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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 T 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 T 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 , , PO.W.COASMV.OAAC... RR 2a 0,==NNOWWNNNet.t..00t..WWWWWWWW WW C,C3=WWWWWW(ICI.C WWW1 03 . , 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 16666g60.CWW*C6 4 , 0 , 4.—C4,468C8. 6M6:4Co66 . 1.66826' ww-c..cmc cal-. 0 -Doom& 0 c ..co-40cmcc-vcam -.w.ccmoc 0, • 6• •-. op...Icnocoo.ppomo.mo-4744-4m ocoommoomcomomo000c000000%000 O 666;/..WCCCi.a666664CC66gCboackboaCC:4 6irtMistixte.tai46L4Cob,...80. 14 0.-.0-44..mom -c-cgs00 comm0 0 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. Volume 136 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; 3789 (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 3790 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 Financial Chronicle 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. 3792 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. 3793 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 ,§ 0NvMMN VmNNO0 eimm64m; CVCVM... * hooNh .° C .,? l 0NN N vm00000 V ", C! R ....: NO C.: N N C a 0 t.: " =MOM 00NC ClvcOm vc6Mir.: MWV.1. fa c.. cq 0 er 00vc0c0h CMOMOmw WWWNtoMM , c.000.6cr 1 0v0McwM N..°tom° 4 MN NO Mm M Cv.0Ccv 0 NvNc0 M NmN0Ch ce 0 ccOmhvv vNOvN0c Banks and Agents.e 1 Amount. MONEY OUTSIDE OF THE TREASURY. co ,0 0hON CNC:M .0W N v 000V 0 7 15 6.0-3:4-3:--9 (.1 e, Per Captta. e . .F. e., ... i e §§§§§§ V .6 N "t . ' .... 3 P. 000v 0mV•1 , ChcM hvvh OvcOver e•: ..6 6 . .0.. o h0 v C oo., vmC0 NWVN . .6 0...6 .000N 59M000 ...6:6 O McM0 .4 h RN. ......, .... M co 0 v t i , "'" c 0 N 4 to .4 . vC0hcv cOvcvVW 0.;.6'4 v; 00hON vCcm vh0.0 N0vm V4NM 6 66 6 a- 0vV00Ccv cVVcr-V0 co.vvhh0.r. 6 . ,•:. ,s a ,,..,-:: ,••:. .4 0cV=COC Nvvch0., ,-7 O -- a ..; c;- ..- 0NVMCC NvM0 0 4 ..; 0 N MvON.O. M mhvvoo . 4 a 0 ,.. 00 't0 . !.e7,,s,..i . . t.: . ..,. o 0 0 . ZIOIP VvN.MV.. cOvvhm 00000vh. ald.;..4, 0 v.v.MMO coN0VN NVCC NMWOO C 4 h NOONcv. c hcihmhN h 01. CVvh 00 c; r.: .t;.5 N mmcoCmC .4. OvVINVN 0moocco0 m cr.VMCco v 0 h 0 N N N 0:. ' M M . hoom0Vh 00 0 m v Cm Di a mV0.0hm 0 V 0..1.0 ci 6 6 46 6 0, 4 con,-,.,, o V MONEY HELD IN THE TREASURY. 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 vOccON Ccm.N.0 MNMNOC... c..0.,m. ,,-.00cocOM 0.0.0 el v co v v. ,0 o o non 64 co VON. mmm -.. ...-.. 0 § 0E§E§§ .92 0 v' ' ......-... .3.,,..• § .4 .,0 M.M 0 0 - m W0 m ,-, N -7 `4 M 0 00 0 .0 M 00 0 0M V m mmnl, momm. cc; :15 oi m 66 CCC.000 vmmN00 hvhhhv MhM000 0 . oi44.4mei mmt..mr..0 N 00cCvc C h 00vCOON 000r.m..9. .. vN ...d.,;.....v . ft i 4 M chVN0c0 0 N0NNN0 N M ...7 .6 0 .1 M .6 .6 M hoOmgVh V V cc00 . 0, V ,c0 052 .1. .6 , .6 tr : C. .6 c N .4 ...4 g ,..' h 0 m c i .'s . . . 4 m , .m,o cx M le •,.0 A g' g Z 4 4 • . o>, C..) 44 0 .g, d a- OCOmv00 hMCM0OV chm.NCN h0m0CV COC.0 V 0 CO N , . ,7 . .4 Ovvv0V0 N 0 0V cWN00Mm CcOh0 -vvc.,.., 4v 0.0h . 0 h c0 N co .0 g co ao 0 0 po.oN 2Mc...0h00 M. . '0.6 oc7Oci t C ; . =ONVC..hm E.. V v t..... c 0 .6 ...15 -sg s , 'go 4 5,:.t..s. .74diOlf P..79tZi , 0 c ' 4 51r t1 71' 4 2a-- 0 .gb..°;4',2 . 3. siticoraoi.,:g.; ol, , -B 4. -6 ?. - - • <1 ca . u2w9C:4 U ()I'm 8 ,4 2 oi = 0 a -u ' U U CJ a U 82Nr.82 h0c000V a4ez.i.,; vhN0NW CMCC 000 . o6Oce>mt:t. , N0h000 CNVmho e •-• ee..ia-; -, MO E,.) . ...... CO N0hVO ...-; 2R8g5.% 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. 3824 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.