of
Paid in & cap.surp 1,010,386 1.010,286
Aero C,orp.of Cal
495,494
54,633 Earned surplus.-- 536,813
Land,improve, airports, hangars.
buildings, -c
:435,328
454,805
Prepaid & deferred
charges
15,754
30,448
$4,063,163 $4,248,891
Total
$4,063,163 $4,248,891
Total
x After reserves for depreciation of $394,790.-V. 136. P. 3740.
June 3 1933
Financial Chronicle
3924
A dividend of 75 cents per share has been declared on the 636% cum,
pref. stock, par $100, payable June 15 to holders of record May 31. A similar distribution was made on this issue on March 15 last, prior to which
136, p. 1581.
regular quarterly dividends of$1.62A per share were paid -V.
-Earnings.
Weston Electrical Instrument Corp.
For income statement for 3 months ended March 31 1933 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet march 31.
1932.
1933.
Assets81,569,889 $1,627,458
a Land. bicigs., mach., etc
376.191
424,815
Cash
100,370
Cert. of dep. & accrd. int
238,859
189.881
Notes, accts., etc., rec
892,096 1,271,498
Inventories
78,890
43,775
Municip. county bds., at cost & accr. int
125,610
138,080
Invest. in W. E. I. Co., Ltd., etc
68,000
Emp. sub, to corn. stk
39,964
31,664
Sundry deposits, etc. (not current)
88,940
88,940
b Class A stock, at cost
2
2
Patents and goodwill
29,766
48,924
Deferred charges
83,528,436 83,945,178
Total
Liabilities
e Capital stock
$2,500,000 $2,500,000
55,000
50,000
6% first mtge. bonds Jewell Elect, Instrument Co
41.928
20,447
Accounts payable
10,751
Federal taxes
37,062
21,693
Accrued accounts
126,939
122,585
Contingent reserves
88,940
88,940
Surp. applied to purch. of Cl. A stk
724.771 1,084,558
Unappropriated surplus
83,528,436 33,945,178
Total
a After depreciation. b Consists of 2,600 shares. c Represented by
37,400 shares of Class A and 160,600 shares of common stocks, both no-par
value. V. 136. p. 3364.
-Properties Sold.
Witherbee, Sherman & Co.
The mining properties of the company, valued at $20,000.000, were
sold at auction May 27 for $530,000 to the organization and bondholders'
protective committees.
The joint bid of the two committees was the only one received, the
organization committee being represented by James A. Stevenson Jr. of
the law firm of Sherman & Sterling of New York, and the bondholders'
protective group by R. Graham Heiner of the firm of Cotton, Franklin,
Wright & Gordon. also of New York.
The property sold included that in Clinton and Essex Counties, including
real estate, blast furnaces and ore deposits.
-V. 134. p. 3538.
-April Sales
Woodstock Typewriter Co., Chicago.
Higher.
According to President R. W. Sears, sales for April show an increase of
251% over April 1932 and a 124% increase over March 1933. Sales to
date for May indicate a continuation of this increased business activity,
he added.
Mr. Sears on May 10 further reported that this upturn in business is
general,coming from all parts of the country and from both the commercial
and school fields. In the school field, Woodstock has been awarded large
orders for new,late model Woodstocks from boards of elucation in principal
cities throughout the country, such as New York, Pittsburgh, Minneapolis,
Kansas City, Dayton, &c.
The Woodstock factory at Woodstock, Ill., is operating full time, ful
orce, Mr. Sears stated.
Wyoming Development Co. and Wheatland (Wyo.)
-Reconstruction Finance Corporation Loan.
Industrial Co.
The Reconstruction Finance Corporation, through an agreement May 27
to Purchase 8125,000 worth of the 6% joint bonds or notes of the Wyoming
Development Co. and the Wheatland Industrial Co. of Wheatland, Wyo.,
will assist those applicants in irrigating about 50,000 acres of farm land
in southeastern Wyoming. The applicants will use this fund in excavating
a canal four miles long from their present storage reservoir on the Laramie
River and in building a dike across a valley to obtain additional storage
totaling 81,600 feet.
The Wyoming Development Co. was incorporated as a private corporation
In 1883 in Wyoming, and owns approximately 10,800 acres of the tract to
be irrigated, while the Wheatland Industrial Co. owns about 1,100 acres.
The loan was authorized under the provisions of Section 201 (a), paragraph
3, of the Emergency Relief and Construction Act of 1932.
Yukon Gold Co.
-Earnings.
-1931.
1929.
Years End. Dec. 311930.
1932.
851,468
$705,620
Operating profit
$267,264
841,353
11,066
397,971
Other income
26.441
87.985
862.534
Total income
$293,705 81.103.591
8129.338
189,335
211.810
284,817
Taxes, int., &c_ 167,612
27,017
62,441
92,247
Depletion_
22.397
12,341
Exchange loss
225,724
231.982
285.859
99,547
Depreciation__ _ _
Examination exp
125,261
Construction, eq., warehouse stk., &C.. writeoffs
1,115,323
2,924
7.848
Miscellaneous
$394,808
Net loss
$1,400.803
3220,375prof$440,668
Balance Sheet Dec. 31.
Ltabtli
1931.
1932. IRS 1931.
1932.
AssetsProp. & inveet___x$1,812,773 $2,341,171 Pacific Tin Corp.
DIMON
notes & interest-$4,742,970 $5,579,799
Constr. & equip-- y736,504 1,212,336
28,831
25,315
188,887 Accounts payable_
35,248
Deferred charges__
52,207
219,186 Res've for replace_
57,899
Material &suppl._ 160,824
Capital stock and
Elkoro Mines Co.
surplus
259,171
det1,141,832
779,305
notes & Interest.
75,000
MalayStates Tin,
267,288
Ltd., advances. 282,592
25,083
Ace'ts receivable...
18,888
Metal inventory_ _ 208,280
208,280
Tin ore In transit__
9,866
22,792
Call loans & prime
50,000
bankers'accep.
Cash
131,652
618,603
N. Y. State notes_ 200,000
Total
$3,684,552 $6,920,006
x After depreciation of $14,851,579.
•V. 135. p. 315.
Total
$3,684,552 $5,920.006
y After depreciation of 810,515.022.
CURRENT NOTICES.
-The New York Stock Exchange firm of F. S. Moseley & Co., one of
the oldest and best-known commercial paper houses in the country, will
take over a large part of the middle western organizations of the former
Chase Harris Forbes Corporation in Chicago, St. Louis, Indianapolis and
Louisville, it is announced by Fletcher Garlock, who will be manager of the
bond department of the Moseley firm in Chicago and was former head of
Chase Harris Forbes Corporation there. Offices will also be maintained in
Louisville, St. Louis and Indianapolis.
The Chicago office of F. S. Moseley & Co. will be combined with the
new organization and quarters will be maintained in the Field Building,
The Moseley firm will continue with its commercial paper and stock business as heretofore. The investment department will act as middle western
correspondents for the firm of Starkweather & Co., Inc. of New York
headed by John K. Starkweather, former executive vice-president of the
Chase Harris Forbes Corporation.
Volume 136
Financial Chronicle
3925
geports and glocnnunts.
PUBLISHED AS ADVERTISEMENTS
THE NEW YORK CENTRAL RAILROAD COMPANY
EXTRACTS FROM REPORT OF THE BOARD OF DIRECTORS TO THE STOCKHOLDERS FOR THE YEAR
ENDED DECEMBER 31, 1932.
To the Stockholders of
The New York Central Railroad Company:
THE YEAR'S BUSINESS
The continued unfavorable business conditions throughout
the year are reflected in the substantial decreases in freight
and passenger traffic.
Operating revenues were $293,636,140.28, a decrease of
$88,554,042.61 (23.17%).
Revenue freight handled amounted to 86,322,846 tons, a
decrease of 27,428,104 tons (24.11%), the revenue therefrom being $193,328,131.69, a decrease of $52,568,955.65
(21.38%).
As shown by the appended statement of commodities
handled (pp. 44-47 [pamphlet report]), there were some increases in the movement of vegetables, sugar beets, packing
house products, dressed poultry and dairy products, but
decreases were general throughout the remainder of the list.
Some of the commodities in which major decreases occurred,
with accompanying loss of revenue, were:
Decrease. Revenue.
Tons.
Bituminous coal
39,212.478 7,604.198 $46,530,326
Anthracite coal
5,422,607
4,565.682 871.985
Gravel,sand & crushed stone 2.241,827 2,882,252
1.684,271
Petroleum, refined and all
other gasolines
3.422,373 615,514 9,252,494
Lumber. shingles and lath
2,195,744
926,395 658,612
Iron and steel articles, rated
5th class
1,314.392 1,128.300 4,301.521
Cement
1,326,672 943,594 2,143,291
Automobiles, auto trucks,
parts and tires
862,655 561.605 7,216,761
Manufactures and miscellaneous
6,223,347 2,312.403 23,041,885
Decrease.
$7.826,232
1,310,451
1.975,182
1,660.809
1.625.391
2,908,851
1,421.851
4.002,641
7,269,056
The company carried 50,781,188 revenue passengers, a
decrease of 12,385,723, the distribution being: interline
passengers 498,422, a decrease of 20.86%, local passengers
3,494,430, a decrease of 23.09%, and commutation passengers 8,392,871, a decrease of 18.39%. Revenue from passengers amounted to $60,151,921.88, a decrease of $26,152,586.08 (30.30%).
Net railway operating income was $20,812,987.33, a
decrease of $7,262,591.23. Operations for the year resulted
in an income deficit of 818,256,400.68, after deduction of
charges for depreciation and retirements amounting to
$23,123,110.56, as compared with net income of $2,430,101.13 in 1931.
INCOME ACCOUNT FOR THE YEAR
[Including Boston & Albany Railroad, Ohio Central Lines, Michigan Central
Lines, and Big Four Lines.]
Year Ended Increase (+) or
Year Ended
Dec. 31, 1932. Dec. 31, 1931. Decrease (—).
11.438.32 Miles 11,388.48 Miles +49.84 Miles.
Operating Income—
Operated.
Operated.
Railway operations:
$
$
Railway oper. revenues_293,636,140.28 382,190,182.89 —88,554,042.61
Railway oper. expenses-227.176,620.18 307,065,680.57 —79.889,060.39
Net revenue from railway operations_ ___ 66,459,520.10 75,124.502.32 —8,664,1,82.22
Percentage of expenses to
revenues
(80.34)
(77.37)
(2.97)
Railway tax accruals- - 30,083,641.76 32,215,328.92 —2,131.687.16
Uncollectible ry.revenues
90,672.27
102,942.29
—12.270.02
Railway oper. income_ 36.285,206.07 42,806.231.11 —6,521,025.04
Equipment rents, net
debit
11,281,581.30 11,772.767.61
—491.186.31
Joint facility rents, net
debit
4,19(1.637.44
2,957,884.94 +1.232,752.50
Net railway operating
Income
20,812.987.33 28,075,578.56 —7.262.591.23
Miscellaneous operations:
•
Revenues
745,324.36
909,761.13
—164,436.77
Expenses and taxes
692.470.06
828,709.31
—145.239.25
Miscell. oper. income_
61,854.30
81,051.82
—19.197.52
Total operating income
20,874.841.63 28.156,630.38 —7,281,788.75
Non-Operating Income—
Income from lease of road_
126,361.35
162,612.99
—36,251.64
Miscellaneous rent income 4,785.431.96 5.993,993.85 —1,208.561.89
Miscellaneous non-operatphysical property-- _ 3,545,802.10 3.664,353.75
ing
—118.551.65
Separately operated properties—profit
139,478.82
336,321.20
—196,842.38
Dividend income
6,817,340.28 16,143,262.36 —9,325.922.08
Income from funded securities and accounts
5,218,299.23 5,504,934.06
—286.634.83
Income from unfunded securities and accounts
2,562,572.74 3,566,470.35 —1,003,897.61
Income from sinking and
other reserve funds
187,565.87
186,308.55
—1,257.32
Release of premiums on
funded debt
33,410.41
31,056.76
+2,353.65
Miscellaneous income
207,175.31
144.670.01
4 62
- .505.30
Total non-oper. income.. 23,622.180.7b 35,735,241.20 —12.113.060.45
44,497.022.38 63.891.871.58 —19,394,849.20
Gross income
Deduction.:from Gross Income—
25,659,829.82 26,383,108.64
for leased roads
Rent
—723,278.82
Miscellaneous rents
1,504.886.57
1,495.709.56
+9.177.01
Miscellaneous tax accruals_ 2,515,288.29
1,936,442.32
+578,845.97
Separately operated Properties—loss
93,906.98
114,193.86
—20,286.88
Interest on funded debt..... 28,348,689.95 28.159,311.42
+189,378.53
2,067,979.83 +1.920.250.64
Interest on unfunded debt_ 3.988,230.47
Amortization of discount on
471,457.35
508,949.31
—37,491.96
funded debt
maintenance of investment
organization
18,251.04
14,922.25
+3,329.79
152,881.99
781,153.26
Miscell. income charges--..
—628,271.27
Total deductions from
62.753,422.46 61,461,770.45 +1,291,652.01
gross income
Year Ended
Year Ended Increase(+) or
Dec. 31, 1932. Dec. 31, 1931. Decrease (—).
11.438.32 Miles 11,388.48 Miles +49.84 Miles.
Operated.
Operated.
Net deficit(incomefor 1931) 18,256,400.08
Sinking and other reserve
funds
Income appropriated for
investment in physical
property
Miscellaneous appropriations of income
Total appropriations of
Income
2,430,101.13 +20.686.503.21
65,418.35
119,913.33
100.00
—100.00
4,731.69
833.46
+3.898.23
70.150.04
120,846.79
—50,696.75
Deficit for the year (surplus for 1931)
18,326,550.12
—54,494.98
2,309,254.34 +20,635,804.46
PROFIT AND LOSS ACCOUNT
Balance to credit of profit and loss, December 31. 1931.._ - _$267,691.835.49
Additions—
Profit on securities sold (net)
$25,416.97
Profit on property sold (net)
5,056,763.89
5,082.180.86
$272,774.016.35
Deductions—
Deficit for the year 1932
$18,326,550.12
Depreciation prior to July 1, 1907, on equipment retired during the year
384,220.71
Loss on property retired
510.340.33
Unamortized discount on funded debt
13.100,659.54
Accounting adjustments in connection with
sundry properties in Grand Central Terminal area
1,677.902.33
Sundry adjustments (net), unrefundable
overcharges and uncollectible accounts__ _
149,822.22
34.149,495.25
Balance to credit of profit and loss. December 31, 1932—$238,624,521.10
OPERATING EXPENSES
Operating expenses were as follows:
Group—
Maintenance of way and structures
Maintenarce of equipment
Traffic expenses
Transportation eAnenses
Miscellaneous operations
General expenses
Transportation for investment—credit
Total
Increase (+) or
Amount.
Decrease (—).
$28,286,248•54 —$20,105.604.57
64.788,861.43 —16,723.063.67
6.788.434.85
—2,074,395.63
110.546,896.83 —35,754,652.09
4,197,334.56
—2,053,232.87
12,615,284.45
—3,382,216.28
44,440.48
+204,104.72
-S227,176,620.18 —$79.889,060.39
The decrease in operating expenses represents a reduction
of 26.02%, as compared with the decrease in operating
revenues of 23.17%. The operating ratio was 77.37 as
compared with 80.34 in the preceding year.
Reductions ranging from 10 to 20% in all salaries of more
than $350 per month which became effective during the
previous year, the general reduction of 10% in wages which
became effective February 1, 1932, a further reduction of
5% in all salaries in excess of $300 per month which became
effective July 1, 1932, and reductions in personnel and days
worked were factors contributing largely to the decreased
cost of operation.
In accounts comprising the maintenance of way and
structures group, there was a decrease of $20,105,604.57
(41.55%),largely appearing in accounts for roadway maintenance, elevated structures, track laying and surfacing, tie
and rail renewals, station and office buildings and signals
and interlockers.
The cost of maintaining equipment decreased $16,723,063.67 (20.51%). A restricted program of repairs, reduced
depreciation charges and reductions in salanes and wages
and in the cost of materials resulted in substantial decreases
in all important accounts except retirements. Charges for
depreciation and retirements together totaled $23,123,110.56, a decrease of $3,276,362.46. Due to the retirement
of 644 locomotives, 9,193 freight, 195 passenger and 837
work cars as against 44 locomotives, 2,872 freight, 3 passenger and 159 work cars during 1931, a substantially larger
proportion of these charges was made for retirements, which
increased $8,702,472.46.
The decrease of $2,074,395.63(23.40%)in traffic expenses
resulted from the reductions in salaries and wages, reduced
personnel and decreased cost of tariffs.
Transportation expenses decreased $35,754,652.09
'24.44%), due to diminished traffic and reductions in
personnel, salaries and wages, there having been substantial
decreases in all important accounts in the group.
The cost of miscellaneous operations decreased $2,053,232.87 (32.84%), the largest decrease being in the cost of
dining car operation, due to the curtailment of that service.
General expenses decreased $3,382,216.28 (21.14%) as a
result of reduced salaries and wages, reduced personnel,
fewer days worked and a reduction in pensions and in
valuation expenses.
As a result of less construction and improvement work,
the credit for transportation of men and material decreased
$204,104.72.
For comparative balance sheet, &c., see "Annual Reports" in
Investment News columns.
3926
Financial Chronicle
June 3 1933
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
tributed to the market's strength. Spot raws continued quiet
and firm as to price. On the 31st after advances into new
high ground futures reacted and at the close were unchanged
to 1 point higher. Estimated sales were 33,700 tons. Cuban
raws sold at 1.49c. cost and freight, which made a new high
Friday Night, June 2 1933.
COFFEE on the spot early in the week was quiet, with for the year. Duty frees were 3.30c. and refined strong
Santos 45, 93 to 93'c.; Rio 7s, 83c.; Victoria 7-8s, 8c. at 4.50c. Total sales of raw sugar were approximately
Cost and freight offers were light on the 27th. Quotations 16,000 bags Porto Ricos and 55 bags of Cubas. The advance
generally ranged from 8.40 to 8.60e. for basis Santos 4s for to 1.49c. brought spot prices within 1 point of the goal of
prompt shipment. The stevedores' strike at the port of 1.50c., which has been hoped for for so long. Refiners are
Santos has had little if any effect on prices as yet. Futures apparently pretty well stocked but with the present proshere on the 27th advanced in company with stocks, grain pects for favorable tariff action and the slower competition
and other commodities. The net rise for the day was 13 to from Porto Rico and the Philippines are expected to be
19 points on Rio contracts, and 14 to 20 points on Santos. back in the market before long.
On the 1st inst., futures ended 3 to 5 points lower on reThere was a better demand but the volume of business did
not show any material increase. On the 29th futures closed newed liquidation. The London market was weaker. In
unchanged to 5 points higher on Santos, and 3 to 11 points the raw market 10,000 bags of Puerto Ricos in port sold
Up on Rio. Buying by Wall Street was an important factor at 3.30c. delivered and 1,500 tons of Philippines second
in the rise. The stevedores' strike at Santos has not af- half June arrival at 3.45c. Futures closed with July at
fected the market as yet. Spot business was still smalh 1.47 to 1.49c.; Sept. at 1.51c.; Oct., 1.54c.; Dec., 1.58 to
Cost and freight offers showed no change. Rio 7s for 1.59c.; Jan., 1.60 to 1.64c.; March at 1.65c. and May at
immediate shipment were held at 7.25e. On the 31st 1.700. To-day futures advanced 4 to 5 points and touched
futures rose 5 to 8 points on the Santos contract and 3 to 7 new high levels for the year. A cargo of spot Cubas sold
on the Rio. Total sales amounted to 14,000 bags. Spot for 1.50c., also a new high for the year. To cap the climax
and cost and freight prices remained unchanged. The refined went to a new high when quotations were raised 10
feeling in the trade was that the Grain Stabilization coffee points to 4.60c. Final prices show a rise for the week of
to be sold on June 1 would attract favorable prices. This 6 to 7 points.
Sugar prices closed as follows:
helped the market for futures. On the 1st inst. Santos
July
1.52!January
1.64
futures here closed unchanged to 6 points higher, but Rio September
1.55 March
1.69
futures were 2 to 4 points lower; sales, 44 lots of Santos and December
• 1.621
7 lots of Rio. The strength of the stock market and exLARD futures on the 27th were 17 to 22 points higher on
pectations that favorable prices for the Farm Board coffee the strength of grain and commodities generally. Hogs
would be paid caused the advance in Santos contracts. were 5c. higher. On the 29th futures declined 5 to 7 points
After the close the Farm Board sale of the full June allot- on an increased hog movement. Exports were 395,425 lbs.
ment of 62,500 bags was announced at 9.31 to 9.76c., or to Southampton, Antwerp and Oslo. Cash lard dull; prime
about what was expected. Spot coffee was quiet, with 7.10 to 7.20e.; refined to Continent 734c.; South American
Santos 4s quoted at 9 to 93c.; Rio 7s at 7%c., and Victoria 734 to 73/2c. On the 31st prices declined 3 to 10 points with
7-8s at 73c. Maracaibo, Trujillo, 93' to 10c.;fair to good grain weaker and packers selling. Exports were 2,796,130
Cucuta, 10% to 113(c.; washed, 11%. to 124c.; prime to lbs. to United Kingdom ports, Glasgow, Hamburg and Rot%
choice, 103 to 113 c. Colombian, Ocana, 934 to 10c. terdam. Hogs were lower. Cash lard was easier; prime
%
%
Bucaramanga, natural, 103j to 103c.; washed, 11 to 1134c. 7 to 7.100.; refined to Continent 7 Mc.; South American 73 c.
%
Honda, Tolima, Giradot and Manizales, 10 to 103O. Futures on the 1st inst. weaker grain and expectation of a
Medellin, 1034 to 10%c. Armenia,103 to 1034c. Mexican, fairly large increase in lard stocks caused a decline of 7 to 10
washed, 934 to 1034c. Liberian, Surinam, 83. to 834c. points. There was a good investment demand at one time.
East India, Ankola, 18 to 25c. Mandheling, 18 to 25c. Liverpool closed 6d. to 9d. lower. Exports were 237,110
%
Genuine Java, 17 to 210. Robusta, washed,85 c.; natural, lbs. to Cork and Manchester. Stocks for the last half of
834c. Mocha, 1234 to 13c. Harrar, 11% to 123'c. May issued after the close showed an increase of 8,478,497
Abyssinian, 1034 to 10%c. Guatemala, prime, 1034 to lbs. and are now 44,042,888 lbs. against 62,951,152 lbs. for
Ile.; good, 10 to 1034c. Bourbon, 934 to 99c. To-day the same time last year. To-day futures closed 12 to 20
the market advanced on buying by commission houses and points higher in sympathy with rise in securities and comEuropean interests and a stronger stock market. The net modities generally. Final prices are 15 points higher for
change for the day was 1 to 7 points higher on Rio contracts the week.
and 2 points lower on Santos July. Final prices were 30 to DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Sat.
Wed. Thurs.
Fri.
31 points higher for the week.
6.72
July
6.77
--6.65
6.55
6.75
Rio coffee prices closed as follows:
6.95
6.90
--September
6.82
6.72
6.90
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUS1•
NESS ACTIVITY.
July5.76I March
5.651May
September
5.521
December
5.48
5.44
Santos coffee prices closed as follows:
7.77
July
8.341December
September7.68
7.97 I March
COCOA to-day ended 14 to 15 points higher with sales
of 378 lots. Warehouse stocks in New York showed a decline for the 16th successive day. They are now 735,253
bags. Prices reached new highs for the year. July closed
at 4.540.; Sept. at 4.68c.; Oct. at 4.750.; Dec. at 4.89e.;
Jan. at 4.94c.; Mar. at 5.060. and May at 5.17c. Final
prices are 35 to 37 points higher than a week ago.
SUGAR.
-On the 27th futures prices closed 1 to 3 points
higher. Speculation was broader on the Washington news
and sales totaled 27,000 tons. Both raw and refined sugar
remained unchanged in price. On the 29th prices advanced
3to 4 points in active trading. Public interest was awakened
again and speculative as well as trade buying had its effect.
Persistent reports continued of an announcement before
long by the Tariff Commission .of a drastic change in the
Cuban differential. The inflationary movement also con-
October
6.82
6.75
6.87
Season's High and When Made. I Season's Low and When Made.
May
3.82
May 18 1933 MaY
Dec. 6 1932
6.77
July
May 12 1933 Jul,
3.92
6.95
Feb. 21 1933
4.02
8eptember
May 18 1933 Seetumber
7.12
HOGS.
-On the 27th prices again started upward toward
the high of $5.50 reached on May 18, after a week of steady
but lower quotations. The top for the day was $5.15,
with $5.05 the average trading price. This showed an
advance of $1.85 compared with the same day last year,
with current demand improving. On the 29th prices declined
5 to 10e. on larger receipts and a more cautious tone over
the holiday. Receipts at Chicago were 42,000. The top
price was $5.10, but the bulk of the business was at $4.95 to
$5.05. Light lights were $4.50 to $5.00; light weights, $4.75
to $5.10; medium weights, $5.00 to $5.10; heavy weights,
$4.90 to $5.10, and packing sows, $4.25 to $4.75. On
the 31st there was a break of 10 to 200. at Chicago as a
result of a run of 40,000 after one of 45,000 on Monday.
Trading was active as the higher prices ruling for fresh
pork stimulated demand. Good heavy hogs were the best
sellers. Prices at the close were from $4.25 to $5.00, with
Financial Chronicle
Volume 136
most of the trading done at $4.85. Hogs,were 5e. lower on
the 1st inst. with the top $4.95. Receipts fell off somewhat, totaling 23,000 at Chicago.
PORK steady; mess $19.75; family $18., nominal; fat
backs $14.50 to $15. Beef firm; mess nominal; packet,
nominal; family $12.50 to $13.50; extra India mess nominal.
Cut meats firm; pickled hams 4 to 6 lbs. 6%e.; 6 to 8 lbs.
6%c.; 8 to 10 lbs. 63c.; 14 to 20 lbs. 113c.; 22 to 24 lbs.
%
10c.; pickled bellies, clear, f.o.b. New York 6 to 8lbs. 103c.;
%
8 to 10 lbs. 10%e.; 10 to 12 lbs. 109/sc.; bellies, clear, dry
salted, boxed New York 14 to 20 lbs. 83 e. Butter, cream%
ery, firsts to premium marks and higher score than extras
2
203/i to 229/c. Cheese, flats 17 to 2134c. Eggs, mixed
colors, checks to special packs 11 to 16e.
OILS.
-Linseed was steady at 8.4e. for tank cars. Deliveries are of fair volume. Cocoanut, Manila, coast tanks
3M to 33c.; tanks, New York, spot, 33'e. Corn, crude
tanks, f. o. b. Western mills, 43% to 5c. China wood, New
York drums, carlots, delivered, 63c.; tanks spot,6 to 63e.;
%
Pacific Coast tanks, 5%e. Olive, denatured, spot, Greek
drums, 64 to 650.; Spanish drums, 68 to 69c.; shipment
carlots, Greek, 62 to 630.; Spanish 65 to 66e. Soya bean,
tank cars f. o. b. Western mills, 5.5 tv5.7c.; carlots delivered
drums, New York, 6.5 to 6.60.; L. C. L.,6.9 to 7c. Edible,
olive, $1.35 to $1.55. Lard, prime, 9c.; extra strained
winter, 73c. Cod, Newfoundland, 23c. Turpentine, 45
to 48e. Rosin,$4.25 to $5.45.
COTTONSEED OIL sales to-day, including switches,
41 contracts. Crude S. E. 114 under July bid. Prices
closed as follows:
Spot
June
July
August
September
5.25
5.25
5.39
5.40
5.55
October
November
December
January
5.60
5.63
5.70
5.75
PETROLEUM.
-Tank car prices for gasoline were
higher. The Standard Oil Co. of New Jersey raised the
price of above 62 octane Yie. to 5c. while below 62 octane
was lifted to 43 e. at refineries. The Hartol Products Co.
4
made a similar increase. Other large companies are expected
to follow. Now that the gasoline war in New Jersey is
ended there is a strong belief that prices in the metropolitan
area will be advanced very soon. Domestic heating oils were
quiet and easier. Grade C bunker fuel oil was steady at 750.
refinery. Diesel oil was rather quiet at $1.65 same basis.
Kerosene of late was a little more active with 41-43 water
white in tank cars at refinery quoted at 43 to 5c. Penn4
sylvania lubricating oils were in better demand and firmer.
Tables of prices usually appearing here will be found on an earlier page in
our department of "Business Indications," in an article entitled "Petroleum
and Its Products."
RUBBER on the 27th advanced 43 to 57 points on excited
buying as the result of the new legislation eliminating the
gold clauses from domestic and international obligations.
There was a good outside demand. Sales amounted to 5,410
tons. July ended at 5.66c.; Sept. at 5.98c.; Oct. at 6.02e.;
Dec. at 6.13c.; Jan. at 6.22e.; Feb. at 6.30c.; March at 6.38e.
London ended M to 5-32d higher. Singapore was 3-32d up.
On the 29th futures rose 18 to 20 points to new high levels.
The advance was attributed to covering of shorts, better
cables and the strength of other markets generally. London
was 3-32 to 5-32d higher and Singapore was Nd up. July
here closed at 5.94c.; Sept. at 6.14c.; Oct. at 6.22c.; Dec. at
6.33 to 6.39c.; Jan. at 6.430.; March at 6.61 to 6.65c. and
April at 6.70e. Futures on the 31st ended 30 to 47 points
higher on reports that definite action would be taken by the
Dutch and British on restriction and strong cables. At one
time March was up 138 points. Prices touched the highest
levels seen since March 1931. June closed at 6.200.; July
at 6.26e.; Sept. at 6.55 to 6.600.; Oct. at 6.62e.; Dec. at 6.76
to 6.78e.; Jan. at 6.86c.; Feb. at 6.96c.; March at 7.07 to
7.090. and April at 7.17c. London was up 3-16d to 7-32d.
Singapore advanced 5-32d to 3-16d. On the 1st inst. the
trend was lower in the early trading but late came a rally and
prices ended at a net advance of 7 to 20 points with sales of
7,430 tons. June closed at 6.40c.; July at 6.45c.; Sept. at
6.62c.; October at 6.71e.; Dec. at 6.86 to 6.89c.; January at
7. to 7.02e.; March at 7.16 to 7.19c.; and April at 7.25c.
Outside prices: plantation R. S. sheets, spot and June 63sc.;
/
-March 7Me.; spot
%
July-Sept. 65 c.; Oct.-Dec. 63/sc.; Jan.
standard thin latex 73ic.; standard thick latex 6%c.; clean
/
thin brown No. 2 53sc.; rolled brown crepe 43/8c.; No. 2
20.;
amber 5Y No. 3,59/sc.; No.4, 53ic.; Para, Acre fine spot8
4
2
to 83/c.; upriver fine spot 73 to 83jc. London unchanged to
3
1-16d. lower. Singapore was up 3-32d to /01. To-day
futures closed 5 to 25 points net higher after early weakness.
3927
Malayan shipments for May were larger than expected and
it is estimated that stocks in Great Britain will show an increase of 1,000 tons. July closed at 6.50c.; Sept. at 6.82
to 6.83e. Malayan shipments during May totaled 42,902
tons against 36,685 tons in April and 40,297 in May 1932.
For the first five months of 1933, shipments were 205,806
tons against 201,516 in the same time last year.
HIDES.
-On the 27th futures moved from 25 to 52 points
higher in company with securities, grains and commodities
of all sorts. Trading was on a larger scale and buying by
leather interests was noticeable. Leather prices have been
advancing with raw hides and skins in consequence of the
increase in shoe manufacture. Spot hides were active
and strong, with heavy native steers, butt brands and light
native cows selling on a basis of 11e. Calfskins and country
hide prices were also firm. On the 29th futures moved up
again and closed 28 to 40 points higher. Speculative
interest was greater than for some time and the tone of the
spot markets was very firm. Big packing interests have
not been offering in any volume although Chicago reported
sales of about 100,000 hides last week at Mc. advance.
South American prices were steady,as were those for domestic calfskins and country hides. On the 31st futures ran
up 30 to 45 points more with trading active and spot markets strong. Packer hides sold at the highest price in over
two years. At Chicago it was estimated that over 25,000
hides changed hands and prices realized were at a full cent
advance over the prices of the previous Monday. Native
steers, butt brands and light cows sold at 12e. and Colorado
steers and heavy cows at 11Me. On the 1st inst. futures
closed 4 to 25 points higher after being 15 to 35 points lower
at one time. Sales of 40,000 domestic spot hides were
reported and there was an advance of lc. in the Argentine
frigorifieo hide market. There was a good demand and a
fair amount of new buying was noted. June closed at
12.350.; Sept. at 12.95 to 12.99e.; Dec., 13.10 to 13.20c.,
and March at 13.48c. Packer,native steers, 12e.; Colorados,
Chicago, light native cows, 12c.; New York City calfskins, 9-12s, $2.10; 7s, $1.20 to $1.35. To-day raw hide
futures went into new high ground for the year in an active
market. Prices advanced 15 to 30 points to 12.50c. for
.June; 13.15 to 13.250. for Sept.; 13.40 for Dec., and 13.65e.
for March. Final prices 162 points higher on Sept. for
the week.
OCEAN FREIGHTS of late were more active.
CHARTERS included grain berthed Montreal and Sorell. June 1-10.
22% loads Antwerp. 4Mc.,• 35.000 qrs. Montreal, first half June, United
Kingdom, Is. 4Md.; 30,000 qrs. Montreal, June 1-10, United Kingdom.
Is. 3d. Grain booked: 10 loads, Montreal-Hamburg, 5Me.; 133i loads.
New York, Havre, Dunkirk, Bordeaux, St. Nazaire, June. Sc.; 4 loads.
load, Montreal-Mediterranean, 7c.:
Montreal-Antwerp, June, 4Mc.;
booked: Montreal-Antwerp. 4%c.• a few loads to French Atlantic from
New York. Sc., and some to damburg, 6c. Sugar: Cuba to French
Atlantic, 13c.
TOBACCO was in better demand pretty near everywhere
in the country. Chicago reported increased sales. Cincinnati advices stated that cigar demand was improving and
that sales of cigarettes have also increased. The Milwaukee
market was more active. The A.& P.grocery stores reduced
prices of cartons of 200 cigarettes to 99 cents each without
matches. The package price, two for 21 cents, remained
the same. Havana advices stated that the prolonged dry
spell in Santa Clara province is delaying bundling. Sales,
however, are holding up well. Vuelta, Abajo reported fair
activity. Springfield reported sales of 246,185 lbs. of loose
leaf for the week ending May 17th at an average of $5.80.
The total for the season is now 20,692,425 lbs. at an average
of $7.33. Sales last season at corresponding date were
22,063,835 lbs. with average $6.58. Richmond, Va.,reports
show that leaf tobacco exports from that State fell off about
136,000,000 lbs. in 1932 as compared with 1931, the total
being 134,895,000 lbs. against 270,644,000 lbs. respectively.
In terms of value the decline was 56%, being $59,174,000 in
1931 and $26,261,000 in 1932. Exports of all kinds last year
aggregated in value $45,015,000 as compared with $80,310,000 in 1931.
COAL.
-Reports from the trade have been conflicting.
Retail dealers complain that the month of May has been
almost unprecedently dull owing to the cool weather prevailing during much of the month. On the other hand, the
domestic price tendency has been unquestionably upward
with additional increases forecast before the end of June.
Deliveries to the Great Lakes from Chicago have been fairly
heavy and June contract prices are firmer. Alabama coal
prices are higher and Southern dealers report a tendeny to
build up inventories. In the Pittsburgh district, the Pittsburgh Coal Co., the Keystone Coal & Coke Co. and the
Jamieson Coal & Coke Co., employing several thousand
men, have given a 10% wage increase. New regional sales
agencies are being formed in both the Alabama and Pittsburgh districts somewhat along the lines, it is understood,
of Appalachian Coals,Inc. During the week ended May 20,
production of bituminous was estimated at 5,050,000 net
tons against 5,080,000 during the preceding week and
3928
Financial Chronicle
4,298,000 last year. Anthracite production was 664,000
tons against 724,000 the previous week and 698,000 for the
same week of 1932. There was a firmer tone later in the
week, due primarily to the shut-down over Memorial Day.
The strength in prices, however, was very evidently due
more to the curtailment in mining rather than any increased
demand. Industrial consumption of bituminous coal for the
country in April showed a small seasonal decrease.
SILVER futures on the 27th closed 90 to 115 points higher
after sales of 5,150,000 ounces. Bar silver was up lc. to
343c. here, while the price at London was 18%d. Futures
on the 29th closed 20 points lower to 5 points higher. The
sharp advances in other metals had little effect. Sales were
5,650,000 ounces. June closed at 34.70 to 34.80e.; July
at 34.95c.; Aug. at 35.20c.; Sept. at 35.50 to 35.59e.; Oct.
at 35.75c.; Dec. at 36.30c.; Jan. at 36.50c.; March at 36.90c.,
and May at 37.30c. On the 31st futures were 70 points
higher on the average. Bar silver was up %c. to 35Mc.
here, and the London price was Md. higher at 19 1-16d.
June closed here at 35.39c.; July at 35.69c.; Aug. at 35.95c.;
Sept. at 36.20c. to 36.25c.; Oct. at 36.48c.; Dec., 36.99 to
37c.; Jan., 37.20c., and March, 37.60c. On the 1st inst.
futures ended 15 points higher on the average with sales of
5,600,000 ounces. Bar silver was off W. to 347 e. at
A
New York, while London was 18%d. Washington adviees
stated that the delegates from the United States to the
World Economic Conference would advocate a bimetallic
backing for the world currencies, with 20% coverage in gold
and 5% in silver. June closed at 35.70c.; July at 35.80c.;
Sept. at 36.35 to 36.40c.; Oct., 36.52c.; Dec., 37.15c.; Jan.,
37.35c., and March, 37.75c. To-day futures advanced 10
to 23 points. Bar silver here rose %c. to 35%c. June
closed at 35.80c.; July at 35.900.; Sept. at 36.600.; Dec. at
37.30c.; Jan. at 37.50c.; March at 37.90c., and May at
38.30c. Final prices are 190 to 220 points higher than a
week ago.
COPPER early in the week was sold at 7W. here, while
the foreign range was 6.95 to 7.30c. Here securities and
commodities aided the rise. Later on the domestic price
advanced to 73/2c. Some 5,000,000 lbs., it is estimated,
were sold at the new high price. There was an equally good
demand abroad where prices ranged from 7.35 to 7.42 Mc.
London was higher. Later the price went to 8c. for domestic
delivery and 7.80 to 7.850. abroad with a good demand.
Leading wire makers advanced prices M to W. and brass..
makers marked up prices Mc., except for phosphor bronze,
which was lifted lc. London on the 31st inst., rose 2s. 6d.
on standard at the first session, but declined 5s. at the second
session. Late in the week the domestic price was maintained
at 8c. by large producers, but some hand copper for prompt
delivery was available at 77 c. The demand fell off to some
A
extent. The foreign range was 7.95 to 8c. There was a
good demand for fabricated copper products. In London on
the 1st inst., spot standard advanced 2s. 6d. to £38 2s. 6d.;
futures up Is. 3d. to £383s. 6d.; sales 50 tons spot and 2,450
tons of futures; electrolytic unchanged at £43 bid and
£43 10s. asked; at the second London session spot standard
fell 2s. 6d. and futures dropped is. 3d. on sales of 50 tons
of spot and 750 tons of futures. Standard futures here on
the 1st inst. advanced 10 to 20 points with sales of 880 tons;
closing: June, 7c.; July, 7.10 to 7.150.; Aug., 7.200.; Sept.,
7.300.; Oct., 7.43c.; Nov., 7.56c.; Dec. 7.70 to 7.750.;
Jan. 1934, 7.76c.; Feb., 7.83c.; March, 7.90 to 7.950.; April,
843. and May, 8.10c.
TIN was up to 38c. for Straits early in the week on the
strength of securities and commodities. Tin plate production
is 80% to 85% of capacity and a good demand for export
was reported. One inquiry specified 15,000 boxes for making
into cans for packing pineapple. On the 29th tin had a
sharp advance of 4c. to 387 c. for Straits. London at the
A
7
first session that day rose £6 17s. 6d. to £7 5s. and at the
second session there was a further advance of 10s.
Futures here closed 65 points higher for the day with sales
of 10 tons. Straits tin advanced to 413c. on the 31st with
London higher. Demand was quiet. In London on the
31st at the first session prices rose £8 5s. to £10 17s. 6d.;
at the second session prices fell 10s. to 15s. with sales of
1,460 tons. Six lots of futures sold on the Exchange here on
the 31st and the net rise for the day was nearly 200 points.
On the 1st inst. the price fell 3 to Mc. spot Straits being
4
regarded as 40%c. English refined tin was at 373 to 38c.
Trading was small. The world's visible supply fell off 658
tons during May to 41,883 tons. Straits shipments to all
countries last month were 5,169 tons; Banka shipments were
727 tons and Chinese 455 tons. London on the 1st inst.
declined on all descriptions 15s.; standard spot £209; futures
£208 15s.; sales 200 tons of spot and 1,000 tons of futures;
spot Straits ended at £227; Eastern c. 1. f. London up £6
to £228 15s.; at the second session spot standard dropped 15s.
and futures 10s. on sales of 200 tons of futures.
LEAD was in good demand early in the week and firm at
3.750. New York and 3.60c. East St. Louis. On the 29th
prices were advanced $3. to 3.900. New York and 3.7543.
East St. Louis, with the demand still good. London was
higher. The price was advanced another $4. on the 31s,
bringing the level up to 4.10.3. New York and 3.950. East
St. Louis. Buying was on a good scale. London on the
31st advanced us. 3d. on spot to £13 13s. 9d.; futures up
8s. 9d. to £13 13s. 9d.; sales 150 tons of spot and 1750 tons
June 3 1933
of futures; at the second session prices fell 2s. 6d. on sales of
1,200 tons of futures. A good demand was noted late in
the week despite recent large sales. It is estimated that
sales for May shipment had been 24,000 tons while 24,000
tons have already been sold for June shipment and 12,000
tons disposed of for July. Corroders were good buyers.
London in the 1st inst. declined 5s on spot to £13 6s. 3d.;
futures unchanged at £13 us. 3d.; sales 50 tons of spot and
3,800 tons of futures; at the second session prices dropped
is. 3d. on sales of 500 tons of futures. Stocks of lead in the
United States on May 1st were 284,382 short tons against
285,307 tons on April 1st and 238,958 on May 1, 1932 according to the American Bureau of Metal Statistics.
ZINC early in the week rose to 4c. East St. Louis. Demand was good. On the 29th prices were advanced $4. to
$5. Some producers quoted 4.20c. East St. Louis while
others named 4.25c. London advanced. Prices were jacked
up another $2. to $3. to 4.30 to 4.35c. East St. Louis. There
was a good demand. London advanced us. 3d. to £16 17s.
6d. for spot and futures on the 31st; at the second session
prices fell 8s. 9d.; sales 3,450 tons of futures. Late in the
week the market was firm at 4.33c. East St. Louis but demand was smaller. Galvanizers were good buyers all week.
In London on the 1st inst. spot advanced is. 3d. to £16 10s.;
futures unchanged at £16 8s. 9d.; sales 200 tons of spot and
800 tons of futures.
STEEL.
-A moderate increase in. buying has been the
general rule with a gradually broadening scale of operations.
Producers look for the demand to continue and for a gradual
improvement consistent with the improvement in other
Industries. Demand has been from widely diversified sources
instead of being concentrated among a few lines. The rate
of production keeps steadily advancing being variously estimated at from 41 to 45% of capacity. Railroad buying has
been at a very low ebb and little is looked for until the roads
are placed in a position to care for their needs. There are
rumors however of a large number of freight cars to be purchased shortly and an additional demand for plates. Wire
products continue on the upgrade. The "Iron Age" placed
production over the whole country at an average of 41%.
It is at a rate of about 48% in the Youngstown area and 40%
at Chicago. Automobile buying has continued on a broad
scale particularly by manufacturers of the lower-priced cars.
PIG IRON during the week has shown a lagging tendency
with smaller sales the rule in all sections. Higher prices
may have had some influence but the principal drawback has
been the lack of inquiry for any large tonnages. Reports
from Pittsburgh have been somewhat better than elsewhere.
WOOL.
-Low receipts and increased demand have kept
wool prices steady in an active market. Shearing continues
to be retarded in some growing districts and until the bulk
of the clip starts coming into market, values appear to be
headed higher. In Boston the receipts have consisted largely
of shorter staple from California, Nevada and Arizona with
but little of the fully grown included. The market for domestic wool is now at importation levels and some buying in
consequence has come from abroad. In the Boston market,
medium quality domestic wools have been moving more
freely of late at strong prices. In London on May 26th at
the Colonial wool sales to-day offerings of 7,650 bales consisted mostly of New Zealand and Puntas greasy crossbreds.
Yorkshire secured most of the New Zealand wools, while
.
the Puntas offerings went to the Continent. The previous
firm level of values was maintained. Sales at pence per
pound were:
Queensland,53 bales merinos,scoured, 19-22d.; Victoria,57 bales merinos,
greasy, 12S4-14Sici.; Adelaide, 150 bales merinos, greasy, 11 X-12Sid.;
West Australia, 98 bales merinos, greasy. 9-12d.; New Zealand. 4,119 bales
crossbreds, scoured. 7Si-17Sid.; greasy, 3SI-11Sid.; Puntas, Patagonia.
3,157 bales merinos, greasy, 6-19d.; crossbreds. greasy, 71_12gd.
At London on May 29th at the Colonial auctions offerings
of 6,800 bales sold briskly to Yorkshire and the Continent,
all suitable lots going to America. The recent firm basis
of values was fully maintained. Sales at pence per pound
were:
Sydney.'610 baleemerinos, greasy, l0-13d.; Queensland, 161 bales
merinos, scoured, 17-18d.; greasy, 9.4-10.54d.; Victoria, 1,413 bales:
merinos, scoured, 15-17d.; greasy, 9Si-15 yid.; crossbreds, scoured, 14-16d.;
South Australia. 622 bales: merinos, scoured, 15-20d.; greasy, 9-11d.;
West Australia, 346 bales; merinos, greasy,
; New Zealand.
3,235 bales: crossbreds. greasy,4X-10Sid.; Cape,94 bales merinos,scoured.
14 Sj-1.6Sid.; British Columbia, 163 bales, merinos, greasy, 7g-834d.;
crossbreds, greasy, 5-8d. New Zealand sill:Pe ranged from agd. to i3 4d.,
the latter price for.halfbrod Jambe
In London on May 30th at the Colonial wool sale representing the third series of auctions, closed with offerings of
6,780 bales, representing mostly New Zealand and South
American crossbreds. The bulk of the New Zealand wool
went to Yorkshire buyers and the.South American lots.to
Continental buyers. Compared with March prices an increase of 10% to 15% was recorded. On both merinos and
crossbreds purchases amounted to 128,000 bales. The home
market secured a total of 62,500 bales, the Continent 62,500
bales, America 3,000 bales. There were carried forward
73,000 bales, including 67,500 bales unoffered. The next
series will be held July 4. Sales at pence per pound were:
Victoria, 252tbales: merinos, scoured, tO-17d.; crossbreds, scoured, 9A1530. Sydney, 102 bales; merinos, greasy, 11 K-12fid. South Australia.
136 bales: mminos, greasy, 11-13d. WestAustralia, 242 bales: merinos,
greasy. 10Si-12Sid. New Zealand, 2.931 bales: crossbreds greasy, 4-8d.
crossbreds.
Puntas and Patagonia, 2.879 bales: merinos. greasy. 65(-9
-(d. New
greasy. 6-l234d. Cape, 163 bales: merinos, greasy. 6j
Zealand slipe, 54d.to 12(d.,latter halfbred lambs.
3929
Financial Chronicle
Volume 136
WOOL TOPS futures to-day advanced 250 to 270 points. 24,307 to Japan and China, and 31,817 to other destinations.
The closing was with October at 840. and November at In the corresponding week last year total exports were
109,157 bales. For the season to date aggregate exports
84.30c. Boston spot 86.50c.
have been 7,139,043 bales, against 7,878,287 bales in the
SILK advanced sharply on the 27th and the net gain for same period of the previous season.
the day was 9 to 10c.; sales 1,570 bales. Higher cables and
advancing security and commodity markets were the princiExported to
Week Ended
pal bullish factors. June closed at $1.63 to $1.65; July at
Japan&
GerGreat
June 2 1933.
August at $1.61; Sept. and Oct. $1.63 and
$1.61 to $1.63;
- Britain. France many, Italy Russia. China. Other. Total.
Exports from
$1.63 to $1.64. On the 29th futures
Nov., Dec. and Jan.
1,047 9,576 35,716
8.461 5,293 4,763 6.576
moved irregularly after opening steady then declining but Galveston
10,989 17,272 64,258
6,514 5.388 13,257 10,838
Houston
213 2,087
unchanged to 3c. higher after sales Texas City
1,258
616
finally rising and ending
3,231 3,815 28,709
4
25
New
of 2,190 bales. Japanese markets were stronger. Wall LakeOrleans__ - 1,124 606 21,634
400 3.391
1,261
Charles_
2.015
215 1,255
600
Street bought. June and July closed at $1.63 to $1.65; Jacksonville_ _ _ _
1,474
1,178
296
Aug. at $1.64; Sept. and Oct. $1.63, Nov. $1.64, Dec. $1.63 Pensacola
13,637
"Loo
1,118
13,019
Savannah
534
534
to $1.64 and Jan. $1.66. On the 31st futures after an early Brunswick
541 17,876
7,569
9,766
advance declined and ended 1 to 40. lower for the day. Charleston
1,993
300
1,693
Norfolk
4,303
3,803
July early sold at a new high for the year of $1.70. Sales Los Angeles
50
450
5,237
5,237
were 1,600 bales. June closed at $1.62 to $1.63; July at San Francisco_
$1.62; Oct. $1.62 to $1.64;
$1.62 to $1.64; Aug. and Sept.
24,307 31,817 181.230
41,564 11,341 53.087 19,114
Total
Nov. and Dec. $1.62 to $1.63; and Jan. $1.62 ot $1.64. On
40,810 16,246 109,157
27,916 4,300 15,692 6,193
the 1st inst. prices ended unchanged to 2c. higher after being Total 1932
22,810 10,555 86.265
17,096 1,384 21,457 12,900
Total 1931
at one time lc. to 40. lower. Japanese cables were lower.
Exported to
to $1.65; August at $1.63
From
June closed at $1.62; July at $1.64
to $1.64; Sept. at $1.63; October at $1.63 to $1.64; Nov., Aug.121932 to Great
Japan &
Get- I
June 1933.
$1.66. To-day Exportsjr, Britain. France. many. Italy. Russia China, I Other. Total.
$1.64; Dec. $1.63 to $1.65 and Jan. $1.64 to
stronger cables from
futures closed 4 to 7 points higher on
Galveston_ __ 236,966211,671 259,124 178,769 -__ 572.750298.484 1,757,764
Japan and a good demand. June ended at $1.66 to $1.69; Houston _ _ _ _ 247,154326,51' 516.320245.993 - _- 436.625381,8492,154,451
at $1.69 to Corp. Christi 34,578 62,663 46,112 18,853 ____ 80,414 42,04 284,665
July at $1.69 to $1.70; Aug. at $1.70; Sept.
10.741 22.983164,573
21,397 60,441 2,901
3,032 10,840
$1.70; Oct. at $1.69 to $1.71; Nov. at $1.70; Dec. at $1.69 Texas City__ 46,110 1,02
665
4,434
1,689
Beaumont_
15,372 15,372
Final El Paso
to $1.71 and Jan. at $1.70. Sales were 186 lots.
346,485151.901 1,484,682
New Orleans_ 322,867119,342 340,950203,137 prices are 16 to 17 points up for the week.
. 30.623 15,984 124,409
Lake Charles. 10,327 28,318 28,2831 10,87
COTTON
Friday Night, June 2 1933.
THE MOVEMENT OF THE CROP, as indicated by
our telegrams from the South to-night, is given below.
For the week ending this evening the total receipts have
reached 88,978 bales, against 79,657 bales last week and
118,296 bales the previous week, making the total receipts
since Aug. 11932, 8,179,788 bales, against 9,458,637 bales
for the same period of 1931, showing a decrease since Aug. 1
1932 of 1,278,849 bales.
Receipts at--
Sat.
Galveston
Texas City
Houston
Corpus Christi_
New Orleans_
Mobile
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Baltimore
on.
Wed.
Tues.
Thurs.
Fri.
Total.
77 18.683
3,480
616
616
_
1:06 14.771 23.505
833
298
__ 2.565 23,564
5,i5e
247-4,694 9,8i
202 4.409 8,582
206 1,035 2,045
231
_
_
231
_
566 3819
Ni
gig
eii
"iii
-534
-----------534
.
4,399
400
go
2,272 2,272
_
_
18 1,066
"45 -i5i
"gi "gii
71
675
83
310
---133
3,61'7
2,690
7.4.62
1,35'7
2,525
288
1,854
685
_
7
ii
,0:0
2
filio
-454
635
..
-ii
78
Totals this week 10.121 11.091 22.019 10,164
Receipts to
June 2.
Stock.
1931-32.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
1933.
1932.
18,68.3 1,936.634 7.444 2.254,171 622,698 595.308
Galveston
26,571
28.320
616 241,706 1,659 241,597
Texas City
23,505 2,734,302 5.5363,155.003 1,492,831 1.235,130
Houston
63.121
49.552
80 428,688
833 297.437
Corpus Christ1.__
17,654
25.959
28,494
Beaumont
New Orleans_ _- 23.564 1,826,773 19,525 1,985.043 934,793 1,021,210
606
Gulfport
Mobile
8,582 316.387 13,249 493,028 132,558 169,753
22,775
72,444
144
125,502
Pensacola
17,099
7,781
27,597
259
9,244
231
Jacksonville
Savannah
3,810 152,155 2.802 325,094 121,115 237.457
42,036
36,978 12.061
534
Brunswick
50,894 102,222
180 127,861
Charleston
4,399 176,984
73.994
56.699
55 137,921
2,272 166,679
Lake Charles..
14,857
52,346
11.110
905
53,091
Wilmington
1,066
45,465
50,156
64,773
126
53,371
Norfolk
675
8,689
____
Newport News
198,480 203,706
New York
933
17,875
14.405
Boston
2,432
24.066
233
3,488
14,756
199
Baltimore
77
5,389
Philadelphia
RA 074 a 170 7502 04.25R 0.455.637 1.84 A iiO4 'I gni OM
mntsile
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
,
Receipts at---. 1932-33. 1931-32. 1930 31. 1929-30. 1928-29. 1927-28.
5,258
1.420
3,643
10,158
7,444
18,683
6,086
7,198
7,831
2,456
5,536
23,505
4,816
16.256
13.299
12,725
19,525
23,564
1.181
21,871
970
3.923
13,249
8,582
6,989
1,336
2.096
1.128
2,802
3.819
12,061
534
5t5
3,657
1.336
569
180
4,399
189
102
44
199
905
1.066
1,017
640
1,099
292
126
675
Galveston---Houston
New Orleans Mobile
Savannah
Brunswick
()harlestan
VfihninghanNorfolk
N'port News_
Alkeithers____
t...i
Totalthisedr-
4,151
2,430
1,298
979
1,691
610
88.978
64.258
20,902
42,838
24,368
3/.809
!,,,....... ,t,.. I _Ft 170 7stg o sxft 837$1_360.6655J140:7658.013.4788.13niun
The exports for the week ending this evenmg reach a total
of11181,230 bales, of which 41,564 were to Great Britain,
11,341Ato France, 53,087 to Germany, 19,114 to Italy,
7.878.287
Total 1932..1.234,584447.7 1,521,214812.59 ------139.316922,8356.264.872
Total 1931_ _ 1,062,904 923.449 1.621.755461,37 29,2 e 1,446.282719,
out precuts* to Inelude in the
s
NOT11.-Lisyer. to Carsatia.-It has never been
above table reverts 4f cotton shipment. to Canada, itre reason being that virtually
impoefflb:s to give
all the cotton dentned to the Dominion comes overland and It IS from the euetotlig
returns concerning the same from week to week, while reports band. In view.
on the Canadian border are always very slow in coming to
districts
however, of the numerous InquIries we are receiving regarding the matter, we will
My that for the month of April the exports to the Dominion the present *meson
have been 12,850 bales. In the corresponding month of the Preceding Mason the
exports were 16,771 bales. For the nine months ended April 30 1933 there were
147 924 bales exported, as agalnst 155.888 bales for the nine months of 1931-32.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
7,382 28,201 88.978
The following table shows the week's total receipts, the
total since Aug. 1 1932 and stocks to-night, compared with
last year:
1932-33.
81,243 15,519 134.9691 23,062 - - 43,843 18,079 316.715
Mobile
18,165
2
7,600
3,699j 1,336 __
____
5,506
Jacksonville.
5,366 2,947 91,750
2,197 ..._
181 57.53
23,529
Pensacola
1
15.133
____
10,153
____
4,981
Panama City
17,397 6,188 221.412
Savannah ___ 122,383 2,350 65,3161 7,778 _
5,700 1,702 36,796
18,718 ---- __
____
10,676
Brunswick___
76,110 ____ 116,008 --------2,000 10,061 204,179
Charleston __
32,508
1 2.2 I
6,208 24,0 I
Wilmington _
4
30.004
229,
136 -7,731
20,158 1,707
Norfolk
606
1
1
506
Gulfport ____
3,588
247 --------300 1,031
6
2,004
New York_
3,931
320 3,559
52
Boston
1i e
1
123
23
I
Philadelphia_ 101,109 9,481 125,903
_
368 11,486
4,460
Los Angeles,
41,034
51
37,954
le ____
2.413 -___
San Franchise
440
43
5
Seattle
,253.7 791,1521,887,779719,851 ____ L698,481988.0887.139.043
Total
June 2 at-
On Shipboard Not Cleared for
Other CoastGetGreat
Britain France. many. Foreign. wise.
Tota'.
Leaving
Stock.
5,500 2.500 5,000 20,500 4,000 37.500 585,198
Galveston
--- 34,700 900.093
New Orleans._ 5.614 3,618 11,264 14,204
200 120,915
200
____
____
____
____
Savannah
50,694
200
200
____
__-____
____
Charleston_
---- 1,316 1,402 5,558 127,000
100
2,740
Mobile
45,465
lk____ 45_ _
Norfo
_.0 0 1,893,371
500
2.500 1.000 5.000 36:000
Other ports*
16,354
Total 1932
Total 1931_ 16,696
7,087
Total 1930
* Estimated.
7,218 21.264 72,020
3,557 16,265 66,516
4,948 8,335 42.368
6,302 123.158 3,722,736
4,594 107,628 3.693,376
2,472 65,2103,096.648
COTTON has declined of late owing to some present indications of a big crop. One private estimate was 13,000,000
bales. Another was as high as 14,500,000 bales. The weekly
weather report was favorable. The Red Cross asks bids
on the primary cotton it holds here, that is, for 100,000
bales. But the trade bought freely on declines. On the
27th inst. trading was on the heaviest scale since 1930.
Final prices were 17 to 22 points higher. Weather news,
such as reports of heavy rains in those sections of Texas
which have needed it badly were entirely disregarded. Inflation and optimistic business news were the only things
that counted. There was profit-taking on the advance, and
the Red Cross was reported to have disposed of 25,000 more
bales, but the public and trade buying more than offset
any liquidation which developed. Trade reports showed the
largest consumption of cotton goods in recent years. Spot
markets were rather quiet compared to the excitement prevailing in futures. The average advance at the South was
from 15 to 20 points, and in New York 15 points.
Early in the trading of the 29 ult, prices slipped off
nearly 20 points, but an announcement to the effect that
under the Farm Relief plan nearly 25% of the acreage might
be withdrawn brought about a sharp rally and the close was
4 to 9 points higher than on the previous Saturday. Steadiness in other markets also helped cotton. Advances in
the price of cotton goods and textiles of all sorts have
been relatively greater than those for raw cotton itself.
Labor troubles which have been the cause for closed mills
both in New England and at the South have been to a
great extent adjusted. To add to all this, inflationary
Financial Chronicle
3930
activities on the part of the Government have created a
condition resembling a scramble on the part of retailers
and mills to protect themselves against further precipitate
price advances. Spot cotton markets were quiet and from
5 to 7 points higher as a rule. On the 30th ult. the New
York market was closed for Memorial Day but trading
was active in New Orleans, where prices gained 22 to 23
points reaching new high ground. Liverpool was also
stronger.
On the 31st ult. trading in New York was very active
upon the reopening of the Exchange. Prices rose early
$1.00 to $1.50 a bale on buying in large volume by foreign
and domestic mills, and a general commission house
demand. New high records were attained for the season.
Later in the day heavy profit taking set in and the greater
part of the early advance was lost. The close was 2 to 7
points up. Liverpool was strong and spot prices in New
York and at the South were 4 to 7 points higher as a
rule. Spot sales in the principal markets totaled 16,668
bales. On the 1st inst. cotton behaved very much in the
same manner as stocks and wheat. At first it declined
under realizing, good weather news and lower Liverpool
prices. A substantial rally followed which brought the
whole list well above the previous close but toward the
close the buying power dried up again and the close was
2 to 9 points below Wednesday's. There was no sign of
weakness. Spot markets were active and slightly lower.
The New York Cotton Exchange stated that a year ago,
world spinners consumed 3,023,000 bales of American cotton
during the last three months of the season, two years ago
2,855,000, three years ago 2,797,000, and four years ago
3,759,000. With domestic consumption now running at a
much higher rate than a year ago, and with consumption
of American cotton abroad showing little, if any, appreciable
decline, it is very probable that world consumption from
May through July this year will be larger than last year,
and there is little question that it will be larger than
two years ago and three years ago when consumption was
at a materially lower rate than at present. It seems
improbable, however, that consumption during the remainder of this season will be as large as four years ago,
since world spinners were using American Cotton at that
time at a considerably higher rate than at present. The
world stock of American cotton on April 30th was approximately 15,693,000 bales as against 16,204,000 on the corresponding date last year, 11,747,000 two years ago, 8,943,000
three years ago. and 8.200,000 four years ago. On plantations in the South, there were 2,314,000 bales this year as
against 2,115,000 a year ago, while the stock in warehouses
in the United States and afloat to and at Europe and
the Orient was 10,814,000 bales as against 10,974,000 a
year ago. World spinners were carrying 2,565,000 bales
this year as against 3,115,000 a year ago or 550,000 bales
less. The total world stock at end April was 511,000 bales
less than a year earlier and hence the reduction in supplies
of American cotton below a year ago occurred entirely in
mill holdings, notwithstanding the higher rate of consumption.
To-day prices closed 1 to 8 points higher on the strength
in securities and buying by Wall Street, the trade, New
Orleans and local operators. Early prices were weaker
on hedge selling and general liquidation due to reports
from Washington that Farm Administrator Peek was in
favor of spreading the acreage reduction over a period
of two years. Liverpool was disappointing. Final prices
show a rise for the week of 27 to 31 points. Spot cotton
ended at 9.25c. for middling an advance for the week of
25 points.
Staple Premiums
60% of average Of
Mx markets Quoting
for deliveries on
June 8 1933.
15-10
1-Inch at
inch
10agaf.
Differences between grades established
for deliveries on contract June 8 1933
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
Middling Fair
white
63 on
51
Strict Good Middling-- do
do
40
Good Middling
Strict Middling
do
.26
Middling
do
Basis
do
Strict Low Middling..
27 off
do
.54
Low Middling
*Strict Good Ordinary... do
.89
do
1.24
*Good Ordinary
Extra White
Good Middling
.40 on
26
Strict Middling
do do
Middling
do do
Even
Strict Low Middling.-- do do
27011
Low Middling
do do
.64
.08
Good Middling
Spotted
.35 on
.24
do
Even
Strict Middling
.081
.24
.08
.20
Middling
do
.27 off
*strict Low Middling.- do
.55
do
89
*Low Middling
EVOD
.08
.20
Strict Good Middling...Yellow Tinged
.08
.20
Good Middling
do do
.22 oft
.08
.20
Strict Middling
do do
37
do do
.58
*Middling
*Strict Low Middling.., do do
88
*Low Middling
do do
1 23
.08
.19
Good Middling
Light Yellow Stained__ .33 off
do
do
do
.59
*Strict Middling
*Middling
do do
do .- 88
.07
.19
Good Middling
Yellow Stained
53 oft
89
*Strict Middling
do do
*Middling
1.22
do do
.08
.20
Good Middling
Gray
.21 oft
.08
.20
Strict Middling
.43
do
*Middling
do
66
*Good Middling
Blue Stained
.58 °If
Strict Middling
.87
do do
Middling
1.21
do do
•Not deliverable on future contracts.
.08
.08
.08
.08
.08
.08
.07
.24
.24
.24
.24
.24
.20
.18
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
June 3 1933
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
May 27 to June 2Middling upland
Sat.
9.15
Mon. Tues. Wed.Thurs. Fri.
9.20 Hol.
9.35
9.25
9.25
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
May 27.
Monday,
May 29.
Tuesday,
May 30.
Wednesday, Thursday,
May 31.
June 1.
Friday,
June 2.
June9.17- 9.18 9.02- 9.03- 9.17- 9 18 9.11n
9.12n
Ran rti: 9.01n9.07n
Closfe July
Range.. 8.98- 9.11 8.95- 9.24
Closing_ 9.09- 9.10 9.15- 9.16
Aug.
Range..
9.21n
Closing. 9.15n
Sept.
Range.. 9.18- 9.18 9.25- 9.31
Closing. 9.25n
9.31-
9.18- 9.42 9.05- 9.28 9.11- 9.30
9.20- 9.18- 9.19- 9.22
9.26n
9.24n
9.2571
9.56- 9.59 9.37- 9.37 9.47- 9.47
9.37n
9.37- 9.38n
Oft.
-
9.41- 9.68 9.30- 9.54 9.37- 9.57
9.45- 9.46 9.41- 9.43 9.46- 9.48
Range... 9.22- 9.38 9.18- 9.48
Closing_ 9.34- 9.38 9.38- 9.40 HOLIDAY.
Nov.Range__
Closing. 9.42n
9.464
Dec.
Range.. 9.38- 9.51 9.35- 9.64
Closing_ 9.50- 9.55- 9.57
Jan.(1934)
Range__ 9.47- 9.60 9.41- 9.70
Closing. 9.59- 9.60 9.65- 9.66
Feb.
Range__--- ---9.73n
Closing 9.66n
.
March
Range... 9.62- 9.75 9.59- 9.87
Closing_ 9.74- 9.75 9.82April
Range.. 9.80- 9.80- 9.89n
Closing.. 9.80n
May
Range.. 9.87- 9.88 9.74-10.00
9.96Closing_ 9.87n
9.53n
9.48n
9.54n
9.58- 9.83 9.47- 9.70 9.53- 9.72
9.62- 9.63 9.56- 9.58 9.62- 9.64
9.65- 9.91 9.57- 9.76 9.60- 9.80
9.70- 9.61- 9.63 9.739.77s
9.71n
9.78n
9.82-10.04 9.70- 9.93 9.75- 9.94
9.84- 9.85 9.81- 9.82 9.849.92n
9.92n
9.88n
9.98-10.22 9.89-10.06 9.90-10.09
10.00- 9.96n
10.00-
n Nominal.
Range of future prices at New York for week ending
June 2 1933 and since trading began on each option:
Option for
May 1933
June 1933_
July 1933_
Aug. 1933
Sept. 1933__
Oct. 1933_
Nov. 1933
Dec. 1933__
Jan. 1934_
Feb. 1934_
Mar. 1934__
Apr. 1934__
May 1934._
Range Since Beginning of Option.
Range for Week.
9.02 June 1 9.18 May 31
8.95 May 29 9.42 May 31
9.18 May 27 9.59 May 31
9.18 May 29 9.68 May 31
93.5 May 29 9.83 May 31
9.41 May 29 9.91 May 31
9.59 May 29 10.04 May 31
9.80 May 27 9.80 May 27
9.74 May 29 10.22 May 31
5.69
6.02
5.75
6.00
6.07
5.93
6.50
6.30
6.35
6.62
6.84
8.91
9.47
June 8 1932 9.93
Nov. 28 1932 9.18
Dec. 8 1932 10.00
Dee. 3 1932 8.96
Dec. 8 1932 9.59
Dec. 8 1932 9.68
Feb. 21 1933 8.97
Feb. 6 1933 9.83
Feb. 6 1933 9.91
Feb. 24 1933 8.18
Mar. 28 1933 10.04
May 22 1933 9.80
May 26 1933 0.22
Aug. 29 1932
May 31 1933
Aug. 29 1932
May 12 1933
May 31 1933
May 31 1933
May 16 1933
May 31 1933
May 31 1933
Apr. 29 1933
May 31 1933
May 27 1933
May 31 1933
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stock 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 2Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg...
Stockat Bremen
Stock at Havre_
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent..
Stock at Antwerp
Total Continental stocks
bales
1933.
652,000
94,000
1932.
624.000
1931.
850,000
212,000
1930.
739,000
215,000
128,000
746,000
836,000 1,065,000
867,000
522,000
210,000
23,000
88,000
117,000
337,000
182,000
22,000
102,000
78,000
448,000
335,000
13,000
114,000
57.000
380,000
242,000
15,000
89,000
54,000
960,000
721,000
967,000
780,000
1,706,000 1,557,000 2,032,000 1,647,000
Total European stocks
65,000 108,000 184,000
India cotton afloat for Europe... 72,000
American cotton afloat for Europe 322,000 222,000 159,000
91,000
64,000
Egypt, Brazil aim., afl't for Europe 74,000
75,000
82,000
442,000 589,000 636,000 521,000
Stock in Alexandria. Egypt
973.000 877,000 946,000 1,256,000
Stock in Bombay. India_ _ - 3,845,894 3,801,004 3,161,856 1,723,353
Stock in U. S. ports
Stock in U. S. interior towns.,._ -1,521,226 1,526,180 1.009,231 740,002
-day
57,451
U. S. exports to
36.395
761
10,520
Total visible supply
9.013.571 8,737,579 8,137,607 6,245,116
Of the above, totals of American and other descriptions are as follows:
American
354,000 297,000 419,000 302,000
Liverpool stock
51,000 124,000
Manchester stock
91,000
58,000
800,000 673,000 873,000 683,000
Continental stock
American afloat for Europe
322,000 222,000 159,000
91,000
U. S. port stocks
3,845,894 3,801,004 3,161,856 1,723,353
1,521,226 1,526,180 1,009,231 740,002
U.S. interior stocks
U. S. exports to-day
57.451
36,395
761
10,520
Total American
East Indian, Brazil.
Liverpool stock
London stock
Manchester stock_
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
7,041,571 6.679,579 5,723,607 3,598,116
298,000
327,000
431,000
43,000
70.000
72,000
74.000
442,000
973,000
88,000
48,000
65,000
64.000
589,000
877,000
70,000
124,000
97,000
94,000
108.000 184,000
82,000
75.000
636,000 521,000
946,000 1,256,000
437,000
1,972,000 2,058,000 2,414,000 2,647,000
7.041.571 6,679.579 5,723,607 3,598,116
Total visible supply_
9,013.571 8,737.579 8,137.607 6,245,116
Middling uplands, Liveipool _ _ _ 6.37(1.
8.34d.
4.10d.
4.78d.
Middling uplands, New Y"ork
9.25c.
15.85e.
5.15c.
8.60c.
Egypt, good Sokol, Liverpool_
14.05(1.
9.34d.
6.75d.
8.85d.
Peruvian, rough good, Liverpool_
Broach, fine, Liverpool
6.00d.
5.54d.
4.10(1.
3.81d.
Tinnevelly, good, Liverpool
7.35(1.
6.05d.
4.75d.
4.04d.
Continental imports for past week have been 90,000 bales.
The above figures for 1933 show a decrease from last
week of 146,888 bales, a gain of 275,992 over 1932, an
Financial Chronicle
Volume 136
increase of 875,964 bales over 1931, and a gain of 2,768,455
bales over 1930.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Receipts,
Ship- Stocks
meta?. June
Week. Season. Week.
2.
Receipts.
Ship- 1Stocks
ments. June
Week. Season.' Week.
3.
Ha.,Birming'm
238 41,686
601 74,276 1,230 16,547
515 9,644
Eufaula
698 12,265
166; 6,468
561 6,395
181 12,630
Montgomery.
221 40,666 1,674 44,045
6091 54,890
631 38,981
Selma
432 59,986 1,905 37,273
2771 88,741 1,550 50,189
krk.,Blytheville
12 188,275 1,776 27,217 ...I 120,03
800 32,759
Forest City
49 23,413
2311 15,261
33,907
____
78 13,960
Helena
2761 36,531
257 69,198 1,1541 28,661
____l 77,895
Hope
2,1
7 59,511
512 9,872
13,413
54,162
Jonesboro._ _
78 2,004
21,160
1
67 20,266
348 2,605
Little Rock 2,766 155,722 4,582 50,543
441 191,048 1,046 51,533
Newport_ 123 50,506
54 11,472
21 48,57
4661 10,597
Pine Bluff ..
1,463 130,223 4,7311 35,444
2291 178,868 1,046 45,444
Walnut Ridge
23 47,127
62 5,255
253 4,710
66,393
•1
3a., Albany._ _-__
5,316
120 3,609
20
1,379 __ 2,697
Athens
32
40 38,9
27,385
80 40,795
54 46,245
Atlanta
611 231,542 4,056 247,894 1,634 85,143 1.160167,653
Augusta --- 4,87 138,646 4,691
375 184,302 1,628104,948
,
Columbus--__ _
. 24,509
_ _ _ 24,090
58,781
_ _ _ _ 11,926
.
Macon
405 20,715
1 32,583
168 37,963
498 37,957
Rome
121
55 14,584
___ 11,111
250 14,057
13,066
La., Shreveport
661 80,348 4,526 47.770
67 112,029 2,196 73,709
Miss,Clarksdale 1,309 132,096 2,674 28,755
217 197,840 1,699 75,690
Columbus
21 16,216
20 22,914
274 8,473
541 8,127
Greenwood- 952 134,097 3,059 54,575
31 170,643 1,879 75,942
Jackson
269
177 44,258
893 22,35
7,470
289 23,504
Natchez ---------8,583
25 12,525
21 5,023
254 4,832
Vicksburg....
318 35,769
11 41,119
930 9,852
259 11,590
Yazoo City
69 32.318
10 47,275
191 12,043
239 17,409
Mo., St. Louis- 6,347 162,340 6,350
86 1,476 143,739 1,546
827
N.C.Greensb'ro
126 28,71
898 21,495
447 20,831
903, 20,609
Oklahoma
1
15 towns._ 1,622 728,08
669 620,321 1,570 38,242
7,760 43,602
S.C., Greenville 3,763 155.309 4,347 96,319 1,441 167,939 1,971 85,090
Tenn.,Memphis 30,
632 1,947,09838,222 375,223 9,5722,043,467 20.784314,915
Texas, Abilene_
354
184 56,123
320
386
1931
1691 89,496
Austin
229 2,376
28,428 -._I 2.550
____
2841 23,691
Brenham
112 17,804
gool 3,378
7 19,981
1381 5,015
Dallas
3931 99,391 1,1591 17,483
404 144,442
9491 15,768
Paris
---.1 54,307 1.4561 6,077
16 97,850
461 6,447
Robstown
21
6,511
167
459
____I 31,137
61
__I
San Antonio_
94J 11,631
429
1441
536
81
____I 17,000
Texarkana
2521 46,116
18 65,391
3171 8,937
4841 13,721
Waco
167 81,858
5181 75.509 1,106 6,946
ilisI 6,634
Total, 56 towns 60,9355,292,00 104,8341521226 18.6785.600,233 45.999 152618(1
•Includes the combined totals of 15 towns in Oklahoma.
•
The above total shows that the interior stocks have
decreased during the week 45,733 bales and are to-night
4,954 bales more than at the same period last year. The
receipts at all towns have been 42,257 bales more than the
same week last year.
.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
June 2 for each of the past 32 years have been as follows:
1933
1932
1931
1930
192J
1928
1927
1926
c.
5.30c.
8.35c.
6.15c.
18.40c.
21.15c,
17.00c.
18.85c.
1925
1924
1923
1922
1921
1920
1919
1918
23.35c.
32.75c
27.40c.
21.35c.
12.85c.
40.00c,
32.80c.
29.00c.
1917
1916
1915
1914
1913
1912
1911
1910
22.70c.
12.65c.
6
.60c.
13.75c.
11.80c.
11.40c.
15.75c.
14.50c.
1909
1908
1907
1906
1905
1904
1903
1902
13.35c.
11.50c.
12.80c.
11.250.
8.50c.
12.00c.
11.50c.
9.44c,
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Contr't. Total.
Saturday__ - Quiet. 15 pts. adv
Very steady
Monday __- Quiet, 5 pts. adv......Barely steady-Tuesday _ _
HOLI DAY.
Wednesday.. Quiet, 15 pts. adv Steady
Thursday... Quiet,10 pts. dee _ _ _ Steady
Friday
Quiet, unchanged_ Steady
Total week_
Since Aug. 1
324
300
624
600
1,100
600
- ---
1.100
1,424
900 2,324
91,616 236.500 328.116
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 sirce Aug. 1 in the last two years are as follows:
June 2Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
Overland to N.Y., Boston, &c
Between interior towns
Inland, &c., from South
-1932-33Since
Week. Aug. 1.
6,350 163,030
54
5,053
470
439
16,134
3.249 143,864
5,237 303,349
-15,329 631,900
-1931-32Since
Week. Aug.!.
1.546 149.319
25,096
____
583
7.945
3,233 159,290
3,700 407,672
8,479
749.905
15,223
10,246
164.808
233
262
5.089
25.332
11,811
198,950
Total to be ducted
8,921 190,277
Leaving total net overland *___ 6,408 441,623
* Including movement by rail to Canada.
5,584
2.895
236,093
513,812
199
324
8,398
The foregoing shows the week's net overland movement
this week has been 6,408 bales, against 2,895 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 72,189 bales.
Total marketed
191,386 12,885,411
Interior stocks in excess
*45.733
121,534
Excess of Southern mill takings
over consumption to May 1_ __ _
---132,490
Came into sight during week
Total in sight
Movement to June 3 1932.
Movement to June 2 1933.
Towns.
3931
-1931-32--1932-33
Since
In Sight and Spinners
Since
Takings.
Week.
Week.
Atg1 1.
.
Aug.!.
Receipts at ports to June 2
9,458,637
88,978 8,179,788 64.258
513,812
Net overland to June 2
2,895
6.408
441,623
Southern consumption to June 2 96,000 4,264,000
78.000 3,904,000
145,153 13.876,449
735,953
*28,542
____
576.152
116,611
145,653
____ 15.188,554
---- 13,139.435
North.spinn's's takings to June 2_ 23,706
865,833
8,264
879,277
* Decrease
Movement into sight in previous years:
Bales.
13.579.399
14,503,377
15.243,480
Bales. I Since Aug. 1102,96411930
119,986 1929
113,968 1928
Week1931 June 4
1930 June 5
1929 June 6
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
June 2.
Galveston
New Orleans__ Mobile
Savannah
Norfolk
Montgomery_ _ _
Augusta
Memphis
Houston
Little Rock
Dallas
Pnrt Wnrth
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
8.90
9.00
8.85
9.09
9.25
8.80
9.25
9.00
8.95
8.93
8.65
R RA
8.95
9.10
8.90
9.16
9.30
8.85
9.30
9.05
9.00
9.00
8.70
R 711
HOL.
9.35
9.08
9.37
HOL.
9.10
9.52
9.25
9.25
HOL.
HOL.
"ITAT.
9.00
9.17
8.95
9.20
9.36
8.90
9.35
9.10
9.05
9.04
8.75
R 7A
8.95
9.10
8.93
9.18
9.33
8.90
9.33
9.05
9.05
9.02
8.75
Slit
9.05
9.15
8.95
9.22
9.37
8.90
9.36
9.05
9.05
9.03
8.75
8.75
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
May 27.
Monday,
May 29.
Tuesday, Wednesday, Thursday,
June 1.
May 31.
May 30.
9.27
June
9.00- 9.02 9.11- 9.33- 9.34
July
August - _ September
October
9.23- 9.25 9.35- 9.36 9.58- 9.59
November
December_ 9.39- 9.51- 9.74- 9.75
Jan.(1934) 9.46 Bid. 9.58 B d. 9.81 B d.
February _
9.61 Bid. 9.73 Bid. 9.96 Bid.
March
April
10.11 Bid.
-- May
-Tone
Steady.
Strong.
Steady.
Spot
Steady
Steady_
Steady.
Options
Fr
Ju
2.
9.17- 9.10- 9.11 9.17
9.40- 9.41 9.36- 9.37 9.41
9.41
9.56- 9.57 9.50- 9.51 9.51 9.57
9.63 B d. 9.57 B d. 9.61 Bid.
9.78 Bid. 9.74- 9.7' Bid.
9.93 Bid. 9.89 Bid. 9.9: Bid.
Steady.
Steady.
Steady.
Steady.
Stl
St
.
y
y.
NEW YORK COTTON EXCHANGE ELECTS NEW
MEMBERS.
-At a meeting of the Board of Managers of
the New York Cotton Exchange on May 26, Donald Corner
of Birmingham, Ala., and Gerald W. Caner of Philadelphia, Pa., were elected to membership in the Exchange.
Mr. Corner is President of the Avondale Mills, who are
cotton manufacturers, and is a member of the Birmingham
Chamber of Commerce. Mr. Caner is a partner in the
firm of Bryan, Penington & Colket, members of the New
York Stock Exchange engaged in the general brokerage
business, dealing in stocks, bonds and unlisted securities.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that generally cotton
planting has made fair advance during the week, though in
some districts progress has been slow. Chopping has begun,
but many fields are grassy.
-Cotton planting has improved rapidly in this
Texas.
State. Generous rains came in ample time to save the crop
in previously dry sections. Some squaring has been reported
in the central parts of this State. General condition is now
fair to good.
-The river is thirty-eight and threeMemphis, Tenn.
tenths feet and falling. Cotton has made good progress.
Galveston. Tex
Amarillo, Tex
Austin, Tex
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso, Tex
Henrietta. Tex
Kerrville, Tex
Lampasas, Tex
Longview, Tex
Luling, Tex
Nacogdoches, Tex
Palestine. Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford, Tex..
Oklahoma City, Okla
Eldorado, Ark
Fort Smith, Ark
Little Rock, Ark
Pine Blurt, Ark
Alexandria, La
Amite. La
New Orleans, La
Shreveport, La
Columbus, Miss
Meridian, Miss
Vicksburg, Miss
Mobile, Ala
Birmingham, Ala
Montgomery. Ala
Rain. Rainfall.
dry
2 days 0.34 in.
1 day 0.40 in.
1 day 0.06 in.
dry
3 days 2.74 in,
1 day 0.18 In.
1 day 0.34 in.
1 day 0.08 in.
2 days 0.03 in.
dry
1 day 0.01 in.
1 day 0.02 in.
1 day 0.30 in.
1 day 0.10 in.
1 day 0.86 in.
1 day 0.48 in.
dry
dry
1 day 0.84 in.
1 day 0.32 in.
dry
1 day 0.04 in.
1 day 0.10 in.
2 days 0.25 in.
dry
1 day 0.28 in.
1 day 0.91 in.
1 day 0.33 in.
dry
1 day 0.72 in.
2 days 0.34 in.
1 day 0.48 in.
2 days 0.27 in.
2 days 1.60 in.
2 days 0.14 in.
Thermometer.
high 92 low 73 mean 83
high 90 low 50 mean 70
high 92 low 64 mean 78
high 92 low 62 mean 77
high 88 low 64 mean 76
high 92 low 70 mean 81
high 90 low 72 mean 81
high 90 low 64 mean 77
high 92 low 66 mean 79
high 98 low 62 mean 80
high 90 low 60 mean 75
high 92 low 54 mean 73
high 92 low 58 mean 75
high 92 low 60 mean 76
high 94 low 64 mean 79
high 80 low 58 mean 69
high 90 low 62 mean 76
high 88 low 64 mean 76
high 92 low 68 mean 80
high 92 low 62 mean 77
high 90 low 60 mean 75
high 88 low 62 mean 75
high 91 low 62 mean 77
high 90 low 60 mean 75
high 86 low 62 mean 74
high 88 low 61 mean 80
high 91 low 64 mean 76
high 94 low 55 mean 80
high 92 low 68 mean 88
high 92 low 66 mean 79
high 93 low 55 mean 74
high 90 low 56 mean N
mean
high 88 low
high 91 low 68 mean 80
high 90 low 56 mean 73
high 92 low 60 mean 76
3932
Gainesville, Fla
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Tampa, Fla
Savannah, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Thomasville, Ga
Charleston, S. C
Greenwood, S. C
Columbia, S. C
Conway, S. C
Asheville, S. C
Charlotte, N. C
Newbern, N. C
Raleigh, N. C
Weldon, N. C
Wilmington, N. C
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
Financial Chronicle
Rain. Rainfall.
3 days 0.69 in.
4 days 1.41 in.
4 days 3.78 in.
3 days 1.68 in.
3 days 0.83 in.
3 days 0.68 in.
2 days 1.18 in.
2 days 0.54 in.
2 days 1.04 in.
2 days 0.60 in.
3 days 1.54 in.
2 days 1.54 in.
2 days 1.50 in.
3 days 1.00 in.
4 days 0.55 in.
2 days 0.67 in.
2 days 0.13 in.
3 days 1.26 in.
dry
4 days 0.31 in.
2 days 0.69 in.
2 days 1 98 in.
2 days 0 6 in.
Thermometer
high 92 low 61 mean 77
high 90 low 64 mean 77
high 86 low 66 mean 76
high 88 low 62 mean 75
high 90 low 68 mean 79
high 92 low 62 mean 77
high 90 low 58 mean 74
high 94 low 58 mean 76
high 92 low 60 mean 76
high 92 low 60 mean 71
high 90 low 62 mean 71
high 94 low 51 mean 73
high 92 low 63 mean 78
high 93 low 53 mean 73
high 86 low 46 mean 66
high 92 low 60 mean 76
high 95 low 61 mean 73
high 94 low 54 mean 74
high 94 low 53 mean 74
high 88 low 58 mean 73
high 84 low 66 mean 74
high 88 low 58 mean 73
high 86 low 56 mean 76
7The following
statement we have also received by telegraph, showing the height of rivers at the points named at
ka. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
June 2 1933.
Feet.
16 3
38 3
12 2
21 9
47.4
June 3 1932.
Feet.
5.0
9.9
9.3
6.8
18.1
June 3 1933
Mangum (Greer County).
-Had nice cotton rain here past week of eight..
tenths inch which fell slowly and was very beneficial, but will not last long
as have a high wind and dust storm raging from north now, however, it
was cause of most all cotton coming up to good stands. Need rain and less
high winds for best results hence. Made 270 mile trip yesterday north and
east of here and found very spotted conditions. Some localities chopping
cotton with ample moisture while in others hay crops looked yellowish and
very dry.
Marietta (Love County).
-Has rained the last 18 hours with some reports
of hall. From appearances along highway great damage done by washing,
and lots and lots will have to be replanted. So far, around four-inch rain
and still going strong. There will be a shortage of seed and farmers will be
far behind as fields were becoming grassy due to excessive rains not allowing
them to chop out. Land washed badly. From direction of clouds best
part of our lands must be under water. All creeks and streams out of banks.
ARKANSAS.
Conway (Faulkner County).
-The past week has been mostly unfavorable,
too much cloudy weather with some scattered rains, heavy in places. 75%
planted,60% up. Stands reported poor to fair.
-Past week favorable. Planting nearly comLittle Rock (Pulaski County).
pleted. Because of the delay intended increase in acreage will be small.
Crops about two weeks late.
-Too much rain past two weeks. Planting
Magnolia (Columbia County).
90% complete. Stands fair to good. 10% chopped to stands. Weather
fine past few days. Most fields grassy, need ten days warm sunshine to
get crop clear of grass. No insects at this time. Acreage 10% increase over
last year, crop fifteen days late.
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 May 29, in full below:
TEXAS.
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly mi.vement from the plantations of that
part of the crop which finally reaches the market through
the outports.
WEST TEXAS.
Abilene (Taylor County).
-Heavy rains past week have kept the farmers
out of the fields. No planting nor cultivation done in more than a week.
Some cotton up to a stand but very weedy and grassy. Weather has been
fine last of the week but will be too wet to get In the field except a little high
ground. Will be several days before they can do much. About half the
planting is yet to be done and some will probably have to be planted over
on account of weedy condition. Most of our crop is getting away to a bad
start.
Brady (McCulloch County).
-Have had big rains in this territory from
two to four inches. which washed the land and covered up cotton. 65%
planted, 15% up, 10% to be replanted. Will finish planting by June the
10th. Land is becoming grassy.
(Dawson County).
-No rain since January, nothing planted.
Can't plant anything until it rains.
-Good general rains have fallen in this section
Stamford (Jones County).
and planting is making rapid progress. There is probably 50% of the
acreage to be planted and replanted yet. The crop now is about fifteen
days late, however, the lateness can be overcome largely by favorable conditions from now on. The acreage will be 10% larger than last year. We
need fair warm weather the next two weeks.
Week
Ended
pLamesa
NORTH TEXAS.
Clarksville (Red River County).
-Progress average,slightly improved. Too
wet, planting not resumed. 95% planted, 90% up, 35% chopped out.
Stands right. Very heavy rains causing serious washing.
.-Ali cotton planted, 5% to be replanted account
Ennis (Ellis County)
of four-inch washing rain middle of the week, stands good. Crop prospects
very good,cultivation good, no insects so far. Need hot dry weather. Crop
Is several days early.
-Unfavorable weather past week, very
Honey Grove (Fannin County).
little work done in field account of wet ground. Having too much rain.
Fields getting in bad shape. Need two to three weeks dry weather to work
crop out.
-The cotton conditions this section continue
Sherman (Grayson County).
very spotted. Too much rain past week causing replanting in bottom
lands. The crops are getting very grassy and we must have two weeks good
weather to clear the fields. The land is soaked and it will be several days
yet before the farmers can get into the fields.
Weatherford (Parker County),
-About 85% planted, 10% to plant over.
Ground too wet to plant, no work done in field in ten days. Cotton getting
grassy and need three weeks dry hot sunshine to enable farmers to get cotton
worked out and replanted. If don't get dry weather, quite a lot will be lost.
CENTRAL TEXAS.
Brenham (Washington County) -The cotton crop in this section is making
satisfactory progress, and farmers cannot find anything to complain about,
which is unusual. Acreage about same as last year. Fields clean. About
two weeks later than normal,on average. Some plants beginning to square.
stands good. Splendid rain the past week, conditions ideal.
Cameron (Milam County).-Gondition past week favorable. Had about
four-Inch rain over county that was very beneficial to grain and cotton.
Need hot dry weather next two weeks.
SOUTH TEXAS.
San Antonio (Bexar County).
-(Early In week) Cotton has begun to suffer
from drouth past week between here and Corpus Christi. Most corn has
about burned up and other feed crops need rain badly. Nearby and east
of here a rain would be beneficial for cotton but it is not suffering as yet.
Practically all of the crop has been planted with 90% chopped, fields as
whole are very clean with good stands. There have been few reports of
Insect damage so far, however,It is a little early for boll weevil to make their
appearance.
San Marcos (Hays County).
-Had from two to four inches rain this week
just what was needed. Fields are clean and cotton squaring freely, neail
about three weeks fair weather followed by two inch rain would fix us up
for a big crop.
EAST TEXAS.
Palestine (Anderson County).
-Crop making good progress. Slow rains
totaling four inches fell during past week providing ample moisture for some
time to come. 95% planted, 75% 1113, 50% chopped out to good to average
stands. Period of clear hot weather needed for crop to make best progress.
Clear and hot to-day.
OKLAHOMA.
-Heavy rains stopped cultivation, fields beHugo (Choctaw County).
coming grassy. Need/air weather. Rivers overflowing, bottom lands seed
scarce.
Stocks at Interior Towns. !Receiptsfrom Plantations
Receipts at Ports.
1933..
1932.
1933.
1931.
1932. I
1931. I 1933.
1932.
1931.
Mar.
10__
17._
24_ _
31._
Apr.
101,012 184,065 118,571 1,977,7961,997.9091,461.836
72.119158,701 93.477 1,964,139 1.961,116 1 420.753
48.558 125,715 68,139 1,932.247 1.908.510 1,379,376
78,838 130,968 61,7361,903.091 1,872.878 1,349 018
71,916 115.587 53,101 1.874.180 1,847.155 1,312,856
55,548 93,799
14__ 56.769 62.040
21._ 80.344 76,159
92,3E43 86,6241
May
5._ 90.027 53.102
12... 101.074 62,170
19._ 118,296 37.536
26_ _ 79.657 54,967
June
88.978 64,258
64.142149,662
55.462 121,908
16.666 73,109
49,682 95.336
43,005 89,864
40,426 1.839.230 1,812.832 1.264,845 20.355
52.119 1.806,8951,781.096 1.213,990 24.435
33,372 1.772,695 1,747.767 1,175,73046.143
37,7291,739.0381.710.830 1.136,594 58,7211
9
31,266 1,709,661 1,664.1351.112.593
27,481 1.672.791 1,622.8961.051,370
20,516 1.624,351 1,588,1051.060,746
18,91111,566,9591.55 ,
4 72211,037,599
65.725
41,083
26.762
31.378
16.939
59.476
30.304 1:24
MI
42.830
49,687 37,195
60.650 6.407
64.204 20.931
69.856 2,745
22.275 21.584
8,731
8,258
Nil
Nil
20,502 1,521.226 1.526,180 1.009,231 43,245 35 716
NI1
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1932 are 8,224,789 bales;
in 1931-32 were 10,121,342 bales and in 1930-31 were 8.857,662
bales. (2) That, although the receipts at the outports the
past week were 88,978 bales, the actual movement from
plantations was 43,245 bales, stock at interior towns
having decreased 215.733 bales during the week. Last year
receipts from the plantations for the week were 35,716
bales and for 1931 they were nil bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1932-33.
Cotton Takings,
Week and Season.
Week.
1931-32.
Season.
Week.
Season.
9,160,459
8,881,985
Visible supply May 26
7,791.048
6,892.094
Visible supply Aug. 1
145,653 13.139.435
116.611 15.188.554
American in sight to June 2
52,000 2,368.000
70,000 1,885,000
Bombay receipts to June I__ 9.000
446.000
13,000
338,000
Other India ship'ts to May 31
6,000
963,000
5,000 1,410.000
Alexandria receipts to May 31
8,000
477,000
9,000
494,000
Other supply to May 31 *b 9,381,112 25,184,483 9,095,596 26,207,648
Tota• supply
Deduct
Visible supply June 2
9.013,571 9,013,571 8,737,579 8.737.579
Total takings to June 2 a_ __ _
Of which American
Of which other
367,541 16.170,912
270,541 11,996,912
97,000 4,174,000
358,017 17.470.069
270,017 13.025,069
88,000 4,445,000
• Embraces rece pts in Europe from Brazil, Smyrna, West Indies, kc.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4,264,000 bales in 1932-33 and 3,904.000 bales in 1031-32
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 11,906.912 bales In 1932-33 and 13.566,069 bales In
1931-32, of which 7,732,912 bales and 9,121,069 bales American.
b Estimated.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
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 tor the corresponding week
of the previous two years:
1932-33.
1931-32.
Receipts (Canlars)This week
Since Aug. 1
30,000
4,907,749
25,000
6.807.370
95,000
6.734.901
Export (Bales)-
This Since
IVeek. Aug. 1.
This Since
Week Aug. 1.
This Since
Breck, Aug. 1.
To Liverpool
To Manchester. Scc
To Continent and India_
To America
4.000 136,746
7.000 108,674
5,000 423.398
2,000 33.864
4,000 190,141
--- - 140,253
8,000 526,929
3,000 43,754
____ 115.370
4,000 112,236
8,000 500.962
____ 19,980
Alexandria, Egypt,
.1./ay 31.
1930-31.
18,000 702,682 15,000901.077 12,000748.548
Total exports
Note.
-A cantar is 99 lbs. Egyptian ha es weigh about 750 pounds.
This statement shows that the receipts for the week ended May 31 were
30.000 cantars and the foreign shipments 18,000 bales.
Financial Chronicle
Volume 136
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1932-33.
June 1.
Receipts atWeek.
Since
Aug. 1.
1931-32.
1930-31.
Since
Week. 1 Aug 1.
.
Since
Week. I Aug. 1.
52.000 2,368.000 70,000 1,885,000 27,000 3.081.000
Bombay
Since Aug. 1.
For the Week.
Exports
Great I Conti- Japan cti
Great Const- Japan&
Total.
Britain. nent. China. Total. Britain, I neat. I China.
Bombay
1932-33 _
4,000 27,000 31,000 46,000 253.000 991,0001,290,000
1931-32 _ _
7,000 10,000 17.000 17,000 129,000 799.000 945,000
1930-31 _ 3.000 61,000 64,000 118,000 627.000 1,653,000 2,398.000
Other India
1
446.000
1932-33_. 2,000 7.000
9.000 99.000 347,000
338,000
1931-32 _ 2,000 11,000
13,000 93,000 245.000
568.000
1930-31 _ _
12,0SI 138,000 430.000,
12,000
Total all
1932-33_.
3931-32_
29303i_ _
2,000 11,000 27,000 40.000 145,000 600.000 991,0001,736,000
2.000 18,0001 10,000 30,000 110,000 374,000 799,0001.283,000
258,0001.057.0001,653,000 2.966,000
15,0001 61,00 76,
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
18,000 bales. Exports from all India ports record an increase
of 10,000 bales during the week, and since Aug. 1 show an
increase of 453,000 bales.
-Our report received by
MANCHESTER MARKET.
cableto-night from Manchester states that the market in
yarns is firm and in cloths steady. Merchants are buying
very sparingly. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
1932.
1933.
32s Cop
Twist,
d.
March3---10....
17--24---31......
April
7....
14---21....
28.-May
6....
12....
19....
28____
June
2..._
sii Lbs. Shirt-
Cotton
Mos, Common Middrg
to Finest.
UPl'its
s. d.
Cottony
Pigs, Common Midc11'
to Finest.
Upl'ds
a. d.
d.
d.
d.
8 0 94
840 9%
840 9%
840 94
840 991
3
3
8
3
3
0
0
0
0
0
6
6
6
8
6
4.79
6.17
5.28
5.13
5.15
9 0104
8401014
84010%
84010
840 9%
1
0
0
0
0
0
0
4
8
0
0
0 a
3
3
573
5.51
651
5.15
4.81
8140 9%
840 9%
8409%
84010
3 0
3 (It
8 0
3 a
6
6
6
6
5.28 840 954
5.37 840 9%
5.30 840 94
5.53 840 9%
0
1
1
1
0
0
0
0
3
4
4
4
478
600
4.05
4.82
84010
04010%
94010%
9 010%
8
5
5
5
0
0
0
0
6
0
0
0
5.89
619
5.96
6.07
8 0 9%
740 94
740 94
740 94
0
0
0
0
0
0
0
0
3
3
8
3
4.53
458
4.53
4.45
954010%
7 0
2
6.37
740 8I./
0 0
3
4.10
s. d.
s. d.
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past weeks have
reached 181,230 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
NEW ORLEANS
-To Barcelona-May 26
-Cody, 750..
..May25
Mar Caribe, 150
900
To Japan-Add I-Hanover, 202
202
To India
-May 25
-City of Winsor,600
600
To London-Addl-Elmsport, 25
25
To Marseilles-Aden-Istria, 4
4
To Porto Barrios
-May 17-Zacapa, 50
50
To Porto Colombia
-May 20-TivInee. 100
100
To Arica
-May 20-Tivines, 300
300
To San FIllpl-May 24
-Carrillo, 100
100
To Porto Colombia
-May 27-Zacapa, 300
300
To Bremen-May 27
-America, 15,896; Alrich, 5,555
21.451
To Oporto
-May 27-Sahale, 1,165
1.165
To Japan-May 27
-Rio de Janeiro Maru,3,029
3.018329
To Hamburg
-May 27-Alrich, 183
To Riga
-May 27-Alrich, 300
300
PENSACOLA-To Manchester
-May 26-Yaka,296
296
To Bremen-May 26-Yaka,561..
.May 26-Arispa. 617
1.178
LOS ANGELES
-To Liverpool
-may 19
-Gothic Star, 400; Mr.
veria, 50
450
To Dunkirk-June 1-Wisconsin, 50
to
To Japan
-May 19
-President Harrison, 100: Tatsuta Maru,
73_ _-May 27
-President Jackson, 900.,.
..May 27-Kurama
Maru, 200.. _ _May 29
-Santos Maru, 340---May 31-Belford Marti, 2,190
3.803
GALVESTON-To Genoa
-May 23-Nicolo Odero, 1,257
1.257
To Gdynia
-May 26
-Tampa, 2,587---May 31-Griesheim,
1,249
3.836
To Oslo
-May 26
-Tampa, 100
100
To Guayaqiulle-May 30
-Tillie Lykes, 159
159
To Gothenburg
-May 26
-Tampa,760
760
To Cartagena
-May 30
-Tillie Lykes. 79
79
To Copenhagen-May 26
-Tampa, 848
848
To Liverpool
-Aquarius, 7,092
-May 26
7.092
To Japan
-May 31-Siamese Prince, 674
674
To China
-May 31-Siamese Prince, 373
373
To Manchester
-Aquarius. 1,369
-May 26
1,369
To Bremen-May 27
-Cripple Creek, 2,018... May 31-Cries.
helm 2,347
4,363
To Hamburg
-May 27
-Cripple Creek. 400
400
To Rotterdam-May 27--Cripp1e Creek, 250 ..May 29Leerdam,861
1.111
To Havre
-May 27-Nashaba, 4,481
4,481
To Dunkirk
-May 27-Nashaba, 812
812
To Ghent
-May 27-Nashaba, 1.613---May 29--Leerdam,610 2.223
-May 29
To India
-City of Windsor 460
460
-May 30
To Venice
-Alberta, 3,892
3.892
To Trieste
-May 30
-Alberta,661
661
Fiume
-May 30
To
-Alberta, 766
766
SAVANNAH To Liverpool
-Tulsa, 5,189-May 31-May 30
Delillan, 2,588
7,777
-May 30
....May
To Manchester
-Tulsa, 2,952.
1.290
4,242
-May 30-Wildwood, 1,046
To Bremen
1,046
To Hamburg-May 30-Wildwood,72
72
To Genoa-June 1-Nicolo Oder°, 400
400
-June 1-Nicolo Odero, 100
Naples
To
100
Bales.
HOUSTON-To Havre
-May 25-Phrygia, 100
100
To Ghent
-May 25-Phrygia, 38; Leerdam, 615___May 31Nashaba, 1.351
2,004
To Bremen-May 27-Griesheim, 3,414; DefIshaven, 3,245._
May 31-Cripple Creek, 5.928
12,587
-May 27-Griesheira. 670
To Hamburg
670
-May 31-Rio de Janeiro Maru.8,225
To Japan
8.225
To Gdynia-May 27-Grieshiem, 6.299
6.299
To Barcelona-June 1-Cody.2.265; Mar Negro,4,006
6.271
To Rotterdam-May 25-Lm.erdam, 669May 27-Delfshaven,664.__ May 31-Cripple Creek. 650
1.983
To Liverpool-May 3I-Aquarius, 4,639
4.639
To Venice
-May 31-Alberta, 2.128
2,128
-May 31-Alberta, 1.787
To Trieste
1,787
To Manchester-May 31-Aquarius, 1,875
1,875
To Fiume
-May 31-Alberta. 284
284
To Genoa
-May 31-Monbaido, 6,514
6,514
To Havre
-May 31-Nashaba, 5.247
5,247
To Naples
-May 31-Monbaldo, 100
100
To Leghorn
-May 31-Monblado. 25
25
To Japan
-May 31-Asuka Maru,2,764; Rio de Janeiro Marti,
8,225
10.989
To Salonica-May 31-Monbaldo, 25
25
To Bourgas-May 31-Monbaldo, 41
41
To India
-May 31-City of Windsor.690
690
CHARLESTON-To Liverpool
-May 29-Delillan, 4,000.
..June
1-Tulsa, 950
4,950
To Bremen-June 1-Wildwood, 1.200; Hartside,6.369
7.569
To Antwerp-June 1-Hartside. 541
541
To Manhcester-May 29-Delilian, 3,616.._June 1-Tulsa,
1.200
4,816
BRUNSWICK
-To Bremen
-May 27-Wildwood,534
534
NORFOLK
-To Liverpool-(fl-Cold Harbor,752
752
To Manchester-(?)-Cold Harbor, 941
941
To Bremen
-(
?)-City of Hamburg.300
300
TEXAS CITY
-To Liverpool
-May 26
-Aquarius, 430
430
-May 26
-Aquarius, 186
To Manchester
186
To Bremen
-May 31-Grieshelm, 1.258
1.258
To Gdynia
-May 31-Griesheim, 213
213
LAKE CHARLES
-May 31-Wanderer,825
-To Liverpool
825
-May 31-Wanderer. 299
To Manchester
299
To Havre
-May 28
-Cranford, 506
506
To Antwerp
-May 28-Cranford. 100
100
To Ghent
-May 28-Cranford.300
300
TI Bremen
-May 29-Narbo. 1,261
1.261
To Dunkirk-May 29-Narbo. 100
100
JACKSONVILLE
-To Liverpool
-May 25-Delillan, 5O0 ..May
-Tulsa, 100
27
600
To Genoa-May 30-Nicolo Odero, 1.200
1.200
To Bremen-May 30-Hartside. 215
215
SAN FRANCISCO
-To Japan-(?)-(?)-. 5,237
5.237
Total
sit Lbs. Shirt32.1 Cop
Twist.
3933
181.230
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Barrows, Inc., are
as follows, quotations being in cents per pound:
High StandDeadly. out.
Liverpool .45o. .60o.
Trieste
Mancheeter.45o. .60o. Flume
Antwerp .35e.
Barcelona
Havre
.27o. .40e.
Japan
Rotterdam .35o. .50e.
Shanghai
Genoa
.400.
Bornbays
Oslo
.46e. .61e.
Bremen
Stockholm .42o. .57e.
Hamburg
•Rate is open. a Only small lots.
High StandDewily. out,
.600. .650.
.650.
.350.
•
•
•
.40e. .55o.
.35o.
.35e.
High Stand.
Density. ant.
Piraeus
.760.
Salonlea .75e.
Venice
.50e. .65e.
Copenh'gen.314e. .53e.
Naples
.40*. .55e.
Leghorn
.400. .550.
Oothenberg.42e. .570.
LIVERPOOL.-Bv cable from L.verpool we have the following statement of the week's sales, stocks, &c., at that port:
May 12. May 19. May 26.
49.000
47.000
58.000
668.000 659.000 649.000
375,000 366.000 353,000
39,000
50.000
31.000
9.000
25.000
12.000
143,000
140.000
134.000
72.000
62.000
60.000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of wh'cb American
June 2.
41,000
652.000
354.000
148.000
25.000
150,000
76.000
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.
Mid.tlprds
Saturday.
Monday,
Tuesday, Wednesday. Thursday,
Friday,
Quiet.
A fair
business
doing,
A fair
business
doing.
Quiet.
6.27d,
6.21d.
Moderate
demand,
6.30d.
Moderate
demand.
6.458.
6.286.
6.376.
steady.
Steady. Barely stdy Steady,
Steady,
Futures.
{ Firm,
Market
15 to 18 pts 2 to 5 pts. 5 to 7 pts. 2 to 6 pts. 5 to 7 pts. 2 to 4 pto.
advance, advance, advance, advance,
opened
decline.
advance.
Market, I Steady, Quiet but Steady, Quiet but
Steady, Quiet but
4
16 to 18 pts steady,5 to 15 to 16 pts steady, 177 to 8 pts. steady,4 to
P.M.
advance. 8 pts. dec. advance. to 20 pts ad decline. 5 pts. adv.
Prices of futures at Liverpool for each day are given below:
Sat.
May 27
to
June 2.
Mon.
Tues.
Wed.
Thurs
Fri.
12.1512.3012.15 4.0012.151 4,0012,151 4 12.15 4.0012.15 4.00
p.m. p.m.p.m.p. m.p. m.p. m.o. m.p. m.p. m.p. m.p. m. p.m.
New Contract, d.
May (1933)___ _ _
July
October
January (1934)---March
May
July
October
December
January (1935)..
March
May
d.
d.
d. d. d. I d.
d.
d. d.
d. d.
6.03 5.96 5.95 6.05 6.10-------- -- ------- -5.99 5.93 5.92 6.04 6.08 6.17 6.12 6.01 6.05 6.10 6.09
6.11 5.94 5.93 6.04 6.08 6.17 6.12 6.01 6.04 6.09 6.09
6.04 5.98 5.97 6.08 6.12 6.21 6.1 6.05 6.08 6.13 6.12
6.07 6.01 6.00 8.12 6.16 6.25 6.19 6.08 6.12 6.16 6.16
6.10.. --6.03--------6.28 6.22 6.11 6.15 6.19 6.19
-.6.20
-- -- 6.15------------6.32.. _ 6.
.... __ 6.30
BREADSTUFFS.
Friday Night, June 2 1933.
FLOUR prices have been unsettled, with a somewhat
lower tendency following the irregularity of wheat.
WHEAT declined under good weather in the Northwest
and Canada, but the situation is such that big operators
are not aggressive on the selling side. Lately the East has
been a good buyer. On the 27th ult. all grains moved
sharply upward on the public construction of the Congressional resolution to cancel gold payments. An interview
with a high official of the Treasury Department purporting to sanction higher commodity prices by inflationary
3934
Financial Chronicle
processes if necessary provided an additional spur to the
/
advance. The close was 214 to 278c. up, although at one
1
time the December contract showed an advance of 31 c.,
or a new high for the season. Public buying was persistent,
and crop news was disregarded.
On the 29th ult. prices closed irregularly, %c. down to
%c. up. The market was forced to take a very large amount
of profit-taking, but Eastern buying was aggressive and
little ground was lost. Weather news was very favorable,
foreign demand has been small, and everything in the way
of crop news has been against the market. The belief is
current among a good part of the trade, however, that the
Government is going to force prices higher, and this offsets
news that in itself is bearish. Last week's visible supply
was given as 114,909,000 bushels against 116,528,000 bushels
for the preceding week and 168,153,000 bushels last year.
On the 30th ult. markets were closed in this country on
account of the Memorial Day holiday, but wheat was
strong and active, and so was Liverpool. Winnipeg prices
were % to le. higher, although most of the trade was from
local sources. Based on a sterling quotation of 3.98, Liver•
4
pool closed at the equivalent of 1 to %c. up.
On the 31st ult. the market sold off on profit-taking, after
an early advance, and closed % to lc. lower. The weakness
in corn also helped to unsettle prices, although during the
early bulge both the September and December deliveries
sold at new high records. Monthly private crop estimates
to be issued on June 1 were expected to show quite an
Improvement over the Government estimate of May 1. Speculation lagged. On the 1st inst., after a slow start, prices
4c. higher. Unofficial June 1
rallied and closed Yic. off to 1
crop reports were issued and bore out the forecast that they
would be bearish. The average estimate was for 357,000,000
bushels of winter wheat and 270,000,000 bushels of spring
wheat. One crop authority put the winter wheat condition
at 63%, which, if authenticated, would mean the second
lowest June 1 condition on record. The strength in the
stock market, however, and an influx of speculative buying
gave the needed fillip to the market in the afternoon. Today prices closed unchanged to Ypc. lower, after being
higher at one time on the strength of the stock market and
complaints of dry weather in Nebraska. The rapid growth
of the new spring wheat crop received increased attention.
Final prices are 1% to 214c. higher for the week.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs Fri.
9731 9734
10334 9934 ____ 99
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
3
7431 7434 _ _ _ _ 7331 7334 734
July
7634 -_-- 7534 75% 7534
763
September
7834 78% 78%
7831 7831
December
Season's Low and When Made.
Season's High and When Made.
4331
Dec. 28 1932
May 11 1933 May
74
May
Dec. 28 1932
4334
May 12 1933 July
757
July
Jan. 3 1933
May 31 1933 September -4531
September __..7731
Apr. 28 1933
May 27 1933 December_6831
December---7931
CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
DAILY
Sat. Mon. Tues. Wed. Thurs. Fri.
65% 6431 ____ 6531 6431 64
July
6734 6631 ____ 6731 6631 66
October
6834 6834 6734
6834 6734
December
INDIAN CORN declined, owing to favorable weather, but
was under the influence of wheat, and rallied. On the
c.
2
/
27th ult. prices closed 114 to 11 up, under the spur of
inflationary prospects. Corn, however, hesitated somewhat
because of the excellent weather conditions existing for
plowing and planting, not to mention the forecast in the
Government weekly weather report for continued fair
weather. In Chicago 300,000 bushels of cash corn were
sold on the advance, mostly from Iowa points. On the 29th
ult. generally excellent weather over the belt, and the prediction of its continuance over Decoration Day, had more
effect than Washington developments. Prices closed unchanged to %c. lower. Cash corn was offered more freely,
and speculative sentiment became more cautious. The visible supply last week was 34,907,000 bushels against
34,097,000 bushels last week and 19,818,000 bushels last year.
On the 31st ult. the market showed quite pronounced
weakness on the continued favorable weather news and
prospects. At Chicago 410 cars arrived, and country offerings were much heavier than they have been recently.
Prices closed % to lc. down. On the 1st inst. corn closed
unchanged to %c. up. Unofficial estimates of acreage this
season averaged about 104,000,000 acres as against
107,729,000 acres actually harvested last year. The weather
continued to be good, but despite the present favorable
conditions the crop has a late start, judged by the statistics
of past years. In the afternoon corn rallied with stocks
4
and wheat. To-day prices were 1 to %c. lower, and followed the trend of wheat generally. Final prices are %
to %c. lower than a week ago.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
5734 5734 5734
603-I 5831
No. 2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Tues. Wed. Thurs. Fri.
Sat. Mon.
4531 4534 45
4631 4634
July
4731 4734 4734
4834
49
September
5034 5034 5034
December
5134 5134
Low and When Made.
Season's
Season's High and When Made.
2334
Feb. 28 1933
May 12 1933 May
4634
May
25
Feb. 28 1933
May 12 1933 July
48%
July
Feb. 28 1933
May 12 1933 September -.2634
September -.50
Apr. 28 1933
May 12 1933 December---38%
December- _5131
OATS have in general foilowed wheat or corn. On the
4
27th ult. prices closed 1 to %c. higher, in company with
other grains, on Washington news. Excellent weather re-
June 3 1933
ports were disregarded. On the 29th ult. better weather
reports kept prices down, and the close was unchanged to4c, lower. Speculative eagerness for the long side showed
1
signs of waning. On the 31st ult. oats were off % to %c.,
following the lead of corn on better wheather reports.
There were also indications of continued fair weather over
the belt.
4c. lower to Ypc. higher,
On the 1st inst. oats closed 1
following the action of corn and wheat. To-day prices
/
ended % to 12c. off, with other grain weak. Final prices
2
1c.
are / lower for the week.
DAILY CLOSING PRICES OF OATS FUTURES IN NEW YORK.
Tues.
Wed.
Fri.
Thurs.
Mon.
Sat.
_ 3534-36343531-3634 3431-353(
No. 2 white_ -36%-3731 3631-3734
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
2534 2534 25% 2434 2434
July
2634 2634 ____ 2534 2534 2534
September
2734 2734 ____ 2734 2734 2634
December
Season's Low and When Made.
Season's High and When Made.
May 12 1933 May
Mar. 3 1933
1534
2634
May
Mar. 3 1933
May 12 1933 July
16
July
27
September _2734
May 12 1933 September --AM
Feb. 28 1933
May 22 1933
May 12 1933 December ....2534
December----29
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
2934 2851 ____ 2934 2934 23ti
July
October
2934 2934 29
RYE showed individual strength, with the crop estimated
at 6,000,000 bushels smaller than last year's. On the 27th
ult., with Washington inflationary news and the near approach of the last delivery day for May, prices rose 114
to 2%c. Most deliveries reached new highs for the season.
Large Eastern holdings of cash rye, estimated in some quarters as aggregating about 4,000,000 bushels, or about 50% of
the total available supply, is causing increased uneasiness
on the part of the short interest. On the 29th ult. prices
4c. higher. The market was narrow,
closed %e. lower to 1
with little distinct trend. In some quarters it is felt that
the recent higher grain prices have more than discounted
depreciation to which the dollar has attained in comparison
with foreign currency. On the 31st ult. prices closed 1
4c.
lower to %c. higher. Weather was favorable for crop progress, but there was steady commission house buying that
kept levels up.
On the 1st inst. rye steered a course contrary to the other
grains, and ended the day with a substantial net advance
of % to %c. The market was dull, and with no pressure
to sell, prices moved upward easily on the small demand
that appeared. To-day prices ended %c. higher on the
strength of securities. Final prices are 2% to 3%c. higher
for the week. For the most part rye followed wheat, even
if it did show some independence to-day.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July_
---- 5934 6034 6131
603% 61
September
..--_ 61 8 613% 6234
6334 6334 ---- 6334 6431 65
December
Season's Low and When Made.
Season's High and When Made.
3034
May 27 1933 May
60
May
Nov. 11932
31
June 2 1933 July
6234
July
Dec. 28 1932
41%
June 2 1933 September
September -63%
Apr. 1 1933
ss
June 2 1933 December
December-65%
May 5 1933
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
4834 4934 -_-_ 5044 5034 40
July
October
5234 5234 5134
BARLEY has latterly declined. On the 27th ult. prices
advances 2%c., in company with other grains, on the news
of Washington events. There were no other special developments affecting barley alone of particular moment. On
/
the 29th ult. prices closed % to 14c. down. Its irregularity
was in conformity with the action of the other grains. On
the 31st ult. barley closed from M; to ye. lower, with little
of interest to report. Of late speculation has been confined
in very narrow limits.
On the 1st inst. the close was 14 to %c. below that of the
previous day, following the action of corn and oats. To-day
prices followed those of wheat and ended %c. lower. Final
prices are 1%c. higher for the week.
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
3534 35% ---- July
3534 35g 3434
3731 3734 ---_ 3734 37
September
3634
December
39
DAILY CLOSING PRICES OF BARLEY atrithiss iiiWINNEPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
3834 3834 ____ 38% 3834 3734
July
40
October
4034 3934
Closing quotations were as follows:
GRAIN.
Oats, New York
Wheat, New Yorkgni
No. 2 white
No. 2 red, c.i.f., domestic
34344531
No.3 white
3334-8434
Manitoba, No. 1,f.o.b. N. Y___ 7234
Rye, No.2.f.o.b. bond N. Y__ 5534
Chicago, No.4
Corn, New YorkDOM.
5734 Barley
No. 2 yellow, all rail
N. Y., 4734 lbs. malting.... 54%
5634
No.8 yellow, all rail
Chicago, cash
35-59
FLOUR.
$6.3547.05
Spring Patents high protein_ _55.0045.45 City mills
4.55- 4.80
4.80- 5.10 Rye flour patents
Spring patents
4.60- 4.85 Seminole, bbl., Nos. 1-3
Clears. first Winn
5.20- 5.60
1.75
3.90- 4.85 Oats goods
Soft winter straights
4.70- 4.90 Corn flour
Hard winter straights
1.55- 1.70
Hard winter patents
4.95- 5.20 Barley goods
2.35
4.50- 4.65 Coarse
Hard winter clears
Fancy Minneapolis, patents__ 6.35- 7.05 Fancy pearl Nos. 2,4 di 7 4.00- 4.50
All the statements below regarding the movement of grain
-are pprepared by us
-receipts, exports, visible supply, &c.
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:
Barley.
Rye.
Oats.
Corn.
Wheat.
Flour.
bbls.196lbs.60 lbs. bush.56 lbs. bush.bush. 32 lbs bush.481b5.bush.561bs.
747,0001 378,0001 291,000
115,000 1,570,0001
187.000
Chicago
657,0001447,000 172,0001 486,000
1,680,000
Minneapolis_
321,000 201.0001 158.000
177,0001
899.000
Duluth
54.0001 242,000
109,000
95,000
9,000
13,000
Milwaukee...
4.000
1,0001
334,000
20,000
290,000
Toledo
12,000
6,0001
14,000
4,000
9,000
Detroit
284,000
466,000
32,000
Indianapolis._
3,000
4,0001
156,000
612,000
319,000
St. Louis.... 107,000
65,000
72,000
536,000
13,000
45,000
Peoria
38,000
387,000
Kansas City
10,000 1,350,000
79,000
830,000
155,000
'Omaha
37,000
151,000
35,000
St. Joseph._
.
5,000
290,000
Wichita
3,000
1,000
22,'''
49,000
12,000
Sioux City...
187,000
2,480,000 1,586,000
Buffalo
Receipts at-
Tot. wk.'33
Same wk.'32_
Same wk.'31_
362,000 7.668,000 6,945,000
372,000 7,278,000 2,607,000
336,000 8,834,000 2,061,000
2,847,000
1,471,000
910,000
817,000 1,262,000
536.000 277.000
137.000 532,000
Since Aug.116,462,000 292,248,000179,566,000 83,260,000 13,824,00044,497.000
1932
17,850,000 284,678,000 114,042,000 64,158,000 7.344,000 29,975,000
1931
441 MCI 1 A RA1 MIA 44 R24 OM
'non
la liOR nnngo., A.. nnn 1,7 40K MIA
•
•
•
•
•
•
02
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, May 27, 1933, follow:
Receipts at
Flour, I
Oats.
Corn.
Wheat.
I Barley.
Rye.
.b
bbla.1961bs.lbush.60 lbs. bush. 58 lbs ush. 32 lbs. bush.48Ibs.1bush.56bs.
3.000
13,000
New York. _
3,000
116,000
7,000
15,000
Philadelphia23,000
8,000
4,000
20,000
Baltimore
20,000
3,000
30,000
45,000
84,
New Orleans•
12,000
84,000
Montreal__ _ _
100,000 2,127,000
2,000
Boston
20,000
Sorel
265,000
Halifax
2,000
Quebec
478,000
3,000
148,000
Tot. wk.'33 326,000 2.898,000
107,000
107,000
Since Jan.1'33 8,274,000 26,510,000 1,957,000 1,875,000 118,000
450,000 513,000 616,000
Week 1932.._
367,000 4,804,000
228,000
SInceJan.1'32 6,809,000 47,473,000 1.885,000 3,789,000 5,052,000 2,259.000
• Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, May 27 1933, are shown in the annexed
statement:
capons jr0171New York
Sorel
New Orleans
Galveston
Montreal
Quebec
Halifax
wheat,
corn.
Oats.
Flour.
Rye.
coney.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
7,000
9,760
589,000
1,000
265,000
1,000
1,000
5,000
84,000
100,000
2,127,000
476.000
2.000
Total week 1933... 3,457,000
92,000
1,000 117,760
Same week 1932.... 4,662,000
45,000 145,204 254,000 359,000 615,000
The destination of thege exnert8 for the week and since
July 1 1933 is as below:
rovur.
Exports for Week
and Since
Week
July 1 toMay 27
1933.
Since
July 1
1932.
IIIKAA.•
Week
May 27
1933.
Since
July 1
1932.
,(11-4.
Week
May 27
1933.
Since
July 1
1932.
Bushels. Bushels. Bushels.
Barrels. Barrels.
Bushels.
United Kingdom- 78,200 1,951,074 1,577,000 51,884,000
1,040.000
Continent
27,560
3,682,000
785,487 1.875,000 80,118,000
So. and Cent. Am.
9,451,000
13,000
____
108,000
West Indies
154,000
1.000
1,000
89,000
12,000
591,400
64,809
2,000
BrIt.No.Am.Cols.
____
5,000
178,881
____
552,000
4,000
Other countries__
2,000
Total 1933
Total 1932
3935
Financial Chronicle
Volume 136
117,760 3,879,442 3,457,000 142,161,000
145,204 5,249,935 4.662,000 154,849,000
1.000 4.817,000
45,000
606,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 27, was as follows:
GRAIN STOCKS.
Oats,
Rye,
Barley,
Corn,
Wheat,
bush,
bush.
bush.
bush,
United Statesbush,
1,000
8,000
Boston
32,000
1.000
207,000
New York
70,000
42,000
" afloat
102,000
6,000
34,000
Philadelphia
11,000
174,000
4,000
32,000
Baltimore
3,000
28,000
175,000
9,000
117.000
261,000
New Orleans
27,000
Galveston
6,000
368,000
3,000
440,000
48,000
Fort Worth
72,000
2,986,000
Wichita
1,531,000
Hutchinson
3,890,000
418,000
2,853,000 1,200,000
St.Joseph
225,000
85,000
34,319.000 1,681,000
60,000
Kansas city
21,000
10,993,000 4,214,000 1,292,000
32,000
Omaha
114,000
401,000
3,000
15,000
976,000
Sioux City
422,000
18,000
12,000
3,112,000 2.905,000
St. Louis
905,000
373,000 2,252,000
Indianapolis
4,000
3,000
Peoria
6,879,000 8.831,000 3,241,000 4,023,000 1,125,000
Chicago"
200,000
" afloat
154,000
212,000
87,000
451,000
On Lakes
10,000
706,000
3,287,000 1,959,000 1,015,000
Milwaukee
23,014,000 1,481,000 9,630,000 2.653,000 6,386,000
Minneapolis
15,254,000 1,103,000 2,441,000 1,036.000 1,085.000
Duluth
25,000
23,000
15,000
42.000
100,000
Detroit
803,000
390.000
3,711,000 7,603,000 1,456.000
Buffalo
419,000
93,000
175,000
' 366,000
" afloat
83,000
117.000
On Canal
Total May 28 1933 114,909,000 34,727,000 22,547,000 K488,000 10,409.000
22,090,000 8,044,000 9,915,000
Total May 20 1933 115,839,000 34,101,000
Total May 28 1932 188,153,000 19,828,000 10,840,000 9,193,000 2.287.000
-Bonded grain not Included above: Barley, Buffalo afloat, 74,000; total,
Note.
74.000 bushels, against 283,000 bushels In 1932. Wheat, New York, 193.000
bushels; New York afloat, 536,000; Buffalo, 1,909,000: Duluth, 37,000; Erie, 1,670,000; Canal, 459,000; total, 4,804,000 bushels, agaltu3t 7,986,000 bushels In 1932.
Rye,
Oats,
Barley,
Corn,
Whew,
bush,
bush.
bush.
bush,
Canadian
bush,
409,000
763.000355,000
4,783,000
Montreal
1,804,000 2,239,000 1,989,000
Ft. William dt Pt. Arthur 51,148,000
868,000
2,018,000
674,000
34,248,000
Other Canadian
4,231,000 3,870,000 3,018,000
Total May 27 1933... 90,157,000
4,631,000 3.833,000 3,127,000
May 20 1933... 94.033,000
Total
2,486,000 7,685,000 2,810,000
Total May 28 1932--- 58,368,000
Summary
114,909,000 34,727,000 22,547,000 8,488,000 10,409.000
American
4,231,000 3,870,000 3,018,000
90,157,000
Canadian
Total May 27 1933...205,066,000 34,727,000 26,778,000 12,358,000 13,427,000
Total May 20 1933_209,872,000 34,101,000 26,721,000 11,877,000 13,042,000
Total May 28 1932.-226,521,000 19,828,000 13,126,000 16,758,000 5,097,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ended Friday, May 26, and since July 2 1932 and July 1
1931, are shown in the following:
Corn.
Wheat.
Exports.
Week
May 26
1933.
Since
July 2
1932.
Since
July 1
1931.
Week
May 26
1933.
Since
July 2
1932.
Since
July 1
1931.
Bushels.
Bushels.
Bushels.
Bushels. Bushels. I Bushels.
9,000 5,527,000 2,195,000
North Amer_ 6,272,000274,826,000 301,743,000
19,512,000109,996,000 655,000 63,828,000 33,219,000
Black Sea....
3,200,000100,812.000133.481,000 5,570.000 189,702,000 354,549,000
Argentina_
2,184,000146,384,000 148,885,
Australia
i
600,000
India
0th. countr's 280,000 23,645,000 31,926,000 170,000 31,037,000 20,511,000
8.404.000 290,094,000 410,474,000
11,936,000565,179,000 726,631,
Total
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
JUNE 1.
issued by the Department of Agriculture, indicating the influence of the weather for the week ended June 1, follows:
The weather of the week was characterized by the passage of serveral
"lows" across the central valleys of the country, attended by rather general
rains and locally heavy showers over practically all sections from the
northern Great Plains eastward. Severe thunderstorms were also reported
from parts of the Middle Atlantic States, while excessive local rains were
noted in several sections from eastern Texas to Minnesota. Temperatures
were moderate for the season, with only local sub--freezing weather in the
higher elevations of the far West.
Chart I shows that the mean temperatures for the week were considerably above normal east of the Mississippi River, with the greatest excesses
noted in the Lake region and northern New York. In the Plains States
temperatures were generally close to normal, although the western half of
the Dakotas and Nebraska averaged slightly below. The greatest deficiency in temperature for the week occurred in northwestern Wyoming.
In the far West, except in the extreme Northwest and extreme southern
California, temperatures were again high, with the maxima centering in
northern California.
Chart II shows that rainfall was heavy to locally excessive over a belt
extending from the western Lake region to central and eastern Texas.
Moderate to heavy falls were also reported from the Middle Atlantic
States, the Southeast, and the extreme northern Great Plains. Elsewhere
the total precipitation for the week was light to moderate, although from
the central and southern Rocky Mountains westward, it was generally dry.
Farm work was again interrupted by rains in the central valleys, although
Considerable improvement was noted in some northern Ohio Valley sections:
in the southern valley area and in Missouri showers again delayed outside
operations, with many fields weedy and in need of cultivation. Moderate
to heavy rains were very beneficial in central and eastern Texas, but in the
western part of that State, as well as in northwestern Oklahoma, southwestern Kansas, and the Southwest, rain is seriously needed, with severely
dry conditions prevailing in southeastern New Mexico. Beneficial rains
occurred at the close of the week in the Southeast, being especially helpful
in central and southern South Carolina.
The weather conditions were largely favorable for growth of crops in
most parts of the country, with the increased moisture of especial benefit
from the western Lake region westward to the Rocky Mountains. In this
area surface soil is in satisfactory condition, with all vegetation making
good growth.
Locally destructive thunderstorms were reported in the Middle Atlantic
States, with many trees uprooted or broken, and some local flooding.
injury, especiIn the drier western districts high winds caused
ally on the 22-23d in western Iowa and southeastern Wyoming.
continues largely unfavorable
-In the Ohio Valley the ground
CORN.
for corn planting in many parts, although this work was rushed whenever
possible; the early planted is coming up to good stands and some has
already been cultivated. In Iowa planting corn made very good progress,
although little was possible in some southeastern sections due to wet soil;
planting averages over four fifths done, ranging from nearly completed
in the west to nicely started in the southeast; cultivation is proceeding
rapidly in the central and western portions, with the tallest about six
inches high. Planting is nearing completion in the northern Great Plains.
while in Kansas fair to good stands were reported in the southeastern
quarter, with some cultivated twice.
-Planting cotton made fair advance in the northwestern part
COTTON.
of the belt, while in some western and central districts only slow advance
was made. In Texas cotton improved rapidly, with the generous rains
coming in ample time to save the crop in the previously dry sections;
some squaring has been reported to central parts of the State, while the
general condition is now fair to good. In the central States of the belt
advance ranges from fair to good, with some still to be planted on the
eastern lowlands of Arkansas; chopping has begun in Tennessee, but
many fields are grassy. In the eastern States a the belt progress and
condition were good to excellent, with chopping making good advance and
nearly completed in many parts; fields are generally clean.
-In the East wheat is heading northward to MarySMALL GRAINS.
land, while harvest has begun in North Carolina. In the Ohio Valley winter
excellent progress, with condition ranging mostly from
wheat made fair to
fair to very good: the crop deteriorated further on lowlands, with rank
growth and yellowing reported in many sections. In some trans-Mississippi
States the crop made fair to excellent advance, and is beginning to head
northward to Iowa. In eastern Kansas wheat is nearly all headed, but it
continues backward in the western third, while in Oklahoma, progress and
condition were poor. Winter grains improved in Texas, although some are
still poor in the west central portion. In the Northwest winter wheat
ranges from poor to excellent.
In the spring wheat region fair to excellent growth was made, and condition is generally good. Late seeding was being rushed to completion in
Montana, though some remains to be done. Oats are still spotted in
the Southwest ranging from poor to good, while to the northward they are
mostly doing well, except on low ground in the Ohio Valley.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia-Richmond: Temperatures above normal; much-needed rains
on last two days. Favorable for farm operations. Cotton and corn being cultivated. Tobacco planting well along. Wheat heading rapidly. Meadows
and pastures excellent: haying begun. Southeastern truck somewhat
damaged by dry weather.
North Carolina.
-Raleigh: Rather warm week; much sunshine. Showers
latter part, ample in most of Coastal Plain and portions of northern Piedmont, but mostly light and insufficient elsewhere, especially in southern
Piedmont where pastures and truck deteriorating and fruits and other
crops need moisture. Progress of cotton good; chopping neatly finished
in east and south. Advance of tobacco good. Wheat ripening fast and
harvest beginning.
South Carolina.
-Columbia: Warm, with light showers. Condition and
Progress of cotton good and stands good; chopping made good advance.
Generous rains generally imperative, especially for corn, tobacco, truck,
gardens, and pastures and for germinating late plantings Wheat harvest
progressing; oat harvest nearing completion. Tobacco fair progress; sweet
potato transplanting slow. Much-needed heavy to excessive rains on
30th in central and south.
Georgia.
-Atlanta: Warm; beneficial rain general Saturday. Crops
now growing well. Progress and condition of cotton good to excellent;
chopping general and nearly completed, except in north. Progress and
condition of corn very good; planting on bottoms continues. Truck, sweet
potatoes, peanuts, and tobacco now mostly good. Harvesting oats, wheat
and other cereals continues. Fruit good prospects.
Florida.
-Jacksonville: Warm and dry; showers scatteted. Progress
in chopping cotton fair; condition rather poor, but slightly improved.
Corn poor to fair. Sweet potatoes being planted where moisture Permits.
Truck poor. Ranges dry and lakes very low. Cane and peanuts good.
Some citrus fruit dropping and leaves wilting.
Alabama-Montgomery: Moderately warm, but comparatively cool
last three days. Scattered showers, mostly light to moderate, very bene-
3936
Financial Chronicle
ficial, but more needed where too dry. Plowing and planting unseasonably
late; other farm work good advance. Corn planting continues in north;
early stands mostly good progress in north and central, but poor to fair
elsewhere. Cotton advance fair to good; condition mostly good; chopping
good progress in north and almost completed elsewhere; fields clean.
Mississippi.—N icksburg: Slightly warm, with mostly moderate rains.
Progress of cotton irregularly fair to good and of corn generally fair. Progress of fruit, gardens, pastures, and truck generally good.
Louisiana.—New Orleans: Warm, with mostly moderate to heavy
rains, but locally excessive. Generally favorable, but cultivation delayed.
Ample moisture for germination in northeast and flooding rice in south.
Condition and progress of cotton fair to good, except just coming to good
stands in northeast. Corn irregular in size, but progress and condition
mostly fair; some yet to plant in northeast. Cane growing well.
Texas.—Houston: Temperatures about normal throughout. Beneficial
moderate to heavy rains, except -in extreme west, improved all crops.
Cotton improved rapidly, rain coming in ample time to save crop in previously dry sections; some squaring to middle portion of State; considerable
planting and replanting yet to be done in north; condition generally fair to
good. Corn, wheat, Oats, and barley improved, through oats and barley
still rather poor in west-central. Ranges, livestock, truck, and citrus
generally in good condition.
Oklahoma.—Oklahoma City: Moderate temperatures, with heavy to excessive rains in east and south-central and light to moderate elsewhere;
sunshine deficient. All crops need cultivation in wet areas; general rain
needed in northwest and north-central. Progress and condition of winter
wheat poor; considerable headed. Oats spotted, ranging from poor to
good; also heading. Corn fair progress and condition. Cotton planting
fair advance and this work nearly completed; some replanting neceesarY.
Minor crops satisfactory advance.
Arkansas.—Little Rock: Cotton planting about completed over large
portion of State, but work slow on eastern lowlands due to heavy rains
of previous weeks; progress good where high water had receded, but much
land still inundated in east; growth very good, but cultivation delayed
and most fields grassy; considerable chopping. Progress of corn very good,
but cultivation badly needed. Wheat and oats heading nicely in north;
oats ripe in some southern localities.
Tennessee.—Nashville: Frequent showers beneficial, except in a few
districts where excessive. Farm work progressed rapidly. Less than half
of corn planted in some areas, but nearly completed in others. Most of
cotton planted and some chopped; condition good generally, but grassy
in spots. Wheat ripening; condition mostly very good. Oats being cut.
Setting tobacco and sweet potatoes continues.
Kentucky.—Louleville: Favorable for plowing and corn planting first
half; moderate to heavy rains halted operations in central and locally
elsewhere last half, but progress for week fairly good; now most delayed
in north and west on heavy soils where two weeks or more behind; being
completed and cultivation proceeding in southeast. Tobacco transplanting beginning in north; one-fourth to one-half done in south and abreast
of land preparation. Condition and progress of winter wheat fair to very
good; mostly headed.
THE DRY GOODS TRADE
New York, Friday Night, June 2 1933.
The favorable weather prior to Memorial Day spurred
retail business in most lines, notably in cotton and light
weight silk apparel and predictions were common that trade
volume in May would about equal if not surpass that of
the same month in 1932. With the change of the weather
since Saturday, however, attendance in the stores has
shown a certain falling off, with the result that the previous
high hopes have been somewhat modified. In general, May
promotions by the stores here and throughout the country
have been quite successful, and, no doubt, a number of
stores will report increases in sales. One large metropolitan store has just announced that it has increased its merchandise purchases for June by $1,000,000 above the total
for any previous June since 1929, and that it is also planning to use 10% more advertising space than it did a
year ago. While thus the more cheerful feeling in retail
circles, like that in most other lines of business, continues
unabated, it is, nevertheless, realized that there is still
a huge number of unemployed and much additional progress must be made before buying power reaches normal
and permanent major improvement in retail trade can be
accomplished.
While the uncertainties surrounding the legislative outlook in Washington and the question of hours of labor
and resulting costs for industry continue to unsettle markets, the strong tone is fully maintained. Higher prices
are asked on many lines, but numerous sales offices have
virtually withdrawn from the market, preferring to wait
until the outlook as to future costs is clarified. Besides,
many cotton goods and other textile merchants are becoming skeptical concerning the ability to carry along the
present ratio of distribution for any length of time after
current prices on much advanced levels are transmitted to
consumers buying in retail stores. Silk goods are not
being marked up as drastically as other lines, but the sharp
advances in raw silk prices are causing some concern to
greige goods dealers, who state that it is impossible to
secure replacement costs on their offerings. Chiffons and
georgettes are fairly active, but total sales are below expectations. Although trading in broad silks is rather dull
at present, more activity is looked for later this month.
In view of the anticipated rise in costs, due to a shorter
working week as proposed under the Industrial Recovery
Act, price advances of from 5 to 7c, a yard on gray goods,
or from 10 to 25% on finished fabrics are likely to be made
soon on fall silks. Rayon producers are accepting orders
for future business at prevailing prices, with demand continuing in 'heavy volume. No indication of any immediate
possibility of a further price advance has been given, particularly since last week's announcement of one of the
chief producers that present prices would be maintained.
Rumors are, however, still current that a slight advance
may yet materialize.
DOMESTIC COTTON GOODS.—Fears of a 32
-hour working week and the President's resolution to end the gold
standard by statute, formed the basis for a series of sensational advances in the cotton goods markets. At one time
during the earlier part of the week, advances were so
rapid that buyers in many cases could not operate. The
few sellers who stayed in the market were marking up
prices almost after eath sale. During the latter part of
June
3 1933
the period, trading was definitely restricted, buyers showing reluctance to cover on additional quantities at the advanced quotations. Mills, however, maintained their firm
attitude, fearing that costs under the expected new regulations have not yet been fully anticipated. Narrow sheetings continued to advance and drills were also stronger.
A fair amount of interest was shown in fine goods, but
business was not nearly as excited as in the print cloth
and similar markets. While prices on most fabrics have
been advanced, the upward movement has been relatively
mild. Combed lawns were higher and some good-sized sales
were put through. Closing quotations in print cloths were
as follows: 39-inch 80s, 7%c.; 39-inch 68x72's, 6%c.; 38%inch 60x48's, 5 to 51
4c.; 38%-inch 64x60's, 5%c.; 39-inch•
72x76's, 7 to 7 c.
/
1
2
WOOLEN GOODS.—Reports from wool goods centers
indicate that buyers are becoming anxious about supplies.
Most of the woolen and worsted mills are operating close
to capacity. Unable to obtain the raw material they need
in domestic markets, a number of mills have been forced
to draw on foreign supplies. Clothing factories in Rochester, New York, &c., have stepped up operations, having
booked heavy initial business from retailers. In many instances cutters have marked up prices of garments from
$1 to $2 and have succeeded in collecting the advance from
buyers. Although some of the retailers are resisting the
higher price demands, most of the larger department stores
are ..ssticipating their requirements and many clothing
chains have taken steps to obtain needed supplies. In
women's wear goods advance business is the heaviest in
years, despite the fact that forward buying is restricted
chiefly to jobbers and a few of the more important garment
manufacturers. Several mills opened their lines only to
close their books a few days later, having received all of
the business that they could handle for the next few months.
Advances on women's wear fabrics closely parallel those on
men's wear weaves. Prices of many fabrics have scored
such gains in the last few days that they are no longer
within reach of manufacturers of low-priced dresses.
FOREIGN DRY GOODS.—The continued popularity of
linen apparel has resulted in many retailers attempting
to cover their requirements beyond July. Most sellers, however, were unwilling to accept business so far ahead. In
many types a distinct shortage of goods is reported. Further sharp advances were made in burlap prices, due to
speculative buying, 'higher sterling rates and the strong
statistical position of the market. The sharp rise in cotton
goods was a contributing factor. Domestic spot prices
followed the foreign trend, although actual demand from
burlap users was rather slow. Light weights are quoted at
4.60c., heavies at 6.25c.
CURRENT NOTICES.
—Hanson W.Morse,for 15 years connected with the sales department of
Harris, Forbes & Co. and more recently with Chase Harris Forbes Corporation, has been elected Vice-President and Director of R. H. Johnson
Co.,Inc.
—Jac. P. Ducournau (Ducournau) for the past 10 years associated with
the Hibernia Securities Co., has opened an office in the Hibernia Building,
New Orleans, where he will conduct a general investment business.
—Edward B. Smith & Co., members of the New York, Philadelphia and
Boston Stock Exchanges, have opened a branch office at West Hamilton
Beach, Long Island, under the management of Walter F. Jarvis.
—.T. Robinson-Duff & Co., members of the New York Stock Exchange,
announce that Vincent H. LaFrence, member of the New York Stock
Exchange, has been admitted to partnership in the[Wm.
—Butler, Herrick & Marshall announce that Wallace & Trost of Buffalo.
N. Y., have become their correspondents in that city. Direct private wire
connections will be maintained between the two firms.
—Disbrow, Dixon & Potts, members New York Stock Exchange, are
opening an uptown office in the Empire Trust Building, 580 Fifth Avenue,
under the management of Arthur H. Cook.
—H.Vaughan Clarke & Co.,investment security dealers of Philadelphia,
have moved their offices to the Southeast corner of 15th and Locust Sts..
where they occupy the ground floor.
—W.W. Lanahan & Co., Baltimore, announce that J. Creighton Riepe.
formerly Assistant Vice-President of the Union Trust Co. of Maryland,
has become associated with them.
—J. Creighton Riepe, formerly of the Union Trust Co. of Maryland.
is now associated with the investment department of W. W.Lanahan &
Co., Baltimore.
—Wm.Carnegie Ewen announces the removal of his offices to 2 Wall St.,
at which address he was located for many years prior to the erection of the
new building.
—Bristol & Willett, New York, have prepared a circular discussing the
possibility of the recognition of Russia as it affects the Singer Manufacturing Co.
—Milton J. Silber, formerly with C. D. Halsey & Co., has become
associated with Ira Haupt & Co., members New York Stock Exchange.
—Nelson, Browning & Co., Cincinnati, announce that H. C. O'Brien
is associated with them as Manager of their municipal department.
—E. Nelson Sims and Harry A. Carter have become associated with
Hill, Thompson & Co., Inc., in their bond department.
—The New York Stock Exchange firm of Bryan, Penington & Colket
have removed their New York office to 48 Wall Street.
—James Talcott. Inc.. has been appointed factor for Gessner & Co.,
Ltd., Zurich, Switzerland, manufacturers of tie silks.
—Leslie C.Stutts has been elected a vice-president of Rackliff, Whittaker
& Co., Inc.
—Allen & Co. have prepared a circular on Home Insurance Co. of New
York.
—Swart, Brent & Co., Inc. have moved their offices to 25 Broad St.
Financial Chronicle
Volume 136
3937
State and City Department
NEWS ITEMS
p.
Boynton, Fla.—Bondholders' Committee Reports on New
Refunding Plan.—The following letter was issued to the
holders of bonds of this city on March 25 reporting on a
settlement recently reached with the town officials, whereby
it is hoped that the obligations of the newly created towns
of Boynton and Boynton Beach will be met promptly:
To Holders of Boynton. Florida,Honds:
Your bondholders' committee has completed a settlement with the town
of Boynton wherein this municipality has been divided, creating two new
and separate towns of Boynton and Boynton Beach. In working out a
plan we endeavored to meet existing conditions, both general and local,
and in the opinion of the officials of the towns they will be able to meet
their obligations promptly.
Under the plan arranged, the outstanding indebtedness of the old town
of Boynton has been equally divided between the two new towns. For
each 81,000 town of Boynton bond now held the holder will receive approximately 81,210 in new bonds, one from each new town in the amount of
8605. These new bonds are to be dated July 1 1933. due July 1 1968,
callable after three years, interest to be paid semi-annually in New York.
These bonds may be purchased in the market below par for the account
of the Sinking Fund or, if not obtainable, may be called by lot at par.
The bonds will bear 3% interest for the first five years,4% for the second
five years, 5% for the third five years and 6 for the remaining twenty
years,or an average interest rate in excess of5%during the life of the bonds.
°
You ',ill note in setting up the new issue of bonds there is included all outstanding par value of indebtedness plus approximately 3% years of past
due interest. Inasmuch as some of the indebtedness is represented by
judgments and certificates, an election is required by law and will be called
promptly.
When the new bonds have been prepared and are ready for delivery, they
will have been legally and regularly issued and approved by satisfactory
bond attorneys. At a later date delivery will be made through the Central
Trust Co. of Cincinnati, at which time you will be notified for the purpose
of presenting your bonds for exchange.
Your committee represented more than 95% of the outstanding bonds,
either by deposit with the trust company, power of attorney or personal
representative on the ground. We trust the plan that we have worked
out will prove to your entire satisfaction. The committee could not feel
otherwise when same was completed.
Respectfully submitted.
BOYNTON BONDHOLDERS'PROTECTIVE COMMITTEE,
Henry G. Poor, Chairman.
Canada.—Report on Municipal Defaults in Dominion.—
The following report on the condition of the various municipalities in the provinces of Canada,is taken from the Toronto
"Financial Post" of May 27, and it shows that the record
of defaults by these subdivisions compares favorably with
that of other types of investments, since out of a total of
$1,363,000,000 municipal obligations outstanding, it is estimated that not over $80,000,000, or about 6% is in default
on either prin. or int. The article reads:
In a period that has had few parallels in all the history of the past for
prolonged depression of business, commodity and security values, the
obligations of Canadian governmental and municipal borrowers have
stood the most rigid test of adversity without failure to pay interest and
principal when due. Defaults there have been, but, with
tions, the amount of bonds involved has not been great nor very few excephave
defaulting borrowers been cities of first rank. The record of theany of the
provinces
and of the Federal Government of never having defaulted on an obligation
remains unstained.
Of a total of some 81,363,000,000 of municipal obligations
outstanding
in Canada it is estimated that not over 180,000,000. or about 6% is in
default on either principal or interest. Of this total, a substantial amount
will be taken out of default as soon as improvement in business and commodity prices enable taxpayers to meet their taxes. This will remove by
far the greatest number of defaults and there will remain but a comparatively few municipalities where principal payments will be extended over a
longer period or bondholders will have to take any material loss on principal.
Actual Loss Will Be Small.
Investors in Canadian municipal bonds have enjoyed a high degree of
security and where defaults have occurred the ultimate loss will be relatively small, probably well under 1% of the total of municipal bonds outstanding. On some 16.759,000,000 of Government funded debts, direct
and guaranteed, and municipal funded debts outstanding the ratio of
default has been only 1.2%. Municipal defaults attract such
among investors that it is often difficult to "see the forest for theinterest
The default situation is not generally serious In Canada althoughtrees."
a few
individual situations may be bad. Provincial governments have taken
measures to control and rehabilitate municipalities in difficulties
insurance companies, banks, trust and loan companies that are largeand the
holders
of municipal obligations have taken action to protect their interests which
are the same as the interests of small private Investors.
Calgary, by refusing to make payments due Jan. 1 in New York funds.
has received the greatest notoriety for its default, but this city was prepared to meet its obligations in Canadian funds and Canadian investors
lost only the difference in exchange rates prevailing between Canadian and
United States funds. Windsor and the other municipalities in the Border
cities group in Ontario present the worst defaults Canada has experienced,
defaults resulting from civic over-expansion that resulted in over-spending
far out of line with sharply reduced industrial output and revenues. It
is little consolation that neighboring Detroit has had similar difficulties.
No Default in Maritimes.
In Nova Scotia and New Brunswick there have been no municipal
defaults. In Quebec no city has defaulted, but some 21 towns, villages
and townships and 15 school corporations have defaulted and have been
placed under the Quebec Municipal Commission which has broad powers
and has taken quick action. In several instances arrears of Interest have
been paid. Ontario has not been free from defaults and Hawicesbury,
Scarborough Township, Mimic°, Long Branch, the Municipality of Dysart,
the Township of Pelee Island have got into difficulties and Ontario municipal
debentures to the principal amount of some 840,000,000 are in default
as to either interest or principal. The greatest part of this total is in bonds
of the Border cities group of municipalities. In practically all cases the
Ontario Municipal Board has stepped in and appointed a Board of Supervisors which has wide powers.
In Manitoba the suburban municipalities around Winnipeg are in difficulties and bonds to the amount of some 814,000,000 are affected. Most
of these municipalities have previously been in trouble and institutional
investors holding their bonds have been closely following the situation of
such cities as St. Solstice, St. Vital, Transcona and others. In Saskatchewan and Alberta, particularly the former, there have been a
tremendous number of minor defaults by rural municipalities, school districts, rural telephone companies, Arc., due to inability of farmers to pay
their taxes. There have been as many as 1,400 or more of these small
municipalities in default but failure to meet obligations has been temporary in many cases and defaults have been corrected and will be corrected
as soon as agricultural Income improves.
British Columbia has six municipalities in default to the extent of some
813.000.00 and commissioners have been appointed to administer the
0
affairs of the City and District of North Vancouver and the District of
Burnaby.
Florida.—Senate Passes Administration Debt Funding Bill.
—A bill which had been sponsored by the Florida League of
Municipalities with the objective of providing ways and
meansfor readjusting,refunding and liquidating the indebted
ness of financially embarrassed municipalities, counties or
other taxing districts,introduced on May 11 by Senator John
R. Beacham of West Palm Beach, was passed by the Senate
on May 24 by a count of 28 to 9. The bill provides for
setting up of a State Board of Administration with broad
powers to sit between bondholders and the taxing districts.
A recent issue of the Florida "Times-Union" described the
measure in part as follows:
The committee action was taken after Col. W. E. Kay and Thomas B.
Adams,Jacksonville attorneys and members of the law firm of Kay, Adams,
Ragland gt Kurz, and Mayor R. B. Gautier of Miami outlined the provisions of the measure.
Colonel Kay was the opening speaker, and he declared, in starting,
that the measure deals with the most momentous subject the General
Assembly can undertake to handle. He touched upon the boom days,
which affected not only Florida but the entire republic, and left behind it
over-bonded taxing units facing practical insolvency.
The Florida League of Municipalities found, on behalf of its membership, that virtually every municipal unit in the southern half of the State
was involved, where over $400.000,000 either is in or is potentially in
default, Colonel Kay said. Ile pointed out that approximately $26,000,000
is in default in interest alone.
The League, meeting last July, set up a declaration of principle which
provided that the ability to pay was the test by which the situation should
be met, and this doctrine, he added, was subscribed to by Mark Wilcox
and J. Hardin Peterson, now Congressmen.
If there are differences in method in approaching this problem, there
is no intent to criticize. The problem must be worked out in a legal and
orderly manner." he asserted.
Bill Explained.
Colonel Kay explained briefly that the bill presented to the committee
was an effort to work out relief by State law instead of Federal law, and
its purpose is to provide a plan whereby financially embarrassed cities.
counties or taxing districts may work out, in co-operation with creditors.
a plan of reduction and readjustment, utilizing a court of equity as a means
to that end rather than a court of bankruptcy.
He discussed the powers of the Federal and State courts, and referred
to the constitutional prohibition against any legislation by any States
which would impair a contract, such as a bond issue, declaring that "We
must endeavor to approach the problem with a plan which gives reasonable
hope of being carried out and will stand attack in court."
He cited three elements which must be met by any plan, naming the
willing creditor who will co-operate, the unwilling creditor who will stand
upon his contract, and the third faction, the parties who are not known,
but whose interests must be protected.
He also outlined the setup of the adjusting unit, consisting of one creditor,
one debtor and one disinterested party, the third person to be selected by
the other two,and if they are unable to agree to be selected by the court.
This readjustment committee reports findings to the court as to ability
to pay; appeals are provided for under due process of law in each step,
Colonel Kay explained. The bill also provides, he continued, that a
majority of the creditors must come before the court assenting before any
agreement can be reached, and provision is made both for the absent man
and the dissenting creditor.
The plan. he said, does not destroy the contract amount, and, if anything is wrong with the plan, it is that it deals too fairly with the objector.
Carefully Scrutinized.
Colonel Kay explained the details of the plan, and asserted that the bill
presented to the committee had been carefully scrutinized on the idea that
every section would be attacked, and declared that it gives fair hope, If
not assurance, of accomplishing its aims.
Mr. Adams took up the bill section by section, outlining the setup of the
adjustment plan, dealing particularly with the legal question of impairment
of the rights of the creditors.
He said that there was no impairment of the contract, asserting that
the plan would better the condition of all creditors, even though it might
mean a reduction of the amount, with the same pro rata of the money going
to the silent group and to the dissenters as goes to the co-operating creditors.
The plan, he said, is designed to mitigate losses already sustained, a point
sustained by the courts. The public good is paramount and courts have
so held, he declared in discussion of the question of contract impairment.
According to news reports from Tallahassee on May 28,
Governor Sholtz assailed the Florida League of Municipalities for lobbying against the above bill, which was then
pending in the House. In his reply to the Governor's
charges Mayor R. B. Gautier of Miami, legislative spokesman for the League, accused the Governor of attempting to
set up a dictatorship for the benefit of bondholders. The
bill now provides for a State board of five State officials,
including the Governor, vested with the power to take over
defaulting units, compel reductions in operating, budgets,
appraise ability to pay, and issue refunding bonds in accordance with appraised values. The State board is given the
power not only to determine assessments but to establish
tax levies, under pain of dismissal for officials failing to
comply.
Debt Funding Bill Passes House.—On May 30 the House is
reported to have passed the above described measure with a
referendum clause attached, which provides that only those
taxing units voting to do so, would be affected by its provisions. The bill was returned to the Senate containing the
referendum and other amendments and it was said that the
Governor had approved the amendments.
Kanner Bond Purchase Bill Signed.—House Bill No. 30,
introduced by A. 0. Kanner of Martin County, a measure
which will permit the State Board of Institutions to go into
the market, at the request of county commissions, and use
the county money from the State gasoline tax for the purpose
of buying bonds at the best price obtainable instead of having
to pay par for them as heretofore, became a law on May 27
when signed by Governor Sholtz. It is provided in the bill
that all bonds so purchased are to be held, not canceled.
North Bergen, N. J.—Proposed Tax Levy to Meet Judgment on Notes Refused by Court.—A motion to compel this
township to levy a sufficient tax to pay off a judgment of
$476,808, obtained on unpaid notes—V. 136, p. 3754—
was denied by Chief Justice Brogan of the State Supreme
Court on May 26. It was held by the court that the imposition of a heavier tax rate at the present time would
3938
Financial Chronicle
fri;
,
June 3 1933
work harm to a recently established $8,000,000 financial $4,000 in 1953. Prin. and int. (J. & D.) payable in lawful money at the
State Treasurer's office. The notes will be issued in coupon form, payable
rehabilitation plan of the township. An Associated Press to bearer. The interest and principal of this issue will be paid from the
dispatch from Trenton to the Newark "News" of May 27 money derived from the one-hundredths of 1 mill tax which is annually
set aside in the State Treasury for the support and maintenance of the
reported as follows on the action:
Agricultural College, First District, Jonesboro. However, the notes will
Chief Justice Brogan declined yesterday to authorize proceedings to
constitute the general obligation of the State, for the prompt payment of
compel North Bergen to include a $476,000 judgment in its current tax levy.
the principal and interest of which the full faith and credit of the State
The Oak Securities Co. and Benjamin G. Hourigan, Union City attorney,
shall
-be irrevocably pledged. No bid for less than par and accrued interest
sought to include the judgment, charging the municipality had issued
will be accepted. A certified check for $2,000, payable to the State Treatax bills with a rate of 52.38, ignoring their claim. The Hudson County
surer, must accompany the bid.
Tax Board had certified a rate of 60.20, to include the judgment which grew
-BOND PURCHASE
ARKANSAS, State of (P. 0. Little Rock).
out of claims on defaulted sewer notes.
AGREEMENT BY RECONSTRUCTION FINANCE CORPORATION.
Arguing against the proceeding, Nicholas Schloeder. township counsel,
On May 27 the R. F. 0. made public the following announcement of a selfsaid that the inclusion would cause "great confusion and havoc" to a reliquidating loan grant for the use of a State college:
cently established $8,000,000 financial rehabilitation plan devised for the
"The board of directors of the Corporation to-day approved the applicamunicipality with assistance of the State Municipal Finance Commission.
tion of the Arkansas State Teachers College, Conway,.Ark., for a loan up
The notes were not included in the 88,000.000 plan and other obligations
to $150.000 to build a new dormitory and remodel an existing one, and
refinanced, and Mayor Julius Reich asserted the municipality had counter
agreed to purchase the 53. % general obligation bonds of the institution,
claims, unliquidated, of approximately $2,000,000 against the Clinton
at a price to yield approximately, but not to exceed, 6% per annum from
Asphalt Co., which he said was the real party interested in the note.
the date of purchase to maturity. The loan will be repaid in 25 annual
Chief Justice Brogan suggested that a compromise might be reached.
installments.
Mayor Reich said he would consent to refunding of the notes if they were
"With the funds thus provided, the college will remodel an existing
impounded pending termination of the Clinton Asphalt Co. claim. Thomas
three-story women's dormitory and convert it into a man's dormitory with
McNulty, counsel for the noteholders. declining to accept this, said payrooms for 96 students, and will build a fireproof dormitory for women
ments over a period of years might be accepted.
with rooms for 122 students. The new dormitory will contain a dining
for meetings.
men
North Carolina.
-Attorney-General Rules on Status of room forbondsand women and adequate social roomswill be issued pursuant
to be purchased by the Corporation
Delinquent Taxes Under New Tax Laws.
-The Raleigh "News to"The
authority conferred upon the Board of Trustees of each State supported
an
and Observer" of May 25 carried the following report on a institution in the State of Arkansas by be Act of the General Assembly of
secured by a
1933, will
ruling made by Attorney-General Dennis G. Brummitt on the State, approved Feb. 21dormitories, the operating specific lien on the
gross revenues of the two
expenses of which
the previous day that counties in the State cannot remit will be paid by the college from other funds.
"About 90 men will be employed 30 hours a week for 20 weeks on the
penalties already paid on taxes in arrears, clarifying portions project at a cost of $36,109 for labor, and the estimated cost of materials
of the tax funding Act passed by the recent legislative is $96,647, thereby providing work indirectly for many others. The estimated gross earnings of the two buildings annually is $14,911.
session
-V. 136, p. 3754:
"The need for the buildings is indicated by a report of the board of
Delinquent taxpayers seeking to fund their obligations under the 1933
trustees that 110 men students and 147 women students have expressed a
Acts must pay the principal of their delinquent tax account and all accrued
desire to live in dormitories while attending the college, and members of
costs, including cost of foreclosure, but no interest or penalties for the
the board announced that many of these students will enroll at other colleges
years in arrears, Attorney-General Dennis G. Brummitt held yesterday.
if dormitory rooms are not provided. The loan is authorized under the
The clarifying opinion was rendered at the request of T. L. Durham,
provisions of Section 201 (a) (1) of the Emergency Relief and Construction
,
Chairman of the Henderson County Board of Commissioners. The AttorAct of 1932."
ney-General's department also has ruled that in the 62 counties included
ATLANTA, Fulton County, Ga.-BONDS OFFERED.
-Sealed bids
therefor
in the Act to rescind the 1% penalty on 1932 taxes, substituting
were received until 10 a.m. on June 2, by B. Graham West, City Compa % of 1% monthly penalty, that penalties already paid cannot be remitted.
troller, for the purchase of a $477,000 issue of 43% coupon or registered
The opinion on the tax funding Acts follows:
redemption bonds. Denom. $1,000. Dated July 1 1933. Due on July 1
"Senate Bill 180, now Chapter 181, Public Laws 1933, permitted the
as follows: $45,000 in 1934, and $48,000, 1935 to 1943, in. Prin. and
giving of installment notes for, and the payment of the principal amount of,
int. (J. & J.) payable at the City Treasurer's office, or at the Chase National
certain delinquent taxes for the years 1927-1931. and of the installment
Bank in New York City, at option of buyer. The city will furnish the
notes so give, subject to a discount of 10%, less interest, penalties and
approving opinion of Storey, Thorndike, Palmer & Dodge of Boston, and
costs. The Act, therefore, as originally passed, excluded payment of all
the printed bonds. These bonds have been validated by order of the
accrued costs as well as interest and penalties.
Superior Com t of Fulton County.
"This Act was amended by Senate Bill 544, ratified May 15 1933, the
significant part of which is as follows:
Official Financial Statement as of May 1 1933.
'Provided, that a 10% discount shall be allowed on all delinquent
Actual value of property, Dec. 31 1932
$381,000,000
taxes paid on or before Dec.1 1933;7H o on all delinquent taxes paid after
1
* Assessed value for Taxation 1933
325,000,000
Dec. 1 1933 and before Jan. 1 1934: 5 0 on all delinquent taxes paid after
Bonds outstanding
15,094,000
Jan. 1 1934 and before Feb. 1 1934:2 V on all delinquent taxes paid after
Total amount of sinking fund
2,284,000
Feb. 1 1934 and before March 1 1934. °Provided, however, that this Act
Net bonded debt
12,809,150
shall not apply to taxes for the year 1932-1933. Provided, that nothing
Water works bonds included in above
2,f92,000
in this Act shall be construed to eliminate any costs of advertising or costs
Sinking fund for water works bonds included in above
588,000
of foreclosure, it being the purpose and intention to only eliminate interest
* The debt of the City of Atlanta is limited by the State Constitution
and penalties.'
to 7% of the assessed valuation of taxable property.
.''The original Act applied only in those cases which involved taxes on
Population 1930, census, 270,035. Tax rate per $1,000, $15.
real estate. Senate Bill 544 extends the benefits of the Act to cases where
taxes on personal property are alone involved. It also amends the Act
BALTIMORE, Md.-PROPOSE ABATEMENT OF DELINQUENT
so as to require the taxpayer to pay all accrued costs. Therefore, the
TAX PENALTIES.
-In an effort to encourage immediate payment of the
delinquent taxpayer seeking the benefits of the Act would be required to
$5,000,000 delinquent taxes, an ordinance will be introduced in the City
pay the principal of the taxes for the years named, and all accrued costs,
Council providing for the abolition of all penalties on back taxes, with
Including cost offoreclosure, but not any interest or penalties for those years.
exception of the charter rate of 1% a year. The abatement would apply
"This opinion is based upon the two general Acts on the subject
-Senate
to taxes in arrears before Dec.31 1932,that are paid by Oct. 11933. Under
Bill 180 and Senate Bill 544
-but without consideration of any public local
the progressive system, it is said, these unpaid taxes are subject to fines
Act.
rising to 57-12%, in addition to the charter tate and 6% interest.
"By the express provisions of section 1H, Senate Bill 544, that Act
BEAR CREEK, Outagamie County, Wis.-BONDS AUTHORIZED.
does not apply to any county or municipality, with respect to which Senate
-It is reported that at a special election held recently the township voted
Bill 180 was amended by any other Act of the General Assembly of 1933."
to issue $54,000 bonds for road improvement.
-Unemployment Relief Program Completed
Pennsylvania.
BERGEN SPECIAL SCHOOL DISTRICT No. 55( 0. Towner),
P.
-Sealed bids
Next Two Years.
-The Scott bill was signed by Governor McHenry County N. Dak.-CERTIFICATE OFFERING.
will be received until 2 p.m. on June 5, by I. E.Iverson, District Clerk for,
• chot on May 26, thus completing the State's unemploy- the purchase of a $4,000 issue of certificates of indebtedness. Bidders to
ment relief program for the next two years, according to name the rate of interest. A certified check for 2% must accompany the
Harrisburg advices of that date. The Scott measure appro- bid.
BEVIER,
County, Mo.-BONDS VOTED.
-At an election
priates $20,000,000 of the proposed $25,000,000 welfare held on May Macon voters approved the issuance of $12,500 in bonds to
23 the
-V. 136, p. 3754. build a new high school by a vote of 158 "for" to 33 "against." (A. similar
bond issue to be voted on in November
The $5,000,000 balance of the issue will go to hospitals and issue was defeated at an election held on March 21.-V. 136. p. 2462.)
BLOOMINGTON,
County, Ind.
-BONDS VOTED.
-At a
schools. The outlay provided in the final relief legislation special election held on Monroe a proposal to issue $428.000
May 23
sewage system
brings the total of State appropriations to $45,000,000, rebuilding bonds was approved by a vote of 2.084 to 1,587. The Reconstruction Finance Corporation
direct grants of $25,000,000 having been approved previously. through purchase of the has already stated that it will finance the project
-V. 136, p. 1410.
bond issue.
It is understood that the State Emergency Relief Board's
BOSTON METROPOLITAN DISTRICT, Mass.
-BOND ISSUEBILL
disbursements are based on the expectation that the Fed- SENT TO GOVERNOR.
-The State Senate on May 26 passed to be eneral Government will match Pennsylvania's $45,000,000 grossed the bill, previously approved by the House-V.136, p. 3756, authorizing the District, representing the
towns served 15iy the
appropriation, thus making available a $90,000,000 relief Elevated Railway, to purchase from cities and$5,098,000 refunding Boston
the road
bonds.
fund for the period which began on April 1. The ratio The total involves two issues, one to refinance a $3,000,000 loan due
June 1
1
from Federal agencies will probably be set at one dollar to report. 1933 and another of $2,098,000, due MarchEly1934, according to
The bill has been forwarded to Governor
for his signature.
every three of State relief funds.
Under the measure, it is said, the District would issue its own bonds to
finance the purchase of the Elevated's securities. The Elevated Railway,
incidentally, on May 26 was authorized by the State Department of Public
Utilities to refund the $3,000,000 issue which came due on June 1. The
Boston "Herald" of the following day reported on the matter as follows:
"The state department of public utilities yesterday approved a petition
-It
ALHAMBRA, Los Angeles County Calif.-BOND ELECTION.
of the Elevated for authority to issue negotiable, registered bonds or notes
Is reported that on June 6 an election will be held to vote on the proposed
in the amount of $3,000,000 to refund the issue due June 1. The issue
issuance of $340,000 in water bonds.
would be limited to a 15
-year maturity and would bear interest at a rate
not exceeding 6%%. The department's order, also including sinking fund
ALICE INDEPENDENT SCHOOL DISTRICT (P. 0. Alice), Jim
provision, was issued to cover the possibility of failure of the Legislature
Wells County, Tex.
-BOND SALE.
-The $14,000 issue of 5% coupon
to act in time on the pending measure to prevent default on the issue due
school bonds offered for sale on May 20-V. 136, p. 3570
-was purchased
June 1. In its order,the department set forth that the possibility of default
by Joe W. Bailey of Waco, at par. Denom. $500. Dated June 1 1932.
left no alternative but to authorize the new issue at the high rate of interest."
Due serially to 1947. Interest payable June 1.
BIDS ASKED ON $3,000,000 BONDS.
-Trustees of the District anARIZONA, State of (P. 0. Phoenix).
-RECONSTRUCTION FINnounced on June 2 that sealed bids will be received until 12 M. on June 7
ANCE CORPORATION LOAN GRANT.
-The following announcement of
for the purchase of 83,000,0004,4H or 4H% bonds, dated June 1 1933 and
a relief loan grant to this State was issued by the R. F. 0. on May 29:
to mature in 1936. Rate of interest and maturity of the issue are subject
"The Corporation upon application of the Governor of Arizona, to-day
to the approval of the State Department of Public Utilities, it is said. Prinmade available $1,468 to meet current emergency relief needs in Yavapal
cipal and interest on the bonds are exempt from Massachusetts taxes.
County during the month of May 1933.
including savings bank tax,land interest exempt from present Federal income
"These funds are made available under Title I, Section 1, subsection (c)
tax. Bonds are legal for savings banks in Massachusetts.
of the Emergency Relief and Construction Act of 1932, and completely
BOWLING GREEN, Warren County, Ky.-RECONSTRUCTION
exhausts the $300,000,000 which Congress authorized the Corporation to
FINANCE CORPORATION MODIFIES LOAN AGREEMENT.
-The
make available upon application of the governors of States and Territories
following statement was issued by the R. F. C. on May 27, relative to the
for the relief of destitution due to unemployment.
modification of a previous loan agreement with this city
-V. 136, p. 3194:
"Under date of April 14, the Corporation made available $24,132 to
"The Corporation to-day authorized a reallocation of $70,000 of the
meet current emergency relief needs in Yavapai County for the month of
$616,000 loan granted the City of Bowling Green, Ky., on Nov. 10 1932,
May. The balance remaining in the $300,000,000 fund placed at the
for a sewer system.
disposal of the Corporation by Congress for relief purposes is now made
"Favorable bids received by the municipality indicate that the sewage
available to this county in response to an urgent telegraphic request of the
disposal plant can be included in the construction project without increasGovernor of Arizona, under date of May 26 stating that the May alloting the total amount of the loan. The original plan was to dispose of the
ment has been completely exhausted, necessitating the cutting off of a
sewage by small septic tanks, admittedly a temporary expendient but now
large number of work relief crews.
the permanent plant can be built.
"The Corporation heretofore has made available $1.446,801 to meet
"The additional plant will consist of coarse screens, two Imhoff tanks
current emergency relief needs in the State of Arizona."
and sludge beds, designed to dispose of a maximum sewage rate of 3.ARKANSAS, State of (P. 0. Little Rock).
-NOTE OFFERING.
- 800.000 gallons a day. The total cost of the disposal plant is estimated at
Sealed bids will be received until 10:30 a.m. on June 19, by Roy V. Leonard,
$70,000, which will provide much indirect employment, in addition to
employment directly on the project.
State Treasurer, for the purchase of a $50,000 issue of 5% State library
"The allocation was made under provisions of Section 201 (a), paragraph
notes. Denom. $500. Dated June 1 1933. Due on June 1 as follows:
1932.',
1,, of the Emergency Relief and Construction Act of
$1,000, 1934 to 1936; $2,000, 1937 to 1941; $3,000, 1942 to 1952, and
BOND PROPOSALS AND NEGOTIATIONS
Volume 136
Financial Chronicle
3939
-BONDS NOT SOLD
CUYAHOGA FALLS,Summit County, Ohio.
-J. E.
STATEMENT ON STATUS OF DEBT SERVICE PAYMENTS.
Preston, City Auditor, reports that no bids were obtained at the offering
,
on May 29 of $91,400 6% refunding bonds, comprising issues of $82,400
and $9,000.-V. 136, p. 3387. Mr. Preston, writing under date of May 25
in connection with the offering, advised as follows with regard to debt
payments made by the city and its general financial condition:
"We believe you have in your files data from the last bond sale offered
by the city. To bring this information up to date, let us say that all bonds
up to April 1 have been taken care of, either by cash or refunding. The
bonds due April 1 will all have to be refunded.
"The request has been made to the State and authority granted to refund
$9,000 of general bonds and $82,400 of special assessment bonds. This
was made necessary by present conditions. aggrevated by the closing of
the bank, the largest in the area, which greatly reduced the ability of the
taxpayers to pay their taxes.
"A word in reference to Cuyahoga Falls regarding ultimate payment of
taxes. Fully 85% of the residents of Cuyahoga Falls, either own their
own homes or are paying for them. Unemployment has caused the major
difficulty; but the first thing these people will do is to pay their taxes because with many it is their principle investment."
-RECONSTRUCTION FIDEER LODGE, Powell County, Mont.
-The
NANCE CORPORATION BOND PURCHASE AGREEMENT.
following statement was issued by the R. F. C. on May 27 relative to a
city:
loan grant made to this
"The City of Deer Lodge, Mont., obtained a loan from the Corporation
to-day to construct a new waterworks system to replace a private system
reported as unsatisfactory. Director Harvey Couch announced that the
R. F. C. agreed to purchase up to $180,000 worth of the city's general
obligation 554% bonds. The loan is authorized under the provisions of
Section 201 (a)(1),of the Emergency Relief and Construction Act of 1932.
"It is estimated that an average of 75 men will be employed 30 hours
a week for six months on the project. The materials, consisting mostly of
cast iron pipe, pumps and miscellaneous material, are estimated to cost
$140,000 and their purchase will provide employment for many other
persons.
"The applicant reported that the present water supply plant fails to
give adequate service and that negotiations to buy the plant at a reasonable
price have not been successful. The distribution mains, it was announced,
consist mostly of wooden pipe in poor condition.
"Plans for the new system have been approved by the Montana State
Board of Health."
-BOND SALE.
DELAWARE COUNTY (P. 0. Muncie), Ind.
The Merchants National Bank of Muncie purchased on May 13 as 6s
at a price of par,an issue of $38,000 poor relief bonds, due $2,000 on May 15
and Nov.15 from 1934 to 1942 incl., and $2,000 May 15 1943.
-The
-BONDS NOT SOLD.
DES MOINES, Polk County, Iowa.
$113,324 issue of 454% semi-annual judgment funding bonds offered on
-was not sold as the only bid received, an offer
May 15-V. 136, p. 3387
of par submitted by the Jackley-Weidman Co.of Des Moines, was rejected.
-MAYOR URGES PASSAGE OF
DETROIT, Wayne County, Mich.
-Mayor Frank Couzens on May 30 urged that
RELIEF MEASURES.
prompt action be taken by the State Legislature on four bills before it,
designed to assist in the rehabilitation of municipal finances through early
application of the $368,000.000 bond and note refunding program tentatively agreed upon by the City Council and banking interests representing
-V. 136. p. 3756. The Detroit "Free
large holders of the obligations.
Press" of May 31 referred to the measure as follows:
"The three bills relating to refunding are now before the Senate. Two
of these measures are designed to extend the term of refunding issues to
harmonize with the schedule mapped for Detroit's debt, and to authorize
the funding of certain notes. The third bill would permit the City to
reopen the $68.400,000 budget approved by former Mayor Murphy and
to delete approximately $22,000,000 in debt service items. This procedure
has been sanctioned by representatives of the City's creditors.
Debt service, under the contemplated program, would be cut in 1933-34
from more than $30,000,000 to $8,191,000, permitting a budget slash from
$68,400,000 to a figure not in excess of $52,000,000. The $52,000,000
levy would mean a 20% saving to the taxpayers and at thesame time provide
7
a cushion of 25,0 against possible tax delinquencies.
"The fourth bill, also of extreme importance to the City, is now before
the City Corporation Committee of the House. It provides for receiverships, or intervention in existing receiverships. by the City Treasurer,
where property owners are diverting all income to uses other than tax
payment. It has been estimated that 40% of the $52,000,000 in outstanding delinquencies is attributable to property "milkers."
"Collection of a substantial share of this $52,000,000 is known by City
officials to mean the difference between solvency and continued chaos.
At least enough back taxes must be brought in to cancel the major part
of the $18,000,000 in scrip which has been authorized. Failure to collect
these back taxes will leave the City penniless in August for the authorized
scrip is redeemable against the coming year's tax bills."
DOUGLAS COUNTY SCHOOL DISTRICT NO. 105 (P. 0. Reeds.
CINCINNATI, Hamilton County, Ohio.
-BONDS APPROVED.
-It is reported that an election will be
-BOND ELECTION.
Issuance of $50,000 451% park and playground bonds is provided for in
port), Ore.
an ordinance adopted by the City Council on May 17. Bonds will be
held on June 17 in order to have the voters pass on a proposal to issue $14.000
dated July 1 1933 and mature $10,000 annually on Sept. 1 from 1934 to
In refunding bonds.
1938 inclusive.
.-ADDITIONAL DETAIL'S.DULUTH St. Louis County, Minn.
DEBT SERVICE CHARGES AVAILABLE.
-The Trustees of the Sinking
The $75,000 issue of6% tax certificates of indebtedness that was purchased
Fund have arranged to make payment of $491,440 on account of bond
by the First and American National Bank of Duluth-V. 136. P. 3757
principal and interest charges during June, according to the Cincinnati
was awarded at par and matures on Dec. 31 1933.
"Enquirer" of May 28 which further said:
DULUTH INDEPEDNENCE SCHOOL DISTRICT (P. 0. Duluth),
"Checks to meet interest payment and bond maturities were deposited
-Sealed bids will be
-BOND OFFERING.
St. Louis County, Minn.
yesterday with the Irving Trust Co. New York City, and the Provident
received until 7:30 p.m. on June 7. by H. J. Forsberg, Clerk of the Board
Savings Bank and Trust Co., Cincinriati, fiscal agents for the city. Of the
$575,000 issue of funding bonds. Int.
of Education, for the purchase of a
total Payments, $471,127.50 is on city bonds and $20,312.50 on school
rate is not to exceed 6%, payable J. & D. Denom. $1,000. Dated June 1
bonds. City bonds, totaling $375,500, mature in June and interest pay1933. Due on June 1 as follows: $50,000 in 1935, and 875,000. 1936 to
ments total $95.627.50. Payments on school bonds in June consist largely
1942, incl. A certified check for $5,000 must accompany the bid. (The
of interest due.
'
Preliminary report on this offering appeared in V. 136, P. 3757.)
COHA SSET, Norfolk County, Mass.
-TEMPORARY LOAN.
Prin. and int' payable at the Bankers Trust Co. in New York City.
-The
Merchants National Bank of Boston purchased on June 1 a $40,000 revenue
The approving opinion of Thomson, Wood & Hoffman of New York City
anticipation loan at 3.24% discount basis. Due on Nov. 10 1933. Bids
will be furnished.
obtained at the sale were as follows:
DURHAM SPECIAL SCHOOL DISTRICT(P.O. Durham),Durham
Bidder
Discount Basis
-We are informed that the
-NOTE SALE POSTPONED.
County, N. C.
Merchants National Bank (Purchaser)
3.24%
sale of the $25,000 school notes, scheduled for May 29-V. 136. p. 3757
G. M.
-P. Murphy & Co
3.32%
was postponed because of a question as to whether or not the Board of
Perry & Co
Arthur
3.507
-V.136.
Trustees has authority, under the 1933 School Machinery Act
Faxon, Gado & Co
3.60
p. 3754, to sell such notes.
Webster & Atlas National Bank
4.15
Rockland Trust Co
4.25%
EAST ORANGE, Essex County, N. J.-62,600,000 OBLIGATIONS
-City Treasurer Clapp has stated that the municipal
COLUMBUS, Franklin County, Ohio.
-BOND OFFERING.
- DUE IN JUNE.
government will be called upon during the month of June to meet payments
Samuel J. Willis, City Clerk, will receive sealed bids until 1 p. m.(eastern
of approximately $2,600,000 for taxes, bond interest and temporary loan
standard time) on June 22 for the purchase of $25,000 4 % municipal
payments. A large part of the total, however, will be renewed, according
light plant equipment and repair fund bonds. Dated July 1 1933. Denom.
to the Treasurer. One of the items is the County tax of $.346,000, due
$1,000. Due Feb. 1 as follows: $2,000 from 1935 to 1944 incl. and $1,000
on June 15 1933. Taxes owing to the city consist of $100.000 on account
from 1945 to 1949 incl. Principal and interest (Feb. and Aug.) are pable
of the 1930 levy, $250,000 for 1931, $400,000 for 1932 and $650,000 for
at the office of the fiscal agency of the City of Columbus in New "York
the first half of 1933. About $625,000 due in 1933 taxes has been paid,
City. Bids for the bonds to bear interest at a rate other than 454 %.
it is said.
expressed in a multiple of 5.1 of 1%, will also be considered. A certified
bid for, payable to the order of the
-City Treasurer Warren A. Clapp-has
DATE SET FOR TAX SALE.
check for 1% of the amount of bonds
announced that a sale of properties on which 1931 taxes have not been
City Treasurer, must accompany each proposal. Transcript of proceedings
paid will be held on June 26.
be furnished successful bidders and sufficient time allowed within
will
fifteen days from the time of said award for the examination of such trans-BOND OFFERING.
ELKHART COUNTY (P. 0. Goshen), Ind.
cript by bidder's attorney, and bids may be made subject to approval
Francis C. Mishler, County Auditor, will receive sealed bids until 10 a. m.
of same.
on June 15 for the purchase of $67,500 bonds, divided as follows:
CONEJOS COUNTY (P.O. Conejos), Colo.
-WARRANTS CALLED.
845.0005% refunding bonds. Dated June 15 1933. Denom. $500. Due
$1,500 on June 15 and Dec. 15 from 1937 to 1951 incl. Int.
-it is reported that various county and school warrants are called for payis payable on June 15 and Dec. 15.
ment at the office of the County Treasurer, interest to cease on county
warrants June 11, and on school warrants May 30.
22,5006% poor relief refunding bonds. Dated May 15 1933. Denoms.
$500 and $250. Due $1,250 on May 15 and Nov. 15 from
COOK COUNTY FOREST PRESERVE DISTRICT (P. 0. Chicago),
1934 to 1942 incl. Int. is payable on May 15 and Nov. 15.
-Rudolph Mulac, Jr.,
-TO PAY $396,480 DEFAULTED INTEREST.
III.
Principal and interest will be payable at the County Treasurer's office.
Comptroller, announced on May 22 that the District would make payment
A certified check for 3% of the bonds bid for, payable to the order of the
Board of County Commissioners, must accompany each proposal. No
on June 1, at the First Union Trust & Savings Bank, Chicago, of $396,480
conditional bid will be accepted and the opinion as to the validity of said
in interest due on its debt funded during the period from Feb. 1 to Oct.
bonds will be furnished by Matson, Ross, McCord & Clifford, attorneys,
15 1932. Such payment will reduce the amount of interest in default up
was said.
of the City of Indianapolis, Ind., and said bonds will be ready for delivery
to April 15 1933 to about $300.000. it
on the day of such sale.
-MATURITY.
-The $10,000
COVINGTON, Tipton County, Tenn.
-BOND ISSUELMORE COUNTY (P. 0. Mountain Home), Ida.
issue of 554% semi-ann. funding bonds that was purchased at par by the
-At a meeting held on May 9 the Board of
-is due as follows:
ANCE CONTEMPLATED.
Union Savings Bank of Covington-V. 136, p. 3756
County Commissioners is reported to have decided on a bond issue which
$4,000 on Oct. 1 1937; $5,000 on Dec. 1 1937, and $1,000 on June 1, 1939.
BRIGHTON (P. 0. Island Pond), Essex County, Vt.-BONDS
RE
-OFFERED.
-The issue of $50.000 5% coupon bonds previously scheduled for sale on May 25-V. 136, p. 35'71-is being re-offered for award
at 10 a. m. on June 9. Sealed bids will be received until that time by
George L. Dyer. Town Treasurer. Denom. $1,000. Due May 1 as follows:
$2,000 from 1935 to 1945 incl.; $3,000 from 1946 to 1950 incl.; $5.000 in
1951 and 1952, and $3,000 in 1953. Principal and interest (May and
Nov.) are payable at the Island Pond National Bank.
-The $200,-BOND SALE.
BROCKTON, Plymouth County, Mass.
-were awarded
000 water bonds of 1933 offered on June 2-V. 136. p. 3756
as 4s to the Shawmut Corp. of Boston, at a price of 100.418. Issue is
dated June 1 1933 and $150,600 of the bonds will mature serially from
1934 to 1953 incl., $30,000 from 1934 to 1938 incl. and $20,000 from 1934
to 1948 incl. R. L. Day & Co., of Boston, bid a price of 100.09 for the
bonds as 4%s, while an offer of 100.56 for 5s was tendered by the National
City Co., of Massachusetts. The successful bidder is making public reoffering a the issue at prices to yield 4.50% for all maturities.
---The $8,000
-BONDS NOT SOLD.
BURNS, Harney County, Ore.
issue of 6% coupon refunding bonds offered on May 27-V. 136, p. 3756
-was not sold as no bids were received, according to the City Recorder.
Dated June 1 1933. Due from June 1 1938 to 1943.
-TAX COLLECTIONS.
BUTLER COUNTY (P. 0. Hamilton), Ohio.
-County Treasurer Joseph DuBois announced on May 24. following the
closing of the tax books, that $1,222,170 had been received for the last
period, or approximately 76% of the amount of real estate taxes levied,
according to tbe Cincinnati "Enquirer" of the following day, which further
said:
"Of this amount,$497.745 was collected in Hamilton. $420,836 in Middletown and $303.588 in the rural.districts. Only $128,179 was paid in de
Unguent taxes that, to date, have reached the total of $1,626,381.
'The collection just closed was delayed by a reduction in the tax duplicate
ordered by the Ohio Tax Commission. In this collection the amount of
delinquency added to the previous total was $246,078. The additional
delinquency is more acute from the standpoint of revenue supplied, because
of the recent reduction in the tax duplicate.'
CASS COUNTY (P. 0. Cassopolis), Mich.
-BOND ISSUE AGAIN
APPROVED.
-The Board of Supervisors at a special meeting on May 22
re-approved the proceedings in connection with the issue of $139.000 highway refunding bonds originally scheduled to be sold on April 1 1933.-V.
136, p. 1233. The issue was not sold at that time as the Supervisors were
advised that the initial procedure in the matter had not been in full compliance with legal requirements, according to report. At the time of the
authorization in April, it was said that the proceeds of the sale were to be
used to make final payment of $600,000 highway bonds floated in 1918.
It is believed now, however, that the $139,000 bonds will be offered to
holders of the original bonds which matured on April 1 1933.
CASS COUNTY SCHOOL DISTRICT NO. 56 (P. 0. Murray), Neb.
BONDS DEFEATED.
-At the election held on May 1-V. 135. p. 2828
the voters rejected the proposal to issue $5,000 in school building bonds.
CEDAR COUNTY (P. 0. Tipton), lowa.-BONDS OFFERED.
-It
is reported that sealed bids were received until 2 p.m. on June 1 by J. M.
Blizek, County Treasurer,for the purchase of a $10,000 issue of 5% funding
bonds. Dated Jan. 16 1933. Due on May 1, as follows: $3,000, 1936
and 1937, and $4,000 in 1938. Interest payable M. & N. (The sale of a
similar issue of bonds in February was not consummated.
-V.136,P. 1593.)
CHICAGO, Cook County, Ill.
-PROPOSE $50,000,000 SCHOOL
BOND ISSUE.
-Following an all-day conference between Governor Henry
L. Horner, Mayor Edward J. Kelley, Emmett Whealen, President of the
County Board, and School Board offieials, a State legislative program was
agreed upon for relief of the city's unpaid school teachers. The program
includes the issuance of $50,000,000 school bonds without a referendum,
the proceeds of which would be used to pay back salaries and take up
tax-anticipation warrants issued prior to 1931. Another phase of the
program provides for the levying of a 2% State sales tax, with no exemptions. The first eight months'income from the tax would go to the counties
for emergency relief work, with the second four months' revenue to go to
the schools.
CHICAGO SANITARY DISTRICT, Cook County, 111.
-DEFAULTED INTEREST PAID.
-The District on May 20 made payment
of $643,000 in bond interest which was defaulted at maturity on July 1
1932. The money was obtained from 1931 tax collections, according to
Ross A. Woodhull, Chairman of the Finance Committee.
CHISHOLM INDEPENDENT SCHOOL DISTRICT NO. 40 (P. 0.
Chisholm), St. Louis County, Minn.
-BONDS VOTED.
-At the election
held on May 22-V. 136, 13. 3386
-the voters approved the issuance of
$250.000 in 43,4% school bonds by a count of 1,410 "for "to 606 "against".
Due $25,000 from 1938 to 1947. inclusive.
It is stated that the above bonds will be sold to the State Investment
Bureau.
3940
Financial Chronicle
will take care of all outstanding county warrants up to Jan. 1 1933. It is
estimated that the amount of the issue will be approximately $42,000, and
will bear interest at the rate of 6%. It is said that these bonds are to
be issued pursuant to legislation recently enacted regarding warrant
retirements.
EATON, Preble County, Ohio.
-TO ISSUE BONDS.
-H. N. Swain,
Village Clerk, states that the issue of $95,000 6% electric transmission
line bonds authorized at the November 1932 general election will be placed
on sale soon. The village reports an assessed valuation of $3,350,690
and a bonded debt of $87,000. Tax rate of $23.75 per $1,000.
ERIE,Erie County,Pa.
-FINANCIALSTATEMENT
.-In connection
with the offering on May 9 of$126,000 not to exceed 4 X% interest refunding
bonds, for which no bids were obtained-V. 136, P. 3388
-the following
statistical data was issued:
Financial Condition.
* Bonded debt, ind. the $126,000 refunding bonds now offered- $7,654,000
Less collectible liens filed and to be filed on special assessment
Improvements, by authority of the State of Pennsylvania,
Department of Internal Affairs
341,000
**.Floating debt
$7,313,000
165,885
Assets in sinking fund
$7,478,885
369,093
Net debt of the City of Erie,Pa
$7,109,792
* Water works debt included in the above bonded debt is $1,460,000.
No assets in sinking funds to apply on redemption of water works bonds.
*• The floating debt consists of repaying, mortgages, sanitary sewers,
and temporary loans. It is expected that the floating debt will be reduced
about 513% in the near future.
$4,609,407 of the net debt, which includes $1,460,000 of water works
bonds, have been authorized by the votes of the electors and $2,500,385
thereof is Councilmanic debt.
The maturities and all carrying charges of water works bonds are being
paid annually from water works earnings, but the maturities of general
City of Erie full faith and credit bonds for the ensuing 5 years are:
1934.
1935.
1936.
1937.
1938.
Maturities
$448,000 $308,000 $279,000 $280,000 $282,000
Assets in skg. fd. to aaply_ 161,500
27,000
Tax delinquencies due the City of Erie for past years are as of dates shown:
Levy for Fiscal
Delinguincy as of Delimuencies as
Year Ending in
Close of Fiscal Year. of Dec. 31 1932.
1929
$79,763.82
$1,955,749.98
$310,019.11
1930
133,934.50
1,989,611.99
344,519.19
1931
2,177,636.44
464,233.16
268,587.95
1932
591,420.50
591,420.50
2,143,495.86
Unappropriated City of Erie taxes in reserve account. $565,081.45.
Statement of delinquent City of Erie taxes at end of second year from
date of original tax levy:
Per Centage
Uncollected at End
Original Levi,,.
Uncollected.
of Second Year.
1929
$1,955,749.98
7.8
$153,076.21
1930
9.8
1,989,611.99
196,964.05
1931
12.3 o
2,177,636.44
268,587.95
Real and personal property owned by the City of Erie. Pa., on Jan. 2
1933: Land and buildings, 4E14,615,063; equipment, $1,457,164; total.
$16,072,227.
Taxable valuation of the City of Erie for the year 1931 was $157,785,395;
for the year 1932, $158,653,695; and for the year 1933. $159,573,375.
City of Erie tax rate for 1931 was $1.38 per $100 valuation; for 1932 it
was $1.35 per $100 valuation, and for 1933 it is $1.35.
Estimated actual valuation for 1933. $200,000,000.
The legally required financial statement will be filed in the office of the
Clerk of the Court of Quarter Sessions of Erie County, Pa., prior to the
issuing of these refunding bonds.
Erie was chartered as a city on April 14 1851. Population of the City
of Erie, according to U. S. official census: In 1850, 5,858; in 1860, 9,419:
in 1870, 19,646; in 1880. 27,737; in 1890. 40,654; in 1900, 52,733; in 1910.
66,525; in 1920. 102,093; in 1930, 115.917.
FAYETTE COUNTY (P. 0. Washington C. H.), Ohio.
-BOND
OFFERING.
-W. L. Robison, Clerk of the Board of County Commissioners, will receive sealed bids until 12 m. on June 13 for the purchase of
$5.000 6% poor relief bonds. Dated May 15 1933. Due March 1 as
follows: $900, 1934; $950, 1935; $1,000. 1936; $1,050, 1937, and $1,100
In 1938. Interest is payable in March and September. Bids for the bonds
to bear interest at a rate other than 6%. expressed in a multiple of X of
1%, will also be considered. A certified check for 5% of the bonds bid
for, payable to the order of the Board of County Commissioners, must
accompany each proposal.
FLORENCE, Florence County, S. C.
-PLAN OF NOTE PAYMENT ARRANGED.
-In connection with the report given in V. 136. P.
3757. of the outlook for the city's finances, we quote as follows from a
special Florence dispatch to the Charleston "News and Courier" of May 25:
"Plan by which the City of Florence can pa) its debts in outstanding
notes of almost $350,000 were worked out to-day at a meeting of the
council with the city's creditms. It is understood that all creditors probably will sign the agreement proposed, which is necessary before it goes
into effect.
"The agreement calls for payment of 10% of the debt plus interest each
Year in monthly payments of $4,593.67, which take precedence over
salaries, operating expenses and other obligations of the city. This agreement is binding for two years only, as the council refuses to bind members
elected after that time. if the State of South Carolina, which cannot sign
such an agreement except through the legislative, or any other creditor
should take action, all reserve the right to do likewise.
"The failure of the city to pay installments will result in immediate
court action, as several of the creditors already have judgements."
FORT ATKINSON, Jefferson County, Wis.-BOND OFFERING.
Sealed bids will be received until 7:30 p.m.on June 15, by the City Manager,
for the purchase of a $75.000 issue of 5% coupon sanitary sewer and disposal plant bonds. Denom. $1,000. Dated June 15 1933. Due on June
15 as follows: IMMO in 1934, and $10,000. 1935 to 1941 incl. Prin. and
int. (J. & D.) payable in Fort Atkinson. Legality approved by Chapman
& Cutler of Chicago. Authority for issuance is Chapter 67, Laws of
Wisconsin.
-V.136, p. 3757. A certified check for $1,500 must accompany
the bid.
FORT WORTH,Tarrant County, Tex.
-BOND PAYMENT MADE.
-It is reported that the City Secretary remitted $111,275 to New York
City to meet June 1 interest and maturities on municipal bonds. The
next interest and maturity payment date will be July 1, when $212,000
will be due.
-BOND OFFERING.
GIRARD, Trumbull County, Ohio.
-P. J.
Wilson, City Auditor, will receive sealed bids until 12 m.(Eastern standard
time) on June 17 for the purchase of $15,000 6% emergency poor relief
bonds. Dated June 1 1933. Denom. $1,000. Due $3,000 annually on
Oct. 1 from 1934 to 1938 tad. Interest is payable in Apr. and Oct. Bids
for the bonds to bear interest at a rate other than 6%,expressed in a multiple
of 31 of 1%, will also be considered. A certified check for $300, payable
to the order of the City Treasurer, must accompany each proposal.
GREAT BARRINGTON, Berkshire County, Mass.
-TEMPORARY
LOAN.
-The Board of Selectmen voted on May 29 to borrow $25,000
at 535% interest from the Merchants National Bank of Boston.
GREENVILLE, Washington County, Miss.
-BOND PURCHASE
AGREEMENT MODIFIED BY RECONSTRUCTION FINANCE CORPORATION.
-The following statement was made public by the It. F. C.
on May 27. regarding a reduction made in a previous argeement with
this city on a self-liquidating loan-V.136. p. 876:
"The City of Greenville, Miss., obtained a loan of $175,000 from the
Corporation on Jan. 28 to construct a river freight terminal. Since then
the plans for the terminal have been modified and the board of directors
of the R. F. C. to-day approved the application for a smaller loan. The
board agreed to purchase $125,000 worth of the 5X% revenue bonds of
she city at par, according to Director Harvey Couch.
"Under the revised plan, the city will purchase a wharf boat, bridge,
derrick, grain handling and mooring equipment for terminal facilities on
the Mississippi River, eliminating the proposed warehouse land purchase
and railroad tracks behind the levee, which were included in the original
June 3 1933
plans. Under the schedule of fees to be charged, it is estimated that
13eginning in 1936 the net revenues will be approximately $15,000 a year,
Which will be ample for service of the loan. As a condition of the loan
the city will deposit $7,500 worth of Government bonds with a trustee
to be held in escrow for payment of any deficit.
"The loan is authorized under the provisions of Section 201 (a), paragraph 1, of the Emergency Relief and Construction Act of 1932."
GREENWICH (P. 0. Greenwich), Fairfield County, Conn.
BOND SALE.
-Phelps, Fenn & Co. of New York purchased on May 29
an issue of $58,000 43 % sewer bonds at a price of 100.08, a basis of about
4.23%. Dated June 1 1933. Due June 1 as follows: $7,000 from 1934
to 1937 incl., and $6,000 from 1938 to 1942 incl. Principal and semiannual interest are payable at the Continental Bank & Trust Co., New
York. Legality approved by Thomson, Wood & Hoffman of New York.
GUILFORD COUNTY(P.O. Greensboro), N.C.
-BOND ISSUANCE
CONTEMPLATED.
-It is reported that at a meeting held on May 23 the
County Commissioners adopted resolutions for issuing $433,700 in funding
and refunding bonds, at a meeting on June 5 the Board of Commissioners
will hold a public hearing on the proposal.
GUIN, Marion County, Ala.
-SELF-LIQUIDATING LOAN GRANT
BY RECONSTRUCTION FINANCE CORPORATION.
-The following
statement was issued by the R. F. C. on May 27 relative to a loan granted
to this town for a self-iquidating loan:
"The Town of Guin obtained a loan of$61,000 at6% from the Corporation
to-day to finance the construction of a new water and sewer system.
"The town has no water supply system and plans to obtain water from
three springs 235 miles away at 185 feet higher elevation. The quality of
,
water is good but will be treated as a precautionary measure. A small
catchment basin will be built at the springs, from which a six-inch main
will conduct the water to a tank on the hillside with a capacity of 150,000
gallons. An eight-inch main will extend from the tank to the distribution
system in town.
"The cost of material and labor is estimated at $57,340. Approximately
284 men will be employed on the project 30 hours a week for 12 weeks,
and the purchase of material will provide labor for many persons indirectly.
"The municipality made application for the loan under the provisions
of Section 201 (a), paragraph
of the Emergency Relief and Construction
Act of 1933."
-The city
-TO ISSUE BONDS.
HAMILTON, Butler County, Ohio.
contemplates the sale of $18,636.75 434% special assessment street improvement bonds as provided for in an ordinance approved by the Council on
May 17. Dated June 1 1933. Due Dec. 1 as follows: $1,896.75 in 1934
and $1,860 from 1935 to 1943 inclusive.
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-LOAN OFFERING.
-Sealed bids addressed to John J. Murphy, Town Treasurer, will be received until 12 in. (daylight saving time) on June 7 for the purchase at
discount basis of a $100,000 tax anticipation loan, dated June 8 1933 and
due on Nov. 8 1933. Denoms. $25,000. $10,000 and $5,000. The notes
will be authenticated as to genuineness and validity by the First National
Bank of Boston, under advice of Ropes, Gray, Boyden & Perkins of Boston.
-It
HIBBING, St. Louis County, Minn.
-CERTIFICATE SALE.
Is reported by the Village Clerk that the 6% certificates of indebtedness
-were sold as follows: $23,714.16
authorized on Jan. 10-V. 136. p. 524
to the First National Bank of Hibbing; $23,714.17 to the Merchants &
Miners State Bank of Hibbing, and $23,714.17 to the Security State Bank
of Hibbing. Due on June 151933.
-BOND OFFERING.
HILLSIDE TOWNSHIP (P. 0. Hillside), N. J.
-Howard J. Bloy, Township Clerk, will receive sealed bids until 8:30
p. m. (daylight saving time) on June 14 for the purchase of $407,000
5. 534. 534, 531 or 6% Coupon or registered general improvement bonds.
Dated Dec. 15 1931. Denom. $1.000. Due Dec. 15 as follows: $1,000
in 1946; $15,000 from 1947 to 1957 incl.; $20,000, 1958 to 1968 incl., and
$21,000 in 1969. Principal and interest (June 15 and Dec. 15) will be
payable in gold coin of the United States of or equal to the present standard
of weight and fineness at the Hillside Trust Co., Hillside. The amount
required to be obtained at the sale of the bonds is $402,390. The bonds
are part of an authorized issue of $616,000 and the successful bidder will be
obliged to pay accrued interest at the rate borne by the bonds from Dec. 15
1932 to the date of payment of the purchase price. The coupons repro-senting June 15 and Dec. 15 1932 interest payments have been detached
from the bonds and canceled. A certified chock for 2% of the bonds bid
for, payable to the order of the township, must accompany each proposal.
The approving opinion of Hawkins, Delafield & Longfellow of New York
will be furnished the successful bidder.
-BOND DETAILS.
HOOKER, Texas County, Okla.
-The $50,000
gas system bonds that were voted on April 25-V. 136. P. 3757
-are stated
to bear interest at 6% and to be due $5,000 in 5 years from date and $5,000
annually thereafter until paid. Principal and interest payable in New York.
-BOND ISSUANCE CONHOT SPRINGS, Sanders County, Mont.
TEMPLATED.
-It is reported that the town will issue $27,000 in 6%
water system bonds. (On May 12 the Reconstruction Finance Corporation
agreed to purchase these bonds.
-V. 136. P• 3573.)
JACKSON COUNTY (P. 0. Independence), MO.
-FINANCIAL
STATEMENT -The following information is furnished us in connection
with the offering scheduled for June 12 of the $2,000,000 issue of Kansas
City court house bonds, details of which were given in V. 136, p. 3757:
Jackson County has never defaulted in the payment of any bond or
Interest thereon when due. The bonded indebtedness of Jackson County,
prior to the issuance of the bonds now being offered for sale, is as follows:
Road and bridge bonds outstanding
$10,000,000.00
Hospital bonds outstanding
500,000.00
Kansas City court house bonds outstanding
2,000,000.00
Independence court house bonds outstanding
200,000.00
Judgment funding bonds outstanding
1,098,742.28
$13,798,742.28
The assessed valuation of Jackson County. according to the last completed assessment, June 1 1931. is $672,115,831, and the bonded debt,
Including the issue now offered. is less than 2.4% of assessed valuation.
In Missouri the tax levy for each year is based on the assessment of the
previous year. It is anticipated that the June 1 1932 assessment, which
Es the basis for the 1933 tax levy, will be slightly smaller than the above,
when finally equalized by the State Board of Equalization, the reduction
being principally in the personal property classification. The tax levy for
service on the county indebtedness has been increased, however, enough
to offset such anticipated reduction.
In line with a general policy to keep the tax levy for county operating
expenses at as low a rate as possible, the 1933 tax levy for general operating
expenses and road and bridge construction and maintenance was reduced
5 cents on the $100 valuation. To offset this reduction in tax levy, the
number of county employees was reduced by approximately 200, effective
May 1 19133.
Of the taxes assessed for the year 1932, which became delinquent Nov. 1
1932.67.34% had been collected to Dec.31 1932, On Dec.31 1931 76.93%
of the taxes for 1931 had been collected. On Dec. 31 1930 79.23% of the
taxes for 1930 had been collected. Between Dec.31 1932 and Feb.28 1933
an additional 4.46% of 1932 taxes was collected, bringing the total collections for 1932 taxes to that date to 71.80% of the taxes assessed.
Provision is made in the 1933 tax levy for the payment of bond interest
and sinking fund requirements for the entire 3ear 1934, and after a proper
reserve for uncollectible taxes is set aside there will be approximately
$50,000 in said funds over and above all interest and sinking fund requirements for said year.
All deposits of public moneys of Jackson County in depositary banks
are secured by adequate bonds. The only depositary bank which did not
reopen after the bank holiday had secured its deposits with United States
Treasury bonds to an amount substantially in excess of the county deposit
therein, the bonds being deposited in a safe deposit box in the name of the
County Treasurer, and resort to this security has been rendered unnecessary
by the fact that the Conservator in charge of the bank has continued to
pay Jackson County checks drawn on said funds.
The above financial statement does not take into account either penalties
on delinquent taxes or accrued interest on warrants and anticipation notes.
JACKSON COUNTY (P. 0. Jackson), Ohio.
-BOND OFFERING.
Sealed bids will be received at the office of the County Auditor until 12 in.
on June 5 for the purchase of $5,200 4 Y % poor relief bonds. Dated March
i
11933. Due March 1 as follows: $1,000 from 1934 to 1937 incl. and $1,200
in 1938. Interest is payable semi-annually. Bids for the bonds to bear
interest at a rate other than 4 X %,expressed in a multiple of 34 of 1%, will
Finan vial Chronicle
Volume 136
also be considered. A certified check for $52, payable to the order of the
Board of County Commissioners, must accompany each proposal.
LINCOLN,Lancaster County,Neb.-BOND OFFERING.
-Sealed bids
will be received until 10 a. m.on June 24, by Theo. H. Berg, City Clerk and
Auditor, for the purchase of three issues of bonds aggregating $280,508.
divided as follows:
$266,858 special assessment refunding bonds. Interest rate not to exceed
5%,payable semi-annually. Dated July 1 1933. Denominations
to suit purchasers. Due one-tenth annually from July 1 1935 to
1944 incl. Optional at any time after 10 years from date.
7,820 paving and grading districts impt. bonds. Interest rate not to
exceed 5%, payable annually. Denominations to suit purchaser,
Dated July 1 1933. Due one-tenth annually from July 1 1934
to 1943.
5,830 ornamental lighting and water district bonds. Interest rate not
to exceed 5%, payable annually. Due one-fifth annually from
July 1 1934 to 1938 incl. Dated July 1 1933. Denominations to
suit bidder.
Prin. and int, payable at the office of the County Treasurer, who is the
fiscal agent for the city. A certified check for 2% of the bonds bid for,
payable to L. C.()bodies, City Treasurer, is required.
The issuance of these bonds is authorized by resolution of the City Council
and by the Charter of the City of Lincoln,especially Section 3 of Article VII:
Section 14 of Article VIII; Paragraph 36 of Section 1 of Article II and
Section 32 of Article IX.
The City of Lincoln, Nebraska, has never failed to promptly pay the
interest and principal of any outstanding indebtedness as the same became
due.
Official Financial Statement as of May 1 1933.
Bonded Indebtedness.
Net Indebtedness.
Sinking Fund
Amount.
General
$607.031.00
$621,993.00 $14,962.00
Building Warrants*
142,847.00
142,847.00
Total General
Water bonds
$764,840.00 $157,809.00
152,569.00
1,600,000.00
$607,031.00
1,447,431.00
Special assessment
$2,364,840.00 $310,378.00 $2,054,462.00
1,585,943.00
73,664.00
1,659.607.00
Proposed Issues
$4,024,447.00 $384,042.00 $3,640,405.00
13,650.00
13,650.00
Total liability
$4,038,097.00 $384,042.00 $3,654,055.00
The bonds proposed to be refunded are included in the special assessment
debt mentioned.
* Building warrants were authorized for new municipal buildings, under
special charter provision and are being carried as bonds.
Tax Collections
Fiscal Year Begins Sept. 1 and Ends Aug. 31. First Installment Due Oct. 1
and Second Installment Due June 1.
Collected.
To May 1,
To Date. May 1
To End of
Year Amount of After Levy.
1933.
Fiscal Year.
Levy.
Amount. %
Amount. %
Amount. %
1932 $819,903.00 $510,704.84 62.3
1931
955,763.00 656,07689 68.6 $817,839.00 85.5 $880,177.84 92.1
1930 926,993.00 666,544.57 71.9 833,699.00 89.9 918,780.67 99.1
Uncollected.
1932
$308,198.16 37.7
1931
299,686.11 31.4 $137,924.00 14.5 $75,585.16 7.9
1930
8,212.33
.9
93,294.00 10.1
260,448.43 28.1
Tax Rate on $1,000 Valuation.
1930.
1931.
1932.
State
$2.34
$2.04
$2.37
County
1.80
1.90
2.85
Sanitary Dist __ ______________________ _
1.00
1.00
.
90
School
15.0e
15.00
15.00
City
7.60
7.60
7.60
Total
Assessed valuation
Population
1932.
$107,750,467
83.000
27.54
27.74
28.72
1930.
1931.
$121,972,790
$125,759,365
76.000
81,000
LINCOLN PARK, Wayne County, Mich.
-OBLIGATIONS IN DEFAULT.-IIarold A. Ball, Deputy Controller, advises us under date of
May 18 of the following defaults which have occurred on city obligations:
Principal onjall special assessment and special assessment refunding bonds
matured since /Jan. 1 1932. Interest on these bonds is in default since
Jan. 1 1933. Interest on all general obligation issues which matured since
Nov. 1 1931 is in default.
Principal on general tax anticipation notes is in default as follows: $38,000
due March 1 1932 and $135,000 due,March 1 1933. Interest on the notes
is in default since March 1 1933.
ps Principal on special assessment tax anticipation notes is in default as
follows: $17,000 matured Dec.31 1931 and $125,000 Dec.31 1932. Interest
on the norm.:, due Juno 1 1933 will also be defaulted, Mr. Ball states
LOGAN COUNTY (P. 0. Bellefontaine), Ohio.
-BUN L) SALE.
The issue of $7,200 6% poor relief bonds offered on May 24-V. 136.
p. 3204
-was purchased as 6s, at a price of par, by the Board of Trustees
of the Mary Rutan Hospital Endowment Fund of Bellefontaine. Only
one,bid was received at the sale. Bonds are to mature on March 1 as follows: $1,400 from 1934 to 1937, incl. and $1,600 in 1938.
LORAIN,Lorain County, Ohio.-I30NDS AUTHORIZED
.-The City
Council has adopted an ordinance providing for the issuance of $33,781.02
6% improvement bonds, to be dated May 1 1933 and mature on Sept. 15
as follows: $3,781.02 in 1934; $3,000 from 1935 to 1940, incl. and $4,000
from 1941 to 1943, incl. Principal and interest (March and Sept. 15) to
be payable at the office of the Sinking Fund Trustee.
LOS ANGELES COUNTY(P.O. Los Angeles), Calif.
-BOND OFFER-Sealed bids will be received until 2 p. in. on June 5 by L.E.Lampton,
ING.
County Clerk for the purchase of a $5,636.52 issue of 67, County Street
Opening District No. 100 bonds. Dated April 28 1933. Due from July 2
1934 to 1953 incl. Prin. and semi-ann. Int. payable in lawful money of
the United States at the office of the County Treasurer. A certified check
for 3% of the amoutu, of the bonds payable to the Chairman of the board of
supervisors, is required with bid.
LOS ANGELES METROPOLITAN WATER DISTRICT (P. 0.
Los Angeles), Calif.
-Sealed bids will be received
-BOND OFFERING.
until 1.30 p.m. on June 9, by S. H. Finley, Secretary of the Board of
Directors, for the purchase of an issue of $8,064,000 Colorado River water
works bonds. Interest rate is not to exceed 5%, payable J. & J. Denom.
$1,000. Dated July 11933. Due $224,000 from July 1 1948 to 1983, incl.
Bids to be for the purchase of all or none. The bonds will be sold for cash
only and at a price of not less than the par value thereof, together with
accrued interest to the date of delivery. Each bidder must state that he
offers par and accrued interest to the date of
and state separately
delivery,
the premium,if any,offered for the bonds bid for. No telegraphic proposals
Principal and int. payable in lawful money at the
will be considered
office of the District Treasurer, or at the National City Bank in New York,
or at the Continental Illinois National Bank & Trust Co. in Chicago. The
approving opinions of Thomson, Wood & Hoffman of New York and O'Melveny, Tuller & Myers of Los Angeles, will be furnished. These bonds are
payable from ad valorem taxes, unlimited as to rate or amount. A certified check for $161,200, payable to the District, must accompany the bid.
LOUISIANA, State of (P. 0. Baton Rouge).
-REPORT ON JUNE 1
-It is stated by Jess S. Cave, State Treasurer, that
BOND PAYMENTS.
arrangements were made with the Hibernia National Bank of New Orleans,
to pay there and also througn the Chase National Bank of New York, bonds
and coupons of the Louisiana flood relief and the Port Commission. The
Lake Borgne and Orleans Levee District bonds and coupons are payable at
the Whitney National Bank in New Orleans. Pontchartrain Levee District
bonds and coupons are payable at tee National Bank of Commerce in New
Orleans. (Notice of previous payment was given in V. 136, p. 3758.)
LOUISVILLE, Jefferson County, Ky.-BOND SALE.
-A $250,000
Issue of 5%7,semi-annual refunding library bonds is reported to have been
jointly purchased recently by the Fidelity & Columbia Trust Co. and
Almstedt Bros., both of Louisville. Due on April 14 1943.
3941
LOUISVILLE, Jefferson County, Ky.-BONDS SOLD.
-We are
formed that the National City Co. of New York, and the Northern Trust
Co. of Chicago, jointly, at semi-private sale on June 1 purchased $750,000
sewer bonds at a price of 100.05, a basis of about 4.10%. The bonds are
divided as follows: $450,000 4s. and $300,000 4%s. Dated Feb. I 1929.
Due on Feb. 1 1969. (An issue of $500,000 sewer bonds was offered for
sale without success on March I and the sale was postponed indefinitely.
-V. 136, p. 1596.)
BONDS OFFERED FOR INVESTMENT.
-The above bonds were reoffered by the successful bidders for public subscription priced at 99% for
the 4% bonds, and 103% for the 4%% bonds.
LOVELL, Big Horn County, Wyo.-BOND SALE.
-The $100,000
issue of coupon semi-ann. water bonds offered for sale on May 26-V. 136.
at par. Dated
-was purchased by the State of Wyoming, as 4
p. 3389
June 1 1933. Due $2,000 from 1935 to 1944, and $4,000 from 1945Ato
1964, all inclusive. No other bids were received.
-BOND
McDONALD SCHOOL DISTRICT,Washington County,Pa.
-A, V. Campbell, Secretary of the School Board, will receive
OFFERING.
sealed bids until 7 p.m. (Eastern standard time) on June 12 for the purchase of $15,000 43,4%,5 or 5%7,refunding bonds. Dated June 1 1933.
Denom. $1,000. Due June 1 1935. Interest is payable in June and Dec.
A certified check for $300 must accompany each proposal. No bid under
par and accrued interest will be considered and the sale will be made subject
to approval of the issue by the Pennsylvania Department of Internal
Affafrs.
-BOND SALE.
-The issue
MANCHESTER, Harttord County, Conn.
of $300,000 coupon funding bonds offered at 5% interest on April 25, at
-was purchased priwhich time no bids were received-V. 136. p. 3016
vately on May 26 as 51.0 by a group composed of the Bancamezica-Blair
Corp., Christianson, MacKinnon & Co. and the R. F. Griggs Co. of Hartford, at a price of 100.13. a basis of about 5.23%. Dated May 1 1933 and
due $30,000 on May 1 from 1935 to 19A4. incl.
BONDS PUBLICLY OFFERED.
-The successful group offered the issue
for general investment on June 1 at prices to yield 4.50% for the 1935
maturity: 1936, 4.60%; 1937, 4.65%; 1938, 4.70%; 1939. 1940 and 1941,
4.75%, and 4.80% for the maturities from 1942 to 1944 incl. The bankers
describe the bonds as being legal investment for savings banks and trust
funds in the States of New York, Connecticut and Massachusetts, and
direct obligations of the entire town, payable from unlimited ad valorem
taxes levied against all the taxable property therein.
Financial Statement (As Officially Reported May 27 1933).
$52,470,898
Assessed valuation
1.932.000
Total bonded Debt (including this issue)
*625,000
Tax anticipation notes
171,050
Floating indebtedness
Population (1930 Federal Census),21,973.
* Of this amount $475,000 notes are to be retired from the proceeds of
this issue and cash on hand. In addition there are outstanding $243,000
of town notes, issued in extension of tax anticipation notes. which are to
be retired, leaving $150,000 tax anticipation notes outstanding upon completion of this financing.
-CERTIFICATE ISSUE
MARINE CITY, Saint Clair County, Mich.
FOR SALE.
-11. Springborn, City Clerk, states that the issue of $15,000
6% certificates of indebtedness recently approved by the State Public Debt
Commission, at Lansing, is ready for sale. Dated June 1 1933. Denom.
$1.000. Due serially on June 1 from 1934 to 11.38, incl. Payable at the
City Treasurer's office. Legality of issue to be approved by the Circuit
Court.
Financial Statement May 1 1933.
$2,5P7,445
Total assessed valuation
3.000.000
Total assessed valuation (estimated)
92.240
Bonded debt (excluding present issue)
500
Water debt (including above)
$36.22
Tax rate per $1,000
Population estimated at 3,500.
-The
-PROPOSED BOND ISSUE.
MARION, Grant County, Ind.
City has made public announcement of its intention to sell 450.000 6%
refunding bonds, in denominations of $500 and to mature $2,500 semiannually from July 1 1934 to Jan. 1 1944. The net assessed valuation of
all property is reported at $18,922.720 and the present indebtedness,
including the refunding issue, amounts to $342,000.
-PROPOSED BOND ISSUE CANMARLIN, Falls County, Tex.
CELED.
-It is reported that the City Council has rescinded a recomeaendation adopted by it on April 20 to refund at a lower rate of interest, the outstanding $147,500 of 5%% water works impt.. $16,000 5% fire equipment,
and $8,000 5% fire station bonds.
MARYLAND (State of).
-PROPOSED BOND SALE -State Treasurer
John M. Dennis stated on May 26 that the 1933 session of the State Legislature passed bills authorizing the sale of $14,523,000 bonds within the next
two years. The total includes 412,000.000 for emergency relief and
$2,523,000 for general construction purposes. The initial offering IS
scheduled to take place on Aug. 15 1933 and will consist of $7.000,000 relief
bonds and $881.000 construction bonds. The remaining $5.000,000 relief
bonds is expected to be sold In blocks of $3.000,000 on Feb. 15 1934 and
52,000,000 Aug. 15 1934. Complete details of the entire issue of $12,000,000 appeared in our issue of April 1 under an item captioned "Baltimore,
Md."-V. 136, p. 2280. Other portions of the $2,523,000 construction
bonds will be sold in 1934 and 1935. The Baltimore "Sun" of May 27
listed the projects to be financed through the sale of the consttuction
bonds, the prospective dates of sale and the individual amounts invols ed
as follows:
Springfield State Hospital, $45,000 Feb. 15 1934 and $100,000
$145,000
Aug. 15 1934
100.000
Spring Grove State Hospital, Aug. 15 1934
25,000
1934
Crownsville State Hospital, Feb. 15
Rosewood State Training Scheel, 25,000 Aug. 15 1933 and $120,000
145.000
Feb. 15 1934
State Board of Welfare for Maryland Penitentiary, $70,000 Aug. 15
140,000
1933 and 470,000 Feb. 15 1934
State Board of Welfare for State Penal Farm at Roxbury, $75,000
175,000
Feb. 15 1934 and $100,000 Aug. 15 1934
Maryland Tuberculosis Sanatorium for Henryton Sanatorium,
55.000
Aug. 15 1933
95,000
State Tobacco Warehouse, Aug. 15 1933
University of Maryland (College Park), $428,000 Aug. 15 1933
478.000
and 550,000 Aug. 15 1934
Military Department for armories throughout State and for State
Reservation, Cascade, Washington County, 448.000 Aug. 15
75,000
1933 and $27,000 Feb. 15 1934
Militaty Department for temodeling and reconstructing Fifth
Regiment Armory, Baltimore. $160,000 Aug. 15 1933 and
250,000
$90,000 Feb. 15 1934
Board of Public Works for Court of Appeals Building, AnnaPolls,
40,000
Feb. 15 1934
The issues of $420,000 of April 1 1134 and $380,000 of the same date
In 1935, or a total of $800,000, are to be delivered to the Teachers' Retirement System of Maryland to fund the accrued liability of the State to that
system for the fiscal years 1934 and 1935.
-NOTES PARMECKLENBURG COUNTY (P.O. Charlotte), N. C.
TIALLY SOLD.
-Of the 450.000 issue of bond anticipation notes offered
for sale on May26-V.136, p.3758-a block of$40.000 has been sold,according to the Assistant Secretary of the Local Government Commission.
MEDFORD, Middlesex County, Mass.
-BOND SALE.
-Putnam &
Co., of Hartford, have purchased an issue of $30,000 534% water main
bonds at a price of par. Due serially in from 1 to 15 years. This issue
was originally scheduled for sale on March 24.
MERCER COUNTY (P. 0. Stanton), N. Dak.-BOND SALE.
-The
420,000 issue of coupon refunding bonds offered for sale on May 26-V.136.
p.3574-was purchased by a local investor, as 54is, at par. Dated June 1
1933. Due $2,000 from June 1 1936 to 1945 incl. No other bids were
receivedt
OFFERMILWAUKEE COUNTY (P. 0. Milwaukee),
ING.-Soaled bids will be received until 10 a. .m (central standard time)
on June 12, by C. M. Sommers, County Treasurer, for the purchase of
an issue of 51,500.000 coupon corporate purpose bonds. Interest rate is
not to exceed 534%, payable J. & D. Denom. $1,000. Dated June 1
3942
Financial Chronicle
1933. Due $300,000 from June 1 1934 to 1938 incl. The bonds will be
awarded to the bidder offering the highest price for all the bonds, not less
than 95% of par, bearing the lowest rate of interest. Rate of interest to
be in multiples of X of 1%. Purchaser must pay accrued interest on the
bonds to date of delivery. Prin. and int. payable at the option of the holder
at the Chase National Bank in New York. or at the office of the County
Treasurer. These bonds are issued for the benefit of and are the direct
general obligations of the entire county, payable from unlimited ad valorem
taxes. In addition $1,500,000 face value of delinquent tax certificates
have been segregated by the County Treasurer as an asset of the sinking
fund of these bonds. Collections on these segregated certificates will be
set aside and whenever the total warrants, bonds of this issue will be purchased in the open market and retired before maturity. Any legal opinion
desired must be paid for by the purchaser.
MINNEAPOLIS, Hennepin County, Minn.
-CERTIFICATE OFFERING.- Both sealed and auction bids will be received at 11 a. m. on June 14
by Geo. M. Link, Secretary of the Board of Estimate and Taxation, for
the purchase of an Issue of $1.000.000 tax anticipation certificates of indebtedness. Interest rate is not to exceed 6%. Dated June 15 1933.
Due on Aug. 15 1933. The certificates will bear a single rate of interest
in a multiple of X of 1%. The proceeds of this sale will be used to defray
the current expenses of the Board of Education. (These certificates were
originally scheduled for sale on May 10-V. 136, p. 3389.)
The certificates will be sold subject to the approving opinion of the
attorney for the purchaser, the cost of such opinion to be borne by the
purchaser. Bids offering an amount less than par cannot be accepted.
A certified check for 2% of the amount bid for, payable to C.A.Bloomquist,
City Treasurer, is required.
MITCHELL COUNTY (P. 0. Osage), Iowa.
-BOND OFFERING.
Both sealed and open bids will be received at 2 p. m. on June 5, by Clifford
Moss, County Treasurer, for the purchase of a $200,000 issue of primary
road bonds. 13enom. $1,000. Dated July 1 1933. Due from May 1 1935
to 1944. optional on May 11939. Purchaser to furnish blank bonds. The
approving opinion of Chapman & Cutler of Chicago, will be furnished.
A certified check for 3%, payable to the County Treasurer, must accompany the bid.
Pr MONROE COUNTY (P. 0. Rochester), N. Y.-$269,000 LOANED
TO TOWNS.
-The Board of Supervisors has advanced $269.000 to the
Towns of Brighton, Irondequoit and Bittsford to cover their maturing
obligations, on the basis of the Town of Amherst-Erie County tax case.
-V. 136, p. 1231. Payments were made, it is said, on the condition the
Towns pay back the money at 6% interest if in pending suits the Court
shall hold that the Amherst ruling does not apply to Monroe County.
The ruling referred to was handed down by the Appellate Division in the
case of the Town of Amherst-Erie County, to the effect that counties in
the State are liable for the unpaid Lassa, of Towns situated therein. The
New York Court of Appeals upheld the decision on Jan. 10 1933 and
attorneys for various up-State counties are now endeavoring to have the
ruling nullified.
-V. 136. p. 1231. (Erie County, N. Y.)
MONROE SCHOOL TOWNSHIP, Carroll County,Ind.
-PROPOSED
BOND ISSUE.
-The Township has made public notice of its intention to
issue $49,500 5% school building construction bonds, dated July 1 1933 and
to mature semi-annually as follows: $1,500. July 1 1934: $1.500, Jan. and
July 1 from 1935 to 1946. incl.: $1.500 Jan. and $2,500 July 1 1947: $2,500.
Jan. and July 1 1948 and $2.500, Jan. 1 1949J
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-TO ISSUE
$1,000.000 REFUNDING BONDS.
-The unsatisfactory condition of the
County's finances will necessitate the refunding of $960,675 of bonds,
mostly sanitary sewer and other special assessment issues, which mature
In the period from May 1 to Dec. 311933, according to report. Last year
the County had to refund $820,000 of bonds which became due and could
not be paid, while so far in 1933 the amount so refunded is $416.000. The
refunding obligations, it is said, bear interest at 6% and replace issues bearing coupons ranging from 4 to 5X %. In the majority of instances, holders
of the old bonds have readily assented to extend the indebtedness. Several
others, however, are said to have threatened to file suit to compel payment
of their holdings.
NEWARK, Essex County, N. J.
-DESIRE $3,500,000 FEDERAL
LOAN.
-The City Commission on May 31 passed a resolution authorizing
Mayor Ellenstein to apply to the Reconstruction Finance Corporation for
a loan of $3,500,000, at 4 X % interest, due in 50 years, for the purpose of
completing work on the City Railway.
TAX COLLEMONSINCREASE -Taxes in amount of $700,000 were
paid on June 1. bringing the total of collections for 1933 to $10,000,000, an
Increase of $2,000.000 over corresponding payments in the first five months
of 1932, according to report. Taxes amounting to $18,000,000 remain to
be collected on account of the 1933 levy, it was said.
NEWBURGH,Orange County, N. Y.
-PROPOSED BOND OFFERING.
-The City Council has decided to offer for sale about July 1 a total of
$296,000 bonds, comprising $165.000 general improvement, 190.000 street
improvement. $35.000 water main, 14.000 park improvement and $2,000
airport bonds.
NEW JERSEY, State of (P. 0. Trenton).
-MUNICIPALITIES
AUTHORIZED TO ISSUE TEMPORARY OBLIGATIONS.
-A bill is
stated to have been signed recently by Governor Moore, authorizing municipalities to issue temporary obligations maturing not later than April
1 1934.
-BONDS CALLED.
NEW MEXICO, State of (P. 0. Santa Fe).
-It is
announced by Clinton P. Anderson, State Treasurer, that the following
l bonds are called for payment at the Chase National Bank in New
c%
York City:
On June 1-Nos. 26 to 50 of Territory of New Mexico capitol impt. bonds.
Dated Dec. 11907. Due on Dec. 1 1937, optional on Dec. 1 1927.
On July 1-Nos. 32 to 67 of Territory of New Mexico institution bonds.
Dated July 11907. Due on Dec. 1 1937. optional on July 1 1927.
Interest ceased on dates called.
NEW ORLEANS. Orleans Parish, La.
-BOND PAYMENTS TO BE
MET-The City Board of Liquidation announced recently that it already
has sufficient cash on band to pay all interest and principal maturities of
all obligations of the city of New Orleans handled through the Board up
to and including Dec. 31 1933. The American Bank & Trust Co. and
the Hibernia National Bank were selected by the Board as depositories for
the public impt. fund for next year, beginning June 1. The fund is said
to amount to $1,000,000 annually and includes the surplus of the 1%
debt tax and the two-mill sewerage and water board tax.
-TO REFUND
NEW PHILADELPHIA, Tuscarawas County, Ohio.
BONDS.
-The City Council adopted a resolution on May 26 to refund 612,518 special assessment and $6,012 general obligation bonds which mature
this year. The city, it is said, is unable to meet the obligations because of a
$45.000 delinquent tax list.
NEWPORT, Newport County, R. I.
-TEMPORARY LOAN.
-The
1100.000 revenue anticipation loan offered on May 25-V. 136. p. 3575
was awarded to Lincoln R. Young & Co. of Hartford at 4.24% discount
basis. Dated June 1 103 and ;payable on Sept. 14 1933. The First of
Boston Corp., the only other bidder, named a rate of 4.30%.
NORTH BEND, Coos County, Ore.
-It is re-BOND OFFERING.
ported that sealed bids will be received until 7:30 p. m. on June 13, by
Fred B. Hollister, City Recorder, for the purchase of a $34.000 issue of
6% refunding bonds. Dated June 2 1933. Denom. $500. Principal and
Interest (J. & D.) payable in gold at the office of the City Treasurer. The
approving opinion of Teal, Winfree, McCulloch & Shuler of Portland, will
be furnished.
NORTH CAROLINA, State of (P. 0. Raleigh).
-NOTE RENEWAL
CONTEMPLATED.
-We are advised that Governor Ehringhaus and State
Treasurer Johnson are negotiating with New York banks for the renewal
of 65,670,000 of short-term notes, maturing on June 15.
NORTH OLMSTED, Cuyahoga County, Ohio.
-BONDS NOT
-The issue of $6,739.78 6% deficiency bonds offered on May 15
SOLD.
-V. 136. P. 3205
-was not sold, as no bids were received. Dated April 1
1933. Due $739.78 in 1935 and $1,000 from 1936 to 1941 incl.
NORTHVILLE, Wayne County, Mich.
-TO ISSUE $11,000 SCRIP.
-Sherill Amber, Secretary of the Board of Education, has stated that
scrip in amount of $11,000, secured by 120,000 of delinquent 1930 and
1931 taxes, will be issued shortly in payment of school employees' salaries.
The paper will bear interest at 4% and mature in one year.
June 3 1933
OBERLIN, Lorain County, Ohio.
-PLAN RE
-OFFERING OF BONDS.
-The last legal obstacle to issuing of the bonds having been cleared away,
the village is now planning to re-offer for sale its proposed issue of $250,000
6% municipal electric light and plant construction bonds, previously
offered on April 14, at which time no bids were received. On that occasion,
however, the Ohio Electric Power Co., which is now servicing the community, applied to the courts for an injunction to restrain the acceptance
of bids. The potion was denied and the decision subsequently upheld upon
appeal by the power company, according to report. In connection with the
offering in April, it was said that the bonds would be dated March 1 1933
and mature serially on Sept. 1 from 1934 to 1948 incl.-V. 136, p. 2833.
OCEAN BEACH, Suffolk County, N. Y.
-BOND OFFERING.Sealed bids addressed to Harry P. Keene, Village Clerk, will be received at
the office of LeRoy B. Iserman. 115 Broadway, New York City, until
12 m. on June 12 for the purchase of $130,000 not to exceed 6% interest
coupon or registered water bonds. Dated June 1 1933. Denoms. $1,000
and $500. Due June 1 as follows: $3,000from 1934 to 1938 incl.;$4,500from
1939 to 1963 incl. and $2,500 in 1964. Bidder to name a single rate for
all of the bonds, expressed in a multiple of
or 1-10th of 1%. Principal
and interest (June and Dec.) are payable in lawful money of the United
States at the South Shore Trust Co., Rockville Centre. A certified check
for $2.600, payable to the order of the Village, must accompany each
proposal. Legal opinion of Clay, Dillon & Vandewater. of New York, will
be furnished the successful bidder. (The above issue was originally offered
on March 14 1933 and the sale postponed, owing to the general banking
restrictions in effect at that time.
-V. 136. p. 1752.)
OHIO (State of).
-The House.
-HOUSE PASSES NOTE ISSUE BILL.
by a vote of 94 to 1 on May 23 passed the Burk bill authorizing the sale
of $750,000 notes to provide funds for the retirement of a like amount of
certificates of indebtedness which were issued last year to finance rebuilding of the new State Office Building, which was made necessary
following the explosion there in April 1932. Funds for that purpose were
obtained through the sale of 1750,000 23% certificates of indebtedness
due July 15 1933 to the National City Co. of New York at 100.05. a basis
of about 2.49%-V. 135, p. 498.
-PROPOSED NOTE
OKLAHOMA, State of (P. 0. Oklahoma City).
158UANCE.-The following report on the proposed issuance of treasury
notes to cash State warrants,is taken from the Oklahoma City"Oklahoman".
of May 28:
"Easing of the State'sfinancial situation by plans to issue treasury notes
will result in Oklahoma banks cashing non-payable warrants for State employees June 1, Hugh L. Harrell, Assistant State Treasurer, said Saturday.
"Plans are being worked out to issue in excess of $8,000,000 in treasury
notes June 15 and to call outstanding warrants, except 1933 issues, at that
date. Oklahoma City banks hold approximately $2,000,000 in the warrants,
while about $5,000,000 are held by the Manufacturers' Trust, State fiscal
agency, in New York City. Approximately $2,000,030 in outstanding warrants are held by other Oklahoma banks and individuals."
OREGON, State of (P. 0. Salem).
-WARRANTS CALLED -It is
reported that all State warrants endorsed "not paid for want of funds," up
to and including April 20 are called for payment by the State Treasurer.
It is said that the amount involved is approximately $500,000.
Tax Report for 1933.
-The following report on valuations and taxes levied
In this State for the current year, is taken from the Portland "Oregonian
of May 26:
"Taxes levied in Oregon for 1933, based on property valuations for 1932.
aggregate $42,042,546.44, or approximately 2% less than the taxes levied
In 1932, based on the property valuations for 1931. The taxes levied for
1932 totalled $42,979,176.29.
.
'The state tax levy for 1933 is $4,860,044.94, compared to $2,135,614.43
for 1932. The county tax levy decreased from $4,761,439.95 in 1932 to
$4,593.862.39 in 1933. There also was a reduction in the county school
and school library tax for 1933 when compared with that of the previous
year. In 1932 this tax was $3,201,664.96 as against $3,125,553.05 this
year.
"The high school tuition tax levy for 1933 was $1,280,132.72 as compared
with $1,501,578.91 in 1932. The special school tax levy decreased from
$12,640,899 in 1932 to $11.067,255.10 this year. Another substantial
reduction also was noted in the general roads tax. In 1932 this tax was
$2,029,433.84 as compared with $1.573,652.38 in 1933. The special roads
tax decreased from $473,222.25 in 1932 to $200,467.07 this year.
"The market roads tax levy for 1933 was nearly 507 under that of 1932.
In 1932 this tax totalled $637,113.77, as against $388,462.72 in 1933. The
tax for bond interest and redemption increases from $2.016,838.70 in 1932
to $2,125.107.95 this year. The irrigation and drainage tax decreased
from $1,343,628.06 as compared with $1,006,487.79 In 1933. Port tax
levies were reduced from $1.311,038.84 in 1932 to $1,190,936.80 this year.
Miscellaneous tax levies for 1933 aggregated $8,726.30 as compared with
$4,157.60 in 1932.
"Fire patrol tax levies for 1933 decreased approximately $9,000 under
those for 1932. In 1932 these tax levies totalled $177,542.70, compared
with $168.366.46 this year. The reforestation tax levy increased from
113.465.45 in 1932 to $26,455.52 in 1933.
-BOND SALE.
OSWEGO, Oswego County, N.'Y.
-The $180.000
coupon or registered emergency relief bonds offered on May 29-V. 136.
-were awarded as 4a to Phelps, Fenn & Co. of New York at'a
P. 3760
price of 100.05. a basis of about 4.74%. Dated June 1 1933 and due
$18,000 annually on June 1 from 1934 to 1943 incl. Public re-offering of
the issue is being made at prices to yield 4.40% for all maturities. The
bonds, according to the bankers, are legal investment for savings banks
and trust funds in the States of New York and Connecticut.
OWINGSVILLE. Bath County, Ky.-BOND ISSUE HELD VOID.
A dispatch from this city to the Louisville "Courier-Journal" of May 27
reported as follows on an opinion which held void the $13,500 water system
construction howls,the sale of which was contemplated for the near future.
-V.136, p. 2285:
"The bond Issue of$13,500 voted by the city of Owingsville at the November election in 1931, for financing the installation of a water system, was
declared void by Chicago attorneys, on the ground that the city ordinances
calling the election for bonds were defective.
"The Reconstruction Finance Corporation, several weeks ago, in approving a loan of $49,000 for financing the prospective water system for
Owingsville. agreed to take over the selling of the water bonds and they
were submitted to the bond attorneys at Chicago.
"However, the R. F. C. has advised that it will finance the water project
a rn tae security oLth63 cult n cirtemdrneto by rosotirlve water
u ne, h
dir ito
wiracts
a
in
Tge wp of
Ewing, city attorney.
construction
will begin not rater than July
said. Contracts have heretofore
it
been let to various contractors for water mains, water tower and individual
appliances. The water plant will be completed by early fall, according
to city officials."
PAGE COUNTY (P.O. Clarinda), Iowa.
-BOND SALE.
-The Omaha
"Bee" of May 27 reports that a $28,000 issue of funding bonds has been
purchased by the Carleton D. Bed Co. of Des Moines. Due $4,000 from
1938 to 1944.
PARAGOULD, Greene County, Ark.
-INJUNCTION SUIT FILED.
-In connection with the offering scheduled for June 1 of the $100.000 issue
of electric light bonds
-V. 136. p. 3391-the City Clerk reports that a
suit has been filed in the Federal District Court at Jonesboro by the
Arkansas Utilities Co., which serves the city with electrical current, for
an order to enjoin the city from offering the above bonds for sale. The
Court decision is expected on June 16. The bonds were authorized at a
special election held on Jan. 31.
PARMA VILLAGE SCHOOL DISTRICT (P. 0. Brooklyn Station,
Cleveland), Cuyahoga County, Ohio.
-BOND DEFAULT NOTICE.
3. H. Wanek, Clerk-Treasurer a the Board of Education, advises under
date of May 26 that the district defaulted bond principal in amount of
$32,200 and interest totaling $35,938.71 which became due on April 1 1933.
-The
PASADENA, Los Angeles County, Calif.
-BOND SALE.
$992030 issue of San Gabriel Dam bonds offered for sale on May 31V. 136, p. 3760
-was awarded' to a syndicate composed of Dean Witter
& Co.. Heller, Bruce & Co., the First of Michigan Corp., the American
Trust Co., and Blyth & Co., all of San Francisco, at a price of 100.008.
a basis of about 4.70%, on the bonds'clivided as follows: $544.000 as 5s,
due $32,000 from 1943 to 1959,' and,$448,000 as 43s, due $32,000 from
1960 to 1973. Dated June'111933. Prin. and send-annual int. payable
0
at the City Treasurer's office;oriat
,
,the National City Bank in New -York.
Legality approved by Orrick,' Palmer?&1 Dahlquist of San Francisco, and
Thomson, Wood & Hoffman of New York.
Financial Chronicle
Volume 136
PATERSON, Passaic County, N. J.
-BONDS PUBLICLY OFFERED.
-B.J. Van Ingen & Co., Inc. of New York, made public offering on June 1
of $475,000 6% water bonds, due serially on June 1 from 1935 to 1973 incl.,
at prices to yeild 5.75%. The bonds, according to the bankers, are legal
investment for savings banks and trust funds in the States of New York
and New Jersey and are guaranteed as to payment as follows: A Self
Liquidating Bond-Payment of principal and interest assumed by the
Passaic Valley Water Commission which operates the water supply system
for the cities of Paterson, Passaic and Clifton. It is mandatory upon the
Commission by State statutes to maintain rates sufficient to retire the
-In
bonds and interest without resorting to taxation. Double Guaranty
addition to being a charge on the water revenues, the bonds are direct
obligations of the City of Paterson payable from unlimited ad valorem taxes.
-PRIVATE
PATRICK COUNTY (P. 0. Stuart), Va.-NO BIDS
-It is reported by the Chairman of the County School Board that
SALE.
no bids were received on May 2 for the pm chase of the $5,000 issue of 6%
semi-annual refunding bonds.
It is stated that the bonds have been sold privately to T. J. George
of Stuart.
-The $23,000 issue
PERU, Nemaha County, Neb.-BOND DETAILS.
8
a 44% semi-ann. refunding bonds purchased by Ware, Roll & Co. of
Omaha
-V. 136, P. 3760
-was sold at par and matures in 1953, optional
$1,000 annually in from 5 to 14 years after date, the balance optional
in 15 years.
PHILADELPHIA, Pa.
-BANKERS FAIL TO BID FOR $10,000.000
BOND ISSLE.-The offering on June 2 of $10,000,000 5% coupon or registered funding bonds
-failed to attract a single bid from
-V. 136, p. 3760
investment banking groups. The two offers received, moreover, were for
but $3,500 of the bonds. J. J. Cochran of Baltimore bid a price of par for
$3,000, while George M. Heller, of Roxborough, bid par for $500 worth.
Immediately following the opening of bids, members of the Sinking Fund
Commission held a meeting in Mayor Moore's office. The $10,000,000
issue was offered bearing date of June 1 1933 and to mature June 1 1983,
although subject to prior redemption at par and accrued interest after 20
years from date of issue, or at any interest period thereafter, upon 60 days'
notice by public advertisement.
The complete lack of interest displayed by investment bankers at the
current offering of $10,000,000 bonds also attended the last two previols
efforts of the City to dispose of its obligations by the sealed bid method.
In each of these instances the City was obliged to sell the bonds at par
"over-the-counter." The last occasion of this nature involved an issue of
$20,000.000 5% bonds which was offered at public sale on June 3 1932. At
that time local investors bid for $5,500 bonds. The remainder of the issue
was then placed on sale, at par, at the City Treasurer's office. It was not
until Oct. 1932 that the city reported the issue fully sold.
-V.135. p.2526.
PIERCE COUNTY SCHOOL DISTRICT NO. 337 (P. 0. Tacoma),
Wash.
-BOND SALE.
-The $3,300 issue of coupon school bonds offered
for sale on May 20-V. 136, p. 3018
-was purchased by the State of
Washington. as 5s at par. Due in from 2 to 15 years from date of issuance. No other bids were received.
-FINANCIAL STATEPORTLAND, Multnomah County, Ore.
MENT.
-The following detailed statement was furnished in connection
with the offering which took place on May 31 of the $300,000 issue of 6%
semi-annual public work bonds.
-V. 136. P. 3576.
Summary of Bonded Indebtedness, Portland, Ore., Feb. 1 1933.
$16.953,000.00
* General bonded debt
7.564.800.00
Dock bonded debt
20,964,000.00
x Water bonded debt
106,000.00
Public utility certificates
Improvement bonds
7.036,015.42
$ 52.623.815.42
Total bonds outstanding
Sinking funds:
$2,097.591.89
General bonds, investment account
General bonds, cash account
93,087.41
Dock bonds investment account
1,385,300.00
5,473.10
Dock bonds, cash account
5.062,590.00
Water bonds, investment account
25.082.56
Water bonds, cash account
Improvement bond sink,fund,cash acct._
80,180.15
$8.749,305.11
Net bonded indebtedness
Payablefrom gen.taxation:
General bonds
$16.953,000.00
Less sinking fund
2,190,679.30
$43.874,510.31
Net general bonds outstanding
$14,762,320.70
Payable from rev. & taxation:
Dock bonds
$7,564,800.00
Less sinking fund
1,390,773.10
Net dock bonds outstanding
6,174.026.90
Payable from water revenue:
Water bonds
$20,964,000.00
Less sinking fund
5,087,672.56
Net water bonds outstanding
15,876.327.44
Payable from assessments
against private property
& not a part of the limitation by law as to indebtedness:
Improvement bonds
$7,036,015.42
Lees sinking fund
80.180.15
Net improvement bonds outstanding--_
Public utility certificates
6,955,835.27
106,000.00
Total net bonded indebtedness
$43,874.510.31 $43,874.510.31
* Of this amount the sum of $8,752,500 as provided by charter amendments, is not included in our debt limit.
x Principal and interest of $1,250,000 water bends issued during 1909-1910
are payable from general taxation and are not included in this amount.
Amount to be raised by taxation for city purposes. 1931. 1932 and 1933,
as follows:
1932.
1931.
1933.
General fund
$4,219,306.00
$4,286,145.00
$4,060.220.00
Bonded indebtedness infund_ _ _ _ _ _
terest
703.218.00
560,591.00
873.963.00
Sinking fund
531,161.00
558,147.00
625.642.00
Playgrounds & park fds_
33.033.00
10,000.00
9.675.00
Special bridge fund
59,000.00
35,475.00
Firemen's salary increase
224,076.00
229,188.00
fund
Policemen's salary in174,445.00
169,590.00
crease fund
Firemen's relief& pension
102,162.00
104,918.00
96,749.00
fund
Policemen's relief & pen34,054.00
34,973.00
32.249.00
sion fund
689,936.00
745,820.00
619,192.00
Public docks fund
Total
$6,736,241.00
1931.
$6,733.522.00
1932.
$6,353.165.00
1933.
Assessed valuation for city:
$162,120,370.00 $158,629,490.00 $151.323.270.00
Real estate
97.867,120.00
104,772,265.00 103,744,750.00
Improvements- -36,111.790.00 29,844,120.00
41.108,810.00
Personal property
42,055.225.00
43.409,720.00
Public service corp'ns- 41,726.875.00
Total val'n for city-$349.728,320.00 $340,541,255.00 $322,444,230.00
Assess. val. for county,
383,027,030.00 374,062 490.00 355.880,355.00
including city
Property assessed by County Assessor at 65% of cash value on land and
35% of cash value on buildings.
Population 1930, 301,890.
The city has never defaulted in]payment of principal or interest on any of
its bonds.
3943
PINE TREE SCHOOL DISTRICT (P. 0. Longview) Gregg County'
Tex.
-BOND DETAILS.
-The $40,000 issue of 5% semi-ann. school
bonds that was purchased by the State Board of Education-V. 136. p.
3576
-was awarded at par and matures $10,000 annually from 1934 to
1937, inclusive.
PITTSBURGH, Allegheny County, Pa.
-INCREASE INTEREST
-Three separate ordinances introduced in the
RATE ON $500.000 BONDS.
City Council on May 29 provide for re-offering of the $500,000 20
-year
public welfare relief bonds with an interest rate of 4%%,as compared with
that of 4%,fixed in connection with the offering on May 9, at which time
no bids were obtained.
-V. 136, p. 3391.
-BOND SALE.
POLK COUNTY (P. 0. Des Moines), Iowa.
-The
$336,000 issue of coupon funding bonds offered for sale on May 25-was purchased by the Iowa-Des MoMes National Bank
V. 136, p. 3760
& Trust Co. of Des Moines as 5s at par. Dated April 1 1933. Due on
April 1 as follows: $75,000, 1941 to 1943, and $111.000 in 1944. No
other bids were received.
PORT ROYAL, Caroline County, Va.-RECONSTRUCTION
FINANCE CORPORATION GRANTS SELF-LIQUIDATING LOAN.
On May 27 the following statement was issued by the R. F. C. regarding a
self-liquidating loan granted to a State-directed corporation to erect a toll
bridge at the above town:
"The James Madison Memorial Bridge, Inc., a proposed toll bridge
across the Rappahannock River between Port Royal and Port Conway,
Va., which has been discussed several weeks, was assured to-day when the
Board of Directors of the Corporation agreed to purchase $135,000 worth
of the applicant's bonds at a price to yield 6% to maturity. The loan will
be repaid in six annual instalments, beginning in 1935, according to Director Harvey Couch,sponsor for self-liquidating loans for the R. F. C.
"The new toll bridge will afford easier access to many historical places in
Virginia, including Wakefield and Stratford. The Virginia Highway Department will supervise construction and operate and maintain the bridge
after it has been built. An average of 150 men will be employed 30 hours
a week on the structure for eight months and the principal materials, including lumber and steel, will provide work indirectly for many others.
"The bridge will connect United States Highway No. 17, which passes
southeast from Fredericksburg within a mile of the proposed structure, with
Virginia State Highway No. 37, which passes along the north side of the
river. Gravel roads in good condition approach the bridge site, where a
ferry has been maintained several years. The ferry service is reported to
be unsatisfactory.
"Considerable traffic is reported on secondary highways leading from the
northeast to Port Conway and from the southwest to Port Royal. The
traffic over Virginia Secondary Highway No. 1 from Bowling Green to
Port Royal, which is unpaved, is estimated at 200 vehicles a day. A bridge
across the Potomac River at Pope's Creek has been proposed, and this
bridge, if it is built, will link up with the James Madison Memorial Bridge
to provide a direct route from Baltimore to the South."
-BOND OFFERING.
PULASKI, Giles County, Tenn.
-Sealed bids
will be received until 7:30 p.m. on June 12, by Lew Jones, Town Recorder,
for the purchase of an $11.000 issue of 6% refunding bonds. Interest
payable J. & J. Due on July 1 as follows: $2,000 in 1939. and $3.000.
1940 to 1942.
RHEA COUNTY (P. 0. Dayton), Tenn.
-BOND SALE POSTPONED.
-It is reported by C. D. Sanborn, Chairman of the Bond Committee, that the sale of the various issues of bonds aggregating $300,000,
jheduled originally for June 15-V. 136, P. 3760
sc ne 2o
u
.
-has been postponed to
RICHMOND, Madison County, Ky.-COURT UPHOLDS VALIDITY
OF REVENUE BONDS.
-On March 31 the Reconstruction Finance Corporation granted a $40,000 self-liquidating loan to this city, pending a satisfactory decision of the State Court of Appeals that the city has a legal right
to issue gas revenue bonds
-V. 136, p. 2466. The winning of the initial
court approval was reported as follows in the Louisville "Courier-Journal"
of May 25:
"City of Richmond won the first round in its effort to have its gas revenue
bonds declared valid and sell $40,000 worth of them to the Reconstruction
Finance Corporation for the purpose of constructing a gas distribution
system when Judge W. Rodes Shackleford this morning overruled a demurrer to its petition for a declaratory judgment so holding.
"The R. F. C., defendant in the friendly suit, objected and excepted
following the ruling on the demurrer and, declining to plead further, asked
and was granted an appeal to the Kentucky Court of Appeals.
"Judge Shackelford held also that the 'bonds will not, and do not when
Issued, constitute a debt against the City of Richmond, payable out of the
the revenues of said city, and that same may be issued without a vote of the
people.'
"Judge Shackelford in effect held that the city has the same right to issue
gas revenue bonds as it has to issue water or electricity revenue bonds.
The Kentucky Court of Appeals has held that both water and electricity
revenue bonds are valid obligations of the revenues of such plants but never
has considered directly the question of gas revenue bonds.
"The R. F. C. is willing to purchase the gas revenue bends, but required
an opinion of the Kentucky Court of Appeals directly on the question
before extending the loan."
RICHMOND, Chittenden County, Vt.-BONDS REOFFERED.
The issue of $55,000 4%% coupon refunding bonds previously offered on
May 26, at which time the bids received were rejected-V. 136, p. 3576
is being readvertised for award at 10 a.m. on June 3. Sealed bids will be
received until that time by Malcolm D. Dimick, Town Treasurer. Bonds
bear date of March 1 1933. Denom. $1,000. Due March 1 as follows:
$3,000 from 1934 to 1948, incl., and $2,000 from 1949 to 1953, incl. Prin.
and int. (March and Sept.) are payabl eat the First National Bank of Boston. This bank will supervise the engraving of the bonds and certify as
to their genuineness. Bids will be considered for all or any part of the issue.
Approving opinion of Ropes, Gray, Boyden & Perkins of Boston will be
furnished the successful bidder.
(The bids rejected on May 26 included the offers of local investors to
purchase $14,000 of the bonds on a 507 interest cost basis and the bid of
Arthur Perry & Co. of Boston to take the entire issue at a 5.16% basis.)
Financial Statement(May 15 1933).
Last total valuation
$
:Floating debt(made up mostly ofselectmen's orders)
912 89;71
57
,196
The town has no bonded debt.
x Total amount to be paid from proceeds of this loan.
RHODE ISLAND (State of).
-A WARDS $3,500,000 BONDS.
-The
$3.500,000 coupon or registered bonds offered on May 31-V.136, p.3392
were awarded as follows:
$3,000,000 3%% unemployment relief bonds were successfully bid for by a
syndicate composed of Halsey, Stuart & Co.. Inc.; BancamericaBlair Corp.; Chemical Bank & Trust Co.' Hallgarten & Co.;
,
Jackson & Curtis; Arthur Perry & Co., Inc.• Darby & Co.;
Graham. Parsons & Co.; Wertheim & Co., and Wallace & Co..
'
all of New York. This group paid a price of 101.15 for the
issue, reducing the net interest cost of the borrowing to the
State to 3.09%. Bonds bear date of May 15 1933 and mature
$600,000 annually on May 15from 1934 to 1938 incl. Members
of the successful group made formal re-offering of the bonds on
7
June 1 at prices to yield 1.750 for the 1934 maturity; 1935,
2 19 ;
in 5% .1936, 2.50%; 1937. 2.75%, and 3% for the bonds due
.2 38
500.0004% State reformatory bonds were purchased by a group consisting of the Chase National Bank, Roosevelt & Son; Blyth &
Co., Inc.; R. L. Day & Co. and Dewey, Ban & Co. all of
Bacon
New York, also the Boatmen's National Bank of St. Loins, at
a price of 106.84. a basis of about 3.70%. Dated May 15 1933
and due May 15 1983. (In our issue of May 13 the maturity of
the bonds, as a result of a typographical error was given as
May 15 1938.) The bankers made public re-offering of this
issue of bonds priced to yeild 3.60%.
The entire $3,500,000 bonds are stated to be legal investment for savings
banks and trust funds in New York, Massachusetts, Rhode Island. Connecticut and other States.
ROBERTSON COUNTY (P.O. Franklin), Tex.
-MATURITY.
-The
two issues of refunding bonds, aggregating $28,000, that were purchased
at par by the State Board of Education, are due as follows:
$15,000 53% school, series B bonds. Due $5,000 from march 1 1943 to
1945.
11.000 6% school, series A bonds. Due on March 1 as follows: $3,000 in
1940. and $4,000 in 1941 and 1942.
3944
Financial Chronicle
ROCHESTER, Monroe County, N. Y.
-TO REDUCE PENALTIES
ON UNPAID TAXES.
-Under the provisions of a local law submitted to
the City Council, interest penalties on unpaid taxes would be reduced to a
straight 6% basis, if taxes due in 1933 are paid in full, according to repert.
The purpose of the measure, which is sponsored by City Manager Briggs,
is to provide inducement for delinquent taxpayers to pay up taxes on whice
they are in arrears. In connection with the proposal, it is pointed out that
whereas the city's budget for the year is $24,367,356. expenditures in the
first quarter amounted to $7,881,068, or 32%.
ROOSEVELT SCHOOL DISTRICT NO. 51 (P. 0. Garrison),
McLean County, N. Dak.-CERTIFICATES OFFERED.
-It is reported
that sealed bids were received by Martha Nelson, District Clerk. until
2 p.m.on June 2 for the purchase of a $2,000 issue ofcertificates ofindebtedness. Due on June 2 1935.
SAGINAW, Saginaw County, Mich.
-BONDS APPROVED.
-The
City Council on May 23 authorized issuance of the $350,000 refunding bonds
previously approved by the State Public Debt Commission, at Lansing.
City Controller George A. Warren announced during April that the bonds
would probably be offered for sale sometime about June 20.-V. 136. p.
2834.
ST. LOUIS, Mo.-BOND SALE-The $2,300.000 Issue of relief bonds
offered for sale on June 1-V. 136, P. 3760
-was awarded to a syndicate
composed of the Harris Trust & Savings Bank of Chicago. the National
City Co. of New York, the First National Bank of Chicago, the Boatmen's
National Co. of St. Louis, and L. F. Rothschild & Co. of New York, as
4s, paying a premium of $13,037, equal to 100.56. a basis of about 3.80%,
to optional date. Dated June 1 1933. Due from June 1 1934 to 1942
and optional on or after June 1 1938.
BONDS OFFERED FOR INVESTMENT.
-The successful bidders reoffered the above bonds for public subscription at prices to yield from 2
to 3.%%, according to maturity.
News dispatches reported the other tenders as follows: The second highest
bid for the issue was 100.49 for 48. submitted by the First National Bank
of New York, together with the First of Boston Corporation. Kidder,
Peabody & Co.. Pheiphs, Fenn & Co., Smith, Moore & Co. and Stir & Co.
The Guaranty Co. headed a group that offered 100.41 for 4s, other
members being the Bankers Trust Co., the Mercantile Commerce Co.,
Stone & Webster and Blodget, Inc., the Mississippi Valley Co., the
Northern Trust Co., Wells-Dickey Co., the Philadelphia National Co.
and Stern Brothers & Co. This was followed by a tender of 100.33 for 4s.
submitted by the Chase National Bank, Blyth & Co., F. S. Moseley &
Co., Edward B. Smith & Co.. the Commerce Trust Co.. Kelley. Richardson
& Co.. Foster & Co. and G. M-P. Murphy & Co.
Halsey. Stuart & Co.. together with the Bancamerica-Blair Corp., the
Chemical Bank & Trust Co., Hallgarten & Co., and Stifel. NICOISUB &
CO., bid 100.24 for 4s. The final tender was 100.40 for 4%s,submitted by
Estabrook & Co., Roosevelt & Son, R. L. Day & Co.. E. H. Rollins &
Sons. Geo. B. Gibbons & Co., Inc. Dewey, Bacon & Co., Kean. Taylor
,
& Co., the First of Michigan Corp. R. Ii. Moulton & Co. Wallace &
Co., the Manufacturers & Traders Trust Co., Hannahs, Billin & Lee,
the First Milwaukee Co.. and L. E. Mahan & Co.
SCHENECTAD1, Schenectady County, N. Y.
-NOTE SALE.
-The
issue of $300,000 revenue anticipation certificates of indebtedness offered
on May 24-V. 136, p.3577
-was sold at par as follows: $225,000 at 53i%
interest to Faxon, Gade & Co., of Boston, and $75,000 at 5'4%, to F. S.
Moseley & Co., of New York. The certificates are dated May 25 1933
and will be payable on July 18 1933 at the Chase National Bank, New York,
or at the City Treasurer's office.k
El!
SCHENECTADY COUNTY (P. 0. Schenectady),' N. Y.
-BOND
OFFERING.
-William A. Dodge, County Treasurer, will receive sealed
bids until 10 a.m. (daylight saving time) on June 6 for the purchase of
$550.000 not to exceed 6% interest coupon or registered einergency,rellef
bonds, comprising two issues, as follows.
,
5400.000 series B bonds. Due May 1 as ;Ouows: $43,000 from11935rto
1942. incl. and $56,000 in 1943.
150.000 series A bonds. Due May 1 as follows1$17,000Ifrom 1935U°
1942, incl., and $14,000 in 1943;
Each issue is dated May 1 1933. Denom. $1,000.w Bidder to name%
single rate for all of the bonds, expressed in a' multiple of 31 or 1-10th of
1%. Prin. and int. (May and Nov.) are payable in lawful, money of the
United States at the Union National Bank, Schenectady. in New York
exchange, or at the Chase National Bank, New York, at holder's option.
A certified check for $11,000, payable to the order of the County Tressurer, must accompany each proposal. The approving opinion of Clay,
Dillon & Vandewater of New York will be furnished the successful bidder.
Financial Statement.!
-Real property
Assessed valuation, 1933
$224,315.269
Special franchise •
8,943,842
Total assessed valuation
-Bonds outstanding
Debt
These issues
Total bonded debt
Funds on hand to meet balance of bonds due in 1933
$233,259,111
$2,685,000
550,000
$3.235,000
79,000
Net bonded debt
$3,156,000
There are also outstanding $150.000 certificates of indebtedness other
than those to be retired from the proceeds of this sale of bonds.
Tax Data1930.
1932.
1931.
1933.
Total tax levy-31,118,654.54 $1,116,010.44 $1,335,901.84 $1,277.241.21
Uncollected as of
x65,036.25 z239,134.62
1E15,658.17
(9,092.89
- May 1 1933__
z Reassessed in 1933 levy, no tax sale having be-.. eld.d z Including
1932 reassessment.
Total amount of all outstanding unpaid taxes as of May 1 1933,
$288.826.63. The 1933 tax collection period extends from Feb. 1 to
Nov. 15.
Population: 1920 Federal Census, 109,363; 1930 Federal Census, 125,021.
SEATTLE, King County Wash.-BOND OFFERING.
-Sealed bids
will be received until noon on June 23, by II. W. Carroll, City Comptroller,
for the purchase of a $60,000 Issue of coupon or registered arterial highway
bonds. Interest rate is not to exceed 6%. payable semi-annually. Denorn.
$1,000. Dated July 1 1933. Said bonds will be serial in form and maturity and numbered from one up consecutively, and shall mature annually commencing with the second year, and ending with the thirtieth
Year after their said date of issue in such amounts, as nearly as fracticable,
to be specified by the City Council, by resolution, as will, together with
interest on all outstanding bonds of the same series, be met by an equal
tax levy for the payment of said bonds and interest. Principal and interest
payable at the fiscal agency of the State in New York, or at the City Treasurer's office. The approving opinion of Thomson, Wood & Hoffman of
New York, will be furnished. Bidders shall be required to submit upon
blank forms furnished by the City Comptroller separate bids specifying
(a) tne lowest rate of interest, and the premium, If any, above par, at which
the bidder will purchase said bonds, or (a) the lowest rate of interest at
which the bidder will purchase said bonds at par, said bids to be without
condition, interlineation, explanation or erasure. Tne bonds will be delivered in Seattle, New York City, Chicago, Boston or Cincinnati, at the
option of the purchaser. A certified check for 5% must accompany the bid
(The preliminary report of this offering appeared in V. 136, p. 3761.)
SELINSGROVE, Snyder County, Pa.
-BOND OFFERING.
-B. N.
Smyser, Borough Secretary, will receive sealed bids until 2 p. m. on June
9,for the purchase of $35,000 4%,4%.4%,5,5% or 5%% coupon Market
St.improvement bonds. Dated July 11933. Denom.$1.000. Due $7.000
each on July 1 in 1938, 1943, 1948, 1953 and 1958. Bidder to name one of
the above Interest rates in his proposal. Interest will be payable semiannually in Jan. and July. A certified check for $500, payable to the order
of the Borough, must accompany each proposal. The bonds are being issued
subject to the favorable legal opinion of Saul, Ewing, Remick & Saul. of
Philadelphia, and the approval of the Pennsylvania Department of Internal Affairs. (At an offering on May 5 of $25,000 4%% street improvement bonds, no bids were obtained -V. 136, p. 3392.)
SHARON, Mercer County, Pa.
-The $90,000 coupon
-BOND SALE.
(registerable as to principal) funding bonds offered on May 31-V. 136,
p.3392-were awarded as 5s to Glover & MacGregor of Pittsburgh, the
only bidders, at par plus a premium of $IO, equal to 100.01. a beats of
about 4.99%• Dated June 1 1933 and due on June 1 as follows: $5,000
In 1934 and 1935 and $10,000 from 1936 to 1943 incl.
June 3 1933
SKILLET FORK RIVER UNION OUTLET DRAINAGE DISTRICT
(Located in Wayne, Hamilton and White Counties), 111.
-BONDS IN
DEFAULT.
-11. K. Johnson, District Treasurer, reports under date of
May 25 that the municipality has defaulted on all of its bond principal and
interest maturities during 1931, 1932 and 1933, due to the inability to
collect taxes. This condition was brought about by crop failures, low prices
and depreciation of farm lands. Mr. Johnson adds that his District, like
many others, is in a very poor financial condition.
SOUTH EUCLID, Cuyahoga County, Ohio.
-BOND OFFERI.107-%
Jessie M. Kluraph, Village Clerk, will receive sealed bids until 12 m.
(Eastern standard time) on June 12 for the purchase of $191,192.50_6%
special assessment bonds, divided as follows:
$102,352.50 Series P street impt. bonds." Due Oct. 1 as follows: $11,352.50
In 1934; $11,000, 1935 and 1936; 312,000, 1937; 511,000. 1938
and 1939;,312,000, 1940; $11,000. 1941, and $12,000 in 1942..
40,770.00 Penfieldt Sewer District No. 6 bonds. Due Oct. 1 as follows:
33.770 in 1934; 35,000, 1935;1 $4,000. 1936; 55.000. 1937:
34,000. 1938; $5,000, 1939; 34,000, 1940, and $5,000 in 1941
and 1942.
28,300.00 Series M street impt. bonds. Due Oct. 1 as follows: $2,300,
1934; 52,000, 1935; 33,000, 1936: 52,000, 1937; 53,000, 1938:
$2,000, 1939; 33,000, 1940; $2,000 in 1941 and $3,000 in 1942
and 1943.
22,770.00 Series N street impt. bonds. Due Oct. 1 as follows: $1,770
in 1934; 33,000, 1935: $2,000, 1936:53.000, 1937;$2,000. 1938;
$3,000. 1939; 32,000 in 1940 and $3,000 in 1941 and 1942.
1 Each issue is dated May 1 1933. Prin. and int. (April and Oct.)'are
1
payable at the Cleveland Trust Co., Cleveland. Bids for the bonds to
Dear interest at a rate other than 6%,expressed in a multiple of
01'1%.
will also be considered. A certified check for 1% of the amount bid, payable
to the order of the Village Treasurer, must accompany,each proposal.
SPINK COUNTY INDEPENDENT SCHOOL DISTRICT NO. 24
(P.O.Mellette),S.Dak.-BONDS NOTSOLD.
-The $6,000 issue of not to
exceed 6% semi-ann. funding bonds offered on May 6-V. 136, p. 2834
was not sold, according to the District Clerk. Due in 10 years and optional
in 5 years.
=PLETON TOWNSHIP SCTIME15 Snr- C
Rrrir-. 8 (P. 0. New
O.
Hampton), Chickasaw County, I owa.-BOND OFFERING.
-Both
sealed and open bids will be received at 2 p.m. on June 8 by F. F. Selig,
District Secretary, for the purchase of an issue of 31,600
%'semi-ann.
school bonds. Denom. $100. Due 32,00 on June and Dec. 1from 1934
to 1938.,...
STONEHAM, Middlesex"' County, Mass.
-NOTE SALE.
-F. L.
Putnam & Co. of Boston, recently purchased at a price of par two issues
of notes aggregating $30,000 and divided as follows:
$25,000 water extension notes. Due $5,000 annually from 1934 to 1938
incl.
5.000 highway notes. Due 31.000 annually from 1934 to 1938 incl.
Each issue is dated June 11933.
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
-FINANCIAL
DATA.
-In connection with the award on May 24 of $500.000 531%
highway and emergency relief bonds to the N. W. Harris Co., Inc. of
New York.at 100.26, a basis of about 5.21%,and the subsequent re-offering
of the securities at prices to yield from 4.25 to 4.80%-V., 136, p. 3761
we have received the following data:
Financial Statemeng(As Officially Reported:till:the:County Treasurer
May 15 1933.)
er 1771tie of taxable property, estimated
$771,061,415
Assessed valuation for taxation
294,426,362
Total debt (this issue included)
6,893,405
Population, 1930 census, 161,055: 1920. census. 110,246.
Included in the above debt is 51,572,000 of unfunded debt represented
by tax anticipation notes and certificates of indebtedness of short maturity.
Tax Collection Figures (Collected).
1929----99.3%
1931-- _98.4%
1930..._98.3%
1932- _ -75.5%
In Suffolk County taxes are due Dec. 1 of the year of the levy and payable up to Jan. 10 without penalty. A 5% penalty applies from Jan. 10
to June 1 when the tax rolls are returned to the County Treasurer who
continues the collections with the 5% penalty and 10% interest until
October or November when tax sales are held. The Town Collector thus
acts as the collection agency for taxes until,June 1 and when the collections
are turned overt to the County Treasurer, the Town Collector deducts the
nekton due the,town. For,comparative purposes, tax collections on Nov. 1
1930 and Nov. 111932 were 96.7 and 92.8 respectively. As of May 1 1933
the 1932 levy was 74.7% collected and on May 1 1932, the 1931 levy was
80.5% collected.
Principal
Interest
Principal:and[Interest Requirements'onfAlljBondedf Debt.
I
1934.
'1933.w
1935.
r19361111
3280.000
$141.000
$287,000
$276,500
198.756
110.000
186.062
173.481
L$478.756 1$473,062
$251,000
$449,981
SWAMPSCOTT, Essex County, Mass.
-TEMPORARY LOAN.
Paine. Webber & Co., of Boston, purchased on June 2 a $300,000 revenue
anticipation loan at 2.25% discount basis. Due in installments on Nov.10.
Nov.25 and Dec. 20 1933.
-BOND OFFERING.
....TENNESSEE, State of (P. 0. Nashville).
•
-It
is stated by the Funding Board that sealed bids will be received until 11 a.m.
on June 15, for the purchase of a 310.000,000 issue of funding bonds.
Bidders are requested'to stipulate the maturities of the bonds and the rate
of interest. Maturities must not be longer than 10 years from date and
not shorter than two yeart4from date, and interest rate must not exceed
6%. Both principal and semi-annual interest are payable at the fiscal
agency of thetStatelin New York City,or at the office of the State Treasurer,
at the option of the holder. Fortthey payment of the interest and principal
of the bonds there is pledged a tax of one cent on each gallon of gasoline
sold in the State, which will, yield)not less than 51,700,000 annually. This
pledge of tax is subject to a/ priori pledge for interest and principal on other
bonds of the State heretofore issued, of which there is now outstanding
$2,800,000. The bonds will be awarded to the bidder offering to take
them at the lowest rate of interest, at a price not less than par and accrued
interest to date of delivery; delivery to 130 made on or about July 1 1933.
As between bidders:naming the same rate of Interest, the amount of premium
will determine the award. The approving opinion of Thomson,-Wood &
Hoffman of New York, will beiturnished. Delivery of the bonds and payment therefor may be made id either Nashville or New York. A certified
check for 2% of the bonds bid for, payable to the State Treasurer,kis
required.
-ROAD BOND SINKING
I TEXAS, STATE OF (P. 0. Austin).
-Under date of May 24 the following letter
FUND TO BE INVESTED.
dealing with a legislative measure recently enacted, was sent to us by
James 0. Tucker, Chief Accountant of the State Board of County and
District Road Indebtedness:
William B. Dana Co..
New York City, N. Y.
Gentlemen:
Senate Bill No. 300 was approved by the Governor on May 16 and
became effective immediately. This bill provided, among other things,
that the Board of County and District Road Indebtedness should have the
right to invest the accumulated,sinking'fund MI any of ,the eligible issues
listed with the board. I am now preparing a list of all the eligible issues,
which will be furnishedtyou within,the next few weeks.
It will be 60 or 90 days before the board will be in a position to consider
the purchase of any of these securities, and even then, it will be only to a
limited degree as the funds are accumulated very slowly.
The board has has not worked out the specific plan by which offers are
to be received and considered other than that it will meet at least once a
week for the purpose of considering offerings by various bondholders.
All offerings must be made firm,and the purchases will absolutely be made
from those who effort the lowest prices. Offerings should be made by
letter or by telegram but not by personal call or by long distance telephone.
If you are interested in making;offerings to the board, after we are in a
position to buy a few bonds, please notify me immediately. If possible,
please place our name on your mailing list to receive your offering sheets
immediately.
Very trulyyours,
JAMES C. TUCKER, Chief Accountant.
Volume 136
Financial Chronicle
TOLEDO, Lucas County, Ohlo.-PROPOSED $17,000,000 BOND
REFUNDING PLAN.
-According to plans made by Mayor Addison Q.
Thacher, owners of about $17,000,000 of city bonds which mature during
the next few years will be sent letters shortly asking them to accept payment on the basis of 25% in cash and the balance of 75% in refunding
bonds as the old obligations mature, reports the "Wall Street Journal"
of May 31. The proposal also provides for a reduction of the int. rates
carried on the existing issues to a uniform 4% rate on the refunding securities,it is said. Initial application of the plan,it is pointed out, will no made
in the case of the $1.183,000 6% bonds which mature on Sept. 1 1933.
The City, according to report, was able to meet May 1933 obligations of
$169,000 and is planning to pay off $242.000 of June maturities. 576.240
of July and $245.395 due in August. Other bonds maturing in 1933 comprise $333,477 due in October, $704,211 in November and $343,203 in
December. Mayor Thacher is reported to have said that unless bondholders agree to the refunding proposal, the City will be forced to default
on its debts.
INTEREST CHARGES PAID.
-Private advices to New York bankers
reported that the City made payment of June 1 interest charges and arranged to meet bond principal through the payment of 25% in cash and the
balance in 4% refunding bonds.
TROY, Rensselaer County, N. Y.
-Lawrence J.
-BOND OFFERING.
Collins, City Comptroller, will receive sealed bids until 11 a. m. on June
9 for the purchase of 51.233.700 bonds, divided as follows:
$650.000 emergency relief bonds. Due April 1 as follows: $75,000 from
1935 to 1940 incl. and $100,000 in 1941 and 1942.
500.000 public improvement bonds. Due $25,000 annually on April 1
from 1934 to 1953 incl.
72.700 tax title bonds. Due April 1 as follows: $7,000 from 1934 to
1942 incl. and $9.700 in 1943.
11,000 street improvement bonds. Due $1,000 annually on April 1
from 1934 to 1944 incl.
UTICA, Oneida County, N. Y.
-The $866,314.19
-BOND SALE.
coupon or registered corporate bonds offered on June 1-V. 136. p. 3761
were awarded as 4.40s to Darby & Co.. of New York. at par plus a premium
of $2,085.81, equal to 100.24. a basis of about 4.37%. The award consisted
of:
3770,929.73 issued for the purpose of refunding installments of bonds
maturing during the year 1933, other than revenue deficiency bonds and
bonds for welfare purposes. Maturing $40,929.73 in the year 1934; $41,000.00 in each of the years 1935 to 1938 inclusive; $40,000.00 in each of
the years 1939 to 1942 inclusive; $39,000.00 in the year 1943; $37,000.00
in each of the years 1944 to 1950 inclusive; and $36000.00 in each of the
years 1951 to 1953 inclusive. Interest payable semi-annually. Issued in
coupon form in denominations of $929.73 and $1.000.
$95.384.46 issued for the purpose of refunding obligations incurred Prior
to Feb. 3 1933, for the work relief and home relief pursuant to Section 10
of Chapter 798 of the Laws of 1931 and Chapter 567 of the Laws of 1932.
Maturing $5,384.46 on the fifteenth day of May 1934; and $10.000 on the
fifteenth day of May in each succeeding year thereafter until the whole
principal sum shall be paid. Interest payable semi-annually. Issued in
coupon form in denominations of $384.46 and $1,000.00.
Each issue will be dated May 15 1933.
BONDS PUBLICLY OFFERED.
-The bankers offered the above bonds
for general investment on June 2 at prices to yield 2.50% for the 1934
maturity; 1935. 3.25%; 1936, 3.75%; 1937. 1938 and 1939, 4%; 1940.
1941 and 1942, 4.10%; and 4.15% for the maturities from 1943 to 1953
incl. They are stated to be legal investment for savings banks and trust
funds in New York, Massachusetts and other States. The following is an
official list of the bids submitted at the sale:
Bidder
Interest Rate Amount Bid
Darby & Co., New York (purchaser)
4.40% $868,400.00
Manufacturers & Traders Trust Co., Buffalo
E. H. Rollins & Sons, Inc.; Wallace & Co.; Graham, 4.50% 866,937.114
Parsons & Co., and Hemphill. Noyes &
New
York
4.60% *866.306.15
'The Chase National Bank and Stone & Webster &
Blodget, Inc., New York
4.90% 868,124.78
National City Co. of New York; L. F. Rothschild &
Co., and Eldredge & Co. New York
5.00% 871,156.89
Roosevelt & Son; Geo. B. Gibbons & Co., Inc.; Dewey,
Bacon & Co., and Blyth & Co., New York
5.00% 870.748.06
Phelps, Fenn & Co.', F. S. Moseley & Co., and R. L.
Day & Co.. New York
5.00% 869,866.08
Halsey, Stuart & Co., Inc.; Bancamerica Blair Corp.,
and Wertheim & Co., New York
5.25% 869,000.00
*Informal bid. Below par.
Financial Statement(May 15 1933).
Property Valuations
-Assessed vluation of real estate, less exemptions
$131,719,285.00
Assessed valuation special franchises
4,272.645.00
Assessed valuation of personal property
66,500.00
5136,058.430.00
Assessed valuation of real property purchased with pension
money (assessed for schools and highways)
523,325.00
Valuation of property exempt from taxation
Total value of all property
Bonded Indebtedness
Bonded debt, exclusive of this issue
Sinking funds and cash
Tax Collections
-
$136,581,755.00
19,579,340.00
$156.179,265.00
$12,031,096.21
1.026,580.77
511,004,515.44
Uncollected
Fiscal
Total
Tax Collection
at End of Uncollected
Year.
Levy.
Fiscal Year. May 15 1933.
Began.
1929
$4,008,885.56 $226,605.00
.00 1st Monday in August
1930
4,329,118.49 402,731.87
"
.00
1931
4,286,774.86 547,740.01
.00
1932
4,241,901.00 652,909.21 $312,951.22
*
1933
3,341.893.97 Tax collection begins June 1 1933
*Law changed to provide for collection of city tax: 1st half, June 1: 2d
half. Oct. 1. Tax becomes delinquent Nov. 1.
No overlapping debt. No special tax districts other than two special
lighting districts. Special lighting district tax included in city tax charges
on property within lighting district. No debt incurred for this service.
Temporary Debt
$900,000.00, due June 30 1933
Tax anticipation notes: 1932
500,000.00. due June 27 1933
1933
500,000.00. due July 3 1933
1933
Welfare revenue notes (funds on hand)
140,000.00. due June 12 1933
Comparative Statement
Operating Receipts and Disbursements.
1931.
1932.
1929.
1930.
55,608,644.78 55,990,685.91 56,218.584.09 $6,014,263.20
Tax budget
Total receipt5__ _12,342.179.95 13,683,809.47 13,862,739.81 12,405.957.85
Total expendit's _ 12,454,954.40 13.392,528.49 14,203.048.41 12,535.421.45
755,062.40
625,598.80
Cash bat. Doc.31 804,090.02 1,095.371.00
30,627.73
2,341.71 -68,843.46 -242,950.91
Tax budget bal
Budget balances are used to offset succeeding tax levy. Budget deficits
are charged against succeeding year's revenues. All bonds are general
obligation of city payable from unlimited tax. Tax sale, last week in May
of each year. Tax penalties, 1% per month until paid or redeemed. Fiscal
year, Jan. 1 to Dec. 31. Prepayment of 2d half of city tax, 2% discount.
Bonded debt limit, 10% of assessed valuations. Tax limit, 2% of assessed
valuations in excess of debt requirements. Deferred assessment account
self-supporting.
NoneiCity incorporated_.1832
None Utility debt
Water debt
Population. Federal Census: 1910, 74.419; 1920. 94,156; 1930, 101,652.
Alachua County, Fla.-SELF-LIQUIDTAING LOAN
WALDO,
-The
GRANTED BY RECONSTRUCTION FINANCE CORPORATION.
following announcement of a self-liquidating loan grant to this city was made
by the R. F. C.on May 27:
"The City of Waldo,Fla., will have opportunity through a loan of $6,500
at 6% authorized to-day by the Board of Directors of the Corporation,
to make necessary additions to its water supply system,according to Harvey
Couch, Director, who is sponsor for self-liquidating loans for the R. F. C.
3945
"Through sale ofits general obligation notes to the R.F. C. the city will
be able to build a pumping station and storage tank, extend its water distributing system and dig a well. The loan is authorized under the provisions of Section 201(a), paragraph 1, of the Emergency Relief and Construction Act of 1932. The city has no outstanding funded debt and agrees
to repay the loan in annual instalments between 1934 and 1947.
"It is estimated that 20 men will be employed directly on the project
30 hours a week for three months, and fabrication of materials will give
work indirectly to others. The principal materials will consist of a 10,000
gallon elevated steel tank, distribution mains, valves and fittings."
WA,j.THAM, Middlesex County, Mass.
-TEMPORARY LOAN.
The Waltham Watch Co. has loaned the city $300,000 on tax anticipation
notes at 5.75% interest. Due on Dec. 1 1933. The company previously
had loaned $125,000 on similar security. The city proposed to extend
the maturity date of 5290,000 notes which became due on June 1 to June
27 1933, according to report. Only about $80,000 was on hand to meekthe
indebtedness, it was said.
.WARE, Hampshire County, Mass.
P
-TEMPORARY LOAN.
-The
$50.000 revenue anticipation loan offered on June 1-V. 136, p. 3762
was awarded to Faxon, (Jade & Co., of Boston, at 5.75% discount bash!.
Dated June 5 1933 and payable on Dec. 29 1933 at the First National
Bank of Boston.
WASCO COUNTY (P. 0. The Dalles), Ore.
-BONDS NOT SOLD.
The two issues of bonds aggregating $45.000 offered on May 27-V. 136.
-were not sold as there were no bids received. The Issues are
P. 3762
divided as follows:
525.000 refunding bonds. Dated June 2 1933. Due from 1935 to 1944.
20,000 refunding bonds. Dated June 1 1933. Due from 1935 to 1943.
Interest rate not to exceed 5%,payable J. & D.
WATERTOWN, Jefferson County, N. Y.
-BOND OFFERING.Perley B. Don, City Treasurer, will receive sealed bids until 10 a.m.
(Eastern standard time) on June 7 for the purchase of $335,000 not to exceed
6% interest coupon or registered bonds, divided as follows:
$275.000 emergency relief bonds. Due July 1 as follows: 55.000 in 1934;
$30,000 from 1935 to 1939, Incl. and $40,000 from 1940 to 1942,
inclusive.
60,00. general city bonds. Due 510.000 on July 1 from 1934 to 1939.incl.
Each issue is dated July 1 1933. Denom. $1.000. Bidder to name a
single rate for all of the bonds, expressed in a multiple of g or 1-10th of
1%. Principal and interest (Jan. and July) are payable in lawful money
of the United States at the Northern New York Trust Co., Watertown,
in New York exchange, or at the Marine Midland Trust Co., New York
City, at holder's option. A certified check for 57,000. payable to the order
of the City, must accompany each proposal. The approving opinion of
Clay. Dillon & Vandewater, of New 'Stork. will be furnished the successful
bidder.
Financial Statement.
Assessed valuation-1933:
Real estate
:47,433,031.00
Special franchises
927.768.00
Total assessed valuation
$48.360,799.00
Debt:
Total bonded debt, including these Issues
3348
4.435.00
Sinking fund
$171.693.42
Water bonds
Nil
Net bonded debt
3,512.741.58
No floating debt upon the issuance of these bonds.
The City of Watertown owns property officially valued at $8,124,380
which represents over twice the amount of the net bonded indebtedness of
the city.
Tax Data.
Collected at Close Balance Uncollected
YearTotal Levy
of Year ofLew. as of May 11933.
1930
51,624,309.66
$1,624,166.91
$142 75
1931
1,613.947.49
1,613.977.74
249.75
1932
1.633.535.13
84.1)
1.633.450.63
1933
1.443.328.35
67,883.42
1,376.444.93
Fiscal year ends June 30.
Taxes due as follows: City, Aug. 1; school. Nov. 1: State and county.
Feb. 16. Taxes become delinquent at expiration of 30 days after levy.
Population: 1920 Federal Census, 31,285; 1930 Federal Census, 32.205.
WESTMORELAND COUNTY (P. 0. Greensburg), Pa.
-BOND
SALE.
-The issue of :300.000 coupon funding bonds offered as 4s on
March 14. at which time no bids were received-V. 136, p. 1936
-was
purchased privately later at that rate at a price of par by the BarclayWestmoreland Trust Co. of Greensburg. Dated March 15 1933 and due
$100.000 each in 1943. 1948 and 1953.
WEST VIRGINIA, State of (P. 0. Charleston.)-1VEW REVENUE
MEASURE APPROVED.
-The Legislature is reported to have approved a
measure recently providing for tax levies on every form of business and
a levy on personal income, designed to produce about 510,000.000 revenue
annually.
WESTWOOD, Bergen County, N. J.
-BONDS NOT SOLD-OPTION
GRANTED.
-No bids were obtained at the offering on May 8 of $215.000
not to exceed 6% interest coupon or registered public improvement bonds
-day option on the !,sue was granted to H. L. Allen
V. 136. p. 2836. A 60
& Co., of New York. Bonds bear date of June 1 1933 and will mature
serially on June 1 from 1935 to 1957. inclusive.
WICHITA SCHOOL DISTRICT NO. 1 (P. 0. Wichita), Sedgwick
County, Kan.
-Sealed bids will be received until
-BOND OFFERING.
8 p. m. on June 12 by Louis Gerteis, Secretary of the Board of Education.
for the purchase of an issue of 51,379,666.85 funding bonds. Interest
rate is not to exceed 5%, payable semi-annually. Rate of interest to be
in multiples of % of 1%. Dated July 1 1933. Due in approximately
equal annual installments from 1935 to 1948. Prin. and int. payable at
the State Treasurer's office in Topeka. Unconditional bids only will be
considered and the bids will be submitted on blank forms furnished by the
above-named Secretary. The approving opinions of Thomson, Wood Sc
Hoffman of New York and Long, Depew & Stanley of Wichita will be
furnished the successful bidder or bidders. Bids will be received for all
or any part of such bonds and each bid shall be accompanied by a certified
check for 2% of the total amount of such bid. The Board expressly reserves the right to allot said bonds or portions thereofamong several bidders
in the event the highest bid is not for the entire issue, and also the right
toreJectny or all bids.
-WICKLIFFE, Lake County, Ohio.
-BOND OFFERING.
-J. W.
Fuller, Village Clerk, will receive sealed bids until 12 m. on June 17 for
the purchase of $362,311 6% bonds, divided as follows:
$340,000 sewer bonds. Due Oct. 1 as follows: 517.000 in 1934: 518,000
in 1935 and 1936; $17,000 in 1937 and $18,000 from 1938 to 1952
incl.
22.311 sewer bonds. Due Oct. 1 as follows: $2,311 in 1934: 53.000,
1935; 52,000, 1936: $3.000, 1937; 52.000. 1938: 53.000. 1939
52.000. 1940; $3.000 in 1941, and $2,000 in 1042.
Each issue is dated July 1 1933. Int. is payable in April and October.
Bids for the bonds to bear int. at a rate other than 6%, expressed in a
multiple of 3.‘ of 1%, will also be considered. A certified check for 5%
of the bonds bid for, payable to the order of the Village Treasurer, must
accompany each proposal.
YAKIMA COUNTY (P. 0. Yakima), Wash.
-WARRANTS CALLED.
-The County Treasurer is reported to have called for payment at his office
on May 22. various school district, irrigation and drainage warrants.
YOLO COUNTY RECLAMATION DISTRICT NO. 1600. Calif.
BONDHOLDERS' PROTECTIVE COMMITTEE FORMED.
-It was reported in the San Francisco "Chronicle" of May 25 that a bondholders'
protective committee has been formed for the bonds of this district, consisting of F. F. Cooper, J. N.Eschen and Louis J. Brenner. The committee
organized by appointing Mr. Cooper as Chairman; A. W.Stetson, Secretary;
and Milton T.Farmer, Attorney. A plan will be submitted to bondholders
shortly. This district defaulted Jan. 1 on the interest due at that time.
There are approximately 5437.500 6% serial bonds outstanding..
YOUNGSTOWN,Mahoning County, Ohlo.-NOTES AUTHORIZED.
The City Council has adopted an ordinance providing for the issuance of
5200.000 6% current expense notes, to be dated June 1 1933 and mature
in installments of $50.000 each on the first day of August. September.
October and November in 1933.
3946
Financial Chronicle
CANADA, its Provinces and Municipalities
AMHERST, N. S.
-BOND OPTION GRANTED.-Gairdner & Co. of
Toronto have secured a 30
-day option on an issue of $30,000 5% relief
dated May 1 1933 and due May! 1951, at a price of 94.75, figuring
bonds,
an interest cost basis of about 5.46%.
CANADA (Dominion of).
-MAY CONVERT UP TO $1,214,000,000
BONDS.
-In connection with the recent action of the House of Commons
in empowering E. N. Rhodes, Minister of Finance, to undertake the conversion of $750,000,000 of outstanding bonds on a lower interest rate basis
V. 136, p. 3394, the "Financial Post" of Toronto, in its issue of May 27,
states that it has obtained information showing that the Government's
authority to issue conversion loan bonds extends up to $1,214,000.000, or
nearly half of the Dominion's net debt. The total includes $464,000,000
of bonds authorized to be converted under 1931 Legislation, and the $750,000.000 currently approved. The "Financial Post" states that it is not
definitely known what amount of bonds the Government will choose to
convert, although the operation is tentatively scheduled to take place sometime in October 1933. The interest rate on the conversion loan, it is said,
may exceed the 3% %
coupon previously mentioned. The total net debt
of the Government at Dec. 31 1932 amounted to $2,599,089.000. This
figure does not include Dominion-guaranteed Canadian National Railway
indebtedness of $996.148,354, making a grand total of $3,595,237,354.
-The $3,465,039 5:%
HAMILTON, Ont.-BONDS FULLY SOLD.
general purpose bonds offered for public investment on April 27 by A. E.
Ames & Co. and associates, at prices to yield from 5 to 5.14%-V. 136, p.
3022, have been fully subscribed for and the books closed, it was announced
on May 30. The bonds are to mature serially from 1934 to 1963. incl.
-The town has
HAWKESBURY, Ont.-PROPOSED BOND ISSUE.
applied to the Ontario Municipal Board for authority to issue $88,000
improvement bonds.
-Sealed bids addressed to Ralph
MIDLAND, Ont.-BOND OFFERING.
R. Wilson, Clerk, will be received until 5 p. m. on June 6 for the purchase
of 176,000 5 or 53 % direct relief and tax bonds, said to be guaranteed
by Simcoe County, Ont. Issue will mature in 5 years.
-NEW PREMIER APPOINTED.
NEW BRUNSWICK (Province of).
-Hon. Leonard P. D. Tilley has been named Premier of the Province, to
succeed C. D. Richards. whose resignation from the office on May 30 came
about as a result of his appointment to the Supreme Court of New Brunswick. In tendering his resignation, Mr. Richards suggested that Mr.Tilley,
who was formerly Minister of Lands and Mines, be made his successor.
ONTARIO (Province of1.-$25,000,000 BONDS OFFERED DIRECTLY
TO THE PUBLIC.
-The Provincial Government on June 1 offered for
public subscription $25,000,000 of bonds, the proceeds of which will be
applied to the funding of short-term indebtedness incurred for capital
expenditures. As in the case of the $20,000,000 loan similarly offered in
July 1932-V. 135, p. 500, applications to the new issue are being received
at virtually all of the banks in the Province, also by any branch of the
Provincial Savings Office and by recognized bond dealers and stock brokers.
The Government has announced that subscriptions to the bonds will be
subject to allotment and the books closed at the discretion of the Provincial
Treasurer.
Included in the offering are $10,000,000 4% bonds, dated June 1 1933
and due $2,000.000 annually on June 1 from 1934 to 1938 incl., and $15..
000,000 4%% bonds, dated June 1 1933 and due June 1 1950. This latter
Issue is being offered at a price of 99, yielding 4.58% to maturity, while
prices on the $10,000,000 block vary according to maturity as follows:
Bonds due in 1934 are priced at 99.76, yielding 4.25%; 1935 at 99.53, also
4.25%; 1936, 99.16, or 4.30%; 1937, 98.73, or 4.35%, and the $2,000,000
bonds due in 1938 are priced at 98.22, yielding 4.40% to maturity. Accrued
Interest is to be added to the purchase price in each instance. Subscribers
to the serial bonds in amounts of $25,000 and over will be required to take
approximately one-fifth of their allotments in each maturity. The $10,000,000 4% bonds are available in denoms. of $1,000 only, while the
$15,000,000 4)% will be sold in units of $1.000, $500 and $100. The
bonds are in coupon form. registerable as to principal only. Interest
payable in June and Dec. Principal and interest will be payable in lawful
money of Canada in the Cities of Toronto, Ottawa, Montreal, Winnipeg,
Vancouver, Halifax or St. John, N. B., at the holder's option. The entire
$25,000,000 bonds, it is said, constitute a direct obligation of the Province,
autnorized by Act of the Provincial Legislature, and are a charge as to
principal and interest upon the Consolidated Revenue Fund of the Province.
-Treasury officials reported over$10.000,000ISSUE QUICKLYSOLD.
subscription of the $10,000,000 4% serial issue within six hoursfollowing the
formal offering on June 1 and statetfthatthelong-term loan was"going splendidly," according to dispatchesfrom Toronto to New York papers of June 2.
This indication of the ready response to the offering by investors recalled to
mind the fact that the $20.000,000 5%% bonds publicly offered by the
Province on July 5 1932 was completely subscribed for on July 7. That
Issue, due July 1 1946. was offered at a price of 97 and accrued interest, to
yield 5.81%.
Financial Statement (as of April 30 1933).
$3,183,000,000
Assessed value of all property within the Province
524,367,400
Gross funded debt (including present issue)
x6,893,462
Less: Sinking fund
$517,473,938
Temporary loans, savings office deposits and special funds
(after giving effect to this issue)
50,413,175
*1557,887,113
Total debt
8104,000,000
Contingent liabilities
Population (1931 census): 3.431,682. Area: 412.582 square miles.
* Included in this figure are bonds to the amount of $276.785,564 issued
for enterprises which represent revenue-producing and realizable assets as
follows:
$187,773,305 Hydro-Electric Power Commission; y •
$ 30.207,934 Temiskaming and Northern Ontario Railway:
$ 58,804.325 representing Farm. Housing, Settlers' Loans, etc.
x There has been retired out of Revenue since 1927. $17.924,000 offunded
debt under the Provincial plan of retirement. This is in addition to the
accumulated sinking fund set out above.
y On October 311932.the Hydro-Electric Power Commission had accumulated reserves of $65,731,000 covering debt retirement, renewals, obsolescence and contingencies.
-The $1,569,471.93 4% %coupon
OTTAWA, Ont.-BOND SALE.
(registerable as to principal) bonds offered on May 26-V. 136, p. 3762
were awarded to a group composed of Wood, Gundy & Co.. the Royal Bank
of Canada, Dominion Bank of Canada and Nesbitt, Thomson & Co., all
of Toronto. at a price of 98.53, a basis of about 4.69%. The sale comprised the following issues:
$320.000.00 relief work. 1931 and 1932 bonds. Due in 10 equal annual
installments.
310,000.00 water filtration plant bonds. Due in 30 equal annual installments.
200,000.00 storm sewer construction bonds. Due in 20 equal annual
installments.
175,000.00 storehouses bonds. Due In 20 equal annual installments.
140,000.00 sewer completion bonds. Due in 20 equal annual installments.
120,196.80 local impt. pavement bonds. Due in 15 equal annual installments.
73,089.26 local impt. pavement bonds. Due in 15 equal annual installments.
50,000.00 Royal Ottawa Sanatorium bonds. Due in 20 equal annual
installments.
50,000.00 water mains, water services and electric transmission lines
bonds. Due in 30 equal annual installments.
48,922.20 local inapt. sidewalk bonds. Due in 10 equal annual installments.
35,232.55 local impt.sewer bonds Due in 20 equal annual installments.
25.000.00 Royal Ottawa Sanatorium bonds. Due in 10 equal annual
installments.
22,031.12 local impt. street opening and extension bonds. Due in 20
equal annual installments.
All of the bonds will be dated July 11932. Denominations $1,000, $500
and in such odd amounts as are necessary. The entire issue matures July 1
as follows: $67,106.31 in 1933. $70,786.10 in 1934. 873.49646 -in 1935,
$76,238.80 in 1936, $80.014.55 In 1937. $84,825.21 in 1938. $87,672.33 In
1939; $91,557.60 in 1940. $94,482.68 in 1941, $100,449.41 in 1942, $54,276.90 in 1943, 856,054.36 in 1944. 859.866.79 In 1945, $61,715..81 in 1946.
$64,603.02 in 1947, $50,532.56 in 1948. $51,691.52 in 1949.453,857.65 in
June 3 1933
1950, $56,031.23 in 1951. $60,212.54 in 1952, $14,000 in 1953, 115,000 in
1954 and 1955. $16,000 in 1956, 817,000 in 1957 and 1958, $19,000 in 1959.
$20,000 in 1960 and 1961, and $21.000 in 1962. (Average maturity 1035
years.) The bonds are in bearer form, but with provisions for registration
as to principal. Payable in lawful currency of the Dominion of Canada
at the Plank of Nova Scotia in Ottawa. Toronto and Montreel. The bonds
will be delivered subject to the legal opinion of Long & Daly of Toronto.
The city is paying for the opinion.
-The successful banking group Is making
BONDSPUBLICLY OFFERED.
public re-offering of the bonds at prices to yield 4.25% for the 1933 and 1934
maturities; 1935, 4.30%; 1936, 4.35%; 1937, 4.405'; 1938, 4.459; 1939 to
1941, 4.50%; 1942 to 1946, 4.55%, and 4.60% for the maturities from
1947 to 1962 incl. The bonds, according to the bankers, constitute a direct
liability on all the assessable property situated within the city of Ottawa. •
G. P. Gordon, Commissioner of Finance, in advising us of the award,
also forwarded the following information with respect to the various banking
bids submitted for the bonds and the status of the financial condition of
the City:
Rate Bid
BidderWood, Gundy & Co . Ltd; The Royal Bank of Canada; The
Dominion Bank of Canada, and Nesbitt, Thomson & Co.,
98.5377
Ltd (successful group)
98.29
The Bank of Toronto
The Bank of Nova Scotia: R. A. Daly & Co.; Matthews & Co.;
Griffis, Fairclough & Norsworthy; Dyment, Anderson & Co.;
98.2711
Cochran, Murray & Co.,and Hanson Bros., Inc
Bank of Montreal; A. E. Ames & Co.; Royal Securities Corp.;
97.87
McTaggart, Hannaford, Birks & Gordon. and Harrison & Co
The Dominion Securities Corp.; Imperial Bank of Canada, and
97.421
The Canadian Bank of Commerce
Bell, Gouinlock & Co.; McLeod, Young, Weir & Co., and Fry,
97.09
Mills, Spence & Co
Gairdner & Co.; L. G. Beaubien & Co.: C. H. Burgess & Co.;
97.077
Fleming, Denton & Co..and J. L. Graham & Co
Collier, Norris & Henderson: Mead & Co., and Harris, Ramsay
95.92
& Co
Financiai Statistics.
Assessment.
1159,551,483.00
Assessed value for taxation, year 1933
79,559,298.00
Exemptions not included above
Total accumulated tax arrears at end of last fiscal year, Dec.
989,881.22
31 1932
A mount of last year's tax levy (less reserves for discounts
5,968,417.32
a id remissions)
675,845.81
wunt oflast year's tax levy uncoil. (as at Dec.31 19321_
Tax rate, 1933: general. 22.11919; debenture, 4.88081; school. 10.96;
total, 37.95 mills.
Assets and Liabilities.
Value of municipality's assets (at Dec. 31 1932)
$41,909,006.97
Total deb. debt., incl. present issue, (as divided below)
24,502.623.87
April 30 1933
5,517,719.13
Total sinking fund (as divided below) Dec. 31 1932
Nil
Amount of sinking fund in arrears
Analysis of debt (including present issue) and sinking fund-divided
as follows:
Debentures
Sinking Fund
Outstanding.
on Hand.
Public utilities: Water works
$5,576,780.69 $1,423,073.67
610,835.04
Electric light
930,220.19
Schools: Public, collegiate and technical
4,088,026.73
1.009,947.51
Civic hospital
2,702,947.73
All serial
Local improvements:
[Consolidated
4,172.623.02
679.317.27
Ratepayers'share
Municipality's share (
7,033,015.51
1,794,545.64
General debentures (not included above)
$24,502,62-.87 $5,517,719.13
Totals
Total outstanding bonds issued by the instalment metho I_ $13,898,010.71
Total outstanding bonds issued by the sinking fund method 10,604.613.16
Amount of unsold debentures included in above
1.569,471.93
Amount of bonds guaranteed by municipality (Housing
390,972.10
Commission)
Amount of debs., such as schools, drainage, telephones,
hospitals, &c., not included in above, for which municipality levies taxes (these may be jointly shared by other
Nil
municipalities)
Nil
Amount of municipality's share of the above
Total other liabilities, incl. floating debts (Dec. 311932):
929,162.17
Capital account
Current account
1,569,757.28
Current revenue, year 1932, 82,642,199.03: expenditure, $2,730,699.63;
deficit. $88,500.60. (1932 deficit is taken care of in 1933 budget.)
Public Utilities.1
Net Profit After
Deducting
Deprecialon
Operating
Profit After
Expenses and
Deducting
Interest and
Operating
Sinking Fund
Charges Only.
on Debt.
Results for year ending Dec. 31 1932:
$333,827.00 *$79.127.37 def'cit
Water works plant
176,310.77
42.103.16 profit
Electric light plant
* The deficit on water works operating 1932 was occasioned by increased
water rates (due to opening and operating of new filtration plant) for year,
applying only from May 1 instead of Jan. 1, the ratepayers getting advantage of part of accumulated surplus. Water works surplus at Dec. 31
1932, amounted to $68,049.01.
General.
132.551 Area of municipality
Present population
6,151 acres
120,7991
Population 5 years ago
-Information Re Tax Collections.
Additional
As at
As at
As at
Taxes in Arrearsfor- December 1930. December 1931. December 1932.
1932
$675,845.81
1931
1608,946.28
198,071.06
1442,998.00
1930
150,870.75
119,326.26
159,042.03
1929
45,031.45
165,093.60
86,247.00
1928 and prior
43,105.34
Total uncollected taxes,
$688,287.03
less reserves
$716,409.33
$989,881.22
Percentage of taxes for 1931 paid up to Dec. 31 1931
92%
Percentage of taxes for 1932 paid up to Dec. 31 1932
89.30%
Expenditure on fixed assets 1931, including water works and
local improvements
$2,031,063.20
Expenditure on fixed assets 1932
1,472,482.19
Proposed expenditure on fixed assets 1933-estimated_
500,000.00
Total uncollected taxes Dec. 31 1932
$989,881.22
Collected Jan. 1 to April 30 1933
217,640.85
Total arrears as at April 30 1933
Total collection. including prepayments
First four months of 1933
First four months of 1932
772,240.37
3720,426.12
531,002.05
Increase in collection first four months of 1933 over 1932_
189,424.07
I believe the above information to be correct.
G. P. GORDON,
Commissioner of Finance and City Treasurer.
May 20 1933.
PEMBROKE. Ont.-BONDS APPROVED.
-The Council has approved
of the issuance of 840,000 5% poor relief bonds, to mature in 10 Years.
TERREBONNE, Que.-BONDS OFFERED.
-0. Vezina, Secretary'
Treasurer, received sealed bids until 8 p. m. on June 2 (Friday night)
for the purchase of $26,500 5% improvement bonds dated June 1 1933 and
due serially in from 1 to 20 years. Denom. 81.000. 1500 and $100. Prin.
and int, are payable in Montreal.
WOLFVILLE, N. S.
-BONDS AUTHORIZED.
-The town has been
empowered to issue $14,500 public improvement bonds.
@FedFRASER